diff --git a/data/interactive_labeling.csv b/data/interactive_labeling.csv index 299f72a..1e51587 100644 --- a/data/interactive_labeling.csv +++ b/data/interactive_labeling.csv @@ -1,12 +1,12 @@ ''|'Uuid'|'Title'|'Text'|'Site'|'SiteSection'|'Url'|'Timestamp'|'Index'|'Round'|'Label'|'Probability' 0|'7f565b5746ba33be1784c7d3d6a7ede0c9cd81a2'|'Toshiba to sell less than 20 pct of chip unit, but may opt for IPO later'|'Industrials 25am EST Toshiba to sell less than 20 pct of chip unit, but may opt for IPO later TOKYO Jan 27 Toshiba Corp is currently looking to sell less than 20 percent of its memory chip business as it looks to raise capital to offset an upcoming multi-billion dollar charge, but may eventually list it, executives said on Friday. Toshiba Chief Executive Officer Satoshi Tsunakawa said he will do all he can to ensure the company doesn''t fall into negative net worth as a result of a writedown on its U.S. nuclear unit. The conglomerate will review its overseas nuclear business, Tsunakawa said, but added it has no plans to sell its infrastructure business. Toshiba''s board on Friday approved plans to make its core memory chip business a separate company and seek outside investment in it. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/toshiba-accounting-chips-idUST9N1F103J'|'2017-01-27T15:25:00.000+02:00'|0.0|''|-1.0|'' -1|'64e474522a8fbcdbb86a829a9c5708d3dd76e04b'|'Alaska Air to record $82 million as merger-related costs in fourth quarter'|'Alaska Air Group Inc ( ALK.N ) said on Wednesday it expects to record $82 million in the fourth quarter in costs related to the $2.6 billion acquisition of Virgin America Inc.Alaska Air completed its acquisition of Virgin America in December to become the fifth-largest U.S. carrier.The Seattle-based company said it expected unit revenue, a closely watched performance metric, for the fourth quarter ended Dec. 31, in the range of 11.24 cents to 11.29 cents, including Virgin America''s operational data. ( bit.ly/2jJNPGw )Alaska Air''s fourth-quarter expectations include Virgin America''s financial data from the period Dec. 14 to Dec. 31.(Reporting by Ankit Ajmera in Bengaluru; Edited by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alaska-air-group-outlook-idINKBN1521MX'|'2017-01-18T09:28:00.000+02:00'|1.0|''|-1.0|'' +1|'64e474522a8fbcdbb86a829a9c5708d3dd76e04b'|'Alaska Air to record $82 million as merger-related costs in fourth quarter'|'Alaska Air Group Inc ( ALK.N ) said on Wednesday it expects to record $82 million in the fourth quarter in costs related to the $2.6 billion acquisition of Virgin America Inc.Alaska Air completed its acquisition of Virgin America in December to become the fifth-largest U.S. carrier.The Seattle-based company said it expected unit revenue, a closely watched performance metric, for the fourth quarter ended Dec. 31, in the range of 11.24 cents to 11.29 cents, including Virgin America''s operational data. ( bit.ly/2jJNPGw )Alaska Air''s fourth-quarter expectations include Virgin America''s financial data from the period Dec. 14 to Dec. 31.(Reporting by Ankit Ajmera in Bengaluru; Edited by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alaska-air-group-outlook-idINKBN1521MX'|'2017-01-18T09:28:00.000+02:00'|1.0|23.0|5.0|'' 2|'244f708215c689f2fb7fa502434743a5410a254b'|'Delta Air Lines forecasts smaller drop in key revenue measure'|' 20am EST Delta Air Lines forecasts smaller drop in key revenue measure Passengers check in at a counter of Delta Air Lines in Mexico City, Mexico, August 8, 2016. REUTERS/Ginnette Riquelme/File Photo Delta Air Lines Inc ( DAL.N ) said on Thursday it expected a smaller decline in fourth-quarter passenger unit revenue, a closely watched revenue measure, than it had previously forecast. The No. 2 U.S. airline said it expects passenger unit revenue, which compares sales to flight capacity, to be down 2.5-3.0 percent for the current quarter, compared with its previous forecast of a decline of 3 percent. ( bit.ly/2j98WW0 ) (Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Business News Chided by Trump, Ford scraps Mexico factory, adds Michigan jobs FLAT ROCK, Mich./WASHINGTON Ford Motor Co on Tuesday scrapped a planned Mexican car factory and added 700 jobs in Michigan following criticism by Donald Trump, as the U.S. president-elect turned his attention toward rival General Motors Co with the threat of a "big border tax" over compact cars made in Mexico.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-delta-air-outlook-idUSKBN14O1HE'|'2017-01-04T21:20:00.000+02:00'|2.0|''|-1.0|'' 3|'4a55c5a8cbbf3ff0b62d19127b664cb5ce483bca'|'Water utility Severn Trent sees FY rewards beating forecast'|'Business News - Tue Jan 31, 2017 - 8:26am GMT Water utility Severn Trent sees FY rewards beating forecast A sign hangs on a gate at Severn Trent Water''s Cropston Reservoir, Britain March 18, 2016. REUTERS/Darren Staples British water utility Severn Trent Plc ( SVT.L ) said it expected to exceed its forecast for full-year net customer outcome delivery incentive rewards (ODI) after strong operational performance in the third quarter. The company, which supplies water across the UK''s Midlands, said full-year ODI would be ahead of its previous guidance of 15 million pounds, but said there were two unpredictable winter months still to come. The company said it now expects to at least meet or exceed ODI of 23.2 million pounds for the year ended March 31 on a pretax basis at 2012/2013 prices. Water companies are rewarded when they meet or exceed target, and are penalised if they fail to meet targets. These targets include timely project completions and better customer services. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri) Next In Business News Shell to sell North Sea assets to Chrysaor for $3.8 billion LONDON Royal Dutch Shell has agreed to sell a package of oil and gas fields to private equity-backed Chrysaor for $3.8 billion (3.04 billion pounds), giving the Anglo-Dutch group a major boost in its drive to reduce debt following the acquisition of BG Group.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-severn-trent-outlook-idUKKBN15F0Q3'|'2017-01-31T15:26:00.000+02:00'|3.0|''|-1.0|'' 4|'4f21e2d67d3b1dce026c874c2ae69f6792eb30ae'|'German industry orders fall more than expected in November'|'Business News - Fri Jan 6, 2017 - 2:09am EST German industry orders fall more than expected in November BERLIN Weak demand both at home and abroad drove a bigger-than-expected fall in German industrial orders in November, marking a slight correction after a surge in the prior month, data showed on Friday. Contracts for goods ''Made in Germany'' were down by 2.5 percent on the month, the Economy Ministry said. That was the biggest monthly drop since November 2014 and compared with a Reuters consensus forecast for a fall of 2.3 percent. Domestic demand decreased 2.8 percent while foreign orders fell 2.3 percent, with demand from euro zone countries down 2.7 percent. The data for October was revised up to a rise of 5.0 percent from a previously reported increase of 4.9 percent. This marked the biggest monthly rise since July 2014. (Reporting by Michael Nienaber; Editing by Paul Carrel) Next In Business News China''s yuan holds gains as PBOC hikes mid-point by most since 2005 SHANGHAI China''s yuan held onto its gains after a two-day rally on Friday as borrowing rates for its offshore component soared and the central bank set a stronger guidance rate for the currency, signaling no respite in official efforts to contain speculation.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-germany-economy-orders-idUSKBN14Q0LH'|'2017-01-06T14:05:00.000+02:00'|4.0|''|-1.0|'' 5|'e3ec085e75ab8cc999d07b77be122efb2cab2c5e'|'Egypt updates pricing and sizes for US dollar triple-tranche'|'Financials 30am EST Egypt updates pricing and sizes for US dollar triple-tranche By Robert Hogg Jan 24 (IFR) - The Arab Republic of Egypt has provided updates on sizes and pricing for a triple-tranche US dollar bond deal, according to a lead. The sovereign has set yield on an expected US$1.75bn five-year bond at 6.125%. The notes were initially marketed at 6.375-6.625%. Guidance for a 10-year tranche with an expected US$1bn size has been set at 7.50-7.625%, to price in range. The notes were initially marketed at 7.625-7.875%. Guidance for a 30-year tranche with an expected US$1.25bn size has been set at 8.375-8.50%, to price in range. That compares to an initial marketing level at 8.625-8.875%. Combined order books are in excess of US$13.5bn, with a skew towards the five-year. The 144A/Reg S offering is being run by BNP Paribas, Citigroup, JP Morgan and Natixis. The sovereign is rated B3/B (Moody''s/Fitch). (Reporting by Robert Hogg; editing by Sudip Roy) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/egypt-bond-idUSL5N1FE1PN'|'2017-01-24T22:30:00.000+02:00'|5.0|''|-1.0|'' 6|'7ec1ede9bd2a45ec2161d5b3da69de8e81793fc4'|'Zodiac Aerospace rockets after Safran bid, European shares retreat'|'Business News - Thu Jan 19, 2017 - 10:19am GMT Zodiac Aerospace rockets after Safran bid, European shares retreat Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, January 16, 2017. REUTERS/Staff/Remote By Kit Rees - LONDON LONDON European stocks dipped on Thursday, though Zodiac Aerospace''s ( ZODC.PA ) shares surged after a takeover offer by France''s Safran ( SAF.PA ) and Moneysupermarket.com ( MONY.L ) also jumped after it reported strong results. Zodiac Aerospace ( ZODC.PA ) rocketed 21.7 percent after Safran offered $9 billion to buy the aircraft seat manufacturer. Shares in Safran gained 1.9 percent. "On a stand-alone financial basis, the acquisition of Zodiac appears pretty attractive, in our view. We venture (to suggest) the planned special dividend may also lend near-term support to the Safran share price," Sandy Morris, equity analyst at Jefferies, said in a note. Earnings boosted shares in Moneysupermarket.com ( MONY.L ) by 6.6 percent to their highest level since March 2016 after the price comparison website reported better-than-expected fourth quarter and full year revenues. [nL5N1F9251 Dutch-Belgian food retailer Koninklijke Ahold Delhaize ( AD.AS ) also rose, up 3.2 percent after posting strong fourth quarter sales figures. Royal Mail''s ( RMG.L ) results were received less enthusiastically, its shares falling 6.4 percent and weighing on the blue chip FTSE 100 .FTSE index, which dropped 0.7 percent. [nL1N1F90BJ] Analysts flagged further weakening in Royal Mail''s UK letters business as a concern. The pan-European STOXX 600 index was down 0.4 percent in choppy trade. A 1.3 percent fall in oil stocks .SXEP also weighed. Downgrades were a drag, weighing on Gemalto ( GTO.AS ), Ingenico ( INGC.PA ) and Rightmove ( RMV.L ), which all fell between 3 to 3.8 percent. "We''re ... entering an earnings season, and I don''t think it''s going to be necessarily one of the strongest ones. I think we''re going to see a continuation of the one that we had last quarter, which was very patchy for many industries," said Ken Odeluga, market analyst at City Index. A meeting of the European Central Bank later in the day was also in focus for investors. The ECB is expected to keep policy unchanged. Overnight, Federal Reserve Chair Janet Yellen signalled that the U.S. central bank was poised to pursue a path of steady interest rate hikes. (Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1530X2'|'2017-01-19T17:19:00.000+02:00'|6.0|''|-1.0|'' -7|'4dcad7443ecfcb3944f55ab346156bd6cdfb1919'|'India plans expansive budget despite growth, revenue worries'|'Business 36pm EST India plans expansive budget despite growth, revenue worries left right India''s Prime Minister Narendra Modi gestures as he reads a joint statement with Myanmar''s State Counsellor Aung San Suu Kyi (not pictured) at Hyderabad House in New Delhi, India October 19, 2016. REUTERS/Adnan Abidi 1/3 left right Finance Minister Arun Jaitley addresses a delegation while speaking on the Goods and Services Tax (GST) issues during the Vibrant Gujarat investor summit in Gandhinagar, January 11, 2017. REUTERS/Amit Dave 2/3 left right India''s Prime Minister Narendra Modi delivers a speech next to Mexican President Enrique Pena Nieto (not pictured), at Los Pinos presidential residence in Mexico City, Mexico, June 8, 2016. REUTERS/Edgard Garrido 3/3 By Manoj Kumar - NEW DELHI NEW DELHI India''s finance minister is likely to borrow more than originally planned when he presents the budget on Feb. 1, senior aides and officials said, despite counting on revenues from a national sales tax whose launch date is still unknown. Arun Jaitley is looking at how to fund giveaways to taxpayers and higher public investment to help nurse Asia''s third-largest economy back to health after the government''s shock decision in November to abolish high-value banknotes. That is raising concern among some economists and investors that the government will take too many fiscal risks. Yet officials say that, given the choice, they would choose growth sustained by state investment over a fiscal straitjacket. "Some degree of flexibility on fiscal discipline should not be seen as irresponsible fiscal management," one senior government official told Reuters, requesting anonymity due to the sensitivity of the matter. A fiscal advisory panel, which includes central bank head Urjit Patel, has advocated widening the budget deficit to "slightly over" 3 percent of gross domestic product to free up funds for road, railway and irrigation projects. "It is not possible to keep up the pace of capital expenditure without increasing the fiscal deficit beyond 3 percent of GDP," another official, briefed on the committee''s findings, added. New Delhi earlier aimed to cut the federal deficit to 3 percent of GDP over the next two fiscal years, compared with 3.5 percent in the year now drawing to a close. Independent economists are also penciling in a higher federal deficit in the coming fiscal year, at 3.3-3.4 percent of GDP, creating room for the government to invest an extra $6 billion. That has drawn a warning from ratings agency Standard & Poor''s, which says that slowing the pace of fiscal consolidation could delay India''s chances of an upgrade due to its high and rising debt levels. HEROIC ASSUMPTIONS Jaitley''s team forecasts a recovery in nominal GDP growth, the key driver of tax revenues, to around 12 percent in 2017/18. Yet that assumes oil prices of $55-60 per barrel and a long-delayed Goods and Services Tax being implemented in July. And the economy is still getting over the shock of Prime Minister Narendra Modi''s decision in November to scrap 86 percent of cash in circulation in a bid to purge the economy of illicit "black money". The International Monetary Fund has chopped a percentage point off India''s forecast of real economic growth to 6.6 percent in the current fiscal year to March, meaning China regains the crown as the world''s fastest-growing large economy. The Washington-based lender has also shaved 0.4 of a percentage point off its forecast for the coming fiscal year. Finance ministry officials remain tight-lipped about how quickly they expect growth to bounce back after it slowed following so-called demonetization. International prices for crude oil, India''s most expensive import item, could meanwhile overshoot the finance ministry''s expectations as exporting nations curb output, hurting the growth and revenue outlook. "This budget is presented in a very uncertain situation," said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a New Delhi think-tank that is partly funded by the government. Modi faces the imminent verdict of voters in five regional elections, most importantly in the battleground state of Uttar Pradesh that is home to more than 200 million people. A setback there for his nationalist party could harm his chances of winning a second term in 2019. Election authorities have barred the government from offering targeted budget ''sops'' to buy votes. And even if the government does ramp up public investment in Jaitley''s fourth budget, it has little room for maneuver - nearly nine in every 10 rupees it spends go on servicing debt or paying wages and subsidies. "It will not be a populist, but a pragmatic budget," said a senior finance ministry official with direct knowledge of budget planning. (Additional reporting by Rajesh Kumar Singh and Douglas Busvine; Editing by Mike Collett-White) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-india-budget-idUSKBN15A01Y'|'2017-01-26T07:30:00.000+02:00'|7.0|''|-1.0|'' +7|'4dcad7443ecfcb3944f55ab346156bd6cdfb1919'|'India plans expansive budget despite growth, revenue worries'|'Business 36pm EST India plans expansive budget despite growth, revenue worries left right India''s Prime Minister Narendra Modi gestures as he reads a joint statement with Myanmar''s State Counsellor Aung San Suu Kyi (not pictured) at Hyderabad House in New Delhi, India October 19, 2016. REUTERS/Adnan Abidi 1/3 left right Finance Minister Arun Jaitley addresses a delegation while speaking on the Goods and Services Tax (GST) issues during the Vibrant Gujarat investor summit in Gandhinagar, January 11, 2017. REUTERS/Amit Dave 2/3 left right India''s Prime Minister Narendra Modi delivers a speech next to Mexican President Enrique Pena Nieto (not pictured), at Los Pinos presidential residence in Mexico City, Mexico, June 8, 2016. REUTERS/Edgard Garrido 3/3 By Manoj Kumar - NEW DELHI NEW DELHI India''s finance minister is likely to borrow more than originally planned when he presents the budget on Feb. 1, senior aides and officials said, despite counting on revenues from a national sales tax whose launch date is still unknown. Arun Jaitley is looking at how to fund giveaways to taxpayers and higher public investment to help nurse Asia''s third-largest economy back to health after the government''s shock decision in November to abolish high-value banknotes. That is raising concern among some economists and investors that the government will take too many fiscal risks. Yet officials say that, given the choice, they would choose growth sustained by state investment over a fiscal straitjacket. "Some degree of flexibility on fiscal discipline should not be seen as irresponsible fiscal management," one senior government official told Reuters, requesting anonymity due to the sensitivity of the matter. A fiscal advisory panel, which includes central bank head Urjit Patel, has advocated widening the budget deficit to "slightly over" 3 percent of gross domestic product to free up funds for road, railway and irrigation projects. "It is not possible to keep up the pace of capital expenditure without increasing the fiscal deficit beyond 3 percent of GDP," another official, briefed on the committee''s findings, added. New Delhi earlier aimed to cut the federal deficit to 3 percent of GDP over the next two fiscal years, compared with 3.5 percent in the year now drawing to a close. Independent economists are also penciling in a higher federal deficit in the coming fiscal year, at 3.3-3.4 percent of GDP, creating room for the government to invest an extra $6 billion. That has drawn a warning from ratings agency Standard & Poor''s, which says that slowing the pace of fiscal consolidation could delay India''s chances of an upgrade due to its high and rising debt levels. HEROIC ASSUMPTIONS Jaitley''s team forecasts a recovery in nominal GDP growth, the key driver of tax revenues, to around 12 percent in 2017/18. Yet that assumes oil prices of $55-60 per barrel and a long-delayed Goods and Services Tax being implemented in July. And the economy is still getting over the shock of Prime Minister Narendra Modi''s decision in November to scrap 86 percent of cash in circulation in a bid to purge the economy of illicit "black money". The International Monetary Fund has chopped a percentage point off India''s forecast of real economic growth to 6.6 percent in the current fiscal year to March, meaning China regains the crown as the world''s fastest-growing large economy. The Washington-based lender has also shaved 0.4 of a percentage point off its forecast for the coming fiscal year. Finance ministry officials remain tight-lipped about how quickly they expect growth to bounce back after it slowed following so-called demonetization. International prices for crude oil, India''s most expensive import item, could meanwhile overshoot the finance ministry''s expectations as exporting nations curb output, hurting the growth and revenue outlook. "This budget is presented in a very uncertain situation," said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a New Delhi think-tank that is partly funded by the government. Modi faces the imminent verdict of voters in five regional elections, most importantly in the battleground state of Uttar Pradesh that is home to more than 200 million people. A setback there for his nationalist party could harm his chances of winning a second term in 2019. Election authorities have barred the government from offering targeted budget ''sops'' to buy votes. And even if the government does ramp up public investment in Jaitley''s fourth budget, it has little room for maneuver - nearly nine in every 10 rupees it spends go on servicing debt or paying wages and subsidies. "It will not be a populist, but a pragmatic budget," said a senior finance ministry official with direct knowledge of budget planning. (Additional reporting by Rajesh Kumar Singh and Douglas Busvine; Editing by Mike Collett-White) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-india-budget-idUSKBN15A01Y'|'2017-01-26T07:30:00.000+02:00'|7.0|20.0|0.0|'' 8|'7c83e74cb8329aa6a8ad4acad04ad6bea54babb2'|'UPDATE 1-Ford Motor criticizes Trump immigration order'|'(Adds more details from statement)By David ShepardsonWASHINGTON Jan 30 Ford Motor Co on Monday criticized President Donald Trump''s controversial immigration order, becoming one of the highest profile U.S. manufacturers to question the decision to temporary ban travelers coming from seven predominantly Muslim countries.Ford Executive Chairman Bill Ford Jr. and Chief Executive Officer Mark Fields said in a statement to employees that the company does not support what it called a new U.S. travel ban."We do not support this policy or any other that goes against our values as a company," they said, adding that Ford is not aware of any employees directly affected by the policy.Fields met twice with Trump last week to talk about economic issues. Ford was harshly criticized by Trump during the campaign for moving some production to Mexico, but he has praised the automaker in recent weeks for announcing new U.S. investments.Ford is based in Dearborn, Michigan, home to one of the largest Arab-American populations in the United States.General Motors Co, Fiat Chrysler Group NV, Toyota Motor Corp and Honda Motor Co are among automakers that have declined to comment when asked by Reuters about the immigration order.Tesla Motors Inc CEO Elon Musk has also criticized the order. (Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ford-trump-idINL1N1FK11M'|'2017-01-30T13:44:00.000+02:00'|8.0|''|-1.0|'' 9|'5dc3f467f86c9eb3197fee8a4fa9544c348e549e'|'UPDATE 1-Indonesia says bond dealers must avoid conflicts of interest'|'* Primary dealers must ''safeguard'' partnership with govt* Govt can revoke appointment if dealers break the rules* Govt to look at track record of dealership applicants* Fin ministry cut ties with JPMorgan after research downgrade (Adds context)By Eveline Danubrata and Gayatri SuroyoJAKARTA, Jan 11 Indonesia''s finance ministry, which recently cut its business ties with JPMorgan Chase & Co , announced new rules that require primary bond dealers to "safeguard" their partnership with the government and avoid conflicts of interest.The regulation is likely to add to analysts'' concern about moves to strike back over unfavourable investment commentary after Indonesia punished the U.S. bank for its downgrade of the country''s stocks in November.Primary dealers "have the duty to safeguard the partnership with the Indonesian government based on professionalism, integrity, the avoidance of conflict of interest, and looking at the interests of the Republic of Indonesia," according to documents uploaded to the ministry''s website on Wednesday.The documents, dated Dec. 30, said the finance minister can revoke the appointment of a primary dealer if it does not fulfill the stated conditions.The finance minister also has the authority to accept or reject an application to be a primary dealer by taking into consideration the track record of the bank or securities firm, including its working experience with the ministry.A primary dealer is a bank or a securities firm appointed by the finance minister that can buy government bonds in auctions and resell them in the secondary market. Indonesia had 19 such dealers as of Nov. 25.Foreigners hold more than 37 percent of Indonesia''s government bonds. The local capital market lacks depth and liquidity, making the perception of foreign investors particularly important for Southeast Asia''s biggest economy.The Finance Ministry dropped the JPMorgan''s services as a primary dealer for domestic sovereign bonds and as an underwriter for bonds sold to the global market. The bank also no longer receives certain transfers of state revenue.Suahasil Nazara, the head of the ministry''s fiscal policy office, on Jan. 4 defended the penalising of JPMorgan, saying its research was "not credible and not objective".(Additional reporting by Fransiska Nangoy; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-bonds-idINL4N1F11SU'|'2017-01-11T01:47:00.000+02:00'|9.0|''|-1.0|'' 10|'a5896e7e00701c57d5aac21b809b66e3b9031ae8'|'China stocks climb to new 6-week highs; Hong Kong firmer'|'Industrials - Wed Jan 25, 2017 - 11:51pm EST China stocks climb to new 6-week highs; Hong Kong firmer * SSEC +0.1 pct, CSI300 +0.3 pct, HSI +1.4 pct * China''s Dec industrial profits grow at sharply slower pace SHANGHAI Jan 26 China stocks are set for a five-day winning streak, hitting a fresh six-week high on Thursday morning, but gains were curbed after profits earned by industrial firms grew at a sharply slower pace last month. Market turnover stayed thin on the last trading day before the Lunar New Year, China''s biggest holiday, starting on Friday. Markets will be closed for a week and will reopen on Feb. 3. Hong Kong stocks rallied and were poised for four days of gains, drawing inspiration from the Dow Jones Industrial Average breaching the 20,000-point level for the first time on Wednesday. Sentiment was also helped by a weaker U.S. dollar, easing fears of capital outflows from the city. In China, the blue-chip CSI300 index rose 0.3 percent, to 3,387.16 points at the end of the morning session, while the Shanghai Composite Index gained 0.1 percent, to 3,153.77 points. Blue chip shares have gained almost 1 percent so far this week. "Investors are in a holiday mood now," said Cao Xuefeng, head of research at Huaxi Securities in Chengdu, noting the market is traditionally firm ahead of the Lunar New year. But bullish sentiment was partly offset by China''s profit growth earned by industrial firms in December, which eased sharply to 2.3 percent compared with November''s 14.5 percent. Cao said the slower pace was due to a cooling property market and seasonal factors as many workers had already left the factories for their home towns ahead of the new year. "The path of U.S. interest rate rises, Trump''s policies to China, whether he will brand China a currency manipulator, is there going to be a trade war - all these will affect the economy in China this year," Cao said, adding that it was hard to predict Trump''s next move. "He plays against the rules. He isn''t like former U.S. presidents." Sector performance was mixed in China. An index tracking the industrial sector lost 0.1 percent at midday after briefly hitting a two-week high in early trade. Banks were among best gainers on the mainland. An index tracking the sector was up nearly 0.8 percent, after China''s banking regulator reported that commercial banks'' non-performing loan (NPL) ratio stood at 1.74 percent at the end of 2016, basically flat from end of the third quarter. In Hong Kong, the Hang Seng index added 1.4 percent, to 23,365.01 points, while the Hong Kong China Enterprises Index gained 1.4 percent, to 9,875.77 points. The Dow surged on Wednesday as solid earnings and optimism over President Donald Trump''s pro-growth initiatives revitalised a post-election rally. Sectors gained across the board at midday, with tech stocks and real estate developers among the best performers. Hong Kong exchanges will be closed on Jan. 30 and 31 for the Lunar New Year. (Reporting by Jackie Cai and John Ruwitch; Editing by Jacqueline Wong) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1FG1TI'|'2017-01-26T11:51:00.000+02:00'|10.0|11.0|0.0|'' @@ -24,8 +24,8 @@ 22|'7aa59c17261e900cc401459da9335270731f7fb2'|'Christmas boost for easyJet as 5.6m people fly in December'|'EasyJet enjoyed a big rise in passenger numbers in December as Britons put aside concerns about the falling pound to seek out winter sun in the Canaries or Spain. European city breaks were also popular in the run-up to Christmas.The budget airline flew nearly 5.6 million passengers last month, 731,720 more than a year earlier a 15.1% rise. This took the number of passengers transported in 2016 to 74.5 million, up 6.6% on the previous year.Lower fares have helped, with easyJet cutting prices by about 6% in each of the past two years, passing on lower fuel costs in the wake of the oil price slump. Fuel makes up a third of the airlines overall costs.Traffic to Mediterranean beach destinations rose by nearly a quarter, as Brits headed to Tenerife, Lanzarote and Malaga, as well as taking a new route to La Palma.EasyJet profits fall due to weak pound and discount fares Read more Figures from Gatwick, also released on Friday, painted a similar picture. Britains second largest airport said 43 million people travelled through it last year a new record. The airport recorded 3.1 million passengers in December, 15% more than a year earlier. The airport operator said there was a clear split in December, with travellers opting for either very cold or very hot climes. Popular wintry destinations included Finland and Iceland, while winter sun was sought in La Palma, the Canary Islands, St Lucia and Providenciales in the Turks and Caicos Islands.EasyJet said passengers also flocked to cities across Europe in the run-up to Christmas, with a year-on-year increase of 15% in December. Among the most popular destinations were London, Amsterdam, Paris, Geneva and Milan. Many Brits also flew home for Christmas, with travel within the UK increasing by 16% year on year.EasyJet vows to recruit more female pilots Read more This comes as welcome news for the airline, which had a rough ride over the year as a whole. EasyJet recorded a sharp fall in annual profits its first decline in six years after being hit by the slide in sterling, multiple terrorist attacks and airport strikes. It expects a further drop this year.Its rival Ryanair also recorded strong growth in passenger numbers in December: earlier this week it reported a 20% rise to 9 million customers. The Irish carrier transported 117 million people last year, up 15% on 2015.Long-haul travel is also booming, according to Gatwick, growing nearly 27% last month. Toronto airport saw the biggest increase in passenger numbers in 2016, at 97%, as holidaymakers followed in Prince Harrys footsteps . Belfast International was also popular, with an 83% jump in passenger numbers last year. Gatwick credited the Game of Thrones effect as tourists travelled to Northern Ireland to visit locations for the TV series .'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/06/christmas-boost-for-easyjet-as-56m-people-fly-in-december'|'2017-01-06T16:59:00.000+02:00'|22.0|''|-1.0|'' 23|'b066224e82f9b4e30b14111e07dbbc2d18ca9d58'|'Dubai''s Mashreq board proposes cash dividend of 40 pct for 2016'|'Financials - Thu Jan 26, 2017 - 12:04am EST Dubai''s Mashreq board proposes cash dividend of 40 pct for 2016 DUBAI Jan 26 Mashreq, Dubai''s third-biggest bank by assets, said on Thursday its board had proposed a cash dividend of 40 percent of the bank''s paid up capital for 2016. The payout would be the same as the proposed cash dividend for the previous year. On Wednesday, Mashreq reported a 20.7 percent fall in fourth-quarter net profit. (Reporting By Tom Arnold; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mashreqbank-dividend-idUSD5N1F601K'|'2017-01-26T12:04:00.000+02:00'|23.0|''|-1.0|'' 24|'0fe4571880dd63cb7a5d9d111bb02020c2c4ac6b'|'Bank of England to sit tight as Brexit cross-winds blow'|'Money - Fri Jan 27, 2017 - 2:32pm GMT Bank of England to sit tight as Brexit cross-winds blow Britain''s Bank of England Governor Mark Carney attends the G20 Germany 2017 Conference in Wiesbaden, Germany January 25, 2017. REUTERS/Ralph Orlowski By William Schomberg - LONDON LONDON Mark Carney, who has spent much of his time in charge of the Bank of England trying to signal what the central bank is planning, will probably say next week that he doesn''t know what its next move will be. Carney and his fellow policymakers are likely to stick to their neutral stance on whether to cut or raise interest rates in future, due to the scale of uncertainty about the impact of last year''s referendum decision to leave the European Union. Economically, Britain has so far coped much better than expected with the shock vote. It was probably the world''s fastest-growing big advanced economy in 2016, confounding forecasts from the BoE and almost everyone else of a swift Brexit hit. Most economists in a Reuters poll published this week said the Bank will raise its economic growth forecast for 2017 for the second consecutive time on Feb. 2, when it is due to deliver its latest thinking on the economy. HSBC economist Liz Martins expects the Bank to say the economy will grow by 1.7 percent this year, up from November''s forecast of 1.4 percent and more than double the 0.8 percent it expected in August, when concerns about a Brexit slump were their strongest. Combined with inflation that looks set to shoot above the Bank''s 2 percent target soon and an 11-year low jobless rate, an upgrade like that would normally suggest the BoE ought to be turning its mind to raising its record-low interest rates. But top Bank officials have said they are bracing for a "slow-motion slowdown" as the Brexit vote eats into the value of sterling and the spending power of consumers. Prime Minister Theresa May''s speech earlier this month, signalling a potentially disruptive "hard Brexit" from the EU and its single market, may add to the cautious approach of Carney and his colleagues. RATE HIKE OR RATE CUT? Some economists say a creeping Brexit effect on the economy will prompt the BoE to cut rates over the next year. That is the opposite expectation to many investors who are pricing in a 50-50 chance of a rate hike by the end of 2017. "The market is desperate to get a hawkish signal," said Ross Walker, an economist with bank RBS. "But I think the Bank will be unwilling to move in either direction for the next six months or this year." Sitting on the fence about whether to cut rates or raise them represents something of a novelty for the BoE since Carney took over as governor in 2013. He sought to show investors that super-low rates would not rise for a long time. But his forward guidance policy struggled to cope with unexpected twists and turns of the economy. On top of the uncertainty about Brexit, it is far from clear what the election of U.S. President Donald Trump, and his calls to get a better deal for the United States in trade deals, means for the world economy. All of which suggests that the Bank next week will stick closely to the neutral stance it adopted in November. Economists take it as a given that it will keep rates at 0.25 percent on Thursday and announce no new extension of its bond-buying programme. "Expectations for next week''s ''Super Thursday'' are pretty low," analysts at Nomura said in a note to clients, referring to the combined announcement of the Bank''s rate decision and publication of minutes of its meeting and its Inflation Report. "We may have to re-name it ''Average Thursday'' for a while." (Writing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-idUKKBN15B1ET'|'2017-01-27T21:32:00.000+02:00'|24.0|''|-1.0|'' -25|'b28850c14eceb166831b90e3b0b16c793ac481b5'|'Seagate to cut more than 2,000 jobs in China'|'Hard-disk drive maker Seagate Technology Plc ( STX.O ) said it would cut more than 2,000 jobs as it shuts down its Suzhou factory in China.The latest job cuts were part of its earlier restructuring plans announced in July to reduce its global manufacturing footprint, Seagate spokeswoman Kelly Zhang said on Wednesday.(Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-seagate-tech-redundancies-idUSKBN14V1CD'|'2017-01-11T14:48:00.000+02:00'|25.0|''|-1.0|'' -26|'edc574c7c78433bda11e90510c0008a81858088d'|'Retailer Carrefour Q4 sales growth slows as France lags'|'By Dominique Vidalon - PARIS PARIS Carrefour, the world''s second-largest retailer, said sales growth slowed in the fourth quarter, reflecting a weaker performance in its core French market where hypermarket stores suffered in a persistently difficult environment.In Brazil, the group''s second-largest market after France, business was resilient despite a slowing economy, while sales elsewhere in Europe, notably Spain, posted solid growth.In China, where Carrefour is restructuring its operations, the rate of decline in sales slowed to 5.4 percent from 7.8 percent in the third quarter.Carrefour finance chief Pierre-Jean Sivignon said 2016 recurring operating income would be "very close" to median expectations of 2.39 billion euros, implying a 2.2 percent decline from 2.445 billion euros in 2015.Europe''s largest retailer also hoped to launch initial public offerings for its commercial property unit Carmila and its Brazilian business this year, he said.Carrefour said fourth quarter sales reached 23.366 billion euros ($24.85 billion), above the median of analysts estimates of 23.22 billion in a Thomson Reuters poll.Stripping out fuel, currency and calendar effects, revenue grew 2.9 percent year-on-year, a slowdown from 3.2 percent growth in the third quarter.Despite the quarterly slowdown, Carrefour achieved its fifth straight year of rising sales for 2016 as a whole, as a recovery plan started by Chief Executive Georges Plassat in 2012 continues to bear fruit.Carrefour, which makes 73 percent of its sales in Europe, is pursuing a recovery strategy focusing on price and cost cuts along with expansion into smaller convenience stores, while also renovating its chain of hypermarkets."In 2017 Carrefour will continue to strengthen all its (growth) boosters to pursue profitable growth," Sivignon said.In France, where Carrefour makes 43 percent of its sales, like-for-like revenue rose 0.7 percent in the quarter, a slowdown from 1.2 percent growth in the third quarter amid fierce price competition among retailers.Closely watched same-store sales at Carrefour''s French hypermarkets fell 1.2 percent after a 1.0 percent decline in the third quarter but supermarkets and convenience stores had a robust performance.Carrefour''s performance in France still outpaced that of smaller rival Casino is acquiring three specialized skincare brands - CeraVe, AcneFree and Ambi - from Canada''s Valeant Pharmaceuticals International for $1.3 billion in cash to expand into one of the fastest growing areas of the beauty industry.** Valeant Pharmaceuticals International is selling its Dendreon cancer business and three skincare brands for about $2.12 billion as the troubled Canadian drugmaker looks to pay down its more than $30 billion debt.** Newspaper group Trinity Mirror said it was in early talks about investing in a new company comprising assets owned by Northern & Shell, Richard Desmond''s group that owns the Daily Express and Daily Star titles.** Japan''s Takeda Pharmaceutical Co flagged its appetite for fresh acquisitions to bolster its drug portfolio after agreeing on Monday to acquire cancer drug maker Ariad Pharmaceuticals in a $5.20 billion deal.** Canadian apparel maker Gildan Activewear Inc has won a bankruptcy auction for U.S. fashion retailer American Apparel LLC after raising its offer to around $88 million, a person familiar with the matter said.** Yahoo Inc said Monday that it would rename itself Altaba Inc and Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc.** Private-equity firm Blackstone Group LP is no longer looking at buying a $5 billion stake in Energy Transfer Partners, a source familiar with the matter confirmed.** Brazilian food processor BRF SA and Qatar''s sovereign wealth fund agreed to buy the operations of Turkish poultry producer Banvit in a joint venture, BRF said in a securities filing.** Indian online real estate services providers PropTiger.com and Housing.com will merge to create what the companies said would be the biggest player in the segment, accelerating a consolidation in the sector. (Compiled by Laharee Chatterjee in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1F043Q'|'2017-01-10T12:18:00.000+02:00'|86.0|''|-1.0|'' @@ -91,7 +91,7 @@ 89|'26c151f6536a65e88657415b92e1534eb1acd8bd'|'Solid Christmas for UK supermarkets before uncertain 2017'|'Business News - Sun Jan 8, 2017 - 3:19am EST Solid Christmas for UK supermarkets before uncertain 2017 Customers enter and exit a Tesco shop in London, Britain, December 8, 2011. REUTERS/Suzanne Plunkett/File Photo By James Davey Britain''s three quoted major supermarkets are expected to report this week that they enjoyed solid Christmas trading, though investor concern about a potential squeeze on consumer spending in 2017 means the focus is on their outlooks. Shares in market leader Tesco ( TSCO.L ) and Morrisons ( MRW.L ), the UK''s fourth biggest grocer, soared 38 percent and 55 percent respectively in 2016, reflecting a recovery in trading. That coincided with a slowdown in sales growth at German discounters Aldi ALDIEI.UL, which will update on Christmas on Jan. 9, and Lidl LIDUK.UL as Britain''s traditional supermarkets cut their prices, and continued problems at sector laggard Asda, the No. 3 player. The share price of No. 2 Sainsbury''s was held back by uncertainty over the merits of its 1.1 billion pounds ($1.36 billion) takeover of household goods retailer Argos. Robust growth in consumer spending has been one of the main factors sustaining Britain''s economy since last June''s vote to leave the European Union. However, retailers fear a reduction in spending as inflation begins to erode real earnings growth in 2017. Sterling''s devaluation since the Brexit vote - down 12 percent against other major currencies - has also driven up supermarkets'' import costs, as have commodity price increases. They also face further cost pressures from the national minimum wage, business rates and utilities. There are also signs that Asda, the British arm of Wal-Mart ( WMT.N ), will make life tougher for rivals in 2017. Analysts say a new management team is starting to make an impact, putting more staff on the shop floor and generally improving store standards. While underlying sales slumped 5.8 percent in its third quarter, they anticipate a significant improvement when it reports fourth quarter results next month. Analysts expect Tesco (on Jan. 12) to report UK like-for-like sales growth of 1.25 to 2 percent for its third quarter to Nov. 26 and growth of 0.6 to 1.5 percent for the six weeks to Jan. 7, building on four straight quarters of underlying growth. Morrisons (on Jan. 10) is expected to report underlying sales growth of 1.1 percent for the nine weeks to Jan. 1, according to an average of analysts'' forecasts, a fifth consecutive quarter of growth. Sainsbury''s (on Jan. 11) could be perceived as the relative loser of the three, with analysts on average forecasting a like-for-like sales fall of 0.8 percent for its third quarter to Jan. 7, though it is still expected to report volume growth and underlying sales growth at Argos of 1.5 percent. However, it is important to note that Sainsbury''s, unlike Tesco and Morrisons, is not in turnaround mode and has not had to rebase its like-for-like sales performance. Updates due next week from a raft of other UK retailers, including from Marks & Spencer ( MKS.L ), department stores John Lewis JLP.UL and Debenhams ( DEB.L ), Primark owner AB Foods ( ABF.L ) and ASOS.L ( ASOS.L ), will also shine a light on prospects for the sector. Marks & Spencer will (on Jan. 12) report on its third quarter to Dec. 31. Analysts are on average forecasting like-for-like sales growth in its clothing and home division of 0.2 percent with underlying sales in its food business down 0.4 percent. Such an outcome in clothing would represent an improvement on the second quarter''s 2.9 percent fall and provide some encouragement to investors that new boss Steve Rowe''s turnaround plan has found some traction. Last week rival Next ( NXT.L ) reported disappointing Christmas sales, cut its profit forecast and highlighted "exceptional" levels of uncertainty in the sector. ($1 = 0.8079 pounds) (Editing by Anna Willard; james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-britain-supermarkets-idUSKBN14S07Q'|'2017-01-08T15:19:00.000+02:00'|89.0|''|-1.0|'' 90|'2c68dbd144c1d1602eff4870531b20093d497c12'|'Never-before-heard Bernie Madoff tapes reveal details of ruinous Ponzi scheme - Business'|'Bernard Madoff , the imprisoned confidence trickster, has laid the blame for his ruinous Ponzi scheme at the feet of banks and wealthy investors he claims didnt care whether his firm was legitimate or not in a series of never-before-heard recordings.The interviews, part of author Steve Fishmans new podcast, Ponzi Supernova , feature much of Madoffs characteristic refusal to take responsibility for paying his investors out of each others pockets.Bernard L Madoff Investment Securities promised huge returns from canny investments but in reality paid investors with other early investors cash. As the firm became more and more successful Madoff said the banks that at first shunned him were suddenly beating down his door: All of a sudden these banks give you the time of day. Theyre willing to give you a billion dollars. I had all of these major banks coming down and entertaining me. It is a head trip, he tells Fishman.Madoff was found guilty of defrauding thousands of investors of billions of dollars on 29 June 2009. He was sentenced to 150 years in prison with restitution of $170bn and is serving his sentence at the Butner federal correctional complex in Durham, North Carolina.Madoff got away with it for so long because inexperienced regulators chasing him didnt know what they were looking forFishman , who conducted three hours of interviews with Madoff personally, points out that while the fraudster ruined many lives, roughly half of Madoffs investors still ended up in the black . Yeah, he was a criminal talent, with God-given gifts in a sense, but Madoff was Patient Zero, Fishman said. What really makes him a pandemic is all the feeder funds [who introduced new clients to Madoff] and the banks, Fishman told the Guardian. They take him around the world. They recruit investors, in Latin America and through Europe, and they basically pour gasoline on this dumpster fire. Madoff could have been kind of a local swindler until he meets this massive distribution network.Facebook Twitter Pinterest Bernard Madoff at the Christmas party at the London offices of Madoff Securities International in 2003. Photograph: Rex FeaturesThe forgeries committed on some clients documents, Fishman said, were even done as if to order by some clients. According to ex-FBI agent Steve Garfinkel, Annette Bongiorno, Madoffs longtime assistant and first employee, would doctor statements on request. Clients would call to complain that Madoff promised 18% but theyd gotten 16%. Bongiorno would respond with an amended statement showing the promised rate. Bongiorno began her own sentence of six years for her role in the scheme in 2014.The 50 best podcasts of 2016 Read moreWhile he will spend the rest of his life in jail, the 73-year-old Madoff is upbeat about his circumstances on the podcast, bragging about how his doors are not locked at night.I have a pretty big picture window you cant open it, he tells Fishman.But life behind bars has not always been easy. Other prisoners say Madoff didnt learn courtesy quickly enough one interviewee recounts Madoff trying to change the television to a news report featuring his crimes while another inmate was watching something else. The other much younger man ended the dispute with an open-hand slap.Madoff got away with it for so long, he and others tell Fishman, because the inexperienced US Securities and Exchange Commission (SEC) regulators chasing him didnt know what they were looking for, and because his operation stayed one step ahead of the regulator. In one anecdote, Madoff simply rifles through an inspectors briefcase until he finds that hes being pursued for front-running the practice of buying for yourself on advance information before you pass it on to investors.That seemed logical, Madoff admits, except it wasnt true, and it was illegal!Others printed out a faked report and put it in the refrigerator so it wouldnt be obviously warm from the printerMadoff orchestrated office-wide performances for the investigators who were sent to his offices to search for evidence of wrongdoing, former US attorney Matthew Schwartz tells Fishman. Because his investment returns were so big the regulator were suspicious, but they didnt know how or what was going on. When an investigator asked to see a report that a legitimate firm would have on hand in the course of its normal businesses, Madoffs second-in-command, Frank DiPascali, stalled for time while downstairs others printed out a faked report, put it in the refrigerator so it wouldnt be obviously warm from the printer, and played football with it, Schwartz says tossing it back and forth across the room like a football to make it look weathered.Set dressing was also important: on the credenza behind his desk, Madoff displayed a sculpture by the renowned artist Claes Oldenburg of a giant black screw, listing a little to one side. The 1976 sculpture, called Soft Screw, drew nearly $50,000 at Sothebys when Madoffs assets were sold off after his disgrace.When financial regulators visited his firms offices, Madoff put the Soft Screw away.'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/business/2017/jan/12/bernie-madoff-prison-life-ponzi-supernova-podcast-experience'|'2017-01-12T21:00:00.000+02:00'|90.0|''|-1.0|'' 91|'ff167b5970c746eebade74de3ea004180881cb1f'|'UAE''s du acquires license to operate Virgin Mobile service'|'DUBAI The United Arab Emirates'' second largest telecoms company has acquired a license from British entrepreneur Richard Branson''s privately owned Virgin Group to operate Virgin Mobile-branded services in the country.Emirates Integrated Telecommunications Co (EITC), the holding company of operator du DU.DU, will launch services using the Virgin Mobile brand in the UAE "within weeks," EITC''s chief executive Osman Sultan said on Tuesday.EITC''s license term is for over five years, granting it full rights to ownership, management and operation of the brand in the UAE, Sultan said at a news conference in Dubai. An EITC spokesman told Reuters the license was bought from the Virgin Group.Virgin Mobile will operate using EITC''s network and infrastructure in the same way that du does but be run by a separate business unit under EITC, Sultan said.It will be the only foreign-branded telecom service operating in the UAE.Former Virgin Mobile Saudi Arabia Chief Executive Karim Benkirane has been appointed managing director of the UAE brand and will report to Sultan.The UAE is the third Middle East country to adopt the Virgin Mobile brand after Saudi Arabia and Qatar. Ooredoo ORDS.QA, then branded QTel, was ordered to close its Virgin Mobile Services by the country''s regulator in 2011 while Virgin Mobile Saudi Arabia continues to operate.The UAE Virgin Mobile brand and du will not compete head-to-head, Sultan said, with the Virgin brand to focus on consumers.Du is the UAE''s second largest telecoms network operator after ending rival Etisalats ETEL.AD domestic monopoly in 2007.The financial performance of the Virgin Mobile business will contribute to EITC''s quarterly results, the same way that du does, which are published on the Dubai bourse under the name "du," Sultan said, adding that the listing name could be changed going forward.EITC is launching Virgin Mobile amid a months-long restructuring that has seen "tens" of job cuts, Sultan said.The company''s financial performance has been under pressure since late 2014 as the pace of growth in the mobile market is unable to keep up with the increasing royalty rates paid to the government."Streamlining an organization means that you find pockets of efficiency and some positions have been made redundant," Sultan told reporters. "I triggered this process in April/May last year."Sultan also said the government had yet to notify EITC of the royalty rate for 2017.(This version of the story corrects fourth paragraph to read "Sultan said" instead of "he said")(Reporting by Alexander Cornwell in Dubai; Editing by Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-du-virgin-idUSKBN15F1A8'|'2017-01-31T15:04:00.000+02:00'|91.0|''|-1.0|'' -92|'d0ee21d96b16d3b6e002519ec71a525f8f0187f9'|'EU Parliament speaker vote could strengthen eurosceptics'|'Financials 6:00pm EST EU Parliament speaker vote could strengthen eurosceptics By Francesco Guarascio - STRASBOURG STRASBOURG Jan 17 The European Parliament elects a new speaker on Tuesday in an unusually hotly contested vote that could strengthen eurosceptic forces at a time when the EU faces British moves to leave and questions about its future role. A divisive campaign and the end of the ''grand coalition'' of the main parties is also likely to hamper the assembly, delaying lawmaking - another boon for anti-EU parties who portray the union as rigid and bureaucratic. Other sensitive matters facing the assembly include immigration and banking. Conservative Antonio Tajani, 63, a close ally of Italy''s former prime minister Silvio Berlusconi, is the favourite as he can count on the support of the European People''s Party, the largest grouping in parliament. Unlike past appointments which were agreed in advance by the main parties, he faces a real challenger in socialist Gianni Pittella, 58, who is bidding to succeed Martin Schulz, also of the centre-left. Last-minute manoeuvres could yet propel to victory candidates from smaller groups. Seven of the eight political groups of the legislature have fielded candidates, the exception being the United Kingdom Independence Party''s (UKIP) grouping. DEAL MAKING The speaker chairs debates in the European Parliament, which embraces deputies from the 28 states. He or she can play a key role in brokering agreements with the executive, the European Commission and national governments. Britain is expected to formally notify Brussels in March of its intention to leave the EU following the results of a June referendum. The negotiations that follow seem likely to raise some tensions not only between the EU and Britain but within the EU itself, as well as within Britain. Breaking from a decade-long convention whereby the socialists and the conservatives take turns to hold the high-profile job, Pittella has vowed to stimulate genuine debate and dispel the idea that all main parties in the parliament are part of a reform-shy establishment. But his bid may turn into a boost to eurosceptics, who could play an unprecedented king-maker role in the uncertain vote. Tajani may need the support of lawmakers from Marine Le Pen''s far-right grouping or those of UKIP to be elected. If Tajani wins, the conservatives would hold all three EU top jobs. Jean-Claude Juncker of Luxembourg heads the EU''s Brussels-based executive, the Commission, and former Polish prime minister Donald Tusk chairs the European Council, which groups the national governments. Socialists have said that if Pittella does not win in the Parliament, they will push for a reshuffle of the key posts . (Reporting by Francesco Guarascio; editing by Ralph Boulton) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/eu-parliament-president-idUSL5N1F64PW'|'2017-01-17T06:00:00.000+02:00'|92.0|''|-1.0|'' +92|'d0ee21d96b16d3b6e002519ec71a525f8f0187f9'|'EU Parliament speaker vote could strengthen eurosceptics'|'Financials 6:00pm EST EU Parliament speaker vote could strengthen eurosceptics By Francesco Guarascio - STRASBOURG STRASBOURG Jan 17 The European Parliament elects a new speaker on Tuesday in an unusually hotly contested vote that could strengthen eurosceptic forces at a time when the EU faces British moves to leave and questions about its future role. A divisive campaign and the end of the ''grand coalition'' of the main parties is also likely to hamper the assembly, delaying lawmaking - another boon for anti-EU parties who portray the union as rigid and bureaucratic. Other sensitive matters facing the assembly include immigration and banking. Conservative Antonio Tajani, 63, a close ally of Italy''s former prime minister Silvio Berlusconi, is the favourite as he can count on the support of the European People''s Party, the largest grouping in parliament. Unlike past appointments which were agreed in advance by the main parties, he faces a real challenger in socialist Gianni Pittella, 58, who is bidding to succeed Martin Schulz, also of the centre-left. Last-minute manoeuvres could yet propel to victory candidates from smaller groups. Seven of the eight political groups of the legislature have fielded candidates, the exception being the United Kingdom Independence Party''s (UKIP) grouping. DEAL MAKING The speaker chairs debates in the European Parliament, which embraces deputies from the 28 states. He or she can play a key role in brokering agreements with the executive, the European Commission and national governments. Britain is expected to formally notify Brussels in March of its intention to leave the EU following the results of a June referendum. The negotiations that follow seem likely to raise some tensions not only between the EU and Britain but within the EU itself, as well as within Britain. Breaking from a decade-long convention whereby the socialists and the conservatives take turns to hold the high-profile job, Pittella has vowed to stimulate genuine debate and dispel the idea that all main parties in the parliament are part of a reform-shy establishment. But his bid may turn into a boost to eurosceptics, who could play an unprecedented king-maker role in the uncertain vote. Tajani may need the support of lawmakers from Marine Le Pen''s far-right grouping or those of UKIP to be elected. If Tajani wins, the conservatives would hold all three EU top jobs. Jean-Claude Juncker of Luxembourg heads the EU''s Brussels-based executive, the Commission, and former Polish prime minister Donald Tusk chairs the European Council, which groups the national governments. Socialists have said that if Pittella does not win in the Parliament, they will push for a reshuffle of the key posts . (Reporting by Francesco Guarascio; editing by Ralph Boulton) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/eu-parliament-president-idUSL5N1F64PW'|'2017-01-17T06:00:00.000+02:00'|92.0|26.0|0.0|'' 93|'e34f7df66f63d6ce965447f57083041562caeb1b'|'VW unveils electric microbus concept'|'VW unveils electric microbus concept by Peter Valdes-Dapena @peterdrives January 8, 2017: 11:19 PM ET VW unveils better, cheaper electric car Volkswagen revealed an extremely groovy new concept car during the Detroit Auto Show Sunday night. The VW ID Buzz is an all-electric rebirth of the classic microbus. VW didn''t say for certain that it would be produced for sale but, in introducing the ID Buzz, the automaker talked about a "big electric offensive" to begin in 2020. By 2025 the German automaker hopes to be selling 1 million electric vehicles per year. "We are making electric mobility the new trademark of Volkswagen," the automaker said in a statement. The ID Buzz follows on the VW ID electric concept car unveiled at the Paris Motor Show in late September. The ID boasts a 270 mile driving range, according to VW, and a total of 369 horsepower from two electric motors. However , VW did not say how that driving range was calculated. With one electric motor in front and one in back, the ID Buzz has all-wheel drive. It is also capable of fully autonomous driving, according to VW. The driver''s seat can even be turned around 180 degrees to face backward and the steering wheel can also retract into the dashboard. Related: Kia unveils its own European sports sedan While the original VW Microbus was famously underpowered and slow, this one will be able to jump from zero to 60 miles an hour in just five seconds, VW says. Top speed will be limited to 99 miles an hour. The name Buzz plays off the word "Bus," VW said, while ID stands for -- take your pick -- "Idea," "Identity," or "Intelligent Design," among other things. Related: Car sales set another U.S. record VW''s big push on electric vehicles follows the automaker''s recent diesel emissions scandal. Volkswagen was found to have installed software that reduced harmful emissions from many of the automaker''s diesel-powered vehicles only during testing. As part of a plan to make up for that, VW has agreed to promote electric cars. This is not VW''s first electric bus concept. Volkswagen showed off the BUDD-e electric concept bus almost exactly one year ago at the Consumer Electronics Show in Las Vegas. At that time VW said the electric VW bus could be in production by the end of the decade. CNNMoney (New York) First published January 8, 2017: 11:14 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/08/technology/volkswagen-id-buzz-concept/index.html'|'2017-01-09T11:19:00.000+02:00'|93.0|''|-1.0|'' 94|'95e63f1cc69c0e5b702cc05f4f2e6b7b33264fb1'|'Investor demand re-emerges for U.S. 3-year note supply'|'NEW YORK Jan 10 Investor demand for U.S. three-year Treasury notes re-emerged at an auction on Tuesday after it fell last month in advance of a widely expected quarter-point interest rate increase from the Federal Reserve.Indirect bidders which include fund managers and foreign central banks bought 54.6 percent of the $24 billion of the three-year Treasury issue offered. This was their largest share at a three-year auction since September, Treasury data showed. (Reporting by Richard Leong; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-3year-idINL1N1F018B'|'2017-01-10T15:22:00.000+02:00'|94.0|''|-1.0|'' 95|'99b326e69b9301ba8ad5cfdd226912c760f2f9d5'|'PM Modi touts digitized economy to business leaders'|'Economic News - Tue Jan 10, 2017 - 10:06pm IST PM Modi touts digitized economy to business leaders left right India''s Prime Minister Narendra Modi delivers a speech after he inaugurated the country''s first international exchange - India INX in Gujarat International Finance Tec-City (GIFT) in Gandhinagar, India, January 9, 2017. REUTERS/Amit Dave 1/2 left right India''s Prime Minister Narendra Modi (L) receives a memento after he inaugurated the country''s first international exchange-India INX in Gujarat International Finance Tec-City (GIFT) in Gandhinagar, India, January 9, 2017. REUTERS/Amit Dave 2/2 By Rupam Jain and Promit Mukherjee - GANDHINAGAR GANDHINAGAR Prime Minister Narendra Modi told a gathering of business leaders on Tuesday that the country was on the verge of becoming the world''s most digitized economy, and avoided direct mention of the economic hit from demonetisation. Speaking at India''s biggest investor summit, organized in his home state of Gujarat, the 65-year-old said his government was strongly committed to continue reforming the Indian economy. "We are working to adopt and absorb newer technologies, to bring about transparency, and to end discretion," Modi told the summit, adding that foreign direct investment in the country has topped $130 billion in his two-and-a-half years in office. "Believe me, we are on the threshold of becoming the world''s most digitized economy. Most of you wanted this change in India. I am proud to say that it is happening before you. "Creating an enabling environment for business, and attracting investments, is my top priority." Modi''s address to the Vibrant Gujarat investor gathering comes weeks after his shock decision to abolish 500 and 1,000 rupee notes, worth around $7.50 and $15 each. The move caused widespread anger among millions of people across the country, as they endured long queues at banks and ATMs to draw money or deposit old notes about to expire. The radical gambit has been billed as an attempt to root out corruption, end terror financing and move the country into the age of digital payments. But Modi''s government has struggled to produce enough new bank notes to meet demand, leading to a temporary slump in business in an economy that is heavily dependent on cash. India''s corporate earnings expectations have taken a hit. Fears that the note ban will dent profits in the latest quarter have led to a 2.25 percent drop in earnings estimates since Nov. 8 for those companies that are part of the country''s benchmark index, according to Thomson Reuters data. Still, government officials are optimistic that major investment pledges will come out of the meeting, which is being held at a sprawling convention center in Gandhinagar. Skepticism exists, however, over how many of the hundreds of anticipated memorandums of understanding expected to be signed at the week-long summit will translate into real spending. "The summit is a symbolic gesture to lure investment, but companies will only invest if there are changes at the macro policy level," said professor Sebastian Morris of the Indian Institute of Management in Ahmedabad, noting investors need to see infrastructure and support. Later on Tuesday, Modi was set to chair a CEO roundtable attended by nearly 60 top executives, including Cisco''s John Chambers, Trafigura Beheer''s Jeremy Weir, Fairfax Financial''s Prem Watsa and Peter Huntsman of Huntsman Corp, along with Indian business titans such as Mukesh Ambani and Ratan Tata. "This time we want to hand-hold investors and assure them that the business environment is perfect for them to launch new businesses," said Deepak Bagla, managing director of Invest India, a vehicle set up to guide investments into the country. (Additional reporting by Aditi Shah, Euan Rocha and Abhirup Roy; Editing by Mike Collett-White) Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-vibrantgujarat-modi-idINKBN14U20V'|'2017-01-10T23:36:00.000+02:00'|95.0|''|-1.0|'' @@ -101,7 +101,7 @@ 99|'0427b28e2b3f5fdd8abea6fb32f21dbf3c2fd4c5'|'Speculators trim net long U.S. dollar bets for 2nd straight week-CFTC, - Reuters'|'NEW YORK Jan 20 Speculators reduced long bets on the U.S. dollar for a second straight week, as investors continued to pare back overextended positions on the greenback and worried about U.S. President Donald Trump''s trade and currency policies.The value of the dollar''s net long position was $24.44 billion in the week ended Jan. 17, from $24.95 billion the previous week, according to data from the Commodity Futures Trading Commission released on Friday and calculations by Reuters.Net short contracts on the Mexican peso, meanwhile, rose in the latest week to 73,321, the largest since early October. (Reporting by Gertrude Chavez-Dreyfuss, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cftc-forex-idINL1N1FA1PU'|'2017-01-20T17:52:00.000+02:00'|99.0|''|-1.0|'' 100|'87f55c127ca1c96403ca78d3cdb9f213014166b4'|'UK high street retailers race to keep up with online demand'|' 9:08am GMT UK high street retailers race to keep up with online demand left right A Marks & Spencer logo is seen in front of one of their food stores in Paris, France, November 8, 2016. REUTERS/Christian Hartmann 1/2 Online clothing retail delivery in the UK 2/2 By Kate Holton - LONDON LONDON British fashion retailers will switch their spending firepower to technology from the high street in 2017 after online shopping became the key driver of sales growth over the all-important festive period. Marks & Spencer ( MKS.L ) is investing in apps, its website and logistics, while spending 350 million pounds over five years to close 10 percent of clothing and home space. Department store John Lewis said it was cutting staff bonuses in part to enable it to invest in its online operations after 40 percent of its Christmas sales came from the web. And Next ( NXT.L ), which failed to keep up with rivals for a second Christmas in a row, will spend 10 million pounds to improve its online operations and marketing. "They will have to invest in infrastructure and it will weigh on margins, but if you get it right you have a profitable online business," said one large institutional investor in UK retail who asked not to be named due to company policy. "And you can engage on multiple platforms." The renewed drive in technology comes as British web-only players ASOS ( ASOS.L ) and Boohoo ( BOOH.L ) continue to race ahead, helping Britons to embrace online shopping more quickly than their European cousins. And the pressure is relentless. ASOS, with nearly 5 million active users in the UK, said it would increase its own capital expenditure to keep ahead of the pack after it posted 18 percent UK sales growth in the four months to the end of the year. Boohoo grew British sales by 31 percent in the same period. Online sales have been booming in Britain for years, with ecommerce accounting for nearly a quarter of all purchases in December, according to the British Retail Consortium. In the 52 weeks to Dec. 18, overall fashion sales fell 2 percent, according to market research firm Kantar Worldpanel, while pure online players grew 7 percent as fashion lovers snapped up goods through simple apps on their mobile. While trading updates show that traditional retailers grew their sales by selling additional goods to customers picking up online orders in store, the move online also brings new challenges such as the high number of goods that are returned. The signs of the change can be seen across the country, on small high streets where independent shops have shut - hurt by high business rates - and on the stock market where the share price of Boohoo has jumped by 500 percent in two years. Pick-up lockers at railway stations and petrol pumps mean parcels can be picked up at any time, while changing rooms in standalone sites in the centre of towns allow purchases to be tried on and instantly sent back if not wanted, making it as easy to shop online as it is to wander down a high street. The industry estimates that around 30 percent of womenswear items bought online are returned. Traditional retailers have harnessed the web by persuading customers to pick up online-ordered goods instore, forcing firms to speed up delivery logistics and increase storage space in their shops. "The role of the shop does change," said Charlie Mayfield, chairman of the employee-owned John Lewis Partnership. "We are still opening shops but we will be opening fewer going forward and we will be investing more in changing existing shops so they can fulfil that different role more." THINKING DIGITAL The 133-year-old Marks & Spencer, which has struggled for years to grow its clothing business, beat forecasts for Christmas trading as investment in its app for iPad and mobile devices helped boost online sales. More than 60 percent of all goods sold online were picked up in store - known as click and collect. Seeking to adapt the business to meet the new demand, its said in November it would not return additional cash to shareholders in the second half. Debenhams, Britain''s No. 2 department store chain, also beat forecasts as those customers shopping online and in-store spent about two and a half times more than a shopper in one place. The group, which appointed Sergio Bucher as CEO in October, is set to unveil its plans for the future in April and analysts at Liberum have said that could entail higher spending. And Britain''s biggest department store John Lewis, one of the leading retailers online over the last 15 years, said it would speed up its internet strategy after 40 percent of its Christmas sales came from the web, up from 36 percent last year. "You might have expected to see a slowdown in the rate of growth but it has basically continued on the same trajectory," Mayfield said. "And we''ve got very good data which shows the relationship between shops and online sales is strong." But the cost to transform the business is clear, with operating profit down 31 percent in the six months to end July. John Lewis said trading profit would come under pressure this year and the need to invest, plus the weaker pound, meant staff bonuses would be "significantly" lower. Thomson Reuters data shows that 2017 full-year pretax profit at M&S and Debenhams is also expected to fall around 18 and 12 percent respectively. Despite the high costs, the experience of retailer Next ( NXT.L ) shows that the big names have little choice but to follow their online peers if they want to remain competitive. Next will invest to improve its website and online marketing in a recognition that it may have fallen behind the standard of some competitors, where sites carry more content including video and numerous photographs to show how an item would look. "If it''s not convenient and the check out process is not good or you don''t portray the product in the right way, then people will just open up another app and order somewhere else," the institutional investor said. "It''s as simple as that these days." ($1 = 0.8113 pounds) (Additional reporting by Paul Sandle, Sarah Young and James Davey; editing by Anna Willard) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-retail-online-idUKKBN1560BW'|'2017-01-22T16:08:00.000+02:00'|100.0|''|-1.0|'' 101|'04a5c84ab2c07a734caa2be991774f24e85bebb9'|'EU clears French capital injection and bridging loan for Areva'|'Tue Jan 10, 2017 - 3:35pm GMT EU clears French capital injection and bridging loan for Areva A view shows the Areva Tower, the headquarters of the French nuclear reactor maker Areva, at La Defense business and financial district in Courbevoie near Paris, France, May 7, 2015. REUTERS/Charles Platiau By Philip Blenkinsop and Geert De Clercq - BRUSSELS/PARIS BRUSSELS/PARIS European Union antitrust regulators have approved the French government''s plan to inject 4.5 billion euros ($4.8 billion) into embattled nuclear group Areva ( AREVA.PA ), saying the rescue would not unduly distort competition. The European Commission''s ruling will allow Areva, whose equity has been wiped out by years of losses, to restart as a smaller company focused on uranium mining and nuclear fuel production and recycling. "Today''s decision paves the way for a viable future for Areva based on a sustainable restructuring plan," EU competition commissioner Margrethe Vestager said in a statement on Tuesday. She added the plan struck the right balance between improving the group''s competitiveness and limiting distortions of competition created by the public financing. The Commission said the aid for 87 percent state-owned Areva was subject to conditions, notably a positive conclusion of French nuclear regulator ASN''s safety tests on the vessel of an Areva-designed reactor under construction for utility EDF ( EDF.PA ) in Flamanville, France, as well as EU approval of the planned sale of Areva''s reactor business to EDF. This means the planned state aid may not be paid until then, said the Commission, which therefore also approved a 3.3 billion euros French state loan to Areva, aimed at bridging Areva''s liquidity needs until the capital injection can take place. ASN has said it expects to rule on the safety of the Flamanville reactor by the end of June. In 2015, Areva discovered carbon concentrations in the steel of the reactor vessel, which can weaken the resilience of the steel. The head of French state holding agency APE said in October that EU competition authorities were not expected to rule on the planned takeover of Areva''s reactor unit by state-owned EDF before the summer of 2017. Following the Commission''s statement, Areva said its board would meet on Wednesday to determine the terms of the capital increase, on which its shareholders will vote on Feb. 3. France notified the European Commission, which oversees competition policy in the EU, in April of the restructuring plan to restore the group''s competitiveness and financial position. State aid may be authorized under certain conditions when it contributes to an objective or common interest without unduly distorting competition. (Reporting by Philip Blenkinsop in Brussels and Geert De Clercq in Paris; Editing by Sudip Kar-Gupta and Mark Potter) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-areva-restructuring-eu-idUKKBN14U1L0'|'2017-01-11T00:15:00.000+02:00'|101.0|''|-1.0|'' -102|'c85654f4e7da23991f823d47530265dce61a2c4c'|'State Bank of India cuts lending rate by 90 bps across maturities'|'Business News - Sun Jan 1, 2017 - 3:33am EST State Bank of India cuts lending rate by 90 bps across maturities An electrician puts lights on the logo of State Bank of India at its main branch in Mumbai, India, March 9, 2016. REUTERS/Danish Siddiqui/File Photo MUMBAI State Bank of India ( SBI.NS ), the country''s biggest lender by assets, said on Sunday it had cut its lending rates by 90 basis points for maturities ranging from overnight to three-year tenures, after experiencing a surge in deposits. After the move, its so-called overnight marginal cost of funds-based lending rate (MCLR) fell to 7.75 percent from 8.65 percent, while three-year loan rates will now be 8.15 percent from 9.05 percent previously. Lending rates were also cut across other maturities effective Sunday. Banks have received an estimated 14.9 trillion rupees ($219.30 billion) in old 500, and 1,000 rupees notes from depositors since the government in Nov. 8 unexpectedly banned the banknotes in a bid to fight counterfeiting and bring unaccounted cash to the economy. That had raised expectations banks would have room to cut lending rates, which is seen as vital to increase credit growth and spark a revival in private investments. Although India''s gross domestic product grew 7.3 percent in the July-September quarter from a year earlier, the fastest pace of growth among large economies, much of that has been led by consumer demand. Lower lending rates will be welcome by the Reserve Bank of India, which has cut the policy rate by 175 bps since the start of 2015 but has felt banks were being too slow in cutting their lending rates. The SBI move also comes after Prime Minister Narendra Modi on Saturday admonished banks to "keep the poor, the lower middle class, and the middle class at the focus of their activities," and to act with the "public interest" in mind. Modi''s comments were made in a special New Year''s eve speech in which he defended his ban on higher value cash notes and announced a slew of incentives including channeling more credit to the poor and the middle class. ($1 = 67.9445 Indian rupees) (Reporting by Rafael Nam; Editing by Michael Perry) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-state-bank-of-india-lending-rate-idUSKBN14L0V4'|'2017-01-01T15:30:00.000+02:00'|102.0|''|-1.0|'' +102|'c85654f4e7da23991f823d47530265dce61a2c4c'|'State Bank of India cuts lending rate by 90 bps across maturities'|'Business News - Sun Jan 1, 2017 - 3:33am EST State Bank of India cuts lending rate by 90 bps across maturities An electrician puts lights on the logo of State Bank of India at its main branch in Mumbai, India, March 9, 2016. REUTERS/Danish Siddiqui/File Photo MUMBAI State Bank of India ( SBI.NS ), the country''s biggest lender by assets, said on Sunday it had cut its lending rates by 90 basis points for maturities ranging from overnight to three-year tenures, after experiencing a surge in deposits. After the move, its so-called overnight marginal cost of funds-based lending rate (MCLR) fell to 7.75 percent from 8.65 percent, while three-year loan rates will now be 8.15 percent from 9.05 percent previously. Lending rates were also cut across other maturities effective Sunday. Banks have received an estimated 14.9 trillion rupees ($219.30 billion) in old 500, and 1,000 rupees notes from depositors since the government in Nov. 8 unexpectedly banned the banknotes in a bid to fight counterfeiting and bring unaccounted cash to the economy. That had raised expectations banks would have room to cut lending rates, which is seen as vital to increase credit growth and spark a revival in private investments. Although India''s gross domestic product grew 7.3 percent in the July-September quarter from a year earlier, the fastest pace of growth among large economies, much of that has been led by consumer demand. Lower lending rates will be welcome by the Reserve Bank of India, which has cut the policy rate by 175 bps since the start of 2015 but has felt banks were being too slow in cutting their lending rates. The SBI move also comes after Prime Minister Narendra Modi on Saturday admonished banks to "keep the poor, the lower middle class, and the middle class at the focus of their activities," and to act with the "public interest" in mind. Modi''s comments were made in a special New Year''s eve speech in which he defended his ban on higher value cash notes and announced a slew of incentives including channeling more credit to the poor and the middle class. ($1 = 67.9445 Indian rupees) (Reporting by Rafael Nam; Editing by Michael Perry) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-state-bank-of-india-lending-rate-idUSKBN14L0V4'|'2017-01-01T15:30:00.000+02:00'|102.0|19.0|0.0|'' 103|'76c1dec49014f3d824324009d81383a7d1e82efd'|'Saudi bourse says T+2 settlement cycle to start in Q2 2017'|'Financials 28am EST Saudi bourse says T+2 settlement cycle to start in Q2 2017 DUBAI Jan 9 The Saudi Stock Exchange will introduce the settlement of trades within two working days of execution during the second quarter of 2017, it said on Monday. The exchange said the move to T+2 settlement was part of its aim to move in step with "leading global settlement practices and increase levels of asset safety for investors." At present, trades must be settled on the same day, a practice known as T+0. The Capital Market Authority said in May last year it had approved the switch "during the first half of 2017." (Reporting by Tom Arnold, editing by Louise Heavens) Next In Financials U.S. Supreme Court rejects Dow over $1 billion tax deduction claim WASHINGTON, Jan 9 The U.S. Supreme Court on Monday declined to hear Dow Chemical Co''s bid to revive its claim to more than $1 billion in tax deductions based on partnerships the company entered into that lower courts said were created primarily to avoid tax liability and had no legitimate business purpose. UPDATE 2-Hard Brexit is not inevitable, says British PM May * Wants to switch focus to UK policy with "shared society" (Adds more quotes, context) * Manulife Investments -Plans to replace certain operating expenses of Manulife U.S. All Cap Equity Class and Manulife Global Balanced Private Trust MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/saudi-plan-stocks-settlement-idUSL5N1EZ48E'|'2017-01-09T21:28:00.000+02:00'|103.0|''|-1.0|'' 104|'2eae3a199b662d6c4fb2633904702a90b28e408c'|'Barclays CEO says bulk of activity to stay in London after Brexit - BBC'|' 14am GMT Barclays CEO says bulk of activity to stay in London after Brexit - BBC A Barclays bank office is seen at Canary Wharf in London, Britain, May 19, 2015. REUTERS/Suzanne Plunkett/File Photo LONDON Barclays will keep the bulk of its activities in Britain after the UK leaves the European Union, its chief executive said on Thursday, saying that any changes to how the bank operates will be small and manageable. "We may have to move certain activities, we may have to change the legal structure that we use to operate in Europe, but I think it''s going to be at the margin and will be manageable," Jes Staley told BBC Radio in an interview in Davos, Switzerland. "The bulk of what we do will continue to occur in London." (Reporting by Alistair Smout; Editing by Louise Ireland) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-barclays-idUKKBN15310V'|'2017-01-19T16:14:00.000+02:00'|104.0|''|-1.0|'' 105|'3eb95ec5c0e6c65f18cbdeda3a3834dcbb40f5b6'|'Deutsche Bank CEO tells EU financial hubs to seize Brexit chance'|' 28pm GMT Deutsche Bank CEO tells EU financial hubs to seize Brexit chance Deutsche Bank Chief Executive John Cryan attends a news conference in Frankfurt, Germany, January 28, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN The European Union''s financial hubs must seize the opportunity of Britain''s exit from the bloc, or risk losing out to New York, Singapore or Shanghai, Deutsche Bank ( DBKGn.DE ) CEO John Cryan said on Thursday. "We are competing on a global basis. If we don''t act, financial hubs in the European Union will not benefit from the chances that Brexit offers," he said in a speech in Berlin. "The answer to this global competition has to be a more integrated capital market in the EU, and as quickly as possible," he added. Global banks and insurers have begun signalling how they will put into action plans to cope with a "hard" exit from the EU, after Prime Minister Theresa May said that Britain would leave the single market. Alternative European financial centres to London, including Frankfurt, Paris, Dublin and Luxembourg, have also been looking at ways of getting businesses to relocate to them when Britain leaves the EU. Barclays, for example, ( BARC.L ) is preparing to make Dublin its EU headquarters for when Britain leaves the European Union, according to a source familiar with the matter. Cryan said London would become less attractive as a result of Brexit, despite its unique characteristics and the infrastructure that has been built up over many decades. But Frankfurt, where Deutsche Bank is based, was a natural winner: "We see our home city as on the ascent - Frankfurt will become more important." (Reporting by Klaus Lauer and Victoria Bryan; Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-deutsche-bank-idUKKBN15A2K5'|'2017-01-27T01:28:00.000+02:00'|105.0|''|-1.0|'' @@ -132,7 +132,7 @@ 130|'9d2fd456b1bcc4f146ebdf55312ee6129600f36f'|'Deutsche Bank fails to end BlackRock, Pimco mortgage debt lawsuit'|'Business News - Mon Jan 23, 2017 - 7:14pm EST Deutsche Bank fails to end BlackRock, Pimco mortgage debt lawsuit left right A green traffic light is seen next to the logo of Germany''s largest business bank, Deutsche Bank in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach/File Photo 1/2 left right The BlackRock logo is seen outside of its offices in New York January 18, 2012. B REUTERS/Shannon Stapleton/File Photo 2/2 A U.S. judge on Monday narrowed but refused to dismiss a lawsuit seeking to hold Deutsche Bank AG ( DBKGn.DE ) liable to investors, including dozens of portfolios from BlackRock Inc ( BLK.N ) and Pacific Investment Management Co, for losses on poorly underwritten residential mortgage-backed securities. The proposed class-action lawsuit sought to recover "significant monetary damages" arising from Deutsche Bank''s alleged "failure to discharge its essential duties" as trustee of 62 trusts created between 2004 and 2008, and which issued notes backed by about $90.3 billion of home loans. In a docket entry, U.S. District Judge Jesse Furman in Manhattan granted Deutsche Bank''s bid to dismiss conflict-of-interest claims but denied its request to dismiss representations-and-warranties, servicer-notification and event-of-default claims. The judge said he would explain his reasoning at a Feb. 2 hearing and consider additional claims he has yet to decide. Deutsche Bank did not immediately respond to requests for comment. According to their amended complaint, the plaintiffs own more than $2.6 billion of notes issued by the 62 trusts. Furman took over the case in June from U.S. District Judge Richard Berman, who had dismissed other claims last January. Among the other plaintiffs are funds run by Prudential Investments, court records show. The lawsuit is one of many accusing bond trustees such as Deutsche Bank of shirking their responsibilities, including notifying lenders of loan defects and telling investors when defaults occur. It is separate from Deutsche Bank''s completion last week of a $7.2 billion settlement with the U.S. Department of Justice over its sale of defective mortgage securities prior to the 2008 financial crisis. The case is BlackRock Core Bond Portfolio et al v Deutsche Bank National Trust Co et al, U.S. District Court, Southern District of New York, No. 14-09367. (Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-deutschebank-lawsuit-idUSKBN15800F'|'2017-01-24T07:14:00.000+02:00'|130.0|''|-1.0|'' 131|'68b2e133d42f2449f6901f1ef90272809b617356'|'FTSE falters after record close but Worldpay and Lloyds lead risers'|'Ahead of the US jobs data later, leading UK shares are struggling to hit another record high.Two more days of closing highs would beat the eight-day record set in 1997, but so far the FTSE 100 is down 5.10 points at 7190.21.Leading the risers is payments processor Worldpay , up 7.1p at 285.2p, as analysts at Exane BNP Paribas raised their recommendation from neutral to outperform. They said: We remain cautious on Worldpays eCom margins and capex but factor in faster sales growth. Also, we up EBITDA forecasts for Worldpay US: we believe the division now has the right assets to compete in the SMB [small to medium size business] space. In all, we revise our group EBITDA forecasts by 4% for 2017 and 7% for 2018.Lloyds Banking Group is close behind, up 1.3p at 65.95p after analysts at Barclays lifted their target price and rating:UK economic prospects remain challenging and uncertain but less severe than we had previously anticipated. On revised economic assumptions, our detailed credit quality analysis suggests that provisions will peak below 35bp and we expect the net interest margin to rise helped by the interest rate environment and the planned MBNA credit card acquisition. Together these drive around 15% upgrades to our underlying earnings estimates in 2017 and 2018, suggesting that Lloyds can make a near 13% return on total equity over the next three years and return close to a quarter of its market cap to shareholders. We expect this to drive share price outperformance and upgrade Lloyds to overweight with a 75p price target (from equal weight, 55p).Persimmon has put on another 22p to 19.62 after the housebuilders positive update this week.With gold slipping from a one month high as the dollar strengthened ahead of the non-farm payrolls numbers, precious metal miners are among the biggest fallers in the leading index. Fresnillo has fallen 30p to 13.68 while Randgold Resources is down 125p at 65.80.Outsourcing group Capita is 8p lower at 512p after UBS cut its price target from 575p to 540p. It said:Capita was the worst performer in Support Services in 2016 (-57%). Disposals, restructuring, and reinvestment are all required to return Capita to a path of long-term earnings growth but we do not think these New Years resolutions will be ticked off quickly. Around 10 times EV/EBITA, around 11 times PE (pro-forma for disposals) suggests the market is pricing in no long-term growth but deflationary trends are only accelerating and we expect the UK environment to remain pressurised. We cut numbers a further 4-9% (with 2016 estimated margins falling to around 12%), lower our price target to 540p, and remain neutral.Among the mid-caps, broking group TP Icap has jumped 33.5p to 466.9p after a positive trading statement. The group, formed when Tullett Prebon bought Icaps voice broking business, said it has seen a surge in trading volumes in the final months of last year, boosted by Donald Trumps victory in the US presidential election and speculation about higher interest rates. Peel Hunt analyst Stuart Duncan said:The strength of trading in the fourth quarter has surprised on the upside, with a benefit from both increased activity levels and a further foreign exchange tailwind. The net effect is a significant increase to December 2016 forecasts (+14%). Key for TP ICAP is delivering the benefits of the recently completed transaction. Our recommendation remains hold. But consumer credit group International Personal Finance has dropped 9% to 160p after it said it would appeal against a ruling by the Polish tax authority relating to 2008 business. It said it would pay 20m assessed by the authority in order to make the appeal, and said it expected a similar decision related to 2009 which would give rise to a similar liability.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/marketforceslive/2017/jan/06/ftse-falters-after-record-close-but-worldpay-and-lloyds-lead-risers'|'2017-01-06T16:57:00.000+02:00'|131.0|''|-1.0|'' 132|'70b5fe9ef801bb593f01e3dd0db6620fd3f93fbc'|'Impact of job-stealing robots a growing concern at Davos'|'Davos - Fri Jan 20, 2017 - 1:16am EST Impact of job-stealing robots a growing concern at Davos left right An attendee communicate with SARA, a socially aware robot assisstant, during a presentation at the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich 1/2 left right An attendee communicate with SARA, a socially aware robot assisstant, during a presentation at the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich 2/2 By Martinne Geller and Ben Hirschler - DAVOS, Switzerland DAVOS, Switzerland Open markets and global trade have been blamed for job losses over the last decade, but global CEOs say the real culprits are increasingly machines. And while business leaders gathered at the annual World Economic Forum (WEF) in Davos relish the productivity gains technology can bring, they warned this week that the collateral damage to jobs needs to be addressed more seriously. From taxi drivers to healthcare professionals, technologies such as robotics, driverless cars, artificial intelligence and 3-D printing mean more and more types of jobs are at risk. Adidas ( ADSGn.DE ), for example, aims to use 3-D printing in the manufacture of some running shoes. "Jobs will be lost, jobs will evolve and this revolution is going to be ageless, it''s going to be classless and it''s going to affect everyone," said Meg Whitman, chief executive of Hewlett Packard Enterprise ( HPE.N ). So while some supporters of Donald Trump and Brexit may hope new government policies will bring lost jobs back to America''s Rust Belt or Britain''s industrial north, economists estimate 86 percent of U.S. manufacturing job losses are actually down to productivity, according to the WEF''s annual risks report. "Technology is the big issue and we don''t acknowledge that," Mark Weinberger, chairman of consultancy EY, said on Thursday, arguing there was a tendency to always blame trading partners. The political backdrop is prompting CEOs to take more seriously the challenge of long-life training of workforces to keep up with the exponential growth of technological advances. "I think what we''re reaching now is a time when we may have to find alternative careers through our lifetime," Microsoft ( MSFT.O ) Chief Executive Satya Nadella told Reuters. Over the last decade, more jobs have been lost to technology than any other factor, and John Drzik, head of global risk at insurance broker Marsh, expects more of the same. "That is going to raise challenges, particularly given the political context," Drzik, who helped compile the WEF report, said. Compared to clamping down on immigration by tightening borders, dealing with the impact of technology destroying jobs is something that is perhaps even less easily controlled. For while many advanced technologies remain more expensive than low- or medium-skilled labor in the near term, the shift is likely to accelerate as costs come down. WIDENING GAP Technological advancements require governments, businesses and academic institutions to develop more educated and highly skilled workforces, executives in Davos said. But this shift to skilled workers also widens the income gap and fuels growing inequality. [nL5N1F01GV] Jonas Prising, CEO of staffing firm ManpowerGroup ( MAN.N ), noted that U.S. unemployment is only about 2 to 2.5 percent among college-educated people but 9 or 10 percent among those with low or no skills. "The idea that we would ban automation as part of an evolution within the manufacturing industry, is not really part of the discussion," Prising said. He pointed to policies in countries like Denmark and Italy, where there is a focus on employability of workers. "If we don''t own responsibility (for the problem of displaced workers), it''s only going to get bigger," Procter & Gamble ( PG.N ) Chief Executive David Taylor said. BRAWN AND BRAIN The scope of the employment risk from what the WEF calls the "fourth industrial revolution" which "blurs the lines between the physical, digital, and biological spheres" is unclear. A University of Oxford study in 2013 said nearly half of U.S. jobs were at risk, while in 2015 Forrester Research predicted a net loss of only 7 percent by 2025, as some lost jobs will be replaced with new ones. Forrester predicts that by 2019, one-quarter of all job tasks will be offloaded to software robots, physical robots, or customer self-service automation. Even the corner office may not be safe. "CEOs feel reasonably confident we are not going to be replaced by artificial intelligence," Inga Beale, CEO of the Lloyd''s of London [SOLYD.UL] insurance market, said. "But I''m sure there will be a time! (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-davos-meeting-robots-idUSKBN1540H0'|'2017-01-20T13:00:00.000+02:00'|132.0|''|-1.0|'' -133|'9c408dbca6cf32305a1a9333535e5713376b7f02'|'German industry chief backs Berlin on Brexit'|'German industry chief backs Berlins tough stance on Brexit BDI president quashes idea industry will seek flexible deal to protect business ties Read next International trade department appoints US specialist Tuesday, 10 January, 2017 UK premier Theresa May (l) with Angela Merkel in Berlin last year. The German chancellor has warned Britain cannot ''cherry-pick'' in Brexit negotiations Bloomberg by: Stefan Wagstyl in Berlin A leading German industry chief has warned the UK against expecting any softening of Berlins increasingly tough stance on Britains plans to leave the EU. Dieter Kempf, who took over this month as president of the BDI, the German employers federation, told journalists on Tuesday there could be no question of Europe bowing to British demands for immigration controls, saying the EUs four freedoms including the freedom of movement must not be put into danger. His message appears to damp any hopes held by UK soft Brexit supporters that German industry could press Chancellor Angela Merkel for a more flexible approach to protect business ties, under which the UK might be allowed to combine migration control with single market access. In the European family we must now share a bitter reality after the Brexit referendum, said Mr Kempf. For politicians in Brussels and Berlin there should be only one motto keep Europe together and make it stronger. The four basic freedoms of the EU are fundamental there must be no borders for goods, services, capital and workers. Mr Kempfs tough line echoes Ms Merkels insistence this week that the UK would not be allowed any cherry-picking in its access to the single market. Dieter Kempf, president of Germany''s employers federation AFP She said in a speech: We have to be clear...that joining or having access to the joint market can only be possible on the condition of conforming with the four freedoms. The view in German industry has hardened markedly since the immediate aftermath of the referendum, when BDI leaders argued against punishing the UK and favoured negotiating a market-access deal similar to that held by Switzerland or Norway. Related article Outside, the UK will be able to choose rules and regulations for itself Tuesday, 10 January, 2017 The harder line comes amid growing signs that Theresa May , UK prime minister, is ready to introduce migration controls even at the price of leaving the single market. Mr Kempf urged Mrs May not to delay the start of Brexit negotiations, which she plans to announce by the end of March. The ball is in Londons court, he said. It is necessary that the British government sets out its position by the end of March...recent weakening of German-British trade shows that the uncertainty over the coming process is poison for the economy. Mr Kempf, a 64-year-old former accountant and IT industry executive, also warned Donald Trump against attacking world trade. He said the US president-elects Make America great again slogan definitely does not fit with isolation. He added: We see two risks: first that the cancellation of existing [trade] agreements heralds a trend change away from free trade towards isolation. This would damage the whole world economy and especially the export-oriented German economy. Secondly, that market access for our businesses could deteriorate, whether through more buy American rules or through extra hurdles for foreign investment. Despite his concerns, Mr Kempf forecast further economic growth of 1.5 per cent in Germany this year, similar to 2016s, with exports rising 2-3 per cent. Asked about the bulging German current account surplus criticised by trade partners long before Mr Trumps political ascent Mr Kempf argued it would not necessarily remain so high in the light of rising oil prices and possible interest rate increases that could damp investment in export-oriented German companies. However, the BDI president also warned that the economic outlook could be overshadowed by political crises that were moving ever closer to the EU, including those in Syria, Ukraine and Turkey. The refugee crisis, which has seen more than 1.2m people come to Germany since early 2015, was also in no way resolved, he said. Mr Kempf urged European countries to respond with more co-operation. Only together can we Europeans still be successful in the world. If we are again divided, we will rapidly sink in significance. That is especially true for [Germany]. Sample the FTs top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/world/uk/business'|'https://www.ft.com/content/8eef080a-d72d-11e6-944b-e7eb37a6aa8e'|'2017-01-10T21:15:00.000+02:00'|133.0|''|-1.0|'' +133|'9c408dbca6cf32305a1a9333535e5713376b7f02'|'German industry chief backs Berlin on Brexit'|'German industry chief backs Berlins tough stance on Brexit BDI president quashes idea industry will seek flexible deal to protect business ties Read next International trade department appoints US specialist Tuesday, 10 January, 2017 UK premier Theresa May (l) with Angela Merkel in Berlin last year. The German chancellor has warned Britain cannot ''cherry-pick'' in Brexit negotiations Bloomberg by: Stefan Wagstyl in Berlin A leading German industry chief has warned the UK against expecting any softening of Berlins increasingly tough stance on Britains plans to leave the EU. Dieter Kempf, who took over this month as president of the BDI, the German employers federation, told journalists on Tuesday there could be no question of Europe bowing to British demands for immigration controls, saying the EUs four freedoms including the freedom of movement must not be put into danger. His message appears to damp any hopes held by UK soft Brexit supporters that German industry could press Chancellor Angela Merkel for a more flexible approach to protect business ties, under which the UK might be allowed to combine migration control with single market access. In the European family we must now share a bitter reality after the Brexit referendum, said Mr Kempf. For politicians in Brussels and Berlin there should be only one motto keep Europe together and make it stronger. The four basic freedoms of the EU are fundamental there must be no borders for goods, services, capital and workers. Mr Kempfs tough line echoes Ms Merkels insistence this week that the UK would not be allowed any cherry-picking in its access to the single market. Dieter Kempf, president of Germany''s employers federation AFP She said in a speech: We have to be clear...that joining or having access to the joint market can only be possible on the condition of conforming with the four freedoms. The view in German industry has hardened markedly since the immediate aftermath of the referendum, when BDI leaders argued against punishing the UK and favoured negotiating a market-access deal similar to that held by Switzerland or Norway. Related article Outside, the UK will be able to choose rules and regulations for itself Tuesday, 10 January, 2017 The harder line comes amid growing signs that Theresa May , UK prime minister, is ready to introduce migration controls even at the price of leaving the single market. Mr Kempf urged Mrs May not to delay the start of Brexit negotiations, which she plans to announce by the end of March. The ball is in Londons court, he said. It is necessary that the British government sets out its position by the end of March...recent weakening of German-British trade shows that the uncertainty over the coming process is poison for the economy. Mr Kempf, a 64-year-old former accountant and IT industry executive, also warned Donald Trump against attacking world trade. He said the US president-elects Make America great again slogan definitely does not fit with isolation. He added: We see two risks: first that the cancellation of existing [trade] agreements heralds a trend change away from free trade towards isolation. This would damage the whole world economy and especially the export-oriented German economy. Secondly, that market access for our businesses could deteriorate, whether through more buy American rules or through extra hurdles for foreign investment. Despite his concerns, Mr Kempf forecast further economic growth of 1.5 per cent in Germany this year, similar to 2016s, with exports rising 2-3 per cent. Asked about the bulging German current account surplus criticised by trade partners long before Mr Trumps political ascent Mr Kempf argued it would not necessarily remain so high in the light of rising oil prices and possible interest rate increases that could damp investment in export-oriented German companies. However, the BDI president also warned that the economic outlook could be overshadowed by political crises that were moving ever closer to the EU, including those in Syria, Ukraine and Turkey. The refugee crisis, which has seen more than 1.2m people come to Germany since early 2015, was also in no way resolved, he said. Mr Kempf urged European countries to respond with more co-operation. Only together can we Europeans still be successful in the world. If we are again divided, we will rapidly sink in significance. That is especially true for [Germany]. Sample the FTs top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/world/uk/business'|'https://www.ft.com/content/8eef080a-d72d-11e6-944b-e7eb37a6aa8e'|'2017-01-10T21:15:00.000+02:00'|133.0|28.0|0.0|'' 134|'544b0fb94bd327df9b04f5b8f50b22ec3c941114'|'BofA''s profit beats as Trump''s win spurs trading and costs fall'|'Bank of America Corp reported a 46.8 percent rise in quarterly profit on Friday, kicking off what is expected to be a strong period for U.S. banks following an upswing in market activity in the wake of the U.S. presidential election.Also helped by a sharp fall in expenses, net income attributable to shareholders of the No. 2 U.S. bank by assets rose to $4.34 billion in the three months ended Dec. 31 from $2.95 billion a year earlier. ( bit.ly/2j7Aisq )Earnings per share jumped to 40 cents from 27. Excluding items, the bank earned 42 cents per share, beating the average estimate of 38 cents, according to Thomson Reuters I/B/E/S.Excluding an adjustment, total sales and trading revenue increased 11 percent in the quarter, spurred by a surge in activity in stock and bond markets following Donald Trump''s surprise victory on Nov. 8.BofA is the first big U.S. bank to report earnings since the Federal Reserve raised interest rates for only the second time since 2006 on Dec. 14."While the recent rise in interest rates came too late to impact the results, we expect to see a significant increase in net interest income in the first quarter of 2017," Chief Financial Officer Paul Donofrio said in a statement.JPMorgan Chase & Co, the biggest U.S. bank, and Wells Fargo & Co, the biggest mortgage lender, report results later on Friday.BofA''s shares were little changed in premarket trading, having risen 34.8 percent since the election.Total non-interest expenses fell 6.1 percent to $13.16 billion, bringing the total for the year to $54.95 billion.Chief Executive Brian Moynihan, who has been criticized for being slow to cut costs, said in July that the bank would cut annual non-interest expenses to about $53 billion by 2018.BofA said first-quarter expenses would be impacted by about $1.3 billion as a result of annual retirement-eligible incentive compensation costs.BofA, considered the most interest-rate sensitive among the major U.S. banks due to its large stock of deposits and mortgage securities, said its net interest income rose 6.3 percent to $10.29 billion in the quarter.Bank shares have rallied strongly since Trump''s victory in anticipation that his policies will boost the economy as well as loosen regulations that have restrained banks in recent years.Banks will also benefit if, as expected, the Fed raises interest rates three times this year. The Fed raised the key interest rate by 0.25 percentage points in December.Excluding certain items, revenue from fixed-income and currency trading rose 12.2 percent to $1.96 billion, while equities trading revenue rose 7.5 percent to $948 million.Total revenue, net of interest expense on a fully taxable equivalent basis rose 2.1 percent to $20.22 billion."Strong client activity and good expense discipline created solid operating leverage again this quarter," Donofrio said.(Reporting by Sruthi Shankar in Bengaluru and Dan Freed in New York; Editing by Ted Kerr)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/bank-of-america-results-idINKBN14X1BQ'|'2017-01-13T09:18:00.000+02:00'|134.0|''|-1.0|'' 135|'3cb3f1600a8e3bb7169ae863fbaa44baa06275c0'|'Former Belgian central bank governor Luc Coene dies'|' 9:48am EST Former Belgian central bank governor Luc Coene dies BRUSSELS Jan 6 The former governor of Belgium''s central bank ECB governing council member Luc Coene has died, Belgian media reported on Friday. Coene, who would have turned 70 this year, took office as the head of Belgium''s central bank in April 2011 and held the job until he was replaced by Jan Smets in March 2015. Before becoming central bank governor, Coene was a senator with the Flemish liberal party (Open-VLD) and became a deputy governor of the bank in 2003. He also headed the committee overseeing the rescue of Belgian banks during the financial crisis and the break-up of Belgo-Dutch financial group Fortis. Belgium''s central bank was not immediately available for comment. (Reporting by Robert-Jan Bartunek, editing by Larry King) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/belgium-cenbank-coene-idUSL5N1EW32P'|'2017-01-06T21:48:00.000+02:00'|135.0|''|-1.0|'' 136|'b69b466ce0a81e5a5d6ecb6366e5b0e743921dc2'|'How Toyota, Target, Best Buy are fighting back against Republican border tax push'|'Business 6:16am GMT How Toyota, Target, Best Buy are fighting back against Republican border tax push FILE PHOTO - The Toyota logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch/File Photo By Ginger Gibson and David Shepardson - WASHINGTON WASHINGTON Days before a group of Republican lawmakers were due to discuss their party''s controversial proposal to tax all imports, Toyota Motor Corp ( 7203.T ) sent an urgent message to its U.S. dealers - tell the politicians the tax would seriously hurt car buyers. Some of Toyota''s 1,500 dealers heeded the call and contacted members of the House of Representatives'' tax-writing Ways and Means Committee, urging them to rethink their proposal, according to people familiar with the effort. Imposing a 20 percent tax on imports would force consumers to pay potentially thousands of dollars more for vehicles, they warned. The Japanese automaker''s mobilization of its army of dealers underscores the growing alarm among some of the worlds largest companies that sell imported goods in the United States. They fear a big tax on imports would hurt their sales and profits and put them at a disadvantage to rivals more reliant on U.S.-made products. "Cost is going to go up, as a result demand is going to go down. As a result, we''re not going to able to employ as many as people as we do today. That''s my biggest fear," Toyota''s North America CEO Jim Lentz said in an interview. Toyota dealers employ more than 97,000 people in the United States. While companies and industry groups frequently lobby Congress, the threat of an import tax has mobilized an unusually broad swath of firms at home and abroad. That lobbying effort is taking place largely out of the public eye partly to avoid potential conflict with President Donald Trump, who has attacked companies for manufacturing abroad for U.S. consumers. Earlier this month Trump targeted Toyota, threatening to impose a hefty fee on the world''s largest automaker if it builds its Corolla cars for the U.S. market at a plant in Mexico. The White House said last week that a border tax is one option under review to pay for a wall with Mexico, although what exactly Trump is planning to do is still not clear. He has pledged to impose a "big border tax" on Mexican imports. The plan proposed by House Republicans would cut corporate income tax to 20 percent from 35 percent, exclude export revenue from taxable income and impose the 20 percent tax on imports. Companies that rely heavily on imports say a border tax will outweigh the benefit of a lower headline corporate tax. As car dealers are reaching out to members of Congress in their districts, Toyota and other automakers are lobbying lawmakers in states where they have large manufacturing plants and employ thousands of workers. The No. 3 vehicle seller in the United States behind General Motors Co ( GM.N ) and Ford Motor Co ( F.N ), Toyota imports about 1.2 million vehicles to the U.S. market annually, half of its 2.4 million U.S. sales. It employs 40,000 people directly. BABY SUPPLIES AND BEER Toyota and the automakers are not alone in this lobbying effort. Target Corp''s ( TGT.N ) chief executive, Brian Cornell, traveled to Washington to meet members of the House Ways and Means Committee. He told them an import tax could impact consumers'' ability to buy essential goods, such as baby supplies that are made overseas and imported to the United States, according to a person familiar with the talks. Target spokeswoman Dustee Jenkins confirmed the visit. The largest U.S. electronics retailer, Best Buy ( BBY.N ), headquartered down the road from Minneapolis-based Target, has circulated a flyer to lawmakers. It cites an analyst forecast that a 20 percent tax would wipe out the company''s projected annual net income of $1 billion and turn it into a $2 billion loss. The flyer, a copy of which was seen by Reuters, argues that foreign Internet sellers like China''s Alibaba.com would be able to avoid the tax by making sales online and shipping to U.S. consumers directly, undercutting U.S. businesses. Company officials have been handing out the flyer to lawmakers and their staff on Capitol Hill, Best Buy spokesman Jeff Shelman confirmed. Constellation Brands ( STZ.N ), which brews Corona and Modelo in Mexico, has been pushing lawmakers to exempt products like Mexican beer in any border tax because its inherently a Mexican product," CEO Rob Sands said on an earnings call. But if that effort fails, Constellation is prepared to buy more raw materials from the United States instead of Mexico, Sands said. Koch Industries [KCHIN.UL], the second-largest private U.S. company according to Forbes, said in a statement a border tax would have a "devastating" impact on consumers. The company, owned by Republican donors Charles and David Koch, includes oil refining and manufacturing interests. Tim Phillips, the president of Americans for Prosperity, a conservative political group founded by the billionaire brothers, told Reuters the powerful group has started to educate its network of activists about the tax, so they can lobby against it. AFP says it has two million activists. LOVE AND HATE Not everyone in corporate America is worried about a new border tax. Several aerospace companies including Boeing Co ( BA.N ), United Technologies Corp ( UTX.N ) and Raytheon Co ( RTN.N ) said in earnings calls last week that a border tax could be positive for net exporters like them. We see the aerospace sector as fundamentally having an advantage in that regard, Boeing CEO Dennis Muilenburg said. The American International Automobile Dealers Association (AIADA), however, called the proposal "heart stopping," in a letter last week to 9,500 dealers selling vehicles like Toyota, Volkswagen ( VOWG_p.DE ), and BMW ( BMWG.DE ). Opponents of the border tax may have already found some allies. Republican Representative Trey Gowdy of South Carolina, where BMW has a large plant, said the importance of foreign automakers such as BMW and Toyota to the economy needs to be considered when making laws. I cannot overstate how significant that industry is to my state, Gowdy said in an interview, adding that he and his wife both drive Toyotas. (Reporting by Ginger Gibson and David Shepardson in Washington, Additional reporting by Mike Stone and Joel Schectman in Washington, Joe White in Detroit, Alwyn Scott in New York, Hyunjoo Jin in Seoul, Stephen Nellis and Jeffrey Dastin in San Francisco. Editing by Soyoung Kim and Ross Colvin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-companies-tax-insight-idUKKBN15F0FK'|'2017-01-31T13:09:00.000+02:00'|136.0|''|-1.0|'' @@ -162,9 +162,9 @@ 160|'b78028e02e7b44c00300676c7ba167bfefb5897d'|'Mothercare''s UK sales return to growth on online surge'|' 44am GMT Mothercare''s UK sales return to growth on online surge Customers leave a Mothercare shop in London October 11, 2008. REUTERS/Suzanne Plunkett Baby goods retailer Mothercare Plc ( MTC.L ) said third-quarter sales in the UK returned to growth helped by a rise in online orders. The company, which has been trying to revive its British business that has come under pressure from tough competition, said total sales in the UK for the 13 weeks to Jan. 7 rose 0.6 percent with online sales rising 5.5 percent. Sales at UK stores open over a year rose 1 percent during the quarter and online sales now represent about 40 percent of its total UK sales, the company said. (Reporting by Rahul B in Bengaluru; Editing by Gopakumar Warrier) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mothercare-outlook-idUKKBN14W0RY'|'2017-01-12T14:44:00.000+02:00'|160.0|''|-1.0|'' 161|'0d56434b80ec60515706a2404bdebc5fd969a0ef'|'BRIEF-UK''s CMA says consulting on changes to investigations in smaller markets'|'Financials 15am EST BRIEF-UK''s CMA says consulting on changes to investigations in smaller markets Jan 23 UK''s CMA: * Is consulting on changes to reduce the number of mergers it investigates in smaller markets * Proposal to raise threshold for markets generally considered as sufficiently important to justify a merger reference to above 15 million from current 10 million stg * Proposes changing the figure for markets generally considered not sufficiently important from below 3 million to below 5 million * The consultation is open until 13 February 2017 * Expected that the changes will reduce the number of mergers that are subject to investigations - in particular those subject to initial Phase 1 examination Source text for Eikon: ( bit.ly/2jQ0KcN ) (Bengaluru Newsroom: +91 80 6749 1136) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FD0CT'|'2017-01-23T19:15:00.000+02:00'|161.0|''|-1.0|'' 162|'4588639d70b6ec911844a53ead30b8af72b9da79'|'BRIEF-Hudson Bay Capital Management reports 7.54 pct passive stake in Jensyn Acquisition - SEC filing'|'Funds 13pm reports 7.54 pct passive stake in Jensyn Acquisition - SEC filing Jan 30 Hudson Bay Capital Management L.P. : Management L.P. reports 7.54 Jensyn Acquisition Corp as of Dec 31, 2016 - SEC filing Source text : ( bit.ly/2kGVCFP ) Funds News Carrefour seeks Brazil unit IPO in second quarter, sources say SAO PAULO, Jan 30 France''s Carrefour SA aims to price the initial public offering of its fast-growing Brazilian unit as early as the second quarter, two people with direct knowledge of the plan said on Monday, a sign demand for new equity offerings in Latin America''s No. 1 economy is gaining traction rapidly. '|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FK0IL'|'2017-01-31T01:13:00.000+02:00'|162.0|''|-1.0|'' -163|'ba0fda16a4187f2fd68cac75372f1c160f21c388'|'Australia shares hit 1-month low as industrials, healthcare weigh'|' 36pm EST Australia shares hit 1-month low as industrials, healthcare weigh Jan 23 Australian shares gave up early gains on Monday, falling to a 1-month low, as industrial and healthcare stocks pushed the index down and Brambles Ltd disappointed by slashing its annual profit forecast. In its first trading session since U.S. President Donald Trump''s inauguration, the S&P/ASX 200 index lost 0.4 percent or 22.05 points to 5627.2 by 01:23 GMT. The industrial sector was the worst performer as supply-chain logistics company Brambles dived to its lowest in more than 11 months. The company said its annual constant-currency sales revenue and underlying profit growth would be below its current guidance range. "We had some positive leads, but gains have quickly evaporated," said Christopher Conway, head of research and trading at Australian Stock Report. "I think local traders will now be more focused on the rest of the U.S. earnings season and next month''s Australian earnings. The Trump presidency will sort of recede into the background," he added. Healthcare stocks moved into the red with shares of CSL Ltd posting their biggest percentage loss in more than a week. Conway said traders were booking some profit from CSL after it rose quite significantly in the last two sessions. Materials also posted losses, tracking weak metal prices. BlueScope Steel Ltd shed 1.7 percent and nickel miner Western Areas Ltd dropped 4.2 percent. Energy stocks offered some support as prices edged up after energy ministers of OPEC and non-OPEC countries applauded a strong start to output cuts. Oil majors Caltex Australia Ltd and Woodside Petroleum Ltd added 0.8 percent and 0.6 percent each. The gold index rose as much as 1.8 percent after a weaker U.S. dollar drove up gold prices on Friday. Financials, the biggest index component, lost their initial momentum with the "Big Four" banks paring some of their early gains. New Zealand''s benchmark S&P/NZX 50 index saw lacklustre trade, just three points up at 7051.49 by 01:32 GMT. Comvita Ltd was the top loser on the benchmark, slipping 18.3 percent by 01:34 GMT, after it lowered its profit guidance. (Reporting by Anusha Ravindranath in Bengaluru; Additional reporting by Geo Tharappel; Editing by Eric Meijer) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-midday-idUSL4N1FD0QG'|'2017-01-23T08:36:00.000+02:00'|163.0|''|-1.0|'' +163|'ba0fda16a4187f2fd68cac75372f1c160f21c388'|'Australia shares hit 1-month low as industrials, healthcare weigh'|' 36pm EST Australia shares hit 1-month low as industrials, healthcare weigh Jan 23 Australian shares gave up early gains on Monday, falling to a 1-month low, as industrial and healthcare stocks pushed the index down and Brambles Ltd disappointed by slashing its annual profit forecast. In its first trading session since U.S. President Donald Trump''s inauguration, the S&P/ASX 200 index lost 0.4 percent or 22.05 points to 5627.2 by 01:23 GMT. The industrial sector was the worst performer as supply-chain logistics company Brambles dived to its lowest in more than 11 months. The company said its annual constant-currency sales revenue and underlying profit growth would be below its current guidance range. "We had some positive leads, but gains have quickly evaporated," said Christopher Conway, head of research and trading at Australian Stock Report. "I think local traders will now be more focused on the rest of the U.S. earnings season and next month''s Australian earnings. The Trump presidency will sort of recede into the background," he added. Healthcare stocks moved into the red with shares of CSL Ltd posting their biggest percentage loss in more than a week. Conway said traders were booking some profit from CSL after it rose quite significantly in the last two sessions. Materials also posted losses, tracking weak metal prices. BlueScope Steel Ltd shed 1.7 percent and nickel miner Western Areas Ltd dropped 4.2 percent. Energy stocks offered some support as prices edged up after energy ministers of OPEC and non-OPEC countries applauded a strong start to output cuts. Oil majors Caltex Australia Ltd and Woodside Petroleum Ltd added 0.8 percent and 0.6 percent each. The gold index rose as much as 1.8 percent after a weaker U.S. dollar drove up gold prices on Friday. Financials, the biggest index component, lost their initial momentum with the "Big Four" banks paring some of their early gains. New Zealand''s benchmark S&P/NZX 50 index saw lacklustre trade, just three points up at 7051.49 by 01:32 GMT. Comvita Ltd was the top loser on the benchmark, slipping 18.3 percent by 01:34 GMT, after it lowered its profit guidance. (Reporting by Anusha Ravindranath in Bengaluru; Additional reporting by Geo Tharappel; Editing by Eric Meijer) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-midday-idUSL4N1FD0QG'|'2017-01-23T08:36:00.000+02:00'|163.0|18.0|0.0|'' 164|'65b929c40a8fde0490f5ae351853e3e3c048f31f'|'Movie chain operator Cineworld''s full-year group revenue rises 8.3 percent'|' 15am GMT Movie chain operator Cineworld''s full-year group revenue rises 8.3 percent British cinema operator Cineworld Group Plc ( CINE.L ) said on Wednesday full-year group revenue rose 8.3 percent on a constant currency basis as movies such as "Star Wars: Rogue One", "Fantastic Beasts and Where To Find Them", and "The Jungle Book" drew record number of viewers to its screens. Group box office revenue increased 7 percent in the year ended Dec. 31, while admissions rose in its key UK & Ireland market and others, including Poland, Hungary and Israel. The company, which operates 226 sites with 2,115 screens across nine countries, said it would add 13 new sites in 2017, including six in the UK. Cineworld''s retail revenue, which comes from sales of items such as popcorn and soft drinks, rose 12.7 percent. The company, founded in 1995, has grown through a string of acquisitions like the bolt-on purchase of five UK cinema units from Empire Cinema Ltd for 94 million pounds in July last year, which included a nine-screen multiplex at Empire Leicester Square in London''s West End. The operator said the film slate for 2017 was "exciting" with releases like "Justice League", "Fast and Furious 8", and "Dunkirk". Separately, the company promoted Deputy Chief Financial Officer Nisan Cohen as CFO with immediate effect. (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair and Subhranshu Sahu) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cineworld-group-outlook-idUKKBN14V0OW'|'2017-01-11T15:15:00.000+02:00'|164.0|''|-1.0|'' -165|'af22d76df417d067d47d20419546997bd7453b6d'|'UPDATE 1-Czech president to appoint EU experts to central bank board'|'Financials 29am EST UPDATE 1-Czech president to appoint EU experts to central bank board (Adds details on appointments, central bank policy) PRAGUE Jan 10 Czech President Milos Zeman will appoint economists Oldrich Dedek and Marek Mora to join the Czech National Bank (CNB) board in February, his spokesman said on Tuesday, extending the bank''s gradual shift towards a more receptive stance on adopting the euro. The bank is nearing an exit from its weak-crown policy, in place since 2013, with data on Tuesday showing inflation returning to its 2 percent target for the first time in four years in December. This will be the second stint at the bank for economics professor Dedek, who has worked as the country''s euro adoption coordinator for the past decade and served on the CNB''s board from 1999 to 2005. Mora is an economist who has worked in senior positions in the Czech government and European Union institutions. He currently works in Brussels as a director at the EU Council, focused on budget, tax and regional policy. "Both of them will act in a less eurosceptic way than previous (board members) so it means a gradual shift of the Czech central bank to a more pro-euro tone," said Pavel Sobisek, chief economist at UniCredit in Prague. "But I don''t want to say that euro adoption will get closer because of these appointments." The Czech Republic has set no euro adoption target and successive governments have put off setting a date. The central bank has kept the crown on the weak side of 27 to the euro through a market intervention regime since November 2013 to revive price pressures in the economy. The board has pledged to keep the crown cap in place until at least the second quarter of this year, which it calls its "hard" commitment. The return of inflation to the bank''s 2 percent target has raised market speculation that the end of the regime is near. Dedek and Mora will replace outgoing board members Pavel Rezabek and Lubomir Lizal, whose terms end Feb. 13. Both will attend the bank''s next policy meeting on Feb. 2 before Dedek and Mora join the board. (Reporting by Robert Muller; Writing by Jason Hovet; Editing by Mark Trevelyan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/czech-cenbank-appointment-idUSL5N1F02EV'|'2017-01-10T18:29:00.000+02:00'|165.0|''|-1.0|'' +165|'af22d76df417d067d47d20419546997bd7453b6d'|'UPDATE 1-Czech president to appoint EU experts to central bank board'|'Financials 29am EST UPDATE 1-Czech president to appoint EU experts to central bank board (Adds details on appointments, central bank policy) PRAGUE Jan 10 Czech President Milos Zeman will appoint economists Oldrich Dedek and Marek Mora to join the Czech National Bank (CNB) board in February, his spokesman said on Tuesday, extending the bank''s gradual shift towards a more receptive stance on adopting the euro. The bank is nearing an exit from its weak-crown policy, in place since 2013, with data on Tuesday showing inflation returning to its 2 percent target for the first time in four years in December. This will be the second stint at the bank for economics professor Dedek, who has worked as the country''s euro adoption coordinator for the past decade and served on the CNB''s board from 1999 to 2005. Mora is an economist who has worked in senior positions in the Czech government and European Union institutions. He currently works in Brussels as a director at the EU Council, focused on budget, tax and regional policy. "Both of them will act in a less eurosceptic way than previous (board members) so it means a gradual shift of the Czech central bank to a more pro-euro tone," said Pavel Sobisek, chief economist at UniCredit in Prague. "But I don''t want to say that euro adoption will get closer because of these appointments." The Czech Republic has set no euro adoption target and successive governments have put off setting a date. The central bank has kept the crown on the weak side of 27 to the euro through a market intervention regime since November 2013 to revive price pressures in the economy. The board has pledged to keep the crown cap in place until at least the second quarter of this year, which it calls its "hard" commitment. The return of inflation to the bank''s 2 percent target has raised market speculation that the end of the regime is near. Dedek and Mora will replace outgoing board members Pavel Rezabek and Lubomir Lizal, whose terms end Feb. 13. Both will attend the bank''s next policy meeting on Feb. 2 before Dedek and Mora join the board. (Reporting by Robert Muller; Writing by Jason Hovet; Editing by Mark Trevelyan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/czech-cenbank-appointment-idUSL5N1F02EV'|'2017-01-10T18:29:00.000+02:00'|165.0|24.0|0.0|'' 166|'dd8b1ae0ef8bab51d39dad1592bd5c6bb84553f1'|'Volkswagen must face U.S. investor lawsuit in emissions scandal - judge'|'Business News - Thu Jan 5, 2017 - 1:30am GMT Volkswagen must face U.S. investor lawsuit in emissions scandal - judge The logo of German car maker Volkswagen is seen outside a garage in Vienna, Austria, September 29, 2016. REUTERS/Leonhard Foeger By David Shepardson - WASHINGTON WASHINGTON Volkswagen AG ( VOWG_p.DE ) and former Chief Executive Officer Martin Winterkorn must defend an investor lawsuit in California over the company''s diesel emissions cheating scandal, a U.S. judge ruled on Wednesday. U.S. District Judge Charles Breyer also rejected a request by VW brand chief Herbert Diess to have the proposed securities fraud lawsuits tossed out of a California court. Other defendants include VW''s U.S. unit and its Audi of America unit and the former head of its U.S. unit, Michael Horn. The investors suing are mostly U.S. municipal pension funds that invested in VW through American Depositary Receipts (ADR), a form of equity ownership in a non-U.S. company that represents the foreign shares of the company held on deposit by a bank in the companys home country. Volkswagen argued that German courts were the proper place for investor lawsuits. Breyer said in his ruling that "because the United States has an interest in protecting domestic investors against securities fraud" the lawsuits should go forward in a U.S. court. The pension funds include those representing Arkansas State Highway Employees and Miami Police. The lawsuits said VW''s market capitalisation fell by $63 billion (51 billion pounds) after the diesel cheating scandal became public. A VW spokeswoman had no immediate comment Wednesday. Winterkorn resigned days after the scandal became public and much of the company''s management has changed since 2015. VW in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests, with 11 millions vehicles worldwide affected. The cheating allowed nearly 580,0000 VW''s U.S. diesel vehicles sold since 2009 to emit up to 40 times legally allowable pollution levels. The lawsuits said VW and its executives misled the investing public "assuring them to the contrary namely, that the diesel vehicles met all applicable emissions standards" and it "understated the liabilities that it would suffer as a result of its known emissions non-compliance." Volkswagen has agreed to spend as much as $17.5 billion in the United States to resolve claims from owners and federal and state regulators over polluting diesel vehicles. Volkswagen could still spend billions of dollars more to resolve a U.S. Department of Justice criminal investigation and federal and state environmental claims; come under oversight by a federal monitor and face other conditions. The Justice Department and VW are in settlement talks and it is possible a deal could be reached before Jan. 20, when President Barack Obama leaves office, according to sources briefed on the matter. (Reporting by David Shepardson; Editing by Grant McCool) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN14P04C'|'2017-01-05T08:17:00.000+02:00'|166.0|''|-1.0|'' 167|'94a88ad7ecd9315204cd287ed2b92941edb8f36a'|'China should stop intervening in FX market and let yuan float - researcher'|'Mon Jan 16, 2017 - 2:41am GMT China should stop intervening in FX market and let yuan float: researcher A 100 Yuan note is seen in this illustration picture in Beijing March 7, 2011. REUTERS/David Gray/File Photo SHANGHAI China should stop intervening in the foreign exchange market, devalue the yuan and let it float freely to restore stability, a senior researcher at a government-backed think tank said. Xiao Lisheng, a finance expert with the Chinese Academy of Social Sciences, made the remarks in an article on Monday in the official China Securities Journal amid a growing debate among the country''s economists on whether authorities should let the closely-managed currency trade more freely. The yuan lost 6.6 percent against the dollar last year, the biggest annual loss since 1994. "The more the government delays the release of depreciation pressure, the greater the impact and destructive power of the release of depreciation pressure will be," Xiao wrote. The authorities should "let the yuan exchange rate have a one-off adjustment to realize a free float" of the currency, he said. The yuan is allowed to trade in a band of 2 percent on either side of a daily reference rate managed by the central bank. Authorities have said repeatedly there was no basis for continued depreciation of the unit, but many currency strategists predict a further weakening this year if the U.S. dollar remains strong, spurring further capital outflows from China. Xiao said the current mid-point formation mechanism, adopted in 2015, is still immature and in transition, although it has eased depreciation pressure and curbed sharp declines in the country''s foreign exchange reserves. "But any foreign exchange rate mechanism without a free float cannot fundamentally reach a market clearing (price)," he wrote. The mechanism for setting the daily reference rate was adopted after a one-off devaluation of the yuan in August 2015. It is opaque, but factors in the closing price from a day earlier and the movements of various other currencies. Yu Yongding, a former central bank adviser, has also advocated that China stop intervening to help preserve its dwindling foreign exchange reserves, and suggested the central bank set a "bottom line" of 25 percent for the yuan to depreciate. China''s foreign exchange reserves fell to near six-year lows in December, but held just above the critical $3 trillion level, as authorities stepped in to support the weakening yuan ahead of U.S. President-elect Donald Trump''s inauguration. For 2016 as a whole, China''s reserves fell nearly $320 billion to $3.011 trillion, on top of a record drop of $513 billion in 2015. (Reporting by Winni Zhou and John Ruwitch; Editing by Kim Coghill) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-yuan-depreciation-idUKKBN150064'|'2017-01-16T09:35:00.000+02:00'|167.0|''|-1.0|'' 168|'e2ba9612aa520c00bcc27909aa97d5713a57e4e6'|'Fitch Rates Crown Castle''s Sr. Unsecured Notes ''BBB-''; Outlook Stable'|'Financials 2:50pm EST Fitch Rates Crown Castle''s Sr. Unsecured Notes ''BBB-''; Outlook Stable (The following statement was released by the rating agency) CHICAGO, January 30 (Fitch) Fitch Ratings has assigned a ''BBB-'' rating to Crown Castle International Corp.''s (Crown) offering of senior unsecured notes due 2027. Crown''s Long-Term Issuer Default Rating (IDR) is ''BBB-''. The Rating Outlook remains Stable. Crown will use the proceeds from the note offering to reduce borrowings on its revolving credit facility (RCF) including borrowings to fund its acquisition of FPL FiberNet Holdings, LLC and certain other NextEra Energy, Inc. subsidiaries (FiberNet). Crown primarily funded the $1.5 billion acquisition with approximately $1 billion of equity issued November 2016, with the revolver used for the remainder. KEY RATING DRIVERS Strong Recurring Cash Flows: Crown''s ratings reflect the strong recurring cash flows generated from its leasing operations, robust EBITDA margins and the scale of its tower portfolio. In addition, a focus on the U.S. market reduces operating risk. The tower business model provides considerable stability to operating performance and free cash flow (FCF) growth. These characteristics have led to a lower business-risk profile for Crown than for most typical corporate credits. Deleveraging Progress: Fitch expects Crown''s 2017 gross leverage to be similar to the 5.6x at the end of 2016. Crown has deleveraged via EBITDA growth following two major acquisitions of towers, or rights to towers, since the end of 2012. These transactions include the $2.5 billion T-Mobile transaction in 2012 and the $4.8 billion AT&T Inc. transaction in 2013, which was primarily financed with equity. Leverage is slightly above our expectations for leverage for a ''BBB-'' rated tower company with Crown''s business and financial risk profile. However, Fitch believes current levels of investment, driven by small-cell investments, will provide for future EBITDA growth, driving leverage down over time. Wireless Broadband Growth: A key factor in Crown''s future revenue and cash flow growth is the relentless rise in the need for mobile broadband wireless network capacity. Growth in 4G LTE data services is driving amendment activity and new lease-up revenues from the major operators, leading to mid-single-digit organic revenue growth prospects for 2017. Crown is active in building small-cells and distributed antenna systems, which should allow it to capture additional share. Consolidation Risk Manageable: Fitch believes that if consolidation in the U.S. wireless market were to occur, there would not be a material effect on Crown''s operations. While relatively modest losses would occur, revenue growth from continued lease activity and contractual escalators would more than offset such losses over time. FiberNet Acquisition: The acquisition strengthens Crown''s small cell business by increasing its fiber footprint in top metro markets. The acquisition adds approximately 11,500 fiber route miles to Crown''s footprint, bringing the pro forma total to approximately 26,500. Primary markets served by FiberNet include Texas and Florida. KEY ASSUMPTIONS --Fitch assumes revenue growth will be in the mid- to high-single digits (on a GAAP basis) in 2017. Over the next two to three years, EBITDA margins will remain relatively stable in the mid-to-high-50% range. --Fitch gross leverage in 2017 will be similar to the 5.6x recorded in 2016. RATING SENSITIVITIES Positive Rating Action: A commitment to leverage of less than 4.7x to 4.8x could lead to a positive rating action. Negative Rating Action: Developments potentially leading to a negative rating action include an increase in leverage above 5.5x for a protracted period of time due to an acquisition funded mostly by debt, or a change in financial policy that targets higher leverage. LIQUIDITY Strong Liquidity: Crown has meaningful cash generation, balance sheet cash, RCF availability and a favorable maturity schedule relative to available liquidity. Cash, excluding restricted cash, was $568 million as of Dec. 31, 2016. Liquidity is provided by an unsecured $2.5 billion RCF maturing in January 2021. The financial covenants within Crown''s unsecured credit agreement include a total net leverage ratio of 6.5x (not to exceed 7x for up to three quarters following a qualified acquisition), a senior secured leverage ratio of 3.5x (on a gross basis) and, if rated below investment grade by two of three rating agencies, consolidated interest coverage of 2.5x. Crown''s FCF is expected to be negative in 2017 and is affected by REIT required distributions as well as the use of cash for discretionary capex. As a REIT, Crown is required to distribute at least 90% of its REIT taxable income, after the use of any net operating losses. Capex was $874 million in 2016, of which approximately $90 million was for sustaining capex, with the balance discretionary in nature. Maturity Profile: Crown''s maturity profile over 2017 to 2019 has no significant maturities. Contact: Primary Analyst John C. Culver, CFA Senior Director +1-312-368-3216 Fitch Ratings, Inc. 70 W. Madison Street Chicago, IL 60602 Secondary Analyst Bill Densmore Senior Director +1-312-368-3125 Committee Chairperson Steven Marks Managing Director +1-212-908-9161 Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: sandro.scenga@fitchratings.com. Date of Relevant Rating Committee: Sept. 9, 2016. Additional information is available on www.fitchratings.com. Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical mandatory convertible preferred stock is given 100% equity credit. Applicable Criteria Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage - Effective from 17 August 2015 to 27 September 2016 (pub. 17 Aug 2015) here Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis (pub. 29 Feb 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. 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Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit988220'|'2017-01-31T02:50:00.000+02:00'|168.0|''|-1.0|'' @@ -201,8 +201,8 @@ 199|'cf1c7c00f8a5ed6c3b5d0a1826978172bf629325'|'FTSE extends losses ahead of May speech, Europe lower too'|'Market News - Tue Jan 17, 2017 - 3:37am EST FTSE extends losses ahead of May speech, Europe lower too LONDON Jan 17 European shares fell on Tuesday, weighed by miners and autos, as markets awaited details of Britain''s Brexit position in a late morning speech by Prime Minister Theresa May. The pan-European STOXX index was down 0.5 percent, and Britain''s blue-chip FTSE extended its losses, down 0.4 percent. Fears that Britain is heading for a "hard" Brexit were reinforced over the past week pushing the pound to some of the lowest levels against the U.S. dollar seen in more than three decades. Britain will not seek a Brexit deal that leaves it "half in, half out" of the European Union, British PM May will say on Tuesday, according to her office, in a speech setting out her 12 priorities for upcoming divorce talks with the bloc. British aero-engine maker Rolls-Royce was a top European gainer in the index after it settled a long-running bribery probe and said its 2016 profit would beat expectations. Shares in German fashion retailer Zalando slumped down 6.5 percent, the top European faller, after its sales growth disappointed expectations. Swiss chocolate maker Lindt saw its shares gain 3.1 percent after it succeeded in growing sales in Europe, Japan and Brazil, facing headwinds of low consumer confidence. Basic resources stocks were the biggest sectoral fallers, down 1.1 percent, weighed by lower metals prices. Anglo American , BHP Billiton and Antofagasta were down 1.6 to 1.8 percent. Mediaset was down 3.8 percent after a report, without citing sources, said a potential takeover offer for the Italian broadcaster by France''s Vivendi would not be ''judicially acceptable'' for Italian communications authority AGCOM. (Reporting by Helen Reid, Editing by Vikram Subhedar) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1F71GH'|'2017-01-17T15:37:00.000+02:00'|199.0|''|-1.0|'' 200|'dc889cc78522a48fe3caa7c8118443f6e5726f80'|'Fitch: Risks to Indian Homebuilders Rise; Sales to Fall in 2017'|'Financials 1:03am EST Fitch: Risks to Indian Homebuilders Rise; Sales to Fall in 2017 (The following statement was released by the rating agency) SINGAPORE/MUMBAI, January 25 (Fitch) Fitch Ratings expects property sales in India to fall by at least 20%-30% in 2017, owing to disruption caused by demonetisation and general caution on the part of buyers. Homebuilders already have high levels of unsold inventory and are likely to cut selling prices as demand weakens. We expect risks to homebuilders to rise further this year, with leverage likely to increase and liquidity to tighten. Homebuilders with access to diversified funding channels are likely to be more insulated from the downturn. We expect home prices to decline this year because demand for residential property has weakened significantly in 4Q16, following the demonetisation of large denomination notes in November last year. Demonetisation has made it harder for home buyers to use undeclared wealth for property payments. The number of residential property units sold in 4Q16 fell by 44% yoy, dragging down overall units sold in 2016 by 9%, based on data compiled by Knight Frank Research. The volume of new units launched fell by 61% yoy. We expect the largest cuts to selling prices in the National Capital Region (NCR) followed by Mumbai, where unsold inventory is the highest at 16 and 10 quarters of sales, respectively, based on market estimates. The NCR is also known to have the largest cash-based economy in the country, and therefore demand is likely to suffer more from the currency demonetisation than other regions. We expect demand for homes in Chennai and Pune to be less affected by the downturn, as unsold inventory is the lowest in these cities, at around 6-7 quarters of sales. Top-tier homebuilders like Indiabulls Real Estate Limited (IBREL, B+/Stable) and Lodha Developers Private Limited (Lodha, B/Negative) - whose sales benefit from their brand strength - have yet to start cutting home prices substantially. However, we understand that smaller and second-tier homebuilders across the country have started offering discounts of around 25%-30% to attract buyers. The worst of the downturn in home sales is likely to occur in 1H17. Demand is likely to recover moderately in 2H17 as the festive season approaches, and because banks have cut interest rates on home loans by 50bp-60bp over the last 12 months to multi-year lows. Fitch continues to expect homebuilders that have a large pipeline of pre-sold projects, such as IBREL and Lodha, to be better off than those that do not. However, even these homebuilders'' credit profiles may weaken if demand does not recover for an extended period. Although property construction was hampered for a few weeks after the demonetisation announcement, we understand that most homebuilders have been able to work around practical issues related to making payments to suppliers and contractors, and that construction has since resumed. Contact: Hasira De Silva, CFA Director, Corporates +65 6796 7240 Fitch Ratings Singapore Pte Ltd One Raffles Quay South Tower #22-11 Singapore 048583 Snehdeep Bohra Associate Director, Corporates +91 22 4000 1732 Daniel Martin Senior Analyst, Fitch Wire +65 6796 7232 Media Relations: Bindu Menon, Mumbai, Tel: +91 22 4000 1727, Email: bindu.menon@fitchratings.com; Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available on www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987603'|'2017-01-25T13:03:00.000+02:00'|200.0|''|-1.0|'' 201|'4c123c8e37fa489e48edf840b651e415ec05e655'|'Congress moves to cede federal lands, jeopardizing billions in revenue and 6.1m jobs - Environment - The Guardian'|'I n the midst of highly publicized steps to dismantle insurance coverage for 32 million people and defund womens healthcare facilities , Republican lawmakers have quietly laid the foundation to give away Americans birthright: 640m acres of national land. In a single line of changes to the rules for the House of Representatives , Republicans have overwritten the value of federal lands, easing the path to disposing of federal property even if doing so loses money for the government and provides no demonstrable compensation to American citizens.At stake are areas managed by the Bureau of Land Management (BLM), National Forests and Federal Wildlife Refuges, which contribute to an estimated $646bn in economic stimulus from recreation on federal lands and 6.1m jobs. Transferring these lands to the states, critics fear, could decimate those numbers by eliminating mixed-use requirements, limiting public access and turning over large portions for energy or property development.Repealing Obamacare would leave 32m without health coverage, analysis finds Read more According to the Outdoor Alliance, US public land is the governments second largest source of income after taxes. In addition to economic stimulus in outdoor activities, federal land also creates revenue through oil and gas production, logging and other industrial uses. According to the BLM, in 2016, it made $2bn in royalty revenue from federal leases.Ignoring those figures, the new language for the House budget, authored by Utah Republican representative Rob Bishop, who has a history of fighting to transfer public land to the states, says that federal land is effectively worthless. Transferring public land to state, local government or tribal entity shall not be considered as providing new budget authority, decreasing revenues, increasing mandatory spending or increasing outlays. Essentially, the revised budget rules deny that federal land has any value at all, allowing the new Congress to sidestep requirements that a bill giving away a piece of federal land does not decrease federal revenue or contribute to the federal debt.Republican eagerness to cede federal land to local governments for possible sale, mining or development is already moving states to act. Western states, where most federal land is concentrated, are already introducing legislation that pave the way for land transfers.In Wyoming, for example, the 2017 senate has introduced a joint resolution that would amend the state constitution to dictate how public land given to the state by the federal government after 2019 is managed. It has little public support, but Wyoming Senate President Eli Bebout said that he though the state should be preemptively thinking about what it would do with federal land.Healthcare without Planned Parenthood: Wisconsin and Texas point to dark future Read more The Congressional devaluation of national property is the most far-reaching legislative change in a recent push to transfer federal lands to the states. Because of the Republican majority in Congress, bills proposing land transfers could now swiftly diminish Forest Service and BLM lands across the country.We didnt see it coming. I think it was sneaky and underhanded. It exemplifies an effort to not play by the rules, said Alan Rowsome, senior director of government relations at The Wilderness Society . This is the worst Congress for public lands ever.Rowsome said hes not exactly sure how the rule will be used, but he thinks the first places to come under attack might include areas adjacent to the majestic Grand Canyon National Park in Arizona and Minnesotas Boundary Waters Canoe Area Wilderness. Those areas hold uranium and copper, respectively.Rowsome said hes worried that sensitive tracts of public land, like the oil-rich Arctic National Wildlife Refuge , could soon be up for sale. Some 60% percent of Alaska is made up of national land, and the states representatives have tried to pass laws claiming parts of it for state use as recently as 2015. Its amazing ecosystem and worthy of protection, and its very likely that House Republican majority will open that up for drilling, Rowsome said.Facebook Twitter Pinterest If transferred to the state, Alaskas Arctic National Wildlife Refuge could be opened up to drilling. Photograph: Fitz Cahall This latest effort comes on the heels of a bill adopted in 2016 that directs the Department of Agriculture to transfer 2m acres of eligible Forest Service lands to each state. Giving away national land has been part of the Republican Party platform since the mid-80s, after Reagan declared himself a Sagebrush Rebel, but its regained steam in the past few years as 20 states have introduced some form of legislation suggesting that federal property be given to local governments. In 2015, Bishop and fellow Utah representative Chris Stewart formed the Federal Land Action Group, a congressional team with the specific intent to come up with a framework for transferring public land. Washington bureaucrats dont listen to people, Bishop said in a statement. Local governments do.But Rowsome argues thats a populist message without any popular support, pushed by a small faction of legislators with support from industries like mining and energy.Western Republicans that are perpetuating the idea are very well funded by the oil and gas industry during their campaign, Rowsome said. Its special interests wielding power for an agenda that will advance their goal. Nearly 90% of BLM lands are already open, but they cant stop trying to get more.A 2016 Colorado College survey of seven western states found that 60% of voters rejected both the sale of public lands to states and giving states control without sale.In 2012, Arizona voters struck down a proposal two pieces of legislation that would have turned over federal land to the state, including one that claimed the Grand Canyon as state land.Barack Obama designates two national monuments in west despite opposition Read more Opponents fear that local governments, especially in states with small budgets, wont be able to invest in management and will sell off land to make money. Last summer, the Forest Service was spending $240m a week to suppress wildfires, and the Department of Interior estimates the cost of deferred maintenance, like updating roads, at around $11bn.In December, Wyoming Governor Matt Mead said that transferring public land to his state was legally and financially impractical. He cited firefighting costs on public land as something that the state budget wouldnt have room for.Historically, when federal lands have been transferred to states, they have become less accessible. Idaho sold off almost 100,000 acres of its public land between 2000 and 2009. In Colorado, access has been limited the public can only use 20% of state trust land for hunting and fishing.John Gale, conservation director for Backcountry Hunters and Anglers, said that hes worried about access for sportsmen. He believes that theres a further danger is in segmenting ecosystems through state-by-state development.70% of the headwaters of our streams and rivers in the West are on public lands, he said. Rivers and migratory corridors dont follow state boundaries.The incoming administration hasnt been clear about where it falls on transfers. Montana Congressman Ryan Zinke, tapped to be the next Secretary of Interior, voted for the rules package, but in the past hes been against land transfers. President-elect Donald Trump has spoken out against reallocating federal land, but hes also met with prominent pro-land transfer groups.Nevertheless, bills proposing land transfer will now have an easy route to passage, as they wont need to be backed by any financial justification.The entire rules package passed on party lines, but it runs counter to legislation that passed both the House and Senate in November, the Outdoor Recreation Jobs and Economic Impact Act of 2016. Signed into law in December, the legislation requires the Department of Commerce to count the over half a trillion dollars from the outdoor recreation economy in the countrys GDP for the first time.Its not just natural resources that are on the auction block, but jobs, said Gale. For a party that prides itself on being fiscally conservative ... theyre talking out of both sides of their mouth.'|'theguardian.com'|'http://www.theguardian.com/business/oil/rss'|'https://www.theguardian.com/environment/2017/jan/19/bureau-land-management-federal-lease'|'2017-01-19T21:39:00.000+02:00'|201.0|''|-1.0|'' -202|'8d66abd13b9217da316fb9f0b22d1d3ffe6a3bff'|'Sawiris says to discuss Oi bid with Brazil government: paper'|'SAO PAULO Egyptian billionaire Naguib Sawiris will travel to Brazil in two weeks to persuade the government his bid is the best option to rescue Oi SA ( OIBR4.SA ), the carrier operating under bankruptcy protection, he told newspaper Folha de S.Paulo.The Egyptian entrepreneur said he plans to turn the company around in one year, repeating what his Orascom TMT Holding SAE ( OTMT.CA ) group did in 2011 in a merger with Italy''s Wind Telecomunicazioni SpA [WINVFT.UL], the report said.Cerberus Capital Management LP and Elliot Management Corp also have had talks with Oi regarding a potential bid.In December, Sawiris and a group of Oi creditors devised a plan to take over and capitalize the ailing carrier, which is Brazil''s fourth-largest wireless operator, with a market share of around 18 percent.Their plan entails a $1.25 billion share offering that Sawiris and certain Oi creditors vowed to fully subscribe to if no other investors are interested.If the Egyptian''s bid is successful, Sawiris told Folha that a recuperated Oi could be merged with TIM Participaes ( TIMP3.SA ), Brazil''s second-largest wireless carrier, with a market share of 25.41 percent.Rio de Janeiro-based Oi owes regulator Anatel and government lenders Banco do Brasil SA, Caixa Econmica Federal SA and BNDES a combined 20 billion reais ($6.2 billion) - making the government the carrier''s second-biggest creditor after bondholders.(Writing by Ana Mano, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-telecom-oi-idINKBN14T16R'|'2017-01-09T08:39:00.000+02:00'|202.0|''|-1.0|'' -203|'adad15f567935f0ccc3b46cee32e63e1f503e234'|'Rainbow Rare Earths listing raises funds for Burundi mining project'|'Business News - Mon Jan 30, 2017 - 11:28am GMT Rainbow Rare Earths listing raises funds for Burundi mining project LONDON Rainbow Rare Earths RWBR.L listed on the main London stock market on Monday, raising 8 million pounds ($10 million) to invest in its Gakara project in Burundi, with a view to starting sales to Germany''s Thyssenkrupp ( TKAG.DE ) by year-end. The project''s minerals are weighted towards magnetic rare earths, including neodymium and praseodymium, which are expected to used become increasingly sought after for use in generators, wind turbines and electric vehicles as supply from top producer China dwindles. Rainbow''s shares were placed at 10 pence per share. They opened at 10.75 pence, hit a session high of 12.84 pence and were trading at 11.50 pence by 1030 GMT. The Gakara project has a 10-year distribution and offtake agreement with a division of Thyssenkrupp to take 100 percent of production up to 5,000 tonnes and the option to take anything above that. Rainbow CEO Martin Eales said that Gakara is distinguished by its quality. "Our project boasts an in-situ grade in the range of 47-67 percent TREO (total rare earth oxide), making it one of the highest-grade rare earth element (REE) projects globally," he said. "With recent shifts in the rare earths market, driven by the increasing demand for powerful magnets used for electric vehicles, motors and wind turbines, we believe that now is an optimal time for Rainbow to produce REE concentrate." There are very few pure rare earths players listed in London -- Mkango Resources ( MKA.L ), the only AIM-listed rare earths company, floated its shares in June 2016 -- and the British government is keen to support a revival of mining activity as part of its economic strategy after leaving the European Union. Its industrial strategy offers support for a low-emission vehicles industry, which would require rare earths. Australian-listed Peak Resources ( PEK.AX ), which is developing rare earths in Tanzania, has been granted permission for a rare earths refinery in northeastern England. (Reporting by Barbara Lewis; Additional reporting by Zandi Shabalala; Editing by David Goodman) Next In Business News Oil slides as strong U.S. drilling activity weakens deal to cut output LONDON Oil prices fell on Monday as news of another increase in U.S. drilling activity spread concern over rising oil output just as many of the world''s oil producers are trying to comply with a deal to pump less in an attempt to prop up prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rainbow-rare-listing-idUKKBN15E13Z'|'2017-01-30T18:28:00.000+02:00'|203.0|''|-1.0|'' +202|'8d66abd13b9217da316fb9f0b22d1d3ffe6a3bff'|'Sawiris says to discuss Oi bid with Brazil government: paper'|'SAO PAULO Egyptian billionaire Naguib Sawiris will travel to Brazil in two weeks to persuade the government his bid is the best option to rescue Oi SA ( OIBR4.SA ), the carrier operating under bankruptcy protection, he told newspaper Folha de S.Paulo.The Egyptian entrepreneur said he plans to turn the company around in one year, repeating what his Orascom TMT Holding SAE ( OTMT.CA ) group did in 2011 in a merger with Italy''s Wind Telecomunicazioni SpA [WINVFT.UL], the report said.Cerberus Capital Management LP and Elliot Management Corp also have had talks with Oi regarding a potential bid.In December, Sawiris and a group of Oi creditors devised a plan to take over and capitalize the ailing carrier, which is Brazil''s fourth-largest wireless operator, with a market share of around 18 percent.Their plan entails a $1.25 billion share offering that Sawiris and certain Oi creditors vowed to fully subscribe to if no other investors are interested.If the Egyptian''s bid is successful, Sawiris told Folha that a recuperated Oi could be merged with TIM Participaes ( TIMP3.SA ), Brazil''s second-largest wireless carrier, with a market share of 25.41 percent.Rio de Janeiro-based Oi owes regulator Anatel and government lenders Banco do Brasil SA, Caixa Econmica Federal SA and BNDES a combined 20 billion reais ($6.2 billion) - making the government the carrier''s second-biggest creditor after bondholders.(Writing by Ana Mano, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-telecom-oi-idINKBN14T16R'|'2017-01-09T08:39:00.000+02:00'|202.0|23.0|0.0|'' +203|'adad15f567935f0ccc3b46cee32e63e1f503e234'|'Rainbow Rare Earths listing raises funds for Burundi mining project'|'Business News - Mon Jan 30, 2017 - 11:28am GMT Rainbow Rare Earths listing raises funds for Burundi mining project LONDON Rainbow Rare Earths RWBR.L listed on the main London stock market on Monday, raising 8 million pounds ($10 million) to invest in its Gakara project in Burundi, with a view to starting sales to Germany''s Thyssenkrupp ( TKAG.DE ) by year-end. The project''s minerals are weighted towards magnetic rare earths, including neodymium and praseodymium, which are expected to used become increasingly sought after for use in generators, wind turbines and electric vehicles as supply from top producer China dwindles. Rainbow''s shares were placed at 10 pence per share. They opened at 10.75 pence, hit a session high of 12.84 pence and were trading at 11.50 pence by 1030 GMT. The Gakara project has a 10-year distribution and offtake agreement with a division of Thyssenkrupp to take 100 percent of production up to 5,000 tonnes and the option to take anything above that. Rainbow CEO Martin Eales said that Gakara is distinguished by its quality. "Our project boasts an in-situ grade in the range of 47-67 percent TREO (total rare earth oxide), making it one of the highest-grade rare earth element (REE) projects globally," he said. "With recent shifts in the rare earths market, driven by the increasing demand for powerful magnets used for electric vehicles, motors and wind turbines, we believe that now is an optimal time for Rainbow to produce REE concentrate." There are very few pure rare earths players listed in London -- Mkango Resources ( MKA.L ), the only AIM-listed rare earths company, floated its shares in June 2016 -- and the British government is keen to support a revival of mining activity as part of its economic strategy after leaving the European Union. Its industrial strategy offers support for a low-emission vehicles industry, which would require rare earths. Australian-listed Peak Resources ( PEK.AX ), which is developing rare earths in Tanzania, has been granted permission for a rare earths refinery in northeastern England. (Reporting by Barbara Lewis; Additional reporting by Zandi Shabalala; Editing by David Goodman) Next In Business News Oil slides as strong U.S. drilling activity weakens deal to cut output LONDON Oil prices fell on Monday as news of another increase in U.S. drilling activity spread concern over rising oil output just as many of the world''s oil producers are trying to comply with a deal to pump less in an attempt to prop up prices.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rainbow-rare-listing-idUKKBN15E13Z'|'2017-01-30T18:28:00.000+02:00'|203.0|24.0|0.0|'' 204|'12b96e7c1eece823014cda40e40dce18e84400b2'|'Oil price rises for second day ahead of producers'' compliance meeting'|' 10:13am GMT Oil price rises for second day ahead of producers'' compliance meeting left right FILE PHOTO - Refinery workers walk inside the LyondellBasell oil refinery in Houston, Texas March 6, 2013. REUTERS/Donna Carson/File Photo 1/3 left right Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo 2/3 left right An oil well pump jack is seen at an oil field supply yard near Denver, Colorado, U.S., February 2, 2015. REUTERS/Rick Wilking/File Photo 3/3 By Karolin Schaps - LONDON LONDON Oil prices edged up for a second day on Friday on expectations that a weekend meeting of the world''s top oil producers would demonstrate compliance to a global output cut deal, but a larger than expected rise in weekly U.S. crude stocks capped gains. International benchmark Brent crude prices were up 68 cents at $54.84 a barrel at 0950 GMT. U.S. West Texas Intermediate (WTI) crude oil futures were trading up 63 cents at $52 a barrel. "Prices were pushed down a bit too far and hopes will rise that the OPEC/non-OPEC meeting this weekend will show that these producers actually give some proof that they cut production," said Hans van Cleef, senior energy economist at ABN Amro. A weekend meeting in Vienna of members of the Organization of the Petroleum Exporting Countries (OPEC) and some producers outside of the group, including Russia, will establish a compliance mechanism to verify producers are sticking to a deal to reduce output, OPEC''s secretary general told Reuters. However, higher crude oil and gasoline stocks in the United States weighed on prices on Friday. U.S. crude inventories rose unexpectedly last week as refineries sharply slowed production, while gasoline stocks soared amid weak demand, the Energy Information Administration said on Thursday. Crude inventories rose 2.3 million barrels in the week to Jan. 13, compared with analyst expectations for an increase of 342,000 barrels. The data showed much larger than expected builds in gasoline stocks, with inventories on the U.S. east coast, the biggest demand region, swelling to the highest weekly levels on record for this time of year, when refiners typically begin storing barrels ahead of the summer driving season. Bjarne Schieldrop, chief commodities analyst at SEB Markets, said Brent crude was starting to move into a trading range centered around $55 a barrel as the production cut deal had placed a floor price of $50 a barrel, while U.S. shale oil producers were capping the upside at $60 a barrel. "As a new consensus is starting to form, the fog around the oil market balance is starting to clear and the oil price is likely going to start to stabilize," he said. (Additional reporting by Naveen Thukral in Singapore; Editing by Greg Mahlich) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN153057'|'2017-01-20T19:39:00.000+02:00'|204.0|''|-1.0|'' 205|'9b318dd774d93dde65e39e715d03c4f5ed3fc341'|'Roche said to consider options for Diabetes unit- Bloomberg'|'Company 35pm EST Roche said to consider options for Diabetes unit- Bloomberg Jan 31 Roche Holding AG is considering options for its diabetes-care business including a sale, Bloomberg reported, citing people familiar with the matter. The alternatives for the unit could include a partial sale or spinoff and the sale could fetch as much as $5 billion, Bloomberg also reported. bloom.bg/2knSjG5 Roche was not immediately available for comment outside regular business hours. (Reporting by Parikshit Mishra in Bengaluru; Editing by Ruth Pitchford) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/roche-holding-divestiture-diabetes-idUSL5N1FL70O'|'2017-02-01T03:35:00.000+02:00'|205.0|''|-1.0|'' 206|'95e7be752631c07c9130b04c069094732424d235'|'Toshiba loses court appeal against EU cartel fine on joint venture'|' 40am GMT Toshiba loses court appeal against EU cartel fine on joint venture Toshiba''s logo is seen at an industrial area in Kawasaki, Japan, January 16, 2017. REUTERS/Kim Kyung-Hoon By Waverly Colville - BRUSSELS BRUSSELS Japanese consumer electronics group Toshiba ( 6502.T ) on Wednesday lost an appeal against an EU cartel fine levied on its joint venture with Panasonic ( 6752.T ) five years ago, after Europe''s highest court said it had decisive influence over the business. The company was part of a group of seven cathode ray tube makers fined a total 1.47 billion euros by the European Commission in 2012 for fixing prices and restricting output for cathode ray tubes for televisions and computer screens for a decade. Toshiba subsequently challenged the EU competition enforcer''s ruling at the Luxembourg-based General Court which cut the fine imposed on its MTPD joint venture to 82.8 million euros ($88.5 million) from 86.7 million euros. Toshiba later appealed to the Court of Justice of the European Union (ECJ), saying that it could not control MTPD''s decisions and therefore could not be held liable. The ECJ on Wednesday rejected its argument. "The Court confirms the fine of 82 million euros imposed jointly and severally on Toshiba and Panasonic/MTPD for their participation in the cartel on the market for tubes for television sets," judges said in their verdict. ($1 = 0.9356 euros) (Reporting by Waverly Colville. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-cartel-court-idUKKBN1521FE'|'2017-01-18T18:40:00.000+02:00'|206.0|''|-1.0|'' @@ -234,16 +234,16 @@ 232|'e2d69d3c44c64a174fa7c0a1812035ff46878245'|'Algerian firm signs $300 million farming deal with U.S. group'|'ALGIERS An Algerian company has signed a deal with a U.S. group to set up agricultural projects worth $300 million in the North African country as it seeks to reduce dependence on imports, Algeria''s agriculture ministry said on Wednesday.Under the deal, privately-owned Algerian dairy company Tifralait and the American International Agriculture Group (AIAG) will set up a joint venture to develop projects over an area of 25,000 hectares covering cereals, potato, fertilizers, dairy and cattle feed, the ministry said.Algeria imports most of its agriculture-related products because of weak domestic output, but has promised to develop the farming sector as part of efforts to diversify the economy away from oil and gas after a drop in oil prices hit state finances.It has also approved a new investment law offering incentives to foreign and local private firms willing to invest in the non-oil sector.Foreign investors often find Algeria a complex market to enter because of heavy state bureaucracy and a regulation requiring Algerian partners to hold 51 percent in any joint venture with foreign companies.The North African state''s economy is slowly emerging from years of socialist-inspired state centralization and protectionism that following independence from France in 1962. A decade of war with armed Islamists in the 1990s also left Algeria''s economy underdeveloped.Oil and gas earnings still account for 60 percent of the state budget and 95 percent of total exports for the OPEC member nation as it has struggled to diversify.Tifralait will hold a 51 percent stake in the joint venture, with AIAG owning the remaining 49 percent.The farming projects, planned for the southern province of Adrar, are aimed at producing 22,000 tonnes of cereal, 105,000 tonnes of cattle feed, 190 million liters of milk and 20,000 tonnes of red meat per year.(Reporting by Hamid Ould Ahmed; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-algeria-usa-agriculture-idINKBN1591MB'|'2017-01-25T10:48:00.000+02:00'|232.0|''|-1.0|'' 233|'7eb81d9dd4831a1d372426f0b4a9c21d9f55d105'|'Indonesia finance ministry issues new rules for bond dealers'|'JAKARTA Jan 11 Indonesia''s finance ministry announced new rules that require primary bond dealers to "safeguard" their partnership with the government and avoid conflicts of interest.Primary dealers "have the duty to safeguard the partnership with the Indonesian government based on professionalism, integrity, the avoidance of conflict of interest, and looking at the interests of the Republic of Indonesia," according to documents uploaded to the ministry''s website on Wednesday.The documents, dated Dec. 30, said the finance minister can revoke the license of a primary dealer if it does not fulfill the stated conditions.The finance minister also has the authority to accept or reject an application to be a primary dealer by taking into consideration the track record of the bank or securities firm, including its working experience with the ministry.The Indonesian government cut its business ties with JPMorgan Chase & Co following a November downgrade by the U.S. bank in its Indonesian stocks recommendation to "underweight" from "overweight". (Reporting by Eveline Danubrata and Gayatri Suroyo; Additional reporting by Fransiska Nangoy; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-bonds-idINJ9N1CH01M'|'2017-01-11T00:56:00.000+02:00'|233.0|''|-1.0|'' 234|'8a6bc713128f129613d4122337a4a9b9545093f5'|'EU antitrust regulators to fine cartel of lead recyclers - sources'|'Commodities 42am EST EU antitrust regulators to fine cartel of lead recyclers: sources BRUSSELS EU antitrust regulators are set to fine world No. 1 lead recycler Ecobat Technologies [ECOBT.UL], Belgian peer Campine and France''s Recylex next month for taking part in a cartel, two people familiar with the matter said on Tuesday. Johnson Controls International will not be sanctioned as it alerted the cartel to the European Commission, the people said. The EU competition enforcer in June 2015 charged five companies of fixing prices of scrap lead-acid batteries in Belgium, France, Germany and the Netherlands over a three-year period to 2012, resulting in lowered prices paid to scrap dealers. It did not name the firms. The Commission subsequently dropped one company from the case, one of the people said. (Reporting by Foo Yun Chee) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-eu-cartel-leadrecycling-idUSKBN15F23R'|'2017-01-31T23:34:00.000+02:00'|234.0|''|-1.0|'' -235|'d44057a310a9ecdbc08ef99015fe9d2a1775011c'|'UniCredit may price shares in cash call with 30-40 percent discount - source'|' 46am GMT UniCredit may price shares in cash call with 30-40 percent discount - source The headquarters of UniCredit bank is seen in Milan, Italy, in this February 8, 2016. REUTERS/Stefano Rellandini/File Photo MILAN UniCredit ( CRDI.MI ) may price shares in an upcoming 13 billion euro (11.52 billion pounds) cash call with a 30-40 percent discount, a source close to the matter said on Wednesday, confirming a press report which drove shares down 3 percent. The source said no final decision had yet been taken. UniCredit declined to comment. The source said the bank was considering pricing new shares at between 1.2 euros and 1.3 euros each. "It''s a possibility that''s being studied," the source said. The stock fell 2.7 percent to 2.608 euros by 0838 GMT with traders saying sales had been triggered by Il Messaggero daily, which first reported details of the share issue pricing. A second source close to the matter said UniCredit could launch the share issue soon after it approves full-year results on Feb. 9. (Reporting by Gianluca Semeraro and Valentina Za, editing by Stefano Bernabei) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-banks-unicredit-cash-call-idUKKBN14V0SZ'|'2017-01-11T15:46:00.000+02:00'|235.0|''|-1.0|'' -236|'0769d2e3848cf3da6a58f0cfea9decb373e117e3'|'UK PM May urges firms to end short-term thinking, show global leadership'|'Davos 5:00am EST UK PM May urges firms to end short-term thinking, show global leadership Britain''s Prime Minister Theresa May attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich DAVOS, Switzerland Multinational businesses must avoid short-term thinking and show leadership to help restore faith in globalization among citizens who feel left behind by the pace of economic change, British Prime Minister Theresa May said on Thursday. May said businesses must put aside short-term considerations and invest in people and communities for the long term. "We must heed the underlying feeling that there are some companies, particularly those with a global reach who are playing by a different set of rules to ordinary working people," she told business leaders at the World Economic Forum, a gathering of business and political elites in the Swiss Alps. "So it is essential for business to demonstrate leadership, to show that in this globalized world everyone is playing by the same rules." (Reporting by Elizabeth Piper and Noah Barkin, writing by William James, editing by Kylie MacLellan) Next In Davos'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-britain-eu-may-businesses-idUSKBN15316P'|'2017-01-19T16:57:00.000+02:00'|236.0|''|-1.0|'' +235|'d44057a310a9ecdbc08ef99015fe9d2a1775011c'|'UniCredit may price shares in cash call with 30-40 percent discount - source'|' 46am GMT UniCredit may price shares in cash call with 30-40 percent discount - source The headquarters of UniCredit bank is seen in Milan, Italy, in this February 8, 2016. REUTERS/Stefano Rellandini/File Photo MILAN UniCredit ( CRDI.MI ) may price shares in an upcoming 13 billion euro (11.52 billion pounds) cash call with a 30-40 percent discount, a source close to the matter said on Wednesday, confirming a press report which drove shares down 3 percent. The source said no final decision had yet been taken. UniCredit declined to comment. The source said the bank was considering pricing new shares at between 1.2 euros and 1.3 euros each. "It''s a possibility that''s being studied," the source said. The stock fell 2.7 percent to 2.608 euros by 0838 GMT with traders saying sales had been triggered by Il Messaggero daily, which first reported details of the share issue pricing. A second source close to the matter said UniCredit could launch the share issue soon after it approves full-year results on Feb. 9. (Reporting by Gianluca Semeraro and Valentina Za, editing by Stefano Bernabei) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-banks-unicredit-cash-call-idUKKBN14V0SZ'|'2017-01-11T15:46:00.000+02:00'|235.0|27.0|0.0|'' +236|'0769d2e3848cf3da6a58f0cfea9decb373e117e3'|'UK PM May urges firms to end short-term thinking, show global leadership'|'Davos 5:00am EST UK PM May urges firms to end short-term thinking, show global leadership Britain''s Prime Minister Theresa May attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich DAVOS, Switzerland Multinational businesses must avoid short-term thinking and show leadership to help restore faith in globalization among citizens who feel left behind by the pace of economic change, British Prime Minister Theresa May said on Thursday. May said businesses must put aside short-term considerations and invest in people and communities for the long term. "We must heed the underlying feeling that there are some companies, particularly those with a global reach who are playing by a different set of rules to ordinary working people," she told business leaders at the World Economic Forum, a gathering of business and political elites in the Swiss Alps. "So it is essential for business to demonstrate leadership, to show that in this globalized world everyone is playing by the same rules." (Reporting by Elizabeth Piper and Noah Barkin, writing by William James, editing by Kylie MacLellan) Next In Davos'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-britain-eu-may-businesses-idUSKBN15316P'|'2017-01-19T16:57:00.000+02:00'|236.0|29.0|0.0|'' 237|'2f7d18906444ab47edfeb52949a2eef646418e87'|'UPDATE 1-U.S. Democrats, citing Russia, Exxon, want Tillerson hearing delay'|'Company News - Wed Jan 4, 2017 - 7:15pm EST UPDATE 1-U.S. Democrats, citing Russia, Exxon, want Tillerson hearing delay (Updates with quotes from McCain, Coons) By Patricia Zengerle WASHINGTON Jan 4 Rex Tillerson, President-elect Donald Trump''s nominee for secretary of state, won over Republicans during meetings at the U.S. Senate on Wednesday, but Democrats want more time to consider his record, especially his ties to Russia. Senator Bob Corker, the Republican chairman of the Senate Foreign Relations Committee, described Tillerson as "very much in the mainstream" of U.S. foreign policy thinking. Tillerson, Exxon Mobil''s former chairman and chief executive, drove the company''s expansion in Russia and opposed sanctions imposed over its annexation of Crimea. Many lawmakers, including Republicans, have expressed concerns about Tillerson''s relationship with Moscow, given its differences with Washington not only over Ukraine but the civil war in Syria. Asked on Wednesday if he could support Tillerson, Republican Senator John McCain, a leading U.S. critic of Russia, told reporters: "Sure. There''s also a realistic scenario that pigs fly," the Houston Chronicle reported. U.S. intelligence officials have concluded that Russia intervened in the 2016 election to help the Republican Trump. Corker, whose committee will conduct Tillerson''s confirmation hearing, which is expected to start on Jan. 11, told reporters he was comfortable Tillerson would lead a robust U.S. policy toward Russia. Senator Ben Cardin, the top Democrat on the foreign relations panel, said after his meeting with Tillerson that he had not reached any conclusion on him. "We''re just at the beginning of the process," Cardin told reporters after spending about an hour with the nominee. Tillerson did not speak to reporters. Russia and Tillerson''s view of sanctions are expected to be a focus of Tillerson''s confirmation hearing, which could last for two days next week. Democrats have called for a delay before Tillerson''s hearing, given the complexity of his financial records and ties to Exxon after spending decades at the oil giant. Cardin said it was too soon to discuss Tillerson''s agreement announced late on Tuesday to sever all ties to Exxon Mobil to comply with conflict-of-interest requirements. Senator Chris Coons, another Democrat on the foreign relations panel, said next week may be too soon for the hearing, given Republicans'' plans to vote at the same time to repeal Democratic President Barack Obama''s healthcare law. "It strikes me as trying to get too many things done at the same time," he said. Coons said he was "generally encouraged" by some of Tillerson''s answers during their 1-1/2-hour meeting but had not decided whether to support his nomination. (Reporting by Patricia Zengerle; Additional reporting by Susan Cornwell; Editing by Alistair Bell and Peter Cooney) Next In Company News Suntory not considering listing US unit Beam TOKYO, Jan 5 Suntory Holdings Ltd said on Thursday it was not considering an initial public offering of Beam Suntory Inc, denying a media report that it was eying a listing of its U.S. spirits unit on the New York Stock Exchange.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-congress-tillerson-idUSL1N1EU1SP'|'2017-01-05T07:15:00.000+02:00'|237.0|''|-1.0|'' -238|'dff74812359637edd1651bceeb83390c1a0cf13b'|'Ratings outlook never worse as Italy kicks off year''s crucial calls'|'Thu Jan 12, 2017 - 4:45pm GMT Ratings outlook never worse as Italy kicks off year''s crucial calls The skyline of Porta Nuova''s district is seen in Milan, northern Italy March 5, 2015. REUTERS/Stefano Rellandini By Marc Jones - LONDON LONDON The number of countries at risk of having their credit ratings cut has never been higher as the first of the year''s crucial reviews looms on Friday in the shape of European struggler Italy. Global growth is gradually improving and oil and metals are recovering, but the cross-continent rise in political uncertainty and the hangover from two years of weak commodity prices means many countries still face intense pressures. Roughly a quarter of the 120-130 countries the big rating agencies cover are at risk of a downgrade meaning the 8-year, post-financial crisis fall in credit quality is likely to continue. S&P''s negative outlooks now outnumber positive ones 30-to-7 or a ratio of 4:1, while for Fitch it is 6:1. The triple-A club is shrinking and the proportion of countries with an investment grade BBB- or above with S&P is at an all-time low 52 percent. For the first time in a decade Europe is starting a year with more positive rating outlooks than negative ones, but Italy remains an outlier and its review by DBRS this week is likely to be one of the most closely watched of 2017. The Canadian agency is one of the four used by the European Central Bank and a downgrade would see the ECB increase the ''haircut'' it applies to Italian bonds, piling extra stress on the country''s banks that rely on its interest-free funding. An S&P Capital IQ model using credit default swaps shows markets currently price Italy a full four notches below DBRS'' A (low) rating a statistic that would normally point to a cut. DBRS'' head analyst Fergus McCormick, however, who will help make its decision on Friday, has been reassured by plans to shore up battered bank Monte dei Paschi and doesn''t expect the country to rush to early elections. "The key now is whether the governments burden-sharing precautionary recapitalization will restore investor confidence in the entire Italian banking system," he told Reuters, adding decisions on the country''s electoral law before the end of the month will be "critical" to the political outlook. Friday will also be a big day for Portugal which is set to be reviewed by Moody''s as market pressures rise again there.. Poland is also on its list, while Fitch rates Iceland which is lifting capital controls but has just taken two months to form a government. Jan. 27 looks busy too with Moody''s getting its first chance to resolve its negative outlook on Brexit-bound Britain and Fitch rating Turkey where the lira is in virtual freefall amid worries about its government and economy. GOING SOUTH Seen as greatly at risk of falling out of the key investment grade group is South Africa, which is struggling with government division and a limping economy that accounts for a roughly a third of sub-Saharan Africa''s GDP. S&P which has been on the brink at BBB- negative for over a year won''t formally review it until June 2. Moody''s which has it a notch higher is scheduled for April 7, while Fitch which is at the same key level as S&P should be sometime between the two. All three are watching to see whether economy falls into recession and if the prized independence of its central bank or finance minister are compromised by political forces. At the same time, the models that point a cut to Italy this week, predict a monster 2-3 notch cut in South Africa''s case. "We expect South Africa to be downgraded," said Aberdeen Asset Management EM portfolio manager Viktor Szabo, "It''s not a certainty, but the main reason is still there and he''s called Jacob Zuma." It is Latin America now however that has the largest number of negative outlooks at 12 in the case of S&P. And even though Europe looks better for once, there are warnings it could quickly sour again with German, French, Dutch and potentially Italian elections looming not to mention Brexit. "The possibility of unexpected political outcomes, could lead to sharp policy shifts in euro zone member states with implications for sovereign ratings," S&P''s top sovereign analyst Moritz Kraemer said. (Reporting by Marc Jones; Editing by Raissa Kasolowsky) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ratings-idUKKBN14W2FL'|'2017-01-12T23:44:00.000+02:00'|238.0|''|-1.0|'' +238|'dff74812359637edd1651bceeb83390c1a0cf13b'|'Ratings outlook never worse as Italy kicks off year''s crucial calls'|'Thu Jan 12, 2017 - 4:45pm GMT Ratings outlook never worse as Italy kicks off year''s crucial calls The skyline of Porta Nuova''s district is seen in Milan, northern Italy March 5, 2015. REUTERS/Stefano Rellandini By Marc Jones - LONDON LONDON The number of countries at risk of having their credit ratings cut has never been higher as the first of the year''s crucial reviews looms on Friday in the shape of European struggler Italy. Global growth is gradually improving and oil and metals are recovering, but the cross-continent rise in political uncertainty and the hangover from two years of weak commodity prices means many countries still face intense pressures. Roughly a quarter of the 120-130 countries the big rating agencies cover are at risk of a downgrade meaning the 8-year, post-financial crisis fall in credit quality is likely to continue. S&P''s negative outlooks now outnumber positive ones 30-to-7 or a ratio of 4:1, while for Fitch it is 6:1. The triple-A club is shrinking and the proportion of countries with an investment grade BBB- or above with S&P is at an all-time low 52 percent. For the first time in a decade Europe is starting a year with more positive rating outlooks than negative ones, but Italy remains an outlier and its review by DBRS this week is likely to be one of the most closely watched of 2017. The Canadian agency is one of the four used by the European Central Bank and a downgrade would see the ECB increase the ''haircut'' it applies to Italian bonds, piling extra stress on the country''s banks that rely on its interest-free funding. An S&P Capital IQ model using credit default swaps shows markets currently price Italy a full four notches below DBRS'' A (low) rating a statistic that would normally point to a cut. DBRS'' head analyst Fergus McCormick, however, who will help make its decision on Friday, has been reassured by plans to shore up battered bank Monte dei Paschi and doesn''t expect the country to rush to early elections. "The key now is whether the governments burden-sharing precautionary recapitalization will restore investor confidence in the entire Italian banking system," he told Reuters, adding decisions on the country''s electoral law before the end of the month will be "critical" to the political outlook. Friday will also be a big day for Portugal which is set to be reviewed by Moody''s as market pressures rise again there.. Poland is also on its list, while Fitch rates Iceland which is lifting capital controls but has just taken two months to form a government. Jan. 27 looks busy too with Moody''s getting its first chance to resolve its negative outlook on Brexit-bound Britain and Fitch rating Turkey where the lira is in virtual freefall amid worries about its government and economy. GOING SOUTH Seen as greatly at risk of falling out of the key investment grade group is South Africa, which is struggling with government division and a limping economy that accounts for a roughly a third of sub-Saharan Africa''s GDP. S&P which has been on the brink at BBB- negative for over a year won''t formally review it until June 2. Moody''s which has it a notch higher is scheduled for April 7, while Fitch which is at the same key level as S&P should be sometime between the two. All three are watching to see whether economy falls into recession and if the prized independence of its central bank or finance minister are compromised by political forces. At the same time, the models that point a cut to Italy this week, predict a monster 2-3 notch cut in South Africa''s case. "We expect South Africa to be downgraded," said Aberdeen Asset Management EM portfolio manager Viktor Szabo, "It''s not a certainty, but the main reason is still there and he''s called Jacob Zuma." It is Latin America now however that has the largest number of negative outlooks at 12 in the case of S&P. And even though Europe looks better for once, there are warnings it could quickly sour again with German, French, Dutch and potentially Italian elections looming not to mention Brexit. "The possibility of unexpected political outcomes, could lead to sharp policy shifts in euro zone member states with implications for sovereign ratings," S&P''s top sovereign analyst Moritz Kraemer said. (Reporting by Marc Jones; Editing by Raissa Kasolowsky) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ratings-idUKKBN14W2FL'|'2017-01-12T23:44:00.000+02:00'|238.0|17.0|0.0|'' 239|'d8ba644917a4d4741637d26f1b363ad3597d230e'|'BRIEF-Castellum signs 10-year contract for logistics premises in Gothenburg'|' 12am EST BRIEF-Castellum signs 10-year contract for logistics premises in Gothenburg Jan 31 Castellum AB : * Signs 10-year leasing contract for 28,000 square meters of logistics premises in Gothenburg with Speed Group (Gdynia Newsroom) Next In Financials * Maintaining positive momentum across all divisions and trading is in line with management expectations MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FK0X5'|'2017-01-31T14:12:00.000+02:00'|239.0|''|-1.0|'' 240|'3d5b2303c101c417ad241169a94725935ad09c8a'|'BT slump weighs on European, UK indexes; Generali rallies'|' 5:08am EST BT slump weighs on European, UK indexes; Generali rallies * STOXX 600 up 0.2 pct * Aryzta, BT slump after results * easyJet also weaker * Generali jumps on deal chatter (Adds quote and detail, updates prices) By Kit Rees LONDON, Jan 24 European earnings season got off to a rocky start on Tuesday with profit warnings from BT Group and Aryzta sending their shares sharply lower, with weakness offset by gains in Italian financials and mining stocks. Overall, the pan-European STOXX 600 index was up 0.2 percent. While basic resources were the biggest sectoral risers, gaining on the back of a weaker dollar, shares in Generali were the biggest gainers, up 9 percent on speculation that Intesa Sanpaolo''s could make a bid for the Italian insurer. Italy''s index was the standout performer, up 1 percent as Generali''s biggest shareholder Mediobanca also rallied 7.4 percent. Intesa declined to comment on a possible share swap offer on Generali. BT fell as much as 19 percent after the telecoms firm cut forecasts for 2017 and 2018 after finding that inappropriate accounting behaviour in its Italian business went far deeper than previously thought. Tuesday''s losses were poised to wipe out more than $8 billion off BT''s market value. "I think companies have been punished ... over the last year for misleading statements, for false accounting," Jonathan Roy, advisory investment manager at Charles Hanover Investments, said. "The worries are, is there anything else that isn''t being managed as it should be?" Charles Hanover Investments'' Roy added. Swiss bakery firm Aryzta was the biggest faller, set to lost almost a third of its market value after issuing a profit warning. Budget airline easyJet was another top faller, down 7.7 percent after reporting its first quarter earnings. "While Q1 could be viewed as a positive start to the year we expect the fuel/currency impact (which is beyond the company''s control) will weigh into the shares negatively (especially given the recent strong performance)," analysts at UBS said in a note. A miss in fourth quarter earnings also weighed on Philips , which dropped 2.6 percent. The medical equipment maker also disclosed a conflict with the U.S. government over defibrillators it sold in 2015 and before. Britain''s blue chip FTSE 100 index turned slightly higher, up 0.3 percent after the UK Supreme Court ruled that Prime Minister Theresa May needed parliament''s approval before triggering Britain''s formal exit from the European Union. (Editing by Vikram Subhedar and Raissa Kasolowsky) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1FE1UX'|'2017-01-24T17:08:00.000+02:00'|240.0|''|-1.0|'' 241|'6f5c727f735304ebdb212b7391cf3b0aadc0ad2c'|'Samsung''s chip, screen sales to drive fourth quarter profit to three-year high - analysts'|'Business News 11am GMT Samsung''s chip, screen sales to drive fourth quarter profit to three-year high - analysts left right The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, November 29, 2016. REUTERS/Kim Hong-Ji 1/3 left right Employees walk past a building of Samsung Electronics in Seoul, South Korea, November 8, 2016. REUTERS/Kim Hong-Ji 2/3 left right Men take a look at Samsung Electronics'' TV sets during Korea Electronics Show 2016 in Seoul, South Korea, October 27, 2016. REUTERS/Kim Hong-Ji 3/3 By Se Young Lee - SEOUL SEOUL Samsung Electronics Co Ltd ( 005930.KS ) is likely to forecast its best quarterly profit in nearly three years on Friday, analysts said, with robust memory chip sales easing the pain of the costly failure of a flagship smartphone. The South Korean firm discontinued sales of the Galaxy Note 7 phones after some of the devices caught fire, warning of a $2.1 billion hit to its profit in the fourth quarter of 2016 due to expenses tied to an ongoing global recall and lost sales. But investors are betting a surge in sales of memory chips and organic light-emitting diode screens for smartphones will translate to strong earnings growth for the October-December period and through 2017. Samsung''s operating profit likely rose for a second straight quarter to 8.4 trillion won (5.68 billion pounds) over October-December, according to a Thomson Reuters StarMine SmartEstimate derived from a survey of 15 analysts, up 37 percent from a year ago and the highest since the first quarter of 2014. "We look for the memory business to post a big earnings improvement and contribute 50 percent of its (Samsung''s) total operating profit for Q416," Daiwa said in a report. Memory chip prices have spiked recently on demand for more firepower on mobile devices. But it is the sales of the higher-end 3D NAND chips which have rallied significantly, helping Samsung rake in profits given it is ahead of its rivals such as Toshiba Corp ( 6502.T ) and SK Hynix ( 000660.KS ) in the mass production of these chips, analysts said. Samsung''s semiconductor profit likely surged to a record 4.5 trillion won for the fourth quarter and 13.1 trillion won for 2016, Eugene Investment said in a report, adding chip earnings will grow further this year on firm demand. HDC Asset Management''s fund manager Park Jung-hoon agreed that the components business outlook appeared "pretty solid". "We''ll have to see how the mobile business does ... but I think Samsung''s operating profit should be able to come in somewhere around mid-30 trillion won range (this year)." For the recently ended quarter, Samsung''s mobile earnings likely rebounded from the dismal third quarter on healthy sales of the Galaxy S7 and S7 edge smartphones, analysts said. Hyundai Securities expects Samsung''s mobile division''s operating profit at 2.2 trillion won, in line with a year earlier and up sharply from 99 billion won in July-September. The company''s shares hit a record 1.831 million won on Tuesday this week ahead of the earnings forecast on Friday. They surged 43 percent in 2016 - the most since 2012 - suggesting investors did not expect a serious business impact from Samsung''s name being dragged into a growing political scandal in the country. (Reporting by Se Young Lee; Editing by Himani Sarkar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-samsung-elec-outlook-idUKKBN14O07Y'|'2017-01-04T10:11:00.000+02:00'|241.0|''|-1.0|'' 242|'3ed3faf7717f6f4ca19da4ba84725d8a689014b1'|'Britain says auto industry is a key sector, looking to ensure best EU market access'|' 43am GMT Britain says auto industry is a key sector, looking to ensure best EU market access Nissan technicians prepare doors for the Qashqai car at the company''s plant in Sunderland, Britain, November 9, 2011. REUTERS/Nigel Roddis/File Photo LONDON Britain''s car industry is a key part of the economy and the government is looking to ensure the best possible EU market access for all of the country''s important sectors, Prime Minister Theresa May''s spokesman said on Thursday. The chairman of Japanese carmaker Toyota ( 7203.T ) told the Financial Times on Wednesday: "We have seen the direction of the prime minister of the UK, (so) we are now going to consider, together with the suppliers, how our company can survive." Asked for a response to the comments, May''s spokesman said: "The automotive industry and the finance sector ... are key areas for us and we will be, as we go into the negotiating period, looking at how we can ensure the best possible access to the European market for our key sectors. (Reporting by William James; writing by Costas Pitas; editing by Guy Faulconbridge) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-autos-idUKKBN1531MB'|'2017-01-19T18:43:00.000+02:00'|242.0|''|-1.0|'' 243|'2bb41b9f57bcf739fe9c514c4f9d3be35d260cf9'|'AppDynamics deal shows buyouts more lucrative in anemic IPO market'|'By Sweta Singh and Ankur Banerjee Cisco Systems Inc''s ( CSCO.O ) surprise and costly acquisition of business software firm AppDynamics Inc just two days ahead of its market debut suggests that U.S. tech startups are finding more value in buyouts amid a still-tepid IPO market.Cisco said on Tuesday it agreed to buy AppDynamics, which makes software to manage and analyze applications, for $3.7 billion.The offer price is more than double what the company would be valued at - $1.7 billion - if its shares were priced at the top end of its estimated IPO price range.The deal will allow AppDynamics investors to exit their holdings completely, compared with a roughly 10 percent exit if the company listed its shares.The M&A route may be more attractive not only for tech startups whose valuations have taken a hit over the past year, but also for traditional tech companies such as Cisco, which are looking to boost revenue through deals as they struggle to grow organically."I think this does reflect that the valuations are still relatively conservative," said Richard Truesdell, co-head of global capital markets at law firm Davis Polk & Wardwell."Certainly (AppDynamics) seems to have hit the jackpot ... this is the most dramatic disparity in valuation between the two markets that I can think of seeing recently."Cisco''s announcement comes a week after Hewlett Packard Enterprise Co ( HPE.N ) said it would buy cloud startup SimpliVity for $650 million in cash.This is not to say that 2017 will be a disappointing year for IPOs.In fact, social media company Snap Inc is all set to debut this year and several smaller tech companies have pinned their hopes on a rebounding U.S IPO market, coming off a forgettable 2016 marred by political and economic uncertainty.Only 20 technology companies went public in 2016, the fewest since 2008, according to Thomson Reuters data."Decacorns" - companies valued at tens of billions of dollars - including Uber and Airbnb are also expected to file to list their shares this year, allowing high-profile backers including BlackRock and Sequoia Capital to cash in their investments.For now, startups are likely to be sweet on buyouts."I expect that the U.S. IPO market will have more activity this year than last, but very few tech companies will go public because companies such as Cisco Systems and Oracle are willing to pay top dollar," said Jay Ritter, IPO expert and professor at the University of Florida.(Reporting by Ankur Banerjee and Sweta Singh in Bengaluru; Editing by Sayantani Ghosh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-ipo-valuation-idINKBN1592L1'|'2017-01-25T16:39:00.000+02:00'|243.0|''|-1.0|'' -244|'ab133c774f6e3e1fae38369abbf5bbd74f31c13c'|'Ascential to sell Drapers and Nursing Times as it ditches ''heritage'' brands - Media'|'Ascential, the events and publishing business once known as Emap, is to sell more than a dozen heritage titles including the fashion bible Drapers, Architects Journal and Nursing Times.The sell-off will leave Ascential with just one print title, Retail Week, which it is keeping due to its strategic fit with the digital brands Planet Retail and One Click Retail. The publisher, which made an 800m stock market flotation in February last year, said it was selling off the 13 titles to focus on its largest brands and those with the highest growth potential.The titles, which are being hived off into a separate business while buyers are sought, include Construction News, Health Service Journal, Local Government Chronicle and Middle Eastern Economic Digest (MEED).Ascentials growth strategy continues to be to focus its resources and investment on its largest brands and those with the highest growth potential, said Duncan Painter, chief executive of Ascential. This move will further focus our portfolio on our largest market leading products. The heritage brands, with large, loyal audience communities, provide an exciting opportunity for new owners.The 13 titles made revenue of 63m last year, and about 10m in operating profits, with just under 9m in revenue coming from print advertising.In 2015, Ascential announced it was retiring the venerable Emap brand , which had been a publishing institution for almost 70 years. In the 1980s and 1990s Emap expanded via a series of launches and acquisitions to become a major UK media company encompassing local newspapers, trade and consumer magazines and radio. At the time Ascential said it intended to close the print editions of its titles over a two-year period as part of a focus on digital publishing and events associated with the magazine brands. Ascential continues to own a large array of businesses including the Cannes Lions advertising festival, fashion information business WGSN, environmental data business Groundsure and Glenigan.Painter said Ascentials top five brands accounted for 56% of total group revenues and 71% of adjusted profits.Guardian Media Group, the publisher of the Guardian and Observer, owns a 14.9% stake in Ascential.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/media/2017/jan/05/ascential-drapers-nursing-times-emap-retail-week'|'2017-01-05T02:00:00.000+02:00'|244.0|''|-1.0|'' +244|'ab133c774f6e3e1fae38369abbf5bbd74f31c13c'|'Ascential to sell Drapers and Nursing Times as it ditches ''heritage'' brands - Media'|'Ascential, the events and publishing business once known as Emap, is to sell more than a dozen heritage titles including the fashion bible Drapers, Architects Journal and Nursing Times.The sell-off will leave Ascential with just one print title, Retail Week, which it is keeping due to its strategic fit with the digital brands Planet Retail and One Click Retail. The publisher, which made an 800m stock market flotation in February last year, said it was selling off the 13 titles to focus on its largest brands and those with the highest growth potential.The titles, which are being hived off into a separate business while buyers are sought, include Construction News, Health Service Journal, Local Government Chronicle and Middle Eastern Economic Digest (MEED).Ascentials growth strategy continues to be to focus its resources and investment on its largest brands and those with the highest growth potential, said Duncan Painter, chief executive of Ascential. This move will further focus our portfolio on our largest market leading products. The heritage brands, with large, loyal audience communities, provide an exciting opportunity for new owners.The 13 titles made revenue of 63m last year, and about 10m in operating profits, with just under 9m in revenue coming from print advertising.In 2015, Ascential announced it was retiring the venerable Emap brand , which had been a publishing institution for almost 70 years. In the 1980s and 1990s Emap expanded via a series of launches and acquisitions to become a major UK media company encompassing local newspapers, trade and consumer magazines and radio. At the time Ascential said it intended to close the print editions of its titles over a two-year period as part of a focus on digital publishing and events associated with the magazine brands. Ascential continues to own a large array of businesses including the Cannes Lions advertising festival, fashion information business WGSN, environmental data business Groundsure and Glenigan.Painter said Ascentials top five brands accounted for 56% of total group revenues and 71% of adjusted profits.Guardian Media Group, the publisher of the Guardian and Observer, owns a 14.9% stake in Ascential.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/media/2017/jan/05/ascential-drapers-nursing-times-emap-retail-week'|'2017-01-05T02:00:00.000+02:00'|244.0|27.0|4.0|'' 245|'aa3a156d1e905b1cb8d4ea5e9a202dc345da56ba'|'Arnold Donald, Carnival CEO'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/travel-leisure'|'https://www.ft.com/content/3201e790-9abd-11e6-b8c6-568a43813464?ftcamp=published_links%2Frss%2Fcompanies_travel-leisure%2Ffeed%2F%2Fproduct'|'2017-01-08T19:24:00.000+02:00'|245.0|''|-1.0|'' 246|'2e549d466a0bea80d352da7b8208328bcf195d54'|'Ford South Africa recalls Kuga SUV models after cars burst into flames'|'CAPE TOWN Jan 16 U.S. auto-maker Ford will recall 4,500 of its Kuga SUV models after dozens of reports of the vehicles catching fire spontaneously, the head of the company''s South Africa unit said on Monday.In a joint statement with the National Consumer Commission, Ford''s Southern Africa President and chief executive Jeff Nemeth said the company could confirm 39 incidents of the cars catching fire, as well as one death, which Nemeth said was not directly linked to the defect.In October, the company''s North American arm recalled 400,000 units of the Ford Escape - the U.S. version of the Kuga - also due to engine problems. (Reporting by Wendell Roelf, Writing by Mfuneko Toyana, Editing by Angus MacSwan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/safrica-ford-idINJ8N1E700U'|'2017-01-16T10:55:00.000+02:00'|246.0|''|-1.0|'' 247|'641c3dbd3c008fe16ab6e40cda480a13076296e4'|'China''s Yonghui Superstores, Bain to buy U.S.-based Daymon for $413 million'|'HONG KONG China''s supermarket chain operator Yonghui Superstores Co Ltd ( 601933.SS ) said it would team up with Bain Capital Private Equity to buy U.S. retail services group Daymon Worldwide Inc for $413 million.Yonghui will invest $165 million for a 40 percent stake in Daymon, while Bain Capital will buy 60 percent, the Chinese firm said in a statement late on Tuesday. It said it would fund the deal by bank borrowing and cash.Bain Capital said separately it would buy the stake from existing shareholders of Daymon. Daymon''s expertise ranges from private brand development to strategy and branding, sourcing and logistics, retail merchandising services and consumer experience marketing.The global retail market is expected to reach $28 trillion by 2019 at an average annual growth rate of 3.8 percent, while Asia''s retail sales are expected to exceed $10 trillion by 2018, Bain Capital said.(Reporting by Donny Kwok; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-daymonworldwide-m-a-yh-superstores-idINKBN1520CM'|'2017-01-18T00:54:00.000+02:00'|247.0|''|-1.0|'' @@ -284,9 +284,9 @@ 282|'849bd030083ef05e8f06ce74426fddf1ba9d88c2'|'China state tabloid scolds New York Times for investigative reports'|'BEIJING An influential Chinese state-run tabloid has chided the New York Times over its reporting practices after Apple Inc removed the newspaper''s app from its China app store at the request of the Chinese government.The Global Times editorial, released on Friday, said the New York Times had in the past four years been "trying to wield influence in China''s internal affairs" by doing investigative stories on sensitive subjects. It did not give specific examples."China is sincere in opening itself up but the prerequisite is to ensure its political security," said the editoral in the Global Times, an influential tabloid published by the ruling Communist Party''s official People''s Daily. "The Western media should not question China if it is to close its doors by scrutinizing one particular issue."Apple removed the newspaper''s English and Chinese-language apps on Dec. 23, citing requests from authorities.The Global Times said Apple "cares most about business, so it is willing to respect Chinese laws", adding that Apple faced tough competition from local brands in Greater China.The New York Times pointed to a recent investigative report on government subsidies offered to Apple supplier Foxconn, also known as Hon Hai Precison Industry Co, as a possible reason for the ban.In an report on the app''s removal, the New York Times cited their own spokeswoman as saying the app was removed shortly after a journalist made requests to government authorities, Foxconn and Apple seeking comment for the story.The New York Times called on Apple to reconsider the ban, and said the block was part of a wider attempt to prevent readers from accessing the U.S. publication.The newspaper is one of many foreign publications that is blocked within the country by China''s cyberauthority. But the apps from other blocked news sites, including the Wall Street Journal and the Financial Times, remain available on the China app store as of Friday.The internet regulator has yet to respond to Reuters'' queries on the matter."The development of the internet in China must respect China''s laws and regulations, in principle," foreign ministry spokesman Geng Shuang said on Thursday in response to a question about the apps.(Reporting by Cate Cadell; Editing by Martin Howell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/apple-new-york-times-state-media-idINKBN14Q0EU'|'2017-01-06T02:36:00.000+02:00'|282.0|''|-1.0|'' 283|'8c9268b781e8e30918a0845ed7982da561cd0ee3'|'Europe power prices jump on cold, German day ahead falls on wind'|'Financials 29am EST Europe power prices jump on cold, German day ahead falls on wind FRANKFURT Jan 10 European power prices for the near-term and weeks and months in the first quarter rose on Tuesday, as the impact of more cold weather and tight thermal supply spilled into mid-term contracts, while German day-ahead power fell. The German Wednesday delivery position fell 29 percent to 36 euros ($38.21) pre megawatt hour, with Thomson Reuters wind forecasts showing an increase to 24 or even 28 gigawatts (GW) from 11 GW recorded on Tuesday. Week ahead prices were sharply up, with baseload in France up 42 percent at 125 euros/MWh and up 8 percent in Germany to 53.75 euros. German weeks 2, 3 and 4 also gained sharply and so did February and March. Setbacks for France''s nuclear reactors have shaken confidence in Europe''s wholesale electricity since last October, keeping prices high despite the fact French capacity is currently at a more comfortable level than in 2016. ($1 = 0.9422 euros) (Reporting by Vera Eckert; editing by Jason Neely) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/europe-power-prices-idUSL5N1F01FF'|'2017-01-10T15:29:00.000+02:00'|283.0|''|-1.0|'' 284|'863596800db8efa4cf4048255f6f6bfbd139d9fa'|'Hong Kong Dec home prices extend record run'|'Financials - Fri Jan 27, 2017 - 12:11am EST Hong Kong Dec home prices extend record run HONG KONG Jan 27 Hong Kong home prices shattered records for the second consecutive month, reaching yet another life-time high in December, the latest government data released on Friday showed. Private home prices climbed for nine consecutive months, edging up 0.07 percent in December when compared to the previous historic high a month ago, according to provisional data from the Rating and Valuation Department. The Asian financial hub has the world''s least affordable housing, with flats costing 18 times the median household income, according to the Demographia International Housing Affordability Survey published earlier this week. Although making housing more affordable is a top priority for the current government, home prices have surged by almost 50 percent since outgoing leader Leung Chun-ying took office in July 2012, pushing some 200,000 residents to live in cages, industrial buildings and sub-par partitioned units. In an effort to reign in an overheated property market, the government raised stamp duties to 15 percent of the transaction value early in November, exempting first time buyers. Real estate consultants, including JLL and Savills, said late last year they expected residential prices in 2017 to continue rising by 5 percent. (Reporting by Venus Wu; Editing by Shri Navaratnam) Next In Financials SE Asia Stocks-Steady tracking strong global markets; S''pore hits 15-mth high By Hanna Paul Jan 27 Southeast Asian stocks were steady on Friday in thin trading, tracking a rally in broader global peers on strong U.S. corporate earnings and an overnight surge in oil prices. MSCI''s world index, which tracks shares in 46 countries, hovered near record highs, cheered by a 2 percent rise in oil prices and a rebound of the greenback from a seven-week low. U.S. President Donald Trump''s pro-growth initiatives also boosted sentiments. "Everybody was a'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hongkong-property-idUSL4N1FH1JL'|'2017-01-27T12:11:00.000+02:00'|284.0|''|-1.0|'' -285|'f392878dd0630004830e643625341351ea4b527d'|'Italian senators tell government to keep Generali Italian'|'ROME More than 100 Italian senators - many from the ruling Democratic Party - have tabled a question in parliament asking the government what steps it plans to take to protect insurer Generali from any foreign takeover.Generali, Italy''s biggest insurer, has seen recent leadership changes amid mounting talk that foreign companies such as France''s AXA ( AXAF.PA ) and Germany''s Allianz ( ALVG.DE )are interesting in the group.One of the senators, Francesco Russo, said in a statement on Thursday that the parliamentary question had been presented to Economy Minister Pier Carlo Padoan.Italy''s biggest retail bank Intesa SanPaolo ( ISP.MI ) said this week it was considering a tie-up with Generali.(Reporting by Giuseppe Fonte, writing by Gavin Jones)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-generali-m-a-senators-idUSKBN15A29G'|'2017-01-26T19:29:00.000+02:00'|285.0|''|-1.0|'' +285|'f392878dd0630004830e643625341351ea4b527d'|'Italian senators tell government to keep Generali Italian'|'ROME More than 100 Italian senators - many from the ruling Democratic Party - have tabled a question in parliament asking the government what steps it plans to take to protect insurer Generali from any foreign takeover.Generali, Italy''s biggest insurer, has seen recent leadership changes amid mounting talk that foreign companies such as France''s AXA ( AXAF.PA ) and Germany''s Allianz ( ALVG.DE )are interesting in the group.One of the senators, Francesco Russo, said in a statement on Thursday that the parliamentary question had been presented to Economy Minister Pier Carlo Padoan.Italy''s biggest retail bank Intesa SanPaolo ( ISP.MI ) said this week it was considering a tie-up with Generali.(Reporting by Giuseppe Fonte, writing by Gavin Jones)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-generali-m-a-senators-idUSKBN15A29G'|'2017-01-26T19:29:00.000+02:00'|285.0|21.0|2.0|'' 286|'20818274a9b9ebd9212c5e52256ef4452f4a9dc6'|'Theresa May''s Brexit speech leaves small firms in the dark - Guardian Small Business Network'|'T heresa Mays speech on Tuesday was the governments first informative announcement on what the UK will look like after Brexit.A customs union with the EU has been ruled out so the UK can negotiate trade deals with countries outside the EU. This hard Brexit would mean that, after we leave, the UK will trade with the EU and the rest of the world under World Trade Organisation rules, until it has negotiated its new trade deals. That is unless we make an interim agreement with the EU before we leave, which would also need to be approved by the WTO. However, we still could not make trade agreements with countries outside the EU before Brexit without the EUs approval.The EU continues to be our biggest trade and investment partner. Exiting the single market without any other trade deal with the EU in place would mean a 5% cost disadvantage for UK manufacturers, who would face import taxes in the EU.EU referendum: how would Brexit change VAT and import duties? Read more The UKs main exports are in business-to-business, professional and financial services. Leaving the single market would reduce the size of the market available to these exporters, for reasons such as loss of mutual recognition of standards. For example, lawyers directives that allow solicitors to cross borders temporarily or permanently under their UK title , and the likely loss of the financial services EU passport . While Mays negotiating position is for us to keep that right to provide financial services across borders the EU principle is that if you leave the union you lose that privilege, so it will be a tough negotiation.Few trade agreements in the world have managed to remove the barriers to services trade, because it requires trade partners to commit to harmonisation of standards in product, services and labour markets. If a future customs agreement with the EU is to maintain comparable levels of market access for service exports, the UK must prioritise getting mutual recognition of standards from the EU. May has committed to incorporating EU law into UK law after Brexit to enable a smooth transition. After this, the UK will decide which rules it wants to keep. As such, for a temporary trade agreement, our standards will match the EUs. For a permanent agreement, we will need new commitments based on new laws. This will be a hard and typically take several years, or even decades.The speech did reveal that the government will work on getting an interim trade agreement with the EU. This is the best path forward. A temporary agreement would ease uncertainty among businesses and would buy the UK time to work out a permanent settlement.However, it is unlikely that the UK could reach a temporary deal before the date set for us to leave the EU. As such, it is likely that the temporary deal could follow an existing model like that of Norway. Immigration The Brexit speech has laid out the governments intentions it will not compromise on control over EU immigration to get single market access. This clarity is welcome, but the speech could have done away with many of the Eurosceptic claims that lack verifiable evidence. This includes those comments regarding the economic impact of immigration there is little hard evidence that EU immigrants put pressure on schools and wages.Even if we negotiate several trade deals with the rest of the world, it will be a long, arduous task to make up for the reduced trade and investment from the single market. And we would still need to resolve difficult issues, such as worker visas or investment disputes procedures, issues that slowed the EU in trade deals with large economies like the US, China or India.Many questions were left unanswered for small firms. It is likely that post Brexit they are going to find it even harder to participate in international markets and to get access to government funds. The prime ministers speech suggested the UK would use tax concessions to prevent businesses from leaving, but the link between tax concessions and economic growth is tenuous. And it comes at the risk of exacerbating economic inequality and of putting in place an industrial strategy that provides special favours to particular firms. This would go against the spirit of the Brexit vote, and the prime ministers promise to reverse the years of economic neglect that have divided the country.Swati Dhingra is an assistant professor at the department of economics at the London School of Economics, researching international economics, globalisation and industrial policy. She is co-author of the recent Life after Brexit report by LSEs centre for economic performance. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/jan/18/brexit-speech-leaves-small-firms-in-the-dark'|'2017-01-18T02:00:00.000+02:00'|286.0|''|-1.0|'' -287|'425448e2ef5740f56c59b70feb652f526eb76ec6'|'Fox needs Patriots'' popularity to drive Super Bowl ratings'|'Sports News 23pm EST Fox needs Patriots'' popularity to drive Super Bowl ratings Jan 22, 2017; Foxborough, MA, USA; New England Patriots quarterback Tom Brady (12) celebrates with the Lamar Hunt Trophy after defeating the Pittsburgh Steelers in the 2017 AFC Championship Game at Gillette Stadium. Mandatory Credit: Winslow Townson-USA TODAY Sports By Tim Baysinger - NEW YORK NEW YORK Fox will have to rely on the popularity of the New England Patriots as they face the less-celebrated Atlanta Falcons if it wants to draw a record U.S. television crowd for the Super Bowl. The 21st Century Fox unit is set to broadcast the 51st edition of the National Football Leagues title game on Feb. 5 in what is traditionally the most-watched TV show of the year with viewership of more than 100 million. Big Super Bowl ratings are particularly important this year as the NFL is coming off a season in which it saw its average TV audience drop by 8 percent. The league was hoping the playoffs would continue its post-U.S. election turnaround but the post-season has been filled with one-sided match-ups, with an average margin of victory of 15.7 points. Heading into Sunday''s conference championships games, NFL playoff games have averaged 33.2 million viewers, down more than 3 percent from last year. This years title game in Houston pits the four-time Super Bowl champion Patriots against the Falcons, who are making only their second Super Bowl appearance. Fox is getting more than $5 million for 30 seconds of commercial time and as high as $700,000 for a spot in the online livestream of the game, according to Fox Sports chief executive Eric Shanks. Fox has not sold its entire ad inventory for the game yet, hoping to command a premium from any last-minute buyers, although a Falcons-Patriots matchup may not command quite as a high a rate. While the Falcons have quarterback Matt Ryan, a favorite to win the NFLs Most Valuable Player award, Fox missed out on a chance of having Patriots quarterback Tom Brady square off against Green Bays superstar quarterback Aaron Rodgers after the Packers were defeated by the Falcons on Sunday. This came a week after the Packers eliminated the Dallas Cowboys from the playoffs. A Cowboys-Patriots Super Bowl was widely considered to be the most enticing TV match-up. Four of the five most-viewed games this season featured the Cowboys and their one playoff game brought in 48.5 million viewers, the most for any TV show since last years Super Bowl. "They just have an incredibly strong national following," said Jason Maltby, director of national broadcast TV at ad agency MindShare. Losing Dallas is definitely a minus for them. The Falcons have little national presence. In their first Super Bowl appearance in 1999, they were easily defeated by the Denver Broncos in what was the least-viewed Super Bowl of the past 20 years with 83.7 million viewers. Atlanta just hasnt been there a lot, and while Matt Ryan is definitely a premiere QB ... hes just not as well known, Maltby said. The advertising market has been slower this year due to the lower TV ratings and increased advertiser spending on the U.S. presidential election and Summer Olympics in 2016, according to a media buyer with knowledge of the negotiations. Fox did not immediately respond when asked for an update on ad sales. (Reporting by Tim Baysinger; Editing by Bill Trott) Next In Sports News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nfl-superbowl-ratings-idUSKBN1572C6'|'2017-01-24T00:18:00.000+02:00'|287.0|''|-1.0|'' +287|'425448e2ef5740f56c59b70feb652f526eb76ec6'|'Fox needs Patriots'' popularity to drive Super Bowl ratings'|'Sports News 23pm EST Fox needs Patriots'' popularity to drive Super Bowl ratings Jan 22, 2017; Foxborough, MA, USA; New England Patriots quarterback Tom Brady (12) celebrates with the Lamar Hunt Trophy after defeating the Pittsburgh Steelers in the 2017 AFC Championship Game at Gillette Stadium. Mandatory Credit: Winslow Townson-USA TODAY Sports By Tim Baysinger - NEW YORK NEW YORK Fox will have to rely on the popularity of the New England Patriots as they face the less-celebrated Atlanta Falcons if it wants to draw a record U.S. television crowd for the Super Bowl. The 21st Century Fox unit is set to broadcast the 51st edition of the National Football Leagues title game on Feb. 5 in what is traditionally the most-watched TV show of the year with viewership of more than 100 million. Big Super Bowl ratings are particularly important this year as the NFL is coming off a season in which it saw its average TV audience drop by 8 percent. The league was hoping the playoffs would continue its post-U.S. election turnaround but the post-season has been filled with one-sided match-ups, with an average margin of victory of 15.7 points. Heading into Sunday''s conference championships games, NFL playoff games have averaged 33.2 million viewers, down more than 3 percent from last year. This years title game in Houston pits the four-time Super Bowl champion Patriots against the Falcons, who are making only their second Super Bowl appearance. Fox is getting more than $5 million for 30 seconds of commercial time and as high as $700,000 for a spot in the online livestream of the game, according to Fox Sports chief executive Eric Shanks. Fox has not sold its entire ad inventory for the game yet, hoping to command a premium from any last-minute buyers, although a Falcons-Patriots matchup may not command quite as a high a rate. While the Falcons have quarterback Matt Ryan, a favorite to win the NFLs Most Valuable Player award, Fox missed out on a chance of having Patriots quarterback Tom Brady square off against Green Bays superstar quarterback Aaron Rodgers after the Packers were defeated by the Falcons on Sunday. This came a week after the Packers eliminated the Dallas Cowboys from the playoffs. A Cowboys-Patriots Super Bowl was widely considered to be the most enticing TV match-up. Four of the five most-viewed games this season featured the Cowboys and their one playoff game brought in 48.5 million viewers, the most for any TV show since last years Super Bowl. "They just have an incredibly strong national following," said Jason Maltby, director of national broadcast TV at ad agency MindShare. Losing Dallas is definitely a minus for them. The Falcons have little national presence. In their first Super Bowl appearance in 1999, they were easily defeated by the Denver Broncos in what was the least-viewed Super Bowl of the past 20 years with 83.7 million viewers. Atlanta just hasnt been there a lot, and while Matt Ryan is definitely a premiere QB ... hes just not as well known, Maltby said. The advertising market has been slower this year due to the lower TV ratings and increased advertiser spending on the U.S. presidential election and Summer Olympics in 2016, according to a media buyer with knowledge of the negotiations. Fox did not immediately respond when asked for an update on ad sales. (Reporting by Tim Baysinger; Editing by Bill Trott) Next In Sports News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nfl-superbowl-ratings-idUSKBN1572C6'|'2017-01-24T00:18:00.000+02:00'|287.0|28.0|0.0|'' 288|'946cc9b9b99e715ae3c574250c8a7b63d1cb75d7'|'MOVES-Pension Infrastructure Platform, Willis Towers Watson, BlueBay Asset'|'Company 36am EST MOVES-Pension Infrastructure Platform, Willis Towers Watson, BlueBay Asset Jan 18 The following financial services industry appointments were announced on Wednesday. To inform us of other job changes, email moves@thomsonreuters.com. PENSION INFRASTRUCTURE PLATFORM (PIP) The investment manager developed by UK pension funds to invest in UK infrastructure, appointed Tony Poulter as chairman. WILLIS TOWERS WATSON PLC The global advisory, broking and solutions firm named Mike Liss as head of its corporate risk and broking (CRB) business in North America, effective immediately. BLUEBAY ASSET MANAGEMENT LLP The fixed income manager appointed Timothy Ash to the newly created role of emerging markets senior sovereign strategist in its emerging market debt team. (Compiled by Diptendu Lahiri in Bengaluru) Next In Company News Gates charity to sell 60 mln Berkshire shares, as Buffett urged Jan 18 The foundation created by billionaire Bill Gates and his wife Melinda plans to sell 60 million Class B shares of Berkshire Hathaway Inc donated by Warren Buffett, reflecting the fellow billionaire''s desire that proceeds be spent on charitable works.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL4N1F84K2'|'2017-01-18T22:36:00.000+02:00'|288.0|''|-1.0|'' 289|'0bdb2de6a8bf5d32257c37942daa013f0625720f'|'BRIEF-Fisco says unit NCXX Group''s business and capital alliance with Terilogy'|'Financials 48am EST BRIEF-Fisco says unit NCXX Group''s business and capital alliance with Terilogy Jan 17 Fisco Ltd : * says its unit NCXX Group Inc formed a business and capital alliance with Terilogy Co Ltd on Jan. 17 * Says the alliance is for cooperate on joint development of products, promotion of sales, joint marketing of new products * Says NCXX Group will acquire 2,291,700 shares (14.9 percent voting rights) of Terilogy at price of 630,217,500 yen on Feb. 1 Source text in Japanese: goo.gl/XeANLM Further company Coverage: (Beijing Headline News) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1F730W'|'2017-01-17T15:48:00.000+02:00'|289.0|''|-1.0|'' 290|'6002f008b6eb0d7d5f710e3f00ca96ddd092f9d6'|'Mexico telecom ruling struck down in blow to Televisa -sources'|'MEXICO CITY A Mexican tribunal struck down a ruling on Thursday that said broadcaster Grupo Televisa did not have market power in pay television, two people with knowledge of the matter said, opening the door to tougher rules against the company.The move by the tribunal upheld a legal challenge to the 2015 ruling by the Federal Telecommunications Institute (IFT), and it means the telecoms regulator must make its decision again, said the two people, who declined to be named.The IFT justified its decision at the time by saying competitors such as Dish, Megacable and Axtel were adding subscribers and taking market share from Televisa. The ruling was challenged by a rival cable provider, Total Play, part of Grupo Salinas.Televisa is the country''s largest satellite and cable television provider, accounting for some 60 percent of all pay TV subscribers, according to the latest IFT figures.A Grupo Televisa spokesman said the company had not been notified of Thursday''s decision by the tribunal. The IFT did not immediately return a request for comment. Tribunal officials could not immediately be reached for comment.If the IFT reassesses its decision and rules Televisa does have market power in pay television, it would mean the regulator could impose special antitrust measures on the company.(Reporting by Christine Murray; Editing by Daniel Wallis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-televisa-regulator-idINKBN15400I'|'2017-01-19T21:09:00.000+02:00'|290.0|''|-1.0|'' @@ -305,7 +305,7 @@ 303|'b4fa412a4d92aae1672692b2ff791e730b3b2e02'|'UPDATE 1-Honduras sets IPTs on 2027 bond'|'(Adds secondary levels)By Paul KilbyNEW YORK, Jan 12 (IFR) - The Republic of Honduras, rated B2/B+, announced initial price thoughts on Thursday of mid-to-high 6% on a 2027 US dollar bond, according to a lead on the deal.The Central American country was last in the international markets in late 2013 when it issued a 2020 to yield 8.75%.That bond has been trading at a bid yield of around 5.50%, while the borrower''s 7.5% 2024 is being Quote: d at around 6.06%, according to Thomson Reuters data.Bank of America Merrill Lynch and Citigroup are acting as leads on the new offering, which is expected to price later on Thursday. (Reporting by Paul Kilby; Editing by Natalie Harrison and Marc Carnegie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/honduras-bond-idINL1N1F20QI'|'2017-01-12T11:37:00.000+02:00'|303.0|''|-1.0|'' 304|'6e9a6cb2eb6bacba8d4bccbf2036674e9a286486'|'BRIEF-Zoom Video Communications says raised $100 mln in series D funding'|'Market News - Tue Jan 17, 2017 - 7:55am EST BRIEF-Zoom Video Communications says raised $100 mln in series D funding Jan 17 Zoom Video Communications * Says raised $100 million in series D funding * Zoom Video Communications - funding from Sequoia, with additional participation from Emergence Capital, Jerry Yang''s AME Cloud Ventures, Qualcomm Ventures Source text for Eikon: Next In Market News Trump adviser Scaramucci says parts, not all, of NATO obsolete DAVOS, Switzerland, Jan 17 A senior advisor to U.S. President-elect Donald Trump said his comments about the NATO alliance being "obsolete" reflect how the world has changed, but should not be interpreted as meaning that it needs to be consigned to history.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1F70HB'|'2017-01-17T19:55:00.000+02:00'|304.0|''|-1.0|'' 305|'381c0be1cb3137658e5efeaf79de72adc1cdf931'|'Egypt''s Finance Ministry issues $888 mln one-year dollar-denominated t-bill'|'Financials 23am EST Egypt''s Finance Ministry issues $888 mln one-year dollar-denominated t-bill CAIRO Jan 9 Egypt issued one-year treasury bills worth $888 million at an average yield of 3.7 percent, the central bank said on Monday. The minimum yield was 3.65 percent and the maximum 3.7 percent, the bank said in a statement. (Reporting by Asma Alsharif; Editing by Angus MacSwan) Next In Financials Petrobras to buy back up to $2 bln of debt in cash, offer new bonds SAO PAULO, Jan 9 Petrleo Brasileiro SA has launched a program to buy back up to $2 billion of existing bonds in cash and the offering of new debt, as the world''s most indebted oil company seeks to refinance debt maturing before the end of the decade. * Ariad Pharmaceuticals Inc - Deal for $24.00 per share in cash, or an enterprise value of approximately $5.2 billion MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/egypt-debt-treasuries-idUSL5N1EZ3N5'|'2017-01-09T20:23:00.000+02:00'|305.0|''|-1.0|'' -306|'b81f862f896d5c60dffe2d85e491b6a74ba72aac'|'Looser euro zone fiscal stance not in line with rules, sustainability - IMF'|'BRUSSELS The International Monetary Fund clashed on Thursday with the European Commission, saying it advocated a neutral fiscal stance for the euro zone as a whole rather than an expansionary one as suggested by the EU executive arm.The view was presented in a regular assessment of the economy of the 19 countries sharing the euro, at a meeting of euro zone finance ministers on Thursday."The sum of our current fiscal policy advice to each euro area member implies a broadly neutral aggregate fiscal stance for the euro area," the IMF said.The European Commission said last year that the aggregate fiscal stance of the euro zone should be expansionary to the tune of 0.5 percent of GDP to address the euro zone''s negative output gap.But the IMF said a looser fiscal stance to address that would not be consistent with fiscal sustainability at the individual country level nor with EU budget rules -- the Stability and Growth Pact."Instead, a more accommodative overall stance would require the creation of a central fiscal capacity (CFC), which the monetary union needs to offset large, adverse country-specific shocks," the IMF said, referring to a politically very sensitive idea of creating a separate euro zone budget."But this will take time, and building political support will depend on the credible enforcement of existing fiscal rules," it said.The Fund said the existing rules were to complex and should instead focus on a single fiscal anchor and a single operational target, together with more automatic enforcement."The rules could also be reinforced by making access to central funds conditional on compliance," it said.(Reporting By Jan Strupczewski)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/eurozone-imf-fiscal-idINKBN15A2OJ'|'2017-01-26T16:07:00.000+02:00'|306.0|''|-1.0|'' +306|'b81f862f896d5c60dffe2d85e491b6a74ba72aac'|'Looser euro zone fiscal stance not in line with rules, sustainability - IMF'|'BRUSSELS The International Monetary Fund clashed on Thursday with the European Commission, saying it advocated a neutral fiscal stance for the euro zone as a whole rather than an expansionary one as suggested by the EU executive arm.The view was presented in a regular assessment of the economy of the 19 countries sharing the euro, at a meeting of euro zone finance ministers on Thursday."The sum of our current fiscal policy advice to each euro area member implies a broadly neutral aggregate fiscal stance for the euro area," the IMF said.The European Commission said last year that the aggregate fiscal stance of the euro zone should be expansionary to the tune of 0.5 percent of GDP to address the euro zone''s negative output gap.But the IMF said a looser fiscal stance to address that would not be consistent with fiscal sustainability at the individual country level nor with EU budget rules -- the Stability and Growth Pact."Instead, a more accommodative overall stance would require the creation of a central fiscal capacity (CFC), which the monetary union needs to offset large, adverse country-specific shocks," the IMF said, referring to a politically very sensitive idea of creating a separate euro zone budget."But this will take time, and building political support will depend on the credible enforcement of existing fiscal rules," it said.The Fund said the existing rules were to complex and should instead focus on a single fiscal anchor and a single operational target, together with more automatic enforcement."The rules could also be reinforced by making access to central funds conditional on compliance," it said.(Reporting By Jan Strupczewski)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/eurozone-imf-fiscal-idINKBN15A2OJ'|'2017-01-26T16:07:00.000+02:00'|306.0|18.0|0.0|'' 307|'f52c8765e863bfdc4615ca668bd19f98e5664b5e'|'Carlyle to buy South Africa''s Global Credit Ratings'|'Funds News 34am EST Carlyle to buy South Africa''s Global Credit Ratings LONDON Jan 17 Carlyle Group has agreed to acquire Johannesburg-based ratings agency Global Credit Ratings (GCR), a spokeswoman for the U.S. buyout fund said on Tuesday. Terms of the acquisition, which was first reported by the Financial Times, were not disclosed. Carlyle raised $698 million for its Africa buyout fund in 2014, exceeding its $500 million target. In November, Carlyle, which has $169 billion of assets under management, agreed to acquire a majority share of CMC Networks, a pan-African telecommunications business. In September, it agreed to buy a majority share of Amrod, a supplier of promotional products and clothing in South Africa and neighbouring countries. (Reporting by Dasha Afanasieva; editing by Jason Neely) Next In Funds News Thailand''s CP All and three funds compete for Polish retailer Zabka - sources WARSAW, Jan 16 Thailand''s top convenience store chain CP All Pcl and three private equity funds are competing to buy Polish retail chain Zabka from Mid Europa Partners, in a deal valued at up to 1.5 billion euros ($1.59 billion), sources familiar with the transaction said.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/globalratingsagency-ma-carlyle-group-idUSL5N1F718A'|'2017-01-17T14:34:00.000+02:00'|307.0|''|-1.0|'' 308|'adbe7e013b777245db7735c4edd8ef7f252835b3'|'Indonesian tycoon Tahir says keen to buy StanChart''s Permata stake'|'JAKARTA Indonesian tycoon Tahir said on Monday he is interested in buying Asia-focused lender Standard Chartered Plc''s ( STAN.L ) entire stake in Indonesia''s PT Bank Permata Tbk ( BNLI.JK ).Standard Chartered and Indonesian conglomerate PT Astra International Tbk ( ASII.JK ) each owned 44.8 percent of Permata as of Sept. 30, according to Thomson Reuters data. Permata shares surged as much as 12.4 percent on Monday."Actually we want all of Permata shares," Tahir told Reuters by telephone. "But at the moment the one that is planning to sell is StanChart, so we are targeting that first."Standard Chartered and Permata were not immediately available to comment.(Reporting by Cindy Silviana; Writing by Eveline Danubrata; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stanchart-bank-permata-deals-idINKBN1500CZ'|'2017-01-16T02:00:00.000+02:00'|308.0|''|-1.0|'' 309|'e05446b15ed1cc5d5b8d97c1d19ce4a80e415acc'|'BRIEF-J&J''s DePuy Synthes acquires technology from Interventional Spine Inc'|'Jan 3 (Reuters) -* DePuy Synthes acquires Interventional Spine expandable cage technology to accelerate growth in spine* DePuy Synthes Products - Financial terms of transaction have not been disclosed* DePuy Synthes says it is also acquiring Interventional Spine''s facet screw system for open and percutaneous spine surgery Source text:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/finance/article/idINASC09PCC'|'2017-01-03T15:09:00.000+02:00'|309.0|''|-1.0|'' @@ -329,7 +329,7 @@ 327|'2801558df5b4028b05124322db30fdb5d8faeead'|'Euro zone factories entering 2017 in good shape, PMI shows'|' 08am GMT Euro zone factories entering 2017 in good shape, PMI shows High voltage switch gear is seen in a show room of German industrial group Siemens in Berlin, Germany, April 21, 2016. REUTERS/Fabrizio Bensch LONDON Manufacturers in the euro zone started 2017 on a solid footing, after ramping up activity at the fastest pace in more than five years in December and building up a burgeoning order book, a survey showed on Monday. IHS Markit''s final 2016 manufacturing Purchasing Managers'' Index for the euro zone registered 54.9 in December, in line with an earlier flash estimate and its highest since April 2011. That was above both the 50 mark which separates growth from contraction and November''s 53.7. An index measuring output, which feeds into the composite PMI, jumped to a 32-month high of 56.1 from 54.1. "Euro zone manufacturers are entering 2017 on a strong footing, having ended 2016 with a surge in production," said Chris Williamson, chief business economist at IHS Markit. "To put the PMI data into perspective, the five-and-a-half-year high reached in December is broadly consistent with factory output growing at an impressive annual rate of approximately 4 percent." Suggesting this month will also be strong, a new orders sub-index climbed to 55.9 from 54.4, its highest since April 2011, even though companies raised prices at the fastest rate in over five years. "Policymakers will be doubly pleased to see the manufacturing sector''s improved outlook being accompanied by rising price pressures," Williamson said. In a surprise move last month, the European Central Bank cut asset purchases but promised protracted stimulus to aid a still-fragile recovery and bolster weak inflation. '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-pmi-idUKKBN14M0CF'|'2017-01-02T16:08:00.000+02:00'|327.0|''|-1.0|'' 328|'7a6a675558e7d95b27b9822df0bce5df063a0228'|'UPDATE 1-Weak Chinese market may hit elevator maker Kone in 2017'|' 52am EST Weak Chinese market may hit elevator maker Kone in 2017 HELSINKI Sales and profits at Finnish elevator maker Kone Oyj ( KNEBV.HE ) may fall this year due to a weak Chinese market, it said on Thursday, sending its shares as much as 7 percent lower. Kone reported record sales and operating profit for 2016 as growth in other regions offset a cooling business in China, where the company made about 30 percent of its sales. But this year, it said sales were likely to be in a range of down 1 percent to up 3 percent from 8.78 billion ($9.42 billion) in 2016, while operating income is seen at 1.18-1.30 billion euros, compared with 1.29 billion last year. "In monetary value, the (Chinese) market declined clearly (in the fourth quarter) due to the intense price pressure as well as the continued shift in customer preferences toward lower-specification products," Chief Executive Henrik Ehnrooth said in a statement. "In 2017, we expect the (Chinese) market to decline by 0-5 percent in unit terms and the competition to remain intense." At 1130 GMT, Kone shares were down 6.9 percent at 42 euros, the biggest fall by a European blue-chip stock .FTEU3 , after touching a six week low of 41.68 euros. One analyst said Kone seemed to be both lowering prices and losing market share in China. "The stock is still attractive as a long-term investment, but at its current price and with pressure from China it may have reached its short term peak," said Juha Kinnunen at Inderes Equity Research, who has a "reduce" rating on the shares. Kone is the world''s second-biggest elevator maker after Otis, a unit of U.S. company United Technologies ( UTX.N ). Rivals also include Swiss company Schindler ( SCHP.S ) and Germany''s ThyssenKrupp ( TKAG.DE ). (Reporting by Jussi Rosendahl and Tuomas Forsell; Editing by Gwladys Fouche and Mark Potter) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-kone-results-idUSKBN15A175'|'2017-01-26T18:39:00.000+02:00'|328.0|''|-1.0|'' 329|'37f20aae6faebb01096cd88cde0618cdbc60b7a6'|'Crisis-hit BT seeks to reassure investors, points to strong consumer demand'|'LONDON BT, the telecoms group reeling from an accounting scandal and a slowdown in its government work, said it was seeing record growth in its EE mobile unit and good momentum in consumer operations in a bid to reassure investors.In results overshadowed by the profit warning on Tuesday that wiped out a fifth of its market value, the group said it had added 83,000 broadband customers in its third quarter, while 260,000 switched to faster fibre connections."I am deeply disappointed with the unacceptable practices by some that we''ve found," Chief Executive Gavin Patterson said.Adjusted core earnings for the quarter rose 18 percent to 1.87 billion pounds, it said.(Reporting by Paul Sandle; editing by Kate Holton)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/bt-group-results-idINKBN15B0IW'|'2017-01-27T04:19:00.000+02:00'|329.0|''|-1.0|'' -330|'71febc5a433b21741c11c07ba75022718869130f'|'China''s BYD plans to sell passenger cars in U.S. in 2-3 years -exec'|'BEIJING Jan 19 BYD Co Ltd plans to sell electric passenger cars in the United States in about two to three years, an executive said on Thursday, as it races to be the first Chinese automaker to sell cars to American drivers.BYD, backed by Warren Buffett''s Berkshire Hathaway Inc , specializes in electric and plug-in petrol-electric hybrid vehicles. At present, its U.S. presence is limited to producing buses and selling fleet vehicles such as taxis.Li Yunfei, BYD''s deputy general manager for branding and public relations, said its passenger car plan was not fixed as entering the U.S. was a complicated process."It could be adjusted," Li said at an event in Beijing. "Now we can only say roughly 2 to 3 years."China''s government has used a raft of policies, including billions of dollars in subsidies, to spur a boom in electric and plug-in hybrid sales since 2015. The U.S., meanwhile, has lagged.BYD has had false starts in the U.S., with Chairman Wang Chuanfu previously saying the automaker would begin selling in the U.S. in 2010. Other Chinese peers have also encountered delays in entering the market.GAC Motor, a subsidiary of Guangzhou Automobile Group Co Ltd , displayed three models at the Detroit Auto Show earlier this month, stating it would enter the U.S. by 2019 instead of a previous goal of 2017.A GAC Motor spokeswoman declined to elaborate on the delay. (Reporting by Jake Spring; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/byd-usa-idINL4N1F926I'|'2017-01-19T03:00:00.000+02:00'|330.0|''|-1.0|'' +330|'71febc5a433b21741c11c07ba75022718869130f'|'China''s BYD plans to sell passenger cars in U.S. in 2-3 years -exec'|'BEIJING Jan 19 BYD Co Ltd plans to sell electric passenger cars in the United States in about two to three years, an executive said on Thursday, as it races to be the first Chinese automaker to sell cars to American drivers.BYD, backed by Warren Buffett''s Berkshire Hathaway Inc , specializes in electric and plug-in petrol-electric hybrid vehicles. At present, its U.S. presence is limited to producing buses and selling fleet vehicles such as taxis.Li Yunfei, BYD''s deputy general manager for branding and public relations, said its passenger car plan was not fixed as entering the U.S. was a complicated process."It could be adjusted," Li said at an event in Beijing. "Now we can only say roughly 2 to 3 years."China''s government has used a raft of policies, including billions of dollars in subsidies, to spur a boom in electric and plug-in hybrid sales since 2015. The U.S., meanwhile, has lagged.BYD has had false starts in the U.S., with Chairman Wang Chuanfu previously saying the automaker would begin selling in the U.S. in 2010. Other Chinese peers have also encountered delays in entering the market.GAC Motor, a subsidiary of Guangzhou Automobile Group Co Ltd , displayed three models at the Detroit Auto Show earlier this month, stating it would enter the U.S. by 2019 instead of a previous goal of 2017.A GAC Motor spokeswoman declined to elaborate on the delay. (Reporting by Jake Spring; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/byd-usa-idINL4N1F926I'|'2017-01-19T03:00:00.000+02:00'|330.0|25.0|-1.0|'' 331|'bde2559b1834ece5e52d030891f00fdf0e63e2ac'|'Dixons Carphone beats forecasts for Christmas trading'|' 38am GMT Dixons Carphone beats forecasts for Christmas trading FILE PHOTO - The headquarters of Carphone Warehouse is seen in west London May 15, 2014. REUTERS/Toby Melville/File Photo LONDON Dixons Carphone, Britain''s largest electricals and mobile phone retailer, on Tuesday beat forecasts for trading in its key Christmas quarter and kept its profit outlook for the full year. The firm, which trades as Currys, PC World and Carphone Warehouse in Britain, Elkjop and Elgiganten in Nordic countries and Kotsovolos in Greece, said sales at stores open over a year rose 4 percent in the 10 weeks to Jan. 7. That compared with analysts'' consensus forecast of a rise of 2.5 percent and a first half increase of 4 percent. "We believe that we have outperformed the market during the period," said Chief Executive Seb James, adding he was looking forward to another year of growth. Like-for-like sales in the UK and Ireland rose 6 percent versus analysts'' consensus forecast of 3.5 percent growth. Underlying sales increased 5 percent in the southern Europe division but fell 1 percent in the Nordics, where the firm focused on optimising profit margins. Dixons Carphone forecast a 2016-17 underlying pretax profit of 475-495 million pounds, up from 447 million pounds in 2015-16. Though the firm has had a strong run of trading statements over the last year, its shares have still fallen 28 percent, reflecting its exposure to high-cost goods and perceived vulnerability to any consumer spending squeeze this year. Last month, Dixons Carphone reported a 19 percent rise in first-half profit, but said it was planning for the possibility of more uncertain times ahead. The stock closed Monday at 336 pence, valuing the business at 3.8 billion pounds. (Reporting by James Davey; Editing by Sarah Young and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dixons-carphone-outlook-idUKKBN1580LV'|'2017-01-24T14:22:00.000+02:00'|331.0|''|-1.0|'' 332|'ef012cc15e08ceb9951e5459426cffbf548e12df'|'Swiss stocks - Factors to watch on Jan 19'|'ZURICH Jan 19 The following are some of the main factors expected to affect Swiss stocks on Thursday:UBSChairman Axel Weber has said that around 1,000 of the Swiss bank''s 5,000 employees based in London could be impacted by Britain''s exit from the European Union.For more click onCREDIT SUISSECredit Suisse formally agreed to pay $5.3 billion to settle with U.S. authorities over claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis. As part of the settlement, announced by the U.S. Department of Justice on Wednesday, the Zurich-based bank acknowledged that home loans it pooled into the securities did not meet underwriting guidelines, with some described by employees as "complete crap" and " tter complete garbage."For more click onCOMPANY STATEMENTS* Galenica said preparations for the division of the group planned for 2017 are on track and that Jrg Kneubuehler, current CEO of Galenica Sant, has been designated future chairman of the Board of Directors of Galenica Sant, and Jean-Claude Clmenon, current head retail business sector, as its future CEO. The changes will come into effect following the planned IPO of Galenica Sant. It also said consolidated net sales rose 8.6 percent in 2016 to 4.118 billion Swiss francs ($4.09 billion) while confirming the profit and EBIT forecasts for 2016 communicated in October.* Liechtensteinische Landesbank said it expects a net profit of about 104 million Swiss francs for 2016.* Looser Holding said full-year net revenues were 434.3 million Swiss francs, 0.5 percent below the prior year level, adding that it continues to expect earnings growth and an increase in EBITDA margin for the full financial year 2016.* Arbonia posted net revenue of 995.3 million Swiss francs for the full year, an increase of 5.7 percent in comparison to the previous year.* Investis Holding on Wednesday said it successfully issued a 140 million Swiss francs fixed-rate bond with a coupon of 0.25 percent and a tenor of two years in market.* WISeKey International Holding said it would partner with Stratumn to provide enterprise grade process security software based on blockchain technologies.ECONOMYSwiss producer and import prices for December to be released at 0815 GMT. ($1 = 1.0072 Swiss francs) (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL5N1F90HH'|'2017-01-19T03:28:00.000+02:00'|332.0|''|-1.0|'' 333|'d92c3bff4b9cd60131df3fafc2ab0107299d4155'|'Fitch Affirms Bangladesh at ''BB-''; Outlook Stable'|'Financials 18am EST Fitch Affirms Bangladesh at ''BB-''; Outlook Stable (The following statement was released by the rating agency) HONG KONG, January 16 (Fitch) Fitch Ratings has affirmed Bangladesh''s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ''BB-''. The Outlooks on the Long-Term IDRs are Stable. The Country Ceiling has been affirmed at ''BB-'' and the Short-Term Foreign- and Local-Currency IDRs at ''B''. KEY RATING DRIVERS Bangladesh''s ratings balance strong foreign-currency earnings and high and stable real GDP growth against weak structural indicators, significant political risk and weak banking-sector health. Bangladesh''s external finances are supported by comfortable and gradually rising foreign-exchange reserves, amounting to USD32.1bn in December 2016 (7.9 months of current external payments, compared with 4.4 months for peers in the ''BB'' category). Remittances have started to decline in mid-2016, however, especially inflows from the Middle East, leading to an 11% drop in 2016 to USD13.6bn. Bangladeshi ready-made garment exports continued to be strong, accounting for 81% of total exports and earning the country USD26.1bn in the first 11 months of 2016 (USD24.6bn in 2015). In 2017, this sector may feel the pinch of further real effective exchange rate appreciation, although Bangladeshi labour costs are still relatively low. Bangladesh''s real GDP growth is high at a five-year average of 6.5% compared with the ''BB'' category median of 3.5%. Growth has been remarkably stable over the years despite both political turmoil and natural disasters. In the financial year ended 30 June 2016 (FY16), GDP growth was 7.1%, supported by increased purchasing power from public-sector wage hikes and monetary policy loosening. Fitch expects GDP growth to decline to 6.6% in FY17 and 6.4% in FY18, in part due to lower consumer spending resulting from falling remittances. Inflation is relatively high compared with peers, averaging 5.4% in the first half of FY17, but below the authorities'' target of 5.8% set for FY17. Political and safety risks remain substantial in Bangladesh. Security incidents or political turmoil could inflict long-term economic harm if it deters foreign investors and buyers of Bangladeshi goods, especially ready-made garments, from doing business in Bangladesh. Calm has returned after political violence erupting in 2014 and 2015, but continued strong political polarisation could again lead to widespread violence and blockades, especially nearer to parliamentary elections, which are to be held no later than January 2019. The risk that the sovereign will need to provide considerable additional support to the banking sector is substantial, although the small size of private credit, at just 36.5% of GDP, would moderate the impact. The sector''s health and governance standards are generally weak, particularly in public-sector banks. The official non-performing loan ratio is high at 10.3% in 3Q16, while the capital adequacy ratio (CAR) is low at 10.3%, down from 10.6% in 1Q16. The CAR for the six state-owned commercial banks was just 5.6%. Bangladesh''s general government debt was 32.4% of GDP in FY16, which compares well with the ''BB'' median of 51.4%. However, the government''s revenue intake of 9.9% of GDP is the second-lowest of all sovereigns rated by Fitch after Nigeria, implying limited fiscal space to boost badly needed infrastructure development. Implementation of the new VAT has been postponed to July 2017. The new VAT has the potential to significantly boost revenues, but the impact will depend on the details, such as the final tax rate and whether the rate will be uniform for all products. Bangladesh scores poorly on a broad range of structural indicators, such as the World Bank''s governance indicator (22nd percentile versus the ''BB'' median of 50th percentile). GDP per capita of USD1,443 is well below the ''BB'' peer category median of USD5,325, although major improvements have taken place over the past decade on a number of social metrics. The difficult business environment is illustrated by the country''s position of 176th out of 190 countries in the World Bank''s Ease of Doing Business report, while a large infrastructure deficit also hampers investment. However, the government seems focused on making progress on some big ongoing infrastructure projects, including the Padma Multipurpose Bridge. SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO) Fitch''s proprietary SRM assigns Bangladesh a score equivalent to a rating of ''BB'' on the Long-Term Foreign-Currency IDR scale. Fitch''s sovereign rating committee adjusted the output from the SRM to arrive at the final Long-Term Foreign-Currency IDR by applying its QO, relative to rated peers, as follows: - Structural Features: -1 notch, to reflect political risk arising from a polarised political environment and domestic security concerns, as well as weak banking-sector health and governance. Fitch''s SRM is the agency''s proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a Long-Term Foreign-Currency IDR. Fitch''s QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM. RATING SENSITIVITIES The Stable Outlook reflects Fitch''s assessment that upside and downside risks to the rating are well-balanced. The main factors that individually, or collectively, could trigger positive rating action are: - An improvement in governance, which would strengthen the business climate and could improve banking-sector health - A reduction in political risk or domestic security concerns The main factors that individually, or collectively, could trigger negative rating action are: - Protracted substantial economic disruption from materialising political risk or a deterioration in the security situation - A significant rise in the government debt-to-GDP ratio, for example due to substantial government support for the banking sector KEY ASSUMPTIONS - The global economy performs broadly in line with forecasts in Fitch''s latest Global Economic Outlook. Contact: Primary Analyst Thomas Rookmaaker Director +852 2263 9891 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Secondary Analyst Mervyn Tang Director +852 2263 9944 Committee Chairperson Jan Friederich Senior Director +852 2263 9910 Media Relations: Bindu Menon, Mumbai, Tel: +91 22 4000 1727, Email: bindu.menon@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Country Ceilings (pub. 16 Aug 2016) here Sovereign Rating Criteria (pub. 18 Jul 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017596 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch''s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch''s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided "as is" without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit986606'|'2017-01-16T15:18:00.000+02:00'|333.0|''|-1.0|'' @@ -355,7 +355,7 @@ 353|'0f1bb1d62560e12d74b0c94ab1ef3c026b4cd521'|'Brazil''s BRF says halal food unit IPO remains an option'|'SAO PAULO Jan 6 BRF SA, the world''s largest poultry exporter, said on Friday an initial public offering of a subsidiary focused on the halal processed food market remains a strategic option.Reuters reported on Thursday that BRF wants to raise about $1.5 billion from the sale of a 20 percent stake in the unit, known as One Foods Holdings Ltd. In a Friday securities filing in response to the report, BRF said the IPO could take place in London but it is also gauging a private placement. (Reporting by Bruno Federowski; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/one-foods-holdings-ipo-idINE6N1DJ018'|'2017-01-06T18:18:00.000+02:00'|353.0|5.0|0.0|'' 354|'b018ab6f61c443e61257e912da769f62940437e1'|'PRESS DIGEST- British Business - Jan 5'|' 27pm EST PRESS DIGEST- British Business - Jan 5 Jan 5 - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times The Competition and Markets Authority has raised concerns over Mastercard Inc''s takeover of VocaLink Holdings, warning that the deal could give the credit and debit card provider too strong a hold over part of the United Kingdom''s payment systems. bit.ly/2hShkbX Poor Christmas trading at Next Plc has delivered a blow to the entire retail industry, hitting confidence and dragging down the shares in many listed stores groups yesterday. bit.ly/2j6eCvM The Guardian The discount retail chain B&M European Value Retail SA revealed a bumper Christmas trading period with sales up to 7.2 percent at established UK stores in 13 weeks to Dec. 24. bit.ly/2hS8RWh David Metcalf, a founding member of the Low Pay Commission and former chairman of the Migration Advisory Committee, was named on Thursday as the first director of Labour Market Enforcement. bit.ly/2j6fXmd The Telegraph ConvaTec Group Plc, the wound dressings manufacturer, has bought Dutch rival Eurotec Beheer for 25 million euros ($26.30 million), in the company''s first acquisition since listing on the stock market in October. bit.ly/2j6eTi2 Britain''s economy is bouncing back from the slump in business confidence which struck in the wake of the Brexit vote, with services, manufacturing and construction firms all reporting solid growth in the final months of 2016. bit.ly/2j6dg4d Sky News Next Plc has warned its shoppers they face price rises of up to 5 percent in the year ahead, with a series of cost pressures potentially knocking annual profits by as much as 14 percent. bit.ly/2hSh4cV Currency trading broker FxPro has shelved plans for a London stock market flotation amid a crackdown by regulators on financial spread-betting groups. bit.ly/2j6hWXS The Independent Mark Clare is to replace Baroness Ford as the chairman of Grainger Plc, breaking up the first all-female board of a FTSE company. ind.pn/2hShmR6 Department store chain John Lewis Plc saw sales surge by more than a third in the run-up to Christmas, with a similar boost of 31.1 percent at its Waitrose supermarkets, despite tough trading conditions for retailers. ind.pn/2j6ht7O ($1 = 0.9507 euros) (Compiled by Vishal Sridhar; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL4N1EU4C0'|'2017-01-05T08:27:00.000+02:00'|354.0|''|-1.0|'' 355|'9aa1fdfa7b76521f97619dbc73f7cf12ce29b9aa'|'Gates charity to sell 60 mln Berkshire shares, as Buffett urged'|'Business 37am EST Gates charity to sell 60 million Berkshire shares, as Buffett urged Businessman Bill Gates exits through the lobby at Trump Tower in Manhattan, New York City, U.S., December 13, 2016. REUTERS/Andrew Kelly By Jonathan Stempel The foundation created by billionaire Bill Gates and his wife Melinda plans to sell 60 million Class B shares of Berkshire Hathaway Inc ( BRKa.N ) donated by Warren Buffett, reflecting the fellow billionaire'' s desire that proceeds be spent on charitable works. In a regulatory filing on Tuesday, the Bill & Melinda Gates Foundation said the sales would occur from July 1, 2017 to June 30, 2020, under a plan similar to one expiring on June 30, 2017. Sixty million Class B shares of Berkshire are currently worth about $9.6 billion. The Gates Foundation, which works to improve education and health and reduce poverty worldwide, is the largest beneficiary of Buffett''s 2006 commitment to donate nearly all of his wealth to charity. The foundation, which received more than $2.1 billion of Berkshire stock last year, said it owns about 68.71 million Class B shares, worth roughly $11 billion. Bill Gates is a co-founder of Microsoft Corp ( MSFT.O ) and a director of Berkshire. Buffett is also donating Berkshire shares to four family charities. In the HBO documentary "Becoming Warren Buffett" scheduled to air on Jan. 30, Buffett explained why he is giving away his fortune, estimated on Wednesday by Forbes magazine at $71.6 billion despite more than $24.3 billion of donations so far. "In my entire lifetime, everything that I''ve spent will be quite a bit less than 1 percent of everything I make. The other 99 percent plus will go to others because it has no utility to me," Buffett said. "So it''s silly for me to not transfer that utility to people who can use it." The Gates Foundation will sell its Berkshire shares through a 10b5-1 program, named for a federal rule allowing periodic share sales by executives and other insiders without raising the specter of insider trading. (Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-berkshire-hatha-gatesfoundation-idUSKBN15228H'|'2017-01-18T22:34:00.000+02:00'|355.0|''|-1.0|'' -356|'4ac708388d9483c97662c9af546362bea3aa4c52'|'U.S.-based stock funds attract $2.4 bln in weekly period -Lipper'|'Company 57pm EST U.S.-based stock funds attract $2.4 bln in weekly period -Lipper NEW YORK Jan 5 Investors pumped $2.4 billion into U.S.-based stock funds during the week through Jan. 4, Lipper data showed on Thursday, marking the second straight week of inflows. Taxable bond funds took in $1.2 billion during the week, following three straight weeks of withdrawals, the research service said. (Reporting by Trevor Hunnicutt; Editing by Bernard Orr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/investment-mutualfunds-lipper-idUSL1N1EV1XG'|'2017-01-06T04:57:00.000+02:00'|356.0|''|-1.0|'' +356|'4ac708388d9483c97662c9af546362bea3aa4c52'|'U.S.-based stock funds attract $2.4 bln in weekly period -Lipper'|'Company 57pm EST U.S.-based stock funds attract $2.4 bln in weekly period -Lipper NEW YORK Jan 5 Investors pumped $2.4 billion into U.S.-based stock funds during the week through Jan. 4, Lipper data showed on Thursday, marking the second straight week of inflows. Taxable bond funds took in $1.2 billion during the week, following three straight weeks of withdrawals, the research service said. (Reporting by Trevor Hunnicutt; Editing by Bernard Orr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/investment-mutualfunds-lipper-idUSL1N1EV1XG'|'2017-01-06T04:57:00.000+02:00'|356.0|20.0|0.0|'' 357|'ab175c27d5500c69548a4fb56af83fbafd5995f5'|'Syngenta CEO expects regulatory approval for ChemChina deal soon: CNBC'|'ZURICH Syngenta Chief Executive Erik Fyrwald expects regulatory approval soon for ChemChina''s proposed $43 billion takeover of the Swiss pesticides and seeds group, he said on Monday."I am very confident that we will finish the deal. We are making a lot of progress," he told broadcaster CNBC in an interview from the World Economic Forum annual meeting in Davos."We are working well with the U.S. and the EU regulators now toward finalising the agreements with them and expect to be finished in the not too distant future," he said.China National Chemical Corp (ChemChina) [CNNCC.UL] and Syngenta AG have proposed minor concessions to the EU''s competition watchdog to address concerns over their merger plan, sources close to the matter told Reuters last week.(Reporting by Michael Shields; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-syngenta-m-a-chemchina-idINKBN1501Y2'|'2017-01-16T12:54:00.000+02:00'|357.0|''|-1.0|'' 358|'5a8ec1a7a00d4adc7a1f1f5b1c656cd4bebd344c'|'UPDATE 2-France''s Fillon and his wife questioned in ''fake work'' probe'|'World News 57am EST France''s Fillon and his wife questioned in ''fake work'' probe Francois Fillon (L), former French prime minister, member of The Republicans political party and 2017 presidential candidate of the French centre-right, and his wife Penelope Fillon stand close at the end of a political rally in Paris, France, January 29, 2017. REUTERS/Pascal Rossignol By Chine Labb and Grard Bon - PARIS PARIS French presidential candidate Francois Fillon and his wife are being questioned by investigators as part of a probe into allegations that Penelope Fillon was paid for fake jobs, a source close to the case said on Monday. Francois Fillon, who has denied any wrongdoing, had said after the probe was opened last week that he wanted to be heard by the investigators. Such questioning is a normal step in a preliminary probe and not a sign of culpability. The financial prosecutor''s office, Fillon''s lawyer and his staff were not immediately available for comment on the case, which is sapping the popularity of the former conservative prime minister and could shake up the April-May presidential contest. Satirical weekly Le Canard Enchaine reported last week that Penelope Fillon had been paid 500,000 euros ($534,000)from state funds as a parliamentary assistant to her husband and his successor but that it could find no proof of her having actually done any work. The source close to the case said businessman Marc Ladreit de Lacharriere was also questioned because his Fimalac holding company owns the literary review La Revue des Deux Mondes, which Le Canard Enchaine said paid Penelope Fillon another 100,000 euros for very little work. Fillon, until now the clear favorite to win the two-round election, has said his wife''s work was real, and says he is the victim of a smear campaign. He is facing an increasingly tight race against centrist Emmanuel Macron and far-right party leader Marine Le Pen. An investigation was launched last week into the affair, which has knocked Fillon''s presidential campaign off course and dented the wholesome image the devout Catholic has cultivated. The probe so far is only a preliminary investigation, the first step in the judicial process. The conservative former prime minister has said he would abandon his presidential bid if placed under formal criminal investigation. A Fimalac spokeswoman declined to comment on the questioning of Ladreit de Lacharriere. There was no immediate response to an attempt to reach him by email. An Internet petition saying "Mme Fillon give us back the 500,000 euros" said on Monday afternoon 208,000 people had signed so far. If police find fake work allegations stand up, prosecutors can seek a formal inquiry by an investigating magistrate, which would take months to reach a conclusion. However, prosecutors could also leapfrog that step and go directly to trial, the source close to the case said. Should Fillon drop his presidential bid, time is running out for the conservative Republicans party to choose another candidate. The party only has about two weeks to organize a new primary before it would be too late, as a March 22 deadline approaches for all candidates to officially register for the election, Anne Levade, who oversaw the party''s primary in November, told Le Monde newspaper at the weekend. ($1 = 0.9369 euros) (Writing by Leigh Thomas and Ingrid Melander; Editing by Mark Trevelyan) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-france-election-inquiry-idUSKBN15E11M'|'2017-01-30T22:53:00.000+02:00'|358.0|''|-1.0|'' 359|'5af14ecbda5984ba573289ad569b080b7852666c'|'Sri Lankan rupee ends steady; foreign bank dollar sales offset importer demand'|'Financials 15am EST Sri Lankan rupee ends steady; foreign bank dollar sales offset importer demand COLOMBO Jan 17 The Sri Lankan rupee closed little changed in thin trade on Tuesday as dollar selling by foreign banks offset importer demand for the U.S. currency, even as the rupee is expected to weaken after the central bank allowed flexibility in the exchange rate, dealers said. The rupee has been under pressure due to rising imports and net selling of government securities by foreign investors, while the central bank has adjusted the spot rupee reference rate to a record low of 150.15 rupees per dollar. The spot rupee, which did not trade for nearly a month, was actively traded on Tuesday, and closed at 150.15/25 per dollar compared with Monday''s close of 150.15/18, dealers said. "There were sellers in the morning but we have seen some demand building up in the latter part of the day. And we have seen demand is building up for two-week (forwards)," a currency dealer said, asking not to be named. The rupee was under pressure with foreign investors selling a net 16.1 billion rupees ($107.3 million) worth of government securities in the week ended Jan. 11, latest central bank data showed. The market has also shrugged off Finance Minister Ravi Karunanayake''s announcement last week of higher returns and immediate residence visas to foreigners who invest at least $300,000, in a move to ease pressure on the rupee. The central bank''s moral suasion in early January prevented a sharp fall in the rupee even as the monetary authority signalled a change in its intervention policy. Central Bank Governor Indrajith Coomaraswamy said earlier this month that defending the rupee with foreign exchange reserves "doesn''t seem sensible" as it has always been followed by a sharp depreciation in the currency. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-markets-idUSL4N1F73KX'|'2017-01-17T18:15:00.000+02:00'|359.0|''|-1.0|'' @@ -388,8 +388,8 @@ 386|'1a52fe0d22ee6b75d1ed54c313619a547dcd1f21'|'BRIEF-Nordnet Q4 net profit in line with forecast'|' 11am EST BRIEF-Nordnet Q4 net profit in line with forecast Jan 31 Nordnet AB * Q4 operating income decreased by 3 percent to SEK 314.0 million vs year-ago 322.4 million * Q4 operating profit decreased by 5 percent to SEK 107.7 million vs year-ago 113.2 million * Profit after tax for the period was unchanged and amounted to SEK 87.4 million vs year-ago 87.5 million * Says board of directors proposes a dividend of SEK 1.00 per share vs year-ago SEK 1.30 * Reuters poll: Q4 net profit was seen at SEK 87 million, dividend at SEK 1.18 per share Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FL02J'|'2017-01-31T14:11:00.000+02:00'|386.0|''|-1.0|'' 387|'c7ed3fcd362ddf65c289c20a472b69af3bd0a5bf'|'LPC-Banks set to launch US$5.5bn-equiv Micro Focus loan'|'By Claire Ruckin - LONDON LONDON Jan 11 Banks are preparing to launch a US$5.5bn-equivalent leveraged loan backing UK software company Micro Focus International''s acquisition of Hewlett Packard Enterprises''(HPE) software business, banking sources said.JP Morgan is leading the corporate leveraged loan, which is the largest-ever sole underwrite of an institutional term loan for a European company, one of the sources said.JP Morgan has been joined by Barclays, HSBC and RBS on the dual-currency, all senior loan, which is due to launch to general syndication in early February, the sources said.Syndication follows a pre-marketing breakfast held in Europe in December that was used to introduce European investors to an issuer well known in the US already, the sources said.The US$5bn term loan will include around 1bn for European investors. There is also a US$500m revolving credit facility, which Bank of America Merrill Lynch has joined, the sources said.Leverage will total around 3.3 times Ebitda and the company has a two-year goal to reduce that to 2.5 times.The loan is expected to attract a lot of interest from institutional investors eager to put new money to work following a lack of event-driven financings.There is also expected to be significant appetite from banks for the term loan paper, as an increasing number of banks see leveraged loans as a viable and attractive place to park money.Micro Focus declined to comment.The US$8.8bn merger, which was announced in September, is structured as a reverse takeover and is expected to close in the third quarter of 2017. The combined company will operate under the name Micro Focus.The deal will be funded through the issuance of Micro Focus shares representing 50.1% of the combined group to HPE and a pre-completion cash payment of US$2.5bn from HPE Software to HPE.The loan will support the pre-completion cash payment by HPE Software, finance a US$400m cash distribution to current Micro Focus'' shareholders, pay fees and royalties as well as refinance Micro Focus'' outstanding debt of around US$1.6bn.Headquartered in Newbury, Micro Focus had a market capitalisation of 4.45bn before the deal. It has been snapping up software companies but this is its largest deal to date. Last year it acquired US firm Serena Software for US$540m. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/micro-focus-loans-idINL5N1F13VR'|'2017-01-11T11:48:00.000+02:00'|387.0|''|-1.0|'' 388|'1034c711b7bcfa4316ecb7ed59636cab90ad273f'|'Insight - How Russia sold its oil jewel without saying who bought it'|'By Katya Golubkova , Dmitry Zhdannikov and Stephen Jewkes - MOSCOW/LONDON/MILAN MOSCOW/LONDON/MILAN More than a month after Russia announced one of its biggest privatisations since the 1990s, selling a 19.5 percent stake in its giant oil company Rosneft, it still isn''t possible to determine from public records the full identities of those who bought it.The stake was sold for 10.2 billion euros to a Singapore investment vehicle that Rosneft said was a 50/50 joint venture between Qatar and the Swiss oil trading firm Glencore.Unveiling the deal at a televised meeting with Rosneft''s boss Igor Sechin on Dec. 7, President Vladimir Putin called it a sign of international faith in Russia, despite U.S. and EU financial sanctions on Russian firms including Rosneft."It is the largest privatisation deal, the largest sale and acquisition in the global oil and gas sector in 2016," Putin said.It was also one of the biggest transfers of state property into private hands since the early post-Soviet years, when allies of President Boris Yeltsin took control of state firms and became billionaires overnight.But important facts about the deal either have not been disclosed, cannot be determined solely from public records, or appear to contradict the straightforward official account of the stake being split 50/50 by Glencore and the Qataris.For one: Glencore contributed only 300 million euros of equity to the deal, less than 3 percent of the purchase price, which it said in a statement on Dec. 10 had bought it an "indirect equity interest" limited to just 0.54 percent of Rosneft.In addition, public records show the ownership structure of the stake ultimately includes a Cayman Islands company whose beneficial owners cannot be traced.And while Italian bank Intesa SanPaolo leant the Singapore vehicle 5.2 billion euros to fund the deal, and Qatar put in 2.5 billion, the sources of funding for nearly a quarter of the purchase price have not been disclosed by any of the parties."The main question in relation to this transaction, as ever, still sounds like this: Who is the real buyer of a 19.5 percent stake in Rosneft?" Sergey Aleksashenko, a former deputy head of Russia''s central bank, wrote in a blog last week.Glencore would not comment on the identity of the Cayman Islands firm or give a further explanation of how ownership of the 19.5 percent stake was divided.The Qatari Investment Authority said it would not comment on the deal, beyond confirming that it has participated in it.Rosneft declined to respond to questions posed by Reuters, including a request for comment on how ownership of the 19.5 percent stake was divided, information about the identity of the Cayman Islands buyer, or details of the source of any undisclosed sources of funds.The Kremlin did not respond to a list of questions about the deal sent by Reuters.MATRYOSHKA DOLLLike many large deals, the Rosneft privatisation uses a structure of shell companies owning shell companies, commonly referred to in Russia as a "matryoshka", after the wooden nesting dolls that open to reveal a smaller doll inside.Following the trail of ownership leads to a Glencore UK subsidiary and a company that shares addresses with the Qatari Investment Authority, but also to a firm registered in the Cayman Islands, which does not require companies to record publicly who owns them.The Singapore-registered investment vehicle that holds the newly privatised 19.5 percent stake in Rosneft is called QHG Shares. It is owned by a London-registered limited liability partnership, QHG Investments, which in turn lists as one of its two owners another London-registered limited liability partnership, QHG Holding, created on Dec. 5.One of the partners in QHG Holding is QHG Cayman Limited, registered at an address of the Cayman Islands office of Walkers, an international law firm.Jack Boldarin, Walkers managing partner in London, told Reuters the law firm would not be able to confirm whether any company was its client, or comment further.The use of an offshore company is by itself no indication of wrongdoing, but it can make it impossible to determine the true owner of an asset from public records.The Singapore vehicle is also the borrower for Intesa''s 5.2 billion euro loan, and QHG Holdings, the London partnership that includes the Cayman Islands firm, is a guarantor of that debt.Banking experts say Intesa would be required by "know your customer" rules to verify the borrowers'' identities. Regulators would exercise heightened scrutiny because of the size of the deal and the need to comply with sanctions on Russia.Reuters asked Intesa whether it knew who the beneficial owners of the Cayman company were. The bank replied with a statement: "Intesa Sanpaolo does not comment on the details of its client operations. But we wish to reiterate that the financing was completed with strict adherence to the regulations applicable to embargoes. Italian authorities found nothing that would prohibit such an operation."The Italian central bank, which serves as Italy''s banking regulator, declined to comment.(For a graphic showing the ownership of the privatised stake, click on: tmsnrt.rs/2jJvBpk )MYSTERY FINANCINGIf the full identity of the new owners of the Rosneft stake is a mystery, so too is the complete source of the funds with which they bought it.Although Qatar has never publicly confirmed how much it has contributed to the deal or the size of the stake that it bought, Glencore and Rosneft say it contributed 2.5 billion euros. Along with the 300 million from Glencore and the 5.2 billion loaned by Intesa, that still leaves a shortfall of 2.2 billion euros.Glencore has said this additional money came from other, undisclosed banks, including Russian banks, but has given no further details. The Qataris and Rosneft have declined to comment on the source of this funding.The purpose of Russia''s privatisation programme is to attract overseas money to cover a budgetary shortfall caused by low oil prices and Western sanctions. Putin has therefore banned Russian state-owned banks from participating in the financing of privatisation deals, which would defeat the aim of bringing in foreign capital.But public records in Singapore show that Russia''s second-largest bank, state-controlled VTB, loaned the Singapore vehicle QHG Shares the full 10.2 billion euros that it paid to the Russian state last month to buy the stake.VTB held the 19.5 percent Rosneft stake as collateral for that loan for part of December, before relinquishing it back to Rosneft''s state-owned parent company Rosneftegaz, which in turn relinquished it back to the Singapore vehicle when Intesa''s loan arrived in January.VTB and Rosneft say VTB''s role in the deal was solely to reduce market turbulence which would have arisen if the 10.2 billion euros had arrived abruptly from abroad to be converted to roubles on the open market.Apart from saying that its role was to reduce market volatility, VTB declined to comment further, including when asked if the full 10.2 billion euros was paid back, or by whom.FINDING A BUYERRosneft is the world''s biggest listed oil company by output and, along with natural gas export monopoly Gazprom, one of two crown jewels of the Russian state.Even at the best of times without the added risk of Western sanctions, there would only be a few foreign investors with deep enough pockets to buy a big stake.Glencore, one of the main buyers of Rosneft''s crude, has Qatar''s $335 billion sovereign wealth fund, the QIA, as its largest shareholder.Russia and Qatar have backed opposite sides for years in the war in Syria, but as the world''s two leading natural gas exporters they have good reason to cooperate on energy issues and bury some of their differences over Middle East policy."The idea looked appealing to Qatar. They like investing in energy. They saw upside in Rosneft. They saw upside in building relations with Russia, whose role in the Middle East politics is only set to rise," said one source involved in talks among members of the Qatar/Glencore consortium about the purchase.According to a source close to Rosneft''s management board, the deal came as a surprise to Rosneft''s shareholders, including Britain''s BP, which itself owns 19.75 percent of Rosneft and is represented on its board.The Rosneft board learned about the sale from Sechin himself only on Dec. 7, several hours after Sechin recorded his televised meeting with Putin announcing it, the source said.In response to questions from Reuters, BP said: "Matters of the board of directors are confidential."Two sources in the Russian government said the deal was also a surprise there: it had been agreed between Sechin and Putin''s Kremlin, above the cabinet. "Sechin did it all on his own - the government did not take part in this," one of the sources said.Prime Minister Dmitry Medvedev''s spokeswoman Natalia Timakova said: "All documents and procedures needed for privatisation were prepared and executed on time."(Additional reporting by Peter Graff in LONDON, Valentina Za in MILAN, Tom Finn in DOHA, Vladimir Soldatkin, Oksana Kobzeva, Darya Korsunskaya, Polina Nikolskaya, Andrey Ostroukh and Vladimir Abramov in MOSCOW; Writing by Dmitry Zhdannikov and Peter Graff)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uk-russia-rosneft-privatisation-insight-idINKBN1582PH'|'2017-01-24T17:15:00.000+02:00'|388.0|''|-1.0|'' -389|'069ff2e4c533979ce81296262b60caeff481be4c'|'Citi sees 10 percent net new money growth near term in Asia wealth business'|' 44am GMT Citi sees 10 percent net new money growth near term in Asia wealth business Women walk near a Citibank branch in Hanoi, Vietnam July 8, 2015. REUTERS/Kham By Sumeet Chatterjee - HONG KONG HONG KONG Citigroup said a focus on rich young Asians and new products has helped accelerate net new money growth at its Asia-Pacific consumer wealth business in 2016 to about 10 percent, and a similar annual growth is expected over the next few years. Anand Selvakesari, Citi''s Asia-Pacific head for consumer banking, told Reuters that growth in net new money, a key measure of profitability of the wealth business, improved in 2016 from around mid-single digit levels in the last four to five years. The bank has expanded its digital offerings to tap more young clientele, and has also launched new products, Selvakesari said in an interview. He did not disclose net new money dollar figures. Private bankers and wealth managers usually are guarded in giving out numbers of any kind because of client privacy concerns and competitive reasons. Asia has emerged as the main battleground for global wealth managers, with higher economic growth, rapidly rising wages and a thriving entrepreneurial ecosystem producing rich clients at a pace faster than the western world. That trend helped Citi''s regional wealth business add 8-12 percent new customers last year, the executive said. In Asia, the Citi wealth business, as part of its consumer banking unit headed by Selvakesari, taps people with investable assets of between $50,000 (40,490 pounds) and $10 million. Those with more than $10 million are clients of the bank''s private banking unit. Citigroup''s top three wealth markets in Asia by revenue are Hong Kong, Singapore and Taiwan. The bank''s other fast-growing markets in the region include China, India, South Korea and Australia. "There is continuous wealth generation happening - a growing emerging affluent segment. At the top of the pyramid, wealth continues to grow in these big markets," Selvakesari said. "The potential is there for double-digit growth given the demographics in these markets." In 2016, Asia-Pacific posted a rise of 4.5 percent in total household wealth to $80 trillion, as per Credit Suisse Research Institute''s annual global wealth report, versus 2 percent growth in North America and a negative 1.7 percent in Europe. Wealth per adult in Asia-Pacific increased by 2.9 percent in 2016, the fastest pace among all regions, it said, adding wealth in Asia-Pacific will likely grow by 6.3 percent annually, reaching $109 trillion by 2021. Citi posted on Wednesday a 7 percent rise in its global net income to $3.57 billion. The bank''s Asia consumer banking revenue rose 4 percent from a year ago to $1.7 billion, helped by growth in the wealth management and cards businesses, it said in a presentation. The bank does not break down regional wealth management revenue. Citi has tied up with e-commerce companies in Asia such as ride-hailing firm Grab and online retailer Lazada Group to boost its credit card business in the region. Selvakesari said one in four credit cards for the bank are now acquired through digital platforms such as China''s mobile social media network WeChat and Japan''s Line instant messaging service, with plans to ramp it up to 50 percent in the next three years. (Reporting by Sumeet Chatterjee; Editing by Muralikumar Anantharaman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-citigroup-asia-idUKKBN1540WG'|'2017-01-20T15:44:00.000+02:00'|389.0|''|-1.0|'' -390|'d55dfac25b8bbf5b6b6d49580a82988775730974'|'Aetna and Humana CEOs consider all available options after court loss'|'NEW YORK The top executives of Aetna ( AET.N ) and Humana ( HUM.N ) on Tuesday issued a joint statement saying that they continue to believe in their $34 billion merger deal after a court ruled against it for antitrust reasons, and said that they would consider all available options.Aetna Chief Executive Officer Mark Bertolini and Humana Chief Executive Offer Bruce Broussard said We continue to believe a combined company will create access to higher-quality and more affordable care, and deliver a better overall experience for those we serve.(Reporting by Caroline Humer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-humana-m-a-aetna-idINKBN1581Z3'|'2017-01-24T11:38:00.000+02:00'|390.0|''|-1.0|'' +389|'069ff2e4c533979ce81296262b60caeff481be4c'|'Citi sees 10 percent net new money growth near term in Asia wealth business'|' 44am GMT Citi sees 10 percent net new money growth near term in Asia wealth business Women walk near a Citibank branch in Hanoi, Vietnam July 8, 2015. REUTERS/Kham By Sumeet Chatterjee - HONG KONG HONG KONG Citigroup said a focus on rich young Asians and new products has helped accelerate net new money growth at its Asia-Pacific consumer wealth business in 2016 to about 10 percent, and a similar annual growth is expected over the next few years. Anand Selvakesari, Citi''s Asia-Pacific head for consumer banking, told Reuters that growth in net new money, a key measure of profitability of the wealth business, improved in 2016 from around mid-single digit levels in the last four to five years. The bank has expanded its digital offerings to tap more young clientele, and has also launched new products, Selvakesari said in an interview. He did not disclose net new money dollar figures. Private bankers and wealth managers usually are guarded in giving out numbers of any kind because of client privacy concerns and competitive reasons. Asia has emerged as the main battleground for global wealth managers, with higher economic growth, rapidly rising wages and a thriving entrepreneurial ecosystem producing rich clients at a pace faster than the western world. That trend helped Citi''s regional wealth business add 8-12 percent new customers last year, the executive said. In Asia, the Citi wealth business, as part of its consumer banking unit headed by Selvakesari, taps people with investable assets of between $50,000 (40,490 pounds) and $10 million. Those with more than $10 million are clients of the bank''s private banking unit. Citigroup''s top three wealth markets in Asia by revenue are Hong Kong, Singapore and Taiwan. The bank''s other fast-growing markets in the region include China, India, South Korea and Australia. "There is continuous wealth generation happening - a growing emerging affluent segment. At the top of the pyramid, wealth continues to grow in these big markets," Selvakesari said. "The potential is there for double-digit growth given the demographics in these markets." In 2016, Asia-Pacific posted a rise of 4.5 percent in total household wealth to $80 trillion, as per Credit Suisse Research Institute''s annual global wealth report, versus 2 percent growth in North America and a negative 1.7 percent in Europe. Wealth per adult in Asia-Pacific increased by 2.9 percent in 2016, the fastest pace among all regions, it said, adding wealth in Asia-Pacific will likely grow by 6.3 percent annually, reaching $109 trillion by 2021. Citi posted on Wednesday a 7 percent rise in its global net income to $3.57 billion. The bank''s Asia consumer banking revenue rose 4 percent from a year ago to $1.7 billion, helped by growth in the wealth management and cards businesses, it said in a presentation. The bank does not break down regional wealth management revenue. Citi has tied up with e-commerce companies in Asia such as ride-hailing firm Grab and online retailer Lazada Group to boost its credit card business in the region. Selvakesari said one in four credit cards for the bank are now acquired through digital platforms such as China''s mobile social media network WeChat and Japan''s Line instant messaging service, with plans to ramp it up to 50 percent in the next three years. (Reporting by Sumeet Chatterjee; Editing by Muralikumar Anantharaman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-citigroup-asia-idUKKBN1540WG'|'2017-01-20T15:44:00.000+02:00'|389.0|17.0|0.0|'' +390|'d55dfac25b8bbf5b6b6d49580a82988775730974'|'Aetna and Humana CEOs consider all available options after court loss'|'NEW YORK The top executives of Aetna ( AET.N ) and Humana ( HUM.N ) on Tuesday issued a joint statement saying that they continue to believe in their $34 billion merger deal after a court ruled against it for antitrust reasons, and said that they would consider all available options.Aetna Chief Executive Officer Mark Bertolini and Humana Chief Executive Offer Bruce Broussard said We continue to believe a combined company will create access to higher-quality and more affordable care, and deliver a better overall experience for those we serve.(Reporting by Caroline Humer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-humana-m-a-aetna-idINKBN1581Z3'|'2017-01-24T11:38:00.000+02:00'|390.0|27.0|0.0|'' 391|'57edff81a586e4340c714e22effefc7e9422edb2'|'Fox says committed to free trade with U.S., Canada'|'Business News - Fri Jan 27, 2017 - 8:07pm GMT UK''s Fox says committed to free trade with U.S., Canada Britain''s Secretary of State for International Trade Liam Fox walks back towards 10 Downing Street after leaving a meeting inside, London, January 17, 2017. REUTERS/Peter Nicholls MONTREAL Britain is committed to free and open trade with the United States and Canada, UK Trade Minister Liam Fox said on Friday, though he did not elaborate on whether that would mean bilateral trade talks with the two countries. Fox, speaking at the Montreal Council of Foreign Relations, noted that the UK cannot negotiate trade deals while still part of the European Union, though he said discussions were possible. "The UK is committed to free and open trade with the United States, as we are with Canada," Fox said. Fox was speaking as British Prime Minister Theresa May met with U.S. President Donald Trump. May said on Thursday that Britain and the United States could look at areas where both countries could remove some trade barriers to their mutual advantage. "Our government has been greatly encouraged by the attitude of the new American administration," Fox said. May plans to trigger Britain''s exit from the EU by the end of March, which will start two years of divorce negotiations. Speaking at the same event in Montreal, Canada Trade Minister Francois-Philippe Champagne said the fact that he has met with Fox two times during the last seven days illustrates Canada''s commitment to the UK. "We start with a strong base because we already have CETA," he told reporters on the sidelines of the event, referring to a planned free trade agreement between the EU and Canada. The two countries signed the Comprehensive Economic and Trade Agreement in October, though it still needs approval from the European Parliament. "We may have a CETA-plus down the road," Champagne added, without giving further detail. Canada''s finance minister said in November that a post-Brexit trade deal would use a trade deal between Canada and the European Union as a template. Britain is Canada''s fourth-largest trade partner. (Reporting by Allison Lampert; Editing by Andrew Hay and Lisa Shumaker) Border tax ideas roil oil markets, favor Gulf Coast refiners HOUSTON/NEW YORK As with many industries now fretting over the uncertain future of U.S. trade policy, the oil business is sizing up the potential impact of the various protectionist measures being bandied about Washington - which have sent crude markets into a tizzy. Fed to stop mortgage reinvestments in 2018: Morgan Stanley NEW YORK The U.S. Federal Reserve will stop reinvestments of its mortgage-backed securities holdings in April 2018 in an attempt to shrink its $4.2 trillion balance sheet that had ballooned from bond purchases to combat the last recession, Morgan Stanley analysts said on Friday. NEW YORK U.S. stocks edged lower for a second consecutive session on Friday as some underwhelming corporate earnings and gross domestic product data offset recent enthusiasm over policy actions by President Donald Trump. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-trade-fox-idUKKBN15B28Y'|'2017-01-28T03:04:00.000+02:00'|391.0|''|-1.0|'' 392|'c7f6c470b2eda16c93beb9d080cd45b63048e94a'|'Oaktree sells about 10 pct stake in UK''s Countryside -bookrunner'|'Jan 27 An entity controlled by investor Oaktree Capital Management LP has sold an about 10 percent stake in British property developer Countryside Properties Plc via a placing, one of the bookrunners said on Friday.The bookrunner said 45 million shares, sold through an accelerated bookbuild process, had been priced at 230 pence per share, which represented a discount of about 3.6 percent to Countryside''s close on Thursday.Oaktree entity would have raised roughly 103.5 million from the sale, Reuters calculations showed, and is no longer the majority investor of the London-listed firm.The placement came a day after Countryside reported first-quarter results, and said outlet growth and net reservation rates had remained strong over the 13 weeks from Oct. 1 to Dec. 31, 2016.Although the UK property market experienced some turbulence after Britons voted on June 23 to leave the European Union, the market has recovered since then.Following the placing, Oaktree would continue to hold about 207.4 million ordinary shares, or roughly a 46.1 percent stake, in Countryside, the bookrunner said on Friday.Countryside returned to the London market last February in a listing priced at 225 pence per share, following more than a decade in private hands.Oaktree bought a controlling stake in the company, which traded as a public company from 1972 to 2005, from Lloyds Banking Group in 2013.Barclays Bank Plc and Numis Securities Ltd were the joint bookrunners and Peel Hunt LLP was the lead manager for the placing. (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/countryside-stake-sale-oaktree-capital-idINL4N1FH1V8'|'2017-01-27T04:57:00.000+02:00'|392.0|''|-1.0|'' 393|'6119804c2dc65d48b080c09d4053ea5fd0cbbf73'|'Fitch Upgrades Prologis'' IDR to ''BBB+''; Outlook Stable'|'Financials 2:12pm EST Fitch Upgrades Prologis'' IDR to ''BBB+''; Outlook Stable (The following statement was released by the rating agency) NEW YORK, January 23 (Fitch) Fitch Ratings has upgraded the ratings of Prologis, Inc. (NYSE: PLD) and its operating partnership Prologis, L.P and Prologis Tokyo Finance Investment, L.P. (collectively Prologis), including the Issuer Default Rating (IDR) to ''BBB+'' from ''BBB''. The Rating Outlook is Stable. A full list of rating actions follows at the end of this release. KEY RATING DRIVERS The upgrade reflects Fitch''s expectation that the company''s pro rata leverage will sustain at approximately 6.0x over the next 12-24 months, a level that is consistent with the ''BBB+'' rating. Further, the company has sufficient cushion to engage in larger debt-funded acquisitions or transactions relative to Fitch''s 6.5x negative rating sensitivity. Trailing 12 months (TTM) Sept. 30, 2016 pro rata leverage was 6.6x, compared with 7.3x for the annualized quarter ended Dec. 31, 2015. Fitch expects leverage reduction via continued positive same-store net operating income (SSNOI) growth and cash flows from development. Improving Fundamentals and Fixed Charge Coverage: Prologis continues to benefit from strong occupancies and positive leasing spreads driven primarily by e-commerce demand, while macro industrial indicators such as manufacturing activity, housing starts and homebuilder confidence indicate that industrial space demand should continue to outpace supply. The company''s average net effective GAAP rent change on lease rollovers has averaged 17.6% year-to-date (YTD) 2016, up from 13.1% on average during 2015 and 9.2% on average in 2014. These positive lease rollovers have been driven by below-market rents combined with rising rents generally. Occupancy was 96.6% as of Sept. 30, 2016, up 60 basis points (bps) from the same period end in 2015. PLD''s share of GAAP SSNOI has grown by an average of 6.4% in each of the last five quarters. Fitch projects leasing spreads in the high-single digits that will support 3%-4% SSNOI growth over the next several years. This should result in fixed-charge coverage (FCC) approaching 4.0x, which is strong for the rating. Pro rata FCC for the TTM ended Sept. 30, 2016 was 3.3x, up from 2.9x in 2015 and 2.3x in 2014. Adequate Liquidity; No Corporate Debt Maturities Until 2019: Fitch anticipates that the company will roughly match-fund its development expenditures with dispositions and contributions to managed entities. Timing differences and whether the company adjusts development starts appropriately if dispositions and contributions were to slow would determine whether the company experiences a liquidity shortfall. Maintaining sufficient liquidity before this match-funding strategy reduces the risks to unsecured bondholders during periods of capital markets dislocation. The company''s liquidity coverage ratio is 2.1x for the period Oct. 1, 2016 to Dec. 31, 2018. Fitch defines liquidity coverage as liquidity sources divided by uses. Liquidity sources include pro rata unrestricted cash, pro rata availability under unsecured revolving credit facilities, and projected retained cash flows from operating activities and recurring distributions from managed entities after dividends. Liquidity uses include pro rata debt maturities after extension options at PLD''s option, projected recurring capital expenditures, and pro rata cost to complete development. Internally generated liquidity is good, as the company''s adjusted funds from operations (AFFO) payout ratio was 84% for the TTM ended Sept. 30, 2016. Based on the current payout ratio, the company would retain over $650 million in annual cash flow. Excellent Capital Access: The company has issued $7.9 billion and EUR3.2 billion in unsecured bonds since 2009 (principally using the proceeds to refinance and repurchase bonds and for general corporate purposes) and $6.3 billion of follow-on common equity. The company also has a $750 million at-the-market (ATM) equity offering program, of which $735 million remains available for use. Strategic capital is another important source of funding for PLD. The company recently rationalized and restructured certain of its investment ventures to increase the permanency of its capital (e.g., FIBRA Prologis, Nippon Prologis REIT and its recently-announced Europe Logistics Venture/Targeted Logistics Fund consolidation) and simplify the overall enterprise, which Fitch views favorably. Unremarkable Unencumbered Asset Coverage: Prologis has slightly below-average contingent liquidity with a stressed value of unencumbered assets (3Q''16 unencumbered NOI divided by a stressed 8% capitalization rate) to net unsecured debt of 1.8x. When applying a 50% haircut to the book value of land held and a 25% haircut to construction in progress, unencumbered asset coverage improves to 2.1x. While Fitch recognizes that there are additional unencumbered assets held in the joint ventures, there could be factors that may limit or impede PLD''s ability to access this contingent liquidity such as partner approval for asset sales or encumbrances, though PLD could sell its interest. As such, Fitch has not explicitly considered these assets in its unencumbered asset calculations. Total Development Exposure Down; Consistent Speculative Development: PLD''s strategy of developing industrial properties centers on value creation and complements the company''s core business of collecting rent from owned assets. After construction and stabilization, the company either holds such assets on its balance sheet or contributes them to managed co-investment ventures. PLD endeavors to match-fund development expenditures and acquisitions with cash from dispositions or contributions of assets to the ventures. If the company does not anticipate disposition or contribution volumes, PLD management has stated that the company would scale back development starts and acquisitions accordingly, though the sector has a mixed track record of forecasting market cycles. The company''s development platform is substantially smaller today than in the previous upcycle with cost to complete equal to 3% of undepreciated assets at Sept. 30, 2016 (2.2% pro rata) compared with 17.9% at year-end 2007 (19.5% pro rata). However, a considerable portion of development remains speculative at more than half of total development each of the last three years, which implies elevated lease-up risk. Fitch expects PLD''s development strategy to remain consistent but the significant reduction in exposure to its development projects should provide downside protection for bondholders. Pro Rata Metrics More Descriptive: Fitch looks primarily at pro rata leverage rather than consolidated metrics given Fitch''s expectation that PLD may in the future support or recapitalize unconsolidated entities despite entity debt not being legally recourse to PLD, its agnostic view toward property management for consolidated and unconsolidated assets, and its focus on pro rata portfolio and debt metrics. Fitch believes the scale, size and importance of the strategic capital segment to PLD would incentivize the company to support these entities. Preferred Stock Notching: The two-notch differential between PLD''s IDR and preferred stock rating is consistent with Fitch''s criteria for corporate entities with an IDR of ''BBB+''. Based on Fitch research titled ''Treatment and Notching of Hybrids in Nonfinancial Corporate and REIT Credit Analysis'', these preferred securities are deeply subordinated and have loss absorption elements that would likely result in poor recoveries in the event of a corporate default. KEY ASSUMPTIONS Fitch''s key assumptions within our rating case for the issuer include: --Low-single-digit SSNOI growth through 2019; --$1 billion, $1.25 billion and $1.25 billion annual development capex 2017-2019, respectively; --Acquisitions of $750 million, $1 billion, and $750 million in 2017-2019, respectively; --Dispositions/contributions of $1 billion, $1 billion, and $750 million in 2017-2019, respectively; --$500 million annual distributions from unconsolidated investments for 2017-2019; --$350 million of annual non-controlling interest distributions for 2017-2019; --$400 million unsecured bond issuance in each year for 2017-2019; --Secured mortgage maturities refinanced with unsecured debt through forecast period. RATING SENSITIVITIES The following factors may result in an upgrade to ''A-'': --Fitch''s expectation of pro rata leverage sustaining below 5.5x (pro rata 3Q''16 run rate leverage was 6.5x); --Fitch''s expectation of pro rata FCC sustaining above 3.5x (this ratio was 3.3x for the TTM ended Sept. 30, 2016); --Adoption of more conservative financial policies, such that larger acquisitions or transactions have minimal short-term impact on primary credit ratios. The following factors may result in negative action on the ratings and/or Rating Outlook: --Fitch''s expectation of pro rata leverage sustaining above 6.5x; --Fitch''s expectation of liquidity coverage sustaining below 1.0x (ratio is 2.1x for Oct. 1, 2016-Dec. 31, 2018 period); --Fitch''s expectation of FCC sustaining below 2.5x. FULL LIST OF RATING ACTIONS Fitch has upgraded the following ratings: Prologis, Inc. --Issuer Default Rating (IDR) to ''BBB+'' from ''BBB''; --Preferred stock to ''BBB-'' from ''BB+''. Prologis, L.P. --IDR to ''BBB+'' from ''BBB''; --Global senior credit facility to ''BBB+'' from ''BBB''; --Senior unsecured notes to ''BBB+'' from ''BBB''; --Multi-currency senior unsecured term loan to ''BBB+'' from ''BBB''. Prologis Tokyo Finance Investment Limited Partnership --Senior unsecured guaranteed notes to ''BBB+'' from ''BBB''; --Senior unsecured revolving credit facility to ''BBB+'' from ''BBB''; --Senior unsecured term loan to ''BBB+'' from ''BBB''. Contact: Primary Analyst Steven Marks Managing Director +1-212-908-9161 Fitch Ratings, Inc. 33 Whitehall Street New York, NY 10004 Secondary Analyst Stephen Boyd, CFA Senior Director +1-212-908-9153 Committee Chairperson Jason Pompeii Senior Director +1-312-368-3210 Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: sandro.scenga@fitchratings.com. Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Fitch calculates Prologis'' EBITDA, as well as leverage and coverage metrics using the pro rata method; --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock based compensation and include operating income from discontinued operations and distributions from joint venture operations; --Fitch has adjusted the historical and projected net debt by assuming the issuer requires $75 million of cash for working capital purposes which is otherwise unavailable to repay debt. Additional information is available on www.fitchratings.com. Applicable Criteria Criteria for Rating Non-Financial Corporates (pub. 27 Sep 2016) here Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis (pub. 29 Feb 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1017916 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. 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Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987344'|'2017-01-24T02:12:00.000+02:00'|393.0|''|-1.0|'' @@ -417,7 +417,7 @@ 415|'5442249926dda791c7ae189b112b7f7edde8b417'|'Kia dealers in China seek $360 mln compensation in revolt over unsold stock'|'Business News 48am EST Kia dealers in China seek $360 million compensation in revolt over unsold stock A South Korean man walks past the logo of Kia Motors at its headquarters in Seoul August 29, 2005. REUTERS/You Sung-Ho By Jake Spring - BEIJING BEIJING A group of over 100 auto dealers in China has said it would consider refusing to sell Kia Motors Corp ( 000270.KS ) brand cars unless it receives 2.5 billion yuan ($364 million) in compensation for losses brought about by unsold stock. The group made the comment to the South Korean firm''s China joint venture in a letter seen by Reuters on Tuesday, in which it objected to the amount of inventory dealers are required to take on. This is not the first time Chinese dealers have revolted over inventories. Two years ago, BMW ( BMWG.DE ) paid $820 million to dealers demanding compensation for unsold stock, and last year, dealers of imported cars for Kia sister company Hyundai Motor Co ( 005380.KS ) requested around $135 million for lack of inventory. The leader of the Hyundai dealers told Reuters on Tuesday that the matter was settled but declined to give terms. A Hyundai-Kia spokeswoman declined to comment on either issue beyond saying the automakers were checking with relevant teams. A spokesman at Kia''s joint venture partner, Dongfeng Motor Corp, did not immediately respond to a request for comment. Jiangsu Yueda Group Co Ltd [JSYDG.UL], another Kia partner, could not be reached for comment. Chen Keyun, the leader of the Kia dealers group, told Reuters on Tuesday that Dongfeng Yueda Kia (DYK) had yet to respond to the letter. Chen said the group could consider halting sales or pursuing further action if DYK did not respond. In the letter, the group requested monthly targets set in accordance with each individual dealer''s inventory and sales rather than production levels. It also said it wants inventories limited to no more than 20 percent above sales. "The majority of DYK dealerships in recent years have recorded successive losses, long-term operating results cannot be improved, sales and after-sales markets are in disarray, high inventories have not come down, capital turnover is difficult to the point that the lines of (new) capital have broken," the group said in the letter. Chen said one of his three Kia dealerships lost 3 million yuan last year. He said, in compensation, the group has requested 2,000 yuan ($291) per car sold in the past two years, or about 2.5 billion yuan. (Reporting by Jake Spring; Editing by Christopher Cushing) Next In Business News Trump, Brexit uncertainty hit stocks and dollar, gold jumps LONDON Stocks, bond yields and the dollar fell on Tuesday, while gold rose as investors drew in their horns in response to comments on the dollar from U.S. President-elect Donald Trump and ahead of a speech on Brexit from British Prime Minister Theresa May. PM May indicates Britain will seek ''hard Brexit'' in EU talks LONDON Britain will not seek a Brexit deal that leaves it "half in, half out" of the EU, Prime Minister Theresa May will say on Tuesday in a speech setting out her priorities for divorce talks which indicates she is prepared to leave the single market. Investor worries over Trump, U.S. policy on the rise: BAML LONDON Worries over Donald Trump''s economic policies and the potential for U.S. policy errors rose sharply this month, according to a survey of fund managers released on Tuesday, prompting them to hold more cash even though they expect growth and inflation to rise further. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-kia-motors-china-dealers-idUSKBN1511IR'|'2017-01-17T18:44:00.000+02:00'|415.0|''|-1.0|'' 416|'b80a33696762202ad4da1aa3ec1009878011e7c0'|'UK M&A to drop sharply in 2017 as investors await Brexit clarity - Baker McKenzie'|'Business News - Mon Jan 16, 2017 - 12:11am GMT UK M&A to drop sharply in 2017 as investors await Brexit clarity - Baker McKenzie Sunlight reflecting off a building is seen during a foggy morning in the Canary Wharf financial district of London, Britain, December 28, 2016. REUTERS/Andrew Winning LONDON Mergers and acquisitions activity in the United Kingdom will drop sharply in 2017 due to uncertainty over the terms of its exit from the European Union, law firm Baker McKenzie said in a report published on Monday. Britain avoided a collapse in mergers and acquisitions activity in 2016 as foreign companies used sterling''s spectacular devaluation against the U.S. dollar to snap up British companies, Thomson Reuters data shows. Baker McKenzie said that while M&A activity would have only a modest impact on European transactions if there was an amicable divorce, the lack of clarity over Brexit could hurt activity in the United Kingdom. "Given Brexit''s impact on business confidence, we expect M&A values to fall by two-thirds in 2017 after numerous large deals in the first half of last year boosted 2016," Tim Gee, London M&A partner at Baker McKenzie said. "Similarly, the potential for market volatility during the UK''s exit from the EU is likely to impact the number of cross-border IPOs coming to market in London during 2017," Gee said. Baker McKenzie and Oxford Economics said they forecast UK M&A values to fall to $125 billion in 2017 from the record $340 billion in 2016. Prime Minister Theresa May has said she will trigger formal Brexit divorce talks with the EU by the end of March. She then has two years to negotiate an exit. Baker McKenzie said it forecast global deal-making to drop slightly in 2017 but to rise in 2018. (Reporting by Guy Faulconbridge; editing by Stephen Addison) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-m-a-idUKKBN15000H'|'2017-01-16T07:11:00.000+02:00'|416.0|''|-1.0|'' 417|'2b073612983dbe11bca30051a57f5535fffb0747'|'AmEx profit misses estimates on higher marketing spend'|'By Nikhil Subba American Express Co ( AXP.N ) posted a lower-than-expected quarterly profit on Thursday as the credit card issuer boosted spending on marketing and promotion to fend off rising competition.The company said it now expects full-year 2017 earnings to be between $5.60-$5.80 per share. AmEx had previously expected to achieve at least $5.60 per share in 2017."That outlook is built on a set of priorities designed to put us in a strong position for 2018 and the years ahead," Chief Executive Kenneth Chenault said.AmEx''s stock has rallied since the U.S. election as investors hope Trump will usher in a new era of looser bank regulations along with economic growth which should drive increased spending among AmEx customers.The company''s shares were down about 1 percent in after-hours trading.Chief Financial Officer Jeffrey Campbell, on a call with analysts, cautioned that quarterly earnings and revenue would be uneven in 2017, with lower growth in the first quarter.During the quarter, AmEx added 1.6 million cards across its U.S. issuing businesses and 2.4 million on a worldwide basis, Campbell said."...we have now effectively replaced Costco as a distribution channel with our own proprietary activities," Campbell added.AmEx, which has long catered to affluent customers, has struggled since the loss of a lucrative partnership with Costco Wholesale Corp ( COST.O ). The portfolio accounted for about 8 percent of the spending on AmEx cards in 2015.Net income attributable to common shareholders fell to $825 million, or 88 cents per share, in the fourth quarter ended Dec. 31, from $899 million, or 89 cents per share, a year earlier.Total revenue, net of interest expense, fell to $8.02 billion from $8.39 billion last year.Analysts on average had estimated a profit of 97 cents per share, according to Thomson Reuters I/B/E/S.Up to Thursday''s close, AmEx stock had risen about 15.5 percent since the U.S. election.(Reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/american-express-results-idINKBN1533AL'|'2017-01-19T20:15:00.000+02:00'|417.0|''|-1.0|'' -418|'6e3c6c8445ded3a8950ae935d5e52c9d0bdb404d'|'MIDEAST STOCKS - Factors to watch - Jan 19'|'DUBAI Jan 19 Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Asian shares down, dollar jumps on Yellen''s rate hike signal* MIDEAST STOCKS-Saudi Electricity weighs on Riyadh, Egypt pulls back* U.S. Oil rises from 1-week low, U.S. inventory data in focus* PRECIOUS-Gold under pressure on Yellen''s support for rate hikes* Middle East Crude-March Das trades at multi-month low* U.S. envoy warns against being too trusting of Sudan''s armed opposition* EU needs Turkish-style migration deal on Libya - Maltese PM* OPEC sees smaller oil glut in 2017 but flags U.S. shale recovery* Iraqi oil exports through Kirkuk-Ceyhan pipeline resume after 24-hr outage - Iraq energy source* Russia says teams up with Turkey for first time to bomb Syrian militants* Iraq special forces chief says mission accomplished in east Mosul* Iran, China to sign $3 billion contract to upgrade Iranian refining capacity -Mehr news agency* Turkey''s lira weakens despite central bank''s latest efforts* Iran''s Zarif wants cooperation with Saudi over Syria and Yemen* Guterres vows U.N. reform and diplomatic "surge"* As caliphate crumbles, Islamic State lashes out in Iraq* Initial guidance for Turkey''s 2027 Eurobond seen at 6.35 pct area -bankers* World Bank announces $450 million in humanitarian aid to Yemen* POLL-Higher oil prices to aid Gulf external balances but growth outlook still low* Fitch: Sukuk Market Share to Grow Following Resilient 2016EGYPT* Egypt on track to receive IMF loan''s second tranche* Egypt puts retired football star on terrorism list* Egypt to end capital controls, reform oil sector under IMF deal* POLL-Egypt''s economy to grow 3.9 pct in 2016/17, missing govt targetSAUDI ARABIA* Al Rajhi Bank defies Saudi austerity impact with profit rise* Saudi''s National Commercial Bank Q4 net profit up 7.5 pct* Saudi International Petrochemical Co Q4 net profit 52.3 mln riyals* Saudi''s PetroRabigh swings to Q4 net profit* Saudi''s Mouwasat Medical reports 72.2 mln riyals Q4 net profit* Zain Saudi Q4 net loss narrows, meets forecasts* Saudi Industrial Development Fund approves 7.94 bln riyals in loans* Saudi''s Tasnee swings to Q4 net profit, meets forecasts* Saudi Electricty''s Q4 loss widens on higher energy, operating costsUNITED ARAB EMIRATES* Japan extends UAE crude storage deal through 2019* Buyers from UAE wait for lower prices for Turkish rebar* Etihad Airways not looking to take stake in Lufthansa* Abu Dhabi''s Etihad Airways says committed to equity partner strategy* Abraaj CEO says Africa is core to investment plan* UAE''s Fujairah publishes weekly oil inventory dataQATAR* Qatar National Bank raising $1 billion loan from Asian lenders -sources* Qatar Islamic Bank Q4 net profit up 2 pct, hikes dividendBAHRAIN* Bahrain''s Gulf Int''l Bank launches $500 mln bond at MS + 170 bps -leadsOMAN* TABLE-Oman November bank lending growth slowest since end-2013 (Compiled by Dubai newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1F9007'|'2017-01-19T00:03:00.000+02:00'|418.0|''|-1.0|'' +418|'6e3c6c8445ded3a8950ae935d5e52c9d0bdb404d'|'MIDEAST STOCKS - Factors to watch - Jan 19'|'DUBAI Jan 19 Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Asian shares down, dollar jumps on Yellen''s rate hike signal* MIDEAST STOCKS-Saudi Electricity weighs on Riyadh, Egypt pulls back* U.S. Oil rises from 1-week low, U.S. inventory data in focus* PRECIOUS-Gold under pressure on Yellen''s support for rate hikes* Middle East Crude-March Das trades at multi-month low* U.S. envoy warns against being too trusting of Sudan''s armed opposition* EU needs Turkish-style migration deal on Libya - Maltese PM* OPEC sees smaller oil glut in 2017 but flags U.S. shale recovery* Iraqi oil exports through Kirkuk-Ceyhan pipeline resume after 24-hr outage - Iraq energy source* Russia says teams up with Turkey for first time to bomb Syrian militants* Iraq special forces chief says mission accomplished in east Mosul* Iran, China to sign $3 billion contract to upgrade Iranian refining capacity -Mehr news agency* Turkey''s lira weakens despite central bank''s latest efforts* Iran''s Zarif wants cooperation with Saudi over Syria and Yemen* Guterres vows U.N. reform and diplomatic "surge"* As caliphate crumbles, Islamic State lashes out in Iraq* Initial guidance for Turkey''s 2027 Eurobond seen at 6.35 pct area -bankers* World Bank announces $450 million in humanitarian aid to Yemen* POLL-Higher oil prices to aid Gulf external balances but growth outlook still low* Fitch: Sukuk Market Share to Grow Following Resilient 2016EGYPT* Egypt on track to receive IMF loan''s second tranche* Egypt puts retired football star on terrorism list* Egypt to end capital controls, reform oil sector under IMF deal* POLL-Egypt''s economy to grow 3.9 pct in 2016/17, missing govt targetSAUDI ARABIA* Al Rajhi Bank defies Saudi austerity impact with profit rise* Saudi''s National Commercial Bank Q4 net profit up 7.5 pct* Saudi International Petrochemical Co Q4 net profit 52.3 mln riyals* Saudi''s PetroRabigh swings to Q4 net profit* Saudi''s Mouwasat Medical reports 72.2 mln riyals Q4 net profit* Zain Saudi Q4 net loss narrows, meets forecasts* Saudi Industrial Development Fund approves 7.94 bln riyals in loans* Saudi''s Tasnee swings to Q4 net profit, meets forecasts* Saudi Electricty''s Q4 loss widens on higher energy, operating costsUNITED ARAB EMIRATES* Japan extends UAE crude storage deal through 2019* Buyers from UAE wait for lower prices for Turkish rebar* Etihad Airways not looking to take stake in Lufthansa* Abu Dhabi''s Etihad Airways says committed to equity partner strategy* Abraaj CEO says Africa is core to investment plan* UAE''s Fujairah publishes weekly oil inventory dataQATAR* Qatar National Bank raising $1 billion loan from Asian lenders -sources* Qatar Islamic Bank Q4 net profit up 2 pct, hikes dividendBAHRAIN* Bahrain''s Gulf Int''l Bank launches $500 mln bond at MS + 170 bps -leadsOMAN* TABLE-Oman November bank lending growth slowest since end-2013 (Compiled by Dubai newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1F9007'|'2017-01-19T00:03:00.000+02:00'|418.0|17.0|0.0|'' 419|'db876682d5e3e97abeaa5170d8833a0d516b79d6'|'Schlumberger posts smaller fourth-quarter loss'|'Money News - Fri Jan 20, 2017 - 5:35pm IST Schlumberger posts smaller fourth-quarter loss The exterior of a Schlumberger Corporation building is pictured in West Houston January 16, 2015. REUTERS/Richard Carson/Files Schlumberger NV, the world''s No.1 oilfield services provider, reported a smaller fourth-quarter loss than a year earlier, when it recorded more than $2 billion in restructuring and asset impairment charges. Net loss attributable to Schlumberger fell to $204 million, or 15 cents per share, in the three months ended Dec. 31, from $1.02 billion, or 81 cents per share, a year earlier. The latest quarter included a $536 million restructuring charge as well as a $139 million charge related to Schlumberger''s acquisition of Cameron International Corp and a currency devaluation loss in Egypt. Schlumberger''s revenue fell to $7.11 billion from $7.74 billion. ( bit.ly/2jGqJn7 ) (Reporting by Arathy S Nair in Bengaluru; Editing by Savio D''Souza) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/schlumberger-results-idINKBN1541IY'|'2017-01-20T19:05:00.000+02:00'|419.0|''|-1.0|'' 420|'930c57314321729b757859d84a5939c232197404'|'Samsung Display plans to invest another $2.5 billion in Vietnam - Yonhap'|'Internet News - Tue Jan 10, 2017 - 8:41am GMT Samsung Display plans to invest another $2.5 billion in Vietnam: Yonhap Samsung QLED televisions are displayed during the 2017 CES in Las Vegas, Nevada January 5, 2017. REUTERS/Steve Marcus SEOUL Samsung Electronics Co Ltd''s display panel subsidiary plans to invest another 3 trillion won ($2.51 billion) in Vietnam to boost capacity, South Korea''s Yonhap News Agency reported on Tuesday, citing unnamed sources. Samsung Display is in talks with Vietnamese authorities about the additional investment, Yonhap reported without elaborating further. A Samsung Display spokeswoman declined to comment on the Yonhap report. A person familiar with the matter told Reuters separately on Tuesday the South Korean panel maker is considering additional investment in Vietnam but did not comment further including on how much the company plans to spend. Vietnam is a major smartphone manufacturing base for Samsung Electronics and its subsidiaries, which have already invested billions of dollars in the country. ($1 = 1,196.7700 won) (Reporting by Se Young Lee; Editing by Muralikumar Anantharaman) Next In Internet News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-samsung-elec-vietnam-idUKKBN14U0SR'|'2017-01-10T15:36:00.000+02:00'|420.0|''|-1.0|'' 421|'d576364a12249c722983d3a8757cb5e46dd7d714'|'UPDATE 1-U.S. set to lift some financial sanctions against Sudan'|'Basic Materials 23pm EST UPDATE 1-U.S. set to lift some financial sanctions against Sudan (Adds details on reasons for easing the sanctions) By Lesley Wroughton WASHINGTON Jan 12 The United States is set to announce the easing of some financial sanctions against Sudan on Friday for its recent efforts in helping tackle terrorism, a senior U.S. official said on Thursday. "The limited sanctions relief is an acknowledgement of progress by the government of Sudan," the official told Reuters ahead of the announcement expected from the White House. It was not immediately clear which financial sanctions would be lifted. The United States first imposed sanctions on Sudan in 1997, including a trade embargo and blocking the government''s assets, for human rights violations and terrorism concerns. The United States layered on more sanctions in 2006 for what it said was complicity in the violence in Darfur. The official said the lifting of the sanctions had no bearing on Sudan''s designation by the United States as a state sponsor of terrorism. Sudanese President Omar al-Bashir is wanted by the International Criminal Court for war crimes and genocide. There have been some signs of a thawing of relations between the U.S. and Khartoum since last year. On Sept. 20, the State Department welcomed efforts by Sudan to increase counterrorism cooperation with the United States. Sudan had taken steps to counter Islamic State and "other terrorist groups and has sought to prevent their movement into and through Sudan," State Department spokesman John Kirby said in a statement at the time. Sudan last year joined a Saudi-led coalition fighting Houthi rebels in Yemen. (Reporting by Lesley Wroughton; Editing by Andrew Hay, Bernard Orr) Next In Basic Materials UPDATE 2-Goldcorp sells Mexico mine in $438 mln deal, focus on core assets TORONTO, Jan 12 Goldcorp Inc agreed to sell its Los Filos mine in Mexico to Leagold Mining Corp in a deal valued at $438 million on Thursday, as the world''s No. 3 gold miner by market value focuses more squarely on core assets.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-sudan-sanctions-idUSL1N1F22GO'|'2017-01-13T06:23:00.000+02:00'|421.0|''|-1.0|'' @@ -442,20 +442,20 @@ 440|'a2631df04a24d904614be8f3adea794f0038041b'|'UK Stocks-Factors to watch on Jan 18'|'Company 22am EST UK Stocks-Factors to watch on Jan 18 Jan 18 Britain''s FTSE 100 index is seen opening 14 points higher on Wednesday, according to financial bookmakers. * The UK blue chip index closed 1.5 percent lower at 7,220.38 points, posting its biggest one-day drop since June 2016 on Tuesday, with a jump in sterling following Prime Minister Theresa May''s speech on Brexit hurting dollar-earning companies. * DEUTSCHE BOERSE/LONDON STOCK EXCHANGE: Germany and the European Central Bank are pushing harder for Deutsche Boerse and the London Stock Exchange to give Frankfurt a greater role once they merge, now Britain is leaving the European Union, people involved said. * ROLLS-ROYCE: Rolls-Royce Plc agreed to pay authorities more than $800 million to resolve charges of bribing officials in six countries in schemes that lasted more than a decade, the U.S. Justice Department and UK Serious Fraud Office said in statements on Tuesday. * VEDANTA RESOURCES: Konkola Copper Mines (KCM), owned by global conglomerate Vedanta Resources PLC, will pay the first tranche of a $100 million fine to the Zambian government by the end of month, the country''s investment firm said on Tuesday. * DIAGEO: Diageo Plc, which makes Johnnie Walker Scotch and Smirnoff vodka, is mulling an increase of its majority stake in India''s United Spirits Ltd, although no final decision has been made yet, Bloomberg reported, citing people familiar with the matter. ( bloom.bg/2jlUhE6 ) * ADVERTISING SPEND: British companies spent 2.1 percent more on advertising last year, according to an industry forecast, after a strong fourth quarter, although spending on advertising is set to fall 0.7 percent in 2017 as Brexit uncertainties weigh. * UK REFERENDUM: Ireland''s central bank has had over 100 inquiries from UK financial firms considering moving operations as a result of Britain''s vote to leave the European Union, Finance Minister Michael Noonan said on Tuesday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Newriver Reit PLC Q3 2017 Trading Statement Release Ladbrokes Coral Group PLC Post-Close Trading Update Diploma PLC Q1 2017 Trading Statement Release Experian PLC Q3 2017 Trading Statement Release J D Wetherspoon PLC Q2 2017 Trading Statement Release Burberry Group PLC Q3 2017 Trading Statement Release Watkin Jones PLC Full Year 2015/16 Results Release Premier Foods PLC Q3 2017 Trading Statement Release Hochschild Mining PLC Q4 2016 Production Results Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1F829I'|'2017-01-18T13:22:00.000+02:00'|440.0|''|-1.0|'' 441|'fb4581d486d538eb24ff0e9e17b2a69e2c64694d'|'Uttar Pradesh sugar output to rise 19 percent in 2016/17 - government officials'|'NEW DELHI Sugar output in India''s top producing state of Uttar Pradesh (U.P.) is expected at 8.1 million tonnes in the year to Sept. 2017, up from 6.8 million tonnes in the previous year, two government officials who did not want to be named told reporters on Tuesday.Production in U.P. is likely to go up because of higher cane crop yield, the officials said after a meeting of representatives from India''s leading sugar producing states.(Reporting by Mayank Bhardwaj; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/india-sugar-idINKBN1581FS'|'2017-01-24T09:01:00.000+02:00'|441.0|''|-1.0|'' 442|'ee2cf6501a6276ce9e4fce760ee8e10f4eb9477d'|'Strong Danish crown to keep central bank alert in 2017 - Danske'|'Financials - Tue Jan 3, 2017 - 9:14am EST Strong Danish crown to keep central bank alert in 2017 - Danske By Teis Jensen - COPENHAGEN COPENHAGEN Jan 3 Denmark''s central bank will remain on high alert in 2017 to defend its safe-haven currency, which is expected to face more upward pressure from booming U.S. investments and political risks in Europe, the country''s biggest bank said on Tuesday. The Danish crown, considered a hedge against political uncertainty in the euro zone by many investors, reached its strongest level against the euro since 2012 in December. A large share of Danish pension savings are invested in U.S. stocks, so the recent rally there has resulted in "substantial wealth gains for Danish savers" and further strengthened the foundation under the crown, Danske Bank A/S said in a 2017 outlook note. Upcoming elections in The Netherlands, France, Germany and potentially also Italy, and the negotiations about Britain''s exit from the European Union, could also strengthen the crown further. "We could see additional DKK (crown) buying if EU and euro opposition gains further ground this year," Danske said. A strengthening of the crown would in turn lead the central bank to intervene by selling crowns for foreign currency. Under Europe''s Exchange Rate Mechanism (ERM2), a surrogate for euro adoption, the crown is pegged within plus or minus 2.25 percent of a central rate of 7.46038 per euro. In practice, Denmark''s central bank has held it in a much tighter range of 0.50 percent either way, via periodic currency interventions and, more rarely, changing the certificate of deposit rate. Danske said it expected the key rate to remain at the current -0.65 percent throughout 2017. The central bank will disclose its foreign exchange reserves as of the end of December at 1500 GMT on Tuesday. (Editing by Jacob Gronholt-Pedersen, editing by Larry King) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/denmark-cenbank-currency-idUSL5N1ET2BM'|'2017-01-03T21:14:00.000+02:00'|442.0|''|-1.0|'' -443|'52b61e1b40a40edcf14f324a584c2b979f9432ba'|'Rig builder Lamprell sees lower revenue, to tighten purse strings'|'Energy 45am EST Rig builder Lamprell sees lower revenue, to tighten purse strings Jan 23 Oil-rig builder Lamprell Plc said it would continue to maintain a tight reign on costs as it stuck to its guidance of lower 2017 revenue. The company, which mainly focuses on contracts around the United Arab Emirates, said it expected 2017 revenue to be between $400-$500 million, with the current market pointing towards the lower half of the range. Lamprell also said it expected full-year 2016 revenue to be about $700 million, lower than the $871.1 million it reported in 2015. Lamprell, which has taken on cost-reduction activities to address an expected fall in revenue for 2016 and 2017, reduced its overall headcount by 4,000 people at the end of 2016. Oil services and equipment companies have suffered from contract cancellations as explorers and producers fetched lower prices since the fall in oil prices in mid-2014. The rig-builder said in a statement on Monday that while it recognises the likelihood of stronger product pricing in 2017, most of its customers already have their 2017 capital budgets in place, leaving "little expansive flexibility". "The company continues to believe that 2017 will prove a particularly cautious environment, and will continue to maintain tight control over expenditure and expenses," Executive Chairman John Kennedy said. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair) Next In Energy'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/lamprell-outlook-idUSL4N1FD2SI'|'2017-01-23T14:45:00.000+02:00'|443.0|''|-1.0|'' +443|'52b61e1b40a40edcf14f324a584c2b979f9432ba'|'Rig builder Lamprell sees lower revenue, to tighten purse strings'|'Energy 45am EST Rig builder Lamprell sees lower revenue, to tighten purse strings Jan 23 Oil-rig builder Lamprell Plc said it would continue to maintain a tight reign on costs as it stuck to its guidance of lower 2017 revenue. The company, which mainly focuses on contracts around the United Arab Emirates, said it expected 2017 revenue to be between $400-$500 million, with the current market pointing towards the lower half of the range. Lamprell also said it expected full-year 2016 revenue to be about $700 million, lower than the $871.1 million it reported in 2015. Lamprell, which has taken on cost-reduction activities to address an expected fall in revenue for 2016 and 2017, reduced its overall headcount by 4,000 people at the end of 2016. Oil services and equipment companies have suffered from contract cancellations as explorers and producers fetched lower prices since the fall in oil prices in mid-2014. The rig-builder said in a statement on Monday that while it recognises the likelihood of stronger product pricing in 2017, most of its customers already have their 2017 capital budgets in place, leaving "little expansive flexibility". "The company continues to believe that 2017 will prove a particularly cautious environment, and will continue to maintain tight control over expenditure and expenses," Executive Chairman John Kennedy said. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair) Next In Energy'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/lamprell-outlook-idUSL4N1FD2SI'|'2017-01-23T14:45:00.000+02:00'|443.0|24.0|0.0|'' 444|'a0be55db1dcb56ab710da3fd885539b88cf70114'|'Oil dips on rising U.S. crude inventories, plentiful global supplies'|'Business News - Thu Jan 12, 2017 - 2:13am GMT Oil dips on rising U.S. crude inventories, plentiful global supplies Crude oil drips from a valve at an oil well operated by Venezuela''s state oil company PDVSA, in the oil rich Orinoco belt, near Morichal at the state of Monagas April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices dipped on Thursday on the back of rising U.S. crude inventories and plentiful supplies, despite emerging output cuts from OPEC and other producers. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $52.18 a barrel at 0141 GMT, down 7 cents from their last settlement. Prices for Brent crude futures LCOc1, the international benchmark for oil prices, were at $55.06 a barrel, down 4 cents. Traders said that a crude oil inventory report published by the U.S. Energy Information Administration late on Wednesday implied ongoing oversupply as inventories unexpectedly rose by 4.1 million barrels to 483.11 million barrel. However, record U.S. refinery runs of 17.1 million barrels per day (bpd), up 418,000 bpd on the week, indicated strong demand, preventing bigger price falls. "EIA data showed U.S. refineries increased the amount of crude they processed, pushing the utilization rate to the highest since September. This saw inventories rise ... much more than the market expected," ANZ bank said. Outside the United States, emerging detail of Saudi supply cuts as parts of efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers like Russia to curb the global supply glut started to emerge. Despite some February supply reductions to China, India and Malaysia, top crude exporter Saudi Arabia is likely to focus its cuts on Europe and the United States, shielding its biggest customers in Asia. BMI Research said that overall "compliance to the OPEC/non-OPEC oil production cut appears to be positive... (and that) we calculate compliance with production cuts at around 73 percent." The research firm said that compliance with the planned cuts was particularly strong among members of the Gulf Cooperation Council of Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman. Analysts noted that one aspect of the coordinated production cut which has been overlooked is that under the deal, producers have committed themselves to reducing output, not necessarily exports. "The GCC countries (and Iraq) that have reportedly enacted the bulk of the production cuts are currently in the lowest domestic demand period of the year and have significant flexibility to reduce production but maintain exports," BMI said. In another indicator that there is still plentiful supply available despite the cuts, traders are ceasing the opportunity of higher crude prices following OPEC''s decision to cut output to send record volumes of 22 million barrels of surplus European and Azerbaijani oil to Asia. (Reporting by Henning Gloystein; Editing by Joseph Radford and Kenneth Maxwell) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN14W03V'|'2017-01-12T08:51:00.000+02:00'|444.0|''|-1.0|'' 445|'d5d015042c0b8905a46551f19a2ebf6ead53f74b'|'IMF says Trump''s protectionism is among risks to world economy'|'The global economy faces a multitude of risks in 2017, ranging from rising protectionism spearheaded by Donald Trump to a severe slowdown in China, the International Monetary Fund has warned.The Washington-based fund used an update to its economic forecasts to highlight popular antipathy towards international trade and a widening in the gap between rich and poor. It called on governments to tackle inequality by helping people find work in fast-changing jobs markets shaken up by technology and globalisation.The IMF made no changes to its October forecast for global economic growth to edge up this year after a sluggish 2016. But it upgraded its outlook for the UK economy, bringing the IMF more in line with other forecasters following signs that the British economy grew at a solid pace in the second half of 2016, despite the Brexit vote. The UK outlook for 2018 was cut, however.Germany hits back at Trump criticism of refugee policy and BMW tariff threat Read more The IMF''s world growth forecasts The IMFs world growth forecasts After expanding an estimated 2.0% in 2016, making it the fastest growing of the G7 leading industrial countries , the UK economy was expected to lose that ranking in 2017 as growth slows to 1.5%. It is forecasting growth will slow further in 2018 to 1.4%. In October, the IMF predicted growth of 1.1% for 2017 and 1.7% for 2018.Speaking on the eve of a key speech by Theresa May on the Brexit process , the IMFs economic counsellor, Maurice Obstfeld, described Britains terms of exit from the EU as unsettled and one of many factors contributing to a climate of uncertainty that also included elections in the eurozone, a change of president in the US and geopolitical tensions.Obstfeld noted signs of widespread frustration around the world at what many feel is an unfair distribution of the fruits of globalisation and economic growth. As policymakers and business leaders gather in Davos for the World Economic Forum with inequality top of this years agenda , the IMF was the latest in a line of international bodies to call for more shared prosperity .Social dislocation due to globalisation and, even more, to technology change is a major challenge that will only intensify in the future. One result has been wider inequality and wage stagnation in many countries, Obstfeld said, presenting the latest IMF forecasts.He added that a key takeaway from 2016 was that sustainable growth must also be inclusive growth.But at the same time, with nationalist politicians gaining ground in some countries, the IMF warned against moving towards more inward-looking policies.Rolling back economic integration, however, would impose aggregate economic costs without reducing the need for government investment in well-trained, nimble workforces, along with policies to promote better matching of available jobs to skills.Without naming president-elect Trump, who campaigned on an anti-globalisation platform and with the promise of a big infrastructure drive, the IMF said there was a risk that the boost from higher spending could force the US central bank to raise interest rates at a faster pace to contain inflation and that would push up the US dollar. Those currency moves, which would make US exports more expensive and its imports cheaper, risked driving up protectionist measures and retaliatory responses, Obstfeld said.On the other hand, the extra spending in the US was likely to boost economic growth, and if done in a way that did not stoke inflation it would allow the US Federal Reserve to raise interest rates at a more moderate pace. The IMF sees the US economy growing by 2.3% in 2017 and 2.5% in 2018. That was an upgrade from Octobers forecasts for 2.2% growth in 2017 and 2.1% in 2018.For the global economy, the IMF saw more scope for growth to disappoint rather than beat expectations. It forecast 3.4% growth this year and 3.6% in 2017. That follows estimated growth of 3.1% in 2016.A faster pace of expansion would be especially welcome this year: global growth in 2016 was the weakest since 2008-09, owing to a challenging first half marked initially by turmoil in world financial markets, said Obstfeld, referring to sharp swings on markets this time last year .To help shore up growth in 2017, the IMF called on central banks to keep policy accommodative, relying on unconventional strategies as needed. It also repeated a call for governments to do their share of the heavy lifting with spending and long-term reforms to make growth more sustainable.The list of risks the IMF sees for 2017 was long. They included:A sharp or disruptive slowdown in the future in China.Higher popular antipathy toward trade, immigration, and multilateral engagement in the United States and Europe. Widespread high levels of public and private debt. Ongoing climate change. In several advanced economies, continuing slow growth and deflationary pressures. Britains negotiations to leave the EU. A crowded national elections calendar in Europe. Geopolitical tensions, including conflict in parts of the Middle East and Africa, the tragic plight of refugees and migrants in neighboring countries and in Europe and acts of terrorism worldwide. Reflecting that, the IMF concluded in its latest forecasts: Risks to the global growth outlook are two sided but are assessed to be skewed to the downside, especially over the medium term.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jan/16/imf-trump-protectionism-world-economy-trade-us-europe'|'2017-01-16T02:00:00.000+02:00'|445.0|''|-1.0|'' 446|'02c0891b2c8952d6a564e4d36038e6671143c326'|'Italy discussing its budget problems with EU - Treasury official'|'Business News - Mon Jan 16, 2017 - 10:29am GMT Italy discussing its budget problems with EU - Treasury official ROME Italy is discussing with the European Commission how it can allay Brussels'' concerns over its 2017 budget and avoid emergency belt-tightening measures that could crimp growth, an Italian Treasury official said. The comments come after la Repubblica newspaper reported on Monday that the commission is ready to open an excessive-deficit procedure against Rome unless it commits by Feb. 1 to cutting its deficit by an extra 3.4 billion euros (3 billion) this year. The Treasury official, who asked not to be named, said Rome and the commission were "assessing the opportune steps" to avoid being put on the commission''s blacklist, while avoiding "restrictive budget measures". Rome has not received any formal letter from the commission, the official added. (Reporting by Giuseppe Fonte, writing by Gavin Jones) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-budget-eu-idUKKBN15013Z'|'2017-01-16T17:29:00.000+02:00'|446.0|''|-1.0|'' 447|'52840fd4f0e9f5e6770e69566c2a76f36901ef73'|'Wall Street heads for worst day in months following migration order - Business'|'Wall Streets main indexes were set for their worst day in more than three months on Monday, as President Donald Trumps orders to curb travel and immigration from some countries sparked uncertainty.Trump on Friday signed executive orders to suspend travel to the United States from seven Muslim-majority countries on grounds of national security, while also banning refugees from Syria.Thousands of people rallied in major US cities and at airports in protest. Nike and Starbucks were among the companies that did not support the ban.The market is reacting negatively right now because of the uncertainty that it creates, said Robert Pavlik, chief market strategist at Boston Private Wealth. If it can pull more Republicans off of the presidents following and maybe weaken his strength in Congress then you start to wonder about the other initiatives that may not get passed. Dow Jones hits record high is Trump good for stock markets? Read more US equities hit record highs following Trumps election in November, encouraged by his promise of tax cuts and simpler regulations. However, the potential risk of Trumps protectionist policies and the lack of clarity since he took office have dampened the enthusiasm. The Dow, which soared 9.2% in the aftermath of Trumps election, has managed to gain only 1% after his inauguration on 20 January and fell below the historic high of 20,000 that it hit last week. The CBOE Volatility index or Wall Streets fear gauge surged 20%, its biggest rise since 9 September.Trump also signed an executive order that would seek to pare back federal regulations by requiring agencies to cut two existing regulations for every new rule introduced. Five of the nine declining sectors of the S&P 500, including financials and technology, were down more than 1%. Utilities and consumer staples considered defensive plays were slightly higher. Facebook and Apple, which are scheduled to report earnings this week, were the top drags on the S&P 500. Other technology stocks trading lower included Alphabet and Microsoft. Airline stocks including American Airlines, United Continental and JetBlue were also down.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jan/30/wall-street-stock-market-fall-trump-travel-ban'|'2017-01-31T01:26:00.000+02:00'|447.0|''|-1.0|'' 448|'f0e4e06cd9a6d6657a6fdb73f54f8223856d63f1'|'FACTBOX - India takes steps to ease impact from ban on banknotes'|' 2:21pm IST FACTBOX - India takes steps to ease impact from ban on banknotes People queue outside a bank to withdraw cash and deposit their old high denomination banknotes in Mumbai, India December 2, 2016. REUTERS/Danish Siddiqui/Files MUMBAI India''s Prime Minister Narendra Modi shocked the country on Nov. 8 by abolishing 500 and 1,000 rupee notes, which accounted for 86 percent of the cash in circulation. The move was aimed at cracking down on the shadow economy, but has brought India''s cash economy to a virtual standstill. The government and the Reserve Bank of India have since taken a slew of measures to ease the pain from its measures. They are detailed below in chronological order. DEC. 31 - Resident Indians, NRIs out of India Nov 9-Dec 30 given more time to exchange old notes DEC. 30 - RBI raises daily limit of withdrawals from ATMs to 4,500 rupees from 2,500 - Monthly limits on mobile wallets, cards transactions to stay at 20,000 INR till further notice - Eases rules for sourcing cash for non-bank ATMs DEC. 29 - RBI allows banks to provide additional working capital loans to small enterprises DEC. 26 - RBI allows 60 day grace period for some farmers to repay crop loans due Nov. 1 to Dec. 31 DEC. 21 - RBI rolls back measure on 5,000 rupees deposit limit, says deposits won''t face scrutiny DEC. 19 - RBI to allow deposits of up to 5,000 rupees in old notes til Dec. 30 after scrutiny from banks DEC. 16 - RBI caps merchant discount rates for some card payments from Jan. 1, 2017 to March 31, 2017 - RBI waives fees for some Immediate Payment Services from Jan. 1, 2017 to March 31, 2017 - Tourists can change FX up to 5,000 rupees per week till Dec 31, from pvs deadline of Dec 15 DEC. 13 - RBI advices banks to preserve CCTV recordings at branches between Nov 8 to Dec 30 DEC. 8 - Govt announces incentives on retail purchases of some products on cashless transactions DEC. 7 - RBI withdraws temporary order for banks to place deposits under cash reserve ratio DEC. 2 - Govt raises limit for market stabilisation bonds to 6 tln rupees to absorb extra liquidity DEC. 1 - Govt says old 500 notes can no longer be used at petrol stations, airline ticket counters NOV. 30 - RBI allows banks to use all cash to meet hiked cash reserve requirement ratio - RBI tightens monthly withdrawal rules from "Jan Dhan" accounts for poor NOV. 28 - Govt announces tax amnesty scheme for unreported cash; will charge 50 pct in taxes, surcharges - People would also have to park quarter of total sum in non-interest bearing deposit for 4 yrs - RBI to allow withdrawals above 24,000 INR weekly limit of deposits made in legal tender. - Those withdrawals would be in new 2,000, 500 rupee bills NOV. 26 - RBI says orders banks to place 100 pct of deposits between Sept-Nov under cash reserve ratio NOV. 25 - RBI expands basket of securities that can be accepted for collateral under money market ops - RBI says old currency notes can be exchanged at RBI branches - RBI says tourists can exchange foreign currency worth up to INR 5,000 per week till Dec 15 NOV. 24 - Govt stops over the counter exchange of old banknotes; can only be deposited - Govt to ensure adequate cash supply for pensioners, armed forces personnel - Allows certain payments in old 500 rupees notes including at tolls, hospitals for limited time NOV. 23 - India govt says will offer 210 bln rupees in farm credit to farmers NOV. 22 - RBI sets balance kept in prepaid wallets, cards (PPIs) at 20,000 rupees from 10,000 til Dec 30 - Merchants can transfer up to 50,000 rupees from PPIs to banks til Dec 30 - Monthly limits on transactions via PPIs raised to 20,000 rupees for 10,000 til Dec 30 - RBI asks state-run Nabard to disburse up to 230 bln rupees for crop loans NOV. 21 - RBI allows cash withdrawal of up to 250,000 rupees for wedding-related expenses - RBI allows farmers to withdraw up to 25,000 rupees a week from their loan, deposit accounts - RBI gives small borrowers 60 more days before loans of up to 10 mln INR are marked substandard - Govt allows farmers to purchase seeds from state-run outlets with old 500 rupee notes NOV. 18 - RBI sets limit of cash withdrawal at card swiping machines at 2,000 rupees per day NOV. 17 - Govt allows farmers to withdraw up to 25,000 rupees a week against the crop loans - Govt extends time limit for farmer to pay crop insurance premiums by 14 days - Cuts limit for over-the-counter exchange of old bills at banks to 2,000 rupees from 4,500 NOV. 15 - Govt says banks must use indelible ink to ensure people change cash only once NOV. 14 - India extends deadline for payments in old notes including for petrol for limited time - Govt says to instal new micro cash machines acrouss country - Govt asks banks to waive off transaction charges on debit, credit cards - Govt says to raise the cash withdrawal limit from current accounts to 50,000 rupees per week NOV. 13 - RBI raises cap on weekly cash withdrawals from banks to 24,000 rupees from 20,000 - Removes per-day withdrawal limit cap of 10,000 rupees - Raises limit for over-the-counter exchange of old bills at banks to 4,500 rupees from 4,000 - Waives ATM fees for all transactions by savings bank customers til Dec. 30 - Govt increases withdrawal limits at recalibrated ATMs to 2,500 rupees/day from 2,000 rupees NOV. 11 - Extends deadline for payments in old notes including for petrol for limited time NOV. 8 - India abolishes 500, 1,000 rupee notes in fight against ''black money'' - 500, 1000 rupee notes must be tendered into banks, RBI by Dec. 30 - Caps exchange of old bills over-the-counter at banks at 4,000 rupees - Caps cash withdrawals from bank accounts at 10,000 rupees per day till Nov 24 - Caps cash withdrawals from bank accounts at 20,000 rupees per week till Nov 24 - Caps cash withdrawals from ATMs at 2,000 rupees per day per card till Nov. 18 - Caps cash withdrawals from ATMs at 4,000 rupees per day per card from Nov. 19 - Allows certain payments in old notes including for petrol for limited time (Compiled by Rafael Nam and Swati Bhat) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-demonetisation-idINKBN14M0B7'|'2017-01-02T15:51:00.000+02:00'|448.0|''|-1.0|'' 449|'14eff8ef40c8d1383de9e5e85a6cc3deecdc370e'|'Brazil''s IBG eyes Praxair-Linde assets amid merger -Valor'|'SAO PAULO Jan 11 IBG-Indstria Brasileira de Gases Ltda may bid for assets of proposed merger partners Praxair Inc and Linde AG should Brazilian antitrust watchdog Cade force them to divest businesses to approve their deal, Valor Econmico newspaper said on Wednesday.In December, industrial gas companies Linde and Praxair announced plans to merge, creating a $65 billion global entity with extensive business in Brazil.IBG founder Newton de Oliveira told Valor the combined entity would have too much market power. Praxair''s White Martins Ltda controls 59 percent of Brazil''s industrial gas market, while Linde''s unit has 12 percent, Valor Quote: d Oliveira as saying.If Cade orders Praxair and Linde to dispose of some assets, IBG would be interested in acquiring those in Brazil''s north and northeastern regions.IBG, Praxair and Linde were not immediately available to comment on the Valor report.In 2010, Cade found Praxair, Linde and other competitors guilty of price-fixing and market collusion, and imposed a record fine of 2.5 billion reais ($783 million) on them.($1 = 3.1950 reais) (Reporting by Ana Mano; Editing by Guillermo Parra-Bernal and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/linde-ma-praxair-brazil-idINL1N1F10D3'|'2017-01-11T09:22:00.000+02:00'|449.0|''|-1.0|'' -450|'e934e46e71ea565fff4e1d7e5fb8f1a37be6e6ba'|'Greek prosecutor raids Novartis Athens offices in bribery probe'|'Business News - Wed Jan 4, 2017 - 6:23am EST Greek prosecutor raids Novartis Athens offices in bribery probe The logo of Swiss pharmaceutical company Novartis is seen on its headquarters building in Basel, Switzerland October 27, 2015. REUTERS/Arnd Wiegmann ATHENS Greek corruption prosecutors have raided the Athens offices of Swiss drug maker Novartis ( NOVN.S ) as part of an ongoing probe over bribery allegations after media reports, a court official told Reuters on Wednesday. "In the framework of a judicial probe that was ordered in December, prosecutors raided the offices of Novartis over the last few days to search for possible bribery," said the official, who declining to be identified. The investigation was ordered after the country''s justice minister responded to media reports alleging bribes by Novartis to doctors and public officials. "The prosecutors do not have any other evidence apart from the reports and have asked U.S. judicial authorities for assistance," the court official said. Novartis did not respond to a request for immediate comment. The Swiss drug maker is fighting a widening lawsuit by U.S. prosecutors who allege its sales force ran a decade-long doctor kickback scheme involving sham events that led to overcharging the federal government. The drugmaker has disputed the allegations, which were filed in 2013, but faces an investigation in Turkey after an anonymous whistleblower alleged the company paid bribes there through a consulting firm to secure business advantages worth an estimated $85 million. In 2015 Novartis paid $390 million to settle U.S. allegations that it used kickbacks to specialty pharmacies to inappropriately push the sales of its drugs. (Reporting by George Georgiopoulos and Lefteris Papadimas; additional reporting by Michael Shields in Zurich; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-novartis-greece-corruption-idUSKBN14O156'|'2017-01-04T18:23:00.000+02:00'|450.0|''|-1.0|'' +450|'e934e46e71ea565fff4e1d7e5fb8f1a37be6e6ba'|'Greek prosecutor raids Novartis Athens offices in bribery probe'|'Business News - Wed Jan 4, 2017 - 6:23am EST Greek prosecutor raids Novartis Athens offices in bribery probe The logo of Swiss pharmaceutical company Novartis is seen on its headquarters building in Basel, Switzerland October 27, 2015. REUTERS/Arnd Wiegmann ATHENS Greek corruption prosecutors have raided the Athens offices of Swiss drug maker Novartis ( NOVN.S ) as part of an ongoing probe over bribery allegations after media reports, a court official told Reuters on Wednesday. "In the framework of a judicial probe that was ordered in December, prosecutors raided the offices of Novartis over the last few days to search for possible bribery," said the official, who declining to be identified. The investigation was ordered after the country''s justice minister responded to media reports alleging bribes by Novartis to doctors and public officials. "The prosecutors do not have any other evidence apart from the reports and have asked U.S. judicial authorities for assistance," the court official said. Novartis did not respond to a request for immediate comment. The Swiss drug maker is fighting a widening lawsuit by U.S. prosecutors who allege its sales force ran a decade-long doctor kickback scheme involving sham events that led to overcharging the federal government. The drugmaker has disputed the allegations, which were filed in 2013, but faces an investigation in Turkey after an anonymous whistleblower alleged the company paid bribes there through a consulting firm to secure business advantages worth an estimated $85 million. In 2015 Novartis paid $390 million to settle U.S. allegations that it used kickbacks to specialty pharmacies to inappropriately push the sales of its drugs. (Reporting by George Georgiopoulos and Lefteris Papadimas; additional reporting by Michael Shields in Zurich; editing by Jason Neely) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-novartis-greece-corruption-idUSKBN14O156'|'2017-01-04T18:23:00.000+02:00'|450.0|23.0|0.0|'' 451|'02565791426da3512d009c93f1be7ec99c66454a'|'Valeant to sell Dendreon unit to China''s Sanpower for $819.9 million'|'Business News - Tue Jan 10, 2017 - 4:03am GMT Valeant to sell Dendreon unit to China''s Sanpower for $819.9 million A sign for the headquarters of Valeant Pharmaceuticals International Inc is seen in Laval, Quebec June 14, 2016. REUTERS/Christinne Muschi/File Photo Valeant Pharmaceuticals International Inc ( VRX.TO ) said its affiliate will sell its Dendreon Pharmaceuticals business to China''s Sanpower Group Co Ltd for $819.9 million in cash. Valeant will use the proceeds to repay its term loan debt under its senior credit facility, the company said on Monday. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sunil Nair) Next In Business News Asia stocks steady, oil in flux, sterling suffering ''hard'' Brexit fears SINGAPORE Asian stock markets steadied on Tuesday and crude prices inched up from Monday''s three-week low, with investors uncertain whether output cuts by major exporters, led by Saudi Arabia and Russia, will be enough to support the oil market as other producers have increased supplies.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dendreon-m-a-sanpower-idUKKBN14U0B9'|'2017-01-10T11:03:00.000+02:00'|451.0|''|-1.0|'' 452|'b513b3a477bf681667518df722d8147e7fc0e341'|'Trump aide Kushner scraps plan for Canada visit -Canada official'|'CALGARY, Alberta Jan 23 A senior aide to U.S. President Donald Trump has scrapped plans to visit Canada for talks with officials in Prime Minister Justin Trudeau''s team, a Canadian government source said on Monday.The source said the planned visit by Trump son-in-law Jared Kushner had hit logistical problems. A separate source had earlier said Kushner intended to meet Trudeau aides on the margins of a cabinet retreat in Calgary. (Reporting by David Ljunggren; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-politics-kushner-idINL1N1FD25Z'|'2017-01-23T19:42:00.000+02:00'|452.0|11.0|0.0|'' 453|'e5ac6bfadd16f8fb876fa42dad9a3c8e78f39280'|'SpaceX 2015 accident cost it hundreds of millions: Wall St. Journal'|'Business News - Fri Jan 13, 2017 - 3:47pm EST SpaceX 2015 accident cost it hundreds of millions: Wall St. Journal An unmanned SpaceX Falcon 9 rocket explodes after lift-off from Cape Canaveral, Florida, June 28, 2015. REUTERS/Mike Brown CAPE CANAVERAL, Fla. - Elon Musks SpaceX lost more than a quarter of a billion dollars in 2015 after a botched cargo run to the International Space Station and the subsequent grounding of its Falcon 9 rocket fleet, The Wall Street Journal reported on Friday. The accident derailed SpaceXs expectations of $1.8 billion in launch revenue in 2016, an analysis of the privately held firms financial documents showed, according to the Journal, which said it had obtained the documents. SpaceX declined to comment on the Journals report. In a statement emailed to Reuters, SpaceX Chief Financial Officer Bret Johnsen said the company is in a financially strong position with more than $1 billion in cash reserves and no debt. SpaceX, owned and operated by Musk, who also is chief executive of Tesla Motors Inc ( TSLA.O ), is aiming to return to flight on Saturday following a second Falcon 9 accident on Sept. 1. (Reporting by Irene Klotz; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-space-spacex-idUSKBN14X2FL'|'2017-01-14T03:47:00.000+02:00'|453.0|''|-1.0|'' 454|'b9e6050a12b3734cb7ea9acd4f05b1cc406bfc44'|'U.S. to probe whether Fujifilm violating Sony magnetic tape patents'|'Internet 40pm EST U.S. to probe whether Fujifilm violating Sony magnetic tape patents A man stands in front of the headquarters of Fujifilm Holdings Corp in Tokyo, Japan, June 2, 2016. REUTERS/Thomas Peter WASHINGTON The U.S. International Trade Commission said on Wednesday it had launched on investigation into whether Fujifilm Holdings Corp was violating patents which Sony Corp holds for certain magnetic tape cartridges. The ITC said the products at issue in its probe were so-called Linear Tape-Open, or LTO, magnetic tape products and tape cartridge components comprising such products. (Reporting by Timothy Ahmann, editing by G Crosse) Next In Internet News Facebook dismissive of censorship, abuse concerns, rights groups allege WASHINGTON Nearly 80 rights groups on Wednesday accused Facebook of "racially biased censorship" and failing to be more transparent about its removal policies and cooperation with law enforcement, adding to criticism the company has faced in recent months over its management of content on its network of 1.8 billion users.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sony-fujifilm-ip-idUSKBN1522PT'|'2017-01-19T01:39:00.000+02:00'|454.0|''|-1.0|'' 455|'6576ffd55fe2e952b7c2640ddea1d5accc160baa'|'EU, U.S. strike deal to boost transatlantic insurance market'|' 52pm GMT EU, U.S. strike deal to boost transatlantic insurance market BRUSSELS The European Union and the United States agreed on Friday to reduce legal and capital barriers to boost the $3 billion (2.4 billion) transatlantic insurance and reinsurance market. The accord has been under negotiation for more than a year and follows an agreement last year on derivatives. U.S. and EU representatives said in a joint statement they had reached a deal "that will ensure ongoing robust insurance consumer protection and provide enhanced regulatory certainty for insurers and reinsurers operating in both the U.S. and the EU." Under the deal, EU and U.S. authorities will lift requirements for reinsurers to hold more capital against risks if they operate from the other side of the Atlantic, eliminating one key hurdle for cross-border expansion. Insurers will also benefit from lower supervisory requirements, a move expected to reduce costs. "This is a major deal that is set to benefit insurers, reinsurers and policy holders on both sides of the Atlantic," said the EU financial services commissioner, Valdis Dombrovskis. The deal paves the way for EU companies to increase their market share in the United States and for US companies to sell their policies more easily in the 28 European Union countries. The deal needs approval from the European Parliament and U.S. Congress. Two powerful Democrats on U.S. congressional committees said in statements on Friday that they will review the agreement to make certain that it leads to more balanced treatment of U.S. insurance companies. "I look forward to closely studying the agreement and consulting with stakeholders to ensure that the agreement successfully addresses EU discrimination against the U.S. insurance and reinsurance industries," said Representative Richard Neal of Massachusetts, the most powerful Democrat on the U.S. House Ways and Means committee. (Reporting by Francesco Guarascio, additional reporting by Suzanne Barlyn; editing by Alissa de Carbonnel and Cynthia Osterman) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-usa-insurance-idUKKBN14X2A3'|'2017-01-14T01:52:00.000+02:00'|455.0|''|-1.0|'' -456|'a01885d28cd363f62c5d6b716d445d863a920cfb'|'U.S. banks to stay in fashion as earnings kick off'|'Fri Jan 13, 2017 - 9:34pm GMT U.S. banks to stay in fashion as earnings kick off A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly By Sinead Carew and Lewis Krauskopf - NEW YORK NEW YORK U.S. bank stocks will stay in favor with investors as long as earnings reports in the coming week show an improving profit outlook while investors wait to see if U.S. President-elect Donald Trump lives up to his campaign promises. Wells Fargo & Co. ( WFC.N ), JPMorgan Chase & Co ( JPM.N ) and Bank of America ( BAC.N ) kicked off the earnings season on a positive note on Friday, sending the S&P 500''s banking sub-sector .SPXBK up as much as 2.3 percent to its highest since February 2008 before paring gains. It closed trading up 0.8 percent compared with a 0.2 percent gain for the broader S&P 500 .SPX . The banks'' top executives expressed optimism on Friday about 2017 in their first public comments about earnings since Trump won the presidential election on Nov. 8. The bank index rose 24.8 percent between Nov. 8 and Dec. 9 then traded sideways for a month as bond yields fell. Investors were waiting for earnings and for concrete plans from Trump who has said he supports lower taxes, fiscal stimulus and lighter regulation, which would all help banks. Results and guidance from the big banks scheduled to report in the week ahead could boost the sector, according to John Praveen, chief investment strategist at Prudential International Investments Advisers LLC in Newark, New Jersey. "Results are likely to be good and the outlook is going to be positive so there''s room for further gains," said Praveen. The S&P banks index has traded recently at 13.6 times earnings estimates for the next 12 months compared with its five-year average multiple of about 11 but in line with the 10-year average of 13.1, including the 2008 financial crisis, according to Thomson Reuters data. The banks'' multiple is well below the broader S&P 500''s forward price/earnings ratio of 17. But the banks'' discount to the broader market has been shrinking since before the election. Praveen sees a bigger multiple expansion for the banking sector than for the S&P as a whole as more defensive sectors like utilities or consumer staples that are sensitive to interest rate hikes will likely not enjoy as much expansion. Among banks reporting in the coming week Morgan Stanley ( MS.N ) is expected to post results Tuesday followed by Citibank ( C.N ) on Wednesday. BB&T Corp ( BBT.N ), KeyCorp ( KEY.N ) and Bank of New York Mellon Corp ( BK.N ) all report on Thursday. Fred Cannon, director of research at KBW in New York, said banks'' expanded valuations make them a "show-me" story but as long as earnings estimates are rising they should stay popular. Until we see the blue skies get cloudy it will probably still be a sector in favor, he said. Some investors are more cautious going into earnings. For instance traders in Financial Select Sector SPDR Fund ( XLF.P ) options have moved to protect post-election gains. Open contracts on the fund''s shares are now the most defensive in about four weeks, according to options analytics firm Trade Alert. "The banks'' stocks are likely to chop along in sideways volatility through earnings season," said Jeff Morris, head of U.S. equities for Standard Life Investments in Boston, who doesn''t see earnings as a big catalyst at a time when there is still uncertainty about whether Trump will be able to enact policies expected to help banks and accelerate economic growth. While his firm has increased the weighting of bank stocks in its $360 billion assets under management since the election it is "not in the strong bull camp for bank stocks," Morris said. He warned that bank stocks could come under pressure if there is no clear path toward regulatory relief or an acceleration of economic growth coming into the third quarter. (Reporting by Sinead Carew, Lewis Krauskopf and Saqib Ahmed; Editing by James Dalgleish) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-stocks-weekahead-idUKKBN14X2I7'|'2017-01-14T04:34:00.000+02:00'|456.0|''|-1.0|'' +456|'a01885d28cd363f62c5d6b716d445d863a920cfb'|'U.S. banks to stay in fashion as earnings kick off'|'Fri Jan 13, 2017 - 9:34pm GMT U.S. banks to stay in fashion as earnings kick off A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly By Sinead Carew and Lewis Krauskopf - NEW YORK NEW YORK U.S. bank stocks will stay in favor with investors as long as earnings reports in the coming week show an improving profit outlook while investors wait to see if U.S. President-elect Donald Trump lives up to his campaign promises. Wells Fargo & Co. ( WFC.N ), JPMorgan Chase & Co ( JPM.N ) and Bank of America ( BAC.N ) kicked off the earnings season on a positive note on Friday, sending the S&P 500''s banking sub-sector .SPXBK up as much as 2.3 percent to its highest since February 2008 before paring gains. It closed trading up 0.8 percent compared with a 0.2 percent gain for the broader S&P 500 .SPX . The banks'' top executives expressed optimism on Friday about 2017 in their first public comments about earnings since Trump won the presidential election on Nov. 8. The bank index rose 24.8 percent between Nov. 8 and Dec. 9 then traded sideways for a month as bond yields fell. Investors were waiting for earnings and for concrete plans from Trump who has said he supports lower taxes, fiscal stimulus and lighter regulation, which would all help banks. Results and guidance from the big banks scheduled to report in the week ahead could boost the sector, according to John Praveen, chief investment strategist at Prudential International Investments Advisers LLC in Newark, New Jersey. "Results are likely to be good and the outlook is going to be positive so there''s room for further gains," said Praveen. The S&P banks index has traded recently at 13.6 times earnings estimates for the next 12 months compared with its five-year average multiple of about 11 but in line with the 10-year average of 13.1, including the 2008 financial crisis, according to Thomson Reuters data. The banks'' multiple is well below the broader S&P 500''s forward price/earnings ratio of 17. But the banks'' discount to the broader market has been shrinking since before the election. Praveen sees a bigger multiple expansion for the banking sector than for the S&P as a whole as more defensive sectors like utilities or consumer staples that are sensitive to interest rate hikes will likely not enjoy as much expansion. Among banks reporting in the coming week Morgan Stanley ( MS.N ) is expected to post results Tuesday followed by Citibank ( C.N ) on Wednesday. BB&T Corp ( BBT.N ), KeyCorp ( KEY.N ) and Bank of New York Mellon Corp ( BK.N ) all report on Thursday. Fred Cannon, director of research at KBW in New York, said banks'' expanded valuations make them a "show-me" story but as long as earnings estimates are rising they should stay popular. Until we see the blue skies get cloudy it will probably still be a sector in favor, he said. Some investors are more cautious going into earnings. For instance traders in Financial Select Sector SPDR Fund ( XLF.P ) options have moved to protect post-election gains. Open contracts on the fund''s shares are now the most defensive in about four weeks, according to options analytics firm Trade Alert. "The banks'' stocks are likely to chop along in sideways volatility through earnings season," said Jeff Morris, head of U.S. equities for Standard Life Investments in Boston, who doesn''t see earnings as a big catalyst at a time when there is still uncertainty about whether Trump will be able to enact policies expected to help banks and accelerate economic growth. While his firm has increased the weighting of bank stocks in its $360 billion assets under management since the election it is "not in the strong bull camp for bank stocks," Morris said. He warned that bank stocks could come under pressure if there is no clear path toward regulatory relief or an acceleration of economic growth coming into the third quarter. (Reporting by Sinead Carew, Lewis Krauskopf and Saqib Ahmed; Editing by James Dalgleish) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-stocks-weekahead-idUKKBN14X2I7'|'2017-01-14T04:34:00.000+02:00'|456.0|23.0|0.0|'' 457|'a30bf8cdef1490cc87e43c64894483606e9ac3ec'|'U.S. watchdog calls Peabody bankruptcy plan fees ''exorbitant'''|'By Tracy Rucinski - CHICAGO CHICAGO The U.S. government''s bankruptcy watchdog objected on Wednesday to certain parts of Peabody Energy Corp''s plan to slash $5 billion of debt and exit Chapter 11, calling a proposed $240 million in transaction fees "exorbitant," court papers showed.Peabody Energy, the world''s largest private sector coal producer, has proposed a $750 million rights offering, a $750 million private placement and the issuance of new common stock as part of a reorganization plan unveiled last month.In a court filing, the U.S. Trustee said the fees to be paid in those transactions would transfer millions of dollars of funds from the bankruptcy estate before the reorganization plan is approved by creditors and the court."Plan voting is at the core of the reorganization process and should not be eviscerated by a deal struck by powerful well-connected parties," the watchdog said in a filing with the U.S. Bankruptcy Court in St. Louis.The U.S. Trustee, which oversees the administration of bankruptcy cases, said Peabody''s request for court approval of those proposals would improperly lock in payment terms before the whole reorganization plan is approved."We''re evaluating the statements of the trustee and intend to respond appropriately," Peabody spokesman Vic Svec said.Peabody hopes to exit bankruptcy around a year after its April, 2016 Chapter 11 filing with a plan that has the approval of most but not all of its creditors.Shareholders have objected to the reorganization plan and have requested an official voice in the $8 billion bankruptcy case, arguing that a rise in coal prices means the company is valuable enough to repay shareholders who normally lose their money in a bankruptcy.A hearing on the shareholders'' request is scheduled in St. Louis on Thursday, while the U.S. Trustee''s objections will be heard at a hearing on Jan. 26.(Reporting by Tracy Rucinski; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-peabody-energy-bankruptcy-idINKBN152380'|'2017-01-18T20:52:00.000+02:00'|457.0|''|-1.0|'' 458|'96a49e58c2777d5922e2c47b38f783328ab54525'|'Make it personal, dont bombard them: How to approach brand buyers - Guardian Small Business Network'|'W hen a major retailer lists a startups products, it can be the turning point. Sudden exposure to a much larger audience often provides a catalyst for next-stage business growth. However, the stumbling block for many aspiring entrepreneurs is making the initial connections with those all-important big brand buyers.Buyers do want to engage with interesting suppliers but they have to filter ruthlessly, says Chris Simpson, SME consultant with Business Doctors .Buyers at Waitrose can get up to 10 speculative pitches a week and sometimes more; via phone, email, and post and sometimes in person. Waitrose pet care buyer Andrea Watson has experienced them all. She says: Take the trouble to find the name of the buyer you need to speak to, as simply writing Dear Buyer shows a lack of research. And dont say you have been into a Waitrose if you havent. It really shows if you dont know our range for your product area.Polite persistence is one thing; bombardment with calls and emails, which Watson has experienced many times, is another. A follow up email is fine and we will get back to you, she says. And dont be disheartened if we say its not one for now; we always keep new products on file for the future.Bombarding buyers with product samples can also backfire, as they simply dont have the storage space. Send the very best of your range, and ensure they are in date and are transit safe. Ive often received products that have spilt or exploded, adds Watson.Mark Barclay, e-commerce manager at automotive retailer Autosessive , says: As a buyer, whenever were contacted by manufacturers, were instantly impressed when they demonstrate an in-depth understanding of the market by benchmarking their product against the competition in terms of the quality, price, and availability. This will show the buyer you know your stuff and deserve to be taken seriously.He adds: If the buyer seems interested, a great way to seal the deal is to offer exclusive distribution for a period and a marketing rebate. If you can also demonstrate how you can support our marketing efforts, or how your products can be personalised with our branding, as buyers, were a lot more likely to be interested.Holly Anna Scarsella, founder of resort-wear startup Pampelone had no background or experience in approaching buyers, but 18 months on from its launch her brand appears in some of the worlds largest department stores, including Bloomingdales and Shopbop.She says: I spent weeks researching buyers on LinkedIn, often staying up until four in the morning to study them, and then sent extremely targeted emails. Without any help, I managed to get meetings that other businesses took years to get. The best way to get on a buyers radar, she says, is to grab their attention with the first few sentences. She did this by highlighting the celebrities who had worn her brand, and how many times it had sold out.You need to give them a reason to want to read your email, says Scarsella. Instead of just a simple subject line of Pampelone Clothing, which the buyers will just know is another brand pitch, I used Pampelone: St Tropez comes to Bloomingdales. I always email a buyer and their assistant; buyers have so much admin to do, so sometimes the best approach is via their assistant. And make it personal. Show that you understand them and their work.Another way of approaching buyers is via social media. Scarsella found out which bloggers they follow, which publications they look at, and did everything she could to be seen by them. Practical help with the procurement process is available to entrepreneurs who know where to look. When it came to dealing with large retail buyers, Luke Johnstone and Alex Stewart, co-founders of Packd , which makes frozen smoothie kits, were also novices. Johnstone says: We did make mistakes, approaching buyers in the wrong way. The trouble was, I had no business background and no business connections, and we needed help.And they found it, firstly from the Princes Trust, where a former retail buyer was available to offer advice to new business owners, and then from Virgin Startup, which runs a Doing Business With Big Business workshop. Open to anyone, the workshop features buyers from big brands like Virgin Trains, Tesco, and John Lewis, sharing their insight into the best ways to approach them and what they are looking for.Johnstone said: Its still tough getting in front of buyers, but at least I have a strategy, and it works, as our products are now stocked in Sainsburys, Planet Organic, Whole Foods and Tesco Express.Trade shows and exhibitions offer another route into the world of the retail buyer. Health food startup Creative Nature has won listings with TK Maxx, Asda and WH Smith, largely as result of its founder, Julianne Ponan, hitting the trade show circuit and approaching the right buyers directly.She says: We attend a lot of shows throughout the year, one of which was Natural Products Europe at the ExCel in London, where I met buyers from Tesco, Ocado and many more. I managed to secure a meeting with Ocado on the stand at one of the shows.With a strong product targeted at the right market, patience and persistence will generally pay off. But as is often in business, success can come down to good timing, which was the case for Guy Blaskey, founder of canine health brand Pooch & Mutt . Launched in 2008, the products are listed with major multiples, including Tesco and Waitrose.Blaskey says: We timed our approach to Waitrose and Tesco for when they were preparing for a health push with their food products, reducing added sugar and widening their gluten-free range. We contacted them during this time with our grain-free health food for dogs range, as it offered them an opportunity to expand their vision across their pet range too. They were interested, and invited us to send samples, which in turn led to a meeting and a listing. Its all about how relevant research into a retailers plans and vision can reveal how you can help the buyer rather than vice versa.Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jan/17/how-to-approach-brand-buyers-major-retailers'|'2017-01-17T14:15:00.000+02:00'|458.0|''|-1.0|'' 459|'c242d392fc3d135c704f0e1d7eba4602ff4f5cdf'|'ChemChina, Syngenta submit remedy proposals to EU antitrust watchdog'|'Deals - Tue Jan 10, 2017 - 5:11am GMT ChemChina, Syngenta submit remedy proposals to EU antitrust watchdog A woman checks her phone at the headquarters of China National Chemical Corporation in Beijing, July 20, 2009. REUTERS/Stringer/File Photo HONG KONG State-owned China National Chemical Corp (ChemChina) [CNNCC.UL] and Swiss pesticides and seeds group Syngenta AG ( SYNN.S ) on Monday submitted proposed remedies to the European Union''s antitrust watchdog to address concerns over their $43 billion merger. The European Commission''s website showed the companies had submitted "commitments" on Jan. 9, which typically means the parties have proposed remedies such as asset divestment or product pricing commitments. The website did not show any further information on the nature of the commitments. "Details of the remedy proposals are confidential," a spokesman for ChemChina told Reuters. The Commission opened an in-depth investigation into ChemChina''s takeover of Syngenta in October, saying the companies had not allayed concerns over the deal. Syngenta said last week the Commission had agreed to extend the review deadline by 10 working days to April 12 to allow "sufficient time for the discussion of remedy proposals". In an October statement, the Commission highlighted ChemChina''s European subsidiary Adama as one area where the companies had overlapping operations that could cause competition concerns. (Reporting by Michelle Price; Editing by Christopher Cushing) Next In Deals Mars to buy pet healthcare provider VCA for $7.7 billion Candy and pet food conglomerate Mars Inc is buying veterinary hospital operator VCA Inc for $7.7 billion in a deal that will give the maker of Pedigree pet food an even bigger share of the $4 billion global pet healthcare market.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-syngenta-ag-m-a-chemchina-idUKKBN14U0DD'|'2017-01-10T12:00:00.000+02:00'|459.0|''|-1.0|'' @@ -481,7 +481,7 @@ 479|'904b68d4f31f148e18fa6c4c9c57214347d752ca'|'Burberry''s CEO designate to join firm this month'|'Business News 24am EST Burberry''s CEO designate to join firm this month A customer walks in front of a Burberry store in central London July 15, 2008. REUTERS/Alessia Pierdomenico/File Photo LONDON British luxury brand Burberry ( BRBY.L ) said on Monday its incoming chief executive Marco Gobbetti will initially join the company on Jan. 27 as executive chairman, Asia Pacific and Middle East, before joining the board and taking the top job on July 5. Italian Gobbetti, the former boss of French brand Celine, was named as Christopher Bailey''s successor as CEO last July. Bailey will take on the new role of president and chief creative officer. Burberry will update on trading in its Christmas quarter on Wednesday. (Reporting by James Davey; editing by Sarah Young) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-burberry-group-managementchanges-idUSKBN1500O8'|'2017-01-16T14:24:00.000+02:00'|479.0|''|-1.0|'' 480|'f800b9afbfd5452299be5b39d47b7797ab163af2'|'Insurers drag down European shares, FTSE holds near record'|' 27am EST Insurers drag down European shares, FTSE holds near record LONDON Jan 5 European shares headed lower for a second straight session on Thursday after recent strong gains, with insurers leading the market lower after JP Morgan cut its rating for several companies in the sector. RSA Insurance fell 2.2 percent after JP Morgan downgraded the stock to "neutral" from "overweight", while Hannover Rueck fell 2.7 percent after the investment bank cut its price target to 102 euros from 108 euros. The European insurance index was down 0.9 percent, the biggest faller in the pan-European STOXX 600 index, which fell 0.3 percent. The STOXX 600, which hit a one-year high on Tuesday, closed 0.1 percent lower in the previous session. Worst performer across the European benchmark was Rolls Royce which fell more than 3 percent. The stock suffered a price target at JPMorgan. Rolls-Royce led the loser board on Britain''s FTSE 100 index which held near record highs underpinned by a 1.3 percent rise in the UK mining index following an increase in industrial metals prices on brightening outlook for Chinese metals demand. Embattled retailer Next PLC fell another 2 percent in early trades setting its shares up for the worst three-day loss in nearly two decades. (Reporting by Atul Prakash and Helen Reid, Editing by Vikram Subhedar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1EV12J'|'2017-01-05T15:27:00.000+02:00'|480.0|''|-1.0|'' 481|'e75ea7822b05b0b89bae1388341c9652a05d7902'|'UPDATE 2-LatAm nations jump to bond market ahead of Trump'|'(Adds background, Quote: s)By Paul KilbyNEW YORK, Jan 18 (IFR) - Three Latin American nations led the charge into the US bond market on Wednesday, selling over US$5bn of new debt as the clock counts down to the inauguration of Donald Trump as US president.Just a day after Trump''s comments sent the US greenback into retreat, underscoring fears of increased volatility ahead, Chile, Colombia and the Dominican Republic all launched bond deals.Argentina was following closely behind with its own multi-billion dollar trade, already flagging its terms ahead of expected pricing on Thursday."It seems like Friday is the line in the sand you have to get ahead of," one syndicate banker told IFR."Argentina probably felt there is so much supply out there that they want to get some shelf space and make sure investors saved some cash (for them)."Some of the president-elect''s rhetoric has set off jitters across the region, and some market participants noted that this was the last chance to act before Trump takes power."There is not a lot of clarity after Friday and the rates environment is constructive for dollar trades, especially sovereigns," another banker said.Trump on Tuesday said the US dollar was "too strong", a comment that reversed some of the gains the greenback had made since his November election victory.Colombia and the Dominican Republic sold a combined US$3.7bn of US dollar bonds, while Chile launched a Ps1trn (US$1.52bn) Euroclearable peso-denominated trade.The state-owned company that manages the metro system in the Chilean capital of Santiago, Empresa de Transporte de Pasajeros Metro SA, also priced a US$500m 30-year bond at US Treasuries plus 215bp.Brazilian aerospace company Embraer and Central America Bottling Corporation also announced roadshows on Wednesday as they readied new bond offerings as well."There is a lot of downside to this market," said a third banker. "So if you are smart, you want to get ahead of the curve rather than gang around. That is really the driver."The deals were expected to see good demand, even in one of the busiest sessions of emerging market sovereign debt in recent years.Aside from the four LatAm countries that announced deals on Wednesday, Turkey and the Philippines are also approaching investors with dollar trades."This has got to be a record day (for sovereigns)," said Sean Newman, a senior portfolio manager at Invesco.Investors have money to put to work after a long issuance drought. Inflows have also been relatively benign, despite expectations of heavy redemptions after Trump''s win."There is demand out there, cash levels have been building up in anticipation of deals coming to market, and fund flows remain supportive," Newman said.The largest issue is likely to come from Argentina, which announced five and 10-year tranches for its first international bond sale of the year, expected to price as soon as Thursday.By mid afternoon, Argentina had already garnered some US$14bn in demand, even before participation from larger accounts focused on other sovereign deals Wednesday.Order books on Colombia''s two-part US dollar bond sale meanwhile hit a healthy US$9bn, allowing leads to tighten 25bp across both tranches.The passage of recent fiscal reforms and the peace accord with FARC rebels have made Colombia attractive to investors previously concerned about its ratings trajectory."Colombia is in a good position in terms of fundamentals and the peace agreement," said Eddy Sternberg, EM portfolio manager at Loomis Sayles & Company. "It is not a bad place to be." (Reporting by the IFR team; Writing by Marc Carnegie; Editing by Natalie Harrison and Paul Kilby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/latam-bonds-idINL1N1F816K'|'2017-01-18T18:15:00.000+02:00'|481.0|''|-1.0|'' -482|'163b2a0ba571121fdc80ccfbba347fdaf5387742'|'BM&FBovespa says CME fully divests from bourse shares'|'Big Story 10 25am EST BM&FBovespa says CME fully divests from bourse shares BRASILIA BM&FBovespa SA, Latin America''s largest financial bourse, said on Friday that CME Group had fully divested its position in shares issued by the Brazilian bourse, but said the accords between both companies remained valid. "The agreements between BM&FBovespa and the CME Group will remain valid and the companies will seek to continue to cooperate strategically in developing products, technology and other areas of mutual interest for both companies," BM&FBovespa said in a filing. (Reporting by Paula Arend Laier; Writing by Alonso Soto) Next In Big Story 10 Pakistan''s Sindh province cracks down on child labor KARACHI, Pakistan (Thomson Reuters Foundation) - Pakistan''s Sindh province has banned children under 14 from working, becoming the third region to limit child labor in a country where millions of minors work in sectors from brick making to carpet weaving, farming to mining.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-bm-fbovespa-cme-group-idUSKBN15B124'|'2017-01-27T18:19:00.000+02:00'|482.0|''|-1.0|'' +482|'163b2a0ba571121fdc80ccfbba347fdaf5387742'|'BM&FBovespa says CME fully divests from bourse shares'|'Big Story 10 25am EST BM&FBovespa says CME fully divests from bourse shares BRASILIA BM&FBovespa SA, Latin America''s largest financial bourse, said on Friday that CME Group had fully divested its position in shares issued by the Brazilian bourse, but said the accords between both companies remained valid. "The agreements between BM&FBovespa and the CME Group will remain valid and the companies will seek to continue to cooperate strategically in developing products, technology and other areas of mutual interest for both companies," BM&FBovespa said in a filing. (Reporting by Paula Arend Laier; Writing by Alonso Soto) Next In Big Story 10 Pakistan''s Sindh province cracks down on child labor KARACHI, Pakistan (Thomson Reuters Foundation) - Pakistan''s Sindh province has banned children under 14 from working, becoming the third region to limit child labor in a country where millions of minors work in sectors from brick making to carpet weaving, farming to mining.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-bm-fbovespa-cme-group-idUSKBN15B124'|'2017-01-27T18:19:00.000+02:00'|482.0|29.0|0.0|'' 483|'92e5418d9ca0579c3d140cc05e5c67c2f854ead8'|'Massachusetts orders LPL to pay $3.7 mln in relief for older investors'|'Money 43am EST Massachusetts orders LPL to pay $3.7 million in relief for older investors BOSTON Massachusetts'' top securities regulator said on Monday he ordered LPL Financial Holdings Inc to offer about $2.5 million in restitution to older investors over the sale of unsuitable insurance products. The order also fines LPL $975,000 and requires disgorgement of $208,000 in commissions on the sales. The order from Secretary of the Commonwealth William Gavin said one of LPLs advisers misrepresented clients ages and net worth to make them appear more suitable for buying variable annuity investments. LPL also failed to detect various red flags and discrepancies which should would have prevented the harm, according to a statement from Galvin''s office. With the risk of the Department of Labors Fiduciary rule being dismantled, it is crucial that the states step in to fill this void, Galvin said. The Securities Division and I intend to do that by vigilantly policing this area to protect retirees, and I would also caution Washington not to dismantle Labors rule and abandon mom and pop investors." On the campaign trail, U.S. President Donald Trump had said that "70 percent of regulations can go," and one of his top advisers, Anthony Scaramucci, told Reuters the fiduciary rule "would likely be stopped." (Reporting By Tim McLaughlin; Editing by Meredith Mazzilli) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-lpl-hldg-massachusetts-settlement-idUSKBN15E1VB'|'2017-01-30T22:39:00.000+02:00'|483.0|''|-1.0|'' 484|'c72653a1188fd8db42f2e8cdc9de6877ed6f26bc'|'Asia Graphics-Japan, China lead Asia in export exposure to United States'|'Financials 58am EST Asia Graphics-Japan, China lead Asia in export exposure to United States Jan 27 Expectations of more protectionist policies from the new U.S. administration of Donald Trump are likely to hurt Asian countries with more export exposure to the United States. Japan leads the region with about 20 percent exposure, followed by China with 18 percent, based on 2015 data. For a chart on Asian countries'' export exposure to the United States: tmsnrt.rs/2jaCGlz (Reporting By Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; Editing by Gopakumar Warrier) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/asia-usexposure-graphics-idUSL4N1FH1TC'|'2017-01-27T14:58:00.000+02:00'|484.0|''|-1.0|'' 485|'4dcd8ac1af8a4a4550b27e9a094db7a51136e654'|'China Moly to help BHR acquire stake in Congo''s Tenke copper mine'|'KINSHASA Jan 22 China Molybdenum Co Ltd (CMOC) said on Sunday that it has signed an agreement with Chinese private equity firm BHR to support BHR''s acquisition of a 24 percent stake in Democratic Republic of Congo''s giant Tenke copper mine.CMOC says it is the majority owner of Tenke after completing a $2.65 billion purchase of a 56 percent stake in the mine, one of the world''s largest, from Freeport McMoRan Inc in November. BHR agreed to buy a minority stake from Canada''s Lundin Mining in November for about $1.14 billion.Congo state mining company Gecamines, which has a 20 percent stake, has tried for months to block both sales, arguing it has a right to pre-empt them.Gecamines representatives and Congo''s mines minister could not be immediately reached for comment on Sunday."CMOC will provide financial guarantees and other assistance to BHR to ensure that BHR''s acquisition of Lundin''s 24 percent indirect stake in (Tenke) completes successfully in a timely manner," CMOC said in a statement.It added that CMOC and BHR have entered into an agreement, which would give CMOC the right to purchase BHR''s stake at a pre-agreed price if BHR leaves the project.Congo is Africa''s largest copper producer, mining about 1 million tonnes of the metal in 2014 and 2015. Tenke has proven and probable reserves of 3.8 million tonnes of contained copper, according to CMOC. (Reporting By Aaron Ross; Editing by Joe Bavier and Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/congo-mining-idINL5N1FC0KG'|'2017-01-22T10:31:00.000+02:00'|485.0|''|-1.0|'' @@ -498,7 +498,7 @@ 496|'d2075c4faf118255cc841787425e3c5a8a9db515'|'Moscow and Kiev head for $3 bln debt showdown in English court'|'* Ukraine sold Russia $3 bln bond weeks before regime change* Moscow at odds with Kiev''s now pro-Western government* Russia chooses public hearing over private arbitration* London High Court hearing starts on Jan. 17By Karin StroheckerLONDON, Jan 13 A $3 billion dispute between two adversarial governments will come to a head in an English court on Tuesday when Russia and Ukraine meet for a first hearing in their legal battle over a politically charged eurobond.The debt at the heart of the dispute was sold in late December 2013 by then-Ukrainian President Viktor Yanukovich to Russia, less than two months before his Moscow-backed government was ousted by street protests that the swept ex-Soviet republic.Fast-forward through a pro-Western change of government in Kiev, Russia''s annexation of Ukraine''s Crimea region and an International Monetary Fund bailout for Ukraine involving a restructuring of sovereign, hard currency bonds.Those bonds, restructured to pull the near-bankrupt Ukraine back from the brink, were chiefly held by private investors - aside from $3 billion worth held by the Russian government.Moscow insists the bond which matured in December 2015 is sovereign debt and should never have been included in the restructuring plan. Kiev refused to repay the bond, saying Russia should have participated in the restructuring.Russia, represented by Cleary, Gottlieb, Steen & Hamilton LLP, filed a lawsuit in February 2016 demanding a full $3 billion repayment plus legal fees and interest, which according to Moscow''s finance ministry amounted to $75 million a year ago.The case, which will be heard at the High Court on Jan. 17, is unusual in many ways, according to Mitu Gulati, a law professor at Duke University in the United States."The most important big issue here is: Does Ukraine actually owe money to a country that basically ran it as a vassal state and invaded it and took its territory? And that is the kind of question that courts usually don''t ever decide," said Gulati.The bond is unusual because countries do not generally lend to each other under a third country''s legal framework, opting instead for direct bilateral agreements. Terms are often kept under wraps.If debt relief is needed, it tends to be agreed under the framework of the Paris Club of creditor nations, of which Russia is a permanent member.This bond however was structured under English Law, and both Russia and Ukraine had agreed from the outset that a British court ought to decide on possible disputes, Gulati noted."Now a dispute is actually happening, and rather than negotiating and resolving it on their own, they are bringing it in front of a judge which means the judge is going to have to decide on matters that affect international law, not just commercial law."Both Russia and Ukraine''s government declined to comment.UKRAINE SAYS BOND WAS ISSUED UNDER DURESSUkraine''s defence, managed by Quinn, Emanuel, Urquhart & Sullivan LLP, centres around a number of arguments. First, that the bond had never been properly authorised by Ukraine''s parliament and government, was issued under duress and was subject to a number of implied additional terms.Kiev should also be allowed to take "counter-measures" in response to actions taken by Russia, it argued, according to a defence document seen by Reuters.Russia''s "illegal invasion and unlawful occupation" had deprived Ukraine "of the entire purported economic benefit of the transaction", the document states in its defence.The hearing comes after Russia requested a summary judgement, often used to speed up proceedings. This means the court will look at each of Ukraine''s defence arguments and decide if they are likely to stand up in court. Following this, it could allow the case to go to trial, or not.Russia had the option of a private hearing at the London International Court of Arbitration, according to the bond prospectus, but the fact it chose to bring the case to a public court shows it is confident of victory, legal experts said."Their choice was very interesting," said Peter Griffin at Slaney Advisors, an expert in international arbitration and foreign investment disputes."Russia''s case seems to me very strong. And Russia has played this one really intelligently from the beginning - it is almost like they have been two steps ahead of Ukraine and everyone else." (Additional reporting by Natasha Zinets in Kiev and Andrey Ostroukh in Moscow; editing by Mark Heinrich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ukraine-russia-eurobonds-idINL5N1F32FU'|'2017-01-13T14:18:00.000+02:00'|496.0|''|-1.0|'' 497|'43b3a0c6e5f4de538391ba51c8a3d289932286a5'|'Trump signs order withdrawing U.S. from Trans-Pacific trade deal'|' 5:02pm GMT Trump signs order withdrawing U.S. from Trans-Pacific trade deal left right U.S. President Donald Trump signs an executive order on U.S. withdrawal from the Trans Pacific Partnership while flanked by Vice President Mike Pence (L) and White House Chief of Staff Reince Priebus (R) in the Oval Office of the White House in Washington January 23, 2017. REUTERS/Kevin Lamarque 1/2 left right U.S. President Donald Trump holds up the executive order on withdrawal from the Trans Pacific Partnership after signing it as White House Chief of Staff Reince Priebus stands at his side in the Oval Office of the White House in Washington January 23, 2017. REUTERS/Kevin Lamarque 2/2 WASHINGTON President Donald Trump signed an executive order formally withdrawing the United States from the 12-nation Trans-Pacific Partnership trade deal on Monday, following through on a promise from his campaign last year. In an Oval Office ceremony, Trump also signed an order imposing a federal hiring freeze and a directive banning U.S. non-governmental organizations receive federal funding from providing abortions abroad. Trump called the TPP order a "great thing for the American worker." (Reporting By Steve Holland)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-executiveorders-idUKKBN1572AJ'|'2017-01-23T23:59:00.000+02:00'|497.0|''|-1.0|'' 498|'27ce96bc4494bdf4f62b193b95322b2be2574e67'|'Sri Lankan shares fall on foreign selling amid political uncertainties'|'Basic Materials - Tue Jan 31, 2017 - 7:58am EST Sri Lankan shares fall on foreign selling amid political uncertainties COLOMBO Jan 31 Sri Lankan shares fell on Tuesday to end near a 10-month low as foreign investors sold equities amid political instability and on worries of further interest rate hikes, brokers said. While investors turned cautious after the government''s coalition partners decided to contest local polls separately, a rise in treasury bill yields last week also affected risk appetite, said analysts. Yields on treasury bills rose 2-5 basis points at a weekly auction on Wednesday to a near five-month high after the central bank governor signalled reduced intervention to defend the rupee. Rising interest rates, which move in tandem with T-bill yields, have been a cause for concern, brokers said. The Colombo stock index ended 0.13 percent down at 6,132.68, near its 10-month closing low hit last week, its second straight weekly decline. "Big chunk of today''s trade was foreign-to-foreign transaction. Other than that, there was no major activity as most of the investors are on the sidelines, awaiting direction," said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd. Turnover stood at 1.65 billion rupees ($10.99 million), the highest since Dec. 28. Foreign trading accounted for 67 percent of the day''s turnover, as foreign investors net sold 20.77 million rupees ($138,374) worth of equities on Tuesday, extending the year-to-date net foreign outflow to 1.65 billion rupees worth of shares. Shares in Colombo Cold Stores Plc fell 1 percent while Ceylon Tobacco Company Plc fell 0.33 percent. ($1 = 150.1000 Sri Lankan rupees) (Reporting by Ranga Sirilal; Editing by Vyas Mohan) Next In Basic Materials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-stocks-idUSL4N1FL274'|'2017-01-31T19:58:00.000+02:00'|498.0|''|-1.0|'' -499|'4de90fdc25c4446374f6bfd2c73671b6887a2e81'|'Nigeria to close capital''s airport for 6 weeks from 8 March'|'Industrials - Tue Jan 3, 2017 - 9:30am EST Nigeria to close capital''s airport for 6 weeks from 8 March ABUJA Jan 3 Nigeria plans to close the airport in the capital Abuja for six weeks from 8 March to repair its runway, the aviation ministry said on Tuesday, pushing the move back later than previously scheduled. The decision to shut the airport and divert Abuja-bound flights to Kaduna, an airport used primarily for domestic flights about 160 km (100 miles) to the north, was taken after airlines threatened to stop flying to the capital. The government had said the six week closure would begin in February. But a statement issued on Tuesday, which said the aviation minister would discuss the matter with stakeholders, said the "proposed closure" was set to start on 8 March. No reason was given for the change of date. The meeting with aviation industry figures, on Thursday, is to brief them on efforts being made to ensure that the use of Kaduna''s airport is "seamless and hitch-free" said aviation ministry spokesman James Odaudu. Analysts have said that the temporary closure of Abuja airport, the country''s second busiest after the commercial capital Lagos, will have a negative impact on Africa''s biggest economy, which fell into recession in 2016 for the first time in 25 years. Passengers travelling to Abuja will have to fly to Kaduna and travel in bus shuttles, guarded by security provided by the government, to the capital on a pot-holed road where kidnappings have taken place in the last few years. Kaduna''s international airport handled 12 flights in December 2015, the last month for which Nigeria''s airports authority has figures, compared with 812 that used Abuja International. The government has said German company Julius Berger will carry out repairs on Abuja''s damaged runway. (Reporting by Felix Onuah; Writing by Alexis Akwagyiram) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/nigeria-airport-idUSL5N1ET2M7'|'2017-01-03T21:30:00.000+02:00'|499.0|''|-1.0|'' +499|'4de90fdc25c4446374f6bfd2c73671b6887a2e81'|'Nigeria to close capital''s airport for 6 weeks from 8 March'|'Industrials - Tue Jan 3, 2017 - 9:30am EST Nigeria to close capital''s airport for 6 weeks from 8 March ABUJA Jan 3 Nigeria plans to close the airport in the capital Abuja for six weeks from 8 March to repair its runway, the aviation ministry said on Tuesday, pushing the move back later than previously scheduled. The decision to shut the airport and divert Abuja-bound flights to Kaduna, an airport used primarily for domestic flights about 160 km (100 miles) to the north, was taken after airlines threatened to stop flying to the capital. The government had said the six week closure would begin in February. But a statement issued on Tuesday, which said the aviation minister would discuss the matter with stakeholders, said the "proposed closure" was set to start on 8 March. No reason was given for the change of date. The meeting with aviation industry figures, on Thursday, is to brief them on efforts being made to ensure that the use of Kaduna''s airport is "seamless and hitch-free" said aviation ministry spokesman James Odaudu. Analysts have said that the temporary closure of Abuja airport, the country''s second busiest after the commercial capital Lagos, will have a negative impact on Africa''s biggest economy, which fell into recession in 2016 for the first time in 25 years. Passengers travelling to Abuja will have to fly to Kaduna and travel in bus shuttles, guarded by security provided by the government, to the capital on a pot-holed road where kidnappings have taken place in the last few years. Kaduna''s international airport handled 12 flights in December 2015, the last month for which Nigeria''s airports authority has figures, compared with 812 that used Abuja International. The government has said German company Julius Berger will carry out repairs on Abuja''s damaged runway. (Reporting by Felix Onuah; Writing by Alexis Akwagyiram) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/nigeria-airport-idUSL5N1ET2M7'|'2017-01-03T21:30:00.000+02:00'|499.0|25.0|-1.0|'' 500|'8dfce0f009c4e2e1876e0c803af63bfc3097d717'|'UPDATE 1-Venezuela''s PDVSA 2016 financial debt drops 6 pct to $41 bln'|'(Adds context, Quote: )CARACAS Jan 20 Venezuelan state oil company PDVSA''s consolidated financial debt fell 6 percent in 2016 compared with the previous year to reach $41 billion, the company said on Friday.The decline was driven by a $1.7 billion drop in outstanding bonds and a $1.6 billion decline in outstanding loans, according to a table published by the company.It did not provide further details. PDVSA as of last year had $28.475 billion in outstanding bonds.The company in 2016 carried out a $2.8 billion bond swap that pushed the maturity of bonds coming due in 2017 to 2020. That helped ease a heavy payment schedule this year but did not significantly alter its overall debt load.Total debt at the company''s U.S. subsidiary Citgo rose 3 percent from 2015 to reach $4.2 billion.Investors are less worried about a default by Venezuela and PDVSA than they have been in previous years as a result of rising oil prices, the source of nearly all the country''s export revenue.But the bonds'' yields remain among the highest of emerging market securities due to concerns about the country''s decaying socialist economic system. (Reporting by Corina Pons, writing by Brian Ellsworth; Editing by Chizu Nomiyama and Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/venezuela-pdvsa-idINL1N1FA0JE'|'2017-01-20T10:31:00.000+02:00'|500.0|''|-1.0|'' 501|'bd91126351545ddab0cdd4a1c2f858f697e31936'|'J&J, Actelion approach Swiss takeover board over deal structure - paper'|'Global Energy News - Fri Jan 6, 2017 - 7:04am GMT J&J, Actelion approach Swiss takeover board over deal structure - paper The logo of healthcare company Johnson & Johnson is seen in front of an office building in Zug, Switzerland July 20, 2016. REUTERS/Arnd Wiegmann ZURICH Johnson & Johnson and Actelion have asked Switzerland''s takeover board about the viability of a complicated takeover deal the U.S. healthcare company is discussing with the Swiss biotech firm, newspaper Tages-Anzeiger reported on Friday, without saying how it got the information. The two companies asked about the proposal under which Johnson & Johnson would acquire Actelion while separating its commercialised portfolio from its research and development assets, a deal structure first reported by Reuters last week. The panel''s preliminary review was still going on, the paper said. The Tages-Anzeiger quotes a spokesman for the takeover board as saying it does not comment on specific transactions. The Swiss takeover board, which determines whether a deal meets legal requirements, did not immediately respond to a request by Reuters for comment. An Actelion spokesman also did not immediately respond to a request for comment. The proposed deal structure would allow J&J to acquire Actelion with a cash offer in the region of $260 per share, a little more than what it had offered when it walked away from negotiations earlier in December. It also would allow Actelion shareholders to benefit financially from Actelion''s R&D pipeline, people familiar with the matter told Reuters. In return for a minority stake in the remaining business to develop new drugs, Johnson & Johnson could invest $1 billion to $2 billion over several years into Actelion''s research activities as part of the deal, the Tages-Anzeiger reported, again without saying where the information came from. (Reporting by Joshua Franklin; Editing by Michael Shields) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-actelion-m-a-johnson-johnson-swiss-idUKKBN14Q0L4'|'2017-01-06T14:04:00.000+02:00'|501.0|''|-1.0|'' 502|'f7762b3a7f6a761836f58059c4efcacd2c7a01a0'|'Ford bets on Mustang to power up China profits'|'Business News 5:04am GMT Ford bets on Mustang to power up China profits People walk by the Ford display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch By Norihiko Shirouzu - BEIJING BEIJING Ford Motor Co ( F.N ) is betting on one of its most distinctively American models, the Mustang muscle car, to boost the company''s sales and profits in China. Ford began selling the Mustang in China in early 2015, and it is a niche vehicle, selling at a rate of about 3,000 cars a year. Still, that makes the Mustang, which starts at 399,800 yuan ($57,670) the top-seller in a sporty car segment against more expensive vehicles like the Audi TT and the Nissan Skyline GT-R. Mustang last year outsold the Chevrolet Camaro from General Motors Co ( GM.N ) by nearly 15 to one. With styling that harks back to 1960s Detroit muscle cars, the Mustang stands out in a Ford lineup dominated by practical sedans and sport utility vehicles. Ford''s sales in China grew by 50 percent in 2013 and 20 percent in 2014, but in 2015 the pace slowed to 3 percent. In 2016, Ford added the Lincoln luxury brand to its China lineup and expanded sales by 14 percent. Industry analysts said Fords China market profits and profitability were relatively healthy, with operating margins for Fords joint ventures with Chongqing Changan Automobile Co Ltd (000625.SZ) and Jiangling Motors Corp (JMC) (000550.SZ) in the 14-16 percent range over the past three years. But competition in the world''s largest car market continues to heat up as global automakers, from GM to Volkswagen AG ( VOWG_p.DE ) to Toyota Motor Corp ( 7203.T ), add more models to product ranges. Indigenous Chinese automakers, too, are launching models that can compete more head-on with global carmakers'' products. Ford officials said the companys China operations did not have specific profit objectives but were trying to keep margins in their current healthy range. "In terms of having a pricing power on your brand, you want people to be choosing your brand for rational reasons, but if you could also (combine) that with emotional reasons, thats when you get some pricing power, Peter Fleet, Fords executive in charge of sales and marketing for the Asia-Pacific region told Reuters. The Mustang and the F-150 Raptor, a high performance version of Ford''s F-150 large pickup truck, provide the emotion, he said. The formula works for Dong Zirui, a 27-year-old small rental car business owner in the northeastern China city of Tangshan who bought a Mustang late last year. The Mustang is a rear-wheel-drive car," said Dong who decided to buy the Mustang when he spotted photos of it online. "Its a savage when you try some drifting stunts with the car." But Dong said he can fit his wife and young son in the car when he needs to. Dealers say the Mustang brings in two types of buyers to Ford stores: younger drivers, mostly younger than 30 years of age, from upper-middle class families, who have recently finished their studies and have financial support from their parents, as well as drivers in their 30s and 40s who have work or life experience outside China. "Ford has a cleaner sheet in China, so there might be an opening for those halo cars to help the company improve its brand image," said James Chao, Asia-Pacific chief for consulting and research firm IHS Markit Automotive, referring to China being a relatively young market. As Chinese consumers typically make car purchasing decisions based on word-of-mouth advice from their family and friends, Mustang buyers can be influential opinion leaders for Ford. Guo Xin, a 30-year-old rally car racer and stunt driver for films and commercials in Beijing, said he liked the Mustang so much that in 2011 he helped form a Mustang Club of China which now has some 2,000 members. "Growing up I used to see the Mustang in movies," said Guo who drives a 2006 Mustang and also owns a 1966 Mustang. Guo''s classic Mustang would turn heads even in Detroit. But he cannot take it out on public roads. Used cars brought in from outside China cannot be registered in the country. (Reporting by Norihiko Shirouzu in Shanghai and Beijing; Editing by Andrew Hay) Next In Business News Hong Kong court hears Moody''s appeal over ''red flags'' report HONG KONG Hong Kong''s Court of Appeal on Wednesday began hearing Moody''s appeal against a tribunal decision that partly upheld regulatory action imposed on it for a report on Chinese firms, in what is considered a landmark case for the financial centre.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-autoshow-ford-mustang-idUKKBN14V0DT'|'2017-01-11T12:04:00.000+02:00'|502.0|''|-1.0|'' @@ -508,7 +508,7 @@ 506|'9d02cf4733e6574470aec6b1ae18a7c35ad20fdc'|'Lufthansa 2017 growth plans driven by Air Berlin, Brussels deals'|' 24pm GMT Lufthansa 2017 growth plans driven by Air Berlin, Brussels deals A Lufthansa aircraft moves on the tarmac of Riga International Airport in Riga, Latvia, December 21, 2016. REUTERS/Ints Kalnins By Victoria Bryan - BERLIN BERLIN Lufthansa ( LHAG.DE ) outlined plans for 4 percent capacity growth in 2017, not including recent deals to expand budget brand Eurowings, as Europe''s airlines engage in a race for customers against a backdrop of rising fuel prices. The German carrier said in an investor presentation on Friday that its network airlines - Lufthansa, Austrian and Swiss - would grow the number of seats on offer by 3 percent, while Eurowings would grow 19 percent. Including recent deals to lease 38 planes and crew from Air Berlin plus take over Brussels Airlines, group growth would be a reported 12.5 percent, according to the slides. UBS earlier downgraded Lufthansa shares to "sell" from "neutral", saying it was concerned that yields - a measure of pricing - would remain negative in 2017, as European carriers continue to add seats despite likely being unable to pass on increased fuel costs to passengers. Expanding Eurowings is Lufthansa''s response to the rise of low-cost carriers in Europe, notably Ryanair ( RYA.I ), which is set to usurp Lufthansa as Europe''s largest carrier by passenger numbers, after the Irish budget airline said it carried 117 million people last year, a 15 percent increase on 2015. Up until the end of November the Lufthansa group had carried almost 102 million passengers and typically carries 8-9 million in the last month of the year, meaning it is unlikely to catch Ryanair when it reports annual passenger numbers on Tuesday. Showing a wish to take some capacity out of the market as well, Lufthansa said that of the 33 A320 planes coming to Eurowings from the Air Berlin lease deal, up to 20 would be used to replace existing Eurowings planes that currently run at higher costs. Lufthansa estimated its fuel costs would rise to 5.3 billion euros ($5.60 billion) in 2017, from 4.9 billion in 2016. The group had previously predicted a 2016 fuel bill of 4.85 billion euros and said fuel costs had risen more than expected in the fourth quarter due to the rising oil price and a strengthening dollar. Lufthansa also on Friday confirmed a forecast for 2016''s adjusted earnings before interest and tax (EBIT) to remain around 2015''s level of 1.8 billion euros. It is expected to give a first forecast for 2017 profit when it reports full-year results in March. Barclays analysts earlier said they expected it would be difficult for Lufthansa to maintain adjusted EBIT at 2016 levels this year, given rising fuel prices. (Reporting by Victoria Bryan; Editing by Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lufthansa-outlook-idUKKBN14Q21M'|'2017-01-07T00:01:00.000+02:00'|506.0|''|-1.0|'' 507|'d15d1d3ca5c1f00b1cb5a09066d4a433bed60f9c'|'Bankruptcy filings for big Brazil firms seen hitting another record'|'By Alusio Alves - SAO PAULO SAO PAULO A growing number of large Brazilian companies will seek protection from creditors in 2017, hitting a record for a third straight year due to a harsh recession and tight credit conditions, bankers and lawyers said on Monday.New bankruptcy filings from companies with annual revenue surpassing 50 million reais ($16 million) are expected to top the 227 requests last year, as publicly listed homebuilders and energy companies may seek in-court reorganizations, they said.Reuters reported on Nov. 3 that PDG Realty SA Empreendimentos e Participaes ( PDGR3.SA ) was considering seeking creditor protection if banks do not refinance the homebuilder''s maturing loans. PDG has repeatedly denied such a decision.A bankruptcy lawyer who asked for anonymity to talk about the situation said PDG is not the only residential developer that could file for bankruptcy protection before June.While declining to elaborate on the potential case, the lawyer said the inability of both builders to sell assets to raise cash could speed up their processes.Last year, a record 1,863 Brazilian companies - most of them oil equipment, construction and manufacturing firms - requested court protection from creditors, about 45 percent more than in 2015, according to data from Experian Plc''s ( EXPN.L ) Brazilian unit. Rating agencies have warned that the risk remained high of more firms facing cash crunches.For homebuilders, which have struggled with weak demand, sales cancellations and high borrowing costs, "we could see a few in-court reorganization cases in the first half alone," said Gilberto de Abreu, president of mortgage lending group Abecip.The outlook presents lingering risks to banks and investors such as pension funds that lent to or bought debt from a myriad of commodity, industrial and services companies earlier this decade after years of robust growth in Latin America''s largest economy.Lenders have cut borrowing costs in recent years and extended maturities for corporate borrowers. Some analysts have said banks may have to refinance or renegotiate terms on more than 100 billion reais in loans over the next 12 months.(Reporting by Alusio Alves; Writing by Guillermo Parra-Bernal; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-restructuring-bankruptcy-idINKBN15E2NG'|'2017-01-30T18:55:00.000+02:00'|507.0|''|-1.0|'' 508|'2da46d0f45adfd5f8f12f05e35a521ce56ef021b'|'Exclusive: Viacom to announce executive changes - sources'|' 29pm GMT Exclusive: Viacom to announce executive changes - sources A woman exits the Viacom Inc. headquarters in New York April 30, 2013. REUTERS/Lucas Jackson/File Photo By Jessica Toonkel and Liana B. Baker Viacom Inc ( VIAB.O ) is expected to announce changes to its executive ranks, as new chief executive Bob Bakish seeks to turn around the ailing media company, two sources told Reuters on Wednesday. Viacom is expected to promote Sarah Kirshbaum Levy, the chief operating officer of its Nickelodeon network, to chief operating officer of its global entertainment group, the sources said. Viacom created the group late last year to combine its international division with its music and entertainment group as well as TV Land and CMT. Additionally, Viacom is expected to make a handful of executive cuts in its music and entertainment group, which includes cable networks Comedy Central and MTV and had been led by 25-year veteran Doug Herzog, who left the company this week, the sources said. The sources wished to remain anonymous because they are not permitted to speak to the media. (This story corrects day of week in first paragraph to Thursday from Wednesday.) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-viacom-reorg-exclusive-idUKKBN14P23T'|'2017-01-06T00:29:00.000+02:00'|508.0|''|-1.0|'' -509|'098013a7de2eda8579cd0ccea9f283c4fd3d20f6'|'China''s banking regulator to bolster private bank supervision'|'Private Equity - Thu Jan 5, 2017 - 6:20am EST China''s banking regulator to bolster private bank supervision BEIJING Jan 5 China''s banking regulator on Thursday issued guidelines aimed at strengthening governance at the country''s emerging private banks, the latest move by regulators to beef up risk management among financial services firms. The China Banking Regulatory Commission (CBRC) guidelines call for private banks to exercise prudential supervision in such areas as related-party transactions, while clearly defining their business strategy, according to a notice published on the CBRC website. (Reporting by Beijing Monitoring Desk; editing by Susan Thomas) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-banking-regulator-idUSB9N1EN00W'|'2017-01-05T18:20:00.000+02:00'|509.0|''|-1.0|'' +509|'098013a7de2eda8579cd0ccea9f283c4fd3d20f6'|'China''s banking regulator to bolster private bank supervision'|'Private Equity - Thu Jan 5, 2017 - 6:20am EST China''s banking regulator to bolster private bank supervision BEIJING Jan 5 China''s banking regulator on Thursday issued guidelines aimed at strengthening governance at the country''s emerging private banks, the latest move by regulators to beef up risk management among financial services firms. The China Banking Regulatory Commission (CBRC) guidelines call for private banks to exercise prudential supervision in such areas as related-party transactions, while clearly defining their business strategy, according to a notice published on the CBRC website. (Reporting by Beijing Monitoring Desk; editing by Susan Thomas) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-banking-regulator-idUSB9N1EN00W'|'2017-01-05T18:20:00.000+02:00'|509.0|27.0|0.0|'' 510|'d7e3433ef90d050fa8b3a06f4e482be4b66ebaec'|'Greece sets March 24 bid deadline for Thessaloniki port sale: sources'|'ATHENS Greece has given investors until March 24 to submit binding bids for a majority stake in its second biggest port, Thessaloniki Port ( OLTr.AT ), two sources close to the matter said on Tuesday.The sale of the 67 percent stake in the port and other privatisations are a key part of the country''s current EU/IMF international bailout deal, the third since 2010.But the programme has fallen behind schedule due to political resistance and red tape, and has raised only 4 billion euros ($4.3 billion) so far versus an original target of 50 billion euros."The board of the privatisations agency decided that the binding bids for the port will be submitted on March 24," said an official from the agency, who declined to be named.Potential investors include shortlisted Danish container terminal operator APM Terminals [APMOLM.UL], Phillipines-based International Container Terminal Services ICTS ( ICT.PS ), Dubai-based P&O Steam Navigation Company (DP World) DPW.DI and Japan''s Mitsui & Co ( 8031.T ).Past deadlines for the submission of binding bids have been pushed back several times due to differences over the amount of mandatory investment and other issues.Athens has said the buyer will have to invest 180 million euros by 2021 to develop the port.Port workers oppose the sale, saying the size of mandatory investment is low and reducing the value of the port, said Lazaros Tantalidis, their representative on the port''s board.Thessaloniki Port, which currently has a market value of $200.5 million (186 million euros), had a throughput of 344,277 TEUs (twenty-foot equivalent units) last year.(Reporting by Angeliki Koutantou; Editing by Karolina Tagaris and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-greece-privatisation-port-idINKBN15F1M2'|'2017-01-31T10:58:00.000+02:00'|510.0|''|-1.0|'' 511|'f0e411a19048304c5e4d764dd9ee9adce6b3fd21'|'Virgin gets back on track with rail ticket refunds - Money'|'A few weeks ago we covered the case of GC of London who had forgotten his disabled persons railcard while on a Virgin West Coast train between Manchester Piccadilly and London Euston. He had to buy two new tickets at full price (an eye-watering 201.85 each compared with 35.65 for the advance tickets with the railcard).GC found his railcard at the end of the journey but, despite sending in a claim for a refund, was denied this by Virgin. The operator also refused to pay up after we intervened, saying it was company policy. However, the case triggered howls of outrage from other readers and passenger group Transport Focus, and Virgin subsequently issued a full refund.The Department for Transport has since announced changes to ticketing policy that give more flexibility in the cases of passengers who have made a mistake. These will come into force in March. Virgin has also changed its policy on its West Coast line (it was the case on the East Coast since the start of the franchise) and will automatically refund the cost of the new ticket if the person finds their railcard after the journey and takes it to their local ticket office.A Virgin Trains spokeswoman said: We are constantly looking to improve the experiences of our customers and understand that sometimes mistakes can happen, like forgetting or misplacing your railcard on the day of travel. In this situation you will still need to purchase a new ticket to travel, but we have introduced a policy to refund the cost of the new ticket when customers take their railcard and proof of purchase for the tickets to the ticket office.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/jan/04/virgin-gets-back-on-track-with-rail-ticket-refunds'|'2017-01-04T15:00:00.000+02:00'|511.0|''|-1.0|'' 512|'e06092f4a40b8ae9b28e6b50c9ce720ffd431258'|'Sri Lankan shares close slightly higher in dull trade'|'Basic Materials 20am EST Sri Lankan shares close slightly higher in dull trade COLOMBO Jan 30 Sri Lankan stocks ended marginally higher on Monday in lacklustre trading as bargain-hunting investors picked up battered shares, but political instability and a rise in interest rates capped gains, brokers said. The Colombo stock index ended 0.1 percent higher at 6,140.54. It hit a near 10-month closing low on Wednesday, and lost 0.5 percent last week, its second straight weekly decline. Biggest listed lender Commercial bank of Ceylon Plc rose 2.2 percent while Colombo Cold Stores Plc rose 1.3 percent. "We saw some bargain-hunting, but there were no big trades," said Dimantha Mathew, head of research at First Capital Equities (Pvt) Ltd. Foreign investors net bought 5.95 million rupees ($39,614) worth of equities on Monday, but they have net sold 1.63 billion rupees worth shares so far this year. Turnover stood at 179.3 million rupees, its lowest since Jan. 18. ($1 = 150.2000 Sri Lankan rupees) (Reporting by Ranga Sirilal; Editing by Amrutha Gayathri) Next In Basic Materials Brazil Supreme Court approves Odebrecht graft plea deal testimony BRASILIA, Jan 30 The president of Brazil''s Supreme Court, Carmen Lucia Rocha, has approved plea bargain statements by 77 executives of engineering conglomerate Odebrecht, who are being investigated for paying bribes in the country''s biggest graft scandal, the court said on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-stocks-idUSL4N1FK1E8'|'2017-01-30T19:20:00.000+02:00'|512.0|''|-1.0|'' @@ -524,7 +524,7 @@ 522|'f6b85b57211cc7476115d521f83d1583cbe41923'|'India''s Axis Bank Q3 net profit plunges as bad loans jump'|'Financials - Thu Jan 19, 2017 - 6:31am EST India''s Axis Bank Q3 net profit plunges as bad loans jump MUMBAI Jan 19 Axis Bank Ltd, India''s third-biggest private sector lender by assets, reported on Thursday third-quarter net profit tumbled 73 percent as provisions for bad loans jumped. Net profit fell to 5.80 billion rupees ($85 million) for the three months ended Dec. 31, from 21.75 billion rupees a year earlier, missing 7.79 billion rupees on average expected by analysts. Gross bad loans as a percentage of total loans rose to 5.22 percent from 4.17 percent in the previous quarter, and compared with 1.68 percent a year ago. Provisions, including for bad loans, surged more than five times from a year earlier to 37.96 billion rupees. Ahead of the results, Axis shares closed down about 1 percent in a Mumbai market that gained 0.22 percent. Earlier in the day, Axis Bank''s smaller rival - Yes Bank - reported a better-than-expected 31 percent rise in net third-quarter net profit to 8.83 billion rupees. Another private sector lender Federal Bank Ltd reported a 26 percent rise in third-quarter profit, roughly matching estimates. Lakshmi Vilas Bank, which also reported on Thursday, saw its net profit rising about 70 percent. ($1 = 68.1550 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/axis-bank-results-idUSL4N1F93V4'|'2017-01-19T18:31:00.000+02:00'|522.0|''|-1.0|'' 523|'801b129e947c35f551d892774fadb2abb5fea2e3'|'Indonesia expects Freeport to pay higher taxes -Finance Ministry official'|'JAKARTA Jan 18 The Indonesian unit of U.S. copper miner Freeport McMoRan Inc is expected to pay more in taxes once it obtains a new mining permit, a finance ministry official said, as part of new rules on the mining sector in Southeast Asia''s largest economy."The impact is positive for government revenues," said Suahasil Nazara, head of the fiscal policy office. Under the new rules Freeport would pay less income tax, he said, but would now have to pay a dividend tax and a 10 percent value added tax.The total amount Freeport pays in taxes, however, would increase only "slightly", he said. (Reporting by Gayatri Suroyo; Writing by Fergus Jensen; Editing by Kenneth Maxwell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-mining-freeport-mcmoran-idINJ9N1EZ00F'|'2017-01-18T05:39:00.000+02:00'|523.0|''|-1.0|'' 524|'2aa15ab4be1ea5906e799520f8d259f3ba4ffdc9'|'U.S. eggs crack Korean market as Seoul fights worst bird flu outbreak'|' 33am EST U.S. eggs crack Korean market as Seoul fights worst bird flu outbreak * S.Korea expects to import 25 mln eggs by week''s end * Egg prices have rocketed 70 pct since bird flu hit * New hens won''t start producing till H2 2017 By Jane Chung SEOUL, Jan 23 U.S. white-shelled eggs landed on South Korean supermarket shelves beside local brown-shelled eggs on Monday as the country scrambled to boost imports to relieve a shortage amid its worst-ever bird flu outbreak. Some 6 million eggs, mainly from the United States, are set to hit the shelves this week as South Korea launched emergency import measures after egg prices shot up 70 percent ahead of the Lunar New Year holiday this weekend. Thirty U.S. eggs cost 8,470 won ($7.27) at Lotte Mart, one of South Korea''s major discount stores, which began selling the imports on Monday. That was down from the average retail price for local eggs of 9,285 won as of Jan. 20. Prices stood at around 5,438 won when the first bird flu case was confirmed in November, according to state-run Korea Agro-Fisheries & Food Corp. "U.S.-origin eggs are good, but I prefer to use Korean eggs because the Lunar New Year holiday is a Korean traditional holiday. Even if local eggs are more expensive, I would buy them," said Park Hee-kil, a 64-year-old lady who was shopping at a Lotte Mart store in Seoul. In the wake of the bird flu epidemic, Asia''s fourth-largest economy culled more than 32 million farm birds, or nearly a fifth of its poultry population, mostly egg-laying hens. The country''s egg production is expected to decline 12.7 percent to 559,000 tonnes in 2017 from a year earlier, according to the state-run Korea Rural Economics Institute (KREI). "Egg imports may be needed through the first half of this year," said Ji Seon-U, a researcher at the state-run think tank, adding that the volume would depend on how soon egg prices and output stabilised. The Korean government expected a total of 1,500 tonnes, or roughly 25 million eggs, to be imported mainly from the United States before the holiday season. That compared with a total of 1,856 tonnes of egg products worth about $12 million imported last year, according to customs office data. As of Sunday, 444 tonnes of shell eggs and 217 tonnes of egg products had been shipped to Korea since Jan.5, according to the agriculture ministry. The ministry also plans to import a total of 200,000 baby chickens and parent stock for egg-laying hens from five bird flu-free countries, including the United States, Australia and Spain, to rebuild flocks. "However we can''t start it right away because farms have to be virus-free for three months," Ji said. Given it takes at least six months for the offspring of parent stock birds to start laying eggs, the new hens would only start producing in the second half of this year, he said. ($1 = 1,165.4000 won) (Reporting by Jane Chung; Additional reporting by Choi Ji Won; Editing by Sonali Paul) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/health-birdflu-southkorea-idUSL4N1F6396'|'2017-01-23T16:33:00.000+02:00'|524.0|''|-1.0|'' -525|'62395cd3fd2c342f34f03476fc9c25b95c5eaf02'|'European shares lower but FTSE rally continues, Luxottica hits one-year peak'|' 8:31am GMT European shares lower but FTSE rally continues, Luxottica hits one-year peak People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo MILAN European shares were lower in early deals on Monday, weighed down by banking and auto stocks, though weakness in the pound helped Britain''s FTSE rise to a fresh record high. Shares in Luxottica ( LUX.MI ) and Essilor ( ESSI.PA ) both rallied more than 10 after agreeing on a 46-billion euro merger deal to create a global powerhouse in the eyewear industry. Luxottica hit a one-year high, while Essilor surged to its highest since the end of September. By 0816 GMT the pan European STOXX index was down 1.3 percent, while the FTSE added 0.1 percent, with a stronger mining sector helping it touch a fresh record high. In the banking sector, the Italian banking index .FTIT8300 underperformed with a fall of 1.5 percent after rating agency DBRS cut Italy''s credit rating on Friday in a move which could raise their borrowing costs. (Reporting by Danilo Masoni, editing by Kit Rees) Luxottica and Essilor agree 46 billion euro merger to create eyewear giant MILAN/PARIS Italy''s Luxottica and France''s Essilor have agreed a 46 billion euro (40.76 billion pounds) merger to create a global powerhouse in the eyewear industry with annual revenue of more than 15 billion euros, they said in a statement on Monday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1500T7'|'2017-01-16T15:31:00.000+02:00'|525.0|''|-1.0|'' +525|'62395cd3fd2c342f34f03476fc9c25b95c5eaf02'|'European shares lower but FTSE rally continues, Luxottica hits one-year peak'|' 8:31am GMT European shares lower but FTSE rally continues, Luxottica hits one-year peak People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo MILAN European shares were lower in early deals on Monday, weighed down by banking and auto stocks, though weakness in the pound helped Britain''s FTSE rise to a fresh record high. Shares in Luxottica ( LUX.MI ) and Essilor ( ESSI.PA ) both rallied more than 10 after agreeing on a 46-billion euro merger deal to create a global powerhouse in the eyewear industry. Luxottica hit a one-year high, while Essilor surged to its highest since the end of September. By 0816 GMT the pan European STOXX index was down 1.3 percent, while the FTSE added 0.1 percent, with a stronger mining sector helping it touch a fresh record high. In the banking sector, the Italian banking index .FTIT8300 underperformed with a fall of 1.5 percent after rating agency DBRS cut Italy''s credit rating on Friday in a move which could raise their borrowing costs. (Reporting by Danilo Masoni, editing by Kit Rees) Luxottica and Essilor agree 46 billion euro merger to create eyewear giant MILAN/PARIS Italy''s Luxottica and France''s Essilor have agreed a 46 billion euro (40.76 billion pounds) merger to create a global powerhouse in the eyewear industry with annual revenue of more than 15 billion euros, they said in a statement on Monday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1500T7'|'2017-01-16T15:31:00.000+02:00'|525.0|20.0|0.0|'' 526|'8c2e141fae7d2d1ae9eab5d633370ffda0290406'|'BAT agrees to buy Reynolds for $49 billion'|'By Paul Sandle - LONDON LONDON British American Tobacco ( BATS.L ) has agreed a $49.4 billion takeover of U.S. rival Reynolds American Inc ( RAI.N ), creating the world''s biggest listed tobacco company after it increased an earlier offer by more than $2 billion.BAT, which already owned 42 percent of Reynolds, will pay $29.44 in cash and 0.5260 BAT shares for each Reynolds share, it said, a 26 percent premium over the price of the stock on Oct. 20, the day before BAT''s first offer was made public.Reynolds, the maker of Camel and Newport cigarettes, rejected the approach a month later, according to sources, although the two sides remained in talks.The deal, which values the whole of Reynolds at around $86 billion, will mark the return of BAT to the lucrative and highly regulated U.S. market after a 12-year absence, making it the only tobacco giant with a leading presence in American and international markets.BAT Chief Executive Nicandro Durante said bringing the two companies together would create a market leader with brands including Newport, Lucky Strike, Camel and Pall Mall."It will create a stronger, global tobacco and NGP (next generation products) business with direct access for our products across the most attractive markets in the world," he said on Tuesday.Analysts have said the takeover could spark further deals as Philip Morris International ( PM.N ) and Japan Tobacco ( 2914.T ) jostle for market share in an industry that is shrinking in the West as more people quit smoking.Durante said the combined group would have the largest global footprint of any tobacco group, with strong positions in both fast-growing emerging markets and lucrative Western countries.RBC Capital Markets said assuming BAT was able to achieve the annual cost savings of "at least $400 million" it has targeted, the deal would be financially neutral for BAT shares."We think (the deal) makes sense strategically and operationally and just about washes its face financially," it said. "That said, a value-neutral acquisition does little to alter our view that the shares are already reasonably valued."Shares in BAT were up 0.4 percent at 47.80 pounds at 0855 GMT, about where they were trading in October before the company revealed its initial bid.Centerview Partners, Deutsche Bank and UBS advised BAT on the deal, while Lazard, JP Morgan and Jones Day worked for Reynolds American.(Reporting by Paul Sandle; Editing by Kate Holton and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-reynolds-amricn-m-a-brit-am-tobacco-idINKBN1510LW'|'2017-01-17T06:51:00.000+02:00'|526.0|''|-1.0|'' 527|'219da35d60de602ea360c25c5eff6f0daafc1ceb'|'UPDATE 1-HSBC to shift staff from Britain to Paris after Brexit'|' 42am EST UPDATE 1-HSBC to shift staff from Britain to Paris after Brexit * No staff to move for at least 2 years * HSBC would set up France holding company * Shares up 1 percent by 0821 GMT (Adds details, share price) DAVOS, Switzerland, Jan 18 HSBC will move staff responsible for generating around a fifth of its UK-based trading revenue to Paris following Britain''s exit from the European Union, Chief Executive Stuart Gulliver said on Wednesday. "We''re not moving this year and maybe not even next year," Gulliver said in an interview on the sidelines of the annual meeting of the World Economic Forum in Davos. "We will move in about two years time when Brexit becomes effective," Gulliver added. HSBC, Europe''s biggest bank, has all the licences it needs for such a move, Gulliver said, and would only need to set up a so-called intermediate holding company in France, a move that should take only a matter of months. HSBC''s global banking and markets division that houses those trading jobs made profits of $384 million in the UK in 2015, according to a company filing. Gulliver has been among the more outspoken global bank chief executives about the impact of the Brexit vote, saying in the immediate aftermath of the referendum last June that the bank could move around 1,000 roles to Paris. Britain''s financial services sector has said it will accelerate plans to move some business overseas after Prime Minister Theresa May said on Tuesday the country will quit the European Union''s single market. Banks had initially hoped Britain could retain the access to Europe''s single market that allows them to trade and sell all financial products from London, meaning they would not have to move staff, but such a deal now looks unlikely. Financial firms instead have shifted to pushing for a transitional period in case it proves difficult to negotiate a favourable deal or if talks are protracted and go beyond the two-year time frame for divorce talks. HSBC shares were up 1 percent by 0821 GMT, against a 0.8 percent fall in the broader European banks index. (Reporting by Pamela Barbaglia in Davos, writing by Lawrence White; editing by Jason Neely/Keith Weir) Next In Company News Indonesia expects Freeport to pay higher taxes -Finance Ministry official JAKARTA, Jan 18 The Indonesian unit of U.S. copper miner Freeport McMoRan Inc is expected to pay more in taxes once it obtains a new mining permit, a finance ministry official said, as part of new rules on the mining sector in Southeast Asia''s largest economy.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/davos-meeting-hsbc-idUSL5N1F81JN'|'2017-01-18T15:42:00.000+02:00'|527.0|''|-1.0|'' 528|'a6356048bf8547d7a8df248a2782bddd5d5175b3'|'MIDEAST STOCKS-Gulf slips on weak global trend but Dubai''s Aramex climbs on Q4 profit leap'|'Financials 34am EST MIDEAST STOCKS-Gulf slips on weak global trend but Dubai''s Aramex climbs on Q4 profit leap DUBAI Jan 30 Major Gulf stock markets were weak in early trade on Monday in response to soft global equities and crude oil prices, although Dubai courier firm Aramex soared on a fourth-quarter earnings beat. Saudi Arabia''s index fell 0.1 percent after 20 minutes of trade. Half of the 14 listed petrochemical makers declined, but Nama Chemicals jumped 8.0 percent after soaring its 10 percent daily limit on the two previous days following its announcement of plan to recover from major losses. In Dubai, Aramex jumped 9.0 percent after reporting a 129 percent jump in fourth-quarter net profit to 131.8 million dirhams ($35.9 million); EFG Hermes and SICO Bahrain had forecast 94.0 million dirhams and 77.5 million dirhams respectively. The main Dubai index, however, edged down 0.1 percent, weighed down by a 0.4 percent decline in heavyweight Emaar Properties. The builder of the tallest tower in the world has not yet reported fourth-quarter results. In neighbouring Abu Dhabi, blue chip National Bank of Abu Dhabi climbed 3.4 percent ahead of Tuesday''s board meeting to discuss its quarterly earnings. The index was up 0.3 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia and Andrew Heavens) Next In Financials TABLE-Ichigo Hotel Reit Investment -6 MTH forecast Jan 30 (Reuters) Ichigo Hotel Reit Investment Corporation EARNINGS ESTIMATES (in billions of yen unless specified) 6 months to 6 months to Jul 31, 2017 Jul 31, 2017 LATEST PRIOR FORECAST FORECAST Revenues 1.67 1.64 Net 767 mln 731 mln Div 2,981 yen'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/mideast-stocks-idUSL5N1FK0U0'|'2017-01-30T14:34:00.000+02:00'|528.0|''|-1.0|'' @@ -537,18 +537,18 @@ 535|'23d65c615177b0f349165d4276feeb944613565c'|'UPDATE 1-Portugal yields fall after bond sale test; Trump appearance eyed'|'Bonds News 8:08am EST UPDATE 1-Portugal yields fall after bond sale test; Trump appearance eyed * Lisbon to sell 3 bn euros of 10-year bonds * President-elect Trump due to speak at 1600GMT * Italian court rules on labour reform referendum (Writes through) By John Geddie and Dhara Ranasinghe LONDON, Jan 11 Portuguese yields edged back from 11-month highs on Wednesday as the country got through one of its toughest bond sales in years, while safe-haven bonds were also in demand with investors nervous about an upcoming Donald Trump press conference. Wrestling a bank crisis, a sluggish economy and reduced support from the European Central Bank, Lisbon is poised to sell three billion euros of a new 10-year bond on Wednesday after attracting demand of more than 8.5 billion euros. "If you look at how much issuance Portugal needs to do this year, and we''re looking at around 16 billion euros, that''s already around 15-20 percent of their issuance in one go in this auction," said Orlando Green, European fixed income strategist at Credit Agricole. "That might be what the market is looking at and that may have given Portugal a small bid today." Germany sold 4 billion euros of 10-year debt on Wednesday at its regular auction, with strategists saying demand was supported by concern about Donald Trump''s first press conference since he won November''s U.S. presidential election. Trump''s calls for fiscal stimulus have pushed up inflation expectations, and with it stocks and bond yields. But his protectionist statements and jibes at China are considered potential sources of diplomatic tension that could roil markets. His press conference is scheduled for 1600GMT. German 10-year yields -- the bloc''s benchmark -- fell 3 basis points to 0.25 percent, keeping clear of Monday''s 0.325 percent three-week high. NORMALISE Portuguese 10-year yields fell 5 basis points to 4.01 percent. So did those in neighbouring Spain, which fell 5 bps to 1.43 percent. Italian yields also fell but lagged the rally slightly after news that its new Prime Minister Paolo Gentiloni had undergone emergency heart surgery . Portugal has been benefiting less than others from the trillions of euros the European Central Bank has spent buying bonds, and it is just one ratings downgrade away from being excluded from the ECB''s bond purchases altogether. Strategists said Portugal''s bond sale could ease concern about a lack of its debt available for the ECB bond-buying programme. "The new benchmark and the resulting injection of liquidity, PSPP-related purchases of Portuguese government bonds could well normalise to some extent, at least in the short term, and unfold their positive yield-compressing effect," DZ Bank strategist Sebastian Fellechner said. In southern Europe, investors are also waiting a ruling on Italy''s constitutional court on whether a request to hold a referendum on a 2014 labour-market reform is in line with the constitution. DZ Bank said it is "pretty unlikely" that a plebiscite will actually be held, even if the constitutional court approves the request. For Reuters new Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Editing by Larry King) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/eurozone-bonds-idUSL5N1F135J'|'2017-01-11T20:08:00.000+02:00'|535.0|''|-1.0|'' 536|'0ef0e5fd4157fc95ec44da1d8558e682a312a151'|'UPDATE 2-Viacom names global entertainment group COO'|'(Adds detail from internal memo, changes sourcing)By Jessica Toonkel and Liana B. BakerJan 5 Viacom Inc on Thursday named Sarah Levy, the chief operating officer of its Nickelodeon network, COO of its global entertainment group, as new Chief Executive Bob Bakish seeks to turn around the ailing media company.Viacom is also set to make a handful of executive cuts in its music and entertainment group, which includes cable networks Comedy Central and MTV and had been led by 25-year veteran Doug Herzog, who left the company this week, two sources told Reuters on Thursday.The sources wished to remain anonymous because they are not permitted to speak to the media.Viacom created the global entertainment group late last year to combine its international division with its music and entertainment group as well as TV Land and CMT.In her new role Levy will oversee a number of functions for the global entertainment group, including strategy and business development, research and operations, according to a memo reviewed by Reuters to employees from Bakish."By aligning GEG operations, we''re taking an important step towards becoming a more integrated organization," Bakish said in the memo.Viacom named Bakish, former head of its international business, as acting CEO at the end of October, and then permanent CEO on Dec. 12 when it announced the end of merger explorations with CBS Corp.Viacom, which also owns Nickelodeon and Paramount, has been struggling to improve ratings and ad revenue. Last year, the company''s stock fell 14.7 percent.Bakish is hoping to turn Viacom around. His strategy includes improving relations with the media company''s television distributors as well as a focus on fixing MTV, he told Reuters in an interview late last year.Denise Denson, who headed distribution, left the company in December.Viacom, which is majority owned by Sumner Redstone and his daughter Shari Redstone, was embroiled in a corporate governance drama for much of last year. In August, the Redstones won a battle to maintain control of the company, resulting in the dismissal of former CEO Philippe Dauman. (Reporting By Jessica Toonkel in New York and Liana B. Baker in San Francisco; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/viacom-reorg-idINL1N1EV1AR'|'2017-01-05T16:18:00.000+02:00'|536.0|9.0|0.0|'' 537|'2626356f375b2d6aed00cae69ecf37a39a166f66'|'Bidders circle insolvent German cocoa firm Euromar - sources'|'HAMBURG Jan 31 Several potential bidders have expressed an interest in German cocoa grinder Euromar Commodities GmbH, which declared insolvency in December, sources with knowledge of the situation said on Tuesday.Some five groups have shown interest, including a Swiss-based trading and cocoa processing house and a Malaysian cocoa processor, they said.A spokesman for insolvency administrator Rolf Rattunde declined to comment.Rattunde has said he will attempt to restructure Euromar and return it to long-term operations.Euromar is a major producer of cocoa products including cocoa butter and cocoa powder at its plant at Fehrbellin near Berlin. The company suffered liquidity problems caused by exchange rate fluctuations in the British pound, in which cocoa is traded, and swings in cocoa prices.A U.S. associate company Transmar Commodity Group Ltd also filed for bankruptcy protection in December.German traders estimate the plant in Fehrbellin can crush 150 tonnes of beans a day, which with full 365 day production means around 54,700 tonnes a year. Germany grinds about 400,000 tonnes of cocoa annually.Euromar''s problems were a factor causing a sudden fall in European cocoa grindings in the fourth quarter of 2016.Euromar has never given official production figures."In the long term I do not expect the Euromar insolvency to have a major impact on the market," a German trader said."The company has always kept its production volumes secret but my feeling is that there is enough capacity in Europe, West Africa and Asia to meet demand if the Euromar processing plant does not return to long-term operations." (Reporting by Michael Hogan; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/euromar-cocoa-idINL5N1FL1LG'|'2017-01-31T05:11:00.000+02:00'|537.0|''|-1.0|'' -538|'01de1ebb350e47c2a0f30d2196a193a1a8c8b8a9'|'Bayer says had productive meeting with Trump over Monsanto deal'|'Market News - Thu Jan 12, 2017 - 5:10am EST Bayer says had productive meeting with Trump over Monsanto deal By Ludwig Burger and Patricia Weiss - FRANKFURT FRANKFURT Jan 12 German drugs and pesticides maker Bayer, which will need regulatory approval for its $66 billion deal to buy U.S. seeds giant Monsanto, said company chief executives had a productive meeting with U.S. president-elect Donald Trump. Trump talked to Bayer Chief Executive Werner Baumann, Monsanto CEO Hugh Grant and some of their advisers in New York, his transition team said on Wednesday, part of meetings before he takes office later this month. "It was a productive meeting about the future of agriculture and the need for innovation," a Bayer spokesman said on Thursday, declining to provide more details for the moment. The fate of major proposed mergers, not just Bayer-Monsanto but also Dow Chemical and DuPont, which plan to spin off their combined agriculture businesses, will be decided by Trump''s nominees to lead antitrust enforcement at the Justice Department and the Federal Trade Commission. Antitrust and industry experts see the regulatory hurdles to a deal as manageable because Bayer''s main business in agriculture is pesticides while Monsanto''s focus is on genetically modified seeds. Under such a scenario, Bayer could at worst be asked to divest soybean, cotton and canola seed assets as well as LibertyLink-branded crops that are resistant to its glufosinate herbicide, an important alternative to Monsanto''s Roundup Ready seeds. But uncertainty remains over what regulators will make of the merged group''s grip of the overall agriculture market, with a combined market share in seeds and pesticides of about 28 percent. Critics argue this dominant market position will allow it to crimp research and development efforts. Bayer has said that much needed innovation will come from combined seeds-chemicals offerings and that it needs to merge to compete against other integrated suppliers such as the future Dow-Dupont. Monsanto shares closed little changed at $108.45 on Wednesday, offering an 18 percent upside to Bayer''s takeover bid of $128 per share or $66 billion in total. Bayer shares were down 0.6 percent at 100.40 euros at 0942 GMT. The meeting took place on the day of Trump''s first news conference as president-elect, which also saw him slam drug companies as "getting away with murder" in what they charge the government for medicines. Bayer, the inventor of aspirin, is among the world''s top 20 pharmaceutical groups, with products including Yasmin birth-control pills and stroke prevention drug Xarelto. (Editing by Keith Weir) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/monsanto-ma-bayer-trump-idUSL5N1F225I'|'2017-01-12T17:10:00.000+02:00'|538.0|''|-1.0|'' +538|'01de1ebb350e47c2a0f30d2196a193a1a8c8b8a9'|'Bayer says had productive meeting with Trump over Monsanto deal'|'Market News - Thu Jan 12, 2017 - 5:10am EST Bayer says had productive meeting with Trump over Monsanto deal By Ludwig Burger and Patricia Weiss - FRANKFURT FRANKFURT Jan 12 German drugs and pesticides maker Bayer, which will need regulatory approval for its $66 billion deal to buy U.S. seeds giant Monsanto, said company chief executives had a productive meeting with U.S. president-elect Donald Trump. Trump talked to Bayer Chief Executive Werner Baumann, Monsanto CEO Hugh Grant and some of their advisers in New York, his transition team said on Wednesday, part of meetings before he takes office later this month. "It was a productive meeting about the future of agriculture and the need for innovation," a Bayer spokesman said on Thursday, declining to provide more details for the moment. The fate of major proposed mergers, not just Bayer-Monsanto but also Dow Chemical and DuPont, which plan to spin off their combined agriculture businesses, will be decided by Trump''s nominees to lead antitrust enforcement at the Justice Department and the Federal Trade Commission. Antitrust and industry experts see the regulatory hurdles to a deal as manageable because Bayer''s main business in agriculture is pesticides while Monsanto''s focus is on genetically modified seeds. Under such a scenario, Bayer could at worst be asked to divest soybean, cotton and canola seed assets as well as LibertyLink-branded crops that are resistant to its glufosinate herbicide, an important alternative to Monsanto''s Roundup Ready seeds. But uncertainty remains over what regulators will make of the merged group''s grip of the overall agriculture market, with a combined market share in seeds and pesticides of about 28 percent. Critics argue this dominant market position will allow it to crimp research and development efforts. Bayer has said that much needed innovation will come from combined seeds-chemicals offerings and that it needs to merge to compete against other integrated suppliers such as the future Dow-Dupont. Monsanto shares closed little changed at $108.45 on Wednesday, offering an 18 percent upside to Bayer''s takeover bid of $128 per share or $66 billion in total. Bayer shares were down 0.6 percent at 100.40 euros at 0942 GMT. The meeting took place on the day of Trump''s first news conference as president-elect, which also saw him slam drug companies as "getting away with murder" in what they charge the government for medicines. Bayer, the inventor of aspirin, is among the world''s top 20 pharmaceutical groups, with products including Yasmin birth-control pills and stroke prevention drug Xarelto. (Editing by Keith Weir) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/monsanto-ma-bayer-trump-idUSL5N1F225I'|'2017-01-12T17:10:00.000+02:00'|538.0|24.0|2.0|'' 539|'76998450cd95998f29b60f67bd7bea4d1955e1dc'|'Egypt''s Finance Ministry to issue $800 mln 1-year dollar-denominated T-bill'|'Financials - Thu Jan 5, 2017 - 11:19am EST Egypt''s Finance Ministry to issue $800 mln 1-year dollar-denominated T-bill CAIRO Jan 5 Egypt''s Finance Ministry will issue $800 million in one-year dollar-denominated treasury bills to local banks and foreign financial institutions on January 9, the central bank said in a statement on Thursday. The auction deadline is Jan. 9, 2017, and the maturity date for the issuance is Jan. 9, 2018, the statement said. The government has turned mainly to the local money market to finance its public deficit since a popular uprising in early 2011 that deterred many foreign investors. (Reporting by Asma Alsharif; Editing by Dominic Evans) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/egypt-debt-treasuries-idUSL5N1EV4EU'|'2017-01-05T23:19:00.000+02:00'|539.0|''|-1.0|'' 540|'f480114196451bfd0e0d81264fd53ceeb6023837'|'Under U.S. pressure on trade, Japan scrambles ahead of White House visit'|'By Yoshifumi Takemoto - TOKYO TOKYO Japan is scrambling to respond to intensifying trade pressure from U.S. President Donald Trump, with Prime Minister Shinzo Abe planning to meet the head of Toyota Motor Corp this week and business lobby Keidanren planning a Trump task force.Abe will visit Washington on Feb. 10 for talks with Trump at which the U.S. leader is expected to seek quick progress toward a two-way trade deal with Japan and discuss the automotive sector.Ahead of those talks, Abe will meet with Toyota Chief Executive Akio Toyoda, two sources told Reuters. One of them said the meeting would take place on Friday. Chief Cabinet Secretary Yoshihide Suga denied a meeting had been set for Friday, while Toyota Motor Corp declined to comment.In a phone call with Abe on Saturday, Trump reiterated his pledge to create jobs in the United States and asked that the Japanese auto industry contribute, the Nikkei business daily reported, quoting unidentified Japanese government officials.The two leaders discussed the automotive industry, senior government spokesman Koichi Hagiuda told reporters after the phone call, without giving details. A White House statement said the two "committed to deepen the bilateral trade and investment relationship".Japan needs to craft a plan to show that its firms, car makers especially, will contribute to creating U.S. jobs, a former Japanese diplomat said. "I think that is the only way forward to make the bilateral summit a success," the diplomat said."Trump only cares about numbers. Everything has to be linked to jobs creation," he added. "Symbolically, autos is a very big player."Abe has left the door open to discussing a free trade agreement (FTA) with the United States, but some officials worry Japan would have little to gain while coming under intense pressure from Washington. Bilateral talks on specific sectors such as autos, however, are an option, officials have said.Trump, who last week dropped out of the 12-nation Trans-Pacific Partnership pushed by his predecessor Barack Obama and favoured by Abe, has repeatedly attacked Japan''s auto market as closed, in an echo of criticisms heard two decades ago.Japan has rejected that accusation, saying it does not impose tariffs on U.S. auto imports nor put up discriminatory non-tariff barriers.Over the decades, Japanese automakers have developed SUVs, mini-vans and pick-up trucks specifically targeting American consumers'' taste for bigger cars, while U.S. brands have struggled to make inroads in Japan, where drivers overwhelmingly prefer domestic brands.Foreign-branded cars accounted for only 7 percent of the Japanese passenger car market, led by Germany. American brands collectively made up less than a third of 1 percent of passenger cars sold in Japan last year.TRUMP TASK FORCEToyota has come under fire from Trump for plans, announced in 2015, to shift production of its Corolla sedan to Mexico from Canada. Earlier this month, Japan''s top automaker said it would invest $10 billion in the United States over the next five years, the same as the previous five years.Toyota says it directly employed about 40,000 American workers as of December 2015, and indirectly more than 200,000 if dealers and suppliers are included.Japan''s biggest business lobby Keidanren wants to beef up its information gathering and analysis of the Trump administration''s policies, while also conveying data on Japan Inc''s importance to the U.S. economy, a Keidanren official said."We will create a task force, the main purpose of which is to convey correct information about the contribution of Japanese firms in the United States," said another Keidanren official, who declined to be identified because he was not authorised to speak to media.Japan''s government is already trying to give Trump''s administration a crash course on its companies'' contribution to U.S. jobs and growth, with fact sheets showing, among other things, that Japanese companies created 839,000 jobs in America, second only to Britain.Tokyo came under harsh U.S. criticism in the late 1980s and early 1990s, when Japan accounted for up to 60 percent of the U.S. trade deficit.But now its share has shrunk to less than 10 percent, while China''s has ballooned to nearly 50 percent - something Japanese officials are trying to stress to American counterparts.Automobiles and car parts account for about three-quarters of the overall Japan-U.S. trade gap, making it an easy target.Japanese media have begun reminiscing about the heated U.S.-Japan auto talks 20 years ago. A last-minute deal in June 1995 averted U.S. tariffs on Japanese luxury cars when Japan''s automakers crafted "voluntary plans" to boost purchases of American auto parts and expand production in the United States.(Additional reporting by Chris Gallagher, Maki Shiraki, Kiyoshi Takenaka, Ami Miyazaki, Stanley White, Chang-Ran Kim and Tetsushi Kajimoto; Writing by Linda Sieg and Malcolm Foster; Editing by Lincoln Feast and Alex Richardson)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-trump-japan-toyota-idINKBN15E0PR'|'2017-01-30T05:50:00.000+02:00'|540.0|''|-1.0|'' 541|'a197e59558fe2f739e08d9d44d94a60bab5cb1cd'|'Euronext offers 510 million euros for LSE''s French clearing business'|' 7:38am GMT Euronext offers 510 million euros for LSE''s French clearing business Company stock price information are displayed on screens as they hang above the Paris stock exchange, operated by Euronext NV, in La Defense business district in Paris, France, December 14, 2016. REUTERS/Benoit Tessier Euronext ( ENX.PA ) said it has offered 510 million euros (434.41 million pounds)to buy the London Stock Exchange''s (LSE) ( LSE.L ) French clearing business, helping clear the way for LSE Group''s proposed $28 billion merger with Deutsche Boerse ( DB1Gn.DE ). LSE Group and LCH Group Limited confirmed that the companies have agreed on the terms of Euronext''s all-cash offer. The European Commission had stated its objections to the LSE''s merger with Deutsche Boerse in December, but outlined fewer concerns than in its first letter sent to both exchange operators in September. Its concerns were focused on the clearing of derivatives contracts. Clearing has become a major issue since global reforms introduced after the 2007-09 financial crisis mean banks must clear the bulk of their derivatives trades to make them safer and more transparent. (Reporting by Sanjeeban Sarkar and Vidya L Nathan in Bengaluru, editing by Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lse-m-a-euronext-clearnet-idUKKBN14N0FN'|'2017-01-03T14:38:00.000+02:00'|541.0|''|-1.0|'' 542|'c4d73d963720426380a37ecc0d4b9b78e5ccfe02'|'Lufthansa says to hire more than 3,000 new staff in 2017'|'Business News - Wed Jan 4, 2017 - 4:23am EST Lufthansa says to hire more than 3,000 new staff in 2017 The tail of a parked plane is pictured during a pilots strike of German airline Lufthansa at Frankfurt airport, Germany, November 30, 2016. REUTERS/Kai Pfaffenbach FRANKFURT German airline Lufthansa ( LHAG.DE ) plans to hire more than 3,000 new staff in 2017, most of them flight attendants, it said in a statement on Wednesday. Lufthansa Group airlines - Austrian, Swiss and Eurowings - are hiring more than 2,200 staff in total, it said. Lufthansa Technik is planning to recruit 450 new staff. Lufthansa cabin crew and pilots have gone on strike several times over the last few years as the airline battles to reduce costs. Its cabin-crew union UFO said last month the latest talks over pay and working conditions had failed. (Reporting by Georgina Prodhan; Editing by Harro ten Wolde) Next In Business News Exclusive: Wall Street lawyer Jay Clayton emerges as Trumps top SEC choice BOSTON/WASHINGTON Wall Street lawyer Jay Clayton, who has worked on high-profile initial public offerings such as Alibaba Group, is a leading candidate to head the U.S. Securities and Exchange Commission in the Trump administration, two sources familiar with the matter said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lufthansa-hiring-idUSKBN14O0SU'|'2017-01-04T16:23:00.000+02:00'|542.0|''|-1.0|'' -543|'29d09735a1a824cc9375d82aac5df7bc09e61f1c'|'Global casino operators on Japan charm offensive'|' 58am GMT Global casino operators on Japan charm offensive left right FILE PHOTO - View of the logo of the Hard Rock cafe in Paris, France, March 3, 2016. REUTERS/Jacky Naegelen/File Photo 1/3 left right FILE PHOTO - A bus stops outside Sands Macao in Macau, China June 1, 2016. REUTERS/Bobby Yip/File Photo 2/3 left right FILE PHOTO - May 1, 2015; Las Vegas, NV, USA; Exterior view of the MGM Grand hotel and casino following weigh-ins for the upcoming boxing fight between Floyd Mayweather against Manny Pacquiao at the MGM Grand Garden Arena. Mandatory Credit: Mark J. Rebilas-USA TODAY Sports/File Photo 3/3 By Thomas Wilson and Emi Emoto - TOKYO TOKYO Global casino operators are stepping up their efforts to woo local partners and venue hosts in Japan, even though it may be a year before lawmakers lay out the ground rules for what could be the world''s second-biggest casino market. Just weeks after Japan legalised casinos, major operators from MGM Resorts ( MGM.N ) to Hard Rock Cafe International are jostling for pole position, while a team of just three dozen bureaucrats drafts a new law, due by December, on how to regulate the industry and choose operators and locations. The likeliest option, political sources say, is for local authorities to team up with operators and bid for licences to run integrated resorts - complexes with casinos, hotels, shops and conference space - putting the onus on the operators to form consortiums as early as possible. "If the venue government needs to have a partner in place prior to the selection, we have to start moving now," said a manager at a Japanese construction firm, which is looking to be involved in casino development. The political sources predict Japan may initially approve two to three casinos, with locations and operators chosen by 2019 and the casinos open by 2023. Just two casinos could bring in more than $10 billion (8 billion pounds) in annual gaming revenue, forecasts brokerage CLSA, rising to $25 billion if more casinos are approved. Other analysts say Japan''s market could be worth as much as $40 billion a year. With a wealthy population and strong tourist appeal, Japan''s opening up to casinos is welcome news for global operators impacted by China''s crackdown on corruption and currency outflows that has hit revenues in Macau, the world''s biggest gambling hub. Las Vegas Sands ( LVS.N ), Genting Singapore Plc ( GENS.SI ) and MGM lead the chase in Japan, CLSA says, given the strong balance sheets and proven track record required there. Keen to avoid losing out - as it did to Sands and Genting in Singapore a decade ago - MGM will this year boost staff and resources, it told Reuters without elaborating. Japan attracted a record 24 million tourists last year, and sees casinos as a catalyst for more visitors and economic growth after the 2020 Tokyo Olympics. "The opportunity that Japan represents is one of the most significant anywhere in the world," said Alan Feldman, MGM executive vice president of global government and industry affairs. LOBBYING EFFORT International operators have said they will likely seek minority stakes in ventures with Japanese partners, who bring political connections and local expertise. Hard Rock, which operates casinos in the Americas, said it had talks with local firms and banks in Tokyo this month. Aware of widespread public opposition to Japan allowing casinos, the company said it has also discussed social issues such as gambling addiction with politicians. "We should be transparent in explaining both the positive and potential negative impacts of an IR industry for Japan," said Daniel Cheng, the firm''s senior vice president for development in Asia. Tokyo''s prospects of having an integrated resort are hampered by its hosting of the upcoming Olympics and height restrictions likely to deter operators used to developing high-rise resorts. That puts cities such as Osaka and Yokohama in a strong position, casino executives say. In Kyushu, in the south of Japan, travel agency H.I.S. Co Ltd ( 9603.T ) has proposed a casino at a theme park modelled on a 17th century Dutch town. The attraction''s management met casino operators this month, with more talks expected in February, a person with direct knowledge of the matter said. On the northern island of Hokkaido, U.S. company Boyd Gaming Corp ( BYD.N ) has met authorities in Sapporo, two people familiar with the matter said. Boyd Gaming said it has visited Japan and other countries for meetings, and is monitoring developments. "How the selection process plays out will result in different kinds of strategies," said Grant Govertsen, an analyst at Union Gaming in Macau. "Regardless of the structure, there will be significant interest from international developers." (Reporting by Thomas Wilson and Emi Emoto; Editing by Ian Geoghegan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-casinos-idUKKBN15B032'|'2017-01-27T07:58:00.000+02:00'|543.0|''|-1.0|'' +543|'29d09735a1a824cc9375d82aac5df7bc09e61f1c'|'Global casino operators on Japan charm offensive'|' 58am GMT Global casino operators on Japan charm offensive left right FILE PHOTO - View of the logo of the Hard Rock cafe in Paris, France, March 3, 2016. REUTERS/Jacky Naegelen/File Photo 1/3 left right FILE PHOTO - A bus stops outside Sands Macao in Macau, China June 1, 2016. REUTERS/Bobby Yip/File Photo 2/3 left right FILE PHOTO - May 1, 2015; Las Vegas, NV, USA; Exterior view of the MGM Grand hotel and casino following weigh-ins for the upcoming boxing fight between Floyd Mayweather against Manny Pacquiao at the MGM Grand Garden Arena. Mandatory Credit: Mark J. Rebilas-USA TODAY Sports/File Photo 3/3 By Thomas Wilson and Emi Emoto - TOKYO TOKYO Global casino operators are stepping up their efforts to woo local partners and venue hosts in Japan, even though it may be a year before lawmakers lay out the ground rules for what could be the world''s second-biggest casino market. Just weeks after Japan legalised casinos, major operators from MGM Resorts ( MGM.N ) to Hard Rock Cafe International are jostling for pole position, while a team of just three dozen bureaucrats drafts a new law, due by December, on how to regulate the industry and choose operators and locations. The likeliest option, political sources say, is for local authorities to team up with operators and bid for licences to run integrated resorts - complexes with casinos, hotels, shops and conference space - putting the onus on the operators to form consortiums as early as possible. "If the venue government needs to have a partner in place prior to the selection, we have to start moving now," said a manager at a Japanese construction firm, which is looking to be involved in casino development. The political sources predict Japan may initially approve two to three casinos, with locations and operators chosen by 2019 and the casinos open by 2023. Just two casinos could bring in more than $10 billion (8 billion pounds) in annual gaming revenue, forecasts brokerage CLSA, rising to $25 billion if more casinos are approved. Other analysts say Japan''s market could be worth as much as $40 billion a year. With a wealthy population and strong tourist appeal, Japan''s opening up to casinos is welcome news for global operators impacted by China''s crackdown on corruption and currency outflows that has hit revenues in Macau, the world''s biggest gambling hub. Las Vegas Sands ( LVS.N ), Genting Singapore Plc ( GENS.SI ) and MGM lead the chase in Japan, CLSA says, given the strong balance sheets and proven track record required there. Keen to avoid losing out - as it did to Sands and Genting in Singapore a decade ago - MGM will this year boost staff and resources, it told Reuters without elaborating. Japan attracted a record 24 million tourists last year, and sees casinos as a catalyst for more visitors and economic growth after the 2020 Tokyo Olympics. "The opportunity that Japan represents is one of the most significant anywhere in the world," said Alan Feldman, MGM executive vice president of global government and industry affairs. LOBBYING EFFORT International operators have said they will likely seek minority stakes in ventures with Japanese partners, who bring political connections and local expertise. Hard Rock, which operates casinos in the Americas, said it had talks with local firms and banks in Tokyo this month. Aware of widespread public opposition to Japan allowing casinos, the company said it has also discussed social issues such as gambling addiction with politicians. "We should be transparent in explaining both the positive and potential negative impacts of an IR industry for Japan," said Daniel Cheng, the firm''s senior vice president for development in Asia. Tokyo''s prospects of having an integrated resort are hampered by its hosting of the upcoming Olympics and height restrictions likely to deter operators used to developing high-rise resorts. That puts cities such as Osaka and Yokohama in a strong position, casino executives say. In Kyushu, in the south of Japan, travel agency H.I.S. Co Ltd ( 9603.T ) has proposed a casino at a theme park modelled on a 17th century Dutch town. The attraction''s management met casino operators this month, with more talks expected in February, a person with direct knowledge of the matter said. On the northern island of Hokkaido, U.S. company Boyd Gaming Corp ( BYD.N ) has met authorities in Sapporo, two people familiar with the matter said. Boyd Gaming said it has visited Japan and other countries for meetings, and is monitoring developments. "How the selection process plays out will result in different kinds of strategies," said Grant Govertsen, an analyst at Union Gaming in Macau. "Regardless of the structure, there will be significant interest from international developers." (Reporting by Thomas Wilson and Emi Emoto; Editing by Ian Geoghegan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-casinos-idUKKBN15B032'|'2017-01-27T07:58:00.000+02:00'|543.0|20.0|0.0|'' 544|'2531fb3ffb55fc00afc28950fcb8e750d38cffff'|'Fitch Rates Egypt''s New USD Bonds ''B'''|'Financials 46am EST Fitch Rates Egypt''s New USD Bonds ''B'' (The following statement was released by the rating agency) HONG KONG, January 25 (Fitch) Fitch Ratings has assigned Egypt''s new senior unsecured bonds issued under the sovereign''s Global Medium-Term Note programme ''B'' ratings. The issues are as follows: USD1.75bn 6.125% bonds maturing 31 January 2022 USD1bn 7.5% bonds maturing 31 January 2027 USD1.25bn 8.5% bonds maturing 31 January 2047 KEY RATING DRIVERS The ratings are in line with Egypt''s existing senior unsecured ratings and its Long-Term Foreign-Currency Issuer Default Rating (IDR) of ''B'', which has a Stable Outlook. The IDR was last affirmed on 15 December 2016. RATING SENSITIVITIES The ratings of the bonds are sensitive to changes in Egypt''s Long-Term Foreign-Currency IDR. Contact: Primary Analyst Toby Iles Director +852 2263 9832 Fitch (Hong Kong) Limited 68 Des Voeux Road Central Hong Kong Secondary Analyst Ed Parker Managing Director +44 20 3530 1176 Committee Chairperson Tony Stringer Managing Director +44 20 3530 1219 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Date of Relevant Rating Committee: 14 December 2016 Additional information is available on www.fitchratings.com Applicable Criteria Country Ceilings (pub. 16 Aug 2016) here Sovereign Rating Criteria (pub. 18 Jul 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987744'|'2017-01-25T19:46:00.000+02:00'|544.0|''|-1.0|'' -545|'f7a1128d3cd42620489e3b3e06edbca07e3deaa6'|'Brookdale Senior in deal talks with Blackstone, others: WSJ'|'Brookdale Senior Living Inc ( BKD.N ) is in talks with private equity firm Blackstone Group LP ( BX.N ) and others about a potential deal to sell a part or all of the company, the Wall Street Journal reported, citing people familiar with the matter.Shares of Brookdale, which had a market value of $2.39 billion as of Monday''s close, jumped 14.6 percent to $14.73.The talks are at an early stage and may not lead to a deal, the Journal reported on Tuesday.Brookdale and Blackstone declined to comment.Brookdale operates independent living, assisted living and dementia-care communities, with 1,077 communities in 47 U.S. states.The company has been under pressure after activist hedge fund Land and Buildings Investment Management LLC issued a letter to Brookdale''s shareholders last month, seeking a sale of the company''s real estate.Land and Buildings, which had a 0.3 percent stake in Brookdale as of Sept. 30, had also asked Brookdale to transition to an asset-light senior housing management company.Up to Monday''s close, Brookdale''s shares had fallen about 63 percent since February 2015, when another activist investor, Sandell Asset Management, pushed the company to aggressively explore opportunities to monetize its real estate.(Reporting by Divya Grover in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brookdale-senior-m-a-blackstone-group-idINKBN14U2BB'|'2017-01-10T17:01:00.000+02:00'|545.0|''|-1.0|'' +545|'f7a1128d3cd42620489e3b3e06edbca07e3deaa6'|'Brookdale Senior in deal talks with Blackstone, others: WSJ'|'Brookdale Senior Living Inc ( BKD.N ) is in talks with private equity firm Blackstone Group LP ( BX.N ) and others about a potential deal to sell a part or all of the company, the Wall Street Journal reported, citing people familiar with the matter.Shares of Brookdale, which had a market value of $2.39 billion as of Monday''s close, jumped 14.6 percent to $14.73.The talks are at an early stage and may not lead to a deal, the Journal reported on Tuesday.Brookdale and Blackstone declined to comment.Brookdale operates independent living, assisted living and dementia-care communities, with 1,077 communities in 47 U.S. states.The company has been under pressure after activist hedge fund Land and Buildings Investment Management LLC issued a letter to Brookdale''s shareholders last month, seeking a sale of the company''s real estate.Land and Buildings, which had a 0.3 percent stake in Brookdale as of Sept. 30, had also asked Brookdale to transition to an asset-light senior housing management company.Up to Monday''s close, Brookdale''s shares had fallen about 63 percent since February 2015, when another activist investor, Sandell Asset Management, pushed the company to aggressively explore opportunities to monetize its real estate.(Reporting by Divya Grover in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brookdale-senior-m-a-blackstone-group-idINKBN14U2BB'|'2017-01-10T17:01:00.000+02:00'|545.0|19.0|2.0|'' 546|'2ace8999c1a6bf23ad8a1414d2ed7fb275535435'|'U.S. watchdog calls Peabody bankruptcy plan fees ''exorbitant'''|'Bonds News 6:44pm EST U.S. watchdog calls Peabody bankruptcy plan fees ''exorbitant'' By Tracy Rucinski - CHICAGO CHICAGO Jan 18 The U.S. government''s bankruptcy watchdog objected on Wednesday to certain parts of Peabody Energy Corp''s plan to slash $5 billion of debt and exit Chapter 11, calling a proposed $240 million in transaction fees "exorbitant," court papers showed. Peabody Energy, the world''s largest private sector coal producer, has proposed a $750 million rights offering, a $750 million private placement and the issuance of new common stock as part of a reorganization plan unveiled last month. In a court filing, the U.S. Trustee said the fees to be paid in those transactions would transfer millions of dollars of funds from the bankruptcy estate before the reorganization plan is approved by creditors and the court. "Plan voting is at the core of the reorganization process and should not be eviscerated by a deal struck by powerful well-connected parties," the watchdog said in a filing with the U.S. Bankruptcy Court in St. Louis. The U.S. Trustee, which oversees the administration of bankruptcy cases, said Peabody''s request for court approval of those proposals would improperly lock in payment terms before the whole reorganization plan is approved. "We''re evaluating the statements of the trustee and intend to respond appropriately," Peabody spokesman Vic Svec said. Peabody hopes to exit bankruptcy around a year after its April, 2016 Chapter 11 filing with a plan that has the approval of most but not all of its creditors. Shareholders have objected to the reorganization plan and have requested an official voice in the $8 billion bankruptcy case, arguing that a rise in coal prices means the company is valuable enough to repay shareholders who normally lose their money in a bankruptcy. A hearing on the shareholders'' request is scheduled in St. Louis on Thursday, while the U.S. Trustee''s objections will be heard at a hearing on Jan. 26. (Reporting by Tracy Rucinski; editing by Grant McCool) Next In Bonds News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/peabody-energy-bankruptcy-idUSL1N1F81OR'|'2017-01-19T06:44:00.000+02:00'|546.0|''|-1.0|'' 547|'286cf3c468013bd04494b7ba11c51a6a61be30f0'|'Under-fire Sports Direct chairman faces second shareholder vote'|' 23am GMT Under-fire Sports Direct chairman faces second shareholder vote Keith Hellawell chairman of sportwear retailer Sports Direct arrives at the company''s AGM after his offer to resign was rejected by the board, at the company''s headquarters in Shirebrook, Britain, September 7, 2016. REUTERS/Darren Staples LONDON Sports Direct ( SPD.L ) investors will vote on the re-election of chairman Keith Hellawell later on Thursday, four months after he was rejected by a majority of independent shareholders who said he had overseen a string of management and governance failures. Hellawell is likely to win the ballot at a special meeting because he has the support of founder and chief executive Mike Ashley, who owns 55 percent of the sportswear retailer. However, the 74-year-old former police chief constable and government drugs czar pledged in September he would step down at the next annual shareholder meeting later this year if he once again did not receive the backing of independent investors. Aberdeen Investment Management plans to vote against Hellawell on Thursday, saying that although the company had made progress since the last meeting, it was still "deeply concerned" about governance. Hellawell said in September he had offered to resign, but the board had persuaded him to stay to oversee improvements in working practices and independent scrutiny. Sports Direct was condemned by lawmakers last year for its treatment of workers, including paying some less than the minimum wage for shifts at its warehouse in central England. An independent report commissioned by the company found "serious shortcomings" in working practices, which it is taking steps to tackle. Investors, already counting the cost of the damage to the company''s reputation, have also endured a slump in profits at the sportswear retailer, in part caused by Britain''s vote to leave the European Union, which has pushed up its costs. The stock has halved over the last six months. Shareholder advisory group ISS is also opposed to Hellawell''s re-appointment in the second ballot, called under new rules that give independent shareholders more say. "As chairman, Keith Hellawell has overseen a period of serious operational, governance, and risk oversight concerns which have materially affected the company''s outlook and damaged shareholder value," it said. (Reporting by Paul Sandle; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sports-direct-chairman-meeting-idUKKBN14P0UL'|'2017-01-05T16:23:00.000+02:00'|547.0|''|-1.0|'' 548|'7ceff1ee9d9de7aa8c1f9b1168f3c7f777e9cf64'|'MIDEAST STOCKS - Factors to watch - Jan 10'|'DUBAI Jan 10 Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Stocks shaky as oil slump, ''hard'' Brexit fears dim mood* MIDEAST STOCKS-Egypt corrects, Saudi extends losses and UAE outperforms* Oil markets torn between Saudi led supply cuts, rising output elsewhere* PRECIOUS-Gold holds below 5-week high on weaker dollar* Middle East Crude-Chinaoil to receive another two March cargoes* Afghan businesses feel squeeze from government tax drive* Italy reopening embassy in Libya two years after closure* Lebanon''s Aoun visits Riyadh to mend fences with Saudi Arabia* Iran receives Saudi invitation to discuss haj arrangements* Cyprus leaders seek deal in ''historic opportunity'' for peace* Iraq special forces advance in east Mosul, close to linking with army* UN''s Palestinian aid agency urges Trump to revive MidEast peace bid* Syria truce under strain; Assad ready to discuss "everything" at talks* Morocco political deadlock deepens as premier ends coalition talks* U.S. Navy destroyer fires warning shots at Iranian vessels -U.S. officials* Iran to expand military spending, develop missiles* Iraq gives full Feb crude supply to 3 Asia, Europe buyers despite OPEC cut* Some Gulf Arabs commiserate over Iran''s Rafsanjani, Saudi silent* Danske Bank says in talks with Iran central bank on financing* Attacks target Turkey''s economic image, rate hike pressure unacceptable - deputy PMEGYPT* Egypt''s Eurobond roadshow to start next week in Gulf -finance minister* Average yields on Egypt''s T-bonds rise at auction* Faisal Islamic Bank FY standalone profit rises* Egypt''s Finance Ministry issues $888 mln one-year dollar-denominated t-bill* Seven Egyptian police killed in Sinai bomb attack* Sawiris says to discuss Oi bid with Brazil gov''t - paperSAUDI ARABIA* Saudi bourse to start T+2 settlement in second quarter* Saudi''s Mobily appoints new CEO* Saudia Airlines appoints new chairman in management shake-up - SPA* Saudi''s ACWA Power to issue $1 billion bond in February - chairman* Saudi''s Jarir Marketing Q4 profit rises 3.5 pct on rising smartphone salesUNITED ARAB EMIRATES* Dubai loans loom for airport expansion and Expo 2020 - sources* Investment Corporation of Dubai expected to issue dollar bond this month -sources* National Bank of Abu Dhabi issues $885 mln Formosa bondKUWAIT* Kuwait expects big commitment to global supply cut deal* Board of Kuwait''s Americana endorses Adeptio offer to minority shareholdersQATAR* BRF, Qatar to buy Turkish poultry firm Banvit in $470 mln venture* Qatar Electricity and Water unit acquires stake in IPM Indonesia and IPM AsiaOMAN* Saudi-Iran crisis, economic woes strain Oman''s neutrality'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-factors-idINL5N1F003N'|'2017-01-10T00:05:00.000+02:00'|548.0|''|-1.0|'' -549|'693d4e6e9fcaede93d218994ccaff3ed6a338f48'|'BRIEF-Goldman Sachs reports Q4 earnings of $5.08 per share'|' 49am EST BRIEF-Goldman Sachs reports Q4 earnings of $5.08 per share Jan 18 Goldman Sachs Group Inc * Fourth quarter earnings per common share were $5.08 * Q4 annualized ROE was 11.4 percent versus 11.2 percent in Q3 and 3 percent year ago * Book value per common share increased by 6.7% during the year to $182.47 * Operating expenses were $20.30 billion for 2016, 19% lower than 2015 * Fourth quarter net revenues were $8.17 billion * Net revenues in investment banking were $1.49 billion for the fourth quarter of 2016, 4% lower than last year * Net revenues in fixed income, currency and commodities client execution were $2.00 billion for Q4 2016, 78% higher * Q4 earnings per share view $4.82, revenue view $7.72 billion -- Thomson Reuters I/B/E/S * Ratio of compensation and benefits to net revenues for 2016 was 38.1% compared with 37.5% for 2015 * Q4 net revenues in equities were $1.59 billion, 9% lower than the fourth quarter of 2015 * "After a challenging first half, the firm performed well for the remainder of the year as the operating environment improved" * Basel III advanced common equity tier 1 ratio was 13.1% as of December 31, 2016, compared with 12.4% as of Sept 30, 2016 * Non-compensation expenses were $2.33 billion for the fourth quarter of 2016, 44% lower than the fourth quarter of 2015 Source text ( bit.ly/2jnjZYL ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F7124'|'2017-01-18T19:49:00.000+02:00'|549.0|''|-1.0|'' +549|'693d4e6e9fcaede93d218994ccaff3ed6a338f48'|'BRIEF-Goldman Sachs reports Q4 earnings of $5.08 per share'|' 49am EST BRIEF-Goldman Sachs reports Q4 earnings of $5.08 per share Jan 18 Goldman Sachs Group Inc * Fourth quarter earnings per common share were $5.08 * Q4 annualized ROE was 11.4 percent versus 11.2 percent in Q3 and 3 percent year ago * Book value per common share increased by 6.7% during the year to $182.47 * Operating expenses were $20.30 billion for 2016, 19% lower than 2015 * Fourth quarter net revenues were $8.17 billion * Net revenues in investment banking were $1.49 billion for the fourth quarter of 2016, 4% lower than last year * Net revenues in fixed income, currency and commodities client execution were $2.00 billion for Q4 2016, 78% higher * Q4 earnings per share view $4.82, revenue view $7.72 billion -- Thomson Reuters I/B/E/S * Ratio of compensation and benefits to net revenues for 2016 was 38.1% compared with 37.5% for 2015 * Q4 net revenues in equities were $1.59 billion, 9% lower than the fourth quarter of 2015 * "After a challenging first half, the firm performed well for the remainder of the year as the operating environment improved" * Basel III advanced common equity tier 1 ratio was 13.1% as of December 31, 2016, compared with 12.4% as of Sept 30, 2016 * Non-compensation expenses were $2.33 billion for the fourth quarter of 2016, 44% lower than the fourth quarter of 2015 Source text ( bit.ly/2jnjZYL ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F7124'|'2017-01-18T19:49:00.000+02:00'|549.0|19.0|0.0|'' 550|'e36813e5092233cb85ca712a8835a2c2fadb3270'|'China Huarong launches new unit for debt-for-equity swaps'|'Private Equity 27pm EST China Huarong launches new unit for debt-for-equity swaps BEIJING Jan 18 China Huarong Asset Management Co (AMC), the country''s biggest distressed debt manager, said on Wednesday it launched a wholly owned subsidiary as a "strategic platform" to conduct debt-for-equity swaps. The new entity, Huarong Ruitong Equity Investment Management Co, has a registered capital of 300 million yuan ($43.74 million), Huarong said in an emailed statement. It will be responsible for fundraising, project selection, debt acquisition and equity management for Huarong''s debt-for-equity swap deals, it said. Since China''s policymakers re-launched the debt-for-equity scheme in October last year to ease the borrowing overhang of its struggling firms, the country''s state banks and bad debt managers have rushed to sign deals with big state-owned enterprises (SOEs) to ease their debt burden. The country''s big banks, led by Industrial and Commercial Bank of China Ltd and China Construction Bank Corp , also said recently that they would launch their own subsidiaries for debt-for-equity swaps. Huarong, one of China''s Big Four state-owned distressed debt managers, has handled 680 billion yuan in non-performing assets since it was launched by the government in 1999, Chairman Lai Xiaomin said in the statement. In China''s last round of government-driven debt-for-equity swaps, Huarong conducted deals with 420 large and medium-sized SOEs, Lai said. The total value was 69.7 billion yuan. ($1 = 6.8591 Chinese yuan) (Reporting by Shu Zhang and Matthew Miller; Editing by Sunil Nair) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-huarong-debt-idUSL4N1F81Z9'|'2017-01-18T11:27:00.000+02:00'|550.0|''|-1.0|'' 551|'0acca3f2b2a8f50fa879c3f5138e2ac5e234c02b'|'HSBC risks losing advantage with year-long delay in Chinese banking push'|'Business News - Thu Jan 12, 2017 - 12:44pm GMT HSBC risks losing advantage with year-long delay in Chinese banking push The moon rises over the HSBC building in the Canary Wharf financial district of London, in London, Britain November 13, 2016. REUTERS/Hannah McKay By Lawrence White - LONDON LONDON HSBC''s ( HSBA.L ) ambitions to establish an investment banking franchise in China have hit a roadblock, with the bank still waiting for approval for its partnership with a state-owned fund more than a year after it announced the venture. The partnership is a key part of the bank''s ambition to grow annual profits in the fast-growing southern region of China from $100 million (81.50 million) to $1 billion in the medium term, and as growth in China slows, HSBC has delayed other expansion plans it said would help achieve that goal. HSBC announced on Nov. 2, 2015 the proposed venture with Shenzhen Qianhai Financial Holdings Co Ltd, with HSBC set to own a majority 51 percent stake while foreign peers are currently capped at a maximum of 49 percent in Chinese partnerships. The bank is expected to get the go-ahead for the venture eventually, sources familiar with the matter said, but the delay has reduced the advantage HSBC could have stolen over rivals as China relaxes rules on foreign players in its markets. A spokesman for HSBC in Hong Kong said the bank continues to seek the required approval, declining to comment on the timing. The proposed HSBC-Qianhai firm would be able to trade as well as underwrite stocks and bonds for Chinese firms, unlike foreign rivals who operate under more restrictions. "HSBC a year ago was saying ''here we go'', it was all guns blazing but we are still waiting...," said a Hong-Kong based consultant who works with the bank. HSBC did not publicly set out a timeline for when it expected to receive the go-ahead but the process is taking longer than analysts expected. Chirantan Barua of Bernstein research wrote in April last year that he expected approval by the July-September quarter. The HSBC joint venture has had the longest wait of any pending Sino-foreign securities joint venture, and two such ventures have received approval since HSBC submitted its application, according to data compiled by Hong Kong consultancy firm Quinlan & Associates. LOSING THE EDGE Qianhai is a free trade zone in Shenzhen, a fast-growing city neighbouring Hong Kong that China has earmarked for development as a financial hub. HSBC has a potential edge over foreign bank rivals in China thanks to its ownership of a Hong Kong-based banking subsidiary, The Hongkong and Shanghai Banking Corporation Limited, allowing it to own and control its planned new Chinese joint venture. But now banks including Morgan Stanley and Credit Suisse are set to raise their stakes in their securities joint ventures to the current 49 percent limit in anticipation of being able to have majority control soon, sources told Reuters on Monday. On December 30, China unveiled plans to allow more foreign investment in banking, insurance, securities and credit-rating firms, paving the way for HSBC''s rivals to enjoy controlling stakes despite the lack of a Hong Kong base. CHINA STRATEGY DELAYED The slow progress of HSBC''s investment banking ambitions comes alongside other setbacks in China for Europe''s biggest bank. Decelerating economic growth in the country has delayed HSBC''s plans to hire 4,000 new staff and do more business in the country''s southern region. HSBC in June 2015 announced it would invest in China''s southern Pearl River Delta region, banking on the country''s rapid growth and its own Hong Kong heritage to reinvigorate profit growth after years of restructuring. But HSBC has since revised its ambitions for the scale and speed of that investment as China''s growth slowed. Gulliver said in February last year the bank''s plans to hire 4,000 new staff in the region will happen over five years instead of three. "The June update... was prior to changing views on where the renminbi would be, and China''s GDP has slowed, so all we are saying is the redeployment will take longer," Chief Executive Stuart Gulliver told Reuters by phone in August. HSBC in April last year took analysts and investors on a tour of its operations in the Pearl River Delta (PRD), in a sign of how important the investment there is to the bank''s strategy. "HSBC''s foray into the PRD is not a choice but a necessity to stay relevant as Hong Kong connects with the mainland," Bernstein''s Barua wrote in a report following that April trip. (Reporting By Lawrence White, additional reporting by Michelle Price and Sumeet Chatterjee in Hong Kong; Editing by Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hsbc-china-idUKKBN14W1QJ'|'2017-01-12T19:44:00.000+02:00'|551.0|''|-1.0|'' 552|'bbcf649daf0c64fd5a5b0409e059501bf0564d6b'|'Royal Mail moves to close pension fund'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets'|'ft.com'|'http://www.ft.com/rss/companies/support-services'|'https://www.ft.com/content/d0e55e68-d35d-11e6-9341-7393bb2e1b51?ftcamp=published_links%2Frss%2Fcompanies_support-services%2Ffeed%2F%2Fproduct'|'2017-01-06T01:51:00.000+02:00'|552.0|''|-1.0|'' @@ -556,7 +556,7 @@ 554|'e0753e2b5f4564530f63c4de91ebee803dd9fd46'|'Federal judge blocks Aetna Inc''s plan to buy rival Humana'|'WASHINGTON A U.S. federal judge blocked on Monday health insurer Aetna Inc''s proposed $34 billion merger with rival Humana, and Aetna said it was considering an appeal.Judge John Bates of the U.S. District Court for the District of Columbia said the proposed deal would "substantially lessen competition" in the sale of some Medicare Advantage plans in 364 counties that the Justice Department identified in their complaint and in individual insurance on the Obamacare exchange in three Florida counties."We''re reviewing the opinion now and giving serious consideration to an appeal after putting forward a compelling case," Aetna spokesman T.J. Crawford said.The order came as President Donald Trump began the process of attempting to dismantle the Affordable Care Act, popularly known as Obamacare. On Friday, shortly after being sworn in, he directed government agencies to freeze regulations and take steps to weaken the program.The Justice Department filed a lawsuit on July 21, 2016 to block Aetna''s acquisition of Humana and Anthem Inc''s purchase of Cigna Corp, saying the two deals would lead to higher prices.(Reporting by Diane Bartz; Editing by Chizu Nomiyama and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-humana-aetna-antitrust-idINKBN1572BF'|'2017-01-23T14:31:00.000+02:00'|554.0|''|-1.0|'' 555|'4651c2a4013596c537f949e3634d21a3978a0f6d'|'Nikkei edges down as strong yen bites but supported by global gains'|'* US jobs data on Friday in focus for clues on US rate outlook* Takata soars for 4th day on hopes it will settle criminal charges with USBy Ayai TomisawaTOKYO, Jan 5 Japan''s Nikkei share average edged down on Thursday as a stronger yen hurt some exporters, but the downside was limited as strong U.S. shares supported overall sentiment.The Nikkei eased 0.1 percent to 19,568.93 points in midmorning trade after flirting with positive territory, while the broader Topix rose 0.2 percent to 1,557.06.The dollar slipped to 116.63 yen after having peaked at 118.605 on Tuesday as minutes from the U.S. Federal Reserve''s December meeting showed concerns that quicker economic growth under President-elect Donald Trump could require faster interest rate increases.U.S. stock investors took heart from the minutes, chasing the market higher overnight."A U.S. rate hike is positive for Japanese stocks as it is translated (as a sign of) a U.S. economic recovery. Investors cautiously stay focused on the release of U.S. jobs data this Friday," said Isao Kubo, an equity strategist at Nissay Asset Management.But he added that as the dollar-yen levels remain the main focus in the Japanese market, a rise in the yen can sour sentiment so trading is likely to be subdued throughout the day.Automakers languished after rising on the previous day. Toyota Motor Corp dropped 0.8 percent and Honda Motor Co shed 0.1 percent.On the other hand, drugmakers attracted buyers. Astellas Pharma rose 1.3 percent, while Shionogi & Co gained 2.1 percent.Takata Corp hit its daily-limit high for a fourth straight day on continued expectations that criminal charges with the U.S. Department of Justice on its defective airbags may settle this month.It later pared gains and was up 1.7 percent by late morning.The JPX-Nikkei Index 400 advanced 0.2 percent to 13,966.58. (Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1EV1DP'|'2017-01-04T23:22:00.000+02:00'|555.0|''|-1.0|'' 556|'9ef3199c6c2bcfd53dbe3a50a78b9ba36af44483'|'Raymond Ltd posts consol loss'|'Jan 25 Raymond Ltd* Raymond Ltd - dec quarter consol net loss 146.9 million rupees* Raymond Ltd - dec quarter consol net sales 13.07 billion rupees* Raymond Ltd - consol net profit in dec quarter last year was 390.8 million rupees as per Ind-AS; consol net sales was 13.80 billion rupees Source text - ( bit.ly/2j4sP0G ) '|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/idINFWN1FF0PZ'|'2017-01-25T08:54:00.000+02:00'|556.0|''|-1.0|'' -557|'122b42743190debd568ebfce2c5bc24f47979e84'|'U.S. bankruptcy judge denies request for Peabody equity committee'|'Commodities 5:05pm EST U.S. bankruptcy judge denies request for Peabody equity committee A dragline excavator moves surface dirt into a 240 ton haul truck during a tour of Peabody Energy''s North Antelope Rochelle coal mine near Gillette, Wyoming, U.S. June 1, 2016. REUTERS/Kristina Barker/File Photo ST LOUIS A U.S. bankruptcy judge denied on Thursday a request to order the appointment of an official equity committee in chapter 11 of coal miner Peabody Energy Corp. (Reporting by Tom Hals in Wilmington, Delaware; editing by G Crosse) Next In Commodities Oil edges up from one-week low as IEA sees tighter market NEW YORK Oil prices edged higher on Thursday, but swelling U.S. crude stockpiles limited the rebound from a one-week low after the International Energy Agency said oil markets had been tightening even before cuts agreed by OPEC and other producers took effect.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peabody-energy-bankruptcy-shareholder-idUSKBN15336B'|'2017-01-20T05:03:00.000+02:00'|557.0|''|-1.0|'' +557|'122b42743190debd568ebfce2c5bc24f47979e84'|'U.S. bankruptcy judge denies request for Peabody equity committee'|'Commodities 5:05pm EST U.S. bankruptcy judge denies request for Peabody equity committee A dragline excavator moves surface dirt into a 240 ton haul truck during a tour of Peabody Energy''s North Antelope Rochelle coal mine near Gillette, Wyoming, U.S. June 1, 2016. REUTERS/Kristina Barker/File Photo ST LOUIS A U.S. bankruptcy judge denied on Thursday a request to order the appointment of an official equity committee in chapter 11 of coal miner Peabody Energy Corp. (Reporting by Tom Hals in Wilmington, Delaware; editing by G Crosse) Next In Commodities Oil edges up from one-week low as IEA sees tighter market NEW YORK Oil prices edged higher on Thursday, but swelling U.S. crude stockpiles limited the rebound from a one-week low after the International Energy Agency said oil markets had been tightening even before cuts agreed by OPEC and other producers took effect.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peabody-energy-bankruptcy-shareholder-idUSKBN15336B'|'2017-01-20T05:03:00.000+02:00'|557.0|23.0|0.0|'' 558|'11f79fc770fded9de7f28b698eb4364e55a44472'|'Is equity release a good way to pay off your home loan?'|'T he number of people raiding the equity locked up in their home to pay off their interest-only mortgage is set to rocket. But is signing up for an equity release plan a good idea? And what are the other options for those who took out an interest-only deal perhaps 20-25 years ago who are now staring down the barrel of a hefty shortfall?The City watchdog has identified 2017-18 as the first of three peak periods when large numbers of interest-only mortgages will mature. It estimated that about 85,000 of these home loans are due for repayment this year, and then the same again next year. This has in turn prompted claims that the equity release market stands to benefit hugely.The Financial Conduct Authority has previously warned that many of those with maturing interest-only mortgages may not have enough money to pay what they owe. With this type of home loan, the borrower agrees to pay off the interest each month but makes no capital repayments. Borrowers are expected to make sure they have an investment plan in place traditionally an endowment policy to pay off the debt at the end of the term. However, some people are facing a shortfall because their endowment has underperformed. Others never set anything up and have given little or no thought to how they will repay the capital.Equity release levels hit record high among over-55s Read more What lenders are doing In cases where someone with a maturing interest-only mortgage is unable to repay the capital but doesnt want to sell their home, their lender will sometimes agree to extend the mortgage term at the same time as switching the loan to a repayment basis. However, because the individual will be paying back capital each month as well as interest, their monthly repayments will be higher.Also, their age may well be a big factor, says David Hollingworth at mortgage broker London & Country. Getting on for half of the people whose interest-only loans are maturing this year and next will be over 65. Some lenders have maximum age caps often its 70 or 75. As Hollingworth explains, a homeowner in this situation might be prepared to make such a switch, but if they are then bumping up against their lenders maximum age limit, this may shorten the mortgage term to such a degree that it means the monthly payments would be unaffordable.However, he says some lenders are more flexible than others on age, and adds that in some cases it might be possible for the borrower to continue on an interest-only basis.For borrowers with limited options equity release might be a solution.The basics Between 40% and 50% of those with no repayment method should find hope within the equity release marketEquity release is a way for older people the minimum age is usually 55, sometimes 60 to get cash out of their property without the need to move home. Typically, there are no monthly repayments. Leading providers include Aviva, Legal & General, More 2 Life and LV=.It can prove an expensive way to borrow because the way these schemes usually work means you end up paying interest on interest, so that over 18 years, say, the total owed can easily double.Generally speaking, for most older people the most financially effective way of releasing equity will be to move to a smaller property or a cheaper part of the country.The most common equity release schemes are mortgage-based products secured against your home and repaid usually from the sale of the property when you die or go into long-term care. These are known as lifetime mortgages and allow you to take out a loan on your property in return for a one-off lump sum or regular smaller sums. Some products give people the option of paying the interest as they go, says Nigel Waterson, chairman of main trade body the Equity Release Council.How much? The amount you can borrow via equity release usually depends on your age, the value of your property and sometimes your health. Lets take someone aged 72 with a 300,000 house. They could typically borrow a maximum of 123,000 from Just (the new name for the combined Just Retirement and Partnership Assurance), 114,000 from Aviva, or 96,000 from Hodge Lifetime, according to calculators on their websites.Dean Mirfin at independent specialist firm Key Retirement crunched some numbers for Guardian Money. He says someone who wants to release 60,000 as a lump sum upfront could take an equity release loan with More 2 Life which has an interest rate of 4.26%. After 22 years (the average remaining life expectancy in this scenario) the total amount owing the loan plus interest would have swelled to 151,635.Earlier this month Key Retirement published a report showing that last year the average equity release customer accessed nearly 78,000 from their property, with more than one in five using the funds to clear an outstanding mortgage.Warning for grandparents raiding their pension pots to help out family Read more How old? The average age of those releasing equity has risen in recent years and now stands at 72, though Mirfin says: Because of interest-only we are expecting that to fall. A lot of interest-only mortgages were written to age 65.The downsides All members of the Equity Release Council offer a no negative equity guarantee which means customers will never owe more than the value of their home. But that could still mean your family is left with little or nothing from your property when you die.Also, some people with maturing interest-only mortgages wont be eligible for equity release. Mirfin says: Our analysis shows that between 40% and 50% of those with no repayment method should find hope within the equity release market. But some will simply have too high a loan-to-value for existing products to help.Any other options? Yes, possibly. There is the 55+ Mortgage from retirement specialist Hodge Lifetime which, as the name suggests, is exclusively for over-55s, but isnt an equity release deal its a standard mortgage where you pay the interest on the loan each month and retain 100% ownership of your property. Its available for house purchases/remortgages, but can also be used to raise capital ie, to consolidate existing debts. There are three rates available for the 55+ Mortgage: a two-year fix at 3.1%, a 3.3% five-year fix, and a two-year discounted-rate deal with a pay rate of 2.99%.We are seeing a shift to people gifting an inheritance early because the child needs it now more than everA helping hand Could equity release play a bigger role in helping younger people get on the housing ladder? Not all older people are accessing the value locked up in their home in order to pay off debts. Some are doing it to help their children or grandchildren buy a place of their own.Around 24% of people who released equity in 2016 used the money to help family or friends, according to Key Retirement, a leading firm in the sector. Often this will take the form of cash given to younger family members to help towards a deposit, or to help with the cost of a wedding or university.We are seeing a shift to people gifting an inheritance early because the child needs it now more than ever, says Alice Watson, head of marketing for equity release at specialist firm Retirement Advantage.Last summer Key Retirement published research showing that more than two-fifths (44%) of those unlocking equity to pass on to family members were gifting 20,000, 18% were paying out more than 50,000, and 6% more than 100,000. It found that where they were helping someone get a foot on the property ladder, the average amount contributed was 33,350.Many retirees dont relish the thought of their children and grandchildren going without, and are happy to step in to ease the financial pressures on families just starting out, the firm said.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jan/28/is-equity-release-good-way-pay-off-interest-only-home-loan-capital'|'2017-01-28T14:00:00.000+02:00'|558.0|''|-1.0|'' 559|'eb152e6a8661b9066672e0fc2017b91997a3b1ce'|'RBI employees urge governor to protect autonomy'|'Economic 12:17pm IST RBI employees urge governor to protect autonomy left right A man talks on his mobile phone as he walks past the logo of the Reserve Bank of India (RBI) inside its head office in Mumbai June 14, 2010. REUTERS/Rupak De Chowdhuri/Files 1/4 left right The Reserve Bank of India (RBI) Governor Urjit Patel attends a news conference after the bi-monthly monetary policy review in Mumbai, India, October 4, 2016. REUTERS/Danish Siddiqui/Files 2/4 left right People queue to withdraw cash at the ICICI bank ATM in Lucknow, November 14, 2016. REUTERS/Pawan Kumar/Files 3/4 left right Workers unload boxes carrying Indian currency outside a bank in Chandigarh, November 15, 2016. REUTERS/Ajay Verma/Files 4/4 By Suvashree Choudhury - MUMBAI MUMBAI The employee union of the Reserve Bank of India (RBI) has urged the bank''s governor to protect central bank autonomy and not allow the government to interfere in processes, after criticism over how it handled a ban on high-value currency. The bank and Prime Minister Narendra Modi have been criticised for the implementation of their November decision to abolish high-value bills that accounted for 86 percent of currency in circulation. Economists said slow replacement of the bills undermined the RBI''s reputation for competence, while some raised doubts about the bank''s independence for agreeing to implementation with limited preparation. The RBI''s employee union in a letter to the governor dated January 13 said it was "painful" the central bank was being criticised despite its staff successfully carrying out the "humongous task" of replacing the old bills. It cited a recent local media report saying the finance ministry had sent a bureaucrat to coordinate the bank''s cash operations. "If true, this is most unfortunate and we take strong exception to this measure of the government as impinging on RBI autonomy," the union said in the letter. The RBI did not require any assistance, it said. "Apart from showing RBI operations and its gigantic performance in poor light, the government now blatantly encroaches on its jurisdiction," the union said in the letter, a copy of which was seen by Reuters. An RBI union member confirmed the authenticity of the letter. The RBI did not provide an immediate comment. A finance ministry spokesman declined to comment. Modi''s decision on November 8 to suddenly scrap 500 and 1,000 rupee banknotes as part of a crackdown on tax dodgers and counterfeiters has resulted in severe cash shortages, impacting companies, farmers and households alike. The action has also sparked political concern, with some people in Modi''s own party anxious that the cash crunch could hurt their prospects in states going to the polls this year. One RBI official involved in drafting the union''s letter said employees were worried that government intervention in distributing new bills could be politically influenced ahead of state polls. (Reporting by Suvashree Choudhury; Additional reporting and writing by Aditya Kalra; Editing by Rafael Nam and Christopher Cushing) Next In Economic News China steel exports fall from record in relief for global steelmakers MANILA China''s steel exports fell in 2016 from a record in the previous year, dragged down by improved demand at home and Beijing''s resolve to tackle overcapacity, in a relief for steelmakers elsewhere that have been hit by cheap Chinese shipments.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-rbi-employe-governor-idINKBN14Y06U'|'2017-01-14T13:47:00.000+02:00'|559.0|''|-1.0|'' 560|'af874a2041608f268bb6c1ef75154d0927b1e4ac'|'Israel''s Check Point Software Q4 profit tops estimates'|'TEL AVIV Jan 19 Network security provider Check Point Software Technologies reported quarterly net profit that beat expectations on strong growth in demand for mobile security and threat prevention products and an increase in new customer wins.Check Point earned $1.46 per diluted share excluding one-time items in the fourth quarter, up from $1.20 a year earlier. Revenue grew 6 percent to $487 million, the Israel-based company said on Thursday.It was forecast to earn $1.25 a share on revenue of $478 million, according to Thomson Reuters I/B/E/S."We realised triple-digit growth across our focus areas of mobile and advanced threat prevention," said Chief Executive Gil Shwed.For all of 2016, Check Point earned $4.72 per share, up 13 percent, while revenue grew 7 percent to $1.74 billion.(Reporting by Tova Cohen; Editing by Steven Scheer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/chk-pnt-sftwre-results-idINL5N1F91K8'|'2017-01-19T07:08:00.000+02:00'|560.0|''|-1.0|'' @@ -587,14 +587,14 @@ 585|'c04d3c5f4817a61b9e9b65ed3973a502c6135e26'|'Vivendi looks to Israeli businessman to fuel convergence push'|'Fri Jan 6, 2017 - 4:46pm GMT Vivendi looks to Israeli businessman to fuel convergence push The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau/File Photo By Ana Mano and Guillermo Parra-Bernal - SAO PAULO SAO PAULO Israeli businessman Amos Genish was vital to Vivendi SA''s ( VIV.PA ) successful foray in Brazil a few years ago. Now the French media company has turned to him to create a single platform for digital, content and media distribution services, something its rivals are struggling to do. Credited for pioneering the adoption of digital services at the helm of two Brazilian phone companies, Genish, 56, could engage in partnerships with mobile carriers as a way to channel Vivendi''s videos, songs and games to consumers across Europe more easily. His appointment this week as Vivendi''s first chief convergence officer comes as global media companies bet on megadeals to increase their presence in entertainment-rich regions like the Americas, Europe and Asia while struggling to make efficient use of their digital capabilities and content. Genish''s ties with Spain''s Telefnica SA ( TEF.MC ), which he competed against and then presided over in Brazil until November, could prove useful for Vivendi to disseminate content in other countries without having to acquire phone carriers, analysts said. "This will be a trump card for Vivendi in the forging of new partnerships with global carriers," Natixis analyst Jerme Bodin said. "In particular, he knows Telefnica and its Latin American businesses inside out." Genish''s new role, integrating all the content that Vivendi''s platforms produce and delivering it efficiently to customers, exemplifies how global media companies are responding to digital rivals such as Netflix Inc ( NFLX.O ) and Amazon.com Inc ( AMZN.O ). "Now it seems there is an organic strategy that aims to create value through making the existing platform more efficient, and not only through acquisitions," said Joo Moura, head of Brazilian industry group Telcomp. Controlled by French billionaire Vincent Bollor, Vivendi wants to become one of Europe''s dominant media companies. Founded as a water utility during the reign of Napoleon III, it reshaped itself after embarking on a whirlwind of acquisitions and asset sales in the late 1990s. Vivendi owns France''s No. 1 pay TV service Canal+, music label Universal Music Group and YouTube competitor Dailymotion. It also controls large stakes in Italy''s Mediaset SpA ( MS.MI ) and Telecom Italia SpA ( TLIT.MI ). FROM GVT TO TELEFNICA Convincing carriers to channel content in different regions might help Vivendi sidestep the threat of rival media companies that are trying to combine their assets. Some such deals are facing more scrutiny from regulators, consumers and politicians. To that end, Rupert Murdoch''s Twenty-First Century Fox Inc ( FOXA.O ) struck a $14.6 billion agreement last month to buy the 61 percent of Sky Plc ( SKYB.L ) it does not already own. British politicians have vowed to monitor the deal closely. U.S. President-elect Donald Trump remains opposed to AT&T Inc''s ( T.N ) planned $85.4 billion takeover of Time Warner Inc ( TWX.N ), Bloomberg News said on Thursday. Reuters reported last month that Bollor was bidding for a stake in Imagina, Spain''s No. 1 sports broadcasting rights company, while he also faces off with former Italian Prime Minister Silvio Berlusconi over control of Mediaset. Ita BBA analyst Susana Salaru said Genish''s move to Vivendi meant a loss for Telefnica, which will miss his entrepreneurial spirit and knowledge of an industry poised for consolidation in coming years. A former Israeli army captain, Genish founded phone company GVT SA in 1999 and transformed it into a fast-growing carrier. Vivendi bought GVT after a fierce bidding war with Telefnica in 2010 and kept him as chief executive officer. Four years later, Vivendi sold GVT to Telefnica, realizing a capital gain of more than $4 billion, when it exited Brazil during a dispute among shareholders, including Bollor, over the company''s focus and soaring debt. Following Telefnica''s purchase of GVT, Genish became CEO of local subsidiary Telefnica Brasil SA ( VIVT4.SA ). Under him, data surpassed voice as the main revenue source for the company''s wireless unit, the first time a local carrier achieved this. Under Genish, shares of Telefnica Brasil rose about 11 percent, and he more than doubled targeted cost savings from the GVT acquisition. He also tried to boost the company''s digital services division, whose 40 million clients use 80 applications developed through partnerships and in-house. One of these is Studio+, a new provider of short films for cellphone viewing. (Editing by Lisa Von Ahn) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-moves-vivendi-genish-idUKKBN14Q207'|'2017-01-06T23:43:00.000+02:00'|585.0|''|-1.0|'' 586|'9d9cf62750229df485eeedf6b60035a6ea510715'|'Trump to meet Novartis CEO, other pharma bosses on Tuesday'|'Tue Jan 31, 2017 - 12:13pm GMT Trump to meet Novartis CEO, other pharma bosses on Tuesday Joe Jimenez, the CEO of Swiss pharmaceutical company Novartis AG, addresses a news conference to present the company''s 2016 results in Basel, Switzerland January 25, 2017. REUTERS/Arnd Wiegmann By John Miller U.S. President Donald Trump, who has accused drugmakers of "getting away with murder" on prices, will meet executives from the pharmaceutical industry at the White House on Tuesday. Switzerland''s Novartis ( NOVN.S ) said its chief executive Joe Jimenez, chairman-elect of the Pharmaceutical Research and Manufacturers of America (PhRMA), would be among those attending, after the White House announced the meeting on Monday. Trump and the Republican-majority Congress, as well as raising concerns over medicine prices, have also begun rolling back former President Barack Obama''s signature healthcare legislation. Jimenez said last week that he wanted to talk to Trump about efforts to develop outcomes-based pricing models, which would pay for clinical results rather than a flat price per pill, as well as plans to replace Obama''s Affordable Care Act (ACA), popularly known as "Obamacare". "I''m in Washington quite frequently, because we have a large government affairs group," Jimenez told reporters at the company''s annual press conference. "Obviously, we would love to in the coming months be able to sit down and talk with the administration about how we can be helpful in what is happening in the U.S. around the Affordable Care Act and also show him some of what we have done in terms of outcomes-based pricing and being a leader in that space." Trump spooked investors in the pharmaceuticals and biotech sectors by saying on Jan. 11, while president-elect, that drug companies were "getting away with murder" on what they charged the government for medicine and that he would do something about it. That prompted PhRMA, the industry''s largest lobbying group, to unveil a new TV marketing campaign last week, called "Go Boldly," to improve its image by focusing attention on strides in research. Company executives, meanwhile, have tried to tread a careful line in defending their industry while expressing optimism that the United States would continue to reward scientific advances. "If you provide true medical differentiation coupled with a strong intellectual property position, I think the U.S. will continue to reward this kind of innovation," Roche ( ROG.S ) CEO Severin Schwan told Reuters this month. "If you don''t offer that then, frankly, I think it is the right thing that prices should come down." (Additional reporting by Eric Beech and Ben Hirschler; Editing by Peter Cooney and Susan Fenton) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-pharmaceuticals-novartis-idUKKBN15F13K'|'2017-01-31T19:12:00.000+02:00'|586.0|''|-1.0|'' 587|'9cd325934613a8da099d33c2e2baa4f54ef5ed55'|'Global growth outlook shaky on trade protectionism fears - Reuters poll'|'Business News - Wed Jan 18, 2017 - 11:48am GMT Global growth outlook shaky on trade protectionism fears - Reuters poll left right An employee of a foreign exchange trading company works near monitors showing U.S. President-elect Donald Trump (top R), and the Japanese yen''s exchange rate against the euro in Tokyo, Japan, January 18, 2017. REUTERS/Toru Hanai 1/2 left right FILE PHOTO: A stack of shipping containers are pictured in the Port of Miami in Miami, Florida, U.S., May 19, 2016. REUTERS/Carlo Allegri/File Photo 2/2 By Rahul Karunakar The global economic outlook remains shaky, despite recent pockets of resilience, according to the overwhelming majority of economists polled by Reuters who said a rise in protectionist trade policies would hamper growth. With elections due in a number of major euro zone countries, political change in the bloc was picked as a close second choice for potential disruptions to the global economic revival. That uncertainty is heightened by the signs of a rise in nationalist sentiment worldwide, as exemplified by Britain''s surprise vote last year to leave the European Union and Donald Trump''s shock U.S. election victory. Three months ago, economists overwhelmingly cited a pickup in international trade as essential for improvement in the world economy. But an expected rise in protectionist policies has dented confidence in those prospects. This trend is reflected in most other Reuters polls over the past month on major economies, stock prices, bond yields and foreign exchange rates. [POLL/] "Clearly, the geopolitical, political and economic risks facing the world are many and multifarious, and it is no easy matter to isolate those that seem most apparent to us," wrote Mike Carey, chief economist at CA-CIB in a note. "While 2017 does not look as if it will be the ''year of living dangerously'', 2018 could well be more fraught." Reuters polls of over 500 economists across Asia, Europe and the Americas reveal downgrades, or at best no change to growth forecasts compared with previous months, as well as a weaker inflation outlook across most countries. While the latest poll gave only a 10 percent probability of a global economic recession this year, the main difference this time is that the range of forecasts for global growth showed lower highs and lower lows. Speculation that Trump will enact bold stimulus and reflationary measures once in office has pushed up U.S. 10-year Treasury yields by around 50 basis points since election day, lit a fire under the dollar and sent U.S. stocks to record highs. But concerns over his stand on trade are starting to undermine investor sentiment, with the yen - considered a safety bet in uncertain times - back to its highest levels in more than five weeks. "Maybe a home-grown U.S. wage acceleration is underway, with Trump''s policies acting as a conduit to bring it all about. It''s a nice thought, but we need more substance," wrote Jan Lambregts, global head of financial markets research at Rabobank. "Trump''s fiscal plans are as of yet unclear in size, focus and therefore impact. Markets are currently priced for perfection when it comes to Trump''s policies. That''s a lot to ask for." Trump''s posture on trade has clouded the outlook for the U.S. economy with rising risks of a trade war with China. [ECILT/US] A strong dollar, which hit a 14-year high earlier this month and is up close to 6 percent since the U.S. election result, acts as a drag on the economy by making U.S. exports relatively more expensive as well as damping down import price inflation. Across the Atlantic, the recent optimism that the euro zone economy is on a more robust growth path has weakened and will only be maintained if there are no major upsets in several national elections there. [ECILT/EU] While euro zone inflation in December was the highest in 3-1/2 years, the outlook for price growth remained weak. Not a single economist in the poll of more than 60 said they expected inflation to hit 2 percent this year or next. "Despite the U.S. reflation trade, we see little underlying inflation pressure in Europe. Meaningful fiscal expansion seems unlikely and structural reform has stalled or even reversed," wrote Janet Henry, global chief economist at HSBC. "QE is failing to lift inflation but the ECB may need to taper, if only to shift pressure back to governments." Britain''s inflation rate is expected to soar following sterling''s fall since the Brexit vote. But the economy will dodge a recession this year at least as the Bank of England maintains its ultra-easy policy stance. [ECILT/GB] EMERGING ECONOMIES RECOVERING Since Trump''s victory, expectations of protectionist policies have driven investors out of emerging markets. But the latest poll showed Brazil will come out of its worst recession ever this year, albeit very slowly and still leaving millions unemployed. [ECILT/BR] Despite expectations for sluggish world trade and Trump''s trade policy, China - the world''s second-largest economy - is forecast to grow 6.5 percent this year as the government keeps up policy support. [ECILT/CN] India, which was one of the few exceptions in emerging markets with a stable outlook, likely lost momentum in the final three months of 2016 after Prime Minister Narendra Modi''s ban on high-value currency notes hurt demand and businesses. [ECILT/IN] (For a graphic of poll results: tmsnrt.rs/2e7JFpt ) (For other stories from the poll) (reuters://realtime/verb=Open/url=cpurl://apps.cp./cms/?pageId=winners-2016 for top forecasters in Reuters polls) (Polling, analysis and additional reporting by Reuters Polls Bengaluru and bureaus in Jakarta, Seoul, London, Milan, Paris, Johannesburg, Toronto, Brasilia, Mexico City, Lima, Buenos Aires, Bogota, Caracas and Santiago; Editing by Ross Finley and Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-economy-poll-idUKKBN1521HK'|'2017-01-18T18:48:00.000+02:00'|587.0|''|-1.0|'' -588|'0edabbb713c9a5f32eabfc7210f69b3d683abdb7'|'Societe Generale to pay $50 million to settle U.S. fraud claims'|'Fri Jan 20, 2017 - 6:34pm GMT Societe Generale to pay $50 million to settle U.S. fraud claims The logo of Societe Generale Private Banking is seen at an office building in Zurich, Switzerland October 13, 2016. REUTERS/Arnd Wiegmann NEW YORK Societe Generale ( SOGN.PA ) agreed to pay a $50 million civil fine to settle U.S. claims that it defrauded investors in connection with the marketing and sale of residential mortgage-backed securities. The U.S. Department of Justice announced the settlement on Friday, and said the French bank acknowledged having committed misconduct. (Reporting by Jonathan Stempel in New York; Editing by James Dalgleish) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-societegenerale-settlement-idUKKBN1542HS'|'2017-01-21T01:28:00.000+02:00'|588.0|''|-1.0|'' +588|'0edabbb713c9a5f32eabfc7210f69b3d683abdb7'|'Societe Generale to pay $50 million to settle U.S. fraud claims'|'Fri Jan 20, 2017 - 6:34pm GMT Societe Generale to pay $50 million to settle U.S. fraud claims The logo of Societe Generale Private Banking is seen at an office building in Zurich, Switzerland October 13, 2016. REUTERS/Arnd Wiegmann NEW YORK Societe Generale ( SOGN.PA ) agreed to pay a $50 million civil fine to settle U.S. claims that it defrauded investors in connection with the marketing and sale of residential mortgage-backed securities. The U.S. Department of Justice announced the settlement on Friday, and said the French bank acknowledged having committed misconduct. (Reporting by Jonathan Stempel in New York; Editing by James Dalgleish) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-societegenerale-settlement-idUKKBN1542HS'|'2017-01-21T01:28:00.000+02:00'|588.0|29.0|0.0|'' 589|'833a8b22bf498da20e632bf276c7ba6ad015e50b'|'Australia offers financial support for crippled Alcoa aluminium plant'|'Company 49am EST Australia offers financial support for crippled Alcoa aluminium plant By Melanie Burton and Sonali Paul - SYDNEY/MELBOURNE SYDNEY/MELBOURNE Jan 9 The Australian government has offered "substantial" financial support to help repair Alcoa Corp''s aluminium smelter in Victoria that was crippled last month by a state-wide blackout, government ministers said on Monday. The outage, which caused molten aluminium to solidify, disrupted some production at the 300,000-tonnes-per-year Portland smelter and raised questions about the facility''s long-term future. The ongoing negotiations between Australia''s government, energy provider AGL Energy, and Alcoa suggest the smelter may eventually resume full production. "The state''s substantial support is aimed at keeping the smelter open and sustainable into the future," state minister Philip Dalidakis in a statement. The government had offered "significant, immediate financial support" as well as the potential for further assistance through Australia''s Clean Energy Finance Corporation, a government-owned bank that invests in renewables, to provide longer-term energy security, said a spokesman for federal minister Greg Hunt. Both ministers declined to comment on the scale of financial support because negotiations were confidential, but Australia''s Fairfax Media reported that Alcoa received an offer of A$240 million ($175.63 million), comprised of $200 million in state funds over four years and a $40 million interest-free loan from Canberra. A spokesman for Alcoa also declined to comment on the negotiations, saying only that the plant continued to operate at a reduced capacity. To seal the deal, pressure is now on AGL Energy to agree to provide cheaper power to the plant as a result of the government''s financial support. A spokeswoman for the energy firm said discussions with Alcoa were ongoing. James Purcell, the member of the state parliament for Western Victoria, said an announcement could be made on Friday if a power supply deal can be reached. "Everyone is working to ensure that the smelter remains open," Dan Tehan, federal member of parliament for the district which includes Portland, told Reuters. Tehan said federal assistance to Alcoa was justifiable in the wake of the power outage that damaged the smelter. "In my view, such an event warrants the government looking at ways it can assist the smelter to get back on its feet and continue operations," he said. "It is critically important to the local economy that we get the smelter back up and running at full production." ($1 = 1.3665 Australian dollars) (Reporting by Melanie Burton in Sydney and Sonali Paul in Melbourne; Editing by Randy Fabi) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/alcoa-corp-australia-smelter-idUSL4N1EZ25U'|'2017-01-09T15:49:00.000+02:00'|589.0|''|-1.0|'' 590|'0c336eb83a26e3009b6be856105b5d5d28e956af'|'Credit Suisse CEO sees conditions improving in 2017: Bloomberg TV'|'Business News 5:07am EST Credit Suisse CEO sees conditions improving in 2017: Bloomberg TV Tidjane Thiam, CEO of the Credit Suisse bank attends the World Economic Forum (WEF) annual meeting of the Forum in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich ZURICH Credit Suisse ( CSGN.S ) Chief Executive Tidjane Thiam sees market conditions improving during 2017 as the bank''s reorganization gathers pace and its efficiency drive continues. Switzerland''s second-biggest lender has accelerated its transformation and achieved "a lot" in 12 months, Thiam told Bloomberg TV in an interview from Davos on Tuesday. "After a year in 2016 where you saw revenues really go down (across the sector)...hopefully 2017 will be better but all this is markets permitting," he said. "Certainty we see a strength in fixed income, you can see that. You can see the securitized products market going. You can see generally global credit products growing. You can see leveraged finance still at a reasonable level of activity," he said, while the equities business would have a "reasonable" year. Credit Suisse was now in a decent capital position and was progressing at "full speed" toward the flotation of its Swiss bank unit later this year, Thiam said. (Reporting by John Revill; Editing by Michael Shields) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-creditsuisse-ceo-idUSKBN151160'|'2017-01-17T17:07:00.000+02:00'|590.0|15.0|0.0|'' 591|'b684d91fe4b876d44661179bdad8d5d7d0be2b10'|'Snow, rain pummel parts of California, Nevada and Oregon'|'U.S. 5:00am EST Snow, rain pummel parts of California, Nevada and Oregon A private contractor clears deep snow from a driveway during a heavy winter storm in Incline Village, Nevada, U.S. January 10, 2017 REUTERS/Bob Strong Heavy rain and snowfall hit parts of California, Nevada and Oregon early on Wednesday, causing roads to be closed, schools to cancel classes and widespread flooding along already swollen waterways. A National Weather Service blizzard warning remained in effect until late on Wednesday morning for ski resort towns in the greater Lake Tahoe area, including Truckee and South Lake Tahoe, California, and neighboring Nevada enclaves of Stateline and Incline Village. Snow accumulations of 5 to 10 feet (1.5 to 3 meters) were forecast above elevations of 7,000 feet, with fierce wind gusts reaching 100 miles (160 km) per hour along the ridge of the Sierra Nevada mountain range, the National Weather Service reported. An avalanche warning was issued for much of the same mountain regions. "Those venturing outdoors may become lost or disoriented so persons in the warning area are advised to stay indoors," the weather service said. Roadways, including Interstate 80 near the border of California and Nevada, were closed on Wednesday morning. Schools throughout the region canceled Wednesday classes, including the Portland Public Schools district in Oregon, attended by about 50,000 students. Several flood warnings remained in effect until Wednesday morning for lower elevations in northern and central California and in western Nevada, where creeks and rivers were expected to overrun their banks. Several communities in the region opened evacuation centers for people who heeded warnings from officials to move to higher ground to avoid flooding. Heavy downpours sent a wall of mud down onto a house in Fairfax, California, trapping an elderly couple and their two granddaughters, according to local media. Firefighters rescued the couple and children and no one was injured, an ABC affiliate reported. A series of floodgates on the Sacramento River, just upstream of California''s capital, were opened for the first time in 11 years on Tuesday to divert high water around the city and into a special drainage channel, said Lauren Hersh, a spokeswoman for the state Water Resources Department. The cascade of rain and snow marked the fourth round of extreme precipitation unleashed during the past month by a weather pattern meteorologists call an "atmospheric river" - a dense plume of moisture flowing from the tropical Pacific into California. The storms have brought some sorely needed replenishment to many reservoirs left low by five years of drought, while restoring California''s mountain snowpack to 135 percent of its average water-content level for this time of year as of Tuesday, state water officials said. (Reporting by Brendan O''Brien in Milwaukee; editing by Dominic Evans) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-usa-weather-idUSKBN14V119'|'2017-01-11T16:54:00.000+02:00'|591.0|''|-1.0|'' 592|'3a8a6f2e2c3528110f788c58a7d0755b0a8bc3a4'|'Rosneft signs oil supply deal with firm linked to Qatar and Glencore'|'Business News - Tue Jan 10, 2017 - 8:23am GMT Rosneft signs oil supply deal with firm linked to Qatar and Glencore Workers stand next to a logo of Russia''s Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin MOSCOW Russian oil major Rosneft ( ROSN.MM ) has concluded a deal with a company linked to Qatar and commodities trader Glencore to supply up to 55 million tonnes of crude in total over a 5-year period, Rosneft said in a statement on Tuesday. The agreement follows the acquisition of a 19.5 percent stake in Rosneft by Qatar Investment Authority (QIA) fund and Glencore ( GLEN.L ) last month for around 710 billion roubles ($11.8 billion). Under the terms of the acquisition, Glencore had said it would conclude a five-year supply agreement with Rosneft giving it an extra 220,000 barrels a day to trade. The supply deal announced on Tuesday was between Rosneft and QHG Trading LLP. A Rosneft representative said the firm is a Glencore subsidiary. It is registered at the same address as Glencore''s London office. Regulatory filings list company officers as Glencore Energy UK Ltd and Qatar Holding LLC, a unit of the Qatar Investment Authority. Rosneft said in a statement on Tuesday that it may supply QHG Trading with between 4.5 million tonnes and 11 million tonnes of oil per year with the price being set according to a formula pegged to global oil prices. Currently, Rosneft''s largest buyer of oil is Swiss commodities trader Trafigura with estimated annual purchasing volumes of around 20 million tonnes, equal to the entire annual output of two large refineries or enough to meet the consumption of a country such as Spain for half a year. (Reporting by Vladimir Soldatkin; Editing by Christian Lowe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-rosneft-supply-idUKKBN14U0RF'|'2017-01-10T15:23:00.000+02:00'|592.0|''|-1.0|'' 593|'f9f18f6a6d5d12b294815bee4836b8e56967cc72'|'Britain''s Next could give formal profit alert - Sky News'|' 53pm EST Britain''s Next could give formal profit alert: Sky News Mannequins are pictured in the window of a Next clothing store in London, Britain, March 26, 2009. REUTERS/Luke MacGregor/File Photo British clothing retailer Next Inc ( NXT.L ) could give a formal profit warming for its 2017 financial year in its fourth-quarter trading update, Sky News reported, citing a source. bit.ly/2iM9FsD A spokeswoman for the company said Next would report its quarterly trading update on Wednesday as scheduled without providing further details. The retailer was downbeat about prospects for 2017 when it reported its quarterly results in November. In November, the company projected full-price sales for its year to January 2017 in a range of down 1.75 percent to up 1.25 percent. (Reporting by Vishal Sridhar in Bengaluru; editing by Susan Thomas) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-next-uk-outlook-idUSKBN14N1QM'|'2017-01-04T02:48:00.000+02:00'|593.0|''|-1.0|'' 594|'820c4909bffdba0add694e87f96e5398890d9597'|'UK''s Co-op Christmas sales boosted by new membership scheme'|' 30am GMT UK''s Co-op Christmas sales boosted by new membership scheme A sign is seen outside a Co-operative retail store in east London, April 10, 2014. REUTERS/Toby Melville LONDON Britain''s Co-operative Group ( 42TE.L ), the mutually-owned supermarkets to funeral services group, enjoyed strong trading in the final quarter of 2016, it said on Wednesday, hailing the positive impact of a new membership scheme. The Co-op nearly collapsed in 2013 after a 1.5 billion-pound ($1.9 billion) funding "hole" was found in its banking operation. But it has recovered under Chief Executive Richard Pennycook, aided by the shift in Britons'' grocery shopping habits towards more frequent trips to smaller convenience stores. In September, Pennycook launched a new membership scheme targeting the recruitment of one million additional members and the handing back of more than 100 million pounds a year from 2018 to members and their local communities. Through the scheme, Co-op members receive a 5 percent reward for purchases they make on own-brand products and services, with a further 1 percent directly benefiting local causes. The mutual said underlying sales in its core convenience supermarket estate increased 4 percent year-on-year from Sept. 21 to Dec. 31, with total Co-op food like-for-like sales up 3.4 percent. The Co-op is Britain''s fifth largest grocer with a 6 percent market share, trailing Tesco ( TSCO.L ), Sainsbury''s ( SBRY.L ), Asda ( WMT.N ) and Morrisons ( MRW.L ). It said direct motor insurance sales increased 17 percent in the period year-on-year, while sales of pre-paid funeral plans were up 73 percent. The Co-op said the success of the membership scheme, with 400,000 new members in the four months since launch, had prompted it to accelerate its recruitment plans. The target for one million new members has been brought forward to the end of 2017. It currently has 4.1 million active members. Last week, Morrisons and Sainsbury''s reported better than expected Christmas trading, while Tesco also reported solid numbers. ($1 = 0.8123 pounds) (Reporting by James Davey; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-co-operative-outlook-idUKKBN1521FT'|'2017-01-18T18:30:00.000+02:00'|594.0|''|-1.0|'' -595|'82d7abe232f08ec94155b6f606af864b0d88f22d'|'UK factory order books strongest since 2015, costs growing - CBI'|' 22am GMT UK factory order books strongest since 2015, costs growing - CBI One of the blast furnaces of the Tata Steel plant is seen at sunset in Port Talbot, South Wales, May 31, 2013. REUTERS/Rebecca Naden/File Photo LONDON British manufacturers have reported the strongest inflow of orders in nearly two years but are also seeing their costs rise sharply following last year''s Brexit vote which pushed down the value of sterling, a survey showed on Wednesday. The Confederation of British Industry''s monthly industrial orders balance rose to +5 in January from zero in December, its highest level since April 2015. Economists polled by Reuters had expected a smaller rise to +2. Britain''s economy has so far withstood the shock of June''s vote to leave the European Union. The Bank of England is expected to raise its predictions for growth this year when it meets next week in what would be a second quarterly upgrade, a Reuters poll of economists showed earlier this week. "UK manufacturers are firing on all cylinders right now with domestic orders up and optimism rising at the fastest pace in two years," Rain Newton-Smith, the CBI''s chief economist, said. "The weaker pound is driving export optimism for the year ahead, but is having a detrimental impact on costs for firms and ultimately for consumers." The CBI survey''s reading of prices that manufacturers expect to charge in the next three months rose to +28 from +26, the highest level since June 2011. In a separate quarterly questionnaire, the CBI found a measure of unit costs among manufacturers rose to its highest level since July 2011. (Reporting by William Schomberg, Editing by David Milliken) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-manufacturing-cbi-idUKKBN15918N'|'2017-01-25T18:22:00.000+02:00'|595.0|''|-1.0|'' +595|'82d7abe232f08ec94155b6f606af864b0d88f22d'|'UK factory order books strongest since 2015, costs growing - CBI'|' 22am GMT UK factory order books strongest since 2015, costs growing - CBI One of the blast furnaces of the Tata Steel plant is seen at sunset in Port Talbot, South Wales, May 31, 2013. REUTERS/Rebecca Naden/File Photo LONDON British manufacturers have reported the strongest inflow of orders in nearly two years but are also seeing their costs rise sharply following last year''s Brexit vote which pushed down the value of sterling, a survey showed on Wednesday. The Confederation of British Industry''s monthly industrial orders balance rose to +5 in January from zero in December, its highest level since April 2015. Economists polled by Reuters had expected a smaller rise to +2. Britain''s economy has so far withstood the shock of June''s vote to leave the European Union. The Bank of England is expected to raise its predictions for growth this year when it meets next week in what would be a second quarterly upgrade, a Reuters poll of economists showed earlier this week. "UK manufacturers are firing on all cylinders right now with domestic orders up and optimism rising at the fastest pace in two years," Rain Newton-Smith, the CBI''s chief economist, said. "The weaker pound is driving export optimism for the year ahead, but is having a detrimental impact on costs for firms and ultimately for consumers." The CBI survey''s reading of prices that manufacturers expect to charge in the next three months rose to +28 from +26, the highest level since June 2011. In a separate quarterly questionnaire, the CBI found a measure of unit costs among manufacturers rose to its highest level since July 2011. (Reporting by William Schomberg, Editing by David Milliken) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-manufacturing-cbi-idUKKBN15918N'|'2017-01-25T18:22:00.000+02:00'|595.0|20.0|0.0|'' 596|'062bdc3fd1962cd7f464de69433f047b5bc286c3'|'Swiss private banks see asset influx after U.S. election - Baer CEO'|'Money 8:48am EST Swiss private banks see asset influx after U.S. election: Baer CEO CEO Boris Collardi of Swiss private bank Julius Baer gestures as he addresses a news conference to present the bank''s half-year results in Zurich, Switzerland July 25, 2016. REUTERS/Arnd Wiegmann/File Photo By Brenna Hughes Neghaiwi - ZURICH ZURICH Swiss private banks have profited from rising stock markets and renewed client optimism since the election of U.S. President Donald Trump, Julius Baer Chief Executive Boris Collardi said on Thursday. "We have seen client interest in financial markets increasing," Collardi told Reuters. "With stocks going up, you have assets going up, transaction volumes going up, which is all a positive for the banks because we have more assets, more revenues." Over the medium to long term, banks also stand to gain from deregulation in a sector increasingly saddled with mounting compliance efforts since the 2008 financial crisis, he said. Speaking earlier at a conference in Berne about the implications of Britain''s decision to exit the European Union, Collardi warned Switzerland should not unnecessarily cut off any negotiating possibilities amid a changing political landscape and uncertain future for the EU. While the consequences of Brexit will remain manageable for Swiss banks in the foreseeable future, Switzerland stands little chance of gaining significantly from the weakness of London''s financial center, he said. This year would be a year of many changes and he expected consolidation in Europe''s banking sector over the medium term. "As long as the cost of money remains low and stock valuations go up, we could be in a positive environment for M&A," Collardi said. "We still have overcapacity in the European banking sector. I could imagine that some of the Swiss banks, based on their strength, may continue to take advantage of international M&A opportunities." (Editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-swiss-banks-wealth-idUSKBN15A1SY'|'2017-01-26T20:46:00.000+02:00'|596.0|13.0|0.0|'' 597|'49bf3ba6acfdacbc23b86b2ade7a85eca976d4e6'|'RPT-INVESTMENT FOCUS-History suggests Trump month will be stocks down, dollar up'|'(Repeats from Friday without changes)* Graphic: One month in: reut.rs/2j1xrmu* Graphic: The Presidential Touch: tmsnrt.rs/2jtEpzi* Stock performance in previous transitions:* Trump trades fade as inauguration looms:By Jamie McGeever and Marc JonesLONDON, Jan 20 For financial markets, the Trump era begins on Monday, and if history is any guide the following month should be a rocky one for Wall Street but positive for the dollar.The S&P 500 has fallen a median 2.7 percent in the month after each new president has taken the keys to the White House since Herbert Hoover did so in January 1929, according to Reuters analysis.Only four presidents have seen Wall Street rise in their first month in power: Hoover (+3.8 percent), John F. Kennedy in 1961 (+6 pct), George H. W. Bush in 1989 (+5.3 pct) and Bill Clinton in 1993 (0.8 pct).The market has fallen in the first month under every other incoming president since Hoover. Even Ronald Reagan and Barack Obama, who ultimately presided over 120 percent and 165 percent rallies on Wall Street during their two terms, respectively, saw initial slides of 4.8 percent and 15 percent.The dollar tends to fare better. Analysis going back to the early 1970s when the currency was taken off the gold standard shows it has risen an average 2.2 percent in the first month of a first-time president.Donald Trump takes office as the 45th president of the United States with investor apprehension over an incoming president has rarely been higher."There are two sides to Trump, the one side focusing on U.S. stimulus which drives up global growth and the other side, the protectionist Donald Trump that could do the opposite. So the big question is which will we get?," said State Street Global Advisors'' EMEA head of currencies James Binny.Markets latched on after Trump won the November election to his reflationary and pro-growth stance: stocks rose to new highs, the bond selloff deepened, and the dollar clocked a 14-year peak against the euro.But as the inauguration has drawn closer, that momentum has faded. This week, the Dow Jones and dollar hit six-week lows, the 10-year U.S. Treasury yield its lowest since late November, and gold rose to its highest in two months.Some investors are playing safe."We are neutral, because we don''t know exactly what direction Trump will take," said Lukas Daadler, chief investment officer of investment solutions at Robeco, a subsidiary of Robeco Group. The latter has 269 billion euros in assets under management."There is some extreme positioning out there, so there''s the risk of a short squeeze. But we''ve taken a neutral stance, and we might see more detail on his plans next week."Much of that positioning is in the U.S. bond market and the dollar. Speculators have amassed record bets against 10-year Treasuries, and according to Bank of America Merrill Lynch''s January fund manager survey, the most overcrowded trade in the world now is the pro-dollar trade.BAML strategists said on Friday that although there has been a clear cooling of "Trump trade" bets in recent weeks, overall investor sentiment is its highest in three months.They recommend sticking with they call the "Icarus trade" - one last 10 percent rise in stocks and commodities before the rally ends.(Graphic by Vikram Subhedar; Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-markets-repeat-investment-focu-idINL5N1FD1S1'|'2017-01-23T06:05:00.000+02:00'|597.0|''|-1.0|'' 598|'3e01e1dc6bb84a9691a45eaf9a84defbf3fbb677'|'UPDATE 1-Cheering better growth, ECB still to keep policy, stimulus unchanged'|'Bonds News - Thu Jan 19, 2017 - 4:22am EST UPDATE 1-Cheering better growth, ECB still to keep policy, stimulus unchanged * Rates, QE seen unchanged * Growth improving but fraught with risk * Decision at 1245, Draghi at 1330 (Adds quote, Fed) By Balazs Koranyi and Francesco Canepa FRANKFURT, Jan 19 Even as euro zone growth and inflation slowly pick up pace, the European Central Bank is set to argue on Thursday that its extra-easy policy stance is still needed to keep the recovery on course. The ECB is all but certain to leave current monetary policy in place and maintain a promise for lengthy stimulus, having extended its bond-buying programme just last month. ECB President Mario Draghi can argue the bank has done its part to mend growth, but he will also likely note the recovery is not self-sustaining, underlying inflation is weak and markets could become more volatile as the Federal Reserve gradually raises rates. So turning down the taps now is inappropriate, Draghi is expected to say, once again underscoring diverging policy paths between the ECB and the Federal Reserve, whose chair, Janet Yellen, signalled further interest rate increases on Wednesday. "Draghi seems to be comfortable to allow inflation to drift higher before declaring full victory over deflation," David Kohl an economist at Swiss private bank Julius Baer, said. On the face of it, Draghi should be relaxed. Inflation hit a three year high last month, manufacturing activity is accelerating and confidence indicators are firming, all pointing to solid growth at the end of last year. Indeed, euro zone business growth was the fastest in more than five years in December, order books are surging on export demand, and consumption is holding up, despite rising energy costs, all pointing to the sort of resilience not seen since before the bloc''s debt crisis. The underlying picture is mixed, however, giving Draghi plenty of arguments to bat back criticism, particularly from Germany, the bloc''s biggest economy and the ECB''s top policy foe. Inflation is still just half of the bank''s 2 percent target and the jump is mostly down to higher oil prices while underlying price growth remains dangerously weak. The market euphoria after Donald Trump''s surprising U.S. election win is also yet to be backed up concrete policy action and the threat of more protectionist policies from the United States and possibly Britain could reverse market sentiment. The ECB announces its rate decision at 1245 GMT and Draghi holds a news conference at 1330 GMT. GERMAN ANGST The ECB last month agreed to cut its asset buys by a quarter from April but extended the 2.3 trillion euro scheme, known as quantitative easing, until the end of the year, promising substantial accommodation and extended market presence. The extension threatens to reignite tensions between the bank and Berlin, particularly as Germany heads towards an election in the fall and with Finance Minister Wolfgang Schaeuble often pointing the finger at the ECB for problems. Berlin argues that super cheap borrowing costs negate pressure on inefficient euro zone members to reform but unduly punish frugal German savers, who have seen the return on their savings evaporate. Indeed, with German inflation rates above the euro zone average and government bond yields in negative territory across much of the yield curve, real rates are negative for many savers, pushing some voters towards the rightist Alternative for Germany party. Still, cutting back stimulus may be a double edged sword, even for Germany, which is struggling with a bloated and inefficient bank sector. Higher ECB rates would not only cost the budget billions of euros in extra spending but would risk thwarting a still fledgling lending growth. "The lending channel is no longer clogged up, but it is not completely free either and progress has only been possible thanks to massive measures by the ECB," Commerzbank said. "If monetary policy were to be tightened again, and the burdens from existing loans were to increase once more, the lending channel would close and the economic picture would worsen considerably again," Commerzbank added. The risk for now is if the oil stabilises at a relatively high level, eventually feeding into core inflation and raising the risk that inflation could even overshoot the ECB''s target. Still, it would take years such a pass through and all indication is that Draghi would happily tolerate a modest overshoot after facing the threat of deflation for years. (Editing by Jeremy Gaunt) Hammond: UK''s budget stance is "steady as she goes" DAVOS, Switzerland Jan 19 British finance minister Philip Hammond said on Thursday he saw no case right now for using some of the room he reserved last year for the government to borrow more, ahead of his annual budget on March 8.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ecb-policy-idUSL5N1F923U'|'2017-01-19T16:22:00.000+02:00'|598.0|''|-1.0|'' @@ -606,7 +606,7 @@ 604|'fa512e70a341b214c96874d27a12e6c67d654623'|'China, Hong Kong stocks rebound; Vanke jumps as China Resources steps down'|'Energy - Thu Jan 12, 2017 - 11:27pm EST China, Hong Kong stocks rebound; Vanke jumps as China Resources steps down * SSEC +0.1 pct, CSI300 +0.4 pct, HSI +0.5 pct * Vanke shares hit one-month intraday high * Energy rebound on strong oil prices SHANGHAI, Jan 13 China stocks were up on Friday morning, on course to snap a three-day losing streak, as the property sector rebounded strongly on strength in China Vanke Co Ltd''s , the country''s second largest developer. Hong Kong stocks also rose, setting for a third week of gains, with support from the energy sector as oil prices advanced. The benchmark CSI300 index rose 0.4 percent, to 3,330.61 points at the end of the morning session, while the Shanghai Composite Index gained 0.1 percent, to 3,122.93 points. The benchmark index has lost more than 0.5 percent so far this week. Investors cheered China Vanke Co Ltd''s breakthrough in a high-profile corporate power tussle lasting for over a year, after its No. 2 shareholder China Resources Group decided to sell its entire stake to Shenzhen Metro Group. Shares of the industry bellwether jumped around 7 percent on the mainland and 5.6 percent in Hong Kong at the lunch break. But gains in China were limited as investors were awaiting the upcoming corporate earnings season to kick off late on Friday, to justify a flurry of solid economic data in the world''s second largest economy. Earlier this month, China''s manufacturing sector posted a monthly expansion for the fifth time in December, but the pace slowed more than expected amid the government''s effort to rein in soaring asset prices. Sector performance in the mainland market was mixed, with property leading the gains, up around 2.3 percent. Insurance firms retreated 0.6 percent despite their premium income rising almost 30 percent in 2016, as investors stayed cautious amid a tightening regulatory environment. Metallurgical Corporation of China Ltd slid around 2 percent after closing at a six-week high in the previous session, as optimism fuelled by restructuring hopes quickly faded. The tech-heavy ChiNext sub-index, China''s equivalent of the Nasdaq, was set to lose for a seventh session and hit a six-month intraday low as faster approvals for IPOs boosted the supply of small-caps. In Hong Kong, the Hang Seng index added 0.5 percent, to 22,932.47 points, bringing its weekly gain to around 1.9 percent, while the Hong Kong China Enterprises Index gained 0.7 percent, to 9,792.44 points. Nearly all sectors in the city gained modestly, with the energy sector the biggest performer, up nearly 2.4 percent by the lunch break. Oil majors including CNOOC Ltd and PetroChina Co Ltd rallied as oil prices held sharp gains from the previous two sessions. (Reporting by Jackie Cai and John Ruwitch; Editing by Simon Cameron-Moore) Next In Energy'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/china-stocks-midday-idUSL4N1F31Y5'|'2017-01-13T11:27:00.000+02:00'|604.0|''|-1.0|'' 605|'e76c99cb8596b5027537f547a7bc60ca53e77bc2'|'PM May indicates Britain will seek "hard Brexit" in EU talks'|'Market News 21am EST PM May indicates Britain will seek "hard Brexit" in EU talks * UK PM May to unveil Brexit plans at 1145 GMT * May to say UK to seek no partial membership of EU * Sterling falls over fears of ''hard Brexit'' By Kylie MacLellan and William James LONDON, Jan 17 Britain will not seek a Brexit deal that leaves it "half in, half out" of the EU, Prime Minister Theresa May will say on Tuesday in a speech setting out her priorities for divorce talks which indicates she is prepared to leave the single market. Sterling, which has traded at the lowest levels against the U.S. dollar for more than three decades, fell to near three-month lows and stocks were mostly weaker as investors feared May would spell out plans for a "hard Brexit". "We seek a new and equal partnership, between an independent, self-governing, global Britain and our friends and allies in the EU," May will say, according to advance extracts released by her office. "Not partial membership of the European Union, associate membership of the European Union, or anything that leaves us half-in, half-out. We do not seek to adopt a model already enjoyed by other countries. We do not seek to hold on to bits of membership as we leave." Her 12 objectives for upcoming exit talks from the European Union will include ditching preferential access to the single market and quitting the European Court of Justice in return for full control of Britain''s borders, several newspapers reported. More than six months after Britons voted to leave the EU, May has come under fire from investors, businesses and lawmakers for revealing little about the future relationship she will seek when she begins formal divorce talks by the end of March. She is due to set out more detail on her plans at 1145 GMT on Tuesday in a speech to an audience including foreign diplomats and Britain''s own Brexit negotiating team. "NEW FREE BRITAIN" The extracts from her speech did not set out explicit details of the future trading relationship she wants to have with the EU or what her 12 priorities would be, but British newspapers, most of which backed Brexit, said it would delight those who supported leaving the bloc. "Theresa''s New Free Britain", the Daily Mail said on its front page while The Sun, Britain''s biggest-selling tabloid, called it "Great Brexpectations". Media reported May would be less explicit on her plans for the customs union, but that her emphasis on building new trade relationships would make clear Britain could be no longer a member of the single market in the way it is now. The EU would be likely to insist on freedom of movement for EU citizens in return for full access to the single market, while many of those who voted for Brexit did so precisely in order to be able to restrict immigration. The Times newspaper said May would acknowledge for the first time that transitional deals would be needed to avoid a Brexit ''cliff edge'' for businesses after Britain leaves the economic bloc that accounts for roughly half of its exports and imports. May will say she wants Britain to be a "magnet for international talent", and a "great, global trading nation" that reaches beyond Europe to build relationships with other countries around the world. She will also say that it is in Britain''s national interest for the EU to succeed. "We will continue to be reliable partners, willing allies and close friends. We want to buy your goods, sell you ours, trade with you as freely as possible, and work with one another to make sure we are all safer, more secure and more prosperous through continued friendship," she will say. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-eu-may-idUSL5N1F7255'|'2017-01-17T16:21:00.000+02:00'|605.0|''|-1.0|'' 606|'6940a789a2873bdf9a4cac3913621ccbf9eeae9f'|'Canada court dismisses challenge to controversial arms deal'|'Company 1:02pm EST Canada court dismisses challenge to controversial arms deal OTTAWA Jan 24 A Canadian court on Tuesday dismissed a challenge to the government''s controversial arms deal with Saudi Arabia, ruling that the former foreign affairs minister considered the relevant security and human rights factors. Former Foreign Affairs Minister Stephane Dion and the Liberal government came under fire last year for signing off on a $13 billion General Dynamics Corp contract to supply light armored vehicles to Saudi Arabia, despite concerns about the country''s human rights record. The Liberals have argued they had no choice but to honor what they said was a binding contract made in 2014 under the previous Conservative government. Dion signed the key export permits last April. The application for judicial review was brought before the Federal Court last year by Daniel Turp, a professor at the Universite de Montreal and former member of parliament for the separatist Bloc Quebecois. Turp argued that the issuance of the permits was against Canada''s export rules, as well as the Geneva Convention, and that there was a reasonable risk that the armored vehicles would be used against Shi''ite minorities in Saudi Arabia. The government countered that Dion''s sole obligation was to take into account all the relevant factors, which he did. Justice Daniele Tremblay-Lamer found that it was up to Dion to assess whether there was a reasonable risk the vehicles might be used against civilians, noting that there have been no incidents in which light armored vehicles have been used in human rights violations in Saudi Arabia since trade relations began with Canada in the 1990s. "The role of the court is not to pass moral judgment on the minister''s decision to issue the export permits but only to make sure of the legality of such a decision," Tremblay-Lamer wrote. "The court is of the opinion that the minister considered the relevant factors. In such a case, it is not open to the court to set aside the decision." Turp was not immediately available for comment. Joseph Pickerill, a spokesman for current Foreign Affairs Minister Chrystia Freeland, said the minister thanked the court for its decision. Dion was replaced as foreign affairs minister earlier this month by Freeland, who was previously in charge of trade. Tremblay-Lamer dismissed the judicial review without costs. Turp has 30 days to appeal. (Reporting by Leah Schnurr; Editing by Andrew Hay) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-politics-dion-idUSL1N1FD29B'|'2017-01-25T01:02:00.000+02:00'|606.0|''|-1.0|'' -607|'f9d73b5b09edc7a03f9384a1b9f8a2b81d33f089'|'Russia cbank to coordinate managing forex reserves with govt - Interfax'|'Financials 1:08pm EST Russia cbank to coordinate managing forex reserves with govt - Interfax MOSCOW Jan 18 The Russian central bank will coordinate its action on how to manage forex reserves with the Finance Ministry, Interfax news agency quoted the bank as saying on Wednesday. Discussion on ways to prop up the reserves have resumed after the rouble became one of the best performing emerging market currencies in 2016. The reserves were used to cushion the budget deficit, which widened due to the slump in the price of oil, Russia''s chief commodity export. But the independent central bank has been resistant to state conditions for replenishing the reserves. The bank said it may consider buying foreign currency if the oil prices increase, Interfax reported. OPEC, Russia and other non-OPEC producers in November and December pledged to cut oil output by nearly 1.8 million bpd, initially for six months, to bring supplies back in line with consumption, supporting prices. (Reporting by Vladimir Soldatkin and Andrey Ostroukh; Editing by Alison Williams) Next In Financials Monte dei Paschi won''t take chances with first state-backed bond-sources MILAN, Jan 18 Monte dei Paschi di Siena is unlikely to tap markets with an upcoming 2 billion euro ($2.1 bln) bond as it fears a state guarantee on the issue won''t be enough to draw sufficient investor demand, three sources familiar with the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-cenbank-reserves-idUSL5N1F85Y4'|'2017-01-19T01:08:00.000+02:00'|607.0|''|-1.0|'' +607|'f9d73b5b09edc7a03f9384a1b9f8a2b81d33f089'|'Russia cbank to coordinate managing forex reserves with govt - Interfax'|'Financials 1:08pm EST Russia cbank to coordinate managing forex reserves with govt - Interfax MOSCOW Jan 18 The Russian central bank will coordinate its action on how to manage forex reserves with the Finance Ministry, Interfax news agency quoted the bank as saying on Wednesday. Discussion on ways to prop up the reserves have resumed after the rouble became one of the best performing emerging market currencies in 2016. The reserves were used to cushion the budget deficit, which widened due to the slump in the price of oil, Russia''s chief commodity export. But the independent central bank has been resistant to state conditions for replenishing the reserves. The bank said it may consider buying foreign currency if the oil prices increase, Interfax reported. OPEC, Russia and other non-OPEC producers in November and December pledged to cut oil output by nearly 1.8 million bpd, initially for six months, to bring supplies back in line with consumption, supporting prices. (Reporting by Vladimir Soldatkin and Andrey Ostroukh; Editing by Alison Williams) Next In Financials Monte dei Paschi won''t take chances with first state-backed bond-sources MILAN, Jan 18 Monte dei Paschi di Siena is unlikely to tap markets with an upcoming 2 billion euro ($2.1 bln) bond as it fears a state guarantee on the issue won''t be enough to draw sufficient investor demand, three sources familiar with the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/russia-cenbank-reserves-idUSL5N1F85Y4'|'2017-01-19T01:08:00.000+02:00'|607.0|20.0|0.0|'' 608|'8e24de8e74c89d36ccfac54d6590f80f5a8b32ab'|'Dangote, China''s Sinotruck set up $100 million truck plant in Nigeria'|'Deals 6:06am EST Dangote, China''s Sinotruck set up $100 million truck plant in Nigeria Founder and Chief Executive of the Dangote Group Aliko Dangote gestures during an interview with Reuters in his office in Lagos, Nigeria, June 13, 2012. REUTERS/Akintunde Akinleye/File Photo By Chijioke Ohuocha - LAGOS LAGOS Africa''s richest man Aliko Dangote has partnered with China''s heavy duty truck group Sinotruck to set up a $100 million plant to assemble trucks and cars in Nigeria for local use and export, the executive director of Dangote group said. The joint venture, which is 65 percent owned by Dangote and 35 percent by Sinotruck will assemble components and knocked down parts imported from Sinotruck to the Nigerian plant. It aims to meet an expected increased demand for transport in the country as the government focuses on boosting agriculture and farmers need to move goods across the vast country. The first set of trucks will be rolled out next week, Edwin Devakumar, told Reuters in an interview in Lagos. The plant has the capacity to assemble 16 trucks a day and will export to West Africa, he said, adding the facility would expand into vehicle manufacturing. "[The Dangote Group] has a fleet size of 12,000 trucks ... and are large users. One of the biggest challenges in the market today is logistics because we do not have a proper transport network," he said. Last March Dangote bid for a majority stake in Peugeot Automobile Nigeria. The results of the sale have not yet been released. Turning to Dangote''s other interests, Devakumar said Dangote was on track to launch its $17 billion oil refinery plant with the first crude for processing going into the plant in October 2019. It will handle 650,000 barrels per day. The company will scale down operations in its flour milling DANGFLO.LG, sugar refinery ( DANGSUG.LG ) and tomato processing businesses however, due to dollar shortages to fund the import of raw materials, he said. Nigeria is grappling with dollar shortages brought on by low prices for oil, its mainstay, and which have hammered its currency and shrunk its foreign reserves, triggering its first recession in 25-years. "Where the foreign exchange is not available we are cutting down our operations," he said. "For example we had a vegetable oil refinery we have shut it down, we had a tomato based processing plant we have shut it down." Dangote''s cement business ( DANGCEM.LG ) was continuing as its main raw material - limestone - could be sourced at home, he said. He added the firm commissioned a new cement plant in Sierra Leone last week and expected a plant in Congo to begin production this year. (Editing by Ulf Laessing and Alexandra Hudson) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-nigeria-dangote-sinotruck-idUSKBN1521C9'|'2017-01-18T18:06:00.000+02:00'|608.0|''|-1.0|'' 609|'e9208d765cb8ed14f6eb226bcef4d12fbbdc3ea6'|'Fitch Rates Bank of Sharjah''s New EMTN Programme ''BBB+'''|' 15am EST Fitch Rates Bank of Sharjah''s New EMTN Programme ''BBB+'' (The following statement was released by the rating agency) DUBAI/LONDON, January 30 (Fitch) Fitch Ratings has assigned Bank of Sharjah''s PJSC (BOS; BBB+/Stable/bb) new Euro Medium Term Note (EMTN) Programme a long-term rating of ''BBB+'' and short-term rating of ''F2''. The ratings of the programme apply only to senior issuance. There is no assurance that notes issued under the programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the programme. KEY RATING DRIVERS The notes under the programme will be issued by BOS Funding Limited in the Cayman Islands. BOS Funding Limited is a fully owned subsidiary of BOS that is set up solely to act as the issuer of debt funding. The new programme''s ratings are driven by BOS''s Issuer Default Ratings (IDR), reflecting Fitch''s view that default of this senior unsecured obligation would reflect default of the entity in accordance with Fitch''s rating definitions. According to the transaction documents, the payments of principal and interest in respect of the senior notes are unconditionally and irrevocably guaranteed by BOS. The obligations of BOS under the deed of guarantee in respect of the senior notes are direct, unconditional, unsecured and unsubordinated obligations of BOS and rank at least pari passu with all other outstanding present and future unsecured and unsubordinated obligations of the bank. The documentation includes a negative pledge provision and cross default clause with BOS. The notes, the guarantee and all non-contractual obligations arising out of or in connection with the notes will be governed by, and shall be construed in accordance with, English law. RATING SENSITIVITIES The ratings are sensitive to a change in BOS''s IDR. This in turn is sensitive to a change in the perceived ability or willingness of the UAE authorities to provide support to the bank, if needed. Given the robust economy, the authorities'' strong track record of support for local banks and no plans for resolution legislation at this stage, downward pressure on ratings is low. Contact: Primary Analyst Redmond Ramsdale Senior Director +971 4 424 1202 Fitch Ratings Limited Al Thuraya Tower 1, Office 1806, Dubai Media City, Dubai, United Arab Emirates PO Box 502030 Secondary Analyst Gilbert Hobeika Associate Director +44 20 3530 1004 Committee Chairperson Eric Dupont Senior Director +33 1 4429 91 31 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=1018291 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit987960'|'2017-01-30T16:15:00.000+02:00'|609.0|''|-1.0|'' 610|'e8b04361e49e43da7e4fe649d7ca4bf6e571fe17'|'China plans to spend $115 billion on railways in 2017 - Xinhua'|'Business 2:26pm IST China plans to spend $115 billion on railways in 2017: Xinhua People stand next to a train at a railway station in Nanjing, Jiangsu Province, China June 6, 2016. REUTERS/Aly Song SHANGHAI China plans to spend 800 billion yuan ($115.09 billion) on building railways this year, the same budget as last year, to grow its network to 150,000 kilometers, state news agency Xinhua reported on Wednesday. China plans to add 2,100 kilometres of track this year, mostly in its central and western regions, and electrify 4,000 kilometres of railways, Xinhua reported, citing a statement released by national operator China Railway Corporation after an annual work conference. The country, which had set an annual spending target of 800 billion yuan for the last three years, used 801.5 billion yuan on railway construction in 2016, according to local media reports citing the national operator. It plans to spend 3.5 trillion yuan on building railway tracks over 2016-2020, Xinhua said. Railway spending was at a high of 840 billion yuan in 2010 before a high-speed rail crash that led to the arrest of numerous officials on corruption charges and the breakup of the railway ministry. In recent months, the government sped up approvals of construction projects including railways to support slowing economic growth, adding to China Railway''s debt burden which stood at 4.21 trillion yuan at the end of June. ($1 = 6.9509 Chinese yuan) (Reporting by Brenda Goh; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-china-railways-idINKBN14O0Q3'|'2017-01-04T15:53:00.000+02:00'|610.0|''|-1.0|'' @@ -615,10 +615,10 @@ 613|'32d78a82bd22e68b7ce6f67ada2e22370e7ff3d9'|'BRIEF-Ennis acquires Independent Printing Company Inc in stock purchase transaction'|' 35am EST BRIEF-Ennis acquires Independent Printing Company Inc in stock purchase transaction Jan 30 Ennis Inc : * Ennis acquires independent printing company, inc. In a stock purchase transaction * Ennis acquires independent printing company, inc. In a stock purchase transaction * Ennis Inc- operations will continue under independent and related entity names * Ennis Inc - operations will continue under independent and related entity names * Says company will now have 4 folder facilities in Michigan, Kansas, California and Wisconsin * Ennis Inc- all of locations will continue their normal operations Source '|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/idUSASB0AXB2'|'2017-01-30T18:35:00.000+02:00'|613.0|''|-1.0|'' 614|'8bc8d44dcaccd23beea83fc2130b26ef1b21f546'|'In-house or out? Blade strategy divides wind turbine makers'|'* Division pits technology ownership against flexibility* Blade design is key - but pricey and complex* Vestas, Gamesa, Nordex outsource - Siemens, Enercon don''tBy Christoph SteitzFRANKFURT, Jan 18 A wave of deals in the wind power industry, waiting to gauge the impact of Donald Trump''s election and Brexit, has highlighted opposing strategies in the production of the most complicated and sensitive turbine components: blades.Companies are at odds over whether to go in-house or out to produce the blades, which can be as long as a football pitch, as they ride out a global M&A frenzy in a sector still reliant on fickle state support.In many ways they face a choice between keeping vital design expertise to themselves, or sharing that design and outsourcing production to react to demand swings. Neither strategy as yet offers a definitive answer on how to reduce costs long-term, although some analysts predict that as in the automobile industry, outsourcing will become the dominant trend.General Electric and Senvion, two of the top 10 global wind turbine makers, recently announced deals to snap up rotor-blades makers in a bet on integration.This conflicts with outsourcing strategies at rivals including Denmark''s Vestas, China''s Goldwind and Spain''s Gamesa, which is merging with insourcing stalwart Siemens'' wind business."There are some parts that are a source of differentiation, so you want to keep ownership of that," said Jean-Marc Lechene, chief operating officer at Vestas, the world''s biggest turbine maker, referring to technology behind the blades.On the other hand, manufacturing can be routine and be shared out which is why these two trends have emerged, he added.Growing uncertainty over future support for renewables - triggered by Trump''s election victory in the United States and Britain''s decision to leave the EU - could tip the balance in favour of outsourcing."Being able to respond to a shift in demand from one country to another is important given that the sector is dependent on political support, which can change quickly," Macquarie analyst Gurpreet Gujral said.Blades account for about a fifth of the component costs for wind turbines - which stand at about 3 million euros ($3.2 million) for the most common models - and are key in determining their power output.As they are constantly exposed to different levels of wind, their design is crucial, yet their construction - which requires adhesives that join different layers of carbon or glass-fibre to dry at exactly the right temperatures - can also be complex.Accidents related to faulty blades - described as the Achilles'' heel of turbine manufacturing - have hit several equipment makers in the past, making a seamless production process absolutely vital.RAT-RACEHard-liners including Germany''s Enercon are cagey about their technology and production techniques, hoping that controlling all steps of the process will give them the upper hand in the highly competitive market.Technology is key to reducing the cost of producing electricity and making wind competitive with fossil fuels.Vestas, by contrast, has outsourced about a fifth of blade production, helping it to raise the volume of produced and shipped turbines by 30 percent in 2015, while costs only rose by a fifth to 6.9 billion euros."Outsourcing can give turbine vendors more flexibility in using globally located independent manufacturers while avoiding the need to build new factories to serve all global markets," said Jesse Broehl, senior analyst at Navigant Research.Transporting blades can be expensive and time-consuming. That''s why turbine makers are prepared to pay a small premium to outsourced providers, several industry sources told Reuters.With margin pressure increasing and prices falling further, the industry is likely to outsource more going forward, said Danny van Doesburg, senior portfolio manager at Dutch APG Asset Management, the seventh-largest shareholder in Vestas."It''s a continuing rat-race of lowering costs similar to what we are witnessing in the car industry. In cars, you see a rule of thumb where you will try to outsource as much as possible," he said.A source familiar with the matter told Reuters that groups with the highest level of in-house production, Siemens and Enercon, tend to be priced at the upper end of the market range.But with the industry continuously weaning off state support around the globe, even stalwart opponents of outsourcing are changing their mind, afraid they will be too expensive and too slow to compete in emerging markets.With a core profit margin of less than 10 percent in its wind power and renewables business, Siemens recently announced it would for the first time ever outsource blade production for its low wind SWT-3.15-142 turbine to LM Wind Power.Steen Broust Nielsen, partner at renewable consultancy MAKE, says: "Winning the game is not only about technology, it''s also about market access." ($1 = 0.9348 euros)(Editing by Alexandra Hudson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/windpower-outsourcing-idINL5N1F73HH'|'2017-01-18T11:01:00.000+02:00'|614.0|''|-1.0|'' 615|'c25895697e0ac8aa07211faf166a7cb9c5e29d1d'|'Competition watchdog sees concerns with MasterCard''s VocaLink deal'|'LONDON Britain''s competition watchdog said it has concerns with MasterCard Inc''s ( MA.N ) acquisition of payment processing company VocaLink Holdings."A number of industry participants have raised concerns with the transaction," the Competition and Markets Authority said on Wednesday.The companies are two of three most credible providers of infrastructure services to the LINK network of automated teller machines, the CMA said, meaning the merger could reduce LINK''s negotiating power with those providers if they combined.MasterCard said in July it would buy a 92.4 percent stake in London-based VocaLink Holdings Ltd for about $920 million.(Reporting By Lawrence White; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vocalink-m-a-mastercard-competition-idINKBN14O0JJ'|'2017-01-04T04:26:00.000+02:00'|615.0|''|-1.0|'' -616|'1b50855fc1db85c7f6229c3cd9f7f1a247dbbead'|'Close Brothers sees strong first half, reports rise in loan book'|'Business News - Fri Jan 20, 2017 - 7:57am GMT Close Brothers sees strong first half, reports rise in loan book British lender Close Brothers Group said it expected to report strong results for the first half, driven by strength in its banking division and higher trading income from market maker Winterflood. The merchant banking group, which provides loans and wealth management and securities trading services, said the loan book at its banking division rose to 6.6 billion pounds over the five-month period ended Dec. 31, from 6.4 billion pounds at the end of July. Loan book jumped 9.3 percent from a year earlier, driven by growth in the premium finance and property business, the company said. The banking unit saw stable net interest margins, with lower bad debt ratio, the lender said. Market maker Winterflood saw strong retail trading activity throughout the period, Close Brothers said. The company said in September that Winterflood reported an improvement in retail trading activity, driven in part by Britain''s vote to leave the European Union. Total client assets at Close Brothers'' asset management arm fell to 7.8 billion pounds from 8 billion pounds at the end of July, hurt by the disposal of OLIM Investment Managers, which had managed assets worth about 500 million pounds at the end of July. Close Brothers said it expected to deliver a good outcome for the 2017 financial year. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-close-brothers-outlook-idUKKBN1540R1'|'2017-01-20T14:57:00.000+02:00'|616.0|''|-1.0|'' +616|'1b50855fc1db85c7f6229c3cd9f7f1a247dbbead'|'Close Brothers sees strong first half, reports rise in loan book'|'Business News - Fri Jan 20, 2017 - 7:57am GMT Close Brothers sees strong first half, reports rise in loan book British lender Close Brothers Group said it expected to report strong results for the first half, driven by strength in its banking division and higher trading income from market maker Winterflood. The merchant banking group, which provides loans and wealth management and securities trading services, said the loan book at its banking division rose to 6.6 billion pounds over the five-month period ended Dec. 31, from 6.4 billion pounds at the end of July. Loan book jumped 9.3 percent from a year earlier, driven by growth in the premium finance and property business, the company said. The banking unit saw stable net interest margins, with lower bad debt ratio, the lender said. Market maker Winterflood saw strong retail trading activity throughout the period, Close Brothers said. The company said in September that Winterflood reported an improvement in retail trading activity, driven in part by Britain''s vote to leave the European Union. Total client assets at Close Brothers'' asset management arm fell to 7.8 billion pounds from 8 billion pounds at the end of July, hurt by the disposal of OLIM Investment Managers, which had managed assets worth about 500 million pounds at the end of July. Close Brothers said it expected to deliver a good outcome for the 2017 financial year. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-close-brothers-outlook-idUKKBN1540R1'|'2017-01-20T14:57:00.000+02:00'|616.0|19.0|0.0|'' 617|'9d8e061d6d2c6cab44467130a963c7c6a994e222'|'UPDATE 1-Emirates to open up Dubai luxury lounges to lower-tier frequent flyers'|'Industrials 56am EST UPDATE 1-Emirates to open up Dubai luxury lounges to lower-tier frequent flyers (Adds analyst comment) By Alexander Cornwell DUBAI Jan 16 Emirates is opening up its lounges at its Dubai hub to lower-tier frequent flyer members in what is the latest move by the world''s largest long-haul airline to look for new ways to boost revenues. Emirates, which reported a 75 percent drop in half-year profit in November, had previously restricted access to these lounges to higher-tier frequent flier members and business or first class travellers. In an email sent out to Skywards frequent flier members, seen by Reuters, passengers with Blue-tier status, the lowest of four membership categories, can pay $100 to access the airline''s Dubai business lounge and $200 for the first class lounge. An Emirates spokeswoman confirmed to Reuters that the email was sent out to Skywards members. Other changes to the lounge access policy include Skywards members being allowed to pay for access for non-member travel companions and upgrading from business to first class lounges, according to the email dated Jan. 13. Will Horton, senior analyst at CAPA - Centre for Aviation, said there could be higher profit on lounge entrance fees than tickets given that it is rare for guests to consume food and beverages worth more than the fee. "With a proliferation in the number and quality of pay-as-you-go lounges, it makes sense for Emirates to make a play in this space," he told Reuters by email. Emirates, trying to counter the impact of overcapacity in the market and tighter corporate travel budgets, is looking at other additional revenue sources, including fees on bags. The airline introduced fees for advanced seat selection for economy passengers in October. Emirates has said it planned to introduce premium economy, a class between economy and business, by 2018. In a bid to cut costs, Emirates has offered redundancies to staff working in accounting, finance, IT and other head-office departments, sources told Reuters on Dec. 10 The airline has not responded to the report. (Reporting by Alexander Cornwell. Editing by Jane Merriman and Louise Heavens) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/emirates-airline-idUSL5N1F6351'|'2017-01-16T19:56:00.000+02:00'|617.0|''|-1.0|'' -618|'6044266588b1f1767f7d75db5f13a2d4b646297b'|'British lender CYBG says first-quarter trading in line with expectations'|'Business News - Mon Jan 30, 2017 - 11:12pm GMT British lender CYBG says first-quarter trading in line with expectations British lender CYBG Plc ( CYBGC.L ), home of Clydesdale Bank and Yorkshire Bank, said on Monday its first-quarter net interest margin was unchanged from a year earlier, in line with its expectations, as asset yields came under pressure. The lender said net interest margin in the three months ended Dec. 31 was flat at 222 basis points, and that its trading in the period was in line with its expectations. "As expected, asset yields came under pressure from the start of the period following the August 2016 base rate reduction, along with increased competition in retail lending markets," CYBG said. "We saw the benefits of deposit repricing begin to offset these pressures towards the end of the period, alongside other measures to reduce funding costs, including a modest drawdown on the Bank of England Term Funding Scheme in December." The challenger bank said its overall deposit balances was 27.3 billion pounds as at Dec. 31, up 4.7 percent on an annualised basis compared with Sept. 30, driven by both business and personal accounts. CYBG, which was spun off from National Australia Bank ( NAB.AX ), said its mortgage book was 22.1 billion pounds as at Dec. 31, a growth of 4.4 percent on an annualised basis. The lender''s common equity tier one capital ratio a key measure of financial strength increased to 12.8 percent as at Dec. 31 from 12.6 percent as at Sept. 30. The company said 574 million pounds worth of its lending was to small and medium-sized businesses in the first quarter. CYBG, which is targeting more than 100 million pounds of sustainable cost reductions by 2019, said it was on track to record underlying costs of 690 million to 700 million pounds this fiscal year. The company also maintained its other forecasts for fiscal 2017, including that net interest margin would be broadly flat with the year earlier. (Reporting by Rushil Dutta and Noor Zainab Hussain in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cybg-results-idUKKBN15E2SN'|'2017-01-31T06:12:00.000+02:00'|618.0|''|-1.0|'' -619|'396642f0a1e2b2012cd21b88158ca05caf4bbf32'|'Japan threatens India with WTO on steel as Trump era heralds rising trade tensions'|' 52am GMT Japan threatens India with WTO on steel as Trump era heralds rising trade tensions left right Kosei Shindo, chairman of the Japan Iron and Steel Federation and president of Nippon Steel & Sumitomo Metal Corp, attends a news conference in Tokyo, Japan, January 20, 2017. REUTERS/Kim Kyung-Hoon 1/3 left right Chimneys of a steel factory are pictured at an industrial area in Kawasaki, Japan, January 16, 2017. REUTERS/Kim Kyung-Hoon 2/3 left right A chimney of a steel factory is pictured at an industrial area in Kawasaki, Japan, January 16, 2017. REUTERS/Kim Kyung-Hoon 3/3 By Yuka Obayashi - TOKYO TOKYO Japan is threatening to take India to the WTO over restrictions that nearly halved its steel exports to the South Asian nation over the past year, a step that could trigger more trade spats as global tensions over steel and other commodities run high. Such action is rare for Japan. The world''s second-biggest steel producer typically tries to smooth disputes quietly through bilateral talks, but with global trade friction increasing, Japan''s defence of an industry that sells nearly half of its products overseas is getting more vigorous. Besides concern over India''s protection of its domestic steel industry, Japan is also worried about the more rough and tumble climate for global trade being engendered by incoming U.S. President Donald Trump, and feels it must make a strong stand for open and fair international markets. "We need to stop unfair trade actions from spreading," said a Japanese industry ministry official, explaining a Dec. 20 request for WTO dispute consultations with India over steel safeguard duties and a minimum import price for iron and steel products. India imposed duties of up to 20 percent on some hot-rolled flat steel products in September 2015, and set a floor price in February 2016 for steel product imports to deter countries such as China, Japan and South Korea from undercutting local mills. "If consultations fail to resolve the dispute, we may ask adjudication by a WTO panel," the industry ministry official said. Such action could come as soon as 60 days - in February - after its consultation request was filed in December. Tokyo says India''s actions are inconsistent with WTO rules and contributed to the plunge in its steel exports to India, which dropped to 11th-largest on Japan''s buyer list in 2016 through November, down from sixth-largest in 2015. "We are following the WTO guidelines," said a top official at India''s steel ministry, though adding that New Delhi is ready to sit across the table for trade talks. As of Friday, the date of a WTO-led consultation had not been set. GROWING GLOBAL TRADE DISPUTES There has been a series of trade disputes over the past few years amid massive exports of cheap steel products from China, the world''s top producer, with Vietnam, Malaysia and South Africa taking or planning measures to block incoming shipments. China''s steel exports dropped by 3.5 percent in 2016 to 108 million tonnes, still about as much as Japan produces in a year. Japan is also monitoring its small volume of imports for signs of dumping, fearing that steel products with nowhere to turn because of import restrictions may head to it own market. "All trade need to be fair. If there are trades that violate the rules, we will take necessary actions while consulting with our government," Kosei Shindo, chairman of the Japan Iron and Steel Federation, told a news conference on Friday. But in an environment where a new U.S. president is threatening to tear up trade treaties and impose import duties in the world''s biggest economy, Tokyo may be at risk of helping to set off a trade war it is trying to avoid. "We may see a battle of trade litigations especially after Trump takes the helm in the U.S.," said Kazuhito Yamashita, research director at Canon Institute for Global Studies. (Reporting by Yuka Obayashi; Additional reporting by Neha Dasgupta in NEW DELHI; Editing by Tom Hogue) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-india-steel-idUKKBN1541H4'|'2017-01-20T18:52:00.000+02:00'|619.0|''|-1.0|'' +618|'6044266588b1f1767f7d75db5f13a2d4b646297b'|'British lender CYBG says first-quarter trading in line with expectations'|'Business News - Mon Jan 30, 2017 - 11:12pm GMT British lender CYBG says first-quarter trading in line with expectations British lender CYBG Plc ( CYBGC.L ), home of Clydesdale Bank and Yorkshire Bank, said on Monday its first-quarter net interest margin was unchanged from a year earlier, in line with its expectations, as asset yields came under pressure. The lender said net interest margin in the three months ended Dec. 31 was flat at 222 basis points, and that its trading in the period was in line with its expectations. "As expected, asset yields came under pressure from the start of the period following the August 2016 base rate reduction, along with increased competition in retail lending markets," CYBG said. "We saw the benefits of deposit repricing begin to offset these pressures towards the end of the period, alongside other measures to reduce funding costs, including a modest drawdown on the Bank of England Term Funding Scheme in December." The challenger bank said its overall deposit balances was 27.3 billion pounds as at Dec. 31, up 4.7 percent on an annualised basis compared with Sept. 30, driven by both business and personal accounts. CYBG, which was spun off from National Australia Bank ( NAB.AX ), said its mortgage book was 22.1 billion pounds as at Dec. 31, a growth of 4.4 percent on an annualised basis. The lender''s common equity tier one capital ratio a key measure of financial strength increased to 12.8 percent as at Dec. 31 from 12.6 percent as at Sept. 30. The company said 574 million pounds worth of its lending was to small and medium-sized businesses in the first quarter. CYBG, which is targeting more than 100 million pounds of sustainable cost reductions by 2019, said it was on track to record underlying costs of 690 million to 700 million pounds this fiscal year. The company also maintained its other forecasts for fiscal 2017, including that net interest margin would be broadly flat with the year earlier. (Reporting by Rushil Dutta and Noor Zainab Hussain in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cybg-results-idUKKBN15E2SN'|'2017-01-31T06:12:00.000+02:00'|618.0|24.0|0.0|'' +619|'396642f0a1e2b2012cd21b88158ca05caf4bbf32'|'Japan threatens India with WTO on steel as Trump era heralds rising trade tensions'|' 52am GMT Japan threatens India with WTO on steel as Trump era heralds rising trade tensions left right Kosei Shindo, chairman of the Japan Iron and Steel Federation and president of Nippon Steel & Sumitomo Metal Corp, attends a news conference in Tokyo, Japan, January 20, 2017. REUTERS/Kim Kyung-Hoon 1/3 left right Chimneys of a steel factory are pictured at an industrial area in Kawasaki, Japan, January 16, 2017. REUTERS/Kim Kyung-Hoon 2/3 left right A chimney of a steel factory is pictured at an industrial area in Kawasaki, Japan, January 16, 2017. REUTERS/Kim Kyung-Hoon 3/3 By Yuka Obayashi - TOKYO TOKYO Japan is threatening to take India to the WTO over restrictions that nearly halved its steel exports to the South Asian nation over the past year, a step that could trigger more trade spats as global tensions over steel and other commodities run high. Such action is rare for Japan. The world''s second-biggest steel producer typically tries to smooth disputes quietly through bilateral talks, but with global trade friction increasing, Japan''s defence of an industry that sells nearly half of its products overseas is getting more vigorous. Besides concern over India''s protection of its domestic steel industry, Japan is also worried about the more rough and tumble climate for global trade being engendered by incoming U.S. President Donald Trump, and feels it must make a strong stand for open and fair international markets. "We need to stop unfair trade actions from spreading," said a Japanese industry ministry official, explaining a Dec. 20 request for WTO dispute consultations with India over steel safeguard duties and a minimum import price for iron and steel products. India imposed duties of up to 20 percent on some hot-rolled flat steel products in September 2015, and set a floor price in February 2016 for steel product imports to deter countries such as China, Japan and South Korea from undercutting local mills. "If consultations fail to resolve the dispute, we may ask adjudication by a WTO panel," the industry ministry official said. Such action could come as soon as 60 days - in February - after its consultation request was filed in December. Tokyo says India''s actions are inconsistent with WTO rules and contributed to the plunge in its steel exports to India, which dropped to 11th-largest on Japan''s buyer list in 2016 through November, down from sixth-largest in 2015. "We are following the WTO guidelines," said a top official at India''s steel ministry, though adding that New Delhi is ready to sit across the table for trade talks. As of Friday, the date of a WTO-led consultation had not been set. GROWING GLOBAL TRADE DISPUTES There has been a series of trade disputes over the past few years amid massive exports of cheap steel products from China, the world''s top producer, with Vietnam, Malaysia and South Africa taking or planning measures to block incoming shipments. China''s steel exports dropped by 3.5 percent in 2016 to 108 million tonnes, still about as much as Japan produces in a year. Japan is also monitoring its small volume of imports for signs of dumping, fearing that steel products with nowhere to turn because of import restrictions may head to it own market. "All trade need to be fair. If there are trades that violate the rules, we will take necessary actions while consulting with our government," Kosei Shindo, chairman of the Japan Iron and Steel Federation, told a news conference on Friday. But in an environment where a new U.S. president is threatening to tear up trade treaties and impose import duties in the world''s biggest economy, Tokyo may be at risk of helping to set off a trade war it is trying to avoid. "We may see a battle of trade litigations especially after Trump takes the helm in the U.S.," said Kazuhito Yamashita, research director at Canon Institute for Global Studies. (Reporting by Yuka Obayashi; Additional reporting by Neha Dasgupta in NEW DELHI; Editing by Tom Hogue) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-india-steel-idUKKBN1541H4'|'2017-01-20T18:52:00.000+02:00'|619.0|29.0|0.0|'' 620|'2a15e570dbbb5d8b73ab74e049d292c3d96e4b83'|'European shares steady as Sainsbury''s soars, Cobham tanks'|'Business News - Wed Jan 11, 2017 - 8:19am GMT European shares steady as Sainsbury''s soars, Cobham tanks left right A man walks through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett 1/2 left right Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, January 9, 2017. REUTERS/Staff/Remote 2/2 LONDON European shares steadied on Tuesday in early deals, with retail stocks back in focus after a well-received update from British grocer Sainsbury ( SBRY.L ), though Cobham ( COB.L ) tanked. The pan-European STOXX 600 index was flat in percentage terms, as was the blue-chip FTSE 100 .FTSE , which held close to a record high of 7,284.81 points reached in the previous session. Sainsbury''s ( SBRY.L ) was the top gainer, jumping more than 5 percent after Britain''s second biggest supermarket beat forecasts for underlying sales in its Christmas quarter. This follows peer Morrison''s ( MRW.L ) strong performance in the previous session after it too reported robust figures. Earnings also buoyed shares in Denmark''s Chr Hansen ( CHRH.CO ), which gained 4.6 percent. British aero engineering firm Cobham ( COB.L ) slumped more than 19 percent, however, after it missed its profit target and scrapped its final dividend. Cobham''s 2016 trading profit fell short of a target it had cut just two months before the year-end because of poor trading. (Reporting by Kit Rees, Editing by Vikram Subhedar) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN14V0QJ'|'2017-01-11T15:19:00.000+02:00'|620.0|''|-1.0|'' 621|'8f311ec2a9e5aa4231843eb6341c80fad6e156b4'|'EFG International CEO says BSI integration entirely on schedule'|'Financials 10:14am EST EFG International CEO says BSI integration entirely on schedule ZURICH Jan 26 EFG International''s integration of BSI Bank, the private bank it bought last year from BTG Pactual, is "entirely on schedule", Chief Executive Joe Straehle said on Thursday. Speaking at a conference organised by Swiss newspaper Finanz und Wirtschaft, Straehle also said he hoped the bank would be able to increase revenues but that this was difficult in the current environment. (Reporting by Joshua Franklin; Editing by Michael Shields) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/efg-intl-bsi-bank-integration-idUSZ8N17V00P'|'2017-01-26T22:14:00.000+02:00'|621.0|''|-1.0|'' 622|'f09ecd8822615cc021ceeaaae9174b7ef4a113d8'|'UPDATE 1-Plains All American in $1.22 bln deal to expand Permian presence'|'Commodities 28pm EST Plains All American in $1.22 billion deal to expand Permian presence Plains All American Pipeline LP ( PAA.N ) said it would buy a crude oil gathering system in the Permian Basin for about $1.22 billion, bolstering its presence in the top U.S. oil field. The gathering system, called the Alpha Crude Connector, is located in the northern portion of the Delaware Basin and is supported by acreage dedications from several producers, the company said on Tuesday. In a separate deal, Targa Resources Corp ( TRGP.N ) said it would buy Outrigger Energy''s assets in the Delaware and Midland basins, two of the main portions of the Permian Basin, for up to $1.5 billion. The Permian basin has seen a jump in land acquisitions as producers scramble to gain or expand positions in the oil field, where drilling costs are low, as oil prices recover. "We expect aggregate crude oil production on the dedicated acreage to double over the next two to three years," Plains All American Chief Executive Greg Armstrong said in a statement. Concho Resources Inc ( CXO.N ), which in 2014 formed the ACC in a joint venture with Frontier Midstream Solutions, said it expects to receive net cash proceeds of about $800 million. Gathering volumes in the ACC system averaged about 70,000 barrels per day in the fourth quarter and shipper nominations for January 2017 totaled about 85,000 barrels per day, Plains All American said. The Houston-based pipeline company also said it had agreed to sell assets for about $380 million as part of a larger program. These include two pending transactions and the completion of a third in January. Jefferies LLC served as PAA''s financial adviser, while Norton Rose Fulbright provided legal advice. (Reporting by Komal Khettry in Bengaluru; Editing by Sriraj Kalluvila) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-plains-all-amer-deals-idUSKBN1582W4'|'2017-01-25T05:25:00.000+02:00'|622.0|''|-1.0|'' @@ -690,7 +690,7 @@ 688|'27416ed858a438c3812148cb3c040455d8530967'|'Online healthcare platform Practo raises $55 million in fresh funding - Reuters'|'MUMBAI Indian online healthcare platform Practo said on Tuesday it had raised $55 million from new and existing investors in a fresh round of funding led by China''s Tencent Holdings.Bengaluru-headquartered Practo, founded in 2008, acts as a one-stop shop for patients booking appointments with doctors for online and in-person consultations.New investors in the latest round include Japan''s Recruit Holdings Co -owned RSI Fund and Thrive Capital, Practo''s founder and chief executive Shashank ND told Reuters.Sequoia Capital, Matrix Partners, Capital G and Tencent were among the existing investors, who also participated in the latest round of funding, he said."The main focus will be to further invest in the platform to make it accessible to more Indians," said Shashank, who added that Practo will expand its medicine delivery and diagnostics services, currently available in the tech-hub of Bengaluru, to all major Indian cities.The firm may soon partner with health insurance providers, Shashank said.A part of the new funds will be used to expand the company''s services in South East Asia, he said. The company already has a presence in Indonesia, the Philippines, Brazil and Singapore.The firm says 45 million appointments annually are currently managed through its website.(Reporting by Sankalp Phartiyal; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/practo-funding-idINKBN1510LH'|'2017-01-17T04:22:00.000+02:00'|688.0|''|-1.0|'' 689|'eb08b883b68a39960209fd4e746ae16da0b8c3e8'|'BRIEF-Fitch - Japan mega banks face challenges from unconventional policies'|'Financials - Thu Jan 26, 2017 - 11:34pm EST BRIEF-Fitch - Japan mega banks face challenges from unconventional policies Jan 26 Fitch on Japan''s mega banks : * Japan''s mega banks face challenges from unconventional policies, market volatility * Expects the banking sector''s profitability will continue to be pressured * Capital positions will remain intact with reduced vulnerability to market volatilities * Overseas loan growth to slow with the rising costs of foreign-currency funding Source text for Eikon: SE Asia Stocks-Steady tracking strong global markets; S''pore hits 15-mth high By Hanna Paul Jan 27 Southeast Asian stocks were steady on Friday in thin trading, tracking a rally in broader global peers on strong U.S. corporate earnings and an overnight surge in oil prices. MSCI''s world index, which tracks shares in 46 countries, hovered near record highs, cheered by a 2 percent rise in oil prices and a rebound of the greenback from a seven-week low. U.S. President Donald Trump''s pro-growth initiatives also boosted sentiments. "Everybody was a HONG KONG, Jan 27 Hong Kong home prices shattered records for the second consecutive month, reaching yet another life-time high in December, the latest government data released on Friday showed. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFWN1FG19I'|'2017-01-27T11:34:00.000+02:00'|689.0|''|-1.0|'' 690|'bb6503662ad70196a6a3e65391c0e9f76085fbd5'|'French construction group Vinci sees signs of growth in 2017'|'Cyclical Consumer Goods - Thu Jan 12, 2017 - 10:21am EST French construction group Vinci sees signs of growth in 2017 * Signs of growth for 2017 - CEO Huillard * Possible boost from new French motorways deal * Vinci shares up around 1 pct so far in 2017 By Dominique Vidalon and Gilles Guillaume PARIS, Jan 12 Europe''s largest construction and concessions group Vinci expects group revenue to pick up this year as its construction business recovers and its French market improves, said its chairman and chief executive. "2017 should be a year of upturn for our global business volumes", Xavier Huillard told a news conference on Thursday. "Our orders are quite clearly showing recovery signs and we think that for most of our businesses, the low point in France is behind us...2017 should be a year when Vinci Construction returns to growth," he added. For 2016, Huillard confirmed Vinci''s earlier forecast for a slight decline in revenue due to challenging economic conditions. To counter weakness in its domestic French construction business, Vinci has expanded into faster growing and more profitable concessions such as at foreign airports and motorways, as well as engineering deals in the energy sector. After eight years of recession, French construction activity is, however, seen rising to 1.9 percent in volume in 2016 and should accelerate further to 3.4 percent in 2017, the French building federation (FFB) predicted in December. Vinci also sees possible support from a 1 billion euros ($1.1 billion) motorway sector stimulus package eyed by the French government, motorway operators and regional authorities. Vinci could secure half of that package if the plan materialises, said Huillard, although he also cautioned that talks on the deal were still taking place and were "complex". In September, the French government started selecting projects for this new motorway package, under which operators may bear investment costs in exchange for limited toll hikes. Huillard was speaking during a visit of Vinci''s renovation work for Paris'' historic ''Penthemont'' Abbey. The project, worth some 50 million euros, will see the site house the new headquarters of fashion house Yves Saint Laurent as well as a luxury hotel operated by the Marriott group. Vinci shares were flat in late session trading. The stock is up some 1 percent so far in 2017, having risen 9 percent last year. ($1 = 0.9396 euros) (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta) Next In Cyclical Consumer Goods UPDATE 1-Amazon to go on hiring spree in the United States Jan 12 Amazon.com Inc said on Thursday it plans a hiring spree for warehouses it is building across the United States, making it the latest company to tout U.S. job creation since Donald Trump won the U.S. presidential election in November.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/vinci-frcasts-idUSL5N1F13H0'|'2017-01-12T22:21:00.000+02:00'|690.0|''|-1.0|'' -691|'90e87896422c77fb84c739a354aaa5bdfa27c8de'|'Canada''s Saputo makes bid for rest of Australia''s Warrnambool Cheese and Butter'|'SYDNEY Jan 30 Canadian diary company Saputo Inc said on Monday it will make an all-cash takeover offer for the 12 percent of Warrnambool Cheese and Butter it does not already own, valuing the company at A$682 million ($515 million).The A$8.85 per-share offer announced by Saputo in a statement to the Australian Securities Exchange is a 24.8 percent premium to Warrnambool''s Friday closing price of A$7.09.Saputo, which already owns 88.02 percent of Warrnambool shares, said it will fund the acquisition from cash on hand and existing credit facilities. ($1 = 1.3233 Australian dollars) (Reporting by Tom Westbrook; Editing by Lincoln Feast)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/wcb-ma-saputo-idINL4N1FJ0EY'|'2017-01-29T19:33:00.000+02:00'|691.0|''|-1.0|'' +691|'90e87896422c77fb84c739a354aaa5bdfa27c8de'|'Canada''s Saputo makes bid for rest of Australia''s Warrnambool Cheese and Butter'|'SYDNEY Jan 30 Canadian diary company Saputo Inc said on Monday it will make an all-cash takeover offer for the 12 percent of Warrnambool Cheese and Butter it does not already own, valuing the company at A$682 million ($515 million).The A$8.85 per-share offer announced by Saputo in a statement to the Australian Securities Exchange is a 24.8 percent premium to Warrnambool''s Friday closing price of A$7.09.Saputo, which already owns 88.02 percent of Warrnambool shares, said it will fund the acquisition from cash on hand and existing credit facilities. ($1 = 1.3233 Australian dollars) (Reporting by Tom Westbrook; Editing by Lincoln Feast)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/wcb-ma-saputo-idINL4N1FJ0EY'|'2017-01-29T19:33:00.000+02:00'|691.0|28.0|0.0|'' 692|'28875a019c8625e8cc87c1f599ecb8681f7877f5'|'Brazil''s Odebrecht settling bribe cases in 12 countries'|'Business 10:01pm EST Brazil''s Odebrecht settling bribe cases in 12 countries A sign of the Odebrecht Brazilian construction conglomerate is seen at their headquarters in Lima, Peru, January 5, 2017. REUTERS/Mariana Bazo By Aluisio Pereira - BRASILIA BRASILIA Brazil''s largest engineering conglomerate Odebrecht SA [ODBES.UL] plans to reach settlements in all 12 countries where it has admitted to paying bribes to obtain contracts, two sources with knowledge of the matter told Reuters on Tuesday. The family-owned firm signed a $1.94 billion leniency deal with U.S., Swiss and Brazilian prosecutors in December for its involvement in a massive bribery and political kickback scheme and is striving to survive as a multinational concern by negotiating deals in a dozen other countries where it operated. "The company hopes to complete this process by mid-year," one of the sources said, requesting anonymity because he was not authorized to speak on the matter. A second source confirmed the information. Since December, Odebrecht has agreed to pay $32 million to the government of Colombia, $59 million to the Panamanian government and $8.9 million to Peru''s as investigations of bribes paid to officials are under way in the three countries. "The company has to pass through this phase if it is to return to growth," one of the sources said. He declined to details the costs of further settlements in the works. Fitch credit rating agency downgraded Odebrecht''s engineering unit Odebrecht Engenharia e Construcao S.A.''s (OEC) from B- to CC on Tuesday, saying the global plea deal the company signed in December had not improved its situation. Instead it has "exacerbated OEC''s reputational risk and triggered a series of investigations in some countries where the company operates," Fitch said. Corruption probes in Colombia, Ecuador, Panama and Peru will probably result in the stoppage of projects under construction, suspension from participation in new public biddings and the payment of fines, the agency said. Fitch said OEC continues to support its parent, a cash burn that further pressures its liquidity. The sources that spoke to Reuters, however, said the rating downgrade will not impact management of the company''s debt that stood at $3.4 billion at the end of September, because the main payments are not due until 2025 when a $519 million tranche is due. OEC said in a statement that the Fitch rating change will not affect the current cost of financing its debt. The company said it had a portfolio of projects worth $21.3 billion in September, which will shrink because some have been finished with no new contracts coming in. "The company is taking steps to clean its reputation and it will have to shrink now to be able to grow again in the future," one of the sources said. (Reporting by Aluisio Pereira; Writing by Anthony Boadle; Editing by Lisa Shumaker) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-corruption-odebrecht-idUSKBN15209G'|'2017-01-18T09:44:00.000+02:00'|692.0|''|-1.0|'' 693|'d6f4dc328ce6b5ddca8b276aa35500b4239d2dad'|'ChemChina seeks U.S. anti-trust approval for Syngenta deal'|'Fri Jan 20, 2017 - 9:01am GMT ChemChina seeks U.S. anti-trust approval for Syngenta deal left right People use an escalator outside the headquarters of ChemChina (China National Chemical Corporation) in Beijing, China, February 4, 2005. 1/2 left right A Syngenta logo is pictured in their office in Singapore, February 12, 2016. REUTERS/Edgar Su/File Photo 2/2 BEIJING China National Chemical Corp, or ChemChina, said on Friday it has sought the U.S. anti-trust regulator''s approval for its planned $43 billion acquisition of Swiss crop protection and seed group Syngenta AG ( SYNN.S ). "We have filed an HSR Act with the FTC after good communications with the case team. We believe the U.S. anti-trust process is on track," ChemChina said in an email, referring to the U.S. anti-trust Hart-Scott-Rodino Act and the Federal Trade Commission, which oversees mergers. Sources close to the deal expected an approval soon, given the small revenue that ChemChina generates from the U.S. via Adama ( ADAM.N ), a maker of generic versions of pesticides without patent protection, and its minor overlap with Syngenta products. The deal has already won approvals from regulators in several markets, including a U.S. national security panel and Australia''s competition watchdog. Earlier this month, companies proposed minor concessions to the European Commission''s competition watchdog with one source close to the deal estimating the overall divestment from Adama at less than $500 million. Recently, the EU Commission extended the deal review to April 12, and a top Syngenta executive said earlier this week that it was "highly optimistic that by the date we will have made sufficient progress in the U.S. and EU to be going forward". (Reporting by Chen Aizhu; Editing by Sherry Jacob-Phillips) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-chemchina-syngenta-us-idUKKBN1540Y4'|'2017-01-20T16:00:00.000+02:00'|693.0|''|-1.0|'' 694|'d47c328240b9cf781f7f9b09ee2de4c0650215f1'|'UPDATE 1-Trump''s health nominee says has no plans to privatize Medicare'|'Financials - Tue Jan 24, 2017 - 3:33pm EST UPDATE 1-Trump''s health nominee says has no plans to privatize Medicare (Adds details from hearing) By Toni Clarke and Susan Cornwell Jan 24 President Donald Trump''s nominee to run the U.S. Department of Health and Human Services told a U.S. congressional panel on Tuesday that he does not support the privatization of Medicare. Speaking before the Senate Committee on Finance, one of two committees that oversee the health department, Representative Tom Price, a Georgia orthopedic surgeon, also said his position reflects that of Trump, who has stated he does not want to cut Medicare. Price, who has previously backed privatization of Medicare, told lawmakers his role as health secretary would be very different from his role as a congressman and that his job would be to execute the wishes of Congress. "I would just convey to the Medicare population of this nation, they don''t have reason to be concerned," he said. "We look forward to assisting them in getting the care and coverage that they need." Democrats also grilled Price on his plans for Medicaid. A senior Trump adviser, Kellyanne Conway, said in an interview on NBC''s "Sunday Today" show that Trump''s plan to replace the Affordable Care Act will include fixed payments from the government to the states to care for Medicaid patients. These payments, known as block grants, contrast with the current system in which states share the actual cost of Medicaid enrollees with the federal government. Conway said converting to a block grant system would ensure that people in charge of administering the program are "those who are closest to the people" who need care. Price has long advocated block grants for Medicaid but declined on Tuesday to overtly re-state his position, saying only that he would work to make sure "people have better healthcare, not less healthcare." Price declined to say whether he supports the repeal of Medicaid expansion under the Affordable Care Act, better known as Obamacare, but said "any reform or improvement" would include the opportunity to gain access to quality healthcare. Medicare is the federal health program for the elderly while Medicaid covers the poor. (Reporting by Toni Clarke and Susan Cornwell in Washington; additional reporting by Caroline Humer in New York; Editing by Tom Brown) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-congress-price-idUSL1N1FE5HL'|'2017-01-25T03:33:00.000+02:00'|694.0|''|-1.0|'' @@ -712,13 +712,13 @@ 710|'1a4d30200d09c7b6b7a781123800d7c099a451d7'|'France to hold London roadshow to lure finance jobs to Paris'|' 7:52pm GMT France to hold London roadshow to lure finance jobs to Paris French politician Valerie Pecresse, President of the Ile-de-France region, arrives to attend the political council of Les Republicains political party at their headquarters in Paris, France, November 29, 2016. REUTERS/Jacky Naegelen By Maya Nikolaeva , Jean-Baptiste Vey and Michel Rose - PARIS PARIS French authorities will head to London next week for a roadshow to try to lure financial jobs to Paris which will show off the French capital''s advantages versus Frankfurt as an alternative to Britain''s financial centre. Valerie Pecresse, the head of the wider Paris region and Gerard Mestrallet, president of France''s finance industry lobby Europlace, will next Monday meet executives from BlackRock, Bank of America Merrill Lynch and others to present a study by McKinsey, aimed at highlighting the attractions of Paris. In the run up to Britain''s June vote on Brexit, leading financial firms said they would move jobs out of the country if there was a vote to leave but have set out few details since on how many will go or where to. "The battle narrows down to Paris and Frankfurt," a spokesman for Pecresse told Reuters. HSBC, Europe''s biggest bank, has said it could move a part of its operations to Paris. HSBC already has a large subsidiary in Paris that holds most of the licences needed by an investment bank. "There will be others," one French minister, who declined to be named, told Reuters. Paris has a network of international law firms and asset managers and the city is also home to the European markets authority, ESMA and has its own financial supervisor, which looks after some of the largest banks in the eurozone, French officials say. "We have a very good supervisor and that''s important for American banks," a source at the French finance ministry said. Also in Paris''s favour is its status as Europe''s only other "world city" alongside London, with some of the most-visited cultural attractions in the world and the headquarters of many multinational companies, French authorities say. Germany is also on a charm offensive to attract finance jobs from Britain. The country''s senior regulators met about 50 envoys from foreign banks on Monday to explain how they could move business to Europe''s biggest economy after Britain leaves the European Union, German financial watchdog Bafin said. Beyond the financial sector, Paris''s allure has recently been boosted by an influx of investment in its tech sector, with Facebook choosing the French capital to open its first ever start-up incubator. But French officials have acknowledged France''s strict labour laws can put off businesses. The finance ministry source said the French administration was working on ways to allow firms to lay off teams of 50 people or so more easily, but this could not be implemented before the presidential election this spring. Nordine Hachemi, chairman and chief executive of Kaufman & Broad, a France-based property developer and builder, is optimistic about Paris''s attractions but expects any actual moves to take time. "We should be realistic, no-one is going to rush to settle in Paris," Hachemi told Reuters, adding that he saw no impact from Brexit on the property market with regards to companies considering relocation plans. "This will take time ... There is competition with other European cities, there is no impact at this stage," he said. Behind the scenes though, companies and employees are already making enquiries with French institutions about practical matters. Ecole Internationale Bilingue, one of Paris'' most prestigious bilingual schools, told Reuters they received quite a lot of registration requests from British-based families who were concerned about the consequences of Brexit. (Reporting by Maya Nikolaeva, Jean-Baptiste Vey and Michel Rose; Additional reporting by Emmanuel Jarry, Julien Ponthus and Matthieu Protard. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-france-idUKKBN15E2F8'|'2017-01-31T02:52:00.000+02:00'|710.0|''|-1.0|'' 711|'9abdd7a0ffa002c6a0b2d5b940aff5467aa26f03'|'Bank of China to open deposit bank in Turkey with Lira funding in exchange for $300 mln - banking watchdog'|'United States Financials 11:12am EST Bank of China to open deposit bank in Turkey with Lira funding in exchange for $300 mln - banking watchdog ANKARA Jan 13 Turkey''s banking watchdog BDDK said on Friday the Bank of China had received permission to open a deposit bank with Turkish lira funding in exchange for $300 million. In a statement, the BDDK said the Bank of China had brought the "necessary capital" and would apply to start functioning shortly. (Reporting by Tuvan Gumrukcu and Birsen Altayli; Editing by Angus MacSwan) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/turkey-banks-bank-of-china-idUSL5N1F34DC'|'2017-01-13T23:12:00.000+02:00'|711.0|''|-1.0|'' 712|'b3ad6bcd93daf1650d98dba9b6eea79b0baae3d2'|'Exclusive: Viacom to announce executive changes - sources'|' 30pm EST Exclusive: Viacom to announce executive changes - sources A woman exits the Viacom Inc. headquarters in New York April 30, 2013. REUTERS/Lucas Jackson/File Photo By Jessica Toonkel and Liana B. Baker Viacom Inc ( VIAB.O ) is expected to announce changes to its executive ranks, as new chief executive Bob Bakish seeks to turn around the ailing media company, two sources told Reuters on Thursday. Viacom is expected to promote Sarah Kirshbaum Levy, the chief operating officer of its Nickelodeon network, to chief operating officer of its global entertainment group, the sources said. Viacom created the group late last year to combine its international division with its music and entertainment group as well as TV Land and CMT. Additionally, Viacom is expected to make a handful of executive cuts in its music and entertainment group, which includes cable networks Comedy Central and MTV and had been led by 25-year veteran Doug Herzog, who left the company this week, the sources said. The sources wished to remain anonymous because they are not permitted to speak to the media. (Reporting By Jessica Toonkel in New York and Liana B. Baker in San Francisco; Editing by Meredith Mazzilli) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-viacom-reorg-idUSKBN14P23W'|'2017-01-06T00:26:00.000+02:00'|712.0|''|-1.0|'' -713|'64e102ab99b2952f882c186992bf83da325aaa7b'|'Britain can discuss but not seal trade deals while still in EU - executive'|'Business News - Tue Jan 24, 2017 - 10:39am GMT Britain can discuss but not seal trade deals while still in EU - executive European Commission First Vice-President Frans Timmermans addresses the European Parliament during a debate on the commission work Programme for 2017, in Strasbourg, France, October 25, 2016. REUTERS/Vincent Kessler VALLETTA Britain can discuss but not seal bilateral trade deals while it remains a member of the European Union, the deputy head of the bloc''s executive, which will lead the technical negotiations on Brexit, said on Tuesday. Frans Timmermans'' words raised the prospect of obstacles and delays for Britain''s plan to pursue trade pacts with the United States and other nations as it prepares to leave the bloc. Prime Minister Theresa May had promised to start the divorce proceedings in March - though the timing of the exit was called into question on Tuesday when a top court ruled she must first seek approval from parliament. "It''s a very simple legal situation," said Timmermans, First Vice-President of the European Commission. "Everybody can talk to everyone, but you can only sign a trade agreement with a third country once you have left the EU. You can''t do that before," Timmermans told reporters. His comments seemed slightly less rigid that those of his boss, the Commission''s President Jean-Claude Juncker, who said last year he did not like the idea of Britain negotiating trade agreements on its own while Brexit has not materialised. The line has been echoed by Italy''s Europe minister, Sandro Gozi, also attending a meeting of EU ministers and officials in Malta: "It is clear that trade is an exclusive competence (of central EU institutions on behalf of member states). As long as UK remains member of the EU, it should respect the EU law." EU regulations give both sides two years from the moment the exit clause is triggered to negotiate and agree the divorce before it comes to fruition. (Reporting by Gabriela Baczynska; Editing by Andrew Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-trade-idUKKBN15817A'|'2017-01-24T17:39:00.000+02:00'|713.0|''|-1.0|'' +713|'64e102ab99b2952f882c186992bf83da325aaa7b'|'Britain can discuss but not seal trade deals while still in EU - executive'|'Business News - Tue Jan 24, 2017 - 10:39am GMT Britain can discuss but not seal trade deals while still in EU - executive European Commission First Vice-President Frans Timmermans addresses the European Parliament during a debate on the commission work Programme for 2017, in Strasbourg, France, October 25, 2016. REUTERS/Vincent Kessler VALLETTA Britain can discuss but not seal bilateral trade deals while it remains a member of the European Union, the deputy head of the bloc''s executive, which will lead the technical negotiations on Brexit, said on Tuesday. Frans Timmermans'' words raised the prospect of obstacles and delays for Britain''s plan to pursue trade pacts with the United States and other nations as it prepares to leave the bloc. Prime Minister Theresa May had promised to start the divorce proceedings in March - though the timing of the exit was called into question on Tuesday when a top court ruled she must first seek approval from parliament. "It''s a very simple legal situation," said Timmermans, First Vice-President of the European Commission. "Everybody can talk to everyone, but you can only sign a trade agreement with a third country once you have left the EU. You can''t do that before," Timmermans told reporters. His comments seemed slightly less rigid that those of his boss, the Commission''s President Jean-Claude Juncker, who said last year he did not like the idea of Britain negotiating trade agreements on its own while Brexit has not materialised. The line has been echoed by Italy''s Europe minister, Sandro Gozi, also attending a meeting of EU ministers and officials in Malta: "It is clear that trade is an exclusive competence (of central EU institutions on behalf of member states). As long as UK remains member of the EU, it should respect the EU law." EU regulations give both sides two years from the moment the exit clause is triggered to negotiate and agree the divorce before it comes to fruition. (Reporting by Gabriela Baczynska; Editing by Andrew Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-trade-idUKKBN15817A'|'2017-01-24T17:39:00.000+02:00'|713.0|18.0|0.0|'' 714|'7a714fb5bb5a8390492205ed22ec8ca7e08f74af'|'With no new bids, Performance Sports to sell assets to Sagard, Fairfax'|'Performance Sports Group Ltd said on Thursday it would seek approval from a U.S. bankruptcy court for the sale of its assets to Sagard Capital Partners LP and Fairfax Financial Holdings Ltd ( FFH.TO ), after it failed to attract other bids.Sagard, Performance''s biggest shareholder, and Fairfax had agreed in October to act as "stalking horse" bidders to buy most of the Bauer ice hockey gear maker''s assets and its North American units for $575 million.A "stalking horse" bid is an opening offer that other interested bidders must surpass if they want to buy the company.The auction scheduled for Jan. 30 will not be held as no qualified bids were submitted by the deadline of Jan. 25, said Performance, which owns Mission Roller Hockey and Maverik Lacrosse brands.The former chairman of Performance, which has filed for bankruptcy protection in October, was in talks with U.S. and Canadian private equity firms about submitting a bid for the company, Reuters had reported then.Performance, which also makes baseball bats and other sports equipment, said it would seek the approval of the courts for the sale at the final sale hearing, scheduled for Feb. 6.The closing is expected to occur on or about Feb. 23 and no later than Feb. 27, the company said.(Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-performance-bankruptcy-idINKBN15A1OJ'|'2017-01-26T10:00:00.000+02:00'|714.0|''|-1.0|'' 715|'06c86409faff186b244b6230cc58ea3f4d0eaf3b'|'Berkshire Hathaway unit buys big NYC-area real estate firm'|'By Jonathan Stempel - NEW YORK NEW YORK HomeServices of America Inc, a unit of Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ), on Tuesday said it has purchased the Houlihan Lawrence residential real estate firm, its second foray into the New York City area this month.The purchase by HomeServices, the second-largest U.S. residential real estate brokerage, was disclosed eight days after its majority-owned Berkshire Hathaway HomeServices unit announced the opening of its first New York City office.Terms of Tuesday''s transaction were not disclosed.Established in 1888 and based in Rye Brook, New York, Houlihan Lawrence has 1,300 employees and 30 offices serving the counties of Westchester, Putnam, Dutchess, Orange and Ulster in New York, and Fairfield in Connecticut. It said sales volume totaled $6.7 billion last year.Ron Peltier, chief executive of HomeServices, said in an interview that while there have been signs of softness in the New York-area luxury housing market, millennials and first-time buyers have shown greater interest in buying homes."Houlihan Lawrence is a very prestigious, well-run and well-established company. It is a wonderful way for us to enter the marketplace," Peltier said. "Even though the market may be experiencing a bit of a slowdown, it is going to be temporary."Stephen and Chris Meyers, who are respectively chief executive and managing principal of Houlihan Lawrence, will remain, while their sister Nancy Seaman will step aside as chairman, the brokerage said.HomeServices said it now has nearly 29,500 employees in close to 570 offices in 28 U.S. states, and that residential sales volume topped $93 billion in 2016.The Minneapolis-based brokerage was started in 1998, and has gradually entered the Westchester market in recent years.Buffett has run Berkshire since 1965. His Omaha, Nebraska-based conglomerate''s more than 90 businesses include insurers, chemical and energy companies, food and apparel companies and a railroad.(Reporting by Jonathan Stempel in New York; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-houlihan-lawrence-m-a-berkshire-hatha-idINKBN15135C'|'2017-01-17T19:55:00.000+02:00'|715.0|''|-1.0|'' 716|'8669e26d7146c8a94f72608e23a90307d5f46975'|'German industry output up, exports soar in November'|'Business News - Mon Jan 9, 2017 - 7:14am GMT German industry output up, exports soar in November An employee of German car manufacturer Mercedes Benz works on the interior of a GLA model at their production line at the factory in Rastatt, Germany, January 22, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN German industrial production rose for the second consecutive month in November and exports jumped more than expected, data showed on Monday, boosting expectations for a rebound in Europe''s biggest economy in the fourth quarter. Industrial output edged up by 0.4 percent on the month, data from the Economy Ministry showed. This was slightly weaker than the consensus forecast in a Reuters poll for a rise of 0.6 percent. The increase was driven by a 1.5 percent jump in construction output, the strongest monthly gain since February. Manufacturing production was up 0.4 percent while energy output fell 0.4 percent. The October reading was revised up to a rise of 0.5 percent from a previously reported rise of 0.3 percent. Separate data released from the Federal Statistics Office showed on Monday that seasonally adjusted exports rose by 3.9 percent on the month. This was the strongest monthly gain since May 2012 and came in better than the consensus forecast in a Reuters poll for a rise of 0.5 percent. Imports increased by 3.5 percent which was the strongest monthly rise since June 2014 and also much stronger than a predicted increase of only 0.2 percent. The seasonally adjusted trade surplus widened to 21.7 billion euros (18.76 billion pounds) from 20.6 billion euros in October. The November reading was above the Reuters consensus forecast of 21.2 billion euros. (Reporting by Michael Nienaber and Joseph Nasr; Editing by Paul Carrel) Next In Business News '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-idUKKBN14T0KM'|'2017-01-09T14:14:00.000+02:00'|716.0|''|-1.0|'' 717|'f77d24a723949d319e73043893f051743a828883'|'Iran takes ownership of first passenger jet under sanctions deal'|' 9:50am GMT Iran takes ownership of first passenger jet under sanctions deal An Airbus A321 with the description ''''The Airline of the Islamic Republic of Iran'''' below the tail fin is parked at the Airbus facility in Hamburg Finkenwerder, Germany, December 19, 2016. REUTERS/Fabian Bimmer Airbus said on Sunday Iran''s state airline IranAir had accepted its first new jet, marking a key step in opening up trade under a nuclear sanctions deal between Iran and major powers. The Airbus A321 jetliner has been painted in IranAir livery and is expected to be delivered later this week. "The technical acceptance has been done with formal delivery still to be done," an Airbus spokesman said. A spokesman for Iran''s civil aviation authority said the aircraft had been placed on the country''s aircraft register, indicating IranAir had taken ownership of the aircraft, the first of around 200 Western aircraft ordered since sanctions were lifted. '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iran-aircraft-idUKKBN14S0AC'|'2017-01-08T16:50:00.000+02:00'|717.0|''|-1.0|'' 718|'df05629984e7a871c55231af088b5d47c7e0e18b'|'U.S. consumer spending increases solidly in December'|' 34am EST U.S. consumer spending increases solidly in December FILE PHOTO - A family shops at the Wal-Mart Supercenter in Springdale, Arkansas June 4, 2015. REUTERS/Rick Wilking/File Photo WASHINGTON U.S. consumer spending rose solidly in December as households bought motor vehicles and a range of services amid rising wages, pointing to sustained domestic demand that is likely to set the economy up for faster growth in early 2017. The Commerce Department said on Monday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.5 percent after an unrevised 0.2 percent gain in November. Economists polled by Reuters had forecast consumer spending climbing 0.5 percent last month. Consumer spending increased 3.8 percent in 2016 after rising 3.5 percent in 2015. When adjusted for inflation, consumer spending increased 0.3 percent last month after rising 0.2 percent in November. The data was included in the fourth-quarter gross domestic product report published on Friday. The economy grew at a 1.9 percent annual rate in the fourth quarter, restrained by a wider trade deficit. Private domestic demand, however, increased at a solid 2.8 percent rate. The economy grew at a 3.5 percent rate in the third quarter. With domestic demand rising, inflation showed some signs of picking up last month. The personal consumption expenditures (PCE) price index rose 0.2 percent after edging up 0.1 percent in November. In the 12 months through December the PCE price index rose 1.6 percent, the biggest increase since September 2014. That followed a 1.4 percent increase in November. Excluding food and energy, the so-called core PCE price index ticked up 0.1 percent after being unchanged in November. The core PCE price index increased 1.7 percent year-on-year after a similar gain in November. The core PCE is the Federal Reserve''s preferred inflation measure and is running below its 2 percent target. However, other inflation measures are above the PCE price indexes. The consumer price index (CPI) is currently at 2.1 percent on a year-on-year basis and the core CPI is up 2.2 percent. Consumer spending last month was buoyed by a 1.4 percent jump in purchases of long-lasting manufactured goods such as automobiles. Spending on services increased 0.4 percent. Personal income advanced 0.3 percent last month after nudging up 0.1 percent in November. Wages and salaries rebounded 0.4 percent after slipping 0.1 percent in November. Income increased 3.5 percent in 2016 after rising 4.4 percent in 2015. Savings fell to $768.4 billion last month, the lowest level since May 2015, from $791.2 billion in November. (Reporting by Lucia Mutikani; Editing by Paul Simao) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-spending-idUSKBN15E1GK'|'2017-01-30T20:34:00.000+02:00'|718.0|''|-1.0|'' -719|'417671e2ea0e1cf2a5195f845c7036aa102473dd'|'GLOBAL MARKETS-Stocks shaky as oil slump, ''hard'' Brexit fears dim mood'|'Company News 55pm EST GLOBAL MARKETS-Stocks shaky as oil slump, ''hard'' Brexit fears dim mood * Asia ex-Japan little changed, Nikkei falls * Oil inches up after Monday''s plunge on Iraq, U.S. supply rise * Sterling slides after British PM comments * Gold, yen rise as investors seek shelter in safe havens By Nichola Saminather SINGAPORE, Jan 10 Asian stock markets were on the back foot on Tuesday as risk appetite evaporated overnight after the year''s strong start, with equities retreating, oil markets roiled by a supply surge and the pound sliding on renewed concerns about a "hard" Brexit. MSCI''s broadest index of Asia-Pacific shares outside Japan was flat in early trade. Japan''s Nikkei dropped 0.2 percent as investors took refuge in the safe-haven yen. Oil prices on Monday posted their biggest one-day loss in six weeks amid fears that record Iraqi crude exports in December and rising U.S. output would undermine OPEC''s efforts to curb a global supply glut. The Organization of the Petroleum Exporting Countries agreed in November to cut output for the first time since the global financial crisis more than eight years ago. Iraq''s oil ministry emphasized that the high levels would not affect the country''s decision to cut January production to comply with the OPEC agreement. But sources told Reuters that Iraq''s State Oil Marketing Company had given three buyers in Asia and Europe full supply allocations for February. "It''s unusual to have these agreements last for very long because inevitably someone cheats," said Daniel Morris, senior investment strategist at BNP Paribas Investment Partners. "It''s certainly conceivable that the (OPEC) agreement falls apart and you get more production than anticipated in addition to already thinking that it should be lower because of dollar strength." Last week, U.S. energy companies added oil rigs for a 10th week in a row, Baker Hughes data showed, with some analysts expecting the U.S. rig count will rise to 850-875 by the end of the year. U.S. crude slumped 3.8 percent on Monday but were steady early on Tuesday, up 0.1 percent at $52.02 a barrel. Global benchmark Brent also dropped 3.8 percent to $54.82 a barrel on Monday. In currencies, sterling slumped 1 percent on Monday, extending Friday''s 1.1 percent slide, after British Prime Minister Theresa May said on Sunday the country would not be keeping "bits" of European Union membership, without providing more detail on her strategy. May''s comments stoked fears of a "hard Brexit", in which border controls are prioritised over market access. EU officials say Britain cannot have access to its single market of 500 million consumers without accepting the principle of free movement and have repeatedly warned May against trying to "cherry pick" the profitable parts of their union. The pound was fractionally higher at $1.2164 early on Tuesday. The drop in risk appetite pushed the dollar lower against the safe-haven yen. The U.S. currency was down 0.28 percent to 115.67 yen in early trade on Tuesday, after declining 0.8 percent on Monday. The dollar index, which tracks the greenback against a basket of six global peers, edged down 0.1 percent to 101.85, extending Monday''s 0.3 percent loss. The euro climbed 0.1 percent to $1.0588 on Tuesday. Gold shone amid investors'' quest for safety. Spot gold , which jumped to a more than one-month high on Monday, added 0.1 percent to $1,182.24 an ounce in early trade on Tuesday. (Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL4N1F005G'|'2017-01-10T07:55:00.000+02:00'|719.0|''|-1.0|'' +719|'417671e2ea0e1cf2a5195f845c7036aa102473dd'|'GLOBAL MARKETS-Stocks shaky as oil slump, ''hard'' Brexit fears dim mood'|'Company News 55pm EST GLOBAL MARKETS-Stocks shaky as oil slump, ''hard'' Brexit fears dim mood * Asia ex-Japan little changed, Nikkei falls * Oil inches up after Monday''s plunge on Iraq, U.S. supply rise * Sterling slides after British PM comments * Gold, yen rise as investors seek shelter in safe havens By Nichola Saminather SINGAPORE, Jan 10 Asian stock markets were on the back foot on Tuesday as risk appetite evaporated overnight after the year''s strong start, with equities retreating, oil markets roiled by a supply surge and the pound sliding on renewed concerns about a "hard" Brexit. MSCI''s broadest index of Asia-Pacific shares outside Japan was flat in early trade. Japan''s Nikkei dropped 0.2 percent as investors took refuge in the safe-haven yen. Oil prices on Monday posted their biggest one-day loss in six weeks amid fears that record Iraqi crude exports in December and rising U.S. output would undermine OPEC''s efforts to curb a global supply glut. The Organization of the Petroleum Exporting Countries agreed in November to cut output for the first time since the global financial crisis more than eight years ago. Iraq''s oil ministry emphasized that the high levels would not affect the country''s decision to cut January production to comply with the OPEC agreement. But sources told Reuters that Iraq''s State Oil Marketing Company had given three buyers in Asia and Europe full supply allocations for February. "It''s unusual to have these agreements last for very long because inevitably someone cheats," said Daniel Morris, senior investment strategist at BNP Paribas Investment Partners. "It''s certainly conceivable that the (OPEC) agreement falls apart and you get more production than anticipated in addition to already thinking that it should be lower because of dollar strength." Last week, U.S. energy companies added oil rigs for a 10th week in a row, Baker Hughes data showed, with some analysts expecting the U.S. rig count will rise to 850-875 by the end of the year. U.S. crude slumped 3.8 percent on Monday but were steady early on Tuesday, up 0.1 percent at $52.02 a barrel. Global benchmark Brent also dropped 3.8 percent to $54.82 a barrel on Monday. In currencies, sterling slumped 1 percent on Monday, extending Friday''s 1.1 percent slide, after British Prime Minister Theresa May said on Sunday the country would not be keeping "bits" of European Union membership, without providing more detail on her strategy. May''s comments stoked fears of a "hard Brexit", in which border controls are prioritised over market access. EU officials say Britain cannot have access to its single market of 500 million consumers without accepting the principle of free movement and have repeatedly warned May against trying to "cherry pick" the profitable parts of their union. The pound was fractionally higher at $1.2164 early on Tuesday. The drop in risk appetite pushed the dollar lower against the safe-haven yen. The U.S. currency was down 0.28 percent to 115.67 yen in early trade on Tuesday, after declining 0.8 percent on Monday. The dollar index, which tracks the greenback against a basket of six global peers, edged down 0.1 percent to 101.85, extending Monday''s 0.3 percent loss. The euro climbed 0.1 percent to $1.0588 on Tuesday. Gold shone amid investors'' quest for safety. Spot gold , which jumped to a more than one-month high on Monday, added 0.1 percent to $1,182.24 an ounce in early trade on Tuesday. (Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL4N1F005G'|'2017-01-10T07:55:00.000+02:00'|719.0|19.0|0.0|'' 720|'1ead3604c91aa5909139f34bf50af578a5cafc94'|'Tata Steel offers to pay millions for pension scheme revamp - FT'|'Financials 03am EST Tata Steel offers to pay millions for pension scheme revamp - FT Jan 13 Tata Steel Ltd has offered to pay hundreds of millions of pounds to its pension scheme to release a guarantee the fund holds over its Dutch assets, as the Indian firm moves closer to merging its European assets with Germany''s Thyssenkrupp, the Financial Times reported. The pension fund''s trustees have a right over the assets in Tata''s Ijmuiden plant in the Netherlands in certain circumstances, the FT said. Tata Steel and the fund were in meaningful talks and there was an improved offer for the release of the security package, FT said citing chairman of the scheme''s trustee board, Allan Johnston. on.ft.com/2jdVAra Tata Steel was not immediately available for comment. Last month, Tata Steel UK offered British unions a deal guaranteeing jobs and investment in return for pension cuts. Tata, which employs some 4,000 people at Port Talbot and 11,000 in Britain as a whole, started formal pension consultations in December, with a view to moving employees on to a less generous defined contribution scheme. Unions are concerned that if they agree to let Tata close the current British Steel Pension Scheme (BSPS), the company will look to spin it off into a standalone entity that could eventually fall into the Pension Protection Fund (PPF) if necessary. In March, Britain battled to save its steel industry after Tata Steel put its British operations up for sale, leaving thousands of jobs at risk as a result of cheap Chinese imports. (Reporting by Rama Venkat Raman in Bengaluru; Editing by Gopakumar Warrier) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/tata-steel-pensions-idUSL4N1F335A'|'2017-01-13T16:03:00.000+02:00'|720.0|''|-1.0|'' 721|'4384647748270fc3878d0d3ceac1f8d2199dedd1'|'RPT-Investors balk at "squeezed middle" of UK retail firms'|'Financials - Thu Jan 5, 2017 - 2:30am EST RPT-Investors balk at "squeezed middle" of UK retail firms (Repeats with no changes to text) * Next has worst start to trading in 25 years * Weaker pound, online shopping hurt traditional retailers * Short-selling ticks higher in Debenhams, M&S By Alasdair Pal LONDON, Jan 4 The worst start to a trading year for Next PLC shares since 1991 underscores the plight of mid-tier UK retailers hit by a combination of fierce online competition and higher costs driven by a weaker pound. Traditional British stores, particularly those relying on clothing, risk getting caught in no-man''s land as bargain-hunting consumers find cheaper alternatives while the rising popularity of online shopping, now nearly a fifth of UK retail sales, eats into their business. Profit margins, already crimped by heavy discounting in efforts to maintain market share, now face additional headwinds as sterling weakness pushes up sourcing costs. Next shares, down 18 percent in the first two trading days of 2017, have fallen 41 percent in the past year. Debenhams and Marks & Spencer are down about a quarter and short-selling, where funds borrow shares and sell them in the hope of buying back later at a lower price, has ticked higher in recent months. The troubles echo a trend seen across UK grocers where discount chains such Lidl and Aldi ate into the profits of long-established chains such as Sainsbury, Tesco and Morrison. While Next warned of tough times, B&M European Value Retail said it enjoyed record Christmas sales. At the top end of the market, John Lewis, Britain''s biggest department store chain which also runs upmarket grocery brand Waitrose, saw sales in the week before Christmas soar 36 percent. "It mirrors what happened in the supermarket space," said Richard Marwood, a fund manager at Royal London Asset Management. "It was the people in the middle who struggled." Marwood, who owns B&M shares, said that the company is enjoying the benefits of recent expansion but the jump in like-for-like sales suggested it was attracting more consumers looking for cheaper alternatives to traditional stores. B&M, which sells products from toys to soft furnishings, is a top pick in the European retail sector for analysts at Deutsche Bank and Bank of America-Merrill Lynch. Higher inflation and lower wage growth looks set to make 2017 "the year of value" in UK retail, according to analysts at Deutsche Bank, which this week downgraded Next and Debenhams. UK wage growth will fall below 1 percent in 2017, according to the OECD, while inflation in food and fuel is set to pick up - meaning consumers will have less to spend on discretionary items like clothing. DOLLAR DILEMMA Retailers buy a significant proportion of their goods in U.S. dollars from manufacturers in Asia, selling on to British consumers in pounds. "The fundamental issue is that you''ve seen a nearly 20 percent trade-weighted depreciation of sterling over the course of the last 12 months," said Jeremy Lawson, chief economist at Standard Life Investments. A weaker pound is a direct hit to profits. And in an already tough environment retailers have little wiggle room on prices. "They can hold the shop prices and hit margins, or they can put up prices but will have an impact on volume of sales," RLAM''s Marwood said. Next is among those worst hit by currency moves, according to analysts at HSBC, as it pays in dollars for around 70 percent of its cost of goods sold. Rivals like ASOS and Inditex, which source more of what they sell closer to home, are poised to benefit and grab market share by being even more competitive on prices, analysts at Bank of America-Merrill Lynch said in a note to clients. VALUE BUY Five hedge funds have significant short positions on Debenhams totalling 7 percent, an all-time high, according to latest data from the UK''s market regulator, the Financial Conduct Authority. On M&S, the ratio has more than doubled to 2.2 percent over the last three months of 2016. High levels of bearishness do leave stocks susceptible to bounces, however, if there is a rush of short-covering. Also, with valuations already depressed, some investors are not as downbeat on the sector. Retailers "trade close to financial crisis multiples", suggesting sentiment may be too pessimistic on some companies, according to Tineke Frikkee, a fund manager at Smith & Williamson who owns shares in Debenhams and M&S. For brave investors, bargain-hunting in shares of beaten-down retailers might just pay off. In 1991, the last time shares of Next started the year with a double-digit decline, they ended up more than 250 percent. (Additional reporting by Tricia Wright and Alistair Smout; Editing by Mark Trevelyan) Next In Financials Greek police arrest militant from Revolutionary Struggle group ATHENS, Jan 5 Greek police early on Thursday arrested a militant, who was in hiding with her child and whose Revolutionary Struggle group has carried out more than a dozen attacks, including one on the U.S. embassy in Athens in 2007. REFILE-Danske Bank Markets slashes Norway 2017 GDP forecast (Fixes format) OSLO, Jan 5 The Norwegian economy will recover more slowly than previously anticipated, economists at Danske Bank Markets predicted on Thursday. The forecast for growth in the mainland economy in 2017 was cut to 1.8 percent from a previous estimates made in October of 2.3 percent, while growth in 2018 was seen at 2.2 percent. Despite the cut, and that investments by the oil industry will continue to decline, there were several positive signs. "There COPENHAGEN, Jan 5 Danske Bank on Thursday lowered its forecast for Denmark''s economic growth this year, but warned that there is a risk of economic overheating within the next few years, the bank said in a note. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/britain-stocks-retail-idUSL5N1EU3TR'|'2017-01-05T14:30:00.000+02:00'|721.0|''|-1.0|'' 722|'d4bf582182b74ab058d8e79ae830f43c57938823'|'Senate Republicans signal strong support for U.S. SEC nominee Clayton'|'Politics 24pm EST Senate Republicans signal strong support for U.S. SEC nominee Clayton A general exterior view of the U.S. Securities and Exchange Commission (SEC) headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst By Sarah N. Lynch - WASHINGTON WASHINGTON The confirmation process for Republican President Donald Trump''s choice to chair the U.S. Securities and Exchange Commission appears to be moving forward without any hiccups. Jay Clayton, a lawyer whose specialties include mergers and acquisitions, met privately with Senate Banking Committee Chairman Michael Crapo on Tuesday. They discussed the SEC''s role in facilitating capital formation and ways to reduce "unnecessary burdens" for small companies, Crapo said in a statement that he posted on Twitter. "Had a great conversation," Crapo added. In recent days, he and other Senate Republicans have issued glowing statements about Clayton''s qualifications and plans to help companies raise capital. While Democrats will probably raise questions about Clayton''s ties to Wall Street at his confirmation hearing, they will not be able to block him without some support from Republicans. Clayton''s hearing has not yet been scheduled but could come as early as the week of Feb. 6, according to several people familiar with the committee''s plans. Private meetings with senators are typically held in advance of confirmation hearings so that the lawmakers can get a chance to vet the candidate and ask questions. Last week, Clayton met with three other Republican lawmakers on the panel - Senators Richard Shelby of Alabama, Tom Cotton of Arkansas and Patrick Toomey of Pennsylvania. He also met separately on Tuesday with Senator David Perdue of Georgia, who wrote on Twitter: "Jay knows capital formation. He wants to create a level playing field & make things fair and efficient. I fully support his nomination." Clayton is expected to have one-on-one meetings with some of the panel''s Democrats sometime next week, according to one of the sources. Some Democrats on the committee, including Sherrod Brown, the committee''s senior Democrat and Massachusetts Senator Elizabeth Warren, have already expressed reservations about Clayton because of his legal work at Sullivan & Cromwell representing major Wall Street clients such as Goldman Sachs Group Inc, where his wife works as a wealth manager. Before Clayton accepted Trump''s nomination, his family decided his wife would step down from her post at the investment bank if he is confirmed, one of the people familiar with the matter said. In the meantime, the SEC''s lone Republican commissioner, Michael Piwowar, is acting as chairman, according to people familiar with the matter. The SEC, typically a five-member commission, is down to two members until Clayton is confirmed. (Reporting by Sarah N. Lynch; Editing by Lisa Von Ahn) Next In Politics Trump administration could reinstate secret, overseas CIA prisons WASHINGTON U.S. President Donald Trump is expected to issue an executive order that could lead to the reinstatement of a CIA program to interrogate terrorist suspects in secret overseas "black site" prisons using techniques that have been condemned as torture, two U.S. officials told Reuters on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-congress-sec-clayton-idUSKBN1592FM'|'2017-01-26T01:10:00.000+02:00'|722.0|''|-1.0|'' @@ -735,7 +735,7 @@ 733|'964fee2a4e4c06242cbde665b3f687baa7ad8a99'|'Japan exports up for first time in 15 months, U.S. protectionism poses risks'|'Business News - Wed Jan 25, 2017 - 12:22am GMT Japan''s annual exports up for first time in 15 months on global demand A worker rides a bicycle past containers at a port in Tokyo August 19, 2015. REUTERS/Issei Kato/File Photo By Tetsushi Kajimoto - TOKYO TOKYO Japan''s annual exports rose for the first time in 15 months in December, led by shipments of car parts and electronics, underscoring a pickup in global demand and adding momentum to the export-reliant economy''s recovery. Ministry of Finance data showed on Wednesday that exports rose 5.4 percent year-on-year in December, compared with a 1.2 percent annual increase expected by economists in a Reuters poll. It followed an annual 0.4 percent decline in November. Shipments in terms of volume also rose 8.4 percent from a year earlier, up for a second straight month, underlining a pickup in external demand. The trade data should be encouraging to the Bank of Japan, which is seen maintaining an upbeat view on the world''s third largest economy at a policy review next week on prospects of improving global growth However, worries about protectionism under U.S. President Donald Trump have raised uncertainty over the outlook as he formally withdrew the United States from the Trans-Pacific Partnership trade deal on Monday, distancing America from its Asian allies. (Reporting by Tetsushi Kajimoto; Editing by Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-trade-idUKKBN1582ZT'|'2017-01-25T09:00:00.000+02:00'|733.0|''|-1.0|'' 734|'1bdcb51e5285bc1259145a416d6b654dddba543d'|'No Brexit shock to U.K. economy... yet'|'No Brexit shock to U.K. economy... yet by Ivana Kottasova @ivanakottasova January 26, 2017: 5:05 AM ET UK Chancellor wants trade partnerships with the world The U.K. economy grew steadily in 2016 -- but there''s plenty to worry about. The first official estimate of fourth quarter GDP published Thursday showed the economy grew by 0.6% over the third quarter, the same pace as the two previous quarters. For 2016 as a whole the economy grew 2%, down from 2.2% in 2015 and 3.1% in 2014. But warning signs are piling up. Retail spending fell slightly in December -- typically a strong month for sales -- investments have been put on hold because of uncertainty over Britain''s relationship with the European Union after Brexit, and some big banks have said they will start moving thousands of jobs away from London. "Every major sector of the economy grew last year, which is further evidence of the fundamental strength and resilience of the U.K. economy," said Chancellor of the Exchequer Philip Hammond. "There may be uncertainty ahead as we adjust to a new relationship with Europe, but we are ready to seize the opportunities to create a competitive economy that works for all." The pound is still 15% down against the dollar compared to the EU referendum day in June. The slump is boosting British exporters, but hurting consumers at home. Prices on a wide range of consumer goods from chocolate bars and beer to iPhones and toys are rising as a result. "Retail data for [December] has shown some signs of slowing spending among consumers and if the upcoming number for this month also confirm the same trend, we could be heading towards serious trouble," said Naeem Aslam, chief market analyst at Think Markets U.K. Investment in the auto sector slumped to 1.66 billion ($2.1 billion) in 2016 from 2.5 billion ($3.2 billion) in 2015, according to the Society of Motor Manufacturers and Traders. Related: Trump says he wants a U.K. trade deal The government expects to borrow an extra 58.7 billion ($72.6 billion) over the next five years because of an economic slowdown. The Office of Budget Responsibility, an independent government agency, said that growth will slump to just 1.4% in 2017, the weakest since 2009, according to IMF data. Prime Minister Theresa May wants to start the formal process of leaving the EU by the end of March. May is meeting President Trump at the White House on Friday, hoping to start discussions about a future trade deal between the two countries. Trump said he would put the U.K. at the front of the queue for a trade deal, but experts warn an agreement is far from certain , and will take years to achieve. CNNMoney (London) 5:05 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/01/26/news/economy/uk-gdp-economy-brexit/index.html'|'2017-01-26T17:05:00.000+02:00'|734.0|''|-1.0|'' 735|'d19be268849c08e34df43d07117482a5b7881ca7'|'Arthur Sadoun to take over as CEO of ad firm Publicis Groupe'|'Market News 43pm EST Arthur Sadoun to take over as CEO of ad firm Publicis Groupe By Tim Baysinger Jan 26 Arthur Sadoun will take over as chief executive of advertising company Publicis Groupe SA from longtime CEO Maurice Levy on June 1, the company said on Thursday. Paris-based Publicis Groupe is the third-largest ad company in the world, part of what is considered the "Big Four" agency companies, along with WPP PLC, Interpublic Group of Companies Inc and Omnicom Group Inc. Currently, Sadoun oversees all of Publicis'' creative agencies, including Saatchi & Saatchi and Leo Burnett. Levy was set to retire this year - the company said he will become chairman when Sadoun takes over - and the identity of his successor was something many in the ad industry were paying close attention to. Sadoun had been considered among the front-runners along with Publicis Media CEO Steve King, who will also join the board. Much like longtime rival, WPP CEO Sir Martin Sorrell, Levy is considered to be one of the most-influential advertising executives. Under Levy''s leadership, Publicis went on a massive buying spree, particularly in recent years snapping up digital agencies as the industry has been more and more reliant on technology. Changing consumer habits have also forced large advertising agencies into a more holistic approach in serving their clients'' varying needs. Sadoun will become the third different chief executive for the French-owned company, following Levy and the company''s founder, Marcel Bleustein-Blanchet. "I''m taking on this new role with confidence, determination and one objective in mind: accelerating our transformation and development through The Power of One to continue to make Publicis shine like Marcel and Maurice have done for the past 90 years," said Sadoun, in a statement. Last year, along with the three other major ad companies, Publicis revealed that subsidiaries received subpoenas from the U.S. Department of Justice as part of an investigation into video production practices in the industry. (Reporting by Tim Baysinger; Editing by Alan Crosby) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/publicis-groupe-ceo-idUSL1N1FG1VC'|'2017-01-27T02:43:00.000+02:00'|735.0|''|-1.0|'' -736|'145f15bf9a0f1c6fc35f227cf618d86e2a5eca28'|'HSH Nordbank nears sale of debt portfolio, Macquarie tipped to buy - sources'|'Private Equity 8:45am EST HSH Nordbank nears sale of debt portfolio, Macquarie tipped to buy - sources By Andreas Krner , Jonathan Saul and Alexander Hbner - LONDON/FRANKFURT LONDON/FRANKFURT Jan 26 State-owned German lender HSH Nordbank is close to concluding the sale of parts of its 3.2 billion euro ($3.4 billion) loan portfolio and Australia''s Macquarie Group is expected to be among the buyers, sources familiar with the matter said. HSH and Macquarie declined to comment. HSH''s owners - the German states of Schleswig-Holstein and Hamburg jointly hold 85 percent - have to privatise the bank under European state-aid rules by the end of February 2018 and have been trying to offload parts of its business. Four finance sources said HSH were close to selling 800 million euros in aviation loans to Macquarie with another buyer set to pick up real estate loans. "This is an important milestone for HSH," one source said. The total aviation portfolio on sale was close to 1 billion euros, 750 million of it non-performing and the remainder performing debt, two sources said. The two sources said there were also 2 billion euros of real estate loans on sale - mostly non-performing - and assets in Britain including near London''s financial district as well as in Germany and other parts of Europe. Another source said HSH was expected to conclude the sale of of around 1.6 billion euros of energy and real estate assets of the overall 3.2 billion euros by mid year. However, due to low offers HSH has dropped efforts to sell 500 million euros of shipping loans in this sales process, the sources said. Many segments of the global shipping sector are struggling with their worst ever market conditions, caused by a glut of ships and slowing global trade, which have battered earnings and led to the collapse of companies including South Korean container line Hanjin last August. "The appetite was low for this segment of the book and shows how toxic the debt on sale was. Shipping is in a distressed state at the moment," another source said. In October, sources told Reuters 20 bidders were in talks for the portfolio which included Deutsche Bank, Credit Suisse and Citigroup C.N, together with asset managers Apollo Global Management, KKR and Oaktree Capital Group. German lenders - among the biggest backers of shipowners over the past 20 years - are estimated to be behind up to a quarter of the world''s $400 billion of outstanding shipping loans and are struggling with an estimated tens of billions of dollars in troubled loans. Earlier this week HSH launched the planned sale of the overall bank. Two sources said fellow state-backed regional bank NordLB was planning to make an indicative offer and to take a look at HSH''s books. ($1 = 0.9331 euros) (Editing by Ruth Pitchford) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hsh-nordbank-sale-portfolio-idUSL5N1FG4AP'|'2017-01-26T20:45:00.000+02:00'|736.0|''|-1.0|'' +736|'145f15bf9a0f1c6fc35f227cf618d86e2a5eca28'|'HSH Nordbank nears sale of debt portfolio, Macquarie tipped to buy - sources'|'Private Equity 8:45am EST HSH Nordbank nears sale of debt portfolio, Macquarie tipped to buy - sources By Andreas Krner , Jonathan Saul and Alexander Hbner - LONDON/FRANKFURT LONDON/FRANKFURT Jan 26 State-owned German lender HSH Nordbank is close to concluding the sale of parts of its 3.2 billion euro ($3.4 billion) loan portfolio and Australia''s Macquarie Group is expected to be among the buyers, sources familiar with the matter said. HSH and Macquarie declined to comment. HSH''s owners - the German states of Schleswig-Holstein and Hamburg jointly hold 85 percent - have to privatise the bank under European state-aid rules by the end of February 2018 and have been trying to offload parts of its business. Four finance sources said HSH were close to selling 800 million euros in aviation loans to Macquarie with another buyer set to pick up real estate loans. "This is an important milestone for HSH," one source said. The total aviation portfolio on sale was close to 1 billion euros, 750 million of it non-performing and the remainder performing debt, two sources said. The two sources said there were also 2 billion euros of real estate loans on sale - mostly non-performing - and assets in Britain including near London''s financial district as well as in Germany and other parts of Europe. Another source said HSH was expected to conclude the sale of of around 1.6 billion euros of energy and real estate assets of the overall 3.2 billion euros by mid year. However, due to low offers HSH has dropped efforts to sell 500 million euros of shipping loans in this sales process, the sources said. Many segments of the global shipping sector are struggling with their worst ever market conditions, caused by a glut of ships and slowing global trade, which have battered earnings and led to the collapse of companies including South Korean container line Hanjin last August. "The appetite was low for this segment of the book and shows how toxic the debt on sale was. Shipping is in a distressed state at the moment," another source said. In October, sources told Reuters 20 bidders were in talks for the portfolio which included Deutsche Bank, Credit Suisse and Citigroup C.N, together with asset managers Apollo Global Management, KKR and Oaktree Capital Group. German lenders - among the biggest backers of shipowners over the past 20 years - are estimated to be behind up to a quarter of the world''s $400 billion of outstanding shipping loans and are struggling with an estimated tens of billions of dollars in troubled loans. Earlier this week HSH launched the planned sale of the overall bank. Two sources said fellow state-backed regional bank NordLB was planning to make an indicative offer and to take a look at HSH''s books. ($1 = 0.9331 euros) (Editing by Ruth Pitchford) Next In Private Equity'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hsh-nordbank-sale-portfolio-idUSL5N1FG4AP'|'2017-01-26T20:45:00.000+02:00'|736.0|19.0|0.0|'' 737|'6da950620120ebe913db86c43a9d3bb32ed1af40'|'UPDATE 1-Peru''s Grana says it plans to sell $300 mln in assets'|'Market News - Wed Jan 25, 2017 - 10:46am EST UPDATE 1-Peru''s Grana says it plans to sell $300 mln in assets (Adds comments from company, context) LIMA Jan 25 Grana y Montero , Peru''s largest construction group, said Wednesday that it would ask its board to approve the sale of $300 million in assets to help it meet its obligations after it lost a key contract in a graft scandal. Grana was a junior partner on corruption-plagued Brazilian builder Odebrecht''s $5 billion natural gas pipeline project in Peru, which returned to state control after the group missed a financing deadline on Monday. Grana said it must pay off some $330 million in debt and guarantees related to the pipeline concession, and is aiming to do so before a public auction of the project''s assets. Grana expects to recover at least 95 percent of its investments in the project from the auction within a year, including the $220 million that the company paid for a 20 percent stake in the project in 2015. A divestiture plan will be presented to the company board on Thursday, Grana said. Odebrecht, a family-owned engineering conglomerate at the center of a growing graft scandal in Latin America, said Tuesday that a $500 million irrigation project that it was building with Grana has been frozen since December pending a government permit. Peruvian President Pedro Pablo Kuczynski said that Odebrecht must sell its projects and leave the country, after the company acknowledged distributing $29 million in bribes in Peru. (Reporting by Marco Aquino, Writing by Mitra Taj; Editing by Lisa Von Ahn and Alistair Bell) Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/peru-grana-y-montero-idUSL1N1FF0S9'|'2017-01-25T22:46:00.000+02:00'|737.0|''|-1.0|'' 738|'2e0f4e9cb60d731a1e94e073171e625e4b3f3b8d'|'Court approves Caesars Entertainment unit''s bankruptcy plan'|'CHICAGO Jan 17 Caesars Entertainment Corp''s main operating unit won court approval on Tuesday for a plan to shed $10 billion of debt and end a contentious $18 billion bankruptcy filed nearly two years ago to the day."It is a monumental achievement," U.S. Bankruptcy Judge Benjamin Goldgar said at a hearing in Chicago after approving the reorganization plan.(Reporting by Tracy Rucinski in Chicago, writing by Tom Hals in Wilmington, Delaware; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/caesars-bankruptcy-idINL1N1F71C4'|'2017-01-17T14:41:00.000+02:00'|738.0|''|-1.0|'' 739|'0528d123643e4be9881980fcea1d8e68f2d9d502'|'LyondellBasell plans to retain Houston refinery after asset review'|'By Jessica Resnick-Ault - NEW YORK NEW YORK Jan 5 LyondellBasell said on Thursday that it would retain its Houston-area refinery following a review of strategic options for the business."During the normal course of business it is not unusual for a company to periodically review its asset portfolio," said Michael Waldron, vice president of corporate communications for LyondellBasell. The refinery has the ability to process 264,000 barrels a day of crude. (Reporting By Jessica Resnick-Ault; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lyondell-refinery-idINL1N1EV0SY'|'2017-01-05T12:09:00.000+02:00'|739.0|''|-1.0|'' @@ -772,7 +772,7 @@ 770|'598c9877e7564e88a37be74a5dc9e3ba2b97e5f2'|'South Africa''s Post Office to register financial services unit as a bank'|'Financials 33am EST South Africa''s Post Office to register financial services unit as a bank CAPE TOWN Jan 31 South Africa''s Post Office Group will submit an application to register its financial services unit, Postbank, as a bank by July 3, a document handed out in parliament showed. Postbank has 1.4 billion rand ($104 million) in excess capital, enough to meet regulatory minimum requirements for a bank, the document showed. ($1 = 13.5060 rand) (Reporting by Wendell Roelf; Editing by Mark Potter) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/safrica-postoffice-idUSJ8N1F9000'|'2017-01-31T15:33:00.000+02:00'|770.0|''|-1.0|'' 771|'cc97c730a4b11bb7be609670776ce050214a3d8e'|'Life-long learning will be crucial in the AI era'|'Life-long learning will be crucial in the AI era Changing education essential to achieve the best from the new industrial revolution Read next Tuesday, 17 January, 2017 Future on show: people will have to learn to work with robots Jeff Spicer/Getty Images for Westfield January 17, 2017 by: Vishal Sikka Artificial intelligence and automation technologies are already starting to affect our work and daily lives. AI is present in everyday objects and processes such as virtual assistants, supermarket checkouts, driverless cars and detecting fraud in credit card transactions. Disruption is inevitable but it is often deeply feared. The current wave of change, fuelled by technological advancement, is no different. However, like generations before us, we must learn to transcend the disruption and thrive in new times. Changing how we view education is essential to humanitys ability to achieve the best from new technologies. I recently spoke to graduating students at the University of Queensland in Australia and their excitement was tinged with trepidation about the future. I made three points to them: first, AI and the resulting automation of industrial and business processes will affect us all and is here to stay; second, it is in its infancy and there is an immense opportunity to transcend the disruption; third, as AI develops, this disruption will be repeated again and again. The only certain strategy in our world is for us all to become life-long learners. We are still far from the society of mind that Marvin Minsky wrote about in the 1980s, in which many sophisticated instruments of intelligence possessed with faculties of deduction and learning as well as different ways of representing knowledge and reasoning about it combine to deliver systems capable of complex, autonomous behaviours. Yet many business leaders already consider AI integral to the future. A recent survey of 1,600 global enterprises by Infosys found that 71 per cent of their leaders feel the adoption of AI in business and society is inevitable; more than three quarters feel AI adoption will deliver positive, wider economic change; a quarter have already fully deployed at least one AI technology. But I believe humans will not do well if they merely endure such disruptions. Rather, we can play an active part in shaping our collective future and changing our world in a meaningful and purposeful way. Technology can be a great enabling force that amplifies and empowers people, improves the quality of life for all and opens up opportunities for the underprivileged. For example, at the start of the 20th century 38 per cent of Americans worked on farms. Since then, mechanisation has increased production while reducing the number of employees. Today hired farm workers constitute less than 1 per cent of the US workforce and yet overall employment has soared . Farming jobs have been replaced with new industries telecoms, health, manufacturing, financial services and more. We work in areas unimaginable to a farmer in the 1900s. Related article Paradoxically, Trumps policies could speed automation and the loss of jobs Tuesday, 17 January, 2017 In the same way, AI will affect how we work, the jobs we do and the activities we take part in, both for work and in our free time. It will provide humans with opportunities to create new kinds of experiences and jobs that are unimaginable today, but that have the potential to create trillions of dollars of new value. While intelligent systems may eventually surpass humans in performing well-defined cognitive tasks (such as problem solving), it takes human creativity and ingenuity to see the opportunity (such as recognising a problem technology can solve in the first place). AI can enable us to overcome the limitations of our minds and senses. As my co-chair at the World Economic Forums Global Future Council on AI and Robotics, Professor Missy Cummings of Duke University, says, we are still in the early stages of understanding how intelligent systems can work with people more seamlessly. This would enable both the sharing of work and achieving shared meaning and perspectives. It is not a question of man or machine, but of man and machine. Such collaboration is critical to establishing shared meaning as we have seen in human collaboration for generations. Breakthroughs can only be achieved if man and machine work together on a set of shared goals. When we achieve such a symbiosis, the potential for our species will be immense. This story of disruption and transcendence has played out over millennia. But the pace of change is accelerating, necessitating an ever-faster rate of adaptation. Related article Exhibitors at CES insist the internet of things is moving closer to reality. But will these smart gadgets prove useful? Tuesday, 17 January, 2017 The time has come to rethink education and to recast it as a life-long process. That means we need to move away from rewarding memorisation and instead prize curiosity and experimentation the building blocks of discovering and understanding the things we do not yet know. Curriculums should be modernised to encourage creative problem finding and solving, and learning through doing, with mandatory computer science learning as the bedrock for enabling digital literacy. Organisations also need to make life-long learning resources available for employees to enhance skills development. Indeed, they should be required to dedicate a percentage of their annual revenue to reskilling staff. Humans have adapted in part because we have evolved our education systems alongside our technologies: we advanced our capacities to understand our tools. As with reading and writing, being digitally literate is a fundamental need and every child should study computer science. Todays rapid changes call for a new perspective on education by states and companies. Infosys is rethinking its training infrastructure and augmenting it with, for example, short courses (or nanodegrees) to help drive the rapid acquisition of new skills, including AI techniques, at scale. We are also introducing company-wide training to help employees reassess the way they approach challenges and identify problems, and to be more creative and bring innovation to everything we do. These are small starts and governments and businesses need to help develop an approach to life-long learning that will create a more level playing field for people everywhere. If we can do this, I believe the only limit to our human potential will be the capacity of our imaginations. The AIs of our creation will help us to become more human. The writer is chief executive of Infosys Sample the FTs top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/technology'|'https://www.ft.com/content/5bf845fe-b7c2-11e6-961e-a1acd97f622d'|'2017-01-17T12:03:00.000+02:00'|771.0|''|-1.0|'' 772|'39b942c968a4e60a34c778fff8fcbadb6e3710ef'|'China exchanges still rife with illegal behaviour - paper'|'Business News - Wed Jan 11, 2017 - 6:10am IST China exchanges still rife with illegal behavior: paper SHANGHAI China''s trading exchanges are still rife with illegal behavior despite a recent crackdown by authorities, the official China Securities Journal reported on Wednesday, citing a recent meeting of the country''s securities regulator. The paper said a government-led rectification campaign had helped to bring the situation under control, but there has been a "resurgence" of regulatory breaches at some exchanges. It said some precious metal and crude oil trading venues were suspected of engaging in illegal futures trading activities, while others were suspected of a range of offences including manipulating market prices and defrauding investors. Regulators attending the meeting will work to rectify the problems over the next six months, the newspaper said. China has put its exchanges under greater scrutiny after blaming a crash in its stock markets in 2015 on widespread irregularities, including price manipulation. The China Securities Regulatory Commission has also been accused of allowing the families of its officials to trade in stocks.. China''s police authorities set up five specialist units last year to deal with financial crimes. (Reporting by David Stanway; Editing by Shri Navaratnam) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-china-finance-fraud-idINKBN14V01B'|'2017-01-11T07:35:00.000+02:00'|772.0|''|-1.0|'' -773|'12fcafa92a0f1348dbefa28dd192878768741388'|'Saudi energy minister: still expects Aramco IPO in 2018'|'ABU DHABI Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he still expected national oil giant Saudi Aramco IPO-ARMO.SE to conduct a public offer of its shares in 2018.Falih was speaking at a conference in Abu Dhabi. Riyadh has said it plans to sell up to 5 percent of the company in what could be the world''s largest initial public offer of equity, raising tens of billions of dollars.Officials have been working since early last year on complex details of the offer, including legal conditions, how to value Aramco''s assets, and on which exchanges its shares would be listed.(Reporting by Stanley Carvalho; Writing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-ipo-idINKBN14W15N'|'2017-01-12T07:01:00.000+02:00'|773.0|''|-1.0|'' +773|'12fcafa92a0f1348dbefa28dd192878768741388'|'Saudi energy minister: still expects Aramco IPO in 2018'|'ABU DHABI Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he still expected national oil giant Saudi Aramco IPO-ARMO.SE to conduct a public offer of its shares in 2018.Falih was speaking at a conference in Abu Dhabi. Riyadh has said it plans to sell up to 5 percent of the company in what could be the world''s largest initial public offer of equity, raising tens of billions of dollars.Officials have been working since early last year on complex details of the offer, including legal conditions, how to value Aramco''s assets, and on which exchanges its shares would be listed.(Reporting by Stanley Carvalho; Writing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-ipo-idINKBN14W15N'|'2017-01-12T07:01:00.000+02:00'|773.0|23.0|0.0|'' 774|'e14e48b3ae9aef96eece9c9143704c6980492fc7'|'BRIEF-Appdynamics sees IPO of 12 mln shares of common stock to be priced between $10 and $12/share - SEC Filing'|'Jan 12 Appdynamics Inc:* Appdynamics Inc sees IPO of 12.0 million shares of common stock to be priced between $10.00 and $12.00 per share - SEC Filing* Appdynamics-In concurrent private placement, existing stockholders indicated interest in buyin up to aggregate of $32.5 million, or 2.95 million shares of co''s common stock, at $11per share* Appdynamics-Intends to use portion of IPO net proceeds and concurrent private placement to fully repay term loan under credit facility Source text: [ bit.ly/2iKaWQF ]'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/finance/article/idINFWN1F20A6'|'2017-01-12T08:46:00.000+02:00'|774.0|''|-1.0|'' 775|'01e12c0c8f8ee246452aba5676e9ccab10a452be'|'BRIEF-Emerita provides a further update on Aznalcllar appeal'|' 57pm EST BRIEF-Emerita provides a further update on Aznalcllar appeal Jan 26 Emerita Resources Corp * Emerita Resources a further update on the Aznalcllar appeal * Emerita Resources - Spain''s federal police obtained documents related to Aznalcllar tender process from Direccion General De Industria, Energa Y Minas * Emerita Resources - federal police have also requisitioned critical documentation from Andalusian Mining Agency relating to Aznalcllar tender process '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AX3M'|'2017-01-27T04:57:00.000+02:00'|775.0|''|-1.0|'' 776|'2693ba13d42a5e1315c3e51998ef1a782e170312'|'Lloyds a victim of cyber attack that hit banking services'|'UK - Mon Jan 23, 2017 - 11:34am GMT Lloyds a victim of cyber attack that hit banking services A man walks past a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett LONDON Lloyds Banking Group ( LLOY.L ) is working with law enforcement agencies to trace who may be behind a cyber attack that caused intermittent outages for customers of its personal banking websites almost two weeks ago, according to a source familiar with the incident. Britain''s largest mortgage lender was hit by a distributed denial of service (DDoS) attack on Jan. 11, which carried on for two days, according to the source. The disruption, which involved bombarding the websites with huge volumes of traffic from multiple systems so they overload a server, left some customers temporarily unable to use services such as checking their balance or sending payments. DDoS attacks have become common tools for cyber criminals trying to cripple businesses and organisations with significant online activities. Such campaigns may be part of attempts to extract ransom from these organisations or part of efforts to distract security teams in order to find other ways to break into an organisations network in order to grab customer data or steal money from accounts. Lloyds said it would not speculate on the cause of the attack. No customers suffered any losses. "Only a small number of customers experienced problems," the bank said in a statement. "In most cases if customers attempted another log in they were able to access their accounts." Other banks have been hit by service outages in the past two years after their systems were breached by cyber attacks. Tesco Bank, owned by Britain''s biggest retailer Tesco ( TSCO.L ), halted online transactions from all current accounts in November after money was stolen from 20,000 of them in the country''s first such cyber heist. British lawmakers have criticised both banks and regulators for doing too little to improve cyber security after a string of technical failures and breaches of banking systems. (Reporting by Andrew MacAskill, editing by Anjuli Davies and Louise Heavens) Next In UK'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lloyds-cyber-idUKKBN1571CB'|'2017-01-23T18:34:00.000+02:00'|776.0|''|-1.0|'' @@ -783,16 +783,16 @@ 781|'140fb861d59c029a8013ca5f0a90cceaa50ad2ac'|'Greek power utility shareholders approve grid spin-off -ministry'|'ATHENS Jan 17 Shareholders of Greece''s power utility Public Power Corp. (PPC) approved on Tuesday the transfer of a 51-percent stake in the power grid operator ADMIE, part of a spin-off scheme, which is a major term in Greece''s bailout programme.Under a legislated scheme aiming at keeping ADMIE under state control, PPC will sell a 24-percent stake to China''s State Grid for 320 million euros ($340 million) and set up a special vehicle to transfer a cost-free 51-percent stake to the state and existing private shareholders."The extraordinary PPC shareholders meeting approved the procedures in order to conclude ADMIE''s spin-off," the energy ministry said in a statement.In 2015, Greece signed up to its third international bailout since the debt crisis erupted, agreeing to cut spending, pursue reforms and speed up privatisations to shore up its finances.ADMIE is fully owned by Greece''s state-controlled electricity utility PPC and Athens has agreed to conclude the plan by the end of March or fully privatise the grid this year.Shareholders were due to approve the stake transfer on Jan. 12 but their meeting was postponed until Tuesday after Greece''s four biggest banks expressed concerns over the plan.National Bank, Piraeus Bank, Alpha Bank and Eurobank, which have extended a 2.2 billion euro syndicated loan to PPC, sent a letter to the PPC and the finance ministry last week, saying that the sale of the 51-percent stake without any proceeds for PPC would harm the utility''s finances.After talks between all parties involved, the banks sent another letter to PPC and the finance ministry on Tuesday saying they were examining positively PPC''s servicing of the loans after being given guarantees worth at least 300 million euros.The utility has paid off some 600 million euros of the syndicated loan and has been negotiating an additional 200 million credit facility with the banks. According to the letter which was released by PPC, the banks also said they would examine providing short- and medium-term financing to PPC in exchange for tantamount guarantees. (Reporting by Angeliki Koutantou; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/greece-privatisation-admie-idINL5N1F647N'|'2017-01-17T16:55:00.000+02:00'|781.0|''|-1.0|'' 782|'bc8402acbd17f22740d3b523c618d13ee195102d'|'MOVES-Jefferies hires two energy bankers from Barclays'|'Funds 6:03pm EST MOVES-Jefferies hires two energy bankers from Barclays By Davide Scigliuzzo NEW YORK, Jan 5 (IFR) - Jefferies has hired two senior leveraged finance bankers focused on the energy sector from Barclays, two people familiar with the situation told IFR on Thursday. The pair, Paul Cugno and Robert Anderson, will start in their new roles as managing directors on Monday. They have worked together for 12 years, first at Lehman Brothers and then at Barclays after the British bank purchased the former''s North American investment banking and capital markets business in 2008. At Barclays, Cugno most recently served as head of natural resources, power and infrastructure debt capital markets, while Anderson worked as a managing director in the high-yield and leveraged loan capital markets group. Cugno joined Lehman''s leveraged finance business in 2000 after a three-year stint at Scotia Capital, while Anderson joined the bank in 2004, according to their LinkedIn profiles. Jefferies has made an aggressive push to bolster its leveraged financing business in recent months, attempting to hire a number of senior investment bankers from Credit Suisse before the Swiss bank managed to convince the majority of them to stay. Barclays declined to comment. (Reporting by Davide Scigliuzzo; Editing by Natalie Harrison) Next In Funds News Ex-Jefferies trader lied to customers, jurors are told NEW HAVEN, Conn., Jan 5 Bond trader Jesse Litvak lied to customers about mortgage securities prices because he wanted to make more money for his employer, a federal prosecutor said on Thursday, as a retrial of the former Jefferies Group Inc managing director got underway.'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/moves-jefferies-cugno-anderson-idUSL1N1EV22A'|'2017-01-06T06:03:00.000+02:00'|782.0|''|-1.0|'' 783|'26e05c44ce2eaabc0cf575df92c9c9e349622217'|'MOVES-P1 Investment appoints new head of research'|'Financials 12:34pm EST MOVES-P1 Investment appoints new head of research Jan 13 P1 Investment Management, the adviser-led discretionary fund management proposition, named Quintin Rayer as head of research. As a head of research in the Southernhay East, Exeter based company, Rayer will be responsible for investment research, portfolio stress-testing, and the development of quant models. Rayer previously worked at Fort Grey Consulting Ltd. (Reporting by Divya Grover in Bengaluru) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/p1-investment-moves-quintin-rayer-idUSL4N1F34OL'|'2017-01-14T00:34:00.000+02:00'|783.0|''|-1.0|'' -784|'5e10df9c0675b9b1990d5c3debb2355dc64a397a'|'Citic, Carlyle to buy stake in McDonald''s China, HK businesses for $2.08 billion'|'Business News - Mon Jan 9, 2017 - 12:58am EST Citic, Carlyle to buy stake in McDonald''s China, HK businesses for $2.08 billion A woman walks past a McDonald''s outlet in Hong Kong in this July 25, 2014 file photo. REUTERS/Tyrone Siu/Files Photo Citic Ltd ( 0267.HK ) and Carlyle Group LP ( CG.O ) would buy a majority interest in McDonald''s Corp''s ( MCD.N ) mainland China and Hong Kong businesses for $2.08 billion, the companies said. Citic Ltd and Citic Capital will have a stake of 52 percent, while Carlyle and McDonald''s will own 28 percent and 20 percent, respectively in the businesses. Reuters reported in December that McDonald''s was looking to raise $1 billion to $2 billion with the sale of its China and Hong Kong stores. (Reporting By Rushil Dutta in Bengaluru; Editing by Gopakumar Warrier) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-mcdonalds-china-citic-idUSKBN14T0FH'|'2017-01-09T12:58:00.000+02:00'|784.0|''|-1.0|'' +784|'5e10df9c0675b9b1990d5c3debb2355dc64a397a'|'Citic, Carlyle to buy stake in McDonald''s China, HK businesses for $2.08 billion'|'Business News - Mon Jan 9, 2017 - 12:58am EST Citic, Carlyle to buy stake in McDonald''s China, HK businesses for $2.08 billion A woman walks past a McDonald''s outlet in Hong Kong in this July 25, 2014 file photo. REUTERS/Tyrone Siu/Files Photo Citic Ltd ( 0267.HK ) and Carlyle Group LP ( CG.O ) would buy a majority interest in McDonald''s Corp''s ( MCD.N ) mainland China and Hong Kong businesses for $2.08 billion, the companies said. Citic Ltd and Citic Capital will have a stake of 52 percent, while Carlyle and McDonald''s will own 28 percent and 20 percent, respectively in the businesses. Reuters reported in December that McDonald''s was looking to raise $1 billion to $2 billion with the sale of its China and Hong Kong stores. (Reporting By Rushil Dutta in Bengaluru; Editing by Gopakumar Warrier) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-mcdonalds-china-citic-idUSKBN14T0FH'|'2017-01-09T12:58:00.000+02:00'|784.0|19.0|4.0|'' 785|'f0c8b20ab9bdbb5ebbfd8e5f4dbb0d92f44a8af6'|'EMERGING MARKETS-Latam currencies strengthen as Trump uncertainty lingers'|'(Updates table, first paragraph) SAO PAULO, Jan 23 Latin American currencies strengthened on Monday as the dollar fell to a seven-week low over investor concerns about protectionist pledges by U.S. President Donald Trump. The Mexican peso led gains, strengthening as much as 1.5 percent to a two-week high before paring back advances to close at 21.36 per greenback. The peso''s gains came after Trump refrained from taking initial actions on Monday that would disrupt trade with Mexico, despite saying over the weekend that he planned to talk soon with the leaders of Canada and Mexico to begin discussing the North American Free Trade Agreement(NAFTA). The peso had also strengthened on Friday following an inauguration speech in which the new U.S. president did not specifically mention Mexico after he had threatened to ditch NAFTA during the campaign. Wider emerging markets rallied earlier in the day, with MSCI''s emerging markets index gaining nearly 1 percent. Still, traders warned of volatility in the coming weeks as Trump''s plans become clearer. Mexico''s stock index rose 1.69 percent to a new two-month high, with shares of telecommunications giant America Movil gaining nearly 3 percent. Key Latin American stock indexes and currencies at 2100 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging 902.14 0.99 4.62 Markets MSCI LatAm 2518.09 2.58 7.58 <.MILA PUS > Brazil Bovespa 65748.63 1.9 9.17 Mexico IPC 47116.24 1.69 3.23 Chile IPSA 4258.88 0.01 2.59 Chile IGPA 21227.68 0.03 2.38 Argentina 19470.59 2.26 15.09 MerVal Colombia IGBC 10125.36 0.02 -0.03 Venezuela IBC 28272.44 1.12 -10.83 Currencies daily % YTD % change change Latest Brazil real 3.1678 0.40 2.57 Mexico peso 21.3625 1.01 -2.90 Chile peso 653.5 0.28 2.63 Colombia peso 2925.2 -0.18 2.61 Peru sol 3.283 0.30 3.99 (Reporting by Bruno Federowski and Miguel Angel Gutierrez; Editing by Bernadette Baum and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-latam-idINL1N1FD26Q'|'2017-01-23T19:57:00.000+02:00'|785.0|''|-1.0|'' -786|'46001c75306770fd5712a995f6c2db6c8d561aba'|'Euro zone corporate lending accelerates in December'|' 9:14am GMT Euro zone corporate lending accelerates in December Euro coins are seen in front of displayed flag and map of European Union in this picture illustration taken in Zenica, May 28 2015. REUTERS/Dado Ruvic FRANKFURT Bank loans to euro zone companies grew at the fastest pace in 4- 1/2 years last month and a key measure of money circulating, often an indicator of future activity, rose more than expected, the European Central Bank said on Friday. Corporate lending grew by 2.3 percent in December after a revised 2.1 percent increase one month earlier, the data showed. Household lending growth in the 19-member currency bloc accelerated to 2.0 percent from 1.9 percent in November, the biggest gain since mid 2011. The annual growth rate of the M3 measure of money circulating in the euro zone, which has in the past often predicted economic activity, rose 5.0 percent last month from 4.8 percent in November, slightly beating forecasts for 4.9 percent. (Reporting by Andreas Framke; Editing by Francesco Canepa) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-lending-ecb-idUKKBN15B0QE'|'2017-01-27T16:14:00.000+02:00'|786.0|''|-1.0|'' +786|'46001c75306770fd5712a995f6c2db6c8d561aba'|'Euro zone corporate lending accelerates in December'|' 9:14am GMT Euro zone corporate lending accelerates in December Euro coins are seen in front of displayed flag and map of European Union in this picture illustration taken in Zenica, May 28 2015. REUTERS/Dado Ruvic FRANKFURT Bank loans to euro zone companies grew at the fastest pace in 4- 1/2 years last month and a key measure of money circulating, often an indicator of future activity, rose more than expected, the European Central Bank said on Friday. Corporate lending grew by 2.3 percent in December after a revised 2.1 percent increase one month earlier, the data showed. Household lending growth in the 19-member currency bloc accelerated to 2.0 percent from 1.9 percent in November, the biggest gain since mid 2011. The annual growth rate of the M3 measure of money circulating in the euro zone, which has in the past often predicted economic activity, rose 5.0 percent last month from 4.8 percent in November, slightly beating forecasts for 4.9 percent. (Reporting by Andreas Framke; Editing by Francesco Canepa) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-lending-ecb-idUKKBN15B0QE'|'2017-01-27T16:14:00.000+02:00'|786.0|23.0|0.0|'' 787|'359b369eee8a719d3c14fe0abffea1d78f7cf7c6'|'Indirect bidders snap up U.S. 2-year note supply'|'Funds 18pm EST Indirect bidders snap up U.S. 2-year note supply NEW YORK Jan 24 Fund managers, central banks and other indirect bidders purchased their biggest share of U.S. two-year Treasury note supply at an auction in eight months, Treasury data showed. This group of investors bought 48.82 percent of the $26 billion of two-year note offered compared with 32.74 percent at the prior two-year auction held in December and the largest since the two-year note sale in May 2016. (Reporting by Richard Leong, editing by G Crosse) Next In Funds News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/usa-auction-debt-idUSL1N1FE55L'|'2017-01-25T01:18:00.000+02:00'|787.0|''|-1.0|'' 788|'6c3fa96622a06457e3eb11165270d34c86a00a94'|'BRIEF-U.S. Army enlists IBM for $62 million cloud deal'|' 26am EST BRIEF-U.S. Army enlists IBM for $62 million cloud deal Jan 18 International Business Machines Corp : * U.S. Army enlists IBM for $62 million cloud deal * IBM says that U.S. Army has signed a five-year, multi-million dollar contract with IBM * IBM - if army exercises all options, contract would be worth about $62 million over five years Source text for Eikon: UPDATE 2-HSBC to shift some staff to Paris after Brexit in blow to London DAVOS, Switzerland, Jan 18 HSBC became the first major bank to detail plans to move jobs out of London after Brexit, saying it will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris after Britain leaves the EU. Jan 18 Citigroup Inc reported a 7 percent rise in quarterly profit, wrapping up a strong quarter for big U.S. banks, as trading in bonds and currencies surged following the U.S. presidential election. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1F80FF'|'2017-01-18T20:26:00.000+02:00'|788.0|''|-1.0|'' 789|'8086a9ab5a038f6856c9d4de23c7353dc6ce252c'|'H&M monthly sales growth up 6 percent, lagging forecasts'|' 29am GMT H&M monthly sales growth up 6 percent, lagging forecasts People walk past a company logo in the window of a H&M store in Manchester northern England, March 17, 2016. REUTERS/Phil Noble STOCKHOLM Budget fashion retailer H&M ( HMb.ST ) reported on Monday a 6 percent year-on-year increase in local-currency sales in December, the slowest pace since September and lagging expectations. Analysts polled by Reuters had on average forecast an 8 percent increase in the industry''s important Christmas holidays shopping month, which is the first month of the Swedish group''s fiscal first quarter. H&M, the world''s second-largest clothing retailer after Inditex ( ITX.MC ), said that converted into Swedish crowns, sales increased by 10 percent. It did not comment on the figures. In November, its growth was roughly unchanged from October at 9 percent, missing expectations for an acceleration on the back of demand for winter clothes. H&M, which has the bulk of sales in Europe, has in the past year blamed several monthly sales misses on unseasonable weather. Like its rivals, H&M has underperformed Inditex, partly because the Zara owner has a supply chain that enables it to react more quickly to shifts in demand, making it less exposed to variations on weather. H&M will publish its full earnings report for its fiscal year through November on Jan. 31. (Reporting by Anna Ringstrom, editing by Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-h-m-sales-idUKKBN1500ON'|'2017-01-16T14:29:00.000+02:00'|789.0|''|-1.0|'' 790|'39a9dec76685e76323dc7a244ca5238a60c9132e'|'Johnson & Johnson fourth-quarter sales up 1.7 percent, plans to divest diabetes care division'|'Business News - Tue Jan 24, 2017 - 6:53am EST Johnson & Johnson fourth-quarter sales up 1.7 percent, plans to divest diabetes care division The logo of healthcare company Johnson & Johnson is seen in front of an office building in Zug, Switzerland July 20, 2016. REUTERS/Arnd Wiegmann Johnson & Johnson ( JNJ.N ) reported a 1.7 percent rise in fourth-quarter sales, due to a strong demand for its newer products. The diversified healthcare company''s sales rose to $18.11 billion in the fourth quarter from $17.81 billion a year earlier. Net earnings rose to $3.81 billion, or $1.38 per share, from $3.22 billion, or $1.15 per share. The band-aid maker also said on Tuesday that it was looking to divest its diabetes care division. (Reporting by Natalie Grover in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-johnson-johnson-results-idUSKBN1581F8'|'2017-01-24T18:53:00.000+02:00'|790.0|''|-1.0|'' 791|'c2348294c388bc29ff6503a29ed6dff018ddca92'|'Fiat Chrysler pledges to nearly halve net debt in 2017, shares rise'|'MILAN Jan 26 Fiat Chrysler Automobiles (FCA) expects to nearly halve net debt to below 2.5 billion euros ($2.68 billion) this year - more than expected - as the company is in a race against time to prove it can turn cash positive by the end of 2018.The world''s seventh-largest carmaker already cut debt to 4.59 billion euros by the end of December, beating analysts consensus expectations of 4.86 billion euros, according to a Thomson Reuters poll.The company said adjusted earnings before interest and tax (EBIT) and revenues for the October-December period rose 1 percent to 1.55 billion euros and 29.7 billion euros, respectively, a notch below consensus forecasts.Shares in the company rose sharply after the results and the full-year guidance, trading up 4.5 percent at 10.7 euros by 1057 GMT.The carmaker said it expects 2017 adjusted EBIT of more than 7 billion euros, up from 6 billion euros last year, while sales are expected to rise to between 115-120 billion euros.($1 = 0.9333 euros) (Reporting by Agnieszka Flak)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fiatchrysler-results-idINI6N1FA00D'|'2017-01-26T08:02:00.000+02:00'|791.0|''|-1.0|'' 792|'6e3771a6df24b48fd305280ed196d267c48458a9'|'S.Korea prosecutor says Samsung''s Lee paid bribes to Park''s friend'|'Company News - Mon Jan 16, 2017 - 12:28am EST S.Korea prosecutor says Samsung''s Lee paid bribes to Park''s friend SEOUL Jan 16 South Korea''s special prosecutor''s office said on Monday that Samsung Group leader Jay Y. Lee had paid bribes totaling 43 billion won ($36.42 million) to Choi Soon-sil, the friend of President Park Geun-hye at the centre of an escalating corruption scandal. The prosecutor''s office said on Monday it will seek a warrant to arrest Lee on charges of bribery and embezzlement. Lee Kyu-chul, a spokesman for the prosecutor''s office, told journalists that arrest warrants would not be sought for three other Samsung executives questioned during the investigation. ($1 = 1,180.5300 won) (Reporting by Se Young Lee; Writing by Christine Kim; Editing by Simon Cameron-Moore) Next In Company News Morgan Stanley gets regulatory nod to raise China securities JV stake - source HONG KONG, Jan 16 Morgan Stanley the maximum permissible 49 percent, matter said, making it the first '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/southkorea-politics-samsung-group-charge-idUSS6N1CU01K'|'2017-01-16T12:28:00.000+02:00'|792.0|''|-1.0|'' -793|'7edb226dc89e4c498ce291c50c3073e84cf00b61'|'MOVES-Lloyds Bank North America appoints CEO'|'Company 49am EST MOVES-Lloyds Bank North America appoints CEO Jan 12 Lloyds Bank said Andy Schaeffer would replace Mark Grant as chief executive of its North America business, effective Feb. 1. Schaeffer joined Lloyds Bank North America in July 2014 and was made head of North America markets a year later. He has 25 years of experience in the banking industry. Grant, as previously announced, will return to London as CEO designate of the Group''s Non-Ring-Fenced Bank alongside his responsibilities for Lloyds Bank''s operations in Asia, Europe and North America. (Reporting by Laharee Chatterjee in Bengaluru) Next In Company News GLOBAL MARKETS-U.S. stocks slide, dollar drops as Trump optimism wanes NEW YORK, Jan 12 Wall Street stocks fell nearly 1 percent and the U.S. dollar dropped to a five-week low on Thursday after President-elect Donald Trump''s eagerly awaited news briefing the previous day ignored his fiscal policies, which are expected to boost the economy.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lloyds-bank-north-america-moves-andy-sch-idUSL4N1F24QZ'|'2017-01-12T23:49:00.000+02:00'|793.0|''|-1.0|'' +793|'7edb226dc89e4c498ce291c50c3073e84cf00b61'|'MOVES-Lloyds Bank North America appoints CEO'|'Company 49am EST MOVES-Lloyds Bank North America appoints CEO Jan 12 Lloyds Bank said Andy Schaeffer would replace Mark Grant as chief executive of its North America business, effective Feb. 1. Schaeffer joined Lloyds Bank North America in July 2014 and was made head of North America markets a year later. He has 25 years of experience in the banking industry. Grant, as previously announced, will return to London as CEO designate of the Group''s Non-Ring-Fenced Bank alongside his responsibilities for Lloyds Bank''s operations in Asia, Europe and North America. (Reporting by Laharee Chatterjee in Bengaluru) Next In Company News GLOBAL MARKETS-U.S. stocks slide, dollar drops as Trump optimism wanes NEW YORK, Jan 12 Wall Street stocks fell nearly 1 percent and the U.S. dollar dropped to a five-week low on Thursday after President-elect Donald Trump''s eagerly awaited news briefing the previous day ignored his fiscal policies, which are expected to boost the economy.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lloyds-bank-north-america-moves-andy-sch-idUSL4N1F24QZ'|'2017-01-12T23:49:00.000+02:00'|793.0|24.0|0.0|'' 794|'bdb536e7b7d2f848c7d864914f3ddd49b107eec2'|'Thai c.bank has FX buffers to handle volatility - governor'|'Financials 7:11am EST Thai c.bank has FX buffers to handle volatility - governor LONDON Jan 10 Thailand has enough foreign exchange reserves to handle market volatility if it flares up again this year, the head of the country''s central bank said on Tuesday. Emerging market currencies in Asia are being buffeted by a parallel rise in the dollar and a fall in China''s yuan, but Veerathai Santiprabhob said Thailand had the ammunition to cope with any stress. "We have built good buffers to protect us from financial instability," Santiprabhob said at an event hosted by policy think-tank OMFIF. (Reporting by Marc Jones; editing by John Geddie) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/thailand-cenbank-idUSL9N1EE002'|'2017-01-10T19:11:00.000+02:00'|794.0|''|-1.0|'' 795|'6ee1f5740e7b1e3fe3f346a009ebc7b573f8cae3'|'UK''s Southern rail strike next week reduced to three days'|'Industrials - Wed Jan 4, 2017 - 5:16am EST UK''s Southern rail strike next week reduced to three days LONDON Jan 4 Train drivers on Britain''s Southern rail commuter network have cut a planned six-day strike on one of London''s main commuter networks next week to three days, the ASLEF union said on Wednesday. Strikes will now take place on January 10, 11 and 13 after ASLEF reduced the walkout which was due to last from January 9 to 14, the latest action in a long-running dispute over whose role it should be to open and close train doors. Southern train services connect Brighton and Gatwick Airport to London, and are run by GTR, a joint venture owned by London-listed Go-Ahead and France''s Keolis. The network has been hit by months of industrial action, with stoppages by ASLEF and the RMT, which represents conductors, causing Britain''s worst rail disruption for two decades in December. "ASLEF''s move shows pure contempt for the travelling public and it still causes massive disruption over next week," a Southern spokesman said. "These strikes are pointless and they should call the whole thing off and let common sense prevail." (Reporting by Sarah Young; editing by Michael Holden) Next In Industrials'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/britain-railways-strike-idUSL5N1EU1PP'|'2017-01-04T17:16:00.000+02:00'|795.0|8.0|0.0|'' 796|'ce04ea0ad28be91b5bcf16949854740b577b4f40'|'China should stop intervening in forex market and let yuan float - researcher'|'Economic 54am IST China should stop intervening in forex market and let yuan float - researcher FILE PHOTO: Arrangement of various world currencies including Chinese Yuan, US Dollar, Euro, British Pound, shot January 25, 2011. REUTERS/Kacper Pempel/Illustration/File Photo SHANGHAI China should stop intervening in the foreign exchange market, devalue the yuan and let it float freely to restore stability, a senior researcher at a government-backed think tank said. Xiao Lisheng, a finance expert with the Chinese Academy of Social Sciences, made the remarks in an article on Monday in the official China Securities Journal amid a growing debate among the country''s economists on whether authorities should let the closely-managed currency trade more freely. The yuan lost 6.6 percent against the dollar last year, the biggest annual loss since 1994. "The more the government delays the release of depreciation pressure, the greater the impact and destructive power of the release of depreciation pressure will be," Xiao wrote. The authorities should "let the yuan exchange rate have a one-off adjustment to realize a free float" of the currency, he said. The yuan is allowed to trade in a band of 2 percent on either side of a daily reference rate managed by the central bank. Authorities have said repeatedly there was no basis for continued depreciation of the unit, but many currency strategists predict a further weakening this year if the U.S. dollar remains strong, spurring further capital outflows from China. Xiao said the current mid-point formation mechanism, adopted in 2015, is still immature and in transition, although it has eased depreciation pressure and curbed sharp declines in the country''s foreign exchange reserves. "But any foreign exchange rate mechanism without a free float cannot fundamentally reach a market clearing (price)," he wrote. The mechanism for setting the daily reference rate was adopted after a one-off devaluation of the yuan in August 2015. It is opaque, but factors in the closing price from a day earlier and the movements of various other currencies. Yu Yongding, a former central bank adviser, has also advocated that China stop intervening to help preserve its dwindling foreign exchange reserves, and suggested the central bank set a "bottom line" of 25 percent for the yuan to depreciate. China''s foreign exchange reserves fell to near six-year lows in December, but held just above the critical $3 trillion level, as authorities stepped in to support the weakening yuan ahead of U.S. President-elect Donald Trump''s inauguration. For 2016 as a whole, China''s reserves fell nearly $320 billion to $3.011 trillion, on top of a record drop of $513 billion in 2015. (Reporting by Winni Zhou and John Ruwitch; Editing by Kim Coghill) Next In Economic News Davos elites struggle for answers as Trump era dawns DAVOS, Switzerland The global economy is in better shape than it''s been in years. Stock markets are booming, oil prices are on the rise again and the risks of a rapid economic slowdown in China, a major source of concern a year ago, have eased. RBI employees urge governor to protect autonomy MUMBAI The employee union of the Reserve Bank of India (RBI) has urged the bank''s governor to protect central bank autonomy and not allow the federal government to interfere in processes following criticism over how it handled a ban on high-value currency. GANDHINAGAR, India Business leaders from around the world attending an investment summit in the Gujarat this week cheered Prime Minister Narendra Modi''s reforms, and said the disruption caused by his radical demonetisation move should be temporary. MORE FROM REUTERS From Around the Web Promoted by Taboola Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-yuan-depreciation-idINKBN1500EC'|'2017-01-16T12:24:00.000+02:00'|796.0|''|-1.0|'' @@ -800,7 +800,7 @@ 798|'3f6766297252b59317b494cede2faf0a92beac48'|'Macy''s cuts 2016 adjusted profit forecast as holiday sales weigh'|'Business 5:00pm EST Macy''s cuts 2016 adjusted profit forecast as holiday sales weigh A sign marks the Macy''s store in downtown Boston, Massachusetts, U.S., May 10, 2016. REUTERS/Brian Snyder Macy''s Inc ( M.N ), the biggest U.S. department store operator, cut its 2016 adjusted profit forecast, largely due to weak holiday season sales. The company''s shares were down 8.9 percent at $32.63 in extended trading on Wednesday. Macy''s cut its adjusted profit forecast for the year ending Jan. 30 to $2.95-$3.10 per share from $3.15-$3.40 per share it previously expected. The company said its comparable sales on an owned plus licensed basis fell 2.1 percent in November and December. On an owned basis, comparable sales fell 2.7 percent during the period. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News U.S. December auto sales on pace for record high, led by GM DETROIT Sales of new cars and trucks in the United States likely set new records for December and the full year, automakers said on Wednesday, and investors bid up shares in the sector as strong consumer confidence and stable fuel prices bolstered the industry''s outlook.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-macy-s-outlook-idUSKBN14O28R'|'2017-01-05T04:58:00.000+02:00'|798.0|''|-1.0|'' 799|'ee3930f60b56ace22e50ebfb763d5ffeb5c9b7ea'|'Brussels and London form "fintech bridge"'|'Technology News 05pm EST Brussels and London form ''fintech bridge'' By Jemima Kelly - LONDON LONDON A delegation from Belgium''s financial technology sector came to London with its finance minister this week to set up a "fintech bridge" with the British capital that will enable cooperation on the burgeoning sector. "B-Hive", the part-government-owned platform set up to facilitate innovation between Belgium''s fintech sector and the traditional financial and technology sectors, has signed a memorandum of understanding (MoU) with Innovate Finance, the trade body for Britain''s fintech sector, it said on Wednesday. The initiative follows similar "fintech bridges" Britain has signed with Australia, Singapore and South Korea. Belgian Finance Minister Johan Van Overtveldt told Reuters that the project had come about as a result of a working group that he had set up when he took up his post two years ago, and that he saw London-based Innovate Finance as a role model for B-Hive. Britain''s vote to leave the European Union last year raised some worries that start-ups will relocate. Financial firms rely on the EU''s "passporting" system, which allows them to sell their services across the bloc while being registered and regulated just in Britain, thus saving huge amounts of money by not having to set up shop in each member state. But Van Overtveldt said his intention in coming to London was not to lure talent away from the fintech sector, and that London would remain the main center for finance and fintech in Europe. "London is the financial sector of Europe theres a lot of infrastructure..., there''s a huge talent pool that is there, there''s the capital availability that is there, so of course even with Brexit, that wont go away just like that. Its an important change but we should not underestimate the resilience of London as a financial (and fintech) center." In 2015 Britain''s fintech sector, whose ranges from app-based payment services to crowdfunding and peer-to-peer lending firms, employed over 60,000 people and generated 6.6 billion pounds ($8 billion) in revenue, according to the Treasury. (Reporting by Jemima Kelly; editing by Mark Heinrich) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-belgium-britain-fintech-idUSKBN14V2AG'|'2017-01-12T01:02:00.000+02:00'|799.0|''|-1.0|'' 800|'e8693ab36c7b0a131b7ba146554bfa33971a26b9'|'India to cut stake in general insurers to 75 percent - finance minister'|'INWire 6:24pm IST India to cut stake in general insurers to 75 percent - Jaitley Finance Minister Arun Jaitley gestures during the session ''India''s Next Decade'' in the Swiss mountain resort of Davos January 23, 2015. REUTERS/Ruben Sprich/Files NEW DELHI India''s cabinet on Wednesday approved a plan to reduce its stake in five state-run general insurance companies to 75 percent from 100 percent, Finance Minister Arun Jaitley told reporters. Jaitley had announced in last year''s budget the government would list the general insurance companies to improve transparency and accountability. (Reporting by Rajesh Kumar Singh; Writing by Tommy Wilkes; Editing by Sanjeev Miglani) Next In INWire'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-cabinet-insurers-stake-idINKBN1521Q1'|'2017-01-18T16:22:00.000+02:00'|800.0|''|-1.0|'' -801|'abcc95ee8deffe5df5c01c6c49e7358506022a0f'|'Polish stock exchange appoints Rafal Antczak as new CEO'|'Financials 37am EST Polish stock exchange appoints Rafal Antczak as new CEO WARSAW Jan 4 Shareholders of Poland''s state-run stock exchange dismissed on Wednesday the bourse''s Chief Executive Officer Malgorzata Zaleska and appointed economist Rafal Antczak as the new head. Zaleska was appointed at the start of 2016 as part of a wider management reshuffle in state-controlled firms following parliamentary election in October 2015 won by the conservative Law and Justice party (PiS). But the dismissal of PiS treasury minister Dawid Jackiewicz in September, who had been criticised by some PiS politicians for appointing his colleagues as executives and managers in the companies, triggered another wave of personnel changes. The bourse faces challenges attracting new issuers and raising capitalisation after the government''s plans to cut dividends and increase tax revenues from state-run firms added to the impact of a 2013 pension system overhaul which hit pension funds. Polish government has a 51.76-percent stake in the exchange, which is vulnerable to government decisions as more than half of the 20 blue chips listed in Warsaw, mostly utilities and banks, also have the state among their shareholders. (Reporting by Anna Koper; Writing Agnieszka Barteczko; Editing by Lidia Kelly) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bourse-poland-idUSW8N1E3000'|'2017-01-04T17:37:00.000+02:00'|801.0|''|-1.0|'' +801|'abcc95ee8deffe5df5c01c6c49e7358506022a0f'|'Polish stock exchange appoints Rafal Antczak as new CEO'|'Financials 37am EST Polish stock exchange appoints Rafal Antczak as new CEO WARSAW Jan 4 Shareholders of Poland''s state-run stock exchange dismissed on Wednesday the bourse''s Chief Executive Officer Malgorzata Zaleska and appointed economist Rafal Antczak as the new head. Zaleska was appointed at the start of 2016 as part of a wider management reshuffle in state-controlled firms following parliamentary election in October 2015 won by the conservative Law and Justice party (PiS). But the dismissal of PiS treasury minister Dawid Jackiewicz in September, who had been criticised by some PiS politicians for appointing his colleagues as executives and managers in the companies, triggered another wave of personnel changes. The bourse faces challenges attracting new issuers and raising capitalisation after the government''s plans to cut dividends and increase tax revenues from state-run firms added to the impact of a 2013 pension system overhaul which hit pension funds. Polish government has a 51.76-percent stake in the exchange, which is vulnerable to government decisions as more than half of the 20 blue chips listed in Warsaw, mostly utilities and banks, also have the state among their shareholders. (Reporting by Anna Koper; Writing Agnieszka Barteczko; Editing by Lidia Kelly) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/bourse-poland-idUSW8N1E3000'|'2017-01-04T17:37:00.000+02:00'|801.0|17.0|0.0|'' 802|'a33d153f6788cf155044acf47e46552da3ca5632'|'Intesa Sanpaolo board won''t discuss Generali on Friday: CEO'|'Deals - Thu Jan 26, 2017 - 12:18pm EST Intesa Sanpaolo board won''t discuss Generali on Friday: CEO The Intesa Sanpaolo logo is seen in Milan, Italy, in this January 18, 2016 file photo. REUTERS/Stefano Rellandini TURIN, Italy Intesa Sanpaolo ( ISP.MI ) will not discuss a possible tie-up with the country''s largest insurer Assicurazioni Generali ( GASI.MI ) at a board meeting on Friday, the Italian bank''s Chief Executive Carlo Messina said on Thursday. "Absolutely not," Messina said when asked if the board would talk about Generali. Intesa said on Tuesday it was examining potential "industrial combinations" with Generali, following a report that it was studying a possible takeover bid. (Reporting by Gianni Montani; writing by Francesca Landini, editing by Valentina Za) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/news/deals'|'http://www.reuters.com/article/us-generali-m-a-intesasp-board-idUSKBN15A2E3'|'2017-01-27T00:18:00.000+02:00'|802.0|''|-1.0|'' 803|'e07acd5fe9e4c874ebb5944000ab7b14a3d16594'|'Italy regulator may consider Vivendi takeover of Mediaset invalid: report'|'MILAN A potential takeover offer for Italian broadcaster Mediaset ( MS.MI ) by France''s Vivendi ( VIV.PA ) would not be "judicially acceptable" for Italian communications authority AGCOM, daily la Repubblica reported on Tuesday, without citing sources.Vivendi is now the second largest shareholder of the Milan-based TV group, with a stake of 28.8 percent, while also being the top shareholder in phone incumbent Telecom Italia ( TLIT.MI ), with a 24.9 percent share.Italy''s anti-trust regulations prevent companies from having an excessive share in both the domestic telecommunications and media markets.In preliminary investigations by AGCOM, four commissioners have agreed in considering the possible move by Vivendi "invalid" but would communicate the decision to Italy''s market watchdog only if the French media group decides to make a bid for Mediaset, the daily reported.Both Mediaset and Vivendi will have to present AGCOM with all required documentation for the investigation by Jan. 21, it added.AGCOM opened an investigation into Vivendi''s stake-building into Mediaset in late December, after the Italian broadcaster made a complaint.(Reporting by Giulia Segreti; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mediaset-vivendi-agcom-idINKBN1510LQ'|'2017-01-17T04:21:00.000+02:00'|803.0|''|-1.0|'' 804|'2575e5f5e50d91ef5f23dcad6d424fb06e814267'|'CANADA STOCKS-Futures lower as oil prices slip'|' 43am EST CANADA STOCKS-Futures lower as oil prices slip Jan 16 Stock futures pointed to a lower opening for Canada''s main stock index on Monday as oil prices slipped, pressured by doubts that large oil producers will reduce production. March futures on the S&P TSX index were down 0.33 percent at 7:15 a.m. ET (1215 GMT). Canada''s main stock index rose on Friday as higher bond yields and solid U.S. bank earnings helped boost the index''s heavyweight financials sector. Dow Jones Industrial Average e-mini futures were down 0.22 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.23 percent and Nasdaq 100 e-mini futures were down 0.26 percent. (Morning News Call newsletter link.reuters.com/nex49s ; The Day Ahead newsletter link.reuters.com/mex49s ) TOP STORIES Privately held Canadian carrier Porter Airlines said flights had resumed after a system outage grounded its fleet earlier on Saturday. COMMODITIES Gold futures : $1,203.3 per ounce; +0.59 pct US crude : $52.5 per barrel; -0.23 pct Brent crude : $55.32 ; -0.23 pct LME 3-month copper : $5,885.00 per tonne; -0.41 pct ANALYST RESEARCH HIGHLIGHTS Hudbay Minerals Inc : NBF raises to "outperform" from "sector perform" Sun Life Financial Inc : Canaccord Genuity raises to "buy" from "hold" FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.31) (Reporting by Pradip Kakoti in Bengaluru; Editing by James Dalgleish) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1F60F0'|'2017-01-16T19:43:00.000+02:00'|804.0|''|-1.0|'' @@ -825,7 +825,7 @@ 823|'2dda1a0e9b0584f5f81390c9f1f5101a4d059329'|'Brazil court allows Petrobras to sell Sergipe, Cear offshore fields'|'Commodities 34pm EST Brazil court allows Petrobras to sell Sergipe, Cear offshore fields Gasoline prices are displayed at a Brazilian Oil Company Petrobras gas station in Rio de Janeiro, Brazil, February 6, 2016. REUTERS/Ricardo Moraes SAO PAULO A Brazilian court has ruled that state-controlled oil company Petrleo Brasileiro SA can continue a process to sell several offshore oil fields in the country''s northeastern region. In securities filing on Monday, Petrobras said the Federal Regional Tribunal of the Fifth Region''s decision allows the company to proceed with the sale of fields in the states of Cear and Sergipe, although a final decision lies on a federal auditing court. The auditing court known as TCU suspended on Dec. 7 part of Petrobras'' asset sale program to improve transparency in the process. (Reporting by Guillermo Parra-Bernal; Editing by Meredith Mazzilli) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-petrobras-divestiture-idUSKBN1572QM'|'2017-01-24T04:20:00.000+02:00'|823.0|''|-1.0|'' 824|'6b30d71add2f5e5d15835de543e547602b6dc009'|'Nikkei rises as weaker yen helps lift mood; Yellen speech awaited'|'TOKYO Jan 18 Japanese stocks rose on Wednesday after recovering from five-week lows as the yen weakened against the dollar and helped restore investor sentiment.The Nikkei share average rose 0.4 percent to 18,894.37, crawling back from its intraday low of 18,650.33 hit in the morning, its weakest level since Dec. 8.The broader Topix gained 0.3 percent to 1,513.86 and the JPX-Nikkei Index 400 added 0.4 percent to 13,563.75.The dollar added 0.6 percent to 113.32 yen, after hitting a seven-week low of 112.57 yen.Investors are awaiting Federal Reserve Chair Janet Yellen''s speech on monetary policy for any hints on the outlook for rates and the economy. (Reporting by Ayai Tomisawa; Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL4N1F82F2'|'2017-01-18T03:16:00.000+02:00'|824.0|''|-1.0|'' 825|'2393fee3f83227524577e4a72ca4600dfd1b9ec1'|'Brazil''s Samarco requests extension for dam disaster guarantee'|'Environment 36pm EST Brazil''s Samarco requests extension for dam disaster guarantee A cupboard is pictured in debris in Bento Rodrigues district, which was covered with mud after a dam owned by Vale SA and BHP Billiton Ltd burst, in Mariana, Brazil, November 10, 2015. REUTERS/Ricardo Moraes BRASILIA Brazilian miner Samarco and its shareholders Vale SA and BHP Billiton have requested to extend until Jan. 19 a deadline to pay 1.2 billion reais ($375.39 million) in guarantees related to the collapse of a tailings dam in 2015, Vale said in a statement on Monday. The payment was meant to be made to a court in Minas Gerais state by Monday. ($1 = 3.1967 reais) (Reporting by Stephen Eisenhammer; editing by Diane Craft) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-samarco-vale-sa-guarantee-idUSKBN14T2DD'|'2017-01-10T04:31:00.000+02:00'|825.0|''|-1.0|'' -826|'beaabd1c8b314fbd84d2f115a8c41a4786daa03f'|'Oil prices firm on U.S. crude inventory fall, record car sales'|' 39am GMT Oil prices firm on U.S. crude inventory fall, record car sales An employee holds a gas pump at a petrol station in Sao Paulo, Brazil, November 8, 2016. REUTERS/Paulo Whitaker By Henning Gloystein - SINGAPORE SINGAPORE Oil prices were firm on Thursday, buoyed by data showing a fall in U.S. crude inventories and by record car sales in the United States. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $53.26 per barrel at 0024 GMT, unchanged from their settlement on Wednesday, when prices rose around 2 percent. International Brent crude oil futures were yet to trade. Traders said that WTI had been lifted by a report by the American Petroleum Institute (API) stating that U.S. crude inventories fell 7.4 million barrels in the week ended Dec. 30 to 482.7 million, compared with analyst expectations for a decrease of 2.2 million barrels. "We expect Asia to trade on the positive-side today, supported by the API number," said Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore. Prices were also lifted by U.S. car and truck sales, which were up 3.1 percent in December from the same month last year, and hit a record 17.55 million overall in 2016. A fall in the dollar away from a 14-year peak hit earlier this week also supported Brent futures, traders said, as a cheaper greenback makes dollar-traded fuel purchases cheaper for countries using other currencies at home. Swings in the dollar also impact crude as financial speculators weigh the differing profit potentials of foreign exchange and commodity futures. (Reporting by Henning Gloystein; Editing by Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN14P02C'|'2017-01-05T07:38:00.000+02:00'|826.0|''|-1.0|'' +826|'beaabd1c8b314fbd84d2f115a8c41a4786daa03f'|'Oil prices firm on U.S. crude inventory fall, record car sales'|' 39am GMT Oil prices firm on U.S. crude inventory fall, record car sales An employee holds a gas pump at a petrol station in Sao Paulo, Brazil, November 8, 2016. REUTERS/Paulo Whitaker By Henning Gloystein - SINGAPORE SINGAPORE Oil prices were firm on Thursday, buoyed by data showing a fall in U.S. crude inventories and by record car sales in the United States. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $53.26 per barrel at 0024 GMT, unchanged from their settlement on Wednesday, when prices rose around 2 percent. International Brent crude oil futures were yet to trade. Traders said that WTI had been lifted by a report by the American Petroleum Institute (API) stating that U.S. crude inventories fell 7.4 million barrels in the week ended Dec. 30 to 482.7 million, compared with analyst expectations for a decrease of 2.2 million barrels. "We expect Asia to trade on the positive-side today, supported by the API number," said Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore. Prices were also lifted by U.S. car and truck sales, which were up 3.1 percent in December from the same month last year, and hit a record 17.55 million overall in 2016. A fall in the dollar away from a 14-year peak hit earlier this week also supported Brent futures, traders said, as a cheaper greenback makes dollar-traded fuel purchases cheaper for countries using other currencies at home. Swings in the dollar also impact crude as financial speculators weigh the differing profit potentials of foreign exchange and commodity futures. (Reporting by Henning Gloystein; Editing by Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN14P02C'|'2017-01-05T07:38:00.000+02:00'|826.0|19.0|0.0|'' 827|'fec17336166cd01dc0eb43f805581bcdfb0ecfdf'|'RPT-Pipeline opponents face high legal hurdles challenging Trump'|'(Repeats story published Tuesday with no changes)By Joseph AxNEW YORK Jan 25 Opponents of two controversial oil pipelines face a long and difficult legal path if the U.S. government approves their construction, experts said after the Trump administration issued orders on Tuesday intended to advance the Keystone XL and Dakota Access projects.U.S. President Donald Trump issued a pair of memoranda to several agencies paving the way to revive Keystone XL, which would bring oil from Canada, and Dakota Access, a nearly completed pipeline which had sought to build under a lake near a Native American reservation in North Dakota. Both projects stalled under former President Barack Obama."Presidents are by and large entitled to take their agencies in a different direction and serve their policy goals," said Wayne D''Angelo, an energy and environmental lawyer with Kelley Drye & Warren in Washington.Nevertheless, several groups immediately said they would challenge in court any attempt to resume the projects, which have become hot-button political issues at the intersection of environmentalism, Native American tribal rights and energy needs.The two pipelines could present different legal obstacles for environmentalists and other groups intent on halting them.As a cross-border project, the $8 billion Keystone XL requires a presidential permit to proceed. Obama denied such a permit to pipeline operator TransCanada Corp in 2015, arguing it would undermine the United States'' ability to act as a world leader on climate change policy.Trump''s Keystone order on Wednesday invited TransCanada to re-apply.Presidential authority to grant such permits is generally accepted by the courts, said James Rubin, an energy and environmental attorney at Dorsey & Whitney in Washington.Even with presidential approval, TransCanada would need permits from other government agencies, including the U.S. Department of the Interior and the U.S. Army Corps of Engineers, to navigate federal waters and lands. Any of those permits could be legally challenged by opponents as improperly issued.But courts would not review whether the government''s decisions were correct. Instead, they would consider whether the conclusions were "arbitrary and capricious" or inconsistent with the evidence before the agencies."If the agency issuing the permit has taken all the right steps and made a reasonable determination, it''s hard to overturn them," Rubin said. "The court can''t tell an agency what to do. It can only make sure that it did it right. It''s a review of the process, not the substance."In the case of the 1,179-mile (1,900-km) Keystone XL pipeline, the U.S. government previously completed an environmental impact statement that concluded the pipeline would have no significant effect on climate change, making it more difficult for a legal challenge to succeed, D''Angelo said.Energy Transfer Partners LP''s Dakota project, meanwhile, was halted in December when the Army Corps denied an easement to tunnel under a section of the Missouri River after weeks of protests by the Standing Rock Sioux tribe and its supporters.Trump''s Dakota order on Tuesday did not instruct the corps to change its position. But the president ordered the agency to consider "whether to rescind or modify" its December determination.If the corps abruptly reverses its decision, opponents could argue the agency had no justification for changing course in the absence of any new evidence. Earthjustice, the nonprofit that has led legal challenges to the Dakota project, said it would fight any attempt by the corps to step back from its December decision."If the corps issues the easement, it will violate its own prior findings, and we will likely seek court review of that decision," the group said in a statement.But D''Angelo pointed out that the corps'' December decision was itself a reversal of one in July granting the easement before the protests became widespread. Courts have traditionally taken into account that new presidential administrations may bring different priorities to executive agencies."I don''t know anyone in the world that believes that the late-breaking changes on those projects were anything but political," he said.The Standing Rock Sioux are also suing the government for not consulting with the tribe before approving the route. Last year, a judge denied the tribe''s request for an injunction stopping the work, a signal the judge did not view its claim as likely to succeed.(Reporting by Joseph Ax; Editing by Anthony Lin and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-pipeline-legal-idINL1N1FF014'|'2017-01-25T09:00:00.000+02:00'|827.0|''|-1.0|'' 828|'3ae8da64bc9d648ee9745698d1f981428ce58bc7'|'Russian security service says hackers attacked major banks in 2016 - Ifax'|'Money News - Fri Jan 27, 2017 - 4:03pm IST Russian security service says hackers attacked major banks in 2016 - Ifax left right General view shows the logo on a building of Alfa bank in Minsk, Belarus November 15, 2016. REUTERS/Vasily Fedosenko 1/2 left right A view shows a board advertising Rosbank on the roof in a building in Moscow, Russia, July 4, 2016. Reuters/Maxim Zmeyev/Files 2/2 MOSCOW Russia''s major commercial banks came under cyber attacks in November last year, the country''s Federal Security Service said on Friday, Interfax news agency reported. Lenders such as Sberbank, Rosbank, Alfa Bank, Bank of Moscow, as well as the Moscow Exchange and other institutions were the targets of "a massive attack" from hackers between Nov. 8 and Nov. 14, deputy head of the Security Service Dmitry Shalkov said. "Analysis shows that the number of information attacks at Russian official information resources is on the rise. There were 70 million (such attacks) in 2016," Shalkov said, adding it was a threefold increase from a year earlier. The attacks were countered by banks'' cybersecurity services in coordinations with the Security Service, he said. (Reporting by Andrey Ostroukh; editing by Polina Devitt) Next In Money News FACTBOX: Measures expected from the annual budget that could impact markets MUMBAI Investors in India are bracing for higher taxes and less incentives from the government''s annual budget to be unveiled on Feb. 1 as the focus shifts to wringing out revenues to finance giveaways and higher public investments to support the economy.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/russia-banks-cyberattacks-idINKBN15B0WV'|'2017-01-27T17:33:00.000+02:00'|828.0|''|-1.0|'' 829|'0fb3c29cdecec48ee2686d00a72aa2f7d53ba91d'|'TABLE- Top 20 selling vehicles in U.S. in December'|'Jan 4 The following are the 20 top-selling vehicles in the U.S. in December as reported by the automakers and ranked by total units. Top 20 selling vehicles in U.S. in December RANK VEHICLE Dec-16 Dec-15 PCT CHNG 1 Ford F-Series P/U 87,512 85,211 +2.7 2 Chevy Silverado-C/K P/U 54,272 62,992 -13.8 3 Ram P/U 47,556 41,398 +14.9 4 Nissan Rogue 40,477 26,479 +52.9 5 Honda CR-V 37,778 31,185 +21.1 6 Toyota RAV4 37,214 31,866 +16.8 7 Honda Accord 33,873 35,056 -3.4 8 Toyota Camry 33,412 37,299 -10.4 9 Honda Civic 31,482 32,796 -4.0 10 Toyota Corolla 31,209 33,692 -7.4 11 Chevrolet Equinox 27,195 21,827 +24.6 12 Ford Escape 25,788 27,954 -7.7 13 Toyota Highlander 25,425 16,100 +57.9 14 Nissan Altima 24,763 29,462 -15.9 15 GMC Sierra P/U 23,290 27,438 -15.1 16 Jeep Grand Cherokee 23,250 20,566 +13.1 17 Chevrolet Malibu 22,764 12,155 +87.3 18 Hyundai Elantra 19,556 14,242 +37.3 19 Ford Fusion 19,132 25,576 -25.2 20 Ford Explorer 19,030 18,892 +0.7 Top 20 selling vehicles in U.S. through December RANK VEHICLE YTD 2016 YTD 2015 PCT CHNG 1 Ford F-Series P/U 820,799 780,354 +5.2 2 Chevy Silverado-C/K P/U 574,876 600,544 -4.3 3 Ram P/U 489,418 450,122 +8.7 4 Toyota Camry 388,618 429,355 -9.5 5 Toyota Corolla 378,210 368,431 +2.7 6 Honda Civic 366,927 335,384 +9.4 7 Honda CR-V 357,335 345,647 +3.4 8 Toyota RAV4 352,154 315,412 +11.6 9 Honda Accord 345,225 355,557 -2.9 10 Nissan Rogue 329,904 287,190 +14.9 11 Nissan Altima 307,380 333,398 -7.8 12 Ford Escape 307,069 306,492 +0.2 13 Ford Fusion 265,840 300,170 -11.4 14 Chevrolet Equinox 242,195 277,589 -12.8 15 Chevrolet Malibu 227,881 194,854 +16.9 16 GMC Sierra P/U 221,680 224,139 -1.1 17 Ford Explorer 216,294 224,309 -3.6 18 Nissan Sentra 214,709 203,509 +5.5 19 Jeep Grand Cherokee 212,273 196,312 +8.1 20 Hyundai Elantra 208,319 241,706 -13.8 (Compiled by Bengaluru Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autosalesusa-top-idINL4N1EU3Z5'|'2017-01-04T16:47:00.000+02:00'|829.0|''|-1.0|'' @@ -840,7 +840,7 @@ 838|'43bd53fc468680d246f3bcfefbacc1169b388554'|'BRIEF-Perrigo Company Plc files for non-timely 10-Q'|' 57pm EST BRIEF-Perrigo Company Plc files for non-timely 10-Q Feb 27 Perrigo Company Plc * Perrigo Company Plc files for non-timely 10-Q * Files for non-timely 10-Q - SEC Filing * Perrigo Company Plc - Is in the process of identifying certain deferred tax assets and other related effects at Omega Pharma Invest N.V. * Perrigo Company Plc - Company has not completed its calculation of the implied fair value of the Tysabri asset * Perrigo Company says it has not completed its calculation of the implied fair value of the Tysabri asset * Perrigo Company says its independent auditors also are evaluating the historical revenue recognition practices associated with Tysabri Source text: [ bit.ly/2l5YXlq ] '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-perrigo-company-plc-files-for-non-idUSFWN1GC140'|'2017-02-28T04:57:00.000+02:00'|838.0|''|-1.0|'' 839|'a6f483665ab5549d542d64e92e8813b1498d016f'|'Twitter reports slowest quarterly revenue growth'|'Business News - 12pm GMT Twitter reports slowest quarterly revenue growth The Twitter logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2016. REUTERS/Brendan McDermid/File Photo Twitter Inc reported its slowest quarterly revenue growth since going public, as the company continues to grapple with intense competition from newer services such as Snap Inc''s Snapchat and Facebook''s Instagram. Twitter''s net loss widened to $167.1 million, or 23 cents per share, in the fourth quarter ended Dec. 31, from $90.24 million, or 13 cents per share, a year earlier. Restructuring charges in the latest quarter ballooned to $101.2 million from $12.9 million a year earlier. Revenue rose 1 percent to $717 million. Twitter was abuzz with takeover chatter last year involving big names such as Salesforce.com Inc and Walt Disney Co. The rumours died down due to the lack of concrete offers. Twitter said in October it would cut 9 percent of its global workforce as part of a broader restructuring. (Reporting by Aishwarya Venugopal and Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-twitter-results-idUKKBN15O1F8'|'2017-02-09T19:13:00.000+02:00'|839.0|''|-1.0|'' 840|'750e99fb094544f19cf9d9f21dc8105b3274d57d'|'EU parliament says governments delayed new rules on car emissions'|'Business News - Tue Feb 28, 2017 - 11:28am EST EU parliament says governments delayed new rules on car emissions The exhaust system of a Volkswagen Passat TDI diesel car is seen in Esquibien, France, September 23, 2015. REUTERS/Mal Langsdon By Julia Fioretti and Waverly Colville - BRUSSELS BRUSSELS European governments delayed stricter car engine emissions tests by six years and did not do enough to uncover cheating by car manufacturers, a European Parliament report into the dieselgate scandal said on Tuesday. The investigation into Volkswagen''s ( VOWG_p.DE ) emissions test cheating also blamed the European Commission for failing to scrutinize governments'' legal obligation to enforce a ban on so-called defeat devices, which can scale back car exhaust pollution under certain driving conditions. "We now have a crystal-clear understanding of the failures in the oversight of the car industry that made dieselgate possible: the fraud could have been prevented," said Gerben-Jan Gerbrandy, a Dutch lawmaker who helped draft the report. It called for a drastic strengthening of market surveillance to break the cosy relationship between regulators who test emissions and car manufacturers, including new EU-level tests that could lead to fines. Lawmakers said delays to the introduction of more realistic emissions tests came about due to politicians caving in to lobbying from the car industry and seeking to avoid burdening manufacturers after the 2008 financial crisis. The non-binding report named France, Hungary, Italy, Slovakia, Spain and Romania as the main culprits blocking the adoption of more realistic emissions testing on roads, leading to a six-year delay. VW admitted in September 2015 to using defeat devices to confound nitrogen oxide (NOx) tests in the United States, prompting several European governments to launch their own investigations. They revealed that actual NOx emissions by cars on the road were as much as 15 times above regulatory limits and the use of defeat devices was widespread. More than 70,000 Europeans die prematurely each year from high levels of nitrogen dioxide pollution in cities, according to the European Environment Agency. In a bid to prevent a repeat of the VW scandal, the European Commission has proposed an overhaul of rules on how vehicles are licensed and tested throughout the bloc. A draft bill which would bolster EU oversight won the backing of the European Parliament''s internal market committee this month. But it still faces a tough battle to be approved by member states. EU Industry Commissioner Elzbieta Bienkowska has accused governments of obstructing the bloc''s efforts to rein in what it sees as wayward behavior by the car industry. Julia Poliscanova at campaign group Transport and Environment said the report had rightly pointed the finger at national regulators. "At the heart of the dieselgate scandal in Europe lies a testing system that is shrouded in secrecy and cronyism," she said. (Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-europe-idUSKBN167208'|'2017-02-28T23:28:00.000+02:00'|840.0|''|-1.0|'' -841|'3389de8af6561c9dc16552b2016d3f3bed64c131'|'Washington state pipeline disruption jury fails to reach verdict'|'U.S. 26pm EST Washington state pipeline disruption jury fails to reach verdict Marla Marcum reads from the Gospel and offers prayers before activists Ken Ward (C) and Jay O''Hara blockade a 40,000 ton shipment of coal at the Brayton Point power station with their lobster boat named the ''''Henry David T'''' in Newport, Rhode Island, U.S. on May 15, 2013 in... REUTERS A jury weighing charges against an activist behind a coordinated protest that disrupted the flow of millions of barrels of crude oil into the United States failed to reach a verdict in a case in Washington state, prosecutors said on Wednesday. Ken Ward did not dispute that he shut down a valve on Kinder Morgan Inc''s Trans Mountain Pipeline near Burlington, Washington, but a jury could not agree on a verdict for his charges of trespassing, burglary and sabotage. "I am surprised and hugely pleased," Ward said by phone on Wednesday afternoon. Skagit County Prosecutor Rich Weyrich said by email that his office has the ability to retry Ward and planned to make that decision shortly. Ward''s trial was the first in a series of proceedings that activists hope will serve as a referendum on climate change. Ward, 60, maintained that his actions are necessary in the face of the government''s failure to address global warming. Ward was arrested in October when he and other activists in four states cut padlocks and chains and entered remote flow stations to turn off valves to try to stop crude from moving through lines that carry as much as 15 percent of daily U.S. oil consumption. Officials, pipeline companies and experts said the protesters could have caused environmental damage themselves by shutting down the lines. Supporters called Ward''s trial an "all hands on deck moment" for the climate change movement, which has also spawned protests of the Dakota Access and Keystone XL pipeline. Last week U.S. President Donald Trump signed orders smoothing the path for those pipelines in an effort to expand energy infrastructure. Native Americans and activists protesting the Dakota Access Pipeline project expressed alarm on Wednesday after federal lawmakers from North Dakota said the final permit had been granted for the project, a statement later contradicted by the U.S. Army, which issues such permits. (Reporting by Curtis Skinner in San Francisco; Editing by Bill Rigby) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-washington-pipeline-trial-idUSKBN15G5WC'|'2017-02-02T06:18:00.000+02:00'|841.0|''|-1.0|'' +841|'3389de8af6561c9dc16552b2016d3f3bed64c131'|'Washington state pipeline disruption jury fails to reach verdict'|'U.S. 26pm EST Washington state pipeline disruption jury fails to reach verdict Marla Marcum reads from the Gospel and offers prayers before activists Ken Ward (C) and Jay O''Hara blockade a 40,000 ton shipment of coal at the Brayton Point power station with their lobster boat named the ''''Henry David T'''' in Newport, Rhode Island, U.S. on May 15, 2013 in... REUTERS A jury weighing charges against an activist behind a coordinated protest that disrupted the flow of millions of barrels of crude oil into the United States failed to reach a verdict in a case in Washington state, prosecutors said on Wednesday. Ken Ward did not dispute that he shut down a valve on Kinder Morgan Inc''s Trans Mountain Pipeline near Burlington, Washington, but a jury could not agree on a verdict for his charges of trespassing, burglary and sabotage. "I am surprised and hugely pleased," Ward said by phone on Wednesday afternoon. Skagit County Prosecutor Rich Weyrich said by email that his office has the ability to retry Ward and planned to make that decision shortly. Ward''s trial was the first in a series of proceedings that activists hope will serve as a referendum on climate change. Ward, 60, maintained that his actions are necessary in the face of the government''s failure to address global warming. Ward was arrested in October when he and other activists in four states cut padlocks and chains and entered remote flow stations to turn off valves to try to stop crude from moving through lines that carry as much as 15 percent of daily U.S. oil consumption. Officials, pipeline companies and experts said the protesters could have caused environmental damage themselves by shutting down the lines. Supporters called Ward''s trial an "all hands on deck moment" for the climate change movement, which has also spawned protests of the Dakota Access and Keystone XL pipeline. Last week U.S. President Donald Trump signed orders smoothing the path for those pipelines in an effort to expand energy infrastructure. Native Americans and activists protesting the Dakota Access Pipeline project expressed alarm on Wednesday after federal lawmakers from North Dakota said the final permit had been granted for the project, a statement later contradicted by the U.S. Army, which issues such permits. (Reporting by Curtis Skinner in San Francisco; Editing by Bill Rigby) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-washington-pipeline-trial-idUSKBN15G5WC'|'2017-02-02T06:18:00.000+02:00'|841.0|19.0|0.0|'' 842|'679907d2bdf590429422e1be7c576f9862f1adbc'|'Thomson Reuters posts higher fourth-quarter net income'|' 14pm GMT Thomson Reuters posts higher fourth-quarter net income FILE PHOTO - The Thomson Reuters logo is seen on the company building in Times Square, New York October 29, 2013. REUTERS/Carlo Allegri/File Photo NEW YORK Thomson Reuters Corp ( TRI.N )( TRI.TO ) reported a higher quarterly net profit on Thursday, reflecting a gain on the sale of a business and said it expects revenue growth this year in the low single digits. The news and information company reported diluted net earnings of $2.24 billion, or $3.03 per share, versus $417 million, or 53 cents, in the year-ago period. Excluding charges and earnings from discontinued operations, Thomson Reuters earned 60 cents per share. It was not immediately clear whether that compared directly with the 58 cents a share analysts expected. (Reporting By Nick Zieminski in New York Editing by W Simon) Up Next Cautious outlook hits Thomas Cook shares LONDON Thomas Cook said on Thursday it was cautious about the rest of the year due to political and economic uncertainty, sending its shares down sharply, even though the tour operator produced solid first-quarter results and a rise in summer bookings.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-thomsonreuters-results-idUKKBN15O1FK'|'2017-02-09T19:11:00.000+02:00'|842.0|''|-1.0|'' 843|'ad7b6a8ca3cd043628c4a630e665885d8823defd'|'UPDATE 1-Brazil builder PDG seeks court protection from creditors'|'(Adds context, analyst comment)SAO PAULO Feb 22 Brazilian homebuilder PDG Realty SA said it was seeking protection from creditors by filing on Wednesday to restructure its debt in court, the country''s second publicly listed builder to do so in less than six months.PDG''s gross debt was 5.4 billion reais ($1.75 billion) at the end of September, according to a quarterly earnings report. The company had 235 million reais of cash on hand at the time.The company said its efforts to restructure about 74 percent of its bank debt last year "did not achieve the originally desired effect." PDG said it continues to struggle with weak demand, growing sales cancellations, stalled construction projects and lawsuits from clients and contractors.The bankruptcy filing in a So Paulo court follows a similar move by Viver Incorporadora e Construtora SA in September and underscores risks for the sector, which boomed early this decade due to plentiful capital and government incentives for low-income housing.PDG passed on the low-income housing boom and focused on more custom-built projects in the middle-income segment as it pushed into new corners of the country.That made it harder to achieve economies of scale as it tripled the size of its operations in three years to become Brazil''s biggest homebuilder in 2011.As PDG''s finances deteriorated, management hired So Paulo-based RK Partners in November as adviser on a new round of talks with its creditors. RK''s mandate included helping PDG access credit to obtain construction financing, the builder said in Wednesday''s filing.PDG shares fell as much as 5 percent in early Wednesday trading and then rebounded to a 3 percent gain before they were suspended at 3.33 reais on the So Paulo Stock Exchange.If a court grants PDG bankruptcy protection, it will have 60 days to present a debt restructuring plan to its creditors, which then must vote to approve or reject it. Under Brazil''s bankruptcy procedures, the company is protected from lawsuits for six months, a period known as a "stay of execution."During the in-court restructuring, PDG said it would do its best to keep up commercial and operation activities and follow through on commitments to clients.($1 = 3.0788 reais) (Reporting by Ana Mano and Gabriela Mello; Editing by Brad Haynes and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pdg-realty-sa-restructuring-idINL1N1G70UN'|'2017-02-22T14:37:00.000+02:00'|843.0|''|-1.0|'' 844|'358356bd734877e94b6cf41f3700d920a25ab159'|'UniCredit agrees job cuts with unions ahead of cash call start'|'MILAN Italy''s biggest bank UniCredit ( CRDI.MI ) said on Saturday it had signed a deal with trade unions to cut 3,900 jobs in the country as it prepares to launch a record 13 billion euro ($14 billion) share issue next week.A total of 14,000 job cuts by 2019 are key to a business plan unveiled in December by UniCredit''s new chief executive, Jean Pierre Mustier, to bolster the bank''s balance sheet. The plan also includes the proposed sale of 17.7 billion euros in bad debts.UniCredit has said it will book one-off restructuring costs of 1.7 billion euros in the fourth quarter to cut a total of 5,600 jobs."With the agreement defined today, the negotiations with the trade unions in the affected countries (Italy, Germany, Austria) have been completed," the bank said in a statement. "(The plan''s) targets are confirmed."The cuts in Italy will be carried out on a voluntary basis and UniCredit has committed to hiring 1,300 people over the next three years."It''s a good accord which paves the way for the capital increase," said Massimo Masi, secretary general at the UILCA bank workers'' union.To offset fourth-quarter losses stemming mainly from 8.1 billion euros in loan writedowns, UniCredit will sell new shares starting from Monday in Italy''s biggest ever corporate cash call.In a document published on Friday, UniCredit said it was not aware that anyone planned to take on more than 5 percent of the share offer.It added that none of its shareholders with a stake of at least 3 percent had yet committed to exercise their rights to buy new shares and avoid dilution.UniCredit''s top shareholder is U.S. investment firm Capital Research and Management Company with 6.7 percent, followed by Abu Dhabi''s sovereign wealth fund Aabar and asset manager BlackRock ( BLK.N ) with a stake of about 5 percent each.($1 = 0.9276 euros)(Reporting by Valentina Za; Editing by Helen Popper)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-italy-banks-unicredit-jobs-idINKBN15J0S4'|'2017-02-04T15:33:00.000+02:00'|844.0|''|-1.0|'' @@ -856,7 +856,7 @@ 854|'1fcd657c99480ccb6e3a076c414d7d323c75ce5c'|'Boeing front-runner for $13.8 billion Singapore Airlines order: Bloomberg'|'Aerospace & Defense 03pm EST Boeing front-runner for $13.8 billion Singapore Airlines order: Bloomberg Boeing Co''s logo is seen above the front doors of its largest jetliner factory in Everett, Washington, U.S. January 13, 2017. REUTERS/Alwyn Scott Boeing Co ( BA.N ) is the front-runner as Singapore Airlines Ltd ( SIAL.SI ) is closing in on a 35 wide-body aircraft order amid a battle with Chinese and Middle Eastern carriers, Bloomberg reported, citing sources. Singapore Airlines has for months been weighing the latest model of Boeing''s 777, the 406-seat 777-9, against a possible stretched version of the A350 that Airbus is considering building to increase the capacity of its newest jetliner to 400 seats. The carrier is also poised to take at least 19 of the longest Dreamliner model, Boeing 787-10, Bloomberg said. Singapore also has reviewed a proposed version of the twin-engine 777 that would carry about 450 passengers, a load previously handled by four-engine jumbo jets only, Bloomberg reported. Airbus has so far delayed taking a decision on whether to build the larger version, variously code-named A350-8000 and most recently A350-2000. Industry sources said the two main potential customers whose decisions could have a decisive influence on whether the project goes ahead are Singapore Airlines ( SIAL.SI ) and British Airways ( ICAG.L ). CNN reported in November that Singapore Airlines would make a decision by end-year. Boeing Co declined to comment, while Singapore Air was not immediately available for comment. (Reporting by Shalini Nagarajan in Bengaluru) Next In Aerospace & Defense'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-singapore-airlin-orders-boeing-idUSKBN15O001'|'2017-02-09T07:03:00.000+02:00'|854.0|''|-1.0|'' 855|'c8e44cd64098a48cd57ce97a99cc9428111df508'|'UK union fears grow over future of GM''s Vauxhall plants - source'|' 22pm GMT UK FILE PHOTO: Employees work on the Astra production line at the Vauxhall Motors plant in Ellesmere Port, Britain, May 17, 2012. REUTERS/Phil Noble/File Photo By Costas Pitas - LONDON Peugeot-maker PSA is in talks to buy GM''s loss-making European business, which operates under the Vauxhall and Opel brands, with overcapacity at existing sites, Britain''s move to leave the European Union and pension liabilities all likely to influence any deal and possible restructuring. PSA boss Carlos Tavares is also due to meet business minister Greg Clark "towards the end of the week," a government source said, in a key test of Britain''s ability to retain investment after its Brexit vote in June. German media reports over the weekend suggested PSA had told Berlin it would continue production at all four of Opel''s German sites, although Germany''s deputy economy minister said on Monday there had been no binding assurances. "We are increasingly concerned after reports that German plants are safe," the trade union source told Reuters, adding the head of the Unite trade union, Len McCluskey, was likely to meet Tavares in London on Friday. The pensions deficit at GM''s British division is up to 1 billion pounds, a separate source Reuters. Many multinational companies are trying to rein in rising pension liabilities. Britain''s overwhelmingly foreign-owned car industry has been lauded as a success story by politicians and is set to hit record production levels by the turn of the decade, but any tariffs following Britain''s departure from the EU would hit margins and could see output cut. Last year, Japanese carmaker Nissan asked for a pledge of compensation if its plant was hit by Brexit, but went on to invest in two new models after what a source described as a government promise of extra support to counter any loss of competitiveness. Prime Minister Theresa May also plans to speak with Tavares and is determined to protect Britain''s car industry, her spokesman said on Monday. "It''s going to be a private conversation. There''s been a request for a meeting and we will try to make that meeting happen, but I am not going to go into what the nature of that conversation will be," he told reporters, adding the timing of the meeting depended on "diary compatibility". Elizabeth Piper in London and Edward Taylor in Frankfurt; Editing by Kate Holton and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opel-m-a-psa-britain-idUKKBN15Z0XX'|'2017-02-20T20:22:00.000+02:00'|855.0|''|-1.0|'' 856|'ad195581f942d2f5a79a5c7284b296f28e9e22c1'|'Spotify-backed Soundtrack Your Brand raises $22 million for expansion'|' 9:04am GMT Spotify-backed Soundtrack Your Brand raises $22 million for expansion STOCKHOLM Soundtrack Your Brand (SYB), which provides a background music streaming service for businesses, said on Friday it had raised $22 million (18 million pounds) in a funding round led by Nordic venture capital fund Industrifonden and UK''s Balderton Capital. The company was co-founded by Spotify in 2013 and provides tailor-made music playlists for customers such as McDonald''s ( MCD.N ) and Swiss watch brand TAG Heuer. It said the funding would help with its plans to expand globally. Telia ( TELIA.ST ), Northzone, Creandum and H&M''s ( HMb.ST ) family vehicle HMP, which have already invested in SYB, also participated in the latest financing round. Spotify, the largest external owner with around 15 percent of the share capital, did not. An SYB spokesman declined to comment on the amount of shares issued, or on the valuation of the company. The Swedish tech start-up''s sales are currently growing by between 300 and 400 percent a year, from the 10 million crowns($1.1 mln) achieved in 2015, CEO and co-founder Ola Sars said. He also said the firm''s market share in the Nordic countries was around 30 percent. "Outside of there we''re not even on the map since we just started, but our plan is for global market leadership within five years," he told Reuters. SYB said its main competitive advantage was much lower distribution costs than competitors due to its product being digital, which makes it possible to target more customers. SYB says most background music is distributed via CDs, satellite feeds and USB sticks. The firm estimates the global market for background music, which is very fragmented, at around $2-4 billion annually in terms of sales, with Texas-based Mood Media ( MM.TO ) the current market leader. SYB competes directly with Mood Media and several local players in its markets . It also competes indirectly with consumer music streaming services like Apple Music ( AAPL.O ) and Spotify. It targets small businesses and large chains with the pitch that music can keep customers in-store longer and boost sales. It has received around $40 million in funding to date. SYB backer Spotify has made big losses since it was created a decade ago, but a board member told Reuters in December it could start to become profitable as early as this year. Based on a funding round in 2015, Spotify - widely seen as a prime candidate to go public on the Nasdaq - had a value of over $8 billion. It reported an operating loss of 184.5 million euros ($196.1 mln) in 2015, up from 165.1 million in 2014. (Reporting by Helena Soderpalm. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-soundtrack-your-brand-funding-idUKKBN15W0SR'|'2017-02-17T16:04:00.000+02:00'|856.0|''|-1.0|'' -857|'3f98c205acde874f7702fdf27f6f263cbfa2088d'|'BRIEF-FTS International announces intention to launch IPO'|' 10am EST BRIEF-FTS International announces intention to launch IPO Feb 6 FTS International Inc : * FTS International Inc announces intention to launch initial public offering * FTS International- announces intention to launch initial public offering * FTS International says if IPO is consummated, intends to use net proceeds for general corporate purposes, which include repaying existing indebtedness '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYOW'|'2017-02-06T21:10:00.000+02:00'|857.0|''|-1.0|'' +857|'3f98c205acde874f7702fdf27f6f263cbfa2088d'|'BRIEF-FTS International announces intention to launch IPO'|' 10am EST BRIEF-FTS International announces intention to launch IPO Feb 6 FTS International Inc : * FTS International Inc announces intention to launch initial public offering * FTS International- announces intention to launch initial public offering * FTS International says if IPO is consummated, intends to use net proceeds for general corporate purposes, which include repaying existing indebtedness '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYOW'|'2017-02-06T21:10:00.000+02:00'|857.0|24.0|0.0|'' 858|'4aea8321ed7e4b568fe2303d939c25dcd36b15cf'|'UPDATE 1-UK Stocks-Factors to watch on Feb. 21'|'Company News - Tue Feb 21, 2017 - 2:30am EST UPDATE 1-UK Stocks-Factors to watch on Feb. 21 (Adds futures, company news items) Feb 21 Britain''s FTSE 100 index is seen opening down 2 points at 7298 on Tuesday, according to financial bookmakers, with futures down 0.1 percent ahead of the cash market open. * The blue-chip FTSE 100 index closed flat in percentage terms at 7,299.86 points after climbing to an intra-day high of 7,329.56, the highest level since the middle of January. * BHP: Mining giant BHP Billiton rewarded shareholders with a bigger-than-expected dividend on Tuesday, signalling its growing confidence amid a resurgence in commodity prices. BHP Billiton said it sees a little downside risk for iron ore prices as Chinese demand moderates. * HSBC: HSBC Holdings reported a 62 percent slump in annual pre-tax profit that fell way short of analysts'' estimates due to one-time charges related to some businesses, and announced a new $1 billion share buy-back. * CAPITA: Outsourcing group Capita, under pressure from a slowdown in demand from customers, said it had written off the value of a number of historic contracts but was otherwise trading in line with the guidance it gave in December. * ANGLO AMERICAN: Anglo American reported on Tuesday a 25 percent rise in annual earnings before interest, tax, depreciation and amortisation (EBITDA) and 34 percent fall in net debt and said it would resume dividend payments by the end of 2017. * IHG: InterContinental Hotels Group Plc, one of the world''s largest hoteliers, reported a slightly better-than-expected yearly profit rise and said it would return $400 million to investors via a special dividend and share consolidation. * COPPER: Three-month copper on the London Metal Exchange traded flat at $6,071 a tonne by 0112 GMT, holding gains after a 1.9 percent rally the session before when it struck $6,105 a tonne, the strongest since Feb. 14. * GOLD: Spot gold inched down 0.2 percent to $1,235.08 per ounce at 0058 GMT, while U.S. gold futures GCcv1 also fell 0.2 percent to $1,236.2. The dollar index edged up 0.1 percent to 101.09. * OIL: U.S. West Texas Intermediate crude was up 27 cents, or 0.5 percent, at $53.67 a barrel at 0511 GMT, after rising about 0.5 percent in a shortened session on Monday due to a U.S. national holiday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1G62M9'|'2017-02-21T14:30:00.000+02:00'|858.0|''|-1.0|'' 859|'fb8e08c2022f00adb5cd3a68d5f51d2ca809465a'|'Fitch Downgrades AccessBank''s VR to ''f''; Affirms IDR at ''BB+''; Outlook Negative'|'Financials 45am EST Fitch Downgrades AccessBank''s VR to ''f''; Affirms IDR at ''BB+''; Outlook Negative (The following statement was released by the rating agency) MOSCOW, February 01 (Fitch) Fitch Ratings has downgraded Azerbaijan-based AccessBank''s Viability Rating (VR) to ''f'' from ''b+''. At the same time the agency has affirmed the bank''s Long-Term Issuer Default Rating (IDR) at ''BB+''. The Outlook on the Long-Term IDR is Negative. A full list of rating actions is at the end of this commentary. KEY RATING DRIVERS VR The downgrade of AccessBank''s VR to ''f'' reflects Fitch''s view that the bank has failed, as reflected by a material capital shortfall. The agency believes the bank has become dependent on regulatory forbearance as it is in significant non-compliance with regulatory capital adequacy rules and requires extraordinary external capital support to restore its solvency. Based on the bank''s end-2016 regulatory accounts, Tier 1 and total capital ratios had fallen to just 1.7% and 3.4%, respectively, down from 10% and 16% at end-1H16. AccessBank made a loss in 2016 equal to 93% of its end-2015 Tier 1 regulatory capital, mostly due to substantial AZN145m impairment charges (equal to 18% of average loans; of this, AZN70m was posted in 2H16). Fitch estimates AccessBank''s Fitch Core Capital (FCC) at 5.4% of Basel risk-weighted assets (RWAs) at end-2016 (down a from comfortable 16% at end-1H16); this ratio is moderately higher than regulatory metrics mainly due to lower weightings of secured performing loans in Basel RWAs (50% versus 100% in regulatory rules). AccessBank''s non-performing loans (NPLs; loans 90 days overdue) were a high 27% of gross loans at end-2016 (up from 22% at end-1H16 and 5% at end-2015). Reserve coverage of NPLs in preliminary IFRS accounts was above 80%, but additional downside asset quality risks stem from a large amount of recently restructured foreign-currency loans (around 50% of the total portfolio); these are of uncertain credit quality, particularly in light of the further devaluation of the local currency by 18% between September 2016 and January 2017. According to management, in December 2016 AccessBank''s shareholders have decided to inject USD20m (AZN35m equivalent) of equity on a pro rata basis, which management expects to be completed in 1Q17. International Finance Corporation (IFC) plans to participate via conversion of a part of its USD25m subordinated debt, while three other international financial institution (IFI) shareholders intend to convert their senior debt. According to management, the shareholders are considering contributing an additional equity injection as a second stage of recapitalisation, although the decision on its amount and timing has not yet been taken. The conversion of shareholder senior debt into equity does not result in AccessBank''s IDRs being downgraded to default level as Fitch''s bank IDRs relate to the risk of non-performance on third-party, rather than related-party, obligations. Fitch expects that the planned USD20m injection will be sufficient to make the bank compliant with prudential requirements: adjusting for this and 8% depreciation of the manat in January 2017, the end-2016 regulatory tier 1 and FCC ratios would rise to 6% (above the regulatory minimum of 5%) and 11%, respectively. However, sizable unreserved NPLs of AZN58m (equal to 0.9x post-injection FCC) and the above-mentioned restructured loans of AZN312m (about 5x) will remain a drag on AccessBank''s capital position and may require additional provisioning in 2017. The bank''s core pre-impairment profit of AZN34m in 2016 regulatory accounts was equal to 4% of average gross loans, but adjusting for AZN46m of accrued interest not received in cash pre-impairment profit would have been negative. AccessBank''s funding profile has been stable. At end-2016, the bank''s wholesale funding maturing within 12 months was equal to around 25% of total liabilities, but the available liquidity buffer was equal to a high 96% of this. Refinancing risks are further reduced by AccessBank''s access to funding from shareholders and other IFIs. IDRS AND SUPPORT RATING The affirmation of AccessBank''s Long-Term IDR at ''BB+'' and Support Rating at ''3'' reflects Fitch''s view that the bank''s IFI shareholders continue to have a strong propensity to provide support, notwithstanding the bank''s recent losses. The European Bank for Reconstruction and Development (AAA/Stable), KfW (AAA/Stable), IFC and the Black Sea Trade and Development Bank each hold a direct 20% stake in AccessBank. Fitch''s view on support is based on the IFIs'' strategic commitment to microfinance lending in emerging markets and the IFIs'' direct ownership of AccessBank, stemming from their participation as founding shareholders. This is additionally supported by the shareholder''s intention to inject equity in 1Q17 to restore AccessBank''s capital position. However, the bank''s ability to receive and utilise potential support could be restricted by transfer and convertibility risks, as reflected in Azerbaijan''s Country Ceiling of ''BB+''. The Negative Outlook on AccessBank''s IDR reflects that on the sovereign. RATING SENSITIVITIES IDRS AND SR AccessBank''s IDR will be downgraded in case of a sovereign downgrade and downward revision of the Country Ceiling. Conversely, a revision of the Outlook on the sovereign to Stable may result in a similar action on the bank. Downside risks for AccessBank''s IDRs and Support Rating could also stem from a weakening of the support propensity of the IFI shareholders, for example, if they intend to divest their stakes in the bank or if there are material delays in capital support. VR Fitch will review AccessBank''s VR once the announced recapitalisation measures have been completed and audited IFRS accounts for 2016 are available. The level of the post-recapitalisation VR will depend primarily on prospects for the bank''s asset quality and performance, given the large volume of restructured loans and risks to pre-impairment profitability. The rating actions are as follows: AccessBank Long-Term IDR: affirmed at ''BB+''; Outlook Negative Short-Term IDR: affirmed at ''B'' Viability Rating: downgraded to ''f'' from ''b+'' Support Rating: affirmed at ''3'' Contact: Primary Analyst Dmitri Vasiliev Director +7 495 956 5576 Fitch Ratings CIS Limited 26 Valovaya Street Moscow, 115054 Secondary Analyst Ruslan Bulatov Associate Director +7 495 956 9982 Committee Chairperson Olga Ignatieva Senior Director +7 495 956 6906 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSFit988428'|'2017-02-01T22:45:00.000+02:00'|859.0|''|-1.0|'' 860|'20de031ab5fddcdcec65d1032a0d462a7dce1008'|'Brexit means Germany will have to pay more into EU budget - Oettinger'|' 42pm GMT Brexit means Germany will have to pay more into EU budget - Oettinger Guenther Oettinger, European Commissioner for Digital Economy and Society, speaks during the welcome night at the world''s biggest computer and software fair CeBit in Hanover, Germany, March 14, 2016. REUTERS/Nigel Treblin BERLIN Germany and other net contributors to the joint European Union budget will have to pay out more once Britain leaves the bloc, European Commissioner Guenther Oettinger said in comments published on Monday. Britain''s net contribution of some 9 billion euros (7.66 billion pounds) could not be offset totally through future budget cuts, he told Handelsblatt business daily in an interview for its Tuesday edition. German Oettinger''s brief covers the EU''s budget and human resources. Germany, Europe''s largest economy, makes the largest net contribution to the EU budget each year at more than 15 billion euros. According to an internal Finance Ministry report in September, Germany may have to contribute an extra 4.5 billion euros in 2019 and 2020, after Britain leaves. Senior German government officials have said the EU budget must shrink if Britain''s contribution falls away. Oettinger said the EU was considering further cut agricultural subsidies, but it still needed more funds given other issues that Brussels wanted to take on, such as tackling the causes of migration and bolstering joint defence. (Reporting by Michael Nienaber, editing by John Stonestreet) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-budget-germany-idUKKBN16626K'|'2017-02-28T01:42:00.000+02:00'|860.0|''|-1.0|'' @@ -867,9 +867,9 @@ 865|'15722ec23e8c285a6a96d64675a494edea2f4f88'|'HSBC drags FTSE lower'|'Business News - Tue Feb 21, 2017 - 10:37am GMT HSBC drags FTSE lower A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo By Helen Reid - LONDON LONDON British shares lost 0.2 percent on Tuesday, weighed by banking stocks as a week of full-year earnings releases for major listed banks began with HSBC''s profit slump. Britain''s blue-chip FTSE .FTSE index was down 0.2 percent, with HSBC ( HSBA.L ), the first bank to report earnings this week, down 6.5 percent, heading for its worst day in 18 months after its results. The bank has a more than 6 percent weighting on the index. HSBC kickstarted a string of major bank earnings updates by announcing a 62 percent slump in profits for 2016, falling short of analysts'' estimates due to writedowns from restructuring. "The group flagged multiple headwinds (totalling 2.41 billion) for 2017. We believe the key question is to what extent the group will be able to offset these through volume growth," said Goldman Sachs analysts in a note. HSBC shares had rallied 70 percent from April 2016 to Monday''s close. Hargreaves Lansdown ( HRGV.L ) and Standard Chartered Bank ( STAN.L ) tracked HSBC lower. Hargreaves Lansdown was also smarting from a downgrade to "underperform" by Bernstein. The FTSE 350 banking index .FTNMX8350 was down 3.7 percent, headed for its worst day since the Brexit referendum aftermath at the end of June 2016. Lloyds, Barclays, RBS and Standard Chartered will post full-year results in the coming days. "It will be interesting to see how the other banks perform, because HSBC might have a competitive advantage because of its Asia focus and diversification," said Ipek Ozkardeskaya of LCG Capital. Mediclinic ( MDCM.L ) was down 4.7 percent after the South African private healthcare provider said it expected a drop in revenue and margins at its Middle East business. Miners Anglo American ( AAL.L ) and Fresnillo ( FRES.L ) were among top fallers, despite a solid results update from the former. Anglo American posted a 25 percent profit increase in results, saying it would resume dividends by the end of 2017. It had cut net debt to $8.5 billion, and said it would sell further assets only to sharpen its focus, rather than because it needed the money. "We are encouraged by free cash flow, deleveraging and diamonds. However, near term we are concerned Anglo is vulnerable to negative spot price momentum and South Africa headwinds," wrote UBS analyst Myles Allsop in a note. The stock was down 1.8 percent. Announcing a wind-down of asset sales could be raising investors'' concerns about the strength of Anglo''s balance sheet, Ozkardeskaya said. Rolls-Royce ( RR.L ) was the top gainer in the blue-chip index, maintaining Monday''s momentum after a Goldman Sachs upgrade to "buy". Educational publisher Sage Group ( SGE.L ) was also a top gainer, benefiting from Stifel starting coverage on the stock with a "buy" rating, up 2.3 percent. Oil services company Wood Group ( WG.L ) was the worst performing on the mid-cap FTSE 250 index .FTMC , down 7.8 percent and headed for its biggest one-day drop since July 2011, after it posted a 62 percent fall in full-year profit, missing market estimates, citing a challenging oil and gas market. (Reporting by Helen Reid; Editing by Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN160126'|'2017-02-21T17:37:00.000+02:00'|865.0|''|-1.0|'' 866|'798465efdcb96e68ff7e9edee938eec60d4e3c9b'|'Trump banking review raises fears for global standards talks'|'Tue Feb 7, 2017 - 1:50pm GMT Trump banking review raises fears for global standards talks DAY 8 / JANUARY 27: Trump''s order to restrict people from seven Muslim-majority countries from entering the United States sparked confusion and anger after immigrants and refugees were kept off flights and left stranded in airports. REUTERS/Carlos Barria By Huw Jones - LONDON LONDON President Donald Trump''s review of post-crisis banking rules could sound the death knell for new global standards now being finalised and rip apart a common approach to regulating international lenders, bankers and regulators said. Central banks and watchdogs around the world have spent the past eight years drawing up regulation aimed at preventing a repeat of the 2007-2009 financial crisis, but there are fears that project could unravel after Trump said he wants the U.S. to row back on capital rules. Trump''s order for a regulatory review to overcome what he sees as obstacles to lending came as banking watchdogs were trying to complete the final piece of global capital requirements, known as Basel III. Given that the United States wants to shrink the banking rule book, there are doubts over whether the Basel rules can make it over the finishing line next month if they don''t have backing from the United States. Without support from the world''s biggest capital market, other countries would be less willing to commit too. The core aim of the outstanding part of Basel III that regulators are working on - dubbed Basel IV by critical banks who worry about more stringent capital requirements - is to impose more consistency into how banks calculate the amount of capital they hold against risky assets like loans. JPMorgan chief executive Jamie Dimon said in the aftermath of the financial crisis that European rivals had been "a lot more aggressive" than American banks in calculating capital, meaning they were holding less. European policymakers have rejected that criticism, but their region''s banks have been lobbying against the remaining Basel rules, saying they would force them to increase significantly the amount of capital they need to hold. If the United States fails to approve the completion of Basel III, the perceived problem that European banks get away with holding less capital than U.S. lenders may not be properly tackled, a source involved in the negotiations said. "It''s in the interests of American banks to get this done," the source said. Others are less optimistic that a deal can now be done after Trump''s intervention. "It''s going to delay completing Basel III, and perhaps lead to it not being concluded," an adviser to banks said on condition of anonymity. "I do fear that Basel IV is doomed," a banking industry official added. There are headwinds from elsewhere, too. Patrick McHenry, Republican vice chairman of the House financial services committee, fired a warning shot at Federal Reserve Governor Janet Yellen about the Basel talks in a letter dated Jan. 31, ahead of Trump''s executive order. The Fed must "cease" all attempts to negotiate binding standards "burdening American business" until the Trump Administration has had the opportunity to nominate officials that prioritize "America''s best interests", McHenry said. While lawmakers often call on regulators to ease pressure on firms, regulators said Trump''s intervention in banking rules gives more clout to McHenry''s warning. The Basel Committee declined to comment. GLOBAL COOPERATION Trump''s decision to review existing, post-crisis banking rules has rung alarm bells among regulators outside the country. Mario Draghi, president of the European Central Bank, which regulates the euro zone''s main lenders, said on Monday that easing banking rules could threaten financial stability. Draghi was chairman of the Group of 20 Economies'' (G20) regulatory task force, the Financial Stability Board, which during the financial crisis was instrumental in building up a global approach to reinforcing banking standards. A former regulator said the United States would be scoring an own goal by withdrawing from multilateral bodies like Basel as it would no longer be shaping rules that impinge on U.S. banking competitiveness globally. "It''s early days, but what we have seen in language and rhetoric from Washington is worrying," said David Wright, a former top EU official who was part of crisis-era efforts to create the global regulatory consensus. "If you break international consensus, you are effectively opening up a regulatory race and heaven knows where it will end," said Wright, now at Flint Global, which advises companies on regulatory matters. Wright was referring to what was seen in the run-up to the financial crisis, when countries like Britain resorted to a "light touch" approach to banks to make London a more attractive financial center. Valdis Dombrovskis, the EU''s financial services chief, said last week that international regulatory cooperation had been vital in tackling the financial crisis and must continue. Much will hinge on how much regulatory change Trump can actually push through. Former Democratic Congressman Barney Frank, who jointly sponsored the Dodd Frank Act that Trump wants to review, told the BBC last week he does not expect Congress to approve the wholesale rolling back of rules, but the Trump administration could pressure U.S. regulators to ease up on applying existing requirements. Anil Kashyap, a Bank of England policymaker, said last month that Trump''s nomination for the powerful role of Fed Vice Chair in charge of banking supervision would shape the U.S. approach to international rule-making. It will have a "huge impact", a regulatory source added. The fear among global regulators is that multilateral bodies like the Basel Committee and the Financial Stability Board could be abandoned by the United States under Trump. Jose Ignacio Goirigolzarri, chairman of Spain''s Bankia, told Spanish television on Tuesday he would be concerned if Trump was questioning the usefulness of international banking rules. "It would worry me very much because I think it''s very important, very relevant that there have been advances in the homogenization of regulation amongst developed countries," he said. (Additional reporting by Paul Day in Madrid, editing by Giles Elgood) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-banks-europe-idUKKBN15M1JE'|'2017-02-07T20:42:00.000+02:00'|866.0|''|-1.0|'' 867|'e6bbb8622d2077fe4b5be7b27035d2a6e433f21e'|'BRIEF-RBC Global Asset Management announces Jan. mutual fund net sales of $1.1 bln'|' 19am EST BRIEF-RBC Global Asset Management announces Jan. mutual fund net sales of $1.1 bln Feb 6 RBC Global Asset Management: * RBC Global Asset Management Inc. announces January sales results for RBC funds, PH&N funds and Bluebay Funds * RBC Global Asset Management - announced January mutual fund net sales of $1.1 billion * RBC global asset management says assets under management increased by 0.4 per cent in January '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AYP3'|'2017-02-06T21:19:00.000+02:00'|867.0|''|-1.0|'' -868|'517f8f544540acb5885058932f4c27deb02a9d16'|'Charmed by U.S. tax plans, investors buy stock, bond funds'|'Money News - Fri Feb 24, 2017 - 8:48am IST Charmed by U.S. tax plans, investors buy stock, bond funds U.S. President Donald Trump is interviewed by Reuters in the Oval Office at the White House in Washington, U.S., February 23, 2017. REUTERS/Jonathan Ernst By Trevor Hunnicutt - NEW YORK NEW YORK Investors are showing increasing comfort wading into the markets, lavishing cash on U.S.-based stock and corporate bond funds in the latest week, Lipper data showed on Thursday. Those stock funds attracted $2.7 billion during the week ended Feb. 22, their fourth consecutive week of inflows, and taxable bond funds took in another $4 billion, the research service''s data showed. The bond funds have gathered money for eight straight weeks. U.S. President Donald Trump, in an interview on Thursday with Reuters, spoke favorably about a tax proposal that could cut corporate tax rates and exempt U.S. export revenues from federal taxes but impose an implicit 20 percent tax on imports. Pat Keon, senior research analyst for Thomson Reuters Lipper, said markets are increasingly charmed by tax cut and deregulation proposals touted by Republicans, including Trump. "There''s a lot of enthusiasm in the markets for that, a lot of positive investor sentiment," said Keon. "It seems like every day there''s another mini-controversy in the news about things not related to the economy, and it seems to be holding the administration back from getting going on the economy," Keon said. "You wonder how long the markets and investors will keep waiting." For now, the optimism continues, with $2.6 billion moving into investment-grade bond funds, their 10th straight week of inflows. High-yield bond funds attracted $726 million, Lipper said. The lion''s share of money in stock funds has moved into exchange-traded funds. For the week, stock ETFs attracted $2.9 billion while mutual funds posted withdrawals of $176 million. Mutual funds are seen to represent retail investors'' moves, while ETFs reflect a range of investors, including institutions such as hedge funds. The U.S. Federal Reserve released the minutes of its last policy meeting on Wednesday, which showed its officials believe it may be appropriate to raise interest rates again "fairly soon" should jobs and inflation data come in line with expectations. Investors withdrew cash from energy stock funds and interest rate-sensitive utilities and real estate funds over the last seven days, while shuffling more money into banks and technology, the data showed. Overall, demand for stock funds was roughly evenly split between funds that invest at home and those that invest abroad. The following is a broad breakdown of the flows for the week, including mutual funds and exchange-traded funds: Sector Flow Chg Pct of Assets($ Count ($ blns) Assets blns) All Equity Funds 2.745 0.05 5,770.808 11,823 Domestic Equities 1.389 0.03 4,130.341 8,437 Non-Domestic Equities 1.355 0.08 1,640.467 3,386 All Taxable Bond Funds 3.987 0.17 2,372.818 5,949 All Money Market Funds 3.964 0.17 2,346.829 1,037 All Municipal Bond Funds 0.149 0.04 371.216 1,409 (Reporting by Trevor Hunnicutt; editing by Jennifer Ablan and Jonathan Oatis) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/investment-mutualfunds-lipper-idINKBN1630AR'|'2017-02-24T10:18:00.000+02:00'|868.0|''|-1.0|'' +868|'517f8f544540acb5885058932f4c27deb02a9d16'|'Charmed by U.S. tax plans, investors buy stock, bond funds'|'Money News - Fri Feb 24, 2017 - 8:48am IST Charmed by U.S. tax plans, investors buy stock, bond funds U.S. President Donald Trump is interviewed by Reuters in the Oval Office at the White House in Washington, U.S., February 23, 2017. REUTERS/Jonathan Ernst By Trevor Hunnicutt - NEW YORK NEW YORK Investors are showing increasing comfort wading into the markets, lavishing cash on U.S.-based stock and corporate bond funds in the latest week, Lipper data showed on Thursday. Those stock funds attracted $2.7 billion during the week ended Feb. 22, their fourth consecutive week of inflows, and taxable bond funds took in another $4 billion, the research service''s data showed. The bond funds have gathered money for eight straight weeks. U.S. President Donald Trump, in an interview on Thursday with Reuters, spoke favorably about a tax proposal that could cut corporate tax rates and exempt U.S. export revenues from federal taxes but impose an implicit 20 percent tax on imports. Pat Keon, senior research analyst for Thomson Reuters Lipper, said markets are increasingly charmed by tax cut and deregulation proposals touted by Republicans, including Trump. "There''s a lot of enthusiasm in the markets for that, a lot of positive investor sentiment," said Keon. "It seems like every day there''s another mini-controversy in the news about things not related to the economy, and it seems to be holding the administration back from getting going on the economy," Keon said. "You wonder how long the markets and investors will keep waiting." For now, the optimism continues, with $2.6 billion moving into investment-grade bond funds, their 10th straight week of inflows. High-yield bond funds attracted $726 million, Lipper said. The lion''s share of money in stock funds has moved into exchange-traded funds. For the week, stock ETFs attracted $2.9 billion while mutual funds posted withdrawals of $176 million. Mutual funds are seen to represent retail investors'' moves, while ETFs reflect a range of investors, including institutions such as hedge funds. The U.S. Federal Reserve released the minutes of its last policy meeting on Wednesday, which showed its officials believe it may be appropriate to raise interest rates again "fairly soon" should jobs and inflation data come in line with expectations. Investors withdrew cash from energy stock funds and interest rate-sensitive utilities and real estate funds over the last seven days, while shuffling more money into banks and technology, the data showed. Overall, demand for stock funds was roughly evenly split between funds that invest at home and those that invest abroad. The following is a broad breakdown of the flows for the week, including mutual funds and exchange-traded funds: Sector Flow Chg Pct of Assets($ Count ($ blns) Assets blns) All Equity Funds 2.745 0.05 5,770.808 11,823 Domestic Equities 1.389 0.03 4,130.341 8,437 Non-Domestic Equities 1.355 0.08 1,640.467 3,386 All Taxable Bond Funds 3.987 0.17 2,372.818 5,949 All Money Market Funds 3.964 0.17 2,346.829 1,037 All Municipal Bond Funds 0.149 0.04 371.216 1,409 (Reporting by Trevor Hunnicutt; editing by Jennifer Ablan and Jonathan Oatis) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/investment-mutualfunds-lipper-idINKBN1630AR'|'2017-02-24T10:18:00.000+02:00'|868.0|27.0|0.0|'' 869|'9afa2b3ce4fced2d59a5aeec31bc88f6f89f725d'|'Telecom Italia reports 14 pct rise in core earnings'|' 10:36pm GMT Telecom Italia reports 14 pct rise in core earnings FILE PHOTO: Telecom Italia logo is seen at the headquarters in Milan, Italy, May 25, 2016. REUTERS/Stefano Rellandini/File Photo By Agnieszka Flak - MILAN MILAN Telecom Italia ( TLIT.MI ) on Friday posted a better than expected 14.4 percent rise in full-year core earnings, helped by cost cuts and its domestic operations returning to growth. Italy''s biggest phone group also said it would spend around 11 billion euros (9 billion pounds) in its home market over the next three years, with 5 billion euros of the total going on speeding up the installation of a nationwide ultrafast broadband network. Outlining its 2017-19 business plan, the former monopoly network operator said its fibre optic cables would cover 95 percent of Italy by the end of 2019, while its 4G mobile broadband network would reach more than 99 percent of the population by then. The group, in which French media firm Vivendi ( VIV.PA ) holds a 24 percent stake, also said it was aiming to make 1.9 billion euros in efficiency savings by 2019. Chief Executive Flavio Cattaneo, who took over the running of the heavily indebted group last year, has been seeking to cut costs and return the business to growth. The company reported on Friday that core earnings before interest, tax, depreciation and amortisation (EBITDA) rose 14.4 percent last year to 8.02 billion euros, above analysts'' consensus forecast of 7.98 billion euros, on revenue down a less than expected 3.5 percent at 19.04 billion euros. The firm also said annual turnover and domestic EBITDA would increase for the next three years, with the latter rising at a low-single digit percentage rate, while the aim is to cut net debt to below 2.7 times reported EBITDA by the end of 2018. Adjusted net debt stood at 25.12 billion euros at the end of December, down from 27.28 billion a year earlier, helped by the sale of the group''s stake in Telecom Argentina and the expiration in November of a mandatory convertible bond. The company also expects recovery to continue at TIM Participaes SA ( TIMP3.SA ), Brazil''s second-biggest cellular network operator and majority-owned by Telecom Italia. Earlier on Friday TIM Brasil reported a stronger than expected fourth-quarter operating margin, pushing its shares to a three-month high. ($1 = 0.9294 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-telecomitalia-results-idUKKBN15I30H'|'2017-02-04T05:36:00.000+02:00'|869.0|''|-1.0|'' -870|'3a9a828bd5da57dacde6566de254b8555fbdbca1'|'German lawmakers to drop support for Greece bailout if IMF quits - senior MP'|'Economic 28am IST German lawmakers to drop support for Greece bailout if IMF quits - senior MP By Michael Nienaber - BERLIN BERLIN German lawmakers will not back further financial support for Greece if the International Monetary Fund withdraws from Athens''s bailout programme, the deputy parliamentary floor leader of Chancellor Angela Merkel''s conservative bloc said. Greece needs a new tranche of financial aid under its third bailout programme by July to meet its debt repayments. But the IMF says Greece also needs substantial debt relief to make its public finances more sustainable, while Germany, one of Athens'' biggest creditors through the euro zone''s rescue mechanism, opposes such a step. Asked if there could be any scenario under which the German Bundestag, or lower house of parliament, would support the bailout without IMF participation, Hans-Peter Friedrich told Reuters in an interview on Tuesday: "No chance. This was an explicit condition for the third bailout programme." "Without IMF participation, there won''t be any further assistance loans. The IMF must stay on board," said Friedrich, a member of the Christian Social Union (CSU), the Bavarian sister party of Merkel''s Christian Democratic Union (CDU). Berlin has long argued that the IMF''s expertise and independence are crucial to make Greece''s third bailout, worth up to 86 billion euros ($91 billion), a success. The Fund''s continued involvement will be the main issue on the agenda on Wednesday when IMF Managing Director Christine Lagarde meets Merkel in Berlin. Friedrich urged the Fund to show flexibility and to back off its demand for the euro zone to grant Greece some debt relief. Earlier on Tuesday German Finance Minister Wolfgang Schaeuble accused Greece of using the debt issue as "an excuse" for not focusing on what he said should be Athens''s top priority, implementation of reforms agreed with its lenders. Germany is preparing for what is likely to be a close-run national election in September and a new parliamentary vote on Greece in the coming months could complicate Merkel''s efforts to get re-elected. But Friedrich said German elections should not prevent lawmakers from halting aid to Greece if the IMF decides against participating in the bailout programme. "Electoral reasons should not play a role when dealing with Greece. It''s an international issue," he said. "After all, there is always an election somewhere in Europe." Greece and its lenders agreed on Monday to resume talks on a bailout review, easing a standoff which had threatened to block the release of the next tranche of its bailout. ($1 = 0.9485 euros) (Reporting by Michael Nienaber; Editing by Gareth Jones) FILE PHOTO - German Chancellor Angela Merkel and members of the lower house of parliament cast their votes on Greece''s third bailout programme, during a session of the Bundestag, in Berlin, Germany, August 19, 2015. REUTERS/Axel Schmidt Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-greece-imf-germany-idINKBN1602C7'|'2017-02-22T01:38:00.000+02:00'|870.0|''|-1.0|'' +870|'3a9a828bd5da57dacde6566de254b8555fbdbca1'|'German lawmakers to drop support for Greece bailout if IMF quits - senior MP'|'Economic 28am IST German lawmakers to drop support for Greece bailout if IMF quits - senior MP By Michael Nienaber - BERLIN BERLIN German lawmakers will not back further financial support for Greece if the International Monetary Fund withdraws from Athens''s bailout programme, the deputy parliamentary floor leader of Chancellor Angela Merkel''s conservative bloc said. Greece needs a new tranche of financial aid under its third bailout programme by July to meet its debt repayments. But the IMF says Greece also needs substantial debt relief to make its public finances more sustainable, while Germany, one of Athens'' biggest creditors through the euro zone''s rescue mechanism, opposes such a step. Asked if there could be any scenario under which the German Bundestag, or lower house of parliament, would support the bailout without IMF participation, Hans-Peter Friedrich told Reuters in an interview on Tuesday: "No chance. This was an explicit condition for the third bailout programme." "Without IMF participation, there won''t be any further assistance loans. The IMF must stay on board," said Friedrich, a member of the Christian Social Union (CSU), the Bavarian sister party of Merkel''s Christian Democratic Union (CDU). Berlin has long argued that the IMF''s expertise and independence are crucial to make Greece''s third bailout, worth up to 86 billion euros ($91 billion), a success. The Fund''s continued involvement will be the main issue on the agenda on Wednesday when IMF Managing Director Christine Lagarde meets Merkel in Berlin. Friedrich urged the Fund to show flexibility and to back off its demand for the euro zone to grant Greece some debt relief. Earlier on Tuesday German Finance Minister Wolfgang Schaeuble accused Greece of using the debt issue as "an excuse" for not focusing on what he said should be Athens''s top priority, implementation of reforms agreed with its lenders. Germany is preparing for what is likely to be a close-run national election in September and a new parliamentary vote on Greece in the coming months could complicate Merkel''s efforts to get re-elected. But Friedrich said German elections should not prevent lawmakers from halting aid to Greece if the IMF decides against participating in the bailout programme. "Electoral reasons should not play a role when dealing with Greece. It''s an international issue," he said. "After all, there is always an election somewhere in Europe." Greece and its lenders agreed on Monday to resume talks on a bailout review, easing a standoff which had threatened to block the release of the next tranche of its bailout. ($1 = 0.9485 euros) (Reporting by Michael Nienaber; Editing by Gareth Jones) FILE PHOTO - German Chancellor Angela Merkel and members of the lower house of parliament cast their votes on Greece''s third bailout programme, during a session of the Bundestag, in Berlin, Germany, August 19, 2015. REUTERS/Axel Schmidt Next In Economic News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-greece-imf-germany-idINKBN1602C7'|'2017-02-22T01:38:00.000+02:00'|870.0|27.0|0.0|'' 871|'ce4d9841aee423a55801a7eb55ff67d03eb91495'|'TABLE-Nippon Reit Investment -6 MTH forecast'|'Financials 09am EST TABLE-Nippon Reit Investment -6 MTH forecast Feb 2 (Reuters) Nippon Reit Investment Corporation EARNINGS ESTIMATES (in billions of yen unless specified) 6 months to 6 months to Dec 31, 2016 Dec 31, 2016 LATEST PRIOR FORECAST FORECAST Revenues 6.84 6.78 Net 3.05 2.89 Div 7,800 yen 7,385 yen To see Company Overview page, click reuters://REALTIME/verb=CompanyData/ric=3296.T Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/idUSL4N1FN1W2'|'2017-02-02T15:09:00.000+02:00'|871.0|''|-1.0|'' 872|'5890b1e489f3c09b0c31fd9e9ec5fd689dfd028b'|'CVR settles SEC probe into disclosures tied to Icahn takeover'|'NEW YORK CVR Energy Inc will not pay a penalty over allegations that it made inadequate disclosures to investors during its unsuccessful defense against billionaire Carl Icahn''s 2012 hostile takeover, the U.S. Securities and Exchange Commission said on Tuesday.The SEC announcement came two years after CVR disclosed regulators were examining whether it properly characterized fees it agreed to pay advisers Goldman Sachs and Deutsche Bank to defend against Icahn''s tender offer.According to the SEC, the Texas-based oil refinery company made inadequate disclosures in SEC filings about "success fee" arrangements it reached with the two investment banks.Investors as a result were unaware of the potential conflicts of interest that the banks could still earn success fees even if Icahn secured control of the company, the SEC said.A majority of CVR shareholders ultimately accepted Icahn''s $30-per-share tender offer. The activist investor as of September had an 82 percent stake in the company, according to a regulatory filing.CVR declined to comment. It agreed to settle the case without admitting or denying wrongdoing, and the SEC said the company would pay no penalty in light of remedial steps it had taken and its "extensive cooperation" with the probe.(Reporting by Nate Raymond in New York; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cvr-energy-settlement-idINKBN15T341'|'2017-02-14T20:38:00.000+02:00'|872.0|''|-1.0|'' 873|'dc254bf2fb2605801e3fe6db830c159f7d0e58cd'|'Wells Fargo sees ''relatively stable'' retail trends in January'|' 18am EST Wells Fargo sees ''relatively stable'' retail trends in January Feb 17 Wells Fargo & Co saw "relatively stable" trends in branch banking in January, the executive in charge of the unit stated Friday in a company press release. Branch interactions fell 12 percent from December and four percent from January 2016, but other metrics showed growth versus a year ago. (Reporting by Dan Freed in New York) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wells-fargo-banks-idUSFWN1G20XV'|'2017-02-17T23:18:00.000+02:00'|873.0|''|-1.0|'' @@ -878,7 +878,7 @@ 876|'6c66b2c93b4d802b5a33d99182cb7a6ff2bd663d'|'BRIEF-Signet Jewelers gives statement to NBC news on "sexual harassment claims"'|'UPDATE 3-JPMorgan eyes bigger investor payouts as it nears capital needs Feb 28 No. 1 U.S. bank JPMorgan Chase & Co may return more money to shareholders than it earns over the next few years, it forecast on Tuesday, an encouraging sign for investors who have been waiting for richer dividends and share repurchases. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-signet-jewelers-gives-statement-to-idUSFWN1GD13J'|'2017-03-01T00:09:00.000+02:00'|876.0|''|-1.0|'' 877|'0c7577d1dc27a0f0d08d1d19607e930fcc4ac658'|'RPT-3G Capital''s austere empire-building weighs on Kraft''s Unilever bid'|'Company News - Sat Feb 18, 2017 - 7:00am EST RPT-3G Capital''s austere empire-building weighs on Kraft''s Unilever bid (Repeats story published Friday to widen distribution) By Michael Flaherty and Lauren Hirsch Feb 18 Buyout firm 3G Capital managed to build a consumer empire with a market value of over $140 billion in just seven years. Yet its ruthless approach to costs may end up hampering 3G-backed Kraft Heinz Co''s $143 billion bid for Unilever Plc. 3G made its name in corporate America by orchestrating large debt-laden acquisitions and then slashing costs dramatically to juice profits. Using a strategy called zero-based budgeting, its managers must justify all expenses, from pencils to forklifts. Its investment approach has attracted backers ranging from billionaire investor Warren Buffett, who has helped bankroll all four major 3G deals, to celebrities such as supermodel Gisele Bundchen and tennis champion Roger Federer, who invested in 3G''s latest approximately $10 billion fund. This relentless focus on costs, however, may end up making Kraft''s pursuit of Unilever more difficult. In rebuffing Kraft''s bid publicly on Friday, Unilever cited "strategic" in addition to financial reasons. While sources told Reuters that Kraft believes that investing in innovation would be an important part of the combined company, analysts have begun to question whether 3G''s operational approach hinders Kraft''s ability to grow over the long term. "We can understand how some investors could wonder if Kraft''s efficiency-centric model is as sustainable as many have believed," Barclays analysts said earlier this month. Kraft''s sales were down 3.8 percent to $6.86 billion in the fourth quarter of 2016. Kraft has attributed the decline in sales to a pruning of its portfolio, as it weeds out non-profitable products. It sees tight operational management as perfectly compatible with sales growth. Unilever, the London and Rotterdam-based owner of Dove soap and Hellmann''s mayonnaise brands, defines itself as a business "making sustainable living commonplace." This means putting money with an eye beyond the immediate bottom line, such as products with low environmental impact and resources toward bringing safe water to under-served regions. "(The rebuff of Kraft) makes us also wonder if Unilever''s focus on sustainability might make it very resistant to any further approach from Kraft," said Royal Bank of Canada analyst David Palmer. Adding to Kraft''s challenges, the U.S. consumer food company will need to either integrate or find other options for Unilever''s household and personal care (HPC) business, which makes products such as toothpaste, soaps and detergents. "It seems plausible that the HPC piece of (Unilever) then becomes a merger partner for something 3G might do on its own in HP. In other words, this could be part one of a huge two-step process," said Don Bilson, head of research at event-driven research firm Gordon Haskett. Kraft, Unilever and 3G Capital declined to comment. MANAGEMENT PHILOSOPHY BREWED AT ANHEUSER BUSCH Co-founded by Brazilian billionaire financier Jorge Paulo Lemann, 3G combined Kraft and H.J. Heinz Co in 2015 to create a company that now has a $112 billion market capitalization, and combined Burger King and Tim Hortons in 2014 in a $11 billion deal. The 3G management philosophy was developed by Lemann and Brazilian investment bankers Marcel Herrmann Telles and Carlos Alberto Sicupira, and pioneered at Budweiser brewer Anheuser Busch InBev, the world''s biggest brewer, which they helped create through a series of big mergers. Lemann, Telles and Alberto Sicupira made their mark at Banco Garantia, the investment bank they founded in Brazil in the 1970s. After selling it to Credit Suisse Group AG in 1998, they formed private equity firm 3G to invest in U.S. consumer names. After 3G teamed up with billionaire Buffett to buy Heinz in 2013, they closed six factories and cut 7,000 jobs in 18 months. Operating margins jumped from 18 percent to 26 percent. Lemann, Brazil''s richest man and a former tennis pro, once served on the board of Gillette, where he met Buffett, who has partnered with Lemann on Heinz and Kraft and has said he would like to do more deals. While 3G is often seen as extreme - at Heinz they limited employee use of company printers to 200 pages per month, required double-sided printing - zero-based budgeting has been adopted elsewhere, such as at Oreo cookie maker Mondelez International Inc. (Reporting by Michael Flaherty and Lauren Hirsch in New York; Editing by Greg Roumeliotis and Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/unilever-ma-kraft-3g-idUSL1N1G302L'|'2017-02-18T19:00:00.000+02:00'|877.0|''|-1.0|'' 878|'83ef96b5ed528953f65ed795711b779cf620784a'|'PSA boss says Opel deal would find ''speedy'' savings'|' 52am GMT PSA boss says Opel deal would find ''speedy'' savings The logo of German car maker Opel is seen at a dealership in Marseille, France, February 22, 2017. REUTERS/Jean-Paul Pelissier PARIS PSA Group''s ( PEUP.PA ) proposed acquisition of Opel would swiftly create savings and value from the General Motors ( GM.N ) European division''s turnaround and complementary brands, the French carmaker''s Chief Executive Carlos Tavares said on Thursday. Adding GM''s German Opel British Vauxhall brand would bring new customers reluctant to buy French cars, Tavares told analysts and reporters, while generating savings from shared technical underpinnings. "There is significant complementarity in terms of customer consideration between the German Opel brand and our three French brands," Tavares said, referring to the French group''s Peugeot, Citroen and DS badges. "This company needs help," he said. "What we see today with the situation of Opel ... has a lot of similarities with what we were facing four years ago." Under Tavares, PSA has rebounded from a 2014 brush with bankruptcy and state-backed bailout to record levels of profitability. On Thursday, it posted a 6 percent automotive operating margin for 2016 and raised its medium-term earnings goal. Savings with Opel, if the deal goes through, would be underpinned by rapid convergence of underlying vehicle architectures, the PSA chief also said. "When you look at the product plan you see that you can in a quite speedy way implement quite significant synergies," Tavares said. PSA expects the deal to lead to combined sales of 5 million vehicles in 2020-22 and savings between 1.5 billion and 2 billion euros, sources told Reuters on Wednesday. (Reporting by Laurence Frost. Editing by Jane Merriman) UK '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-peugeot-opel-m-a-idUKKBN1620UI'|'2017-02-23T15:52:00.000+02:00'|878.0|''|-1.0|'' -879|'68fb655562a057ee00f161316d918f75e014123f'|'INVESTMENT FOCUS-Sovereign funds increasingly do their own private equity deals'|'Money 2:33am EST Sovereign funds increasingly do their own private equity deals By Claire Milhench - LONDON LONDON Some of the world''s biggest sovereign wealth funds are increasingly striking their own private equity deals rather than relying on external fund managers, in a drive to cut costs and gain more control. With some $6.5 trillion in assets, sovereign investors already account for 19 percent of capital committed to private equity, according to data from research firm Preqin. But mega-funds such as the Abu Dhabi Investment Authority (ADIA), Saudi Arabia''s Public Investment Fund (PIF) and Singapore''s GIC, are hiring specialists to find or vet deals - enabling them to negotiate with private equity firms from a position of strength or to go it alone. In 2012 sovereign investors participated in just 77 direct private equity deals. By 2016, that had risen to 137, Thomson Reuters data shows. Deal value more than trebled to $45.2 billion from $14.8 billion. For target companies it could mean longer-term investors with deeper pockets. Private equity funds typically look to sell within three to five years, but sovereign funds often an take investment view stretching over decades. The trend is driven partly by a need to work assets harder as returns shrink, and partly by a conviction that only through originating or structuring deals themselves can sovereign funds get what they want. "It''s a natural evolution. If you do it yourself, you not only reduce the fees, you get greater control over the pricing of the deal," said Babak Nikravesh, a San Francisco-based partner at law firm Hogan Lovells, who represents sovereign investors. This allows funds to better protect their interests when markets go south. One sovereign investor who spoke on condition of anonymity said that during the global financial crisis, some external funds behaved irrationally. "They had different liability streams than us, so they were under pressure to sell at a time when they should have been investing more," the source said. "Going more direct means you don''t have to worry about whether your interests are aligned with other investors''." Some funds still rely on private equity funds to find deals and commit capital on their behalf, but not many can take the amount of capital the sovereign investors want to commit. There is also growing disenchantment with the industry''s traditional 2 percent management fee and 20 percent performance fee model. A Preqin survey found 39 percent of institutional investors polled in December 2016 cited fees as one of the key challenges facing the industry, up from 19 percent in 2015. "The fees are very high and swallow a large chunk of the returns, so there is a big desire to look at how can they do this more efficiently," said Elliot Hentov, head of policy and research in the official institutions group at State Street Global Advisors. For the oil-backed funds, low oil prices mean the days of plenty are over, while lackluster returns from publicly listed assets mean more funds are missing targets. As a result, sovereign funds may be under pressure to manage their portfolios more actively. HIRING TALENT To this end, Saudi''s PIF signaled a switch to a higher- risk, more-active strategy when it purchased a $3.5 billion stake in Uber last year. It recruited Kevin O''Donnell from Kaiser Permanente as head of global private equity and is the lead investment partner in a technology fund jointly established with Japan''s Softbank Group. ADIA, estimated by the SWF Institute to have some $792 billion in assets, has added people with direct transaction experience and hired regional and sector specialists in its private equity department. This now has around 40 investment professionals headed by ex-GE executive Sherwood Dodge. The aim is to participate earlier in originating, valuing and structuring deals alongside private equity firms. Together with TDR Capital, ADIA was one of the largest investors in the acquisition of LeasePlan Corp. And GIC, which has been at the forefront of the direct investment trend, now has boots on the ground in San Francisco, New York and London. Local offices help investors source proprietary deals and avoid going through auctions, keeping costs down. GIC has landed a string of deals in the past year, partnering with private equity firm Golden Gate Capital to take U.S. telecoms group Neustar private and buying a stake in digital maps company HERE, to name two. Sovereign funds are also partnering more with their each other, rather than relying on private equity firms. The Russian Direct Investment Fund (RDIF) has joint investment vehicles with China, Kuwait, Qatar, France and Korea, among others. "When we invest with sovereign wealth partners, we help the business and we can generate significant positive returns," said its chief executive, Kirill Dmitriev. He cited a co-investment in French glass manufacturer ARC International with Chinese and Middle Eastern partners, which has helped ARC grow in China, the Middle East and Russia. But for the industry as a whole, it remains difficult to tell whether going direct is more profitable than investing via third parties. "In theory, you''re saving money on management fees, but it depends how good you are at choosing the investments," said Nikravesh at Hogan Lovells. (Editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-swf-privateequity-idUSKBN15W0M8'|'2017-02-17T14:30:00.000+02:00'|879.0|''|-1.0|'' +879|'68fb655562a057ee00f161316d918f75e014123f'|'INVESTMENT FOCUS-Sovereign funds increasingly do their own private equity deals'|'Money 2:33am EST Sovereign funds increasingly do their own private equity deals By Claire Milhench - LONDON LONDON Some of the world''s biggest sovereign wealth funds are increasingly striking their own private equity deals rather than relying on external fund managers, in a drive to cut costs and gain more control. With some $6.5 trillion in assets, sovereign investors already account for 19 percent of capital committed to private equity, according to data from research firm Preqin. But mega-funds such as the Abu Dhabi Investment Authority (ADIA), Saudi Arabia''s Public Investment Fund (PIF) and Singapore''s GIC, are hiring specialists to find or vet deals - enabling them to negotiate with private equity firms from a position of strength or to go it alone. In 2012 sovereign investors participated in just 77 direct private equity deals. By 2016, that had risen to 137, Thomson Reuters data shows. Deal value more than trebled to $45.2 billion from $14.8 billion. For target companies it could mean longer-term investors with deeper pockets. Private equity funds typically look to sell within three to five years, but sovereign funds often an take investment view stretching over decades. The trend is driven partly by a need to work assets harder as returns shrink, and partly by a conviction that only through originating or structuring deals themselves can sovereign funds get what they want. "It''s a natural evolution. If you do it yourself, you not only reduce the fees, you get greater control over the pricing of the deal," said Babak Nikravesh, a San Francisco-based partner at law firm Hogan Lovells, who represents sovereign investors. This allows funds to better protect their interests when markets go south. One sovereign investor who spoke on condition of anonymity said that during the global financial crisis, some external funds behaved irrationally. "They had different liability streams than us, so they were under pressure to sell at a time when they should have been investing more," the source said. "Going more direct means you don''t have to worry about whether your interests are aligned with other investors''." Some funds still rely on private equity funds to find deals and commit capital on their behalf, but not many can take the amount of capital the sovereign investors want to commit. There is also growing disenchantment with the industry''s traditional 2 percent management fee and 20 percent performance fee model. A Preqin survey found 39 percent of institutional investors polled in December 2016 cited fees as one of the key challenges facing the industry, up from 19 percent in 2015. "The fees are very high and swallow a large chunk of the returns, so there is a big desire to look at how can they do this more efficiently," said Elliot Hentov, head of policy and research in the official institutions group at State Street Global Advisors. For the oil-backed funds, low oil prices mean the days of plenty are over, while lackluster returns from publicly listed assets mean more funds are missing targets. As a result, sovereign funds may be under pressure to manage their portfolios more actively. HIRING TALENT To this end, Saudi''s PIF signaled a switch to a higher- risk, more-active strategy when it purchased a $3.5 billion stake in Uber last year. It recruited Kevin O''Donnell from Kaiser Permanente as head of global private equity and is the lead investment partner in a technology fund jointly established with Japan''s Softbank Group. ADIA, estimated by the SWF Institute to have some $792 billion in assets, has added people with direct transaction experience and hired regional and sector specialists in its private equity department. This now has around 40 investment professionals headed by ex-GE executive Sherwood Dodge. The aim is to participate earlier in originating, valuing and structuring deals alongside private equity firms. Together with TDR Capital, ADIA was one of the largest investors in the acquisition of LeasePlan Corp. And GIC, which has been at the forefront of the direct investment trend, now has boots on the ground in San Francisco, New York and London. Local offices help investors source proprietary deals and avoid going through auctions, keeping costs down. GIC has landed a string of deals in the past year, partnering with private equity firm Golden Gate Capital to take U.S. telecoms group Neustar private and buying a stake in digital maps company HERE, to name two. Sovereign funds are also partnering more with their each other, rather than relying on private equity firms. The Russian Direct Investment Fund (RDIF) has joint investment vehicles with China, Kuwait, Qatar, France and Korea, among others. "When we invest with sovereign wealth partners, we help the business and we can generate significant positive returns," said its chief executive, Kirill Dmitriev. He cited a co-investment in French glass manufacturer ARC International with Chinese and Middle Eastern partners, which has helped ARC grow in China, the Middle East and Russia. But for the industry as a whole, it remains difficult to tell whether going direct is more profitable than investing via third parties. "In theory, you''re saving money on management fees, but it depends how good you are at choosing the investments," said Nikravesh at Hogan Lovells. (Editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-swf-privateequity-idUSKBN15W0M8'|'2017-02-17T14:30:00.000+02:00'|879.0|20.0|0.0|'' 880|'265e0e42fe9f5f954694eb1de4d4a8b74a1a0b33'|'Amazon warns that trade protectionism could hurt business: filing'|'Technology News - Fri Feb 10, 2017 - 4:49pm EST Amazon warns that trade protectionism could hurt business: filing Amazon.com''s logo is seen at Amazon Japan''s office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon By Jeffrey Dastin Amazon.com Inc ( AMZN.O ) warned on Friday that government actions to bolster domestic companies over foreign competition could hurt its business, in a potential reference to U.S. President Donald Trump''s "America First" agenda. In a routine description of regulatory risks in its 2016 annual filing, the world''s largest online retailer said "trade and protectionist measures" might hinder its ability to grow. That language has not appeared in Amazon''s warning about government regulation in at least the past five annual filings with the U.S. Securities and Exchange Commission. However, the Seattle-based company has cited trade protection in those filings as a risk to its international sales and operations specifically. The new Republican president has made job creation a cornerstone of his policies, threatening to impose tariffs on imports so companies produce and hire within the United States. Republicans in Congress also have a plan to target imports while excluding export revenue from U.S. corporate income tax, known as a border adjustment tax. The proposal in the U.S. House of Representatives has divided corporate America. Major exporters like Boeing Co ( BA.N ) have thrown their weight behind it, but a retail association has said it would raise prices for shoppers. It was not clear what kinds of protectionist measures - whether tariffs or other actions - concerned Amazon the most, or from which countries Amazon saw the greatest risk. Amazon so far has declined to comment on Republican lawmakers'' border tax plan. It did not return requests for comment on the new language in its annual filing. The filing did not mention the change in leadership of the White House. The language appeared in its filing under the header, "Government Regulation Is Evolving and Unfavorable Changes Could Harm Our Business." (Reporting by Jeffrey Dastin in San Francisco; Editing by Jonathan Oatis) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-amazon-com-outlook-trade-idUSKBN15P2OR'|'2017-02-11T04:49:00.000+02:00'|880.0|''|-1.0|'' 881|'304dd311a9de698ea06520c55af71a3f77d67dae'|'Confident Snap brushes off concerns on second day of IPO roadshow'|' 18am IST Confident Snap brushes off concerns on second day of IPO roadshow FILE PHOTO: The logo of messaging app Snapchat is seen at a booth at TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. REUTERS/Lucy Nicholson/File Photo By Lauren Hirsch and Liana B. Baker - NEW YORK NEW YORK Snap Inc, owner of popular messaging app Snapchat, fended off investor skepticism on the second day of its IPO roadshow on Tuesday, betting on the charisma of CEO Evan Spiegel, 26, whom it introduced as a "once in a generation founder." Snap is targeting a valuation of between $19.5 billion and $22.3 billion from listing on the New York Stock Exchange in two weeks. It cut its initial target of $20 billion-$25 billion last week following negative investor feedback. In a room of more than 400 investors on the 36th floor of New York''s Mandarin Oriental Hotel, Spiegel brushed aside concerns of slowing user growth and stressed Snap''s potential to change "the way people live and communicate," according to sources who asked not to be identified because the meeting was closed to the press. Many investors remained unconvinced by Snap''s claim that it is more valuable than Facebook Inc based on revenue at the time of its IPO in 2012. Still, they acknowledged that Snap has built momentum as this year''s biggest technology IPO and the darling of millennials. "They could have been in their underwear up there and no one would have cared," said one investor who attended the roadhow on Tuesday. In the Q&A with management that took up the entire session, not one attendee asked about the company''s first-of-its kind share structure that offers IPO investors no voting rights. Investors were wary that being too critical might prompt the company to limit their allocation in the offering, an investor said. Spiegel and co-founder Bobby Murphy will have the right to 10 votes for every share, and existing investors such as venture capital backers will get one vote for each share. Investors seeking clear answers to concerns around metrics, particularly the company''s long-touted new user growth, were disappointed. New user growth slowed in the second half of 2016, and just this week Facebook''s WhatsApp introduced a disappearing photo-messaging service similar to Snapchat''s. Last year, Facebook introduced disappearing videos to its Instagram platform that resemble Snapchat''s. Spiegel said the company''s growth is "lumpy," due to new launches that have varying degrees of success. In a recent update of its IPO registration document, the company also pointed to technical issues facing Android devices that have hindered new user growth outside the United States. Chief Strategy Officer Imran Khan asked investors to gauge how much users engaged by looking at Snap''s cost of revenue. Traditionally, investors focus on metrics such as daily active users or minutes spent on the app. Snap''s cost of revenue is primarily driven by how much the company has to pay to partners such as Alphabet Inc''s Google and Amazon.com Inc to support data and bandwidth. This is based on how often users engage with the app and the types of features they use. One investor saw a "huge red flag" when Snap''s leaders did not answer the question of where they see the company in five years. "There was so much hubris there it scared me away... This felt like the late technology bubble roadshows," one of the investors said, referring to the IPO bonanza of the dot-com boom in 2000. (Reporting by Lauren Hirsch and Liana B. Baker in New York; Additional reporting by Olivia Oran in New York; Editing by David Gregorio) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/snap-ipo-idINKBN1610G8'|'2017-02-22T12:48:00.000+02:00'|881.0|''|-1.0|'' 882|'f18c13e19373315badb12023376b6e1b081cf53e'|'Exclusive - Wal-Mart launches new front in U.S. price war, targets Aldi in grocery aisle'|'Mon Feb 27, 2017 - 6:08am GMT Exclusive: Wal-Mart launches new front in U.S. price war, targets Aldi in grocery aisle FILE PHOTO -- Shopping carts are seen outside a new Wal-Mart Express store in Chicago July 26, 2011. REUTERS/John Gress/File Photo By Nandita Bose Wal-Mart Stores Inc ( WMT.N ) is running a new price-comparison test in at least 1,200 U.S. stores and squeezing packaged goods suppliers in a bid to close a pricing gap with German-based discount grocery chain Aldi ALDIEI.UL and other U.S. rivals like Kroger Co ( KR.N ), according to four sources familiar with the moves. Wal-Mart launched the price test across 11 Midwest and Southeastern states such as Iowa, Illinois and Florida, focusing on price competition in the grocery business that accounts for 56 percent of the company''s revenue, said vendor sources with direct knowledge of the matter who did not wish to be identified for fear of disrupting business relations with Wal-Mart. Wal-Mart''s tests are aimed at finding the right price point across a range of products that will attract more shoppers, and then adjusting prices as needed. Spot checks by Reuters on a basket of grocery items sold by competing Aldi and Wal-Mart stores in five Iowa and Illinois cities showed Wal-Mart''s bid to lower prices is already taking hold. Wal-Mart consistently offered lower prices versus Aldi, an improvement over recent analyst estimates that Wal-Mart''s prices have been as much as 20 percent higher than Aldi on many grocery staples. The competition at these stores is intense, with both competitors selling a dozen large eggs for less than a dollar. A gallon of milk at some stores was priced at around $1. For a graphic, click: tmsnrt.rs/2le6v0Y The big box retailer also held meetings last week in Bentonville, Arkansas with food and consumer products vendors, including Procter & Gamble ( PG.N ), Unilever PLC ( ULVR.L ), Conagra Brands Inc ( CAG.N ), and demanded they reduce the cost they charge the retailer by 15 percent, sources said. Wal-Mart also said it expects suppliers to help the company beat rivals on head-to-head pricing 80 percent of the time, these vendor sources said. The wide-ranging meeting with suppliers - where Wal-Mart discussed other topics - was also attended by Johnson & Johnson ( JNJ.N ) and Kraft Heinz Co ( KHC.O ), among others, sources told Reuters. The consumer goods companies did not respond to Reuters requests seeking comment. These Wal-Mart moves signal a new front in the price war for U.S. shoppers, as the pioneer of everyday low pricing seeks to regain its competitive pricing advantage in traditional retailing. For more than a year, Wal-Mart said it is investing in price while not sharing specifics. When asked by Reuters about the test and demands on grocery suppliers, Wal-Mart spokesman Lorenzo Lopez said the company is "not in a position to share our strategy for competitive reasons." Germany-based discount grocer Aldi is one of the relatively new rivals quickly gaining market share in the hotly competitive grocery sector, which already boasts Kroger, Albertsons Cos Inc and Publix Super Markets as stiff competitors on price. A second Germany-based discount grocer, Lidl, is planning to enter the U.S. market this year, and together the German discounters pose a serious threat to Wal-Mart''s U.S. grocery business. The stakes are high for Wal-Mart. According to Scott Mushkin, managing director of Wolfe Research and a leading pricing analyst, the retailer would need to spend about $6 billion to regain market share from all of its grocery rivals. Wal-Mart also needs to find ways to cut prices without further damaging its bottom line. In its latest quarter, gross margins slipped 8 basis points, while net income dropped 18 percent compared to the year-ago quarter. The company attributed the decline to factors such as price investments, which is essentially the cost of cutting prices.Vendors said Wal-Mart has told them it intends to maintain margins on average and lose money on some goods as part of its pricing plan. Wal-Mart told vendors it will absorb some of the losses so suppliers can adjust to the new pricing demand. A supplier of consumer goods said Wal-Mart cut prices on some of his company''s products by as much as 30 percent in some stores over the past few months. "It helped them figure out the sweet spot that drives traffic," the person said. Wal-Mart also said it wants vendors to make logistics improvements that would help vendors get $1 billion more in sales, though it did not specify the time period. The retailer asked vendors to work harder on shipping orders in full and on-time, which would trim delivery costs, reduce re-orders, and reduce out-of-stock problems that have vexed the retailer and hurt sales in recent years, vendor sources who attended the meeting told Reuters. "Wal-Mart is trying to go back to where they were 10 years ago when they were absolutely the low price leader," a large packaged food supplier told Reuters on condition of anonymity. "We understand they are willing to give up profits to a large extent in some cases, so they can invest in their own brand." Aldi and Kroger declined to comment on the story. Lidl and Publix did not respond to Reuters'' requests seeking comment. Albertsons said running its stores means delivering price competitiveness every day, but did not comment specifically on the tests. HEATED COMPETITION Wal-Mart is eyeing both German chains based on its recent experience in the United Kingdom. Aldi and Lidl, with their no-frills stores, limited product assortment and low-cost model, have successfully upended the grocery market there, cutting into the sales of larger players like Tesco Plc ( TSCO.L ) and Asda, Wal-Mart''s UK arm. A Reuters spot check of markets where Wal-Mart is running its new U.S. pricing program indicates the retailer has already taken the price battle to Aldi. The Reuters check of Wal-Mart and Aldi stores in five Midwestern cities where Wal-Mart is running its test found Wal-Mart''s prices for a basket of 15 staples averaged 8 percent less than Aldi''s products. Reuters conducted the price comparisons in Dubuque and Davenport, Iowa, and Moline, Dixon and Galesburg, Illinois. At each, Reuters collected prices for a basket of 15 similar-sized products including private-label packages of butter and milk, along with branded items like Crest toothpaste and 2 liter-bottle of Coca-Cola. In some cases, Wal-Mart''s prices were as much as 10 percent cheaper than at Aldi. Reuters found Wal-Mart''s prices were lower on at least eight and as many as 12 items in each of the five locations. Wal-Mart is also conducting the price comparisons in Georgia, Indiana, Kansas, Kentucky, Michigan, North Carolina, South Carolina and Virginia, according to sources. In the United States, Aldi is starting from a small base and Lidl has not yet opened its first store. Aldi, with roughly 1,600 U.S. stores, accounts for only about 1.5 percent of the U.S. grocery market - but it is growing at 15 percent a year. Mushkin of Wolfe Research estimated Aldi and Lidl together could grab as much as seven percent of the U.S. market over five years. Wal-Mart currently controls about 22 percent of the U.S. grocery market, and its U.S. sales are estimated to grow about 2 percent this year, according to analysts. Over the past few years, Aldi''s prices have been about 20 percent lower than Wal-Mart''s, said Mushkin of Wolfe Research. When Mushkin in December compared Wal-Mart and Aldi prices in Connecticut for private label goods - the retailers'' own brands, typically the lowest-priced goods in each category - he found the German chain''s prices were 24 percent lower. (Editing by David Greising and Edward Tobin) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-walmart-pricing-exclusive-idUKKBN1660I4'|'2017-02-27T13:05:00.000+02:00'|882.0|''|-1.0|'' @@ -912,9 +912,9 @@ 910|'c83a196e02e841138c484a029047a429d8a6ad31'|'Tesla down ahead of first quarterly report to include SolarCity'|'By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Shares of Tesla were down almost 1 percent on Wednesday ahead of the electric car maker''s first quarterly report following its $2.6 billion acquisition of solar panel installer SolarCity.Wall Street estimates for Tesla''s fourth-quarter loss per share vary widely, potentially due in part to the deal. In the previous quarter, Tesla posted its first net profit in more than three years.Over the past three months, the stock has enjoyed a 41 percent rally and is near record highs, while short bets against Tesla remain elevated despite nearly $2 billion in paper losses suffered by short sellers this year.Options trading strategies suggest investors expect a 6.5 percent move in Tesla''s stock - up or down - by Friday.Musk, the largest shareholder in both companies, combined Tesla and SolarCity in a bid to create a clean energy powerhouse. More recently, the Silicon Valley billionaire became a key figure on President Donald Trump''s business council."The recent run-up in Tesla stock has less to do, in our view, with anything around the near-term financials, and more to do with the nearly superhero status of Elon Musk," wrote Barclays analyst Brian Johnson in a note to clients on Wednesday.A year ago, Musk said Tesla would become full-year profitable in 2016, a promise that helped the stock rebound from a two-year low. Since then, the shares have doubled. In afternoon trade on Nasdaq they were around $275.75.The average analyst estimate for Tesla''s quarterly adjusted, non-GAAP loss per share is 43 cents, according to Thomson Reuters data. But Tesla could report a loss of 63 cents per share, according to the Thomson Reuters Starmine estimate, which gives more weight to analysts with stronger track records.In Wednesday''s report after markets close, Wall Street will be looking for updates on Tesla''s plan to launch volume production of its Model 3 sedan in the second half of this year. Tesla was set to begin test-building its Model 3 this past Monday, Reuters reported.Six analysts recommend buying Tesla''s stock, another six recommend selling, and eight are neutral, according to Thomson Reuters data.(Reporting by Noel Randewich; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-markets-tesla-idINKBN1612HS'|'2017-02-22T16:23:00.000+02:00'|910.0|''|-1.0|'' 911|'942d8655960971205ccf10e3e7ac420762c252f2'|'BRIEF-Summit Midstream Partners LP announces pricing of senior notes'|' 18pm EST BRIEF-Summit Midstream Partners LP announces pricing of senior notes Feb 8 Summit Midstream Partners LP : * Summit Midstream Partners LP announces pricing of senior notes * Summit Midstream Partners - notes will be issued at par and bear interest at 5.75 pct per annum, payable semi-annually in arrears '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZCU'|'2017-02-09T05:18:00.000+02:00'|911.0|''|-1.0|'' 912|'a3f943b4aa4fd8fc32d8a079e6cb2ac9531d2ee7'|'EQT Infrastructure to buy Lumos Networks in $950 mln deal'|'Fiber-based service provider Lumos Networks Corp ( LMOS.O ) said on Monday it agreed to be bought by investment firm EQT Infrastructure in an all-cash deal with an enterprise value of about $950 million.The offer of $18 per share represents an 18.2 percent premium to Lumos'' closing price of $15.23 on Friday.(Reporting by Anya George; Editing by Leslie AdlerTharakan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lumos-network-m-a-eqt-infrastructure-idINKBN15Z1G1'|'2017-02-20T11:17:00.000+02:00'|912.0|9.0|2.0|'' -913|'a21b7b82ff86936d9e30ad00cacd61374c25d42b'|'Hannover Re hikes 2017 profit guidance after January renewals'|'Financials - Thu Feb 2, 2017 - 1:46am EST Hannover Re hikes 2017 profit guidance after January renewals FRANKFURT Feb 2 Germany''s Hannover Re raised its 2017 net profit guidance to more than 1 billion euros ($1.1 billion) from more than 950 million euros after what it said was a strong round of treaty renewals at the start of the year. The world''s third largest reinsurer also said on Thursday it now expected gross premiums to rise by a low single-digit percentage this year. The company said it was pleased with the outcome of talks to renew reinsurance contracts with its insurance company clients in January, saying its premium volume had grown about 7 percent, including its structured reinsurance business, despite continued price pressure. ($1 = 0.9266 euros) (Reporting by Maria Sheahan; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hannover-rueck-outlook-idUSASM00097W'|'2017-02-02T13:46:00.000+02:00'|913.0|''|-1.0|'' +913|'a21b7b82ff86936d9e30ad00cacd61374c25d42b'|'Hannover Re hikes 2017 profit guidance after January renewals'|'Financials - Thu Feb 2, 2017 - 1:46am EST Hannover Re hikes 2017 profit guidance after January renewals FRANKFURT Feb 2 Germany''s Hannover Re raised its 2017 net profit guidance to more than 1 billion euros ($1.1 billion) from more than 950 million euros after what it said was a strong round of treaty renewals at the start of the year. The world''s third largest reinsurer also said on Thursday it now expected gross premiums to rise by a low single-digit percentage this year. The company said it was pleased with the outcome of talks to renew reinsurance contracts with its insurance company clients in January, saying its premium volume had grown about 7 percent, including its structured reinsurance business, despite continued price pressure. ($1 = 0.9266 euros) (Reporting by Maria Sheahan; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/hannover-rueck-outlook-idUSASM00097W'|'2017-02-02T13:46:00.000+02:00'|913.0|18.0|0.0|'' 914|'e3450ac52751d800db172136b47f82a16adb17ae'|'Ukraine PM sees IMF deal by end-Feb amid new fighting in east'|' 20pm GMT Ukraine PM sees IMF deal by end-Feb amid new fighting in east Ukrainian Prime Minister Volodymyr Groysman speaks during an interview with Reuters in Brussels, Belgium February 10, 2017. REUTERS/Yves Herman - By Robin Emmott - BRUSSELS BRUSSELS Kiev expects to reach a deal with the International Monetary Fund by the end of the month to allow the next tranche of aid, Prime Minister Volodymyr Groysman said on Friday, and blamed Russia for renewed fighting flared in eastern Ukraine. Speaking after the biggest surge in violence in Ukraine''s industrial east for more than a year, Groysman also called on new U.S. President Donald Trump to provide "defensive weapons" to Ukraine to bring Moscow back into peace talks. "We have practically completed negotiations (with the IMF) and only a few nuances remain," he said of talks with the global lender to unlock the latest series of loans under Ukraine''s $17.5 billion (14 billion pound) bailout by the end of the month. Groysman said Kiev intends to cooperate with the Washington-based lender but that the IMF needed to have "realistic" expectations on what Ukraine could achieve in terms of judicial reforms that are holding up talks. "It''s important that all the conditions ... have realistic deadlines," he told Reuters during a two-day visit to Brussels where he met officials from the European Union and the North Atlantic Treaty Organisation. (Reporting by Robin Emmott; Editing by Alissa de Carbonnel) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ukraine-crisis-idUKKBN15P1F8'|'2017-02-10T19:20:00.000+02:00'|914.0|''|-1.0|'' -915|'2e7dc596cdc334b8530fcf48905725b2a131d8e3'|'TMX posts quarterly profit helped by cost cuts'|'Feb 13 TMX Group Ltd posted a net profit for the fourth quarter, compared with a loss in the year-ago period, boosted by cost cuts.The owner of the Toronto Stock Exchange said the net profit attributable to shareholders was C$52.6 million ($40.2 million), or 95 Canadian cents per share, in the last three months of 2016, compared with a loss of C$159 million, or C$2.92 per share, a year earlier.Revenue rose 7 percent to C$189.4 million. ($1 = 1.3074 Canadian dollars) (Reporting by Vishal Sridhar in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tmx-grp-results-idINL4N1FZ1GS'|'2017-02-13T23:16:00.000+02:00'|915.0|''|-1.0|'' +915|'2e7dc596cdc334b8530fcf48905725b2a131d8e3'|'TMX posts quarterly profit helped by cost cuts'|'Feb 13 TMX Group Ltd posted a net profit for the fourth quarter, compared with a loss in the year-ago period, boosted by cost cuts.The owner of the Toronto Stock Exchange said the net profit attributable to shareholders was C$52.6 million ($40.2 million), or 95 Canadian cents per share, in the last three months of 2016, compared with a loss of C$159 million, or C$2.92 per share, a year earlier.Revenue rose 7 percent to C$189.4 million. ($1 = 1.3074 Canadian dollars) (Reporting by Vishal Sridhar in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tmx-grp-results-idINL4N1FZ1GS'|'2017-02-13T23:16:00.000+02:00'|915.0|28.0|0.0|'' 916|'42fe92b1d7b21898987fa1e30c8f94723264d264'|'France''s Vinci confident on 2017 prospects'|' 05pm GMT France''s Vinci confident on 2017 prospects FILE PHOTO - The logo of Vinci is pictured during the company''s 2011 annual results presentation in Paris February 8, 2012. REUTERS/Charles Platiau/File Photo By Dominique Vidalon - PARIS PARIS France''s Vinci ( SGEF.PA ) on Tuesday forecast higher revenue and profits this year on the strength of a French construction market upturn and a robust concessions business. Europe''s biggest construction and concession company also saw support this year from a new 800 million euro road infrastructure package announced by the French government, half of which was secured by Vinci. "Despite uncertainty regarding the global economy, we expect increased activity in both our concessions and contracting businesses in 2017, along with higher group earnings," the statement said. Vinci made the prediction after reporting forecast-beating revenues and profits for 2016. Operating income rose 11.1 percent to 4.174 billion euros (3.58 billion pounds) on 38.07 billion euros in revenue, down 1.2 percent, thanks to tight cost control and a robust concessions business. The results exceeded expectations of 4.065 billion euros in operating income and 37.841 billion in revenue, based on the median estimates of 12 analysts in a ThomsonReuters poll. The company said its construction business, the biggest contributor to group revenue, saw a 5.6 percent fall in revenue last year while concessions revenue rose 8.5 percent. To counter the construction decline, Vinci has been expanding into faster-growing and more profitable concessions such as airports and motorways as well as in energy engineering. Vinci, which operates about half of France''s motorway concessions said motorway traffic grew 3.2 percent in 2016 while its airport traffic grew 10 percent. Vinci increased its proposed dividend to 2.10 euros per share from the 1.84 euros paid out in 2015. ($1 = 0.9346 euros) (Reporting by Dominique Vidalon; Editing by Laurence Frost) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vinci-results-idUKKBN15M256'|'2017-02-08T01:05:00.000+02:00'|916.0|''|-1.0|'' 917|'1c4ee0f8e9dce9839521839e27bb8219765c7206'|'German trade surplus surges to new record in 2016'|'Business News - Thu Feb 9, 2017 - 7:09am GMT German trade surplus surges to new record in 2016 Loading cranes are seen at a shipping terminal in the harbour in Hamburg September 18, 2014. Picture taken September 18. REUTERS/Fabian Bimmer BERLIN Germany''s trade surplus hit a new record in 2016 despite a drop in exports narrowing the monthly measure for Europe''s largest economy in December, data showed on Thursday. Germany''s trade surplus for 2016 as a whole rose to a new record of 252.9 billion euros (216 billion pounds), surpassing the previous high of 244.3 billion euros from the prior year, the Federal Statistics Office said. In December, seasonally adjusted exports fell by 3.3 percent on the month while imports were unchanged. Economists polled by Reuters had expected exports to fall by 1.1 percent and imports to decline by 1.0 percent. In December, the trade surplus narrowed to 18.4 billion euros from 21.8 billion in the previous month. ($1 = 0.9365 euros) (Reporting by Paul Carrel; Editing by Michelle Martin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-trade-idUKKBN15O0NA'|'2017-02-09T14:09:00.000+02:00'|917.0|''|-1.0|'' 918|'a3ca3ce09bcb7d2987fc349c63bec85051aaff46'|'UPDATE 3-Whole Foods cuts 2017 profit, sales forecasts as growth lags'|'Wed Feb 8, 2017 - 7:14pm EST Whole Foods cuts 2017 profit, sales forecasts as growth lags People pass by a Whole Foods Market in New York City, U.S., February 7, 2017. REUTERS/Brendan McDermid Whole Foods Market Inc ( WFM.O ) on Wednesday said it is closing some stores and increasing use of customer data to improve results after cutting its full-year sales and profit forecasts after posting its sixth straight quarter of same-store sales declines. Shares in the organic and natural food grocer were down 2.1 percent in extended trading. "We''re examining every aspect of our retail operations," Whole Foods co-founder John Mackey, who recently resumed the role of sole chief executive officer after the departure of co-CEO Walter Robb, said on a conference call with analysts. Whole Foods has been battling intense competition from rivals that include Kroger Co ( KR.N ) and Wal-Mart Stores Inc ( WMT.N ), as well as new competitors such as Amazon.com Inc ( AMZN.O ) and meal kit provider Blue Apron. The company has been lowering prices and experimenting with its value-oriented 365 by Whole Foods Market chain, as it tries to shed its unflattering "Whole Paycheck" nickname. Mackey said the company is "doubling down" on its most loyal customers, continue to lower prices and taking other steps to improve profitability and efficiency. "What has become clear is that we don''t want to compete in a ''race to the bottom'' as consumers have ever increasing choices for how much and where they shop," Mackey said. Whole Foods has closed one commissary kitchen and will be closing nine stores and the company''s last two remaining commissary kitchens in the current quarter. It also terminated two leases. Mackey said the majority of the stores slated for closure were smaller, older acquisitions and that shuttering them should improve results. Whole Foods also is teaming up with dunnhumby, a private, wholly owned consumer data subsidiary of Tesco Plc, in a bid to catch up with Kroger and other rivals that already use such information to improve merchandising and personalize offers to loyal customers. The organic and natural food grocer on Wednesday said same-store sales fell a sharper-than-expected 2.4 percent in the fiscal first quarter ended Jan. 15, the sixth straight quarterly drop. That decline accelerated to 3.2 percent for the current second quarter through Feb. 5. Whole Foods it expects sales for the year to rise 1.5 percent or greater, compared with its previous forecast of growth of 2.5 percent to 4.5 percent. It also cut its profit forecast for the year to $1.33 per share or greater, from its previous view of $1.42 or greater. First-quarter revenue rose 1.9 percent to $4.92 billion from a year earlier. Net income fell to $95 million, or 30 cents per share, from $157 million, or 46 cents per share, a year earlier. The company said it incurred a charge of about 9 cents per share in the quarter, related to Robb''s separation agreement and store closures. It expects to incur an additional charge related to the closures of about 6 cents per share in the current quarter. (Reporting by Lisa Baertlein in Los Angeles and Jessica Kuruthukulangara in Bengaluru; Editing by Matthew Lewis and Alan Crosby) Up Next Panera surges to record as Wall Street eyes payoff from technology SAN FRANCISCO Shares of Panera Bread surged to a record high on Wednesday and were on track for the biggest one-day move in almost two years after the company gave an upbeat forecast and said technology investments at its restaurants were paying off.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-whole-foods-results-idUSKBN15N2OU'|'2017-02-09T07:07:00.000+02:00'|918.0|''|-1.0|'' @@ -942,7 +942,7 @@ 940|'26500dabd5ef4f9034807e0f0210d396a771a650'|'Germany encouraged over Opel jobs, but UK union worries'|'Deals - Mon Feb 20, 2017 - 3:27pm GMT Germany encouraged over Opel jobs, but UK union worries left Opel presents their new Crossland X SUV in Frankfurt, Germany February 20, 2017. REUTERS/Ralph Orlowski 1/8 left right An Opel logo is seen on a car in Bordeaux, France, February 20, 2017. REUTERS/Regis Duvignau 2/8 Opel presents their new Crossland X SUV in Frankfurt, Germany February 20, 2017. REUTERS/Ralph Orlowski 3/8 Opel presents their new Crossland X SUV in Frankfurt, Germany February 20, 2017. REUTERS/Ralph Orlowski 4/8 Opel presents their new Crossland X SUV in Frankfurt, Germany February 20, 2017. REUTERS/Ralph Orlowski 5/8 left right FILE PHOTO: The logo of Opel is seen at the entrance of a dealership of the brand in Strasbourg, France, February 14, 2017. REUTERS/Vincent Kessler/File Photo 6/8 left right An Opel logo is seen on a car in Bordeaux, France, February 20, 2017. REUTERS/Regis Duvignau 7/8 Opel presents their new Crossland X SUV in Frankfurt, Germany February 20, 2017. REUTERS/Ralph Orlowski 8/8 By Gernot Heller and Costas Pitas - BERLIN/LONDON BERLIN/LONDON Initial talks between the German government and carmakers PSA ( PEUP.PA ) and General Motors ( GM.N ) have led to some encouraging signs that jobs at Opel factories will be preserved, though no guarantees have been made yet, a top official said on Monday. In contrast, a source close to Britain''s biggest trade union said it was increasingly concerned about the future of Vauxhall plants in England, should Peugeot-maker PSA seal a deal to buy GM''s European Opel/Vauxhall arm. Europe''s car industry has been dogged by overcapacity for years, and analysts have said the planned sale of GM''s loss making European business to France''s PSA is likely to result in some cutbacks. Two sources close to PSA told Reuters last week that job and plant cuts were part of the tie-up talks, with the two Vauxhall sites in Britain in the front line. Britain''s decision to leave the European Union, which could lead to trade tariffs, could be a factor in the decision, although the country''s politicians and unions are lobbying hard. Of GM Europe''s roughly 38,000 staff, around half are in Germany and about 4,500 in Britain. German Deputy Economy Minister Matthias Machnig said on Monday GM and PSA had so far not given any binding guarantees on German jobs, but that there had been some encouraging signs. "This is why speculation is premature at this point," Machnig told German television station ARD. He expressed hope that a combination with France''s PSA could form the basis of a better future for Opel. German newspaper Bild am Sonntag had reported that PSA had pledged to continue operating all four of Opel''s German production sites. That sent alarm bells ringing in Britain. "We are increasingly concerned after reports that German plants are safe," the trade union source told Reuters, adding the head of the Unite union, Len McCluskey, was likely to meet PSA Chief Executive Carlos Tavares in London on Friday. HIGH STAKES Germany will hold a federal election in September and any major job cuts at Opel could weaken the chances of Chancellor Angela Merkel getting re-elected for a fourth term. Merkel is constantly being updated on the progress of talks between the government and the management of the carmakers, government spokesman Steffen Seibert said during a regular news conference in Berlin on Monday. Economy Minister Brigitte Zypries will discuss the planned deal in talks with her French counterpart Michel Sapin during her visit in Paris on Thursday, a ministry spokesman said. He added Berlin was also in contact with the British government and the two countries would not let themselves be played off against each other. British business minister Greg Clark is due to meet PSA''s Tavares "towards the end of the week," a government source said, in a key test of Britain''s ability to retain investment after its Brexit vote in June. Last year, Japanese carmaker Nissan ( 7201.T ) asked for a pledge of compensation if its UK plant was hit by Brexit, but went on to invest in two new models after what a source described as a government promise of extra support to counter any loss of competitiveness. British Prime Minister Theresa May also plans to speak with Tavares and is determined to protect Britain''s car industry, her spokesman said on Monday. "It''s going to be a private conversation. There''s been a request for a meeting and we will try to make that meeting happen, but I am not going to go into what the nature of that conversation will be," he told reporters. (Reporting by Gernot Heller and Michael Nienaber; Editing by Mark Potter) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-opel-m-a-psa-idUKKBN15Z0XV'|'2017-02-20T22:26:00.000+02:00'|940.0|''|-1.0|'' 941|'66ce9bf9da7daeb16b1aa1d515cdb0658950ce18'|'Sensex largely flat ahead of RBI monetary policy meet'|'By Arnab Paul Indian shares oscillated in and out of positive terrain on Wednesday amid tepid investor sentiment ahead of the central bank''s monetary policy decision later in the day.Analysts expect a close call with 28 of 46 participants in a Reuters poll last week predicting the Reserve Bank of India will cut the repo rate by 25 basis points to 6.0 percent, its lowest since November 2010, while two analysts expected a 50 bps cut.The broader NSE Nifty was up 0.09 percent at 8,776.25 as of 0552 GMT, while the benchmark BSE Sensex was trading 0.01 percent down at 28,332.77Earlier this week, both indexes had hit a four-month high on rate-cut hopes.Tata Steel Ltd ( TISC.NS ) was among top gainers on the NSE index, rising to over two-year high after reporting its first quarterly profit in five.FMCG stocks were among the biggest decliners with cigarette maker ITC Ltd ( ITC.NS ) falling as much as 1.7 percent after it hit a record high in the previous session.(Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-sensex-nifty-stock-markets-idINKBN15N0H7'|'2017-02-08T03:21:00.000+02:00'|941.0|''|-1.0|'' 942|'cb4227b8f0e9c51a7cdfdb6ffda3a5509d77d079'|'Advent raises bid in three-way tussle for in tussle for Stada'|'Business News - Thu Feb 23, 2017 - 4:54pm GMT Advent raises bid in three-way tussle for in tussle for Stada The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. REUTERS/Alex Domanski By Ludwig Burger and Arno Schuetze - FRANKFURT FRANKFURT Buyout firm Advent International raised the stakes in the three-way bidding tussle for German drug company Stada Arzneimittel ( STAGn.DE ) on Thursday with a 3.6 billion euro (3 billion pound) takeover offer, giving management until Monday to respond. Stada has become the subject of a bidding war between Cinven, Advent and a third buyout group that sources have identified as Bain Capital. Advent''s binding offer, which was not extended to shareholders directly, is for 58 euros per share in cash plus the dividend for 2016. It is limited until Monday and subject to the approval of Stada''s executive board, Stada said in a statement. Should the management board approve the offer, it could soon be extended to shareholders, though Stada signalled that it would not dismiss other options quite yet. "The Executive Board will review the offer in the best interest of the company and will continue the open-minded talks with all interested parties," the company said. Previous expressions of interest, which have been non-binding, were 56 euros per share from Cinven and, sources said, 58 euros from Bain. Advent''s previous offer proposal was for around 55 euros, sources close to the matter said. Three sources familiar with the matter said that information on Stada''s business provided to Advent encouraged the buyout firm to go ahead with the offer. The limited data provided to Cinven and Bain, meanwhile, has so far kept them from making firm offers. Advent''s move puts pressure on Stada to allow a fuller glance at its books, the sources added. Seeking investments in stable healthcare businesses, cash-rich buyout firms -- also including Permira and CVC -- have been working on offers for months and approached Stada about a deal, people familiar with the situation have told Reuters. The approaches vindicate the strategy of activist investor Active Ownership Capital (AOC), which built a stake of about 7 percent in shares and options before May last year, when the shares were trading at about 30 euros. In the wake of the investor''s campaign for a management shake-up, long-serving Chief Executive Hartmut Retzlaff stepped down for health reasons last year. In addition, non-executive Chairman Martin Abend was replaced by Carl Ferdinand Oetker, a member of the family behind the unlisted German food group. Founded in 1895 in Dresden as a pharmacists'' cooperative, Stada is seeking to expand its non-prescription consumer care business and also expand in areas such as cosmetics, diagnostics kits and electronic cigarettes. Its generic drug business is under price pressure as medical insurers in Germany, its largest market, are seeking bulk procurement deals at low prices. Under former CEO Retzlaff, it has steered clear of a major consolidation wave in the generic drugs industry, which was driven by larger players such as Teva ( TEVA.TA ) and Allergan ( AGN.N ). Stada shares were flat at 57.65 euros at 1530 GMT. ($1 = 0.9456 euros) (Additional reporting by Alexander Huebner; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-stada-m-a-advent-idUKKBN162221'|'2017-02-23T23:54:00.000+02:00'|942.0|''|-1.0|'' -943|'582d8c5c90ba3d486b8e1ca27385450e29fd64e3'|'BRIEF-Cedar fair says on track to achieve long-term adjusted EBITDA target'|'Company News - Wed Feb 15, 2017 - 5:16am EST BRIEF-Cedar fair says on track to achieve long-term adjusted EBITDA target Feb 15 Cedar Fair Lp * Cedar fair reports record results for 2016 on strong attendance and guest spending growth * On track to achieve our long-term adjusted EBITDA target of $500 million by end of 2017 Source text for Eikon: Europe ready to embrace first copies of biotech cancer drugs LONDON, Feb 15 Treatment with two important cancer drugs is about to get much cheaper in Europe with a cut-price copy of Roche''s blood cancer drug Rituxan likely to hit the market imminently followed by a rival to its breast cancer medicine Herceptin. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0C7'|'2017-02-15T17:16:00.000+02:00'|943.0|''|-1.0|'' +943|'582d8c5c90ba3d486b8e1ca27385450e29fd64e3'|'BRIEF-Cedar fair says on track to achieve long-term adjusted EBITDA target'|'Company News - Wed Feb 15, 2017 - 5:16am EST BRIEF-Cedar fair says on track to achieve long-term adjusted EBITDA target Feb 15 Cedar Fair Lp * Cedar fair reports record results for 2016 on strong attendance and guest spending growth * On track to achieve our long-term adjusted EBITDA target of $500 million by end of 2017 Source text for Eikon: Europe ready to embrace first copies of biotech cancer drugs LONDON, Feb 15 Treatment with two important cancer drugs is about to get much cheaper in Europe with a cut-price copy of Roche''s blood cancer drug Rituxan likely to hit the market imminently followed by a rival to its breast cancer medicine Herceptin. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0C7'|'2017-02-15T17:16:00.000+02:00'|943.0|18.0|0.0|'' 944|'ac7b59cd9597cfda4b3528845ba730bb644fbab3'|'BRIEF-Univision Communications says will stream 46 Liga MX matches in 2017 via Facebook Live'|'Company 35pm EST BRIEF-Univision Communications says will stream 46 Liga MX matches in 2017 via Facebook Live Feb 13 Univision Communications * Univision Deportes will stream 46 Liga MX matches including playoff games in 2017 via Facebook Live * Will bring the live stream for select matches of Liga MX, directly to fans in English via Facebook Live this season * Further terms of the agreement were not disclosed Source: bit.ly/2kkcBRC Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1FY5VQ'|'2017-02-14T01:35:00.000+02:00'|944.0|''|-1.0|'' 945|'56a1fac5638d5edcbbfa0a9e58b3c869184da774'|'Deutsche Boerse, LSE to formally offer sale of French clearing ops'|' 6:15am GMT Deutsche Boerse, LSE to formally offer sale of French clearing ops Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, January 17, 2017. REUTERS/Staff/Remote FRANKFURT Deutsche Boerse ( DB1Gn.DE ) and the London Stock Exchange ( LSE.L ) will formally offer to divest their French clearing business as a remedy to the European Commission to address anti-trust concerns in relation to the merger of the two exchange operators, Deutsche Boerse said. The groups had already said last month they would sell the unit, LCH.Clearnet SA, to Euronext ( ENX.PA ) for 510 million euros (438.13 million pounds) as they seek to win regulatory approval for their proposed deal. The European Commission has expressed antitrust concerns about the $28 billion merger and the impact on the clearing of derivatives contracts in particular. ($1 = 0.9335 euros) (Reporting by Maria Sheahan; Editing by Kim Coghill) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-boerse-m-a-lse-idUKKBN15M0DT'|'2017-02-07T13:15:00.000+02:00'|945.0|''|-1.0|'' 946|'d0400af3235877663691d04e4295c5481106d6da'|'BRIEF-Hecla Q4 earnings per share $0.05'|'Company News 4:57am EST BRIEF-Hecla Q4 earnings per share $0.05 Feb 23 Hecla Mining Co * Hecla reports fourth quarter and year 2016 results * Q4 earnings per share $0.05 * Silver cost of sales is estimated to increase to $358 million in 2017 * Looking to 2017, we estimate silver equivalent production will be higher than record we set in 2016 * Qtrly sales $164.2 million versus $115.3 million * Q4 earnings per share view $0.04, revenue view $162.2 million -- Thomson Reuters I/B/E/S * Estimated 2017 silver equivalent production of 46.5 million ounces-49.4 million ounces Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hecla-q4-earnings-per-share-idUSASB0B1SF'|'2017-02-23T16:57:00.000+02:00'|946.0|''|-1.0|'' @@ -963,7 +963,7 @@ 961|'55ecd537f8d0daeee853f8efcf41e4eecf5b53f2'|'Israel''s Wix buys DeviantArt for $36 million, raises revenue outlook'|'TEL AVIV Israel-based Wix.com ( WIX.O ) said on Thursday it acquired DeviantArt, an online community for artists and designers, for $36 million in cash and raised its revenue outlook for 2017.Wix, which helps small businesses build and operate websites, will have access to Los Angeles-based DeviantArt''s more than 40 million registered members and over 325 million pieces of original art.As a result of the deal, Wix raised its 2017 revenue outlook by $8 million to $417-$419 million. Investments in DeviantArt''s platform will raise headcount and decrease 2017 free cash flow by $8 million to $63-$64 million.This is the first overseas acquisition for Wix, which saw revenue grow 48 percent in the fourth quarter of 2016 to $84.2 million as it beat expectations.The company has over 100 million registered users. As of Dec. 31, Wix had $172 million in cash.Last week Wix President Nir Zohar told Reuters that the company is pursuing a strategy of courting paid subscribers by developing products for niche users such as photographers and musicians.DeviantArt will maintain its own brand as Wix helps it grow as a platform for artists to showcase their work, the companies said in a statement.As part of the deal, DeviantArt co-founder and Chief Executive Angelo Sotira will join the Wix management team.(Reporting by Yuval Ben-David; Editing by Tova Cohen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wix-com-deviantart-idINKBN1621HI'|'2017-02-23T10:04:00.000+02:00'|961.0|''|-1.0|'' 962|'074994f746950aac3799252b10ada62c6e9c2444'|'Delays, confusion as Toshiba reports $6 billion nuclear hit and slides to loss'|' 55am GMT Delays, confusion as Toshiba reports $6 billion nuclear hit and slides to loss left right Toshiba Corp CEO Satoshi Tsunakawa bows as the start of a news conference at the company''s headquarters in Tokyo, Japan February 14, 2017. REUTERS/Toru Hanai 1/3 left right Toshiba Corp incoming chairman Shigenori Shiga attends a news conference at the company headquarters in Tokyo, Japan May 6, 2016. REUTERS/Issei Kato/File Photo 2/3 left right The logo of Toshiba Corp. is seen at the company''s facility in Kawasaki, Japan February 13, 2017. Picture taken February 13, 2017. REUTERS/Issei Kato 3/3 By Makiko Yamazaki - TOKYO TOKYO After a day of delays and confusion, Japan''s Toshiba Corp said on Tuesday it expected to book a $6.3 billion (5 billion) hit to its U.S. nuclear unit, a writedown that wipes out its shareholder equity and will drag the group to a full-year loss. Hours earlier on Tuesday, the battered conglomerate rattled investors by failing to release its earnings on schedule, saying initially it was ''not ready'' and then announcing later it needed more time to probe its Westinghouse nuclear business after internal reports uncovered potential problems. The figures eventually released were numbers that have yet to be approved by its auditor and Toshiba cautioned investors that a major revision was possible. Fully audited numbers are now not due till March 14 after the firm was granted a reprieve for its formal filing by Japanese regulators. Toshiba also said in a statement it could push harder to raise capital, including selling a majority stake in its memory chip arm. Previously, it had sought to sell just under 20 percent of its prize business. "Finally now people are starting to recognise that internal control problems, the accounting issues and governance issues are very real and no longer abstract," said Zuhair Khan, an analyst at Jefferies in Tokyo. "They impact the viability of the company." Shares in the group slid 8 percent, putting the company''s market value at 973 billion yen (6.8 billion), less than half its value in mid-December. Just under a decade ago, the firm was worth almost 5 trillion yen. It also announced the first top-level departure since the nuclear problems were uncovered in December: chairman Shigenori Shiga, a former Westinghouse boss brought in to the top role last year after a $1.3 billion accounting scandal in 2015 shook up Toshiba''s upper ranks. Toshiba said it expected to book a 499.9 billion yen net loss for the nine months to December, and a 390 billion yen net loss for the full year. It also ended 2016 with negative shareholder equity due to the 712.5 billion yen nuclear writedown - a charge that was first flagged in December last year. Toshiba said it would withdraw from nuclear plant construction overseas. Reuters reported this month that Toshiba was seeking at least a partial exit from ventures in Britain and India, a blow to both countries'' nuclear plans. WESTINGHOUSE WOES In an earlier, separate statement, Toshiba outlined concerns at its Westinghouse business, the U.S. nuclear unit bought from the UK government a decade ago. Internal reports, Toshiba said, suggested controls at Westinghouse had been "insufficient" and it needed to look into whether senior managers at Westinghouse exerted "inappropriate pressure" during discussions over a U.S. deal to buy the company at the heart of its cost overruns, it said. "We judged that it would take about a month for external lawyers ... to conduct these further probes and for the independent auditors to review the results," Toshiba said. A source briefed on the matter said Toshiba had not been able to immediately secure the approval of its auditor, PricewaterhouseCoopers Aarata. The source asked not to be identified because he is not allowed to talk the media. PricewaterhouseCoopers Aarata declined to comment, citing client confidentiality. Toshiba declined to comment on the audit process. (Reporting by Makiko Yamazaki, Taiga Uranaka, Taro Fuse, Ayai Tomisawa, Tom Wilson and Naomi Tajitsu in Tokyo, Jane Chung in Seoul and Rishika Sadam in Bengaluru, Umesh Desai in Hong Kong; Writing by Tim Kelly; Editing by Clara Ferreira Marques and Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-results-idUKKBN15T0AY'|'2017-02-14T16:55:00.000+02:00'|962.0|''|-1.0|'' 963|'df86d497ae1b3e702dfbd1bb4b0e879743120e10'|'U.S. job growth seen accelerating in January, wages strong'|'Business News - Fri Feb 3, 2017 - 6:05am GMT U.S. job growth seen accelerating in January, wages strong Job seekers break out to visit corporate employment personnel at a U.S. Chamber of Commerce Foundation ''''Hiring Our Heroes'''' military job fair in Washington January 8, 2016. REUTERS/Gary Cameron By Lucia Mutikani - WASHINGTON WASHINGTON U.S. job growth likely accelerated in January, with wages expected to have increased steadily, suggesting a strong start for the Trump administration as it seeks to boost the economy and employment. Nonfarm payrolls probably increased by 175,000 jobs last month, in part as warm weather bolstered hiring in the construction sector, according to a Reuters survey of economists. That would be a pick-up from the 156,000 jobs created in December. vowed during last year''s election campaign to deliver 4 percent annual gross domestic product growth, largely on the back of a plan to cut taxes, reduce regulations, increase infrastructure spending and renegotiate deals in the United States'' favor. Although details on the policy proposals remain sketchy, consumer and business confidence have surged in the wake of Trump''s election victory last November. But with the economy near full employment, some economists are skeptical of the 4 percent growth pledge. Annual GDP growth has not exceeded 2.6 percent since the 2007-08 recession. "Time will tell if Trump can keep the economy''s winning streak alive. It''s not going to be easy to bring back those manufacturing jobs lost since the late ''90s," said Chris Rupkey, chief economist at MUFG Union Bank in New York. The Labor Department will publish its closely watched employment report on Friday at 08:30 a.m. (08:30 a.m. ET). With the minimum wage taking effect in more than a dozen states in January, average hourly earnings are forecast to have risen by 0.3 percent after increasing 0.4 percent in December. However, the year-on-year gain in earnings is expected to fall to 2.8 percent from 2.9 percent in December as the jump in wages seen in January 2016 drops out of the picture. Rising wages could pave the way for the Federal Reserve to raise interest rates this year. The unemployment rate is forecast unchanged at 4.7 percent. "Solid job growth should help, in part, lead to lower unemployment and firming wage pressures, and justify the Fed hiking interest rates twice this year," said Sam Bullard, a senior economist at Wells Fargo Securities in Charlotte, North Carolina. The Fed, which hiked rates in December, has forecast three rate increases this year. On Wednesday, the U.S. central bank kept its benchmark overnight interest rate unchanged in a range of 0.50 percent to 0.75 percent. It said it expected labor market conditions would strengthen "somewhat further." UPSIDE SURPRISE LIKELY January payrolls could beat expectations. The ADP National Employment Report on Wednesday showed that private employers added 246,000 jobs last month, up from 151,000 in December. At the same time, the Institute for Supply Management''s measure of factory employment hit its highest level since August 2014. With its January employment report, the government will publish its annual "benchmark" revisions and update the formulas it uses to smooth the data for regular seasonal fluctuations. It will also incorporate new population estimates. In an early benchmark estimate last year, the government said the level of employment in March of last year was likely 150,000 lower than it had reported. As the labor market nears full employment, the pool of workers is shrinking, which is slowing job growth. Job gains averaged 180,000 per month in 2016, down from 229,000 in 2015. The shift in population controls will mean figures on the labor force or number of employed or unemployed in January will not be directly comparable with December. The labor force participation rate, or the share of working-age Americans who are employed or at least looking for a job, has been bouncing around near multi-decade lows, pointing to slack in the jobs market. Some of the decline reflects demographic changes. "I think we will hit full employment later this year," said Ryan Sweet, a senior economist at Moody''s Analytics in West Chester, Pennsylvania. "There is still shadow slack in the jobs market. But if we continue to create more than 100,000 jobs per month, we are going to work through that slack." All sectors of the economy are expected to have added jobs in January. Manufacturing payrolls are forecast to have increased for a second straight month as the oil-related drag on the sector eases. Construction employment likely rebounded after being depressed by cold weather in December. Retail payrolls probably declined as workers hired during the holiday season were laid off. A sharp drop is likely after retailers, including Macy''s ( M.N ), Sears ( SHLD.O ), American Apparel and Abercrombie & Fitch ( ANF.N ) announced job cuts amid store closures. Department store sales are being undercut by online retailers, led by Amazon.com ( AMZN.O ). Government employment likely increased in January for a third straight month. Economists see no impact from a freeze on the hiring of civilian federal government workers, which took effect on Jan. 22 - well after the survey period for nonfarm payrolls. It will hurt job growth in the coming months. "The actual impact, while still ambiguous, will likely be more modest, and we estimate that it will reduce job gains by about 20,000 per month," said Daniel Silver, an economist at JPMorgan in New York. (Reporting by Lucia Mutikani; Editing by Dan Grebler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-idUKKBN15I0I1'|'2017-02-03T13:04:00.000+02:00'|963.0|''|-1.0|'' -964|'dc73151321b1d0685c7e52083b992137d2bf0bc6'|'BRIEF-Noble Corporation PLC Q4 loss per share $5.36'|' 15pm EST BRIEF-Noble Corporation PLC Q4 loss per share $5.36 Feb 10 Noble Corporation PLC * Noble corporation plc reports fourth quarter and full year 2016 results * Q4 loss per share $5.36 * Q4 revenue $410 million versus I/B/E/S view $390.9 million * Q4 earnings per share view $-0.22 -- Thomson Reuters I/B/E/S * Noble Corporation PLC says utilization of company''s floating fleet for Q4 of 2016 improved to 43 percent compared to 41 percent during previous quarter * Noble Corporation PLC says jackup rig fleet recorded utilization in Q4 of 86 percent compared to 80 percent in previous quarter * Noble Corporation PLC says at December 31, 2016, company''s contract backlog totaled $3.3 billion * Noble Corporation PLC says Q4 results included charge totaling $1.3 billion, or $5.34 per diluted share, relating to impairment of five rigs and certain other capital spares * Noble Corporation PLC says Q4 total average rig utilization 62% versus 83% last year * Noble Corporation PLC says reduction in backlog contemplates previously disclosed agreement with shell pertaining to contract amendments * Noble Corporation PLC says "our industry continues to experience weakness" * Noble Corporation PLC says Q4 total average dayrate $ 238,704 versus $367,953 last year * Qtrly adjusted earnings per share $0.15 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZOJ'|'2017-02-10T05:15:00.000+02:00'|964.0|''|-1.0|'' +964|'dc73151321b1d0685c7e52083b992137d2bf0bc6'|'BRIEF-Noble Corporation PLC Q4 loss per share $5.36'|' 15pm EST BRIEF-Noble Corporation PLC Q4 loss per share $5.36 Feb 10 Noble Corporation PLC * Noble corporation plc reports fourth quarter and full year 2016 results * Q4 loss per share $5.36 * Q4 revenue $410 million versus I/B/E/S view $390.9 million * Q4 earnings per share view $-0.22 -- Thomson Reuters I/B/E/S * Noble Corporation PLC says utilization of company''s floating fleet for Q4 of 2016 improved to 43 percent compared to 41 percent during previous quarter * Noble Corporation PLC says jackup rig fleet recorded utilization in Q4 of 86 percent compared to 80 percent in previous quarter * Noble Corporation PLC says at December 31, 2016, company''s contract backlog totaled $3.3 billion * Noble Corporation PLC says Q4 results included charge totaling $1.3 billion, or $5.34 per diluted share, relating to impairment of five rigs and certain other capital spares * Noble Corporation PLC says Q4 total average rig utilization 62% versus 83% last year * Noble Corporation PLC says reduction in backlog contemplates previously disclosed agreement with shell pertaining to contract amendments * Noble Corporation PLC says "our industry continues to experience weakness" * Noble Corporation PLC says Q4 total average dayrate $ 238,704 versus $367,953 last year * Qtrly adjusted earnings per share $0.15 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AZOJ'|'2017-02-10T05:15:00.000+02:00'|964.0|20.0|0.0|'' 965|'54548e2d2255af89de8ff8cec846fab3463ae06f'|'Rheinmetall, Raytheon to cooperate in defense technology'|'Technology News 25am EST Rheinmetall, Raytheon to cooperate in defense technology A sign marks the Raytheon offices in Woburn, Massachusetts, U.S. January 25, 2017. REUTERS/Brian Snyder FRANKFURT German and U.S. defense groups Rheinmetall ( RHMG.DE ) and Raytheon ( RTN.N ) have signed a memorandum of understanding to cooperate globally on defense technology, they said in a joint statement on Friday. The partnership should bring together Raytheon''s market-leading position in air-defense systems and guided missiles with Rheinmetall''s expertise in combat and defense systems, army weapons and munitions, they said. (Reporting by Georgina Prodhan; Editing by Maria Sheahan) Next In Technology News Facebook CEO warns against reversal of global thinking SAN FRANCISCO Facebook Inc Chief Executive Mark Zuckerberg laid out a vision on Thursday of his company serving as a bulwark against rising isolationism, writing in a letter to users that the company''s platform could be the "social infrastructure" for the globe. MUMBAI Apple Inc will in the coming months start assembling its lower-priced iPhone SE models at a contract manufacturer''s plant in the southern Indian technology hub of Bengaluru, an industry source with direct knowledge of the matter said on Friday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-rheinmetall-raytheon-cooperation-idUSKBN15W0UH'|'2017-02-17T16:25:00.000+02:00'|965.0|''|-1.0|'' 966|'7cd22948d419979c9db58df00f1a8b54936e0340'|'UPDATE 1-Brazil''s Vale produced record 349 mln tonnes of iron ore in 2016'|'Company News - 31am EST UPDATE 1-Brazil''s Vale produced record 349 mln tonnes of iron ore in 2016 (Adds production detail) BRASILIA Feb 16 Brazilian miner Vale SA said on Thursday it produced a record 349 million tonnes of iron ore in 2016, above its own guidance, helped by strong performance at mines in northern Brazil and the successful start of its new S11D mine. The world''s largest producer of iron ore had forecast that output would be at the lower end of a range of 340-350 million tonnes. Vale said it produced 92.4 million tonnes in the fourth quarter, up 4.5 percent on the same period in 2015. Full-year production rose 1 percent on the previous year. The company said it had continued to halt or reduce higher cost tonnes from its mines in the southeastern state of Minas Gerais, offsetting them with cheaper production from northern Brazil where its costs are lower and quality higher. The S11D mine is Vale''s largest ever iron ore project and is located in the Amazon, neighboring the company''s other mines in the northern Brazilian state of Para. Guidance for 2017 remained at 360-380 million tonnes, Vale said, adding that by the end of 2018 it expected to reach an annual production rate of 400 million tonnes. Vale reported nickel production of 311,000 tonnes in 2016, 7 percent higher than in 2015 and a company record, after stronger performance at plants in Canada and New Caledonia. (Reporting by Stephen Eisenhammer; editing by Jason Neely and Jane Merriman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vale-sa-output-idUSL1N1G10FG'|'2017-02-16T18:31:00.000+02:00'|966.0|''|-1.0|'' 967|'d270e4e7c2d9830bfecaac317634cbe91d7006de'|'Energy products boost U.S. import prices in January - Reuters'|'WASHINGTON U.S. import prices rose more than expected in January amid further gains in the cost of energy products, but a strong dollar continued to dampen underlying imported inflation.The Labor Department said on Friday import prices increased 0.4 percent last month after an upwardly revised 0.5 percent rise in December. In the 12 months through January, import prices jumped 3.7 percent, the largest gain since February 2012, after advancing 2.0 percent in December.Economists polled by Reuters had forecast import prices gaining 0.2 percent last month after a previously reported 0.4 percent increase in December.Import prices are rising as firming global demand lifts prices for oil and other commodities, but the spillover to a broader increase in inflation is being limited by dollar strength.The dollar gained 4.4 percent against the currencies of the United States'' main trading partners in 2016, with most of the appreciation occurring in last months of the year.This suggests that the greenback will continue to dampen imported inflation in the near-term even though the dollar has weakened 2.9 percent on a trade-weighted basis this year.Prices for imported fuels increased 5.8 percent last month after rising 6.6 percent in December. Import prices excluding fuels fell 0.2 percent after slipping 0.1 percent the prior month. The cost of imported food dropped 1.3 percent after declining 1.5 percent in December.Prices for imported capital goods dipped 0.1 percent after being unchanged in December. The cost of imported automobiles dropped 0.5 percent, the biggest decline since January 2015.Imported consumer goods prices excluding automobiles fell 0.1 percent last month after sliding 0.2 percent in December.The report also showed export prices edged up 0.1 percent in January after increasing 0.4 percent in December.Export prices were up 2.3 percent from a year ago. That was the biggest increase since January 2012 and followed a 1.3 percent advance in December.Prices for agricultural exports dipped 0.1 percent last month as falling prices for soybeans offset higher prices for corn. Agricultural export prices fell 0.2 percent in December.((Reporting By Lucia Mutikani; Editing by Andrea Ricci))'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-usa-economy-imports-idUSKBN15P1MU'|'2017-02-10T16:33:00.000+02:00'|967.0|''|-1.0|'' @@ -979,12 +979,12 @@ 977|'f1878ea608ae6c852f467927a5188cb141c81991'|'UPDATE 3-Platts revamps Brent oil benchmark for first time in a decade'|'Commodities - Mon Feb 20, 2017 - 11:50am EST Platts revamps Brent oil benchmark for first time in a decade FILE PHOTO: An oil pump jack can be seen in Cisco, Texas, August 23, 2015. REUTERS/Mike Stone/File Photo By Alex Lawler - LONDON LONDON Oil pricing agency S&P Global Platts is making the first major overhaul of its Brent oil price assessment in a decade, to address falling supplies of the crude oil grades underpinning the benchmark that prices most of the world''s oil. A decline in supply from North Sea fields has led to concerns that physical volumes could become too thin and hence at times could be accumulated in the hands of just a few players, making the benchmark vulnerable to manipulation. Platts said on Monday it would add Norway''s Troll to the basket of four British and Norwegian crude grades which it already uses to assess dated Brent from Jan 1. 2018. This will join Brent, Forties, Oseberg and Ekofisk, or BFOE as they are known. "Overall we have had significant support for the addition of a new grade to the basket," Jonty Rushforth, global editorial director for S&P Platts Global''s oil and shipping price group, said at an industry conference. "Far and away, Troll has received the most support." Troll will add about 200,000 barrels per day, or 20 percent, to the basket of crude supplies underpinning the benchmark, Platts said. The move was in line with expectations after Platts said in December it was being considered. Brent is used to set the price of billions of dollars of daily oil trade though a forward market for BFOE crude cargoes, swaps markets, physical benchmark dated Brent and Brent crude futures. Troll, a light, sweet crude, is operated by Norwegian state producer Statoil, which also contributes to the Oseberg, Statfjord, Gullfaks, Grane and Asgard streams. Statoil on Monday said it supported the move. "We are pleased that Platts now has announced that Troll will be included," Statoil spokeswoman Elin Isaksen said in an email. "Troll will produce both oil and gas for a long time yet," she said in a separate email. OWNERSHIP STRUCTURE Platts announced the decision at its conference held a day before the start of the Energy Institute''s IP Week, an annual gathering of the oil trading industry in London. Some trade sources on Monday noted that Statoil''s share of the production used to set the benchmark will rise -- a development Platts acknowledges. "There is of course interest from the market in the ownership structure of the basket," Rushforth said at a media briefing. "It does mean that Statoil has a larger share than Shell and Total." Even so, no single company would own more than a quarter of total production in the new basket, he said in a Platts video on the company''s website. Supply of the current four BFOE grades is normally around 1 million bpd, equal to just over 1 percent of world output. The last change to the dated Brent benchmark was in 2007 when Platts added Ekofisk, a light, sweet crude. Oseberg and Forties were added in 2002. In an earlier move to boost liquidity, Platts began to apply quality premiums to two better-quality crudes - Oseberg and Ekofisk - to encourage delivery of these into contracts. There are no plans yet to apply one to Troll, said Platts, which will be sticking with the BFOE name. Thomson Reuters competes with Platts in providing news and information to the oil market. (Additional reporting by Amanda Cooper and Nerijus Adomaitis in Oslo; Editing by Mark Potter, Greg Mahlich) Next In Commodities After OPEC cuts heavy oil, China teapot refiners pull U.S. supply to Asia SINGAPORE/HOUSTON Chinese independent, or teapot, refiners are bringing in rare cargoes of North American heavy crude in a new long-distance flow that traders say has only been made possible by OPEC''s output cuts and ample supplies in Canada and the United States.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nsea-oil-troll-idUSKBN15Z1S6'|'2017-02-20T23:48:00.000+02:00'|977.0|''|-1.0|'' 978|'0271b9debd46ba4590ee6b2349bc2dc8aebef11d'|'Boston Scientific recalls all Lotus Valve heart devices'|'Health News - Thu Feb 23, 2017 - 9:00am EST Boston Scientific recalls all Lotus Valve heart devices Boston Scientific Corp said on Thursday it was recalling its range of Lotus Valve heart devices, citing reports of problems with the locking mechanism. The products are expected to return to the European market and in other regions in the fourth quarter, the company added. The company''s stock was down 9.4 percent at $22.79 in premarket trading. (Reporting by Natalie Grover in Bengaluru; Edited by Martina D''Couto) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-boston-scientific-recall-idUSKBN1621NA'|'2017-02-23T20:58:00.000+02:00'|978.0|''|-1.0|'' 979|'0027648b7ea19f55e37ffa5a4bc689bf468bd9a2'|'MOVES-KPMG India names Arun Kumar as CEO'|'Company News - Sun Feb 5, 2017 - 10:43pm EST MOVES-KPMG India names Arun Kumar as CEO Feb 5 KPMG India has appointed Arun Kumar as chairman and chief executive, effective Feb. 5. Kumar, elected for a five-year term, succeeds Richard Rekhy, who was the CEO for over four years. Kumar was earlier the Assistant Secretary of Commerce for Global Markets and Director General of U.S. and Foreign Commercial Service in the Obama administration. Prior to that, he was on the KPMG US and KPMG Americas Boards during 2008-2013. (Reporting by Vishal Sridhar in Bengaluru; Editing by Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/kpmg-moves-arun-kumar-idUSL4N1FR1NX'|'2017-02-06T10:43:00.000+02:00'|979.0|''|-1.0|'' -980|'0ebf3a49566111fe47870dc1a46064ad0dd44f18'|'UPDATE 1-Freeport to reduce Indonesian mining activities -smelter official'|'Company News - Wed Feb 8, 2017 - 2:24am EST UPDATE 1-Freeport to reduce Indonesian mining activities -smelter official (Adds government comment, context) By Wilda Asmarini JAKARTA Feb 8 Freeport-McMoRan Inc has warned it will scale back activities at its Indonesian copper mine, an official at Indonesia''s main copper smelter, PT Smelting, said on Wednesday, amid a worker strike and other issues. Freeport''s Grasberg mine in Papua, Indonesia, is the world''s second-largest copper mine, and recent disruptions there have helped support a jump in copper prices. Grasberg had aimed to produce around one-third of the Freeport''s total copper output this year, up from less than a quarter in 2016, as it digs into higher-grade ores. "Freeport has just issued a notice this morning that they will reduce (mining) activities in stages," Smelting director Prihadi Santoso told reporters. "We are trying to meet our commitments to our clients," he said, declining to comment on what had sparked the strike at the mine or how many people were involved. PT Smelting is 60.5 percent owned by Mitsubishi Materials Corporation, while Freeport Indonesia holds 25 percent. Lower output from Grasberg would affect Smelting, which processes around 40 percent of the mine''s copper concentrate production, Santoso said, noting he did not know how much the volumes would be cut. A spokesman for Freeport Indonesia confirmed by text message that it had sent out a notice on output cuts at Grasberg. Last week, Phoenix-based Freeport warned it could be forced to cut staff, spending and production in Indonesia if it did not get a new export permit by mid-February. Freeport CEO Richard Adkerson said in late January that labour issues were hampering production as Grasberg targets to wind up its open pit mining in late 2018. "As we''ve approached the completion of the pit, workers have been raising complaints, grievances, and have simply not been meeting productivity standards," he said. A spokesman for Freeport workers union did not respond to requests for comment. Indonesia''s Coal and Minerals Director General Bambang Gatot said on Wednesday that Freeport had not been issued with a new permit yet and there had been no reports of layoffs. Freeport said on Friday last week it was still working with the Indonesian government to resolve issues after exports of its copper concentrate were halted Jan. 12. The Southeast Asian country banned export shipments of semi-processed ore to boost its local smelter industry. Copper prices on the London Metal Exchange have climbed 6 percent on supply concerns since Indonesia stopped Freeport''s concentrate shipments and as a strike looms at top copper mine Escondida. (Reporting by Wilda Asmarini; Additional reporting by Susan Taylor; Writing by Fergus Jensen; Editing by Tom Hogue) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-idUSL4N1FT26Z'|'2017-02-08T14:24:00.000+02:00'|980.0|''|-1.0|'' +980|'0ebf3a49566111fe47870dc1a46064ad0dd44f18'|'UPDATE 1-Freeport to reduce Indonesian mining activities -smelter official'|'Company News - Wed Feb 8, 2017 - 2:24am EST UPDATE 1-Freeport to reduce Indonesian mining activities -smelter official (Adds government comment, context) By Wilda Asmarini JAKARTA Feb 8 Freeport-McMoRan Inc has warned it will scale back activities at its Indonesian copper mine, an official at Indonesia''s main copper smelter, PT Smelting, said on Wednesday, amid a worker strike and other issues. Freeport''s Grasberg mine in Papua, Indonesia, is the world''s second-largest copper mine, and recent disruptions there have helped support a jump in copper prices. Grasberg had aimed to produce around one-third of the Freeport''s total copper output this year, up from less than a quarter in 2016, as it digs into higher-grade ores. "Freeport has just issued a notice this morning that they will reduce (mining) activities in stages," Smelting director Prihadi Santoso told reporters. "We are trying to meet our commitments to our clients," he said, declining to comment on what had sparked the strike at the mine or how many people were involved. PT Smelting is 60.5 percent owned by Mitsubishi Materials Corporation, while Freeport Indonesia holds 25 percent. Lower output from Grasberg would affect Smelting, which processes around 40 percent of the mine''s copper concentrate production, Santoso said, noting he did not know how much the volumes would be cut. A spokesman for Freeport Indonesia confirmed by text message that it had sent out a notice on output cuts at Grasberg. Last week, Phoenix-based Freeport warned it could be forced to cut staff, spending and production in Indonesia if it did not get a new export permit by mid-February. Freeport CEO Richard Adkerson said in late January that labour issues were hampering production as Grasberg targets to wind up its open pit mining in late 2018. "As we''ve approached the completion of the pit, workers have been raising complaints, grievances, and have simply not been meeting productivity standards," he said. A spokesman for Freeport workers union did not respond to requests for comment. Indonesia''s Coal and Minerals Director General Bambang Gatot said on Wednesday that Freeport had not been issued with a new permit yet and there had been no reports of layoffs. Freeport said on Friday last week it was still working with the Indonesian government to resolve issues after exports of its copper concentrate were halted Jan. 12. The Southeast Asian country banned export shipments of semi-processed ore to boost its local smelter industry. Copper prices on the London Metal Exchange have climbed 6 percent on supply concerns since Indonesia stopped Freeport''s concentrate shipments and as a strike looms at top copper mine Escondida. (Reporting by Wilda Asmarini; Additional reporting by Susan Taylor; Writing by Fergus Jensen; Editing by Tom Hogue) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-idUSL4N1FT26Z'|'2017-02-08T14:24:00.000+02:00'|980.0|28.0|0.0|'' 981|'3942dec4c7092b53fb84b21d25a88cc0f882c189'|'French manufacturing bosses grow more sanguine on investment plans'|'Business News - Tue Feb 7, 2017 - 8:11am GMT French manufacturing bosses grow more sanguine on investment plans An employee uses a sewing machine as she works at the Royal Mer Bretagne factory, specializing in French manufactured knitted clothes, in La Regrippiere, western France, November 28, 2016. REUTERS/Stephane Mahe PARIS Executives in France''s manufacturing industry said they expected to increase investments by 5 percent this year, sharply up from stagnation signalled for 2017 in the last survey in October, national statistics office INSEE said on Tuesday. For 2016, executives said they had increased investment by 4 percent, slightly lower than the 5 percent they had reported as being planned for in the last survey. This year''s more ambitious investment plans are good news for the French economy at a time when many wonder whether uncertainty over the presidential election in April and May could weigh on a firming recovery in the euro zone''s second-largest economy. (Reporting by Michel Rose; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-economy-industry-idUKKBN15M0N7'|'2017-02-07T15:11:00.000+02:00'|981.0|''|-1.0|'' 982|'2f4e00135521750ab73917a658132f3c8e6f44c6'|'''Luxury water'' for 80 a bottle? It''s ignorant, insensitive and irresponsible - Katherine Purvis - Global Development Professionals Network'|'W eve reached peak bottled water. From today, for a sweet 80, Harrods will sell luxury water harvested from icebergs off the coast of Svalbard.Svalbari is the brainchild of Jamal Qureshi, a Norwegian-American Wall Street businessman who visited the archipelago in 2013, and returned with melted iceberg water as a gift for his wife. He then, it seems, decided to bring this water to more people.Astonishingly, the governor of Svalbard has approved Qureshis venture. He charters an icebreaker to make two expeditions a year, in the summer and the autumn when icebergs calve away from glaciers that run into the sea. One-tonne pieces of ice are carved from these floating bergs at a time. Using a crane and a net, they are lifted onto the boat and taken to Longyearbyen to be melted down into bottles of polar iceberg water which has has the taste of snow in air. On each expedition, Qureshi plans to harvest 15 tonnes of ice to produce 13,000 bottles.The environmental sustainability of the venture is the first concern of many people, Qureshi told the Guardian. But were carbon neutral certified, and were supporting renewable energy projects in East Africa and China, he said. We also only take icebergs that are already floating in the water and would usually melt in a few weeks, and that cant be used for hunting [by polar bears].Some may argue that if you can afford to drink melted ice caps, who should stop you? Your money, your choice. Depleting 30 tonnes of iceberg a year is, arguably, not that much in the grand scheme of things. But Qureshis venture is not the first of its kind. Tibet has already approved licences for dozens of companies to tap Himalayan glaciers for premium bottled drinking water. Ten major rivers that flow into South Asia depend on the Qinghai-Tibet Plateau . Disrupting their source could have devastating impacts for water security across the region.And this is not the only problem. First, sea ice is already melting. The extent of Arctic sea ice shrank to its second lowest record last year and scientists have warned this could have devastating impacts across the rest of the world , such as shifts in snow distribution that warm the ocean and change climate patterns as far as Asia, as well as the collapse of key Arctic fisheries, which could impact other ocean ecosystems. Icebergs dont need yet more human interference no matter how small the scale to speed up the melting process.Second, the bottled water industry is already giving us enough of a headache. It is estimated that 3l of water are need to produce just one 1l plastic bottle of water, which is more likely to be discarded and end up in landfill than recycled. Beside the fact that our planet is slowly silting up with plastic, it also takes huge amounts of fossil fuels to make water bottles plastic or glass and transport them around the world. In the US, for example, 1.5 million barrels of oil are needed per year to meet the demand of the countrys water bottle manufacturing.But surely the most problematic aspect of this product is the sheer insensitivity of exploiting one of the worlds last wildernesses, and charging such a high price for its product? This, while 663 million people currently live without safe water . Consider the extremes: one person pays 80 to drink water, never before touched by humans and preserved by micron filters and UV light, while another one of 159 million depends on surface water, vulnerable to contamination by faeces, parasites, pesticides and more. The emergence of luxury water is just another ugly indicator of our worlds many inequalities.For so many of the things we buy, there is a flashier, pricier, more luxurious alternative for those who can afford it. Why travel in economy if you could travel first class? Why buy from the high-street when you could buy designer clothing ? Water, it seems, is just the next in a list to receive this divisive treatment; why, if you live somewhere it is clean and safe, drink water from a tap when you could drink bottled water from pristine peaks , artesian aquifers and now from the top of the world?The wheels are in motion. Precedents have been set. Will more wealthy entrepreneurs now eye up other precious natural resources to create yet another must-have item?We already live beyond our means. Our lifestyle choices see us using the equivalent of 1.6 Earths to provide the resources we consume, and absorb what we throw away. At such a time, Svalbari seems insensitive, ignorant and irresponsible. Its time to live sustainably and consume responsibly, not promote mindless habits just because some people can afford it.For some time, water has been thought of as a commodity, and even the former UN special rapporteur on the human rights to safe drinking water and sanitation believes it doesnt have to be free . But something so precious, so essential to all life human, animal and mineral should never be marketed as a luxury.Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter, and have your say on issues around water in development using #H2Oideas .'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/global-development-professionals-network/2017/feb/15/luxury-water-for-80-a-bottle-its-ignorant-insensitive-and-irresponsible'|'2017-02-15T20:54:00.000+02:00'|982.0|''|-1.0|'' 983|'e27bad3ed9107e07945865b41be7b7aa71cddb61'|'Spain''s Caixabank posts 29 pct profit rise in 2016, misses forecasts'|' 30am EST Spain''s Caixabank posts 29 pct profit rise in 2016, misses forecasts MADRID Feb 2 Spain''s third biggest Caixabank on Thursday reported a 28.6 percent rise in its 2016 net profit from a year earlier due to a favourable comparison against the previous year when results were hit by huge writedowns in the last quarter. Caixabank, which is in the process of taking over Portuguese lender BPI, posted a 2016 net profit of 1.05 billion euros ($1.13 billion) below the average of analysts'' estimates of 1.2 billion euros, according to Thomson Reuters data. Net profit in the fourth quarter came in at 77 million euros against a 182 million euros loss in the same period last year. However, results in the final quarter were negatively impacted as the lender had to set aside tens of millions of euros to provision for mis-sold mortgages. ($1 = 0.9268 euros) (Reporting By Jesus Aguado; Editing by Sonya Dowsett) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/caixabank-results-idUSE8N18A012'|'2017-02-02T13:30:00.000+02:00'|983.0|''|-1.0|'' 984|'4f2019f8555305a9bb3b1977945c1004ba7859c0'|'Toshiba shares drop after S&P warns of downgrade risk - Reuters'|'TOKYO Shares in Japan''s Toshiba sank 10 percent in morning trade on Friday, after rating agency S&P Global said it could slash the conglomerate''s rating if financial support from lenders includes any form of debt restructuring.The rating agency said in a note that such a move would be seen as "selective default".Toshiba, rated CCC+ by S&P, is already on credit watch with negative implications, after downgrades in December and January."Given Toshiba''s already very fragile financial standing, whether the company can receive continuous financial support from its creditor banks, including liquidity support, is a key factor in our credit analysis," S&P said in a statement issued on Friday."Even in the event banks continue to provide financial support for the company, if it includes any form of debt restructuring we define as selective default, we will lower the ratings by multiple notches."At around 0315 GMT, Toshiba shares were down 9.9 percent, underperforming a broader market down 0.5 percent.The TVs-to-nuclear conglomerate is scrambling for cash tostay in business after a multibillion dollar hit to the value of its nuclear business.(Reporting by Junko Fujita; Editing by Clara Ferreira Marques)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/toshiba-accounting-idINKBN15W08C'|'2017-02-17T00:34:00.000+02:00'|984.0|''|-1.0|'' -985|'c9859b1f65f52cb23b0f304b892d538a4ca7f33a'|'U.S. fourth-quarter economic growth unrevised at 1.9 percent'|'Business 1:37pm GMT U.S. fourth-quarter economic growth unrevised at 1.9 percent A woman shops at The Grove mall in Los Angeles November 26, 2013. REUTERS/Lucy Nicholson WASHINGTON - U.S. economic growth slowed in the fourth quarter as previously reported, with robust consumer spending offset by downward revisions to business and government investment. Gross domestic product increased at a 1.9 percent annual rate, the Commerce Department said on Tuesday in its second estimate for the fourth quarter, confirming the estimate published last month. Output increased at a 3.5 percent rate in the third quarter. The economy grew 1.6 percent for all of 2016, its worst performance since 2011, after expanding 2.6 percent in 2015. Economic data early in the first quarter has been mixed, with retail sales rising in January but homebuilding and business spending on capital goods easing. The economy may get a boost from President Donald Trump''s proposed stimulus package of sweeping tax cuts and infrastructure spending as well as less regulation. Trump, who pledged during last year''s election campaign to deliver 4 percent annual GDP growth, has promised a "phenomenal" tax plan that the White House said would include tax cuts for businesses and individuals. Details on the proposal remain vague, though Treasury Secretary Steven Mnuchin said on Sunday that Trump would use a policy speech to Congress on Tuesday night to preview some aspects of the tax reform plans. Economists polled by Reuters had expected fourth-quarter GDP would be revised up to a 2.1 percent rate. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, was revised sharply higher to a 3.0 percent rate of growth in the fourth quarter. It was previously reported to have risen at a 2.5 percent rate. Some of the increase in demand was met with imports, which increased at a 8.5 percent rate rather than the 8.3 percent pace reported last month. Exports declined, leaving a trade deficit that subtracted 1.70 percentage point from GDP growth as previously reported. There was a small downward revision to inventory investment. Businesses accumulated inventories at a rate of $46.2 billion in the last quarter, instead of the previously reported $48.7 billion. Inventory investment added 0.94 percentage points to GDP growth, down from the 1.0 percentage point estimated last month. Business investment was revised lower to reflect a more modest pace of spending on equipment, which increased at a 1.9 percent rate instead of the previously estimated 3.1 percent pace. That was still the first increase in over a year and reflected a surge in gas and oil well drilling in line with rising crude oil prices. Spending on mining exploration, wells and shafts increased at a 23.6 percent rate instead of the previously reported 24.3 percent pace. It declined at a 30.0 percent pace in the third quarter. Investment in nonresidential structures was revised to show it falling at a less steep 4.5 percent pace in the fourth quarter. It was previously reported to have declined at a 5.0 percent rate. Spending on residential construction increased at a 9.6 percent rate, which was downwardly revised from the 10.2 percent pace reported last month. The rebound followed two straight quarterly declines. Government spending increased at a 0.4 percent rate in the fourth quarter, rather than the previously reported 1.2 percent pace of growth. (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-gdp-idUKKBN1671KZ'|'2017-02-28T20:37:00.000+02:00'|985.0|''|-1.0|'' +985|'c9859b1f65f52cb23b0f304b892d538a4ca7f33a'|'U.S. fourth-quarter economic growth unrevised at 1.9 percent'|'Business 1:37pm GMT U.S. fourth-quarter economic growth unrevised at 1.9 percent A woman shops at The Grove mall in Los Angeles November 26, 2013. REUTERS/Lucy Nicholson WASHINGTON - U.S. economic growth slowed in the fourth quarter as previously reported, with robust consumer spending offset by downward revisions to business and government investment. Gross domestic product increased at a 1.9 percent annual rate, the Commerce Department said on Tuesday in its second estimate for the fourth quarter, confirming the estimate published last month. Output increased at a 3.5 percent rate in the third quarter. The economy grew 1.6 percent for all of 2016, its worst performance since 2011, after expanding 2.6 percent in 2015. Economic data early in the first quarter has been mixed, with retail sales rising in January but homebuilding and business spending on capital goods easing. The economy may get a boost from President Donald Trump''s proposed stimulus package of sweeping tax cuts and infrastructure spending as well as less regulation. Trump, who pledged during last year''s election campaign to deliver 4 percent annual GDP growth, has promised a "phenomenal" tax plan that the White House said would include tax cuts for businesses and individuals. Details on the proposal remain vague, though Treasury Secretary Steven Mnuchin said on Sunday that Trump would use a policy speech to Congress on Tuesday night to preview some aspects of the tax reform plans. Economists polled by Reuters had expected fourth-quarter GDP would be revised up to a 2.1 percent rate. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, was revised sharply higher to a 3.0 percent rate of growth in the fourth quarter. It was previously reported to have risen at a 2.5 percent rate. Some of the increase in demand was met with imports, which increased at a 8.5 percent rate rather than the 8.3 percent pace reported last month. Exports declined, leaving a trade deficit that subtracted 1.70 percentage point from GDP growth as previously reported. There was a small downward revision to inventory investment. Businesses accumulated inventories at a rate of $46.2 billion in the last quarter, instead of the previously reported $48.7 billion. Inventory investment added 0.94 percentage points to GDP growth, down from the 1.0 percentage point estimated last month. Business investment was revised lower to reflect a more modest pace of spending on equipment, which increased at a 1.9 percent rate instead of the previously estimated 3.1 percent pace. That was still the first increase in over a year and reflected a surge in gas and oil well drilling in line with rising crude oil prices. Spending on mining exploration, wells and shafts increased at a 23.6 percent rate instead of the previously reported 24.3 percent pace. It declined at a 30.0 percent pace in the third quarter. Investment in nonresidential structures was revised to show it falling at a less steep 4.5 percent pace in the fourth quarter. It was previously reported to have declined at a 5.0 percent rate. Spending on residential construction increased at a 9.6 percent rate, which was downwardly revised from the 10.2 percent pace reported last month. The rebound followed two straight quarterly declines. Government spending increased at a 0.4 percent rate in the fourth quarter, rather than the previously reported 1.2 percent pace of growth. (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-gdp-idUKKBN1671KZ'|'2017-02-28T20:37:00.000+02:00'|985.0|19.0|0.0|'' 986|'919a90069ab8beffa01b6f63567fa5f45758ee9c'|'Family Christian book chain closing its 240 U.S. stores'|'Family Christian, the biggest U.S. Christian bookstore chain, said on Thursday it was going out of business and planned to close its 240 stores across 36 states."We have prayerfully looked at all possible options, trusting God''s plan for our organization, and the difficult decision to liquidate is our only recourse," Chuck Bengochea, the company''s president, said in a statement."Despite improvements in product assortment and the store experience, sales continued to decline," he noted. "In addition, we were not able to get the pricing and terms we needed from our vendors to successfully compete in the market."The chain filed for Chapter 11 bankruptcy in February 2015 with more than $120 million in debt in the face of a sales slump amid growing competition from online stores.Bricks-and-mortar rivals also took business away by stocking best-selling Christian-market titles and Bibles.The company trailed Barnes & Noble Inc ( BKS.N ), with 640 stores, and Books-A-Million Inc, which describes itself as the second-largest U.S. book retailer and operates more than 260 stores, according to its website.Family Christian''s bankruptcy was noteworthy as U.S. Bankruptcy Judge John Gregg took the unusual step of finding that the company''s auction of its business was "flawed" and ordered a new sale.The original sale produced a $49.8 million high bid by liquidators Gordon Brothers Retail Partners and Hilco Merchant Resources. But the company instead selected a less valuable bid by FCS Acquisition, which like Family Christian is owned by the nonprofit Family Christian Resource Centers Inc.The Grand Rapids, Michigan-based retailer was eventually sold for $55 million to FCS Acquisition.(Reporting by Jim Christie in San Francisco; Editing by Peter Cooney)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-bankruptcy-family-christian-idUSKBN1622RU'|'2017-02-24T02:01:00.000+02:00'|986.0|''|-1.0|'' 987|'8a64a8239a6827e26a6f404d7553862e29ede0ae'|'BRIEF-Route One Investment Company LP reports 5.6 pct passive stake in Herbalife Ltd as of Dec 31, 2016'|'United States 33pm EST BRIEF-Route One Investment Company LP reports 5.6 pct passive stake in Herbalife Ltd as of Dec 31, 2016 Feb 14 Route One Investment Company LP: * Route one investment company lp reports 5.6 herbalife ltd as of december 31, 2016 - sec filing Source text ( bit.ly/2lHiOaF ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ160'|'2017-02-15T01:33:00.000+02:00'|987.0|''|-1.0|'' 988|'da50315f8911c39bb2fb055eb899f3982cfaeb8e'|'Enbridge buys stake in EnBW''s 1.8 billion euro Hohe See wind park'|'FRANKFURT Canadian energy infrastructure group Enbridge Inc ( ENB.TO ) has bought a 49.9 percent stake in EnBW''s ( EBKG.DE ) 1.8 billion euro ($1.9 billion) North Sea offshore park Hohe See, EnBW said on Friday.Enbridge said it was spending a total of around C$1.7 billion ($1.3 billion), which includes some financing and transaction costs. It said it had already funded its investment through financing moves in the fourth quarter of last year, primarily preferred share and hybrid instrument offerings.With a planned capacity of about 500 megawatts (MW), Hohe See is one of Europe''s largest offshore wind park projects and will be EnBW''s biggest park to date.Both partners will jointly finance the wind park from construction through to commissioning in 2019, shouldering roughly half the investment sum each.EnBW will be responsible for the operation and maintenance of the finished park based on a service and management contract, EnBW said.EnBW said Enbridge also had an option to participate in expansion project Albatros, for which an investment decision is expected early this year.A person familiar with the matter told Reuters in August that Enbridge had won the auction for a stake in Hohe See.Hohe See, which will be located in the North Sea around 100 kilometers (62 miles) west of the German island of Heligoland, will supply around 560,000 households with power and save 1.5 million tonnes of CO2. EnBW said it would make a substantial contribution to its group operating earnings after it is commissioned.Enbridge said its financial advisor for the Hohe See deal was JP Morgan, while its legal advisor was Dentons.($1 = 0.9398 euros)($1 = 1.3094 Canadian dollars)(Reporting by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-enbw-energie-windfarm-enbridge-inc-idINKBN15W17B'|'2017-02-17T09:00:00.000+02:00'|988.0|''|-1.0|'' @@ -996,16 +996,16 @@ 994|'a17431e33c8560d8c2b1cd0ff9fc8c12c191c315'|'Dollar''s sudden weakness could help U.S. profit picture'|'Business News - Sat Feb 4, 2017 - 4:10am IST Wall St. Week Ahead: Dollar''s sudden weakness could help U.S. profit picture FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/File Photo By Caroline Valetkevitch and Sinead Carew - NEW YORK NEW YORK Stock investors could have at least one less worry in the next earnings period: the suddenly limp U.S. dollar. The greenback, whose strong rally after the Nov. 8 U.S. election hit profits at many U.S. multinationals in the fourth quarter, has had a sharp reversal since the start of the year. Coupled with comments suggesting that the Trump administration favors a weaker currency, that could shift the picture for the current quarter. Fourth-quarter results, even with the dollar''s drag, are mostly beating Wall Street''s expectations and helping provide a buffer to some of the uncertainties facing investors, including the new U.S. president''s policies. The S&P 500 .SPX ended with a slight gain for the week. With earnings in from more than half the S&P 500 companies, year-over-year profit growth for the fourth quarter is now estimated at 8.0 percent, up from 6.1 percent forecast at the start of January, and on track to be the strongest since the third quarter of 2014, according to Thomson Reuters data. Analysts expect first-quarter earnings to rise 11.5 percent. That "sets the stage for a stronger Q1, particularly when you look at the jobs numbers coming out and when you look at the business confidence surveys and consumer confidence surveys. There''s a lot of improving sentiment," said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Massachusetts. U.S. nonfarm payrolls had the largest increase in four months in January. "Even as the companies are talking their expectations down, consumers and businesses are likely to act on that better sentiment." The dollar index .DXY on Jan. 31 posted its worst start to a year in three decades, putting in a decline of 2.6 percent for January after gaining 7.1 percent in the last quarter of 2016. Comments this week by President Donald Trump and a top economics adviser suggested to some that the administration is prepared to jettison two decades of "strong dollar" policies advocated by predecessors. A strong dollar is a worry for equity investors because it makes U.S. multinationals'' foreign currency earnings worth less in dollars. Nearly half of S&P 500 sales come from overseas, according to S&P-Dow Jones Indices. Executives from a slew of U.S. companies cited the strong dollar as a negative in their fourth-quarter reports and also concern about its effect on 2017 results. Among them, Apple ( AAPL.O ) gave a cautious outlook for the current quarter that it mainly attributed to the strong dollar, despite its upbeat fourth-quarter results. "For a company like ours where we do about two-thirds of our business outside the United States, the strong dollar presents a headwind of more than 2 percent growth," Apple Chief Financial Officer Luca Maestri told Reuters. Other companies citing currency hurdles for the last quarter or for 2017 included Procter & Gamble ( PG.N ), Mead Johnson Nutrition ( MJN.N ), 3M Co ( MMM.N ) and PPG Industries ( PPG.N ). Procter & Gamble said it expects combined headwinds of foreign exchange and minor brand divestitures to cut sales growth by two to three percentage points for fiscal 2017. Some strategists say the dollar is still likely to be stronger rather than weaker this year, especially given expectations for interest rate hikes for this year, but that earnings should still benefit from an improving economy. "You should get more than enough growth from the economy if you''re a corporation to more than offset the rise in the dollar," said Sameer Samana, global quantitative strategist for Wells Fargo Investment Institute, which expects the dollar index to rise 7 percent by year end. (Reporting by Caroline Valetkevitch and Sinead Carew in New York; Additional reporting by Stephen Nellis in San Francisco; Editing by James Dalgleish) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-stocks-weekahead-idINKBN15I30V'|'2017-02-04T05:40:00.000+02:00'|994.0|''|-1.0|'' 995|'fb7ed713a9e7a8c8641818690d97cec567cdca1b'|'Saudi Aramco selects lead underwriters for $100 billion IPO: WSJ'|'Oil giant Saudi Aramco IPO-ARMO.SE has selected JPMorgan Chase & Co ( JPM.N ), Morgan Stanley ( MS.N ), and HSBC Holdings Plc ( HSBA.L ) as lead underwriters on the firm''s planned initial public share offering, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment.Saudi authorities are aiming to list up to 5 percent of the world''s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100 billion.The listing is the centerpiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from reliance on oil.(Reporting by Ismail Shakil in Bengaluru; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-ipo-idINKBN1602U9'|'2017-02-21T20:55:00.000+02:00'|995.0|''|-1.0|'' 996|'56adf84e3696edf68a77590cabadabf5657bafcb'|'UPDATE 1-Bondholders in Brazil''s Oi appeal Dutch court ruling'|'(Adds details in paragraphs 3-12)By Ana ManoSAO PAULO Feb 10 A group of bondholders in Oi SA appealed on Friday a ruling by a Dutch court that refused to declare insolvent two subsidiaries in the Netherlands, the latest setback in a protracted legal battle to solve Brazil''s largest bankruptcy case on record.In an emailed statement, the International Bondholder Committee group said it "remains committed to finding a consensual solution" to restructure the debt of the two Oi subsidiaries.The International Bondholder Committee holds more than $2 billion of bonds issued by the two Dutch companies and other members of the Oi group. The units have outstanding debt of about $6.2 billion.Oi declined to comment.The appeal underscores the dissenting agendas of different creditor groups participating in Oi''s restructuring, and how their disagreements are hampering the process.Oi''s common and preferred shares both rose about 1.6 percent in late afternoon trade, to 3.8 reais and 3.2 reais respectively.In December, a separate group of Oi bondholders advised by Moelis & Co proposed injecting $1.25 billion of new capital into Oi, a move that would give them immediate control of the carrier through a debt-for-equity swap. Backed by Egyptian billionaire Naguib Sawiris, the plan is part of a binding offer presented to Oi after the Moelis group considered the carrier''s own reorganization proposal "unacceptable" for imposing a 70 percent haircut on the bond debt."The restructuring should treat similarly situated creditors equally," the International Bondholder Group said, adding that if there is a proven need to raise new capital, all creditors should be invited to take part "on a fair and equitable basis."Moelis did not have an immediate comment regarding the strategy of the group, which was formed in November by dissenting investors including Aurelius Capital Management LP, Attestor Capital LLC, Citadel LLP and York Capital Management.Rio de Janeiro-based Oi made Brazil''s largest ever bankruptcy filing in June to restructure about 65 billion reais ($20.9 billion) of bond, bank and regulatory liabilities.A stay of execution, which protects Oi from creditor suits, will expire in May, said a source close to bondholders who is not allowed to talk in public.A Cerberus Capital Management LP-led group of investors also intends to present an alternative in-court restructuring proposal for Oi carrier by March.Paul Singer''s Elliott Management Corp unveiled plan for Oi involving a 9 billion reais capital injection last month.($1 = 3.1111 reais) (Reporting by Ana Mano; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-idINL1N1FV120'|'2017-02-10T15:45:00.000+02:00'|996.0|''|-1.0|'' -997|'114be60ebb2a64df1af408121a6d2be8c1b51042'|'HP Enterprise cuts FY profit forecast, shares slide'|'Business News - Thu Feb 23, 2017 - 11:43pm GMT HP Enterprise cuts FY profit forecast, shares slide FILE PHOTO - Signs for Hewlett Packard Enterprise Co., cover the facade of the New York Stock Exchange November 2, 2015. REUTERS/Brendan McDermid By Rishika Sadam Hewlett Packard Enterprise Co, the corporate hardware and enterprise software business of Hewlett-Packard Co, cut its full-year profit forecast, as the company faces intense competition in its cloud-related business and struggles with a strong dollar. The company''s shares were down 6.7 percent at $23 in after-market trading on Thursday. They have gained nearly 88 percent in the past 12 months. HPE also cited higher commodities costs and some "near-term execution issues" for the cut in full-year profit forecast. Since its separation from Hewlett-Packard Co in 2015, HPE has sold off most of its traditional software services, while building its cloud-related businesses, which has pitted it against much bigger and established companies such as Cisco Systems Inc and the Dell-EMC combine. "I think (the cut) is a combination of increased pressure from foreign exchange movements as well as a highly competitive environment," Edward Jones analyst Bill Kreher said. About 61 percent of HPE''s revenue comes from outside the United States. HPE said it expected full-year adjusted profit of between $1.88-$1.98 per share, down from the $2-$2.10 per share it forecast earlier. Analysts on average were expecting a profit of $2.05 per share, according to Thomson Reuters I/B/E/S. HPE also reported a revenue miss for the first quarter ended Jan. 31. Revenue fell 10.4 percent to $11.41 billion (9.10 billion pounds), well short of the analysts'' average estimate of $12.07 billion. "We saw significantly lower demand from one customer and major Tier 1 service provider facing a very competitive environment," Chief Executive Officer Meg Whitman said on a call with analysts. Revenue from its enterprise group, the company''s biggest and which offers servers, storage and networking services, fell nearly 12 percent to $6.32 billion in the quarter. Excluding items, the company earned 45 cents per share, edging past estimates by 1 cent. The Palo Alto, California-based company also forecast current-quarter adjusted profit in the range of 41 cents-45 cents per share. Analysts were expecting a profit of 47 cents. HP Inc, which holds the hardware division of Hewlett-Packard Co, reported better-than-expected revenue on Wednesday, largely helped by a stabilizing PC market. (Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hewlett-packard-results-idUKKBN1622UO'|'2017-02-24T06:43:00.000+02:00'|997.0|''|-1.0|'' +997|'114be60ebb2a64df1af408121a6d2be8c1b51042'|'HP Enterprise cuts FY profit forecast, shares slide'|'Business News - Thu Feb 23, 2017 - 11:43pm GMT HP Enterprise cuts FY profit forecast, shares slide FILE PHOTO - Signs for Hewlett Packard Enterprise Co., cover the facade of the New York Stock Exchange November 2, 2015. REUTERS/Brendan McDermid By Rishika Sadam Hewlett Packard Enterprise Co, the corporate hardware and enterprise software business of Hewlett-Packard Co, cut its full-year profit forecast, as the company faces intense competition in its cloud-related business and struggles with a strong dollar. The company''s shares were down 6.7 percent at $23 in after-market trading on Thursday. They have gained nearly 88 percent in the past 12 months. HPE also cited higher commodities costs and some "near-term execution issues" for the cut in full-year profit forecast. Since its separation from Hewlett-Packard Co in 2015, HPE has sold off most of its traditional software services, while building its cloud-related businesses, which has pitted it against much bigger and established companies such as Cisco Systems Inc and the Dell-EMC combine. "I think (the cut) is a combination of increased pressure from foreign exchange movements as well as a highly competitive environment," Edward Jones analyst Bill Kreher said. About 61 percent of HPE''s revenue comes from outside the United States. HPE said it expected full-year adjusted profit of between $1.88-$1.98 per share, down from the $2-$2.10 per share it forecast earlier. Analysts on average were expecting a profit of $2.05 per share, according to Thomson Reuters I/B/E/S. HPE also reported a revenue miss for the first quarter ended Jan. 31. Revenue fell 10.4 percent to $11.41 billion (9.10 billion pounds), well short of the analysts'' average estimate of $12.07 billion. "We saw significantly lower demand from one customer and major Tier 1 service provider facing a very competitive environment," Chief Executive Officer Meg Whitman said on a call with analysts. Revenue from its enterprise group, the company''s biggest and which offers servers, storage and networking services, fell nearly 12 percent to $6.32 billion in the quarter. Excluding items, the company earned 45 cents per share, edging past estimates by 1 cent. The Palo Alto, California-based company also forecast current-quarter adjusted profit in the range of 41 cents-45 cents per share. Analysts were expecting a profit of 47 cents. HP Inc, which holds the hardware division of Hewlett-Packard Co, reported better-than-expected revenue on Wednesday, largely helped by a stabilizing PC market. (Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hewlett-packard-results-idUKKBN1622UO'|'2017-02-24T06:43:00.000+02:00'|997.0|19.0|0.0|'' 998|'18081aee2db3874fe6d343abf4321a9f83ee916f'|'Italy freezes assets of banker accused of using Vatican for market rigging'|' 3:44pm GMT Italy freezes assets of banker accused of using Vatican for market rigging FILE PHOTO: Giampietro Nattino, chairman of Banca Finnat Euroamerica S.p.A. is seen in front of his private bank in Rome, Italy, September 20, 2011. Picture taken on September 20, 2011. REUTERS/Luigi Mistrulli/File Photo By Philip Pullella - ROME ROME Investigating magistrates in Italy on Tuesday froze millions of euros worth of assets belonging to a prominent Italian banker they believe used the Vatican bank and another Holy See financial department for market manipulation. The financial crimes police said in a statement that they had executed the magistrates'' orders, sequestering 2.5 million euros (2 million) in buildings, stocks and land belonging to Giampietro Nattino, head of Banca Finnat Euramerica SpA. [BFE.MI] Magistrates accuse him of market manipulation and providing false information to Consob, Italy''s stock regulator. Nattino said in a statement that the frozen assets belonged to him personally and not to his bank, and that he would cooperate with investigators. Shares in his private bank fell 3.6 percent before recovering some of that loss. Tuesday''s developments followed an exclusive report by Reuters in November, 2015 about a Vatican investigation into Nattino''s accounts at the Vatican bank, known as the Institute for Works of Religion, and at APSA, an office that oversees Vatican real estate and investments. reut.rs/2m7SvYh A confidential document seen by Reuters at the time covered the period from 2000 to 2011 and was passed on to Italian and Swiss investigators for their checks because some activity tied to the accounts allegedly took place in these countries. Vatican investigators suspected that on one occasion when his bank handled a stock placement, the APSA accounts were used to buy shares before they were allocated to other investors. In their statement on Tuesday, police said Nattino had used the "cover" of the Vatican financial institutions to carry out "a complex stock operation which resulted in criminal behaviour regarding market manipulation". The police statement said Nattino had employed "misleading and false" methods to "substantially alter" the price of shares in his bank. It said Italian magistrates were investigating two people who were managers at APSA in 2011 on suspicion of complicity. The Vatican had no immediate comment on the Italian magistrates'' order or on who the former Vatican officials were. Nattino''s statement on Tuesday referred back to one issued in 2015 in which he said his work had "always been characterised by maximum transparency and correctness". The Vatican, a sovereign state surrounded by Rome, has enacted a number of provisions to cleanse its finances and make them more transparent in recent years, particularly since the election of Pope Francis in 2013. Among the reforms was the closing of accounts held by outsiders such as Nattino. APSA made headlines in June 2013 with the arrest of Monsignor Nunzio Scarano, who worked there for 22 years as a senior accountant. Last year he was acquitted of charges of conspiracy to smuggle 20 million euros in cash into Italy from Switzerland to help friends avoid taxes. Scarano, who still faces a separate trial on money laundering charges, denies all wrongdoing. (Additional reporting by Stefano Bernabei and Antonella Cinelli; editing by John Stonestreet) Next In Business News Chancellor '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vatican-banker-idUKKBN1601X5'|'2017-02-21T22:44:00.000+02:00'|998.0|''|-1.0|'' 999|'a4d50fddff0a95c22276f632a74b7c3665d7b08f'|'Chinese industry wants "win-win" end to U.S. anti-dumping duties on washing machines'|'Money News - Sat Feb 4, 2017 - 8:50pm IST Chinese industry wants "win-win" end to U.S. anti-dumping duties on washing machines Employees assemble washing machines on the production line inside a factory of Hefei Rongshida Sanyo Electric in Hefei, Anhui province August 13, 2013. REUTERS/Stringer/Files BEIJING Chinese industry called on Saturday for talks with the United States to seek an end to anti-dumping duties imposed on its exports of large washing machines, state news agency Xinhua reported. The U.S. International Trade Commission last month made a final finding of harm to a U.S. manufacturer after a Commerce Department probe found some large residential washers were being imported from China at below fair value. "The move hurts not only Chinese manufacturers, but also the interests of U.S. consumers," the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) said, according to Xinhua. "The chamber is concerned about the U.S. use of trade remedy measures to protect its own market, and hopes to solve the issue through negotiations to gain win-win results." The investigation followed a petition by Whirlpool Corp over imports of washers manufactured in China by two South Korean companies, Samsung Electronics Co Ltdand LG Electronics Inc. The ITC decision imposed of final duties of up to 52.5 percent. In 2015, U.S. imports of such washers from China were valued at an estimated $1.1 billion. (Reporting by Ryan Woo; Editing by Robin Pomeroy) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-china-washers-idINKBN15J0LH'|'2017-02-04T22:20:00.000+02:00'|999.0|''|-1.0|'' 1000|'0e8dde88499e3a950d4045c5ff1406373ef64a6f'|'BRIEF-Omega Advisors cuts share stake in Alphabet, Microsoft; dissolves in Chesapeake Energy'|' 10:55am EST BRIEF-Omega Advisors cuts share stake in Alphabet, Microsoft; dissolves in Chesapeake Energy Feb 14 Omega Advisors Inc * Omega Advisors Inc takes share stake of 50,000 shares in Bluebird Bio Inc - SEC filing * Omega Advisors Inc dissolves share stake in Electronic Arts Inc * Omega Advisors Inc dissolves share stake in Chesapeake Energy Corp * Omega Advisors Inc ups share stake in Time Inc to 3.9 million shares from 903,500 shares * Omega Advisors Inc cuts share stake in Alphabet Inc by to 139,395 Class A shares from 161,156 Class A shares * Omega Advisors Inc cuts share stake in Microsoft Corp by 23.5 percent to 803,620 shares from 1.1 million shares Source text for quarter ended Dec 31, 2016: bit.ly/2lfYUm4 Source text for quarter ended Sept 30, 2016: bit.ly/2fNytzh Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FZ0YQ'|'2017-02-14T22:55:00.000+02:00'|1000.0|''|-1.0|'' -1001|'53670b404970cf0aa03e85a9c286cd874249b2c9'|'German two-year bond yields again fall to record low'|'LONDON Feb 24 Germany''s two-year government bond yield extended recent declines on Friday and again reached record lows.The European Central Bank''s bond-buying programme and upcoming regulatory changes have helped push short-dated German yields down, a trend exacerbated by investor concern over France''s presidential race.The two-year German Schatz yield fell as low as minus 0.931 percent in early Friday trade as an overnight decline in U.S. Treasury yields spilled over into German bond markets. It is on track to end the week 12 basis points lower -- more than in any single week since July 2012. (Reporting by Dhara Ranasinghe, editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-idINL8N1G910U'|'2017-02-24T04:25:00.000+02:00'|1001.0|''|-1.0|'' +1001|'53670b404970cf0aa03e85a9c286cd874249b2c9'|'German two-year bond yields again fall to record low'|'LONDON Feb 24 Germany''s two-year government bond yield extended recent declines on Friday and again reached record lows.The European Central Bank''s bond-buying programme and upcoming regulatory changes have helped push short-dated German yields down, a trend exacerbated by investor concern over France''s presidential race.The two-year German Schatz yield fell as low as minus 0.931 percent in early Friday trade as an overnight decline in U.S. Treasury yields spilled over into German bond markets. It is on track to end the week 12 basis points lower -- more than in any single week since July 2012. (Reporting by Dhara Ranasinghe, editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-idINL8N1G910U'|'2017-02-24T04:25:00.000+02:00'|1001.0|29.0|0.0|'' 1002|'9b264043b11de1ec54e2dca088ea3c29189185cd'|'Prosecutors confirm investigating Deutsche Boerse CEO for insider trading'|'Business News - Thu Feb 2, 2017 - 2:40am EST Prosecutors confirm investigating Deutsche Boerse CEO for insider trading Carsten Kengeter, CEO of Deutsche Boerse talks to the media during the presentation of FinTec start-up facilities provided by Deutsche Boerse in Frankfurt, Germany, February 24, 2016. EUTERS/Kai Pfaffenbach FRANKFURT German prosecutors said on Thursday their investigation of Deutsche Boerse ( DB1Gn.DE ) Chief Executive Carsten Kengeter for suspected insider trading related to talks held between the group''s management and the London Stock Exchange ( LSE.L ) between July/August and December 2015. Prosecutors searched offices at Deutsche Boerse''s headquarters in Eschborn near Frankfurt on Wednesday in connection with a 4.5 million euro ($4.85 million) purchase of Deutsche Boerse shares by Kengeter in December 2015, just over two months before Boerse and LSE announced merger talks. The Frankfurt prosecutor''s office said in a statement that the search was meant to help clear up the course of talks up to Feb. 23, 2016, when the two companies confirmed they were in negotiations for a merger. ($1 = 0.9274 euros) (Reporting by Maria Sheahan; Editing by Christoph Steitz) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-boerse-investigation-prosecu-idUSKBN15H0MF'|'2017-02-02T14:40:00.000+02:00'|1002.0|''|-1.0|'' 1003|'c008b26c0b28db00a2c4a8090cfbd853ef7cb126'|'Deutsche Boerse CEO says insider trading allegations will prove unfounded'|'Business News 06am GMT Deutsche Boerse CEO says insider trading allegations will prove unfounded FILE PHOTO: Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, January 17, 2017. REUTERS/Staff/Remote/File Photo FRANKFURT Deutsche Boerse ( DB1Gn.DE ) Chief Executive Carsten Kengeter said insider trading allegations against him would prove unfounded, given he had no role in determining the timing of his share purchases ahead of the announcement of merger plans with the London Stock Exchange ( LSE.L ). "We, Deutsche Boerse and myself, are fully cooperating with the public prosecutor. I am certain that, following detailed investigation, the allegations will turn out to be unfounded," Kengeter said at a news conference to discuss the exchange operator''s annual results. "When I purchased the shares using my own funds, I did not do so at a time of my own choosing. I did so between 1 and 21 December 2015 within a time-frame fixed by the Supervisory board," Kengeter said, adding that the shares were subject to a holding period until the end of 2019. Kengeter said the company was pursuing its merger with LSE and that he was engaged in a "constructive dialogue" with policymakers in Hesse, the German state where Deutsche Boerse is headquartered. (Reporting by Edward Taylor; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-boerse-lse-kengeter-idUKKBN15V0Y0'|'2017-02-16T16:06:00.000+02:00'|1003.0|''|-1.0|'' 1004|'901148b2ffea6b6de00cc81279805165c28bcafe'|'BRIEF-Andersons posts Q4 eanings $0.36 per share'|' 4:53pm EST BRIEF-Andersons posts Q4 eanings $0.36 per share Feb 15 Andersons Inc * The Andersons Inc reports fourth-quarter and full year results * Andersons Inc - reported Q4 2016 net income attributable to andersons of $10.1 million, or $0.36 per diluted share * Andersons Inc says has begun to see signs of improvement in fertilizer orders and price stability in early weeks of 2017 * Andersons Inc - qtrly sales and merchandising revenues $1.11 billion versus $1.18 billion * Andersons Inc - company has begun to see signs of improvement in fertilizer orders and price stability in early weeks of 2017 * Q4 earnings per share view $0.63, revenue view $1.23 billion -- Thomson Reuters I/B/E/S Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0JE'|'2017-02-16T04:53:00.000+02:00'|1004.0|''|-1.0|'' -1005|'e6cde9d2f43efc0b909de24dd0b1338bcd462d68'|'Dubai Islamic Bank mandates banks for potential sukuk sale -sources'|'Financials - Wed Feb 1, 2017 - 7:02am EST Dubai Islamic Bank mandates banks for potential sukuk sale -sources By Davide Barbuscia - DUBAI DUBAI Feb 1 Dubai Islamic Bank, the largest sharia-compliant bank in the United Arab Emirates, has appointed banks ahead of a potential benchmark-sized U.S. dollar sukuk sale, banking sources familiar with the situation said on Wednesday. The group of banks arranging the deal includes Bank ABC, Boubyan Bank, Emirates NBD, HSBC, Maybank, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard Chartered, the sources said, speaking on condition of anonymity because the information is private. Dubai Islamic Bank did not immediately respond to an emailed request for comment. The planned Islamic debt issuance would come at a busy time in the Gulf Cooperation Council debt capital market, as banks, sovereigns and corporates tap international funds to replenish their coffers and improve liquidity, which has been squeezed by low oil prices. After an issue in January by Bahrain''s Gulf International Bank, the UAE''s Bank of Sharjah recently mandated Bank ABC, Emirates NBD, JP Morgan and National Bank of Abu Dhabi to arrange fixed income investor meetings for a potential senior unsecured five-year international bond. Kuwait''s Equate Petrochemical ( IPO-EQUP.KW ) announced on Wednesday the dates of a series of investor meetings ahead of a potential sukuk issue, while Abu Dhabi, Kuwait, Oman and possibly Saudi Arabia are among the regional sovereigns expected soon to raise dollar-denominated debt. DIB''s sukuk, expected to be upwards of $500 million, is likely to be a five-year deal, said one of the bankers. The timing of the issue has not been decided yet, but the Islamic bond could hit the market next week, said the same banker. DIB''s latest sukuk was a $500 million five-year issue in March last year which offered a 3.6 percent profit rate. The bond, part of a $2.5 billion sukuk programme, was listed on the Dubai Financial Market and the Irish Stock Exchange. DIB is rated Baa1 by Moody''s and A by Fitch. (Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/dubai-islamic-bank-sukuk-idUSL5N1FM3ER'|'2017-02-01T19:02:00.000+02:00'|1005.0|''|-1.0|'' -1006|'8da272a23b77bf44c1a14734e17eb49eda157e33'|'Germany committed to Greece bailout programme - Merkel spokesman'|' 18am GMT Germany committed to Greece bailout programme - Merkel spokesman German Chancellor Angela Merkel in Berlin, Germany February 10, 2017. REUTERS/Hannibal Hanschke BERLIN Germany is committed to making a success of Greece''s bailout programme, a spokesman for Chancellor Angela Merkel said on Monday, when asked if Greece leaving the euro zone was an option. "For years, euro zone member states, including Germany, have shown active solidarity with Greece with the goal to bring this country to a path of sustainable finances and economic growth," Steffen Seibert told a regular government news conference. "It is a mission that has dragged on for many years and we are holding on to it," he added. Foreign Ministry spokesman Martin Schaefer added: "We want to keep the euro zone whole, including Greece, and we will support everything that helps Greece. That''s why we want the aid programme to continue to be successful." (Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Paul Carrel) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-germany-idUKKBN15S15R'|'2017-02-13T18:18:00.000+02:00'|1006.0|''|-1.0|'' +1005|'e6cde9d2f43efc0b909de24dd0b1338bcd462d68'|'Dubai Islamic Bank mandates banks for potential sukuk sale -sources'|'Financials - Wed Feb 1, 2017 - 7:02am EST Dubai Islamic Bank mandates banks for potential sukuk sale -sources By Davide Barbuscia - DUBAI DUBAI Feb 1 Dubai Islamic Bank, the largest sharia-compliant bank in the United Arab Emirates, has appointed banks ahead of a potential benchmark-sized U.S. dollar sukuk sale, banking sources familiar with the situation said on Wednesday. The group of banks arranging the deal includes Bank ABC, Boubyan Bank, Emirates NBD, HSBC, Maybank, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard Chartered, the sources said, speaking on condition of anonymity because the information is private. Dubai Islamic Bank did not immediately respond to an emailed request for comment. The planned Islamic debt issuance would come at a busy time in the Gulf Cooperation Council debt capital market, as banks, sovereigns and corporates tap international funds to replenish their coffers and improve liquidity, which has been squeezed by low oil prices. After an issue in January by Bahrain''s Gulf International Bank, the UAE''s Bank of Sharjah recently mandated Bank ABC, Emirates NBD, JP Morgan and National Bank of Abu Dhabi to arrange fixed income investor meetings for a potential senior unsecured five-year international bond. Kuwait''s Equate Petrochemical ( IPO-EQUP.KW ) announced on Wednesday the dates of a series of investor meetings ahead of a potential sukuk issue, while Abu Dhabi, Kuwait, Oman and possibly Saudi Arabia are among the regional sovereigns expected soon to raise dollar-denominated debt. DIB''s sukuk, expected to be upwards of $500 million, is likely to be a five-year deal, said one of the bankers. The timing of the issue has not been decided yet, but the Islamic bond could hit the market next week, said the same banker. DIB''s latest sukuk was a $500 million five-year issue in March last year which offered a 3.6 percent profit rate. The bond, part of a $2.5 billion sukuk programme, was listed on the Dubai Financial Market and the Irish Stock Exchange. DIB is rated Baa1 by Moody''s and A by Fitch. (Editing by Andrew Torchia) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/dubai-islamic-bank-sukuk-idUSL5N1FM3ER'|'2017-02-01T19:02:00.000+02:00'|1005.0|26.0|2.0|'' +1006|'8da272a23b77bf44c1a14734e17eb49eda157e33'|'Germany committed to Greece bailout programme - Merkel spokesman'|' 18am GMT Germany committed to Greece bailout programme - Merkel spokesman German Chancellor Angela Merkel in Berlin, Germany February 10, 2017. REUTERS/Hannibal Hanschke BERLIN Germany is committed to making a success of Greece''s bailout programme, a spokesman for Chancellor Angela Merkel said on Monday, when asked if Greece leaving the euro zone was an option. "For years, euro zone member states, including Germany, have shown active solidarity with Greece with the goal to bring this country to a path of sustainable finances and economic growth," Steffen Seibert told a regular government news conference. "It is a mission that has dragged on for many years and we are holding on to it," he added. Foreign Ministry spokesman Martin Schaefer added: "We want to keep the euro zone whole, including Greece, and we will support everything that helps Greece. That''s why we want the aid programme to continue to be successful." (Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Paul Carrel) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-germany-idUKKBN15S15R'|'2017-02-13T18:18:00.000+02:00'|1006.0|23.0|0.0|'' 1007|'aeef8085ed9a2fedbce0d90204ef08e4768ca0ac'|'UPDATE 1-Rio Tinto boosts dividend on commodities recovery'|'Commodities - Wed Feb 8, 2017 - 1:15am EST Rio Tinto boosts dividend on commodities recovery FILE PHOTO - A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo SYDNEY Global miner Rio Tinto said on Wednesday it will pay a bigger-than-expected annual dividend of $1.70 per share on the back of a strong recovery in mineral commodities markets in 2016 and cost-cutting. Underlying earnings for the world''s second-biggest mining house rose by 12 percent to $5.1 billion, beating analysts'' estimates for around $4.87 billion, according to an externally compiled consensus. The result marks a turnaround from 2015, when the world''s No. 2 miner posted its worst underlying earnings in 11 years and scrapped its generous payout policy amid tumbling commodity prices. "We enter 2017 in good shape. Our team will deliver $5 billion of extra free cash flow over the next five years from our productivity programme," Chief Executive Jean-Sebastien Jacques said in a statement. The market had been expecting a dividend of about $1.33 a share, according to the external consensus. The annual payout is still below 2015''s dividend which partly included the previous payout policy of never cutting payments year to year. Analysts are mixed on whether Rio Tinto will increase returns to shareholder in 2017 or hold on to more cash amid forecasts for a retraction in commodities prices. The price of iron ore surged 81 percent last year and now sells for around $80 a tonne, despite analysts'' expectations for a retreat to around $55. The concern is that millions of tonnes of additional low-cost supply from Australia and Brazil will overwhelm demand in 2017 and send prices into retreat. (Reporting by James Regan; Editing by Richard Pullin) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-rio-tinto-results-idUSKBN15N0GK'|'2017-02-08T13:14:00.000+02:00'|1007.0|''|-1.0|'' 1008|'72b3ffad47c311778ffe8543b8cd335451c44a19'|'Fidelity''s operating profit surged nearly 20 pct in 2016'|' 39am EST Fidelity''s operating profit surged nearly 20 pct in 2016 BOSTON Feb 16 Fidelity Investments said on Thursday its financial services operating profit rose 19.5 percent to $3.5 billion in 2016, despite massive withdrawals of investor money from its actively managed stock funds. Boston-based Fidelity, which is controlled by the family of Chairman Abigail Johnson, said 2016 revenue was $15.9 billion, an increase of 3.4 percent over 2015. Fidelity''s actively managed equity mutual funds saw $57.7 billion in net outflows during the year. These outflows were offset by $19.1 billion of flows into managed account products, $22.6 billion of flows into money market funds, and $16.1 billion of flows into Fidelity index funds. (Reporting By Tim McLaughlin; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/funds-fidelity-results-idUSL1N1G117Z'|'2017-02-16T23:39:00.000+02:00'|1008.0|''|-1.0|'' 1009|'9ac0377bedd465db3ca838bff621f0cc84f490a8'|'China securities regulator to focus on stability, reform'|'Business News - Sun Feb 26, 2017 - 7:36am GMT China securities regulator to focus on stability, reform FILE PHOTO: Journalists take photos of Liu Shiyu, chairman of the China Securities Regulatory Commission, as he arrives for a news conference on the sidelines of the National People''s Congress (NPC), China''s parliament, in Beijing, China, March 12, 2016. REUTERS/Jason Lee/File Photo By Elias Glenn - BEIJING BEIJING China will focus on stable development of its capital markets this year, but will press ahead to further open its markets to foreign companies, the top securities regulator said on Sunday. "We will not waver from reforms (to make China''s capital markets) more market-based, law-based and international, Liu Shiyu, chairman of the China Securities Regulatory Commission (CSRC), told a news conference in Beijing. Chinese regulators have turned their sights on controlling risks in financial markets as speculative activity and leverage in the economy rise, with the securities regulator vowing to clear out "abnormal phenomena" from capital markets. The CSRC recently pledged to target "barbaric" leveraged buyouts and to restrict excessive fundraising by some listed companies, with a focus on private share placements. Liu said earlier this month that CSRC would take down law-breaking financial tycoons he called "giant crocodiles", saying they will not be allowed to take advantage of retail investors. China''s crackdown on illegal market activities has intensified since the mid-2015 stock market crash that wiped out almost $3 trillion of share value. Liu, who was appointed CSRC chairman in early 2016, said that balancing the needs for stability and progress were crucial, especially in managing the primary market. Limiting or halting initial share sales in order to stabilise the secondary market doesn''t "solve the problems of long-term healthy development of capital markets," Liu said. CSRC deputy chief Fang Xinghai said at the same news conference that China is discussing measures that would allow foreign firms to take a larger stake in domestic joint venture securities and futures brokerages, without providing a timetable for any changes. Morgan Stanley ( MS.N ) and UBS Group AG ( UBSG.S ) are set to raise their stakes in their separate Chinese securities joint ventures to 49 percent, people with direct knowledge of the moves confirmed last month. Fang also said there was no timetable for the launch of an international board that will allow foreign-invested enterprises to list shares domestically in China, adding that issues such as accounting treatment and disclosure rules were still being studied. Liu declined to confirm a Reuters report on Friday that regulators are considering offering a shortcut for some of the country''s largest technology companies to list their shares on domestic markets, allowing them to jump a long queue of applicants and boost domestic bourses. China has been losing out to the New York Stock Exchange (NYSE) and Nasdaq on key technology listings, so more IPOs at home could mean millions of yuan in revenue for Chinese investment banks, who dominate domestic stock issuance. (Reporting by Elias Glenn; Writing by Matthew Miller; Editing by Kim Coghill) Next In Business News TCL carries flickering BlackBerry flame with new phone launch BARCELONA, Spain Blackberry Ltd may have exited the device business, but fans of the pioneering email machine need not despair as Chinese smartphone maker TCL Communication has introduced its first Blackberry-licensed phone with the physical keyboard that was long its key allure.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-stocks-regulator-idUKKBN16506T'|'2017-02-26T14:36:00.000+02:00'|1009.0|''|-1.0|'' @@ -1026,20 +1026,20 @@ 1024|'ce0a2b92ed3371f1f2c3945c0c25564ba299226e'|'BRIEF-Cigna sets full year cash dividend of $0.04 per share'|' 14pm EST BRIEF-Cigna sets full year cash dividend of $0.04 per share Feb 22 Cigna Corp- * Sets FY cash dividend of $0.04per share Further UPDATE 4-Dozens defy deadline to leave Dakota pipeline protest camp CANNON BALL, N.D., Feb 22 A few dozen demonstrators opposed to the Dakota Access pipeline defied a Wednesday deadline to leave a protest camp they have occupied for months to demand an end to construction of the project, saying they were prepared to be arrested. * Pershing Square Holdings Ltd releases regular weekly net asset value as of 21 February 2017 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cigna-sets-full-year-cash-dividend-idUSFWN1G70X6'|'2017-02-23T05:14:00.000+02:00'|1024.0|''|-1.0|'' 1025|'c8f7afb311d7095c954a090790f983b562c2eee1'|'Daimler invests in smartphone-based vehicle finance app AutoGravity'|'Technology News 6:22am GMT Daimler invests in smartphone-based vehicle finance app AutoGravity Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo FRANKFURT Daimler ( DAIGn.DE ) said on Tuesday it was investing a double-digit million euro amount into AutoGravity, a smartphone-based vehicle leasing and financing app as part of a broader push by the carmaker to build a digital platform for financial services. Car buyers in the United States can use AutoGravity to find tailored buying and leasing offers. AutoGravity features multiple vehicle brands and models, and enables various financial services providers and automotive manufacturers the opportunity to offer vehicle financing and leasing via smartphone. (Reporting by Ilona Wissenbach; Writing by Edward Taylor; Editing by Maria Sheahan) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-daimler-investment-autogravity-idUKKBN15T0KH'|'2017-02-14T13:13:00.000+02:00'|1025.0|''|-1.0|'' 1026|'9234685dbe7f9bffb741f089a94f08a3db27bac4'|'UPDATE 2-UK Stocks-Factors to watch on Feb. 23'|'(Adds details, updates futures)Feb 23 Britain''s FTSE 100 index is seen opening 4 points higher, or up 0.05 percent on Thursday, according to Financial spreadbetters, with futures up 0.06 percent ahead of the cash market open.* The blue-chip FTSE 100 index ended up 0.4 percent at 7302.25 points, as Lloyds reported its highest annual profit in a decade and Unilever promised a far-reaching review.* BARCLAYS: Barclays reported a surprise increase in its core capital ratio on Thursday, as the key measure of financial strength rose to 12.4 percent against analysts'' expectations it would only climb to 11.8 percent.* BARCLAYS AFRICA: Barclays PLC has agreed to pay Barclays Africa 12.8 billion rand ($988 million) to fund investments required to separate it from its African unit, Barclays Africa said on Thursday.* LLOYDS: The British government said on Thursday it has further reduced its stake in Lloyds Banking Group, a day after the bank posted its highest profit since before the 2007-2009 global financial crisis.* GLENCORE: Miner and trader Glencore reported an 18 percent increase in core profits for 2016 on Thursday and said the company had never been so well positioned, although an ill-timed coal hedge had eaten into energy profits.* BAE: Britain''s BAE Systems said it expected increased defence budgets to boost its earnings by 5-10 percent this year after it met market expectations with a 7 percent rise in 2016.* BAT: British American Tobacco, the second-largest international tobacco company, reported a slight increase in full-year cigarette and tobacco sales volumes on Thursday.* RELX: European information and analytics provider Relx raised its dividend by a more-than-expected 21 percent on Thursday after meeting 2016 results forecasts.* CENTRICA: Centrica, Britain''s largest energy supplier, reported a 4 percent rise in annual adjusted profit on Thursday, slightly ahead of analyst estimates, and said debt levels could be low enough this year to allow an increase in its dividend.* RSA: Insurer RSA posted a 25 percent rise in 2016 operating profit to an above-forecast 655 million pounds ($814.49 million) due to strong performance in most of its core businesses, and raised its target for return on equity.* INTU PROPERTIES: British shopping centre landlord Intu Properties posted an unchanged full-year NAV from last year, as values and demand for Britain''s top malls stabilised against a weakening broader market following the country''s vote to leave the EU.* MONDI: South African paper and packaging company Mondi''s 2016 underlying profit rose, helped by good performance in all its businesses despite pricing pressure in a number of key paper grades.* RATHBONE: British wealth manager Rathbone Brothers said funds under management rose 17.1 percent in 2016 to 34.2 billion pounds ($42.55 billion), boosted by gains in the British stock market in the second half of the year.* HOWDEN JOINERY: Modular kitchen maker Howden Joinery Group Plc reported a slower full-year revenue growth for its UK depots, dragged down by weaker consumer confidence following Britain''s vote to leave the European Union.* PLAYTECH: Gambling technology company Playtech Plc said full-year revenue rose 12.5 percent, aided by strong performance in its gaming division.* BANK OF ENGLAND: Bank of England Deputy Governor Jon Cunliffe warned on Wednesday that requiring financial instruments to be cleared in a country that uses the currency in which they are denominated would bump up costs and splinter markets.* BANK OF ENGLAND/INSURERS: EU capital rules for insurers need some tweaks but are not a deterrent to investment in infrastructure as some insurers'' claim, the Bank of England said on Wednesday.* PURPLEBRICKS: British online real estate agent Purplebricks Group Plc said it intended to raise funds through a share issue to expand into the United States.* AO WORLD: AO World, the British online electricals retailer, said on Wednesday its founder John Roberts had stepped down as chief executive but would remain on the board in a new executive role.* OIL: U.S. oil futures rose nearly 1 percent on Thursday after data released by an industry group showed a surprise decline in U.S. crude stocks as imports fell, lending support to the view that a global glut is ending.* BHP: The first attempt at an acquisition by Australia''s South32 S32.AX following its spinoff from BHP Billiton, has raised competition concerns over control of the local coking coal market.* EX-DIVS: Carnival, Diageo, Easyjet GlaxoSmithKline , Rio Tinto and Lancashire to go ex-dividend. According to Reuters calculations at current market prices, the effect of the resulting adjustment to prices by market-makers would take 12.3 points off the index.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL4N1G82PW'|'2017-02-23T04:50:00.000+02:00'|1026.0|''|-1.0|'' -1027|'d6b2083bef8acde13c31f5edf6f517fe5861edbd'|'BUZZ-India''s Tata Motors plunges to over 2-month low; JLR profit falls'|'** Tata Motors falls as much as 8.6 pct, lowest since Dec 7, 2016** Company on Tuesday reported worse-than-expected 96 pct fall in Dec-quarter profit, citing sharply lower earnings at its British luxury carmaker Jaguar Land Rover (JLR) and losses in its domestic business** Consolidated net profit fell to 1.12 bln rupees ($16.76 million), missing analysts estimate of 22.48 bln rupees, according to Thomson Reuters data** Company expects to see much better Q4, Chief Financial Officer C Ramakrishnan said in a news conference** While a weak Pound is a big boon for JLR, given hedging it has lead to high losses - Morgan Stanley analysts** Management commentary on JLR margins has weakened significantly with hedging losses likely to continue at high levels for longer and rising incentives due to demand pressures," CLSA analysts write($1 = 66.8100 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/buzz-indias-tata-motors-plunges-to-over-idINL4N1G01QS'|'2017-02-15T00:53:00.000+02:00'|1027.0|''|-1.0|'' +1027|'d6b2083bef8acde13c31f5edf6f517fe5861edbd'|'BUZZ-India''s Tata Motors plunges to over 2-month low; JLR profit falls'|'** Tata Motors falls as much as 8.6 pct, lowest since Dec 7, 2016** Company on Tuesday reported worse-than-expected 96 pct fall in Dec-quarter profit, citing sharply lower earnings at its British luxury carmaker Jaguar Land Rover (JLR) and losses in its domestic business** Consolidated net profit fell to 1.12 bln rupees ($16.76 million), missing analysts estimate of 22.48 bln rupees, according to Thomson Reuters data** Company expects to see much better Q4, Chief Financial Officer C Ramakrishnan said in a news conference** While a weak Pound is a big boon for JLR, given hedging it has lead to high losses - Morgan Stanley analysts** Management commentary on JLR margins has weakened significantly with hedging losses likely to continue at high levels for longer and rising incentives due to demand pressures," CLSA analysts write($1 = 66.8100 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/buzz-indias-tata-motors-plunges-to-over-idINL4N1G01QS'|'2017-02-15T00:53:00.000+02:00'|1027.0|25.0|-1.0|'' 1028|'9c812f54b913341f1046a7fd4d4aadfc0dfab883'|'FDA approves Marathon Pharmaceuticals DMD drug'|'Health News 20pm EST FDA approves Marathon Pharmaceuticals DMD drug A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. REUTERS/Jason Reed/File Photo The U.S. Food and Drug Administration on Thursday approved Marathon Pharmaceuticals'' Duchenne muscular dystrophy (DMD) drug, Emflaza, to treat patients aged 5 years and above. DMD is a rare genetic disorder that causes progressive muscle deterioration and weakness and had only one approved treatment in the United States before Emflaza''s approval. The FDA in September approved Sarepta Therapeutics Inc''s DMD treatment even though an outside panel of experts and the agency''s own reviewers questioned the drug''s efficacy. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Savio D''Souza) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fda-marathon-pharmaceuticals-idUSKBN15O2N6'|'2017-02-10T02:16:00.000+02:00'|1028.0|''|-1.0|'' 1029|'af4482458bd4c4c310b054d13d809429421ed037'|'UK inflation expectations steady for year ahead, rise further out'|' 58am GMT UK Shoppers are reflected in a shop window as they walk along Oxford Street on the last Saturday before Christmas, in London December 21, 2013. REUTERS/Luke MacGregor/File Photo Short-run inflation expectations stood at 2.6 percent unchanged from January, the highest since December 2013 and above their long-run average of 2.4 percent. The Bank of England has forecast that inflation - which is rising fast after last year''s Brexit vote pushed down the value of the pound - will peak at just over 2.7 percent in mid 2018. Citi said longer-run inflation expectations for the next five to 10 years rose to 3.2 percent from 3.0 percent in January, the highest since January 2014 but not above the series average since it was launched in 2005. "We cannot rule out second-round effects when households and businesses negotiate wages and rents, perpetuating higher inflation beyond the current spike," Citi economists Christian Schulz and Ann O''Kelly said. "If the economy does not cool over the coming quarters, the BoE''s Monetary Policy Committee may come under pressure to raise Bank Rate from its current low of 0.25 percent, despite Brexit uncertainty." The survey was based on a sample of 2,059 adults polled between Feb. 20 and 21. (Reporting by William Schomberg; Editing by Alistair Smout) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-inflation-citi-idUKKBN1620VH'|'2017-02-23T15:53:00.000+02:00'|1029.0|''|-1.0|'' -1030|'aea6690f5819e4bd9879155613577d4c13d1c1b8'|'Sports Direct in talks to bid for Bob''s, Eastern Mountain Sports - sources'|' 40pm GMT Sports Direct in talks to bid for Bob''s, Eastern Mountain Sports - sources A worker walks up stairs before a Sports Direct general meeting to vote on the re-appointment of chairman Keith Hellawell in Shirebrook, January 5, 2017. REUTERS/Darren Staples By Jessica DiNapoli Struggling British sportswear retailer Sports Direct ( SPD.L ) is in talks to bid for Eastern Outfitters LLC, the parent of U.S. discount chain Bob''s Stores and outdoor retailer Eastern Mountain Sports, people familiar with the matter said. The sportswear chain, founded and controlled by Chief Executive Mike Ashley, is Britain''s largest sporting goods retailer with about 700 stores there and in the rest of Europe and has been looking for ways to expand in the United States. A regulatory filing to the London Stock Exchange on Thursday also revealed that Sports Direct had taken a 11.2 percent stake in troubled UK fashion retailer French Connection ( FCCN.L ), through contracts for difference. A spokesman for Sports Direct declined to comment on its intentions in either situation. The firm had a disastrous 2016. British lawmakers condemned it for "Victorian" working conditions, investors and media criticised its corporate governance and trading was poor with a series of profit warnings issued. It bid for the intellectual property of bankrupt U.S. retailer Sports Authority last year, but lost out to Dick''s Sporting Goods Inc ( DKS.N ). Sports Direct is now in talks with Eastern Outfitters about becoming a stalking horse bidder in a bankruptcy auction for the company, the people familiar with the matter said on Wednesday. That would set the price floor for more bids in the auction. Shares in Sports Direct, down 24 percent over the last year, were up 1.7 percent at 303.5 pence at 1505 GMT. Meriden, Connecticut-based Eastern Outfitters has hired law firm Cole Schotz PC to prepare for a Chapter 11 bankruptcy filing, expected in the coming days, the people said. Together, Bob''s and Eastern Mountain Sports have a total of close to 90 stores in the United States. Sports Direct has expressed interest in preserving at least some of them, according to the sources who asked not to be identified because the negotiations are confidential. Eastern Outfitters and Cole Schotz did not immediately return requests for comment. Eastern Outfitters is owned by private equity firm Versa Capital Management LLC, which acquired Bob''s and Eastern Mountain Sports through the bankruptcy last year of the store chains'' then holding company, Vestis Retail Group LLC. Versa said at the time that Eastern Outfitters had more than $400 million in annual revenue. The U.S. sporting goods sector is being tested by the advent of internet shopping and discount chains. Sports Authority, speciality golf retailer Golfsmith International Holdings Inc and sporting goods manufacturer Performance Sports Group Ltd are among companies that filed for bankruptcy in 2016. Sports Direct''s brands include boxing-inspired line Everlast and fitness label LA Gear. It sold the Dunlop brand to Sumitomo Rubber Industries for $137.5 million (109.66 million) in December. (Reporting by Jessica DiNapoli, additional reporting by James Davey; Editing by Chris Reese and Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-easternoutfitters-m-a-sports-direct-idUKKBN15H228'|'2017-02-02T23:40:00.000+02:00'|1030.0|''|-1.0|'' +1030|'aea6690f5819e4bd9879155613577d4c13d1c1b8'|'Sports Direct in talks to bid for Bob''s, Eastern Mountain Sports - sources'|' 40pm GMT Sports Direct in talks to bid for Bob''s, Eastern Mountain Sports - sources A worker walks up stairs before a Sports Direct general meeting to vote on the re-appointment of chairman Keith Hellawell in Shirebrook, January 5, 2017. REUTERS/Darren Staples By Jessica DiNapoli Struggling British sportswear retailer Sports Direct ( SPD.L ) is in talks to bid for Eastern Outfitters LLC, the parent of U.S. discount chain Bob''s Stores and outdoor retailer Eastern Mountain Sports, people familiar with the matter said. The sportswear chain, founded and controlled by Chief Executive Mike Ashley, is Britain''s largest sporting goods retailer with about 700 stores there and in the rest of Europe and has been looking for ways to expand in the United States. A regulatory filing to the London Stock Exchange on Thursday also revealed that Sports Direct had taken a 11.2 percent stake in troubled UK fashion retailer French Connection ( FCCN.L ), through contracts for difference. A spokesman for Sports Direct declined to comment on its intentions in either situation. The firm had a disastrous 2016. British lawmakers condemned it for "Victorian" working conditions, investors and media criticised its corporate governance and trading was poor with a series of profit warnings issued. It bid for the intellectual property of bankrupt U.S. retailer Sports Authority last year, but lost out to Dick''s Sporting Goods Inc ( DKS.N ). Sports Direct is now in talks with Eastern Outfitters about becoming a stalking horse bidder in a bankruptcy auction for the company, the people familiar with the matter said on Wednesday. That would set the price floor for more bids in the auction. Shares in Sports Direct, down 24 percent over the last year, were up 1.7 percent at 303.5 pence at 1505 GMT. Meriden, Connecticut-based Eastern Outfitters has hired law firm Cole Schotz PC to prepare for a Chapter 11 bankruptcy filing, expected in the coming days, the people said. Together, Bob''s and Eastern Mountain Sports have a total of close to 90 stores in the United States. Sports Direct has expressed interest in preserving at least some of them, according to the sources who asked not to be identified because the negotiations are confidential. Eastern Outfitters and Cole Schotz did not immediately return requests for comment. Eastern Outfitters is owned by private equity firm Versa Capital Management LLC, which acquired Bob''s and Eastern Mountain Sports through the bankruptcy last year of the store chains'' then holding company, Vestis Retail Group LLC. Versa said at the time that Eastern Outfitters had more than $400 million in annual revenue. The U.S. sporting goods sector is being tested by the advent of internet shopping and discount chains. Sports Authority, speciality golf retailer Golfsmith International Holdings Inc and sporting goods manufacturer Performance Sports Group Ltd are among companies that filed for bankruptcy in 2016. Sports Direct''s brands include boxing-inspired line Everlast and fitness label LA Gear. It sold the Dunlop brand to Sumitomo Rubber Industries for $137.5 million (109.66 million) in December. (Reporting by Jessica DiNapoli, additional reporting by James Davey; Editing by Chris Reese and Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-easternoutfitters-m-a-sports-direct-idUKKBN15H228'|'2017-02-02T23:40:00.000+02:00'|1030.0|17.0|2.0|'' 1031|'3083d6f80a98e32e66a81183e505009d1bd0ca1d'|'European Parliament adopts draft reform of carbon market post-2020'|'Business News - Wed Feb 15, 2017 - 3:31pm GMT European Parliament adopts draft reform of carbon market post-2020 By Alissa de Carbonnel - BRUSSELS BRUSSELS The European Parliament on Wednesday adopted draft reforms of the EU''s carbon market post-2020 that aim to balance greater cuts in greenhouse gases with protection for energy-intensive industries. The European Union''s emission trading system (ETS), a cap-and-trade permit system to regulate industry pollution, has suffered from excess supply since the financial crisis, depressing its prices and heightening the need for reform. But politicians and EU nations are divided over how best to fix the complex system, with industry and environment groups lobbying hard on opposing sides. Reform efforts have also been overshadowed by Britain''s decision to quit the bloc, raising fears it would also leave the EU''s scheme, hammering prices. The draft, adopted by 379-263 votes, rejected a more environmentally ambitious proposal for the faster removal of surplus carbon permits from the ETS - sparking criticism from climate campaigners. Instead, it sticks with the EU executive''s proposal for the cap on emissions to fall by 2.2 percent per year - the so-called linear reduction factor - until at least 2024. The Climate Action Network said it "betrayed the spirit" of the Paris accord to slow global warming, while Dutch green lawmaker Bas Eickhout said provisions to protect industry showed "the lobbyists have won out in the end." But leading policymakers called it the best compromise possible in tough talks. EU lawmakers will now enter negotiations with representatives of the bloc''s 28 governments to hammer out the final legislation. The benchmark European carbon contract CFI2Zc1 fell by about 2 percent following the vote, hovering around 5 euros/tonne, but Thomson Reuters carbon analysts said the market reaction would be short-lived. "The Parliament position significantly tightens the market balance," said Hege Fjellheim, an analyst at Thomson Reuters. INDUSTRY PROTECTION FROM ''CARBON LEAKAGE'' The cap-and-trade system is the EU''s key tool to meet its goal of a 43 percent cut in greenhouse gases from industries and power plants covered by the market compared with 2005. It aims to send a policy signal to encourage their investment in renewables and low-carbon electricity production. In a bid to shore up prices, the Parliament''s proposal doubles the rate at which the scheme''s Market Stability Reserve (MSR) soaks up excess allowances to 24 percent per year from 2019. It also cancels 800 million carbon allowances from the MSR in 2021. To minimise the risk of industry moving abroad to escape climate regulation, the draft allows for the share of allowances auctioned to be reduced by up to five percent to cushion against the impact of a cap on overall allocations, known as the cross-sectoral correction factor. The cement industry, which some lawmakers had pushed to exclude from free allowances, will remain on the list of installations receiving handouts. The deal drew mixed reactions from other industries. The steel, metal and chemical sectors welcomed the step towards adopting the long-awaited reforms but said they hoped for more safeguards for their competitiveness in continuing talks. The shipping industry protested its inclusion under the scheme from 2023 in the draft proposal, which also calls for reforms to tighten emission controls on aviation. However, lawmakers leading the reform have said the two provisions are likely to be traded away in upcoming negotiations with member states. (Additional reporting by Susanna Twidale and Angela Maytaal in London; Editing by David Evans and Ken Ferris) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-carbon-idUKKBN15U1Z2'|'2017-02-15T22:31:00.000+02:00'|1031.0|''|-1.0|'' 1032|'ce6f9e72efc0be2ec94892e0851362b4def59bbb'|'CANADA STOCKS-TSX little changed as Barrick helps it touch record'|' 49am EST CANADA STOCKS-TSX little changed as Barrick helps it touch record * TSX up 14.35 points, or 0.09 pct, to 15,859.30 * Six of the TSX''s 10 main groups were higher OTTAWA Feb 16 Canada''s main stock index was little changed on Thursday after touching a record high as Barrick Gold Corp jumped on the company''s better-than-expected profits, but that was offset by a drop in Sun Life, which reported a decline in earnings. Bay Street also got some help from the energy sector, which was boosted by firmer oil prices and a 2.3 percent gain in Cenovus Energy Inc . The oil and gas producer reported an unexpected quarterly profit and the stock was up at C$18.38. The overall energy sector climbed 0.1 percent as oil prices were up 0.2 percent at $53.21 a barrel after sources said OPEC could extend its supply reduction deal with non-members. Barrick was the biggest lift on the index, jumping 6 percent to C$26.79, the day after the miner announced stronger-than-anticipated profit and a debt reduction plan. Goldcorp Inc also drove the market higher as lower costs at its gold mines in the Americas helped its quarterly profit beat expectations. Its stock was up 4.1 percent at C$22.72. The gold subindex climbed 1.4 percent. At midmorning, the Toronto Stock Exchange''s S&P/TSX composite index was up 14.35 points, or 0.09 percent, to 15,859.30. Of the index''s 10 main groups, six were in positive territory. The stock index touched a record high at 15,863.28, making for the fifth session in a row that equities have notched a new record. But a drop in shares of Sun Life Financial Inc kept overall market gains in check after the insurer reported a drop in quarterly underlying profit. Sun Life was down 3 percent at C$51.05. Bombardier fell 3.1 percent to C$2.50 after it posted lower-than-expected revenue on weak demand in its rail and business aircraft divisions. Bombardier has struggled in recent years as it brings its new CSeries jet program to the market. The Canadian government agreed last week to provide aid to the company. (Reporting by Leah Schnurr; Editing by Jeffrey Benkoe) Next In Company News GRAPHIC- ZURICH, '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1G111H'|'2017-02-16T22:49:00.000+02:00'|1032.0|''|-1.0|'' 1033|'f97636f44ce4afa7ec7959239f2db1c1a6e53c25'|'J&J says kept drug price increases below 10 percent since 2012'|' 33pm GMT J&J says kept drug price increases below 10 percent since 2012 A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake By Michael Erman - NEW YORK NEW YORK Johnson & Johnson ( JNJ.N ) on Monday said the average list price of its drugs rose less than 10 percent each year since 2012, noting that the net price paid for the drugs, which includes discounts and rebates, was significantly lower. The company released a report with its price increase history in response to widespread outcry over high U.S. prices for prescription drugs. U.S. President Donald Trump has said drug companies are "getting away with murder" in what they charge the government for medicines. Johnson & Johnson, which makes Remicade for rheumatoid arthritis and the blood thinner Xarelto, said in 2016 the average increase in list price for its drugs was 8.5 percent, while the net price change was 3.5 percent. The highest average price increases at the company over the five-year period were in 2015, when the average list price rose 9.7 percent from the previous year and the average net price increase was 5.2 percent. The company said it generally limits its annual aggregate list price increase to single digit percentages. Merck ( MRK.N ) released a report on its own pricing history last month, revealing slightly larger average increases over the five year period than Johnson & Johnson. In response to the criticism of high drug prices, AbbVie Inc ( ABBV.N ), Allergan ( AGN.N ) and Danish diabetes company Novo Nordisk ( NOVOb.CO ) have pledged to keep all drug price increases in 2017 under 10 percent. (Reporting by Michael Erman; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-johnson-johnson-drugpricing-idUKKBN16629F'|'2017-02-28T02:33:00.000+02:00'|1033.0|10.0|0.0|'' -1034|'a76ef262f0d1061e5ad4c2a849bbea57a88171e8'|'L''Oreal eyes Body Shop sale, posts higher revenue, profit'|'By Sudip Kar-Gupta and Martinne Geller - PARIS/LONDON PARIS/LONDON French cosmetics giant L''Oreal ( OREP.PA ) is weighing a possible sale of The Body Shop retail chain, it said on Thursday as it posted higher sales and profits.L''Oreal said in a statement that it had decided to "explore all strategic options regarding The Body Shop''s ownership in order to give it the best opportunities and full ability to continue its development."It said no final decision had been taken on the British chain, which it bought over a decade ago.Founded in 1976 by social and environmental activist Anita Roddick, the brand was a pioneer in the ethical beauty business, but has since suffered from heavy competition as many other brands adopted similar philosophies."Given the uninspiring performance of the brand, we suspect it shouldn''t come as a big surprise," said RBC Capital Markets analysts.L''Oreal is being advised by Lazard, according to an earlier report in the Financial Times, which said some private equity suitors had already expressed interest in buying the brand and it could fetch 1 billion euros.L''Oreal said 2016 sales had risen 2.3 percent from a year ago to 25.84 billion euros ($27.6 billion), slightly ahead of the mean average forecast for sales of 25.75 billion euros according to a Reuters consensus conducted with Inquiry Financial.Earnings per share for 2016 also rose 4.6 percent.Looking ahead, L''Oreal said that despite "an economic context that is still volatile and uncertain", it was "confident it will once again outperform the beauty market in 2017" with another year of growing sales and profits.L''Oreal, whose brands include Maybeline New York, Kiehl''s and Redken, issued its statement after the Paris stock market had closed with the stock up 0.4 percent after marginal gains so far this year on top of a roughly 12 percent gain in 2016.L''Oreal has been very active lately in terms of deal-making, announcing the $1.2 billion acquisition of IT Cosmetics last July and the $1.3 billion purchase of three brands from Valeant last month. It said the possible sale of The Body Shop was part of a related "brand portfolio optimisation".(Reporting by Sudip Kar-Gupta; Editing by Andrew Callus/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-loreal-results-idINKBN15O2BS'|'2017-02-09T15:19:00.000+02:00'|1034.0|''|-1.0|'' -1035|'bf70c02f0d0a3435886759f950e6fbe15bbcfb30'|'Tiffany says CEO Frederic Cumenal steps down'|' 34pm EST Tiffany says CEO Frederic Cumenal steps down Feb 5 Jeweler Tiffany & Co on Sunday said Frederic Cumenal has stepped down as chief executive officer, effective immediately. The retailer said its chairman and previous CEO, Michael Kowalski, would serve as interim CEO while the board of directors seeks a new CEO. Kowalski will continue as Chairman. (Reporting by Scott DiSavino; Editing by Jonathan Oatis) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-tiffany-idUSASB0AYLM'|'2017-02-06T05:34:00.000+02:00'|1035.0|''|-1.0|'' -1036|'b9482d37574d05fa6fb3f8f8f6db205652714b81'|'BRIEF-Mosaic Co files for potential mixed shelf, size undisclosed - SEC filing'|' 4:59pm EST BRIEF-Mosaic Co files for potential mixed shelf, size undisclosed - SEC filing Feb 17 Mosaic Co * Mosaic Co files for potential mixed shelf, size undisclosed - SEC filing Source text for Eikon: ( bit.ly/2m4Ugob ) UPDATE 3-Enbridge CEO says Canada only needs two more export pipelines CALGARY, Alberta, Feb 17 Two new crude oil export pipelines will provide enough capacity to ship Canadian production to market until at least the mid 2020s, Enbridge Inc Chief Executive Al Monaco said on Friday, making clear his company''s Line 3 should be one of them. * Reached a confidential agreement to settle the proceedings filed by the minority shareholders in court MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mosaic-co-files-for-potential-mixe-idUSFWN1G210A'|'2017-02-18T04:59:00.000+02:00'|1036.0|''|-1.0|'' +1034|'a76ef262f0d1061e5ad4c2a849bbea57a88171e8'|'L''Oreal eyes Body Shop sale, posts higher revenue, profit'|'By Sudip Kar-Gupta and Martinne Geller - PARIS/LONDON PARIS/LONDON French cosmetics giant L''Oreal ( OREP.PA ) is weighing a possible sale of The Body Shop retail chain, it said on Thursday as it posted higher sales and profits.L''Oreal said in a statement that it had decided to "explore all strategic options regarding The Body Shop''s ownership in order to give it the best opportunities and full ability to continue its development."It said no final decision had been taken on the British chain, which it bought over a decade ago.Founded in 1976 by social and environmental activist Anita Roddick, the brand was a pioneer in the ethical beauty business, but has since suffered from heavy competition as many other brands adopted similar philosophies."Given the uninspiring performance of the brand, we suspect it shouldn''t come as a big surprise," said RBC Capital Markets analysts.L''Oreal is being advised by Lazard, according to an earlier report in the Financial Times, which said some private equity suitors had already expressed interest in buying the brand and it could fetch 1 billion euros.L''Oreal said 2016 sales had risen 2.3 percent from a year ago to 25.84 billion euros ($27.6 billion), slightly ahead of the mean average forecast for sales of 25.75 billion euros according to a Reuters consensus conducted with Inquiry Financial.Earnings per share for 2016 also rose 4.6 percent.Looking ahead, L''Oreal said that despite "an economic context that is still volatile and uncertain", it was "confident it will once again outperform the beauty market in 2017" with another year of growing sales and profits.L''Oreal, whose brands include Maybeline New York, Kiehl''s and Redken, issued its statement after the Paris stock market had closed with the stock up 0.4 percent after marginal gains so far this year on top of a roughly 12 percent gain in 2016.L''Oreal has been very active lately in terms of deal-making, announcing the $1.2 billion acquisition of IT Cosmetics last July and the $1.3 billion purchase of three brands from Valeant last month. It said the possible sale of The Body Shop was part of a related "brand portfolio optimisation".(Reporting by Sudip Kar-Gupta; Editing by Andrew Callus/Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-loreal-results-idINKBN15O2BS'|'2017-02-09T15:19:00.000+02:00'|1034.0|28.0|4.0|'' +1035|'bf70c02f0d0a3435886759f950e6fbe15bbcfb30'|'Tiffany says CEO Frederic Cumenal steps down'|' 34pm EST Tiffany says CEO Frederic Cumenal steps down Feb 5 Jeweler Tiffany & Co on Sunday said Frederic Cumenal has stepped down as chief executive officer, effective immediately. The retailer said its chairman and previous CEO, Michael Kowalski, would serve as interim CEO while the board of directors seeks a new CEO. Kowalski will continue as Chairman. (Reporting by Scott DiSavino; Editing by Jonathan Oatis) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-tiffany-idUSASB0AYLM'|'2017-02-06T05:34:00.000+02:00'|1035.0|18.0|0.0|'' +1036|'b9482d37574d05fa6fb3f8f8f6db205652714b81'|'BRIEF-Mosaic Co files for potential mixed shelf, size undisclosed - SEC filing'|' 4:59pm EST BRIEF-Mosaic Co files for potential mixed shelf, size undisclosed - SEC filing Feb 17 Mosaic Co * Mosaic Co files for potential mixed shelf, size undisclosed - SEC filing Source text for Eikon: ( bit.ly/2m4Ugob ) UPDATE 3-Enbridge CEO says Canada only needs two more export pipelines CALGARY, Alberta, Feb 17 Two new crude oil export pipelines will provide enough capacity to ship Canadian production to market until at least the mid 2020s, Enbridge Inc Chief Executive Al Monaco said on Friday, making clear his company''s Line 3 should be one of them. * Reached a confidential agreement to settle the proceedings filed by the minority shareholders in court MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mosaic-co-files-for-potential-mixe-idUSFWN1G210A'|'2017-02-18T04:59:00.000+02:00'|1036.0|29.0|0.0|'' 1037|'9fad682acf767d2e0e57aa3692c607e657410d9a'|'Randgold fourth quarter profit up 76 percent'|'Business News 21am GMT Randgold fourth quarter profit up 76 percent The KCD open pit gold mine, operated by Randgold, at the Kibali mining site in the Democratic Republic of Congo, May 1, 2014. REUTERS/Pete Jones/File Photo Gold miner Randgold Resources Ltd ( RRS.L ) reported a 76 percent rise in fourth-quarter profit and said it would raise its annual dividend by 52 percent. The stock rose as much as 4.8 percent to 7,190 pence in early trading making it a top gainer on FTSE 100 index .FTSE . The company which has gold mines in Mali, Ivory Coast and the Democratic Republic of Congo, said profit rose to $94.3 million for the quarter ended Dec. 31 from $77.3 million, a year earlier. Gold production rose about 16 percent to 378,388 ounces in the same period from a year ago. Randgold said the company had achieved its cash target of $500 million without any debt. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-randgold-rsrcs-results-idUKKBN15L0PM'|'2017-02-06T15:21:00.000+02:00'|1037.0|''|-1.0|'' 1038|'02c7e3a2b6e776a08f5840ee7ab393b890865182'|'FTSE gets mining boost, hits 3-week high'|'Business News - Fri Feb 10, 2017 - 10:59am GMT FTSE gets mining boost, hits 3-week high A red London bus passes the Stock Exchange in London, Britain, February 9, 2011. REUTERS/Luke MacGregor/File Photo By Atul Prakash - LONDON LONDON Britain''s commodity-heavy FTSE 100 .FTSE index climbed to a three-week high on Friday, with a rally in metals prices on soothing Chinese data and supply concerns boosting shares in basic resources companies. The blue-chip FTSE 100 index was up 0.3 percent at 7,253.60 points after hitting an intra-day peak of 7,274.80, the highest since Jan. 17. The benchmark index, up more than 1 percent so far this week, headed for a second week of gains. The UK mining index .FTNMX1770 gained more than 2 percent as copper rose after China reported better-than-expected trade data for January and workers at BHP Billiton''s ( BLT.L ) mine in Chile went on a strike that threatens to disrupt copper supply. Prices of other industrial metals were also sharply higher. Shares in Anglo American ( AAL.L ), Antofagasta ( ANTO.L ), Rio Tinto ( RIO.L ), Glencore ( GLEN.L ) and BHP Billiton -- top five gainers in the FTSE 100 index -- advanced 1.8 to 3.4 percent. Sentiment also improved after data highlighted that British manufacturing grew more strongly than expected in December, suggesting the economy remained resilient to the end of the year despite June''s Brexit vote shock. "There is plenty to be cheery about UK plc. Industrial production growth hit a six-year high in the final month of 2016 ... While slower than the 2.1 percent seen in Nov, it was miles ahead of the flat growth expected," said Neil Wilson, analyst at ETX Capital. "Todays data confirm that the UK economy remains very resilient and lends support to the Bank of Englands decision to revise up its 2017 growth outlook." However, gold miners lost favour today. Shares in Randgold Resources ( RRS.L ) and Fresnillo ( FRES.L ) fell 0.5 percent and 0.3 percent respectively on a firmer dollar after U.S. President Donald Trump promised a major tax move and as data boosted expectations of a U.S. rate hike. Elsewhere, building materials group CRH ( CRH.L ) rose 1.7 percent after Berenberg raised its target price for the stock to 34.6 euros from 32 euros. Among mid-caps, speciality chemicals maker Elementis ( ELM.L ) rose nearly 7 percent after saying it would buy U.S.-based SummitReheis for an enterprise value of $360 million. The deal would increase the annual sales of its personal care business to $200 million and boost its adjusted earnings. On the downside, Just Eat ( JE.L ) fell 6.6 percent after the chief executive of the online food delivery company was to quit due to "urgent family matters", prompting the chairman to step into his role on a temporary basis. The UK index is up around 1.5 percent so far this year, after surging 14 percent last year and outperforming other major European equity indexes. (Reporting by Atul Prakash; Editing by Toby Chopra) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15P168'|'2017-02-10T17:59:00.000+02:00'|1038.0|''|-1.0|'' 1039|'ea3c32dd6779bb01e92862e382cb938f3fce0569'|'UK consumer morale dips as inflation pinches households - GfK'|'Business News - Mon Feb 27, 2017 - 7:29pm GMT UK consumer morale dips as inflation pinches households - GfK Shoppers carry bags on Oxford Street in London, Britain December 18, 2016. REUTERS/Neil Hall LONDON British consumer morale edged lower in February as rising inflation following last year''s Brexit vote made householders warier about the outlook for their finances, a survey showed on Monday. The report by market research firm GfK pointed to increased financial pressure on households in the year ahead and added to signs that consumer spending - the driving force behind Britain''s economy over the last few years - is starting to wilt as price pressures mount. GfK''s monthly consumer sentiment index edged down to -6 from -5 in January, in line with forecasts in a Reuters poll of economists. For a second month running, Britons became less enthusiastic about splashing out on major purchases. "Any momentum behind the post-Brexit, debt-fuelled, consumer spending boom now appears to be softening," said Joe Staton, head of market dynamics at GfK. A Reuters poll of economists last week suggested consumer price inflation will peak at around 3 percent towards the end of this year, up from 1.8 percent in January. [ECILT/GB] The Bank of England forecasts household incomes will cease growing in inflation-adjusted terms later this year, and says it will keep a close eye on the extent to which households will seek to bridge the gap by borrowing more. The Reuters poll suggested economic growth will slow this year to around 1.5 percent, down from 1.8 percent in 2016. Prime Minister Theresa May has said she wants to trigger formal Brexit negotiations - beginning a two-year countdown to leaving the EU - by the end of March. (Writing by William Schomberg; editing by John Stonestreet) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-consumersentiment-idUKKBN16628C'|'2017-02-28T02:21:00.000+02:00'|1039.0|''|-1.0|'' -1040|'faca8776fda8a5a1f7f83930d577963c375c029b'|'EDF defends nuclear decommissioning cost estimate'|' 11:48am GMT EDF defends nuclear decommissioning cost estimate The logo of France''s state-owned electricity company EDF is seen on the company''s headquarters in Paris, France, November 24, 2016. REUTERS/Charles Platiau PARIS French power company EDF ( EDF.PA ) on Wednesday defended its cost estimate of 22.2 billion euros ($24 billion) for dismantling nuclear power stations, rejecting a parliamentary committee report which said the costs may be higher. The parliamentary report, commissioned by a body looking into renewable energy, said that dismantling the sites could take longer than EDF had envisaged. "The optimistic scenarios upon which EDF has based its provisions, as well as a certain number of major costs which have been omitted, lead to questions over the validity of EDFs estimates, while at the same time, certain other costs appear to have been underestimated," the report said. State-controlled EDF rejected those findings, and pointed out that the French Environment, Energy and Sea Ministry had backed EDF''s estimates earlier this month. "The Ministry concluded that the audit essentially backs up EDF''s estimate of the cost of dismantling its nuclear fleet," EDF said in a statement. EDF is the world''s biggest nuclear power operator. It currently manages 58 French reactors which provide over 75 percent of France''s electricity. (Reporting by Benjamin Mallet and Sudip Kar-Gupta; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-edf-nuclearpower-idUKKBN15G49C'|'2017-02-01T18:48:00.000+02:00'|1040.0|''|-1.0|'' +1040|'faca8776fda8a5a1f7f83930d577963c375c029b'|'EDF defends nuclear decommissioning cost estimate'|' 11:48am GMT EDF defends nuclear decommissioning cost estimate The logo of France''s state-owned electricity company EDF is seen on the company''s headquarters in Paris, France, November 24, 2016. REUTERS/Charles Platiau PARIS French power company EDF ( EDF.PA ) on Wednesday defended its cost estimate of 22.2 billion euros ($24 billion) for dismantling nuclear power stations, rejecting a parliamentary committee report which said the costs may be higher. The parliamentary report, commissioned by a body looking into renewable energy, said that dismantling the sites could take longer than EDF had envisaged. "The optimistic scenarios upon which EDF has based its provisions, as well as a certain number of major costs which have been omitted, lead to questions over the validity of EDFs estimates, while at the same time, certain other costs appear to have been underestimated," the report said. State-controlled EDF rejected those findings, and pointed out that the French Environment, Energy and Sea Ministry had backed EDF''s estimates earlier this month. "The Ministry concluded that the audit essentially backs up EDF''s estimate of the cost of dismantling its nuclear fleet," EDF said in a statement. EDF is the world''s biggest nuclear power operator. It currently manages 58 French reactors which provide over 75 percent of France''s electricity. (Reporting by Benjamin Mallet and Sudip Kar-Gupta; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-edf-nuclearpower-idUKKBN15G49C'|'2017-02-01T18:48:00.000+02:00'|1040.0|23.0|0.0|'' 1041|'252e3f733c68b9e5c7e5718aa5c55e24cd6c667a'|'SoftBank to buy Fortress Investment for $3.3 billion'|'Deals - Wed Feb 15, 2017 - 1:02am GMT SoftBank to buy Fortress Investment for $3.3 billion A man talks on the phone as he stand in front of an advertising poster of the SoftBank telecommunications company in Tokyo October 16, 2015. REUTERS/Thomas Peter TOKYO Japan''s SoftBank Group Corp ( 9984.T ) has agreed to buy Fortress Investment Group LLC ( FIG.N ), a private-equity firm and asset manager, for about $3.3 billion in cash - a surprise move for a group that has to date focused on telecoms and technology. Led by charismatic founder Masayashi Son, SoftBank has made unpredictable moves in the past, not least its decision last October to set up a $100 billion technology investment fund with Saudi Arabia. A New York-listed asset manager, Fortress''s investments span real estate, hedge funds and private equity. It had $70 billion in investments under management at the end of September 2016. In the wake of the global financial crisis, Fortress bought bad loans in Italy and has a track record in Japan, where it bought hotels held by Lehman Brothers after the bank collapsed in 2008. It is one of few global foreign investors with funds that are targeted at Japanese assets. SoftBank hired one of Fortress''s senior executives, Rajeev Misra, in 2014. Misra now runs SoftBank''s blockbuster fund - a fund the Fortress deal is designed to boost. The companies said Fortress principals would continue to lead the investment manager, which will operate within SoftBank as an independent business, based in New York. Senior fund managers would also remain with the group, it said. Fortress shareholders will receive $8.08 per share, a premium of 38.6 percent to the closing price on Feb. 13. Fortress plans to maintain its current base dividend of 9 cents per share for the fourth quarter of 2016, the company said in a statement. SoftBank shares ticked higher in early Tokyo trade on Wednesday, up 0.5 percent but slightly underperforming a broader market rise of 1 percent. (Reporting by Subrat Patnaik in Bengaluru and Clara Ferreira Marques in Singapore; Editing by Stephen Coates) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-fortress-inv-glo-m-a-softbank-group-idUKKBN15T333'|'2017-02-15T07:55:00.000+02:00'|1041.0|''|-1.0|'' 1042|'4403bc99e99c28827d2f3d1a31a95a28548f51fa'|'Frontline says DHT Holdings rejects improved offer'|'By Gwladys Fouche and Ole Petter Skonnord - OSLO OSLO Tanker firm Frontline ( FRO.OL ) said on Tuesday it had made a higher and final offer for rival DHT Holdings ( DHT.N ) which was rejected.Frontline said it had raised its all-share offer to 0.80 Frontline share per DHT share from an initial 0.725 but that DHT had again rejected the offer."As DHT''s largest shareholder we are surprised that DHT''s board has declined our repeated attempts to discuss a business combination that we believe is clearly in the best interest of all shareholders," Frontline CEO Robert Hvide Macleod said in a statement.He decline to comment further when contacted by Reuters. Frontline holds a 16 percent stake in DHT.Last month Frontline, controlled by shipping tycoon John Fredriksen, made a non-binding, all-share offer to acquire DHT to create the largest private tanker firm in the world.That initial offer was unanimously rejected by DHT''s board.In the fourth quarter, Frontline reported an operating profit of $17.8 million, below the $35 million expected by analysts polled by Reuters and down from $77 million a year earlier.In its market outlook, Frontline reiterated that it expected freight rates to remain under pressure as more new tankers enter the market but that the market would begin to tighten in 2018.Shares in Frontline were up 0.53 percent at 0801 GMT while the Oslo benchmark index .OSEBX was up 0.12 percent.(Editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dht-holdings-m-a-frontline-idINKBN1670TV'|'2017-02-28T05:21:00.000+02:00'|1042.0|''|-1.0|'' 1043|'f719f3951bef5d2ac31ad9dc860733666de461f9'|'BRIEF-Oneok sees 2017 maintenance capital expense of $140 mln to $160 mln'|' 58am EST BRIEF-Oneok sees 2017 maintenance capital expense of $140 mln to $160 mln Feb 1 Oneok Inc * Oneok inc - dividend increase of 21 percent to 74.5 cents per share * Oneok inc sees annual dividend growth of 9 to 11 percent through 2021 * Oneok announces 2017 financial guidance * Oneok inc sees 2017 maintenance capital expenditures $ 140 - $ 160 million * Oneok inc - natural gas liquids segment expects full-year 2017 adjusted ebitda of $1.11 billion to $1.31 billion * Oneok - ngls gathered expected to average 800,000 to 900,000 bpd and ngls fractionated are expected to average 575,000 to 635,000 bpd in 2017 * Oneok inc - natural gas pipelines segment expects full-year 2017 adjusted ebitda of $320 million to $340 million * Oneok inc - natural gas gathering and processing segment expects full-year 2017 adjusted ebitda of $445 million to $485 million Source '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0AXU1'|'2017-02-01T18:58:00.000+02:00'|1043.0|''|-1.0|'' @@ -1079,7 +1079,7 @@ 1077|'9df53c1e72ed3fc9e4517735afa067cf5c6d415b'|'EMERGING MARKETS-Brazil real rises to over 1-1/2-year high as central bank acts'|'Company News 19pm EST EMERGING MARKETS-Brazil real rises to over 1-1/2-year high as central bank acts (Updates prices, adds Yellen comments) SAO PAULO Feb 14 The Brazilian real gained on Tuesday to its strongest level in more than a year and a half, following a rise in capital inflows and after the central bank resumed currency intervention following a two-week pause. The real firmed 0.45 percent to 3.096 real per dollar, its strongest showing since July 2015. Gains were limited, though, as the central bank indicated it could allow around $4.3 billion worth of currency swaps, which function like future dollar sales, to expire next month. The bank sold $300 million in currency swaps on Tuesday morning to roll over March maturities. Should it maintain that pace until the end of the month, it will roll over $2.7 billion of the roughly $7 billion due next month. Some had speculated the bank could allow all of those contracts to expire after it refrained from conducting any auctions in recent weeks. The central bank currently holds $26.5 billion worth of currency swaps on its balance sheet, down from more than $100 billion two years ago. On Tuesday, Fed Chair Janet Yellen said the Federal Reserve will likely need to raise interest rates at an upcoming meeting, although she flagged considerable uncertainty over economic policy under the Trump administration. Yellen said delaying rate increases could leave the Fed''s policymaking committee behind the curve and eventually lead it to hike rates quickly, which she said could cause a recession. The dollar strengthened briefly against the real after her comments, while the Mexican peso also lost ground against the greenback. However, the peso ended the day slightly higher, up 0.14 percent at 20.25 pesos per dollar. Investors said they were waiting to see U.S. inflation data due on Wednesday, that would help clarify the Fed''s decision-making on future rate hikes. (Reporting by Bruno Federowski; Editing by Lisa Von Ahn and Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1FZ2B4'|'2017-02-15T07:19:00.000+02:00'|1077.0|''|-1.0|'' 1078|'9ab4203bc1d56f106bc5c6a04442f452576a282d'|'BRIEF-Dr Reddy''s says U.S. court finds co''s product infringes some patents'|' 14pm EST BRIEF-Dr Reddy''s says U.S. court finds co''s product infringes some patents Feb 16 Dr.Reddy''s Laboratories Ltd * Says Dr. Reddy''s Laboratories announces U.S. district court''s opinion relating to patent infringement * Court found that asserted claims of the "094" and "980" patents were not invalid * Court found that co''s proposed palonosetron hydrochloride product infringes certain claims of some U.S. patents Source text: bit.ly/2ks6WZY '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G019U'|'2017-02-16T11:14:00.000+02:00'|1078.0|''|-1.0|'' 1079|'fbd4c6a188aa3528bde836d4d34229c88928cfab'|'SoftBank nears deal to invest $3 billion in U.S. startup WeWork - CNBC'|'Business News - Sun Feb 26, 2017 - 11:34pm GMT SoftBank nears deal to invest $3 billion in U.S. startup WeWork - CNBC A man talks on the phone as he stand in front of an advertising poster of the SoftBank telecommunications company in Tokyo October 16, 2015. REUTERS/Thomas Peter Japan''s SoftBank Group Corp ( 9984.T ) is close to finalising an investment in U.S. office-sharing startup WeWork in a deal expected to be worth over $3 billion, CNBC reported on Sunday. The investment under discussion is a $2 billion primary tranche of funding, followed by a secondary round worth more than $1 billion, CNBC reported, citing a source. cnb.cx/2lVk0X5 SoftBank may increase the size of the secondary investment to nearly $2 billion for a total investment of nearly $4 billion, CNBC added. SoftBank could not immediately be reached for comment. WeWork declined to comment. (Reporting by Ismail Shakil in Bengaluru; Editing by Cynthia Osterman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wework-m-a-softbank-group-idUKKBN1650Z1'|'2017-02-27T06:34:00.000+02:00'|1079.0|''|-1.0|'' -1080|'96ac442445e8e6e64973373a0968eb5d997a2f0b'|'Some Platinum hedge fund clients get hopeful sign from receiver'|'By Lawrence Delevingne - NEW YORK NEW YORK A federal court-appointed receiver for troubled U.S. hedge fund manager Platinum Partners has hinted that some clients may yet recover much of their assets."Though we have just initiated our review, thus far we have not observed a major shift in overall portfolio value," Bart Schwartz, chairman of Guidepost Solutions, wrote in a message posted to platinumpartnersreceiver.com last week.Guidepost is working to liquidate Platinum''s investments in hard-to-sell private energy, mining and other companies after six top executives of the firm, including founder Mark Nordlicht and President Uri Landesman, were charged in December with running a $1 billion fraud. All six have pleaded not guilty.Platinum executives reported to Guidepost in September that two funds, Platinum Partners Credit Opportunities funds and the Platinum Partners Liquid Opportunity funds, had assets of $520 million and $16 million respectively, according to Schwartz''s note.The new message from Schwartz said that Guidepost continues to work with a valuation expert to assess those assets, a process that will continue for several months."We intend to purposefully and prudently liquidate the Funds investments and generate cash whenever possible," Schwartz wrote. "However, we do not intend to engage in a fire sale and are not interested in impairing value for the sake of generating cash."A spokesman for Platinum declined to comment.Investors in Platinum''s credit and liquid strategies may fare better than those in the firm''s largest group of funds, Platinum Partners Value Arbitrage (PPVA). They are also being wound down under the supervision of a Cayman Islands-based liquidator per the mandate of a local court and received bankruptcy protection from a U.S. court to avoid an asset fire-sale.The PPVA funds were the focus of the U.S. government''s December charges. The Department of Justice and the Securities and Exchange Commission alleged that Platinum dramatically inflated the value of the companies in the PPVA portfolio and favored some investors over others who wanted to take their money out, among other issues.Reuters previously reported that clients of PPVA were not likely to recover the full value of their investments in the hedge funds that were once known for reported average annual returns of 17 percent.(Reporting by Lawrence Delevingne; Editing by Carmel Crimmins and Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hedgefunds-platinum-idINKBN15S2GD'|'2017-02-13T18:17:00.000+02:00'|1080.0|''|-1.0|'' +1080|'96ac442445e8e6e64973373a0968eb5d997a2f0b'|'Some Platinum hedge fund clients get hopeful sign from receiver'|'By Lawrence Delevingne - NEW YORK NEW YORK A federal court-appointed receiver for troubled U.S. hedge fund manager Platinum Partners has hinted that some clients may yet recover much of their assets."Though we have just initiated our review, thus far we have not observed a major shift in overall portfolio value," Bart Schwartz, chairman of Guidepost Solutions, wrote in a message posted to platinumpartnersreceiver.com last week.Guidepost is working to liquidate Platinum''s investments in hard-to-sell private energy, mining and other companies after six top executives of the firm, including founder Mark Nordlicht and President Uri Landesman, were charged in December with running a $1 billion fraud. All six have pleaded not guilty.Platinum executives reported to Guidepost in September that two funds, Platinum Partners Credit Opportunities funds and the Platinum Partners Liquid Opportunity funds, had assets of $520 million and $16 million respectively, according to Schwartz''s note.The new message from Schwartz said that Guidepost continues to work with a valuation expert to assess those assets, a process that will continue for several months."We intend to purposefully and prudently liquidate the Funds investments and generate cash whenever possible," Schwartz wrote. "However, we do not intend to engage in a fire sale and are not interested in impairing value for the sake of generating cash."A spokesman for Platinum declined to comment.Investors in Platinum''s credit and liquid strategies may fare better than those in the firm''s largest group of funds, Platinum Partners Value Arbitrage (PPVA). They are also being wound down under the supervision of a Cayman Islands-based liquidator per the mandate of a local court and received bankruptcy protection from a U.S. court to avoid an asset fire-sale.The PPVA funds were the focus of the U.S. government''s December charges. The Department of Justice and the Securities and Exchange Commission alleged that Platinum dramatically inflated the value of the companies in the PPVA portfolio and favored some investors over others who wanted to take their money out, among other issues.Reuters previously reported that clients of PPVA were not likely to recover the full value of their investments in the hedge funds that were once known for reported average annual returns of 17 percent.(Reporting by Lawrence Delevingne; Editing by Carmel Crimmins and Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hedgefunds-platinum-idINKBN15S2GD'|'2017-02-13T18:17:00.000+02:00'|1080.0|23.0|0.0|'' 1081|'f48593bbdebbf595e5d36320b2704b603a658130'|'Virgin Australia defers Boeing deliveries after profits drop'|'Business News - Fri Feb 17, 2017 - 2:54am GMT Virgin Australia defers Boeing deliveries after profits drop By Jamie Freed - SYDNEY SYDNEY Virgin Australia Holdings Ltd ( VAH.AX ) on Friday said it would defer the delivery of new Boeing Co ( BA.N ) 737 MAX aircraft for at least a year as it continues to battle against tough demand conditions in the domestic aviation market. Virgin Chief Executive John Borghetti said the capital cost of buying the new aircraft for Australia''s second-largest airline "far outweighs" savings on offer from operating more fuel-efficient planes given the oil price was relatively low. "The fuel business case isn''t as good as it was," he told Reuters in a phone interview after the airline reported a 48 percent fall in first-half underlying pre-tax earnings to A$42.3 million ($32.56 million). "On balance we can push these back." Borghetti declined to say how many 737 MAX deliveries would be affected, but a person with knowledge of the situation told Reuters it was between five and 10 aircraft. Borghetti did not rule out a further deferral, depending on market conditions. Virgin is the latest customer of the U.S. based aircraft manufacturer to defer deliveries at a time when orders for Boeing and rival Airbus Group SE ( AIR.PA ) have slowed globally due to weakening economies and relatively low oil prices. Australia''s domestic aviation market, dominated by Virgin and its larger rival Qantas Airways Ltd ( QAN.AX ), has been subdued for the past year due to weak demand for flying from corporate customers, including mining companies, as well as government travelers. Virgin said domestic yields, a proxy for average fare prices, had fallen by 5.6 percent in the first half of the financial year, although Borghetti said booking trends had improved in the last few weeks in a positive sign. "I would like to think it would improve in the second half of this calendar year but who knows?" Borghetti said of the outlook. "At some point you have got to believe the market has got to come back." Virgin on Friday separately said it planned to launch flights between Australia and Hong Kong in the middle of this year as part of a proposed alliance with shareholder HNA Aviation and affiliated carriers Hong Kong Airlines and Hong Kong Express. Borghetti declined to disclose the departure city for the flight, which could compete against non-stop flights to Hong Kong flown by Qantas and Cathay Pacific Airways Ltd ( 0293.HK ). He said Virgin also planned to fly to Beijing and Shanghai in the future, but that would depend on the availability of airport slots. (Reporting by Jamie Freed; Editing by Louise Ireland and Lisa Shumaker) Next In Business News Facebook CEO warns against reversal of global thinking SAN FRANCISCO Facebook Inc Chief Executive Mark Zuckerberg laid out a vision on Thursday of his company serving as a bulwark against rising isolationism, writing in a letter to users that the company''s platform could be the "social infrastructure" for the globe.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-virgin-au-hldgs-results-idUKKBN15W06W'|'2017-02-17T09:54:00.000+02:00'|1081.0|6.0|0.0|'' 1082|'ef10ee9644e72cf12342a55b3b5765b3431c10fb'|'Snap bets on hardware as Facebook threat looms'|'Technology 6:04am GMT Snap bets on hardware as Facebook threat looms The logo of messaging app Snapchat is seen at a booth at TechFair LA, a technology job fair, in Los Angeles, California, U.S., January 26, 2017. REUTERS/Lucy Nicholson/File Photo 1/2 A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017. REUTERS/Brendan McDermid/File Photo 2/2 By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Snap Inc takes to the road in London on Monday to promote its initial public offering with a daring proposition: that it can build hot-selling hardware gadgets and ad-friendly software features fast enough to stay one step ahead of Facebook. No longer just a purveyor of a smartphone app for disappearing messages, Snap has hired hundreds of hardware engineers, built a secretive product development lab and scoured the landscape for acquisitions as it pursues its newly stated ambition to be "a camera company." These efforts, which are aimed at developing hardware and so-called augmented reality technologies, are central to the strategy of a company that is seeking a valuation of up to $22 billion in its early March IPO despite heavy losses and the specter of stiff competition for advertising dollars with a far-larger Facebook. (Graphic: tmsnrt.rs/2kXZxA7 ) It is a big gamble and the odds against Snap are long. There is little precedent for a company with its roots in software and social networking succeeding in the notoriously difficult consumer hardware business. Few U.S. firms aside from Apple have made big profits on hardware, and camera and wearable gadget makers have much lower valuations than Snap is seeking. Once-hot camera start-up GoPro is a cautionary tale: its stock sits 61 percent below its 2014 IPO price. More broadly, creating new products and features that have mass-market appeal and cannot be readily mimicked is a huge challenge, analysts say. "Its worrisome, said Paul Meeks, chief investment officer at Sloy, Dahl & Holst, which manages more than $1 billion in assets. Snapchat is going to have to continue to be really innovative and distinctive. Its going to be very tough to trump Facebook. Snap declined to comment for this story. Snap first signaled its new focus with the September reveal of Spectacles, funky sunglasses with an embedded video camera for posting to the Snapchat app. The company spent $184 million on research and development last year, nearly half its revenue. Augmented reality, which refers to computer-generated images overlaid on real surroundings and viewed through a smartphone or special glasses, is a big part of the plan. Snap''s "lenses" image-overlay feature has been a hit, and gives Snap an advertising format that''s unique, at least for now. "If you''re going to make the bet longer-term on Snap, you are betting they are going to come up with innovative products that Facebook can''t copy," said Nabil Elsheshai, senior equity analyst at Thrivent Financial, who is considering whether to recommend that his firm buy Snap''s IPO. Facebook-owned Instagram last year rolled out a feature called Stories, modeled after Snapchat''s feature by the same name. Snapchat had about 100 million fewer downloads than Instagram in 2016, according to market research firm App Annie. NEW GADGETS Snap had 158 million daily active users in the fourth quarter, up just 3 percent from the previous quarter, compared to 14 percent growth during the same period in 2015, according to Snap''s IPO filing. New gadgets that offer more ways to interact with Snapchat could help attract new users and get existing users to spend more time on the app. "Ultimately, that''s what advertisers are going to be looking at," said Douglas Melsheimer, managing director at investment bank and consulting firm Bulger Partners. Snap, along with Facebook and host of online rivals ranging from Google to BuzzFeed, is capitalizing on the shift of video advertising dollars from traditional television to the internet. Snap''s IPO filing reads "as if all the hard things in front of them that they have to do are already done," said Rett Wallace, cofounder and chief executive at Triton Research. But, he said, that''s not the case. "How will they hold up against all the guys you don''t want to be fighting against in the world - Facebook, Google and Apple?" Hardware is part of the answer. Snap has recruited hardware experts from Apple, Alphabet Inc''s Google, Nest and Motorola, according to an analysis of LinkedIn profiles. One former employee described ample resources and support from management for the hand-picked hardware teams. Last spring, Snap set out to hire up to 300 hardware, augmented reality and virtual reality specialists in a single month, according to another former employee. It also set up Snap Labs, a group dedicated to working on secretive projects. Its members have reviewed acquisition targets in areas including wearable cameras, facial recognition and 3D scanning technology, according to people close to the discussions. Spectacles itself came from Snap''s acquisition of startup Vergence Labs in 2014. The sunglasses surprised even Snap''s earliest investors, who say hardware was not in Snap''s initial pitch to them. "It was a disappearing messaging product, and that''s it," said Jeremy Liew, a partner with Lightspeed Venture Partners, who made the initial venture investment into Snap. Like most Snap backers he lauded the Spectacles rollout. Snap has acquired at least 10 startups since 2014 according to firms tracking such deals, and M&A deal makers say Snap is one of the most active shoppers they have heard from. "AMAZON PASS" Snap''s R&D investment as a percentage of revenue is far higher than what Facebook or Twitter were spending before they went public. One result of that investment has been a wave of patent filings - about 46 total, according to research firm CB Insights. They include eye-wear patents for Spectacles, as well as patents for photo and video-capture devices, and object and facial recognition, which is key to developing augmented reality technology. One former employee said Snap is working to figure out ways to turn the warehouse of data it collects from Memories, a feature for users to save photos on Snap''s server, into augmented reality or facial recognition applications. Spectacles "opens the doors for augmented reality," Elsheshai said. "That''s a different direction for the company than just adding more social media capabilities." The quirky popularity of Spectacles further endears users to Snapchat, he said, but doubted that such niche products can propel the user growth Snap needs in the long term. The greatest impediment to Snap''s innovation efforts, however, may be its hefty losses: the company lost $515 million last year on $404 million in sales. Revenue from Spectacles. was "not material," according to Snap''s IPO filing. Snap, like Amazon.com, is expecting public investors to allow the company to lose money for years on the promise that more investment in innovation will pay off later. "They are going to have to get the Amazon pass - investors that don''t care in the short run," Elsheshai said. (Reporting by Heather Somerville; Julia Love; Editing by Jonathan Weber and Tomasz Janowski) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-snap-ipo-hardware-analysis-idUKKBN15Z0F5'|'2017-02-20T13:03:00.000+02:00'|1082.0|''|-1.0|'' 1083|'6a3a3d7a6d5b0f462fb48533bb79890805bfccea'|'Toshiba prepares to unveil nuclear hole, other perils threaten'|'Business 11:03pm GMT Toshiba prepares to unveil nuclear hole, other perils threaten FILE PHOTO - The logo of Toshiba Corp is pictured at its headquarters in Tokyo, Japan, August 31, 2015. REUTERS/Yuya Shino/File Photo By Makiko Yamazaki and Taro Fuse - TOKYO TOKYO Toshiba Corp will on Tuesday detail a writedown of close to $6 billion after bruising cost overruns at its U.S. nuclear arm, turning investor attention to the Japanese group''s efforts to fix that and other balance sheet headaches. The TVs-to-construction conglomerate warned of a potential multi-billion dollar nuclear writedown in December, a year after a $1.3 billion accounting scandal. Sources familiar with the matter say the final charge, to be detailed alongside quarterly earnings, will be as high as 700 billion yen ($6.2 billion), a sum which alone would wipe out the company''s shareholder equity. Toshiba, which has seen its market value almost halve since the prospect of a writedown emerged in December, is also expected to outline the prospects for its nuclear arm and update investors on efforts to raise capital, including through the sale of a stake in its flagship memory chips business. "The question for Toshiba is how is it going to move forward," said Masahiko Ishino, analyst at Tokai Tokyo Research Center. He added Toshiba would need to show how it could stay competitive in the cash-generating but capital-intensive memory chip industry, given its battered balance sheet. Toshiba has offered a 19.9 percent of its prize chips business to investment funds and rivals including Bain Capital, SK Hynix and Micron Technology. PILLAR OF BUSINESS On Thursday, a source said that Toshiba had received bids of between 200 billion yen to 400 billion yen for the flash memory stake, a range that could cover the 300 billion yen the company wants to raise. It prefers multiple investors. Toshiba is a pillar of Japan''s business establishment. Born in the tumult of Japan''s emergence from centuries of isolation, it made Japan''s first light bulb and was a pioneer in laptop computers. Toshiba''s 190,000 workers, employed at some 500 units, likely will make it too big to fail. But as with other established Japanese firms that have dodged financial collapse, such as liquid crystal display inventor Sharp Corp, Toshiba could face protracted pain. Financial sources last week pointed to problem businesses within Toshiba beyond nuclear, including Landis+Gyr AG. Toshiba agreed to buy that unlisted meter maker for $2.3 billion in 2011 to tap smart grid demand that at the time was expected to grow six-fold to around $70 billion in 10 years. At the end of September, the goodwill value of Landis+Gyr was 143.2 billion yen ($1.3 billion). Other stumbling blocks for Toshiba include a $7.4 billion commitment four years ago to buy U.S. liquefied natural gas believing that would help sell power plant turbines. ACCOUNTING SCANDAL A fall in Asian gas prices, now at about half the level they were, has cast doubt on that strategy. Toshiba, on a stock exchange watchlist barring it from issuing new shares, must also contend with fallout from the 2015 accounting scandal. Mitsubishi UFJ Trust and Banking Corp last month said it will seek 1 billion yen in damages, while sources say Sumitomo Mitsui Trust Bank Ltd and Mizuho Trust & Banking Co are preparing similar suits.[nL4N1FK07I} With its latest financial crisis unresolved, investors appear most nervous about Toshiba''s short-term prospects. The cost of insuring against a credit default has soared over the past two months. Five-year insurance, or credit default swaps, was quoted at 315/355 basis points on Friday, compared with 75 basis points in mid-December. That quote, below late December highs, suggests it would cost $315,000-$355,000 per year for five years to insure $10 million in bonds. The CDS curve <0#TOSBJPACMPBMK=> is inverted, suggesting short-term cover is most expensive. ($1 = 113.1900 yen) (Reporting by Makiko Yamazaki and Taro Fuse; Writing by Tim Kelly; Editing by Richard Borsuk) Next In Business News VW says has no plans to retain large number of temporary staff BERLIN Volkswagen said it has no plans to keep a large number of temporary workers on its books following a media report saying management at the carmaker''s VW brand would retain about 2,000 of them as labour leaders and executives wrestle over the company''s turnaround plan.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN15R11Q'|'2017-02-13T06:03:00.000+02:00'|1083.0|''|-1.0|'' @@ -1100,7 +1100,7 @@ 1098|'d59258a20a018ee87a01d1626ccd627f2debc236'|'European shares snap losing streak on solid earnings, macro data'|'Company 07pm EST European shares snap losing streak on solid earnings, macro data * Live Markets blog: cpurl://apps.cp./cms/?pageId=livemarkets * Pan-European STOXX 600 index adds 0.8 pct * Basic resources, industrials lead sectors higher * Volvo, Siemens shine after earnings beats (Adds details, closing prices) By Danilo Masoni and Helen Reid MILAN/LONDON, Feb 1 European shares snapped a three-day losing streak on Wednesday, led higher by miners and industrial stocks following solid corporate results and strong data from China and Europe. The pan-European STOXX index ended up 0.8 percent, after hitting a one-week low on Tuesday. Germany''s DAX and France''s CAC added 1.1 and 1 percent respectively. "Equity markets across the EU are stronger today on the back of a round of better than expected earnings, as well as rather better than anticipated China manufacturing data," said Stephane Ekolo, chief European strategist at Market Securities in London. "This should be enough, at least temporarily, to offset political uncertainties," he said, adding that strong European data was also supportive. French manufacturing activity expanded at the fastest pace in nearly six years in January as demand firmed up, while German factory growth was the highest in three years, and Italy''s also increased, albeit at a slower pace. Miners were the biggest sectoral gainer, up 1.6 percent after data showed that activity in China''s manufacturing sector expanded slightly more than expected in January. China is a big metals consumer. Volvo shares were among top European gainers, up 4.7 percent after the car maker substantially outperformed forecasts with a core profit of 5.66 billion Swedish crowns, and raised its forecast for the European truck market. Shares in German industrial group Siemens hit their highest level since September 2000, after it raised its outlook, with industrial business profit jumping in the fiscal first quarter. Its shares ended up 5.6 percent. "Siemens'' transformation is under way and we see little reason why the stock would not move more towards a sector multiple," Liberum analysts said in a note, reiterating their ''buy'' rating on the stock. Industrials across Europe were buoyed by the manufacturing data, with materials firm Saint Gobain and tire manufacturer Michelin among the top gainers in France''s CAC 40 index. Finnish paper maker UPM-Kymmene was recovering from its biggest ever daily drop yesterday, up 6.3 percent, while Swedish oil company Lundin Petroleum was up 2.9 percent after its fourth-quarter earnings beat consensus. BBVA was a weak spot. Its shares fell 1.4 percent after the Spanish bank warned of a tougher business environment in Mexico this year while its largest market adapts to the policies of U.S. President Donald Trump. Appliance maker Electrolux fell 2.1 percent after results disappointment. (Reporting by Danilo Masoni; Editing by Tom Heneghan) Next In Company News Mastercard, UniRush fined $13 mln for prepaid card breakdowns -U.S. CFPB WASHINGTON, Feb 1 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1FM5M6'|'2017-02-02T00:07:00.000+02:00'|1098.0|''|-1.0|'' 1099|'e18a3e9b99f6d94995da90b3b6465c4b8800c62e'|'Inbound China M&A takes flight on consumer promise'|' 00pm EST Inbound China M&A takes flight on consumer promise * Inbound M&A in 2017 already twice same period last year * Consumer/retail account for nearly half early deals * Beijing relaxed foreign deal approval regime in October * High valuations remain an obstacle to foreign capital By Elzio Barreto HONG KONG, Feb 20 Overseas acquisitions by Chinese buyers are cooling after two record years as Beijing reins in capital outflows, but deals into China are on the rise, and new rules will make it easier for foreign buyers to tap China''s giant consumer potential. Inbound M&A deals have already reached $7.1 billion so far in 2017, almost double the amount in the same period last year and are well on track to beat the 2016 total of $46 billion, while outbound deals tumbled more than 40 percent to $8.4 billion, Thomson Reuters data showed. Deals in retail and consumer staples accounted for nearly half those early transactions, far outpacing real estate and financial deals, which usually dominate inbound M&A. Belgian investment firm Verlinvest is ahead of the trend. It set up a $300 million venture last year with Chinese state-owned conglomerate China Resources and has already deployed more than half of the funds. Verlinvest, which manages funds for the founding families of Anheuser-Busch InBev, is investing in minority and majority stakes in leading western brands so it can push them through China Resources'' distribution channels in China, said Nicholas Cator, who is responsible for the Asia business. "We''re going to be focusing on those high-growth sectors that are based on consumer trends, like health-related food and beverage products, healthcare, education, cinema or entertainment, or anything linked to kind of cultural production and content," he said. Verlinvest''s joint venture in December bought an undisclosed stake in Oatly, a Swedish maker of dairy-free products, and plans to expand it into China, and in November it bought a majority stake in Red Sun Enterprise, which owns senior care homes in Shanghai and Nanjing. LOOSER APPROVALS REGIME The leadership in Beijing has long been trying to rebalance the economy away from infrastructure, heavy industry and export-led growth and towards domestic consumption, so in theory such investment should be welcome, but in practice foreign capital has fallen foul of barriers to entry. That appears to be changing. After a trial in a few of its free-trade zones, China in October expanded to the entire country a new liberalisation programme. Apart from a "negative list" of industries deemed too sensitive, foreign investments no longer need to go through a cumbersome approval system, and there has even been some loosening in the off-limits list. "The direction China is going is that for most sectors, provided it''s not in the so-called negative list, where there would be additional scrutiny, the process for corporate establishment and changes including share transfers should be simpler," said Tracy Wut, M&A partner at law firm Baker McKenzie in Hong Kong. "From the recently amended negative list, there are further relaxations in certain sectors to which the government is trying to encourage foreign investments." CDIB Capital International Corp, part of Taiwanese financial group China Development Financial Holding (CDF), is also seizing the opportunities. Last August it invested 200 million yuan ($29.2 million) for a stake in outdoor sports retailer Tutwo (Xiamen) Outdoor Co Ltd, betting on a jump in demand for hiking, skiing and camping gear in China. "Clearly there''s going to be more of a focus on domestic growth and consumption is one of the themes," said Lionel de Saint-Exupery, president and CEO of CDIB. "Consumption is still relatively robust, but we''re not just seeking average growth, we''re seeking hyper growth and that you can see in new categories." The biggest fly in the ointment, according to David Cogman, a principal focusing on China at consulting firm McKinsey & Co, is the lofty valuations for Chinese assets. Consumption and services companies listed in Shenzhen and Shanghai trade at about 30 times their earnings, compared with a multiple of 17 for similar companies trading in Hong Kong and about 20 for U.S.-listed companies, Thomson Reuters data shows. "At the end of the day, particularly if you''re a fund looking across multiple markets, your investment committees still have to think where to put the capital and that''s hard to do with the current numbers you see in China," he said. ($1 = 6.8583 Chinese yuan renminbi) (Reporting by Elzio Barreto; Editing by Will Waterman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-ma-inbound-idUSL4N1FN0XX'|'2017-02-20T06:00:00.000+02:00'|1099.0|''|-1.0|'' 1100|'2aaec40fd26fef40b0360d1a6d0e1a5905273038'|'Italian banks struggle to break free from soured debt cycle'|'Business 7:14am GMT Italian banks struggle to break free from soured debt cycle The skyline of Porta Nuova''s district is seen in Milan, northern Italy March 5, 2015. REUTERS/Stefano Rellandini By Valentina Za - MILAN MILAN Italian banks are stuck in what stressed-debt experts call purgatory, still forced to pay a heavy price for their past sins despite loan data that suggests they are turning a corner. The rate at which loans are souring hit an eight-year low last year, but banks still face some 8 billion euros (6.74 billion pounds) a year in fresh writedowns, based on past rates at which already-soured loans have gone into outright default. Italy has 130 billion euros in unlikely-to-pay loans, where borrowers are in trouble but remain in business. As borrowers become insolvent, their loans are added to an existing mountain of debt known aptly as "sofferenze" or "suffering." Each time that happens, banks make heavy writedowns, wiping out profits, undermining their balance sheets and adding to the instability within the euro zone''s fourth-largest banking industry, which now has 200 billion euros in sofferenze. The only way to stop loans from ending up there is for banks to get borrowers back on track. "Unlikely-to-pay loans are like purgatory: to avoid plunging into the hell of bad loans you need to wash off your sins," said Katia Mariotti, associate partner of consultancy PwC, which calculated in an unpublished study that some 26 billion euros in unlikely-to-pay (UTP) loans turned into sofferenze in 2015. "UTP loans don''t go back to performing on their own. They must be actively managed, otherwise a very large share of them is bound to turn into bad debts." In the port city of Genoa, bankers have taken the hint. Guido Bastianini, chief executive of Genoa-based lender Banca Carige ( CRGI.MI ), has set to work to recover UTP loans as part of his pledge to cut the bank''s overall problem loans, which make up a third of its loan book. "It''s an absolutely exceptional and excessive number," he told analysts on Feb. 10. One of Carige''s unlikely-to-pay debts is a $420 million loan to family-owned shipper Gruppo Messina, which used the money to renew its fleet and order eight of the world''s largest container ships from South Korea''s Daewoo Shipbuilding from 2009 to 2012. The last of the bright-red vessels was delivered in 2015, in the middle of the shipping industry''s worst slump on record as international trade slows and freight rates fall. Messina is restructuring its debts and hopes the world''s second-largest container line, Mediterranean Shipping Company, will become a shareholder. This is also Carige''s best chance of getting its money back. MSC said it and Messina were pursuing an agreement with the help of the bank. All three declined further comment. GOING SOUR When UTP loans cannot be nursed back to health they can be extinguished in two ways: sale or foreclosure. If sold, the bank incurs a huge loss because the loans are currently valued well above their market price. For example, Italy''s largest lender, UniCredit ( CRDI.MI ), is selling bad loans in the country''s biggest such deal at just 13 cents to the euro. That compares with an average net book value for UTP loans of around 72 cents to the euro -- and 41 cents to the euro for defaulted loans. Foreclosure, or seizing collateral, is a long process that would "kill" the borrower and also not recover the entire loan. The best cure normally entails both a debt and a corporate restructuring, a complex process that becomes a big challenge if the borrower is a small company, like most Italian firms, and its counterpart a loan official at a local bank branch. Timely action is key. Prelios Credit Servicing CEO Riccardo Serrini, a stressed debt specialist, said most UTP loans were corporate with property pledged as collateral. "As time passes things only get worse. Think of a half finished property development: it''s not like Barolo (wine), ageing doesn''t do it any good," Serrini said. The PwC study, based on 2015 data, found that 56 percent of UTP loans at Italy''s top 20 banks were still such after a year, while 22 percent became insolvent and 18 percent was either collected or returned to be performing. MIGRATION HURTS PROFITS The migration of UTP loans into sofferenze is the main driver of fresh loan writedowns, said Victor Massiah, chief executive of Italy''s fifth-largest lender, UBI Banca. UBI said its inflows of problematic loans were down 70 percent from a 2012 high, but the rate at which UTP loans turned into sofferenze was still at a peak and would start declining only from this year. "This is true for the whole system from what I see," Massiah said after UBI posted a 2016 loss of 830 million euros due to loan writedowns. Broker Equita expects UBI''s UTP migration rate to fall only slightly to 22 percent this year from an average of 24 percent in 2013-2015. European Central Bank supervisors wants Italian lenders to cut overall problem loans, which make up nearly 18 percent of their total lending, and have unlikely-to-pay debt firmly in their sights, in some cases pushing for higher coverage ratios, banks say. Italian banks booked 107 billion euros in loan writedowns in 2012-2015. The top six banks alone booked another 24 billion euros just last year. For a graphic on Italian banks and their debt burden, click here (Reporting by Valentina Za; Editing by Mark Bendeich and Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-banks-loans-analysis-idUKKBN1610LX'|'2017-02-22T14:14:00.000+02:00'|1100.0|''|-1.0|'' -1101|'cd2cb85c48d0065398e2aa49a0752ad744d87643'|'Greek debt: will EU and IMF finally offer light at the end of the tunnel? - Business'|'Knocked off the front pages by Brexit and Donald Trump, Greece is back on the agenda. The countrys two most important creditors will meet in Berlin on Wednesday when the German chancellor, Angela Merkel, hosts the head of the International Monetary Fund, Christine Lagarde .It could be a fateful meeting. Europe and the IMF have been at loggerheads for months over whether Greece will ever be able to repay its debts a disagreement that has stopped the Washington-based fund from signing up to a 86bn-bailout programme crafted by EU leaders in July 2015 . Merkel and other European leaders, who face elections, are anxious to bring the IMF on board, to persuade sceptical voters the bailout is credible.Now signs of a compromise are emerging. This week eurozone leaders echoed the IMF in talking of the end of austerity, increasing the chances the fund will join the Greek bailout. Pierre Moscovici, the European commissioner for economic affairs, reported that 19 finance ministers of the single currency agreed that the Greek people needed to see light at the end of the tunnel of austerity. Greece standoff over 86bn bailout eases after Brussels deal Read more But while the bailout chiefs are poised to agree on a route map, the journey for the Greek people seems no less long and arduous. The crux of the dispute between the IMF and EU is a European demand for Greece to maintain a budget surplus of 3.5% for a decade from 2018, a feat few governments in the world have managed, much less one in a country with a 23% unemployment rate.The IMF has been arguing for months that Greece cannot meet this target. Greece does not need more austerity at this time, two senior IMF officials wrote in a recent blog post , adding that the target for a primary budget surplus the gap between government income and spending, excluding interest payments and national debt would generate a degree of austerity that could prevent the nascent recovery from taking hold.The EU maintains that the 3.5% target is achievable. But after a meeting of eurozone ministers on Monday, European creditors edged closer to the IMF view that more focus is needed on economic reforms, less on austerity. To deliver these deep reforms, all sides agreed that EU and IMF bailout inspectors will return to Athens soon to discuss an overhaul of Greeces tax and pension systems, as well as labour market reforms.In Athens commentators have been desperately trying to decode the Eurogroup agreement.It was not lost on many that what was being billed as an agreement to agree the key to allowing bailout auditors to finally return to Greece and resume stalled talks had been struck exactly two years to the day after a similar accord by the countrys leftist-led government. Then, the prime minister, Alexis Tsipras, had signed up to a temporary deal that allowed fiscal breathing space before embarking on six months of nail-biting negotiations that eventually led to Athens accepting the harshest terms attached to a bailout since the crisis began.Despite the change in tone and talk of a new policy mix the consensus was that Mondays agreement of common understanding amounted to much of the same with reforms becoming the new byword for further cuts. After vowing not to undertake more austerity, Tsipras fragile two-party coalition found itself on the back foot, accused across the board of crossing its own red lines. The government is trying to save its image claiming that the policy mix is supposedly changing, the Greek daily Ta Nea proclaimed from its front page. But the only thing it has achieved is the pre-legislation of harsh measures that the troika [European commission, European Central Bank and IMF] will approve when it returns.What we are seeing is a war of propaganda, a lot of doublespeak, Dimitris Tsiodras, spokesman of the centrist Potami party told the Guardian. The only thing that has been attained, in reality, is the return of the troika.How Tsipras will sell the concessions to his compatriots, including increasingly disillusioned members of his own Syriza party, will play a central role in whether Greece now plunges into renewed political turmoil. Addressing reporters, the government spokesman Dimitris Tzanakopoulos ratcheted up the rhetoric, calling on Germany to see sense now that all sides had made concessions.We expect the German finance ministry to take back its unreasonable demand for [Greece to achieve] primary surpluses of 3.5% for a decade and to adopt a more constructive stance so that a reduction of the Greek debt over the medium term can be agreed.Simon Tilford, deputy director of the Centre for European Reform, a thinktank, said he believed the IMF and eurozone would find a compromise, whereby the fund signed up to the 3.5% target for a limited period of time, as the price of stabilising the eurozone in an election year. My feeling is they will largely settle for a fig leaf. It will be made to look as if the pace of austerity has been eased, ie that the eurozone will agree that the size of the primary budget surplus will be reassessed at some specified point in the future.All we are going to see us another round of extend and pretend. He added that this would not do anything significant to alleviate the pressure we see on Greece.He pointed out that even a primary budget surplus of 1.5% (favoured by the IMF) would still mean ongoing austerity in Greece.The IMFs reforms may also prove politically difficult to sell to a population reeling from nearly eight years in the EUs bailout regime. One of the IMFs key demands is an overhaul of the Greek tax system to ensure more middle-class professionals pay their dues. More than 50% of Greek wage earners do not pay income tax, compared with 8% in the rest of the eurozone. But the low tax take partly reflects the economic collapse that has pushed down wages and squeezed people out of regular work.Reforming pensions, another IMF priority, may also run into trouble. The fund wants to rein in extremely generous Greek pensions that absorb 11% of national income. But Greek pensions have already been slashed since 2010, with 43% of pensioners living on 660 a month, compared with an average annual income of 20,000 for over-65s in other eurozone countries, according to government figures. Many Greek pensioners are also supporting unemployed children and grandchildren, as other benefits have been cut.With these politically tough reforms ahead, the light at the end of tunnel looks dim and distant. Greeks are facing ongoing austerity into the foreseeable future, Tilford says.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/22/greek-debt-eu-imf-angela-merkel-christine-lagarde-austerity'|'2017-02-22T02:00:00.000+02:00'|1101.0|''|-1.0|'' +1101|'cd2cb85c48d0065398e2aa49a0752ad744d87643'|'Greek debt: will EU and IMF finally offer light at the end of the tunnel? - Business'|'Knocked off the front pages by Brexit and Donald Trump, Greece is back on the agenda. The countrys two most important creditors will meet in Berlin on Wednesday when the German chancellor, Angela Merkel, hosts the head of the International Monetary Fund, Christine Lagarde .It could be a fateful meeting. Europe and the IMF have been at loggerheads for months over whether Greece will ever be able to repay its debts a disagreement that has stopped the Washington-based fund from signing up to a 86bn-bailout programme crafted by EU leaders in July 2015 . Merkel and other European leaders, who face elections, are anxious to bring the IMF on board, to persuade sceptical voters the bailout is credible.Now signs of a compromise are emerging. This week eurozone leaders echoed the IMF in talking of the end of austerity, increasing the chances the fund will join the Greek bailout. Pierre Moscovici, the European commissioner for economic affairs, reported that 19 finance ministers of the single currency agreed that the Greek people needed to see light at the end of the tunnel of austerity. Greece standoff over 86bn bailout eases after Brussels deal Read more But while the bailout chiefs are poised to agree on a route map, the journey for the Greek people seems no less long and arduous. The crux of the dispute between the IMF and EU is a European demand for Greece to maintain a budget surplus of 3.5% for a decade from 2018, a feat few governments in the world have managed, much less one in a country with a 23% unemployment rate.The IMF has been arguing for months that Greece cannot meet this target. Greece does not need more austerity at this time, two senior IMF officials wrote in a recent blog post , adding that the target for a primary budget surplus the gap between government income and spending, excluding interest payments and national debt would generate a degree of austerity that could prevent the nascent recovery from taking hold.The EU maintains that the 3.5% target is achievable. But after a meeting of eurozone ministers on Monday, European creditors edged closer to the IMF view that more focus is needed on economic reforms, less on austerity. To deliver these deep reforms, all sides agreed that EU and IMF bailout inspectors will return to Athens soon to discuss an overhaul of Greeces tax and pension systems, as well as labour market reforms.In Athens commentators have been desperately trying to decode the Eurogroup agreement.It was not lost on many that what was being billed as an agreement to agree the key to allowing bailout auditors to finally return to Greece and resume stalled talks had been struck exactly two years to the day after a similar accord by the countrys leftist-led government. Then, the prime minister, Alexis Tsipras, had signed up to a temporary deal that allowed fiscal breathing space before embarking on six months of nail-biting negotiations that eventually led to Athens accepting the harshest terms attached to a bailout since the crisis began.Despite the change in tone and talk of a new policy mix the consensus was that Mondays agreement of common understanding amounted to much of the same with reforms becoming the new byword for further cuts. After vowing not to undertake more austerity, Tsipras fragile two-party coalition found itself on the back foot, accused across the board of crossing its own red lines. The government is trying to save its image claiming that the policy mix is supposedly changing, the Greek daily Ta Nea proclaimed from its front page. But the only thing it has achieved is the pre-legislation of harsh measures that the troika [European commission, European Central Bank and IMF] will approve when it returns.What we are seeing is a war of propaganda, a lot of doublespeak, Dimitris Tsiodras, spokesman of the centrist Potami party told the Guardian. The only thing that has been attained, in reality, is the return of the troika.How Tsipras will sell the concessions to his compatriots, including increasingly disillusioned members of his own Syriza party, will play a central role in whether Greece now plunges into renewed political turmoil. Addressing reporters, the government spokesman Dimitris Tzanakopoulos ratcheted up the rhetoric, calling on Germany to see sense now that all sides had made concessions.We expect the German finance ministry to take back its unreasonable demand for [Greece to achieve] primary surpluses of 3.5% for a decade and to adopt a more constructive stance so that a reduction of the Greek debt over the medium term can be agreed.Simon Tilford, deputy director of the Centre for European Reform, a thinktank, said he believed the IMF and eurozone would find a compromise, whereby the fund signed up to the 3.5% target for a limited period of time, as the price of stabilising the eurozone in an election year. My feeling is they will largely settle for a fig leaf. It will be made to look as if the pace of austerity has been eased, ie that the eurozone will agree that the size of the primary budget surplus will be reassessed at some specified point in the future.All we are going to see us another round of extend and pretend. He added that this would not do anything significant to alleviate the pressure we see on Greece.He pointed out that even a primary budget surplus of 1.5% (favoured by the IMF) would still mean ongoing austerity in Greece.The IMFs reforms may also prove politically difficult to sell to a population reeling from nearly eight years in the EUs bailout regime. One of the IMFs key demands is an overhaul of the Greek tax system to ensure more middle-class professionals pay their dues. More than 50% of Greek wage earners do not pay income tax, compared with 8% in the rest of the eurozone. But the low tax take partly reflects the economic collapse that has pushed down wages and squeezed people out of regular work.Reforming pensions, another IMF priority, may also run into trouble. The fund wants to rein in extremely generous Greek pensions that absorb 11% of national income. But Greek pensions have already been slashed since 2010, with 43% of pensioners living on 660 a month, compared with an average annual income of 20,000 for over-65s in other eurozone countries, according to government figures. Many Greek pensioners are also supporting unemployed children and grandchildren, as other benefits have been cut.With these politically tough reforms ahead, the light at the end of tunnel looks dim and distant. Greeks are facing ongoing austerity into the foreseeable future, Tilford says.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/22/greek-debt-eu-imf-angela-merkel-christine-lagarde-austerity'|'2017-02-22T02:00:00.000+02:00'|1101.0|18.0|0.0|'' 1102|'50ec1c57fa2993b09f12177a0e9d10f0ff813259'|'Exclusive: Odebrecht seeks faster Latin America plea deals to sell assets, sources say'|'By Guillermo Parra-Bernal and Tatiana Bautzer - SAO PAULO SAO PAULO Odebrecht SA wants to negotiate graft-related fines with several Latin American countries by June, which would help the Brazilian engineering conglomerate prevent upcoming elections across the region from slowing planned asset sales, two people familiar with the matter said.According to the sources, Odebrecht [ODBES.UL] could sell some 6.5 billion reais ($2.1 billion) in project stakes and operating licenses in the region and Angola by year-end. So far, it has sold about 5 billion reais in assets out of a total goal of 12 billion reais.The fate of the pending asset sales is increasingly dependent on how quickly governments decide penalties for Odebrecht, which admitted to paying bribes to win projects in recent years. Prosecutors from 10 Latin American countries last week formed a task force to share evidence on how the scheme operated.Several planned divestitures like Angola''s Catoca mining project and a 28 percent stake in Brazil''s Santo Antnio hydropower dam could be finalized later this year, the people said. Exiting Gasoducto Sur Peruano SA will take longer, they noted, following a decision by Peru''s government to seize the project and auction it off again.Settling plea deals in those countries as soon as possible is key to help Odebrecht mitigate reputational and political risks on the asset plan as elections loom across the region. Of the 10 countries investigating Odebrecht, eight will hold at least one congressional, regional or presidential ballot in the 18 months through December 2018.The scandal has sparked an upheaval in countries like Peru, where authorities are seeking the arrest of a former president, or in Colombia, where the company is being accused of financing the campaign of President Juan Manuel Santos.Argentina, Chile, Ecuador, Mexico, the Dominican Republic, Venezuela and Panama, apart from home turf Brazil, also are investigating the Odebrecht scheme as are prosecutors from Portugal.Salvador, Brazil-based Odebrecht declined to comment. The people spoke under condition of anonymity, because of the sensitivity of the issue.Odebrecht is the largest of Brazilian engineering firms accused of colluding to overcharge Petrleo Brasileiro SA and other state firms for contracts, then using part of that to channel donations and bribes into Brazil''s former ruling Workers Party and domestic and international allies.CREDIT LINERapidly resolving legal obligations is also key for Odebrecht to win new projects and raise cash to reduce the group''s 76 billion reais in consolidated net debt.In December, Odebrecht and petrochemical subsidiary Braskem SA ( BRKM5.SA ) settled with Brazilian, U.S. and Swiss authorities a record fine of $3.5 billion. Odebrecht admitted to bribing officials in 12 countries, mostly Latin America, to help secure lucrative contracts.The quick settlement with authorities in those three countries enabled an Odebrecht-led group working on a subway project in Panama to clinch a $1.8 billion credit facility from two unnamed European banks, a third person briefed on the matter said.To weather fallout from the scandal and an economic slowdown throughout Latin America, Odebrecht has also cut costs and renegotiated obligations at some cash-strapped subsidiaries.According to the first person, talks with creditors to restructure oil drilling firm Odebrecht leo & Gs SA''s obligations could be concluded as early as next month.Other Odebrecht assets and projects that are for sale include Per''s Chaglla power dam, Colombia''s Ruta del Sol highway project, several subway and toll road licenses as well as a stake in Rio de Janeiro''s international Galeo airport.($1 = 3.0949 reais)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-odebrecht-restructuring-divestiture-e-idINKBN1611PO'|'2017-02-22T11:09:00.000+02:00'|1102.0|''|-1.0|'' 1103|'3463a307915e5536ce7375cac99fb0e4516c0f5a'|'World First closes FX options business'|'Financials - Wed Feb 1, 2017 - 7:09am EST World First closes FX options business LONDON Feb 1 Currency broker World First is closing its corporate options business, the company said on Wednesday, in a move that will affect up to 50 staff at the UK-based firm. World First cited changes in its business, which put more emphasis on areas such as automated electronic trading, where it has strong growth. (Reporting by John Geddie and Patrick Graham; Editing by David Goodman) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/worldfirst-options-cuts-idUSL5N1FM3GT'|'2017-02-01T19:09:00.000+02:00'|1103.0|''|-1.0|'' 1104|'5c573f82c2651264f9bccd4a898f16b132332606'|'UK factory costs balloon at record pace in Jan, growth slips - PMI'|' 42am GMT UK factory costs balloon at record pace in Jan, growth slips - PMI By Andy Bruce - LONDON, LONDON, Sterling''s fall since Britain voted to leave the European Union stoked the sharpest rise in factory costs on record last month but offered little boost to exports, tainting otherwise robust manufacturing growth at the start of 2017. Markit/CIPS UK Manufacturing Purchasing Managers'' Index (PMI) edged down to 55.9 from December''s 2-1/2 year peak of 56.1, matching the consensus forecast in a Reuters poll. The survey out on Wednesday suggested Britain''s economy continues to expand at a solid rate after outpacing its rivals last year, with the PMI''s gauge of manufacturing output pointing to the fastest growth since May 2014. But it also drove home the view shared by Bank of England policymakers, who meet this week, that rising prices will soon put a brake on household spending, a key driver of the economy. Factories'' raw material costs rose at the fastest pace since PMI records began 25 years ago - fuelled by the pound''s near 20 percent drop against the dollar since June''s Brexit vote, as well as higher prices for steel and oil. In response, manufacturers raised the prices they charged for their goods at the fastest pace since April 2011. In previous months spiralling cost pressures had been matched with an improvement in export orders, but this faded in January''s PMI. Orders from abroad rose at the weakest rate since last May, before the Brexit vote. "With cost pressures increasingly feeding though to higher selling prices at factories, it looks inevitable that consumer price inflation will rise further in coming months," said Rob Dobson, senior economist at IHS Markit, which compiles the survey. "The question is whether increased cost ... pressure will act as a drag on manufacturing growth going forward." Dobson said manufacturers sounded relaxed about this, with optimism at an eight-month high. A recent survey from industry association EEF also showed manufacturers were confident about the year ahead, despite doubts about the economic outlook. "Taken alongside robust output growth, rising new order inflows and further job creation, all signs are pointing to a solid contribution to UK GDP from manufacturing during the opening quarter of 2017," Dobson said. Manufacturing accounts for around a tenth of British economic output, and recent strong manufacturing PMIs have not fully transferred into subsequent official growth statistics. ((Editing by Hugh Lawson)) and Volkswagen and '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-pmi-idUKKBN15G3VU'|'2017-02-01T16:38:00.000+02:00'|1104.0|''|-1.0|'' @@ -1119,12 +1119,12 @@ 1117|'bbb9c0f1cee5e2449b3664be2cec5dc41c9d5f90'|'NBC buys stake in Euronews, names new president'|' 29pm GMT NBC buys stake in Euronews, names new president left right The NBC and Comcast logo are displayed on top of 30 Rockefeller Plaza, formerly known as the GE building, in midtown Manhattan in New York July 1, McDermid/File Photo 1/2 left right FILE PHOTO: Writer Noah Oppenheim poses at a screening of ''JACKIE'' as a part of AFI Fest in Los Angeles, California, U.S. November 14, 2016. REUTERS/Danny Moloshok 2/2 NBCUniversal, the U.S. media conglomerate owned by Comcast Corp ( CMCSA.O ), has made an investment in European broadcaster Euronews and named Noah Oppenheim as the president of NBC News, according to an internal memo seen by Reuters on Tuesday. Financial details of the investment were not disclosed in the memo. However, Reuters, citing sources, reported in November that NBC would buy a stake of between 15 percent and 30 percent. The investment will allow NBC to reach out to 277 million new households in 13 languages across Europe, Africa and the Middle East. Euronews was created in the wake of the 1990 Gulf War as a "European CNN" and used to be owned by a consortium of state-owned European channels before Egyptian billionaire Naguib Sawiris took a 53 percent stake in the broadcaster. The memo said Oppenheim, the executive in charge of NBC''s morning show "Today", will replace Deborah Turness, president since 2013. Turness will be named as the first president of NBC News International. Both Oppenheim and Turness will report to NBC News Chairman Andy Lack. (Reporting by Laharee Chatterjee Maju Samuel) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-euronews-comcast-nbcuniversal-idUKKBN15T2ZL'|'2017-02-15T05:29:00.000+02:00'|1117.0|''|-1.0|'' 1118|'d6ab8786304579f73f8d5aa2f97812c362100ae6'|'UK supermarkets ration iceberg lettuce on supply crunch'|'LONDON British supermarkets are rationing shoppers to three iceberg lettuces per visit, blaming poor growing conditions in Spain for a shortage in supply.Tesco, Morrisons and Sainsbury''s have all imposed restrictions on bulk purchases after production in Spain was hit by crop damage from flooding late last year and compounded by cold weather last month.The limited supply of iceberg lettuces follows an ongoing shortage of courgettes in Britain. Broccoli and aubergines have also suffered from limited availability.Analysts noted that as the vegetables tend to be farmed in southern Europe on a quarterly cycle it is likely to remain a problem until the end of March."Due to bad weather conditions in Spain, we are experiencing some availability issues but are working with our suppliers to resolve them as quickly as possible," said a spokesman for Tesco, Britain''s biggest supermarket group."To make sure customers dont miss out, we are asking them to limit the number of iceberg lettuces they buy to three."Morrisons, Britain''s fourth-biggest supermarket chain, has also limited customers to three heads of broccoli and three iceberg lettuces.A spokesman for the grocer said that Morrisons'' availability of broccoli and iceberg lettuce is good."However, other businesses (such as cafes and restaurants) are experiencing shortages and we have seen some bulk buying in our stores. We have therefore had a cap on sales of broccoli and iceberg lettuce to ensure we maintain good supplies for our regular customers," he said.A spokeswoman for Sainsbury''s, Britain''s second-largest supermarket group, said it was working with suppliers to maintain supply but that customers would be prevented from making bulk purchases.No. 3 player Asda, the British arm of Wal-Mart, said that it had availability issues on a small number of salad items and vegetables such as courgettes and aubergines."Were doing everything we can to support our growers and get back up to full supply as quickly as possible," a spokesman said.Discounters Aldi [ALDIEI.UL] and Lidl [LIDUK.UL] both said they were not experiencing significant availability issues and have no need to ration.(Reporting by James Davey; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-food-shortages-idINKBN15I15F'|'2017-02-03T07:22:00.000+02:00'|1118.0|''|-1.0|'' 1119|'000c43c0ef75413b4a3186ec625177a49e538170'|'PRESS DIGEST- The New York Times business news - Feb 16'|'Feb 16 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Union organizers fell far short on Wednesday in a bid to enlist workers at Boeing''s South Carolina facilities in what was widely viewed as an early test of labor''s strength in the Trump era. nyti.ms/2kV0SYp- The fast-food executive Andrew Puzder withdrew his nomination to be labor secretary on Wednesday as Republican senators turned sharply against him, the latest defeat for a White House besieged by infighting and struggling for traction even with a Republican-controlled Congress. nyti.ms/2kV7shy- Soon after Yahoo disclosed the first of two enormous data breaches that threatened to upend a $4.8 billion deal it had reached with Verizon Communications, the embattled company began to confront an unpleasant potential future. nyti.ms/2kV4KsD- Janet Yellen, the Federal Reserve chairwoman, sparred with House Republicans on Wednesday about the value of financial regulation and the effectiveness of monetary policy in a testy session that showed the gulf between the central bank and the conservatives who control Capitol Hill. nyti.ms/2kV7EgM (Compiled by Vishal Sridhar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL4N1G12C7'|'2017-02-16T03:26:00.000+02:00'|1119.0|''|-1.0|'' -1120|'99389424d28393faa88088c4977ada30f9a5f7d6'|'Why is Trump backing off his China threats?'|'Why is Trump backing off his China threats? by Jethro Mullen @CNNMoney February 10, 2017: 9:20 AM ET America''s complicated, critical trade relations with China Well, that didn''t take long. Less than two months ago, Donald Trump rattled China by suggesting that the highly sensitive matter of American policy on Taiwan could be used as leverage to "make a deal" with Beijing on trade and other issues. Now he''s backed off , telling Chinese President Xi Jinping over the phone on Thursday that he''ll honor the "One China" policy that acknowledges Beijing''s claim that Taiwan is part of China. Trump portrayed himself during his campaign as a master negotiator who would take a tough line on China to get the U.S. a better deal with its biggest trading partner. But putting into play an issue that Beijing regards as non-negotiable doesn''t seem to have gotten him anywhere. "If you want to get something done in terms of economics and trade, you don''t overshadow it with an issue like that," said Alan Oxley, a former Australian trade negotiator. "It''ll be very political. There will be standoffs and no discussions." Trump had also threatened to label China a currency manipulator on his first day in office, a move that some experts feared could be the first step toward a trade war. He didn''t follow through on that threat either. "I would talk to them first," Trump told the Wall Street Journal in an interview shortly before he took office. Related: Trump didn''t go after China on Day One His willingness to pull back from some of his more extreme ideas has been welcomed by market watchers. The pledge to Xi on Taiwan "matters to investors because if China can bring about a change like this, it may succeed in softening other U.S. policy positions," said Paul Donovan, global chief economist at UBS Wealth Management. Trump has previously threatened to slap tariffs of as much as 45% on Chinese goods. If he follows through with that, the result could be a trade war that damages both economies . Related: Chinese president: No one can win a trade war Talking with China, rather than trading threats, could help Trump come away with some kind of deal on issues like import tariffs and currencies that he could tout as a victory. "I think from Beijing''s point of view, they are amenable to negotiations and even compromise on trade issues," said Willy Lam, a China expert at the Chinese University of Hong Kong. "But they are tougher on territorial issues." Chinese leaders shouldn''t relax too soon, however. "If China doesn''t compromise on currency and trade, Trump might change his mind," Lam warned. He suggested Trump could easily bring Taiwan back into play by enhancing contacts with its government. "It''s too early to say Trump has abandoned the ''One China'' card," he said. The U.S. president''s choices for key trade jobs in his administration indicate he could still take a hawkish line. His team includes Peter Navarro , an economist who directed a documentary titled: "Death By China: How America lost its manufacturing base" and Robert Lighthizer , who was part of a Reagan administration trade team that imposed protectionist measures. But if Trump does change course on Taiwan again, he''ll be playing a very risky game. "The ''One China'' policy is not a card on the bargaining table," said Paul Haenle, a former China director at the U.S. National Security Council. "It is the table itself." -- David McKenzie and Katie Hunt contributed to this report. CNNMoney (Hong Kong) 7:46 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/10/news/economy/trump-china-taiwan-threats-trade/index.html'|'2017-02-10T19:46:00.000+02:00'|1120.0|''|-1.0|'' +1120|'99389424d28393faa88088c4977ada30f9a5f7d6'|'Why is Trump backing off his China threats?'|'Why is Trump backing off his China threats? by Jethro Mullen @CNNMoney February 10, 2017: 9:20 AM ET America''s complicated, critical trade relations with China Well, that didn''t take long. Less than two months ago, Donald Trump rattled China by suggesting that the highly sensitive matter of American policy on Taiwan could be used as leverage to "make a deal" with Beijing on trade and other issues. Now he''s backed off , telling Chinese President Xi Jinping over the phone on Thursday that he''ll honor the "One China" policy that acknowledges Beijing''s claim that Taiwan is part of China. Trump portrayed himself during his campaign as a master negotiator who would take a tough line on China to get the U.S. a better deal with its biggest trading partner. But putting into play an issue that Beijing regards as non-negotiable doesn''t seem to have gotten him anywhere. "If you want to get something done in terms of economics and trade, you don''t overshadow it with an issue like that," said Alan Oxley, a former Australian trade negotiator. "It''ll be very political. There will be standoffs and no discussions." Trump had also threatened to label China a currency manipulator on his first day in office, a move that some experts feared could be the first step toward a trade war. He didn''t follow through on that threat either. "I would talk to them first," Trump told the Wall Street Journal in an interview shortly before he took office. Related: Trump didn''t go after China on Day One His willingness to pull back from some of his more extreme ideas has been welcomed by market watchers. The pledge to Xi on Taiwan "matters to investors because if China can bring about a change like this, it may succeed in softening other U.S. policy positions," said Paul Donovan, global chief economist at UBS Wealth Management. Trump has previously threatened to slap tariffs of as much as 45% on Chinese goods. If he follows through with that, the result could be a trade war that damages both economies . Related: Chinese president: No one can win a trade war Talking with China, rather than trading threats, could help Trump come away with some kind of deal on issues like import tariffs and currencies that he could tout as a victory. "I think from Beijing''s point of view, they are amenable to negotiations and even compromise on trade issues," said Willy Lam, a China expert at the Chinese University of Hong Kong. "But they are tougher on territorial issues." Chinese leaders shouldn''t relax too soon, however. "If China doesn''t compromise on currency and trade, Trump might change his mind," Lam warned. He suggested Trump could easily bring Taiwan back into play by enhancing contacts with its government. "It''s too early to say Trump has abandoned the ''One China'' card," he said. The U.S. president''s choices for key trade jobs in his administration indicate he could still take a hawkish line. His team includes Peter Navarro , an economist who directed a documentary titled: "Death By China: How America lost its manufacturing base" and Robert Lighthizer , who was part of a Reagan administration trade team that imposed protectionist measures. But if Trump does change course on Taiwan again, he''ll be playing a very risky game. "The ''One China'' policy is not a card on the bargaining table," said Paul Haenle, a former China director at the U.S. National Security Council. "It is the table itself." -- David McKenzie and Katie Hunt contributed to this report. CNNMoney (Hong Kong) 7:46 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/10/news/economy/trump-china-taiwan-threats-trade/index.html'|'2017-02-10T19:46:00.000+02:00'|1120.0|17.0|0.0|'' 1121|'ac4d72b09a07265b88cffe9fafd31f37c808dfe7'|'Deutsche Bank board member says staff not quitting over bonus cuts-paper'|'Business News - Sun Feb 26, 2017 - 7:29am EST Deutsche Bank board member says staff not quitting over bonus cuts-paper The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Bonus cuts at German flagship lender Deutsche Bank ( DBKGn.DE ), announced in January, have so far not led to a mass exodus of employees, one of its board members told a German weekly newspaper. "Fluctuation is normal and within the usual boundaries and was even lower in January compared to the previous year," Chief Administrative Officer Karl von Rohr told Frankfurter Allgemeine Sonntagszeitung (FAS) when asked if the bank had lost staff. The cuts will see the bank''s bonus pool shrink by about 80 percent and hit about a quarter of Deutsche''s roughly 100,000 staff. Carmaker Volkswagen ( VOWG_p.DE ) on Friday announced major changes to executive pay with a cap on earnings, looking to quell widespread anger over bonuses paid even as the carmaker suffered record losses after the emissions scandal. Deutsche Bank, Germany''s flagship lender, posted a net loss of 1.9 billion euros ($2.01 billion) in the final quarter of 2016 as legal costs for past misdeeds weighed heavily on results. While Deutsche Bank has drawn a line under some major legal headaches, earmarking 4.7 billion of total litigation reserves of 7.6 billion euros for settlements such as over the sale of toxic mortgages and sham Russian trades, it is not yet out of the woods. About 20 large cases account for 90 percent of the bank''s legal provisions, von Rohr said, adding half of those had either been concluded already or were about to be completed. "The rest will hopefully be largely dealt with by the end of the year." (Reporting by Christoph Steitz; Editing by Elaine Hardcastle) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-deutsche-bank-bonuses-idUSKBN1650FP'|'2017-02-26T19:29:00.000+02:00'|1121.0|''|-1.0|'' 1122|'b5ff67a53da4cdc86ed7091eea43c1b18b788b43'|'Lundin Petroleum to spin off non-Norwegian assets'|' 8:02am GMT Lundin Petroleum to spin off non-Norwegian assets OSLO Swedish oil firm Lundin Petroleum ( LUPE.ST ) plans to spin off its assets outside of Norway in a separately listed company and will hand out shares in the new firm to its owners, it said in a statement on Monday. Separately the company''s Norwegian unit announced an oil discovery in the Arctic Barents Sea, while Lundin also set an output target for 2017 that was below forecasts in a Reuters poll of analysts. The assets that will be hived off, located in Malaysia, France and the Netherlands, will become part of the newly formed International Petroleum Corporation (IPC). "Given ongoing developments and successes with the company''s assets in Norway, the IPC Assets, held within a separate and independent entity, would benefit from enhanced strategic flexibility and management focus, as well as be ascribed increased focus, visibility, and value from investors," it said. The aim is to turn IPC into a leading international independent oil and gas company. "IPC has applied to the Toronto Stock Exchange to list its shares ... under the ticker IPCO, and also intends to list its shares on the NASDAQ Stockholm stock exchange," Lundin said. (Reporting by Terje Solsvik, editing by Nerijus Adomaitis) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lundinpetroleum-divestiture-idUKKBN15S0PT'|'2017-02-13T15:02:00.000+02:00'|1122.0|''|-1.0|'' 1123|'b2687c2c77dd6b75e261cf48ef8ce52379890214'|'Genmab and J&J''s cancer drug set for blockbuster sales this year'|'Wed Feb 22, 2017 - 8:12pm GMT Genmab and J&J''s cancer drug set for blockbuster sales this year COPENHAGEN Danish biotech drugmaker Genmab ( GEN.CO ) expects sales of Darzalex, used to fight cancer in bone marrow, to surpass $1 billion this year to become a blockbuster drug, the company said on Wednesday. The strong performance of Darzalex, which is currently approved to treat multiple myeloma, prompted six upward revisions to the company''s revenue and operating profit guidance for its 2016 financial year. The $1 billion a year required to achieve blockbuster is now in sight, with net sales of Darzalex -- approved in November 2015 and is marketed by Johnson & Johnson (J&J)( JNJ.N ) -- expected to reach between $1.1 billion and $1.3 billion this year, up from $572 million in 2016, Genmab said. Analyst expectations, on average, are for Darzalex to generate as much as $1.18 billion in revenue this year and $2.53 billion by 2020, according to data from Thomson Reuters Cortellis. Shares in the Danish company have surged by more than 3,200 percent in the past five years as it has morphed from a cash-burning operation into a profitable business with actual drugs on the market. Genmab receives tiered royalties from J&J on its sales and expects to receive Darzalex royalties of between 930 million Danish crowns and 1,100 million crowns ($132 million-$156 million) and 800 million crowns in milestone payments this year. Operating income for 2016 came in at 1.1 billion crowns and is expected in the range of 900-1,100 million crowns in 2017. With a market capitalization of $12 billion, Genmab is Europe''s second-biggest biotech company behind Actelion ( ATLN.S ), although both still lag well behind the likes of U.S. groups Gilead ( GILD.O ), Amgen ( AMGN.O ) and Celgene. However, Genmab''s chief executive Jan van de Winkel believes that Darzalex has the potential to achieve peak annual sales as high as $13 billion if the drug is approved for a wider range of cancers. "It could work in other blood cancers as well as in solid tumors. So that means $13 billion potential if it would work in all the indications," van de Winkel told Reuters. He acknowledged that $13 billion would be the most rosy scenario but said that Darzalex could "definitely" achieve more than $9 billion. (Reporting by Stine Jacobsen; Editing by Elaine Hardcastle and David Goodman) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-genmab-results-idUKKBN1612LL'|'2017-02-23T03:11:00.000+02:00'|1123.0|''|-1.0|'' 1124|'add1d1662df2678d34027349ec8382699a22e20a'|'Deutsche Boerse CEO says insider trading allegations will prove unfounded'|'Business News 02am EST Deutsche Boerse CEO says insider trading allegations will prove unfounded Carsten Kengeter, CEO of Deutsche Boerse talks to the media during the presentation of FinTec start-up facilities provided by Deutsche Boerse in Frankfurt, Germany, February 24, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Boerse ( DB1Gn.DE ) Chief Executive Carsten Kengeter said insider trading allegations against him would prove unfounded, given he had no role in determining the timing of his share purchases ahead of the announcement of merger plans with the London Stock Exchange ( LSE.L ). "We, Deutsche Boerse and myself, are fully cooperating with the public prosecutor. I am certain that, following detailed investigation, the allegations will turn out to be unfounded," Kengeter said at a news conference to discuss the exchange operator''s annual results. "When I purchased the shares using my own funds, I did not do so at a time of my own choosing. I did so between 1 and 21 December 2015 within a time-frame fixed by the Supervisory board," Kengeter said, adding that the shares were subject to a holding period until the end of 2019. Kengeter said the company was pursuing its merger with LSE and that he was engaged in a "constructive dialogue" with policymakers in Hesse, the German state where Deutsche Boerse is headquartered. (Reporting by Edward Taylor; Editing by Maria Sheahan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-boerse-lse-kengeter-idUSKBN15V0X4'|'2017-02-16T16:02:00.000+02:00'|1124.0|''|-1.0|'' -1125|'fffe5fe7daf0ac816f67b529f512b319de26adde'|'Anglo American reports 25 percent rise in core earnings, to resume dividends'|' 7:20am GMT Anglo American reports 25 percent rise in core earnings, to resume dividends A cow is seen near the AngloAmerican sign board outside the Mogalakwena platinum mine in Mokopane , north-western part of South Africa , Limpopo province May 18, 2016. REUTERS/Siphiwe Sibeko/File Photo LONDON Anglo American ( AAL.L ) on Tuesday reported a 25 percent rise in annual earnings before interest, tax, depreciation and amortisation (EBITDA) and 34 percent fall in net debt and said it would resume dividend payments by the end of 2017. In late 2015 it announced it would suspend dividends after a commodities rout, which was followed by a rebound in raw materials prices in 2016. To shore up its balance sheet, Anglo had announced a major restructuring plan. On Tuesday it said it would retain its focus "on high-quality long-life assets" while asset sales for deleveraging were no longer necessary. (Reporting by Barbara Lewis and Sanjeeban Sarkar; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-anglo-results-idUKKBN1600LC'|'2017-02-21T14:20:00.000+02:00'|1125.0|''|-1.0|'' +1125|'fffe5fe7daf0ac816f67b529f512b319de26adde'|'Anglo American reports 25 percent rise in core earnings, to resume dividends'|' 7:20am GMT Anglo American reports 25 percent rise in core earnings, to resume dividends A cow is seen near the AngloAmerican sign board outside the Mogalakwena platinum mine in Mokopane , north-western part of South Africa , Limpopo province May 18, 2016. REUTERS/Siphiwe Sibeko/File Photo LONDON Anglo American ( AAL.L ) on Tuesday reported a 25 percent rise in annual earnings before interest, tax, depreciation and amortisation (EBITDA) and 34 percent fall in net debt and said it would resume dividend payments by the end of 2017. In late 2015 it announced it would suspend dividends after a commodities rout, which was followed by a rebound in raw materials prices in 2016. To shore up its balance sheet, Anglo had announced a major restructuring plan. On Tuesday it said it would retain its focus "on high-quality long-life assets" while asset sales for deleveraging were no longer necessary. (Reporting by Barbara Lewis and Sanjeeban Sarkar; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-anglo-results-idUKKBN1600LC'|'2017-02-21T14:20:00.000+02:00'|1125.0|17.0|0.0|'' 1126|'ca3f741f6cc474b943dc7cc6d070869ddcbc8154'|'Shattered when the roof of my Hyundai fell in on me - Money'|'Impressed by the offer of a five-year warranty, we bought, in October 2012, a new Hyundai ix35. For no reason (good weather, no trees above) the sunroof spontaneously shattered. The noise was staggering, and I had glass raining down on me as I was driving at 30mph. My local Hyundai dealer, where we bought the car, was confident a repair would be covered by the warranty. The following day, the warranty team refused the repair and, instead, quoted us 1,700 to fix the roof. I escalated the matter to Hyundai UK and it only offered 280 as a goodwill gesture. Internet research reveals Hyundai has had past issues with shattering sunroofs in different markets, with some repaired under warranty and some refused it seems to be the luck of the dealer. Am I being unreasonable? JP, Tunbridge Wells We dont think you are being unreasonable at all, and this is yet another case of a car manufacturer failing to honour its warranty. You have told me the car was being driven on a quiet road with no other cars around, and not under anything. As you say, there are lots of other owners claiming that the same thing has happened to them in each case, like you, they report a gunshot-like sound and the whole thing shatters.In the US, Hyundai recalled 20,000 vehicles, and in 2015 was accused in a California federal court of doing nothing to protect or inform drivers of the possibility of panoramic sunroofs in certain models spontaneously shattering.Despite this, Hyundai has again told us that it will not pay for your roof. In its response it laughably claimed that it has fully inspected the roof even though it is in tiny shattered parts. We have photographs of the roof, but as all the glass has fallen in, there was no opportunity to identify an actual impact point. However, this vehicle has been visually inspected by the dealership and it has confirmed no manufacturing defect could be found. We are satisfied that, as with other cases, this was caused by an object striking the roof whilst the vehicle was moving, it said.Clearly this sunroof is not fit for purpose. I would write to the dealer who sold you the car to say you will bring a claim in the small claims court under the terms of the Consumer Rights Act. This may prompt a reasonable solution. If it doesnt, bring the claim.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/feb/05/hyundai-roof-shattered-glass-warranty'|'2017-02-05T14:01:00.000+02:00'|1126.0|''|-1.0|'' 1127|'9539bbf2c4e8978bc0060ebcdbb19ca9809f1923'|'Coca-Cola forecasts drop in 2017 on refranchising costs -'|'Coca-Cola Co forecast a drop in full-year adjusted profit, hurt by higher costs for refranchising its bottling operations in North America.The world''s largest beverage maker''s shares were down 2 percent at $41.12 in premarket trading on Thursday.Coca-Cola has been offloading much of its bottling business to cope with falling demand for carbonated beverages in North America.The company said on Thursday it was on track to complete refranchising of its U.S. bottling operations by the end of this year.Charges related to the refranchising of its U.S. bottling operations look to be a more meaningful drag on the company''s full-year profit than analysts were expecting, brokerage Cowen & Co said in a note to clients on Thursday.The company forecast 2017 adjusted earnings to fall 1-4 percent from $1.91 per share in 2016. Analysts on average were expecting earnings of $1.97,Net income attributable to the company''s shareholders more than halved to $550 million, or 13 cents per share, in the fourth quarter ended Dec. 31, from $1.24 billion, or 28 cents per share, a year earlier.The quarter included a $919 million charge related to the refranchising of its bottling operations.Excluding items, the company earned 37 cents per share, in line with estimates.Net operating revenue fell about 6 percent to $9.41 billion, the seventh straight drop, but beat estimates of $9.13 billion, helped by higher sales of its sodas in North America, its biggest market.Volume in North America, including a 1 percent growth in sales of its carbonated sodas such as Sprite and Fanta.However, global volume sales for the company fell 1 quarter, hurt by high levels of inflation in certain Latin American countries.(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/coca-cola-results-idINKBN15O1X0'|'2017-02-09T11:53:00.000+02:00'|1127.0|''|-1.0|'' 1128|'4b6059e3fe7e328db824e85fa900a0a2fdc8a079'|'UPDATE 1-Union at Chilean Escondida mine says strike is likely'|'Company 10:30am EST UPDATE 1-Union at Chilean Escondida mine says strike is likely (Recasts, adds quote and copper price) By Fabian Cambero and Gram Slattery SANTIAGO Feb 7 The main union at BHP Billiton Plc''s Escondida copper mine in Chile, the world''s largest, will probably go on strike as government-mediated negotiations with the company are not progressing well, a spokesman said on Tuesday. The two sides on Friday started a five-day government-mediated period of negotiations that effectively delays a work stoppage the Escondida Union No. 1 voted for last week. As no talks took place on Sunday, Wednesday will be the last day of the negotiations, which the union is legally required to attend, unless both parties agree to an extension. "Three days of government mediation, and we haven''t arrived at any agreement," union spokesman Carlos Allendes said. " ... It''s likely that on (Thursday) the ninth, we''ll have to make the strike effective on the ground, so we already have that prepared." A strike would halt production at the mine, Allendes added. In a news release late on Monday, the union said BHP had not committed to a benefits scheme that places new and old workers on equal footing. The union, which considers equality of benefits key to any agreement, added that it tried to discuss the issue with the company, which asked to put it off to the end of negotiations. BHP did not respond immediately to requests for comment. The possibility of a strike, which workers warn could be lengthy, has pushed up global copper prices in recent days. They stood at $5,833.50 per tonne at noon local time (1500 GMT), up from a morning low of $5,786 per tonne. Escondida produced 1.15 million tonnes of copper in 2015, about 6 percent of the world''s total. It is majority-controlled by BHP, with Rio Tinto and Japan''s JECO also holding stakes. (Reporting by Gram Slattery; Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chile-copper-escondida-idUSL1N1FS0ST'|'2017-02-07T22:30:00.000+02:00'|1128.0|''|-1.0|'' @@ -1176,12 +1176,12 @@ 1174|'e7fec6860947d55e36358ad1f417e59f254b2e03'|'UPDATE 1-Buyout firm KKR to hike dividend payout; earnings disappoints'|'(Adds details of results)NEW YORK Feb 9 Private equity firm KKR & Co LP said on Thursday it will raise its quarterly dividend payout from the end of March by a cent, after posting lower-than-expected fourth-quarter earnings, hurt by unrealised losses in its buyout investments.New York-based KKR, which managed $129.6 billion as of the end of December, said it was raising its dividend payout to 17 cents a share from 16 cents from the first quarter of this year.KKR gives its investors a fixed payout every quarter.Gains in the U.S. stock market in the past year have buoyed the returns for some buyout firms, although stubborn weakness in various business segments including hedge funds have dented overall performance.KKR''s rival Carlyle Group LP, for example, reported sharply lower-than-expected earnings on Wednesday, weighed by losses in its hedge funds.KKR earned an economic net income of $339.2 million after taxes in the fourth quarter, which translated to 40 cents a share, compared with analysts'' forecasts of 43 cents a share, according to Thomson Reuters I/B/E/S.Economic net income is a key metric for U.S. private equity firms that accounts for unrealized gains or losses in investments.In a statement, KKR said it had earned less carried interest in the final three months of 2016 due to a lower level of net gains in its private equity investments. Carried interest is a cut of the profit that KKR keeps after generating returns in excess of an agreed level for its clients.For the fourth quarter, KKR said its private equity returns rose 3.4 percent, roughly in line with gains in the benchmark S&P 500 stock index. Its buyout investments gained 11.9 percent for all of 2016, beating a 9.5 gain in the S&P 500 over the same period.A breakdown of KKR''s buyout investments showed weakness in its energy, infrastructure and U.S. real estate holdings were a drag.(Reporting by Koh Gui Qing; Editing by W Simon and Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/kkr-results-idINL1N1FU0N4'|'2017-02-09T10:36:00.000+02:00'|1174.0|''|-1.0|'' 1175|'cf18d7e31b9a5be7ca07e6d5af81e68230841542'|'Boeing workers in South Carolina vote on whether to unionize 15,'|'Boeing shoots a plane into the air like a rocket Nearly 3,000 Boeing workers at its new South Carolina plant are voting Wednesday in a closely watched effort by organize labor to establish an important foothold in the South. Manufacturers have been drawn to the South because the region is strongly anti-union. Less than 2% of South Carolina workers are union members, the lowest unionization rate in the nation. Boeing ( BA ) spent billions to open its North Charleston plant, arguing it needs to assure customers who buy the 787 Dreamliner, which is built there, that the plant wouldn''t go on strike. Related: Trump move on Iran could cost jobs at Boeing The Machinists union, which represents most Boeing factory workers throughout the U.S., is seeking to represent the workers in South Carolina. A win would give it even more leverage over Boeing in future labor talks. A union loss would further encourage other manufacturers to open union-free plants in the South. The vote is seen as an uphill battle for the union, which dropped plans for a vote last year. About 40% to 50% of organizing votes fail. A visit from President Donald Trump on Friday will draw even more attention to the plant. Boeing''s South Carolina assembly line, where workers are voting on whether or not to join a union. The plant will get additional attention this week as President Donald Trump plans to visit the plant Friday. Wages are a key issue in the vote. The union says South Carolina workers earn about $10 an hour less than union members at Boeing''s Washington state plants. For its part, Boeing says pay scales are driven by wages in the local market, and that the South Carolina plant already pays better than a union-represented Boeing plant in Alabama. Related: Boeing pitches China facility as Trump-friendly The battle between Boeing and the union won''t end with Wednesday''s vote. If it loses, the union could try for another vote in a year. If it wins, it would then start what are likely to be contentious negotiations for a contract with Boeing to cover the South Carolina workers. CNNMoney (New York) 15, 2017: 10:28 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/02/15/news/companies/boeing-union-vote/index.html'|'2017-02-15T17:28:00.000+02:00'|1175.0|''|-1.0|'' 1176|'4d735baaf091184da5833f812f4c76f78ec730b2'|'BRIEF-Terex Corp reports Q4 loss per share $2.96'|' 54pm EST BRIEF-Terex Corp reports Q4 loss per share $2.96 Feb 21 Terex Corp: * Terex announces fourth quarter and full year 2016 results and provides 2017 guidance * Q4 loss per share $2.96 from continuing operations * Q4 sales $1.0 billion versus i/b/e/s view $918.8 million * Sees FY 2017 earnings per share $0.60 to $0.80 excluding items * Q4 adjusted earnings per share $0.07 from continuing operations excluding items * Sees FY 2017 sales about $3.9 billion * Q4 earnings per share view $-0.05 -- Thomson Reuters I/B/E/S * Terex Corp - income from continuing operations, as adjusted, for Q4 of 2016 was $7.4 million, or $0.07 per share * Terex Corp - "looking ahead to 2017, we expect our primary global markets to remain challenging" * Terex Corp sees 2017 adjusted earnings per share of between $0.60 and $0.80 * Terex Corp qtrly net sales $974.7 million versus $1,167.6 million '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-terex-corp-reports-q4-loss-per-sha-idUSASB0B1DW'|'2017-02-22T04:54:00.000+02:00'|1176.0|''|-1.0|'' -1177|'5c734871f01788542c08fcf178192871a326959e'|'IT security firm Sophos rises after $100 million Invincea deal'|'LONDON British IT security company Sophos ( SOPH.L ) has agreed to buy malware protection company Invincea for $100 million to bolster its product line and give it a stronger presence in the U.S. government, healthcare and financial services sector.Shares in Sophos rose 5.5 percent to a four-month high of 287 pence, topping the mid-cap index .FTMC , after the deal was announced on Wednesday.Sophos chief executive Kris Hagerman said Invincea''s machine learning-based threat detection technology would be rapidly integrated into its product line, representing a significant growth opportunity for the company.The deal, which includes a $20 million earn-out in addition to the $100 million cash payment, came as Sophos reported a 16 percent rise in third-quarter billings to $164.1 million.(Reporting by Paul Sandle, editing by James Davey)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sophos-group-m-a-invincea-idINKBN15N0XO'|'2017-02-08T06:27:00.000+02:00'|1177.0|''|-1.0|'' +1177|'5c734871f01788542c08fcf178192871a326959e'|'IT security firm Sophos rises after $100 million Invincea deal'|'LONDON British IT security company Sophos ( SOPH.L ) has agreed to buy malware protection company Invincea for $100 million to bolster its product line and give it a stronger presence in the U.S. government, healthcare and financial services sector.Shares in Sophos rose 5.5 percent to a four-month high of 287 pence, topping the mid-cap index .FTMC , after the deal was announced on Wednesday.Sophos chief executive Kris Hagerman said Invincea''s machine learning-based threat detection technology would be rapidly integrated into its product line, representing a significant growth opportunity for the company.The deal, which includes a $20 million earn-out in addition to the $100 million cash payment, came as Sophos reported a 16 percent rise in third-quarter billings to $164.1 million.(Reporting by Paul Sandle, editing by James Davey)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sophos-group-m-a-invincea-idINKBN15N0XO'|'2017-02-08T06:27:00.000+02:00'|1177.0|23.0|1.0|'' 1178|'d0d325c3ed921d2c96450577df7bea1b28f3733b'|'Braskem sees Brazil plastics market growing 2 pct in 2017 -CEO'|'Company News 13am EST Braskem sees Brazil plastics market growing 2 pct in 2017 -CEO SAO PAULO Feb 22 Petrochemical producer Braskem SA expects demand for plastic resins to grow around 2 percent this year from 2016, Chief Executive Fernando Musa said on a Wednesday earnings call. Demand for polyethylene, polypropylene and PVC in Brazil rose 13 percent in the fourth quarter from a year ago, Braskem said in an unaudited earnings release on Wednesday. (Reporting by Brad Haynes) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/braskem-results-outlook-idUSE6N1CB02G'|'2017-02-22T22:13:00.000+02:00'|1178.0|3.0|0.0|'' 1179|'b8e9359db5cf4434a3ef78a31aa6449641a0ee39'|'PSA boss to meet top German officials over Opel plans'|' 22am EST PSA boss to meet top German officials over Opel plans PARIS Feb 15 The chief executive of Peugeot maker PSA Group, Carlos Tavares, plans to meet senior German officials in the near future to discuss the possible acquisition of General Motors'' European Opel division, the French carmaker said on Wednesday. "Carlos Tavares intends to meet with Opel''s stakeholders in Germany," a PSA spokesman said, without giving any timetable for the talks. Tavares may meet German Chancellor Angela Merkel as part of those discussions, he said. (Reporting by Laurence Frost; editing by Jason Neely) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/psa-opel-ma-germany-idUSL8N1G02UV'|'2017-02-15T17:22:00.000+02:00'|1179.0|11.0|2.0|'' 1180|'88e44d0d48ae246abed97a0bd28fd1b863adc56c'|'Morning News Call - India, February 21'|' 27pm EST Morning News Call - India, February 21 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:00 am: N. Chandrasekaran to take over as new chairman of Tata Sons in Mumbai. 11:00 am: Microsoft CEO Satya Nadela to meet Electronics and IT Minister Ravi Shankar Prasad in New Delhi. 12:00 pm: Environment Minister Anil Dave briefs media on air pollution in New Delhi. 1:30 pm: Reliance Industries Chairman Mukesh Ambani video statement in Mumbai. 2:00 pm: Finance Secretary Ashok Lavasa to speak at an event in New Delhi. 3:00 pm: Foreign Investment Promotion Board meets to consider 24 FDI proposals in New Delhi. LIVECHAT-INDIAN CRICKET BEYOND BCCI AND IPL Cricketer Jatin Paranjpe joins us at 11:00 am to share his views on cricket in the Kohli era, IPL and on why despite repeated attempts cricket still remains a passionate sport in a handful of countries. To join the conversation, click on the link: here LIVECHAT- FOREX PULSE We explore the outlook for FX markets with Derek Halpenny, European head of FX research at Bank of Tokyo-Mitsubishi UFJ at 3:30 pm. To join the conversation, click on the link: here INDIA TOP NEWS TCS announces up to $2.4 bln share buyback Software services exporter Tata Consultancy Services will buy back shares worth up to 160 billion rupees, it said on Monday, adding to pressure on similarly cash-rich rival Infosys to follow suit. Rosneft-led consortium plans to complete Essar acquisition next month -sources A consortium led by Russian oil major Rosneft plans to finally complete its $12.9 billion acquisition of India''s Essar Oil next month, two Russian sources close to the deal told Reuters. Reliance''s Jio hails Uber ride in payments battle with PayTM Uber users in India, who until now had Chinese Internet giant Alibaba-backed PayTM as the only payment wallet option available to book a ride, will now be able to pay through Reliance Jio Infocomm''s Jio Money. Goldman unit launches up to $82 mln block deal in Max Financial - terms A unit of Goldman Sachs has launched a block deal to sell up to $82.1 million worth of shares in Max Financial Services Ltd with an upsize option of $41.1 million, a deal term sheet showed on Monday. Russia to start deliveries of helicopters to India in 2019 Russia will start initial deliveries of military helicopters to India in 2019, with assembly and manufacturing to follow in Asia''s fastest growing economy, the chief executive of state-owned manufacturer Russian Helicopters said on Monday. India looks to expand energy ties with Myanmar India plans to sell refined crude oil products to Myanmar as part of New Delhi''s efforts to deepen ties with its eastern neighbour, which is expected to see strong demand for fuels as it builds new roads, factories, utilities and airports. India extends anti-dumping duty on some Chinese steel items by 5 yrs India has extended anti-dumping duty on some steel products from China by five years, in a bid to retain protectionist barriers and stem the tide of cheap foreign products. GLOBAL TOP NEWS Outspoken general named Trump''s top security adviser U.S. President Donald Trump on Monday named Lieutenant General Herbert Raymond McMaster as his new national security adviser, choosing a military officer known for speaking his mind and challenging his superiors. Toshiba seeking $8.8 bln for majority stake in chip unit -source Toshiba Corp wants to raise at least 1 trillion yen from the sale of a majority stake in its flash memory chip business as a buffer against any fresh financial problems, a source with direct knowledge of the matter said. Malaysian PM says probe into airport killing will be fair Malaysia''s Prime Minister Najib Razak said on Monday his government''s investigation of the killing of the North Korean leader''s half-brother, Kim Jong Nam, will be "objective", as tensions rose between the countries. GLOBAL MARKETS Asian stocks held near 1-1/2-year highs in subdued early trade as a holiday in the United States left investors with few catalysts, while the euro nursed overnight losses as lingering concerns about the looming French election rattled its bonds. U.S. crude futures rose for a second day with data showing hedge funds are betting big across oil markets following OPEC production cuts agreed last year. Gold prices eased slightly amid a firmer dollar as investors waited on clues on the timing of U.S. interest rate hikes in a host of speeches by Federal Reserve officials. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.97/67.00 February 20 -$64.73 mln -$10.31 mln 10-yr bond yield 7.17 pct Month-to-date $1.58 bln $1.10 bln Year-to-date $1.56 bln $990.44 mln (Money markets are closed on account of Mumbai local elections) For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] (Erum Khaled in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL4N1G61IM'|'2017-02-21T10:27:00.000+02:00'|1180.0|''|-1.0|'' 1181|'c37936a7fd75bf7e54a1decc92c138ea30be9e08'|'UK fashion retailer Reiss names Angelides as CEO'|'LONDON Feb 20 British fashion retailer Reiss named former Next executive Christos Angelides as its new chief executive on Monday in a move aimed at allowing founder and chairman David Reiss to scale back his responsibilities.Reiss, which is majority owned by private equity firm Warburg Pincus, said the appointment was part of a planned succession process. It ends speculation that Angelides might join Marks & Spencer to lead its struggling clothing division.Angelides, who spent 28 years at Next with 14 as group product director, had a brief stint as president of Abercrombie and Fitch based in the United States.He will start his new role at the end of March and will resign as a non-executive director of rival French Connection on Feb. 28."I am delighted that Christos has agreed to lead Reiss ... and look forward to working closely with him in order to ensure an orderly succession," said David Reiss, who will remain chairman but give up the CEO role.Last month Reiss reported total sales up 19.7 percent in the six weeks to Jan. 7. ($1 = 0.8026 pounds) (Reporting by James Davey; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/reiss-ceo-idINL8N1G5296'|'2017-02-20T08:24:00.000+02:00'|1181.0|''|-1.0|'' -1182|'52c35f699315a55f3fd31d216ce19457fdc97eb1'|'BRIEF-Eaton Vance Q1 adjusted earnings per share $0.53'|' 07am EST BRIEF-Eaton Vance Q1 adjusted earnings per share $0.53 Feb 22 Eaton Vance Corp - * Q1 adjusted earnings per share $0.53 * Q1 revenue $355 million * Q1 earnings per share view $0.57 -- Thomson Reuters I/B/E/S * Consolidated net inflows of $7.8 billion in q1 of fiscal 2017 versus net inflows of $5.3 billion * Consolidated assets under management were $363.7 billion on January 31, 2017, up 20 percent * Qtrly revenue $354.96 million versus $331.6 million last year * Q1 revenue view $351.2 million -- Thomson Reuters I/B/E/S * Average consolidated assets under management were $344.9 billion in Q1, up 12 percent * Consolidated sales and other inflows were $44.9 billion in Q1, up 47 percent Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-eaton-vance-q1-adjusted-earnings-p-idUSASB0B1JT'|'2017-02-22T21:07:00.000+02:00'|1182.0|''|-1.0|'' +1182|'52c35f699315a55f3fd31d216ce19457fdc97eb1'|'BRIEF-Eaton Vance Q1 adjusted earnings per share $0.53'|' 07am EST BRIEF-Eaton Vance Q1 adjusted earnings per share $0.53 Feb 22 Eaton Vance Corp - * Q1 adjusted earnings per share $0.53 * Q1 revenue $355 million * Q1 earnings per share view $0.57 -- Thomson Reuters I/B/E/S * Consolidated net inflows of $7.8 billion in q1 of fiscal 2017 versus net inflows of $5.3 billion * Consolidated assets under management were $363.7 billion on January 31, 2017, up 20 percent * Qtrly revenue $354.96 million versus $331.6 million last year * Q1 revenue view $351.2 million -- Thomson Reuters I/B/E/S * Average consolidated assets under management were $344.9 billion in Q1, up 12 percent * Consolidated sales and other inflows were $44.9 billion in Q1, up 47 percent Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-eaton-vance-q1-adjusted-earnings-p-idUSASB0B1JT'|'2017-02-22T21:07:00.000+02:00'|1182.0|26.0|0.0|'' 1183|'e33d4df4fac7e7c52cd51a4e1771426c50b8e936'|'Facebook''s quarterly profit, revenue beat estimates'|' 10:47pm GMT Facebook''s quarterly profit, revenue beat estimates The Facebook logo is displayed on their website in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau By Rishika Sadam and David Ingram Facebook Inc ( FB.O ) shares rose more than 2 percent in after-hours trading on Wednesday as the world''s largest online social network reported higher-than-expected quarterly profit and revenue, helped by continued growth in mobile advertising. The results offered some reassurance to investors who have been concerned since the company warned in November that ad growth would likely slow "meaningfully" due to limits on ad load - the total number of ads Facebook can show to each user. Facebook has faced doubts about whether it can continue its runaway success in the face of such limits, as well as its absence from the Chinese market and criticism about its handling of so-called "fake news" posts during last year''s U.S. election. The company suffered a slight setback just before the market close when a jury in Texas ordered Facebook, its virtual reality unit Oculus, and other defendants to pay a combined $500 million to ZeniMax Media Inc, a video game publisher that says Oculus stole its technology. Facebook shares were up 2.4 percent at $136.44 after the bell on Wednesday. Mobile ad revenue accounted for 84 percent of the company''s total advertising revenue of $8.63 billion (6.82 billion pounds) in the fourth quarter that ended Dec. 31, compared with 80 percent a year earlier. Analysts on average had expected total ad revenue of $8.31 billion, according to research firm FactSet StreetAccount. The company inched closer to reaching 2 billion users, saying that about 1.86 billion people were using its service monthly as of Dec. 31, up 17 percent from a year earlier. Mobile daily active users rose 23 percent to 1.15 billion, the company said. About 90 percent of Facebook''s users access the network through mobile devices. However, many analysts have raised concerns about Facebook''s ability to meet its own targets it sets every quarter. "I think the rate of growth will decline, but it will remain very high," said analyst Michael Pachter of Wedbush Securities. "They grew 57 percent in 2016, and our current model has ''only'' 38 percent revenue growth in 2017. That''s still pretty impressive." Pachter said he expects Facebook to appeal Wednesday''s jury verdict in Texas, but that the result would not affect the share price even if the company loses. "Even if Facebook has to pay $300 million, it''s less than $0.10 per share and they have $29.5 billion in cash," he said. Apart from the core Facebook network, which contributes the lion''s share to overall revenue, the company''s photo-sharing app Instagram and messaging service WhatsApp also have huge user bases. Facebook has been adding features to attract more users and retain those already on the network, with a feature to tackle fake news posts being the most recent addition, after the criticism that followed the U.S. election on Nov. 8. Facebook is expected to generate about $29.71 billion in mobile ad revenue in 2017, according to research firm eMarketer, up about 35.2 percent from 2016. Net income attributable to Facebook shareholders rose to $3.56 billion, or $1.21 per share, from $1.56 billion, or 54 cents per share, a year earlier. Excluding items, the company earned $1.41 per share. Total revenue rose to $8.81 billion from $5.84 billion. Analysts on average had expected a profit of $1.31 per share on revenue of $8.51 billion, according to Thomson Reuters I/B/E/S. (Reporting by Rishika Sadam in Bengaluru and David Ingram in New York; Editing by Saumyadeb Chakrabarty and Bill Rigby) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-facebook-results-idUKKBN15G5MQ'|'2017-02-02T05:47:00.000+02:00'|1183.0|''|-1.0|'' 1184|'b5967be641cb6b189ddfc3968bdbe249669557c3'|'UPDATE 2-Dean Foods profit forecast misses on weak milk demand'|'Thu Feb 16, 2017 - 9:22am EST Dean Foods quarterly profit misses on low milk demand Dean Foods Co ( DF.N ) forecast first-quarter earnings well below analysts'' estimates due to weak demand for milk and higher investments in a recently announced joint venture to expand its organic milk business. Shares of the largest U.S. dairy processor were down 7 percent in premarket trading on Thursday. Dean Foods formed a joint venture with America''s largest cooperative of organic dairy farmers, CROPP, in November to process and supply organic milk. However, the company said earnings from the joint venture are expected to be minimal in 2017. Milk consumption has been falling in the United States, in part due to years of high prices amid a drought-induced supply deficit and shifting consumer preferences towards lower fat alternatives such as juices and vitamin water. Milk volume sales fell 0.8 percent in the fourth quarter ended Dec. 31, while raw milk prices dropped 2 percent, the owner of DairyPure and Meadow Gold milk said. The company forecast adjusted profit of 12-20 cents per share for the first quarter. Analysts on average expected earnings of 40 cents, according to Thomson Reuters I/B/E/S. Net income rose to $32.83 million, or 36 cents per share, in the latest quarter from $18.48 million, or 20 cents per share, a year earlier. Excluding items, the company earned 38 cents per share, missing the analysts'' average estimate of 41 cents. Net sales were little changed at $2.02 billion, marking eight quarters of no revenue growth. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D''Souza and Anil D''Silva) Up Next'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-dean-foods-results-idUSKBN15V1NF'|'2017-02-16T22:43:00.000+02:00'|1184.0|''|-1.0|'' 1185|'2cd4ff79ad72f900bffa51ce0d09fba30965f2df'|'DEALTALK-CIBC''s U.S. dream hangs in balance as PrivateBancorp deal drags'|'(For more Reuters DEALTALKS, click on)By John Tilak and Matt ScuffhamTORONTO Feb 24 Canadian Imperial Bank of Commerce''s insistence on keeping its discipline while assessing whether to increase its $2.9 billion bid for Chicago-based PrivateBancorp leaves the bank''s U.S. expansion plans in the balance.PrivateBancorp postponed a shareholder vote on the deal in December after some investors indicated they would reject it. They argued it undervalued the business following Donald Trump''s election as U.S. president, which sparked hopes of lighter financial regulation, lower tax rates and higher interest rates.Many PrivateBancorp investors had expected CIBC would come back with a higher offer when it reported results on Thursday. But it held its ground, saying it would wait to see how events in the United States unfold between now and June 27, when its current offer expires.CIBCs offer is worth about $52 per PrivateBancorp share, above the $47 deal value at the time of the deal announcement but below PrivateBancorps share price of $56.50 on Friday.CIBC''s Chief Executive Victor Dodig, who had pinned his hopes on the PrivateBancorp deal reducing his bank''s dependence on a lackluster Canadian economy and frothy housing markets, is now facing an agonizing dilemma over whether to bid more or walk away.Sources close to CIBC, who declined to be identified by name, said the bank may marginally improve its initial offer but question whether that would be enough to placate PrivateBancorp shareholders, who are demanding about 25 percent more to secure the deal."The question for CIBC is, how much more can they afford to pay without entering into a transaction that is excessively dilutive?" a source familiar with the bank''s thinking said.The source said it would be tough for CIBC to find an alternative for U.S. expansion in the near-term."It took a long time for CIBC to find PrivateBancorp, the source added. "If they walk away, they''re back to being the most Canadian of the country''s big five banks."There appears to be little prospect of PrivateBancorp accepting the current offer unless unexpected events cause markets to retreat. The U.S. bank''s shares have surged nearly 60 percent since CIBC''s offer on June 29 and about 30 percent since the beginning of November."We feel CIBC''s bid undervalues the strong franchise and future of PrivateBancorp, especially given the changing banking landscape," said David Neuhauser, managing director at U.S. hedge fund Livermore Partners, which owns PrivateBancorp shares.John Rodis, research analyst at boutique U.S. investment bank FIG Partners, said PrivateBancorp shareholders are angling for the high end of the $60 to $70 range."All that I know for sure is the deal in its current form does not get done...but I would think that they would come back with at least one better offer," he saidCIBC''s Dodig said on Thursday the bank "will be disciplined and we will be patient when it comes to price."SIGNS OF CAUTION AT CIBCSome advisers said CIBC''s cautious approach made sense."CIBC is sending signals that they''re not going to buy a company of that size based on speculation around what the tax rate could be in the future or what the banking regulations might be," said one source.Another source said Thursdays comments were aimed at warming up CIBC investors to the prospect of walking away."It tells me that they''re lowering expectations for a deal," he said. "They''re preparing the market for the possibility that a deal does not get done."Some bankers said CIBC investors would not be too disappointed if they chose to walk away."If I were an investor, I''d say,''That''s good discipline. They agreed to a price, they signed a contract and stuck to their guns. I wouldn''t have a problem with that,'' said one banking source. (Reporting by John Tilak and Matt Scuffham; Editing by Cynthia Osterman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/privatebancorp-cibc-idUSL1N1G913B'|'2017-02-25T01:13:00.000+02:00'|1185.0|''|-1.0|'' @@ -1191,7 +1191,7 @@ 1189|'952d6aa85a41dc3d3a71c07a357b66b473fe58f5'|'Shareholder democracy is ailing'|'DEMOCRACY is in decline around the world, according to Freedom House, a think-tank. Only 45% of countries are considered free today, and their number is slipping. Liberty is in retreat in the world of business, too. The idea that firms should be controlled by diverse shareholders who exercise one vote per share is increasingly viewed as redundant or even dangerous.Consider the initial public offering (IPO) of Silicon Valleys latest social-media star, Snap. It plans to raise $3-4bn and secure a valuation of $20bn-25bn. The securities being sold have no voting rights, so all the power will stay with Evan Spiegel and Bobby Murphy, its co-founders. Snaps IPO has echoes of that of Alibaba, a Chinese internet giant. It listed itself in New York in 2014, in the worlds largest-ever IPO, raising $25bn. It is worth $252bn today and is controlled by an opaque partnership using legal vehicles in the Cayman Islands. Its ordinary shareholders are supine.In this section Internet firms legal immunity is under threat Ralph Lauren and Macys tell a similar tale of woe Snow-making companies in a warming world Grab battles Uber in South-East Asia Tatas governance is still faulty Shareholder democracy is ailing Stockmarkets IPOs China United States SamsungOptimists may dismiss the two IPOs as isolated events, but there is a deeper trend towards autocracy. Eight of the worlds 20 most valuable firms are not controlled by outside shareholders. They include Samsung, Berkshire Hathaway, ICBC (a Chinese bank) and Google. Available figures show that about 30% of the aggregate value of the worlds stockmarkets is governed undemocratically, because voting rights are curtailed, because core shareholders have de facto control, or because the shares belong to passively managed funds that have little incentive to vote.Cheerleaders for corporate governance, particularly in America, often paint a rosy picture. They point out that fewer bosses are keeping control through legal skulduggery, such as poison pills that prevent takeovers. Unfortunately, these gains have been overwhelmed by three bigger trends. The first is that technology firms can dictate terms to infatuated investors. Young and with a limited need for outside capital, many have come of age when growth is scarce. Google floated in 2004 with a dual voting structure expressly designed to ensure that outside investors would have little ability to influence its strategic decisions. Facebook listed in 2012 with a similar structure and in 2016 said that it would issue new non-voting shares. Alibaba listed in New York after Hong Kongs stock exchange refused to countenance its peculiar arrangements. Undaunted, American investors piled in.At the same time there has been a drift away from the model of dispersed ownership in emerging economies, with 60% of the typical bourse being closely held by families or governments, up from 50% before the global financial crisis, according to the IMF. One reason has been lots of IPOs of state-backed firms in which the relevant government retains a controlling stake. Hank Paulson, a former boss of Goldman Sachs, helped design many of Chinas privatisations in the early 2000s. The Chinese could not surrender control, his memoirs recall. Mr Paulson hoped that the government would eventually take a back seat, but that has not happened. Other emerging economies, including Brazil and Russia, copied the Chinese strategy of partial privatisation. And across the emerging world, tightly held family firms, such as Tata in India and Samsung in South Korea, are bigger than ever.Voter apathy is the third trend, owing to the rise of low-cost index funds that track the market. Passive funds offer a good deal for savers, but their lean overheads mean that they dont have the skills or resources to involve themselves in lots of firms affairs. Such funds now own 13% of Americas stockmarket, up from 9% in 2013, and are growing fast. A slug of the shareholder register of most listed firms is now comprised of professional snoozers.For many in business the decay of shareholder democracy is irrelevant. After all, they argue, investors own lots of other securitiesbonds, options, swaps and warrantsthat dont have any voting rights and it doesnt seem to matter. At well-run firms such as Berkshire, shares with different voting rights trade at similar prices, suggesting those rights are not worth much. Some managers go further and argue that less shareholder democracy is good, because voters are myopic. Last year Mark Zuckerberg, Facebooks boss, pointed out that with a normal structure the firm would have been forced to sell out to Yahoo in 2006.It doesnt take a billionaire to poke holes in this logic. For economies, toothless shareholders are damaging. In China and Japan firms allocate capital badly because they are not answerable to outside owners, and earn returns on equity of 8-9%. A study in 2016 by Sanford C. Bernstein, a research firm, got Wall Streets attention by calling passive investing the silent road to serfdom. Without active ownership, it said, capitalism would break down.Democratic deficitAt the firm level, voting rights are critical during takeovers, or if performance slips. At Viacom, a media firm with dual-class shares, which ran MTV in its heyday but which has stagnated for the past decade, outside investors are helpless. Control sits with the patriarch, Sumner Redstone, aged 93, who has 80% of its votes but only 10% of its shares. Yahoo (once as sexy as Snap) has lost its way, too. But because it has only one class of shares, outsider investors have been able to step in and, using their voting power, force the firm to break itself up and return cash to its owners.The system may be partially self-correcting. Some passive managers, such as BlackRock, are stepping up their engagement with companies. If index funds get too big, shares will be mispriced, creating opportunities for active managers. If shares without votes are sold for inflated prices, their owners will eventually be burned, and wont buy them again. And if fashionable young firms miss targets, they will need more cash and will get it on worse terms. But in the end shareholder democracy depends on investors asserting their right to vote in return for providing capital to risky firms. If they dont bother, shareholder democracy will continue to decline. That is something to think about as fund managers queue up for Snaps IPO. Snaptrap'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21716654-snaps-refusal-hand-out-any-voting-shares-part-wider-trend-towards-corporate'|'2017-02-11T08:00:00.000+02:00'|1189.0|''|-1.0|'' 1190|'0c7bfba373adc1fb50f27f647b4b581073238e5a'|'Six banks pitch for Aramco IPO role on Saudi bourse: sources'|'By Hadeel Al Sayegh , Tom Arnold and Katie Paul - DUBAI/RIYADH DUBAI/RIYADH Saudi oil giant Aramco [IPO-ARMO.SE] has received proposals from at least six banks for an advisory role on the firm''s planned initial public share offering, sources familiar with the process said on Tuesday.Saudi authorities are aiming to list up to 5 percent of the world''s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100 billion.HSBC Saudi Arabia, a joint venture between Saudi British Bank and HSBC , NCB Capital, Samba Capital, Saudi Fransi Capital, Riyad Capital and GIB Capital, the investment banking arm of Bahrain-based Gulf International Bank [GLFBK.UL], submitted proposals to Aramco in early February, the sources said.Aramco is also considering proposals from international banks for the global share offering, with a source saying on Feb. 17 that JPMorgan was close to being selected as an underwriter. Aramco also recently chose boutique investment bank Moelis & Co as an adviser.Two of the sources on Tuesday said bank appointments for the local mandate were expected before the end of the month.Aramco did not immediately respond to a Reuters request for comment.The local role will entail working with regulators at Saudi''s Capital Market Authority to prepare for the Tadawul listing, which is expected to be smaller than the international portion, the sources said.HSBC declined to comment while the other companies did not immediately respond to email requests for comments.Officials hope the company could be valued at around $2 trillion, which would allow them to raise as much as $100 billion from investors.Saudi Arabia is considering two options for the shape of Aramco when it sells shares in the national oil giant next year: a global industrial conglomerate, and a specialised international oil company, industry and banking sources have told Reuters.(additional reporting by Celine Aswad in Dubai and Reem Shamseddine in Khobar; Editing by Louise Heavens, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudiaramco-ipo-idINKBN1601RE'|'2017-02-21T12:37:00.000+02:00'|1190.0|''|-1.0|'' 1191|'aed4439391673eebc1532ea37995b13518c5b158'|'Cerberus to unveil proposal for Brazil''s Oi in March -source'|'By Tatiana Bautzer - SAO PAULO SAO PAULO Feb 9 A Cerberus Capital Management LP-led group of investors plans to unveil an alternative in-court restructuring proposal for debt-laden Brazilian phone carrier Oi SA as early as next month, right after finalizing due diligence procedures, a person with direct knowledge of the plan said on Friday.New York-based Cerberus is still gauging the size of Oi''s future equity needs and how the carrier''s creditors will have to be compensated, said the person, who asked for anonymity because the process is underway. Oi filed for Brazil''s largest-ever bankruptcy protection in June.Cerberus, which specializes in private equity and distressed debt investments, could still arrange partners to advance on the Oi proposal should the company''s shareholders and bondholders agree to discuss it, the person added. Oi''s shareholders and creditors are locked in a battle for control of Brazil''s No. 4 wireless carrier, which is saddled with 65.4 billion reais ($21 billion) of debt.The media office of Cerberus declined to comment. Reuters reported Cerberus'' interest in Oi on Dec. 6.Oi did not immediately comment.Cerberus is the only potential bidder that has formally undertaken due diligence procedures, because it is has not partnered with Oi''s creditors, the person said.Billionaire Paul Singer''s Elliott Management Corp recently made an informal proposal committing to invest around $3 billion into Oi. The board of Oi recently shunned Elliott''s proposal and another put forward by Egyptian billionaire Naguib Sawiris and a group of Oi bondholders led by Moelis & Co.Common shares of Oi rose 2.9 percent to 3.74 reais on Friday, extending gains to 47 percent this year.($1 = 3.1150 reais) (Editing by Guillermo Parra-Bernal and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-cerberus-capital-idINL1N1FU0XM'|'2017-02-10T11:31:00.000+02:00'|1191.0|''|-1.0|'' -1192|'9310cc91b607a3126ef9abcb0a3dcd22f8a1b72a'|'Noble Group shares jump 17 percent after confirming talks on potential investment'|'SINGAPORE Shares in Noble Group Ltd ( NOBG.SI ) leapt as much as 17 percent on Tuesday to the highest in eight months after the commodities trader confirmed it was holding talks on a possible strategic investment in the firm.China''s state-owned Sinochem is in early talks with Noble to buy an equity stake, a move that would help it gain access to the Singapore-listed trader''s global supply chain, Reuters reported on Monday.In response to the story, Noble told the Singapore exchange on Tuesday that it was in talks but did not give details."The board wishes to advise that Noble Group is currently engaged in discussions regarding a possible strategic investment in Noble Group," it said."However, no binding arrangements have as yet been entered into with respect to this possible transaction and, accordingly, there can be no assurance that this transaction will be concluded."(Reporting by Anshuman Daga; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-noble-m-a-sinochem-idINKBN15T070'|'2017-02-13T22:58:00.000+02:00'|1192.0|''|-1.0|'' +1192|'9310cc91b607a3126ef9abcb0a3dcd22f8a1b72a'|'Noble Group shares jump 17 percent after confirming talks on potential investment'|'SINGAPORE Shares in Noble Group Ltd ( NOBG.SI ) leapt as much as 17 percent on Tuesday to the highest in eight months after the commodities trader confirmed it was holding talks on a possible strategic investment in the firm.China''s state-owned Sinochem is in early talks with Noble to buy an equity stake, a move that would help it gain access to the Singapore-listed trader''s global supply chain, Reuters reported on Monday.In response to the story, Noble told the Singapore exchange on Tuesday that it was in talks but did not give details."The board wishes to advise that Noble Group is currently engaged in discussions regarding a possible strategic investment in Noble Group," it said."However, no binding arrangements have as yet been entered into with respect to this possible transaction and, accordingly, there can be no assurance that this transaction will be concluded."(Reporting by Anshuman Daga; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-noble-m-a-sinochem-idINKBN15T070'|'2017-02-13T22:58:00.000+02:00'|1192.0|26.0|0.0|'' 1193|'d329417a6a27bdc64d33b98d1f78f401231e27eb'|'Japan automaker shares feel heat ahead of Trump-Abe meeting'|'Business News 17am EST Japan automaker shares feel heat ahead of Trump-Abe meeting Newly manufactured cars await export at a port in Yokohama, Japan, January 16, 2017. Picture taken January 16, 2017. REUTERS/Toru Hanai By Marika Tsuji - TOKYO TOKYO Japanese carmaker shares have underperformed their peers so far this year as investors fret over U.S. protectionist stance, ahead of his meeting with Prime Minister Shinzo Abe later in the day. With Trump branding Japan''s auto trade as "unfair" and accusing Tokyo of using monetary policy to devalue its currency to boost exports, Japanese car makers are seen as likely to take the brunt of any flare-up in trade friction between the two countries. The Tokyo Stock Exchange''s transport equipment makers index .ITEQP.T, which largely consists of car makers, has fallen 2.3 percent so far this year, with Mazda Motor Corp ( 7261.T ) falling 16.9 percent and Toyota Motor Corp ( 7203.T ) 6.3 percent. That compared with gains of 1.4 percent in the Nikkei average share price index .N225 . "It is hard to buy the sector with mid/long-term uncertainties," said Ryoma Sugihara, director of equity sales at Societe Generale Securities. Japanese automaker shares fared worse than their U.S. competitors even as Trump bashed U.S. car makers for having production operations in Mexico. The hit stems from fear that Trump''s "America First" policies might put Japanese firms in difficult positions. "There are expectations that U.S. auto shares would perform better than their overseas counterparts, as Trump is putting pressure on Japanese and European automakers," an analyst at a Japanese securities firm said. General Motors Co ( GM.N ) has risen 0.7 percent, while Ford Motor Co ( F.N ) has gained 2.1 percent. Fiat Chrysler Automobiles NV ( FCAU.K ) has soared 18.5 percent. Trade experts note, however, that World Trade Organization (WTO) rules should give Japan some protection, unlike in the 1980s when Japan agreed to voluntarily curb car exports to the United States. "Given the rules and procedures by the WTO, it would be difficult to impose measures similar to those taken during the 1980s, as long as the U.S. remains a WTO member," said Hiroshi Mukunoki, professor of economics at Gakushuin University in Tokyo. After a trade war in the 1980-90s, Japanese car makers expanded U.S. production and their U.S.-bound exports declined to 1.73 million vehicles in 2016 from 3.13 million in 1985. Still, last year Japan earned $39.3 billion through car exports, which accounts for a large part of its $68.9 billion trade surplus with the United States. In contrast, U.S. car exports to Japan amounted to only $0.5 billion. Trump''s meeting with Abe comes just a few days after U.S. data showed Japan became the second-largest contributor to the U.S. trade deficit after China, with automobiles accounting for a bulk of it. "This data came at a really bad time. Trump may demand measures to help slash the (U.S.) trade deficit," said Nobuyuki Fujimoto, senior market analyst at SBI Securities. (Reporting by Marika Tsuji; Writing by Hideyuki Sano) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-japan-stocks-autos-idUSKBN15P127'|'2017-02-10T17:17:00.000+02:00'|1193.0|''|-1.0|'' 1194|'d00f3dfd946da2344109be23687ac3936ac40b08'|'Japan machinery orders rebound, trade protectionism poses risk - Reuters'|'By Tetsushi Kajimoto - TOKYO TOKYO Japan''s core machinery orders rebounded more than expected in December from the prior month''s fall and are seen rising again this quarter - an encouraging sign of a pick-up in capital expenditure.The Cabinet Office data showed on Thursday core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, grew 6.7 percent in December, the fastest month-on-month gain in six months.It followed a 5.1 percent drop in November and was twice the 3.1 percent pace forecast in a Reuters poll.Japanese policymakers hope capital spending will help drive growth in the world''s third-largest economy and pull it out of deflation and stagnation."Capital expenditure is picking up due to a recovery in exports, and it will gather momentum in the coming months as external and domestic economic conditions firm up," said Takeshi Minami, chief economist at Norinchukin Research Institute."Policies of U.S. President Donald Trump could pose a risk. If protectionism causes global trade to contract, that could hit Japan''s domestic capital spending as well."By sector, core orders from manufacturers rose 1.0 percent in December, following a 9.8 percent gain the previous month. Orders from the services sector rose 3.5 percent after a 9.4 percent decline in November.Manufacturers surveyed by the Cabinet Office forecast that core orders will rise 3.3 percent in January-March from the previous quarter, after a 0.2 percent decrease in the final three months of last year.Compared with a year earlier, core orders, which exclude ships and orders from electric power utilities, grew 6.7 percent in December, the data showed.The Cabinet Office, however, maintained its assessment of machinery orders, saying the pick-up was stalling.Data out next Monday is likely to show Japan''s economy grew for a fourth straight quarter in October-December led by exports and capital spending, and the Bank of Japan sees the economy in gradual recovery through fiscal 2018.However, the outlook is far from assured as protectionist talk from U.S. President Donald Trump impairs the outlook for global trade, possibly undermining the economic health of export-reliant Japan and investment by Japanese companies.Trump and Prime Minister Shinzo Abe are scheduled to meet for talks later this week, where trade imbalances and currency valuations are in focus as Trump pursues an "America First" campaign.(Reporting by Tetsushi Kajimoto; Editing by Eric Meijer and Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/japan-economy-orders-idINKBN15O055'|'2017-02-08T22:25:00.000+02:00'|1194.0|''|-1.0|'' 1195|'516c2d7b6facd2ca5ddb88a32d2bcc5f2393f577'|'Mattel partners with parenting website to expand China presence'|'Technology 34pm EST Mattel partners with parenting website to expand China presence A worker carries Barbie dolls to put them on the shelves at a toy store in Caracas November 14, 2014. REUTERS/Carlos Garcia Rawlins/File Photo Barbie maker Mattel Inc ( MAT.O ) said it would partner with Chinese parenting website Babytree to create an online learning platform for early childhood development, the latest in the No. 1 U.S. toymaker''s push into China. The partnership with Babytree announced on Thursday comes two days after Mattel said it would sell its products on Chinese e-commerce giant Alibaba Group Holding Ltd''s ( BABA.N ) online marketplace Tmall. Mattel said it would also work with Alibaba''s A.I. Lab to create products for child development through interactive learning as part of the deal. Mattel and Babytree will provide child development assessment tools and customized parenting content and development curriculum, based on Mattel''s early childhood development brand, Fisher-Price, the company said. Babytree, founded in 2006, provides families in China a platform to learn and exchange ideas on early education, child development tracking and nutrition. Mattel posted holiday-quarter sales well below analysts'' estimates last month, as the toymaker battles weak demand in North America and rising competition. (Reporting by Jessica Kuruthukulangara in Bengaluru) Next In Technology News Facebook says Irish challenge to U.S. data transfers ''deeply flawed'' DUBLIN Facebook said on Thursday a legal challenge against the way it transfers EU user data to the United States was "deeply flawed" and should not be referred to the EU''s top court because ample privacy protections were already in place.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mattel-babytree-idUSKBN15V308'|'2017-02-17T06:29:00.000+02:00'|1195.0|''|-1.0|'' @@ -1201,7 +1201,7 @@ 1199|'e48f02b7a25c2f401b6489428e6af2cdf4cdf982'|'Days of low inflation are over with UK consumer finances to take a hit - Business'|'It was nice while it lasted, but the days of ultra-low inflation are over at least for the time being.The year ahead is going to be marked by rising prices and squeezed living standards, but the pickup in the cost of living needs to be put in perspective; Januarys increase was smaller than expected, and the result of prices falling less sharply than they did a year ago.Also, the UK was spoiled by a couple of years in which crashing oil prices flattered the inflation figures. Some bounceback was always likely in late 2017, and the upward trend has been exacerbated by the decision of the Opec Organisation to cut production.UK warned to expect higher inflation as CPI jumps to 1.8% - business live Read more Britain is not alone in seeing prices start to rise. Germany currently has slightly higher inflation (1.9%) than the UK (1.8%), suggesting that the upward move over the winter has more to do with commodity prices than the fall in the pound following the Brexit vote last June.That interpretation is supported by the Office for National Statistics data for core inflation, which strips out the impact of energy, food, tobacco and alcohol. This stood at 1.4% last June and is now at 1.6%. Over the same period headline inflation which includes all the above items has risen from 0.5% to 1.8%.There is some evidence that competition is helping to keep the lid on prices. Clothing and footwear retailers had a pretty tough January and reduced prices by more than they did in early 2016. Without those high street and online bargains, the annual inflation rate would have risen closer to the Bank of England s 2% target.That said, it looks unlikely that retailers will be able to defer price rises for ever. The separate ONS figures for producer prices which measures how much manufacturers are paying for their fuel and raw material on the one hand and the cost of goods as they leave factory gates on the other show a pronounced rise in the second half of 2016 and early 2017. Input prices are up by more than 20% year on year the sharpest rise since oil prices were rocketing in 2008 while factory gate prices are going up by 3.5% a year the fastest rate since 2012.The Brexit economy: falling pound and rising inflation fuel fears of slowdown Read more Some of this pressure, clearly, is the result of higher global energy prices. The 16% drop against the dollar is also making imports more expensive and this will have more of a bearing on inflation as 2017 wears on.Three conclusions can be drawn from all this. The first is that inflation is going to carry on climbing and will probably overtake the current rate of earnings growth within the next few months.The second is that the Bank of England will not respond with an increase in interest rates unless there is evidence that the higher cost of living has set off a price-wage spiral.But unless wages do start to rise, 2017 is going to be quite a tough year for consumers. The balance of the economy is likely to shift towards manufacturing and exporting, helped by the weak pound. That explains the third conclusion. Growth may not be that much weaker in 2017 than it was in 2016, but that is not the way it is going to feel to households.Inflation Economics Family finances Consumer affairs Economic policy Economic growth (GDP) news Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/14/low-inflation-over-uk-consumer-finances-take-a-hit'|'2017-02-14T22:12:00.000+02:00'|1199.0|''|-1.0|'' 1200|'66340ebce11b04f454175cf92820d758cdcee9c8'|'Nissan appoints Hiroto Saikawa as CEO'|'Business 41pm EST Nissan appoints Hiroto Saikawa as CEO Nissan Motor Co Ltd ( 7201.T ) said on Wednesday it has appointed the company''s co-chief executive officer, Hiroto Saikawa, as Nissan''s chief executive, effective April 1. Carlos Ghosn, chairman of the board and CEO, will continue to serve as chairman, the company said in a statement. Ghosn will seek a renewal of his mandate at the companys general shareholders meeting in June, the company said. (Reporting by Subrat Patnaik in Bengaluru; Editing by James Dalgleish) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nissan-moves-ceo-idUSKBN1612YT'|'2017-02-23T06:37:00.000+02:00'|1200.0|''|-1.0|'' 1201|'1231deec8fdbc4d7f6b9c32ac0a509707d0531d0'|'U.S. economy now on ''sound footing'' - Fed''s Mester'|'Business News - Mon Feb 20, 2017 - 1:18am GMT U.S. economy now on ''sound footing'' - Fed''s Mester Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the U.S. economy in New York November 18, 2015. REUTERS/Lucas Jackson SINGAPORE The U.S. economy is on "sound footing," a hawkish Federal Reserve official said on Monday in a speech that cautioned against asking the central bank to solve problems beyond its control such as low productivity growth. Cleveland Fed President Loretta Mester, at a forum in Singapore, did not comment specifically on interest rates. However she has dissented in the past in favour of quicker rate hikes and on Monday urged the Fed to focus on returning to a more normal policy footing, including trimming its $4.5-trillion bond portfolio. The Fed has raised rates twice in two years and expects to pick up the pace of tightening this year as unemployment, at 4.8 percent, has fallen to near an equilibrium level and as the Republican-controlled White House and Congress are expected to provide fiscal stimulus. The U.S. economy is "now on sound footing," Mester, who does not vote on monetary policy until next year, said in prepared remarks to The Global Interdependence Center. However, she said, "am very doubtful that monetary policy could be targeted to spur a strong pickup in the types of investment in human capital and physical capital that would raise productivity growth." Years of disappointing productivity growth has stymied the Fed''s expectations that the U.S. economy would grow sustainably quicker than its roughly 2-percent rate. Turning to the balance sheet, which the Fed quadrupled in the wake of the financial crisis to spur investment and hiring, Mester reiterated the central bank expected to shed its mortgage-backed bonds and return to an all-Treasuries portfolio. "The return to primarily Treasuries will take some time, but it will be welcome because ... it may help guard against future calls for the Federal Reserve to enter into the realm of fiscal policy," she said. (Reporting by Masayuki Kitano; Writing by Jonathan Spicer; Editing by Phil Berlowitz) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fed-mester-idUKKBN15Z03G'|'2017-02-20T08:18:00.000+02:00'|1201.0|''|-1.0|'' -1202|'de561a7f48607c8646ffcf61c2d8f1bd9729e6e8'|'Pump-maker Pfeiffer rejects Busch bid, forecasts strong demand'|' 20am GMT Pump-maker Pfeiffer rejects Busch bid, forecasts strong demand BERLIN Germany''s Pfeiffer Vacuum ( PV.DE ) publicly rejected a takeover bid from rival Busch on Wednesday, saying it lacked a control premium and did not reflect the growth potential for vacuum pumps. Busch had bid 96.20 euros per share, Pfeiffer said in a statement, adding that its management board was "reviewing other options" to ensure its shareholders could participate in the company''s long-term development. DZ Bank analyst Harald Schnitzer, who has a "buy" recommendation on Pfeiffer, said the offer was too low, with shares in Pfeiffer at 106.80 euros by 0837 GMT, up 2 percent from Tuesday''s close. Pfeiffer also reported fourth-quarter financial results on and said it expected strong business demand to continue at least through the first half of 2017. Pfeiffer makes pumps used by manufacturers including semiconductor firms and makers of analytical devices such as electron microscopes. Busch describes itself as one of the world''s largest makers of vacuum pumps, blowers and compressors supplying all industry sectors. Operating profit at Pfeiffer rose 12 percent to 68 million euros (57.71 million pounds) in 2016 and Chief Executive Manfred Bender said he was very satisfied with business in the first six weeks of 2017, helped by strong order intake at the end of last year. ($1 = 0.9469 euros) (Reporting by Andreas Cremer; Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pfeiffer-vacuum-m-a-busch-idUKKBN15U0XH'|'2017-02-15T16:20:00.000+02:00'|1202.0|''|-1.0|'' +1202|'de561a7f48607c8646ffcf61c2d8f1bd9729e6e8'|'Pump-maker Pfeiffer rejects Busch bid, forecasts strong demand'|' 20am GMT Pump-maker Pfeiffer rejects Busch bid, forecasts strong demand BERLIN Germany''s Pfeiffer Vacuum ( PV.DE ) publicly rejected a takeover bid from rival Busch on Wednesday, saying it lacked a control premium and did not reflect the growth potential for vacuum pumps. Busch had bid 96.20 euros per share, Pfeiffer said in a statement, adding that its management board was "reviewing other options" to ensure its shareholders could participate in the company''s long-term development. DZ Bank analyst Harald Schnitzer, who has a "buy" recommendation on Pfeiffer, said the offer was too low, with shares in Pfeiffer at 106.80 euros by 0837 GMT, up 2 percent from Tuesday''s close. Pfeiffer also reported fourth-quarter financial results on and said it expected strong business demand to continue at least through the first half of 2017. Pfeiffer makes pumps used by manufacturers including semiconductor firms and makers of analytical devices such as electron microscopes. Busch describes itself as one of the world''s largest makers of vacuum pumps, blowers and compressors supplying all industry sectors. Operating profit at Pfeiffer rose 12 percent to 68 million euros (57.71 million pounds) in 2016 and Chief Executive Manfred Bender said he was very satisfied with business in the first six weeks of 2017, helped by strong order intake at the end of last year. ($1 = 0.9469 euros) (Reporting by Andreas Cremer; Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pfeiffer-vacuum-m-a-busch-idUKKBN15U0XH'|'2017-02-15T16:20:00.000+02:00'|1202.0|26.0|3.0|'' 1203|'459ecca45a00cb4345701989e6cf2238b6d835cd'|'Deutsche Bank investment banking head Urwin in talks to leave - WSJ'|' 53pm GMT Deutsche Bank investment banking head Urwin in talks to leave - WSJ The head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach Deutsche Bank AG''s ( DBKGn.DE ) investment banking chief Jeffrey Urwin is in talks to leave the role, and the bank is in discussions to name finance chief Marcus Schenck to run the unit, the Wall Street Journal reported, citing The bank hired Urwin, a Briton, in February 2016 from JP Morgan ( JPM.N ), where he co-headed the global banking division. Deutsche Bank declined to comment on the report. ( on.wsj.com/2lhcgiH ) (Reporting by Rama Venkat Raman in Bengaluru; Editing by Cynthia Osterman) Euro exchange rate determined by market processes, monetary policy - Weidmann BERLIN The euro exchange rate is determined by market processes and is influenced by factors such as U.S. and European monetary policy, ECB policymaker Jens Weidmann said on Tuesday, responding to criticism from a trade adviser of U.S. President Donald Trump.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-moves-urwin-idUKKBN15M2F4'|'2017-02-08T03:53:00.000+02:00'|1203.0|''|-1.0|'' 1204|'eb57d9db1c16f3f18200286bb3b2a6aa5ceba1ec'|'PRESS DIGEST- Canada-Feb 10'|'Company News 47am EST PRESS DIGEST- Canada-Feb 10 Feb 10 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** Energy Transfer Partners LLC, which is building the Dakota Access pipeline, expects to close the sale of a minority stake in the project to Enbridge Inc. tgam.ca/2kav0QM ** Canada and China are joining a mid-March summit hosted by Chile on how to advance trade in Asia-Pacific now that Donald Trump has pulled the United States out of the Trans-Pacific Partnership and ceded leadership in the region. tgam.ca/2kaCenR NATIONAL POST ** Open Text Corp has spent almost $3 billion on acquisitions over the past three years, including its recently-closed purchase of Dell EMC''s enterprise content division. bit.ly/2kaj4ic ** Suncor Energy Inc''s chief executive, Steve Williams, thinks Rex Tillerson, Donald Trump''s secretary of state, could help shield domestic crude from a border adjustment tax. bit.ly/2kaof1A ** Advanced Development Group Ltd, a Canadian construction company, says it has severed ties with its representative in Baghdad and is probing what role he may have played in a recent missile test by the Iraqi government. bit.ly/2kapJZy (Compiled by Gaurika Juneja in Bengaluru) Next In Company News UPDATE 1-UK''s Elementis to buy SummitReheis to grow personal care chemicals Feb 10 British speciality chemicals maker Elementis Plc said on Friday it would buy U.S.-based SummitReheis from an affiliate of private equity firm One Rock Capital Partners LLC for an enterprise value of $360 million to expand its personal care chemicals business.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL4N1FV3R3'|'2017-02-10T17:47:00.000+02:00'|1204.0|''|-1.0|'' 1205|'0e12ee222574c43e77037a2cdaf5731a16b034fb'|'UPDATE 1-UK Stocks-Factors to watch on Feb 2'|'Company News - Thu Feb 2, 2017 - 2:45am EST UPDATE 1-UK Stocks-Factors to watch on Feb 2 (Adds futures, companies items) Feb 2 Britain''s FTSE 100 index is seen opening 10 to 15 points lower, or down as much as 0.2 percent on Thursday, according to financial bookmakers, with futures down 0.1 percent ahead of the cash market open. * The UK blue chip index ended up 0.1 percent, coming off earlier highs as commodity-related stocks retreated. The benchmark index dropped to its lowest level since late December on Tuesday before closing 0.3 percent weaker. * SHELL : Royal Dutch Shell, Europe''s largest oil major, missed analysts'' profit expectations for the fourth quarter after booking $500 million of impairments. * VODAFONE: Vodafone, the world''s second biggest mobile phone group, said it would meet the "lower end" of its earnings guidance for the full year as its battles intensifying competition in India and Britain. * LSE/DEUTSCHE BOERSE: German prosecutors said on Thursday their investigation of Deutsche Boerse Chief Executive Carsten Kengeter for suspected insider trading related to talks held between the group''s management and the London Stock Exchange between July/August and December 2015. * GLENCORE: Mining and trading group Glencore''s full-year output was in line with target, it said on Thursday, and reiterated its 2017 guidance. * ABERDEEN ASSET MANAGEMENT : Emerging markets fund firm Aberdeen Asset Management said total assets fell to 302.7 billion pounds ($383.22 billion) in the quarter to end-December, as demand from clients to withdraw cash more than offset market gains. * RECKITT BENCKISER: UK consumer goods maker Reckitt Benckiser Group Plc said it was in advanced talks to buy baby formula maker Mead Johnson Nutrition Co in a $16.7 billion deal that would take it in a new direction and boost its business in Asia. * SPORTS DIRECT: British sporting goods company Sports Direct International Plc is in talks to bid for Eastern Outfitters LLC, the parent of U.S. discount chain Bob''s Stores and outdoor retailer Eastern Mountain Sports, people familiar with the matter said. * DEUTSCHE BOERSE: Deutsche Boerse said on Wednesday that German prosecutors were investigating a share purchase by its chief executive in December 2015, which was just over two months before the exchange operator announced merger talks. * ECB/BANKS: The European Central Bank would give "considerable attention" to any merger or takeover between banks in different European countries, a top supervisor said on Thursday, highlighting issues with deals involving a party from outside the European Union. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B and Vidya L Nathan in Bengaluru; Editing by Sunil Nair) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FN1PR'|'2017-02-02T14:45:00.000+02:00'|1205.0|''|-1.0|'' @@ -1209,7 +1209,7 @@ 1207|'0b09e31bcac48ba2a789270187584be95e328842'|'CEE MARKETS-Romanian assets, hit by protests, lag post-Fed rebound'|'* CEE currencies, bonds firm as Fed does not turn hawkish * Romanian protests continue, weigh on asset prices * Czech central bank unlikely to change guidance on crown cap By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, Feb 2 Central European assets mostly firmed on Thursday on relief that the U.S. Federal Reserve gave no hint of accelerating its rate hikes, but Romania lagged behind the region following anti-government protests. Rising interest rates in the United States would make emerging markets assets relatively less attractive. Hungary''s forint led regional gains, firming 0.4 percent to 308.65 against the euro, to levels seen before dovish central bank comments sent it into a slide last month. The leu steadied at 4.5405, slightly off 7-month lows hit on Wednesday after massive street protests erupted in Romania over the four-week-old leftist government''s "emergency" decree to ease anti-corruption rules. Hundreds of thousands rallied on Wednesday night again, Romania''s president condemned the decree, Western states including Germany and the United Statses expressed concern over the decision and on Thursday a cabinet minister resigned. Romanian markets have calmed somewhat after Wednesday''s plunge, but analysts said further jitters in politics and asset prices were likely. "The street protests announced in Bucharest and in the main cities could continue in the following days," Raiffeisen said in a note on the region''s markets. Romania''s 3-year bond yield was bid at a 7-month high of 1.878 percent, up 13 basis points, and the uncertainty could weigh on an auction of 2-year bonds scheduled for Thursday. Meanwhile, an auction of bonds is seen drawing ample demand in Hungary, where yields dropped 2-3 basis points, a Budapest-based dealer said. Czech bond yields dropped ahead of the central bank''s meeting. The meeting might revive speculation for a surge of the Czech crown later this year, even though the bank is not expected to change its guidance that a likely exit from a cap on the crown''s, would happen around mid-2017. The cap has kept the crown weaker than 27 against the euro since 2013, but as inflation has risen to the bank''s target, investors have scrambled to buy crown assets this year, speculating on a removal of the ceiling. Commerzbank analysts said in a note that commodity prices and base effects still played a major role in Czech price data, so the bank would not scrap the cap before mid-2017. Most analysts in a Reuters poll said the cap would be removed in the second quarter. "Whatever the (central bank) says, the (inflation) forecast will be a key thing to watch," one trader said. CEE SNAPS AT 1010 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 10 45 1% % Hungary 308.6 309.8 +0.4 0.06% forint 500 800 0% Polish 4.309 4.312 +0.0 2.20% zloty 0 8 9% Romanian 4.540 4.541 +0.0 -0.12 leu 5 5 2% % Croatian 7.456 7.465 +0.1 1.32% kuna 5 3 2% Serbian 123.9 124.0 +0.1 -0.45 dinar 100 500 1% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 940.9 938.2 +0.2 +2.1 9 3 9% 0% Budapest 32623 32584 +0.1 +1.9 .41 .18 2% 4% Warsaw 2075. 2079. -0.18 +6.5 41 10 % 4% Bucharest 7521. 7527. -0.09 +6.1 22 94 % 6% Ljubljana 744.0 741.1 +0.4 +3.6 9 6 0% 9% Zagreb 2150. 2151. -0.05 +7.8 68 72 % 1% Belgrade <.BELEX15 698.5 700.8 -0.33 -2.62 > 8 8 % % Sofia 594.2 593.8 +0.0 +1.3 2 0 7% 3% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year 2 1 bps 5-year 9 8 bps s 10-year 2 bps Poland 2-year 1 bps s 5-year 9 bps 10-year bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.25 0.23 0.24 0 PRIBOR=> Hungary < 0.33 0.42 0.52 0.25 BUBOR=> Poland < 1.765 1.805 1.89 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1FN2R8'|'2017-02-02T07:18:00.000+02:00'|1207.0|''|-1.0|'' 1208|'38f0aa4b5abe1b419c14633a99b02f36c5887e6b'|'Tesla says Model 3 on track for volume production by Sept'|'Business News - Wed Feb 22, 2017 - 9:24pm GMT Tesla says Model 3 on track for volume production by September A wheel of a prototype of the Tesla Model 3 on display in front of the factory during a media tour of the Tesla Gigafactory, which will produce batteries for the electric carmaker in Sparks, Nevada, U.S. July 26, 2016. REUTERS/James Glover II/File Photo Tesla Inc ( TSLA.O ) posted a smaller quarterly loss and said its mass-market Model 3 sedan was on track for volume production by September. The company''s net loss attributable to common shareholders narrowed to $121.3 million, or 78 cents per share, for the fourth quarter ended Dec. 31 from $320.4 million, or $2.44 per share, a year earlier. Tesla, which is led by billionaire entrepreneur Elon Musk, said revenue rose 88 percent to $2.28 billion. The company is betting big on Model 3 to help it meet its goal of producing 500,000 cars annually in 2018. (Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tesla-results-idUKKBN1612QO'|'2017-02-23T04:22:00.000+02:00'|1208.0|''|-1.0|'' 1209|'f0d77aa8cebd62d509f568e27af8f117011ed8c6'|'Germany focused on ensuring Greek bailout review is successful - Finance Ministry'|' 12:07pm GMT Germany focused on ensuring Greek bailout review is successful - Finance Ministry German Finance Minister Wolfgang Schaeuble in Wiesbaden, Germany January 25, 2017. REUTERS/Ralph Orlowski BERLIN Germany is focused on ensuring that a review of Greece''s bailout is successful, a Finance Ministry spokeswoman said when asked about remarks by Finance Minister Wolfgang Schaeuble that Athens would have to leave the euro zone if it ignored its commitments. "We are at the moment engaged in ensuring that a review of the current third programme is successful. That''s where all our efforts are focused," ministry spokeswoman Friederike von Tiesenhausen told a government news conference on Friday. A senior euro zone official had said earlier that lenders in the single currency bloc and the International Monetary Fund had reached an agreement between themselves on a common stance they will present to Greece, signalling a breakthrough. "That is pleasing. That shows that the IMF has been playing a constructive role. But I would like to point out that from a procedural perspective an agreement among the institutions is one step, but it is also important that we have an agreement between the institutions and Greece," she added. A meeting between the lenders and Greek officials is scheduled for later on Friday. (Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Paul Carrel) Unrealistic to see UK/EU trade deal in two years - EU representative EDINBURGH It is unrealistic for Britain to expect to negotiate its exit from the European Union and reach a free trade agreement in two years and both will probably need an implementation phase, the head of the European Commission''s office in Britain said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-germany-idUKKBN15P1D6'|'2017-02-10T19:07:00.000+02:00'|1209.0|''|-1.0|'' -1210|'0dd20fa95b544ccf62b4bdd2985b408f16f412e9'|'TCI Fund urges French market regulator to intervene on Zodiac-Safran tie-up'|'PARIS Hedge fund TCI Fund Management wrote to French market regulator AMF on Tuesday to protest against aero engine maker Safran''s ( SAF.PA ) agreed bid for seats manufacturer Zodiac Aerospace ( ZODC.PA ), saying it risks violating shareholders'' rights.The $9 billion Safran-Zodiac tie-up plan aims to create the world''s third-largest aerospace supplier as the industry bulks up to tackle record high output plans."We believe that the AMF should intervene in order to ensure the protection of the rights of the shareholders of both Safran and Zodiac Aerospace," TCI head Christopher Hohn said in the letter published on the fund''s website.A spokeswoman for Safran declined to comment. A spokeswoman for the AMF could not immediately be reached.TCI Fund owns about 3.87 percent of Safran''s capital and, together with other clients of TCI, that reaches about 4.13 percent, he said, adding that TCI is also a shareholder of Zodiac.Hohn writes that he fears shareholders will only be consulted on the public tender offer after it has been initiated."If this were to be the case, we believe that launching a public tender offer prior to a vote on the merger by Safran shareholders would be in violation of the rights of Safran shareholders and in violation of the principle of equal access to information for all Zodiac shareholders," Hohn wrote."In order to preserve Safran shareholders'' voting rights, a vote of the extraordinary shareholders'' meeting of Safran on the merger must take place before the filing of the public tender offer."(Reporting by Ingrid Melander; Editing by Ruth Pitchford)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-zodiac-aero-m-a-safran-idUSKBN15T2N0'|'2017-02-14T22:46:00.000+02:00'|1210.0|''|-1.0|'' +1210|'0dd20fa95b544ccf62b4bdd2985b408f16f412e9'|'TCI Fund urges French market regulator to intervene on Zodiac-Safran tie-up'|'PARIS Hedge fund TCI Fund Management wrote to French market regulator AMF on Tuesday to protest against aero engine maker Safran''s ( SAF.PA ) agreed bid for seats manufacturer Zodiac Aerospace ( ZODC.PA ), saying it risks violating shareholders'' rights.The $9 billion Safran-Zodiac tie-up plan aims to create the world''s third-largest aerospace supplier as the industry bulks up to tackle record high output plans."We believe that the AMF should intervene in order to ensure the protection of the rights of the shareholders of both Safran and Zodiac Aerospace," TCI head Christopher Hohn said in the letter published on the fund''s website.A spokeswoman for Safran declined to comment. A spokeswoman for the AMF could not immediately be reached.TCI Fund owns about 3.87 percent of Safran''s capital and, together with other clients of TCI, that reaches about 4.13 percent, he said, adding that TCI is also a shareholder of Zodiac.Hohn writes that he fears shareholders will only be consulted on the public tender offer after it has been initiated."If this were to be the case, we believe that launching a public tender offer prior to a vote on the merger by Safran shareholders would be in violation of the rights of Safran shareholders and in violation of the principle of equal access to information for all Zodiac shareholders," Hohn wrote."In order to preserve Safran shareholders'' voting rights, a vote of the extraordinary shareholders'' meeting of Safran on the merger must take place before the filing of the public tender offer."(Reporting by Ingrid Melander; Editing by Ruth Pitchford)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-zodiac-aero-m-a-safran-idUSKBN15T2N0'|'2017-02-14T22:46:00.000+02:00'|1210.0|27.0|2.0|'' 1211|'b7bb0cc435bfeb4d396925b77f43adf77b3fd3d9'|'Hologic buys Cynosure to expand into medical aesthetics'|'By Divya Grover and Natalie Grover Hologic Inc said on Tuesday it would acquire medical aesthetics company Cynosure Inc for $1.65 billion as it looks to capitalize on an increase in medical procedures that are not traditionally reimbursed.The medical aesthetics market is growing at a rapid pace as the American population ages and analysts expect the sector to see more deals.Botox maker Allergan Plc agreed to buy Cynosure''s rival Zeltiq Aesthetics Inc for about $2.48 billion on Monday.Much of aesthetics is not subject to reimbursement risks, making it less cyclical, William Blair analyst Margaret Kaczor told Reuters."Larger acquirers can access a fast growing, profitable market that is just in the first quarter of the game."The medical aesthetics market exceeds $2 billion globally and is expected to grow at a low-double-digit rate over the next several years, Hologic said.Shares of Cynosure were up about 28 percent at $65.88 in morning trading, slightly below Hologic''s offer of $66 per share. Hologic''s shares were down about 3.6 percent at $38.57.Cynosure makes products used in non-invasive body contouring, hair removal, skin revitalization and women''s health and generated 2016 revenue of $433.5 million.The transaction has an enterprise value of $1.44 billion and will be fully funded with cash on hand, Hologic said.Hologic - a maker of diagnostic products, medical imaging systems and surgical products - said the deal will immediately add about 3 cents-5 cents per share to its adjusted earnings for the balance of fiscal 2017.Morgan Stanley & Co LLC is Hologic''s financial adviser, while Wachtell, Lipton, Rosen & Katz is its legal adviser.Leerink Partners LLC is financial adviser to Cynosure, while Wilmer Cutler Pickering Hale and Dorr LLP is its legal adviser.Shares of rival aesthetics company Syneron Medical Ltd, which also offers products for body contouring, hair and tattoo removal as well as facial treatments, were up 3 percent.(Reporting by Natalie Grover and Divya Grover in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cynosure-m-a-hologic-idINKBN15T1OI'|'2017-02-14T12:10:00.000+02:00'|1211.0|''|-1.0|'' 1212|'47b2a75379b6ec9c0b54e00307c2201319567581'|'UPDATE 1-SEB proposes higher dividend as Q4 profit beats forecast'|' 2:01am EST UPDATE 1-SEB proposes higher dividend as Q4 profit beats forecast * Q4 operating profit SEK 5.56 bln vs expected 5.07 bln * Proposes dividend of 5.50 crowns per share * Higher customer demand for risk management helped results (Adds details, background) STOCKHOLM, Feb 1 SEB, Sweden''s fourth-biggest bank by market capitalization, reported fourth-quarter operating profit above analysts'' expectations on Wednesday and proposed higher dividend as customer demand for risk management services increased. Operating profit rose to 5.56 billion Swedish crowns ($635 million) from 5.51 billion crowns in the year-ago period, beating the mean forecast for 5.07 billion crowns in a Reuters poll of analysts. Volatile markets and higher customer activity helped the bank''s performance as demand for risk management services led to higher net financial income, Sweden''s top corporate bank said. Net financial income, which includes revenues from customer trading and hedging, rose to 2.04 billion crowns from 1.62 billion crowns and was higher than the expected 1.54 billion crowns. The bank said it would propose a dividend of 5.50 crowns per share, compared with the poll forecast of 5.31 crowns and 5.25 crowns in 2015. The pay-out ratio, excluding items affecting comparability, was 75 percent. SEB''s target is to distribute 40 percent or more of earnings per share, and paid out 69 percent of profits for 2015. Net interest income, which includes revenue from mortgages and loans to companies, rose to 4.80 billion crowns in the fourth quarter from 4.68 billion crowns a year earlier and higher than the forecast of 4.77 billion crowns. Net commission income rose to 4.61 billion crowns from 4.40 billion crowns and was higher than the 4.34 billion crown forecast. Losses from loans came in at 284 million crowns, marginally better than the 289 million crown loss expected by analysts. SEB said last month CEO Annika Falkengren was quitting after 11 years at the helm, to join Swiss wealth and asset manager firm Lombard Odier Group. ($1 = 8.7535 Swedish crowns) (Reporting by Johan Ahlander; Editing Niklas Pollard and Subhranshu Sahu) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/seb-results-idUSL5N1FM0S7'|'2017-02-01T14:01:00.000+02:00'|1212.0|''|-1.0|'' 1213|'c1b0b6bd3c78ff38a4d0a0c3d11cb3a019320b09'|'White House memo confuses Wall Street on fate of fiduciary rule'|'Money - Tue Feb 7, 2017 - 1:21am EST White House memo confuses Wall Street on fate of fiduciary rule Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017. REUTERS/Brendan McDermid By Sarah N. Lynch and Elizabeth Dilts - WASHINGTON/NEW YORK WASHINGTON/NEW YORK Conflicting signs from the White House have left brokerage firms and lobbyists unsure whether a controversial rule governing retirement advice will ever be put in place, but they are taking no chances and complying anyway. President Donald Trump''s Friday memorandum ordered the Labor Department to review the so-called "fiduciary" rule, which requires brokers to put their clients'' interests first when advising them about 401(k) plans or individual retirement accounts. But that call for a review was significantly weaker than an earlier draft, seen by Reuters, that requested a 180-day delay in the scheduled April 10 effective date of the rule, which is already on the books. Trump''s memo did not go as far as White House early guidance to reporters that the memo would ask the department to "defer implementation" of the rule. It is not clear to Washington insiders just how quickly or easily the Labor Department can delay implementation of the rule. And while most expect there will eventually be a delay, it still is not clear to Wall Streeters who have already started changing their business models whether they can count on a deferral or reversal of the regulation. Theres confusion because it injected a whole lot more noise into the system with very little specificity about what is to come, said Michael Spellacy, the head of PWC''s wealth management consultancy, who said he spent most of his weekend on the phone with the heads of 35 U.S. brokerages they are advising discussing the memo and its implications. Legal experts say the Labor Department likely will have to undertake a formal rulemaking process in order to delay the rule''s implementation - a process that cannot happen overnight, and that may be further delayed by the lack of a permanent Labor Secretary. Trump''s choice to be Labor Secretary, Andrew Puzder, has seen his own confirmation indefinitely postponed in the Senate amidst delays with his ethics paperwork. One other possible wrinkle that could impact the rule''s implementation, meanwhile, is a pending legal challenge in a federal court in Texas. Last week, the judge said she plans to rule no later than Feb. 10. The fiduciary rule is separate from the banking rules that were put in place after the 2008 financial crisis. Trump has also ordered a review of the 2010 Dodd-Frank reform. EXPECTING A DELAY, BUT COMPLYING ANYWAY In the meantime, lawyers are advising their financial services clients to continue preparing for the upcoming deadline. "What is clear from the memo is that we don''t have certainty yet," said Michael Kreps, an attorney with the Groom Law Group. The White House did not explain why it scaled back its memo, but legal experts say it was most likely changed because the prior version may have violated the Administrative Procedures Act - a federal law that governs the rulemaking process. That law requires public notice and a comment period before changes to a rule can be made. Had Trump proceeded with the original plan for a 180-day delay, the change could have been vulnerable to legal challenges. Legal experts say the Labor Department has a few possible options. It can issue what is known as an "interim final rule," which would immediately delay the effective date while seeking comments from the public on why a delay is justified. Or, it can issue a proposed rulemaking to delay the rule''s compliance deadline, give the public 30 days to comment, and then issue a final rule. A Labor Department spokeswoman reiterated on Monday that the department is reviewing its legal options to delay the rule, but declined to elaborate. Kenneth Laverriere, an attorney at Shearman & Sterling, said he fully expects the rule to be delayed eventually, though it will come after companies have already spent a lot of money to comply. Three of the biggest U.S. brokerages, Bank of America Corps ( BAC.N ) Merrill Lynch, Morgan Stanley ( MS.N ) and Wells Fargo Advisors ( WFC.N ), said Fridays memo will not change compliance plans the firms already have in place. Of those, Bank of America intends to adopt the most aggressive changes with its plans to scrap selling brokerage IRA accounts starting in April. "The genie is certainly out of the bottle," Laverriere said. (Reporting by Sarah N. Lynch in Washington and Elizabeth Dilts in New York; Additional reporting by Ayesha Rascoe in Washington; Editing by Linda Stern and Lisa Shumaker) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-labor-fiduciary-idUSKBN15M0E1'|'2017-02-07T13:21:00.000+02:00'|1213.0|''|-1.0|'' @@ -1233,7 +1233,7 @@ 1231|'bdd75bde0f3adc29ca4e76cb70575c5d6e4e259c'|'Shell misses fourth-quarter estimates after $500 million of impairments'|'Business News - Thu Feb 2, 2017 - 7:19am GMT Shell misses fourth-quarter estimates after $500 million of impairments LONDON Royal Dutch Shell ( RDSa.L ), Europe''s largest oil major, missed analysts'' profit expectations for the fourth quarter after booking $500 million (394.5 million pounds) of impairments. Shell''s cost of supplies excluding identified items, its preferred way of measuring profit, was $1.8 billion in the fourth quarter, against analyst expectations of $2.8 billion. "Earnings were impacted by charges of $0.5 billion related to deferred tax reassessments which were not included as identified items," the company said. (Reporting by Karolin Schaps and Ron Bousso; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-results-idUKKBN15H0K7'|'2017-02-02T14:19:00.000+02:00'|1231.0|''|-1.0|'' 1232|'6eaa22035962319d8ee070aa01a0612b1b9469b3'|'Indian police bust $550-million internet scam that duped thousands'|'By Tommy Wilkes - NEW DELHI NEW DELHI Indian police have busted an internet scam in which around 650,000 people lost a combined 37 billion rupees ($549 million) after sending money to a company that promised they would earn cash by clicking on web links, police said on Friday.Police, who described the pyramid-style scheme as one of India''s biggest ever, said they had arrested three ringleaders on the outskirts of New Delhi, the capital, and seized more than 5 billion rupees ($74 million) from bank accounts."They learned that if you give some money back to members, the investments would go up exponentially," Amit Pathak, head of a police cyber crime unit in India''s populous northern state of Uttar Pradesh, told Reuters.The men ran a series of websites that promised would-be subscribers a chance to earn five rupees ($0.07) each time they clicked or liked web links sent to their mobile phones, police said.The unsuspecting investors each paid thousands of rupees into the company''s bank accounts to join the scheme, but the web links they received were fake.The company running the alleged scam had operated for years, but earned almost all the money over a few months from last August, after it began to distribute some of the proceeds, using the beneficiaries to draw in more investors.Police said the ringleaders had not yet appointed lawyers as the chargesheet was still being prepared.When police raided the company''s head office in the city of Noida they found 250 passports of employees and members who had been rewarded with a holiday to Australia.The scammers planned to film the holiday and then post it online as promotional material to lure more subscribers.The alleged mastermind spent some of the proceeds on houses, cars and celebrity parties. Pathak said it would take time to trace most of the money, and several bank employees were believed to be involved."It''s a very big task for us. We have brought in the income-tax department, and other government agencies, to trace the money," Pathak said.Cyber crime in India, home to the world''s second largest number of internet users, jumped 350 percent in the three years to 2014 as criminals exploited booming smartphone use, a study by auditing services firm PwC and industry lobby group Assocham showed last year.($1=67.3100 Indian rupees)(Reporting by Tommy Wilkes)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-fraud-idINKBN15I18V'|'2017-02-03T07:30:00.000+02:00'|1232.0|''|-1.0|'' 1233|'a5c1625be719ea5a3a5e0e770a4ec3b269f454be'|'BRIEF-International Flavors & Fragrances posts qtrly earnings $1.00/shr'|' 4:59pm EST BRIEF-International Flavors & Fragrances posts qtrly earnings $1.00/shr Feb 15 International Flavors & Fragrances Inc * IFF reports fourth quarter & full year 2016 results * International Flavors & Fragrances Inc - expects growth rates in 2017 to accelerate versus prior year * International Flavors & Fragrances Inc - announces multi-year productivity program to selectively invest & deliver long-term targets in 2018 * International Flavors & Fragrances sees savings from productivity program to reach an annual run-rate of between $40 million and $45 million by end of 2019 * International Flavors & Fragrances Inc - qtrly earnings per share $1.00 * Sees FY 2017 sales up between 7.5 pct - 8.5 pct * Q4 earnings per share view $1.18 -- Thomson Reuters I/B/E/S * International Flavors & Fragrances - productivity program expected to result in cumulative, pre-tax charge of $35 million - $40 million in 2017 and 2018 * Sees fy 2017 earnings per share up between 6.5 pct - 7.5 pct * International Flavors & Fragrances Inc - expect to take approximately $10 million of the pre-tax charge in Q1 of 2017 * Qtrly net sales $762.6 million versus $715.7 million * Q4 revenue view $751.7 million -- Thomson Reuters I/B/E/S * Sees FY 2017 adjusted earnings per share up between 4.0 pct - 5.0 pct * Fy2017 earnings per share view $5.86, revenue view $3.31 billion -- Thomson Reuters I/B/E/S Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0JO'|'2017-02-16T04:59:00.000+02:00'|1233.0|''|-1.0|'' -1234|'d044c1e97a5df44d5196805c914fedafd8c717b8'|'BRIEF-Apple considering legal options regarding Trump''s executive order on immigration - CNBC'|'Company News 51am EST BRIEF-Apple considering legal options regarding Trump''s executive order on immigration - CNBC Feb 1 (Reuters) - * Apple considering legal options regarding Trump''s executive order on immigration & company asking trump admin to reverse it - CNBC Next In Company News UPDATE 1-U.S. takes steps to review Dakota Access pipeline WASHINGTON, Feb 1 The U.S. Army Corp of Engineers on Wednesday said it had taken initial steps to review requests to approve the final permit to finish the controversial Dakota Access pipeline, which has been the focus of protests for months.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FM0UC'|'2017-02-01T22:51:00.000+02:00'|1234.0|''|-1.0|'' +1234|'d044c1e97a5df44d5196805c914fedafd8c717b8'|'BRIEF-Apple considering legal options regarding Trump''s executive order on immigration - CNBC'|'Company News 51am EST BRIEF-Apple considering legal options regarding Trump''s executive order on immigration - CNBC Feb 1 (Reuters) - * Apple considering legal options regarding Trump''s executive order on immigration & company asking trump admin to reverse it - CNBC Next In Company News UPDATE 1-U.S. takes steps to review Dakota Access pipeline WASHINGTON, Feb 1 The U.S. Army Corp of Engineers on Wednesday said it had taken initial steps to review requests to approve the final permit to finish the controversial Dakota Access pipeline, which has been the focus of protests for months.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FM0UC'|'2017-02-01T22:51:00.000+02:00'|1234.0|19.0|0.0|'' 1235|'354b190d9ac26097efa844cb2063c989640b64bf'|'Private equity executive Feinberg in talks to join Trump administration'|'Feb 2 Cerberus Capital Management LP''s chief executive, Stephen Feinberg, is in talks to join U.S. President Donald Trump''s administration in a senior role, the private equity firm said on Thursday.The move would require Feinberg to provide "voluminous information" and disclosures to the Office of Government Ethics and take actions to comply with all applicable conflict-of-interest rules and regulations, Cerberus told its investors earlier on Thursday in a letter seen by Reuters.Cerberus also told its investors that it has a succession plan in place that would result in minimal changes to the current management and operation of the firm. (Reporting by Greg Roumeliotis in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usas-trump-feinberg-idINL1N1FN1DD'|'2017-02-02T15:25:00.000+02:00'|1235.0|''|-1.0|'' 1236|'15c9b7993a78d854924f053e12c6ee2a3628ed1d'|'Tech industry braces for Trump''s visa reform'|'Tech industry braces for Trump''s visa reform by Sara Ashley O''Brien @saraashleyo February 5, 2017: 11:52 AM ET Jack Dorsey: ''We benefit from immigration'' As President Trump is fighting in court for his seven-nation travel ban , the tech industry is bracing for another executive order that could hit business hard. A draft proposal that''s been circulating for a few weeks would impact a range of visas -- including the H-1B, business visitor visas, investor visas and work visas for the so-called "dreamers." The White House''s plans for the possible executive order are unclear. But it''s a high-priority topic in the tech community. The H-1B visa program is particularly near and dear to tech. It''s a popular pathway that helps high-skilled foreigners work at U.S. companies. Many talented engineers -- along with other professions ranging from journalists, doctors and professors -- vie for one of the program''s 85,000 visas each year. More than 50% of U.S. "unicorns" -- or privately-held companies deemed to be worth $1 billion or more -- have at least one immigrant founder, according to the National Foundation for American Policy. And those founders have created roughly 760 U.S. jobs each. Related: Microsoft asks for travel ban exceptions The draft mandates that the Secretary of Homeland Security produce a report within 90 days reviewing regulations of all work visa programs, including the H-1B. It aims to find ways to make the program "more efficient" and ensure that it''s admitting "the best and the brightest," according to the draft. Currently, the visas are doled out by a lottery, and the number of applicants continues to swell each year. In 2016, demand was three times more than the quota. Related: Bipartisan bill aims to reform H-1B visa system Manan Mehta, founding partner at Unshackled Ventures, told CNNTech that he''s optimistic about the review process. "We actually believe there needs to be a closer look at a lot of the practices," said Mehta, whose early-stage fund invests in foreign-born entrepreneurs and sponsors their visas. "I''m hopeful that where we land puts preference on foreign nationals that are U.S.-educated and are truly irreplaceable talent." Thirteen of the top 15 H-1B filers are global outsourcing firms that feed foreign workers to U.S. companies. Cracking down on these employers will create more opportunities for a broader range of tech workers, Mehta said. While the visas are used to fill the U.S. skills gap , the Trump administration has spoken out about abuse of the program. Outsourcing firms flood the system with applicants, obtaining visas for foreign workers and then farming them out to tech companies. They take a sizable cut of the salary. There''s a common misconception that foreign workers are "cheaper" labor. While it''s true that outsourcing firms tend to pay workers less to fill American jobs, other companies that rely on H-1Bs do so because they need the talent, and they''re paying more as a result. OfferLetter.io, a startup that helps negotiate job offers, looked at 500 job offers from tech companies like Google ( GOOG ) , Twitter ( TWTR , Tech30 ) and Stripe. It found that for immigrants with zero to ten years of experience, the average salary is 10% greater than that of U.S. residents. Only after ten years does that decline. Related: Uber CEO drops out of Trump''s business advisory council There are many other programs mentioned in the draft that are also important to the tech community. Programs like the J-1, used by those on summer work travel, and the OPT, used by international students who stay in the U.S. after graduating, will be under review. Both were recently revised under the Obama administration. The E-2, an investor visa, is also subject to review. The draft order specifically calls for increased scrutiny of L-1 visas, which are given to foreign workers who transfer to the U.S. from a company''s office abroad. L-1 visa holders would be subject to site visits, according to the draft. Within six months, Homeland Security would start performing site visits for all L-1 holders. Within two years, the draft order proposes site visits for employment-based visa programs. Matthew Dunn, a business immigration partner at Kramer Levin, said he''s getting emails and calls "on a minute by minute basis" from clients ranging from tech companies to banks and hospitals, all of whom are worried about an executive order. Dunn said he''s concerned about any clampdown on foreign talent, especially if programs like the H-1B quota or OPT are downsized. "We will lose many future entrepreneurs who would create future jobs for Americans." If you''re an immigrant in the tech community and are worried about Trump''s proposed immigration policies, CNNMoney (New York) 5, 2017: 11:52 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/edition_business.rss'|'http://money.cnn.com/2017/02/05/technology/trump-h1b-visas-executive-order/index.html'|'2017-02-05T23:52:00.000+02:00'|1236.0|''|-1.0|'' 1237|'4a3a7c17cd677918f5463c46374f7efa62248b65'|'UPDATE 1-Freeport Indonesia mine grinds to complete halt -union'|'Commodities - Thu Feb 16, 2017 - 3:11am EST Freeport Indonesia mine grinds to complete halt: union FILE PHOTO: Trucks operate in the open-pit mine of PT Freeport''s Grasberg copper and gold mine complex near Timika, in the eastern region of Papua, Indonesia on September 19, 2015 in this photo taken by Antara Foto. REUTERS/Muhammad Adimaja/Antara Foto/File Photo By Fergus Jensen - JAKARTA JAKARTA All work has stopped at Freeport-McMoRan Inc''s giant copper mine in Indonesia, a worker union said on Thursday, just over a month after the country halted exports of copper concentrate to boost domestic industries. Freeport had said the suspension would require the Grasberg copper mine to slash output by 60 percent to approximately 70 million pounds of metal per month if it did not get an export permit by mid-February, due to limited storage. But a strike at Freeport''s sole domestic offtaker of copper concentrate, PT Smelting, expected to last at least until March, has limited Freeport''s output options, and Grasberg''s storage sites are now full. "Everything has stopped completely. It''s just maintenance now," Freeport Indonesia worker union chief Virgo Solossa told Reuters, stopping short of saying how many of an estimated 33,000 workers had been sent home. A spokesman for Freeport Indonesia could not immediately be reached for comment on the matter. Freeport estimated in January that sales of copper from Grasberg, the world''s second-biggest copper mine, would reach 1.3 billion pounds in 2017, up from 1.05 billion pounds in 2016, assuming operations were normal. Thousands of workers planned to stage a demonstration on Friday in Papua, the province where the mine is located, to demand that the government "make a wise decision" regarding their situation, Solossa said. "If they aren''t careful, this has and will impact (Freeport operations), both for workers as immediate beneficiaries and the broader community as recipients of benefits from Freeport''s presence." Solossa added that further action would be considered following the demonstration on Friday. Indonesia introduced rules earlier this year requiring Freeport and some other miners to shift from their current ''contracts of work'' to so-called ''special mining permits'', before being allowed to resume exports of semi-processed ores and concentrates. Phoenix, Arizona-based Freeport has said it would only agree to a new mining permit with the same fiscal and legal protection in its current contract. Mining ministry officials did not immediately respond to requests for comment on the matter. (Reporting by Fergus Jensen; Editing by Joseph Radford) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-indonesia-freeport-output-idUSKBN15V0RO'|'2017-02-16T14:48:00.000+02:00'|1237.0|''|-1.0|'' @@ -1247,7 +1247,7 @@ 1245|'de2dc557276aa895fb79fdbcadc525ec7d9f80b7'|'UPDATE 1-Viola Davis wins first Oscar for ''Fences'''|'Company News - Sun Feb 26, 2017 - 9:59pm EST UPDATE 1-Viola Davis wins first Oscar for ''Fences'' (Adds details, quotes and background) LOS ANGELES Feb 26 Viola Davis won her first Oscar on Sunday for her supporting role as a long-suffering housewife in the African-American family drama "Fences." Davis, 51, had swept awards season in the role, taking home a Golden Globe, Screen Actors Guild statuette and numerous critics prizes. She had been nominated for an Oscar twice in the past. "I became an artist, and thank God I did, because we are the only profession that celebrates what it means to live a life," an emotional Davis said while accepting her statuette. In "Fences," the screen version of the prize-winning August Wilson play, Davis played Rose Maxson, a self-effacing wife whose modest life implodes when her charismatic husband insists on keeping a mistress. On stage, Davis heralded Wilson, whom she said "exhumed and exalted the ordinary people." Davis won a Tony Award in the same role on stage in 2010. A forceful and popular actress, Davis is known for playing strong women and for speaking out for better roles for women and people of color. On television, she became the first black woman to win a lead actress Emmy award when she took home the statuette in 2015 for playing a conflicted criminal attorney in drama "How To Get Away With Murder." Raised in an impoverished household in South Carolina and Rhode Island, Davis began acting as a teen at school and later trained at the Juilliard School in New York. She began work in the theater, winning early acclaim. After years of doing small parts in movies, she made her breakout with just one scene in the 2008 religious film "Doubt," earning her first Oscar nomination. Three years later she was nominated for best actress for "The Help," but lost out to Meryl Streep. (Reporting by Jill Serjeant; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/awards-oscars-supporting-actress-idUSL1N1FU1AO'|'2017-02-27T09:59:00.000+02:00'|1245.0|''|-1.0|'' 1246|'2a285656179b4c0f36ecc1b7d0a46faa81a601fe'|'Noble Group swings to small profit in 2016, reduces debt'|' 18am GMT Noble Group swings to small profit in 2016, reduces debt The company logo of Noble Group is seen at its headquarters in Hong Kong March 23, 2015. REUTERS/Bobby Yip/File Photo SINGAPORE Noble Group Ltd ( NOBG.SI ) reported a full year profit of $8.7 million in the year ending December 2016 versus a huge loss in the previous year when the Singapore-listed commodities trader restructured its business operations. The Hong Kong-headquartered company is slowly recovering after the restructuring, cutting debt and boosting liquidity amid a long-term downtrend in commodity prices. In 2015, it reported a loss of $1.67 billion, its first in nearly two decades. "Management continues to pursue the same goals that we laid out previously - to rationalise low return or loss making businesses while devoting resources to those core businesses in which we have a competitive advantage and where we expect to see continued strong returns over a cycle," Noble said in a statement on Monday. Noble''s revenue declined 30 percent to $46.5 billion last year. In line with the company''s efforts to cut leverage, net debt to capital fell to 42 percent from 55 percent a year ago. Noble''s troubles started two years ago when its accounts were questioned by Iceberg Research, sparking a dramatic collapse in its share price and ratings agency downgrades, forcing a sale of its assets and a fund raising to allay financing worries in a brutal commodities market. Noble has stood by its accounts. (Reporting by Anshuman Daga; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-noble-group-results-idUKKBN166144'|'2017-02-27T17:18:00.000+02:00'|1246.0|''|-1.0|'' 1247|'2c126f247d108f23cf0549ae119efbdb901eb41d'|'China fines nuclear component manufacturer over safety breaches'|'Global Energy 22am GMT China fines nuclear component manufacturer over safety breaches BEIJING China has fined a manufacturer of components used in nuclear power plants for safety breaches at two facilities, the environment ministry said. Dalian Teikoku Canned Motor Pump Co., Ltd , a wholly-owned unit of Japan''s Teikoku Electric Manufacturing Co., Ltd, ( 6333.T ), was found to have violated operating rules concerning unit welding at the Yangjiang Nuclear Power Station in Guangdong province, according to a statement posted on the Ministry of Environmental Protection (MEP)''s website on Feb. 14. The company also failed to register the design of a canned motor pump to be used in the Hongyanhe Nuclear Power Station in Liaoning Province, according to the MEP. Canned motor pumps are designed to offer greater protection against leaks compared with conventional pumps. The MEP demanded Dalian Teikoku immediately halt the unauthorized activities and pay a fine of 200,000 yuan ($29,064.28). It also revoked the qualification licence of a welder who undertook work at the Yangjiang facility. Safety in China''s nuclear industry has become increasingly important as the country seeks to increase exports of its nuclear technologies. Beijing has already signed agreements to build reactors in Argentina, Romania, Egypt and Kenya. China plans to build more than 60 nuclear plants in the coming decade and will see total domestic capacity rise to 58 gigawatts by the end of 2020. The International Atomic Energy Agency (IAEA) released a report into China''s nuclear safety last year saying that China''s own nuclear safety record has been strong but needs "further work" in areas such as waste management and handling ageing plants. ($1 = 6.8813 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk; Editing by Christian Schmollinger) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-nuclear-idUKKBN1610J0'|'2017-02-22T13:22:00.000+02:00'|1247.0|''|-1.0|'' -1248|'b2d59bb84e1374c31a5c38a4ab267fe4614b3d1d'|'Christian Candy ''was hell bent on destroying'' former friend''s family - UK news'|'Property billionaires Nick and Christian Candy have been accused of frightening another businessmans wife so seriously that she took to sleeping in her childrens bedroom, while the family hired armed guards and installed CCTV to protect their home.The claims were made in court documents by Emma Holyoake, the wife of entrepreneur Mark Holyoake, who is suing the Candy brothers for 132m in damages over a business deal gone sour.It seemed as if Christian was hell bent on destroying Mark and us as a family, said Emma Holyoake in a witness statement released on Tuesday. At the time I remember crying and felt sick to my stomach at the risk that we appeared to be at.Her evidence included claims that Nick was bullied by his younger brother.The brothers are accused of making threats against Holyoake, with Nick saying his brother would involve Russians who would not think twice about hurting his family, and Christian telling him to be careful that his pregnant wife did not suffer another miscarriage.The Candys emphatically deny making threats . Their barrister raised questions on Tuesday about why the alleged threats had not at the time been reported to police in the UK or Spain.Emma Holyoake said the family were so worried that in 2012 they hired armed security professionals to guard their home in Ibiza. From the witness box in the high court in central London, she told the court that five years on guards still patrol the property. Cameras were installed in the childrens bedroom, and around the property.The threats made by Christian had and continue to have a very real impact on our lives ... for a period whilst I was pregnant in 2012, I started to sleep in the same room as my (then) two children at night to ensure that they were safe, Holyoake said in her statement. I remain very concerned about my childrens safety because of the legal action Mark has taken against Nick and Christian.In a case which has examined the financial and personal dealings of two of Britains best known property developers, Holyoakes evidence painted a picture of an unhappy relationship between the brothers. She claimed to have become close to Nicks wife. Before their falling out, Nick and Mark Holyoake had been close friends, often seeing each other weekly. After Nick met Holly, we began to see that perhaps the relationship between Nick and Christian was not as perfect as had been portrayed, Holyoake stated. Holly told me that Nick was bullied by Christian, that Christian was controlling and often spoke to Nick in a disrespectful and aggressive manner.Valance allegedly opened up to Holyoakes wife at a party in Ibiza in 2012. She allegedly claimed her husband was so distraught about his brothers behaviour towards him, he had lain down in a foetal position on the floor of a hotel room and wept inconsolably.Mark Holyoake alleges he was blackmailed by the brothers into making extortionate repayments on a loan. The Candys deny all charges, and allege serial dishonesty and fraud on the part of Holyoake. A spokesman for the Candys said: Emma Holyoake has accepted in evidence that her statement is based on information provided to her by her husband whose claims are denied in their entirety. The statement has the sole purpose of causing reputational damage to the defendants. The defendants remain committed to having these matters decided at trial by the judge.Facebook Twitter Pinterest Mark Holyoake arrives at the Rolls building in London to give evidence in his case against Christian and Nick Candy. Photograph: Philip Toscano/PA Another witness statement on Tuesday saw Nick Candy accused of acting like a gangster in order to wrest control of a multimillion-pound tech startup.The claims were made by Ian Roberts, who was ousted as chief executive of Crowdmix, a social music app which he founded, shortly before it was taken over by Candy last year. Roberts says he joined Holyoakes suit because he could not afford to bring his own legal action.Ending a nine-month silence over the circumstances of his departure from Crowdmix, the tech boss alleged in his statement that Candy had driven a once promising business off a cliff, and that he was capable of threats, blackmail and dishonesty to get what he wanted.Roberts claimed Candy had begun as a perfect backer, before turning against him. He said Candy and his venture fund Candy Capital acted with malice to force him out, initially by abusing the trust they had built up but then simply blackmailing themselves into a position of absolute power.Candy denies the claims, saying Crowdmix collapsed because of exorbitant and lavish spending. The company folded last summer after spending 14m of investors money, and without ever having launched its app.Roberts says he lost his life savings and his pension when Crowdmix folded. Nick Candy has invested 10m in the business. He first backed Crowdmix in 2015 and eventually became its biggest investor. Last summer, he bought the startup out of administration for 675,000.Crowdmix, which would allow members to create playlists using their accounts with music streaming services such as Spotify, had widespread backing from investors in the City, music industry professionals and media executives.By April last year Roberts was hoping to raise a further 15m and 25m from backers valuing the business at 100m. In order to tide the company over while negotiations continued, Roberts claims that in mid-April Candy offered a 5m bridging loan. He alleges the terms of the loan were verbally agreed.On the morning of 13 May, Crowdmix communicated the strategy to prospective investors. Roberts claims Candy Capitals path to power began that day. In a phone call, he and his co-founder Gareth Ingham were allegedly asked by a Candy representative to hand over 1.5m shares each roughly a third of their respective holdings. Roberts claims he was told he would receive no payment for his shares. If he refused, no further cash would be forthcoming. Crowdmix had no reserves and was dependent on loans from Candy to pay staff.Nick was acting like a gangster and he was playing us, Roberts claims. He alleges the promise of a 5m loan was a trick designed to engineer a situation where Crowdmix was entirely dependent on Candy for funding.On 30 May, Roberts says he was asked to leave Crowdmix. He felt there was no choice but to fall on his sword.Some weeks later, Crowdmix was placed into administration. In the summer of 2016, Candy bought the company from the receiver. The Crowdmix app has yet to launch to the public.For the Candys, Thomas Plewman QC dismissed the claim by Roberts that Candy Capital had engineered a takeover of Crowdmix.Candy Capital was your biggest funder and gave your dream extraordinary support, Plewman told the court. Candy Capital never wanted to own or manage Crowdmix. They bought some of the assets out of administration on a lawful, proper and competitive basis. The idea that this was a campaign to illegitimately take control is without any foundation at all.The case continues.UK news '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/uk-news/2017/feb/28/christian-candy-nick-court-case-mark-holyoake'|'2017-03-01T00:32:00.000+02:00'|1248.0|''|-1.0|'' +1248|'b2d59bb84e1374c31a5c38a4ab267fe4614b3d1d'|'Christian Candy ''was hell bent on destroying'' former friend''s family - UK news'|'Property billionaires Nick and Christian Candy have been accused of frightening another businessmans wife so seriously that she took to sleeping in her childrens bedroom, while the family hired armed guards and installed CCTV to protect their home.The claims were made in court documents by Emma Holyoake, the wife of entrepreneur Mark Holyoake, who is suing the Candy brothers for 132m in damages over a business deal gone sour.It seemed as if Christian was hell bent on destroying Mark and us as a family, said Emma Holyoake in a witness statement released on Tuesday. At the time I remember crying and felt sick to my stomach at the risk that we appeared to be at.Her evidence included claims that Nick was bullied by his younger brother.The brothers are accused of making threats against Holyoake, with Nick saying his brother would involve Russians who would not think twice about hurting his family, and Christian telling him to be careful that his pregnant wife did not suffer another miscarriage.The Candys emphatically deny making threats . Their barrister raised questions on Tuesday about why the alleged threats had not at the time been reported to police in the UK or Spain.Emma Holyoake said the family were so worried that in 2012 they hired armed security professionals to guard their home in Ibiza. From the witness box in the high court in central London, she told the court that five years on guards still patrol the property. Cameras were installed in the childrens bedroom, and around the property.The threats made by Christian had and continue to have a very real impact on our lives ... for a period whilst I was pregnant in 2012, I started to sleep in the same room as my (then) two children at night to ensure that they were safe, Holyoake said in her statement. I remain very concerned about my childrens safety because of the legal action Mark has taken against Nick and Christian.In a case which has examined the financial and personal dealings of two of Britains best known property developers, Holyoakes evidence painted a picture of an unhappy relationship between the brothers. She claimed to have become close to Nicks wife. Before their falling out, Nick and Mark Holyoake had been close friends, often seeing each other weekly. After Nick met Holly, we began to see that perhaps the relationship between Nick and Christian was not as perfect as had been portrayed, Holyoake stated. Holly told me that Nick was bullied by Christian, that Christian was controlling and often spoke to Nick in a disrespectful and aggressive manner.Valance allegedly opened up to Holyoakes wife at a party in Ibiza in 2012. She allegedly claimed her husband was so distraught about his brothers behaviour towards him, he had lain down in a foetal position on the floor of a hotel room and wept inconsolably.Mark Holyoake alleges he was blackmailed by the brothers into making extortionate repayments on a loan. The Candys deny all charges, and allege serial dishonesty and fraud on the part of Holyoake. A spokesman for the Candys said: Emma Holyoake has accepted in evidence that her statement is based on information provided to her by her husband whose claims are denied in their entirety. The statement has the sole purpose of causing reputational damage to the defendants. The defendants remain committed to having these matters decided at trial by the judge.Facebook Twitter Pinterest Mark Holyoake arrives at the Rolls building in London to give evidence in his case against Christian and Nick Candy. Photograph: Philip Toscano/PA Another witness statement on Tuesday saw Nick Candy accused of acting like a gangster in order to wrest control of a multimillion-pound tech startup.The claims were made by Ian Roberts, who was ousted as chief executive of Crowdmix, a social music app which he founded, shortly before it was taken over by Candy last year. Roberts says he joined Holyoakes suit because he could not afford to bring his own legal action.Ending a nine-month silence over the circumstances of his departure from Crowdmix, the tech boss alleged in his statement that Candy had driven a once promising business off a cliff, and that he was capable of threats, blackmail and dishonesty to get what he wanted.Roberts claimed Candy had begun as a perfect backer, before turning against him. He said Candy and his venture fund Candy Capital acted with malice to force him out, initially by abusing the trust they had built up but then simply blackmailing themselves into a position of absolute power.Candy denies the claims, saying Crowdmix collapsed because of exorbitant and lavish spending. The company folded last summer after spending 14m of investors money, and without ever having launched its app.Roberts says he lost his life savings and his pension when Crowdmix folded. Nick Candy has invested 10m in the business. He first backed Crowdmix in 2015 and eventually became its biggest investor. Last summer, he bought the startup out of administration for 675,000.Crowdmix, which would allow members to create playlists using their accounts with music streaming services such as Spotify, had widespread backing from investors in the City, music industry professionals and media executives.By April last year Roberts was hoping to raise a further 15m and 25m from backers valuing the business at 100m. In order to tide the company over while negotiations continued, Roberts claims that in mid-April Candy offered a 5m bridging loan. He alleges the terms of the loan were verbally agreed.On the morning of 13 May, Crowdmix communicated the strategy to prospective investors. Roberts claims Candy Capitals path to power began that day. In a phone call, he and his co-founder Gareth Ingham were allegedly asked by a Candy representative to hand over 1.5m shares each roughly a third of their respective holdings. Roberts claims he was told he would receive no payment for his shares. If he refused, no further cash would be forthcoming. Crowdmix had no reserves and was dependent on loans from Candy to pay staff.Nick was acting like a gangster and he was playing us, Roberts claims. He alleges the promise of a 5m loan was a trick designed to engineer a situation where Crowdmix was entirely dependent on Candy for funding.On 30 May, Roberts says he was asked to leave Crowdmix. He felt there was no choice but to fall on his sword.Some weeks later, Crowdmix was placed into administration. In the summer of 2016, Candy bought the company from the receiver. The Crowdmix app has yet to launch to the public.For the Candys, Thomas Plewman QC dismissed the claim by Roberts that Candy Capital had engineered a takeover of Crowdmix.Candy Capital was your biggest funder and gave your dream extraordinary support, Plewman told the court. Candy Capital never wanted to own or manage Crowdmix. They bought some of the assets out of administration on a lawful, proper and competitive basis. The idea that this was a campaign to illegitimately take control is without any foundation at all.The case continues.UK news '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/uk-news/2017/feb/28/christian-candy-nick-court-case-mark-holyoake'|'2017-03-01T00:32:00.000+02:00'|1248.0|26.0|0.0|'' 1249|'6302accbef24067577acd681222104ba7a14c19b'|'Oi nears new creditor proposal, regardless of Brazil telecom reform -CEO'|'Deals - Tue Feb 14, 2017 - 9:49am EST Oi nears new creditor proposal, regardless of Brazil telecom reform: CEO People walk in front of the headquarters of the Brazil''s largest fixed-line telecoms group Oi, in Rio de Janeiro, Brazil, June 22, 2016. REUTERS/Sergio Moraes BRASILIA Changes in Brazil''s telecom law currently under debate in the Senate are not being taken into account by debt-laden carrier Oi SA as it devises its in-court reorganization plan, Oi Chief Executive Marcos Schroeder said on Tuesday. Speaking at an industry event in Braslia, Schroeder said the imminent reforms will have no economic effect on the company''s reorganization in bankruptcy court. The bill had been scheduled to become law last December but was held up in the Senate after opposition legislators filed a motion to submit it to a vote by the full house. Poised to become law after passing committees in both chambers of Congress, the reform aims to update a concession-based model that had created uncertainty about the value of the industry''s fixed-line assets. Schroeder''s comments suggest that Oi will not let the reform''s current legal limbo slow negotiations with creditors to restructure about 65.4 billion reais ($21.1 billion) of bank debt, bonds and regulatory liabilities. Schroeder said Oi will present an amended debt restructuring plan next month and put it to a creditor vote between April and June. The company made its first proposal in September but a large group of lenders rejected it. [nIFR5V2VPK] Schroeder reiterated the plan will involve a reduction of the company''s debt as well as a debt-for-equity swap. He said the nominal value of the bond debt, about 32 billion reais, would be reduced by 70 percent while debt notes representing about 10 billion reais would be converted into Oi equity. Bank debt should be repaid in 17 years under the amended plan, he said. In the second half of this year, Oi also intends to start negotiations with potential international investors interested in providing capital to the company, Schroeder said. A stay of execution, which protects Oi from creditor suits while it devises a plan to avoid bankruptcy, will expire in May. ($1 = 3.095 reais) (Reporting by Leonardo Goy; Writing by Ana Mano; Editing by Bill Trott) Next In Deals Delays, confusion as Toshiba reports $6 billion nuclear hit and slides to loss TOKYO After a day of delays and confusion, Japan''s Toshiba Corp said on Tuesday it expected to book a $6.3 billion hit to its U.S. nuclear unit, a writedown that wipes out its shareholder equity and will drag the group to a full-year loss.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-oi-sa-restructuring-idUSKBN15T1YG'|'2017-02-14T21:47:00.000+02:00'|1249.0|''|-1.0|'' 1250|'7f35a504f21c2a01cc19ddaa6d84cd449b51b918'|'UPDATE 1-South Africa''s ANC attacks banks over forex rigging charges'|'Company News - 35am EST UPDATE 1-South Africa''s ANC attacks banks over forex rigging charges (Recasts with ANC statement, adds quotes, details, background) By Joe Brock JOHANNESBURG Feb 16 South Africa''s ruling ANC party called on Thursday for the toughest possible sanctions against more than a dozen local and foreign banks accused of rigging the rand currency, piling political pressure on lenders that have become a target for public anger. The Competition Commission said on Wednesday it had found the banks, including U.S., European, Japanese and Australian lenders, had colluded to coordinate their trading activities when dealing in the rand and U.S. dollar. South Africa''s banking index fell 1 percent on Thursday after the Commission, which has been conducting an investigation since April 2015, recommended heavy fines be imposed on the lenders. The ANC attacked the banks, which many South Africans view as a symbol of the stark racial inequality that persists 23 years after the fall of apartheid. "The African National Congress takes an extremely dim view of the activities of the listed banks. These acts of corruption have crudely exposed the ethical crisis in the South African banking sector," the party said in a statement. "It is further an indication of how the markets are and can be manipulated by dominant oligopolies to cripple its functioning to suit their nefarious agendas." Financial regulators are clamping down worldwide, with dozens of traders fired and big banks fined around $10 billion in total in separate cases for rigging the level of the Libor interest rates and other market benchmarks. The opposition Democratic Alliance accused the ANC of politicising the issue, saying ministers want "to do battle with the banks, regardless of the economic fallout". Michael Cardo, who speaks on economic development for the right-leaning party, said President Jacob Zuma''s State of the Nation Address last week had made clear "he intends using the competition authorities as a tool of his populist and destructive agenda of ''radical economic transformation''". Last year the ANC suffered its worst ever local election performance as the left-wing Economic Freedom Fighters (EFF) won over many poor black South Africans with promises of radical redistribution of wealth. The EFF and sections of the ANC often criticise banks for keeping the wealth of the country in the hands of the white elite. This has turned up the heat on the banks, where a majority of executives are white despite black people making up 80 percent of the population. The investigation found that from at least 2007, banks had an agreement to collude on prices for bids, offers and bid-offer spreads for spot trades involving the rand - whose international market code is ZAR - and the U.S. dollar, the Commission said. Its inquiry centred on an instant messaging chat room called "ZAR Domination", which the Commission said was used to coordinate trading activities when giving quotes to customers who buy or sell currencies. Fines should amount to 10 percent of the banks'' annual revenues, the Commission recommended, without saying whether this should relate to global revenues or just their South African business. The banks and brokerages named in the case were Citigroup , Nomura, Standard Bank, Investec , JP Morgan, BNP Paribas, Credit Suisse Group, Commerzbank AG, Standard New York Securities Inc, Macquarie Bank, Bank of America Merrill Lynch (BAML), ANZ Banking Group Ltd, Standard Chartered Plc and Barclays Africa (Absa) , part of the Barclays Plc. Investec and Barclays both said they would cooperate with the probe while Standard Bank, BAML, Nomura, Credit Suisse, ANZ and Standard Chartered declined comment. The others have yet to comment. (Addition reporting by Ed Cropley and Ed Stoddard; Editing by David Goodman and David Stamp) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-currencyrigging-idUSL8N1G12KR'|'2017-02-16T18:35:00.000+02:00'|1250.0|''|-1.0|'' 1251|'53da3b41bde392e32b1a602be364775569c788aa'|'METALS-London copper finds modest support after overnight rout'|' 35pm EST METALS-London copper finds modest support after overnight rout * LME copper finds modest support * Follows 3 pct fall overnight * China demand doubts counter supply pinch in Chile, Indonesia (Adds comment, details, updates prices) By James Regan SYDNEY, Feb 24 London copper prices found modest support on Friday after a big fall overnight amid fresh doubts over Chinese demand and some upward movement in the U.S. dollar, but were still on track for a weekly decline of around 2 percent Traders said worries persist about consumption levels in China after the country''s housing minister on Thursday suggested moves were afoot to stabilise the property market. Three-month copper on the London Metal Exchange was up 0.3 percent at $5,875 a tonne by 0218 GMT after falling 3 percent in the previous session. "Copper is below $6,000 (a tonne) again, but the drop may be seen as a little overdone, explaining the uptick today," said a commodities trader in Sydney who did not want to be named. "But I don''t see all the losses being erased." Strike action at the Escondida copper mine in Chile, accounting for about 6 percent of world supply, was offering support, although the strike "at least in the short term" was largely factored into the market, the trader added. Operator BHP Billiton''s decision this week to delay its legal right to replace striking workers is seen a move aimed at sacrificing some output to undermine the union''s position. BHP made a surprise announcement on Tuesday, saying it would not seek to exercise its right to replace the 2,500 striking workers after 15 days - which would have been Friday. Instead, it said it would wait at least 30 days. A halt to the big Grasberg copper mine in Indonesia by Freeport McMoRan was also giving copper bulls solace. The row, which centres around the sanctity of Freeport''s 30-year mining contract, comes as Indonesia seeks to squeeze more revenue out of its mining industry through a shake-up of regulations over foreign ownership and ore processing. "Given their size, lengthy disruptions at either will eat into this year''s normal 5 percent disruption allowance," GFMS, a Thomson Reuters company providing independent specialist metals market content and analysis, said in a recent report. "But unless accompanied by other major disruptions they are still unlikely to prevent another year of surplus in the refined copper market." The most-traded copper contract on the Shanghai Futures Exchange was down 2.2 percent at 47,490 yuan ($6,912) a tonne. The contract dipped by as much as 2.9 percent at the open. Lead, aluminium and zinc were largely flat after closing lower overnight. Zinc prices are still nearly double the levels seen in January 2016 due to deficits arising from mine closures and shutdowns. In Shanghai, aluminium was off 1.9 percent and zinc down 2.5 percent. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1G91AB'|'2017-02-24T09:35:00.000+02:00'|1251.0|''|-1.0|'' @@ -1255,8 +1255,8 @@ 1253|'3c7515986fafab2285b77ea1ae4aa98803f849f6'|'UPDATE 1-TransCanada''s U.S. Keystone XL lawsuit suspended -arbitration court'|'(Adds details, background, TransCanada comment)CALGARY, Alberta Feb 28 TransCanada Corp has suspended a $15 billion suit filed against the United States over the Keystone XL pipeline after U.S. President Donald Trump approved the project last month.The monthlong suspension of the challenge under the North American Free Trade Agreement came after Trump signed orders smoothing the path for Keystone XL, inviting the company to reapply for a permit after the administration of former president Barack Obama had rejected the project.Environmentalists had campaigned against the pipeline for more than seven years.In an entry dated Monday, the website of the International Centre for the Settlement of Investment Disputes showed TransCanada''s legal challenge over the pipeline was suspended until March 27, pursuant to mutual agreement.TransCanada confirmed the challenge has been suspended but did not immediately offer additional comment.TransCanada Corp had sought $15 billion in damages, according to legal papers, seeking to recover what it says are costs and damages.The Keystone XL was designed to link existing pipeline networks in Canada and the United States to bring crude from Alberta and North Dakota to refineries in Illinois and, eventually, the Gulf of Mexico coast. (Reporting by Ethan Lou in Calgary, Alberta; Editing by Chizu Nomiyama and Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-pipeline-lawsuit-idINL2N1GD0T8'|'2017-02-28T13:21:00.000+02:00'|1253.0|''|-1.0|'' 1254|'e694152b2a9feca67a4336585651de3cede40e64'|'Canada''s Sun Life sees benefits from Trump''s pro-growth agenda'|'TORONTO Sun Life Financial ( SLF.TO ), expects to benefit from a more favourable interest rate and economic environment under new U.S. President Donald Trump, the chief executive of Canada''s third-biggest insurer said.Shares in Sun Life have risen by 12 percent since Trump''s election win Nov. 8 and a subsequent rise in interest rates.The stock has benefited from market expectations that pro-growth policies pursued by the new administration, such as a $1 trillion infrastructure spending programme, will lead to higher employment and consumer spending and a return to a more inflationary environment following years of lacklustre growth.Higher interest rates are beneficial to insurance companies, which invest premiums they collect from customers in fixed income assets such as government bonds."Clearly, higher interest rates will benefit our business," CEO Dean Cooper said in an interview on Thursday after Sun Life reported quarterly results."More generally, assuming the economic climate continues to be positive in the States to the extent that it grows the employment base and payrolls, those are two drivers of growth in our group benefits business. The number of people we cover and the salaries that they''re covered for life insurance and disability grow and that would be a positive for us," he said.(Reporting by Matt Scuffham; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/sun-life-results-idINKBN15V2K6'|'2017-02-16T15:47:00.000+02:00'|1254.0|''|-1.0|'' 1255|'3000eda6db8c78776325ba1ff2a981d55c8c56f5'|'PSA says will honour existing Opel job guarantees'|'Deals 37pm GMT PSA says will honor existing Opel job guarantees A Peugeot car drives past the logos of French car maker Peugeot and German car maker Opel at a dealership in Villepinte, near Paris, France, February 20, 2017. REUTERS/Christian Hartmann By Edward Taylor and Laurence Frost - FRANKFURT/PARIS FRANKFURT/PARIS PSA Group ( PEUP.PA ) has pledged to respect existing Opel and Vauxhall job guarantees if it buys the European arm of General Motors ( GM.N ), though some analysts say thousands of jobs are eventually likely to go for the deal to work. As part of a broader charm offensive, PSA Chief Executive Carlos Tavares met with representatives of powerful German labor union IG Metall and Opel''s European works council on Monday to discuss the impact of any deal on existing sites. "PSA Group reaffirmed its commitment to respect the existing agreements in the European countries and to continue the dialogue with all parties," Peugeot maker PSA said in a statement on Tuesday. General Motors (GM) has pledged not to impose forced redundancies on some of its German workforce until the of end 2018, IG Metall said, while some existing agreements about building certain models at Opel stretch beyond 2020. However, some analysts say PSA will eventually need to make big cuts to turn around loss-making Opel and sister brand Vauxhall in a European car industry that has struggled for years with overcapacity. "Its about hard restructuring in Germany, the UK and in Spain resulting in at least 5,000 manufacturing job cuts. In the end, an integrated General Motors Europe will likely have 20 to 30 percent fewer workers," Evercore analysts said in a note. Germany accounts for about half of Opel''s 38,000 staff, while 4,500 are in Britain where Opel operates as Vauxhall. Two sources close to PSA told Reuters last week that job and plant cuts were part of the tie-up talks, with the two Vauxhall sites in Britain in the front line. Paris-based PSA said in an emailed statement it planned to work closely with Opel unions including IG Metall to "find a path to the creation of a European champion with Franco-German roots." "Tavares communicated convincingly in the talks that he is interested in a sustainable development for Opel/Vauxhall as an independent company," European works council chief Wolfgang Schaefer-Klug said in a separate statement. Britain''s Unite union has yet to receive assurances from PSA officials regarding the possible takeover of Vauxhall, with the first opportunity at the works council on Wednesday followed by a meeting between Tavares and union head Len McCluskey in London on Friday. (Additional reporting by Maria Sheahan in Frankfurt and Costas Pitas in London; Editing by Mark Potter) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-opel-m-a-psa-idUKKBN160100'|'2017-02-21T22:35:00.000+02:00'|1255.0|''|-1.0|'' -1256|'c04dfe651eae613280c736432ed015a82f344a1c'|'BRIEF-Pine Cliff Energy reports Q4 production was 21,525 BOE per day'|' 29pm EST BRIEF-Pine Cliff Energy reports Q4 production was 21,525 BOE per day Feb 13 Pine Cliff Energy Ltd : * Pine Cliff Energy Ltd announces 2017 guidance, 2016 bank debt reduction and year-end reserves * Board of directors has approved a capital budget of $18.5 million for 2017 * Is budgeting 2017 annual production volumes to range from 21,250 - 21,750 BOE per day * Pine Cliff''s Q4 2016 production was 21,525 BOE per day, weighted 93 pct to natural gas * Exited year with production of approximately 22,000 boe per day, weighted 94 pct to natural gas * Reduced its bank debt by $125 million from $155.9 million at December 31, 2015 to $30.9 million at December 31, 2016 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B01Z'|'2017-02-14T08:29:00.000+02:00'|1256.0|''|-1.0|'' -1257|'e497f7620ab855f41d173a72c7ac4f0e55fc58a5'|'Losses of 58bn since the 2008 bailout how did RBS get here?'|'Royal Bank of Scotland Losses of 58bn since the 2008 bailout how did RBS get here? Flawed takeover bids, bad lending, and a tower of legal bills have left the Royal Bank of Scotland deep in the red Since the taxpayer-funded bailout of 2008, the Edinburgh bank has only racked up more losses. Photograph: Andy Rain/EPA View more sharing options Jill Treanor Friday 24 February 2017 18.23 GMT Sir Howard Davies, chairman of Royal Bank of Scotland, described the 7bn loss the bank rang up last year as stark. But it is just a fraction of the banks towering total losses of 58bn over the 9 years since it was bailed out by the taxpayer. And the bank will rack up even more losses this year. RBS braced for multi-billion-pound settlement for loan-misselling scandal Read more The reported losses hide the true extent of the problems inside the Edinburgh-based bank, because they have been offset by the cash RBS has continued to generate since its 45bn rescue. The total cost of disastrous lending, over-paying for takeovers, fines and legal bills actually tops 90bn. Some of the key causes of RBSs long period in the red are: Troubled takeovers which required more than 16bn of goodwill write downs in 2008. That was the year of the banking crisis and the year after RBS took over Dutch bank ABN Amro , which left the UK bank with inadequate capital levels. Fred Goodwin, who left at the time of the bailout, was famously dubbed a megalomaniac by an analyst . Included in the writedowns was 7.6bn for ABN and 4.3bn for buying the Charter One US bank in 2004. Restructuring charges have left the cost of shrinking the bank at 13bn, as RBS has sold businesses and slashed costs in an effort to stem losses. An estimated 90,000 jobs have gone from the business since 2008, when RBS had operations in 54 countries that spanned all areas of financing, from aircraft leasing to current accounts. As a penalty for the state aid required to keep the bank in business. the EU forced RBS to sell off businesses including commodity broker Sempra , the money transmission business WorldPay, insurer Direct Line and US bank Citizens . All these took thousands of staff with them. The EU also demanded RBS get rid of 300 UK branches. They were separated and RBS tried to sell them, but that effort has now been abandoned - at a cost of 2.5bn. Treasury plan may allow RBS to avoid selling 300 branches Read more Bad lending and other poor trading decisions caused impairment charges to cover loans that will never be repaid in full, or at all of more than 40bn. These peaked at 14bn in 2009, but have continued to gouge deep holes in the banks profits well into to 2014. Ulster Bank lending was a big source of these bad debts, along with loans made by Citizens in the US, and losses in the UK on mortgages, credit card losses and to major British companies. Fines and legal costs have amounted to 15bn. They started to bite in 2011 when RBS like other banks began setting aside bilions to compensate customers mis-sold payment protection insurance . Its bill for PPI has now reached almost 5bn, while the industrys has topped 30bn. In 2013 RBS was also fined 390m for rigging Libor and 800m for manipulating foreign exchange markets. The bank has just set aside a new 5.9bn to cover a settlement with the US Department of Justice over the decade-old scandal in the US over mis-selling residential mortgage backed securities. Credit losses some 7bn was lost on complicated credit derivatives trades in the 2007 credit crunch, which turned toxic.'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/2017/feb/24/90bn-in-bills-since-2008-how-did-rbs-get-here-financial-crisis-'|'2017-02-25T01:23:00.000+02:00'|1257.0|''|-1.0|'' +1256|'c04dfe651eae613280c736432ed015a82f344a1c'|'BRIEF-Pine Cliff Energy reports Q4 production was 21,525 BOE per day'|' 29pm EST BRIEF-Pine Cliff Energy reports Q4 production was 21,525 BOE per day Feb 13 Pine Cliff Energy Ltd : * Pine Cliff Energy Ltd announces 2017 guidance, 2016 bank debt reduction and year-end reserves * Board of directors has approved a capital budget of $18.5 million for 2017 * Is budgeting 2017 annual production volumes to range from 21,250 - 21,750 BOE per day * Pine Cliff''s Q4 2016 production was 21,525 BOE per day, weighted 93 pct to natural gas * Exited year with production of approximately 22,000 boe per day, weighted 94 pct to natural gas * Reduced its bank debt by $125 million from $155.9 million at December 31, 2015 to $30.9 million at December 31, 2016 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B01Z'|'2017-02-14T08:29:00.000+02:00'|1256.0|25.0|-1.0|'' +1257|'e497f7620ab855f41d173a72c7ac4f0e55fc58a5'|'Losses of 58bn since the 2008 bailout how did RBS get here?'|'Royal Bank of Scotland Losses of 58bn since the 2008 bailout how did RBS get here? Flawed takeover bids, bad lending, and a tower of legal bills have left the Royal Bank of Scotland deep in the red Since the taxpayer-funded bailout of 2008, the Edinburgh bank has only racked up more losses. Photograph: Andy Rain/EPA View more sharing options Jill Treanor Friday 24 February 2017 18.23 GMT Sir Howard Davies, chairman of Royal Bank of Scotland, described the 7bn loss the bank rang up last year as stark. But it is just a fraction of the banks towering total losses of 58bn over the 9 years since it was bailed out by the taxpayer. And the bank will rack up even more losses this year. RBS braced for multi-billion-pound settlement for loan-misselling scandal Read more The reported losses hide the true extent of the problems inside the Edinburgh-based bank, because they have been offset by the cash RBS has continued to generate since its 45bn rescue. The total cost of disastrous lending, over-paying for takeovers, fines and legal bills actually tops 90bn. Some of the key causes of RBSs long period in the red are: Troubled takeovers which required more than 16bn of goodwill write downs in 2008. That was the year of the banking crisis and the year after RBS took over Dutch bank ABN Amro , which left the UK bank with inadequate capital levels. Fred Goodwin, who left at the time of the bailout, was famously dubbed a megalomaniac by an analyst . Included in the writedowns was 7.6bn for ABN and 4.3bn for buying the Charter One US bank in 2004. Restructuring charges have left the cost of shrinking the bank at 13bn, as RBS has sold businesses and slashed costs in an effort to stem losses. An estimated 90,000 jobs have gone from the business since 2008, when RBS had operations in 54 countries that spanned all areas of financing, from aircraft leasing to current accounts. As a penalty for the state aid required to keep the bank in business. the EU forced RBS to sell off businesses including commodity broker Sempra , the money transmission business WorldPay, insurer Direct Line and US bank Citizens . All these took thousands of staff with them. The EU also demanded RBS get rid of 300 UK branches. They were separated and RBS tried to sell them, but that effort has now been abandoned - at a cost of 2.5bn. Treasury plan may allow RBS to avoid selling 300 branches Read more Bad lending and other poor trading decisions caused impairment charges to cover loans that will never be repaid in full, or at all of more than 40bn. These peaked at 14bn in 2009, but have continued to gouge deep holes in the banks profits well into to 2014. Ulster Bank lending was a big source of these bad debts, along with loans made by Citizens in the US, and losses in the UK on mortgages, credit card losses and to major British companies. Fines and legal costs have amounted to 15bn. They started to bite in 2011 when RBS like other banks began setting aside bilions to compensate customers mis-sold payment protection insurance . Its bill for PPI has now reached almost 5bn, while the industrys has topped 30bn. In 2013 RBS was also fined 390m for rigging Libor and 800m for manipulating foreign exchange markets. The bank has just set aside a new 5.9bn to cover a settlement with the US Department of Justice over the decade-old scandal in the US over mis-selling residential mortgage backed securities. Credit losses some 7bn was lost on complicated credit derivatives trades in the 2007 credit crunch, which turned toxic.'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/2017/feb/24/90bn-in-bills-since-2008-how-did-rbs-get-here-financial-crisis-'|'2017-02-25T01:23:00.000+02:00'|1257.0|27.0|0.0|'' 1258|'b9a14f78075a450e17a584ee908f416e80ca6483'|'Daimler to build electric cars in existing Mercedes plants'|' 49am EST Daimler to build electric cars in existing Mercedes plants Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo FRANKFURT German carmaker Daimler ( DAIGn.DE ) plans to build its new electric vehicles in existing Mercedes plants by integrating them with serial production of cars with combustion engines, the group said. "In this way, we are taking advantage of the opportunities offered by electric mobility and are significantly limiting the required investment," Mercedes-Benz Cars production chief Markus Schaefer said on Wednesday. Daimler has said its Mercedes-Benz and Smart brands planned to launch more than 10 electric cars by 2025, with zero-emission vehicles accounting for 15 to 25 percent of Mercedes sales. It has already said that it would build the first model under its new EQ electric vehicle brand in the northern German city of Bremen, and on Wednesday it made Sindelfingen the second plant designated to join the electric cars push. Daimler plans to invest up to 10 billion euros ($10.8 billion) in the development of electric vehicles, and labor representatives have been pushing for a large part of that investment to be made in the carmaker''s home country. The group said on Wednesday its factories in Germany''s Bremen, Rastatt and Sindelfingen as well as its Smart model plant in Hambach, France, would be competence centers for its electric vehicle production. Labor representatives welcomed the move as it gives existing German plants a stake in the shift to electric vehicles. "It must be clear that the jobs are safe despite all the challenges," works council chief Michael Brecht said. Daimler has agreed to keep on 125 temporary workers at its Sindelfingen plant, its biggest German factory with 25,000 workers, for another year and make it a center for car electronics. In return, workers'' representatives have agreed to discuss more flexible working hours. (Reporting by Ilona Wissenbach; Writing by Maria Sheahan; Editing by Louise Heavens) Apple defies Wall Street with strong revival in iPhone sales SAN FRANCISCO Apple Inc reclaimed the throne as the world''s top smartphone seller for the first time in five years on Tuesday, beating out rival Samsung in units shipped for the holiday quarter and boosting revenues with a strong showing for its new, top-of-the-line iPhone 7 Plus. Tech companies to meet on legal challenge to Trump immigration order SAN FRANCISCO A group of technology companies plans to meet on Tuesday to discuss filing an amicus brief in support of a lawsuit challenging U.S. President Donald Trump''s order restricting immigration from seven Muslim-majority countries, said a spokesperson for a company organizing the gathering. Facebook Inc is creating an app for television set-top boxes, including Apple Inc''s Apple TV, the Wall Street Journal reported, citing people familiar with the matter. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-daimler-electric-idUSKBN15G4KZ'|'2017-02-01T20:49:00.000+02:00'|1258.0|''|-1.0|'' 1259|'7b2632986cc475f4f9fc98273f8a1fc56beed7dc'|'Foreign investment is not leaving China: commerce minister'|'Business News - Mon Feb 20, 2017 - 11:28pm EST Foreign investment is not leaving China: commerce minister China''s Commerce Minister Gao Hucheng attends a session during the 2016 G20 Trade Ministers Meeting in Shanghai, China July 10, 2016. REUTERS/Aly Song BEIJING China''s commerce minister on Tuesday sought to assuage concerns that foreign investment is leaving the country, saying claims to that effect were "biased." In comments made to reporters, Gao Hucheng didn''t elaborate on the ministry''s views though data over the past few months have shown a pick up in fund outflows. "In recent years some products have indeed moved offshore but at the same time many high-end industries have moved to China," Gao told reporters. Foreign direct investment to China fell 9.2 percent in January to 80.1 billion yuan. An annual survey from the American Chamber of Commerce in China released last month showed that more than 80 percent of its members felt less welcome in China than before and most had little confidence in China''s vows to open its markets. Since late last year, authorities have also been tightening restrictions on capital outflows, reining in what officials have called "irrational" outbound investment. The curbs probably explained a fall in outbound direct investment, which plummeted 35.7 percent in January to 53.27 billion yuan, the weakest in over a year. Gao added that consumption will continue to grow rapidly this year, while the foreign trade environment will remain complex. Cooperation is the only option for the U.S.-China trade relations as a healthy relationship is beneficial for both sides, he said. Although there have been disagreements between the two countries in the past, they were solved through negotiation, Gao added. Tensions between China and the United States have heightened since the start of the year after U.S. President Donald Trump criticized Beijing for harming American companies and consumers by devaluing its yuan currency. Throughout his election campaign, Trump threatened to levy punitive tariffs against China in order to bring down the U.S. trade deficit, keeping global markets on edge. (Reporting by Elias Glenn; Writing by Sue-Lin Wong; Editing by Shri Navaratnam) Next In Business News Snap arrives in London to woo skeptical investors ahead of IPO LONDON Snap Inc, owner of popular messaging app Snapchat, kicked off its first investor roadshow on Monday, looking to persuade London money managers to back its initial public offering in the face of concerns about its growth prospects, valuation and corporate governance.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-china-economy-idUSKBN1600BP'|'2017-02-21T11:28:00.000+02:00'|1259.0|''|-1.0|'' 1260|'93f00d382472e5ba8b010a3e96c6f13ca4bc1e3a'|'Sharp swings to first quarterly net profit in over two years'|'Technology 52am GMT Japan''s Sharp raises forecast after first quarterly profit in over two years A logo of Sharp Corp is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba, Japan, October 3, 2016. REUTERS/Toru Hanai/File Photo TOKYO Sharp Corp lifted its full-year profit guidance after posting its first quarterly net profit in over two years as the Japanese liquid crystal display (LCD) maker pressed ahead with cost-cutting measures under the ownership of Taiwan''s Foxconn. Sharp, a major supplier of LCD panels to Apple Inc, raised its operating profit forecast to 37.3 billion yen ($329.85 million) for the year ending in March from an earlier forecast of 25.7 billion, the company said in a statement on Friday. Net profit was 4.2 billion yen for October-December, compared with a 24.7 billion yen loss in the same period a year earlier. It was the first profit on a net basis since July-September 2014. The result missed a Thomson Reuters Starmine SmartEstimate of 4.6 billion yen drawn from four analysts. SmartEstimates give greater weight to recent forecasts by top-rated analysts. The return to profit comes as Sharp tapped Foxconn''s massive parts procurement power, reviewed the lineup of products and implemented various measures to cut fixed costs. Sharp also benefited as production cutbacks by Korean rivals in LCD panels for television sets fueled an industry-wide shortage of panels and pushed up market prices. Its core display device unit posted an operating profit of 11 billion yen, against a 11 billion yen loss a year prior, swinging back to profit for the first time in two years. Foxconn, formally known as Hon Hai Precision Industry Co Ltd, bought two-thirds of Sharp for around $3.7 billion in August. (Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-sharp-results-idUKKBN15I0J8'|'2017-02-03T13:21:00.000+02:00'|1260.0|''|-1.0|'' @@ -1264,15 +1264,15 @@ 1262|'39858a7d42ed4f1e8cc89192727db2acf78d89a9'|'CEE MARKETS-Stocks rise slightly, Polish bonds ease a shade'|'Company News 20am EST CEE MARKETS-Stocks rise slightly, Polish bonds ease a shade * Stocks rise slightly, Moneta Bank rise helps Prague * Serbian assets mixed after PM says will run for presidency * Polish bonds mildly softer after strong output data By Sandor Peto BUDAPEST, Feb 20 Prague led a cautious rise in Central European equities on Monday, mainly driven by the gains of Moneta Money Bank, while Central European assets were mostly moving sideways. Prague''s main index firmed 0.4 percent by 0929 GMT. Moneta shares rose 1.2 percent to 85.85 Czech crowns ($3.38), after JP Morgan raised its target price to 100 from 92 crowns. Earlier this month the stock rose to all-time highs after Moneta reported higher-than-expected fourth-quarter earnings and proposed a high dividend payment to shareholders. Good earnings from Central European banks, coupled with a rally in international equities markets, helped the region''s main stock indexes reach their highest levels since 2015 - or in the case of Budapest, record highs - in the past weeks. Profit-taking pared those gains on Friday. Regional markets lacked momentum on Monday as U.S. markets remain closed due to the Presidents Day holiday. The forint and the zloty firmed 0.1 percent against the euro and the leu was flat. Serbian markets were mixed after Prime Minister Aleksandar Vucic agreed late on Friday to run for the presidency in elections tentatively slated for April. Vucic as president instead of incumbent Tomislav Nikolic could mean a quicker advance towards EU accession and a further improvement of Serbia''s ties with NATO, despite its military neutrality. The dinar firmed slightly and Belgrade shares eased 0.3 percent. Polish government bond yields were flat or a touch higher. A surge in industrial output and retail sales in January increases the odds that the Polish central bank could start to lift interest rates before 2018 and that could weigh on bonds. But a rise in inflation in Poland has been fuelled by one-off factors, therefore the bank is unlikely to bring forward rate tightening, Raiffeisen analyst Stephan Imre said in a note. Erste analysts raised their inflation forecasts for Hungary and Slovakia, but said in a note that inflation, forecast at an average 1.6 percent in Central Europe for this year, does not threaten inflation targets in the region. "Therefore, monetary policy should not react quickly, apart from the Czech Republic, where the high inflation will likely prompt the CNB to exit the FX regime in April," they said. "In Romania and Poland, we see a likely tightening only next year, while in Hungary, as reinforced by recent central banker comments, the easing bias should remain rather strong," they added. CEE SNAPS AT 1029 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 10 10 0% % Hungary 308.2 308.3 +0.0 0.20% forint 000 950 6% Polish 4.329 4.332 +0.0 1.73% zloty 0 7 9% Romanian 4.526 4.524 -0.03 0.20% leu 0 9 % Croatian 7.448 7.439 -0.11 1.44% kuna 0 5 % Serbian 123.8 124.0 +0.1 -0.43 dinar 800 500 4% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 973.3 970.0 +0.3 +5.6 6 1 5% 2% Budapest 33912 33828 +0.2 +5.9 .05 .86 5% 7% Warsaw 2191. 2188. +0.1 +12. 11 30 3% 48% Bucharest 7768. 7745. +0.3 +9.6 94 39 0% 5% Ljubljana 761.4 762.6 -0.15 +6.1 7 3 % 1% Zagreb 2190. 2192. -0.08 +9.8 99 75 % 3% Belgrade <.BELEX15 707.6 709.8 -0.31 -1.35 > 6 9 % % Sofia 597.3 597.0 +0.0 +1.8 8 1 6% 7% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year 6 5 bps 5-year 3 bps 10-year bps Poland 2-year bps s 5-year bps 10-year bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.27 0.3 0.35 0 PRIBOR=> Hungary < 0.36 0.55 0.69 0.24 BUBOR=> Poland < 1.765 1.805 1.895 1.73 WIBOR=> Note: FRA are for quotes ask prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/easteurope-markets-idUSL8N1G51WE'|'2017-02-20T17:20:00.000+02:00'|1262.0|''|-1.0|'' 1263|'2d679234959a77ed24eef3b4a1f15334288b825c'|'BRIEF-SPX reports Q4 adj EPS $0.69'|' 55pm EST BRIEF-SPX reports Q4 adj EPS $0.69 Feb 23 Spx Corp * SPX reports fourth quarter and full-year 2016 results * Q4 adjusted earnings per share $0.69 * Q4 loss per share $0.07 from continuing operations * Q4 revenue $395.3 million versus I/B/E/S view $467.6 million * Q4 earnings per share view $0.65 -- Thomson Reuters I/B/E/S * Targeting 2017 core revenue in a range of $1.3 to $1.4 billion * Sees 2017 adjusted earnings per share is expected to be in a range of $1.55 to $1.70 * Sees 2017 core segment income margin of 12-13 pct * FY2017 earnings per share view $1.64, revenue view $1.47 billion -- Thomson Reuters I/B/E/S '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-spx-reports-q4-adj-eps-idUSASB0B22O'|'2017-02-24T04:55:00.000+02:00'|1263.0|''|-1.0|'' 1264|'f853ad49d83cc8b3c71fbc9c9d3bd63d23946b9b'|'U.S. stock fund investors turning away from ''America First'''|'NEW YORK U.S. investors are favoring international stocks over domestic ones, in a shift away from the trend that followed Donald Trump''s presidential victory, Investment Company Institute data released on Wednesday show.U.S.-based equity funds invested internationally attracted $4.7 billion during the latest week, the most in a year, while funds that buy shares of companies in the United States gathered just $814 million, according to the trade group''s data.Foreign stock funds have absorbed more cash than their domestic counterparts in seven of the last eight weeks, the data show."I think you''re seeing some better opportunities internationally," said Jim Jasinski, managing principal at Cape Ann Capital Inc, a wealth management company in Manchester, Massachusetts. "The U.S. markets have been on such an incredible run."During President Trump''s inauguration last month, he declared "from this day forward it''s going to be only America First," and stocks responded in kind. He has touted a stew of tax cuts, domestic infrastructure spending, regulation cuts and recasting trade deals to boost U.S. jobs and economic growth.Investors spent the five weeks after his election buying U.S.-based domestic stock funds. World stock funds lagged behind, taking in just $4.2 billion over that period, $50.2 billion less than their domestic counterparts, ICI said.MSCI''s benchmark global equity index, which includes the United States, hovered near record territory on Wednesday.That obscures the fact that U.S. stocks have done far better. The S&P 500 index, a measure of U.S. stocks, has gained 9.5 percent in terms of price since the election, while a comparable MSCI gauge of 45 other countries gained just 5.1 percent. That may mean the foreign stocks are a relative bargain."Whether people like the new administration or not there''s a prevailing feeling that it will be a pro-business administration," said Jasinski. "That''s tending to prop that market up a bit more and rich valuations might be getting even richer."The relative safety of bonds and gold also drew interest from investors during the week through Feb. 8. Commodity funds, including those invested in gold, attracted $1.1 billion, their most since July 2016.Bond funds gathered $11.6 billion during the week, the most in more than a year.(Reporting by Trevor Hunnicutt; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-mutualfunds-ici-idUSKBN15U2KZ'|'2017-02-15T23:21:00.000+02:00'|1264.0|''|-1.0|'' -1265|'f4fcdaaa3f80e9227ff14a9b3d00effec82ff33d'|'Tiffany CEO Frederic Cumenal steps down'|'Feb 5 Jeweler Tiffany & Co on Sunday said Frederic Cumenal has stepped down as chief executive officer, effective immediately.The retailer said its chairman and previous CEO, Michael Kowalski, would serve as interim CEO while the board of directors seeks a new CEO. Kowalski will continue as Chairman. (Reporting by Scott DiSavino; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-tiffany-idINASB0AYLM'|'2017-02-05T19:34:00.000+02:00'|1265.0|''|-1.0|'' +1265|'f4fcdaaa3f80e9227ff14a9b3d00effec82ff33d'|'Tiffany CEO Frederic Cumenal steps down'|'Feb 5 Jeweler Tiffany & Co on Sunday said Frederic Cumenal has stepped down as chief executive officer, effective immediately.The retailer said its chairman and previous CEO, Michael Kowalski, would serve as interim CEO while the board of directors seeks a new CEO. Kowalski will continue as Chairman. (Reporting by Scott DiSavino; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-tiffany-idINASB0AYLM'|'2017-02-05T19:34:00.000+02:00'|1265.0|27.0|0.0|'' 1266|'c70298a7e12d3bf0aede3cb4c206629a948eaa50'|'Trump says he would like to speed up NAFTA talks'|'Business News - Thu Feb 2, 2017 - 5:18pm GMT Trump says he would like to speed up NAFTA talks U.S. President Donald Trump attends the National Prayer Breakfast event in Washington, U.S., February 2, 2017. REUTERS/Carlos Barria WASHINGTON U.S. President Donald Trump reiterated his concerns about the North American Free Trade Agreement (NAFTA) deal on Thursday and said he would like to speed up talks to either renegotiate or replace the deal. "I would like to speed it up if possible. You''re the folks who can do it," Trump said in the Oval Office where he met with bipartisan lawmakers from the Senate and House of Representatives. Trump said Wilbur Ross, his pick for Commerce Secretary, would lead the negotiations. "We are working very, very hard and will be very soon, as soon as we get the go-ahead - we have the 90-day period that we have to think about," Trump said. Under U.S. law, Congress has 90 days to review trade deals before they are signed. (Reporting by Jeff Mason and Roberta Rampton; Editing by Alan Crosby) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-nafta-idUKKBN15H289'|'2017-02-03T00:18:00.000+02:00'|1266.0|''|-1.0|'' -1267|'61d531b7c13d8dfa1bd50ed6dc87e38cfebafc52'|'Canadians not feeling ''wealth effect'' as stock market nears high'|'By Fergal Smith - TORONTO TORONTO Feb 3 A rising domestic stock market will barely lift the confidence of ordinary Canadians, who are more concerned about job prospects in an economy threatened by a more protectionist United States, economists say.Canada''s S&P/TSX Composite index was up 34 percent as of Friday afternoon from its January 2016 trough and last week it briefly came within 11 points of its all-time high at 15,685.13.Stock market gains usually add to financial security and boost people''s spending. But economists expect the "wealth effect" to disappoint as Canadians grapple with a sluggish domestic economy and uncertainty over the implications of Donald Trump''s election as U.S. president."People on Bay Street and on Wall Street love to believe in the wealth effect on spending from what the equity market does and it is actually way down near the bottom of the list for what really drives consumer confidence," said David Rosenberg, chief economist and strategist at Gluskin Sheff & Associates Inc."What has a much more powerful impact on confidence is job creation and growth in the paycheck," Rosenberg added.Canadian consumer confidence fell in January to its lowest since October, a survey conducted by the Conference Board of Canada showed recently.Canada did add jobs in 2016, but it was mostly part-time and earnings growth has lagged inflation, data from Statistics Canada shows."I think Canadians will be taking more of their cues on how they feel about the economy with the results in the labor market" said Nick Exarhos, economist at CIBC Capital Markets.He thinks that the quality of jobs available in Canada has deteriorated over the past two years and that the TSX is a poor guide to the strength of the domestic economy due to its heavy concentration of resource stocks.Economists also doubt that stock market gains will lift business sentiment."If Donald Trump has his view that trade deficits with anybody have to be redressed that is a much bigger deal for Canada than the next few points on the TSX," Rosenberg said.Canada runs a merchandise trade surplus with the United States, while Trump plans to renegotiate the North American Free Trade Agreement under which Canada sends 75 percent of its exports to the United States."If firms were thinking of investing with the idea of shipping to the U.S. ... they may just pause," said Craig Wright, chief economist at Royal Bank of Canada. (Reporting by Fergal Smith; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-economy-idINL1N1FH0XZ'|'2017-02-03T15:01:00.000+02:00'|1267.0|''|-1.0|'' +1267|'61d531b7c13d8dfa1bd50ed6dc87e38cfebafc52'|'Canadians not feeling ''wealth effect'' as stock market nears high'|'By Fergal Smith - TORONTO TORONTO Feb 3 A rising domestic stock market will barely lift the confidence of ordinary Canadians, who are more concerned about job prospects in an economy threatened by a more protectionist United States, economists say.Canada''s S&P/TSX Composite index was up 34 percent as of Friday afternoon from its January 2016 trough and last week it briefly came within 11 points of its all-time high at 15,685.13.Stock market gains usually add to financial security and boost people''s spending. But economists expect the "wealth effect" to disappoint as Canadians grapple with a sluggish domestic economy and uncertainty over the implications of Donald Trump''s election as U.S. president."People on Bay Street and on Wall Street love to believe in the wealth effect on spending from what the equity market does and it is actually way down near the bottom of the list for what really drives consumer confidence," said David Rosenberg, chief economist and strategist at Gluskin Sheff & Associates Inc."What has a much more powerful impact on confidence is job creation and growth in the paycheck," Rosenberg added.Canadian consumer confidence fell in January to its lowest since October, a survey conducted by the Conference Board of Canada showed recently.Canada did add jobs in 2016, but it was mostly part-time and earnings growth has lagged inflation, data from Statistics Canada shows."I think Canadians will be taking more of their cues on how they feel about the economy with the results in the labor market" said Nick Exarhos, economist at CIBC Capital Markets.He thinks that the quality of jobs available in Canada has deteriorated over the past two years and that the TSX is a poor guide to the strength of the domestic economy due to its heavy concentration of resource stocks.Economists also doubt that stock market gains will lift business sentiment."If Donald Trump has his view that trade deficits with anybody have to be redressed that is a much bigger deal for Canada than the next few points on the TSX," Rosenberg said.Canada runs a merchandise trade surplus with the United States, while Trump plans to renegotiate the North American Free Trade Agreement under which Canada sends 75 percent of its exports to the United States."If firms were thinking of investing with the idea of shipping to the U.S. ... they may just pause," said Craig Wright, chief economist at Royal Bank of Canada. (Reporting by Fergal Smith; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-stocks-economy-idINL1N1FH0XZ'|'2017-02-03T15:01:00.000+02:00'|1267.0|28.0|0.0|'' 1268|'652f0da46d7d9c0f20548ec8c46073993e351dca'|'Electra to receive 203 million pounds from Audiotonix sale'|'Business News - Fri Feb 3, 2017 - 8:01am GMT Electra to receive 203 million pounds from Audiotonix sale LONDON Electra Private Equity ( ELTA.L ) is to receive 203 million pounds after its investment arm sold Audiotonix, a manufacturer of audio mixing consoles, to French buyout group Astorg. The sale comes as Electra is in the process of separating itself from the investment arm, which has renamed itself Epiris and is due to split from the firm in June. Epiris said the deal had generated a return close to five times the amount originally invested. "This has been a fantastic deal for Epiris and its investors, and clearly demonstrates our strategy in action," said Charles Elkington, a partner at Epiris. The Auditonix sale is expected to close in the first quarter of this year. (Reporting By Andrew MacAskill; Editing by Rachel Armstrong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-electra-pvt-eqty-sale-idUKKBN15I0TQ'|'2017-02-03T15:01:00.000+02:00'|1268.0|''|-1.0|'' 1269|'d9c0a2aa8c03aff4aa85064f528fb44f4a53641c'|'UPDATE 1-Freeport Indonesia says could seek arbitration over mining contract violations'|' 41pm EST UPDATE 1-Freeport Indonesia says could seek arbitration over mining contract violations (Adds background, details) JAKARTA Feb 20 Freeport-McMoRan Inc''s Indonesian unit said on Monday it hoped to resolve a dispute with the government over its mining contract, but reserved the right to start arbitration against the government and seek damages. Freeport has submitted a notification to Indonesia''s mining ministry describing breaches and violations of its contract of work by the government, the company said. Freeport warned in a statement of "severe unfavourable consequences for all stakeholders" if the dispute is not resolved. The consequences could include "the suspension of capital investments, a significant reduction in domestic purchases of goods and services, and job losses for contractors and workers as we are forced to adjust our business costs to match constrained production," it said. Freeport has been negotiating with the Indonesian government over the terms of a special mining permit to replace its contract of work after halting its exports of copper concentrate due to new mining rules. On Friday, it said it could not meet contractual obligations for copper concentrate shipments from the mine following a five-week export stoppage. All mining work was stopped last week at its giant Grasberg mine in the eastern Indonesian province of Papua. The chief executive of Freeport''s Indonesian unit, Chappy Hakim, appointed in November to lead the company through a period of regulatory uncertainty, resigned on Saturday. Under its current contract signed in 1991, Freeport said on Monday it had invested $12 billion in Indonesia. But the company cannot make the $15 billion additional capital investment to develop underground mining without fiscal and legal guarantees from the government, Freeport-McMoRan''s CEO Richard Adkerson told a news conference in Jakarta. Indonesia''s mining minister, Ignasius Jonan, on Saturday warned Freeport that bringing the dispute to arbitration could harm the relationship between the company and the government, "but it would be a much better step rather than always using the issue of firing workers as a tool to pressure the government." Adkerson also said on Monday the company''s Indonesian unit has made its first lay-offs since the dispute over its mining contract started with the Indonesian government and may let go of more workers this week. (Reporting by Fergus Jensen and Wilda Asmarini; Writing by Gayatri Suroyo; Editing by Tom Hogue) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-idUSL4N1G51S5'|'2017-02-20T11:41:00.000+02:00'|1269.0|''|-1.0|'' 1270|'87a50329f3015e3583eb280bce62d9f9d46cc2cd'|'Next chairman John Barton to retire in August'|' 22am GMT Next chairman John Barton to retire in August A woman walks under advertising outside a branch of clothing retailer Next in London, Britain September 30, 2014. REUTERS/Andrew Winning/File Photo LONDON British clothing retailer Next ( NXT.L ) said its chairman John Barton will retire in August and be succeeded by Michael Roney. Barton, 72, has been chairman since 2006. Roney, 62, will join the board as an independent non-executive director, as deputy chairman and chairman designate on Tuesday and take over from Barton as chairman on August 1. Roney is a former chief executive of Bunzl ( BNZL.L ) and is currently chairman of Grafton Group. (Reporting by James Davey; Editing by Susan Fenton) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-next-moves-idUKKBN15T0Q2'|'2017-02-14T14:22:00.000+02:00'|1270.0|''|-1.0|'' 1271|'1ce159c0c4c3fc72ed2063923739151b27a71191'|'U.S. investors brace for mounting political risks as they decode Trump'|'Company 1:04pm EST U.S. investors brace for mounting political risks as they decode Trump By David Randall and Jennifer Ablan - NEW YORK NEW YORK Feb 14 Barry James built up his $4 billion mutual fund largely by studying balance sheets, earnings and market share. In the last few weeks, however, he has realized that he must look at a new force in the market: U.S. President Donald Trump. Trump''s unpredictable governing style and stated desire to renegotiate trade agreements and punish companies that seek out lower-cost forms of labor are upending the classic notion of fundamental investing, said James, who manages the James Balanced Golden Rainbow fund. As a result, he said, his Xenia, Ohio firm is broadening the market research it follows. He is also moving more of his money into bonds and bracing for a significant decline in the U.S. stock market, just a few months after making a big bet on equities the day after the Nov. 8 presidential election. "We''re vulnerable to shocks," he said, "and we''ve got a shocker in the White House." With U.S. equities breaking record highs, other investors who have long shunned big-picture trends say they also are paying more attention to the effect of politics on asset prices, and that the high market valuation sets the scene for a steep sell-off. Fund managers are not just focusing on whatever company Trump mentions in his latest tweet. They say they are also worrying that he could increase global tensions and raise trade tariffs worldwide, hurting companies large and small. So far, Trump''s political proposals have largely helped the U.S. stock market. Markets are pricing in lower corporate taxes and an infrastructure spending bill, pushing the benchmark S&P 500 up about 9 percent since Election Day. The market trades at a trailing price-to-earnings ratio of 20.9, the high end of its historical range. Yet fund managers say they see markets as increasingly vulnerable to political risks as the new administration targets trade and immigration policies that could shift the balance of the global economy. At the same time, key elections scheduled for later this year in France and Germany could lead to further weakening of the European Union, a risk that fund managers say the global markets do not fully reflect. "We''re seeing fatigue in the market in reacting to political situations that would historically be very disruptive," said BMO Global Asset Management portfolio manager Lowell Yura. ONE SNEEZE Some fund managers are now calling in outside political risk experts whom they might have once ignored or expanding their networks of consultants to determine the effects of Trump''s policies on the U.S. market and abroad. Political risk firms are reporting a significant increase in business since Election Day. Consultant Business Environment Risk Intelligence said investor inquires were up more than 50 percent since November, and it has been telling clients not to be complacent despite the market rally. "It takes one sneeze from the Trump administration that can spread flu to these markets," said Chief Executive Officer Saruhan Hatipoglu. Ian Bremmer, president of New York-based political risk research firm Eurasia Group, said his business had increased significantly since Trump''s election as well as Britain''s vote to leave the European Union, emerging market scandals and the French presidential campaign. This has led him to increase hiring at his 150-person firm. "Clients are asking about all of the moving pieces," he said. "It''s suddenly: ''Are we going to be in a much more protectionist world? Is the global marketplace going to fragment?''" TRADING TRUMP Fund managers say they are trying to take advantage of an anticipated spike in volatility, even as the VIX, Wall Street''s main measure of equity market turbulence, remains near two-year lows. "Donald Trump clearly is showing that he wants to be a disrupter of the status quo, so political risk is probably the single biggest known driver of potential future volatility that exists now," said Conventus Capital partner Nicholas Young. Young said his firm had bought options to hedge against market declines for that reason as well as "the unknown drivers that catch people completely by surprise and cause volatility to spike quickly." Thyra Zerhusen, co-chief investment officer of Fairpointe Capital in Chicago, said she had been trimming positions in some stocks and was holding more cash than usual as she expects market declines. Among her worries is that a move to deregulate the banking industry could lead to something like the financial crisis of 2008 and 2009. "I am trying to batten down the hatches," she said. "I''m more concerned about politics now than I''ve ever been." (Reporting by David Randall and Jennifer Ablan; Editing by Megan Davies and Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/funds-politicalrisk-trump-idUSL1N1FT1H2'|'2017-02-15T01:04:00.000+02:00'|1271.0|''|-1.0|'' 1272|'ef800dffcd8c63cc05c2b79356fe6141c6889187'|'Siemens set to win EU approval for $4.5 billion Mentor deal - sources'|'Business News - Thu Feb 23, 2017 - 3:20pm GMT Siemens set to win EU approval for $4.5 billion Mentor deal - sources Siemens AG headquarters are seen in Munich, Germany August 15, 2016. REUTERS/Michaela Rehle - By Foo Yun Chee and Arno Schuetze - BRUSSELS/FRANKFURT BRUSSELS/FRANKFURT German engineering group Siemens ( SIEGn.DE ) is set to gain unconditional EU antitrust approval for its $4.5 billion (4 billion pound) bid for U.S. software company Mentor Graphics, its biggest deal in this area in a decade, two people familiar with the matter said on Thursday. Siemens unveiled the deal in November last year, aiming to boost its presence in a sector with faster growth and bigger margins than other areas. The German company''s move comes in response to growing customer demand for more complex software for smart connected products such as aeroplanes, trains and cars. Siemens is targeting a rise in its software revenue by about a third from the deal. Mentor Graphics'' software helps semiconductor companies design and test their chips before they manufacture them. The European Commission, which is scheduled to decide on the deal by Feb. 27, declined to comment. Siemens also declined to comment. Mentor Graphics competes with Synopsys ( SNPS.O ) and Cadence ( CDNS.O ). (Reporting by Foo Yun Chee in Brussels and Arno Schuetze in Frankfurt, additional reporting by Jens Hack in Munich. Editing by Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mentor-graphics-m-a-siemens-eu-idUKKBN1621U5'|'2017-02-23T22:20:00.000+02:00'|1272.0|''|-1.0|'' -1273|'088dde3060066f7c46e23ed847bcc8b13a620568'|'Asia stocks seen looking overvalued at 19-month highs, Aussie dollar shines'|' 3:36am GMT Asia stocks seen looking overvalued at 19-month highs, Aussie dollar shines A man walks past an electronic board showing Japan''s Nikkei average (top L), the Dow Jones average (top R) and the stock averages of other countries'' outside a brokerage in Tokyo, Japan, January 26, 2017. REUTERS/Kim Kyung-Hoon By Saikat Chatterjee - HONG KONG HONG KONG Asian stocks edged to new 19-month highs on Thursday with gains underpinned by an ongoing rally on Wall Street while the dollar came in for a bout of profit-taking after its recent bounce. MSCI''s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent to its highest since July 2015. It is up by a tenth this year thanks to more optimistic earnings expectations and an unwinding of bearish emerging market bets. Wall Street pushed relentlessly into record-high territory on Wednesday, with the S&P 500 notching a seven-session winning streak. Some investors said markets were looking slightly overvalued from a technical perspective after the bounce in recent weeks. For example, on a relative strength index (RSI), the MSCI Asia-ex Japan index was at its most overbought levels since 2015. "We are seeing some profit-taking at these levels and unless there is a big correction, the broader uptrend in the Hong Kong market seems broadly intact," said Alex Wong, Hong Kong-based director of Ample Finance Group. Though latest regional exports data confirmed an upswing in economic activity in Asia was gathering pace, political uncertainty and anti-globalization rhetoric from the U.S. made investors cautious of adding big positions. "In light of these risks, we remain cautiously optimistic on Asian equities, having set a 12-month target for the MSCI Asia ex-Japan of 550 a 7 percent increase from current levels," said Tuan Huynh, Asia CIO for Deutsche Bank wealth management which manages 312 billion euros globally. Australian stocks gave up early gains and turned lower on the day after new full-time jobs fell sharply in January, a setback after a recent run of positive data. CAUTION Caution was also evident in the currency markets with the dollar''s recent bounce running out of steam as investors took profits -- even as fresh data showed a pick up in inflationary pressures. "Retail sales seemed to have been boosted by higher prices rather than an increase in the real consumption," said Shin Kadota, senior forex strategist at Barclays. "Investors also took profit as the dollar was trading high this week." Fed Chair Janet Yellen, in her second day of economic testimony before Congress, offered no additional insight on the timing of the central bank''s next rate hike after her comments a day earlier had hinted at a fairly hawkish policy stance. Traders may also be leaning towards the Fed delaying a rate increase beyond its March meeting, with the probability of three to four rate hikes by the end of year diminishing slightly, according to the CME FedWatch tool. The dollar index, which measures the currency against a trade-weighted basket of six major peers, slipped to 100.92. It rallied to a one-month high of 101.76 on Wednesday. The Australian dollar was the sole bright spot in Asian trade with the currency powering to multi-year peaks against the yen, Swiss franc and euro -- despite a mixed jobs report. It stood tall versus its U.S. counterpart at $0.7708, having broken key resistance at 77 cents. It briefly popped to a three-month high of $0.7732 after data showed a surprise dip in Australia''s unemployment rate. In commodity markets, oil prices softened as record high U.S. crude and gasoline inventories fed concerns about a global glut. U.S. crude was down 0.1 percent at $53.07 a barrel and Brent was flat at $55.75 a barrel. (Additional reporting by Yuzuka Oka in TOKYO; Editing by Shri Navaratnam and Eric Meijer) Next In Business News Fed aims to hike rates, based on more growth and fiscal stimulus: Dudley NEW YORK The Federal Reserve aims to raise U.S. interest rates in the months ahead as long as the economy continues to grow a bit above its trend and if, as expected, fiscal policies provide a boost, an influential Fed policymaker said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN15V026'|'2017-02-16T10:34:00.000+02:00'|1273.0|''|-1.0|'' +1273|'088dde3060066f7c46e23ed847bcc8b13a620568'|'Asia stocks seen looking overvalued at 19-month highs, Aussie dollar shines'|' 3:36am GMT Asia stocks seen looking overvalued at 19-month highs, Aussie dollar shines A man walks past an electronic board showing Japan''s Nikkei average (top L), the Dow Jones average (top R) and the stock averages of other countries'' outside a brokerage in Tokyo, Japan, January 26, 2017. REUTERS/Kim Kyung-Hoon By Saikat Chatterjee - HONG KONG HONG KONG Asian stocks edged to new 19-month highs on Thursday with gains underpinned by an ongoing rally on Wall Street while the dollar came in for a bout of profit-taking after its recent bounce. MSCI''s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent to its highest since July 2015. It is up by a tenth this year thanks to more optimistic earnings expectations and an unwinding of bearish emerging market bets. Wall Street pushed relentlessly into record-high territory on Wednesday, with the S&P 500 notching a seven-session winning streak. Some investors said markets were looking slightly overvalued from a technical perspective after the bounce in recent weeks. For example, on a relative strength index (RSI), the MSCI Asia-ex Japan index was at its most overbought levels since 2015. "We are seeing some profit-taking at these levels and unless there is a big correction, the broader uptrend in the Hong Kong market seems broadly intact," said Alex Wong, Hong Kong-based director of Ample Finance Group. Though latest regional exports data confirmed an upswing in economic activity in Asia was gathering pace, political uncertainty and anti-globalization rhetoric from the U.S. made investors cautious of adding big positions. "In light of these risks, we remain cautiously optimistic on Asian equities, having set a 12-month target for the MSCI Asia ex-Japan of 550 a 7 percent increase from current levels," said Tuan Huynh, Asia CIO for Deutsche Bank wealth management which manages 312 billion euros globally. Australian stocks gave up early gains and turned lower on the day after new full-time jobs fell sharply in January, a setback after a recent run of positive data. CAUTION Caution was also evident in the currency markets with the dollar''s recent bounce running out of steam as investors took profits -- even as fresh data showed a pick up in inflationary pressures. "Retail sales seemed to have been boosted by higher prices rather than an increase in the real consumption," said Shin Kadota, senior forex strategist at Barclays. "Investors also took profit as the dollar was trading high this week." Fed Chair Janet Yellen, in her second day of economic testimony before Congress, offered no additional insight on the timing of the central bank''s next rate hike after her comments a day earlier had hinted at a fairly hawkish policy stance. Traders may also be leaning towards the Fed delaying a rate increase beyond its March meeting, with the probability of three to four rate hikes by the end of year diminishing slightly, according to the CME FedWatch tool. The dollar index, which measures the currency against a trade-weighted basket of six major peers, slipped to 100.92. It rallied to a one-month high of 101.76 on Wednesday. The Australian dollar was the sole bright spot in Asian trade with the currency powering to multi-year peaks against the yen, Swiss franc and euro -- despite a mixed jobs report. It stood tall versus its U.S. counterpart at $0.7708, having broken key resistance at 77 cents. It briefly popped to a three-month high of $0.7732 after data showed a surprise dip in Australia''s unemployment rate. In commodity markets, oil prices softened as record high U.S. crude and gasoline inventories fed concerns about a global glut. U.S. crude was down 0.1 percent at $53.07 a barrel and Brent was flat at $55.75 a barrel. (Additional reporting by Yuzuka Oka in TOKYO; Editing by Shri Navaratnam and Eric Meijer) Next In Business News Fed aims to hike rates, based on more growth and fiscal stimulus: Dudley NEW YORK The Federal Reserve aims to raise U.S. interest rates in the months ahead as long as the economy continues to grow a bit above its trend and if, as expected, fiscal policies provide a boost, an influential Fed policymaker said on Wednesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN15V026'|'2017-02-16T10:34:00.000+02:00'|1273.0|29.0|0.0|'' 1274|'100825dc78f6a7d47f001a1279b6ce1d533f5fdb'|'Anthem sues Cigna to block termination of merger'|'By Michael Erman Anthem Inc ( ANTM.N ) said on Wednesday it filed a lawsuit to block smaller rival Cigna Corp ( CI.N ) from officially terminating their proposed $54 billion merger, a transaction already rejected by U.S. antitrust regulators.The deal would have created the largest U.S. health insurer. Rivals Aetna Inc ( AET.N ) and Humana Inc ( HUM.N ) had sought their own merger, representing an unprecedented consolidation among U.S. health insurers.In separate rulings, federal judges struck down both deals as anticompetitive, at the request of the Justice Department. Aetna and Humana said on Tuesday they were ending their deal, but Anthem filed an appeal of its ruling.Cigna, however, said on Tuesday it notified Anthem it had ended the deal and that Anthem was required to pay a $1.85 billion break-up fee under their agreement.Cigna also filed a lawsuit in Delaware, seeking legal sanction for its decision to end the deal and approval for $13 billion in damages for its shareholders who did not receive the takeover premium.Anthem''s lawsuit, which was also filed in Delaware, seeks a temporary restraining order to prevent Cigna from ending the deal, arguing there is still enough time to complete the transaction first announced in July 2015."Cigna''s lawsuit and purported termination is the next step in Cigna''s campaign to sabotage the merger and to try to deflect attention from its repeated wilful breaches of the Merger Agreement in support of such effort," Anthem said.Cigna said on Wednesday that it believed Anthem''s allegations were meritless.Anthem said it was pursuing an expedited appeal of the court decision and remained committed to complete the merger either through a successful appeal or through a settlement with the new leadership at the Justice Department under the Trump administration.Cigna maintains that Anthem had not done enough to reduce potential anticompetitive elements on its side of the transaction, and would not be able to make those changes in time to secure regulatory approval."Accordingly, there is no viable path to completing this transaction," Cigna said.Cigna had increased its share repurchase programme to $3.7 billion, but said on Tuesday it would limit the share repurchase amount to $250 million per quarter. Some analysts questioned whether this signalled a new intent by the insurer to seek an acquisition."We believe this suggests Cigna was looking to deploy the capital in another way, potentially M&A, but we are hesitant to suggest another public-public merger offer," Piper Jaffray analyst Sarah James said in a client note.(Reporting by Michael Erman in New York, Additional reporting by Ankur Banerjee in Bengaluru; Editing by Martina D''Couto and Tom Brown)FILE PHOTO -- A sign at the office building of health insurer Anthem is seen in Los Angeles, California February 5, 2015. REUTERS/Gus Ruelas/File Photo'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/cigna-m-a-anthem-lawsuit-idINKBN15U2E1'|'2017-02-15T15:29:00.000+02:00'|1274.0|''|-1.0|'' 1275|'2161998c9a8f3276bf61fa6660c25755da88f7d4'|'Mattel partners with parenting website to expand China presence - Reuters'|'Barbie maker Mattel Inc ( MAT.O ) said it would partner with Chinese parenting website Babytree to create an online learning platform for early childhood development, the latest in the No. 1 U.S. toymaker''s push into China.The partnership with Babytree announced on Thursday comes two days after Mattel said it would sell its products on Chinese e-commerce giant Alibaba Group Holding Ltd''s ( BABA.N ) online marketplace Tmall.Mattel said it would also work with Alibaba''s A.I. Lab to create products for child development through interactive learning as part of the deal.Mattel and Babytree will provide child development assessment tools and customized parenting content and development curriculum, based on Mattel''s early childhood development brand, Fisher-Price, the company said.Babytree, founded in 2006, provides families in China a platform to learn and exchange ideas on early education, child development tracking and nutrition.Mattel posted holiday-quarter sales well below analysts'' estimates last month, as the toymaker battles weak demand in North America and rising competition.(Reporting by Jessica Kuruthukulangara in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-mattel-babytree-idINKBN15V308'|'2017-02-16T21:07:00.000+02:00'|1275.0|''|-1.0|'' 1276|'181d17b5425abb45fbdd63d81d02777468b3e80f'|'French carmaker PSA discusses deal to buy GM''s Opel'|'By Pamela Barbaglia and Edward Taylor - LONDON/FRANKFURT LONDON/FRANKFURT PSA Group ( PEUP.PA ) is holding talks with General Motors ( GM.N ) about buying its European Opel division, the French carmaker said on Tuesday, a deal which would increase competition for market leader Volkswagen ( VOWG_p.DE ).The maker of Peugeot, Citroen and DS cars is "exploring a number of strategic initiatives with GM with the aim of increasing its profitability and operating efficiency, including a potential acquisition of Opel," a spokesman said.The confirmation came after sources told Reuters earlier on Tuesday that the two companies were in advanced discussions to combine PSA with the U.S. carmaker''s Opel business.A deal may be announced within days, the sources said.GM and PSA already share production of SUVs and commercial vans, a relic of their last attempt to forge a broader alliance, which was unwound in 2013 with the sale of the U.S. carmaker''s stake in PSA.Together, PSA and Opel would command a 16.3 percent share of the European car market share compared with Volkswagen''s 24.1 percent, based on 2016 data.For GM, offloading Opel could mean giving up on the global sales volume race in which it is currently ranked third behind Volkswagen and Toyota ( 7203.T ), with just over 10 million vehicles delivered last year.The Detroit-based group would be likely to keep a stake in the combined entity, one of the sources told Reuters.Spokespeople for Opel and the French government, which owns 14 percent of PSA, had no immediate comment. A spokesman for the Peugeot family, which holds a matching stake in the carmaker, was not immediately available.Under Chief Executive Carlos Tavares, PSA has rebounded from a 2013-14 brush with bankruptcy to reach record levels of earnings, posting a 6.8 percent automotive operating margin in the first half of last year.The carmaker sold 3.15 million vehicles last year. Tavares has signaled openness to a tie-up that would increase PSA''s scale and ability to meet growing investment demands in vehicle electrification, driving technology and connected services.GM has consistently struggled to make a profit at its Opel division, which includes Britain''s Vauxhall brand. It had previously discussed a sale to Canadian parts maker Magna in the aftermath of the financial crisis, before pulling the plug on the tentative deal in 2009.The company missed last year''s target of reaching breakeven in Europe, despite buoyant demand, and warned it would struggle to restore regional profitability before 2018..(Additional reporting by Gilles Guillaume and Laurence Frost; Writing by Laurence Frost; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-confirm-idINKBN15T1G0'|'2017-02-14T09:43:00.000+02:00'|1276.0|''|-1.0|'' @@ -1283,7 +1283,7 @@ 1281|'b87100dc989b863dbf30f42124a185f2af9665a9'|'Big banks avoid hiring spree despite trading boom'|' 45am GMT Big banks avoid hiring spree despite trading boom Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh By Jamie McGeever and Anjuli Davies - LONDON LONDON Market trading is booming at U.S. and European banks thanks to Donald Trump and Brexit, and yet the glory days of dealing rooms the size of football pitches remain as distant as ever. Scarred by the 2007-09 global financial crisis and a subsequent regulatory clampdown, cost-conscious banks aren''t taking on more traders, uncertain whether the revival will last. "There''s no hiring spree," Jason Kennedy, chief executive of recruitment firm Kennedy Group in London, told Reuters. "Management don''t know if the boom is real or not, if we''re in a bubble or not. The last thing they are doing is gear up, only to find there''s nothing behind it." Last year''s shocks of the British vote to leave the European Union and Trump''s U.S. presidential election victory fuelled a surge in market volatility and banks'' trading activity, revenue and profit. But that won''t mean more traders, with banks avoiding any return to dealing rooms staffed by hundreds like before the crisis, instead investing more in automated trading. Europe''s largest bank HSBC ( HSBA.L ) began cutting around 100 senior jobs last month in its investment banking division worldwide, according to sources with direct knowledge of the matter, without saying how many were traders. Germany''s largest lender, the troubled Deutsche Bank, ( DBKGn.DE ) is set to scrap roughly one in five equity trading jobs under a scheme to cut costs across the globe, according to sources, and will slash pay and bonuses. Even Wall Street''s big beasts, which have profited most from the boom, are cautious about how long it will continue, with some offering existing staff juicier bonuses to prevent departures of talent rather than expanding the payroll. "We''d always rather do more with less," said one senior source at a major Wall Street trading firm. "We are not looking to ramp up hiring. New technology will help," the source told Reuters. "We are always looking at productivity gains. Sometime saying you''re hiring a bunch of people is a sign of great stupidity." The biggest trading gains have been in fixed income, currency and commodities (FICC). The top five U.S. banks made $10.5 billion (8 billion pounds) in revenue from FICC trading in the fourth quarter, and $14.1 billion in the previous three month period. The $24.6 billion total for the second half of last year was up 37 percent from $17.9 billion from the same period in 2015. Only four of Europe''s biggest banks - Credit Suisse ( CSGN.S ), Deutsche Bank and France''s Societe Generale ( SOGN.PA ) and BNP Paribas ( BNPP.PA ) - have reported their fourth quarter earnings so far. They too said FICC trading revenue had increased, although not as strongly as at their Wall Street rivals, and their equity trading performance has been patchier. GRAPHIC: Big banks'' trading revenue reut.rs/2kp0D9g A LID ON COSTS In recent years, banks have hired heavily in two areas. One is regulatory compliance to handle a welter of new rules imposed by U.S. and European authorities, as well as to prevent a repeat of the pre-crisis misbehaviour that earned some banks huge penalties. The other is technology to improve efficiency. Trading is a different story. According to Coalition, an industry analytics firm, the total number of FICC front office staff - covering sales, trading and research - at the top 12 global banks fell to 17,479 last year from 18,755 the year before. That''s down 7 percent on the year and marks a decline of nearly 25 percent from 2012. Within that lies a deeper retrenchment at European banks, where FICC staffing levels have been slashed by 30 percent since 2012. That''s nearly twice the rate at U.S. banks. George Kuznetsov, head of research and analytics at Coalition, said banks are struggling to meet return on equity targets in their FICC trading operations. While he expects FICC trading revenue to rise 4-5 percent this year, banks will continue to keep a lid on costs wherever possible. In addition, it''s unclear if something similar to the Brexit and Trump effects last year will be replicated this year to keep markets volatile. "As a result, we think headcount will remain relatively stable this year compared to 2016. We don''t see any significant expansion," he said. Still, the outlook may be brightening for European banks. After years of savage cost cuts, scaling back operations and pulling out of some markets, the gap between them and U.S. banks both in terms of headcount and revenue will stop widening. "There''s only so much cost cutting you can do in the businesses you want to be in. Aside from one or two individual cases, the majority of strategic choice and restructuring in FICC has probably been done," Kuznetsov said. A senior manager in equities trading at a large Wall Street bank said all his hiring was done "three years ago". While investment is still being made, particularly in technology and the online trading platform, this year he will be looking to hire only "opportunistically" when talented individuals become available. The head of interest rates trading at another U.S. bank said automation plays an increasingly important role, and has affected up to 20 percent of headcount in his division. Banks continue to rely on the "juniorisation" of trading desks, where senior and more expensive traders are replaced with younger, less experienced and cheaper graduates and trainees, as a means of keeping costs down. "In the last three or four years, we''ve invested a lot in the ''junior population''. As a percentage of our trading business, it has materially increased," the head of rates trading said. (Graphic by Vikram Subhedar; Editing by David Stamp) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-banks-trading-idUKKBN15U1DA'|'2017-02-15T18:45:00.000+02:00'|1281.0|14.0|0.0|'' 1282|'79c4c6384ccc5c9666c6c9ed61c1a5828aa54051'|'UPDATE 1-Google to help publishers find malicious comments on articles'|'Company 20pm EST UPDATE 1-Google to help publishers find malicious comments on articles (Adds details from Cohen interview, paragraph 13) By Julia Fioretti BRUSSELS Feb 23 Alphabet Inc''s Google and subsidiary Jigsaw launched on Thursday a new technology to help news organisations and online platforms identify abusive comments on their websites. The technology, called Perspective, will review comments and score them based on how similar they are to comments people said were "toxic" or likely to make them leave a conversation. It has been tested on the New York Times and the companies hope to extend it to other news organisations such as The Guardian and The Economist as well as websites. "News organizations want to encourage engagement and discussion around their content, but find that sorting through millions of comments to find those that are trolling or abusive takes a lot of money, labour, and time. As a result, many sites have shut down comments altogether," Jared Cohen, President of Jigsaw, which is part of Alphabet, wrote in a blog post. "But they tell us that isnt the solution they want. We think technology can help." Perspective examined hundreds of thousands of comments that had been labelled as offensive by human reviewers to learn how to spot potentially abusive language. CJ Adams, Jigsaw Product Manager, said the company was open to rolling out the technology to all platforms, including larger ones such as Facebook and Twitter where trolling can be a major headache. The technology could be expanded to identify personal attacks or off-topic comments too, Cohen said. Perspective will not decide what to do with comments it finds are potentially abusive; rather publishers will be able to flag them to their moderators or develop tools to help commenters understand the impact of their writing. Cohen said a significant portion of abusive comments came from people who were "just having a bad day." The initiative against trolls follows efforts by Google and Facebook to combat fake news stories in France, Germany and the United States after they came under fire during the U.S. presidential campaign when it became clear they had inadvertently fanned false news reports. The debate surrounding fake news has sparked calls from politicians for social networks to be held more liable for the content on their platforms. Jigsaw is offering the product to publishers for free and hopes to support languages other than English soon, Cohen said in an interview. While the technology is in its early days and could misinterpret language such as sarcasm, it will improve over time, Cohen said. (Additional reporting by Julia Love in San Francisco.) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/google-news-idUSL1N1G81ED'|'2017-02-24T01:20:00.000+02:00'|1282.0|''|-1.0|'' 1283|'19abf886cbc9da146f81508507448be7b9032f92'|'Discount broker shares tumble on price war fears'|'Business News - Thu Feb 2, 2017 - 7:18pm EST Discount broker shares tumble on price war fears A TD Ameritrade sign is seen outside a branch in Schaumburg, Illinois, U.S., October 24, 2016. REUTERS/Jim Young By Sinead Carew and Trevor Hunnicutt Shares in discount brokerages TD Ameritrade ( AMTD.O ), E*Trade ( ETFC.O ) and Charles Schwab ( SCHW.N ) fell as investors bet Schwab''s slashing of trading commissions would be the start of a price war. Schwab announced earlier on Thursday that it would reduce its online equity and ETF trade commissions to $6.95 from $8.95 and claimed to have the lowest commission among competitors. Shares in TD Ameritrade were hit the hardest as it derives about 42 percent of revenue from trading fees, the biggest exposure of the three companies. Its shares fell as much as 11 percent and were last down 9.3 percent at $41.79, on track for its biggest one-day percentage decline since Dec. 2008. Trading volume was 7.5 times the 10-day moving average. "You''re going to continue to see downward pricing pressure on transaction-based business," Matt Lynch, Managing Partner at Strategy & Resources LLC in Dayton, Ohio. "Throughout the industry I think there''s a heightened sensitivity to those fees." TD Ameritrade Chief Executive Tim Hockey told CNBC that he was not surprised by the Charles Schwab price move and that he would look and see what his company would do. "We think it''s much more around the tools, the capabilities and the experiences," Hockey said. Shares in E*Trade fell 9.7 percent to $33.97 after hitting a low of $33.33 earlier in the session. It was on track for its biggest one-day decline since June. Trading volume for E*Trade was 4 times its 10-day moving average. Schwab, which derives about 11 percent of its revenue from trading fees, saw its shares fall 4.9 percent at $39.33. Trading volume for Schwab was twice its 10-day moving average. William Katz, analyst at Citigroup, said in a research note that the move "raises commoditization risks for the online trading model as it could lead to a further round of price cuts." (Additional reporting By Elizabeth Dilts in New York; Editing by Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-markets-stocks-brokerages-idUSKBN15I013'|'2017-02-03T07:18:00.000+02:00'|1283.0|''|-1.0|'' -1284|'09684f21629b2a4212b66d66e620eae3f8dbfc20'|'Australia must charge royalties on natural gas or lose billions, says expert - Business'|'The petroleum resource rent tax has failed to collect billions of dollars in revenue and the Turnbull government should reintroduce royalties for natural gas projects off north-west Australia, a resource tax expert has said.Dr Diane Kraal from Monash University has warned flaws in the PRRT regime mean Chevrons giant Gorgon gas project off WA will not pay the tax until at least 2030, despite decades of operation.She said modelling showed $5bn in revenue would be raised from Gorgon by 2030 if royalties were reintroduced. She urged the Coalition to do just that to ensure Australians were properly remunerated for the exploitation of their gas resources.Fears Australia losing billions in liquefied natural gas tax sparks calls for inquiry Read more She said her research indicated other natural gas projects in commonwealth waters should also be subject to commonwealth royalties, including Chevrons Wheatstone, Woodsides Pluto LNG project, and Inpexs Ichthys project.The treasurer, Scott Morrison, announced a formal review of the PRRT regime in November following a rapid decline in revenues from the tax.He acknowledged revenues from the PRRT had halved since 2012-13, while crude oil excise collections had fallen by more than half. When he announced his inquiry into the tax, he said he wanted it to be completed in time for this years budget.It followed months of disquiet about the effectiveness of the tax and warnings from groups like the Tax Justice Network that Australia was set to blow another resources boom because the PRRT was failing to collect adequate revenue from the explosion in liquefied natural gas exports.Kraal has made six recommendations for reform of the tax. In her submission to the PRRT review , seen by Guardian Australia, she says the government ought to retain the PRRT legislation, but with significant modifications.She says the transferability of exploration expenses ought to be overhauled. Transferability of exploration expenditure was negotiated for oil back in 1990, and is not working as intended today for gas, her submission says.Gas projects only provide utility rates of return, not super profits as found in oil. Transferability of exploration expenses should be modelled for a fairer outcome from community resources.She also calls for an overhaul of the gas transfer price method, which is used to price gas feedstock used in LNG processing.There are alternatives, such as the use of the mid-stream breakeven price method, or the Net Back method alone, either of which would derive a fairer price, her submission says.Advance Pricing Arrangements should be made transparent to the public, much like the Australian Tax Office sanitised private rulings or interpretive decisions.Kraals submission is based on new research which she presented at the Australasian tax conference in New Zealand mid-January.She says the research is significant for its unique review of Australias petroleum taxation from the 1980s to the rise in the 2000s of natural gas projects for LNG export.According to the ATO, revenue from the PRRT plummeted by 32% in 2014-15, a decline of $576m, despite significant growth in export production.More than a third of big companies paid no tax in 2014-15, ATO reports Read more Last year, the Australian National Audit Office released a damning report revealing significant shortcomings with the way in which royalties were levied on offshore petroleum operations from the North West Shelf (NWS) off Western Australia.It found oil and gas companies operating in Australia may have wrongly claimed billions of dollars in tax deductions in recent years, leaving governments underpaid millions in royalties.In September, a letter cosigned by 21 union and left-leaning organisations, including the Australian Council of Social Service, the ACTU, Greenpeace, the Australia Institute, ActionAid, GetUp and the Uniting church, was sent to the prime minister, Malcolm Turnbull, and Morrison calling for a parliamentary inquiry into the PRRT.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/09/australia-must-charge-royalties-on-natural-gas-or-lose-billions-says-expert'|'2017-02-09T02:00:00.000+02:00'|1284.0|''|-1.0|'' +1284|'09684f21629b2a4212b66d66e620eae3f8dbfc20'|'Australia must charge royalties on natural gas or lose billions, says expert - Business'|'The petroleum resource rent tax has failed to collect billions of dollars in revenue and the Turnbull government should reintroduce royalties for natural gas projects off north-west Australia, a resource tax expert has said.Dr Diane Kraal from Monash University has warned flaws in the PRRT regime mean Chevrons giant Gorgon gas project off WA will not pay the tax until at least 2030, despite decades of operation.She said modelling showed $5bn in revenue would be raised from Gorgon by 2030 if royalties were reintroduced. She urged the Coalition to do just that to ensure Australians were properly remunerated for the exploitation of their gas resources.Fears Australia losing billions in liquefied natural gas tax sparks calls for inquiry Read more She said her research indicated other natural gas projects in commonwealth waters should also be subject to commonwealth royalties, including Chevrons Wheatstone, Woodsides Pluto LNG project, and Inpexs Ichthys project.The treasurer, Scott Morrison, announced a formal review of the PRRT regime in November following a rapid decline in revenues from the tax.He acknowledged revenues from the PRRT had halved since 2012-13, while crude oil excise collections had fallen by more than half. When he announced his inquiry into the tax, he said he wanted it to be completed in time for this years budget.It followed months of disquiet about the effectiveness of the tax and warnings from groups like the Tax Justice Network that Australia was set to blow another resources boom because the PRRT was failing to collect adequate revenue from the explosion in liquefied natural gas exports.Kraal has made six recommendations for reform of the tax. In her submission to the PRRT review , seen by Guardian Australia, she says the government ought to retain the PRRT legislation, but with significant modifications.She says the transferability of exploration expenses ought to be overhauled. Transferability of exploration expenditure was negotiated for oil back in 1990, and is not working as intended today for gas, her submission says.Gas projects only provide utility rates of return, not super profits as found in oil. Transferability of exploration expenses should be modelled for a fairer outcome from community resources.She also calls for an overhaul of the gas transfer price method, which is used to price gas feedstock used in LNG processing.There are alternatives, such as the use of the mid-stream breakeven price method, or the Net Back method alone, either of which would derive a fairer price, her submission says.Advance Pricing Arrangements should be made transparent to the public, much like the Australian Tax Office sanitised private rulings or interpretive decisions.Kraals submission is based on new research which she presented at the Australasian tax conference in New Zealand mid-January.She says the research is significant for its unique review of Australias petroleum taxation from the 1980s to the rise in the 2000s of natural gas projects for LNG export.According to the ATO, revenue from the PRRT plummeted by 32% in 2014-15, a decline of $576m, despite significant growth in export production.More than a third of big companies paid no tax in 2014-15, ATO reports Read more Last year, the Australian National Audit Office released a damning report revealing significant shortcomings with the way in which royalties were levied on offshore petroleum operations from the North West Shelf (NWS) off Western Australia.It found oil and gas companies operating in Australia may have wrongly claimed billions of dollars in tax deductions in recent years, leaving governments underpaid millions in royalties.In September, a letter cosigned by 21 union and left-leaning organisations, including the Australian Council of Social Service, the ACTU, Greenpeace, the Australia Institute, ActionAid, GetUp and the Uniting church, was sent to the prime minister, Malcolm Turnbull, and Morrison calling for a parliamentary inquiry into the PRRT.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/09/australia-must-charge-royalties-on-natural-gas-or-lose-billions-says-expert'|'2017-02-09T02:00:00.000+02:00'|1284.0|27.0|0.0|'' 1285|'518b6758200579d8fb9519ff645fb639c3950410'|'U.S. health insurer Humana''s quarterly revenue falls 3.6 pct'|'Feb 8 U.S. health insurer Humana Inc posted a 3.6 percent fall in quarterly revenue on Wednesday, hurt in part by a decline in premium revenue associated with fewer individual commercial members.Humana, whose $34 billion deal with Aetna Inc was blocked in court last month, said it would provide an update on the Aetna transaction no later than Feb. 16.Humana reported pretax loss of $486 million, or $2.68 per share, in the fourth quarter ended Dec. 31, compared with pretax income of $246 million, or 67 cents per share, a year earlier.The loss primarily reflects a write-off of about $583 million, in receivables associated with the risk corridor premium stabilization program, Humana said.Revenue fell to $12.88 billion from $13.36 billion. (Reporting by Ankur Banerjee in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/humana-results-idINL4N1FT3OQ'|'2017-02-08T08:45:00.000+02:00'|1285.0|''|-1.0|'' 1286|'1d40f4ce7326bd10abf7f2bbef0ed1e0f1733634'|'Nigeria''s biggest airline Arik Air goes into receivership'|'LAGOS Feb 9 Nigeria''s Arik Air is in receivership due to its inability to pay workers and creditors, prompting the government to take control of the country''s biggest airline, state-owned "bad bank" AMCON said on Thursday.Arik, which was founded a decade ago and is now west Africa''s biggest carrier by passenger numbers, has struggled with debt amid a currency crisis in Nigeria, as customers are invoiced in naira but fuel suppliers are paid in dollars.In 2012, a central bank document showed Arik owed 85 billion naira ($279 million) to the Asset Management Corporation of Nigeria (AMCON), set up by the state in 2010 to stem a financial crisis. AMCON had taken on more than 132 billion naira of debts from 12 Nigerian airlines, including Arik."Arik Airline has been in a precarious situation largely attributable to its heavy financial debt burden, bad corporate governance ... that required immediate intervention," AMCON said in a statement.Arik declined to comment.The airline, which handles more than half of domestic air traffic in Nigeria, flies across Africa''s most populous nation and to London, New York and Johannesburg.AMCON said Arik had temporarily suspended its operation to New York and grounded more than eight other planes, adding that the airline had also suffered from non-payment of leases. AMCON said it had appointed a new team to manage Arik, supervised by a receivership manager.The airline had been planning a private share placement to raise as much as $1 billion and then a possible initial public offering in Lagos and London, its managing director said in October.Arik had wanted to expand internationally both to bring in more hard currency, as well as to cushion the impact of the economic slowdown at home, and was looking for new investors to help it grow rather than using debt.Nigeria, Africa''s biggest economy, faces its worst recession in 25 years, brought on by the fall in oil prices, which has also triggered the currency crisis.Some international carriers such as United Air Lines and Iberia have cut or stopped flights to Nigeria because those services are no longer profitable.Others have complained about the difficulty of repatriating millions of dollars worth of fares sold in naira. ($1 = 304.2500 naira) (Reporting by Oludare Mayowa and Chijioke Ohuocha; editing by Susan Thomas)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/nigeria-arik-air-bankruptcy-idUSL5N1FU5TX'|'2017-02-09T18:56:00.000+02:00'|1286.0|''|-1.0|'' 1287|'741974315940f0d10854d8d0adf529831ffea600'|'Exclusive: Japan considers buying more U.S. energy as Abe prepares to meet Trump'|'Business News - Thu Feb 2, 2017 - 7:57am GMT Exclusive: Japan considers buying more U.S. energy as Abe prepares to meet Trump left right FILE PHOTO - Snow covered transfer lines are seen at the Dominion Cove Point Liquefied Natural Gas (LNG) terminal in Lusby, Maryland March 18, 2014. REUTERS/Gary Cameron/File Photo 1/2 left right FILE PHOTO - Japan''s Prime Minister Shinzo Abe makes a policy speech at the start of the ordinary session of parliament in Tokyo, Japan, January 20, 2017. REUTERS/Toru Hanai/File Photo 2/2 By Tomo Uetake and Nobuhiro Kubo - TOKYO TOKYO Japanese Prime Minister Shinzo Abe is considering increasing energy imports from the United States, two sources familiar with the plan told Reuters, as he prepares to meet President Donald Trump, who has complained about Japan''s trade surplus. Japan is putting together a package of plans for Japanese companies to invest in infrastructure and job-creation projects in the United States for Abe to take to the Feb. 10 meeting with Trump in Washington. Another idea is to offer to increase liquid natural gas (LNG) imports from the United States, a source in the ruling coalition told Reuters. Another option, if Abe determines that Trump is most concerned about the trade gap, is to increase imports of U.S. shale oil or gas on top of the investment package, according to a top executive at a major Japanese corporation who is close to Abe. Japanese officials have been scrambling to respond to Trump''s scattershot comments since he took office. He has threatened to impose a tax on car imports from Mexico, criticized Japan''s trade gap with the United States and most recently accused Japan, along with China and Germany, of devaluing their currencies to the detriment of U.S. companies. "(Abe) wants to know what''s the most important thing for Trump," said the executive, who declined to be identified. "If it is the trade surplus that Trump cares the most about, for instance, then we could come up with a few possible solutions," including importing more U.S. shale oil or gas. Abe''s approach toward Trump would be "not accommodating, not opposing", he said. Utilities would be resistant to buying more U.S. shale gas because they have already committed to buying large amounts and Japan''s demand for energy is falling, an executive at a Japanese gas importer told Reuters on condition of anonymity. Prices for LNG in Asia LNG-AS have fallen by almost a fifth this year amid a supply glut. Japan is the world''s biggest buyer of the gas cooled to liquid form for transport on ships and takes in nearly a third of global shipments. Once seen as a panacea for Japan''s energy crisis after the Fukushima nuclear disaster in 2011 led to the shutdown of most reactors in the country, U.S. shale gas is now just one of many options for Japan to meet its needs. Japan took in its first shipment of shale gas in liquid form this month and more shipments are likely to come as more export terminals start shipments this year and next. The Yomiuri newspaper said on Thursday Abe''s growth and jobs initiative would include a plan for Japan and the United States to jointly develop a $450 billion "infrastructure market", into which the Japanese government and companies would invest $150 billion over 10 years. (Writing and additional reporting by Aaron Sheldrick; Editing by Robert Birsel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-japan-lng-exclusive-idUKKBN15H0NJ'|'2017-02-02T14:54:00.000+02:00'|1287.0|''|-1.0|'' @@ -1342,7 +1342,7 @@ 1340|'01196e7c09069c8c1c99fbadb911ff0703f2080f'|'Exclusive - Trump calls Chinese ''grand champions'' of currency manipulation'|'Business News - Thu Feb 23, 2017 - 10:32pm GMT Exclusive: Trump calls Chinese ''grand champions'' of currency manipulation U.S. President Donald Trump is interviewed by Reuters in the Oval Office at the White House in Washington, U.S., February 23, 2017. REUTERS/Jonathan Ernst By Steve Holland and David Lawder - WASHINGTON WASHINGTON President Donald Trump declared China the "grand champions" of currency manipulation on Thursday, just hours after his new Treasury secretary pledged a more methodical approach to analyzing Beijing''s foreign exchange practices. In an exclusive interview with Reuters, Trump said he has not "held back" in his assessment that China manipulates its yuan currency, despite not acting on a campaign promise to declare it a currency manipulator on his first day in office. "Well they, I think they''re grand champions at manipulation of currency. So I haven''t held back," Trump said. "We''ll see what happens." During his presidential campaign Trump frequently accused China of keeping its currency artificially low against the dollar to make Chinese exports cheaper, "stealing" American manufacturing jobs. But Treasury Secretary Stephen Mnuchin told CNBC on Thursday he was not ready to pass judgment on China''s currency practices. Asked if the U.S. Treasury was planning to name China a currency manipulator any time soon, Mnuchin said he would follow its normal process of analyzing the currency practices of major U.S. trading partners. The Treasury is required to publish a report on these practices on April 15 and Oct. 15 each year. "We have a process within Treasury where we go through and look at currency manipulation across the board. We''ll go through that process. We''ll do that as we have in the past," Mnuchin said in his first televised interview since formally taking over the department last week. "We''re not making any judgments until we go continue that process." A formal declaration that China or any other country manipulates its currency requires the U.S. Treasury to seek negotiations to resolve the situation, a process that could end in punitive tariffs on the offender''s goods. The U.S. Treasury designated Taiwan and South Korea as currency manipulators in 1988, the year that Congress enacted the currency review law. China was the last country to get the designation, in 1994. The current situation is complicated because China''s central bank has spent billions of dollars in foreign exchange reserves in the past year to prop up the yuan to counter capital outflows. The International Monetary Fund said last year that the yuan''s value was broadly in line with its economic fundamentals. The U.S. Treasury also said in its last currency report in October that its view of China''s external imbalances had improved somewhat. Trump''s pronouncements about the yuan could also complicate matters for Mnuchin as he prepares for his first meeting next month with his Group of 20 finance minister counterparts in Baden Baden, Germany. (Reporting by David Lawder and Steve Holland, Writing by David Lawder; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-china-currency-exclusive-idUKKBN1622PJ'|'2017-02-24T05:32:00.000+02:00'|1340.0|''|-1.0|'' 1341|'24eab53cb32a6be396ad3f1fd0dc3f3ecf6872c4'|'BRIEF-Golar LNG partners LP preliminary fourth quarter and financial year 2016 results'|' 51am EST BRIEF-Golar LNG partners LP preliminary fourth quarter and financial year 2016 results Feb 28 Golar LNG Partners LP * Golar LNG Partners LP preliminary fourth quarter and financial year 2016 results * Q4 revenue $114.9 million versus I/B/E/S view $114.5 million * Golar LNG Partners LP says Golar Tundra will also not contribute to operating earnings during 1Q 2017 * Golar LNG Partners LP says operating expenses are expected to be slightly higher in 1Q 2017 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-golar-lng-partners-lp-preliminary-idUSASB0B2QW'|'2017-02-28T20:51:00.000+02:00'|1341.0|''|-1.0|'' 1342|'9d4078cfa0a0eeeb014cc776aae5985dfe87e190'|'Pub operator Greene King comparable sales up on Christmas boost'|' 59am GMT Pub operator Greene King comparable sales up on Christmas boost Pub operator Greene King Plc ( GNK.L ) said its comparable sales over the key three Christmas weeks were up 4.5 percent on strong sales growth in London. The company, which brews ales such as Old Speckled Hen, said like-for-like sales for the 40 weeks to Feb. 5 rose 1.1 percent. Its pub group notched up a record Christmas Day sales of 7.4 million pounds ($9.25 million), up 6 percent from a year earlier. The Suffolk-based brewer, which operates around 3,029 pubs, restaurants and hotels across England, Wales and Scotland, said it planned to dispose 50-60 pubs this year, raising proceeds of about 30-40 million pounds ($37-$50 million). ($1 = 0.8000 Rahul B Gopakumar Warrier) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-greene-kin-outlook-idUKKBN15P0PU'|'2017-02-10T14:59:00.000+02:00'|1342.0|''|-1.0|'' -1343|'e9be3ba7b6fef3de3d039f84903083bf6c555248'|'BRIEF-Valeant says Co, J. Michael Pearson, Pershing Square and William Ackman entered litigation management agreement'|' 24pm EST BRIEF-Valeant says Co, J. Michael Pearson, Pershing Square and William Ackman entered litigation management agreement Feb 13 Valeant Pharmaceuticals International Inc * Says co, j. Michael pearson and pershing square capital management and william ackman entered into a litigation management agreement * Valeant - pursuant to litigation management agreement, valeant parties and pershing square parties agreed to certain provisions with respect to management of a litigation * Valeant - litigation relates to the putative class action pending in the united states district court for the central district of california * Valeant - agreement will terminate on nov 1, 2017 if stipulation of settlement with regards to california action has not been executed by that date * Valeant - litigation agreement to terminate on nov 1, 2017 if stipulation of settlement related to california action has not been executed by that date * Valeant - in addition to agreements set out with respect to allergan litigation, litigation management agreement includes undertaking by pershing square parties * Valeant- first $10 million in legal fees, litigation expenses after date of litigation management deal for allergan litigation to be paid 50% by valeant, 50% by pershing square * Valeant - undertaking by pershing square parties to forbear from commencing action that arise out of, or relate to, claims alleged or facts asserted in allergan litigation * Valeant - pershing square capital management is the investment advisor to funds that beneficially owned 7.8% of common stock as of feb. 13, 2017 * Valeant - in connection with entrance into litigation management agreement, valeant parties and pershing square parties entered into mutual release of claims Source text ( bit.ly/2kDUaDC ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FY10O'|'2017-02-14T05:24:00.000+02:00'|1343.0|''|-1.0|'' +1343|'e9be3ba7b6fef3de3d039f84903083bf6c555248'|'BRIEF-Valeant says Co, J. Michael Pearson, Pershing Square and William Ackman entered litigation management agreement'|' 24pm EST BRIEF-Valeant says Co, J. Michael Pearson, Pershing Square and William Ackman entered litigation management agreement Feb 13 Valeant Pharmaceuticals International Inc * Says co, j. Michael pearson and pershing square capital management and william ackman entered into a litigation management agreement * Valeant - pursuant to litigation management agreement, valeant parties and pershing square parties agreed to certain provisions with respect to management of a litigation * Valeant - litigation relates to the putative class action pending in the united states district court for the central district of california * Valeant - agreement will terminate on nov 1, 2017 if stipulation of settlement with regards to california action has not been executed by that date * Valeant - litigation agreement to terminate on nov 1, 2017 if stipulation of settlement related to california action has not been executed by that date * Valeant - in addition to agreements set out with respect to allergan litigation, litigation management agreement includes undertaking by pershing square parties * Valeant- first $10 million in legal fees, litigation expenses after date of litigation management deal for allergan litigation to be paid 50% by valeant, 50% by pershing square * Valeant - undertaking by pershing square parties to forbear from commencing action that arise out of, or relate to, claims alleged or facts asserted in allergan litigation * Valeant - pershing square capital management is the investment advisor to funds that beneficially owned 7.8% of common stock as of feb. 13, 2017 * Valeant - in connection with entrance into litigation management agreement, valeant parties and pershing square parties entered into mutual release of claims Source text ( bit.ly/2kDUaDC ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FY10O'|'2017-02-14T05:24:00.000+02:00'|1343.0|23.0|0.0|'' 1344|'af564d62c4bcd39975c9d99c0988c8ebe8a7da24'|'UPDATE 1-Portugal to flesh out terms of Novo Banco sale with Lone Star'|'(Adds Lone Star statement)LISBON Feb 20 The Bank of Portugal will hold a final round of exclusive negotiations with U.S. private equity firm Lone Star as it seeks to flesh out the terms of the potential sale of state-rescued lender Novo Banco, the central bank said on Monday.The start of exclusive talks with Lone Star, which reaffirmed its commitment to reaching a deal, comes as Portugal faces an August 2017 deadline to sell the bank that was carved out of Banco Espirito Santo after its 2014 collapse."The Bank of Portugal has decided to select potential investor Lone Star for a concluding round of exclusive negotiations, with a view to finalising the possible terms of the sale," the central bank said in a short statement, without providing more details.Olivier Brahin, president of Lone Star for Europe, said in a separate statement his firm was "committed to confirming a final agreement with the Bank of Portugal to support Novo Banco" with capital and expertise and ensure it remains a strong player in the local banking sector."We are deeply confident in Novo Bancos future. Having conducted a thorough analysis of the bank over the last several months, we are convinced of Novo Bancos value to the strong future of the Portuguese economy."Lone Star said that upon reaching an agreement with the Bank of Portugal, it would work with the current Novo Banco management to strengthen the bank''s capital position and launch new financial products and services.The central bank last month picked Lone Star ahead of other prospective buyers including China''s Minsheng Financial Holding and U.S. fund Apollo.It said then that Lone Star had set conditions that could have an impact on public accounts, which the state sought to minimise via further talks.The first attempt to sell Novo Banco, which in 2014 received an injection of 3.9 billion euros in public funds, failed in 2015 after the state considered bids as too low.Even now, it is only expected to recover a portion of that money. The government has said that no option, including nationalisation, is ruled out for Novo Banco, but anything other than a sale would be a last-resort measure and would have to be discussed with European authorities. (Reporting by Andrei Khalip; Editing by Louise Heavens and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/portugal-novobanco-lone-star-idINL8N1G544N'|'2017-02-20T14:07:00.000+02:00'|1344.0|''|-1.0|'' 1345|'fae0369d89e609ebce05a2b431e8894d33e48228'|'UPDATE 2-Norway proposes new mix and spending cap for $900 billion oil fund'|'Company News - Thu Feb 16, 2017 - 10:38am EST UPDATE 2-Norway proposes new mix and spending cap for $900 billion oil fund (Recasts with confirmation, adds economist, background) By Ole Petter Skonnord and Camilla Knudsen OSLO Feb 16 Norway''s $900-billion sovereign wealth fund, the world''s largest, should shift more of its investments into equities and away from bonds to counter the effects of ultra-low interest rates, the government said on Thursday. And in a major shift in policy, Norway''s minority right-wing government recommended cutting the amount of money it is allowed to spend each year from the fund to three from four percent. Norwegians have built up the fund from oil revenues and it is regarded as an insurance policy for when oil and gas reserves run out. Its value is the equivalent of $171,000 for every Norwegian man, woman and child. In recent years, the fund has diversified its investments away from Europe, and into the United States and Asia, and begun investing in real estate, raising its risk appetite in an attempt to increase long-term returns. Changing the country''s fiscal spending rule, in place since 2001, is a major policy departure. Until very recently, any suggestions of changing the rule have been rejected by successive prime ministers. But in October last year Prime Minister Erna Solberg raised the possibility that the guideline should be changed, due to the lower expected return of the fund. Finance Minister Siv Jensen told Reuters on Thursday she had consulted with parties outside government on the question ahead of the announcement. "We have been in a dialogue with other parties about this," she said in an interview, declining to say whether she believed she had a majority in parliament for the proposals. "My impression is that there is broad agreement for setting a good framework for the management of the fund," she said. ACCEPTABLE RISK Although any reallocation is expected to take several years, if the proposed change from 60 percent to 70 percent in equities was made today, the fund would move about $90 billion away from government bonds, which are dragging on its performance. At present the fund''s overseas investments are limited to 60 percent stocks, 35 percent bonds and five percent real estate. Under existing rules, governments can spend an average four percent of the wealth fund per year, but ultra-low global interest rates and other market conditions make it unlikely that the fund can earn returns of this magnitude, economists say. "All in all, the government considers an equity share of 70 per cent to carry acceptable risk. The downwards revision of the return estimate underpins the long investment horizon of the fund, a prerequisite for holding a high share of equities," Jensen said in a statement. The change to three percent from four percent will constrain the current and future governments'' ability to increase annual spending, and would be a tightening compared to forecasts made by the central bank, Nordea Markets economist Erik Bruce said. "In other words it opens the room for more expansionary monetary policy," he wrote in a research note, while adding that in the current situation the central bank was still likely to keep rates on hold. Solberg''s right-wing minority coalition government plans a record 2017 deficit of 225 billion Norwegian crowns ($27.03 billion) to be covered by the fund, corresponding to exactly three percent of the fund. (Additional reporting by Gwladys Fouche and Terje Solsvik; Writing by Gwladys Fouche; Editing by Alexander Smith) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/norway-swf-idUSL8N1G15K2'|'2017-02-16T22:38:00.000+02:00'|1345.0|''|-1.0|'' 1346|'ed71dbe95f78d32ff9df7881f57bd8c067f4e66a'|'Facebook CEO warns against reversal of global thinking'|'Business 2:25am GMT Facebook CEO warns against reversal of global thinking By David Ingram - SAN FRANCISCO SAN FRANCISCO Facebook Inc ( FB.O ) Chief Executive Mark Zuckerberg laid out a vision on Thursday of his company serving as a bulwark against rising isolationism, writing in a letter to users that the company''s platform could be the "social infrastructure" for the globe. In a 5,700-word manifesto, Zuckerberg, founder of the world''s largest social network, quoted Abraham Lincoln, the U.S. president during the country''s 19th century Civil War known for his eloquence, and offered a philosophical sweep that was unusual for a business magnate. Zuckerberg''s comments come at a time when many people and nations around the world are taking an increasingly inward view. U.S. President Donald Trump pledged to put "America first" in his inaugural address in January. That followed Britain''s decision last June to exit the European Union. "Across the world there are people left behind by globalisation, and movements for withdrawing from global connection," Zuckerberg wrote, without naming specific movements. The question, the 32-year-old executive said, was whether "the path ahead is to connect more or reverse course," adding that he stands for bringing people together. Quoting from a letter Lincoln wrote to Congress in the depths of the Civil War, he wrote to Facebook''s 1.9 billion users: "The dogmas of the quiet past, are inadequate to the stormy present." Zuckerberg said that Facebook could move far beyond its roots as a network for friends and families to communicate, suggesting that it can play a role in five areas, all of which he referred to as "communities," ranging from strengthening traditional institutions, to providing help during and after crises, to boosting civic engagement. In comments on Facebook, some users praised Zuckerberg''s note for staying positive, while others declared "globalism" dead. Facebook has been under pressure to more closely police hoaxes, fake news and other controversial content, although the concerns have had little impact on its finances. The company reported 2016 revenue of $27.6 billion, up 54 percent from a year earlier. One area where Zuckerberg wrote that Facebook would do better would be suggesting "meaningful communities." Some 100 million users are members of groups that are "very meaningful" to them, he wrote, representing only about 5 percent of users. Facebook is also using artificial intelligence more to flag photos and videos that need human review, Zuckerberg wrote. One-third of all reports to Facebook''s review team are generated by artificial intelligence, he wrote. Zuckerberg''s letter was "a bit more ambitious and a bit more of the 30,000-foot view than I see from most tech company CEOs," Peter Micek, global policy and legal counsel at Access Now, an international digital rights group, said in a phone interview. But Zuckerberg stayed away from certain subjects on which Facebook could be vulnerable to criticism, mentioning the word "privacy" only once, Micek said. (Reporting by David Ingram; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-facebook-zuckerberg-idUKKBN15W05D'|'2017-02-17T09:25:00.000+02:00'|1346.0|''|-1.0|'' @@ -1380,8 +1380,8 @@ 1378|'678c7f6b1b9b106fe9c6021356d2572cfbf09b47'|'Subsea affiliate of Singapore''s Ezra files for U.S. bankruptcy'|'Company 53pm EST Subsea affiliate of Singapore''s Ezra files for U.S. bankruptcy By Tom Hals Feb 28 A subsea and offshore contractor affiliate of Ezra Holdings Ltd, a struggling Singaporean oilfield services firm, filed for U.S. bankruptcy as it ran short of cash due to a lingering downturn in the oil-and-gas industry. The affiliate, Emas Chiyoda Subsea Ltd, said in court papers filed in Houston that the company was suffering from weak demand for its subsea contracting work and tightening credit conditions. Ezra has said it may have to take a $170 million writedown on the value of its investment in Emas Chiyoda. Oilfield service firms have been turning to bankruptcy to shed debt and raise cash after years of hunkering down after energy prices tumbled from the recent peak in 2014. Emas Chiyoda''s bankruptcy comes eight months after it teamed up with India''s Larsen & Toubro Ltd to land a $1.6 billion contract with Saudi Aramco, Saudi Arabia''s state-owned oil company, to expand the offshore Hasbah gas field. Onshore work has begun and the offshore phase of the Hasbah project will begin later this year, said Emas Chiyoda''s general counsel, Stephen McGuire, in a court filing. The company, which is based in Birmingham, United Kingdom, said it had about $550 million in debt. "As a result of the deteriorating market conditions in the oil and gas sector coupled with the company''s financial difficulties, the company''s lenders have frozen borrowing availability," McGuire said in a court filing. The company has requested court permission to borrow up to $90 million to allow it continue its current projects with minimal disruption. The company will seek access to $55 million of the proposed loan at a hearing on Wednesday in Houston. The proposed loan is being extended by Chiyoda Corp of Japan and Subsea 7 S.A. of the United Kingdom, according to court documents. The loan requires Emas Chiyoda to file a bankruptcy exit plan in 60 days and to have the plan confirmed by U.S. Bankruptcy Judge Marvin Isgur, who was assigned to the case, in 120 days. Ezra of Singapore owns 40 percent of Emas Chiyoda, Chiyoda owns 35 percent and Nippon Yusen KK of Japan owns the remainder, according to court documents. A creditor of a subsidiary of Emas Chiyoda filed a court petition this month to liquidate the unit. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Noeleen Walder, Bernard Orr) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ezra-hldgs-affiliate-bankruptcy-idUSL2N1GD118'|'2017-03-01T00:53:00.000+02:00'|1378.0|''|-1.0|'' 1379|'aa94fc04585c9fdb3a1a6d5136080996560bac3f'|'Commerzbank posts flat fourth-quarter earnings, aims for stable costs in 2017'|' 6:15am GMT Commerzbank posts flat fourth-quarter earnings, aims for stable costs in 2017 Three floors of Germany''s second largest business bank, Commerzbank, are pictured from a nearby tourist platform Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach FRANKFURT Commerzbank ( CBKG.DE ) reported flat revenues and earnings for the fourth quarter on Thursday, hit by the impact of low interest rates coupled with weak loan demand from German companies. The 183 million-euro (156 million pounds) net profit of Germany''s second-largest lender after Deutsche Bank ( DBKGn.DE ) was, however, ahead of analysts'' expectations for 154 million euro euros. Commerzbank stopped short of giving an earnings outlook for 2017 but said that it aims to keep its cost base stable and expects loan loss provisions for its retail and corporate bank to remain stable. ($1 = 0.9362 euros) (Reporting by Arno Schuetze; Editing by Maria Sheahan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-commerzbank-results-idUKKBN15O0IK'|'2017-02-09T13:15:00.000+02:00'|1379.0|''|-1.0|'' 1380|'51acbab067e2f03d903945071d538f222f37657e'|'JGBs dip on tepid liquidity-enhancing auction'|'TOKYO Feb 16 Japanese government bond prices dipped on Thursday as a subdued liquidity-enhancing auction dented investor sentiment, with the market also continuing to feel pressure from the recent retreat by U.S. Treasuries.Yields rose as an auction by the finance ministry to sell 400 billion yen ($3.51 billion) of off-the-run JGBs, intended to enhance market liquidity, drew tepid demand.The benchmark 10-year JGB yield rose 1 basis point to 0.095 percent and the 30-year yield climbed 1.5 basis points to 0.905 percent.The 30-year yield was within the reach of a one-year high of 0.915 percent hit earlier this month.Longer-dated yields have edged up recently as investors have been pondering how far the BOJ would go to attain its stated aims since last September, when the central bank adopted its "yield curve control" policy, under which it pledged to keep the 10-year yield around zero percent.($1 = 113.8700 yen) (Reporting by the Tokyo markets team; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL4N1G123P'|'2017-02-16T02:18:00.000+02:00'|1380.0|''|-1.0|'' -1381|'289564fc178ff6828ed4617d8070e0f852753fd2'|'Emerald abandons Punch bid, leaving Heineken unrivaled in pubs takeover'|'Deals 55am EST Emerald abandons Punch bid, leaving Heineken unrivaled in pubs takeover LONDON Emerald Investment Partners said on Wednesday it is not planning to make a takeover offer for Punch Taverns ( PUB.L ), reversing course and leaving Heineken ( HEIN.AS ) unrivaled in its bid to buy and break up the company. Emerald, the investment firm of Punch founder Alan McIntosh, made an approach to Punch late last year, around the same time brewer Heineken, and investment partner Patron Capital, agreed a deal for Punch. (Reporting by Martinne Geller, editing by Louise Heavens) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-emerald-punch-idUSKBN15G4LM'|'2017-02-01T20:52:00.000+02:00'|1381.0|''|-1.0|'' -1382|'3a48803ca43b62ce696256c1b6b666b78c1ec196'|'Puma upbeat for 2017 after strong quarter in Europe'|' 9:06am GMT Puma upbeat for 2017 after strong quarter in Europe Boards with Puma store logo are seen on a shopping center at the outlet village Belaya Dacha outside Moscow, Russia, April 23, 2016. REUTERS/Grigory Dukor/File Photo HERZOGENAURACH, Germany German sportswear firm Puma ( PUMG.DE ) reported strong sales growth in the fourth quarter, particularly in Europe, and gave a confident forecast for 2017 as it benefits from a trend for retro sneakers and partnerships with stars like Usain Bolt. Chief Executive Bjorn Gulden has led a gradual turnaround of a brand that had fallen far behind market leaders Nike ( NKE.N ) and Adidas ( ADSGn.DE ), sparking renewed speculation that majority owner Kering ( PRTP.PA ) might consider a sale. Puma reported on Thursday a quarterly net loss of 4.6 million euros ($4.9 million), with sales up 9 percent to 958 million. That was slightly ahead of average analyst forecasts for a 5 million net loss on sales of 947 million, according to a Reuters poll. Puma expects currency-adjusted net sales to increase at a high single-digit percentage rate in 2017 after a rise of 10 percent in 2016, while earnings before interest and tax (EBIT) should come in between 170 million and 190 million euros, up from 128 million in 2016. ($1 = 0.9346 euros) (Reporting by Emma Thomasson; Editing by Maria Sheahan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-puma-de-results-idUKKBN15O0X2'|'2017-02-09T16:06:00.000+02:00'|1382.0|''|-1.0|'' +1381|'289564fc178ff6828ed4617d8070e0f852753fd2'|'Emerald abandons Punch bid, leaving Heineken unrivaled in pubs takeover'|'Deals 55am EST Emerald abandons Punch bid, leaving Heineken unrivaled in pubs takeover LONDON Emerald Investment Partners said on Wednesday it is not planning to make a takeover offer for Punch Taverns ( PUB.L ), reversing course and leaving Heineken ( HEIN.AS ) unrivaled in its bid to buy and break up the company. Emerald, the investment firm of Punch founder Alan McIntosh, made an approach to Punch late last year, around the same time brewer Heineken, and investment partner Patron Capital, agreed a deal for Punch. (Reporting by Martinne Geller, editing by Louise Heavens) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-emerald-punch-idUSKBN15G4LM'|'2017-02-01T20:52:00.000+02:00'|1381.0|23.0|2.0|'' +1382|'3a48803ca43b62ce696256c1b6b666b78c1ec196'|'Puma upbeat for 2017 after strong quarter in Europe'|' 9:06am GMT Puma upbeat for 2017 after strong quarter in Europe Boards with Puma store logo are seen on a shopping center at the outlet village Belaya Dacha outside Moscow, Russia, April 23, 2016. REUTERS/Grigory Dukor/File Photo HERZOGENAURACH, Germany German sportswear firm Puma ( PUMG.DE ) reported strong sales growth in the fourth quarter, particularly in Europe, and gave a confident forecast for 2017 as it benefits from a trend for retro sneakers and partnerships with stars like Usain Bolt. Chief Executive Bjorn Gulden has led a gradual turnaround of a brand that had fallen far behind market leaders Nike ( NKE.N ) and Adidas ( ADSGn.DE ), sparking renewed speculation that majority owner Kering ( PRTP.PA ) might consider a sale. Puma reported on Thursday a quarterly net loss of 4.6 million euros ($4.9 million), with sales up 9 percent to 958 million. That was slightly ahead of average analyst forecasts for a 5 million net loss on sales of 947 million, according to a Reuters poll. Puma expects currency-adjusted net sales to increase at a high single-digit percentage rate in 2017 after a rise of 10 percent in 2016, while earnings before interest and tax (EBIT) should come in between 170 million and 190 million euros, up from 128 million in 2016. ($1 = 0.9346 euros) (Reporting by Emma Thomasson; Editing by Maria Sheahan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-puma-de-results-idUKKBN15O0X2'|'2017-02-09T16:06:00.000+02:00'|1382.0|19.0|0.0|'' 1383|'46d8f1a339f19d97e657e40eff8576b04665cf4b'|'Takata selects KSS as final bidder for restructuring deal: sources'|'TOKYO A steering committee for Takata Corp ( 7312.T ) has selected U.S.-based auto parts supplier Key Safety Systems as the final bidder to extend financial support for the Japanese air bag maker, three sources with knowledge of the process have told Reuters.The steering committee has told the Japanese air bag maker''s automaker clients that it has tapped Key Safety Systems, owned by China''s Ningbo Joyson ( 600699.SS ), to provide financial support for the company, three sources told Reuters.Takata is in the process of selecting a financial backer as it faces billions of dollars in costs to replace as many as around 100 million potentially defective air bag inflators that have been linked to at least 16 deaths globally.(Reporting by Naomi Tajitsu; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-takata-restructuring-idINKBN15J00F'|'2017-02-03T21:11:00.000+02:00'|1383.0|''|-1.0|'' 1384|'560dcd1c9e0da0285b7cf90e9ae4379a75a97f8b'|'Retailer Perfumania explores strategic alternatives: sources'|'By Jessica DiNapoli Perfumania Holdings Inc ( PERF.O ), a U.S. retailer with exclusive distribution rights to several Trump-branded colognes, has hired advisers to explore strategic alternatives, including a debt restructuring, people familiar with the matter said.The move comes as Perfumania, a major U.S. fragrance retailer, looks to address its debt pile amid declining traffic at malls.The Bellport, New York-based company is working with legal and financial advisers to explore options, including addressing its capital structure, according to the sources.The sources asked not to be identified because the negotiations are confidential. Perfumania did not respond to a request for comment.Perfumania recorded debt of approximately $164 million at Oct. 29 and $2.1 million in cash and cash equivalents.The company also plans to negotiate with landlords to exit some of its 313 standalone Perfumania shops in the United States, the sources said.Perfumania''s wholesale businesses, Parlux, holds the exclusive distribution rights to U.S. President Donald Trump''s fragrances Empire and Success, as well as daughter Ivanka Trump''s fragrance. The company''s portfolio also includes fragrances from celebrities such as Rihanna, Jessica Simpson and Jay Z.The Parlux fragrances are sold through regional and national department store chains, including Belk, Bon-Ton ( BONT.O ) and Macy''s ( M.N ). Other Perfumania fragrances are sold at offprice retailers including Kmart, Burlington Coat Factory [BCF.UL] and Wal-Mart ( WMT.N ).Perfumania''s financial struggles reflect the woes facing the rest of the retail industry. This month, Eastern Outfitters LLC, the holding company for sporting goods chain Eastern Mountain Sports and Bob''s Stores filed for bankruptcy, as did teen retailer Wet Seal. Healthier retailers such as Macy''s have announced plans to close hundreds of stores.Perfumania traced its declining sales to heavy discounting by retailers and falling traffic at its retail locations in lower-quality malls and tourist-dependent areas such as Puerto Rico and Florida.Perfumania''s sales shrunk by nearly 12 percent to $125 million in the quarter ended Oct. 29, driven by declines in its retail shop division.The company has been trying to turn around its business by promoting e-commerce sales and boosting its technology.(Reporting by Jessica DiNapoli in New York; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-perfumania-hol-debt-idINKBN15W1Z0'|'2017-02-17T14:28:00.000+02:00'|1384.0|''|-1.0|'' 1385|'cb214cc219a359c1f797e87546e87440b7b97e7b'|'Russia finmin will offer OFZ bonds for households in April'|'SOCHI, Russia Feb 27 Russia''s finance ministry will start selling rouble treasury bonds for households in April, Finance Minister Anton Siluanov said on Monday.The finance ministry aims at raising up to 30 billion ($519 million) roubles a year by selling bonds, known as OFZ bonds for people, Siluanov said.The new three-year bonds will have a yield of 8.5 percent and will be issued every six months, available at offices of Russia''s largest lenders Sberbank and VTB, Siluanov said.($1 = 57.8160 roubles) (Reporting by Darya Korsunskaya; Writing by Andrey Ostroukh; editing by Vladimir Soldatkin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-ofz-people-idINR4N1G101Z'|'2017-02-27T05:06:00.000+02:00'|1385.0|''|-1.0|'' @@ -1395,13 +1395,13 @@ 1393|'1a53bd8bc8d11dcdeaf21ba944b59762c2b4b21a'|'BRIEF-Disney CEO Robert Iger may extend tenure again- WSJ, citing sources'|' 41am EST BRIEF-Disney CEO Robert Iger may extend tenure again- WSJ, citing sources Feb 6 (Reuters) - * Disney CEO Robert Iger may extend tenure again- WSJ, citing sources Source on.wsj.com/2kEpSUG Indian e-commerce firm Snapdeal to make profit in 2 years - CEO MUMBAI, Feb 6 Indian e-commerce firm Snapdeal expects to turn profitable in the next two years, its CEO said, as the company takes steps to cut costs and boost efficiency in a market currently dominated by homegrown Flipkart and U.S. internet giant Amazon. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FR0C4'|'2017-02-06T17:41:00.000+02:00'|1393.0|''|-1.0|'' 1394|'04b9566d92306ba0326377bc457ee43407b001c0'|'UK Stocks-Factors to watch on Feb 6'|'Company 1:37am EST UK Stocks-Factors to watch on Feb 6 Feb 6 Britain''s FTSE 100 index is seen opening down 1 point at 7,187 points on Monday, according to financial bookmakers. * The UK blue chip index closed 0.7 percent higher at 7,188.30 points on Friday, the biggest one-day percentage gain so far this year, with a rally in energy and banking stocks eclipsing weaker miners. * BARCLAYS: Barclays Plc is about to overhaul its back office operations under a restructuring to help it comply with new post-crisis rules forcing British banks to ring-fence their retail operations from their riskier business. * IHG: InterContinental Hotels Group Plc on Friday confirmed a data breach from payment cards used at 12 of its hotels in the United States, a little over a month after it said it was investigating claims of a possible breach. * LIBERTY HOUSE/IPO: Liberty House Group, an industrial and commodities group, which has been buying up British steel assets, could list parts of the company in London by 2018, its executive chairman told Reuters on Friday. * LSE/DEUTSCHE BOERSE: Deutsche Boerse and the London Stock Exchange should have their combined headquarters in Frankfurt not London because of Brexit, an influential German minister told Reuters in the clearest public demand for control of the group in Germany. * BRITAIN HOUSING: Britain''s housing market is too dependent on large homebuilders, housing minister Gavin Barwell said on Sunday, speaking ahead of the launch of the government''s latest attempt to fix a chronic shortage of new homes. * BRITAIN TRADE: Sterling''s sharp fall against the U.S. dollar and euro since June''s Brexit vote has so far hurt almost as many exporters as it has aided, the British Chambers of Commerce said on Monday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Randgold Resources Ltd Q4 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1FR23K'|'2017-02-06T13:37:00.000+02:00'|1394.0|''|-1.0|'' 1395|'5544c5b70103dd1fa05a3d076b914ee7a9f4a14f'|'Apple closes at record high for first time since 2015'|'Business News - Mon Feb 13, 2017 - 9:21pm GMT Apple closes at record high for first time since 2015 FILE PHOTO - The new iPhone 7 smartphone goes on sale inside an Apple Inc. store in Los Angeles, California, U.S., September 16, 2016. REUTERS/Lucy Nicholson/File Photo By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Shares of Apple rose to a record high close on Monday, buoyed by Wall Street''s expectations that the release of a 10th-anniversary iPhone and pent-up customer demand will shore up lacklustre sales. The largest component of the S&P 500 and a core holding on Wall Street, Apple''s stock climbed 0.9 percent to end at $133.29, breaking above its record high close of $133.00 hit on Feb. 23, 2015 and giving it a market value of about $699.3 billion (559.44 billion pounds). Its increase helped balloon the S&P 500''s market capitalization on Monday beyond $20 trillion for the first time. Apple has climbed 50 percent from lows in the first half of last year and is up 15.1 percent so far in 2017. It was still short of its all-time intraday high of $134.54, set on April 28, 2015. Monday''s gain came after Goldman Sachs analyst Simona Jankowski raised her price target for Apple to $150. She said she is more confident that an upcoming 10th anniversary iPhone will feature augmented-reality technology, which could help boost demand in a saturated smartphone market. (Reporting by Noel Randewich; Editing by James Dalgleish) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-markets-apple-idUKKBN15S2G5'|'2017-02-14T04:21:00.000+02:00'|1395.0|''|-1.0|'' -1396|'3b94dcfa484b1a436f5edc86e6136050d24b899e'|'MOVES-Oordeoo Oman appoints new CFO'|' 02am EST MOVES-Oordeoo Oman appoints new CFO DUBAI Feb 1 Ooredoo Oman announced the appointment of Abdul Razzaq al-Balushi as chief financial officer on Wednesday. Al-Balushi takes over from Jorgen Latte, who retired on Feb. 1, according to a bourse statement. Al-Balushi has previously served as Ooredoo Oman''s deputy financial officer. (Reporting by Alexander Cornwell; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ooredoo-oman-moves-idUSL5N1FM0M1'|'2017-02-01T13:02:00.000+02:00'|1396.0|''|-1.0|'' +1396|'3b94dcfa484b1a436f5edc86e6136050d24b899e'|'MOVES-Oordeoo Oman appoints new CFO'|' 02am EST MOVES-Oordeoo Oman appoints new CFO DUBAI Feb 1 Ooredoo Oman announced the appointment of Abdul Razzaq al-Balushi as chief financial officer on Wednesday. Al-Balushi takes over from Jorgen Latte, who retired on Feb. 1, according to a bourse statement. Al-Balushi has previously served as Ooredoo Oman''s deputy financial officer. (Reporting by Alexander Cornwell; Editing by Sherry Jacob-Phillips) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/ooredoo-oman-moves-idUSL5N1FM0M1'|'2017-02-01T13:02:00.000+02:00'|1396.0|18.0|0.0|'' 1397|'ce11876cc1cc48da7c6ce7f61a70582c6cbd047f'|'Deutsche Boerse says clears CEO after analysis of talks with LSE'|' Deutsche Boerse says clears CEO after analysis of talks with LSE Carsten Kengeter, CEO of Deutsche Boerse talks to the media during the presentation of FinTec start-up facilities provided by Deutsche Boerse in Frankfurt, Germany, February 24, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Boerse''s ( DB1Gn.DE ) supervisory board backed its Chief Executive Carsten Kengeter, who is the focus of an insider trading investigation, saying it had found that talks with the London Stock Exchange had not yet started in 2015. German police and prosecutors have searched Kengeter''s office and apartment as they investigate whether secret merger talks with LSE were under way when Kengeter bought shares in his company in December 2015. Deutsche Boerse said on Tuesday that "extensive conversations with external experts and a renewed analysis of the processes in the year 2015" had cleared Kengeter, adding the board unanimously expressed its full confidence in him. (Reporting by Maria Sheahan; Editing by Muralikumar Anantharaman) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-boerse-investigation-board-idUKKBN15M0G6'|'2017-02-07T13:50:00.000+02:00'|1397.0|''|-1.0|'' -1398|'4e37186dd31a159a5eb61849034d89705b05ef8a'|'Sequoia Fund wins dismissal of lawsuit over huge Valeant stake'|'By Jonathan Stempel - NEW YORK NEW YORK A New York state judge has dismissed a lawsuit accusing the Sequoia Fund, known for its ties to Warren Buffett, of recklessly making a huge, disastrous investment in Valeant Pharmaceuticals International Inc ( VRX.TO ), causing billions of dollars of losses.Justice O. Peter Sherwood of the State Supreme Court in White Plains, New York, said Sequoia shareholders failed to show it would have been futile, prior to suing in January 2016, to demand that the mutual fund''s directors step in to unwind the investment because of their alleged conflicts of interest.The judge said the shareholders could try to amend their complaint, but that this appeared to be "a fool''s errand."Sherwood issued his ruling during a Feb. 15 hearing. A transcript was made public eight days later.Sequoia shareholders had sued Sequoia''s investment adviser Ruane, Cunniff & Goldfarb; portfolio managers Robert Goldfarb and David Poppe; and three directors including author and chairman Roger Lowenstein.The defendants were accused of gross negligence for letting Sequoia plough nearly one-third of its assets into Valeant, despite a policy capping its stake at 25 percent.Lawyers for the shareholders did not immediately respond to requests for comment on Friday.Valeant shares have tumbled 93 percent in the last 1-1/2 years amid criticism of the Canadian drug company''s pricing and business practices, and regulatory and congressional probes.Goldfarb, who co-managed Sequoia for 36 years, retired as Ruane, Cunniff''s chief executive last March.Sequoia sold its last Valeant shares in June, but its losses have left it still trailing 98 percent of its peers over five years, while assets have shrunk by more than half to $4.2 billion, Morningstar said on Friday.Amy Roy, a lawyer at Ropes & Gray, which represents Sequoia, said its independent directors were gratified that Sherwood "recognised the central oversight role of mutual fund boards."Poppe, who remains at Sequoia, told shareholders last July that the fund had experienced "interesting times," and that "our goal is to be much less interesting" in the future.Ruane, Cunniff''s late founder, William Ruane, was a friend and classmate of Buffett. When Buffett shut his investment partnership in 1969 to focus on Berkshire Hathaway Inc ( BRKa.N ), he recommended that clients invest with Ruane.Sequoia''s largest current investment is Berkshire. Buffett last April called Valeant''s business model "enormously flawed," and Berkshire Vice Chairman Charlie Munger last week called Valeant''s story "too good to be true."The case is Epstein et al v. Ruane, Cunniff & Goldfarb Inc et al, New York State Supreme Court, New York County, No. 650100/2016.(Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sequoia-valeant-idINKBN16326W'|'2017-02-24T15:44:00.000+02:00'|1398.0|''|-1.0|'' +1398|'4e37186dd31a159a5eb61849034d89705b05ef8a'|'Sequoia Fund wins dismissal of lawsuit over huge Valeant stake'|'By Jonathan Stempel - NEW YORK NEW YORK A New York state judge has dismissed a lawsuit accusing the Sequoia Fund, known for its ties to Warren Buffett, of recklessly making a huge, disastrous investment in Valeant Pharmaceuticals International Inc ( VRX.TO ), causing billions of dollars of losses.Justice O. Peter Sherwood of the State Supreme Court in White Plains, New York, said Sequoia shareholders failed to show it would have been futile, prior to suing in January 2016, to demand that the mutual fund''s directors step in to unwind the investment because of their alleged conflicts of interest.The judge said the shareholders could try to amend their complaint, but that this appeared to be "a fool''s errand."Sherwood issued his ruling during a Feb. 15 hearing. A transcript was made public eight days later.Sequoia shareholders had sued Sequoia''s investment adviser Ruane, Cunniff & Goldfarb; portfolio managers Robert Goldfarb and David Poppe; and three directors including author and chairman Roger Lowenstein.The defendants were accused of gross negligence for letting Sequoia plough nearly one-third of its assets into Valeant, despite a policy capping its stake at 25 percent.Lawyers for the shareholders did not immediately respond to requests for comment on Friday.Valeant shares have tumbled 93 percent in the last 1-1/2 years amid criticism of the Canadian drug company''s pricing and business practices, and regulatory and congressional probes.Goldfarb, who co-managed Sequoia for 36 years, retired as Ruane, Cunniff''s chief executive last March.Sequoia sold its last Valeant shares in June, but its losses have left it still trailing 98 percent of its peers over five years, while assets have shrunk by more than half to $4.2 billion, Morningstar said on Friday.Amy Roy, a lawyer at Ropes & Gray, which represents Sequoia, said its independent directors were gratified that Sherwood "recognised the central oversight role of mutual fund boards."Poppe, who remains at Sequoia, told shareholders last July that the fund had experienced "interesting times," and that "our goal is to be much less interesting" in the future.Ruane, Cunniff''s late founder, William Ruane, was a friend and classmate of Buffett. When Buffett shut his investment partnership in 1969 to focus on Berkshire Hathaway Inc ( BRKa.N ), he recommended that clients invest with Ruane.Sequoia''s largest current investment is Berkshire. Buffett last April called Valeant''s business model "enormously flawed," and Berkshire Vice Chairman Charlie Munger last week called Valeant''s story "too good to be true."The case is Epstein et al v. Ruane, Cunniff & Goldfarb Inc et al, New York State Supreme Court, New York County, No. 650100/2016.(Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sequoia-valeant-idINKBN16326W'|'2017-02-24T15:44:00.000+02:00'|1398.0|27.0|0.0|'' 1399|'d16464e0a56ab2ee32507c84489e4ecd2d0b3df1'|'BRIEF-Ecobalt announces C$13 million bought deal financing'|'Company 21am EST BRIEF-Ecobalt announces C$13 million bought deal financing Feb 16 Ecobalt Solutions Inc * Ecobalt announces C$13 million bought deal financing * Entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. * Underwriters agreed to purchase, on a bought deal basis, 13 million units of company at a price of C$1.00 per unit Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSASB0B0NI'|'2017-02-16T17:21:00.000+02:00'|1399.0|''|-1.0|'' 1400|'20f13c923fc91afec2cae5995c466063de120c14'|'CEE MARKETS-Warsaw leads stocks rise, bonds ease as inflation rises'|'* Higher copper price, company earnings help Polish shares * Bonds ease, Polish 10-year paper leads yield rise * Polish CPI above forecasts, central bankers say no worry (Adds Polish inflation figures, dealer and analyst comments) By Sandor Peto BUDAPEST, Feb 13 Central European stocks mostly firmed on Monday, led by Warsaw''s bluechip index which set a 17-month high on the back of higher copper prices and strong company earnings. The regional trend was in line with a global rise in shares due to expectations of economic stimulus in the United States. Prague''s main index was at its highest since late 2015. Budapest shares also touched a record high, helped by an 1.1 percent rise in OTP Bank shares, though the 9,000 forint ($31.06) mark, to hit the highest point since 2007. Warsaw''s index rose 0.9 percent by 1405 GMT, with copper producer KGHM firming 3.1 percent, after the metal reached 20-month highs in London trade. Power group PGE rose 3.6 percent after reporting strong 2016 earnings. The Polish move extended a rally last week that was driven by banks, due to better than expected bank earnings in the region and comments from the ruling party''s head, Jaroslaw Kaczynski. He said on Friday that mortgage-holders who had borrowed in Swiss francs should turn to the courts to seek redress for the pain of increased repayments rather than expect the government to impose a settlement on banks. Regional currencies were mixed and rangebound. "Without any substantial long dollar risk to be unwound, EM (emerging markets) will need an improvement in the narrative around growth and profitability for capital flows to recover and for FX to meaningfully strengthen over the medium term," said Societe Generale analyst Jason Daw in a note. Bucharest stocks eased a third of a percent, giving up some ground after reaching a 19-month high last week. Government bonds mostly eased, tracking other European markets. Poland''s 10-year bonds underperformed most European peers, with their yield rising 5 basis points to 3.87 percent. The yield rose a bit further after Poland reported 1.8 percent annual inflation for January, above analysts'' 1.6 percent forecasts. Low market liquidity caused the yield rise rather than the data, one Warsaw-based trader said. Central bank rate setters Jerzy Zyzynski and Jerzy Kropiwnicki said the inflation rise was not worrying. Citigroup analyst Eszter Gargyan was expecting a sharp rise in January CPI in Hungary as well, but said in a note the central bank would not "tighten monetary conditions as long the inflation remains within the 2-4 percent target range". Hungary will release inflation figures on Tuesday. Annual inflation picked up to 1.8 percent in December. CEE SNAPS AT 1505 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 50 2% % Hungary 308.3 308.2 -0.02 0.17% forint 000 350 % Polish 4.311 4.307 -0.09 2.15% zloty 0 2 % Romanian 4.502 4.499 -0.06 0.72% leu 4 5 % Croatian 7.449 7.455 +0.0 1.42% kuna 0 5 9% Serbian 123.9 123.8 -0.09 -0.51 dinar 800 700 % % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 969.4 964.3 +0.5 +5.1 4 1 3% 9% Budapest 33327 33156 +0.5 +4.1 .13 .09 2% 4% Warsaw 2174. 2154. +0.9 +11. 68 79 2% 64% Bucharest 7642. 7668. -0.34 +7.8 41 55 % 7% Ljubljana 760.9 755.4 +0.7 +6.0 6 9 2% 4% Zagreb 2155. 2163. -0.35 +8.0 48 03 % 5% Belgrade <.BELEX15 703.5 702.5 +0.1 -1.93 > 2 8 3% % Sofia 605.1 604.4 +0.1 +3.1 5 7 1% 9% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year 5 9 bps 5-year 1 bps 10-year 8 bps Poland 2-year bps s 5-year bps s 10-year bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.26 0.26 0.3 0 PRIBOR=> Hungary < 0.35 0.5 0.63 0.24 BUBOR=> Poland < 1.77 1.81 1.895 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1FY47S'|'2017-02-13T11:52:00.000+02:00'|1400.0|''|-1.0|'' 1401|'190ebc2ccd9360332eb0418ea58051a690cb372f'|'Starbucks to speed up hiring of veterans amid refugee blowback'|'U.S. - Thu Feb 2, 2017 - 11:59am EST Starbucks to speed up hiring of veterans amid refugee blowback A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California, United States, October 27, 2015. REUTERS/Lucy Nicholson Starbucks Corp ( SBUX.O ), facing backlash from some customers over its plans to hire refugees, said it would speed up its previously stated goal of hiring 10,000 veterans and military spouses by 2018. Chief Executive Howard Schultz announced on Sunday the company''s plans to hire 10,000 refugees over the next five years, two days after U.S. President Donald Trump''s executive order put a four-month hold on allowing refugees into the United States and temporarily barred travelers from Syria and six other Muslim-majority countries. It was one of the strongest commitments from a CEO of a major U.S. company against Trump''s order, after several other corporate bosses have stayed silent on Trump''s immigration curbs though the president is likely to face questions when he meets some of them on Friday. As part of the refugee hiring plan, Schultz said the Starbucks would initially focus on hiring those who have served with U.S. troops as interpreters and support personnel abroad. The world''s largest coffee chain soon after faced backlash on social media with several people using #BoycottStarbucks to urge customers to stay away from its stores. Some users also posted screenshots of them deleting the company''s app on their phones. However, users including actor Jessica Chastain tweeted in support of the company after it announced its refugee hiring plans. The world''s largest coffee chain said on Thursday it had already hired over 8,800 veterans and spouses so far and pledged to "keep going". Starbucks, along with former Secretary of Defense Robert Gates, had announced plans in 2013 to hire 10,000 veterans and military spouses over the next five years. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Shounak Dasgupta) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-trump-immigration-starbucks-idUSKBN15H24F'|'2017-02-02T23:55:00.000+02:00'|1401.0|''|-1.0|'' -1402|'09391fbab8a803ae59eb15735dc347137641340c'|'Channel Nine apologises to Gina Rinehart over House of Hancock miniseries - Business'|'Channel Nine has apologised to billionaire Gina Rinehart for its depiction of her in its 2015 miniseries The House of Hancock, and agreed not to circulate the program again.Rinehart had instigated legal action against Nine and the production company responsible for the program, Cordell Jigsaw, over the two-part miniseries recounting the family drama of one of Australias wealthiest mining dynasties.The northern Australia plan is good for Gina Rinehart, but is it good for the future? - Jason Wilson Read more Nine and Cordell Jigsaw apologised to Rinehart in a statement on Friday that clarified the program was a drama, not a documentary, and certain matters were fictionalised for dramatic purposes.Nine and Cordell Jigsaw accept that Mrs Rinehart had a very loving and close relationship with her mother, father and husband, and has with [her children] Hope and Ginia ...Nine and Cordell Jigsaw accept that Mrs Rinehart found the broadcast to be inaccurate. That was certainly not the intention of Nine or Cordell Jigsaw, and each unreservedly apologises to Mrs Rinehart and her family for any hurt or offence caused by the broadcast and its promotion.The statement also acknowledged Rineharts significant contribution to Australias industry and economy, as well as her longstanding support of elite sport and numerous worthwhile charities.The program makers agreed to pay Rineharts legal costs, likely to be a six-figure sum, and confirmed that the miniseries would not be sold to streaming channels, foreign markets or released on DVD.The first episode attracted more than 1.4 million viewers when it aired on the Nine network in February 2015.Rinehart won the right to see the second episode before it was broadcast in an out-of-court settlement, and ordered Nine edit parts of it out. She later took legal action against the network and subsequently the production company for defamation.Rineharts solicitor, Mark Wilks, said at the time the House of Hancock was twisted and offensive, and that some scenes were entirely false.In a statement Rinehart said she was pleased to receive a public apology for such an inaccurate and distorted mini series.This case was not about money. It was about Mrs Rinehart standing up for her deeply loved family members to try to stop the further spreading of unfair and grossly disgraceful falsehoods about her family, especially when certain of her family members are no longer here able to defend themselves.She called on politicians to activate long overdue reform to protect public figures from unfair representations in the media.In January, an Oxfam report found Rinehart to be among the wealthiest 1% of Australians.Gina Rinehart Channel Nine Australian media Television industry news Share Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/24/channel-nine-apologises-to-gina-rinehart-over-house-of-hancock-miniseries'|'2017-02-24T14:02:00.000+02:00'|1402.0|''|-1.0|'' +1402|'09391fbab8a803ae59eb15735dc347137641340c'|'Channel Nine apologises to Gina Rinehart over House of Hancock miniseries - Business'|'Channel Nine has apologised to billionaire Gina Rinehart for its depiction of her in its 2015 miniseries The House of Hancock, and agreed not to circulate the program again.Rinehart had instigated legal action against Nine and the production company responsible for the program, Cordell Jigsaw, over the two-part miniseries recounting the family drama of one of Australias wealthiest mining dynasties.The northern Australia plan is good for Gina Rinehart, but is it good for the future? - Jason Wilson Read more Nine and Cordell Jigsaw apologised to Rinehart in a statement on Friday that clarified the program was a drama, not a documentary, and certain matters were fictionalised for dramatic purposes.Nine and Cordell Jigsaw accept that Mrs Rinehart had a very loving and close relationship with her mother, father and husband, and has with [her children] Hope and Ginia ...Nine and Cordell Jigsaw accept that Mrs Rinehart found the broadcast to be inaccurate. That was certainly not the intention of Nine or Cordell Jigsaw, and each unreservedly apologises to Mrs Rinehart and her family for any hurt or offence caused by the broadcast and its promotion.The statement also acknowledged Rineharts significant contribution to Australias industry and economy, as well as her longstanding support of elite sport and numerous worthwhile charities.The program makers agreed to pay Rineharts legal costs, likely to be a six-figure sum, and confirmed that the miniseries would not be sold to streaming channels, foreign markets or released on DVD.The first episode attracted more than 1.4 million viewers when it aired on the Nine network in February 2015.Rinehart won the right to see the second episode before it was broadcast in an out-of-court settlement, and ordered Nine edit parts of it out. She later took legal action against the network and subsequently the production company for defamation.Rineharts solicitor, Mark Wilks, said at the time the House of Hancock was twisted and offensive, and that some scenes were entirely false.In a statement Rinehart said she was pleased to receive a public apology for such an inaccurate and distorted mini series.This case was not about money. It was about Mrs Rinehart standing up for her deeply loved family members to try to stop the further spreading of unfair and grossly disgraceful falsehoods about her family, especially when certain of her family members are no longer here able to defend themselves.She called on politicians to activate long overdue reform to protect public figures from unfair representations in the media.In January, an Oxfam report found Rinehart to be among the wealthiest 1% of Australians.Gina Rinehart Channel Nine Australian media Television industry news Share Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/feb/24/channel-nine-apologises-to-gina-rinehart-over-house-of-hancock-miniseries'|'2017-02-24T14:02:00.000+02:00'|1402.0|27.0|0.0|'' 1403|'8e21f9f8e80844eb140f6e3dd128426d3dbb5ccc'|'PRESS DIGEST- British Business - Feb 8'|'Company News - Tue Feb 7, 2017 - 8:39pm EST PRESS DIGEST- British Business - Feb 8 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - Developers that do not build homes quickly enough could have their land seized by local authorities, in plans being proposed by UK government. bit.ly/2kk32OD - The government could demand that the Bank of England blocks the London Stock Exchange Group Plc and Deutsche Brse AG''s merger, under powers granted to the Treasury when the central bank was nationalised 71 years ago. bit.ly/2kkcrWz The Guardian - Britain could lose 30,000 finance sector jobs as a result of Brexit, but EU rivals need to act to avoid importing banking risk to the continent, according to an influential thinktank with close ties to the European commission. bit.ly/2kjPQt6 - British government is on course to impose steep cuts in public spending and increase taxes by the end of the decade to their highest level in 30 years to combat its persistent budget deficit. bit.ly/2kjPZNa The Telegraph - The EU faces a crisis which could threaten the sustainability of the eurozone as the International Monetary Fund has warned Greece''s debts are on an "explosive" path despite years of attempted austerity and economic reforms. bit.ly/2kjPAKE - Jeremy Corbyn could be forced to sack one of his closest allies as he faces a Brexit rebellion by more than 50 Labour MPs. The Labour leader has imposed a three-line whip requiring his MPs to support legislation that will enable the Government to trigger Brexit. bit.ly/2kk2ckJ Sky News - Britain''s Co-operative Group released a statement on Tuesday afternoon that said its CEO Richard Pennycook would hand over the reins of the food-to-funerals group to Steve Murrells, the head of its retail business. bit.ly/2kjZTOA - Lloyds Banking Group Plc is to review all customer cases that may have been affected by a corruption scam involving managers at its HBOS subsidiary. bit.ly/2kjVqvA The Independent - The British Government has been accused of "conning" parliamentarians into backing their plans for Brexit without offering them a meaningful vote on any deal to leave the European Union. ind.pn/2kk4T68 - Islamist hackers linked to ISIS carried out an attack on a series of NHS websites in a cyber-attack exposing serious flaws in security systems meant to protect sensitive information. ind.pn/2kk2sAt (Compiled by Bhanu Pratap in Bengaluru; Editing by Peter Cooney) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL1N1FT02R'|'2017-02-08T08:39:00.000+02:00'|1403.0|''|-1.0|'' 1404|'ab08795e6f0637503d43b7da5b963044f329531f'|'EMERGING MARKETS-Emerging stocks at new 19-mth highs before Yellen'|'Company 31am EST EMERGING MARKETS-Emerging stocks at new 19-mth highs before Yellen By Sujata Rao - LONDON LONDON Feb 14 Emerging stocks inched to new 19-month highs on Tuesday and most currencies rose against the weaker dollar but the possibility of a March U.S. rate rise and Chinese inflation at multi-year highs kept gains in check. The rouble enjoyed its fifth straight day of gains on the back of stable oil prices and a central bank that has signalled its intention of keeping interest rates high, while the dollar easing off three-week highs after the resignation of a key U.S. presidential adviser supported most emerging assets. MSCI''s emerging equity index rose 0.2 percent, tracking world stocks higher, though markets remain wary before a testimony by U.S. Federal Reserve chair Janet Yellen later in the day, in case she makes a case for a rate rise in March. Gains were also capped by data showing Chinese consumer inflation quickening to the fastest pace since May 2014 while factory prices rose at the quickest rate since mid-2011. While this shows China is at no risk of a big slowdown, it will confirm Beijing''s recent shift to a tighter monetary policy stance. Chinese stocks were flat on the day, both on the mainland and in Hong Kong . "This (inflation data) is important in that it continues a trend we have seen and fits in with this global reflation theme. 2.5 percent is still short of the 3 percent target that the central bank has but if this trend continues, the central bank will have to consider tightening monetary policy," said Jakob Christensen, chief emerging markets analyst at Danske Bank. India''s wholesale prices also rose at the fastest pace in two-and-a-half years in January, reinforcing the central bank''s decision last week to move to a neutral policy stance as inflation risks grow. The weak dollar boosted the rouble more than half a percnt to a new 19-month high while earlier in the day Asian currencies surged, led by the Korean won, which jumped more than 1 percent. The rand jumped around 1 percent. The Turkish lira firmed 0.5 percent to a one-month high , helped also by data showing a smaller-than-forecast current account deficit in December. Christensen said however that some of the improvement was down to seasonal factors and there was reason to believe recent lira weakness would not translate into a significant improvement in the deficit, which is considered Turkey''s Achilles heel. "There are some structural factors we should keep in mind - one is the impact of the fear of terrorism on tourism, and trade with Russia is also slow to pick up," he added. In central Europe, stock markets fell and currencies were unchanged against the euro, with Warsaw stocks retreating from 17-month highs after Hungary and the Czech Republic reported lower-than-expected economic growth for the last quarter of 2016. Romania however posted above-forecast 4.7 percent growth. Hungary also showed a rise in the annual inflation to 2.3 percent in January, above a 2 percent forecast. The data came after Czech and Polish figures earlier this week also showed a pick up in inflation. The Serbian dinar was slightly firmer against the euro before a central bank meeting that is likely to keep interest rates steady. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see ) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 936.61 +1.16 +0.12 +8.62 Czech Rep 968.56 -3.63 -0.37 +5.09 Poland 2167.26 -12.40 -0.57 +11.26 Hungary 33345.12 -11.07 -0.03 +4.19 Romania 7580.94 -59.95 -0.78 +7.00 Greece 623.68 -5.46 -0.87 -3.10 Russia 1169.69 -3.48 -0.30 +1.51 South Africa 45454.49 -487.32 -1.06 +3.54 Turkey 87846.47 -731.84 -0.83 +12.42 China 3218.38 +1.55 +0.05 +3.70 India 28343.80 -7.82 -0.03 +6.45 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1FZ25Q'|'2017-02-14T16:31:00.000+02:00'|1404.0|''|-1.0|'' 1405|'a9b436fa67b08238d938620a46338398820fc41e'|'Drax earnings fall on weak power prices, loss of green scheme revenue'|'Business News - Thu Feb 16, 2017 - 7:32am GMT Drax earnings fall on weak power prices, loss of green scheme revenue A generator is seen inside Drax power station in Drax, northern England, February 16, 2011. REUTERS/Nigel Roddis LONDON British power producer Drax ( DRX.L ) reported a 17 percent fall in core annual earnings to 140 million pounds ($175 million), slightly below analysts'' estimates, citing weak power prices and the loss of revenue from a green energy scheme. Full-year earnings before interest, tax, depreciation and amortisation (EBITDA) were 140 million pounds, against 169 million pounds in 2015 and consensus analysts'' forecast of 143 million pounds, the company said on Thursday. The power producer, which is converting its huge Yorkshire coal-fired power station to run on biomass, made three times more revenue from providing back-up power supply services than the previous year, with revenue of 47 million pounds. ($1 = 0.8019 pounds) (Reporting by Karolin Schaps; Editing by David Goodman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-drax-group-results-idUKKBN15V0O8'|'2017-02-16T14:32:00.000+02:00'|1405.0|''|-1.0|'' @@ -1421,14 +1421,14 @@ 1419|'a5e1c25454a7fc64979d968c0a928e97dbf20124'|'Banks fight for $40 million fee pot in advising on Vodafone India merger'|'Business News - Wed Feb 15, 2017 - 7:20am GMT Banks fight for $40 million fee pot in advising on Vodafone India merger FILE PHOTO: A man casts silhouette onto an electronic screen displaying logo of Vodafone India after a news conference to announce the half year results in Mumbai, India, November 10, 2015. REUTERS/Shailesh Andrade/File Photo By Sumeet Chatterjee and Devidutta Tripathy - HONG KONG/MUMBAI HONG KONG/MUMBAI BofA Merrill Lynch, UBS and Standard Chartered are among banks scrambling to win advisory roles in a potential merger involving Vodafone in India, sources said, as they chase a rare big deals-related payday in the country. Britain''s Vodafone Group said last month it was in talks to merge its Indian subsidiary with Idea Cellular in an all-share deal. The merger will create India''s largest mobile operator with about $12 billion (9.6 billion pounds) in sales. The banks picked to advise on the deal could end up sharing as much as $40 million, according to Freeman Consulting. That is about 10 percent of the total investment banking fee pool last year in India, where advisory fees are among the lowest when compared to other major global markets. Vodafone is in talks with Merrill Lynch, UBS and M&A boutique firm Rothschild for advisory roles, three sources with direct knowledge of the development, told Reuters. Merrill and UBS had earlier been hired by Vodafone on a planned Indian listing. Morgan Stanley has already been picked for the advisory role in the proposed merger, the sources added. Idea Cellular, part of India''s metals to financial services Aditya Birla conglomerate, is likely to rope in StanChart and some Indian boutiques to work on the transaction, said the sources. They said the talks for hiring the advisers have not been completed and the list could change. Morgan Stanley, StanChart, UBS and Rothschild declined to comment, while BofA Merrill Lynch, Vodafone and Idea did not respond to a request for comment. The sources declined to be named as procedures related to the merger talks are not public. In India, total fee earned from investment banking services, including M&A, equity and bonds, fell to $462.6 million in 2016, from $491 million a year ago, according to Thomson Reuters data, as equity capital market volume nearly halved. The $40 million estimated fee pot in the potential Vodafone India deal is small when compared to the payouts from multi-billion M&A deals in advanced markets. But it is big by standards in India, where M&A advisory fees tend to be 25-50 percent lower compared to the United States, Hong Kong and Singapore, as per industry estimates. Foreign bankers in India privately grumble about the lack of a substantial number of M&A and equity underwriting deals worth more than $1 billion, making it harder for them to justify costs to their headquarters. As a result, all large private investment banking deals see tough competition for winning advisory mandates, with global investment banks also vying with a host of local and well-connected boutique banks. About half a dozen foreign banks had been roped in last year to manage Vodafone''s highly-anticipated IPO in India, which was set to raise as much as $3 billion. But with the Vodafone unit now in merger talks with listed Idea, that IPO plan is now off the table, and so is the rare opportunity to earn as much as $60 million in underwriting fees, the sources told Reuters. (Reporting by Sumeet Chatterjee and Devidutta Tripathy; Editing by Muralikumar Anantharaman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-india-vodafone-banks-idUKKBN15U0LV'|'2017-02-15T14:20:00.000+02:00'|1419.0|''|-1.0|'' 1420|'a76abb1b4f57bf50d899c24580744e43d7490641'|'FTSE up as Barclays, RSA gains outweigh ex-divs'|' 10:23am GMT FTSE up as Barclays, RSA gains outweigh ex-divs A red London bus passes the Stock Exchange in London, Britain, February 9, 2011. REUTERS/Luke MacGregor/File Photo By Helen Reid - LONDON LONDON Britain''s blue-chip index .FTSE edged up on Thursday as strong showings from Barclays, Intu and RSA outweighed losses through companies going ex-dividend. Barclays ( BARC.L ) was the third listed British lender to report earnings this week, surprising investors and analysts with an increase in its core capital ratio, a measure of financial security. "The capital ratio increase is rather important for Barclays, because this is a bank that had lagged peers in terms of its capital and hadn''t performed well in last year''s stress tests, so any improvement in capital is well-received," said Jefferies banking analyst Joseph Dickerson. Lloyds ( LLOY.L ), which reported yesterday, was also up 1.9 percent. HSBC ( HSBA.L ) was down 1.8 percent. Insurer RSA ( RSA.L ) was a top gainer, up 4.3 percent after it posted a 2016 profit beat and increased its target for return on equity. CEO Stephen Hester said customers had benefited ''significantly'' from RSA''s not having been sold to Zurich Insurance ( ZURN.S ), which withdrew a takeover attempt in September 2015. "We like what Stephen Hester is doing at RSA and view the recent announcement of the disposal of the UK legacy book as a great deal but, in our view, this good news is now all in the share price," says Panmure Gordon analyst Barrie Cornes. The broker has a ''hold'' rating on the stock. Intu Properties ( INTUP.L ), which owns and manages shopping centres, was top FTSE gainer, up 6.7 percent and headed for its best day in six years after its earnings beat expectations and it increased its dividend. Intu was one of the most shorted stocks before its earnings report this week, according to figures from HIS Markit, with 11.9 percent of its shares outstanding on loan. Defence company BAE Systems gained 2.4 percent after it reported a better-than-expected rise in sales. BAE, which had its best day in over four years on Nov 10, the day after President Donald Trump''s election, said it stands to gain from increased defence spending in many of its markets. Miner Glencore ( GLEN.L ) gained 2.8 percent after it posted an 18 percent rise in core profit on a rebound in global commodity prices. Centrica CAN.L was losing 3.6 percent despite returning to profit growth and flagging the possibility of a dividend rise after two years of shareholder payout cuts . "Today''s dividend announcement of no growth in 2016 was a surprise," Jefferies analysts said, adding Centrica''s pension deficit ballooning to 1.1 billion in 2016 could be the reason for this. "Centrica is clearly prioritising secure credit metrics in the near term; consensus had expected 3 percent dividend growth in both 2016 and 2017." EasyJet ( EZJ.L ) and Rio Tinto ( RIO.L ) were top fallers due to going ex-dividend, down 4.8 and 3.7 percent. Companies going ex-dividend took an estimated 12.3 points off the index. Travel and leisure company Carnival ( CCL.L ) gained 2 percent despite going ex-dividend. A hike in target price from Credit Suisse from 4860p to 5380p could have been supporting the stock. (Reporting by Helen Reid, editing by Larry King) UK inflation expectations steady for year ahead, rise further out LONDON The British public''s expectations for inflation over the coming year held at their highest level in more than three years last month but rose for inflation further ahead, a monthly survey by bank Citi and polling firm YouGov showed on Thursday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN16212D'|'2017-02-23T17:23:00.000+02:00'|1420.0|''|-1.0|'' 1421|'424d4017f4e13cfe59988051fe3e60d75c9c6ef9'|'Stock futures dip as Wall Street rally loses momentum'|'Business News - Fri Feb 17, 2017 - 7:44am EST Stock futures dip as Wall Street rally loses momentum Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 7, 2017. REUTERS/Brendan McDermid By Yashaswini Swamynathan U.S. stock index futures fell for the second straight day on Friday, after a record-setting few days on Wall Street, as investors await clarity on economic policy and ahead of a long weekend. The S&P 500 has rise about 5 percent so far in 2017, with the Dow Jones Industrial Average up 4 percent, mainly on signs of an improving economy and promises by President Donald Trump to cut corporate taxes and reduce financial regulations. Now, with a strong fourth-quarter earnings season mostly complete, many investors say they need concrete signs of progress from Trump to justify more gains. Trump used his first solo news conference on Thursday to lash out at reporters on what he viewed as unfair coverage of his first few weeks in office. The Dow Jones Industrial Average managed to close at a record high for the sixth straight session on Thursday, but losses in energy shares caused the S&P to snap a seven-day winning streak. The lack of key economic data and a long weekend due to the Presidents Day holiday on Monday is also likely to keep investors from taking new positions. Banks stocks, which have outperformed other sectors in the so-called "Trump trade", dropped in premarket trading as investors booked profits. Morgan Stanley ( MS.N ), Wells Fargo ( WFC.N ) and Citigroup ( C.N ) were the biggest losers, falling more than 1 percent. Dow component UnitedHealth ( UNH.N ) slipped 3.1 percent to $158.50 after the Justice Department joined a whistleblower lawsuit against the health insurer. Kraft ( KHC.O ) jumped 4.4 percent after it offered to buy Unilever ( ULVR.L ). Despite rejecting the offer, Unilever''s U.S.-listed shares ( UL.N ) jumped 11 percent. Mondelez ( MDLZ.O ), rumored to be a Kraft acquisition target, dropped more than 6 percent. Futures snapshot at 7:06 a.m. ET: Dow e-minis 1YMc1 were down 40 points, or 0.19 percent, with 23,975 contracts changing hands. S&P 500 e-minis ESc1 were down 4.5 points, or 0.19 percent, with 116,905 contracts traded. Nasdaq 100 e-minis NQc1 were down 6.25 points, or 0.12 percent, on volume of 21,148 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN15W1AV'|'2017-02-17T19:44:00.000+02:00'|1421.0|''|-1.0|'' -1422|'5042bb5eaa08ff74481d66a17d220ff68cb0577c'|'BRIEF-Paradice Investment Management reports 5.1 percent passive stake in Crawford & Co as of December 31, 2016'|' 19pm EST BRIEF-Paradice Investment Management reports 5.1 percent passive stake in Crawford & Co as of December 31, 2016 Feb 6 Paradice Investment Management * Paradice Investment Management reports 5.1 percent passive stake in Crawford & Co as of December 31, 2016- SEC filing Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FR0T9'|'2017-02-07T02:19:00.000+02:00'|1422.0|''|-1.0|'' +1422|'5042bb5eaa08ff74481d66a17d220ff68cb0577c'|'BRIEF-Paradice Investment Management reports 5.1 percent passive stake in Crawford & Co as of December 31, 2016'|' 19pm EST BRIEF-Paradice Investment Management reports 5.1 percent passive stake in Crawford & Co as of December 31, 2016 Feb 6 Paradice Investment Management * Paradice Investment Management reports 5.1 percent passive stake in Crawford & Co as of December 31, 2016- SEC filing Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FR0T9'|'2017-02-07T02:19:00.000+02:00'|1422.0|29.0|0.0|'' 1423|'07603076316704ed10e4cf0223bddad2dd7a5d7f'|'PRESS DIGEST - Wall Street Journal - Feb 21'|' 1:00am EST PRESS DIGEST - Wall Street Journal - Feb 21 Feb 21 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Deal talks between Kraft Heinz and Unilever are dead, but both consumer-goods giants now find themselves under heightened pressure to make bold moves to accelerate growth. on.wsj.com/2lpm6wk - President Trump selected Lt. Gen. H.R. McMaster, an active duty Army officer, now director of a key military integration and operations center, as his next national security adviser. on.wsj.com/2lpgWjT - Defense Secretary Jim Mattis appears to be at odds with President Trump on Russia and other key issues, setting up potential discord but also helping to nudge the White House toward more conventional policy stances. on.wsj.com/2lpcS36 - Russia''s ambassador to the United Nations, Vitaly Churkin, died unexpectedly Monday, according to an announcement at the U.N. and Russia media reports. on.wsj.com/2lp1VOV - Toys "R" US Inc recently laid off between 10 percent and 15 percent of its corporate employees, the latest retailer to cut jobs as shopping rapidly shifts from physical stores to online ones. on.wsj.com/2lpd4PZ - Uber Technologies Inc said it is investigating claims by a former employee that the company failed to discipline a manager who mistreated female employees and ignored complaints of sexual harassment. on.wsj.com/2lpjtKP - Saudi Arabia IPO-ARMO.SE is leaning toward listing its giant, state-run oil company in New York, London or Toronto and has soured on the prospect of floating the firm on an Asian stock exchange. on.wsj.com/2lpg4vn - China''s suspension of coal imports from its ally North Korea gives Beijing more leverage to press the U.S. for fresh diplomatic efforts in curbing Pyongyang''s nuclear ambitions. on.wsj.com/2lpqOu1 (Compiled by Vishal Sridhar in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1G625E'|'2017-02-21T13:00:00.000+02:00'|1423.0|''|-1.0|'' 1424|'26c3cea05df6e95f3e3ac70a1b114f7ab4b2b095'|'PRESS DIGEST- British Business - Feb 7'|'Feb 7 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesIsraeli PM insists Britain must get tough with IranThe Israeli prime minister urged Theresa May to follow the United States in imposing fresh sanctions against Iran as the two met for the first time on the steps of No 10. bit.ly/2lith90Stay away from parliament, Bercow tells ''sexist, racist'' TrumpIn an intervention that will bring embarrassment for Theresa May, John Bercow told Members of Parliament that the US president should be denied the honour of addressing the House of Commons or Lords during a state visit this year. bit.ly/2liooN2The GuardianUber driver tells MPs: I work 90 hours but still need to claim benefitsUber drivers have told Members of Parliament they felt trapped in a job that forced them to work long hours just to cover costs including the purchase of their cars. bit.ly/2lixAkxCut beer duty to beat price hikes after Brexit vote, says CamraThe Campaign for Real Ale (Camra) is stepping up its push to keep the price of a pint down for millions of UK pub-goers, calling on the Treasury to reduce beer duty by 1p a pint in next month''s budget. bit.ly/2livst0The TelegraphECB''s Mario Draghi warns on liquidity shock as tapering nearsThe European Central Bank is bracing for a painful ''taper tantrum'' as it reins in emergency stimulus and slows the pace of bond purchases next month, all too aware that market liquidity could dry up suddenly. bit.ly/2lipcByHong Kong''s Li dynasty trade UK assets as Three buys Relish wireless broadband for 250 mln stgTwo arms of one of Asia''s richest families have agreed the 20 mln stg sale of UK Broadband, the operator behind the Relish wireless brand, to the mobile operator Three. bit.ly/2litt8cSky NewsBuy-to-let lender plots float after Brexit fears halted saleSky News has learnt that Charter Court Financial Services, the owner of the Exact and Precise mortgage brands, has drafted in investment bankers to work on an initial public offering later this year. bit.ly/2litnO5Wonga strikes 60 mln stg deal to sell European unit to Swedish suitorWonga, Britain''s best-known payday lender, will this week announce the sale of a big chunk of its European operations, underlining its continuing international retrenchment in the wake of a torrid period for the business. bit.ly/2liuZHsThe IndependentBrexit will not affect UK economy''s long term future, a new study suggestsBrexit will prove to be little more than a bump in the road for the UK economy in the long run and the country will successfully defend its spot as one of the world''s fastest growing developed economies in decades to come, according to predictions published in a new study. ind.pn/2liq8py (Compiled by Shalini Nagarajan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL1N1FS00V'|'2017-02-06T21:28:00.000+02:00'|1424.0|''|-1.0|'' 1425|'7b65e044c5b0e4091f5b81e4ed14cf11b434d52c'|'REFILE-UPDATE 2-Perrigo adds three directors in deal with activist Starboard'|'(Adds dropped word ''operating'' in Alford''s title, paragraph 2)By Michael Flaherty and Greg RoumeliotisFeb 7 Drugmaker Perrigo Co Plc struck a deal on Tuesday with Starboard Value LP, agreeing to add three directors to the board as the activist hedge fund ramps up pressure on the company.Starboard''s CEO and founder Jeffrey Smith, Advent International operating partner Bradley Alford and Lux Capital partner Jeffrey Kindler were appointed to the board on Tuesday.The agreement also allows Starboard, which owns 6.7 percent of Perrigo, to recommend two additional independent directors to the board. Prior to the deal, Perrigo''s board was comprised of seven members.Starboard announced its stake last September, saying at the time that Perrigo should explore the sale of its prescription pharma business, known as Rx Pharmaceuticals, and the sale of its royalty stream from the drug Tysabri, used to treat multiple sclerosis.Two months later, Perrigo said it was reviewing Tysabri''s sale, with Morgan Stanley acting as its adviser.Tysabri''s sale process is ongoing, according to a person familiar with the matter. Perrigo is not currently seeking the sale of Rx Pharmaceuticals, the person added.Starboard has also criticized the company for walking away from a $205-per-share offer from generic drug maker Mylan NV in late 2015.Perrigo''s stock was up 0.6 percent at $78.54 per share on Tuesday, roughly half the price it was trading a year ago and in line where it traded when Starboard arrived.The company, which specializes in generic and over-the-counter drugs, said directors Herman Morris, Shlomo Yanai, Michael Jandernoa and Gary Kunkle will step down, effective immediately.Perrigo is Starboard''s largest stock holding, according to the firm''s quarterly filing, worth around $550 million as of Sept. 30 of last year. Its second largest is Internet company Yahoo Inc., where it has around a $500-million position and where Smith was made a director last year after agitating for the company''s sale.Perrigo''s deadline for nominating directors expires on Feb. 15, according to its annual proxy statement.(Additional reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta and Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/perrigo-company-starboard-idINL4N1FS410'|'2017-02-08T14:25:00.000+02:00'|1425.0|''|-1.0|'' 1426|'044cd4bb7936b9f2571e23ec7962a52b8b849600'|'UPDATE 1-Iran tested nuclear-capable cruise missile-German newspaper'|'World News - Thu Feb 2, 2017 - 4:51am EST Iran tested nuclear-capable cruise missile: German newspaper BERLIN Iran has tested a cruise missile called "Sumar" that is capable of carrying nuclear weapons in addition to test-firing a medium-range ballistic missile on Sunday, German newspaper Die Welt reported Thursday, citing unspecified intelligence sources. No comment was immediately available from Germany''s BND foreign intelligence agency or from Iranian authorities. The newspaper said the Sumar cruise missile was built in Iran and traveled around 600 km in its first known successful test. The missile is believed to be capable of carrying nuclear weapons and may have a range of 2,000 to 3,000 km, the paper said, citing intelligence sources. Cruise missiles are harder to counter than ballistic missiles since they fly at lower altitudes and can evade enemy radar, confounding missile defense missiles and hitting targets deep inside an opponent''s territory. But the biggest advantage from Iran''s point of view, a security expert told Die Welt, was that cruise missiles are not mentioned in any United Nations resolutions that ban work on ballistic missiles capable of carrying nuclear weapons. International sanctions on Tehran were lifted in January last year under a nuclear deal brokered in 2015 by Britain, France, Germany, China, Russia and the United States. Under the nuclear deal Iran agreed to curb its nuclear program in exchange for lifting of most sanctions. According to a 2015 U.N. resolution endorsing the deal, Iran is still called upon to refrain from work on ballistic missiles designed to deliver nuclear weapons for up to eight years. News of Iran''s reported cruise missile test came hours after Washington said it was putting Iran "on notice" for its ballistic missile test and signaled that it could impose new sanctions. Iran confirmed on Wednesday that it had test-fired a new ballistic missile, but said the test did not breach the Islamic Republic''s nuclear agreement with world powers or a U.N. Security Council resolution endorsing the pact. (Writing by Andrea Shalal, Addirional reporting by Parisa Hafezi in Ankara; editing by Ralph Boulton) Next In World News Trump''s defense chief, in Seoul, takes stock of North Korea threat SEOUL U.S. Defense Secretary Jim Mattis said he would sound out ally South Korea on efforts to address North Korea''s nuclear and missile programs as he arrived in Seoul on Thursday, including plans to deploy a U.S. missile defense system there. For hardline West Bank settlers, Jared Kushner''s their man BET EL, West Bank For many in the Israeli settlement of Bet El, deep in the occupied West Bank, Donald Trump''s choice of Jared Kushner as his senior adviser on the Middle East is a sign of politics shifting in their favor. SYDNEY U.S. President Donald Trump labeled a refugee swap deal with Australia "dumb" on Thursday after a Washington Post report of an acrimonious telephone call with Australia''s prime minister threatened a rare rift in ties between the two staunch allies. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/us-iran-missiles-cruise-idUSKBN15H0WR'|'2017-02-02T16:49:00.000+02:00'|1426.0|''|-1.0|'' 1427|'eb04c2c5b63308e74e6195af07c09f120b628af7'|'BRIEF-Humana enters into stock repurchase agreement with Goldman, Sachs & Co'|' 24pm EST BRIEF-Humana enters into stock repurchase agreement with Goldman, Sachs & Co Feb 27 Humana In: * On Feb. 22, co entered into accelerated stock repurchase agreement with Goldman, Sachs & Co to repurchase $1.5 billion of its common stock * Humana - on Feb. 27, made payment of $1.5 billion to goldman sachs from available cash on hand, received initial delivery of 5.8 million shares from goldman sachs Source text: ( bit.ly/2lZxtgy ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-humana-enters-into-stock-repurchas-idUSFWN1GC144'|'2017-02-28T05:24:00.000+02:00'|1427.0|''|-1.0|'' 1428|'06331a155c08bf0b9eff1078b61a6109bebd96b1'|'Emerald abandons Punch bid, leaving Heineken unrivalled in pubs takeover'|'Deals - Wed Feb 1, 2017 - 2:48pm GMT Emerald abandons Punch bid, leaving Heineken unrivaled in pubs takeover LONDON Emerald Investment Partners said it has decided not to make a takeover offer for Punch Taverns ( PUB.L ), leaving Heineken ( HEIN.AS ) unrivaled in its bid to buy and break up the UK pub company. Shares of Punch, the country''s second-biggest operator with more than 3,000 pubs, fell 6.3 percent on Wednesday to 176.25 pence, on dashed expectations of a raised offer. Dutch brewer Heineken and investment partner Patron Capital struck a deal in December to buy Punch for 180 pence per share, or 403 million pounds ($509.27 million), and break up its estate. Emerald, the investment firm of Punch founder Alan McIntosh, said at the time that it had proposed a 185 pence-per-share offer for Punch, but the offer was conditional on financing and due diligence. Punch''s management, board of directors and top three shareholders all endorsed the Heineken bid. Emerald said on Wednesday that it does not plan to make an offer for Punch. Punch said its shareholders will meet on Feb. 10 to vote on the deal with Heineken and Patron, and that it expects the deal to close in the first half of this year. (Reporting by Martinne Geller, editing by Louise Heavens) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-emerald-punch-idUKKBN15G4LM'|'2017-02-01T21:47:00.000+02:00'|1428.0|''|-1.0|'' -1429|'a5867ce2a8780b07b3285efe3ed462e672b56a11'|'Stada receives 3.6 billion euro offer from private equity group Cinven - FT'|'Business News - Sun Feb 12, 2017 - 7:27pm GMT Stada receives 3.6 billion euro offer from private equity group Cinven - FT FILE PHOTO - The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. REUTERS/Alex Domanski German generic drugmaker Stada ( STAGn.DE ) has received a 3.6 billion euro takeover offer from private equity group Cinven, the Financial Times reported. Cinven''s offer follows a year-long activist campaign to improve Stada''s profitability by Active Ownership Capital, one of its largest shareholders, and is believed to be pitched at close to 58 euros a share, the Financial Times reported, citing sources. on.ft.com/2klkdOM Cinven declined to comment. Stada was not immediately available to comment. Advent, Bain Capital, CVC and Permira are all assessing the bidding war closely and could make a bid, the FT sources said. In August last year, Stada''s CEO Matthias Wiedenfels promised a more modern, dynamic approach to running the company, saying it had to improve its transparency, flexibility, hierarchies and communication, although it had no need to change its strategy. AOC put forward four candidates for Stada''s supervisory board for election at the AGM, including former Novartis ( NOVN.S ) manager Eric Cornut for chairman, and said it also supported two of the four candidates proposed by Stada. Another activist investor, Guy Wyser-Pratte, who has a stake of just under 3 percent, said in July that buyout firm CVC Capital Partners was interested in buying the drugmaker and that would be a better plan than AOC''s suggested board overhaul. (Reporting by Shalini Nagarajan in Bengaluru; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stada-m-a-cinven-idUKKBN15R0XN'|'2017-02-13T02:27:00.000+02:00'|1429.0|''|-1.0|'' +1429|'a5867ce2a8780b07b3285efe3ed462e672b56a11'|'Stada receives 3.6 billion euro offer from private equity group Cinven - FT'|'Business News - Sun Feb 12, 2017 - 7:27pm GMT Stada receives 3.6 billion euro offer from private equity group Cinven - FT FILE PHOTO - The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. REUTERS/Alex Domanski German generic drugmaker Stada ( STAGn.DE ) has received a 3.6 billion euro takeover offer from private equity group Cinven, the Financial Times reported. Cinven''s offer follows a year-long activist campaign to improve Stada''s profitability by Active Ownership Capital, one of its largest shareholders, and is believed to be pitched at close to 58 euros a share, the Financial Times reported, citing sources. on.ft.com/2klkdOM Cinven declined to comment. Stada was not immediately available to comment. Advent, Bain Capital, CVC and Permira are all assessing the bidding war closely and could make a bid, the FT sources said. In August last year, Stada''s CEO Matthias Wiedenfels promised a more modern, dynamic approach to running the company, saying it had to improve its transparency, flexibility, hierarchies and communication, although it had no need to change its strategy. AOC put forward four candidates for Stada''s supervisory board for election at the AGM, including former Novartis ( NOVN.S ) manager Eric Cornut for chairman, and said it also supported two of the four candidates proposed by Stada. Another activist investor, Guy Wyser-Pratte, who has a stake of just under 3 percent, said in July that buyout firm CVC Capital Partners was interested in buying the drugmaker and that would be a better plan than AOC''s suggested board overhaul. (Reporting by Shalini Nagarajan in Bengaluru; Editing by Andrea Ricci) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stada-m-a-cinven-idUKKBN15R0XN'|'2017-02-13T02:27:00.000+02:00'|1429.0|25.0|-1.0|'' 1430|'5651b41b092edcf4f27f985569384af23248bfeb'|'Exclusive - GM''s Opel and PSA Group in merger talks: sources'|'Business News - Tue Feb 14, 2017 - 11:02am GMT Exclusive - GM''s Opel and PSA Group in merger talks: sources left right Cars are lined up on a parking lot of French car maker PSA Peugeot-Citroen, Europe''s No. 2 automaker by volume, in Markolsheim, near Colmar, eastern France, September 7, 2012. REUTERS/Vincent Kessler 1/2 left right The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. REUTERS/Rebecca Cook/File Photo - 2/2 By Pamela Barbaglia and Edward Taylor - LONDON/FRANKFURT LONDON/FRANKFURT General Motors ( GM.N ) and PSA Group ( PEUP.PA ) are in advanced discussions to combine the French carmaker with GM''s European Opel business, two sources with knowledge of the matter told Reuters on Tuesday. If concluded successfully, the talks could lead to a merger of German-based Opel with PSA, the sources said. A deal may be announced within days, the sources said. GM and PSA, the maker of Peugeot, Citroen and DS cars, already share production of SUVs and minivans, a relic of a previous attempt to forge a broader alliance that was unwound in 2013 with the sale of GM''s stake in the French carmaker. A PSA spokesman confirmed that the company was in talks with the U.S. carmaker to deepen their partnership. "We are in discussions with Opel to expand upon our existing projects," Bertrand Blaise said. He declined further comment. Spokespeople for Opel and the French government, which holds 14 percent of PSA, had no immediate comment. A spokesman for the Peugeot family, which holds a matching stake in the comment, was not immediately available. (Additional reporting by Gilles Guillaume and Laurence Frost; Writing by Laurence Frost; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opel-m-a-psa-exclusive-idUKKBN15T1AJ'|'2017-02-14T18:02:00.000+02:00'|1430.0|''|-1.0|'' 1431|'5be749c55e8572e2e18212669d8a2e5ced271ac1'|'UK offers Peugeot assurances on post-Brexit auto industry: FT'|'LONDON Britain has offered Peugeot manufacturer PSA Group ( PEUP.PA ) assurances on post-Brexit trade and supply chains in an attempt to protect Vauxhall car plants after a possible takeover, the Financial Times reported on Saturday.Business minister Greg Clark met French politicians and PSA executives in Paris on Thursday to discuss their plan to buy General Motors'' ( GM.N ) European unit, Opel, which include Vauxhall plants in Britain.The talks have set political alarm bells ringing in Britain and Germany, where there are fears that a sale to the French company could lead to heavy job losses.Clark said on Friday, after the meeting, that PSA executives had "stressed that they valued highly the enduring strength of the Vauxhall brand, underpinned by its committed workforce".The FT reported on Saturday, citing a person with knowledge of the meeting, that Clark had also made commitments similar to those he gave Nissan ( 7201.T ) last year before it announced it would build two new models in Britain.Clark promised Nissan that he would ensure more car part suppliers were based in Britain, support training and research into electric and low-emission vehicles, and push for "free and unencumbered" access to European Union markets for carmakers after Britain leaves the EU.The government has declined to give exact details of its promises to Nissan, citing commercial confidentiality, though government auditors who saw the letter said it did not make the government liable for Brexit-related costs incurred by Nissan.Britain''s business ministry declined to comment on Saturday on whether Clark had made similar commitments to PSA.The FT Quote: d Clark as saying that he and PSA executives had "talked generally about our commitments and enthusiasm for research in electric vehicles and batteries", but added that the minister did not give further detail.(Reporting by David Milliken; Editing by Helen Popper)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psa-britain-idINKBN15X0EB'|'2017-02-18T10:39:00.000+02:00'|1431.0|''|-1.0|'' 1432|'961cc58eda1a08ae5906e7e1f962721427f3523e'|'Ontario Teachers to sell minority stakes in two British airports - source'|'Business News 3:45pm GMT Ontario Teachers to sell minority stakes in two British airports - source LONDON Canada''s Ontario Teachers'' Pension Plan (OTPP) is looking to sell minority stakes in Britain''s Bristol and Birmingham airports, a source familiar with the matter said on Friday. OTPP, which manages around $130 billion ( 105 billion) and is a big investor in British infrastructure projects, currently owns 100 percent of Bristol Airport and around 50 percent of Birmingham Airport, the source said. While keen to remain invested in the assets, the group is looking to take advantage of strong demand from pension funds and other long-term investors for the often-attractive returns on offer from high-quality infrastructure, the source said. OTPP would retain its share in London''s 2 billion pound City Airport, which it bought in February 2016 in partnership with two other Canadian pension funds and the Kuwait Investment Authority. No further details were immediately available. The news was reported earlier by Dow Jones Newswires. (Reporting by Simon Jessop, editing by Rachel Armstrong and David Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-funds-britain-airports-canada-idUKKBN15W1PC'|'2017-02-17T22:45:00.000+02:00'|1432.0|''|-1.0|'' @@ -1446,7 +1446,7 @@ 1444|'4ce4949404b1fea5c0a658bb5ee989a17ffe5919'|'Sri Lankan rupee up on exporter dollar sales, remittances'|'Financials 51am EST Sri Lankan rupee up on exporter dollar sales, remittances COLOMBO Feb 1 The Sri Lankan rupee ended slightly firmer on Wednesday due to dollar inflows from remittances and greenback sales by exporters after the dollar weakened overnight against major currencies globally, dealers said. The dollar could recover only a little ground on Wednesday against key currencies, after recording its worst start to the year in three decades on concerns the United States was poised to ditch a two-decade old "strong dollar" policy. Dealers said foreign outflows from government securities and importer demand for the greenback continued to pressure the rupee. The Sri Lankan central bank revised the spot rupee reference rate to a record-low of 150.50 from 150.25 on Tuesday. "The rupee ended firmer today due to some inward remittances following the salary season and some exporter conversions due to strengthening of euro and other currencies (against dollar)," a currency dealer said, requesting anonymity. Rupee forwards were active, with two-week forwards trading steady at 151.00/10 per dollar, dealers said. The rupee will also face depreciation pressure due to seasonal importer dollar demand, they said. The rupee has been under pressure due to rising imports and net selling of government securities by foreign investors, while the central bank has said defending the currency was not sensible. Foreign investors net sold 21.1 billion rupees ($140.6 million) worth of government securities in the three weeks to Jan. 25, according to latest central bank data. (Reporting by Ranga Sirilal; Editing by Amrutha Gayathri) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/sri-lanka-forex-idUSL4N1FM2G7'|'2017-02-01T18:51:00.000+02:00'|1444.0|''|-1.0|'' 1445|'2de4d2949bb2d714276b2359ef63c3ebd97cf08e'|'BRIEF-Colony Starwood Homes REPORTS Q4 loss per share $0.10'|' 26pm EST BRIEF-Colony Starwood Homes REPORTS Q4 loss per share $0.10 Feb 27 Colony Starwood Homes: * Colony Starwood Homes announces fourth quarter and full year 2016 financial and operating results * Q4 core FFO per share $0.47 * Q4 revenue $146.4 million versus I/B/E/S view $143.7 million * Q4 FFO per share $0.37 * Q4 loss per share $0.10 * Q4 earnings per share view $-0.06 -- Thomson Reuters I/B/E/S * Occupancy was 95.5pct for quarterly same store cohort of 28,146 homes * Sees 2017 core FFO/share $1.85 - $1.95 * Quarterly same store noi increased 15.5pct over Q4 2015 * Quarterly same store core noi margin was 66.2pct * Sees 2017 same store revenue growth up 4pct - 5pct * Sees 2017 same store core noi up 63pct - 65pct * Fy2017 FFO per share view $1.90 -- Thomson Reuters I/B/E/S Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-colony-starwood-homes-reports-q4-l-idUSASB0B2KA'|'2017-02-28T05:26:00.000+02:00'|1445.0|''|-1.0|'' 1446|'04ebd00d46b0b87a440e35d9c378193e741fd1fb'|'PSA boss gives Merkel assurances on Opel jobs - German spokesman'|'BERLIN Feb 21 PSA Group''s chief executive gave guarantees to Germany''s Angela Merkel in a phone call that Opel would remain independent in a merged company with PSA and also gave jobs and investment assurances, the chancellor''s spokesman said on Tuesday."PSA Chief (Carlos) Tavares stressed that both companies would complement each other well," spokesman Steffen Seibert said in a statement."He stressed to the chancellor that PSA would preserve the independence of Opel in a merged company and would give plant, investment and job guarantees," Seibert added. (Reporting by Andreas Rinke; Writing by Madeline Chambers; Editing by Michelle Martin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/opel-ma-germany-merkel-idINB4N1FH000'|'2017-02-21T12:17:00.000+02:00'|1446.0|''|-1.0|'' -1447|'16663de67b02be8dd21f06e9b0ea309041c7e873'|'NBA star Stephen Curry opposes Under Armour chief''s Trump comment'|'By Angela Moon - NEW YORK NEW YORK Feb 9 National Basketball Association star Stephen Curry joined a number of other athletes to speak up against President Donald Trump, opposing a comment made by Under Armour Chief Executive Kevin Plank that the president is "a real asset" to the country.On Tuesday, Plank expressed support for Trump on CNBC, saying: "To have such a pro-business president is something that is a real asset for the country."In an interview with The San Jose Mercury News on Wednesday, Curry, one of Under Armour''s most-visible athletes, said, "I agree with that description (of asset made by Plank), if you remove the ''et.''"A number of NBA players including Cleveland Cavaliers superstar Lebron James, who is endorsed by Nike Inc, have recently expressed concerns over Trump''s policies. But Curry is the first player to directly oppose comments made by their sponsor.Plank''s comments immediately drew backlash on social media with many using hashtags #boycottUnderArmour and #Grabyourwallet to spread a campaign against pro-Trump companies.Under Armour has since released a statement saying Plank''s comments were in regard to Trump''s business policies, not his social viewpoints."We believe in advocating for fair trade, an inclusive immigration policy that welcomes the best and the brightest and those seeking opportunity in the great tradition of our country, and tax reform that drives hiring to help create new jobs globally, across America and in Baltimore." Under Armour is based in Baltimore.Under Armour was not immediately available for comment on Thursday.Curry, who has a multi-million dollar contract that includes an equity stake in Under Armour that runs through 2024, said in the interview that Plank working with Trump is not a deal-breaker, but he is more concerned about Under Armour adopting Trump''s values.Curry endorsed Hilary Clinton, Trump''s Democract opponent, in the Nov. 8 election.Shares of Under Armour rose 3.7 percent to $21.86 on Thursday.(Reporting by Angela Moon; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/underarmour-nba-trump-idINL1N1FU1DB'|'2017-02-09T15:24:00.000+02:00'|1447.0|''|-1.0|'' +1447|'16663de67b02be8dd21f06e9b0ea309041c7e873'|'NBA star Stephen Curry opposes Under Armour chief''s Trump comment'|'By Angela Moon - NEW YORK NEW YORK Feb 9 National Basketball Association star Stephen Curry joined a number of other athletes to speak up against President Donald Trump, opposing a comment made by Under Armour Chief Executive Kevin Plank that the president is "a real asset" to the country.On Tuesday, Plank expressed support for Trump on CNBC, saying: "To have such a pro-business president is something that is a real asset for the country."In an interview with The San Jose Mercury News on Wednesday, Curry, one of Under Armour''s most-visible athletes, said, "I agree with that description (of asset made by Plank), if you remove the ''et.''"A number of NBA players including Cleveland Cavaliers superstar Lebron James, who is endorsed by Nike Inc, have recently expressed concerns over Trump''s policies. But Curry is the first player to directly oppose comments made by their sponsor.Plank''s comments immediately drew backlash on social media with many using hashtags #boycottUnderArmour and #Grabyourwallet to spread a campaign against pro-Trump companies.Under Armour has since released a statement saying Plank''s comments were in regard to Trump''s business policies, not his social viewpoints."We believe in advocating for fair trade, an inclusive immigration policy that welcomes the best and the brightest and those seeking opportunity in the great tradition of our country, and tax reform that drives hiring to help create new jobs globally, across America and in Baltimore." Under Armour is based in Baltimore.Under Armour was not immediately available for comment on Thursday.Curry, who has a multi-million dollar contract that includes an equity stake in Under Armour that runs through 2024, said in the interview that Plank working with Trump is not a deal-breaker, but he is more concerned about Under Armour adopting Trump''s values.Curry endorsed Hilary Clinton, Trump''s Democract opponent, in the Nov. 8 election.Shares of Under Armour rose 3.7 percent to $21.86 on Thursday.(Reporting by Angela Moon; Editing by Alan Crosby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/underarmour-nba-trump-idINL1N1FU1DB'|'2017-02-09T15:24:00.000+02:00'|1447.0|29.0|0.0|'' 1448|'ec99c214866028f9e84f93461d5e90f09fc4d6ac'|'Instagram generation is fuelling UK food waste mountain, study finds - Business'|'A generation gap in attitudes towards cooking and eating is helping to fuel the UKs food waste mountain, research reveals, driven by time-poor millennials who do not understand the value of the food on their plate. In contrast to savvy older consumers familiar with post-war rationing, the study suggests, those aged 18 to 34 are preoccupied by the visual presentation of food to photograph and share on social media while failing to plan meals, buying too much and then throwing it away. UK throwing away 13bn of food each year, latest figures show Read more The UK churns out 15m tonnes of food waste a year of which 7m tonnes come from households. The estimated retail value of this is a staggering 7.5bn, and the governments waste advisory body, Wrap, calculates that a typical family wastes 700 of food a year.A national supermarket study of the food waste patterns of 5,050 UK consumers, published on Friday, reveals nearly two-fifths of those aged over 65 say they never waste food, compared with just 17% of those under 35.The research by Sainsburys found more than half (55%) of 18- to 34-year-olds had a live to eat attitude to food more about pleasure than necessity but with higher shopping bills and more waste. Older generations were more likely to eat to live with lower grocery bills and reduced waste.Millennials those born in or after the mid-1980s were also the most likely to try unusual recipes to create Instagram -friendly dishes, involving exotic ingredients that are harder to reuse. A post-war increase in household food waste is due to changes in how we value choice, time and money in relation to food, said food historian and broadcaster Dr Polly Russell . Gone are the days of eating the same food, on the same days of the week, week in, week out. Most people today, particularly younger generations, demand variety. However, with a menu which changes often, it is more challenging to control waste and plan ahead.The over-55s are the most comfortable in the kitchen, the survey found, with just 18% wishing they knew more about managing and cooking food. In contrast, more than half of those aged 18 to 34 admit a lack of culinary know-how. When it comes to throwing away leftovers, 18- to 34-year-olds are the most likely culprits, with 17% of them leaving leftovers three or more times a week. Younger consumers also fail to plan ahead. Some 20% of those under 35 admit to wasting the most food after a big shopping trip, compared with 8% of 55- to 64-year-olds and just 7% of the 65-plus age group.The findings are part of Sainsburys 10m waste less, save more scheme to help households save money by cutting food waste. It is awaiting the results of a year-long trial in the Derbyshire market town of Swadlincote, which was chosen as a testbed for reducing household food waste.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/feb/10/instagram-generation-fuelling-uk-food-waste-mountain-study-sainsburys'|'2017-02-10T02:00:00.000+02:00'|1448.0|''|-1.0|'' 1449|'414192b21c072a361eb8e59480ce907a852432f7'|'Barclays to overhaul back office operations to cope with ring-fencing'|'Company News - Sun Feb 5, 2017 - 5:42am EST Barclays to overhaul back office operations to cope with ring-fencing * UK banks must separate retail, investment banking operations * New Barclays unit will support both sides after ring-fencing * Could operate smoothly even if one operation got into trouble * Staff unclear who they will work for, fear job cuts - sources * Overhaul to soak up much of 1 bln pound cost of ring-fencing By Lawrence White LONDON, Feb 5 Barclays Plc is about to overhaul its back office operations under a restructuring to help it comply with new post-crisis rules forcing British banks to ring-fence their retail operations from their riskier business. It has formed a new company that will operate as a standalone unit providing support services to both of its two main operations when they are formally separated - retail and investment banking, the bank said. The ring-fencing rules seek to avoid a repeat of the 2008 crisis, when banks'' bad bets threatened depositors'' cash. While Barclays was not among those that needed a UK taxpayer-funded bailout, the new rules apply to all lenders in Britain that have retail and commercial or investment banking activities. At Barclays, the aim is that critical support functions could continue to operate smoothly if either of its two main businesses were to run into trouble, while also keeping costs down by not having several separate back-office units, sources involved in the project said. The overhaul - including the creation of the new company known internally as ServCo - will affect most of the more than 10,000 people who work in Barclays back offices operations in 17 countries around the world. It will group together the bank''s huge operations in India and South Africa that provide technology support and data management, along with functions such as compliance with regulatory requirements, corporate relations, legal affairs and human resources. While for some staff this will simply involve a change in the name of the legal entity they work for, the sources said it was also likely to lead to some job losses. Barclays declined to comment on the possible staff cuts or the cost of the restructuring. However, sources with direct knowledge of the project said it would soak up much of the 1 billion pounds ($1.25 billion) that Barclays has said it will cost to comply with the ring-fencing rules. UPHEAVAL The structural change shows the upheaval that British banks face to meet the rules that come into force in 2019. Other British lenders are working on similar models. HSBC transferred 18,000 employees to a UK-based service company in 2015, according to a company filing, as part of a move to insulate its back-office functions to comply with the new regulations. HSBC plans to base its ring-fenced British retail and commercial banking business in Birmingham, shifting about 1,000 staff to the central English city from London. Barclays, however, will keep both main operations headquartered at its building in the capital''s Canary Wharf district. Paul Compton, Barclays'' chief operating officer, is overseeing the creation of the new company, which will formally be called Barclays Services Ltd. "From the outset, we''ve been keen to use the incoming ringfencing regulations to enhance the banking experience for our customers and clients, and the establishment of the service company is a great example of how we can put this into practice," Compton told Reuters in an email. He declined to comment on how many people will work in the new unit. Some back office workers are confused about which entity they will end up working for and concerned about losing their jobs, two of the sources said. ServCo''s management structure will be formalised by April with a view to it beginning operations by September, they added. Compton joined the bank in May 2016, one of many high-profile former JPMorgan bankers recruited by Barclays Chief Executive Jes Staley, who himself ran the U.S. lender''s investment banking division until 2013. ($1 = 0.7988 pounds) (editing by David Stamp) Next In Company News WRAPUP 13-Trump: U.S. will win appeal of judge''s travel ban order * Passengers from 7 affected countries can fly to U.S. again * Trump calls ruling blocking his travel ban ''ridiculous'' * Some fear new travel window may not last long * Iraqi refugee says family''s plans ''in God''s hands'' By Yeganeh Torbati and Steve Holland WASHINGTON/PALM BEACH, Fla, Feb 4 U.S. President Donald Trump said the Justice Department will win an appeal filed late Saturday of a judge''s order lifting a travel ban he had imposed on citizens of seven mainl Immigration chaos and long nights led to Washington''s court win SEATTLE/WASHINGTON, Feb 4 When Washington state Attorney General Bob Ferguson arrived in Seattle last Saturday after a trip to Florida, public outrage over the immigration order issued the previous day by President Donald Trump was quickly growing. He went home, greeted his family and then went to work. UniCredit agrees job cuts with unions ahead of cash call start MILAN, Feb 4 Italy''s biggest bank UniCredit said on Saturday it had signed a deal with trade unions to cut 3,900 jobs in the country as it prepares to launch a record 13 billion euro ($14 billion) share issue next week. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/barclays-restructuring-idUSL4N1FM2VR'|'2017-02-05T17:42:00.000+02:00'|1449.0|''|-1.0|'' 1450|'9d70ef8c7b7da21909507358c0a7dcd4718ede2a'|'Oil sold out of tanker storage in Asia as market slowly tightens'|'Money 8:21am IST Oil sold out of tanker storage in Asia as market slowly tightens Shipping vessels and oil tankers line up on the eastern coast of Singapore July 22, 2015. REUTERS/Edgar Su/File Photo By Mark Tay - SINGAPORE SINGAPORE Traders are selling oil held in tankers anchored off Malaysia, Singapore and Indonesia in a sign that the production cut led by OPEC is starting to have the desired effect of drawing down bloated inventories. Yet in the short-term, the crude released from tankers will weigh on markets and possibly undermine OPEC''s goal of achieving a balanced market by mid-2017. The Organization of the Petroleum Exporting Countries (OPEC) and other producers outside the group, including Russia, announced late last year that they would cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, looking to drain a glut that pulled down prices from over $100 per barrel in 2014 to around $56.50 currently. "OPEC''s strategy is targeting inventories given the scale of the overhang, the market won''t rebalance in six months we expect an extension into (the second half of 2017)," said Energy Aspects analyst Virendra Chauhan. As OPEC''s cuts start to leave some demand unmet, a hefty 6.8 million barrels of crude has been taken out of tanker storage from Linggi, off Malaysia''s west coast, in February, shipping data in Thomson Reuters Eikon shows. An additional 4.1 million barrels and another 1.2 million barrels have been taken out of storage on tankers in Singaporean and Indonesian waters, the data shows. DANCING CONTANGO In the short-term, the flood of crude from floating storage will add to supplies coming into Asia from as far away as the Americas and Europe. In the longer-term, however, clearing oil out of inventories like tankers is part of OPEC''s goal to rebalance markets. "Inventories will continue to decline driven by the combination of production cuts and the strong demand growth," U.S. bank Goldman Sachs said this week in a note to clients, adding that it expected Brent prices to rise slightly in the second quarter, to $59 per barrel. Traders charter supertankers like Very Large Crude Carriers (VLCC), in which they can store up to 2 million barrels of oil for extended periods of time, when a market situation known as contango is in place, with prices for later delivery higher than those for immediate dispatch. The January to June 2017 contango in the forward curve was almost $3 per barrel, compared to a June premium of under half a dollar now. With prices further out into 2018 and beyond even falling, the curve has fallen into what traders call backwardation, which makes it unattractive to store oil on chartered tankers. "Dancing contango is now not a profitable thing to do, so we''ve sold out," said one oil trading manager who, until recently, held crude stored in a tanker. He spoke on condition of anonymity due to the commercial sensitivity of the issue. (Reporting by Mark Tay; Editing by Henning Gloystein and Joseph Radford) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-oil-floating-storage-idINKBN16309G'|'2017-02-24T09:51:00.000+02:00'|1450.0|''|-1.0|'' @@ -1474,7 +1474,7 @@ 1472|'5b8a66e41d52f111384edad6960abdf3bdb3985f'|'Morocco threatens to cut EU ties if farm deal founders'|'Money 7:56pm IST Morocco threatens to cut EU ties if farm deal founders By Aziz El Yaakoubi - RABAT RABAT Morocco''s government said on Monday it would end economic cooperation with the European Union if the bloc does not honour a farming deal, weeks after an EU court ruled that trade accords do not apply to the disputed Western Sahara region. In a statement to MAP state news agency, the agriculture ministry said the EU should resist any attempts to block Moroccan products entering into the European market but did not explain why the pact might be at risk. "In the absence of a frank commitment from the European Union, Morocco will have to make a decisive choice whether to continue with EU trade or to undo it without looking back, and focus on building new trade routes," the ministry said. The European Court of Justice ruled in December that deals involving trade of agricultural products, processed agricultural products and fisheries between the EU and Morocco did not apply to Western Sahara. The ruling was claimed as a victory by the Polisario group seeking independence for Western Sahara, which Morocco calls its own. Last month, Polisario sought to have the EU apply the ruling to block a shipment of fish oil to a French port from the territory. Rabat had said the European court ruling would not impact current trade deals in any way. The agriculture ministry said on Monday that current agreements with EU ensured thousands of jobs and could trigger migrant flows if their implementation fails. An EU diplomatic source told Reuters the ministry''s statement came after Energy Commissioner Miguel Arias Canete referred in a written reply to a question in the EU parliament to the "separate and distinct" status of Western Sahara. Moroccan agriculture minister Aziz Akhannouch said Monday''s statement was not a response to Canete''s remarks, but that his comments reflected an attitude seen within EU institutions. "It is about what the European court decision means," the minister told Reuters by telephone. "For Morocco it means the deals should be implemented like they have been since their signature." Akhannouch said European officials have not yet started official talks on the meaning of the ruling but that Morocco has been preparing for its potential effects. "We are reasonable people, we know that we need Europe and Europe needs us. But we want them to see all the efforts Morocco does to make the partnership work," he said. Without going into details of the trade deals, the court had signalled some EU fisheries in disputed coastal waters would be in violation of the ruling. It said agreements signed with Morocco could not include Western Saharan resources because the region''s inhabitants had not agreed to that. Western Sahara, which has significant phosphate reserves and offshore fishing, has been contested since 1975 when Spain, the former colonial power, withdrew. Morocco fought a 16-year war with Polisario, which established a self-declared Sahrawi Arab Democratic Republic. A 1991 ceasefire was meant to be followed by a U.N.-backed referendum on self-determination including the question of independence. The vote has never happened mainly because of disagreements on who could take part and Morocco since 2006 has promoted its own autonomy proposal. The two sides often engage in diplomatic sparring but tensions on the ground have also increased since August last year, when UN peacekeepers were forced to deploy after Morocco forces and a Polisario unit faced off in a buffer zone between Morocco-controlled area and territory held by Polisario. Last month, Morocco rejoined the African Union, having left decades ago because it had allowed Polisario recognition. Analysts expect Morocco to try use its position inside the AU to promote its own autonomy plan for Western Sahara against Polisario. (Reporting by Aziz El Yaakoubi; Writing by Patrick Markey; Editing by Catherine Evans) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eu-morocco-idINKBN15L1ME'|'2017-02-06T21:26:00.000+02:00'|1472.0|''|-1.0|'' 1473|'6493d94740ea93e89081d232c64742cb506cc41b'|'S.Korea prosecutor to summon Samsung''s Lee again on suspicion of bribery - Reuters'|'SEOUL South Korea''s special prosecutor said its investigation team would again summon Samsung Group scion Jay Y. Lee on Monday to question him on suspicion of bribery, as part of its investigation into a political corruption scandal.Lee Kyu-chul, spokesman for the special prosecutor, told a news briefing the office would decide later whether to seek another arrest warrant for Lee after his questioning on Monday. The special prosecution team would also question two other Samsung executives on Monday, the spokesman said.A South Korean court last month dismissed an arrest warrant against the head of Samsung Group, the country''s largest conglomerate, who is embroiled in the graft scandal that has led parliament to impeach President Park Geun-hye, a decision that must be upheld or overturned by a court.(Reporting by Ju-min Park; Editing by Clarence Fernandez)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/southkorea-politics-samsung-idINKBN15R08A'|'2017-02-12T03:22:00.000+02:00'|1473.0|''|-1.0|'' 1474|'eeb2d4617fd492304dc7dd3d835df311054c868c'|'Kraft withdraws offer to merge with Unilever'|'Business News - Sun Feb 19, 2017 - 6:03pm GMT Kraft withdraws offer to merge with Unilever Bottles of salad dressing, made by food conglomerate Kraft Heinz, are seen on a supermarket shelf in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren Kraft Heinz Co ( KHC.O ) has agreed to withdraw its proposal for a $143 billion merger with larger rival Unilever Plc ( ULVR.L ), the companies said on Sunday. U.S.-based Kraft had made a surprise offer for Unilever in a bid to build a global consumer goods behemoth, although it was flatly rejected on Friday by Unilever, the maker of Lipton tea and Dove soap. (Reporting by Ismail Shakil in Bengaluru; Editing by Jeffrey Benkoe) Next In Business News ECB''s Lautenschlaeger welcomes inflation rise but says too soon for rate move BERLIN European Central Bank board member Sabine Lautenschlaeger has said the ECB needs to wait to see if inflation stabilizes in its target zone of just under 2 percent before interest rates can be raised, but that she hopes its bond-buying program can be scaled down before year-end. China says policies unaffected by Trump plan to bring factories back to U.S. SHANGHAI China is closely following U.S. President Donald Trump''s plans to create more domestic jobs by encouraging U.S. companies to bring home or "reshore" their overseas production, but the government will not change its overall strategy, Industry Minister Miao Wei said on Friday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-unilever-nv-m-a-kraft-heinz-idUKKBN15Y0RR'|'2017-02-20T01:03:00.000+02:00'|1474.0|''|-1.0|'' -1475|'1a236fc2e291aa025f27fe36b7c6325f02e483a5'|'Cigna, Humana could still combine despite anti-trust rulings: analysts'|'By Carl O''Donnell Although judges shot down Anthem Inc''s ( ANTM.N ) $54 billion acquisition of Cigna Corp ( CI.N ) and Aetna Inc''s ( AET.N ) $35 billion takeover of Humana Inc ( HUM.N ) on anti-trust grounds, the rulings left scope for a possible combination of Cigna and Humana, industry insiders said.Cigna would have both the motives and finances to pursue an acquisition of Humana, these experts suggested. Because of its much smaller Medicare Advantage business, Cigna may have a better shot at winning a regulatory green light, they added."They may have blocked the merger (with Aetna), but that''s not the end of the song," said Randal Schultz, an attorney at Lathrop & Gage LLP focusing on the healthcare sector.Cigna and Humana did not respond to requests for comment. Aetna declined to comment.A merger of Cigna and Humana would allow them to save money by cutting back administrative costs in overlapping markets and holding down healthcare costs by boosting the combined company''s bargaining power with healthcare providers and drug makers.To be sure, further industry consolidation is not seen as imminent following the scuppering of two mega deals in the sector. Anthem has said it wants to appeal the court ruling and Cigna is still weighing how to proceed. Aetna and Humana have yet to announce their plans.When asked whether a big deal is out of the question right now, Cigna CEO David Cordani left the door open in a conference call last week with analysts discussing fourth-quarter earnings, saying "never say never, in terms of large versus small."Moreover, U.S. President Donald Trump''s intention to repeal and replace his predecessor''s signature healthcare law, the Affordable Care Act - also known as Obamacare - will not remove the incentives for health insurers to consolidate, and could even bolster them.With Republican lawmakers and policymakers in control of Washington, Humana''s Medicare Advantage assets could become even more valuable.U.S. House of Representatives Speaker Paul Ryan has argued for more privatization of Medicare, the government-run insurance program for the elderly and disabled. While the White House does not yet back Ryan''s proposal for government-sponsored vouchers for private insurance plans, analysts say such a policy is likely to spur more growth and profits in privately run Medicare Advantage plans.For Cigna, a deal with Humana could help offset its slower- growing business managing insurance plans for large companies, which makes up 85 percent of its revenues and is considered more vulnerable to economic downturns.Cigna''s Medicare Advantage footprint is less than half that of Aetna''s, giving it a stronger footing with antitrust regulators, investors and analysts said."There would be a lot fewer (antitrust) objections to a Cigna buyout of Humana than there were with Aetna, and I think Humana could get a higher price," said Jeff Jonas, a portfolio manager at GAMCO Investors, which owns shares in all five big U.S. health insurers, including Humana.The terms of any new deal would need to reflect the fact that some aspects of Humana''s business has improved since it agreed to sell itself to Aetna in 2015, Jonas said.That includes Humana''s decision to largely withdraw from the online exchanges for individual plans set up by the Affordable Care Act last year, Jonas said. Following losses it suffered on these exchanges, Humana said this week its individual membership participation was down 70 percent.A NEW RACE FOR HUMANAHumana emerged as a coveted acquisition target in 2015, when an approach by Cigna triggered a sale process for the company in which Aetna prevailed. Bidders were attracted to Humana''s robust presence in the fast-growing Medicare Advantage market, where it has more than 3 million customers."We see real potential for Cigna to re-engage, and possibly Anthem as well to be a factor," Justin Lake of Wolfe Research wrote in a January note.Cigna would likely be "much more willing" than Aetna was to simply divest all of its Medicare Advantage business for antitrust reasons, which is much smaller and is growing more slowly than Aetna''s, Lake said.In total, Aetna provides Medicare Advantage services to around 1.2 million people. Aetna had agreed to sell insurance plans serving nearly 300,000 Medicare Advantage customers to smaller peer Molina Healthcare Inc ( MOH.N ). But that was only about half of the roughly 600,000 customers that JPMorgan Chase & Co ( JPM.N ) said it would have needed to sell to get a green light from regulators.Anthem could also potentially take an interest in acquiring Humana, analysts said. However, it would likely face considerably greater antitrust scrutiny. With more than $80 billion in expected annual sales, Anthem is roughly twice the size of Cigna. It also has a larger Medicare Advantage business, serving around 1.2 million people, compared with Cigna''s roughly 500,000.While this would make it more difficult for Anthem to compete against Cigna as a suitor for Humana from an antitrust perspective, it could give Cigna grounds to argue that competition would not be stifled were it to acquire Humana, given Anthem''s major presence in the market.Humana could also attract interest from less obvious players, including pharmaceutical benefits managers (PBMs) such as Express Scripts Holding Co ( ESRX.O ) or CVS Health Corp. ( CVS.N ), said Leerink Partners LLC analyst Ana Gupte.CVS had no immediate comment. Express Scripts declined to comment. The model of combining PBMs, which negotiate drug prices on behalf of insurers, with insurance companies themselves was pioneered by UnitedHealth Group Inc ( UNH.N ). It doubled down on the strategy in 2015 with the $12.8 billion acquisition of Catamaran Corp.That business, now part of its existing OptumRX unit, outperformed analyst expectations during the latest quarter and has won some large contracts away from competitors. The company says owning the business helps it better assess customer health costs, a key component of premium pricing and profits.(Reporting by Carl O''Donnell in New York; Additional reporting by Caroline Humer in New York and Diane Bartz in Washington, D.C.; Editing by Greg Roumeliotis and Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-humana-m-a-cigna-idINKBN15O2DU'|'2017-02-09T14:44:00.000+02:00'|1475.0|''|-1.0|'' +1475|'1a236fc2e291aa025f27fe36b7c6325f02e483a5'|'Cigna, Humana could still combine despite anti-trust rulings: analysts'|'By Carl O''Donnell Although judges shot down Anthem Inc''s ( ANTM.N ) $54 billion acquisition of Cigna Corp ( CI.N ) and Aetna Inc''s ( AET.N ) $35 billion takeover of Humana Inc ( HUM.N ) on anti-trust grounds, the rulings left scope for a possible combination of Cigna and Humana, industry insiders said.Cigna would have both the motives and finances to pursue an acquisition of Humana, these experts suggested. Because of its much smaller Medicare Advantage business, Cigna may have a better shot at winning a regulatory green light, they added."They may have blocked the merger (with Aetna), but that''s not the end of the song," said Randal Schultz, an attorney at Lathrop & Gage LLP focusing on the healthcare sector.Cigna and Humana did not respond to requests for comment. Aetna declined to comment.A merger of Cigna and Humana would allow them to save money by cutting back administrative costs in overlapping markets and holding down healthcare costs by boosting the combined company''s bargaining power with healthcare providers and drug makers.To be sure, further industry consolidation is not seen as imminent following the scuppering of two mega deals in the sector. Anthem has said it wants to appeal the court ruling and Cigna is still weighing how to proceed. Aetna and Humana have yet to announce their plans.When asked whether a big deal is out of the question right now, Cigna CEO David Cordani left the door open in a conference call last week with analysts discussing fourth-quarter earnings, saying "never say never, in terms of large versus small."Moreover, U.S. President Donald Trump''s intention to repeal and replace his predecessor''s signature healthcare law, the Affordable Care Act - also known as Obamacare - will not remove the incentives for health insurers to consolidate, and could even bolster them.With Republican lawmakers and policymakers in control of Washington, Humana''s Medicare Advantage assets could become even more valuable.U.S. House of Representatives Speaker Paul Ryan has argued for more privatization of Medicare, the government-run insurance program for the elderly and disabled. While the White House does not yet back Ryan''s proposal for government-sponsored vouchers for private insurance plans, analysts say such a policy is likely to spur more growth and profits in privately run Medicare Advantage plans.For Cigna, a deal with Humana could help offset its slower- growing business managing insurance plans for large companies, which makes up 85 percent of its revenues and is considered more vulnerable to economic downturns.Cigna''s Medicare Advantage footprint is less than half that of Aetna''s, giving it a stronger footing with antitrust regulators, investors and analysts said."There would be a lot fewer (antitrust) objections to a Cigna buyout of Humana than there were with Aetna, and I think Humana could get a higher price," said Jeff Jonas, a portfolio manager at GAMCO Investors, which owns shares in all five big U.S. health insurers, including Humana.The terms of any new deal would need to reflect the fact that some aspects of Humana''s business has improved since it agreed to sell itself to Aetna in 2015, Jonas said.That includes Humana''s decision to largely withdraw from the online exchanges for individual plans set up by the Affordable Care Act last year, Jonas said. Following losses it suffered on these exchanges, Humana said this week its individual membership participation was down 70 percent.A NEW RACE FOR HUMANAHumana emerged as a coveted acquisition target in 2015, when an approach by Cigna triggered a sale process for the company in which Aetna prevailed. Bidders were attracted to Humana''s robust presence in the fast-growing Medicare Advantage market, where it has more than 3 million customers."We see real potential for Cigna to re-engage, and possibly Anthem as well to be a factor," Justin Lake of Wolfe Research wrote in a January note.Cigna would likely be "much more willing" than Aetna was to simply divest all of its Medicare Advantage business for antitrust reasons, which is much smaller and is growing more slowly than Aetna''s, Lake said.In total, Aetna provides Medicare Advantage services to around 1.2 million people. Aetna had agreed to sell insurance plans serving nearly 300,000 Medicare Advantage customers to smaller peer Molina Healthcare Inc ( MOH.N ). But that was only about half of the roughly 600,000 customers that JPMorgan Chase & Co ( JPM.N ) said it would have needed to sell to get a green light from regulators.Anthem could also potentially take an interest in acquiring Humana, analysts said. However, it would likely face considerably greater antitrust scrutiny. With more than $80 billion in expected annual sales, Anthem is roughly twice the size of Cigna. It also has a larger Medicare Advantage business, serving around 1.2 million people, compared with Cigna''s roughly 500,000.While this would make it more difficult for Anthem to compete against Cigna as a suitor for Humana from an antitrust perspective, it could give Cigna grounds to argue that competition would not be stifled were it to acquire Humana, given Anthem''s major presence in the market.Humana could also attract interest from less obvious players, including pharmaceutical benefits managers (PBMs) such as Express Scripts Holding Co ( ESRX.O ) or CVS Health Corp. ( CVS.N ), said Leerink Partners LLC analyst Ana Gupte.CVS had no immediate comment. Express Scripts declined to comment. The model of combining PBMs, which negotiate drug prices on behalf of insurers, with insurance companies themselves was pioneered by UnitedHealth Group Inc ( UNH.N ). It doubled down on the strategy in 2015 with the $12.8 billion acquisition of Catamaran Corp.That business, now part of its existing OptumRX unit, outperformed analyst expectations during the latest quarter and has won some large contracts away from competitors. The company says owning the business helps it better assess customer health costs, a key component of premium pricing and profits.(Reporting by Carl O''Donnell in New York; Additional reporting by Caroline Humer in New York and Diane Bartz in Washington, D.C.; Editing by Greg Roumeliotis and Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-humana-m-a-cigna-idINKBN15O2DU'|'2017-02-09T14:44:00.000+02:00'|1475.0|28.0|0.0|'' 1476|'3d074b24be84ddf3710df62cac22410001808ffa'|'UFO Moviez India Dec-qtr consol profit falls'|'Feb 2 UFO Moviez India Ltd :* Dec quarter consol net profit 135.9 million rupees versus 160.3 million rupees year ago* Dec quarter consol net sales 1.48 billion rupees versus 1.44 billion rupees year ago* Demonetization has slowed down growth in second half of fiscal 2017 making it difficult to achieve advertisement growth target Source text: ( bit.ly/2jG7Pst ) '|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/idINFWN1FN0EI'|'2017-02-02T05:47:00.000+02:00'|1476.0|''|-1.0|'' 1477|'0857b09a803881684cbe036b20f9cbc6d282203a'|'Brussels Airport being prepped for sale as Macquarie seeks exit - sources'|'Company News 3:57am EST Brussels Airport being prepped for sale as Macquarie seeks exit - sources By Arno Schuetze and Dasha Afanasieva - LONDON LONDON Feb 23 Brussels airport is being prepared for a potential sale as one of its owners is planning an exit from Belgium''s main hub, several people close to the matter said. Brussels is Europe''s 26th largest airport and serves as hub for Brussels Airlines, which is being fully taken over by Lufthansa. It saw passenger numbers drop 7 percent last year to 21.8 million as a result of the attacks in March, which forced the closure of the airport for 12 days. Australian Macquarie''s infrastructure fund, which owns a 36 percent stake, is currently in talks with co-owner Ontario Teachers'' Pension Plan (OTPP), which has 39 percent, on whether the Canadian investor wants to increase its stake, the people said. If those negotiations fail to come to a successful end, an auction will be started to find a third party investor, they said, adding that JP Morgan has been tasked with overseeing the process. Macquarie and JP Morgan declined to comment. (Additional reporting by Victoria Bryan; Editing by Maria Sheahan) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brusselsairport-sale-idUSL8N1G258S'|'2017-02-23T15:57:00.000+02:00'|1477.0|''|-1.0|'' 1478|'8d6e2e3b507e07d82c0f429f4a27013fd032cadc'|'First big German customer sues Volkswagen in diesel affair - Reuters'|'HAMBURG, Germany Fish distributor Deutsche See is suing Volkswagen for misrepresenting a fleet of vehicles it leased as environmentally friendly, becoming the first major German customer to sue Europe''s biggest carmaker over its diesel-test cheating.Volkswagen already faces numerous lawsuits from individual owners, regulators, states and dealers, many of them in the form of class-action cases in the United States. This is the first case brought by a corporate customer in its home market.Bremerhaven-based Deutsche See, which leases about 500 vehicles from Volkswagen, said it had been unable to reach an out-of-court settlement. Talks had broken down after Volkswagen replaced the relevant managers with lawyers and PR managers.German tabloid Bild am Sonntag said Deutsche See was suing for 11.9 million euros ($12.8 million). Deutsche See was not immediately reachable to comment on the sum."Deutsche See only went into partnership with VW because VW promised the most environmentally friendly, sustainable mobility concept," said a statement from Deutsche See, which won a sustainability prize in 2010.Volkswagen said on Sunday it had not yet seen the charge and so could not comment on it.Deutsche See said it had filed its complaint for malicious deception at the regional court in Braunschweig, near Volkswagen''s Wolfsburg headquarters. The court was not reachable on Sunday to confirm it had received the case.Volkswagen admitted in September 2015 it had used software to cheat diesel-emissions tests in the United States.The legal fallout has cost the company over 20 billion euros ($21.6 billion) so far and its former chief executive is being investigated by German prosecutors for suspected fraud and market manipulation.($1 = 0.9276 euros)(Reporting by Jan Schwartz; Writing by Georgina Prodhan; Editing by Mark Trevelyan)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/volkswagen-emissions-lawsuit-idINKBN15K0MS'|'2017-02-05T13:18:00.000+02:00'|1478.0|''|-1.0|'' @@ -1491,13 +1491,13 @@ 1489|'64d1ff962750c43aa0a45b79d142261077872a72'|'Japanese investors unwind U.S., French bonds positions in Dec'|'TOKYO Feb 8 Japanese investors dumped U.S. and French bonds in December, government data showed on Wednesday, as the post-U.S. election global bond sell-off prompted market participants to unwind aggressive holdings of these two countries'' debt.Japanese investors sold 2.262 trillion yen ($20.1 billion) of U.S. bonds in December, data from Japan''s Ministry of Finance showed. This is their biggest net selling since May 2013, when U.S. bonds crashed on suggestions from then Federal Reserve Chairman Ben Bernanke that the central bank could taper its bond buying programme.U.S. bond prices have plunged since U.S. President Donald Trump''s election victory in November, forcing Japanese investors to do an about-face after massive buying of dollar debt products that ranged from U.S. Treasuries to corporate debt.Still, despite the big sell-off in December and smaller net selling in November, last year saw their U.S. bonds buying hit a record high of 15.4 trillion yen ($137 billion) as they hunted yield in U.S. bonds after the Bank of Japan''s aggressive monetary policy diminished returns on domestic bonds.Japanese investors also sold 232 billion yen (1.94 billion euros) in French bonds in December, logging their biggest net selling since June 2015.Early last year, Japanese investors gobbled up French bonds as alternatives to German bunds, whose yields have fallen into negative territory due to the European Central Bank''s stimulus.For the whole of 2016, they bought 3.839 trillion yen (32 billion euros) of French bonds, their biggest net buying since 2012. ($1 = 112.27 yen) (1 euro = 119.88 yen) (Reporting by Hideyuki Sano; Editing by Sam Holmes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL4N1FT2AT'|'2017-02-08T04:43:00.000+02:00'|1489.0|''|-1.0|'' 1490|'2eae86c9ca19b436e70211265cb0b03410831053'|'German industry orders rise at strongest pace in 2-1/2 years'|' 7:10am GMT German industry orders rise at strongest pace in 2-1/2 years FILE PHOTO - A steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony on March 21, 2012. REUTERS/Fabian Bimmer/File Photo BERLIN Higher demand for capital goods at home and abroad drove the biggest monthly increase in German industrial orders in around 2-1/2 years in December, data showed on Monday. Contracts for goods ''Made in Germany'' were up by 5.2 percent on the month, the Economy Ministry said. That was the biggest monthly increase since July 2014 and was far stronger than the Reuters consensus forecast for a rise of 0.5 percent. Domestic demand jumped by 6.7 percent while foreign orders increased by 3.9 percent, with bookings from euro zone countries soaring by 10.0 percent. The data for November was revised down to a fall of 3.6 percent from a previously reported drop of 2.5 percent. (Reporting by Michael Nienaber; Editing by Michelle Martin) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-orders-idUKKBN15L0JO'|'2017-02-06T14:03:00.000+02:00'|1490.0|''|-1.0|'' 1491|'521364e97dd4f16df60d6a428fe3757a0ff7fca8'|'Insurer RSA shows resilience after failed Zurich bid'|'By Carolyn Cohn - LONDON LONDON Forecast-beating 2016 results show British insurer RSA ( RSA.L ) can thrive on its own, two years after rival Zurich Insurance ( ZURN.S ) walked away from a bid, it said on Thursday.Shares in the home and motor insurer, best known in Britain for its More Than brand, rose more than 5 percent after it reported a strong performance last year across most of its main businesses in Britain, Ireland, Canada and Scandinavia.Chief Executive Stephen Hester, the former boss of British bank RBS ( RBS.L ), has cut costs and sold assets since joining RSA in 2014 with a brief to turn it around following an accounting scandal at its Irish division.Zurich pulled out of a 5.6 billion pound ($7 billion) bid for the company in September 2015, due to problems in its own business, and Hester said RSA was doing fine alone."Our shareholders are benefiting significantly from not having sold to Zurich," he told a media call.He added there were no bids on the table for RSA, and the firm "does not need a deal"."If something came along, it would need to be additive to be of interest, rather than a substitute for what we are doing," he said.Merger and acquisition talk has been swirling around European insurance markets due to strong competition in the sector and low interest rates, which have hit investment income.Italian bank Intesa Sanpaolo has said it is studying a possible combination with Assicurazioni Generali ( GASI.MI ), Italy''s biggest insurer.RSA has no plans to sell more of its businesses, Hester told Reuters by phone, after a recent deal to offload legacy business - closed to new policyholders - to Enstar ( ESGR.O )."There''s nothing meaty on the stocks," Hester said.RSA posted a 25 percent rise in 2016 operating profit to 655 million pounds and raised its target for return on tangible equity to 13-17 percent from a previous range of 12-15 percent.Its shares were the second best performer in the FTSE 100 index .FTSE at 1320 GMT, up 5.5 percent at 609 pence, after earlier hitting 617.5 pence, their highest since July 2011.RSA "has again shown real progress", RBC analysts said in a note, reiterating their "perform" recommendation on the stock.The insurer said it would pay a final dividend of 11 pence per share and total dividend of 16 pence, up 52 percent from a year earlier and above a forecast 15.1 pence.($1 = 0.8042 pounds)(Reporting by Carolyn Cohn; Editing by Keith Weir and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rsa-results-idINKBN1621M9'|'2017-02-23T10:52:00.000+02:00'|1491.0|''|-1.0|'' -1492|'e5ac3d939b802e698e70db0f8a1b149b603f28a5'|'Victoria''s Secret weighs on L Brands Feb comp sales forecast'|'Wed Feb 22, 2017 - 10:36pm GMT Victoria''s Secret weighs on L Brands February comparable sales forecast A director chair is seen backstage before the Victoria''s Secret Fashion Show at the Grand Palais in Paris, France, November 30, 2016. REUTERS/Benoit Tessier L Brands ( LB.N ) forecast a steeper drop in February comparable sales as its biggest brand, Victoria''s Secret, faces slowing demand, sending the company''s shares down nearly 13 percent in after-market trading on Wednesday. L Brands forecast a mid-to-high teens decline in total comparable sales, above the mid-single digit drop it had estimated previously. The company said it expected a fall of about 20 percent in February comparable sales at Victoria''s Secret and a mid-single digit decline at Bath & Body Works. L Brands has restructured its business to focus on its core brands and exited certain product categories last year, including swim and apparel business of Victoria''s Secret. The exit lowered the company''s total comparable sales for the fourth quarter by 2 percentage points, L Brands said on Wednesday. Ongoing weakness in core lingerie could be more difficult to repair as management continues to employ various incentives to rejuvenate traffic, Mizuho Securities analyst Betty Chen said in a pre-earnings note. The company''s net income fell to $631.7 million, or $2.18 per share, in the fourth quarter ended Jan. 28 from $636 million, or $2.15 per share, a year earlier. Excluding a tax settlement, L Brands earned $2.03 per share, above the average analysts'' estimate of $1.90 per share, according to Thomson Reuters I/B/E/S. Earlier this month, L Brands reported a 2 percent rise in sales, its slowest quarterly sales growth in three years. The company''s shares were trading at $50.60 after the bell. Up to Wednesday''s close, they had fallen 31 percent in the past 12 months. (Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Anil D''Silva) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-l-brands-results-idUKKBN1612WB'|'2017-02-23T05:36:00.000+02:00'|1492.0|''|-1.0|'' +1492|'e5ac3d939b802e698e70db0f8a1b149b603f28a5'|'Victoria''s Secret weighs on L Brands Feb comp sales forecast'|'Wed Feb 22, 2017 - 10:36pm GMT Victoria''s Secret weighs on L Brands February comparable sales forecast A director chair is seen backstage before the Victoria''s Secret Fashion Show at the Grand Palais in Paris, France, November 30, 2016. REUTERS/Benoit Tessier L Brands ( LB.N ) forecast a steeper drop in February comparable sales as its biggest brand, Victoria''s Secret, faces slowing demand, sending the company''s shares down nearly 13 percent in after-market trading on Wednesday. L Brands forecast a mid-to-high teens decline in total comparable sales, above the mid-single digit drop it had estimated previously. The company said it expected a fall of about 20 percent in February comparable sales at Victoria''s Secret and a mid-single digit decline at Bath & Body Works. L Brands has restructured its business to focus on its core brands and exited certain product categories last year, including swim and apparel business of Victoria''s Secret. The exit lowered the company''s total comparable sales for the fourth quarter by 2 percentage points, L Brands said on Wednesday. Ongoing weakness in core lingerie could be more difficult to repair as management continues to employ various incentives to rejuvenate traffic, Mizuho Securities analyst Betty Chen said in a pre-earnings note. The company''s net income fell to $631.7 million, or $2.18 per share, in the fourth quarter ended Jan. 28 from $636 million, or $2.15 per share, a year earlier. Excluding a tax settlement, L Brands earned $2.03 per share, above the average analysts'' estimate of $1.90 per share, according to Thomson Reuters I/B/E/S. Earlier this month, L Brands reported a 2 percent rise in sales, its slowest quarterly sales growth in three years. The company''s shares were trading at $50.60 after the bell. Up to Wednesday''s close, they had fallen 31 percent in the past 12 months. (Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Anil D''Silva) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-l-brands-results-idUKKBN1612WB'|'2017-02-23T05:36:00.000+02:00'|1492.0|24.0|0.0|'' 1493|'3dcb09f3dce7fd189f2672b8782d840e6c966581'|'Rolls-Royce loss lies heavy on FTSE 100'|' 12am GMT Rolls-Royce loss lies heavy on FTSE 100 People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo - RTSS1J0 By Kit Rees - LONDON LONDON Britain''s top share index traded flat on Tuesday, pausing after a five-day winning streak as Rolls-Royce ( RR.L ) tumbled after reporting a record loss. The blue chip FTSE 100 .FTSE index was flat in percentage terms at 7,279.54 points by 0946 GMT in choppy trade, having hit its highest level since mid-January in the previous session. Shares in engineering firm Rolls-Royce ( RR.L ) dropped 4.9 percent after the company announced a 4.6 billion pound loss, hit by a fine to settle bribery charges and by losses on its currency hedges. The stock was the most actively traded on the FTSE 100, with more than 87 percent of its 30-day average volume traded in the first hour of the session. Fellow defence firm BAE Systems ( BAES.L ) also fell nearly 2 percent. Analysts cited concerns about Rolls-Royce''s outlook as putting pressure on the shares. "Some investors may also have a restive reaction to the rather dry and narrow outlook comments, projecting only ''modest performance improvements'' and similar free cash flow generation as in 2016," said Ken Odeluga, market analyst at City Index. Improved earnings, however, buoyed shares in travel firm TUI ( TUIT.L ), which jumped 4.8 percent and was on track for its best day since early July 2016. TUI reported a narrower loss for the first quarter of 66.7 million euros, a 17 percent improvement on last year, and said it aimed to start offering holidays to customers from countries such as China, India, Spain and Italy. Analysts cited the sale of its specialist holiday arm Travelopia to KKR ( KKR.N ) in a $407 million deal as a further boost to its shares. "While we have reservations about the outlook for source markets, we are attracted to the increased diversification and the steps TUI that has taken to drive growth elsewhere in the business," analysts at Berenberg said in a note. Among smaller companies, a solid set of results boosted shares in Acacia Mining ( ACAA.L ), which rallied 6.7 percent and was the biggest mid cap gainer .FTMC . The gold miner said that production in 2017 would rise 40 percent, and proposed more than doubling its dividend. (Reporting by Kit Rees; Editing by Mark Trevelyan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN15T14L'|'2017-02-14T17:12:00.000+02:00'|1493.0|6.0|0.0|'' 1494|'eb3c06a4e059087bacd90496d3eda70f837fc5a1'|'EMERGING MARKETS-Mexican peso strengthens on reassurance from Mnuchin'|'Company News - 21pm EST EMERGING MARKETS-Mexican peso strengthens on reassurance from Mnuchin (Recasts, adds table) By Bruno Federowski SAO PAULO/MEXICO CITY, Feb 23 Mexico''s peso strengthened to its highest level in more than three months on Thursday after U.S. Treasury Secretary Steven Mnuchin said that any policies enacted by U.S. President Donald Trump would have a limited impact this year. In an interview with Fox Business Network, Mnuchin said he did not see any changes to the North American Free Trade Agreement (NAFTA) in the short-term and said the Trump administration has concerns about certain aspects of a border adjustment tax. The peso strengthened more than 1.5 percent to 19.61 per dollar before paring gains. In a Reuters interview with Trump later on Thursday, the U.S. president said he supported some form of an adjustment tax, without offering details. In Brazil, the real strengthened 0.45 percent, a day after central bank policymakers voted to cut the benchmark Selic rate by 75 basis points for the second straight time to 12.25 percent. In a statement, the bank said the future pace of loosening will hinge on the evolution of economic activity and inflation. Traders said U.S. data on Thursday showing a slight rise in weekly jobless claims reinforced expectations the Federal Reserve will increase interest rates at a gradual pace throughout the year. The Fed failed on Wednesday to provide a clear signal of a rate hike in March in the minutes from its latest policy meeting. A gradual pace of U.S. rate tightening would be good news for emerging market assets, which tend to lure investors seeking higher yields. Key Latin American stock indexes at 2200 GMT: Stock indexes Latest Daily pct YTD pct change change MSCI Emerging 952.12 0.12 10.42 Markets MSCI LatAm 2.668.48 -0.42 14.01 Brazil Bovespa 67.461.39 -1.64 12.01 Mexico IPC 47.206.36 0.02 3.43 Chile IPSA 4.359.13 -0.38 5.00 Chile IGPA 21.797.22 -0.34 5.13 Argentina MerVal 19.538.09 -1.89 15.49 Colombia IGBC 10.015.94 0.87 -1.11 Venezuela IBC 34.933.43 0.18 10.18 (Reporting by Bruno Federowski; Editing by Cynthia Osterman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1G8226'|'2017-02-24T05:21:00.000+02:00'|1494.0|''|-1.0|'' 1495|'0c3a84a2c745c961088563a0e7b6d27f04ba1112'|'PRESS DIGEST- Financial Times - Feb 22'|'Feb 22 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesLSE and D Boerse set to offer more concessions to secure merger on.ft.com/2m8X1pnHammond warns ''no pot of money'' for extra budget funds on.ft.com/2llcrscBank of England not able to forecast next recession, it admits on.ft.com/2llelckOverviewDeutsche Boerse AG and the London Stock Exchange Group Plc are planning further concessions from their fixed-income clearing businesses to satisfy the European antitrust watchdogs''s concerns about their planned merger.British finance minister Philip Hammond has told MPs that "there is no pot of money under my desk," adding that any extra spending must be paid for through higher taxes or savings elsewhere.Gertjan Vlieghe, an external member of the BoE''s Monetary Policy Committee, warned on Tuesday that the bank will not be able to forecast the next financial crisis or recession. "Our models are just not that good," Vlieghe said. (Compiled by Ismail Shakil in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL1N1G702U'|'2017-02-21T22:26:00.000+02:00'|1495.0|''|-1.0|'' 1496|'1edf7bfeffe989465afd59317a0cb772b245b8a1'|'Nissan says Brexit-induced fall in pound left it slightly worse off'|'Business News - Wed Feb 22, 2017 - 2:53pm GMT Nissan says Brexit-induced fall in pound left it slightly worse off People walk past a Nissan Motor Co''s showroom in Tokyo, Japan February 9, 2017. REUTERS/Toru Hanai - LONDON Japanese carmaker Nissan ( 7201.T ) said on Wednesday that the Brexit-induced fall in the pound, which dropped by some 15 percent against the euro after the June 23 referendum, had left it slightly worse off. When asked whether exporting cars from its north of England plant, which are now cheaper due to the depreciation in sterling, outweighed the extra cost of importing euro-denominated parts, Senior Vice President in Europe Colin Lawther said the overall effect was marginally negative. "We''re exposed to not having enough GBP pounds, so we are slightly worse off than we were in January, February the year before the currency changed dramatically," he told a conference in London on Wednesday. Nissan said last year that it would build two new models at its Sunderland plant in North East England after what a source said was a government pledge for extra support to counter any loss of competitiveness caused by Britain leaving the EU. (Reporting by Costas Pitas; editing by Maytaal Angel) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-nissan-idUKKBN1611TN'|'2017-02-22T21:49:00.000+02:00'|1496.0|''|-1.0|'' 1497|'8f528f7189fc588c6642285de7a96eb356cc48b9'|'Appliance retailer hhgregg to explore strategic alternatives'|'Deals 22pm EST Appliance retailer hhgregg to explore strategic alternatives Appliance retailer hhgregg Inc ( HGG.N ) said it had hired Stifel Financial Corp ( SF.N ) to advise it on strategic and financial transactions, as the company struggles with sales declines. Stifel Financial''s subsidiaries, Stifel Nicolaus & Co and Miller Buckfire & Co, have been engaged as hhgregg''s financial adviser and investment banker. Hhgregg''s shares surged 21 percent to 52 cents in extended trading. The stock had lost 77.4 percent of its value in the last 12 months. The company, which has a market value of about $12 million, last month reported a 23.8 percent fall in sales for the third quarter. "We are committed to improving our results through our business strategy, including investments made to shift our focus to appliances and furniture, and additional expected cost reductions," Chief Executive Robert Riesbeck said in a statement on Wednesday. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Maju Samuel) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hhgregg-restructuring-idUSKBN15U2WT'|'2017-02-16T06:19:00.000+02:00'|1497.0|''|-1.0|'' -1498|'7d78d63db251444cb615e1f2a5e2b38ba4bfd068'|'Russia''s Sberbank to supply 20-25 tonnes of gold to India in 2017'|'Money 30pm IST Russia''s Sberbank to supply 20-25 tonnes of gold to India in 2017 A worker paints the facade of a branch of Sberbank in central Moscow, Russia, August 17, 2016. REUTERS/Sergei Karpukhin/Files MOSCOW Sberbank CIB, the investment and corporate banking unit of Russia''s largest bank Sberbank, plans to supply a total of 20-25 tonnes of gold to India this year, the bank said in a statement on Friday. Sberbank CIB started gold supplies to Indian corporate clients, who have the right to hold import operations with precious metals, on Jan. 27. The bank plans to start exporting silver to Indian clients at the end of the first quarter. Sberbank CIB plans to supply a total of 50-60 tonnes of gold to Asia in 2017, it added. (Reporting by Katya Golubkova; editing by Polina Devitt) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/russia-sberbank-gold-india-idINKBN15I0TI'|'2017-02-03T15:00:00.000+02:00'|1498.0|''|-1.0|'' +1498|'7d78d63db251444cb615e1f2a5e2b38ba4bfd068'|'Russia''s Sberbank to supply 20-25 tonnes of gold to India in 2017'|'Money 30pm IST Russia''s Sberbank to supply 20-25 tonnes of gold to India in 2017 A worker paints the facade of a branch of Sberbank in central Moscow, Russia, August 17, 2016. REUTERS/Sergei Karpukhin/Files MOSCOW Sberbank CIB, the investment and corporate banking unit of Russia''s largest bank Sberbank, plans to supply a total of 20-25 tonnes of gold to India this year, the bank said in a statement on Friday. Sberbank CIB started gold supplies to Indian corporate clients, who have the right to hold import operations with precious metals, on Jan. 27. The bank plans to start exporting silver to Indian clients at the end of the first quarter. Sberbank CIB plans to supply a total of 50-60 tonnes of gold to Asia in 2017, it added. (Reporting by Katya Golubkova; editing by Polina Devitt) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/russia-sberbank-gold-india-idINKBN15I0TI'|'2017-02-03T15:00:00.000+02:00'|1498.0|18.0|0.0|'' 1499|'e3935d0859a2eeae6e0f7d8b60a245005a607dec'|'BRIEF-Moody''s acquires structured finance data and analytics business of SCDM'|' 19am EST BRIEF-Moody''s acquires structured finance data and analytics business of SCDM Feb 15 Moody''s Corp * Moody''s acquires structured finance data and analytics business of SCDM * Says terms of transaction were not disclosed * Moody''s-Acquisition was funded from international cash on hand and is not expected to have a material impact on moody''s earnings per share in 2017 Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G0050'|'2017-02-15T17:19:00.000+02:00'|1499.0|''|-1.0|'' 1500|'d29b35df2d8e10fb27104da869a89648ac5aace4'|'UPDATE 1-Airbus strategy chief Lahoud to leave European group'|'Business 11pm EST Airbus strategy chief Lahoud to leave European group Airbus Group Chief Strategy & Marketing Officer Marwan Lahoud speaks during a news conference on the aerospace group''s annual results, in London, Britain February 24, 2016. REUTERS/Hannah McKay PARIS Airbus strategy chief Marwan Lahoud, one of the founders of Europe''s largest aerospace group and its M&A czar for the past decade, is leaving the company at the end of February, Airbus said on Tuesday. His successor was not announced but was "subject to further notice," Airbus said in a statement, suggesting no decision had yet been taken on how to replace him or with what kind of structure as the company goes through a reorganization. Lahoud, 50, was one of a handful of strategists involved in a sequence of mergers that led to the creation in 2000 of what was then called EADS, an aerospace group with diverse interests that included the existing Airbus planemaking business. He was later seen as the architect of an attempted merger with UK defense giant BAE Systems ( BAES.L ) in 2012. The deal was called off amid German government opposition, but Lahoud was credited with salvaging corporate reforms from the deal that reduced the role of the French and German governments. EADS was later renamed Airbus Group, which in turn merged with its dominant planemaking subsidiary in January, leading to a shake-up of senior roles. A person familiar with Lahoud''s decision said earlier that he had decided in late 2016 not to renew his mandate as the company completed the latest in a series of reorganizations as he had concluded that his role was no longer necessary. "With the creation of one single Airbus, we finally accomplished the ultimate merger. Now, it''s time for me to move on and I am now looking forward to embracing new challenges," Lahoud said in a company statement. The statement did not say what Lahoud, who is also president of France''s GIFAS aerospace industry lobby, planned to do next. (Reporting by Tim Hepher; Editing by Michel Rose and Adrian Croft) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-airbus-management-lahoud-idUSKBN15M29Q'|'2017-02-08T04:08:00.000+02:00'|1500.0|''|-1.0|'' 1501|'14687e326f82426606fdab7b638f0bac433d9275'|'BRIEF-CAPREIT says board of trustees approve 2.4 pct rise in monthly cash distributions'|' 18pm EST BRIEF-CAPREIT says board of trustees approve 2.4 pct rise in monthly cash distributions Feb 27 Canadian Apartment Properties Real Estate Investment Trust: * CAPREIT - board of trustees had approved a 2.4% increase in monthly cash distributions to $0.1067 per unit, or $1.28 per unit on an annualized basis Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-capreit-says-board-of-trustees-app-idUSFWN1GC15Y'|'2017-02-28T05:18:00.000+02:00'|1501.0|''|-1.0|'' @@ -1505,7 +1505,7 @@ 1503|'f5cdbfd370720718a5c8555d19cabd55b801ab16'|'Glencore reports 18 percent 2016 core profit rise on commodity rebound'|'Business News - Thu Feb 23, 2017 - 7:30am GMT Glencore reports 18 percent 2016 core profit rise on commodity rebound FILE PHOTO - The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann/File Photo LONDON Miner and trader Glencore ( GLEN.L ) reported an 18 percent increase in core profits for 2016 on Thursday and said the company had never been so well positioned, although an ill-timed coal hedge had eaten into energy profits. Earnings before interest, tax, depreciation and amorisation (EBITDA) were $10.3 billion, up 18 percent after a commodity price rebound in 2016 boosted income. Marketing Adjusted EBIT was $2.8 billion, up 14 percent and above previous guidance of $2.5-$2.7 billion. The decision to hedge a portion of coal production led to what Glencore labelled an "opportunity cost" of $980 million. (Reporting by Barbara Lewis and Sanjeeban Sarkar; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-glencore-results-idUKKBN1620NR'|'2017-02-23T14:30:00.000+02:00'|1503.0|''|-1.0|'' 1504|'660e71a092a02102e6d00a3f1085207e43ad5efc'|'EMERGING MARKETS-Emerging stocks at 19-month high, currencies ease'|'Company News - Thu Feb 16, 2017 - 5:28am EST EMERGING MARKETS-Emerging stocks at 19-month high, currencies ease By Claire Milhench - LONDON LONDON Feb 16 Emerging equities rose to a 19-month high on Thursday, tracking gains in developed markets, while the Russian rouble held at 1 1/2-year highs, but other currencies eased after recent solid gains. The benchmark emerging stocks index climbed 0.3 percent and is up almost 10 percent so far this year. Asian outperformers included Hong Kong, up 0.5 percent to a five-month high, Chinese mainland shares which rose 0.5 percent, and Philippines stocks which jumped 1.5 percent. Gains extended to some European markets, with Turkish shares up 0.5 percent and Bucharest stocks up 0.2 percent to touch their highest since July 2015, after recent underperformance. An outlier was South Africa''s banking index, which fell as much as 1 percent, a day after the country''s competition watchdog recommended heavy fines against lenders it accused of colluding to rig trading in the rand. Per Hammarlund, chief emerging markets strategist at SEB, said emerging stocks were being pulled up by developed markets to some extent, as they looked better value. "There''s a risk appetite component to it as well. Portfolio flows to emerging markets have stayed strong," Hammarlund said. "Given the momentum in the market, it seems the rally has some legs." World stocks hit a record high on Thursday after the latest signs of strength in the U.S. economy, with retail sales rising more than expected in January and gains in manufacturing output. Hammarlund said the fact that U.S. Federal Reserve Chair Janet Yellen had signalled no major changes in monetary policy in testimony to lawmakers this week was also providing support. "The Fed is still signalling a very gradual increase in interest rates, and emerging markets can handle a gradual and predictable tightening of U.S. monetary policy," he said. The Russian rouble held steady near a 1 1/2-year high, supported by oil prices near $56 a barrel and monthly tax payments, which prompt export-focused Russian companies to convert dollars into roubles. Russian Finance Minister Anton Siluanov said on Wednesday the rouble would be strengthening even faster if foreign currency purchases were not being carried out with the aim of stabilising the market. Other emerging currencies were mostly a touch weaker after strong performance in recent days. The South African rand slipped 0.8 percent against the dollar, easing off a 17-month high, while the Turkish lira slipped 0.6 percent from a five-week high. The Indonesian rupiah was steady ahead of a central bank meeting at which it is expected to keep rates on hold at 4.75 percent. Indonesian exports rose at the fastest pace in more than five years in January, giving the economy a solid start to the year after a sluggish 2016. Malaysia also posted 4.5 percent growth in fourth quarter GDP, but this failed to lift the ringgit, which weakened 0.2 percent against the dollar. Tim Condon, an analyst at ING, said increased political uncertainty had made the ringgit an underperformer. Other Asian currencies did better, with the Taiwan dollar climbing to a 20-month high. The Egyptian pound was 0.5 percent firmer ahead of a central bank meeting expected to keep rates on hold at 14.75 percent, although inflation skyrocketed to 30.86 percent in January. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see ) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 944.97 +3.19 +0.34 +9.59 Czech Rep 967.55 -5.28 -0.54 +4.98 Poland 2195.38 +11.05 +0.51 +12.70 Hungary 33727.36 -254.14 -0.75 +5.39 Romania 7681.31 +5.30 +0.07 +8.42 Greece 623.97 -2.32 -0.37 -3.06 Russia 1173.69 +1.10 +0.09 +1.85 South Africa 45482.10 +71.39 +0.16 +3.60 Turkey 88091.90 +209.94 +0.24 +12.74 China 3229.41 +16.43 +0.51 +4.05 India 28295.04 +139.48 +0.50 +6.27 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1G120V'|'2017-02-16T17:28:00.000+02:00'|1504.0|''|-1.0|'' 1505|'dfb11371114d1f8670ff15723e03321e6b4f1ca7'|'Top gold ETF gets Islamic finance certification to tap new markets'|' 24pm EST Top gold ETF gets Islamic finance certification to tap new markets Feb 15 The world''s largest physically-backed gold fund said on Wednesday it has been certified as sharia compliant, the latest effort aimed at spurring demand for bullion from investors across majority-Muslim countries. The SPDR Gold Trust, an exchange-traded fund which holds 836.7 tonnes of bullion worth $33 billion, now falls in line with rules from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). World Gold Trust Services, a subsidiary of the World Gold Council (WGC), said in a statement to Reuters that the ETF had received the certification from Malaysia-based Islamic advisory firm Amanie Advisors. (Reporting by Bernardo Vizcaino; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/islamic-finance-gold-idUSL4N1G003J'|'2017-02-15T07:24:00.000+02:00'|1505.0|''|-1.0|'' -1506|'ddb8f52ce091c37fdd82e294d7fce8564a6ccbb2'|'Takata pleads guilty to U.S. fraud charge linked to faulty air bags'|'Business News - Mon Feb 27, 2017 - 9:16pm GMT Takata pleads guilty to U.S. fraud charge linked to faulty air bags DETROIT Japan''s Takata Corp ( 7312.T ) on Monday pleaded guilty to a felony charge as part of an expected $1 billion (803.47 million pounds) deal with the U.S. Justice Department that includes compensation funds for automakers and victims of its faulty airbag inflators. After Takata''s guilty plea, a federal judge in Detroit was hearing objections on Monday to the settlement raised by lawyers for some victims of Takata inflator ruptures, who argue the settlement will be used by automakers to avoid liability, a court clerk said. Takata hopes to wins court approval of the settlement, a key hurdle to securing the backing of an investor or acquirer that can fund a turnaround effort and help it grapple with billions of dollars in costs related to the auto industry''s biggest-ever recall. (Reporting By David Shepardson in Washington and Joseph White in Detroit; Editing by Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-takata-settlement-idUKKBN1662EO'|'2017-02-28T04:16:00.000+02:00'|1506.0|''|-1.0|'' +1506|'ddb8f52ce091c37fdd82e294d7fce8564a6ccbb2'|'Takata pleads guilty to U.S. fraud charge linked to faulty air bags'|'Business News - Mon Feb 27, 2017 - 9:16pm GMT Takata pleads guilty to U.S. fraud charge linked to faulty air bags DETROIT Japan''s Takata Corp ( 7312.T ) on Monday pleaded guilty to a felony charge as part of an expected $1 billion (803.47 million pounds) deal with the U.S. Justice Department that includes compensation funds for automakers and victims of its faulty airbag inflators. After Takata''s guilty plea, a federal judge in Detroit was hearing objections on Monday to the settlement raised by lawyers for some victims of Takata inflator ruptures, who argue the settlement will be used by automakers to avoid liability, a court clerk said. Takata hopes to wins court approval of the settlement, a key hurdle to securing the backing of an investor or acquirer that can fund a turnaround effort and help it grapple with billions of dollars in costs related to the auto industry''s biggest-ever recall. (Reporting By David Shepardson in Washington and Joseph White in Detroit; Editing by Meredith Mazzilli) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-takata-settlement-idUKKBN1662EO'|'2017-02-28T04:16:00.000+02:00'|1506.0|19.0|0.0|'' 1507|'a872106358ef5b75cdcb28d10a97f52d9e582da1'|'''Overpaid'' CEOs a risk for investors, study finds'|'Business News - Mon Feb 13, 2017 - 7:26pm GMT ''Overpaid'' CEOs a risk for investors, study finds By Ross Kerber - BOSTON BOSTON Executive pay that is disproportionate to a company''s past performance may also signal that poor returns are coming, according to a study set for release on Monday by shareholder activist group As You Sow. The Oakland, California non-profit found the average returns for the 100 S&P 500 .SPX companies it had previously identified as having the most questionable pay went on to underperform the index by 2.9 percentage points over a roughly two-year period ended on Jan. 31. As You Sow flagged as "overpaid" a number of chief executive officers known for high compensation despite the mixed performance of their companies'' shares over the period. For example, Discovery Communications Inc ( DISCA.O ) CEO David Zaslav received $32.4 million in 2015, according to the company''s most recent proxy filing. During the study period, Discovery shares fell 12 percent. Discovery representatives did not respond to requests for comment. Study lead author Rosanna Landis Weaver said investors could have used the findings of a similar report from 2015 to short the shares of companies giving their CEOs outsized rewards. "If you have a CEO whose primary interest is increasing his own wealth, that''s not going to be good for shareholders," she said in an interview. High executive pay has been controversial at a time of rising inequality. But investors routinely approve compensation at most large U.S. companies, with boards often saying they have linked it to performance metrics. As You Sow used two broad measures to judge if S&P 500 CEOs are overpaid. First, the group looked at factors that raised questions about how a board set compensation, such as whether pay exceeded that of peers, or whether it accounted for a relatively high share of total revenue. Second, As You Sow made a financial prediction of what each CEO might have been paid based on shareholder returns. Companies with the most red flags and biggest gaps between their actual and predicted compensation were judged the most overpaid. (Reporting by Ross Kerber in Boston; Editing by Lisa Von Ahn) Next In Business News Oil down two percent as dollar firms, OPEC compliance rate shrugged off NEW YORK Oil on Monday declined by about 2 percent, the most since mid January, as a stronger dollar and signs of rising U.S. crude output pressured prices while an OPEC report showing high compliance with last year''s production-cut deal underwhelmed investors.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-ceopay-investors-idUKKBN15S29C'|'2017-02-14T02:26:00.000+02:00'|1507.0|''|-1.0|'' 1508|'a5b13a274e6b5ac50600ee6c8eda2109de29d09d'|'BRIEF-Honeywell says Darius Adamczyk named CEO, effective March 31'|' 52pm EST BRIEF-Honeywell says Darius Adamczyk named CEO, effective March 31 Feb 10 Honeywell International Inc : * Says Mr Adamczyk appointed CEO * Honeywell - on February 10, 2017, elected Darius Adamczyk as chief executive officer - SEC filing * Honeywell - board does not intend to backfill role of chief operating officer when Adamczyk becomes CEO on March 31, 2017 Source text: ( bit.ly/2lzXzEz ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1FV1BD'|'2017-02-11T04:52:00.000+02:00'|1508.0|7.0|0.0|'' 1509|'80e30a8f720bdcb04cdc8d0f29c4c8d105b7c71a'|'Deals of the day-Mergers and acquisitions'|'(Adds Aon, Eurobank, Six Flags Entertainment, GfK, Trafigura, Immunomedics and Hospitality Property Fund; Updates Rathbone Square, Walt Disney and Unite Students)Feb 10 The following bids, mergers, acquisitions and disposals were reported by 1430 GMT on Friday:** Europe''s top utilities are planning to invest tens of billions of euros over the next three years to catch up with the green energy revolution, driving a flurry of takeovers by tech and engineering firms of niche, smart-energy innovators.** French asset manager Amundi said it was aiming to raise financing for the acquisition of rival Pioneer Investments from UniCredit by April, and reported a 10 percent rise in assets under management to 1.1 trillion euros ($1.17 trillion) in 2016.** Reckitt Benckiser has agreed to buy U.S. baby formula maker Mead Johnson Nutrition for $16.6 billion, giving the British consumer goods company a new product line and expanding its presence in developing markets.** Great Portland has agreed to sell Rathbone Square, a mixed-use development that houses Facebook''s new London headquarters, to German rival WestInvest Gesellschaft and asset manager Deka Immobilien for 435 million pounds ($542 million).** ArcelorMittal is still interested in acquiring Italian steel plant Ilva, the chief financial officer of the world''s largest steelmaker said.** Spain''s Telefonica has received several offers for a stake in its telecom masts subsidiary Telxius, the telecoms company said in a statement, adding it was negotiating and analyzing the different options available.** British specialty chemicals maker Elementis Plc said it would buy U.S.-based SummitReheis from an affiliate of private equity firm One Rock Capital Partners LLC for an enterprise value of $360 million to expand its personal care business.** Renault and alliance partner Nissan are ready to forge closer capital ties but will only do so if France sells its Renault stake, Chief Executive Carlos Ghosn said.** Walt Disney Co is to seek full control of Euro Disney after raising its stake in the underperforming operator of Disneyland Paris through a deal with Saudi billionaire Prince Alwaleed bin Talal.** Unite Students, the student accommodation unit of Unite Group Plc, and Singapore sovereign wealth fund GIC have bought Birmingham-based student housing provider Aston Student Village for 227 million pounds ($283 million).** Poland''s Deputy Energy Minister Grzegorz Tobiszowski said that the signing of a contract to take over the Polish assets of French power group EDF should take place early in the second quarter.** South Africa''s Hospitality Property Fund is in talks with Tsogo Sun to buy approximately 3.3 billion rand ($247 million) worth of hotel assets, the company said.** Insurance broker Aon Plc said it agreed to sell its employee benefits outsourcing business to private equity firm Blackstone Group LP for up to $4.8 billion.** Greek lender Eurobank is looking for a strategic partner to buy a stake in its fully-owned Romanian unit Bancpost as it tries to reduce its exposure to non-Greek assets, sources at the bank told Reuters.** The Public Investment Fund (PIF), Saudi Arabia''s top sovereign wealth fund, said it is not considering the acquisition of a stake in North American amusement park operator Six Flags Entertainment Corp.** Shareholders in GfK have tendered 14.5 percent of stock in the German market researcher to private equity firm KKR, still short of a minimum threshold only hours before KKR''s offer expires, a regulatory filing showed.KKR has offered 43.50 euros per share for GfK, valuing the group at around 1.59 billion euros ($1.7 billion).KKR is seeking to acquire control over at least 75 percent of the group together with GfK Verein, which already owns 56.46 of shares.** Commodity trader Trafigura will take a 15.5 percent stake in Finland''s nickel and zinc mine Terrafame, it said, which will help the mine ramp up operations following years of losses and production problems.** South Africa''s Hospitality Property Fund said it is in talks with hotel and gambling firm Tsogo Sun to buy hotel assets for about 3.3 billion rand ($247 million). (Compiled by Divya Grover in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1FV3C2'|'2017-02-10T11:40:00.000+02:00'|1509.0|''|-1.0|'' @@ -1519,7 +1519,7 @@ 1517|'05cb532b7b6bc8f60331c49f7441d9535267dc13'|'Institutional investors pull $469 bln from equities in 2016 - report'|'By Claire Milhench - LONDON LONDON Institutional investors pulled $468.8 billion out of equities in 2016, a report by the research firm eVestment showed on Tuesday, notwithstanding a rally late in the year that drove stock markets to record highs.Investors piled into stocks after Donald Trump was elected as U.S. President in early November, betting that his much-touted tax cuts and spending plans would stimulate growth.Both U.S. and world stocks have powered to record highs, with the S&P 500''s market capitalisation climbing past $20 trillion this month for the first time ever.But in the fourth quarter of 2016, institutional investors continued to pull money from external asset managers, with equities suffering $147.9 billion of net outflows, the latest data from eVestment showed.The tide may be turning - international equity strategies are attracting the most searches in eVestment''s database, a clue to future asset flows. But it takes time to implement investment decisions, so the trend will not be clear for several quarters, eVestment said.The firm, which tracks more than $37 trillion in institutional money globally, aggregates data from asset managers overseeing money for pension funds, insurers, sovereign wealth funds and foundations.The fourth-quarter selling was broad-based, with client accounts domiciled in the United States, Europe, Britain, Canada, Africa, the Middle East and Australia all seeing redemptions.Emerging market equities suffered heavy net redemptions of $742.5 million in the fourth quarter, U.S. equity strategies reported outflows of $98.9 billion, and global stocks recorded outflows of $26.5 billion, the data showed.However, the selling was mainly from active equity strategies, which had net outflows of $155.8 billion in the fourth quarter. Passive equity mandates attracted $6.6 billion, eVestment said.Fixed income had net outflows of $4.9 billion, after attracting a revised $126.2 billion of net inflows in the third quarter. Emerging markets fixed income reported net outflows of $15.1 billion.By client type, corporate accounts, public funds, insurance accounts, foundations and endowments and sovereign wealth funds were all net sellers in the fourth quarter. Defined contribution pension plans bucked the trend, attracting $4.9 billion, bringing net inflows for 2016 to $2.5 billion.(Reporting by Claire Milhench, editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-investment-flows-idINKBN1601GN'|'2017-02-21T10:00:00.000+02:00'|1517.0|''|-1.0|'' 1518|'975a14d3c8c853e0c09d696f7fc0fe6216e5be77'|'Electric car boom spurs investor scramble for cobalt'|'Commodities 33am EST Electric car boom spurs investor scramble for cobalt left right Excavators and drillers at work in an open pit at Tenke Fungurume, a copper and cobalt mine northwest of Lubumbashi, Democratic Republic of the Congo, January 29, 2013. REUTERS/Jonny Hogg/File Photo 1/2 left right An electric car charging sign is seen at a PTT Pcl''s commercial EV (Electric Vehicle) charging station in Bangkok, Thailand, August 15, 2016. REUTERS/Jorge Silva/File Photo 2/2 By Pratima Desai - LONDON LONDON Investors are buying up physical cobalt anticipating that shortages of the metal, a key component of lithium-ion batteries used in electrical cars, will spur prices to their highest levels since the 2008 financial crisis. Prices for cobalt metal have climbed nearly 50 percent since September to five-year peaks around $19 a lb as stricter emissions controls boost demand for electric vehicles, especially in China, struggling with ruinous pollution levels in some cities. (For a graphic on how Lithium-ion battery works click tmsnrt.rs/2kOUBNQ ) Consultants CRU Group say electric car and plug-in hybrid vehicle sales could hit 4.4 million in 2021 and more than six million by 2025, from 1.1 million last year. By 2020, 75 percent of lithium-ion batteries will contain cobalt, whose properties allow electric cars to extend their range between charges, according to eCobalt Solutions, which produces battery grade cobalt salts. Some 98 percent of cobalt is produced as a by-product of copper and nickel output, so for investors pure equity exposure to cobalt is tricky. "Cobalt isn''t going to massively impact share prices. The funds looked at LME (London Metal Exchange) cobalt contracts, but they aren''t liquid enough for the millions they want to invest," a Europe-based cobalt trader said. "So they are buying cobalt with the intention of sitting on it until prices rise, looking for $25 (a lb) or more." Swiss-based Pala Investments, a fund focused on the mining sector, and Shanghai Chaos Investment, one of China''s largest commodities funds, bought cobalt last year, industry sources familiar with the matter said, declining to specify amounts. Pala Investments declined to comment, while calls to Shanghai Chaos went unanswered. "Future demand for cobalt from the EV (electric vehicle) sector is looking tangible and is more positive than originally expected," one commodity-focused fund manager said. "China has some aggressive plans in terms of electric vehicles...It will be a major driver behind cobalt consumption growth." (For a graphic on cobalt prices vs light vehicle sales click bit.ly/2lfrkMW ) China''s State Reserves Bureau, in charge of building the country''s stocks of commodities from oil to rare earth minerals, bought 5,000 tonnes of cobalt metal last year and in 2015, traders said. It is expected to buy more this year. Highlighting the metal''s importance, the U.S.''s Defense Logistics Agency deemed lithium cobalt oxide and lithium nickel cobalt aluminum oxide compounds as strategic and has been stockpiling since 2014. Cobalt is also widely used for superalloys in turbines, space vehicles, rocket engines and power plants. HOARDING After seven years of surplus and overcapacity the market will move into a deficit this year, exacerbated by an insecure supply chain. Almost 60 percent of the world''s cobalt lies in politically risky Democratic Republic of Congo. At the same time, many traders are hoarding cobalt, most of it bought when the price was around $10 a lb in Dec. 2015 due to a market surplus of more than 2,000 tonnes. They are waiting for higher prices. On Monday, trader and miner Glencore tightened its grip on Congo''s copper and cobalt resources by buying the remaining stake in one mine and upping its share in another for $960 million. It said the complex had the potential to become the world''s largest cobalt producer. Other copper and cobalt producers include privately owned Eurasian Resources Group, Canada''s Sherritt International and China Molybdenum. Canadian small-cap LiCo Energy Metals, which is exploring for materials used in lithium-ion batteries, could appeal to investors looking for exposure to reliable sources of cobalt from a politically stable country. Global total demand for cobalt last year was around 100,000 tonnes, of which around half was used in batteries to power electric cars, as well as mobile phones, laptops, digital cameras and cordless drills. "In terms of overall demand, EVs (electric vehicles) only consumed around 6.5 percent of refined cobalt in 2016. This will increase to 16.9 percent in 2021 helping lift demand to nearly 130,000 tonnes," CRU senior consultant Edward Spencer said. "We expect a deficit in the region of 900 tonnes this year. However, a far larger deficit could open quickly if mine and refinery capacity growth fails to keep pace." Analysts at Macquarie Research expect deficits of 885 tonnes next year, 3,205 in 2019 and 5,340 in 2020. "Cobalt has limited new supply projects coming through. Meanwhile refined output in key supply countries such as Australia, Russia and Zambia are well down on levels seen a decade ago," Macquarie analyst Colin Hamilton said. "The global cobalt market is becoming ever more dependent on supply from the Democratic Republic of Congo, where geopolitical risk is again rising...with a transfer of presidential power due next year, a process which has not gone smoothly over history." (Additional reporting by Vijaykumar Vedala and Eileen Soreng in Bengaluru and Hallie Gu in Beijing; Editing by Veronica Brown and Susan Thomas) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-cobalt-demand-investors-idUSKBN15T1VR'|'2017-02-14T21:33:00.000+02:00'|1518.0|''|-1.0|'' 1519|'5e546c292a795112d739f4be2278a518694e9a5e'|'India maintains 2016/17 fiscal deficit target at 3.5 percent of GDP'|'NEW DELHI India retained its fiscal deficit target of 3.5 percent of gross domestic product for fiscal year to March 2017, as against 3.2 percent mentioned incorrectly in the budget document, Economic Affairs Secretary Shaktikanta Das clarified on Wednesday.The government aims to bring down its fiscal deficit to 3.2 percent of GDP in the financial year starting April 1, Das said.As economists polled by Reuters had expected, Jaitley raised the target for the fiscal deficit to 3.2 percent of gross domestic product in 2017/18 - effectively postponing the goal of bringing it down to 3 percent.(Reporting by Malini Menon; Editing by Swati Bhat)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-budget-deficit-idINKBN15G454'|'2017-02-01T07:59:00.000+02:00'|1519.0|''|-1.0|'' -1520|'b0317bf21b27b03418f7dd5710017f3b8da30d8a'|'BRIEF-B&G Foods Q4 sales $413.7 million'|' 54pm EST BRIEF-B&G Foods Q4 sales $413.7 million Feb 23 B&G Foods Inc * B&G Foods reports financial results for fourth quarter and full year 2016 * Q4 adjusted earnings per share $0.29 * Q4 sales $413.7 million versus I/B/E/S view $426 million * Sees FY 2017 adjusted earnings per share $2.13 to $2.27 * Q4 earnings per share $0.20 * Sees FY 2017 sales about $1.64 billion to $1.68 billion * Q4 earnings per share view $0.39 -- Thomson Reuters I/B/E/S '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-bg-foods-q4-sales-4137-million-idUSASB0B219'|'2017-02-24T04:54:00.000+02:00'|1520.0|''|-1.0|'' +1520|'b0317bf21b27b03418f7dd5710017f3b8da30d8a'|'BRIEF-B&G Foods Q4 sales $413.7 million'|' 54pm EST BRIEF-B&G Foods Q4 sales $413.7 million Feb 23 B&G Foods Inc * B&G Foods reports financial results for fourth quarter and full year 2016 * Q4 adjusted earnings per share $0.29 * Q4 sales $413.7 million versus I/B/E/S view $426 million * Sees FY 2017 adjusted earnings per share $2.13 to $2.27 * Q4 earnings per share $0.20 * Sees FY 2017 sales about $1.64 billion to $1.68 billion * Q4 earnings per share view $0.39 -- Thomson Reuters I/B/E/S '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-bg-foods-q4-sales-4137-million-idUSASB0B219'|'2017-02-24T04:54:00.000+02:00'|1520.0|26.0|0.0|'' 1521|'32856e8b215a999c059a12efec75985819361fc2'|'BRIEF-Bioceres S.A files to withdraw U.S. IPO plans'|'Feb 1 (Reuters) -* Bioceres S.A files to withdraw u.s. Ipo plans - sec filing* Bioceres S.A says it does not intend at this time to pursue the contemplated public offering* Bioceres S.A had filed for U.S. IPO of up to $80.5 million of its ordinary shares in Sept 2015 Source text: ( bit.ly/2kSPB8X )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINFWN1FM131'|'2017-02-01T15:30:00.000+02:00'|1521.0|''|-1.0|'' 1522|'2e18be342b0d2f5deed8a82c637e5b2cc8958cf7'|'South Korea to strengthen battery safety rules after Note 7 fires'|'Technology 09am GMT South Korea to strengthen battery safety rules after Note 7 fires FILE PHOTO - An exchanged Samsung Electronics'' Galaxy Note 7 is seen at company''s headquarters in Seoul, South Korea, October 13, 2016. REUTERS/Kim Hong-Ji/File Photo SEOUL South Korea said on Monday it will strengthen lithium-ion battery safety requirements and conduct regular inspections to avoid repeats of fires which forced Samsung Electronics Co Ltd to withdraw its premium Galaxy Note 7 handset. Manufacturers of lithium-ion batteries, commonly used in portable devices, would be subjected to greater oversight and regular inspections, the Ministry of Trade, Industry and Energy said in a statement. Devices using lithium-ion batteries also would be subjected to more regular safety tests, it added. "We ask that the industry shares the view that making efforts to ensure safety is equally as critical as developing new products through technological innovation," Vice Minister Jeong Marn-ki said in the statement. Samsung was forced to scrap the near-$900 Note 7 smartphones in October after some of the devices caught fire due to faulty batteries, wiping out about $5.4 billion in operating profit over three quarters. Samsung and independent investigators said in January that different battery problems from two suppliers - Samsung SDI Co Ltd and Amperex Technology Ltd - caused some Note 7s to combust. A separate probe by the Korea Testing Laboratory also found no other cause for the Note 7 fires other than a combination of manufacturing and design faults with the batteries, the trade ministry said. The government also said it would monitor Samsung''s efforts to improve battery safety, such as x-ray testing and stricter standards during the design process. It would strengthen recall-related requirements by broadening the types of serious product defects that manufacturers should report to the government, and seek legal changes to allow the government to warn consumers to stop using certain products even if they had not been recalled. (Reporting by Se Young Lee; Editing by Stephen Coates) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-southkorea-batteries-idUKKBN15L05Z'|'2017-02-06T09:05:00.000+02:00'|1522.0|''|-1.0|'' 1523|'7f65464d265359f2eb739881b4acd59cb2f3d3b0'|'TREASURIES-Yields hit 3-week lows as Trump reflation trade wanes'|'* Investors worry Trump''s pro-growth agenda could be derailed* 10-year Treasury yields slip further below 50-day moving average* Solid 3-year auction boosts buying (Updates to afternoon trading)By Dion RabouinNEW YORK, Feb 7 U.S. Treasury yields fell to their lowest in nearly three weeks on Tuesday, drifting past significant technical levels, as fixed-income investors worried that President Donald Trump''s pro-growth policies could be hamstrung by his focus on other issues.Traders have worried that Trump''s promises to cut corporate taxes and boost infrastructure spending have yet to be fleshed out and could fade further into the background or face more significant resistance with time.Trump''s nominee for Education Secretary, Betsy DeVos, was confirmed Tuesday in a contentious 50-50 vote by the U.S. Senate, largely along party lines, that Vice President Mike Pence had to break by voting in favor.Benchmark 10-year note yields fell to 2.37 percent, their lowest since Jan. 18, with other Treasury yields falling broadly to their weakest levels since mid-January. Prices on the 10-year were last up 7/32 to yield 2.38 percent."The market is still giving the benefit of the doubt to the Trump administration, but the longer it takes for the market to see a real nexus on the policy front - those things that had expectations running high after the Republican sweep - the less convinced the market''s going to be that Trump is going to really deliver on those," said Bruno Braizinha, interest rates strategist at Societe Generale.Yields on the 10-year note fell below its 50-day moving average on Monday and continued to slip further past 2.40 percent on Tuesday. That added to the downward pressure, giving the markets a direction after a choppy early trading session, analysts said.The yield on 2-year notes hit the lowest since Jan. 17. They were last little changed in price to yield 1.16 percent.A solid 3-year note auction also helped increase buying, raising prices and pushing yields lower. The government sold $24 billion worth of 3-year notes at a high yield of 1.423 percent. The 3-year note was last yielding 1.413 percent. (Reporting by Dion Rabouin; Editing by Andrea Ricci and Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1FS1F2'|'2017-02-07T16:45:00.000+02:00'|1523.0|''|-1.0|'' @@ -1536,7 +1536,7 @@ 1534|'f081701e565b0a3f7a3fe09e26c927cf059df1f3'|'Rocket Internet shares tumble after Kinnevik sells half of stake'|'BERLIN Shares in Rocket Internet ( RKET.DE ) fell more than 9 percent on Thursday after Swedish investment company Kinnevik ( KINVb.ST ) sold half of its 13 percent stake in the German e-commerce company late on Wednesday.Rocket shares were down 9.3 percent at 19.35 euros at 0833 GMT (3:33 a.m. ET) after Kinnevik sold 6.6 percent of Rocket''s share capital to institutional investors at 19.25 euros per share. It committed to a lock-up period of 90 days for its remaining stake.Kinnevik was one of the first investors in Rocket and was the firm''s biggest shareholder after the Samwer brothers who founded it and who have a 37 percent stake. Kinnevik also has stakes in a number of Rocket''s major start-ups.Founded in 2007, Rocket has built up dozens of businesses from fashion e-commerce to food delivery, but its shares have slid in the last year as many investors have become concerned over heavy losses and falling valuations for its key start-ups.(Reporting by Emma Thomasson; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rocket-internet-kinnevik-idINKBN1620V0'|'2017-02-23T05:54:00.000+02:00'|1534.0|''|-1.0|'' 1535|'8f76d615e5ae4224734dc68fae58e6cf8d3571d8'|'How one Chinese region shows risks of relying on heavy borrowing'|'Money News - Wed Feb 22, 2017 - 11:17am IST How one Chinese region shows risks of relying on heavy borrowing Residential buildings are seen shrouded in haze in Shenyang, Liaoning province, November 8, 2015. REUTERS/Stringer/Files By David Stanway - SHENYANG, China SHENYANG, China A flurry of construction in the Chinese city of Shenyang belies a regional economy in crisis, a striking example of the increasingly diminishing returns from a policy of investing heavily in infrastructure to prop up economic activity. A new exhibition centre has just opened its doors in the city, the capital of Liaoning province in northeastern China, and the skyline is dotted with cranes working on high-end shopping malls and apartments. But beyond Shenyang''s building sites, the real Liaoning is different. After years of investment in infrastructure, some of it encouraged by the central government, Liaoning is China''s only shrinking provincial economy, its population is in decline and its debt is almost three times annual revenues. Liaoning highlights the risks of relying on repeated borrowing to invest in infrastructure and fuel economic activity - a regular fall-back policy China has used when GDP risks missing annual targets, including in 2016. It also points to the urgency for China to move away from a reliance on state firms, which for decades provided Chinas economic backbone. Most other provinces have reduced their reliance on state-firms to a much greater extent than Liaoning and its neighbours, Heilongjiang and Jilin. But they still wield considerable influence nationwide. Traditionally, state-raised investment funds have been channelled through state-owned enterprises (SOEs) because they are big tax payers and employers. This has provided a life support mechanism for many dying state industries while crowding out the private sector on which China is staking its future. Some local authorities have provided all sorts of preferential support to state firms, said Han Liang, a section-chief in the Liaoning government pricing bureau, over protecting them and making them lose their motivation to innovate. Liaoning''s provincial government, and its local development and reform commission, declined repeated requests for comment. HOPES REST ON GOVERNMENT SPENDING Nowhere are Liaoning''s challenges more evident than in Benxi, a city 29 miles (46 km) from Shenyang and dominated by a single SOE: the struggling Benxi Iron and Steel Group (Bengang). Like Liaoning, Bengang is well past its economic heyday. Its chimneys, smelters and stockyards stretch nearly a mile along the banks of the Taizi river flowing through Benxi. It provides around 60,000 jobs and most tax income for the city government, but it is struggling to compete with coastal plants because they have better access to markets and cheaper foreign feedstock. In 2015, it reported its first net loss since the global financial crisis in 2009. The firm is being squeezed by central government efforts to reduce steel production nationwide and so has branched out into real estate investment, in turn crowding out private players. General manager Chen Jizhuang said in a pep talk delivered at a meeting with company employees in December that its indomitable, evergreen genes would enable it to overcome all its difficulties. But the firm appears to be resting its hopes on yet another round of government spending. The year 2017 is a new round of the central governments Rejuvenate the Northeast projects and it is also a key year for Bengang to set off on a new road and seize new opportunities, Chen told staff, according to the firm''s website. Bengang declined several requests seeking interviews with senior officials. LEGACY Liaoning, Heilongjiang and Jilin were once powerful industrial bases responsible for much of the coal, steel and heavy industry that underpinned China''s economy in the 1960s and 1970s. That legacy keeps the investment flowing into the region today under a programme called Rejuvenate the Northeast originally designed to head off unrest after punishing national economic restructuring almost two decades ago laid off millions of workers and sparked strikes, protests and a surge in organised crime. "We have to consider historical context," Zhou Jianping, a senior government official at the state planning agency in charge of the Rejuvenate the Northeast project, told Reuters in an interview. "Northeast China made big contributions to China''s economic development." But the provinces have struggled to adapt to another central government push - reducing the influence of heavy state industry and provide room for private firms to thrive. "What does the government want Liaoning to do?" asked the manager of a joint venture manufacturer in Shenyang, who declined to be identified because he was not authorised to talk with the media. "It''s all very well pumping money into the economy but if you''re not pumping it into the right places, it is just good money after bad," he said. Liaoning''s economy shrank 2.5 percent in 2016, the only Chinese province to contract, while growth nationwide hit 6.7 percent. While the decline was partly attributed to corrections in 2015 data following a crackdown on statistical fraud, the province remains riddled with debt and dependent on the sluggish state sector. Liaoning government debts are 287 percent of revenues. State-owned firms in the northeast provinces hold around half of the industrial assets, compared to a 10 percent national average, the China Institute for Reform and Development said. The result is a region dependent on "big but weak" state firms, said Li Kai, vice-president of the Northeast Rejuvenation Research Institute, a government think-tank. Nicholas Zhu, a senior analyst at Moodys Investors Service, provides a bleaker assessment. "It''s a vicious circle just like Detroit," he said, referring to the U.S. city that filed for bankruptcy in 2013 following a long-term economic and population decline. "Detroit defaulted not because of short-term events but because 20-30 years ago people started leaving, corporations started leaving, and then there is hollowing out. Eventually you get to the point where they couldn''t finance themselves." (Reporting by David Stanway; Additional reporting by Elias Glenn in BEIJING; Editing by Neil Fullick) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-debt-liaoning-idINKBN1610G6'|'2017-02-22T07:34:00.000+02:00'|1535.0|''|-1.0|'' 1536|'abd8e5ddc493e6c85d14d1ff62c712d05b861136'|'UPDATE 1-Germany sees encouraging signs on jobs in Opel talks'|'(Adds comments by government, economy ministry spokespeople)BERLIN Feb 20 Initial talks between the German government and carmakers PSA and General Motors have led to some encouraging signals that jobs at Opel factories will be preserved, but no guarantees have been made yet, a top official said on Monday.Europe''s car industry has been dogged by overcapacity for years, and the planned sale of GM''s European Opel/Vauxhall arm to Peugeot-maker PSA has raised the spectre of cutbacks in the wake of a deal.GM and PSA so far have not given binding guarantees to preserve German jobs and factories at Opel, Deputy Economy Minister Matthias Machnig said when asked to comment on media reports, but he added there had been some encouraging signals."This is why speculation is premature at this point," Machnig told German television station ARD. He expressed hope that a combination with France''s PSA could form the basis of a better future for Opel.German newspaper Bild am Sonntag had reported that PSA had pledged to continue operating all four of Opel''s German production sites.Germany is heading towards a federal election in September and any major job cuts at Opel could weaken the chances of Chancellor Angela Merkel getting re-elected for a fourth term.Merkel is constantly being updated on the progress of talks between the government and the management of the carmakers, government spokesman Steffen Seibert said during a regular news conference in Berlin on Monday.An economy ministry spokesman reiterated the government''s main goal was to preserve jobs.He added Berlin was also in contact with the British government and that both countries would not let themselves being played off against each other.Economy Minister Brigitte Zypries will discuss the planned deal in talks with her French counterpart Michel Sapin during her visit in Paris on Thursday, the ministry spokesman said.Zypries, a senior member of Germany''s co-governing Social Democrats, said last Thursday she expected the deal to go ahead.Germany accounts for half of GM Europe''s 38,000 staff, while there are 4,500 in Britain where the company operates under the Vauxhall brand.Two sources close to PSA said last Thursday that job and plant cuts were part of the tie-up talks, with the two Vauxhall sites in Britain in the front line. (Reporting by Gernot Heller and Michael Nienaber; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/opel-ma-psa-germany-idINL8N1G52RC'|'2017-02-20T10:26:00.000+02:00'|1536.0|''|-1.0|'' -1537|'52f2256824b6717d46e3f4d17acc8698e4d98be1'|'Bain joins bidding for Germany''s Stada with higher offer - sources'|' 34pm GMT Bain joins bidding for Germany''s Stada with higher offer: sources The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. REUTERS/Alex Domanski By Alexander Hbner and Ludwig Burger - FRANKFURT FRANKFURT German generic drugs company Stada ( STAGn.DE ) has received a new takeover approach which values it at 3.6 billion euros ($3.8 billion), raising the stakes in a three-way bidding war and pushing its shares to a new record. Two people familiar with the matter identified the new bidder on Friday as buyout group Bain Capital. That followed Stada''s statement late on Thursday which disclosed a proposed price of 58 euros per share from an unnamed suitor. Bain and Stada declined to comment. A meeting of the Stada supervisory board has been arranged for Friday at short notice, a source close to the board said, with the bidding process expected to be on the agenda. The company said earlier this week that buyout group Cinven had offered 56 euros per share, valuing it at about 100 million euros less than the latest approach. Private equity firm Advent International had emerged as the second prospective bidder though a price has not been disclosed. Advent is expected to submit a bid next week, two sources in the financial industry said. Advent declined comment. Stada shares gained 1.9 percent to 57.29 euros at 1250 GMT, poised to close at a fresh record high, having advanced 15 percent so far this week. Seeking investments in stable healthcare businesses, cash-rich buyout firms -- also including Permira and CVC -- have been working on offers for months and approached Stada about a deal, people familiar with the situation have told Reuters. The tussle vindicates the strategy of activist investor Active Ownership Capital (AOC), which built a stake of about 7 percent in shares and options before May last year when the shares were trading at around 30 euros apiece. AOC at the time pushed for a management shakeup, calling for non-executive directors with more international experience. In the wake of the investor''s campaign, Chief Executive Hartmut Retzlaff stepped down for health reasons last year after more than two decades at the helm, and long-serving Chairman Martin Abend was replaced by Carl Ferdinand Oetker, member of the family behind the unlisted German food group. Founded in 1895 in Dresden as a pharmacists'' cooperative, Stada is seeking to expand its non-prescription consumer care business. Its generic drug business is under price pressure as medical insurers in Germany, its largest market, are seeking bulk procurement deals at low prices. It has also suffered from a weak Russian rouble and British pound, two markets where it has considerable operations. Monthly Manager Magazin earlier named Bain as the third suitor. ($1 = 0.9371 euros) Patricia Weiss and Arno Schuetze. Writing by Ludwig Burger and Andreas Cremer; Editing by Keith Weir) Election risks, retail sales hurt pound and euro LONDON Falls for the euro and the pound dominated trade in the major global currencies on Friday, hit by a combination of nerves over upcoming French elections and signs British consumers are beginning to struggle in the face of the Brexit effect.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-stada-m-a-idUKKBN15V2ZH'|'2017-02-17T20:26:00.000+02:00'|1537.0|''|-1.0|'' +1537|'52f2256824b6717d46e3f4d17acc8698e4d98be1'|'Bain joins bidding for Germany''s Stada with higher offer - sources'|' 34pm GMT Bain joins bidding for Germany''s Stada with higher offer: sources The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. REUTERS/Alex Domanski By Alexander Hbner and Ludwig Burger - FRANKFURT FRANKFURT German generic drugs company Stada ( STAGn.DE ) has received a new takeover approach which values it at 3.6 billion euros ($3.8 billion), raising the stakes in a three-way bidding war and pushing its shares to a new record. Two people familiar with the matter identified the new bidder on Friday as buyout group Bain Capital. That followed Stada''s statement late on Thursday which disclosed a proposed price of 58 euros per share from an unnamed suitor. Bain and Stada declined to comment. A meeting of the Stada supervisory board has been arranged for Friday at short notice, a source close to the board said, with the bidding process expected to be on the agenda. The company said earlier this week that buyout group Cinven had offered 56 euros per share, valuing it at about 100 million euros less than the latest approach. Private equity firm Advent International had emerged as the second prospective bidder though a price has not been disclosed. Advent is expected to submit a bid next week, two sources in the financial industry said. Advent declined comment. Stada shares gained 1.9 percent to 57.29 euros at 1250 GMT, poised to close at a fresh record high, having advanced 15 percent so far this week. Seeking investments in stable healthcare businesses, cash-rich buyout firms -- also including Permira and CVC -- have been working on offers for months and approached Stada about a deal, people familiar with the situation have told Reuters. The tussle vindicates the strategy of activist investor Active Ownership Capital (AOC), which built a stake of about 7 percent in shares and options before May last year when the shares were trading at around 30 euros apiece. AOC at the time pushed for a management shakeup, calling for non-executive directors with more international experience. In the wake of the investor''s campaign, Chief Executive Hartmut Retzlaff stepped down for health reasons last year after more than two decades at the helm, and long-serving Chairman Martin Abend was replaced by Carl Ferdinand Oetker, member of the family behind the unlisted German food group. Founded in 1895 in Dresden as a pharmacists'' cooperative, Stada is seeking to expand its non-prescription consumer care business. Its generic drug business is under price pressure as medical insurers in Germany, its largest market, are seeking bulk procurement deals at low prices. It has also suffered from a weak Russian rouble and British pound, two markets where it has considerable operations. Monthly Manager Magazin earlier named Bain as the third suitor. ($1 = 0.9371 euros) Patricia Weiss and Arno Schuetze. Writing by Ludwig Burger and Andreas Cremer; Editing by Keith Weir) Election risks, retail sales hurt pound and euro LONDON Falls for the euro and the pound dominated trade in the major global currencies on Friday, hit by a combination of nerves over upcoming French elections and signs British consumers are beginning to struggle in the face of the Brexit effect.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-stada-m-a-idUKKBN15V2ZH'|'2017-02-17T20:26:00.000+02:00'|1537.0|19.0|2.0|'' 1538|'3610b8f2dbb2f6102cefd4d02df7640d9e321cb6'|'Hyundai may source car batteries from China amid political tension'|'Wed Feb 8, 2017 - 8:29am GMT Hyundai may source car batteries from China amid political tension The logo of Hyundai Motor is seen on a steering wheel at its dealership in Seoul, South Korea, December 15, 2016. REUTERS/Kim Hong-Ji By Hyunjoo Jin - SEOUL SEOUL Hyundai Motor ( 005380.KS ) said on Wednesday it may procure electric vehicle batteries from Chinese companies for a planned China model after South Korean battery makers failed to make a list of approved vendors last year. The decision comes at a time of growing concern in South Korea that Beijing may be retaliating over Seoul''s decision to deploy a U.S. anti-missile system. China argues the defense system could undermine its security. Hyundai Motor said it was now considering a Chinese battery for a plug-in hybrid version of its Sonata sedan to be sold in China. "Considering various factors in Chinese market and price competitiveness, Hyundai Motor Company is also looking at cooperation with Chinese battery suppliers," the company said in a statement to Reuters. It declined to comment on reports that its decision was due to tension with Beijing over the U.S. Terminal High Altitude Area Defence (THAAD) system. The news came on the same day that South Korea''s Lotte Group said Chinese authorities have halted construction at a multi-billion dollar real estate project in the northeastern city of Shenyang after a fire inspection - a move that has also fueled concerns about retaliation. Beijing last year declined to award certification to LG Chem Ltd ( 051910.KS ) and Samsung SDI Co Ltd ( 006400.KS ), both among the world''s largest players, potentially excluding them from state subsidies and eroding their price competitiveness. "As a company which has to sell vehicles in China, we have no choice but to consider a China battery maker under the current conditions," said a Hyundai source, who was not authorized to speak to the media and declined to be identified. The current Sonata Plug-In Hybrid, sold in South Korea and the United States, uses a battery made by South Korea''s LG Chem ( 051910.KS ). Hyundai also said it now plans to launch the Sonata Plug-In Hybrid in China in 2018, a year later than previously planned, without elaborating on the reason for the delay. (Reporting by Hyunjoo Jin; Editing by Tony Munroe and Edwina Gibbs) Up Next Exclusive: White House eying executive order targeting ''conflict minerals'' rule - sources WASHINGTON President Donald Trump is planning to issue an executive order targeting a controversial Dodd-Frank rule that requires companies to disclose whether their products contain "conflict minerals" from a war-torn part of Africa, according to sources familiar with the administration''s thinking. Disney CEO Iger says he is open to extending his term Chief Executive Bob Iger said on Tuesday he is open to extending his term as the head of Walt Disney Co , offering investors a sign of potential stability at the media company as it reported a dip in quarterly advertising at ESPN. Japan''s Sharp may break ground on $7 billion U.S. plant in first half: source TOKYO Japanese display maker Sharp Corp may start building a $7 billion plant in the United States in the first half of 2017, taking the lead on a project initially outlined by its Taiwanese parent Foxconn, a person with knowledge of the plan said. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-hyundai-motor-china-idUKKBN15N0S3'|'2017-02-08T15:26:00.000+02:00'|1538.0|''|-1.0|'' 1539|'960c9a6485df3b39b7005c5d6813427290fb0ace'|'Swiss group MSC acquires Hanjin''s stake in U.S. ports operator'|'Deals - Wed Feb 1, 2017 - 10:54am EST Swiss group MSC acquires Hanjin''s stake in U.S. ports operator An MSC employee is seen during a press visit of the MSC Meraviglia class ship at the STX Les Chantiers de l''Atlantique shipyard site in Saint-Nazaire, France, September 2, 2016. REUTERS/Stephane Mahe LONDON A unit of Swiss shipping group MSC has bought a stake in U.S. ports operator Total Terminals International (TTI) from Hanjin ( 117930.KS ), MSC said on Wednesday, having overcome objections from the South Korean line''s U.S. creditors. Privately owned MSC, the world''s no.2 global shipping line, said in a statement its subsidiary Terminal Investment Ltd. (TiL) had completed the acquisition in conjunction with South Korea''s Hyundai Merchant Marine (HMM), which would see TiL assuming an 80 percent stake and HMM having the remaining 20 percent in TTI. Last month, a U.S. judge gave the green light for the sale of failed Hanjin''s stake in TTI despite objections from container companies owed money by Hanjin, concerned whether the shipping group was getting the best price. The TTI sale included Terminal Investment forgiving $54.6 million in debt owed by Hanjin. The U.S. judge said the sale was supported by the ports of Seattle and Long Beach. TTI leases and operates container terminals in Long Beach and Seattle on the West Coast of the United States. "Our focus throughout the acquisition consultation has been, and will continue to be, rebuilding the business and servicing the needs of our affiliated shipping line MSC, its 2M partner Maersk, and our new joint venture partner HMM," Til president Alistair Baillie said in a statement. Container lines are battling their worst ever downturn due to a glut of ships and weaker demand - prompting rivals to form vessel sharing arrangements including the 2M alliance between MSC and the world''s number one player Maersk ( MAERSKb.CO ). Heavily indebted South Korean line HMM said in December it had agreed to form a co-operative relationship with the 2M shipping alliance that fell short of full-fledged membership. TTI saw a steep drop in its container traffic after Hanjin, the world''s seventh-largest container line, filed for court protection from its creditors in August last year. The sale includes all of Hanjins equity interests and shareholder loans, in both TTI and the associated terminal equipment leasing company, Hanjin TEC Inc, MSC said. (Reporting by Jonathan Saul; Editing by Elaine Hardcastle) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/mergersNews'|'http://www.reuters.com/article/us-hanjinshipping-assetsale-idUSKBN15G4X8'|'2017-02-01T22:49:00.000+02:00'|1539.0|''|-1.0|'' 1540|'664bcf96788594313029f117aff98289ac40f868'|'U.S. oil rises after report shows drop in stockpiles'|' 34am GMT U.S. oil rises after report shows drop in stockpiles A driver fills up with fuel at a Shell petrol station in London May 15, 2013. REUTERS/Luke MacGregor TOKYO U.S. oil futures rose nearly 1 percent on Thursday after data released by an industry group showed a surprise decline in U.S. crude stocks as imports fell, lending support to the view that a global glut is ending. The U.S. West Texas Intermediate crude April contract CLc1 added 41 cents, or 0.8 percent, to $54.00 a barrel at 0011 GMT. Brent crude LCOc1 was yet to trade. It ended 82 cents, or 1.5 percent, lower at $55.84 a barrel on Wednesday. Crude inventories fell by 884,000 barrels in the week to Feb. 17 to 512.7 million, compared with analysts'' expectations for an increase of 3.5 million barrels, data from industry group the American Petroleum Institute showed on Wednesday. Crude stocks at the Cushing, Oklahoma, delivery hub were down by 1.7 million barrels and U.S. crude imports fell last week by 1.5 million barrels per day (bpd) to 7.398 million bpd, according to the API. Refinery crude runs fell by 182,000 bpd, the data showed, while gasoline stocks dropped by 893,000 barrels, largely in line with analysts'' expectations in a Reuters poll. Official data from the U.S. Department of Energy''s Energy Information Administration (EIA) is scheduled to be released at 11 a.m. EST (1600 GMT) on Thursday, a day later than normal because of a holiday Monday. (Reporting by Aaron Sheldrick; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN16201W'|'2017-02-23T07:34:00.000+02:00'|1540.0|''|-1.0|'' @@ -1560,7 +1560,7 @@ 1558|'ee497a20c9de62253cba16dd7dc69479f53c95c2'|'Bondholders in Brazil''s Oi to appeal Dutch court ruling on Oi units'|'SAO PAULO Feb 10 A group of bondholders in Oi SA appealed on Friday a ruling by a Dutch court last week that refused to declare insolvent two of the Brazilian phone''s subsidiaries in the country.In an emailed statement, the International Bondholder Committee group said it "remains committed to finding a consensual solution" to restructure the debt of the two Oi subsidiaries. Both units have outstanding debt of about $6.2 billion. (Reporting by Ana Mano)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-idINE6N1DF01Y'|'2017-02-10T13:16:00.000+02:00'|1558.0|''|-1.0|'' 1559|'007480ab8998d3cd1cc54e8617353d9078329257'|'U.S. Senate expected to confirm Mnuchin as Treasury secretary'|' 6:05am GMT U.S. Senate expected to confirm Mnuchin as Treasury secretary FILE PHOTO: Steven Mnuchin testifies before a Senate Finance Committee confirmation hearing on his nomination to be Treasury secretary in Washington, U.S., January 19, 2017. REUTERS/Joshua Roberts/File Photo By David Lawder - WASHINGTON WASHINGTON The U.S. Senate is expected to confirm former Goldman Sachs banker and Hollywood financier Steven Mnuchin as Treasury secretary on Monday, returning a Wall Street veteran to the top U.S. economic and financial job for the first time in eight years. Mnuchin''s appointment to Treasury signals the Trump administration''s trust in bankers and other senior business executives after Democrat Barack Obama launched his presidency with career regulator Timothy Geithner running Treasury and a mandate to rein in Wall Street for its role in the 2007-2009 financial crisis. Democrats, who boycotted Mnuchin''s approval by the Senate Finance Committee, are expected to vote against Mnuchin. But no Republicans have declared opposition, setting the stage for a party-line 52-48 vote. The vote is set for around 7 p.m. EST (0000 GMT). Mnuchin''s focus will shift from defending his foreclosure record in the aftermath of the financial crisis to tackling major issues such as tax reform, financial services deregulation and international economic diplomacy as major trading partners fret over President Donald Trump''s "America First" strategy. Mnuchin, 54, will need to build a team of officials quickly to handle a Group of 20 finance ministers meeting in March and make decisions on how far to roll back the Dodd-Frank Wall Street reform law enacted during the Obama administration with the aim of preventing a repeat of the financial crisis. Treasury and White House representatives did not respond to requests for comment late on Sunday on a Bloomberg report that Trump would soon nominate David Malpass, a former economist at failed Wall Street bank Bear Stearns, as Treasury undersecretary for international affairs. Malpass, a Trump campaign adviser who had been leading Treasury transition efforts, was seen as a leading candidate for the job, with experience from international economic posts in the Ronald Reagan and George H.W. Bush administrations. His role at Bear Stearns could set off a new round of protests from Democrats over his forecasts in 2007 dismissing the hazards building in credit markets that fueled the U.S. housing collapse. Bear Stearns was the first major financial failure of the financial crisis in 2008. FORECLOSURE RECORD UNDER FIRE Mnuchin, who left Goldman Sachs in 2002, has come under fire over his investor group''s 2009 acquisition of another failed lender, IndyMac Bank, a deal in which the Federal Deposit Insurance Corp agreed to absorb most of the losses on IndyMac foreclosures. The bank, rebranded as OneWest, subsequently foreclosed on more than 36,000 homeowners, drawing charges from housing advocates that it was a "foreclosure machine." Mnuchin grew OneWest into Southern California''s largest lender and sold it for $3.4 billion in 2015. He has also helped finance Hollywood blockbusters such as "Avatar," "American Sniper" and this past weekend''s box office champion, "The Lego Batman Movie," which took in $55.6 million. In a last-ditch effort to derail Mnuchin''s nomination, Democratic Senator Elizabeth Warren charged on Friday that Mnuchin "flat-out lied" to senators about OneWest''s use of so-called robo-signings, a practice in which signings of court documents are automated without adequate review by bank officials. But Mnuchin, who joined Trump''s campaign as finance chairman in May 2016, has been well-received by Republicans because of his extensive finance experience. "Objectively speaking, I dont believe anyone can reasonably argue that Mr. Mnuchin is unqualified for the position," Republican Senate Finance Committee Chairman Orrin Hatch said at Mnuchin''s confirmation hearing in January. (Reporting by David Lawder; Editing by Peter Cooney) Yen '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-congress-mnuchin-idUKKBN15S0HA'|'2017-02-13T13:05:00.000+02:00'|1559.0|''|-1.0|'' 1560|'35fc2799ffedad5c78752e1b7537fc338fc59ff6'|'Hastor family says not seeking a hostile takeover of Grammer'|'Financials 51am EST Hastor family says not seeking a hostile takeover of Grammer FRANKFURT Feb 2 Bosnia''s Hastor family said its demand to replace nearly half of German automotive interiors maker Grammer''s supervisory board should not be construed as an aggressive move to gain control of the company. "Intensified supervision in the face of ... deficits should not be misunderstood as a hostile takeover," Hastor''s investment vehicle Cascade International Investment GmbH said in a statement on Thursday. The Hastor family, which controls automotive supplier Prevent that was in dispute with Volkswagen last year, has built a stake of just over 20 percent in Grammer. Grammer earlier this week rebuffed its efforts to push for an extraordinary general meeting to replace five of the company''s 12 supervisory board members, saying the demand was "completely unexpected and not comprehensible". (Reporting by Maria Sheahan; Editing by Christoph Steitz) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/grammer-ma-hastor-idUSFWN1FN0SR'|'2017-02-02T20:51:00.000+02:00'|1560.0|''|-1.0|'' -1561|'545862ac415f71d84bbf68a3b693995767ccf4d4'|'Nikkei edges up in light trading on U.S. holiday'|'TOKYO Feb 20 Japanese shares eked out small gains on Monday in a choppy session marked by low volumes as investors stayed on the sidelines with the U.S. markets closed for a holiday.The Nikkei edged up 0.1 percent to 19,251.08, after trading in the negative territory in the morning.The broader Topix rose 0.2 percent at 1,547.01, with only 1.497 billion shares changing hands, the lowest since Jan. 16. Turnover was 1.7 trillion yen, the lowest level since Dec. 20.The JPX-Nikkei Index 400 advanced 0.2 percent to 13,875.93. (Reporting by Ayai Tomisawa; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL4N1G52BK'|'2017-02-20T03:30:00.000+02:00'|1561.0|''|-1.0|'' +1561|'545862ac415f71d84bbf68a3b693995767ccf4d4'|'Nikkei edges up in light trading on U.S. holiday'|'TOKYO Feb 20 Japanese shares eked out small gains on Monday in a choppy session marked by low volumes as investors stayed on the sidelines with the U.S. markets closed for a holiday.The Nikkei edged up 0.1 percent to 19,251.08, after trading in the negative territory in the morning.The broader Topix rose 0.2 percent at 1,547.01, with only 1.497 billion shares changing hands, the lowest since Jan. 16. Turnover was 1.7 trillion yen, the lowest level since Dec. 20.The JPX-Nikkei Index 400 advanced 0.2 percent to 13,875.93. (Reporting by Ayai Tomisawa; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL4N1G52BK'|'2017-02-20T03:30:00.000+02:00'|1561.0|24.0|0.0|'' 1562|'38d2faa4216503427a27590b8722f412ea5dedf8'|'Toshiba wants funds not peers to buy chip stake-source'|'TOKYO Feb 7 Toshiba Corp wants investment funds including Bain Capital to buy a stake in its flash memory business rather than industry peers such as Micron Technology Inc because doing so will speed up the planned sale, a source said.Toshiba needs to raise funds by the end of March to offset an imminent multi-billion dollar writedown on its U.S. nuclear power business. There may not be enough time to conclude a deal with another chipmaker, said the source plan.Micron Technology, SK Hynix Inc and Toshiba''s current memory partner Western Digital Corp have submitted initial bids for a stake that Toshiba says will be less than 20 percent of its NAND flash unit, two other sources familiar with the bidding told Reuters. (Reporting by Makiko Yamazaki, Kentaro Hamada, Junko Fujita and Taiga Uranaka; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-ma-sk-hynix-funds-idINL4N1FR2XA'|'2017-02-07T01:53:00.000+02:00'|1562.0|''|-1.0|'' 1563|'e2a108118bd3ae635903531bdb8acc2a406ee106'|'Nigeria''s biggest airline Arik Air goes into receivership'|'LAGOS Feb 9 Nigeria''s Arik Air is in receivership due to its inability to pay workers and creditors, prompting the government to take control of the country''s biggest airline, state-owned "bad bank" AMCON said on Thursday.Arik, which was founded a decade ago and is now west Africa''s biggest carrier by passenger numbers, has struggled with debt amid a currency crisis in Nigeria, as customers are invoiced in naira but fuel suppliers are paid in dollars.In 2012, a central bank document showed Arik owed 85 billion naira ($279 million) to the Asset Management Corporation of Nigeria (AMCON), set up by the state in 2010 to stem a financial crisis. AMCON had taken on more than 132 billion naira of debts from 12 Nigerian airlines, including Arik."Arik Airline has been in a precarious situation largely attributable to its heavy financial debt burden, bad corporate governance ... that required immediate intervention," AMCON said in a statement.Arik declined to comment.The airline, which handles more than half of domestic air traffic in Nigeria, flies across Africa''s most populous nation and to London, New York and Johannesburg.AMCON said Arik had temporarily suspended its operation to New York and grounded more than eight other planes, adding that the airline had also suffered from non-payment of leases. AMCON said it had appointed a new team to manage Arik, supervised by a receivership manager.The airline had been planning a private share placement to raise as much as $1 billion and then a possible initial public offering in Lagos and London, its managing director said in October.Arik had wanted to expand internationally both to bring in more hard currency, as well as to cushion the impact of the economic slowdown at home, and was looking for new investors to help it grow rather than using debt.Nigeria, Africa''s biggest economy, faces its worst recession in 25 years, brought on by the fall in oil prices, which has also triggered the currency crisis.Some international carriers such as United Air Lines and Iberia have cut or stopped flights to Nigeria because those services are no longer profitable.Others have complained about the difficulty of repatriating millions of dollars worth of fares sold in naira. ($1 = 304.2500 naira) (Reporting by Oludare Mayowa and Chijioke Ohuocha; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nigeria-arik-air-bankruptcy-idINL5N1FU5TX'|'2017-02-09T12:56:00.000+02:00'|1563.0|''|-1.0|'' 1564|'760da7f7e919d7ef612cd8c6e2def68bf4309b50'|'CSX calls for special meeting of shareholders'|'Feb 14 U.S. rail operator CSX Corp said its board has called for a special meeting of its shareholders to discuss requests made by hedge fund Mantle Ridge LP, which is trying to install Hunter Harrison, outgoing chief executive of Canadian Pacific Railway Ltd as the company''s chief executive.CSX said it will allow shareholders to vote on Harrison''s proposed pay package, which is estimated to exceed $300 million. Shareholders will also be allowed to vote on Mantle Ridge''s proposal for substantial representation on the company''s board.Mantle Ridge LP, run by ex-Pershing Square Partner Paul Hilal, became a CSX shareholder recently owning less than 5 percent of the company''s stock.News of the Hilal-Harrison partnership broke on Jan. 18, when Canadian Pacific announced Harrison was leaving his CEO post early. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Bill Rigby and Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/csx-mantle-idINL4N1G000S'|'2017-02-14T22:13:00.000+02:00'|1564.0|''|-1.0|'' @@ -1572,7 +1572,7 @@ 1570|'9e39b8ee770e4f81f8bdff620445076497d18b5e'|'BRIEF-Delight Restaurant Group announces acquisition of 30 Wendy''s restaurants from The Wendy''s Company'|' 54am EST BRIEF-Delight Restaurant Group announces acquisition of 30 Wendy''s restaurants from The Wendy''s Company Feb 20 Delight Restaurant Group : * Delight Restaurant Group announces acquisition of 30 Wendy''s restaurants from The Wendy''s Company as part of the company''s previously announced system optimization initiative '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-delight-restaurant-group-announces-idUSASB0B13Y'|'2017-02-20T21:54:00.000+02:00'|1570.0|''|-1.0|'' 1571|'873cf230b22dd090767eb3b584731ebbef2339cd'|'Inside Uber: How the company attracts top talent despite its reputation 14,'|'No massages? Why Uber''s workplace is different than other tech companies Silicon Valley lures top-tier talent from all over the world. High salaries, free food and laundry on campus are just a few of the benefits. But six-year-old "startup" Uber -- valued at an estimated $68 billion -- doesn''t rely on fun, quirky perks to attract employees. In fact, despite its reputation for for long hours and a limited work-life balance, Uber has enticed some of the most brilliant minds in tech to leave cushy jobs at Google, Facebook and Twitter. The breakneck pace can be grueling, employees admit, but they say Uber offers unique opportunities: "rocket ship" growth, the chance to solve real-world problems and a culture that frees them to experiment with radical solutions in a burgeoning field. "I like to use the analogy of diamonds, which are compressed with heat and pressure for thousands of years," Uber CTO Thuan Pham told CNNTech. "Those who can actually survive and thrive from it come out as diamonds." Related: The world''s most valuable startups Uber''s San Francisco headquarters is dotted with one-year anniversary balloons tied to worker desks -- a sign that the company is adding an enormous amount of new employees. Uber now employs 10,000 full-time (non-driver) workers and operates in more than 500 cities in 70 countries. "If you''re going to leave, people do so within the first year because the pace isn''t what they expected or what they''re used to," said Neal Narayani, Uber''s head of people analytics. Reception at Uber''s San Francisco headquarters Among those who left within the first 12 months is Melanie Curtain, who worked at Uber''s Washington, D.C., office as a community manager in 2013. She compared the company''s culture to ducks swimming on a pond: seemingly calm from above and working tirelessly under water. "It wasn''t unusual to sign online and see people working after midnight and on weekends," she said. "The culture isn''t imposed; it just exists. I knew what I was getting into, but it wasn''t for me." Narayani agrees: "You have to be a bit of an adrenaline junkie to work here." He himself skydives in his free time. What''s more, people with successful backgrounds -- valedictorians and those who have always done well in their careers -- often fail, "possibly for the first times in their lives," Narayani said. Uber''s San Francisco headquarters Still, Uber can''t keep up with job applications, according to Narayani. It has a 4.2 rating on job review site Glassdoor, compared to the average company rating of 3.3. (However, drivers give Uber a 2.9 rating.) Tech companies in general maintain a high approval rate on the site: Facebook ( FB , Tech30 ) earns a 4.5 and Google ( GOOGL , Tech30 ) a 4.4. The rocket ship When CEO Travis Kalanick launched Uber in March 2009, the company faced a steep learning curve. Challenges ranged from dealing with local city regulations and hiring reliable drivers to developing a loyal rider base and scaling at an astronomical rate. Critics have also called Uber''s ethics into question. Staffers allegedly posed as Lyft customers to cancel rides and poach drivers, and an executive revealed plans to dig up personal dirt on reporters critical of Uber. More recently, a lawsuit claimed employees misused the platform to track high-profile politicians and celebrities. Travis Kalanick, cofounder and CEO of Uber But Uber''s popularity on the ground continues to grow. Although it has emerged from its DIY roots, insiders say the culture and pace have remained relatively intact since the beginning. For example, not long after Andi Pimentel -- chief of staff to chief business officer Emil Michael -- joined Uber in 2012, she was approached by Kalanick, who knew she was from Mexico City. He wanted her to help him launch there. Related: Uber CEO drops out of Trump''s advisory council Along with four colleagues, she booked a one-way ticket to Mexico City. In a sort of grassroots effort, the group explained to individual riders how Uber worked, recruited drivers and translated the app into Spanish. Mexico City soon became the company''s first Latin American market. "We are much more sophisticated now, but it''s things like this that attract people to Uber," Pimental said. "My grandmother, who can''t drive, now uses it every Sunday to go to the grocery store in Mexico City. What you work on will have a direct impact on people''s lives." When Pham, the Uber CTO, joined from cloud management firm VMware in 2013, he had one mission: Re-engineer the app''s code so it could handle extreme growth. Because the app was originally developed by engineers with only a few years of experience, the foundation wasn''t suitable for scaling quickly. "What Uber has on top of pace, speed and the cutting-edge aspect of what we do is the compressed timeline -- it forces us to learn quickly and perform at a very high level," Pham said. "A normal [year] here doesn''t compare to years somewhere else." As the company has grown, Kalanick keeps his hands in almost every department. He''s described as "an approachable leader," but Pham said he also gives autonomy to those he trusts. "[Travis] drives things really hard and has impossibly high expectations," Pham said. "But if he sees the team and an individual make progress -- and there is a history of that -- he pulls back. That is the only way a company can grow this fast." Work-life balance At Uber''s start, the company''s mostly millennial workforce wasn''t married and didn''t have children, allowing for more time in the office. That changed as the company expanded -- and grew up. Pham -- who endures a five-hour commute each day traveling to and from San Jose -- tries to make it home by 9 p.m. to see his 10-year-old daughter before bedtime. "I sometimes get back online after," said Pham, who explained his family can''t move because his wife''s medical practice is based in San Jose. "It takes a village to make it work. I take my daughter to school in the morning and my wife does the afternoon activities." An area for workers to hang out at Uber''s headuqarters Janelle Sallenave, Uber''s head of North America support operations, said her most difficult moment at the company happened this past fall, not long after the relaunch of the rider app. After she flagged the app''s slow customer service to Kalanick, the company determined the process needed to be 50 times faster. "T.K. being T.K. said, ''I totally get these issues. Let''s get it solved next week,''" she said. "It was like redesigning it from scratch. It was exhausting and exhilarating at the same time. In one week, we had to do something that would have taken four to five months to do somewhere else." Seven days later, Sallenave''s team was getting customer inquiries to the right expert within a few minutes, regardless of which office they worked in. "Uber is like dog years ... it''s a rocket ship," she said. "When we see something that could move the platform forward, we take the opportunity to do it." Sallenave will soon celebrate her first work anniversary after leaving a consulting job at Charles Schwab. Colleagues were shocked when they learned she was taking a job at Uber. Before taking the job, she discussed with her husband what the role might mean for her home life. Now, she misses dinner with her family a few times a month, but she maintains balance by focusing on work when at work, and home when at home. A conference room at Uber''s headquarters "When I''m here, I am not stopping to chit chat with a girlfriend," she said. "I wonder how much Cyber Monday was happening at Uber. Probably very little." She also discovered a different Uber on the inside. "Uber is actually warm, friendly and wonderful," she said. "It''s not an intense man cave -- that''s what people [from the outside] were telling me. These people are smart and they make me want to be smarter." Still, the most common "con" listed on Uber''s Glassdoor page is the lack of work-life balance. A former San Francisco-based Uber employee, who spoke to CNNTech on the condition of anonymity, said many engineers complained about being burned out -- and it was hard to be "off the clock" when messages rolled in late. "Uber is going through considerable growing pains as it attempts to transition from a largely decentralized company that knows how to sprint into new markets to one that''s more mature, centralized and needs to support its people better," he said. "[Travis''] libertarian ethos runs deep in the culture: Your success is largely contingent on your ability to elbow other people in the face on your way to success." Finding the right fit Uber is especially interested in hiring former entrepreneurs; it currently employs about 200. Before joining the company, Ed Baker -- VP of growth -- founded two dating sites, one of which was acquired by Facebook in 2011 for an undisclosed amount. Baker later spent two years at Facebook focused on growing competitive markets such as Japan and Russia. "I wasn''t planning to leave Facebook, but I was attracted to Uber because it''s a place for entrepreneurs to be entrepreneurs," said Baker, who met Kalanick at one of the CEO''s famous "idea jam sessions" at his home. "Uber today probably feels how Facebook felt years ago," he said. "It''s small and chaotic because we are growing so quickly and there is so much going on. You have to be comfortable with that uncertainty." Related: Uber passes Starbucks as business travelers'' no. 1 expense Uber''s offices in San Francisco To pick candidates with the right background and personality, Uber built an internal algorithm for the recruiting team that it couples with an extensive vetting process. "I like raw answers. I walk away from people who are too polished," said Komal Mangtani, director of engineering. While employees at other companies may work hard because a manager encourages them to do so, Mangtani said the mentality and approach is different at Uber. "These are real-world problems that need to be solved, whether it''s looking into a safety incident or making sure drivers get paid on time so they can pay rent," said Mangtani. Uber''s cafeteria at its San Francisco headquarters But Curtain, the early employee who left just shy of a year, said Uber''s desire to "win" in all areas included attracting and keeping talent. "Years ago, someone close to the top discussed Uber''s health care policy in a meeting," Curtain said. "He said, ''We would never want to lose talent to another company because they had better healthcare.''" "My impression wasn''t so much that it was about keeping employees healthy but about getting and maintaining the best people. Yes, they want to make sure its staff is taken care of, but they want to also win at everything." Taking it personally Despite Uber''s success, it''s never too far from controversy. Maya Choksi, senior product manager on the driver app, has seen Uber face mountains of issues since she joined in 2012. "The hardest moments [for me] involve negative media attention," she said. "[It] doesn''t feel at all reflective of what is happening at the office or what people are trying to do. The intentions can get misconstrued." Recent bad press includes an outcry over Uber''s response to Trump''s immigration ban . The company turned off surge pricing during a protest at JFK airport in New York City, a move the company said was meant to help protesters get a ride home. But many users assumed it was to capitalize on a taxi stoppage, and #DeleteUber trended widely on social media as people deleted the app from their phones. Immigration activists stage a protest against President Donald Trump''s 90-days ban of entry on 7 Muslim-majority countries in JFK airport in New York, U.S.A on January 28, 2017. Choksi said Uber''s teams take these incidents personally. Choksi cited one early example: Uber planned to charge riders a fee when drivers were kept waiting, in an effort to ensure drivers were fairly compensated. But users weren''t happy, and negative headlines followed. "Those negative moments don''t feel good," she said. "I get calls from my family saying, ''Is Uber really like this?'' And you feel like you have to defend yourself." But Choksi, like other Uber employees who shared their stories with CNNTech, said both internal and public failures aren''t looked down upon at the company. "Because we are solving problems without having other examples to look at, we are encouraged to fail fast and learn and keep tackling," Choksi said. CNNMoney (New York) 14, 2017: 10:07 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/02/14/technology/uber-corporate-culture/index.html'|'2017-02-14T17:07:00.000+02:00'|1571.0|''|-1.0|'' 1572|'0d58668956e16dcb1731e2e822b29040f4c70cbc'|'PRESS DIGEST- Financial Times - Feb 14'|'Company News - Mon Feb 13, 2017 - 7:55pm EST PRESS DIGEST- Financial Times - Feb 14 Feb 14 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines on.ft.com/2lJVw0D Overview GlaxoSmithKline Plc said its new HIV treatment would be "less harmful" than current therapies, as it unveiled clinical trial results for a two-drug cocktail designed to reduce the amount of medicine that patients must take each day. Glencore Plc announced a $960 million deal to buy Israeli billionaire Dan Gertler out of two of the mining-cum-trading company''s copper and cobalt operations in the Democratic Republic of Congo. BAE Systems Plc is set to confirm that Ian King will be succeeded as chief executive this year by Charles Woodburn, the former oil services executive hired by the defence company in 2016 as chief operating officer. The United States said Venezuelan Vice President Tareck El Aissami was an international drug trafficker who had facilitated multiple one-ton narcotics shipments to Mexico and the United States, and it froze millions of dollars worth of his U.S.-based wealth. (Compiled by Abinaya Vijayaraghavan in Bengaluru; Editing by Sandra Maler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL4N1FZ05M'|'2017-02-14T07:55:00.000+02:00'|1572.0|''|-1.0|'' -1573|'93e57de7760771d65a5232ed8a5004211c0b73b7'|'Trump issues orders to review banking law and retirement advice rule'|'Business News - Fri Feb 3, 2017 - 6:44pm GMT Trump issues orders to review banking law and retirement advice rule left right U.S. President Donald Trump speaks before signing an executive order rolling back regulations from the 2010 Dodd-Frank law on Wall Street reform at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque 1/3 left right After signing, U.S. President Donald Trump holds up an executive order rolling back regulations from the 2010 Dodd-Frank law on Wall Street reform at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque 2/3 left right U.S. President Donald Trump signs an executive order rolling back regulations from the 2010 Dodd-Frank law on Wall Street reform at the White House in Washington, U.S. February 3, 2017. REUTERS/Kevin Lamarque 3/3 By Sarah N. Lynch and Suzanne Barlyn - WASHINGTON WASHINGTON U.S. President Donald Trump on Friday ordered a review of banking regulations introduced after the 2008 financial crisis, including a review of a rule on retirement advice. Trump pledged during his campaign to replace the Dodd-Frank law introduced under the Obama administration which raised capital requirements for banks, restricted their trading by means of the "Volcker Rule", and also created the Consumer Financial Protection Bureau. A presidential order also imposed a 180-day delay on the implementation of a "fiduciary rule" for brokers offering retirement advice, according to a draft memo seen by Reuters. During that time the U.S. Labor Department is to conduct an economic and legal analysis of the regulation and rescind the rule if it is inconsistent with Trump administration priorities, according to the memo, which is not final. Originally slated to take effect in April, the rule requires brokers to act as "fiduciaries," or in their clients'' best interests, when advising them about retirement plans. The U.S. Chamber of Commerce and other trade groups are seeking to have the fiduciary rule overturned in court and a federal judge reviewing the case signalled in a court filing on Thursday that she plans to issue a decision no later than Feb. 10. Democrats and consumer rights groups say the rule is necessary to protect individuals against potential conflicts of interest that brokers may have when guiding them to invest for the future. U.S. Republicans on Friday also repealed a rule aimed at curbing corruption at oil, gas and mining companies and voted to axe emissions limits on drilling operations, part of a push to remove Obama-era regulations on the energy industry. DODD-FRANK MOVE LARGELY SYMBOLIC Trump''s order on reviewing the 2010 Dodd-Frank Wall Street reform regulations may be largely symbolic though because only Congress can rewrite the legislation, but Wall Street embraced the possibility of simpler bank regulations by pushing financial stocks up in morning trade. [.N] "The first thing that we are going to attack is regulation, over-regulation. It''s not just in the financial markets, it''s in all markets," said White House National Economic Council Director Gary Cohn on Fox Business Network on Friday. "So today you''re going to start seeing the beginning of some of our executive actions to roll back regulation in the financial services market," he said. Dodd-Frank, the biggest Wall Street regulatory overhaul in decades, set out a long list of rules intended to keep the financial system from a repeat of the 2007-2009 crisis. The rules included strict new capital standards on banks, called for annual stress tests for banks considered "too big to fail", provided more oversight of derivatives trading, and restricted trading on their own account by means of the so-called "Volcker rule". The legislation also created new consumer protection watchdog to guard against predatory lending. Analysts said Trump could make many changes without involving lawmakers, such as by appointing new personnel or simply choosing not to enforce rules already enacted. "A lot of the regulations of Dodd-Frank required a bit of a cop-on-the-beat if you will, to ensure enforcement and if you have a different cop-on-the-beat, they enforce different rules, or they enforce the rules differently," said FBR & CO financial policy analyst Edward Mills. Trump cannot fire heads of independent agencies, including the three top bank regulators: Federal Reserve Chair Janet Yellen, Comptroller of the Currency Thomas Curry, and Federal Deposit Insurance Corporation Chairman Martin Gruenberg. In addition, the terms of Melvin Watt, director of the Federal Housing Finance Agency that oversees Fannie Mae and Freddie Mac ( FM.N ), and Richard Cordray, the Consumer Financial Protection Bureau director, extend beyond the end of this year. Republican lawmakers are pushing Trump to fire Cordray, but a federal court''s decision giving him power to do so has been stayed pending appeal. Many prominent U.S. financial leaders support the Dodd-Frank law. Chicago Fed President Charles Evans said on Friday Dodd-Frank "has largely been helpful" and the stress tests have led to a banking system with "more and better capital." Republican Congressman Sean Duffy said earlier this week that House Financial Services Committee Chairman Jeb Hensarling is expected to advance his CHOICE Act legislation to weaken Dodd-Frank later this month. One Dodd-Frank provision ripe for Republican action is the "Volcker rule" that greatly restricts how banks can make bets with their own money. (Reporting by Suzanne Barlyn and Sarah N. Lynch; additional reporting by Ayesha Rascoe, Richa Naidu, Lisa Lambert and Ann Saphir; Editing by Chizu Nomiyama and Clive McKeef) Next In Business News Deutsche Boerse, LSE to offer small antitrust concessions - sources FRANKFURT Deutsche Boerse and the London Stock Exchange will offer the European Commission to make small adjustments to their combined business in the area of derivatives clearing in a bid to win antitrust approval of their planned merger, two people familiar with the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-banks-idUKKBN15I2OD'|'2017-02-04T01:44:00.000+02:00'|1573.0|''|-1.0|'' +1573|'93e57de7760771d65a5232ed8a5004211c0b73b7'|'Trump issues orders to review banking law and retirement advice rule'|'Business News - Fri Feb 3, 2017 - 6:44pm GMT Trump issues orders to review banking law and retirement advice rule left right U.S. President Donald Trump speaks before signing an executive order rolling back regulations from the 2010 Dodd-Frank law on Wall Street reform at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque 1/3 left right After signing, U.S. President Donald Trump holds up an executive order rolling back regulations from the 2010 Dodd-Frank law on Wall Street reform at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque 2/3 left right U.S. President Donald Trump signs an executive order rolling back regulations from the 2010 Dodd-Frank law on Wall Street reform at the White House in Washington, U.S. February 3, 2017. REUTERS/Kevin Lamarque 3/3 By Sarah N. Lynch and Suzanne Barlyn - WASHINGTON WASHINGTON U.S. President Donald Trump on Friday ordered a review of banking regulations introduced after the 2008 financial crisis, including a review of a rule on retirement advice. Trump pledged during his campaign to replace the Dodd-Frank law introduced under the Obama administration which raised capital requirements for banks, restricted their trading by means of the "Volcker Rule", and also created the Consumer Financial Protection Bureau. A presidential order also imposed a 180-day delay on the implementation of a "fiduciary rule" for brokers offering retirement advice, according to a draft memo seen by Reuters. During that time the U.S. Labor Department is to conduct an economic and legal analysis of the regulation and rescind the rule if it is inconsistent with Trump administration priorities, according to the memo, which is not final. Originally slated to take effect in April, the rule requires brokers to act as "fiduciaries," or in their clients'' best interests, when advising them about retirement plans. The U.S. Chamber of Commerce and other trade groups are seeking to have the fiduciary rule overturned in court and a federal judge reviewing the case signalled in a court filing on Thursday that she plans to issue a decision no later than Feb. 10. Democrats and consumer rights groups say the rule is necessary to protect individuals against potential conflicts of interest that brokers may have when guiding them to invest for the future. U.S. Republicans on Friday also repealed a rule aimed at curbing corruption at oil, gas and mining companies and voted to axe emissions limits on drilling operations, part of a push to remove Obama-era regulations on the energy industry. DODD-FRANK MOVE LARGELY SYMBOLIC Trump''s order on reviewing the 2010 Dodd-Frank Wall Street reform regulations may be largely symbolic though because only Congress can rewrite the legislation, but Wall Street embraced the possibility of simpler bank regulations by pushing financial stocks up in morning trade. [.N] "The first thing that we are going to attack is regulation, over-regulation. It''s not just in the financial markets, it''s in all markets," said White House National Economic Council Director Gary Cohn on Fox Business Network on Friday. "So today you''re going to start seeing the beginning of some of our executive actions to roll back regulation in the financial services market," he said. Dodd-Frank, the biggest Wall Street regulatory overhaul in decades, set out a long list of rules intended to keep the financial system from a repeat of the 2007-2009 crisis. The rules included strict new capital standards on banks, called for annual stress tests for banks considered "too big to fail", provided more oversight of derivatives trading, and restricted trading on their own account by means of the so-called "Volcker rule". The legislation also created new consumer protection watchdog to guard against predatory lending. Analysts said Trump could make many changes without involving lawmakers, such as by appointing new personnel or simply choosing not to enforce rules already enacted. "A lot of the regulations of Dodd-Frank required a bit of a cop-on-the-beat if you will, to ensure enforcement and if you have a different cop-on-the-beat, they enforce different rules, or they enforce the rules differently," said FBR & CO financial policy analyst Edward Mills. Trump cannot fire heads of independent agencies, including the three top bank regulators: Federal Reserve Chair Janet Yellen, Comptroller of the Currency Thomas Curry, and Federal Deposit Insurance Corporation Chairman Martin Gruenberg. In addition, the terms of Melvin Watt, director of the Federal Housing Finance Agency that oversees Fannie Mae and Freddie Mac ( FM.N ), and Richard Cordray, the Consumer Financial Protection Bureau director, extend beyond the end of this year. Republican lawmakers are pushing Trump to fire Cordray, but a federal court''s decision giving him power to do so has been stayed pending appeal. Many prominent U.S. financial leaders support the Dodd-Frank law. Chicago Fed President Charles Evans said on Friday Dodd-Frank "has largely been helpful" and the stress tests have led to a banking system with "more and better capital." Republican Congressman Sean Duffy said earlier this week that House Financial Services Committee Chairman Jeb Hensarling is expected to advance his CHOICE Act legislation to weaken Dodd-Frank later this month. One Dodd-Frank provision ripe for Republican action is the "Volcker rule" that greatly restricts how banks can make bets with their own money. (Reporting by Suzanne Barlyn and Sarah N. Lynch; additional reporting by Ayesha Rascoe, Richa Naidu, Lisa Lambert and Ann Saphir; Editing by Chizu Nomiyama and Clive McKeef) Next In Business News Deutsche Boerse, LSE to offer small antitrust concessions - sources FRANKFURT Deutsche Boerse and the London Stock Exchange will offer the European Commission to make small adjustments to their combined business in the area of derivatives clearing in a bid to win antitrust approval of their planned merger, two people familiar with the matter said.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-banks-idUKKBN15I2OD'|'2017-02-04T01:44:00.000+02:00'|1573.0|26.0|0.0|'' 1574|'9bc49675d2ae9e6d32d65da330c98f0c11540572'|'Ansell says sale of condom business is progressing, posts flat profit'|'SYDNEY Australian rubber products maker Ansell Ltd ( ANN.AX ) said on Monday it had received several expressions of interest for its condom business, as it reported flat profits for the half-year ended Dec. 31.Ansell in August flagged the possible sale of its profitable condom-making business, sending shares soaring, despite an earnings hit then from foreign exchange fluctuations."We have received multiple expressions of interest with several parties now advancing in a process supported by Goldman Sachs," Ansell Chairman Glenn Barnes said in a statement.Half-year profit was $69.8 million, Ansell said on Monday in a statement to the Australian Securities Exchange. That compared with $69.6 million previously. Earnings per share were 47.7c, tracking slightly behind full-year guidance of between $1 and $1.12, although the company reaffirmed that guidance.The company declared an interim dividend of 20.25c, edging higher than 20c a year ago.The company reports in U.S. dollars, so all figures are in that currency.(Reporting by Tom Westbrook; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ansell-ltd-results-idINKBN15R110'|'2017-02-12T19:32:00.000+02:00'|1574.0|''|-1.0|'' 1575|'24e250bc5d4682d8959f134b2cb07ba658305174'|'Italy''s Stefanel in talks to cede majority stake to Oxy, Attestor'|'MILAN Feb 17 Struggling Italian clothing company Stefanel said on Friday it was in talks with private equity funds Oxy Capital and Attestor Capital over a deal that would hand them majority ownership of the group.In a statement, the company said that its creditor banks had raised no objections so far to a possible deal, although an agreement had not been finalised yet. The banks would also become shareholders in the company through a debt-to-equity swap, it said.The fashion group accumulated over 170 million euros 181 million) in losses over the last decade while attempting to reach out to mid-range clients while surviving competition from high-street brands like H&M and ITX.MC.Stefanel said the accord would only go through if the Italian market watchdog would lift Oxy Capital and Attestor Capital from having to launch a full takeover bid on the Treviso-based company. ($1 = 0.9397 euros) (Reporting by Giulia Segreti, editing by Silvia Aloisi)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/italy-stefanel-investors-idUSI6N1FU000'|'2017-02-17T14:51:00.000+02:00'|1575.0|''|-1.0|'' 1576|'8d17d639c4d34b9944329b89d5053157ed034cd5'|'Late-2016 pick up sees Julius Baer hit asset goal'|'By Joshua Franklin - ZURICH ZURICH Swiss private bank Julius Baer ( BAER.S ) hit the bottom of its target range for attracting cash from wealthy clients in 2016, providing some relief to investors after larger rival UBS ( UBSG.S ) suffered withdrawals at the end of the year.Wealthy clients have been pulling billions of dollars out of banks to take part in tax amnesty programs and register previously undeclared assets.These programs, which have spread from western Europe to Latin America and Asia, resulted in a net outflow of assets in the fourth quarter at UBS, the world''s biggest private bank.But Baer said on Wednesday it had attracted 12 billion Swiss francs ($12.1 billion) in net new money in 2016, up 4 percent on the year before and at the bottom end of its 4-6 percent medium-term target range. After 10 months of last year, the bank had said growth was "close to" 4 percent.Net new money is a closely watched indicator of future earnings in private banking. Overall, Baer''s assets under management reached 336 billion francs in 2016.The Zurich-based bank posted 2016 adjusted net profit of 705.5 million francs, ahead of the average estimate of 679 million in a Reuters poll. Net profit under IFRS accounting standards was 619 million francs.Analysts said the bank''s gross margin of 91 basis points compared favorably with UBS."The solid gross margin reading is particularly noteworthy, since the peer UBS''s WM (wealth management) unit has disappointed on that metric in both 3Q and 4Q," Baader Helvea analyst Tomasz Grzelak wrote in a note. He rates Baer shares as a "buy".At 1211 GMT, the shares were up 1.1 percent, slightly higher than the European banking sector index .SX7P.After making a string of acquisitions in the recent years, Baer mostly focused in 2016 on hiring relationship managers (RMs), or private bankers, to attract new clients, adding a net 116 RMs. The bank expects to hire around 80 RMs per year.There is a typical lag of around 18 months for a new private banker to break even, but Baer expects its recruitment drive to pay dividends."With this number we expect to be well within our target net new money range in the years to come," Chief Executive Boris Collardi said in a call with reporters.The bank said it would propose a dividend of 1.20 francs per share, compared with 1.10 francs last year.(Editing by Michael Shields and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-julius-baer-results-capital-idINKBN15G40K'|'2017-02-01T09:57:00.000+02:00'|1576.0|''|-1.0|'' @@ -1588,7 +1588,7 @@ 1586|'c065300f84ef247bae77f4343e27f6f57e701394'|'Nokia offers to buy Comptel for $370 million'|'HELSINKI Finnish telecoms network equipment maker Nokia ( NOKIA.HE ) said on Thursday it is seeking to buy company Comptel ( CTL1V.HE ) for about 347 million euros ($370 million) to expand its software services business.Nokia and its rivals, Sweden''s Ericsson ( ERICb.ST ) and China''s Huawei [HWT.UL] have struggled recently as demand for faster 4G mobile broadband equipment has peaked and the move to the next-generation 5G networks are still years away.Nokia said its customers were now turning to software to make their networks more intelligent."The planned acquisition is part of Nokia''s strategy to build a standalone software business at scale by expanding and strengthening its software portfolio and go-to-market capabilities with additional sales capacity and a strategic partner network," Nokia said in a statement.The cash offer, 3.04 euros per share, represents a premium of 29 percent compared with Comptel''s last closing price.Comptel, which had sales of about 100 million euros in 2016, said its board of directors, and shareholders that hold about 48 percent of the shares backed the offer.Last year, Nokia bought Franco-American group Alcatel-Lucent in a 15.6 billion-euro all-share deal and is cutting thousands of jobs as it seeks to reduce annual costs by 1.2 billion euros ($1.3 billion) by 2018.(Reporting by Jussi Rosendahl; Editing by Terje Solsvik, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-comptel-m-a-nokia-idINKBN15O0OT'|'2017-02-09T04:43:00.000+02:00'|1586.0|''|-1.0|'' 1587|'c8f1eae88072191a1d86d38191d0096542b02c6f'|'Norway oil directorate authorises Ormen Lange plant expansion'|'Company News - Fri Feb 10, 2017 - 2:53am EST Norway oil directorate authorises Ormen Lange plant expansion Feb 10 Shell and partners will be able to expand the plant processing gas from the giant Ormen Lange field off Norway, the Norwegian oil directorate said on Friday. The decision, which had been expected, paves the way for increasing the plant''s export capacity to 84 million standard cubic metres per day from 70 million today. Ormen Lange can provide up to 40 percent of Britain''s gas needs. (Reporting by Gwladys Fouche, editing by Camilla Knudsen) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSO9N17B02G'|'2017-02-10T14:53:00.000+02:00'|1587.0|''|-1.0|'' 1588|'701bcca1c782e317f518d8356f171ee261f5d581'|'Motor racing-Brawn to meet teams, says there''s no quick fix for F1'|'Company 13am EST Motor racing-Brawn to meet teams, says there''s no quick fix for F1 By Alan Baldwin - LONDON LONDON Feb 17 Liberty Media wants to steer Formula One towards a "better place" but there are no quick fixes for the sport''s evident problems, newly-appointed motorsport head Ross Brawn has said ahead of talks with teams. "There are some straightforward issues that we recognise, but the solutions are going to take some time," the former Honda, Brawn GP and Mercedes team principal, who was Ferrari technical director before that, told BBC radio. The 62-year-old Briton, appointed as managing director for motorsport after Liberty''s Formula One takeover last month, said the teams, governing FIA and commercial rights holder all had their own priorities. "The commercial rights holder...is going to also focus on making the show as good as it can be and the entertainment and the sport as good as it can be," said Brawn, who will attend the first pre-season test in Barcelona at the end of the month. "Every decision that''s going to be made in the future...all have to tick some boxes and those boxes will be ''does it make the sport better? Does it make it more entertaining? Does it make it more economic?''." Brawn said he was confident the sport would be steered in the right direction ultimately. Liberty Media says it wants better marketing and digital growth identified as clear priorities along with expansion in the Americas. The 10 teams, FIA and commercial rights holders are locked into contractual agreements that govern the distribution of revenues, and grant special payments to some of the biggest teams like Ferrari and Mercedes, until 2020. Liberty wants a more level playing field, with a more competitive grid that would give smaller teams a chance. "I think the message is that we are fighting the corner to make the sport as entertaining and as viable and as economic as we can for the future," said Brawn. "I hope with the continued pressure that we can apply, we can steer the sport into a better place." Brawn said he would continue talks with teams at the Circuit de Catalunya from Feb. 27. "The teams I have spoken to have been very positive about the changes, and very optimistic about the future," he said. "So it''s encouraging." Formula One has already revamped the rules for 2017, with bigger tyres and changed aerodynamics that should make the cars more aggressive, harder to handle and quicker through the corners. (Reporting by Alan Baldwin, editing by Jon Boyle) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/motor-f1-brawn-idUSL4N1G23F6'|'2017-02-17T19:13:00.000+02:00'|1588.0|''|-1.0|'' -1589|'7298a0f08ff39941338274b0c1fbfaabaff99f42'|'Trump protectionism puts question mark over German export forecast - BGA'|'Business News - Tue Feb 7, 2017 - 9:46am GMT Trump protectionism puts question mark over German export forecast - BGA U.S. President Donald Trump walks from Marine One upon his return to the White House in Washington February 6, 2017. REUTERS/Kevin Lamarque BERLIN German exports could grow less than expected this year due to the threat of protectionism under U.S. President Donald Trump, the head of the BGA trade and wholesale association said on Tuesday. Anton Boerner said in Berlin that Trump''s first actions in office were "alarming" and that his protectionist agenda was posing a threat to both the U.S. and German economies. "There is much as stake for us due to the close economic links between our country and the United States," Boerner said, adding Trump''s protectionism was adding to a long list of trade-related risks, including Britain''s decision to leave the European Union and the development of the euro zone debt crisis. Therefore, there is a "big question mark" over BGA''s export growth forecast of 2.5 percent in 2017, Boerner added. It sees exports hitting a new record of 1.235 billion euros (1.06 billion) this year. (Reporting by Michael Nienaber; Editing by Madeline Chambers) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-trade-idUKKBN15M0VG'|'2017-02-07T16:46:00.000+02:00'|1589.0|''|-1.0|'' +1589|'7298a0f08ff39941338274b0c1fbfaabaff99f42'|'Trump protectionism puts question mark over German export forecast - BGA'|'Business News - Tue Feb 7, 2017 - 9:46am GMT Trump protectionism puts question mark over German export forecast - BGA U.S. President Donald Trump walks from Marine One upon his return to the White House in Washington February 6, 2017. REUTERS/Kevin Lamarque BERLIN German exports could grow less than expected this year due to the threat of protectionism under U.S. President Donald Trump, the head of the BGA trade and wholesale association said on Tuesday. Anton Boerner said in Berlin that Trump''s first actions in office were "alarming" and that his protectionist agenda was posing a threat to both the U.S. and German economies. "There is much as stake for us due to the close economic links between our country and the United States," Boerner said, adding Trump''s protectionism was adding to a long list of trade-related risks, including Britain''s decision to leave the European Union and the development of the euro zone debt crisis. Therefore, there is a "big question mark" over BGA''s export growth forecast of 2.5 percent in 2017, Boerner added. It sees exports hitting a new record of 1.235 billion euros (1.06 billion) this year. (Reporting by Michael Nienaber; Editing by Madeline Chambers) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-trade-idUKKBN15M0VG'|'2017-02-07T16:46:00.000+02:00'|1589.0|20.0|0.0|'' 1590|'c16a0083813600f5fe44bde5ca1ec9184df245b4'|'U.S. judge says Trump order could impact HSBC executive''s UK trip'|'Business News - Wed Feb 8, 2017 - 8:29pm GMT U.S. judge says Trump order could impact HSBC executive''s UK trip FILE PHOTO -- Mark Johnson, a British citizen who at the time of his arrest was HSBC''s global head of foreign exchange cash trading, exits following a hearing at the U.S. Federal Court in Brooklyn, New York, U.S., August 29, 2016. REUTERS/Brendan McDermid/File Photo By Nate Raymond - NEW YORK NEW YORK A federal judge in Brooklyn on Wednesday signalled that President Donald Trump''s stance on immigration may justify rejecting a HSBC Holdings Plc executive''s request to return to England while awaiting a U.S. trial on fraud charges. Mark Johnson, a British citizen who at the time of his arrest in July was HSBC''s global head of foreign exchange cash trading, had been allowed to return to England from December to January, and sought permission to travel there again in March. But U.S. District Judge Nicholas Garaufis said that while he would prefer to let Johnson visit his wife and five children, the current environment might complicate his return. The judge cited Trump''s Jan. 27 order temporarily banning entry to people from seven Muslim-majority countries, which is now being reviewed by the San Francisco-based 9th U.S. Circuit Court of Appeals. "My problem is I don''t know what is going on down in Washington," Garaufis said. Trump, a Republican who took office on Jan. 20, has defended the directive as necessary to prevent attacks by Islamist militants. Under a plan proposed by Johnson''s lawyer, Garaufis would order his bail to be extended to include the United Kingdom, and Johnson would seek a type of visa he has used before to allow for his return. During a hearing that sometimes drew laughter in the courtroom, Garaufis said would wait for a 9th Circuit ruling before deciding Johnson''s bail conditions. He said countries such as the United Kingdom, which he said has a "large suspect population," could be added to Trump''s list of targeted countries, perhaps preventing Johnson''s return to face the U.S. government''s case. "We''re in an extremely volatile situation in terms of immigration," Garaufis said. "We just don''t know." Prosecutors said Johnson and another executive, Stuart Scott, in 2011 misused information from a client that hired HSBC to convert $3.5 billion to British pounds in connection with a planned sale of the client''s foreign subsidiaries. The executives then used their insider knowledge to trade ahead of the transaction, causing a spike in the price of the currency that hurt the client, prosecutors said. Johnson has pleaded not guilty to conspiracy and wire fraud charges. Prosecutors have said they plan to seek Scott''s extradition from the United Kingdom. The case is U.S. v. Johnson et al, U.S. District Court, Eastern District of New York, No. 16-cr-00457. (Reporting by Nate Raymond in New York; Editing by Marguerita Choy) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hsbc-usa-crime-idUKKBN15N2KD'|'2017-02-09T03:29:00.000+02:00'|1590.0|''|-1.0|'' 1591|'eed37f4c6db1a33c7e933f88ed0de6f905cbcb4a'|'Copper jumps on trader talk of force majeure at Escondida'|' 17pm GMT Copper jumps on trader talk of force majeure at Escondida A sign adorns the building where mining company BHP Billiton has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File photo LONDON Copper prices on the London Metal Exchange jumped on Friday to their highest level since June 2015, on talk of BHP Billiton ( BLT.L ) ( BHP.AX ) declaring force majeure on shipments from its Escondida mine in Chile, traders said. Benchmark copper CMCU3 rose 4 percent to a session high of $6,056 a tonne. It was trading at $6,042 a tonne at 1451 GMT. A BHP spokesman said he was unable to immediately confirm that force majeure had been declared. (Reporting by Peter Hobson and Pratima Desai) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-copper-escondida-bhp-idUKKBN15P1VT'|'2017-02-10T22:17:00.000+02:00'|1591.0|''|-1.0|'' 1592|'61d8cc1caa3bf58be44fc83f5d53f73d4cb6d854'|'Serco''s full-year trading profit falls 14 percent, outlook unchanged'|'Global Energy 42am GMT Serco''s full-year trading profit falls 14 percent, outlook unchanged A Serco flag is seen flying alongside a Union flag outside Doncaster Prison in northern England in this December 13, 2011 file photograph. REUTERS/Darren Staples/Files EDINBURGH British outsourcer Serco SRL.L posted a 14 percent fall in underlying trading profit to 82 million pounds ($102 million) in the year to December, meeting targets as it emerges from an overhaul. Order intake was up 40 percent in the year, giving a glimpse of better things to come, while the pipeline of larger new bid opportunities ended the year at 8.4 billion pounds, up 30 percent. Serco, which provides transport, health, justice, defence and security services in public departments and gets half of its revenues from the UK, left its 2017 outlook unchanged versus an update given in December. "Our guidance is for margins to reduce in 2017, but we would expect to show some modest improvement year-on-year in 2018," the company said on Wednesday. Revenues from continuing operations fell to 3.01 billion pounds, in line with forecasts, as Serco continued to whittle down its portfolio to concentrate on those which make money. Serco also estimated closing net debt at end 2017 could increase to between 150 million pounds and 200 million pounds. UK outsourcers have been suffering delays in contracting decisions in public departments as government officials concentrate on steering Britain out of the European Union and developing new policy. ($1 = 0.8004 pounds) (Reporting by Elisabeth O''Leary, Editing by Paul Sandle) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-serco-results-idUKKBN1610OS'|'2017-02-22T14:42:00.000+02:00'|1592.0|''|-1.0|'' @@ -1633,7 +1633,7 @@ 1631|'94b3c050803fbcd57c9088857fb27e163ef82cf3'|'Hotelier M&C rooms revenue hit as militant attacks, competition bite'|'Business News 30am GMT Hotelier M&C rooms revenue hit as militant attacks, competition bite Millennium & Copthorne Hotels ( MLC.L ) said on Friday rooms revenue fell in 2016 as militant attacks across Europe hurt tourism, while more rooms in major cities and increased competition from non-traditional services hit business elsewhere. Hoteliers are facing rising competition from online holiday rental startups such as Airbnb, just as there has been an increase in supply of rooms in major cities. Additionally, attacks in Europe have hurt travel demand. The operator of the Millennium, Grand Millennium, Copthorne and Kingsgate hotels said revenue per available room (RevPar), a key industry measure, fell 2.3 percent in constant currency terms in the year ended Dec. 31. M&C said the London business was impacted by the Paris attacks of November 2015 and reduced corporate business travel in the second half of the year. The hotelier said its New York business was hit by refurbishment to a hotel tower, while corporate business at its Singapore unit was dampened by shorter average length of customer stay and a rate strategy that was not well suited to market conditions. RevPar, however, increased by 6.6 percent on a reported basis, boosted by a fall in the value of sterling GBP= against major currencies following the June 23 Brexit vote. Full-year revenue grew 9.3 percent to 926 million pounds ($1.16 billion), it said, while pretax profit fell marginally to 108 million pounds. M&C also said Tan Kian Seng, who joined as interim president of Asia in October, would take charge as interim group chief executive officer from March 1 following current head Aloysius Lee''s retirement at the end of this month. M&C, majority-owned by Singaporean businessman Kwek Leng Beng''s property company, has focused on expanding into "gateway cities" such as London, Singapore and New York. ($1 = 0.8008 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Biju Dwarakanath) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mill-cop-hotels-results-idUKKBN15W0QO'|'2017-02-17T15:30:00.000+02:00'|1631.0|''|-1.0|'' 1632|'18c722bb71af4d31bc00395f1cb454977232533d'|'Italy busts crime ring that laundered 300,000 euros in gold per week'|'Business News - Tue Feb 14, 2017 - 5:04pm GMT Italy busts crime ring that laundered 300,000 euros in gold per week ROME Italy arrested 11 people for running an international gold laundering ring on Tuesday that melted down and sold some 300,000 euros (255,146.68 pounds) worth of the stolen metal each week, Italian finance police said. They were accused of buying and reselling stolen goods. Police in Italy, Hungary and Slovenia also searched about 60 homes and businesses. Police picked up one of the group''s leaders, who was not named, at the Italy-Slovenia border carrying 200,000 euros in cash obtained by selling stolen gold, finance police official Filippo Ivan Bixio told Reuters. The group, which was based in the northern industrial city of Turin, bought stolen objects from a network of contacts, paying them in cash at a discount of about 30 percent compared with market prices, Bixio said. A company set up in Budapest issued fake purchase receipts without ever taking possession of the gold. It then sold the precious metal to the countries'' largest jewellers at market prices. The Italian companies paid the Hungarian company by bank transfer, so each week one of the group''s leaders drove from Turin to Budapest to pick up 200,000 to 300,000 euros in cash to pay for more stolen gold. "They paid their suppliers in cash," Bixio said. "Then they melted it down into small bars and sold it to Italy''s three or four top buyers, who thought they were buying gold from Hungary, but in reality it was Italian." During the investigation, police documented the purchase of 750 kg (1,700 lb) and the laundering of some 25 million euros in stolen gold, police said. Eurojust, the European Union''s judicial cooperation agency, helped Italian authorities coordinate the operation with their counterparts in Hungary and Slovenia. (Reporting by Steve Scherer; Editing by Alison Williams) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-crime-gold-idUKKBN15T2A1'|'2017-02-15T00:04:00.000+02:00'|1632.0|''|-1.0|'' 1633|'eb645df3258ea09966ff45b7f44f7f2f28504e63'|'Canada''s MacDonald Dettwiler to buy DigitalGlobe: Dow Jones'|'Canadian satellite company MacDonald Dettwiler and Associates Ltd ( MDA.TO ) is in talks to buy U.S.-based DigitalGlobe Inc ( DGI.N ) for about $2 billion to $3 billion, Dow Jones reported, citing sources.Financial conditions of the deal couldn''t be learned and it is also possible that talks might fall apart before a decision is reached, the Dow Jones report said.Shares of satellite imagery provider DigitalGlobe were up 20 percent at a near three-year high of $35.90. The company has a market value of about $1.84 billion.DigitalGlobe''s services are used by companies such Facebook Inc ( FB.O ), Uber Technologies Inc [UBER.UL] and U.S. defense contractor Harris Corp ( HRS.N ).MacDonald Dettwiler''s shares were down 1.5 percent at C$72.31 on the Toronto Stock Exchange.(Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-digitalglobe-m-a-macdonald-dettwiler-idUSKBN15W2AJ'|'2017-02-18T00:02:00.000+02:00'|1633.0|''|-1.0|'' -1634|'8677b1ba5f2a2d7bae91f5ec18b942e573195d44'|'Exclusive: China mulls radical steps targeting metals, coal in war on smog - document'|'Commodities 36am EST Exclusive: China mulls radical steps targeting metals, coal in war on smog - document left right FILE PHOTO: People walk along a village road on a polluted day after the Chinese Lunar New Year holidays on the outskirts of Langfang, Hebei province, China, February 3, 2017. REUTERS/Jason Lee/File Photo 1/2 left right FILE PHOTO: Residential buildings under construction are pictured on a polluted day after the Chinese Lunar New Year holidays on the outskirts of Langfang, Hebei province, China, February 3, 2017. REUTERS/Jason Lee/File Photo 2/2 By Meng Meng and Josephine Mason - BEIJING BEIJING China is considering forcing steel and aluminum producers to cut more output, banning coal in one of the country''s top ports and shutting some fertilizer and drug plants as Beijing intensifies its war on smog, a draft policy document shows. The Ministry of Environmental Protection (MEP) has proposed the measures in a draft policy document seen by Reuters. If implemented, they would be some of the most radical steps so far to tackle air quality in the country''s most polluted cities. The move comes after China''s northeast has battled some of the worst pollution in years as emissions from heavy industry, coal burning in winter and increased transport have left major cities including Beijing blanketed in thick smog. The document outlines plans to cut steel and fertilizer capacity by at least half and aluminum capacity by at least 30 percent in 28 cities across five regions during the winter heating season, which normally lasts from late November to late February. By July, it would stop Tianjin, one of the nation''s busiest ports, handling coal, with shipments diverted to Tangshan, 130 kms (80 miles) to the north. Last year, the port accounted for 17 percent of China''s coal imports. By September, ports in Hebei province would not be allowed to use trucks to carry coal from railways to ships. A source with direct knowledge of the proposal said the environmental watchdog has distributed the draft to seek opinion from relevant local governments and companies. The Ministry declined to comment on the draft. The Ministry of Transportation did not respond to requests for comment. It''s not known when the Ministry expects to decide on whether to implement the plan, one of the most extreme since the government launched its offensive on pollution three years ago. If introduced, the steps would likely add further fuel to rallies in aluminum, steel and coal prices, which have been buoyed by China''s efforts to shut excess capacity and clean up polluting sectors. Still, prolonged cuts in capacity will reignite worries about demand for raw materials like iron ore. They will also cause major upheaval for utilities, miners and traders, as they seek alternative routes for their coal. The five regions affected are Beijing, the port city of Tianjin and the neighboring province of Hebei, as well as Shandong, Shanxi and Henan. Located along China''s east coast, they are some of the top steel and coal producing regions, as well as among the most populated and most plagued by smog. The Ministry also plans to close pesticide and pharmaceutical factories and fertilizer plants that use urea unless the chemicals and drugs are critically needed for the population, according to the document. The news comes as the country''s northern regions braces for more heavy smog this week. On Monday, state media reported Chinese cities that sit on three pollution "highways" have been told to coordinate efforts to reduce emissions. (Reporting by Meng Meng and Josephine Mason; Editing by Richard Pullin) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-pollution-idUSKBN15S0ET'|'2017-02-13T12:27:00.000+02:00'|1634.0|''|-1.0|'' +1634|'8677b1ba5f2a2d7bae91f5ec18b942e573195d44'|'Exclusive: China mulls radical steps targeting metals, coal in war on smog - document'|'Commodities 36am EST Exclusive: China mulls radical steps targeting metals, coal in war on smog - document left right FILE PHOTO: People walk along a village road on a polluted day after the Chinese Lunar New Year holidays on the outskirts of Langfang, Hebei province, China, February 3, 2017. REUTERS/Jason Lee/File Photo 1/2 left right FILE PHOTO: Residential buildings under construction are pictured on a polluted day after the Chinese Lunar New Year holidays on the outskirts of Langfang, Hebei province, China, February 3, 2017. REUTERS/Jason Lee/File Photo 2/2 By Meng Meng and Josephine Mason - BEIJING BEIJING China is considering forcing steel and aluminum producers to cut more output, banning coal in one of the country''s top ports and shutting some fertilizer and drug plants as Beijing intensifies its war on smog, a draft policy document shows. The Ministry of Environmental Protection (MEP) has proposed the measures in a draft policy document seen by Reuters. If implemented, they would be some of the most radical steps so far to tackle air quality in the country''s most polluted cities. The move comes after China''s northeast has battled some of the worst pollution in years as emissions from heavy industry, coal burning in winter and increased transport have left major cities including Beijing blanketed in thick smog. The document outlines plans to cut steel and fertilizer capacity by at least half and aluminum capacity by at least 30 percent in 28 cities across five regions during the winter heating season, which normally lasts from late November to late February. By July, it would stop Tianjin, one of the nation''s busiest ports, handling coal, with shipments diverted to Tangshan, 130 kms (80 miles) to the north. Last year, the port accounted for 17 percent of China''s coal imports. By September, ports in Hebei province would not be allowed to use trucks to carry coal from railways to ships. A source with direct knowledge of the proposal said the environmental watchdog has distributed the draft to seek opinion from relevant local governments and companies. The Ministry declined to comment on the draft. The Ministry of Transportation did not respond to requests for comment. It''s not known when the Ministry expects to decide on whether to implement the plan, one of the most extreme since the government launched its offensive on pollution three years ago. If introduced, the steps would likely add further fuel to rallies in aluminum, steel and coal prices, which have been buoyed by China''s efforts to shut excess capacity and clean up polluting sectors. Still, prolonged cuts in capacity will reignite worries about demand for raw materials like iron ore. They will also cause major upheaval for utilities, miners and traders, as they seek alternative routes for their coal. The five regions affected are Beijing, the port city of Tianjin and the neighboring province of Hebei, as well as Shandong, Shanxi and Henan. Located along China''s east coast, they are some of the top steel and coal producing regions, as well as among the most populated and most plagued by smog. The Ministry also plans to close pesticide and pharmaceutical factories and fertilizer plants that use urea unless the chemicals and drugs are critically needed for the population, according to the document. The news comes as the country''s northern regions braces for more heavy smog this week. On Monday, state media reported Chinese cities that sit on three pollution "highways" have been told to coordinate efforts to reduce emissions. (Reporting by Meng Meng and Josephine Mason; Editing by Richard Pullin) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-pollution-idUSKBN15S0ET'|'2017-02-13T12:27:00.000+02:00'|1634.0|20.0|0.0|'' 1635|'6edcbeba1cb2e9d39e82cb2ee90d480c007bb617'|'Just as neoliberalism is finally on its knees, so too is the left - Josh Bornstein'|'Friday 24 February 2017 19.30 GMT Last modified on Friday 24 February 2017 19.32 GMT T he 10th anniversary of the global financial crisis looms this year, which means its almost a decade since neoliberal economics began to fall apart. The crisis spawned a global recession, the near collapse of global finance and the subsequent eurozone crisis as governments incurred huge debts amid efforts to rescue the hapless banking industry. The then Australian prime minister, Kevin Rudd , observed in the immediate aftermath: The current crisis is the culmination of a 30-year domination of economic policy by a free-market ideology that has been variously called neoliberalism, economic liberalism, economic fundamentalism, Thatcherism or the Washington consensus. The central thrust of this ideology has been that government activity should be constrained, and ultimately replaced, by market forces. The global recession that followed was the worst in 70 years and its effects continue to be felt in many developed countries. Australia was one of the fortunate few to avoid a recession, thanks to enormous government-funded stimulus packages and the continuation of an unprecedented mining boom. Nevertheless, economic activity has been sluggish ever since, job growth has stalled, wage growth has collapsed and inequality is on the rise. We are unlikely to spot next financial crisis, Bank of England official says Read more And yet in 2017, just as neoliberalism is on its knees, so too is the left. It matters not whether we are describing social democrats, socialists, the hard left or the moderate left. A swath of populist extreme rightwing forces is sweeping through many developed countries. Europe now resembles a graveyard for social democracy. How did it come to this? First and foremost, there is incompetence. Neoliberal economics, a creation of the right and embraced to varying degrees by social democrats, has dominated western politics for nigh on four decades. Its mantras of deregulation, privatisation and cutting tax for the wealthy and corporations have been exhausted, if not discredited. There are only so many assets that can be privatised and, as the head of the Australian Competition and Consumer Commission, Rod Sims, has noted, replacing a public-sector monopoly with a private-sector monopoly has simply driven up prices . The fetish for deregulation and tax cutting has caused immense harm for consumers, for workers and for governments seeking to provide services demanded of them but hampered by inadequate revenue. It is not just Pope Francis who has called for major reform of the economic system. The World Economic Forum, which met in January, advocated fundamental reforms to market capitalism to tackle inequality. In doing so, it echoed statements of the International Monetary Fund and World Bank, formerly strong advocates of the neoliberal agenda. Neoliberalism the ideology at the root of all our problems Read more The growth of income and wealth inequality meticulously documented by the French economist Thomas Piketty is economically harmful and politically unsustainable. Extreme concentration of wealth undermines the economy, particularly by depressing demand for goods and services. It corrodes democracy as the wealthiest few exercise a disproportionate effect on the political process. The consistent smashing of climate records across the globe, wiping out species and disrupting industry, the mounting losses caused by extreme weather and the increasing numbers of climate refugees do not militate for more of the invisible hand. When it comes to the climate crisis, neoliberalism has nothing to offer. Progressive politicians and political parties have had decades to develop alternative policies and programs and then prosecute them. Overwhelmingly, they have failed. In fact, they have lagged behind conservative institutions and politicians in recognising the failings of neoliberalism and moving away from marketdominated politics. Ideological commitment to small government and cutting red tape did not rob George W Bush of any sleep when he administered a massive US$152bn stimulus to the American economy in the form of the Economic Stimulus Act of 2008. The Conservative British prime minister, Theresa May, did not pine for Margaret Thatcher when she proclaimed that there is more to life than individualism and self-interest and that government must correct injustice and unfairness wherever it is found. In contrast, the left has been leaden. Among progressives, the financial crisis and the climate change crisis should have spawned a broad debate and a reimagining of the role of regulation, a robust and dynamic state working alongside the private sector. Even more fundamentally, the political and economic events of recent decades compel an evaluation of the gaming of the political system by vested interests manifested by the alarming influence of vast sums of dark money. Like many other progressives, Kevin Rudd was better at diagnosing the problem than charting a new course. Photograph: Lukas Coch/AAP Democracy and the institutions that support it need an overhaul. When any system is gamed, the rules must change. The left needs to promote new protections to restore integrity and protect information, transparency and accountability. But for many social democrats, the R word, regulation, like its cousin the T word, taxation, remains barely utterable. Like many other progressives, Rudd was better at diagnosing the problem than charting a new course. Well after the financial crisis, the Rudd government continued to sport a minister for deregulation. It is not as though we have not seen this before. Many historians and economists have drawn compelling parallels between the gilded age and the modern era. The emergence of all-powerful global monopolies and oligopolies including Apple, Google, Facebook and Amazon thumbing their noses at tax and employment laws mirrors the egregious abuses of the steel, transport and oil monopolies in the US of the late 19th century. During the gilded age, it was a Republican president, Theodore Roosevelt, who led the progressive charge to save capitalism from itself by imposing strong government regulation on a rampaging private sector. In 2017 it is another Republican president who has shaken up the status quo. Donald Trump has repudiated some of the orthodoxies of the last 40 years, notably by rejecting what are often misleadingly described as free trade agreements. He has also put an end to the outsourcing of US jobs, not by legislation, but by threatening tweets. Then there is division. The financial crisis constituted an assault on conservative ideology. Paradoxically, it has triggered a crisis of belief for the left. Instead of seizing the moment and embracing a Rooseveltian resurgence, the left remains hopelessly divided on what should replace neoliberal economics. At the heart of the divide is a fundamental disagreement about the role of the state in regulating markets. Exhibit one: the extraordinary dysfunction of the British Labour party. Amid its own interminable existential crisis, it is hopelessly divided between Blairites and Corbynites, and will continue to decline until that changes. Youre witnessing the death of neoliberalism from within - Aditya Chakrabortty Read more The preselection process for the ruling French Socialist party shone an industrial-strength torch on the profound ideological split in the party. If the pundits are right, that process is otherwise irrelevant as the left is unlikely to feature in the presidential runoff. A similar ideological division marred the Democratic primaries between Hillary Clinton and Bernie Sanders. That division may now be masked by the presence of a common and highly dangerous enemy. And, finally, there is that quality that we perpetually underestimate in human endeavour luck. The crises of the past decade, both economic and ecological, have been accompanied by other remarkable phenomena that have engendered enormous anxiety and anger. The combination of dysfunctional economic inequality, a business and technological tsunami that is perceived to threaten secure employment, an unprecedented global refugee crisis and the spectre of Islamofascist terrorism has offered political reward for a ruthless, agile and unprincipled conservatism. The rights capacity to jettison its principles, exploit racism and xenophobia, and to attack other minority groups, cannot be matched. This era is throwing up popular firebrand rightwingers, including Nigel Farage and Trump. By contrast, for many in the electorate, listening to a modern progressive politician is like taking a tepid bath. The era of technocrats seeking to impress and persuade by their mild-mannered mastery of evidence-based policy is well and truly redundant.'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/australia-news/commentisfree/2017/feb/25/just-as-neoliberalism-is-finally-on-its-knees-so-too-is-the-left'|'2017-02-25T02:30:00.000+02:00'|1635.0|''|-1.0|'' 1636|'3da72f5e72fb902773fe8730b2ecf98b77cc3135'|'Venezuela falls behind on oil-for-loan deals with China, Russia'|' 11pm GMT Venezuela falls behind on oil-for-loan deals with China, Russia FILE PHOTO: Oil workers weld a pipeline at PDVSA''s Jose Antonio Anzoategui industrial complex in the state of Anzoategui, Venezuela, April 15, 2015. REUTERS/Carlos Garcia Rawlins/File Photo By Marianna Parraga and Brian Ellsworth - HOUSTON/CARACAS HOUSTON/CARACAS Venezuela''s state-run oil company, PDVSA, has fallen months behind on shipments of crude and fuel under oil-for-loan deals with China and Russia, according to internal company documents reviewed by Reuters. The delayed shipments to such crucial political allies and trading partners - which together have extended Venezuela at least $55 billion (43.9 billion) in credit - provide new insight into PDVSA''s operational failures and their crippling impact on the country''s unravelling socialist economy. Because oil accounts for almost all of Venezuela''s export revenue, PDVSA''s crisis extends to a citizenry suffering through triple-digit inflation and food shortages reminiscent of the waning days of the Soviet Union. The total worth of the late cargoes to state-run Chinese and Russian firms is about $750 million, according to a Reuters analysis of the PDVSA documents. At the end of January, PDVSA was late on nearly 10 million barrels of refined products that the company owes the firms - with shipments delayed by as much as 10 months, according to the documents. It also failed to make timely deliveries of another 3.2 million barrels of crude shipments to China''s state-run China National Petroleum Corporation (CNPC). For a graphic detailing the delayed cargoes, see: tmsnrt.rs/2keq9Kr Shipments to China and Russia are critical for PDVSA''s financial health because firms from the two countries purchase about a third of the PDVSA''s total oil and fuel exports. The administration of Venezuela president Nicolas Maduro has for years relied on credit from the two nations, particularly China, to finance infrastructure and social investment in Venezuela. PDVSA did not respond to requests for comment. Venezuela''s Petroleum Ministry declined to comment. During the decade-long oil boom that ended in 2014, Venezuela borrowed nearly $50 billion from China that it agreed to pay back in crude and fuel deliveries to state-run Chinese firms. Venezuela was the seventh largest crude supplier to China in 2016 and the largest in Latin America. Russia''s state-run Rosneft ( ROSN.MM ) lent at least $5 billion under similar arrangements, but the details of those deals have not been disclosed. Now, PDVSA is struggling to make good on those promises. A total of 45 cargoes bound for Russian and Chinese companies are late for a variety of reasons, according to internal operational reports about shipments of crude and refined products. The problems include operational mishaps, such as refining outages and delayed cleaning of tanker hulls, and financial disputes with service providers owed money by PDVSA. The backlog of delayed or cancelled fuel cargoes represents about three months of the 88,000 barrels per day (bpd) of jet fuel and diesel that PDVSA must deliver under financing deals to Russia''s Rosneft ( ROSN.MM ), China''s PetroChina ( 601857.SS ) and ChinaOil. Rosneft, the Kremlin and the Russian Energy Ministry declined to comment. PetroChina did not respond to requests for comment, and ChinaOil, a unit of PetroChina, declined to comment. The Chinese foreign and commerce ministries did not respond to requests for comment. OPERATIONAL, FINANCIAL STRUGGLES The delayed deliveries suggest that PDVSA will struggle this year to meet a planned increase in shipments to China and other countries, as laid out in a broad strategy document seen by Reuters. That document said PDVSA aims to boost crude deliveries to China by 55 percent in 2017, in part by reducing exports to India by 15 percent. Last year, the company produced about 2.5 million barrels a day, lowest in 23 years, and this year''s production projections are virtually unchanged, according to the PDVSA strategy document. An internal PDVSA email exchange from Nov. 21, between PDVSA executives in charge of loading operations, details a myriad of operational and financial problems that are delaying the cargoes it owes Chinese and Russian customers. In one of the emails, a company official said PDVSA was unable to deliver a 1.8 million-barrel cargo of fuel oil to PetroChina because Bahamas terminal Borco, where PDVSA rents storage space, has intermittently prevented the firm from using the tanks since 2016 due to lack of payment. Another 2 million-barrel cargo of fuel oil bound for China in November was postponed because of stained crude tankers, which cannot navigate international waters due to environmental regulations. The emails also discussed potential delays to a fuel oil cargo for Rosneft, also because of dirty tankers and unpaid bills. Separately, four cargoes of Venezuelan Boscan crude owed to China''s CNPC have also been postponed this year. FALLING OIL PRICES MEAN HEAVIER DEBTS The fall in crude prices has made the oil-for-loan agreements more onerous. Because loan payments were negotiated when crude prices were higher, the agreements require PDVSA to ship more oil in order to continue servicing the debts at the same rate. That saps its ability to ship to other customers - such as India, or customers in the United States - who would pay in cash, which PDVSA desperately needs. "PDVSA is taking a legal risk by postponing cargoes to key customers and a financial risk if it also delays deliveries to customers who pay by cash," said Francisco Monaldi, fellow in Latin American energy policy at Baker Institute in Houston. The top buyer of Venezuelan crude in India is Reliance Industries ( RELI.NS ), operator of the world''s biggest refining complex. The company imported 353,000 bpd of Venezuelan crude in 2016, 5 percent less than a year ago. To replenish its heavy sour Venezuelan crude supplies, it has stepped up imports from Mexico, Iraq and Saudi Arabia. If PDVSA can''t meet its obligations to Russia and China, Monaldi said, the countries could recover money through projects or assets outside the oil sector, he added. The Chinese and Russian financing schemes, however, offer Venezuela and PDVSA more repayment flexibility than they get from the holders of $50 billion in bonds they have sold to investors. Because of default concerns, yields on those bonds are currently among the world''s highest, paying an average of 21 percentage points more than benchmark U.S. Treasury bonds. China and Russia, which have provided unwavering support for Venezuela in diplomatic forums, have stayed quiet about any misgivings with Caracas. The problem of delayed cargoes would most likely be discussed discreetly through diplomatic channels, analysts said. An escalation into a commercial dispute, with Chinese or Russian firms demanding prompt payments, could affect Venezuela by triggering default clauses on bonds, or lead PDVSA to lose control of U.S. subsidiary Citgo, almost half of which was pledged to Russia as collateral. While that scenario is unlikely, PDVSA clearly does not have enough oil or money to satisfy its many creditors, said a trader who works at a company that regularly buys Venezuelan oil. "At this point, everybody is trying to collect pending debts from PDVSA by receiving cargoes," said the trader, speaking on condition of anonymity. "But production is not enough." (Additional reporting by Ben Blanchard, Elias Glenn and Meng Meng in Beijing, Florence Tan in Singapore, Nidhi Verma in New Delhi, and Vladimir Soldatkin in Moscow; Editing by David Gaffen and Brian Thevenot) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-venezuela-oil-insight-idUKKBN15O2A7'|'2017-02-10T00:11:00.000+02:00'|1636.0|''|-1.0|'' 1637|'4af36f59fe61116e416aa0d7930df507e4164736'|'Beazley to hire staff for Irish insurance business as Brexit looms'|' 39am GMT Beazley to hire staff for Irish insurance business as Brexit looms By Noor Zainab Hussain Lloyd''s of London insurer Beazley Plc BEZG.L will hire additional staff in Ireland to establish a European insurance company in Dublin after the Brexit vote, its chief executive told Reuters. The underwriter, which provides marine, casualty and property insurance and reinsurance, also reported a 3 percent rise in full-year pretax profit, defying analyst estimates for a decline. It pointed to "significant" growth opportunities in the United States and other markets outside London amid a challenging environment for insurers. Shares in Beazley surged as much as 10 percent on Friday, making the stock the top performer on the FTSE Midcap Index .FTMC and the pan-European Stoxx 600 Index . Higher investment returns and a strong underwriting performance helped to lift profit, the company said. Beazley has been working to get European insurance licences for its existing Irish reinsurance business to allow it to operate on a broader basis throughout the EU. Many London-listed insurers are drawing up plans to set up regulated subsidiaries in the EU due to the expected loss of rights to sell products across the bloc after Brexit and Beazley appears to be in the vanguard. DUBLIN CALLING The insurer, which has offices in Oslo, Munich and Paris, said it applied to set up an insurance subsidiary in Dublin in November and regulators were reviewing its application . "We''re hopeful because we''ve been in Ireland for seven years... We hope we''re are at the front of the queue," CEO Andrew Horton told Reuters. "We are establishing our insurance company (in Dublin) irrespective of when the Brexit application goes in. We were already starting to do that even before we had the referendum in June," Horton said He added Beazley chose Dublin as it was easier to make changes to an already existing business. Industry observers say all insurers looking to set up EU subsidiaries have included Dublin among their options, attracted by its language, location and tax and regulatory systems. Lloyd''s of London''s SOLYD.UL, Neon Underwriting Ltd and Admiral ( ADML.L ) have pointed to Ireland as a possible new centre. Horton said that the insurer was not planning to move jobs from Britain or anywhere else to Ireland but would hire locally. "We''re expecting to add jobs in Dublin because it will need more people to manage a live insurance company than a reinsurance company," he said, without specifying how many new jobs could be created. Beazley''s pretax profit rose 3 percent to $293.2 million for the year ended Dec. 31, higher than the $243 million expected by analysts according to company-supplied consensus estimates. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri/Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-beazley-results-idUKKBN15I1FG'|'2017-02-03T18:39:00.000+02:00'|1637.0|''|-1.0|'' @@ -1650,7 +1650,7 @@ 1648|'2a3fd5d3233decc60ecc47be2ed4272ce934fb53'|'Treasury''s Mnuchin says wants ''very significant'' tax reform passed by August'|'Business News - Thu Feb 23, 2017 - 3:47pm GMT Treasury''s Mnuchin says wants ''very significant'' tax reform passed by August U.S.Treasury Secretary Steven Mnuchin speaks at a press briefing at the White House in Washington, U.S., February 14, 2017. REUTERS/Kevin Lamarque By David Lawder and Sweta Singh U.S. Treasury Secretary Steven Mnuchin said on Thursday that he wants to see "very significant" tax reform passed before Congress'' August recess but the Trump administration is still studying the merits of a proposed border tax system. "We are committed to pass tax reform, it will be very significant, it''s going to be focused on middle income tax cuts, simplification and making the business tax competitive with the rest of the world," Mnuchin told CNBC in his first television interview since taking office last week. ( cnb.cx/2mg9Kq7 ) "We want to get this done by the August recess," he added, acknowledging later on Fox Business Network that such a timeline was "very aggressive." Mnuchin said did not say when the plan would be rolled out. President Donald Trump has promised announcement of a "phenomenal" plan by early March to cut business taxes, which helped push equity markets to record highs in recent weeks. But some Republican senators have criticized a House Republican plan to levy a 20 percent tax on imports aimed at encouraging more U.S. production and exports and raising $1 trillion (0.79 trillion pounds) in revenue over a decade to offset lower business tax rates. Mnuchin said the plan was still being studied. "We''re looking at it seriously, there are certain aspects of it that we''re concerned about, there are certain aspects that we like," Mnuchin told Fox Business Network of the border tax adjustment plan. "It''s going to be something that''s focused on growth, and we will have listened to people''s concerns and we will have taken them into account." Mnuchin told both networks that he believed the tax reform plan would help the United States boost economic growth above 3 percent by late 2018 from 1.6 percent in 2016. Growth effects from tax reform and less business regulation would not likely start to take hold until next year, he added. He told CNBC the Trump administration would use "dynamic scoring" models that would likely assume more growth than those assumed by Congress'' Joint Committee on Taxation. This would have the effect of boosting assumed revenues from tax reform and relaxation of regulations. Given the still-low interest rate environment he said it "makes sense" for the Treasury to examine whether to issue long-term debt of 50 to 100 years "at a very slight premium", but said he was not ready to make any announcements on this topic. Mnuchin added to recent comments in the Wall Street Journal regarding the strong dollar, telling Fox Business Network that short-term increases in the dollar''s value "are a reflection of the optimism of the economic plans" of the Trump administration. Trump had pledged to declare China a currency manipulator on his first day in office, but Mnuchin told CNBC he would pursue the normal Treasury process of examining currency practices by major trading partners. Treasury is required by law to report on these findings by April 15. He added that Treasury was also studying the effects of expanding the size of loans that the U.S. Export-Import Bank can make since it is currently limited by a lack of board members to loans under $10 million. He said the Trump administration was not interested in simply subsidizing large corporations. (Reporting by Sweta Singh in Bengaluru; Editing by Savio D''Souza and Chizu Nomiyama) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-treasury-mnuchin-idUKKBN1621WJ'|'2017-02-23T22:47:00.000+02:00'|1648.0|''|-1.0|'' 1649|'57b4035a40c6714c5921c801ea5b270f1d119ab3'|'UPDATE 1-Russia approves privatisation plan aimed at raising 17 bln rbls'|'Big Story 10 - Thu Feb 2, 2017 - 11:10am EST Russia approves privatization plan aimed at raising 17 billion roubles A picture illustration shows Russian rouble banknotes of various denominations on a table in Warsaw, Poland, January 22, 2016. REUTERS/Kacper Pempel By Darya Korsunskaya - MOSCOW MOSCOW The Russian government on Thursday approved a privatization program for 2017-2019 aimed at plugging holes in the state budget, which has been hurt by weak oil prices and the impact of Western sanctions, a government spokesman said. Russian Prime Minister Dmitry Medvedev, speaking at a government meeting, said he expected the budget to receive 17 billion roubles ($285.30 million) over the 2017-19 period thanks to the privatization of state assets. The plan envisages the state reducing its stake in VTB, Russia''s No. 2 bank, to 25 percent plus one share within three years. The state currently holds a 60.9 percent stake in VTB and plans to sell a 10.9 percent minus one share in 2017. According to the privatization program, a copy of which was obtained by Reuters, the state would only press ahead and reduce its stake in VTB to below 50 percent plus one share at the same time as it cuts its stake in Sberbank. Sberbank is Russia''s largest lender by assets. Russian President Vladimir Putin and Central Bank Governor Elvira Nabiullina said last year that selling off a stake in Sberbank, which is controlled by the central bank, was not on the agenda. According to the privatization program, Russia is also set to reduce its stakes in Sovcomflot, a state shipping company, to 25 percent plus one share, and its stake in state diamond miner Alrosa to 29 percent plus one share. Details of Russia''s privatization plans are available here:. (Reporting by Peter Hobson and Denis Pinchuk; Writing by Denis Pinchuk; Editing by Polina Devitt/Andrew Osborn) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/us-russia-budget-privatisation-idUSKBN15H1Z7'|'2017-02-02T23:01:00.000+02:00'|1649.0|''|-1.0|'' 1650|'eb2f03dad2d3542f78919b42a2712414fb627720'|'EU, Mexico accelerate talks to update free trade pact'|'Business News - Wed Feb 1, 2017 - 12:37pm GMT EU, Mexico accelerate talks to update free trade pact left right European Trade Commissioner Cecilia Malmstrom holds a news conference on Commission''s proposal for a new methodology for anti-dumping investigations, at the EU Commission headquarters in Brussels, Belgium November 9, 2016. REUTERS/Yves Herman 1/2 left right Mexico''s Economy Minister Ildefonso Guajardo speaks about U.S. President Donald Trump, during the Plenary Meeting of Senators of the Institutional Revolutionary Party (PRI), at the Senate of the Republic''s building in Mexico City, Mexico January 30, 2017. REUTERS/Henry Romero 2/2 BRUSSELS The European Union and Mexico have set two new rounds of trade talks in the first half of 2017, an acceleration of negotiations to deepen economic ties in the wake of Donald Trump''s inauguration as U.S. president. The European Commission said on Wednesday that EU Trade Commissioner Cecilia Malmstrom and Mexican Economy Minister Ildefonso Guajardo had scheduled subsequent rounds for April 3-7 and June 26-29. "Together, we are witnessing the worrying rise of protectionism around the world. Side by side, as like-minded partners, we must now stand up for the idea of global, open cooperation," the two said in a joint statement. European leaders have said Brussels should take advantage of a more protectionist U.S. leader, who has already withdrawn from the Trans-Pacific Partnership (TPP) trade deal, to step up negotiations with would-be partners. Mexico faces the prospect of a renegotiated North American Free Trade Agreement (NAFTA) and possibly higher U.S. import duties. The EU and Mexico have a free trade pact dating from 2000 that they began to update last year, holding talks in June and November. The EU has said a new deal would seek to include public tenders, trade in energy products and raw materials, broader protection of intellectual property, more flexible rules on what products can benefit from lower customs tariffs and greater benefits for smaller companies. It could also lead to more liberalized trade in meat, dairy products, cereals and certain fruits and vegetables. The European Union is Mexico''s third largest trading partner after the United States and China. EU-Mexico trade in goods more than doubled from 2000 to 53 billion euros ($57.23 billion) in 2015. The EU is particularly focused on trade deals with Asian countries, including those that had signed up to the TPP before Trump entered office. (Reporting by Philip Blenkinsop; Editing by Tom Heneghan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-mexico-trade-idUKKBN15G4FQ'|'2017-02-01T19:37:00.000+02:00'|1650.0|''|-1.0|'' -1651|'a84c69cba7566bf5235ba9da941f19b364c24161'|'Dish Network profit tops estimates on surprise subscriber additions - Reuters'|'By Anjali Athavaley U.S. satellite TV provider Dish Network Corp ( DISH.O ) reported a better-than-expected profit and added pay-TV subscribers in the fourth quarter as more customers signed up for its lower-priced Sling TV streaming service.Dish said it added about 28,000 net subscribers to its satellite TV and Sling TV services in the three months ended Dec. 31. That compared to a loss of approximately 12,000 subscribers in the same period in 2015.Analysts on average had estimated Dish would lose 87,000 subscribers, according to market research firm FactSet StreetAccount.Shares rose 1 percent to $63.42 in afternoon trading.Dish''s results are closely watched because in recent years, the company has amassed spectrum, or radio frequencies that carry the growing amounts of data flowing through devices, and is widely considered by industry watchers to be an acquisition target.On the company''s post-earnings conference call, Chief Executive Charlie Ergen said a new presidential administration could create a more favorable environment for consolidation."I would imagine that we''re not the biggest company and we''re not going to drive that process, but obviously many of the assets we hold probably could be involved in that mix," he said.Dish also said on the call that it was seeing Sling TV''s demographics broaden. The service, launched in 2015, initially targeted younger consumers who had never subscribed to cable TV or already cut the cord."It''s not quite as male as it used to be," said Roger Lynch, CEO of Sling TV. "We''re getting people of all age groups."Analysts said the company''s subscriber additions were driven by Sling TV but noted that Dish''s satellite business had underperformed.Craig Moffett, an analyst at MoffettNathanson, estimated that Dish lost 245,000 satellite subscribers in the fourth quarter. "Once again, the overall picture of Dish''s video business is rather disquieting," he wrote. "Churn continues to tick higher."Churn, or the rate of customer defections, was 1.83 percent during 2016, compared to 1.71 percent in 2015.Net income attributable to Dish was $343 million, or 70 cents per share, in the quarter, compared with a loss of $125 million, or 27 cents per share, a year earlier.Revenue fell to $3.72 billion from $3.78 billion.Analysts on an average were expecting Dish to earn 66 cents per share on revenue of $3.76 billion, according to Thomson Reuters I/B/E/S.(Additional reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D''Souza and Nick Zieminski)FILE PHOTO - A satellite dish from Dish Network is pictured in Los Angeles, U.S., April 20, 2016. REUTERS/Mario Anzuoni/File Photo'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/dish-network-results-idINKBN1612OB'|'2017-02-22T17:41:00.000+02:00'|1651.0|''|-1.0|'' +1651|'a84c69cba7566bf5235ba9da941f19b364c24161'|'Dish Network profit tops estimates on surprise subscriber additions - Reuters'|'By Anjali Athavaley U.S. satellite TV provider Dish Network Corp ( DISH.O ) reported a better-than-expected profit and added pay-TV subscribers in the fourth quarter as more customers signed up for its lower-priced Sling TV streaming service.Dish said it added about 28,000 net subscribers to its satellite TV and Sling TV services in the three months ended Dec. 31. That compared to a loss of approximately 12,000 subscribers in the same period in 2015.Analysts on average had estimated Dish would lose 87,000 subscribers, according to market research firm FactSet StreetAccount.Shares rose 1 percent to $63.42 in afternoon trading.Dish''s results are closely watched because in recent years, the company has amassed spectrum, or radio frequencies that carry the growing amounts of data flowing through devices, and is widely considered by industry watchers to be an acquisition target.On the company''s post-earnings conference call, Chief Executive Charlie Ergen said a new presidential administration could create a more favorable environment for consolidation."I would imagine that we''re not the biggest company and we''re not going to drive that process, but obviously many of the assets we hold probably could be involved in that mix," he said.Dish also said on the call that it was seeing Sling TV''s demographics broaden. The service, launched in 2015, initially targeted younger consumers who had never subscribed to cable TV or already cut the cord."It''s not quite as male as it used to be," said Roger Lynch, CEO of Sling TV. "We''re getting people of all age groups."Analysts said the company''s subscriber additions were driven by Sling TV but noted that Dish''s satellite business had underperformed.Craig Moffett, an analyst at MoffettNathanson, estimated that Dish lost 245,000 satellite subscribers in the fourth quarter. "Once again, the overall picture of Dish''s video business is rather disquieting," he wrote. "Churn continues to tick higher."Churn, or the rate of customer defections, was 1.83 percent during 2016, compared to 1.71 percent in 2015.Net income attributable to Dish was $343 million, or 70 cents per share, in the quarter, compared with a loss of $125 million, or 27 cents per share, a year earlier.Revenue fell to $3.72 billion from $3.78 billion.Analysts on an average were expecting Dish to earn 66 cents per share on revenue of $3.76 billion, according to Thomson Reuters I/B/E/S.(Additional reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D''Souza and Nick Zieminski)FILE PHOTO - A satellite dish from Dish Network is pictured in Los Angeles, U.S., April 20, 2016. REUTERS/Mario Anzuoni/File Photo'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/dish-network-results-idINKBN1612OB'|'2017-02-22T17:41:00.000+02:00'|1651.0|26.0|0.0|'' 1652|'a7cee42e2c1331b9e3c9308736a5a978b8bdb73d'|'CANADA STOCKS-TSX posts record high as Restaurant Brands jumps on acquisition'|'Company News 12:09pm EST CANADA STOCKS-TSX posts record high as Restaurant Brands jumps on acquisition * TSX up 73.86 points, or 0.47 percent, to 15,912.49 * Index touches a new intraday all-time high at 15,943.09. * Nine of the TSX''s 10 main groups rise TORONTO, Feb 21 Canada''s main stock index reached a new record high on Tuesday, led by Restaurant Brands International Inc after it announced an acquisition, while heavyweight financial and energy shares also gained as oil prices rose. The Toronto Stock Exchange''s S&P/TSX composite index gained as data showed the fastest pace of growth in euro zone business activity for six years, while Wall Street also reached record-highs as investors cheered strong results of top U.S. retailers. Shares of Restaurant Brands International Inc surged nearly 7 percent to C$75.58. The owner of the Burger King and Tim Hortons fast-food chains said it would acquire Popeyes Louisiana Kitchen for $1.8 billion in cash. ECN Capital Corp jumped 11.6 percent to C$3.56 after it said it would sell its U.S. commercial and vendor finance business to PNC Financial Services Group for about $1.25 billion in cash. The overall financials group rose 0.3 percent, while the energy group climbed 0.9 percent as oil prices rose. U.S. crude prices were up 1.8 percent at $54.35 a barrel after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher. At 11:43 a.m. ET (1643 GMT), the TSX rose 73.86 points, or 0.47 percent, to 15,912.49. The index has surged 38 percent since hitting a three-year trough in January last year and touched a new intraday all-time high on Tuesday at 15,943.09. Ritchie Bros. Auctioneers Inc surged more than 13 percent to C$45.91 after it reported fourth quarter and 2016 annual results. The materials group, which includes precious and base metals miners and fertilizer companies, added 0.3 percent. Teck Resources Ltd rose nearly 4 percent to C$29.09 but Goldcorp Inc retreated 1.3 percent to C$22.46. Gold futures fell 0.1 percent to $1,236.3 an ounce and copper prices advanced 0.1 percent to $6,073.5 a tonne. Telecoms was the only one of the index''s 10 main groups which failed to gain ground but it fell less than 0.1 percent. Domestic data on Monday, when the index was closed for a market holiday, showed that wholesale trade rose for the third straight month in December. (Reporting by Fergal Smith; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1G60ZD'|'2017-02-22T00:09:00.000+02:00'|1652.0|''|-1.0|'' 1653|'dfa835390cf977918fc09c073b9fadb9418a96ad'|'UPDATE 1-Actelion, being bought by J&J, says FY core net income rose 27 pct'|'(Adds core net income figures, comment from CEO)ZURICH Feb 14 Swiss drugmaker Actelion''s 2016 core net income rose 27 percent on accelerating sales of its newer medicines to treat deadly pulmonary arterial hypertension (PAH), it said on Tuesday.Core net income rose to 881 million Swiss francs ($877.8 million) from 693 million francs in the previous year, the company said in a statement.Sales rose 18 percent to 2.42 billion francs, in line with the 2.41 billion francs expected in a Reuters poll.Actelion reported that sales of its new drug Opsumit for PAH rose 57 percent to 831 million francs, while Uptravi booked 245 million francs in its first year after launch, more than making up for slumping sales of its once-mainstay Tracleer after patent expiration.Europe''s biggest biotech sold itself for $30 billion to U.S. healthcare giant Johnson & Johnson this year, in a deal that will also create a new research and development company to be overseen by Actelion Chief Executive Jean-Paul Clozel."Our current PAH portfolio and our late-stage pipeline will have expanded potential as part of Johnson & Johnson," Clozel said. "With the creation of a new R&D company we also have the opportunity to realize the value potential we have created with our discovery engine and early-stage pipeline."($1 = 1.0037 Swiss francs) (Reporting by John Miller; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/actelion-results-idINL8N1FZ0W4'|'2017-02-14T03:48:00.000+02:00'|1653.0|''|-1.0|'' 1654|'fa148c58a617d27d1eef87f894fc564f57ade298'|'BRIEF-Stanley furniture reports 29 pct fall in Q4 sales'|' 52pm EST BRIEF-Stanley furniture reports 29 pct fall in Q4 sales Feb 22 Stanley Furniture Company Inc * Stanley furniture announces 2016 results * Q4 sales fell 29 percent to $9.8 million * Q4 loss per share $0.02 from continuing operations * Expect modest profits beginning with Q2 results and for total year * Stanley Furniture Company Inc - "sourcing delays continue to impact company''s ability to introduce new product at retail" Source '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-stanley-furniture-reports-29-pct-f-idUSASB0B1QK'|'2017-02-23T05:52:00.000+02:00'|1654.0|''|-1.0|'' @@ -1679,7 +1679,7 @@ 1677|'d8e23a3c96ac0bb0b4dddb0e96a20dfd4f1f310b'|'Britain''s small companies hoard cash as Brexit looms'|'Business News - Fri Mar 3, 2017 - 12:18am GMT Britain''s small companies hoard cash as Brexit looms By Andrew MacAskill and Lawrence White - LONDON LONDON Britain''s smaller companies are hoarding cash and cutting investment, bankers say, a sign of business confidence starting to wobble as the government sets off down the uncertain path of leaving the European Union. Companies with revenue of less than 1 million pounds ($1.23 million) expect to invest an average of 21,690 pounds in their businesses in the next six months a fall of 74 percent compared with July, Lloyds Banking Group ( LLOY.L ) said on Friday following the latest results of its six-monthly survey. This is the biggest drop since the bank added the question about investment plans in 2015 to its long-running Business in Britain survey of small businesses. "Businesses need to be careful that in cutting back on investment to boost resilience they don''t put the brakes on too hard," said Jo Harris, a managing director at Lloyds, one of Britain''s largest business lenders. Sitting on cash could help companies weather any economic slowdown, but bankers say that reduced spending also threatens to dampen growth prospects for the economy. The head of commercial lending at another major bank said the last time that he saw smaller companies hoarding money to a similar extent was during the 2008 global financial crisis. The banker said companies were paying off overdrafts and other loans amid concerns that the economy may suffer after Prime Minister Theresa May seeks to begin the formal process of negotiating a divorce settlement with the EU later this month. "Customers are nervous ... they are worried that as the news of Brexit negotiations begins to filter through then sentiment will dip," the banker said. Lloyds said economic uncertainty was identified as the main threat over the next six months, followed by weaker UK demand and political uncertainty. Britain''s businesses and banks have largely defied expectations that the economy would suffer an immediate blow from the referendum result in June last year, but in recent weeks there have been signs of mounting concerns as the real Brexit process gets underway. Aldermore Group ( ALD.L ), a specialist lender to small and medium-sized businesses, said a survey of 1000 such companies conducted in the last financial quarter showed cashflow was their biggest concern. About a fifth of companies said they missed an opportunity to expand their business because of a lack of available finance, Chief Executive Phillip Monks told Reuters. (Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-cash-idUKKBN16A016'|'2017-03-03T07:18:00.000+02:00'|1677.0|''|-1.0|'' 1678|'08ab755fb38eae9ab6f5cf8f5aab9781ef1e58d2'|'Uber prohibits use of ''Greyball'' technology to evade authorities'|'Technology 1:02am GMT Uber prohibits use of ''Greyball'' technology to evade authorities FILE PHOTO - A man arrives at the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid/File Photo By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc [UBER.UL] has prohibited the use of its so-called "Greyball" technology to target regulators, ending a program that had been critical in helping Uber evade authorities in cities where the service has been banned. Uber is reviewing the different ways the technology has been used and is "expressly prohibiting its use to target action by local regulators going forward," Uber Chief Security Officer Joe Sullivan said in a blog post on Wednesday. The ride-hailing company last week confirmed the existence of the "Greyball" program, which uses data from the Uber app and other methods to identify and circumvent officials who aimed to ticket or apprehend drivers in cities that opposed Uber''s operations. (Reporting by Heather Somerville, editing by G Crosse) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-greyball-idUKKBN16G041'|'2017-03-09T08:08:00.000+02:00'|1678.0|''|-1.0|'' 1679|'76767b3ba63b69b5ac7ff4dc1c872ead56d1e814'|'Dominion Diamond puts itself up for sale after $1.1 billion approach'|'Dominion Diamond Corp ( DDC.TO ) ( DDC.N ), the target of an unsolicited $1.1 billion approach by U.S. billionaire Dennis Washington, said on Monday that it will launch a formal sales process for the company, boosting the company''s share price.The stock rose 3.4 percent on market speculation that global miners including Rio Tinto ( RIO.L ) ( RIO.AX ) and Anglo American''s ( AAL.L ) De Beers unit may now enter the fray and make a bid for Dominion, the world''s third-largest diamond producer by value.Neither Rio, which is a partner of Dominion''s in the Diavik mine in northern Canada with a 60 percent stake, nor Anglo, immediately responded to a request for comment.A source close to Rio said last week that the diversified miner was not interested in selling its stake in Diavik, if Washington was interested in acquiring it.Dominion said earlier that it had formed a special committee to explore, review and evaluate a range of alternatives, including the sale of the company.Four company directors - Trudy Curran, David Smith, Josef Vejvoda and Chairman Jim Gowans - would sit on the committee.Dominion said on March 19 that it had considered and rebuffed a $13.50 a share takeover proposal from The Washington Companies as the terms to advance talks were unacceptable and the "opportunistic" bid undervalued the company.Montana-based Washington is a group of privately held North American mining, industrial and transportation businesses founded by Dennis Washington.M&G Investments, Dominion''s biggest shareholder with a stake of about 11 percent, told Reuters last week that in the wake of the Washington approach Dominion should run a formal sales process, opening its books to other potential suitors.Small Canadian producer Stornoway Diamond Corp ( SWY.TO ) has also held merger talks with Dominion in recent months, and one source told Reuters last week that those talks were ongoing.Analysts have also speculated that Russian diamond producer Alrosa and private equity players could be interested in Dominion, which owns the Ekati diamond mine in Canada''s Northwest Territories.Dominion''s stock was last up 3.4 percent at $13.15 on the New York Stock Exchange.(Reporting by John Benny in Bengaluru. Additional reporting by Nicole Mordant in Vancouver.; Editing by Sriraj Kalluvila and Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dominion-diamond-m-a-strategic-option-idINKBN16Y138'|'2017-03-27T14:06:00.000+03:00'|1679.0|''|-1.0|'' -1680|'7c5032cd47775eb51dfc91446e7e652192cbc310'|'San Francisco university lays off IT workers, jobs head to India'|'Company News - Tue Feb 28, 2017 - 8:38pm EST San Francisco university lays off IT workers, jobs head to India By Rory Carroll - SAN FRANCISCO SAN FRANCISCO Feb 28 The University of California, San Francisco on Tuesday laid off 49 information technology (IT) employees and outsourced their work to a company based in India, ending a year-long process that has brought the public university under fire. The university announced the plan last July as a way to save $30 million over five years. The University of California system, which includes health care and research-focused UCSF, has been struggling to raise revenue and cut expenses. Globalization and outsourcing have become hot-button political issues in the United States, as more employers cut costs by farming out work to low-cost workers in far-flung parts of the world. President Donald Trump campaigned on promises to restore lost U.S. jobs and to penalize companies that move factories overseas. This was the University of California''s first outsourcing, said a spokeswoman who added that the layoffs were necessary due to rising costs of technology. In addition to the 49 staff layoffs, another 48 positions that were vacant or filled by contractors were eliminated. California Senator Dianne Feinstein last year said the university had a responsibility to keep jobs in the United States and pledged to seek reforms to stop domestic jobs being outsourced. Kurt Ho, 58, a laid off systems administrator, carried a box of his personal items with an American flag draped over it, and said the university''s decision will hurt service for a medical staff that relies on a smoothly running and secure computer network. "It''s a downgrading of services and a slap in the face for the customers," said Ho, who has worked in IT in the Bay Area for 25 years. He said he plans to look for a job but worries that outsourcing of IT services is a growing trend. Last year UCSF entered into a $50 million contract over five years with India-based HCL Technologies Ltd to do the work. (Reporting by Rory Carroll, editing by Peter Henderson and David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-outsourcing-university-of-california-idUSL2N1GD21U'|'2017-03-01T08:38:00.000+02:00'|1680.0|''|-1.0|'' +1680|'7c5032cd47775eb51dfc91446e7e652192cbc310'|'San Francisco university lays off IT workers, jobs head to India'|'Company News - Tue Feb 28, 2017 - 8:38pm EST San Francisco university lays off IT workers, jobs head to India By Rory Carroll - SAN FRANCISCO SAN FRANCISCO Feb 28 The University of California, San Francisco on Tuesday laid off 49 information technology (IT) employees and outsourced their work to a company based in India, ending a year-long process that has brought the public university under fire. The university announced the plan last July as a way to save $30 million over five years. The University of California system, which includes health care and research-focused UCSF, has been struggling to raise revenue and cut expenses. Globalization and outsourcing have become hot-button political issues in the United States, as more employers cut costs by farming out work to low-cost workers in far-flung parts of the world. President Donald Trump campaigned on promises to restore lost U.S. jobs and to penalize companies that move factories overseas. This was the University of California''s first outsourcing, said a spokeswoman who added that the layoffs were necessary due to rising costs of technology. In addition to the 49 staff layoffs, another 48 positions that were vacant or filled by contractors were eliminated. California Senator Dianne Feinstein last year said the university had a responsibility to keep jobs in the United States and pledged to seek reforms to stop domestic jobs being outsourced. Kurt Ho, 58, a laid off systems administrator, carried a box of his personal items with an American flag draped over it, and said the university''s decision will hurt service for a medical staff that relies on a smoothly running and secure computer network. "It''s a downgrading of services and a slap in the face for the customers," said Ho, who has worked in IT in the Bay Area for 25 years. He said he plans to look for a job but worries that outsourcing of IT services is a growing trend. Last year UCSF entered into a $50 million contract over five years with India-based HCL Technologies Ltd to do the work. (Reporting by Rory Carroll, editing by Peter Henderson and David Gregorio) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-outsourcing-university-of-california-idUSL2N1GD21U'|'2017-03-01T08:38:00.000+02:00'|1680.0|28.0|0.0|'' 1681|'4978bb14dd43ed9b84d040566488ac6bd0b2427e'|'UK financial sector proposes untested system to keep EU access'|'Business News - Wed Mar 29, 2017 - 9:11am EDT UK financial sector proposes untested system to keep EU access FILE PHOTO: The Canary Wharf financial district is seen at dusk in London, Britain November 7, 2014. REUTERS/Toby Melville/File Photo By Huw Jones - LONDON LONDON Britain''s financial sector is drawing up proposals on how it could still serve EU clients after Brexit, even as firms begin establishing new operations on the continent to keep access to the European market. Regulatory and banking experts working for the City of London and lobby group TheCityUK are basing their ideas on a ''mutual recognition'' system. Under this, the European Union and Britain would broadly accept firms in each other''s financial markets because their home regulatory systems apply similar standards. Such a system might limit what is likely to be a flow of business and jobs from the London financial center, by far Europe''s biggest, to countries that remain in the EU. However, skeptics say mutual recognition is largely untested globally and would struggle to win approval within the EU, where there are already calls to make it harder for British financial firms to operate in the bloc, not easier, after Brexit. Undaunted, the experts on the International Regulatory Strategy Group (IRSG) will set out their proposals in a forthcoming paper. This aims to provide ideas for British negotiators after Prime Minister Theresa May formally notified Brussels on Wednesday of her country''s intention to seek a divorce from the remaining 27 EU member states. "You are saying the outcomes from the UK and EU27 regulatory systems are broadly comparable and this is the way to go forward," IRSG Chairman Mark Hoban told Reuters. Some British financial firms - and foreign banks using London as a European base - are already working on plans to move jobs to centers such as Frankfurt, Dublin, Paris and Luxembourg for after Britain loses its blanket "passporting" rights to sell financial services in the EU single market. Germany, however, says they will not be offered any special exemption from regulations. GRAPHIC - Banks'' Brexit dilemma tmsnrt.rs/2mQI774 GRAPHIC - Britain''s banking economy tmsnrt.rs/2nrufUG A BETTER BASIS Firms from outside the EU are already allowed some access to the single market under an ''equivalence'' system, provided the European Commission deems their home rules and supervision to be equivalent in strictness. Britain could therefore technically qualify as a "third country" under this system after Brexit. In practice the system is cumbersome. It operates firm-by-firm, does not cover all activities, has no fixed timetable for approvals and authorizations can be canceled at short notice, bankers say. It took four years for the EU to deem just one set of U.S. derivatives clearing rules to be equivalent as talks got bogged down over technical details. "It''s very clear that the third country model doesn''t work for the UK. There has to be a new basis on which trade is done cross-border between the UK and EU27," said Hoban. "The focus on mutual recognition of regulatory outcomes is a much better basis for continuing to trade cross-border." The hope is that a mutual recognition deal with the EU would be much more comprehensive, encompassing large numbers of firms and business areas rather than the current piecemeal approach. May told parliament on Wednesday she wanted a "bold and ambitious" trade deal covering economic affairs with the bloc within the two-year period of negotiations. PILOT Hoban said mutual recognition would avoid Britain becoming a "rule taker", as equivalence in practice means cutting and pasting EU rules into domestic law without any say in their framing, as Switzerland has to do. It would also be flexible enough to cope with two evolving regulatory systems over time, said Hoban, a former junior finance minister. Past attempts at mutual recognition have achieved little. In 2008 the U.S. Securities and Exchange Commission struck a pilot deal with its Australian counterpart ASIC, but this expired after five years and has not been renewed. The EU opened talks on a similar Mutual Recognition Agreement (MRA) with the United States but these fizzled out without a deal after the global financial crisis. "We started exploring the legal complexities, which were considerable," said David Wright, a senior European Commission official at the time. "Many of the problems back then would be faced by a UK-EU MRA as well." Regulators and lawmakers in the EU say the focus should be on toughening up the equivalence system as this will need to cater for London, which will lie on its doorstep but outside its control, in contrast to smaller centers further afield. "For the EU27, the key question will be how to deal with relevant risks from what will have to be thought of as a very large offshore financial center," said Jakob von Weizsaecker, a German Social Democrat. "Controlling those risks will require a more robust third country equivalence regime," said von Weizsaecker, a member of the European Parliament which will have a veto on any new trade deal with Britain. Gerard Rameix, who chairs French markets regulator AMF, wants a more demanding equivalence system with Britain, given potentially huge volumes of financial transactions. "Thus the third country regime must be carefully re-assessed within the Brexit context," Rameix said. Hoban said there was an appetite in the EU to talk about financial services trading models like mutual recognition. European Commission President Jean-Claude Juncker has promised the Brexit negotiations will be conducted fairly, without seeking punishment of Britain for leaving. Dan Waters, managing director of ICI Global, a funds industry body, was optimistic Britain could get a special deal with the EU. But he said: "The worry is that the review of third country arrangements could be a smokescreen for introducing a more demanding third country regime to punish the UK." Kay Swinburne, a British Conservative member of the European Parliament, said that while there was no appetite in the EU for the terminology of mutual recognition in financial services, there was an interest in how to find a platform that encourages future regulatory convergence. "There is a need for a formal regulatory forum with possibly an arbitration service alongside," Swinburne said. (editing by David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-eu-banks-financial-idUSKBN1701RV'|'2017-03-29T21:11:00.000+03:00'|1681.0|''|-1.0|'' 1682|'9130f09e3a7eeee6a0be8eebc6bf4a0222efa87b'|'UPDATE 1-Alexion Pharma names former Baxalta head Ludwig Hantson CEO'|'Company News 28am EDT UPDATE 1-Alexion Pharma names former Baxalta head Ludwig Hantson CEO (Adds details) March 27 Alexion Pharmaceuticals Inc on Monday named former Baxalta head Ludwig Hantson chief executive officer as the rare-disease drug maker looks to steady the ship following the exit of its top management. Hantson will take over from David Brennan, who was named interim chief last year following the departure of Alexion''s top executives in the aftermath of a sales practices investigation. Hantson, who has also worked at Novartis AG, previously served as chief executive of rare disease drugs specialist Baxalta, which was bought by Shire Plc in a $32 billion deal last year. Alexion said in November it was probing allegations related to sales practices associated with its flagship drug, Soliris. Chief Executive David Hallal and Alexion''s finance chief Vikas Sinha stepped down in December amid speculation that the board had lost confidence in them. Alexion said in January its internal probe had found no instances of improper revenue recognition related to Soliris, but the company said it identified a material weakness in internal controls over financial reporting for previous quarters. New Haven, Connecticut-based Alexion''s 2017 revenue forecast reassured investors last month, even as Soliris'' slowing sales growth and looming competition had been causes for concern. Outgoing interim chief Brennan will remain on Alexion''s board, the company said. (Reporting by Natalie Grover in Bengaluru; Editing by Anil D''Silva and Sai Sachin Ravikumar) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/alexion-pharms-moves-ceo-idUSL3N1H43SE'|'2017-03-27T19:28:00.000+03:00'|1682.0|''|-1.0|'' 1683|'f4032647bedcb029d634c2b78f89638863e1e9e5'|'Japan inflation following forecasts, ''curve control'' smooth - BOJ''s Masai'|'Business News - Wed Mar 8, 2017 - 4:21pm GMT Japan inflation following forecasts, ''curve control'' smooth - BOJ''s Masai Bank of Japan''s (BOJ) new board member Takako Masai attends a news conference at the BOJ headquarters in Tokyo, Japan, June 30, 2016. REUTERS/Toru Hanai LONDON Japanese inflation remains in line with the central bank''s most recent forecasts, one of its key policymakers Takako Masai said on Wednesday, adding that its efforts to keep key government bond yields on a tight leash have been smooth. The BOJ said in January it expected inflation of 1.5 percent for the 2017 fiscal year which starts in April and that its 2 percent target would be hit by March 2019. "The negative impact of the oil price has been diminished, so it (inflation) is in line with our previous expectations," Masai told reporters on the sidelines of an ICMA event in London. Masai added that efforts to control the shape of the government bond yield curve which include keeping 10-year yields pinned near zero had been "smooth", and that recent policy measures had not accelerated a drop in liquidity in its bond market. (Reporting by Marc Jones and John Geddie) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN16F22B'|'2017-03-08T23:21:00.000+02:00'|1683.0|''|-1.0|'' @@ -1691,7 +1691,7 @@ 1689|'60a37f7548d4c201946cdfdb3ee42bc119c4c47e'|'BRIEF-Delbrook Capital "continues to evaluate any and all options available to hold entrenched management & board to account for breach of fiduciary duty"'|'United States 01am EDT BRIEF-Delbrook Capital "continues to evaluate any and all options available to hold entrenched management & board to account for breach of fiduciary duty" March 27 Rapier Gold Inc: * Delbrook Capital- "continues to evaluate any and all options available to hold entrenched management & board to account for breach of fiduciary duty" '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-delbrook-capital-continues-to-eval-idUSFWN1H40HP'|'2017-03-27T21:01:00.000+03:00'|1689.0|''|-1.0|'' 1690|'77fd57ffb3becfef2bbe67c2bcc02da8cfed4476'|'Facebook takes aim at GoFundMe, crowdfunding sites with personal fundraising tool 30,'|'Why PolitiFact is helping Facebook flag "fake news" stories and hoaxes Watch out, GoFundMe. You have some big new competition in the fundraising space. Facebook ( FB , Tech30 ) announced Thursday to expand its charitable giving tools to include personal fundraisers. The campaigns will allow people 18 and older to raise money for themselves, a friend -- or someone or something not on Facebook, like a pet. Previously, the company allowed users to raise money only for nonprofits . Personal fundraisers will launch in the United States over the next few weeks. One big question: It''s unclear if Facebook takes a portion of the proceeds raised. It''s also not known whether people can view and support these causes if they don''t have a Facebook account, and whether the money is immediately released to the person raising the funds. The company did not immediately respond to a request for comment on these aspects of the tools. Related: Facebook to start putting warning labels on ''fake news'' Facebook will start with six categories including education (such as tuition and books), medical, pet medical, crisis relief, personal emergencies (like a car accident or theft), and funeral and loss. Initially there will be a 24-hour fundraiser review process before each campaign is posted. Eventually Facebook plans to expand the campaign categories and automate more of the review process. The social network''s foray into personal fundraising is in direct competition with cause-focused sites like GoFundMe and YouCaring, which also did not immediately respond to a request for comment. Related: Why Facebook tracks internet outages around the world Facebook first tested its "fundraisers" feature in 2015 with 37 charities, including Mercy Corps, National Multiple Sclerosis Society and World Wildlife Fund. The top of a nonprofit''s page includes a "donate" button, where users can make a contribution with a credit card or through PayPal ( PYPL , Tech30 ) . CNNMoney (New York) 30, 2017: 12:53 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/03/30/technology/facebook-personal-fundraising/index.html'|'2017-03-30T20:53:00.000+03:00'|1690.0|''|-1.0|'' 1691|'37a70f82c2b3de1e9c16543c7c220099dae3f31b'|'BRIEF-Skywest reports combined Feb. 2017 traffic for Skywest Airlines, Expressjet Airlines'|' 17pm EST BRIEF-Skywest reports combined Feb. 2017 traffic for Skywest Airlines, Expressjet Airlines March 10 Skywest Inc: * Skywest Inc reports combined February 2017 traffic for Skywest Airlines and Expressjet airlines * In feb 2017, dual class aircraft represented approximately 48% of total block hour production for month compared to about 41% * Skywest generated 2.43 billion available seat miles (asms) for February 2017, compared to 2.67 billion ASMS for February 2016 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-skywest-reports-combined-feb-idUSASB0B4ZL'|'2017-03-11T04:17:00.000+02:00'|1691.0|''|-1.0|'' -1692|'784c96750ee5b04cd0839beb5e01ca991b69ee9c'|'PricewaterhouseCoopers settles with MF Global over collapse'|'Business News - Thu Mar 23, 2017 - 1:29pm GMT PricewaterhouseCoopers settles with MF Global over collapse The logo of PricewaterhouseCoopers is seen in front of the local offices building of the company in Luxembourg, April 26, 2016. REUTERS/Vincent Kessler NEW YORK PricewaterhouseCoopers LLP has settled a $3 billion (2 billion pound) lawsuit in which the bankruptcy administrator of MF Global Holdings Ltd accused the auditor of malpractice that led to the collapse of the brokerage run by former New Jersey governor Jon Corzine. Terms were not disclosed, but the case was "settled to the mutual satisfaction of the parties," representatives for PwC and the administrator said in separate statements on Thursday. The accord ends a trial that had begun on March 7 in the U.S. District Court in Manhattan. (Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mf-global-hldg-pricewaterhouse-idUKKBN16U1QV'|'2017-03-23T20:29:00.000+02:00'|1692.0|''|-1.0|'' +1692|'784c96750ee5b04cd0839beb5e01ca991b69ee9c'|'PricewaterhouseCoopers settles with MF Global over collapse'|'Business News - Thu Mar 23, 2017 - 1:29pm GMT PricewaterhouseCoopers settles with MF Global over collapse The logo of PricewaterhouseCoopers is seen in front of the local offices building of the company in Luxembourg, April 26, 2016. REUTERS/Vincent Kessler NEW YORK PricewaterhouseCoopers LLP has settled a $3 billion (2 billion pound) lawsuit in which the bankruptcy administrator of MF Global Holdings Ltd accused the auditor of malpractice that led to the collapse of the brokerage run by former New Jersey governor Jon Corzine. Terms were not disclosed, but the case was "settled to the mutual satisfaction of the parties," representatives for PwC and the administrator said in separate statements on Thursday. The accord ends a trial that had begun on March 7 in the U.S. District Court in Manhattan. (Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mf-global-hldg-pricewaterhouse-idUKKBN16U1QV'|'2017-03-23T20:29:00.000+02:00'|1692.0|26.0|0.0|'' 1693|'8e89298327bdc078bd88ee2e7d1343cc59b7b9f6'|'Post-Fed boost for small-cap stocks may be limited'|'Business News - Fri Mar 17, 2017 - 7:21pm EDT Post-Fed boost for small-cap stocks may be limited FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly/File Photo By Caroline Valetkevitch - NEW YORK NEW YORK Small-cap stocks benefited from a dovish lining to the U.S. Federal Reserve''s decision to raise interest rates this past week, but strategists warn it will take more to make these pricey stocks outperform their larger brethren in the long haul. The Fed on Wednesday raised rates by a quarter of a percentage point, as expected, but did not flag any plan to accelerate the pace of monetary tightening. A less aggressive monetary policy may benefit small-caps, which tend to get hit harder as borrowing costs increase when rates rise. Stocks in the small-cap space rallied after the Nov. 8 election that put Donald Trump in the White House as investors bet Trump''s plans to cut back on regulations and taxes would especially help small companies. That hasn''t panned out in the new year, as they have underperformed the S&P 500 year-to-date. Their near-term performance hinges on how much the profit picture improves, but so far small-cap earnings have yet to rebound in the same way that large caps have. Investors consider small-cap stocks comparatively expensive. "We''re in a show-me state for small caps," said Steve DeSanctis, equity strategist at Jefferies. "We''ve gotten (price-to-earnings) multiple expansion, so you need earnings growth." Fourth-quarter earnings for companies in the small-cap S&P 600 .SPCY were down 1.0 percent from a year ago, while the benchmark S&P 500''s earnings .SPX rose 7.8 percent, Thomson Reuters data show. Analysts expect profit growth for the S&P 600 in the first quarter of 2017, but at a rate still well below that of the S&P 500. The S&P 600 is up just 1.4 percent since Dec. 31, after rising 24.7 percent in 2016. The S&P 500 by comparison has gained 6.2 percent since the start of the year. At 20.4 times forward earnings estimates, the S&P 600 looks expensive compared with its long-term average of 17, Thomson Reuters data showed. The S&P 500 trades at about 17.8 times forward earnings, also above its long-term average. The Russell 2000 , a widely used gauge for small-caps, has a forward price-to-earnings ratio of 25.4, brushing against its highest level since 2009. Its 10-year average sits at 20.7. "Growth and the interest rate trajectory are going to be two key factors," said Dan Suzuki, senior U.S. equity strategist at Bank of America Merrill Lynch in New York. He thinks small caps may have more room to gain in the short run, especially if earnings surprise to the upside, but that valuations remains a negative. On the flip side, rising rates also tend to boost the U.S. dollar, which would have a bigger negative impact on large-cap multinationals as a stronger dollar weighs on offshore revenues when they are translated into the U.S. currency. Investors also worry that any tax reductions under the Trump administration may not come for many months, or even until 2018. "Small-caps generally pay more in terms of U.S. corporate taxes," said Nicholas Colas, chief market strategist at Convergex, a global brokerage company based in New York. "You can somewhat view small-caps as a bit of a proxy for confidence in the tax reduction piece of the Trump economic plan." (Reporting by Caroline Valetkevitch; Editing by Daniel Bases and Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-weekahead-idUSKBN16O2VF'|'2017-03-18T06:21:00.000+02:00'|1693.0|''|-1.0|'' 1694|'922cb517096c77db2ffb9793b00901cf040eb15c'|'UPDATE 1-Argentina delays Avianca''s market entry to avoid conflict of interest'|' 23pm EST UPDATE 1-Argentina delays Avianca''s market entry to avoid conflict of interest (Adds transport minister quote, background) BUENOS AIRES, March 6 Argentina will delay approval of Avianca Holdings SA''s entry into the local market until a new norm governing business conflicts of interest is approved, Transportation Minister Guillermo Dietrich said on Monday. Last week, a federal prosecutor asked a judge for permission to investigate President Mauricio Macri and others over allegations he favored the Colombian airline in a plan to open more routes. His father''s company sold another airline to Avianca last year. "Regarding Avianca, we have decided to tie the approval process to a new rule that will be published soon and seeks to prevent possible conflict of interest," Dietrich told a news conference. At the start of the month, Macri vowed to issue decrees to crack down on conflicts of interest as prosecutors push to investigate his family''s business ties, including the deal between Avianca and the president''s father. The elder Macri, Franco, is one of Argentina''s richest men. Last month, the president was criticized over a deal his government reached to resolve a 15-year old debt the postal service incurred when it was owned by Franco Macri, with prosecutors claiming the deal benefited his family. The president said at the time that the deal had been handled legally, but apologized for a lack of transparency and revoked the agreement. (Reporting by Luc Cohen; Writing by Hugh Bronstein; editing by Grant McCool and Jonathan Oatis) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/argentina-airlines-argentina-idUSL2N1GJ1IN'|'2017-03-07T04:23:00.000+02:00'|1694.0|''|-1.0|'' 1695|'6acde3962a8420ec9929adab5bac5e6faafe136d'|'Dubai''s Souq.com to make announcement on Amazon.com bid: sources'|'DUBAI Middle Eastern online retailer Souq.com will make an announcement later on Tuesday about Amazon.com Inc''s ( AMZN.O ) bid to buy 100 percent of the company from its shareholders, two sources familiar with the matter told Reuters.One of the sources, declining to be identified ahead of the announcement, said the statement would say that Souq.com''s shareholders had accepted the bid.Souq.com declined to comment. Amazon officials could not immediately be reached for comment.Dubai''s Emaar Malls EMAA.DU, operator of some of the region''s most glitzy shopping malls, said on Monday it had made an $800 million offer for Souq.com. Sources said that bid was higher than Amazon''s offer.Reuters reported last week that Amazon had agreed in principle to buy Souq.com, which was founded 12 years ago by Syrian-born entrepreneur Ronaldo Mouchawar.Souq.com has raised $425 million since its founding in 2005, according to CrunchBase. It was reported to be valued at $1 billion at the time of its latest funding round last year, but sources said at the time the deal was worth less than that.Amazon bid $580 million for Souq.com, a source familiar with the matter told Reuters on Monday. The Financial Times reported Amazon would pay between $650 and $750 million, quoting two sources familiar with the matter.Emaar Malls bid had so far not been accepted by Souq.com shareholders, the Dubai-listed firm said on Monday.Souq.com would have to break an exclusivity agreement with Amazon if it is to accept the Emaar Malls offer at this stage, a source said.(Reporting by Hadeel Al Sayegh and Alexander Cornwell; Editing by Andrew Torchia and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-souq-com-m-a-amazon-com-idINKBN16Z0Q1'|'2017-03-28T05:30:00.000+03:00'|1695.0|''|-1.0|'' @@ -1744,7 +1744,7 @@ 1742|'b6c31d90bd760ec368ab6fbbc74877d853de81f1'|'EU''s competition watchdog says a few merger candidates may have misled'|'BRUSSELS A "small handful" of companies may have given misleading information when they sought approval for their mergers, Europe''s competition commissioner said on Monday, putting the companies at risk of sanctions and fines should regulators find proof of wrongdoing.The comments by Margrethe Vestager came as she weighs up Facebook''s ( FB.O ) response to charges of giving misleading data during its $22 billion bid for phone messaging service WhatsApp in 2014.Facebook said that it was unable reliably to match the two companies'' user accounts but regulators said this was incorrect and that it was technically possible to do that.The European Commission has to date identified "a small handful, which is less than five but more than one and probably doesn''t qualify as several" companies which might have given misleading information, Vestager told a news conference.She said the cases were brought to her attention by people who spotted some inconsistencies in what merging companies said and what appeared in newspapers.It was not clear if the anomalies would trigger further investigations. Companies found to have given misleading information can be fined up to 1 percent of their global turnover.(Reporting by Foo Yun Chee; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eu-m-a-vestager-idINKBN16Y215'|'2017-03-27T14:12:00.000+03:00'|1742.0|''|-1.0|'' 1743|'ca0c1a1314d0dd15f925ab0afa670609415e1c0c'|'Suez buys GE Water in 3.2 bln euro deal, considers capital increase'|'Company News - Wed Mar 8, 2017 - 11:47am EST Suez buys GE Water in 3.2 bln euro deal, considers capital increase PARIS, March 8 French waste and water group Suez said in a statement it and Canada''s Caisse de dpt et placement du Qubec (CDPQ) have agreed to buy GE Water from General Electric for an enterprise value of 3.2 billion euros ($3.37 billion). Suez and CDPQ will set up a 70/30 joint venture to buy 100 percent of GE Water in an all-cash transaction, after which Suez will contribute its existing industrial water activities to the new Industrial Water business unit. Suez said it had a fully underwritten bridge financing in place for the transaction, and is considering refinancing it through a capital increase of about 750 million euros. It said its main shareholders, Engie, CriteriaCaixa and Caltagirone Group have confirmed their intention to participate in the capital increase for their pro rata share. ($1 = 0.9483 euros) (Reporting by Geert De Clercq; Editing by Adrian Croft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/suez-ge-idUSL5N1GL5FY'|'2017-03-08T23:47:00.000+02:00'|1743.0|''|-1.0|'' 1744|'9627513053b24ffd397977b957ebe3cb342992ca'|'Halfway into 2017''s oil supply cut, Asia remains awash with fuel'|'Money News - Fri Mar 17, 2017 - 8:35am IST Halfway into 2017''s oil supply cut, Asia remains awash with fuel FULL COVERAGE: By Florence Tan and Henning Gloystein - SINGAPORE SINGAPORE Halfway into an OPEC-led oil supply cut, Asia remains awash with fuel in a sign that the group''s efforts to rein in a global glut have so far had little effect. The Organization of the Petroleum Exporting Countries (OPEC) and other suppliers including Russia have pledged to cut production by almost 1.8 million barrels per day (bpd) during the first half of this year to rein in oversupply and prop up prices. Yet almost three months into the announced cuts, oil flows to Asia, the world''s biggest and fastest growing market, have risen to near record highs. The Asian surplus will pressure global oil prices and weigh on the budgets of major oil producing nations but may also help spur growth in demand needed to soak up the excess. Thomson Reuters Oil Research and Forecasts data shows around 714 million barrels of oil are being shipped to Asia this month, up 3 percent since December when the cuts were announced. Responding to rising production, benchmark crude prices are down 10 percent since January, and analysts warn that more falls could follow. "Cuts are not enough to re-absorb the world''s excess supply. So, unless oil demand growth rebounds to record levels in 2017, oil prices could head for another substantial fall," said Leonardo Maugeri, senior fellow at the Harvard Kennedy School''s Belfer Center for Science and International Affairs. Not only are supplies from the Middle East and Russia to Asia still high despite the pledge to cut, but record volumes are flooding into Asia from the Americas and Europe. The result is a market awash with fuel. More than 30 supertankers are sitting off the coasts of Singapore and southern Malaysia filled with oil, despite a price structure that makes it unattractive to buy oil now and store it for sale at a later date. Crude for delivery in January 2018 is only 70 cents more expensive than that for delivery next May, making those floating storage vessels unprofitable. OPEC''S DILEMMA The ongoing glut poses a predicament for OPEC. Its members need higher oil prices to balance government budgets, but cutting back production to prop up prices means losing market share as other suppliers step in to fill the gap. OPEC''s cuts early in the year pushed up Middle East Dubai crude price against the international benchmark Brent, allowing oil from outside the Middle East to head to Asia. Traders are shipping competitively priced crudes such as Russian Urals, Kazakhstan''s CPC Blend, North Sea Forties and U.S. West Texas Intermediate to replace Middle East staples from Oman to Abu Dhabi. A record 10.5 million barrels of Russian Urals will arrive in Asia between April and June, Eikon data shows. Oil from Kazakhstan, the North Sea, Brazil, and the United States arriving in Asia in March is expected to reach 45 million barrels, double the volume in the same month a year ago. "The uptick in arbitrage has not gone unnoticed by the large Middle Eastern (OPEC) producers," analysts from consultancy JBC Energy said in a note to clients this week. In a move to beat off competition but which contradicts the announced cuts, OPEC''s de-facto leader Saudi Arabia unexpectedly cut light crude prices last week. State-owned Saudi Aramco has also given additional supplies to Asian customers in April, trade sources said. Stiff competition and ample supplies have depressed prices for Middle East and Asia-Pacific grades, some of them to multi-month lows. May-loading for Qatar Marine crude sold at discounts to its official selling price for the first time in four months while spot premiums for Russian and Malaysia''s flagship Kimanis crude have also hit lows. With few signs that producers will cut supplies deeply enough to end the glut, and indicators that output is rising in the United States, traders say only strong demand can eventually rein in the surplus. "Demand growth in Asia is about 700,000 bpd, so the glut will eventually clear," said Oystein Berentsen, managing director for oil trading company Strong Petroleum in Singapore. Not all are as confident. "Enduring excess supply could be eased by a robust demand growth," said Maugeri of the Belfer Center. "But preliminary data and analyses do not portend such a development, especially because of a significant slowdown in demand growth in China and India - the two major engines of world oil consumption growth." (Reporting by Florence Tan and Henning Gloystein; Additional reporting by Mark Tay; Editing by Lincoln Feast) Next In Money News Fed rate hikes could spell end to global easing SINGAPORE/WASHINGTON The Federal Reserve''s return to higher interest rates could lend a hand to beleaguered counterparts in Japan and Europe and signal the end of a long cycle of monetary stimulus across Asia, as central banks from Beijing to Ankara to London reacted on Thursday to the U.S. policy change.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-oil-idINKBN16O0AY'|'2017-03-17T10:05:00.000+02:00'|1744.0|''|-1.0|'' -1745|'c11e7996b5e287e506ab4c814ed29661ee361b7b'|'IG Group''s revenue falls 3.8 percent on weakness in UK, Ireland'|' 41am GMT IG Group''s revenue falls 3.8 percent on weakness in UK, Ireland IG Group Holdings Plc ( IGG.L ), a British online trading company, reported a 3.8 percent fall in quarterly revenue as it earned less per client, especially in the United Kingdom and Ireland. The company, which provides online stockbroking and trading services to retail investors, said revenue fell to 117.4 million pounds ($146.84 million) for the three months ended Feb. 28, from 122 million pounds a year earlier. Average revenue per client fell 15 percent with the United Kingdom and Ireland down 23 percent, partly as current clients traded less, IG said. However, IG''s active client numbers rose 13 percent in the quarter. The company, which was founded in 1974 as the world''s first spread-betting firm, said the fourth quarter had started better and that client recruitment remains strong. (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair) Most UK employers do not plan to raise pay to match rising inflation - XpertHR LONDON Most British companies do not expect to offer more generous pay deals to employees this year compared with 2016, adding to signs that higher inflation will gnaw at Britons'' living standards in the months ahead, a survey showed on Thursday. LONDON British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ig-grp-hldgs-results-idUKKBN16U0NC'|'2017-03-23T14:41:00.000+02:00'|1745.0|''|-1.0|'' +1745|'c11e7996b5e287e506ab4c814ed29661ee361b7b'|'IG Group''s revenue falls 3.8 percent on weakness in UK, Ireland'|' 41am GMT IG Group''s revenue falls 3.8 percent on weakness in UK, Ireland IG Group Holdings Plc ( IGG.L ), a British online trading company, reported a 3.8 percent fall in quarterly revenue as it earned less per client, especially in the United Kingdom and Ireland. The company, which provides online stockbroking and trading services to retail investors, said revenue fell to 117.4 million pounds ($146.84 million) for the three months ended Feb. 28, from 122 million pounds a year earlier. Average revenue per client fell 15 percent with the United Kingdom and Ireland down 23 percent, partly as current clients traded less, IG said. However, IG''s active client numbers rose 13 percent in the quarter. The company, which was founded in 1974 as the world''s first spread-betting firm, said the fourth quarter had started better and that client recruitment remains strong. (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair) Most UK employers do not plan to raise pay to match rising inflation - XpertHR LONDON Most British companies do not expect to offer more generous pay deals to employees this year compared with 2016, adding to signs that higher inflation will gnaw at Britons'' living standards in the months ahead, a survey showed on Thursday. LONDON British car production hit a 17-year high in February, extending a recent trend of surging output as a strong rise in exports once again compensated for a slump in demand at home, an industry body said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ig-grp-hldgs-results-idUKKBN16U0NC'|'2017-03-23T14:41:00.000+02:00'|1745.0|23.0|0.0|'' 1746|'1f876d4ab1404a9268b6550fc36a3416f39767c0'|'After strategy shifts, Deutsche Bank taps investors again'|'Business 1:03pm EDT After strategy shifts, Deutsche Bank taps investors again The logo of Germany''s largest business bank, Deutsche Bank is seen in front of one of the bank''s office buildings in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Deutsche Bank ( DBKGn.DE ) announced details of its latest bid for cash on Sunday, as it turned for the fourth time to investors, many of whom have privately expressed exasperation with its strategic shifts and heavy losses in recent years. Here are key points in Deutsche Bank''s strategy shifts since 2010: tmsnrt.rs/2mMpPUl The rights issue represents an increase of about 50 percent in Deutsche Bank''s current shares and puts the bank on course to have raised more than its 25 billion euro ($27 billion) market value in the last seven years. Since the financial crisis, the lender has been forced to change tack on strategy, most conspicuously in the case of Postbank, a German retail lender it bought in 2010, the same year it tapped investors for more than 10 billion euros. Less than five years later, management announced that Postbank would be sold, unveiling what they described as the "next milestone in the journey". Roughly two years later, under new Chief Executive John Cryan the sale has been canceled. Deutsche also announced in 2015 a reorganization to separate its markets and investment banking business, only to recombine them two years later. (Writing by John O''Donnell; editing by Susan Thomas) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-bank-strategy-idUSKBN16R20T'|'2017-03-21T00:03:00.000+02:00'|1746.0|''|-1.0|'' 1747|'dc70d4a36431911d062a77f3edd369820b24b8fe'|'Puerto Rico offers new PREPA debt restructuring, bond insurers suffer'|'By Nick Brown and Daniel Bases - NEW YORK NEW YORK Puerto Rico Electric Power Authority, the island''s ailing power utility, on Tuesday reopened a long-agreed debt restructuring deal that drew ire from bondholders and put the stock of credit insurers under further selling pressure.The new restructuring proposal alters the 15 percent reduction in creditor principal, removes the requirement for an investment grade credit rating on restructured debt and decreases the size of a reserve fund put in place to insure payments are made on the bonds."That (investment grade) was never a realistic ask. I would love to say that we would have investment grade bonds, but it is just not true," Elias Sanchez, an official in Governor Ricardo Rossello''s office, told Reuters on Tuesday.Puerto Rico has struggled to pull itself out of a financial death spiral for several years, burdened by unsustainable debt, a 45 percent poverty rate and citizens leaving for the mainland.In 2015, PREPA hammered out a restructuring deal with creditors that was seen as a potential roadmap for a broader restructuring of the U.S. commonwealth''s crippling $70 billion debt load. PREPA alone has more than $8 billion in debt to restructure.The new proposal comes a day before a U.S. congressional hearing on the PREPA restructuring plan. Rossello is scheduled to testify as are the chairman of the federally appointed Financial Oversight and Management Board created under the PROMESA law last June, the chairman of PREPA and a representative of major creditors.Under the new deal 80 percent of the original debt would move into securitization bonds backed by a dedicated charge on customer bills. This essentially keeps the debt ringfenced from PREPA''s operations.In addition, creditors will receive 5 percent of their original investment in the form of a new bond backed by PREPA. That brings them to their 15 percent cut in principal.One group of PREPA creditors said the new proposal fundamentally changes the terms of the original deal."The modifications would undermine the value and structural integrity of the new PREPA securitization debt," the group said in a statement on Tuesday.BROADER FALLOUTPREPA''S original deal served as a bellwether. Its potential unraveling dovetails with the acceptance of a revised island-wide financial restructuring plan by the oversight board that sets aside less money for paying out debt.Under the newly certified plan, debt service would be $800 million per year versus $1.2 billion a year over a 10-year period. That puts the recovery rate for bondholders, in aggregate, around 30 cents on the dollar, according to analysts.Benchmark Puerto Rico general obligation (GO) debt has suffered in the wake of the decision. GO bonds maturing in 2035 and carrying an 8 percent coupon, traded at 61.575 on Tuesday, down from Monday''s closing price of 63.3, according to Thomson Reuters data..The bond is down 11.175 points in price since the plan was certified on March 13 and hit an all-time low on Monday at 61.35 before rising. Defaulted debt trades more like an equity and is not typically Quote: d with a yield.The debt has been in default since last year when U.S. Congress passed the PROMESA rescue law that suspended debt payments.Compounding the negative sentiment is a brewing civil war between various camps of Puerto Rico''s creditors.On Sunday, so-called COFINA bondholders, whose debt is backed by sales tax revenue, asked a federal judge in San Juan to deny the GO bondholder group''s effort to stop the island''s government from making payments on COFINA debt.Late Monday, a federal appeals court in Boston ordered that lawsuit frozen under PROMESA, which bars litigation over Puerto Rico debt defaults until May 1, to give the island and creditors time to work out a consensual restructuring without worry about lawsuits.GO debt traditionally is considered senior to all other debt obligations as it is backed by the good faith and credit of a municipality, but COFINA creditors have argued that the tax revenue stream guaranteeing their debt is off limits to the government.Bond insurers involved in Puerto Rico have seen their stock prices hammered by the uncertainty created by the lower debt service, growing legal rancor between creditor groups and now the reopening of the PREPA restructuring. The last element is particularly hard on Assured Guaranty Ltd and MBIA Inc which have exposure to PREPA.On Tuesday afternoon, Assured''s stock was down 1.9 percent at $37.05 and MBIA shares were down 1.8 percent at $8.28. Since March 13, Assured shares are down nearly 9 percent while MBIA''s are off more than 12 percent."All of these names had been performing well since PROMESA because there was an expectation of what would come from the deal," said Mark Palmer, financial equity analyst at BTIG in New York."Now with the PREPA deal being renegotiated ... there is a question about whether a higher level of losses for the insurers is going to occur. If it does occur, a lot of the pain is now baked in to the share price," he said.(Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-prepa-idINKBN16S2MD'|'2017-03-21T17:06:00.000+02:00'|1747.0|10.0|0.0|'' 1748|'dae3f514e6cf287a7f5c14f758bf815cb17a060d'|'Shell reluctant to part with California refinery amid asset sale'|'By Jessica Resnick-Ault and Ron Bousso - NEW YORK NEW YORK Royal Dutch Shell ( RDSa.L ) is in talks with several potential buyers for its refinery outside of San Francisco, but the Anglo-Dutch oil giant is reluctant to part with its last asset in California, three people familiar with the process say.The company is in the midst of a massive asset sale, shedding properties from Thailand to the North Sea to pay down debt following its $54 billion purchase of smaller British rival BG Group last year.Shell, Europe''s largest oil company, has sold around $15 billion of assets over the past year as part of a planned $30 billion in asset sales to trim debt incurred from the transaction.Bidders for Shell''s 158,000 barrel-per-day Martinez refinery, located 30 miles (48 km) northeast of San Francisco, include PBF Energy ( PBF.N ) and NTR Partners III LLC.Still, sources familiar with the issue say the company wants to sell for a higher price, with one saying the plant could be valued at about $900 million.Shell, which barred potential buyers from hiring advisors during a first round of the auction, has since allowed third parties to review materials related to a sale, according to one person familiar with the negotiations.Shell declined to comment. PBF referenced its quarterly calls with analysts, where it has said it considers all refining and logistics assets that come on the market, but declined to comment on interest in the specific plant. NTR did not respond to requests for comment.Shell retained Lazard last year to advise on the overall asset sale program. In the fall, Shell retained Deutsche Bank to find a buyer for the Martinez facility.EXIT FROM CALIFORNIA?Over the past 15 years, Shell has sold refineries in Bakersfield and Wilmington, California. Selling the Martinez plant would mark its exit from the state.While state-specific emissions regulations and fuel standards make it more expensive to operate a refinery in California, the plant still drew interest because of its location and ability to process local crude.Among the bidders, PBF bought a refinery in Torrance, California last year, while privately held NTR Partners has bid on other California plants.California''s environmental regulations and pipeline connections make the state an island, with few sources for gasoline imports.As a result, when one plant in California is shuttered, margins at other refineries in the state surge.Most operators in the state own more than one plant. PBF, one of the only California refiners with a single operation, would consider buying a second to hedge against disruptions at its troubled Torrance refinery, Jeff Dill, PBF''s president for West Coast operations said last month.The Martinez refinery, which has been operating since 1915, processes crude into gasoline, jet fuel, diesel and other refined products and has a coker unit for processing heavy crude.The potential sale would include a pipeline that brings crude produced in California''s San Joaquin Valley to the refinery.(Reporting By Jessica Resnick-Ault in New York and Ron Bousso in London; Additional reporting by Jarrett Renshaw and David French in New York and Liz Hampton in Houston; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shell-refinery-sale-idINKBN16U1GJ'|'2017-03-23T08:56:00.000+02:00'|1748.0|''|-1.0|'' @@ -1761,17 +1761,17 @@ 1759|'432a61a88222d283497305be45fd8375e4462aad'|'UPDATE 1-Co-op in talks with multiple bidders but break-up seen inevitable- sources'|'* Bidders keen to pick assets rather than full takeover - sources* Virgin Money, OneSavings Bank among industry bidders - sources* Cerberus, Apollo among investors eyeing assets - sources (Adds details on bidders, context)By Pamela Barbaglia and Rahul BMarch 24 Britain''s Co-operative Bank said on Friday its ongoing sales process has drawn interest from multiple bidders after the ailing British lender put itself up for sale in February.Sources close to the process told Reuters that most bidders are interested in specific assets only as they see little value in buying the whole group. Others like Spain''s Banco Sabadell have ruled out making a move for Co-op.The lender, which has four million customers, urgently needs to raise capital to avoid the risk of being wound down. It has not made a profit since 2011 and needs to repay 400 million pounds worth of bonds that mature in September.On Feb. 13 it announced plans to find a new owner after it struggled to meet regulatory capital requirements.Its advisers Bank of America and UBS have asked interested parties to submit non-binding offers ahead of a deadline of Apr. 3, one of the sources said.The bidding field includes rival lender Virgin Money as well as private equity-backed OneSavings Bank, which is held by JC Flowers, the sources said.A spokesman at Virgin Money declined to comment, while OneSavings Bank could not immediately be reached.A plethora of investment firms have set their sights on Co-op''s bad debt and are hoping for a break-up of the Manchester-based lender into a good and bad bank.These investors, often dubbed "vulture funds", include Cerberus, Fortress and Apollo among others, the sources said.Cerberus declined to comment while representatives at Fortress and Apollo were not immediately available for comment.Co-Op Bank, rescued from the brink of collapse by a group of hedge funds in 2013, said it would provide additional information to selected parties to proceed with their offers.But sources said there''s lukewarm interest in buying the whole bank and bidders are fairly confident that the ailing lender will be chopped up and sold in pieces."The upcoming round of bids is irrelevant because no one will come close to matching price expectations," one of the sources said. "A break-up of the bank is inevitable."The bank, which is being closely watched by UK regulators, said it would continue to negotiate an equity raising plan from existing and new capital providers as an alternative to the sale process.It expects to make a "significant loss" for last year despite making progress in implementing a turnaround plan and cutting its cost base by a fifth since 2014. (Additional reporting by Lawrence White; Editing by Susan Thomas and Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/co-operativ-bank-sale-idINL5N1H11W5'|'2017-03-24T11:35:00.000+03:00'|1759.0|''|-1.0|'' 1760|'3b926d84d1836501a9f945d45e113a597dbffeeb'|'BRIEF-Maiden Holdings announces brief 10-K filing delay'|' 55pm EST BRIEF-Maiden Holdings announces brief 10-K filing delay March 1 Maiden Holdings Ltd: * Maiden Holdings announces brief 10-K filing delay for completion of final audit procedures; no material weaknesses in internal controls identified * Says company plans to file a form 12B-25 with securities and exchange commission Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-maiden-holdings-announces-brief-idUSFWN1GE18W'|'2017-03-02T04:55:00.000+02:00'|1760.0|''|-1.0|'' 1761|'2b4b9d33b221185cf5a1f1dd8b5a0b395ca2c2cc'|'French prosecutor opens Fiat Chrysler emissions investigation-source'|'Company News 35pm EDT French prosecutor opens Fiat Chrysler emissions investigation-source PARIS, March 21 A French prosecutor has opened an investigation into Fiat Chrysler over allegations that the carmaker cheated in diesel emission tests, a judicial source said on Tuesday. "I can confirm that a judicial investigation has been opened into aggravated cheating," the source said. (Reporting by Chine Labbe and Laurence Frost; Writing by Geert De Clercq; Editing by Greg Mahlich) Next In Company News UPDATE 1-Brazil strives to quell meat scandal as Hong Kong bans imports LAPA, Brazil, March 21 Brazilian authorities on Tuesday began scouring meat plants closed after a probe into corruption by health inspectors and the alleged sale of rotten products, as Hong Kong dealt a blow to the world''s top beef and poultry exporter with an import ban.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-fiat-chrysler-diesel-idUSP6N1EW00L'|'2017-03-22T00:35:00.000+02:00'|1761.0|''|-1.0|'' -1762|'caf16601b6a53e747bc9d3a27ac0df44eed8e389'|'CEE MARKETS-Assets retreat ahead of Romanian bond auction'|'* Zloty, forint off multi-week highs * Leu near multi-year low, IMF warns over budget deficit * Romania holds bond auction, two previous auctions failed * Equities also retreat after post-Fed gains By Sandor Peto BUDAPEST, March 20 Central European currencies and stocks gave up ground on Monday after Friday''s warning from the International Monetary Fund about a rise in Romania''s budget deficit and ahead of a government bond auction in Bucharest. Regional assets had firmed last week as risk appetite rose after the Federal Reserve suggested that future U.S. rate hikes will not come as quickly as expected. That change mainly helped regional currencies and stocks, while the prospect of rising U.S. interest rates keeps bond yields in Central Europe near their highest levels for months. The leu and Romanian government bonds have underperformed regional peers this year due to huge protests against corruption last month and concerns that the budget deficit will overshoot targets under the new leftist government. The IMF warned on Friday that the shortfall could far exceed targets this year and next, bloated by tax cuts and wage hikes, unless the government takes adjustment measures. The leu fell 0.2 percent against the euro on Monday to 4.562, piercing the 4.56 line at which the central bank intervened several times in the past years to defend the currency. The forint and the zloty eased 0.1 percent, but they stayed near the multi-week highs, which they reached on Friday, while the leu is near its weakest levels for almost 4 years. Romania, which rejected all bids at two bond tenders earlier this month, offers 10-year bonds at an auction on Monday. A long-duration paper like that may not be the best offer amid expectations for a global yield rise, but its high coupon and the relatively good liquidity of the bond may counterbalance the duration risk somewhat, Raiffeisen analyst Stephan Imre said in a note. "Verbal interventions by the central bank hinting at its readiness to defend the RON in line with its earlier practice when the currency was breaking levels slightly above 4.55/EUR would be definitely a catalyst for a successful auction," he added. Hungarian and Polish government bonds were treading water near their highest levels for months. "Inflation figures released in the region recently may have shifted expectations for the yield trajectories towards higher levels," one Budapest-based fixed income trader said. Hungarian short-term debt and money market yields, meanwhile, hover near zero, kept low by the policy of the Hungarian central bank which will hold a meeting next week. "Due to the improving growth and inflation trends, it will become difficult for the central bank to justify loose monetary policy," said Monika Kiss, analyst of Equilor brokerage. CEE SNAPS AT 1047 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 35 1% % Hungary 308.6 308.4 -0.05 0.06% forint 500 850 % Polish 4.285 4.282 -0.06 2.77% zloty 0 6 % Romanian 4.562 4.554 -0.17 -0.59 leu 0 1 % % Croatian 7.407 7.410 +0.0 2.00% kuna 0 2 4% Serbian 123.8 123.9 +0.1 -0.38 dinar 200 900 4% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 979.4 980.7 -0.14 +6.2 5 9 % 8% Budapest 32434 32778 -1.05 +1.3 .87 .00 % 5% Warsaw 2278. 2296. -0.82 +16. 18 97 % 95% Bucharest 7966. 7969. -0.03 +12. 95 41 % 45% Ljubljana 801.8 801.7 +0.0 +11. 2 2 1% 74% Zagreb 2163. 2177. -0.64 +8.4 31 24 % 5% Belgrade <.BELEX15 745.7 744.2 +0.1 +3.9 > 2 9 9% 5% Sofia 635.6 634.9 +0.1 +8.3 2 8 0% 9% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year 7 bps ps 5-year 2 bps 10-year bps s Poland 2-year 3 bps s 5-year bps 10-year bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.29 0.32 0.42 0 PRIBOR=> Hungary < 0.32 0.42 0.59 0.23 BUBOR=> Poland < 1.78 1.81 1.87 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1GX1XQ'|'2017-03-20T07:35:00.000+02:00'|1762.0|''|-1.0|'' +1762|'caf16601b6a53e747bc9d3a27ac0df44eed8e389'|'CEE MARKETS-Assets retreat ahead of Romanian bond auction'|'* Zloty, forint off multi-week highs * Leu near multi-year low, IMF warns over budget deficit * Romania holds bond auction, two previous auctions failed * Equities also retreat after post-Fed gains By Sandor Peto BUDAPEST, March 20 Central European currencies and stocks gave up ground on Monday after Friday''s warning from the International Monetary Fund about a rise in Romania''s budget deficit and ahead of a government bond auction in Bucharest. Regional assets had firmed last week as risk appetite rose after the Federal Reserve suggested that future U.S. rate hikes will not come as quickly as expected. That change mainly helped regional currencies and stocks, while the prospect of rising U.S. interest rates keeps bond yields in Central Europe near their highest levels for months. The leu and Romanian government bonds have underperformed regional peers this year due to huge protests against corruption last month and concerns that the budget deficit will overshoot targets under the new leftist government. The IMF warned on Friday that the shortfall could far exceed targets this year and next, bloated by tax cuts and wage hikes, unless the government takes adjustment measures. The leu fell 0.2 percent against the euro on Monday to 4.562, piercing the 4.56 line at which the central bank intervened several times in the past years to defend the currency. The forint and the zloty eased 0.1 percent, but they stayed near the multi-week highs, which they reached on Friday, while the leu is near its weakest levels for almost 4 years. Romania, which rejected all bids at two bond tenders earlier this month, offers 10-year bonds at an auction on Monday. A long-duration paper like that may not be the best offer amid expectations for a global yield rise, but its high coupon and the relatively good liquidity of the bond may counterbalance the duration risk somewhat, Raiffeisen analyst Stephan Imre said in a note. "Verbal interventions by the central bank hinting at its readiness to defend the RON in line with its earlier practice when the currency was breaking levels slightly above 4.55/EUR would be definitely a catalyst for a successful auction," he added. Hungarian and Polish government bonds were treading water near their highest levels for months. "Inflation figures released in the region recently may have shifted expectations for the yield trajectories towards higher levels," one Budapest-based fixed income trader said. Hungarian short-term debt and money market yields, meanwhile, hover near zero, kept low by the policy of the Hungarian central bank which will hold a meeting next week. "Due to the improving growth and inflation trends, it will become difficult for the central bank to justify loose monetary policy," said Monika Kiss, analyst of Equilor brokerage. CEE SNAPS AT 1047 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 35 1% % Hungary 308.6 308.4 -0.05 0.06% forint 500 850 % Polish 4.285 4.282 -0.06 2.77% zloty 0 6 % Romanian 4.562 4.554 -0.17 -0.59 leu 0 1 % % Croatian 7.407 7.410 +0.0 2.00% kuna 0 2 4% Serbian 123.8 123.9 +0.1 -0.38 dinar 200 900 4% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 979.4 980.7 -0.14 +6.2 5 9 % 8% Budapest 32434 32778 -1.05 +1.3 .87 .00 % 5% Warsaw 2278. 2296. -0.82 +16. 18 97 % 95% Bucharest 7966. 7969. -0.03 +12. 95 41 % 45% Ljubljana 801.8 801.7 +0.0 +11. 2 2 1% 74% Zagreb 2163. 2177. -0.64 +8.4 31 24 % 5% Belgrade <.BELEX15 745.7 744.2 +0.1 +3.9 > 2 9 9% 5% Sofia 635.6 634.9 +0.1 +8.3 2 8 0% 9% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year 7 bps ps 5-year 2 bps 10-year bps s Poland 2-year 3 bps s 5-year bps 10-year bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.29 0.32 0.42 0 PRIBOR=> Hungary < 0.32 0.42 0.59 0.23 BUBOR=> Poland < 1.78 1.81 1.87 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1GX1XQ'|'2017-03-20T07:35:00.000+02:00'|1762.0|17.0|0.0|'' 1763|'ff268f49bcd006adf0948f6da4a8ed0b67bd4fba'|'Sears raises doubts about ability to continue as going concern'|'Business News - 25pm EDT Sears raises doubts about ability to continue as going concern A Sears department store is seen in New Hyde Park, New York, U.S., January 5, 2017. REUTERS/Shannon Stapleton Beleaguered retailer Sears Holdings Corp ( SHLD.O ) on Tuesday warned about its ability to continue as a going concern. "Our historical operating results indicate substantial doubt exists related to the company''s ability to continue as a going concern," Sears said in the annual report for the fiscal year ended Jan. 28. ( bit.ly/2mRUcce ) However, Sears said actions taken to boost liquidity during the year, including the sale of the Craftsman tool brand to power tool maker Stanley Black & Decker Inc ( SWK.N ), could mitigate the going concern doubt. (Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sears-going-concern-idUSKBN16S2WG'|'2017-03-22T05:12:00.000+02:00'|1763.0|''|-1.0|'' 1764|'287fea78db5388bbf12c69e49218f4d6862158dd'|'EU adopts rules to curtail executive pay, avoid short-term investing'|' 34pm GMT EU adopts rules to curtail executive pay, avoid short-term investing A woman walks past the European flag outside the EU Commission headquarters in Brussels, Belgium March 1, 2017. REUTERS/Yves Herman BRUSSELS Shareholders in listed European Union companies will have a greater say in setting executive pay under new rules adopted by EU lawmakers on Tuesday. Investors in the more than 8,000 listed companies on EU markets will be able to issue binding votes on remuneration policies, although EU states are free to make this advisory and will have about two years to enact them in national law. The Parliament''s vote came after a deal reached in December with representatives of the 28 EU states on measures which are also meant to encourage long-term investment in listed firms by asset managers, insurers and pension funds and avoid short-termism. "For a stable European economy, it is essential to look beyond fast profits and focus on long-term success," Vera Jourova, the EU commissioner in charge of the dossier, said. The rules were proposed in 2014 in the wake of the global financial crisis and the euro zone debt crisis which put the short-term practices of the financial sector under scrutiny. It also drew attention to what managers were paid, which was often "perceived as undue in the light of the weak performance of the director or the difficult situation of the company", the Commission said in a note. "There will be a more direct link between directors'' pay and companies'' results," said Sergio Cofferati, the center-left lawmaker who steered the new rules through the EU legislature. To counter short-termism, insurers and pension funds, which hold most of the shares of listed companies, will have to show their investment strategy, without revealing sensitive details. The increased transparency is expected to extend the average shareholding period from eight months, the Commission said. (Reporting by Francesco Guarascio; Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-markets-pay-idUKKBN16L1G0'|'2017-03-14T19:33:00.000+02:00'|1764.0|''|-1.0|'' 1765|'aac963ee9abeb84438f9e357105350c5b040fbbb'|'Snapchat said to be valued at nearly $24 billion - Mar. 1, 2017'|'Pondering Snap''s IPO over laser tag and paintball Even concerns about Snapchat''s slowing user growth aren''t stopping investors from clamoring for its stock. Snap, the parent company of Snapchat, priced its initial public offering at $17 a share on Wednesday, according to multiple reports . It had previously proposed a range of $14 to $16 a share. At that price, Snap would have a market value of nearly $24 billion, making it the largest U.S. tech IPO since Facebook ( FB , Tech30 ) . Reps for Snap did not immediately respond to a request for comment. "The demand for the Snap IPO has been very, very strong," says Jeff Zell, an analyst with IPO Boutique, a research firm. "Even the original naysayers and detractors from the deal have pretty much softened their negativity." Snap is scheduled to begin trading on the New York Stock Exchange on Thursday. Related: Snapchat''s $4 billion man The young company saw user growth slow to a halt in the final months of last year, according to its original IPO filing last month. The slowdown coincided with Facebook''s Instagram launching a Snapchat copycat feature. Snap''s sales are growing at a fast pace, rising to more than $400 million in 2016 from just $58.7 million in 2015. Most analysts expect Snap to report around $1 billion in sales this year. But Snap continues to struggle to make money -- and it signaled a profit may not be coming soon. The company suffered losses of $515 million in 2016, up from a loss of $373 million the year before. Some of the IPO demand can be chalked up to Snapchat being a well-known consumer brand -- and one of the only billion-dollar tech startups going public. "It''s going to be bringing a different type of investor to the table," Zell says. "Everyone has heard of it." The company will take in more than $3 billion from the public offering. Those funds will give Snap greater ability to compete for talent and acquisitions against larger Internet companies like Facebook. "We may also use a portion of the net proceeds to acquire complementary businesses, products, services, or technologies," Snap said in its filing. "However, we are not contemplating any material acquisitions at this time." Related: Snapchat''s IPO has a Twitter problem The Snapchat app launched in 2011 and set itself apart from other messaging services with a focus on disappearing messages. It initially developed a reputation as a service for sending salacious pictures, but has since moved far beyond that. Snapchat''s success has forced larger tech services like Facebook, Twitter ( TWTR , Tech30 ) and Instagram to clone its features, with mixed success. Facebook famously tried to acquire the company for $3 billion in 2013. The sum sounded outlandish at the time -- now, not so much. CNNMoney (New York) First published March 1, 2017: 5:00 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/03/01/technology/snap-ipo-final-pricing/index.html'|'2017-03-02T00:00:00.000+02:00'|1765.0|''|-1.0|'' 1766|'89f173581ea06b1a9b803572ab3b09471b1f85c0'|'RWE weighs options as utility M&A talk picks up'|'ESSEN, Germany German utility RWE ( RWEG.DE ) is considering options including tie-ups with rivals and the sale of a stake in its Innogy ( IGY.DE ) business, its chief executive said, raising the prospect for large M&A deals in the crisis-hit sector."We are in regular contact with a large number of market participants. We are constantly examining all strategic options our company is faced with," RWE Chief Executive Rolf Martin Schmitz told journalists at a news conference on Tuesday to present the company''s annual earnings.His remarks follow a report by Bloomberg saying that French energy group Engie ( ENGIE.PA ) was weighing a bid for its networks, renewables and retail unit Innogy, in which RWE holds a 76.8 percent stake after a separate listing last year.When asked specifically about speculation that RWE could be a suitor for smaller peer Uniper ( UN01.DE ), spun off by rival E.ON ( EONGn.DE ) last year, Schmitz said: "We are examining all options. And all options means all options."The talk of interest in German utilities reflects efforts by RWE and E.ON to restructure after Germany''s focus on promoting renewable energy virtually destroyed their established business model of selling power from fossil-fuel plants.Shares in RWE and Innogy were up 8.7 and 7.4 percent respectively, with traders pointing to the possibility of wider consolidation in the sector should a bid materialize. Uniper shares gained 4.4 percent while Engie''s traded 1.5 percent lower.ENGIE''S AIMSAnalysts at Morgan Stanley said a takeover of Innogy by Engie would make sense, adding it would give Engie access to customers in Britain, networks in Germany and raise its share of regulated profits.Engie Chief Executive Isabelle Kocher is pushing a strategy shift to focus the former French monopoly gas utility more on grids and renewables, but she has given no indication that she wants a transformative deal.The French company''s shares are down more than 70 percent from their 2008 highs and are trading well below book value, which would make financing such a big acquisition with a capital increase very expensive.Analysts at HSBC do not expect Engie to make a bid for Innogy, they said in a report, adding the German company''s mix of assets did not meet the French group''s "growth ambitions where energy efficiency and solar play a large part".Innogy and Engie, in which the French state holds a 28.65 percent stake, declined to comment.Innogy has a market valuation of almost 20 billion euros ($21.3 billion). Its shares listed at a price of 36 euros last October in Germany''s largest listing since 2000, and traded at 35.93 euros on Tuesday."There should also be a positive read across for E.ON, who could be an equally attractive (and cheaper) acquisition target for Engie, if RWE were to reject its offer," Bernstein analyst Deepa Venkateswaran said.RWE has previously said it wanted to remain a majority shareholder in Innogy in the long-term. It said on Tuesday that a supervisory board decision was in place that enabled RWE to cut it stake in Innogy to 51 percent.RWE last month canceled its dividend for ordinary shares for the second year in a row, and Schmitz said on Tuesday it would not be a good idea to pay out dividends by going into debt or selling Innogy shares.(Additional reporting by Vera Eckert and Geert De Clercq in Paris; Editing by Keith Weir)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-innogy-m-a-engie-idUSKBN16K2IB'|'2017-03-14T15:09:00.000+02:00'|1766.0|''|-1.0|'' 1767|'da09927f5858e1c9a68c271e0ab2db1c816587dc'|'Goldman to move hundreds of staff from London pre-Brexit: Europe CEO'|'By Anjuli Davies - LONDON LONDON Goldman Sachs will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans for Britain leaving the European Union, the Wall Street firm''s Europe CEO said."We are going to start to execute on those contingency plans," Richard Gnodde, chief executive officer of Goldman Sachs International, the European arm of the Wall Street bank, told CNBC on Tuesday."For this first period, this is really the period as we put in place contingency plans, this is in the hundreds of people as opposed to anything greater than that," he said.British Prime Minister Theresa May will trigger EU divorce proceedings on March 29, launching two years of negotiations that will shape the future of Britain and Europe.Leading financial firms warned for months before last year''s June referendum that they would have to move some jobs if there was a leave vote, and have been working on plans for how they would do so for the past several months.More details are emerging after May confirmed Britain would leave the European single market, ending banks'' hopes they might retain "passporting" rights that let them sell services across the EU from their London hubs.The bulk of Goldman''s European operations are in Britain, where it has around 6,000 employees, providing services including broking and market-making in securities, foreign-exchange trading and corporate finance across Europe.Gnodde said that the big question for contingency planning is whether Britain and the EU will agree on transitional arrangements as they try to hammer out a Brexit deal, which some fear could last beyond the two-year negotiation period."We can''t bank on them so we have to have contingency plans and that''s what are going to start to execute on."Initially, the Wall Street bank will start hiring people inside Europe and also moving some people out of London as well as investing in infrastructure and technology over the next 18 months to ensure that operations to service clients are up and running by the time Britain leaves the EU, said Gnodde.He declined to say which locations would benefit, though stated that the firm had banking licenses in France and Germany and offices in several European cities."In the next 18 months we will upgrade those facilities, we will be taking extra space in a number of them, and we will be increasing headcount and capability and infrastructure around those facilities.""What our eventual footprint will look like depends on the outcome of negotiations and what we''re obliged to do because of them. Whatever the scenario, whatever the outcome, London will remain for us a very significant regional hub and a very significant global hub," he added.(Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-eu-goldman-sachs-idINKBN16S1C5'|'2017-03-21T08:59:00.000+02:00'|1767.0|''|-1.0|'' 1768|'497758cfc8ef80db34c2ef9737906c84c35915a2'|'Judge says Reuters story would breach Brevan Howard''s right to confidentiality'|'Business 36am EDT Judge says Reuters story would breach Brevan Howard''s right to confidentiality LONDON A story by Reuters about Brevan Howard Asset Management would breach the British hedge fund manager''s right to confidentiality and is not of sufficient public interest to justify it being published, a British court has ruled. Brevan Howard was granted an injunction last week to stop Reuters publishing a story that it said was based on confidential and "highly sensitive" information that had been sent out to 36 potential investors. The full judgment released on Tuesday found that while the story might have undermined Brevan Howard''s reputation, it lacked "weightier public interest" such as exposing hypocrisy or incompetence. "Publication would not be for the purposes of demonstrating any behavior which is even arguably behavior deserving of moral censure," judge Andrew Popplewell said in a redacted copy of his ruling. The judge said there was a public interest to protect sensitive commercial material that is given to potential investors. "If a financial institution could not provide such information with adequate protection of its confidentiality, it would be forced to be less candid with investors who would be less well informed in making their investments," he wrote. Reuters argued that hedge fund managers, such as Brevan Howard, invested on behalf of institutional investors including public pension funds, which affect the finances of millions of people globally. A Reuters spokeswoman said: "Our objective is to publish news and information which is in the public interest, which we believe outweighs the confidentiality concerns put forward in this matter. "We are therefore deeply disappointed by this ruling and are reviewing the court''s decision". A spokesman for Brevan Howard, one of Europe''s biggest hedge fund managers, said that the firm "welcomes the decision of the court that supports the importance of its ability to communicate with its investors in a candid and responsible manner". Reuters news agency is part of the Thomson Reuters media and information group. (Reporting by Rachel Armstrong; Editing by Pravin Char) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brevan-howard-injunction-idUSKBN16Z1Y5'|'2017-03-28T22:29:00.000+03:00'|1768.0|12.0|0.0|'' -1769|'1e790ecea4fc52753cf5a45aab6aab788a46e2ec'|'Brazil approves $3.9 billion BM&FBovespa-Cetip tie-up'|'BRASILIA/SAO PAULO Brazil''s antitrust watchdog Cade on Wednesday approved BM&FBovespa SA''s takeover of rival Cetip SA Mercados Organizados, and will not require any antitrust measures beyond those the exchange and clearinghouse firms proposed themselves.Three of four Cade board members decided to endorse the 12 billion-real ($3.9 billion) deal, which will involve independent pricing monitoring and platform access to rivals in terms previously proposed by the companies to the agency. Cristiane Alkmin, the case''s rapporteur, had sought tougher restrictions beyond those the companies agreed to.Ultimately, the plenary of Cade voted four-to-nil on approval to the deal, with the self-imposed restrictions. Shares of both companies surged.The spike in shares was "mainly due to the approval of the deal with remedies that were not very onerous," said Tito Labarta, an analyst with Deutsche Bank Securities in New York.The deal will give BM&FBovespa control of Cetip ( CTIP3.SA ), Latin America''s largest securities clearinghouse, with almost full control of Brazil''s market for registration and custody of local fixed-income instruments and over-the-counter derivatives.Currently BM&FBovespa enjoys a near monopoly on all trading, clearing and settlement services for locally traded shares and bourse-traded derivatives. Trading transactions in Brazil are settled through a central counterparty clearinghouse, a complex and capital-intensive venture that for years has helped drive newcomers away from BM&FBovespa''s turf.The so-called concentration control accord that BM&FBovespa presented to Cade agreed to create a committee to monitor pricing on some products and analyze requests from potential market newcomers to pay for the use of clearing and payment settlement platforms within the next 120 days.Terms of self-imposed remedies will remain in place for five years.Shares of BM&FBovespa ( BVMF3.SA ) closed 3.1 percent higher at 18.94 reais, after jumping as much as 7.1 percent during the session. Cetip''s stock added 1.4 percent to 48.30 reais.BM&FBovespa announced the deal in April, following repeated attempts to buy Cetip. The transaction would create the largest market structure player in Latin America, with stakes in Mexican, Colombian, Peruvian and Chilean counterparts.The accord has four main legs: implementing rules to access the combined entity''s post-trading capabilities in the equities segment; rules to treat clients equally; a compliance code for pricing for products and services, and; terms of access to the clearings and payment settlement platform.COMPETITORSPotential rivals demanded close monitoring of fulfillment of approval terms."Today''s historic ruling by Cade approves the BM&FBovespa-Cetip agreement but imposes important obligations on the firms that must be fulfilled in order to finalize their merger," exchange operator ATS Brasil said in a statement.ATS Brasil, which is still waiting for regulatory permission to start operations, said Cade''s ruling recognizes the shortcomings of Brazil''s market structure, such as high transactions costs. In September, ATS Brasil and parent company Americas Trading Group filed a complaint before Cade, alleging BM&FBovespa cut fees on cash equities trading and raised them for clearing and settlement services to discourage competition.Alkmin argued against BM&Bovespa''s self-imposed remedies for the deal."The problem is not competition, but the significant entry barriers that the deal poses," Alkmin said as she prepared to cast her vote on the deal in Brasilia. "By eliminating a competitor in a different market, in this case Cetip in the fixed income market, entry barriers will rise as a whole."The entity resulting from the combination of BM&FBovespa and Cetip is expected to generate some of the best operating readings among global exchanges, with margins and profit growth surpassing 70 percent and 10 percent a year, respectively, according to UBS Securities estimates.Fee-related income at the combined entity could rise to 50- percent of revenues, from BM&FBovespa''s current 20 percent, with trading-related income representing the other 50 percent, UBS analyst Frederic de Mariz said in a February client note.BM&FBovespa''s takeover of Cetip still requires regulatory approval by securities and exchange industry watchdog CVM, a decision that is highly expected.($1 = 3.0949 reais)(Additional reporting by Alberto Alerigi Jr and Bruno Federowski in So Paulo; Editing by David Gregorio)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cetip-m-a-bm-f-bovespa-antitrust-idUSKBN16T35M'|'2017-03-23T01:11:00.000+02:00'|1769.0|''|-1.0|'' +1769|'1e790ecea4fc52753cf5a45aab6aab788a46e2ec'|'Brazil approves $3.9 billion BM&FBovespa-Cetip tie-up'|'BRASILIA/SAO PAULO Brazil''s antitrust watchdog Cade on Wednesday approved BM&FBovespa SA''s takeover of rival Cetip SA Mercados Organizados, and will not require any antitrust measures beyond those the exchange and clearinghouse firms proposed themselves.Three of four Cade board members decided to endorse the 12 billion-real ($3.9 billion) deal, which will involve independent pricing monitoring and platform access to rivals in terms previously proposed by the companies to the agency. Cristiane Alkmin, the case''s rapporteur, had sought tougher restrictions beyond those the companies agreed to.Ultimately, the plenary of Cade voted four-to-nil on approval to the deal, with the self-imposed restrictions. Shares of both companies surged.The spike in shares was "mainly due to the approval of the deal with remedies that were not very onerous," said Tito Labarta, an analyst with Deutsche Bank Securities in New York.The deal will give BM&FBovespa control of Cetip ( CTIP3.SA ), Latin America''s largest securities clearinghouse, with almost full control of Brazil''s market for registration and custody of local fixed-income instruments and over-the-counter derivatives.Currently BM&FBovespa enjoys a near monopoly on all trading, clearing and settlement services for locally traded shares and bourse-traded derivatives. Trading transactions in Brazil are settled through a central counterparty clearinghouse, a complex and capital-intensive venture that for years has helped drive newcomers away from BM&FBovespa''s turf.The so-called concentration control accord that BM&FBovespa presented to Cade agreed to create a committee to monitor pricing on some products and analyze requests from potential market newcomers to pay for the use of clearing and payment settlement platforms within the next 120 days.Terms of self-imposed remedies will remain in place for five years.Shares of BM&FBovespa ( BVMF3.SA ) closed 3.1 percent higher at 18.94 reais, after jumping as much as 7.1 percent during the session. Cetip''s stock added 1.4 percent to 48.30 reais.BM&FBovespa announced the deal in April, following repeated attempts to buy Cetip. The transaction would create the largest market structure player in Latin America, with stakes in Mexican, Colombian, Peruvian and Chilean counterparts.The accord has four main legs: implementing rules to access the combined entity''s post-trading capabilities in the equities segment; rules to treat clients equally; a compliance code for pricing for products and services, and; terms of access to the clearings and payment settlement platform.COMPETITORSPotential rivals demanded close monitoring of fulfillment of approval terms."Today''s historic ruling by Cade approves the BM&FBovespa-Cetip agreement but imposes important obligations on the firms that must be fulfilled in order to finalize their merger," exchange operator ATS Brasil said in a statement.ATS Brasil, which is still waiting for regulatory permission to start operations, said Cade''s ruling recognizes the shortcomings of Brazil''s market structure, such as high transactions costs. In September, ATS Brasil and parent company Americas Trading Group filed a complaint before Cade, alleging BM&FBovespa cut fees on cash equities trading and raised them for clearing and settlement services to discourage competition.Alkmin argued against BM&Bovespa''s self-imposed remedies for the deal."The problem is not competition, but the significant entry barriers that the deal poses," Alkmin said as she prepared to cast her vote on the deal in Brasilia. "By eliminating a competitor in a different market, in this case Cetip in the fixed income market, entry barriers will rise as a whole."The entity resulting from the combination of BM&FBovespa and Cetip is expected to generate some of the best operating readings among global exchanges, with margins and profit growth surpassing 70 percent and 10 percent a year, respectively, according to UBS Securities estimates.Fee-related income at the combined entity could rise to 50- percent of revenues, from BM&FBovespa''s current 20 percent, with trading-related income representing the other 50 percent, UBS analyst Frederic de Mariz said in a February client note.BM&FBovespa''s takeover of Cetip still requires regulatory approval by securities and exchange industry watchdog CVM, a decision that is highly expected.($1 = 3.0949 reais)(Additional reporting by Alberto Alerigi Jr and Bruno Federowski in So Paulo; Editing by David Gregorio)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cetip-m-a-bm-f-bovespa-antitrust-idUSKBN16T35M'|'2017-03-23T01:11:00.000+02:00'|1769.0|19.0|1.0|'' 1770|'1e560d8c15f08bd6e48648773edb51bc296a0e2d'|'Alcoa merges business units, names new aluminum unit head'|'Aluminum producer Alcoa Corp ( AA.N ) named a new head for its aluminum business on Thursday and said it would consolidate its business units into three divisions from six, to increase efficiency and cut costs.The three units will focus on aluminum, alumina and bauxite.The aluminum smelting, cast products and rolled products businesses, along with the majority of its energy business assets, will be combined into the new aluminum unit, Alcoa said.The company said Tim Reyes, who has since 2015 been president of Alcoa cast products - a unit that produces differentiated aluminum products - will head the new aluminum business.Martin Briere, who has been president of the aluminum unit focused on smelting since 2014, will leave the company, Alcoa said.Alcoa last year split into two entities. One company kept the Alcoa name and focuses on the traditional smelting business. The other, Arconic Inc ( ARNC.N ), specializes in higher-end aluminum and titanium alloys for the automotive, aerospace and construction industries.Alcoa expects a 4 percent growth in global aluminum demand this year, even as the market remains modestly over supplied, while bauxite and alumina markets are expected to be relatively balanced.The company''s shares were largely unchanged at $37.93 in morning trade on the New York Stock Exchange.(Reporting by Swetha Gopinath in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alcoa-restructuring-idINKBN1691Z1'|'2017-03-02T12:43:00.000+02:00'|1770.0|6.0|4.0|'' 1771|'ad6581390fe51a4fbb916e56e987df34d0d07264'|'BRIEF-Cohen & Steers announces preliminary assets under management Feb 28'|' 40am EST BRIEF-Cohen & Steers announces preliminary assets under management Feb 28 March 8 Cohen & Steers Inc * Cohen & Steers announces preliminary assets under management February 28, 2017 * Cohen & Steers Inc - Preliminary assets under management of $59.1 billion as of February 28, 2017, an increase of $1.5 billion from January 31, 2017 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cohen-steers-announces-preliminary-idUSASB0B4BZ'|'2017-03-08T18:40:00.000+02:00'|1771.0|''|-1.0|'' -1772|'f3a6e09bacb7eb241568fbb625cba9f97aded874'|'Euro zone more willing to change after Brexit - top official'|' 8:48am BST Euro zone more willing to change after Brexit - top official left right European Commission Vice-President Jyrki Katainen is interviewed by Reuters on the fringe of a European People Party (EPP) summit in St Julian''s, Malta, March 30, 2017. REUTERS/Darrin Zammit Lupi 1/3 left right European Commission Vice-President Jyrki Katainen is interviewed by Reuters on the fringe of a European People Party (EPP) summit in St Julian''s, Malta, March 30, 2017. REUTERS/Darrin Zammit Lupi 2/3 left right European Commission Vice-President Jyrki Katainen is interviewed by Reuters on the fringe of a European People Party (EPP) summit in St Julian''s, Malta, March 30, 2017. REUTERS/Darrin Zammit Lupi 3/3 By Robin Emmott ST JULIAN''S, Malta The next steps in euro zone integration after Brexit could include greater investment in poorer members of the currency area, but only if they reduce the risky links between governments and banks, a top EU official said. Britain''s pending departure from the European Union has reignited the debate on how to reinvigorate the bloc and make the euro zone stronger and more sustainable, despite different views held by France and Germany. European Commission Vice President Jyrki Katainen said his political family, the powerful European People''s Party (EPP) that includes German Chancellor Angela Merkel, was ready to consider funding investment to weak members of the euro zone. That falls well short of long-held French demands, quashed by Germany, to coordinate economic policy across the euro zone and preside over fiscal transfers between its 19 members. But the centre-right EPP, whose lawmakers hold the most seats in the European Parliament, is more open to what Katainen called an "investment capacity", potentially backing projects through the EU''s new infrastructure investment fund via the European Investment Bank. "It''s understandable that in economics there are cycles and in order to keep a currency union as stable as possible, there''s a need to level the peaks and troughs," Katainen told Reuters an interview on Friday after an EPP congress in Malta. "If there are shocks in some members that are cyclical in nature, it makes sense to help," he said. Following the euro zone''s near break-up during the 2010-2012 crisis, many economists argued the currency area could only survive as a proper monetary union like the United States. That would mean a new European economic governance, possibly with a euro finance minister who has the means to make fiscal transfers from richer to poorer euro zone states. The idea has been anathema to Germany''s ruling class, with Merkel''s government having rejected any form of permanent transfers to poorer countries, fearing Berlin would have to foot the bill and would lose control of reckless spenders. But Katainen, a former Finnish prime minister whose country was among those who allied with Germany on the issue during the crisis, said he sensed a change in northern politicians. "I see more willingness to consider what the ideal currency union would look like," said Katainen. "My own thinking has also changed. It doesn''t cost anything to be open minded." While Britain is not a member of the euro zone, its decision to trigger exit proceedings from the EU on Wednesday has left officials looking for ways to keep European integration alive. "NO TRUST" The European Commission, the EU executive, is expected to come forward with a so-called reflection paper on deepening euro zone integration in May, although Katainen is not involved in that work. He said he spoke only for the EPP on the matter. "Because of Brexit, the sentiment of the remaining 27 countries on reforming the EU has strengthened, with a focus on EMU," Katainen said, referring to Economic and Monetary Union. The euro zone, the economic core of the 60-year-old European project, tightened fiscal rules and created its own rescue fund and a common supervisor for banks during the heat of the crisis but is still considered by many as incomplete. However, Katainen cautioned that the biggest obstacle was the lack of trust between members of the euro zone. "We don''t trust each other as much as we should." One step proposed by the EPP is for the euro zone to establish limits on the amount of money governments can borrow from euro zone banks to avoid crises that would wipe out lenders if a country defaulted. Domestic debt in the euro zone averaged almost 120 percent of banks own funds at the end of 2013, according to the EPP. For banks, EU rules that consider sovereign debt as having a zero-risk weighting on balance sheets are a problem, Katainen said because bonds issued by euro zone governments are considered risk-free by their bankers. "This is a viscous circle that must be broken. We must be ready to defend countries but we must also address the root causes of any crisis," he said. (Reporting by Robin Emmott; Editing by Vin Shahrestani) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-integration-idUKKBN1720TF'|'2017-03-31T15:48:00.000+03:00'|1772.0|''|-1.0|'' +1772|'f3a6e09bacb7eb241568fbb625cba9f97aded874'|'Euro zone more willing to change after Brexit - top official'|' 8:48am BST Euro zone more willing to change after Brexit - top official left right European Commission Vice-President Jyrki Katainen is interviewed by Reuters on the fringe of a European People Party (EPP) summit in St Julian''s, Malta, March 30, 2017. REUTERS/Darrin Zammit Lupi 1/3 left right European Commission Vice-President Jyrki Katainen is interviewed by Reuters on the fringe of a European People Party (EPP) summit in St Julian''s, Malta, March 30, 2017. REUTERS/Darrin Zammit Lupi 2/3 left right European Commission Vice-President Jyrki Katainen is interviewed by Reuters on the fringe of a European People Party (EPP) summit in St Julian''s, Malta, March 30, 2017. REUTERS/Darrin Zammit Lupi 3/3 By Robin Emmott ST JULIAN''S, Malta The next steps in euro zone integration after Brexit could include greater investment in poorer members of the currency area, but only if they reduce the risky links between governments and banks, a top EU official said. Britain''s pending departure from the European Union has reignited the debate on how to reinvigorate the bloc and make the euro zone stronger and more sustainable, despite different views held by France and Germany. European Commission Vice President Jyrki Katainen said his political family, the powerful European People''s Party (EPP) that includes German Chancellor Angela Merkel, was ready to consider funding investment to weak members of the euro zone. That falls well short of long-held French demands, quashed by Germany, to coordinate economic policy across the euro zone and preside over fiscal transfers between its 19 members. But the centre-right EPP, whose lawmakers hold the most seats in the European Parliament, is more open to what Katainen called an "investment capacity", potentially backing projects through the EU''s new infrastructure investment fund via the European Investment Bank. "It''s understandable that in economics there are cycles and in order to keep a currency union as stable as possible, there''s a need to level the peaks and troughs," Katainen told Reuters an interview on Friday after an EPP congress in Malta. "If there are shocks in some members that are cyclical in nature, it makes sense to help," he said. Following the euro zone''s near break-up during the 2010-2012 crisis, many economists argued the currency area could only survive as a proper monetary union like the United States. That would mean a new European economic governance, possibly with a euro finance minister who has the means to make fiscal transfers from richer to poorer euro zone states. The idea has been anathema to Germany''s ruling class, with Merkel''s government having rejected any form of permanent transfers to poorer countries, fearing Berlin would have to foot the bill and would lose control of reckless spenders. But Katainen, a former Finnish prime minister whose country was among those who allied with Germany on the issue during the crisis, said he sensed a change in northern politicians. "I see more willingness to consider what the ideal currency union would look like," said Katainen. "My own thinking has also changed. It doesn''t cost anything to be open minded." While Britain is not a member of the euro zone, its decision to trigger exit proceedings from the EU on Wednesday has left officials looking for ways to keep European integration alive. "NO TRUST" The European Commission, the EU executive, is expected to come forward with a so-called reflection paper on deepening euro zone integration in May, although Katainen is not involved in that work. He said he spoke only for the EPP on the matter. "Because of Brexit, the sentiment of the remaining 27 countries on reforming the EU has strengthened, with a focus on EMU," Katainen said, referring to Economic and Monetary Union. The euro zone, the economic core of the 60-year-old European project, tightened fiscal rules and created its own rescue fund and a common supervisor for banks during the heat of the crisis but is still considered by many as incomplete. However, Katainen cautioned that the biggest obstacle was the lack of trust between members of the euro zone. "We don''t trust each other as much as we should." One step proposed by the EPP is for the euro zone to establish limits on the amount of money governments can borrow from euro zone banks to avoid crises that would wipe out lenders if a country defaulted. Domestic debt in the euro zone averaged almost 120 percent of banks own funds at the end of 2013, according to the EPP. For banks, EU rules that consider sovereign debt as having a zero-risk weighting on balance sheets are a problem, Katainen said because bonds issued by euro zone governments are considered risk-free by their bankers. "This is a viscous circle that must be broken. We must be ready to defend countries but we must also address the root causes of any crisis," he said. (Reporting by Robin Emmott; Editing by Vin Shahrestani) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-integration-idUKKBN1720TF'|'2017-03-31T15:48:00.000+03:00'|1772.0|18.0|0.0|'' 1773|'18b1b9f83735e42ed3b6195ae3f60c9c9c227772'|'KKR, CDPQ to buy insurance brokerage USI'|'Private equity firm KKR ( KKR.N ) and Canadian pension fund Caisse de dpt et placement du Qubec (CDPQ) agreed to buy USI Insurance Services from Onex Corp ( ONEX.TO ) in a $4.3 billion deal, including debt.USI delivers property and casualty, employee benefits, personal risk and retirement solutions.The Valhalla, New York-based company had net debt of about $1.82 billion as of Dec. 31 and generated earnings before interest, taxes, depreciation and amortization of $353 million in 2016.Private equity firm Onex acquired USI in December 2012 for $2.3 billion from Goldman Sachs Group Inc''s ( GS.N ) private equity arm, funding $702 million of that through equity and borrowing the rest with debt placed on the company.Onex will receive proceeds of about $2.1 billion after the deal closes.(Reporting by Sweta Singh in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usiinsuranceservices-m-a-kkr-idINKBN16O1FT'|'2017-03-17T09:24:00.000+02:00'|1773.0|''|-1.0|'' 1774|'733d3c192522a72b8cf9ccffb3872e5adbd61731'|'INTTRA buys European container tracking firm Avantida'|'LONDON U.S. shipping technology company INTTRA has agreed to buy European container tracking firm Avantida to reduce costs by coordinating land and ocean container movements, it said on Tuesday.Belgium-based Avantida specializes in tracking empty containers and its technology helps cut costs for transport companies, enabling exporters to ship more efficiently."Avantida has products and customer bases that are highly complementary to those of INTTRA," its CEO John Fay said.INTTRA, which runs one of the largest electronic transaction software platforms in the shipping industry, said industry experts estimate that finding and repositioning empty containers costs the ocean shipping industry up to $20 billion a year, approximately 40 percent of handling costs.The deal will help INTTRA''s clients minimize miles driven, increase container velocity and lower costs for carriers and transport companies. It will also provide access to seven European markets where Avantida is active, including Germany, France, Italy and Spain.Terms of the deal were not disclosed.(Reporting by Pamela Barbaglia, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-avantida-m-a-inttra-idINKBN16L0RS'|'2017-03-14T05:34:00.000+02:00'|1774.0|''|-1.0|'' 1775|'dc752c6dc88ed4897a0e0092f4387db5269e819f'|'Exclusive: HSBC to boost China staff by up to 1,000 in 2017, mostly in Pearl River Delta'|'Business News 4:29am EDT Exclusive: HSBC to boost China staff by up to 1,000 in 2017, mostly in Pearl River Delta left right People walk past a major branch of HSBC at the financial Central district in Hong Kong, China February 21, 2017. REUTERS/Bobby Yip 1/2 left right Logos of HSBC are displayed at a major branch at the financial Central district in Hong Kong, China February 21, 2017. REUTERS/Bobby Yip 2/2 By Sumeet Chatterjee - HONG KONG HONG KONG HSBC ( HSBA.L ) plans to add as many as 1,000 new employees to its Chinese retail banking and wealth management arm this year, the business''s regional head said, most of them in the Pearl River Delta, the heart of the bank''s growth strategy in China. If that target is hit, the new additions will mean HSBC will have hired twice as many people as it did last year for this part of the business. They will join an existing team for this unit of 2,400 employees in the world''s second-largest economy. HSBC has made the southern Pearl River Delta region - home to 11 industrial cities that are set to fuse into one megalopolis - its focus in China, betting on its growth and its own Hong Kong heritage. This region already has an economy larger than Indonesia''s and is shifting from a manufacturing base to a tech powerhouse. But since the strategy to reinvigorate profit growth after years of restructuring was announced in 2015, China''s economic growth has slowed, delaying the bank''s plans. HSBC makes more than half of its profit in Asia, the bulk of it in Hong Kong and China. "As of this point, we are very pleased with the progress in the Pearl River Delta. We certainly aren''t taking any backward steps," Kevin Martin, HSBC''s Asia Pacific head of retail banking and wealth management, told Reuters. HSBC''s latest numbers for China retail and wealth management business suggest growth remained strong, with its customer base as well as mortgage volume expanding by 51 percent in the Pearl River Delta last year. It issued over 100,000 credit cards since launching it in December across all cities in the Pearl River Delta and 30 other cities in the country, Martin said. "We have done a lot of things in the Pearl River Delta ... It remains one of the key opportunities for us." Of the total 2,400 staff for retail and wealth management in China, about 800 are in the Pearl River Delta, the bank said, adding 60 percent of the hiring last year was for the southern region that counts Shenzhen and Guangzhou among its biggest cities. HSBC Group Finance Director Iain Mackay said last month the bank''s operating profit in China in 2016 was about $200 million lower than the previous year. That was mainly due to investments to grow the Pearl River Delta business and in financial-crime risk-management standards in China, he said. CHINA CALLING The bank''s outgoing top management campaigned heavily to promote the region and its role in HSBC''s China strategy. Chief Executive Stuart Gulliver, took analysts and investors on a tour of its operations there a year ago, promoting the region''s role as a gateway to tech businesses like Alibaba Group Holding Ltd ( BABA.N ) and Tencent Holdings Ltd ( 0700.HK ) as well as new start-ups. Although investors have supported the plan, there has been increasing concern over the last few months about risks the lender faces in its Asia "pivot" strategy, due to the sluggish pace of China''s economic recovery and the patchy pace of development in the Pearl River Delta. Some sectors have struggled in the face of falling exports and tighter credit conditions. Gulliver said in February 2016 that the bank, which is facing downward pressure on its revenue in 2017 due to regulatory costs and lower rates in Britain, planned to hire 4,000 new staff in the region over five years instead of its initial three-year target. But Martin brushed aside concerns that HSBC''s investment could be scaled back as China''s economic growth slows, saying the bank remained committed to the region. HSBC''s newly appointed chairman, Mark Tucker, has also had an intense focus on Asia, most recently as head of insurer AIA Group Ltd ( 1299.HK ). "We will see and we have seen it already even at 6.5 percent growth rate, (there is) massive underlying growth for China," Martin said. "Clearly there''s real upside on that for us." (Reporting by Sumeet Chatterjee; Editing by Randy Fabi) Next In Business News All drill, no frack: U.S. shale leaves thousands of wells unfinished NEW YORK U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country a sign that output may not rise as swiftly as drilling activity would indicate. SEATTLE A U.S. tax overhaul proposed by Republican leaders in Congress would deepen divisions between big manufacturers like Boeing Co and the thousands of smaller companies that supply them, according to suppliers and tax and trade experts. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-hsbc-china-exclusive-idUSKBN16V0VN'|'2017-03-24T16:29:00.000+03:00'|1775.0|''|-1.0|'' @@ -1805,7 +1805,7 @@ 1803|'14888bd7f94559b79b3ae429755d8f902b44eea6'|'Austria joins up charging points to boost electric car usage'|'Environment 2:56pm GMT Austria joins up charging points to boost electric car usage VIENNA Austria is creating a nationwide network of charging stations for electric cars, making it easier for drivers to charge up as part of the country''s efforts to promote the vehicles to reduce CO2 emissions. From April, 11 electricity suppliers will combine their charging stations into one network of 1,300 public points throughout the Alpine republic, Transport Minister Joerg Leichtfried said at a news conference on Monday. Majority state-owned hydropower producer Verbund, working with Germany''s Siemens, is the country''s largest provider of charging points, with around 400. The move means drivers can sign up with any one of the 11 suppliers and use all the stations within the combined network, rather than have separate contracts with each company. Austria has been supporting the use of electric cars with various initiatives over the last six years and saw a 130 percent jump in new registrations of electric cars last year, the biggest increase within the European Union. Since the beginning of the month, buyers in Austria can receive up to 4,000 euros ($4,300) in rebates to help offset the higher price of an electric vehicle. Neighboring Germany introduced a comparable premium last year. The share of electric cars is three times higher in Austria than the EU average and four times as high as in Germany. As well as investing in electric cars, auto manufacturers BMW, Volkswagen ( VOWG_p.DE ), Ford and Daimler are planning to build about 400 next-generation charging stations in Europe that can reload an electric car in minutes instead of hours. Transport Minister Leichtfried said Austria''s network will comprise 2,000 stations by the end of the year, rising to 5,000 in 2020, adding the network will be connected with others in Europe within months. The new network will not cover all charging stations available in Austria but Juergen Halasz, the head of the federal electromobility association, said he expected others to join in the future. (Reporting by Kirsti Knolle; Editing by Victoria Bryan) Next In Environment'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-austria-environment-autos-idUKKBN16R1PJ'|'2017-03-20T21:53:00.000+02:00'|1803.0|''|-1.0|'' 1804|'81caa1e7cc6f4a380d6cdd18862b5415b73b650c'|'Bridgepoint picks Solebury as Pret a Manger listing adviser: sources'|'By Dasha Afanasieva , Lauren Hirsch and Arno Schuetze - LONDON/NEW YORK LONDON/NEW YORK Fast food chain Pret a Manger''s private equity owners have chosen Solebury Capital to advise on a planned New York stock market listing, people close to the situation said.The U.S. capital markets advisory firm will also help Bridgepoint select investment banks for an initial public offering, which could come before the end of the year, they added."Our longstanding investment in Pret regularly prompts speculation about our intentions. We expect to remain a significant investor for the foreseeable future," a spokesman for Bridgepoint said.Solebury declined to comment.Launched more than three decades ago, Pret A Manger has around 400 branches globally, serving fast food made onsite to more than 300,000 customers in Britain, the United States, Paris, Hong Kong and Shanghai. It is aiming to expand store numbers by around 15 percent per year.Bridgepoint bought the chain, best known for its coffee, pastries and sandwiches, at the height of the buyout boom in 2008 for 500 million euros ($539 million).Although the majority of Pret a Manger''s stores are in Britain, the company is expected to pursue a listing in the U.S., where the pool of investors is deeper and valuations potentially higher.Pret generated 84 million pounds in earnings before interest, tax, depreciation and amortization on sales of 676 million in 2015, according to the company''s latest financial results.(Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pretamanger-ipo-idINKBN16U26L'|'2017-03-23T13:17:00.000+02:00'|1804.0|''|-1.0|'' 1805|'ef31e57aebb48f240e265b53c6033f7c6eb2596c'|'Canadian fintech DH Corp to be taken private in C$4.8 billion deal'|'Investment firm Vista Equity Partners said on Monday it would buy Canada''s DH Corp ( DH.TO ) in a deal valued at C$4.8 billion ($3.6 billion), in the latest sign of interest in companies specializing in financial technology.Fintechs, or companies that use technology to revamp everything from banking to fraud security, globally draw billions in investment annually.Private equity firms as well as major financial institutions have invested in fintechs in the expectation that new innovations will transform the financial services industry in decades to come.Venture capital-backed investment in Canadian financial technology companies hit its highest level in almost two decades last year, even as the flow of funds into major fintech markets like the United States declined, according to sector data.Vista offered C$25.50 in cash for each DH Corp share, an 11 percent premium to the stock''s Friday closing price.Vista also said it would combine DH with one of its portfolio companies, UK-based Misys ( IPO-MISY.L ), a software provider for retail and corporate banking, lending, treasury and capital markets.Formerly Davis + Henderson Corp, DH has transformed itself from a cheque printing company into a provider of payment and lending services. Its customers include banks and credit unions.DH has close to 8,000 customers, including Canada''s five biggest lenders and more than half of the world''s 50 largest banks.The deal follows DH''s appointment of a special committee in December to assess expressions of interest to buy the company.DH shares, which dropped to a record low last November, have since risen over 64 percent in anticipation of an acquisition.Credit Suisse and RBC Capital Markets are financial advisers to DH while Stikeman Elliott LLP and Cravath, Swaine & Moore LLP provided legal counsel.Morgan Stanley, Barclays and Citi are financial advisers to Vista Equity Partners. Kirkland & Ellis LLP and Goodmans LLP provided legal counsel.(Reporting by Ahmed Farhatha in Bengaluru; Editing by Savio D''Souza and Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dh-m-a-idINKBN16K1EY'|'2017-03-13T09:59:00.000+02:00'|1805.0|''|-1.0|'' -1806|'d01ccfbfbe1f59c5eb3572cc3abc47cd17c655ee'|'UPDATE 2-Puerto Rico sees $1.2 bln a year in debt service spending'|'(Adds detail from plan)By Nick BrownMarch 1 Puerto Rico''s fiscal turnaround plan shows about $1.2 billion a year available to service debt, 50 percent more than an earlier projection by the federally appointed board overseeing the U.S. territory''s finances.The plan, which the island''s government released on Wednesday, is meant to serve as a blueprint for Puerto Rico''s ascent out of fiscal crisis and as the basis for upcoming restructuring talks with holders of some $70 billion in debt.The government is expecting higher baseline revenues and lower expenses than the board''s projection. However, it falls short of some spending cuts recommended by the board, such as on healthcare funding.The plan cites the possibility of a debt restructuring that could include new tradable securities or a structure that ties creditor recoveries to economic growth.The 10-year fiscal plan, which Governor Ricardo Rossello delivered to the board late on Tuesday night, is a requirement of federal Puerto Rico rescue legislation, known as PROMESA and passed last year.The island is trying to fend off economic catastrophe, facing a 45 percent poverty rate and nearly insolvent public pensions and healthcare systems.The plan needs approval by the board, which is under no obligation to rubber-stamp it and can develop its own plan. The board has said it wants to approve a plan by March 15.Rossello would save as much as $550 million on healthcare and about $89 million in pension spending. While this is below the board''s targets, the governor has cited the need to protect Puerto Rico''s poorest residents.The board had recommended $1 billion a year in spending cuts to healthcare and $200 million to pensions.Rossello''s plan still manages to increase the projected figure available for debt service, to $1.2 billion from the board''s figure of $800 million, by using a higher forecast for baseline revenues and a lower one for expenses.According to the plan, a debt restructuring could include creating additional tradable securities or series of cash flow notes. It could also rely on a structure that ties creditor recoveries to economic growth on the island.Citing internal data, the governor''s plan said Puerto Rico''s COFINA bonds, which are backed by sales tax revenue, trade at about 69 cents on the secondary market, while general obligation bonds, guaranteed by the island''s constitution, trade around 67 cents. (Reporting by Nick Brown; Editing by Chizu Nomiyama and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-fiscalplan-idINL2N1GE0ZL'|'2017-03-01T12:01:00.000+02:00'|1806.0|''|-1.0|'' +1806|'d01ccfbfbe1f59c5eb3572cc3abc47cd17c655ee'|'UPDATE 2-Puerto Rico sees $1.2 bln a year in debt service spending'|'(Adds detail from plan)By Nick BrownMarch 1 Puerto Rico''s fiscal turnaround plan shows about $1.2 billion a year available to service debt, 50 percent more than an earlier projection by the federally appointed board overseeing the U.S. territory''s finances.The plan, which the island''s government released on Wednesday, is meant to serve as a blueprint for Puerto Rico''s ascent out of fiscal crisis and as the basis for upcoming restructuring talks with holders of some $70 billion in debt.The government is expecting higher baseline revenues and lower expenses than the board''s projection. However, it falls short of some spending cuts recommended by the board, such as on healthcare funding.The plan cites the possibility of a debt restructuring that could include new tradable securities or a structure that ties creditor recoveries to economic growth.The 10-year fiscal plan, which Governor Ricardo Rossello delivered to the board late on Tuesday night, is a requirement of federal Puerto Rico rescue legislation, known as PROMESA and passed last year.The island is trying to fend off economic catastrophe, facing a 45 percent poverty rate and nearly insolvent public pensions and healthcare systems.The plan needs approval by the board, which is under no obligation to rubber-stamp it and can develop its own plan. The board has said it wants to approve a plan by March 15.Rossello would save as much as $550 million on healthcare and about $89 million in pension spending. While this is below the board''s targets, the governor has cited the need to protect Puerto Rico''s poorest residents.The board had recommended $1 billion a year in spending cuts to healthcare and $200 million to pensions.Rossello''s plan still manages to increase the projected figure available for debt service, to $1.2 billion from the board''s figure of $800 million, by using a higher forecast for baseline revenues and a lower one for expenses.According to the plan, a debt restructuring could include creating additional tradable securities or series of cash flow notes. It could also rely on a structure that ties creditor recoveries to economic growth on the island.Citing internal data, the governor''s plan said Puerto Rico''s COFINA bonds, which are backed by sales tax revenue, trade at about 69 cents on the secondary market, while general obligation bonds, guaranteed by the island''s constitution, trade around 67 cents. (Reporting by Nick Brown; Editing by Chizu Nomiyama and Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-fiscalplan-idINL2N1GE0ZL'|'2017-03-01T12:01:00.000+02:00'|1806.0|20.0|0.0|'' 1807|'580fbcf77372bced20e4e2c6c3498a12a6a8e08b'|'Benchmark JGBs firm, superlong zone slips after 30-year sale'|'TOKYO, March 7 Benchmark Japanese government bonds firmed slightly on Tuesday, though superlong maturities slumped after an uninspiring 30-year JGB sale.The benchmark 10-year JGB yield fell 0.5 basis point (bp) to 0.065 percent, while 10-year JGB futures ended up 0.11 point at 150.70.But the 20-year yield rose 1 bp to 0.650 percent.The 30-year JGB yield added 2 bps to 0.855 percent, up from an earlier session low of 0.825 percent.At the Ministry of Finance''s sale of 800 billion yen ($7.02 billion) of 30-year JGBs with a 0.8 percent coupon, 97.5395 percent of the bids were accepted at the lowest price of 99.30, which was somewhat lower than some market participants had expected.The tail between the average and lowest accepted prices narrowed to 0.19 compared with that of last month''s offering at 0.27. But the sale drew bids of 3.14 times the amount offered, down from the previous sale''s bid-to-cover ratio of 3.23 times, indicating somewhat weaker demand for the bonds.With inflation still stagnant and economic recovery fragile, Bank of Japan Governor Haruhiko Kuroda has no plan to tighten monetary policy any time soon.But he wants to ensure the BOJ''s stimulus programme is made sustainable by laying the grounds for a gradual slowdown in its bond purchases, sources familiar with the BOJ''s thinking say -- with just months before the departure of two key board members who want to slow an unsustainable pace of bond purchases.($1 = 113.9400 yen) (Reporting by Tokyo markets team; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1GK2O1'|'2017-03-07T04:12:00.000+02:00'|1807.0|''|-1.0|'' 1808|'307a490eac9fd981d439557b96f7633ba5b466bd'|'Porsche SE has no information about Piech''s stake sale talks'|'STUTTGART, Germany Porsche SE ( PSHG_p.DE ), Volkswagen''s majority shareholder, said it has no information about former VW chairman Ferdinand Piech''s talks with the carmaker''s controlling families about a possible sale of his stake."We are only informed about the fact that talks are happening," Porsche SE chief executive Hans Dieter Poetsch said on Tuesday at the company''s earnings press conference."We cannot even say whether there will be a result."Should the negotiations of the Porsche and Piech families to buy a substantial part of Piech''s 14.7 percent stake in Porsche SE succeed, such a move would have no impact on the holding company''s ownership structure, Poetsch said."There will be no change to the fact that the voting shares will be held by the Porsche and Piech families," the CEO said.Porsche SE is the group through which the billionaire Porsche and Piech families control 52.2 percent of the voting shares in Volkswagen (VW), which is still dealing with the effects of its diesel emissions scandal.Separately, VW chief executive Matthias Mueller said he has had no discussions to date with Fiat Chrysler Automobiles ( FCHA.MI ) boss Sergio Marchionne about a possible tie-up.Last week, the VW CEO left the door open to a potential merger with Fiat Chrysler, saying Europe''s biggest automotive group was more open to partnerships than in the past.(Reporting by Andreas Cremer; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-porschese-piech-idINKBN16S17I'|'2017-03-21T08:19:00.000+02:00'|1808.0|''|-1.0|'' 1809|'cb9e2a6b0e54d2c5adc1cd6998f568aa39c75f07'|'Turkey''s Arcelik working on deals to expand abroad'|'LONDON Arcelik ( ARCLK.IS ), the home appliances arm of Turkey''s biggest industrial conglomerate Koc Holding ( KCHOL.IS ), is working on acquisitions to speed up its international expansion, particularly in Asia, its chief executive said on Monday.The company, which sells washing machines, dryers and refrigerators under labels including Beko and Grundig, wants more such "white goods" brands, but could also look at small appliances such as coffee makers and food processors."(M&A) is important because we have global ambitions," CEO Hakan Bulgurlu told Reuters in an interview in London.He forecast "significant demand growth" in southeast Asia and the Indian subcontinent, including Indonesia, Vietnam and the Philippines, as well as Bangladesh, Pakistan and India."They''re all focus areas for us," he said.Geography is a much more important factor than price, Bulgurlu added. Arcelik could easily do another deal like last year''s roughly $250 million purchase of Pakistan''s Dawlance, but could also do something several times bigger, he said."We''re opportunistic. We''re not restricted on size in any way."Bulgurlu said international markets should account for 65 percent of Arcelik''s sales this year, up from 60 percent in 2016, reaching 80 percent in a few years.Europe currently accounts for the large majority of international sales, though the company has a growing presence in Africa through its 2011 purchase of South Africa''s Defy Appliances.GLOBAL UNCERTAINTYBulgurlu stood by Arcelik''s forecast for revenue to grow 20 percent this year from 16.10 billion Turkish lira ($4.43 billion) in 2016, even though its overall home market could grow faster than the 3 percent it had previously forecast.The stronger market in Turkey is due to a recent government move to reduce a tax on white goods in order to spur demand. Still, the weak lira has made raw materials such as oil, steel and plastic more expensive, impacting profitability."There''s a lot of uncertainty in the world," Bulgurlu said, also citing the weak pound that has caused inflationary pressure in Britain, which accounts for 10 percent of sales.The company had to raise prices on some UK products and expects that to temper demand, especially after there was a surge due to expectations of future price rises."I think demand will taper off a little," Bulgurlu said, noting however that Arcelik still aimed to double its business in Britain in the next five years, even as the country''s exit from the European Union raises questions about the economy and the future of foreign workers."It will continue to be our most important market outside Turkey," he said.Arcelik opened a research and development center in Cambridge, eastern England, last year, in an effort to take advantage of a British tradition for scientific innovation."We want to tap into that and take that pure research and make it applicable to appliances," Bulgurlu said, citing potential for smart appliances such as refrigerators that know when food is going bad and ovens that can keep food cool until its time to cook.(Reporting by Martinne Geller; Editing by Mark Potter)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-arcelik-strategy-idUSKBN16R202'|'2017-03-20T19:56:00.000+02:00'|1809.0|''|-1.0|'' @@ -1817,10 +1817,10 @@ 1815|'cc141e3ec3d7651aa7588bffc742283248319324'|'BRIEF-Veritone Inc files for IPO of up to $15 mln'|'March 15 Veritone inc* files for ipo of up to $15.0 million - sec filing* Veritone inc says have applied to list common stock on the nasdaq capital market under the symbol veri* Veritone inc - wunderlich and Craig-Hallum capital group underwriters to the ipo* Veritone inc - proposed ipo price is an estimate solely for purpose of calculating sec registration fee Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-veritone-inc-files-for-ipo-of-up-t-idINFWN1GS0RB'|'2017-03-15T18:37:00.000+02:00'|1815.0|11.0|0.0|'' 1816|'fbf5f47824acb28fd0935ca8b244e98a92b909ee'|'Prudential posts record operating profit in 2016, shares rise'|' 56am GMT Prudential posts record operating profit in 2016, shares rise The logo of British life insurer Prudential is seen on their building, in London October 21, 2008. REUTERS/Stephen Hird/File Photo LONDON British insurer Prudential ( PRU.L ) reported record 2016 operating profit of 4.3 billion pounds on Tuesday, led by growth in its Asian business and sending its shares higher. Analysts were expecting operating profit of 4.1 billion pounds, a company-compiled poll showed. Prudential, which has large operations in Britain, the United States and Asia, has been focussing on expanding its Asian business. The firm saw a 15 percent rise in Asian operating profit, to 1.6 billion pounds. The insurer, which is listed in London and Asia, said it would pay a second interim dividend of 30.57 pence per share and total dividend of 43.5 pence, up 12 percent from a year earlier and compared with a forecast 41.62 pence. Prudential''s shares were trading at 1,694.5 pence at 0847 GMT, up 1.8 percent at around a two-year high and at the top of the FTSE 100 index .FTSE . (Reporting by Carolyn Cohn; editing by Simon Jessop) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-prudential-results-idUKKBN16L0TI'|'2017-03-14T15:56:00.000+02:00'|1816.0|''|-1.0|'' 1817|'8d95e708a8598e0be09c77d0342b814f0628e34c'|'UPDATE 1-Transcom shares drop after Altor says it won''t raise bid'|'(Adds detail, background)March 1 Swedish private equity firm Altor said on Wednesday it would not hike its offer for call-center firm Transcom, sending Transcom shares, which had been trading above the bid level, lower.* Altor says will not raise offer for Transcom* Private equity firm Altor announced a recommended 2.29 billion crown cash bid of 87.50 SEK/share in December* Altor said last week it was extending the acceptance period in its bid for Transcom Worldwide to March 10 after failing to reach the 90 percent threshold needed to complete the offer in the initial period.* Both Maven Securities and Sand Grove Capital have disclosed Transcom holdings of more than 5 pct each since the bid was made.* Transcom shares drop 4.6 pct to 88 SEK at 1225 GMT Source text for Eikon: (Reporting by Johannes Hellstrom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/transcom-bid-altor-idINL5N1GE4DN'|'2017-03-01T09:30:00.000+02:00'|1817.0|''|-1.0|'' -1818|'d2c7ce8f0ade808396dab3805ce872ffc1c6eca4'|'Israel Aerospace puts IPO, foreign acquisitions in its sights'|'BEN GURION AIRPORT, Israel State-owned Israel Aerospace Industries (IAI) believes the need for a public share offer is becoming urgent as the country''s largest defense contractor wants to make acquisitions abroad to enable it to better compete in foreign markets.The 64-year-old company, which helped pioneer the development of military drones and also produces satellites, missiles and radar systems, is already planning to acquire companies and set up subsidiaries in countries like India and the United States, where protectionist policies demand that defense spending increasingly benefits local industry.Chief Financial Officer Eyal Younian said that to help finance acquisitions the government should move ahead soon with plans to sell a 20 percent stake in IAI on the Tel Aviv Stock Exchange.He said IAI currently needs to issue bonds or borrow money from banks and pay interest of 3-4 percent. An IPO would raise new capital, reducing the need to borrow."We cannot support the line of credit that we need for our businesses. The regulations in the banks in Israel and around the world limit us and we cannot support our backlog (of orders)," Younian told Reuters.In addition, many private contractors in Israel and overseas receive government subsidies but being state-owned IAI is ineligible and the rules should be changed, Younian said, pointing out that local rival Elbit Systems ( ESLT.TA ) pays corporate tax at a rate of 6 percent while IAI pays 24 percent.A senior government source with knowledge of the matter estimated IAI''s equity value at $3-$4 billion but said an IPO could not take place until a new chairman is appointed. The timing of that remains unclear, but the source said the earliest there could be an IPO was in 2018.IAI has annual sales of about $3.7 billion and its backlog of orders exceeds $9 billion.While the share offer will be in Tel Aviv, the next step could be a dual listing for the shares in the United States, Younian said.IAI must already submit financial reports to the bourse, where its bonds trade , as well as report to the government''s Companies Authority.Accounting for up to half of Israel''s defense exports, IAI had mostly grown internally over the last decade, but that is set to change."Now we will have to face the fact that countries are protecting their industries, like in India, like in Brazil, like in the USA," Younian said, adding that acquisitions would allow it to strengthen its foothold.He noted that in many countries only local companies can bid as a prime contractor. As a result IAI, which exports 80 percent of its production, is limited to being a subcontractor.FOREIGN DEALSIAI already has a U.S. subsidiary but it does not contribute significantly to the company''s production."I think our subsidiaries in the States and around the world should contribute much more in the coming decade. This is the strategic directive from the board of directors that we as management need to execute," he said.Younian said IAI, which employs 15,000 people, will carry out two "important and material" deals in the next few years related to its target markets of the United States and India, but he declined to elaborate.With Asia a focus for IAI, the company in February formed a joint venture in India with Kalyani Strategic Systems to build air defense systems and lightweight munitions.Indian media last week reported that India''s government had given the go-ahead for a $2.5 billion deal in which IAI and India would jointly develop a medium-range surface-to-air missile system.Eli Alfassi, IAI''s executive vice president for marketing, said IAI was awaiting official confirmation from India but declined to say how much the deal was worth.IAI is also waiting for Israel''s government to decide on whether to progress with a long-term satellite program after its Amos-6 communications satellite was destroyed when a SpaceX launcher exploded in Florida in September."We are hoping to build Amos-8," said Ofer Doron, head of IAI''s space division. "It''s under discussion right now."Talks also involve Spacecom ( SCC.TA ), the operator of the Amos satellites. Amos-8 would cost hundreds of millions of dollars and be ready for launch in about four years.(Editing by Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-israel-aerospace-strategy-idUSKBN1684KU'|'2017-03-01T16:52:00.000+02:00'|1818.0|''|-1.0|'' +1818|'d2c7ce8f0ade808396dab3805ce872ffc1c6eca4'|'Israel Aerospace puts IPO, foreign acquisitions in its sights'|'BEN GURION AIRPORT, Israel State-owned Israel Aerospace Industries (IAI) believes the need for a public share offer is becoming urgent as the country''s largest defense contractor wants to make acquisitions abroad to enable it to better compete in foreign markets.The 64-year-old company, which helped pioneer the development of military drones and also produces satellites, missiles and radar systems, is already planning to acquire companies and set up subsidiaries in countries like India and the United States, where protectionist policies demand that defense spending increasingly benefits local industry.Chief Financial Officer Eyal Younian said that to help finance acquisitions the government should move ahead soon with plans to sell a 20 percent stake in IAI on the Tel Aviv Stock Exchange.He said IAI currently needs to issue bonds or borrow money from banks and pay interest of 3-4 percent. An IPO would raise new capital, reducing the need to borrow."We cannot support the line of credit that we need for our businesses. The regulations in the banks in Israel and around the world limit us and we cannot support our backlog (of orders)," Younian told Reuters.In addition, many private contractors in Israel and overseas receive government subsidies but being state-owned IAI is ineligible and the rules should be changed, Younian said, pointing out that local rival Elbit Systems ( ESLT.TA ) pays corporate tax at a rate of 6 percent while IAI pays 24 percent.A senior government source with knowledge of the matter estimated IAI''s equity value at $3-$4 billion but said an IPO could not take place until a new chairman is appointed. The timing of that remains unclear, but the source said the earliest there could be an IPO was in 2018.IAI has annual sales of about $3.7 billion and its backlog of orders exceeds $9 billion.While the share offer will be in Tel Aviv, the next step could be a dual listing for the shares in the United States, Younian said.IAI must already submit financial reports to the bourse, where its bonds trade , as well as report to the government''s Companies Authority.Accounting for up to half of Israel''s defense exports, IAI had mostly grown internally over the last decade, but that is set to change."Now we will have to face the fact that countries are protecting their industries, like in India, like in Brazil, like in the USA," Younian said, adding that acquisitions would allow it to strengthen its foothold.He noted that in many countries only local companies can bid as a prime contractor. As a result IAI, which exports 80 percent of its production, is limited to being a subcontractor.FOREIGN DEALSIAI already has a U.S. subsidiary but it does not contribute significantly to the company''s production."I think our subsidiaries in the States and around the world should contribute much more in the coming decade. This is the strategic directive from the board of directors that we as management need to execute," he said.Younian said IAI, which employs 15,000 people, will carry out two "important and material" deals in the next few years related to its target markets of the United States and India, but he declined to elaborate.With Asia a focus for IAI, the company in February formed a joint venture in India with Kalyani Strategic Systems to build air defense systems and lightweight munitions.Indian media last week reported that India''s government had given the go-ahead for a $2.5 billion deal in which IAI and India would jointly develop a medium-range surface-to-air missile system.Eli Alfassi, IAI''s executive vice president for marketing, said IAI was awaiting official confirmation from India but declined to say how much the deal was worth.IAI is also waiting for Israel''s government to decide on whether to progress with a long-term satellite program after its Amos-6 communications satellite was destroyed when a SpaceX launcher exploded in Florida in September."We are hoping to build Amos-8," said Ofer Doron, head of IAI''s space division. "It''s under discussion right now."Talks also involve Spacecom ( SCC.TA ), the operator of the Amos satellites. Amos-8 would cost hundreds of millions of dollars and be ready for launch in about four years.(Editing by Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-israel-aerospace-strategy-idUSKBN1684KU'|'2017-03-01T16:52:00.000+02:00'|1818.0|28.0|0.0|'' 1819|'b29b8784a2332420b4bff7f6e70dcd67eaed0de5'|'UPDATE 1-Indonesia in tentative deal for Airbus A400M military planes'|'Company News 21am EDT UPDATE 1-Indonesia in tentative deal for Airbus A400M military planes (Adds Airbus comments) PARIS, March 29 Indonesia has signed a letter of intent to buy Airbus A400M military aircraft, French President Francois Hollande''s office said on Wednesday. The provisional agreement was signed during a visit to Indonesia by Hollande and covers an unspecified number of aircraft, according to a list of deals issued by his office. If completed, it would provide the troubled European military programme with a second export customer after Malaysia. A previous deal to export A400M airplanes to South Africa was cancelled in 2009. Chile was also at one time seen as an export partner for the aircraft, which has run into billions of euros of cost overruns and years of development delays. Hinting at industrial work as part of any deal, the head of Airbus Military Aircraft, Fernando Alonso, said the aircraft would form the basis of further industrial co-operation and could eventually boost the Indonesian Air Force''s Mobility Arm - a type of unit which typically handles troop transport. At present Indonesia operates Lockheed Martin C-130 transporter planes and Spanish CASA planes built under licence. Airbus said the letter of intent was signed by Pelita Air, representing a consortium consisting of state-owned companies. "Future discussions will address, among other things, the number of aircraft to be encompassed in an eventual contract and possible industrial cooperation arrangements," Airbus added. (Reporting by Cyril Altmeyer, Tim Hepher; editing by Alexander Smith) Next In Company News UPDATE 11-''No turning back'': PM May triggers ''historic'' Brexit LONDON, March 29 Prime Minister Theresa May formally began Britain''s divorce from the European Union on Wednesday, declaring there was no turning back and ushering in a tortuous exit process that will test the bloc''s cohesion and pitch her country into the unknown. EMERGING MARKETS-Mexico peso strengthens on oil, rate hike bets SAO PAULO, March 29 The Mexican peso strengthened on Wednesday, supported by rising oil prices and bets that the central bank will increase interest rates this week. The peso firmed 1 percent after losing 1.4 percent in the previous two days. Traders expect Mexico''s central bank to raise its benchmark interest rate this week for the fifth meeting in a row but at a slower pace following the peso''s recent rally. Bets that U.S. President Donald Trump will not impose big MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airbus-indonesia-a400m-idUSL5N1H65IF'|'2017-03-29T23:21:00.000+03:00'|1819.0|''|-1.0|'' 1820|'e8f18cb23e06f0e0397841819776399f9032cb94'|'All aboard: Can a railway legend deliver at Americas CSX?'|'E. HUNTER HARRISON, a veteran railway executive, tried retiring in 2010, after he made Canadian National (CN), a formerly state-owned company, the best-performing of the large railways in North America. But once he pocketed the gold watch and attended the retirement party he faced a void that raising and training horses for showjumping did not fill. By mid-2012 he was back at the helm of another railway, Canadian Pacific (CP), whose glory days were long past. Once he had turned around CP, he didnt make the same mistake again. On January 18th the 72-year-old Tennesseean both announced his departure and entered negotiations with Florida-based CSX to become that railways CEO.Just the rumour that Mr Harrison might be moving to CSX caused the share price to rise by 23% in 24 hours. It continued to rise when the negotiations became public. At last, on March 6th, CSX appointed Mr Harrison as CEO and met the condition set by Mantle Ridge, an activist hedge fund with which he has partnered, to name five new board directors. Mr Harrison made long-term shareholders in CP and CN rich, tripling profits at both during his tenures. CSX shareholders expect the same. 14 Will he deliver? CSX is different from the railways Mr Harrison has run in the past. Its 21,000-mile network is concentrated, spaghetti-like, in heavily-populated eastern America, unlike the linear, continent-spanning networks of roughly similar total length that are operated by CN and CP. And he faces two new and potentially damaging headwinds: the decline of coal, a mainstay of railway-freight volumes; and Donald Trumps views on trade. Both could seriously disrupt business on North American railways.Mr Harrison certainly knows the industry inside and out. He reportedly started out lubricating the undercarriage of railcars for $1.50 an hour and worked his way up at Burlington Northern before leaving to work for Illinois Central. He joined CN when it bought Illinois Central in 1998. Along the way he became an evangelist for precision railroading, his concept that freight trains should run on a strict schedule regardless of whether they are near-empty or full. This went against the prevailing trend of adding more locomotives and cars and leaving their schedules flexible. Operating fewer trains, but on time, Mr Harrison showed, meant greater efficiency and better service for customers, who know when their shipments will arrive.Another part of precision railroading is ditching old equipment and slashing staff. Mr Harrison retired 700 locomotives, or two-fifths of the fleet, at CP; about 6,000 of 20,000 jobs disappeared, largely through attrition. This earned him the ire of some unions, which also questioned the impact on safety of time-saving measures like allowing staff to jump on and off (slow-)moving trains or insisting that managers drive trains if no other staff were available. This reduced some managers to tears, says a former employee: They werent afraid of driving the train, they were afraid of crashing it. Mr Harrison thought the hands-on experience would help them do their desk jobs better.CSX is in better shape than either of his previous two charges. CN was government-owned until 1995 and was hobbled by bureaucracy. CP, created to tie Canada together with a line extending to the west coast, was the laggard among the big North American railways when Mr Harrison arrived. Its operating ratio (operating expenses as a percentage of revenues) was 81.3 at the end of 2011. By 2016 it had been driven down to around 60, although some people quibble that one-off sales may have flattered the ratio. CSX had an operating ratio of 69.4 in 2016, and is already making many of the moves Mr Harrison has used elsewhere, like increasing the ratio of cars to locomotives and cutting staff.As for coal, revenues from the commodity fell by nearly $2bn to $1.7bn between 2011 and 2016. Further falls are expected. The main replacement as a source of revenue is intermodal container freight carrying all manner of goods. Here Mr Trump is a problem. His proposed renegotiation of the North American Free-Trade Agreement (NAFTA) is creating alarm in the industry. Re-imposing borders in the North American market would have a tremendously negative effect, says William Vantuono, editor-in-chief of RailwayAge .Accepting the job, Mr Harrison confirmed that he will bring precision railroading to CSX. Might he have grander ambitions? Mr Vantuono believes that his ultimate goal is to arrange one of the mergers that eluded him in the past and to create a transcontinental railway. Others think he just wants to showagainthat his way is the right way. There isnt a railroad that Hunter Harrison couldnt improve, says Anthony Hatch, a New York-based analyst. But it will be difficult to repeat his previous successes or to match sky-high shareholder expectations.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718551-hunter-harrisons-precision-railroading-method-requires-trains-run-time-can-railway?fsrc=rss'|'2017-03-11T12:00:00.000+02:00'|1820.0|''|-1.0|'' -1821|'6035ef9fbece53099fcbafc2211413cfdc61f54f'|'BRIEF-Cintas Corp says G&K Services enters amended and restated note purchase agreement'|' 06pm EDT BRIEF-Cintas Corp says G&K Services enters amended and restated note purchase agreement March 21 Cintas Corp : * 3.73% series a senior notes due April 15,2023, 3.88% series B senior notes due April 15,2025 were deemed to be amended,restated * On March 21, 2017, G&K Services, Inc. entered into an amended and restated note purchase agreement * Interest on each tranche of notes is payable semiannually - SEC filing * Effective March 21, 2017, note purchase agreement, dated april 15, 2013, among G&K Services and Purchasers, replaced by A&R purchase agreement Source text - ( bit.ly/2nHaDfw '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cintas-corp-says-gk-services-enter-idUSL5N1GY6JG'|'2017-03-22T05:06:00.000+02:00'|1821.0|''|-1.0|'' +1821|'6035ef9fbece53099fcbafc2211413cfdc61f54f'|'BRIEF-Cintas Corp says G&K Services enters amended and restated note purchase agreement'|' 06pm EDT BRIEF-Cintas Corp says G&K Services enters amended and restated note purchase agreement March 21 Cintas Corp : * 3.73% series a senior notes due April 15,2023, 3.88% series B senior notes due April 15,2025 were deemed to be amended,restated * On March 21, 2017, G&K Services, Inc. entered into an amended and restated note purchase agreement * Interest on each tranche of notes is payable semiannually - SEC filing * Effective March 21, 2017, note purchase agreement, dated april 15, 2013, among G&K Services and Purchasers, replaced by A&R purchase agreement Source text - ( bit.ly/2nHaDfw '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cintas-corp-says-gk-services-enter-idUSL5N1GY6JG'|'2017-03-22T05:06:00.000+02:00'|1821.0|29.0|0.0|'' 1822|'6ffcc91e2b86d3748fc47f49a6dbd52322c24c10'|'BRIEF-Delta Air Lines files for resale of common stock of up to 15.32 mln shares by the Delta Master Trust - SEC filing'|'United States 35pm EDT BRIEF-Delta Air Lines files for resale of common stock of up to 15.32 mln shares by the Delta Master Trust - SEC filing March 30 Delta Air Lines Inc * Delta Air Lines Inc - files for resale of common stock of up to 15.32 million shares by the Delta Master Trust - SEC filing Source text: ( bit.ly/2nQkoHu ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-delta-air-lines-files-for-resale-o-idUSFWN1H70Y3'|'2017-03-31T05:35:00.000+03:00'|1822.0|''|-1.0|'' 1823|'8a492fc3b6d073b5d827d3928b4609d43ab2efb5'|'U.S. 2-year notes sold at highest yield since December'|'NEW YORK, March 27 The U.S. Treasury Department on Monday sold $26 billion of two-year notes at a yield of 1.261 percent, the highest at an two-year auction since December, Treasury data showed.The ratio of bids to the amount offered was 2.73, below the 2.82 at the prior two-year auction in February but above its 12-month average, Treasury data showed. (Reporting by Richard Leong; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-2year-idINL2N1H40XH'|'2017-03-27T15:15:00.000+03:00'|1823.0|''|-1.0|'' 1824|'ceb541d66851017c8adee5c078db4a3f0fa20c6a'|'Satellite group Inmarsat''s earnings boosted by governments, airlines'|' 10pm GMT Satellite group Inmarsat''s earnings boosted by governments, airlines A technician looks at a solar panel on the Inmarsat S-Band/Hellas-Sat 3 satellite in the clean room facilities of the Thales Alenia Space plant in Cannes, France, February 3, 2017. REUTERS/Eric Gaillard/File Photo By Paul Sandle - LONDON LONDON British satellite company Inmarsat ( ISA.L ) said strong demand from governments and aviation customers in the final quarter of 2016 helped core earnings for the year to rise 9.5 percent to $795 million (654.16 million pounds), sending its shares to a two-month high. Chief Executive Rupert Pearce said a large part of the group''s outperformance in the final quarter was down to a one-off contract from the U.S government. "It shows that governments are using us for operation deployments, and in particular they like GX," he said, referring to the company''s new global satellite network. He said demand from airlines boosted revenue at the end of the year, helping to offset continued weakness from maritime customers, which has long been the largest part of its business. Inmarsat is building a network with Deutsche Telekom ( DTEGn.DE ) in Europe that will provide high-speed broadband to passengers on short-haul flights. The satellite company said on Wednesday that BA and Iberia owner International Airlines Group ( ICAG.L ) would be the launch customer for the network, which it aims to have in place later this year. IAG planned to connect more than 300 of its aircraft to the network, allowing customers to browse the internet and stream video, and have 90 percent of its short-haul fleet equipped by early 2019, Inmarsat said. The satellite group said it expected growth to come from its new networks, but it warned that its markets "continued to be challenging, with sustained pressure on customer expenditure, increasing competition and the arrival of new satellite capacity." It said the outlook for the next two years was difficult to predict, though it said it expected revenue of $1.2 billion to $1.3 billion this year, in line with market expectations. In 2018, it sees revenue increasing to $1.3 billion to $1.5 billion next, an up to 10 percent downgrade to its previous expectations, although the new numbers are in line with analysts'' forecasts. Chief Financial Officer Tony Bates said the guidance had been lowered because of satellite launch delays and uncertainty over the timing of some airline deals. Revenue in 2016 rose 4.3 percent to $1.33 billion, the company said. Shares in Inmarsat were trading up 6.5 percent at 729 pence at 1142 GMT. (Editing by David Clarke and Jane Merriman) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-inmarsat-results-idUKKBN16F0SY'|'2017-03-08T19:10:00.000+02:00'|1824.0|''|-1.0|'' @@ -1894,7 +1894,7 @@ 1892|'39e6bbd458e518e0ace77097c2f4f04bdbd5fa15'|'German, U.S. finance ministers to meet in Berlin next week'|'Business News - Tue Mar 7, 2017 - 12:40pm GMT German, U.S. finance ministers to meet in Berlin next week German Finance Minister German Wolfgang Schaeuble attends a news conference following a meeting at the Bercy Ministry in Paris, France, February 22, 2017. REUTERS/Charles Platiau BERLIN German Finance Minister Wolfgang Schaeuble said on Tuesday he would meet his U.S. counterpart Steven Mnuchin on Thursday next week to prepare for a broader G20 meeting in Baden-Baden. Speaking to foreign press correspondents in Berlin, Schaeuble rejected U.S. criticism of Germany''s record-high current account surplus and criticism that the German government was exploiting a weaker euro to boost its exports. "Nobody can claim that we are achieving these surpluses through manipulation," Schaeuble said, adding that the European Central Bank was in charge of the euro and that the central bank is independent. He added Germany''s current account surplus was a result of the high competitiveness of its companies. (Story refiles to remove extraneous word from second paragraph.) (Reporting by Michael Nienaber and Joseph Nasr; Editing by Madeline Chambers) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-g20-schaeuble-idUKKBN16E1GM'|'2017-03-07T19:39:00.000+02:00'|1892.0|''|-1.0|'' 1893|'282a27770046bc541a7f93c88150e0140f05aa68'|'Facebook adds camera features, moving closer to Snapchat'|'Technology News - Tue Mar 28, 2017 - 8:05am EDT Facebook adds camera features, moving closer to Snapchat Facebook logo is seen on a wall at a start-up companies gathering at Paris'' Station F in Paris, France, January 17, 2017. REUTERS/Philippe Wojazer By David Ingram - SAN FRANCISCO SAN FRANCISCO Facebook Inc ( FB.O ) is giving the camera a central place on its smartphone app for the first time, encouraging users to take more pictures and edit them with digital stickers that show the influence of camera-friendly rival Snapchat. With an update scheduled to take effect on Tuesday, Facebook will allow users to get to the app''s camera with one swipe of their finger and then add visual details like a rainbow or a beard of glitter. Users will be able to share a picture privately with a friend, rather than to the user''s entire list of friends, and add a picture to a gallery known as a "story," similar to a feature on the Snapchat app. Snapchat, owned by Snap Inc ( SNAP.N ), popularized the sharing of digitally decorated photographs on social media, especially among teenagers, and exposed a weakness of Facebook as the companies battle for eyeballs and leisure time. Snap, which went public this month, has recently emphasized its ambitions to build gadgets and has called itself a camera company rather than a social media firm. Facebook, the world''s largest social network with some 1.86 billion users, denies it took its camera ideas from Snapchat and says it got them from Facebook users. "Our goal here is to give people more to do on Facebook and that''s really been the main inspiration," Connor Hayes, a Facebook product manager, said in a briefing with reporters. In a glimpse of how the features could tie in with other businesses, one of the first camera effects will be the ability to morph someone in a photograph into a yellow, cartoon "Minion." The latest Minion movie, "Despicable Me 3," is due out in a few months from Comcast Corp''s ( CMCSA.O ) NBC Universal. Facebook has deals to license content from six film studios, as well as from two artists, said Kristen Spilman, design director at Facebook. Another visual effect that can be added to pictures allows someone in a picture to "become a laser cat with super powers," Spilman said. The effects will vary by location. Spilman said that when Facebook tested the ability to add the phrase "LOL" - the acronym for "laugh out loud" - to a picture, users in Ireland were confused by what it meant. (Reporting by David Ingram; Editing by Bill Trott) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-facebook-camera-idUSKBN16Z1GT'|'2017-03-28T20:05:00.000+03:00'|1893.0|''|-1.0|'' 1894|'37448de1bfa2834b5500fc611aee86d0414516d8'|'Caterpillar is sued by a shareholder after federal raid'|'March 3 Caterpillar Inc was sued on Friday for allegedly deceiving shareholders about its business, one day after federal law enforcers raided three of its buildings in connection with a probe into the heavy machinery manufacturer''s offshore tax practices.In a complaint filed in Chicago federal court, Jacob Newman accused Caterpillar of defrauding him and other shareholders in regulatory filings by touting its commitment to good ethics, while concealing how it "unlawfully used foreign subsidiaries" to avoid paying billions of dollars of U.S. taxes.Caterpillar did not immediately respond to requests for comment after business hours.Shares of Caterpillar fell 4.3 percent on Thursday, wiping out more than $2.4 billion of the Peoria, Illinois-based company''s market value.The company said it believed the raid by officials from agencies including the Internal Revenue Service''s criminal investigation division, the Department of Commerce and the Federal Deposit Insurance Corp was connected with an IRS probe related to a Swiss parts unit, Caterpillar SARL.Caterpillar has been fighting an IRS demand that it pay $2 billion in taxes and penalties for shifting profit to the Swiss unit to lessen its U.S. tax bill.Newman is seeking unspecified damages in his proposed class-action lawsuit on behalf of Caterpillar investors from Feb. 19, 2013 through March 1.The lawsuit also names Caterpillar Chief Executive Jim Umpleby, Chairman Douglas Oberhelman and Chief Financial Officer Bradley Halverson as defendants. Oberhelman preceded Umpleby as chief executive.Companies often face U.S. lawsuits accusing them of securities fraud shortly after unexpected negative news causes a decline in their stock prices. It is unclear how many lawsuits Caterpillar might face.The case is Newman v. Caterpillar Inc et al, U.S. District Court, Northern District of Illinois, No. 17-01713. (Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/caterpillar-lawsuit-idINL2N1GG1T9'|'2017-03-03T20:51:00.000+02:00'|1894.0|''|-1.0|'' -1895|'7b0291956f43781b7df0baf1e571c42f9ba2b7eb'|'Credit Suisse set to decide in April on Swiss bank IPO - sources'|'Business News - Fri Mar 17, 2017 - 7:51pm GMT Credit Suisse set to decide in April on Swiss bank IPO - sources Credit Suisse logo is pictured on their office in Warsaw Poland, March 15, 2017. REUTERS/Kacper Pempel By Joshua Franklin and Pamela Barbaglia - ZURICH/LONDON ZURICH/LONDON Credit Suisse''s ( CSGN.S ) board of directors is set to decide in April whether to go ahead with a partial initial public offering of its Swiss bank, two people familiar with the matter told Reuters, with alternative options being considered. Zurich-based Credit Suisse announced plans to sell 20-30 percent of its highly profitable Swiss business back in October 2015, partly in an effort to raise up to 4 billion Swiss francs ($4 billion) and bolster the group''s capital position. However, group Chief Executive Tidjane Thiam cast doubt on the project last month when he said Credit Suisse was open to alternative options to strengthen the group''s balance sheet "if there are ways to reach a more attractive risk/reward outcome for our shareholders". No final decision has yet been made on whether or not go ahead with the IPO, the people said. Credit Suisse has pencilled in the IPO for the second half of this year, market conditions permitting and subject to board approval. A Credit Suisse spokesman said the bank has nothing to add to what was said last month and it does not comment on market speculation. Credit Suisse staff, one of the people said, are continuing to prepare for the IPO, which could be Switzerland''s biggest stock market listing in more than a decade if it goes ahead. However, there is a growing sense inside the bank and among investment bankers hoping to work on the listing that the IPO will be cancelled. "Our internal language has changed," said one Credit Suisse executive, who declined to be named absent authorisation to speak publicly on the subject. "The nuance has changed to put more question marks around it." Investors have also raised concerns about selling a stake in such a profitable business. David Herro, chief investment officer for international equities at Harris Associates, one of Credit Suisse''s biggest shareholders, said last month that the case for the IPO had become less convincing. To boost its balance sheet, Credit Suisse could instead opt for a 5 billion franc rights issue, Bernstein analysts predicted in a note last week. In a note this month, Citi analysts said Credit Suisse could raise funds through an accelerated bookbuild. Under Swiss securities law, companies are not required to draw up a listing prospectus if it is increasing its share capital by less than 10 percent. "The IPO, rights issue or accelerated book-build are all possible options at this stage," one of the people familiar with the matter said. ($1 = 0.9976 Swiss francs) (Additional reporting by Arno Schuetze in Frankfurt and Oliver Hirt in Zurich; Editing by Michael Shields) Next In Business News World stocks at record highs, dollar slide deepens NEW YORK A global stock market index hovered near record highs on Friday, wrapping up a week when many of the world''s biggest economies either raised interest rates or signalled they might do so, underlining confidence about economic growth and inflation.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-credit-suisse-ipo-swiss-idUKKBN16O2LO'|'2017-03-18T02:51:00.000+02:00'|1895.0|''|-1.0|'' +1895|'7b0291956f43781b7df0baf1e571c42f9ba2b7eb'|'Credit Suisse set to decide in April on Swiss bank IPO - sources'|'Business News - Fri Mar 17, 2017 - 7:51pm GMT Credit Suisse set to decide in April on Swiss bank IPO - sources Credit Suisse logo is pictured on their office in Warsaw Poland, March 15, 2017. REUTERS/Kacper Pempel By Joshua Franklin and Pamela Barbaglia - ZURICH/LONDON ZURICH/LONDON Credit Suisse''s ( CSGN.S ) board of directors is set to decide in April whether to go ahead with a partial initial public offering of its Swiss bank, two people familiar with the matter told Reuters, with alternative options being considered. Zurich-based Credit Suisse announced plans to sell 20-30 percent of its highly profitable Swiss business back in October 2015, partly in an effort to raise up to 4 billion Swiss francs ($4 billion) and bolster the group''s capital position. However, group Chief Executive Tidjane Thiam cast doubt on the project last month when he said Credit Suisse was open to alternative options to strengthen the group''s balance sheet "if there are ways to reach a more attractive risk/reward outcome for our shareholders". No final decision has yet been made on whether or not go ahead with the IPO, the people said. Credit Suisse has pencilled in the IPO for the second half of this year, market conditions permitting and subject to board approval. A Credit Suisse spokesman said the bank has nothing to add to what was said last month and it does not comment on market speculation. Credit Suisse staff, one of the people said, are continuing to prepare for the IPO, which could be Switzerland''s biggest stock market listing in more than a decade if it goes ahead. However, there is a growing sense inside the bank and among investment bankers hoping to work on the listing that the IPO will be cancelled. "Our internal language has changed," said one Credit Suisse executive, who declined to be named absent authorisation to speak publicly on the subject. "The nuance has changed to put more question marks around it." Investors have also raised concerns about selling a stake in such a profitable business. David Herro, chief investment officer for international equities at Harris Associates, one of Credit Suisse''s biggest shareholders, said last month that the case for the IPO had become less convincing. To boost its balance sheet, Credit Suisse could instead opt for a 5 billion franc rights issue, Bernstein analysts predicted in a note last week. In a note this month, Citi analysts said Credit Suisse could raise funds through an accelerated bookbuild. Under Swiss securities law, companies are not required to draw up a listing prospectus if it is increasing its share capital by less than 10 percent. "The IPO, rights issue or accelerated book-build are all possible options at this stage," one of the people familiar with the matter said. ($1 = 0.9976 Swiss francs) (Additional reporting by Arno Schuetze in Frankfurt and Oliver Hirt in Zurich; Editing by Michael Shields) Next In Business News World stocks at record highs, dollar slide deepens NEW YORK A global stock market index hovered near record highs on Friday, wrapping up a week when many of the world''s biggest economies either raised interest rates or signalled they might do so, underlining confidence about economic growth and inflation.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-credit-suisse-ipo-swiss-idUKKBN16O2LO'|'2017-03-18T02:51:00.000+02:00'|1895.0|29.0|0.0|'' 1896|'935a04add34649e2a963a14b605e9a1fc1b2433d'|'EU top court upholds sanctions against Russia''s Rosneft'|'By Julia Fioretti - LUXEMBOURG LUXEMBOURG Europe''s top court on Tuesday upheld European Union sanctions on Russia over the Ukraine conflict, including on its largest oil group Rosneft, in a ruling that asserts the court''s jurisdiction over the bloc''s foreign policy.The EU slapped sanctions on Russia after it annexed Crimea from Ukraine in 2014 and stepped them up as Moscow went on to support a separatist rebellion in Ukraine''s industrial east.Rosneft''s head, Igor Sechin, is a close ally of Russian President Vladimir Putin.The European Court of Justice (ECJ) said "restrictive measures ... in response to the crisis in Ukraine against certain Russian undertakings, including Rosneft, are valid."With the ruling, the ECJ established its jurisdiction to rule on matters of the EU''s common foreign and security policy, an area of fierce contention between Brussels and national governments seeking to maintain sovereignty.A lawyer for Rosneft told reporters he was disappointed with the outcome."I would also say it is a setback for judicial protection in the EU in the area of sanctions because the court accepts (...) the fact that a company is partially state-owned is sufficient for it to be a target of sanctions," Lode van den Hende said.The court said it believed encroaching on Rosneft''s right to do business was in proportion with the severity of sanctions imposed on Russia over the Ukraine crisis."The Court holds that the importance of the objectives pursued by the contested acts is such as to justify certain operators being adversely affected," it said in its judgment.Rosneft called the decision "illegal, baseless and politicised." "The ruling shows that the rule of law in Europe is being replaced by the rule of political situation," it said in a statement."Rosneft continues to insist that it has not committed any illegal actions in any jurisdictions where it conducts its business, including Ukraine, and has nothing to do with the Ukrainian crisis." Vladimir Soldatkin in Moscow; Writing by Robert-Jan Bartunek; Editing by Alissa de Carbonnel and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/eu-russia-rosneft-court-idINKBN16Z16V'|'2017-03-28T08:30:00.000+03:00'|1896.0|''|-1.0|'' 1897|'cc43b3b07da930eeee9a9ff0c307080090241dd3'|'U.S. jobless claims fall to 44-year-low as labour market tightens'|' 41pm GMT U.S. jobless claims fall to 44-year-low as labour market tightens Legal firm Hogan Lovells representative Nina LeClair (2nd R) talks to U.S. military veteran applicants (L) at a hiring fair for veteran job seekers and military spouses at the Verizon Center in Washington April 9, 2014. REUTERS/Gary Cameron WASHINGTON - The number of Americans filing for unemployment benefits fell to near a 44-year-low last week, pointing to further tightening in the labour market even as economic growth appears to have remained moderate in the first quarter. Initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 223,000 for the week ended Feb. 25, the lowest level since March 1973, the Labor Department said on Thursday. Data for the prior week was revised to show 2,000 fewer applications received than previously reported. It was the 104th straight week that claims remained below 300,000, a threshold associated with a healthy labour market. That is the longest stretch since 1970, when the labour market was much smaller. The labour market is at or close to full employment, with the unemployment rate at 4.8 percent. Labor market tightness, combined with rising inflation, could encourage the Federal Reserve to raise interest rates at its March 14-15 policy meeting. A survey from the U.S. central bank on Wednesday showed the labour market remained tight in early 2017, with some of the Fed''s districts reporting "widening" labour shortages. Economists polled by Reuters had forecast new claims for unemployment benefits dipping to 243,000 in the latest week. A Labor Department analyst said there were no special factors influencing last week''s claims data. Only claims for Oklahoma were estimated. The four-week moving average of claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 6,250 to 234,250 last week, the lowest reading since April 1973. Data this week showed tepid growth in consumer spending in January, weak equipment and construction spending and a wider goods trade deficit, suggesting the economy struggled to gain momentum early in the first quarter after slowing in the final three months of 2016. Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid increased 3,000 to 2.07 million in the week ended Feb. 18. The four-week average of the so-called continuing claims edged up 750 to 2.07 million. The continuing claims data covered the survey week for February''s unemployment rate. The four-week moving average of claims fell 21,500 between the January and February survey periods, suggesting an improvement in the jobless rate. (Reporting by Lucia Mutikani; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-unemployment-idUKKBN1691T6'|'2017-03-02T20:41:00.000+02:00'|1897.0|''|-1.0|'' 1898|'4e06d941512547affa1804f3319243fcff8ef60e'|'German imports soar in January, current account surplus shrinks'|' 47am GMT German imports soar in January, current account surplus shrinks Loading cranes are seen at a shipping terminal at the harbour in Hamburg April 4, 2015. REUTERS/Fabian Bimmer By Michael Nienaber - BERLIN BERLIN German imports soared more than expected in January, outperforming an also surprisingly strong rise in exports, data showed on Friday, in a further sign that Europe''s biggest economy was firing on all cylinders at the start of 2017. The figures, released by the Federal Statistics Office, also showed the wider current account surplus fell sharply on the month, suggesting that Germany''s vibrant domestic demand is helping to re-balance its traditionally export-driven economy. "After their lacklustre performance in the past year, exports are rebounding in 2017," DIHK economist Volker Treier said, adding demand from emerging markets such as China, Brazil, Russia and India was rising. Seasonally adjusted imports rose by 3.0 percent on the month, while exports increased by 2.7 percent, the data showed. Both figures came in much stronger than expected. A Reuters poll had forecast imports to rise by 0.5 percent and exports to increase by 1.85 percent. The seasonally adjusted trade surplus edged up to 18.5 billion euros ($19.6 billion) from 18.3 billion euros in December. The January reading was above the Reuters consensus forecast of 18.0 billion euros. The wider current account surplus plunged to 12.8 billion euros after a revised 24.8 billion euros in December, the data showed. In 2016, German exports rose 1.2 percent on the year to hit a record 1.2 billion euros while imports edged up 0.6 percent to reach an all-time high at 955 billion euros. This propelled the German trade surplus to 252.9 billion euros, also a record high. WAR OF WORDS The European Commission and the International Monetary Fund (IMF) have repeatedly urged Germany to take advantage of record-low borrowing costs and increase investment as a measure to reduce the country''s large trade and current account surpluses. The United States last year flagged concerns over economic policies in Germany and put Europe''s biggest economy on a new monitoring list together with other countries such as China and Japan, mostly due to their large surpluses. U.S. President Donald Trump''s trade adviser on Monday described the U.S. trade deficit with Germany as "one of the most difficult" issues, calling for bilateral discussions to reduce it outside of European Union restrictions. Peter Navarro''s comments followed his complaints that Germany was exploiting a weak euro to gain a trade advantage. The criticism was firmly rejected by Finance Minister Wolfgang Schaeuble on Tuesday who said Germany''s trade surplus was the result of high demand for its products and this had nothing to do with any form of currency manipulation. The war of words has set the stage for a heated debate on trade and tax policies when G20 decision-makers meet in the German town of Baden-Baden next week. ($1 = 0.9442 euros) (Reporting by Michael Nienaber; Editing by Dominic Evans) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-trade-idUKKBN16H0WL'|'2017-03-10T15:47:00.000+02:00'|1898.0|''|-1.0|'' @@ -1913,7 +1913,7 @@ 1911|'0fd15ac0be40a9013ed39e7619aca7d49668d8c6'|'India steel minister says he hopes SAIL, ArcelorMittal resolve JV issues by May'|'Business News - Fri Mar 17, 2017 - 9:29am GMT India steel minister says he hopes SAIL, ArcelorMittal resolve JV issues by May India''s Steel Minister Chaudhary Birender Singh speaks during an interview with Reuters in New Delhi, India, December 9, 2016. REUTERS/Adnan Abidi NEW DELHI India''s steel minister said he hoped state-owned Steel Authority of India Ltd ( SAIL.NS ) and ArcelorMittal SA ( ISPA.AS ) would resolve differences over building an $897 million automotive steel plant before the deadline in May to close the deal. SAIL is banking on the proposed joint venture with the world''s number 1 steel producer, ArcelorMittal, to help it move to higher grades of steel in the automotive segment. A collapse of the proposal would further hamper its efforts to recover from seven straight quarters of losses. "Before the May deadline, some solution should come, some good news should come," Steel Minister Chaudhary Birender Singh told reporters. Reuters reported last month that talks between SAIL and ArcelorMittal were at a standstill, with the two companies disagreeing on key terms. (Reporting by Neha Dasgupta; Editing by Amrutha Gayathri) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-india-sail-arcelormittal-idUKKBN16O103'|'2017-03-17T16:29:00.000+02:00'|1911.0|''|-1.0|'' 1912|'afce8cc2d829599281a370a60da96bed2219e8e0'|'Factbox: Details of GM''s sale of Opel to PSA'|'DETROIT France''s PSA Group ( PEUP.PA ) said on Monday it agreed to buy Opel and its British Vauxhall brand from General Motors ( GM.N ) in a deal valuing the business at 2.2 billion euros ($2.3 billion).Below is a summary of some details of the transaction, which is expected to close in 2017:- GM will receive 1.32 billion euros for the Opel manufacturing business in the form of 650 million euros in cash and 670 million in PSA share warrants.- PSA and BNP Paribas ( BNPP.PA ) will pay 900 million euros for Opel''s financing arm, to be operated jointly and consolidated by the French bank.- PSA says it will return Opel and its British Vauxhall brand to profit, with an operating margin of 2 percent within three years and 6 percent by 2026.- PSA says profit can be achieved in part through 1.7 billion euros in joint cost savings. In a client note, Barclays equity research analysts said this was below the 2 billion euros in savings targeted by GM and Opel in 2012.- The Opel sale cuts GM''s cash balance requirement by $2 billion, allowing it to accelerate share repurchases.- GM will record a special, non-cash charge of $4 billion to $4.5 billion.- GM will retain $6.5 billion in underfunded pensions at Opel.- The U.S. automaker will also issue $3 billion in debt toward covering some $3.2 billion in underfunded pensions that will be transferred to the German government.- GM says that without Opel, its adjusted earnings per share in 2016 would have been $6.40, versus its reported total of $6.12. The company''s adjusted margin would have been 8.6 percent, versus the 7.5 percent the Detroit-based company reported.- Opel has six assembly plants, five component plants and around 40,000 employees.($1 = 0.9432 euros)(Reporting By Nick Carey; Editing by Meredith Mazzilli)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-opel-m-a-psa-details-factbox-idUSKBN16D1QP'|'2017-03-06T18:00:00.000+02:00'|1912.0|''|-1.0|'' 1913|'43d2d650f8e5dc4c42ee7d28faf5fa81116c9da2'|'BRIEF-Wecast Network reports FY 2016 basic and diluted loss per share $0.72'|' 18am EDT BRIEF-Wecast Network reports FY 2016 basic and diluted loss per share $0.72 March 31 Wecast Network Inc * Wecast Network announces Q4 and full year 2016 results * Wecast Network Inc - basic and diluted loss per share for 2016 was $0.72 as compared to a $0.34 loss per share in in 2015 * Wecast Network - raising full-year revenue guidance form $280 million to $300 million based on current visibility of, and internal projections for, 2017 * Wecast Network Inc - Q1 2017 revenue will be based on approximately 5 weeks of revenue from our new businesses * Wecast Network Inc - "expect revenues to ramp in Q2, Q3 & Q4" Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-wecast-network-reports-fy-2016-bas-idUSASB0B7W9'|'2017-03-31T19:18:00.000+03:00'|1913.0|''|-1.0|'' -1914|'855ad03120c38a7b708edb197f991f65da2edd8d'|'BRIEF-T. Rowe Price CEO William Stromberg''s FY 2016 compensation $9.1 mln vs $8.45 mln'|' 32pm EDT BRIEF-T. Rowe Price CEO William Stromberg''s FY 2016 compensation $9.1 mln vs $8.45 mln March 17 T. Rowe Price Group Inc * Ceo william stromberg''s fy 2016 total compensation $9.1 million versus $8.45 million in fy 2015 - sec filing * Vice chairman edward bernard''s fy 2016 total compensation $7.2 million versus $6.9 million in fy 2015 - sec filing Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-t-rowe-price-ceo-william-stromberg-idUSFWN1GU0PR'|'2017-03-18T03:32:00.000+02:00'|1914.0|''|-1.0|'' +1914|'855ad03120c38a7b708edb197f991f65da2edd8d'|'BRIEF-T. Rowe Price CEO William Stromberg''s FY 2016 compensation $9.1 mln vs $8.45 mln'|' 32pm EDT BRIEF-T. Rowe Price CEO William Stromberg''s FY 2016 compensation $9.1 mln vs $8.45 mln March 17 T. Rowe Price Group Inc * Ceo william stromberg''s fy 2016 total compensation $9.1 million versus $8.45 million in fy 2015 - sec filing * Vice chairman edward bernard''s fy 2016 total compensation $7.2 million versus $6.9 million in fy 2015 - sec filing Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-t-rowe-price-ceo-william-stromberg-idUSFWN1GU0PR'|'2017-03-18T03:32:00.000+02:00'|1914.0|26.0|0.0|'' 1915|'a50291c85bd687d6a55db3a2d9dd4b993862e024'|'Head in the cloud: What Satya Nadella did at Microsoft'|'A DECADE ago, visiting Microsofts headquarters near Seattle was like a trip into enemy territory. Executives would not so much talk with visitors as fire words at them (one of this newspapers correspondents has yet to recover from two harrowing days spent in the company of a Microsoft brand evangelist). If challenged on the corporate message, their body language would betray what they were thinking and what Bill Gates, the firms founder, used often to say: Thats the stupidest fucking thing Ive ever heard.Today the mood at Microsofts campus, a sprawling collection of more than 100 buildings, is strikingly different. The word-count per minute is much lower. Questions, however ignorant or critical, are answered patiently. The firms boss, Satya Nadella (pictured), strikes a different and gentler tone from Mr Gates and Steve Ballmer, his immediate predecessor (although he, too, has a highly competitive side). 9 Both these descriptions are caricatures. But they point to an underlying truth: how radically the worlds biggest software firm has changed in the short time since Mr Nadella took charge in early 2014. Back then everything at Microsoft revolved around Windows, the operating system that powered most computers. It was a franchise the company believed needed to be extended and defended at almost any price.Windows has since retreated into a supporting role; sometimes it is little more than a loss-leader to push other products. At the heart of the new Microsoft is Azure, a global computing cloud. It is formed of more than 100 data centres around the world, dishing up web-based applications, bringing mobile devices to life and crunching data for artificial-intelligence (AI) services. Along with this shift in strategy has come a less abrasive, more open culture.Microsofts transformation is far from complete. Windows, Officethe once equally dominant package of applications for personal computersand other PC-related products together still generate about two-fifths of its revenues and three-quarters of its profits. But even those who have watched Mr Nadellas actions with a high degree of scepticism reckon the firm is moving on from its cash-cows.The firms transformation did not begin with Mr Nadella. It launched Azure and started to rewrite its software for the cloud under Mr Ballmer. But Mr Nadella has given Microsoft a new Gestalt , or personality, that investors appear to like. The firms share price has nearly doubled since he took over (see chart).Dethroning Windows was the first task. Previously, new products were held back or shorn of certain features if these were thought to hurt the program (something known internally as the strategy tax). One of Mr Nadellas early decisions was to allow Office to run on mobile devices that use competing operating systems. He went so far as to use a slide that read Microsoft loves Linux. Mr Ballmer had called the open-source operating system a cancer.The downgrading of Windows made it easier for Mr Nadella to change the firms culturewhich is so important, he believes (along with Peter Drucker), that it eats strategy for breakfast. Technologies come and go, he says, so we need a culture that allows you to constantly renew yourself. Whereas Mr Ballmer was known for running across the stage and yelling I love this company, Mr Nadella can often be seen sitting in the audience, listening. When, in 2016, internet trolls manipulated Tay, one of Microsofts AI-powered online bots, into spewing racist comments, people waited for heads to roll. Mr Nadella sent around an e-mail saying Keep pushing, and know that I am with you(the) key is to keep learning and improving.Employees are no longer assessed on a curve, with those ending up at the lower end often getting no bonus or promotion. For the firms annual executive retreat in 2015, Mr Nadella included the heads of companies Microsoft had recently acquired, such as Mojang, the maker of Minecraft, a video game, and Acompli, an e-mail app, breaking with the tradition that only longtime executives can attend.The book of NadellaSending such signals matters more than ever in the tech industry. Well-regarded firms find it easier to recruit top-notch talent, which is highly mobile and has its pick of employers. A reputation for aggression can attract the attention of regulators and lead to a public backlash, as Microsoft itself knows from experience and Uber, a ride-hailing unicorn, is finding out.Mr Nadella has changed the firms organisation as well as its culture. It is now more of a vertically integrated technology firmfull stack, in the jargon. It not only writes all kinds of software, but builds its own data centres and designs its own hardware. Mr Nadella points out that it now even develops some of the chips for its data centres.His imprint can be seen on three businesses in particular: the cloud, hardware and AI. Microsoft does not break out by how much it has increased investment in the cloud, but building data centres is expensive and its capital expenditure is soon expected nearly to double, to $9bn a year, from when Mr Nadella took over. If you take only basic services, such as data storage and computing, Microsofts cloud is much smaller than Amazon Web Services, the leader in cloud computing, which is owned by Amazon, an e-commerce giant. But if you add Microsofts web-based services, such as Office 365 and other business applications, which are only a negligible part of AWSs portfolio, the two firms are of comparable size. Both AWSs and Microsofts cloud businesses boast an annual run rate (the latest quarterly revenues multiplied by four) of $14bn. Microsoft hopes to reach $20bn by its 2018 financial year, a fifth of total expected revenues.In terms of scale, then, there has been much progress. Yet in stark contrast to AWS, which supplies the bulk of Amazons profits, Azure is still loss-making. Some analysts are optimistic that this could change. Mark Moerdler of Sanford C. Bernstein, a research firm, thinks that once Microsoft tapers its investments in data centres and their utilisation goes up, it could approach the margins enjoyed by AWS, which reached more than 30% in the last quarter.Scott Guthrie, who heads Azure, admits that the margins for cloud-based services will probably be lower than for conventional software. But when applications are delivered online, he points out, Microsoft can capture a bigger slice of the overall pie. As well as offering its existing software as services in the cloud, it also takes care of components of IT systems, such as storage and networking, that used to be provided by other vendors. The firms addressable market is far bigger, he says.Perhaps. But however well Microsoft performs, life in the cloud will always be far tougher than it was in the realm of personal computers, argues David Mitchell Smith of Gartner, a consultancy. Microsoft will not only have to compete with Amazon, but with Google, which intends to go after business customers.Although the cloud is the core of the new Microsoft, hardware is another important bet. The firm has shed its ailing mobile-phone division, which it had bought from Nokia, but on its campus in Redmond hundreds of employees are busy developing new devices. Its prototyping lab offers all that a designer of mobile gadgets could want, such as 3D printers to churn out overnight new models of a hinge, for example, or machines to cut the housing of a new laptop from a block of aluminium.Failing faster is the purpose of the new equipment, says Panos Panay, who is in charge of Microsofts hardware business. Designers can test ideas more quickly in pursuit of the firms goal to develop new categories of product. Hardware, software and online services are meant to be bundled into a single product to create what the firm gratingly calls an experience.One example is the Surface Book, a high-end laptop. It features a detachable screen which doubles as a computing tableta combination that has already found a following, and according to some, offers better value than comparable laptops from Apple. More daring still is HoloLens, an augmented-reality device in the form of a wireless head-mounted display. It is capable of mixing real and virtual reality for business purposesfor example, by projecting new parts on a motorcycle frame so a designer can easily see what works. (It is currently only available for developers.)HoloLens, its designers hope, will also be a device where people use artificial-intelligence servicesMr Nadellas third big bet. In September Microsoft formed a new AI unit, combining all its efforts in the field, including its basic-research group of more than 1,000 people and the engineering team behind Bing, its search engine.Every single business application is going to be disrupted by AI, says Harry Shum, who is in charge of the new unit. Algorithms trained by reams of data could tell sales staff which leads to spend most time on, and help identify risky deals where, for instance, the customer might not fulfil contract terms. This, he explains, is also a big reason why Microsoft spent a whopping $26bn to buy LinkedIn, a professional social network that has 467m users. The deal adds to the data the firm needs to train its new AI applications.AI is a growing part of Azure, too. In recent months Microsoft has introduced two dozen cognitive services to Azure. Some understand language and can identify individual speakers, others recognise faces and can tap into academic knowledge. The idea is for other firms to be able to use these offerings to make their own products smarter, thus democratising AI. Schneider Electric, which makes gear to manage energy systems, for instance, uses some of Microsofts AI services to monitor its equipment.It is easy to be impressed by what Mr Nadella has achieved in only three years. But it is far from certain that his technology bets will play out as planned. To run a computing cloud profitably you need hyper-efficient operations; something that Amazon, in contrast to Microsoft, has grown up with. Although Microsoft has expertise in AI, others, such as Google and IBM, got a far earlier start. Nor is designing integrated devices part of Microsofts DNA in the way it is for Apple. Augmented reality is an extremely promising field but HoloLens may turn out to be no more than an expensive toy for developers.Success or failure in the new areas will of course continue to be cushioned for some time by the revenues and profits from Windows and Office. Yet there, too, lie risks. If the PC market, whose secular decline has slowed since last year, take another turn for the worse, the companys finances would suffer badly, warns John DiFucci of Jefferies, an investment bank.Mr Nadella doesnt seem to be worried by such unknowns, which are to be expected in a fast-changing industry. Instead, he frets about too much success. When you have a core thats growing at more than 20%, that is when the rot really sets in, he says. It remains to be seen whether or not the firm can ever again achieve such velocity. For now, though, its share price is showing plenty of speed.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718916-worlds-biggest-software-firm-has-transformed-its-culture-better-getting-cloud?fsrc=rss'|'2017-03-16T22:54:00.000+02:00'|1915.0|''|-1.0|'' 1916|'2a35bfa125d71a35b4ee1e067714ba18529221a4'|'Rio Tinto chairman to step down for BT job - FT'|'Business 32am GMT Rio Tinto chairman to step down for BT job - FT Jan du Plessis, the Chairman of Rio Tinto, attends the mining company''s AGM at the QEII centre in central London April 18, 2013. REUTERS/Andrew Winning MELBOURNE Rio Tinto Chairman Jan du Plessis is set to step down and take up the chairmanship of BT Group Plc, with the announcement to be made by Britain''s top mobile and broadband operator on Thursday, the Financial Times reported. Rio Tinto, the world no.2 miner, declined to comment on the report. Du Plessis, chairman since 2009, has led Rio Tinto through a volatile period, as it scrambled to pay down $39 billion in debt from its Alcan takeover, scrapped a controversial tie-up with China''s Chinalco, sacked a chief executive after over-priced acquisitions and fended off a bid from Glencore. He would be leaving just as the company faces investigations in Australia, the United Kingdom and United States over an alleged bribe in 2010 tied to a massive iron ore project in Guinea, expected to take years to resolve. Du Plessis, 63, was also until last year the chairman of SABMiller, which was taken over by Anheuser-Busch InBev in one of the largest corporate mergers in history. (Reporting by Sonali Paul; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bt-group-chairman-rio-tinto-idUKKBN16G05Z'|'2017-03-09T08:32:00.000+02:00'|1916.0|''|-1.0|'' 1917|'bdee03bfaad6d0932a3ba32c23c000e7d178d0bb'|'German private sector growth strongest in 70 months in March - PMI'|'Fri Mar 24, 2017 - 8:39am GMT German private sector growth strongest in 70 months in March: PMI A steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony late November 10, 2011. REUTERS/Fabian Bimmer Germany''s private sector grew at the fastest pace in nearly six years in March, a survey showed on Friday, driven mainly by strong demand for manufactured goods from the United States, China, Britain, and the Middle East. The reading suggests that growth in Europe''s largest economy will accelerate in the first quarter. Markit''s flash composite Purchasing Managers'' Index (PMI), which tracks activity in the manufacturing and services sectors that account for more than two-thirds of the economy, rose to 57.0 from 56.1 in February. The reading, a 70-month high, overshot the consensus forecast in a Reuters poll of economists and was above the 50 mark that separates growth from contraction. The survey showed that activity among manufacturers accelerated to a 71-month high and in the services sector it was the highest rate of growth in 15 months. "The PMI data strongly suggest that economic growth will accelerate in the first quarter," said Markit economist Trevor Balchin. Companies responded to the rising demand by speeding up hiring: the rate of job creation almost matched a record set six years ago. Inflationary pressures rose again with steel, oil and the strong U.S. dollar cited as key sources of cost pressures, Markit said, forcing companies to partially pass on the higher costs to customers. Germany''s inflation rate rose to 2.2 percent in February from 1.9 percent a month earlier, driven mainly by rising energy and food costs. Markit said it forecasted headline inflation to reach 2.1 percent in 2017. Output expectations also strengthened in March and in the services sector sentiment was strongest in more than six years. "The March flash PMI results rounded off a strong first quarter for the Germany economy," Balchin said. Detailed PMI data are only available under license from Markit and customers need to apply to Markit for a license. To subscribe to the full data, click on the link below: www.markit.com/Contact-Us Up Next Exclusive: HONG KONG HSBC '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-economy-pmi-idUKKBN16V0WB'|'2017-03-24T16:34:00.000+03:00'|1917.0|''|-1.0|'' @@ -1930,7 +1930,7 @@ 1928|'c181cc6955b6d60937505c09c8ce2f60f58cf36c'|'U.S. oil prices rise supported by OPEC output cut compliance'|'Business News - 46am GMT U.S. oil prices rise supported by OPEC output cut compliance FILE PHOTO - Pump jacks drill for oil in the Monterey Shale, California, U.S. on April 29, 2013. REUTERS/Lucy Nicholson/File Photo By Jane Chung - SEOUL SEOUL U.S. oil prices rose in Asian trade on Thursday as high compliance with OPEC''s production cuts lent support, although U.S. record crude inventories weigh on market sentiment. U.S. benchmark West Texas Intermediate (WTI) crude futures climbed 33 cents, or 0.66 percent, to $50.61 a barrel at 0032 GMT (7.32 p.m. ET), after plummeting 5.38 percent to $50.28 per barrel in the previous session, hitting the lowest level since December. International Brent crude futures were yet to trade after closing 5 percent lower at $53.11 a barrel. Crude inventories in the United States, the world''s top oil consumer, surged last week by 8.2 million barrels, handsomely beating the forecast of a 2 million barrel build. [EIA/S] "When combined with the huge speculative long positions in the market, its not surprising that prices sold off so strongly," ANZ said in a note. "However, there is increasing talk of extending the OPEC production cut agreement." Kuwait Oil Minister Essam Al-Marzouq said on Wednesday that OPEC''s compliance with an oil output cut exceeded a target, standing at 140 percent in February, while non-OPEC embers compliance was 50-60 percent. Kuwait is set to host a ministerial meeting on March 26, attended by both OPEC and non-OPEC members to review compliance with crude oil production cuts. OPEC and other major oil producers including Russia reached a landmark agreement last year to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017. (Reporting by Jane Chung; Editing by) Next In Business News Oil plunges after record stockpile data, dollar gains NEW YORK Crude prices plunged more than 5 percent on Wednesday on a spike in U.S. oil stockpiles, while the dollar gained on increased expectations the Federal Reserve will raise U.S. interest rates next week after a robust report on private sector jobs. UK faces tougher Brexit challenge after better 2017 LONDON Britain''s economy is likely to feel the pain of Brexit more sharply in the coming years despite holding up well so far, according to finance minister Philip Hammond''s latest plan to steer the economy through its split from the European Union. Oil prices dive 5 percent as U.S. crude inventories balloon NEW YORK Oil prices plunged 5 percent to their lowest levels this year on Wednesday as record high, stoking concerns a global glut could persist even as OPEC tries to prop up prices with output curbs. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN16G02Y'|'2017-03-09T07:44:00.000+02:00'|1928.0|''|-1.0|'' 1929|'7a7128a37043045ebd8671581bec84a885bdaca6'|'Japan February core consumer inflation edges up, hits two-year high'|' 05am BST Japan February core consumer inflation edges up, hits two-year high A woman looks at items outside an outlet store at a shopping district in Tokyo, Japan, February 25, 2016. REUTERS/Yuya Shino By Leika Kihara - TOKYO TOKYO Japan''s core consumer prices rose 0.2 percent in February from a year earlier, government data showed on Friday, marking the fastest annual pace in nearly two years but still distant from the central bank''s ambitious 2 percent target. With the increase driven largely by a rebound in fuel costs, the data underscores the challenges the Bank of Japan faces in generating sustained price rises backed by steady wage growth. The rise in the core consumer price index (CPI), which includes oil products but excludes volatile fresh food costs, matched a median market forecast. It followed a 0.1 percent increase in January and was the biggest rise since April 2015, when the index rose 0.3 percent. Separate data showed Japan''s jobless rate stood at 2.8 percent in February, down 0.2 percentage point from the previous month and hitting the lowest level since June 1994. But household spending fell 3.8 percent in February from a year earlier, a bigger decline than the median market forecast for a 1.7 percent drop, highlighting weakness in private consumption. Japan''s long-stagnant economy has shown signs of life in recent months, with exports and factory output benefiting from a recovery in global demand. Analysts expect consumer inflation to accelerate near 1 percent later this year as the base effect of last year''s oil price falls dissipate. That has led to a dramatic shift in market expectations, with a majority of analysts polled by Reuters predicting the BOJ''s next move would be to start scaling back its stimulus. With inflation far from his 2 percent target, however, BOJ Governor Haruhiko Kuroda has stressed that he sees "no reason" to dial back the bank''s massive stimulus programme anytime soon. BOJ officials have stressed that they would look at various data, not just the core CPI figure, in determining whether underlying trend inflation is accelerating backed by solid economic growth. They argue that wage rises must accompany price gains for inflation to sustainably hit 2 percent. In a sign of the fragile nature of the inflation pick-up, core consumer prices in Tokyo, available before the nationwide data, fell 0.4 percent in March from a year earlier. (Reporting by Leika Kihara; Editing by Eric Meijer) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-prices-idUKKBN172003'|'2017-03-31T08:05:00.000+03:00'|1929.0|''|-1.0|'' 1930|'5a1c2f779de5999fff18d858ebc019c89d8190e6'|'Italy - Factors to watch on March 6'|'Company 36am EST Italy - Factors to watch on March 6 The following factors could affect Italian markets on Monday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*). For a complete list of diary events in Italy please click on . POLITICS A criminal investigation involving several people close to Matteo Renzi, including his father and his right-hand man, is muddying the image of the former Italian prime minister and threatening his prospects of a return to power. COMPANIES ALITALIA The head of Etihad, the controlling shareholder of Italy''s struggling airline, met with Italian manager Luigi Gubitosi on Saturday, La Stampa newspaper reported on Sunday. Italian banks that hold shares in the airline, which is seeking to slash jobs and ground planes to keep flying, are pushing for Gubitosi to take on the role of chairman during the restructuring, the newspaper said. FIAT CHRYSLER AUTOMOBILES Fiat''s head of operations in Europe, Middle East and Africa, Alfredo Altavilla, said in interview with Corriere della Sera on Sunday that Peugot''s plans to buy Opel would not affect the company''s business plan. (*) PSA Group has agreed to buy European rival Opel from General Motors in a deal valuing the business at 2.2 billion euros ($2.3 billion), the companies said on Monday, creating a new regional car giant to challenge market leader Volkswagen. BANCA CARIGE Insurance Amissima, controlled by U.S. private equity firm Apollo, said on Friday it rejected the accusations by the board of Banca Carige related to its acquisition of the bank''s insurance assets and that it has filed a request for damages for over 200 million euros. FERRARI Chief executive and chairman Sergio Marchionne is expected to stay at the helm of the company until 2021, Italian newspapers reported on Saturday, citing a pay package for him that was detailed in the company''s 2016 earnings report. Marchionne, who is also CEO of Ferrari''s parent company Fiat Chrysler Automobiles, would receive performance share units now valued at more than 28 million euros if he stays until February 2021. He received no remuneration from Ferrari in 2016, newspapers said. INTESA SANPAOLO Italy''s biggest retail bank will focus on growing its business organically, Chief Executive Carlo Messina said according to newspapers on Saturday, after the lender ditched plans at the end of February to join forces with insurer Assicurazioni Generali. (*) CATTOLICA ASSICURAZIONI Banking foundation Cariverona may be interested in Popolare di Vicenza''s 15 percent stake in Cattolica were the bank forced to sell the holding to finance the purchase of bancassurance assets from the insurer under a put option that allows Cattolica to exit their joint-venture after early May, Il Sole 24 Ore reported on Sunday. (*) BANCA IFIS, PRELIOS, CERVED INFORMATION SOLUTIONS The small bank specialising in non-performing loans, the real estate group and the information provider are three of seven investors interested in the bad loan portfolio that Veneto Banca and Popolare di Vicenza are preparing to sell, CorrierEconomia reported on Monday. Other possible bidders are Credito Fondiario, Fortress, Lone Star and Pimco. ILVA Two purchase offers for Italy''s biggest steel factor are due to be opened on Monday, company sources told Reuters on Friday. One offer is being put forward by ArcelorMittal and Italy''s Marcegaglia group, while another is expected from a consortium that includes India''s JSW Steel Ltd and Italy''s state holding company Cassa Depositi e Prestiti . STEFANEL Deadline to file request for a debt restructuring deal with creditors with a court in Treviso. SNAM Board meeting on FY results (press release on March 7). For Italian market data and news, click on codes in brackets: 20 biggest gainers (in percentage) 20 biggest losers (in percentage) FTSE IT allshare index'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/italy-factors-march-idUSL5N1GF5EP'|'2017-03-06T14:36:00.000+02:00'|1930.0|''|-1.0|'' -1931|'7621368112265979022c7bb3048391210bc42145'|'Brazil government sees strong interest for airport auction -sources'|'By Leonardo Goy - SAO PAULO, March 10 SAO PAULO, March 10 Brazil is confident of strong investor turnout at an auction next week for the rights to run four airports, two government sources said on Friday, with at least nine operators showing appetite for one of the first in a wave of privatizations.Spanish operators Aena SA, Obrascon Huarte Lain SA and Ferrovial SA, Germany''s Fraport AG and AviAlliance, France''s Vinci SA, Argentina''s Corporacion America, Brazil''s CCR SA and Zurich Airport have all expressed interest recently, they said.Both sources said Vinci, Fraport and AviAlliance would likely bid on all four airports at the auction.The auction, scheduled for Thursday at the Sao Paulo Stock Exchange, will determine the operating rights for airports in Porto Alegre, Florianopolis, Fortaleza and Salvador. Sealed bids are due on Monday.The results will be an important gauge of President Michel Temer''s efforts to spur infrastructure spending with private capital, helping to lift Brazil''s economy from a deep recession and bolstering the federal budget with concession fees.Temer''s government launched last week a programme of privatizations and infrastructure concessions aimed at raising 45 billion real ($14.32 billion) in private investment.A source close to Ferrovial said the Spanish company was not planning to participate in next week''s auction, but it would continue analyzing other opportunities in Brazil.Aena confirmed to Reuters that it was studying the airports up for auction but had not decided whether to participate.Vinci, AviAlliance, Corporacion America, OHL and CCR did not immediately respond to requests for comment. Fraport and Zurich Airport declined to comment on the auction. ($1 = 3.1425 reais) (Reporting by Leonardo Goy; Writing by Brad Haynes; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-infrastructure-airports-idINL2N1GN1K5'|'2017-03-10T17:33:00.000+02:00'|1931.0|''|-1.0|'' +1931|'7621368112265979022c7bb3048391210bc42145'|'Brazil government sees strong interest for airport auction -sources'|'By Leonardo Goy - SAO PAULO, March 10 SAO PAULO, March 10 Brazil is confident of strong investor turnout at an auction next week for the rights to run four airports, two government sources said on Friday, with at least nine operators showing appetite for one of the first in a wave of privatizations.Spanish operators Aena SA, Obrascon Huarte Lain SA and Ferrovial SA, Germany''s Fraport AG and AviAlliance, France''s Vinci SA, Argentina''s Corporacion America, Brazil''s CCR SA and Zurich Airport have all expressed interest recently, they said.Both sources said Vinci, Fraport and AviAlliance would likely bid on all four airports at the auction.The auction, scheduled for Thursday at the Sao Paulo Stock Exchange, will determine the operating rights for airports in Porto Alegre, Florianopolis, Fortaleza and Salvador. Sealed bids are due on Monday.The results will be an important gauge of President Michel Temer''s efforts to spur infrastructure spending with private capital, helping to lift Brazil''s economy from a deep recession and bolstering the federal budget with concession fees.Temer''s government launched last week a programme of privatizations and infrastructure concessions aimed at raising 45 billion real ($14.32 billion) in private investment.A source close to Ferrovial said the Spanish company was not planning to participate in next week''s auction, but it would continue analyzing other opportunities in Brazil.Aena confirmed to Reuters that it was studying the airports up for auction but had not decided whether to participate.Vinci, AviAlliance, Corporacion America, OHL and CCR did not immediately respond to requests for comment. Fraport and Zurich Airport declined to comment on the auction. ($1 = 3.1425 reais) (Reporting by Leonardo Goy; Writing by Brad Haynes; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-infrastructure-airports-idINL2N1GN1K5'|'2017-03-10T17:33:00.000+02:00'|1931.0|19.0|0.0|'' 1932|'c49d7ecd77760f9b344f07762084670679482547'|'No Brexit ''Armageddon'' for London''s financial district - policy chief'|' 4:39pm BST No Brexit ''Armageddon'' for London''s financial district - policy chief left right FILE PHOTO: Pedestrians walk near City Hall and Tower Bridge in London, Britain January 24, 2016. REUTERS/Neil Hall/File Photo 1/2 left right FILE PHOTO: A pedestrian walks past a City of London dragon boundary marker in London, Britain, September 23, 2015. REUTERS/Suzanne Plunkett/File Photo 2/2 By Huw Jones and Andrew MacAskill - LONDON LONDON The City of London should emerge largely unscathed from Brexit even though thousands of banking and insurance jobs could move to the continent, the financial district''s policy chief said. The "City" or "Square Mile", home to over 250 foreign banks and the Lloyd''s of London insurance market, faces upheaval as firms decide whether to shift jobs to continental Europe to keep serving customers there after Britain leaves the EU in 2019. Mark Boleat, head of policy at the City of London, the local government that administers Europe''s biggest financial centre, said talk of a massive exodus has been mistaken. "If it was going to be Armageddon, we would have noticed it by now," Boleat told Reuters in an interview in a room off the local government''s seat of power in the medieval Guildhall. "They are never all going to up sticks and leave ... We expect the steady flow of new business coming in." This contrasts with harsher predictions, such as a report from EY consultancy forecasting a loss of 232,000 jobs financial jobs in Britain as result of Brexit, though with many of those from other parts of the country. Boleat steps down in May after five years in the job that included confronting protests against corporate greed and being at the heart of industry efforts to respond to Brexit, which threatens to cut off London from mainland Europe. He predicts even in the worst-case Brexit scenario resulting in tens of thousands of financiers moving from Britain in a decade, the City - where 360,000 people are employed - will end up with the same number of jobs. "Our projection for employment in the City is that in the next 10 years there will be another 50,000 jobs or more," Boleat said, mainly in IT and professional services such as accounting and law. "If with Brexit we lose 50,000 jobs, we end up where we started." He said the commercial property market was a bellwether of the City''s resilience and that it was "holding up pretty well". He pointed to a decision taken since the referendum to go ahead with a 59-storey skyscraper. "What is significant is they are building it. It is a building without a tenant. A building of that size is clearly quite risky," he said. Boleat does not speak for all of London''s financial sector, however. The capital''s other main financial area, Canary Wharf, is home to about 112,000 jobs. CHANGE IN TONE Boleat spoke of a rollercoaster ride of emotions for banks since June 23, when Britain voted to leave the EU. Initially, the sector hoped to keep "passporting" rights to offer services across the bloc from a single base in London. But after a few months it became clear that Britain would give up unfettered access to single market to restrict immigration. He said the low point was at the ruling Conservative Party''s annual conference in October when Prime Minister Theresa May criticised big business and "citizens of nowhere", widely interpreted as an attack on an international-minded elite. "That speech was aimed at the Conservative Party and it was a pity that other people heard it," Boleat said. May''s letter to the EU on Wednesday to kick off formal divorce talks set a more "helpful tone" by singling out financial services and the need for transitional arrangements, he said. He senses the government is becoming more pragmatic ahead of what are likely to be tough negotiations with the EU. "Maybe there is an increasing recognition that ... the other side can be bolshy and we need good relationships to get the right result," Boleat said. "We have found the Treasury very good indeed. No complaints at all ... The issue is whether they can get their voice heard in Number 10 (the PM''s office), where any trade-offs are needed," he added. Attempts to encourage European companies to warn their own governments about the economic impact of loss of access to the London''s financial sector have made little headway, Boleat said. "One thing I have learnt is that we shouldn''t be looking a great deal of help from European corporates. They are as committed to the EU project as their governments." A company like BMW is far more worried about supply chains and tariffs, rather than market fragmentation or more expensive derivatives, he added. (Reporting by Huw Jones and Andrew MacAskill; Editing by Pravin Char) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-city-idUKKBN17227O'|'2017-03-31T23:39:00.000+03:00'|1932.0|''|-1.0|'' 1933|'b7ef0335f9b2ff9d07c921e1de3343b4668a58e2'|'Schaeuble criticises foreign minister for saying Germany should pay more to EU'|'Money 1:29pm IST Schaeuble criticises foreign minister for saying Germany should pay more to EU German Finance Minister Wolfgang Schaeuble addresses a news conference at the G20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, Germany, March 18, 2017. REUTERS/Kai Pfaffenbach BERLIN German Finance Minister Wolfgang Schaeuble on Friday criticised Foreign Minister Sigmar Gabriel for saying Germany should provide more money for Greece and the European Union overall. Debt-laden Greece has struggled to implement reforms in return for financial support, much of which has come from the EU. Germany, a major contributor to the EU''s aid for Athens, holds elections in September. Gabriel, vice chancellor and a senior member of the Social Democrats (SPD) - junior partner in Chancellor Angela Merkel''s ruling coalition - said on Twitter: "In the next debate on Europe''s finances we could do something ''outrageous'' - namely signal willingness to pay more." And during a visit to Greece he held out the prospect of more aid for the troubled country. Schaeuble, a veteran member of Merkel''s Christian Democrats (CDU), told Deutschlandfunk radio that Gabriel''s suggestion to give the EU and Greece more cash "goes in the wrong direction completely" and sent the wrong message. "I was annoyed that while in Greece Mr Gabriel gave the Greeks a message that doesn''t help the Greeks but rather makes it more difficult for them to make the right decisions," Schaeuble said. He said that saying Germany must give more money to the EU would not solve the problem and would give countries the wrong incentive. He added that the problem in Europe, like in Greece, was not money but rather using it correctly. On whether Greece can stay in the euro zone, Schaeuble said: "Greece can only do that if it has a competitive economy." He said the country needed to carry out structural reforms and Greece would need time for that, which it would be granted. "But if the time is not used to carry out reforms because that''s uncomfortable, then that''s the wrong path," Schaeuble said. Disagreements among Greece, the EU and the IMF, which has yet to decide whether it will participate in the country''s current bailout, have delayed a crucial review of the aid programme. (Reporting by Michelle Martin and Gernot Heller; Editing by Hugh Lawson) Next In Money News Carlyle Group takes minority stake in logistics firm Delhivery NEW DELHI The Carlyle Group has acquired a minority stake in Indian logistics firm Delhivery, while existing investor hedge fund Tiger Global also raised its stake, for a combined investment of more than $100 million, the buyout fund said on Friday.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-greece-germany-idINKBN16V0TN'|'2017-03-24T15:59:00.000+03:00'|1933.0|''|-1.0|'' 1934|'0268c18da02d31199357a3be0a80b5cfdb31fab3'|'Investors add to bullish U.S. bond bets after Fed meeting -JPM'|'Business News 26am EDT Investors add to bullish U.S. bond bets after Fed meeting: JPM NEW YORK Investors picked up their bullish bets on longer-dated U.S. Treasuries as Federal Reserve signaled it will remain on a gradual path in raising interest rates after its two-day policy meeting last week. The share of "long" investors, who said they were holding more longer-dated Treasuries than their benchmarks, increased to 23 percent in the week of March 20 from 18 percent in the preceding week, J.P. Morgan showed in its latest Treasury client survey. J.P. Morgan surveyed clients, including bond fund managers, central banks and sovereign wealth funds. U.S. policymakers, as expected, increased key borrowing costs by a quarter percentage point to a range of 0.75 percent to 1.00 percent. Meanwhile, their outlook on growth and inflation was unchanged from December and showed no upward shift in the median view on three rate increases for 2017. In the days prior to the March 14-15 policy meeting, the perceived hawkish rhetoric from a group of Fed officials including Chair Janet Yellen stoked speculation the U.S. central bank might consider raising rates four times this year. U.S. yields have fallen in reaction to the Fed''s "dovish hike" last week as investors have moved money back into Treasuries, analysts said. The benchmark 10-year Treasury''s yield US10YT=RR was 2.488 percent early Tuesday, down from 2.595 percent a week ago. The share of "short" investors who said they were holding fewer longer-dated U.S. government securities than their portfolio benchmarks held at 23 percent for a second week. Short investors equaled long investors on Monday, compared with net shorts of five percentage points last week. The share of "neutral" investors, who said on Monday they were holding amounts of longer-dated Treasuries that match their benchmarks, fell to 54 percent from 59 percent the previous week, the survey showed. Active clients that include market makers and hedge funds, who are seen to take on speculative bets in Treasuries, dialed back their bullish bets, the latest J.P. Morgan survey showed. Thirty percent of them said they were long, unchanged from the prior week, while 20 percent said they were short, also unchanged on the week. The share of active neutrals remained at 50 percent. (Reporting by Richard Leong; Editing by Nick Zieminski) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-treasuries-jpmorgan-idUSKBN16S1KL'|'2017-03-21T20:21:00.000+02:00'|1934.0|''|-1.0|'' @@ -1938,7 +1938,7 @@ 1936|'43fcb2ebbb0ed5a018284efd21294712000a8105'|'Marriott to add up to 300,000 rooms by 2019'|'Business News - Tue Mar 21, 2017 - 8:12am EDT Marriott to add up to 300,000 rooms by 2019 Signage for the New York Marriott Marquis is seen in Manhattan, New York, November 16, 2015. REUTERS/Andrew Kelly Marriott International Inc ( MAR.O ) said on Tuesday it planned to add up to 300,000 rooms worldwide by 2019, as part of a three-year growth plan, ahead of the No. 1 hotel chain''s investor day. The owner of Ritz-Carlton and St. Regis luxury hotel brands said it would earn $675 million in stabilized fees from hotel rooms added to its system. Earlier this month, Marriott said it would speed up expansion of its Starwood brand in Europe by 2020. Marriott bought Starwood for about $12.41 billion in September, adding names such as Sheraton, W and Aloft to create the world''s largest hotel chain with more than 6,000 properties in 122 countries. The hotel chain said it expects non-property related franchisee fees, mainly credit card branding fees, to increase by $100 million by 2019. (Reporting by Rachit Vats in Bengaluru; Martina D''Couto) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-marriott-intnl-outlook-idUSKBN16S1DP'|'2017-03-21T19:12:00.000+02:00'|1936.0|13.0|0.0|'' 1937|'2c61e1f92298349a40578ebd6712d9d04ea4683c'|'Nifty hits record, rupee hits 17-month high'|'MUMBAI The NSE Nifty hit a record high while the rupee rose to its strongest level in nearly 17-months on Thursday after the raised interest rates as expected but signalled no pick-up in the pace of tightening.The NSE Nifty rose as much as 0.64 percent to a record high of 9,143 points, and was up 0.59 percent as of 0350 GMT. The benchmark BSE Sensex was up 0.55 percent.The partially convertible rupee hit as much as 65.2250 per dollar, its strongest since Oct. 30, 2015. It was last trading at 65.32/33 compared to its 65.71/72 close.Meanwhile the benchmark 10-year bond yield fell 4 basis points to 6.79 percent.(Reporting by Swati Bhat; Editing by Rafael Nam)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-nifty-sensex-rupee-markets-idINKBN16N0E7'|'2017-03-16T01:29:00.000+02:00'|1937.0|''|-1.0|'' 1938|'9b5bfa3e8819a91ad7b4577fe0772a7689c428a2'|'World stocks seen as most overvalued in 17 years - BAML survey'|'By Jamie McGeever - LONDON LONDON World stocks are their most expensive in 17 years, but bond yields will need to be much higher than they are currently to trigger an equity bear market, a monthly fund manager survey showed on Tuesday.Bank of America Merrill Lynch''s (BAML) poll of investors managing $592 billion worldwide was conducted from March 10-16, a period that saw Wall Street''s recent string of record highs fizzle out and the Federal Reserve raise U.S. interest rates.Global investors'' allocation to stocks hit a two-year high, according to the poll, with a net 48 percent now overweight the market.A net 34 percent of fund managers now thing equities are overvalued, the highest proportion since 2000, BAML said.Regionally, the U.S. stock market is the most overvalued, according to 81 percent of respondents. A net 44 percent think emerging market stocks are undervalued, while a net 23 percent say the same about euro zone equities.The biggest risk to the equity bull market will come from higher interest rates, reckon 35 percent of respondents, rather than weak company earnings (21 percent).A net 36 percent said the 10-year U.S. Treasury yield will have to rise above 3.5 percent before a bear market in stocks ensues. The yield has risen sharply since mid-2016 but has struggled to rise above 2.5 percent. The last time it was higher than 3.5 percent was six years ago.The Fed raised rates last week and is on course to tighten further this year. But investors are sceptical growth and inflation will be strong enough to warrant a sustained series of hikes, and longer-fated yields have slipped as a result.The drift lower in yields has pulled the dollar down with it. A key measure of the dollar''s trade-weighted value hit a six-week low on Tuesday.According to BAML''s survey, the dollar is its most overvalued since June 2006 and long dollar positions were once again far and away the most ''crowded trade'' in world markets.Despite the extreme pricing in stocks and the dollar, investors are confident neither is in bubble territory, and that economic growth and profits will continue to rise.A net 57 percent of those polled said global profits will improve over the coming year, up from 55 percent in the last month''s poll and close to a seven-year high, BAML said.European elections leading to euro zone disintegration remained the biggest ''tail'' risk to world markets followed by a global trade war, although both risks diminished from February. The proportion of those polled who think a global bond market crash is the biggest risk rose to 18 percent from 13 percent.(Reporting by Jamie McGeever; Editing by Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/funds-survey-baml-idINKBN16S1X7'|'2017-03-21T12:57:00.000+02:00'|1938.0|''|-1.0|'' -1939|'a9c6736d0540704843f741c9372cd07a9afa59e1'|'Finland''s Amer Sports buys U.S. ski maker Armada'|'Company News - Wed Mar 29, 2017 - 2:28am EDT Finland''s Amer Sports buys U.S. ski maker Armada HELSINKI, March 29 Finland''s Amer Sports , which makes Wilson tennis rackets and Salomon skis, will buy U.S. ski maker Armada for $4.1 million, the company said on Wednesday. Armada, which has annual sales of approximately $10 million, will be combined with Amer''s winter sports business. Amer Sports, whose other brands include Arc''teryx outdoor clothing and Atomic ski gear, said the acquisition had no financial impact on company results this year. (Reporting by Tuomas Forsell, editing by Louise Heavens) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/armada-ma-amer-sports-idUSASN00069I'|'2017-03-29T14:28:00.000+03:00'|1939.0|''|-1.0|'' +1939|'a9c6736d0540704843f741c9372cd07a9afa59e1'|'Finland''s Amer Sports buys U.S. ski maker Armada'|'Company News - Wed Mar 29, 2017 - 2:28am EDT Finland''s Amer Sports buys U.S. ski maker Armada HELSINKI, March 29 Finland''s Amer Sports , which makes Wilson tennis rackets and Salomon skis, will buy U.S. ski maker Armada for $4.1 million, the company said on Wednesday. Armada, which has annual sales of approximately $10 million, will be combined with Amer''s winter sports business. Amer Sports, whose other brands include Arc''teryx outdoor clothing and Atomic ski gear, said the acquisition had no financial impact on company results this year. (Reporting by Tuomas Forsell, editing by Louise Heavens) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/armada-ma-amer-sports-idUSASN00069I'|'2017-03-29T14:28:00.000+03:00'|1939.0|18.0|1.0|'' 1940|'67e04ffed8ed465eea2a0de4c49176164a18446b'|'Taiwan stocks rise tracking regional shares as Fed maintains outlook'|' 51pm EDT Taiwan stocks rise tracking regional shares as Fed maintains outlook TAIPEI, March 16 Taiwan stocks rose on Thursday, largely tracking regional gains after the indicated it won''t accelerate the pace of the rate hikes and stuck to its outlook. As the Fed raised the target overnight interest rate by 25 basis points to a range of 0.75 percent to 1 percent, Asian investors sighed a breath of relief that the Fed stuck to its outlook instead for two more hikes this year and three more in 2018. As of 0144 GMT, the main TAIEX index rose 0.91 percent to 9,828.79 points, after closing down 0.04 percent on Wednesday. The index surpassed the 9,800 point benchmark which was the top of its range in the past month. The majority of sub-indexes rose, led by the plastics and semiconductor indexes that gained 1.4 percent each. Additionally, the electronics subindex was up 1.07 percent, while the financial subindex was up 0.05 percent. Among actively traded shares, electronics manufacturer Pegatron that makes Apple Inc products, rose 2.06 percent despite posting a lower-than-expected 2016 4Q net profit earlier this week. As the dollar lost broadly against Asian currencies, the Taiwan dollar hit a 21-month high since late May 2015, at 30.564 per U.S. dollar, after closing at 30.840 in the last session. The Taiwan dollar softened a touch by midday, but was still trading T$0.190 higher at T$30.650 to the U.S. dollar. (Reporting by Jess Macy Yu; Editing by Vyas Mohan) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/taiwan-stocks-idUSL3N1GT1LZ'|'2017-03-16T09:51:00.000+02:00'|1940.0|''|-1.0|'' 1941|'a28b3962f13efcf2685f227baba8b3c74e17a670'|'Brazil''s Oi burns through $49 mln in cash in January'|'Company 11pm EDT Brazil''s Oi burns through $49 mln in cash in January SAO PAULO, March 15 Oi SA, the Brazilian phone carrier operating under bankruptcy court protection, burned through 153 million reais ($49 million) in cash in January, according to a securities filing on Wednesday. Oi said the negative free cash flow was due to seasonal factors, which caused receivables from clients to fall by 12 percent to 1.8 billion reais in the period. The company also reported an 18 percent rise in payments, to 2.5 billion reais, citing more disbursements to service providers in January. The information was compiled by PricewaterhouseCoopers Assessoria Empresarial Ltda and law firm Advocacia Arnoldo Wald, which are the trustees of the bankruptcy proceeding. Oi will release fourth-quarter results on March 22 after the market''s close. Rio de Janeiro-based Oi, which made Brazil''s largest bankruptcy filing last June, ended January with 7.095 billion reais of cash on hand, a 2.7 percent drop from December. ($1 = 3.103 reais) (Reporting by Ana Mano; Editing by Leslie Adler) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/oi-sa-debt-idUSL2N1GS2FS'|'2017-03-16T06:11:00.000+02:00'|1941.0|''|-1.0|'' 1942|'d02be11ef803be6a2d2b1b3c822339c66e38901a'|'BlackBerry''s profit beats expectations, shares surge'|'BlackBerry Ltd reported better-than-expected adjusted earnings for the sixth straight quarter, as the smartphone pioneer''s shift to the higher-margin software business paid off, sending shares soaring more than 15 percent.The Canadian firm also said on Friday it expects to be profitable on an adjusted basis for the second year in a row, and generate positive free cash flow in the year ending February 2018.Waterloo, Ontario-based BlackBerry has focused on building a robust software business after scrapping production of its once-iconic smartphones, which lost favor with the arrival of sleek and fully-touchscreen handsets.The company outsourced the development of its smartphones last year, signing a deal with Indonesia''s BB Merah Putih to make and distribute new BlackBerry-branded devices. It has also signed similar deals with China''s TCL and India-based Optiemus Infracom Ltd.Adjusted revenue from the software and services unit, which includes mobile device management products and the QNX industrial operating system, rose 12.2 percent to $193 million in the fourth quarter ended Feb. 28, from the preceding quarter.QNX is crucial to BlackBerry''s efforts in the self-driving vehicle industry. The company already has a partnership with Ford Motor Co to develop autonomous driving software, and CEO John Chen hopes to forge such deals with carmakers around the world.Gross margin jumped to 60.1 percent in the quarter from 43.3 percent last year.BlackBerry received more than 3,500 enterprise customer orders in the quarter, an increase of 16 percent from the last quarter."Looking ahead to fiscal 2018, we expect to grow at or above the overall market in our software business," Chen said in a statement.The company''s net loss narrowed to $47 million or 10 cents per share in the fourth quarter, from $238 million or 45 cents per share, a year earlier.The prior-year quarter included a loss of $127 million related to the sale of certain assets.Excluding one-time items, the company earned 4 cents per share. Analysts on average had expected the company to break even, according to Thomson Reuters I/B/E/S.Operating expenses nearly halved to $229 million.Revenue fell about 38 percent to $286 million. On an adjusted basis, revenue was $297 million, beating analysts'' average expectation of $289.3 million.BlackBerry''s shares were up 16 percent at $8.06 on the Nasdaq in morning trading. The company''s Toronto-listed stock was up 15.4 percent at C$10.70.(Reporting by Vishaka George and Narottam Medhora in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-blackberry-results-idUSKBN1721GG'|'2017-03-31T18:27:00.000+03:00'|1942.0|''|-1.0|'' @@ -2019,8 +2019,8 @@ 2017|'6fb724a626855b6f60dd0704d6e06a3762018bea'|'UPDATE 1-Bank of America shareholders revive chairman debate'|'Company News 24pm EDT UPDATE 1-Bank of America shareholders revive chairman debate (Adds details on the chairman proposal) NEW YORK, March 15 Bank of America Corp Chairman and Chief Executive Brian Moynihan will once again face a shareholder vote on whether he should maintain both roles, according to the bank''s proxy filing on Wednesday. A shareholder proposal calls on the bank''s board to install an independent chairman, while it allows for the board''s discretion to only apply the policy to the next CEO. Shareholders also successfully submitted proposals on whether the second-largest U.S. bank should toughen claw-back provisions for executive pay, consider divesting some of its assets and prepare a report examining gender pay equity. The four proposals will be put up for vote at the bank''s annual general meeting on April 26. In the proxy, Bank of America''s board advised shareholders to reject each of the shareholder proposals, as they have in the past. A proposal in 2015 to split the chairman and CEO roles was unsuccessful, as were previous proposals to strengthen claw-back rules. (Reporting by Tina Bellon; editing by Lauren Tara LaCapra and Jonathan Oatis) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bank-of-america-proxy-idUSL2N1GS1BV'|'2017-03-16T00:24:00.000+02:00'|2017.0|''|-1.0|'' 2018|'5c792858fd919835dbfa4fb012476e68ac633bde'|'China Southern Airlines to sell $200 million shares to American Airlines'|'HONG KONG/SHANGHAI China Southern Airlines Co Ltd said on Tuesday it would issue HK$1.55 billion ($199.6 million) worth of shares to a subsidiary of American Airlines Group Inc, giving the U.S. airline a stake in China''s largest carrier.The deal would make American Airlines the second U.S. carrier to own part of a Chinese airline after Delta Air Lines Inc bought 3.55 percent of China Eastern Airlines Corp for $450 million in 2015.In a filing to the Hong Kong stock exchange, China Southern said it would issue 270.61 million Hong Kong-listed H-shares, representing 2.68 percent of the enlarged share capital of the airline.The shares would be issued at HK$5.74 apiece, or at a 4.6 percent premium to the previous close.Among other things, the deal would help China Southern improve its governance, strengthen management, boost its competitiveness and help "achieve the strategic goal of building a world-class aviation industry group", the filing said.It said the two airlines may also increase cooperation in code-sharing and other areas, including staffing, sales, passenger loyalty programmes and airport facilities sharing.China Southern''s Hong Kong-listed shares jumped as much as 5.3 percent in early morning trading on Monday before closing at HK$5.49, while its mainland-listed shares remained suspended.The airline is China''s biggest in terms of passenger numbers. It is a member of the SkyTeam airline alliance and is based in the southern city of Guangzhou.The tie-up comes as Beijing has vowed to shake up Chinese airlines by implementing mixed-ownership reforms and introducing private capital and strategic investment into its state-owned enterprises in a bid to improve efficiency and competitiveness.Chinese airlines have been aggressively expanding their fleet and increasing the number of their international routes as they seek to capitalise on strong growth in outbound Chinese travel that has far outpaced tourism at home.For American Airlines, the deal could widen access to China, one of the biggest sources of tourists to the United States, and will help it compete with rival Delta, which has invested in foreign carriers in Mexico, Brazil and Britain in recent years. ($1 = 7.7676 Hong Kong dollars)(Reporting by Donny Kwok in HONG KONG and John Ruwitch in SHANGHAI; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/china-southern-american-airline-idINKBN16Z07J'|'2017-03-28T00:33:00.000+03:00'|2018.0|''|-1.0|'' 2019|'22cc1744fd07193f193f2f39122b237dfbe3750b'|'Credit Agricole watching M&A opportunities in Italy'|'MILAN Credit Agricole ( CAGR.PA ) is watching for opportunities in Italy''s banking consolidation as it pursues plans to acquire Unicredit''s asset manager Pioneer.Credit Agricole has sold assets and pulled out of markets such as Greece to meet tougher post-crisis regulation and combat tougher economic conditions, while focusing on activities in France and Italy.Italy''s government has sought to spur mergers among its lenders to help them cut costs and boost profitability, after a deep recession lifted problem loans to one fifth of domestic output."Obviously, we are looking at opportunities and we do not exclude some possible adjustments," Credit Agricole''s deputy chief executive Xavier Musca said when asked if the bank planned to participate in the wave of mergers and acquisitions in Italy.He added that "any adjustments" should be aligned with the group''s capital targets."We are not a national Italian bank. We are a regional bank, present in various regions, mostly in the North of Italy. This is a model that fits us perfectly."Credit Agricole, the third-biggest French-listed bank, has increased its exposure to Italy after Amundi struck a 3.6 billion euro ($3.8 billion) deal to buy Pioneer Investments."We have confidence in Italy, we are committed to it," Yves Perrier, chief executive of asset manager Amundi told journalists during a press conference.Amundi said it will launch its cash call to finance the deal next week. It will pay for Pioneer using a 1.4 billion euro share issue, selling 0.6 billion euros in debt and paying cash.This follows an expansion spree in retail banking which started in 2007 when Credit Agricole bought its key Italian assets, Cariparma, Friuladria, as well as some of Banca Intesa branches in 2007.Credit Agricole targets 3 percent annual revenue growth in Cariparma over the next three years. Asked if the bank plans to review the target to adjust for Pioneer''s acquisition, Perrier said it would present adjusted figures later this year.(Reporting by Maya Nikolaeva; Editing by Ruth Pitchford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-credit-agricole-italy-idINKBN16H1X1'|'2017-03-10T12:18:00.000+02:00'|2019.0|''|-1.0|'' -2020|'3dc2e29dcc0dcb9f2d72e7c7d81121e045e5f736'|'Bain Capital walks away from Resilux deal after German anti-trust ruling'|'Bain Capital Private Equity has decided not to proceed with the acquisition of Belgian packaging company Resilux ( RESI.BR ) due to an anti-trust ruling in Germany, the investment company said on Tuesday.Bain Capital said Germany''s anti-trust authority had informed it the combined acquisition of Resilux and UK peer Petainer Topco had not received a so-called phase I clearance and would need to have a phase II review.The phase I review takes roughly a month. The regulator typically opens a phase II investigation of up to a further three months if it has serious concerns a deal may harm consumers and rivals.This made the transaction difficult to pursue as a result of the timeline for delisting Resilux, Bain Capital said."The decision not to pursue the acquisition does not reflect any change in opinion on the strengths of either Resilux NV or Petainer, nor is it the result of adverse due diligence findings," Bain Capital said in a statement.Resilux shares have risen 15 percent to 187.25 euros since it was announced in early February that Bain Capital was considering a 195 euros per share bid. That valued the company at about 386 million euros ($419 million).Resilux was not immediately available for comment.Shares in the company were suspended on Tuesday morning.($1 = 0.9211 euros)(Reporting by Alan Charlish; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-resilux-m-a-baincapital-idINKBN16Z0R3'|'2017-03-28T05:52:00.000+03:00'|2020.0|''|-1.0|'' -2021|'0930a7973da0bca4b8eb00ed41e6278a08becb78'|'Top Avianca shareholder Efromovich says deal with United ''will happen'''|'Deals - Thu Mar 2, 2017 - 5:05pm EST Top Avianca shareholder Efromovich says deal with United ''will happen'' An airplane of Colombian airline Avianca takes off from El Dorado Airport in Bogota, Colombia, February 1, 2017. REUTERS/Inaldo Perez Avianca Holdings SA top shareholder, German Efromovich, said on Thursday that a deal between Avianca and United Continental Holdings Inc. "will happen," despite a lawsuit filed by Avianca''s No.2 shareholder this week. A suit brought in New York by Kingsland Holdings alleges that the deal for Avianca with United is "an egregiously one-sided proposed transaction that Efromovich secretly negotiated with United for his own benefit at the expense of Avianca and all of its other shareholders." Efromovich said during a news conference in New York on Friday that the deal with United was just "an extension of an already existing relationship" and was the best possible deal for Avianca''s shareholders. He also insisted that reports of higher bids for Avianca from Delta and other airlines "are not accurate and are not correct." (Reporting by Dion Rabouin; Editing by Chizu Nomiyama) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-colombia-avianca-holding-idUSKBN1692YA'|'2017-03-03T04:51:00.000+02:00'|2021.0|''|-1.0|'' +2020|'3dc2e29dcc0dcb9f2d72e7c7d81121e045e5f736'|'Bain Capital walks away from Resilux deal after German anti-trust ruling'|'Bain Capital Private Equity has decided not to proceed with the acquisition of Belgian packaging company Resilux ( RESI.BR ) due to an anti-trust ruling in Germany, the investment company said on Tuesday.Bain Capital said Germany''s anti-trust authority had informed it the combined acquisition of Resilux and UK peer Petainer Topco had not received a so-called phase I clearance and would need to have a phase II review.The phase I review takes roughly a month. The regulator typically opens a phase II investigation of up to a further three months if it has serious concerns a deal may harm consumers and rivals.This made the transaction difficult to pursue as a result of the timeline for delisting Resilux, Bain Capital said."The decision not to pursue the acquisition does not reflect any change in opinion on the strengths of either Resilux NV or Petainer, nor is it the result of adverse due diligence findings," Bain Capital said in a statement.Resilux shares have risen 15 percent to 187.25 euros since it was announced in early February that Bain Capital was considering a 195 euros per share bid. That valued the company at about 386 million euros ($419 million).Resilux was not immediately available for comment.Shares in the company were suspended on Tuesday morning.($1 = 0.9211 euros)(Reporting by Alan Charlish; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-resilux-m-a-baincapital-idINKBN16Z0R3'|'2017-03-28T05:52:00.000+03:00'|2020.0|27.0|3.0|'' +2021|'0930a7973da0bca4b8eb00ed41e6278a08becb78'|'Top Avianca shareholder Efromovich says deal with United ''will happen'''|'Deals - Thu Mar 2, 2017 - 5:05pm EST Top Avianca shareholder Efromovich says deal with United ''will happen'' An airplane of Colombian airline Avianca takes off from El Dorado Airport in Bogota, Colombia, February 1, 2017. REUTERS/Inaldo Perez Avianca Holdings SA top shareholder, German Efromovich, said on Thursday that a deal between Avianca and United Continental Holdings Inc. "will happen," despite a lawsuit filed by Avianca''s No.2 shareholder this week. A suit brought in New York by Kingsland Holdings alleges that the deal for Avianca with United is "an egregiously one-sided proposed transaction that Efromovich secretly negotiated with United for his own benefit at the expense of Avianca and all of its other shareholders." Efromovich said during a news conference in New York on Friday that the deal with United was just "an extension of an already existing relationship" and was the best possible deal for Avianca''s shareholders. He also insisted that reports of higher bids for Avianca from Delta and other airlines "are not accurate and are not correct." (Reporting by Dion Rabouin; Editing by Chizu Nomiyama) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-colombia-avianca-holding-idUSKBN1692YA'|'2017-03-03T04:51:00.000+02:00'|2021.0|18.0|2.0|'' 2022|'452b6dd6cd1c6fd106bf43b864e017ffb40f4b66'|'Washington Post software deal a double win for Bezos'|'Technology 56pm EDT Washington Post software deal a double win for Bezos Jeff Bezos, founder of Blue Origin and CEO of Amazon, speaks about the future plans of Blue Origin during an address to attendees at Access Intelligence''s SATELLITE 2017 conference in Washington, U.S., March 7, 2017. REUTERS/Joshua Roberts By Jeffrey Dastin Billionaire Jeff Bezos scored a double win this week as the Washington Post, the newspaper he bought in 2013, signed its biggest contract to date to sell web publishing tools mostly hosted by Amazon.com Inc ( AMZN.O ), the company he founded and runs. The deal, with Los Angeles Times-parent tronc Inc ( TRNC.O ), is a boost for the Washington Post as it looks to branch out from its core news business against a backdrop of falling advertising revenue for traditional media. The newspaper''s year-old service, called Arc Publishing, now has about a dozen clients and is aiming for $100 million in annual revenue. Bezos bought the Washington Post for $250 million four years ago in a private deal not related to Amazon. "Thanks LA Times for choosing WaPo''s Arc Publishing for your digital platform, and kudos to tech team at The Post!" Bezos posted on Twitter on Monday, when the deal was announced. The deal indirectly benefits Amazon Web Services (AWS), the world''s biggest cloud-computing business and Amazon''s fastest-growing unit, which posted a 55 percent jump in sales last year to $12.2 billion. For AWS, Arc represents a new opportunity to extend its reach into the publishing world, where a host of software companies serve both news media and corporate clients that increasingly publish material on the web to directly reach customers. AWS already counts publishers Hearst and the Guardian as customers. Despite the Bezos connection, the choice of using AWS is not automatic, said the Washington Post. "We will host with whatever cloud service gives us the maximum value," the company''s Chief Information Officer Shailesh Prakash said in an email, noting it uses alternative vendors Instart Logic Inc and Akamai Technologies Inc ( AKAM.O ) for certain features. The Washington Post pays for AWS, he added. "There''s no doubt that this could prove to be a terrific source of captive clientele for Amazon Web Services and an interesting new market for them," said Jim Friedlich, CEO of the Lenfest Institute for Journalism and a former Wall Street Journal executive. "If it succeeds, as I suspect it will, it will be a game-changer for The Washington Post," he said. Analysts said the Post has taken a leaf out of the Bezos playbook, making money out of tools originally built for internal use, as Amazon did with the data centers that now form the backbone of AWS. Gene Munster, a veteran equity analyst and now head of research at Loup Ventures, said Arc revenue will be small for AWS but "is the type of thing that (helps one become) smart in a vertical, that adds skills and features, that basically attracts clients." The Washington Post''s revenue goals for Arc will not be easy to achieve. In years past editorial technology has not been immune to the wider problems facing the print media industry, which has suffered plummeting revenue. "Many brands are evolving (into) publishers including financial institutions, and all of them need modern story-telling tools," Prakash said. Revenue "could be significantly less if we fail to grow this nascent (and technologically challenging) business." (Reporting By Jeffrey Dastin in San Francisco; Editing by Jonathan Weber and Bill Rigby) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-amazon-com-aws-washington-post-idUSKBN16M04B'|'2017-03-15T07:53:00.000+02:00'|2022.0|''|-1.0|'' 2023|'a10965d816755503ac5f6f9641a809cf3323bc48'|'Toshiba approves Chapter 11 filing for nuclear unit Westinghouse - Nikkei'|' Toshiba approves Chapter 11 filing for nuclear unit Westinghouse: Nikkei left right The Vogtle Unit 3 and 4 site, being constructed by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. is seen in an aerial photo taken February 2017. Georgia Power/Handout via REUTERS 1/4 left right The Vogtle Unit 3, being constructed by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. is seen in an aerial photo taken March 2017. Georgia Power/Handout via REUTERS 2/4 left right The Voglte Unit 3 nuclear island and turbine building are seen during their construction by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. in an undated handout photo. Georgia Power/Handout via REUTERS 3/4 left right The logo of Toshiba Corp is seen at its headquarters in Tokyo, Japan January 23, 2017. REUTERS/Toru Hanai 4/4 TOKYO The board of Japan''s Toshiba Corp ( 6502.T ) has approved a Chapter 11 filing for its U.S. nuclear unit Westinghouse, the Nikkei business daily reported on Wednesday. A Toshiba spokeswoman said the company cannot comment on issues discussed at its board meetings. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-board-idUKKBN17006K'|'2017-03-29T10:03:00.000+03:00'|2023.0|''|-1.0|'' 2024|'879e85f31476905d127861aede1b5b1330633204'|'UPDATE 1-U.S. VP Pence to tour Asia next month amid security crises'|'(Recasts)JAKARTA, March 13 U.S. Vice President Mike Pence will visit Japan and Indonesia next month, sources said on Monday, as part of an Asian tour amid concerns the Trump administration is rolling back Barack Obama''s "pivot to Asia".U.S. President Donald Trump has already withdrawn from the Trans-Pacific Partnership (TPP) trade agreement, which was seen as an economic pillar of the strategy.The tour will also include South Korea and Australia, the Nikkei Asian Review reported, with North Korea''s missile and nuclear programmes and South Korea''s political crisis likely topics for discussion.China has been infuriated by South Korea''s plan to deploy a U.S. missile defence system, targeted at the North Korean threat, and South Korea is going through political turmoil after the dismissal of its president in a corruption probe.Pence is also expected to visit Tokyo for the U.S.-Japan economic dialogue, according to a source familiar with the matter.The visit comes after North Korea''s latest missile launches and the assassination in Malaysia of North Korean leader Kim Jong Un''s estranged half-brother added urgency to the region''s security.It will also follow this month''s trip by U.S. Secretary of State Rex Tillerson to Japan, South Korea, and China.The TPP had been the main economic pillar of the Obama administration''s pivot to the Asia-Pacific region in the face of a fast-rising China.Proponents of the pact have expressed concerns that abandoning the project, which took years to negotiate, could further strengthen China''s economic hand in the region at the expense of the United States.Indonesia''s chief security minister said Pence would meet President Joko Widodo to discuss terrorism and other security issues on his visit.Indonesia has the world''s largest Muslim population and has recently grappled with a series of low-level militant attacks inspired by Islamic State. ."We discussed the planned visit of U.S. vice president Mike Pence to Indonesia and the strategic problems that can be on the agenda to discuss with our president," chief security minister Wiranto told reporters after meeting the U.S. ambassador to Jakarta.He added that no dates had been finalised.In Indonesia, Pence is also expected to discuss a brewing contract dispute between the government and American mining giant Freeport McMoran Inc, said two Indonesian government sources.Freeport has threatened to take the Indonesian government to court over newly revised mining regulations that have prompted a major scale-back in its operations in the eastern province of Papua. (Reporting by Agustinus Beo Da Costa and Kanupriya Kapoor; Additional reporting by Malcolm Foster in TOKYO; Writing by Kanupriya Kapoor; Editing by Nick Macfie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-pence-asia-idINL3N1GQ2I1'|'2017-03-13T04:39:00.000+02:00'|2024.0|''|-1.0|'' @@ -2052,7 +2052,7 @@ 2050|'5e2e1859cf8d61ebff7cd396ae23e900eaa0a201'|'METALS-London copper steady; zinc disruptions climb'|'Company News 08pm EDT METALS-London copper steady; zinc disruptions climb MELBOURNE, March 23 London copper was steady on Thursday, holding above two-week lows hit the previous session as broader investor sentiment revived, while disruptions piled up in the zinc market. FUNDAMENTALS * LME COPPER: London Metal Exchange copper edged up 0.1 percent to $5,818 a tonne at 0154 GMT, adding to a 0.6 percent gain from the previous session when prices plumbed their lowest since March 10 at $5,715 a tonne. * SHANGHAI COPPER: Shanghai Futures Exchange copper rose 0.6 percent to 47,150 yuan ($6,844) a tonne. * LME ZINC traded down 0.1 percent at $2,854 a tonne, while LME lead fell 0.4 percent, having rallied more than 4 percent on Wednesday following a large draw in LME stocks. * PERU: A railway used by copper, zinc and silver mines to transport their concentrates from Peru''s central Andes to port is likely be out of action for at least two to three weeks following "important" damage from floods and mudslides, the transportation minister said on Wednesday. * PERU: Brazilian group Votorantim has halted operations at its zinc smelter Cajamarquilla in Peru as a precaution amid flooding and mudslides that have disrupted transportation and restricted running water in the Andean country. * PERU: Peruvian zinc, copper and lead miner Milpo, controlled by Brazilian group Votorantim, declared force majeure on Wednesday after roads to its mines El Porvenir and Atacocha in the Andes were blocked by the deadly downpours. * ZINC STRIKE: A 3-1/2-week strike at Noranda Income Fund''s zinc processing facility in Quebec is showing no signs of ending, union officials said on Wednesday, with no talks set between workers and management. * For the top stories in metals and other news, click or MARKETS NEWS * Asian stocks rose on Thursday, taking their cues from a Wall Street bounce, while the dollar crawled up from a four-month low but remains clouded by concerns about U.S. President Donald Trump''s pro-growth policies. DATA/EVENT AHEAD (GMT) 0700 Germany GfK consumer sentiment Apr 0745 France Business climate Mar 0930 Britain Retail sales Feb 1200 Federal Reserve Chair Janet Yellen gives opening remarks at event 1230 U.S. Weekly jobless claims 1400 U.S. New home sales Feb 1500 Euro zone Consumer confidence Feb PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1H01C6'|'2017-03-23T09:08:00.000+02:00'|2050.0|''|-1.0|'' 2051|'a36db4d504ee25c77bf316285a9bad69e0bf209f'|'Shippers subpoenaed in U.S. price-fixing investigation - WSJ'|'Company News - 23pm EDT Shippers subpoenaed in U.S. price-fixing investigation - WSJ March 21 U.S. Justice Department investigators have subpoenaed top executives of several container shipping companies as part of an investigation into price fixing, the Wall Street Journal reported, citing people with knowledge of the matter. Maersk Line, a unit of Danish shipping and oil group A.P. Moller-Maersk, confirmed that it was issued a subpoena related to a probe into the container shipping industry on March 15. "The subpoena does not set out any specific allegations against Maersk Line," a Maersk Line spokesman said, adding that the company will fully cooperate with the authorities in their investigations. The subpoenas were issued during a meeting of the world''s 20 biggest container shipping operators in San Francisco, the Journal reported. German container shipping line Hapag-Lloyd AG also confirmed it was given a subpoena by Justice Department investigators, the report said. ( on.wsj.com/2mMnQyJ ) Hapag Lloyd could not be immediately reached for comment. (Reporting by Komal Khettry in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-shippers-idUSL3N1GY4S8'|'2017-03-22T02:23:00.000+02:00'|2051.0|''|-1.0|'' 2052|'60b2b6677728504e17ab300d3a741bf59465ca4e'|'Intesa sets April 4 deadline for bad loan sale, expects 3 bids-sources'|'Company 50am EDT Intesa sets April 4 deadline for bad loan sale, expects 3 bids-sources MILAN, March 20 Intesa Sanpaolo has set an April 4 deadline to submit binding offers for a bad loan portfolio worth 2.5 billion euros ($2.7 billion) it has put up for sale and for which it expects to receive three bids, two sources familiar with the matter said. The portfolio, dubbed "Beyond the clouds", is made up of corporate loans and backed by real estate assets for about 30 percent. The sources said the bank was expected to receive three binding bids from the following teams of investors and servicers: Christofferson Robb & Company and Bayview Asset Management, Apollo Global Management and Credito Fondiario, Cerberus Capital Management and Cerved. All the interested parties declined to comment. ($1 = 0.9301 euros) (Reporting by Massimo Gaia, writing by Valentina Za,) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/intesa-sp-bad-loans-bids-idUSI6N1GT00I'|'2017-03-20T22:50:00.000+02:00'|2052.0|''|-1.0|'' -2053|'f2f24cff24ab006b5bb5e82496fc5a2c4c2a374c'|'Luxury goods group Hermes delivers record 2016 profit margin'|'Business News - Wed Mar 22, 2017 - 7:39am GMT Luxury goods group Hermes delivers record 2016 profit margin The front of the Hermes store is seen along Madison Avenue in New York, U.S., March 20, 2017. REUTERS/Shannon Stapleton By Dominique Vidalon - PARIS PARIS French luxury goods group Hermes ( HRMS.PA ) said on Wednesday it was starting 2017 on a solid footing after delivering record 2016 profits, providing further evidence of a broader recovery in the luxury goods industry. Chief Executive Axel Dumas nevertheless struck a cautious note for the year given underlying global political and economic uncertainties. "We did better than we expected in 2016 and we are entering 2017 on a solid base but remain cautious in view of an uncertain environment," Dumas told a conference call. Hermes, known for its $10,000 Birkin bags and $400 printed silk scarves, said net profits had risen by 13 percent rise to a record 1.1 billion euros ($1.19 billion). Its operating margin hit an historic high of 32.6 percent of sales against 31.8 percent in 2015, while the company also increased its dividend by 12 percent. Hermes added it was keeping an "ambitious" medium-term goal for revenue growth at constant exchange rates. The company''s sales growth had mainly stemmed from a strong performance at its leather goods arm, which makes 50 percent of group sales, while other divisions also performed well although its watches unit lagged. Hermes joined other luxury companies such as LVMH ( LVMH.PA ) and Kering ( PRTP.PA ) in reporting an improvement in the sector, which has suffered from slowing demand in China, while Islamist militant attacks in France have also deterred tourists from Europe. Several analysts expect the luxury goods sector to benefit in 2017 from improved consumer sentiment in China, tax cuts under the new U.S. administration and robust Middle Eastern demand due to firmer oil prices. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hermes-intl-results-idUKKBN16T0MU'|'2017-03-22T14:39:00.000+02:00'|2053.0|''|-1.0|'' +2053|'f2f24cff24ab006b5bb5e82496fc5a2c4c2a374c'|'Luxury goods group Hermes delivers record 2016 profit margin'|'Business News - Wed Mar 22, 2017 - 7:39am GMT Luxury goods group Hermes delivers record 2016 profit margin The front of the Hermes store is seen along Madison Avenue in New York, U.S., March 20, 2017. REUTERS/Shannon Stapleton By Dominique Vidalon - PARIS PARIS French luxury goods group Hermes ( HRMS.PA ) said on Wednesday it was starting 2017 on a solid footing after delivering record 2016 profits, providing further evidence of a broader recovery in the luxury goods industry. Chief Executive Axel Dumas nevertheless struck a cautious note for the year given underlying global political and economic uncertainties. "We did better than we expected in 2016 and we are entering 2017 on a solid base but remain cautious in view of an uncertain environment," Dumas told a conference call. Hermes, known for its $10,000 Birkin bags and $400 printed silk scarves, said net profits had risen by 13 percent rise to a record 1.1 billion euros ($1.19 billion). Its operating margin hit an historic high of 32.6 percent of sales against 31.8 percent in 2015, while the company also increased its dividend by 12 percent. Hermes added it was keeping an "ambitious" medium-term goal for revenue growth at constant exchange rates. The company''s sales growth had mainly stemmed from a strong performance at its leather goods arm, which makes 50 percent of group sales, while other divisions also performed well although its watches unit lagged. Hermes joined other luxury companies such as LVMH ( LVMH.PA ) and Kering ( PRTP.PA ) in reporting an improvement in the sector, which has suffered from slowing demand in China, while Islamist militant attacks in France have also deterred tourists from Europe. Several analysts expect the luxury goods sector to benefit in 2017 from improved consumer sentiment in China, tax cuts under the new U.S. administration and robust Middle Eastern demand due to firmer oil prices. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hermes-intl-results-idUKKBN16T0MU'|'2017-03-22T14:39:00.000+02:00'|2053.0|23.0|0.0|'' 2054|'e3d838ff51618b33d7d8fe78a1bf3bbf6c949cd6'|'Italy to test EU rules again with Veneto banks bailout'|'Deals 2:07am EDT Italy to test EU rules again with Veneto banks bailout left right FILE PHOTO: The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo 1/2 left right FILE PHOTO: Banca Popolare di Vicenza headquater is seen in Vicenza, Italy, March 5, 2016. REUTERS/Stefano Rellandini/File Photo 2/2 By Stefano Bernabei and Francesco Guarascio - ROME/BRUSSELS ROME/BRUSSELS Italy''s plans to bail out two regional banks pose a tough dilemma to European regulators, who are still considering whether Monte dei Paschi qualifies for state aid, three months after giving a preliminary green light. Banca Popolare di Vicenza and Veneto Banca said on Friday they had requested a so-called precautionary recapitalization by the state - a mechanism that exploits an exception to European rules meant to prevent the use of taxpayer money to save banks. Italy is already seeking to use the scheme for its fourth biggest bank Monte dei Paschi ( BMPS.MI ), where the state is expected to inject 6.6 billion euros to fill an 8.8 billion euro capital shortfall. The rest of the money needed by the Tuscan bank is due to come from holders of its junior debt, but retail investors in its subordinated bonds will be compensated by the government, on the grounds that they were mis-sold the securities. Rome wants to replicate that framework to inject an estimated 5 billion euros in the two unlisted Veneto-based banks, already rescued once, last year, by government-sponsored, privately funded bank bailout fund Atlante. The government is keen to avoid imposing unpopular losses on tens of thousands of ordinary Italians who put their savings in the banks. It also wants to spare senior bond investors and big current account holders - who would otherwise have to take a hit under a strict interpretation of European bail-in rules. Those rules say state aid can be allowed on a temporary basis to banks that have failed regulatory stress tests but are still deemed solvent, if refusal would risk seriously disturbing the economy and financial stability of a member state. The European Central Bank decided not to disclose the outcome of stress tests on smaller banks - so there is a question mark over the Veneto banks'' exact state of health. The ECB will have to assess whether they are viable and determine the size of their capital shortfall, while the European Commission will decide whether Italy''s public support for the two banks is in line with EU state aid rules. Some analysts question whether the two banks can be considered systemic, given that their combined assets are around 70 billion euros - less than half Monte dei Paschi''s total. GERMAN CONCERN Two sources familiar with Italy''s position said Rome argues in private that the two banks'' failure would send shock waves through the wider Italian financial industry. It would also boost anti-euro political forces such as the 5-Star Movement at the next national election, scheduled for 2018. The Italian treasury declined to comment. The ECB and the European Commission that governs the bloc are under pressure not to allow Italy to sidestep the rules, which critics say would undermine their credibility. Germany, the euro zone''s largest economy, raised concerns about the Monte dei Paschi plan in December. After weeks of negotiations, Italian Finance Minister Pier Carlo Padoan said on Tuesday there was no date set for a final decision by European regulators on whether it ticked all the boxes. Asked whether the request for state aid by the Veneto banks was stretching EU rules, an EU source said overuse of the precautionary recapitalization scheme could set an unhealthy precedent for countries seeking to avoid winding down weak banks. "If the instrument is used often, and therefore loses its extraordinary nature, as foreseen by the rules, that could be interpreted as an attempt to avoid banking resolution," the source said. A European Commission spokesman said only that the commission had ongoing contacts with Italy over its banking sector. The ECB declined to comment. SHAREHOLDERS DECIDE A further problem for the Veneto lenders is that government bailouts cannot cover losses already incurred or likely in the near future - such as those stemming from bad loan writedowns. In Italy, lenders are saddled with 360 billion euros of gross problematic debts, a third of the euro zone''s total. The market is pricing in doubts over whether the two Veneto banks fit the bill. Senior bonds in both lenders fell last week on concerns they could be hit should the state aid scheme not come to pass, although they partly rebounded this week. As neither bank has published full-year results for 2016, investors are in the dark about their real capital needs. Based on the latest available figures for the first half of last year, problematic loans at the two lenders after writedowns totaled 10.2 billion euros at end-June, almost double their combined equity capital of 5.7 billion euros. Last October the head of Atlante, which owns more than 97 percent of each bank, said their cost-income ratio stood at around 100 percent, a level which he said would make it impossible for any bank to stand on its feet. A source close to the two banks said they should just about be able to offset expected loan loss charges by using their existing capital, imposing losses on junior debt holders and selling assets. The source however said this course of action still needed to be discussed with regulators. Spokespeople for both banks declined to comment. With a criminal investigation underway over fraud allegations, the banks are offering to settle with around 170,000 shareholders who were in many cases persuaded to buy their shares in exchange for loans. The aim is to shield the banks from future lawsuits and further losses. The two lenders said initially they were aiming for an 80 percent take-up. As of Friday both stood at around 50 percent. The source close to the two banks said that if they can reach a take-up of 60-70 percent by the time the offer ends on Wednesday, this should be enough to convince European authorities that legal risks have been greatly reduced. (additional reporting by Giselda Vagnoni in Rome and Valentina Za in Milan, writing Silvia Aloisi, editing by Philippa Fletcher) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-eurozone-banks-italy-veneto-idUSKBN16T0HE'|'2017-03-22T13:00:00.000+02:00'|2054.0|''|-1.0|'' 2055|'364cc4dd196a5c2734ed302c57a80b69d333a3b2'|'Morning News Call - India, March 2'|'Company News 24pm EST Morning News Call - India, March 2 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: Railway Minister Suresh Prabhu to launch freight sector initiatives via video conference in New Delhi. 10:00 am: Trade Minister Nirmala Sitharaman and Chief Economic Adviser Arvind Subramanian at conference on Economics of Competition Law in New Delhi. LIVECHAT-CMC MARKETS OUTLOOK CMC Markets'' chief market analyst Michael Hewson joins us at 3.30 pm for a look at what''s likely to drive direction in the coming month. To join the conversation, click on the link: here INDIA TOP NEWS Freight and fridge sales: Indian economists seek GDP clues amid data doubts Surprised again by India''s strong official growth statistics, economists are relying increasingly on high-frequency indicators like bank credit and rail freight to gauge the real health of Asia''s third-largest economy. TCS says founders to participate in share buyback Tata Consultancy Services, which plans to buy back shares worth up to 160 billion rupees, said on Wednesday the founder group of the company intended to participate in the proposed buyback. Singapore''s GIC in talks to take stake in Indian property firm owned by DLF Singapore sovereign wealth fund GIC is in talks to buy a 40 percent stake in a property rental company owned by India''s biggest listed real estate developer DLF Ltd, DLF said on Wednesday. India factory activity expands at a slightly faster pace in February Indian factory activity expanded for a second straight month in February, while an increase in raw material costs pushed firms to raise prices at the fastest rate in nearly three and a half years, a business survey showed on Wednesday. Avenue Supermarts sets price range for up to $280 mln IPO Avenue Supermarts Ltd will sell shares in its initial public offering of up to 18.7 billion Indian rupees in a price range of 295-299 rupees a share, it said in a public notice on Wednesday. India considers reinstating 25 pct wheat import tax -sources India could impose a 25 percent import tax on wheat by the middle of March, two government sources said on Wednesday, reinstating the tariff after a gap of nearly three months in response to recent large purchases from overseas. San Francisco university lays off IT workers, jobs head to India The University of California, San Francisco on Tuesday laid off 49 information technology (IT) employees and outsourced their work to a company based in India, ending a year-long process that has brought the public university under fire. GLOBAL TOP NEWS Trump administration has found only $20 mln in existing funds for wall -document President Donald Trumps promise to use existing funds to begin immediate construction of a wall on the U.S.-Mexico border has hit a financial roadblock, according to a document seen by Reuters. Fed tees up March rate hike as key policymaker shifts tone The Federal Reserve is setting the stage for a U.S. interest-rate increase later this month, with the central bank''s leading voice on international economics saying the global economy seems to have turned a corner, clearing the way for a hike "soon." China Feb factory growth beats expectations as global demand improves China''s factory activity expanded faster than expected in February as domestic and export demand picked up, adding to signs that the global economy is regaining momentum even as fears grow of a surge in trade protectionism. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 9,009.50, trading up 0.4 pct from its previous close. Indian rupee is poised to open higher against the dollar, helped by expectations that local shares will track gains in other Asian markets after Wall Street indices soared to fresh record highs. Indian government bonds are poised to open lower tracking a rise in U.S. Treasury yields, as investors fret over growing possibility of an interest rate increase by the Federal Reserve this month. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.91 pct-6.96 pct band today. The paper had settled at 100.69 rupees, yielding 6.93 pct, yesterday. GLOBAL MARKETS The Dow on Wednesday blasted through the 21,000 mark for the first time after U.S. President Donald Trump''s measured tone in his first speech to Congress lifted optimism and investors viewed a looming interest rate hike as a glass half full. Asian shares rose as investors were encouraged by President Donald Trump''s less combative tone in his first speech to Congress, which sent Wall Street stocks sharply higher, while growing bets on a U.S. rate hike this month buoyed the dollar. The dollar stood tall near a seven-week high on growing signs the Federal Reserve is seriously considering raising interest rates this month, boosting the U.S. currency''s yield allure. U.S. Treasury yields rose broadly on Wednesday, with the 2-year''s hitting a more than seven-year high, on increased expectations that the Federal Reserve will raise U.S. overnight interest rates at its March meeting. Crude oil fell for a third consecutive session as a record build-up in U.S. stockpiles weighed on the market, with producers boosting shale oil production. Gold prices slipped after the dollar firmed on hawkish comments from U.S. Federal Reserve officials that stoked expectations of a U.S. interest rate hike in March. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.68/66.71 March 1 -$29.62 mln $46.24 mln 10-yr bond yield 7.24 pct Month-to-date $1.56 bln - Year-to-date $1.56 bln $1.36 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 66.83 Indian rupees) (Erum Khaled in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1GF1L3'|'2017-03-02T10:24:00.000+02:00'|2055.0|''|-1.0|'' 2056|'b2e23d8e03fd5fe935787dfcc7e356583901f02b'|'Instagram - Banned! 11 things you won''t find in China - CNNMoney'|'China''s leaders have promised a decisive role for markets in its huge economy, and a litany of economic reforms are underway. But in many areas, the country is still relatively closed off.Try using Instagram, for example. No snaps allowed!China banned the photo-sharing platform after pro-democracy protests rocked Hong Kong in 2014.The social media platform now can''t be accessed from anywhere within the so-called Great Firewall of China, a censorship project operated for more than a decade by the Communist Party.NEXT: Twitter'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/gallery/technology/2016/05/23/banned-china-10/index.html'|'2017-03-18T02:00:00.000+02:00'|2056.0|''|-1.0|'' @@ -2077,7 +2077,7 @@ 2075|'5907b32730a09864e6e3001239fabd04d69bae13'|'PetroChina 2016 profit sinks 78 percent on lower crude prices'|' 45am BST PetroChina 2016 profit sinks 78 percent on lower crude prices FILE PHOTO: PetroChina''s petrol station is pictured in Beijing, China, March 21, 2016. REUTERS/Kim Kyung-Hoon/File Photo BEIJING China''s largest oil and gas producer, PetroChina ( 601857.SS ), on Thursday reported a drop of 78 percent in 2016 annual net profit, to its lowest since at least 2011, as it was hit by lower prices for crude oil and natural gas. The shrinking profits posted by China''s state oil and gas producers for last year have highlighted their growing challenges from falling output at ageing wells and excess supply in domestic fuel oil markets. PetroChina''s net profit sank to 7.86 billion yuan ($1.14 billion) from 35.7 billion yuan in 2015, while revenue fell 6.3 percent to 1.62 trillion yuan ($235 billion), based on IFRS accounting standards. PetroChina''s crude oil production fell 5.3 percent to 920.7 million barrels in 2016 - still the highest among global oil producers including BP ( BP.L ) and Shell ( RDSa.L ) - but marking the lowest for PetroChina since 2012, according to Reuters data. The state company''s crude oil output peaked in 2015 at 972 million barrels. PetroChina''s total oil and gas output for the year was 1.47 billion barrels of oil equivalent, down 1.8 percent from 2015. PetroChina had 7.44 billion barrels of proven crude oil reserves, down 12.7 percent from 2015, it said. In its annual report, the company said domestic gasoline demand was lower than expected, while diesel consumption fell. "The situation of excessive supply in domestic refined products became severe" last year, it said. "The quantity of imported and processed crude oil, operating capacity, and market shares of local refineries (all) increased significantly, leading to fiercer market competition." PetroChina''s smaller upstream competitor CNOOC ( 0883.HK ) - a specialist in offshore operations - earlier reported its worst result since 2011, but forecast its output to rise this year. Profits at Sinopec ( 600028.SS ) - Asia''s largest refiner - rose 44 percent from a year earlier on the back of strong performances in refining and chemicals. Sinopec''s oil and gas production in 2016, however, fell 8.6 percent to 431.29 million barrels of oil equivalent versus 471.91 million a year earlier. ($1 = 6.8895 Chinese yuan) (Reporting by Josephine Mason and Meng Meng; Editing by Tom Hogue) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-petrochina-results-idUKKBN17117T'|'2017-03-30T18:45:00.000+03:00'|2075.0|3.0|0.0|'' 2076|'ff52ee9b53c742946e5d6264b9bfbc39f1157d0c'|'Books over 1.5bn for Caixa Geral de Depositos AT1 bond'|'By Alice Gledhill LONDON, March 23 (IFR) - Books have passed 1.5bn for Caixa Geral de Depositos'' 500m no-grow perpetual non-call five-year Additional Tier 1 bond, according to a market source.Initial price thoughts remain at 11% to 11.5% coupon.The deal, expected to be rated B- by Fitch, will price later on Thursday via joint leads managers Barclays, Caixa - Banco de Investimento, Citigroup, Deutsche Bank and JP Morgan.The bonds will be written down on a temporary basis should the bank''s Common Equity Tier 1 fall below 5.125%. (Reporting by Alice Gledhill; editing by Sudip Roy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/caixa-geral-dep-bonds-idINL5N1H02OI'|'2017-03-23T08:06:00.000+02:00'|2076.0|''|-1.0|'' 2077|'5c531a66be9452e0854d2f1085766f1180e31a11'|'NY jury convicts ex-law firm partner of insider trading on Pfizer-King deal'|'By Brendan Pierson and Jonathan Stempel - NEW YORK NEW YORK A former partner at a major law firm was convicted on Wednesday of insider trading charges for having tipped a Long Island, New York investment adviser about Pfizer Inc''s ( PFE.N ) plan to buy King Pharmaceuticals Inc in 2010.Robert Schulman, who worked at the time at Hunton & Williams in Washington, D.C., was convicted of securities fraud and conspiracy jurors in Brooklyn federal court after about 4-1/2 hours of deliberations.Prosecutors said Schulman, who had represented King in patent litigation since 2009, tipped his friend Tibor Klein, the owner of Valley Stream-based Klein Financial Services, about the $3.6 billion Pfizer takeover in advance.Klein then allegedly bought King securities for himself, Schulman and clients, and passed the tip to his friend Michael Shechtman, a Florida stockbroker, resulting in more than $400,000 of overall illegal profit, prosecutors have said.A lawyer for Schulman was not immediately available for comment.Schulman, of McLean, Virginia, was a partner at the law firm Arent Fox in Washington, D.C. at the time of his arrest last August, and was later put on leave."Robert Schulman is no longer a member of this firm," an Arent Fox spokesman said on Wednesday after the conviction. "Arent Fox is committed to exceeding the industry standards for ethical and professional conduct."Klein, of Melville, New York, was arrested with Schulman, and faces a Sept. 18 trial.Shechtman, a former Ameriprise Financial Inc ( AMP.N ) stockbroker, pleaded guilty in Brooklyn in November 2014 to a conspiracy charge, and has cooperated with prosecutors. He has not been sentenced.The U.S. Securities and Exchange Commission filed a related civil lawsuit in September 2013 against Klein and Shechtman in the federal court in West Palm Beach, Florida. That case was later put on hold until the criminal case was resolved.Though the SEC did not sue Schulman, it alleged that he became intoxicated on several glasses of wine while dining at home with his wife and Klein in August 2010, and blurted out, "It would be nice to be King for a day."Klein took the hint and bought 60,600 King shares, including 800 for himself and 3,000 for Schulman, on the next trading day, the SEC said.(Reporting By Brendan Pierson and Jonathan Stempel in New York; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-insidertrading-pfizer-idINKBN16M31Y'|'2017-03-15T18:21:00.000+02:00'|2077.0|''|-1.0|'' -2078|'81ec5f03d5e3042f7de00723aa9e84050290dac2'|'Sour Lululemon results may signal squeeze for athletic leisure lines'|'Business News - Thu Mar 30, 2017 - 4:55pm EDT Sour Lululemon results may signal squeeze for athletic leisure lines left right People walk past a store by yogawear retailer Lululemon Athletica in New York City, U.S., March 30, 2017. REUTERS/Brendan McDermid 1/4 left right People walk past a store by yogawear retailer Lululemon Athletica in New York City, U.S., March 30, 2017. REUTERS/Brendan McDermid 2/4 left right Clothes are displayed in a Lululemon Athletica retail store in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid 3/4 left right Clothes are displayed in a Lululemon Athletica retail store in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid 4/4 By Gayathree Ganesan and Sruthi Ramakrishnan The steep drop in Lululemon Athletica''s ( LULU.O ) stock price, following a sales warning that resulted from poor color choices in the company''s spring collection, turns the spotlight on slowing growth in the athleisure category pioneered by the Canadian yogawear retailer. Shares of rivals Nike Inc ( NKE.N ) and Under Armour ( UAA.N ) also were down on Thursday, raising questions of whether athletic leisure wear can maintain its torrid growth amid competition from denim and possible shopper fatigue with the now decade-old fashion category. In the age of fast fashion, when trends change overnight, athletic leisure wear is showing signs of age. Industry-wide sales in North America have grown 39.2 percent to $26.05 billion in the last five years, according to Euromonitor. However, sales in the category are expected to grow at 5.2 percent in 2017, slower than the average 6.9 percent rate at which the category had grown in the last five years. The latest quarterly results have also indicated a slowdown from the marquee manufacturers. The last few years have seen a surge in the number of retailers offering athleisure clothes, ranging from mass-market products sold by retailers such as Gap Inc ( GPS.N ) to $1,000 leggings from designers such as Alexander McQueen. "There is no more the growth that was there before and there are way more competitors for the brand (Lululemon) compared to when they''d started 10 years ago," Jan Rogers Kniffen, chief executive of consulting firm J. Rogers Kniffen WWE, said. A hash of celebrity brand launches, including Beyonce''s Ivy Park line in April last year, has also competed for sales at the traditional retailers. "Nordstrom ( JWN.N ) has got a private label on athleisure, (J.C.) Penney ( JCP.N ) has also got a private label on athleisure, Kohl''s ( KSS.N ) has got a private label on athleisure. Everybody is doing it at every price point," Kniffen said. A comeback in denim, led by 1970s-inspired wider leg denim pants and higher waist jeans from Forever 21 and H&M ( HMb.ST ), is also eating into demand for athleisure wear. "We continue to believe trend shifts away from athleisure to denim will present stiffening headwinds to LULU," Canaccord Genuity analyst Camilo Lyon said. The stock market is giving the industry little room for error. Nike''s shares fell as much as 7.3 percent after the company reported lower-than-expected quarterly revenue last month, while Under Armour''s shares fell 28 percent in January after it forecast 2017 sales well below analysts'' estimates. "Over the past 12-24 months, other athletic wear bellwethers such as NKE and UA have seen meaningful multiple contraction once sales started slowing and margins stopped expanding," said Ike Boruchow, analyst with Wells Fargo, in a research note. The market on Thursday showed little patience for Lululemon''s disappointing results, too. The company''s shares closed down 23.4 percent at $50.76. (Additional reporting by Anya George Tharakan and Jessica Kuruthukulangara in Bengaluru; Editing by David Greising) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lululemon-stocks-athleisure-idUSKBN17132I'|'2017-03-31T04:55:00.000+03:00'|2078.0|''|-1.0|'' +2078|'81ec5f03d5e3042f7de00723aa9e84050290dac2'|'Sour Lululemon results may signal squeeze for athletic leisure lines'|'Business News - Thu Mar 30, 2017 - 4:55pm EDT Sour Lululemon results may signal squeeze for athletic leisure lines left right People walk past a store by yogawear retailer Lululemon Athletica in New York City, U.S., March 30, 2017. REUTERS/Brendan McDermid 1/4 left right People walk past a store by yogawear retailer Lululemon Athletica in New York City, U.S., March 30, 2017. REUTERS/Brendan McDermid 2/4 left right Clothes are displayed in a Lululemon Athletica retail store in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid 3/4 left right Clothes are displayed in a Lululemon Athletica retail store in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid 4/4 By Gayathree Ganesan and Sruthi Ramakrishnan The steep drop in Lululemon Athletica''s ( LULU.O ) stock price, following a sales warning that resulted from poor color choices in the company''s spring collection, turns the spotlight on slowing growth in the athleisure category pioneered by the Canadian yogawear retailer. Shares of rivals Nike Inc ( NKE.N ) and Under Armour ( UAA.N ) also were down on Thursday, raising questions of whether athletic leisure wear can maintain its torrid growth amid competition from denim and possible shopper fatigue with the now decade-old fashion category. In the age of fast fashion, when trends change overnight, athletic leisure wear is showing signs of age. Industry-wide sales in North America have grown 39.2 percent to $26.05 billion in the last five years, according to Euromonitor. However, sales in the category are expected to grow at 5.2 percent in 2017, slower than the average 6.9 percent rate at which the category had grown in the last five years. The latest quarterly results have also indicated a slowdown from the marquee manufacturers. The last few years have seen a surge in the number of retailers offering athleisure clothes, ranging from mass-market products sold by retailers such as Gap Inc ( GPS.N ) to $1,000 leggings from designers such as Alexander McQueen. "There is no more the growth that was there before and there are way more competitors for the brand (Lululemon) compared to when they''d started 10 years ago," Jan Rogers Kniffen, chief executive of consulting firm J. Rogers Kniffen WWE, said. A hash of celebrity brand launches, including Beyonce''s Ivy Park line in April last year, has also competed for sales at the traditional retailers. "Nordstrom ( JWN.N ) has got a private label on athleisure, (J.C.) Penney ( JCP.N ) has also got a private label on athleisure, Kohl''s ( KSS.N ) has got a private label on athleisure. Everybody is doing it at every price point," Kniffen said. A comeback in denim, led by 1970s-inspired wider leg denim pants and higher waist jeans from Forever 21 and H&M ( HMb.ST ), is also eating into demand for athleisure wear. "We continue to believe trend shifts away from athleisure to denim will present stiffening headwinds to LULU," Canaccord Genuity analyst Camilo Lyon said. The stock market is giving the industry little room for error. Nike''s shares fell as much as 7.3 percent after the company reported lower-than-expected quarterly revenue last month, while Under Armour''s shares fell 28 percent in January after it forecast 2017 sales well below analysts'' estimates. "Over the past 12-24 months, other athletic wear bellwethers such as NKE and UA have seen meaningful multiple contraction once sales started slowing and margins stopped expanding," said Ike Boruchow, analyst with Wells Fargo, in a research note. The market on Thursday showed little patience for Lululemon''s disappointing results, too. The company''s shares closed down 23.4 percent at $50.76. (Additional reporting by Anya George Tharakan and Jessica Kuruthukulangara in Bengaluru; Editing by David Greising) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lululemon-stocks-athleisure-idUSKBN17132I'|'2017-03-31T04:55:00.000+03:00'|2078.0|24.0|0.0|'' 2079|'d9990348079c1023a091025ed514a8c3d6a296d0'|'Glock Defeats Ex-Wifes $500 Million Shotgun Racketeering Suit'|'A legal feud between pistol tycoon Gaston Glock and his ex-wife, Helga, has ended with a resounding victory for the legendary gunmaker. A federal judge in Atlanta dismissed a racketeering lawsuit filed by Helga Glock in which she accused her former husband of siphoning off millions of dollars from the family firearm empire.Before getting into the details of the ruling, heres some background. The Austrian company Glock GmbH, operating through its U.S. subsidiary, Glock Inc., supplies two-thirds of American law enforcement agencies with durable, large-capacity semiautomatic pistols. Glocks are also popular in the lucrative U.S. civilian gun market.Since they were introduced to America in the mid-1980s, Glock handguns have made their inventor, Gaston Glock, 87, a very rich manalthough just how rich isnt publicly known because the company is closely held and highly secretive.Gaston Glock (center) and current wife Kathrin Glock at a sporting event in Velden am Wrthersee, Austria, on Aug. 2, 2008.Photographer: Blondel/Knipserbande via Zuma Press In 2011, Gaston and Helga Glock divorced acrimoniously, raising the question of how much of the family fortune, including ownership of the gun company, Helga should get. Fierce disagreement on this point led to litigation in Austria and, eventually, in the U.S.. In 2014, Helga sued Gaston in Atlanta (near the headquarters of Glock Inc.) under the Racketeering Influenced and Corrupt Organizations Act (RICO).She sought $500 million, plus unspecified punitive damages and legal fees. Helga Glock, who helped her ex-husband get the company aloft in the early 1980s, accused Gaston of using a variety of illicit strategies to move money from the international corporation into his own pocket. She also alleged he had rearranged ownership of the family company in such a way as to deny her and their three adult children any control over the firm.U.S. District Judge Thomas Thrash Jr. dismissed the RICO suit last week as unsubstantiated and nebulously stated. Thrash criticized the complaint as a shotgun pleading, meaning one replete with conclusory, vague, and immaterial facts not obviously connected to any particular cause of action.Without concluding that Gaston had committed any wrongdoing, the judge said in his March 20 decision that, if there had been an illegal scheme, it had been directed solely at ripping off the Glock companiesnot Helga Glock as an individual.A lawyer for Helga Glock told the Daily Report , an Atlanta legal trade publication, that she intends to appeal.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-03-30/glock-defeats-ex-wife-s-500-million-shotgun-racketeering-suit'|'2017-03-31T03:05:00.000+03:00'|2079.0|''|-1.0|'' 2080|'d51e858e8f8afab895d23af0b9acb368f264347a'|'Wilcon prices IPO at low end of range in Philippines'' first 2017 listing'|'MANILA Wilcon Depot Inc, a Philippine construction materials retailer, is set to raise 7 billion pesos ($139.50 million) in the Southeast Asian nation''s first listing this year, pricing its shares at the low end of its guided range.Wilcon is aiming to ride on Philippine President Rodrigo Duterte''s pledge to raise spending on infrastructure to help lift the country''s economic growth trajectory.It priced its IPO at 5.05 pesos per share, near the bottom end of the 5.00-5.68 pesos suggested range announced last week, to allow potential post-IPO upside, Eduardo Francisco, president of underwriter BDO Capital and Investment Corp, said in a mobile text message.Proceeds from the sale of 1.39 billion shares would be used to nearly double the company''s network to 65 stores in the next five years from the current 37 stores that sell local and foreign brands of building and finishing materials.Wilcon''s flotation was more than three times oversubscribed, Justino Ocampo, first vice president of another underwriter, First Metro Investment Corp, said in a mobile phone message.The company, owned by the Belo family, will have a public float of 34 percent following the listing on Mar. 31.Robust domestic demand and higher spending helped spur full-year 2016 growth to a three-year high of 6.8 percent, beating China''s 6.7 percent and cementing the Philippines'' position as one of the world''s fastest-growing economies.The Philippines'' broader stock index is up 6.4 percent so far this year, making it the third best-performing bourse in Southeast Asia.(Reporting by Neil Jerome Morales; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-wilcon-depot-ipo-pricing-idINKBN16O0DX'|'2017-03-17T01:21:00.000+02:00'|2080.0|''|-1.0|'' 2081|'c40ca91582cdcca3bdcfde483ba41ed54e26efdb'|'IT services firm stocks dip after government suspends fast tech visas'|'Money News - Tue Mar 7, 2017 - 2:25am IST IT services firm stocks dip after government suspends fast tech visas FULL COVERAGE: By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Technology services company shares dipped on Monday after the Trump administration announced it would temporarily suspend expedited applications for H-1B visas widely used by foreign tech workers. U.S. shares of Indian IT company Infosys Ltd ( INFY.NS ) ( INFY.N ) fell 1.2 percent and Wipro Ltd ( WIPR.NS ) ( WIT.N ) edged down 0.2 percent after the U.S. Citizenship and Immigration Services (USCIS) said on Friday that it would suspend "premium processing" of the visas for up to six months. New York-based Cognizant Technology Solutions Corp ( CTSH.O ) dipped 1.7 percent. Following President Donald Trump''s election in November, Infosys and Wipro sold off due to concerns he would keep promises to crack down on immigrants who he said were taking jobs from U.S. citizens. But the companies'' shares have mostly recovered due to growing expectations among investors that any potential change to the H-1B visa program would happen via a lengthy legislative process and not through a quick executive order. "The longer time it takes, the longer the regulators and politicians will have to do their homework to understand the impact of their acts," said Wedbush Securities analyst Moshe Katri. Infosys, Wipro and other Indian IT companies serving U.S. corporations are among the largest sponsors for H-1B visas, using them to employ programmers and other technology workers. Banks are key customers of those IT companies and could increase spending if Trump makes good on promises to cut corporate taxes and reduce financial regulation, Katri added. Short interest in Infosys in mid-February rose to 2.8 percent of outstanding shares, its highest level in about two years, according to Thomson Reuters data. USCIS said that suspending premium processing will allow it to reduce a backlog of long-pending visa petitions and thus reduce overall H-1B processing times. (Reporting by Noel Randewich; Editing by Jonathan Oatis) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-markets-visas-idINKBN16D2IY'|'2017-03-07T03:55:00.000+02:00'|2081.0|''|-1.0|'' @@ -2112,7 +2112,7 @@ 2110|'02f9a1631db4ca89098186b8c14585da159194e0'|'Tired but satisfied, Escondida miners pack up after historic strike'|' 25pm GMT Tired but satisfied, Escondida miners pack up after historic strike left right A graffiti that reads ''Till die'' is seen at a workers'' camp outside BHP Billiton''s Escondida, the world''s biggest copper mine, at the company''s gates after a strike, in Antofagasta, Chile March 24, 2017. REUTERS/Magaly Visedo 1/6 left right A banner that reads ''First the people. To BHP we only are a number'' is seen at a workers'' camp outside BHP Billiton''s Escondida, the world''s biggest copper mine, at the company''s gates after a strike, in Antofagasta, Chile March 24, 2017. REUTERS/Magaly Visedo 2/6 left right Bonfire remains are seen at a workers'' camp outside BHP Billiton''s Escondida, the world''s biggest copper mine, at the company''s gates after a strike, in Antofagasta, Chile March 24, 2017. REUTERS/Magaly Visedo 3/6 left right Miners pick up the workers'' camp outside BHP Billiton''s Escondida, the world''s biggest copper mine, at the company''s gates after a strike, in Antofagasta, Chile March 24, 2017. REUTERS/Magaly Visedo 4/6 left right A structure of the workers'' camp is burned outside BHP Billiton''s Escondida, the world''s biggest copper mine, at the company''s gates after a strike, in Antofagasta, Chile March 24, 2017. REUTERS/Magaly Visedo 5/6 left right Miners carry bags at the workers'' camp outside BHP Billiton''s Escondida, the world''s biggest copper mine, at the company''s gates after a strike, in Antofagasta, Chile March 24, 2017. REUTERS/Magaly Visedo 6/6 By Felipe Iturrieta - ESCONDIDA MINE, Chile ESCONDIDA MINE, Chile With no bonus, and no salary rise, it was not the ending the 2,500 workers at Chile''s Escondida, the world''s largest copper mine, wanted. But keeping their benefits was still a victory of sorts for them after the longest strike in the country''s mining history. As they packed up the camp on the mine''s outskirts in the dusty, high altitude desert that has been their home for the last 44 days, workers said in interviews on Friday they were satisfied with the outcome. "It''s been tiring, the showers were cold and obviously we missed home comforts, but here we were all the same, standing firm," supply operator Luis Varas said, as he took down his tent and shook out the dust. The strike at Escondida, which produced over 1 million tonnes of copper, or 5 percent of the world''s supply, last year, began on Feb. 9, after mine operator BHP Billiton ( BLT.L ) ( BHP.AX ) and the union failed to agree on new contract terms. Key points of disagreement focussed on changes the company wanted to make to benefits and work shifts and whether new employees should earn the same benefits, such as comprehensive private healthcare, as existing ones. A two-tier benefits system might have wound up weakening the union, one of Chile''s most powerful. On Thursday, after repeated attempts at returning to negotiations failed, the workers ended the deadlock after they triggered a rarely used legal provision that will allow them to extend their old contract for 18 months. That means they will enjoy existing benefits and working conditions and hold the next talks under an upcoming labour law that strengthens their hand. But they will also lose out on any pay raise and on a bonus typically paid when the contract is signed. The union had asked for a bonus of $38,000. "You can spend the bonus in a few days, but we have some people with health problems. ... That (health insurance) benefit is much more important and it wasn''t lost," said equipment maintenance worker Jorge Salinas. "It''s not all about money." On Saturday, miners will return to their posts, with initial work focussing on safety procedures and rehabilitation of shared spaces. Escondida President Marcelo Castillo said on Thursday that it could take as long as eight months to get operations back to how they were before the strike began. The miners striking camp said it was a dignified exit. "We''re happy to be going home, to be with our families," said Varas. "Now a new stage begins." (Reporting by Felipe Iturrieta; Writing by Rosalba O''Brien; Editing by Richard Chang) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-chile-copper-escondida-idUKKBN16V2TA'|'2017-03-25T05:25:00.000+03:00'|2110.0|''|-1.0|'' 2111|'a0ea6afd91c1e699c8a03c2af120999ccbff29be'|'OMV agrees to sell Turkish unit Petrol Ofisi to Vitol for $1.45 billion'|'FRANKFURT Austrian oil and gas group OMV ( OMVV.VI ) said it had agreed to sell its Turkish fuel supply and distribution unit OMV Petrol Ofisi to Vitol Investment Partnership for 1.37 billion euros ($1.45 billion).Based on the purchase price, it will record an impairment of 186 million euros in its fourth-quarter financial accounts, in addition to the 148 million euros recorded as of end-December when it reclassified OMV Petrol Ofisi as asset held for sale, OMV said late on Friday.(Reporting by Maria Sheahan; Editing by Shadia Nasralla)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-omv-m-a-turkey-idINKBN16A2KI'|'2017-03-03T18:50:00.000+02:00'|2111.0|''|-1.0|'' 2112|'ea86a32ca8be225d907633d2cbd4e84ea09ef33d'|'U.S. suspends Obama airline transparency review'|'Company News 11pm EST U.S. suspends Obama airline transparency review WASHINGTON, March 3 The Trump administration said Friday it is suspending action on an Obama administration decision in October to probe a long-time practice by some airlines of preventing various travel websites from showing their fares. The U.S. Transportation Department said in a notice Friday it is suspending a public comment period on the review of the practice to "allow the presidents appointees the opportunity to review and consider this action." An airline trade group said last year that requiring airlines to disclose fares on all travel websites would only benefit sellers, not travelers. (Reporting by David Shepardson) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-airlines-idUSL2N1GG0W9'|'2017-03-04T00:11:00.000+02:00'|2112.0|''|-1.0|'' -2113|'0a60767dacbca1529692f3ffbf4773ed73bbf070'|'BoE to focus more on protecting insurance policyholders'|'Money 11:15am GMT BoE to focus more on protecting insurance policyholders The Bank of England is seen in the City of London, Britain, February 14, 2017. REUTERS/Hannah McKay By Huw Jones - LONDON LONDON The Bank of England will spell out more clearly what insurers should be doing to protect policyholders such as the elderly after a report called for clearer safeguards. The BoE''s Independent Evaluation Office (IEO) looked at how the central bank''s supervisory arm, the Prudential Regulation Authority (PRA), ensures policyholders are properly protected. The IEO said on Monday that the PRA''s "articulation of its policyholder protection responsibilities appears to be unfinished business". PRA work on policyholder protection had been "crowded out" by "live supervisory issues" and the need to implement European Union capital rules known as Solvency II by January 2016, the IEO said in a report. The BoE''s supervisors need to articulate fully their approach to protecting policyholders, though there was no evidence that PRA supervisors were falling short of their duties, the IEO said. The PRA should also ensure there is appropriate coordination with its sister regulator, the Financial Conduct Authority. BoE Deputy Governor and PRA Chief Executive, Sam Woods, said the IEO''s assessment was informative and balanced, and that the PRA has agreed a set of actions in response. The PRA will be clear that it does not seek to protect all policyholders equally, but will direct more of its resources to those who would suffer greater financial hardship if their policies did not pay out as promised, Woods told the London Business School in a speech. Britain''s exit from the EU has also raised hopes in the sector that Solvency II will be overhauled, but Woods reiterated there would be tweaks, rather than a broad overhaul. Woods said the debate about Solvency II has become a "cacophony of acronyms" emanating from a "magic circle of insurance enthusiasts". "But strip this back and youll see there is an essential, irreducible human core to it all," Woods said. "Some of the oldest and most vulnerable in our society have invested their life savings into long-term annuity contracts," Woods said. "So when we talk about promoting insurers safety and soundness, and protecting their policyholders, this is what we have in mind." (Reporting by Huw Jones; Editing by Alexander Smith) Next In Money'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boe-insurance-regulations-idUKKBN16R0YO'|'2017-03-20T18:15:00.000+02:00'|2113.0|''|-1.0|'' +2113|'0a60767dacbca1529692f3ffbf4773ed73bbf070'|'BoE to focus more on protecting insurance policyholders'|'Money 11:15am GMT BoE to focus more on protecting insurance policyholders The Bank of England is seen in the City of London, Britain, February 14, 2017. REUTERS/Hannah McKay By Huw Jones - LONDON LONDON The Bank of England will spell out more clearly what insurers should be doing to protect policyholders such as the elderly after a report called for clearer safeguards. The BoE''s Independent Evaluation Office (IEO) looked at how the central bank''s supervisory arm, the Prudential Regulation Authority (PRA), ensures policyholders are properly protected. The IEO said on Monday that the PRA''s "articulation of its policyholder protection responsibilities appears to be unfinished business". PRA work on policyholder protection had been "crowded out" by "live supervisory issues" and the need to implement European Union capital rules known as Solvency II by January 2016, the IEO said in a report. The BoE''s supervisors need to articulate fully their approach to protecting policyholders, though there was no evidence that PRA supervisors were falling short of their duties, the IEO said. The PRA should also ensure there is appropriate coordination with its sister regulator, the Financial Conduct Authority. BoE Deputy Governor and PRA Chief Executive, Sam Woods, said the IEO''s assessment was informative and balanced, and that the PRA has agreed a set of actions in response. The PRA will be clear that it does not seek to protect all policyholders equally, but will direct more of its resources to those who would suffer greater financial hardship if their policies did not pay out as promised, Woods told the London Business School in a speech. Britain''s exit from the EU has also raised hopes in the sector that Solvency II will be overhauled, but Woods reiterated there would be tweaks, rather than a broad overhaul. Woods said the debate about Solvency II has become a "cacophony of acronyms" emanating from a "magic circle of insurance enthusiasts". "But strip this back and youll see there is an essential, irreducible human core to it all," Woods said. "Some of the oldest and most vulnerable in our society have invested their life savings into long-term annuity contracts," Woods said. "So when we talk about promoting insurers safety and soundness, and protecting their policyholders, this is what we have in mind." (Reporting by Huw Jones; Editing by Alexander Smith) Next In Money'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boe-insurance-regulations-idUKKBN16R0YO'|'2017-03-20T18:15:00.000+02:00'|2113.0|27.0|0.0|'' 2114|'a87fd516f0b794fef5d9f4d6a4c655389e115d83'|'UPDATE 1-Japan''s GPIF posts record $92 bln quarterly gain thanks to stock rally'|'* GPIF posts record quarterly gain* Stock rally boosts returns* GPIF''s domestic bond underweights target for 1st time (Adds Quote: s, details on investments)By Junko FujitaTOKYO, March 3 Japan''s Government Pension Investment Fund, the world''s largest pension fund, posted a record quarterly gain of $92 billion thanks to a rally in the country''s stock market.GPIF on Friday reported a return of 7.98 percent in its fiscal third quarter, which ended in December.Its paper gain totalled 10.5 trillion yen. The fund managed 144.8 trillion yen worth of assets as of December."We had a big gain in the quarter but there are many complex issues in the world economy so we will be carefully manage the assets going forward," said GPIF spokesman Shinichiro Mori at a media briefing on Friday.Japan''s benchmark Nikkei share index rallied 16 percent in the quarter on expectations of stronger global economic growth and as the yen weakened in the face of a surging U.S. dollar following the election of President Donald Trump.It edged up another 2 percent in January-March this year.In 2014 GPIF made an historic policy shift, increasing its investments in riskier assets such as stocks for higher returns, while it reduced its reliance on low-yielding domestic bonds.Of all the pension reserve, which also included 2.5 trillion yen pooled at Japan''s health ministry, 23.76 percent was allocated to Japanese stocks.GPIF''s domestic bond holdings accounted for 33.26 percent of its assets, underweighting its allocation target set in 2014 for the first time as yields rose.GPIF allocated 13.37 percent of its assets to foreign bonds and 23.16 percent to foreign stocks. The remaining 6.3 percent was mainly cash GPIF holds.Its Japanese stock holdings returned 15.18 percent, while the domestic bond holdings had a negative return of 1.07 percent.GPIF directly invests only in a portion of bonds, while it asks other financial institutions to manage most of the bonds and all the stocks.GPIF also is trying to boost its investments in alternative assets, such as infrastructure and private equity. But such investments accounted for only 0.07 percent of its total assets in the quarter, versus a target of 5 percent.At the end of 2015 financial year, GPIF had invested 81.4 billion yen in infrastructure, while it injected 1.9 billion yen in private equity assets, said Mori.GPIF does not have any investments in U.S. infrastructure, he added.($1 = 114.0900 yen) (Reporting by Junko Fujita; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-gpif-results-idINL3N1GG2FH'|'2017-03-03T04:55:00.000+02:00'|2114.0|''|-1.0|'' 2115|'b285629410fd5d095f117ae4a63f2739a66e6332'|'SEC nominee Clayton vows separation from his Wall Street law firm'|'Business News - Wed Mar 8, 2017 - 11:46am EST SEC nominee Clayton vows separation from his Wall Street law firm The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst By Amanda Becker - WASHINGTON WASHINGTON Wall Street attorney Jay Clayton, President Donald Trump''s pick to head the U.S. Securities and Exchange Commission, has vowed to recuse himself from agency matters involving his law firm and former clients, according to an ethics agreement made public on Wednesday. Under the agreement, the Sullivan & Cromwell attorney will not participate in SEC matters involving the firm for one year. He will also recuse himself from matters involving his former clients for one year after he last provided them legal services. Clayton also promised to divest, within 90 days of confirmation, from 176 assets collectively worth millions of dollars. Clayton indicated he will seek to take advantage of a tax benefit that allows government officials to defer paying capital gains taxes on assets they sell to satisfy ethics requirements, according to a March 3 letter Clayton wrote to ethics officials. As a Wall Street attorney, Clayton has worked on notable deals including the initial public offering of Alibaba Group Holding Ltd. The SEC is an independent federal agency tasked with enforcing securities laws and regulating the country''s stock and options exchanges. Agency nominees are reviewed by the U.S. Senate Banking Committee, which is set to hold Clayton''s initial confirmation hearing on March 23. Clayton is widely expected by SEC watchers to win confirmation by the full Senate by a comfortable margin. But he is likely to face grilling by some of the more liberal-leaning Democrats on the banking panel. Senator Sherrod Brown of Ohio is the senior Democrat on the committee. Senator Elizabeth Warren of Massachusetts also serves on the panel. Both are skeptical that people with close ties to Wall Street should run the SEC. Clayton''s wife, Gretchen Butler Clayton, works at Goldman Sachs & Co and holds stock, restricted stock and restricted stock units in the bank. Those assets will also be divested if Clayton is confirmed to head the SEC. (Reporting By Amanda Becker; Editing by Tom Brown) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-sec-nominee-idUSKBN16F24W'|'2017-03-08T23:46:00.000+02:00'|2115.0|''|-1.0|'' 2116|'f205cb0c24d1f187bc3dd901ab033e5b203ee624'|'Greek economy flat last year, statistics service says'|' 13am GMT Greek economy flat last year, stats service says FILE PHOTO - A tourist makes her way past a Greek national flag (L) and a European Union flag on the islet of Saint George, part of the municipality of Kastellorizo, Greece''s easternmost island July 30, 2015. REUTERS/Alkis Konstantinidis/File Photo ATHENS Greek economic growth was flat last year, the country''s statistics service ELSTAT said on Wednesday, releasing its first estimate of full-year 2016 gross domestic product. It said gross domestic product in volume terms and measured at constant prices was 184.5 billion euros last year, unchanged from 2015. ELSTAT''s estimate, based on seasonally unadjusted data, showed the economy performed worse than the country''s official creditors were expecting based on their recent forecasts. The European Commission, in its winter forecast published in February, projected GDP growth of 0.3 percent in 2016 while the International Monetary Fund''s upwardly revised estimate saw GDP growth of 0.4 percent. Both expect Greece''s economy to recover this year with GDP growing by 2.7 percent. ELSTAT said its second estimate of 2016 GDP growth will be released on October 17. (Reporting by George Georgiopoulos)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-greece-economy-gdp-idUKKBN16F138'|'2017-03-08T17:12:00.000+02:00'|2116.0|12.0|0.0|'' @@ -2125,12 +2125,12 @@ 2123|'a49173c9553b58ba8d9551f029bb44a2f1f54528'|'BBVA to invest $1.5 bln in Mexico over next four to five years'|' 48pm EST BBVA to invest $1.5 bln in Mexico over next four to five years MEXICO CITY, March 2 Spanish lender BBVA will invest $1.5 billion in Mexico over the next four to five years, its chairman, Francisco Gonzalez, said on Thursday at an event in Mexico City. (Reporting by Anthony Esposito; Editing by Paul Simao) MEXICO * Oil falls for third day; copper and gold down (Updates to late afternoon New York trading) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bbva-mexico-idUSE1N1FF021'|'2017-03-03T02:48:00.000+02:00'|2123.0|''|-1.0|'' 2124|'d43f94b561fe98105e70a5e5d236d5d485bcca5b'|'Weed killer?: Americas pot industry shrugs off Donald Trumps harder line on drugs'|'THESE are high times for Americas marijuana industrial complex. More than half the countrys states have legalised medical cannabis, often rather loosely defined. Eight have voted to legalise the drug for recreational purposes. The industry was worth about $6bn last year, a figure that is likely to rise sharply in 2018 when recreational sales begin in California.Yet in Washington, DC, the mellow mood has soured. Donald Trump said in 1990 that You have to legalise drugs to win that war, but in politics he became more conservative. Campaigning for the presidency he called Colorados legal cannabis market a real problem. His press secretary, Sean Spicer, recently said he expected to see greater enforcement of the laws that still ban cannabis at the federal level. an hour ago Where others gawked, John Samson looked with genuine curiosity Prospero 2 hours ago Donald Trumps America First budget would make deep cuts to domestic programmes Graphic detail 2 hours ago Hundreds of thousands of people have fled South Sudan for Uganda Middle East and Africa 2 hours ago An array of churches opposes Donald Trumps proposed cuts to foreign aid Erasmus 4 hours ago South Koreans are fighting over their flag Asia 5 hours ago See all updates That worries pot-pedlars. The fact that they are in breach of federal law means that in theory their profits are criminal proceeds, subject to forfeiture. In 2013 the deputy attorney-general of the day, James Cole, published a memo reassuring states that had legalised cannabis that federal agents would not interfere unless the states allowed the industry to cross certain red lines, such as selling to minors, funding crime or leaking their product into jurisdictions that had not chosen to legalise.Mr Trumps attorney-general, Jeff Sessions, has made clear that he sees things differently. In his confirmation hearings before the Senate he refused to endorse the Cole memo, saying: I wont commit to never enforcing federal law. A letter from the Department of Justice is all it takes to shut any cannabis firm.This has given some investors an attack of paranoia. An index of 50 cannabis stocks kept by Viridian Capital Advisors, a pot-industry consultancy, slid by about a tenth in the week after Mr Spicer issued his warning on February 23rd. The worst-hit were those companies dealing directly with the drug, which are on shakier legal ground than those providing ancillary products and services, such as chemical-extraction machinery or security.But most investors have kept calm. Viridians index is still up by 18% this year. Medical marijuana, which accounts for the bulk of the industry, is expressly protected by a federal law that bans federal agents from interfering in states where it is legal. Mr Trump backs medical cannabis 100%, as do most Americans. And although only a smallish majority of people favour legalising recreational weed, a large one (including most Republicans) support the right of states to set their policy on the matter, says a poll by Quinnipiac University.For now the main impact of Mr Trumps harder line may be to make entrepreneurs stick extra-carefully to state regulations, rather than pushing the boundaries of the law, says Sam Kamin, a professor of marijuana law and policy at the University of Denver. Some have bypassed rules outlawing interstate commerce, for instance, by trading as intellectual-property companies. That sort of thing looks a bit riskier now. But cannabis backers are hardly strangers to risk, Mr Kamin notes. If youve invested your personal fortune in a product thats prohibited by the federal government, youre comfortable with a certain amount of uncertainty.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business-and-finance/21718826-business-well-used-risk-sees-greater-opportunities-ahead-americas-pot-industry?fsrc=rss%7Cbus'|'2017-03-18T07:00:00.000+02:00'|2124.0|''|-1.0|'' 2125|'70be0bfa366a69fac1d25ab2a7172d07591f4ca9'|'Trump''s Nominee for Air Force Secretary backs stealth of F-35 jets'|'March 30 President Trump''s U.S. Air Force Secretary nominee Dr. Heather Wilson, a former congressional representative from New Mexico, told senators on Thursday that other jets did not have the stealth capability of Lockheed Martin Corp''s F-35 fighter jet.During a U.S. Senate Armed Services Committee hearing on her nomination Wilson said she believed that F-15, F-16 and F-18 fighter jets could not retroactively be given the stealth capabilities of Lockheed Martin Corp''s F-35 fighter jet. (Reporting by Mike Stone)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-defense-airforce-idINL2N1H7101'|'2017-03-30T13:26:00.000+03:00'|2125.0|''|-1.0|'' -2126|'efb6fcd360653d7c77f6d7b5fbd657f40b2d00e8'|'Exclusive: Taiwan wins over $200 million in legal claims against African states - Reuters'|'By Emma Farge and J.R. Wu - DAKAR/TAIPEI DAKAR/TAIPEI A state-run Taiwanese bank has successfully sued two African countries for $212 million in unpaid loans and brought a claim against a third, court documents showed, in a possible warning to allies who switched sides in Taiwan''s spat with China.The three claims brought by the Export-Import Bank of the Republic of China EXIMC.UL before a U.S. district court against Guinea Bissau, Central African Republic and Democratic Republic of Congo amount to a total of at least $261.4 million including loans and interest.The first case is pending and the other two Eximbank won."We see this as a commercial loan case," Johnson C.T. Liao, vice president and spokesman for Eximbank, told Reuters. He said most of Eximbank''s loans are international and are repaid."Usually there is a long period of negotiation. Then when we can''t find a way, we have to go through the legal process to protect the debt claims," Liao said.But analysts say the legal action by Eximbank, which falls under Taiwan''s finance ministry, is likely to be a warning about the costs of forging diplomatic ties with China.Guinea Bissau and Central African Republic have withdrawn support for Taiwan since the loans were disbursed and Congo did not ditch China even after receiving the money.Taiwan''s foreign ministry said it could not comment on the matter because the case involves commercial loans. A Guinea Bissau official said the government was committed to responding to this claim under the rule of law but that its first priority is the welfare of its people and stability of the country.Officials in Congo and Central African Republic did not respond to requests for comment."It is not surprising that Taiwan would seek repayment from nations that switched allegiance," said The Atlantic Council''s Robert Manning, noting new tensions in China-Taiwan relations since the election of Tsai Ing-wen as president last year.Tsai is also the leader of a ruling party that traditionally advocates independence for Taiwan, a red line for Beijing."It is in part about getting their money back, but in no small part, a bit of retribution," Manning said.DEBT RELIEF CONTROVERSYAll the claims filed at a district court New York State and seen by Reuters are for loans dating back to the early 1990s -- a period when Taiwan and China used "dollar diplomacy" to attract allies in Africa after the end of the Cold War.The borrowers each failed to repay any principal and most of the interest on the loans, the filings showed.Taiwan has competed with China for recognition since defeated Nationalists fled there in 1949 at the end of China''s civil war, but the tables turned in Beijing''s favor in the 1970s when the United Nations and United States switched sides.Only 21 mostly small and poor countries recognize Taiwan, and a person familiar with government thinking says maintaining allies is difficult since they can always ask for a better deal or go to China instead.In the last two decades Taiwan, whose economy is 20 times smaller than China, has struggled to compete with Beijing''s billions of dollars in aid and debt annulments. In Africa, only Burkina Faso and Swaziland still recognize Taiwan.As recently as December, Sao Tome and Principe broke ties with Taiwan in favor of China, a decision the west African nation''s prime minister, Patrice Trovoada, explicitly linked to development aid expected from Beijing.All of the Taiwanese bank''s cases have been brought since December 2015, according to the filings which are lodged in a public database whose existence few are aware of.Judges found in favor of the bank in the cases of Congo and Central African Republic for $57.3 million and $154.9 million respectively in two separate rulings in January 2017.It is unclear how the countries will settle the claims. The case brought in June last year against Guinea Bissau adds up to at least $49.2 million, or nearly a fifth of its last budget.Bissau is arguing that the time frame for proceedings has expired, according to a memo submitted this month. The official said he hoped a resolution could be reached by year-end.Claims against some of the poorest, most unstable countries in Africa are controversial as many states have been granted debt relief under an International Monetary Fund and World Bank initiative after extensive campaigns to relieve Third World debt.However, Taiwan has not been admitted as a full member of either body."The coffers are virtually empty and paying the attorneys in New York is a lot for them," said a Western diplomat, referring to the case against Guinea Bissau, which has experienced coups, and a civil war since taking the money and is now in the middle of a political crisis.No defense lawyer details are listed for Central African Republic, where more than three-quarters of the population lives in poverty, or for Democratic Republic of Congo, in a possible sign of a lack of money or expertise.Former Taiwan ally Niger managed to cut a claim by Eximbank to $20 million from $183 million in a 2015 deal.(Additional reporting by Jonathan Stempel in New York, Liang-sa Loh in Taipei, Alberto Dabo in Bissau, Crispin Dembassa-Kette in Bangui and Aaron Ross in Kinshasa; Editing by Tim Cocks and Giles Elgood)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-taiwan-bank-idINKBN1712PT'|'2017-03-30T15:47:00.000+03:00'|2126.0|''|-1.0|'' +2126|'efb6fcd360653d7c77f6d7b5fbd657f40b2d00e8'|'Exclusive: Taiwan wins over $200 million in legal claims against African states - Reuters'|'By Emma Farge and J.R. Wu - DAKAR/TAIPEI DAKAR/TAIPEI A state-run Taiwanese bank has successfully sued two African countries for $212 million in unpaid loans and brought a claim against a third, court documents showed, in a possible warning to allies who switched sides in Taiwan''s spat with China.The three claims brought by the Export-Import Bank of the Republic of China EXIMC.UL before a U.S. district court against Guinea Bissau, Central African Republic and Democratic Republic of Congo amount to a total of at least $261.4 million including loans and interest.The first case is pending and the other two Eximbank won."We see this as a commercial loan case," Johnson C.T. Liao, vice president and spokesman for Eximbank, told Reuters. He said most of Eximbank''s loans are international and are repaid."Usually there is a long period of negotiation. Then when we can''t find a way, we have to go through the legal process to protect the debt claims," Liao said.But analysts say the legal action by Eximbank, which falls under Taiwan''s finance ministry, is likely to be a warning about the costs of forging diplomatic ties with China.Guinea Bissau and Central African Republic have withdrawn support for Taiwan since the loans were disbursed and Congo did not ditch China even after receiving the money.Taiwan''s foreign ministry said it could not comment on the matter because the case involves commercial loans. A Guinea Bissau official said the government was committed to responding to this claim under the rule of law but that its first priority is the welfare of its people and stability of the country.Officials in Congo and Central African Republic did not respond to requests for comment."It is not surprising that Taiwan would seek repayment from nations that switched allegiance," said The Atlantic Council''s Robert Manning, noting new tensions in China-Taiwan relations since the election of Tsai Ing-wen as president last year.Tsai is also the leader of a ruling party that traditionally advocates independence for Taiwan, a red line for Beijing."It is in part about getting their money back, but in no small part, a bit of retribution," Manning said.DEBT RELIEF CONTROVERSYAll the claims filed at a district court New York State and seen by Reuters are for loans dating back to the early 1990s -- a period when Taiwan and China used "dollar diplomacy" to attract allies in Africa after the end of the Cold War.The borrowers each failed to repay any principal and most of the interest on the loans, the filings showed.Taiwan has competed with China for recognition since defeated Nationalists fled there in 1949 at the end of China''s civil war, but the tables turned in Beijing''s favor in the 1970s when the United Nations and United States switched sides.Only 21 mostly small and poor countries recognize Taiwan, and a person familiar with government thinking says maintaining allies is difficult since they can always ask for a better deal or go to China instead.In the last two decades Taiwan, whose economy is 20 times smaller than China, has struggled to compete with Beijing''s billions of dollars in aid and debt annulments. In Africa, only Burkina Faso and Swaziland still recognize Taiwan.As recently as December, Sao Tome and Principe broke ties with Taiwan in favor of China, a decision the west African nation''s prime minister, Patrice Trovoada, explicitly linked to development aid expected from Beijing.All of the Taiwanese bank''s cases have been brought since December 2015, according to the filings which are lodged in a public database whose existence few are aware of.Judges found in favor of the bank in the cases of Congo and Central African Republic for $57.3 million and $154.9 million respectively in two separate rulings in January 2017.It is unclear how the countries will settle the claims. The case brought in June last year against Guinea Bissau adds up to at least $49.2 million, or nearly a fifth of its last budget.Bissau is arguing that the time frame for proceedings has expired, according to a memo submitted this month. The official said he hoped a resolution could be reached by year-end.Claims against some of the poorest, most unstable countries in Africa are controversial as many states have been granted debt relief under an International Monetary Fund and World Bank initiative after extensive campaigns to relieve Third World debt.However, Taiwan has not been admitted as a full member of either body."The coffers are virtually empty and paying the attorneys in New York is a lot for them," said a Western diplomat, referring to the case against Guinea Bissau, which has experienced coups, and a civil war since taking the money and is now in the middle of a political crisis.No defense lawyer details are listed for Central African Republic, where more than three-quarters of the population lives in poverty, or for Democratic Republic of Congo, in a possible sign of a lack of money or expertise.Former Taiwan ally Niger managed to cut a claim by Eximbank to $20 million from $183 million in a 2015 deal.(Additional reporting by Jonathan Stempel in New York, Liang-sa Loh in Taipei, Alberto Dabo in Bissau, Crispin Dembassa-Kette in Bangui and Aaron Ross in Kinshasa; Editing by Tim Cocks and Giles Elgood)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-taiwan-bank-idINKBN1712PT'|'2017-03-30T15:47:00.000+03:00'|2126.0|29.0|0.0|'' 2127|'33024b4fe90007cca30f6be7c97ac8658eb47c06'|'Vice Media takes its edgy journalism to the Middle East'|'By Alexander Cornwell - DUBAI, March 29 DUBAI, March 29 Vice Media is bringing its edgy style of journalism to the Middle East to tap what it believes is an underserved market of young, digital hungry consumers.Vice announced its arrival with a party on Wednesday at the glitzy Armani Hotel in the world''s tallest tower, the Burj Khalifa, in Dubai, the global trade hub where the New York-based company will set up its regional headquarters.Vice reckons the region''s youthful population coupled with some of the highest smartphone penetration rates in the world in countries such as Saudi Arabia and the United Arab Emirates make it an ideal market to expand into."That''s just a tremendous opportunity and we think that this is the time that we come in and steal a lot of market share," Vice Co-Founder and Chief Executive Shane Smith told Reuters in an interview in Dubai on Wednesday.Vice, which is aiming for 50 staff in Dubai by the end of the year, will launch a website and digital channel this summer and is in active discussions about a 24-hour regional cable channel to be broadcast from the emirate.It will produce news and lifestyle content in multiple languages including Arabic, English, Farsi, Turkish and Urdu.Vice has documented migrant worker abuses in Dubai, won acclaim for a documentary while embedded with Islamic State and garnered widespread attention when it took former National Basketball Association star Dennis Rodman to North Korea."We''re always going to be looking at social justice, we''re always going to be looking at environmental justice, we''re always going to be looking at being on the right side of history, especially with millennials and our audience," Smith said.Vice is likely to run into the same obstacles it has faced elsewhere in the Middle East and North Africa, "where journalists are most subjected to constraints of every kind", according to global media watchdog Reporters Without Borders.Worth $4.2 billion at its last valuation, Vice has transformed in 23 years from a punk magazine in Montreal, Canada, into a global multimedia brand.Its regional partner is Afghan media company Moby Group, whose Dubai offices are a few kilometres (miles) from the Trump International Golf Club which featured in a 2016 VICE episode on U.S. cable channel HBO about migrant worker exploitation.Vice and Moby share a common shareholder in 21st Century Fox and the Afghan company holds a license from the U.S. Treasury''s OFAC allowing it to expand into Iran - a market Vice wants to tap. (Editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-vicemedia-expansion-idINL5N1H61KX'|'2017-03-29T15:03:00.000+03:00'|2127.0|''|-1.0|'' 2128|'8fb8d772984632971aba6ed65613858cdba097d4'|'Romania bids to host EU drug agency after Brexit'|'Health News - Wed Mar 22, 2017 - 1:18pm GMT Romania bids to host EU drug agency after Brexit BUCHAREST Romania wants the European Union to relocate its pan-European drug regulator EMA to Bucharest from London after Brexit, the government said on Wednesday. "We are bidding for the agency''s move to Romania. It''s going to be a tough race but we''re prepared for that. The government just approved a memorandum in this sense," EU Affairs Minister Ana Birchall told reporters after a cabinet meeting. The European Medicines Agency (EMA) employs 890 staff and acts as a one-stop-shop for drug approvals across the EU, but its future location is unclear after Britain''s decision to leave the bloc. Other countries vying to host the agency include Denmark, Sweden, Spain, France, Ireland and Poland. As well as creating jobs, the EMA also has the potential to act as a hub for pharmaceuticals, one of Europe''s most important industries. (Reporting by Radu Marinas Editing by Jeremy Gaunt) Next In Health News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-romania-eu-pharmaceuticals-idUKKBN16T1NG'|'2017-03-22T20:05:00.000+02:00'|2128.0|''|-1.0|'' 2129|'a0ae813535082dbee46a7bafe2a345ee74fe615f'|'EMERGING MARKETS-Brazil shares rise after Vale taps veteran executive as CEO'|'Company News 12:10pm EDT EMERGING MARKETS-Brazil shares rise after Vale taps veteran executive as CEO SAO PAULO, March 28 Brazilian shares rose on Tuesday, supported by rising shares of Vale SA after the world''s No. 1 ore producer tapped a commodities industry veteran as its next chief executive officer. Preferred shares in Vale rose 1.7 percent, adding the most points to the benchmark Bovespa stock index, following the appointment of Fabio Schvartsman, who has been CEO of Klabin SA, Brazil''s largest paper and cardboard producer, for the past six years. Klabin units, a blend of common and preferred shares, were the biggest gainers on the index. The company has not yet announced his replacement. Klabin''s "succession plan will have to be expedited, but the issue was already on the radar," Ita BBA analysts led by Marcos Assumpo wrote in a note to clients. The Brazilian real was nearly flat, in line with other Latin American currencies. After a recent selloff, traders have erred on the sign of caution as the await further clues over whether U.S. President Donald Trump will manage to carry out promised tax cuts and infrastructure stimulus. Doubts over his ability to get those plans off the ground grew following his failure gather support from his own party to a planned overhaul of the U.S. healthcare system. Latin American stock indexes and currencies at 1550 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 970.46 0.49 12 MSCI LatAm 2636.24 0.36 12.23 Brazil Bovespa 64453.77 0.23 7.02 Mexico IPC 49444.71 0.27 8.33 Chile IPSA 4833.14 1.55 16.42 Chile IGPA 24169.07 1.42 16.57 Argentina MerVal 19859.79 0.29 17.39 Colombia IGBC 10093.76 0.21 -0.34 Venezuela IBC 40165.30 1.37 26.68 Currencies daily % YTD % change change Latest Brazil real 3.1283 0.00 3.86 Mexico peso 18.8650 0.15 9.96 Chile peso 665.7 -0.23 0.75 Colombia peso 2909.01 0.41 3.18 Peru sol 3.244 0.25 5.24 Argentina peso (interbank) 15.5100 0.39 2.35 Argentina peso (parallel) 16.02 0.56 4.99 (Reporting by Bruno Federowski; editing by Grant McCool) Next In Company News Grupo Mexico to buy Florida East Coast Railway $2.1 billion MEXICO CITY, March 28 Mexican miner Grupo Mexico said on Tuesday it had acquired Florida East Coast Railway for $2.1 billion, a rare acquisition that comes as U.S. President Donald Trump has been trying to renegotiate trade ties between the two countries. TOKYO, March 29 U.S. nuclear developer Westinghouse Electric Co plans to seek bankruptcy protection from creditors on Tuesday as it struggles with losses that have thrown its Japanese parent Toshiba Corp into crisis, people familiar with Toshiba''s thinking said. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/latam-emergingmarkets-idUSL2N1H513U'|'2017-03-29T00:10:00.000+03:00'|2129.0|''|-1.0|'' 2130|'d59e77d14388870bc2227f36b4af026f85d85782'|'Nasdaq CEO says tech partnership can help win $100 billion Saudi Aramco IPO'|'Business News 5:36pm GMT Nasdaq CEO says tech partnership can help win $100 billion Saudi Aramco IPO Incoming CEO of the Nasdaq Stock Market Adena Friedman speaks ahead of the initial public offering of Trivago (TRVG), the hotel search platform, at the Nasdaq Market Site in New York, U.S., December 16, 2016. REUTERS/Mike Segar By John McCrank - BOCA RATON, Fla. BOCA RATON, Fla. Nasdaq Inc ( NDAQ.O ) is touting its technology credentials in its effort to win the listing of Saudi Aramco''s upcoming initial public offering, the exchange operator''s chief executive said in an interview. Financial centres around the globe, including New York, London and Tokyo, have been making a special effort to win the oil giant''s $100 billion (82.1 billion pounds) listing, which is expected to be the largest IPO ever. Nasdaq is already the technology provider to Saudi Arabia''s exchange, and will use that relationship to promote the idea of a dual listing in Riyadh and another global market, Nasdaq CEO Adena Friedman said. Nasdaq is based in New York, where its exchange operates, but offers technology services to other global exchanges. "Every exchange in the world right now is competing to be considered as an exchange for the Aramco listing, including us," Friedman said in an interview at the FIA''s International Futures Industry Conference on Tuesday. "We''re very active in finding opportunities to work with the Aramco team and demonstrate that we are the natural place for them." Saudi authorities plan to list up to 5 percent of the world''s largest oil producer on the Saudi stock exchange in Riyadh, the Tadawul, and also one or more international markets. Exchanges also vying for the listing include markets in Hong Kong, Japan, Singapore and Toronto. (Reporting by John McCrank in Boca Raton, Florida; Writing by Lauren Tara LaCapra; Editing by Bernard Orr) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nasdaq-saudiaramco-interview-idUKKBN16M2NE'|'2017-03-16T00:36:00.000+02:00'|2130.0|''|-1.0|'' -2131|'f373eb692e10f9b43968b008c31b70d36495141c'|'Business leaders urge G20 to put climate change back on agenda'|' 3:11pm GMT Business leaders urge G20 to put climate change back on agenda left right FILE PHOTO: Children play amid icebergs on the beach in Nuuk, Greenland, June 5, 2016. REUTERS/Alister Doyle 1/2 left right Buildings are seen in heavy smog during a polluted day in Jinan, Shandong province, China, December 20, 2016. REUTERS/Stringer 2/2 BERLIN Business executives and scientists on Tuesday urged the world''s leading economies to put global warming back on the G20 agenda after finance ministers and central bankers failed to reaffirm their readiness to finance measures against climate change. The G20''s outreach organizations for business (B20), think tanks (T20) and civil society groups (C20) urged the Group of 20 leading economies in a joint statement to take fast and fundamental action to counter rising temperatures. "Climate change represents one of the largest risks to sustainable development, inclusiveness, equitable economic growth and financial stability," the statement said. "We need to be sure that (G20 leaders) will fulfill existing international climate-related commitments, foremost the Paris Agreement," it said. The statement was signed by B20 chair Kurt Bock, who is also CEO of chemicals group BASF BASF.DE, and several leading scientists, including Ottmar Edenhofer from the Mercator Research Institute on Global Commons and Climate Change. It came after G20 financial leaders - under pressure from the United States - dropped from their communique a reference about willingness to finance measures to combat climate change as agreed in Paris in 2015. The business leaders and scientists welcomed Germany''s continued leadership on the issue as rotating president of the G20. U.S. President Donald Trump has suggested global warming is a "hoax" concocted by China to hurt U.S. industry and vowed during his election campaign to scrap the Paris climate accord aimed at curbing greenhouse gas emissions. Trump''s administration has proposed a 31 percent cut to the Environmental Protection Agency''s budget. (Reporting by Gernot Heller and Michael Nienaber; editing by Ralph Boulton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-g20-climatechange-idUKKBN16S1W3'|'2017-03-21T22:09:00.000+02:00'|2131.0|''|-1.0|'' +2131|'f373eb692e10f9b43968b008c31b70d36495141c'|'Business leaders urge G20 to put climate change back on agenda'|' 3:11pm GMT Business leaders urge G20 to put climate change back on agenda left right FILE PHOTO: Children play amid icebergs on the beach in Nuuk, Greenland, June 5, 2016. REUTERS/Alister Doyle 1/2 left right Buildings are seen in heavy smog during a polluted day in Jinan, Shandong province, China, December 20, 2016. REUTERS/Stringer 2/2 BERLIN Business executives and scientists on Tuesday urged the world''s leading economies to put global warming back on the G20 agenda after finance ministers and central bankers failed to reaffirm their readiness to finance measures against climate change. The G20''s outreach organizations for business (B20), think tanks (T20) and civil society groups (C20) urged the Group of 20 leading economies in a joint statement to take fast and fundamental action to counter rising temperatures. "Climate change represents one of the largest risks to sustainable development, inclusiveness, equitable economic growth and financial stability," the statement said. "We need to be sure that (G20 leaders) will fulfill existing international climate-related commitments, foremost the Paris Agreement," it said. The statement was signed by B20 chair Kurt Bock, who is also CEO of chemicals group BASF BASF.DE, and several leading scientists, including Ottmar Edenhofer from the Mercator Research Institute on Global Commons and Climate Change. It came after G20 financial leaders - under pressure from the United States - dropped from their communique a reference about willingness to finance measures to combat climate change as agreed in Paris in 2015. The business leaders and scientists welcomed Germany''s continued leadership on the issue as rotating president of the G20. U.S. President Donald Trump has suggested global warming is a "hoax" concocted by China to hurt U.S. industry and vowed during his election campaign to scrap the Paris climate accord aimed at curbing greenhouse gas emissions. Trump''s administration has proposed a 31 percent cut to the Environmental Protection Agency''s budget. (Reporting by Gernot Heller and Michael Nienaber; editing by Ralph Boulton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-g20-climatechange-idUKKBN16S1W3'|'2017-03-21T22:09:00.000+02:00'|2131.0|23.0|0.0|'' 2132|'9a29a1bf51eb397275b3848a889ff60840e33847'|'Co-op Bank attracts multiple expressions of interest'|'Business News - Fri Mar 24, 2017 - 9:58am GMT Co-op Bank attracts multiple expressions of interest A sign hangs outside of a branch of The Co-operative Bank in London, Britain, February 13, 2017. REUTERS/Hannah McKay Britain''s Co-operative Bank ( 42RQ.L ), up for sale after struggling to meet UK regulatory capital requirements, said it had received multiple expressions of interest. Co-Op Bank, rescued from the brink of collapse by a group of hedge funds in 2013, said it is evaluating information on the bank and would provide additional information to selected parties to proceed with the offer. It put itself up for sale in February. Co-op Bank, which has 4 million customers, said it would continue to negotiate an equity raising plan from existing and new capital providers, as an alternative to the sale process. (Reporting by Rahul B in Bengaluru; editing by Susan Thomas) Next In Business News Schaeuble - Trying to keep disadvantages for Britain as small as possible in Brexit BERLIN German Finance Minister Wolfgang Schaeuble said on Friday that the European Union was trying to limit the negative effects of Brexit for Britain but stressed that countries wanting to get the benefits related to the bloc had to make commitments, too. LONDON Deutsche Bank has chosen a new office for its London headquarters, signalling a vote of confidence in Britain''s capital despite the country''s decision to leave the European Union. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-co-operativ-bank-sale-idUKKBN16V12L'|'2017-03-24T17:58:00.000+03:00'|2132.0|''|-1.0|'' 2133|'0712ebb41de7e5382e6d51e1d4ceb4a319a0e639'|'ArcelorMittal, Marcegaglia make offer for Italy''s Ilva steel plant'|'Money 56pm IST ArcelorMittal, Marcegaglia make offer for Italy''s Ilva steel plant A red-hot steel plate passes through a press at the ArcelorMittal steel plant in Ghent, Belgium, July 7, 2016. REUTERS/Francois Lenoir/File Photo ROME ArcelorMittal and Italy''s Marcegaglia have made an offer to buy Italy''s beleaguered Ilva steel plant, promising to invest 2.3 billion euros ($2.4 billion) and boost production, ArcelorMittal said on Monday. Italy took over the loss-making Ilva plant, Europe''s largest by capacity, in 2015 to save thousands of jobs and clean up the polluted site in the southern Italian city of Taranto. Large portions of the factory were sequestered by magistrates in 2013 on accusations that owners were responsible for an environmental disaster. A rival offer by a consortium that includes India''s JSW Steel and state holding company lender Cassa Depositi e Prestiti is expected to be announced later on Monday. The government is expected to say which offer it will accept in about a month''s time. The government wants a buyer that will restore the factory''s fortunes by cleaning it up and investing to make it economically viable in a region with soaring unemployment. Intesa Sanpaolo, Italy''s biggest retail bank, signed a letter of intent along with ArcelorMittal, the world''s largest steelmaker, and Marcegaglia, a family-run steel processing group. The value of the offer was not given. The consortium said it would boost output with low-carbon steel-making technologies, ultimately up to 9.5 million tonnes of finished products from less than 6 million tonnes now. It also said it would create a research and development centre with an initial investment of 10 million euros. "It has been sad to watch the decline of this great company in recent years and we are excited to have the chance to contribute to a new renaissance of this Italian steel icon," Marcegaglia''s chairman and chief executive, Antonio Marcegaglia, said in a statement. ($1 = 0.9436 euros) (Reporting by Steve Scherer, editing Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ilva-italy-idINKBN16D1ZC'|'2017-03-06T23:26:00.000+02:00'|2133.0|''|-1.0|'' 2134|'220f05d2b67f7513d5570618f50d77bbc3e09952'|'Vale minority shareholders nominate candidate to board'|'Company News 37pm EDT Vale minority shareholders nominate candidate to board SAO PAULO, March 29 Brazil''s mining company Vale SA on Wednesday said Aberdeen Asset Management PLC, on behalf of minority shareholders, nominated Isabella Saboya to join the company''s board. Vale said in a securities filing that Sandra Guerra was also nominated by the minority shareholders as a substitute board member for Saboya in the election scheduled for April 20. (Reporting by Guillermo Parra-Bernal and Marcelo Teixeira; Editing by Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vale-sa-board-idUSL2N1H626U'|'2017-03-30T06:37:00.000+03:00'|2134.0|''|-1.0|'' @@ -2148,13 +2148,13 @@ 2146|'3e06c23714fcadd254d253e0cd77107c0fcedfbc'|'Nissan''s Infiniti names former BMW executive as new design chief'|' 43am GMT Nissan''s Infiniti names former BMW executive as new design chief An Infiniti Project Black S is displayed at Nissan Design Europe, ahead of being shipped to the Geneva Motor Show, in London, Britain, February 28, 2017. REUTERS/Stefan Wermuth BEIJING Infiniti, Nissan Motor Co''s ( 7201.T ) premium brand, named Karim Habib, former global design chief for BMW ( BMWG.DE ), as the brand''s new chief designer, effective July 1. Habib will replace Alfonso Albaisa, who will be promoted to lead Nissan''s global design, according to a press release seen by Reuters. Habib will report to Albaisa. Habib who has worked for several premium automotive brands, including BMW and Daimler ( DAIGn.DE ), will be based in Nissan''s technical centre in Atsugi, Japan, and lead Infiniti''s design teams in Japan, Beijing, San Diego and London. (Reporting by Norihiko Shirouzu and Beijing Monitoring Desk) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nissan-infiniti-china-idUKKBN16L0SJ'|'2017-03-14T15:43:00.000+02:00'|2146.0|''|-1.0|'' 2147|'e9e2e143dd87e70006f6a354a942013a81bc3098'|'WORLD NEWS SCHEDULE AT 2200 GMT/1700 ET - Reuters'|'Editor: Dan Grebler + 1-646-223-6200Picture Desk: Toronto + 1 416 941 8082Graphics queries: + 65 6870 3595(All times GMT/ET)TOP STORIESObama denies Trump claim he wiretapped him during campaignWASHINGTON - A spokesman for Barack Obama rejects claims by U.S. President Donald Trump that the then-president had wiretapped Trump in October during the late stages of the presidential election campaign, saying it was "simply false." (USA-TRUMP/OBAMA (UPDATE 8, PIX, TV), moved, by David Shepardson, 917 words)Trump administration to propose ''dramatic reductions'' in foreign aidWASHINGTON - The White House budget director confirms that the Trump administration will propose "fairly dramatic reductions" in the U.S. foreign aid budget later this month. (USA-BUDGET/ (moved), by David Shepardson, 327 words)Canada: No plans to clamp down at border to deter migrantsTORONTO - Canada will not tighten its border to deter migrants crossing illegally from the United States in the wake of a U.S. immigration crackdown because the numbers are not big enough to cause alarm, a government minister said on Saturday. (USA-IMMIGRATION/CANADA-BORDER (UPDATE 1), moved, 423 words)Twelve treated for chemical weapons agents in Mosul since March 1, UN saysBAGHDAD - Twelve people, including women and children, are being treated for possible exposure to chemical weapons agents in Mosul, where Islamic State is fighting off an offensive by U.S.-backed Iraqi forces, the United Nations says. (MIDEAST-CRISIS/IRAQ-CHEMICALWEAPONS), moved, 307 words)France''s Fillon under fire as party chiefs bring forward crisis meetingPARIS - Embattled French presidential candidate Francois Fillon is under growing pressure to quit the race as his party leaders bring forward a meeting to discuss the situation and former allies shied away from a planned rally to support him. (FRANCE-ELECTION/FILLON (UPDATE 1, TV, PIX), moved, by Sophie Louet and John Irish, 609 words)EUROPETight deadline for talks after nationalist surge in Northern IrelandDUBLIN - Northern Irish leaders prepare for three weeks of challenging talks to save their devolved government after a snap election that could have dramatic implications for the politics and constitutional status of the British province. (NIRELAND-POLITICS/ (UPDATE 1, PIX, TV), moved, by Ian Graham, 795 words)Peugeot poised to buy GM''s Opel, creating European car giantPARIS/LONDON - France''s PSA Group is set to announce a deal to buy Opel from General Motors on Monday after striking an agreement with the U.S. carmaker and winning the blessing of its board for the acquisition. (OPEL-M&A/PSA (UPDATE 1, PIX), moved, by Laurence Frost, Gilles Guillaume and Pamela Barbaglia, 547 words)Rows over reforms, election bog down Albania''s EU accession talksTIRANA - Albania''s political parties snuff out hopes for a compromise that would keep open the Balkan state''s path to European Union membership after Brussels warned that an opposition boycott of parliament put accession talks at risk. (ALBANIA-EU/PROTESTS (TV, PIX), moved, by Benet Koleka, 442 words)Turkey plans more pro-Erdogan rallies, German concerns mountISTANBUL/BERLIN - Turkey says it would keep holding rallies in Germany and the Netherlands to urge Turks living there to back a vote to boost President Tayyip Erdogan''s powers, despite opposition from authorities in both countries. (TURKEY-REFERENDUM/GERMANY-NETHERLANDS (moved), by Ralph Boulton and Andrea Shalal, 396 words)ASIAMalaysia expels North Korean ambassador after Kim Jong Nam murderKUALA LUMPUR - Malaysia expels the North Korean ambassador, declaring him "persona non grata" and asking the envoy to leave Malaysia within 48 hours. (NORTHKOREA-MALAYSIA/KIM (UPDATE 1), moved, 334 words)MH370 families launch campaign to fund search for missing jetKUALA LUMPUR - Families of passengers on board missing Malaysia Airlines flight MH370 launch a campaign to privately fund a search for the aircraft. (MALAYSIA-AIRLINES/ (moved), 395 words)China''s 2017 defense budget rise to slow againBEIJING - Defying pressure for a strong increase in defense spending, China says its military budget this year would grow about 7 percent, its slowest pace since 2010. (CHINA-PARLIAMENT/DEFENCE (UPDATE 4, TV, PIX), moved, by Michael Martina and Philip Wen, 579 words)MIDDLE EAST & NORTH AFRICAAt least 2 killed in new drone strikes on al Qaeda in Yemen - residentsADEN - Drones fired missiles at suspected al Qaeda targets in two separate attacks in Yemen, local sources say, in what appeared to be a third successive day of U.S. strikes against militants in the Arab country. (YEMEN-SECURITY/ (moved), 315 words)Syrian army takes more villages from militants in northwestAMMAN - The Syrian army has expanded its control over former Islamic State-held villages in northwest Syria, gaining more territory as it pushes back the jihadists from more pockets in Aleppo province, state media says. (MIDEAST-CRISIS/SYRIA-MILITANTS (moved), 310 wordsSee also: MIDEAST-CRISIS/SYRIA-AIRPLANE (UPDATE 2), movedEast Libyan forces target rivals with air strikes to regain oil portsBENGHAZI - East Libyan forces carried out air strikes around major oil ports as they sought to regain control of the area from a rival faction, a military spokesman says. (LIBYA-SECURITY/OIL (UPDATE 3), moved, by Ayman al-Warfalli, 508 words)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/world-news-schedule-at-2200-gmt-1700-et-idINL2N1GH0M5'|'2017-03-04T19:00:00.000+02:00'|2147.0|''|-1.0|'' 2148|'50ba24b8250aaf28c83a8b7bb74b2c467dcd0d58'|'U.S. proposes awarding five air carriers new Mexico City slots'|'Company 12pm EST U.S. proposes awarding five air carriers new Mexico City slots WASHINGTON March 2 The U.S. Transportation Department on Thursday proposed awarding 24 slot-pairs at Mexico Citys Benito Juarez International Airport to Alaska Airlines, JetBlue Airways Corp, Southwest Airlines Co, Volaris, and Grupo Viva Aerobus SAB de CV. The tentative allocation of 24 slot-pairs at Mexico City will result in new or additional low-fare service to 15 U.S. cities, including Chicago OHare, Denver, Houston Hobby, Los Angeles, New York-JFK, San Diego, San Francisco and Washington Dulles. The department also proposed awarding four slot-pairs at New York-JFK to Interjet, Volaris, and VivaAerobus that will provide new service to Mexico City. The slot-pairs were required to be divested by Grupo AeroMexico SAB de CV and Delta Air Lines Inc in December as a condition of antitrust immunity for the airlines'' joint venture covering air transportation between the United States and Mexico. (Reporting by David Shepardson; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mexico-airlines-idUSL2N1GF1T1'|'2017-03-03T04:12:00.000+02:00'|2148.0|''|-1.0|'' -2149|'b10798a7b4763932f5b4a1d5157d1ea3a3e1aa5c'|'BRIEF-Satori Resources announces up to $1 mln private placement'|' 7:06am EST BRIEF-Satori Resources announces up to $1 mln private placement March 3 Satori Resources Inc * Satori Resources announces up to $1.0 million non-brokered private placement * Pursuant to offering, company intends to issue up to 5.88 million units at a price of $0.17 per unit * Satori Resources Inc - company intends to issue up to 5.9 million units at a price of $0.17 per unit * Satori Resources Inc - proceeds from private placement will be used to advance company''s Tartan Lake gold mine project, in Flin Flon, Manitoba, Canada Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-satori-resources-announces-up-to-idUSASB0B3MZ'|'2017-03-03T19:06:00.000+02:00'|2149.0|''|-1.0|'' +2149|'b10798a7b4763932f5b4a1d5157d1ea3a3e1aa5c'|'BRIEF-Satori Resources announces up to $1 mln private placement'|' 7:06am EST BRIEF-Satori Resources announces up to $1 mln private placement March 3 Satori Resources Inc * Satori Resources announces up to $1.0 million non-brokered private placement * Pursuant to offering, company intends to issue up to 5.88 million units at a price of $0.17 per unit * Satori Resources Inc - company intends to issue up to 5.9 million units at a price of $0.17 per unit * Satori Resources Inc - proceeds from private placement will be used to advance company''s Tartan Lake gold mine project, in Flin Flon, Manitoba, Canada Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-satori-resources-announces-up-to-idUSASB0B3MZ'|'2017-03-03T19:06:00.000+02:00'|2149.0|18.0|0.0|'' 2150|'9715a9d7f1e6d9fcfec50198a78c61f432359f2c'|'Mantle Ridge nears deal to install Harrison as CSX CEO -sources'|'March 3 CSX Corp is nearing a deal with one of its largest investors, activist hedge fund Mantle Ridge LP, to sign up veteran railroad executive Hunter Harrison as the U.S. railroad company''s CEO, people familiar with the matter said on Friday.Talks between CSX''s board and Mantle Ridge have been advancing, the people said, getting closer to a deal that could be announced as early as next week. Final details, however, are still being worked out, and the talks may end unsuccessfully, the people added.The sources asked not to be identified because the negotiations are confidential. CSX, Mantle Ridge and Harrison all declined to comment.CSX and Mantle Ridge have been locked in a battle over Harrison''s contract as well as the investor''s intent on shaking up the company''s board.Mantle Ridge owns 4.9 percent of the company, according to a letter the firm published last month.CSX announced last month that CEO Michael Ward was stepping down, effective on May 31. CSX''s stock has surged more than 30 percent since January, when news first appeared that Harrison was planning to leave his CEO slot at Canadian Pacific to seek the top job at CSX.Harrison would become CEO under a four-year contract, Bloomberg News reported earlier on Friday - which would mark a victory for Mantle Ridge, whose founder Paul Hilal had argued that the company''s preference of a two-year deal was not long enough.Reuters first reported in late January that a portfolio manager at Neuberger Berman LLC, which owned 1.2 percent of CSX shares as of Sept. 30 and is the company''s tenth-largest shareholder, had thrown her support behind a plan to put Harrison into CSX''s CEO chair with the help of Mantle Ridge.CSX has called for a special meeting for shareholders to vote on Harrison''s proposed compensation package and for the board seats that Mantle Ridge is seeking. Bloomberg said on Friday that the company still planned to hold the vote even if Harrison is installed next week. (Reporting by Michael Flaherty in New York, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/csx-shareholders-ceo-idINL3N1GG4UM'|'2017-03-03T19:40:00.000+02:00'|2150.0|''|-1.0|'' 2151|'5bad6214446a8f28458b03da35c78afd42b181cd'|'Reuters poll - Oil price seen struggling as U.S. output weighs against OPEC cuts'|' 11pm BST Reuters poll - Oil price seen struggling as U.S. output weighs against OPEC cuts By Swati Verma Oil analysts have grown more unsure that OPEC''s supply cut will be enough to offset the increase in U.S. production and do not believe prices will reach $60 a barrel until early next year, according to a Reuters poll on Friday. Brent crude LCOc1 is expected to average $57.25 per barrel in 2017, slightly lower than last month''s forecast of $57.52, the poll of 32 economists and analysts showed. Forecasts for Brent in 2017 range from a high of $73 by Raymond James to a low of $51 by Commerzbank. Growing U.S. supply is expected to partly offset cuts by the Organization of the Petroleum Exporting Countries and their partners, said Rahul Prithiani, director at CRISIL Research. "If U.S. producers keep on increasing output at the same pace then rebalancing in the oil markets is expected to get delayed beyond 2017," he said. U.S. shale production is expected to rise by 109,000 barrels per day (bpd) to 4.96 million bpd in April, its biggest monthly increase since October, according to a U.S. Energy Information Administration report this month. Analysts said OPEC''s first accord on supply curbs since 2008 could be challenged by poor adherence from participants outside the group, even as OPEC states have been broadly compliant. "Poor commitment from outside the group could threaten the remainder of the agreement as Saudi Arabia is pulling most of the weight, while Russia, which in many cases is a direct competitor, has failed to deliver the promised cuts," said Giorgos Beleris, analyst at Thomson Reuters Oil Research and Forecasts. OPEC oil output is likely to fall for a third straight month in March, a Reuters survey found on Wednesday, as the United Arab Emirates made progress in trimming supplies. Meanwhile, maintenance and unrest have hampered output from Nigeria and Libya, which are both exempt from the supply deal. OPEC, which meets on May 25 in Vienna, pledged last year to reduce output by about 1.2 million bpd for the first half of 2017. Non-OPEC producers agreed to cut about half that amount. Brent crude has fallen about 5 percent so far this month, the biggest percentage decline since July. Record high U.S. stocks have led speculators to cut holdings of U.S. crude oil futures and options to the lowest since December. "The initial liquidation in net long positions is a concern; it reflects weaker market confidence in oil prices, amid rising U.S. shale investment and production," said Cailin Birch, an analyst at the Economist Intelligence Unit. The risk of an even faster sell-off will be seen as a major risk by most oil-producing countries, providing further motivation for the OPEC deal to be extended, Birch added. The Reuters survey forecast U.S. WTI crude futures CLc1 would average $55.29 a barrel in 2017, marginally lower than last month''s forecast of $55.66. (Additional reporting by Vijaykumar Vedala in Bengaluru; Editing by Amanda Cooper and Edmund Blair) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-prices-poll-idUKKBN1721E2'|'2017-03-31T19:11:00.000+03:00'|2151.0|''|-1.0|'' -2152|'98de289b6d4362165ad920677ac92acdc30e7cff'|'UBS to introduce charge on accounts with more than 1 million euros'|'Business News 53am GMT UBS to introduce charge on accounts with more than 1 million euros FILE PHOTO: The offices of Swiss bank UBS are seen in the financial district of the City of London, Britain October 31, 2012. REUTERS/Chris Helgren/File Photo ZURICH UBS ( UBSG.S ) will impose a charge on wealthy clients for cash they hold in euros, a reaction to the negative interest rate environment in the euro zone. The Swiss bank, the world''s largest wealth manager, will introduce from May an annual fee of 0.6 percent on accounts with more than 1 million euros ($1.1 mln). The charge will apply to total amounts held by individual customers and be calculated on a daily basis. It comes in response to the ultra-low or negative European Central Bank rates, in the wake of the financial crisis, which have eaten into banks'' margins. UBS currently imposes an individual deposit charge for large account balances held in Swiss francs by corporate, institutional and certain very wealthy clients, as it deals with negative interest rates charged by the Swiss National Bank. "UBS will apply an individual deposit charge on large euro cash balances for European clients," a UBS spokesman said, confirming an earlier report by Bloomberg. "This charge reflects the increasing costs seen across the industry of re-investing cash from deposits in money and capital markets, the continued extraordinarily low and negative interest rates in the euro area and increased liquidity regulations." (Reporting by John Revill; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ubs-charges-idUKKBN16T17Q'|'2017-03-22T17:53:00.000+02:00'|2152.0|''|-1.0|'' +2152|'98de289b6d4362165ad920677ac92acdc30e7cff'|'UBS to introduce charge on accounts with more than 1 million euros'|'Business News 53am GMT UBS to introduce charge on accounts with more than 1 million euros FILE PHOTO: The offices of Swiss bank UBS are seen in the financial district of the City of London, Britain October 31, 2012. REUTERS/Chris Helgren/File Photo ZURICH UBS ( UBSG.S ) will impose a charge on wealthy clients for cash they hold in euros, a reaction to the negative interest rate environment in the euro zone. The Swiss bank, the world''s largest wealth manager, will introduce from May an annual fee of 0.6 percent on accounts with more than 1 million euros ($1.1 mln). The charge will apply to total amounts held by individual customers and be calculated on a daily basis. It comes in response to the ultra-low or negative European Central Bank rates, in the wake of the financial crisis, which have eaten into banks'' margins. UBS currently imposes an individual deposit charge for large account balances held in Swiss francs by corporate, institutional and certain very wealthy clients, as it deals with negative interest rates charged by the Swiss National Bank. "UBS will apply an individual deposit charge on large euro cash balances for European clients," a UBS spokesman said, confirming an earlier report by Bloomberg. "This charge reflects the increasing costs seen across the industry of re-investing cash from deposits in money and capital markets, the continued extraordinarily low and negative interest rates in the euro area and increased liquidity regulations." (Reporting by John Revill; Editing by Susan Fenton) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ubs-charges-idUKKBN16T17Q'|'2017-03-22T17:53:00.000+02:00'|2152.0|27.0|0.0|'' 2153|'ffbb69eade021a781c63dd35f75b5432f4ad8627'|'Volkswagen says U.S. approves sale of modified diesel vehicles'|'Thu Mar 30, 2017 - 2:59am BST Volkswagen says U.S. approves sale of modified diesel vehicles FILE PHOTO - An American flag flies next to a Volkswagen car dealership in San Diego, California, U.S. on September 23, 2015. REUTERS/Mike Blake/File Photo Volkswagen AG ( VOWG_p.DE ) said the U.S. Environmental Protection Agency has approved its request to sell up to 67,000 diesel vehicles from the 2015 model year, including about 12,000 currently in dealer inventory with approved emissions modifications. The vehicles in inventory were held when the company issued a stop sale in September 2015, Volkswagen spokeswoman Jeannine Ginivan told Reuters. Ginivan said the company was finalizing details of the program. The EPA approved a fix for about 70,000 Volkswagen diesel vehicles in January. An EPA spokeswoman declined to comment on the matter. (Reporting by David Shepardson in Washington and Bhanu Pratap in Bengaluru; Editing by Leslie Adler and Gopakumar Warrier) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-idUKKBN17102C'|'2017-03-30T09:55:00.000+03:00'|2153.0|''|-1.0|'' 2154|'e5aa4577d7b6394cbacc0c4cdcc029a14d22efa8'|'Investment banks ditch the diet and look to expand - study'|'Business News - Fri Mar 17, 2017 - 12:13pm EDT Investment banks ditch the diet and look to expand: study Lower Manhattan including the financial district is pictured from the Manhattan borough of New York, U.S. June 1, 2016. REUTERS/Carlo Allegri/File Photo By Anjuli Davies - LONDON LONDON After several years of restructuring and regulatory pressure, investment banks have reached a turning point after Donald Trump became American president and can look to grow again, according to a study published on Friday. "The world has turned upside down post the U.S. elections," said the joint annual study by Morgan Stanley and management consultants Oliver Wyman. "This is the first year since we''ve been producing this paper that we''re looking to see a significant shift to the positive in terms of revenue growth, operational leverage and return on equity," said Magdalena Stoklosa, head of European financials research at Morgan Stanley. Globally, investment banks have been on an "intensive diet" since 2011 and have shrunk their balance sheets on aggregate by a third, according to the analysis produced in the 7th edition of the "Blue Paper". With the global economy appearing to be on a stable footing, the Federal Reserve raising interest rates and political rhetoric pointing to a pause on new banking regulation, growth beckons for an industry reshaped by the global financial crisis. In three years'' time, return on equity could reach 13 to 14 percent across the industry from 10 to 11 percent currently, the study said. Regulatory costs are expected to peak in 2017 and decline by as much as 40 percent by the end of 2020. However, European banks, lagging in their restructuring programs, are expected to continue to underperform their rivals on the other side of the Atlantic. U.S. banks could see return on equity rising to 15 percent from 11 percent currently, from a combination of revenue growth and removing costs over the next three years. European banks are forecast to improve their return on equity to 11.5 percent from 7.5 percent currently, with 75 percent of that uptick driven by cost cutting and only 25 percent by revenue growth. U.S. banks are sitting on $83 billion of excess capital, which could be used to invest in profitable business lines or paid out in share buybacks or dividends, whilst European banks have a mere $1 billion of excess capital to play with. Fixed income, currencies and commodities revenues, which faced the brunt of regulation, are forecast to grow 2 percent over the next five years to $119 billion after shrinking to $109 billion from $140 billion over the previous five. "Unlocking excess capital and collateral turns secular headwinds to tailwinds, powering a sustainable inflection in the global FICC pool for the first time in a decade," the study said. "Our bull case "Dares to Dream". If the US administrations tax reform, fiscal stimulus, and deregulation agenda is achieved, we would expect much stronger revenue growth and more capital release," the study said. (Reporting by Anjuli Davies; Editing by Keith Weir) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-investmentbanks-outlook-idUSKBN16O268'|'2017-03-17T23:08:00.000+02:00'|2154.0|''|-1.0|'' -2155|'1055985da1b02caa5fbc3826fbf8a22f338ae4d9'|'Brazil''s Estcio probes CEO''s boycott of sale to Kroton -paper'|'Deals 58am EDT Brazil''s Estcio probes CEO''s boycott of sale to Kroton: paper SAO PAULO The board of Brazilian for-profit education company Estcio Participaes SA ( ESTC3.SA ) has removed Chief Executive Officer Pedro Thompson from a group discussing merger terms with rival Kroton Educacional SA ( KROT3.SA ) on allegations that he is boycotting the deal, Valor Econmico reported on Friday. According to Valor, which cited unnamed people familiar with the matter, the board opened a formal probe into an anonymous tip suggesting that Thompson is working against Kroton''s takeover of Estcio. Former Estcio CEO Rogrio Melzi quit last year for opposing the 28-billion-real ($9 billion) deal. The source of the anonymous tip sent Estcio''s board an exchange of emails in which Thompson suggested a lawyer accuse Kroton of interfering in Estcio''s affairs before antitrust approval, Valor said. Last month, officials at antitrust watchdog Cade said Kroton''s takeover of Estcio could hamper competition in Brazil''s education market. Media representatives of Kroton, Estcio and Demarest Advogados, Estcio''s legal advisor on the deal, did not immediately respond to calls and messages seeking comment. The report comes as Kroton tries to convince regulators and consumer advocate groups that the deal would not be detrimental to the industry or lead to excessive market concentration. The combination would create the world''s largest education company by market value and number of students. Thompson''s strategy of focusing on student loyalty has paid off, helping Estcio report higher-than-expected fourth-quarter earnings on Thursday. Under Thompson, Estcio''s selling, general and administrative expenses have slumped; student enrollment has climbed; and higher tuition fees have pushed revenue above analysts'' estimates. (Reporting by Guillermo Parra-Bernal and Gabriela Mello; Editing by Lisa Von Ahn) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-estacio-part-m-a-kroton-idUSKBN16O1GH'|'2017-03-17T18:52:00.000+02:00'|2155.0|''|-1.0|'' +2155|'1055985da1b02caa5fbc3826fbf8a22f338ae4d9'|'Brazil''s Estcio probes CEO''s boycott of sale to Kroton -paper'|'Deals 58am EDT Brazil''s Estcio probes CEO''s boycott of sale to Kroton: paper SAO PAULO The board of Brazilian for-profit education company Estcio Participaes SA ( ESTC3.SA ) has removed Chief Executive Officer Pedro Thompson from a group discussing merger terms with rival Kroton Educacional SA ( KROT3.SA ) on allegations that he is boycotting the deal, Valor Econmico reported on Friday. According to Valor, which cited unnamed people familiar with the matter, the board opened a formal probe into an anonymous tip suggesting that Thompson is working against Kroton''s takeover of Estcio. Former Estcio CEO Rogrio Melzi quit last year for opposing the 28-billion-real ($9 billion) deal. The source of the anonymous tip sent Estcio''s board an exchange of emails in which Thompson suggested a lawyer accuse Kroton of interfering in Estcio''s affairs before antitrust approval, Valor said. Last month, officials at antitrust watchdog Cade said Kroton''s takeover of Estcio could hamper competition in Brazil''s education market. Media representatives of Kroton, Estcio and Demarest Advogados, Estcio''s legal advisor on the deal, did not immediately respond to calls and messages seeking comment. The report comes as Kroton tries to convince regulators and consumer advocate groups that the deal would not be detrimental to the industry or lead to excessive market concentration. The combination would create the world''s largest education company by market value and number of students. Thompson''s strategy of focusing on student loyalty has paid off, helping Estcio report higher-than-expected fourth-quarter earnings on Thursday. Under Thompson, Estcio''s selling, general and administrative expenses have slumped; student enrollment has climbed; and higher tuition fees have pushed revenue above analysts'' estimates. (Reporting by Guillermo Parra-Bernal and Gabriela Mello; Editing by Lisa Von Ahn) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-estacio-part-m-a-kroton-idUSKBN16O1GH'|'2017-03-17T18:52:00.000+02:00'|2155.0|23.0|0.0|'' 2156|'8abe5827c0d434edda1994347c99b86840cc41ec'|'Meet the entrepreneurs shaking up the art world - Guardian Small Business Network - The Guardian'|'A nother year, another record-breaking art auction. Just this month, Klimts Bauerngarten sold for 48m , making it the third most expensive painting ever to be sold in Europe. In 2016, a Picasso sold for 43.2m, the highest price ever paid for a Cubist work, and in 2015, Gerhart Richters Abstraktes Bild sold for 30.4m, a record for a living artist.Activism may be fashionable, but is it good for business? Read more The global art industry, valued at $63.8bn (51.6bn), is still dominated by bricks-and-mortar auction houses and private sales through galleries or dealers. But like many other industries it is diversifying, presenting a major opportunity for a new generation of artrepreneurs.One company leading the charge is Rise Art . Set up in 2011 by Scott Phillips and Marcos Steverlynck, it is an online gallery offering new works largely from emerging artists. Unlike other industries which have been overtaken by e-commerce, online purchases make up just 7% of private art sales. But for Rise Art business is booming. Id say over the past eight months, we have been growing at about 30% month on month, says Phillips.The business opens up the art world to people who might be limited by their location or the time they can spend looking for art. It takes a lot of time, energy and research to immerse yourself in all the galleries to find something, he says.Scott Phillips, Rise Art co-founder. Photograph: Rise Art So why arent more collectors buying online? Art always looks better in the flesh, Phillips says. People have issues online with sizing, and knowing whether it will be perfect, an important factor when we consider the high-ticket value of art.For this reason, Rise Art introduced an art rentals and flexible returns service, whereby you can live with art in your home before you purchase it. If you love it, you can use the rental towards the purchase and if not, you can just return it, he explains.A report from insurer Hiscox , released in June last year, showed that online art sales reached a record high of $3.27 billion in 2015, which would put the market on track for sales of $9.58 billion by 2020.Jeffrey Boloten, co-founder and managing director of ArtInsight Ltd and leader of the art and business semester programme at Sothebys Institute, says the online art world is seen by both the auction and dealer sectors as providing a much welcomed expansion of the global collecting community.Facebook Twitter Pinterest Ian and Joe Syer, co-founders, MyArtBroker. Photograph: MyArtBroker Boloten notes that while the expansion of the art market can present challenging shifts in how the traditional art market has historically operated, it has, he says, increased the growth of innovative and creative new business models and relationships.One of these new models is MyArtBroker , an online platform facilitating art dealer sales. Founded by Ian and Joey Syer, it focuses on the resale of art works, known as the secondary market. MyArtBroker connects owners of artworks directly with dealers actively looking to sell those pieces. It has sold work by Banksy, Picasso and Warhol.The idea for the business came to Ian Syer while he was working in a gallery. We would sell artwork from our artists, but then at some point, someone would come back in to resell, he recalls. As traditional high street galleries need to make a certain margin, art owners faced reselling at a loss. We would end up just pointing people towards the internet but theres not really anything out there other than eBay.Facebook Twitter Pinterest Gyr King, co-founder, King & McGraw. Photograph: King & McGraw To help art owners avoid the drawbacks of selling on eBay and the steep fees of an auction house, Syer set up MyArtBroker. Sellers can upload their artwork to the platform and the company passes on the inquiries they get from interested buyers to a suitable broker. MyArtBroker works with a dedicated team of dealers who handle all aspects of the sale, including framing, authenticity checks and shipping. MyArtBroker takes an introduction fee of 12.5%, which alongside the brokers fee of 12.5% brings the total deductions from the sale to 25%.Along with individual buyers, many businesses are looking for new ways to purchase art work affordably. King & McGaw is an art prints company supplying artwork for offices, stores, healthcare, hospitality and interior design companies, including prints of iconic paintings and movie posters.Prints can be seen as a poor relation in the art world but the latest printing technology allows designs to be printed in smaller batches, meaning print sellers dont have to stick to safe or inoffensive designs to ensure they sell them all and make a return. In this way, King & McGaw has been able to introduce the work of young, emerging print artists to market, much like a dealer in a gallery. The company even has its own artist-in-residence programme.Social media is key to King & McGraws operation. Social media has become absolutely crucial for how we sell our work. It is perfect for attracting the audience we want - often young people interested in getting their first bit of art, says co-founder Gyr King.Facebook Twitter Pinterest Emma Lanman, founder, Van Girls. Photograph: Nina Sologubenko Technology has brought the art world to a bigger and broader audience but once you have found your perfect treasure, how do you get it delivered safely? Van Girls , an all-female removals company with a specialism in art transit, is among the companies springing up to service this expanding market.Founder Emma Lanman first started moving art on her days off from her former job as a firefighter. One of my earliest customers was a street art print gallery in North London, called Jealous Gallery. And I did, in a former life, do a history of art degree and work in galleries, so immediately I was excited by the idea of art moving, she says.In such a flourishing sector, Lanman says there is plenty of work to go around. You dont have to have giant, expensive art collections to have art anymore, she says. The Affordable Art Fair and others like it are for normal people who might spend 1000 on something thats going to be in their living room. And, theres definitely a whole world of moving for that.Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/mar/27/meet-the-entrepreneurs-shaking-up-the-art-world'|'2017-03-27T03:00:00.000+03:00'|2156.0|''|-1.0|'' 2157|'df3e9b39b16df83d5f0c79a9c696ed2decc5eee4'|'EU clears GE acquisition of Danish rotor blade maker LM Wind Power'|'Money News 34pm IST EU clears GE acquisition of Danish rotor blade maker LM Wind Power BRUSSELS The European Commission said on Monday it had cleared General Electric Co''s $1.65 billion acquisition of Danish rotor blade maker LM Wind Power as the merged entity would continue to face effective competition in Europe. General Electric produces onshore and offshore wind turbines, but only has a relatively small market share, the Commission said in a statement. LM Wind Power designs and manufactures blades that are sold to General Electric and competitors as a component for the wind turbines. GE would continue to face competition from rivals such as Siemens, Vestas, Nordex and Senvion, who would either make their own blades or find suppliers other than LM Wind Power, the Commission said. (Reporting By Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/lm-wind-power-m-a-ge-eu-idINKBN16R1VN'|'2017-03-20T23:04:00.000+02:00'|2157.0|''|-1.0|'' 2158|'de4f26c038e94b0252b7537f5e415f5b19b6eab8'|'Taiwan''s Fubon to sell out of Dutch insurer Delta Lloyd'|'By Faith Hung - TAIPEI TAIPEI Fubon Financial Holding Co ( 2881.TW ) is planning to take a cash offer for its entire stake in Delta Lloyd ( DLL.AS ) from NN Group ( NN.AS ) amid concerns about the outlook for the two Dutch insurers'' merger.The move follows Delta Lloyd''s agreement to be taken over by its larger rival NN, after NN nudged up its earlier unsolicited offer by 1.9 percent to 2.5 billion euros ($2.61 billion).Fubon, the parent company of Taiwan''s second-biggest life insurer, said it would accept the offer even though it would result in a loss of about 90 million euros. "The synergies remain unknown as NN Group faces the uncertainty of problems associated with completing the merger," it said in a statement late on Thursday."So we''d like to cash in our stake now to avoid that uncertainty."Fubon is a major stake-holder of Delta Lloyd, although the company declined to say exactly how many shares it owned.Delta Lloyd missed market forecasts in February for its full-year profit and said its solvency had fallen towards the bottom of its target range.Fubon stocks were down 0.6 percent at about 0325 GMT, trailing the broader market''s .TWII 0.1 percent dip.(Reporting by Faith Hung; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fubon-financial-delta-lloyd-idINKBN1720AK'|'2017-03-31T01:36:00.000+03:00'|2158.0|''|-1.0|'' @@ -2172,8 +2172,8 @@ 2170|'7fc1c96ae8b1d6b080e32b922e9f29018319ef44'|'VW Trucks open to exploring new alliance in China: Manager Magazin'|'FRANKFURT Volkswagen ( VOWG_p.DE ) is ready to consider a new trucks partnership, for example with FAW [SASACJ.UL] in addition to Sinotruck ( 3808.HK ), as a way to push its expansion in China, trucks chief Andreas Renschler told Manager Magazin."We are thinking about how we can better establish ourselves in China," Renschler told the magazine, adding that FAW is a strong player there.Asked about VW''s existing alliance with Sinotruck, in which VW''s MAN division holds a 25.1 percent stake, Renschler said: "This partnership has existed for what seems like forever, with few ups and lots of downs."(Reporting by Edward Taylor, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-volkswagen-trucks-idINKBN1684BI'|'2017-03-01T09:22:00.000+02:00'|2170.0|''|-1.0|'' 2171|'4635215e4f38e16b5e48c0ec05040907789503e8'|'The richest seam: Mining companies have dug themselves out of a hole'|'FOR mining investors there is something sinfully alluring about Glencore, an Anglo-Swiss metals conglomerate. It is the worlds biggest exporter of coal, a singularly unfashionable commodity. It goes where others fear to tread, such as the Democratic Republic of Congo (DRC), which has an unsavoury reputation for violence and corruption. It recently navigated sanctions against Russia to strike a deal with Rosneft, the countrys oil champion.Yet Glencore could still acquire a halo for itself. It is one of the worlds biggest suppliers of copper and the biggest of cobalt, much of which comes from its investment in the DRC. These are vital ingredients for clean-tech products and industries, notably electric vehicles (EVs) and batteries.The potential of green metals and minerals, which along with copper and cobalt include nickel, lithium and graphite, is adding to renewed excitement about investing in mining firms as they emerge from the wreckage of a $1trn splurge of over-investment during the China-led commodities supercycle, which began in the early 2000s. The most bullish argue that clean energy could be an even bigger source of demand than China has been in the past 15 years or so.Optimism about the mining industry is a remarkable turnaround in itself. In the past four years the business has endured a slump that Sanford C. Bernstein, a research firm, judges to have been as deep as in the Depression. In 2014-15 the four biggest London-listed minersBHP Billiton, Rio Tinto, Glencore and Anglo Americanlost almost $20bn of core earnings, or EBITDA, as commodities plunged. Glencore, which was hit hardest, scrapped its dividend and issued shares to rescue its balance-sheet.Commodity valuations rebounded last year, and again led by Glencore, mining-company share prices rallied. Recent results show that the four biggest firms not only swung from huge losses to profits but also cut net debt by almost $25bn in 2016. BHP and Rio made unexpectedly large payouts to shareholders. Ivan Glasenberg, Glencores tough-talking boss, says the company is now in its strongest financial position in 30 years. What a difference a year makes, he exclaims.Underpinning the turnaround have been curbs on supplyboth voluntary, to push up commodity prices, and involuntary, such as strikes and stoppages. Capital expenditure has fallen by over two-thirds since 2013 (see chart). All the firms are reluctant to embark on big new mining projects. Mr Glasenberg says the industrys pipeline of new copper projects, for example, is shorter than it was before the China boom. Rios giant Oyu Tolgoi copper site in Mongolias Gobi Desert is a rare exception. The main focus at all the mining firms is on rebuilding balance-sheets and rewarding shareholders who kept the faith.Even as they promise capital discipline, however, demand for green metals and minerals is tempting them to spend. Last year BHP declared that 2017 could be the year when the electric-car revolution really gets started. A recent surge in the prices of battery ingredients, such as copper, cobalt and lithium, has added to the excitement. China, the worlds biggest manufacturer of EVs, is gobbling up supplies. In November China Molybdenum, which is listed in Shanghai, became the majority owner of Tenke Fungurume, a vast copper and cobalt mine in the DRC. Tellingly, the price of platinum, which is used in catalytic converters in internal combustion engines, has lagged behind.BHP, which has looked closely at EV-related demand, estimates that an average battery-powered EV will contain 80 kilograms of copper, four times as much as an internal-combustion engine. This is split between the engine (the largest share), the battery and the wiring harness. It forecasts that by 2035 there could be 140m EVs on the road (8% of the global fleet), versus 1m today. Manufacturing them could require at least 8.5m tonnes a year of additional copper, or about a third extra on top of todays total global copper demand.According to Sanford C. Bernstein, which uses a bold estimate that almost all new cars will be electric by 2035, global copper supplies would need to double to meet demand by then. Finding and digging up all the metals that stand to benefit, plus new smelting and refining capacity, could require up to $1trn in new investment by mining companies, it says. Hunter Hillcoat of Investec, a bank, says the transition could require the addition of a copper mine the size of Chiles Escondida, the worlds biggest, every year.Therein lies the rub. By one estimate, it takes at least 30 years to go from finding copper deposits to producing the metal from them at scale. Some of the big ones in operation today were discovered in the 1920s. Because of declining ore grades, community resistance, lack of water and other factors, copper supply will be overtaken by demand in the next year or two. But prices would have to rise considerably to spur the necessary investment in mines.Sharply higher prices for copper could, however, spur the search for alternative battery and EV materials such as aluminium. When prices of nickel, an additive in stainless steel, soared a decade ago, stainless-steel manufacturers found ways to make products less nickel-dependent.Another difficulty in supplying a future electric-vehicle revolution is the often inhospitable location of some of the most promising minerals. Cobalt, for instance, is a by-product of copper and nickel. Total volumes are about 100,000 tonnes, and about 70% lies in the DRC. Unregulated artisanal miners produce a lot of it, which has led to worries about conflict cobalt.Indeed, the DRC is likely to be the main source of many of the minerals needed for EVs and batteries. Paul Gait of Sanford C. Bernstein calls it the Saudi Arabia of the EV boom, referring to the kingdoms role in oil markets. But firms such as BHP and Rio are thought to be reluctant to invest there because of concerns about the countrys stability, transparency and governance.In the short term the mining industry remains gun-shy about new investments. As Glencores Mr Glasenberg notes, it has been fooled before by estimates that demand for copper will doublethe latest such misjudgment came as recently as 2008. The very biggest firms, BHP and Rio, have an additional reason to hesitate before splurging on battery materials. Their cash cows are iron ore and coking coal, the raw materials of steel, which are used more heavily in petrol and diesel engines than in EVs. BHP also produces oil, demand for which could one day be affected by battery-powered vehicles. Anglo American has a large platinum and palladium business, feeding demand for diesel and petrol catalytic converters.All the firms insist that such diverse mineral exposures in fact provide them with a hedge whichever way the vehicle fleet develops (though they play up the copper in their portfolio as possibly the best bet of all). Rio is unique among them in also having a lithium-borate project, in Serbia, which it is developing as an option on a batteries boom.For an unhedged bet, it may be small miners such as Canada-based Ivanhoe that are best placed for a surge in EVs and batteries. Ivanhoe recently said it planned to develop the Kamoa-Kakula deposit in the DRC (pictured on previous page), which it calls the biggest copper discovery ever, containing the highest-grade copper that the worlds big mines produce. Zijin, a Chinese miner, sees the same opportunity and is paying Ivanhoe $412m for half of its majority stake in Kamoa-Kakula. Ivanhoes founder, billionaire Robert Friedland, speaks of the metal as the king of them all. Based on world ecological and environmental problems, he says, every single solution drives you to copper. Business "The richest seam"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21718532-electric-vehicles-and-batteries-are-expected-create-huge-demand-copper-and-cobalt-mining?fsrc=rss'|'2017-03-09T23:29:00.000+02:00'|2171.0|''|-1.0|'' 2172|'87f6cb8adfbbe6be73d31f369d6c37b7058a4b88'|'Hugo Boss sees sales stabilising in 2017 as China recovers'|' 6:42am GMT Hugo Boss sees sales stabilising in 2017 as China recovers The logo of German fashion company Hugo Boss is seen at a store in Vienna, Austria, November 23, 2016. REUTERS/Leonhard Foeger BERLIN Hugo Boss ( BOSSn.DE ) said it expected sales to stabilise in 2017 and profitability to start to recover as the struggling German fashion house managed to turn its business around in China after slashing prices there. Hugo Boss said it expected currency-adjusted sales to be stable in 2017 after it reported a 4 percent fall in 2016 to 2.69 billion euros (2.33 billion pounds), in line with average analyst forecasts. It forecast a change in earnings before interest, taxation, depreciation and amortisation (EBITDA) before special effects of somewhere between positive 3 percent and negative 3 percent, after a 17 percent fall in 2016 to 493 million. Mark Langer, who took over as chief executive last May, is returning Hugo Boss to its roots selling smart men''s suits, reversing the course of predecessor Claus-Dietrich Lahrs, who sought to make the premium label more of a luxury brand and invested heavily in promoting its womenswear. ($1 = 0.9494 euros) (Reporting by Emma Thomasson; Editing by Maria Sheahan) Next In Business News UK faces tougher Brexit challenge after 2017 resilience - Hammond LONDON Britain''s economy is likely to feel the pain of Brexit more sharply in the coming years despite holding up well so far, according to Chancellor Philip Hammond''s latest plan to steer the economy through its split from the European Union.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hugo-boss-results-idUKKBN16G0JT'|'2017-03-09T13:42:00.000+02:00'|2172.0|''|-1.0|'' -2173|'3b5f87d477bb7f8d9feff39cbe94e89ba924731b'|'Germany''s Merck well advanced in talks to sell biosimilars unit'|'DARMSTADT, Germany Germany''s Merck KGaA on Thursday said it was seeking a buyer for its biosimilars unit, confirming a Reuters report in October.The chief executive of the maker of drugs, lab supplies and high-tech chemicals, Stefan Oschmann, said negotiations were far advanced but complex, speaking at a press conference after the release of full-year results.Merck has been working since 2012 with Dr Reddy''s of India in developing cheaper versions of blockbuster biotech drugs such as AbbVie''s Humira, Roche''s Rituxan and Amgen''s Neulasta but has not yet brought products to market.The lineup of prospective suppliers of these compounds - called biosimilars because they are equivalent to the original drug in efficacy and safety but not exact replicas - is expected to see a shakeout amid harsh competition.When asked about the future of Merck''s Consumer Health division, Oschmann said it was developing well, but added that every one of the group''s units would have to prove itself and would be under review on an ongoing basis.The business with 860 million euros ($908 million) in 2016 sales is seen by many industry experts as lacking critical mass to compete with much larger rivals, which are seeking to further consolidate the non-prescription treatments industry.($1 = 0.9471 euros)(Reporting by Patricia Weiss; Writing Ludwig Burger; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/merck-results-biosimilars-idINKBN16G1EQ'|'2017-03-09T08:13:00.000+02:00'|2173.0|''|-1.0|'' -2174|'715ebb2d48b8a8597f48d5ea3a38db5b075d91f8'|'Greek privatisation agency says disused airport project to go ahead'|'Business News - Sat Mar 4, 2017 - 4:50pm GMT Greek privatisation agency says disused airport project to go ahead Disused aircrafts are seen on the tarmac of the old Athens'' airport at Hellenikon suburb, southwest of Athens June 20, 2011. The Greek government plans to develop the site of the capital''s old airport, which officials said could raise 5-7 billion euros (7-9 billion). REUTERS/Yiorgos Karahalis ATHENS A 7.9 billion euro (6.82 billion pounds) plan to turn a derelict former Athens airport into one of Europe''s biggest coastal resorts, included in Greece''s latest international bailout, will go ahead despite recent delays, a senior privatisation agency official said on Saturday. Under the deal signed in 2014 and revised last year, investors lead by Lamda Development ( LMDr.AT ) will pay 900 million euros for a 99-year lease to turn the Hellenikon site, a wasteland of decaying terminals and rusting airplanes, into a seaside town of hotels and residences. That project is expected to cost 7 billion euros. Lamda, which will be backed by China''s Fosun ( 0656.HK ) and Arab funds, had hoped excavations at the site would begin in the first half of the year. But the investment has been delayed due to licensing hurdles. "A project where (privatisation agency) HRADF has been involved since 2012 has faced problems and delays. But we believe that we are at the final stage so that it can be set in motion," the agency''s executive director Lila Tsitsogiannopoulou told an economic forum in Delphi. She said that all parties involved have been working together to sort out the remaining issues. Privatisations have been a key plank of Greek international bailouts since 2010, but have reaped only 4 billion euros ($4.3 billion) so far versus an original target of 50 billion euros due to political resistance and red tape. "We are not dreamers but there is a glimmer of optimism at HRADF because we meet interested investors everyday and we see our projects moving ahead," she said. (Reporting by Angeliki Koutantou; Editing by Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-privatisations-idUKKBN16B0HN'|'2017-03-04T23:50:00.000+02:00'|2174.0|''|-1.0|'' +2173|'3b5f87d477bb7f8d9feff39cbe94e89ba924731b'|'Germany''s Merck well advanced in talks to sell biosimilars unit'|'DARMSTADT, Germany Germany''s Merck KGaA on Thursday said it was seeking a buyer for its biosimilars unit, confirming a Reuters report in October.The chief executive of the maker of drugs, lab supplies and high-tech chemicals, Stefan Oschmann, said negotiations were far advanced but complex, speaking at a press conference after the release of full-year results.Merck has been working since 2012 with Dr Reddy''s of India in developing cheaper versions of blockbuster biotech drugs such as AbbVie''s Humira, Roche''s Rituxan and Amgen''s Neulasta but has not yet brought products to market.The lineup of prospective suppliers of these compounds - called biosimilars because they are equivalent to the original drug in efficacy and safety but not exact replicas - is expected to see a shakeout amid harsh competition.When asked about the future of Merck''s Consumer Health division, Oschmann said it was developing well, but added that every one of the group''s units would have to prove itself and would be under review on an ongoing basis.The business with 860 million euros ($908 million) in 2016 sales is seen by many industry experts as lacking critical mass to compete with much larger rivals, which are seeking to further consolidate the non-prescription treatments industry.($1 = 0.9471 euros)(Reporting by Patricia Weiss; Writing Ludwig Burger; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/merck-results-biosimilars-idINKBN16G1EQ'|'2017-03-09T08:13:00.000+02:00'|2173.0|23.0|0.0|'' +2174|'715ebb2d48b8a8597f48d5ea3a38db5b075d91f8'|'Greek privatisation agency says disused airport project to go ahead'|'Business News - Sat Mar 4, 2017 - 4:50pm GMT Greek privatisation agency says disused airport project to go ahead Disused aircrafts are seen on the tarmac of the old Athens'' airport at Hellenikon suburb, southwest of Athens June 20, 2011. The Greek government plans to develop the site of the capital''s old airport, which officials said could raise 5-7 billion euros (7-9 billion). REUTERS/Yiorgos Karahalis ATHENS A 7.9 billion euro (6.82 billion pounds) plan to turn a derelict former Athens airport into one of Europe''s biggest coastal resorts, included in Greece''s latest international bailout, will go ahead despite recent delays, a senior privatisation agency official said on Saturday. Under the deal signed in 2014 and revised last year, investors lead by Lamda Development ( LMDr.AT ) will pay 900 million euros for a 99-year lease to turn the Hellenikon site, a wasteland of decaying terminals and rusting airplanes, into a seaside town of hotels and residences. That project is expected to cost 7 billion euros. Lamda, which will be backed by China''s Fosun ( 0656.HK ) and Arab funds, had hoped excavations at the site would begin in the first half of the year. But the investment has been delayed due to licensing hurdles. "A project where (privatisation agency) HRADF has been involved since 2012 has faced problems and delays. But we believe that we are at the final stage so that it can be set in motion," the agency''s executive director Lila Tsitsogiannopoulou told an economic forum in Delphi. She said that all parties involved have been working together to sort out the remaining issues. Privatisations have been a key plank of Greek international bailouts since 2010, but have reaped only 4 billion euros ($4.3 billion) so far versus an original target of 50 billion euros due to political resistance and red tape. "We are not dreamers but there is a glimmer of optimism at HRADF because we meet interested investors everyday and we see our projects moving ahead," she said. (Reporting by Angeliki Koutantou; Editing by Hugh Lawson) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-privatisations-idUKKBN16B0HN'|'2017-03-04T23:50:00.000+02:00'|2174.0|23.0|0.0|'' 2175|'ecb3e8c5ac61ce4c4cd999dda65abcb0f502a292'|'Real estate in Brazil''s biggest market to rebound in 2017 -industry'|' 55pm EDT Real estate in Brazil''s biggest market to rebound in 2017 -industry SAO PAULO, March 14 Real estate activity in the greater So Paulo area, Brazil''s largest market, should rebound this year as interest rates fall and the government pushes through key economic reforms, a construction industry group said on Tuesday. Housing starts and sales should grow between 5 percent and 10 percent, Secovi-SP chief economist Celso Petrucci said, adding that those figures may be revised upwards by mid-year. The group expects home prices to rise 10 percent in the period. The forecasts underscore newfound optimism in an industry that has struggle in recent years with scarce credit, high unemployment and sales cancellations amid a harsh recession. The improved outlook would be good news for Cyrela Brazil Realty SA, MRV Engenharia e Participaes SA and Eztec Empreendimentos e Participaes SA , some of Brazil''s largest home builders. An index gauging performance of listed real estate companies at the So Paulo Stock Exchange is up 26 percent over the past three months. Analysts expect Latin America''s largest economy to recover by year-end albeit at a gradual pace as President Michel Temer advances with sweeping pension, labor and tax reforms. In 2016, housing starts in the greater So Paulo area fell 30 percent from a year earlier to just below 27,000 units, while sales of new residential property dropped 24 percent to roughly 25,000 units, according to Secovi-SP, the weakest performance since records began in 2004. In recent months, construction companies have lowered prices to reduce inventories after a rash of cancelled sales. (Reporting by Gabriela Mello; Writing by Ana Mano; Editing by Lisa Shumaker) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-realestate-outlook-idUSL2N1GR0X0'|'2017-03-15T01:55:00.000+02:00'|2175.0|9.0|0.0|'' 2176|'5ac1a99f28c05441116dae6334152c58533d6f82'|'Roche says drug combo cuts breast cancer deaths in key trial'|'ZURICH Combining Roche''s ( ROG.S ) Perjeta and Herceptin drugs with chemotherapy reduced recurrence of aggressive breast cancer or death compared to Herceptin and chemo, the Swiss drugmaker said on Thursday.Roche hopes the important trial outcome will help shield its oncology franchise from cheaper copies."These results from the positive Aphinity study represent an important addition to the body of data for Perjeta in the treatment of people with HER2-positive early breast cancer," Sandra Horning, Roche''s chief medical officer, said.Analysts from Deutsche Bank have estimated around $2 billion in annual sales in 2018 hinged on the Aphinity trial''s outcome.Herceptin brought in $6.75 billion in sales last year for Roche but is losing patent protection, exposing it to competition from a biosimilar version that Mylan ( MYL.O ) and its partner Biocon ( BION.NS ) may introduce in Europe later this year.By showing Herceptin, Perjeta and chemo helped people who had undergone surgery live longer without their disease returning compared with the previous regimen of Herceptin and chemotherapy, the Basel-based drugmaker aims to make the case for doctors to switch to this new combination.Herceptin was initially approved in 1998, while follow-on Perjeta won the U.S. Food and Drug Administration''s blessing in 2013.The drugs are already approved in combination for those suffering from metastatic disease, but Aphinity tested Perjeta''s ability to keep cancer from returning in women who had undergone surgery.Roche has said its 2017 guidance of sales and profit rising at a low- to mid-single digit percentage rate was issued irrespective of the Aphinity outcome, but analysts including those at Jefferies contend this trial will likely be a catalyst for shares."We estimate a positive top line result could drive stock price upside of about 15-20 francs versus downside of about 25-35 francs if the study fails," Jefferies'' Jeffrey Holford wrote earlier this year.(Reporting by John Miller; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/roche-trial-aphinity-idINKBN1690NN'|'2017-03-02T03:59:00.000+02:00'|2176.0|''|-1.0|'' 2177|'56561acfbab8360a73274ed0ddbb5e1e45315262'|'UPDATE 1-Toronto firm may pursue lawsuit over Enron bond sales -U.S. judge'|'Company News 4:02pm EDT UPDATE 1-Toronto firm may pursue lawsuit over Enron bond sales -U.S. judge (Adds comment from plaintiff''s lawyer, paragraph 9) By Jonathan Stempel NEW YORK, March 31 A Toronto investment firm that has spent 15 years suing Enron Corp''s banks to recoup losses on bonds it bought shortly before the energy company went bankrupt may pursue a lawsuit seeking damages from three of those banks, a U.S. judge ruled on Friday. Silvercreek Management Inc claimed to suffer heavy losses on more than $100 million of Enron bonds it bought less than two months before Dec. 2, 2001 bankruptcy. It sought to hold Credit Suisse Group AG, Deutsche Bank AG, Bank of America Corp''s Merrill Lynch unit, and former Enron Chief Executive Officer Jeffrey Skilling liable for overseeing many sham and off-balance-sheet transactions that fueled Enron''s demise. In a 43-page decision, U.S. District Judge Paul Oetken in Manhattan said Silvercreek and its affiliates may pursue claims that the banks aided Enron''s fraud and conspired to commit fraud. He cited "specific and wide-ranging" allegations that the banks knew Houston-based Enron was hiding billions of dollars of debt and using sham transactions to bolster its bottom line. Though Silvercreek''s allegations "do not plead a formal, back-room agreement among all defendants and Enron," they are "sufficient to state a conspiracy claim," Oetken wrote. Some claims were dismissed. The judge said Silvercreek may also pursue a fraud claim against Skilling, citing his alleged knowing and direct involvement in Enron''s financial misconduct. Credit Suisse and Skilling''s lawyer Jeffrey Barker declined to comment. Lawyers for Deutsche Bank and Bank of America did not immediately respond to requests for comment. "Given that the banks'' motions to dismiss were largely denied, the clients are pleased with the outcome," Scott Hessell, a lawyer for Silvercreek, said in an email. Silvercreek''s case began in Manhattan, but was moved to a Houston court that handled -- and has completed -- most post-bankruptcy Enron litigation. A panel of federal judges moved it back to Manhattan at Silvercreek''s request last June. Enron once ranked seventh on the Fortune 500 list of large U.S. companies, and its demise was the basis for the 2005 Oscar-nominated documentary "Enron: The Smartest Guys in the Room." Several executives went to prison. Skilling is serving a 14-year prison term for fraud and other offenses, and eligible for release in February 2019, federal prison records show. The case, which originally named Citigroup Inc as a defendant, is Silvercreek Management Inc et al v Citigroup Inc et al, U.S. District Court, Southern District of New York, No. 02-08881. (Reporting by Jonathan Stempel in New York; Editing by Lisa Shumaker) Next In Company News UPDATE 1-Third Avenue in $14.25 mln settlement over junk bond fund collapse NEW YORK, March 31 Third Avenue Management and its founder Martin Whitman have reached a $14.25 million settlement of a lawsuit by investors who accused the well-known value investment firm of mismanaging a junk bond mutual fund that collapsed in December 2015. * Sama Resources Inc - Non-brokered private placement of up to 13.33 million units at a price of CAN$0.15 per unit MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/enron-lawsuit-idUSL2N1H81VT'|'2017-04-01T04:02:00.000+03:00'|2177.0|''|-1.0|'' @@ -2190,7 +2190,7 @@ 2188|'6b7c3b91f890e530c8477939f8b0fbe124b017a4'|'SpaceX defeats Boeing-Lockheed partnership for GPS launch contract'|'Science News 43pm EDT SpaceX defeats Boeing-Lockheed partnership for GPS launch contract A SpaceX Falcon 9 rocket (in center, in a horizontal position), is readied for launch on a supply mission to the International Space Station on historic launch pad 39A at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 17, 2017. REUTERS/Joe Skipper By Irene Klotz CAPE CANAVERAL, Fla. - Elon Musk''s Space Exploration Technologies has won a GPS satellite launch contract over rival United Launch Alliance, a partnership of the top two U.S. aerospace companies Lockheed Martin Corp. and Boeing Co., the U.S. Air Force said on Tuesday. The contract, worth $96.5 million, is the second GPS satellite launch contract awarded by the Air Force to Musk''s rocket company, known as SpaceX. United Launch Alliance, however, did not bid for the first GPS launch contract, which was awarded in April 2016. At the time, the Air Force said SpaceX''s $83 million bid was about 40 percent less than what the military had been paying United Launch Alliance for previously awarded contracts. The GPS launch contracts won by SpaceX cover production of a Falcon 9 launch vehicle, mission integration, launch operations and spaceflight certification, the Air Force said in a statement. The launch, slated for February 2019, is intended to put the third member of the next-generation GPS satellite network into orbit. SpaceX won certification from the Air Force in 2015 to compete for military and national security space launches, breaking United Launch Alliances 10-year monopoly. (Reporting by Irene Klotz; Editing by Dan Whitcomb and Diane Craft) Next In Science News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-space-spacex-military-idUSKBN16L2UQ'|'2017-03-15T06:40:00.000+02:00'|2188.0|''|-1.0|'' 2189|'25f65ae1d9ac287bbecd987ac3263e71703f8b2d'|'UPDATE 1-South Africa''s Gordhan confident welfare benefits to be paid April 1'|'World South Africa''s Gordhan confident welfare benefits to be paid April 1 Finance Minister Pravin Gordhan delivers his 2017 Budget Speech to Parliament in Cape Town, South Africa, February 22, 2017. REUTERS/Mike Hutchings CAPE TOWN South Africa''s Finance Minister Pravin Gordhan said on Tuesday he was "fairly confident" social security payments will be paid on April 1 despite a service-provider dispute that has cast doubt over the welfare benefits. The South African Social Security Agency (SASSA) is scrambling to ensure that as many as 17 million people continue to receive their money, despite concerns that retaining the existing service provider is both unlawful and costly. "I am fairly confident grants will be paid," Gordhan told parliament''s public accounts committee, referring to April 1. The existing contract, run by Cash Paymaster Services, a unit of technology company Net1 unit, has been in doubt since South Africa''s highest court ruled in 2014 that the tender process to acquire its services was unlawful. It ordered that a new contract to be negotiated. SASSA officials have said the agency had opted to renew the deal with Cash Paymaster Services despite the court order. A new deal has not yet been made public. The Constitutional Court, which ruled the original contract invalid in 2014, will on Wednesday hear an application by non-government bodies, Black Sash and Freedom Under Law, for the court to play a supervisory role in any new contract agreed. The Treasury has expressed misgivings about SASSA retaining Cash Paymaster Services, a move also criticized by members of parliament''s committee on public accounts. "We are trying to be careful not to preempt the court in anyway, and the court will finally determine the shape and direction of many of the issues we are looking at," Gordhan said. (Reporting by Wendell Roelf; Editing by James Macharia) Next In World News One month on, Malaysia embalms Kim Jong Nam''s body, awaiting next of kin KUALA LUMPUR The body of the estranged half-brother of North Korean leader Kim Jong Un was embalmed this week in Kuala Lumpur, with no family member coming forward to claim the remains and as a diplomatic spat with Pyongyang drags on. South Korean prosecutors to summon ousted president Park SEOUL South Korean prosecutors will summon ousted president Park Geun-hye for questioning as a suspect in a corruption case that led to her impeachment, a prosecution official said on Tuesday, amid a political crisis that has gripped the country for months. SEOUL The South Korean politician expected to become its next president, Moon Jae-in, called on China on Tuesday to stop economic retaliation against South Korean firms over the deployment of a U.S. missile-defense system. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-safrica-welfare-idUSKBN16L0PX'|'2017-03-14T15:36:00.000+02:00'|2189.0|''|-1.0|'' 2190|'37411d674bc27888e72cc65590a939de2ca2b7e8'|'Porsche SE has no information about Piech''s stake sale talks'|'Deals - Tue Mar 21, 2017 - 7:31am EDT Porsche SE has no information about Piech''s stake sale talks left right A logo is seen on a wheel of a Porsche car during the company''s annual meeting in Stuttgard, Germany, May 13, 2015. REUTERS/Ralph Orlowski 1/2 left right FILE PHOTO: Ferdinand Piech, chairman of the supervisory board of German carmaker Volkswagen, gives a thumbs-up during his visit to the IAA truck show in Hanover, Germany September 18, 2012. REUTERS/Fabian Bimmer/Files 2/2 STUTTGART, Germany Porsche SE ( PSHG_p.DE ), Volkswagen''s majority shareholder, said it has no information about former VW chairman Ferdinand Piech''s talks with the carmaker''s controlling families about a possible sale of his stake. "We are only informed about the fact that talks are happening," Porsche SE chief executive Hans Dieter Poetsch said on Tuesday at the company''s earnings press conference. "We cannot even say whether there will be a result." Should the negotiations of the Porsche and Piech families to buy a substantial part of Piech''s 14.7 percent stake in Porsche SE succeed, such a move would have no impact on the holding company''s ownership structure, Poetsch said. "There will be no change to the fact that the voting shares will be held by the Porsche and Piech families," the CEO said. Porsche SE is the group through which the billionaire Porsche and Piech families control 52.2 percent of the voting shares in Volkswagen (VW), which is still dealing with the effects of its diesel emissions scandal. Separately, VW chief executive Matthias Mueller said he has had no discussions to date with Fiat Chrysler Automobiles ( FCHA.MI ) boss Sergio Marchionne about a possible tie-up. Last week, the VW CEO left the door open to a potential merger with Fiat Chrysler, saying Europe''s biggest automotive group was more open to partnerships than in the past. (Reporting by Andreas Cremer; Editing by Harro ten Wolde) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-porschese-piech-idUSKBN16S17I'|'2017-03-21T18:19:00.000+02:00'|2190.0|''|-1.0|'' -2191|'299c2d760ab087e88de77f798934a289ec1125e6'|'Saving is now up to Trump'|'Trump''s health care plan that won''t be Next move on Obamacare? It''s up to President Trump. Minutes after House Republicans shelved their bill that was supposed to save the nation''s health care, Trump repeated that Obamacare was on the verge of collapse. "Bad things are going to happen to Obamacare," said Trump, calling out the large premium increases and insurer defections that plagued the exchanges this year. "There''s not much you can do about it. It''s not sustainable." While Trump is trying to shift the responsibility to the Democrats, it''s his administration that will largely have to decide whether 20 million people who gained coverage under the sweeping 2010 health reform law will remain insured. It''s not at all clear that Obamacare is in a death spiral, but there''s no question the program is troubled. Insurers have found themselves with sicker and costlier customers than they expected, forcing them to raise rates and exit certain markets. But carriers say it''s now largely in the hands of the Trump administration and Republican lawmakers as to whether they will participate next year. Over the past several months, insurers have urged officials to provide clarity on several key measures that they say will help shore up the exchanges. "If Republicans want to stabilize the market, they have the tools to do so," Dr. Mario Molina, chief executive of Molina Healthcare ( MOH ) , which has just under 1 million exchange enrollees in nine states, told CNNMoney. "If they don''t act, they can''t say Obamacare exploded. They made the decisions that led to people losing their coverage. They can''t shift the blame anymore." Insurers must decide in coming weeks whether they''ll participate on the exchanges next year. At least one, Humana ( HUM ) , has already said it won''t. Molina said he will decide in May. Among the top priorities is having Congress fund the cost-sharing subsidies that reduce the deductibles for millions of low-income enrolleee. Lawmakers have delayed their decision at least until April. Related: Insurers worry GOP bill will leave low-income Americans without coverage Also, insurers want the Department of Health & Human Services to clamp down on special enrollment periods so that people can''t sign up when they become sick. And carriers want the agency to continue the Obama administration''s efforts to bolster the risk programs that insulate them from costly policyholders. "There''s still a lot that can be done for market stability," said Kristine Grow, spokeswoman for America''s Health Insurance Plans, a main trade association for insurers. Trump officials have already started taking steps to stabilize the market, which they have had to do to fulfill their pledge not to have millions of people lose coverage as they tried to move to the Republican plan. At the same time, some of their moves -- and certainly their rhetoric -- have damaged Obamacare. Enforcing the individual mandate, which remains the law of the land since the GOP repeal bill failed, is one of the keys to keeping younger, healthier consumers in the market. The Internal Revenue Service has loosened its oversight slightly, citing Trump''s executive order to lift Obamacare''s financial burdens on Americans where possible. Whether to step back more on the mandate is up to Trump. "It''s a decision that can be traced directly to the White House," said Molina, whose company is one of the few to have prospered in the exchanges. 58 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/03/24/news/economy/trump-obamacare-collapse/index.html'|'2017-03-25T02:58:00.000+03:00'|2191.0|''|-1.0|'' +2191|'299c2d760ab087e88de77f798934a289ec1125e6'|'Saving is now up to Trump'|'Trump''s health care plan that won''t be Next move on Obamacare? It''s up to President Trump. Minutes after House Republicans shelved their bill that was supposed to save the nation''s health care, Trump repeated that Obamacare was on the verge of collapse. "Bad things are going to happen to Obamacare," said Trump, calling out the large premium increases and insurer defections that plagued the exchanges this year. "There''s not much you can do about it. It''s not sustainable." While Trump is trying to shift the responsibility to the Democrats, it''s his administration that will largely have to decide whether 20 million people who gained coverage under the sweeping 2010 health reform law will remain insured. It''s not at all clear that Obamacare is in a death spiral, but there''s no question the program is troubled. Insurers have found themselves with sicker and costlier customers than they expected, forcing them to raise rates and exit certain markets. But carriers say it''s now largely in the hands of the Trump administration and Republican lawmakers as to whether they will participate next year. Over the past several months, insurers have urged officials to provide clarity on several key measures that they say will help shore up the exchanges. "If Republicans want to stabilize the market, they have the tools to do so," Dr. Mario Molina, chief executive of Molina Healthcare ( MOH ) , which has just under 1 million exchange enrollees in nine states, told CNNMoney. "If they don''t act, they can''t say Obamacare exploded. They made the decisions that led to people losing their coverage. They can''t shift the blame anymore." Insurers must decide in coming weeks whether they''ll participate on the exchanges next year. At least one, Humana ( HUM ) , has already said it won''t. Molina said he will decide in May. Among the top priorities is having Congress fund the cost-sharing subsidies that reduce the deductibles for millions of low-income enrolleee. Lawmakers have delayed their decision at least until April. Related: Insurers worry GOP bill will leave low-income Americans without coverage Also, insurers want the Department of Health & Human Services to clamp down on special enrollment periods so that people can''t sign up when they become sick. And carriers want the agency to continue the Obama administration''s efforts to bolster the risk programs that insulate them from costly policyholders. "There''s still a lot that can be done for market stability," said Kristine Grow, spokeswoman for America''s Health Insurance Plans, a main trade association for insurers. Trump officials have already started taking steps to stabilize the market, which they have had to do to fulfill their pledge not to have millions of people lose coverage as they tried to move to the Republican plan. At the same time, some of their moves -- and certainly their rhetoric -- have damaged Obamacare. Enforcing the individual mandate, which remains the law of the land since the GOP repeal bill failed, is one of the keys to keeping younger, healthier consumers in the market. The Internal Revenue Service has loosened its oversight slightly, citing Trump''s executive order to lift Obamacare''s financial burdens on Americans where possible. Whether to step back more on the mandate is up to Trump. "It''s a decision that can be traced directly to the White House," said Molina, whose company is one of the few to have prospered in the exchanges. 58 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/03/24/news/economy/trump-obamacare-collapse/index.html'|'2017-03-25T02:58:00.000+03:00'|2191.0|18.0|0.0|'' 2192|'66f49639e4137c231c12067bbf705d0e5d915f25'|'Mitsubishi Materials faces glitch in restart of Indonesia copper smelter'|'Company News - Wed Mar 1, 2017 - 4:34am EST Mitsubishi Materials faces glitch in restart of Indonesia copper smelter TOKYO, March 1 A minor technical glitch forced Japan''s Mitsubishi Materials Corp to stop operations at Indonesia''s main copper smelter, briefly resumed on Wednesday after a strike had halted all but the refining process since Jan. 19, a spokesman said. "We expect to fix the technical problem and resume operation in a short period," the spokesman said, without giving a specific timeframe. The Gresik smelter, owned by PT Smelting, produced about 190,000 tonnes of copper cathode in the year to March 2016 and had planned to produce 260,000 tonnes this financial year through March 31, before accounting for the strike''s impact. The spokesman declined to give the latest output plan for this year. PT Smelting is 60.5 percent owned by Mitsubishi Materials, while Freeport-McMoRan Inc''s Indonesian unit holds 25 percent. (Reporting by Yuka Obayashi; Editing by Clarence Fernandez) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mitsubishi-ma-indonesia-idUSL3N1GE2LU'|'2017-03-01T16:34:00.000+02:00'|2192.0|''|-1.0|'' 2193|'4045099ae7adbda963aca80c488436af6269cea2'|'Glencore to sell 51 percent of oil products storage business'|'LONDON Swiss-based trading and mining giant Glencore has agreed to sell a 51 percent stake in its oil products and logistics business for $775 million to China''s HNA Innovation Finance Group Ltd, the company said on Friday.Reuters earlier exclusively reported that Glencore was in talks to sell a bundle of its global oil storage stakes, following similar moves by rivals as a boom period for storage shows signs of nearing to an end.Glencore said the deal was expected to close in the second half of 2017 and that the transaction would result in a new company called HG Storage International Ltd with a presence across Europe, Africa and the Americas.Dutch bank ING was the sell-side adviser to the deal, a spokeswoman for the bank said.(Reporting By Julia Payne, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-glencore-assets-oil-idINKBN172251'|'2017-03-31T13:16:00.000+03:00'|2193.0|''|-1.0|'' 2194|'171a7184270b367246070b48ed1fadde5e22319c'|'BRIEF-Sears says historical operating results raise doubt over co''s going concern ability - SEC filing'|' 04pm EDT BRIEF-Sears says historical operating results raise doubt over co''s going concern ability - SEC filing March 21 Sears Holdings Corp: * Historical operating results indicate substantial doubt exists related to the company''s ability to continue as a going concern- SEC filing * If co continues to experience operating losses, co may not be able to access additional funds under amended domestic credit agreement * "Failure to generate additional liquidity could negatively impact our access to inventory or services" - SEC filing Source text: ( bit.ly/2n5avn3 (Bengaluru Newsroom: +91 806 749 1136) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sears-says-historical-operating-re-idUSFWN1GY0R4'|'2017-03-22T05:04:00.000+02:00'|2194.0|''|-1.0|'' @@ -2199,7 +2199,7 @@ 2197|'2e2f4a5bd3815cc7d2471e283ff470990a0647cf'|'AstraZeneca wins approval for lung cancer pill in China'|' 7:22am BST AstraZeneca wins approval for lung cancer pill in China The logo of AstraZeneca is seen on a medication package in a pharmacy in London April 28, 2014. REUTERS/Stefan Wermuth LONDON AstraZeneca ( AZN.L won approval for its lung cancer pill Tagrisso in China, a key market for the potential blockbuster medicine. Tagrisso is designed to help cancer patients with certain genetic mutations that are very common in China and other parts of east Asia. (Reporting by Ben Hirschler; editing by Kate Holton) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-astrazeneca-cancer-china-idUKKBN16Y0IG'|'2017-03-27T14:22:00.000+03:00'|2197.0|''|-1.0|'' 2198|'4a212c9028ba22363ca11d4fe87f34d11eae1c1f'|'Retailer Casino''s 2016 core profits rise as France improves'|' 35am GMT Retailer Casino''s 2016 core profits rise as France improves A customer stands in an aisle near a shopping trolley in a Casino supermarket in Nice, France, January 16, 2017. REUTERS/Eric Gaillard By Dominique Vidalon - PARIS PARIS ( CASP.PA ) expressed confidence on Tuesday of boosting sales and earnings this year after delivering a promised rise in profits and cash flow in its core French market, and cutting back on its debt burden last year. For 2017, Casino predicted growth of at least 10 percent in group operating profit at current exchange rates, having achieved a 3.7 percent rise in 2016 despite a weak performance in Brazil, its second-largest market after France. Casino, whose credit rating was cut to junk by Standard & Poor''s in March 2016 and has been criticised by U.S. activist fund Muddy Waters, is under pressure to show it can revive profits in France at a time of slower growth in Brazil. Operating income rose to 1.034 billion euros ($1.1 billion)against a restated figure of 997 million euros for 2015, broadly in line with analysts expectations of 1.046 billion euros in a Thomson Reuters I/B/E/S poll. Its 2015 data have been restated to take into account the sale of Asian assets while Brazil appliance retailer Via Varejo ( VVAR11.SA ), which Casino has put up for sale, is deconsolidated from the 2016 accounts. Casino said its French operations achieved operating profits of 508 million euros in 2016 against 337 millions in 2015. This was in line with the company''s guidance for profits of slightly over 500 million euros. For 2017, Casino said it aimed to grow operating profit of its food retail operations in France by 15 percent and forecast a contribution of its property development operations of 60 million euros against 87 million euros in 2016. The French turnaround reflected a solid performance at the Monoprix and Franprix convenience stores, and a return of the discount LeaderPrice stores to profitability while the Geant hypermarkets reduced their losses. Casino also benefited from various buying agreements with Intermarche and Dia as well as cost reductions from store closures and the transfer of convenience stores to franchises. In recession-hit Brazil, where Casino controls retailer Grupo Pao de Aucar ( PCAR4.SA ), operating profit fell to 314 million euros from 434 million as promotional spending to boost sales at the Extra hypermarkets weighed on profits. Casino''s shares were hit hard in December 2015 when activist investor Muddy Waters said the group was "dangerously leveraged" and managed for the short-term. The company has rejected the criticism and cut debt by selling assets in Asia while improving performance in France and simplifying the group''s complex structure, and Casino predicted a further improvement in its gearing ratio in 2017. ($1 = 0.9449 euros) (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-casino-results-idUKKBN16E0UP'|'2017-03-07T15:35:00.000+02:00'|2198.0|''|-1.0|'' 2199|'9295705cea50b31cecc2ebbfcb553ab8d54724d8'|'MOVES-Peel Hunt names James-Duff director of equity capital markets'|'Company 46am EST MOVES-Peel Hunt names James-Duff director of equity capital markets March 2 UK-based brokerage firm Peel Hunt said it appointed Rory James-Duff as director of equity capital markets, effective immediately. James-Duff joins from Canaccord Genuity where he worked for almost seven years on UK small & mid-cap institutional equity sales. (Reporting by Sruthi Shankar in Bengaluru) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/peel-hunt-moves-rory-james-duff-idUSL3N1GF3JK'|'2017-03-02T17:46:00.000+02:00'|2199.0|''|-1.0|'' -2200|'dd5132bb1e83c9e546e7d68ede0b453593db1c38'|'PageGroup''s profit rises 11.7 percent on overseas growth'|' 18am GMT PageGroup''s profit rises 11.7 percent on overseas growth British recruitment firm PageGroup Plc ( PAGE.L ) reported an 11.7 percent rise in full-year profit as overseas growth more than offset a continued cooling in the UK hiring market ahead of the country''s planned exit from the European Union. "Our businesses in Continental Europe, Australasia and Latin America, excluding Brazil, all performed well," Chief Executive Steve Ingham said in a statement. "In the UK, client and candidate confidence levels were impacted by the EU Referendum result, with activity levels reduced," Ingham said. The company, which mainly finds candidates to fill permanent positions, said gross profit rose to 621 million pounds ($757.7 million) in the year ended Dec. 31, from 556.1 million pounds, a year earlier. ($1 = 0.8196 pounds) (Reporting by Arathy S Nair and Esha Vaish in Bengaluru; Editing by Amrutha Gayathri) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-pagegroup-results-idUKKBN16F0OO'|'2017-03-08T14:18:00.000+02:00'|2200.0|''|-1.0|'' +2200|'dd5132bb1e83c9e546e7d68ede0b453593db1c38'|'PageGroup''s profit rises 11.7 percent on overseas growth'|' 18am GMT PageGroup''s profit rises 11.7 percent on overseas growth British recruitment firm PageGroup Plc ( PAGE.L ) reported an 11.7 percent rise in full-year profit as overseas growth more than offset a continued cooling in the UK hiring market ahead of the country''s planned exit from the European Union. "Our businesses in Continental Europe, Australasia and Latin America, excluding Brazil, all performed well," Chief Executive Steve Ingham said in a statement. "In the UK, client and candidate confidence levels were impacted by the EU Referendum result, with activity levels reduced," Ingham said. The company, which mainly finds candidates to fill permanent positions, said gross profit rose to 621 million pounds ($757.7 million) in the year ended Dec. 31, from 556.1 million pounds, a year earlier. ($1 = 0.8196 pounds) (Reporting by Arathy S Nair and Esha Vaish in Bengaluru; Editing by Amrutha Gayathri) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-pagegroup-results-idUKKBN16F0OO'|'2017-03-08T14:18:00.000+02:00'|2200.0|18.0|0.0|'' 2201|'181a5a344afd0f80b385dca3c6ebfed7bf7f3680'|'James Murdoch praises British TV, seeking Sky deal approval'|' 21pm EST James Murdoch praises British TV, seeking Sky deal approval By Paul Sandle - LONDON, March 2 LONDON, March 2 James Murdoch, the chief executive of Twenty-First Century Fox, lauded the quality of Britain''s television industry on Thursday as the company makes a fresh attempt to gain control of European TV business Sky. Fox, which is controlled by the Murdoch family, launched a 11.7 billion pound ($14.4 billion) bid to take full control of Sky in December, seeking to fulfil an ambition that was thwarted in 2011 by a phone-hacking scandal at their British newspapers. Murdoch, who was previously CEO and is currently chairman of Sky, said the sector had changed radically since his company''s previous attempt to buy Sky in 2011. The deal, which has been recommended by Sky''s board, is set to be referred to European regulators imminently. Some opposition UK lawmakers are opposed to Fox taking full control of Sky by buying the 61 percent it does not already own. They want the bid rejected on competition grounds, saying it would concentrate too much media power in the family''s companies. "We are in an era of ultimate plurality, where choices, sources, and access are multiplied, even from where we were only five years ago," Murdoch said at the Deloitte-Enders Analysis Media and Telecoms conference. In the past, Murdoch has been highly critical of how Britain''s TV market was regulated, saying in a 2009 speech that the reach and ambition of the publicly-funded BBC was "chilling". But on Thursday he said Britain''s creative economy "stood tall on the world stage", and its television and film content had a global resonance, with storytelling that was "smart, often a touch off-centre, but always on point". "It is this country''s balanced creative economy, with strong public service output, a vibrant commercial sector, and a diverse and independent tradition of impartial news that adds up to an environment for innovation and growth that we believe out-punches many larger markets," he said. "And Sky, of course, is an important part of this rapidly evolving sector." Asked about his conversion to backing public sector broadcasting, he said there was now "real clarity" about the role and remit of public sector broadcasters, which did "a lot of great work". The industry as a whole had become "super competitive", he said, warning of new entrants armed with capital and a "predisposition for disruption". Sky was an important player in the industry, he said, and committed to spending at least 700 million pounds a year on original British production. "Because the U.K. creative economy has such potential we believe it is the best place to be proposing a nearly 12 billion pound investment which will be a significant driver of the U.K. creative industry''s long-term success in a global market," he said. ($1 = 0.8147 pounds) (Editing by Ruth Pitchford) Moody''s whistleblower loses lawsuit, cannot share in $864 mln settlement NEW YORK, March 2 A federal judge on Thursday dismissed a whistleblower lawsuit by a former Moody''s Investors Service managing director and said he deserves none of the $863.8 million that Moody''s agreed to pay to settle claims it inflated mortgage ratings prior to the 2008 financial crisis.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/twenty-first-fox-ceo-idUSL5N1GF5Q9'|'2017-03-03T01:21:00.000+02:00'|2201.0|''|-1.0|'' 2202|'645b8a833fa63586225f1b4083e55dbcd299419b'|'Carrefour to open 70 new mini-markets in Brazil in 2017 - paper'|' 12:12pm GMT Carrefour to open 70 new mini-markets in Brazil in 2017 - paper The logo of France-based food retailer Carrefour is seen in Paris, France, June 2, 2016. REUTERS/Jacky Naegelen SAO PAULO French retailer Carrefour SA ( CARR.PA ) will open 70 new Express mini-markets in Brazil this year, newspaper Valor Econmico reported on Friday from Paris, citing Chief Executive Officer Georges Plassat. Plassat said Carrefour''s initial public offering in Brazil, expected to take place around the middle of the year, will strengthen its presence in the company''s second largest market and "provide the necessary financial means to fund its expansion," Plassat was quoted as saying in Valor. Carrefour posted its first drop in annual operating profits since 2012 on Thursday, following the weak results of its French operations. Carrefour''s press officers in So Paulo were not immediately available to comment on Plassat''s remarks. (Reporting by Ana Mano Editing by W Simon) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-carrefour-brazil-idUKKBN16H1FQ'|'2017-03-10T19:12:00.000+02:00'|2202.0|''|-1.0|'' 2203|'3d808b56b938500f972399ad2a267263379b6dbf'|'Adecco CEO - less permanent hiring in Britain as firms wait and see'|' 41am GMT Adecco CEO - less permanent hiring in Britain as firms wait and see Alain Dehaze, Chief Executive Officer of Swiss Adecco Group gestures during an interview with Reuters in Glattbrugg, Switzerland August 30, 2016. REUTERS/Arnd Wiegmann ZURICH British firms, especially financial groups, are filling fewer permanent positions as they wait to see what happens once the country triggers its exit from the European Union, staffing group Adecco''s ( ADEN.S ) CEO said on Thursday. "We see companies waiting to make decisions on new hiring, as they expect (Brexit) Article 50 to be triggered in the coming months. They want to have more clarity about the future," Alain Dehaze told Reuters after releasing fourth-quarter results. A 15 percent fall in Britain''s permanent placement business in the fourth quarter -- accelerating from a 5 percent drop in the third quarter -- was especially related to a decrease in financial services in London, he said, as well as some savings made in government auditing. Dehaze also said it was premature to note any jump in U.S. infrastructure hiring under U.S. President Donald Trump. "We''re all waiting to get more clarity about what kind of investment will be done and when," he said. (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-adecco-results-britain-idUKKBN1690XM'|'2017-03-02T17:41:00.000+02:00'|2203.0|''|-1.0|'' @@ -2232,7 +2232,7 @@ 2230|'7676277130d073db7e2925d5edbd5db482ac7834'|'Germany urges U.S. to rethink finding on EU steel dumping'|' 4:51pm GMT Germany urges U.S. to rethink finding on EU steel dumping Steel rolls are pictured at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony, Germany March 3, 2016. REUTERS/Fabian Bimmer/File Photo BERLIN Germany urged the United States on Friday to rethink a report, commissioned under Barack Obama''s administration, that said some European Union countries were dumping steel. Global steel prices have slumped as Chinese producers, which account for about half of worldwide steel supply, have flooded export markets, bringing protests and anti-dumping complaints by the United States and the European Union among others. In November, the U.S. Commerce Department said in a preliminary finding that nine exporters, including Germany and four other EU member states, had dumped certain imports of carbon and alloy steel cut-to-length (CTL) plate. German steel producers were assigned dumping margin of 6.56 percent by the U.S. Commerce Department while companies from other countries face anti-dumping duties of up to 130.63 percent. Among the German companies accused of dumping were Dillinger Huette [AGD.UL] and Salzgitter ( SZGG.DE ). The November preliminary report has been criticised for appearing to use alternative methods for calculating dumping margins, which breaks World Trade Organization (WTO) rules. Germany''s Foreign Minister Sigmar Gabriel is worried the report, which is expected to be finished soon, will be used by U.S. President Donald Trump''s administration to disrupt international trade. "It is to be feared that ... the new U.S. government might be prepared to allow U.S. firms to conduct unfair dumping competition, even if this violates international law," Gabriel said on Friday. "We Europeans must not accept this," Gabriel said, adding that he underlined his concerns in a letter to European Union trade commissioner Cecilia Malmstrom and urged her to take a firm stance in talks with U.S. counterparts on the matter. The European Commission, the EU''s executive arm, is in charge of trade matters in the 28-member bloc. Gabriel said both Europe and Germany wanted the U.S. to stick to established WTO rules when calculating dumping margins, adding companies could have a disadvantage when other calculation methods were applied. He said German officials had contacted U.S. counterparts on various levels to insist that "established, fair rules" had to be applied in the case. The dumping case is likely to be the first to be concluded in the steel sector under Trump who has said he will bring back manufacturing jobs by putting "America first" and punishing imports through a border tax. (Reporting by Michael Nienaber,; Editing by Vin Shahrestani) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-steel-germany-eu-idUKKBN16V2A6'|'2017-03-25T00:51:00.000+03:00'|2230.0|''|-1.0|'' 2231|'2b271db99b24d357dee6a550ad4c87f3ede307bb'|'If healthcare vote fails, would jeopardize ''Trump trades'' - Gundlach'|'Money 57pm EDT If healthcare vote fails, would jeopardize ''Trump trades'': Gundlach File photo: Jeffrey Gundlach, chief executive and chief investment officer of DoubleLine Capital, speaks during the Sohn Investment Conference in New York May 4, 2015. REUTERS/Brendan McDermid By Jennifer Ablan - NEW YORK NEW YORK If the U.S. healthcare legislation overhaul is not passed, or is postponed, it will put "a lot of doubt" on the "Trump trades," which include higher U.S. equities and bond yields, DoubleLine Capital Chief Executive Jeffrey Gundlach said on Wednesday. "Surveys show that people believe the (Obamacare) repeal is the most likely part of Trumps agenda to be passed," said Gundlach, who oversees more than $101 billion in assets at DoubleLine, told Reuters. "So if you cant pass the repeal, everything else is in doubt for sure." Investors have been bracing for Thursday''s floor vote scheduled in the U.S. House of Representatives, with safe-haven securities including Treasuries and gold seeing price gains on Wednesday. Trump and Republican congressional leaders appeared on Wednesday to be losing the battle to get enough support to pass the Obamacare rollback bill. Gundlach repeated his recommendation that investors would do better selling U.S. equities into any kind of stock rally and diversifying into emerging markets. He noted that the iShares MSCI Emerging Markets ETF ( EEM.P ) has outperformed the Standard & Poor''s Index by over 4 percentage points since early March. Gundlach said Tuesday''s stock-market slump illustrated how "investors are questioning whether the pro-growth U.S. policies are really going to happen." (Reporting by Jennifer Ablan; Editing by James Dalgleish) Next In Money'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-funds-doubleline-gundlach-idUSKBN16T2V0'|'2017-03-23T02:51:00.000+02:00'|2231.0|''|-1.0|'' 2232|'40026bd674178f4b0b15c04d83a5828314a62402'|'BoE''s Hogg resigns over failure to flag conflict of interest'|' 58am GMT BoE''s Hogg resigns over failure to flag conflict of interest LONDON The Bank of England said Charlotte Hogg had resigned as its deputy governor for banking and markets and as its chief operating officer after she failed to declare a potential conflict of interest about her brother''s role at Barclays. "While I fully respect her decision taken in accordance with her view of what was the best for this institution, I deeply regret that Charlotte Hogg has chosen to resign from the Bank of England," BoE Governor Mark Carney said in a statement. Earlier on Tuesday, a committee of lawmakers said Hogg could no longer be considered suitable for her role. (Reporting by Andy Bruce and Alistair Smout; Writing by William Schomberg) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-resignation-idUKKBN16L10Q'|'2017-03-14T16:58:00.000+02:00'|2232.0|''|-1.0|'' -2233|'ed8ecc3d5a9a4da221d96cf4ec05309a4fc5318d'|'U.S. oil refiners push for biofuels overhaul at White House'|'NEW YORK U.S. oil refining executives met with a senior official in President Donald Trump''s administration at the White House last week to argue their position for an overhaul of the nation''s biofuels program, two people in the meeting told Reuters.While it is not unusual for the White House to meet with stakeholders on key issues, the meeting is a sign the Trump administration is actively considering possible changes to the wide-reaching program.Executives from Valero Energy Corp, Delta Airlines'' refiner Monroe Energy, CVR Energy Inc. and several others met with Michael Catanzaro, Trump''s senior energy policy aide, on March 16, the two attendees said.The executives argued that Trump should change the Renewable Fuel Standard (RFS) program to lift the onus of blending biofuels into gasoline away from refiners, placing it instead further down the supply chain to gasoline marketers. They said the program was costing the oil refining industry money and jobs."The policy needs to adapt to a changing market," said Roy Houseman, a legislative representative for the United Steelworkers union, who was in the meeting. "We wanted to highlight the larger issue: We represent 30,000 workers in the refining industry."It was not clear who initiated the meeting.The RFS, a 2005 policy ushered in by former Republican President George W. Bush, requires that energy companies use increasing volumes of biofuels like ethanol each year with gasoline and diesel. It was designed to boost the use of ethanol and other renewables in gasoline and diesel in a bid to reduce U.S. dependence on foreign oil and cut greenhouse gas emissions.The policy is a boon for the agriculture industry, particularly corn growers that produce the feedstock for biofuels like ethanol, but some independent oil refiners have said it is threatening their operations.The debate over shifting the point of obligation for blending fuels intensified in recent weeks after Trump''s informal adviser on regulatory issues, billionaire Carl Icahn, said in February that he believed Trump would issue an order revamping the biofuels policy. The White House has denied that any executive order on biofuels is in the works.Icahn owns a majority stake in CVR Energy.Bill Douglass, head of the Small Retailers Coalition, who was also at the meeting, said Catanzaro spoke with the group for about 40 minutes and spent half that time asking how fuel retailers are being affected by the biofuels program.Douglass, whose trade group represents small, independent petroleum retailers and convenience stores, said Catanzaro did not say what the White House was planning to do with the policy.Catanzaro could not be reached for comment.Other companies represented in the meeting included HollyFrontier Corp, Philadelphia Energy Solutions, PBF Energy, Douglass said.A spokeswoman for Philadelphia Energy Solutions declined to comment while the review process is underway. Officials for the other companies did not respond to requests for comment.Biofuels advocates, including ethanol producers and Senator Charles Grassley of Iowa - the country''s biggest corn-producing state - oppose changes to the program, saying they could overcomplicate it. Large, integrated oil companies also oppose the change, saying it would be more effective to reform or repeal the legislation.(Reporting by Chris Prentice; Editing by Leslie Adler)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-usa-biofuels-trump-idUSKBN16V2TQ'|'2017-03-25T01:29:00.000+03:00'|2233.0|''|-1.0|'' +2233|'ed8ecc3d5a9a4da221d96cf4ec05309a4fc5318d'|'U.S. oil refiners push for biofuels overhaul at White House'|'NEW YORK U.S. oil refining executives met with a senior official in President Donald Trump''s administration at the White House last week to argue their position for an overhaul of the nation''s biofuels program, two people in the meeting told Reuters.While it is not unusual for the White House to meet with stakeholders on key issues, the meeting is a sign the Trump administration is actively considering possible changes to the wide-reaching program.Executives from Valero Energy Corp, Delta Airlines'' refiner Monroe Energy, CVR Energy Inc. and several others met with Michael Catanzaro, Trump''s senior energy policy aide, on March 16, the two attendees said.The executives argued that Trump should change the Renewable Fuel Standard (RFS) program to lift the onus of blending biofuels into gasoline away from refiners, placing it instead further down the supply chain to gasoline marketers. They said the program was costing the oil refining industry money and jobs."The policy needs to adapt to a changing market," said Roy Houseman, a legislative representative for the United Steelworkers union, who was in the meeting. "We wanted to highlight the larger issue: We represent 30,000 workers in the refining industry."It was not clear who initiated the meeting.The RFS, a 2005 policy ushered in by former Republican President George W. Bush, requires that energy companies use increasing volumes of biofuels like ethanol each year with gasoline and diesel. It was designed to boost the use of ethanol and other renewables in gasoline and diesel in a bid to reduce U.S. dependence on foreign oil and cut greenhouse gas emissions.The policy is a boon for the agriculture industry, particularly corn growers that produce the feedstock for biofuels like ethanol, but some independent oil refiners have said it is threatening their operations.The debate over shifting the point of obligation for blending fuels intensified in recent weeks after Trump''s informal adviser on regulatory issues, billionaire Carl Icahn, said in February that he believed Trump would issue an order revamping the biofuels policy. The White House has denied that any executive order on biofuels is in the works.Icahn owns a majority stake in CVR Energy.Bill Douglass, head of the Small Retailers Coalition, who was also at the meeting, said Catanzaro spoke with the group for about 40 minutes and spent half that time asking how fuel retailers are being affected by the biofuels program.Douglass, whose trade group represents small, independent petroleum retailers and convenience stores, said Catanzaro did not say what the White House was planning to do with the policy.Catanzaro could not be reached for comment.Other companies represented in the meeting included HollyFrontier Corp, Philadelphia Energy Solutions, PBF Energy, Douglass said.A spokeswoman for Philadelphia Energy Solutions declined to comment while the review process is underway. Officials for the other companies did not respond to requests for comment.Biofuels advocates, including ethanol producers and Senator Charles Grassley of Iowa - the country''s biggest corn-producing state - oppose changes to the program, saying they could overcomplicate it. Large, integrated oil companies also oppose the change, saying it would be more effective to reform or repeal the legislation.(Reporting by Chris Prentice; Editing by Leslie Adler)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-usa-biofuels-trump-idUSKBN16V2TQ'|'2017-03-25T01:29:00.000+03:00'|2233.0|27.0|0.0|'' 2234|'63a1c1701fd12f7ab968aa53f1931054d16500df'|'EU regulators to clear Dow and ChemChina deals next week - sources'|'Global Energy News - Thu Mar 23, 2017 - 7:54pm GMT EU regulators to clear Dow and ChemChina deals next week - sources The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators are set to clear the $130 billion (104.07 billion pounds) Dow Chemical ( DOW.N ) and DuPont ( DD.N ) merger and ChemChina''s [CNNCC.UL] $43 billion bid for Syngenta ( SYNN.S ) next week, people familiar with the matter said on Thursday. The European Commission could announce its approvals for both companies at the same time either on Monday or Tuesday, the people said. It is rare for the Commission to announce joint merger decisions but it probably makes sense in this case as both companies are in the agrochemicals sector, the sources said. Both mega deals in the agrochemicals industry and another one involving Bayer ( BAYGn.DE ) and Monsanto ( MON.N ) have triggered fears among regulators and farmers that the merged companies may slow down the pipeline of new herbicides and pesticides. Commission spokesman Ricardo Cardoso declined to comment. Dow did not immediately respond to an email for comment. A Syngenta spokesman said the Swiss company and ChemChina were confident of closing the deal in the second quarter of the year. The EU antitrust enforcer has set an April 4 deadline for the Dow and DuPont deal, and April 12 for the ChemChina and Syngenta deal. U.S. chemical companies Dow and DuPont managed to address EU competition concerns with a revised package of concessions which included asset sales and transfer of research and development activities to a rival, sources told Reuters last month. ChemChina, which is making the largest foreign acquisition by a Chinese company, won over regulators with its pledge to divest a couple of national product registrations, including existing products and a few in the pipeline, in more than a dozen EU countries, other sources have told Reuters. (Additional reporting by Michael Shields in Zurich, editing by David Evans) Next In Global Energy News UPDATE 4-U.S. State Dept to approve Keystone pipeline permit Friday -sources WASHINGTON, March 23 The U.S. State Department will approve on Friday the permit needed to proceed with construction of the Canada-to-United States Keystone XL oil pipeline, a project blocked by former President Barack Obama, according to two government sources familiar with the process. BOSTON President Donald Trumps White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-m-a-dow-chemchina-idUKKBN16U2SX'|'2017-03-24T03:54:00.000+03:00'|2234.0|''|-1.0|'' 2235|'ddd83e4b7c5b912447cdbc52e9913df554423f91'|'Oil stable on falling Libyan output, but bloated US market still weighs'|'Global Energy 1:56am BST Oil stable on falling Libyan output, but bloated US market still weighs Rigging equipment is pictured in a field outside of Sweetwater, Texas June 4, 2015. REUTERS/Cooper Neill By Henning Gloystein - SINGAPORE SINGAPORE Oil prices were steady on Thursday, supported by falling crude output in Libya and declining gasoline stocks in the United States, although bloated U.S. crude inventories are still weighing on markets. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at $52.42 per barrel at 0040 GMT, unchanged from their last close. In the United States, West Texas Intermediate (WTI) crude futures CLc1 were up 5 cents at $49.57 a barrel. ANZ said on Thursday that prices were supported by Libyan oil output falling to about 500,000 barrels per day (bpd) due to the shutdown of pipelines from its biggest field. And while a rise in U.S. crude inventories weighed on markets, ANZ said that "the market got excited" about a drawdown in gasoline stockpiles. "The big falls in gasoline inventories, coming near the end of the refinery maintenance season, suggest crude oil inventories are on the cusp of declining," it said. U.S. crude inventories USOILC=ECI rose 867,000 barrels in the week ending March 24, compared with analyst expectations for an increase of 1.4 million barrels. Total inventories were at a record of nearly 534 million barrels, the Energy Information Administration (EIA) said on Wednesday. Gasoline stocks USOILG=ECI fell 3.7 million barrels, compared with expectations for a 1.9-million barrel drop. Key for the direction of oil prices will be whether an initiative led by the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production during the first half of the year will be extended, and how high compliance with the reduction targets will be. OPEC, along with other producers including Russia, aims to cut output by almost 1.8 million bpd during the first half of the year. OPEC compliance with its targets is expected to be 95 percent this month, up from 94 percent in February, according to Reuters surveys. However, compliance is lower by non-OPEC members like Russia, who have officially agreed to participate in the cuts. "Russia''s 300,000 bpd cut commitment particularly has been called into question," Eurasia Group said this week in a research report. "While it remains possible Russia can scrape together a combination of outages and natural decline at some west Siberian brownfields and spin this as a 300,000-bpd output cut, it is highly unlikely Russia will achieve an absolute 300,000 bpd reduction during the tenure of the current agreement," it added. As markets remain bloated halfway into the cuts, there is a broad expectation that the supply cuts will be extended into the second half of the year. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Global Energy News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN17103I'|'2017-03-30T08:56:00.000+03:00'|2235.0|12.0|0.0|'' 2236|'0b1b8a0df6f12c6d42ef491a2c4a31444cadc460'|'WH Group chief cautious over Smithfield China expansion due to pork glut'|'By Dominique Patton - BEIJING BEIJING China''s WH Group Ltd ( 0288.HK ) will be cautious about expanding Smithfield''s pork processing operations in China due to over-capacity in the world''s biggest pork market, Chairman and Chief Executive Officer Wan Long said in an interview on Tuesday.Speaking on the sidelines of parliament''s annual meeting, Wan said he expects pork prices to fall to an average of 14 yuan to 15 yuan ($4.20) per kilogram this year after hitting a record high in 2016.WH Group bought U.S.-based Smithfield Food Inc [SFII.UL], the world''s biggest pork producer, in 2013 for almost $5 billion."Over-capacity in China is not only in heavy industry, but also the food industry suffers from this problem, so we will expand according to the Chinese market situation," Wan said.He said he expects WH Group''s imports of U.S. pork to China to increase this year from 300,000 tonnes in 2016.(Reporting by Dominique Patton; Writing by Josephine Mason; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-pork-whgroup-idINKBN16E12C'|'2017-03-07T07:09:00.000+02:00'|2236.0|''|-1.0|'' @@ -2249,7 +2249,7 @@ 2247|'687d8691dd2fb3f837c0058f520884a2cd7eeb9a'|'JPMorgan Chase names new head of retail brokerage'|'By Elizabeth Dilts - NEW YORK, March 16 NEW YORK, March 16 JPMorgan Chase & Co named the head of its Latin America Private Bank as the new chief executive of its New York-based retail brokerage, JPMorgan Securities, the bank said on Thursday.Chris Harvey takes over the post from Greg Quental, who will retire at the end of the year.Harvey will oversee the boutique-style wealth management firm''s roughly 420 financial advisers and the $110 billion in client assets they manage.The bank said in an emailed statement that Harvey will manage overall strategy and growth for the brokerage division.Quental, who joined JPMorgan from Bear Stearns in August 2010, had set a goal of growing the firm''s adviser base to roughly 650 advisers by around 2016, according to an interview Quental gave Reuters in 2012.JP Morgan Chase declined to answer questions beyond what was in the press release.(Reporting By Elizabeth Dilts; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/jpmorgan-wealth-quental-idINL2N1GT280'|'2017-03-16T19:46:00.000+02:00'|2247.0|''|-1.0|'' 2248|'7a3ba7ec8b18bf2c9c85f5eef361b3e382ad0d16'|'Japan final February manufacturing PMI shows activity expands most in 35 months'|'Business News - Wed Mar 1, 2017 - 12:42am GMT Japan final February manufacturing PMI shows activity expands most in 35 months Steam is emitted from factories at sunset in Keihin industrial zone in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato TOKYO Japanese manufacturing activity expanded in February at the fastest pace in almost three years, a private survey showed on Wednesday, a sign that domestic and overseas demand is improving. The Markit/Nikkei Final Japan Manufacturing Purchasing Managers Index (PMI) was a seasonally adjusted 53.3 in February, just below the flash reading of 53.5 and above a final 52.7 in January. The index remained above the 50 threshold for the sixth consecutive month and marked the fastest expansion since March 2014. A reading above 50 indicates expansion in the sector while a reading below 50 indicates contraction. The index for new orders, which measures both domestic and external demand, was 54.2, less than a preliminary 54.7 but still higher than a final 54.0 in January. The final reading showed new orders grew at the fastest since December 2015. The final index for new export orders was 54.3, higher than a preliminary 54.2 and 53.1 in the previous month to indicate the fastest growth since December 2013. The latest PMI survey suggests that exports and domestic demand have started strongly this year, though uncertainty lingers amid rising protectionism in the United States. Indeed, January exports growth slowed and data on Tuesday showed factory output unexpectedly fell for the first time in six months. That underscored the persistent slack in the overall economy and anaemic inflation, underscoring the challenge for policy makers in the year ahead. Japan''s core consumer prices marked the 10th straight month of annual declines in December despite more than three years of aggressive money printing by the Bank of Japan. Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-pmi-idUKKBN1682TU'|'2017-03-01T07:42:00.000+02:00'|2248.0|''|-1.0|'' 2249|'963b3e315ef940026db64e23459bef16bb094ddb'|'Oil prices drop on rise in U.S. drilling'|'Business 52pm EDT Oil prices drop on rise in U.S. drilling A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. REUTERS/Nick Oxford By Henning Gloystein - SINGAPORE SINGAPORE Oil prices fell on Monday as rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets. Prices for front-month Brent crude futures, the international benchmark for oil, were 20 cents below their last settlement at 0025 GMT (8:25 p.m. ET on Sunday), at $51.56 per barrel. U.S. West Texas Intermediate (WTI) crude futures were down 28 cents at $48.50 a barrel. Traders said that prices were under pressure due to rising U.S. drilling activity and ongoing high supplies by the Organization of the Petroleum Exporting Countries (OPEC) despite its pledge to cut output by almost 1.8 million barrels per day (bpd) together with some other producers like Russia. "Crude oil has attempted to break out of the trading range that formed last year ... However, this uptrend has stalled," futures brokerage CMC Markets said in a note on Monday. "Now there is good, strong momentum to the downside." U.S. drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes Inc said on Friday, extending a recovery that is expected to boost shale production by the most in six-months in April. As a result, U.S. oil output has risen to over 9.1 million bpd from below 8.5 million bpd in June last year. Reacting to the ongoing glut in markets, financial oil traders cut their net long U.S. crude futures and options positions in the week to March 14, the third consecutive cut, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Defying rising sentiment that oil markets remain oversupplied, some analysts say markets will tighten soon, arguing that the OPEC-led cuts will only start to bite from April, just as demand picks up as refineries return from current maintenance outages. "The cuts in OPEC production from the start of 2017 should start to show up between mid-March (now) and mid-April. Over the coming weeks we expect a sharp reduction in imports and increase in refining runs which should lead to impressive crude inventory draws," analysts at AB Bernstein said on Monday in a note to clients. "The combination of falling imports and stronger crude runs should lead to substantial inventory cuts over the coming months," they said. (Reporting by Henning Gloystein; Editing by Joseph Radford) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-oil-idUSKBN16R017'|'2017-03-20T07:41:00.000+02:00'|2249.0|''|-1.0|'' -2250|'c7af97199190c29b7364f2d39e999e225f8854fa'|'ECB policy reassessment not warranted by inflation - Praet'|' 49am GMT ECB policy reassessment not warranted by inflation: Praet European Central Bank executive board member Peter Praet attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain, May 25, 2016. REUTERS/Susana Vera FRANKFURT The euro zone economy is picking up strength but growth has yet to translate into a sustained recovery of inflation so the European Central Bank should not yet reassess its policy stance, ECB chief economist Peter Praet said on Wednesday. "The recovery has yet to translate into a durable and self-sustained pick-up in inflation," Praet told a conference in Frankfurt. "Looking through recent volatility, the inflation outlook does not at this stage warrant a reassessment of the current monetary policy stance." "We still need to build sufficient confidence that inflation will indeed converge to this aim over a medium-term horizon and will remain there even in less supportive monetary policy conditions," Praet added. (Reporting by Francesco Canepa; Editing by Balazs Koranyi) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-praet-idUKKBN16M16N'|'2017-03-15T16:44:00.000+02:00'|2250.0|''|-1.0|'' +2250|'c7af97199190c29b7364f2d39e999e225f8854fa'|'ECB policy reassessment not warranted by inflation - Praet'|' 49am GMT ECB policy reassessment not warranted by inflation: Praet European Central Bank executive board member Peter Praet attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain, May 25, 2016. REUTERS/Susana Vera FRANKFURT The euro zone economy is picking up strength but growth has yet to translate into a sustained recovery of inflation so the European Central Bank should not yet reassess its policy stance, ECB chief economist Peter Praet said on Wednesday. "The recovery has yet to translate into a durable and self-sustained pick-up in inflation," Praet told a conference in Frankfurt. "Looking through recent volatility, the inflation outlook does not at this stage warrant a reassessment of the current monetary policy stance." "We still need to build sufficient confidence that inflation will indeed converge to this aim over a medium-term horizon and will remain there even in less supportive monetary policy conditions," Praet added. (Reporting by Francesco Canepa; Editing by Balazs Koranyi) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-praet-idUKKBN16M16N'|'2017-03-15T16:44:00.000+02:00'|2250.0|23.0|0.0|'' 2251|'bd99d36cc4a82ad8754f0102a09c33bdacc49b5f'|'Toshiba shares rise 6 percent after Effissimo increases stake'|'Business News - Fri Mar 24, 2017 - 12:32am GMT Toshiba shares rise 6 percent after Effissimo increases stake People look on at the Toshiba booth during preparations at the CeBit computer fair, which will open its doors to the public on March 20, at the fairground in Hanover, Germany, March 18, 2017. REUTERS/Fabian Bimmer TOKYO Shares in Toshiba Corp ( 6502.T ) rose as much as 6 percent on Friday morning trade after Singapore-based fund Effissimo, established by former colleagues of Japan''s most famous activist investor, became its largest shareholder. Effissimo Capital Management, set up by Yoshiaki Murakami, owns an 8.14 percent stake in Toshiba, according to a regulatory filing showed on Thursday. The activist fund''s emergence as the biggest shareholder came as the electronics conglomerate struggles with huge losses stemming from its U.S. nuclear business. (Reporting by Junko Fujita; Editing by Richard Pullin) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-shareholders-idUKKBN16V022'|'2017-03-24T08:32:00.000+03:00'|2251.0|''|-1.0|'' 2252|'d247c0a843838ef51b6e26a7f3514d2501e06cf5'|'Opel works council must be involved in PSA plans - Germany'|'Company 4:00am EST Opel works council must be involved in PSA plans - Germany BERLIN, March 6 The works council of Opel and its British Vauxhall brand must be fully involved in talks with PSA Group on how to turn around the struggling carmaker, German Economy Minister Brigitte Zypries said on Monday. "The agreements must be intensively studied, especially by the representatives of the workers," Zypries said in a joint statement with the premiers of three German states where Opel has plants. "Transparency must be ensured in the process to come. It must be guaranteed that the European management of Opel/Vauxhall, the general works council and the European workers union of Opel/Vauxhall are fully included in further talks," the statement said. (Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Andrea Shalal) Next In Company News Opel labour bosses say approval of sale depends on plans for future FRANKFURT, March 6 Opel''s European works council and labour union IG Metall will make their approval of a deal by General Motors to sell the carmaker to France''s PSA Group dependent on details of their plans for Opel''s future, they said in joint statement on Monday.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/opel-ma-psa-germany-idUSB4N1E3024'|'2017-03-06T16:00:00.000+02:00'|2252.0|''|-1.0|'' 2253|'6134ee1cd28e1dea5ad42b2c447387b62b8882a9'|'CEE MARKETS-Czech bonds firm as CNB meets, crown cap seen staying for now'|'Company News - Thu Mar 30, 2017 - 5:14am EDT CEE MARKETS-Czech bonds firm as CNB meets, crown cap seen staying for now * Czech central bank not expected to remove crown cap * Czech 2-year bonds trade at 2-week low yields * Good auction seen in Hungary on loose central bank policy * Croatian stocks tumble on concerns over food group Agrokor By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, March 30 Czech short-term government debt firmed on Thursday as the country''s central bank (CNB) holds its last meeting before the end of its "hard commitment" to keep its cap on the crown''s value. The bank has pledged to maintain the cap, which has been keeping the crown weaker than 27 to the euro since late 2013, at least until the end of the first quarter. It is not expected to change its record low interest rates or to abandon the cap at the meeting. It is due to publish its decisions at 1200 GMT. The CNB has tripled its forex reserves since 2013 to defend the cap and speculative buying of the crown and Czech government debt, mainly short-term papers, has surged this year. The yield on 2-year Czech bonds was bid at a 2-week low -0.58 percent on Thursday, down 9 basis points. "I am expecting a confirmation of the end of the (central bank''s) firm commitment but a continuation of interventions for the time being and (a message of) the possibility to stop when the CNB sees appropriate," one Prague-based fixed income trader said. Fundamentals should strengthen the crown, but accumulated crown buying positions worth tens of billions of euros make it uncertain how Czech markets will behave after the cap is removed, probably in April or May, analysts have said. "We would not regard the exit of the FX regime as the start of a one-way CZK (crown) appreciation streak, but would rather expect significant volatility possibly well into Q3 2017," said Raiffeisen analyst Wofgang Ernst in a note. The crown''s implied euro exchange rate was near multi-month highs in forwards contracts. Elsewhere in Central Europe, Zagreb''s stock index fell as much as 4.5 percent in early trade due to a plunge of the units of unlisted Agrokor, the biggest food producer and retailer in the Balkans. The decline followed news that the Croatian government may propose a law on shielding the economy from troubles involving big firms and about a possible repayment freeze deal with Agrokor creditors. In Hungary, government bond yields dropped further by a few basis points, with 3-year bonds trading at 1.18 percent, at 2-month lows, as Thursday''s bond auction in Budapest is expected to draw strong demand. "The Hungarian central bank''s dovish stance (after its meeting on Tuesday) surprised many foreign investors, so this will be a good auction," one trader said. The stock of Hungarian oil group MOL fell as much as 2.5 percent after Czech electricity company CEZ conditionally sold its 7.5 percent stake in MOL. CEE SNAPS AT 1052 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 27.02 27.02 +0.0 -0.05 00 15 1% % Hungary 310.0 309.8 -0.04 -0.38 forint 000 750 % % Polish 4.228 4.221 -0.15 4.16% zloty 0 8 % Romanian 4.542 4.554 +0.2 -0.17 leu 8 7 6% % Croatian 7.453 7.434 -0.25 1.37% kuna 0 2 % Serbian 123.8 123.8 +0.0 -0.36 dinar 000 900 7% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 982.6 982.7 -0.01 +6.6 5 1 % 2% Budapest 31923 32232 -0.96 -0.25 .74 .95 % % Warsaw 2210. 2214. -0.16 +13. 82 45 % 50% Bucharest 7975. 7942. +0.4 +12. 91 76 2% 57% Ljubljana 767.3 777.5 -1.31 +6.9 8 8 % 4% Zagreb 1952. 2015. -3.12 -2.14 23 12 % % Belgrade <.BELEX15 734.6 737.4 -0.38 +2.4 > 4 7 % 1% Sofia 634.5 633.3 +0.1 +8.2 0 4 8% 0% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year 7 6 bps 5-year 6 bps s 10-year 8 bps Poland 2-year bps s 5-year 3 bps 10-year bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.28 0.32 0.38 0 PRIBOR=> Hungary < 0.21 0.27 0.37 0.2 BUBOR=> Poland < 1.755 1.777 1.819 1.73 WIBOR=> Note: FRA are for quotes ask prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/easteurope-markets-idUSL5N1H71ZW'|'2017-03-30T17:14:00.000+03:00'|2253.0|''|-1.0|'' @@ -2260,7 +2260,7 @@ 2258|'43b92bf669b1eea1697bcf75435c65d9c1e450f1'|'Wall Street set to open higher, tracking European markets'|'By Tanya Agrawal U.S. stocks looked set to open higher on Tuesday, reversing losses from a day earlier, tracking buoyant European and Asian markets and as oil prices rebounded.French centrist Emmanuel Macron''s performance in a television debate raised expectations that he would win the presidential election over the far-right''s Marine Le Pen, boosting sentiment across Europe, with shares edging up towards 15-month highs.Global investors have been worried about increasing protectionism, following the Brexit vote and President Donald Trump''s election. Last week, the G20 leaders dropped a pledge to keep global trade free and open."U.S. equity markets are expected to open a little higher on Tuesday, tracking broad gains in Europe," said Craig Erlam, senior market analyst at online forex broker Oanda in London.Investors will keep an eye on speeches by several Federal Reserve officials for clues on the path of future interest rate hikes after the central bank last week raised rates for the first time this year.The Fed stuck to its outlook for two more hikes this year, instead of the three expected by the market.Bank of Kansas City President Esther George and Cleveland Fed chief Loretta Mester are scheduled to speak later in the day, while Boston Fed head Eric Rosengren will release the text of his speech.The Fed is on track to raise interest rates twice more this year and it could be more or less aggressive depending on inflation and fiscal policies from the Trump administration, Chicago Fed President Charles Evans said on Monday."Investors continue to expect two more rate hikes this year, although the odds have slipped slightly since last week. That said, I still expect the Federal Reserve tightening cycle to be much more aggressive than other central banks over the next couple of years," said Erlam.Dow e-minis were up 10 points, or 0.05 percent, with 17,182 contracts changing hands at 8:27 a.m. ET (1227 GMT).S&P 500 e-minis were up 3.5 points, or 0.15 percent, with 97,235 contracts traded.Nasdaq 100 e-minis were up 10.25 points, or 0.19 percent, on volume of 20,677 contracts.Oil prices climbed on Tuesday, helped by expectations that an OPEC-led output cut would be extended beyond June but gains were pegged back by concerns about persistently high crude inventories.Wall Street drifted lower on Monday as investors worried that Trump''s plan to cut taxes and boost the economy could take longer than previously expected.The U.S. stock market has been on a record-setting spree since the election of Trump, but the rally has faltered in recent weeks as investors fret about a lack of clarity on his proposals to reform taxes and cut regulation.Shares of General Mills fell 1.8 percent to $59.20 in premarket trading after the Cheerios maker''s quarterly sales missed expectations.Apple rose 0.45 percent to $142.09 after the company unveiled a new version of its iPad tablet.Esperion Therapeutics was up 3.1 percent at $42.50 and Nektar Therapeutics gained 3.4 percent to $22.80 after J.P. Morgan raised its price targets on the stocks.FedEx and Dow-component Nike, which are due to report quarterly results after markets close, both edged up.(Reporting by Tanya Agrawal; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-idINKBN16S1JJ'|'2017-03-21T10:09:00.000+02:00'|2258.0|''|-1.0|'' 2259|'1adb42fe3d8bf4a4d82e1ab0af545fa0933b6d20'|'Britain to fire starting gun on Brexit talks'|' 11:02am GMT Britain to fire starting gun on Brexit talks left right FILE PHOTO: A traffic sign is seen in front of European and Union flags in London, Britain, March 20, 2017. REUTERS/Stefan Wermuth/File Photo 1/3 left right FILE PHOTO: Britain''s Prime Minister Theresa May is seen on a television screen next to a mounted bull''s head during a prime time news broadcast at a restaurant in Fuengirola, southern Spain, delivering her keynote speech on Brexit at Lancaster House in London, January 17, 2017. REUTERS/Jon Nazca/File Photo 2/3 left right FILE PHOTO: A journalist poses with a copy of the Brexit Article 50 bill, introduced by the government to seek parliamentary approval to start the process of leaving the European Union, in front of the Houses of Parliament in London, Britain, January 26, 2017. REUTERS/Toby Melville/File Photo 3/3 By Padraic Halpin - DUBLIN DUBLIN The nine-month Brexit "phoney war" is set to come to an end next week when British Prime Minister Theresa May notifies the European Union of Britain''s intention to leave, starting two years of unprecedented negotiations. May will send a letter to European Council President Donald Tusk on Wednesday to trigger Article 50 of the Lisbon Treaty. Tusk will then send draft negotiating guidelines to the 27 other member states within 48 hours. That means it will finally be down to business after an at times painstakingly slow drawing of battle lines. Britain appears to have set its course for a "hard Brexit", where a clean break is favored to regain control over immigration, while the EU''s chief negotiator this week spelled out its need for early agreements on citizens'' rights, money and borders. But May has revealed little of her strategy to secure what she calls "the best possible deal" for the world''s fifth-largest economy. Her letter next week and Tusk''s reply may offer markets keen for details some hints at how rocky the path ahead may be. "The tone of this process might have implications for sterling markets," said Investec economist Chris Hare. May has other domestic political issues to tackle as well, including Monday''s deadline to form a new regional government in Northern Ireland or risk having its decision-making moved back to London, and a Scottish Parliament vote on Tuesday on whether to second a second independence referendum. On Friday, revised fourth-quarter GDP data will outline how Britain will come to the Brexit negotiating table with a far healthier economy than most predicted last June. After retail sales suffered their biggest squeeze in nearly 7 years on Thursday as higher inflation begins to bite, timelier indicators next week including mortgage approvals, house prices and consumer confidence may be worth watching more closely. TRUMP''S TEST The potential economic implications of 2016''s other major earthquake at the ballot box - the election of U.S. President Donald Trump - could play out at a much faster pace with Friday''s do-or-die rescheduled vote on a new healthcare bill. The vote has been billed by financial markets as a crucial test of Trump''s ability to work with Congress to deliver on pro-growth policies like tax cuts and infrastructure spending. Leaders from Trump''s Republican party postponed what was supposed to have been his first legislative victory because of opposition from two flanks in the party on Thursday. Even if it gets approval from the House, the legislation could face an even tougher fight in the Senate, the other chamber of Congress. A raft of speeches from top Federal Reserve officials - ten days after the bank raised interest rates for the second time in three months - may pale in comparison to the political drama, as could GDP revisions and key manufacturing surveys. In a date-heavy week around the world, euro zone flash inflation readings for March stand out after annual price rises surged to a four-year high of 2.0 percent in February, zooming up to the European Central Bank''s target of "below but close to 2 percent". Rising inflation across the 19-country bloc has put pressure on rate setters to say when and how extraordinary stimulus measures could be scaled back, although still weak underlying figures have limited discussions so far. "We expect that run to have come to an end this month," wrote economists at RBC Capital Markets, referring to the six consecutive months of year-on-year headline inflation rate rises. "With the oil price effect abating and underlying inflation still weak, we see headline inflation continuing to moderate from here and falling to 1.5 percent year-on-year by year-end." Next week also brings a string of emerging central bank policy meetings with Czech rate setters set to hold their last meeting before the bank''s self-imposed deadline for lifting a 3-1/2-year old currency cap. Mexico''s central bank meets on Thursday after a spike in inflation to an eight-year high prompted its chief to hint at more interest rate hikes following one just last month. Mexican rates are now at their highest in almost eight years. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-economy-weekahead-idUKKBN16V169'|'2017-03-24T19:02:00.000+03:00'|2259.0|''|-1.0|'' 2260|'951219811b56485fd05177497a0b0715a0e5378a'|'Wall Street bonuses may show first uptick since 2009, firm says'|' 00pm GMT Wall Street bonuses may show first uptick since 2009, firm says A souvenir license plate is seen outside the New York Stock Exchange in Manhattan, New York City, U.S., December 21, 2016. REUTERS/Andrew Kelly By Olivia Oran Wall Street bonuses this year may climb as much as 15 percent in their first meaningful uptick since 2009, compensation firm Johnson Associates Inc said on Friday. An increase in market volatility since the election of U.S. President Donald Trump may boost trading profits, the firm said in a presentation to an industry group. It described the forecast for financial services pay as "upbeat." The improved outlook for the banking industry is a shift from 2016, when bankers and traders received slightly lower bonuses on average. Bankers may also see more creativity with their pay packages as a result of less financial regulation. While today, most bankers are paid heavily in restricted stock, Johnson Associates expects a move to more stock options and unique products. (Reporting by Olivia Oran in New York; Editing by Lisa Von Ahn) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-banks-bonus-idUKKBN16O1YH'|'2017-03-17T22:00:00.000+02:00'|2260.0|''|-1.0|'' -2261|'0244280d8404ee02a98aefd00f49f17937babe44'|'Chesnara sees more UK acquisition opportunities ahead'|' 37am BST Chesnara sees more UK acquisition opportunities ahead Chesnara Plc ( CSN.L ), an insurance-focused takeover specialist, said on Friday it was "optimistic" that the UK acquisition market would become more active as uncertainty caused by regulatory changes and Solvency II capital rules reduces. The company said it had noted a recent gradual increase in closed book market activity in the UK, with larger finance companies looking to potentially shed capital intensive life and pension businesses and refocus on their core activities. "We have the flexibility to accommodate a wide range of potential target books," said Chesnara, which mainly buys life insurance funds closed to new customers. The company posted a nearly 5 percent fall in 2016 IFRS pretax profit to 40.7 million pounds ($50.74 million), hurt by lower interest rates and the absence of gains from its acquisition of Dutch company Waard Group in 2015. (Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-chesnara-results-idUKKBN1720MA'|'2017-03-31T14:37:00.000+03:00'|2261.0|''|-1.0|'' +2261|'0244280d8404ee02a98aefd00f49f17937babe44'|'Chesnara sees more UK acquisition opportunities ahead'|' 37am BST Chesnara sees more UK acquisition opportunities ahead Chesnara Plc ( CSN.L ), an insurance-focused takeover specialist, said on Friday it was "optimistic" that the UK acquisition market would become more active as uncertainty caused by regulatory changes and Solvency II capital rules reduces. The company said it had noted a recent gradual increase in closed book market activity in the UK, with larger finance companies looking to potentially shed capital intensive life and pension businesses and refocus on their core activities. "We have the flexibility to accommodate a wide range of potential target books," said Chesnara, which mainly buys life insurance funds closed to new customers. The company posted a nearly 5 percent fall in 2016 IFRS pretax profit to 40.7 million pounds ($50.74 million), hurt by lower interest rates and the absence of gains from its acquisition of Dutch company Waard Group in 2015. (Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-chesnara-results-idUKKBN1720MA'|'2017-03-31T14:37:00.000+03:00'|2261.0|28.0|0.0|'' 2262|'897b1155eadedfd7306c10c40c96deb89b04e0f2'|'Allan Gray says stake in Net1 allows it to call shareholder meet - reports'|'Company News - Fri Mar 17, 2017 - 2:11am EDT Allan Gray says stake in Net1 allows it to call shareholder meet - reports JOHANNESBURG, March 17 Investment company Allan Gray said on Friday its 16 percent stake in Net1 allowed it to call a shareholders'' meeting over the company''s handling of the South African welfare contract, local media reported. "Sixteen percent allows us to call a shareholders'' meeting," Allan Gray Chief Operating Officer Rob Dower told Talk Radio 702. Chief investment officer Andrew Lapping was quoted in the Business Day newspaper as saying Allan Gray could push for the removal of the Net1 board. South Africa''s Constitutional Court was set to rule on Friday in a case concerning the unlawful tender of a contract to Net1 unit Cash Paymaster Services (CPS) to manage welfare benefits to 17 million people. (Reporting by Ed Stoddard; Editing by Subhranshu Sahu) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-welfare-court-idUSJ8N1GE00Y'|'2017-03-17T13:11:00.000+02:00'|2262.0|''|-1.0|'' 2263|'9a1c77932a5094ed840bb6aae1299c8ac5e12101'|'UPDATE 1-Profit of UAE airlines will likely fall this year: IATA'|' 5:33am EDT UPDATE 1-Profit of UAE airlines will likely fall this year: IATA (Adds quotes, context) By Alexander Cornwell ABU DHABI, March 14 The profitability of airlines in the United Arab Emirates, one of the Middle East''s two big aviation hubs, is expected to fall this year, the director-general of the International Air Transport Association (IATA) told reporters on Tuesday. "The UAE carriers will have a year that is probably below 2016," IATA Director General and Chief Executive Alexandre de Juniac told reporters in Abu Dhabi, adding that low-cost, long-haul service could also soon start to take hold in the region. IATA previously said Middle East airlines are likely to see profits fall to $300 million in 2017 from $900 million last year in part due to high capacity and limited demand growth. It did not elaborate. The UAE is home to Emirates, the world''s largest long-haul airline, as well as rapidly expanding Etihad Airways and low cost carriers flydubai and Air Arabia. Its carriers have often been some of most profitable from the region. Half-year profit fell 75 percent at Emirates and the airline''s President Tim Clark said last week that while yield declines had halted it was still a tough year. Air Arabia and flydubai reported lower full-year profit for 2016 and while Etihad has not yet reported its results it has said it is undertaking a review of its business. Airlines in the Gulf for years benefited from high oil prices that spurred government spending and regional growth. But demand has softened and travel budgets have tightened after more than two years of depressed oil prices, exposure to weaker markets and currency fluctuations. Emirates and Etihad are both reviewing their workforce, while Emirates has agreed with Airbus to delay the delivery of 12 A380 jets over the next two years. Both airlines have hundreds of aircraft on order from Airbus and Boeing and neither has signalled further delays to deliveries. But the growth of low-cost, long-haul airlines like Norwegian Air Shuttle is expected to continue to pressure established trans-Atlantic carriers with its expansion using longer-range single-aisle aircraft to fly between smaller, cheaper local airports. "The way people travel, their decisions for travelling, the amount of money they''re prepared to pay, new entrants coming to market, long-range single aisles, it''s all changing," Clark said on March 9. Growth of low-cost, long haul is "starting to accelerate" in Europe and Asia and is likely to eventually develop in other markets such as the Middle East, de Juniac said. (Editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emirates-airlines-outlook-idUSL5N1GR1RX'|'2017-03-14T16:33:00.000+02:00'|2263.0|''|-1.0|'' 2264|'8864f8455b3ec643e0a3d2c053b364703913849f'|'Chinese court rules in favour of Apple in local design patent disputes'|' 2:49pm GMT Chinese court rules in favour of Apple in local design patent disputes A man holds Apple smartphone outside an Apple store in Beijing, China, September 16, 2016. REUTERS/Thomas Peter BEIJING A Chinese court has ruled in favour of Apple ( AAPL.O ) in design patent disputes between the Cupertino, California company and a domestic phone-maker, overturning a ban on selling iPhone 6 and iPhone 6 Plus phones in China, Xinhua news agency reported. Last May, a Beijing patent regulator ordered Apple''s Chinese subsidiary and a local retailer Zoomflight to stop selling the iPhones after Shenzhen Baili Marketing Services lodged a complaint, claiming that the patent for the design of its mobile phone 100c was being infringed by the iPhone sales. Apple and Zoomflight took the Beijing Intellectual Property Office''s ban to court. The Beijing Intellectual Property Court on Friday revoked the ban, saying Apple and Zoomflight did not violate Shenzhen Baili''s design patent for 100c phones. The court ruled that the regulator did not follow due procedures in ordering the ban while there was no sufficient proof to claim the designs constituted a violation of intellectual property rights. Representatives of Beijing Intellectual Property Office and Shenzhen Baili said they would take time to decide whether to appeal the ruling, according to Xinhua. In a related ruling, the same court denied a request by Apple to demand stripping Shenzhen Baili of its design patent for 100c phones. Apple first filed the request to the Patent Reexamination Board of State Intellectual Property Office. The board rejected the request, but Apple lodged a lawsuit against the rejection. The Beijing Intellectual Property Court on Friday ruled to maintain the board''s decision. It is unclear if Apple will appeal. (Reporting by Ryan Woo, editing by David Evans) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-apple-china-idUKKBN16W0KX'|'2017-03-25T22:49:00.000+03:00'|2264.0|''|-1.0|'' @@ -2271,7 +2271,7 @@ 2269|'7aac33d64814d4d3631ae0e4431684358530e747'|'Abu Dhabi Commercial Bank issues $230 million Formosa bond'|'By Tom Arnold - DUBAI, March 19 DUBAI, March 19 Abu Dhabi Commercial Bank (ADCB), the emirate''s second largest bank by assets, raised $230 million through the sale of a five-year Formosa bond, its second issuance sold in Taiwan this quarter, sources told Reuters on Sunday.At least two other Gulf banks have made similar forays into the Formosa market in the past year as they look to diversify their funding sources.Formosa bonds are sold in Taiwan by foreign issuers and denominated in currencies other than the Taiwanese dollar.ADCB''s five-year issue, which was placed with institutional investors, was arranged by JPMorgan Chase & Co, the sources said.ADCB declined to comment when contacted by Reuters.Earlier this quarter, the bank raised around $750 million through a five-year Formosa bond, which was also placed with institutional investors, one of the sources said. That issue was arranged by Morgan Stanley.National Bank of Abu Dhabi raised $885 million through the sale of a 30-year Formosa bond in January after issuing a $696 million public Formosa bond in October.Qatar National Bank in July printed $330m of five-year Formosa floating-rate notes, two months after issuing three-year floating-rate notes of $1.1 billion.(Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/adcb-bonds-idINL5N1GW0DM'|'2017-03-19T09:37:00.000+02:00'|2269.0|''|-1.0|'' 2270|'169abc7d91131498136250223510a67ddd0bed2a'|'UK financial sector proposes untested system to keep EU access'|' 2:31pm BST UK financial sector proposes untested system to keep EU access FILE PHOTO: The Canary Wharf financial district is seen at dusk in London, Britain November 7, 2014. REUTERS/Toby Melville/File Photo By Huw Jones - LONDON LONDON Britain''s financial sector is drawing up proposals on how it could still serve EU clients after Brexit, even as firms begin establishing new operations on the continent to keep access to the European market. Regulatory and banking experts working for the City of London and lobby group TheCityUK are basing their ideas on a ''mutual recognition'' system. Under this, the European Union and Britain would broadly accept firms in each other''s financial markets because their home regulatory systems apply similar standards. Such a system might limit what is likely to be a flow of business and jobs from the London financial center, by far Europe''s biggest, to countries that remain in the EU. However, skeptics say mutual recognition is largely untested globally and would struggle to win approval within the EU, where there are already calls to make it harder for British financial firms to operate in the bloc, not easier, after Brexit. Undaunted, the experts on the International Regulatory Strategy Group (IRSG) will set out their proposals in a forthcoming paper. This aims to provide ideas for British negotiators after Prime Minister Theresa May formally notified Brussels on Wednesday of her country''s intention to seek a divorce from the remaining 27 EU member states. "You are saying the outcomes from the UK and EU27 regulatory systems are broadly comparable and this is the way to go forward," IRSG Chairman Mark Hoban told Reuters. Some British financial firms - and foreign banks using London as a European base - are already working on plans to move jobs to centers such as Frankfurt, Dublin, Paris and Luxembourg for after Britain loses its blanket "passporting" rights to sell financial services in the EU single market. Germany, however, says they will not be offered any special exemption from regulations. GRAPHIC - Banks'' Brexit dilemma tmsnrt.rs/2mQI774 GRAPHIC - Britain''s banking economy tmsnrt.rs/2nrufUG A BETTER BASIS Firms from outside the EU are already allowed some access to the single market under an ''equivalence'' system, provided the European Commission deems their home rules and supervision to be equivalent in strictness. Britain could therefore technically qualify as a "third country" under this system after Brexit. In practice the system is cumbersome. It operates firm-by-firm, does not cover all activities, has no fixed timetable for approvals and authorizations can be canceled at short notice, bankers say. It took four years for the EU to deem just one set of U.S. derivatives clearing rules to be equivalent as talks got bogged down over technical details. "It''s very clear that the third country model doesn''t work for the UK. There has to be a new basis on which trade is done cross-border between the UK and EU27," said Hoban. "The focus on mutual recognition of regulatory outcomes is a much better basis for continuing to trade cross-border." The hope is that a mutual recognition deal with the EU would be much more comprehensive, encompassing large numbers of firms and business areas rather than the current piecemeal approach. May told parliament on Wednesday she wanted a "bold and ambitious" trade deal covering economic affairs with the bloc within the two-year period of negotiations. PILOT Hoban said mutual recognition would avoid Britain becoming a "rule taker", as equivalence in practice means cutting and pasting EU rules into domestic law without any say in their framing, as Switzerland has to do. It would also be flexible enough to cope with two evolving regulatory systems over time, said Hoban, a former junior finance minister. Past attempts at mutual recognition have achieved little. In 2008 the U.S. Securities and Exchange Commission struck a pilot deal with its Australian counterpart ASIC, but this expired after five years and has not been renewed. The EU opened talks on a similar Mutual Recognition Agreement (MRA) with the United States but these fizzled out without a deal after the global financial crisis. "We started exploring the legal complexities, which were considerable," said David Wright, a senior European Commission official at the time. "Many of the problems back then would be faced by a UK-EU MRA as well." Regulators and lawmakers in the EU say the focus should be on toughening up the equivalence system as this will need to cater for London, which will lie on its doorstep but outside its control, in contrast to smaller centers further afield. "For the EU27, the key question will be how to deal with relevant risks from what will have to be thought of as a very large offshore financial center," said Jakob von Weizsaecker, a German Social Democrat. "Controlling those risks will require a more robust third country equivalence regime," said von Weizsaecker, a member of the European Parliament which will have a veto on any new trade deal with Britain. Gerard Rameix, who chairs French markets regulator AMF, wants a more demanding equivalence system with Britain, given potentially huge volumes of financial transactions. "Thus the third country regime must be carefully re-assessed within the Brexit context," Rameix said. Hoban said there was an appetite in the EU to talk about financial services trading models like mutual recognition. European Commission President Jean-Claude Juncker has promised the Brexit negotiations will be conducted fairly, without seeking punishment of Britain for leaving. Dan Waters, managing director of ICI Global, a funds industry body, was optimistic Britain could get a special deal with the EU. But he said: "The worry is that the review of third country arrangements could be a smokescreen for introducing a more demanding third country regime to punish the UK." Kay Swinburne, a British Conservative member of the European Parliament, said that while there was no appetite in the EU for the terminology of mutual recognition in financial services, there was an interest in how to find a platform that encourages future regulatory convergence. "There is a need for a formal regulatory forum with possibly an arbitration service alongside," Swinburne said. (editing by David Stamp) Fed''s Evans says he supports one or two more rate hikes this year FRANKFURT One of the Federal Reserve''s most consistent supporters of low interest rates on Wednesday said he is with the majority of his colleagues in supporting further rate hikes this year, given progress on the U.S. central bank''s goals of full employment and stable inflation. U.S. stocks'' rally may be near peak, but some gains ahead NEW YORK A U.S. stock rally fueled by optimism President Donald Trump will boost the economy may be near its peak, according to a Reuters poll of strategists who forecast U.S. shares will gain less than 3 percent between now and year-end. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-banks-financial-idUKKBN1701RV'|'2017-03-29T21:06:00.000+03:00'|2270.0|''|-1.0|'' 2271|'e750b485d8d902baa1f484fa2f0ccc7ea2acaca9'|'Factbox: Impact on banks from Britain''s vote to leave the EU'|'Global banks have warned they could move thousands of jobs out of Britain to prepare for the expected disruption caused by the country''s exit from the European Union, endangering London''s status as a major financial center.Leading financial firms warned for months before last June''s Brexit referendum that they would have to move some jobs if the "Leave" side won, and have been working on plans for how they would do so for the past six months.More details are starting to emerge after Prime Minister Theresa May confirmed Britain would leave the European single market, ending banks'' hopes they might retain "passporting" rights that let them sell their services across the EU out of their London hubs.Below are comments and reports on banks about their potential Brexit plansHSBCStuart Gulliver, CEO of HSBC ( HSBA.L ), Europe''s biggest bank, said it would relocate staff responsible for generating around a fifth of its UK-based trading revenue, or around 1,000 people, to Paris.BARCLAYSBarclays ( BARC.L ) Chief Executive Jes Staley told BBC Radio in an interview in Davos that the bank would keep the bulk of its activities in Britain after the UK leaves the EU, and said any changes to how the bank operates will be small and manageable.However, Barclays is preparing to make Dublin its EU headquarters for when Britain quits the EU, according to a source familiar with the matter.UBSSwiss bank UBS''s ( UBSG.S ) Chairman Axel Weber said at the World Economic Forum in Davos in January that about 1,000 of its 5,000 employees in London could be affected by Brexit.Separately, Chief Executive Sergio Ermotti said that UBS has a degree of flexibility if its UK outpost looks set to lose its ability to operate across the EU once Britain leaves the bloc.The world''s biggest wealth manager has also set up a bank in Frankfurt to consolidate most of its European wealth management operations, after the Brexit vote dashed London''s chances of being the host city.CREDIT SUISSECredit Suisse''s ( CSGN.S ) Chief Executive Tidjane Thiam said in September that his bank was relatively well placed to deal with the impact of Brexit and that only around 15-20 percent of volumes in the investment bank would be impacted.LLOYDSLloyds Banking Group ( LLOY.L ), Britain''s largest mortgage lender and the only major British retail bank without a subsidiary in another EU country, is close to selecting Berlin as a European base to secure market access to the EU after Britain withdraws.[nL8N1FY5HM]GOLDMAN SACHSU.S. bank Goldman Sachs ( GS.N ) is considering moving up to 1,000 staff from London to Frankfurt because of concerns over Brexit, Germany''s Handelsblatt newspaper reported in January, citing financial sources.Goldman Sachs will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans, the Wall Street firm''s Europe CEO said in March.Three people familiar with the matter told Reuters in November that Goldman Sachs is considering shifting some of its assets and operations from London to Frankfurt.MORGAN STANLEYU.S. bank Morgan Stanley ( MS.N ) has identified many of the roles that will need to be moved from Britain after Brexit, sources involved in the processes told Reuters.Morgan Stanley, which bases the bulk of its European staff in Britain, will have to move up to 1,000 jobs in sales and trading, risk management, legal and compliance, as well as slimming the back office in favor of locations overseas, one source told Reuters.Morgan Stanley may initially shift 300 staff from Britain following its exit from the European Union, and is scouting for office space in Frankfurt and Dublin, Bloomberg News reported in February.CITIGROUPCitigroup ( C.N ), which has also identified roles that will need to be moved out of the UK and has a large banking unit in Dublin, will need to move 100 posts in its sales and trading business, sources with knowledge of the matter said.Separately, Citigroup''s European chief said the U.S. bank would make a decision on its Brexit contingency plans in the first half of the year and choose from a number of potential EU countries to relocate some investment banking business.JPMORGANChase & Co ( JPM.N ) could be forced to move 4,000 of its 16,000 staff currently based in Britain if the country loses access to the single market, bank CEO Jamie Dimon warned in June."It looks like there will be more job movement than we hoped for," Dimon told Bloomberg TV in an interview at the World Economic Forum in Davos in January.BOFABank of America Corp ( BAC.N ) said in August that its businesses and results could be adversely affected and it may have to incur additional costs if Brexit limits the ability of its UK entities to conduct business in the EU.Dublin is Bank of America''s default option for a new base within the EU, but other centers are on the table and no decision has yet been made, an executive said in Germany on March 14.(Compiled by Noor Zainab Hussain in Bengaluru; editing by Mark Heinrich)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-britain-eu-banks-factbox-idINKBN16Y1YM'|'2017-03-27T14:03:00.000+03:00'|2271.0|''|-1.0|'' -2272|'9fbb2a2d7ba0d9163eed04592d3df74f9b279a08'|'German firms doubt good business conditions will last - Ifo chief'|'Business News - Sun Mar 26, 2017 - 3:46pm BST German firms doubt good business conditions will last - Ifo chief The famous skyline with its banking district is pictured in early evening next to the Main River in Frankfurt, Germany, January 19, 2016. REUTERS/Kai Pfaffenbach BERLIN Many German companies doubt the good conditions in Europe''s largest economy will last as they fear disruption from new technologies, the head of the Munich-based Ifo economic institute told the Suedkurier newspaper. German business morale was buoyant in February, Ifo''s survey of business sentiment showed. Ifo is due to release the results of the March survey on Monday and no change is expected in the reading, supporting expectations for a robust start to 2017. Yet Ifo chief Clemens Fuest said businesses saw disruption on the horizon. "Many firms doubt whether the current good situation will last," Fuest told the Suedkurier, adding that businesses believed new technologies like electric cars and digitalisation would lead to "structural upheaval". He said the German economy was growing well and that Ifo expects it to expand by 1.5 percent in real terms this year. (Writing by Paul Carrel; Editing by Catherine Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-ifo-idUKKBN16X0PR'|'2017-03-26T22:46:00.000+03:00'|2272.0|''|-1.0|'' +2272|'9fbb2a2d7ba0d9163eed04592d3df74f9b279a08'|'German firms doubt good business conditions will last - Ifo chief'|'Business News - Sun Mar 26, 2017 - 3:46pm BST German firms doubt good business conditions will last - Ifo chief The famous skyline with its banking district is pictured in early evening next to the Main River in Frankfurt, Germany, January 19, 2016. REUTERS/Kai Pfaffenbach BERLIN Many German companies doubt the good conditions in Europe''s largest economy will last as they fear disruption from new technologies, the head of the Munich-based Ifo economic institute told the Suedkurier newspaper. German business morale was buoyant in February, Ifo''s survey of business sentiment showed. Ifo is due to release the results of the March survey on Monday and no change is expected in the reading, supporting expectations for a robust start to 2017. Yet Ifo chief Clemens Fuest said businesses saw disruption on the horizon. "Many firms doubt whether the current good situation will last," Fuest told the Suedkurier, adding that businesses believed new technologies like electric cars and digitalisation would lead to "structural upheaval". He said the German economy was growing well and that Ifo expects it to expand by 1.5 percent in real terms this year. (Writing by Paul Carrel; Editing by Catherine Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-ifo-idUKKBN16X0PR'|'2017-03-26T22:46:00.000+03:00'|2272.0|23.0|0.0|'' 2273|'f0ead2984cc889a4311bb9ae315a23d801a0f3af'|'Effissimo says Toshiba stake purchase aimed at longer term price gain'|'TOKYO Singapore-based fund Effissimo said on Friday it had bought its 8.14 percent stake in Toshiba Corp ( 6502.T ) because it expects its share price to gain and produce returns though a longer-term increase in corporate value.Effissimo, established by former colleagues of Japan''s most famous activist investor, Yoshiaki Murakami, has become the largest shareholder in Toshiba with its stake, a regulatory filing showed on Thursday.Effissimo''s purchase of Toshiba shares is worth about 65 billion yen ($584 million), based on its closing price on March 15, the date of ownership shown in the filing.(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-effissimo-idINKBN16V0IT'|'2017-03-24T03:21:00.000+03:00'|2273.0|3.0|4.0|'' 2274|'bf883606388c50706e0f1f05ee30c6653a7710ae'|'RBS raises settlement offer to last claimants over 2008 cash call'|' 23am BST RBS raises settlement offer to last claimants over 2008 cash call FILE PHOTO: A woman uses an ATM at a Royal Bank of Scotland (RBS) branch in London, Britain, February 25, 2010. REUTERS/Toby Melville/File Photo LONDON Royal Bank of Scotland ( RBS.L ) has nudged up an offer to the final group of claimants seeking damages over an emergency cash call in 2008, a source familiar with the situation said on Tuesday. The Edinburgh-based bank, which is more than 70 percent owned by taxpayers, has offered an additional 2 pence per share to 43.5 pence a share to a group of claimants, which includes former and current RBS employees and institutional investors. The person said the increase would amount to under 10 million pounds. A spokesman for the claimants was not immediately available. (Reporting By Andrew MacAskill. Editing by Kirstin Ridley) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rbs-lawsuit-settlement-idUKKBN16Z16C'|'2017-03-28T18:23:00.000+03:00'|2274.0|''|-1.0|'' 2275|'e97e1f419456021185ff752f6756994cdb25eb0d'|'About 17,000 AT&T workers in California and Nevada go on strike'|'U.S. 52pm EDT About 17,000 AT&T workers in California and Nevada go on strike Signage for an AT&T store is seen in New York October 29, 2014. REUTERS/Shannon Stapleton/File Photo By Anjali Athavaley About 17,000 AT&T Inc workers in California and Nevada went on strike on Wednesday, alleging that the company violated contract terms by forcing employees to do work outside their areas of expertise. The employees, who work in the company''s phone, landline and cable services businesses, have been working without a contract for almost a year. Last year, the workers, who are represented by the Communications Workers of America, voted to authorize a strike. AT&T had 268,000 employees as of Jan. 31, according to a filing. The company said it was prepared to continue serving customers. "A walkout is not in anybodys best interest, and its unfortunate that the union chose to do that," AT&T said in a statement. "Were engaged in discussion with the union to get these employees back to work as soon as possible." (Reporting by Anjali Athavaley; Editing by Marguerita Choy) Next In U.S.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-at-t-strike-idUSKBN16T2PJ'|'2017-03-23T01:48:00.000+02:00'|2275.0|''|-1.0|'' @@ -2336,13 +2336,13 @@ 2334|'f0ab5d9631d0ff3721881d93761c601524398302'|'Nikkei ekes out small gains after Fed; Fast Retailing falls - Reuters'|'TOKYO, March 16 Japanese stocks eked out small gains in choppy trade on Thursday after the U.S. Federal Reserve hiked U.S. interest rates, but signalled no pick-up in the pace of tightening.The Nikkei rose 0.1 percent to 19,590.14 points, after trading in negative territory earlier in the session.Financial stocks languished as U.S. yields fell after the Fed raised interest rates for the second time in three months, but did not flag any plans to accelerate the pace of monetary tightening. Exporters were also weak after the dollar fell against the yen.Fast Retailing, the operator of Uniqlo clothing chain, fell 1.9 percent after the Nikkei Business Daily reported that its rivals were planning to expand aggressively to new markets.The loss contributed a hefty 27 negative points to the benchmark index.On the other hand, mining shares rose after crude oil prices extended gains from the previous session after official government data showed U.S. stockpiles had eased from record highs. Inpex Corp rose 1.0 percent and Japan Petroleum Exploration Co gained 0.8 percent.The market largely shrugged off the Bank of Japan''s decision on Thursday to keep its monetary policy steady, an announcement widely expected.The broader Topix gained 0.1 percent to 1,572.69 and the JPX-Nikkei Index 400 added 0.1 percent to 14,087.07. (Reporting by Ayai Tomisawa; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-closer-idINL3N1GT2LP'|'2017-03-16T03:43:00.000+02:00'|2334.0|''|-1.0|'' 2335|'e569a7a50cdfdc45a078b3a4ee7fe72c0a97a5ea'|'UPDATE 1-Canada''s Couche Tard posts 4.7 pct rise in profit'|' 21am EDT UPDATE 1-Canada''s Couche Tard posts 4.7 pct rise in profit (Adds details) March 14 Canadian convenience store operator Alimentation Couche Tard reported a 4.7 percent increase in quarterly profit on Tuesday, largely boosted by acquisitions. Couche Tard, one of Canada''s most acquisitive companies, has been expanding through deals in Europe, Canada and the United States. Last year, the owner of the Circle K chain of convenience stores struck its biggest deal to date, with the $4.4 billion acquisition of U.S. retailer CST Brands Inc. Revenue from the company''s fuel retail business rose 27 percent to $7.97 billion in the quarter ended Jan. 29. The business made up nearly 70 percent of total revenue. Same-store merchandise revenue in the U.S. climbed 1.9 percent and rose 2.5 percent in Europe, but fell 0.9 percent in Canada, the company said. Laval, Quebec-based Couche Tard''s net income rose to $287 million or 50 cents per share in the third quarter ended Jan. 29, from $274 million or 48 cents per share, a year earlier. Total revenue jumped 22.3 percent to $11.42 billion. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/couche-tard-results-idUSL3N1GR43V'|'2017-03-14T20:21:00.000+02:00'|2335.0|''|-1.0|'' 2336|'bf5f2478c96cb87cb9fd55c898cb536baab1db73'|'Emirates rejects Lufthansa, Air France-KLM claims in letter to EU'|'Money News - Thu Mar 2, 2017 - 8:13pm IST Emirates rejects Lufthansa, Air France-KLM claims in letter to EU FULL COVERAGE: INDIA ELECTIONS 2017 An Emirates plane is seen next to fire truck at Lisbon''s airport, Portugal June 24, 2016. REUTERS/Rafael Marchante/Files BRUSSELS Emirates has rejected claims by Lufthansa and Air France-KLM in a letter to the EU that competition from Gulf airlines had forced them to terminate services to Asia. The letter from the CEOs of the French and German carriers this week asked the European Union executive to act over what they say are unfair practices by the Gulf airlines that have caused them to scrap flights to destinations in the Middle East, Asia and India. "It is baffling why two of the largest legacy airlines in Europe are alleging that Gulf carriers have caused them to contract their Asian services when the opposite is true," an Emirates spokeswoman said. "OAG (Official Airline Guide) data shows that between 2007 to 2017, the 6 European carriers combined actually grew capacity from Europe to Asia in terms of seats (17 percent), and flight frequencies (6 percent)," she added. The letter to EU Transport Commissioner Violeta Bulc said Lufthansa, Air France, KLM, Brussels Airlines, Swiss and Austrian Airlines have together had to halt services to over 30 destinations in the Middle East, Asia and India in recent years. The European Commission is preparing a law enabling the EU to impose duties on non-EU airlines or suspend their flying rights if it finds they have harmed European airlines through unfair subsidies or discriminatory practices. European legacy carriers have been hit by the rapid growth of the main Gulf airlines - Emirates, Etihad and Qatar Airways - and shifting traffic flows to Asia. They have long accused the Gulf airlines of receiving illegal state subsidies - which the companies deny - and have asked the EU to do more to tackle the challenge. "We have repeatedly disproved all allegations of subsidies, and demonstrated that we operate on a fully commercial basis," the Emirates spokeswoman said. (Reporting by Julia Fioretti; Editing by Keith Weir) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/emirates-letter-lufthansa-airfrance-klm-idINKBN16920F'|'2017-03-02T21:43:00.000+02:00'|2336.0|''|-1.0|'' -2337|'f86cb6822ced69cf4d8cec430e8aa9c4b5cd7d49'|'Stada CEO says bidding process fully intact'|'BAD VILBEL, Germany German drugmaker Stada ( STAGn.DE ), at the center of a takeover battle between two private equity consortia, said the bidding process was developing well, after delays earlier this month."The bidding process that we have initiated is intact in every respect," Chief Executive Matthias Wiedenfels told journalists at a press conference at the group''s Bad Vilbel headquarters after the release of detailed 2016 results.The takeover battle for Stada pits a combination of Advent and Permira against Bain and Cinven. Both have made takeover offers at 58 euros per share, valuing the company at 4.7 billion euros ($5.1 billion) including debt, according to people familiar with the matter.Stada postponed the bidding process this month to give the competing suitors a chance to improve their offers.(Reporting by Ludwig Burger; Editing by Victoria Bryan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-results-bidding-idINKBN1700UM'|'2017-03-29T06:36:00.000+03:00'|2337.0|''|-1.0|'' +2337|'f86cb6822ced69cf4d8cec430e8aa9c4b5cd7d49'|'Stada CEO says bidding process fully intact'|'BAD VILBEL, Germany German drugmaker Stada ( STAGn.DE ), at the center of a takeover battle between two private equity consortia, said the bidding process was developing well, after delays earlier this month."The bidding process that we have initiated is intact in every respect," Chief Executive Matthias Wiedenfels told journalists at a press conference at the group''s Bad Vilbel headquarters after the release of detailed 2016 results.The takeover battle for Stada pits a combination of Advent and Permira against Bain and Cinven. Both have made takeover offers at 58 euros per share, valuing the company at 4.7 billion euros ($5.1 billion) including debt, according to people familiar with the matter.Stada postponed the bidding process this month to give the competing suitors a chance to improve their offers.(Reporting by Ludwig Burger; Editing by Victoria Bryan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-results-bidding-idINKBN1700UM'|'2017-03-29T06:36:00.000+03:00'|2337.0|17.0|2.0|'' 2338|'f8e418a4fbdca12ba85b38fec17067198cb77884'|'Volkswagen settles 10 U.S. state diesel claims for $157 million'|'U.S. 10:26am EDT Volkswagen settles 10 U.S. state diesel claims for $157 million A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo WASHINGTON Volkswagen AG said Thursday it has agreed to settle environmental claims from 10 U.S. states over its excess diesel emissions for $157.45 million as the world''s largest automaker looks to move past the scandal. The German automaker settlement covers states including New York, Connecticut, Massachusetts, Pennsylvania and Washington and also covers some consumer claims. In 2016, VW reached a $603 million agreement with 44 U.S. states, but that settlement didn''t cover claims resolved Thursday. In total, VW has now agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and to make buyback offers. (Reporting by David Shepardson) North Carolina lawmakers to vote on repeal of transgender bathroom law WINSTON-SALEM, N.C. North Carolina legislators were set to vote on Thursday on a deal to repeal a law prohibiting transgender people from using restrooms in accordance with their gender identities, a measure that has prompted boycotts by companies and sports leagues. HONOLULU A federal judge in Hawaii indefinitely extended on Wednesday an order blocking enforcement of President Donald Trump''s revised ban on travel to the United States from six predominantly Muslim countries. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN17123C'|'2017-03-30T22:26:00.000+03:00'|2338.0|''|-1.0|'' 2339|'f8cf6e78b83233d9c4bc54516cde5af019b6663f'|'Exclusive - BlackRock vows new pressure on climate, board diversity'|'Business News - Mon Mar 13, 2017 - 5:04am GMT Exclusive - BlackRock vows new pressure on climate, board diversity FILE PHOTO - The BlackRock logo is seen at the BlackRock Japan headquarters in Tokyo, Japan, October 20, 2016. REUTERS/Toru Hanai/File Photo By Ross Kerber - BOSTON BOSTON BlackRock Inc( BLK.N ), which wields outsized clout as the world''s largest asset manager, planned on Monday to put new pressure on companies to explain themselves on issues including how climate change could affect their business as well as boardroom diversity. The move by BlackRock, a powerful force in Corporate America with $5.1 trillion (4.18 trillion) under management, could bolster efforts like climate-risk disclosure practices developed by the Financial Stability Board, the international body that monitors and makes recommendations about the global financial system. BlackRock, which holds stakes in most major U.S. corporations, identified its top "engagement priorities" for meetings this year with corporate leaders in documents to be posted on its website on Monday, with climate risk and boardroom diversity on the list. Reuters received advance copies of the materials. Michelle Edkins, set to oversee the outreach effort as head of a 30-person team, said BlackRock might want to hear from companies about how they are assessing the risk that climate change may pose to their operations. Edkins cited the example of how rising ocean levels could swamp a real estate company''s valuable beachfront property. Some companies have shown leadership on the areas BlackRock considers priorities, Edkins said, while others need improvement. "There are firms where we think they''re probably not moving fast enough given the risks to the business," Edkins said in a telephone interview on Sunday. The action marked a step-up in BlackRock''s advocacy with boards and executives, and comes after the fund giant was criticized by environmental and labour activists for not backing proxy resolutions dealing with climate change and other topics more often at shareholder meetings. BlackRock stopped short of pledging to vote more often against companies'' management. It said it still prefers private meetings with executives and casts critical proxy votes only as a last straw. "We can''t micromanage," Edkins said. Activists said BlackRock deserves credit for making climate change a central focus. "They have made a turn in the road. They are looking at their proxies differently," said Tim Smith, who leads shareholder engagement efforts at Walden Asset Management in Boston. Outlining its priorities, BlackRock urged some companies to be ready to discuss concerns such as how they could use climate-risk disclosure practices developed by a Financial Stability Board task force. BlackRock also said it will expect that at companies in sectors associated with climate risk such as oil producers, miners or real estate companies, all directors should "have demonstrable fluency in how climate risk affects the business" and how a given company will address it. As a result of BlackRock''s new initiative, Smith said Walden and others including a Seattle city employees'' retirement system have withdrawn a proposal calling for the fund giant to review its proxy-voting process and record on climate change. Smith said BlackRock''s new approach could make a difference such as on resolutions urging energy giants to report on the impact that public policies aimed at curbing climate change could have on their business. One such resolution at Exxon Mobil ( XOM.N ) last year received support from around 38 percent of votes cast. BlackRock opposed the resolution and owned about 6 percent of the company at the time, securities filings show. Edkins said BlackRock''s votes on such measures in the future would depend on circumstances like how they are worded. An Exxon spokesman declined to comment ahead of the company''s proxy statement due next month. BOARDROOM DIVERSITY BlackRock also said it will look to understand how companies are working to increase boardroom diversity, such as adding more women. "Diverse boards, including but not limited to diversity of expertise, experience, age, race and gender, make better decisions," BlackRock said in the documents. Some companies wrongly believe they already possess a diverse board of directors, Edkins said. "A guy from Yale and a guy from Harvard does not count as diversity," Edkins said. BlackRock''s guidance marks the latest investor call for corporate executives to pay more attention to matters to which they might have given little thought in the past. New deposits into funds that invest according to environmental, social or responsible governance criteria have been a rare bright spot for active fund managers lately. Big fund firms have taken notice. State Street Corp( STT.N ), a BlackRock rival, used International Women''s Day last week to urge companies to improve their board diversity. BlackRock Chief Executive Larry Fink has advocated governance reforms in annual letters to other CEOs, such as urging them to avoid too much focus on short-term results. BlackRock said it also plans to press boards about worker issues in light of matters such as uneven wage growth. Edkins pointed to Wal-Mart Stores Inc ( WMT.N ) as an example of a company that embraced the idea that higher wages can lead to a more-engaged workforce. "Pay that doesn''t seem to achieve some sense of equity within a company is likely to make an unattractive place to work," Edkins said. (Reporting by Ross Kerber in Boston; Additional reporting by Trevor Hunnicutt in New York; Editing by Will Dunham) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-blackrock-climate-exclusive-idUKKBN16K0CP'|'2017-03-13T12:04:00.000+02:00'|2339.0|''|-1.0|'' 2340|'96749e4cdb4bf960c31ab88d95d58435c49b9677'|'Trial, bond hearing dates set for VW emissions scandal executive in U.S.'|'Business News - 08pm GMT Trial, bond hearing dates set for VW emissions scandal executive in U.S. By Bernie Woodall - DETROIT DETROIT A federal judge on Wednesday set for April 18 in Detroit the trial of a former Volkswagen AG ( VOWG_p.DE ) U.S.-based executive charged with crimes related to the company''s massive diesel emissions scandal, but the defence indicated it may seek a postponement. Oliver Schmidt, who was the chief of Volkswagen''s environmental and engineering centre in Michigan, faces charges that could put him in prison for up to 169 years if he is convicted. Volkswagen is set to plead guilty on March 10 in Detroit to three felony counts under a plea agreement to resolve U.S. charges it installed secret software in vehicles to enable it to beat emissions tests. The scandal became known to the public in the fall of 2015. The U.S. Justice Department has said that the company realized in 2006 that it could not meet tougher U.S. emissions rules. Schmidt was one of six former or current VW executives indicted in January but the only one in the United States at the time of the indictments. He was arrested on Jan. 7 in Florida. Schmidt would be the first VW employee or executive to go on trial in the scandal. A U.S. VW employee, James Liang, was charged in September. He pleaded guilty at the time to misleading regulators about diesel emissions and agreed to cooperate with the investigation. Schmidt''s attorney, George Donnini, asked U.S. District Judge Sean Cox if he could argue for another trail date because, he said, there was much discovery work to be done before trial, but Cox sternly disallowed the request. If the defence wants a change in the trial date, it should file a motion with the court, Cox said. Donnini would not comment after Wednesday''s brief hearing. Cox also set a bond hearing requested by the defence for March 16. Schmidt is being held without bond. Schmidt appeared at the hearing in a bright orange jail jumpsuit with "SANILAC COUNTY" printed on back. He is being held at a jail in the county north of Detroit. The former executive was shackled at the ankles and waist, which a court official said was the policy of the federal courthouse in Detroit. According to court documents, Schmidt''s lawyers have argued that he is just a small player in a large scandal and that he has cooperated with authorities. German prosecutors on Jan. 20 searched Schmidt''s house, which could indicate that he may face charges in that country as well. VW has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and to make buyback offers of its diesel-powered vehicles involved in the scandal. (Reporting by Bernie Woodall; Editing by Jonathan Oatis) Next In Business News U.S. '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN1685TL'|'2017-03-02T06:08:00.000+02:00'|2340.0|''|-1.0|'' 2341|'dc1ca8b5aabcc242ff14f42e36fc6118fca5628d'|'Uber board backs CEO Kalanick, still looking for chief operating officer'|'Technology Photos - Wed Mar 22, 2017 - 4:27am IST Uber board backs CEO Kalanick, still looking for chief operating officer Uber CEO Travis Kalanick, addresses a gathering at an event in New Delhi, India, December 16, 2016. REUTERS/Adnan Abidi By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc [UBER.UL] plans to keep co-founder Travis Kalanick as chief executive following a series of damaging events at the ride services company, a member of its board said on Tuesday in a rare call with reporters. "The board has confidence in Travis," said Arianna Huffington, co-founder of news site Huffington Post and one of seven voting Uber board members. The possibility of him resigning has not "come up and we don''t expect it to come up," she said. But she added that Kalanick, 40, needed to change his leadership style from that of a "scrappy entrepreneur" to be more like a "leader of a major global company." The privately held company, valued at $68 billion, is pushing ahead in its search for a chief operating officer to help Kalanick run the business, but gave no hints on possible candidates or timing of an appointment. Huffington and three Uber executives on the call said they were working on repairing the company''s tarnished image and improving its culture and leadership after a series of embarrassing setbacks, including allegations of sexual harassment from a former employee and the recent departure of its president, Jeff Jones, who cited deep misgivings about the company. Kalanick was not on the call. Uber expects to conclude an internal investigation into the sexual harassment allegations by the end of April, Huffington said The investigation was prompted by a former Uber employee who last month published a blog post describing a workplace where sexual harassment was common and went unpunished. Huffington is part of a committee - along with Uber board members David Bonderman of TPG Capital and Bill Gurley, a venture capitalist at Benchmark and close adviser to Kalanick - that will review the findings of the investigation. Huffington pledged to make those findings public. Meanwhile, the search for a COO - announced two weeks ago by Kalanick - is continuing, Huffington said, without mentioning any candidates by name or saying when the job would be filled. She said the COO, a role that has not previously existed at Uber, will be a "true partner" to Kalanick. "This is the first time that Travis has really understood the importance of having a partner," said Liane Hornsey, Uber''s chief human resources officer, on the call. News service Bloomberg last month released a video that showed Kalanick berating an Uber driver who had complained about cuts to rates paid to drivers, resulting in Kalanick making a public apology and admitting he needed leadership training. (Reporting by Heather Somerville; Editing by Bill Rigby) Next In Technology Photos'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-uber-ceo-idINKBN16S2Y0'|'2017-03-22T05:49:00.000+02:00'|2341.0|''|-1.0|'' 2342|'93c9e71aa5ae553c9fa2ad03cd8d771aa3f891eb'|'Volkswagen says U.S. approves sale of modified diesel vehicles'|'Business News - Thu Mar 30, 2017 - 1:40am BST Volkswagen says U.S. approves sale of modified diesel vehicles The logo of Volkswagen is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann Volkswagen AG ( VOWG_p.DE ) said the U.S. Environmental Protection Agency has approved its request to sell up to 67,000 diesel vehicles from the 2015 model year, including about 12,000 currently in dealer inventory with approved emissions modifications. The vehicles in inventory were held when the company issued a stop sale in September 2015, Volkswagen spokeswoman Jeannine Ginivan told Reuters. Ginivan said the company was finalising details of the programme. The EPA approved a fix for about 70,000 Volkswagen diesel vehicles in January. The EPA did not immediately to a request for comment. (Reporting by David Shepardson in Washington and Bhanu Pratap in Bengaluru; Editing by Leslie Adler) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-idUKKBN17102M'|'2017-03-30T08:40:00.000+03:00'|2342.0|''|-1.0|'' -2343|'9fedf3d8eedaabcf668980f7bc49b9b82e3dc76b'|'Japan Aso calls on G20 to reconfirm warning vs excess FX volatility'|'BADEN BADEN, Germany Japanese Finance Minister Taro Aso said on Friday it was "very important" for the Group of 20 economies to reconfirm its warning that excess currency volatility was undesirable for economic stability."I told my G20 counterparts that while the global economy was recovering gradually, downside risks existed so it was important to reconfirm a G20 commitment to use all available tools, individually and collectively, to ensure economic stability," Aso said.Aso said he also told the G20 finance leaders that Japan was ready to mobilise monetary and fiscal policy tools to end deflation.On global trade, Aso said he stressed the importance of having "free and fair rules" on global trade, which have brought prosperity to many economies.Aso made the remarks to reporters after the first day of a two-day gathering of the Group of 20 finance leaders in Baden Baden, Germany.(Reporting by Leika Kihara; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/g20-germany-japan-aso-idINKBN16O2UP'|'2017-03-17T19:56:00.000+02:00'|2343.0|''|-1.0|'' +2343|'9fedf3d8eedaabcf668980f7bc49b9b82e3dc76b'|'Japan Aso calls on G20 to reconfirm warning vs excess FX volatility'|'BADEN BADEN, Germany Japanese Finance Minister Taro Aso said on Friday it was "very important" for the Group of 20 economies to reconfirm its warning that excess currency volatility was undesirable for economic stability."I told my G20 counterparts that while the global economy was recovering gradually, downside risks existed so it was important to reconfirm a G20 commitment to use all available tools, individually and collectively, to ensure economic stability," Aso said.Aso said he also told the G20 finance leaders that Japan was ready to mobilise monetary and fiscal policy tools to end deflation.On global trade, Aso said he stressed the importance of having "free and fair rules" on global trade, which have brought prosperity to many economies.Aso made the remarks to reporters after the first day of a two-day gathering of the Group of 20 finance leaders in Baden Baden, Germany.(Reporting by Leika Kihara; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/g20-germany-japan-aso-idINKBN16O2UP'|'2017-03-17T19:56:00.000+02:00'|2343.0|24.0|0.0|'' 2344|'b9c43bf323a3ca9556134b8fcc8d516601d9550a'|'LPC: Valeant seeks US$3bn loan to support refinancing effort'|' 56am EST LPC: Valeant seeks US$3bn loan to support refinancing effort By Jonathan Schwarzberg and Kristen Haunss - NEW YORK, March 6 NEW YORK, March 6 Valeant Pharmaceuticals International Inc plans to line up a US$3.06bn incremental term loan as part of a debt restructuring, sources said. In addition to the new debt offering, the company paid down about US$1.1bn of senior secured term loans with proceeds from the sale of its skincare products assets on March 3, according to a Monday regulatory filing. Valeant is also repaying a portion of its 6.75% senior notes due in 2018 and extending the maturity date of its revolving credit facility. "This debt repayment further enhances the company''s confidence in meeting its goals, and it is taking this opportunity to refinance and amend additional portions of its outstanding debt to further create operating flexibility," the company said in the filing. The new loan is scheduled to launch during a lenders call late Monday morning. Commitments are due March 10. Barclays leads the deal with Goldman Sachs. As part of the transaction, Valeant is seeking to remove maintenance covenants from its term B loans and modify its revolver maintenance covenants. The new debt will be fungible with the company''s term loan F due in April 2022. The proceeds will allow Valeant to extend the maturity of three separate term loans by combining them with the term loan F. Pricing is expected to be 475bp over Libor with a 0.75% floor, which is the same as the existing term loan F. Valeant is offering lenders an original issue discount of 99.75 cents on the dollar. The company is proposed to pay its existing term loan F lenders an amendment fee of 25bp. Barclays declined to comment. A representative from Goldman Sachs was not immediately available for comment. A spokesperson for Valeant did not immediately return a telephone call seeking comment. (Reporting by Jonathan Schwarzberg and Kristen Haunss; Editing By Lynn Adler and Jon Methven) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/valeant-debt-idUSL2N1GJ0JI'|'2017-03-06T21:56:00.000+02:00'|2344.0|''|-1.0|'' 2345|'1a30e8ae666883b0a76b8e622f094a78b964c0e5'|'China February factory growth beats expectations as orders pick up'|' 2:58am GMT China February factory growth beats expectations as orders pick up An employee works on an assembly line producing automobiles at a factory in Qingdao, Shandong Province, China, March 1, 2016. REUTERS/Stringer/File Photo BEIJING China''s factory activity expanded faster than expected in February as domestic and export demand picked up, adding to signs that the global economy is regaining momentum even as fears grow of a surge in trade protectionism. Growth in both output and orders accelerated last month, according to official and private factory surveys on Wednesday, giving the government more room to focus on tackling financial risks to the economy as debt continues to rise. "This is the 7th consecutive month that Chinas official manufacturing PMI stayed within expansionary territory, suggesting that industrial activity remains buoyant," said Zhou Hao, emerging markets economist at Commerzbank AG in Singapore. Zhou said it was "very likely" that China''s central bank would raise short-term interest rates by a another 10 basis points in March -- which would mark the third such move in as many months -- as authorities grow more confident that the economy is on steadier footing. Facing growing risks from explosive growth in debt, China''s central bank has cautiously shifted its stance in recent months to a tightening bias after years of super-loose policy to stave off the risk of a hard landing for the world''s second-largest economy. The official Purchasing Managers'' Index (PMI) released on Wednesday rose to a three-month high of 51.6 in February, compared with the previous month''s 51.3, and above the 50-point mark that separates growth from contraction on a monthly basis. Analysts had expected a reading of 51.1 in February. China''s industrial sector has benefited from a construction boom since the middle of last year that has spurred demand and prices for building materials from cement to steel, boosting sales and profits. Output rose at a faster pace of 53.7, compared to 53.1 in January, while overall new order growth also picked up. A private survey which focuses more on small and mid-sized firms also showed factory activity picked up more than expected last month. The Caixin/Markit Manufacturing Purchasing Managers'' index (PMI) rose to 51.7, up from 51.0 in January and beating analysts'' forecasts of 50.8. New export orders grew at the fastest pace since September 2014. EXPORT OUTLOOK CLOUDY Stronger readings on export orders would build on China''s better-than-expected trade numbers in January, but worries of a rise in U.S. trade protectionism are clouding the outlook longer-term. Still, China''s domestic demand appears solid for now, and is becoming more broad-based. A separate reading on the services sector showed growth remained robust in February, though the pace of growth slowed slightly from January. The official non-manufacturing Purchasing Managers'' Index (PMI) stood at 54.2 in February, down from 54.6 in January, and well above the 50-point mark. China''s services sector has been a bright spot as the government tries to transition its economic growth model from a heavy reliance on investment and exports to being more consumer-focused. The services sector accounted for over half of China''s economy last year and for the majority of growth, as rising wages give Chinese consumers the opportunity travel and eat out more. Improving business conditions in China are giving an welcome boost to its Asian neighbours, which have seen their economic growth ebb in recent years as China slowed. South Korea said on Wednesday that its exports grew at the fastest pace in five years in February, with shipments to China surging 28.7 percent on-year, the best growth since late 2010. (Reporting by China monitoring desk and Elias Glenn; Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-pmi-factory-official-idUKKBN1682YQ'|'2017-03-01T09:58:00.000+02:00'|2345.0|''|-1.0|'' 2346|'5eaa543b298ced0d39c4e2be310599e0a6c299d9'|'BRIEF-Art''s Way Manufacturing reports Q1 loss per share $0.06 from continuing operations'|' 19am EDT BRIEF-Art''s Way Manufacturing reports Q1 loss per share $0.06 from continuing operations March 31 Art''s Way Manufacturing Co Inc * Art''s Way Manufacturing announces first quarter fiscal 2017 financial results * Q1 loss per share $0.06 from continuing operations * Art''s Way Manufacturing Co Inc - consolidated corporate sales of continuing operations for three month period ended February 28, 2017 was $4.4 million versus $5.7 million Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-arts-way-manufacturing-reports-q-idUSASB0B7WB'|'2017-03-31T19:19:00.000+03:00'|2346.0|''|-1.0|'' @@ -2354,11 +2354,11 @@ 2352|'bad16ab8e44be4ed80a46ca77d0198291f1b8879'|'House panels to launch fight in Congress over Obamacare replacement'|' 6:00am EST House panels to launch fight in Congress over Obamacare replacement By David Lawder - WASHINGTON, March 8 WASHINGTON, March 8 A potentially lengthy U.S. legislative fight over replacement of the Obamacare health law gets underway on Wednesday as two House of Representatives committees begin negotiating over changes to a Republican plan backed by President Donald Trump. Both Democrats and Republicans are expected to try to reshape legislation that dismantles key provisions of the 2010 Affordable Care Act, Democratic former President Barack Obama''s signature domestic policy achievement. The Republican plan unveiled on Tuesday would scrap Obamacare''s requirement that most Americans obtain medical insurance and replace its income-based subsides with a system of fixed tax credits of $2,000 to $4,000 to coax people to purchase private insurance on the open market. The plan faces significant hurdles in Congress. Conservative Republican lawmakers and lobbying groups slammed it for looking too much like the Obamacare program they have been trying to kill for years. Democrats criticized it as rolling back health insurance coverage gains for millions of Americans while benefiting the rich by repealing healthcare-related taxes. Meanwhile, insurers questioned the assumptions underlying Republicans'' claims that the plan will reduce premiums, while some experts said it would encourage younger, healthier people to forgo coverage. On Wednesday, The House Ways and Means Committee, with jurisdiction over taxes, and the House Energy and Commerce Committee, which oversees health issues, will each pursue separate "mark-up" sessions to consider amendments to the plan. House Speaker Paul Ryan has pledged that he will deliver a 218-vote majority needed for passage in the House. But further changes could be made in the Senate, where Republicans can only afford to lose two votes from their thin majority in the face of unified opposition from Democrats. Conservative Republican Senator Rand Paul on Tuesday declared the plan "dead on arrival" in broadcast interviews and said he wanted a repeal-only option. House Ways and Means Committee Chairman Kevin Brady told Fox News Channel late on Tuesday that he would "listen to good ideas to improve it" but said the plan achieves the party''s goals. "It repeals all the taxes, all the mandates, all the penalties, all the subsidies. This is Obamacare gone and there''s no arguing about that," Brady said. But he also said that much of the bill''s fate was in the Senate''s hands and he was "counting on" Senate Republicans to support it without major changes. Trump, who praised the Republican healthcare plan but said it was "out for review and negotiation," plans to meet conservative congressional leaders to discuss it on Wednesday, according to a schedule released by the White House. In an evening Twitter message, Trump said he was "sure" that Senator Paul would "come along with the new and great healthcare program because he knows Obamacare is a disaster!" (Writing by David Lawder; Editing by Nick Tattersall, Robert Birsel) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-obamacare-idUSL2N1GL03G'|'2017-03-08T18:00:00.000+02:00'|2352.0|''|-1.0|'' 2353|'275ca6a88cf06636639f3f067ed334da8293e599'|'''This is grossly unfair'': self-employed readers react to NICs increase - UK news - The Guardian'|'The bigger fish are being left off the hookIll pay more NI overall probably about 30 to 35 per year I think. Its said its to level the playing field with those in employment but I already lack sick pay, holiday pay, and employer pension contributions and my work can get cancelled at any point with no compensation.Its not a huge increase if the 60p-a-week figure is accurate and I dont begrudge paying my share to improve services. But I cant help feeling its taken the easy target while avoiding the harder, real issue of self-employment. Using self-employed staff has been on the up in the past five years, meaning employers dont have to meet the obligations listed above which saves them huge amounts of money and associated administration. They also avoid paying the share of NI associated with the employer. The business saves all round while the employee gets hit again. Its a typical, quick and dirty policy to raise some funds and as usual it comes at the expense of the easy target the individual while letting the businesses that exploit these conditions get away with it. Self-employed hit by national insurance hike in budget Read more The past five years have been pretty tough keeping the work coming in as people have been hanging onto budgets due to economic uncertainty so any additional expense is unwelcome however small. As I say, Im happy to pay my share but not when the bigger fish are being let off the hook.Justin Desyllas, 44, graphic designer, Bristol Tax policies seem to be entirely in favour of very high earners I will end up paying more in national insurance, which could push my tax bill to the point where I will have to make payments on account against the following years tax bill (this is a bizarre convention only self-assessment taxpayers are subject to) What Hammond forgets is that the self-employed have no paid holidays or paid sick leave, and rarely access statutory sick ay. Personally my biggest concern regarding changes to NI is regarding maternity/paternity benefit.With this and Making Tax Digital on the horizon, the chancellor and the current government are making self-employment and founding small and medium-sized enterprises a less attractive and accessible option every single year. Tax policies seem to be entirely in favour of very high earners and very large corporations which have the budgets and manpower to navigate the constantly changing legislation. Ethne Tooby, accountant, Leicester I dont think that self-employment is good for societyI believe it is unfair, I wont have any serious issue personally but we have to consider that most self employed workers belong to the so-called precariat. We take all the risk and we have a very frail safety net. I have had tremendous changes in my income over the years depended on the available projects (for example: 2013, 13,000 gross; 2014, 42,000; 2015, 25,000; 2016, 46,000). It is difficult to plan ahead or save money and we take risks. I dont think that self-employment is good for society, it just temporarily postpones the problem with pensions and social care by almost getting people out of the system. So if you support that kind of work as a government, the stance should be to give us sick leave and maternity leave paid by the state and an increase in taxation, but mostly by corporation tax or a financial transaction tax. Why on earth should I be happy to pay extra tax when Google pays so little?Alex, 40, 3D designer, London Increasing NICs is grossly unfairIncreasing NICs for the self employed is grossly unfair. I have not been entitled to any unemployment benefit for over 25 years, because I manage my savings to be able to ride out the peaks and troughs of self-employment. I would only be entitled to benefits in a lean period if I depleted my savings, which would not be the case for an employee who loses her job. Paying the same NICs is therefore unfair. It is also unfair to have come up with this idea off the back of more people being self-employed. Although for someone like me self-employment is part of the career I have chosen and I have no desire to be employed lots of the newly self-employed are on zero-hours contracts. These people, who deserve proper employment and protection from businesses who squeeze ever more profit out of workers misery, would rather be employed. Furthermore they may well have limited savings, so are likely to be needing to claim benefits due to the limited income they are able to earn. It is perhaps because of this that Hammond has seen this as a good reason to raise NICs: because a new raft of people will be needing benefits, so he figures they should pay for them.Wendy Lloyd, 47, voiceover actor/broadcaster This increase is going to sap the extra income I make I have had to start working part time as a self-employed contractor due to the cost of living in this area, and the lack of suitable alternative jobs. I work 40 hours per week on PAYE, and about 12 as a self-employed contractor, while this does allow me a degree of flexibility, I have legal obligations to spend a certain number of hours with my customers which I have to fit in. If I dont do this extra work, I can barely afford to survive.This tax increase is going to sap the extra income I make, possibly making it not work the aggro, then what do I do? As far as Im concerned, May has broken all her promises of an economy that works for everyone, and her Brexit car crash is only going to make it worse. Right now Im hoping for interest rate hike from the Bank of England and a housing crash so I stand a chance. Its the only way this is going to work for me.Simon Wilson, 35, transport manager and consultant, Buckinghamshire and Bedfordshire The move is short-sighted I work as a locum radiographer both for the private sector and for the NHS. Last year the NHS quite rightly audited the cost of temporary workers and made significant reductions in the hourly rate offered. In itself, this move did not affect earnings to the point where it became uneconomical but it did restrict how far we could travel due to fuel and accommodation costs eating into gross pay. In addition to last years changes, the budget has stated that self-employed people, working for government institutions, will be taxed as permanent employees as well as having to pay both employee and employer NIC. How we can be considered permanent is beyond me as it is not uncommon for me to work at two NHS hospitals and a private site in a single week. Traveling and subsistence allowances have been disallowed adding further costs, which means it is not economically viable to continue working as a locum. Many workers are now considering permanent positions which, on the face of it, is in the governments favour. I believe the move is short-sighted because it has demoralised temporary workers to the point where they are focusing on moving away from the NHS and in some cases away from the profession altogether. I believe the fallout from this will be staff shortages. Institutions and companies of any reasonable size are reliant on temporary workers to cover skills shortages, holidays, illness and pregnancy leave. The cynical among us might think that the government are deliberately sabotaging the NHS for its own ends.Anonymous, radiographer, south east England'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/uk-news/2017/mar/09/self-employed-nics-increase-budget'|'2017-03-09T02:00:00.000+02:00'|2353.0|''|-1.0|'' 2354|'e637a16b5d9feabf074474b33acfe1f4193913f3'|'BRIEF-Fission 3 announces private placement financing'|' 04am EST BRIEF-Fission 3 announces private placement financing March 7 Fission 3.0 Corp: * Fission 3 announces private placement financing * announces non-brokered private placement financing to sell on best efforts basis, up to C$2.0 million in units at price of C$0.07 per unit UPDATE 3-Asian nations restrict U.S. poultry imports over bird flu SEOUL/CHICAGO, March 6 South Korea, Japan, Taiwan and Hong Kong have limited imports of U.S. poultry after the United States detected its first case this year of avian flu on a commercial chicken farm, South Korea''s government and a U.S. trade group said on Monday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-fission-3-announces-private-placem-idUSASB0B40V'|'2017-03-07T15:04:00.000+02:00'|2354.0|''|-1.0|'' -2355|'2fbea0e3200ed2429be66531cba2b9296f007fa3'|'Greece gets three bids for Thessaloniki Port'|'ATHENS, March 25 Greece has received three binding bids for a majority stake in its second-largest port in Thessaloniki, the country''s privatisations agency said on Saturday.Phillipines-based International Container Terminal Services (ICTS), Dubai-based P&O Steam Navigation Company (DP World) and German private equity firm Deutsche Invest Equity Partners submitted offers, it said.The sale of a 67 percent stake in Thessaloniki Port , which was launched in 2014 and is a key part of the country''s international bailouts, has been beset by delays and political resistance. (Reporting by Karolina Tagaris; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/greece-privatisations-ports-idINL5N1H205D'|'2017-03-25T06:50:00.000+03:00'|2355.0|''|-1.0|'' +2355|'2fbea0e3200ed2429be66531cba2b9296f007fa3'|'Greece gets three bids for Thessaloniki Port'|'ATHENS, March 25 Greece has received three binding bids for a majority stake in its second-largest port in Thessaloniki, the country''s privatisations agency said on Saturday.Phillipines-based International Container Terminal Services (ICTS), Dubai-based P&O Steam Navigation Company (DP World) and German private equity firm Deutsche Invest Equity Partners submitted offers, it said.The sale of a 67 percent stake in Thessaloniki Port , which was launched in 2014 and is a key part of the country''s international bailouts, has been beset by delays and political resistance. (Reporting by Karolina Tagaris; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/greece-privatisations-ports-idINL5N1H205D'|'2017-03-25T06:50:00.000+03:00'|2355.0|28.0|0.0|'' 2356|'c06d53b359851d147dd362b98df406df9e4a9d58'|'UPDATE 1-Orascom gives Brazil''s Oi another month to amend plan, sources say'|'(Adds Oi declines comment, share performance, background)By Ana ManoSAO PAULO, March 1 Orascom TMT Holdings SAE is giving Brazilian telephone carrier Oi SA another month to amend a reorganization plan that would help accelerate its exit from bankruptcy protection, three people involved in the matter said on Wednesday.Orascom released suggestions in December for the plan that included a proposal to exchange bond debt for Oi''s equity. The suggestions expired on Feb. 28. Orascom and a creditor group that jointly made the proposals to Oi could unveil the extension later in the day, two of the people said.Media representatives for Orascom and the bondholder group did not have an immediate comment. Oi''s press office declined to comment.Under terms of the December proposal, Orascom and the bondholders, who are represented by Moelis & Co, vowed to pump as much as $1.25 billion into Oi, take immediate control of the carrier and reorganize the company. Other creditor groups have lashed out at the proposal, saying it only seeks to favor one, smaller class of Oi bondholders.Extending the deadline should buy time for the bond firms and billionaire Naguib Sawiris, who controls Orascom, to discuss the fate of the carrier with shareholders, trumping rival offers for Oi.The Oi reorganization process, which began in June, has been marked by a series of disputes between creditors and shareholders over the fate of Brazil''s No. 4 wireless carrier. The government has threatened to intervene should Oi stakeholders fail to reach an agreement.Preferred shares, Oi''s most widely traded class of stock, gained 1.5 percent to 3.49 reais in early afternoon trading in So Paulo. The stock is up 62 percent this year.The Orascom-bondholder group has committed to underwriting the entire capital injection if no other investors step forward. In exchange, the new money providers would be entitled to a 7.5 percent backstop fee.As part of the Orascom-backed plan, Oi was asked to agree to a debt-for-equity swap involving 24.82 billion reais ($7.9 billion) worth of bond debt, which would be exchanged for a 95 percent stake in the debt-laden carrier.Orascom would also gain two of nine seats on Oi''s board should the offer be accepted, Karim Nasr, the executive who is leading the talks at Orascom, told Reuters in late December.($1 = 3.1168 reais) (Reporting by Ana Mano; Editing by Jeffrey Benkoe and Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-otmt-idINL2N1GE17M'|'2017-03-01T14:11:00.000+02:00'|2356.0|''|-1.0|'' 2357|'a545ea07c36d6fd456084a86accc114cd9c9a048'|'EMERGING MARKETS-Halkbank in Turkish spotlight; South African assets weaken on political concerns'|' 23am EDT EMERGING MARKETS-Halkbank in Turkish spotlight; South African assets weaken on political concerns By Sujata Rao - LONDON, March 29 LONDON, March 29 The Turkey stock market spotlight was on Halkbank on Wednesday, with its shares set for their biggest one-day fall after the arrest of the company''s deputy CEO, while South African assets weakened further on political concerns. Halkbank deputy CEO Mehmet Hakan Atilla was arrested in New York, accused of conspiring to conduct illegal transactions through U.S. banks on behalf of Iran''s government and other entities Shares in Halkbank dropped 14.3 percent -- the biggest daily fall in percentage terms since it was listed in 2007. The broader Istanbul index lost 1.3 percent and Turkey''s banking index shed 2.8 percent. Halkbank dollar bonds also fell, with issues maturing 2021 and 2020 down by more than 0.7 cent in the dollar, according to Tradeweb data, hitting six-week lows. The 2019 issue slipped by 0.66 cents. Turkish credit default swaps inched to a one-week high of 240 basis points, IHS Markit said. "The arrest is undeniably highly contentious, given that Halkbank is a majority state-owned bank," analysts at MUFG Securities said. South African assets, meanwhile, extended losses as the rand and government bond prices fell for a third straight day. The rand was down 0.7 percent, bringing this week''s losses against the dollar to 5 percent after the sudden recall of Finance Minister Pravin Gordhan from a London investor roadshow. This has reignited fears that his long-running power struggle between Gordhan -- seen by investors as a guarantor of fiscal prudence and South Africa''s investment grade rating -- and President Jacob Zuma is coming to a head. "Fair to say that if Zuma manages to successfully remove Gordhan it would produce a seismic and very negative move in South African markets, ratings et al. It would suggest ... a more aggressive and confiscatory black empowerment agenda," said Tim Ash, sovereign strategist at BlueBay Asset Management. Benchmark government bond yields were just off two-month highs, having shot up 70 basis points this week. Five-year credit default swaps inched to 215 bps, a 2-1/2 month high, according to IHS Markit. Broader emerging equities were flat and currencies mostly weakened after upbeat U.S. data and hawkish policymaker comments boosted the dollar and Treasury yields. Hungarian bond yields slipped further after the central bank struck a dovish note in a Wednesday policy meeting at which it tried to squeeze more cash out of short-term deposits. Three-year yields eased 7 bps to 1.23 percent. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 969.22 -1.10 -0.11 +12.40 Czech Rep 984.55 +1.33 +0.14 +6.83 Poland 2234.76 +9.35 +0.42 +14.73 Hungary 32438.63 +144.60 +0.45 +1.36 Romania 7956.14 +2.26 +0.03 +12.29 Greece 665.61 +1.09 +0.16 +3.41 Russia 1122.17 -3.41 -0.30 -2.62 South Africa 45300.13 +84.77 +0.19 +3.18 Turkey 89118.60 -1063.13 -1.18 +14.05 China 3241.31 -11.63 -0.36 +4.44 India 29482.51 +72.99 +0.25 +10.73 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL5N1H623C'|'2017-03-29T18:23:00.000+03:00'|2357.0|''|-1.0|'' 2358|'7879eb02f581fcc9e99adce4439f1f216f78a87d'|'UPDATE 1-Brazil''s Camargo selling cement unit -Globo newspaper'|'(Adds Cemex declining comment, paragraph 7)RIO DE JANEIRO, March 19 Camargo Correa SA, the Brazilian family-owned conglomerate that exited several businesses over the past year, has put a cement unit up for sale, a column in newspaper O Globo reported on Sunday.According to Globo columnist Lauro Jardim, Camargo Correa values the unit known as InterCement SA at about 20 billion reais ($6.47 billion).The conglomerate has received offers from Mexico''s Cemex SAB and another, unnamed Latin America-based cement producer, the column said.Jardim''s column did not specify if the bids for InterCement were non-binding or how advanced the process may be.A Camargo spokesman declined to confirm the report and said in an emailed statement that "the group is not pursuing any asset divestitures."The spokesman said its sale last June of a controlling stake in power holding company CPFL Energia SA was "the end of a process of repositioning the group''s asset portfolio."A Cemex spokesman said the company did not comment on speculation.In order to reduce debt, the billionaire family that controls Camargo Correa has been quickly disposing of business lines it no longer wants.As part of those efforts, the Camargos in recent years have discussed fully or partially selling InterCement. The CPFL sale and a December 2015 sale of fashion brand Alpargatas SA raised about $2.8 billion for the group.Reuters reported on Dec. 8 that Camargo Correa was considering disposing of a partial stake in Loma Negra Cia Industrial SA, Argentina''s No. 1 cement producer and part of InterCement.InterCement is Brazil''s No. 2 cement producer and a leading producer in Portugal, Mozambique and Cape Verde.Two people familiar with Camargo Correa''s strategy told Reuters in August that the conglomerate tried to sell a minority stake in InterCement a couple of years ago and also considered a listing of the company outside Brazil.Camargo Correa, whose engineering unit was one of several big Brazilian builders ensnared in a massive corruption probe related to business with state companies, has been recovering rapidly from the adverse effects of the scandal, in which it sought a plea deal. (Reporting by Guillermo Parra-Bernal in Sao Paulo; Additional reporting by Gabriel Stargardter in Mexico City; Editing by Phil Berlowitz and Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/camargo-brazil-cement-idINL2N1GW0HP'|'2017-03-19T16:32:00.000+02:00'|2358.0|''|-1.0|'' -2359|'12bfab13b092c63d64667dcd7c1e63ae1c659380'|'Trump to order trade abuses study, improve import duty collection'|'Business News - Fri Mar 31, 2017 - 4:05am BST Trump to order trade abuses study, improve import duty collection left right U.S. President Donald Trump speaks between Vice President Mike Pence (L) and EPA Administrator Scott Pruitt prior to signing an executive order on ''Energy Independence,'' eliminating Obama-era climate change regulations, during an event at the Environmental Protection Agency (EPA) headquarters in Washington, U.S., March 28, 2017. REUTERS/Carlos Barria 1/2 left right U.S. Commerce Secretary Wilbur Ross holds a news conference at the Department of Commerce in Washington, D.C., U.S. March 10, 2017. REUTERS/Eric Thayer 2/2 By David Lawder - WASHINGTON WASHINGTON U.S. President Donald Trump will sign executive orders on Friday aimed at identifying abuses that are causing massive U.S. trade deficits and clamping down on non-payment of anti-dumping and anti-subsidy duties on imports, his top trade officials said. The orders, which underscore China''s position as the biggest contributor to the $734 billion U.S. goods trade deficit last year, comes as Trump prepares for his first face-to-face meeting with Chinese President Xi next week in Florida, where trade issues promise to be a major source of tension. The directives allow Trump to focus on meeting his campaign promises to combat the flow of unfairly traded imports into the United States just a week after his pledge to repeal and replace Obamacare imploded in Congress. Commerce Secretary Wilbur Ross told reporters that one of the orders directs his department and the U.S. Trade Representative to conduct a major review of the causes of U.S. trade deficits, from unfair trade "cheating" to "currency misalignment" to "asymmetrical" treatment of tax systems by the World Trade Organization. It also will study effects of trade deals that have failed to produced forecast benefits. Ross said he aims to complete the study and report the findings to Trump in 90 days -- a time frame that coincides with the expected start of negotiations to revamp the U.S.-Canada-Mexico North American Free Trade Agreement. The study''s findings will underpin the Trump administration''s future trade policy decisions, Ross said, and will be the first "systematic analysis" of the trade deficit''s causes, "country-by-country, product-by-product." "It will demonstrate the administration''s intention not to hipshoot, not to do anything casual, not to do anything abruptly," Ross told a White House briefing. Ross has promised tougher enforcement of U.S. trade laws and more anti-dumping and anti-subsidy cases initiated by the Commerce Department, rather than relying on companies to claim injuries from imports. He said the study would focus on those countries that have chronic goods trade surpluses with the United States. China tops the list, with a $347 billion surplus last year, followed by Japan, with a $69 billion surplus, Germany at $65 billion, Mexico at $63 billion, Ireland at $36 billion and Vietnam at $32 billion. The second trade order to be signed by Trump is aimed at halting the non-payment and under-collection of anti-dumping and anti-subsidy duties the United States slaps on many foreign goods. White House National Trade Council Director Peter Navarro said that some $2.8 billion in such duties went uncollected between 2001 and the end of 2016 from companies in some 40 countries. Navarro said the order directs the Commerce and Homeland Security departments to close these gaps by imposing tougher bonding requirements to ensure duty collections and new legal requirements for assessing risks associated with importers. Navarro, a harsh critic of China''s trade practices, insisted that the orders were not aimed at sending a message ahead of Xi''s visit. "Nothing we are saying tonight is about China," he said. "This is a story about trade abuses, this is a story about under-collection of duties, this is a story about 40 countries that basically subsidise their products unfairly and send them into our country or dump their products." (Reporting by David Lawder; Editing by Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-trade-idUKKBN17208W'|'2017-03-31T11:05:00.000+03:00'|2359.0|''|-1.0|'' +2359|'12bfab13b092c63d64667dcd7c1e63ae1c659380'|'Trump to order trade abuses study, improve import duty collection'|'Business News - Fri Mar 31, 2017 - 4:05am BST Trump to order trade abuses study, improve import duty collection left right U.S. President Donald Trump speaks between Vice President Mike Pence (L) and EPA Administrator Scott Pruitt prior to signing an executive order on ''Energy Independence,'' eliminating Obama-era climate change regulations, during an event at the Environmental Protection Agency (EPA) headquarters in Washington, U.S., March 28, 2017. REUTERS/Carlos Barria 1/2 left right U.S. Commerce Secretary Wilbur Ross holds a news conference at the Department of Commerce in Washington, D.C., U.S. March 10, 2017. REUTERS/Eric Thayer 2/2 By David Lawder - WASHINGTON WASHINGTON U.S. President Donald Trump will sign executive orders on Friday aimed at identifying abuses that are causing massive U.S. trade deficits and clamping down on non-payment of anti-dumping and anti-subsidy duties on imports, his top trade officials said. The orders, which underscore China''s position as the biggest contributor to the $734 billion U.S. goods trade deficit last year, comes as Trump prepares for his first face-to-face meeting with Chinese President Xi next week in Florida, where trade issues promise to be a major source of tension. The directives allow Trump to focus on meeting his campaign promises to combat the flow of unfairly traded imports into the United States just a week after his pledge to repeal and replace Obamacare imploded in Congress. Commerce Secretary Wilbur Ross told reporters that one of the orders directs his department and the U.S. Trade Representative to conduct a major review of the causes of U.S. trade deficits, from unfair trade "cheating" to "currency misalignment" to "asymmetrical" treatment of tax systems by the World Trade Organization. It also will study effects of trade deals that have failed to produced forecast benefits. Ross said he aims to complete the study and report the findings to Trump in 90 days -- a time frame that coincides with the expected start of negotiations to revamp the U.S.-Canada-Mexico North American Free Trade Agreement. The study''s findings will underpin the Trump administration''s future trade policy decisions, Ross said, and will be the first "systematic analysis" of the trade deficit''s causes, "country-by-country, product-by-product." "It will demonstrate the administration''s intention not to hipshoot, not to do anything casual, not to do anything abruptly," Ross told a White House briefing. Ross has promised tougher enforcement of U.S. trade laws and more anti-dumping and anti-subsidy cases initiated by the Commerce Department, rather than relying on companies to claim injuries from imports. He said the study would focus on those countries that have chronic goods trade surpluses with the United States. China tops the list, with a $347 billion surplus last year, followed by Japan, with a $69 billion surplus, Germany at $65 billion, Mexico at $63 billion, Ireland at $36 billion and Vietnam at $32 billion. The second trade order to be signed by Trump is aimed at halting the non-payment and under-collection of anti-dumping and anti-subsidy duties the United States slaps on many foreign goods. White House National Trade Council Director Peter Navarro said that some $2.8 billion in such duties went uncollected between 2001 and the end of 2016 from companies in some 40 countries. Navarro said the order directs the Commerce and Homeland Security departments to close these gaps by imposing tougher bonding requirements to ensure duty collections and new legal requirements for assessing risks associated with importers. Navarro, a harsh critic of China''s trade practices, insisted that the orders were not aimed at sending a message ahead of Xi''s visit. "Nothing we are saying tonight is about China," he said. "This is a story about trade abuses, this is a story about under-collection of duties, this is a story about 40 countries that basically subsidise their products unfairly and send them into our country or dump their products." (Reporting by David Lawder; Editing by Simon Cameron-Moore) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-trade-idUKKBN17208W'|'2017-03-31T11:05:00.000+03:00'|2359.0|24.0|0.0|'' 2360|'7656e5ddc6d8fd2a4b8d5cd3f80697e0801f701c'|'Oil executives cautiously optimistic about Trump policies'|'HOUSTON Oil executives cautioned it is too soon to gauge the impact of President Donald Trump''s policy proposals on their businesses, but they are looking forward to hearing more about plans for energy regulation, trade and taxation.Tougher environmental regulations under the Obama administration stymied energy infrastructure projects like the Keystone XL crude pipeline and Dakota Access Pipeline, and required automakers and refiners to spend more to reduce pollutants.Spirits at the CERAWeek conference this year have been buoyed by higher energy prices after a bruising two years for the oil and gas industry. Crude fell by more than 70 percent from mid-2014 to early-2016 amid a global supply glut.Trump has vowed to bolster U.S. infrastructure spending and slash regulations, pledges welcomed by business leaders attending the annual energy event."We have a unique president today," Continental Resources Inc Chief Executive Harold Hamm said on Wednesday, "unique in that he keeps his promises." Hamm, an early supporter of the president, said: "It is a good start."Pro-energy policies and regulatory roll-backs anticipated from the new administration could lure more investment to the industry, but so far the details of Trump''s plans and a potential border adjustment tax remain unclear."Political rhetoric has to translate into tangible policy," Vimal Kapur, president of Honeywell Process Solutions, said in an interview with Reuters."We''re exporting gas, so we''re very happy," said Charif Souki, chairman of Tellurian Inc, which recently received approval to export liquefied natural gas to free trade agreement countries from its Driftwood project near Lake Charles, Louisiana.But he added, "It''s too soon to say where the Trump administration is going to go on the long-term basis. We have to give them a chance to start articulating policy."Formerly the head of LNG exporter Cheniere Energy, Souki was a high-profile supporter of Democrat Hillary Clinton, donating to her presidential campaign and the Hillary Victory Fund, a joint fundraising committee with the Democratic National Committee.TRADE POLICIES IN LIMBOFeelings toward proposed Trump administration policies were mixed among international energy officials, which could see their businesses and economies impacted by renegotiated trade policies.Mexico, which imports over 800,000 barrels per day of fuels from the United States and supplies crude to U.S. refineries, has had a rocky relationship with the new administration, largely driven by a dispute over a proposed border wall.But executives from Mexico stressed the importance of continued cooperation between the neighbors."There are large exchanges of services we contract from each other back and forward. It''s in our best interest to continue to construct and build on it, to make it stronger," said Jose Antonio Gonzalez Anaya, chief executive of state-run oil firm Pemex.Trump''s desire to renegotiate the North American Free Trade Agreement (NAFTA) has also drawn concern from Canada, which exports around 3.5 million barrels per day of crude to the United States."The NAFTA situation is yet to be determined. I think everyone is anxious to get after it," said Al Monaco, chief executive of Canadian pipeline company Enbridge Inc.For its part, Saudi Arabia, the world''s largest oil producer and a long-time ally of the United States, struck a tone of optimism toward Trump''s support for the energy industry."We welcome the new administration''s attention to strategic energy issues. I personally look forward to working with the new administration," said Saudi Oil Minister Khalid al-Falih.Oil executives in the United States and abroad are closely watching a Republican proposal for a border adjustment tax, which would tax imports in a bid to spur U.S. production of goods and resources. Exported goods would be exempt from the tax."There''s a lot of speculation," said Monaco, stressing the importance of getting heavy Canadian oil to U.S. refiners that rely on it.While opponents of the border tax have said it could drive up the cost of gasoline and other fuels, refining executives have been hesitant to draw conclusions about its impact.Dan Romasko, chief executive of Motiva Enterprises LLC, said it is hard to believe U.S. consumers would accept higher fuel prices due to a proposed border tax on imports.(Reporting by Liz Hampton and Marianna Parraga; Additional reporting by Erwin Seba in Houston and Richard Valdmanis in Washington, D.C.; Editing by Leslie Adler)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-ceraweek-trump-idUSKBN16G0IU'|'2017-03-09T09:25:00.000+02:00'|2360.0|''|-1.0|'' 2361|'59e1aa166bf423251d26d818f55ec2ae87b4bc98'|'EU set to block HeidelbergCement, Schwenk''s Cemex Croatia deal - sources'|'Company 11:17am EDT EU set to block HeidelbergCement, Schwenk''s Cemex Croatia deal - sources BRUSSELS, March 28 EU antitrust regulators are set to block German cement producers HeidelbergCement and Schwenk''s joint bid for Mexican peer Cemex''s Croatian unit barring a last minute change of mind, two people familiar with the matter said on Tuesday. The European Commission, which opened an investigation into the deal in October last year, has not been convinced so far by the companies'' offer to lease a terminal on the Dalmatian coast to a rival to address its concerns, the sources said. The EU competition authority has said the deal may eliminate a significant player in a concentrated regional market, boost Cemex Croatia''s market power in southern Croatia and lead to price hikes in grey cement. HeidelbergCement and Schwenk want to buy Cemex Croatia through their Hungarian joint venture Duna Drava Cement (DDC) in a deal worth about 250 million euros. DDC is the largest importer in the area while Cemex Croatia is the biggest producer. (Reporting by Foo Yun Chee) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cemex-ma-heidelbgcement-eu-idUSL5N1H557P'|'2017-03-28T23:17:00.000+03:00'|2361.0|''|-1.0|'' 2362|'5e0c6c89fb0ab929be67a4d607f964e9ab6680b7'|'Asian currencies rise as dollar falls across the broad'|'By Patturaja Murugaboopathy Most Asian currencies hit multi-month highs on Monday as the dollar declined across the board after U.S. President Donald Trump failed to push through a healthcare reform bill.The collapse of the healthcare legislation has raised doubts about Trump''s ability to deliver on other key campaign pledges such as tax cuts and massive infrastructure spending.However, after his setback, Trump said he would turn his attention to getting "big tax cuts" through Congress.The Taiwan dollar surged to a 30-month high at 30.244 per dollar, while the Thai bhat rose to a 20-month high at 34.429 per dollar.The Indian rupee and the South Korean won also touched multi-month highs on Monday.Emerging Asian currencies were also supported by a fall in U.S. Treasury yields. The 10-year U.S Treasury yield stood at 2.3675 percent on Monday, the lowest in nearly a month."Generally (the healthcare defeat) is a disappointment for the ''Trump trade''. But in terms of impact on risk sentiment, it is mixed given the Trump administration now says it will move on and focus on tax reform, which is relevant to the market," said Sim Moh Siong, FX strategist at Bank of Singapore.He also said the fall in U.S treasury yields would encourage carry trades in the emerging Asian currencies."There is still desire to reach for yield, that''s keeping the Asian currencies supportive", Sim said.Reuters calculations showed the carry trade in Indian rupee has yielded more than 5 percent this year.However, most of the Asian currencies'' gains were linked to the region''s rallying equity markets this year.The MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS has risen around 12 percent so far in 2017. Hencem equity inflows into the region would determine the Asian currencies'' movements in the short term, some analysts said."Our sense is that caution creeping in via equity market impact will act as the initial backstop for USD/AXJ." Mizhuo Senior Economist Vishnu Varathan said in a note.CURRENCIES VS U.S. DOLLARChange on theday at 0633GMTCurrency Latest bid Previous Pct MovedayJapan yen 110.160 111.3 +1.03Sing dlr 1.394 1.3980 +0.31Taiwan dlr 30.246 30.488 +0.80Korean won 1112.800 1122.6 +0.88Baht 34.439 34.591 +0.44Peso 50.140 50.325 +0.37Rupiah 13308.000 13326 +0.14Rupee 65.080 65.41 +0.50Ringgit 4.410 4.423 +0.29Yuan 6.873 6.8850 +0.18Change so farCurrency Latest bid End 2016 Pct MoveJapan yen 110.160 117.07 +6.27Sing dlr 1.394 1.4490 +3.97Taiwan dlr 30.246 32.279 +6.72Korean won 1112.800 1207.70 +8.53Baht 34.439 35.80 +3.95Peso 50.140 49.72 -0.84Rupiah 13308.000 13470 +1.22Rupee 65.080 67.92 +4.36Ringgit 4.410 4.4845 +1.69Yuan 6.873 6.9467 +1.08(Reporting by Patturaja Murugaboopathy; Editing by Eric Meijer and Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/asia-forex-emerging-idINKBN16Y0KA'|'2017-03-27T04:52:00.000+03:00'|2362.0|''|-1.0|'' @@ -2388,7 +2388,7 @@ 2386|'6f9c54c59f530d94aa21fb094ff6eb3cf0cf91d0'|'Canada''s Hydro One in talks to buy Toronto Hydro - sources'|' 10:15pm GMT Canada''s Hydro One in talks to buy Toronto Hydro - sources By John Tilak - TORONTO TORONTO Canada''s Hydro One Ltd ( H.TO ) is in talks to buy municipal electricity distributor Toronto Hydro Corp for about C$3 billion (1.82 billion pounds) as the city of Toronto explores options to finance various infrastructure projects, people with knowledge of the matter told Reuters. The two companies have been in discussions about the deal for the past few months but the talks have not entered final stages, one of the people said. They cautioned the talks could fall apart. The combined company could generate potential synergies of about C$1 billion, the people added. The city of Toronto, which owns 100 percent of Toronto Hydro, is also exploring other ways to monetize its assets, including by publicly listing Toronto Hydro, as well as by selling its Green P parking business or other real estate assets, one of the people added. The Green P parking asset, which includes a popular app, is likely worth more than C$1 billion, that person said. Toronto Mayor John Tory denied the sales talks are taking place. "I can confirm that no discussions are taking place with respect to the sale of Toronto Hydro to anyone," Tory said in an emailed statement. Canada''s most populous city needs a massive infrastructure upgrade to meet the growing demands of residents. But the city has struggled to raise sufficient funds to finance its rail and road networks. Toronto Hydro has also been under financial pressure as it attempts to make infrastructure investments surrounding its electricity grid. Last November, it cut its dividend to the city of Toronto. A deal would also help Hydro One''s growth ambitions as a public company after it raised C$1.8 billion in one of Canada''s biggest IPOs in 2015. Hydro One, backed by the province of Ontario, has a market value of C$14 billion. Under one proposal, Hydro One would pay about half the deal value in cash and the rest in stock, one of the people said. A cash-and-stock transaction with Hydro One would allow the city to benefit from Hydro One''s dividend as well, the people said. Spokesmen for Hydro One and Toronto Hydro declined to comment. The people declined to be identified as the talks are confidential. The discussions involve Toronto Hydro Chief Executive Anthony Haines, Hydro One CEO Mayo Schmidt, Ontario Premier Kathleen Wynne and Mayor Tory, one of the people said. While the talks are making progress, a successful deal faces significant hurdles as it requires approval of the city council. It would also have to overcome potential opposition from unions. ($1 = 1.3375 Canadian dollars) (Reporting John Tilak in Toronto; Editing by Denny Thomas and Chris Reese) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toronto-hydro-m-a-hydro-one-idUKKBN16B0QR'|'2017-03-05T05:15:00.000+02:00'|2386.0|''|-1.0|'' 2387|'547d4dd71cd000deadebce8dad2a880e896b7cc7'|'H&M first-quarter profit tops forecast, to launch new brand in second half'|'Business News - Thu Mar 30, 2017 - 7:19am BST H&M first-quarter profit tops forecast, to launch new brand in second half FILE PHOTO: People walk past the windows of an H&M store in Barcelona, Spain, December 30, 2016. REUTERS/Regis Duvignau/File Photo STOCKHOLM Swedish fashion retailer H&M ( HMb.ST ) reported on Thursday a smaller than expected fall in pretax profit for its fiscal first quarter and said it would launch a new separate brand in the second half of the year. Pretax profit in the December-February period fell to 3.21 billion crowns (291 million pounds) from a year-earlier 3.33 billion, against a mean forecast 2.87 billion seen in a Reuters poll of analysts. H&M said local-currency sales increased 7 percent year-on-year in the March 1-28 period. ($1 = 8.8786 Swedish crowns) (Reporting by Anna Ringstrom; editing by Niklas Pollard) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-h-m-results-idUKKBN1710K1'|'2017-03-30T14:19:00.000+03:00'|2387.0|5.0|0.0|'' 2388|'a3ae69c48a7dce37fc1988d27df0a20272362fb2'|'Sears warns of ''going concern'' doubts'|'By Ankit Ajmera and Nathan Layne Sears Holdings Corp ( SHLD.O ), once the largest U.S. retailer, warned on Tuesday about its ability to continue as a going concern after years of losses and declining sales."Our historical operating results indicate substantial doubt exists related to the company''s ability to continue as a going concern," Sears said in the annual report for the fiscal year ended Jan. 28. ( bit.ly/2mRUcce )The company said an inability to generate additional liquidity might limit its access to new merchandise or its ability to procure services. Continued operating losses also could restrict access to new funds under its domestic credit agreement, according to the filing.The warning comes less than six weeks after the company announced what it called the "next phase of its strategic transformation," in which it hoped this year to reduce costs by $1 billion and cut its debt and pension obligations by at least $1.5 billion. Sears also is considering selling some of its businesses, such as the Kenmore appliances and DieHard car battery brands.The Sears catalog was an emblem of the post-World War II consumer boom in the United States but the company was unable to adjust the changing retail landscape and rising competition from Wal-Mart Stores ( WMT.N ), Target Corp. ( TGT.N ) and others.The company lost $2.22 billion in the year ended Jan. 28.Since 2013 it has accumulated $7.4 billion in losses and seen revenue fall 44 percent to $22.1 billion. During that time, Sears cut the number of its U.S. stores by nearly a third, reduced holdings in Sears Canada, and spun off the Lands'' End clothing chain.Its total liabilities stand at $13.19 billion.In recent years, Sears has placed some of its stores into a real estate investment trust, sold its Craftsman line of tools, and repeatedly raised debt from billionaire Chief Executive Edward Lampert''s hedge fund.Lampert owned nearly 10 percent of the real-estate investment trust that paid Sears $2.6 billion in 2015 for stores that it purchased, many of which were then leased back to the retailer.The announcement of Sears'' potential demise is a blow to Lampert, a hedge fund investor who took control of Sears after merging it with Kmart, which he controlled, in 2004. He soon published a 15-page manifesto, in which he stated that conventional measures of retail success, such as same-store sales, were no longer relevant. Sears would regain its health by closing struggling stores and focusing instead on profitable sales, he wrote.Sears last turned an annual profit in 2011.The company said last month it would cut costs by $1 billion and reduce debt and pension obligations by at least $1.5 billion this year.Sears said on Tuesday actions taken during the year to boost liquidity, including the $900 million sale of the Craftsman tool brand to power tool maker Stanley Black & Decker Inc ( SWK.N ) early this year, could satisfy its capital needs for the current fiscal year.But the filing also makes clear that additional asset sales could prove problematic.As part of the Craftsman sale, Sears Holdings reached an agreement with the Pension Benefit Guarantee Corp. That puts a claim on some Sears'' assets in an effort to protect pensions of retired employees.The agreement "contains certain limitations on our ability to sell assets, which could impact our ability to complete asset sale transactions or our ability to use proceeds from those sales to fund our operations," the company said.Already, the pension board agreement requires Sears to make a $250 million cash payment to its pension plan by March of 2020, and the pension board has a 15-year lien on revenue owed to Sears from future sales of Craftsman products. Sears Holdings Corp ( SHLD.O ), once the largest U.S. retailer, warned on Tuesday about its ability to continue as a going concern after years of losses and declining sales."Our historical operating results indicate substantial doubt exists related to the company''s ability to continue as a going concern," Sears said in the annual report for the fiscal year ended Jan. 28. ( bit.ly/2mRUcce )The company said an inability to generate additional liquidity might limit its access to new merchandise or its ability to procure services. Continued operating losses also could restrict access to new funds under its domestic credit agreement, according to the filing.The warning comes less than six weeks after the company announced what it called the "next phase of its strategic transformation," in which it hoped this year to reduce costs by $1 billion and cut its debt and pension obligations by at least $1.5 billion. Sears also is considering selling some of its businesses, such as the Kenmore appliances and DieHard car battery brands.The Sears catalog was an emblem of the post-World War II consumer boom in the United States but the company was unable to adjust the changing retail landscape and rising competition from Wal-Mart Stores ( WMT.N ), Target Corp. ( TGT.N ) and others.The company lost $2.22 billion in the year ended Jan. 28.Since 2013 it has accumulated $7.4 billion in losses and seen revenue fall 44 percent to $22.1 billion. During that time, Sears cut the number of its U.S. stores by nearly a third, reduced holdings in Sears Canada, and spun off the Lands'' End clothing chain.Its total liabilities stand at $13.19 billion.In recent years, Sears has placed some of its stores into a real estate investment trust, sold its Craftsman line of tools, and repeatedly raised debt from billionaire Chief Executive Edward Lampert''s hedge fund.Lampert owned nearly 10 percent of the real-estate investment trust that paid Sears $2.6 billion in 2015 for stores that it purchased, many of which were then leased back to the retailer.The announcement of Sears'' potential demise is a blow to Lampert, a hedge fund investor who took control of Sears after merging it with Kmart, which he controlled, in 2004. He soon published a 15-page manifesto, in which he stated that conventional measures of retail success, such as same-store sales, were no longer relevant. Sears would regain its health by closing struggling stores and focusing instead on profitable sales, he wrote.Sears last turned an annual profit in 2011.The company said on Tuesday actions taken during the year to boost liquidity, including the $900 million sale of the Craftsman tool brand to power tool maker Stanley Black & Decker Inc ( SWK.N ) early this year, could satisfy its capital needs for the current fiscal year.But the filing also makes clear that additional asset sales could prove problematic.As part of the Craftsman sale, Sears Holdings reached an agreement with the Pension Benefit Guarantee Corp. That puts a claim on some Sears'' assets in an effort to protect pensions of retired employees.The agreement "contains certain limitations on our ability to sell assets, which could impact our ability to complete asset sale transactions or our ability to use proceeds from those sales to fund our operations," the company said.Already, the pension board agreement requires Sears to make a $250 million cash payment to its pension plan by March of 2020, and the pension board has a 15-year lien on revenue owed to Sears from future sales of Craftsman products.(Reporting by Ankit Ajmera in Bengaluru and Nathan Layne in New York; editing by Jason Neely and Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sears-going-concern-idINKBN16S2WG'|'2017-03-22T08:59:00.000+02:00'|2388.0|''|-1.0|'' -2389|'0dedc410984948cc04b6cb9e2ca23d940d00661a'|'Exclusive: Norway''s wealth fund may blacklist firms over emissions, corruption risk'|'By Gwladys Fouche - LYSAKER, Norway LYSAKER, Norway The ethics watchdog for Norway''s $900-billion sovereign wealth fund will recommend this year that the fund exclude or put on a watch list several firms in the oil, cement and steel industries for emitting too much greenhouse gas.Carbon emissions are a new criteria for the fund, which was built up from the proceeds of Norway''s own large oil industry and operates under ethical guidelines set by parliament.The world''s largest sovereign wealth fund, it has shares in 9,000 companies, 1.3 percent of the entire world''s listed equity, giving the decisions it takes to drop or reinstate shareholdings or warn firms considerable weight among investors.The chairman of the fund''s independent Council on Ethics, Johan H. Andresen, acknowledged in an interview what he called the "duality" of a fund based on oil divesting over emissions, but said his job was to execute rather than set a mandate.The fund may also exclude several firms in the defense, telecoms and arms industries this year over the risk of corruption, he said.The council''s recommendations go to the board of the central bank, which usually follows its advice.Speaking in an interview ahead of publication of the council''s annual report on Thursday, Andresen said it was already working on the first recommendation over emissions, expected to come by July."It will be a company either in the oil or concrete industry ... We have to start with the worst and make our way through the industries," he said, adding that there would be a "small handful" of recommendations to the board in 2017.The 55-year-old Norwegian, who also owns private investment vehicle Ferd, said the ethics panel would open a probe into the risk of corruption in the pharmaceuticals sector and investigate possible human rights abuses among firms recruiting staff for work in the Gulf States - including a "well known Western" firm.It will also investigate reported abuses in the textile industry in India and Bangladesh.The fund has stakes of more than 2 percent in 1,158 companies, more than 5 percent in 28 companies and an average stake holding in Europe of 2.3 percent. Such a wide spread makes it difficult to identify which companies it is investigating."BAD APPLES"The ethics procedure was launched at the start of the millennium and 65 companies are presently excluded on recommendations by the Council on Ethics, on various grounds. Another 69 companies are excluded directly by the central bank based on their dependence on thermal coal.The fund sells shares in any company it wishes to drop gradually, before any announcement, but being dropped or named as a source of concern can damage a company''s investment image. Andresen said the main aim was to remove the ethical risk.The fund is forbidden by law from investing in firms that produce nuclear weapons or landmines, or are involved in serious and systematic human rights violations, among other criteria.Following a three-year study on the risk of corruption in the telecoms, defense and energy industries, the council has sent up several recommendations to the board of the central bank to either exclude or observe companies in these sectors."They have the same type of risk elements: large contracts, government as a counterpart, lack of transparency/desire to keep things secret and a large number of middlemen. When you add them, they constitute a greater risk of corruption," Andresen said.The pharmaceuticals industry has the same elements of risk, he said. "We have received indications that there is a risk of corruption. We have enough indications to take a strong look."The council will also look into reports by rights groups of slavery-like conditions for North Koreans employed by companies in Eastern Europe, mostly in the manufacturing of heavy goods.On the issue of recruitment for work in the Gulf States from other parts of Asia, Andresen said he was optimistic over the process of talks with the Western company he mentioned."I am hopeful that they see it in their interest to change their practices and that it may be an impetus for other companies to follow. It is a well-known actor. It would be a great signal to others that this practice ended."Last year the council looked into the construction industry in Qatar - host of the 2022 soccer World Cup - and neighboring countries, after reports of abuse by human rights groups."Authorities in Qatar have issued new regulations forcing companies to better their practices, with more decent living and working conditions and the ability for a worker to keep his/her passport," he said. "I had anticipated a larger number of exclusions, but several companies show some progress."Andresen cited one unnamed firm which he said had reported reducing its corruption risk and also saving money by cutting the number of middlemen."Others are much more, ''let''s just see what happens, we don''t think we are guilty, these were some bad apples''."(Editing by Philippa Fletcher)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-norway-swf-ethics-idINKBN16G0YQ'|'2017-03-09T06:39:00.000+02:00'|2389.0|''|-1.0|'' +2389|'0dedc410984948cc04b6cb9e2ca23d940d00661a'|'Exclusive: Norway''s wealth fund may blacklist firms over emissions, corruption risk'|'By Gwladys Fouche - LYSAKER, Norway LYSAKER, Norway The ethics watchdog for Norway''s $900-billion sovereign wealth fund will recommend this year that the fund exclude or put on a watch list several firms in the oil, cement and steel industries for emitting too much greenhouse gas.Carbon emissions are a new criteria for the fund, which was built up from the proceeds of Norway''s own large oil industry and operates under ethical guidelines set by parliament.The world''s largest sovereign wealth fund, it has shares in 9,000 companies, 1.3 percent of the entire world''s listed equity, giving the decisions it takes to drop or reinstate shareholdings or warn firms considerable weight among investors.The chairman of the fund''s independent Council on Ethics, Johan H. Andresen, acknowledged in an interview what he called the "duality" of a fund based on oil divesting over emissions, but said his job was to execute rather than set a mandate.The fund may also exclude several firms in the defense, telecoms and arms industries this year over the risk of corruption, he said.The council''s recommendations go to the board of the central bank, which usually follows its advice.Speaking in an interview ahead of publication of the council''s annual report on Thursday, Andresen said it was already working on the first recommendation over emissions, expected to come by July."It will be a company either in the oil or concrete industry ... We have to start with the worst and make our way through the industries," he said, adding that there would be a "small handful" of recommendations to the board in 2017.The 55-year-old Norwegian, who also owns private investment vehicle Ferd, said the ethics panel would open a probe into the risk of corruption in the pharmaceuticals sector and investigate possible human rights abuses among firms recruiting staff for work in the Gulf States - including a "well known Western" firm.It will also investigate reported abuses in the textile industry in India and Bangladesh.The fund has stakes of more than 2 percent in 1,158 companies, more than 5 percent in 28 companies and an average stake holding in Europe of 2.3 percent. Such a wide spread makes it difficult to identify which companies it is investigating."BAD APPLES"The ethics procedure was launched at the start of the millennium and 65 companies are presently excluded on recommendations by the Council on Ethics, on various grounds. Another 69 companies are excluded directly by the central bank based on their dependence on thermal coal.The fund sells shares in any company it wishes to drop gradually, before any announcement, but being dropped or named as a source of concern can damage a company''s investment image. Andresen said the main aim was to remove the ethical risk.The fund is forbidden by law from investing in firms that produce nuclear weapons or landmines, or are involved in serious and systematic human rights violations, among other criteria.Following a three-year study on the risk of corruption in the telecoms, defense and energy industries, the council has sent up several recommendations to the board of the central bank to either exclude or observe companies in these sectors."They have the same type of risk elements: large contracts, government as a counterpart, lack of transparency/desire to keep things secret and a large number of middlemen. When you add them, they constitute a greater risk of corruption," Andresen said.The pharmaceuticals industry has the same elements of risk, he said. "We have received indications that there is a risk of corruption. We have enough indications to take a strong look."The council will also look into reports by rights groups of slavery-like conditions for North Koreans employed by companies in Eastern Europe, mostly in the manufacturing of heavy goods.On the issue of recruitment for work in the Gulf States from other parts of Asia, Andresen said he was optimistic over the process of talks with the Western company he mentioned."I am hopeful that they see it in their interest to change their practices and that it may be an impetus for other companies to follow. It is a well-known actor. It would be a great signal to others that this practice ended."Last year the council looked into the construction industry in Qatar - host of the 2022 soccer World Cup - and neighboring countries, after reports of abuse by human rights groups."Authorities in Qatar have issued new regulations forcing companies to better their practices, with more decent living and working conditions and the ability for a worker to keep his/her passport," he said. "I had anticipated a larger number of exclusions, but several companies show some progress."Andresen cited one unnamed firm which he said had reported reducing its corruption risk and also saving money by cutting the number of middlemen."Others are much more, ''let''s just see what happens, we don''t think we are guilty, these were some bad apples''."(Editing by Philippa Fletcher)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-norway-swf-ethics-idINKBN16G0YQ'|'2017-03-09T06:39:00.000+02:00'|2389.0|26.0|0.0|'' 2390|'385065208240e6eb01dff6d8f6ffb522372626bb'|'U.S. 30-year mortgage rate falls to four-week low - Freddie Mac'|'NEW YORK, March 30 U.S. 30-year mortgage rates declined to their lowest in four weeks in step with Treasury yields, which fell on concerns about the ability of U.S. President Donald Trump and the Republican-controlled Congress to enact tax reforms, according to mortgage finance agency Freddie Mac on Thursday.The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 4.14 percent in the week ended March 30, which was the lowest since 4.10 percent in the March 2 week. This compared with the prior week''s 4.23 percent, it said. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-mortgages-freddiemac-idINW1N1GZ2A3'|'2017-03-30T12:20:00.000+03:00'|2390.0|''|-1.0|'' 2391|'9c5ccdb11395e5b7583b4b8090deb990b1fe74fa'|'Exclusive: Norway''s wealth fund may blacklist firms over emissions, corruption risk'|'Business News - Thu Mar 9, 2017 - 4:14am EST Exclusive: Norway''s wealth fund may blacklist firms over emissions, corruption risk Norwegian investor Johan H. Andresen, the head of the Council on Ethics for the Norwegian sovereign wealth fund, poses for a picture at the Councils office in Oslo, Norway March 8, 2016. REUTERS/Gwladys Fouche By Gwladys Fouche - LYSAKER, Norway LYSAKER, Norway The ethics watchdog for Norway''s $900-billion sovereign wealth fund will recommend this year that the fund exclude or put on a watch list several firms in the oil, cement and steel industries for emitting too much greenhouse gas. Carbon emissions are a new criteria for the fund, which was built up from the proceeds of Norway''s own large oil industry and operates under ethical guidelines set by parliament. The world''s largest sovereign wealth fund, it has shares in 9,000 companies, 1.3 percent of the entire world''s listed equity, giving the decisions it takes to drop or reinstate shareholdings or warn firms considerable weight among investors. The chairman of the fund''s independent Council on Ethics, Johan H. Andresen, acknowledged in an interview what he called the "duality" of a fund based on oil divesting over emissions, but said his job was to execute rather than set a mandate. The fund may also exclude several firms in the defense, telecoms and arms industries this year over the risk of corruption, he said. The council''s recommendations go to the board of the central bank, which usually follows its advice. Speaking in an interview ahead of publication of the council''s annual report on Thursday, Andresen said it was already working on the first recommendation over emissions, expected to come by July. "It will be a company either in the oil or concrete industry ... We have to start with the worst and make our way through the industries," he said, adding that there would be a "small handful" of recommendations to the board in 2017. The 55-year-old Norwegian, who also owns private investment vehicle Ferd, said the ethics panel would open a probe into the risk of corruption in the pharmaceuticals sector and investigate possible human rights abuses among firms recruiting staff for work in the Gulf States - including a "well known Western" firm. It will also investigate reported abuses in the textile industry in India and Bangladesh. The fund has stakes of more than 2 percent in 1,158 companies, more than 5 percent in 28 companies and an average stake holding in Europe of 2.3 percent. Such a wide spread makes it difficult to identify which companies it is investigating. "BAD APPLES" The ethics procedure was launched at the start of the millennium and 65 companies are presently excluded on recommendations by the Council on Ethics, on various grounds. Another 69 companies are excluded directly by the central bank based on their dependence on thermal coal. The fund sells shares in any company it wishes to drop gradually, before any announcement, but being dropped or named as a source of concern can damage a company''s investment image. Andresen said the main aim was to remove the ethical risk. The fund is forbidden by law from investing in firms that produce nuclear weapons or landmines, or are involved in serious and systematic human rights violations, among other criteria. Following a three-year study on the risk of corruption in the telecoms, defense and energy industries, the council has sent up several recommendations to the board of the central bank to either exclude or observe companies in these sectors. "They have the same type of risk elements: large contracts, government as a counterpart, lack of transparency/desire to keep things secret and a large number of middlemen. When you add them, they constitute a greater risk of corruption," Andresen said. The pharmaceuticals industry has the same elements of risk, he said. "We have received indications that there is a risk of corruption. We have enough indications to take a strong look." The council will also look into reports by rights groups of slavery-like conditions for North Koreans employed by companies in Eastern Europe, mostly in the manufacturing of heavy goods. On the issue of recruitment for work in the Gulf States from other parts of Asia, Andresen said he was optimistic over the process of talks with the Western company he mentioned. "I am hopeful that they see it in their interest to change their practices and that it may be an impetus for other companies to follow. It is a well-known actor. It would be a great signal to others that this practice ended." Last year the council looked into the construction industry in Qatar - host of the 2022 soccer World Cup - and neighboring countries, after reports of abuse by human rights groups. "Authorities in Qatar have issued new regulations forcing companies to better their practices, with more decent living and working conditions and the ability for a worker to keep his/her passport," he said. "I had anticipated a larger number of exclusions, but several companies show some progress." Andresen cited one unnamed firm which he said had reported reducing its corruption risk and also saving money by cutting the number of middlemen. "Others are much more, ''let''s just see what happens, we don''t think we are guilty, these were some bad apples''." (Editing by Philippa Fletcher) Samsung Group chief denies all charges as ''trial of the century'' begins SEOUL The head of South Korea''s Samsung Group, Jay Y. Lee, denies all charges against him, his lawyer said on Thursday, at the start of what the special prosecutor said could be the "trial of the century" amid a political scandal that has rocked the country.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-norway-swf-ethics-idUSKBN16G0YQ'|'2017-03-09T16:14:00.000+02:00'|2391.0|''|-1.0|'' 2392|'62b3a7fde62b87107d8c3a27e7bd35804eca3bc8'|'EU''s Vestager says analysing Facebook reply to WhatsApp probe'|' 57pm GMT EU''s Vestager says analysing Facebook reply to WhatsApp probe A 3D printed Whatsapp logo is seen in front of a displayed stock graph in this illustration taken April 28, 2016. REUTERS/Dado Ruvic/Illustration The European Commission in December last year said Facebook''s statements during the regulator''s scrutiny of the $22 billion (17.65 billion pounds) deal in 2014 were incorrect when it said that it was unable reliably to match the two companies'' user accounts. However, this was technically possible at that time, the EU Competition Commissioner said, giving Facebook until Jan. 31 to defend itself. "We have now got the reply from Facebook and we are now analysing it," Vestager told lawmakers during a European Parliament hearing. The company faces a fine of as much as 1 percent of its global turnover, or about $179 million based on 2015 revenues. Microsoft was hit with a 561 million euro (487.15 million pounds) penalty in 2013 for breaking an antitrust promise to regulators, underlining how serious the Commission views procedural breaches. (Reporting by Foo Yun Chee; Editing by Ken Ferris) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-whatsapp-m-a-facebook-eu-idUKKBN16T25S'|'2017-03-22T22:57:00.000+02:00'|2392.0|''|-1.0|'' @@ -2401,7 +2401,7 @@ 2399|'15e1720dc551abcf72f213a6e6b97714d341bcad'|'U.S.-Japan talks should avoid fiscal, monetary policy: Amari'|'Business News 48am EST U.S.-Japan talks should avoid fiscal, monetary policy: Amari Japan''s Economics Minister Akira Amari speaks during a news conference in Tokyo, Japan, January 28, 2016. REUTERS/Yuya Shino By Kaori Kaneko and Ami Miyazaki - TOKYO TOKYO Japan and the United States should avoid trying to interfere with each other''s fiscal and monetary policies when they start bilateral economic talks next month, former Japanese economy minister Akira Amari said on Monday. Amari, who led Japan''s negotiation team on the Trans-Pacific Partnership, which was essentially scuttled when President Donald Trump pulled the United States out, said the two nations needed to conduct talks with an eye towards emerging markets and the world as a whole. Trump and Prime Minister Shinzo Abe agreed last month to launch a bilateral economic dialogue to discuss trade and infrastructure investment. Japan, concerned about Trump''s strident comments about trade and currencies, hopes to use the talks to seek ways to avoid trade friction and ensure Washington is engaged in the Asia-Pacific region. Asked about the possibility that the U.S. may make demands regarding Japan''s fiscal and monetary policy, Amari told Reuters in an interview: "One nation should not meddle with another nation in areas where sovereign and independent rights exist." (Reporting by Kaori Kaneko and Ami Miyazaki, additional reporting by Takashi Umekawa, Editing by William Mallard) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-japan-usa-economy-idUSKBN16D0JV'|'2017-03-06T13:48:00.000+02:00'|2399.0|''|-1.0|'' 2400|'ea3acb19ad0240de72687f31d27c38a6323fb7fa'|'China''s first-quarter GDP growth seen at 6.8 percent: government think tank'|'Business News 11:05am EDT China''s first-quarter GDP growth seen at 6.8 percent: government think tank A Chinese flag is seen near a construction site in Beijing''s central business area, China, January 17, 2017. REUTERS/Jason Lee HONG KONG China''s economy, the world''s second largest, will likely expand 6.8 percent in the first quarter of 2017, the official Xinhua agency quoted a government think tank as saying on Wednesday. The expected pace is on par with the 6.8 percent growth logged in the fourth quarter, which was better than market expectations due to higher government spending and record bank lending. The National Academy of Economic Strategy attributed the first-quarter expansion to a strong rise in factory-gate prices, rebounding corporate profits and increasing imports, Xinhua said. "The focus of macro-economic policies should be in supply-side structural reforms to boost potential output in the long run," Wang Hongju, a researcher at the academy, was quoted by Xinhua as saying. In the first half of the year, GDP will grow by 6.7 percent. Industrial production is likely to increase moderately in the second quarter, while investment sees slightly slower growth, according to the think tank. It warned that the government should guard against risks in the property and financial sectors by properly managing monetary and land supply "floodgates", Xinhua said. (Reporting by Meg Shen in Hong Kong and Lee Chyen Yee in Singapore; editing by Andrew Roche) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-gdp-idUSKBN170275'|'2017-03-29T23:05:00.000+03:00'|2400.0|10.0|0.0|'' 2401|'19ab35aa2383f65eb5f47cc16ee9cfcb57050b93'|'Tata Consultancy says plans to step up local hiring in U.S.'|'Money News - Thu Mar 23, 2017 - 8:43pm IST Tata Consultancy says plans to step up local hiring in U.S. Logos of Tata Consultancy Services (TCS) are displayed at the venue of the annual general meeting of the software services provider in Mumbai, June 29, 2012. REUTERS/Vivek Prakash/Files By Elias Glenn - BOAO, China BOAO, China India''s top software services exporter Tata Consultancy Services will step up local hiring in the United States and has no plans to cut investments there as it continues to expect robust growth from its biggest overseas market. "In the last four or five years, we have been recruiting heavily in the U.S.," Girish Ramachandran, head of Asia Pacific region of TCS, told Reuters in an interview on the sidelines of the Boao Forum for Asia in China''s Hainan province. "We are planning to increase the number of recruitments we have in these markets." TCS, which earns about 50 percent of its revenue from the United States, continues to remain bullish about its prospects in the country as the consumption of IT services remains very high. "U.S. is the largest market and we expect that to continue to be the largest market," Ramachandran said. India''s $150 billion information technology (IT) sector has been bracing for a reform of the distribution of H1-B visas required for the United States under President Donald Trump''s administration. Indian IT firms use H-1B visa to fly engineers and developers to the United States temporarily to service clients. Companies see increased local hiring and acquisitions as way to beat any immigration challenge. On China, Ramachandran said large Chinese enterprises with global ambitions presented a good opportunity for software services companies such as TCS as they scout for IT partners. Traditionally TCS has worked for China''s multinationals but domestic businesses have given the company good business, he said, without giving details. "The last few years, China has had growth rates that are better that what weve been doing globally," Ramachandran said. "And we expect that trend to continue." (Writing by Sankalp Phartiyal. Editing by Jane Merriman) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-boao-tcs-idINKBN16U23E'|'2017-03-23T22:13:00.000+02:00'|2401.0|''|-1.0|'' -2402|'8400ebc10db658b01466022296754a0a1fd00ebd'|'Brexit leads cosmetics firm Lush to look for expansion outside UK'|'Lush has threatened to focus its planned expansion outside the UK because of the governments lack of clarity over Brexit.The British cosmetics firm said it is exploring options for growth abroad, blaming the government for not having a viable exit plan. It also revealed that more than 80 of its staff took up an offer to move to its new factory in Germany as a direct reaction to the result.The company, based in Poole, Dorset, said last years referendum sent shockwaves through the business, in particular the 20% of its staff who do not hold British citizenship who suddenly felt unwelcome and understandably upset.Lush, known for its fizzing bath bombs and ethical approach, offered those wishing to leave the country after the vote positions in its new factory in Dusseldorf, with more than 80 staff to date having taken the opportunity to move.In a statement, the company said its focus in 2017 is to look after and invest in its staff, particularly in the current political climate. The group also warned that leaving the EU would mean higher taxes and could jeopardise expansion in Britain.The statement said: To date Lush has flourished from the freedom of movement of people and goods, and now we face uncertainty in both of these areas. The negotiation of new trade agreements could take years, but the risk is that we will be paying more import duties across the business.With Britain close to full employment and with a severe skills shortage we are concerned that restrictions on free movement of people will impact the availability of both the skilled and the unskilled restricting future growth in both our UK manufacturing and buying facilities.Having opened our new Germany manufacturing facility during the year we will be reviewing other options for growth outside of the UK. With little clarity on the governments approach to the implementation of Brexit this remains a key uncertainty for the business going forward.In Poole, where Lush is headquartered, 58% of voters opted to leave. The company employs around 1,400 people in the Dorset town and 4,057 in the UK as a whole. About a third of those employed in Poole and 20% of its UK employees (782) are not British citizens.Immediately following the vote, co-founder Mark Constantine expressed grave concern and a sense of sadness at the loss of opportunity.The company, which has 928 stores across 49 countries globally, has not suffered so far as a result of the vote. Its annual results continued to show growth in both sales and profits.Brand turnover rose 26% to 723.3m and group turnover rose 21% to 394.9m in the year ended 30 June 2016. Lush said pre-tax profit for the year to 30 June rose 76% to 43.2m, despite troubles in its Japan operations.In terms of trading it said it had not noticed a material impact on UK revenues since the Brexit vote, and higher costs of raw material imports a result of sterling weakness were being offset by the cheaper cost of exports.It also confirmed it would be paying the living wage, as set by the Living Wage Foundation, for all UK permanent staff from April 2017, and would be increasing parental leave and childcare funding benefits.Topics Business Makeup EU referendum and Brexit European Union Trade policy Living wage '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/mar/13/brexit-leads-cosmetics-firm-lush-to-look-for-expansion-outside-uk'|'2017-03-14T03:00:00.000+02:00'|2402.0|''|-1.0|'' +2402|'8400ebc10db658b01466022296754a0a1fd00ebd'|'Brexit leads cosmetics firm Lush to look for expansion outside UK'|'Lush has threatened to focus its planned expansion outside the UK because of the governments lack of clarity over Brexit.The British cosmetics firm said it is exploring options for growth abroad, blaming the government for not having a viable exit plan. It also revealed that more than 80 of its staff took up an offer to move to its new factory in Germany as a direct reaction to the result.The company, based in Poole, Dorset, said last years referendum sent shockwaves through the business, in particular the 20% of its staff who do not hold British citizenship who suddenly felt unwelcome and understandably upset.Lush, known for its fizzing bath bombs and ethical approach, offered those wishing to leave the country after the vote positions in its new factory in Dusseldorf, with more than 80 staff to date having taken the opportunity to move.In a statement, the company said its focus in 2017 is to look after and invest in its staff, particularly in the current political climate. The group also warned that leaving the EU would mean higher taxes and could jeopardise expansion in Britain.The statement said: To date Lush has flourished from the freedom of movement of people and goods, and now we face uncertainty in both of these areas. The negotiation of new trade agreements could take years, but the risk is that we will be paying more import duties across the business.With Britain close to full employment and with a severe skills shortage we are concerned that restrictions on free movement of people will impact the availability of both the skilled and the unskilled restricting future growth in both our UK manufacturing and buying facilities.Having opened our new Germany manufacturing facility during the year we will be reviewing other options for growth outside of the UK. With little clarity on the governments approach to the implementation of Brexit this remains a key uncertainty for the business going forward.In Poole, where Lush is headquartered, 58% of voters opted to leave. The company employs around 1,400 people in the Dorset town and 4,057 in the UK as a whole. About a third of those employed in Poole and 20% of its UK employees (782) are not British citizens.Immediately following the vote, co-founder Mark Constantine expressed grave concern and a sense of sadness at the loss of opportunity.The company, which has 928 stores across 49 countries globally, has not suffered so far as a result of the vote. Its annual results continued to show growth in both sales and profits.Brand turnover rose 26% to 723.3m and group turnover rose 21% to 394.9m in the year ended 30 June 2016. Lush said pre-tax profit for the year to 30 June rose 76% to 43.2m, despite troubles in its Japan operations.In terms of trading it said it had not noticed a material impact on UK revenues since the Brexit vote, and higher costs of raw material imports a result of sterling weakness were being offset by the cheaper cost of exports.It also confirmed it would be paying the living wage, as set by the Living Wage Foundation, for all UK permanent staff from April 2017, and would be increasing parental leave and childcare funding benefits.Topics Business Makeup EU referendum and Brexit European Union Trade policy Living wage '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/mar/13/brexit-leads-cosmetics-firm-lush-to-look-for-expansion-outside-uk'|'2017-03-14T03:00:00.000+02:00'|2402.0|29.0|0.0|'' 2403|'abfd1d7e218cfacead03a0578c4b41bf93c1c404'|'Is an Isa the best home for your nest egg? - Money'|'Y ou only have until 5 April to take advantage of your 15,240 Isa allowance. So should you be investing your cash in an Isa? And if so, what type should go for cash, investment or the more risky innovative option? Read on for the what, how, where and why of IsasIsas are accounts on which you will never have to pay tax . During the current tax year you can put 15,240 into an Isa and leave it there forever, and the interest or capital gains are free from tax. In extreme cases, some husband-and-wife couples have been able to build up 1m in Isas , with all the money they generate being tax-free.There are three types of Isas cash, investment, and innovative. The cash ones are deposit accounts paying interest; the investment ones allow you to put the money into shares or funds; while the innovative finance Isa is new and lets you put the money into higher-risk peer-to-peer platforms. You dont have to put all the money with one provider, and you can save up to 15,240 in one type of Isa account or split the allowance across two or three types.Your money could be at risk . Cash Isas are the safest, with deposits up to 85,000 protected by the Financial Services Compensation Scheme (FSCS). If investment Isas go down in value its bad luck, there is no safety net. The innovative finance Isas, meanwhile, do not have any FSCS protection.If you are a first-time buyer aged 18-40, the new Lifetime Isa , launching on 6 April, is great news. You can put in up to 4,000 a year and the government will add a 25% bonus on top. So if you save the full 4,000 youll have 5,000. If youre a couple that equates to 10,000 for an 8,000 deposit. Nothing beats it but you can only spend the money on buying a home, and must never have owned a home before.You can open an Isa with a whole range of financial institutions banks, building societies, fund managers and so on. You can take your money out of an Isa at any time, and with some you can take out cash then put it back in during the same tax year without reducing the current years allowance.You can transfer your Isa at any time. So if the bank where you opened a cash Isa a few years ago has cut its interest rates, youre free to move the money all or part of it to another provider.One reason not to open a cash Isa is that interest on all savings is now automatically paid tax-free. You can earn up to 1,000 interest per year without paying tax if you are a 20% taxpayer, or 500 if you are a 40% taxpayer. So unless you are a very serious saver at the bank (with more than 20,000 to put away), cash Isas arent attractive in the way they once were.Interest rates on cash Isas are also (inexplicably) lower than rates on standard deposit accounts. For many people, the best rates of interest they will earn will be on money kept in a current account in one of the deals from the likes of Santander, Nationwide and Lloyds. But if you have a large amount of cash savings, or want to invest significant amounts in the stock market, Isas can still make sense.You can stash 70,000 away tax-free in the next fortnight alone, as the 2017-18 limit will be 20,000. Anyone aged over 16 (for cash Isas) and 18 (share Isas) can take out an Isa, so a couple can have one each and buy one each tax year.Best for cash Facebook Twitter Pinterest Coventry building society has the top-paying variable rate cash Isa. Photograph: Alamy Cash Isa rates may have been decimated in recent months, but there are still a few stand out deals for those wanting to keep their Isa money in cash. Coventry building society has the top-paying variable rate cash Isa which pays 1.05%.Bank of Cyprus , meanwhile, offers the highest rate for one-year fixed-rate bonds 1.1%, while if you prefer a home-grown bank, Virgin Money is paying 1.05% again fixed for a year.Principality has the highest-paying two-year bond 1.26%, while Coventry is paying 1.7% if you are happy to lock your money away for five years. Be aware, tying your money up for that long could look like a mistake if and when interest rates finally start rising.All the above deals allow savers to transfer in previous Isa allowances held at other banks, which if you havent moved them recently could well be earning as little as 0.35%.Another option is the so-called innovative finance Isa which allow investors to offer peer-to-peer loans, which are held within the Isa wrapper. There are a host to choose from, but there is no protection if it all goes wrong and the lender defaults although the rates are very attractive.LandlordInvest , which lets people invest in residential buy-to-let mortgages and bridging loans, is holding out the prospect of returns of up to 12%. LendingCrowd , which matches investors with small- and medium-sized businesses seeking loans, is offering a target rate of return of 6% a year.Best for shares The choice is phenomenal there are thousands of individual shares and investment funds to pick from, and with exchange traded funds (ETFs) you can track dozens of indices and commodities. Most beginners opt for a fund, which is a basket of shares, usually of 50-60 different companies, so if any one goes bust it doesnt hit you too hard.But which fund? Index trackers, which promise to match the gains (and falls) of indices such as the FTSE 100, are the cheapest over the long term. Conventional funds charge at least 1% of your pot every year, often much more, while the trackers may take 0.1% or less.FTSE 100 trackers match the performance of the 100 biggest shares on the London stock exchange. The BlackRock 100 UK Equity fund charges 0.07% of your assets every year. L&Gs UK 100 index fund is 0.1%, but thats discounted to 0.06% by some sellers.FTSE All Share trackers match the FTSE 100, but also include small- and medium-sized companies. BlackRocks UK Equity Tracker costs 0.06%, while HSBCs FTSE All Share Index is 0.07%. Fidelitys Index UK costs 0.08%, but 0.06% if bought directly from Fidelity.Vanguard offer funds which invest in a range of trackers such as its Life Strategy fund, which tracks bond and equity indices around the world, with a fee of 0.22%.Or you can choose to have your money managed actively, where the fund manager picks and chooses the shares, buying and selling when he or she thinks the time is right.Brokers TD Direct Investing recently issued its Best of British Fund Managers list, detailing which has performed most strongly over a 10-year period. The winner is Mark Slater, whose MFM Slater Growth fund has generated an average annual return of 12.6% a year over the past decade, compared to 5.6% on the FTSE. The fund is predominantly invested in small- and medium-sized companies rather than the giants that dominate the FTSE 100 index.Other top funds over 10 years include Lindsell Train UK Equity and Liontrusts Special Situations fund. Schroders was the only group to have two funds in the top 10 over a 10-year period. Schroders says that a saver who put 1,000 into a cash Isa when they were launched in 1999 would now have 1,204. If the same 1,000 had been put into a stocks and shares Isa and invested in the UK stock market it would be worth 1,663, or 38% more.Where to buy Facebook Twitter Pinterest If you want to deposit cash into an Isa you can go direct to the bank or building society. But its not so simple when you want to invest in a stocks and shares Isa. You cant just ring BP and say Can I buy 100 shares in your company, or go to Vanguard and say Can I put 1,000 into your fund. You have to use a broker, or to use the modern parlance a platform, where you buy the fund and can watch how it is getting along.Basically, you send your money to the platform, it puts it into a fund (or individual shares) and keeps you updated. For this they charge a fee, which is on top of the fee that goes to the underlying fund manager. For example, you pay 0.1% a year for the cheapest index fund, then another 0.5% a year to the platform, so thats 0.6% in total. Or you pay 0.75% for an actively managed fund, plus the 0.5% fee to the platform provider, making a total of 1.25% a year. Then there are the hidden charges, such as for the turnover within the fund, which means you can easily be frittering away 2% a year of your investment.The Lang Cat consultancy, which monitors platform charges, has created a table of fees (see right) which show that it can cost as little as 13 to put 5,000 into an Isa. The full table can be found at langcatfinancial.co.uk/guardian . Steven Nelson from Lang Cat warns that what you pay reflects the amount of services on offer. The cheapest providers are almost entirely DIY, where you pick the funds yourself. Cavendish is probably the best-known, charging just 0.25% a year.Then there are the do it with you providers who offer loads of tools to help you choose, often with recommended fund lists, but which dont make the choice for you such as Hargreaves Lansdown, which charges 0.45% on a 5,000 investment.Alternatively, there are the do it for you providers who make the investment choices for you. Many are new digital offerings, which manage a range of funds tailored to your risk level, at a relatively low cost. Names here include Nutmeg, MoneyFarm and NetWealth. Nutmeg says a 5,000 Isa would cost from 0.7% to 1.1% a year, which includes the underlying fee for the funds it invests in.Case study: Not-so-filthy lucre Facebook Twitter Pinterest Wildlife cameraman Doug Allan invests with Triodos. Photograph: Triodos Bank Wildlife cameraman Doug Allan has filmed orca whales, polar bears and emperor penguins in some of the worlds most extreme environments, for BBC TV series including Blue Planet and Frozen Planet. And he is determined his own money doesnt contribute to the destruction of the habitats he has spent his life filming.He recently finished a documentary called The Missing Fish, and is putting together a film on climate change at the poles and says he invests with Triodos to make sure his money does not harm the oceans or other wildlife.I do genuinely believe we need to change the worlds financial management. Its not as if there are not plenty of money-making opportunities from investing in a sustainable way, especially in renewable energy.A new Isa is offering tax-free returns of 12% so whats the catch? Read more Triodos is one of a number of providers that now offer an ethical option for your cash or shares Isa, and you dont necessarily need to accept lower returns if you want to keep to your principles. Like every bank, interest rates are low Triodos pays 0.75% on its cash Isa but thats actually double the rate paid by Lloyds Bank on its instant access cash Isa. Whats more, it accepts balances as low as 10. It also has an investment Isa, into which Allan has placed his money.When Triodos takes depositors money, it makes sure it is lent only to businesses having what it sees as a positive impact on society. It also invites customers to inspect the companies it is lending to an opportunity taken up by Marion Mackonochie in Brighton. She visited hiSbe, an ethical supermarket, and spoke to founder and co-owner Ruth Anslow. Triodos Bank helped finance the shop with money from its Isa savers.Its important to me that my money is not used to finance arms, tobacco or the oil trade. I get a brochure twice a year telling me about the projects they are financing, and I can see the good my money is doing. When I first set up an account I did look around to make sure that I wasnt being taken for a fool. I found that while the rates on offer werent the very best, they were certainly not the worst either.There are numerous other ethical Isa providers. Abundance offers an Isa paying a projected 2% rate by investing in renewable energy. Ecology building society is currently not accepting new deposits due to high demand, but hopes to open again soon. Charity Bank has an ethical Isa paying 0.9%, while Co-operative Bank pays between 0.37% and 1.05% on its range of Isas.Topics Isas Savings Savings rates Banks and building societies Family finances features '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/mar/25/is-isa-best-home-nest-egg-shares-cash-doug-allan'|'2017-03-25T15:00:00.000+03:00'|2403.0|''|-1.0|'' 2404|'7bdacd641100cd6ae0f3ab268262dd44c4978cc3'|'New 1 coin: Tesco to unlock every trolley as it misses deadline - Money'|'Every supermarket trolley at Tesco estimated to number hundreds of thousands are to be unlocked after the grocery giant revealed it has not converted all its carts in time for the launch of the 12-sided 1 coin on Tuesday.A Tesco spokesperson said: Were replacing the locks on our trolleys to accept old and new pound coins as well as existing trolley tokens. We will unlock all our trolleys while this process takes place so customers will not be affected by the changes.Councils across the country are already dealing with a surge in abandoned carts discarded on streets and canals following the introduction of the plastic bag tax, as some shoppers take trolleys home rather than pay the charge. The unlocking of Tescos trolleys at its 2,500 stores across the UK could provoke a fresh surge of trolley abuse, with shoppers having no financial incentive to return them. How much will the new 1 coin cost the UK? Read more Other supermarket groups contacted by the Guardian, including Sainsburys, Asda, Morrisons, Aldi and Lidl, said their trolleys are fully converted. The new 1 coin could also pose serious problems for drivers, with an estimated one in ten meters and parking machines around Britain not yet ready. KitKat chaos also looms, with 15% of Britains 500,000 vending machines unable to accept the new coin, despite the industry spending 32m to upgrade machines. However, all parking meters and vending machines will continue to accept the old 1 coins until they are withdrawn from circulation and cease to be legal tender on 15 October. Jonathan Hart of the Automatic Vending Association said: On 28 March, when the new 1 coin goes into circulation, we estimate that 85% of machines will be able to accept the new 1 coin while all will still accept the original 1 coin which remains in circulation until 15 October.Vending engineers are working hard to complete the upgrades as fast as possible and prioritising vending machines that are most visible to the public, such as those on retail sites, he said.Dave Smith of the British Parking Association said some parking meters are more than 20 years old and are still waiting to be converted or replaced. The majority will be updated in time for the launch of the new 1 coin, but a few of the older ones cannot be converted. It will be up to councils to replace them or go cashless. Quids in: why its time to get rid of your 1 coins Read more He added that the changeover has been a massive programme but that around 10% of machines will not be fully readyDrivers should keep a mix of the old and new 1 coins in their cars while the changeover takes place, said Smith. The rollout of the new coins begins on 28 March, with the Royal Mint already distributing the first of the 1.5bn worth of coins to secret distribution centres around the UK. The switch has happened because the old round one has grown increasingly vulnerable to counterfeiters . The Royal Mint reckons one in 30 1 coins is fake. You should continue to spend any of the current 1 coins you carry as normal, says the Mint. In fact, the public will be urged to spend their round pounds as soon as possible before 15 October, as they will be melted down to make the new coins. Families who have lots of 1 coins saved in a money box , jam jar or giant whisky bottle, should spend them or take them to a bank before 15 October. But the Mint says that after that deadline most high street banks will continue to allow people to pay round pounds into their account. The deadline for the withdrawal of the paper 5 note also looms in just six weeks time. The paper 5 note will cease to be legal tender status from 5 May. Despite the rise of the cashless society, coins remain popular and mintage figures are stable. There are nearly 29bn coins (of all denominations) in circulation in the UK, with a face value of more than 4bn. Topics Money Retail industry Supermarkets Motoring news '|'theguardian.com'|'http://www.theguardian.com/business/tesco/rss'|'https://www.theguardian.com/money/2017/mar/24/new-1-pound-coin-tesco-unlock-every-trolley-misses-deadline'|'2017-03-24T21:37:00.000+03:00'|2404.0|''|-1.0|'' 2405|'53b90812c23a26b93c95c457f90a8bf606658abc'|'UPDATE 1-Andrew Puzder to step down as CKE fast-food CEO in April -company'|'Business 52pm EDT Andrew Puzder to step down as CKE fast-food CEO in April: company File photo: Andrew Puzder takes part in a panel discussion titled ''''Understanding the Post-Recession Consumer'''' at the Milken Institute Global Conference in Beverly Hills, California April 30, 2012. REUTERS/Fred Prouser Andrew Puzder, who withdrew as nominee for U.S. Labor Secretary in the new Trump administration, is stepping down as chief executive of CKE Restaurants Holdings Inc in April, the parent of the Carl''s Jr and Hardee''s restaurant chains said on Tuesday. "I expressed my desire to have CKE plan for succession approximately a year ago," said Puzder, 66, who has served as chief executive officer since 2000. Puzder will be succeeded by Jason Marker, who most recently was president of Yum Brands Inc''s ( YUM.N ) KFC chain. Puzder pulled his name from consideration for labor secretary in February, amid concerns that he could not garner enough U.S. Senate votes to be confirmed following a swirl of controversies, complaints and potential conflicts. Puzder admitted that he and his wife had employed an undocumented person as a housekeeper. He also faced a flurry of complaints and legal cases brought by workers against his business and its franchises. And, a decades-old Oprah Winfrey tape raising allegations of domestic abuse by his ex-wife resurfaced, although those allegations had been withdrawn. (Reporting by Lisa Baertlein; editing by Grant McCool) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cke-restaurants-puzder-idUSKBN16S2XE'|'2017-03-22T05:50:00.000+02:00'|2405.0|''|-1.0|'' @@ -2443,16 +2443,16 @@ 2441|'240f84d17a2dd4c4829ae1440b48978eb0cb27ab'|'Neiman Marcus says exploring alternatives, including sale'|'Luxury fashion retailer Neiman Marcus Group Ltd LLC [NMRCUS.UL] said on Tuesday it was exploring strategic alternatives, including a sale of the company.The move, which comes about two months after the company pulled its IPO, highlights the struggles faced by department store operators as they look to reduce costs amid sliding sales.Neiman Marcus also reported a 6.1 percent drop in second-quarter revenue as issues in its new merchandising and distribution system forced the company to take additional markdowns.The retailer has hired investment bank Lazard Ltd ( LAZ.N ) to explore ways to bolster its balance sheet as it seeks relief from $4.9 billion in debt, Reuters reported this month.Neiman Marcus, which also operates the Bergdorf Goodman and MyTheresa brands, was acquired by private equity firm Ares Management LP ( ARES.N ) and Canada Pension Plan Investment Board for $6 billion in 2013.(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-neiman-marcus-gp-sale-idINKBN16L1N1'|'2017-03-14T11:02:00.000+02:00'|2441.0|''|-1.0|'' 2442|'db475f8154a3587e072539d4b4a397f0be7ff210'|'Sensex, Nifty edge up on GST hopes; financials extend rally'|'Money News - Thu Mar 30, 2017 - 11:56am IST Sensex, Nifty edge up on GST hopes; financials extend rally A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, June 29, 2015. REUTERS/Danish Siddiqui/Files By Aby Jose Koilparambil Indian shares rose in thin trade on Thursday after the country moved a step closer to implementing a nationwide goods and services tax (GST) from July. Four bills related to GST, passed by the lower house of parliament, would next be presented before the upper house. The new sales tax regime will subsume a slew of central and state levies, transforming a nation of more than 1.2 billion population into a single market. [nL3N1H63LX] Broader gains in the market were capped due to caution ahead of the expiration of March futures & options later in the day. "Right now, I don''t see a scenario in the market where a fall that would frighten you would happen. All the macro factors are conducive for the country," said Dharmesh Kant, head, retail research at Motilal Oswal Securities Ltd. The Nifty was up 0.18 percent at 9,159.95 by 0555 GMT, while the benchmark Sensex was 0.28 percent higher at 29,614.09. Logistics shares were trading higher after the passage of the GST bills. Allcargo Logistics Ltd rose as much as 4.4 percent while VRL Logistics Ltd shot up as much as 4.3 percent and GATI Ltd gained as much as 2.5 percent. Financial shares extended a recent rally with the Nifty Finance and Nifty Bank indexes gaining for the fifth session in six. Banking behemoth State Bank of India rose as much as 1.8 percent to its highest in a little over 22 months and was among the top percentage gainers on the NSE. Kotak Mahindra Bank rose as much as 1.7 percent after the private lender said it would focus on building stressed assets business and double its customer base. Meanwhile, auto stocks including Hero MotoCorp Ltd and Ashok Leyland Ltd recovered from steep losses after the country''s top court banned sale of new vehicles with older Euro III fuel technology from April 1. Two-wheeler manufacturer Hero MotoCorp rose as much as 1.4 percent while Ashok Leyland rose as much as 1.2 percent. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Gopakumar Warrier) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-stocks-sensex-nifty-gst-idINKBN1710L7'|'2017-03-30T14:26:00.000+03:00'|2442.0|''|-1.0|'' 2443|'ab3115cbdd450cd812a37f86f967bfa4b78656cb'|'Canada''s Trican to buy Canyon Services in C$637 million deal'|'Canadian oilfield services provider Trican Well Service Ltd ( TCW.TO ) said it would buy smaller rival Canyon Services Group Inc ( FRC.TO ) in a deal valued at about C$637 million ($475.5 million), including debt.Canyon shareholders will receive 1.7 shares of Trican for each share they own. That translates to an offer price of C$6.63 per Canyon share, representing a 32 percent premium to the stock''s Tuesday close.Trican will also assume about $40 million in debt.A more than 50 percent fall in global crude prices since 2014 has triggered a wave of consolidation in the oilfield services industry, which has been battered by a sharp drop in service prices.General Electric Co ( GE.N ) has agreed to merge its oil and gas business with Baker Hughes Inc ( BHI.N ) to create the world''s No. 2 oilfield services business, while other large players such as Schlumberger NV ( SLB.N ) and Technip TECF.PA have bought smaller rivals.Trican shareholders are expected to own about 56 percent of the combined company, while Canyon shareholders will own the rest.RBC and Scotiabank were financial advisers to Trican while Blake, Cassels & Graydon LLP provided legal counsel.Peters & Co Ltd was Canyon''s financial adviser. Burnet, Duckworth & Palmer LLP was its legal adviser.(Reporting by Vishaka George and Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-canyon-services-m-a-trican-well-idINKBN16T1AO'|'2017-03-22T09:04:00.000+02:00'|2443.0|''|-1.0|'' -2444|'1b09384072a806154a834be27efa199b7f911760'|'E.ON shares up after $1.4 billion capital raising'|'By Edward Taylor - FRANKFURT FRANKFURT Shares in E.ON rose 1.7 percent early on Friday, a day after the German utility raised 1.35 billion euros ($1.4 billion) by selling 200 million new shares.The cash-strapped company needs to pay nearly 10 billion euros by mid-year into a fund set up to pay for the German nuclear sector''s long-term liabilities.E.ON has said 2 billion euros of that amount will be raised via capital measures, which could include the sale of shares and issuance of hybrid bonds."Capital measure was thoroughly flagged and traders had enough time to position themselves. Shares should recover quickly," a Frankfurt-based trader said.E.ON shares rose 1.7 percent to 6.95 euros apiece, among the biggest gainers in Germany''s blue-chip index and among top European utilities.The share sale suggests a price of about 6.75 euros apiece.The company reported a record 2016 net loss of 16 billion euros on Wednesday.The new shares were issued as part of E.ON''s authorized capital and were sold to institutional investors, with Bank of America Merrill Lynch and Citigroup acting as joint bookrunners."In view of the impact from the payment of the risk surcharge to Germany''s state-run nuclear fund in mid-2017, the purpose of the capital increase is to strengthen the equity and liquidity basis of E.ON," the company said.(Additional reporting by Tom Kaeckenhoff and Christoph Steitz; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eon-newissue-idINKBN16O0YW'|'2017-03-17T06:51:00.000+02:00'|2444.0|''|-1.0|'' +2444|'1b09384072a806154a834be27efa199b7f911760'|'E.ON shares up after $1.4 billion capital raising'|'By Edward Taylor - FRANKFURT FRANKFURT Shares in E.ON rose 1.7 percent early on Friday, a day after the German utility raised 1.35 billion euros ($1.4 billion) by selling 200 million new shares.The cash-strapped company needs to pay nearly 10 billion euros by mid-year into a fund set up to pay for the German nuclear sector''s long-term liabilities.E.ON has said 2 billion euros of that amount will be raised via capital measures, which could include the sale of shares and issuance of hybrid bonds."Capital measure was thoroughly flagged and traders had enough time to position themselves. Shares should recover quickly," a Frankfurt-based trader said.E.ON shares rose 1.7 percent to 6.95 euros apiece, among the biggest gainers in Germany''s blue-chip index and among top European utilities.The share sale suggests a price of about 6.75 euros apiece.The company reported a record 2016 net loss of 16 billion euros on Wednesday.The new shares were issued as part of E.ON''s authorized capital and were sold to institutional investors, with Bank of America Merrill Lynch and Citigroup acting as joint bookrunners."In view of the impact from the payment of the risk surcharge to Germany''s state-run nuclear fund in mid-2017, the purpose of the capital increase is to strengthen the equity and liquidity basis of E.ON," the company said.(Additional reporting by Tom Kaeckenhoff and Christoph Steitz; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eon-newissue-idINKBN16O0YW'|'2017-03-17T06:51:00.000+02:00'|2444.0|26.0|0.0|'' 2445|'9d83ece5127323aac69edd5ae2740793bcfd0993'|'Clouds over Trump tax plan may curb appetite for U.S. stocks'|'Business News 4:44pm EDT Clouds over Trump tax plan may curb appetite for U.S. stocks A trader wearing a Trump hat works at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., January 20, 2017. REUTERS/Stephen Yang By Megan Davies and David Randall - NEW YORK NEW YORK Wall Street has tempered its expectations for sweeping U.S. tax cuts in the wake of President Donald Trump''s stinging healthcare defeat, a move that could push investors to embrace cheaper global stocks after the heady U.S. rally of recent months. The White House turned its attention to an overhaul of the tax code after Republicans were forced on Friday to pull legislation that would have begun dismantling the Obama administration''s 2010 healthcare law. Trump made tax cuts, including a lowering of the rates paid by corporations, a pillar of his 2016 presidential campaign. His Nov. 8 victory whetted the appetite of business and investors who saw passage of a tax bill as a virtual slam dunk. But the Republican infighting that doomed the healthcare bill in the House of Representatives and the evaporation of the savings that it was seen generating have made the endeavor more problematic. "Now it appears some of the initiatives in the tax bill will have to be scaled back or even eliminated," said Robert Willens, an independent tax analyst. "It clearly has to be less ambitious." Others are even less optimistic. "Getting corporate tax relief done in 2017 has gone from a decent chance to remote," said Michael Purves, chief global strategist at Weeden & Co. "That''s a huge contributor to potential earnings." Economists at investment bank Goldman Sachs see "some downside risk" to their original expectation for a tax cut of around $1.75 trillion over 10 years, though they still see a deal passing. Trump has said he wants to cut corporate taxes to a range of 15 percent to 20 percent, from 35 percent. A watered-down version of his tax goals could rattle the concern among money managers that U.S. equities'' valuations are stretched. Analysts expect S&P 500 profit growth of 11 percent this year according to Thomson Reuters data - with many analysts not yet baking a tax cut into that estimate - a big increase over 1.4 percent growth in 2016. "What (the healthcare bill failure) does in my mind is further emphasize the case for international and emerging market equities," said Jack Ablin, chief investment officer at BMO Private Bank. ''SUBSTANTIALLY OVERVALUED'' On a forward price-to-earnings basis, the U.S. market is around the most expensive it has been in years compared with the United Kingdom, Europe and emerging markets. Against Japan, it is at its most expensive in at least six months. Investors in U.S. stocks are paying almost $18 for every dollar expected in earnings over the next 12 months, compared with just above $14 for stocks on the London, Tokyo and European exchanges, and near $12 for those on emerging market exchanges. More upside is seen in European markets this year. Reuters polls on Wednesday predicted a gain of under 3 percent in U.S. stocks between now and the end of the year versus a rise of between about 5 percent and 6 percent for the STOXX 600. and Euro STOXX 50 .STOXX50E . "Making an argument for Europe over the U.S. is very easy at this point," said Matt Burdett, a portfolio manager at Thornburg Investment Management, which has $49 billion in assets under management. Dave Wright, a co-portfolio manager of the Sierra Strategic Income fund, which manages $2.3 billion in assets, said the U.S. market looks "substantially overvalued." Reflecting the growing appetite U.S. investors have for overseas assets, U.S.-based European stock funds attracted $636 million over the latest week ended March 22, the largest inflows since December 2015, according to Lipper data. The four-week moving average of inflows for these funds totaled $328 million in the latest week, the highest amount since January 2016. For the same period, U.S.-based equity funds posted net cash withdrawals of more than $1 billion, Lipper data showed. Still, investors are unlikely to bail out of U.S. equities based on the fate of the Trump tax plan alone. Jason Ware, chief investment officer at Albion Financial Group, said "whether or not they hit 20 percent corporate tax rate or 25 percent is immaterial when you look at the big picture." (Additional reporting by Jennifer Ablan and Rodrigo Campos, Chuck Mikolajczak and Caroline Valetkevich; Editing by Paul Simao) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-tax-stocks-analysis-idUSKBN170306'|'2017-03-30T04:39:00.000+03:00'|2445.0|14.0|0.0|'' 2446|'2c79c570251cb47a73926935a6caa22296459112'|'Free WiFi and meditation as airlines grapple with laptop ban'|' 04pm GMT Free WiFi and meditation as airlines grapple with laptop ban A Turkish Airline plane stands on the runway at JFK International Airport in New York, U.S., March 21, 2017. REUTERS/Lucas Jackson ISTANBUL/DUBAI Turkish and Gulf airlines are touting free WiFi and better in-flight connectivity for smart phones as they scramble to mitigate the impact of a ban on laptops in plane cabins bound for the United States. The restrictions could deal a blow to fast-growing Gulf airlines, which depend on business-class flyers stopping over in Dubai or Doha for far-flung destinations, and to Turkish Airlines ( THYAO.IS ) with its high volume of transit passengers. A Turkish Airlines official said it was working on rolling out a system to allow passengers to use 3G data roaming on mobile phones to connect to the Internet in-flight, and planned to make WiFi freely available on some aircraft from next month. "We''ve sped up infrastructure work after the latest developments ... If the work is complete, we''re planning on switching to free WiFi services in our Boeing 777 and Airbus 330 aircraft in April," the official told Reuters. Emirates [EMIRA.UL] said on Thursday it was introducing a "laptop and tablet handling service" for U.S.-bound flights which would allow passengers to use their devices until just before they board. The devices would be "carefully packed into boxes" and returned on arrival in the United States, it said. Emirates passengers can access limited free WiFi or pay $1 (0.80 pounds) for 500 MB. Fellow Gulf carrier Etihad encouraged passengers to pack their electronics in check-in luggage but said it would also allow devices to be handed over at boarding, a spokesman said. Turkish said it had introduced a similar measure. Qatar Airways did not respond to questions on how it planned to mitigate the impact of the new security measures, but in a Facebook posting this week it said its in-flight entertainment was "the only entertainment you''ll need on board". Royal Jordanian also took a tongue-in-cheek approach, listing on Twitter "12 things to do on a 12-hour flight with no laptop or tablet", including reading, meditating, saying hello to your neighbour, or "reclaiming territory on your armrest." (Reporting by Ceyda Caglayan in Istanbul and Alexander Cornwell in Dubai; Writing by Nick Tattersall; Editing by Tuvan Gumrukcu and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-airlines-electronics-measures-idUKKBN16V1SU'|'2017-03-24T22:04:00.000+03:00'|2446.0|''|-1.0|'' 2447|'cf83bcbeae8f50b7951e8299ccbc001f6d9ce065'|'Poland expects to sign deal for 8 Patriot missile defence systems by end-2017'|'World 38am EDT Poland expects to sign deal for eight Patriot missile defense systems by end-2017 Poland''s Defence Minister Antoni Macierewicz speaks during a news conference in Tallinn, Estonia, March 14, 2017. REUTERS/Ints Kalnins WARSAW Poland expects that it will sign a deal with U.S. defense firm Raytheon to buy eight Patriot missile defense systems by the end of this year, Polish Defence Minister Antoni Macierewicz said on Friday. "We hope that we will sign the contract by more or less the end of the year," Macierewicz told reporters. Macierewicz also said that the first of the eight systems, which he said would all be equipped with built-in army battle command system (ABCS) radars, will likely arrive in Poland two years after the contract is signed. (Reporting by Lidia Kelly; Writing by Marcin Goettig) Next In World News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-poland-defence-raytheon-patriots-idUSKBN1720X3'|'2017-03-31T16:29:00.000+03:00'|2447.0|''|-1.0|'' 2448|'ef7a8c29cd194b67adb261ce15338ed50a88d43c'|'Union at BHP Billiton''s Escondida will meet with company - document'|'Business News - 31pm GMT Union at BHP Billiton''s Escondida will meet with company - document Workers from BHP Billiton''s Escondida, the world''s biggest copper mine, demonstrate during a strike, in Antofagasta, Chile March 1, 2017. REUTERS/Juan Ricardo SANTIAGO Striking workers at BHP Billiton''s Escondida mine in Chile have decided to accept an invitation by the company to restart negotiations, but the meeting will only concern the union''s three key points, according to a document seen by Reuters on Monday. Union members have also given union leaders authority to walk away from negotiations and force a temporary, 18-month contract, as permitted under Chilean law, the document said. (Reporting by Fabian Cambero; Writing by Gram Slattery; Editing by Chizu Nomiyama) Next In Business News Fed to wait at least until June to decide next hike - Evans NEW YORK The Federal Reserve will likely wait at least until a June policy meeting to decide whether to lift U.S. interest rates again, giving it time to digest economic and financial market data as well as any clarity on the Trump administration''s fiscal policy plans, a top rate-setter said on Monday. Vodafone, Idea in $23 billion deal to create new Indian telecom leader MUMBAI Britain''s Vodafone Group and Idea Cellular agreed on Monday to merge their Indian operations in a $23 billion (18.55 billion pounds) deal, creating the country''s biggest telecoms business after the entry of a new rival sparked a brutal price war. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-chile-copper-escondida-idUKKBN16R2C0'|'2017-03-21T02:31:00.000+02:00'|2448.0|''|-1.0|'' 2449|'6d44ba1feedf28360b10cf17bed8d52169797d46'|'UPDATE 1-Tesla raises $1.2 bln, tapping market again for funding'|'(Recasts; adds company details, analyst comment, background, dateline)By Alexandria SageSAN FRANCISCO, March 17 Tesla Inc''s $1.2 billion share and convertible debt offering on Friday demonstrates once again the unflagging ability by the luxury electric carmaker and its high-profile head, Elon Musk, to tap Wall Street for sorely needed cash.In its second such capital raise in the past 12 months, the Silicon Valley company offered stock and convertible notes, roughly 20 percent more than it planned but less than what investors had generally been expecting, ahead of the launch of its crucial Model 3 sedan,Tesla''s stock was up slightly to $262.42 in afternoon trade on the Nasdaq.The capital raise removed "an overhang on the stock," in the eyes of investors, wrote analyst Jamie Albertine of Consumer Edge Research, given uncertainty over how Tesla would meet its robust spending needs, from the Model 3 to its massive battery factory in Nevada.More broadly, the successful offering underscores the ability of Musk to convince Wall Street over and over of his long-term vision - that Tesla will someday become a carbon-free energy and transportation heavyweight.Despite facing major financial hurdles, and the dilutive nature of stock sales, the triumphant offering confounds Tesla skeptics, who point to the loss-marking company''s $42.37 billion market capitalization - greater than that of Nissan Motor Co Ltd , which reported a profit of $4.7 billion last year.Tesla''s plan to spend $2 billion-$2.5 billion in the first half of 2017 in capital expenditures ahead of the July Model 3 launch left little cushion with $3.39 billion on the books in cash and cash equivalents at the end of 2016."Liquidity and cash burn remain key near-term risks, and investors may grow weary of continued raises as this is the second capital raise in a year," wrote UBS analyst Colin Langan.The bulk of Friday''s offering, or $850 million, came from convertible senior notes due 2022, with $350 million raised from the sale of 1.3 million common shares at $262 apiece. ( bit.ly/2n5Bf8C )That was higher than the $250 million in stock and $750 million in notes the company said it expected to sell.Musk, already the company''s top shareholder with a stake of about 21 percent as of December, bought 95,420 common shares for $25 million in the latest stock sale, Tesla said.The 1.3 million shares sold represents about 0.8 percent of Tesla''s outstanding shares as of Dec. 31. (Reporting by Alexandria Sage in San Francisco and Rishika Sadam in Bengaluru; Editing by Savio D''Souza, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tesla-offering-idINL3N1GU4JR'|'2017-03-17T16:27:00.000+02:00'|2449.0|''|-1.0|'' -2450|'86dabc06d1197229759401be4a76900db2d527dd'|'UPDATE 1-Corzine points to PwC role ahead of MF Global collapse'|'* MF Global administrator eyes $3 billion damages from PwC* Corzine was New Jersey governor, Goldman co-chairman (Adds more Corzine testimony)By Jonathan StempelNEW YORK, March 10 Former New Jersey Governor Jon Corzine on Friday resisted accepting blame for the October 2011 collapse of his brokerage MF Global Holdings Ltd, repeatedly stressing his reliance on judgments by the auditor PricewaterhouseCoopers LLP.Corzine was testifying for a second day for MF Global''s bankruptcy administrator in federal court in Manhattan in its $3 billion malpractice case against PwC.Under cross-examination from PwC''s lawyer, Corzine rejected suggestions that the collapse stemmed not from PwC''s negligence, but from MF Global''s own business decisions.These included Corzine''s $6.3 billion wager on sovereign debt from five European countries, which spooked nervous markets after a recent near-shutdown of the U.S. government.It also included a delay in Corzine''s plan to transform MF Global into a full-service broker-dealer that led to a large, surprise tax loss for the futures and commodities brokerage."I relied on my team, and on the advice they were receiving and I was receiving, from our outside public accountants," Corzine said.While never blaming PwC directly, Corzine had testified on Thursday that he trusted PwC because of its strong reputation, and had no reason to believe MF Global''s accounting was wrong.He said PwC''s decision to change its advice on accounting for "deferred tax assets," and MF Global''s decision to reveal more than PwC had required about the European debt to calm jittery markets, prompted "confusion" and a "loss of confidence and trust."PwC''s lawyer James Cusick on Friday tried to show through emails and other evidence that the auditor was not at fault, including for the European debt financed through "repurchase-to-maturity" transactions."They didn''t advise you on whether to embark on this Euro RTM strategy?" Cusick asked."They did not," Corzine replied."These were all business decisions, that belonged to yourself, your management team and your board of directors?""Correct."Cusick got Corzine to agree that volatile capital markets and some other concerns flagged in a Moody''s Investors Service downgrade of MF Global a week before the bankruptcy were, in the lawyer''s words, "not PricewaterhouseCoopers'' fault."Corzine has been cooperating with the administrator, and testified that in his five or six recent meetings with its lawyers it became "pretty clear the types of themes" to be discussed at trial, including "trust and confidence."On Monday, Corzine is expected to face more questions from Cusick, followed by questions from the administrator''s lawyer, Stephen Sorensen.Corzine, 70, has kept a low profile since testifying in December 2011 before Congress about MF Global.In January, he agreed to a $5 million fine to settle a U.S. Commodity Futures Trading Commission lawsuit over MF Global, without admitting wrongdoing.PwC in 2015 settled with MF Global investors for $65 million, and denied wrongdoing.The expected five-week trial began on Tuesday.The case is MF Global Holdings Ltd as Plan Administrator v PricewaterhouseCoopers LLP, U.S. District Court, Southern District of New York, No. 14-02197. (Reporting by Jonathan Stempel in New York; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mf-global-hldg-pricewaterhouse-idINL2N1GN1ME'|'2017-03-10T18:27:00.000+02:00'|2450.0|''|-1.0|'' +2450|'86dabc06d1197229759401be4a76900db2d527dd'|'UPDATE 1-Corzine points to PwC role ahead of MF Global collapse'|'* MF Global administrator eyes $3 billion damages from PwC* Corzine was New Jersey governor, Goldman co-chairman (Adds more Corzine testimony)By Jonathan StempelNEW YORK, March 10 Former New Jersey Governor Jon Corzine on Friday resisted accepting blame for the October 2011 collapse of his brokerage MF Global Holdings Ltd, repeatedly stressing his reliance on judgments by the auditor PricewaterhouseCoopers LLP.Corzine was testifying for a second day for MF Global''s bankruptcy administrator in federal court in Manhattan in its $3 billion malpractice case against PwC.Under cross-examination from PwC''s lawyer, Corzine rejected suggestions that the collapse stemmed not from PwC''s negligence, but from MF Global''s own business decisions.These included Corzine''s $6.3 billion wager on sovereign debt from five European countries, which spooked nervous markets after a recent near-shutdown of the U.S. government.It also included a delay in Corzine''s plan to transform MF Global into a full-service broker-dealer that led to a large, surprise tax loss for the futures and commodities brokerage."I relied on my team, and on the advice they were receiving and I was receiving, from our outside public accountants," Corzine said.While never blaming PwC directly, Corzine had testified on Thursday that he trusted PwC because of its strong reputation, and had no reason to believe MF Global''s accounting was wrong.He said PwC''s decision to change its advice on accounting for "deferred tax assets," and MF Global''s decision to reveal more than PwC had required about the European debt to calm jittery markets, prompted "confusion" and a "loss of confidence and trust."PwC''s lawyer James Cusick on Friday tried to show through emails and other evidence that the auditor was not at fault, including for the European debt financed through "repurchase-to-maturity" transactions."They didn''t advise you on whether to embark on this Euro RTM strategy?" Cusick asked."They did not," Corzine replied."These were all business decisions, that belonged to yourself, your management team and your board of directors?""Correct."Cusick got Corzine to agree that volatile capital markets and some other concerns flagged in a Moody''s Investors Service downgrade of MF Global a week before the bankruptcy were, in the lawyer''s words, "not PricewaterhouseCoopers'' fault."Corzine has been cooperating with the administrator, and testified that in his five or six recent meetings with its lawyers it became "pretty clear the types of themes" to be discussed at trial, including "trust and confidence."On Monday, Corzine is expected to face more questions from Cusick, followed by questions from the administrator''s lawyer, Stephen Sorensen.Corzine, 70, has kept a low profile since testifying in December 2011 before Congress about MF Global.In January, he agreed to a $5 million fine to settle a U.S. Commodity Futures Trading Commission lawsuit over MF Global, without admitting wrongdoing.PwC in 2015 settled with MF Global investors for $65 million, and denied wrongdoing.The expected five-week trial began on Tuesday.The case is MF Global Holdings Ltd as Plan Administrator v PricewaterhouseCoopers LLP, U.S. District Court, Southern District of New York, No. 14-02197. (Reporting by Jonathan Stempel in New York; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mf-global-hldg-pricewaterhouse-idINL2N1GN1ME'|'2017-03-10T18:27:00.000+02:00'|2450.0|27.0|0.0|'' 2451|'c065e5ad17c95eecc5069f80a64c4219d57ce4e5'|'EMERGING MARKETS-Mexico peso firms as Trump adopts restrained tone'|'SAO PAULO, March 1 xx The Mexican peso strengthened on Wednesday after U.S. President Donald Trump took a conciliatory stance in a key speech, backing away from his harsh campaign rhetoric. The peso has weakened sharply since Trump''s unexpected Nov. 8 election victory as he vowed to curtail trade and financial flows with Mexico. In a prime-time televised address to the country on Tuesday, Trump offered a more restrained tone than during his election campaign, telling Congress he was open to immigration reform. The peso firmed 1 percent, outperforming other mostly flat Latin American currencies. Demand for emerging market currencies was muted after a handful of U.S. Federal Reserve policymakers signaled the possibility of a March interest rate increase. Higher U.S. rates could drain investments away from high-yielding assets. Still, Brazil''s benchmark Bovespa stock index rose 0.7 percent, supported by rising shares of state-controlled oil company Petrleo Brasileiro SA. Petrobras, as the company is known, announced late on Friday that it would cut prices for diesel and gasoline at domestic refineries. In a client note, analysts at Credit Suisse Securities led by Andr Natal said the spread between local gasoline prices and import prices remains at attractive levels, at roughly 13 percent. Brazilian markets did not open on Monday and Tuesday due to a local holiday. Key Latin American stock indexes and currencies at 1700 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 937.93 0.17 8.59 MSCI LatAm 2627.30 1.05 11.08 Brazil Bovespa 67154.20 0.74 11.50 Mexico IPC 47438.71 1.24 3.93 Chile IPSA 4382.14 0.51 5.56 Chile IGPA 21918.07 0.49 5.71 Argentina MerVal 19358.68 1.26 14.43 Colombia IGBC 9909.00 0.2 -2.16 Venezuela IBC 36228.78 1.45 14.27 Currencies daily % YTD % change change Latest Brazil real 3.1039 0.25 4.68 Mexico peso 19.9050 1.00 4.22 Chile peso 650.5 -0.05 3.11 Colombia peso 2933.16 -0.32 2.33 Peru sol 3.255 0.18 4.88 Argentina peso (interbank) 15.4500 0.19 2.75 Argentina peso (parallel) 16.2 0.49 3.83 (Reporting by Bruno Federowski; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-latam-idINL2N1GE1EJ'|'2017-03-01T14:09:00.000+02:00'|2451.0|''|-1.0|'' 2452|'3e5440ca3d920b8e03966a42c88f33aaeb371750'|'Daewoo Shipbuilding sees order cancellations if enters court receivership'|'SEOUL South Korea''s Daewoo Shipbuilding & Marine Engineering Co Ltd 0042660.KS is expected to receive considerable calls from shipowners for "builder''s default" if the company goes into court receivership, its CEO Jung Sung-leep said on Friday.Shipowners can call builder''s default, which is cancelling existing orders for ships, in the event of a shipyard entering court receivership.South Korean state banks on Thursday said they were preparing a fresh $2.6 billion bailout for Daewoo Shipbuilding, which has built up huge losses from offshore projects and risks missing debt repayments.(Reporting by Joyce Lee; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-southkorea-economy-daewoo-idINKBN16V0L0'|'2017-03-24T04:10:00.000+03:00'|2452.0|''|-1.0|'' -2453|'205318a69bf20b222a6be8f6e219b1058b68f0dc'|'Goldman Sachs reassures staff over Brexit in voicemail'|' 38am BST Goldman Sachs reassures staff over Brexit in voicemail Pedestrian pass the offices of Goldman Sachs in London April 20, 2010. REUTERS/Toby Melville By Anjuli Davies - LONDON LONDON Goldman Sachs ( GS.N ) sought to reassure London-based staff over potential disruption to its business as Britain prepares to leave the European Union, in a voicemail to staff sent by the Wall Street firm''s Europe CEO. British Prime Minister Theresa May will trigger formal EU divorce proceedings on Wednesday, launching two years of negotiations that will shape the future of Britain and Europe as well as London''s place as a global financial centre. The move will also mark the point when investment banks, whose priority will be to ensure they can continue servicing their clients across Europe after March 29, 2019, begin taking concrete steps to prepare for Britain being outside the bloc. Those steps could involve moving London-based staff to outposts on the continent or paying them off and hiring employees locally. Richard Gnodde, CEO of the European arm of Goldman Sachs, said last week it would begin by moving hundreds of people out of London as part of its "contingency plans" for the first phase. In a voicemail sent to all London employees'' phones on Friday, Gnodde sought to reassure staff that despite "intensively" preparing for a range of possible outcomes, no big changes were imminent. "All of this work leads us to conclude that although Brexit may well bring some changes to our footprint, a lot will continue to operate as it does today." Gnodde said that the Wall Street firm would only be able to make long-term decisions on its future footprint once negotiations between Britain and the EU were complete. "We also understand that you will have many questions regarding the implications of Brexit," Gnodde said in the voicemail. "We are sensitive to those concerns, and want you to know that we will share any information on changes that will impact our European footprint as quickly as we can." Banks are treading carefully, enacting two-stage contingency plans, to avoid losing nervous London-based staff as they work out how many jobs will have to move to continental Europe as Britain exits the European Union. This first phase involves relatively small numbers to make sure the requisite licences, technology and infrastructure are in place, while the next requires longer-term thinking on what their European business will look like in the future, which is when bigger moves might take place. (Reporting By Anjuli Davies; Editing by Susan Fenton) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN1700Y6'|'2017-03-29T17:13:00.000+03:00'|2453.0|''|-1.0|'' +2453|'205318a69bf20b222a6be8f6e219b1058b68f0dc'|'Goldman Sachs reassures staff over Brexit in voicemail'|' 38am BST Goldman Sachs reassures staff over Brexit in voicemail Pedestrian pass the offices of Goldman Sachs in London April 20, 2010. REUTERS/Toby Melville By Anjuli Davies - LONDON LONDON Goldman Sachs ( GS.N ) sought to reassure London-based staff over potential disruption to its business as Britain prepares to leave the European Union, in a voicemail to staff sent by the Wall Street firm''s Europe CEO. British Prime Minister Theresa May will trigger formal EU divorce proceedings on Wednesday, launching two years of negotiations that will shape the future of Britain and Europe as well as London''s place as a global financial centre. The move will also mark the point when investment banks, whose priority will be to ensure they can continue servicing their clients across Europe after March 29, 2019, begin taking concrete steps to prepare for Britain being outside the bloc. Those steps could involve moving London-based staff to outposts on the continent or paying them off and hiring employees locally. Richard Gnodde, CEO of the European arm of Goldman Sachs, said last week it would begin by moving hundreds of people out of London as part of its "contingency plans" for the first phase. In a voicemail sent to all London employees'' phones on Friday, Gnodde sought to reassure staff that despite "intensively" preparing for a range of possible outcomes, no big changes were imminent. "All of this work leads us to conclude that although Brexit may well bring some changes to our footprint, a lot will continue to operate as it does today." Gnodde said that the Wall Street firm would only be able to make long-term decisions on its future footprint once negotiations between Britain and the EU were complete. "We also understand that you will have many questions regarding the implications of Brexit," Gnodde said in the voicemail. "We are sensitive to those concerns, and want you to know that we will share any information on changes that will impact our European footprint as quickly as we can." Banks are treading carefully, enacting two-stage contingency plans, to avoid losing nervous London-based staff as they work out how many jobs will have to move to continental Europe as Britain exits the European Union. This first phase involves relatively small numbers to make sure the requisite licences, technology and infrastructure are in place, while the next requires longer-term thinking on what their European business will look like in the future, which is when bigger moves might take place. (Reporting By Anjuli Davies; Editing by Susan Fenton) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN1700Y6'|'2017-03-29T17:13:00.000+03:00'|2453.0|18.0|0.0|'' 2454|'76ae4caa933311879d0afea7d412e97c5f5a69c0'|'Toshiba Machine to buy back 22 percent of shares held by Toshiba for 17.2 billion yen'|'TOKYO Toshiba Machine Co said on Thursday it would buy back 22.37 percent worth of its own shares held by Toshiba Corp for up to 17.2 billion yen ($150.8 million).Toshiba Machine will conduct the buybacks before the Tokyo stock market opens on Friday, at Thursday''s closing price of 506 yen per share, the company said.Toshiba has been scrambling to fill the balance sheet hole left by a $6.3 billion hit to its U.S. nuclear operations.(Reporting by Makiko Yamazaki; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-idINKBN1690T9'|'2017-03-02T04:59:00.000+02:00'|2454.0|''|-1.0|'' 2455|'0ec32b6e3f303f97ecd9df11d38a916f19fa59bf'|'Asia shares creep up to near two-year peak, dollar firms'|'Business News - Wed Mar 29, 2017 - 9:00pm EDT Asia shares creep up to near two-year peak, dollar firms A woman walks past electronic board showing stock prices and Japanese Yen''s exchange rate outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. REUTERS/Kim Kyung-Hoon TOKYO Asian shares edged up to near their highest in two years on Thursday, while the dollar benefited from waning expectations that the European Central Bank was poised to end its easy policy. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was 0.2 percent higher in early trade, pushing against its loftiest levels since June 2015. Japan''s Nikkei stock index .N225 was down 0.2 percent, while Australian shares firmed, helped by gains in oil prices. Strong energy shares had helped the U.S. S&P 500 .SPX end higher overnight. The dollar index, which tracks the U.S. currency against a basket of six major rivals, was steady on the day at 100.030 .DXY. It was lifted to a one-week high overnight as the euro slipped on concerns about the impact of Brexit as well as news that European Central Bank policymakers are keen to reassure investors that their easy-money policy is far from ending. The euro was down 0.1 percent at $1.0752 EUR= , after Reuters reported ECB policymakers were wary of changing their policy message after tweaks this month upset investors and raised chances of a surge in borrowing costs. Prime Minister Theresa May formally began Britain''s exit from the European Union on Wednesday, launching a two-year negotiation process before the divorce comes into effect in late March 2019. Sterling edged up slightly on the day to $1.2439 GBP= after skidding to a one-week low of $1.2377 overnight. "Brexit, to some extent, has been covered in the market already. People went short, covered, and went short again," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo. "As for the dollar, demand is still steady from pure commercial orders, but the Japanese fiscal year ends this week and Tokyo investors don''t want to take new positions," Ogino said. Against the yen, the dollar added 0.2 percent to 111.25 JPY= , well above this week''s low of 110.110, its lowest since Nov. 18, in the wake of last week''s failure to pass a U.S. healthcare reform bill. That had raised fears that President Donald Trump might face challenges in getting his promised stimulus and tax reform policies passed as well, which pressured the greenback. But underpinning the dollar, Chicago Federal Reserve President Charles Evans, a voter on the policy-setting Federal Open Market Committee, said on Wednesday he supports further interest rate hikes this year given progress on the Fed''s goals of full employment and stable inflation. Comments from Boston Fed President Eric Rosengren and San Francisco Fed President John Williams also backed multiple rate hikes, though those officials are non-FOMC voters. U.S. crude futures CLc1 were up 0.1 percent at $49.56 a barrel in early Asian trading, while Brent crude futures LCOc1 were steady at $52.42 after adding 2.1 percent on Wednesday. Oil prices surged on Wednesday as U.S. crude inventories grew less than expected, supply disruptions continued in Libya and the OPEC-led output cut looked likely to be extended. [O/R] (Reporting by Tokyo markets team; Editing by Eric Meijer) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-markets-idUSKBN17103R'|'2017-03-30T09:00:00.000+03:00'|2455.0|''|-1.0|'' 2456|'cd8b08cc6da2f83e96639470ba9016a4212e94cd'|'Chevron suspends production at Gorgon Train Two LNG project'|'Commodities 32am EDT Chevron suspends production at Gorgon Train Two LNG project The logo of Dow Jones Industrial Average stock market index listed company Chevron (CVX) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson/File Photo SINGAPORE Chevron has temporarily suspended production of liquefied natural gas (LNG) at its Gorgon Train Two production line in Australia, a company spokesman said in an email statement on Monday. "Production at Gorgon Train 2 is being temporarily suspended for a planned turnaround to enhance the train''s reliability in alignment with previously arranged strategies," he added, without saying when Chevron plans to restart the production line. "The remainder of the plant production continues to be steady," he added. (Reporting by Mark Tay; Editing by Clarence Fernandez) Next In Commodities'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lng-chevron-gorgon-idUSKBN16Y13D'|'2017-03-27T18:21:00.000+03:00'|2456.0|''|-1.0|'' @@ -2489,7 +2489,7 @@ 2487|'3ecd10c569bf1f19bbf139a0874a25047cf11ab3'|'Profiting from the wall: The battle to build Donald Trumps wall'|'FEW slogans were chanted with as much passion by Donald Trumps supporters in the presidential campaign as Build that wall!. The construction industry is almost as enthusiastic. Last week Americas Customs and Border Protection agency (CBP) issued two invitations for companies to bid to build the wall on the border with Mexico, which is expected to cost anywhere between $12bn and $25bn. The deadline for designs falls on March 29th. One request is for a solid concrete border wall, and the other for a wall using alternatives to reinforced solid concrete, suggesting the government has yet to decide what the barrier should be made of.More than 700 companies, from big general contractors to firms selling materials to niche providers of lighting and surveillance systems, have registered to try to become suppliers. To the surprise of some, about one in ten of the firms bidding are local ones with Hispanic owners, drawn by the scale of the earnings on offer. Cemex, a Mexican cement giant that has plants on both sides of the border, said it would not sell cement for the project, though it had earlier expressed interest in joining the bidding. Another, tiny, Mexican firm has offered lighting. 4 14 Other foreign firms muscling in include SA Fence & Gate from South Africa and Quickfence from Spain, although they may not get far: the governments tender mentions a Buy American preference. Skanska, a Swedish firm that is one of the construction industrys largest, publicly snubbed the project. We believe in openness and equality, declared its chief executive, Johan Karlstrom.The big American bidders try to downplay the politics. Howard Nye, the boss of Martin Marietta, a materials giant based in North Carolina, says simply that his company has a general interest in large infrastructure projects. Its shares and that of other construction firms have risen as a result of Mr Trumps pledge to lavish $1trn on infrastructure across the country. Those plans may be delayed, but not, it seems, the wall. For some smaller bidders, business and personal views are aligned. Michael McLaughlin of Greenfield Fence, a contractor based near San Diego, says the barrier is needed to keep dangerous drug dealers out of the country.The general requirement is for a wall that is at least 5.5 metres high, preferably 9 metres, with anti-climb and anti-tunnelling features, and whichon the American side, at leastis aesthetically pleasing. The few dozen firms that make it to the second round will later present detailed drawings and technical specifications as well as their best price. At the end of the process a still unknown number of winners will each be awarded a contract with a maximum value of $300m.The rules of the game clearly favour large engineering and construction firms such as KBR, which helped build the detention camp at Guantnamo Bay and which will probably bid, or Kiewit, from Nebraska. These companies have the best design expertise, top-notch construction-management teams and the ability to strong-arm materials suppliers. But smallish players could still turn a profit by signing up to be subcontractors to bigger, prime contractors. Andrew Dorfschmidt of McDirt Excavation, a family-owned business in South Dakota, hopes to sell digging services to whichever companies are awarded the government contract.Other firms are not interested in building the wall itself but are looking to sell border-wall accessories that are known as tactical infrastructure and technology. These include lighting, standing platforms and remote video-surveillance systems. One such firm, 2020 Surveillance, assumes there will be cameras placed every 60 metres along the wall. At a licensing fee of a few hundred dollars per camera per year it would expect to make $10m in revenue every year the wall is in place, if it supplied surveillance for the whole length required, or about 1,000 miles (1,610km).Despite the strong expression of interest from potential bidders, the construction schedule could be unpredictable. For one thing, company bosses note that the wall will run through many parcels of private land. Although eminent-domain laws, which force the transfer of private property into public hands, may be invoked by the government, agreeing on adequate compensation for evicted landowners often becomes a legal headache.Receiving payment could also take time. Only a small fraction of the estimated total cost of building the wall has been ring-fenced under Mr Trumps skinny budget proposal. Mexico has disobligingly ruled out paying for it. Delay may not matter to everyone, however. Working on Mr Trumps pet project is probably a good way to get a slice of a broader infrastructure splurge, if and when it comes.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21719520-more-700-companies-are-vying-business-many-them-are-local-hispanic-owners?fsrc=rss'|'2017-03-23T22:43:00.000+02:00'|2487.0|''|-1.0|'' 2488|'b6e1c88c314afc714868c1d35d277e84e2ae93e7'|'Swiss stocks - Factors to watch on March 31'|'Company News - Fri Mar 31, 2017 - 1:22am EDT Swiss stocks - Factors to watch on March 31 ZURICH, March 31 The following are some of the main factors expected to affect Swiss stocks on Friday: ACTELION Johnson & Johnson declared its $30 billion tender offer for Swiss biotechnology company Actelion successful on Friday, reporting it controlled 77.2 percent of the voting rights after the main offer period. The price of the offer, which J&J announced on Jan. 26, was $280 per share for Actelion. It said it expected the transaction to close in the second quarter. For more click on COMPANY STATEMENTS * Zurich Insurance is redeeming $1 billion worth of trust preferred securities early. The securities, issued in 2007 by ZFS Finance (USA) Trust V are expected to be redeemed on May 9, 2017 at par plus accrued interest, Zurich said. The net amount outstanding is $501 million. An Australian court has approved an arrangement under which Zurich Insurance will acquire all shares in travel insurer Cover-More. Cover-More expects to lodge the approval with Australia''s Securities and Investment Commission April 3. * Helvetia has placed a 500 million euros ($536.25 million) subordinated hybrid-bond on the EUR capital market. The bond bears a fixed coupon of 3.375 percent until its first optional call date in September 2027. * Credit Suisse said it plans to suspend further issuance of its exchange-traded notes. The plan does not affect investors'' ability to offer the bank ETNs for repurchase, Credit Suisse said. * VAT Group expects to grow sales at least 20 percent in 2017 in constant currency after net income jumped to 67 million francs in 2016. The group nominated Martin Komischke to succeed Horst Heidsieck as chairman of the board. * Sika appointed six managers to new positions within the firm, which its CEO said would help the group achieve its growth strategy and 2020 targets. ECONOMY (Reporting by Zurich newsroom) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-swiss-stocks-idUSL5N1H763J'|'2017-03-31T13:22:00.000+03:00'|2488.0|''|-1.0|'' 2489|'c4da98473d280111f87b3bb3ca449e77b1831672'|'OPEC says oil stocks keep rising despite supply cut deal'|' 06pm GMT OPEC says oil stocks keep rising despite supply cut deal A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader LONDON OPEC on Tuesday said oil inventories had continued to rise despite the start of a global deal to cut supply and raised its forecast of production in 2017 from outside the group, suggesting complications in the effort to clear a supply glut. In a monthly report, the Organization of the Petroleum Exporting Countries also pointed to a increase in compliance by members with their deal to cut output from Jan. 1, based on figures it collects from secondary sources. But the report revised up its estimate of oil supply from producers outside the Organization of the Petroleum Exporting Countries this year, including from U.S. shale drillers. While the OPEC secondary sources said Saudi output fell in February, Saudi Arabia reported to OPEC that it increased. (Reporting by Alex Lawler, editing by Louise Heavens) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN16L1DN'|'2017-03-14T19:06:00.000+02:00'|2489.0|''|-1.0|'' -2490|'95369b6adf261b4e021e56de180c52fe6b5f9d4a'|'Crooked business as usual in Angola, activists say, after Brazil firm admits bribes'|'* Odebrecht admitted paying bribes to local authorities* Payments made to secure large infrastructure contracts* Corruption also recorded in MozambiqueBy David Lewis and Brad BrooksNAIROBI/SAO PAULO, March 20 Angola''s authorities have ignored the admission by a Brazilian firm that it paid $50 million in bribes to secure contracts in the country, activists say, despite demands from watchdogs that it join international investigations into the corruption.Brazilian engineering conglomerate Odebrecht admitted to the illegal payments in Angola as one part of a guilty plea in December in New York court, in which it confessed to paying $788 million in bribes, mostly across Latin America.The company has been at the centre of vast corruption investigations in its home country and eight other Latin American states where it has admitted making the illegal payments. CEO Marcelo Odebrecht was jailed for 19 years in 2016 for paying bribes.But in Angola, which along with Mozambique is the only country outside of Latin America on the list of places where it has admitted paying bribes, "there has been absolute silence," said anti-corruption campaigner Rafael Marques de Morais.Marques de Morais demanded an investigation in Angola in January after the U.S. court published the plea deal detailing the company''s admissions, but said he was not surprised to receive no response from the authorities."The point is that there is no official interest in fighting corruption. Or even pretending that there is an interest in fighting corruption. The Angolan judicial system wants this to go away because of the involvement of senior officials."Over the past two decades Angola has experienced some of the fastest economic growth in the world thanks to an offshore oil boom. But most of its 21.5 million people remain in abject poverty, while a small elite have prospered.Odebrecht grew to become Angola''s largest private-sector employer as it won contracts for projects ranging from construction and agro-processing to mining, including the 2,000 MW Lauca hydroelectric project on the Kwanza river.In Angola, it employs 7,300 people directly and a further 3,500 sub-contractors. The company said the bribery case had no impact on its operations in Angola."Odebrecht continues operating normally in the country," a spokesman in Brazil said.Angola has no government spokesman. Attempts to obtain comment from the office of President Jose Eduardo dos Santos were unsuccessful.When asked to for comment, Norberto Garcia, head of the UTIP government agency that handles major private investments in the country, said he didn''t know anything about the issue."I barely heard references about it somewhere," he told Reuters."BENEFITS"Global anti-corruption watchdog Transparency International describes Angola as one of the most corrupt states on earth, ranked 164th out of 176 countries on its index of perceived corruption.The watchdog has called upon the 11 countries where Odebrecht admitted paying bribes -- nine in Latin America plus Angola and Mozambique -- to work together to establish a joint investigation into the company''s confessed crimes.In one example cited in the plea agreement filed with a court in the Eastern District of New York, someone identified only as "Odebrecht Employee 6" was responsible for the company paying one Angolan official $8 million to secure an infrastructure project. The Angolan official was not named.In another example, a top official in an Angolan state-owned and state-controlled firm received $1.19 million from Odebrecht to push business the company''s way.In return, Odebrecht secured some $261.7 million in "benefits" from the payments, the document said.The plea agreement also detailed bribery in Mozambique, another former Portuguese colony in southern Africa, but the amounts described were far smaller: $900,000 in corrupt payments made by Odebrecht officials between 2011 and 2014. As in Angola, the case is little discussed in Mozambique. Government officials there declined to comment.Paula Cristina Roque, an Oxford University-based Angola analyst, said Odebrecht projects in Angola were often secured without having to go through a public tender process."Many Angolans believe the company enjoyed close ties to President dos Santos," she said.Odebrecht is seeking plea agreements with various Latin American governments aggressively investigating its activities after details of the plea agreement were made public in December. Brazil''s former president Luiz Inacio Lula da Silva is facing five separate trials related to the investigations.One accuses him of corruption charges related to Odebrecht winning Angola contracts and receiving low-interest loans from Brazil''s state development bank to finance the work.Angola''s leader Dos Santos, a Soviet-trained oil engineer, has been in charge since 1979 but is not running in a presidential election this year.However, his family is expected to maintain considerable influence over politics and the economy. His daughter Isabel was appointed chairwoman of the state oil firm last year, while his son Jose Filomeno runs Angola''s sovereign wealth fund. (Additional reporting by Joe Brock in Johannesburg, Herculano Coroado in Luanda, Manuel Mucari in Maputo and Tatiana Bautzer in Sao Paulo; Editing by Ed Cropley and Peter Graff)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/odebrecht-angola-idINL3N1GT4I7'|'2017-03-20T07:49:00.000+02:00'|2490.0|''|-1.0|'' +2490|'95369b6adf261b4e021e56de180c52fe6b5f9d4a'|'Crooked business as usual in Angola, activists say, after Brazil firm admits bribes'|'* Odebrecht admitted paying bribes to local authorities* Payments made to secure large infrastructure contracts* Corruption also recorded in MozambiqueBy David Lewis and Brad BrooksNAIROBI/SAO PAULO, March 20 Angola''s authorities have ignored the admission by a Brazilian firm that it paid $50 million in bribes to secure contracts in the country, activists say, despite demands from watchdogs that it join international investigations into the corruption.Brazilian engineering conglomerate Odebrecht admitted to the illegal payments in Angola as one part of a guilty plea in December in New York court, in which it confessed to paying $788 million in bribes, mostly across Latin America.The company has been at the centre of vast corruption investigations in its home country and eight other Latin American states where it has admitted making the illegal payments. CEO Marcelo Odebrecht was jailed for 19 years in 2016 for paying bribes.But in Angola, which along with Mozambique is the only country outside of Latin America on the list of places where it has admitted paying bribes, "there has been absolute silence," said anti-corruption campaigner Rafael Marques de Morais.Marques de Morais demanded an investigation in Angola in January after the U.S. court published the plea deal detailing the company''s admissions, but said he was not surprised to receive no response from the authorities."The point is that there is no official interest in fighting corruption. Or even pretending that there is an interest in fighting corruption. The Angolan judicial system wants this to go away because of the involvement of senior officials."Over the past two decades Angola has experienced some of the fastest economic growth in the world thanks to an offshore oil boom. But most of its 21.5 million people remain in abject poverty, while a small elite have prospered.Odebrecht grew to become Angola''s largest private-sector employer as it won contracts for projects ranging from construction and agro-processing to mining, including the 2,000 MW Lauca hydroelectric project on the Kwanza river.In Angola, it employs 7,300 people directly and a further 3,500 sub-contractors. The company said the bribery case had no impact on its operations in Angola."Odebrecht continues operating normally in the country," a spokesman in Brazil said.Angola has no government spokesman. Attempts to obtain comment from the office of President Jose Eduardo dos Santos were unsuccessful.When asked to for comment, Norberto Garcia, head of the UTIP government agency that handles major private investments in the country, said he didn''t know anything about the issue."I barely heard references about it somewhere," he told Reuters."BENEFITS"Global anti-corruption watchdog Transparency International describes Angola as one of the most corrupt states on earth, ranked 164th out of 176 countries on its index of perceived corruption.The watchdog has called upon the 11 countries where Odebrecht admitted paying bribes -- nine in Latin America plus Angola and Mozambique -- to work together to establish a joint investigation into the company''s confessed crimes.In one example cited in the plea agreement filed with a court in the Eastern District of New York, someone identified only as "Odebrecht Employee 6" was responsible for the company paying one Angolan official $8 million to secure an infrastructure project. The Angolan official was not named.In another example, a top official in an Angolan state-owned and state-controlled firm received $1.19 million from Odebrecht to push business the company''s way.In return, Odebrecht secured some $261.7 million in "benefits" from the payments, the document said.The plea agreement also detailed bribery in Mozambique, another former Portuguese colony in southern Africa, but the amounts described were far smaller: $900,000 in corrupt payments made by Odebrecht officials between 2011 and 2014. As in Angola, the case is little discussed in Mozambique. Government officials there declined to comment.Paula Cristina Roque, an Oxford University-based Angola analyst, said Odebrecht projects in Angola were often secured without having to go through a public tender process."Many Angolans believe the company enjoyed close ties to President dos Santos," she said.Odebrecht is seeking plea agreements with various Latin American governments aggressively investigating its activities after details of the plea agreement were made public in December. Brazil''s former president Luiz Inacio Lula da Silva is facing five separate trials related to the investigations.One accuses him of corruption charges related to Odebrecht winning Angola contracts and receiving low-interest loans from Brazil''s state development bank to finance the work.Angola''s leader Dos Santos, a Soviet-trained oil engineer, has been in charge since 1979 but is not running in a presidential election this year.However, his family is expected to maintain considerable influence over politics and the economy. His daughter Isabel was appointed chairwoman of the state oil firm last year, while his son Jose Filomeno runs Angola''s sovereign wealth fund. (Additional reporting by Joe Brock in Johannesburg, Herculano Coroado in Luanda, Manuel Mucari in Maputo and Tatiana Bautzer in Sao Paulo; Editing by Ed Cropley and Peter Graff)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/odebrecht-angola-idINL3N1GT4I7'|'2017-03-20T07:49:00.000+02:00'|2490.0|27.0|0.0|'' 2491|'10059338286ade0349a53032a33b4c2581944803'|'''You have to keep fighting'' Confessions of a Small Business - Guardian Small Business Network'|'Photograph: Anna Gordon Subscribe via iTunes Download MP3 Podcast feed URL Supported by About this content View more sharing options Close Presented by Coco Khan and produced by Rowan Slaney Wednesday 1 March 2017 12.00 GMT Subscribe and review on iTunes , Soundcloud & Mixcloud and join the discussion on Facebook and Twitter . Arpana Gandhi, co-founder of Disarmco, appeared on the panel at the Guardian Small Business Networks Confessions of a Small Business Event on 6 February.Former business consultant Gandhi met her business partner and co-founder John Reid in 2008, after he had been asked by the Ministry of Defence to provide a solution for the safe disposal of unfused bombs. The duo spent a lot of time and money researching and developing numerous iterations of Disarmcos products, which had to comply with changing rules around transportation. Gandhi also ploughed a considerable amount of her own money into the business after failing to gain the interest of investors. Frustrated, she turned to crowdfunding two years ago and raised 120,000 to back the venture.A big contract with the UN was a turning point for the company, which now works with a broad range of clients. But its been a real fight to get a foot in the door. Ive done things the right way and Ive done things the wrong way, Gandhi says. Each experience is a learning curve. But if you have a passion for something, dont give up. Know that at some point, somewhere, somebody will help you. Guardian Small Business Network Adventures in Business Entrepreneurs'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/audio/2017/mar/01/keep-fighting-confessions-small-business-landmine-disposal-investment'|'2017-03-01T19:00:00.000+02:00'|2491.0|''|-1.0|'' 2492|'6debc245f921f6b6ceae6bf5e8ed13efd3ca4492'|'UPDATE 1-UK Stocks-Factors to watch on March 13'|'Company 3:36am EDT UPDATE 1-UK Stocks-Factors to watch on March 13 (Adds company news items, futures) March 13 Britain''s FTSE 100 index is seen opening up 6 points at 7,349 on Monday, according to financial bookmakers, with futures up 0.1 percent ahead of the cash market open. * COMPUTACENTER: British IT services provider Computacenter said its full-year adjusted revenue rose 6.3 percent, helped by positive currency impact. * HSBC: HSBC Holdings Plc, Europe''s biggest bank, tapped an outsider for its top job on Monday, appointing insurance veteran and AIA Group boss Mark Tucker as chairman to replace Douglas Flint, who plans to step down in 2017. * LLOYDS: Lloyds Banking Group is expected to sign a contract with IBM for 1.3 bln stg that will shift more than 1,900 jobs to the US tech firm as it outsources many of its computer systems, the Financial Times reported. * VODAFONE: Mobile operator Vodafone will create 2,100 new customer service jobs across Britain in the next two years as part of an investment drive to improve operations in its home market. * BHP BILLITON: The striking union at BHP Billiton''s Escondida copper mine in Chile, the world''s largest, told Reuters on Saturday that it will not accept an offer from the company to return to the negotiating table, and it called on the company to clarify some of its negotiating positions. * LLOYDS: A U.S. judge on Friday dismissed Lloyds Banking Group Plc , ICAP Europe Ltd and Tullett Prebon Plc as defendants from litigation alleging a conspiracy among many financial services companies to manipulate the yen Libor and Euroyen Tibor benchmark interest rates. * MISYS: Misys ( IPO-MISY.L ) is nearing a deal to combine with DH Corp , the Financial Times reported, citing sources. on.ft.com/2mZ55MB * BOVIS-GALLIFORD TRY: British homebuilder Bovis has rejected a bid approach from rival Galliford Try but remains in negotiations about a possible deal, the firm said on Sunday, adding it had also rejected a proposal from another suitor, Redrow. * OIL: Oil prices dropped to their lowest in three months on Monday despite OPEC efforts to curb crude output, dragged down as U.S. drillers kept adding rigs. * The UK blue chip index FTSE 100 ended up 0.4 percent on Friday, led by BT as investors cheered the resolution of a long-running regulatory battle over its broadband unit. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sherry Jacob-Phillips) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1GQ2KI'|'2017-03-13T14:36:00.000+02:00'|2492.0|''|-1.0|'' 2493|'54896079d816b1664165e9f600c774ec04c675ab'|'Activist investor urges French Connection to break up'|'An activist investor urged struggling British fashion retailer French Connection Group Plc ( FCCN.L ) to split itself or spin off its Toast brand, after the company posted its fifth straight annual loss on Tuesday.Gatemore Capital, which has been mounting pressure on French Connection since July, said the company should consider separating its retail and licensing businesses among other options.The investor urged the company in January to split the role of chairman and CEO and called for an outright sale.French Connection, which made a name for itself selling FCUK branded clothes, has been struggling to fend off competition from fast-fashion rivals such as ASOS Plc ( ASOS.L ), Forever 21 and Inditex''s ( ITX.MC ) Zara.Gatemore''s managing partner, Liad Meidar, said on Tuesday the firm would still prefer a sale of the company.The investment firm, which owns an 8 percent stake, estimated French Connection to be worth 80 million-100 million pounds ($97 million-$121 million).The company''s current market value is about 33.4 million pounds.Apart from Toast, French Connection owns the Great Plains and YMC brands. The company was not immediately available for comment.French Connection has closed stores and hired new management and design teams as it tries to return to a profit.Chief Executive Stephen Marks reiterated on Tuesday his commitment to turn the group profitable and said the response to the company''s 2017 collections had been very strong.Meidar said the company could turn a profit moving into 2018 or at least be on a run rate for profitability by then.Brokerage Numis Securities said it expected the company to return to profit in the year ending January 2019.British billionaire Mike Ashley''s Sports Direct International Plc ( SPD.L ) took an 11.2 percent stake in French Connection in February, becoming its second-largest shareholder. Sports Direct''s intentions were not clear.French Connection said pretax loss widened to 5.3 million pounds for the year ended Jan. 31, from 3.5 million pounds a year earlier.Sales at stores open for more than a year in the UK and Europe rose 4.4 percent. The two regions accounted for more than three-quarters of the company''s revenue.Marks said the retail business in the two regions was improving, but the company was being held back by the wholesale and licensing divisions.Full-year revenue fell 6.7 percent to 153.2 million pounds.The company''s stock was up 6.8 percent at 35.56 pence in light trading.($1 = 0.8247 pounds)(Reporting by Arathy S Nair and Rahul B in Bengaluru; Editing by Amrutha Gayathri and Saumyadeb Chakrabarty)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-french-connectn-results-idUSKBN16L1JP'|'2017-03-14T16:08:00.000+02:00'|2493.0|''|-1.0|'' @@ -2514,7 +2514,7 @@ 2512|'176e93300678ff8dd055a41fa6cde360e512f4d4'|'Japan''s GPIF starts recruiting managers for alternative assets'|'By Thomas Wilson - TOKYO TOKYO Japan''s Government Pension Investment Fund (GPIF) on Tuesday began recruiting asset managers for investments in private equity, infrastructure and real estate, as the world''s largest pension fund''s embrace of riskier assets gathers pace.In its first recruitment of outside managers for investments in so-called alternative assets, GPIF is looking to hire an unspecified number of institutional investors to oversee bets in Japan and other developed countries.The fund in 2014 reduced its holdings of low-yielding domestic government bonds and invested more in stocks. The landmark move followed a government push to spur higher returns on pension investments and jolt Japan out of deflation.The scale of investment in the three asset classes would not be decided until after the fund has assessed candidates'' investment capacities, a GPIF spokesman said. Initial checks on applications are set to begin on June 1.As with GPIF''s current investments in stocks and bonds, the managers for alternative assets will oversee "fund of funds" products in accounts created especially for GPIF, according to an advertisement on the fund''s website.GPIF managed 144.8 trillion yen ($1.31 trillion) worth of assets as of December, and last month posted a third-quarter gain of $92 billion on the back of a rally in the Japanese stock market.GPIF''s upper limit on alternative investments was set at 5 percent of its total pension reserve fund, but as of the end of December it stood at 0.07 percent.(Reporting by Thomas Wilson; Editing by Randy Fabi)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-gpif-alternative-assets-idINKBN17D0DR'|'2017-04-11T02:47:00.000+03:00'|2512.0|''|-1.0|'' 2513|'28935745126013c4f26783b15a3b0097abf5645d'|'Stressed shoppers calm down by learning how to peel a potato - Business'|'In a dimly-lit room, a dozen twenty-somethings gather around a large table to relax, reconnect and learn. But this group is not learning a new language, setting up a book club or planning a business venture. They are attending a workshop taking place in the basement of Selfridges , one of Londons swankiest department stores to learn how to peel potatoes. For most people, peeling spuds is an everyday chore. But for some of those attending the workshop it is apparently close to a religious experience. Ive never peeled a potato before in my life declares Antonio Pignone, as peel curls from the blade of his wooden-handled paring knife. Im from an Italian family so maybe thats not that surprising. But now I am finally doing it I am really enjoying it. Im finding it a very meditative experience.Andy Stanford, a 26-year-old who works in social media, was employing a deft right-hand style. Ive just lost sense of all time, he said. Ive really enjoyed it and forgotten about checking my emails because I cant.The potato peeling workshop is part of a new programme which aims to help stressed-out consumers calm down and reconnect with themselves.The peeling is supervised by food anthropologists and hosts Suzy Webb and Bea Farrell. Participants have the choice of a old-fashioned paring knife, or a traditional metal potato or vegetable peeler. Some people were clearly not used to using a knife so we have shown them how to use that safely said Webb. We have also shown how to peel carefully, without wasting too much of the potato. The key thing is to look carefully what you are doing. Once you have got the knack you can do it quite quickly.Workshop attendees could select from three types of potato: standard Maris Pipers, new potatoes which guests were helpfully informed could be lightly scrubbed rather than peeled and an exotic French purple variety.Selfridges goes bigger on bags as 300m London revamp begins Read more For one attendee the event rekindled happy memories. Jessica Swan from Australia recalled how she and her brother used to have a competition to peel an entire potato without breaking the peel. It reminded me of happy family times, she laughed. It all came flooding back to me. The peel-in is part of a project - dubbed Our House - that Selfridges says explores the subject of home and what it means to people now, given problems like the millions of people displaced across the world, spiralling house prices and increased homelessness. And its not just about potatoes. The department store reckons that people can find solace and contentment from other basic activities and rituals, so there are other group activities planned, like lessons in how to grind spices by hand, tie herb bundles, and even make tea, using leaves rather than a teabag. .It all takes place in a semi-darkened conceptual farmhouse in the shops basement. Participants gain admission by ringing a cow bell, and have to remove their shoes and put away their mobile phones. Those feeling a tad tired can lie down and have a nap on a straw bed.Obviously, there are also a few things on sale, and not potato peelers. The project is a collaboration with a neighbouring Mayfair shop called The New Craftsmen, which stocks the work of independent designers in the luxury homewares and furnishings sector, like ceramicists, textile designersand furniture makers.So newly competent spud bashers can snap up an incense stick for 20, or a decorative wooden bowl for 1,000. We are increasingly disconnected from crafts and making and doing things because the world is becoming more and more virtual said Catherine Lock, founder of The New Craftsmen, who helped curate the ambient activities on offer. At the same time goods being produced are homogenised and bland. We hope this project will show people that crafts are hands-on, visceral, sensory activities which are very satisfying and grounding. Linda Hewson, creative director of Selfridges, said the potato-peeling workshop was all about getting pleasure out of simple tasks: We are not expecting potato peeling to become a hobby. But the idea is to draw attention to those habitual tasks you would not normally notice or appreciate, and find a renewed value in them. Its about a simple enjoyment and awareness of daily life and taking the time appreciate it. Topics Retail industry London Food & drink news '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/apr/06/stressed-shoppers-calm-down-by-learning-how-to-peel-a-potato'|'2017-04-07T02:29:00.000+03:00'|2513.0|''|-1.0|'' 2514|'142e211ee1f424fca994825b5a55bbd87c0d08d9'|'Italy regulator to decide on Vivendi stakebuilding in Mediaset on April 18 - source'|' 49pm BST Italy regulator to decide on Vivendi stakebuilding in Mediaset on April 18 - source The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau MILAN Italy''s communications authority (AGCOM) is set to decide on April 18 whether stake building by France''s Vivendi ( VIV.PA ) in Italian broadcaster Mediaset ( MS.MI ) breaches Italian antitrust regulations, a source close to the matter said on Tuesday. AGCOM opened an investigation into the French media company on Dec. 21, after Mediaset filed a complaint regarding Vivendi rapidly accumulating a 28.8 percent share. The source said the board of AGCOM started a discussion on its findings in the Mediaset-Vivendi case on Tuesday and was likely to reach a conclusion by April 18. The authority has to decide whether Vivendi, which also holds a 24 percent share in phone incumbent Telecom Italia ( TLIT.MI ), breaches a national law which prevents companies from having an excessive share in both the domestic telecommunications and media markets. Vivendi declined to comment. (Reporting by Francesca Piscioneri,; Gwenaelle Barzic in Paris,; Writing by Giulia Segreti,; Editing by Giselda Vagnoni)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mediaset-vivendi-regulator-idUKKBN17D24C'|'2017-04-12T00:49:00.000+03:00'|2514.0|''|-1.0|'' -2515|'3e05f6eaefe676a204495adbfa7f712e7408c6d9'|'Failed pay-TV sale to Vivendi hit Mediaset FY results by 341 million euros'|' 5:21pm BST Failed pay-TV sale to Vivendi hit Mediaset FY results by 341 million euros FILE PHOTO: The Mediaset tower in Cologno Monzese, near Milan, Italy, April 8, 2016. REUTERS/Stefano Rellandini/File Photo MILAN Italian private broadcaster Mediaset ( MS.MI ) said on Wednesday the failed sale of its pay-TV unit Premium to France''s Vivendi ( VIV.PA ) hit the group''s 2016 accounts by 341.3 million euros ($365 million). In July 2016 Vivendi pulled out of a 800-million euro contract that would give it full control of Premium, claiming the unit''s business plan was unrealistic. Milan-based Mediaset said the U-turn by the French media group resulted in "a series of extraordinary one-off charges" amounting to 269.3 million euros at the operating profit level, bogged down further by an additional loss of 72 million euros. It did not elaborate further. Despite posting a 2016 operating loss of 189.2 million euros, the broadcaster, whose top shareholder is the family of former prime minister Silvio Berlusconi, said it expected to return to profit in 2017. ($1 = 0.9341 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mediaset-results-idUKKBN17L265'|'2017-04-20T00:21:00.000+03:00'|2515.0|''|-1.0|'' +2515|'3e05f6eaefe676a204495adbfa7f712e7408c6d9'|'Failed pay-TV sale to Vivendi hit Mediaset FY results by 341 million euros'|' 5:21pm BST Failed pay-TV sale to Vivendi hit Mediaset FY results by 341 million euros FILE PHOTO: The Mediaset tower in Cologno Monzese, near Milan, Italy, April 8, 2016. REUTERS/Stefano Rellandini/File Photo MILAN Italian private broadcaster Mediaset ( MS.MI ) said on Wednesday the failed sale of its pay-TV unit Premium to France''s Vivendi ( VIV.PA ) hit the group''s 2016 accounts by 341.3 million euros ($365 million). In July 2016 Vivendi pulled out of a 800-million euro contract that would give it full control of Premium, claiming the unit''s business plan was unrealistic. Milan-based Mediaset said the U-turn by the French media group resulted in "a series of extraordinary one-off charges" amounting to 269.3 million euros at the operating profit level, bogged down further by an additional loss of 72 million euros. It did not elaborate further. Despite posting a 2016 operating loss of 189.2 million euros, the broadcaster, whose top shareholder is the family of former prime minister Silvio Berlusconi, said it expected to return to profit in 2017. ($1 = 0.9341 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mediaset-results-idUKKBN17L265'|'2017-04-20T00:21:00.000+03:00'|2515.0|17.0|0.0|'' 2516|'bdcbd9719319d856acf336156181af6ab6ad5797'|'Bass Pro lowers price for Cabela''s under new merger terms'|'Business News 6:00pm EDT Bass Pro lowers price for Cabela''s under new merger terms The outdoor sign seen at the Cabela''s store in Denver February 16, 2017. REUTERS/Rick Wilking Cabela''s Inc ( CAB.N ) said it agreed to be bought by fellow outdoor goods retailer Bass Pro Shops for a lower price than agreed, and that it would sell its bank unit in a two-step deal as it seeks regulatory clearance for the transactions. Synovus Financial Corp ( SNV.N ) will buy certain assets of Cabela''s financial division and then resell the credit card portfolio within the unit to Capital One Financial Corp ( COF.N ), Cabela''s said in a statement on Monday. The unit, called World''s Foremost Bank, was supposed to be bought by Capital One last year, but the deal wasn''t able to get timely regulatory approval. The new merger terms come amid regulatory scrutiny of the deal, although Cabela''s did not offer a reason for the revised price. The company was not immediately available to comment on the lowered merger price. Bass Pro Shops will now buy Cabela''s for about $5 billion, $500 million lower than the price agreed upon last year. The deal, originally announced in October, will combine Cabela''s 85 stores, which have a stronger U.S. Northwest presence, with Bass Pro''s roughly 100 locations that are concentrated in the U.S. Southeast. The companies have an overlap across Texas, Missouri and Kansas. Cabela''s had warned of a delay in closing the deal, because of delays in regulatory approval. The Federal Trade Commission, which regulates and enforces antitrust laws, had sought more information from the companies about the deal. Cabela''s said on Monday it now expects the deal to close in the third quarter this year. Bass Pro will acquire Cabela''s for $61.50 per share, lower than the originally agreed upon $65.50-per-share price, Cabela''s said. Shares of Cabela''s were up 6.6 percent at $56.91 in after-market trade. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cabela-s-m-a-basspro-idUSKBN17J1QT'|'2017-04-18T05:52:00.000+03:00'|2516.0|''|-1.0|'' 2517|'ae53444123af9435717467ca310a4164237c4bb3'|'Gary Cohn supports splitting lending and investment banks - Bloomberg'|'Company News - Thu Apr 6, 2017 - 12:26am EDT Gary Cohn supports splitting lending and investment banks - Bloomberg April 5 White House economic adviser Gary Cohn said in a private meeting with lawmakers that he supports a policy that could revamp Wall Street''s biggest firms by separating their consumer-lending businesses from their investment banks, Bloomberg reported, citing sources. The National Economic Council director, also a former Goldman Sachs president, said he favors a system of banking where firms like Goldman Sachs focus on trading and underwriting securities, while companies like Citigroup Inc primarily issues loans, Bloomberg said. bloom.bg/2nZK5n1 The White House was not immediately available for comment. In the meeting which was arranged by Senate Banking Committee Chairman Mike Crapo, Cohn had discussions on topics including financial regulations and overhauling the tax code. The meeting included lawmakers from both political parties and their staffs, Bloomberg reported. On Tuesday, President Trump said his administration is working on changes to the Dodd-Frank banking regulations that will make it easier for banks to loan money. Last month White House spokesman Sean Spicer said during a briefing with reporters that Trump still backs his campaign pledge to restore the Glass-Steagall Act. The law, which separated commercial and investment banking activities, was repealed in 1999 and, if reinstated, would mainly apply to larger banks. (Reporting by Vishal Sridhar in Bengaluru; Editing by Sunil Nair) Next In Company News Morning News Call - India, April 6 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_04062017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 11:00 am: Budget session of Parliament continues in New Delhi. 2:00 pm: Farm Minister Radha Mohan Singh at an event in New Delhi. 2:30 pm: RBI releases monetary policy statement in Mumbai.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gary-cohn-policy-idUSL3N1HE1VQ'|'2017-04-06T12:26:00.000+03:00'|2517.0|''|-1.0|'' 2518|'54dcdf0eaf5bdf9d3396b9dfcb707b3234baa34d'|'PRESS DIGEST- British Business - April 4'|'April 4 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesApple Inc launched a hiring raid on Imagination Technologies Group Plc in the months before it shocked the City on Monday by announcing that it planned to cut ties with the chip designer. bit.ly/2nVcUm1The groceries code adjudicator has said that she believes Tesco Plc''s proposed 3.7 billion pound ($4.62 billion) takeover of Booker Group Plc could be "positive" for independent shopkeepers and suppliers.The GuardianThe head of the International Monetary Fund has issued a stark warning that living standards will fall around the world unless governments take urgent action to increase productivity by investing in education, cutting red tape and incentivising research and development. bit.ly/2nV2inkLloyds Banking Group Plc is to shrink the size of hundreds of its branches so they have only two staff with tablet computers helping customers. bit.ly/2nUZdDKThe TelegraphA potential bidding war could be in prospect after British engineering giant WS Atkins Plc received a 2.1 billion pound bid from Canadian rival SNC-Lavalin Group Inc just two months after it rebuffed overtures from with U.S. rival CH2M Hill. bit.ly/2nVensxAmazon.com Inc has launched a new service to help it enter the business-to-business supply market in UK. The company''s Amazon Business brand, which has already been launched in the United States and Germany, will offer companies a specially curated selection of products online ranging from office stationery supplies to industrial tools. bit.ly/2nV3KpGSky NewsBP Plc has agreed to slash millions of pounds from its chief executive''s maximum pay deal for the next three years in a bid to head off the threat of a fresh shareholder revolt. bit.ly/2nV1yhONew rules governing the credit card market could see customers having their cards suspended while they work to pay off persistent debt. The changes suggested by the Financial Conduct Authority call on firms to take a more proactive approach with struggling customers. bit.ly/2nUXMVKThe IndependentChemicals giant Ineos has been accused of exploiting Brexit to pressure ministers to get rid of environmental legislation. ind.pn/2nUYiTG($1 = 0.8010 pounds) (Compiled by Ismail Shakil in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL3N1HC03J'|'2017-04-03T22:28:00.000+03:00'|2518.0|''|-1.0|'' @@ -2533,7 +2533,7 @@ 2531|'b6fc8ddbdd5c4a08d136cd309dc0146d594c61b9'|'White House''s Cohn says ''fair trade'' means reciprocal tariffs'|'WASHINGTON The Trump administration wants to tax imports from countries that put tariffs on the United States, said Gary Cohn, director of President Donald Trump''s National Economic Council."Fair means we treat our trading partners the way they treat us," Cohn told a conference on the sidelines of the IMF and World Bank''s spring meetings in Washington on Thursday. "If you want to insist on having a tariff on a product, which we prefer you not, the president believes that we should treat you in a reciprocal fashion and that we should tax your product coming into the United States."(Reporting by Jason Lange and Lindsay Dunsmuir; Editing by Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/imf-g20-cohn-idINKBN17M2H0'|'2017-04-20T17:28:00.000+03:00'|2531.0|''|-1.0|'' 2532|'44e59ace1d65589c29196e32c1fe78bf81f123df'|'Self-driving start-up set to roll out first laser sensors'|'Technology News 8:03am EDT Self-driving start-up set to roll out first laser sensors By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO Luminar, a Silicon Valley start-up, is getting ready to manufacture its laser-based sensor for self-driving cars, a key component that would improve vehicle safety, the company said on Thursday. Founded in 2012 by two photonics experts, Luminar has kept a low profile in the race between automakers, startups and major technology companies to roll out self-driving cars for the masses. Luminar is ramping up a manufacturing facility in Orlando, Florida, for its first run of 10,000 Lidar sensors later this year, Chief Executive Austin Russell said in an interview. Lidar, which stands for Light Detection and Ranging, shoots out light pulses that are reflected off objects, allowing self-driving cars to "see" their environment. Many self-driving experts regard it as a crucial component, along with other sensors such as cameras and radars. Lidar has been the subject of an ongoing trade secrets lawsuit between Alphabet Inc unit Waymo and Uber. [nL1N1HF12Y] Waymo alleges that a former employee stole intellectual property about its Lidar system that was later copied by Uber. Russell said Lidars for self-driving cars on the market were developed from hardware that existed before autonomous cars. Their limitations in range and resolution make them unfit for the safe rollout of self-driving cars, he noted. Luminar addresses those shortfalls by using a 1550 nanometer wavelength that provides 50 times greater resolution and 10 times the range of the best rival Lidars, Russell said. That means a car can "see" a black object with reflectivity of 10 percent clearly from 200 meters away, he said. By contrast, the so-called "Puck" Lidar from Velodyne, a company that makes most of the Lidar used in self-driving prototypes today, has a range of 100 meters. Russell said four companies, including automakers and technology firms which he did not identify, were testing their products on prototype driverless cars. Russell said manufacturers should focus on perfecting Lidar''s capabilities instead of lowering prices to make self-driving cars more affordable for the public. "As price comes down, performance comes down with it," he said. (Reporting by Alexandria Sage; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-luminar-selfdriving-lidar-idUSKBN17F1H3'|'2017-04-13T20:00:00.000+03:00'|2532.0|''|-1.0|'' 2533|'07e6835fb5e416b6939fefba433b157ee0c454b1'|'Danone shareholders grant WhiteWave boss a board seat'|'Company 10am EDT Danone shareholders grant WhiteWave boss a board seat PARIS, April 27 Danone shareholders on Thursday voted to grant a board seat to Gregg Engles, the chairman and CEO of U.S. organic food producer WhiteWave Foods Co, which the French food group recently bought. His appointment was approved by over 96 percent of votes cast at Danone''s annual shareholder meeting. Danone''s Chief Executive Emmanuel Faber told shareholders that with WhiteWave''s acquisition, North America would become the group''s top market, accounting for around 25 percent of its sales against 13 percent before. Last week Danone, the world''s largest yoghurt maker, raised its forecast for earnings per share (EPS) growth in 2017, having closed its $12.5 billion acquisition of WhiteWave on April 12. (Reporting by Dominique Vidalon, Editing by Sarah White)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/danone-agm-board-idUSL8N1HZ6SE'|'2017-04-27T23:10:00.000+03:00'|2533.0|''|-1.0|'' -2534|'b85b9be808224976ce679857a0ef9118639631fe'|'Johnson & Johnson target Actelion could exit Swiss benchmark SMI index this month'|' 56pm BST Johnson & Johnson target Actelion could exit Swiss benchmark SMI index this month A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake By Rupert Pretterklieber - ZURICH ZURICH The composition of the top Swiss stock index is due to change as early as this month, with Actelion ( ATLN.S ) poised to fall out of the Swiss Market Index (SMI) ahead of the completion of the biotechnology company''s takeover by Johnson & Johnson ( JNJ.N ). Friday is the next deadline for Actelion shareholders to take J&J''s $30 billion, $280 per share offer. If more than 80 percent of shares are tendered, then Actelion''s free float would slip below the 20 percent threshold required for inclusion in not only the benchmark SMI but also the broader Swiss Performance Index, Stephan Meier, a spokesman for the SIX Swiss Exchange, said on Thursday. The chances of J&J''s stake topping 80 percent are good, since it held 77 percent of Actelion shares at the end of March when it declared the takeover a success. Should that happen, the SIX Swiss Exchange could make an announcement as early as Friday about future steps leading to another company filling Actelion''s place in the SMI. Candidates include drug ingredients maker Lonza ( LONN.S ), adhesives maker Sika ( SIK.S ) and asset manager Partners Group ( PGHN.S ), as well as hearing aid maker Sonova ( SOON.S ). There will almost certainly be further SMI changes later this year, after ChemChina''s CNNCC.UL takeover of Swiss chemicals maker Syngenta ( SYNN.S ) is completed. (Reporting by Rupert Pretterkleber; Writing by John Miller; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-actelion-m-a-j-j-idUKKBN17M1DJ'|'2017-04-20T19:56:00.000+03:00'|2534.0|''|-1.0|'' +2534|'b85b9be808224976ce679857a0ef9118639631fe'|'Johnson & Johnson target Actelion could exit Swiss benchmark SMI index this month'|' 56pm BST Johnson & Johnson target Actelion could exit Swiss benchmark SMI index this month A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake By Rupert Pretterklieber - ZURICH ZURICH The composition of the top Swiss stock index is due to change as early as this month, with Actelion ( ATLN.S ) poised to fall out of the Swiss Market Index (SMI) ahead of the completion of the biotechnology company''s takeover by Johnson & Johnson ( JNJ.N ). Friday is the next deadline for Actelion shareholders to take J&J''s $30 billion, $280 per share offer. If more than 80 percent of shares are tendered, then Actelion''s free float would slip below the 20 percent threshold required for inclusion in not only the benchmark SMI but also the broader Swiss Performance Index, Stephan Meier, a spokesman for the SIX Swiss Exchange, said on Thursday. The chances of J&J''s stake topping 80 percent are good, since it held 77 percent of Actelion shares at the end of March when it declared the takeover a success. Should that happen, the SIX Swiss Exchange could make an announcement as early as Friday about future steps leading to another company filling Actelion''s place in the SMI. Candidates include drug ingredients maker Lonza ( LONN.S ), adhesives maker Sika ( SIK.S ) and asset manager Partners Group ( PGHN.S ), as well as hearing aid maker Sonova ( SOON.S ). There will almost certainly be further SMI changes later this year, after ChemChina''s CNNCC.UL takeover of Swiss chemicals maker Syngenta ( SYNN.S ) is completed. (Reporting by Rupert Pretterkleber; Writing by John Miller; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-actelion-m-a-j-j-idUKKBN17M1DJ'|'2017-04-20T19:56:00.000+03:00'|2534.0|20.0|0.0|'' 2535|'c7dae0163f7af0eb108d879b296caae89ee2fecd'|'PepsiCo profit beats on demand for healthier snacks, drinks'|' 11:42am BST PepsiCo profit beats on demand for healthier snacks, drinks FILE PHOTO: Pepsi soda is shown on display in Compton, California, U.S., January 10, 2017. REUTERS/Mike Blake/File Photo PepsiCo Inc ( PEP.N ) reported higher-than-expected quarterly revenue and profit as the company benefited from demand for its healthier drinks and snacks and kept a tight leash on costs. PepsiCo and other processed-food makers are investing heavily to develop products to meet consumers'' increasing preference for healthier snacks such as unsweetened tea and baked chips. The company has said it now gets about 45 percent of its net revenue from "guilt-free" products - beverages that have fewer than 70 calories per 12 ounces and snacks that have lower amounts of salt and saturated fat. Revenue from its North America beverage business, the company''s biggest, rose 2.3 percent to $4.46 billion in the first quarter ended March 25. Net income attributable to PepsiCo rose to $1.32 billion (1.03 billion pounds), or 91 cents per share, in the quarter, from $931 million, or 64 cents per share, a year earlier. The year-earlier period included a $373 million charge related to its transaction with Tingyi (Cayman Islands) Holding Corp. Excluding items, the company earned 94 cents per share. Revenue rose 1.6 percent to $12.05 billion, the second quarter of rising sales after eight quarters of decline. Analysts on average had expected earnings of 92 cents per share on revenue of $11.98 billion, according to Thomson Reuters I/B/E/S. Rival Coca-Cola ( KO.N ) on Tuesday reported a lower-than-expected quarterly profit on higher costs of franchising its bottling operations and announced job cuts to boost savings. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pepsico-results-idUKKBN17S16Z'|'2017-04-26T18:42:00.000+03:00'|2535.0|12.0|0.0|'' 2536|'c24d62c0aed419d55dd7f3c9c8f87337fb87220f'|'Facebook finally makes a virtual reality world 18,'|'Facebook Spaces: Never see your friends IRL again Facebook just built a virtual reality version of ... Facebook. Mark Zuckerberg kicked off Facebook''s annual F8 developer conference on Tuesday. The two-day event, now in its tenth year, drew roughly 4,000 attendees to the San Jose Convention Center in California. This year, the company announced new augmented reality features for your smartphone camera, a cute VR version of the social network for Oculus and even more ways to talk to companies on Messenger. Zuckerberg tests out his standup routine The conference is a chance for Zuckerberg and his executives to wax poetic about all they ways they''re changing the world, while also getting brands excited to sell things on Facebook. Newish dad Zuckerberg tried out something different on stage: dad jokes. He made cracks about the other F8 trending this week, "The Fate of the Furious," and joked about his overly long community posts. "I wrote like six more of these, but I understand that some of you are here to see a tech keynote," said Zuckerberg. He reinforced Facebook''s commitment to building community, before speaking briefly about the Cleveland murder video that was uploaded to Facebook. Related: Mark Zuckerberg makes cursory mention of Facebook murder video at F8 Augmented reality is already on your phone He quickly pivoted to the main thrust of his keynote: augmented reality, but without the dorky glasses. Facebook is using its new camera tools to launch its own augmented reality platform. Instead of putting on goggles, you will hold up your smartphone and watch as it overlays graphics on the world in front of you in real time. You can add sharks swimming around your morning coffee, or a virtual mug to your table to feel less alone. Add effects to a room, like dripping paintings or rain clouds, and pop-up informational boxes for products or locations. It uses precise location detection, 3D effects and object recognition to make the moving effects work. The platform is available in a closed beta starting Tuesday. Facebook''s new camera update already uses some of this "augmented reality," like animated mustaches and glitter beards. Zuckerberg acknowledged that the company was late adding the camera effects to its apps, but said, "I''m confident that now we''re going to push this augment reality platform forward." Snapchat released similar features Tuesday morning -- the latest shot in the war between the two companies. Related: Facebook is still trying to make bots happen Facebook Spaces means you never have to leave your home again Last year, Facebook did a silly demo on stage of people hanging out in virtual reality, taking selfies. It was a rough draft for Facebook Spaces, a new virtual reality version of Facebook the company announced today. Facebook Spaces is an app for the Facebook-owned Oculus VR goggles. Facebook described it as "a magical canvas for shared experiences." When you can''t just chill on the couch with your bestie IRL, you can put on some goggles and do it as animated people in a virtual version of your living room. Or in a virtual park, Paris, maybe even outer space if you''re into that. Rachel Rubin Franklin, the former head of the Sims video game franchise, said it lets you spend time with people and gives "the essence that you''re really there together." The app ports in your Facebook profile, so it already knows who your friends are. If you don''t have Oculus (most people don''t), you can see a VR version of yourself talking to your friends'' VR versions. You can build a custom avatar based on your Facebook profile shot, like a 3D bitmoji. This is the future, folks. VR social networks and communities already exist, and they''re experiencing the same etiquette questions as social networks. For instance, one woman was sexually assaulted while playing a video game in VR. Facebook Spaces launches in beta for Oculus Rift Tuesday. Forgot your password? Facebook''s got your back Facebook is expanding its efforts to eliminate passwords. In January, the company began testing Delegated Account Recovery, a tool that lets you use your Facebook account to log in to another app if you forgot your password. Instead of answering security questions or receiving password reset emails, people can use Facebook to confirm their identity. The security tool is now rolling out to more apps as a closed beta test. New communities just for developers Facebook also announced a number of new tools just for developers. Since coding can be a lonely undertaking, Facebook is launching Developer Circles. They''re like Facebook Groups for developers, helping connect people living in the same area and offering educational options like special classes from Udacity. There are new analytics tools and more location information to draw from. Developers can now build simplified pages and apps for people who have slow internet connections. Year one of a 10-year plan A lot has changed since F8''s first installment. Over the past decade, Facebook ( FB , Tech30 ) has gone from a single website where people play Farmville to a public company that also owns Instagram, Oculus and What''sApp. At last year''s F8, Zuckerberg took a subtle swipe at then-candidate Trump, saying, "Instead of building walls, we can help build bridges." In the first few months of Trump''s presidency, Zuckerberg has expressed concern about Trump''s executive orders on immigration. COO Sheryl Sandberg has also criticized Trump on his abortion policies . On the heels of the campaign, Zuckerberg made it his New Year''s resolution to visit people from every state by the end of 2017 -- though he did not specifically mention Trump as a factor. The U.S. election also put fake news and its impact on real-life decisionmaking in the spotlight. Zuckerberg initially said it was "crazy" that Facebook could have impacted the election, though later backtracked on his comments. CNNMoney (San Jose) 18, 2017: 12:50 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/04/18/technology/facebook-f8/index.html'|'2017-04-18T23:41:00.000+03:00'|2536.0|''|-1.0|'' 2537|'a35da06d9e1c03812f2b7dfb8a89dc18fb9cfd05'|'LeEco abandons $2 billion Vizio deal, citing ''Chinese policy factor'''|'Deals - Mon Apr 10, 2017 - 10:55pm EDT LeEco abandons $2 billion Vizio deal, citing ''Chinese policy factor'' FILE PHOTO: LeEco''s new Le Pro3 phone is on display during a press event in San Francisco, California, U.S. October 19, 2016. RETUERS/Beck Diefenbach/File Photo TAIPEI Chinese tech conglomerate LeEco ( 300104.SZ ), whose businesses stretch from smartphones to electric vehicles, has abandoned a $2 billion proposed acquisition of U.S. consumer electronics company Vizio ( VZIO.O ), the company said on Tuesday. A LeEco representative reached by Reuters on Tuesday cited a "Chinese policy factor" for abandoning the proposal, but declined to provide further details. The deal was first announced in July, with LeEco agreeing to acquire the Irvine-based manufacturer of LCD/LED flat panel TVs. In recent months, LeEco has faced financial troubles due to the rapid pace of growth of its various businesses, with founder and chairman Jia Yueting acknowledging in a staff letter that the firm faced a "big company disease." However, in March, the company successfully secured $2.2 billion for expansion from investors including property developer Sunac China Holdings Ltd ( 1918.HK ), whose investments went into LeEco''s smart internet TV subsidiary Leshi Zhixin, as well as its film production subsidiary, Le Vision Pictures. Late on Monday, LeEco''s listed unit Leshi Internet Information & Technology Corp Beijing ( 300104.SZ ) issued a profit alert for the first quarter, saying it sees net profit at 103 million-132 million yuan from 114.7 million yuan ($16.62 million) net profit a year earlier. (Reporting by Jess Macy Yu; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-tech-leeco-idUSKBN17D08U'|'2017-04-11T10:55:00.000+03:00'|2537.0|''|-1.0|'' @@ -2630,7 +2630,7 @@ 2628|'9aeabf3e157e30bc5b77950c9b79a481355f519c'|'Answerphone hackers rack up 5,000 in calls all charged to us - Money'|'I work for a small charity in Benwell, Newcastle, where we have been the victim of phone system hacking that has resulted in a bill of almost 5,000 over a four-day period. We have been informed by our phone system supplier, Chaser Communications, that the hackers gained remote access to our phone system via our answering machine, and were somehow able to route calls to Syria at a premium rate. We have reported it to our local police and Action Fraud, but this has been no help. Our insurer has said we are not covered for a cyber attack, while Chaser says it will have to pass on the charges to us. As a charity we cannot afford this loss and are concerned to warn others that they may be vulnerable. We have had the voicemail disconnected, which reduces the service we can offer as we do not have full-time reception volunteers. JM, Newcastle upon Tyne Dial-through fraud, where criminals attack private branch exchange systems used by small businesses, is a little-known scam that has cost companies millions in the past five years.Chaser says it took every precaution and has agreed to reduce the bill to 4,000 and spread the payments. We feel we have done everything to help, says a spokesperson. We secured the system to manufacturers standards, but no system is 100% secure.The telecoms ombudsman says it has seen a steady trickle of similar complaints and, during its investigations, it examines whether the service provider in your case Chaser could be liable. Since Chaser set up and managed your system, including the passcode, you should seek a letter of deadlock from Chaser and take your case to the ombudsman in the hope of a better outcome.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Topics Scams Your problems with Anna Tims Consumer rights Consumer affairs Hacking Telecommunications industry Charities features Share Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/apr/07/answerphone-hackers-charity-calls-fraud-chaser-communications'|'2017-04-07T15:00:00.000+03:00'|2628.0|''|-1.0|'' 2629|'e4977654f4c3c4359de7a9014d967c5eb039d1f7'|'METALS-London copper hovers above 2017 low as China stocks weigh'|'Market News - Thu Apr 20, 2017 - 3:14am EDT METALS-London copper hovers above 2017 low as China stocks weigh (Adds detail, updates prices) By Melanie Burton MELBOURNE, April 20 London copper rose on Thursday but was still not far from its lowest for the year after China''s refined production surged in March, underlining ample stocks in the world''s biggest metals consumer. China''s refined copper output rose 8.5 percent in March from a year ago to its highest since at least December 2015. "The emergence of opportunistic buying should see the recent selloff in metal markets come to an end," ANZ said in a report. * LME COPPER: Three-month copper on the London Metal Exchange was up 1 percent at $5,609 a tonne by 0703 GMT, after closing slightly lower in the previous session when prices hit the weakest since early January at $5,530 a tonne. * SHFE COPPER: Shanghai Futures Exchange copper pared losses to close down 0.2 percent at 45,560 yuan ($6,616)a tonne. * CHINA OUTPUT: China''s refined copper output rose 8.5 percent in March from a year ago to 764,000 tonnes, its highest since at least December 2015, while aluminium and iron ore output levels were the lowest in months, according to the National Statistics Bureau. * NICKEL: Short-dated nickel contracts have surged this week, reflecting a lack of immediately available supply. Nickel for tomorrow next day (tom/next) delivery traded as high as $10 this week and $7.50 last, the highest since December CMNIT-O. * ZINC: ShFE zinc rallied 3.3 percent, away from near year-to-date lows, as steel prices cut losses. Shfe nickel was up 1 percent and Shfe lead up 2.3 percent. * CHINA CAPITAL: Capital outflows from China eased sharply in the first quarter and cross border flows were more balanced, the foreign exchange regulator said on Thursday, in the latest official comments indicating policymakers are growing less worried about the yuan currency. * JAPAN ECONOMY: Confidence among Japanese manufacturers has risen for an eighth straight month to a level not seen since before the 2008 global financial crisis, a Reuters survey found, reflecting output and export gains led by overseas economic recovery. * INVESTORS: Total global commodity assets under management (AUM) fell to $277 billion in March from $282 billion the month before, Barclays said in a note. * RIO TINTO: Rio Tinto cut its copper guidance to 500,000-550,000 tonnes from as much as 665,000 tonnes as a result of a strike at the Escondida mine in Chile and the curtailment of production at the Grasberg mine in Indonesia. MARKETS: Asian stocks erased early losses and edged higher on Thursday as steadying commodity prices, especially crude oil, prompted some bargain hunting by investors. PRICES BASE METALS PRICES 0705 GMT Three month LME copper 5613 Most active ShFE copper 45550 Three month LME aluminium 1930 Most active ShFE aluminium 14335 Three month LME zinc 2607 Most active ShFE zinc 21655 Three month LME lead 2172 Most active ShFE lead 16150 Three month LME nickel 9495 Most active ShFE nickel 79680 Three month LME tin 19840 Most active ShFE tin 140820 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 372.1 LME/SHFE ALUMINIUM LMESHFALc3 -1124.6 LME/SHFE ZINC LMESHFZNc3 287.13 LME/SHFE LEAD LMESHFPBc3 -1856.6 LME/SHFE NICKEL LMESHFNIc3 771.91 ($1 = 6.8860 Chinese yuan) (Reporting by Melanie Burton; Editing by Amrutha Gayathri and Subhranshu Sahu) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1HS2RU'|'2017-04-20T15:14:00.000+03:00'|2629.0|''|-1.0|'' 2630|'60037489e62ec8a39086c8540c6a115e3e0274f1'|'German ministry advisers see risks in ECB''s zero-interest policy'|' 42pm BST German ministry advisers see risks in ECB''s zero-interest policy European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski BERLIN Academic advisers to Germany''s economy ministry said the European Central Bank''s zero-interest rate policy posed grave risks to the financial system. In a report to be published Wednesday seen by Reuters, they also rejected calls for moves toward a cashless society, whose impact on illegal activity they concluded would be limited. "The monetary policy pursued by the European Central Bank since 2014 is not commensurate with the risks," the experts wrote. They said the policy was aimed exclusively at stimulating lending and economic growth by lowering interest rates, while disregarding the resulting burdens for the financial sector. "The financial system sees interest rates of zero or less than zero as very problematic for various reasons," the advisers said in their report. This policy - and the continuing growth of loans with too-low interest rates - have dampened profit margins in the sector and raised the risk that necessary reforms would not be carried out, it said. "The longer the ...policy ...continues, the greater are the risks for the financial sector," the report said. German officials have long been critical of the ECB''s ultra-low interest rates but broader pressure for a tightening of policy has grown in recent months with inflation in the euro zone rebounding. The report said that many financial institutions, including insurance companies, were having trouble generating any profits and covering their costs as a result of the ultra-low rates. The council also opposed the idea of a cashless society, calls for which have been triggered by the development of new payments methods, efforts to halt illegal activities related to cash, and concerns about the impact of cash on monetary policy. "The council views upper limits for cash payments very critically. There is a concern that such upper limits would mainly affect normal citizens and normal activities since shadow economies and criminals can easily evade surveillance or find alternate payment methods," the report said. "...It would ... have a limited impact" on illegal activity. German Finance Minister Wolfgang Schaeuble last year suggested limiting cash transactions of more than 5,000 euros to combat money laundering and the financing of terrorism, but the proposal ran into opposition across Germany. ECB President Mario Draghi underscored the importance of cash as a form of payment during the rollout of a new 50 euro banknote. He said three-quarters of euro zone payments were made in cash, and it remained essential for the economy. The council of academic advisers provides guidance to the economy minister but its recommendations are not binding. (Reporting by Gernot Heller; Writing by Andrea Shalal; Editing by Jon Boyle and John Stonestreet) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-rates-germany-idUKKBN1762D2'|'2017-04-05T01:42:00.000+03:00'|2630.0|''|-1.0|'' -2631|'70c633c7b6ac9e79a84c61cd42fa1b4612cb9a08'|'UnitedHealth plans for costly Obamacare tax in 2018'|'Money News - Tue Apr 18, 2017 - 11:59pm IST UnitedHealth plans for costly Obamacare tax in 2018 The logo of Down Jones Industrial Average stock market index listed company UnitedHealthcare is shown in Cypress, California April 13, 2016. REUTERS/Mike Blake/Files By Caroline Humer and Ankur Banerjee UnitedHealth Group Inc reported stronger-than-expected quarterly results on Tuesday and said it was coping with uncertainty in U.S. healthcare laws by pricing its 2018 insurance plans to include a costly Obamacare tax. President Donald Trump and other Republicans have vowed to repeal Obamacare, formally known as the Affordable Care Act, but have been unable to agree on a law to do that. That means the 3 percent tax collected on all health insurance plans, currently on a hiatus, is due to take effect again next year. As a result, U.S. health insurers are uncertain about how to price their plans and what benefits to include in 2018. Those selling Obamacare individual plans are particularly affected by these and other regulatory questions, but UnitedHealth''s comments show that the lack of certainty has broad reach for the industry. UnitedHealth, the biggest U.S. health insurer, pulled out of the individual insurance market created under Obamacare this year. The health insurance tax affects pricing and benefits for all healthcare plans, including small business and government policies, which UnitedHealth must submit to state and federal regulators in the next few months. "Our plans continue to assume the tax will return in 2018, which will raise premiums and/or reduce benefits for commercial businesses, states and our nations senior population," UnitedHealth Chief Executive Officer Stephen Hemsley said during a conference call with investors to discuss earnings. The company said first-quarter results benefited from strength across its businesses, and it raised its profit and revenue forecasts for the year. The company''s shares were up less than 1 percent at $168.27. "This is a great quarter, and there is a lot of upside this year," but uncertainty about U.S. tax policy could create obstacles next year, Leerink analyst Ana Gupte said. Trump has pledged to overhaul taxes, but details are unclear. UnitedHealth said net earnings rose to $2.17 billion, or $2.23 per share, from $1.61 billion, or $1.67 per share, a year earlier. Excluding special items, the company earned $2.37 per share, beating the analysts'' average estimate of $2.17, according to Thomson Reuters I/B/E/S. Revenue rose 9.4 percent to $48.73 billion. The company had 2.5 million more people across its insurance plans, offset by a loss of 900,000 who were in individual Obamacare plans. That market withdrawal, and the 2017 health insurance tax hiatus, reduced consolidated revenue by about $1.6 billion for the quarter, UnitedHealth said. (Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/unitedhealth-results-idINKBN17K298'|'2017-04-18T16:29:00.000+03:00'|2631.0|''|-1.0|'' +2631|'70c633c7b6ac9e79a84c61cd42fa1b4612cb9a08'|'UnitedHealth plans for costly Obamacare tax in 2018'|'Money News - Tue Apr 18, 2017 - 11:59pm IST UnitedHealth plans for costly Obamacare tax in 2018 The logo of Down Jones Industrial Average stock market index listed company UnitedHealthcare is shown in Cypress, California April 13, 2016. REUTERS/Mike Blake/Files By Caroline Humer and Ankur Banerjee UnitedHealth Group Inc reported stronger-than-expected quarterly results on Tuesday and said it was coping with uncertainty in U.S. healthcare laws by pricing its 2018 insurance plans to include a costly Obamacare tax. President Donald Trump and other Republicans have vowed to repeal Obamacare, formally known as the Affordable Care Act, but have been unable to agree on a law to do that. That means the 3 percent tax collected on all health insurance plans, currently on a hiatus, is due to take effect again next year. As a result, U.S. health insurers are uncertain about how to price their plans and what benefits to include in 2018. Those selling Obamacare individual plans are particularly affected by these and other regulatory questions, but UnitedHealth''s comments show that the lack of certainty has broad reach for the industry. UnitedHealth, the biggest U.S. health insurer, pulled out of the individual insurance market created under Obamacare this year. The health insurance tax affects pricing and benefits for all healthcare plans, including small business and government policies, which UnitedHealth must submit to state and federal regulators in the next few months. "Our plans continue to assume the tax will return in 2018, which will raise premiums and/or reduce benefits for commercial businesses, states and our nations senior population," UnitedHealth Chief Executive Officer Stephen Hemsley said during a conference call with investors to discuss earnings. The company said first-quarter results benefited from strength across its businesses, and it raised its profit and revenue forecasts for the year. The company''s shares were up less than 1 percent at $168.27. "This is a great quarter, and there is a lot of upside this year," but uncertainty about U.S. tax policy could create obstacles next year, Leerink analyst Ana Gupte said. Trump has pledged to overhaul taxes, but details are unclear. UnitedHealth said net earnings rose to $2.17 billion, or $2.23 per share, from $1.61 billion, or $1.67 per share, a year earlier. Excluding special items, the company earned $2.37 per share, beating the analysts'' average estimate of $2.17, according to Thomson Reuters I/B/E/S. Revenue rose 9.4 percent to $48.73 billion. The company had 2.5 million more people across its insurance plans, offset by a loss of 900,000 who were in individual Obamacare plans. That market withdrawal, and the 2017 health insurance tax hiatus, reduced consolidated revenue by about $1.6 billion for the quarter, UnitedHealth said. (Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/unitedhealth-results-idINKBN17K298'|'2017-04-18T16:29:00.000+03:00'|2631.0|24.0|0.0|'' 2632|'3cc8999f609ee2ce563aa9a9ef27cd373724ed27'|'RPT-Hackers exploited Word flaw for months while Microsoft investigated'|'Company News - Thu Apr 27, 2017 - 7:00am EDT RPT-Hackers exploited Word flaw for months while Microsoft investigated (Repeats with no changes to headline or text) By Joseph Menn SAN FRANCISCO, April 26 To understand why it is so difficult to defend computers from even moderately capable hackers, consider the case of the security flaw officially known as CVE-2017-0199. The bug was unusually dangerous but of a common genre: it was in Microsoft software, could allow a hacker to seize control of a personal computer with little trace, and was fixed April 11 in Microsoft''s regular monthly security update. But it had traveled a rocky, nine-month journey from discovery to resolution, which cyber security experts say is an unusually long time. Google''s security researchers, for example, give vendors just 90 days'' warning before publishing flaws they find. Microsoft Corp declined to say how long it usually takes to patch a flaw. While Microsoft investigated, hackers found the flaw and manipulated the software to spy on unknown Russian speakers, possibly in Ukraine. And a group of thieves used it to bolster their efforts to steal from millions of online bank accounts in Australia and other countries. Those conclusions and other details emerged from interviews with researchers at cyber security firms who studied the events and analyzed versions of the attack code. Microsoft confirmed the sequence of events. The tale began last July, when Ryan Hanson, a 2010 Idaho State University graduate and consultant at boutique security firm Optiv Inc in Boise, found a weakness in the way that Microsoft Word processes documents from another format. That allowed him to insert a link to a malicious program that would take control of a computer. COMBINING FLAWS Hanson spent some months combining his find with other flaws to make it more deadly, he said on Twitter. Then in October he told Microsoft. The company often pays a modest bounty of a few thousands dollars for the identification of security risks. Soon after that point six months ago, Microsoft could have fixed the problem, the company acknowledged. But it was not that simple. A quick change in the settings on Word by customers would do the trick, but if Microsoft notified customers about the bug and the recommended changes, it would also be telling hackers about how to break in. Alternatively, Microsoft could have created a patch that would be distributed as part of its monthly software updates. But the company did not patch immediately and instead dug deeper. It was not aware that anyone was using Hanson''s method, and it wanted to be sure it had a comprehensive solution. "We performed an investigation to identify other potentially similar methods and ensure that our fix addresses more than just the issue reported," Microsoft said through a spokesman, who answered emailed questions on the condition of anonymity. "This was a complex investigation." Hanson declined interview requests. The saga shows that Microsoft''s progress on security issues, as well as that of the software industry as a whole, remains uneven in an era when the stakes are growing dramatically. The United States has accused Russia of hacking political party emails to interfere in the 2016 presidential election, a charge Russia denies, while shadowy hacker groups opposed to the U.S. government have been publishing hacking tools used by the Central Intelligence Agency and National Security Agency. ATTACKS BEGIN It is unclear how the unknown hackers initially found Hanson''s bug. It could have been through simultaneous discovery, a leak in the patching process, or even hacking against Optiv or Microsoft. In January, as Microsoft worked on a solution, the attacks began. The first known victims were sent emails enticing them to click on a link to documents in Russian about military issues in Russia and areas held by Russian-backed rebels in eastern Ukraine, researchers said. Their computers were then infected with eavesdropping software made by Gamma Group, a private company that sells to agencies of many governments. The best guess of cyber security experts is that one of Gamma''s customers was trying to get inside the computers of soldiers or political figures in Ukraine or Russia; either of those countries, or any of their neighbors or allies, could have been responsible. Such government espionage is routine. The initial attacks were carefully aimed at a small number of targets and so stayed below the radar. But in March, security researchers at FireEye Inc noticed that a notorious piece of financial hacking software known as Latenbot was being distributed using the same Microsoft bug. FireEye probed further, found the earlier Russian-language attacks, and warned Microsoft. The company, which confirmed it was first warned of active attacks in March, got on track for an April 11 patch. Then, what counts as disaster in the world of bug-fixers struck. Another security firm, McAfee, saw some attacks using the Microsoft Word flaw on April 6. After what it described as "quick but in-depth research," it established that the flaw had not been patched, contacted Microsoft, and then blogged about its discovery on April 7. The blog post contained enough detail that other hackers could mimic the attacks. Other software security professionals were aghast that McAfee did not wait, as Optiv and FireEye were doing, until the patch came out. McAfee Vice President Vincent Weafer blamed "a glitch in our communications with our partner Microsoft" for the timing. He did not elaborate. By April 9, a program to exploit the flaw was on sale on underground markets for criminal hackers, said FireEye researcher John Hultquist. The next day, attacks were mainstream. Someone used it to send documents booby-trapped with Dridex banking-fraud software to millions of computers in Australia. Finally, on the Tuesday, about six months after hearing from Hanson, Microsoft made the patch available. As always, some computer owners are lagging behind and have not installed it. Ben-Gurion University employees in Israel were hacked, after the patch, by attackers linked to Iran who took over their email accounts and sent infected documents to their contacts at technology companies and medical professionals, said Michael Gorelik, vice president of cyber security firm Morphisec. When Microsoft patched, it thanked Hanson, a FireEye researcher and its own staff. A six-month delay is bad but not unheard of, said Marten Mickos, chief executive of HackerOne, which coordinates patching efforts between researchers and vendors. "Normal fixing times are a matter of weeks," Mickos said. Privately-held Optiv said through a spokeswoman that it usually gives vendors 45 days to make fixes before publishing research when appropriate, and that it "materially followed" that practice in this case. Optiv is now comparing the details of what Hanson told Microsoft with what the spies and criminals used in the wild, trying to find out if the researcher''s work was partly responsible for the worldwide hacking spree, the spokeswoman said. The spree included one or more people who created a hacking tool for what FireEye''s Hultquist said is probably a national government - and then appearing to double-dip by also selling it to a criminal group. If the patching took time, others who learned of the flaw moved quickly. On the final weekend before the patch, the criminals could have sold it along to the Dridex hackers, or the original makers could have cashed in a third time, Hultquist said, effectively staging a last clearance sale before it lost peak effectiveness. It is unclear how many people were ultimately infected or how much money was stolen. (Reporting by Joseph Menn; Editing by Jonathan Weber and Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/microsoft-cyber-idUSL1N1HY2I4'|'2017-04-27T19:00:00.000+03:00'|2632.0|''|-1.0|'' 2633|'0c4ed41e4ab4fa9d1f4d4731f7cfa6b8954fa68a'|'TUC chief calls for changes to post-Brexit trade dispute court - Business'|'A post Brexit trade deal should be governed by a brand-new court system that is fairer to workers, the head of the TUC has said.Frances OGrady said Britain and the EU had a chance to do things differently when it comes to the arbitration courts that make judgments on trade disputes.The Investor-State dispute settlement, the little-known system for resolving trade disputes which has existed since the 1960s, underpins thousands of European contracts. Critics, led by trade unions, have long argued the system awards too much power to corporations at the expense of the public interest, while not giving enough protection to workers and consumers.The TUC general secretary said there was a chance to change this system, when Britain negotiates a trade deal with the EU. Britain cannot sign any trade deal until it leaves the EU, most likely in 2019, but unions want to place the issue on the agenda now.Don''t make ordinary workers pay for Brexit, TUC urges government Read more There is an opportunity to do this one differently, to ensure that workers rights are seen as a core standards, rather than an add on, that any arbitration mechanism is not only transparent, but fair, OGrady said. I hope people have learnt lessons from trade deals, like TTIP and Ceta, and public concern over arbitration mechanisms, she said arguing that both the EU-US deal and EU-Canada one, treated workers and consumers like second-class citizens.The European commission has strongly rejected claims that it downgrades workers rights. The comprehensive and economic trade agreement with Canada was described as the gold standard of global trade deals, with more government oversight than any earlier agreement.Responding to critics of the ISDS system, the EU trade commissioner Cecilia Malmstrm, devised a new kind of special court for resolving disputes, where judges would be appointed by governments rather than disputing parties.OGrady said that the arbitration mechanism in Ceta was better than those that came before but had not fundamentally addressed unions concerns. If you are going to have standards for goods and services, why not have standards for labour as well, to make sure there is a level playing field and you dont get competition on the back of workers being treated badly.OGrady was speaking to the Guardian in Brussels, where she also called on Theresa May to face down Brexit fundamentalists in the Conservative party who want to use Britains EU departure to start a bonfire of regulations.Speaking in-between meetings with EU officials, she said she was pleased with the EUs Brexit guidelines and the European parliaments resolution, which both put European negotiators on guard against unfair competition from Britain. The EU guidelines draft to be agreed by EU leaders at the end of April call for safeguards against unfair competitive advantages through fiscal, social and environmental dumping.Arguably, the TUCs trickier task is to lobby the British government, as debate rages about what kind of economy post-Brexit Britain should be.On the steps of Downing Street in her first speech as prime minister , May promised to fight the burning injustice of poverty. But the governments message was clouded when Philip Hammond suggested the UK could turn itself into a tax haven if it didnt get a good Brexit deal .Amid concern that Brexit will drown out the governments domestic agenda, OGrady said she didnt expect much from this years Queens speech, but stressed the prime minister would be under pressure to deliver on her Downing Street speech, after raising expectations about help for people from an ordinary working-class family. She is going to have to have something compelling to inspire confidence that peoples lives are going to get better.The prime minister, OGrady added, could not afford another hiccough, such as the apparent watering down of proposals to put workers on company boards. OGrady said last years proposals were disappointing but the issue was not completely dead yet.Topics International trade TUC Frances O''Grady Trade unions Global economy Economics news '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/apr/16/tuc-chief-frances-ogrady-change-post-brexit-eu-trade-court'|'2017-04-16T21:09:00.000+03:00'|2633.0|''|-1.0|'' 2634|'32da86e7b37d1b4b0beaf2fe01595d30270449e7'|'Akzo Nobel beats on first quarter operating profit, sees 2017 growth'|'Wed Apr 19, 2017 - 6:23am BST Akzo Nobel beats on first-quarter operating profit, sees 2017 growth FILE PHOTO: AkzoNobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM/LONDON Akzo Nobel ( AKZO.AS ), the Dutch paint-maker struggling to avoid a 24.6 billion euro ($26.4 billion) takeover by U.S. rival PPG Industries Inc ( PPG.N ), on Wednesday reported better than expected operating profit for the first quarter. Operating profit was up 13 percent to 376 million euros from 334 million euros in the same period a year earlier. Analysts polled for Reuters had put the figure at 337 million euros. Akzo is due to release details of its plan to sell its chemicals division and remain independent later on Wednesday. (Reporting by Toby Sterling; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-akzo-nobel-results-idUKKBN17L0DO'|'2017-04-19T13:21:00.000+03:00'|2634.0|''|-1.0|'' @@ -2652,7 +2652,7 @@ 2650|'cbdca138f4c78bc7e90850d5dd3efb17ba584472'|'BRIEF-Atico Mining says produced 2,550 ounces of gold in Q1'|' 25pm EDT BRIEF-Atico Mining says produced 2,550 ounces of gold in Q1 April 12 Atico Mining Corp * Atico produces 5.05 million pounds of Cu and 2,550 ounces of Au in first quarter 2017 * Qtrly copper and gold recovery of 93.5% and 65.8%; a decrease of 1% for copper 2% for gold over q1 2016 * Atico Mining Corp - qtrly production of 5.05 million pounds of copper contained in concentrates; an increase of 18% over q1 2016 * Atico Mining Corp - qtrly production of 2,550 ounces of gold contained in concentrates; a very slight decrease over q1 2016 * Atico mining corp qtrly average processed tonnes per day of 810, an increase of 4% over q1 2016 * Sees to maintain production between 9,700 and 10,000 ounces of gold at El Roble mine in 2017 * Sees to maintain production between 8,300 and 8,500 tonnes of copper at El Roble mine in 2017 * Sees to maintain production between 37,000 and 39,000 dry tonnes of concentrate at El Roble mine in 2017 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-atico-mining-says-produced-2550-ou-idUSFWN1HJ0JW'|'2017-04-12T04:25:00.000+03:00'|2650.0|''|-1.0|'' 2651|'19d98c45bb8658c0f61e92549806f80c4b570899'|'Brazil''s Renova sells wind farm to AES unit for $193 million'|'SAO PAULO Renova Energia SA sold a wind farm project to a unit of AES Corp for 600 million reais ($193 million) on Tuesday, enabling the Brazilian renewable power company to replenish cash amid a severe cash crunch.In a securities filing, AES Tiet Energia SA said it plans to assume 1.150 billion reais worth of debt owed by the Alto Sertao II project. The deal''s value could increase by 100 million reais within five years, depending on whether the project outperforms some unspecified operational metrics.Reuters reported on Jan. 2 that Renova and AES Tiet, a unit of AES Brasil, had reached an accord over Alto Sertao II for a price between 600 million reais and 700 million reais.($1 = 3.1071 reais)(Reporting by Guillermo Parra-Bernal and Luciano Costa; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-renova-energia-m-a-aes-corp-idINKBN17K2M9'|'2017-04-18T20:01:00.000+03:00'|2651.0|''|-1.0|'' 2652|'99f4b1a08c5efc1265f17815bc2732ed1e60e554'|'Valero Energy''s quarterly profit slumps 38.4 percent'|'Business News - Tue Apr 25, 2017 - 8:09am EDT Valero''s results beat on strong demand for refined products A Valero gas station sign is shown in Encinitas, California, U.S., May 2, 2016. REUTERS/Mike Blake Valero Energy Corp ( VLO.N ) reported better-than-expected results as sales in its refining business shot up 40 percent, helped by robust gasoline demand and declining refined product inventories in the United States. Operating revenue in the refining business soared to $20.89 billion in the three months ended March 31, from $14.92 billion. "Demand for gasoline and distillate remains strong both domestically and internationally," Chief Executive Joe Gorder said in a statement. "Combined with expectations for continued sweet crude oil production growth and relatively low prices for crude and refined products, consumer demand should be robust this year." The largest U.S. oil refiner said net income attributable to its shareholders fell 38.4 percent to $305 million, or 68 cents per share in the first quarter. Excluding items, the company earned 68 cents per share, beating the average analyst estimate of 60 cents, according to Thomson Reuters I/B/E/S. Operating revenue rose 38.6 percent to $21.77 billion, beating analysts'' estimates of $18.59 billion. (Reporting by Muvija M in Bengaluru; Editing by Maju Samuel) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-valero-energy-results-idUSKBN17R17Q'|'2017-04-25T18:58:00.000+03:00'|2652.0|''|-1.0|'' -2653|'b56a16e574c3ac6c60b360df7ffe614977e082da'|'Argentina asks court to fully suspend work at Veladero mine'|' 11:04am EDT Argentina asks court to fully suspend work at Veladero mine BUENOS AIRES, April 7 Argentina''s environmental ministry asked a federal court to totally suspend operations at Barrick Gold Corp''s Veladero mine in San Juan province, according to a statement issued by the ministry on Friday. San Juan provincial government had already rejected a work plan from Barrick after a pipe carrying gold-bearing solution ruptured a leach pad at its Veladero mine last week. Operations at the mine have been partially suspended since then. (Reporting by Hugh Bronstein)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/barrick-gold-veladero-idUSE6N1A1029'|'2017-04-07T23:04:00.000+03:00'|2653.0|''|-1.0|'' +2653|'b56a16e574c3ac6c60b360df7ffe614977e082da'|'Argentina asks court to fully suspend work at Veladero mine'|' 11:04am EDT Argentina asks court to fully suspend work at Veladero mine BUENOS AIRES, April 7 Argentina''s environmental ministry asked a federal court to totally suspend operations at Barrick Gold Corp''s Veladero mine in San Juan province, according to a statement issued by the ministry on Friday. San Juan provincial government had already rejected a work plan from Barrick after a pipe carrying gold-bearing solution ruptured a leach pad at its Veladero mine last week. Operations at the mine have been partially suspended since then. (Reporting by Hugh Bronstein)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/barrick-gold-veladero-idUSE6N1A1029'|'2017-04-07T23:04:00.000+03:00'|2653.0|19.0|0.0|'' 2654|'a143935e5c9ed8117836c83cf77f5a02a331c42e'|'Google parent Alphabet''s profit soars on strong ad sales'|' 25pm BST Google parent Alphabet''s profit soars on strong ad sales A Google search page is seen through a magnifying glass in this photo illustration taken in Berlin, August 11, 2015. REUTERS/Pawel Kopczynski/File Photo Google parent Alphabet Inc ( GOOGL.O ) posted a 29 percent rise in quarterly profit, driven by a surge in advertising on mobiles and its popular YouTube video service. Alphabet''s net income rose to $5.43 billion, or $7.73 per Class A and B share and Class C capital stock, in the first quarter ended March 31 from $4.21 billion, or $6.02 [ bit.ly/2qbMJGY ] Shares of the company rose 2.8 percent to $916.8 after the bell on Thursday. Google''s ad revenue, which accounts for a lion''s share of its business, rose 18.8 percent to $21.41 billion in the first quarter. The company is locked in a battle with social media giant Facebook Inc ( FB.O ) in the fast-growing mobile advertising market. Google is expected to command a 61.6 percent share of the search ad market worldwide in 2017, up from 60.6 percent in 2016, according to research firm eMarketer. Paid clicks, where an advertiser pays only if a user clicks on ads, rose 44 percent. Analysts on average had expected a rise of 29.7 percent, according to FactSet StreetAccount. With the traditional business of search advertising maturing, the company is looking to YouTube as its next driver of growth. The strong results also allayed concerns about a recent controversy surrounding the video service and its impact on Google''s ad revenue. YouTube had come under fire for ads appearing alongside videos carrying homophobic or anti-Semitic messages, prompting a number of companies to suspend their digital ads on the video service. Alphabet is also reaping the benefits of investing heavily in areas such as hardware and cloud. Revenue from its Google Other unit, which includes Pixel smartphone, Play Store and cloud business, rose 49.4 percent to $3.10 billion. The company''s consolidated revenue rose 22.2 percent to $24.75 billion from $20.26 billion. Analysts on an average had expected a first-quarter profit of $7.34 per share, according to Thomson Reuters I/B/E/S. (Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alphabet-results-idUKKBN17T326'|'2017-04-28T04:25:00.000+03:00'|2654.0|''|-1.0|'' 2655|'2dceba0d6cccfece7e500cf021d482ee36f6d5fc'|'Amazon says it is bringing retail shopfront service to Australia'|'Business News - Thu Apr 20, 2017 - 1:55am BST Amazon says it is bringing retail shopfront service to Australia FILE PHOTO: Employees of Amazon India are seen behind a glass bearing the company''s logo inside its office in Bengaluru, India, August 14, 2015. REUTERS/Abhishek N. Chinnappa/File Photo SYDNEY Global retail juggernaut Amazon.com Inc ( AMZN.O ) said on Thursday it plans to offer its retail shopfront service in Australia, confirming rumours which have circulated for years about its plans to expand into the world''s 12th-largest economy. The Seattle-based firm said in an email that after offering its internet cloud service in Australia in 2012 and opening an online e-book store in 2013, "the next step is to bring a retail offering to Australia". "We are excited to bring thousands of new jobs to Australia, millions of dollars in additional investment, and to empower small Australian businesses through Amazon Marketplace," the email said, referring to the company''s online retail shopfront service. (Reporting by Byron Kaye; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-amazon-com-australia-idUKKBN17M03K'|'2017-04-20T08:55:00.000+03:00'|2655.0|''|-1.0|'' 2656|'a35edbd7b66a75bebceb6ffc0c103c83c2372603'|'Hunt for Barclays whistleblower tests strength of new UK regime'|'Business News 24am EDT Hunt for Barclays whistleblower tests strength of new UK regime FILE PHOTO: A Barclays bank office is seen at Canary Wharf in London, Britain May 19, 2015. REUTERS/Suzanne Plunkett/File Photo By Lawrence White and Huw Jones - LONDON LONDON Barclays chief executive Jes Staley''s attempts to unmask a whistleblower will be a test case for a regime put in place last year that aims to hold bank bosses to account if they fail to defend reinforced standards. At stake is not just the image of a bank whose chief executive promised to reform its aggressive culture but also the efficacy of the fledgling Senior Managers Regime, which aims, among other things, to protect those who risk their jobs bringing wrongdoing to light. Earlier this week, Barclays said it had reprimanded Staley and would cut his bonus after he twice attempted to identify the author of a letter that revealed "concerns of a personal nature" about an unnamed senior employee. Britain''s Financial Conduct Authority and the Bank of England''s Prudential Regulation Authority, which vetted Staley''s appointment as CEO, are investigating the bank and Staley to see what other penalties might be warranted. Staley also faces scrutiny from parliament''s Treasury Select Committee, which successfully pushed for the departure of Bank of England Deputy Governor Charlotte Hogg for failing to register that her brother worked for a bank, a potential conflict of interest. Andrew Tyrie, chairman of the committee, described Staley''s actions as presenting a "test case" that would show whether the Senior Managers Regime was "capable of providing meaningful scrutiny and accountability of financial institutions". "Now they (regulators) need to get on with the job," said Tyrie, cautioning that "the Treasury Committee will examine their conclusions, and the process by which they arrive at them, very carefully". The regime, introduced by the Bank of England and the Financial Conduct Authority in March 2016, makes managers personally accountable for their actions in order to set what regulators have described as the right "tone at the top". Among other things, bosses are required to respect rules to protect whistleblowing. The penalty can be a ban from industry or a fine. Eric Havian, a former U.S. state prosecutor and lawyer who represents whistleblowers in the United States, said he believed Barclays has not gone far enough to penalize Staley. "I think Barclays needs to impose a much more serious sanction," he said. "This is the kind of thing that creates a long-term corrosive atmosphere in the company and it''s a mistake for the bank not to treat this seriously." PARLIAMENT DEMAND Introducing the managers'' regime was a central demand of the British parliament''s commission on banking standards, also chaired by Tyrie, in the aftermath of the 2007-09 financial crisis. Tyrie and fellow lawmakers were dismayed by the rarity of whistleblowing in the British banking industry, especially after no-one flagged wrongdoing in the case of manipulation of the Libor interest rate benchmark, which involved mostly British banks and included Barclays. Some lawmakers had gone so far as to suggest that Britain adopt the U.S. model of compensating whistleblowers - an idea ultimately rejected by regulators. Martin Wheatley, the then-chief executive of the FCA, said in March 2015 that the senior manager''s regime was not about putting "heads on sticks". But the watchdog will nonetheless face pressure from lawmakers to show that the regime works. Barclays, which declined to comment for this report, is already battling lawsuits and criticism from politicians in the United States and Britain over its conduct before and during the 2008 financial crisis. The U.S. Department of Justice is suing the bank and two former executives over charges of fraud in the sale of tens of billions of mortgage securities. In Britain, the bank faces investigations by regulators into payments made to Qatari investors in the course of an emergency 2008 fundraising, and continuing questions about how much its executives knew about traders'' manipulation of the Libor interest rate. Staley has attempted to show contrition, publicly apologizing for his actions and saying his actions were motivated by a desire to prevent what he thought was an unfair attack. He visited the staff canteen this week. Some investors, who believe that Staley has done a good job running the bank since he became chief executive in December 2015, have publicly backed him, and the news has so far had little impact on the bank''s stock price. "This was a failure of judgment not of principle. It was a pretty human failing and that''s why I feel the board have got it right in backing him," said Crispin Odey, London-based founder of Odey Asset Management, which owns shares in Barclays. Regulators may take a different view. "The ultimate sanction would be that he is not ''fit and proper''," said one employment lawyer who advises banks, asking not to be named. Euan Stirling of Standard Life Investments, which owns shares in Barclays, said other banks would do well to watch the outcome of the case. "One of the things you have to consider, and it''s particularly pertinent with a bank: Look at the way that profitability has been destroyed over the past 10 years and it''s been by governance failures. So you ignore that at your peril." (Additional reporting by Simon Jessop; Editing by John O''Donnell and Sonya Hepinstall)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-barclays-investigation-regime-idUSKBN17E1XJ'|'2017-04-12T22:24:00.000+03:00'|2656.0|''|-1.0|'' @@ -2672,10 +2672,10 @@ 2670|'80151dff32c650a58bf3899ec905dbac92b1525f'|'U.S. jobless claims unexpectedly fall as labor market remains firm'|'Business News - Thu Apr 13, 2017 - 8:33am EDT U.S. jobless claims unexpectedly fall as labor market remains firm A sign marks the entrance to a job fair in New York October 24, 2011. REUTERS/Shannon Stapleton WASHINGTON The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting the labor market remains strong despite a sharp slowdown in job growth in March. Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 234,000 for the week ended April 8, the Labor Department said on Thursday. That was the third straight weekly decline in claims and left them not too far from a 44-year low of 227,000 hit in February. Claims have now been below 300,000, a threshold associated with a healthy labor market, for 110 straight weeks. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the unemployment rate close to a 10-year low of 4.5 percent. Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 245,000 last week. Claims tend to be volatile around this time of the year because of the different timings of spring and Easter holidays. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 3,000 to 247,250 last week. The low level of claims suggests that a sharp slowdown in job growth in March was an aberration and that the labor market continues to tighten. Nonfarm payrolls increased by 98,000 jobs last month, the fewest since last May. Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid dropped 7,000 to 2.03 million in the week ended April 1. The four-week moving average of the so-called continuing claims edged up 750 to 2.03 million. (Reporting By Lucia Mutikani; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-idUSKBN17F1JB'|'2017-04-13T20:33:00.000+03:00'|2670.0|''|-1.0|'' 2671|'e57c7f62db20c8bc5f5aa22c78016c8739f94f12'|'McDonald''s drops plan to sell shares in Japan unit'|'TOKYO McDonald''s Corp ( MCD.N ) has put on hold plans to sell shares in its Japan unit, which recently returned to profit for the first time in three years after a series of food scandals shook consumer confidence in the chain.The fast food giant has "made the decision to not proceed with the transaction at this time," Chief Finance Officer Kevin M. Ozan told investors on a conference call on Tuesday.The decision followed a review of its stake, Ozan said."We believe the market is poised to maintain its strong momentum," he added.McDonald''s Holdings Co Japan Ltd ( 2702.T ) expects operating profit in the current fiscal year to grow to 9 billion yen ($80.92 million), a 29.9 percent rise on the previous year.The Japan unit has had success in capturing the attention of local consumers with recent innovations including a burger-naming election, French fries topped with chocolate and a tie-up involving hit smartphone game Pokemon Go.(Reporting by Sam Nussey; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mcdonalds-mcdonalds-japan-idINKBN17S0A6'|'2017-04-26T01:43:00.000+03:00'|2671.0|''|-1.0|'' 2672|'04c77b846f339f5d83fa170cbd5269bf609e2df1'|'British government cuts stake in Lloyds Bank to below 2 percent'|'Business 42am BST British government cuts stake in Lloyds Bank to below 2 percent FILE PHOTO: A man walks past a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett LONDON The British government has reduced its holding in Lloyds Banking Group PLC to less than 2 percent, putting the lender on track to be in full private ownership within weeks. The government has now recovered over 20 billion pounds of the 20.3 billion pounds ($25.5 billion) taxpayers injected into Lloyds during the financial crisis, the Treasury said in a statement. UK Financial Investments Limited (UKFI), which manages the government''s stake, resumed share sales in October, having halted them for almost a year due to market turbulence. its stake stands at 1.97 percent, down from 2.95 percent on March 15. The government spent more than 136.6 billion pounds rescuing some of Britain''s biggest high street lenders at the height of the financial crisis, including Royal Bank of Scotland and Lloyds, but has so far only managed to recoup half of that money. (Reporting by Dasha Afanasieva; Editing by Rachel Armstrong) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lloyds-banking-sale-idUKKBN1750HP'|'2017-04-03T14:42:00.000+03:00'|2672.0|''|-1.0|'' -2673|'27f705f0f876df2c1a87c52c9f37700e6319945c'|'Reckitt working with Morgan Stanley on food business sale - sources'|' 55pm BST Reckitt working with Morgan Stanley on food business sale - sources By Martinne Geller and Pamela Barbaglia - LONDON LONDON British consumer goods group Reckitt Benckiser Group ( RB.L ) is working with Morgan Stanley ( MS.N ) on the sale of its food business, which could fetch roughly $3 billion (2.4 billion pounds), sources familiar with the matter told Reuters on Thursday. The process will kick off soon, said the sources, who declined to be identified, as the matter is private. Reckitt, which confirmed earlier this month that it was exploring options for the business, declined to comment, as did Morgan Stanley. Reckitt is expected to use proceeds of the sale, which includes French''s mustard and Frank''s RedHot sauce, to pay down debt following its $16.6 billion purchase of Mead Johnson ( MJN.N ). (Reporting by Martinne Geller. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-reckitt-benc-grp-m-a-food-idUKKBN17F1G9'|'2017-04-13T19:55:00.000+03:00'|2673.0|''|-1.0|'' -2674|'5bc545c32c4e7663b96521acce9fbcb6db035e94'|'Adidas CEO says fat China margins to stabilize as thin U.S. margins grow'|'SHANGHAI German sports apparel brand adidas AG ( ADSGn.DE ) expects its huge operating margin in China to shrink slightly in the long term, while its small U.S. margin grows markedly in the near term, its new chief executive officer said on Thursday.Kasper Rorsted, on his first visit to China since taking the helm in September, said adidas'' margin in Greater China of 35 percent last year would "stabilize and slightly decline". Meanwhile North America, with a margin of 6.3 percent last year from 2.5 percent in 2015, was playing "catch-up"."We expect a dramatic improvement in margins in the United States, but we expect over time also a slowdown in the margin development in China," he said, without detailing specifics.The firm''s Greater China sales, about half those of North America in 2013, reached 16 percent of its global total last year, just shy of North America''s 18 percent.The sports apparel market, buoyed by supportive government policies and health-conscious consumers, has been a bright spot in China amid tougher conditions for firms from snack makers to cinema operators in the world''s second-largest economy.Rorsted said adidas would "invest heavily" in China, where he saw huge long-term potential. The firm is on track to add 2,000 stores in China and hit 12,000 by 2020.The company forecasts "double digit" China growth this year, though Rorsted said this would be slower than in 2016 when adidas had sales of 3 billion euros ($3.21 billion) in the market, up 28 percent on 2015 before currency fluctuations.China''s wider retail market, however, remained tough, he said, despite an uptick in official data in the first quarter."What we are seeing, if you take the total industry, is a slowdown in retail," he said."Brick-and-mortar traditional and fast-moving consumer goods has dramatically slowed down. Traffic in large malls has slowed down. That is one trend and right now that''s not being offset by anything," he said, without elaborating.Rorsted added firms in apparel and footwear, which manufacture mostly in Asia, were not going to be relocating plants to Europe or the United States any time soon - something that has been on the agenda of new U.S. President Donald Trump."The size is these plants is humongous... They are highly automated today and the entire supplier base is based out of Asia," he said. "Just financially it''s illogical and so it''s highly unlikely that this will happen."($1 = 0.9332 euros)(Reporting by Adam Jourdan; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-adidas-china-idUSKBN17M141'|'2017-04-20T18:23:00.000+03:00'|2674.0|''|-1.0|'' -2675|'c65930df2f318f41d2f137bbef187672d21428b8'|'Brazil''s Cemig sees asset sales needed to ease debt repayment burden'|' 22pm EDT Brazil''s Cemig sees asset sales needed to ease debt repayment burden SAO PAULO, April 12 Brazilian power utility Cia Energetica de Minas Gerais SA will step up efforts to renegotiate existing debt and sell assets as a way to delay 4.837 billion reais ($1.5 billion) worth of debt maturities by the end of this year, executives said on Wednesday. Cemig, as the utility is known, is also considering existing options in capital markets to reduce a 52 percent stake in Light Energia SA, said Chief Financial Officer Adezio Lima, without elaborating. Lima spoke on a conference call to discuss fourth-quarter financial results. ($1 = 3.1525 reais) (Reporting by Luciano Costa; Writing by Guillermo Parra-Bernal; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cemig-results-divestiture-idUSE6N1D200K'|'2017-04-13T02:22:00.000+03:00'|2675.0|''|-1.0|'' -2676|'2397ddf6f0d3806829e6e3ca3b267379d39a3692'|'HSS Hire CEO to step down'|' 35am BST HSS Hire CEO to step down Tool and equipment rental firm HSS Hire ( HSS.L ) said on Thursday that Chief Executive John Gill will step down once a successor is appointed. The search for a new CEO is underway, the company said. John Gill held the post since September 2015. "...board believes it is the right time to look outside the business for a new CEO who can lead this next phase of our recovery," Chairman Alan Peterson said in a statement. (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hss-hire-group-ceo-idUKKBN17F0NA'|'2017-04-13T14:35:00.000+03:00'|2676.0|''|-1.0|'' +2673|'27f705f0f876df2c1a87c52c9f37700e6319945c'|'Reckitt working with Morgan Stanley on food business sale - sources'|' 55pm BST Reckitt working with Morgan Stanley on food business sale - sources By Martinne Geller and Pamela Barbaglia - LONDON LONDON British consumer goods group Reckitt Benckiser Group ( RB.L ) is working with Morgan Stanley ( MS.N ) on the sale of its food business, which could fetch roughly $3 billion (2.4 billion pounds), sources familiar with the matter told Reuters on Thursday. The process will kick off soon, said the sources, who declined to be identified, as the matter is private. Reckitt, which confirmed earlier this month that it was exploring options for the business, declined to comment, as did Morgan Stanley. Reckitt is expected to use proceeds of the sale, which includes French''s mustard and Frank''s RedHot sauce, to pay down debt following its $16.6 billion purchase of Mead Johnson ( MJN.N ). (Reporting by Martinne Geller. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-reckitt-benc-grp-m-a-food-idUKKBN17F1G9'|'2017-04-13T19:55:00.000+03:00'|2673.0|24.0|0.0|'' +2674|'5bc545c32c4e7663b96521acce9fbcb6db035e94'|'Adidas CEO says fat China margins to stabilize as thin U.S. margins grow'|'SHANGHAI German sports apparel brand adidas AG ( ADSGn.DE ) expects its huge operating margin in China to shrink slightly in the long term, while its small U.S. margin grows markedly in the near term, its new chief executive officer said on Thursday.Kasper Rorsted, on his first visit to China since taking the helm in September, said adidas'' margin in Greater China of 35 percent last year would "stabilize and slightly decline". Meanwhile North America, with a margin of 6.3 percent last year from 2.5 percent in 2015, was playing "catch-up"."We expect a dramatic improvement in margins in the United States, but we expect over time also a slowdown in the margin development in China," he said, without detailing specifics.The firm''s Greater China sales, about half those of North America in 2013, reached 16 percent of its global total last year, just shy of North America''s 18 percent.The sports apparel market, buoyed by supportive government policies and health-conscious consumers, has been a bright spot in China amid tougher conditions for firms from snack makers to cinema operators in the world''s second-largest economy.Rorsted said adidas would "invest heavily" in China, where he saw huge long-term potential. The firm is on track to add 2,000 stores in China and hit 12,000 by 2020.The company forecasts "double digit" China growth this year, though Rorsted said this would be slower than in 2016 when adidas had sales of 3 billion euros ($3.21 billion) in the market, up 28 percent on 2015 before currency fluctuations.China''s wider retail market, however, remained tough, he said, despite an uptick in official data in the first quarter."What we are seeing, if you take the total industry, is a slowdown in retail," he said."Brick-and-mortar traditional and fast-moving consumer goods has dramatically slowed down. Traffic in large malls has slowed down. That is one trend and right now that''s not being offset by anything," he said, without elaborating.Rorsted added firms in apparel and footwear, which manufacture mostly in Asia, were not going to be relocating plants to Europe or the United States any time soon - something that has been on the agenda of new U.S. President Donald Trump."The size is these plants is humongous... They are highly automated today and the entire supplier base is based out of Asia," he said. "Just financially it''s illogical and so it''s highly unlikely that this will happen."($1 = 0.9332 euros)(Reporting by Adam Jourdan; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-adidas-china-idUSKBN17M141'|'2017-04-20T18:23:00.000+03:00'|2674.0|19.0|0.0|'' +2675|'c65930df2f318f41d2f137bbef187672d21428b8'|'Brazil''s Cemig sees asset sales needed to ease debt repayment burden'|' 22pm EDT Brazil''s Cemig sees asset sales needed to ease debt repayment burden SAO PAULO, April 12 Brazilian power utility Cia Energetica de Minas Gerais SA will step up efforts to renegotiate existing debt and sell assets as a way to delay 4.837 billion reais ($1.5 billion) worth of debt maturities by the end of this year, executives said on Wednesday. Cemig, as the utility is known, is also considering existing options in capital markets to reduce a 52 percent stake in Light Energia SA, said Chief Financial Officer Adezio Lima, without elaborating. Lima spoke on a conference call to discuss fourth-quarter financial results. ($1 = 3.1525 reais) (Reporting by Luciano Costa; Writing by Guillermo Parra-Bernal; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cemig-results-divestiture-idUSE6N1D200K'|'2017-04-13T02:22:00.000+03:00'|2675.0|24.0|0.0|'' +2676|'2397ddf6f0d3806829e6e3ca3b267379d39a3692'|'HSS Hire CEO to step down'|' 35am BST HSS Hire CEO to step down Tool and equipment rental firm HSS Hire ( HSS.L ) said on Thursday that Chief Executive John Gill will step down once a successor is appointed. The search for a new CEO is underway, the company said. John Gill held the post since September 2015. "...board believes it is the right time to look outside the business for a new CEO who can lead this next phase of our recovery," Chairman Alan Peterson said in a statement. (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hss-hire-group-ceo-idUKKBN17F0NA'|'2017-04-13T14:35:00.000+03:00'|2676.0|19.0|0.0|'' 2677|'d172ff90d1e2dbd47247af8987697f95dfeda86d'|'Boeing near decision to launch 737-10 jet - sources'|' 09am BST Boeing near decision to launch 737-10 jet - sources The Boeing Company logo is projected on a wall at the ''''What''s Next?'''' conference in Chicago, Illinois, U.S., October 4, 2016. REUTERS/Jim Young PARIS Boeing ( BA.N ) is nearing a decision to launch a larger version of its 737 passenger jet to counter strong sales of the Airbus ( AIR.PA ) A321neo, after a breakthrough on the design for one of its parts, industry sources said. The 737-10 would narrow the gap between the 178-220 seat 737-9, which first flew this month, and the 185-240 seat A321neo, which dominates the top end of the market for narrowbody jets. Boeing has been studying how to solve a tricky problem with the design of the plane''s landing gear, without adding cost or delaying a 2020 target for first deliveries. The sources said a two-part technical solution is being tested and that Boeing is separately talking to airlines with the aim of launching the 737-10 at the Paris Airshow in June. In all, it is said to anticipate a market of 1,000 of the planes. "Boeing is actively engaged in discussions with customers about the 737 MAX 10X," a spokesman said. "No decision has been made on the airplane and any discussion on timing of a possible launch would be speculative." (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boeing-idUKKBN17R0WG'|'2017-04-25T17:09:00.000+03:00'|2677.0|''|-1.0|'' 2678|'b9d85011684c1d2f438ff2fe37cbb421678db2a0'|'Czech central bank removes cap on crown currency strength'|' 47am BST Czech central bank removes cap on crown currency strength A sign of a currency exchange office hangs in front of the Czech National Bank in Prague November 14, 2013. REUTERS/David W Cerny PRAGUE The Czech central bank (CNB) ended its intervention regime keeping the crown on the weak side of 27 per euro on Thursday, allowing the currency to float to stronger levels. Investors have bet billions of euros that the crown will strengthen after the end of the currency cap which had been in place since November 2013 to help revive inflation. The bank reiterated it would be ready to step into the market if it needed to smooth currency swings. The bank said Governor Jiri Rusnok will hold a news conference to discuss the decision at 2.15 pm. (1315 BST). (Reporting by Jan Lopatka; Editing by Jason Hovet) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-czech-cenbank-idUKKBN17818V'|'2017-04-06T18:47:00.000+03:00'|2678.0|''|-1.0|'' 2679|'e5b7c6d01b4989d4441cafe0a93fb6c97f094fe3'|'RPT-Investors flock to ''macro'' hedge funds, but not only the old guard'|'Company 2:00am EDT RPT-Investors flock to ''macro'' hedge funds, but not only the old guard (Repeats story from Sunday) * Trump policies seen boosting macro strategy returns * Macro strategy most in demand for 2017 -Credit Suisse * Rokos, Stone Milliner, Gemsstock, EDL Capital assets climb By Maiya Keidan, Svea Herbst-Bayliss and Lawrence Delevingne LONDON/BOSTON, April 9 "Macro" hedge funds are back in favour with investors seeking to take a view on U.S. President Donald Trump''s economic policies, European elections, or interest rates, but it is start-up funds rather than established players which are attracting cash. Some of the main beneficiaries of the macro revival are managers who cut their teeth at the big macro firms such as Moore Capital Management, Brevan Howard and Tudor Investment Corp, which made their names for outperformance in 2007-2009. Eric Siegel, head of hedge funds at Citi Private Bank, said in general that macro strategies are likely to thrive. With volatility coming back and monetary supply tightening, we believe it could be a great environment for macro managers, Siegel said. Macro funds bet on macroecnomic trends using currencies, bonds, rates and stock futures. They outperformed the broader industry during the financial crisis and amassed tens of billions of dollars between 2010 and 2012. But they lost most of those assets between 2013 and 2014 and also in 2016 for a variety of reasons, including performance. But macro is back in vogue and was the most popular hedge fund strategy among investors in the fourth quarter of 2016 and the first two months of this year, according to industry data providers Preqin and eVestment. Moore Capital''s Louis Moore Bacon, Alan Howard, who co-founded Brevan Howard, and Paul Tudor Jones of Tudor Investment were among the macro stars after years of delivering double-digit returns. But during the lean years, when macro was less in favour, they had to cut fees and in some cases staff. Now newcomers, such as Moore Capital spin-out Stone Milliner, are pulling in cash and producing some strong returns. Stone Milliner''s discretionary global macro closed to new money last year after taking in over $4 billion in the previous two years. Moore Capital''s assets have fallen slightly from $15 billion in 2012 to $13.3 billion as of Dec. 31 2016, filings with the U.S. Securities and Exchange Commission (SEC) showed. Anglo-Swiss firm Stone Milliner, set up in 2012 by former Moore Capital portfolio managers Jens-Peter Stein and Kornelius Klobucar, averaged returns of 8.3 percent between 2014 and 2016, a source told Reuters, while Moore Capital Management averaged 3.4 percent, a second source said. London-based Gemsstock, set up in January 2014 by Moore Capital trader Darren Read and his co-founder Al Breach, made 12.8 percent on average over the same period, documents seen by Reuters showed. Chris Rokos, a Brevan Howard alumnus, raised another $2 billion in February after returns of 20 percent in 2016. EDL Capital made gains of 18.4 percent last year after ex-Moore Capital trader Edouard De Langlade launched the firm in September 2015, according to a source close to EDL Capital. It has amassed assets of $450 million to date, he said. Ben Melkman, who also formerly worked at Brevan Howard until May 2016, raised over $400 million for his launch in March, SEC filings showed. Brevan Howard''s firm-wide assets fell to $14.6 billion in 2017, from $37 billion in 2012. [ here ] RUSH FOR MACRO But the old guard are fighting back. Some have been cutting fees and offering alternatives. Howard, Brevan Howard''s co-founder, last month launched a new fund managed solely by him, which sources said has already amassed more than $3 billion. Tudor Investment lowered its management fees to 1.75 percent and performance fees to 20 percent in February after a reduction last year and Moore Capital cut the management fee on its Moore Macro Managers fund to 2.5 percent from 3 percent. Tudor Jones laid off 15 percent of staff in August. The firm''s main Tudor BVI Global Fund started 2017 down 0.6 percent to March 3 after gaining 0.9 percent in 2016. Brevan cut its management fees to zero for some current investors in its Master Fund and its Multi-Strategy fund last September after a similar move from Caxton Associates. But for both the old and new macro funds, it is still to be determined what 2017 will hold. Even though macro funds are flat on average for the first two months of 2017, making gains of just 0.38 percent, according to Hedge Fund Research, the popularity of macro strategies is not in doubt. A Credit Suisse survey in March of more than 320 institutional investors with $1.3 trillion in hedge funds showed macro was set to be the favourite strategy of 2017. Preqin data showed that after pulling assets out of macro for three back-to-back quarters, investors added $6.4 billion to the strategy in the fourth quarter of 2016 after Trump''s win. eVestment data showed that macro funds have pulled in $4.4 billion in the first two months of 2017, demonstrating a turnaround from 2016 when investors took $9.8 billion out of macro after withdrawing $10 billion in 2013 and $19.1 billion in 2014. "I don''t think macro is dead. Managers who can be nimble and are able to look outside the large liquid asset classes can still find great opportunities," Erin Browne, head of Global Macro Investments at UBS OConnor, said. Representatives at Tudor did not immediately respond to a request to comment. Moore Capital had no comment. A spokesman at Brevan declined to comment. (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hedgefunds-macro-idUSL8N1HH0A7'|'2017-04-10T14:00:00.000+03:00'|2679.0|''|-1.0|'' @@ -2709,7 +2709,7 @@ 2707|'469682e2b7915d064133d7474c84c51ab5c7213e'|'UPDATE 1-Blackstone''s first-quarter earnings more than double'|'(Adds earnings details)By Greg RoumeliotisApril 20 Blackstone Group LP, the largest manager of assets such as private equity and real estate, reported a 165 percent first-quarter earnings rise on Thursday, as the value of its holdings soared and it generated record proceeds selling some of them.Blackstone''s strong earnings illustrate how the stock market rally, which was fueled by hopes of policy reform under the new administration of U.S. President Donald Trump, benefited buyout firms by allowing the sale of assets at very high valuations.Blackstone, whose co-founder and chief executive Stephen Schwarzman is an economic adviser to Trump and chairs his strategic and policy forum, said the sale of assets for top dollar allowed it to pay its second highest quarterly dividend ever, equivalent to 87 cents per common unit."In total, we will have distributed nearly $14 per common unit of value since the IPO (of Blackstone in 2007), including $2.50 per year on average over the past three years, making Blackstone consistently one of the highest yielding large capitalization companies in the world," Schwarzman said in a statement.Blackstone said economic net income (ENI) per share, a metric of its profitability which takes into account the mark-to-market valuation of its portfolio, came in at 82 cents versus 31 cents in the first quarter of 2016.This surpassed the expectations of most research analysts, whose forecasts in a Thomson Reuters poll averaged 68 cents per share.Distributable earnings, which show actual cash that is available to pay dividends, rose in the first quarter by 212 percent to $1.23 billion.Blackstone''s private equity business reported a 291 percent rise in ENI, with its buyout funds appreciating 6.9 percent in the quarter. Its real estate business posted an 86 percent rise in ENI, and its opportunistic real estate funds appreciated by 5.7 percent.Blackstone''s credit and hedge-fund-of-funds businesses reported ENI increases of 263 percent and 217 percent, respectively.During the quarter, Blackstone divested its 25 percent stake in hotel operator Hilton Worldwide Holdings Inc and completed the $1.8 billion initial public offering of Invitation Homes Inc, the second largest IPO ever of a real estate investment trust.Total assets under management were $368.2 billion as of the end of March, up 7 percent year-on-year. Fee-earning assets under management rose 15 percent to $280.2 billion. (Reporting by Greg Roumeliotis in New York; Editing by Chizu Nomiyama and Alden Bentley)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/blackstone-results-idINL1N1HS0FB'|'2017-04-20T10:13:00.000+03:00'|2707.0|''|-1.0|'' 2708|'797e7be0bdd9189922ae646a02deead8bdef5cdd'|'''Best banker in America'' blamed for Wells Fargo scandal'|'Business News 45pm BST ''Best banker in America'' blamed for Wells Fargo scandal A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith By Carmel Crimmins An out-of-control sales culture, a defensive boss obsessed with stamping out negative views about her division and a group chief executive who called her the "the best banker in America" were to blame for Wells Fargo & Co''s ( WFC.N ) devastating sales scandal, an internal investigation found. The probe into how the San Francisco-based bank could have allowed abusive sales practices to fester for years at its branch network laid most of the blame on the former head of the retail division, Carrie Tolstedt, and some of her management team, in a report released to media on Monday. In the report, which was carried out by the bank''s chairman Stephan Sanger and three other independent directors, Tolstedt is blamed for ignoring the systemic nature of the problem which was pinned instead on individual wrongdoers and she was accused of obstructing the board''s efforts to get to the bottom of what was going on. John Stumpf, the chief executive who retired under pressure from the scandal in October, was criticized for failing to grasp the gravity of the sales practice abuses and their impact on the bank. In the 110-page report, Stumpf was described as someone who was blinded by Wells Fargo''s cross-selling success. He refused to believe the model was seriously impaired and was full of admiration for Tolstedt, with whom he had a long working relationship. According to one director, Stumpf praised Tolstedt as the "best banker in America". The report said Tolstedt hid the scale of the misconduct from the board, which only discovered that 5,300 staff had been fired for opening over 2 million unauthorised accounts when the bank reached a $185 million settlement with regulators in September last year. On the advice of her lawyers, Tolstedt declined to be interviewed for the investigation. Wells Fargo said that she had been fired for cause and it would be forfeiting her outstanding stock options with an approximate value of $47.3 million. Wells Fargo said it had decided to claw back approximately $28 million of Stumpfs bonus, which was paid in March 2016. In total, the bank has fired five senior retail bank executives, including Tolstedt, over the scandal and has imposed forfeitures, clawbacks and compensation adjustments on senior leaders totalling more than $180 million, including $69 million from Stumpf and $67 million from Tolstedt. Since the scandal broke, the bank has seen a steady decline in the number of consumers opening checking and credit card accounts and it has lost its status as America''s most valuable bank by market value. THE BOARD Sanger, a board member since 2003, is under pressure to assure investors and regulators that he is rooting out the bank''s problems after a welter of criticism that the board didn''t do enough despite knowing about the problem since 2014. According to the report, multiple board members felt misled by a presentation by Tolstedt and others to the board''s risk committee in May 2015. The board members said they left thinking that between 200 and 300 employees had been fired for sales practice abuses and the problem was largely concentrated in southern California. Last week, influential proxy adviser Institutional Shareholder Services recommended investors vote to replace the majority of directors at Wells Fargo, including Sanger and the other three independent directors, at its April 25 annual meeting. The Justice Department, meanwhile, is investigating whether executives hid details from the company board and regulators as the problem grew over the years, people familiar with the matter have told Reuters. U.S. Attorney offices in San Francisco and Charlotte, North Carolina, are also investigating. The report criticized the board for not centralising the risk functions at the bank earlier, for not requesting more detailed reports from management and for not insisting Stumpf get rid of Tolstedt sooner. Tim Sloan, who replaced Stumpf as chief executive, is described in the report as having little contact with sales practices at the bank before becoming chief operating officer and Tolstedt''s boss in November 2015. Six months later he told her to step aside. Since the scandal broke, the bank has ended sales targets, changed pay incentives for branch staff, separated the role of chairman and chief executive and hired new directors to its board. A NOTEWORTHY RISK A big part of Wells Fargo''s problem was its decentralised business model, which meant the retail bank was able to keep inquiries from head office at arm''s length and there was no joined-up effort by either the bank''s human resources or legal divisions to track and analyse the scale of the problem. As far back as 2002, Wells Fargo''s retail bank was taking steps to deal with sales practice violations and in 2004, a report by the bank''s Internal Investigations division recommended eliminating sales goals for employees. That report was sent to, among others, the chief auditor, a senior in-house employment lawyer, retail bank HR personnel and the head of sales & service development in the retail bank. No action was taken. Externally, Wells was lauded by investors for its ability to cross-sell individual customers multiple products and for its squeaky-clean reputation relative to peers in the wake of the financial crisis. Internally, the sales pressure was oppressive, particularly in California and Arizona, where senior bankers sometimes called subordinates several times a day to check in and chastise those who failed to meet sales objectives. A sales push, dubbed "Jump into January", saw bankers encouraged to make lists of friends and family who were potential sales targets. Staff turnover usually increased that month. Sales practices were identified as a noteworthy risk to the board and its risk committee, of which Sanger was a member, after a series of stories in the Los Angeles Times detailed some of the sales practices. But Tolstedt was left to deal with the issue and she was notoriously resistant to outside intervention and oversight the report said. Tolstedt was also perceived as having the support of Stumpf, who, in turn, was seen not seen as someone to raise problems with. "Stumpf was ultimately responsible for enterprise risk management at Wells Fargo, but was not perceived within Wells Fargo as someone who wanted to hear bad news or deal with conflict." (Reporting by Carmel Crimmins; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wells-fargo-accounts-idUKKBN17C194'|'2017-04-10T19:45:00.000+03:00'|2708.0|''|-1.0|'' 2709|'37a2c98d7aafc5f52e357f34c3be249abb1a491a'|'BP to develop Indonesian retail fuel business with AKR Corporindo'|'JAKARTA Oil major BP has signed an agreement with Indonesian petroleum and chemicals logistics company AKR Corporindo for the joint development of a "differentiated" domestic fuel retail business, BP said in a statement.The joint venture will form a company, PT Aneka Petroindo Raya, which will operate as BP AKR Fuels Retail, and expects to open its first retail site in Indonesia in 2018, the statement said."We are delighted to be working with AKR to help meet Indonesia''s growing demand for fuels and provide superior convenience offers," BP downstream chief executive Tufan Erginbilgic said.(Reporting by Fergus Jensen; Editing by Christian Schmollinger)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-bp-indonesia-akr-corporindo-idUSKBN1780LD'|'2017-04-06T10:47:00.000+03:00'|2709.0|''|-1.0|'' -2710|'a09be43c21417fb4797c3c06f0b01b58e73f01fc'|'UPDATE 1-Southern Copper says Peru operations normal despite strike'|' 43pm EDT UPDATE 1-Southern Copper says Peru operations normal despite strike (Adds comments from company spokesman) LIMA, April 10 A Southern Copper Corp spokesman said operations in Peru were near normal as workers started an indefinite strike on Monday, although a union representative said 80 percent of capacity was affected. The Cuajone and Toquepala copper mines were producing at 98 percent and the Ilo refinery was operating at 100 percent capacity, a Southern Copper spokesman said. The strike follows labor disruptions at Peru''s biggest copper mine, Cerro Verde, and Chile''s Escondida, the world''s largest copper mine, earlier this year. Southern Copper, owned by Grupo Mexico, boosted its copper output by 21 percent to 900,000 tonnes last year on the back of an expansion at a mine in Mexico. Jose Espejo, a member of a union representing 2,200 workers, said workers had walked off the job and started protesting early on Monday to demand a greater share of company profits. "We are based on each side of the railroad and we will not let the train pass," he said, referring to the railway that transports copper concentrates from Cuajone and Toquepala to the Ilo refinery. Another union of 800 workers at Toquepala plans to join the strike on Wednesday, Espejo said. The company spokesman said union members would meet later on Monday with company representatives to try to resolve the conflict. (Reporting by Marco Aquino and Teresa Cespedes; Writing by Caroline Stauffer; Editing by Steve Orlofsky) Our Standards: The Thomson Reuters Trust Principles Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/southern-copper-strike-idUSL1N1HI0YE'|'2017-04-11T02:43:00.000+03:00'|2710.0|''|-1.0|'' +2710|'a09be43c21417fb4797c3c06f0b01b58e73f01fc'|'UPDATE 1-Southern Copper says Peru operations normal despite strike'|' 43pm EDT UPDATE 1-Southern Copper says Peru operations normal despite strike (Adds comments from company spokesman) LIMA, April 10 A Southern Copper Corp spokesman said operations in Peru were near normal as workers started an indefinite strike on Monday, although a union representative said 80 percent of capacity was affected. The Cuajone and Toquepala copper mines were producing at 98 percent and the Ilo refinery was operating at 100 percent capacity, a Southern Copper spokesman said. The strike follows labor disruptions at Peru''s biggest copper mine, Cerro Verde, and Chile''s Escondida, the world''s largest copper mine, earlier this year. Southern Copper, owned by Grupo Mexico, boosted its copper output by 21 percent to 900,000 tonnes last year on the back of an expansion at a mine in Mexico. Jose Espejo, a member of a union representing 2,200 workers, said workers had walked off the job and started protesting early on Monday to demand a greater share of company profits. "We are based on each side of the railroad and we will not let the train pass," he said, referring to the railway that transports copper concentrates from Cuajone and Toquepala to the Ilo refinery. Another union of 800 workers at Toquepala plans to join the strike on Wednesday, Espejo said. The company spokesman said union members would meet later on Monday with company representatives to try to resolve the conflict. (Reporting by Marco Aquino and Teresa Cespedes; Writing by Caroline Stauffer; Editing by Steve Orlofsky) Our Standards: The Thomson Reuters Trust Principles Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/southern-copper-strike-idUSL1N1HI0YE'|'2017-04-11T02:43:00.000+03:00'|2710.0|17.0|0.0|'' 2711|'d42c1b03e84606e70c3611957ad555af4ca9e8bf'|'India''s Paytm in talks with SoftBank to raise $1.2 to $1.5 bln - report'|'April 19 Electronics payments provider Paytm is in talks with Japan''s SoftBank Group to raise $1.2 to $1.5 billion in cash, making the latter one of the largest shareholders in the fintech start-up, Mint newspaper reported on Wednesday citing sources.The deal, which could increase Paytm''s valuation to $7 to $9 billion, will see SoftBank buying some shares from existing Paytm investor SAIF Partners and founder Vijay Shekhar Sharma beside investing money in the company, the report said. ( bit.ly/2oK3j27 )Local media had reported recently that SoftBank is keen to sell its stake in India''s e-commerce firm Snapdeal in exchange for a stake in market leader Flipkart ( IPO-FLPK.N ).Paytm may also buy Snapdeal-owned payments rival Freecharge, as part of the deal, the report said.Digital payments have assumed great significance in India after the decision of Prime Minister Narendra Modi''s government ban on old high-valued bank notes in November led to a severe cash crunch across the country.(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Euan Rocha)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/paytm-softbank-group-fundraising-idINL3N1HR1Q2'|'2017-04-19T01:48:00.000+03:00'|2711.0|''|-1.0|'' 2712|'70ae1f786c8a492bb2b32a04a9649bead8984a37'|'Higher exports to lift German growth, investments - economy ministry'|'Business News - Wed Apr 26, 2017 - 10:34am BST Higher exports to lift German growth, investments - economy ministry Containerships at loading terminals are seen in the port of Hamburg, Germany, February 2, 2017. REUTERS/Fabian Bimmer BERLIN The German economy is on a solid growth path despite global uncertainties, the economy minister said on Wednesday, adding that it expects companies to gradually start investing more as exports gradually grow. The government raised its growth forecast for this year to 1.5 percent from a previous estimate of 1.4 percent. It maintained its forecast for 2018 growth at 1.6 percent. The economy ministry said the booming construction sector, helped by low interest rates and increased government investments in infrastructure, was providing a strong impulse for the economy. It added that Germany''s high current account surplus, which has been criticized by the United States, the International Monetary Fund and European Commission, would fall from 8.3 percent of output in 2016 to 7.3 percent next year. "The current account surplus should fall...not least because of solid domestic consumption and higher crude oil prices," the ministry said in a statement. (Reporting by Joseph Nasr; Editing by Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-growth-forecast-idUKKBN17S10A'|'2017-04-26T17:34:00.000+03:00'|2712.0|''|-1.0|'' 2713|'802c894199d38e6e010c0ae3105fb0f7b4662944'|'Germany''s Merkel encouraged U.S. will consider EU free trade deal'|'Business News - Sun Apr 23, 2017 - 8:58pm BST Germany''s Merkel encouraged U.S. will consider EU free trade deal DAY 57 / MARCH 17: The first face-to-face meeting between President Trump and German Chancellor Angela Merkel started awkwardly and ended even more oddly, with a quip by Trump about wiretapping that left the German leader visibly bewildered. REUTERS/Jonathan Ernst HANNOVER, Germany German Chancellor Angela Merkel fueled expectations of a future EU-U.S trade deal on Sunday, saying she was "very encouraged" talks were being looked at after her recent trip to Washington. Merkel, speaking at the opening of the 70th annual Hannover Messe trade fair, said Germany was opposed to protectionism and trade barriers, and would continue to work for trade agreements like the one signed between the European Union and Canada. "I also feel very encouraged by my visit to the United States that negotiations between the EU and the United States on a free trade agreement ... are also being looked at," she said. Merkel''s comments came after the London Times reported on Saturday that U.S. President Donald Trump had warmed to a deal with the bloc after meeting Merkel in March. A source close to the White House was quoted as saying that there had been a "realization" in the Trump administration that a trade deal with the EU - allowing the tariff-free exchange of goods and services - was more important to U.S. interests than a post-Brexit deal with Britain. The newspaper quoted a senior German politician as saying that Trump had repeatedly asked Merkel about signing a bilateral trade deal, but was told such an accord could only be negotiated by the EU. Merkel did not mention the exchange, saying only that she was very encouraged following her U.S. visit and adding that the EU''s first priority was to complete work on a deal with Japan. One of Trump''s first acts as president was to cancel U.S. participation in the Trans-Pacific Partnership (TPP), a free trade deal among 11 Pacific Rim countries. The EU and the United States had begun negotiating the Transatlantic Trade and Investment Partnership under then-President Barack Obama, but the work was not completed. Dieter Kempf, president of the BDI industry group, warned Washington against pursuing protectionist policies. "Those who have trouble understanding how trade surpluses and globalization effects are created are invited to come here and take a look," he said. He also warned the EU against watering down the four basic freedoms of its single market during negotiations with Britain about its exit from the bloc. "We cannot let the four basic freedoms of the EU be diluted by special arrangements or cherry-picking," he said. Merkel said the EU would insist on maintaining them, saying: "We want to continue good relations with Britain, while maintaining the advantages of the single market for ourselves". (Reporting by Andrea Shalal, Reuters TV and Andreas Rinke; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-europe-usa-trade-idUKKBN17P0UO'|'2017-04-24T03:58:00.000+03:00'|2713.0|''|-1.0|'' @@ -2729,7 +2729,7 @@ 2727|'aade090387ca5eb87993a4fd6b25c5965707cc16'|'Japan government raises business sentiment assessment, first time in four months'|' 44am BST Japan government raises business sentiment assessment, first time in four months A construction site is reflected on a window as a businessman walks in Tokyo''s business district, Japan January 20, 2016. REUTERS/Toru Hanai TOKYO Japan''s government raised its assessment of business sentiment in April, the first upgrade in four months, after the Bank of Japan''s tankan survey showed this month that the corporate mood brightened. However, the government left unchanged for the fifth month its overall assessment that the economy is recovering gradually though pockets of weakness remain. Japan''s economy has shown signs of life in recent months, with exports and factory output benefiting from a recovery in global demand. Business confidence among big manufacturers improved for a second straight quarter to hit a one-and-a-half year high, the BOJ tankan released on April 3 showed, a sign the benefits of an export-driven economic recovery were broadening. "Firms'' judgment on current business conditions is improving," the Cabinet Office said in its monthly economic report released on Thursday. This marked an upgrade from last month, when the Cabinet Office, which helps coordinate economic policy, said business sentiment was improving gradually. The BOJ is expected to offer a more upbeat view of the economy at its policy review next week than it did a month ago, sources have told Reuters, as robust exports and factory output support recovery in the world''s third-largest economy. The economy is expected to recover gradually as employment and wages continue to improve, but uncertainty in overseas economies and fluctuations in the financial markets warrant attention, the Cabinet Office said in its report. The Cabinet Office left unchanged its assessment that consumer spending is continuing to recover on the whole, capital expenditure is showing signs of pick up, and that exports are recovering. (Reporting by Minami Funakoshi; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-report-idUKKBN17M0VL'|'2017-04-20T16:44:00.000+03:00'|2727.0|4.0|0.0|'' 2728|'f4f74dfcfde2cc7be9e654175daf254151224943'|'UPDATE 1-UK Stocks-Factors to watch on April 3'|' 42am EDT UPDATE given Imagination Tech notice that it will stop using its graphics technology in the iPhone and other products in up to two years'' time, dealing a major blow to the British company. * RECKITT BENCKISER: British consumer goods maker Reckitt Benckiser is weighing strategic options for its food business, it said on Monday it, following its agreement to buy Mead Johnson . * CO-OP BANK: Britain''s Virgin Money is poised to make a bid for Co-operative Bank , the Times reported on Saturday. bit.ly/2nQyisU * RIO TINTO: The copper market is likely to see a small shortage as early as this year because of a lack of new supply and the removal of up to 800,000 tonnes over the past 18 months in response to modest prices, Rio Tinto''s copper and diamonds chief will say on Tuesday. * SHELL: Royal Dutch Shell has decided to withdraw from Kakinada gas project in India, Business Standard reported on Monday. * NATIONAL GRID: UK electricity system operator National Grid is pressing for a rule change that would allow it to own storage, the Financial Times reported on Sunday. * APAX: British private equity fund Apax Partners is close to finalizing a deal to buy Israel-based Syneron Medical , an aesthetic device company, for about $500 million, Israeli media reported on Sunday. * BRITAIN ECONOMY: British company finance chiefs are their most optimistic in 18 months, but their risk appetite has recovered far less from the battering it took in the run-up to and aftermath of last year''s vote to leave the European Union, a survey showed on Monday. * OIL: Oil futures dipped in early Asian trade on Monday on worries about global oversupply after a higher U.S. rig count pointed to rising U.S. shale production, while a stronger dollar also put pressure on crude. * The UK blue chip FTSE 100 index closed 0.6 percent lower at 7,322.92 points on Friday, weighed down by South Africa-exposed stocks after President Jacob Zuma sacked finance minister Pravin Gordhan, causing a slump in the rand. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1HB2AV'|'2017-04-03T14:42:00.000+03:00'|2728.0|''|-1.0|'' 2729|'3f2f907c0cae162d6e29e4b57f835caa15dc25a2'|'BHP Billiton says costs of Elliott restructure plan outweigh benefits'|'Business News - Wed Apr 12, 2017 - 5:41am BST BHP Billiton reasserts strategy, says Elliott proposals flawed A sign adorns the building where mining company BHP Billiton has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File photo SYDNEY Anglo-Australian miner BHP Billiton ( BHP.AX ) ( BLT.L ) on Wednesday dismissed a wide-ranging proposal by shareholder Elliott Advisors to overhaul its corporate strategy and sell off oil interests, saying the costs would far outweigh the benefits. "The elements of the Elliott proposal as described to the board would not be in the long-term interest of shareholders," BHP Chief Executive Officer Andrew Mackenzie said on an analyst call. "I cannot overstate my strong belief that BHP Billiton is on the right track." The comments came as BHP released a detailed response two days after U.S.-based Elliott made public a letter to its directors urging them to consider spinning off the U.S. oil arm, while returning more cash to investors. The response offered no counterproposal and instead defended the miner''s longstanding strategy. "We have been in engagement with Elliott for eight months," Mackenzie said. "From our earliest engagements it was clear there were major flaws in Elliott''s proposals." Elliott, which said it holds a "long economic interest" of about 4.1 percent of London-listed BHP Billiton PLC, wants the miner to ditch its dual corporate structure and replace it with a single company domiciled in Britain. "The (dual-listed structure) is not a restraint to our business," BHP Chief Financial Officer Peter Beaven told analysts. "It provides two important acquisition currencies in addition to cash." Under the Elliott plan, BHP would have a primary share-market listing in London and a secondary listing in Sydney. The Australian government on Tuesday said any significant changes to BHP''s corporate structure would need to be consistent with a "national interest" test under the law. Over the last decade, BHP has examined the prospect of changing its corporate structure and spinning off its oil business but has ultimately rejected the ideas. "A standard petroleum business would lose access to BHP Billiton''s balance sheet," Mackenzie said on Wednesday. "Were we to adopt this proposal our global partners would have to work with a Balkanised, broken up BHP Billiton." Elliott, an activist hedge fund, has also lobbied for change at other firms including Samsung Electronics Co Ltd ( 005930.KS ), Akzo Nobel NV ( AKZO.AS ) and SABMiller [SABXSH.UL]. (Reporting by James Regan and Jamie Freed; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bhp-billiton-shareholders-idUKKBN17E0BE'|'2017-04-12T12:28:00.000+03:00'|2729.0|''|-1.0|'' -2730|'9f6bd526a9c9c9305b18b4d121d723ac878012ef'|'LVMH''s Arnault to take full control of Christian Dior'|'By Dominique Vidalon and Gilles Guillaume - PARIS PARIS French billionaire Bernard Arnault will combine the Christian Dior fashion brand with his LVMH luxury goods empire as part of a 12 billion euro ($13 billion) move to simplify his business interests - a restructuring long demanded by other investors.Under a series of complex transactions, LVMH ( LVMH.PA ), the world''s largest luxury group, will buy the Christian Dior Couture brand from the Christian Dior ( DIOR.PA ) holding company for 6.5 billion euros, including debt.The deal will unite the 70 year old fashion label worn by film stars from Grace Kelly and Elizabeth Taylor to Jennifer Lawrence and Natalie Portman with the Christian Dior perfume and beauty business already owned by LVMH.The Arnault family, which holds a 47 percent stake in LVMH, will also offer to buy the 25.9 percent of the Christian Dior holding company it does not already own for about 260 euros per share, a premium of 15 percent over Monday''s closing price.The transactions "will allow the simplification of the structures, long requested by the market, and the strengthening of LVMH''s Fashion and Leather Goods division," the 68-year-old Arnault said in a statement.LVMH shares rose almost 5 percent to a record high of 225 euros as investors welcomed the deals, which they expect to boost LVMH earnings. Dior shares also jumped 13 percent to a new high of 256 euros."This is a good acquisition for LVMH in our view given the strong brand of Christian Dior, good use of its balance sheet and it reunites the Christian Dior brand with the very profitable perfume operation that LVMH operates," Barclays analysts wrote in a research note.LAST BIG DEAL?LVMH said it would use a loan to pay for Christian Dior Couture, which has 198 stores in over 60 countries, and whose sales have doubled over the past five years.Exane BNP Paribas analyst Luca Solca welcomed "the long awaited LVMH and Dior merger", which he said was made at a reasonable valuation. Including debt, LVMH is paying 15.6 times Dior''s 2017 earnings before interest, taxes, depreciation and amortization (EBITDA).Solca added the deal also reduced the risk of LVMH, whose brands include Louis Vuitton and Hennessy cognac, buying pricey, "trophy assets".Finance chief Jean-Jacques Guiony declined to comment on LVMH''s future mergers and acquisitions (M&A) policy. But Arnault told the Financial Times that LVMH was not hunting for acquisitions as "fewer and fewer assets are looking attractive to us. And the best assets are not for sale."The Dior holding company owns 41 percent of the LVMH group and 100 percent of Christian Dior Couture, the home of the Lady Dior handbag.Arnault''s family company will offer 172 euros per share and 0.192 Hermes ( HRMS.PA ) shares for each Dior holding company share. There are potential all-cash and all-share alternatives.Arnault has a stake of about 8 percent in luxury group Hermes ( HRMS.PA ), and Hermes'' shares fell from earlier record highs on the prospect of more of the stock coming to the market.LVMH said the overall deal would boost earnings per share by some 3 percent within the first year of its completion, with the transactions expected to close during the second half of 2017.(Additional reporting by Blandine Henault; Editing by Andrew Callus and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-lvmh-dior-idINKBN17R0I1'|'2017-04-25T17:50:00.000+03:00'|2730.0|''|-1.0|'' +2730|'9f6bd526a9c9c9305b18b4d121d723ac878012ef'|'LVMH''s Arnault to take full control of Christian Dior'|'By Dominique Vidalon and Gilles Guillaume - PARIS PARIS French billionaire Bernard Arnault will combine the Christian Dior fashion brand with his LVMH luxury goods empire as part of a 12 billion euro ($13 billion) move to simplify his business interests - a restructuring long demanded by other investors.Under a series of complex transactions, LVMH ( LVMH.PA ), the world''s largest luxury group, will buy the Christian Dior Couture brand from the Christian Dior ( DIOR.PA ) holding company for 6.5 billion euros, including debt.The deal will unite the 70 year old fashion label worn by film stars from Grace Kelly and Elizabeth Taylor to Jennifer Lawrence and Natalie Portman with the Christian Dior perfume and beauty business already owned by LVMH.The Arnault family, which holds a 47 percent stake in LVMH, will also offer to buy the 25.9 percent of the Christian Dior holding company it does not already own for about 260 euros per share, a premium of 15 percent over Monday''s closing price.The transactions "will allow the simplification of the structures, long requested by the market, and the strengthening of LVMH''s Fashion and Leather Goods division," the 68-year-old Arnault said in a statement.LVMH shares rose almost 5 percent to a record high of 225 euros as investors welcomed the deals, which they expect to boost LVMH earnings. Dior shares also jumped 13 percent to a new high of 256 euros."This is a good acquisition for LVMH in our view given the strong brand of Christian Dior, good use of its balance sheet and it reunites the Christian Dior brand with the very profitable perfume operation that LVMH operates," Barclays analysts wrote in a research note.LAST BIG DEAL?LVMH said it would use a loan to pay for Christian Dior Couture, which has 198 stores in over 60 countries, and whose sales have doubled over the past five years.Exane BNP Paribas analyst Luca Solca welcomed "the long awaited LVMH and Dior merger", which he said was made at a reasonable valuation. Including debt, LVMH is paying 15.6 times Dior''s 2017 earnings before interest, taxes, depreciation and amortization (EBITDA).Solca added the deal also reduced the risk of LVMH, whose brands include Louis Vuitton and Hennessy cognac, buying pricey, "trophy assets".Finance chief Jean-Jacques Guiony declined to comment on LVMH''s future mergers and acquisitions (M&A) policy. But Arnault told the Financial Times that LVMH was not hunting for acquisitions as "fewer and fewer assets are looking attractive to us. And the best assets are not for sale."The Dior holding company owns 41 percent of the LVMH group and 100 percent of Christian Dior Couture, the home of the Lady Dior handbag.Arnault''s family company will offer 172 euros per share and 0.192 Hermes ( HRMS.PA ) shares for each Dior holding company share. There are potential all-cash and all-share alternatives.Arnault has a stake of about 8 percent in luxury group Hermes ( HRMS.PA ), and Hermes'' shares fell from earlier record highs on the prospect of more of the stock coming to the market.LVMH said the overall deal would boost earnings per share by some 3 percent within the first year of its completion, with the transactions expected to close during the second half of 2017.(Additional reporting by Blandine Henault; Editing by Andrew Callus and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-lvmh-dior-idINKBN17R0I1'|'2017-04-25T17:50:00.000+03:00'|2730.0|28.0|1.0|'' 2731|'cfe22b4c369cc76614855d116f23623814ef6832'|'Mickelson a distraction in insider trading case -gambler''s lawyer'|'U.S. 43pm EDT Mickelson a distraction in insider trading case: gambler''s lawyer left right FILE PHOTO: Professional sports gambler William ''Billy'' Walters departs Federal Court after a hearing in Manhattan, New York City, New York, U.S., July 29, 2016. REUTERS/Andrew Kelly/File Photo 1/2 left right Apr 6, 2017; Augusta, GA, USA; Phil Mickelson hits his tee shot on the 2nd hole during the first round of The Masters golf tournament at Augusta National Golf Club. Mandatory Credit: Michael Madrid-USA TODAY Sports 2/2 By Brendan Pierson An attorney defending Las Vegas sports gambler William "Billy" Walters against insider trading charges told jurors on Wednesday that prosecutors introduced testimony about star golfer Phil Mickelson to cover up the weakness of their case. In a closing argument in Manhattan federal court, lawyer Barry Berke said prosecutors brought in evidence about the golfer because they did not have enough evidence against Walters himself, likening it to "putty" used to patch holes in a wall. Prosecutors say Walters made more than $40 million trading in Dean Foods Co stock based on insider information from former Dean Foods Chairman Tom Davis, and at one point passed a tip to Mickelson. The golfer agreed to pay back money he made trading Dean Foods stock but has not been accused of wrongdoing. Berke attacked the credibility of Davis, who testified that he passed inside information to Walters for years. Davis has pleaded guilty to insider trading charges and is cooperating with prosecutors. Prosecutors say that in return for insider tips, Davis received personal loans from Walters of more than $1 million. Berke told jurors that Davis made up an elaborate lie to get a sweetheart deal for himself, "reverse engineering" records of his phone calls with Walters and Walters'' trades to invent a pattern of insider trading. Davis said he told Walters in advance about earnings reports and about a 2012 spinoff of part of Dean Foods'' business. Berke spent much of his argument pointing out what he said were inconsistencies between Davis''s testimony and the timing of Walters'' phone calls and trades. He attacked Davis''s testimony that Walters gave him a special phone to talk about Dean Foods at a meeting at Dallas Love Field, an airfield in Dallas. Berke said flight records for Walters'' plane did not fit Davis''s account. "It doesn''t hold together like the truth," Berke said of Davis''s testimony. In a rebuttal, Assistant U.S. Attorney Daniel Goldman acknowledged that Davis, by his own admission, had lied repeatedly, not only while being investigated for insider trading but about stealing from a charity he ran and about marital infidelities. But Goldman said Davis''s testimony fit the record of phone calls and trades, despite some inconsistencies. "Tom Davis was asked to recall a years-long conspiracy," Goldman said. "He did his best to remember what he could." The case is U.S. v. Davis et al, U.S. District Court, Southern District of New York, No. 16-cr-00338. (Reporting by Brendan Pierson in New York; Editing by Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-insidertrading-walters-idUSKBN1782T6'|'2017-04-07T04:40:00.000+03:00'|2731.0|''|-1.0|'' 2732|'9d3c36c86fc1f33731ef0cdff81607192f845eed'|'Cenovus shareholder seeks to halt purchase of ConocoPhillips assets'|'TORONTO A Cenovus Energy Inc ( CVE.TO ) shareholder has asked a Canadian regulator to halt the company''s recent C$17 billion ($12.6 billion) purchase of some ConocoPhillips ( COP.N ) assets, saying the new stock issued to help fund the deal has diluted the value of Cenovus shares.Toronto-based Coerente Capital Management has filed a letter with the Ontario Securities Commission, Len Racioppo, Coerente''s managing director, said in an email to Reuters on Tuesday."It is pretty outrageous that they would do a deal that would dilute shareholders by 47 percent and not bring it to a vote," Racioppo said, confirming a comment he made earlier to the Financial Post. "If you''re going to transform a company without asking shareholders I don''t care if it''s legal it''s not right," he added.Racioppo told the Financial Post he had asked the regulator to halt the deal pending a shareholder vote. Coerente owns or controls 524,000 Cenovus shares for its clients, according to the Financial Post.Cenovus last month agreed to buy most of ConocoPhillips'' Canadian oil and gas assets in a deal that effectively doubled the size of the Canadian oil company, but dented its pristine balance sheet and pushed it into the largely unknown territory of natural gas.The acquisition was funded in part through the selling of new shares, but the deal is structured in a way that it does not require shareholder approval. Cenovus reports earnings and holds its shareholder meeting on Wednesday..Asked about the company''s response to the letter, Cenovus spokesman Brett Harris said the transaction would create "significant" shareholder value while maintaining financial resiliency."The board of directors then structured the overall transaction as it believed was in the best interests of the company, and did so within its authority," he said.Cenovus shares were flat on Tuesday, having lost about a fifth of their value since the deal was announced. The commission declined to comment.(Reporting by Denny Thomas in Toronto and Ethan Lou in Calgary, Alberta; Editing by David Gregorio)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cenovus-energy-conocophillips-complai-idUSKBN17R23V'|'2017-04-25T20:24:00.000+03:00'|2732.0|''|-1.0|'' 2733|'4191061da1a9dc02945514a3e09acaea0ce3e404'|'Toshiba to start taking bids in June for its Swiss unit Landis+Gyr: Kyodo'|'TOKYO Japan''s Toshiba Corp ( 6502.T ) will start taking bids for Landis+Gyr, its Swiss smart meter unit, as early as June, Kyodo news agency reported on Tuesday.Hitachi Ltd ( 6501.T ) and other Japanese firms are seen as possible bidders for the unit, Kyodo said, without citing sources.Reuters last month reported that Toshiba had hired UBS to explore a sale or an initial public offering of the business, potentially valued at over $2 billion.Toshiba is targeting buyout groups such as Carlyle ( CG.O ), Cinven [CINV.UL], Advent, Blackstone ( BX.N ), Bain, Onex ( ONEX.TO ), Triton, CD&R and even former owner KKR ( KKR.N ), a person close to the matter said.A Toshiba spokesman did not have an immediate comment on the report.(Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-restructuring-landisgyr-idINKBN17R0E8'|'2017-04-25T03:29:00.000+03:00'|2733.0|''|-1.0|'' @@ -2742,7 +2742,7 @@ 2740|'77ea9b1821d1e5729d43c4474d01b714da124b92'|'U.S. President Trump resorting to unilateralism with steel probe -China Daily'|' 5:34am BST U.S. President Trump resorting to unilateralism with steel probe -China Daily FILE PHOTO - A Chinese woman adjusts a Chinese national flag next to U.S. national flags before a Strategic Dialogue expanded meeting, part of the U.S.-China Strategic and Economic Dialogue (S&ED) held at the Diaoyutai State Guesthouse in Beijing, July 10, 2014. REUTERS/Ng Han Guan/Pool BEIJING Washington''s move to probe steel imports could trigger a trade dispute between the United States and its major trading partners, who are likely to take retaliatory steps, the official China Daily said in an editorial on Monday. The article was the strongest official response yet to U.S. President Donald Trump on Thursday launching an investigation of China and other steel producers for dumping cheap steel products into the United States. "By proposing an unjustified investigation into steel imports in the guise of safeguarding national security, the U.S. seems to be resorting to unilateralism to solve bilateral and multilateral problems," the China Daily said. The probe could result in efforts by the United States to curb imports that will affect the interests of a number of its major trade partners, including China, it said. "If the U.S. does take protectionist measures, then other countries are likely to take justifiable retaliatory actions against U.S. companies that have an advantage ... in fields such as finance and high-tech, leading to a tit-for-tat trade war that benefits no one," it said. The article called on the United States, the world''s top economy, to use the settlement mechanism under the World Trade Organization to resolve the dispute over steel. Reducing imports will not alter the weak competitiveness of U.S. steelmakers, help restore U.S. manufacturing or bring back jobs, as President Trump hopes, it said. It was a marked shift from official comments on Friday. China''s Foreign Ministry spokesman Lu Kang said in a briefing the country needed to ascertain the direction of any U.S. investigation before it could make a judgment. (Reporting by Josephine Mason; Editing by Tom Hogue)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-steel-china-idUKKBN17Q0AW'|'2017-04-24T12:34:00.000+03:00'|2740.0|''|-1.0|'' 2741|'1d6639fed0e9ca7208617e18611915f257e7afa5'|'Gucci revival, YSL drive Kering first quarter sales beat'|'Tue Apr 25, 2017 - 4:56pm BST Gucci revival, YSL drive Kering Q1 sales beat FILE PHOTO: The logo of Kering is seen during the company''s 2015 annual results presentation in Paris, France, February 19, 2016. REUTERS/Charles Platiau/File Photo PARIS French luxury group Kering ( PRTP.PA ) delivered a forecast-beating 28.6 percent jump in first-quarter comparable sales on Tuesday, as a revival at its biggest brand, Italy''s Gucci, accelerated and fashion house Yves Saint Laurent outperformed. Kering, whose strong results provided further evidence of a recovery in the wider luxury sector, said its quarterly performance put it in a particularly good position for the rest of the year despite political and economic uncertainties. First quarter comparable sales at Gucci, which makes over 60 percent of Kering''s profit and whose products are favored by celebrities such as singer Rihanna, rose 48.3 percent, beating analysts'' expectations of 21.4 percent growth. Kering''s Yves Saint Laurent posted comparable sales growth of 33.4 percent, also beating expectations of 19 percent growth, while sales at Bottega Veneta rose 2.3 percent amid improving tourism spending in Europe and stronger demand in Asia. Analysts polled by Financial Inquiry for Reuters eyed group comparable sales growth of 13.6 percent in the first quarter 2017 against 10.4 percent growth in the fourth quarter 2016. (Reporting by Dominique Vidalon; editing by John Irish)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-kering-reults-idUKKBN17R23C'|'2017-04-25T23:49:00.000+03:00'|2741.0|''|-1.0|'' 2742|'8d8c3eb35538c3e4c8876cba507d96af17e94134'|'India sugar futures fall after cabinet extends cap on stocks by 6 months'|'NEW DELHI Indian sugar futures fell on Wednesday after the cabinet extended by six months a limit on the quantity of sugar that mills can hold, in a move to contain high local prices.May sugar was down 0.2 percent at 3,761 rupees ($58.26) per 100 kg on the National Commodity & Derivatives Exchange Ltd (NCDEX) as of 1240 GMT.The price of the contract had breached the 4000-rupee level to reach a record high in February.India, the world''s biggest sugar consumer, earlier this month allowed imports of 500,000 tonnes of duty-free raw sugar, as a drought has cut output below consumption levels for the first time in seven years.May soyoil futures were down 0.4 percent at 617 rupees, tracking weakness in Malaysian palm oil and other overseas soyoil contracts.May rapeseed contract was marginally up at 3,821 rupees per 100 kg, while Indian soybean closed largely flat at 3009 rupees.($1 = 64.5550 Indian rupees)(Reporting by Sudarshan Varadhan; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-grains-idINKBN17L1NP'|'2017-04-19T11:21:00.000+03:00'|2742.0|''|-1.0|'' -2743|'8f1c3bc2b058c40e42aa3eb444172f006b6ff854'|'Blackrock among those seeking to block Novo Banco-Lone Star deal'|'Business News - Tue Apr 4, 2017 - 2:51am BST Blackrock among those seeking to block Novo Banco-Lone Star deal People pass by a Novo Banco branch in Lisbon, Portugal March 31, 2017. REUTERS/Pedro Nunes Blackrock and other asset management institutions are seeking an injunction this week to block the sale of Portugal''s Novo Banco to U.S. private equity firm Lone Star. "The rules governing the sales process are discriminatory and breach Portuguese and EU law," the fund managers, which included Blackrock, said in an email statement. The names of other financial institutions were not mentioned. The Bank of Portugal in 2015 had transferred bonds from "good bank" Novo Banco to Banco Espirito Santo (BES) to boost Novo Banco''s balance sheet by 1.98 billion euros ($2.11 billion). Novo Banco was created from BES in August 2014 after a 4.9 billion euro rescue. The bond transfer had caused losses of about 1.5 billion for ordinary retail investors and pensioners and a group representing more than two-thirds of the transferred notes had begun legal proceedings against the Bank of Portugal, the statement said. Closure of the Novo Banco sale to Lone Star would impair the fund managers clients'' claim against Novo Banco and their clients ability to recoup losses, the statement said. Portugal on Friday had agreed to sell a 75 percent stake in state-rescued lender Novo Banco to Lone Star in exchange for a capital injection of 1 billion euros into the institution. (Reporting by Sangameswaran S in Bengaluru; Editing by Bill Trott) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-portugal-novobanco-injunction-idUKKBN17604W'|'2017-04-04T09:51:00.000+03:00'|2743.0|''|-1.0|'' +2743|'8f1c3bc2b058c40e42aa3eb444172f006b6ff854'|'Blackrock among those seeking to block Novo Banco-Lone Star deal'|'Business News - Tue Apr 4, 2017 - 2:51am BST Blackrock among those seeking to block Novo Banco-Lone Star deal People pass by a Novo Banco branch in Lisbon, Portugal March 31, 2017. REUTERS/Pedro Nunes Blackrock and other asset management institutions are seeking an injunction this week to block the sale of Portugal''s Novo Banco to U.S. private equity firm Lone Star. "The rules governing the sales process are discriminatory and breach Portuguese and EU law," the fund managers, which included Blackrock, said in an email statement. The names of other financial institutions were not mentioned. The Bank of Portugal in 2015 had transferred bonds from "good bank" Novo Banco to Banco Espirito Santo (BES) to boost Novo Banco''s balance sheet by 1.98 billion euros ($2.11 billion). Novo Banco was created from BES in August 2014 after a 4.9 billion euro rescue. The bond transfer had caused losses of about 1.5 billion for ordinary retail investors and pensioners and a group representing more than two-thirds of the transferred notes had begun legal proceedings against the Bank of Portugal, the statement said. Closure of the Novo Banco sale to Lone Star would impair the fund managers clients'' claim against Novo Banco and their clients ability to recoup losses, the statement said. Portugal on Friday had agreed to sell a 75 percent stake in state-rescued lender Novo Banco to Lone Star in exchange for a capital injection of 1 billion euros into the institution. (Reporting by Sangameswaran S in Bengaluru; Editing by Bill Trott) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-portugal-novobanco-injunction-idUKKBN17604W'|'2017-04-04T09:51:00.000+03:00'|2743.0|25.0|-1.0|'' 2744|'b4ee2f303463654766de5ac4e240f12662d5f192'|'Wells Fargo sweetens customer settlement to $142 million over fake accounts 21,'|'Wells Fargo CEO: We should have addressed concerns in 2004 Good news for Wells Fargo customers caught up in the fake account scandal: The bank has agreed to sweeten its class action settlement. Wells Fargo ( WFC ) said on Friday the revised preliminary agreement to compensate customers is now worth $142 million, up from $110 million, from the original deal announced in late March. The embattled bank has also expanded the scope of the settlement. Now, customers who had unauthorized accounts opened in their name as early as May 2002 will be included. The previous agreement only went back to 2009. The new timeline reflects the reality that the scandal took place earlier than previously thought. Wells Fargo''s own board of directors put out a 110-page report on April 10 that found evidence of "mass terminations" of employees for opening unauthorized accounts and other misconduct going back to "at least 2002." "We made a number of mistakes, there''s no question about it. We''re focused on fixing what was broken, making sure that we''re making things right by our customers," Wells Fargo CEO Tim Sloan told CNN''s Poppy Harlow in an exclusive interview this week. Wells Fargo said the revised settlement, which is subject to court approval, will cover "all customers" claiming that without their consent the bank opened an account in their name, enrolled them in a product or service or submitted credit card or other applications. Related: Wells Fargo CEO: We''re America''s ''best corporate citizen'' Once preliminary approval is received for the settlement, Wells Fargo said a notice will be sent to customers explaining the process to make claims. It''s not clear how much each customer will receive because it''s too early to know how many people will be included in the settlement. After subtracting attorneys'' fees and costs of administration, Wells Fargo said the $142 million will go towards reimbursing customers for fees and damage to their credit scores. The remainder of the pool will be for "additional compensation," the bank said. Lawyers representing the plaintiffs said in a separate statement that the additional compensation will be "based on the number of unauthorized accounts, products or services opened in their names." The class action payouts would be on top of the $3.2 million in refunds that Wells Fargo paid to customers to cover 130,000 potentially-unauthorized accounts Those refunds work out to about $25 per account. Related: Feds knew of 700 Wells Fargo whistleblower complaints Wells Fargo was at the center of a national firestorm last September when regulators slapped the bank with $185 million in fines for creating some two million unauthorized accounts. The bank said it fired 5,300 workers since 2011 for improper sales tactics. Wells Fargo has since taken numerous steps aimed at fixing its culture, including eliminating unrealistic sales goals , changing its leadership and clawing back $180 million in pay from senior executives. The settlement with regulators was based on a review of accounts going back to 2011. Under pressure from the public, Wells Fargo agreed to expand the account review to include 2009 and 2010. However, Wells Fargo does not plan to review accounts back to 2002, despite the findings of the independent board report finding evidence of "mass terminations" of employees for opening unauthorized accounts and other misconduct. Sloan told CNN that''s because there are "challenges" with the "quality of the data" from that long ago. He urged customers who have concerns to reach out to Wells Fargo. "We''ve done everything we can to turn over every stone," Sloan said. CNNMoney (New York) 11:55 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/04/21/investing/wells-fargo-expands-customer-settlement/index.html'|'2017-04-21T20:19:00.000+03:00'|2744.0|''|-1.0|'' 2745|'91993a25476dfb61e0369ef702aa836122bb366f'|'Massachusetts sues Ocwen over mortgage servicing practices'|'By Nate Raymond - BOSTON, April 28 BOSTON, April 28 The Massachusetts attorney general sued a unit of Ocwen Financial Corp on Friday, accusing the mortgage servicing company of engaging in abusive practices that harmed thousands of homeowners in the state.The lawsuit, filed in Suffolk County Superior Court, came a week after the U.S. Consumer Financial Protection Bureau, the Florida attorney general and more than 20 state banking regulators took action against Ocwen.Massachusetts Attorney General Maura Healey said Ocwen Loan Servicing LLC charged homeowners for unnecessary forced-place insurance policies, hit delinquent borrowers with excessive fees and failed to process escrow and insurance payments."It is alarming that one of the nation''s largest mortgage loan servicers has proven itself to be incapable of properly handling homeowners'' mortgages in Massachusetts," Healey said in a statement.Ocwen, one of the United States'' largest nonbank mortgage servicers, in a statement said that it was reviewing the matter and intended to vigorously defend itself.The lawsuit followed a similar case brought by the CFPB on April 20, accusing Ocwen of widespread misconduct in how it serviced borrowers'' loans, from foreclosure abuses to a basic failure to send accurate monthly statements.CFPB officials said Ocwen and its subsidiaries have failed to clean up their act, even after reaching a settlement with the agency and states in 2013 to provide $2.1 billion in relief to harmed borrowers because of similar violations.The CFPB''s lawsuit was filed as more than 20 state banking regulators, including the Massachusetts Division of Banks, issued orders or charges to subsidiaries of Ocwen to address violations of state and federal laws.Ocwen on Wednesday filed a legal challenge to the CFPB that argued the agency was not legal under the U.S. constitution. Ocwen has also filed lawsuits to block the actions by the Massachusetts and Illinois banking regulators. (Reporting by Nate Raymond in Boston; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ocwen-financial-lawsuit-idINL1N1I02EW'|'2017-04-28T21:14:00.000+03:00'|2745.0|''|-1.0|'' 2746|'459bdea494993bffc7e66a206c08c66701680a97'|'Brazil''s Renova sells wind farm to AES unit for $193 million'|'SAO PAULO Renova Energia SA sold a wind farm project to a unit of AES Corp for 600 million reais ($193 million) on Tuesday, enabling the Brazilian renewable power company to replenish cash amid a severe cash crunch.In a securities filing, AES Tiet Energia SA said it plans to assume 1.150 billion reais worth of debt owed by the Alto Sertao II project. The deal''s value could increase by 100 million reais within five years, depending on whether the project outperforms some unspecified operational metrics.Reuters reported on Jan. 2 that Renova and AES Tiet, a unit of AES Brasil, had reached an accord over Alto Sertao II for a price between 600 million reais and 700 million reais.($1 = 3.1071 reais)(Reporting by Guillermo Parra-Bernal and Luciano Costa; Editing by Jonathan Oatis)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-renova-energia-m-a-aes-corp-idUSKBN17K2M9'|'2017-04-19T02:01:00.000+03:00'|2746.0|''|-1.0|'' @@ -2773,14 +2773,14 @@ 2771|'191c9975f6bf38e49b872f8d6eaafe86dac68a51'|'Shapoor Mistry resigns from Indian Hotels board'|'Money 9:18pm IST Shapoor Mistry resigns from Indian Hotels board Tourists use binoculars in front of the Taj Mahal hotel in Mumbai May 30, 2013. REUTERS/Vivek Prakash/File Photo NEW DELHI Shapoor Mistry, the elder brother of former Tata Sons Chairman Cyrus Mistry, has resigned as a director of the board of Indian Hotels Co, the company said on Tuesday. Indian Hotels runs the Tata group''s luxury hotels and resorts business. The Shapoorji Pallonji family own a roughly 18 percent stake in Tata Sons, with Tata Trusts - a group of public charities - owning a controlling 66 percent stake in the holding company. Cyrus Mistry was forced out from the chairmanship of Tata Sons last October, and has since been embroiled in a public spat with the group. For the notification, please see: bit.ly/2q1iWRo (Reporting by Neha Dasgupta and Nidhi Verma; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/indian-hotel-tata-idINKBN17R22K'|'2017-04-25T23:48:00.000+03:00'|2771.0|''|-1.0|'' 2772|'ee10cd16ca8af69c225d91a94c289544b1b17684'|'GE Power division nears $3 billion services deal in Algeria: source'|'NEW YORK GE Power, a division of General Electric Co ( GE.N ), is close to signing a services deal with a subsidiary of Algerian utility Sonelgaz SpA valued at more than $3 billion, likely the largest such agreement ever for GE, according to a person familiar with the matter.Under the agreement with Sonelgaz SPE, which could be announced as early as Monday, GE would provide long-term maintenance services for 10 Sonelgaz power plants in Algeria, install 68 gas technology upgrades and deploy industrial internet software applications using GE''s Predix operating system.GE signed a $2.7 billion deal with Sonelgaz SPE in 2013 to supply large gas turbines and related technology to nine power plants in the country. In 2014, GE signed a $400 million agreement to build an industrial complex to produce gas and steam turbines under a joint venture with Sonelgaz called General Electric Algeria Turbines.(Reporting by Alwyn Scott; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ge-deal-algeria-idINKBN17Q0LQ'|'2017-04-24T05:46:00.000+03:00'|2772.0|''|-1.0|'' 2773|'014f7a74181044b0ce0443efe597641ad9dd4f58'|'UPDATE 1-New York passes emergency spending plan to avoid shutdown'|'Politics - Mon Apr 3, 2017 - 7:23pm EDT New York passes emergency spending plan to avoid shutdown FILE PHOTO: Andrew Cuomo, Governor of New York, speaks to members of the press at Trump Tower in New York City, U.S. January 18, 2017. REUTERS/Stephanie Keith By James Odato - ALBANY, N.Y. ALBANY, N.Y. New York lawmakers on Monday passed an emergency spending plan authorizing Governor Andrew Cuomo to pay bills and keep the state government operating for the next two months. The state was supposed to have a budget at the start of its fiscal 2018 on Saturday, but the legislature and Cuomo failed to agree on a comprehensive plan as they debated broader policies. Monday''s stopgap, 1,700-page "extender budget" avoids a government shutdown through May 31, assuring that state agencies and contractors will provide services and roughly 200,000 state employees will get paid despite the impasse. The full budget has been delayed in part by debate over raising the age of adult criminal responsibility to 18, which would leave North Carolina as the only state to automatically prosecute and imprison 16- and 17-year-olds as adults regardless of the crime. "There are political and ideological differences between the Senate and Assembly. We must resolve these issues. A complete budget requires it," Cuomo, who supports lifting the age, said in a statement late on Sunday. Lawmakers and Cuomo have been divided over other issues, including a replacement for an expired program that gives tax breaks to affordable housing developers and extending a so-called millionaire''s tax on wealthy New Yorkers. Cuomo also laid some blame on uncertainty about Washington''s policies, including any revised effort to overhaul the Affordable Care Act, which could strip New York of at least $4.6 billion of Medicaid and other funding. "New York State is a target for hostile federal actions ranging from severe financial cutbacks to deprivation of legal and personal rights," said Cuomo, a Democrat who is widely touted as a possible 2020 presidential candidate. Assembly member Fred Thiele Jr., an Independent who caucuses with Democrats, was one of several lawmakers to criticize the inclusion of policy initiatives in the budget legislation, saying from the legislative floor during voting on the bill that "we are not the platform committee for Cuomo 2020." "They should not be forced down the throat of the legislature as part of the budget process," Thiele said during the session. "The national stage is watching," said Assemblymember Diana Richardson, a Democrat from Brooklyn, who voted against the extension. The budget extension authorizes $40 billion in state spending, including $10.3 billion in state appropriations, $12.4 billion aid to local governments and $17.3 billion in capital projects. Lawmakers want to get the budget done this week. Whenever it arrives, it will be by far the latest budget since Cuomo took office in 2011. The Republican-led Senate and Democrat-dominated Assembly endorsed the extension overwhelmingly, but many said they did so reluctantly to avoid a government shutdown. Some were sour on the length of the extension or that it allows for $8.9 billion in new debt over the next two months. The measure authorizes billions of dollars in bond financing for bridges and infrastructure projects. Cuomo and lawmakers are also close to a deal on plans to allow car-hailing services such as Lyft and Uber outside New York City, where they are already permitted, Assemblymember Kevin Cahill, a Democrat from Kingston who chairs the Assembly Insurance Committee, said in an interview on Monday after the voting session. (Reporting by James Odato in Albany; Additional reporting by Hilary Russ in New York; Editing by Meredith Mazzilli and Richard Chang) Next In Politics'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-new-york-budget-idUSKBN1752OE'|'2017-04-04T07:15:00.000+03:00'|2773.0|10.0|0.0|'' -2774|'d81ddb584eaafdd5a011e1495021b53e2367bb54'|'RPT-Xi stamp of approval fuels frenzied hopes for new China economic zone'|' Xi stamp of approval fuels frenzied hopes for new China economic zone (Repeats story from late Wednesday with no changes) By Yawen Chen and Elias Glenn XIONGXIAN, China/BEIJING, April 12 Like many residents of Xiongxian county, a polluted corner of Hebei province, 17-year-old Liu Zipeng has been giddy with excitement since China announced plans this month for a vast new economic zone backed by President Xi Jinping himself. "I am so happy - I don''t need to move to Beijing or worry about getting a wife anymore," Liu said with a laugh. Such are the hopes for the area, about 100 km (60 miles) southwest of Beijing, that authorities quickly banned property sales to quash a speculative frenzy. While China has set high expectations by touting the Xiongan New Area as a successor to zones in Shenzhen and Shanghai that helped make China an economic powerhouse, the force of Xi''s endorsement could help it flourish where other new development areas failed to match the hype. In a sign of Beijing''s intent, Xu Qin, the former mayor and Communist party boss for Shenzhen, was named acting governor of Hebei province on Friday, with analysts saying it is likely he will be tapped to lead development of Xiongan. Once a sleepy fishing village, Shenzhen, bordering Hong Kong, became an economic juggernaut after being declared a special economic zone in 1980. Details for Xiongan, planned eventually to stretch across 2,000 square kilometres, an area almost as big as Tokyo, remain sketchy. It is pitched as an environmentally friendly city housing some of Beijing''s relocated "non-capital functions", with hopes to attract high-tech industries. Nearly 30 large state enterprises including PetroChina and China Shipbuilding Industry Corp have expressed interest, though no specific relocation plans have been announced. The three counties that make up the area, Xiongxian, Anxin and Rongcheng, are home to about a million people as well as wheat fields, light manufacturing and heavy pollution - endemic in much of Hebei. But unlike Shenzhen and Shanghai''s Pudong, the development of Xiongan is not expected to be accompanied by major economic reforms, and its landlocked setting is a transportation disadvantage. "Natural market forces would probably not have chosen this place. But if the central government backs it with unlimited resources, it could become whatever it wants to be," said Steven McCord, head of research for North China at real estate consultancy Jones Lang LaSalle. The plan fits into a broader regional integration push for the cities of Beijing and Tianjin and Hebei province, dubbed Jing-Jin-Ji, which has been spearheaded by Xi since 2015 to tackle the "big city disease" plaguing Beijing, a crowded and polluted city of 22 million. But Jing-Jin-Ji''s progress has been slower than hoped. "It''s been hard to get traction getting Beijing, Tianjin, and Hebei to work together seamlessly," McCord said. Xiongan could be a political and geographical "clean slate" to generate more jobs and economic stimulus for North China, he said. Xi himself visited Anxin county in late February, which only became public when China announced plans for Xiongan on April 1. Morgan Stanley''s base scenario foresees 133 billion yuan ($19.3 billion) in additional fixed asset investment annually over 15 years to build Xiongan, equivalent to just 0.24 percent of China''s 56.2 trillion yuan of nationwide fixed asset investment last year. MIXED RECORD While the Shenzhen and Shanghai economic zones thrived, some similar schemes in China have fallen short of expectations. Caofeidian, also in Hebei, was promoted by former President Hu Jintao as a new industrial zone in 2008, but development foundered as debt accumulated. Authorities have been trying to give Caofeidian another push to upgrade its industries to become a driver of Jing-Jin-Ji''s integration, but competition among provinces has been a drag on progress. "Caofeidian had central government support, but it was a long way from being a national-level special economic zone. Its importance was definitely not at the same level that Xiongan is seeing now," said He Jun, head of macroeconomic research at Anbound Consulting. "Xiongan''s biggest advantage is that it has strong support from the central government." He remains doubtful that Xiongan will emulate Shanghai or Shenzhen due to its geography and the greater openness of China''s economy now, but the political leadership seems intent on making it succeed. Among the architects of the new project is Xu Kuangdi, the mayor of Shanghai in the late 90s who also heads the advisory committee for Jing-Jin-Ji. The leadership make-up is intended to ensure Xiongan would "escape past failures", said Liu Ying, a researcher at Renmin University''s Chong Yang Institute for Financial Studies. Not everyone in Anxin is cheered by the prospect. An Anxin restaurant owner in her 50s surnamed Liu said she checks social media constantly for updates, as she fears being forced out of the spacious villa built on her farmland. "I don''t think it is necessarily a good thing for me. Our lives are pretty good right now." Down a street next to fields of withered wheat, workers loaded a truck with plastic pipes, a major local industry. "The establishment of the new zone for sure will limit us further as we do pollute the environment to some degree," said Zhao Xiaodong, owner of Jitong Plastic. But most locals are optimistic. "If president Xi thinks it will be the next Shenzhen and Shanghai, then it will be," said Mrs Shi, a shop worker in Xiongxian. ($1 = 6.8998 Chinese yuan renminbi) David Stanway; Editing by Tony Munroe and Will Waterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-economy-xiongan-idUSL3N1HK385'|'2017-04-13T07:00:00.000+03:00'|2774.0|''|-1.0|'' +2774|'d81ddb584eaafdd5a011e1495021b53e2367bb54'|'RPT-Xi stamp of approval fuels frenzied hopes for new China economic zone'|' Xi stamp of approval fuels frenzied hopes for new China economic zone (Repeats story from late Wednesday with no changes) By Yawen Chen and Elias Glenn XIONGXIAN, China/BEIJING, April 12 Like many residents of Xiongxian county, a polluted corner of Hebei province, 17-year-old Liu Zipeng has been giddy with excitement since China announced plans this month for a vast new economic zone backed by President Xi Jinping himself. "I am so happy - I don''t need to move to Beijing or worry about getting a wife anymore," Liu said with a laugh. Such are the hopes for the area, about 100 km (60 miles) southwest of Beijing, that authorities quickly banned property sales to quash a speculative frenzy. While China has set high expectations by touting the Xiongan New Area as a successor to zones in Shenzhen and Shanghai that helped make China an economic powerhouse, the force of Xi''s endorsement could help it flourish where other new development areas failed to match the hype. In a sign of Beijing''s intent, Xu Qin, the former mayor and Communist party boss for Shenzhen, was named acting governor of Hebei province on Friday, with analysts saying it is likely he will be tapped to lead development of Xiongan. Once a sleepy fishing village, Shenzhen, bordering Hong Kong, became an economic juggernaut after being declared a special economic zone in 1980. Details for Xiongan, planned eventually to stretch across 2,000 square kilometres, an area almost as big as Tokyo, remain sketchy. It is pitched as an environmentally friendly city housing some of Beijing''s relocated "non-capital functions", with hopes to attract high-tech industries. Nearly 30 large state enterprises including PetroChina and China Shipbuilding Industry Corp have expressed interest, though no specific relocation plans have been announced. The three counties that make up the area, Xiongxian, Anxin and Rongcheng, are home to about a million people as well as wheat fields, light manufacturing and heavy pollution - endemic in much of Hebei. But unlike Shenzhen and Shanghai''s Pudong, the development of Xiongan is not expected to be accompanied by major economic reforms, and its landlocked setting is a transportation disadvantage. "Natural market forces would probably not have chosen this place. But if the central government backs it with unlimited resources, it could become whatever it wants to be," said Steven McCord, head of research for North China at real estate consultancy Jones Lang LaSalle. The plan fits into a broader regional integration push for the cities of Beijing and Tianjin and Hebei province, dubbed Jing-Jin-Ji, which has been spearheaded by Xi since 2015 to tackle the "big city disease" plaguing Beijing, a crowded and polluted city of 22 million. But Jing-Jin-Ji''s progress has been slower than hoped. "It''s been hard to get traction getting Beijing, Tianjin, and Hebei to work together seamlessly," McCord said. Xiongan could be a political and geographical "clean slate" to generate more jobs and economic stimulus for North China, he said. Xi himself visited Anxin county in late February, which only became public when China announced plans for Xiongan on April 1. Morgan Stanley''s base scenario foresees 133 billion yuan ($19.3 billion) in additional fixed asset investment annually over 15 years to build Xiongan, equivalent to just 0.24 percent of China''s 56.2 trillion yuan of nationwide fixed asset investment last year. MIXED RECORD While the Shenzhen and Shanghai economic zones thrived, some similar schemes in China have fallen short of expectations. Caofeidian, also in Hebei, was promoted by former President Hu Jintao as a new industrial zone in 2008, but development foundered as debt accumulated. Authorities have been trying to give Caofeidian another push to upgrade its industries to become a driver of Jing-Jin-Ji''s integration, but competition among provinces has been a drag on progress. "Caofeidian had central government support, but it was a long way from being a national-level special economic zone. Its importance was definitely not at the same level that Xiongan is seeing now," said He Jun, head of macroeconomic research at Anbound Consulting. "Xiongan''s biggest advantage is that it has strong support from the central government." He remains doubtful that Xiongan will emulate Shanghai or Shenzhen due to its geography and the greater openness of China''s economy now, but the political leadership seems intent on making it succeed. Among the architects of the new project is Xu Kuangdi, the mayor of Shanghai in the late 90s who also heads the advisory committee for Jing-Jin-Ji. The leadership make-up is intended to ensure Xiongan would "escape past failures", said Liu Ying, a researcher at Renmin University''s Chong Yang Institute for Financial Studies. Not everyone in Anxin is cheered by the prospect. An Anxin restaurant owner in her 50s surnamed Liu said she checks social media constantly for updates, as she fears being forced out of the spacious villa built on her farmland. "I don''t think it is necessarily a good thing for me. Our lives are pretty good right now." Down a street next to fields of withered wheat, workers loaded a truck with plastic pipes, a major local industry. "The establishment of the new zone for sure will limit us further as we do pollute the environment to some degree," said Zhao Xiaodong, owner of Jitong Plastic. But most locals are optimistic. "If president Xi thinks it will be the next Shenzhen and Shanghai, then it will be," said Mrs Shi, a shop worker in Xiongxian. ($1 = 6.8998 Chinese yuan renminbi) David Stanway; Editing by Tony Munroe and Will Waterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-economy-xiongan-idUSL3N1HK385'|'2017-04-13T07:00:00.000+03:00'|2774.0|23.0|0.0|'' 2775|'477cd251be79c092fa08fea56f1b65c3e1cc7fdf'|'Credit Suisse rolls back proposal for executive bonuses'|'Business News - Fri Apr 14, 2017 - 12:43am BST Credit Suisse rolls back proposal for executive bonuses The logo of Swiss bank Credit Suisse is seen in front of a branch office in Zurich, Switzerland April 4, 2017. REUTERS/Arnd Wiegmann In the face of shareholder criticism, Credit Suisse ( CSGN.S ) said its top officers had proposed reducing the bonuses they would get by 40 percent from the bank''s original recommendation. The company had previously proposed bonuses for the executive board totalling almost 80 million Swiss francs (64 million). The bank said on Thursday that its chief executive and other members of its executive board "voluntarily" proposed reducing the long-term incentive awards for 2017 and short-term incentive awards for 2016 for top executives by 40 percent each. ( bit.ly/2oEJlG2 ) Proxy adviser Institutional Shareholder Services (ISS) had advised Credit Suisse shareholders to vote against proposed bonuses for Credit Suisse top executives at the annual general meeting on April 28. The recommendation by ISS follows similar recommendations from other proxy advisers amid criticism over bonus payouts at Credit Suisse despite Switzerland''s second-biggest bank posting a second consecutive multi-billion franc loss in 2016. The bank''s board of directors also decided not to increase its compensation in 2017. (Reporting by Parikshit Mishra in Bengaluru; editing by Sandra Maler and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-credit-suisse-gp-agm-bonuses-idUKKBN17F2TM'|'2017-04-14T07:43:00.000+03:00'|2775.0|''|-1.0|'' 2776|'26c3689dd0b83308040c2aa933e04faae3f1b6fa'|'Brazil''s GPA books 9.5 pct rise in revenue from food division'|' 29am EDT Brazil''s GPA books 9.5 pct rise in revenue from food division SAO PAULO, April 13 GPA SA, Brazil''s biggest retailer, reported a 9.5 percent rise in first-quarter net revenue from its food division to 10.553 billion reais ($3.37 billion), according to a securities filing on Thursday. Sales surged 28.8 percent in the Assa cash-and-carry unit, but grew just 0.4 percent at the Extra and Po de Acar supermarket chains. Via Varejo SA, the appliance division that GPA is looking to sell, separately reported a 2.2 percent rise in net revenue to 5.993 billion reais, as sales rose 4.2 percent at physical stores and fell 5.7 percent online. ($1 = 3.13 reais) (Reporting by Brad Haynes)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gpa-results-idUSE6N1FG028'|'2017-04-13T20:29:00.000+03:00'|2776.0|''|-1.0|'' 2777|'da5201564ed669a8ebcca52e54d427ee78490921'|'Delta Air cuts forecast for key revenue metric'|'Company 28am EDT Delta Air cuts forecast for key revenue metric April 4 Delta Air Lines Inc on Tuesday lowered its forecast for a closely watched revenue metric, citing slower-than-expected improvement in average fares for flights booked at the last minute. The No. 2 U.S. airline said it expects passenger unit revenue - which compares sales to flight capacity - to fall about 0.5 percent in the first quarter ended March. ( bit.ly/2oVfqGu ) The airline had previously expected first-quarter passenger unit revenue to be about flat. Delta''s shares were down 1.1 percent at $45.80 in premarket trading. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/delta-air-outlook-idUSL3N1HC2HG'|'2017-04-04T21:28:00.000+03:00'|2777.0|''|-1.0|'' 2778|'be1ab3f2be1a5f7ddca49e8e27655979571747d1'|'INCJ looking at Toshiba chip unit auction; didn''t bid in first round'|'TOKYO The state-backed fund Innovation Network Corp of Japan is looking at the auction of Toshiba Corp''s ( 6502.T ) chip unit but did not participate in first-round bidding, INCJ Chairman Toshiyuki Shiga said on Tuesday.Sources familiar with the matter have told Reuters INCJ may invest in the business as a minority partner - a move that would help the government prevent a sale to bidders it deems risky to national security.(Reporting by Taiga Uranaka; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-incj-idINKBN17K0EA'|'2017-04-18T03:37:00.000+03:00'|2778.0|''|-1.0|'' 2779|'53167c5cca7484bbd2c845011e312c4eaedca6bb'|'Exclusive: Lightower Fiber Networks explores sale - sources'|'Business News - Thu Apr 13, 2017 - 8:45pm BST Exclusive: Lightower Fiber Networks explores sale - sources By Liana B. Baker and Greg Roumeliotis Lightower Fiber Networks is exploring a sale that its private equity owners hope will value the high-speed internet U.S. infrastructure company at more than $7 billion, including debt, according to sources familiar with the matter. The sale process comes just as growing demand from U.S. businesses for fast data transfers has fuelled a revival in fibre-optic services and has driven many telecommunications providers to find ways to expand their reach. Lightower is working with investment banks Evercore Partners Inc ( EVP.N ) and Citigroup Inc ( C.N ) on an auction for the Boxborough, Massachusetts-based company, which is still at its early stages, the sources said this week. CenturyLink ( CTL.N ), Zayo Group Holdings ( ZAYO.N ) and Crown Castle International Corp ( CCI.N ) are among business communications services and infrastructure companies that are expected to consider whether to make an offer for Lightower, the sources added. Lightower may choose to pursue an initial public offering if the acquisition offers it receives do not meet its valuation expectations, one of the sources added. The sources asked not to be identified because the deliberations are confidential. Lightower, Evercore, CenturyLink, Zayo and Crown Castle did not immediately respond to a request for comment. Citi declined to comment. Companies in the sector are seeking scale to cope with heavier internet traffic coming from businesses. CenturyLink Inc agreed to buy Level 3 Communications ( LVLT.N ) for $34 billion last year, adding 200,000 miles (321,870 km) of fibre to its network. Lightower connects business clients to larger networks, allowing data and internet traffic to be transmitted at ultra-fast speeds through thin filaments of glass. Its network spans more than 33,000 fibre route miles and serves the financial services industry, as well as government clients over its network in the Northeastern United States. Formed by private equity firm Berkshire Partners LLC, Lightower been an industry consolidator itself. It bought Fibertech Networks LLC in 2015 for $1.9 billion, in an all-cash deal. Berkshire Partners led an acquisition and merger of enterprise telecommunications service providers Lightower and another company, Sidera Networks, in 2013, in a deal valued at more than $2 billion. Pamlico Capital, an investor in Lightower, and ABRY Partners LLC, an investor in Sidera, took minority stakes in the combined companies. (Reporting by Liana B. Baker and Greg Roumeliotis in New York; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lightower-m-a-idUKKBN17F2JF'|'2017-04-14T03:45:00.000+03:00'|2779.0|''|-1.0|'' 2780|'8de34e5aca3f16751710bfba9ff590e748538699'|'Fitch: European Mutual Fund Board Independence Lags Behind US'|'(The following statement was released by the rating agency) Link to Fitch Ratings'' Report: European Mutual Fund Governance here LONDON, April 24 (Fitch) European mutual fund boards have significantly fewer independent directors than their US counterparts, according to Fitch Ratings'' analysis. Regulatory reforms mean boards are becoming increasingly involved in funds'' decision making, but a lack of independence may make European fund boards less likely to challenge management. Looking at a sample of 854 European fund directors from 145 sub-funds across all major asset classes, we found 33% were independent, meaning they had no direct, current link to the fund''s sponsor, custodian or administrator. Our analysis, which mainly focussed on Ireland- and Luxembourg-domiciled UCITS funds also found that almost a quarter of the funds had no independent directors at all. The rules for designating a director as independent vary between European countries. But overall the requirements are weaker than in the US, where a minimum of 40% of directors must be independent and in practice, around 75% actually are independent. The proportion of independent directors on European fund boards is also well below the 61% on FTSE 250 boards and the 84% on S&P500 boards. Fund boards are required to put the interests of investors above those of the asset manager. Their limited independence may therefore become more of a risk as the role of European fund boards grows. For example, under recently-agreed European money market fund reforms, boards will play a key role in determining whether liquidity fees or redemptions gates should be applied. Fund boards were also required to approve the decision by several UK commercial real estate funds to prevent or limit redemptions in the wake of the Brexit vote. Our research also shows that gender diversity on European fund boards is low, with women accounting for just 11% of board positions. Board diversity is broadly recognised as promoting robust decision-making and the representation of women on fund boards is lower than for the broader financial sector, and for members of the MSCI World Index. For more information on our analysis of fund board structures, see the report "European Mutual Fund Governance" published today and available from www.fitchratings.com or by clicking the link above. Contact: Li Huang Associate Director Fund and Asset Managers +86 21 5097 3018 Fitch Ratings (Beijing) Limited 3401, 34/F, Shanghai Tower No.479, Lujiazuihuan Road 200120 Shanghai China Alastair Sewell Senior Director Fund and Asset Managers +44 20 3530 1147 Simon Kennedy Senior Analyst Fitch Wire +44 20 3530 1387 The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings. Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Additional information is available on www.fitchratings.com ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY''S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH''S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE here . FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. 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Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fitch-european-mutual-fund-board-indepen-idINFit993760'|'2017-04-24T06:45:00.000+03:00'|2780.0|''|-1.0|'' -2781|'3f0c0d9ebe941e46136c9f9b85091646f9f022c6'|'Morning News Call - India, April 24'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 3:45 pm: Farm Minister Radha Mohan Singh at an event in New Delhi. LIVECHAT-COMMODITIES From copper to oil and everything in between, the Gold & Silver Club''s Nik Kalsi and Phil Carr will have you covered on the commodities markets at 2:30 pm. The Gold & Silver Club is an international commodities trading, research and advisory group specialising in the precious metals, energies and agricultural markets. To join the conversation, click on the link: here INDIA TOP NEWS Indian techies, IT firms fret as Trump orders US visa review For Grishma, an Indian software designer, President Donald Trump''s review of the visa programme for bringing highly skilled workers into the United States comes at a bad time. HDFC Bank profit rise drives shares to record Shares in HDFC Bank, India''s second-biggest lender by assets, hit a record high thanks to higher than expected quarterly profit and a stable bad loans portfolio. Diamond miners have India in sight with Real is Rare slogan The world''s top diamond producers will try to spur demand in India with the launch of their "Real is Rare" slogan in September, after the withdrawal of high-value bank notes dented the world''s third biggest diamond market. Narayana Hrudayalaya to buy NewRise Healthcare Indian healthcare services provider Narayana Hrudayalaya Ltd said it would buy NewRise Healthcare Private Ltd from Panacea Biotec Ltd for an enterprise value of 1.80 billion rupees. ACC Q1 profit beats estimates on higher cement sales volume India''s ACC Ltd, a unit of the world''s largest cement maker, Lafargeholcim Ltd, reported a 9 percent fall in its first-quarter net profit, but beat analysts'' expectations, helped by stronger cement sales volume. L&T signs deal with South Korea''s Hanwha for artillery guns Indian engineering firm Larsen & Toubro signed a deal with South Korea''s Hanwha Techwin to supply artillery guns to the Indian army in a deal estimated to be 4.5 billion rupees, the two firms said. India plans home delivery of petroleum products India is considering a plan for home delivery of petroleum products to consumers if they make a pre-booking to cut long queues at fuel stations, the oil ministry tweeted. GLOBAL TOP NEWS France''s Macron appears set for Elysee in runoff with Le Pen Centrist Emmanuel Macron took a big step towards the French presidency on Sunday by winning the first round of voting and qualifying for a May 7 runoff alongside far-right leader Marine Le Pen. North Korea says it is ready to strike U.S. aircraft carrier North Korea said on Sunday it was ready to sink a U.S. aircraft carrier to demonstrate its military might, in the latest sign of rising tension as U.S. President Donald Trump prepared to call the leaders of China and Japan. Afghan Taliban''s brazen attack eclipses Trump''s "mother of all bombs" Eight days after the U.S. military dropped its largest ever conventional bomb on suspected Islamic State fighters in eastern Afghanistan, Taliban militants breached an army base in the north of the country and killed scores of local soldiers. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were at 9,143.50, up 0.2 pct from its previous close. The Indian rupee will likely open higher against the dollar, tracking its Asian peers, as risk appetite improved after independent centrist Emmanuel Macron took the lead in the first round of French presidential elections. Indian government bonds will likely edge lower tracking gains in U.S. Treasury yields, after centrist Emmanuel Macron won the first round of French presidential election, qualifying for the May 7 runoff alongside far-right leader Marine Le Pen. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.90 pct - 6.95 pct band today. GLOBAL MARKETS U.S. stock index futures rose sharply on Sunday on relief that centrist Emmanuel Macron took the first round of voting in the French presidential election, reducing the prospect of an anti-establishment market shock. Japan''s Nikkei share average rose to a near three-week high with broader investor risk sentiment improving after centrist Emmanuel Macron took a step towards the French presidency after the weekend''s voting. The euro scaled five-month highs against the dollar in early Asian trading after the centrist candidate swept to victory in the first round of the French presidential election, reducing the risk of an anti-establishment shock in the final round. U.S. Treasury debt futures prices fell on Sunday after centrist Emmanuel Macron took the first round of voting in the French presidential election. Oil prices recovered some ground following last week''s big losses, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains. Gold fell nearly 1 percent to its weakest in two weeks after centrist Macron led the first round of voting in the French presidential election, boosting stocks and triggering a sell-off of safe-haven bullion. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.59/64.62 April 21 -$16.90 mln $38.54 mln 10-yr bond yield 7.16 Month-to-date -$367 mln $3.89 bln Year-to-date $6.42 bln $9.36 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.61 Indian rupees) (Compiled by Sai Sharanya Khosla in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL4N1HW1G0'|'2017-04-24T11:19:00.000+03:00'|2781.0|''|-1.0|'' +2781|'3f0c0d9ebe941e46136c9f9b85091646f9f022c6'|'Morning News Call - India, April 24'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 3:45 pm: Farm Minister Radha Mohan Singh at an event in New Delhi. LIVECHAT-COMMODITIES From copper to oil and everything in between, the Gold & Silver Club''s Nik Kalsi and Phil Carr will have you covered on the commodities markets at 2:30 pm. The Gold & Silver Club is an international commodities trading, research and advisory group specialising in the precious metals, energies and agricultural markets. To join the conversation, click on the link: here INDIA TOP NEWS Indian techies, IT firms fret as Trump orders US visa review For Grishma, an Indian software designer, President Donald Trump''s review of the visa programme for bringing highly skilled workers into the United States comes at a bad time. HDFC Bank profit rise drives shares to record Shares in HDFC Bank, India''s second-biggest lender by assets, hit a record high thanks to higher than expected quarterly profit and a stable bad loans portfolio. Diamond miners have India in sight with Real is Rare slogan The world''s top diamond producers will try to spur demand in India with the launch of their "Real is Rare" slogan in September, after the withdrawal of high-value bank notes dented the world''s third biggest diamond market. Narayana Hrudayalaya to buy NewRise Healthcare Indian healthcare services provider Narayana Hrudayalaya Ltd said it would buy NewRise Healthcare Private Ltd from Panacea Biotec Ltd for an enterprise value of 1.80 billion rupees. ACC Q1 profit beats estimates on higher cement sales volume India''s ACC Ltd, a unit of the world''s largest cement maker, Lafargeholcim Ltd, reported a 9 percent fall in its first-quarter net profit, but beat analysts'' expectations, helped by stronger cement sales volume. L&T signs deal with South Korea''s Hanwha for artillery guns Indian engineering firm Larsen & Toubro signed a deal with South Korea''s Hanwha Techwin to supply artillery guns to the Indian army in a deal estimated to be 4.5 billion rupees, the two firms said. India plans home delivery of petroleum products India is considering a plan for home delivery of petroleum products to consumers if they make a pre-booking to cut long queues at fuel stations, the oil ministry tweeted. GLOBAL TOP NEWS France''s Macron appears set for Elysee in runoff with Le Pen Centrist Emmanuel Macron took a big step towards the French presidency on Sunday by winning the first round of voting and qualifying for a May 7 runoff alongside far-right leader Marine Le Pen. North Korea says it is ready to strike U.S. aircraft carrier North Korea said on Sunday it was ready to sink a U.S. aircraft carrier to demonstrate its military might, in the latest sign of rising tension as U.S. President Donald Trump prepared to call the leaders of China and Japan. Afghan Taliban''s brazen attack eclipses Trump''s "mother of all bombs" Eight days after the U.S. military dropped its largest ever conventional bomb on suspected Islamic State fighters in eastern Afghanistan, Taliban militants breached an army base in the north of the country and killed scores of local soldiers. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were at 9,143.50, up 0.2 pct from its previous close. The Indian rupee will likely open higher against the dollar, tracking its Asian peers, as risk appetite improved after independent centrist Emmanuel Macron took the lead in the first round of French presidential elections. Indian government bonds will likely edge lower tracking gains in U.S. Treasury yields, after centrist Emmanuel Macron won the first round of French presidential election, qualifying for the May 7 runoff alongside far-right leader Marine Le Pen. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.90 pct - 6.95 pct band today. GLOBAL MARKETS U.S. stock index futures rose sharply on Sunday on relief that centrist Emmanuel Macron took the first round of voting in the French presidential election, reducing the prospect of an anti-establishment market shock. Japan''s Nikkei share average rose to a near three-week high with broader investor risk sentiment improving after centrist Emmanuel Macron took a step towards the French presidency after the weekend''s voting. The euro scaled five-month highs against the dollar in early Asian trading after the centrist candidate swept to victory in the first round of the French presidential election, reducing the risk of an anti-establishment shock in the final round. U.S. Treasury debt futures prices fell on Sunday after centrist Emmanuel Macron took the first round of voting in the French presidential election. Oil prices recovered some ground following last week''s big losses, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains. Gold fell nearly 1 percent to its weakest in two weeks after centrist Macron led the first round of voting in the French presidential election, boosting stocks and triggering a sell-off of safe-haven bullion. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.59/64.62 April 21 -$16.90 mln $38.54 mln 10-yr bond yield 7.16 Month-to-date -$367 mln $3.89 bln Year-to-date $6.42 bln $9.36 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.61 Indian rupees) (Compiled by Sai Sharanya Khosla in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL4N1HW1G0'|'2017-04-24T11:19:00.000+03:00'|2781.0|19.0|0.0|'' 2782|'dc3ca53aebbe280cd60b756b4cc21d1f05ea9b74'|'FTSE Russell to announce in July decision on adding Snap shares'|'Technology 10:15pm EDT FTSE Russell to announce in July decision on adding Snap shares Traders gather at the post where Snap Inc. is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid By Heather Somerville and Ross Kerber - SAN FRANCISCO SAN FRANCISCO Index fund provider FTSE Russell expects to announce in July whether it will include in its indexes shares of Snap Inc and other companies whose share structure denies investors voting rights. FTSE Russell, which is part of the London Stock Exchange Group Plc, said on Monday that it will consult with stakeholders likely starting this month and conclude at the end of June. The results of the consultation will be announced in July. Snap, the parent company of messaging app Snapchat, shocked many investors with an initial public offering last month that included a first-of-its kind share structure that offered IPO investors no voting rights. "FTSE Russell is aware of concerns raised by some stakeholders regarding the prospective index inclusion of securities with no voting rights such as the recent IPO by SNAP Inc," according to a statement from FTSE Russell on Monday. Clients of FTSE Russell include big fund managers such as BlackRock Inc and T. Rowe Price Group Inc. It offers popular indexes like Britain''s blue-chip FTSE 100 and the Russell 3000 index of U.S. companies. Although many investors expressed alarm at Snap''s unusual governance structure, the company''s IPO was still in such hot demand that it pulled off the biggest U.S. technology IPO since Facebook Inc in 2012, with a valuation of roughly $24 billion. (Reporting by Heather Somerville in San Francisco and Ross Kerber in Boston; Editing by Lisa Shumaker) Next In Technology News Waymo targets second senior executive in Uber self-driving dispute SAN FRANCISCO Alphabet''s self-driving car unit Waymo initiated private legal proceedings against two former executives who launched a rival company acquired by Uber [UBER.UL], court records show, accusing them of trying to recruit Waymo employees to the new startup that aims to revolutionize the auto industry. LONDON Amazon.com Inc on Tuesday launched its business marketplace in Britain, selling products like office supplies, power tools, cleaning materials and lab equipment targeting an online sector worth $120.44 billion a year. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-snap-index-idUSKBN17605I'|'2017-04-04T10:06:00.000+03:00'|2782.0|''|-1.0|'' 2783|'b58b4da0c43acd891fac0018dc89d9f798ce1a07'|'An Amazon tribe thought to be dying out is thriving against the odds in pictures - Global Development Professionals Network'|'An Amazon tribe thought to be dying out is thriving against the odds in pictures View more sharing options Share Close Once thought to be on the brink of extinction, photographer Katherine Needles finds Perus Amahuaca people flourishing on ancestral lands, united by community and kinshipKatherine NeedlesFriday 28 April 2017 11.07 BST The city of Atalaya sits where the Urubamba and Tambo rivers meet, in the heart of the Peruvian Amazon. It is the closest jungle city to the Amahuacas remote village of San Juan, a two-day upriver journey by pekepeke (motorised canoe). The Amahuaca, once thought to be at the brink of extinction, still live on ancestral lands in relative isolation. Although their culture is threatened by various forms of western development, a resilience of community and kinship unites the Amahuaca. Photograph: Katherine NeedlesFacebook Twitter Pinterest San Juan is the second largest Amahuaca village on the banks of the Inuya river. No more than 40 people live in the village at any one time. Margarita (around 65 years old) is one of the only elders left with knowledge of the old ways. After greeting us on arrival with a meal of boiled yucca and fish in broth, she listens to questions from anthropologist Christopher Hewlett about the Amahuacas myths of origin and creation. Photograph: Katherine NeedlesFacebook Twitter Pinterest A school lesson in the largest Amahuaca village on the Inuya, San Martin, is a five-hour journey downriver from San Juan. A young boy is distracted while others stand to recite the Peruvian national anthem before starting their lesson. The influence of Peruvian national policy and education is prevalent even in these remote places, where there is no running water or electricity. Most children must wear a uniform and sing the national anthem before starting each day. Photograph: Katherine NeedlesFacebook Twitter Pinterest The bow and arrow was the traditional method of fishing off the waters edge but today, the Amahuaca use nets or large spears and fish from their canoes. The bow and arrow is now seen more as a toy for young boys, though there is evidence the method is making a comeback. Although fishing is the main source of protein for the Amahuaca, they do still hunt. Photograph: Katherine NeedlesFacebook Twitter Pinterest On a fishing trip upriver, Percy (42), a Yaminahua man who married an Amahuaca woman, catches more than 20 kawara , a large prehistoric-looking fish. This is in preparation for the Fiesta de San Juan, a national holiday that takes place each year on 24 June. It is celebrated throughout the country in honour of the solstice. The Amahuaca host a football tournament between local villages along the river. They grill the kawara and serve it with rice wrapped in a banana leaf. Photograph: Katherine NeedlesFacebook Twitter Pinterest Other Amahuaca families live even more remotely than those in San Juan, close to the border with Brazil. This man is called Ayahuasceiro to account for his suspected use of the hallucinogenic plant Ayahuasca, known to be used in Amahuaca communities in the past. He insisted on being photographed in a uniform used by petroleros , men who work for the oil and gas companies in the region, an example of how wearing Western clothing is a way of demonstrating one is civilisado . Photograph: Katherine NeedlesFacebook Twitter Pinterest Preparing for the Fiesta de San Juan, women and children gather around baskets of yucca that have been collected from their family chakras (plantations) to peel and boil to make masato (fermented yucca beer). Masato is only made and served by women. It takes at least four days to ferment and is drunk throughout the festival into the night and the following morning. Enough is made to serve at least 100 people over the two days of the festival. Photograph: Katherine NeedlesFacebook Twitter Pinterest To support the fermentation process of masato , woman chew on a purple yam grown in the region and spit it into the large pots of yucca being mashed down. The purple yam is said to be what makes real or good masato , and how well a woman can spit into the pot is said to be indicative of her womanhood in Amahuaca culture. Girls are taught how to stand over the pots and spit in a way that sprays the purple mash evenly. Photograph: Katherine NeedlesFacebook Twitter Pinterest Margarita poses outside her home covered in ouito, a fruit-based dye that is painted on using various sizes of carved twigs to create distinctive patterns. It is painted on clear and transforms into a deep black ink within hours, remaining on the skin for at least three weeks. Margarita is one of the last elders of her community who uses ouito , believed to help ward off evil spirits and used decoratively during traditional celebrations or ceremonies. Each design represents a sacred animal from the jungle. Photograph: Katherine NeedlesFacebook Twitter Pinterest Hanka, a young Amahuaca boy adopted by Margarita, sits in a rusted wheelbarrow in the middle of a sea of magenta stamens from a rose apple tree. Unlike other children, Hanka is often painted head to toe in ouito to help protect him against a health condition related to his bladder. Photograph: Katherine NeedlesFacebook Twitter Pinterest Topics Global development professionals network Global focus Peru Amazon rainforest Americas'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/gallery/2017/apr/28/an-amazon-tribe-thought-to-be-dying-out-is-thriving-against-the-odds-in-pictures'|'2017-04-28T19:07:00.000+03:00'|2783.0|''|-1.0|'' 2784|'53a7cd1c601ee059b0e0ffc34102b323210e4462'|'Indirect bidders buy record share of U.S. 7-year notes'|'NEW YORK, April 27 Investment funds, foreign central banks and other indirect bidders on Thursday purchased a record high 81.69 percent share of a U.S. seven-year government note issue at an auction, Treasury data showed.Overall demand at the $28 billion seven-year note offering was robust, with the bid-to-cover ratio reaching 2.73, the strongest since November 2012. (Reporting by Richard Leong; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-7year-idINL1N1HZ1PK'|'2017-04-27T15:15:00.000+03:00'|2784.0|''|-1.0|'' @@ -2803,13 +2803,13 @@ 2801|'5ad29094106f8ffb985b826f3f1056d3c358f411'|'RLJ to buy fellow lodging trust FelCor'|'By Ankit Ajmera RLJ Lodging Trust ( RLJ.N ) said on Monday it would buy peer FelCor Lodging Trust Inc ( FCH.N ), making it one of the biggest U.S. lodging real estate investment trusts.The combination, which will have a pro-forma market value of $4.2 billion and an enterprise value of $7 billion, will own 160 hotels in 26 states and the District of Columbia, across brands including Marriott, Hilton, Hyatt and Wyndham.Under the deal, each FelCor share will be converted into 0.362 shares of newly issued shares of RLJ common stock in a taxable merger.Based on the RLJ''s Friday closing, the offer values FelCor at $1.18 billion, or $8.54 per share, representing a premium of 16.7 percent.RLJ''s shareholders are expected to own about 71 percent of the combined company, while FelCor''s shareholders are expected to own the rest, the companies said.The deal comes two months after lodging REIT Ashford Hospitality Trust Inc ( AHT.N ) offered to buy FelCor for about $1.27 billion in stock and launched a proxy battle for the control of the company''s board.That proposal was opposed by shareholder and activist hedge fund Land and Buildings Investment Management LLC, which called it "woefully inadequate".The deal FelCor will help RLJ the become the third-largest standalone lodging REIT by enterprise value, the companies said, behind Host Hotels & Resorts Inc ( HST.N ) and Park Hotels and Resorts Inc ( PK.N ). ( bit.ly/2p8XMR6 )Ashford Hospitality Trust had an enterprise value of $4.9 billion as of Friday, according to RLJ.The RLJ-FelCor deal will create annual cost savings of about $22 million from the elimination of duplicate corporate general and administrative expenses.RLJ Chief Executive Ross Bierkan will lead the combined company after the close of the deal, expected by end of 2017, the companies said.FelCor will become a wholly-owned subsidiary of RLJ.Barclays was the financial adviser for RLJ, while Bank of America Merrill Lynch advised FelCor.(Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-felcor-m-a-rlj-lodg-trst-idINKBN17Q0XE'|'2017-04-24T08:57:00.000+03:00'|2801.0|''|-1.0|'' 2802|'078b62f9d573cc368833fc1cb97d79222c38c668'|'Anthem says it hasn''t ruled out any PBM, including Express Scripts'|'Company 27am EDT Anthem says it hasn''t ruled out any PBM, including Express Scripts NEW YORK, April 26 Two days after Express Scripts Holding Co said it had lost its contract to do pharmacy benefit management for Anthem Inc, Anthem''s top executive said the company had not made a decision on or ruled out any vendor. While declining to comment specifically on the Express Scripts situation, which is being litigated in federal court, Anthem Chief Executive Officer Joseph Swedish said during a call with investors that "we''ve not ruled anyone in or out." (Reporting by Caroline Humer; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/anthem-results-express-scripts-idUSL1N1HY0MH'|'2017-04-26T21:27:00.000+03:00'|2802.0|''|-1.0|'' 2803|'e2abff53cdd11283150baa13331c4a55bf14ca0b'|'Majority owner of Germany''s CTS to cut stake via placement'|'BERLIN German ticketing company CTS Eventim said the foundation of founder and CEO Klaus-Peter Schulenberg, KPS Stiftung, plans to sell up to a 5 percent stake via an accelerated bookbuild.A source familiar with the matter said on Tuesday the price guidance for the share placing was 36 euros, which would mean KPS receives proceeds of almost 173 million euros ($189 million) for the placement of up to 4.8 million shares.KPS Stiftung, which currently owns 50.2 percent of CTS, informed CTS Eventim that it does not intend to further dilute its position as a main shareholder of the company.It said it wanted to increase the trading volume of CTS shares and use the proceeds to fund investments and operations of its investment vehicle.CTS shares fell 4.4 percent in late Frankfurt trading after the announcement ( EVDG.F ). The shares had closed at 37.24 euros.(Reporting by Victoria Bryan and Alexander Huebner; Editing by Kathrin Jones and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cts-eventim-placement-idINKBN17R2EB'|'2017-04-25T16:01:00.000+03:00'|2803.0|''|-1.0|'' -2804|'3a71aa3f6a05dacfdeb2d12122e0345de67006f3'|'CORRECTED (OFFICIAL)-UPDATE 1-Pret A Manger seeks more British baristas to balance Brexit risk'|'(Changes number for UK workforce in third paragraph of APRIL 27 story after clarification from company)* 65 pct of UK staff are from other EU countries* Firm "reaching out" to sources of British labour* 2016 core earnings up 11 pct* Targets 500 stores by end of 2017By James DaveyLONDON, April 28 Coffee and sandwich chain Pret A Manger wants to increase the number of Britons working in its UK shops to cushion it from potential damage if European Union workers stay away after Brexit, its boss said on Thursday.The status of citizens from other EU countries living in Britain has been clouded by last June''s Brexit vote with the UK government yet to guarantee their rights, saying it first needs a reciprocal deal with the EU.Of Pret''s over 8,000 UK workforce, some 65 percent come from EU countries other than Britain."Weve been reaching out to British labour pools in a way that we never had to before," Pret Chief Executive Clive Schlee told Reuters.He said Pret, majority owned by private equity firm Bridgepoint, was increasing its use of social media and links with UK job centres in its recruitment strategy.This summer the firm will launch its "Big Experience Week" offering 500 week-long paid work experience placements to British school students."We''re very encouraged by the response...So we feel that we will be able to maintain our diverse, our tolerant and our very competitive culture, but with a higher British percentage over time, said Schlee.The chief executive also welcomed industry debate on the idea of "barista visas" for EU nationals after Brexit - allowing them to work in Britain but not be eligible for benefits.Schlee was speaking after Pret, which is believed to be looking at a stock market listing, reported an 11 percent rise in 2016 core earnings.Pret made core earnings of 93.2 million pounds ($120.2 million) as total sales rose 15 percent to 776.2 million pounds. Sales at outlets open over a year increased 4.8 percent.The outcome was a twelfth straight year of revenue and core earnings growth. In the United States sales exceeded $200 million for the first time."So far 2017 has followed a very similar pattern to 2016, so we haven''t seen a slowdown yet," said Schlee.On Tuesday Whitbread said underlying sales at its Costa Coffee chain fell in its fourth quarter. The group also said it was cautious about the 2017-18 financial year, saying it expected a tougher consumer environment.Reuters reported last month that Pret''s private equity owners had chosen Solebury Capital to advise on a planned New York stock market listing..Pret opened 50 new shops in 2016, taking the total to 444, including 329 in the UK and it now also trades from France, Hong Kong, China and Dubai. It expects to have 500 shops by the end of 2017, including its first in Singapore. ($1 = 0.7754 pounds) (Editing by Kate Holton/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pret-a-manger-results-idINL8N1I0715'|'2017-04-28T13:15:00.000+03:00'|2804.0|''|-1.0|'' +2804|'3a71aa3f6a05dacfdeb2d12122e0345de67006f3'|'CORRECTED (OFFICIAL)-UPDATE 1-Pret A Manger seeks more British baristas to balance Brexit risk'|'(Changes number for UK workforce in third paragraph of APRIL 27 story after clarification from company)* 65 pct of UK staff are from other EU countries* Firm "reaching out" to sources of British labour* 2016 core earnings up 11 pct* Targets 500 stores by end of 2017By James DaveyLONDON, April 28 Coffee and sandwich chain Pret A Manger wants to increase the number of Britons working in its UK shops to cushion it from potential damage if European Union workers stay away after Brexit, its boss said on Thursday.The status of citizens from other EU countries living in Britain has been clouded by last June''s Brexit vote with the UK government yet to guarantee their rights, saying it first needs a reciprocal deal with the EU.Of Pret''s over 8,000 UK workforce, some 65 percent come from EU countries other than Britain."Weve been reaching out to British labour pools in a way that we never had to before," Pret Chief Executive Clive Schlee told Reuters.He said Pret, majority owned by private equity firm Bridgepoint, was increasing its use of social media and links with UK job centres in its recruitment strategy.This summer the firm will launch its "Big Experience Week" offering 500 week-long paid work experience placements to British school students."We''re very encouraged by the response...So we feel that we will be able to maintain our diverse, our tolerant and our very competitive culture, but with a higher British percentage over time, said Schlee.The chief executive also welcomed industry debate on the idea of "barista visas" for EU nationals after Brexit - allowing them to work in Britain but not be eligible for benefits.Schlee was speaking after Pret, which is believed to be looking at a stock market listing, reported an 11 percent rise in 2016 core earnings.Pret made core earnings of 93.2 million pounds ($120.2 million) as total sales rose 15 percent to 776.2 million pounds. Sales at outlets open over a year increased 4.8 percent.The outcome was a twelfth straight year of revenue and core earnings growth. In the United States sales exceeded $200 million for the first time."So far 2017 has followed a very similar pattern to 2016, so we haven''t seen a slowdown yet," said Schlee.On Tuesday Whitbread said underlying sales at its Costa Coffee chain fell in its fourth quarter. The group also said it was cautious about the 2017-18 financial year, saying it expected a tougher consumer environment.Reuters reported last month that Pret''s private equity owners had chosen Solebury Capital to advise on a planned New York stock market listing..Pret opened 50 new shops in 2016, taking the total to 444, including 329 in the UK and it now also trades from France, Hong Kong, China and Dubai. It expects to have 500 shops by the end of 2017, including its first in Singapore. ($1 = 0.7754 pounds) (Editing by Kate Holton/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pret-a-manger-results-idINL8N1I0715'|'2017-04-28T13:15:00.000+03:00'|2804.0|24.0|0.0|'' 2805|'33b585ae9d9ae541897c13fc0ca2014eacc5d0a0'|'BP to cut about 5 mln pounds from CEO''s maximum annual pay - Sky News'|'Big Story 10 - Mon Apr 3, 2017 - 3:04pm EDT BP to cut about 5 million pounds from CEO''s maximum annual pay: Sky News File photo: Bob Dudley, CEO of BP gas company, speaks during an interview at the Argentina Business and Investment Forum 2016, in Buenos Aires, Argentina, September 14, 2016. REUTERS/Enrique Marcarian BP Plc has agreed to cut about 5 million pounds ($6.24 million) from Chief Executive Bob Dudley''s maximum pay for the next three years in a bid to avoid a shareholder revolt, Sky News said on Monday, citing people briefed on the matter. Sky News said that Dudley''s maximum annual pay over the next three years will now be about 12.2 million pounds ($15.22 million) including his salary, an annual bonus of 3.3 million pounds and a long-term share incentive plan award worth up to 7.4 million pounds. The previous package was worth up to 17.4 million pounds including the matching share awards. The report said the company had decided to reduce Dudley''s maximum long-term incentive plan award from seven times his 1.48 million pounds basic salary to five times. ( bit.ly/2oC9WRK ) According to the report, Dudley''s annual bonus will remain constant at a maximum of 225 percent of his salary. The framework will also apply to other top BP directors between 2017 and 2019. (Reporting by Kanishka Singh in Bengaluru; Editing by Greg Mahlich) Next In Big Story 10'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bp-compensation-ceo-idUSKBN17529F'|'2017-04-04T02:56:00.000+03:00'|2805.0|''|-1.0|'' 2806|'f9d971a28ba8be4d51deceb414c5273ceacaf69f'|'World Bank Group, China-led AIIB agree to deepen cooperation'|'Global Energy News - Sun Apr 23, 2017 - 10:05pm BST World Bank Group, China-led AIIB agree to deepen cooperation The logo of Asian Infrastructure Investment Bank (AIIB) is seen at its headquarter building in Beijing January 17, 2016. REUTERS/Kim Kyung-Hoon By David Lawder - WASHINGTON WASHINGTON The World Bank Group and the China-led Asian Infrastructure Investment Bank said on Sunday they agreed to deepen their cooperation with a framework for knowledge sharing, staff exchanges, analytical work, development financing and country-level coordination. The memorandum of understanding signed at the World Bank and International Monetary Fund spring meetings in Washington comes a year after the two multilateral lenders established mechanisms for cost-sharing and co-financing of investment projects. Since then, the AIIB and the World Bank have co-financed five projects, supporting power generation in Pakistan, a natural gas pipeline in Azerbaijan, and projects in Indonesia to rebuild slums, improve dam safety and develop regional infrastructure. They said in a joint statement that they are discussing more projects to be co-financed in 2017 and 2018. "Signing this memorandum of understanding fits into our vision of a new kind of internationalism," AIIB President Jin Liqun said in a statement. "It deepens our relationship with the World Bank Group and sets up the mechanisms through which we can more easily collaborate and share information." A World Bank spokeswoman said the knowledge-sharing memorandum was similar to one that was in place during the AIIB''s early development stages, but which ended when the Beijing-based institution was formally launched in January 2016. She said the new agreement does not specify financing amounts or targets, adding that those will be determined through meetings and consultations to discuss the banks'' respective portfolios. The AIIB has been viewed as a rival to the Western-dominated World Bank and Asian Development Bank. The United States initially opposed its creation and is not a member, but many U.S. allies, including Canada, Britain, Germany, Australia and South Korea have joined. World Bank President Jim Yong Kim told Reuters on Thursday that he wants to push the Washington-based lender''s business model towards harnessing more private capital for development finance. In a statement on Sunday, Kim said: "Collaboration between development institutions is essential to make the best use of scarce resources, crowd-in the private sector, and meet the rising aspirations of the people we serve." (Reporting by David Lawder; Editing by Phil Berlowitz, Peter Cooney and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-imf-g20-aiib-idUKKBN17P0WF'|'2017-04-24T05:05:00.000+03:00'|2806.0|''|-1.0|'' 2807|'2890d25c125f81f72c1c5f2e5cb8a84104b10b45'|'UPDATE 1-Green car sales hit by China subsidy cut, denting Buffett-backed BYD'|'Bonds News 8:58am EDT UPDATE 1-Green car sales hit by China subsidy cut, denting Buffett-backed BYD (adds context throughout) BEIJING, April 28 Chinese automaker BYD Co Ltd , backed by Warren Buffett''s Berkshire Hathaway Inc, expects a fall of up to 31.4 percent in first-half net profit as Beijing''s cut to subsidies slows green car sales slow in China. Shenzhen-based BYD, which specializes in green energy cars, forecast a 20.3 percent to 31.4 percent fall in net profit for the first half to 1.55 billion to 1.8 billion yuan ($261.10 million), in what would be the biggest drop in first half profits since 2012, according to Reuters data. "The scale back of subsidies on new energy vehicles put pressure on profit, while competition will still be intense in traditional vehicle sectors in the second quarter," BYD said in a stock exchange statement released on Friday. BYD''s weakening net profits are a marked shift from massive profit growth over the last two years, annual net income increased more than 10-fold from 2014 to 2016, as demand for green cars boomed thanks to aggressive government support. But demand has wavered this year as the central government has cut its massive subsidy payouts for green cars by 20 percent, raised barriers to entry for new electric car models and debated easing proposed quotas for plug-in cars. For the first quarter, BYD reported 605.8 million yuan in profit, a 28.8 percent decrease year-on-year, in line its forecast last month of a 24-35 percent fall. Sales of plug-in hybrid and battery electric cars fell nearly 5 percent in January to March compared with the same period a year ago, China''s Association of Automobile Manufacturers said. ($1 = 6.8938 Chinese yuan renminbi) (Reporting by Muyu Xu and Jake Spring; editing by Susan Thomas and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL4N1I058Q'|'2017-04-28T20:58:00.000+03:00'|2807.0|''|-1.0|'' 2808|'a16f66ec6fbedfd7adbaa91ab84dba6857a14bf6'|'South Korea think tank upgrades 2017 economic growth forecast to 2.6 percent'|'Business News - Tue Apr 18, 2017 - 4:16am BST South Korea think tank upgrades 2017 economic growth forecast to 2.6 percent A man works on a glass fence in Seoul, South Korea, August 30, 2016. Picture taken on August 30, 2016. REUTERS/Kim Hong-Ji SEOUL A state-run South Korean think tank upgraded its 2017 economic growth outlook on Tuesday as the global economy recovers broadly, raising this year''s gross domestic growth forecast to 2.6 percent from 2.4 percent projected earlier. "In 2017, exports will improve...as the global economy recovers gradually," the Korea Development Institute (KDI) said in a report. Despite the sunnier outlook, growth this year would lag last year''s 2.8 percent expansion because of sluggish domestic consumption, it said. Next year''s GDP growth was expected to be a slightly slower 2.5 percent. The research institute said economic growth would be impaired if protectionist policies were to spread quickly to many countries or if geopolitical issues around North Korea were to debilitate consumer or investor sentiment. The Bank of Korea last week upgraded its growth outlook for this year to 2.6 percent from 2.5 percent, while its 2018 growth projection is 2.9 percent. Last December the finance ministry forecast economic growth for this year at 2.6 percent, although it may revise its outlook in coming months. (Reporting by Christine Kim; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-southkorea-economy-forecast-idUKKBN17K080'|'2017-04-18T11:08:00.000+03:00'|2808.0|''|-1.0|'' 2809|'0befc5eb769eb41177ae52a9d102b0a4366c7bea'|'BRIEF-Coupa Software announces pricing of upsized follow-on offering'|' 26am EDT BRIEF-Coupa Software announces pricing of upsized follow-on offering April 12 Coupa Software Inc * Coupa Software announces pricing of upsized follow-on offering * Coupa Software - pricing of its upsized underwritten public offering of 4.4 million shares of its common stock at a price to public of $25.25 per share. (Bengaluru Newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-coupa-software-announces-pricing-o-idUSASA09IEF'|'2017-04-12T13:26:00.000+03:00'|2809.0|''|-1.0|'' -2810|'6f70d99b810b8fbba8febcf76787240da20b71ea'|'China targets 35 million vehicle sales by 2025, NEVs to make up one-fifth'|' 5:26am BST China targets 35 million vehicle sales by 2025, NEVs to make up one-fifth FILE PHOTO - An employee checks newly-assembled electric cars to be exported to South America at an electric vehicle factory in Zouping county, Shandong province September 24, 2013. REUTERS/China Daily BEIJING/SHANGHAI China is targeting 35 million vehicle sales by 2025 and wants new energy vehicles (NEVs) to make up at least one-fifth of that total, the industry ministry said on Tuesday. The Ministry of Industry and Information Technology said in a market "road map" that China''s urbanization drive and the overseas expansion of its automakers would help drive annual vehicle sales up around 25 percent from last year''s total. Automakers in China, the world''s largest automobile market with sales of 28 million vehicles in 2016, are increasingly pushing into electric and hybrid vehicles to meet stringent new government quotas. Sales of new energy vehicles should reach 2 million by 2020 and account for more than 20 percent of total vehicle production and sales by 2025, the ministry said. That implied annual NEV sales of over 7 million within the next decade. Green energy car sales have risen dramatically on the back of government policies, but still represented less than 2 percent of China''s overall auto market last year. The government body also said it would push to create local champions in the industry who would be increasingly competitive with overseas rivals in China as well as in overseas markets. "The quality of Chinese brand vehicles has clearly risen, while brand recognition, reputation and global influence are much stronger," the MIIT said. "By 2025, we should have some Chinese vehicle brands that are in the global Top 10 by sales." China''s domestic automakers, including SAIC and Geely Automobile Holdings Co ( 0175.HK ), are already challenging better-known global rivals with new models and marketing strategies. The ministry added that Chinese carmakers would also look to increase exports to developed nations over the next decade, and improve battery technology for electric vehicles. (Reporting by Beijing Monitoring Desk and Adam Jourdan in SHANGHAI; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-autos-electric-idUKKBN17R07A'|'2017-04-25T12:26:00.000+03:00'|2810.0|''|-1.0|'' +2810|'6f70d99b810b8fbba8febcf76787240da20b71ea'|'China targets 35 million vehicle sales by 2025, NEVs to make up one-fifth'|' 5:26am BST China targets 35 million vehicle sales by 2025, NEVs to make up one-fifth FILE PHOTO - An employee checks newly-assembled electric cars to be exported to South America at an electric vehicle factory in Zouping county, Shandong province September 24, 2013. REUTERS/China Daily BEIJING/SHANGHAI China is targeting 35 million vehicle sales by 2025 and wants new energy vehicles (NEVs) to make up at least one-fifth of that total, the industry ministry said on Tuesday. The Ministry of Industry and Information Technology said in a market "road map" that China''s urbanization drive and the overseas expansion of its automakers would help drive annual vehicle sales up around 25 percent from last year''s total. Automakers in China, the world''s largest automobile market with sales of 28 million vehicles in 2016, are increasingly pushing into electric and hybrid vehicles to meet stringent new government quotas. Sales of new energy vehicles should reach 2 million by 2020 and account for more than 20 percent of total vehicle production and sales by 2025, the ministry said. That implied annual NEV sales of over 7 million within the next decade. Green energy car sales have risen dramatically on the back of government policies, but still represented less than 2 percent of China''s overall auto market last year. The government body also said it would push to create local champions in the industry who would be increasingly competitive with overseas rivals in China as well as in overseas markets. "The quality of Chinese brand vehicles has clearly risen, while brand recognition, reputation and global influence are much stronger," the MIIT said. "By 2025, we should have some Chinese vehicle brands that are in the global Top 10 by sales." China''s domestic automakers, including SAIC and Geely Automobile Holdings Co ( 0175.HK ), are already challenging better-known global rivals with new models and marketing strategies. The ministry added that Chinese carmakers would also look to increase exports to developed nations over the next decade, and improve battery technology for electric vehicles. (Reporting by Beijing Monitoring Desk and Adam Jourdan in SHANGHAI; Editing by Randy Fabi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-autos-electric-idUKKBN17R07A'|'2017-04-25T12:26:00.000+03:00'|2810.0|24.0|0.0|'' 2811|'11641d2d451a683933c0609ddd17795a40a96610'|'Greek debt must be sustainable for IMF to join bailout - Lagarde'|'BERLIN The International Monetary Fund will not take part in a bailout programme for Greece if it deems the country''s debt is unsustainable, the international lender''s chief Christine Lagarde said in an interview published on Tuesday.Greece needs to implement reforms agreed by euro zone finance ministers earlier this month to secure a new loan under its 86 billion-euro ($91.58 billion) bailout programme, the third since 2010.The loan is needed to pay debt due in July, but talks continue and the IMF has not yet decided whether to join the bailout. The fund''s participation is seen as a condition for Germany to unblock new funds to Greece."If Greek debts are not sustainable based on IMF rules and reasonable parameters, we will not take part in the programme," Lagarde told German newspaper Die Welt when asked if the IMF would take part in the plan if Greek debt is not restructured.($1 = 0.9391 euros)(Reporting by Joseph Nasr and Paul Carrel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-greece-bailout-imf-idINKBN17K0RG'|'2017-04-18T06:21:00.000+03:00'|2811.0|''|-1.0|'' 2812|'0f364b96a108ac56fe58b552f3a07be0a4843683'|'Automakers want California to revise Volkswagen charging station plan'|'U.S. 1:43pm EDT Automakers want California to revise Volkswagen charging station plan A U.S. flag flutters in the wind above a Volkswagen dealership in California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo By David Shepardson - WASHINGTON WASHINGTON Major automakers and other groups are raising objections to the way Volkswagen AG ( VOWG_p.DE ) wants to spend $2 billion on electric vehicle infrastructure and projects, as part of the German automaker''s atonement for diesel emissions cheating. Volkswagen plans to install hundreds of EV charging stations nationwide as part of the 10-year plan. About $800 million of the total will be spent in California as part of a settlement with the government after the German automaker admitted to secretly installing cheating software in 580,000 diesel vehicles allowing them to emit excess pollution. The California Air Resources Board is considering whether to approve the $200 million spending plan for the first 30 months and is reviewing the 120 comments submitted, said spokesman Dave Clegern. Automakers object to the proposed locations of some charging stations in areas that already have many electric vehicles and have concerns about competitive advantages VW could get from the program. An environmental group said more of the stations should be built in low-income areas. Also, Toyota Motor Corp, Honda Motor Co and Hyundai Motor Co wrote a joint letter urging California to require Volkswagen to spend a "significant portion" of the money on hydrogen fuel cell fueling stations, saying the current commitment by California to get 100 such stations in place by 2020 is "not on track." In its initial California spending plan, Volkswagen wants to allocate $120 million to build more than 400 highway and community EV charging stations by 2019 in high-traffic areas. Several automakers said in their comments that they would prefer that the new charging stations be installed instead in areas that have little electric vehicle traffic. Ford Motor Co said it "has reservations about having a key electrification driver dependent on and ultimately controlled by one automotive competitor." Ford added VW should target areas where "demonstrated market interest does not already exist." BMW AG said Volkswagen "should not be afforded an implicit comparative advantage through its ability to control day-to-day operations of consumer charging events" such as waiting times, pricing and billing. Under the agreement with California and the Justice Department, funds spent on education and outreach must be brand-neutral and cannot feature Volkswagen vehicles. Charging stations must be accessible to all vehicles. The three automakers who want Volkswagen to spend more on building hydrogen fueling stations are trying to sell fuel cell vehicles. Volkswagen declined to comment on the automaker letters, but said its goal is to "make it easy for as many (zero emission vehicle) drivers as possible to enjoy the collective charging networks available." The Sierra Club in a letter to California urged VW to "rethink its infrastructure proposal to include more investments in community-based charging in disadvantaged communities." The U.S. Environmental Protection Agency this month approved VW''s initial $300 million spending plan for EV projects outside California through 2019, including having 450 charging stations in place by then. VW will also launch a $44 million "Green City" initiative to pilot future concepts. It expects the city to be Sacramento. In December, Volkswagen agreed to add three additional electric vehicle models in California by 2020 and must sell an average of 5,000 electric vehicles annually through 2025 in the state. (Reporting by David Shepardson; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volkswagen-emissions-automakers-idUSKBN17S2HL'|'2017-04-27T01:37:00.000+03:00'|2812.0|''|-1.0|'' 2813|'ca40687cce96b2a35a1970519a775e8e12772f94'|'Boardroom excess? British companies stick with bonus plans despite criticism'|'Company News 16am EDT Boardroom excess? British companies stick with bonus plans despite criticism * Pressure grows to ditch long-term incentive plans * Most firms have renewed plans for three years * Some investors cautious on blanket ban By Simon Jessop LONDON, April 13 Pressure on British companies to ditch a common performance-related bonus scheme blamed for generating excessive executive pay has not stopped many firms from planning to stick with such schemes for another three years, a Reuters analysis shows. In theory so-called long-term incentive plans (LTIPs) aim to legitimately encourage management success in boosting shareholder returns. Yet a series of corporate scandals and lucrative payouts has made them a target for criticism. Lawmakers in Britain last week recommended LTIPs be phased out from 2018, while Norway''s sovereign wealth fund, the world''s biggest, wants them scrapped. The British government has also launched a review of corporate governance including incentive plans. Exemplifying LTIP generosity, advertising company WPP paid Chief Executive Martin Sorrell more than 70 million pounds ($88 million) for 2015, more than 60 million of which came through an incentive scheme - a payout that a third of WPP shareholders declined to support. However, most top companies have retained LTIPs as part of executive pay when seeking investor approval for a three-yearly remuneration policy at shareholder meetings. Analysis by Reuters of company annual reports and data from governance advisory firm Manifest shows 59 members of the FTSE 100 blue-chip stock index recently updated their remuneration policy or plan to soon, of which 56 currently use or plan to continue using LTIPs. "There (is) no reason why LTIPs should be used almost universally across the FTSE 100," Luke Hildyard, policy lead for stewardship and governance at trade body the Pensions and Lifetime Savings Association, said. "We would welcome more companies moving to simpler, smaller pay packages, perhaps involving a basic salary and a long-term share award," Hildyard said, adding the current system acted to drive ever-higher pay awards. Companies use a range of data to calculate the payouts, with many referencing the firm''s share price. The process, opponents say, can be complex, overly generous, and can potentially incentivise actions detrimental to the long-term interests of a company. There is also evidence their overall economic benefits are limited. A study by Lancaster University Management School, looking at Britain''s 350 biggest listed companies, found CEO pay had risen an average 82 percent in real terms between 2003 and 2014/15, but economic return on invested capital was up less than 1 percent. SIMPLER STRUCTURE Asset management industry body the Investment Association said too much time is spent discussing pay with companies, and a simpler structure would free up time to engage on other important issues. As the government considers whether to implement the recommendations by parliament''s Business, Energy and Industrial Strategy (BEIS) committee, some cautioned a blanket ban was equally problematic. "We don''t think there should be a one-size-fits-all approach ... companies should be able to choose the right tools for the job," said Sarah Wilson, chief executive at Manifest, which advises funds on how to vote on corporate decisions. The head of governance at a leading British asset manager said most LTIPs worked well. "In the vast majority of cases, we''ll vote in favour of them because we''ve analysed them in detail and think they''re based on stretching targets that reflect the company''s strategy ... there are exceptions, but you deal with them on a case-by-case basis." Ashley Hamilton Claxton, corporate governance manager at Royal London Asset Management, said she was willing to consider alternative bonus models but a phasing out of LTIPs from 2018 would be challenging. Were the government to rule out LTIPs, Manifest''s Wilson said many firms would likely use share options, with bonuses paid in shares with a long-term lock-in period. "Much of it will depend on the tax implications," Wilson said. "Some investors like LTIPs because there are performance conditions associated with them so the BEIS committee''s view isn''t necessarily universally approved." Yet the key basis of LTIPs remains contentious. "The idea of tying a CEO''s pay to the share price is flawed," said Stefan Stern, director of the High Pay Centre pressure group. "Share prices move for all sorts of reasons completely beyond the control of one human being or the board." ($1 = 0.7973 pounds) (Editing by David Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-companies-pay-idUSL5N1HF05M'|'2017-04-13T18:16:00.000+03:00'|2813.0|''|-1.0|'' @@ -2876,7 +2876,7 @@ 2874|'d198fbfc856530bdf337633130998ae76907514e'|'FINMA probing ''a number of cases'' of possible Swiss market abuse'|' 50am BST FINMA probing ''a number of cases'' of possible Swiss market abuse The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. REUTERS/Ruben Sprich BERN Swiss financial watchdog FINMA is looking into "a number of cases" of possible market abuse in Switzerland including insider trading at several listed companies, Chief Executive Mark Branson said on Tuesday. "We are investigating cases of a practice known as ''spoofing'' in which large-scale fake orders are placed and withdrawn with the aim of achieving an unfair advantage," Branson said in remarks prepared for FINMA''s annual news conference. "We are also investigating several cases of front-running where an insider -- a bank employee, for example -- uses confidential information about an upcoming transaction to submit transactions for their own account." (Reporting by Joshua Franklin; Editing by Michael Shields) BP to cut about 5 million pounds from CEO''s maximum annual pay - Sky News BP Plc has agreed to cut about 5 million pounds from Chief Executive Bob Dudley''s maximum pay for the next three years in a bid to avoid a shareholder revolt, Sky News said on Monday, citing people briefed on the matter. LONDON British grocery inflation jumped by 2.3 percent in the 12 weeks to March 26, with the price of staples including butter, fish, tea and skincare all rising, industry data showed on Tuesday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swiss-watchdog-insidertrading-idUKKBN1760M4'|'2017-04-04T15:50:00.000+03:00'|2874.0|''|-1.0|'' 2875|'9857df96ffd847a9aa916f78af82ead0b8886b7f'|'Henderson shareholders approve merger with Janus Capital'|' 30pm BST Henderson shareholders approve merger with Janus Capital LONDON Shareholders of British asset manager Henderson Global Investors ( HGGH.L ) backed its $6 billion (4.68 billion pounds) merger with U.S. fund firm Janus Capital ( JNS.N ) on Wednesday, after Janus shareholders approved the deal earlier this week. Henderson last year agreed to buy Janus in an all-share deal, as active fund managers pool resources to fend off growing competition from index-tracking funds. A total of 98.87 percent of votes cast at Henderson''s extraordinary general meeting were in favour of the deal, the company said in a statement. Janus shareholders voted for the deal late on Tuesday, with about 86.2 percent of shares cast in favour. Each Janus share will be exchanged for 0.4719 newly issued shares in Henderson, following a 1 for 10 consolidation of existing Henderson shares prior to completion of the merger, Henderson said. Henderson and Janus chief executives Andrew Formica and Dick Weil will be co-chief executives of the merged group Janus Henderson, which will list in New York and Sydney. The deal is expected to complete by May 30, Henderson chairman Richard Gillingwater said in the statement. (Reporting by Carolyn Cohn and Justin George Varghese. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-henderson-m-a-janus-idUKKBN17S2BP'|'2017-04-27T00:30:00.000+03:00'|2875.0|''|-1.0|'' 2876|'dd583667ff4872741166a576c087ef1edd8701c0'|'Robbing Paula to pay Peter in the boardroom - Business'|'The 1969 book The Peter Principle is practically unique among management texts, in that its based on a good gag.The premise is that employees are promoted until they reach a job at which they prove incompetent a line thats funny because of its truth, be that for sales directors, banking bosses or foreign secretaries.Anyway, a chap called Tom Schuller has come up with a clever modern twist called The Paula Principle , which argues that most women get promoted to a level below their competence. Far from rising to a position their talents dont deserve, they languish below what they could easily manage.Assuming that both principles are accurate, women should be paid more than men, as they will be comparatively better qualified for their roles but we know from the data that the opposite is true.Which brings us to Thursday, when British businesses with more than 250 employees will have to start collating data on their gender pay gap and then publish figures by April 2018.So the problem will be solved and the Peter Principle will be eradicated, then? Maybe not. As Josephine Van Lierop, an employment lawyer at Slater & Gordon, says: We expect big-budget organisations to be hiring expert pay consultants to identify and manipulate the numbers.More the cheater principle, then.Business booming in regulation game Gender pay-gap statistics are just one of the new requirements on businesses imposed from this week.As Suren Thiru, head of economics at the British Chambers of Commerce (BCC), puts it: We enter a new tax year with a raft of changes adding to the upfront cost of doing business. While corporation tax is decreasing, companies are more concerned about the escalating burden of input costs, which hit firms before they even turn over a single pound.Companies of all sizes will now see the introduction of the apprenticeship levy, immigration skills charge, a new national living wage, and pensions auto-enrolment. Such costs are likely to cause many firms to implement cost reduction measures, and weigh down on firms ability to invest, recruit and grow their business.The government must do more to ease the upfront burden on businesses, and allow them to get on and invest, train their staff, and trade all over the world.All of which is likely to represent the sentiments of many businesses although not all. All the consultants about to make a killing, for example.Is Diamond a brokers best friend again? It has been a while since the results of Panmure Gordon have caused much of a ripple in the City, but that was before we knew it was to be taken over by a consortium that includes former Barclays boss Bob Diamond .Once branded the unacceptable face of banking (Diamond, not Panmure) the American financiers Atlas Merchant Capital is teaming up with QInvest, the Qatari investment bank, to acquire one of Londons oldest stockbroking firms. On Tuesday the firm is due to announce results.All of which should give us a bit more information on what the banker is getting into and will no doubt reignite the debate over whether Diamond has served enough time away from the City after resigning from Barclays in the face of political pressure following the Libor scandal.That was five years ago, and while a lot has remained constant (the 65-year-olds reputation, plus his stubbornly dark locks) there has at least been some effort to soften Diamonds hard image.Not least, there was a video posted on social media in December that showed the old banker burping his new grandson, Henry, which is sure to have appealed to City folk. The banker barely looked at the child and instead appeared to be fixated on a Chelsea match on the telly.Topics Corporate governance Observer business agenda Gender Executive pay and bonuses Women Bob Diamond comment '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/apr/02/robbing-paula-pay-peter-boardroom-principle'|'2017-04-02T14:59:00.000+03:00'|2876.0|''|-1.0|'' -2877|'a98e214e2f540c1e17f7da14891791dad51c8d68'|'BRIEF-Aveda Transportation And Energy Services Q4 loss per share C$0.32'|' 39pm EDT BRIEF-Aveda Transportation And Energy Services Q4 loss per share C$0.32 April 11 Aveda Transportation And Energy Services Inc * Aveda Transportation And Energy Services Q4 revenue C$31.4 million versus C$17.5 Million * Aveda Transportation And Energy Services announces 2016 results and provides operational update for the first quarter of 2017 * Aveda Transportation And Energy Services Q4 loss per share C$0.32 * Aveda Transportation And Energy Services Inc -anticipates a substantial increase in revenue in Q1 of 2017 as compared to Q1 of 2016 * Aveda Transportation And Energy Services - preliminary revenue for Q1 of 2017 of about $39.0 - $41.0 million compared to $12.0 million in Q1 of 2016 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-aveda-transportation-and-energy-se-idUSL8N1HJ5QE'|'2017-04-12T04:39:00.000+03:00'|2877.0|''|-1.0|'' +2877|'a98e214e2f540c1e17f7da14891791dad51c8d68'|'BRIEF-Aveda Transportation And Energy Services Q4 loss per share C$0.32'|' 39pm EDT BRIEF-Aveda Transportation And Energy Services Q4 loss per share C$0.32 April 11 Aveda Transportation And Energy Services Inc * Aveda Transportation And Energy Services Q4 revenue C$31.4 million versus C$17.5 Million * Aveda Transportation And Energy Services announces 2016 results and provides operational update for the first quarter of 2017 * Aveda Transportation And Energy Services Q4 loss per share C$0.32 * Aveda Transportation And Energy Services Inc -anticipates a substantial increase in revenue in Q1 of 2017 as compared to Q1 of 2016 * Aveda Transportation And Energy Services - preliminary revenue for Q1 of 2017 of about $39.0 - $41.0 million compared to $12.0 million in Q1 of 2016 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-aveda-transportation-and-energy-se-idUSL8N1HJ5QE'|'2017-04-12T04:39:00.000+03:00'|2877.0|19.0|0.0|'' 2878|'4f9d166f9469b12c86e1224e7d7ba514f6ce81d8'|'London Stock Exchange''s quarterly profit rises'|'Business News - Wed Apr 26, 2017 - 8:24am BST LSE reports higher income, says exploring investments A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville London Stock Exchange Group ( LSE.L ) reported higher quarterly income as its clearing and FTSE Russell index compiling businesses grew strongly, adding it was exploring investments to drive growth after the collapse of its proposed Deutsche Boerse merger. Helped by weak sterling, LSE reported a 19 percent rise in total income from continuing operations to 458.7 million pounds for the quarter ended March 31, while comparable revenue was up 18 percent at 420.6 million pounds. Analysts on an average had expected income of 448.5 million pounds and revenue of 411.6 million pounds, according to a company-compiled consensus. The results come just under a month after EU regulators blocked LSE''s planned merger with Deutsche Boerse DBIGn.DE, citing concerns over a potential monopoly in the processing of bond trades. The failure of LSE''s third attempt to combine with Deutsche Boerse has reignited speculation that an overseas exchange may make a fresh bid for the British firm, with NYSE-owner ICE ( ICE.N ) having briefly expressed interest last year. The industry has been trying to consolidate for years amid weaker trading volumes and shrinking margins, but regulatory concerns, along with nationalist wrangling, have hindered many cross-border deals. "The group has made a strong start to the year... We continue to be actively engaged in exploring selective ongoing organic and inorganic investments in order to drive further growth," LSE Chief Executive Xavier Rolet said on Wednesday. The company, which owns Borsa Italiana and the London Stock Exchange, said it was well placed to benefit from the introduction of MiFID II, new rules that are aimed to make European securities markets more transparent. LSE shares were up 0.76 percent at 3332 pence at 0713 GMT, outperforming the FSTE 100 index .FTSE , which was negative. The stock was the third top bluechip gainer. (Reporting by Esha Vaish in Bengaluru; editing by Louise Heavens and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lse-results-idUKKBN17S0KD'|'2017-04-26T14:46:00.000+03:00'|2878.0|''|-1.0|'' 2879|'9ec85bd43e925698d319ff846f077e431d594f60'|'GM to add 1,100 jobs in California over five years at self-driving unit'|' 17pm BST GM to add 1,100 jobs in California over five years at self-driving unit The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing, Michigan October 26, 2015. Photo taken October 26. REUTERS/Rebecca Cook By David Shepardson - WASHINGTON WASHINGTON General Motors Co ( GM.N ) said on Thursday it will add more than 1,100 jobs in California over five years at its Cruise Automation unit to boost its self-driving efforts after receiving $8 million in state tax credits. The largest U.S. automaker said it is investing $14 million in a new research and development facility in San Francisco that will more than double its current space. GM acquired Cruise Automation for $1 billion in March 2016 as part of its effort to build autonomous vehicles. GM is testing more than 50 Chevrolet Bolt electric vehicles with self-driving technology on public roads in San Francisco, the Detroit metropolitan area and Scottsdale, Arizona. "Running our autonomous vehicle program as a startup is giving us the speed we need to continue to stay at the forefront of development of these technologies and the market applications," said GM Chief Executive Mary Barra in a statement. When GM acquired Cruise in 2016, the company had been working to develop hardware and software that could be installed in a vehicle to enable the car to pilot itself on a highway, without the driver steering or braking. Traditional auto companies have been making major investments in ride-sharing and technology companies as industry executives worry that the century-old business of building and selling cars that people drive themselves may shift rapidly in the coming years. California has aggressively courted companies to invest in self-driving research and development. A state filing said GM had 485 direct employees in California last year and will have more than 1,640 by 2021. "GMs investment is further proof that California is leading the nation in the design, engineering and deployment of autonomous vehicles, said Panorea Avdis, director of the California Governors Office of Business and Economic Development. (Reporting by David Shepardson; Editing by Leslie Adler and Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gm-jobs-idUKKBN17F2RG'|'2017-04-14T06:17:00.000+03:00'|2879.0|''|-1.0|'' 2880|'22c98d873967331d03163c0fa6356fbe062d92f5'|'U.S. job growth cools, unemployment rate falls to 4.5 percent'|'Business News - Fri Apr 7, 2017 - 3:13pm BST U.S. job growth cools, unemployment rate falls to 4.5 percent People wait in line to enter the Nassau County Mega Job Fair at Nassau Veterans Memorial Coliseum in Uniondale, New York, U.S. October 7, 2014. REUTERS/Shannon Stapleton/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON U.S. job growth slowed sharply in March amid continued layoffs in the retail sector, but a drop in the unemployment rate to a near 10-year low of 4.5 percent suggested the labour market was still tightening. Nonfarm payrolls increased by 98,000 jobs last month, the fewest since last May, Labor Department said on Friday. Job gains, which had exceeded 200,000 in January and February, were also held back by a slowdown in hiring at construction sites, factories and leisure and hospitality businesses, which had been boosted by unusually warm temperatures earlier in the year. In March, temperatures dropped and a storm lashed the Northeast, likely accounting for some of the stepback in hiring. The two-tenths of a percentage point drop in the unemployment rate from 4.7 percent in February took it to its lowest level since May 2007. "There probably was a large weather-related factor in there during the measurement week. If you look at the underlying data outside of this singular report and the way it''s measured, the data still suggests that job growth is pretty good," said Russell Price, senior economist at Ameriprise Financial Services in Troy, Michigan. The dollar was trading higher against a basket of currencies, while prices for U.S. Treasuries rose. U.S. stock index futures were slightly lower. The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. While the bigger establishment survey showed fewer jobs created last month, the smaller and more volatile survey of households showed employment increased 472,000. The labour market is expected to hit full employment this year. Economists polled by Reuters had forecast payrolls increasing 180,000 last month and the unemployment rate unchanged at 4.7 percent. The weak payrolls gain could raise concerns about the economy''s health especially given signs that gross domestic product slowed to around a 1.0 percent annualised growth pace in the first quarter after rising at a 2.1 percent rate in the fourth quarter. MODERATE WAGE GAINS Average hourly earnings increased 5 cents or 0.2 percent in March after rising 0.3 percent in February. That lowered the year-on-year increase in wages to 2.7 percent. Given rising inflation, the moderate job gains and gradual wage increases could still keep the Federal Reserve on course to raise interest rates again in June. The U.S. central bank lifted its overnight interest rate by a quarter of a percentage point in March and has forecast two more hikes this year. The Fed has said it would look at how to reduce its portfolio of bond holdings later this year. "I think for the Fed, it doesn''t change all that much in the near-term outlook. They were not going to go in May, and there are still going to be two more employment reports before the June meeting," said Mark Cabana, head of U.S. short rates strategy at Bank of America Merrill Lynch in New York. The labour force participation rate, or the share of working-age Americans who are employed or at least looking for a job, held at an 11-month high of 63 percent in March. A broad measure of unemployment, that includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment, fell to 8.9 percent, the lowest level since December 2007, from 9.2 percent in February. The employment-to-population ratio increased one-tenth of a percentage point to 60.1 percent, the highest since February 2009. Last month, construction jobs increased 6,000, the weakest since August, after robust gains in January and February. Manufacturing employment gained 11,000 jobs, slowing from the 26,000 positions created in February. Retail payrolls fell 29,700, declining for a second straight month. Retailers including J.C. Penney Co Inc ( JCP.N ) and Macy''s Inc ( M.N ) have announced thousands of layoffs as they shift toward online sales and scale back on brick-and-mortar operations. Government payrolls increased 9,000 despite a freeze on the hiring of civilian workers. (Reporting by Lucia Mutikani; Additional reporting by Herb Lash and Sam Forgione in New York; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN17925U'|'2017-04-07T22:13:00.000+03:00'|2880.0|''|-1.0|'' @@ -2917,7 +2917,7 @@ 2915|'773070bc858228107800e9bf7cd504a649cb014e'|'Panera to add 10,000 new delivery jobs by year end'|'Company News 30am EDT Panera to add 10,000 new delivery jobs by year end LOS ANGELES, April 24 Panera Bread Co on Monday said it would add more than 10,000 new delivery jobs by the end of the year, as it expands the service to as much as 40 percent of its restaurants. The bakery-cafe chain, which has agreed to be purchased by JAB Holdings in a deal valued at about $7.5 billion including debt, at the end of 2016 offered delivery at 15 percent of its 2,036 restaurants. The expansion comes as U.S. restaurant chains fight to woo more customers amid a tough traffic slump and intense competition. Delivery adds about $5,000 to weekly sales at each cafe, a boost of around 10 percent, Panera President Blaine Hurst told Reuters. "We''re selling more food," said Hurst, who added that about 80 percent those new sales are from new customers or existing customers who are increasing the frequency of their purchases. While McDonald''s USA, Jack in the Box Inc, P.F. Chang''s China Bistro Inc and other chains depend on partners like UberEats, DoorDash Inc, Seamless and GrubHub Inc to provide delivery, Panera is running the business in house. Hurst said 75 percent of the new jobs will go to drivers, who use their own cars. The remaining positions will be in food preparation, he said. Delivery companies, many of which own the data they collect about consumers who order food through their sites, make money by charging restaurant partners a commission of 10 percent to 30 percent. Some also add separate delivery fees for diners. Panera introduced delivery in early 2015. Delivery is integrated with the company''s digital and mobile services and linked to its MyPanera loyalty program, which allows its 25 million members to save their favorite menu items, earn and track rewards, and receive personalized offers. Panera said cafes will generally deliver between the hours of 11 a.m. and 8 p.m., often for a $3 delivery fee. Panera also is introducing a new order tracking system from Bringg that sends users a picture of their driver, provides delivery status updates and notifications when orders have arrived. (Reporting by Lisa Baertlein in Los Angeles; Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/panera-bread-jobs-idUSL1N1HT1PR'|'2017-04-24T18:30:00.000+03:00'|2915.0|''|-1.0|'' 2916|'22d78ae952bf56d1c58ff58ad7150eba89fe9885'|'Lockheed Martin wins $423 million U.S. defense contract: Pentagon'|'WASHINGTON Lockheed Martin Corp ( LMT.N ) is being awarded a $423 million U.S. defense contract for cost-plus-fixed-fee modification to a previously awarded low-rate initial production Lot 10 F-35 Lightning II aircraft, the Pentagon said on Wednesday.(Reporting by Eric Beech; Editing by Eric Walsh)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lockheed-pentagon-idUSKBN17S2XN'|'2017-04-27T05:18:00.000+03:00'|2916.0|''|-1.0|'' 2917|'8d7afd2c30ddcac8777ff9ebe4b736d5c4854e1c'|'ChemChina, Syngenta win U.S. antitrust approval for deal'|' 27pm BST ChemChina, Syngenta win U.S. antitrust approval for deal left right The company logo of China National Chemical Corp, or ChemChina, is seen at its headquarters in Beijing, China February 3, 2017. REUTERS/Thomas Peter 1/2 left right A Syngenta logo is pictured in their office in Singapore, February 12, 2016. REUTERS/Edgar Su/File Photo 2/2 WASHINGTON The China National Chemical Corp, or ChemChina, has won U.S. antitrust approval to merge with Switzerland''s Syngenta AG ( SYNN.S ) on condition that it divest three pesticides, the Federal Trade Commission said on Tuesday. (Reporting by Diane Bartz)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-syngenta-ag-m-a-china-natl-chem-idUKKBN1762OQ'|'2017-04-05T04:27:00.000+03:00'|2917.0|''|-1.0|'' -2918|'e1476edc56266efdd291e3989fac888dfcb6e5db'|'We need to stop sexism in start-up investment - Guardian Small Business Network'|'In the progressive, fast-paced world of entrepreneurship, you may be under the assumption that all things are equal when it comes to securing investment. Sadly, that couldnt be further from the truth. A report last month from the Entrepreneurs Network found that only 9% of funding into startups in the UK went to women-run businesses. Men are 86% more likely to be venture-capital funded and 56% more likely to secure angel investment.This is a pretty bewildering state of affairs. The facts about women on boards improving the performance of companies are widely documented, and obviously these apply to female entrepreneurs. Dame Stephanie Shirley: ''we were part of a crusade to get women into business'' Read more Female founders deliver better returns for investors when it comes to running startups. Women-led technology companies achieve a 35% higher return on investment, according to research from the Kauffman Foundation in the US. In addition, a recent study from the BI Norwegian Business School showed that women are better suited to leadership then men.So, with growing evidence that demonstrates the outstanding results that women can deliver, why arent female-founders getting a fair chance when it comes to investment?Throughout my career, I have only ever had the opportunity to pitch my businesses to male investorsThere are many factors at play here but, broadly speaking, there needs to be a major cultural shift in venture-capital and entrepreneurial communities.Throughout my career as a serial entrepreneur I have only ever had the opportunity to pitch my businesses to male investors. For there to be a fundamental change and for the UK to back more outstanding female founders, we need women in all areas, including investors, founders and employees, with deep sector expertise to come to the fore.The most common challenge that female founders face is access to capital and the right type of senior support and expertise needed to scale a business.Businesses founded by women often look different to male-owned equivalents. This is because they tend to be in lower-growth industries, such as retail or service-based sectors, which means that these companies often reflect business models that venture capitalists have not invested in before. Female founders also dont always have the same type of networks as men, which can make it harder to attract and nurture the talent needed in finance, marketing or other core business disciplines required to scale a business.While the picture to date is pretty grim, it does feel like the tide is starting to turn. Women now represent one in seven angel investors in the UK, double the rate in 2008. There is also a large number of female founders demonstrating what success looks like for those that follow.The women-led startups smashing the glass ceiling Read more A 2016 report from Founders4Schools , an education charity, shows there are 762 female-led companies in the UK with revenues of between 1m and 250m growing on average 28% a year, with over a third growing more than 50%. Together their revenues rose by nearly 2bn in 2015 from the previous year.Since late 2016 when we launched AllBright, a fund dedicated to female founders, we have been contacted by thousands of investors and entrepreneurs, both men and women, saying they want to help make Britain the best place in the world to be a female founder. The way to capitalise on this and bring about serious change is to have women leading the charge. Only then will we level the playing field between male and female-led businesses, address the funding gap, and enable the economy to reap the returns of Britains outstanding female business talent.Debbie Wosskow is the founder of Love Home Swap and co-founder of AllBright Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Entrepreneurs Women in the boardroom Women '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/apr/24/we-need-to-stop-sexism-in-start-up-investment'|'2017-04-24T15:00:00.000+03:00'|2918.0|''|-1.0|'' +2918|'e1476edc56266efdd291e3989fac888dfcb6e5db'|'We need to stop sexism in start-up investment - Guardian Small Business Network'|'In the progressive, fast-paced world of entrepreneurship, you may be under the assumption that all things are equal when it comes to securing investment. Sadly, that couldnt be further from the truth. A report last month from the Entrepreneurs Network found that only 9% of funding into startups in the UK went to women-run businesses. Men are 86% more likely to be venture-capital funded and 56% more likely to secure angel investment.This is a pretty bewildering state of affairs. The facts about women on boards improving the performance of companies are widely documented, and obviously these apply to female entrepreneurs. Dame Stephanie Shirley: ''we were part of a crusade to get women into business'' Read more Female founders deliver better returns for investors when it comes to running startups. Women-led technology companies achieve a 35% higher return on investment, according to research from the Kauffman Foundation in the US. In addition, a recent study from the BI Norwegian Business School showed that women are better suited to leadership then men.So, with growing evidence that demonstrates the outstanding results that women can deliver, why arent female-founders getting a fair chance when it comes to investment?Throughout my career, I have only ever had the opportunity to pitch my businesses to male investorsThere are many factors at play here but, broadly speaking, there needs to be a major cultural shift in venture-capital and entrepreneurial communities.Throughout my career as a serial entrepreneur I have only ever had the opportunity to pitch my businesses to male investors. For there to be a fundamental change and for the UK to back more outstanding female founders, we need women in all areas, including investors, founders and employees, with deep sector expertise to come to the fore.The most common challenge that female founders face is access to capital and the right type of senior support and expertise needed to scale a business.Businesses founded by women often look different to male-owned equivalents. This is because they tend to be in lower-growth industries, such as retail or service-based sectors, which means that these companies often reflect business models that venture capitalists have not invested in before. Female founders also dont always have the same type of networks as men, which can make it harder to attract and nurture the talent needed in finance, marketing or other core business disciplines required to scale a business.While the picture to date is pretty grim, it does feel like the tide is starting to turn. Women now represent one in seven angel investors in the UK, double the rate in 2008. There is also a large number of female founders demonstrating what success looks like for those that follow.The women-led startups smashing the glass ceiling Read more A 2016 report from Founders4Schools , an education charity, shows there are 762 female-led companies in the UK with revenues of between 1m and 250m growing on average 28% a year, with over a third growing more than 50%. Together their revenues rose by nearly 2bn in 2015 from the previous year.Since late 2016 when we launched AllBright, a fund dedicated to female founders, we have been contacted by thousands of investors and entrepreneurs, both men and women, saying they want to help make Britain the best place in the world to be a female founder. The way to capitalise on this and bring about serious change is to have women leading the charge. Only then will we level the playing field between male and female-led businesses, address the funding gap, and enable the economy to reap the returns of Britains outstanding female business talent.Debbie Wosskow is the founder of Love Home Swap and co-founder of AllBright Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Entrepreneurs Women in the boardroom Women '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/apr/24/we-need-to-stop-sexism-in-start-up-investment'|'2017-04-24T15:00:00.000+03:00'|2918.0|29.0|0.0|'' 2919|'b26ebab2471d2843089774ab835e30d247ef449c'|'Deals of the day-Mergers and acquisitions'|'(Adds Linde, ConocoPhillips, HighTower, Chevron, Polyus, AC Milan)April 13 The following bids, mergers, acquisitions and disposals were reported by 1500 GMT on Thursday:** Linde and Praxair''s $65 billion merger talks are facing legal complexities that mean the agreement will not be finalised as planned before Linde''s annual shareholder meeting on May 10, a source familiar with the situation said.** ConocoPhillips said on Thursday it would sell natural gas-heavy assets in San Juan basin, spanning New Mexico and Southwestern Colorado, to an affiliate of privately held Hilcorp Energy Co for about $3 billion.** Wealth management firm HighTower said on Thursday it will acquire WealthTrust, which has interests in a dozen registered investment advisory firms with $6.4 billion in client assets nationwide, bringing HighTower''s total client assets to more than $47 billion.** Chevron Corp, the second-largest U.S.-based oil producer, is exploring the sale of its 20 percent stake in Canada''s Athabasca Oil Sands project, which could fetch about $2.5 billion, according to people familiar with the situation.** A consortium led by China''s Fosun International Ltd plans to buy between 20 and 25 percent in Russia''s top gold producer Polyus for up to $2 billion, RIA news agency reported, citing documents of a Russian-Chinese intergovernmental commission.** Italian former prime minister Silvio Berlusconi finalised his troubled sale of soccer club AC Milan to a Chinese-led consortium on Thursday, a 740 million euro ($788 million) deal that tightens China''s grip on the game in Italy.** A group of private equity companies have bid around 200 billion Swedish crowns ($22.26 billion) for the hygiene arm of tissue and forestry products firm SCA, daily Dagens Nyheter wrote on Wednesday, citing unnamed sources.** Warren Buffett''s Berkshire Hathaway Inc withdrew its application to the Federal Reserve to boost its ownership stake in Wells Fargo & Co above 10 percent, and is instead selling 9 million shares to keep it below that threshold.** Australia''s foreign investment watchdog has cleared Chinese-backed coal miner Yancoal Australia Ltd to pursue its $2.45 billion acquisition of Rio Tinto''s, Coal and Allied Division, Yancoal said on Thursday.** Japan''s Kobe Steel Ltd said it had acquired Swedish firm Quintus Technologies AB from shareholders led by U.S. private equity firm Milestone Partners for $115 million.** Chinese internet firm Baidu Inc has agreed to acquire U.S. computer vision firm xPerception for an undisclosed amount to support their renewed efforts in artificial intelligence as Chinese tech firms face regulatory headwinds in U.S.** A group of shareholders in Czech betting company Fortuna has filed an application for an injunction to halt the proposed acquisition of Romanian businesses from Penta Investments, Fortuna''s biggest stakeholder.** The head of Dassault Aviation, the biggest shareholder in Thales, said he was not in favour of pursuing a joint venture in railway operations between the French defence electronics firm and transport group Alstom. (Compiled by Komal Khettry in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1HL3S3'|'2017-04-13T12:58:00.000+03:00'|2919.0|''|-1.0|'' 2920|'6b6a2697e2ca726c81584246d4c3e04095829076'|'BHP Billiton puts U.S. shale gas assets on the block again'|'SYDNEY BHP Billiton has put its Fayetteville shale gas assets in the United States back on the block, the world''s largest miner said on Wednesday, as it seeks to focus on more lucrative opportunities in oil.BHP first tried to sell the Fayetteville assets more than two years ago, having made the shale gas investment in 2011 before writing it down by $2.8 billion a year later after gas prices dropped.But it shelved the idea of a sale in February 2015, saying at the time it planned to "maximize value" of the assets. BHP valued the business at $919 million at the end of 2016, according to its annual accounts.In a corporate operations review published on Wednesday, BHP said the gas-rich Fayetteville field in Arkansas was under review and that it was now "considering all options, including divestment".Macquarie Bank analysts in a note said divestment of Fayetteville was the most likely course of action.Analysts have linked the revived sale to activist investor Elliott Management''s call earlier this month for BHP to spin off its petroleum division, much as BHP did with the aluminum and other non-core operations when it created South 32 in 2015. BHP has rejected the call by Elliott, which claims to hold a 4.1 percent interest in BHP''s U.K-listed shares.BHP on Wednesday denied any link between Elliott''s move and prospects for Fayetteville including divestment, and said the move was instead part of an ongoing review.Within the petroleum business, BHP has long made it clear it intends to focus on liquid products in the United States, a more lucrative business than dry gas.In February, it agreed to spend $2.2 billion to fund its share of investment for the second phase of the Mad Dog oilfield in the Gulf of Mexico.(Reporting by James Regan; Additional reporting by Jamie Freed; Editing by Clara Ferreira Marques and Kenneth Maxwell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bhp-billiton-output-shale-idUSKBN17S0CV'|'2017-04-26T12:39:00.000+03:00'|2920.0|''|-1.0|'' 2921|'6f66945d89e89aa2d853311886a1eedb1f3d32c0'|'Central banks need joint plans for future funding crunches - BIS'|'Business News - Thu Apr 6, 2017 - 1:34pm BST Central banks need joint plans for future funding crunches - BIS By Marc Jones - LONDON LONDON Major central banks need to plan ahead and work more closely together to ensure the world''s bank funding markets do not freeze up again in future financial crises, the Bank for International Settlements said on Thursday. A new report from the BIS, known as the central bank for the world''s central banks, identified eight areas it believed needed attention to help reduce market turmoil, with six of them focussing on closer co-operation and communication. The first was that central banks needed to decide which of them was responsible for banks with operations in multiple countries. Others ranged from information sharing, collateral and currency issues, to how early to disclose the provision of support to a lender. "The key message throughout the report is that we need to prepare in calm times to be able to provide liquidity assistance effectively in times of stress," said the U.S. Federal Reserve''s William Dudley, who chaired the BIS working group on the topic. One of the complications of providing banks with billions of dollars or euros worth of funding, as the Fed, European Central Bank, Bank of Japan and others all did during the financial crisis, is that the money can then flow almost anywhere. "The general lesson that emerges from the review of recent central bank experiences is the need to be prepared for new situations where liquidity assistance might be required," the BIS report said. "In particular, central banks need to consider how the interaction of national liquidity assistance frameworks might affect the cross-border coordination and provision of liquidity assistance." For full report click www.bis.org/publ/cgfs58.htm (Reporting by Marc Jones; Editing by Catherine Evans) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cenbank-coordination-bis-idUKKBN1781DZ'|'2017-04-06T20:34:00.000+03:00'|2921.0|''|-1.0|'' @@ -2997,7 +2997,7 @@ 2995|'7c3a0cb472b0ec67d9465f514ce91851259e6bce'|'New Jersey Resources, South Jersey Industries hold merger talks: WSJ'|'New Jersey Resources Corp ( NJR.N ) is considering to combine with South Jersey Industries Inc ( SJI.N ) in a deal that would bring together two natural-gas utilities in New Jersey, the Wall Street Journal reported, citing people familiar with the matter.Details of the talks couldn''t be learned and it is possible that there won''t be a deal, the Journal reported on Tuesday. ( on.wsj.com/2nG2OTt )South Jersey Industries and New Jersey Resources were not immediately available for comments.Shares of South Jersey Industries rose as much as 5.54 percent to a record high of $37.31. The company has a market value of about $2.8 billion.New Jersey Resources'' stock rose as much as 6.3 percent to an all-time high of $41.60. The company is valued at about $3.4 billion.(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-south-jersey-ind-m-a-new-jersey-rsrce-idINKBN1762DO'|'2017-04-04T15:44:00.000+03:00'|2995.0|''|-1.0|'' 2996|'31bb1dac74b19e7641f47cf66f2f72f3e5721720'|'Wal-Mart in advanced talks to buy Bonobos - Recode'|'Deals - Fri Apr 14, 2017 - 11:44pm BST Wal-Mart in advanced talks to buy Bonobos: Recode FILE PHOTO - Shopping carts are seen outside a new Wal-Mart Express store in Chicago, Illinois, U.S. on July 26, 2011. REUTERS/John Gress/File Photo Wal-Mart Stores Inc ( WMT.N ) is in advanced discussions to buy online mens fashion retailer Bonobos Inc, Recode reported on Friday, citing sources. Wal-Mart and Bonobos have agreed on a price and the deal is in final due diligence, Recode said. Nordstrom ( JWN.N ) is an investor in Bonobos. The website said that the price of the deal could not be learned, but a retail business would likely fetch one to two times revenue. Bonobos has $100 million to $150 million in revenue and was valued at $300 million in 2014, the article said.( bit.ly/2nNA6nO ) The world''s biggest retailer has been working aggressively to close the gap with rival Amazon.com Inc ( AMZN.O ) under the leadership of Chief Executive Doug McMillon and new e-commerce chief Marc Lore. The deal, if announced, would become the fourth e-commerce acquisition by the retailer in less than a year. Wal-Mart declined to comment while, Bonobos did not respond to the requests for comment. Lore has overseen the acquisition of three other online retailers, shuffled management and made two-day shipping free on all online orders over $35, without any membership fees to compete with Amazon''s popular Prime shipping program. Alden Bentley and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-bonobos-m-a-walmart-idUKKBN17G1K5'|'2017-04-15T06:42:00.000+03:00'|2996.0|''|-1.0|'' 2997|'ea109ae9fb22cec90a6a19b7a04187e5d7130a94'|'US STOCKS-Futures flat ahead of Fed minutes, Trump-Xi talks'|'Business News - Wed Apr 5, 2017 - 7:43am EDT Futures flat ahead of Fed minutes, Trump-Xi talks Traders work on the floor of the New York Stock Exchange (NYSE) in the Manhattan borough of New York, New York, U.S., April 4, 2017. REUTERS/Brendan McDermid By Yashaswini Swamynathan U.S. stock index futures were little changed on Wednesday with investors on guard ahead of the release of the minutes of the Federal Reserve''s latest meeting and talks between the U.S. and Chinese presidents later this week. * The meeting, starting Thursday, between Donald Trump and China''s Xi Jinping is likely to be tense, with trade and North Korea expected to dominate. Trump has said the meeting is likely to be a "very difficult one". * Also weighing on investors'' minds is Trump''s ability to deliver on tax reform and other pro-business promises after recent setbacks in pushing reforms through Congress. * Wall Street has rallied on Trump''s promises, with analysts saying the expectations of tax cuts have been priced in. The lofty market valuations will be in sharp focus with the first-quarter earnings season around the corner. * The Fed raised interest rates in March and indicated it would hike rates twice more this year. The minutes of that meeting are due at 2:00 p.m. ET (1800 GMT). * Dallas Fed President Robert Kaplan is the only central bank official scheduled to speak on Wednesday. * Among the early movers on Wednesday were shares of Panera Bread ( PNRA.O ). The stock jumped nearly 13 percent to $308.86 after JAB Holdings said it would buy the bakery chain in a deal valued at $7.5 billion. * Data on tap includes the ADP National Employment report that is likely to show fewer jobs were added in the private sector in March than in February. The report, due at 8:15 a.m. ET, serves as a predecessor to Friday''s nonfarm payrolls report. * The ISM non-manufacturing index is expected to have slipped to 57 points in March from 57.6 the month earlier. The data is due at 10:00 a.m. ET. Futures snapshot at 6:57 a.m. ET: * Dow e-minis 1YMc1 were up 7 points, or 0.03 percent, with 15,505 contracts changing hands. * S&P 500 e-minis ESc1 were down 1 point, or 0.04 percent, with 84,858 contracts traded. * Nasdaq 100 e-minis NQc1 were down 3 points, or 0.06 percent, on volume of 15,928 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN1771FG'|'2017-04-05T19:40:00.000+03:00'|2997.0|''|-1.0|'' -2998|'b9396d5b2b69a2dbcf0ddcb0acbfb0c985b68fdb'|'Abbot Point coal port spill causes ''massive contamination'' of Queensland wetland'|'Coal dust released from Adanis Queensland coal port after Cyclone Debbie appears to have caused massive contamination of sensitive wetlands, an academic expert says.A vast swathe of the Caley Valley wetlands has been blackened by coal-laden water released from nearby Abbot Point port after Debbies torrential rains inundated its coal storage facilities last month.Satellite imagery of the coal spill last week prompted an investigation by the Queensland Department of Environment and Heritage Protection (EHP), which said the port operator appeared to have acted in line with a temporary licence to release the excess water.Its either Adani or the Great Barrier Reef. Are we willing to fight for a wonder of the world? - Jeff Sparrow Read more The caveat was that the licence did not authorise environmental harm, an environment department spokeswoman said.Norm Duke, a principal research scientist at James Cook Universitys TropWater unit and an expert in diagnosing contamination of wetlands, said an aerial image of the area showed theres undoubtedly going to be environmental harm. The image shows me a massive contamination of an area that Im very familiar with, Duke told Guardian Australia. Thats not an area they should be dumping their stuff in.Im surprised [they were allowed to do so] in some ways it would be almost better going into the sea rather than dropping it into somewhere its just going to cause long-term damage.Duke, who has done extensive research on contamination of mangroves from oil spills, said he had never seen anything as bad as this for coal dust.The spread of coal dust over a huge area of the wetlands risked creating a double whammy of harm that would have dire implications for local flora and fauna, from fish and birds to molluscs and crabs, he said.First, the sediment would raise the level of mangroves where if you change the elevation even by a few millimetres, some plants and animals will not be able to live there because the tidal regime will change dramatically. This could then be compounded by the potentially toxic effects of coal dust. The extent of both problems could be established almost immediately with site visits, Duke said. But a further problem could emerge months later in the dry season, when fine coal dust could suffocate plants, he said.We are looking at something nobodys going to clean up, Duke said. The department launched an investigation after it became aware of satellite imagery last Thursday apparently showing sediment-laden water flowing from Abbot Points settlement ponds into the adjacent wetland, a spokeswoman said.The investigation was into whether there has been any unauthorised releases of water into the wetlands.Initial monitoring results indicate releases to Caley Valley wetland were in accordance with the conditions of a temporary emissions licence granted to Abbot Point, which allowed the release of water with up to 100mg per litre of total suspended solids, she said.In the event of major rainfall and flooding, mines and associated sites can apply to EHP for a temporary emissions licence, which is a permit that temporarily relaxes or modifies the conditions of an environmental authority.A TEL does not authorise environmental harm.The spokeswoman said the investigation was continuing, including accessing historical satellite imagery to compare wetland colour and depth fluctuations.A spokesman for Adani said the company believed it had acted within the requirements of the temporary emissions licence.Peter McCallum of Mackay Conservation Group said the spill in 5,000-hectare wetlands that were home to more than 40,000 shore birds showed the lack of capacity Adani has to operate in a sensitive environment.Brenda the Civil Disobedience Penguin v the Adani mine. Democracy is fatally compromised! - First Dog on the Moon Read more The group has written to Queenslands environment minister, Steven Miles, asking how the government intended to rehabilitate the wetlands and whether any prosecutions for environmental damage would follow.The Palaszczuk government came to power in 2015 having promised to scrap an earlier plan to allow Adani to dump dredge spoil from the port expansion on to the Caley Valley. The plan is now to dump spoil on a disused industrial site near the port and the wetlands.Adani has directly controlled the running of the port since September, when it bought out previous operator Glencore.It bought a 99-year lease on the port in 2011 and says it has invested more than $1.8bn in the existing terminal. Topics Adani Group Cyclone Debbie Coal Queensland Fossil fuels Pollution '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/apr/10/abbot-point-coal-port-spill-causes-massive-contamination-of-queensland-wetland'|'2017-04-10T14:53:00.000+03:00'|2998.0|''|-1.0|'' +2998|'b9396d5b2b69a2dbcf0ddcb0acbfb0c985b68fdb'|'Abbot Point coal port spill causes ''massive contamination'' of Queensland wetland'|'Coal dust released from Adanis Queensland coal port after Cyclone Debbie appears to have caused massive contamination of sensitive wetlands, an academic expert says.A vast swathe of the Caley Valley wetlands has been blackened by coal-laden water released from nearby Abbot Point port after Debbies torrential rains inundated its coal storage facilities last month.Satellite imagery of the coal spill last week prompted an investigation by the Queensland Department of Environment and Heritage Protection (EHP), which said the port operator appeared to have acted in line with a temporary licence to release the excess water.Its either Adani or the Great Barrier Reef. Are we willing to fight for a wonder of the world? - Jeff Sparrow Read more The caveat was that the licence did not authorise environmental harm, an environment department spokeswoman said.Norm Duke, a principal research scientist at James Cook Universitys TropWater unit and an expert in diagnosing contamination of wetlands, said an aerial image of the area showed theres undoubtedly going to be environmental harm. The image shows me a massive contamination of an area that Im very familiar with, Duke told Guardian Australia. Thats not an area they should be dumping their stuff in.Im surprised [they were allowed to do so] in some ways it would be almost better going into the sea rather than dropping it into somewhere its just going to cause long-term damage.Duke, who has done extensive research on contamination of mangroves from oil spills, said he had never seen anything as bad as this for coal dust.The spread of coal dust over a huge area of the wetlands risked creating a double whammy of harm that would have dire implications for local flora and fauna, from fish and birds to molluscs and crabs, he said.First, the sediment would raise the level of mangroves where if you change the elevation even by a few millimetres, some plants and animals will not be able to live there because the tidal regime will change dramatically. This could then be compounded by the potentially toxic effects of coal dust. The extent of both problems could be established almost immediately with site visits, Duke said. But a further problem could emerge months later in the dry season, when fine coal dust could suffocate plants, he said.We are looking at something nobodys going to clean up, Duke said. The department launched an investigation after it became aware of satellite imagery last Thursday apparently showing sediment-laden water flowing from Abbot Points settlement ponds into the adjacent wetland, a spokeswoman said.The investigation was into whether there has been any unauthorised releases of water into the wetlands.Initial monitoring results indicate releases to Caley Valley wetland were in accordance with the conditions of a temporary emissions licence granted to Abbot Point, which allowed the release of water with up to 100mg per litre of total suspended solids, she said.In the event of major rainfall and flooding, mines and associated sites can apply to EHP for a temporary emissions licence, which is a permit that temporarily relaxes or modifies the conditions of an environmental authority.A TEL does not authorise environmental harm.The spokeswoman said the investigation was continuing, including accessing historical satellite imagery to compare wetland colour and depth fluctuations.A spokesman for Adani said the company believed it had acted within the requirements of the temporary emissions licence.Peter McCallum of Mackay Conservation Group said the spill in 5,000-hectare wetlands that were home to more than 40,000 shore birds showed the lack of capacity Adani has to operate in a sensitive environment.Brenda the Civil Disobedience Penguin v the Adani mine. Democracy is fatally compromised! - First Dog on the Moon Read more The group has written to Queenslands environment minister, Steven Miles, asking how the government intended to rehabilitate the wetlands and whether any prosecutions for environmental damage would follow.The Palaszczuk government came to power in 2015 having promised to scrap an earlier plan to allow Adani to dump dredge spoil from the port expansion on to the Caley Valley. The plan is now to dump spoil on a disused industrial site near the port and the wetlands.Adani has directly controlled the running of the port since September, when it bought out previous operator Glencore.It bought a 99-year lease on the port in 2011 and says it has invested more than $1.8bn in the existing terminal. Topics Adani Group Cyclone Debbie Coal Queensland Fossil fuels Pollution '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/apr/10/abbot-point-coal-port-spill-causes-massive-contamination-of-queensland-wetland'|'2017-04-10T14:53:00.000+03:00'|2998.0|26.0|0.0|'' 2999|'78574f0b2b18d3c3d54cd70cb61c24c4baf5a3d0'|'Exclusive: Boeing near decision to launch 737-10 jet - sources'|'By Tim Hepher - PARIS PARIS Boeing is nearing a decision to launch a larger version of its 737 workhorse jet within two months to counter strong sales of the Airbus A321neo, after a breakthrough on the design for one of its parts, industry sources said.The 737 MAX 10 would narrow the gap between the 178-220 seat 737-9, which first flew this month, and the 185-240 seat A321neo, which dominates the top end of a market for narrowbody jets worth $2 trillion over 20 years.Boeing has been studying how to solve a tricky problem with the design of the plane''s landing gear, without adding cost or delaying a 2020 target for first deliveries.The sources said a two-part technical solution is being tested and that Boeing is negotiating with airlines with the aim of launching the 737-10 at the Paris Airshow in June. Boeing is said to anticipate a total market of 1,000 of the planes."Boeing is actively engaged in discussions with customers about the 737 MAX 10X," a spokesman said."No decision has been made on the airplane and any discussion on timing of a possible launch would be speculative."Reuters reported last year that the 737-10 marks a tactical response to the A321neo, while Boeing works on strategic plans for a 220-260-seat twin-aisle, mid-market jet.But it has produced a puzzle so tricky that Boeing has asked for help from its combat jet experts to design a space-saving gear for the 737-10.A solution is needed because the 737-10 will be longer than the 737-9 to make room for about 12 extra seats. The landing gear must become taller too or the tail could scrape the runway.Anxious to avoid costly changes to the rest of the plane and stay on schedule, Boeing aims to make the gear longer only when needed, but small enough to fit in the 737''s existing wheel bay.It has not made final decisions but is testing an advanced proposal to allow the 737 to effectively sit back on its heels as it leaves the runway.This is what aerospace engineers call a "semi-levered" design and is a nod to two bigger jets: the 777 and 787-10.In a further twist, the gear would lengthen telescopically for the 737-10 to charge down the runway. Afterwards, it would shrink again to retract into the same space.COMPETITION IMPACTDrawing-board decisions like these feed directly into the battle for jet sales.A longer gear allows pilots to use the same take-off angle rather than easing off to avoid striking the runway with the tail of the longer jet. Shallower take-offs need more runway, limiting the number of airports served and restricting sales.Airbus, which declined comment, is likely to try to persuade potential 737-10 buyers that it is little different from the slow-selling 737-9. Sources say it is meanwhile working on its own improvements to the A320 family codenamed A320neo-plus.Experts say more capacity could put costs per seat of the 737-10 in the same ballpark as the A321neo, leaving jetmakers to slug it out over range and performance.Boeing decided against using a bigger engine to boost those two features. It is gambling that some airlines will prefer extra seats and fly the 737-10 mainly on short routes.Although reports have focused on the clash between the A321neo and 737-9/10, industry sources say it''s not just the top end of the narrowbody market that drives the new design.Because most carriers stick to one jet family, they say Boeing seems worried the A321neo''s success could prompt fleet decisions that weaken the smaller 737 MAX 8, its main cash cow."It''s a defensive move. Boeing wants to prevent the A321neo being a Trojan Horse in its own fleet," one strategist said.(Editing by Sudip Kar-Gupta and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/boeing-idINKBN17R10S'|'2017-04-25T17:46:00.000+03:00'|2999.0|''|-1.0|'' 3000|'8f8b93d31a904842097c1c9a3c4cac12a8de04e6'|'Brazil court suspends Petrobras oilfield sale to Statoil'|'Business News - Tue Apr 18, 2017 - 2:22am BST Brazil court suspends Petrobras oilfield sale to Statoil SAO PAULO A Brazilian court has ordered state-controlled oil company Petrleo Brasileiro SA ( PETR4.SA ) to suspend the sale of its stake in an exploratory block to Norway''s Statoil ASA ( STL.OL ) after a union argued there should have been an open bidding process. Petrobras, as the company is known, said in a securities filing on Monday that the deal for its stake in the BM-S-8 region known as the Carcara field was approved by regulators. Half of the $2.5 billion in proceeds were due when the deal closed in November, and the company said it had used those funds to repay debts. Petrobras said it would take legal measures to defend its interests. The sale of the 66 percent stake in the offshore prospect was the first major pre-salt asset sold as part of a divestment plan that now aims to raise $21 billion in two years for Petrobras to pay down its debts. The National Federation of Oil Workers said it had filed the lawsuit because Petrobras, as a state-controlled enterprise, is required to hold an open bid for any asset sale. A Statoil representative said the Norwegian firm would not comment on the matter because it had not received an official notice of the decision. (Reporting by Marta Nogueira and Tatiana Bautzer; Writing by Brad Haynes; Editing by Cynthia Osterman and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-petrobras-divestiture-statoil-idUKKBN17J1U1'|'2017-04-18T09:18:00.000+03:00'|3000.0|''|-1.0|'' 3001|'67dc7003b0fa3fc41c10101aef40d9c52245bd88'|'Germany criticises Trump orders on trade deficits, import duty evasion'|'Business News - Sat Apr 1, 2017 - 12:50pm BST Germany criticises Trump orders on trade deficits, import duty evasion German Economy Minister Brigitte Zypries attends the weekly cabinet meeting at the Chancellery in Berlin, Germany, February 1, 2017. REUTERS/Fabrizio Bensch BERLIN U.S. President Donald Trump''s executive orders on trade deficits and import duty evasion are a sign that Washington plans to move away from free trade and international agreements, German Economy Minister Brigitte Zypries said on Saturday. Trump instructed his administration on Friday to study the causes of U.S. trade deficits and clamp down on countries that abuse trade rules in two executive orders he said would open a new chapter for U.S. workers and businesses. Zypries said that while the executive orders were initially only reviews, "they show, however, that the U.S. obviously wants to move away from free trade and trade agreements." "We must seek constructive dialogue and explain that the reasons for the U.S. trade deficit are not just abroad," the minister said, adding that she would raise the issue in talks with U.S. counterparts during a trip to Washington in May. For years, the United States has been importing more goods from Germany than it exports to Europe''s biggest economy, due to the relatively strong competitiveness of German firms and the high demand among U.S. customers for ''Made in Germany'' goods. The resulting U.S. trade deficit with Germany has nearly doubled in the past 10 years from some 28.8 billion euros (24 billion pounds) in 2006 to 49 billion euros in 2016, according to data from Germany''s Federal Statistics Office. Trump''s trade adviser Peter Navarro has accused Germany of exploiting other countries through a "grossly undervalued" euro. This sparked a sharp response from German Chancellor Angela Merkel who said the European Central Bank is in charge of the euro and the central bank is a politically independent body. In a further sign of increased tensions between Germany and the United States, German Foreign Minister Sigmar Gabriel urged the European Union on Friday to consider filing a complaint with the World Trade Organisation (WTO) against the United States over its plan to impose duties on imports of steel plate from five EU member states. (Reporting by Michael Nienaber; Editing by Helen Popper) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-trade-germany-idUKKBN1733ET'|'2017-04-01T19:50:00.000+03:00'|3001.0|''|-1.0|'' @@ -3021,11 +3021,11 @@ 3019|'e02a876d31110a93275565adde7806fb370c8da9'|'Fibria CEO sees room for new price hikes, cash costs falling'|'SAO PAULO, April 26 Brazilian wood pulp producer Fibria SA may continue hiking prices in coming months due to surprisingly strong second-quarter demand, executives told journalists on a conference call on Wednesday.Chief Executive Marcelo Castelli said cash costs rose due to one-time effects in the first quarter and should be lower for the rest of the year. Management also said they expect to boost earnings by selling excess energy in coming quarters. (Reporting by Brad Haynes and Alberto Alerigi Jr.; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/fibria-outlook-idINE6N1FG02M'|'2017-04-26T12:57:00.000+03:00'|3019.0|''|-1.0|'' 3020|'078a492229d072fabf5d2ce81adcc25edfca34e1'|'Brazil airline Azul tentatively reschedules IPO for Monday'|'SAO PAULO Brazilian airline Azul SA is tentatively planning to price its initial public offering on Monday, according to a statement on its website, pending approval of securities regulator CVM, which suspended the offering hours ahead of pricing.The CVM on Thursday suspended the IPO for up to 30 days due to several news stories gauging investor demand in recent days, as well as the release of a video in which executives gave projections not present in the official prospectus.Azul said it had removed the video from an investor website and would return funds to any retail investors that wanted to back out of offering by next Thursday, April 13.The CVM has recently toughened oversight of domestic debt and equity offerings as companies are returning to capital markets after a three-year drought. The decision could be reversed if Azul "fully corrects the flaws" that led to the IPO''s suspension, CVM said on Thursday.(Reporting by Brad Haynes; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-azul-ipo-idINKBN179320'|'2017-04-07T18:34:00.000+03:00'|3020.0|''|-1.0|'' 3021|'2af3b3bc45cdd9b3e166ecba3e34920a263daf1c'|'LME reform controversy highlights divisions between members'|' 19pm BST LME reform controversy highlights divisions between members FILE PHOTO: Traders and clerks react on the floor of the London Metal Exchange, London, Britain, May 13, 2016. REUTERS/Paul Hackett/File Photo By Peter Hobson and Pratima Desai - LONDON LONDON The London Metal Exchange (LME) is considering reforming its complex structure of trading to lure funds and reverse falling volumes, laying bare a schism between those wanting change and core traditional members who do not. By early next month, the 140-year-old British institution that sets global benchmark prices for industrial metals such as copper and aluminium will publish a discussion paper that is expected to include the offer of a simpler alternative to its intricate three-month date structure, sources say. A hike in trading fees two years ago drove many LME regulars to the over-the-counter markets, precipitating a 7.7 percent fall in trading volumes last year and 4.3 percent the year before and forcing the exchange to consider its future. Dwindling volumes have undermined profits at parent Hong Kong Exchanges & Clearing Ltd (HKEx) ( 0388.HK ), which paid $2.2 billion for the LME in 2012 and is still trying to recoup on its investment. "Growth has to come from speculators," a source at a London-based brokerage said. "They are going to have to come out with something new, they can''t just keep tinkering around the edges." That something new, metal industry sources say, could be modelled on the exchange''s new precious metal contracts due to go live in June. Its mix of daily and monthly gold and silver contracts aims to allow industrial users to hedge specific dates. But its standardised monthly future would also appeal to funds, allowing them to settle a trade as soon as it is closed, much like futures on other exchanges such as the CME ( CME.O ). "There are people who want futures and there are people who want to leave things as they are," the head of a commodities brokerage said. "A lot of our clients are real hedgers so the date structure has a value for us, but some of our clients are financial and they would prefer futures." The LME will seek feedback on the discussion paper before implementing any changes. "We are committed to broad engagement with our stakeholders, to understand their perspectives, and to map out a development path for the LME which evolves together with the needs of our users," the LME said. "We will only make changes where and when we believe these to be in the best interests of the whole market." ''BREAD AND BUTTER'' Traditional members fret that adding more industrial metals contracts will erode liquidity for the three-month forward contracts that are traded in the open-outcry ring, risking the exchange''s position as global benchmark setter. "They need to understand we, and the three-month contracts, are their bread and butter, we are their core audience, they can''t have everything," one brokerage head said. "Taking liquidity away from the three-months could impact their use as global benchmarks, without which the LME becomes like any other exchange." Liquidity on the LME is concentrated in the rolling three-month forward contracts, based on the time it took to ship copper from Chile to London in the 19th century, which allow industrial users to lock in prices on a specific day. But it is costly and complex for financial investors. For example, a fund wanting to bet on higher prices can buy the three-month contract today and when it sells, perhaps a few days later, it must reconcile the two dates with a separate spread transaction. That requires three transactions and three lots of fees. Matching the dates has to be done through a broker, and the forward contract requires investors to wait until its expiration date to settle their accounts. Speaking at a briefing this year, HKEx chief executive Charles Li said: "It''s really about making our system easier, making our trading platform more friendly, (so) completely new people can find it easier." The LME has already tried to make trading easier for funds by trying to boost liquidity on Select, its electronic trading system, for monthly forward contracts, which settle on the third Wednesday of each month, with incentives such as discounts for new participants. The monthly forwards are only two transactions, both of which could be done on Select. But liquidity is lacking, sources say. "With the third Wednesday contract, your money is not unlocked until settlement," a U.S.-based investor said. "They need to go one step further offer futures. On COMEX CME.L, when I want to buy copper, a few clicks and it''s in my account, if I want to sell tomorrow a few more clicks and it''s done." (Editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lme-reform-idUKKBN17D1LB'|'2017-04-11T21:19:00.000+03:00'|3021.0|''|-1.0|'' -3022|'a586511dd383dd065631e6c3f6ea810ba6d0b727'|'CANADA STOCKS-TSX futures indicate a lower start'|'Company News - Wed Apr 5, 2017 - 7:47am EDT CANADA STOCKS-TSX futures indicate a lower start April 5 Futures pointed to a modestly lower start for Canadian stocks on Wednesday, a day after the main stock index hit their highest in nearly six weeks on gains in shares of mining and energy companies. June futures on the S&P TSX index were down 0.05 percent at 7:15 a.m. ET. Dow Jones Industrial Average e-mini futures were down 0.01 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.08 percent and Nasdaq 100 e-mini futures were down 0.11 percent. No major Canadian economic releases are scheduled for the day. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Department store retailer Hudson''s Bay Co reported a quarterly loss on Tuesday, due in part to an impairment charge related to weak sales at Saks OFF 5TH and Gilt. Cenovus Energy said on Tuesday it priced a $2.9 billion offering of senior notes to fund the acquisition of assets in Western Canada from ConocoPhillips. ANALYST RESEARCH HIGHLIGHTS Imperial Oil Ltd: Goldman Sachs cuts rating to "sell" from "neutral" Rogers Communications Inc: CIBC cuts rating to "neutral" from "outperform" Trek Mining Inc: National Bank Financial resumes coverage with "outperform" rating COMMODITIES AT 7:15 a.m. ET Gold futures: $1251.4; -0.29 percent US crude: $51.54; +1 percent Brent crude: $54.69; +0.96 percent LME 3-month copper: $5850.5; +1.23 percent U.S. ECONOMIC DATA DUE ON WEDNESDAY 0815 ADP national employment for Mar: Expected 187,000; Prior 298,000 0945 Markit Composite Final PMI for Mar: Prior 53.2 0945 Markit Services PMI Final for Mar: Prior 52.9 1000 ISM N-Manufacturing PMI for Mar: Expected 57.0; Prior 57.6 1000 ISM N-Manufacturing Business Activity for Mar: Expected 61.5; Prior 63.6 1000 ISM N-Manufacturing Employment Index for Mar: Prior 55.2 1000 ISM N-Manufacturing New Orders Index for Mar: Prior 61.2 1000 ISM N-Manufacturing Price Paid Index for Mar: Prior 57.7 FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.34) (Reporting by Nikhil Kumar in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1HD2UQ'|'2017-04-05T19:47:00.000+03:00'|3022.0|''|-1.0|'' +3022|'a586511dd383dd065631e6c3f6ea810ba6d0b727'|'CANADA STOCKS-TSX futures indicate a lower start'|'Company News - Wed Apr 5, 2017 - 7:47am EDT CANADA STOCKS-TSX futures indicate a lower start April 5 Futures pointed to a modestly lower start for Canadian stocks on Wednesday, a day after the main stock index hit their highest in nearly six weeks on gains in shares of mining and energy companies. June futures on the S&P TSX index were down 0.05 percent at 7:15 a.m. ET. Dow Jones Industrial Average e-mini futures were down 0.01 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.08 percent and Nasdaq 100 e-mini futures were down 0.11 percent. No major Canadian economic releases are scheduled for the day. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Department store retailer Hudson''s Bay Co reported a quarterly loss on Tuesday, due in part to an impairment charge related to weak sales at Saks OFF 5TH and Gilt. Cenovus Energy said on Tuesday it priced a $2.9 billion offering of senior notes to fund the acquisition of assets in Western Canada from ConocoPhillips. ANALYST RESEARCH HIGHLIGHTS Imperial Oil Ltd: Goldman Sachs cuts rating to "sell" from "neutral" Rogers Communications Inc: CIBC cuts rating to "neutral" from "outperform" Trek Mining Inc: National Bank Financial resumes coverage with "outperform" rating COMMODITIES AT 7:15 a.m. ET Gold futures: $1251.4; -0.29 percent US crude: $51.54; +1 percent Brent crude: $54.69; +0.96 percent LME 3-month copper: $5850.5; +1.23 percent U.S. ECONOMIC DATA DUE ON WEDNESDAY 0815 ADP national employment for Mar: Expected 187,000; Prior 298,000 0945 Markit Composite Final PMI for Mar: Prior 53.2 0945 Markit Services PMI Final for Mar: Prior 52.9 1000 ISM N-Manufacturing PMI for Mar: Expected 57.0; Prior 57.6 1000 ISM N-Manufacturing Business Activity for Mar: Expected 61.5; Prior 63.6 1000 ISM N-Manufacturing Employment Index for Mar: Prior 55.2 1000 ISM N-Manufacturing New Orders Index for Mar: Prior 61.2 1000 ISM N-Manufacturing Price Paid Index for Mar: Prior 57.7 FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.34) (Reporting by Nikhil Kumar in Bengaluru; Editing by Saumyadeb Chakrabarty) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1HD2UQ'|'2017-04-05T19:47:00.000+03:00'|3022.0|29.0|0.0|'' 3023|'78c36b2ba109e9f654081b338ed7838337006cb9'|'Hurdles for hubs: Encouraging African entrepreneurship'|'YOU are either part of the solution or part of the problem, it says in painted letters on a wall. Stay hungry, stay foolish, says the wall opposite. An old rickshaw sits among beanbags and a vase of flowers rests on an ancient oil barrel in the corner. We wanted the space to feel like Google, says Eleni Gabre-Madhin, the founder of blueMoon, a new agribusiness incubator that opened in Addis Ababa in February, without a trace of irony.Incubators and their cousins, accelerators, provide hands-on training and mentoring, and often a physical space, to help early-stage business ideas develop. In Silicon Valley they find capital for startups and take a slice of equity in return for their services. Ms Gabre-Madhin says that blueMoon draws inspiration from Y Combinator, an American accelerator founded in 2005 whose investees include Dropbox and Airbnb. The new firms first cohort of startups will train at the office for four months, and it will give each a small cash injection in exchange for a 10% stake. 15 2 That is a rarity in Africas startup scene. A simpler and more common model is for tech hubs to provide office space, some networking events and fast broadband internet. A recent survey counted over 300 such facilities on the continent. One of the first hubs was iHub in Nairobi, launched in 2010, which has an incubation arm focused on mobile technology, called m:lab. But m:lab, like many of its kind, is not a real incubator: it was founded with grant support from the World Bank and takes fees from, but not equity in, the companies that it nurtures.Becoming a proper incubator has proved tricky. Hypercube Hub in Zimbabwe closed in 2015 after operating for less than two years, having failed to find a sustainable business model. A seed fund and incubator based in Nairobi called 88mph closed in 2015 after struggling along for four years; its Nigerian spin-off, 440.NG, was discontinued after the first cohort graduatedthe return on capital to the founder was insufficient. Only one genuine incubator, Raizcorp in South Africa, is profitable without grant funding. Almost all are waiting for their first big payout.Many incubators lack experienced mentors to guide young businesses. In a country like Ethiopia, home to few internationally successful businesses, finding qualified staff is a headache. Even in more sophisticated Nigeria, mentors can be substandard. Some actively harm young startups by, for example, pushing them into raising capital too early.Just as entrepreneurs need decent mentors, incubators need good entrepreneurs if they are to make any money. In Africa, says Nicolas Friederici of Oxford University, incubators have disappointed because they are a supply-side solution: there are still too few promising startups in need of their services. Many of the best entrepreneurs have already left for other places.When Michael Oluwagbemi set up Wennovation Hub in Lagos in 2011, he found he had to teach wannabe entrepreneurs how to write applications and design websites before he could even launch the formal incubation programme. The incubator in Africa is basically a finishing school and four months of it is not enough, he says. Business "Hurdles for hubs"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21720344-only-one-incubator-continent-profitable-without-grants-encouraging-african?fsrc=rss'|'2017-04-06T22:41:00.000+03:00'|3023.0|''|-1.0|'' 3024|'9ed273f583ce25f8c47b57983d970cdd882c5287'|'INCJ looking at Toshiba chip unit auction; didn''t bid in first round'|'Technology 37am BST INCJ looking at Toshiba chip unit auction; didn''t bid in first round A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao TOKYO The state-backed fund Innovation Network Corp of Japan is looking at the auction of Toshiba Corp''s ( 6502.T ) chip unit but did not participate in first-round bidding, INCJ Chairman Toshiyuki Shiga said on Tuesday. Sources familiar with the matter have told Reuters INCJ may invest in the business as a minority partner - a move that would help the government prevent a sale to bidders it deems risky to national security. (Reporting by Taiga Uranaka; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-incj-idUKKBN17K0EA'|'2017-04-18T13:36:00.000+03:00'|3024.0|''|-1.0|'' 3025|'376cefc942b106c99cdacea121f65b762cbc6f02'|'Mexico''s Bimbo plans expansion in China, Asia, Middle East - executive'|'Deals - Wed Apr 19, 2017 - 9:26pm EDT Mexico''s Bimbo plans expansion in China, Asia, Middle East Advertising of Mexican bread maker Grupo Bimbo is seen in a store in Mexico City, September 24, 2014. REUTERS/Edgard Garrido By Sheky Espejo - MEXICO CITY MEXICO CITY Mexican breadmaker Grupo Bimbo ( BIMBOA.MX ) plans to grow in China in the short term with acquisitions, while also expanding in the rest of Asia and entering Middle Eastern markets, the company''s food business chief said on Wednesday. Bimbo, which entered China in 2006 after buying the local assets of Spanish competitor Panrico, plans to expand in China through purchases of local companies, Bernardo Zermeno, the food business chief, told Reuters on the sidelines of an event in Mexico City. "Bimbo will look for a consolidation that will allow for expansion," he said. Bimbo shares were up 0.60 percent in late afternoon trading at 45.44 pesos ($2.41). (Reporting by Sheky Espejo; Editing by Leslie Adler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bimbo-china-idUSKBN17L2LW'|'2017-04-20T03:31:00.000+03:00'|3025.0|''|-1.0|'' -3026|'e722b75776757cc6a08d89dd57230d7cfaa8f00a'|'Bill sets out plan to tackle ''extortionate'' UK overdraft fees - Money - The Guardian'|'Bank customers ripped off by extortionate overdraft fees will get support next week from a parliamentary bill that promises to protect the most financially vulnerable from escalating charges.Rachel Reeves, a Labour MP who sits on the Treasury select committee, will outline plans on Tuesday for regulators at the Financial Conduct Authority (FCA) to cap the maximum amount that banks can charge customers for unauthorised overdrafts , similar to the limit imposed on charges on payday loans of 24 a month. She argued: Banks are sending many people deeper into debt with extortionate charges on unauthorised overdrafts. They should have a responsibility to help people out of debt, rather than adding to their problems with rip-off charges.The FCA, the City watchdog, has included overdraft fees in a review into high interest loans , alongside payday loans and doorstep lending. It launched the review after the Competition and Markets Authority stepped back from imposing a cap on overdraft fees following its two-year investigation into high street banks. The CMA said instead banks should publish their monthly maximum charge for going over the limit.Two years ago, the FCA capped maximum charges on payday loans at 0.8% a day of the amount borrowed. Reeves is pushing for similar restrictions to be placed on banks, which make 1.2bn a year from unauthorised-overdraft fees.According to consumer group Which?, the cost of borrowing 100 through an unauthorised overdraft for 28 days from some high street banks is as high as 90. This is up to four times higher than the allowed maximum charges on a payday loan.Reeves, MP for Leeds West, has long campaigned on the issue and wants to introduce her unauthorised overdrafts (cost of credit) bill in the House of Commons on Tuesday. She noted that households were saving less and less, with the savings ratio falling since 2010 to a record low of 3.3% , while unsecured debt went up by 10% last year. The household debt to income ratio has grown by 6% in the past year and is now at 145%, which she said poses a serious risk to our economy.With the election looming, the bill will not make it into law in this parliament, but if she is re-elected, Reeves wants to reintroduce it either as a private members bill or through amending a Treasury or Department for Business, Energy & Industry strategy bill in parliament. She will also call on all parties to include this in their election manifestos.She said: Payday lenders are already subject to limits on the fees they can charge. I want to see a similar cap introduced for our high street banks and an end to these unfair and unjust fees.Topics Bank charges Banks and building societies Payday loans Borrowing & debt Financial Conduct Authority Regulators news Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/apr/23/commons-bill-rachel-reeves-banks-overdraft-fees'|'2017-04-23T03:00:00.000+03:00'|3026.0|''|-1.0|'' +3026|'e722b75776757cc6a08d89dd57230d7cfaa8f00a'|'Bill sets out plan to tackle ''extortionate'' UK overdraft fees - Money - The Guardian'|'Bank customers ripped off by extortionate overdraft fees will get support next week from a parliamentary bill that promises to protect the most financially vulnerable from escalating charges.Rachel Reeves, a Labour MP who sits on the Treasury select committee, will outline plans on Tuesday for regulators at the Financial Conduct Authority (FCA) to cap the maximum amount that banks can charge customers for unauthorised overdrafts , similar to the limit imposed on charges on payday loans of 24 a month. She argued: Banks are sending many people deeper into debt with extortionate charges on unauthorised overdrafts. They should have a responsibility to help people out of debt, rather than adding to their problems with rip-off charges.The FCA, the City watchdog, has included overdraft fees in a review into high interest loans , alongside payday loans and doorstep lending. It launched the review after the Competition and Markets Authority stepped back from imposing a cap on overdraft fees following its two-year investigation into high street banks. The CMA said instead banks should publish their monthly maximum charge for going over the limit.Two years ago, the FCA capped maximum charges on payday loans at 0.8% a day of the amount borrowed. Reeves is pushing for similar restrictions to be placed on banks, which make 1.2bn a year from unauthorised-overdraft fees.According to consumer group Which?, the cost of borrowing 100 through an unauthorised overdraft for 28 days from some high street banks is as high as 90. This is up to four times higher than the allowed maximum charges on a payday loan.Reeves, MP for Leeds West, has long campaigned on the issue and wants to introduce her unauthorised overdrafts (cost of credit) bill in the House of Commons on Tuesday. She noted that households were saving less and less, with the savings ratio falling since 2010 to a record low of 3.3% , while unsecured debt went up by 10% last year. The household debt to income ratio has grown by 6% in the past year and is now at 145%, which she said poses a serious risk to our economy.With the election looming, the bill will not make it into law in this parliament, but if she is re-elected, Reeves wants to reintroduce it either as a private members bill or through amending a Treasury or Department for Business, Energy & Industry strategy bill in parliament. She will also call on all parties to include this in their election manifestos.She said: Payday lenders are already subject to limits on the fees they can charge. I want to see a similar cap introduced for our high street banks and an end to these unfair and unjust fees.Topics Bank charges Banks and building societies Payday loans Borrowing & debt Financial Conduct Authority Regulators news Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/apr/23/commons-bill-rachel-reeves-banks-overdraft-fees'|'2017-04-23T03:00:00.000+03:00'|3026.0|24.0|0.0|'' 3027|'c840208114175ecaead5c122efc453da10e3aa17'|'ConocoPhillips, partners weigh expansion of Darwin LNG'|'DARWIN ConocoPhillips and its partners are considering expanding their Darwin liquefied natural gas (LNG) plant in Australia, with backing from other companies with undeveloped gas resources that could feed the plant.ConocoPhillips has previously talked only about developing a new gas field for around $10 billion to fill the plant''s single production unit, or train, when supply from its current gas source, the Bayu-Undan field, runs out around 2022.The U.S. oil major has also previously said an expansion in the current market would be challenging due to low oil and LNG prices, and costs that have risen steeply since Darwin LNG was built more than a decade ago.A $650,000 feasibility study on building a second train is due to be completed this year, the Northern Territory government said on Wednesday, announcing that it would contribute $250,000 toward the study."The Territory Labor Government is supporting the feasibility study because this is a significant investment toward the business case for potential expansion at Darwin LNG, potentially creating thousands of jobs during construction and operation," Northern Territory Chief Minister Michael Gunner said in a statement.Five joint ventures with undeveloped gas resources off the coast of the Northern Territory are backing the study, with stakeholders including Royal Dutch Shell, Malaysia''s Petronas [PETR.UL], Italy''s ENI SpA, and Australia''s Santos and Origin Energy."With Darwin LNG, five upstream joint ventures and the Northern Territory Government involved, it is a pioneering example of all of industry and government collaborating on solutions to unlock major investments," ConocoPhillips Australia West vice president Kayleen Ewin said in a statement.Darwin LNG is co-owned by ConocoPhillips, Santos, Japan''s Inpex, ENI, Tokyo Electric Power Co and Tokyo Gas Co.(Reporting by Tom Westbrook; Writing by Sonali Paul; Editing by Tom Hogue)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-australia-lng-conocophillips-idUSKBN17L0VA'|'2017-04-19T16:16:00.000+03:00'|3027.0|6.0|0.0|'' 3028|'694808c155f7a0b45930500e7ea5139586d1b1dc'|'In win for Boeing and GE, Trump says he wants to revive export bank'|' 36am BST In win for Boeing and GE, Trump says he wants to revive export bank left right Boeing Co''s logo is seen above the front doors of its largest jetliner factory in Everett, Washington, U.S. January 13, 2017. REUTERS/Alwyn Scott 1/2 left right On a day when he ceded a loss over a signature policy in a federal appeals court, had to replace his labor secretary pick and faced questions over the resignation of his national security adviser, Trump chose to make the media a central focus of an unusually long and combative presidential news conference. REUTERS/Kevin Lamarque 2/2 By Ginger Gibson - WASHINGTON WASHINGTON President Donald Trump plans to revive the hobbled Export-Import Bank of the United States, his office said, a victory for American manufacturers like Boeing Co ( BA.N ) and General Electric Co ( GE.N ) which have overseas customers that use the agency''s government-backed loans to purchase their products. Trump first told the Wall Street Journal on Wednesday he would fill two vacancies on the agency''s five-member board that have prevented the bank from having a quorum and being able to act on loans over $10 million. Trump''s picks must gain approval from the Senate, which blocked nominees by former President Barack Obama. Trump told the Journal that the bank benefits small businesses and creates jobs, a reversal of his earlier criticism of the bank being "featherbedding" for wealthy corporations. The Export-Import Bank, an independent government agency, provides loans to foreign entities that enables them to purchase American-made goods. For example, it has been used by foreign airlines to purchase planes from Boeing and farmers in developing nations to acquire equipment. The banks acting chairman, Charles CJ Hall, was not immediately available for comment. The bank has become a popular target for conservatives, who have worked in Congress to kill the bank, arguing that it perpetuates cronyism and does little to create American jobs. Trump''s about-face on the export bank comes after meeting on Tuesday with former Boeing Chief Executive Officer Jim McNerney, who left the company last year but oversaw the corporation''s aggressive lobbying effort in support of the bank in 2015. Trump also met at the White House on Feb. 23 with GE CEO Jeff Immelt and Caterpillar Inc ( CAT.N ) CEO Mark Sutton, both vocal supporters of the bank. It is not known if they discussed the bank at those meetings. Large American corporations that do significant amounts of exports say other countries have similar agencies and the export bank levels the playing field. "This is an encouraging development on a key competitive issue for U.S manufacturers and their extensive supply chains," Boeing spokeswoman Kate Bernard said in statement to Reuters. The U.S. Chamber of Commerce and the National Association of Manufacturers, which includes companies like Ingersoll-Rand Plc ( IR.N ), United States Steel Corp ( X.N ) and Pfizer Inc ( PFE.N ), cheered the move. Manufacturers are encouraged by President Trumps vocal support for the bank, said NAM Vice President of International Economic Affairs Linda Dempsey in a statement. A 2015 fight to shutter the bank led by conservatives in Congress allowed the bank''s charter to expire for five months. After overwhelming bipartisan support emerged to renew the bank''s charter, which is needed for it to operate, conservatives blocked nominees to the board, preventing it from financing large exports like aircraft and power turbines. Freedom Partners and Americans for Prosperity, two groups funded by the Republican donor Koch brothers, worked aggressively for years to kill the bank. Brothers Charles and David Koch have opposed the bank for what they call damaging interference into the free market by government. Nathan Nascimento, Freedom Partners vice president of policy, called the bank on Wednesday "the epitome of what''s wrong with Washington." "Reopening the flood gates to Ex-Ims corporate welfare is a bad deal for hardworking taxpayers and a bad deal for American businesses, he said. The Club for Growth, which spends heavily in electing conservative candidates and was one of the few groups to campaign against Trump during the Republican primary in 2016, also lamented the change in position. "Ex-Im has a long history of cronyism and corruption that is well-known to many in the Trump Administration, and while we hoped it would be done away with, the administration now has taken on the almost impossible challenge of reforming a federal agency whose mission has been to pick winners and losers with taxpayer dollars," spokesman Doug Sachtleben said in a statement to Reuters. (Reporting by Ginger Gibson; Additional reporting by Steve Holland and David Lawder; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-eximbank-idUKKBN17F06W'|'2017-04-13T09:36:00.000+03:00'|3028.0|''|-1.0|'' 3029|'6d7fcf731b9be0dbc052a7025c3e655078d205e3'|'MOVES- Silverfleet Capital, State Street Global Advisors, Mashreq'|' 29am EDT MOVES- Silverfleet Capital, State Street Global Advisors, Mashreq April 3 The following financial services industry appointments were announced on Monday. To inform us of other job changes, email moves@thomsonreuters.com. SILVERFLEET CAPITAL The European private equity investor appointed Karl Eidem as co-head of the Nordic Region. STATE STREET GLOBAL ADVISORS The asset management arm of State Street Corp, appointed Andrew Benton as head of its UK institutional business. MASHREQ The head of corporate and investment banking at the Dubai''s third-biggest bank by assets is leaving to become chief executive of a rival bank, sources told Reuters. (Compiled by Aishwarya Venugopal in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL3N1HB39U'|'2017-04-03T18:29:00.000+03:00'|3029.0|''|-1.0|'' @@ -3034,7 +3034,7 @@ 3032|'844304ede140a1aa6e4f67fa125f446807af162d'|'Waymo testing self-driving car ride service in Arizona'|'Company 01am EDT Waymo testing self-driving car ride service in Arizona SAN FRANCISCO, April 25 Alphabet Inc''s Waymo autonomous vehicle group will begin testing a self-driving car program for hundreds of families in Phoenix, Arizona and is buying 500 Chrysler minivans to do so, the companies said on Tuesday. Waymo, which along with Google is owned by Alphabet Inc, recently has been quietly testing the service for a handful of families, learning what potential customers would want from a ride service, the company said in a blog post. It urged people to apply to take part in an expanded test, which is the first public trial of Waymo''s self-driving cars. The vehicles include human operators from Waymo behind the wheel, in case intervention is required and to take feedback. Silicon Valley is racing to master self-driving technology, betting that it will transform the auto industry and be a gold mine for leading companies. Waymo has one of the best technology track records, and it has an alliance with Fiat Chrysler Automobiles. Many companies expect that customers will use autonomous vehicles as a service, rather than owning them outright. Ride service Uber in particular expects to use autonomous cars. The new Waymo test in Arizona is meant to help the company understand what people want out of self-driving cars and see how they use and integrate the service. Testers will get access every day at any time. Waymo already has with 100 Chrysler Pacifica minivans and is acquiring five times more, partly to be able to support the service. (Reporting by Peter Henderson; Editing by Mary Milliken)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/alphabet-fiat-chrysler-autonomous-idUSL1N1HX00V'|'2017-04-25T15:01:00.000+03:00'|3032.0|''|-1.0|'' 3033|'7a84d5ea550a5e71bed71b4e5dbb48f9cd2669b1'|'Allergan, Argentum settle patent dispute over eye drug Restasis'|'Health News - Tue Apr 18, 2017 - 4:54pm EDT Allergan, Argentum settle patent dispute over eye drug Restasis The Allergan logo is seen in this photo illustration November 23, 2015. REUTERS/Thomas White/Illustration/File Photo U.S. generic drug company Argentum Pharmaceuticals LLC said on Tuesday it had reached an agreement with Allergan Plc that settles a patent dispute over the generic version of Allergan''s eye drug, Restasis. The agreement gives Argentum the right to sell the copycat version of Restasis before the patents covering the drug expire, Argentum said. It did not disclose when it would launch the generic product. Restasis, which was approved by the U.S. Food and Drug Administration in 2002, is used to treat dry eye. (Reporting by Divya Grover in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-allergan-settlement-argentum-idUSKBN17K2HG'|'2017-04-19T04:51:00.000+03:00'|3033.0|''|-1.0|'' 3034|'6ada69248b8d29323806b0c7af73613ed8f7e8a0'|'Federal Reserve approves United Bankshares buyout of Cardinal Bank'|'Deals - Fri Apr 7, 2017 - 4:23pm EDT Federal Reserve approves United Bankshares buyout of Cardinal Bank WASHINGTON The Federal Reserve on Friday said it approved a buyout of Cardinal Financial Corp [CFNLCD.UL] of McLean, Virginia, by United Bankshares Inc ( UBSI.O ) of Charleston, West Virginia. UBV Holding Company, LLC of Fairfax, Virginia, was also part of the acquisition of Cardinal Financial which includes Cardinal Bank. (Reporting By Patrick Rucker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cardinal-finl-m-a-united-bankshare-idUSKBN17931C'|'2017-04-08T04:20:00.000+03:00'|3034.0|''|-1.0|'' -3035|'0584bce97a006fd5a7e7136be655458b8eeea74f'|'GLOBAL MARKETS-Oil rises on Syria attack, dollar shrugs off jobs report'|' 12pm EDT GLOBAL MARKETS-Oil rises on Syria attack, dollar shrugs off jobs report (Adds U.S. market open, dateline, byline; previous LONDON) * Jobs report surprises but viewed as weather related * Oil rises after U.S. attacks Syria air base * Europe stocks rise, Wall Street trades flat By Herbert Lash NEW YORK, April 7 Oil traded near a one-month high on Friday after the U.S. missile strike on a Syrian air base while the dollar rose as investors dismissed a weak U.S. jobs report as not enough to derail a strong economy or outlook for rising interest rates. The toughest U.S. action in Syria''s six-year-old civil war raised geopolitical uncertainty in the Middle East and initially hit assets such as equities and oil. Gold, a safe-haven asset, climbed to a five-month high and benchmark U.S. Treasury yields briefly slid to four-month lows. U.S. crude rose 51 cents to $52.21 a barrel and Brent was last up 39 cents to $55.28. Spot gold added 1.2 percent to $1,265.70 an ounce. Investors still expect the Federal Reserve to raise interest rates twice more in 2017 as the unemployment rate in the jobs report declined to 4.5 percent from 4.7 percent in February. "As long as we see the unemployment rate decline, we will see more rate hikes," said Cathy Barrera, chief economic adviser at ZipRecuiter in New York. News of the U.S. cruise missile strikes on the Syrian air base at first sent global stocks lower, but most losses were pared after U.S. officials described the attack as a one-off event that would not lead to wider escalation. Stock market indexes rebounded to close higher in Europe and traded flat on Wall Street where a dismal U.S. jobs reports gave investors a reason to pause. jobs last month, the Labor Department said. A major snow storm dubbed Stella in the Northeast during the week in March of the employment survey led to a step-down in hiring. "Our thinking is that there is nothing wrong with the labor market, other than the timing of Stella," said Phil Orlando, chief equity strategist at Federated Investors in New York. U.S. corporate profits for the first quarter will be up 9 percent to 10 percent from a year earlier, and give the market a lift when earnings season begins next week, he said. The Dow Jones Industrial Average fell 1.06 points, or 0.01 percent, to 20,661.89. The S&P 500 lost 0.89 points, or 0.04 percent, to 2,356.6 and the Nasdaq Composite dropped 5.26 points, or 0.09 percent, to 5,873.69. The pan-European FTSEurofirst 300 index rose 0.11 percent to close at a provisional 1,501.61, while MSCI''s gauge of stocks across the globe shed 0.06 percent. The drop in the unemployment rate suggested the labor market was still tightening and does not change the outlook for bonds. U.S. 10- and seven-year yields briefly hit 2.269 percent and 2.072 percent, respectively, their lowest since Nov. 18, 2016. U.S. 30-year yields touched 2.939 percent, their lowest since mid-January. "There was a bit of a knee-jerk reaction to the headline," said Mark Cabana, head of U.S. short rates strategy at Bank of America Merrill Lynch in New York. (Reporting by Herbert Lash; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL8N1HF4RS'|'2017-04-08T00:12:00.000+03:00'|3035.0|''|-1.0|'' +3035|'0584bce97a006fd5a7e7136be655458b8eeea74f'|'GLOBAL MARKETS-Oil rises on Syria attack, dollar shrugs off jobs report'|' 12pm EDT GLOBAL MARKETS-Oil rises on Syria attack, dollar shrugs off jobs report (Adds U.S. market open, dateline, byline; previous LONDON) * Jobs report surprises but viewed as weather related * Oil rises after U.S. attacks Syria air base * Europe stocks rise, Wall Street trades flat By Herbert Lash NEW YORK, April 7 Oil traded near a one-month high on Friday after the U.S. missile strike on a Syrian air base while the dollar rose as investors dismissed a weak U.S. jobs report as not enough to derail a strong economy or outlook for rising interest rates. The toughest U.S. action in Syria''s six-year-old civil war raised geopolitical uncertainty in the Middle East and initially hit assets such as equities and oil. Gold, a safe-haven asset, climbed to a five-month high and benchmark U.S. Treasury yields briefly slid to four-month lows. U.S. crude rose 51 cents to $52.21 a barrel and Brent was last up 39 cents to $55.28. Spot gold added 1.2 percent to $1,265.70 an ounce. Investors still expect the Federal Reserve to raise interest rates twice more in 2017 as the unemployment rate in the jobs report declined to 4.5 percent from 4.7 percent in February. "As long as we see the unemployment rate decline, we will see more rate hikes," said Cathy Barrera, chief economic adviser at ZipRecuiter in New York. News of the U.S. cruise missile strikes on the Syrian air base at first sent global stocks lower, but most losses were pared after U.S. officials described the attack as a one-off event that would not lead to wider escalation. Stock market indexes rebounded to close higher in Europe and traded flat on Wall Street where a dismal U.S. jobs reports gave investors a reason to pause. jobs last month, the Labor Department said. A major snow storm dubbed Stella in the Northeast during the week in March of the employment survey led to a step-down in hiring. "Our thinking is that there is nothing wrong with the labor market, other than the timing of Stella," said Phil Orlando, chief equity strategist at Federated Investors in New York. U.S. corporate profits for the first quarter will be up 9 percent to 10 percent from a year earlier, and give the market a lift when earnings season begins next week, he said. The Dow Jones Industrial Average fell 1.06 points, or 0.01 percent, to 20,661.89. The S&P 500 lost 0.89 points, or 0.04 percent, to 2,356.6 and the Nasdaq Composite dropped 5.26 points, or 0.09 percent, to 5,873.69. The pan-European FTSEurofirst 300 index rose 0.11 percent to close at a provisional 1,501.61, while MSCI''s gauge of stocks across the globe shed 0.06 percent. The drop in the unemployment rate suggested the labor market was still tightening and does not change the outlook for bonds. U.S. 10- and seven-year yields briefly hit 2.269 percent and 2.072 percent, respectively, their lowest since Nov. 18, 2016. U.S. 30-year yields touched 2.939 percent, their lowest since mid-January. "There was a bit of a knee-jerk reaction to the headline," said Mark Cabana, head of U.S. short rates strategy at Bank of America Merrill Lynch in New York. (Reporting by Herbert Lash; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL8N1HF4RS'|'2017-04-08T00:12:00.000+03:00'|3035.0|18.0|0.0|'' 3036|'9a03f9239c1f18e4c27eadd53d174e904f28f175'|'EMERGING MARKETS-U.S. yield fall helps emerging markets snap losing streak'|'Company News 47am EDT EMERGING MARKETS-U.S. yield fall helps emerging markets snap losing streak By Sujata Rao - LONDON, April 12 LONDON, April 12 Emerging stocks snapped out of this year''s longest losing streak on Wednesday, rising 0.3 percent as a fall in U.S. Treasury yields towards five-month lows offset jitters around Syria and North Korea. Emerging stocks had fallen for four days in a row amid a standoff between Russia and West over Syria, jitters around French elections and North Korea''s nuclear threat. But some of those trades unravelled, with the South Korean won rising after six sessions in the red, MSCI''s emerging market index gaining and the recent Japanese yen rally boosting other Asian currencies. Even the Turkish lira and the South African rand touched one-week highs despite Turkey heading into a weekend referendum over expanding presidential powers and South Africa being hit by a spate of rating downgrades. "While headline news suggest a risk-off environment, it is not the ordinary risk-off in the world of FX," ING analysts said, noting the resilience of high-yielding currencies. "An equally important driver of FX markets seems to be dollar softness due to lower Treasury yields that is partly outweighing concerns about geopolitics." Investors have also noted the improvement in emerging growth and company earnings. The Institute of International Finance on Tuesday noted emerging economies likely expanded by 4.5 percent in the first quarter, higher than previously forecast. "Emerging markets have been strengthening from the fundamental case for several months. We made the decision back in September that emerging GDP growth rates ... were re-accelerating, so we thought we were back in a bullish cycle," Bryan Carter, head of emerging debt at BNP Paribas Investment Partners, said. The Russian rouble was lifted 0.2 percent thanks to higher oil prices, while local stocks also rose. But markets were eyeing an upcoming news conference by U.S. Secretary of State Rex Tillerson and his Russian counterpart Sergei Lavrov, after the two sides traded accusations over last week''s deadly poison gas attack in Syria. Ten-year bond yields approached one-month highs, standing 20 basis points above recent three-year lows before an auction of 40 billion roubles ($704.16 million) in OFZ bonds. Russian five-year credit default swaps inched to the highest level since end-March at 173 bps, according to IHS Markit. The Czech crown was steady around 26.6 per euro, off 3-1/2-year highs hit on Monday after authorities scrapped its 27-per-euro cap. One-month euro-Czech volatility, a gauge of expected currency swings, slipped off recent two-year highs . Bond markets are focusing on Saudi Arabia''s sukuk, expected to be the largest ever Islamic issue. While initial guidance was 20 bps above Saudi''s conventional bonds, it is likely to end up almost flat to the curve, players say. Later on Wednesday, Brazil''s central bank may speed up monetary easing. Most of the 47 economists polled by Reuters predicted a 100 bps cut to 11.25 percent and one forecast a 125 bps cut. Ten-year yields, which recently touched 3-1/2-year lows, are down almost 200 bps this year. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 959.97 +5.53 +0.58 +11.33 Czech Rep 984.47 -8.48 -0.85 +6.82 Poland 2219.46 -2.36 -0.11 +13.94 Hungary 32369.60 +170.45 +0.53 +1.15 Romania 8208.15 +7.97 +0.10 +15.85 Greece 678.73 -1.33 -0.20 +5.45 Russia 1097.76 +6.68 +0.61 -4.74 South Africa 47078.98 +321.44 +0.69 +7.24 Turkey 91165.62 +261.13 +0.29 +16.67 China 3273.83 -15.14 -0.46 +5.48 India 29733.88 -54.47 -0.18 +11.67 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1HK129'|'2017-04-12T16:47:00.000+03:00'|3036.0|''|-1.0|'' 3037|'21b86f736bf09cc9c2af940c9509de0f9a8e521c'|'Daimler reports first-quarter EBIT up 87 percent in surprise release'|'FRANKFURT Daimler AG''s ( DAIGn.DE ) operating profit jumped a better-than-expected 87 percent in the first quarter, the German luxury carmaker said in an unscheduled release late on Tuesday.The maker of Mercedes-Benz cars and trucks said group earnings before interest and tax (EBIT) jumped to 4.01 billion euros ($4.25 billion), "significantly above market expectation" and up from 2.15 billion euros a year ago, citing unaudited figures.Two analysts providing estimates for a Thomson Reuters consensus had forecast just over 3 billion euros on average for the quarter.The company is scheduled to release its quarterly financial report on April 26.EBIT at the Mercedes-Benz Cars unit rose 60 percent to 2.23 billion euros while combined EBIT from trucks, vans and buses rose 27 percent to 1.09 billion euros.In late March the company said it expected record sales volumes for its Mercedes-Benz Cars division in the first quarter.(Reporting by Ludwig Burger; Editing by Larry King and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/daimler-results-idINKBN17D2QX'|'2017-04-11T19:56:00.000+03:00'|3037.0|''|-1.0|'' 3038|'621fc0ac58f2cbe84c0a4359a22887eeb83929a1'|'EMERGING MARKETS-Mexico peso pares losses ahead of intervention'|'Company News - Tue Apr 4, 2017 - 1:48pm EDT EMERGING MARKETS-Mexico peso pares losses ahead of intervention By Bruno Federowski SAO PAULO, April 4 The Mexican peso pared losses on Tuesday after the country''s central bank announced it would intervene in the foreign exchange market in an effort to ease pressure on the currency. The Mexican central bank said it would sell up to $200 million worth of currency hedging instruments to roll over papers set to expire on Wednesday, just ahead of a meeting between U.S. President Donald Trump and Chinese President Xi Jinping. The bank had originally issued the instruments as a way to stem the peso''s slide following the U.S. election of Trump, who pledged to scrap trade agreements with Mexico. The peso has since rebounded as those concerns eased, with investors betting that he would not impose big tariffs on Mexican exports to the United States. Still, it remained the biggest decliner among Latin American currencies, weakening nearly 1 percent following a 10 percent increase so far this year. Most Latin American currencies slipped ahead of Trump''s meeting with Xi, which Trump has said "will be a very difficult one." He has held out the possibility of using trade as a lever to secure China''s cooperation against North Korea at the Thursday-Friday meeting. Argentina''s benchmark stock index rose 0.7 percent, touching a record high for the sixth straight trading day, after agency S&P raised the country''s sovereign rating by a notch to B from B-. Key Latin American stock indexes and currencies at 1715 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 963.58 -0.16 11.93 MSCI LatAm 2,661.99 0.17 13.54 Brazil Bovespa 65,469.14 0.4 8.70 Mexico IPC 49,165.72 0.71 7.72 Chile IPSA 4,801.89 0.22 15.67 Chile IGPA 24,051.51 0.16 16.00 Argentina MerVal 20,713.12 0.73 22.43 Colombia IGBC 10,155.24 -0.18 0.27 Venezuela IBC 45,739.70 3.99 44.27 Currencies Latest Daily YTD pct pct change change Brazil real 3.1180 -0.16 4.21 Mexico peso 18.8355 -0.87 10.13 Chile peso 660.4 -0.33 1.56 Colombia peso 2,867 -0.06 4.69 Peru sol 3.25 0.00 5.05 Argentina peso (interbank) 15.3550 0.28 3.39 Argentina peso (parallel) 15.88 0.69 5.92 (Reporting by Bruno Federowski; Editing by Diane Craft) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL2N1HC1GA'|'2017-04-05T01:48:00.000+03:00'|3038.0|''|-1.0|'' @@ -3052,7 +3052,7 @@ 3050|'bd8e1aa72f6f62cd0f6712c25954f416b4de70b1'|'Elbit Systems U.S. unit wins $50 million Navy contract'|'TEL AVIV Israeli defense electronics firm Elbit Systems ( ESLT.TA ) said on Sunday its U.S. subsidiary won a contract worth about $50 million from the U.S. Navy to provide the Helmet Display and Tracker System for the MH-60S fleet of helicopters.The work will be performed in Fort Worth, Texas, and completed by June 2021. The contract is for an indefinite delivery/indefinite quantity and an initial order of $14.2 million was received.(Reporting by Tova Cohen, Editing by Ari Rabinovitch)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-elbit-systems-contract-idINKBN174071'|'2017-04-02T06:17:00.000+03:00'|3050.0|''|-1.0|'' 3051|'bd7666eb3547f64f1c9410373cd78e49827881f2'|'Brazil''s Vale says 260,000 tns iron ore on sunken ship was insured'|'Company 41pm EDT Brazil''s Vale says 260,000 tns iron ore on sunken ship was insured SAO PAULO, April 3 Brazilian miner Vale SA said on Monday that 260,000 tonnes of fine iron ore on a South Korean ship that sank in the South Atlantic had been insured. Vale said in an email that the cargo, which belonged to the Brazilian miner, was bound for China for storage and blending when the ship operated by South Korea''s Polaris Shipping, Stellar Daisy, sank off Uruguay''s coast. Vale said the cargo had been stowed in accordance with international norms. (Reporting by Roberto Samora; Writing by Brad Haynes; Editing by Daniel Flynn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/southkorea-ship-idUSE6N1FG01R'|'2017-04-04T02:41:00.000+03:00'|3051.0|''|-1.0|'' 3052|'4aa21517b2367a9b1c5f86af016c64442274f7e0'|'Retailer Marks & Spencer says plans to close 6 British stores'|'Business 11:08am BST Retailer Marks & Spencer says plans to close six British stores FILE PHOTO - Pedestrians walk past a branch of Marks & Spencer in northwest London, Britain July 8, 2014. REUTERS/Suzanne Plunkett/File Photo LONDON British retailer Marks & Spencer ( MKS.L ) said on Thursday it planned to close six stores as part of a review of its UK estate that was first detailed last year. It said if the six stores were closed all 380 employees affected would be guaranteed redeployment at a nearby store. M&S said in November it planned to close about 30 UK stores selling clothing, homewares and food and downsize or convert another 45 into food stores over five years. That will mean a reduction of 10 percent in floorspace devoted to racks of skirts, jumpers, trousers and towels. After taking account of store openings in under-served areas a net 60 fewer UK stores will be selling the full M&S range by 2021, it said. M&S also said on Thursday it will open 34 new food stores and two clothing, home and food stores over the next six months, creating 1,400 jobs. The retailer currently has 959 UK stores 304 full line stores, 615 food-only stores and 40 outlets. (Reporting by James Davey; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-marks-spencer-stores-idUKKBN17M0XO'|'2017-04-20T17:05:00.000+03:00'|3052.0|''|-1.0|'' -3053|'b0d985e6496264e0a0e83d40fd16070600a7086a'|'Post-Brexit-vote surge for UK economy comes to an end - Business'|'Worries that the UK economy is losing steam as Brexit negotiations begin were underscored on Friday by news of a housing market slowdown, a drop in industrial output and the weakest performance in a year for the construction industry.Economists said there was growing evidence that the UK economy slipped down a gear as it entered the new year, following a strong finish to 2016 that had confounded the doomsayers predicting a post-Brexit-vote slump.Now, 10 months on from the vote to leave the EU, economic indicators point to strains on companies from higher costs as the pounds slump makes imported materials and fuels more expensive. Consumers, the main driving force of UK economic growth, are also under pressure from rising inflation , with signs they are becoming less willing to spend in shops, restaurants and bars.The latest official figures for February painted a picture of economic growth easing after the robust 0.7% expansion in the final three months of 2016. The Office for National Statistics commented: Todays data show that overall UK economic activity was relatively subdued in February, following strong growth across the headline industries at the end of 2016.The National Institute of Economic and Social Research said growth probably slipped to 0.5% in the first quarter, based on its its analysis of the latest official figures.A key component of this moderation has been relatively weak retail sales in the first two months of this year. Consumption is expected to moderate further this year as increasing inflation erodes households purchasing power, said James Warren, research fellow at the thinktank.As a result, the Bank of England was likely to ignore rising price pressures from the weak pound in favour of shoring up growth and so would be in no hurry to raise interest rates from their all-time low of 0.25% , he added.ONS (@ONS) Economic activity was relatively subdued in Feb, following strong growth across key industries at the end of 2016 https://t.co/quM5OtzuBO April 7, 2017 The ONS figures will disappoint those commentators who hoped a boost to exports from the weak pound would offset the slowdown in consumer spending this year as households grapple with the double whammy of rising prices and sluggish pay growth . The Banks governor, Mark Carney, said on Friday there were signs that strong consumer demand was coming off slowly. Thats what we expect but well monitor it and ensure that we chart the right path, he added at an event in London.The pound is down about 17% against the dollar and 11% against the euro since the referendum, making UK goods and services significantly cheaper to overseas buyers. A pound was worth just under $1.24 on Friday as the downbeat economic figures prompted investors to downgrade their view of the UKs prospects.There has been some evidence of a boost to exports from the weaker pound but the latest trade figures showed Britains deficit for goods and services trade widened in February as exports fell and imports rose.The deficit on goods alone widened to 12.5bn from 12bn in January and was significantly deeper than the 10.9bn forecast in a Reuters poll of economists. The ONS cautioned, however, that the widening was mainly down to an increase in imports of erratic goods, a category that includes big items such as ships and aircraft and those with irregular trading patterns such as precious stones and gold.Its figures for industrial production showed output fell 0.7% in February as warmer weather knocked household energy demand. That drop defied economists forecasts of a 0.2% rise. Within the industrial sector, manufacturing output dipped 0.1%, also missing forecasts for a 0.3% rise. But Jack Coy at the Centre for Economics and Business Research consultancy said there was still a good chance manufacturing could help shore up the wider economy this year. Boosted by increased competitiveness from the weaker pound, manufacturers are enjoying bright prospects and strong order books. Furthermore, the exchange rate effect is likely to be magnified by strong demand in key export markets, he said.Figures for the construction sector showed output fell 1.7% in February on the back of weaker infrastructure work and housebuilding. It was the biggest drop for almost a year and worse than forecasts for output to hold steady. The ONS said monthly construction figures were prone to swings and it noted three-month on three-month figures showed output continued to rise.UK house prices slide for first time in almost two years, says Nationwide Read more There were also fresh signs of a housing market slowdown as Halifax, Britains biggest mortgage lender, reported house prices were rising at their slowest annual pace for almost four years. They were up 3.8% in the three months to March compared with a year earlier. Its now incontrovertible that the housing market has slowed sharply this year, indicating that the monetary policy committees interest rate cut in August provided only a temporary stimulus to demand, said Samuel Tombs at the consultancy Pantheon Macroeconomics.Topics Economics Economic growth (GDP) EU referendum and Brexit Housing market Construction industry news '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/apr/07/post-brexit-vote-surge-for-uk-economy-comes-to-an-end'|'2017-04-08T01:34:00.000+03:00'|3053.0|''|-1.0|'' +3053|'b0d985e6496264e0a0e83d40fd16070600a7086a'|'Post-Brexit-vote surge for UK economy comes to an end - Business'|'Worries that the UK economy is losing steam as Brexit negotiations begin were underscored on Friday by news of a housing market slowdown, a drop in industrial output and the weakest performance in a year for the construction industry.Economists said there was growing evidence that the UK economy slipped down a gear as it entered the new year, following a strong finish to 2016 that had confounded the doomsayers predicting a post-Brexit-vote slump.Now, 10 months on from the vote to leave the EU, economic indicators point to strains on companies from higher costs as the pounds slump makes imported materials and fuels more expensive. Consumers, the main driving force of UK economic growth, are also under pressure from rising inflation , with signs they are becoming less willing to spend in shops, restaurants and bars.The latest official figures for February painted a picture of economic growth easing after the robust 0.7% expansion in the final three months of 2016. The Office for National Statistics commented: Todays data show that overall UK economic activity was relatively subdued in February, following strong growth across the headline industries at the end of 2016.The National Institute of Economic and Social Research said growth probably slipped to 0.5% in the first quarter, based on its its analysis of the latest official figures.A key component of this moderation has been relatively weak retail sales in the first two months of this year. Consumption is expected to moderate further this year as increasing inflation erodes households purchasing power, said James Warren, research fellow at the thinktank.As a result, the Bank of England was likely to ignore rising price pressures from the weak pound in favour of shoring up growth and so would be in no hurry to raise interest rates from their all-time low of 0.25% , he added.ONS (@ONS) Economic activity was relatively subdued in Feb, following strong growth across key industries at the end of 2016 https://t.co/quM5OtzuBO April 7, 2017 The ONS figures will disappoint those commentators who hoped a boost to exports from the weak pound would offset the slowdown in consumer spending this year as households grapple with the double whammy of rising prices and sluggish pay growth . The Banks governor, Mark Carney, said on Friday there were signs that strong consumer demand was coming off slowly. Thats what we expect but well monitor it and ensure that we chart the right path, he added at an event in London.The pound is down about 17% against the dollar and 11% against the euro since the referendum, making UK goods and services significantly cheaper to overseas buyers. A pound was worth just under $1.24 on Friday as the downbeat economic figures prompted investors to downgrade their view of the UKs prospects.There has been some evidence of a boost to exports from the weaker pound but the latest trade figures showed Britains deficit for goods and services trade widened in February as exports fell and imports rose.The deficit on goods alone widened to 12.5bn from 12bn in January and was significantly deeper than the 10.9bn forecast in a Reuters poll of economists. The ONS cautioned, however, that the widening was mainly down to an increase in imports of erratic goods, a category that includes big items such as ships and aircraft and those with irregular trading patterns such as precious stones and gold.Its figures for industrial production showed output fell 0.7% in February as warmer weather knocked household energy demand. That drop defied economists forecasts of a 0.2% rise. Within the industrial sector, manufacturing output dipped 0.1%, also missing forecasts for a 0.3% rise. But Jack Coy at the Centre for Economics and Business Research consultancy said there was still a good chance manufacturing could help shore up the wider economy this year. Boosted by increased competitiveness from the weaker pound, manufacturers are enjoying bright prospects and strong order books. Furthermore, the exchange rate effect is likely to be magnified by strong demand in key export markets, he said.Figures for the construction sector showed output fell 1.7% in February on the back of weaker infrastructure work and housebuilding. It was the biggest drop for almost a year and worse than forecasts for output to hold steady. The ONS said monthly construction figures were prone to swings and it noted three-month on three-month figures showed output continued to rise.UK house prices slide for first time in almost two years, says Nationwide Read more There were also fresh signs of a housing market slowdown as Halifax, Britains biggest mortgage lender, reported house prices were rising at their slowest annual pace for almost four years. They were up 3.8% in the three months to March compared with a year earlier. Its now incontrovertible that the housing market has slowed sharply this year, indicating that the monetary policy committees interest rate cut in August provided only a temporary stimulus to demand, said Samuel Tombs at the consultancy Pantheon Macroeconomics.Topics Economics Economic growth (GDP) EU referendum and Brexit Housing market Construction industry news '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/apr/07/post-brexit-vote-surge-for-uk-economy-comes-to-an-end'|'2017-04-08T01:34:00.000+03:00'|3053.0|20.0|0.0|'' 3054|'4593fa76966dc098a57c36903ad0e8a5a95ce46b'|'BlackRock holds Larry Fink''s pay nearly flat in 2016'|'NEW YORK, April 13 BlackRock Inc, the world''s largest asset manager, held total compensation for Chairman and Chief Executive Officer Larry Fink nearly flat in 2016, according to a filing on Thursday.Fink was awarded $25.5 million in compensation last year, compared with $25.8 million in 2015, based on a calculation of his pay according to U.S. Securities and Exchange Commission guidelines.(Reporting by Trevor Hunnicutt; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/blackrock-compensation-ceo-idINFWN1HL0L3'|'2017-04-13T18:47:00.000+03:00'|3054.0|''|-1.0|'' 3055|'8dcdbb0cef38aa87f987960dffde78b8bfc95c6b'|'RPT-In Indonesia, labour friction and politics fan anti-Chinese sentiment'|'(Repeats Tuesday''s story, no change in text)* China investment in Indonesia at record high* Chinese companies prefer their own workers* Jakarta election raises fears about anti-Chinese feeling* Visa-free travel helps Chinese bring in workers-union leader* Student vigilantes rounded up workers at Sulawesi smeltersBy Eveline Danubrata and Gayatri SuroyoJAKARTA, April 18 A bitterly fought election to govern Indonesia''s capital that has fanned religious tensions has also thrown a spotlight on anti-foreign sentiment, as conspiracy theories swirl about an influx of illegal Chinese workers spurring vigilantism.Foreign direct investment from China hit a record high of $2.67 billion last year after President Joko Widodo rolled out the red carpet to Chinese investors, who are typically willing to take on risks for infrastructure and other big projects.But the cheap funding comes at a price: Chinese companies often bring in their own workers and machines, creating friction with locals, according to interviews with labour groups, company executives and government officials.Indonesian investment chief Thomas Lembong said a "freak-out over foreign workers" had been politicised, fuelling tensions surrounding the Jakarta poll, which pits the ethnic Chinese Christian incumbent Basuki Tjahaja Purnama against a Muslim rival.Purnama is backed by Widodo''s ruling party and Lembong said the issue of anti-foreign and - in particular anti-Chinese - sentiment had been harnessed by rivals of the government."It''s part of a broader effort to turn political sentiment anti-foreigner and anti-Chinese at a time when Chinese investment is poised to be the biggest factor driving the Asian economy," Lembong told Reuters.The number of Chinese work permit holders jumped 30 percent in the past two years to 21,271 in 2016, the latest data from Indonesia''s manpower ministry showed. In comparison, there were 12,490 from Japan and 2,812 from the United States last year.While the issue had been compounded by discredited reports circulating on social media claiming that 10 million Chinese workers had flooded Indonesia, labour unions still dispute official figures.Chinese companies have been mis-using a visa-free route meant for tourists to bring in "hundreds of thousands" of low-skilled Chinese workers, said labour leader Said Iqbal.Since February, the Confederation of Indonesian Workers'' Union (KSPI) has been compiling unofficial data on Chinese workers suspected of not having proper documentation and it has asked the manpower ministry to take action, he said."Local unskilled labour cannot work because the jobs have been filled by the Chinese," the KSPI''s Iqbal told Reuters.Liky Sutikno, the Beijing-based chairman of the Indonesian Chamber of Commerce in China, said some Chinese companies temporarily bring in their own "technical workers", who would return to China once the local teams take over.These workers may have a better knowledge of products and processes, on top of being faster in executing steps such as installing machinery, Sutikno said.VIGILANTISMLate last year, around 150 college students on Sulawesi island, where several Chinese smelters are being built, stopped vehicles they suspected of carrying illegal Chinese workers and brought them to the authorities.The group planned more raids this year, said Erik, one of the students, who declined to give his full name.Maruli Hasoloan, a manpower ministry official, acknowledged some labour friction and vigilantism over the past few months. While the ministry was coordinating with other authorities to prevent any abuse of visa-free entry, it does not condone a vigilante crackdown on foreign workers, he added.Indonesia has suffered bouts of anti-Chinese and anti-communist sentiment over its history, though this has usually been directed at its minority ethnic Chinese community.On average, Indonesian Chinese are far wealthier than other ethnic groups. During riots leading to the fall of President Suharto in May 1998, ethnic Chinese were targeted, making up many of around 1,000 people who were killed in the violence.Under Suharto, Chinese culture and language were severely restricted, but at the same time he cultivated some ethnic Chinese businessmen who became hugely rich.UGLIER MOODThe capital Jakarta has seen a series of mass rallies led by hardline Islamists calling for Purnama, Jakarta''s first Christian and Chinese governor, to be jailed even as he was put on trial over allegations that he had insulted the Koran.Purnama, who is competing against former education minister Anies Baswedan, denies what are regarded by critics as politicised charges.While it is too soon to assess whether all this could have an impact on Chinese investment decisions, some Chinese business groups say they are worried about the uglier mood and also about potentially losing a business-friendly leader of Jakarta.Many Chinese companies favour Purnama for his perceived ability to execute Widodo''s infrastructure reform agenda, which is aligned with Chinese President Xi Jinping''s "One Belt, One Road" policy to invest billions of dollars in global projects. Jakarta, a city of more than 10 million people, accounts for nearly a fifth of national economic output and is home to major construction projects including a $5 billion Chinese-backed rail connecting the capital to the West Java city of Bandung.The anti-Purnama movement has also revived jitters about the racial and religious under-currents in Indonesia, which has the world''s largest Muslim population."Chinese concern is stability and consistency of the rule of law," Sutikno said. "What they are scared of the most is a repeat of 1998, that the Chinese will be singled out again." (Additional reporting by Agustinus Beo Da Costa, John Chalmers, Fransiska Nangoy, Hidayat Setiaji and Wilda Asmarini; Editing by Ed Davies and Bill Tarrant)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/indonesia-election-china-idINL3N1HQ62Z'|'2017-04-18T21:46:00.000+03:00'|3055.0|''|-1.0|'' 3056|'4e1786b8ab879b10c69df30b65398df78657689f'|'CANADA STOCKS-Futures lower ahead of Bank of Canada''s rate decision'|'Company News - Wed Apr 12, 2017 - 7:39am EDT CANADA STOCKS-Futures lower ahead of Bank of Canada''s rate decision April 12 Canada''s main stock index was set for a slightly lower start on Wednesday as investors awaited the Bank of Canada''s interest rate decision. The central bank is widely expected to hold rates at 0.50 percent, where they have stayed since the bank cut twice in 2015. June futures on the S&P TSX index were down 0.12 percent at 7:15 a.m. ET. The interest rate decision, which is due at 10:00 a.m. ET, will be followed by Governor Stephen Poloz''s press conference. Later in the day, Poloz and Senior Deputy Governor Carolyn Wilkins will testify before a House of Commons committee on finance. The Toronto Stock Exchange''s S&P/TSX composite index ended barely lower on Tuesday as financial stocks weighed, while a flight to safety helped gold miners and shares of Bombardier Inc jumped on reports it was discussing a merger of rail operations with Siemens. Dow Jones Industrial Average e-mini futures were down 0.02 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.07 percent and Nasdaq 100 e-mini futures were down 0.05 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Shaw Communications reported a 13.3 percent rise in quarterly revenue, driven by the addition of more wireless customers. Private equity firm Waterous Energy Fund is seeking investment opportunities in the Canadian oil and gas sector as valuations turn attractive after a prolonged slump in the oil price, making a contrarian bet as global players pull back, its top executive said. ANALYST RESEARCH HIGHLIGHTS Capstone Mining Corp: TD Securities raises rating to "buy" from "hold" TFI International Inc: National Bank Financial cuts target price to C$37 from C$40 COMMODITIES AT 7:15 a.m. ET Gold futures: $1272.6; +0.11 percent US crude: $53.63; +0.43 percent Brent crude: $56.51; +0.5 percent LME 3-month copper: $5701; -1.14 percent U.S. ECONOMIC DATA DUE ON WEDNESDAY 08:30 Import prices mm for Mar: Expected -0.2 pct; Prior 0.2 pct 08:30 Export prices mm for Mar: Expected 0.1 pct; Prior 0.3 pct 11:00 TR IPSOS PCSI for Apr: Prior 58.84 14:00 Federal budget for Mar: Expected -$167.0 bln; Prior -$192.0 bln FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.33) (Reporting by Nikhil Kumar in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1HK3UB'|'2017-04-12T19:39:00.000+03:00'|3056.0|''|-1.0|'' @@ -3066,7 +3066,7 @@ 3064|'f85f62816c0a784696f96845959955a7a96d4aaf'|'British clothes retailer Jaeger set for creditor protection - source'|' 25pm BST British clothes retailer Jaeger set for creditor protection - source LONDON Jaeger, whose clothes were worn by Marilyn Monroe and Audrey Hepburn, has filed an intention to enter administration, putting some 700 jobs at risk in the latest blow to the British retailer founded in 1884. A person familiar with the situation told Reuters on Friday that Jaeger had filed the notice to enter a form of creditor protection to buy it some breathing space after investment group Better Capital sold the retailer''s debt to another company. Jaeger, which has been linked with many major events in British history, fell into administration in 2012 before being bought by Better Capital. The source said that Jaeger, which declined to comment, needed to establish the intentions of its new debt owner and to look for alternative options. From providing clothing for Ernest Shackleton''s Antarctic expedition, to donating blankets during the First World War and supplying uniforms for Olympic opening parades, Jaeger is perhaps best known for dressing some of the most famous women in the world in the 1950s and 1960s. But the company, known for its long woollen coats and classic suits, has struggled in recent decades to stand out on the British high street and has been forced to repeatedly discount stock in a bid to prop up sales. Earlier this week a second source confirmed that Better Capital had sold Jaeger''s debt to an unnamed company and its directors had stepped down. (Reporting by Kate Holton; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jaeger-administration-idUKKBN17926V'|'2017-04-07T22:25:00.000+03:00'|3064.0|''|-1.0|'' 3065|'0e18d2a8e6c5f6e8281e8af1917cfa6732579df6'|'Deutsche Boerse to buy back 200 million euros in shares'|' 44pm EDT Deutsche Boerse to buy back 200 million euros in shares FRANKFURT, April 26 Deutsche Boerse said on Wednesday that it planned to buy back shares totaling around 200 million euros ($218 million) in the second half of this year. The exchange operator said that it will fund the buyback with proceeds generated from its 2016 sale of International Securities Exchange to Nasdaq for about 1 billion euros. "Besides the planned share buybacks, the company intends to use these funds primarily for organic as well as value accretive external growth," the company said in a statement. ($1 = 0.9174 euros) (Reporting by Tom Sims; Editing by Arno Schuetze)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deutsche-boerse-buyback-idUSASM000AWA'|'2017-04-27T02:44:00.000+03:00'|3065.0|''|-1.0|'' 3066|'d87e9e21bd8486b47183160d87bd47a4e613ea1d'|'PRESS DIGEST- Canada - April 12'|' 6:46am EDT PRESS DIGEST- Canada - April 12 April 12 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** A landmark deal between TransCanada Corp and Western Canadian natural gas companies for discounted, long-distance pipeline transport comes "just in time" to help stave off some competition from increasing U.S. production, says one of the key backers of the agreement. tgam.ca/2p4Zs0j ** British Columbia Liberal Leader Christy Clark has launched the 41st general election in British Columbia, laying out a simple campaign theme that she is counting on voters to favour on May 9 that only her party will keep the province''s economy strong and job opportunities growing. tgam.ca/2p4TcWw ** Canadian oil producers are confident in Alberta''s oil sands projects as a long-term play, betting that consolidation and a homegrown focus will drive down operating costs and make the industry more competitive as foreign players retreat. tgam.ca/2p4HhI1 NATIONAL POST ** Cenovus Energy Inc CEO Brian Ferguson says the company is encouraged by the interest in its asset divestiture plan to fund part of the mega C$17.7 billion ($13.29 billion)deal to buy ConocoPhillips'' Canadian assets, which should help improve investor sentiment around the acquisition. bit.ly/2p4YRf4 ** Pembina Pipeline Corp plans to build a propane export terminal in Prince Rupert, British Columbia where major liquefied natural gas export projects have stalled in recent years. bit.ly/2p4HIlD ** Canadian oilsands producers worried about international capital fleeing to the U.S. should take heart from the long-term attractiveness of the reserves, according to a senior think-tank advisor. bit.ly/2p4Ti0t ($1 = C$1.33) (Compiled by Shalini Nagarajan in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL3N1HK3QB'|'2017-04-12T18:46:00.000+03:00'|3066.0|''|-1.0|'' -3067|'f7fffa39082816cbe6da4ed3bb5c87be021b0b72'|'Australia''s TPG Telecom says to pay $945 million for mobile airspace'|'Business News - Wed Apr 12, 2017 - 1:15am BST Australia''s TPG Telecom says to pay $945 million for mobile airspace SYDNEY Australia''s TPG Telecom Ltd ( TPM.AX ) said it will pay the federal government A$1.26 billion (761.79 million pounds) for mobile phone airspace and spend another A$600 million to build a network, enabling it to bring its services to 80 percent of the population. TPG, 34 percent owned by Malaysia-born entrepreneur David Teoh, added that it plans to raise A$400 million in a rights issue to pay down debt and allow it to re-draw the cash to pay for the three-year infrastructure build. ($1 = 1.3328 Australian dollars)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tpg-telecom-infrastructure-idUKKBN17E00Q'|'2017-04-12T08:15:00.000+03:00'|3067.0|''|-1.0|'' +3067|'f7fffa39082816cbe6da4ed3bb5c87be021b0b72'|'Australia''s TPG Telecom says to pay $945 million for mobile airspace'|'Business News - Wed Apr 12, 2017 - 1:15am BST Australia''s TPG Telecom says to pay $945 million for mobile airspace SYDNEY Australia''s TPG Telecom Ltd ( TPM.AX ) said it will pay the federal government A$1.26 billion (761.79 million pounds) for mobile phone airspace and spend another A$600 million to build a network, enabling it to bring its services to 80 percent of the population. TPG, 34 percent owned by Malaysia-born entrepreneur David Teoh, added that it plans to raise A$400 million in a rights issue to pay down debt and allow it to re-draw the cash to pay for the three-year infrastructure build. ($1 = 1.3328 Australian dollars)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tpg-telecom-infrastructure-idUKKBN17E00Q'|'2017-04-12T08:15:00.000+03:00'|3067.0|25.0|-1.0|'' 3068|'d5ae8ca6b8238b9094e96e87208d8a2dceac0e93'|'S.Africa''s Sibanye shareholders approve $2.2 bln Stillwater takeover'|'Market News - Tue Apr 25, 2017 - 5:51am EDT S.Africa''s Sibanye shareholders approve $2.2 bln Stillwater takeover JOHANNESBURG, April 25 Sibanye Gold''s shareholders on Tuesday approved the South African miner''s $2.2 billion buyout of U.S.-based Stillwater Mining < SWC.N>, moving it a step closer to significantly boosting its platinum portfolio. About 82 percent of Sibanye shareholders voted in favour of the deal which will cement South Africa''s grip on global supply of platinum and advance Chief Executive Neal Froneman''s push to diversify away from gold and South Africa. "We thank our shareholders for their support for this transaction which represents a unique and transformative opportunity to acquire world class, low-cost international PGM assets," Chief Executive Neal Froneman said. Sibanye, which was spun off from Gold Fields in 2013, last year bought Aquarius Platinum and Anglo American Platinum''s mines in Rustenburg. The Stillwater deal is its first venture beyond South Africa. Stillwater, which operates in Montana, is the only U.S. miner of platinum group metals (PGM) and the largest primary producer of PGMs outside South Africa and Russia. Stillwater''s shareholders are due to meet on Tuesday to vote on the transaction. Sibanye said it would fund the deal with a combination of debt and new equity. It expects the tranches of capital to be raised by the end of June. ($1 = 13.0376 rand) (Reporting by Olwethu Boso; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/stillwater-minng-ma-sibanye-gold-idUSL8N1HX27E'|'2017-04-25T17:51:00.000+03:00'|3068.0|''|-1.0|'' 3069|'2f13bd634fa506a2123821ddc5aeffa48bff20e7'|'Exclusive: Embraer, Rockwell Collins eye shared remote sensing portfolio'|'By Brad Haynes - RIO DE JANEIRO RIO DE JANEIRO U.S. aviation electronics maker Rockwell Collins Inc ( COL.N ) and Brazil''s Embraer SA ( EMBR3.SA ) will assess each other''s remote sensing and border control technology for possible joint sales, a senior executive for the Brazilian planemaker told Reuters.Jackson Schneider, chief executive of Embraer''s defense division, said subsidiaries Bradar and Savis could eventually include Rockwell Collins products into their portfolios or have their technology included in the U.S. partner''s offerings."Right now we''re not identifying specific programs (for sales)," Schneider said in an interview on the eve of the LAAD defense expo in Rio de Janeiro, which opens Tuesday. "They''re looking at our best products for their international portfolio and we''re going to do the same for theirs here in Brazil."Schneider did not provide an estimate for the value of the joint sales. Rockwell Collins could not be immediately reached for a comment outside business hours.International partnerships are common in the aerospace industry, especially on defense contracts where strategic relationships with governments are key. Embraer has partnered in recent years with Boeing Co ( BA.N ) to sell and support the KC-390 military cargo jet and with Israel''s Elbit Systems Ltd ( ESLT.TA ) to study a potential joint venture to build drones.One outlet for the new Rockwell Collins partnership could be the Brazilian government''s SISFRON program, which is aimed at securing long stretches of the country''s remote 17,000 km (10,500 mile) border against arms and drug trafficking.Embraer''s subsidiaries have completed about 70 percent of the initial SISFRON contract, Schneider said, adding he was watching whether a federal spending freeze would hit the 450 million reais ($145 million) earmarked for the program in 2017.He declined to comment on the chances of a much-discussed second phase for the program.Joint sales with Rockwell Collins could open new markets to Embraer''s fledgling defense portfolio, which grew as Brazil''s military spending surged early this decade before the government delayed or scaled back several programs due to a deep recession.International sales are now crucial to extending the horizon of several defense programs, such as the KC-390 military transport aircraft under development for Brazil''s Air Force.Schneider said 20 international delegations at LAAD, Latin America''s biggest defense and security expo, expressed interest in visiting a prototype of the KC-390 at a nearby air base."We''re working actively to close a foreign sale of the KC-390," Schneider said, declining to name the countries closest to such a deal or specify a timeline for negotiations.(Reporting by Brad Haynes; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-defense-embraer-idINKBN17614O'|'2017-04-04T15:22:00.000+03:00'|3069.0|''|-1.0|'' 3070|'676d02759783d9cc18f2671bb868af1cf08a3d77'|'Netflix clinches licensing deal with China''s iQiyi.com'|'BEIJING Netflix is to introduce original content in China in a licensing deal with local video streaming service iQiyi.com, the U.S. company said on Tuesday.Netflix has struggled to break into the Chinese market, where streaming services are subject to strict data storage regulations and foreign films and television are routinely censored.Content air times will parallel other regions, a spokeswoman said, who declined to say comment further on the tie-up.Netflix has played down the possibility of its entry into China in the past year despite its otherwise rapid global expansion.In October co-founder and Chief Executive Reed Hastings said that prospects for a direct streaming service in the country were slim, and the firm had made no progress in obtaining government approvals.iQiyi.com is one of China''s largest streaming services and is backed by search giant Baidu Inc. In February it raised 1.53 billion to take on local rivals in a hotly contested market.This month Netflix forecast a global increase of 3.2 million subscribers in the second quarter, far outpacing analysts'' estimates of nearly 2.4 million.(Reporting by Cate Cadell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-netflix-china-idINKBN17R1A1'|'2017-04-25T09:14:00.000+03:00'|3070.0|''|-1.0|'' @@ -3080,7 +3080,7 @@ 3078|'860f3b7ce716894e48e617718c5e6aa68691204f'|'UPDATE 1-Hedge fund TCI scathing on Zodiac results, wants Safran deal suspended'|'(Adds Quote: from partner Amouyal)By Tim Hepher and Maiya KeidanPARIS, April 28 Hedge fund TCI Fund Management renewed pressure on France''s Safran to suspend its bid to buy Zodiac Aerospace after the aircraft seats maker issued a second profit warning in as many months.TCI has waged a public campaign to persuade Safran to cancel its proposed $9 billion offer for Zodiac, saying it was overpaying for a struggling company, a view underpinned by Zodiac''s posting of a first-half operating loss."These are disastrous results from Zodiac yet again... Zodiac''s business continues to implode with no sign of recovery," TCI founder Christopher Hohn said in an emailed statement."Zodiac is in serious financial difficulty and we think it needs an emergency rights issue, which would cause the Zodiac share price to fall substantially," he said, adding the appointment of a new special board adviser was a distraction from the company''s problems.TCI partner Jonathan Amouyal told Reuters by phone that despite this, the fund was not ruling out a deal completely."They are paying a top price when the sea of uncertainty could not be any higher... our advice is don''t rush it.""Do more work, let the dust settle, come back in six months'' time, in one year or two years once you have further conviction in your capability to turn it around and then buy it but don''t pay a top price today on top of uncertainty," he said.For its part, Safran on Friday said it would continue talks with Zodiac despite the latter''s profit warning. (Reporting by Tim Hepher; Editing by Andrew Callus and Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/zodiac-aero-ma-results-tci-idINL8N1I02WL'|'2017-04-28T07:37:00.000+03:00'|3078.0|''|-1.0|'' 3079|'b81532a088bc57eb4934379a29ca9eb625e62c29'|'TABLE-German utilities'' plans for new capacity'|'FRANKFURT, April 24 The table below details the building plans of Germany''s power plant operators based on information gathered by industry association BDEW and presented at the annual Hanover industrial fair on Monday. BDEW, which mainly represents power-generating utilities, said 55 units representing around 25,332 megawatts (MW) of capacity could be built in theory. But at the moment, BDEW members have cast doubts on plans for many units due to the largely unprofitable market for conventional plants fired with gas or those using water for pumped storage hydro electricity, BDEW said in related statements. For simplicity, this table shows only projects above 200 MW. A handful of smaller offshore wind and two small gas-to-power plants at Kiel and Mainz are not listed, although they count towards the total number. PROJECTS UNDER CONSTRUCTION, APPROVED OR SEEKING APPROVAL OPERATOR LOCATION FUEL SOURCE CAPACITY (MW) EXPECTED START DATE/STATUS Trianel/EWE Borkum West offshore wind 200 2020** Uniper Datteln 4 hard coal 1,052 no date* Vattenfall Lichterfelde A Berlin gas 300 2018* Iberdrola Wikinger offshore wind 350 2017* OMV Power Intnl Burghausen gas 850 no date** EnBW Karlsruhe RDK 6S gas 465 no date** WPD Kaikas offshore wind max. 664 no date** Vattenfall Klingenberg/Berlin gas 230 no date** Vattenfall Marzahn/Berlin gas 260 2020* E.ON Clim & Ren Arkona offshore wind 385 2019** E.ON Clim / Ren Delta Nordsee 1 offshore wind 288 no date** WV Energie et al Arcadis Ost 1 offshore wind 348 no date** Dong Energy OWP West offshore wind 240 2024** Northland Power Inc./ RWE Innogy Nordsee One offshore wind 332 2017* Northland Power Inc. RWE Innogy Nordsee Two offshore wind ca. 300 no date** Northland Power Inc./ RWE Innogy Nordsee Three offshore wind ca. 360 no date** Partners Group et al Merkur Offshore offshore wind 396 2019** Dong Energy Borkum Riffgrund West1offshore wind ca. 270 no date** Dong Energy Borkum Riffgrund 2 offshore wind 450 2019** Dong Energy Borkum Riffgrund West2offshore wind 240 2024*** WindMW/Blackstone Noerdlicher Grund offshore wind 320 no date** Dong Energy Gode Wind 04 offshore wind ca. 300 no date** Northland Power Inc. Deutsche Bucht offshore wind 252 2019** EnBW He dreiht offshore wind ca. 900 no date** EnBW Hohe See offshore wind 497 2019* STEAG Leverkusen gas 570 no date*** Donaukraftwerk Jochenstein Jochenstein/Riedl pumped storage 300 2019*** Mainz utility Heimbach pumped storage 300 no date*** Trianel Krefeld/Uerdingen gas max. 1,200 no date*** Trier utility Schweich/PSKW-Rio pumped storage ca. 2021*** Trianel Nethe/Hoexter pumped storage 390 2022*** RWE BoAplus NiederaussemL brown coal 1,100 2022 earliest*** Dow Chemicals Stade hard coal/biomass/ hydrogen 1,000 no date*** RWE Power Gersteinwerk Werne-Stockum gas max. 1,300 no date*** EDF Deutschland Premnitz gas 400 no date*** Schluchseewerke Atdorf pumped storage 1,400 no date*** PROJECTS PURELY AT PLANNING STAGE Ulm utility Leipheim airport gas max. 600 no date Trianel Karlsruhe/Oberrhein gas max. 1,200 no date Trianel Gotha/Schmalwasser pumped st ca. 1,000 no date Energieallianz Bayern Jochberg/Walchensee pumped storage 700 no date EnBW Forbach (extension) pumped st 270 no date PQ Energy Griesheim gas ca. 500 no date PQ Energy Gundelfingen gas max. 1,280 no date RWE Power/KGG Gundremmingen gas no entry no date * under construction ** approval obtained *** approval being sought (Reporting by Vera Eckert; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/germany-industry-powerdata-idINL5N1H85ES'|'2017-04-24T07:14:00.000+03:00'|3079.0|''|-1.0|'' 3080|'874709cde2d1bb61f544f211a3f9f24a9afc10a9'|'White House''s Cohn says ''fair trade'' means reciprocal tariffs'|'WASHINGTON The Trump administration wants to tax imports from countries that put tariffs on the United States, said Gary Cohn, director of President Donald Trump''s National Economic Council."Fair means we treat our trading partners the way they treat us," Cohn told a conference on the sidelines of the IMF and World Bank''s spring meetings in Washington on Thursday. "If you want to insist on having a tariff on a product, which we prefer you not, the president believes that we should treat you in a reciprocal fashion and that we should tax your product coming into the United States."(Reporting by Jason Lange and Lindsay Dunsmuir; Editing by Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-imf-g20-cohn-idINKBN17M2K6'|'2017-04-20T18:02:00.000+03:00'|3080.0|''|-1.0|'' -3081|'fd223733d668bf7e7973044e42a9b166ee117fd8'|'Property agents shut, buyers still hunt as China plans new economic zone'|' 43pm BST Property agents shut, buyers still hunt as China plans new economic zone By Jason Lee and Josephine Mason - XIONGXIAN, China/BEIJING XIONGXIAN, China/BEIJING Real estate agents in Xiongxian county in China''s Hebei province shut up shop on Monday, hours after Beijing ordered a ban on property sales in a frantic effort to curb a sudden housing boom triggered by plans for a new special economic zone. News on Saturday of the government''s ambitious scheme to set up a special economic zone in Hebei province that would be modelled on the Shenzhen Special Economic Zone that helped kickstart China''s economic reforms in 1980 sent bargain-hunters flocking to the 100 square kilometre area. By Sunday, average apartment prices in the region had almost doubled, hotels were full and residents complained about traffic jams as out-of-towners from Beijing and beyond descended on the area 100 km (60 miles) southwest of the capital, the Global Times reported. Hong Kong-listed infrastructure, logistics and building materials shares soared on Monday as investors piled in, betting on a potential boom in business. Mainland markets were closed for a two-day public holiday. Worried about runaway prices, the government slapped an emergency ban on property sales in Xiongxian and Anxin counties, forcing real estate agents to shut and frustrating would-be investors. Officials took to the streets to blast warnings through loudspeakers against illegal speculating. In Xiongxian on Monday, the doors to the Anju property company were sealed by tape declaring "Shut by the government on April 2", while workers dismantled the brown and white store sign for the Qianju real estate company. Still, social media was abuzz about the astonishing price rally and investors'' appetite even before Beijing had laid out concrete details of the development plan. "Housing prices have jumped even before companies and people have committed (to the zone). Does any company dare to invest there after property prices soared?" posted one Weibo user using the name Roumando. The frenzy underscores Beijing''s challenge as it seeks to crack down on speculators, which have whipsawed prices of equities, commodities and property in recent years, and cool a red-hot real estate market. Prospective buyers appeared undeterred on Monday. A couple were in Anxin checking out property after driving from Tangshan, about 250 km east of the new zone. Even if they can''t buy in the new zone, they will extend their search to nearby areas, the wife said. Chen Bo, a 32-year-old from Xiongxian county who has been working in Beijing for eight years, said he was too excited to sleep on Saturday night given the magnitude of the project. "This is like pie falling from the sky," he was quoted as saying in local media. (Additional reporting by Judy Hua; Editing by Tony Munroe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-property-idUKKBN17516W'|'2017-04-03T19:43:00.000+03:00'|3081.0|''|-1.0|'' +3081|'fd223733d668bf7e7973044e42a9b166ee117fd8'|'Property agents shut, buyers still hunt as China plans new economic zone'|' 43pm BST Property agents shut, buyers still hunt as China plans new economic zone By Jason Lee and Josephine Mason - XIONGXIAN, China/BEIJING XIONGXIAN, China/BEIJING Real estate agents in Xiongxian county in China''s Hebei province shut up shop on Monday, hours after Beijing ordered a ban on property sales in a frantic effort to curb a sudden housing boom triggered by plans for a new special economic zone. News on Saturday of the government''s ambitious scheme to set up a special economic zone in Hebei province that would be modelled on the Shenzhen Special Economic Zone that helped kickstart China''s economic reforms in 1980 sent bargain-hunters flocking to the 100 square kilometre area. By Sunday, average apartment prices in the region had almost doubled, hotels were full and residents complained about traffic jams as out-of-towners from Beijing and beyond descended on the area 100 km (60 miles) southwest of the capital, the Global Times reported. Hong Kong-listed infrastructure, logistics and building materials shares soared on Monday as investors piled in, betting on a potential boom in business. Mainland markets were closed for a two-day public holiday. Worried about runaway prices, the government slapped an emergency ban on property sales in Xiongxian and Anxin counties, forcing real estate agents to shut and frustrating would-be investors. Officials took to the streets to blast warnings through loudspeakers against illegal speculating. In Xiongxian on Monday, the doors to the Anju property company were sealed by tape declaring "Shut by the government on April 2", while workers dismantled the brown and white store sign for the Qianju real estate company. Still, social media was abuzz about the astonishing price rally and investors'' appetite even before Beijing had laid out concrete details of the development plan. "Housing prices have jumped even before companies and people have committed (to the zone). Does any company dare to invest there after property prices soared?" posted one Weibo user using the name Roumando. The frenzy underscores Beijing''s challenge as it seeks to crack down on speculators, which have whipsawed prices of equities, commodities and property in recent years, and cool a red-hot real estate market. Prospective buyers appeared undeterred on Monday. A couple were in Anxin checking out property after driving from Tangshan, about 250 km east of the new zone. Even if they can''t buy in the new zone, they will extend their search to nearby areas, the wife said. Chen Bo, a 32-year-old from Xiongxian county who has been working in Beijing for eight years, said he was too excited to sleep on Saturday night given the magnitude of the project. "This is like pie falling from the sky," he was quoted as saying in local media. (Additional reporting by Judy Hua; Editing by Tony Munroe) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-property-idUKKBN17516W'|'2017-04-03T19:43:00.000+03:00'|3081.0|19.0|0.0|'' 3082|'23a2d7ce8aa529e5dc7b34082b405592b037ff69'|'Private equity firms have bid $22 billion for SCA hygiene unit-paper'|'STOCKHOLM A group of private equity companies have bid around 200 billion Swedish crowns ($22.26 billion) for the hygiene arm of tissue and forestry products firm SCA ( SCAb.ST ), daily Dagens Nyheter wrote on Wednesday, citing unnamed sources.SCA said last year it planned to split into two units."At least two private equity companies together have bid around 200 billion crowns for the hygiene unit," DN said.SCA hygiene business is the world''s largest maker of incontinence pads and No.2 in consumer tissues such as napkins and toilet paper. Its forestry arm produces paper, pulp and wood products.SCA could not immediately be reached by Reuters for a comment.(Reporting by Simon Johnson; Editing by Alison Williams)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-sweden-sca-idUSKBN17E2O0'|'2017-04-13T00:18:00.000+03:00'|3082.0|''|-1.0|'' 3083|'d3922998379dcb772cba62a6cdf83a8e1740e435'|'UPDATE 1-Telecoms, cable group Altice starts IPO process for U.S. arm'|'(Adds context, background)By Anjali Athavaley and Mathieu RosemainNEW YORK/PARIS, April 11 Altice USA, the cable operator that Netherlands-based Altice NV put together by acquiring Cablevision and Suddenlink Communications, on Tuesday filed for an initial public offering that seeks to raise $1 billon to $2 billion, according to a source familiar with the matter.Going public allows Altice''s founder, French billionaire Patrick Drahi, to expand his budding U.S. cable empire by giving Altice USA public stock it can use to help finance more acquisitions.Altice USA became the fourth-largest U.S. cable provider after its parent company acquired Suddenlink in 2015 and Cablevision the following year. It serves 4.9 million customers in the U.S., according to the company''s filing with the U.S. Securities and Exchange Commission.Altice USA''s current minority shareholders, London-based private equity frim BC Partners and the Canadian Pension Plan Investment Board which jointly own about 30 percent of Altice USA, are ready to lower their combined stake while Altice is expected to keep its 70 percent stake in Altice USA intact, according to the source.JP Morgan, Morgan Stanley, Citigroup and Goldman Sachs are the banks serving as joint book-runners on Altice''s U.S initial public offering.(Additional reporting by Gwenaelle Barzic; Editing by Sudip Kar-Gupta, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/altice-ipo-idINL8N1HJ40R'|'2017-04-11T13:13:00.000+03:00'|3083.0|''|-1.0|'' 3084|'22310addadc6c000bc6a3e4ecc1fc7aa61e351b7'|'Microsoft''s quarterly revenue falls short of estimates'|'Business News - Thu Apr 27, 2017 - 9:46pm BST Microsoft''s quarterly revenue falls short of estimates FILE PHOTO: An advertisement is played on a set of large screens at the Microsoft office in Cambridge, Massachusetts, U.S., on January 25, 2017. REUTERS/Brian Snyder/File Photo Microsoft Corp on Thursday reported quarterly revenue that slightly missed analysts'' estimates, as robust demand for its cloud computing services failed to offset weak growth in its personal computing division. The company''s shares fell 1.9 percent to $67 in trading after the bell. Under Chief Executive Satya Nadella, who took the helm in 2014, Microsoft has sharpened its focus on the fast-growing cloud computing unit to counter a prolonged slowdown in the PC market, which has weighed on demand for its Windows software. Revenue from Microsoft''s personal computing unit, its largest by revenue, fell 7.4 percent to $8.84 billion. Analysts on average had expected revenue of $9.22 billion, according to research firm FactSet StreetAccount. The business includes Windows software, Xbox gaming consoles, online search advertising and Surface personal computers. Surface revenue dipped 26 percent in the quarter. The lower-than-expected revenue in the personal computing division came amid an uptick in the PC market. Worldwide PC shipments rose 0.6 percent in the first quarter of 2017, seeing growth for the first time in five years, market research firm IDC said earlier this month. Revenue from Microsoft''s "Intelligent Cloud" business, which houses server products and the company''s flagship cloud computing platform, Azure, jumped about 11 percent to $6.76 billion in the third quarter ended March 31. Azure revenue soared 93 percent in the quarter. Azure competes with Amazon.com Inc''s Amazon Web Services, the market leader in cloud infrastructure, as well as offerings from Alphabet Inc''s Google, IBM and Oracle Corp. The company''s net income rose to $4.80 billion, or 61 cents per share, in the third quarter ended March 31, from $3.76 billion, or 47 cents per share, a year earlier. Excluding one-time items, Microsoft earned 73 cents per share. Analysts on average had expected 70 cents per share, according to Thomson Reuters I/B/E/S ( bit.ly/2oQAzSJ ) Revenue on an adjusted basis climbed 6 percent to $23.56 billion, missing analysts'' average estimate of $23.62 billion. Microsoft said LinkedIn, which it bought for about $26 billion, contributed $975 million in revenue in the quarter. Microsoft''s shares had risen 9.9 percent this year through Thursday, eclipsing the 7 percent gain in the broader S&P 500. (Reporting by Pushkala A and Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-microsoft-results-idUKKBN17T33L'|'2017-04-28T04:45:00.000+03:00'|3084.0|''|-1.0|'' @@ -3101,7 +3101,7 @@ 3099|'baf9b90687613ea8606083d6a4174904c0f7b324'|'Record deliveries power Tesla shares to all-time high'|'Technology 26pm BST Record deliveries power Tesla shares to all-time high A prototype of the Tesla Model 3 is on display in front of the factory during a media tour of the Tesla Gigafactory which will produce batteries for the electric carmaker in Sparks, Nevada, U.S. July 26, 2016. REUTERS/James Glover II/File Photo Tesla Inc''s ( TSLA.O ) Tesla''s stock climbed as much as 5.7 percent to $294.15, giving it a market capitalization of $47.92 billion - higher than Ford Motor''s ( F.N ) $46.27 billion value and just below General Motor''s ( GM.N ) value of $48 billion, at their Monday session highs. Tesla said on Sunday it delivered a record 25,418 vehicles in the quarter ended March, a 69 percent increase from last year and edging past Goldman Sachs'' forecast of 23,500 vehicles. "This beat shows that they are managing production better and that it bodes well for the Model 3 to be on time as well," said Ivan Feinseth, director of research at Tigress Financial Partners. Tesla delivered 76,230 vehicles last year, but production challenges kept the result well short of its 80,000- to 90,000-unit target. That and other setbacks had led investors and suppliers to predict that Model 3 volume production would be delayed until 2018. But Chief Executive Elon Musk reassured investors in February that the Model 3 was on track for volume production by September this year. The Model 3, a midsize mass-market sedan, had about 373,000 advance reservations as of April last year, and is expected to go on sale later this year in the United States. Tesla''s shares were up 5.2 percent at $292.77 in afternoon trading. Ford''s shares were off 2.6 percent, while GM''s stock was down over 4 percent following their monthly sales reports. "(Tesla has) had a pattern of missing their targets and the fact that they were able to meet the delivery target this quarter should be warmly received by investors," said CFRA analyst Efraim Levy. "It''s good news for Tesla, clearly." (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar) Next In Technology News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tesla-stocks-idUKKBN17522H'|'2017-04-04T01:29:00.000+03:00'|3099.0|''|-1.0|'' 3100|'3c3f0af437685b21751174d61100aaa4b97b7a31'|'Oil prices edge up after dent from U.S. inventories'|'Business News - Thu Apr 6, 2017 - 12:09pm BST Oil prices edge up after dent from U.S. inventories FILE PHOTO: A man pumps petrol for his car at a petrol station in Hanoi, Vietnam December 20, 2016. REUTERS/Kham/File Photo By Amanda Cooper - LONDON LONDON Oil prices rose on Thursday, on track for a fourth consecutive daily gain, after recovering from losses triggered by record high U.S. crude inventories. Brent crude futures were up by 20 cents on the day at $54.56 a barrel by 1100 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 13 cents at $51.28 a barrel. The U.S. Energy Information Administration (EIA) reported an increase of 1.57 million barrels in crude inventories late on Wednesday, bringing total U.S. stocks to a record high of 535.5 million barrels. "Overnight crude inventory numbers pulled the rug out from under the feet of the oil rally," said Jeffrey Halley, senior analyst at futures brokerage OANDA. The record crude inventories came as U.S. oil production rose by 52,000 barrels per day (bpd) to 9.2 million bpd. "The U.S. crude oil production profile is a mirror image of where it was last year, when at the end of the second quarter, production was 600,000 bpd lower than at the start of the year and this year is going to be the opposite," said Olivier Jakob, at consultancy Petromatrix. "By the end of the second quarter, you could have U.S. production up by 1 million bpd." Because of the glut, U.S. crude exports have risen to a record 1.1 million bpd. Most cargoes are going to Asia, where traders say there are early signs of a tightening market due to efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output in an effort to prop up prices. "The global picture is more important (than just the U.S.) and stocks are being drawn," said Oystein Berentsen, managing director at trading company Strong Petroleum in Singapore. In the short-term, he said, a lot of oil was being sold out of storage around the world, adding to the imminent glut. But Berentsen warned that once a significant amount of crude had been sold out of inventories, "then you get the full effect (of tighter supplies)." (Additional reporting by Henning Gloystein in SINGAPORE; editing by Jason Neely and Susan Thomas) Next In Business News Euro to fall to near 15-year low if Le Pen wins French election: Reuters poll BENGALURU The euro is likely to fall about 5 percent to near 15-year lows and close to parity against the dollar in the immediate aftermath should Marine Le Pen win the French presidency in May, according to foreign exchange strategists polled by Reuters. Euro hits three-week low as Draghi cools tightening expectations LONDON The euro hit a three-week low on Thursday after the head of the European Central Bank said he saw no need to deviate from the ECB''s policy path, which includes record-low interest rates and bond-buying until at least the end of the year. Fed''s Williams sees start of balance sheet reduction at year-end FRANKFURT It would make sense for the Federal Reserve to begin trimming its $4.5 trillion balance sheet toward the end of this year in a multi-year process that will run parallel to interest rate increases, a Fed policymaker said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN17805M'|'2017-04-06T19:07:00.000+03:00'|3100.0|''|-1.0|'' 3101|'45ad906677421efbe05a005ccf0d0b9cd056aa8f'|'BRIEF-Genesis Healthcare says Steven Fishman to resign from board effective immediately'|' 37pm EDT BRIEF-Genesis Healthcare says Steven Fishman to resign from board effective immediately April 7 Genesis Healthcare Inc * Genesis Healthcare Inc - on April 7, Steven Fishman notified company''s board of directors of his decision to resign from board effective immediately * On April 7, 2017, board appointed Robert Fish, a current board member, as chairman of board Source text: ( bit.ly/2nU2FvR ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-genesis-healthcare-says-steven-fis-idUSFWN1HF12Z'|'2017-04-08T05:37:00.000+03:00'|3101.0|''|-1.0|'' -3102|'eb9bb1919d33d9c0ce075e5db82c58a84065ded5'|'Brazil budget freeze should not delay Saab jet purchases -minister'|'Company News - Tue Apr 4, 2017 - 11:59am EDT Brazil budget freeze should not delay Saab jet purchases -minister RIO DE JANEIRO, April 4 Brazil''s federal budget freeze should not impact the timeline for the purchase of 36 Gripen jet fighters from Sweden''s Saab, Brazil''s Defense Minister Raul Jungmann said on Tuesday at an air and defense exposition in Rio de Janeiro. (Reporting by Brad Haynes; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-defense-saab-idUSS0N1H002Z'|'2017-04-04T23:59:00.000+03:00'|3102.0|''|-1.0|'' +3102|'eb9bb1919d33d9c0ce075e5db82c58a84065ded5'|'Brazil budget freeze should not delay Saab jet purchases -minister'|'Company News - Tue Apr 4, 2017 - 11:59am EDT Brazil budget freeze should not delay Saab jet purchases -minister RIO DE JANEIRO, April 4 Brazil''s federal budget freeze should not impact the timeline for the purchase of 36 Gripen jet fighters from Sweden''s Saab, Brazil''s Defense Minister Raul Jungmann said on Tuesday at an air and defense exposition in Rio de Janeiro. (Reporting by Brad Haynes; Editing by Chizu Nomiyama) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-defense-saab-idUSS0N1H002Z'|'2017-04-04T23:59:00.000+03:00'|3102.0|26.0|0.0|'' 3103|'d19ee45da852f7e8e63da27a5c24078120ef515f'|'TREASURIES-Yields rise on technical resistance, improving risk sentiment'|'* Bonds weaken to key technical yield levels * Rising stocks reduce demand for bonds * Boston Fed''s Rosengren to speak later on Wednesday * Fed to release Beige Book on economic conditions By Karen Brettell NEW YORK, April 19 U.S. Treasury yields rose on Wednesday as 10-year notes reached key technical resistance after a rally on Tuesday sent yields to five-month lows, and as rising stocks indicated improving risk sentiment. Benchmark 10-year Treasury note yields rose back above the 2.20 percent level, where there is technical resistance. Were consolidating and looking for the next big trade, whether it is a reversal of the rally or an extension of it, said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York. Lyngen noted that the 2.20 percent to 2.25 percent yield levels on the 10-year note are significant from a technical perspective because there is a bit of a volume bulge there. The 10-year notes were last down 6/32 in price to yield 2.20 percent. The 10-year yield fell as low as 2.165 percent on Tuesday and has tumbled from a recent high of 2.63 percent hit on March 14. U.S. stocks also rose on Wednesday, reducing the safe-haven bid for bonds. With no major economic releases due this week investors were focused on the French elections, U.S. tensions with North Korea and any new indications on when the Trump administration is likely to undertake tax and fiscal reforms. Centrist Emmanuel Macron held on to his lead as favorite to win France''s presidential election, a closely watched poll showed, although it indicated that the first round of voting at the weekend remained too close to call. U.S. Vice President Mike Pence said that Washington would work with its allies and China to put economic and diplomatic pressure on North Korea but added that the United States would defeat any attack with an "overwhelming response." Bonds prices have been boosted in recent weeks by reduced expectations that the Federal Reserve will raise interest rates two more times this year following disappointing economic data releases. The administration of U.S. President Donald Trump is also seen as less likely to pass fiscal or tax reforms in the near term. Futures traders were pricing in a 49 percent chance the U.S. central bank will raise rates at its June meeting, down from 71 percent on April 6, according to the CME Groups FedWatch Tool. Boston Fed President Eric Rosengren was due to speak later on Wednesday. The U.S. central bank will also release its Beige Book compendium of economic conditions. (Editing by Meredith Mazzilli) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1HR0HC'|'2017-04-19T11:17:00.000+03:00'|3103.0|''|-1.0|'' 3104|'6c8eda3e0228e8fd7249b09bc635d87208ffc388'|'North American deals drive global investment banking fees to 10-year high'|'By Dasha Afanasieva - LONDON LONDON Global investment banking fees reached a 10-year high in the first quarter of 2017 with more than half of the $24 billion in total takings coming from North America, Thomson Reuters data showed on Tuesday.The rebound in fees to pre-crisis highs will be good news for global advisors who complain they are being squeezed by regulatory requirements amid competition from boutique players.Wall Street banks took the top five places last quarter, led by JP Morgan ( JPM.N ) which earned $1.7 billion in fees, followed by Goldman Sachs ( GS.N ) with $1.5 billion.Fees from equity issuance almost doubled although bonds were the biggest contributor to fees globally. Mergers and acquisitions (M&A) was the only sector not to improve on last year''s dismal first quarter, with fees falling 2.5 percent in the first three months of this year.Uncertainty surrounding Britain''s exit from the European Union, the election in the Netherlands and upcoming polls in France and Germany dampened European activity but fees still rose almost 20 percent last quarter.The biggest fee payer was U.S. telecoms operator Charter Communications ( CHTR.O ) which has been exploring a tie-up with Verizon ( VZ.N ) and has issued a series of bonds.Investment banking fees generated by financial sponsors and their portfolio companies increased by 50 percent on a year earlier to $2.7 billion for the first quarter of 2017.Fees paid by private equity giant Blackstone ( BX.N ) more than tripled to $230 million.(Reporting by Dasha Afanasieva; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-investment-banking-fees-q-idINKBN1761FC'|'2017-04-04T10:46:00.000+03:00'|3104.0|''|-1.0|'' 3105|'6ebe9e889950f2c794d8526330fde08dd53958c8'|'Odebrecht lenders to forgo early debt repayment after M&A deal'|'By Guillermo Parra-Bernal and Tatiana Bautzer - SAO PAULO SAO PAULO Creditors of Odebrecht SA have agreed to not tap proceeds from the sale of a water and sanitation utility for early repayment of loans, giving the embattled Brazilian engineering conglomerate more time to restructure 76 billion reais ($24 billion) of obligations.In a Tuesday statement, Odebrecht [ODBES.UL] said lenders allowed it to keep the 2.5 billion reais in proceeds from the sale of a 70 percent stake in Odebrecht Ambiental SA to replenish cash. That amount is enough to cover Odebrecht''s cash needs for about two years, the statement said.The accord signals the willingness of Odebrecht''s lenders to give it more time to reorganize amid fallout from a massive bribery probe. In recent months, some analysts and newspaper reports have speculated that the extent of the probe could force the group to seek an in-court reorganization.The sale of Odebrecht Ambiental to an investor group led by Brookfield Asset Management Inc ( BAMa.TO ) took longer than expected to close due to protracted due diligence and fears that Odebrecht''s involvement in the scandal could hurt the utility''s business, people familiar with the matter said.The scandal known as "Operation Car Wash" has almost shut Odebrecht''s access to credit and new construction contracts in Brazil and a dozen countries. Odebrecht and banks are currently renegotiating about 30 billion reais in loans.Prosecutors in Brazil allege Odebrecht and rivals colluded to overcharge state firms for contracts, then used part of the extra proceeds to bribe politicians in Brazil and abroad.Odebrecht is negotiating graft-related fines with several Latin American countries to prevent upcoming elections across the region from putting the brakes on planned asset sales. Some asset sales that may soon be announced include Odebrecht''s exit from a consortium running Rio de Janeiro''s international airport.(Reporting by Guillermo Parra-Bernal and Tatiana Bautzer; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-odebrecht-restructuring-deals-idINKBN17R2XI'|'2017-04-25T20:02:00.000+03:00'|3105.0|''|-1.0|'' @@ -3116,15 +3116,15 @@ 3114|'acad853fca8faea7641a5334d253ebab575631a0'|'Osram eyes acquisitions of up to 500 million euros - CFO in paper'|'Deals - Sat Apr 15, 2017 - 1:53pm BST Osram eyes acquisitions of up to $530 million: CFO in paper A woman walks in the headquarters of lamp manufacturer Osram in Munich, Germany February 26, 2014. REUTERS/Michaela Rehle/File Photo BERLIN German lighting company Osram ( OSRn.DE ) is on the lookout for acquisitions worth up to 500 million euros ($530 million), although there are no specific plans for a deal as yet, its finance chief told a German newspaper. Osram wants to strengthen the areas of electronics and software within its automotive lighting unit and is looking for acquisition targets or partners, Ingo Bank told Boersen-Zeitung in an interview published on Saturday. Acquisitions for its Opto semiconductors unit would also be attractive if they opened up access to markets, he said. Osram has funds available after the sale of lamps division LEDvance, which brought in gross proceeds of about 500 million euros, and thanks to its strong balance sheet, Bank said. "We have a lot of firepower and the ability to act. However, we will not be making the error of buying for the sake of it," the paper quoted him as saying. (Reporting by Victoria Bryan; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-osram-licht-m-a-idUKKBN17H0C8'|'2017-04-15T20:48:00.000+03:00'|3114.0|''|-1.0|'' 3115|'21957ac7628935ab0cf8401c8d64f901907ba9cc'|'China central bank says economy stable but complexities ''cannot be underestimated'''|'Business News - Sat Apr 1, 2017 - 11:25am BST China central bank says economy stable but complexities ''cannot be underestimated'' A man uses his mobile phone while walking past the headquarters of the People''s Bank of China (PBOC), the central bank, in Beijing, November 20, 2013. REUTERS/Jason Lee/File Photo SHANGHAI China''s economy remains "generally stable" but it is facing complexities that "cannot be underestimated", the country''s central bank said in a statement on Saturday following a quarterly meeting of its monetary policy committee. The People''s Bank of China said in a statement posted on its website ( www.pbc.gov.cn ) that the world economy was still in a period of readjustment following the global financial crisis, and there were still many risks in global markets. It said it would continue to implement a sound and neutral monetary policy, and rely on a range of monetary policy tools to keep liquidity at a stable level. It added that it would continue to keep the yuan exchange rate at a reasonable and stable level. (Reporting by David Stanway; Editing by Eric Meijer) Next In Business News Brexit effects may reflect in business surveys LONDON In the week after Britain formally notified the European Union of its intention to quit the bloc, business surveys will give more idea of what -- if any -- impact Brexit is having on the British economy and how its EU peers compare. LONDON The City of London should emerge largely unscathed from Brexit even though thousands of banking and insurance jobs could move to the continent, the financial district''s policy chief said. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-centralbank-idUKKBN1733B4'|'2017-04-01T18:25:00.000+03:00'|3115.0|''|-1.0|'' 3116|'5d3fc00f5d2e65dd8484130ea727f4c80422524e'|'Old Mutual Wealth''s client inflows rise as parent works on break-up'|' 23am BST Old Mutual Wealth''s client inflows rise as parent works on break-up The Cape Town headquarters of Anglo-South African financial services company Old Mutual are shown in this picture taken March 7, 2016. REUTERS/Mike Hutchings Financial services group Old Mutual Plc''s ( OML.L ) UK asset management business reported its higher ever quarter for client inflows and funds under management for the first three months of the year, citing increased demand for its services and platform. Old Mutual Wealth forecast that markets would remain volatile and challenging in the medium term, especially until the outcome of Britain''s June general election and more detail of the terms of the country''s exit from the EU were known. The business''s net client cash flows, excluding Old Mutual Italy and the South African branches, rose 59 percent to 2.7 billion pounds in the quarter ended March 31. Its comparable funds under management jumped 6 percent to 122.3 billion pounds, Anglo-South African parent Old Mutual said in a statement on Friday. "We have the right solutions for these uncertain times, particularly our multi-asset, absolute return and high alpha product ranges... We are hopeful that this momentum will continue throughout 2017," the unit''s CEO Paul Feeney said. In March, Old Mutual said it was on track to complete its break-up into four parts by the end of 2018, although improvements to IT systems at Old Mutual Wealth could take longer and cost more than expected. (Reporting by Esha Vaish in Bengaluru; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-old-mutual-outlook-idUKKBN17U0UE'|'2017-04-28T15:23:00.000+03:00'|3116.0|''|-1.0|'' -3117|'6a3578648fe0d4a129a085d0b33dac85ca189d64'|'Panera Bread exploring possible sale: Bloomberg'|'Panera Bread Co ( PNRA.O ) is considering strategic options, including a possible sale, after receiving takeover interest, Bloomberg reported on Monday.The bakery cafe operator is working with advisers to study the options, Bloomberg reported, citing people familiar with the matter. bloom.bg/2oBLnnVThe company''s shares rose as much as 10.7 percent to a record high of $290 in midday trading.Panera Bread, which has a market value of about $6 billion, could not immediately be reached for comment.(Reporting by Subrat Patnaik in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-panera-bread-m-a-idINKBN1751VB'|'2017-04-03T14:15:00.000+03:00'|3117.0|''|-1.0|'' +3117|'6a3578648fe0d4a129a085d0b33dac85ca189d64'|'Panera Bread exploring possible sale: Bloomberg'|'Panera Bread Co ( PNRA.O ) is considering strategic options, including a possible sale, after receiving takeover interest, Bloomberg reported on Monday.The bakery cafe operator is working with advisers to study the options, Bloomberg reported, citing people familiar with the matter. bloom.bg/2oBLnnVThe company''s shares rose as much as 10.7 percent to a record high of $290 in midday trading.Panera Bread, which has a market value of about $6 billion, could not immediately be reached for comment.(Reporting by Subrat Patnaik in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-panera-bread-m-a-idINKBN1751VB'|'2017-04-03T14:15:00.000+03:00'|3117.0|26.0|2.0|'' 3118|'2414c1f72d4ab4a9b2ca9192b85abffb328f35e1'|'White House readies order to quit NAFTA - administration official'|'Business News - Wed Apr 26, 2017 - 7:46pm BST White House readies order to quit NAFTA - administration official left right FILE PHOTO: Trucks wait at the international border bridge Zaragoza to cross over to El Paso, USA, in Ciudad Juarez, Mexico, December 20, 2016. Picture taken December 20, 2016. REUTERS/Jose Luis Gonzalez/File Photo 1/4 left right FILE PHOTO: Trucks wait in a long queue for border customs control to cross into the U.S. at the Otay border crossing in Tijuana, Mexico, February 2, 2017. REUTERS/Jorge Duenes/File Photo 2/4 left right FILE PHOTO: Commercial trucks line up on the Ambassador bridge crossing over to Detroit, Michigan from Windsor, Ontario September 12, 2013. REUTERS/Rebecca Cook/File Photo 3/4 left right FILE PHOTO: A commercial automotive supplier truck passes under a sign leading to the Ambassador bridge crossing over to Detroit, Michigan from Windsor, Ontario September 28, 2013. REUTERS/Rebecca Cook/File Photo 4/4 By Steve Holland - WASHINGTON WASHINGTON The White House is considering a draft executive order to withdraw the United States from the North American Free Trade Agreement, a senior Trump administration official said on Wednesday. It was unclear whether the order would be enacted by President Donald Trump, who has vowed to pull out from NAFTA - a U.S., Mexico and Canada trade pact - if he cannot win better terms for America. But the action under consideration could signal heightened prospects that one of the world''s biggest trading blocs could unravel in an economically damaging dispute. The possible executive order, first reported by Politico, sent stocks and currencies falling in Mexico and Canada. Investors were rethinking their assumptions that Trump would back away from some of the drastic actions on trade that he had promised during the presidential campaign. "It is a clear indication that they (in the White House) are wanting changes but we will have to see what emerges," said Paul Ferley, assistant chief economist at Royal Bank of Canada. Trump has long accused Mexico of destroying U.S. jobs and recently ramped up his criticism of Canada, saying last week that Ottawa''s protection of its dairy industry was "unfair." Trump this week ordered 20 percent tariffs on imports of Canadian softwood lumber, setting a tense tone as the three countries prepared to renegotiate the 23-year-old trade pact. The U.S. president has faced a series of setbacks since he took office in January, with courts blocking parts of his orders to limit immigration and the Republican-controlled Congress pulling legislation he backed to overhaul the U.S. healthcare system. As president, Trump has broad authority on trade policy, including the power to withdraw from NAFTA without votes by Congress, according to many legal analysts. It was under an executive order signed by Trump on Jan. 23 that the United States pulled out of the sweeping Trans-Pacific Partnership trade deal. Mexico had expected to start NAFTA renegotiations in August but the possible executive order could add urgency to the timeline. Trump criticized Mexico extensively during his presidential campaign. The United States went from running a small trade surplus with Mexico in the early 1990s to a $63 billion deficit in 2016. Canada said it was ready to come to talks on renewing NAFTA at any time. "At this moment NAFTA negotiations have not started. Canada is ready to come to the table at any time," said Alex Lawrence, a spokesman for Canadian Foreign Minister Chrystia Freeland. (Reporting by Steve Holland; Additional reporting by Fergal Smith in Toronto and David Ljunggren in Ottawa; Writing by Jason Lange; Editing by Tom Brown) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trade-nafta-idUKKBN17S2LO'|'2017-04-27T02:46:00.000+03:00'|3118.0|''|-1.0|'' 3119|'badc6391f21366948312bc51db99340482c07ecb'|'French election: Macron vs. Le Pen on the economy - Apr. 23, 2017'|'Forgotten in France: The banlieues outside Paris Far-right firebrand Marine Le Pen and centrist candidate Emmanuel Macron, set to face off in a May 7 French election with major implications for the future of Europe, have very different views on the economy. Macron, a former banker who served as economy minister, is socially liberal. He has argued that France''s economy can become more competitive if it embraces globalization and doubles down on free trade. Macron is a keen supporter of the euro and the EU. Le Pen, meanwhile, represents a radical departure from the status quo in France. She advocates a strident brand of economic nationalism that would mean new trade barriers and the country''s exit from the eurozone. Marine Le Pen Le Pen has proposed dropping the euro and switching to a "nouveau franc" of a lower value to help make French exports more competitive. Existing national debt would be converted to the new currency -- a move likely to be considered a default. She also wants to hold a referendum on France''s membership in the EU. Related: They want to kill the euro Le Pen is staunchly anti-globalization and has pledged to pursue policies she describes as "intelligent protectionism." That means no new free trade agreements and giving French companies priority on public contracts. It also means a new tax on companies that hire foreign workers, and additional taxes on imports. Le Pen wants to cut the income tax rate for the poorest. She would lower the retirement age and keep the 35-hour working week. She has opposed the privatization of big French state companies including postal service company La Poste. Emmanuel Macron Macron has promised to cut corporate tax rates gradually to 25% from the current 33%. He also wants to slash local housing taxes for the majority of French people. He has pledged to cut public spending by 60 billion ($64 billion) a year, partly by making the government more efficient. He said he would cut up to 120,000 government employees by not filling positions as workers retire. Macron is a free trade supporter and he campaigned in favor of CETA, the EU''s new free trade agreement with Canada. Related: Who is Emmanuel Macron? He said he would consider changes to how France''s 35-hour work week statute is applied. He wants to spend 50 billion over five years on training, energy and the environment, transportation, health and agriculture. CNNMoney (London) 5:43 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/04/23/news/economy/french-election-macron-le-pen-eu-nationalist/index.html'|'2017-04-24T01:43:00.000+03:00'|3119.0|''|-1.0|'' 3120|'9b4f3776d04222df4efd101c43446121dd321399'|'US STOCKS SNAPSHOT-Futures extend losses after weak U.S. jobs data'|' 32am EDT US STOCKS SNAPSHOT-Futures extend losses after weak U.S. jobs data April 7 U.S. stock index futures extended losses on Friday after a Labor Department report showed that 98,000 jobs were added in the public and private sector in March, far lower than economists'' estimate of 180,000. Futures snapshot at 8:31 a.m. EDT: * Dow e-minis were down 37 points, or 0.18 percent, with 54,924 contracts changing hands. * S&P 500 e-minis were down 5 points, or 0.21 percent, with 315,679 contracts traded. * Nasdaq 100 e-minis were down 8.75 points, or 0.16 percent, on volume of 59,910 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1HF4BB'|'2017-04-07T20:32:00.000+03:00'|3120.0|''|-1.0|'' 3121|'ac86a50bd8a4f067c1608596f261b78194c18b44'|'Volkswagen offers 6-year warranty to win back U.S. customers'|' 10:05pm BST Volkswagen offers 6-year warranty to win back U.S. customers FILE PHOTO: New cars of several brands of German carmaker Volkswagen AG are covered with protective covers before they are loaded for export on a transport ship at the harbour of the Volkswagen plant in Emden, Germany, April 24, 2009. REUTERS/Christian Charisius/File photo By David Shepardson - NEW YORK NEW YORK Volkswagen AG ( VOWG_p.DE ) is trying to win back American customers after its diesel emission scandal with SUV warranties that it said will be the longest in the United States. Ahead of the New York auto show, the world''s largest automaker said Tuesday it will offer a six-year, 72,000 mile warranty on its new 2018 Atlas and 2018 Tiguan sport utility vehicles that go on sale later this year. "This warranty further addresses the needs of American buyers head-on," said Volkswagen Group of American chief executive Hinrich Woebcken. VW said most other major rivals offer a 36,000 mile, three-year warranty on similar SUVs. The longest warranty is now offered by Hyundai Motor Co ( 005380.KS ) and its Kia Motors Corp ( 000270.KS ) affiliate. That warranty extends 60,000 miles or five years. The powertrain warranty is 100,000 miles, but it only lasts five years or 60,000 miles if transferred. The German automaker has been struggling to recover since it admitted in 2015 the company installed secret software that allowed vehicles to cheat emissions tests for six years. The new VW warranty is twice as long as the current three-year 36,000-mile warranty on the Tiguan. The Atlas is a new model. VW brand U.S. sales this year are up 10 percent this year, but fell 8 percent in 2016 to 323,000 vehicles after falling 5 percent in 2015. The automaker halted all U.S. diesel sales in late 2015. AutoNation ( AN.N ) Inc chief executive Mike Jackson said that an extended warranty could help win customers. "The American people are full of forgiveness. All you have to do is say you are sorry and give them a deal," said Jackson, who heads the largest U.S. new car dealership chain. VW has "to give a price that reflects that you are asking for forgiveness." In March Volkswagen pleaded guilty as part of a settlement over the automaker''s diesel emissions scandal. In total, VW has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and offered to buy back about 500,000 polluting U.S. vehicles. (Reporting by David Shepardson; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-autoshow-new-york-idUKKBN17D2MV'|'2017-04-12T05:05:00.000+03:00'|3121.0|''|-1.0|'' 3122|'43888cba60d351015fd91de267bb58068508c06e'|'German economy gained momentum at start of 2017 - econ ministry'|'Money 2:53pm IST German economy gained momentum at start of 2017 - econ ministry An illustration picture shows euro coins, April 8, 2017. REUTERS/Kai Pfaffenbach BERLIN The German economy, Europe''s largest, picked up speed at the beginning of this year, lifted by a robust industrial sector and rising employment that is supporting private consumption, the Economy Ministry said on Wednesday. "The German economy''s rate of expansion accelerated somewhat in the first quarter," the ministry said in a statement. In the final three months of 2016, the economy grew by 0.4 percent. (Writing by Paul Carrel; Editing by Joseph Nasr)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-economy-idINKBN17E113'|'2017-04-12T17:23:00.000+03:00'|3122.0|''|-1.0|'' -3123|'d24c1fe0888c9b6b08de2950a74ad09bc316a125'|'Shareholder proxy Glass Lewis recommends vote against Barclays board member'|'Business 1:35pm BST Shareholder proxy Glass Lewis recommends vote against Barclays board member A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth LONDON Shareholder advisory firm Glass Lewis on Thursday recommended investors vote against the reelection of Ian Cheshire to the board of Barclays ( BARC.L ), saying he has too many commitments to fulfil all his duties. Cheshire is chairman-designate of Barclays''s UK retail bank, which will be separated from the investment bank in 2019 under rules designed to protect savers'' deposits. He also sits on the board of four other companies, including Debenhams Plc ( DEB.L ) and Whitbread Plc( WTB.L ), meaning he may not have sufficient time to discharge his responsibilities effectively, Glass Lewis said. Barclays shareholders will have the opportunity to vote on Cheshire and the bank''s other board members at the bank''s annual general meeting in London on May 10. Barclays declined to comment. The issue of so-called ''over-boarding'' whereby board members of British companies spread themselves too thinly has gained increased attention in recent years. HSBC ( HSBA.L ) last week said Paul Walsh, the former chief executive of drinks maker Diageo ( DGE.L ), is to step down from its board with immediate effect in order to focus on his other commitments. ISS, another shareholder proxy firm, meanwhile advised shareholders abstain from voting to reelect Barclays Chief Executive Jes Staley. Staley faces regulatory probes in the U.S. and Britain and criticism from investors following his attempts to unmask a whistleblower at the bank. (Reporting By Simon Jessop and Lawrence White, Editing by Anjuli Davies)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-barclays-board-idUKKBN17T1W9'|'2017-04-27T20:35:00.000+03:00'|3123.0|''|-1.0|'' +3123|'d24c1fe0888c9b6b08de2950a74ad09bc316a125'|'Shareholder proxy Glass Lewis recommends vote against Barclays board member'|'Business 1:35pm BST Shareholder proxy Glass Lewis recommends vote against Barclays board member A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth LONDON Shareholder advisory firm Glass Lewis on Thursday recommended investors vote against the reelection of Ian Cheshire to the board of Barclays ( BARC.L ), saying he has too many commitments to fulfil all his duties. Cheshire is chairman-designate of Barclays''s UK retail bank, which will be separated from the investment bank in 2019 under rules designed to protect savers'' deposits. He also sits on the board of four other companies, including Debenhams Plc ( DEB.L ) and Whitbread Plc( WTB.L ), meaning he may not have sufficient time to discharge his responsibilities effectively, Glass Lewis said. Barclays shareholders will have the opportunity to vote on Cheshire and the bank''s other board members at the bank''s annual general meeting in London on May 10. Barclays declined to comment. The issue of so-called ''over-boarding'' whereby board members of British companies spread themselves too thinly has gained increased attention in recent years. HSBC ( HSBA.L ) last week said Paul Walsh, the former chief executive of drinks maker Diageo ( DGE.L ), is to step down from its board with immediate effect in order to focus on his other commitments. ISS, another shareholder proxy firm, meanwhile advised shareholders abstain from voting to reelect Barclays Chief Executive Jes Staley. Staley faces regulatory probes in the U.S. and Britain and criticism from investors following his attempts to unmask a whistleblower at the bank. (Reporting By Simon Jessop and Lawrence White, Editing by Anjuli Davies)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-barclays-board-idUKKBN17T1W9'|'2017-04-27T20:35:00.000+03:00'|3123.0|27.0|0.0|'' 3124|'e3c8191eb2e68ecd167ce514ac914179e6d4d2f4'|'Pimco shutters RAE Worldwide Fundamental Advantage PLUS Fund'|'By Jennifer Ablan - NEW YORK, April 28 NEW YORK, April 28 Pacific Investment Management Co on Friday liquidated its RAE Worldwide Fundamental Advantage PLUS Fund, a global-neutral fund which had reached more than $4 billion in assets under management in 2014, according to the Newport Beach, Calif''s website.The portfolio''s strategy included long exposure to a portfolio of stocks through the "RAE Fundamental U.S. Large Model Portfolio" and short exposure to the S&P 500 Index, while overlaying this equity market neutral exposure with absolute return bond alpha strategy through "AR Bond Alpha Strategy".The RAE Fundamental U.S. Large Model Portfolio stocks are selected by Pimco''s long-time subadviser, Research Affiliates, LLC, which was founded and chaired by Rob Arnott, known on Wall Street as the "godfather of smart beta.""We constantly review our suite of strategies and may liquidate a fund from time to time if we feel it no longer serves our clients needs," Michael Reid, spokesman for Pimco, said in a statement to Reuters. "We are committed to RAE and will be expanding RA relationship in equities with (the) upcoming launch of RAFI Multi-Factor ETFs."Pimco, a unit of Munich-based insurer Allianz SE, had $1.51 trillion in assets, has collaborated with Arnott''s firm Research Affiliates for more than a decade.In 2015, Pimco expanded Pimco''s RAE Fundamental lineup, which uses Research Affiliates'' "smart beta," or "fundamental indexation," strategy of selecting, weighting and rebalancing holdings on the basis of characteristics other than market capitalization.Two years ago, Pimco introduced a slate of six new equity funds in collaboration with Research Affiliates to cover U.S. large, U.S. small, international, global, global excluding U.S. and emerging markets. (Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-pimco-idINL1N1I01B2'|'2017-04-28T13:47:00.000+03:00'|3124.0|''|-1.0|'' -3125|'dd7aaddffa452029df0302d50b175971a9fd1002'|'Euro zone growth steady but modest - if political status quo remains: Reuters poll'|'Business News 06am BST Euro zone growth steady but modest - if political status quo remains: Reuters poll left right Supporters for Emmanuel Macron, head of the political movement En Marche !, (Onwards !), and candidate for the 2017 French presidential election, attend a campaign political rally in Saint-Herblain near Nantes, France, April 19, 2017. REUTERS/Stephane Mahe 1/3 left right A poster campaign with factice portable cellphone numbers for French presidential candidates, Top row from L, Benoit Hamon, Socialist Party candidate, Emmanuel Macron, candidate for ''En Marche !'' or (Onwards !), Nathalie Arthaud, candidate for France''s extreme-left Lutte Ouvriere, and Marine Le Pen, the National Front (FN) leader and candidate; Bottom row R, Francois Fillon, the Republicans centre-right candidate, are seen on a wall in Paris, France, April 19, 2017. REUTERS/Benoit Tessier 2/3 left right A man looks at campaign posters of the 11th candidates who run in the 2017 French presidential election in Enghien-les-Bains, near Paris, France April 19, 2017. REUTERS/Christian Hartmann - RTS12ZQ5 3/3 By Shrutee Sarkar Euro zone economic growth will be steady but modest over the coming year, but that will depend partly on independent candidate Emmanuel Macron winning the French presidency next month, a Reuters poll of economists showed. The results suggest forecasters, like investors and traders, appear unrattled by political uncertainty as France prepares for a presidential election in which far right and anti-European Union leader Marine Le Pen is polling strongly, although no major survey sees her winning. France is the EU''s second biggest economy so turmoil there would weigh on the wider bloc. "A win by the populist Marine Le Pen in the second round could result in a prolonged period of uncertainty as she attempts to negotiate better terms for France remaining in the EU." said Beata Caranci, chief economist at TD Securities. "This outcome would undoubtedly increase volatility in global financial markets, particularly in European equities, bonds, and currencies." A separate poll of foreign exchange strategists earlier this month showed the euro falling about 5 percent to near 15-year lows and close to parity against the dollar in the immediate aftermath of a Le Pen win the vote. [EUR/POLL] Still, the latest poll of over 80 economists showed predictions for euro zone growth and inflation have barely budged over the last two years of monthly Reuters surveys. "Our macro views involve assumptions on not just policy but also politics, especially in Europe. For example, underlying our growth forecasts is the view that European elections will not lead to governments that try to take their countries out of the euro area," noted Ajay Rajadhyaksha, head of macro research at Barclays. When asked which candidate for the presidency would be best for French economic growth, 30 of 51 respondents said Emmanuel Macron, 19 said Franois Fillon and the remaining two economists said both. But none chose Marine Le Pen. For a graphic: reut.rs/2pBAZQr STEADY AS SHE GOES Economic growth in the euro zone is expected to be steady at 0.4 percent in each quarter through the third quarter of next year, unchanged from last month''s poll. Median consensus for annual GDP growth for this year was 1.7 percent and for next it was 1.6 percent, in line with the International Monetary Fund''s latest projections. But inflation is forecast to remain below the European Central Bank''s target of close to but under 2 percent until at least 2019. The highest call was for inflation to average 2.1 percent this year. Those decent-yet-uninspiring predictions come despite surprisingly strong business confidence surveys and hints of a pick up in price pressures since the start of the year. But with the inflation outlook still tepid, economists unanimously said the ECB would stand pat at its monetary policy meeting on April 27. The central bank is expected to keep its interest rates on hold through to until at least the fourth quarter of 2018. While the ECB is expected to remain on the sidelines through this year, when asked on the next likely move, a majority of economists said it would extend its asset purchases programme beyond December 2017 with a cut to the monthly spend, currently at 60 billion euros per month. The next top pick was for the ECB to announce a taper to its asset purchase programme with an intention to wind it down completely. "The first step in the ECB''s exit strategy is likely to be tapering and not hiking policy rates," said Kristian Toedtmann, economist at DekaBank. "The ECB wants to withdraw stimulus only very slowly. At the same time, it seems not inclined to extend the universe of assets that it can buy. Therefore, the most consistent way to normalise monetary policy would be to phase out QE." (Additional reporting by Sujith Pai; Polling and analysis by Vartika Sahu Editing by Jeremy Gaunt.)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-poll-idUKKBN17M0QH'|'2017-04-20T15:41:00.000+03:00'|3125.0|''|-1.0|'' +3125|'dd7aaddffa452029df0302d50b175971a9fd1002'|'Euro zone growth steady but modest - if political status quo remains: Reuters poll'|'Business News 06am BST Euro zone growth steady but modest - if political status quo remains: Reuters poll left right Supporters for Emmanuel Macron, head of the political movement En Marche !, (Onwards !), and candidate for the 2017 French presidential election, attend a campaign political rally in Saint-Herblain near Nantes, France, April 19, 2017. REUTERS/Stephane Mahe 1/3 left right A poster campaign with factice portable cellphone numbers for French presidential candidates, Top row from L, Benoit Hamon, Socialist Party candidate, Emmanuel Macron, candidate for ''En Marche !'' or (Onwards !), Nathalie Arthaud, candidate for France''s extreme-left Lutte Ouvriere, and Marine Le Pen, the National Front (FN) leader and candidate; Bottom row R, Francois Fillon, the Republicans centre-right candidate, are seen on a wall in Paris, France, April 19, 2017. REUTERS/Benoit Tessier 2/3 left right A man looks at campaign posters of the 11th candidates who run in the 2017 French presidential election in Enghien-les-Bains, near Paris, France April 19, 2017. REUTERS/Christian Hartmann - RTS12ZQ5 3/3 By Shrutee Sarkar Euro zone economic growth will be steady but modest over the coming year, but that will depend partly on independent candidate Emmanuel Macron winning the French presidency next month, a Reuters poll of economists showed. The results suggest forecasters, like investors and traders, appear unrattled by political uncertainty as France prepares for a presidential election in which far right and anti-European Union leader Marine Le Pen is polling strongly, although no major survey sees her winning. France is the EU''s second biggest economy so turmoil there would weigh on the wider bloc. "A win by the populist Marine Le Pen in the second round could result in a prolonged period of uncertainty as she attempts to negotiate better terms for France remaining in the EU." said Beata Caranci, chief economist at TD Securities. "This outcome would undoubtedly increase volatility in global financial markets, particularly in European equities, bonds, and currencies." A separate poll of foreign exchange strategists earlier this month showed the euro falling about 5 percent to near 15-year lows and close to parity against the dollar in the immediate aftermath of a Le Pen win the vote. [EUR/POLL] Still, the latest poll of over 80 economists showed predictions for euro zone growth and inflation have barely budged over the last two years of monthly Reuters surveys. "Our macro views involve assumptions on not just policy but also politics, especially in Europe. For example, underlying our growth forecasts is the view that European elections will not lead to governments that try to take their countries out of the euro area," noted Ajay Rajadhyaksha, head of macro research at Barclays. When asked which candidate for the presidency would be best for French economic growth, 30 of 51 respondents said Emmanuel Macron, 19 said Franois Fillon and the remaining two economists said both. But none chose Marine Le Pen. For a graphic: reut.rs/2pBAZQr STEADY AS SHE GOES Economic growth in the euro zone is expected to be steady at 0.4 percent in each quarter through the third quarter of next year, unchanged from last month''s poll. Median consensus for annual GDP growth for this year was 1.7 percent and for next it was 1.6 percent, in line with the International Monetary Fund''s latest projections. But inflation is forecast to remain below the European Central Bank''s target of close to but under 2 percent until at least 2019. The highest call was for inflation to average 2.1 percent this year. Those decent-yet-uninspiring predictions come despite surprisingly strong business confidence surveys and hints of a pick up in price pressures since the start of the year. But with the inflation outlook still tepid, economists unanimously said the ECB would stand pat at its monetary policy meeting on April 27. The central bank is expected to keep its interest rates on hold through to until at least the fourth quarter of 2018. While the ECB is expected to remain on the sidelines through this year, when asked on the next likely move, a majority of economists said it would extend its asset purchases programme beyond December 2017 with a cut to the monthly spend, currently at 60 billion euros per month. The next top pick was for the ECB to announce a taper to its asset purchase programme with an intention to wind it down completely. "The first step in the ECB''s exit strategy is likely to be tapering and not hiking policy rates," said Kristian Toedtmann, economist at DekaBank. "The ECB wants to withdraw stimulus only very slowly. At the same time, it seems not inclined to extend the universe of assets that it can buy. Therefore, the most consistent way to normalise monetary policy would be to phase out QE." (Additional reporting by Sujith Pai; Polling and analysis by Vartika Sahu Editing by Jeremy Gaunt.)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-poll-idUKKBN17M0QH'|'2017-04-20T15:41:00.000+03:00'|3125.0|27.0|0.0|'' 3126|'989f85a357f560251a9fab35484086e6dfd33696'|'Westshore Terminals Investment Corp announces normal course issuer bid'|'April 6 Westshore Terminals Investment Corp :* Westshore Terminals Investment Corporation announces normal course issuer bid* Purchases pursuant to bid will be made from time to time by Scotia Capital Inc on behalf of corporation* Westshore Terminals - making normal course issuer bid up to 1.8 million of issued and outstanding common shares being 2.5pct of 73.2 million shares outstanding '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-westshore-terminals-investment-cor-idUSFWN1HE0RR'|'2017-04-07T04:08:00.000+03:00'|3126.0|''|-1.0|'' 3127|'c7723f2d2e7939d533241415abe5e6dd9710870e'|'Global air freight demand up 8.4 percent in February - IATA'|'Business News - Wed Apr 5, 2017 - 10:35am BST Global air freight demand up 8.4 percent in February - IATA Demand for global air freight rose 8.4 percent in February, accelerating after a 6.9 percent rise in January and reflecting improving world trade, the International Air Transport Association (IATA) said on Wednesday. Demand, measured in freight tonne kilometres, also grew faster than capacity, which shrank 0.4 percent. That meant load factors improved 3.5 percentage points to 43.5 percent and gave yields a boost, IATA said. Adjusted for the extra day from 2016''s leap year, demand in February rose 12 percent, the association added. Demand was also driven by increased shipments of semiconductor materials used in consumer electronics "February further added to the cautious optimism building in air cargo markets," IATA Director General Alexandre de Juniac said in a statement. "While there are signs of stronger world trade, concerns over the current protectionist rhetoric are still very real." (Reporting by Bartosz Dabrowski; Editing by Victoria Bryan) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airlines-iata-freight-idUKKBN17712K'|'2017-04-05T17:35:00.000+03:00'|3127.0|''|-1.0|'' 3128|'6a1647688b9e81571d17bfa061ccbf1ca33200d2'|'Centurion Midstream acquires oil transport business from Agave Energy'|'HOUSTON Centurion Midstream Group LLC said it acquired a petroleum marketing and transportation business that operates in West Texas from Agave Energy Holdings, a subsidiary of Lucid Energy Group.Price of the purchase was not disclosed.Ken Douglas, Centurion''s chief financial officer, said the deal will expand the Dallas-based company''s Permian Basin crude oil and condensate marketing and logistics operation. The acquisition includes a fleet of about 20 trucks.(Reporting by Gary McWilliams; Editing by Cynthia Osterman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-agave-m-a-centurion-idUSKBN17K2K2'|'2017-04-19T01:36:00.000+03:00'|3128.0|''|-1.0|'' @@ -3138,7 +3138,7 @@ 3136|'4bd0b695eca6b7344d52d4b91fbb154aadd32fcb'|'Edison, GE unveil new battery systems at California gas plants'|'Global Energy 15am BST Edison, GE unveil new battery systems at California gas plants A major California utility and General Electric Co ( GE.N ) on Monday unveiled a first-of-its-kind battery storage system that will enable instant power output from a natural gas peaking plant to accommodate the state''s changing electricity needs while decreasing greenhouse gas emissions. The system, which was installed at two separate Southern California Edison "peaker" plants this month, will give the utility increased flexibility as the large amounts of renewable wind and solar power required by state mandates have made energy generation cleaner but far less predictable. Peaker plants are small power plants designed to come online quickly when power demand is high, such as on a hot summer day. But they are also among the least efficient resources available to the utility. The 10 megawatt batteries, which contain cells made by Samsung SDI ( 006400.KS ), are capable of providing power immediately, eliminating the need for the plant to burn fuel in "standby" mode. Prior to integrating the batteries, the 50 megawatt plant would take about 10 minutes to ramp up to a desired capacity. Southern California Edison''s president, Ron Nichols, said at an event to unveil the hybrid electric gas turbine in Norwalk, California that the new system would cut plant startups in half and reduce total run hours by 60 percent. The systems will work particularly well as solar power drops off at the end of the day, just at the time when demand starts to rise as utility customers get home from work and begin running air conditioners or turning on appliances. California is requiring its utilities to source half of their electricity needs from renewable sources by 2030. At the same time, the state has required procurement of energy storage systems to help integrate those renewables. Southern California Edison has brought several energy storage projects online, including a large Tesla Inc ( TSLA.O ) battery earlier this year. The GE systems were installed at peakers in Norwalk and Rancho Cucamonga. The utility is considering adding the systems to three other peaker plants in its territory, Nichols said. (Reporting by Nichola Groom; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-edison-intl-ge-batteries-idUKKBN17J1TD'|'2017-04-18T07:15:00.000+03:00'|3136.0|''|-1.0|'' 3137|'0cb0d02a6686749372ed31a9bef52f030bb4a185'|'United Air passenger says scorpion bit him on flight from Texas'|'U.S. 45pm EDT United Air passenger says scorpion bit him on flight from Texas NEW YORK United Airlines found itself on the defensive again on Friday after a passenger complained that a scorpion stung him during a flight from Texas, capping off a bruising week for the public image of the one of the world''s largest carriers. A man on board a United flight from Houston to Calgary, Alberta on Sunday, said a scorpion dropped on his head from an overhead storage bin and stung him under his fingernail, according the United and media reports. "We were on the plane about an hour, having dinner, and then something fell on my head, so I grabbed it," passenger Richard Bell told CBS in a Skype interview on its website. Bell said another passenger who was Mexican told him, "''Hey, that''s a scorpion, they''re dangerous,'' ... That''s when it stung." United flight attendants helped the passenger after he was bitten "by what appeared to be a scorpion," airline spokeswoman Maddie King said in an email on Friday, adding that a physician on the ground assured the crew that "it was not a life-threatening matter." United is "reaching out to the customer to apologize and discuss the matter," she said. The airline spent the week scrambling to contain the fallout from a video that emerged on social media showing security officers dragging a bloodied passenger off an overbooked United Express flight in Chicago on Sunday as other travelers looked on in horror. Dr. David Dao, a 69-year-old Vietnamese-American doctor, suffered a concussion and broken nose when dragged from the plane and will likely sue, his attorney said on Thursday. His lawyers have filed an emergency request with an Illinois court to require the carrier to preserve video recordings and other evidence related to the incident. After the incident triggered international outrage, United Chief Executive Oscar Munoz apologized to Dao, his family and its customers, saying the carrier would no longer use law enforcement officers to remove passengers from overbooked flights. (Reporting by Frank McGurty in New York and Alana Wise in Washington, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ual-scorpion-idUSKBN17G1EQ'|'2017-04-15T01:42:00.000+03:00'|3137.0|''|-1.0|'' 3138|'feb36c89e83de05a76c1f4540d7f137c89e87f39'|'Investors pull $12 bln from U.S. stock funds in latest week -Lipper'|'Money 48pm EDT Investors pull $12 billion from U.S. stock funds in latest week: Lipper NEW YORK Investors pulled $11.9 billion from U.S.-based stock funds during the latest week, according to Lipper data on Thursday, marking the largest withdrawals since December. Taxable bond funds in the United States attracted $4.3 billion in their 3rd straight week of inflows, the data showed. (Reporting by Trevor Hunnicutt; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-investment-mutualfunds-lipper-idUSKBN1782X7'|'2017-04-07T05:41:00.000+03:00'|3138.0|''|-1.0|'' -3139|'296e3b6336017e76eb0247c3ad9cf001dd5a8862'|'Asian stocks near two-year high on U.S. optimism, euro steady'|' 6:52pm BST Global stocks advance on earnings; Canada dollar, Mexico peso weaken on NAFTA news left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 20, 2017. REUTERS/Brendan McDermid 1/3 left right Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, April 25, 2017. REUTERS/Staff/Remote 2/3 left right People are seen behind an electronic board showing stock prices at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon 3/3 By Chuck Mikolajczak - NEW YORK NEW YORK Equities in major markets climbed on Wednesday as U.S. shares rose on strong earnings and potential tax cuts, while the dollar strengthened against the Mexican peso on the possibility of a U.S. withdrawal from the North American Free Trade Agreement. Treasury Secretary Steve Mnuchin, who is leading U.S. President Donald Trump''s effort to craft a tax package that can pass Congress, described the plan as the "the biggest tax cut" in U.S. history and said he hoped it would attract broad support. "Expectations kind of sagged back to pre-election levels and now this tax rhetoric is rekindling investor optimism," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. "Whether or not these plans come to pass is difficult to say. It is certainly not going to happen quickly." Thermo Fisher Electron, up 5.1 percent, and Edwards Lifesciences, up 9.8 percent, were among the biggest boosts to the benchmark S&P 500 index after results. The U.S. dollar strengthened against both the Mexican peso and Canadian dollar after a draft executive order to withdraw the United States from the North American Free Trade Agreement is under consideration, a senior Trump administration official said on Wednesday, confirming an earlier report from Politico. The Dow Jones Industrial Average rose 45.82 points, or 0.22 percent, to 21,041.94, the S&P 500 gained 5.75 points, or 0.24 percent, to 2,394.36 and the Nasdaq Composite added 9.52 points, or 0.16 percent, to 6,035.01. The U.S. dollar gained 1.87 percent versus the Mexican peso at 19.20 per dollar. The greenback rose 0.25 percent versus the Canadian dollar at 1.36. The main Mexican and Canadian share indexes were both lower. European shares are at 20-month highs after a three-day rally sparked by centrist Emmanuel Macron''s win in the first round of French presidential elections, which considerably lessened the risk of a French exit from the single currency. Higher-than-expected earnings have also supported gains. The pan-European FTSEurofirst 300 index rose 0.4 percent, after touching its highest level since August 2015. MSCI''s gauge of stocks across the globe gained 0.12 percent after hitting a high of 457.45, to set a record for a third straight session. Overall, first-quarter earnings for STOXX 600 companies were expected to rise 5.5 percent, according to Thomson Reuters data. In comparison, S&P 500 companies in the U.S. are expected to show 11.4-percent earnings growth expected for the quarter. The euro euro was down 0.45 percent to $1.0876 after strengthening by more than 2 percent in the prior two sessions in the wake of the first round of French elections. The threat of a U.S. government shutdown this weekend also receded after Trump backed away from demanding that Congress include funding for his planned border wall with Mexico in a spending bill. U.S. Treasury prices were little changed ahead of the tax announcement after paring steep losses sustained in the last few sessions. Benchmark 10-year notes last rose 1/32 in price to yield 2.3269 percent, from 2.329 percent late on Tuesday. Investors were also looking ahead to Thursday''s policy meeting of the European Central Bank. While no changes are expected, policymakers see scope for sending a small signal in June towards reducing monetary stimulus, according to sources, another factor underpinning the single currency. (Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN17S02J'|'2017-04-26T14:05:00.000+03:00'|3139.0|''|-1.0|'' +3139|'296e3b6336017e76eb0247c3ad9cf001dd5a8862'|'Asian stocks near two-year high on U.S. optimism, euro steady'|' 6:52pm BST Global stocks advance on earnings; Canada dollar, Mexico peso weaken on NAFTA news left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 20, 2017. REUTERS/Brendan McDermid 1/3 left right Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, April 25, 2017. REUTERS/Staff/Remote 2/3 left right People are seen behind an electronic board showing stock prices at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon 3/3 By Chuck Mikolajczak - NEW YORK NEW YORK Equities in major markets climbed on Wednesday as U.S. shares rose on strong earnings and potential tax cuts, while the dollar strengthened against the Mexican peso on the possibility of a U.S. withdrawal from the North American Free Trade Agreement. Treasury Secretary Steve Mnuchin, who is leading U.S. President Donald Trump''s effort to craft a tax package that can pass Congress, described the plan as the "the biggest tax cut" in U.S. history and said he hoped it would attract broad support. "Expectations kind of sagged back to pre-election levels and now this tax rhetoric is rekindling investor optimism," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. "Whether or not these plans come to pass is difficult to say. It is certainly not going to happen quickly." Thermo Fisher Electron, up 5.1 percent, and Edwards Lifesciences, up 9.8 percent, were among the biggest boosts to the benchmark S&P 500 index after results. The U.S. dollar strengthened against both the Mexican peso and Canadian dollar after a draft executive order to withdraw the United States from the North American Free Trade Agreement is under consideration, a senior Trump administration official said on Wednesday, confirming an earlier report from Politico. The Dow Jones Industrial Average rose 45.82 points, or 0.22 percent, to 21,041.94, the S&P 500 gained 5.75 points, or 0.24 percent, to 2,394.36 and the Nasdaq Composite added 9.52 points, or 0.16 percent, to 6,035.01. The U.S. dollar gained 1.87 percent versus the Mexican peso at 19.20 per dollar. The greenback rose 0.25 percent versus the Canadian dollar at 1.36. The main Mexican and Canadian share indexes were both lower. European shares are at 20-month highs after a three-day rally sparked by centrist Emmanuel Macron''s win in the first round of French presidential elections, which considerably lessened the risk of a French exit from the single currency. Higher-than-expected earnings have also supported gains. The pan-European FTSEurofirst 300 index rose 0.4 percent, after touching its highest level since August 2015. MSCI''s gauge of stocks across the globe gained 0.12 percent after hitting a high of 457.45, to set a record for a third straight session. Overall, first-quarter earnings for STOXX 600 companies were expected to rise 5.5 percent, according to Thomson Reuters data. In comparison, S&P 500 companies in the U.S. are expected to show 11.4-percent earnings growth expected for the quarter. The euro euro was down 0.45 percent to $1.0876 after strengthening by more than 2 percent in the prior two sessions in the wake of the first round of French elections. The threat of a U.S. government shutdown this weekend also receded after Trump backed away from demanding that Congress include funding for his planned border wall with Mexico in a spending bill. U.S. Treasury prices were little changed ahead of the tax announcement after paring steep losses sustained in the last few sessions. Benchmark 10-year notes last rose 1/32 in price to yield 2.3269 percent, from 2.329 percent late on Tuesday. Investors were also looking ahead to Thursday''s policy meeting of the European Central Bank. While no changes are expected, policymakers see scope for sending a small signal in June towards reducing monetary stimulus, according to sources, another factor underpinning the single currency. (Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN17S02J'|'2017-04-26T14:05:00.000+03:00'|3139.0|29.0|0.0|'' 3140|'5d261afd43ed1e8baf97576fd1d5abbe85108b82'|'CANADA STOCKS-TSX hits 2-week low as financials track bond yields lower'|' 10pm EDT CANADA STOCKS-TSX hits 2-week low as financials track bond yields lower (Adds portfolio manager , details on bond yields, geopolitics; updates prices) * TSX closes down 112.92 points, or 0.72 percent, at 15,535.48 * Nine of the TSX''s 10 main groups end lower By Fergal Smith TORONTO, April 13 Canada''s main stock index fell on Thursday to the lowest in more than two weeks as declining bond yields pressured the heavyweight financials group, while resource shares also lost ground. Canada''s 10-year yield dropped below the 1.50 percent threshold for the first time in nearly five months, tracking a drop in U.S. Treasury yields as U.S. President Donald Trump''s favorable view of low interest rates intensified a bond market rally that was underpinned by geopolitical tensions in Syria and North Korea. News of a massive bomb dropped by the United States in eastern Afghanistan added to uncertainty ahead of a holiday weekend in the United States and Canada. "Long-term interest rates have moved down, meaning there is a squeeze on margins (of banks) here," said Ian Nakamoto, equity specialist at MacDougall, MacDougall & MacTier, a division of Raymond James. Royal Bank of Canada fell 1.5 percent to C$94.67, while the overall financials group lost 1 percent. Wall Street also closed lower as investors weighed earnings from big U.S. banks, while investors have scaled back hopes for quick implementation of market-friendly policies by the Trump administration, including financial sector deregulation and tax reform. "I think we got ahead of ourselves thinking things were going to be done quicker," Nakamoto said. The Toronto Stock Exchange''s S&P/TSX composite index closed down 112.92 points, or 0.72 percent, at 15,535.48, its lowest close since March 27. It lost 0.8 percent for the holiday-shortened week. The energy group declined 1.6 percent even as oil prices ended higher. U.S. crude oil futures settled up 7 cents at $53.18 a barrel. Nine of the index''s 10 main groups ended lower. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.6 percent. Barrick Gold Corp, the world''s largest gold miner, fell 1.6 percent to C$26.42 even as prices for the precious metal posted a five-month high. Analysts say Barrick must take steps to safeguard investor confidence by ensuring there are no more operating mishaps at its mines after a third incident in 18 months at its big Argentina mine. Canadian new home prices rose in February, driven by higher costs in Toronto and other cities in Ontario in a report that was likely to underscore concerns that some markets are becoming too hot. Canadian manufacturing sales declined less than expected in February after three consecutive months of increases. (Additional reporting by Alastair Sharp; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1HL1QU'|'2017-04-14T05:10:00.000+03:00'|3140.0|''|-1.0|'' 3141|'832d9d62468167d48d0e7b6c32f8fa679e9a7365'|'Kuwait oil minister says expects extension of OPEC, non-OPEC deal'|'By Rania El Gamal , Roslan Khasawneh and Richard Mably - ABU DHABI ABU DHABI Leading Gulf oil exporters Saudi Arabia and Kuwait gave a clear signal on Thursday that OPEC plans to extend into the second half of the year a deal with non-member producers to curb supplies of crude.Consensus is growing among oil producers that a supply restraint pact that started in January should be prolonged after its initial six-month term, Saudi Energy Minister Khalid al-Falih said."There is consensus building but it''s not done yet," Falih told reporters at a conference in the United Arab Emirates.Kuwait''s oil minister Essam al-Marzouq said he expected the agreement to be extended."Russia is on board preliminarily ... Compliance from Russia is very good," Marzouq said.OPEC Secretary-General Mohammed Barkindo, noting that Marzouq chairs a committee that measures compliance with the cuts, said: "It is significant that the Kuwaiti minister has come out in public and said this."OPEC is keen that non-member producers play their promised part in supporting the group''s efforts to lift prices, which have recovered to $53 a barrel from lows last year below $30.The Organization of the Petroleum Exporting Countries and non-OPEC meet on May 25 to discuss extending the curbs that total 1.8 million barrels daily, two-thirds of that from OPEC.OPEC sources said an internal assessment was that if they failed to extend the agreement, oil could slide back to $30-$40 a barrel.INVENTORIES STILL HIGHFalih said his main concern was to reduce global oil inventories, calling that "the main indicator for the success of the initiative".While inventories held at sea and in producer countries have dropped, they remain stubbornly high in consumer regions, particularly in Asia and the United States.The International Energy Agency said last week that inventories in industrialised countries were still 10 percent above the five-year average, a key gauge for OPEC.OPEC seems to be encouraged by the contribution of non-OPEC producers to the output cuts.Marzouq said there was a "noticeable increase in compliance from non-OPEC". Joint compliance among OPEC and non-OPEC in March was above 90 percent, he said.Russia has not yet publicly committed to prolonging its curbs, although Energy Minister Alexander Novak said this month that Moscow would start consultations with producing companies about the possibility of doing so.Marzouq said another African nation, which he did not identify, had expressed interest in joining the 24-country effort.One hold-out for an extended deal may be Iraq. Baghdad might seek to be exempt and ask to boost its own output, the leader of the nation''s Shi''ite ruling coalition, Ammar al-Hakim, told Reuters.Speaking in Cairo, Hakim cautioned that Baghdad could ask to be exempted from taking part in the supply curbs as the OPEC member country needed its oil income to fight Islamic State."Given these sensitive circumstances, it is the right of Iraq to hope for an exemption by the other OPEC member states and have an opportunity to increase its production," Hakim, an influential cleric, said in an interview late on Wednesday."But we are with the principle of reducing the overall OPEC supply to lift prices."Iran does not look likely to become an obstacle. The current deal granted Tehran permission to lift output, hit by Western sanctions that ended just over a year ago."Iran is not an issue. We know they can''t raise their production much more," an OPEC source said.(Additional reporting by Stanley Carvalho in Abu Dhabi and Mahmoud Mourad in Cairo; Editing by Dale Hudson and Richard Mably)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/oil-opec-idINKBN17M0N4'|'2017-04-20T14:51:00.000+03:00'|3141.0|''|-1.0|'' 3142|'22f4966ce066a284afe58857a01d051d2564b069'|'Deutsche Bank buys stake in TrustBills'|'Business News - Mon Apr 3, 2017 - 6:11pm BST Deutsche Bank buys stake in TrustBills FILE PHOTO - The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo FRANKFURT Germany''s Deutsche Bank AG ( DBKGn.DE ) has bought a 12.5 percent stake in auction platform TrustBills, the bank said on Monday. The terms of the deal were not disclosed. Founded in 2015, Germany-based financial technology company TrustBills is an electronic marketplace for national and international trade receivables. (Reporting by Alexander Huebner; Writing by Edward Taylor; Editing by Mark Potter) Next In Business News Imagination Technologies'' shares plunge 70 percent after Apple ditches firm LONDON Imagination Technologies has been told by Apple, its biggest customer, that the maker of iPhones, iPads and Apple Watches is to stop using its graphics technology in its new products, sending shares in the company crashing by more than 70 percent on Monday. LONDON, April 3 - British manufacturing lost some of its momentum last month, as export orders grew more slowly and demand for consumer goods faltered against a backdrop of rising inflation pressures, a survey showed on Monday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutschebank-trustbills-idUKKBN175212'|'2017-04-04T01:11:00.000+03:00'|3142.0|''|-1.0|'' @@ -3169,12 +3169,12 @@ 3167|'31156c6354d8a278a91776ccd25de40c4d13d759'|'METALS-London copper slips as oversupply worries drag'|'Company News - Tue Apr 11, 2017 - 3:46am EDT METALS-London copper slips as oversupply worries drag * London copper slips * Weaker dollar fails to generate buyers (Adds trader comment, updates prices) By James Regan SYDNEY, April 11 London copper eased further on Tuesday after dropping the day before, weighed down by concerns about oversupply as the world''s top two copper mines look to recover from disruptions. "Even a weaker dollar didn''t generate much interest for investors," said a commodities trader in Perth. "It was more a case of everyone sitting on the sidelines for now." The dollar index, which gauges the U.S. currency against a basket of six major peers, was slightly down on the day at 101.050. FUNDAMENTALS * LME COPPER: London Metal Exchange copper had slipped 0.01 percent to $5,740 a tonne by 0730 GMT, after dropping nearly 1.5 percent the day before. * SHFE COPPER: Shanghai Futures Exchange copper declined 1.7 percent to 46,580 yuan ($6,748) a tonne. * COPPER SUPPLY: Prices have faltered since shipments resumed from BHP Billiton''s Escondida mine in Chile and since Freeport McMoRan Inc said it was waiting for final details on a temporary export permit in Indonesia, ending lengthy disruptions. * U.S. STOCKS: U.S. stocks ended a choppy session slightly higher as gains in energy shares offset losses in financials ahead of quarterly corporate earnings later this week. * BHP: BHP on Monday rejected a plan by activist shareholder Elliott Advisors to scrap the miner''s dual company structure, split off its oil business and return more cash to investors, saying the costs would outweigh any benefits. * Any significant changes to the corporate structure of BHP Billiton would need to be consistent with a "national interest" test under the law, the Australian government said on Tuesday. * PERU: A Southern Copper Corp spokesman said its operations in Peru were near normal as workers started an indefinite strike on Monday, although a union representative said 80 percent of capacity was affected. * NEW CALEDONIA: A powerful cyclone that hit New Caledonia late on Monday and shuttered nickel operations has moved offshore, allowing authorities to lift warnings on the French South Pacific territory. * For the top stories in metals and other news, click or * MARKETS Asian stocks fell on Tuesday as the political tinderbox in the Middle East and the Korean Peninsula added to uncertainty over the looming French vote, pushing nervous investors into safer assets such as the yen and Treasuries. * Even oil, which advanced earlier on supply concerns in the wake of U.S. missile strikes on a Syrian air base last week and a shutdown at a Libyan oilfield, reversed to trade lower, breaking its multi-session winning streak. DATA AHEAD (GMT) 0900 Euro Zone Industrial Production Feb 1000 U.S. NFIB Business Optimism Mar 1400 U.S. JOLTS Job Openings Feb PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1HJ2IE'|'2017-04-11T15:46:00.000+03:00'|3167.0|''|-1.0|'' 3168|'82077f811e60667d64014cf825daa0afd7f46a55'|'Deals of the day-Mergers and acquisitions'|' 17am EDT Deals of the day-Mergers and acquisitions April 12 The following bids, mergers, acquisitions and disposals were reported by 1015 GMT on Wednesday: ** Rebel shareholders in Dutch paint maker Akzo Nobel want to oust the company chairman after Akzo refused to engage in takeover talks with U.S. rival PPG Industries . ** Japan''s Toshiba Corp has narrowed down the field of bidders for its chip unit to four suitors including Broadcom Ltd and Western Digital Corp, two sources with knowledge of the matter said. ** U.S. pipeline operator NuStar Energy LP said on Tuesday it would buy privately held Navigator Energy Services LLC for about $1.48 billion, as it seeks to expand into the Permian basin. ** British American Tobacco (BAT) said it had agreed with Bulgarian cigarette maker Bulgartabac to acquire some of its leading cigarette brands in a deal worth more than 100 million euros ($106 million). ** Swiss pesticides and seeds group Syngenta AG said Mexican regulatory conditions for approving ChemChina''s planned $43 billion takeover bid will not have a major impact on the business. (Compiled by Komal Khettry in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1HK3IZ'|'2017-04-12T18:17:00.000+03:00'|3168.0|''|-1.0|'' 3169|'540dbccf18ab524046f571ca73c06d77a24926e7'|'France''s gig economy creates hope and tension as election looms'|'Business 7:05am BST France''s gig economy creates hope and tension as election looms By Michel Rose - PARIS PARIS It''s lunchtime and Parisians are queuing for baguettes at a bakery on the Rue Montmartre, a sight long typical of life in the French capital. But three cyclists clad in neon-blue outfits chat outside and regularly check the smartphones strapped to their wrists, waiting for orders to whisk meals from nearby restaurants and bistros to other Parisians in their homes or offices. They''re among an army of riders working for the British-based Deliveroo firm who have rapidly become a familiar sight pedalling up and down the city''s boulevards. These recent scenes in the Montorgueil district of Paris offer two opposing visions for large parts of France''s services economy; each is championed by one of the candidates likely to contest the run-off vote for the French presidency next month. Far-right contender Marine Le Pen wants to protect the likes of the traditional French baker or driver of metered taxis in towns and cities across the country from unfair competition. Her centrist rival Emmanuel Macron sees the "gig economy" of firms such as Deliveroo and the U.S. app-based cab service Uber as a model for creating jobs particularly in the "banlieues" - deprived suburban housing estates where unemployment is almost three times the national rate. Still, concern is growing about a new class of working poor with no social protection, and California-based Uber faced days of sometimes violent protests by its French drivers in December after raising fees it charges them to use the platform. So, with the rapid emergence of new forms of employment creating such frictions, the next president will have to decide whether to say "stop" or "more" to the gig economy. On the Rue Montmartre, the Deliveroo riders leant towards the view of Macron - a former banker who tried to push through liberal reforms as economy minister from 2014-16 - even though they work as self-employed contractors without protections such as accident insurance that salaried staff automatically enjoy. One was 21-year-old Nicolas Usunier, who dropped out of college in his first year and looked in vain for a job at bakeries and supermarkets. By contrast, becoming a Deliveroo rider was quick and easy, he told Reuters. "I was struggling. Then I saw a guy doing that; two weeks later I was on my bike going around Paris," he said. "I know some would like a real contract, but I like the flexibility." Waiting for an order at the bakery in central Paris, an-hour''s commute from his home, Usunier says he has not seriously considered getting insurance. "I will think about it the day I have an accident," he laughed. (For graphic on business creation and bankruptcies in the transport sector, click tmsnrt.rs/2lkLqC3 ) THE JOB ARGUMENT France is famous for strong rights enjoyed by those people who have traditional employment contracts. Their working week is set at just 35 hours and firing them is difficult. Critics say this makes employers reluctant to hire and the price is chronic unemployment which, at almost 10 percent is roughly double the rate in Germany or Britain. Approaching a quarter of young workers have no job. France is also struggling to integrate generations of immigrants, failing to create anything like enough jobs for those stuck on the cities'' peripheries. But contrary to France''s image of a country set in its ways, the gig economy - where people offer their labour without the security of a traditional employment contract, often in industries where smartphone apps connect customers to businesses - is changing the landscape. France now has 1.1 million registered self-contracting workers, although only 643,800 were active as of the middle of last year. That compares with a labour force of about 29 million, including just under 3.5 million unemployed. However, one in four jobs created in the first half of 2016 in the Paris region was due alone to cab services operated by Uber and its rivals, according to a study by the Boston Consulting Group commissioned by the U.S. company. The figure for what is known as the VTC sector - "transport vehicle with driver" - was lower elsewhere as Uber is less active in provincial cities, but still significant at 15 percent of new net jobs in the whole of France. Ironically, Uber and its competitors possibly have more growth potential in France than in generally less regulated economies such as Britain and the United States. Last year, there were just 5.6 VTC and traditional taxi drivers per 1,000 residents of greater Paris compared with 12 in London and 17 in New York, making it hard to find a cab at times. Outside the capital, getting French taxi firms to answer the phone late at night, let alone send a car, can be an even more frustrating experience. Boston Consulting said almost 60,000 extra jobs could be created in Paris alone by 2022 if it came close to matching the London or New York levels. In the meal delivery sector, growth has been exponential. Deliveroo''s sales rose 650 percent in France in 2016, more than in other European markets, country manager Hugues Decosse said. Decosse declined to give precise figures and with the gig economy new to France - Uber launched in Paris in 2012 and Deliveroo in 2015 - official data on the sector is scarce. OPPORTUNITY FOR THE EXCLUDED A study by Facta consultancy, partly commissioned by taxi companies, said the newcomers had gained market share by cutting prices but the overall taxi and VTC sector had not grown. However, data from Thomson Reuters Datastream suggests the transport sector generates disproportionately large numbers of entrepreneurs and jobs: since mid 2015 it has created 20 new companies for each that goes bust, compared with nine firms for each bankruptcy in the broader economy. GRAPHIC - The Uber effect tmsnrt.rs/2lkLqC3 Consumers are also benefiting. Inflation for taxi rides has fallen from nearly four percent three years ago to 0.2 percent, compared with overall inflation of 1.6 percent in January. Government social affairs inspectors say the new economy offers an opportunity for people excluded from the labour market. Macron has also taken up this message for the elections, to be held over two rounds on April 23 and May 7. "All those who became self-employed drivers, what did they do before? They weren''t taxi drivers; they were unemployed. They were on benefits, or even sometimes dealing drugs," he said. Macron denounced a French social model that he said cared more about protecting "insiders" on iron-clad permanent contracts than opening up to "outsiders". "Let''s end this French preference for unemployment," he added in a radio interview. Not everyone shares his vision. Sayah Baaroun, who has set up a union for VTC drivers, accused Macron of patronising banlieues residents, many of whom have immigrant backgrounds. "Basically what he says is: considering what you look like, where you''re from, where you live, you really shouldn''t be complaining and accept the crumbs," he told Reuters. Last week Baaroun called for a boycott of Uber to demand higher prices for his drivers. LONG HOURS, POOR PAY Abi Cheli, a 34-year-old cleaner who works for Deliveroo in his spare time to top up his income, says it is making a big difference in neighbourhoods which have endured riots and sometimes Islamist radicalisation. "I see these jobs as a way to absorb all this social tension, which is huge," he said. Deliveroo has unveiled free third-party insurance for its riders. But generally gig economy firms are reluctant to offer benefits in case this leads to court rulings that contractors are de facto employees who should have permanent jobs. Hours can also be long and pay poor. The Boston Consulting study said Uber drivers worked 52 hours a week on average - much more than the statutory 35 hours for employees - for 1,400 euros ($1,500) a month. That is below the minimum wage of 1,480 euros. Work for Deliveroo is often more a top-up than a living wage. A Harris Interactive study commissioned by the firm showed more than half of its riders were students and 82 percent were satisfied. But they worked 22 hours a week on average, with only 41 percent of them earning more than 750 euros a month. On the election trail, Le Pen has leapt to defend traditional professionals such as taxi drivers from the newcomers. "What''s certain today is that this competition is unfair, it''s illegal," she told France 2 television. The National Front candidate said she did not condone incidents in which taxi drivers have set upon Uber drivers and their passengers. But she added: "This anger that is rising - any worker experiencing that would probably do the same if faced with the same situation." Le Pen''s promise to set a minimum tariff for Uber drivers and ensure it pays more taxes in France attracts taxi drivers, who have suffered big drops in their income since Uber launched. "The whole profession was transformed in the last few years and not in a good way," said 56-year-old driver Armando Calcada. "So for me it''ll be Le Pen, and straight from the first round." (Additional reporting by Matthias Blamont, Leigh Thomas and Simon Carraud; editing by David Stamp)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-election-gigeconomy-analysis-idUKKBN17D0I8'|'2017-04-11T14:05:00.000+03:00'|3169.0|''|-1.0|'' -3170|'6f88b6bdbfcf68c29456e095dd0c1e7e9b107fcd'|'ECB can provide emergency cash to French banks if needed - Nowotny'|' 3:26pm BST ECB can provide emergency cash to French banks if needed - Nowotny European Central Bank (ECB) Governing Council member Ewald Nowotny listens during a news conference in Vienna, Austria, March 30, 2017. REUTERS/Heinz-Peter Bader WASHINGTON The European Central Bank could provide emergency cash to French banks if needed after the first round of France''s presidential election on Sunday, but it doesn''t expect such a move will be necessary, ECB policymaker Ewald Nowotny said on Saturday. "If there should be problems for specific French banks liquidity-wise, then the ECB has the ... ELA, Emergency Liquidity Assistance, but we don''t expect of course any special movements," Nowotny, who is Austria''s central bank governor, told reporters at the IMF and World Bank spring meetings. Investors fear that a potential run-off between eurosceptic candidates Marine Le Pen and Jean-Luc Mlenchon would raise questions about France''s future in the European Union, roiling financial markets and undermining depositor confidence. (Reporting by Francesco Canepa; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-imf-g20-france-idUKKBN17O0F8'|'2017-04-22T22:26:00.000+03:00'|3170.0|''|-1.0|'' +3170|'6f88b6bdbfcf68c29456e095dd0c1e7e9b107fcd'|'ECB can provide emergency cash to French banks if needed - Nowotny'|' 3:26pm BST ECB can provide emergency cash to French banks if needed - Nowotny European Central Bank (ECB) Governing Council member Ewald Nowotny listens during a news conference in Vienna, Austria, March 30, 2017. REUTERS/Heinz-Peter Bader WASHINGTON The European Central Bank could provide emergency cash to French banks if needed after the first round of France''s presidential election on Sunday, but it doesn''t expect such a move will be necessary, ECB policymaker Ewald Nowotny said on Saturday. "If there should be problems for specific French banks liquidity-wise, then the ECB has the ... ELA, Emergency Liquidity Assistance, but we don''t expect of course any special movements," Nowotny, who is Austria''s central bank governor, told reporters at the IMF and World Bank spring meetings. Investors fear that a potential run-off between eurosceptic candidates Marine Le Pen and Jean-Luc Mlenchon would raise questions about France''s future in the European Union, roiling financial markets and undermining depositor confidence. (Reporting by Francesco Canepa; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-imf-g20-france-idUKKBN17O0F8'|'2017-04-22T22:26:00.000+03:00'|3170.0|26.0|0.0|'' 3171|'d4593ead53493d7e1ee5e99a053de9fa682e9509'|'Italy''s Atlantia mulling takeover of Spain''s Abertis - source'|' 5:47pm BST Italy''s Atlantia mulling takeover of Spain''s Abertis - source By Carlos Ruano - MADRID MADRID Italian toll-road company Atlantia ( ATL.MI ) is looking at the possibility of making a bid for Spanish rival Abertis ( ABE.MC ) in a deal that would create an industry giant with a market value of more than 35 billion euros (29.74 billion pounds), a source close to the matter said on Tuesday. The takeover would be friendly and would likely involve a cash-and-share offer, the source said. Atlantia, 30 percent controlled by the Benetton family, said in a statement it had expressed to Abertis a generic and preliminary interest in assessing "common projects", adding it had made no commitment and no plans had been submitted to its own board of directors. It gave no further details. In a separate statement, Abertis said the terms of any transaction had not been established. The two companies had agreed a merger in 2006 but the deal fell apart in the face of opposition from the Italian government. Atlantia, whose shares fell 3.8 percent after Bloomberg first reported that it was considering a bid for Abertis, has a market value of just under 20 billion euros and in 2016 booked revenues of 5.5 billion euros. The Spanish group has a capitalisation of 15.5 billion euros and sales last year totalled 4.9 billion euros. Atlantia last year said it wanted to increase the share of core earnings generated abroad to 50 percent by 2020 from 25 percent at present. As part of this strategy it is looking to sell a stake of around 15 percent in its Italian motorway division ASPI. Analysts have estimated that Atlantia, which is ASPI''s sole owner, could bag around 2.5 billion euros from the sale. Abertis''s main shareholder is holding company Criteria Caixa, which also controls Caixabank ( CABK.MC ). (Writing by Silvia Aloisi; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-abertis-m-a-atlantia-idUKKBN17K21N'|'2017-04-19T00:47:00.000+03:00'|3171.0|''|-1.0|'' 3172|'44b210534ede9255628c583eb54659b60b024a82'|'Celebrity tie-ups help online fashion retailer Boohoo double its profit - Business'|'Retail industry Celebrity tie-ups help online fashion retailer Boohoo double its profit Pre-tax profits rise 97% to 31m thanks in part to paying Instagram icons to promote the brands clothes to 16 to 24-year-old fans Bloggers such as Emma Hill, pictured in a Boohoo coat, help promote its clothes to millennials. Photograph: Kirstin Sinclair/Getty Images Retail industry Celebrity tie-ups help online fashion retailer Boohoo double its profit Pre-tax profits rise 97% to 31m thanks in part to paying Instagram icons to promote the brands clothes to 16 to 24-year-old fans View more sharing options Wednesday 26 April 2017 18.31 BST Last modified on Wednesday 26 April 2017 21.54 BST Boohoo, the online fashion retailer with an army of 16 to 24-year-old fans, has nearly doubled its profits, helped by paying celebrities and other influencers to promote its products on Instagram. The Manchester-based company, which has turned its founders into multimillionaires, reported on Wednesday that sales had risen by 51% to 295m in the year to the end of February. This pushed the retailers pre-tax profit up by 97% to 31m. Mahmud Kamani, who founded Boohoo alongside the designer and self-described proper northern lass Carol Kane in 2006, said 2016 had been a momentous year for the company and his family. Its shares, which floated on the Aim market in 2014, have risen by more than 270%, from 50p to 186p, over the past 12 months. The retailer has a stock market value of 2.1bn, more than Mike Ashleys Sports Direct at 1.7bn. The Kamani family owns 38% of the shares, worth more than 800m, while Kane owns 4.5%, worth almost 100m. Earlier this year, Boohoo expanded by buying fashion website PrettyLittleThing , which was set up by Kamanis sons Umar, Adam and Samir. The company also boosted its US presence by buying Nasty Gal , founded by the former eBay star seller Sophia Amoruso, for $20m (15.6m). Boohoos rise has mirrored that of Asos , shares in which have increased from 36 to 56 over the past 12 months, as investors back large online brands. Asos is now valued at 4.7bn, equal to 80% of Marks & Spencer. Neil Catto, Boohoos chief financial officer, said the companys success with mostly millennial customers had been driven by its focus on encouraging celebrities and bloggers to post about the retailers clothes on Instagram. We work with a whole spectrum of influencers, celebrities and wannabe bloggers all people with a presence online and we work with them so they can spread the word about Boohoo. It goes likes wildfire on Instagram, he said. Catto said it was hard to single out any Instagram user as delivering the most sales, but the launch of a plus-size range with the model Jordyn Woods had proved very popular. It got a lot of buzz as she is friends with the the Kardashians, he said. He declined to say how much influential people are paid to promote the companys clothes on social media, but added that some can be encouraged to help out in return for free samples and pizza. You can pay people to wear your clothes, or give them free clothes, [but] some are just interested in our fashion and will come along and have a pizza in our offices and put the range on Instagram, Catto said. Catto said the companys target age group was 16 to 24-year-olds, but added that 50% are older than 24, while 10% are under 16. The retailer plans further expansion in the US, where sales grew by 140% compared with 33% in the UK. Analysts at stockbroker Peel Hunt, who have a buy rating on Boohoos shares, upgraded their 2017-18 pre-tax profit forecast to 40m. With strong trading momentum from autumn/winter likely to have provided a good start to the new season, trading updates are unlikely to disappoint and the medium-term outlook remains encouraging, they said. Kamani has vowed to focus on growing the business rather than enjoying his millions. When he cashed in more than 200m of shares in the companys flotation, his phone rang non-stop, he said. Someone rang to ask if I wanted to buy a jet. Someone even asked if I wanted to buy a football club. I said to him: Are you on drugs?, he said at the time . Kamani inherited his love of fashion from his father, Abdullah, who sold handbags on market stalls in north-west England after leaving Kenya in the 1960s. Kamani went on to found a successful family textile business, supplying high street names such as New Look and Primark, before focusing on Boohoo. Asked why the business started in Manchester , he joked: Thats where the plane landed. London was probably an extra 60. Topics '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/apr/26/boohoo-profits-nearly-double-celebrities-instagram-online-fashion-retail'|'2017-04-27T02:31:00.000+03:00'|3172.0|''|-1.0|'' 3173|'b5a6f4a929309905f227d04463f01a96ba7b12bc'|'The salary gap between expat and local aid workers its complicated - Global Development Professionals Network'|'Global development professionals network The salary gap between expat and local aid workers its complicated Its time for more nuance and less ideology in the debate about expat aid workers being paid more than local staff at NGOs Aid workers from the west generally get paid more than national staff working in NGOs. Photograph: Alamy Global development professionals network The salary gap between expat and local aid workers its complicated Its time for more nuance and less ideology in the debate about expat aid workers being paid more than local staff at NGOs View more sharing options Senior lecturer in communication for development at Malm University, Sweden Wednesday 19 April 2017 11.31 BST Last modified on Wednesday 19 April 2017 11.59 BST Aid workers have been discussing the issue of expat versus local worker salaries for some time now. From one side of the argument, it looks pretty simple: why should expat workers swing into town and get paid far higher rates than their national colleagues? Its worth taking a more nuanced assessment of the professional realities in the aid industry that are changing rapidly. We also need to put aside ideology and look at the administrative realities of living the expat aid worker life. And finally, we need to think about how we can move the debate forward beyond salaries. Expat wages up to 900% higher than for local employees, research shows Read more The aid industry, including both humanitarian and development work, has been changing significantly over the past few years. Localisation is a term being used to describe this: large international NGOs such as ActionAid and Oxfam have moved or will move their global headquarters to the global south. And despite the fact that a recent Overseas Development Institute report states that development organisations are behind the curve on changes in the workplace, discussions are taking place that will transform the sector. Aid work is professionalising and that will mean more opportunities for local workers and changing roles for expats. Skilled professionals for project management, IT and creative industries are already in demand in growing economies across Africa and Asia, and the relatively small aid industry will have to offer incentives to attract and retain local talent. A new generation of internationally educated, global professionals with local language skills is sought in many sectors. The simple truth is that most aid workers do not have generous UN or diplomatic housing, or moving allowances That said, expat aid workers will continue to exist. And the fact is that most of them are embedded in a secondary financial economy, as well as the country they have been posted to. The unexciting reality of earning a taxable income abroad, maintaining a link to their home countries and preparing for a life after aid work means they need to earn a higher salary to make aid work a viable career. The simple truth is that most aid workers do not have generous UN or diplomatic housing, or moving allowances. And since claims of paying professionals a professional salary apply globally just as they do locally, it also means finding a balance between paying a project officer in Brussels or Nairobi. Despite anecdotal evidence about local prices hikes, a study from 2006 (pdf) suggests that UN missions, often the epitome of expat aid work, contribute significantly and in diverse ways to the local economy. Often, local staff in the back office work close to a regular 9-5 job, whereas many expats work different often longer hours, travel more or need to engage with global headquarters across time zones. National staffs long-term perspectives may also differ from a six-month contract for an expat colleague, so comparing the two is tricky. Secret aid worker: Why do expats earn more than the rest of us? Read more And yet, this discussion strikes a chord with many professionals in the industry. I agree that the issue of benefits such as travel allowances or schooling support for local staff in addition to their salaries needs more attention. The truth is that many expat NGO workers probably live less privileged lives than those in diplomatic missions and they cant always freely chose how to live, as they are entangled in security protocols and the desire of their home countries to create a competitive and comparative global service across countries regardless of where they are posted. One issue that seems to get lost in the salary discussion is the risk of aid work being reduced to a capital city-centered endeavour. The global elite is as much present in Geneva or London as it is in Bangkok or Nairobi, but the bulk of aid work takes place in the field and we need to ensure adequate benefits for local and expat aid workers in different environments. So how can we ensure that frontline health workers or drivers in the regional hubs are included in the conversation rather than focusing on who should have the right to send their children to the private American school? Expat pay in the aid sector: your responses Read more There should be a more nuanced discussion on absolute and relative privilege beyond salaries that takes more dimensions of wellbeing and professional development into consideration. How can stress, long-distance relationships and the ethos of aid work as an impartial and solitary endeavour be redefined in a globalised world with many challenges? Expat aid workers are also needed as vocal advocates for public debates around global development at home. Rather than approaching the topic purely from a moral perspective of Do expat aid workers deserve higher salaries? we should also discuss how entrenched inequalities, outside the control of the aid industry, cause different salaries and benefit structures to exist. Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/apr/19/the-salary-gap-between-expat-and-local-aid-workers-its-complicated'|'2017-04-19T19:31:00.000+03:00'|3173.0|''|-1.0|'' 3174|'9f2423d7f97895d41e6960a8996461aa216fb31b'|'BRIEF-Stephen Brown notifies intention to resign as chief financial officer of STAAR Surgical'|' 40pm EDT BRIEF-Stephen Brown notifies intention to resign as chief financial officer of STAAR Surgical April 4 STAAR Surgical Co - * Stephen Brown notified co of his intention to resign as vice president and chief financial officer * Says CFO Brown''s resignation will become effective on April 28, 2017 * Staar Surgical Co says appointed Deborah Andrews to serve as interim vice president and CFO of company Source text: [ bit.ly/2nBouPT ] '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-stephen-brown-notifies-intention-t-idUSFWN1HC0JR'|'2017-04-05T04:40:00.000+03:00'|3174.0|''|-1.0|'' -3175|'b71cc241af884514c793340cf0fd6921ba21d921'|'Signs point away from Trump labelling China currency manipulator'|' 4:31am IST Signs point away from Trump labeling China currency manipulator FILE PHOTO: U.S. 100 dollar banknotes and Chinese 100 yuan banknotes are seen in this picture illustration in Beijing, China, January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo By David Lawder - WASHINGTON WASHINGTON U.S. President Donald Trump looks unlikely to formally declare China a currency manipulator next week just days after meeting Chinese President Xi Jinping, foreign exchange policy experts say, leaving a vocal Trump campaign pledge unmet, at least for now. The U.S. Treasury would have to radically change its definitions of currency manipulation in order to squeeze China into that label for its next report due April 14, said these experts, several of whom contributed to past Treasury analysis of foreign exchange practices. But over time, the Trump administration may consider changes to the Obama administration''s currency definitions as the Treasury gains staff. "It would be hard to come up with a credible standard that would catch China in the net," said David Dollar, a former U.S. Treasury economic liaison to China who is now a senior fellow at the Washington-based Brookings Institution. Trump pledged to label China a currency manipulator on the first day of his administration, but so far has refrained. A trade and customs enforcement law enacted last year set out three criteria for identifying manipulation among major trading partners: a "material" global current account surplus, a "significant" bilateral trade surplus with the United States, and persistent one-way intervention in foreign exchange markets. The Treasury is required to demand special talks with any country meeting all three thresholds aimed at correcting an undervalued currency, with penalties such as exclusion from U.S. government procurement contracts available after a year. Under the current Obama-defined thresholds, China only meets one of these criteria, based on its $347 billion goods trade surplus with the United States. Its central bank has for the past two years spent over $1 trillion to prop up the yuan''s value - not to push it down. China''s current account surplus, an indicator of its global trade balance, was 1.8 percent of GDP in 2016, well below the threshold for action. The U.S. Treasury says it is "premature" to comment on the outcome of its currency review and Treasury Secretary Steve Mnuchin has said it will adhere to past practice in its assessment, suggesting that radical changes will not be made in this publication. "The conclusion among people like me from that seems to be that they''re moving away from naming China," said Matthew Goodman, former Treasury official who wrote currency reports during the Clinton administration and is now at the Washington-based Center for Strategic and International Studies. But with the Trump administration pushing a trade agenda aimed at reducing U.S. trade deficits, particularly those with China, experts said that they expect the Trump administration to consider changes aimed at deterring future manipulations. Treasury will be in a much better position to make such changes for its October currency report, said Derek Scissors, a resident scholar and China trade expert at the American Enterprise Institute. "I would be very surprised if a year from now the Obama criteria were still in place," Scissors said. The most logical option would be to lengthen the time period for reviewing currency market interventions from 12 months to several years, capturing more past interventions by China, according to the policy experts. One senior South Korean official told Reuters that doing this would likely lead to manipulator designations for South Korea, Taiwan and possibly other countries. Treasury also could reduce the current account surplus threshold below 3 percent of GDP to try to capture more potential offenders, but that would be at odds with longstanding views of the International Monetary Fund and G20 finance officials that 3 pct of GDP is about where surpluses start to become a concern. (Reporting by David Lawder; additional reporting by Christine Kim in Seoul; Editing by David Chance and Grant McCool) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-china-trade-idINKBN1772Z4'|'2017-04-06T06:55:00.000+03:00'|3175.0|''|-1.0|'' +3175|'b71cc241af884514c793340cf0fd6921ba21d921'|'Signs point away from Trump labelling China currency manipulator'|' 4:31am IST Signs point away from Trump labeling China currency manipulator FILE PHOTO: U.S. 100 dollar banknotes and Chinese 100 yuan banknotes are seen in this picture illustration in Beijing, China, January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo By David Lawder - WASHINGTON WASHINGTON U.S. President Donald Trump looks unlikely to formally declare China a currency manipulator next week just days after meeting Chinese President Xi Jinping, foreign exchange policy experts say, leaving a vocal Trump campaign pledge unmet, at least for now. The U.S. Treasury would have to radically change its definitions of currency manipulation in order to squeeze China into that label for its next report due April 14, said these experts, several of whom contributed to past Treasury analysis of foreign exchange practices. But over time, the Trump administration may consider changes to the Obama administration''s currency definitions as the Treasury gains staff. "It would be hard to come up with a credible standard that would catch China in the net," said David Dollar, a former U.S. Treasury economic liaison to China who is now a senior fellow at the Washington-based Brookings Institution. Trump pledged to label China a currency manipulator on the first day of his administration, but so far has refrained. A trade and customs enforcement law enacted last year set out three criteria for identifying manipulation among major trading partners: a "material" global current account surplus, a "significant" bilateral trade surplus with the United States, and persistent one-way intervention in foreign exchange markets. The Treasury is required to demand special talks with any country meeting all three thresholds aimed at correcting an undervalued currency, with penalties such as exclusion from U.S. government procurement contracts available after a year. Under the current Obama-defined thresholds, China only meets one of these criteria, based on its $347 billion goods trade surplus with the United States. Its central bank has for the past two years spent over $1 trillion to prop up the yuan''s value - not to push it down. China''s current account surplus, an indicator of its global trade balance, was 1.8 percent of GDP in 2016, well below the threshold for action. The U.S. Treasury says it is "premature" to comment on the outcome of its currency review and Treasury Secretary Steve Mnuchin has said it will adhere to past practice in its assessment, suggesting that radical changes will not be made in this publication. "The conclusion among people like me from that seems to be that they''re moving away from naming China," said Matthew Goodman, former Treasury official who wrote currency reports during the Clinton administration and is now at the Washington-based Center for Strategic and International Studies. But with the Trump administration pushing a trade agenda aimed at reducing U.S. trade deficits, particularly those with China, experts said that they expect the Trump administration to consider changes aimed at deterring future manipulations. Treasury will be in a much better position to make such changes for its October currency report, said Derek Scissors, a resident scholar and China trade expert at the American Enterprise Institute. "I would be very surprised if a year from now the Obama criteria were still in place," Scissors said. The most logical option would be to lengthen the time period for reviewing currency market interventions from 12 months to several years, capturing more past interventions by China, according to the policy experts. One senior South Korean official told Reuters that doing this would likely lead to manipulator designations for South Korea, Taiwan and possibly other countries. Treasury also could reduce the current account surplus threshold below 3 percent of GDP to try to capture more potential offenders, but that would be at odds with longstanding views of the International Monetary Fund and G20 finance officials that 3 pct of GDP is about where surpluses start to become a concern. (Reporting by David Lawder; additional reporting by Christine Kim in Seoul; Editing by David Chance and Grant McCool) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-china-trade-idINKBN1772Z4'|'2017-04-06T06:55:00.000+03:00'|3175.0|27.0|0.0|'' 3176|'9379a17205e8f8ff3dc833fe11b9ceccba216f51'|'Micron names SanDisk co-founder Sanjay Mehrotra CEO'|'Chipmaker Micron Technology Inc named SanDisk co-founder Sanjay Mehrotra its chief executive, replacing Mark Durcan who announced his retirement in February.Mehrotra''s appointment will be effective May 8.Durcan, a 30-year Micron veteran, took the top job in 2012.(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/micron-moves-ceo-idINKBN17T1UH'|'2017-04-27T10:24:00.000+03:00'|3176.0|''|-1.0|'' 3177|'0a0f45a2e65691c69f54fcd92abc5b921c169808'|'Man Group, Pandora strength boosts European stocks, French equities rally'|' 6:16pm BST Man Group, Pandora strength boosts European stocks, French equities rally Stock index price for France''s CAC 40 and company stock price information are displayed on screens as they hang above the Paris stock exchange, operated by Euronext NV, in La Defense business district in Paris, France, December 14, 2016. REUTERS/Benoit Tessier LONDON European shares edged higher on Thursday as investors welcomed results from Man Group ( EMG.L ) and Pandora ( PNDORA.CO ) maintained its outlook, while French equities outperformed ahead of the first round of France''s presidential election. The pan-European STOXX 600 index ended the session 0.2 percent higher. France''s CAC 40 .FCHI outperformed peers, jumping 1.5 percent and marking its best day since the beginning of March. Banking stocks, which are regarded as bellwethers for the economy, led the CAC 40 higher, with BNP Paribas ( BNPP.PA ) and Societe Generale ( SOGN.PA ) up 4 and 2.8 percent respectively. Some analysts suggested that investors were closing out short positions ahead of the vote. "Few days ahead of the French elections, almost anything is possible based on the polls. The worst outcome for markets is if Le Pen and Melenchon are in the 2nd round, in our view, as markets could start pricing Frexit risks," strategists at Bank of America Merrill Lynch said in a note, referring to far-right candidate Marine Le Pen and the far-left''s Jean-Luc Melenchon. More broadly, European banks also rose, up 0.8 percent. UBS on Wednesday upgraded the sector to ''neutral'' from ''underweight'', citing rising reflation expectations and a seemingly more benign regulatory environment. Even the struggling UK FTSE 100 .FTSE managed to post a 0.1 percent gain, despite coming under pressure this week after British Prime Minister Theresa May called a snap general election, a move that sent sterling to a more than 6-month high. "The inverse correlation of FTSE with sterling is logical because of the overseas earnings of the FTSE, so if sterling continues to move, that will have a significant effect on that trade-off between large, international companies and more domestic companies," said Simon Gergel, CIO for UK Equities at Allianz Global Investors. Earnings-related newsflow drove the top gainers, with Pandora ( PNDORA.CO ) up 5 percent, regaining ground after a broker downgrade hit it earlier in the week. The company updated its financial reporting structure, confirming its 2017 outlook. In another sign of a better backdrop for the asset management industry, British hedge fund Man Group ( EMG.L ) shares rose 4 percent after it reported net inflows over the first quarter. "This is a very strong start to the year that is likely to lead to consensus upgrades," said Liberum analysts. Earlier this week peer fund manager Ashmore ( ASHM.L ) posted net inflows for the first time in nearly three years, and on Wednesday Henderson ( HGGH.L ) posted first quarter results, showing assets were cushioned by market gains in the period. Energy sector stocks were in the red, however, reeling from a sharp slide in oil prices overnight. Lundin Petroleum ( LUPE.ST ) and Tullow Oil ( TLW.L ) were among the top fallers in the sector .SXEP. (Reporting by Kit Rees and Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN17M27O'|'2017-04-21T01:16:00.000+03:00'|3177.0|''|-1.0|'' 3178|'b2448a7ffe238bfa4d3daa1d7ac4123888b14beb'|'''After Brexit people will fall in love with English apples again'' - Guardian Small Business Network'|'S uzannah Starkey is pleased the European experiment is over. Her family owns the only commercial orchard of the original Bramley apple tree and she has found the single market disastrous for the domestic apple sector.With the European friendship, the bottom of the market for English apples fell out, she says. Theres just been too much competition coming from Europe [mainly France and Italy]. Fruit farmers in England have had a tough time. But we believe that people will fall in love with English apples again.There is something quintessentially British about the Bramley apple. Its a staple for crumbles and pies all over the country, and an estimated 83,000 tonnes of them are grown in the UK each year. But the Starkeys crop is quite special, and three generations of the family have been growing the apples since 1910.So many apple farmers are taking their trees out in this country ... hopefully we can start to turn the tanker aroundSuzannah StarkeyBramleys grow all over the world now, but theyve mutated, Suzannah says. When you go to the supermarket and buy a Bramley, its big, its sour, its green. Thats not how the original tree produces fruit. Theyre smaller and sweeter, with a red hue.The original Bramley apple tree dates back to 1809, when a pip was planted by Mary Anne Brailsford in Southwall, Nottinghamshire. This in itself, Suzannah adds, makes it a freak of nature edible fruit does not usually grow from a tree that comes from a pip. Today, the tree has been recognised as one of 50 Great British Trees by the Tree Council.In the early 1990s, Bramley tree contracted honey fungus and looked certain to die. But Suzannahs father, Sir John Starkey, has been instrumental in saving the legacy of the Bramley apple. In 1994, he encouraged Professor Ted Cocking, a bioscientist from the University of Nottingham who cloned the Major Oak, to do the same with the Bramley tree. Professor Cocking spent 15 years in the laboratory creating nine clones. Starkey was given two of them and now has 2,000 trees.Despite the impressive size of the orchards, its not been easy to turn them into money. As well as competition from Europe, Suzannah says many of the British supermarkets dont want her fathers Bramley apples. Theyre too red, theyre too small, she adds. Theyre not the big sour ones that everyone thinks Bramleys should be.The data also shows there isnt a thriving export market for British fruit. According to the Produce Marketing Association , Britain imports more than 476,000 tonnes of apples, but only export 14,800 tonnes (3%) of our own. Over the past two decades, the UK has become increasingly reliant on imports, with a self-sufficiency rate of just 11% in fruit.Suzannah Starkey says getting out and meeting your customers is vital.Suzannah recently came on board to help run the family business, after working as a private chef. They now turn the unsold fruit into pressed apple juice and compote, which theyre perfect for she adds because theyre sweet enough not to need added sugar. The farm sells its juice to local schools, a number of farm shops and Co-op stores around Lincolnshire. Plus they also have a thriving trade in soft fruits strawberries, blackberries and raspberries.Farming can be a volatile business at the best of times, but diversification has been essential to ensure Norwood Parks survival since 1910 when the first orchard was planted. Expand, expand, expand [is our contingency plan], Suzannah says. You should never rely on one area of the business. Dad would say, Learn to live on a tight belt. And we get out there to meet our customers.But she adds, like any small business, you need to find a balance between all of the competing priorities. I could be out there selling every day, but someones got to be on the frontline growing the business, making the product, putting the caps on the bottles, cleaning up the production room. Its a lot of work.Its a small family team but they do rely on eastern European workers who come to handpick the fruit every year. For all of her excitement about leaving the EU, and the knock-on effect that may have on customers buying domestic produce, is she concerned about potential changes to the legislation surrounding free movement of people?''It was like the tap turned off on job applications'': SMEs post Brexit vote Read moreI think the seasonal pickers will still want to come. Whichever way you cut it, theyre going to be paid more in England than in their own country. Defra [the Department for Environment, Food and Rural Affairs] will, I presume, realise we cant get enough English workers to do the work we wont have any farming [in this country] if we dont have our extra help.Leaving the EU certainly does pose challenges for the farming community. Defra estimates that a quarter of the 1,200 EUs laws relate to the sector, and 3bn of EU money is distributed each year in subsidies to farmers and land managers. Pig farmers have echoed Suzannahs concerns that access to seasonal EU labour is essential , but there is evidence theres already been a drop in interest from workers because of the declining value of the pound.Without a real shift in buying behaviour, Suzannah says there is a risk that the UKs apple industry will die out completely. There has already been a 36% decline in the number of orchards between 1985-86 and 2014-15. For the Starkey family, they are committed to being patient.So many apple farmers are taking their trees out in this country [because theyre not commercially viable], Suzannah says. [But] once youve taken an orchard out, its very hard to get it back in again. It takes a long time to get an apple tree back into fruition. Weve made the choice to stay in [the sector] and expand [into other areas]. Were thinking long term. Hopefully we can start to turn the tanker around.Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.Topics Guardian Small Business Network Entrepreneurs Farming Fruit features Share '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/apr/28/after-brexit-english-apples-bramley-starkey'|'2017-04-28T15:00:00.000+03:00'|3178.0|''|-1.0|'' @@ -3185,7 +3185,7 @@ 3183|'168e0a4ac2d4cecaaebea0894ae81f01b90e5adb'|'EU clears Rolls-Royce''s acquisition of Spain''s ITP subject to conditions'|' 4:08pm BST EU clears Rolls-Royce''s acquisition of Spain''s ITP subject to conditions A Rolls-Royce logo is pictured on the company booth during the European Business Aviation Convention & Exhibition (EBACE) at Cointrin airport in Geneva, Switzerland, May 24, 2016. REUTERS/Denis Balibouse BRUSSELS European Union antitrust regulators said on Wednesday they had cleared the acquisition of aircraft engine components maker ITP by Rolls-Royce ( RR.L ) subject to its elimination of a conflict of interest in an engine consortium. The engine consortium EPI, made up of Rolls-Royce, ITP, Germany''s MTU and France''s Safran ( SAF.PA ), designs and manufactures the engine powering the Airbus A400M, which competes with the Lockheed Martin ( LMT.N ) C-130J aircraft, powered by a Rolls-Royce engine. The European Commission said in a statement that it initially had concerns the merger would have allowed Rolls-Royce to gain additional influence on the decision-making process of the EPI consortium, on matters that affected its competitiveness against the Lockheed Martin C-130J. To allay those concerns Rolls-Royce offered commitments to eliminate the conflict of interest and ensure EPI remains competitive, the Commission said. (Reporting by Julia Fioretti; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-itp-m-a-rolls-royce-eu-idUKKBN17L1YF'|'2017-04-19T23:08:00.000+03:00'|3183.0|''|-1.0|'' 3184|'f6281b517322e66b3e01116efcd8fbd2858d9896'|'Hard left, hard right, or centre? French economy may decide'|' 2:05pm BST Hard left, hard right, or center? French economy may decide left right FILE PHOTO: A man looks at campaign posters of the 11th candidates who run in the 2017 French presidential election in Saint Andre de La Roche, near Nice, France, April 10, 2017. L-R : Nicolas Dupont-Aignan, Debout La France group candidate, Marine Le Pen, French National Front (FN) political party leader, Emmanuel Macron, head of the political movement En Marche ! (Onwards !), French Socialist party candidate Benoit Hamon, Nathalie Arthaud, France''s extreme-left Lutte Ouvriere political party (LO) leader, Philippe Poutou, Anti-Capitalist Party (NPA) presidential candidate, Jacques Cheminade, ''Solidarite et Progres'' (Solidarity and Progress) party candidate, lawmaker and independent candidate Jean Lassalle, Jean-Luc Melenchon, candidate of the French far-left Parti de Gauche, Francois Asselineau, UPR candidate, and Francois Fillon, the Republicans political party candidate. REUTERS/Eric Gaillard/File Photo 1/2 left right FILE PHOTO: From L-R, campaign posters for candidates Marine Le Pen of the National Front (FN), Jean-Luc Melenchon of the Parti de Gauche, and Benoit Hamon of the Socialist Party who are running in the 2017 French presidential election are seen in Paris, France, April 5, 2017. REUTERS/Charles Platiau/File Photo 2/2 By Jeremy Gaunt - LONDON LONDON If Donald Trump''s election in the United States and Britain''s decision to quit the European Union stirred the global economic waters, then there is the potential for a tsunami on the near horizon. The coming week is the last before the first round of France''s presidential election on April 23. It has already been a barrel of surprises -- an incumbent not running, the far right in ascendance, an independent seen as likely winner, a scandal hampering the early favorite. But the latest twist -- one with arguably the most potential global economic impact -- could conceivably see a far-left candidate, one-time communist Jean-Luc Mlenchon, make it through to the May 7 run-off against a far-right nationalist, Marine Le Pen. The potential economic shock stems from the fact that both are against the euro and the European Union, threatening the stability and even existence of both. The word Frexit -- the Gallic version of Brexit -- has been doing the rounds. Boosted by a strong performance in televised debates, Mlenchon has gathered momentum in the past week. One poll on Tuesday showed his support as high as 19 percent, within four points of centrist Emmanuel Macron and within five of Le Pen; the latest survey on Thursday put him on 17 percent. "For France, Europe and markets, a run-off between Mlenchon and ultra-right Marine Le Pen on May 7 would be a choice between bad and ugly," Berenberg bank said in a note on Thursday. The odds are still strongly against it happening: the polls show former economy minister Macron winning the big prize. But the fact is that perennial outsider Mlenchon and Le Pen are in the frame. France''s economy offers a mixed bag. Unemployment is at 10 percent and has been around that mark for five years. Projected economic growth of just 1.4 percent for this year puts France down at 25th equal (with Belgium) out of 28 EU countries. Other data shows the strain too. A study by World Economics of the relative value of euros within the euro zone, shows a yawning gap between Germany and France, making the latter far less competitive. But although growth is weak, France performs much better than other economies such as the United States and Britain in terms of income equality. One recent study, for example, found that the median French income in 2012 was about 17 percent higher than in 1996, while the median U.S. income was just 2 percent above its 1996 level. How all this plays with the French equivalent of the angry, left-out voters who went for Trump and Brexit remains to be seen. BRIGHT SPOT One recent bright spot for France has been the Purchasing Managers'' Index, which has shown a degree of rising optimism among businesses as the euro zone also improves. On Friday in the coming week -- just before the first round vote -- flash PMIs for April are released. Last time around all three of France''s readings -- manufacturing, services and composite -- were well in the expansion range, particularly services. Early Reuters polling suggests the services and manufacturing reports will essentially be unchanged, possibly as a result of election uncertainty. The euro zone and Germany will also report. The former is expected to improve slightly on a composite basis, which would add to the overall view of a steadily recovering economy. German manufacturing could show a tiny dip. Outside the euro zone, British retail sales data for March, released on Friday April 21, should provide another glimpse of how consumer sentiment is holding up as Brexit negotiations loom. Economists and others were surprised by the tenacity of British consumers after last year''s vote to leave the EU, but there have been recent signs of a tailing off. The British Retail Consortium said in the past week that its gauge of first-quarter consumer shopping showed the slowest growth since 2008. It was put down to inflation rising as a result of the post-Brexit vote fall in the pound. There were also some seasonal impacts relating to when Easter fell last year. Snapshots of the state of the U.S. economy, meanwhile, will come from New York and Philadelphia Federal Reserve reports and from March industrial output data. The latter is expected to climb, reflecting an economy that has recovered well enough for the U.S. Federal Reserve to begin a tentative rate-tightening cycle. (Graphics by Leigh Thomas; Editing by Mark Trevelyan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-economy-weekahead-idUKKBN17F1KJ'|'2017-04-13T20:52:00.000+03:00'|3184.0|''|-1.0|'' 3185|'e930a80eb78e56056c801ff14c2bc8bb854da2cc'|'BRIEF-Timkensteel sees Q1 sales about $309 mln'|' 26pm EDT BRIEF-Timkensteel sees Q1 sales about $309 mln April 13 Timkensteel Corp * Announces preliminary results for first-quarter 2017 * Sees Q1 sales about $309 mln * Expects EBITDA for quarter to be approximately $17 million, which is lower than its original guidance Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-timkensteel-sees-q1-sales-about-idUSFWN1HL0N0'|'2017-04-14T09:26:00.000+03:00'|3185.0|''|-1.0|'' -3186|'2c813a834aa48a2b4f32a1c37c8c24d544f1a7fc'|'Intel quarterly revenue misses estimates on data centre weakness'|' 20pm BST Intel''s quarterly profit rises 45 percent FILE PHOTO: Intel''s logo is pictured during preparations at the CeBit computer fair, which will open its doors to the public on March 20, at the fairground in Hanover, Germany, March 19, 2017. REUTERS/Fabian Bimmer/File Photo Intel Corp ( INTC.O ), the world''s largest chipmaker, reported a near 45 percent rise in first-quarter profit, helped by strength in its data center business and a stabilizing personal computer market. The company''s net income rose to $2.96 billion, or 61 cents per share, in the quarter ended April 1 from $2.05 billion, or 42 cents ( bit.ly/2pr8dBB ) Revenue rose to $14.80 billion from $13.70 billion. (Reporting by Narottam Medhora in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-intel-results-idUKKBN17T31H'|'2017-04-28T04:26:00.000+03:00'|3186.0|''|-1.0|'' +3186|'2c813a834aa48a2b4f32a1c37c8c24d544f1a7fc'|'Intel quarterly revenue misses estimates on data centre weakness'|' 20pm BST Intel''s quarterly profit rises 45 percent FILE PHOTO: Intel''s logo is pictured during preparations at the CeBit computer fair, which will open its doors to the public on March 20, at the fairground in Hanover, Germany, March 19, 2017. REUTERS/Fabian Bimmer/File Photo Intel Corp ( INTC.O ), the world''s largest chipmaker, reported a near 45 percent rise in first-quarter profit, helped by strength in its data center business and a stabilizing personal computer market. The company''s net income rose to $2.96 billion, or 61 cents per share, in the quarter ended April 1 from $2.05 billion, or 42 cents ( bit.ly/2pr8dBB ) Revenue rose to $14.80 billion from $13.70 billion. (Reporting by Narottam Medhora in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-intel-results-idUKKBN17T31H'|'2017-04-28T04:26:00.000+03:00'|3186.0|19.0|0.0|'' 3187|'4c22358bdddd1747da93d4736606a2425ec4d781'|'Blackstone to buy EagleClaw Midstream for about $2 billion'|'Deals - Mon Apr 17, 2017 - 9:14am EDT Blackstone to buy EagleClaw Midstream for about $2 billion FILE PHOTO - The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo EagleClaw Midstream Ventures LLC, the largest privately held operator of pipelines and processing facilities in West Texas'' Delaware Basin, said it agreed to be bought by funds managed by Blackstone Group LP ( BX.N ) for about $2 billion. Private-equity funds, including Blackstone, Carlyle Group ( CG.O ), and CVC Partners, have built up significant firepower in recent years to invest in the oil and gas industry, where asset prices have dipped sharply since crude oil prices collapsed mid-2014. Blackstone said in August it would invest about $1.5 billion in the oil-rich Permian basin. EagleClaw Midstream Ventures LLC said on Monday the all-cash deal includes about $1.25 billion in debt, financed by Jefferies LLC. Midland, Texas-based EagleClaw''s assets include over 375 miles of natural gas pipelines and 320 million cubic feet per day of processing capacity. Jefferies LLC is the financial adviser to EagleClaw, while Morgan Stanley and Intrepid Partners LLC advised Blackstone. (Reporting by Arathy S Nair and Muvija M in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eagleclaw-midstream-m-a-blackstone-gr-idUSKBN17J0YV'|'2017-04-17T21:14:00.000+03:00'|3187.0|''|-1.0|'' 3188|'d0d863e64d724438f80994597d607cd444d4b78f'|'UPDATE 1-South African markets fall sharply after S&P downgrade'|'Company News - Tue Apr 4, 2017 - 3:57am EDT UPDATE 1-South African markets fall sharply after S&P downgrade (Adds Gigaba''s planned briefing, market prices, details) JOHANNESBURG, April 4 South Africa''s rand, bonds and banking shares tumbled sharply on Tuesday after S&P Global Ratings cut the country''s credit rating to junk in response to President Jacob Zuma''s move to sack its respected finance minister. Zuma''s cabinet reshuffle has triggered public criticism from within the ruling African National Congress (ANC) and pressure is likely to mount on the president after the credit agency handed South Africa its first downgrade since 2000. New Finance Minister Malusi Gigaba is due to hold a news conference later in the day. Gigaba said on Monday he would pursue "tough and unpopular choices" to oversee a redistribution of wealth to the black majority, a stance echoing recent comments by Zuma. No details of the changes have been made public yet. The one-notch downgrade to BB+, S&P''s highest non-investment grade, will almost certainly force Africa''s most advanced economy to pay more to borrow its from international markets and possibly and may fall off global investors'' radar screens. "This sovereign downgrade will lead to a steep erosion of already poor levels of investor confidence," Cas Coovadia, head of the banking industry lobby group said. "Negative investor confidence will directly undermine an economy already struggling to achieve the levels of growth needed to meaningfully create jobs or lift our population out of poverty." Moody''s also said late on Monday that it was placing South Africa on review for downgrade, and that it would assess the likelihood of changes in key areas of financial and macro-economic policymaking following Zuma''s cabinet changes. The rand weakened as much as 1.9 percent before recovering to trade 1.2 percent lower at 13.8400 per dollar. The Johannesburg Securities Exchange''s banking index slumped as much as 4.2 percent, while the yield for the benchmark government bond due in 2026 rose 16 basis points to 9.140 percent. (Reporting by Joe Brock and Tiisetso Motsoeneng; Editing by James Macharia) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-markets-idUSL5N1HC15P'|'2017-04-04T15:57:00.000+03:00'|3188.0|''|-1.0|'' 3189|'f3753b1c9b0b6bd20d49403439acf21a7023b6fa'|'Shell switches New Zealand holdings ahead of possible divestment'|'WELLINGTON Royal Dutch Shell ( RDSa.L ) sold its stake in a New Zealand gas field while taking over the field''s operating company as part of a plan to possibly divest its holdings in the country later on, the company said Thursday.Shell has sold its 50 percent stake in the Kapuni Gas Field, New Zealand''s second-largest, for an undisclosed price and has increased its holding to 100 percent in the joint venture that operates the field, Shell Todd Oil Services (STOS), it said in a statement.The announcement was the first concrete action taken by Shell following its announcement in 2015 that it was reviewing its New Zealand business interests."This 100 per cent ownership of STOS will simplify Shell''s operational structure in preparation for any possible portfolio changes to the remaining assets," Rob Jager, Country Chair of Shell New Zealand, told Fairfax Media.Shell, which has operated in New Zealand for more than a century, said in December 2015 it was reviewing its business interests in the Pacific nation as the company seeks to streamline its global portfolio amid a slump in energy prices.(Reporting by Charlotte Greenfield; Editing by Christian Schmollinger)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-shell-divestiture-idUSKBN17809R'|'2017-04-06T07:34:00.000+03:00'|3189.0|''|-1.0|'' @@ -3200,7 +3200,7 @@ 3198|'a1afa761ca4bc1fbb9a98e5b5294210a60b67d9d'|'Revving up, a bit: Tesla increases deliveries of electric cars'|'ELON MUSK, a Silicon Valley entrepreneur, has had two bits of good news recently about his various bets on new technology. SpaceX, his privately-held launch company, last month became the first successfully to reuse a rocket to put a satellite into orbit. And this week Tesla, his electric-car manufacturer, at last hit its production targets.Some analysts doubted Tesla would meet its goals after a series of production difficulties. But the carmaker said first-quarter deliveries were just over 25,000 vehicles, a record for the firm and a 69% increase over the same period in 2016. Some 13,450 were its sleek Model S saloons and about 11,550 were the firms new SUV, the Model X. This puts Tesla on track to produce the 50,000 vehicles it has promised to make in the first half of this year. That is good progress. But Tesla is going to have to crank production up by an awful lot more to make the 500,000 cars a year which Mr Musk wants to see pouring off the production line by 2018, let alone the 1m intended for just two years later. 15 2 To reach those volumes, Tesla is counting on its forthcoming Model 3. Priced at around $35,000, the new car will cost around half that of the other two models. Due to begin production later this year, the Model 3 is supposed to take Tesla into the mass market, where it will face stiff competition from plug-in vehicles produced by existing mass manufacturers, including GM, Nissan and BMW.Bringing any new car to market burns cash, and Tesla has been busy raising funds. On March 24th Tencent, a Chinese internet giant that owns WeChat, a popular messaging service, paid $1.8bn for a 5% stake in Tesla. Tencent could help accelerate Teslas drive into the vast Chinese market, where some 28m cars were sold last year. With Donald Trump trying to dismantle some environmental standards in America, China seems likelier to push green technologies. It is already the worlds biggest market for electric cars; some 700,000 plug-in cars are expected to be sold there this year. But to compete against low-cost local brands, Tesla urgently needs to start churning out its cheaper car.Many investors are betting that Tesla can become a mass producer. This has pushed up the value of the firms shares, which have increased by 38% since the start of 2017. On April 3rd Teslas market capitalisation exceeded $48bn, overtaking Ford (at $45bn). Ford may not be as technologically glamorous but it is well-versed in mass-producing cars, having made 6.7m last year. An awful lot will be riding on the Model 3. If Tesla fails to hit future targets then a cashflow crisis may loom. Investors, though, will have an exit: the companys brand and whizzy technology are easily valuable enough to drive the firm into the arms of a bigger manufacturer that can hit its numbers. Business "Revving up, a bit"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21720340-real-test-will-be-whether-it-can-churn-out-its-new-model-3?fsrc=rss'|'2017-04-06T22:41:00.000+03:00'|3198.0|''|-1.0|'' 3199|'2e9fc4d1a903ada2f52e87c957e610836da6975a'|'Oil prices dip as oversupply concerns linger'|'Business News - Fri Apr 7, 2017 - 2:23am BST Oil prices dip as oversupply concerns linger FILE PHOTO -- A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices dipped on Friday as ongoing concerns about oversupply outweighed an OPEC-led production cut and strong refinery activity. Brent crude futures LCOc1, the international benchmark for oil, were at $54.85 per barrel at 0109 GMT, down 4 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 1 cent at $51.69 a barrel. Traders said that despite a recent uptick in sentiment, which this week helped prices reach a one-month high, there was still concern that markets remained oversupplied, even with efforts led by the Organization of Petroleum Exporting Countries (OPEC) to cut supplies to prop up prices. Oil trading data in Thomson Reuters Eikon shows that globally shipped crude volumes stood at 1.4 billion barrels in March (around 45.6 million bpd), up from 1.1 billion barrels in February, although on a daily basis the figure was similar to February''s 45.5 million bpd due to that month''s fewer days. Both figures, however, were higher than at any time during the second half of 2016, before the OPEC-led cuts were implemented, implying either poor compliance with the supply reductions, or plentiful alternative supplies. Despite this, there were factors supporting prices, especially strong demand from refineries, and a supply disruption in Canada. "Utilisation rates at refineries jumped 1.9 percent to 90.8 percent (in the U.S.), which should result in a drawdown in U.S. crude oil in coming weeks," ANZ bank said on Friday. "A disruption at a Canadian oil sands operation is also raising concerns of tightness in heavy Alberta oil. A fire at Syncrude Canada''s a 350,000 barrels per day plant could be offline for weeks," it added. The disruption stemmed from the shutdown of the Syncrude plant after a fire in March damaged the facility and forced the operator to bring forward planned maintenance. (Reporting by Henning Gloystein; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN17905L'|'2017-04-07T09:23:00.000+03:00'|3199.0|''|-1.0|'' 3200|'f8d59954633f9fc8075c08c166e7c7c828f91ba3'|'Alan Howard raises over $700 million for his new fund - sources'|'By Maiya Keidan and Lawrence Delevingne - LONDON/NEW YORK LONDON/NEW YORK British hedge fund manager Alan Howard has raised more than $700 million (563 million pounds) from outside investors for a new fund that he will solely manage, two sources with knowledge of the matter told Reuters.One of the sources said the AH fund, which started trading on March 1, had raised an additional $2 billion from the main fund at Howard''s firm, Brevan Howard Asset Management.Hedge fund firms that launch new funds sometimes move money from existing funds as well as raising cash from investors externally.The AH Fund seeks a minimum $50 million investment from each investor, documents filed with U.S. regulator the Securities and Exchange Commission showed. That is far bigger than the average hedge fund investment per investor of $1.9 million, according to data from global industry tracker Preqin.A spokesman for Brevan Howard declined to comment.Howard''s new fund, which is named after his initials, will charge a management fee of 0.75 percent and a performance fee of 30 percent.The product - which is still open to new investment - has been launched at a time when Brevan Howard, which manages $14.6 billion, has seen an asset decline of around $22 billion since 2012, from a combination of losses and client withdrawals.Howard founded Brevan Howard in 2002 along with four former colleagues from Credit Suisse and quickly gained assets based on savvy macroeconomic bets.Brevan Howard was granted an injunction on March 23 to prevent Reuters publishing a story about the firm, claiming the company''s right to confidentiality outweighed public interest.(Reporting by Maiya Keidan; Editing by Pravin Char)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uk-hedgefunds-brevan-howard-idINKBN17612C'|'2017-04-05T08:02:00.000+03:00'|3200.0|''|-1.0|'' -3201|'a99df3acd5ea98635ebb09490a5e44a7e1a2325b'|'Final bids for German drugmaker Stada expected Friday: sources'|'FRANKFURT The battle for German drugmaker Stada ( STAGn.DE ) is edging towards a close, with final offers from two private equity consortia expected on Friday evening, three people close to the matter said.A tie-up of buyout firms Advent and Permira is bidding against Bain and Cinven. Both have so far made takeover offers at 58 euros per share, valuing the company at 4.7 billion euros including debt.Neither is expected to hike its offer dramatically, though a slight increase is likely, one of the sources said."(Stada''s chairman Karl-Ferdinand) Oetker needs a face-saving top-up, but the business case does not allow for much," another person close to one of the bidders said.Another source said that Stada''s executive and supervisory boards were unlikely to recommend that shareholders accept any offer that was not improved further, after the company last month lifted its targets and told suitors their bids were too low.Stada, which is expected to make a decision on the bids by the middle of next week, declined to comment on the timing of the deal, saying only that the sales process was progressing according to plan.The private equity groups declined to comment.(Reporting by Arno Schuetze, Alexander Hbner and Ludwig Burger; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-m-a-idINKBN177125'|'2017-04-05T07:32:00.000+03:00'|3201.0|''|-1.0|'' +3201|'a99df3acd5ea98635ebb09490a5e44a7e1a2325b'|'Final bids for German drugmaker Stada expected Friday: sources'|'FRANKFURT The battle for German drugmaker Stada ( STAGn.DE ) is edging towards a close, with final offers from two private equity consortia expected on Friday evening, three people close to the matter said.A tie-up of buyout firms Advent and Permira is bidding against Bain and Cinven. Both have so far made takeover offers at 58 euros per share, valuing the company at 4.7 billion euros including debt.Neither is expected to hike its offer dramatically, though a slight increase is likely, one of the sources said."(Stada''s chairman Karl-Ferdinand) Oetker needs a face-saving top-up, but the business case does not allow for much," another person close to one of the bidders said.Another source said that Stada''s executive and supervisory boards were unlikely to recommend that shareholders accept any offer that was not improved further, after the company last month lifted its targets and told suitors their bids were too low.Stada, which is expected to make a decision on the bids by the middle of next week, declined to comment on the timing of the deal, saying only that the sales process was progressing according to plan.The private equity groups declined to comment.(Reporting by Arno Schuetze, Alexander Hbner and Ludwig Burger; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-m-a-idINKBN177125'|'2017-04-05T07:32:00.000+03:00'|3201.0|26.0|2.0|'' 3202|'48189edefeaa68205619dc3e5171cffc668ba005'|'United to refund tickets for all passengers on infamous flight - Business - The Guardian'|'Seeking to quell the uproar over a man being dragged off a plane , United Airlines announced on Tuesday that it would refund the tickets for all customers who were on the flight when the man was removed and that it would no longer ask police to remove passengers from full flights.The airline said that passengers on United Express Flight 3411 on Sunday would be compensated equal to the cost of their tickets and could take the compensation in cash, travel credits or miles.The Sunday flight was loaded and preparing to leave Chicagos OHare International Airport when the man was dragged off. Videos shot by passengers showing the mans bloodied face went viral on social media , prompting a storm of protest.In an interview with ABCs Good Morning America aired Wednesday, Oscar Munoz, CEO of Uniteds parent company, said he felt ashamed watching video of the man being forced off the jet. He has promised to review the airlines passenger-removal policy. He also apologized again to Kentucky physician David Dao, his family and the other passengers who witnessed him being taken off the flight.United Airlines CEO offers softer apology after stock nosedives Read more That is not who our family at United is, he said. This will never happen again on a United flight. Thats my promise.In the future, law enforcement will not be involved in removing a booked, paid, seated passenger, Munoz said. We cant do that.Munoz called the incident a system failure and said United would reassess its procedures for seeking volunteers to give up their seats when a flight is full. United was trying to find seats for four employees, meaning four passengers had to deplane.It was at least Munozs fourth statement about the confrontation.After the video first emerged, he said the airline was reaching out to the man to resolve this situation.Hours later on Monday, his tone turned defensive. He described the man as disruptive and belligerent.By Tuesday afternoon, almost two days after the Sunday evening events, Munoz issued another apology.No one should ever be mistreated this way, Munoz said.The passenger was identified as Dao, a 69-year-old physician from Elizabethtown, Kentucky.Attorneys for Dao filed court papers Wednesday asking the airline and the city of Chicago to preserve evidence in the case. Those documents are often the first steps toward a lawsuit. His legal team planned to hold a news conference Thursday to discuss the matter with reporters.Airport officials have said little about Sundays events and nothing about Daos behavior before he was pulled from the jet that was bound for Louisville, Kentucky.Likewise, the Chicago Aviation Department has said only that one of its employees who removed Dao did not follow proper procedures and has been placed on leave. The department announced Wednesday that two more officers have been placed on leave.Thanks to United Airlines, is flying while Asian something to fear? - Steven W Thrasher Read more No passengers on the plane have mentioned that Dao did anything but refuse to leave the plane when he was ordered to do so.The event stemmed from a common air travel issue a full flight.At first, the airline asked for volunteers, offering $400 and then when that did not work, $800 per passenger to relinquish a seat. When no one voluntarily came forward, United selected four passengers at random.Three people got off the flight, but the fourth was Dao, who said he was a doctor and needed to get home to treat patients on Monday. He refused to leave.Thats when three aviation department police officers boarded the plane. When Dao refused to leave his seat, one of the officers could be seen grabbing the screaming man from his window seat and dragging him down the aisle by his arms.Other passengers on Flight 3411 are heard saying, Please, my God, What are you doing?, This is wrong, Look at what you did to him and Busted his lip.Also Wednesday, a Chicago alderman said representatives from United and the citys aviation department have been summoned before a city council committee to answer questions about the confrontation at OHare Airport.The US transportation department announced Tuesday that it was reviewing Sundays events to see if United violated rules on overselling flights. The four top-ranking members of the Senate Commerce Committee asked the airline and Chicago airport officials for more information about what happened.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/apr/12/united-airlines-video-passenger-removed-refund-tickets'|'2017-04-12T03:00:00.000+03:00'|3202.0|''|-1.0|'' 3203|'306eccf867d374b280e618814a491fc1b1c903db'|'Nearly half of UK households plan spending cuts as prices spike - survey'|' 21am BST Nearly half of UK households plan spending cuts as prices spike - survey A shopper is reflected in a store window on Oxford Street in central London December 30, 2014. REUTERS/Neil Hall LONDON Nearly half of British households plan to cut spending as worries around inflation escalate, a survey showed on Wednesday, driving home the squeeze on consumers from rising energy prices and the pound''s post-Brexit vote plunge. Pension provider Scottish Friendly and the Social Market Foundation think tank said 46 percent of households plan to cut back on spending. More than half of this proportion cited the rising cost of living. A separate survey from the British Retail Consortium (BRC) showed annual food price inflation more than doubled last month to 1.0 percent, the sharpest increase in prices since February 2014. The surveys added to a raft of evidence that British consumers are feeling the strain of rising prices, exacerbated by the pound''s fall since June''s vote to leave the European Union. Inflation hurts the poorest in particular because rising prices for essentials like food and transport take up a bigger share of their disposable income. The Scottish Friendly survey showed 70 percent of British households were worried about the prospect of rising prices. "They are expecting a bumpy ride thanks to the twin headwinds of Article 50 uncertainty and rising inflation and those households are proactively taking steps to ensure they are prepared for any outcome," Scottish Friendly spokesman Calum Bennie said. Despite rising food prices, overall shop prices are still falling but at a reduced rate, according to the BRC data. Total shop prices declined 0.8 percent after falling 1.0 percent in February, marking the weakest deflation since December 2013. "Global food commodity costs have risen by 17 percent on average over last year''s figures, building substantial pressure in the food supply chain," said Helen Dickinson, chief executive of the BRC. "The squeeze on household disposable incomes will tighten as the year progresses." Last week supermarket chain Asda said its gauge of disposable income showed the weakest growth since June 2014 during February, with the poorest households hit particularly hard. A European Commission survey that dates back to the 1980s showed the largest proportion of British food and beverage retailers on record expect to raise prices in the next three months. The Scottish Friendly survey polled 2,000 Britons between Feb. 17 and Feb. 25. (Reporting by Andy Bruce, editing by Pritha Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-consumers-idUKKBN17632W'|'2017-04-05T07:21:00.000+03:00'|3203.0|''|-1.0|'' 3204|'a321f1275e982e22b7383edb0de42fc75cb39b9d'|'Deutsche Boerse ups profit, to buy back shares after failed LSE deal'|' 9:18pm BST Deutsche Boerse ups profit, to buy back shares after failed LSE deal FILE PHOTO: A notebook with the logo of Deutsche Boerse Group (German stock exchange) is pictured before their New Year''s reception at the headquarters in Eschborn, outside Frankfurt, Germany, January 25, 2016. REUTERS/Kai Pfaffenbach By Tom Sims - FRANKFURT FRANKFURT Deutsche Boerse ( DB1Gn.DE ) delivered a sharp rise in net profit in the first quarter and said it would buy back shares as it sought to appease disgruntled investors following its failed merger attempt with London Stock Exchange Group ( LSE.L ). The German exchange operator, which was forced to ditch a planned merger with LSE last month, also reaffirmed its outlook of "double-digit earnings growth" for the full year, despite merger costs that totalled 76.2 million euros ($83 million). It said on Wednesday that net profit rose 39.5 percent to 286 million euros in the first quarter from a year earlier, lifted by the sale of a stake in BATS Global Markets. "Thanks to our diversified business model and effective cost management we were able to compensate low equity market volatility in the first quarter and report solid earnings growth," Chief Financial Officer Gregor Pottmeyer said. Pottmeyer said in a statement that Deutsche Boerse was "very well positioned" to benefit from improving cyclical conditions. The results come a month after European Union regulators blocked a planned merger with LSE due to concerns over a potential monopoly in the processing of bond trades. The industry has been trying to consolidate for years amid weaker trading volumes and shrinking margins, but regulatory concerns, along with nationalist wrangling, have hindered many cross-border deals. In the wake of the failed merger, Deutsche Boerse has been coming under increased pressure from shareholders, with influential proxy adviser Glass Lewis recommending they vote against ratifying the actions of the management and supervisory board at its 2017 annual general meeting. German companies typically ask their shareholders to approve the actions of their boards over the previous years at the annual shareholder meetings. Glass Lewis said that shareholders may have concerns over the failed merger with the LSE and a pending investigation into CEO Carsten Kengeter over possible insider trading. Kengeter has denied the allegations. Deutsche Boerse said it planned to buy back shares totalling around 200 million euros ($218 million) in the second half of this year which it would fund from the proceeds generated from its 2016 sale of International Securities Exchange to Nasdaq ( NDAQ.O ) for about 1 billion euros. Those funds were initially earmarked for the merger with LSE, which last month announced its own 200 million pound ($256.74 million) share buyback. Stripping out the one-off effect of the sale of a stake in BATS Global Markets to U.S. exchange CBOE ( CBOE.O ) for 68 million euros last month, Deutsche Boerse said adjusted net profit rose 5 percent to 232.2 million euros, from 221.3 million euros a year earlier. ($1 = 0.7790 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-boerse-results-idUKKBN17S2S2'|'2017-04-27T04:18:00.000+03:00'|3204.0|15.0|3.0|'' @@ -3217,7 +3217,7 @@ 3215|'5906958fc1b74e7c6a5573aaecb0f2c9d36b6fd2'|'Activist Sarissa says Innoviva backed out of proxy settlement deal'|'By Greg Roumeliotis and Michael Flaherty Activist hedge fund Sarissa Capital Management LP said on Wednesday that U.S. respiratory drug company Innoviva Inc ( INVA.O ) reneged on a proxy settlement deal that was struck earlier in the day.Sarissa, run by former Carl Icahn protege Alex Denner, said in a statement that Innoviva had accepted an offer to settle the proxy contest ahead of the shareholder vote scheduled for Thursday by adding two Sarissa-nominated directors to the board.After Sarissa signed and sent back the settlement contract Wednesday afternoon, Innoviva continued to lobby shareholders to vote for its own nominees without disclosing its settlement with the activist, the hedge fund said. Then Innoviva said it would no longer agree to a deal.Innoviva declined to comment.Based on shareholder votes that had come in as of late Wednesday, Innoviva believed it had enough support to defeat Sarissa''s director nominees, according to people familiar with the matter who asked not to be identified discussing internal deliberations.Innoviva and Sarissa declined to comment on the current votes.Sarissa, which owns a 2.72 percent stake in Innoviva, had accused the company of spending too much money on executive pay and board compensation, given that its only function is to manage the drug royalties it receives from GlaxoSmithKline Plc ( GSK.L ).Earlier this month, Innoviva announced plans to undertake a review of cost and executive compensation structures that it said could result in "meaningful savings in our core operating costs that will benefit our financial performance."Innoviva, which had 14 employees as of Dec. 31, according to its annual report, has a market capitalization of $1.5 billion. GlaxoSmithKline, which has a 29.3 percent stake in Innoviva, had opposed Sarissa''s board nominees.Innoviva and GlaxoSmithKline submitted an application in November to market their new three-in-one inhaled lung drug for U.S. approval. Innoviva and GlaxoSmithKline have other respiratory medicines in the market.Sarissa has a track record of shaking up boards in the pharmaceutical industry. Its past targets have included Biogen Inc ( BIIB.O ) and Ariad Pharmaceuticals Inc, a manufacturer of cancer drugs which agreed to sell itself to Japanese drugmaker Takeda Pharmaceutical Co. Ltd ( 4502.T ) in January for $5.2 billion.(Reporting by Greg Roumeliotis and Michael Flaherty in New York; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-innoviva-sarissa-idINKBN17M08C'|'2017-04-20T00:29:00.000+03:00'|3215.0|''|-1.0|'' 3216|'679539541a3c45bf526228147a7997b77297aa8e'|'Pfeiffer Vacuum recommends not to accept Busch takeover offer'|'Deals - Mon Apr 24, 2017 - 2:19am EDT Pfeiffer Vacuum recommends not to accept Busch takeover offer FRANKFURT German pump maker Pfeiffer Vacuum ( PV.DE ) said on Monday its management and supervisory board advised shareholders not to accept an improved takeover offer by rival Busch Group. Busch in late March announced a 110 euro per share offer for Pfeiffer, valuing the group at around 1.1 billion euros ($1.20 billion), after a previous approach failed. Pfeiffer has criticized Busch for still not offering a premium over the current share price, which stood at 116.90 euros at Friday''s close, valuing Pfeiffer at around 1.15 billion euros. (Reporting by Maria Sheahan, editing by Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-pfeiffer-vacuum-m-a-busch-idUSKBN17Q0FN'|'2017-04-24T14:17:00.000+03:00'|3216.0|''|-1.0|'' 3217|'75b173321bdced854f6848fae8b3dccd7fd83a09'|'Exclusive - ECB faces ''favouritism'' appeal over hiring of Draghi adviser'|'Business News - Fri Apr 28, 2017 - 12:22pm BST Exclusive - ECB faces ''favouritism'' appeal over hiring of Draghi adviser European Central Bank (ECB) President Mario Draghi addresses a news conference at the ECB headquarters in Frankfurt, Germany, April 27, 2017. REUTERS/Kai Pfaffenbach By Francesco Canepa - FRANKFURT FRANKFURT European Central Bank staff representatives are appealing against the appointment of a new policy adviser for President Mario Draghi, alleging that the ECB''s board broke its own rules by handpicking Roland Straub for his new role. The appeal alleges that the "perception of favouritism" at the powerful institution, which is in charge of supervising banks and controlling monetary policy in the euro zone, risked demoralising staff and fuelling euro-scepticism among the public. Successful appeals lodged in recent months have led to five ECB appointments being annulled, including that of the bank official in charge of relations with other European institutions in Brussels. "This appeal is triggered by the desire to stand against the malfunctioning affecting ECB''s appointment process, resulting into widespread perception of favouritism and complaints of lack of transparency and unsound rules," appellant Carlos Bowles said in his appeal, filed in March and seen by Reuters. The issue concerns the method of employment. Straub''s qualifications are not in question. An ECB spokesperson said: "The direct appointment of the counsellor to the president of the ECB was made in compliance with the ECB rules on selection and appointment and is consistent with previous appointments to this position." Straub did not immediately reply to Reuters'' requests for comment. The ECB has two months to reply to the appeal, after which the appellants can bring the case to the European Court of Justice. Straub was appointed as Draghi''s counsellor and coordinator of the Counsel to the Executive Board in February. The position is scheduled to end with Draghi''s mandate in late 2019. In his role he advises Draghi and coordinates the work of the counsels of the five other members of ECB''s board, which runs the organisation and makes policy proposals. The position was not advertised and Straub was chosen via direct appointment by the Executive Board, rather than after a recruitment process open to other candidates and held by a hiring committee. Advisers to top European officials are often chosen this way. However, appellant Carlos Bowles said in his appeal ECB rules did not allow for Straub to be directly appointed to the role of coordinator of the counsel. Bowles added that the vacancy should have been advertised and the staff committee, which he chairs, should have been informed that the role had been moved to a lower ''salary band'' coinciding with Straub''s appointment. He argued any apparent breach of the principle that ECB jobs are purely awarded on merit risked undermining the ECB''s legitimacy in the eyes of the general public. "These risks should not be taken lightly, in a context where the European project is endangered by the rise of populism, nurtured by widespread perceptions of European citizens that their governing bodies are working towards the interests of a class of happy few," he said. In his new role, Straub receives a basic salary of between 122,268 euros and 175,428 per year, a higher range than in his previous role as counsellor to board member Benoit Coeure. In a note sent to staff on Thursday, trade union IPSO, which filed a separate but broadly equivalent appeal against the appointment, said the move was not intended as a personal attack on Straub. "We stress that the appeal is in no way meant to challenge the professional competence of our colleague," it said. "We do not challenge the person chosen we challenge the process of selection." The ECB was put in charge of supervising euro zone banks three years ago with the aim of avoiding a repeat of the 2008 banking crisis. It is also spending trillions of euros in a bid to boost euro zone inflation. An ECB staff survey conducted in 2015 showed 65 percent of respondents chose "knowing the ''right people''" as a way of getting ahead at the bank, a higher proportion than chose any other factor. Staff representatives complained last year to the European Parliament, which oversees the ECB, that dissent was discouraged at the bank, potentially hobbling its ability to spot the next financial crisis. (.Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-workers-draghi-exclusive-idUKKBN17U1MJ'|'2017-04-28T19:22:00.000+03:00'|3217.0|''|-1.0|'' -3218|'1b96ceb9e205731ed758be979e1861d048727630'|'SocGen, BNP woo funds eyeing India with tax saving gambit - sources'|' 5:44pm IST SocGen, BNP woo funds eyeing India with tax saving gambit - sources Rupee notes are seen in this picture illustration taken in Mumbai June 12, 2013. REUTERS/Vivek Prakash/File Photo By Abhirup Roy and Rafael Nam - MUMBAI MUMBAI Societe Generale and BNP Paribas are wooing hedge funds to invest in India through France, noting a special treaty between the two countries that allows investors to avoid paying tax in one of the world''s hottest emerging markets. The banks point out to investors that routing investments through their Paris base, where they have existing structures in place, would cushion them against the impact of a sweeping revamp in Indian tax rules - the General Anti Avoidance Rule (GAAR) - which came into effect this month, six people with knowledge of the banks'' communications told Reuters. Those people noted that investing in India via France, while legal, could prove controversial with Prime Minister Narendra Modi''s government, which is targeting foreign investments that avoid Indian taxes by coming through countries with special tax treaties. Also, the two French banks are promoting investments into so-called participatory notes, or P-notes - products created by banks to track Indian shares, debt and derivatives - the people said. A government-appointed panel warned in 2015 that P-notes could lead to "misuse", including money laundering or the channelling into domestic markets of unaccounted wealth held by Indians abroad. In response to Reuters queries, Societe Generale said it is "fully committed to preventing tax fraud and evasion." "We comply with local regulations in countries where we operate. This includes SEBI''s regulation on the distribution of Indian P-Notes to eligible investors," it added, referring to the Securities and Exchange Board of India. A spokeswoman for BNP Paribas said: "We deny the assertion that we have promoted investment via France as a way to avoid CGT (capital gains tax)." "BNP Paribas complies with all ODI (offshore derivative instruments) regulations as issued by SEBI and the applicable tax rules including GAAR... Our global set-up to provide market access products has remained consistent in all countries where we operate, including in India, and has not changed in response to the recent amendments to Indian regulations." A spokesman for India''s finance ministry declined to comment. ADVISING CAUTION Amit Maheshwari, a senior tax consultant, said he had been approached by clients who were contacted by the two French banks, but had advised caution. "P-notes will definitely be a big concern because the government doesn''t want to promote them," he said, adding also that the government would likely be concerned if funds were steering investments via France. "The Indian government now wants their fair share of taxes, and this is something which will create ripples with the tax authorities," Maheshwari said, adding he expected New Delhi would push for a renegotiation of its tax treaty with France. The treaty was one of several India signed in the 1980s and 1990s when it sought to attract overseas capital. It has similar double taxation avoidance deals with countries such as The Netherlands, Spain and Sweden. The banks say "there is no way the Indian government can challenge us under GAAR, so why don''t you use our route? You will not pay any tax," said another senior official at a tax and consulting firm who said he was approached by clients who received emails from BNP and Societe Generale. Reuters could not independently verify the content of the banks'' emails to potential clients. Other tax consultants, a hedge fund and a banker spoke to Reuters on the issue on condition they were not identified. FRANCE IN SPOTLIGHT Under Modi, India has begun amending tax treaties with other countries in an attempt to clamp down on what it sees as abuse of its domestic tax rules. It has already amended treaties with Singapore and Mauritius, which together account for around a third of foreign direct investment into India, including portfolio investments. Those agreements phase in higher CGT over two years, rising to the full 15 percent tax rate India imposes on short-term capital gains on shares and 30 percent on futures and options. Investments held longer than 12 months are not taxed. That makes France, ranked only ninth among the sources of foreign capital coming to India in April-December last year, a relatively attractive investment route - as investors would not have to pay any short-term CGT in India as long as the investment held is less than 10 percent of a company''s share capital. India is attracting foreign investment on hopes for an improving economy and more reforms. Its NSE share index is up more than 13 percent this year to a record high and the rupee currency is at a near-1-year high. Investing in India via France carries the risk that India could at any time seek to amend the tax treaty. And New Delhi has some leverage given France is keen to boost defence sales to India, such as its Rafale fighter jets. ($1 = 64.9600 rupees) (Additional reporting by Maiya Keidan in LONDON; Editing by Ian Geoghegan) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-tax-france-idINKBN1781GS'|'2017-04-06T20:14:00.000+03:00'|3218.0|''|-1.0|'' +3218|'1b96ceb9e205731ed758be979e1861d048727630'|'SocGen, BNP woo funds eyeing India with tax saving gambit - sources'|' 5:44pm IST SocGen, BNP woo funds eyeing India with tax saving gambit - sources Rupee notes are seen in this picture illustration taken in Mumbai June 12, 2013. REUTERS/Vivek Prakash/File Photo By Abhirup Roy and Rafael Nam - MUMBAI MUMBAI Societe Generale and BNP Paribas are wooing hedge funds to invest in India through France, noting a special treaty between the two countries that allows investors to avoid paying tax in one of the world''s hottest emerging markets. The banks point out to investors that routing investments through their Paris base, where they have existing structures in place, would cushion them against the impact of a sweeping revamp in Indian tax rules - the General Anti Avoidance Rule (GAAR) - which came into effect this month, six people with knowledge of the banks'' communications told Reuters. Those people noted that investing in India via France, while legal, could prove controversial with Prime Minister Narendra Modi''s government, which is targeting foreign investments that avoid Indian taxes by coming through countries with special tax treaties. Also, the two French banks are promoting investments into so-called participatory notes, or P-notes - products created by banks to track Indian shares, debt and derivatives - the people said. A government-appointed panel warned in 2015 that P-notes could lead to "misuse", including money laundering or the channelling into domestic markets of unaccounted wealth held by Indians abroad. In response to Reuters queries, Societe Generale said it is "fully committed to preventing tax fraud and evasion." "We comply with local regulations in countries where we operate. This includes SEBI''s regulation on the distribution of Indian P-Notes to eligible investors," it added, referring to the Securities and Exchange Board of India. A spokeswoman for BNP Paribas said: "We deny the assertion that we have promoted investment via France as a way to avoid CGT (capital gains tax)." "BNP Paribas complies with all ODI (offshore derivative instruments) regulations as issued by SEBI and the applicable tax rules including GAAR... Our global set-up to provide market access products has remained consistent in all countries where we operate, including in India, and has not changed in response to the recent amendments to Indian regulations." A spokesman for India''s finance ministry declined to comment. ADVISING CAUTION Amit Maheshwari, a senior tax consultant, said he had been approached by clients who were contacted by the two French banks, but had advised caution. "P-notes will definitely be a big concern because the government doesn''t want to promote them," he said, adding also that the government would likely be concerned if funds were steering investments via France. "The Indian government now wants their fair share of taxes, and this is something which will create ripples with the tax authorities," Maheshwari said, adding he expected New Delhi would push for a renegotiation of its tax treaty with France. The treaty was one of several India signed in the 1980s and 1990s when it sought to attract overseas capital. It has similar double taxation avoidance deals with countries such as The Netherlands, Spain and Sweden. The banks say "there is no way the Indian government can challenge us under GAAR, so why don''t you use our route? You will not pay any tax," said another senior official at a tax and consulting firm who said he was approached by clients who received emails from BNP and Societe Generale. Reuters could not independently verify the content of the banks'' emails to potential clients. Other tax consultants, a hedge fund and a banker spoke to Reuters on the issue on condition they were not identified. FRANCE IN SPOTLIGHT Under Modi, India has begun amending tax treaties with other countries in an attempt to clamp down on what it sees as abuse of its domestic tax rules. It has already amended treaties with Singapore and Mauritius, which together account for around a third of foreign direct investment into India, including portfolio investments. Those agreements phase in higher CGT over two years, rising to the full 15 percent tax rate India imposes on short-term capital gains on shares and 30 percent on futures and options. Investments held longer than 12 months are not taxed. That makes France, ranked only ninth among the sources of foreign capital coming to India in April-December last year, a relatively attractive investment route - as investors would not have to pay any short-term CGT in India as long as the investment held is less than 10 percent of a company''s share capital. India is attracting foreign investment on hopes for an improving economy and more reforms. Its NSE share index is up more than 13 percent this year to a record high and the rupee currency is at a near-1-year high. Investing in India via France carries the risk that India could at any time seek to amend the tax treaty. And New Delhi has some leverage given France is keen to boost defence sales to India, such as its Rafale fighter jets. ($1 = 64.9600 rupees) (Additional reporting by Maiya Keidan in LONDON; Editing by Ian Geoghegan) Next In Money News'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-tax-france-idINKBN1781GS'|'2017-04-06T20:14:00.000+03:00'|3218.0|29.0|0.0|'' 3219|'f5b94d2e755e8b1b014d6c3951436811a14ea9ed'|'Air Canada apologizes for bumping youth off oversold flight: father'|'Aerospace & Defense 35pm EDT Air Canada apologizes for bumping youth off oversold flight: father An Air Canada Boeing 767-300ER lands at San Francisco International Airport, San Francisco, California, April 16, 2015. REUTERS/Louis Nastro By Allison Lampert - MONTREAL MONTREAL Air Canada ( AC.TO ) has apologized and offered compensation for bumping a 10-year-old off a flight, the boy''s father said on Monday, after the Canadian family''s story sparked headlines following a high-profile incident involving overbooking by U.S. carrier United Airlines. Brett Doyle said his family, who first tried unsuccessfully to check in his older son online, was told at the airport there was no seat available for the boy on an oversold flight from Charlottetown, Prince Edward Island, to Montreal, where they were connecting to a flight to a Costa Rica vacation last month. The entrepreneur from Prince Edward Island said the family of four then drove to Moncton, New Brunswick, to catch a different flight to Montreal only to discover at the airport that it had been canceled. "I thought it was a joke, that there were hidden cameras or something," he recalled by phone from Charlottetown. Doyle said the family contacted Air Canada, the country''s largest carrier, in March, but only received an apology and the offer of a C$2,500 trip voucher after the story was published by a Canadian newspaper on Saturday. Air Canada could not immediately be reached by Reuters for comment. An airline spokeswoman told the Canadian Press: We are currently following up to understand what went wrong and have apologized to Mr. Doyle and his family as well as offered a very generous compensation to the family for their inconvenience. Doyle, whose family finally arrived in Montreal and was able to connect to Costa Rica, said he understood the public outcry after a 69-year-old passenger was dragged from his seat on a United plane in Chicago on April 9 to make space for crew members. "People are fed up," he said of airline overbooking. "You shouldn''t be able to sell something twice." United''s parent company, United Continental Holdings Inc ( UAL.N ), which is still recovering from the public relations debacle, apologized again on Monday for the passenger''s forceful removal, while reporting quarterly earnings. Doyle said the incident on United Flight 3411, which spread rapidly on social media after being shot on video by passengers, resonated with his family. "I ... said things could always be worse," he said after hearing about the United incident. "At least we weren''t thrown off the plane." (Reporting by Allison Lampert; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-air-canada-passenger-idUSKBN17K04Q'|'2017-04-18T09:35:00.000+03:00'|3219.0|6.0|0.0|'' 3220|'c5d57e941a6698a9bfb0a43a1c41e57ba7936437'|'UPDATE 1-ING Life Insurance Korea raises $974 mln after pricing IPO near lower end of range'|'* ING Life prices IPO at 33,000 won/share* Indicative range was 31,500 won to 40,000 won/share* IPO is S.Korea''s second-largest so far this year (Adds milestone, background)SEOUL, April 24 ING Life Insurance Korea, South Korea''s fifth-largest life insurer, on Monday priced its initial public offering (IPO) near the lower end of an indicative range, raising its Asia-based private equity owner MBK Partners 1.1 trillion won ($974 million).ING Life''s listing will be South Korea''s second-largest so far this year after smartphone games maker Netmarble Games Corp priced its IPO at the top of its range, raising $2.3 billion won.The insurer, which last week said its dividend payout history was an investor draw, said it can continue paying hefty dividends as it has a good capital-adequacy ratio and because it depends on higher-margin captive agents for growth, rather than independent insurance agents.It priced its IPO at 33,000 won per share, compared with an indicative range of 31,500 won to 40,000 won each, ING Life said in a filing.The pricing gives the whole company a pre-listing valuation of 2.71 trillion won.MBK, which bought ING Life from ING Groep NV for about 1.8 trillion won in 2013, will retain about 59.1 percent of the insurer after the listing, an ING Life spokeswoman said. ($1 = 1,129.9000 won) (Reporting by Joyce Lee; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/southkorea-ing-life-insurance-ipo-idINL4N1HW2K7'|'2017-04-24T04:58:00.000+03:00'|3220.0|''|-1.0|'' 3221|'f6177e6ae10044620e2b81229fe2b14f170188a8'|'Brexit leaves industrial firms staring into regulatory void'|' 24pm IST Brexit leaves industrial firms staring into regulatory void The British Union flag and the European Union flag are seen flying behind a clock in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville/Files By Ben Hirschler and Kate Holton - LONDON LONDON Summit Therapeutics is about to start pivotal tests of a novel antibiotic discovered by UK scientists to treat a sometimes deadly bowel infection, but Britons could be the last patients to get it after Britain leaves the EU. The biotech company headquartered outside Oxford is one of thousands of manufacturers, from aerospace engineers to makers of plastic mouldings, facing an uncertain future as Britain''s departure from the European Union leaves a potential regulatory vacuum in its wake. While London plans a mammoth cut-and-paste job to convert EU law into domestic legislation, dubbed the Great Repeal Bill, this will not answer the question of what happens to the work of EU agencies that have legal powers to regulate industry. Some manufacturers are already seeking to write into supplier contracts a clause asserting who should shoulder the burden of additional costs if Britain creates its own regulators, duplicating the work required to trade in the UK and Europe. "We will do clinical trials in the UK, but the question is what will be the process for getting UK approval?" Summit''s Chief Executive Glyn Edwards told Reuters. "The big issue is really for UK patients. If there isn''t some kind of mutual recognition and participation in the EU system for drugs, then the focus will be on getting first approval in Europe because the market there is so large." Officials say relations between regulatory bodies after Britain leaves the EU is a matter for Brexit negotiations in the run-up to the divorce scheduled for March 2019. The minister in charge of Prime Minister Theresa May''s "Brexit department", David Davis, told parliament at the end of March the government would build relationships with its European partners that enable it to maintain common standards. He refused to go into details about how this would work, however. May has called a snap election for June 8, hoping to strengthen her hand with a bigger parliamentary majority so she can secure what she calls the best deal for Britain in the Brexit talks. One option might be to agree special relationships with certain EU regulatory systems, either on a transitional or long-term basis. Currently, for example, drugmakers in the European Economic Area, or single market, can tap the entire market of 500 million potential patients with a single EU marketing approval. The single market includes Iceland, Liechtenstein and Norway as well as the EU. May has ruled out Britain being a part of the single market, however, and the rest of the EU may in any case baulk at allowing London to use its regulatory machinery after it leaves. Further, EU agencies are beholden to the European Court of Justice, whose jurisdiction Britain is determined to escape. "The issue of how quickly these things can be clarified is really important," said Andrew Bonfield, finance director of National Grid and chairman of the 100 Group, representing finance heads of FTSE 100 companies and some big private firms. "People need to know how they are going to operate," he told Reuters. "I cannot see a solution which would enable the UK to be under EU regulation if we are talking about a proper exit from the EU." Opposition Labour lawmaker Chris Leslie believes it would be difficult for Britain to be a "rule taker" from EU agencies in the long term, since regulation could be used as a tool to gain an edge over rivals. "Different groups will press for variance to get a short-term competitive advantage over European competitors," he said. Escaping the "yoke" of EU regulation, or "taking back control", was one of the reasons campaigners gave to vote in favour of Brexit in the June 2016 referendum. TINY MARKET In the case of drugs, leaving the nearly 900-person European Medicines Agency, which is set to move from its current base in London, would mean Britain would need a stand-alone UK regulator to decide if drugs are fit for use. [nL5N1HD32O] Since companies must pay fees to have new drugs assessed and separate filings involve extra work, the cost of accessing a British market that accounts for only 2-3 percent of global sales would likely delay the introduction of new medicines into the UK. Industry figures who have met the government to discuss the issue say they do not expect UK rules to diverge enormously from EU ones after Brexit, but they are concerned about the lack of clarity about what they will look like. It is a particular worry for small, resource-limited businesses like Summit, which was founded in 2003 as a spin-out from the University of Oxford and has a staff of 45. Ultimately, Summit might even relocate. The company already has a U.S. office and it will almost certainly set up an organisation in continental Europe to be within the EU zone. "Brexit tilts the balance less in favour of remaining based corporately in the UK," Edwards said. Other industries have similar questions. The chemicals and plastics industry has invested heavily to meet strict EU rules on safety and environmental standards, known as REACH, and could now face new UK regulations. Tim Thomas, a policy director at manufacturing and engineering trade body the EEF, said companies were concerned. "Businesses are, understandably, asking questions about future regulation and regulators, as future changes will need to be built into commercial arrangements," he said. "Different regimes are likely to bring with them new costs and burdens." Aerospace firms fear losing oversight from the European Aviation Safety Agency, which endorses product quality, while airlines warn of disruption if Britain is cut out of Europe''s single aviation market. The need to create a British regulatory system will require legislation, piling up an already daunting workload for lawmakers now further delayed by the June election. "It will take a phenomenal amount of parliamentary time and this new parliament (after the election) will be much, much more busy than anything we''ve seen in the last two years," said Leslie. "There are a whole array of areas that lots of people haven''t quite got their heads around yet." (Additional reporting by William James; Editing by Guy Faulconbridge and Sonya Hepinstall)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-regulations-idINKBN17S1OG'|'2017-04-26T20:54:00.000+03:00'|3221.0|''|-1.0|'' @@ -3259,12 +3259,12 @@ 3257|'503820daf4efbfe8c46d169ea5e40ea1b7e39657'|'U.S. 5-year note sold at lowest yield since November'|'NEW YORK, April 26 The U.S. Treasury Department on Wednesday sold $34 billion in five-year government debt to soft investor demand for a yield of 1.875 percent, the lowest at a five-year note auction since November, Treasury data showed.The Treasury awarded investment funds, foreign central banks and other indirect bidders 57.29 percent of the latest five-year note offering, which was their smallest award since last July. (Reporting by Richard Leong, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-5year-idINL1N1HY1FK'|'2017-04-26T15:13:00.000+03:00'|3257.0|''|-1.0|'' 3258|'93139bdc51e9f621b540b30c710db36ba106ad53'|'Unilever picks Morgan Stanley and Goldman to sell spreads business - sources'|' 12:59pm BST Unilever picks Morgan Stanley and Goldman to sell spreads business - sources The logo of the Unilever group is seen at the Miko factory in Saint-Dizier, France, May 4, 2016. REUTERS/Philippe Wojazer/File Photo By Pamela Barbaglia and Martinne Geller - LONDON LONDON Anglo-Dutch consumer group Unilever ( ULVR.L ) has decided to work with Morgan Stanley and Goldman Sachs on the sale of its margarine and spreads business, which was announced last week, sources told Reuters on Thursday. The sale, which could fetch as much as 6 billion pounds, is expected to kick off later this year, the sources said, following a far-reaching review of Unilever''s business prompted by February''s unsolicited $143 billion takeover offer from Kraft Heinz ( KHC.O ). Morgan Stanley and Goldman Sachs are mainly targeting private equity bidders which could team up in large consortia to finance the bid, said the sources, who declined to be identified as the process is private. Unilever and Morgan Stanley declined to comment while Goldman Sachs was not immediately available to comment. Goldman and Morgan Stanley have both worked with Unilever on deals in the past. Morgan Stanley worked on Unilever''s defence against Kraft. Unilever said last week that it planned to sell the spreads business by year-end, but would also prepare it for a spin-off if a sale could not be completed. (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-unilever-m-a-spreads-idUKKBN17F1GJ'|'2017-04-13T19:59:00.000+03:00'|3258.0|4.0|4.0|'' 3259|'ecbe6123483c081b6d967cb36801d912ebca881d'|'Norway''s sovereign fund backs Credit Suisse executive pay'|' 55am EDT Norway''s sovereign fund backs Credit Suisse executive pay OSLO, April 18 Norway''s $915 billion sovereign wealth fund, the world''s largest, will vote in favour of Credit Suisse''s planned payouts to senior managers following a recent bonus cut, the fund said in a statement on Tuesday. "The board has listened to shareholder concerns related to remuneration resolutions ... Norges Bank Investment Management welcomes the announcement made by the board on 13 April regarding a revision of executive remuneration," the fund added. Shareholder advisory service Glass Lewis separately said on Tuesday the concessions offered by Credit Suisse were "too little too late". (Reporting by Terje Solsvik, editing by Camilla Knudsen)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/credit-suisse-gp-agm-norway-idUSO9N1GM01R'|'2017-04-18T21:55:00.000+03:00'|3259.0|''|-1.0|'' -3260|'5b6e5f4a6420b891b023ad622dcfc272adcbad57'|'Sterling slips ahead of statement by UK prime minister'|'FRB 34am EDT Sterling slips ahead of statement by May A pile of one pound coins is seen in a photo illustration shot June 17, 2008. REUTERS/Toby Melville/Illustration/File Photo LONDON Sterling fell by almost a cent against the dollar on Tuesday after British Prime Minister Theresa May''s office said she would make a statement outside Downing Street at 10.15 GMT. Sterling fell as low as $1.2515 from around $1.26 as investors awaited the statement, which follows media reports that some senior Conservatives favour calling an early parliamentary election. It earlier hit a three-week high of $1.2608. The pound also hit the day''s low of 85.11 pence per euro, having earlier touched an eight-week high. It is unusual for leaders to make a statement outside Number 10 Downing Street and most prime ministers only use the setting for major announcements. Her office gave no indication on the subject of Tuesday''s statement. Britain''s FTSE pared losses slightly, last down 1 percent, after sterling dipped to a day''s low. Its majority foreign-earning constituents tend to gain when sterling is weak. British government bonds extended gains, with yields on 10-year debt falling to their lowest since mid-October at 1.007 percent by 0927 GMT, more than 3 basis points down on the day. (Reporting by Jemima Kelly, Patrick Graham, David Milliken and Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uk-britain-sterling-open-idUSKBN17K0UI'|'2017-04-18T17:33:00.000+03:00'|3260.0|''|-1.0|'' +3260|'5b6e5f4a6420b891b023ad622dcfc272adcbad57'|'Sterling slips ahead of statement by UK prime minister'|'FRB 34am EDT Sterling slips ahead of statement by May A pile of one pound coins is seen in a photo illustration shot June 17, 2008. REUTERS/Toby Melville/Illustration/File Photo LONDON Sterling fell by almost a cent against the dollar on Tuesday after British Prime Minister Theresa May''s office said she would make a statement outside Downing Street at 10.15 GMT. Sterling fell as low as $1.2515 from around $1.26 as investors awaited the statement, which follows media reports that some senior Conservatives favour calling an early parliamentary election. It earlier hit a three-week high of $1.2608. The pound also hit the day''s low of 85.11 pence per euro, having earlier touched an eight-week high. It is unusual for leaders to make a statement outside Number 10 Downing Street and most prime ministers only use the setting for major announcements. Her office gave no indication on the subject of Tuesday''s statement. Britain''s FTSE pared losses slightly, last down 1 percent, after sterling dipped to a day''s low. Its majority foreign-earning constituents tend to gain when sterling is weak. British government bonds extended gains, with yields on 10-year debt falling to their lowest since mid-October at 1.007 percent by 0927 GMT, more than 3 basis points down on the day. (Reporting by Jemima Kelly, Patrick Graham, David Milliken and Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uk-britain-sterling-open-idUSKBN17K0UI'|'2017-04-18T17:33:00.000+03:00'|3260.0|24.0|0.0|'' 3261|'87a49bd160e15312ad359798f2970668a823af9d'|'Aramco board to meet in Shanghai as it seeks Chinese investors for IPO'|'Business News 53pm BST Aramco board to meet in Shanghai as it seeks Chinese investors for IPO FILE PHOTO: The Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo DUBAI Saudi Aramco''s board will meet in China in May for the first time in seven years, industry sources said, as the state-owned energy firm seeks to lure Chinese and Asian investors to its giant share offering. The board of directors would gather in Shanghai on May 10 to discuss the firm''s business plans, investments and preparations to sell up to 5 percent of Aramco in 2018, the sources said. An annual report of the company''s activities for the previous year is usually issued after the board meeting. The board, which gathers twice a year, often meets abroad but only once before had a meeting in China, in 2010. Aramco has appointed international banks with access to Chinese investors to advise on the initial public offering (IPO). The issue of Aramco''s IPO and a potential role for Chinese investors was discussed last month during the visit by Saudi Arabia''s King Salman to Beijing, sources said. The IPO could generate up to $100 billion and give Aramco an overall valuation of $2 trillion, the biggest ever. "Chinese participation in Aramco''s IPO would be very logical and strategic," said Sadad al-Husseini an energy analyst and former Aramco executive. Saudi officials have said Chinese companies were interested in investing in the Aramco IPO as Beijing seeks to secure crude supplies from the worlds biggest oil exporter. "There is a serious push from Aramco for Chinese investors to become cornerstone investors in the IPO," an industry source said. A second source said talks were at an early stage and any Chinese investment in Aramco would likely be in coordination with the Beijing government. Aramco is likely to be listed on the Saudi stock exchange in Riyadh and on one or more international markets. The kingdom is considering exchanges in New York, London, Toronto and Asia. Industrial and Commercial Bank of China International Holdings, a unit of Industrial and Commercial Bank of China ( 601398.SS ), and China International Capital Corporation (CICC) are among Chinese banks pitching for a role in the IPO, sources familiar with the matter have told Reuters. Chinese participation in the IPO could strengthen Riyadh''s hand in other Chinese investment decisions, the sources said. Aramco has been in talks for years to invest in refineries in China so it can sell more of its crude to China. Those plans have yet to progress. The board, which often tours Aramco''s investments where they meet, also comes before the Organization of the Petroleum Exporting Countries gathers in Vienna on May 25 to decide on output policy. An OPEC-led pact to cut supplies ends in June. The nine-member board includes Saudi Energy Minister and Aramco Chairman Khalid al-Falih, Minister of State Ibrahim al-Assaf, Aramco CEO Amin Nasser, Public Investment Fund Managing Director Yasir al-Rumayyan and royal court adviser Majid al-Moneef. It also includes former Royal Dutch Shell Chairman Mark Moody-Stuart and former Schlumberger head Andrew Gould. (Reporting by Reem Shamseddine in Khobar, Rania El Gamal in Dubai and Aizhu Chen in Beijing; Editing by Dmitry Zhdannikov and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-aramco-board-china-idUKKBN17C19V'|'2017-04-10T19:53:00.000+03:00'|3261.0|''|-1.0|'' 3262|'68dd92bd16655743393295afb15506eb70975657'|'Burberry sales growth slows as U.S. weighs on group'|'Business News 7:53am BST Burberry sales growth slows as U.S. weighs on group left right A detail of a handbag is seen at a Burberry store in central London, Britain, July 15, 2015. REUTERS/Toby Melville/File Photo 1/2 left right A kitchen staff member stands outside a boutique of the Burberry luxury goods company in Beijing, China, December 1, 2016. Picture taken December 1, 2016. REUTERS/Thomas Peter 2/2 LONDON British luxury brand Burberry ( BRBY.L ) reported a slight slowdown in its fourth-quarter comparable sales growth rate, as tough conditions in the United States weighed on an "exceptional" performance in its home market. Known for its classic trench coats, Burberry has benefited from tourists taking advantage of a drop in the value of the pound since the Brexit vote in June to buy luxury goods in the British capital rather than other European cities. Burberry said the British market remained strong and it reiterated its full-year profit target, helped by the boost from the weak pound. But comparable sales growth rose just 2 percent in the fourth quarter, below an analyst forecast of 3-4 percent growth, and below a third-quarter rise of 3 percent. "In an uncertain environment, we continue to take action to strengthen the brand and reposition Burberry for growth," Christopher Bailey, chief creative and executive officer, said. "While we have more to do, as we build on our progress so far, we remain confident about Burberry''s prospects in the longer term." Comparable sales in the second half of the year rose 3 percent, with strength in mainland China driving growth in Asia Pacific and an "exceptional" performance in the UK boosting its Europe, Middle East, India and Africa division. Sales in the Americas fell by a "mid single-digit" percentage, where the market has turned highly promotional, while important markets including Hong Kong and Korea also declined. It said it was on track to deliver planned cost savings of 20 million pounds in full-year 2017, which would increase to at least 100 million pounds a year in full-year 2019. (Reporting by Kate Holton, editing by James Davey and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-burberry-outlook-idUKKBN17L0I7'|'2017-04-19T14:53:00.000+03:00'|3262.0|12.0|0.0|'' 3263|'0b90c483306d4706046e62baaa99a53b4835fea9'|'CEE MARKETS-Stocks, fx mostly rebound'|' 29am EDT CEE MARKETS-Stocks, fx mostly rebound * Prague stocks buck CEE rise as Moneta trades ex-div * Daimler earnings, dollar retreat cause some improvement in mood * Geopolitical concerns may return * Hungarian bonds firm, still helped by Tuesday''s CPI data By Sandor Peto BUDAPEST, April 12 Central European currencies and equities mostly firmed on Wednesday as investors took a breath after selling risky assets in recent weeks due to geopolitical worries. Market participants were split as to whether sentiment towards emerging markets had actually improved, or the selling had merely lost some steam. A surge in the profit of German auto maker Daimler , which has a big Mercedes-Benz production plant in Hungary, improved the mood across European stock markets, said Monika Kiss, analyst at Equilor Brokerage in Budapest. The dollar, whose strength against the euro has also weighed on Central European currencies in recent weeks, has also retreated slightly this week. "I would say one-off factors are causing today''s relief rather than a sentiment change," Kiss said, adding that geopolitical risks could continue to cast a shadow on markets in the region and in the world. A Budapest-based fixed income trader saw a slight improvement in risk sentiment and said worries that France''s far-right may win the upcoming presidential election there seemed to have eased somewhat. "Remaining worries seem to have shifted towards others (emerging markets)... while Central Europe looks a bit decoupled," the trader added. The forint and the zloty firmed 0.1 percent against the euro in morning trade, rebounding from a one-month and a one-week low touched on Tuesday. The crown stood slightly weaker against the euro at 26.681, off morning lows, taking a respite after increased volatility since the Czech central bank removed its cap at 27, letting it firm after a rise in inflation in the past months. Prague''s stock index fell 0.9 percent, while other regional stock indices mostly rose or were flat. The decline was down to one share, Moneta Bank, which shed more than 8 percent to hit its lowest level since January as it traded ex-dividend. A rise in the stocks of OTP Bank and pharmaceuticals company Richter helped Budapest''s index gain 0.7 percent. Hungarian government bond yields dropped by a few basis points, with 10-year paper trading at 3.28 percent, down 2 basis points. Hungarian debt got some help, and the forint came under some pressure, from lower-than-expected 2.7 percent annual inflation reported on Tuesday. The central bank is expected to confirm its loose policy stance in the minutes of its March rate-setting meeting which it is due to publish at 1200 GMT. Department head Judit Varhegyi told state television M1 on Wednesday that the bank expected a slowdown in inflation in the coming months. CEE SNAPS AT 1026 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 26.68 26.66 -0.07 1.22% 10 10 % Hungary 311.7 312.0 +0.1 -0.93 forint 200 650 1% % Polish 4.248 4.251 +0.0 3.65% zloty 8 5 6% Romanian 4.513 4.515 +0.0 0.48% leu 5 1 4% Croatian 7.431 7.428 -0.03 1.67% kuna 0 5 % Serbian 123.6 123.7 +0.1 -0.22 dinar 200 550 1% % Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 984.5 992.9 -0.85 +6.8 0 5 % 2% Budapest 32438 32199 +0.7 +1.3 .86 .15 4% 6% Warsaw 2223. 2221. +0.0 +14. 11 82 6% 13% Bucharest 8211. 8200. +0.1 +15. 40 18 4% 90% Ljubljana 781.7 781.1 +0.0 +8.9 2 5 7% 4% Zagreb 1918. 1939. -1.11 -3.85 11 72 % % Belgrade <.BELEX15 736.3 734.0 +0.3 +2.6 > 9 0 3% 5% Sofia 658.5 656.4 +0.3 +12. 9 5 3% 30% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year 2 bps s 5-year bps s 10-year bps s Poland 2-year bps s 5-year bps s 10-year bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.3 0.34 0.44 0 PRIBOR=> Hungary < 0.2 0.26 0.33 0.16 BUBOR=> Poland < 1.75 1.78 1.81 1.73 WIBOR=> Note: FRA are for quotes ask prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/easteurope-markets-idUSL8N1HK1VQ'|'2017-04-12T17:29:00.000+03:00'|3263.0|''|-1.0|'' 3264|'8ade1ed0d5e6a247174246a05cecfcb866d96f72'|'Exclusive: U.S. regulator removes top examiner for Wells Fargo - sources'|'By Patrick Rucker - WASHINGTON WASHINGTON The most senior bank examiner for Wells Fargo & Co ( WFC.N ) has been removed by a U.S. regulator in the wake of the bank''s unauthorised accounts scandal, people familiar with the matter told Reuters this week.The Office of the Comptroller of the Currency, the lead regulator for national banks, stripped the examiner, Bradley Linskens, of his supervisory powers within the last two weeks, said three sources, who were not authorized to discuss the matter publicly.Linskens did not immediately respond to requests for comment. OCC spokesman Bryan Hubbard declined to comment.Wells Fargo''s board is expected to release a report on Monday detailing what went wrong at the fourth-largest U.S. bank, according to sources familiar with the matter. The bank and its board both declined to comment.In September, Wells Fargo reached a $190 million settlement with the OCC and other regulators over its opening millions of accounts in customers'' names without their permission. At the time, the bank said as many as 2 million accounts were affected, but has since said the number might be larger.The report is the result of a seven-month investigation by Wells Fargo''s board of directors into how and why the sales abuses happened. Thousands of employees were dismissed over the matter, and several have publicly said they opened the fake accounts to hit aggressive sales targets set by managers.Wells Fargo now faces probes from other government agencies including the Department of Justice, which is investigating whether any laws were broken.Linskens was responsible for day-to-day supervision of Wells Fargo and managed a staff of more than 60 people, according to past notices from the OCC. He joined the OCC in 1993 and earliest oversight of Wells Fargo began in 2006.In 2016, Linskens was honoured with the title "senior national bank examiner" and received accolades in a news release from Comptroller Thomas Curry, who runs the OCC.In September, Curry ordered an internal review of how the OCC handled the Wells Fargo matter and whether the agency has "gaps in our supervision."That review is drawing to a close, said an OCC official.(Reporting by Patrick Rucker; Editing by Lauren Tara LaCapra and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/wells-fargo-accounts-examiner-idINKBN1792XP'|'2017-04-07T17:28:00.000+03:00'|3264.0|''|-1.0|'' -3265|'733ba0b6a542882b90e1915e67149c3b48b97b2d'|'BRIEF-RealPage Inc amends credit agreement'|' 40pm EDT BRIEF-RealPage Inc amends credit agreement April 4 RealPage Inc * RealPage Inc - on April 3, 2017, co entered into fourth amendment to credit agreement - sec filing * RealPage Inc - amendment amends certain terms of RealPage Inc ''s credit agreement, dated as of september 30, 2014 * RealPage Inc -Amendment to provide for additional pricing tier for interest rates, fees if co''s consolidated net leverage ratio equals or exceeds 4.00 to 1.00 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-realpage-inc-amends-credit-agreeme-idUSFWN1HC0MB'|'2017-04-05T04:40:00.000+03:00'|3265.0|''|-1.0|'' +3265|'733ba0b6a542882b90e1915e67149c3b48b97b2d'|'BRIEF-RealPage Inc amends credit agreement'|' 40pm EDT BRIEF-RealPage Inc amends credit agreement April 4 RealPage Inc * RealPage Inc - on April 3, 2017, co entered into fourth amendment to credit agreement - sec filing * RealPage Inc - amendment amends certain terms of RealPage Inc ''s credit agreement, dated as of september 30, 2014 * RealPage Inc -Amendment to provide for additional pricing tier for interest rates, fees if co''s consolidated net leverage ratio equals or exceeds 4.00 to 1.00 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-realpage-inc-amends-credit-agreeme-idUSFWN1HC0MB'|'2017-04-05T04:40:00.000+03:00'|3265.0|24.0|0.0|'' 3266|'dcc6e242801e60dd7fe2135d06f49146cc977e0e'|'Barclays bosss spy act is a funny old business - Business'|'Say what you like about Barclays American boss Jes Staley (please, knock yourself out) but dont assume hes a stereotypical Wall Streeter with an underdeveloped sense of irony.Staley has, of course, landed himself in the soup over his attempts to unmask an internal whistleblower , who was supposedly saying mean things about a close pal and colleague. That resulted in an official warning for Staley earlier this month but a more charitable interpretation might be that the bungling spymaster act was merely a satirical homage to the old Barclaycard ads featuring Rowan Atkinsons incompetent MI7 spook, Latham.You remember the sort of thing: an earnest Latham tries to show off his espionage skills, only to accidentally shoot himself in the scrotum with a tranquilliser pen. Or the one where our hero tries to buy a carpet by haggling with a trader in local dialect: You sound fluent, sir. We are both fluent, Bough; sadly in different languages.So, by that reading, Staleys efforts were not the shameful trampling over whistleblower protocols they originally appeared to be. Instead, they were a cruelly misunderstood and affectionate comic tribute to a vintage period of the banks advertising. Please remember that when he faces the City for the first time since being publicly disgraced, at Barclayss quarterly results this week.HSBC duo face final curtainApart from those numbers from Barclays , we have a slew of other banking events this week among them an annual general meeting at HSBC, where the banks board is about to undergo significant change, partly because its time, and partly due to a row with those pesky proxy groups.Firstly, this will be chairman Douglas Flints final AGM although that is hardly a shock as he announced his departure a year ago.Secondly, it is farewell to non-executive director Paul Walsh, who has been pressured by proxy voting groups including ISS and Glass Lewis into stepping down because of over-boarding allegations.Before you ask, thats not a euphemism for something that happens to whistleblowers at black sites in Panama. Instead its all about Walsh enjoying too many other directorships to concentrate on HSBC .The worlds local bank had argued that this point did not apply to Walsh, as he did not hold a position of enough influence at HSBC which inevitably lead to a paraphrasing of a classic Brian Clough question: if youre not influential, what are you doing on the effin board? Answer: he wont be.Tough medicine for AstraZeneca boss They say that there is nothing new under the sun a point made by both Ecclesiastes and the City, and routinely reinforced by this column.So it will prove again this week when the drugs group AstraZeneca holds its annual general meeting, where tradition (and possibly the companys constitution) dictates that there will be a tasty little scrap over executive pay.Youll recall how in the so-called shareholder spring of 2012, then Astra boss David Brennan was ousted after a row over his 9m package, which hed combined with a touch of underperformance but the pay narrative has remained pretty constant since, no matter whos been the boss.This year should prove to be another re-run, with Pirc opposing both the groups remuneration report and policy describing the latter as a method to promote excessive payouts.Pirc continues: The ratio of CEO to average employee pay has been estimated and is found unacceptable at 152:1. The balance of CEO realised pay with financial performance is not considered acceptable as the change in CEO total pay over five years is not commensurate with the change in TSR [total shareholder return] over the same period.A developing story, then (which we might hear again and again).Topics Barclays Observer business agenda Banking HSBC AstraZeneca Advertising comment '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/apr/23/barclays-boss-whistleblowing-debacle'|'2017-04-23T15:00:00.000+03:00'|3266.0|''|-1.0|'' 3267|'f74504233438d1cd2761ab27c4c8ae3a6863c371'|'Court ruling leaves Macquarie as preferred bidder for Green Investment Bank'|'Business News - Fri Apr 7, 2017 - 8:31pm BST Court ruling leaves Macquarie as preferred bidder for Green Investment Bank The logo of Australia''s biggest investment bank Macquarie Group Ltd adorns a door to their Sydney office headquarters in Australia, October 28, 2016. REUTERS/FILE/David Gray By Dasha Afanasieva - LONDON LONDON Australian investment bank Macquarie ( MQG.AX ) looked set to acquire Britain''s Green Investment Bank (GIB) after a court rejected the claim of a rival bidder on Friday. The British government set up GIB, which backs green projects with public funds, in 2012 as a commercial venture to spur private sector investment in green projects. It has invested more than 2 billion pounds ($2.5 billion) in projects such as offshore wind farms and waste management. The government decided to sell a majority stake in 2015, saying it would give the bank greater freedom to borrow, removing state aid restrictions, and allow it to attract more capital. Some British lawmakers have opposed a sale to Macquarie, worried that it could lead to job losses. Competing bidder Sustainable Development Capital (SDCL) said in a statement that it had lost a judicial review in the High Court on Friday, having argued against the government awarding the preferred bidder status to "another party", which bankers said was Macquarie. "Meanwhile the preferred bidder''s offer remains to be signed some six months later, though the government told the court that it was now in a position to sign a binding agreement with the preferred bidder," SDCL''s Chief Executive Jonathan Maxwell said in the statement. Macquarie, which says it has invested 8.5 billion pounds in renewable energy projects since 2010, declined to comment. A spokeswoman for the Department for Business, Energy & Industrial Strategy welcomed the ruling but declined to comment further because of the commercial sensitivity of the process. "As we have said, any government decision on the sale of the Green Investment Bank will be driven by what best achieves our objectives, including continued investment in the green economy and a sale which is in the best interests of the taxpayer." ($1 = 0.8070 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-gib-court-idUKKBN1792XV'|'2017-04-08T03:31:00.000+03:00'|3267.0|''|-1.0|'' 3268|'30219695bc9fcf9edb177b976ffb451f08f6670e'|'Fresenius snaps up Akorn, Merck KGaA''s biosimilars in separate deals'|'Deals - Tue Apr 25, 2017 - 4:17am EDT Fresenius picks up M&A pace with Akorn, Merck KGaA deals FILE PHOTO: The Fresenius SE headquarters are pictured in Bad Homburg near Frankfurt, Germany February 22, 2017. REUTERS/Ralph Orlowski By Ludwig Burger - FRANKFURT FRANKFURT German healthcare group Fresenius SE & Co KGaA ( FREG.DE ) has stepped up its dealmaking, agreeing to buy U.S. generic drugmaker Akorn Inc ( AKRX.O ) for $4.75 billion (4.37 billion euros) and the biosimilars arm of Germany''s Merck KGaA. Takeovers were part of Fresenius''s growth strategy under previous boss Ulf Mark Schneider, now leading Nestle ( NESN.S ). But his successor, former finance chief Stephan Sturm, is lifting the pace, having already bought a Spanish hospital chain for 5.8 billion euros since taking over in June. The latest deals are in keeping with Fresenius''s focus on drugs that have lost patent protection, but also mark a foray into new dosage forms, therapeutic areas and biotech drugs for its Kabi unit, a maker of generic infusion drugs as well as tube feeding and blood transfusion equipment. Akorn will add products such as medical creams, ophthalmic drugs, oral liquids, ear drops, nasal sprays and respiratory drugs, where competition is relatively benign compared with standard pills and tablets. "We are putting Fresenius Kabi on track for an even more broadly based and strong sustainable growth beyond the current decade," said Sturm. The separate deal with Merck KGaA MRKG.DE marks an entry into "biosimilar" copies of complex biologic drugs made from living cells, which Fresenius has previously shunned. "We''ve always said the regulatory environment would have to clear up before we invest in biosimilars. A lot has been done in that area in the recent past," Sturm added. Reuters earlier on Monday reported Fresenius was close to acquiring Akorn. In a deal that has the backing of Akorn''s management and its largest shareholder, Fresenius will pay $34 per share and take on Akorn''s net debt of about $450 million for a total price tag of $4.75 billion, Fresenius said late on Monday. It will be financed by a broad mix of euro- and dollar-denominated debt instruments. Berenberg analyst Tom Jones said the price tag of 12.4 times Akorn''s core earnings (adjusted EBITDA) estimate for 2017 should not "give anyone any great cause for concern". He flagged some risks related to Akorn''s older drugs that might draw scrutiny from U.S. healthcare regulators but was reassured by the buyer''s "long history of doing M&A, and doing it relatively well". Fresenius shares were up 0.9 percent at 0750 GMT (3.50 am ET), broadly in line with the European healthcare index .SXDP. For the Merck deal, Fresenius will pay an initial 170 million euros and up to 500 million in milestone payments tied to the achievement of drug development targets as none of Merck''s biosimilar drugs have been launched yet. Merck also stands to receive single-digit percentage royalties on sales. Fresenius said it expected first revenues toward the end of 2019. It also said it was prepared to spend and invest up to 1.4 billion euros to build up the new business through 2022, including the upfront and milestone payments to Merck. Fresenius, with a market capitalization of more than 40 billion euros, runs businesses ranging from kidney dialysis and drug manufacturing to hospital management. Group net debt as a multiple of core earnings will temporarily increase to about 3.3 after both transactions but is expected to return to about 3 at the end of 2018. Fresenius has for years enjoyed low borrowing costs because of its diversified businesses in an industry largely immune to swings in the business cycle. The buyer''s main advisers on the Akorn deal were investment banks Credit Suisse ( CSGN.S ) and Moelis ( MC.N ), as well as law firm Allen & Overy. (Reporting by Ludwig Burger; Editing by Grant McCool and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-akorn-m-a-fresenius-idUSKBN17Q29Q'|'2017-04-25T05:22:00.000+03:00'|3268.0|''|-1.0|'' @@ -3273,7 +3273,7 @@ 3271|'9319ab7e8155729a4aecad177b09fa59101330c1'|'BHP says cost of Elliott Advisors proposal would outweigh benefits'|'LONDON BHP Billiton ( BHP.AX ) ( BLT.L ) said on Monday the cost of a proposal from hedge fund manager Elliott Advisors to unlock shareholder value would outweigh any benefits.The plans would involve scrapping the mining giant''s dual corporate structure, demerging its oil business and rejigging its capital return policy. [L3N1HI3HI]"After reviewing the elements of Elliott''s proposal, we have concluded that the costs and associated risks of Elliott''s proposal would significantly outweigh any potential benefits," BHP said in a statement.(Reporting by Rahul B and Barbara Lewis; editing by Jason Neely)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-bhp-billiton-shareholders-statement-idUSKBN17C17A'|'2017-04-10T15:19:00.000+03:00'|3271.0|''|-1.0|'' 3272|'e146c5fec1313db06c8b8fd871d55ef82255ca89'|'Trump to order a study on abuses of U.S. trade agreements'|' 2:07am BST Trump to order a study on abuses of U.S. trade agreements left right FILE PHOTO: The headquarters of the World Trade Organization (WTO) are pictured in Geneva, Switzerland, April 12, 2017. REUTERS/Denis Balibouse/File Photo 1/2 left right U.S. President Donald Trump delivers remarks at the National Rifle Association (NRA) Leadership Forum at the Georgia World Congress Center in Atlanta, Georgia, U.S., April 28, 2017. REUTERS/Jonathan Ernst 2/2 By Ayesha Rascoe - WASHINGTON WASHINGTON President Donald Trump will sign an executive order on Saturday seeking to identify any problems caused by the nation''s existing trade agreements, including an examination of U.S. involvement in the World Trade Organization, a top trade official said. Commerce Secretary Wilbur Ross said his department would work to issue a report in 180 days outlining challenges with these trade deals and possible solutions. Ross singled out the World Trade Organization as an entity that may need to make some changes, although he cautioned that the administration had not made any decisions yet. "There''s always the potential for amending organization''s charters like the WTO, particularly when you''re in the position we are," he said. "We''re the number one importer in the whole world." Ross raised concerns that the WTO is too bureaucratic and does not hold meetings often enough. He also argued that the WTO has an "institutional bias" in favor of exporters and against countries that are being "beleaguered by inappropriate imports." Remaking U.S. trade relations has been a top priority for Trump, who has argued that the United States has been treated unfairly in international trade. Trump said on Thursday that he had been prepared to terminate the North American Free Trade Agreement (NAFTA) with Canada and Mexico, but backed off after calls from the leaders of those two countries. The effects of NAFTA on the U.S. economy will also be examined in the new study. Last month, Trump also issued an order calling for a major review of the causes of all U.S. trade deficits. (Reporting by Ayesha Rascoe; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-trade-order-idUKKBN17V01Z'|'2017-04-29T09:06:00.000+03:00'|3272.0|''|-1.0|'' 3273|'96b1ed6e757d281870805f587b57ecd17d2064a7'|'Apple considering multi-billion dollar investment in Toshiba chip unit - NHK'|'Business News - Fri Apr 14, 2017 - 4:48am BST Apple considering multi-billion dollar investment in Toshiba chip unit - NHK The Apple logo is pictured on an iPhone in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau TOKYO Apple Inc ( AAPL.O ) is considering investing at least several billion dollars in the chip business put up for sale by Toshiba Corp ( 6502.T ), public broadcaster NHK reported, citing an unidentified source. Apple wants to take a stake of more than 20 percent in Toshiba''s chip business, while convincing Toshiba to maintain a partial stake to keep the business under U.S. and Japanese control to allay the Japanese government''s concerns, the report said. Apple is considering a plan in which Taiwan''s Foxconn ( 2317.TW ) would also own a stake of around 30 percent in its bid, it added. Toshiba is now in the process of selling its memory chip unit to raise cash to cover writedowns at U.S. nuclear unit Westinghouse that have plunged it into crisis. (Reporting by Junko Fujita, Tim Kelly and Chang-Ran Kim; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-apple-idUKKBN17G08A'|'2017-04-14T11:48:00.000+03:00'|3273.0|''|-1.0|'' -3274|'00a9e30fe944dabad2a9ce560e4a5fe61cd9ba0c'|'Swiss stocks - Factors to watch on April 12'|' 14am EDT Swiss stocks - Factors to watch on April 12 ZURICH, April 12 The Swiss blue-chip SMI was seen opening 0.22 percent higher at 8,661 points on Wednesday, according to premarket indications by bank Julius Baer. The following are some of the main factors expected to affect Swiss stocks: SYNGENTA Mexico''s antitrust commission COFECE said on Tuesday it would condition its approval of ChemChina''s planned $43 billion takeover bid of Swiss pesticides and seeds group Syngenta AG. For more news, click SIKA Chairman Paul Haelg said on Wednesday he expects the hostile takeover attempt by French construction materials giant Saint-Gobain to be resolved by 2018. For more news, click BARRY CALLEBAUT The Swiss cocoa and chocolate manufacturer said first-half net profit rose 32 percent to 142.1 million Swiss francs ($141.08 million), beating analyst forecasts, as the company was helped by a good product and customer mix and a more supportive cocoa products market. Analysts surveyed by Reuters had expected net profit, on average, of 127 million francs. For more, click COMPANY STATEMENTS * Kuehne + Nagel said it had a memorandum of understanding with Alibaba.com on offering global logistics services to customers of the Chinese e-commerce company''s B2B business unit. * Molecular Partners said Christian Zahnd, co-founder and former CEO, for health reasons will not stand for re-election as member of board of directors and will instead become honorary chairman. * Edisun Power Europe AG said FY revenues were up 8 percent to 8.23 million francs. * Implenia said it won a nearly $100 million order in Sweden. * Galenica Sante said there was a full exercise of over-allotment option for its IPO. * Elina Leimgruber, mayor of Vevey, has been designated to represent the municipalities of Vaud canton on the board of directors of Romande Energie Holding, the company said, succeeding Laurent Ballif. * Inficon said its shareholders approved all the proposals made by the board of directors at its annual general meeting. * Zug Estates Holding AG said shareholders approved all proposals of the board of directors at its ordinary general meeting of shareholders. ECONOMY * Results from Swiss federal bond issues due around 0900 GMT. ($1 = 1.0072 Swiss francs) (Reporting by Zurich newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-swiss-stocks-idUSL8N1HJ447'|'2017-04-12T14:14:00.000+03:00'|3274.0|''|-1.0|'' +3274|'00a9e30fe944dabad2a9ce560e4a5fe61cd9ba0c'|'Swiss stocks - Factors to watch on April 12'|' 14am EDT Swiss stocks - Factors to watch on April 12 ZURICH, April 12 The Swiss blue-chip SMI was seen opening 0.22 percent higher at 8,661 points on Wednesday, according to premarket indications by bank Julius Baer. The following are some of the main factors expected to affect Swiss stocks: SYNGENTA Mexico''s antitrust commission COFECE said on Tuesday it would condition its approval of ChemChina''s planned $43 billion takeover bid of Swiss pesticides and seeds group Syngenta AG. For more news, click SIKA Chairman Paul Haelg said on Wednesday he expects the hostile takeover attempt by French construction materials giant Saint-Gobain to be resolved by 2018. For more news, click BARRY CALLEBAUT The Swiss cocoa and chocolate manufacturer said first-half net profit rose 32 percent to 142.1 million Swiss francs ($141.08 million), beating analyst forecasts, as the company was helped by a good product and customer mix and a more supportive cocoa products market. Analysts surveyed by Reuters had expected net profit, on average, of 127 million francs. For more, click COMPANY STATEMENTS * Kuehne + Nagel said it had a memorandum of understanding with Alibaba.com on offering global logistics services to customers of the Chinese e-commerce company''s B2B business unit. * Molecular Partners said Christian Zahnd, co-founder and former CEO, for health reasons will not stand for re-election as member of board of directors and will instead become honorary chairman. * Edisun Power Europe AG said FY revenues were up 8 percent to 8.23 million francs. * Implenia said it won a nearly $100 million order in Sweden. * Galenica Sante said there was a full exercise of over-allotment option for its IPO. * Elina Leimgruber, mayor of Vevey, has been designated to represent the municipalities of Vaud canton on the board of directors of Romande Energie Holding, the company said, succeeding Laurent Ballif. * Inficon said its shareholders approved all the proposals made by the board of directors at its annual general meeting. * Zug Estates Holding AG said shareholders approved all proposals of the board of directors at its ordinary general meeting of shareholders. ECONOMY * Results from Swiss federal bond issues due around 0900 GMT. ($1 = 1.0072 Swiss francs) (Reporting by Zurich newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-swiss-stocks-idUSL8N1HJ447'|'2017-04-12T14:14:00.000+03:00'|3274.0|23.0|0.0|'' 3275|'d268d13e71b7718c14c1b7d20fbffa8628b888c8'|'China stocks fall as regulator moves to calm high spirits over new economic zone'|'SHANGHAI, April 10 China stocks fell on Monday with strong gains in listed companies that would benefit from the country''s new economic zone were offset by weakness in other sectors after the securities regulator vowed to punish stingy "iron roosters".The blue-chip CSI300 index fell 0.2 percent, to 0.00, while the Shanghai Composite Index gained!lost! XX percent to 0.00 points.Dozens of newly-listed stocks and counters expected to issue bonus shares instead of paying cash dividends were hard hit, plunging the maximum allowed 10 percent limit, after the nation''s top securities regulator urged listed companies to reward investors with cash dividends.On the other hand, investors, unfazed by regulator''s effort to cool speculative fever, continued to chase stocks related to Xiongan New Area, a recently announced new economic zone.More than 20 stocks related to new plan surged 10 percent for the fourth consecutive session in a row, with more participants rushing into the investment theme by selling elsewhere.The stock regulator has moved to cool speculative fever around plans to build a massive economic zone near Beijing, warning several listed companies against misleading investors with exagerated claims.Share prices in listed major insurers were largely flat, after news that the head of China''s insurance regulator was being investigated for "serious disciplinary violations" - a phrase that usually refers to corruption.Sectors were mixed. Gains were led by real estate stocks , while consumer and healthcare stocks dragged behind.Share prices in steelmaker Hesteel, developer China Fortune Land Development and infrastructure operator Beijing Capital shot up 10 percent for the fourth straight session, as those companies are widely seen benefiting from the future development of the Xiongan New Area. (Reporting by Luoyan Liu and John Ruwitch; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/china-stocks-close-idINL3N1HI2DL'|'2017-04-10T05:17:00.000+03:00'|3275.0|''|-1.0|'' 3276|'fe46f4041bfcb3b610b2b402d837cacf9cb67d10'|'Private equity firms have bid $22 billion for SCA hygiene unit-paper'|'STOCKHOLM A group of private equity companies have bid around 200 billion Swedish crowns ($22.26 billion) for the hygiene arm of tissue and forestry products firm SCA ( SCAb.ST ), daily Dagens Nyheter wrote on Wednesday, citing unnamed sources.SCA said last year it planned to split into two units."At least two private equity companies together have bid around 200 billion crowns for the hygiene unit," DN said.SCA hygiene business is the world''s largest maker of incontinence pads and No.2 in consumer tissues such as napkins and toilet paper. Its forestry arm produces paper, pulp and wood products.SCA could not immediately be reached by Reuters for a comment.(Reporting by Simon Johnson; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sweden-sca-idINKBN17E2O0'|'2017-04-12T18:18:00.000+03:00'|3276.0|''|-1.0|'' 3277|'da621a33549522ada25f7d6814a908967a054c1b'|'Credit Suisse enlarges syndicate underwriting its 4 billion Swiss franc rights offering'|' 38pm BST Credit Suisse enlarges syndicate underwriting its 4 billion Swiss franc rights offering The Credit Suisse logo is seen at the headquarters in downtown Milan, Italy, March 9, 2016. REUTERS/Stefano Rellandini ZURICH Credit Suisse Group ( CSGN.S ) said on Thursday it had finalised the banking syndicate underwriting its 4 billion Swiss franc ($4 billion) rights offering, adding more banks to the list of participants. The banking syndicate has committed, subject to customary conditions, to firmly underwrite the new registered shares to be issued as part of the capital raising announced by the Zurich-based bank on Wednesday. The capital hike was announced after it ditched plans to raise money by listing part of its Swiss business and is aimed at getting its financial strength back on a par with rivals. Credit Suisse is acting as global coordinator for the rights offering, with Deutsche Bank and Morgan Stanley acting as joint lead managers and joint bookrunners. Banca IMI, Banco Santander, BBVA, BNP Paribas, BofA Merrill Lynch, Citigroup, Goldman Sachs International, HSBC, ING, JPMorgan, Natixis, RBC Capital Markets, Societe Generale Corporate & Investment Banking and UniCredit Bank AG are acting as joint bookrunners. ABN AMRO, Bank Vontobel, Commerzbank, Crdit Agricole CIB, KBC Securities, Mediobanca, Mizuho International plc, Rabobank, SMBC Nikko and Zuercher Kantonalbank are acting as co-lead managers, Credit Suisse said in a statement. (Reporting by John Revill, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-credit-suisse-gp-syndicate-idUKKBN17T2U4'|'2017-04-28T02:38:00.000+03:00'|3277.0|''|-1.0|'' @@ -3292,7 +3292,7 @@ 3290|'de6c2148043a9bf6839e7c71144a02c2c4b60d77'|'Venezuelan crude sales to the U.S. declined again in March'|'Commodities 47am EDT Venezuelan crude sales to the U.S. declined again in March HOUSTON Venezuelan crude oil sales to the United States declined in March for the third month in a row this year to 651,710 barrels per day due to falling exports of main grade Merey, according to Thomson Reuters trade flows data. Venezuela''s crude output fell in 2016 to its lowest level in 23 years. Analysts expect another decline in 2017 due to lack of investment and to cash flow problems affecting state-run oil firm PDVSA [PDVSA.UL], which controls more than 40 joint ventures for exploration and production. The volume of Venezuelan crude that PDVSA and its joint ventures exported in March was down by 2.3 percent from February and by 18 percent from a year earlier. Exports of Merey blend crude to the United States, which started decreasing in February, averaged 165,320 bpd last month, their lowest since August, according to the data. Merey is made with extra-heavy oil from Venezuela''s main producing region, the Orinoco Belt, and lighter crudes. But as output from the member of the Organization of the Petroleum Exporting Countries becomes heavier, production and reserves of medium and light grades decline fast. PDVSA''s refining unit in the United States, Citgo Petroleum, was the largest receiver of Venezuelan crude in March, with 10 cargoes, followed by Valero Energy Corp and Chevron Corp. This year Phillips 66 has received five or six monthly cargoes of 500,000 barrels each of Venezuelan Merey crude. PDVSA announced a tender earlier this week to buy up to four 500,000-barrel cargoes of U.S. light crude, mainly to feed its 335,000-barrel-per-day Isla refinery in Curacao, which recently resumed operations after planned maintenance work. (Reporting by Marianna Parraga; Editing by Ernest Scheyder and Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-venezuela-usa-oil-idUSKBN17R1XO'|'2017-04-25T22:38:00.000+03:00'|3290.0|''|-1.0|'' 3291|'a2cb51f603fe33874655c40a0a7817d6c61c82b4'|'Deals of the day-Mergers and acquisitions'|'Company News 3:59pm EDT Deals of the day-Mergers and acquisitions (Adds Mobileye, Alawwal Bank, Hyland Software, Hypermarcas, Cenovus Energy, Safran, AdvancePierre, Verizon, Liberty House and Arconic; updates Christian Dior and Tyson Foods) April 25 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday: ** Tyson Foods Inc, the No. 1 U.S. meat processor, said it would buy packaged sandwich supplier AdvancePierre Foods Holdings Inc for about $3.2 billion in cash, to expand its fast-growing portfolio of prepared food brands. ** Straight Path Communications Inc said it received a $104.64 per-share all-stock buyout offer from a "multi-national telecommunications company", topping AT&T Inc''s offer of $95.63 per share. ** Nord Anglia Education Inc, a Hong Kong-based operator of international schools, said it would be taken private by Canada Pension Plan Investment Board (CPPIB) and Baring Private Equity Asia in a deal that values the company at $4.3 billion, including debt. ** Sibanye Gold''s shareholders approved the South African miner''s $2.2 billion buyout of U.S.-based Stillwater Mining, moving it a step closer to significantly boosting its platinum portfolio. ** Israel Chemicals said it is in talks to sell its 50 percent stake in water desalination firm IDE Technologies in a deal which Israeli media reported could fetch about $180 million. ** German healthcare group Fresenius SE & Co KGaA has stepped up its deal-making, agreeing to buy U.S. generic drugmaker Akorn Inc for $4.75 billion (4.37 billion euros) and the biosimilars arm of Germany''s Merck KGaA. ** The chairman of Dutch paint-maker Akzo Nobel, Antony Burgmans, told shareholders at their annual meeting that the company is not yet ready to respond to a 26.9 billion takeover proposal by U.S. peer PPG Industries ** Dutch Economic Affairs Minister Henk Kamp repeated his opposition to a takeover of paint maker Akzo Nobel, saying he did not care that U.S. rival PPG Industries had raised its offer. ** Raiffeisenlandesbank Oberoesterreich, one of the Austrian regional banks that together own most of Raiffeisen Bank International, has no interest in merging with RBI or selling its stake in it, its chief has said. ** A full merger of Japanese car makers Mitsubishi Motors Corp and Nissan Motor Co Ltd is not on the table, Carlos Ghosn, chairman of both firms, said. ** French billionaire Bernard Arnault will combine the Christian Dior fashion brand with his LVMH luxury goods empire as part of a 12 billion euro ($13 billion) move to simplify his business interests - a restructuring long demanded by other investors. ** French media giant Vivendi will accelerate acquisitions in video games and advertising this year to allay investor concerns about its strategy, mixed results and poor share performance, two sources close to the matter told Reuters. ** ABB has sealed a collaboration agreement with International Business Machines Corp, the Swiss engineering company said, the latest step in its efforts to ramp up its presence in digital technology and the internet of things. ** Japan''s Toshiba Corp will start taking bids for Landis+Gyr, its Swiss smart meter unit, as early as June, Kyodo news agency reported. ** HNA Airport Holding Group Co Ltd will buy out the stake that engineering conglomerate Odebrecht SA has in Brazil''s second-busiest international airport in order to help solve an impasse with a government agency over licensing rights, a Brazilian Cabinet minister said on Monday. ** T-Mobile US Inc is open to merger talks after a federal ban expires this week, the No.3 U.S. wireless carrier said on Monday, as it reported stronger-than-expected subscriber growth in the first quarter. ** Johnson & Johnson, Novartis AG and Takeda Pharmaceutical Co Ltd have expressed interest in a buyout of the controlling stake that two families have in Brazilian drugmaker Hypermarcas SA, two people with knowledge of the matter said on Monday. ** U.S. activist investor Elliott Capital Advisors disclosed on Monday it has taken a 6.8 percent stake in WS Atkins after the British engineering and construction consultancy firm agreed to be bought in a C$3.6 billion ($2.7 billion) deal. ** Israeli autonomous vehicle technology firm Mobileye said it forged an agreement with Nissan Motor Corp to create next generation maps to enable safe self-driving cars. ** Saudi lenders Alawwal Bank and Saudi British Bank have agreed to start talks about a merger that could create the kingdom''s third biggest bank with assets of nearly $80 billion. ** Hyland Software Inc, a U.S. business software company owned by buyout firm Thoma Bravo LLC, is nearing a deal to acquire the software division of printer maker Lexmark International Inc for nearly $1.5 billion, according to people familiar with the matter. ** Hypermarcas SA, the largest Brazilian listed drugmaker, denied that it is engaged in talks for a merger or an acquisition, as speculation that major shareholders are exploring a sale of the company mounted in recent days. ** Zambia, Africa''s second-largest copper producer, is talking to an Israeli company that wants to buy a stake in state mining investment arm Zambia Consolidated Copper Mines Investment Holdings, a source told Reuters. ** A Cenovus Energy Inc shareholder has asked a Canadian regulator to halt the company''s recent C$17 billion ($12.6 billion) purchase of some ConocoPhillips assets, saying the new stock issued to help fund the deal has diluted the value of Cenovus shares. ** Engine maker Safran reported higher first-quarter revenue, helped by aerospace services, and said it would close the sale of its security and identity businesses before the end of June. ** Verizon Communications Inc has made an offer for Straight Path Communications Inc, topping an earlier bid from AT&T Inc, in a move that starts a bidding war for a company holding spectrum used in 5G technology, according to a source familiar with the matter. ** British metals group Liberty House is bidding to buy U.S.-based Mesabi Metallics Co LLC and ESML Holding Inc, as it seeks to boost its presence in North America. ** Tensions between Elliott Management and specialty metals maker Arconic Inc escalated, as the hedge fund spurned a truce offered by the company and urged shareholders to elect all four of its director nominees. (Compiled by Tamara Mathias and Divya Grover in Bengaluru)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/deals-day-idUSL4N1HX3GZ'|'2017-04-25T14:30:00.000+03:00'|3291.0|''|-1.0|'' 3292|'af0162479f864c400d2df54e1f27bcc09b310727'|'Zimbabwe''s Mugabe impatient over pace of mining reform'|'Company News 23am EDT Zimbabwe''s Mugabe impatient over pace of mining reform HARARE, April 18 Zimbabwe''s mining industry needs to be "reorganised" so that it contributes more towards the African country''s economy, President Robert Mugabe said on Tuesday. Although Mugabe did not give details on what form the transformation would take, his government has, in recent years, pressured mining firms to transfer majority stakes to black ownership under a 2008 law and to cede some claims. "There is a lot of work which is going on in that sector, not least the reorganisation whose completion we impatiently await," Mugabe, Zimbabwe''s sole ruler since independence in 1980, told thousands at a rally to mark the southern African country''s 37th independence anniversary in a Harare stadium. Zimbabwe, where mining generates more than 50 percent of export earnings, holds significant mineral deposits and the world''s top two platinum producers, Impala Platinum and Anglo American Platinum, have operations there. Mining has also overtaken agriculture as the leading provider of employment, after the Mugabe government started seizing white-owned farms to resettle landless blacks in 2000. The government has also leaned on producers to invest in local refinery facilities. Platinum miners currently ship their matte to South Africa for processing. While Mugabe''s government has signalled plans to relax the ownership rules for existing mines, it has shifted its focus to seizing land owned by foreign mines, which it claims to be idle. "Much is expected from this important sector. It must play its part towards this overall development vision we have," Mugabe said. (Reporting by Nelson Banya; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/zimbabwe-politics-idUSL8N1HQ3PR'|'2017-04-18T21:23:00.000+03:00'|3292.0|''|-1.0|'' -3293|'2be8999e3fad7b490884f327f1b420753c752233'|'CANADA STOCKS-TSX seesaws as financials slip, gold stocks climb'|' 42am EDT CANADA STOCKS-TSX seesaws as financials slip, gold stocks climb TORONTO, April 7 Canada''s main stock index seesawed on Friday as the financials group lost ground, while gold mining shares climbed after escalating geopolitical tensions boosted gold prices. The Toronto Stock Exchange''s S&P/TSX composite index was up 5.05 points, or 0.03 percent, at 15,702.23, shortly after the open. Six of the index''s 10 main groups were higher. (Reporting by Fergal Smith; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1HF0IQ'|'2017-04-07T21:42:00.000+03:00'|3293.0|''|-1.0|'' +3293|'2be8999e3fad7b490884f327f1b420753c752233'|'CANADA STOCKS-TSX seesaws as financials slip, gold stocks climb'|' 42am EDT CANADA STOCKS-TSX seesaws as financials slip, gold stocks climb TORONTO, April 7 Canada''s main stock index seesawed on Friday as the financials group lost ground, while gold mining shares climbed after escalating geopolitical tensions boosted gold prices. The Toronto Stock Exchange''s S&P/TSX composite index was up 5.05 points, or 0.03 percent, at 15,702.23, shortly after the open. Six of the index''s 10 main groups were higher. (Reporting by Fergal Smith; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1HF0IQ'|'2017-04-07T21:42:00.000+03:00'|3293.0|19.0|0.0|'' 3294|'0a72ac87a632e3573a51bab6c57116fd44bfe9d4'|'The car-loan boom isnt the housing bubble. But there still might be a crash - Business'|'C ould it be 2005 and 2006 all over again? Industry figures last week showed that UK credit-card debt has soared while the savings rate has plunged to an all-time low . Meanwhile, across the Atlantic, data shows that late last year car loans were being taken out at a faster rate than any time in US history.Almost everyone in America leases a car or buys it using cheap credit. Except that they dont take the opportunity to lower their outgoings and cut their monthly loan bills. Instead, they take the cheap credit and buy a bigger car. A much bigger car.This applies as much to those on low incomes as the wealthy. And the same trend can be seen in the UK.In 2008 it was the mortgage sector in the US that triggered the worst global financial crash since 1929. US house buyers on low incomes were sold homes by lenders using teaser rates that offered massive discounts for two or three years on standard fixed rates. Refinancing was easy as long as the base rate remained low.Once the Federal Reserve began raising interest rates, it become financially crippling to refinance a mortgage and arrears began to creep upwards.By 2006, millions of American families were in financial trouble and by 2008 hundreds of thousands were handing the keys of their homes back, leaving the banks with huge debts on their balance sheets.Today the US central bank is again raising interest rates, and the jump in credit costs is hitting the finances of low-income families, forcing them into arrears or to default on their loans.But the situation is very different to 2008 and even the years leading up to it. Car loans are an important component of the credit market, but are still dwarfed by home loans. As such, it is unlikely that dodgy car-loan books will see the big lenders getting themselves in such deep trouble.The lenders, and especially the big banks, have much bigger reserves, giving them deeper pockets when the times comes to cover their losses.The regulators are also alive to a problem they blatantly ignored ahead of the last crash.Last November, the New York Federal Reserve bank warned that arrears in the sub-prime car-loan sector were a significant concern . The Bank of England has also voiced concern about rising household debts levels and last week promised a review of banks lending standards.It is likely that the cause of the next crash will come from a dark corner of the financial services industry that regulators believe is insignificant until it whacks them on the nose. But, at least for now, they are not the complacent animals of yesteryear and will snap at the big financial firms to keep their practices in order.Another detail from 2008 that is absent in 2017 is the role of credit agencies, which ranked the worst sub-prime loans as triple-A in 2005 and 2006. These days the regulators have more realistic data to hand.There are also quirks in the official figures that give a false picture of consumers financial position. For instance, the official figures show a collapse in the savings rate is to a significant degree the result of pension funds switching funds out of risky assets and into safer ones following the Brexit vote.This depresses the incomes of pensioners funds and drags down the savings rate, but is a technical issue and doesnt indicate that pensioners are on a spree, suddenly spending all their savings.Nonetheless, the regulators need to remain vigilant. Even low rates of default can ripple through the financial system. And should a crash be avoided in the UK, it could still happen in the US, where a Donald Trump inspired credit boom is predicted by many with an accompanying hangover.An air war over Europe?Of all the warnings that pro-Brexit voters chose to ignore last June, the notion that planes might cease to link this island to the continent barely figured on the Project Fear register. Nine months on, with the pound depressed, food prices up, and article 50 triggered, it might be worth hesitating a little longer when Ryanair repeats that there is a distinct possibility of no flights for a period when Brexit happens.Of course, Europes biggest airline has form when it comes to courting publicity, and many of its chief executives wider views on politics come across as headline-hunting exercises. But the Irish airline has a finely tuned sense for aviation agreements, and an ear for blarney, through its disputes with the European commission and its navigation of local employment and taxation laws. So it is worth noting that it has not been impressed by the Department for Exiting the EUs promises to prioritise airlines concerns.The clock is ticking on Britains two-year separation, but as Ryanair points out, its own flight schedules need to be fixed a year before that, effectively doubling the speed of Britains dash into turbulence. And many of Britains international flying rights do not exist outside the EU: there is no fallback agreement.The idea of grounded planes sounds preposterous to British ears; less so to continental airlines and governments, which might appreciate a new competitive advantage. More likely is that in 12 months time Britain will face either the further relocation of Ryanair routes and some of easyJets or have to accept Europes terms for associate membership of its common aviation area.However, with flights to Europe accounting for two-thirds of all UK air traffic, March 2019 could bring plane-free skies not seen since Eyjafjallajkull exhaled its ash in 2010. Such a scenario remains unlikely, because surely a deal will be reached. But the very possibility will make Remainers shake their heads in wonder. Britain has the largest aviation industry in Europe, and to preserve it, ministers must now beg and wheedle to reclaim its rights, which they have just signed away.A mission impossible for Paramount boss? Dont envy Jim Gianopulos, the new head of Paramount Pictures . Running a Hollywood studio remains a glamorous job, but amid the premieres and parties the challenges are piling up.The US film industry is threatened by the rise of the Netflix-led streaming companies, by rampant piracy and by the popularity of alternative distractions, such as gaming and social media.Then there are obstacles specific to Paramount and its lowly competitor Sony. It is very difficult competing with big hitters like Disney owner of the Star Wars and Marvel Comics franchises and Warner Bros, the studio behind the Harry Potter universe, and both studio minnows also have struggling parent groups.Gianopulos has some decent properties at his disposal, including the Mission: Impossible series, but he has to take one decision for the greater cultural good. Please, Jim, let the latest Transformers film due for release in June be the last.Topics US economy Business leader Economics Credit crunch Financial crisis Ryanair Rating agencies comment '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/apr/02/car-loan-boom-not-housing-bubble-still-could-be-crash-us-economy'|'2017-04-02T15:00:00.000+03:00'|3294.0|''|-1.0|'' 3295|'0de02c54635428d8f26f8f23bf0b9269dbb879b6'|'Major U.S. airports say current rules prevent incidents like United'|'Company News - Thu Apr 27, 2017 - 12:00pm EDT Major U.S. airports say current rules prevent incidents like United By Chris Kenning - CHICAGO, April 27 CHICAGO, April 27 At least 10 major U.S. airports say their rules prevent security officers from physically removing passengers from airplanes unless a crime is committed, meaning they would normally avoid incidents such as the one involving the passenger dragged off a United Airlines flight in Chicago. The April 9 incident sparked global outrage when images of a Vietnamese-American doctor being dragged through the aisle with blood on his face flooded social media and threw United into a public relations crisis. Officials at 10 of the busiest U.S. airports - in Atlanta, Los Angeles, Dallas, New York, Denver, San Francisco, Las Vegas and Miami - said airport police would not physically remove a passenger from a plane over a seat dispute. In a case like this, if its not a criminal matter, we don''t involve ourselves, said Michael Rodriguez, a spokesman with the Las Vegas Metro Police Department, which is responsible for security at McCarran International Airport. The passenger, David Dao, flying home to Louisville, refused to surrender his seat to make room for United crew members and was forcibly removed by aviation police at O''Hare International Airport. His attorney said he ended up with a concussion, missing teeth and broken nose. United Airlines initially blamed Dao but later apologized for its handling of the incident. United Chief Executive Oscar Munoz said the company would no longer use law enforcement officers to remove passengers from overbooked flights. United on Thursday said after reviewing the incident that using law enforcement when there was no safety or security issue was a failure and called the incident a "defining moment." Security officials at other major airports said they had reviewed their rules and found them sufficient, with no need to amend them to avoid similar situations. Others said they had sent reminders to officers to avoid getting involved in such cases. New Yorks Port Authority Police, which patrol LaGuardia, JFK International and Newark Liberty International airports, reminded officers that in cases of overbooking they "will not assist in the physical removal of the passenger from the flight to accommodate the airlines request, said Joe Pentangelo, Port Authority police spokesman. Atlanta airport officers also would not have boarded the plane as O''Hare''s police did, said Lane Hagan, airport precinct commander with the Atlanta Police Department, which oversees security at Hartsfield-Jackson Atlanta International, America''s busiest airport. The view was echoed by all airports contacted by Reuters, although most would not comment on the United incident. "It couldnt just be, Oh, we have an overbooked flight, said Doug Yakel, spokesman at San Francisco International Airport. Chicago Department of Aviation officials have said the incident is under investigation and declined to comment. They have not discussed the incident in detail, citing pending litigation. According to a report released on Monday by the city, which is in charge of airport security, the three officers involved said Dao became combative after they unsuccessfully tried to persuade him to leave. However, at a Chicago City Council committee meeting this month, Deputy Commissioner of Security Jeff Redding said department policy calls for its officers not to board planes to handle customer service issues. Ordering a passenger who is not causing trouble to leave the plane so another person can take their seat would not constitute a lawful order, said John Banzhaf, a law professor at George Washington University who has followed the United case closely. A carrier''s need for seats is not among more than a dozen reasons that allows the airline to remove an already-seated passenger, he said. Law enforcement should not become involved unless it appears there is a danger to the safety or health of passengers, crew or the airplane, Banzhaf said. (Additional reporting by Laila Kearney and Gina Cherelus in New York, Editing by Ben Klayman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ual-passenger-airports-idUSL1N1HY1O4'|'2017-04-28T00:00:00.000+03:00'|3295.0|''|-1.0|'' 3296|'573e9f2a0681cdec9b91cdd838c66f10b49772f4'|'Wall St Week Ahead-Beyond jobs, car sales to give insight on consumer health'|'Business News 23pm EDT Beyond jobs, car sales to give insight on consumer health Traders work on the floor of the New York Stock Exchange in the Manhattan borough of New York, U.S. March 30, 2017. REUTERS/Brendan McDermid By Rodrigo Campos - NEW YORK NEW YORK Forget the jobs report. The most interesting bit of U.S. economic data next week is Monday''s auto sales release, which will offer a measure of the middle-class consumer and a sector of the stock market that has had a rough ride so far in 2017. Economists are looking for another solid month of sales north of 17 million new vehicles at a seasonally adjusted annualized rate for March but nothing like the 18.4 million hit in December, the highest since August 2005. The number would however point to a third consecutive decline on a 12-month rolling basis. With sales peaking and prices set to drop, the secondary effects are expected to be felt beyond car makers and dealers. Lease and used-vehicle prices are expected to fall sharply this year, according to Ally Financial, which cited its estimate earlier this month when it lowered its 2017 profit forecast. Morgan Stanley said in a Friday note used-car prices could tumble between 25 and 50 percent by 2021, with both new cars and off-lease supply hitting record highs this year. "There''s an avalanche of used cars ready to hit the market place," said Brad Lamensdorf, co-manager of the AdvisorShares Ranger Equity Bear ETF. According to Lamensdorf, the need to move inventory has translated into reckless lending. "It''s not fraudulent, but people are up to their neck in debt," he said. "Default rates are going to be much more significant." The stock market is taking note. The S&P 1500 automotive retail index .SPCOMAUTR is down 6.5 percent year to date, with Advance Auto Parts ( AAP.N ), AutoNation ( AN.N ) and Sonic Automotive ( SAH.N ) down double digits in 2017. Carmax ( KMX.N ), which reports earnings on Thursday, is seen as a bellwether in the used-car industry. Its stock is down 8 percent so far this year. Another red flag from the sales floor: the average number of days a new vehicle sat before being retailed hit 70 in the first 19 days of March according to a note from J.D. Power and LMC Automotive. That is the highest since July 2009. With the market tightening, industry insiders expect more price cuts. "The competitiveness of the industry continues to be evident in ever-rising incentive levels," said Deirdre Borrego, senior vice president of automotive data and analytics at J.D. Power in a note. "Incentives will reach a new high for the month of March." At the same time, competition to finance loans is likely to further increase credit risk for auto lenders, Moody''s Investors Service said this week. Ally Financial stock ( ALLY.N ) fell 9.6 percent in March. Even the challenge to General Motors ( GM.N ) this week from a hedge fund, aimed at boosting a lagging stock price, reflects the concern that the industry is hoarding cash without significant prospects for growth. NO RECESSION, BUT ... The market for autos, however important, is not as big a part of the U.S. economy as the housing market was when its collapse in 2008 triggered the sharpest recession since the Great Depression. However, and taking into account all the moving parts of the industry''s supply chain, a halt in the auto sector could strain an economy that is already eight years into a recovery cycle. And it would hurt blue-collar workers the most. If a jump in auto loan defaults materializes, there is also the risk that consumers will shut their wallets and hurt economic growth, two-thirds of which depends on consumer spending. "When you look at how consumers are spending there is a question mark if the less-than-prime buyer is suddenly having issues," said Ian Winer, head of equities at Wedbush Securities in Los Angeles. "The spillover effect is: what other industries are also using rather aggressive financing in order to get revenue? Jewelry and mattresses jump out at me as two big examples." Tempur Sealy shares ( TPX.N ) have fallen 32 percent year to date. (Additional reporting by Nick Carey and Joe White; Editing by James Dalgleish) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-weekahead-idUSKBN1722XT'|'2017-04-01T06:19:00.000+03:00'|3296.0|''|-1.0|'' @@ -3315,7 +3315,7 @@ 3313|'ebe67112349f3d7839a2370000dab79d56e4396c'|'Corkscrew thinking won the war. Here''s how to use it in business - Guardian Small Business Network'|'During the second world war Winston Churchill declared a need for corkscrew thinkers people with the ability to break away from the traditional linear way of thinking.Without these individuals, Churchill believed that neither side would win the war because everyone was thinking in the same way: the enemys next move would always be predictable. Entrepreneurs are the perfect modern-day corkscrew thinkersWhat followed was the creation of a number of special divisions. Alan Turing headed up the group who cracked the enigma code. Another counter-intelligence team devised the famous Operation Mincemeat. And the Special Operations Executive controlled a number of covert resistance units that would have been activated if Germany had invaded Britain. The department was unofficially known as the Ministry of Ungentlemanly Warfare or Churchills Secret Army. When Churchill talked about corkscrew thinkers, he was referring to individuals who possess creative problem-solving, initiative, leadership and emotional intelligence skills. Individuals who are able to look at problems in the world and see game-changing, innovative solutions. Jump forward 65 years and these skills have never been more desirable or in demand. But our education system, which was designed in response to an industrialised Britain, is one that requires and promotes standardisation. Many students today believe all you need to be successful is to reach an answer that has been predetermined as correct. In other words, everyone is taught to think the same way. Entrepreneurs are the perfect modern-day corkscrew thinkers. Theyre people who arent afraid to take risks, step out of their comfort zones and challenge the status quo. They champion creativity and imagination. They have the courage to push traditional boundaries, and realise its worth investing the time to find the best solution not the easiest.Churchills theory that as soon as you starting thinking in the same way as everyone else, you lose your advantage still rings true today. But how do you encourage and engage corkscrew thinking in your own business? Here are our tips:Secrets to business survival: ''always look at new ways to innovate'' Read more 1 Remove time frames from creativity Try to not apply strict time frames to creative processes. Allow more time than you think youll need. Often the first idea you think of wont be the best and its worth investing the time to explore other available options. The danger of rushing creativity is that you are likely to reach the most obvious solution, which may get lost in the crowd or worse, be worked on by your competitors too. Leave yourself room for brilliance. 2 Share ideas Business people are often wary of talking about their ideas for fear that someone might steal them. But most of the time, even if someone does really like your idea, theyre unlikely to have the time, resources or passion to pursue it. There is great value in explaining your idea to people who arent friends or family. Not only does it allow you to hone your pitch but their honest feedback may further evolve your idea. 3 Take risks Those who succeed are brave enough to take a leap of faith every now and again. That doesnt mean being flippant with your decision making, but if youve been working hard and thinking smart, have faith in your business and yourself. If you dont back yourself, how can you expect anyone else to do so?4 Embrace failure Failure is as much a part of the business path as success and its likely you will experience more of the former before arriving at the latter. No matter how carefully you plan, there will always be scenarios you cant control. When failure happens, use the experience to reflect on why it happened, what you can learn from it and what you would do differently next time. Dont underestimate the long-term value of these lessons.5 Be a magpie Much in the same way that magpies collect shiny objects, look around at what inspires you and collect nuggets that might grow into interesting ideas. Accept that all inspiration is an evolution of a previous idea. By taking the time to think about and collect what you love, you are more likely to strike upon an idea that you are truly passionate about.Neil Finnie is the founder and CEO of Corkscrew Experienceships . Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network The Disruptors Entrepreneurs blogposts Share Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/apr/07/corkscrew-thinking-world-war-two-business-winston-churchill'|'2017-04-07T15:00:00.000+03:00'|3313.0|''|-1.0|'' 3314|'d60c6fee22257bf4f446aa299cc20f2e366d7dff'|'UPDATE 1-UK Stocks-Factors to watch on April 25'|'Market News - Tue Apr 25, 2017 - 3:00am EDT UPDATE 1-UK Stocks-Factors to watch on April 25 (Adds company news, futures) April 25 Britain''s FTSE 100 index is seen opening up 18 points on Tuesday, according to financial bookmakers, with futures up 0.2 percent ahead of the cash market open. * WHITBREAD: Britain''s Whitbread Plc, which runs the Costa Coffee chain and Premier Inn hotels, said it expected the consumer environment to deteriorate next year. * VIRGIN MONEY: British bank Virgin Money Holdings Plc reaffirmed its 2017 guidance as it posted lower gross mortgage lending for the first three months of the year, noting strong competition in parts of the mortgage market. * AMEC: British oil and gas services company Amec Foster Wheeler Plc, which is being bought by John Wood Group Plc, reported a bigger-than-expected full-year pretax loss as the oil market rout forced companies to delay or cancel contracts. * Carpetright: Britain''s biggest floor coverings retailer Carpetright forecast full-year profit at the lower end of market expectations as sales growth slowed in its fourth quarter, adding to evidence that UK consumer confidence is deteriorating. * ST. JAMES''S: British wealth manager St. James''s Place plc said on Tuesday that it had taken in 2 billion pounds ($2.56 billion)in net new money during the first quarter, boosted by demand for its pension and savings products. * BRITAIN/EU: The snap general election called by British Prime Minister Theresa May will reduce the already limited time available to negotiate a Brexit deal, an influential EU lawmaker said on Monday. * International Consolidated: Spanish airline Iberia could open a new early retirement program for 1,000 workers by June, depending on the outcome of prior talks with unions, Chief Executive Officer Luis Gallego said. * GOLD: Gold held steady on Tuesday after a sharp fall in the previous session on a market-friendly French presidential vote, although tensions over North Korea offered support for safe-haven bullion. * COPPER: Copper eased in Asia on Tuesday, coming under pressure from investors looking to book gains after a surprise overnight lift in the London contract following a market-friendly French presidential vote. * OIL: Oil prices inched up on Tuesday but markets remain under pressure following six consecutive sessions of declines as traders lose confidence that pledged output cuts by major producers will rein in oversupply in a world awash with fuel. * The UK blue chip index closed 2.1 percent higher at 7,246.68 points on Monday after centrist Emmanuel Macron came out on top in the first round of France''s presidential election. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar; Editing by Sherry Jacob-Phillips) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1HX2JX'|'2017-04-25T15:00:00.000+03:00'|3314.0|''|-1.0|'' 3315|'b08cd128a06c6fda6e7d889d32146832220acbc4'|'Panera Bread in advanced sale talks with JAB Holdings: source'|'Deals - Tue Apr 4, 2017 - 6:22pm EDT Panera Bread in advanced sale talks with JAB Holdings: source A Panera restaurant logo is pictured on a building in North Miami, Florida March 19, 2016. REUTERS/Carlo Allegri By Lauren Hirsch Bakery chain Panera Bread Co ( PNRA.O ) is in advanced talks to sell to JAB Holdings as the owner of Caribou Coffee and Peet''s Coffee & Tea builds out its coffee and breakfast empire, a source familiar with the situation said on Tuesday. A sale to JAB, which also owns Keurig Green Mountain, would help the company compete against rivals such as Dunkin Brands Group Inc ( DNKN.O ). St. Louis-based Panera has reported better-than-expected quarterly earnings per share for the last six quarters. The stock has risen nearly 28 percent this year. Luxembourg-based JAB, the investment vehicle of the billionaire Reimann family, declined to comment. Panera also declined to comment. Bloomberg first reported Panera was in advanced sale talks with JAB. (Reporting by Lauren Hirsch; Editing by Andrew Hay) Next In Deals'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-panera-bread-m-a-jab-holdings-idUSKBN1762YK'|'2017-04-05T06:22:00.000+03:00'|3315.0|''|-1.0|'' -3316|'2d5dcdb1408562ff710244b58fcab29bb01e5711'|'BRIEF-Milacron Holdings says unit entered agreement to sell 2 properties for CAD $14.25 mln - SEC Filing'|' 01pm EDT BRIEF-Milacron Holdings says unit entered agreement to sell 2 properties for CAD $14.25 mln - SEC Filing April 17 Milacron Holdings Corp: * On April 12, co''s unit entered into agreement of purchase & sale with Skyline Real Estate Acquisitions Inc - SEC Filing * Agreement to sell two properties located in Halton Hills, Ontario, Canada for CAD $14.25 million - SEC Filing * Closing of the agreement''s transaction is expected to provide co with net proceeds of approximately CAD $14.0 million * Contract is subject to Skyline Real Estate Acquisitions entering agreement to lease properties to co for 15 years for about CAD $15 million Source text: ( bit.ly/2pryWhQ ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-milacron-holdings-says-unit-entere-idUSFWN1HP09I'|'2017-04-18T03:01:00.000+03:00'|3316.0|''|-1.0|'' +3316|'2d5dcdb1408562ff710244b58fcab29bb01e5711'|'BRIEF-Milacron Holdings says unit entered agreement to sell 2 properties for CAD $14.25 mln - SEC Filing'|' 01pm EDT BRIEF-Milacron Holdings says unit entered agreement to sell 2 properties for CAD $14.25 mln - SEC Filing April 17 Milacron Holdings Corp: * On April 12, co''s unit entered into agreement of purchase & sale with Skyline Real Estate Acquisitions Inc - SEC Filing * Agreement to sell two properties located in Halton Hills, Ontario, Canada for CAD $14.25 million - SEC Filing * Closing of the agreement''s transaction is expected to provide co with net proceeds of approximately CAD $14.0 million * Contract is subject to Skyline Real Estate Acquisitions entering agreement to lease properties to co for 15 years for about CAD $15 million Source text: ( bit.ly/2pryWhQ ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-milacron-holdings-says-unit-entere-idUSFWN1HP09I'|'2017-04-18T03:01:00.000+03:00'|3316.0|29.0|0.0|'' 3317|'b5ae642fa5e40b01e2c56fd9eb35bb36e4dd7909'|'Samsung Electronics says first quarter operating profit likely rose 48 percent year on year'|'Technology News - Fri Apr 7, 2017 - 12:43am BST Samsung Electronics says first-quarter operating profit likely rose 48 percent year-on-year FILE PHOTO: Shareholders walk past the logo of Samsung Electronics before their general meeting at a company''s building in Seoul, South Korea, March 24, 2017. REUTERS/Kim Hong-Ji SEOUL Tech giant Samsung Electronics Co Ltd ( 005930.KS ) estimated on Friday its first-quarter operating profit rose 48 percent from a year earlier, beating expectations as strong memory chip prices likely padded margins. Samsung, in a regulatory filing, said its January-March profit was likely 9.9 trillion won ($8.76 billion), compared with an average forecast of 9.4 trillion won from a Thomson Reuters survey of 18 analysts. Revenue likely rose 0.4 percent from a year earlier to 50 trillion won, Samsung said. The company did not elaborate on its performance and will disclose detailed earnings in late April. (Reporting by Se Young Lee; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-samsung-elec-results-idUKKBN178319'|'2017-04-07T07:42:00.000+03:00'|3317.0|''|-1.0|'' 3318|'8a0ece26ab430b34e1094927031274edd03a5b7e'|'Room for improvement with Accors pricing policy - Money'|'Last November I used AccorHotels website to book a night at its Stratford-upon-Avon Mercure hotel at the end of this April. I paid upfront at the advance saver rate of 98.10. Last weekend I checked the website for directions, only to find that the rate had dropped to 71.10. I rang the hotel to ask them to refund the difference and was told that the manager would get back to me. They havent. Since then Ive contacted Accor by phone and email with no joy. Im pushing 70 and greatly enjoy my trips to the theatre, but would rather spend an extra 27 on a better seat than a so-called saver rate, which is no such thing. Hopefully you can get it to admit that it is a blatant misnomer. EC, Winchester In keeping with every other hotel booking website, Accor promises those booking its rooms a best-price guarantee. But as you found, this guarantee turned out to be worthless. The difference between this and some other booking sites is that Accor is selling its own rooms and has complete control over prices. An email to the French HQ prompted the hotel to spring into action. The manager has now replied and apologised.I have taken this up with the person responsible for bedroom pricing at our head office and he has apologised and confirms it is an oversight we would never normally lower our prices; we always reward those who book earliest with our lowest rates, he claimed.He has agreed to charge you 65 and is refunding you 33. He has also promised, if possible, to upgrade you to a better room.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number Topics Hotels Consumer champions Consumer affairs Consumer rights Travel & leisure features '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/apr/18/accor-hotels-advance-saver-rate-cheaper-rooms'|'2017-04-18T15:00:00.000+03:00'|3318.0|''|-1.0|'' 3319|'5946027ca5e1a9795114ba61c1a0709dfb5f6fb9'|'LafargeHolcim CEO to depart in wake of Syria controversy'|'ZURICH LafargeHolcim ( LHN.S ) Chief Executive Eric Olsen will leave the company in July after the world''s largest cement maker admitted on Monday it had paid armed groups to keep a factory operating in war-ravaged Syria.An independent internal inquiry found protection payments made to intermediaries to keep open the Jalabiya plant in northern Syria were not in line with its policies."Significant errors of judgment were made that contravened the applicable code of conduct," the company said, while adding that Olsen was not responsible for any wrongdoing identified in the review.Olsen, who has headed the company since it was created by a merger two years ago, said he was resigning with effect from July 15."While I was absolutely not involved in, nor even aware of, any wrongdoing I believe my departure will contribute to bringing back serenity to a company that has been exposed for months on this case," Olsen, who has dual French and American nationality, said in a statement.French prosecutors are also investigating the group''s activities in Syria. Two human rights group have filed a legal complaint in Paris against Lafarge, saying some of its work in Syria may have made it complicit in financing Islamic State and in war crimes.Olsen''s resignation highlights the dilemmas companies face when working in conflict zones.The report noted the chaos in Syria between 2013 and the evacuation of the plant in September 2014. It added that local managers believed they were acting in the best interests of the company and its staff by trying to keep the plant open."Very simply, chaos reigned and it was the task of local management to ensure that the intermediaries did whatever was necessary to secure its supply chain and the free movement of its employees," the report said.The plant cost $680 million to build and had started production only in May 2010.MANAGEMENT CHANGESFormed by a $44 billion merger, LafargeHolcim said it would tighten its corporate governance to focus more on country-specific risks and sanctions policies.LafargeHolcim shares dipped after news of Olsen''s departure was confirmed, one of the few losers in a Paris market buoyed by the outcome of the first round of the presidential election. In Switzerland, the dual-listed stock recovered ground lost in early moves to trade flat by 1030 GMT.Once Olsen goes, Chairman Beat Hess will take over as interim CEO. Hess is Swiss and had served as a director of Holcim since 2010.Last month LafargeHolcim said Bruno Lafont, the former Lafarge CEO, would also step down as co-chairman.Olsen himself was a former head of human resources at Lafarge before being named executive vice-president operations in September 2013. He was paid nearly 9 million Swiss francs ($9 million) last year.Jacob Waerness, a risk manager for Lafarge in Syria from 2011 to 2013, said the plant should have closed down in the summer of 2013 when the company became aware of radical Islamist groups in the region."Quite early, in 2011 we discussed if an armed group occupies the area around the cement plant, we have to leave," Waerness said earlier this month at an event in Zurich to promote a book he wrote about his experiences. The Norwegian security consultant no longer works for the company.However, he said that a Kurdish militia and the Syrian government had both wanted the plant to remain open, prompting local officials to try to keep it going."We were not breaching any sanctions. We were a Syrian company - we had a responsibility to operate," he said.(Additional reporting by Terje Solsvik in Oslo; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lafargeholcim-syria-olsen-idUSKBN17Q0E4'|'2017-04-24T13:20:00.000+03:00'|3319.0|''|-1.0|'' @@ -3380,14 +3380,14 @@ 3378|'708ae1756ae60de5be1b9542ec6c60aa5bbd5ab1'|'PRESS DIGEST - Wall Street Journal - May 8 - Reuters'|'May 8 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Emmanuel Macron was elected president of France Sunday in a victory for a political newcomer who campaigned on promises to reform France''s heavily regulated economy and fight a tide of nationalism sweeping the European Union. ( on.wsj.com/2ppIOFu )- TV station giant Sinclair Broadcast Group Inc is close to a deal to acquire Tribune Media Co for close to $4 billion, a person familiar with the matter said. ( on.wsj.com/2ppIvKQ )- New York property developer Kushner Cos, owned by the family of Trump administration senior adviser Jared Kushner, launched a weekend marketing campaign for a New Jersey development, targeting major Chinese cities for wealthy individuals to invest a combined $150 million for the chance to secure U.S. immigration rights. ( on.wsj.com/2ppGzSF )- Comcast Corp and Charter Communications Inc are striking a wireless partnership, people familiar with the matter said, as the cable giants look to get a piece of the cutthroat business. ( on.wsj.com/2pps7Ku )- President Donald Trump is preparing to turn to the nomination of a slate of conservatives for judgeships to the lower federal courts. Trump as soon as Monday will announce a batch of picks for 10 judicial posts, including five nominees for the powerful federal appeals courts, according to a person familiar with the matter. on.wsj.com/2ppE038- Eighty-two of the nearly 300 Chibok schoolgirls seized three years ago by Boko Haram were freed on Sunday in exchange for detained members of the militant group, the biggest breakthrough in the effort to recover the insurgency''s most-famous captives. on.wsj.com/2ppzmSx (Compiled by Ismail Shakil in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1IA24B'|'2017-05-08T03:00:00.000+03:00'|3378.0|''|-1.0|'' 3379|'4db7a365b367406e073284067048538282976502'|'U.S. regulators to announce VW diesel fix approval for 84,000 vehicles'|'Environment 29pm BST U.S. regulators to announce VW diesel fix approval for 84,000 vehicles left right FILE PHOTO - A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo - RTX2YFQS 1/2 left right FILE PHOTO: Covers for TDI diesel Volkswagen, Audi, SEAT and Skoda engines are seen in Jelah, Bosnia and Herzegovina, in this September 29, 2015 picture illustration. REUTERS/Dado Ruvic/File Photo 2/2 WASHINGTON The U.S. Environmental Protection Agency and California Air Resources Board on Friday are expected to announce approval of a fix for about 84,000 older Volkswagen diesel vehicles that can emit excess emissions, two sources briefed on the matter said. Volkswagen agreed last year to offer to buy back up to 475,000 U.S. diesel vehicles or offer fixes if regulators approved. Friday''s announcement is expected to cover a fix for 84,390 2012-2014 Passat diesel vehicles with automatic transmissions. In January, regulators approved a fix for 67,000 2015 model diesels, leaving around 325,000 vehicles still awaiting approval for a fix. (Reporting by David Shepardson; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-idUKKCN18F1TL'|'2017-05-19T23:28:00.000+03:00'|3379.0|''|-1.0|'' 3380|'889dbb87edad4bc8b449ba57c8096e061e37b8fd'|'Irish lenders need to speed reduction in non-performing loans - central bank'|'Business News - Tue May 23, 2017 - 3:35pm BST Irish lenders need to speed reduction in non-performing loans - central bank Governor of the Central Bank of Ireland Philip R. Lane speaks at open the new Central Bank of Ireland offices in Dublin, Ireland April 24, 2017. REUTERS/Clodagh Kilcoyne DUBLIN The pace at which Irish lenders are reducing non-performing loans is too slow and new strategies are needed to lower the stock from a still elevated 17.5 percent of all loan books, the governor of Ireland''s central bank said on Tuesday. "While the economic recovery is well established, Ireland is still deeply affected by the legacy of the crisis. High outstanding debt levels and the substantial stock of non-performing loans (NPLs) pose ongoing financial stability risks," Philip Lane said in a speech "There has been significant progress. However ... the current pace of NPL reduction is too slow: continued efforts, strategy refreshes, dedication and innovation are needed to speed up the process." (Reporting by Padraic Halpin; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-banks-idUKKBN18J23T'|'2017-05-23T22:35:00.000+03:00'|3380.0|''|-1.0|'' -3381|'27372ff8cfcb5397bdf10edc3cefdacf281e68ff'|'U.S. TIPS breakeven rates rise, on track for 3rd week of decline'|'By Richard Leong - NEW YORK NEW YORK May 19 The U.S. bond market''s gauges on inflation expectations rose on Friday in step with stronger oil and stock prices as they recovered further after slipping to their lowest since November on concerns about domestic price growth losing momentum.Inflation breakeven rates, or the yield premiums on regular Treasuries over Treasury Inflation Protected Securities (TIPS), increased for a second day but were heading for a third consecutive week of decline.The 10-year TIPS breakeven rate, or the yield difference between 10-year TIPS and regular 10-year Treasury notes, was last at 1.85 percent, up 2 basis points from late Thursday but down nearly 2 basis points on the week.This barometer on investors'' inflation outlook in the next decade sagged to 1.77 percent on Thursday, which was the lowest since Nov. 9, according to Tradeweb and Reuters data.Breakeven rates had fallen earlier this week in response to a disappointing reading on the government''s Consumer Price Index for April released last Friday. They reversed their decline following strong investor demand at an $11 billion 10-year TIPS auction on Thursday."We attribute the weak performance to soft recent U.S. inflation data," Well Fargo Securities senior strategists Michael Schumacher and Boris Rjavinski wrote in a research note.In the 12 months through April, the CPI, which TIPS principal and interest payments are benchmarked against, was up 2.2 percent, slower than the 2.4 percent increase in March.Some analysts raised the risk of a further decline in TIPS breakeven rates if major oil producers fail to agree on an extension of their current production cuts at a meeting next week.Moreover, investors who had been bullish on TIPS may scale back those positions even more if U.S. President Donald Trump and leading Republican lawmakers continue to struggle to implement their perceived pro-growth economic policies, they said.Investors had piled into TIPS as a part of the reflation or "Trumpflation" trade on the notion the U.S. economy would accelerate from a rapid enactment of tax reform, looser regulations and infrastructure spending once Trump took office.In early Friday trading, the three major U.S. stock indexes opened higher with the S&P 500 index last up 0.6 percent.U.S. oil futures were up 1.6 percent at $50.14 a barrel after touching their highest level in over three weeks.(Reporting by Richard Leong; Editing by Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-tips-idINL2N1IL0OP'|'2017-05-19T12:38:00.000+03:00'|3381.0|''|-1.0|'' +3381|'27372ff8cfcb5397bdf10edc3cefdacf281e68ff'|'U.S. TIPS breakeven rates rise, on track for 3rd week of decline'|'By Richard Leong - NEW YORK NEW YORK May 19 The U.S. bond market''s gauges on inflation expectations rose on Friday in step with stronger oil and stock prices as they recovered further after slipping to their lowest since November on concerns about domestic price growth losing momentum.Inflation breakeven rates, or the yield premiums on regular Treasuries over Treasury Inflation Protected Securities (TIPS), increased for a second day but were heading for a third consecutive week of decline.The 10-year TIPS breakeven rate, or the yield difference between 10-year TIPS and regular 10-year Treasury notes, was last at 1.85 percent, up 2 basis points from late Thursday but down nearly 2 basis points on the week.This barometer on investors'' inflation outlook in the next decade sagged to 1.77 percent on Thursday, which was the lowest since Nov. 9, according to Tradeweb and Reuters data.Breakeven rates had fallen earlier this week in response to a disappointing reading on the government''s Consumer Price Index for April released last Friday. They reversed their decline following strong investor demand at an $11 billion 10-year TIPS auction on Thursday."We attribute the weak performance to soft recent U.S. inflation data," Well Fargo Securities senior strategists Michael Schumacher and Boris Rjavinski wrote in a research note.In the 12 months through April, the CPI, which TIPS principal and interest payments are benchmarked against, was up 2.2 percent, slower than the 2.4 percent increase in March.Some analysts raised the risk of a further decline in TIPS breakeven rates if major oil producers fail to agree on an extension of their current production cuts at a meeting next week.Moreover, investors who had been bullish on TIPS may scale back those positions even more if U.S. President Donald Trump and leading Republican lawmakers continue to struggle to implement their perceived pro-growth economic policies, they said.Investors had piled into TIPS as a part of the reflation or "Trumpflation" trade on the notion the U.S. economy would accelerate from a rapid enactment of tax reform, looser regulations and infrastructure spending once Trump took office.In early Friday trading, the three major U.S. stock indexes opened higher with the S&P 500 index last up 0.6 percent.U.S. oil futures were up 1.6 percent at $50.14 a barrel after touching their highest level in over three weeks.(Reporting by Richard Leong; Editing by Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-tips-idINL2N1IL0OP'|'2017-05-19T12:38:00.000+03:00'|3381.0|26.0|0.0|'' 3382|'730bef3b0ac4b739a3280f35a42f115669c77a4f'|'U.S. Justice Dept., Citigroup settle last of Banamex probe'|'Business News 11:07am EDT U.S. Justice Dept., Citigroup settle last of Banamex probe FILE PHOTO -- People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. REUTERS/Robert Galbraith/File Photo NEW YORK The U.S. Department of Justice and Citigroup Inc ( C.N ) said on Monday that they have settled a criminal investigation into violations of anti-money laundering rules and the Bank Secrecy Act at the bank''s Banamex USA unit. The settlement includes a non-prosecution agreement and a forfeiture by Citigroup of $97 million, the department and the bank said in statements. The bank said it had it already reserved for the expense. (Reporting by David Henry in New York; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-citigroup-banamex-settlement-idUSKBN18I1WT'|'2017-05-22T23:07:00.000+03:00'|3382.0|''|-1.0|'' 3383|'d589cf699a49a0f3b5adc442413600802de118e4'|'Standard Life likely to choose Dublin for EU hub -chairman'|'LONDON May 17 Insurer and asset manager Standard Life is likely to choose Dublin as the base for its European Union subsidiary after Britain leaves the bloc, its chairman said.Standard Life already has an operation in Dublin and is unusual among British life insurers in having thousands of customers in the EU.Financial services firms are looking to set up regulated subsidiaries in the EU in case they lose access to the bloc after Brexit."The most likely scenario and the one we are now working towards is using our Dublin-based operation to continue to support our European customers and clients," chairman Gerry Grimstone said in the text of a speech given to shareholders at the firm''s annual general meeting on Tuesday."We are now working through the regulatory matters and other arrangements we would need to put in place to facilitate this."Standard Life''s choice of Dublin will be a boost for the Irish capital, which has lost out to high-profile insurers AIG and Lloyd''s of London, which have picked Luxembourg and Brussels respectively.Standard Life shareholders will vote next month on the firm''s 11 billion pound ($14.23 billion) merger with rival Scottish fund firm Aberdeen Asset Management. ($1 = 0.7732 pounds) (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-standardlife-dublin-idINL8N1IJ0WH'|'2017-05-17T04:25:00.000+03:00'|3383.0|''|-1.0|'' 3384|'4769165ba27be420bf9d92462969c2cce765f1bb'|'Debt-ridden Vivarte sells Pataugas shoe brand to Hopps Group'|'PARIS Private-equity backed French clothing retailer Vivarte, which is aiming to restructure more than 1.3 billion euros ($1.4 billion) of debt, has agreed to sell its Pataugas shoe brand to Hopps Group, the companies said on Wednesday.Financial terms of the acquisition were not disclosed.Vivarte, whose brands include Kookai, La Halle, Caroll, Minelli and Chevignon, has been owned since 2014 by a group led by investment funds Alcentra, Babson, Oaktree and GLG Partners.The company, whose profits and sales have fallen amid competition from larger clothing retail chains such as H&M ( HMb.ST ), Kiabi and Primark, has been trying to restructure its business for several years.Pataugas had last reported annual sales of 14 million euros.($1 = 0.9184 euros)(Reporting by Sudip Kar-Gupta; Editing by Matthias Blamont)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vivarte-debt-idINKBN1860SK'|'2017-05-10T05:56:00.000+03:00'|3384.0|''|-1.0|'' 3385|'4f08e6b7c99cf145ab87976b0a5c831e5e8397e4'|'Cross-border M&A between U.S. and European firms at 10 year high'|'By Pamela Barbaglia - LONDON LONDON Some $171.8 billion of cross-border merger and acquisition deals between U.S. and European companies have been announced so far in 2017, the highest figure at this stage of the year for a decade as companies on both sides of the Atlantic hunt for deals to offset sluggish growth.A $14 billion tie-up between U.S.-based chemicals firm Huntsman Corp ( HUN.N ) and European rival Swiss Clariant AG ( CLN.S ), announced on Monday, is the latest example of the spate of big deals between the two regions.The overall value of cross-border M&A deals between the U.S. and Europe is up 82 percent on the same period last year, according to Thomson Reuters data, and the highest over the same timeframe since at least 2007.Interest in major cross-border deals was underscored earlier this year when Kraft Heinz Co ( KHC.O ) made a surprise $143 billion bid for Unilever ( ULVR.L ) ( UNc.AS ), only to withdraw it less than 48 hours later, while U.S. healthcare giant Johnson & Johnson ( JNJ.N ) clinched Swiss biotech company Actelion ( ATLN.S ) in a $30 billion all-cash deal.Optimism over U.S. President Donald Trump''s economic agenda has buoyed stock markets worldwide, as well as the U.S. dollar, which has made foreign acquisitions cheaper for U.S. companies.Low interest rates are also keeping down borrowing costs.Switzerland and the Netherlands have so far been the main shopping destinations for companies on the other side of the Atlantic, with U.S. buyers announcing a combined $70.2 billion worth of deals in those two countries this year, the data shows.But some European companies have been fighting hard for their independence.Shareholders in Dutch paint maker Akzo Nobel ( AKZO.AS ), angered by its rejection of a 26.3 billion euro ($29.6 billion)takeover proposal from U.S. rival PPG Industries ( PPG.N ), took their fight to an Amsterdam court on Monday.Britain remains Europe''s biggest acquirer in the United States, with deals totaling $21.1 billion so far this year, followed by Switzerland with $11.5 billion.In February, Reckitt Benckiser ( RB.L ) announced a deal to buy U.S. baby formula maker Mead Johnson Nutrition ( MJN.N ) for $16.6 billion, giving the British consumer goods company a new product line and expanding its presence in developing markets where Mead Johnson has a strong footprint.Bank of America Merrill Lynch, which advised Reckitt Benckiser on that deal, leads the list of financial advisers on cross-border transactions announced between U.S. and European companies, with $83.1 billion worth of deals so far this year.That represents 48 percent of the total, according to Thomson Reuters data.(Reporting by Pamela Barbaglia; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-europe-usa-deals-idINKBN18I1M6'|'2017-05-22T11:20:00.000+03:00'|3385.0|''|-1.0|'' 3386|'ca0b762c1ff410d03ee0be9d76eeeb2558563cc8'|'GE''s Saudi joint venture to start gas turbine production this year'|'Commodities - Thu May 25, 2017 - 4:01am EDT GE''s Saudi joint venture to start gas turbine production this year A sign marks a General Electric (GE) facility in Medford, Massachusetts, U.S., April 20, 2017. REUTERS/Brian Snyder By Alexander Cornwell - DUBAI DUBAI General Electric''s joint venture to manufacture gas turbines in Saudi Arabia will start production by the end of the year, the chief executive of its state-backed Saudi partner said on Thursday. GE and Saudi industrial development company Dussur signed an agreement on Wednesday to set up the one billion riyal ($267 million) joint venture in the eastern city of Dammam. Dussur CEO Rasheed al-Shubaili said manufacturing of GE''s H-Class turbines in Saudi Arabia would start before the end of the year with the first turbine to be completed in 2018. The Saudi made gas turbines would be sold in the country and to international customers, he said in an interview in Dubai. Dussur, formerly Saudi Arabian Industrial Investments Company (SAIIC), was established in 2016 by state firms Saudi Aramco, Public Investment Fund, Saudi Basic Industries Corporation (SABIC). It aims to develop industrial sectors in Saudi Arabia as part of the government''s plan to create jobs and diversify the oil-dependent economy. The joint venture followed a memorandum of understanding signed last year by GE and Dussur that is expected to draw nearly 3.75 billion riyals of investment by the two companies in 2017. Al-Shubaili declined to say when the joint venture, which is 55 percent owned by Dussur and 45 percent owned by GE, aimed to make a profit. "We''re a long-term patient investor. Our investments are going to profitable," al-Shubaili said. GE and Dussur signed the joint venture agreement days after GE announced $15 billion of deals with Saudi Arabia during United State President Donald Trump''s visit to the Kingdom last weekend. (Reporting by Alexander Cornwell. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-saudi-industry-ge-idUSKBN18L0TX'|'2017-05-25T15:52:00.000+03:00'|3386.0|''|-1.0|'' 3387|'5f91e3b29fd77d06c9357caaa0972cdbc4061aed'|'Competition for gamblers'' money clouds outlook for Paddy Power Betfair'|' 16am BST Competition for gamblers'' money clouds outlook for Paddy Power Betfair By Padraic Halpin - DUBLIN DUBLIN Paddy Power Betfair ( PPB.I ) ( PPB.L ) said it was cautious on revenue growth in its main European market due to a "pretty extreme" level of competition, even as it almost doubled earnings across the group in the first quarter. Competition has intensified among gambling firms seeking to offset higher taxes and tighter regulation with increased revenues, leading to a flurry of mergers including last year''s 6 billion pound tie-up between online betting exchange Betfair and Paddy Power, which operates shops as well as an online business. The ensuing aggressive pricing and promotional activity has made it tougher to win new business, Paddy Power Betfair Chief Executive Breon Corcoran said on Wednesday, meaning the Dublin-headquartered firm was "a little bit behind where we hoped" on increasing its customer numbers in Europe. "The competitive nature of this industry right now is pretty extreme. What we have to remind our shareholders and indeed our competitors is that we have plenty of appetite to compete," Corcoran told an analyst call. "What''s not entirely clear is whether we''re being rational or whether we''re not competing hard enough... If this industry continues to be as competitive as it is, we have to give ourselves the flexibility to increase investment." Shares in the group were 1.8 percent lower at 1000 GMT. Its main competitors include Ladbrokes Coral Group ( LCL.L ), itself the product of a merger, and William Hill ( WMH.L ) which has so far been left off the M&A merry-go-round. Corcoran used the US Masters golf tournament to illustrate the changes in the market where Paddy Power Betfair had expected to be alone in offering customers the chance to win if their pick finished in the top 8 but were among four bookmakers to offer the more generous market. The group''s online revenue in Europe, which accounts for more than half of total revenue, increased by 12 percent on a constant currency basis in the first quarter, driven by improved sports results and growth in the amount of money staked. Overall revenue growth of 15 percent, combined with merger-related cost savings and operational efficiencies helped push underlying core earnings or EBITDA up 87 percent to 111 million pounds. Corcoran said it was too early to give any guidance for the year but that sports results had favoured customers since the end of March and overall gross win margins were weak in April. (Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-paddy-power-results-idUKKBN17Z0YK'|'2017-05-03T18:16:00.000+03:00'|3387.0|''|-1.0|'' -3388|'a76ef00b32a96e550324aa914fc775c1867da142'|'Starwood looks to sell French crystal maker Baccarat - report'|'Business News - Fri May 19, 2017 - 11:05am BST Starwood looks to sell French crystal maker Baccarat - report left right FILE PHOTO: An employee assembles a crystal chandelier at the Baccarat Crystalworks in eastern France, August 18,2000.JES 1/2 left right An employee of Baccarat Pacific K.K. demonstrates a Baccarat crystal chess set at an exhibition at Tokyo''s Mitsukoshi department store May 15, 2007. REUTERS/Issei Kato 2/2 PARIS U.S investment firm Starwood Capital has put French crystal maker Baccarat ( CDBP.PA ) up for sale and the best offer so far has come from a Chinese group, French daily L''Agefi said on Friday, citing several sources. Starwood, which is eyeing a valuation for Baccarat of 200 million euros (171.6 million), has commissioned Messier Maris & Associes bank to handle the sale, the paper reported. "A Chinese group has come out on top, with an offer close to the valuation Starwood is hoping for," L''Agefi quoted a source as saying. It did not disclose the identity of the Chinese buyer. Starwood has owned Baccarat, which is listed in Paris and has a market value of 181 million euros, since 2005 when it bought parent group Taittinger. Neither Starwood and Baccarat could immediately be reached for comment. It achieved a 2016 Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of 12.9 million euros, up 25.2 percent on the previous year. Its sales, however, were down 0.9 percent to 148.3 million euros. Starwood Capital sold Europe''s No. 2 budget operator, Louvre Hotels Group, to Chinese partner Jin Jiang International Holdings Co. Ltd. in 2014. (Reporting by Dominique Vidalon and Pascale Denis; Editing by Richard Balmforth)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-baccarat-sale-idUKKCN18F0YI'|'2017-05-19T18:05:00.000+03:00'|3388.0|''|-1.0|'' +3388|'a76ef00b32a96e550324aa914fc775c1867da142'|'Starwood looks to sell French crystal maker Baccarat - report'|'Business News - Fri May 19, 2017 - 11:05am BST Starwood looks to sell French crystal maker Baccarat - report left right FILE PHOTO: An employee assembles a crystal chandelier at the Baccarat Crystalworks in eastern France, August 18,2000.JES 1/2 left right An employee of Baccarat Pacific K.K. demonstrates a Baccarat crystal chess set at an exhibition at Tokyo''s Mitsukoshi department store May 15, 2007. REUTERS/Issei Kato 2/2 PARIS U.S investment firm Starwood Capital has put French crystal maker Baccarat ( CDBP.PA ) up for sale and the best offer so far has come from a Chinese group, French daily L''Agefi said on Friday, citing several sources. Starwood, which is eyeing a valuation for Baccarat of 200 million euros (171.6 million), has commissioned Messier Maris & Associes bank to handle the sale, the paper reported. "A Chinese group has come out on top, with an offer close to the valuation Starwood is hoping for," L''Agefi quoted a source as saying. It did not disclose the identity of the Chinese buyer. Starwood has owned Baccarat, which is listed in Paris and has a market value of 181 million euros, since 2005 when it bought parent group Taittinger. Neither Starwood and Baccarat could immediately be reached for comment. It achieved a 2016 Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of 12.9 million euros, up 25.2 percent on the previous year. Its sales, however, were down 0.9 percent to 148.3 million euros. Starwood Capital sold Europe''s No. 2 budget operator, Louvre Hotels Group, to Chinese partner Jin Jiang International Holdings Co. Ltd. in 2014. (Reporting by Dominique Vidalon and Pascale Denis; Editing by Richard Balmforth)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-baccarat-sale-idUKKCN18F0YI'|'2017-05-19T18:05:00.000+03:00'|3388.0|29.0|2.0|'' 3389|'3705259812a05c3445741dbbdd15e32c781fb714'|'House banking panel passes bill to undo U.S. financial crisis rules'|'Business News - Thu May 4, 2017 - 5:54pm BST House banking panel passes bill to undo U.S. financial crisis rules U.S. President Donald Trump gives a thumbs up during a National Day of Prayer event at the Rose Garden of the White House in Washington D.C., U.S., May 4, 2017. REUTERS/Carlos Barria By Pete Schroeder - WASHINGTON WASHINGTON A House banking panel on Thursday passed a controversial bill that would drastically change how the U.S. government regulates the financial sector. With support only from the panel''s Republicans, the bill approved by the House Financial Services Committee would eliminate significant parts of the Dodd-Frank financial reform law and place new restrictions on regulators monitoring Wall Street. The odds of the bill offered by Representative Jeb Hensarling becoming law are long, given staunch opposition by Democrats to many of its central proposals. The bill marks the new Congress'' first attempt to significantly roll back existing financial rules after Republicans made gains in the 2016 election. President Donald Trump has identified easing rules on banks as a key component of his economic agenda and effort to spur lending and grow the economy. Critics of the bill argue that it undoes many of the critical protections enacted following the financial crisis and puts the nation at greater risk of another meltdown. If made law, the bill would repeal regulators'' ability to step in and wind down failing financial institutions. It also would hamstring their ability to identify and more closely regulate firms they believe are critical to the health of the financial system. Under the bill, banks that agree to adopt a 10 percent capital ratio would be allowed to receive an exemption from many of Dodd-Frank''s existing rules. It will also require regulators to get congressional approval on any major new rulemaking project, and overhaul the Consumer Financial Protection Bureau. The powers of that agency, created by Dodd-Frank, would be curtailed, limiting the steps it can take to punish wrongdoing by banks and subjecting it to a number of outside checks on its authority and funding. In addition, the bill significantly changes how the Federal Reserve operates, subjecting its monetary policy decision-making to a stricter rules-based process, while separating its economic policymaking from its financial regulatory work. Hensarling has said he expects the bill will be considered soon by the full House, where it likely would be passed by the Republican majority. However, the Senate Banking Committee will be considering its own proposals to rework financial rules. More modest legislation coming from that committee is more likely to become law, given it will likely be designed to attract necessary support from Democrats. (Reporting by Pete Schroeder; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-banks-doddfrank-idUKKBN18029P'|'2017-05-05T00:54:00.000+03:00'|3389.0|''|-1.0|'' 3390|'32728d7a0ebebf4dbf2a768e6c8ce0e91228daf3'|'Nissan resumes production at UK plant hit by cyber attack'|'Autos - Mon May 15, 2017 - 11:57am BST Nissan resumes production at UK plant hit by cyber attack FILE PHOTO - Nissan technicians work on a Qashqai car on the production line at the company''s plant in Sunderland, Britain November 9, 2011. REUTERS/Nigel Roddis/File Photo TOKYO Production at Nissan''s manufacturing plant in Britain resumed as scheduled on Monday, following a stoppage on Friday evening when operations were affected by a cyber attack, the Japanese automaker said. The day shift at the plant located in Sunderland, northeast England, began as usual earlier on Monday, the company said in an email, adding that there had been no production scheduled at the plant on Saturday or Sunday. "While our teams are addressing some localized issues, it''s business as usual today," a spokesman at the company''s headquarters in Yokohama said in the email. The WannaCry ransomware worm erupted on Friday, locking up hundreds of thousands of computers in more than 150 countries, and hitting factories, hospitals, shops and schools worldwide. Earlier on Monday, businesses and governments in Asia reported some disruption, and while the effect appeared less severe than anticipated, industry professionals flagged lingering risks of the attacks, most of which arrived via email. (Reporting by Naomi Tajitsu, editing by David Evans) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cyber-attack-nissan-idUKKCN18B19Y'|'2017-05-15T18:57:00.000+03:00'|3390.0|''|-1.0|'' 3391|'37f46d6ea1c2997918410b5fd2e9300454de8bf9'|'CEE MARKETS-Czech crown regains ground, shakes off political wobbles'|'By Krisztina Than BUDAPEST, May 3 The Czech crown regained ground on Wednesday, a day after Prime Minister Bohuslav Sobotka announced that he would resign along with his government, while other currencies in the region were also steady or slightly firmer. With investors cautious ahead of the U.S. Federal Reserve''s two-day policy meeting, which could give clues regarding rate hikes, stock markets mostly dropped. Budapest led losses, easing 0.7 percent by 0914 GMT. Sunday''s second round of the French presidential election added to global risks. After easing a little on Tuesday after Sobotka said his government would resign by mid-May following a row with finance minister Andrej Babis over Babis''s past business dealings, the Czech crown firmed 0.15 percent on Wednesday to 26.868 per euro. "EURCZK attempted to go slightly weaker at first (yesterday) but quickly reverted ... back to previous levels, and we do not expect any more major reaction as the story is hardly likely to change the economic path of the country," Komercni Banka trader Dalimil Vyskovsky said. Hungary''s forint was flat. Polish markets are closed on Wednesday. Sobotka has said he will seek a meeting with President Milos Zeman to agree timing for the resignation and further steps. He said the coalition could be recreated without Babis, or that an election due in October could be moved forward. Despite the political wobbles, the crown is seen gaining more than 4 percent against the euro in the coming year, lifted by strong economic growth and likely monetary tightening, a Reuters poll published on Wednesday showed. After the Czech central bank''s removal a month ago of the cap which had kept the currency weaker than 27 against the euro since 2013, the crown could outperform regional peers, the poll suggested. Czech bonds have meanwhile been supported by their inclusion in JP Morgan''s emerging markets index, which means index-tracking investors will need to buy them for their portfolios. Central Europe''s economies outperformed western European economies last year and growth is seen strong this year as well, helped by a solid inflow of European Union development funds and loose monetary policies by local central banks. CEE SNAPS AT 1115 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech crown 26.86 26.90 +0.1 0.52% 80 90 5% Hungary 312.2 312.1 -0.01 -1.08 forint 000 800 % % Polish 4.202 4.205 +0.0 4.79% zloty 5 0 6% Romanian 4.550 4.549 -0.01 -0.33 leu 0 4 % % Croatian 7.447 7.455 +0.1 1.44% kuna 5 5 1% Serbian 123.0 123.1 +0.0 0.24% dinar 500 200 6% Note: daily calculate previ close 1800 change d from ous at CET STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 997.2 1001. -0.48 +8.2 2 98 % 0% Budapest 32680 32902 -0.68 +2.1 .00 .62 % 2% Bucharest 8239. 8220. +0.2 +16. 02 10 3% 29% Ljubljana 778.3 782.3 -0.50 +8.4 8 2 % 7% Zagreb 1894. 1902. -0.43 -5.04 38 57 % % Belgrade <.BELEX15 720.8 720.6 +0.0 +0.4 > 5 4 3% 9% Sofia 666.1 660.5 +0.8 +13. 3 3 5% 59% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year 1 9 bps s 5-year 4 bps 10-year bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.33 0.39 0.5 0 PRIBOR=> Hungary < 0.25 0.33 0.45 0.16 BUBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1I52JU'|'2017-05-03T07:40:00.000+03:00'|3391.0|''|-1.0|'' @@ -3396,7 +3396,7 @@ 3394|'6274c9e2ee310b0210d9fd28f41a559a1d0bdf51'|'Nissan''s in-car Faraday Cage could prevent distracted driving 3,'|'These cities have the worst rush hour traffic Nissan is using old school technology to try to stop distracted driving. On Monday, the company announced Signal Shield, an armrest outfitted as a Faraday Cage. Created in 1838, Faraday Cages block electric fields. If your phone is inside one, it can''t connect to cellular signals, data, WiFi or Bluetooth.Nissan''s Signal Shield prototype fits between the two front seats of the Nissan Juke and is designed to keep your phone silent while you drive. With the lid closed, your phone won''t receive texts, calls or notifications that might distract you. But when you open it, your phone will work like normal.According to the National Highway Traffic Safety Administration, eight people are killed and over 1,000 are injured each day in the U.S. in accidents involving distracted drivers. And mobile devices are a major distraction in vehicles.Related: Smartphones may be to blame for unprecedented spike in pedestrian deathsExperts have also said mobile phones are partly to blame for the rise in pedestrian fatalities -- in 2016, 6,000 pedestrians were killed.Nissan ( NSANF ) told CNNTech its concept is better than just turning off your phone, because you can still listen to music through a plugged in USB or auxiliary connection while your phone is in the compartment. (Though you''d be able to do that on airplane mode, too.)Further, drivers can make phone calls via Bluetooth without touching their phones if they just open the compartment, Dominic Vizor, a spokesman for Nissan, said.While the Faraday Cage armrest is still a prototype, it''s already possible to get the tech in your car. Faraday Bags are frequently used by privacy-conscious people to prevent hackers from accessing their devices. They''re easy to buy online and you can take them anywhere.CNNMoney (San Francisco) First published May 3, 2017: 1:29 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/05/03/technology/nissan-faraday-cage-arm-rest/index.html'|'2017-05-03T21:29:00.000+03:00'|3394.0|''|-1.0|'' 3395|'cc772698b9c62ca01075ea1ac3b73b13ee6c14b5'|'Conservatives aiming to tighten M&A rules'|'Economy 09pm BST May maps out bigger role for state in corporate Britain Britain''s Prime Minister Theresa May''s launches her election manifesto in Halifax, May 18, 2017. REUTERS/Phil Noble HALIFAX, England Prime Minister Theresa May promised to clamp down on executive pay, give workers a say on strategy and make it harder for foreign firms to take over British ones, as she set out pre-election plans to give the state more influence over corporate Britain. May''s Conservatives have for decades encouraged a low-key approach to corporate regulation, but the prime minister said trust in Britain''s biggest companies had been damaged by soaring executive pay and several mismanaged takeovers. "We do not believe in untrammelled free markets," the party said in its manifesto for the June 8 national election, which surveys suggest it is on course to win by a landslide. "We will set rules for businesses that inspire the confidence of workers and investors alike." The world''s fifth largest economy has attracted more foreign investment than any other country in Europe, playing major roles in sectors from banks to transport, energy, telecoms and retail. Under May''s plans - set out as she negotiates a divorce from the European Union that could change the face of the $2.6 trillion economy - executive pay packages would be subject to strict annual shareholder votes and listed companies would have to publish the ratio of executive to average pay. In Britain, the heads of the biggest companies earn around 400 times more than a worker on the minimum wage. "The public is rightly affronted by the remuneration of some corporate leaders," the Conservatives said on Thursday. In a bid to seek greater protection for British jobs when companies are sold, May said her party would tighten the rules around takeovers, particularly in infrastructure deals where a foreign owner could raise security concerns. Any promises made during takeovers would be legally binding, and the government would gain the power to pause the process to allow greater scrutiny. WARNING AGAINST PROTECTIONISM May, who became prime minister after Britain voted to leave the EU last June, faced one of her first major challenges when she gave the go-ahead for a $24 billion plan for a Chinese-backed nuclear power plant in southwest England. She ultimately approved the deal but said her government would take a more cautious approach over similar foreign investments in the future. The prime minister has also indicated prior to taking the top job she wanted increased power to scrutinise takeovers after Kraft''s ( KHC.O ) purchase of Cadbury led to job losses. A recent failed attempt by Kraft to buy Unilever ( ULVR.L ) prompted the head of the Anglo-Dutch firm to urge the government to ensure a level playing field for target companies. "Governments cannot use public money to prop up failing businesses but they also cannot allow people and their communities to be cast aside." Investors and analysts cautiously welcomed May''s efforts to strengthen the interests of investors, employees and customers, but warned against any move towards protectionism. "Any nationalist agenda aimed at restricting ownership or transfer of ownership is clearly negative for markets and will make it harder for UK firms to achieve the valuations they deserve," said Gianluca Ferrari, analyst and portfolio manager at Shareholder Value Management. Companies may also be concerned at May having portrayed Britain''s vote to leave the EU as a cry for a crackdown on immigration, and she has said that firms hiring migrant workers must pay an additional levy. (Reporting by William James, additional reporting by Maiya Keidan, writing by Paul Sandle, editing by Kate Holton and John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-election-m-a-regulation-idUKKCN18E1DP'|'2017-05-18T19:10:00.000+03:00'|3395.0|''|-1.0|'' 3396|'6e17c7ecb938e907df24dfbc4139a1b2446919f8'|'PRESS DIGEST - Wall Street Journal - May 5'|'May 5 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Federal prosecutors have begun a criminal investigation into Uber Technologies Inc''s use of software as part of a company program known as "Greyball" that helped drivers avoid local regulators, according to a person familiar with the investigation. on.wsj.com/2pfbSiV- Federal authorities have interviewed current and former Fox News employees and on-air talent in a widening inquiry into the nature of sexual-harassment settlements and alleged intimidation tactics at the network. on.wsj.com/2peYvzD- Rolls-Royce Holdings PLC doesn''t expect to take a hit from the investigation into the company''s audits, according to finance chief Stephen Daintith. on.wsj.com/2pfgbe9- Berkshire Hathaway Inc sold about a third of its shares in International Business Machines Corp this year, Berkshire Chairman Warren Buffett told CNBC. on.wsj.com/2pfaop1(Compiled by Abinaya Vijayaraghavan in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL4N1I71SO'|'2017-05-05T03:10:00.000+03:00'|3396.0|''|-1.0|'' -3397|'98396886d971009faff53499952e8b82a5e3b3d5'|'Options bulls betting on U.S. energy stocks after oil rebound'|'Commodities 58pm EDT Options bulls betting on U.S. energy stocks after oil rebound By Saqib Iqbal Ahmed - NEW YORK NEW YORK Some U.S. equity options traders are betting that the recent rebound in the price of crude oil spells good news for the battered energy sector. The S&P energy index is still down about 9.9 percent this year, making it the second worst-performing sector among S&P''s tracking indexes. That contrasts against the broad benchmark S&P 500 stock index, which is up 6.9 percent for the year. Recent trading in the options market, however, shows traders putting on bullish bets in both options on exchange traded funds exposed to the energy market and individual stocks. "The commodity has sort of turned and bounced off the low around $46 and with that you''ve had an obvious bid to the upside," said Jim Strugger, MKM Partners derivatives strategist said about the price for a barrel of crude oil. Brent, which fell to a five-month low of $46.64 last week amid concern over slowing demand, a rising U.S. dollar and increasing U.S. crude output, has recovered some ground. Large drawdowns in U.S. inventories and growing support for continued output cuts by the Organization of the Petroleum Exporting Countries boosted confidence that a seemingly insurmountable glut might finally diminish. Strugger pointed to the United States Oil Fund LP, VanEck Vectors Oil Services ETF and Energy Select Sector SPDR Fund, as energy-related funds where the options market was showing a bullish bias. For the United States Oil Fund, there are 1.1 calls open for every open put, the most since late March, highlighting traders'' bullish bias, according to data from options analytics firm Trade Alert. "If oil rises to the top end of its recent range or even stabilizes within this range, the energy sector could do a little bit better," Strugger said. Bullish options on individual stocks have also been in demand. Ensco Plc, Nabors Industries Ltd, Patterson-UTI Energy Inc, Encana Corp, Diamond Offshore Drilling Inc and Superior Energy Services Inc are some stocks that have drawn near-term upside positioning, Christopher Jacobson, derivatives strategist at Susquehanna Financial Group, said in a note on Thursday. "There are a lot of incredibly burned-out energy names that could be good for a real bounce," MKM''s Strugger said. The Organization of the Petroleum Exporting Countries meets on May 25 and will discuss extending its agreement forged with a number of its rivals, including Russia, late last year to cut output by 1.8 million barrels per day in the first half of 2017. (Reporting by Saqib Iqbal Ahmed; Editing by Daniel Bases and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-options-energy-idUSKBN1872TX'|'2017-05-12T03:51:00.000+03:00'|3397.0|''|-1.0|'' +3397|'98396886d971009faff53499952e8b82a5e3b3d5'|'Options bulls betting on U.S. energy stocks after oil rebound'|'Commodities 58pm EDT Options bulls betting on U.S. energy stocks after oil rebound By Saqib Iqbal Ahmed - NEW YORK NEW YORK Some U.S. equity options traders are betting that the recent rebound in the price of crude oil spells good news for the battered energy sector. The S&P energy index is still down about 9.9 percent this year, making it the second worst-performing sector among S&P''s tracking indexes. That contrasts against the broad benchmark S&P 500 stock index, which is up 6.9 percent for the year. Recent trading in the options market, however, shows traders putting on bullish bets in both options on exchange traded funds exposed to the energy market and individual stocks. "The commodity has sort of turned and bounced off the low around $46 and with that you''ve had an obvious bid to the upside," said Jim Strugger, MKM Partners derivatives strategist said about the price for a barrel of crude oil. Brent, which fell to a five-month low of $46.64 last week amid concern over slowing demand, a rising U.S. dollar and increasing U.S. crude output, has recovered some ground. Large drawdowns in U.S. inventories and growing support for continued output cuts by the Organization of the Petroleum Exporting Countries boosted confidence that a seemingly insurmountable glut might finally diminish. Strugger pointed to the United States Oil Fund LP, VanEck Vectors Oil Services ETF and Energy Select Sector SPDR Fund, as energy-related funds where the options market was showing a bullish bias. For the United States Oil Fund, there are 1.1 calls open for every open put, the most since late March, highlighting traders'' bullish bias, according to data from options analytics firm Trade Alert. "If oil rises to the top end of its recent range or even stabilizes within this range, the energy sector could do a little bit better," Strugger said. Bullish options on individual stocks have also been in demand. Ensco Plc, Nabors Industries Ltd, Patterson-UTI Energy Inc, Encana Corp, Diamond Offshore Drilling Inc and Superior Energy Services Inc are some stocks that have drawn near-term upside positioning, Christopher Jacobson, derivatives strategist at Susquehanna Financial Group, said in a note on Thursday. "There are a lot of incredibly burned-out energy names that could be good for a real bounce," MKM''s Strugger said. The Organization of the Petroleum Exporting Countries meets on May 25 and will discuss extending its agreement forged with a number of its rivals, including Russia, late last year to cut output by 1.8 million barrels per day in the first half of 2017. (Reporting by Saqib Iqbal Ahmed; Editing by Daniel Bases and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-options-energy-idUSKBN1872TX'|'2017-05-12T03:51:00.000+03:00'|3397.0|28.0|0.0|'' 3398|'7b42adba91962deebaaa3ddcc8bd066d3dad16b3'|'South Africa won''t appeal judgement blocking nuclear power deal'|'Money News 3:13pm IST South Africa to sign new nuclear power pacts after court ruling JOHANNESBURG South Africa plans to sign new, more transparent nuclear power agreements with five foreign countries after a high court blocked a deal with Russia due to a lack of oversight, the energy ministry said on Saturday. South Africa signed intergovernmental agreements with Russia, France, China, South Korea and the United States in 2014 as part of plans to build a fleet of nuclear power plants at a cost of between $30 billion and $70 billion. Many investors view the scale of the nuclear plan as unaffordable and a major risk to South Africa''s financial stability, while opponents of President Jacob Zuma say the deal will be used as a conduit for corruption. Zuma denies allegations of wrongdoing. State energy firm Eskom says nuclear power should play a role in South Africa''s energy mix and will help reduce reliance on coal. The Western Cape High Court found last month that the agreement with Russia lacked transparency and offered Moscow favourable tax rules while placing heavy financial obligations on South Africa. The energy ministry said it had "major concerns" about the court judgement but would not appeal the ruling. It will continue with nuclear energy plans adhering to stricter procedural guidelines, including consulting parliament. "There is no intention to table the current agreements but (we) will embark to sign new agreements with all five countries and table them within reasonable time to parliament," the ministry said in a statement. Eskom on Friday reinstated its former chief executive Brian Molefe, a Zuma ally who has supported the nuclear power plan. Molefe stepped down five months ago after being implicated in a report by the country''s anti-graft watchdog into alleged influence-peddling. He denied any wrongdoing. Some analysts say former finance minister Pravin Gordhan was fired partly because he resisted pressures from a political faction allied to Zuma to back nuclear expansion. New Finance Minister Malusi Gigaba has said nuclear expansion will only be pursued if it is affordable. (Reporting by Joe Brock; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/safrica-nuclearpower-idINKBN18907H'|'2017-05-13T17:01:00.000+03:00'|3398.0|''|-1.0|'' 3399|'658e923b9e37f7240c0d32d429562491b95a232c'|'Aldermore''s first-quarter lending grows'|'Business News - 32am BST Aldermore''s first-quarter lending grows British bank Aldermore Group Plc said first-quarter lending rose 6 percent from the prior quarter, buoyed by strong demand from small- and medium-sized businesses, homeowners and landlords. The bank, founded in 2009 by a former Barclays executive with backing from private-equity firm AnaCap, said net loans rose to 7.9 billion pounds at the end of March from 7.5 billion pounds on Dec. 31. "Subsequent to this active period and regulatory changes to affordability tests for buy-to-let mortgages, we continue to anticipate a lower level of growth for the second quarter of 2017," Chief Executive Phillip Monks said in a statement. The challenger bank said it expects to deliver loan growth in its guided range of 10-15 percent for the full year. (Reporting by Tenzin Pema in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aldermore-results-idUKKBN1870K1'|'2017-05-11T14:32:00.000+03:00'|3399.0|''|-1.0|'' 3400|'a17cfeb9f78dd95a76aa6bbbc03ddf1debffcac7'|'GM to cut jobs in international HQ in Singapore - source'|'Autos 7:51pm BST GM to cut jobs in international HQ in Singapore - source The GM logo is seen at the General Motors Assembly Plant in Valencia, Venezuela April 21, 2017. REUTERS/Marco Bello By Norihiko Shirouzu General Motors Co ( GM.N ) will slash headcount in its international headquarters in Singapore as part of its efforts to reduce exposure to unprofitable and unpromising markets. GM International - which oversees markets such as India, Southeast Asia, and South Korea, among others - will reduce its staff to about 50 from 180 by the year end, according to a person with knowledge of the matter. About 90 employees will leave the company by the end of June and 40 by the end of 2017. Last week, the Detroit-based automaker said it would take a $500 million charge in the second quarter to restructure operations in India, Africa and Singapore. The company plans to stop selling Chevrolet brand vehicles in India by the end of the year and will produce vehicles only for export. Since Mary Barra took over as GM''s chief executive in 2014, the company has doubled down on a bet that it can win by being less global but more profitable in an auto industry increasingly dependent on software and services. The automaker has taken aggressive steps to narrow its focus on China, the highly-profitable North American light truck and sport utility market, Latin America, vehicle financing and transportation services. In March, the one-time largest automaker in the world also reached a deal with France''s PSA Group ( PEUP.PA ) to sell its European operations. (Additional reporting by Ankit Ajmera in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gm-restructuring-idUKKBN18K2Q9'|'2017-05-25T02:51:00.000+03:00'|3400.0|''|-1.0|'' @@ -3419,7 +3419,7 @@ 3417|'d21f2d9ead81bd369f5b09848ef234d325a2d5c7'|'Saudi oil minister due in Iraq to discuss extending oil output cut - official'|'By Ahmed Rasheed and Ernest Scheyder - BAGHDAD/VIENNA BAGHDAD/VIENNA OPEC heavyweights Saudi Arabia and Iraq agreed on Monday on the need to extend a global cut in oil supply by nine months in an effort to prop up crude prices, removing a potential stumbling block as producing countries prepare to meet this week.Saudi Energy Minister Khalid al-Falih said he did not expect any opposition within the Organization of the Petroleum Exporting Countries to extending the curbs for a further nine months, speaking after he met his Iraqi counterpart in Baghdad.OPEC meets in Vienna on Thursday to consider whether to prolong the original deal reached in December in which OPEC and 11 non-member countries, including Russia, agreed to cut output by about 1.8 million barrels per day in the first half of 2017.The Saudi minister told a joint news conference with his Iraqi counterpart Jabar Ali al-Luaibi that Iraq had given the "green light" to a proposal for a nine-month extension that would be presented to the meeting in the Austrian capital.He said a new agreement would be similar to the previous pact, with minor changes. He said any decision would not be finalised until OPEC meets.Falih was paying a rare visit to Iraq in the latest effort by the top oil producer to convince its fellow OPEC member to extend supply cuts to ease a global glut.Iraqi Oil Minister Jabar Ali al-Luaibi said he agreed with Saudi Arabia on the need for a nine-month extension.Saudi Arabia and non-OPEC Russia have been pushing to extend the cuts from the end of June until March 2018. Iraq, OPEC''s second-largest and fastest-growing oil producer, had until Monday voiced support only for a six-month extension.It is the first time in nearly three decades that a senior Saudi energy official has visited Baghdad.OPEC wants to reduce global oil inventories to their five-year average but so far has struggled to do so. Stockpiles are hovering near record highs, partly because of rising production in the United States, which is not part of the existing deal."I believe we have a growing consensus (on the duration of cut extension)," OPEC''s Secretary-General Mohammad Barkindo told reporters in Vienna.Iraq and Iran were the main stumbling blocks for OPEC in reaching its last output-cutting decision in December.OPEC''S CHALLENGEBaghdad argued it had just started enjoying production growth after years of stagnation and Tehran said it needed to raise output after the lifting of Western sanctions.Iraq ended up agreeing to cap output in the first half of 2017 while Iran was allowed a slight rise in production.Nigeria and Libya were granted exemptions from cuts as their output suffered from unrest. Both have regained some volumes in recent months and are expected to add more soon, adding to OPEC''s challenge in rebalancing the market.Goldman Sachs, one of the most active banks in commodities trading, said on Monday a nine-month extension would help rebalance inventories in 2017 and keep Brent prices near $57 per barrel.Brent futures were trading 0.6 percent higher at $53.92 a barrel on Monday at 1638 GMT.Goldman said OPEC should put pressure on American shale oil producers by creating a market structure known as backwardation, when the future trading price of a commodity is below the current spot market value.By extending cuts into 2018 and promising to boost output next year, OPEC could force the oil market into backwardation that would scare away private equity and other investors who have been funding the American shale producers. "The binding force to sustainably slow shale growth lies on the funding side," Damien Courvalin, a Goldman analyst, wrote in the research note to clients.(Additional reporting by OPEC team in Vienna; Writing by Isabel Coles, Dmitry Zhdannikov and Dale Hudson; Editing by David Goodman and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/iraq-oil-saudi-opec-idINKBN18I0HV'|'2017-05-22T13:53:00.000+03:00'|3417.0|''|-1.0|'' 3418|'05bd442f763b3f3faaa8828e461565ff27810571'|'Toshiba to hold general shareholders meeting on June 28'|'Business 6:04am BST Toshiba unable to present audited results at end-June shareholders meeting FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo TOKYO Toshiba Corp said on Wednesday it would not be able to present its audited annual business results for the fiscal year ended March at its general shareholders meeting on June 28. Toshiba has been unable to submit its results to regulators as it has been at odds with auditor PricewaterhouseCoopers Aarata (PwC) since a surprise writedown at its now bankrupt Westinghouse nuclear unit. "At this point, completion of the auditing is expected to take some more time," the Japanese conglomerate said in a statement. But the Japanese company said it would continue to work with the independent auditor to file its securities report by the legally specified deadline of June 30. A failure to meet the end-June deadline without an extension would put the troubled Japanese conglomerate''s bourse listing in further jeopardy. Toshiba has been on the Tokyo stock exchange''s supervision list since mid-March as it has failed to clear up concerns about its internal controls after a 2015 accounting scandal. At the general shareholders meeting on June 28, it will talk about its earnings outlook, the status of the auditing process and third-party investment in its memory business, the company said. It will also seek shareholder approval of reappointment of incumbent directors, for the period until an extraordinary shareholders meeting to be held later, when the company is prepared to report audited results. (Reporting by Chris Gallagher and Makiko Yamazaki; Editing by Michael Perry)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-shareholders-idUKKBN18R09V'|'2017-05-31T10:58:00.000+03:00'|3418.0|''|-1.0|'' 3419|'9470acbaaacfcc3f334b1c8057195710662d7a5e'|'Thyssenkrupp steelworkers protest against Tata merger plan'|'Money 18pm IST Thyssenkrupp steelworkers protest against Tata merger plan DUISBURG, Germany Thousands of Thyssenkrupp steelworkers protested on Wednesday against the German industrial group''s plan to merge its European steel operations with those of India''s Tata Steel. The two companies have been talking since last year about a merger they say would support steel prices and raise efficiency by taking excess capacity out of the market. Trade unions fear large-scale job losses and question the logic of a deal. "I find it intolerable the way that Thyssenkrupp is talking the steel business into the ground," said Detlef Wetzel, the representative of trade union IG Metall on Thyssenkrupp Steel Europe''s supervisory board. "With friends like our management, who needs enemies?" he asked at a demonstration at Thyssenkrupp''s steel headquarters in the German city of Duisburg, IG Metall, which said about 7,500 steelworkers attended the demonstration, fears 4,000 out of the 27,000 jobs at Thyssenkrupp Steel Europe will be lost if the merger goes ahead. Andreas Goss, head of Thyssenkrupp Steel Europe, denied any such plans. He reiterated that the business planned to cut costs by 500 million euros ($545 million) over the next three years, which he said would help save jobs. "There are no plans for job cuts of this order," he told the Westdeutsche Allgemeine Zeitung. "At the moment, we have no plans to close any sites. But of course we have to negotiate if certain areas show no signs of making a profit long term." Thyssenkrupp, which also builds elevators, submarines and car parts, agreed in February to sell its loss-making Brazilian steel mill CSA to rival Ternium for $1.3 billion and took a 900 million euro writedown. Thyssenkrupp''s European steel operations are profitable and considered among the continent''s most efficient but the company, which is 15 percent owned by activist investor Cevian Capital, wants to focus on its capital goods businesses. Talks with Tata have stumbled on the question of who will assume liability for Tata Steel UK''s huge pension fund. Thyssenkrupp has said there are other, unspecified partners with which it could merge its steel business. ($1 = 0.9169 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tata-steel-m-a-thyssenkrupp-protests-idINKBN17Z1W4'|'2017-05-03T23:48:00.000+03:00'|3419.0|''|-1.0|'' -3420|'5782712e664c6ad5be825b1fb0b4b1c87c53e7f5'|'MOVES-JPMorgan names new real estate banking heads'|' 46am EDT MOVES-JPMorgan names new real estate banking heads May 8 JPMorgan Chase & Co said it made three promotions in its commercial real estate business. Priscilla Almodovar and Chad Tredway will co-lead the real estate banking business, and Alice Carr will lead community development banking, JPMorgan said on Monday. Almodovar, who joined the firm in 2010, has led its community development banking team in lending and investing in various housing projects. Tredway, who joined JPMorgan in 2008, has overseen real estate banking''s sales strategy and led the commercial term lending business in the U.S. East region. Carr, who has managed the community development real estate teams in Chase''s West and Southwest regions, joined the bank in 2011. (Reporting by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/jpmorgan-moves-realestate-idUSL4N1IA4ZL'|'2017-05-08T23:46:00.000+03:00'|3420.0|''|-1.0|'' +3420|'5782712e664c6ad5be825b1fb0b4b1c87c53e7f5'|'MOVES-JPMorgan names new real estate banking heads'|' 46am EDT MOVES-JPMorgan names new real estate banking heads May 8 JPMorgan Chase & Co said it made three promotions in its commercial real estate business. Priscilla Almodovar and Chad Tredway will co-lead the real estate banking business, and Alice Carr will lead community development banking, JPMorgan said on Monday. Almodovar, who joined the firm in 2010, has led its community development banking team in lending and investing in various housing projects. Tredway, who joined JPMorgan in 2008, has overseen real estate banking''s sales strategy and led the commercial term lending business in the U.S. East region. Carr, who has managed the community development real estate teams in Chase''s West and Southwest regions, joined the bank in 2011. (Reporting by Sruthi Shankar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/jpmorgan-moves-realestate-idUSL4N1IA4ZL'|'2017-05-08T23:46:00.000+03:00'|3420.0|19.0|0.0|'' 3421|'1a70d1e5502603db1e1212f1ef1e73f5e6cde5a0'|'Vivendi offers to sell Telecom Italia unit, may not be enough - source'|'Deals 30pm BST Vivendi offers to sell Telecom Italia unit, may not be enough: source FILE PHOTO: People walk in front of a Telecom Italia Mobile (TIM) store in downtown Rio de Janeiro August 20, 2014. REUTERS/Pilar Olivares/File Photo By Foo Yun Chee - BRUSSELS BRUSSELS Vivendi ( VIV.PA ) has offered to sell a Telecom Italia unit but may have to make more concessions to EU antitrust regulators to gain control of the company after rivals complained, a person familiar with the matter said on Friday. The French media company holds a 24 percent stake in Telecom Italia and is seeking EU approval to gain control of Italy''s biggest phone group ( TLIT.MI ). Vivendi told the European Commission last week it was willing to divest Telecom Italia''s 70 percent stake in broadcasting services group Persidera, including its current arrangements with Telecom Italia subsidiaries, to address competition concerns, according to a document seen by Reuters. The EU competition enforcer, which subsequently sought feedback from rivals and customers, asked whether Persidera would be a viable and competitive player in the market for wholesale access to digital terrestrial networks for the broadcast of TV channels. Respondents were given until the middle of this week to give feedback before the Commission decides whether to accept the offer, demand more or open a four-month long investigation. Its preliminary decision is due by May 30. The person said Vivendi''s concession did not address some companies'' concerns over its ability to boost Telecom Italia''s market power once it gains control. The Italian company could bundle internet, fixed telephony and multimedia content services provided by Vivendi, giving it an unfair advantage over rivals, the person said. It was also possible that Vivendi may offer better prices and terms for its content to Telecom Italia than to competitors, the person said. The Commission and Vivendi declined to comment. Telecom Italia referred to comments issued earlier this week after press reports about Vivendi''s offer to sell Persidera when it said "the matter has not been the subject of any analysis, even preliminary, by either its management or its corporate bodies". It declined to make further comment on Friday. (Additional reporting by Agnieszka Flak and Giulia Segreti, Stefano Rebaudo and Danilo Masoni in Milan and Mathieu Rosemain in Paris; editing by Giselda Vagnoni and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-telecomitalia-m-a-vivendi-idUKKBN1882CO'|'2017-05-13T00:30:00.000+03:00'|3421.0|''|-1.0|'' 3422|'433ddb8c3cd3c36cae4c458b769f28c180cd038b'|'Gasp! Budget finally admits ''revenue problem'', but attacks on welfare are the same old spin - Business'|'T he budget has destroyed one of the biggest lies told by the Coalition over the past three years and in the time it was in opposition that there was no revenue problem. But the budget papers themselves reveal another lie that also deserves to be consigned to the bin the one that suggests those on welfare are bludgers deserving to be bashed.If one were churlish one could just highlight the times in the past members of this current government decried the type of budget that it has just delivered.For example, in 2015 the finance minister, Mathias Corman, scoffed at suggestions the government needed to raise revenue. He told reporters: We have a spending problem, not a revenue problem. He also scorned the calls for more taxes, saying: Theres plenty of people out there who want to raise taxes and have a new idea for a tax every single day of the week.Every Liberal MP knows the budget was about shoring up Malcolm Turnbull, for better or worse - Katharine Murphy Read more Well clearly one of those people with a new idea is Scott Morrison, whose idea for a bank levy, and raising the Medicare levy, will increase revenue by $14bn over the next four years. But just because the Liberal party has finally realised what everyone else has known for nearly a decade, it doesnt mean we should fall over ourselves labelling this as a progressive budget. Yes there are measures that are somewhat progressive. The bank levy, for example, is fine as far as it goes. But when put against the context of the company tax cuts, it appears more about targeting a specific style of company that is generally disliked by voters, than about being progressive. After all an easier way to raise money would have been to put off the company tax cuts themselves which are clearly worth a stonking amount of money.In Thursdays question time, the government was forced to admit that the company tax cuts will cost $65.4bn over 10 years up from the previous estimate of $48.7bn. The issue is not that is a blowout which it isnt but that it highlights just how costly are those tax cuts. The reason for the increase is that the original $48.7bn estimate was over 10 years from July 2016 and the new $65.4bn one is 10 years from July 2017. The original figures thus goes to 2027, whereas the new amount goes to 2028 and includes a full year with all companies on a rate 25%. The price of drug-testing welfare recipients: ''Pushing people to utter desperation'' Read more So massive are the tax cuts that merely shifting the time period to include the 2027-28 financial year increases the total 10-year cost of the tax cuts by a third. That one extra year adds $16.7bn to the cost. Now keep that amount in your head. For while there were progressive measures in the budget, the government also could not resist returning to its conservative impulse to attack those on welfare especially the unemployed. But, perhaps unintentionally, what the budget really shows is that all the talk about bludgers on the dole is really just that . The budget figures implicitly reveal that rather than a bloated level of welfare, our support for the unemployed is actually incredibly thin.Im not even talking about the stupid trials for drug testing of those on welfare that is just a failed policy borrowed from the USA which has nothing to do with budget savings. No, the big welfare measure in the budget was the introduction of a three strikes intensive compliance phase for those on Newstart. This was the measure that received the front-page splash on tabloids on budget day under the guise of the government getting tough on shirkers and bludgers. The government suggests that around 40,000 people appear to be wilfully and systemically gaming the welfare system with no intention of working. As a result it intends to introduce a demerit system of three strikes. For a first strike of not complying with the obligations of Newstart, people would lose 50% of their payment for a fortnight; 100% for the second strike; and, just in case they still were not down enough, the government would kick them for a third strike by cancelling their payment and preventing them from re-applying for a month.Bam! Take that all you bludgers! Finally someone is putting an end to all that waste of money going to shirkers!And rest easy folks, finally the welfare budget is under control. So what do we get for this new tough on bludgers policy? (Remember now that $16.7bn for one year figure from before.)Well the government expects to save $632m over 5 years. Ok, not quite the same amount as the cost of the company tax cut, but lets be generous, it still sounds like a lot of money surely a big cut to the welfare budget, right?No.Rightwing papers at sea over ''Morriswan'' budget Read more The total amount spent on Newstart over that 5 year period is $56.5bn so at best this will cut just 1.1% of the Newstart budget hardly suggestive that most of those on the payment are shirking. But the problem is Newstart only accounts for 6% of all welfare spending most welfare goes to aged pensioners and now the NDIS. The total amount spent on welfare over the five-year period is $874.1bn. That means this crack down on dole bludgers, which got such glorified coverage from the compliant media, will save less than 0.1% of the welfare budget.That is why most of the talk of the need to be tough on welfare is not really about saving money, but about demonising the less fortunate in a desire to score political points. Australias welfare system is very tightly targeted and tested. And when it comes to Newstart, at a mere $535.60 a fortnight for single people, it is already abysmally low. This budget saw the end of the lie that the government did not need to raise revenue to return to surplus; it should also put an end to the lie that the problem with government spending is bludgers on welfare. Topics Business Grogonomics Australian politics Australian economy comment '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/grogonomics/2017/may/14/gasp-budget-finally-admits-revenue-problem-but-attacks-on-welfare-are-the-same-old-spin'|'2017-05-14T07:23:00.000+03:00'|3422.0|''|-1.0|'' 3423|'327c42cdb50ae4e565d191f8f2463796bd381173'|'PPG is disappointed that Akzo Nobel has again refused to enter into negotiation'|'May 8 Ppg Industries Inc* PPG issues statement* Is "disappointed" that Akzonobel has once again refused to enter into a negotiation regarding a combination of two companies* "Akzonobel chairs stated up front that they did not have intent nor authority to negotiate"* Akzonobel chairs did not share any concerns regarding PPG''s proposal* Will review full details of Akzonobel''s response issued today* Can confirm CEO and lead independent director met chairman of supervisory board of Akzonobel and CEO and chairman of board of management of Akzonobel '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-ppg-says-is-disappointed-that-akzo-idINFWN1IA066'|'2017-05-08T05:33:00.000+03:00'|3423.0|''|-1.0|'' @@ -3484,7 +3484,7 @@ 3482|'105e11f5645ca56a26fe0d30e63b9be95af429d7'|'Mobileye sees income from maps before self-driving cars launch'|'TEL AVIV Mobileye''s mapping program for self-driving cars will start making money long before fully autonomous vehicles hit the roads, its chairman told Reuters, as carmakers can use the technology for a variety of semi-autonomous driving features.Amnon Shashua, head of the Israeli technology company that is being bought by Intel Corp for $15.3 billion, said Mobileye expected to announce deals with carmakers by the end of 2017 for its high definition (HD) maps, bringing in revenues for both the company and its map-making partners.Fully self-driving vehicles are not expected until at least 2021, but carmakers are already offering a variety of semi-autonomous driver assistance systems, such as Tesla''s Autopilot system. Mobileye thinks its mapping technology will be needed as these systems become more advanced."We can enable hands-free driving to levels that are much higher than with any sensor (alone)," Shashua told Reuters, adding semi-autonomous systems still required drivers to remain alert.The Israeli company also believes its mapping technology will be cheaper and more comprehensive than rival systems because of the way it is created.Whereas traditional HD mapping requires dedicated vehicles with specialized equipment and hired drivers, Mobileye''s RoadBook uses hardware in vehicles to "crowdsource" data.Nissan, Volkswagen ( VOWG_p.DE ) and BMW have already signed up to share data from Mobileye''s camera-equipped advanced driver assistance systems to generate HD maps for self-driving cars, and Shashua said four more manufacturers were in talks about joining the program."We hope to have the majority of these four signed by the end of 2017," he said. "Only car manufacturers can contribute ... because they have the cars. This is something that truly separates the car industry from the tech players."The prospect of self-driving vehicles has attracted Silicon Valley giants Google and Apple as well as carmakers, with Goldman Sachs estimating the market for advanced driver assistance systems and autonomous vehicles could grow to $96 billion in 2025 from just $3 billion in 2015.Based on discussions with automaker and map-maker partners, Mobileye believes revenues from its HD maps will be "quite meaningful," though Shashua said he could not quantify it yet.Once autonomous driving cars are ready, there will be a period of several years where drivers will still be needed for monitoring purposes, Shashua added."If the expectation is for zero accidents that isn''t realistic," he said. He believes society would accept fatalities that are 2-3 orders of magnitude smaller than with people-driven cars, meaning a decline to as few as 35 fatalities annually in the United States from around 35,000 today.(Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-mobiley-autonomous-selfdriving-idUSKBN17Z1CC'|'2017-05-03T20:39:00.000+03:00'|3482.0|''|-1.0|'' 3483|'c471c3687cf5eb62bd13c093dbedcf79780bd94a'|'BlackBerry, Qualcomm decide on final amount to resolve royalty dispute'|'Market 41am EDT BlackBerry, Qualcomm decide on final amount to resolve royalty dispute May 26 Canada''s BlackBerry Ltd said on Friday that U.S. chipmaker Qualcomm Inc has agreed to pay the software maker $940 million, including interest and legal fees, to settle a royalty dispute. Qualcomm had said in April that it would have to refund BlackBerry $814.9 million, plus interest and attorneys'' fees, in an arbitration over royalties for certain past sales. The dispute between the two companies started in 2016 following Qualcomm''s agreement to cap certain royalties applied to payments made by BlackBerry under a licensing deal. Qualcomm is expected to pay the final amount on or before May 31, BlackBerry said on Friday. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/blackberry-arbitration-qualcomm-idUSL4N1IS3Z4'|'2017-05-26T20:41:00.000+03:00'|3483.0|''|-1.0|'' 3484|'414dd1e423913d811854ab980fa3346bf28c6f7d'|'ECB''s Draghi says too early to declare victory in boosting prices'|'Davos - Wed May 10, 2017 - 1:02pm BST ECB''s Draghi says too early to declare victory in boosting prices FILE PHOTO: European Central Bank (ECB) President Mario Draghi gives a speech after receiving the Gold Medal of the Jean Monnet Fondation for Europe in Lausanne, Switzerland May 4, 2017. REUTERS/Denis Balibouse By Balazs Koranyi - THE HAGUE THE HAGUE It is too early for the European Central Bank to declare victory in its quest to boost euro zone inflation despite signs that the bloc''s economic recovery is strengthening, ECB President Mario Draghi said on Thursday. His comments confirm the ECB is in no rush to wind down his ultra-easy monetary policy of negative interest rates and aggressive bond purchases despite insistence from richer euro zone countries such as the Netherlands, where Draghi was speaking on Thursday, and Germany. "Incoming data confirm that the cyclical recovery of the euro area economy is becoming increasingly solid and that downside risks have further diminished," he told a hearing of the Dutch parliament. "Nevertheless, it is too early to declare success. Underlying inflation pressures continue to remain subdued and have yet to show a convincing upward trend." The ECB is expected to tweak its policy message next month to reflect an improved economic situation but keep policy on hold. Draghi said the benefits of the ECB''s monetary policy were outweighing its side effects, but acknowledged rising property prices and high household debt in some countries, including the Netherlands. "We do not currently see compelling evidence of overstretched asset valuations at the euro area level, but we do see that real estate dynamics or high household debt levels in some countries signal the risk of increasing imbalances," Draghi said. "Such risks also exist in the Netherlands." (Additional reporting by Andreas Framke in Frankfurt; Writing by Francesco Canepa; editing by Ken Ferris)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-policy-draghi-idUKKBN1861FL'|'2017-05-10T19:35:00.000+03:00'|3484.0|''|-1.0|'' -3485|'8b7b30a8e65a3ab3d6f95a8245a9861fda8c0a02'|'Starwood looks to sell French crystal maker Baccarat: report'|'PARIS U.S investment firm Starwood Capital has put French crystal maker Baccarat ( CDBP.PA ) up for sale and the best offer so far has come from a Chinese group, French daily L''Agefi said on Friday, citing several sources.Starwood, which is eyeing a valuation for Baccarat of 200 million euros ($223.16 million), has commissioned Messier Maris & Associes bank to handle the sale, the paper reported."A Chinese group has come out on top, with an offer close to the valuation Starwood is hoping for," L''Agefi Quote: d a source as saying. It did not disclose the identity of the Chinese buyer.Starwood has owned Baccarat, which is listed in Paris and has a market value of 181 million euros, since 2005 when it bought parent group Taittinger. Neither Starwood and Baccarat could immediately be reached for comment.It achieved a 2016 Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of 12.9 million euros, up 25.2 percent on the previous year. Its sales, however, were down 0.9 percent to 148.3 million euros.Starwood Capital sold Europe''s No. 2 budget operator, Louvre Hotels Group, to Chinese partner Jin Jiang International Holdings Co. Ltd. in 2014.(Reporting by Dominique Vidalon and Pascale Denis; Editing by Richard Balmforth)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-baccarat-sale-idINKCN18F0YG'|'2017-05-19T08:03:00.000+03:00'|3485.0|''|-1.0|'' +3485|'8b7b30a8e65a3ab3d6f95a8245a9861fda8c0a02'|'Starwood looks to sell French crystal maker Baccarat: report'|'PARIS U.S investment firm Starwood Capital has put French crystal maker Baccarat ( CDBP.PA ) up for sale and the best offer so far has come from a Chinese group, French daily L''Agefi said on Friday, citing several sources.Starwood, which is eyeing a valuation for Baccarat of 200 million euros ($223.16 million), has commissioned Messier Maris & Associes bank to handle the sale, the paper reported."A Chinese group has come out on top, with an offer close to the valuation Starwood is hoping for," L''Agefi Quote: d a source as saying. It did not disclose the identity of the Chinese buyer.Starwood has owned Baccarat, which is listed in Paris and has a market value of 181 million euros, since 2005 when it bought parent group Taittinger. Neither Starwood and Baccarat could immediately be reached for comment.It achieved a 2016 Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of 12.9 million euros, up 25.2 percent on the previous year. Its sales, however, were down 0.9 percent to 148.3 million euros.Starwood Capital sold Europe''s No. 2 budget operator, Louvre Hotels Group, to Chinese partner Jin Jiang International Holdings Co. Ltd. in 2014.(Reporting by Dominique Vidalon and Pascale Denis; Editing by Richard Balmforth)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-baccarat-sale-idINKCN18F0YG'|'2017-05-19T08:03:00.000+03:00'|3485.0|25.0|-1.0|'' 3486|'0def3e4dbef836f4955c3b2f38fec33f7026e465'|'Global funds raise euro zone equities, cut UK assets - Reuters poll'|'Business 12:15pm BST Global funds raise euro zone equities, cut UK assets - Reuters poll A plastic bull figurine, symbol of the Frankfurt stock exchange is pictured in front of the share price index DAX board at the stock exchange in Frankfurt, Germany, May 8, 2017. REUTERS/Kai Pfaffenbach By Claire Milhench - LONDON LONDON Global investors raised their euro zone equity holdings in May, betting the rally has further to run, but cut their exposure to UK assets, reflecting uncertainty around the outcome of a snap general election, a Reuters poll showed on Wednesday. The Reuters monthly asset allocation survey of 47 fund managers and chief investment officers in Europe, the United States, Britain and Japan was carried out between May 15 and 30, after an emphatic win for pro-European Union (EU) candidate Emmanuel Macron in the French presidential elections. This triggered a relief rally in European equities, which pushed towards a two-year high , as the threat to the EU from far-right candidate Marine Le Pen was neutralised. It also encouraged fund managers to raise their euro zone stocks exposure around 1 percentage point to 18.7 percent of their global equity portfolios, the highest level since August 2016, the survey showed. "Now that the political risk in France has diminished, investors have become much more optimistic about the future performance of European equity markets," said Jan Bopp, asset allocation strategist, Bank J Safra Sarasin, adding that European economic data also looked much better. Poll participants who answered a special question on whether there was further upside for European equities were unanimous in their agreement, with several saying valuations still seemed cheap compared with U.S. equities, while European corporate earnings were improving. Peter van der Welle, a strategist at Robeco, acknowledged that the bar for European equities had been raised given the huge inflows and the fact that the Macron victory was discounted by the market. But he remained overweight euro zone equities saying: "In our view (the) euro zone''s economic growth momentum has further to run." Political risk is rising again, however, as over the weekend Italy''s 5-Star movement voted in favour of a proportional electoral system, raising the chances of an autumn general election. UK ASSETS CUT Investors were less bullish on the outlook for UK assets, cutting their exposure to UK stocks by 1 percentage point to 9.2 percent of their global equity portfolios. They also trimmed their UK bond holdings by 1 percentage point to 8.9 percent of their global fixed income portfolios. Prime decision to call a snap general election for June 8 has added to the uncertain outlook for UK assets, which are still overshadowed by the prospect of Britain''s negotiations to leave the European Union. May called the election in a bid to strengthen her hand in the Brexit negotiations by increasing her majority. But a projection by polling company YouGov suggested May could lose her majority in parliament, raising the prospect of political deadlock as formal Brexit talks begin. The prospect of a hung parliament pushed sterling GBP=D4 lower, towards a one-month low touched on Friday, before the currency recovered somewhat. A 68 percent majority of poll participants who answered a question on sterling thought the pound would rise in the event of an increased majority for the Conservative party, but several thought gains would be modest. A few also said an increased majority might create more problems for May from hardliners in her party. "Backbenchers tend to be more ''misbehaved'' when governments have super large majorities," said Ken Dickson, investment director at Standard Life Investments. Matteo Germano, global head of multi-asset investments at Pioneer Investments, agreed that a larger majority raised the risk of a hard Brexit, and added: "If instead their majority is thin, the political landscape will become more confused, adding again some uncertainty premium to the GBP." LOW VOLATILITY Overall, equities edged up from last month''s 46.8 percent to 46.9 percent of global balanced portfolios, the highest since January 2016. Bond holdings rose to 39.9 percent, the highest since February. Trevor Greetham, head of multi-asset at Royal London Asset Management (RLAM), expressed some caution: "Global growth is coming off the boil and inflation pressures are easing. This is good for bonds but stocks may not take bad news kindly and we have taken profits after a good run." He did not think the bull market was over, however, and would buy on a dip. Just over half of poll participants who answered a question on historically low financial market volatility thought it was a benefit to their portfolios, as it made hedging via options very cheap. But over a third said it was a risk. Rob Pemberton, investment director at HFM Columbus, argued that low volatility bred complacency and risk-taking, making markets more vulnerable to a sharp correction. In previous periods of low volatility - 1993-94 and 2006-07 - major market dislocations followed. A U.S. political crisis blew up in May over alleged Russian meddling in the 2016 presidential election and communication between Russia and Trump''s campaign and transition team, making some investors wary. "Although we were itching to adopt a more aggressive risk profile by overweighting equities, we stopped short of doing so because of disappointing macro data and the steady flow of discomforting news from Washington," said Robeco''s van der Welle. (Additional reporting by Maria Pia Quaglia Regondi; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-funds-poll-global-idUKKBN18R1DM'|'2017-05-31T19:04:00.000+03:00'|3486.0|''|-1.0|'' 3487|'1e3dc484afc1c2ba7fd23e41f0bfb4f6133d675f'|'OPEC nearing deal to extend oil output cut to March 2018'|' 03pm BST OPEC nearing deal to extend oil output cut to March 2018 left right Austrian police officers and journalists wait outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger 1/4 left right FILE PHOTO - The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured on the wall of the new OPEC headquarters in Vienna March 16, 2010. REUTERS/Heinz-Peter Bader/File Photo 2/4 left right An Austrian police officer guards the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger 3/4 left right Venezuela''s Oil Minister Nelson Martinez talks to journalists after a meeting in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger 4/4 By Ahmad Ghaddar , Alex Lawler and Vladimir Soldatkin - VIENNA VIENNA OPEC and non-member oil producers moved closer on Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the accord reached in December in which OPEC and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017. The market sees an extension by nine months as the base-case scenario since OPEC''s de facto leader Saudi Arabia and top non-member Russia said this month they favoured such a move. Saudi ally Kuwait signalled on Wednesday OPEC could discuss deepening the cuts, in what would come as a positive surprise for market bulls, but hopes quickly faded after a key committee recommended keeping the curbs unchanged. Two OPEC sources told Reuters a ministerial committee comprising OPEC members Algeria, Kuwait, Venezuela, current OPEC president Saudi Arabia and non-OPEC producers Russia and Oman recommended keeping the cuts "at the same level". The committee said in a statement it had recommended extending the cuts by nine months to March 2018. Saudi Energy Minister Khalid al-Falih gave the thumbs up when asked whether the committee had agreed on a nine-month extension. "Before the end of the year, prices may go above $55 a barrel," Algerian Energy Minister Noureddine Boutarfa told Reuters before the committee meeting, saying an extension by nine months should help clear the glut by the year-end. Saudi Arabia and Russia have said that extending output curbs by nine months rather than the initially planned six months would help speed up market rebalancing and prevent crude prices from sliding back below $50 per barrel. "OPEC has already achieved a lot. They stopped the oil market surplus from building even before they started cutting," said Gary Ross, head of global oil at PIRA Energy, a unit of S&P Global Platts. Most OPEC ministers including Iraq''s have already voiced support for extending cuts by none months. Iranian Oil Minister Bijan Zanganeh, who clashed with Saudi Arabia in many previous OPEC meetings, has so far kept a low profile, saying extensions of six or nine months were possible. Zanganeh is due in Vienna later on Wednesday. Under the existing deal, Iran received an exemption slightly to raise output, which has been curtailed by years of Western sanctions. Iran''s production has been stagnant in recent months, suggesting limited upside potential at least in the short term. DEEPER CUTS OPEC''s cuts have helped push oil back above $50 a barrel this year, giving a fiscal boost to producers, many of which rely heavily on energy revenues and have had to burn through foreign-currency reserves to plug holes in their budgets. Oil''s earlier price decline, which started in 2014, forced Russia and Saudi Arabia to tighten their belts and led to unrest in some producing countries including Venezuela and Nigeria. But surprises on Thursday are still possible. A substantial additional cut was unlikely, one OPEC delegate said, "unless Saudi Arabia initiates it with the biggest contribution and is supported by other Gulf members". By 1340 GMT on Wednesday, Brent crude was trading broadly flat just above $54 a barrel. [O/R] The price rise this year has spurred growth in the U.S. shale industry, which is not participating in the output deal, thus slowing the market''s rebalancing with global stocks still near record highs. "Production cuts cause higher prices which will incentivise more production for the U.S. shale oil and reduce the impact of the production cuts. So it''s a bit cyclical," said Sushant Gupta, research director for consultancy Wood Mackenzie. OPEC has a self-imposed goal of bringing stocks down from a record high of 3 billion barrels to their five-year average of 2.7 billion. Algeria''s Boutarfa said he believed stocks remained stubbornly large in the first half of 2017 because of high exports from the Middle East to the United States. "Thankfully, things are improving and we started seeing a draw in inventories in the United States," Boutarfa said, adding he believed that inventories should decline to their five-year average by the end of 2017. One industry source close to OPEC said the group could also send a message about tighter exports but it was unclear how that could be presented on Thursday. (Additional reporting by Ernest Scheyder, Rania El Gamal; Writing by Dmitry Zhdannikov; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN18K0WB'|'2017-05-24T23:01:00.000+03:00'|3487.0|''|-1.0|'' 3488|'d0059715698438148dbe2917ddc12761665e7e1d'|'Kipchoge runs fastest marathon but misses sub-2 hour goal - Reuters'|'By Mark Bendeich - MONZA, Italy MONZA, Italy Eliud Kipchoge ran the quickest recorded marathon on Saturday, crossing the line at the Monza Formula One track in two hours and 25 seconds but missing out on an ambitious attempt to break the two-hour barrier.The 32-year-old''s time smashed the official mark of 2:02:57 set by fellow Kenyan Dennis Kimetto in Berlin in 2014 but will not enter the record books largely due to a non-compliant system of pacemaking."The is not the end of the attempt of runners on two hours," the Olympic champion said after the race, likening the challenge to climbing a tree. "When you step on the branches... immediately you go to the next one."Kipchoge rated it as the finest performance in a career that includes a gold medal at the Rio Games last year and a personal best official time of 2:03:05, the third-fastest in history."This journey has been good, it has been hard, it has been seven months hard preparation. It has been history in the world of sport," he added.Kipchoge and the only other competitors, Eritrean Zersenay Tadese and Ethiopian Lelisa Desisa, ran behind an arrow-head formation of pacemakers, to reduce drag, and a car beaming a green line on the road behind it to show the required speed for the sub-two hour target.Amid deep scepticism, Nike pitched the attempt as sport''s "moon shot", with a keen eye on sales of its running shoes. It designed a lightweight shoe, Zoom Vaporfly Elite, with a carbon-fibre insole as part of the meticulous preparations.Nike''s arch rival, German firm adidas, also has its own ''Sub2'' project, also with a new shoe.30 PACEMAKERSIn 2014, "Runners World" magazine predicted a sub-two under normal race conditions would not happen until 2075, based on analysis of more than 10,000 top marathon performances.The race began in pre-dawn gloom at a brutal speed behind pacemakers, who were world class runners in their own right, including former world champion middle distance runner Bernard Lagat of the United States.A total of 30 pacemakers split into groups of six, taking turns to set a tempo in a race run 63 years to the day after Briton Roger Bannister became the first man to run a mile in less than four minutes.The Monza track was chosen for its wide, sweeping curves, lack of undulation and cool, low-wind environment. The runners were also delivered essential fluids on the move by moped in order to prevent them slowing down at feeding stations.The sub-two hour mark required a pace below four minutes and 35 seconds per mile, which the determined Kipchoge managed to match until falling behind the pace car in the last two laps of the 2.4 km circuit.Kipchoge completed the first half of the race in 59:57, just one and a half minutes off the official half-marathon world record set by Saturday''s second-place finisher, Tadese.The 35-year-old Eritrean, the oldest competitor on Saturday, finished in 2:06:51, followed by the youngest, 26-year-old Desisa, in 2:14:10.(Editing by John O''Brien)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/athletics-marathon-breaking2-halfway-idINKBN18206S'|'2017-05-06T05:33:00.000+03:00'|3488.0|''|-1.0|'' @@ -3515,11 +3515,11 @@ 3513|'61c2096a332788d20fdd5e81f285a9c76c537d89'|'How drugmakers face global push-back on high prices'|'Money News - Thu May 4, 2017 - 11:06pm IST How drugmakers face global push-back on high prices Pharmaceutical tablets and capsules are arranged on a table in a photo illustration shot September 18, 2013. REUTERS/Srdjan Zivulovic/Illustration/Files By Ben Hirschler - LONDON LONDON Pharmaceutical companies are under fire around the world as a wave of new treatments for cancer and other serious conditions reach the market at ever rising prices, and the pressure looks set to increase. Next week the debate on drug pricing - a particularly heated topic in the United States - will move to Amsterdam as the Dutch government hosts a forum for World Health Organization (WHO) member states to promote "fair pricing". After Donald Trump earlier this year accused drugmakers of "getting away with murder", shortly before he was inaugurated as U.S. president, the May 11 event underscores the focus on medicine pricing in health ministries from Berlin to Beijing. In Europe, Germany''s tough price negotiators have caused some firms to pull drugs off the market rather than accept price cuts, while Britain last month introduced new budget curbs on pricey products. China and Japan, the two biggest non-Western markets for pharmaceuticals, are also bearing down on costs, and poorer countries find new drugs costing tens of thousands of dollars are simply out of reach, even with preferential pricing deals. "It''s great that we have these treatments but we need to find a way to make them more affordable," Andrew Rintoul, the WHO health economist organising the drug pricing forum, told Reuters. Drugmakers know they must up their game to save their reputation - even as patients cheer the scientific advances behind their new products - and the industry is fighting to defend its corner more vigorously than ever. A major advertising campaign by the U.S. Pharmaceutical Research and Manufacturers of America trade group, for example, includes accusations that insurers are failing to pass on the benefits of discounts negotiated with manufacturers. This goes to the heart of a thorny issue. On the surface, the cost of medicines may be rising steeply but the picture is distorted by off-invoice discounts and rebates, which in the United States average around 30 percent, according to healthcare information firm QuintilesIMS. In Europe, such rebates amount to roughly 17 percent. "I personally don''t believe in the talk of drug expenditure breaking the system," Thomas Cueni, who recently took over as director-general of the International Federation of Pharmaceutical Manufacturers and Associations, told Reuters. "When you look at the aggregate numbers, drug spending has been pretty stable in most OECD countries at around 10 to 15 percent of healthcare spending." MORE DISCLOSURE Still, the lack of price transparency is a major bugbear for policy experts like the WHO''s Rintoul, who previously negotiated on pharmaceutical prices for the Australian government. Public sector officials see the obscurity surrounding prices as a big obstacle in efforts to negotiate effectively with pharmaceutical companies. There are also growing calls for greater disclosure on companies'' R&D and production costs. Transparency will be high on the agenda in Amsterdam, mirroring efforts by some U.S. states to shine a light on costs. Vermont last year became the first such state to demand that companies justify drug price hikes by detailing factors behind the increase. Companies, however, are reluctant to specify exactly how they come up with drug prices and prefer to stress the value that their medicines bring to patients and society. "The industry has to stand up and argue its value proposition," said Cueni, who admits he is "apprehensive" about the tone of the WHO meeting. "I''m not a big fan of this term ''fairness'' because, let''s face it, fairness is in the eye of the beholder. There''s no objective definition." Drugmakers like Novartis and Takeda Pharmaceutical, which recently joined with the World Economic Forum to pilot schemes that will pay for drugs based on how well they work, would much rather the focus was on outcomes. But an expensive medicine that may be cost-effective, based on a particular methodology, can still prove to be unaffordable within limited national healthcare budgets. That has been the experience in many countries recently with highly effective new hepatitis C drugs from Gilead and others. At the other end of the spectrum, the WHO meeting will also try to address the problem of shortages of some off-patent generic medicines, which should be cheap in principle but can hit supply problems if prices fall to unsustainably low levels. As well as tackling expensive drugs, some experts therefore believe minimum prices may be needed to keep certain vital products on the market. (Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/pharmaceuticals-pricing-idINKBN1802CX'|'2017-05-04T15:36:00.000+03:00'|3513.0|''|-1.0|'' 3514|'2a7c6a77801381a72c3d36228cb9589bb53be585'|'EMERGING MARKETS-LatAm currencies weaken as Trump woes spark risk-aversion'|'Market News 17am EDT EMERGING MARKETS-LatAm currencies weaken as Trump woes spark risk-aversion By Bruno Federowski SAO PAULO, May 17 Latin American currencies weakened on Wednesday as speculation U.S. President Donald Trump could face the threat of impeachment triggered worldwide profit-taking on riskier assets. The Brazilian real slipped 0.4 percent, while the Mexican peso fell as much as 0.7 percent before paring gains to trade nearly flat. Both currencies had strengthened in the last six trading days. News reports emerged on Tuesday that Trump had asked then-Federal Bureau of Investigation Director James Comey to end the agency''s investigation into ties between former White House national security adviser Michael Flynn and Russia. The reports fueled questions over whether Trump could be charged with obstruction of justice, potentially opening the doors for an early exit from office. Uncertainty over his future drove investors away from higher-risk assets, while also fostering doubt over the implementation of his fiscal expansion pledges, traders said. Stock markets also fell, with MSCI''s emerging markets equity index down 0.6 percent. MSCI''s Latin American stock index underperformed following a 6 percent rally in the last six sessions. All of Latin American benchmark stock indexes were down, with Mexico''s IPC the worst performer. Shares of bottler and retailer Fomento Economico Mexicano (Femsa) subtracted the most points from the index after Coca-Cola Femsa, a joint venture with Coca-Cola Co, ditched plans to acquire certain territories in the United States. Key Latin American stock indexes and currencies at 1445 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1009.49 -0.55 17.72 MSCI LatAm 2725.63 -1.3 17.98 Brazil Bovespa 67866.86 -1.19 12.68 Mexico IPC 48945.98 -1.04 7.24 Chile IPSA 4849.69 -0.53 16.82 Chile IGPA 24343.98 -0.43 17.41 Argentina MerVal 21749.94 -0.38 28.56 Colombia IGBC 10738.21 -0.82 6.02 Venezuela IBC 65396.82 1.52 106.27 Currencies daily % YTD % change change Latest Brazil real 3.1072 -0.40 4.57 Mexico peso 18.6525 -0.01 11.21 Chile peso 667.91 -0.19 0.42 Colombia peso 2885 -0.30 4.04 Peru sol 3.269 -0.12 4.44 Argentina peso (interbank) 15.6250 -0.26 1.60 Argentina peso (parallel) 16.02 0.19 4.99 (Reporting by Bruno Federowski; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL2N1IJ0T8'|'2017-05-17T23:17:00.000+03:00'|3514.0|''|-1.0|'' 3515|'4ead49ebaa9574cfd38206af8b7b5d6997581e18'|'Ford using first over-the-air software updates to its 2016 cars'|'Autos 9:02pm BST Ford using first over-the-air software updates to its 2016 cars FILE PHOTO - The Ford logo is pictured at the Ford Motor Co plant in Genk,Belgium December 17, 2014. REUTERS/Francois Lenoir/File Photo SAN FRANCISCO Ford Motor Co said on Friday it would delve into the growing arena of "over-the-air" software updates, adding Android Auto and Apple CarPlay to its Sync 3-equipped 2016 vehicles for the first time via a wireless software update. The latest upgrade to Sync 3, Ford''s interactive touch-screen system, will be accomplished through an over-the-air (OTA) update using Wi-Fi, not unlike how new software gets uploaded to smartphones by manufacturers. After Tesla Inc''s early lead in 2015 introducing OTAs, traditional automakers are slowly beginning to embrace the new technology, within limits. Concerns about security and resistance from dealers worried about losing service revenue have hampered its adoption. Thus far, established automakers have not used OTAs for safety systems, only for non-critical systems like infotainment. Customers can also get the update via the traditional means of visiting their dealer or using a USB drive, Ford said. Android Auto and Apple CarPlay are operating systems from Alphabet''s Google and Apple Inc that allow drivers to connect their smartphones to their vehicles'' dashboard. Ford''s first use of OTAs comes about two months after it said it would hire 400 engineers to work on connectivity, mostly from Blackberry Ltd''s shuttered phone handset business. Blackberry QNX powers Ford''s Sync 3 system. Besides being more convenient for customers, OTAs can bring automakers cost savings, as a substantial percentage of warranty repair issues and recalls can be corrected through OTAs. (Reporting By Alexandria Sage; Editing by Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ford-motor-software-idUKKCN18F2EQ'|'2017-05-20T04:02:00.000+03:00'|3515.0|''|-1.0|'' -3516|'8720619c2f72a15ea64815d1cc1f30824e2b4b1d'|'OPEC oil output falls in April but compliance weakens - Reuters survey'|'Global Energy 05pm BST OPEC oil output falls in April but compliance weakens - Reuters survey A general view shows the al-Shuaiba oil refinery in southwest Basra, Iraq April 20, 2017. REUTERS/Essam Al-Sudani By Alex Lawler and Rania El Gamal - LONDON/DUBAI LONDON/DUBAI OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday, as top exporter Saudi Arabia kept production below its target while maintenance and unrest cut production in exempt nations Nigeria and Libya. But more oil from Angola and higher UAE output than originally thought helped OPEC compliance with its production-cutting deal slip to 90 percent from a revised 92 percent in March, according to Reuters surveys. The Organization of the Petroleum Exporting Countries pledged to reduce output by about 1.2 million barrels per day (bpd) for six months from Jan. 1 - the first supply cut deal since 2008. Non-OPEC producers are cutting about half as much. OPEC wants to get rid of excess supply that is keeping oil LCOc1 below $52 a barrel, half the level of mid-2014. With the oversupply proving hard to shift, OPEC is expected to prolong the agreement. Compliance of 90 percent is still higher than OPEC achieved in its last cut in 2009, Reuters surveys show. Analysts including those at the International Energy Agency have put adherence in 2017 even higher, with the IEA calling it a record. April''s biggest production gain came from Angola, which scheduled higher exports and where output started at the East Pole field in February. The increase brought Angolan compliance down to 91 percent, from above 100 earlier in the year. Other, small increases came from Kuwait and Saudi Arabia, the survey found, although their compliance was the second-highest and highest respectively in OPEC. Even with April''s increase, the total curb achieved by OPEC''s top producer Saudi Arabia is 574,000 bpd, well above the target cut of 486,000 bpd. Iran''s production rose slightly. Tehran was allowed a small increase in output under the OPEC agreement. These increases offset lower supply in Iraq, which exported less crude from its southern terminals - and Venezuela, where exports also fell month-on-month, according to tanker data and shipping sources. Output in the United Arab Emirates fell, but production in March was higher than originally thought. The UAE, which has been focusing on expanding oil capacity in recent years, has been slower than other Gulf members to trim supply. The UAE says it is complying 100 percent. It has blamed suggestions that it is failing to do so on discrepancies between its own production figures and those estimated by the secondary sources that OPEC uses to track compliance. Lower output in Nigeria and Libya, which are exempt from the curbs, helped bring down overall OPEC production. Maintenance continued at Nigeria''s Bonga field for part of the month and loading delays affected the country''s biggest export stream, Qua Iboe. In Libya, output fell as protests blocking a pipeline prompted the shutdown of the Sharara field. Output there resumed in late April, suggesting May could see higher production if no further unrest emerges. OPEC announced a production target of 32.5 million bpd at its Nov. 30 meeting, which was based on low figures for Libya and Nigeria and included Indonesia, which has since left the group. The Libyan and Nigerian reductions mean OPEC output in April averaged 31.97 million bpd, about 220,000 bpd above its supply target adjusted to remove Indonesia. The Reuters survey is based on shipping data provided by external sources, Thomson Reuters flows data, and information provided by sources at oil companies, OPEC and consulting firms. (Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN17Y1B9'|'2017-05-02T20:05:00.000+03:00'|3516.0|''|-1.0|'' +3516|'8720619c2f72a15ea64815d1cc1f30824e2b4b1d'|'OPEC oil output falls in April but compliance weakens - Reuters survey'|'Global Energy 05pm BST OPEC oil output falls in April but compliance weakens - Reuters survey A general view shows the al-Shuaiba oil refinery in southwest Basra, Iraq April 20, 2017. REUTERS/Essam Al-Sudani By Alex Lawler and Rania El Gamal - LONDON/DUBAI LONDON/DUBAI OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday, as top exporter Saudi Arabia kept production below its target while maintenance and unrest cut production in exempt nations Nigeria and Libya. But more oil from Angola and higher UAE output than originally thought helped OPEC compliance with its production-cutting deal slip to 90 percent from a revised 92 percent in March, according to Reuters surveys. The Organization of the Petroleum Exporting Countries pledged to reduce output by about 1.2 million barrels per day (bpd) for six months from Jan. 1 - the first supply cut deal since 2008. Non-OPEC producers are cutting about half as much. OPEC wants to get rid of excess supply that is keeping oil LCOc1 below $52 a barrel, half the level of mid-2014. With the oversupply proving hard to shift, OPEC is expected to prolong the agreement. Compliance of 90 percent is still higher than OPEC achieved in its last cut in 2009, Reuters surveys show. Analysts including those at the International Energy Agency have put adherence in 2017 even higher, with the IEA calling it a record. April''s biggest production gain came from Angola, which scheduled higher exports and where output started at the East Pole field in February. The increase brought Angolan compliance down to 91 percent, from above 100 earlier in the year. Other, small increases came from Kuwait and Saudi Arabia, the survey found, although their compliance was the second-highest and highest respectively in OPEC. Even with April''s increase, the total curb achieved by OPEC''s top producer Saudi Arabia is 574,000 bpd, well above the target cut of 486,000 bpd. Iran''s production rose slightly. Tehran was allowed a small increase in output under the OPEC agreement. These increases offset lower supply in Iraq, which exported less crude from its southern terminals - and Venezuela, where exports also fell month-on-month, according to tanker data and shipping sources. Output in the United Arab Emirates fell, but production in March was higher than originally thought. The UAE, which has been focusing on expanding oil capacity in recent years, has been slower than other Gulf members to trim supply. The UAE says it is complying 100 percent. It has blamed suggestions that it is failing to do so on discrepancies between its own production figures and those estimated by the secondary sources that OPEC uses to track compliance. Lower output in Nigeria and Libya, which are exempt from the curbs, helped bring down overall OPEC production. Maintenance continued at Nigeria''s Bonga field for part of the month and loading delays affected the country''s biggest export stream, Qua Iboe. In Libya, output fell as protests blocking a pipeline prompted the shutdown of the Sharara field. Output there resumed in late April, suggesting May could see higher production if no further unrest emerges. OPEC announced a production target of 32.5 million bpd at its Nov. 30 meeting, which was based on low figures for Libya and Nigeria and included Indonesia, which has since left the group. The Libyan and Nigerian reductions mean OPEC output in April averaged 31.97 million bpd, about 220,000 bpd above its supply target adjusted to remove Indonesia. The Reuters survey is based on shipping data provided by external sources, Thomson Reuters flows data, and information provided by sources at oil companies, OPEC and consulting firms. (Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN17Y1B9'|'2017-05-02T20:05:00.000+03:00'|3516.0|27.0|0.0|'' 3517|'7ab9adeb68edc2e5636f2340d23777e5f0ce273d'|'China central bank to maintain prudent monetary policy, eyes on shadow banking risks'|'Business News - Fri May 12, 2017 - 1:31pm BST China central bank to maintain prudent monetary policy, eyes on shadow banking risks FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People''s Bank of China, the Chinese central bank, in Beijing, April 3, 2014. REUTERS/Petar Kujundzic/File Photo BEIJING China''s central bank said on Friday that it will maintain a prudent and neutral monetary policy and keep liquidity basically stable. China will also strengthen oversight to prevent risks in the shadow banking category, including asset management products, the People''s Bank of China (PBOC) said in its first-quarter monetary policy implementation report. The PBOC said it will provide necessary liquidity support for "reasonable growth of credit" but will control the increase in non-performing loans and restrict credit flowing into speculative housing purchases. (Reporting by Yawen Chen and Josephine Mason; Editing by Nick Macfie) British insurance body calls for overhaul for injury lump sums LONDON The Association of British Insurers on Friday called for an overhaul in the calculation of lump sum payments in personal injury claims, after a change in the way they are worked out pushed up the size of the payments, denting insurers'' profits. Lower bonus pushes Tesco CEO''s pay down by 10.5 percent LONDON The chief executive of Tesco , Dave Lewis, saw his total pay package fall 10.5 percent last year, even though the supermarket group achieved a 25 percent rise in profit and its first full year of sales growth for seven years. BRUSSELS EU nations agreed on Friday on new draft rules for car approvals despite opposition from Germany, EU sources said, in a bid to prevent a repeat of the Volkswagen emissions cheating scandal. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-policy-idUKKBN1881O5'|'2017-05-12T20:31:00.000+03:00'|3517.0|''|-1.0|'' 3518|'97b30107279eb7f47308da75a6b374e52079dcac'|'Wal-Mart close to settlement with U.S. over alleged bribery: report'|'Business News - Tue May 9, 2017 - 5:05pm EDT Wal-Mart close to settlement with U.S. over alleged bribery: report FILE PHOTO - Shopping carts are seen outside a new Wal-Mart Express store in Chicago July 26, 2011. REUTERS/John Gress/Files CHICAGO Wal-Mart Stores Inc ( WMT.N ) is preparing to pay about $300 million to settle a probe of bribery by its employees in markets including Mexico, India and China, Bloomberg reported on Tuesday, citing people familiar with the matter. The deal, which would mark a significant concession by the U.S. government, was being finalized and could change, the Bloomberg report said. In October 2016, Wal-Mart rebuffed a proposal by U.S. prosecutors to pay at least $600 million to settle the same corruption probe. Wal-Mart spokesman Greg Hitt declined to comment on the story. Last week , Wal-Mart told Reuters it was considering getting certified under a new international program that could help companies defend themselves against isolated cases of corruption or poor business practices. The proposed resolution would require a guilty plea by at least one Wal-Mart subsidiary, but the parent company would not be charged, the report said. The U.S. Department of Justice has been conducting a long-running investigation into potential misconduct by Wal-Mart in some overseas markets, including China, Brazil, India and Mexico. Wal-Mart''s ethics and compliance system came into focus after the New York Times reported in 2012 that Wal-Mart had engaged in a multi-year bribery campaign to build its Wal-Mart de Mexico business. So far Wal-Mart has spent more than $800 million on legal fees and an internal investigation into the alleged payments and to revamp its compliance systems around the world. (Reporting by Nandita Bose in Chicago; Editing by Steve Orlofsky) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-corruption-walmart-idUSKBN1852IS'|'2017-05-10T05:05:00.000+03:00'|3518.0|''|-1.0|'' 3519|'c4ab028431ce44823af9dcd8653137fd629f3203'|'Zurich Insurance starts using robots to decide personal injury claims'|'Business News - Thu May 18, 2017 - 12:30pm BST Zurich Insurance starts using robots to decide personal injury claims The logo of Zurich insurance company is seen on the roof of an office building in Vienna, Austria, September 4, 2016. REUTERS/Heinz-Peter Bader/File Photo By Brenna Hughes Neghaiwi and John O''Donnell - ZURICH ZURICH Zurich Insurance ( ZURN.S ) is deploying artificial intelligence in deciding personal injury claims after trials cut the processing time from an hour to just seconds, its chairman said. "We recently introduced AI claims handling ... and saved 40,000 work hours, while speeding up the claim processing time to five seconds," Tom de Swaan told Reuters, after the insurer started using machines in March to review paperwork, such as medical reports. "We absolutely plan to expand the use of this type of AI (artificial intelligence)," he said. Insurers are racing to hone the benefits of technological advancements such as big data and AI as tech-driven startups, like Lemonade Inc, enter the market. Lemonade promises renters and homeowners insurance in as little as 90 seconds and payment of claims in three minutes with the help of artificial intelligence bots that set up policies and process claims. De Swaan said Zurich Insurance, Europe''s fifth-biggest insurer, would increasingly use machine learning, or AI, for handling claims. "Accuracy has improved. Because it''s machine learning, every new claim leads to further development and improvements," the Dutch native said. Japanese insurer Fukoku Mutual Life Insurance began implementing AI in January, replacing 34 staff members in a move it said would save 140 million yen (971,000) a year. British insurer Aviva ( AV.L ) is also currently looking at using AI. De Swaan said he does not fear competition from tech giants like Google-parent Alphabet ( GOOGL.O ) or Apple ( AAPL.O ) entering the insurance market, although some technology companies have expressed interest in cooperating with Zurich. "None of the technology companies so far have taken insurance risk on their balance sheet, because they don''t want to be regulated," he said. "You need the balance sheet to be able to sell insurance and take insurance risk." (Additional reporting by Paul Arnold; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-zurich-ins-group-claims-idUKKCN18E1HO'|'2017-05-18T19:30:00.000+03:00'|3519.0|''|-1.0|'' -3520|'9143d0ef5c17e160e47c8faa6cc87c974f9ceebd'|'Linde board to vote on Praxair merger on Thursday - sources'|'Business News - Fri May 26, 2017 - 10:51am BST Linde board to vote on Praxair merger on Thursday - sources Linde Group logo is seen at company building before the annual news conference in Munich, Germany March 9, 2017. REUTERS/Lukas Barth MUNICH German industrial gases group Linde''s ( LING.DE ) supervisory board is due to meet on Thursday to vote on a merger agreement with U.S. peer Praxair ( PX.N ), two people familiar with the matter told Reuters on Friday. One of the people said there were still some unanswered questions regarding the deal, without providing details. Linde declined to comment on the matter. The two companies said on Wednesday they had reached a deal in principle on a Business Combination Agreement for their proposed $70 billion (54.42 billion) merger. (Reporting by Irene Preisinger; Writing by Maria Sheahan, Editing by Thomas Escritt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-linde-m-a-praxair-idUKKBN18M0ZB'|'2017-05-26T17:51:00.000+03:00'|3520.0|''|-1.0|'' +3520|'9143d0ef5c17e160e47c8faa6cc87c974f9ceebd'|'Linde board to vote on Praxair merger on Thursday - sources'|'Business News - Fri May 26, 2017 - 10:51am BST Linde board to vote on Praxair merger on Thursday - sources Linde Group logo is seen at company building before the annual news conference in Munich, Germany March 9, 2017. REUTERS/Lukas Barth MUNICH German industrial gases group Linde''s ( LING.DE ) supervisory board is due to meet on Thursday to vote on a merger agreement with U.S. peer Praxair ( PX.N ), two people familiar with the matter told Reuters on Friday. One of the people said there were still some unanswered questions regarding the deal, without providing details. Linde declined to comment on the matter. The two companies said on Wednesday they had reached a deal in principle on a Business Combination Agreement for their proposed $70 billion (54.42 billion) merger. (Reporting by Irene Preisinger; Writing by Maria Sheahan, Editing by Thomas Escritt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-linde-m-a-praxair-idUKKBN18M0ZB'|'2017-05-26T17:51:00.000+03:00'|3520.0|20.0|2.0|'' 3521|'e31b6d2bb227d0a1c4e5356ebcaff3a5658b769e'|'UK Stocks-Factors to watch on May 19'|'May 19 Britain''s FTSE 100 index is seen opening up 31 points at 7,467 on Friday, according to financial bookmakers. * BHP: BHP Billiton Ltd''s Canadian potash mine will use advanced, cost-saving technology, giving it a competitive edge in a currently over-supplied fertilizer market, the executive in charge of the business said on Thursday. * BRITAIN/EU CLEARING: Forcing banks to move euro-denominated trades from London to Frankfurt would be costly, and continental companies would ultimately foot the bill, an industry body said on Thursday. * EUROPEAN UNION: The European Commission will announce new initiatives to reconfigure its capital markets union (CMU) project on June 7 to reflect Britain''s decision to leave the bloc, a senior commission official said on Thursday. * RBS: Fred Goodwin, the former Royal Bank of Scotland chief executive, is set to become the first senior banker in Britain to be challenged in court over his role in the financial crisis. * The UK blue chip index ended down 0.9 percent on Thursday, underperforming the broader European market as the pound strengthened after data showed consumers are maintaining spending despite inflation worries. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Future Plc Half Year 2017 Earnings Release Hikma Pharmaceuticals Plc Interim Management Statement Release Grainger Plc Half Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL4N1IL229'|'2017-05-19T13:36:00.000+03:00'|3521.0|''|-1.0|'' 3522|'f382eab583786c7fa42bf231b12143bd573e4cd7'|'EURO DEBT SUPPLY-Five euro zone countries to sell bonds next week'|'LONDON May 5 The Netherlands, Austria, Germany, Portugal and Italy are scheduled to hold bond auctions in the week ahead.* On Tuesday, the Netherlands will sell 2 to 3 billion euros of five-year government bonds.* On the same day, Germany auctions 500 million euros of a 30-year inflation-linked bond, while Austria is scheduled to sell 1.1 billion euros in bonds by reopening 2047 and 2027 issues.* Germany comes to the market again on Wednesday, with a 3 billion euro sale of five-year bonds.* Also on Wednesday, Portugal is to offer up to 1.25 billion euros of bonds maturing in 2022 and 2027.* Italy is scheduled to sell medium and long-term bonds on Thursday. The auction details are yet to be released.(Reporting by Dhara Ranasinghe, Editing by Abhinav Ramnarayan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-outlook-idINL8N1I72VP'|'2017-05-05T10:22:00.000+03:00'|3522.0|''|-1.0|'' 3523|'dac02fab72182bf7afd4293144efe8735853e3e6'|'Takeover target Stada says has no word of any rival bid'|'FRANKFURT Stada Arzneimittel AG ( STAGn.DE ), the German drug company that has received an agreed takeover bid from buyout firms Bain and Cinven, on Tuesday said it had not been notified of any rival offer in the works.Bloomberg reported on Monday that investor Advent and Shanghai Pharmaceuticals ( 601607.SS ) were discussing a potential bid of about 70 euros a share.That would trump Bain and Cinven''s offer of 65.28 euros plus and a dividend of 0.72 euros per share, which was already seen as a surprisingly large, valuing the company at about 5.3 billion euros ($5.8 billion).(Reporting by Ludwig Burger; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-m-a-rivaloffer-idINKCN18C183'|'2017-05-16T09:10:00.000+03:00'|3523.0|''|-1.0|'' @@ -3531,7 +3531,7 @@ 3529|'114c63daf8321ed2a01cc911a354c0ca269d1e82'|'G4S makes strong start to 2017, first quarter revenues up 9 percent'|' 7:37am BST G4S makes strong start to 2017, first quarter revenues up 9 percent A G4S security van is parked outside a bank in Loughborough, central England, August 28, 2013. REUTERS/Darren Staples/File Photo EDINBURGH Global security firm G4S reported a strong start to the year on Thursday, with revenues up almost 9 percent thanks to good demand for its services around the world The world''s largest security services company said it was confident it would hit its annual revenue growth target of 4 to 6 percent thanks to new contract wins and its pipeline and broadly the same trends in its business as in 2016. "We have delivered good profitable growth across all the regions except Middle East and India which remains challenged," a spokesman for the company said, adding that its U.S. operations had gained from the rollover of retail cash solution contracts from 2016. The performance of G4S, which provides personnel for security services as well as cash-handling, has been robust while some UK rivals flounder, primarily because it is gradually reducing its exposure to the UK where the market has been under pressure following Britain''s vote to leave the European Union. The United States is now the company''s biggest market, providing 27 percent of full year profit in 2016. (Reporting by Elisabeth O''Leary; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g4s-results-idUKKBN1800JI'|'2017-05-04T14:37:00.000+03:00'|3529.0|''|-1.0|'' 3530|'f60622820f012bfb1f8f5dab4b178768a54cca90'|'Tracker rates for energy? French firm brings ''new innovation'' to UK - Business'|'A French power company has promised to restore trust in the energy market with a new tracker tariff linked to wholesale prices, days after big suppliers were found to be making record profit margins from their customers. Engie, which describes itself as the biggest new entrant to the UK domestic energy market in 15 years, said it was the right time for the company to launch in Britain, despite both the Tories and Labour planning price caps on energy bills .We invest because regardless of any political context, this is something that makes sense, said Wilfrid Petrie, Engies UK chief executive.The company, formerly known as GDF Suez, arrives in the UK this week alongside two small new energy companies, taking the total of domestic suppliers to a record 52. The number is set to keep rising: regulator Ofgem said it expected to grant licences for a further six suppliers in June and July.Engie hopes to stand out by offering scale, transparency, green credentials and additional services, such as installing smart thermostats in peoples homes.Thousands face energy bill hikes of more than 400 this month Read more Unusually, the supplier promises that when its fixed tariffs come to an end, customers will be moved to its cheapest deal, rather than following the industry practice of rolling people on to pricier default tariffs.Petrie said he hoped to attract a few hundred thousand customers, but refused to put a timeline on the goal, adding: There are no hard targets we set ourselves. Engie has gained 15,000 domestic customers since a soft launch in December.Petrie insisted the company was committed to the UK despite the threat of price regulation and said it could carve out a niche. [The UK is] highly scrutinised, the players are criticised and the image is not particularly good, and there is a market with a lot of competition, he said.Alongside conventional fixed deals, the cheapest of which costs 880 a year, Engie will launch a tracker tariff this summer that goes up or down each month depending on the cost of wholesale gas and electricity. The company said 40% of the tariff paid by consumers would be made up of wholesale costs, with the rest of the tariff comprising costs from government policy, the transmission network and profits.Tory MPs plot to water down Theresa May''s energy price cap pledge Read more Those wholesale price changes are passed on. Unfortunately, its the good and the bad they could go up, they could go down, said Paul Rawson, the firms head of energy solutions. I think its a new innovation, and a new ability for customers to get real price transparency and restore a bit of trust in the industry.The tracker follows a similar wholesale tracker tariff launched on Monday by Octopus Energy , another relatively new challenger supplier that signed up 90,000 customers in its first year.Engie will also be competing with a pair of new entrants that launched this week, including Pure Planet, which claims it will be the cheapest supplier of renewable energy on the market, with a single tariff of around 900. BP owns a quarter of the company, set up by four friends who founded Virgin Mobile in 1999, and is also the producer of the wind, solar and hydro power that the company is buying.The other new entrant is Peoples Energy, which raised 450,000 via a crowdfunding campaign and pledges to return 75% of its profits to customers each year in an annual rebate.Topics Energy industry Energy bills Consumer affairs Household bills Utilities news '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/11/engie-power-energy-tracker-tariff-uk-market-gas-electricity'|'2017-05-11T23:26:00.000+03:00'|3530.0|6.0|0.0|'' 3531|'55f4c4249975daa1cdf2dd743f77b592049170ba'|'Key ministers in new French government'|'Market News 03am EDT Key ministers in new French government PARIS May 17 French Prime Minister Edouard Philippe''s new government comprises a mix of socialist and conservative officials, with an equal balance between men and women as well as people from civil society. Philippe, a 46-year-old conservative lawmaker and mayor of the Normandy seaside town of Le Havre, was appointed by French centrist President Emmanuel Macron on Monday. On Wednesday, a total of 22 ministers, including junior ministers, split equally between men and women, were named in his government. Below is a list of the key ministers. INTERIOR MINISTER: GERARD COLLOMB, 69 A popular senator and mayor of Lyon, France''s second-biggest city, Collomb is part of the centrist tendency of the Socialist party. He has never been a minister during his 40-year political career, but is named number two in the government protocol. He was one of Macron''s first close allies and vocal supporters among leading Socialists. He has been a staunch advocate of cross-party cooperation in running his city. His priority in Lyon was initially focused on strengthening security. As interior minister, he will now be in charge of coordinating France''s response to internal security threats including from Islamist militants who have carried out attacks on French soil. ECOLOGICAL TRANSITION MINISTRY: NICOLAS HULOT, 62 Former documentary TV reporter Hulot is one of France''s best-known environmentalists. A pragmatist, Hulot has advised governments from the right and the left about environmental policies. He made a bid to run as Green candidate in the 2012 presidential election, but lost out to a more leftist candidate in the party''s primaries. The foundation bearing his name is a driving force for green policies in France. Former president Francois Hollande made Hulot a special envoy for the environment but could not convince him to become a minister in his government. Hulot helped prepare the 2015 United Nations COP21 climate summit in Paris and has good relations with top French companies such as EDF, L''Oreal and Carrefour, who sponsor his foundation. JUSTICE MINISTER: FRANCOIS BAYROU, 65 Long the face of centrism in France, with three failed runs for the presidency to his name, Bayrou, was pondering whether to make a fourth run when he was overtaken by Macron''s dizzy rise. The former education minister, now mayor of Pau, gave Macron a boost in the polls in February when he decided to join the former banker''s ranks, sealing an alliance. Many observers then speculated that this would be rewarded by a ministerial role for Bayrou, who founded his own Democratic Movement (MoDem) in 2007. The self-proclaimed "man of the soil" -- a father of six and practising Roman Catholic who married at age 20 -- also breeds racehorses at his ancestral home in Borderes in the southwest of France. EUROPEAN AND FOREIGN MINISTER: JEAN-YVES LE DRIAN, 69 Le Drian has been a close friend of former Socialist President Hollande for more than 40 years. Having backed Macron early, Le Drian takes over the foreign affairs portfolio after holding the defence post for five years under Hollande. One of the few popular ministers under Hollande, Le Drian is seen as the driving force behind France''s counter-terrorism operations in West Africa and the Middle East. He is also credited with leading a resurgence in French weapons'' exports that have resulted in billions of euros in deals, including the first exports of the Rafale fighter jet. The former university history teacher has spent 35 years in politics and is president of the Brittany region. In a signal of Macron''s future priorities, the ministry has been renamed to emphasise the role of Europe in foreign policy. ECONOMY MINISTER: BRUNO LE MAIRE, 48 Bruno Le Maire, named French economy minister, is a reform-minded conservative whose expertise on Europe and staunch defence of the Franco-German relationship will prove valuable as Macron pushes for closer EU integration. A pro-European, German-speaking rightist, Le Maire came second to ex-President Nicolas Sarkozy for the leadership of the The Republicans party in 2014 and finished fifth in the right-wing presidential primaries last year. After an early career as a diplomat, he held successive portfolois under Sarkozy - first European and then agriculture. He will be supported in his new role by another conservative, 34-year-old Gerald Darmanin, a Republicans vice-president and former Sarkozy ally, who will be budget minister. ARMED FORCES MINISTER (DEFENCE MINISTRY): SYLVIE GOULARD, 52 A European lawmaker who speaks four languages, Goulard is a respected operator in Brussels, having acted as adviser to former European Commission president Romano Prodi. She is the number three in the government hierarchy and will be key to pushing wider European defence cooperation. Goulard was born in Marseille and is a graduate of France''s elite ENA school of government. MINISTER OF TERRITORIAL COHESION: RICHARD FERRAND, 54 A Socialist lawmaker who steered Macron''s flagship deregulation bill through parliament in 2015, he was one of the first parliamentarians to join the young centrist''s movement. Born to a plasterer and a shop assistant in the southwestern town of Rodez, he combines impeccable working-class credentials with experience of the private sector - he turned around the bankrupt Mutuelles de Bretagne health insurance company - and an understanding of the inner workings of government as a former cabinet adviser. JUNIOR MINISTER FOR EUROPE: MARIELLE DE SARNEZ, 66 De Sarnez is the right-hand woman of Francois Bayrou, the leader of the centrist Modem party who gave up his bid for the presidency to back Macron. She will be a junior minister under Le Drian. An expert on Europe, she has been a member of the European parliament since 1999 and was campaign director for Bayrou''s unsuccessful 2012 presidential campaign. GOVERNMENT SPOKESMAN: CHRISTOPHE CASTANER, 51 The Socialist lawmaker, who briefly worked as a legal adviser for the bank BNP Paribas, was one of Macron''s main message-bearers on morning radio shows and TV channels. In regional council elections in 2015, he withdrew his candidacy in the National Front (FN) stronghold of Provence, helping his conservative rival to become council president and shutting out the FN candidate, Marine Le Pen''s niece Marion Marechal-Le Pen. (Reporting by John Irish, Brian Love, Sybille de La Hamaide, Ingrid Melander, Dominique Vidalon, Andrew Callus, Adrian Croft, Michel Rose; Editing by Richard Balmforth)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-election-government-ministers-idUSL8N1IJ445'|'2017-05-17T22:03:00.000+03:00'|3531.0|''|-1.0|'' -3532|'7ebbb1e6c41bc251dbd913b1bb02f11311d9a360'|'Japan March current account surplus beats forecasts, Trump trade policies in focus'|'Business 3:23am BST Japan March current account surplus beats forecasts, Trump trade policies in focus A cargo ship is seen behind Japan''s national flag at an industrial port in Tokyo March 8, 2012. REUTERS/Kim Kyung-Hoon By Minami Funakoshi - TOKYO TOKYO Japan''s current account balance posted a stronger-than-expected surplus in March on solid income from overseas investments, maintaining a run of uninterrupted monthly surpluses that has continued for almost three years. The surplus of 2.91 trillion yen (19.7 billion pounds) marked the 33rd straight month in the black, finance ministry data showed on Thursday, and beat the median forecast for a surplus of 2.643 trillion yen in a Reuters poll of economists. Export-reliant Japan''s persistent current account surpluses could elevate the thorny issue of trade imbalances with U.S. President Donald Trump''s administration, which has pledged to rework the United States'' current agreements with its major trading partners. "Usually, the current account balance shouldn''t have that big of an impact, but you just never know with Trump," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "It''s hard to read what, if any, effect this might have on Trump''s policies (with Japan)." The trade surplus shrank in March to 865.5 billion yen, but logged the second straight month in the black. Income from overseas investment, boosted by a pick-up in overseas economy, also helped support the current account surplus. The primary income balance in March stood at 2.2 trillion yen on increased profits from foreign direct investment. Japan''s trade and current account surpluses have taken on critical importance as Trump pursues an "America First" platform, via which he has pledged to shrink the U.S. trade deficit with big exporters such as Japan. A strong current account surplus and a large trade surplus with the United States kept Japan on the U.S. Treasury''s currency watchlist released last month. U.S. Commerce Secretary Wilbur Ross said that Washington could no longer sustain inflated trade deficits with its trading partners, according to a statement issued last week by the department. However, Japan''s finance minister has said he had no discussion on trade deficits when he spoke with Ross last week. Japan''s economy has sustained a modest recovery that kicked off when Prime Minister Shinzo Abe took power in late 2012 and launched his "Abenomics" package of aggressive monetary, fiscal stimulus measures and structural reforms. A recent rebound in overseas demand has helped boost exports and output, pushing up business confidence to its highest in a year and a half. Japan''s March trade data showed exports rose at the fastest pace in more than two years as increased shipments of car parts and steel signalled that expanding overseas demand could help boost the country''s notoriously slow economic growth. (Reporting by Minami Funakoshi; Editing by Eric Meijer and Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-currentaccount-idUKKBN18701B'|'2017-05-11T10:23:00.000+03:00'|3532.0|''|-1.0|'' +3532|'7ebbb1e6c41bc251dbd913b1bb02f11311d9a360'|'Japan March current account surplus beats forecasts, Trump trade policies in focus'|'Business 3:23am BST Japan March current account surplus beats forecasts, Trump trade policies in focus A cargo ship is seen behind Japan''s national flag at an industrial port in Tokyo March 8, 2012. REUTERS/Kim Kyung-Hoon By Minami Funakoshi - TOKYO TOKYO Japan''s current account balance posted a stronger-than-expected surplus in March on solid income from overseas investments, maintaining a run of uninterrupted monthly surpluses that has continued for almost three years. The surplus of 2.91 trillion yen (19.7 billion pounds) marked the 33rd straight month in the black, finance ministry data showed on Thursday, and beat the median forecast for a surplus of 2.643 trillion yen in a Reuters poll of economists. Export-reliant Japan''s persistent current account surpluses could elevate the thorny issue of trade imbalances with U.S. President Donald Trump''s administration, which has pledged to rework the United States'' current agreements with its major trading partners. "Usually, the current account balance shouldn''t have that big of an impact, but you just never know with Trump," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "It''s hard to read what, if any, effect this might have on Trump''s policies (with Japan)." The trade surplus shrank in March to 865.5 billion yen, but logged the second straight month in the black. Income from overseas investment, boosted by a pick-up in overseas economy, also helped support the current account surplus. The primary income balance in March stood at 2.2 trillion yen on increased profits from foreign direct investment. Japan''s trade and current account surpluses have taken on critical importance as Trump pursues an "America First" platform, via which he has pledged to shrink the U.S. trade deficit with big exporters such as Japan. A strong current account surplus and a large trade surplus with the United States kept Japan on the U.S. Treasury''s currency watchlist released last month. U.S. Commerce Secretary Wilbur Ross said that Washington could no longer sustain inflated trade deficits with its trading partners, according to a statement issued last week by the department. However, Japan''s finance minister has said he had no discussion on trade deficits when he spoke with Ross last week. Japan''s economy has sustained a modest recovery that kicked off when Prime Minister Shinzo Abe took power in late 2012 and launched his "Abenomics" package of aggressive monetary, fiscal stimulus measures and structural reforms. A recent rebound in overseas demand has helped boost exports and output, pushing up business confidence to its highest in a year and a half. Japan''s March trade data showed exports rose at the fastest pace in more than two years as increased shipments of car parts and steel signalled that expanding overseas demand could help boost the country''s notoriously slow economic growth. (Reporting by Minami Funakoshi; Editing by Eric Meijer and Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-currentaccount-idUKKBN18701B'|'2017-05-11T10:23:00.000+03:00'|3532.0|24.0|0.0|'' 3533|'a9b63e8b2604f5c590e2f53ee1d77c12e3aa9d3d'|'BRIEF-Energizer raises 2017 adjusted eps outlook'|' 23am EDT BRIEF-Energizer raises 2017 adjusted eps outlook May 3 Energizer Holdings Inc * Energizer Holdings, Inc. announces fiscal 2017 second quarter results and updates financial Outlook for fiscal 2017 * Q2 adjusted earnings per share $0.50 * Q2 earnings per share $0.75 * Q2 earnings per share view $0.34 -- Thomson Reuters I/B/E/S * Sees FY 2017 adjusted earnings per share $2.75 to $2.85 * Q2 revenue $359 million versus I/B/E/S view $366.7 million * Energizer Holdings Inc - raises full year adjusted eps outlook * Energizer Holdings Inc - fiscal year 2017 net sales are expected to be up mid-single digits * Energizer Holdings Inc - incremental impact of auto care acquisition is expected to increase net sales by 5 pct to 6 pct for fiscal year 2017 * Energizer Holdings Inc - unfavorable movements in foreign currencies are expected to reduce net sales by 1.5 pct to 2.5 pct for fiscal year 2017 * Fy2017 earnings per share view $2.77, revenue view $1.75 billion -- Thomson Reuters I/B/E/S * Energizer holdings inc - acquisition and integration costs are expected to be in range of $5 to $10 million for fiscal year 2017 Source '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-energizer-raises-2017-adjusted-eps-idUSASA09MDV'|'2017-05-03T19:23:00.000+03:00'|3533.0|''|-1.0|'' 3534|'72b044691234e25dedeb323af0e872b8cc681d54'|'UK shoppers shrug off inflation pressure as sun comes out'|'Top News 11:50am BST UK shoppers shrug off inflation pressure as sun comes out left right A woman buys produce at a market stall in London, Britain May 16, 2017. REUTERS/Neil Hall 1/2 Prices are displayed on a store window in London, Britain May 16, 2017. REUTERS/Neil Hall 2/2 By David Milliken and William Schomberg - LONDON LONDON British shoppers set aside their concerns about fast-rising inflation following the Brexit vote and stepped up spending last month at the fastest rate in years, encouraged by fine weather, official data showed. The unexpectedly strong figures suggest that - at least temporarily - consumers'' mood has become more upbeat in the run-up to a June 8 national election that ruling Conservatives are tipped to win by a wide margin. Retail sales volumes jumped by 2.3 percent on the month in April, the Office for National Statistics said on Thursday, beating the median forecast for a 1.0 percent rise in a Reuters poll of economists. The robust data contrasts with a generally downbeat tone so far this year, as a pick-up in inflation triggered by the fall in the pound after last year''s Brexit vote ate into households'' disposable income. The rebound followed a sharp 1.4 percent fall in March that capped the weakest calendar quarter since 2010. "April''s sharp rebound in retail sales ... buoys hopes that consumer spending will not hamper UK GDP growth as it clearly did in the first quarter," said Howard Archer, chief UK economist at IHS Markit. Looking at the value of retail spending - which adds in the extra amount shoppers spend because of higher inflation - sales in the three months to April were up 6.2 percent on a year earlier, the biggest rise in 15 years. Sterling rose almost half a cent against the U.S. dollar GBP=D4 after the data, rising above $1.30 for the first time in almost eight months, and British government bond yields fell to a one-month low. WEATHER FACTOR The ONS said retailers reported that fine weather had boosted demand. An official said it was too soon to tell if inflation pressures would weigh on consumers again quickly. "We need a longer series to properly determine a pattern," the official said. Retail sales volumes were 4.0 percent higher than a year earlier after 2.0 percent annual growth in March, again beating forecasts in a Reuters poll for a 2.1 percent rise. The ONS said the figures were seasonally adjusted to take account of the timing of Easter, but many economists doubted the adjustment was sufficient. "Today''s upside surprise will probably mean that almost every City forecaster will be looking for payback in next month''s May figures, particularly if Easter or weather distortions played a sizeable role in today''s good news," George Buckley, an economist at Nomura, said. The strong retail sales tally with figures from the Confederation of British Industry, which said retailers reported rapid sales growth during the first part of April. But British retailers have reported mixed fortunes. Earlier this month Next ( NXT.L ), Britain''s most successful clothing chain in recent years, lowered its annual profit forecast, counting the cost of tough trading conditions and self-inflicted problems with its product ranges. Official figures on Wednesday showed that average wages in Britain are now rising by less than inflation for the first time since 2014. The Bank of England expects a shortfall in consumer demand this year which will be mostly offset by stronger exports and business investment. Many private-sector forecasters are more doubtful and see a bigger slowdown this year and next. (Reporting by David Milliken; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-retail-idUKKCN18E0WC'|'2017-05-18T16:35:00.000+03:00'|3534.0|''|-1.0|'' 3535|'16971782c93137d00049426d93d6868f6ae9c578'|'Italy''s Atlantia bids $18 billion for Spain''s Abertis in road play'|'By Francesca Landini and Carlos Ruano - MILAN/MADRID MILAN/MADRID Italy''s Atlantia ( ATL.MI ) bid 16.3 billion euros ($18 billion) for Abertis ( ABE.MC ) on Monday to create the world''s biggest toll road operator, but still needs the full backing of the Spanish firm''s top shareholder if it is to succeed.Both companies are trying to shift away from their home markets and had previously agreed a deal in 2006, but this fell through due to Italian government opposition.While Atlantia said Monday''s cash-and share offer was friendly and the two have been in talks for weeks, Abertis said the bid had not been solicited and that it would not respond until it is legally obliged to do so.A source close to its largest shareholder Criteria, the holding company that controls Spanish lender Caixabank, said a response could take weeks or even months.Giovanni Castellucci, Atlantia''s chief executive, acknowledged that he had yet to reach a formal agreement with Abertis or Caixabank.Atlantia, which is controlled by the Benetton family, wants a tie-up with Abertis, which gets a third of its core earnings from France and has extensive operations in Latin America, to help cut its dependence on low-growth Italy.Abertis in turn needs to find new business opportunities as some of its motorway concessions in Spain are close to the end of their lifespan. The combined group would have a market value of more than 36 billion euros and generate around 60 percent of core earnings outside Italy.Criteria, which has a stake of 22.3 percent in Abertis, said in a statement it would carefully consider the offer."You can''t say it''s a done deal yet even though the two sides have talked to each other a lot. The Spaniards have little interest in saying yes right away. But the chances of a counterbid appear very slim," an Italian financial source said.Under Spanish takeover law, the board of a target company should respond to an offer once it has been approved by the market regulator, which usually takes over a month."We did whatever we could to make it friendly," Castellucci told a conference call, fielding questions from analysts on how confident he was that Criteria would accept the offer."If we had an agreement, we would have had to say it. We have something different from an agreement...I cannot say more," he said, adding the terms of the offer would not change.In a sign that the market believed the deal would go ahead, Atlantia''s shares rose 2.9 percent to 24.9 euros by 1348 GMT (9.48 a.m. ET), while Abertis stock fell 0.7 percent to 16.330 - just below the 16.5 euros per share overall valuation offered by Atlantia.The bid - to be funded through a 14.7 billion euros financing package - contains a number of sweeteners for the Spanish side, including a pledge not to de-list Abertis.Atlantia''s bid is structured as a cash offer of 16.5 euros per Abertis share - a touch above the Spanish stock''s closing price on Friday but below the 17 euros per share Criteria asked for, according to sources.The bid includes the possibility for Criteria or other shareholders to opt for a payment in shares and sets a minimum acceptance level of the share offer at 10 percent.BENETTON FAMILY TOP INVESTORAtlantia slides showed the Benetton family would be the top shareholder of the combined group with an estimated 25.5 percent stake. The equity offer, if accepted, would allow Criteria to own 15 percent, higher than previously expected.Atlantia is offering three board seats for Abertis shareholders. In addition, the new shares it is planning to issue will not be listed and cannot be sold until early 2019 - making the offer less attractive for short-term investors.New Atlantia shares will be offered on the basis of a swap ratio of 0.697 Atlantia shares for each Abertis one. The Italian company aims to secure at least 50 percent plus 1 share of its Spanish rival.Credit Suisse ( CSGN.S ) and Mediobanca ( MDBI.MI ) advised Atlantia, while BNP Paribas ( BNPP.PA ), Credit Suisse, UniCredit ( CRDI.MI ) and Intesa Sanpaolo ( ISP.MI ) arranged the financing.(Additional reporting Paola Arosio in Milan, Stefano Bernabei in Rome, Editing by Silvia Aloisi and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-abertis-m-a-atlantia-offer-idINKCN18B0PX'|'2017-05-15T06:05:00.000+03:00'|3535.0|''|-1.0|'' @@ -3590,7 +3590,7 @@ 3588|'baddffcd55d180700fab0c6b5a1464052c0aacab'|'Ireland launches long-awaited AIB IPO in fresh milestone'|'By Padraic Halpin - DUBLIN DUBLIN Ireland launched its long-awaited initial public offering of state-owned Allied Irish Banks ( ALBK.I ) (AIB) on Tuesday, offering a 25 percent stake in what is set to be one of Europe''s largest bank listings since the 2008 financial crisis.Dublin rescued the bank in a 21 billion-euro ($23.50 billion) taxpayer bailout that began in early 2009, and it has been considering partly cashing out of its 99.9 percent stake since last year.A successful flotation would mark another milestone in a dramatic turnaround from a banking and fiscal crisis that wrecked the country''s economy a decade ago. The sale could raise about 3 billion euros, taking into account the bank''s book value of 11.3 billion euros at the end of last year.That value has probably risen since then, after another quarter of margin growth, its payment of a 250 million-euro dividend this month and a further 11 percent gain in the value of euro zone banks .SX7E so far this year.One of Ireland''s two dominant banks, AIB returned to profit three years ago. It has cut its huge stock of impaired loans by more than two-thirds since then, and this year it became the first domestically owned lender to restart dividends since the crash."The strong progress made by AIB and current market conditions mean that now is the right time to commence this process," Finance Minister Michael Noonan said in a statement announcing its intention to float."Today''s decision is a significant step in the continued normalization of the state''s involvement in Ireland''s banking system."IRISH ECONOMY PLAYNoonan added in an interview with national broadcaster RTE that the IPO price could be "driven up a little" if Britain''s ruling Conservative party wins a strong majority in a June 8 election, giving markets a boost.The prospectus and price range for the sale are expected to be published days later, in mid-June, the government said.AIB will list its shares on the Irish and London stock exchanges and seek admission to the main markets of each. The government said the sale was expected to be one of the United Kingdom''s largest main market IPOs of the last 20 years.AIB management has said it has received "huge interest in the Irish story" from investors in recent months, pitching the bank as a rare stock market play focused almost exclusively on the European Union''s fastest-growing economy.AIB is less exposed to Britain''s exit from the EU than its main rival, Bank of Ireland ( BKIR.I ), the state''s largest bank by assets, having made just 14 percent of its pre-provision operating profit in the United Kingdom last year.It is also the largest provider of mortgages in the fast-recovering Irish market, with a 36 percent share of the market by drawdowns, although investors may be wary of a chronic lack of housing supply that could hold the market back.The bank has so far returned 6.6 billion euros to the state though capital, fees, dividends and coupons.BIGGEST TEST OF APPETITEThe sale will also represent the government''s biggest test of investor appetite for its banks. In 2015, it made 400 million euros by refloating a quarter of the far smaller permanent tsb ( IL0A.I ) on the stock market.After a 2008 property collapse, Ireland pumped 64 billion euros into its banks, the most expensive rescue in the euro zone at almost 40 percent of annual economic output. It expects to turn a profit on the half given to the three surviving banks.The government will use the funds to cut around 1.5 percent from a national debt that at 200 billion euros is still among the highest in the euro zone by most measures, resisting opposition party calls to spend the proceeds on infrastructure projects.The deal will include a retail offering for those willing to invest at least 10,000 euros and a greenshoe or over-allotment option, meaning the size of the IPO could rise to 28.75 percent if demand proves higher than expected following AIB''s debut.The government also added some additional protection last month when it issued a warrant allowing it to subscribe for as much as 9.99 percent of the bank''s stock if the share price doubles 10 years after the floatation.Bank of America Merrill Lynch ( BAC.N ), Davy Stockbrokers and Deutsche Bank ( DBKGn.DE ) are acting as global coordinators for the sale. Citigroup ( C.N ), Goldman Sachs ( GS.N ), Goodbody Stockbrokers, JPMorgan ( JPM.N ) and UBS ( UBSG.S ) are the bookrunners.(Editing by Jane Merriman, Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aib-ipo-idINKBN18Q2EA'|'2017-05-30T18:47:00.000+03:00'|3588.0|15.0|0.0|'' 3589|'e64e20b82b68569a2eef3ada4df6f80eef9f3374'|'US STOCKS-Wall St creeps higher; Fed minutes eyed'|'US Market Report 36am EDT US STOCKS-Wall St creeps higher; Fed minutes eyed * Fed minutes scheduled to be released at 2 p.m. ET * Fed fund futures steady at 83 pct odds of June rate hike * Financial sector dips after four days of gains * Lowe''s and Tiffany drop on disappointing results * Indexes up: Dow 0.15 pct, S&P 0.08 pct, Nasdaq 0.16 pct (Adds details, changes comment, updates prices) By Tanya Agrawal May 24 U.S. stocks were modestly higher late on Wednesday morning, aiming for a fifth straight day of gains, as investors awaited Federal Reserve minutes of its May meeting that could cement the chances of an interest rate hike next month. U.S. interest rates futures were steady. Fed funds futures implied traders priced in about an 83 percent chance of a rate hike in June, little changed from Tuesday''s close. Investors are also awaiting more details regarding the Fed trimming its $4.5 trillion balance sheet, when the central bank releases the minutes at 2 p.m. ET (1600 GMT). "The real take from the Fed is that a June rate hike still seems to pretty much baked in the cake but I''m going to be looking at guidance as how they expect to start spending down their excess assets," said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Mass. While recent economic data has been mixed, with signs of a dip in consumer sentiment and spending, the job market continues to strengthen. That could give the Fed impetus to continue with its path of monetary tightening. Data on Wednesday showed home resales fell more than expected in April as a tight supply boosted prices and sidelined prospective buyers. A tightening labor market and historically low mortgage rates have helped the housing market recovery. McMillan said the recent mixed economic data did not concern him as a lot of it was due to from first-quarter seasonality issues and that he expected an improvement in the current quarter. At 10:56 a.m. ET the Dow Jones Industrial Average was up 31.67 points, or 0.15 percent, at 20,969.58, the S&P 500 was up 2.15 points, or 0.08 percent, at 2,400.57 and the Nasdaq Composite was up 9.63 points, or 0.16 percent, at 6,148.34. Seven of the 11 major S&P 500 sectors were higher, led by the materials index''s 0.67 percent rise. Financials, the index which will benefit the most from higher interest rates, was off 0.21 percent after four days of gains. The consumer staples index fell 0.12 percent, weighed down by weak report from Lowe''s, the No. 2 U.S. home improvement chain. Lowe''s dropped 4.3 percent to $78.82 after it reported a lower-than-expected profit and comparable sales. Bigger rival Home Depot was off 0.2 percent. Jewelry retailer Tiffany sank 6.8 percent after posting a surprise drop in comparable sales. Signet Jewelers , which reports on Thursday, was down 6 percent. The two were the biggest losers on the S&P. At the other end was Intuit, which jumped 7.2 percent after the tax-preparation software maker posted a profit topped estimates and also raised its revenue forecast. Advancing issues outnumbered decliners on the NYSE by 1,684 to 1,011. On the Nasdaq, 1,506 issues rose and 1,107 fell. The S&P 500 index showed 33 new 52-week highs and 10 new lows, while the Nasdaq recorded 64 new highs and 32 new lows. (Reporting by Tanya Agrawal in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1IQ4GN'|'2017-05-24T23:36:00.000+03:00'|3589.0|''|-1.0|'' 3590|'9b15a83d2186efe90fd40434e65b5a9fb472df8d'|'Booker sticks to Tesco deal timetable as profits rise'|'By James Davey - LONDON LONDON British wholesaler Booker ( BOK.L ) still expects its 3.7 billion pound ($4.8 billion) takeover by Tesco ( TSCO.L ) to be completed by early 2018 at the latest, it said after reporting annual results on Thursday, despite regulatory hurdles that analysts said could make the timetable optimistic.Though the companies announced the deal in January, Britain''s Competition & Markets Authority (CMA) has yet to formally confirm the start of its initial appraisal of the plan and most analysts see referral to an in-depth Phase 2 investigation as inevitable.That latter could last up to 24 weeks, with the CMA able to seek remedies or block the deal if it finds that the takeover would reduce competition.The CMA is not known for moving quickly and analysts pointed to the regulator''s handling of sportswear company JD Sports'' ( JD.L ) proposed takeover of the Go Outdoors chain. That deal, which would create only a few overlaps among stores, was announced in November, but it took until Thursday for the CMA to say it will not be conducting a Phase 2 investigation."If the CMA took this long to clear that deal, how long will it take to investigate the far more complex Booker-Tesco merger?" said independent retail analyst Nick Bubb.Meanwhile, Booker and Britain''s biggest retailer remain committed to their deal despite some dissent among Tesco shareholders."We are continuing to assist the UK competition authorities in their ongoing consideration of the merger and it is expected that the merger will complete in late 2017/early 2018, subject to, amongst other things, the necessary shareholder approvals," Booker said.Booker, which supplies convenience chains including Budgens and Londis, restaurants such as Wagamama and Carluccio''s and also operates the Makro cash and carry business, reported a 15 percent rise in annual profit and said revenue in the first seven weeks of its new financial year was ahead of the same period last year.It made a pretax profit of 174 million pounds in the year to March 24, slightly ahead of analysts'' average forecast of 173.3 million pounds, reflecting progress across the catering and retail supply sides of the business.Booker''s total return to shareholders, made up of ordinary and special dividends, was increased by 11 percent to 8.62 pence.Shares in Booker, up 23 percent this year, were flat at 199 pence at 0838 GMT (4.38 a.m. ET).Tesco''s cash and shares offer valued Booker shares at 200 pence.(Editing by Kate Holton and David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-booker-results-idINKCN18E179'|'2017-05-18T08:06:00.000+03:00'|3590.0|''|-1.0|'' -3591|'3010df0f6db945b070bec63737cc62712745ed42'|'France makes Brexit pitch to Wall Street banks in New York'|'Business 9:52pm BST France makes Brexit pitch to Wall Street banks in New York Economist Christian Noyer, speaks at the 2017 Paris EUROPLACE International Financial Forum in the Manhattan borough of New York City, New York, U.S. May 23, 2017. REUTERS/Carlo Allegri By Olivia Oran - NEW YORK NEW YORK More than 20 banks and asset management firms are in advanced discussions with regulators in France about shifting jobs there following Britain''s vote to leave the European Union, former Bank of France chief Christian Noyer said on Tuesday. Noyer is leading the French government''s efforts to lure London-based financiers to Paris as they seek to secure access to the single market once Britain exits the EU in 2019. His job has become much easier since the election of Emmanuel Macron, a former investment banker with Rothschild & Co ( ROTH.PA ), as president earlier this month. When we started the image of France wasnt good ... the feeling about labor market rigidities and volatility of the tax system wasnt very good," Noyer said in an interview on the sidelines of an event in Manhattan promoting France as a financial hub. "Weve spent a lot of time explaining what changes have already taken place." France is synonymous with high taxes and tough employment laws which make it difficult to fire staff quickly. Macron is promising to overhaul the labor market and simplify the French tax and pension systems, while paring back regulations he says hamper innovation. But there is a lot of uncertainty about the likely pace of reforms, which could take months or even years to implement. Macron''s predecessor, the socialist leader Francois Hollande, introduced a 75 percent tax on earnings of $1 million or more in 2013. The tax was abandoned a year later but it has left a lasting impression on executives. At the New York event, held in the Roosevelt Hotel, Noyer read a message from Macron in which he said as soon as this summer, the government will send a draft law to parliament to make labor laws more flexible. So far, only HSBC Holdings PLC ( HSBA.L ) has said it would move staff to Paris following Britain''s exit from the European Union, Frankfurt has emerged as a frontrunner in the competition to attract financial firms post-Brexit with the five largest U.S. banks -- Citigroup ( C.N ), JPMorgan ( JPM.N ), Goldman Sachs ( GS.N ), Morgan Stanley ( MS.N ) and Bank of America ( BAC.N ) -- set to move hundreds of key staff there. Dublin is also expected to do well. JPMorgan is buying a building there with room for 1,000 staff and British insurer and asset manager Standard Life ( SL.L ) has said it will likely choose Dublin for its EU base. Luxembourg has already attracted a number of insurers with Britain''s Hiscox ( HSX.L ) looking to establish a new subsidiary there and U.S. insurer AIG ( AIG.N ) planning to locate its EU hub there. Noyer dismissed the competition from other European cities. "Paris is the only big city comparable to London and New York. The other cities are relatively small and not diversified," he said. When it comes to fine dining, high fashion and art, Paris is an easy sell. "We never talk about our charm because Paris is a city well-equipped with cinema and art exhibitions," said Arnaud de Bresson, chief executive of lobbying firm Paris Europlace, which is trying to promote the French capital as a financial center. "The questions we get are usually more about the politics, and with the Macron election that''s changing the game. (Reporting by Olivia Oran in New York; Writing by Carmel Crimmins; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-france-brexit-banks-idUKKBN18J2WP'|'2017-05-24T04:33:00.000+03:00'|3591.0|''|-1.0|'' +3591|'3010df0f6db945b070bec63737cc62712745ed42'|'France makes Brexit pitch to Wall Street banks in New York'|'Business 9:52pm BST France makes Brexit pitch to Wall Street banks in New York Economist Christian Noyer, speaks at the 2017 Paris EUROPLACE International Financial Forum in the Manhattan borough of New York City, New York, U.S. May 23, 2017. REUTERS/Carlo Allegri By Olivia Oran - NEW YORK NEW YORK More than 20 banks and asset management firms are in advanced discussions with regulators in France about shifting jobs there following Britain''s vote to leave the European Union, former Bank of France chief Christian Noyer said on Tuesday. Noyer is leading the French government''s efforts to lure London-based financiers to Paris as they seek to secure access to the single market once Britain exits the EU in 2019. His job has become much easier since the election of Emmanuel Macron, a former investment banker with Rothschild & Co ( ROTH.PA ), as president earlier this month. When we started the image of France wasnt good ... the feeling about labor market rigidities and volatility of the tax system wasnt very good," Noyer said in an interview on the sidelines of an event in Manhattan promoting France as a financial hub. "Weve spent a lot of time explaining what changes have already taken place." France is synonymous with high taxes and tough employment laws which make it difficult to fire staff quickly. Macron is promising to overhaul the labor market and simplify the French tax and pension systems, while paring back regulations he says hamper innovation. But there is a lot of uncertainty about the likely pace of reforms, which could take months or even years to implement. Macron''s predecessor, the socialist leader Francois Hollande, introduced a 75 percent tax on earnings of $1 million or more in 2013. The tax was abandoned a year later but it has left a lasting impression on executives. At the New York event, held in the Roosevelt Hotel, Noyer read a message from Macron in which he said as soon as this summer, the government will send a draft law to parliament to make labor laws more flexible. So far, only HSBC Holdings PLC ( HSBA.L ) has said it would move staff to Paris following Britain''s exit from the European Union, Frankfurt has emerged as a frontrunner in the competition to attract financial firms post-Brexit with the five largest U.S. banks -- Citigroup ( C.N ), JPMorgan ( JPM.N ), Goldman Sachs ( GS.N ), Morgan Stanley ( MS.N ) and Bank of America ( BAC.N ) -- set to move hundreds of key staff there. Dublin is also expected to do well. JPMorgan is buying a building there with room for 1,000 staff and British insurer and asset manager Standard Life ( SL.L ) has said it will likely choose Dublin for its EU base. Luxembourg has already attracted a number of insurers with Britain''s Hiscox ( HSX.L ) looking to establish a new subsidiary there and U.S. insurer AIG ( AIG.N ) planning to locate its EU hub there. Noyer dismissed the competition from other European cities. "Paris is the only big city comparable to London and New York. The other cities are relatively small and not diversified," he said. When it comes to fine dining, high fashion and art, Paris is an easy sell. "We never talk about our charm because Paris is a city well-equipped with cinema and art exhibitions," said Arnaud de Bresson, chief executive of lobbying firm Paris Europlace, which is trying to promote the French capital as a financial center. "The questions we get are usually more about the politics, and with the Macron election that''s changing the game. (Reporting by Olivia Oran in New York; Writing by Carmel Crimmins; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-france-brexit-banks-idUKKBN18J2WP'|'2017-05-24T04:33:00.000+03:00'|3591.0|18.0|0.0|'' 3592|'129aefce2ca5662729752697d8bd07bad0abe07f'|'Strong European capital market needed post-Brexit - Deutsche Bank chairman'|'Business News 11:52am BST Deutsche Bank chairman: Strong European capital market needed post-Brexit FILE PHOTO: Deutsche Bank supervisory board chairman Paul Achleitner addresses the bank''s annual general meeting in Frankfurt, Germany, May 19, 2016. REUTERS/Kai Pfaffenbach FRANKFURT Europe needs a strong capital market to maintain independence from the United States and in light of Britain''s decision to leave the European Union, the chairman of Deutsche Bank''s ( DBKGn.DE ) supervisory board said. Paul Achleitner, in an interview with Reuters ahead of the bank''s annual general meeting on Thursday, said he was motivated to sit for a second five-year term as the board''s chair so that he could contribute to making Europe''s capital market more robust. "Europe needs a strong Deutsche Bank," he said. "Europe needs a strong capital market in order not to be dependent on the U.S. And if I can make a contribution to this, then I would like to do that. Europe must not become a museum. This is more important than ever after Brexit." Since Achleitner assumed his first term as chair in 2012, Deutsche Bank has faced a shareholder revolt and billions in fines for its U.S. mortgage securities business and other scandals. In response, the bank has revamped its strategy, raised new capital and fully swapped out its senior management. "I did not easily make the decision about a second term," he said. "But I feel personally responsible to the colleagues whom I have brought to the management and the supervisory boards. I can''t just say, ''Go on without me.''" (Reporting by Kathrin Jones and Tom Sims; Editing by Christoph Steitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-deutsche-bank-chairman-idUKKCN18D18P'|'2017-05-17T18:51:00.000+03:00'|3592.0|''|-1.0|'' 3593|'1cbfb9b8832d1598f09b94853ccc3cef0af4d9e6'|'Western Digital seeks arbitration in row over Toshiba''s $18 billion chip sale'|'Business 7:00am BST Western Digital takes legal action to block sale of Toshiba''s chip unit left right Toshiba Corp CEO Satoshi Tsunakawa attends a news conference at the company''s headquarters in Tokyo, Japan May 15, 2017. REUTERS/Toru Hanai 1/4 left right Toshiba Corp CEO Satoshi Tsunakawa bows at the start of a news conference at the company''s headquarters in Tokyo, Japan May 15, 2017. REUTERS/Toru Hanai 2/4 left right FILE PHOTO- A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Photo 3/4 left right FILE PHOTO: A Western Digital office building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake/File Photo 4/4 By Makiko Yamazaki - TOKYO TOKYO Western Digital Corp has sought international arbitration to stop partner Toshiba Corp from selling its chips arm without its consent, potentially derailing a much-needed capital injection for the Japanese conglomerate. Although the two companies jointly operate Toshiba''s main semiconductor plant, Western Digital is not seen as a favoured bidder for the world''s second biggest NAND chip producer, having put in a much lower offer than other suitors, a source with knowledge of the matter has said. A legal battle could delay or put an end to the auction that could fetch some $18 billion (13.9 billion pounds) and has attracted suitors such as private equity firm KKR & Co LP, Taiwan''s Foxconn and U.S. chipmaker Broadcom. The Japanese conglomerate is depending on the sale to cover billions in dollars in cost overruns at its now bankrupt U.S. nuclear unit Westinghouse. The dispute is also set to further jeopardise its Tokyo Stock Exchange listing as fresh funds are urgently needed to shore up its balance sheet. Toshiba said on Monday in an unaudited earnings release that it ended the year with a 950 billion yen (6.5 billion pounds) net loss and negative shareholder equity worth 540 billion. After months of souring relations, Western Digital said on Monday it had initiated arbitration procedures with the International Chamber of Commerce. It is demanding Toshiba reverse a move to put its joint venture assets into a hived out entity - Toshiba Memory - and that it stop an all-out sale without consent from Western Digital unit SanDisk. Toshiba said while it yet to be notified of any arbitration, there had been no breach of contract and Western Digital had no grounds to interfere with the sale process. Despite the fresh setback, Toshiba shares climbed 4.2 percent, buoyed by news that progress is being made towards capping some of its nuclear liabilities in the United States - another major headache. The owners of the unfinished Vogtle power plant in Georgia led by Southern Co have to come to a preliminary agreement to cap Toshiba''s responsibility for its guarantees on the much-delayed nuclear project at about $3.6 billion, people familiar with the matter said on Sunday. DEAL OR NO DEAL The dispute with Western Digital could also derail Toshiba''s broader financing plans, as it hopes to offer the stake in its memory chip unit as collateral for new loans from major lenders, a measure that the lenders say also requires Western Digital''s approval. Toshiba argues that under their joint venture contract, neither party can block a change of control by the other partner. It argues Western Digital itself acquired the joint venture interest when it bought SanDisk, and never sought or received Toshiba''s approval. Western Digital, however, claims that Toshiba cannot transfer the joint venture''s interests into an affiliate and then sell the affiliate without its consent. "Seeking relief through mandatory arbitration was not our first choice in trying to resolve this matter. However, all of our other efforts to achieve a resolution to date have been unsuccessful, and so we believe legal action is now a necessary next step," Western Digital CEO Steve Milligan said in a statement. Toshiba values its chip unit at at least 2 trillion yen. It believes that a consortium made up of KKR and Japanese government-backed investors would be the most feasible buyer for the business, sources with direct knowledge said last week. The Japanese government has proposed that Western Digital join their consortium as a minority investor, but the U.S. company has said it needs to take control of the unit in order to be fully in charge of operations, separate sources have said. (Reporting by Makiko Yamazaki; Additional reporting by Kentaro Hamada; Editing by Nick Zieminski and Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKCN18A127'|'2017-05-15T05:55:00.000+03:00'|3593.0|''|-1.0|'' 3594|'c2b7d691d611a5833de2f5ebe6f3c1c2c9cd2a06'|'Saudi Aramco plans tourism training centre in economic reform drive'|'JEDDAH, Saudi Arabia May 17 National oil giant Saudi Aramco will establish a centre to train workers in Saudi Arabia''s tourism industry as part of the government''s drive to develop the economy beyond the oil sector.Aramco agreed with a state-controlled vocational education body and the kingdom''s tourism commission to train young Saudis for the tourism and hotel sectors, as well as in the management of other public and private facilities, it said on Wednesday.Officials want the tourism centre to handle 5,000 male and female trainees within four years, Aramco said without giving financial details. The government is keen to develop Islamic tourism as part of drive to diversify the economy beyond oil.Although Aramco focuses on the production of oil, gas and petrochemicals it is often enlisted in other government initiatives because it is Saudi Arabia''s biggest company and one of its most efficient.The company, which plans an initial public offer of its shares to local and foreign investors next year, unveiled plans last year to build a $5 billion shipbuilding complex and opened an $800 million cultural centre in Dhahran in December. (Reporting by Reem Shamseddine; editing by David Clarke; Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-tourism-aramco-idINL8N1IJ2W8'|'2017-05-17T10:51:00.000+03:00'|3594.0|''|-1.0|'' @@ -3609,11 +3609,11 @@ 3607|'aa2b3365e4ba887b68102b89bedab4da16ca987d'|'EMERGING MARKETS-LatAm currencies up after Trump fires FBI chief'|'By Bruno Federowski SAO PAULO, May 10 Latin American currencies strengthened on Wednesday after U.S. President Donald Trump unexpectedly fired FBI director James Comey, fueling expectations of delays in the implementation of the government''s economic agenda. Trump has pledged to spend heavily on infrastructure and cut taxes, fostering bets on additional inflationary pressures that could force the Federal Reserve to increase interest rates faster than expected. A slower pace of rate hikes would bolster the allure of emerging market assets, which offer higher yields than their developed peers. The currencies of Brazil, Chile, Mexico and Colombia all strengthened about 1 percent, also boosted by higher prices for basic products such as iron ore, copper and oil. Crude futures rose as U.S. inventories posted their biggest weekly decline this year and on hopes of a potential output cut extension, lifting shares of Brazilian state-controlled oil company Petrleo Brasileiro SA. Petrobras, as the company is known, proposed adding a Texas refinery and a stake in an African oil exploration venture to a list of assets that it has put up for sale by the end of next year. The stock added the most points to Brazil''s benchmark Bovespa stock index, which rose 1.4 percent. Shares of Telefnica Brasil SA also ranked among the biggest gainers after the telecommunications carrier posted a 13 percent increase in recurring net income. Key Latin American stock indexes and currencies at 1605 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 995.47 0.49 14.88 MSCI LatAm 2676.57 1.7 12.43 Brazil Bovespa 67265.95 1.49 11.69 Mexico IPC 49968.30 0.06 9.48 Chile IPSA 4826.23 0.39 16.26 Chile IGPA 24207.66 0.33 16.75 Argentina MerVal 21468.99 1.55 26.90 Colombia IGBC 10490.78 0.12 3.58 Venezuela IBC 60525.53 1.94 90.90 Currencies daily % YTD % change change Latest Brazil real 3.1543 0.93 3.01 Mexico peso 18.9735 1.04 9.33 Chile peso 671.8 1.00 -0.16 Colombia peso 2944.43 1.07 1.94 Peru sol 3.288 0.06 3.83 Argentina peso (interbank) 15.5500 -0.16 2.09 Argentina peso (parallel) 15.86 0.57 6.05 (Reporting by Bruno Federowski; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-latam-idINL1N1IC15K'|'2017-05-10T14:15:00.000+03:00'|3607.0|''|-1.0|'' 3608|'629189153b6995f6a8087e06a3f653bffbfe887e'|'Monte dei Paschi chairman says remains optimistic over bailout request'|'ROME Monte dei Paschi''s ( BMPS.MI ) Chairman Alessandro Falciai said on Wednesday he remained optimistic over the outcome of the Italian bank''s request for a state recapitalization needed to fill an 8.8 billion euro capital shortfall.The European Central Bank''s Chief Supervisor Daniele Nouy said on Monday a failure to review the Tuscan bank''s assets before stress tests last year was opening up "additional discussions" about the bank''s incurred losses, which can be covered only with private money.Monte dei Paschi''s state aid request needs to be authorized by the European Commission after the ECB has declared the bank viable and quantified its capital needs.Asked about Nouy''s comments, Falciai told reporters on the sidelines of an event: "I cannot help but being greatly optimistic."(Reporting by Stefano Bernabei, writing by Valentina Za)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-italy-banks-monte-dei-paschi-idINKCN18D1DA'|'2017-05-17T09:32:00.000+03:00'|3608.0|''|-1.0|'' 3609|'099319f183f7606c37f1a82378a38b9ccc26e558'|'Pandora Media says positioned to evaluate strategic alternatives'|'Deals - Mon May 8, 2017 - 6:31pm EDT Pandora gets KKR investment; explores strategic alternatives Pandora Media Inc ( P.N ) said on Monday that KKR & Co LP ( KKR.N ) has agreed to invest $150 million in the music streaming service, while the company explores strategic alternatives, including a sale. The company''s shares were up 3.4 percent at $10.75 in extended trading. Pandora said Richard Sarnoff, KKR''s head of media & communications private equity investing in the Americas, will join its board. "... We have positioned the company to evaluate any potential strategic alternatives, including a sale, in the 30 days before the financing is set to close," board member James Feuille said in a statement. Pandora has been urged to explore a sale by hedge fund Corvex Management LP, run by activist investor Keith Meister, after it disclosed a 9.9 percent stake in Pandora in May last year. Pandora also said that Feuille and Peter Gotcher will resign from the board, which is forming an independent committee to identify and appoint new directors. KKR will purchase $150 million in a new designated Series A convertible preferred stock of Pandora. The offering, which is not expected to close earlier than June 8, may be upsized to a total of $250 million. Pandora faces stiff competition from services such as Sweden''s Spotify, Apple Inc''s ( AAPL.O ) Apple Music, Google''s ( GOOGL.O ) Play Music and Amazon.com Inc''s ( AMZN.O ) Amazon Music Unlimited, which dominate the on-demand music service market. Centerview Partners LLC and Morgan Stanley will continue to advise the board regarding its review of strategic alternatives, Pandora said. (Reporting by Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta and Maju Samuel) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-pandora-media-strategic-alternatives-idUSKBN1842CW'|'2017-05-09T05:35:00.000+03:00'|3609.0|''|-1.0|'' -3610|'ef88d22c07f114f350e36d9876500a83a49f545a'|'''I spit on you again'': Russian billionaire renews tirade against Putin rival - Business'|'The Russian billionaire and Arsenal shareholder Alisher Usmanov has launched an embittered online attack on the anti-corruption campaigner and Vladimir Putin critic Alexei Navalny.Usmanov, who is currently trying to take full control of Arsenal, last week released an angry, personal video tirade, ending with the words: I spit on you, Alexei Navalny . On Wednesday he released a second video entitled I spit on you again.Navalny, who has announced his intention to stand against Putin in presidential elections next year, made a video earlier this year accusing the prime minister, Dmitry Medvedev, of in effect receiving bribes from a number of businessmen, including Usmanov.Collapse of ruble costs Arsenals Alisher Usmanov 517m in 48 hours Read more Usmanov has promised to take Navalny to court over the bribery allegations, which he denies, and has also begun an online offensive against the opposition politician. In Usmanovs first video , which was 12 minutes long, the billionaire spoke in a quiet, calm voice but with undisguised contempt and fury. He addressed Navalny using the informal Russian you, a mark of disrespect if not used among friends.Out of the two of us, youre the criminal, said Usmanov, referring to Navalnys conviction in a court case most observers believed to be politically motivated.Usmanov owns 30% of Arsenal, and recently had a $1.3bn (1bn) bid for control of the club turned down . The businessman, born in Soviet Uzbekistan, spent six years in jail during the late Soviet period after a conviction he claims was politically motivated and which was later overturned.In his latest video, Usmanov casts doubt on Navalnys claims that the current Russian government is repressive. You call out from every street corner that you are being persecuted, that the government is ruthless. Ruthless? You spent a whole day in jail. One night, as far as I know. You spent one night in jail, and I spent six years in jail, for nothing.In fact, Navalny spent 15 days in jail last month, one of several stints behind bars, after he was detained at a protest rally in late March that drew tens of thousands of Russians to the streets. Shortly after he was released, he was doused with green fluid by assailants in Moscow and left temporarily blind in one eye. On Wednesday, a Moscow court jailed two of those detained at the protest for assaulting police officers. One of the protesters was sentenced to eight months in prison, the other 18 months.The Kremlin is wary of Navalnys ability to harness street anger and is unlikely to allow him on to the ballot next year. When travelling around the country to launch his presidential campaign, he has been insulted and assaulted by people he believes are sent by the authorities.Usmanov, however, claimed Navalnys anti-corruption investigations were born of jealousy. I feel the terrible envy of a loser and failed businessman, said Usmanov. He said he had paid huge amounts of taxes into the Russian budget, and also given a billion dollars to charity.I bought everything I own, including a lovely boat and a plane, because I live happily, unlike you. Usmanov also compared Navalny to Sharikov, a dog that takes on human form in Mikhail Bulgakovs novel Heart of a Dog.Navalny immediately posted both of Usmanovs videos to his own YouTube channel, together with his own commentary on the richest man in Russia and Britain, oligarch, and beginner video-blogger Alisher Usmanov. Navalny called on Usmanov to debate him, and said the businessman was just one of many people his Anti-Corruption Foundation was targeting. Our main targets are those who take bribes, but we also want to punish those who give them, like you.A Moscow court is due to hear Usmanovs libel case against Navalny next week.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/24/i-spit-on-you-again-alisher-usmanov-video-alexei-navalny'|'2017-05-24T23:19:00.000+03:00'|3610.0|''|-1.0|'' +3610|'ef88d22c07f114f350e36d9876500a83a49f545a'|'''I spit on you again'': Russian billionaire renews tirade against Putin rival - Business'|'The Russian billionaire and Arsenal shareholder Alisher Usmanov has launched an embittered online attack on the anti-corruption campaigner and Vladimir Putin critic Alexei Navalny.Usmanov, who is currently trying to take full control of Arsenal, last week released an angry, personal video tirade, ending with the words: I spit on you, Alexei Navalny . On Wednesday he released a second video entitled I spit on you again.Navalny, who has announced his intention to stand against Putin in presidential elections next year, made a video earlier this year accusing the prime minister, Dmitry Medvedev, of in effect receiving bribes from a number of businessmen, including Usmanov.Collapse of ruble costs Arsenals Alisher Usmanov 517m in 48 hours Read more Usmanov has promised to take Navalny to court over the bribery allegations, which he denies, and has also begun an online offensive against the opposition politician. In Usmanovs first video , which was 12 minutes long, the billionaire spoke in a quiet, calm voice but with undisguised contempt and fury. He addressed Navalny using the informal Russian you, a mark of disrespect if not used among friends.Out of the two of us, youre the criminal, said Usmanov, referring to Navalnys conviction in a court case most observers believed to be politically motivated.Usmanov owns 30% of Arsenal, and recently had a $1.3bn (1bn) bid for control of the club turned down . The businessman, born in Soviet Uzbekistan, spent six years in jail during the late Soviet period after a conviction he claims was politically motivated and which was later overturned.In his latest video, Usmanov casts doubt on Navalnys claims that the current Russian government is repressive. You call out from every street corner that you are being persecuted, that the government is ruthless. Ruthless? You spent a whole day in jail. One night, as far as I know. You spent one night in jail, and I spent six years in jail, for nothing.In fact, Navalny spent 15 days in jail last month, one of several stints behind bars, after he was detained at a protest rally in late March that drew tens of thousands of Russians to the streets. Shortly after he was released, he was doused with green fluid by assailants in Moscow and left temporarily blind in one eye. On Wednesday, a Moscow court jailed two of those detained at the protest for assaulting police officers. One of the protesters was sentenced to eight months in prison, the other 18 months.The Kremlin is wary of Navalnys ability to harness street anger and is unlikely to allow him on to the ballot next year. When travelling around the country to launch his presidential campaign, he has been insulted and assaulted by people he believes are sent by the authorities.Usmanov, however, claimed Navalnys anti-corruption investigations were born of jealousy. I feel the terrible envy of a loser and failed businessman, said Usmanov. He said he had paid huge amounts of taxes into the Russian budget, and also given a billion dollars to charity.I bought everything I own, including a lovely boat and a plane, because I live happily, unlike you. Usmanov also compared Navalny to Sharikov, a dog that takes on human form in Mikhail Bulgakovs novel Heart of a Dog.Navalny immediately posted both of Usmanovs videos to his own YouTube channel, together with his own commentary on the richest man in Russia and Britain, oligarch, and beginner video-blogger Alisher Usmanov. Navalny called on Usmanov to debate him, and said the businessman was just one of many people his Anti-Corruption Foundation was targeting. Our main targets are those who take bribes, but we also want to punish those who give them, like you.A Moscow court is due to hear Usmanovs libel case against Navalny next week.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/24/i-spit-on-you-again-alisher-usmanov-video-alexei-navalny'|'2017-05-24T23:19:00.000+03:00'|3610.0|26.0|0.0|'' 3611|'795f064d458028c3bf7a7020a9c76c7b1e1d41e1'|'Brazil''s CSN delays first-quarter results pending accounting review'|'SAO PAULO May 15 Brazilian steelmaker Companhia Siderrgica Nacional SA on Monday said it would delay release of first-quarter results due to an ongoing accounting review, according to a statement.The accounting review, related to a transaction from November 2015 that resulted in the combination of certain mining and logistical operations of CSN, is still incomplete, the company said.According to unaudited information released by the company, CSN posted net sales 15 percent higher at 4.4 billion reais ($1.42 billion) last quarter, it said without elaborating.Sales of steel products fell 4 percent from a year ago to 1.19 million tonnes while iron ore sales slumped 13 percent to 7.2 million tonnes, CSN said.The company did not give a timeline to release full-year 2016 and first-quarter audited results. ($1 = 3.1094 reais) (Reporting by Ana Mano; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/csn-results-idUSL2N1II00W'|'2017-05-16T08:34:00.000+03:00'|3611.0|''|-1.0|'' 3612|'cbf159e0df31a75b68bb559497fed7c799f58f74'|'Elliott willing to back BHP board candidate as next chairman: source'|'SYDNEY Elliott Management is willing to back a board member of BHP Billiton ( BHP.AX ) ( BLT.L ) to be its chairman upon the retirement of Jac Nasser despite deep reservations about its top management, a source close to the activist shareholder said on Thursday.Elliott, founded by billionaire Paul Singer, is pushing for a $46 billion overhaul at BHP that includes spin offs, dismantling a corporate structure built on dual listings in London and Sydney and returning more money to shareholders. The Anglo-Australian miner has rejected the demands.The activist investor blames Nasser and BHP''s top management for what it sees as bad investments by the world''s biggest mining house, particularly in U.S. shale gas, the source said.But Elliott believes "there are personalities on the board that are talented and capable", with the "potential for someone to be selected from the existing board", the source said.It is unclear what impact Elliott''s backing or opposition to a particular candidate will have on the chairman''s appointment.Elliott has been meeting with major BHP shareholders since going public with its restructuring proposals on April 10 to gauge support for change at the company.Australian media have reported that Westpac Bank ( WBC.AX ) chairman Lindsay Maxsted, former investment banker Carolyn Hewson, Orica ( ORI.AX ) chairman Malcolm Broomhead and former Origin Energy ( ORG.AX ) managing director Grant King are among the potential frontrunners to succeed Nasser.The source declined to name any preferred candidates from inside BHP, saying this could be "the kiss of death" for their chances.BHP has not commented on the potential candidates for succession. It did not immediately comment when contacted on Thursday about the source''s observations on Elliott.Elliott holds just over 4 percent of the London-listed shares, short of the 5 percent needed to call a shareholders'' meeting.Nasser, a former chief executive of Ford Motor Co ( F.N ) who has led BHPs board since 2010, has labeled Elliott''s plan "flawed." He announced in September he would not seek re-election at the next shareholders'' meeting.Sydney-based Tribeca Investment Partners last week became the second BHP shareholder to push publicly for changes, calling for an overhaul of its board and for Chief Executive Andrew Mackenzie to be fired.Elliott says adopting its approach could unlock as much as $46 billion in additional value for BHP shareholders. Demerging BHPs U.S. petroleum business could release up to $15 billion, it says, with share buybacks and the use of tax credits to deliver the rest."If you look at this trend of under performance over the past seven or eight years, it does correlate fairly well with the chairman, the CEO and the CFO," the source said. "This is not to say they are the entire reason, but leadership starts and ends at the top."The source said Elliott was unlikely to initiate legal action anytime soon against the current board over perceived deficiencies in their management, despite the company''s long history of courtroom battles with adversaries, choosing instead to win over BHP shareholders to its strategy.(Reporting by James Regan; Additional reporting by Jamie Freed and Sonali Paul; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-bhp-billiton-elliott-chairman-idUSKBN18717S'|'2017-05-11T18:21:00.000+03:00'|3612.0|''|-1.0|'' 3613|'2d6862da2d3eb1d245b0fc5f2e6116ecdff2b224'|'UPDATE 1-Hilton beats profit estimates, raises full-year earnings forecast'|' 30am EDT UPDATE 1-Hilton beats profit estimates, raises full-year earnings forecast (Adds details) May 2 Hilton Worldwide Holdings Inc, the owner of the Waldorf Astoria luxury hotel chain, reported better-than-expected quarterly earnings, and raised its full-year profit forecast, as more people booked rooms at its hotels at higher prices. Hilton, which owns the Conrad and Double Tree hotels, said on Tuesday it now expects 2017 earnings of $1.73-$1.81 per share, up from a prior forecast of $1.65-$1.75 per share. Analysts on average were expecting 2017 earnings of $1.74 per share, according to Thomson Reuters I/B/E/S. Hilton reiterated its forecast for 2017 RevPAR (Revenue Per Available Room) growth of 1-3 percent. RevPAR, a key measure of hotel health, is calculated by multiplying a hotel''s average daily room rate by its occupancy rate. Virginia-based Hilton''s average daily rate for rooms rose 0.6 percent to $141.55 in the first quarter ended March 31, while occupancy climbed 1.6 percentage points to 70.9 percent. Net income attributable to Hilton stockholders was $74 million, or 22 cents per share, in the quarter. The company reported net income of $309 million, or 94 cents per share, a year earlier, reflecting $119 million of discontinued operations. The fall in net income is partly attributable to the spin-offs of Hilton''s real estate and timeshare businesses, which closed in January. Excluding one-time items, Hilton earned 38 cents per share, beating analysts'' average expectation of 28 cents. Revenue jumped 25.2 percent to $2.16 billion. Analysts on average had expected revenue of $2.06 billion. (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hilton-wrldwide-results-idUSL4N1I42SQ'|'2017-05-02T18:30:00.000+03:00'|3613.0|''|-1.0|'' -3614|'b21ebd97a917565f11b9e7e02a6a7eaebe68d500'|'BT to cut 4,000 jobs in restructuring after challenging year'|'LONDON BT, Britain''s biggest telecoms group, said it would shake up its global service division that serves multinationals and scale back its dividend growth ambitions as it recovers from an accounting scandal in Italy and a profit warning.Reporting fourth-quarter revenue of 6.12 billion pounds, up 10 percent, and adjusted earnings of 2.07 billion pounds, up 2 percent and broadly in line with forecasts, the company said it had had a "challenging year".It said it would cut 4,000 jobs from its Global Services unit, group functions and technology operations, taking a restructuring charge of 300 million pounds.It paid a final dividend of 10.55 pence, up 10 percent, but said dividend growth in 2017/18 would be lower than the 10 percent it had previously targeted.(Reporting by Paul Sandle; editing by Kate Holton)FILE PHOTO: The logo of BT is seen outside the headquarters in Milan, Italy January 24, 2017. REUTERS/Stefano Rellandini/File Photo'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/bt-group-results-idINKBN18715A'|'2017-05-11T07:52:00.000+03:00'|3614.0|''|-1.0|'' +3614|'b21ebd97a917565f11b9e7e02a6a7eaebe68d500'|'BT to cut 4,000 jobs in restructuring after challenging year'|'LONDON BT, Britain''s biggest telecoms group, said it would shake up its global service division that serves multinationals and scale back its dividend growth ambitions as it recovers from an accounting scandal in Italy and a profit warning.Reporting fourth-quarter revenue of 6.12 billion pounds, up 10 percent, and adjusted earnings of 2.07 billion pounds, up 2 percent and broadly in line with forecasts, the company said it had had a "challenging year".It said it would cut 4,000 jobs from its Global Services unit, group functions and technology operations, taking a restructuring charge of 300 million pounds.It paid a final dividend of 10.55 pence, up 10 percent, but said dividend growth in 2017/18 would be lower than the 10 percent it had previously targeted.(Reporting by Paul Sandle; editing by Kate Holton)FILE PHOTO: The logo of BT is seen outside the headquarters in Milan, Italy January 24, 2017. REUTERS/Stefano Rellandini/File Photo'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/bt-group-results-idINKBN18715A'|'2017-05-11T07:52:00.000+03:00'|3614.0|18.0|0.0|'' 3615|'76d46285873e7ffdb989f0321edb97a0ffe29f24'|'Ubisoft more attractive for Vivendi as shares fall'|'By Wout Vergauwen A slide in Ubisoft''s ( UBIP.PA ) shares on Wednesday has revived talk of a takeover by media giant Vivendi ( VIV.PA ), worrying the video game company''s founding Guillemot family which has so far rejected any possibility of such a deal.The maker of the Assassin''s Creed and South Park video game series fears poor results could weaken its defense strategy and make it easier for Vivendi to persuade investors to back a takeover, a source close to the company said."We are well aware that Bollore has been waiting for a stumbling block to step in," the source said, referring to Vivendi''s billionaire chairman Vincent Bollore.Vivendi first bought a stake in Ubisoft in 2015 and raised it in 2016, prompting the Guillemot family to court Canadian investors to fend off any hostile approach. By the end of last year Vivendi had boosted its holding to 25 percent.Ubisoft shares fell as much as 7.9 percent on Wednesday, after the French company cut its mid-term sales forecasts. The company also said it still considered the best way to create value was to remain independent.Ubisoft shares were down 2.7 percent at 47.4 euros as at 1200 GMT (8 a.m. ET).Another person familiar with the situation said on Wednesday that the drop in price was probably not enough for Vivendi to make a bid as Ubisoft shares were still up 40 percent since the start of the year, partly on expectations of a Vivendi approach.The source also dismissed the likelihood of any merger approach in the near term, saying it was still "early days".Kepler Cheuvreux analyst Charles-Louis Scotti said time was on Vivendi''s side. He said if Ubisoft does meet it''s full-year targets, Vivendi''s investment would produce a very positive return. But if Ubisoft falls short, it would end up being a cheaper acquisition for Bollore''s media giant."The ideal window of opportunity for a transaction on Ubisoft is later on this year, or early next year," Bryan, Garnier & Co analyst Richard-Maxime Beaudoux said, also adding that time was on Vivendi''s side in its pursuit of Ubisoft.(Reporting by Wout Vergauwen; additional reporting by Sophie Sassard in London; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ubisoft-m-a-vivendi-idINKCN18D1HJ'|'2017-05-17T10:18:00.000+03:00'|3615.0|''|-1.0|'' 3616|'84f8cea5fd0aa9a36c482252e87d2cb85c345d1f'|'Pubs operator JD Wetherspoon reports higher sales, warns on costs'|'Business 7:28am BST Pubs operator JD Wetherspoon reports higher sales, warns on costs British pubs group JD Wetherspoon warned of "significantly higher" costs in the second half of the year and said it remained cautious, while reporting quarterly comparable sales growth of 4 percent. The owner and operator of more than 900 pubs in Britain and Ireland said third-quarter like-for-like sales for the 13 weeks to April 23 increased by 4 percent, higher than the 3.8 percent advance seen last year. The company, however, said it expects slightly improved trading outcome for the year compared with previous expectations. (Reporting by Rahul B and Abinaya Vijayaraghavan in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-j-d-wetherspoon-outlook-idUKKBN17Z0EO'|'2017-05-03T14:28:00.000+03:00'|3616.0|''|-1.0|'' 3617|'8c1f51be1732d683354a86e152a6bbb100fd0142'|'Routine update: Shuffle off, Bollywood: its time for Tollywood and Kollywood'|'ALL you need for a movie is a girl, a gun, lots of singing, melodrama and never-ending dance sequences. Or so a big chunk of the Indian audience believes. But Bollywood, the cosmopolitan Hindi-language film hub that is the spiritual home of the song-and-dance routine, has been bested by an upstart rival. Baahubali 2: The Conclusion, a fantasy epic shot mainly in two southern Indian languages, has smashed the countrys box-office records. Once in Bollywoods shadow, the likes of Kollywood and Tollywood are coming into their own.India puts out around 1,500-2,000 films a year, according to industry estimates, more than anywhere else in the world. Hindi fare of the sort Bollywood cranks out from Mumbai makes up less than a fifth of that, but accounts for 43% of national box-office takings, which are worth around $2bn. That leaves a long tail of regional films, which must split around $1bn across 1,000-plus releases shot in 20 different languages. With an average take of well below $1m, few emerge from obscurity. Baahubali 2 certainly has. A Lord of the Rings-style adventure heavy on computer graphics and bulging muscles (the title-characters name translates as the one with strong arms), it is the first Indian film to break through the 10bn rupee ($156m) mark for worldwide box-office takings. That is a respectable performance even by international standards. It is now in its fourth week in the top ten biggest grossers in America.Such numbers are not typical of either Kollywood (the Tamil-language industry in Tamil Nadu, which is based in a neighbourhood of Chennai called Kodambakkam) or Tollywood (which makes Telugu films in nearby Telangana), which both claim Baahubali 2 as their own. Provincial cinema is known for artier fare, where costs are low and returns steady.Yet southern India is fertile territory for film-makers. Its 260m inhabitants are richer than the national average, and prefer content in regional languages to Hindi, Bollywoods lingua franca. Ageing cinemas bulge to breaking-point: audiences turn into cheering spectators and drown out the dialogues. Living superstars have temples named after them; fans bathe huge garlanded cut-outs of actors with milk to pray for their films success. Pre-screening rituals include burning camphor inside a sliced pumpkin before smashing it near the big screen to bring good luck. It is unsurprising that five of Tamil Nadus eight chief ministers have been film stars or scriptwriters.By contrast Bollywood is seen by many as being in a bit of a funk, having recycled the same handful of stars on one too many occasions. The past two years have seen many expensive flops. Because regional cinema has no actors with so much nationwide recognition, scriptwriters work harder to craft compelling storiesthe best of which increasingly get remade in Hindi. The two south Indian film industries will soon overtake Bollywood, says Shibasish Sarkar of Reliance Entertainment, a big non-Hindi producer. They already have a combined 36% at the box office. Baahubali 3, anyone? "Routine update"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21722222-baahubali-2-conclusion-putting-film-making-southern-india-map-shuffle?fsrc=rss%7Cbus'|'2017-05-18T22:46:00.000+03:00'|3617.0|''|-1.0|'' @@ -3654,7 +3654,7 @@ 3652|'ab7c3741c5bbf0ffd1ba6f70920b699303909798'|'Japan''s tight labour market offers hope for weak consumer spending'|'Business News - Tue May 30, 2017 - 2:32am BST Japan''s tight labour market offers hope for consumer spending FILE PHOTO: Newly-hired employees of Japan Airlines (JAL) group bow during an initiation ceremony at a hangar of Haneda airport in Tokyo, Japan, April 3, 2017. REUTERS/Toru Hanai/File Photo By Stanley White - TOKYO TOKYO Labour demand in Japan rose to its strongest in more than 40 years while the unemployment rate held steady at a two-decade low in April, offering hope that a tight labour market will eventually spark a turnaround in weak consumer spending. Separate data showed household spending fell more than expected in April due to lower spending on cars and education fees as consumer spending continues to lag behind improvement in other areas of the economy, such as exports and factory output. Such a tight labour market could temper pessimism about consumer spending and bolster the Bank of Japan''s argument that rising demand for workers will eventually spur inflation. "Consumer spending looks weak now, but the labour market continues to improve," said Hiroshi Miyazaki, senior economist at Mitsubishi UFJ Morgan Stanley Securities. "As more people get work, this should support consumer spending in the future." The jobs-to-applicants ratio rose to 1.48 in April from 1.45 in the previous month, meaning 1.48 vacancies are available for each person seeking a job. Labour demand has been rising steadily due to a shortage of workers and increased activity in services and construction. The last time labour demand was this strong was in February 1974, when the ratio was 1.53. The jobless rate held steady at 2.8 percent in April, matching the lowest since June 1994. The BOJ last month maintained its projection that price growth will reach its 2 percent target in fiscal 2018 on the assumption that a tight labour market will push up wages, but not all economists are convinced. Economists say some companies are opting to cut business hours, which makes it difficult for wages to rise. "Some companies are scaling back the level of services they offer instead of going out and getting the workers they need," said Hiroaki Muto, economist at Tokai Tokyo Research Center Co. "This is not likely to lead to higher take-home pay." Japanese household spending fell 1.4 percent in April from a year earlier in price-adjusted real terms, more than the median estimate for a 0.7 percent annual decline. Excluding spending on autos and housing, household spending rose a seasonally-adjusted 3.5 percent in April from the previous month versus a 2.9 percent decline March, showing consumer spending is stronger than the headline figures, Miyazaki said. Separate data showed retail sales rose 3.2 percent in April from a year earlier, more than the median estimate for a 2.3 percent increase, but some economists say a small sample size may exaggerate the percentage change in this data. Under a new policy framework adopted last year, the BOJ has pledged to guide short-term interest rates to minus 0.1 percent and cap the 10-year government bond yield around zero percent. Consumer prices rose on 0.3 percent in April from a year ago, well below the BOJ''s 2 percent inflation target. However, growing signs of strength in exports and factory output have presented the BOJ with a new communications challenge, pushing it to be clearer with markets on how it might dial back its stimulus - even though such action remains a long way off. (Reporting by Stanley White; Editing by Eric Meijer) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-jobs-idUKKBN18Q015'|'2017-05-30T08:38:00.000+03:00'|3652.0|''|-1.0|'' 3653|'e18474a613b99f88b19c094afc57fd995a848a44'|'ECB supervisors need flexibility in assessing risk - Nouy'|'Business News - Mon May 15, 2017 - 11:09am BST ECB supervisors need flexibility in assessing risk - Nouy Daniele Nouy, chair of the Supervisory Board of the European Central Bank, attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain May 24, 2016. REUTERS/Susana Vera FRANKFURT Bank supervisors need to retain their flexibility in interpreting rules and assessing risk to avoid having to enforce a rigid, one-size-fits-all approach for distinctly different lenders, European Central Bank supervisor Daniele Nouy says on Monday. "Thats why I am worried about some legislative proposals that are being discussed," Nouy told a conference. "They would put too tight a frame around supervisors assessment of ''Pillar 2'' risks by means of a regulatory technical standard and would restrict supervisors ability to collect ad hoc reports." She said that under such inflexible rules, supervisors would no longer be able to adequately differentiate between risks, thus hurting the safest banks rather than the riskiest ones. (Reporting by Balazs Koranyi; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-ecb-idUKKCN18B13W'|'2017-05-15T18:09:00.000+03:00'|3653.0|''|-1.0|'' 3654|'67c3d30dd5cbd433e12cfc5f86815767979d11cc'|'Twitter partners with Bloomberg for streaming TV news'|'(Corrects April 30 story to add news source in headline)Twitter Inc is partnering with Bloomberg Media for a round-the-clock streaming television news service on the social networking platform, the Wall Street Journal reported on Sunday.The channel, which is yet to be named and is expected to begin operations this fall, would be announced Monday, WSJ said.Twitter''s user growth has stalled in the past few quarters and the company has been trying to convince advertisers that it will strengthen its user base.As part of its efforts, it has updated its product offerings including live video broadcasts from its app and launched new features to attract users.Twitter CEO Jack Dorsey said in an internal memo last October one of the company''s missions was defined as being the "people''s news network".Twitter has made a push into news and sports on mobile devices last year and this foray could pique the interest of a media company as an acquirer, analysts have said.(Reporting by Shalini Nagarajan in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-twitter-bloomberg-idINKBN17X10P'|'2017-05-01T01:03:00.000+03:00'|3654.0|''|-1.0|'' -3655|'71919d020d90b024b37a6d4d7e54192c538dd376'|'As Japan adapts to China''s rise, ADB wrestles with relevance'|'Money News - Thu May 4, 2017 - 3:35am IST As Japan adapts to China''s rise, ADB wrestles with relevance Asian Development Bank (ADB) President Takehiko Nakao poses in front of the logo of ADB at its headquarters in Mandaluyong, Metro Manila after a forum with members of the Foreign Correspondents Association of the Philippines January 8, 2016. REUTERS/Erik De Castro By Tetsushi Kajimoto - TOKYO TOKYO The Asian Development Bank''s 50th annual meeting is supposed to be a celebration of Japan''s economic leadership in Asia over the half-century - instead, it takes place in the shadow of China''s bid to increasingly assert itself as the regional powerhouse. The ADB is coming off a record year for lending and is the region''s major financier for development, but its four-day meeting in Yokohama starting on Thursday could quickly fade as attention turns to China''s high-profile "One Belt, One Road" (OBOR) summit the next week. Many OBOR projects are supported by China''s state-owned banks and its fledgling regional lender, the Asia Infrastructure Investment Bank (AIIB), which could become a potential rival of the Manila-based ADB but for now is much smaller. "Politically, the AIIB is a direct challenge to the ADB by providing borrowers an alternative," said Tang Siew Mun, senior fellow at the ISEAS Yusof Ishak Institute in Singapore. "OBOR with AIIB''s deep pockets offers a vision of the region for ''friendly nations'' to participate. In contrast, the ADB lacks a grand plan and focuses on smaller projects." In dealing with the AIIB, which launched operations in January 2016, the ADB has emphasised cooperation rather than competition. A year ago, they signed an agreement setting the stage for joint financing projects. "Infrastructure needs are huge and it''s simply not possible for the Asian Development Bank and the World Bank to fill the gap completely," Bank of Japan Governor Haruhiko Kuroda, a former head of the ADB, said earlier this week. The AIIB is viewed by some as a challenger to both the Western-dominated World Bank and the ADB, which is primarily funded by Japan and the United States. The ADB was established as a Japanese initiative in 1966 to offer development assistance in Asia. All of the ADB heads up until now have been Japanese, including current president Takehiko Nakao. Last year, it extended a record $17.5 billion worth of loans to 67 projects, dwarfing the AIIB, which provided loans of about $1.7 billion to just nine projects last year, most of which was through co-financing with other institutions, including the ADB. OUTWARD SUPPORT While outwardly Japan has shown support for China''s initiatives, it remains wary of getting too close, and has not joined the AIIB. "We remain cautious about AIIB and need to examine its transparency even more closely since China plays a dominant role in its governance," Masahiko Shibayama, an adviser to Prime Minister Shinzo Abe, told Reuters. Further complicating matters for Japan, is the sudden friendliness of U.S. President Donald Trump to Beijing and a shift by Southeast Asian nations towards China. The secretary-general of Japan''s ruling Liberal Democratic Party, Toshihiro Nikai, will attend the OBOR summit, a sign Abe wants to improve ties with Beijing. "The unexpected improvement in ties between China and the United States has prompted Japanese government to send...Nikai to the OBOR summit," said Xiao Minjie, senior economist at SMBC Nikko Securities in Tokyo. "Even though bureaucrats in general have an instinctive dislike for China-led AIIB and OBOR." Xiao predicts that the two development banks may fill different roles, with the ADB supporting projects concerning the environment, education and poverty-reduction, while China may focus on the kind of infrastructure-tied loans to developing countries that Japan used to provide in the 1980s. "The ADB will likely shift more towards ''soft'' infrastructure development, as demand for hard infrastructure runs its course and as Asian countries mature after experiencing high economic growth," Xiao said. (Additional reporting by Stanley White, Leika Kihara, Izumi Nakagawa; Writing by Malcolm Foster; Editing by Sam Holmes)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/adb-asia-idINKBN17Z2NE'|'2017-05-03T20:05:00.000+03:00'|3655.0|''|-1.0|'' +3655|'71919d020d90b024b37a6d4d7e54192c538dd376'|'As Japan adapts to China''s rise, ADB wrestles with relevance'|'Money News - Thu May 4, 2017 - 3:35am IST As Japan adapts to China''s rise, ADB wrestles with relevance Asian Development Bank (ADB) President Takehiko Nakao poses in front of the logo of ADB at its headquarters in Mandaluyong, Metro Manila after a forum with members of the Foreign Correspondents Association of the Philippines January 8, 2016. REUTERS/Erik De Castro By Tetsushi Kajimoto - TOKYO TOKYO The Asian Development Bank''s 50th annual meeting is supposed to be a celebration of Japan''s economic leadership in Asia over the half-century - instead, it takes place in the shadow of China''s bid to increasingly assert itself as the regional powerhouse. The ADB is coming off a record year for lending and is the region''s major financier for development, but its four-day meeting in Yokohama starting on Thursday could quickly fade as attention turns to China''s high-profile "One Belt, One Road" (OBOR) summit the next week. Many OBOR projects are supported by China''s state-owned banks and its fledgling regional lender, the Asia Infrastructure Investment Bank (AIIB), which could become a potential rival of the Manila-based ADB but for now is much smaller. "Politically, the AIIB is a direct challenge to the ADB by providing borrowers an alternative," said Tang Siew Mun, senior fellow at the ISEAS Yusof Ishak Institute in Singapore. "OBOR with AIIB''s deep pockets offers a vision of the region for ''friendly nations'' to participate. In contrast, the ADB lacks a grand plan and focuses on smaller projects." In dealing with the AIIB, which launched operations in January 2016, the ADB has emphasised cooperation rather than competition. A year ago, they signed an agreement setting the stage for joint financing projects. "Infrastructure needs are huge and it''s simply not possible for the Asian Development Bank and the World Bank to fill the gap completely," Bank of Japan Governor Haruhiko Kuroda, a former head of the ADB, said earlier this week. The AIIB is viewed by some as a challenger to both the Western-dominated World Bank and the ADB, which is primarily funded by Japan and the United States. The ADB was established as a Japanese initiative in 1966 to offer development assistance in Asia. All of the ADB heads up until now have been Japanese, including current president Takehiko Nakao. Last year, it extended a record $17.5 billion worth of loans to 67 projects, dwarfing the AIIB, which provided loans of about $1.7 billion to just nine projects last year, most of which was through co-financing with other institutions, including the ADB. OUTWARD SUPPORT While outwardly Japan has shown support for China''s initiatives, it remains wary of getting too close, and has not joined the AIIB. "We remain cautious about AIIB and need to examine its transparency even more closely since China plays a dominant role in its governance," Masahiko Shibayama, an adviser to Prime Minister Shinzo Abe, told Reuters. Further complicating matters for Japan, is the sudden friendliness of U.S. President Donald Trump to Beijing and a shift by Southeast Asian nations towards China. The secretary-general of Japan''s ruling Liberal Democratic Party, Toshihiro Nikai, will attend the OBOR summit, a sign Abe wants to improve ties with Beijing. "The unexpected improvement in ties between China and the United States has prompted Japanese government to send...Nikai to the OBOR summit," said Xiao Minjie, senior economist at SMBC Nikko Securities in Tokyo. "Even though bureaucrats in general have an instinctive dislike for China-led AIIB and OBOR." Xiao predicts that the two development banks may fill different roles, with the ADB supporting projects concerning the environment, education and poverty-reduction, while China may focus on the kind of infrastructure-tied loans to developing countries that Japan used to provide in the 1980s. "The ADB will likely shift more towards ''soft'' infrastructure development, as demand for hard infrastructure runs its course and as Asian countries mature after experiencing high economic growth," Xiao said. (Additional reporting by Stanley White, Leika Kihara, Izumi Nakagawa; Writing by Malcolm Foster; Editing by Sam Holmes)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/adb-asia-idINKBN17Z2NE'|'2017-05-03T20:05:00.000+03:00'|3655.0|20.0|0.0|'' 3656|'c8a1eacb257e8e01516e8b41d36da13e07006caf'|'BOJ Governor Kuroda says global uncertainties remain top risk for Japan economy'|'Economy News - Wed May 10, 2017 - 4:57am BST BOJ Governor Kuroda says global uncertainties remain top risk for Japan economy Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon TOKYO Bank of Japan Governor Haruhiko Kuroda said on Wednesday overseas developments, such as uncertainty over U.S. economic policies and geopolitical risks around the world, remained the biggest risks for Japan''s economic recovery. "Japan''s economic recovery has taken hold more firmly," reflecting improvement in the global economy, Kuroda told a seminar. "While global economic growth is gaining momentum, various uncertainties remain" that could weigh on Japanese consumer and corporate sentiment, he said. (Reporting by Leika Kihara; Editing by Christopher Cushing) U.S. Democratic senators seek probe into Icahns biofuel credit dealings WASHINGTON Eight Democratic senators asked U.S. regulators on Tuesday to launch an investigation into billionaire Carl Icahns activities in the U.S. biofuels blending credit market, saying the activist investor may have violated trading laws since becoming an adviser to President Donald Trump. U.S. Senate finance panel unlikely to support import tax: chairman WASHINGTON A 20 percent import tax, backed by Republican leaders in the House of Representatives, is unlikely to win enough support from the Senate Finance Committee to be part of any Senate tax reform bill, the panel''s Republican chairman said on Tuesday. NEW YORK/WASHINGTON JPMorgan Chase & Co is investing another $50 million in Detroit amid what city officials and bank executives describe as encouraging signs for urban renewal through public-private partnerships. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-boj-kuroda-idUKKBN1860BY'|'2017-05-10T11:52:00.000+03:00'|3656.0|''|-1.0|'' 3657|'e1f8e6573c174412ed9d50875e351d50a211b14d'|'LPCBankers prep 400 million pound financing for NGA sale'|' 35pm BST LPCBankers prep 400 million pound financing for NGA sale By Claire Ruckin - LONDON LONDON Bankers are working on debt financings totalling around 400 million to back a potential sale of UK human resources software company NGA Human Resources as a sale process kicks off, banking sources said on Wednesday. Former lenders Goldman Sachs and Park Square took control of NGA, formerly known as Northgate Information Solutions, from owner KKR in a debt for equity swap late in 2015, backed with a 320m leveraged loan financing, according to Thomson Reuters LPC. They have now decided to sell the business, hiring Goldman Sachs as advisers on the process, which is expected to see first round bids submitted by the end of May, the sources said. A bank education process took place yesterday, following a meeting with lenders some weeks prior, the sources said. Goldman Sachs, NGA and Park Square were not immediately available to comment. Some 400m of debt financing equates to around 5.0 times Northgates approximate 70m Ebitda, the sources said. Debt is expected to be in the form of either leveraged loans or high-yield bonds, mainly denominated in sterling, the sources said. Bonds might be preferable as a covenant-lite loan could be a hard sell to investors, due to the companys chequered past. High-yield bonds automatically come without maintenance covenants. The business consists of two units, a UK mid-market business that is performing well and an enterprise business serving larger corporates, which is more of a turnaround story, sources said. The preference will be to sell the company as a whole, but the sellers may accept bids for the units separately, the sources added. KKR took Northgate private in 2008, in a deal that valued the company at 593m plus existing debt. KKR subsequently sold divisions including Northgate Public Services to Cinven for 320m in December 2014 and the managed services division to outsourcing group Capita for 65m in 2013 leaving only NGA Human Resources. NGA Human Resources helps organizations pioneer digital HR, master payroll, ensure compliance, unlock workforce data and deliver best-in-class HR operations, according to its website. (Editing by Christopher Mangham)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nga-loans-idUKKBN17Z1CG'|'2017-05-03T20:35:00.000+03:00'|3657.0|''|-1.0|'' 3658|'198ef1d608f23e8587e610906c6ca6bc55ab19ee'|'Suzuki Motor sees 10 pct drop in FY operating profit on R&D costs'|'TOKYO May 12 Suzuki Motor Corp on Friday forecast a 10 percent fall in its full-year operating profit on increased research and development costs, even as the Japanese automaker expects vehicles sales growth to continue in India and Europe.Japan''s fourth-largest automaker said it expected operating profit to come in at 240.0 billion yen ($2.11 billion) in the year to March 2018, short of an average estimate of 254.7 billion yen from 21 analysts polled by Thomson Reuters I/B/E/S.Suzuki, which specialises in compact cars and dominates the Indian market through its majority stake in Maruti Suzuki India Ltd, posted a stronger-than-expected, 36.5 percent jump in operating profit to 266.7 billion yen in the year ended in March as higher sales in the South Asian country and in Europe offset negative currency impact.Suzuki said it would pay a full-year dividend of 44 yen per share for the year ended March, up from 32 yen per share a year earlier, and forecast a dividend of 44 yen this year.The company took an accounting impairment loss of 39.9 billion yen in the year ended March, including an extraordinary loss on its Thailand operations.Suzuki''s latest forecasts are based on an assumption for the yen to average around 110 yen to the U.S. dollar, stronger than its trading rate around 114 yen on Friday, and 1.65 yen to the Indian Rupee.It expects global consolidated vehicle sales to increase 5.2 percent in the year to March to 3.07 million vehicles. In India, where it sells one in every two cars, it expect vehicles sales to rise 8 percent from a year earlier.Suzuki owns 56.2 percent of Maruti, and gets the bulk of its revenues from the Indian partnership, which has a market value of around $30 billion, higher than Suzuki''s market capitalisation of about $20.5 billion. ($1 = 113.7500 yen) (Reporting by Naomi Tajitsu and Maki Shiraki; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/suzuki-results-idINL8N1IE0EA'|'2017-05-12T05:12:00.000+03:00'|3658.0|''|-1.0|'' @@ -3679,7 +3679,7 @@ 3677|'8df08afd6fb88e785e87a7877ea3a9e4e2d35a5d'|'Citigroup says May to win majority of 104-190 in June 8 election'|'Business 7:28am BST Citigroup says May to win majority of 104-190 in June 8 election Britain''s Prime Minister Theresa May''s launches her election manifesto in Halifax, May 18, 2017. REUTERS/Phil Noble LONDON British Prime Minister Theresa May is likely to win a majority of 104-190 seats in the June 8 election, Citigroup said in a research note published on Friday. "Prime Minister Theresa May called early elections on 8 June to boost her mandate and win time to implement her version of ''hard-but-smooth'' Brexit," Citi said in the research note. "National polls, experts'' analyses and our own constituency-level simulations suggest that her bet should pay off." Citi added that it saw no signs that May was moving towards a so called "Singapore-upon-Thames" deregulated low-tax economic model. (Reporting by Guy Faulconbridge; editing by Michael Holden)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-election-citi-idUKKCN18F0HN'|'2017-05-19T14:28:00.000+03:00'|3677.0|''|-1.0|'' 3678|'b0305c8ed1b7b87f5ee4e473491034cb49f9dd52'|'China''s Lenovo returns to profit as PC performance beats overall market'|'Asia - Thu May 25, 2017 - 12:45pm IST China''s Lenovo returns to profit as PC performance beats overall market A Lenovo logo is seen at the computer in Kiev, Ukraine April 21, 2016. REUTERS/Gleb Garanich/File Photo By Sijia Jiang - HONG KONG HONG KONG China''s Lenovo Group Ltd ( 0992.HK ), the world''s largest personal computer (PC) maker, on Thursday said it returned to profit in a year when its PC shipments fell at a slower rate than the overall market as consumer demand continued its downward trend. Profit reached $535 million in the year to March, reversing a loss of $128 million a year prior and missing the $569 million average of 24 analyst estimates in a Thomson Reuters Poll. Revenue fell 4 percent to $43 billion. The result comes as Lenovo navigates a PC market that has shrunk markedly since the advent of smartphones and tablet computers. According to researcher Gartner, global PC shipments fell for the 10th consecutive quarter in January-March, and dipped below 63 million units for the first time since 2007. At Lenovo, annual shipments fell 1 percent versus a market fall of 3 percent, with market share rising 0.4 percentage point to a record 21.4 percent. Revenue in its PC and smart devices unit - which makes up 70 percent of the total - fell 2 percent. The company blamed the decline in results on transitions in its smartphone and data center businesses, as well as a difficult macro environment and component supply constraints in the second half of the year. "Despite market conditions that will remain challenging in the short term, the Group exited the year with stronger organization allowing for sharper customer focus and more compelling product portfolio across all our business," Chairman and Chief Executive Officer Yang Yuanqing said in a filing. MOBILE LOSS PC competition took a step up this week when China''s largest mobile phone maker, Huawei Technologies Co Ltd [HWT.UL], said it would enter the market for premium consumer models. Lenovo also competes with Huawei in mobile, which accounts for 18 percent of revenue. The unit''s loss widened to $566 million from $469 million a year prior, though Lenovo said it had strong growth in Latin America and Western Europe. The company''s smaller data center business, which includes servers and enterprise services, booked a loss of $343 million. Yang said Lenovo''s core PC business remained solid, transformation for its mobile business was on track, and it is accelerating efforts to improve its data center business. For the three months through March, profit fell 41 percent to $107 million on revenue that rose 5 percent to $9.58 billion. (This story has been refiled to correct to show annual profit missed, not beat, estimates in the second paragraph) (Reporting by Sijia Jiang; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-lenovo-group-results-idINKBN18L0DT'|'2017-05-25T14:28:00.000+03:00'|3678.0|''|-1.0|'' 3679|'efb4f18d41171c816e61992839c9644e129435cb'|'Miner thinks small to resurrect big Canadian iron ore mine'|'Business News - Wed May 24, 2017 - 12:07pm BST Miner thinks small to resurrect big Canadian iron ore mine left right Champion Iron''s Bloom Lake mine is seen near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 1/8 left right Heavy haul trucks, with capacity to carry 240 tons of material, are parked at Champion Iron''s Bloom Lake mine near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 2/8 left right Champion Iron Chief Executive Office Michael O''Keeffe speaks to reporters at the company''s Bloom Lake mine near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 3/8 left right Champion Iron''s Chief Operating Officer David Cataford is interviewed at the company''s Bloom Lake mine near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 4/8 left right A worker uses a welding torch at Champion Iron''s Bloom Lake mine near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 5/8 left right Champion Iron''s Bloom Lake mine is seen near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 6/8 left right Champion Iron''s Bloom Lake mine is seen near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 7/8 left right Heavy haul trucks, with capacity to carry 240 tons of material, are parked at Champion Iron''s Bloom Lake mine near Fermont, Quebec, Canada May 31, 2016. Picture taken May 31, 2016. REUTERS/Susan Taylor 8/8 By Susan Taylor - TORONTO TORONTO Champion Iron Ltd ( CIA.AX ) ( CIA.TO ) is thinking small with its plans to bring Quebec''s giant Bloom Lake iron ore mine back to life. Chief Executive Michael O''Keeffe intends to slash costs while cutting millions of tonnes from a planned production expansion. The strategy runs counter to the traditional economy of scale formula, which bumps up production for proportional cost savings. It may prove a prescient approach as iron ore prices pull back from 30-month highs in February. The recovery sparked signs of life for a handful of hibernating miners in Canada''s metal-rich Labrador Trough, straddling the provinces of Quebec and Newfoundland and Labrador, including Champion, Alderon Iron Ore ( IRON.TO ) and Tata Steel Minerals Canada ( TISC.NS ). Champion is taking a different tack with Bloom Lake than its previous owner and North America''s biggest iron ore producer, Cliffs Natural Resources ( CLF.N ), beginning with the price tag. Cliffs paid $4.9 billion (3.7 billion) for the mine in 2011, near the top of the market. Later it launched a $1.2 billion expansion to make the mine viable by doubling output to 16 million tonnes in a bid to help bring costs down. But as prices slumped, Cliffs suspended the money-losing operation. It sold the mine to Champion for C$10.5 million (6 million) in 2015, a year when spot prices bottomed at $37 a tonne, from $190 in 2011. O''Keeffe, a former Glencore ( GLEN.L ) executive, believes other miners looking to buy Bloom Lake made calculations using Cliff''s high-volume blueprint and were spooked by the costs. Walking "every inch" of the property, O''Keeffe told Reuters that he and Champion''s chief operating officer David Cataford looked for ways to reconfigure operations that would squeeze costs to $50 per tonne of delivered concentrate from over $91. Rather than trucking ore in 240-ton trucks for processing, for example, the mine will use a 3.8 kilometre (2.36 mile) conveyer belt to move the steelmaking ingredient, Cataford said. And instead of trucking some 12 million tonnes of tailings waste to on-site storage each year, that material will move through pumps, said Cataford. A new recovery process and more efficient equipment, used to sift through iron particles, will goose recovery rates to 80 percent from 68 percent, explained O''Keeffe, and cut production costs by some $12 a tonne. "We had a view which was quite contrary to everyone else," said O''Keeffe: scrapping the growth project underway and matching costs with the "big guys." "What was in everyone''s head was the only way to do this is expand. But your mining costs would have been more, and you''d have to spend a massive amount of capital," added O''Keeffe, who may be best known for building Riversdale Mining from a A$7 million (4 million) coal explorer in Mozambique into a producer that Rio Tinto ( RIO.L ) ( RIO.L ) paid nearly A$4 billion to buy. Champion''s board has yet to vote on a C$326.8 million mine restart plan, but the company said in a feasibility study it intends to be operating by the first quarter of 2018. The miner forecasts revenue of C$15 billion over a 21-year mine life, producing 7.4 million tonnes of concentrate annually. A lower stripping ratio - the amount of dirt removed to expose mineable ore - helps squeeze costs to $44.62 per tonne, while the high-grade concentrate price is seen at $78.40. At 66.2 percent iron content, the ore earns a premium above the industry standard 62 percent. Market jitters over rising low-cost global production, coupled with an oversupply of Chinese steel, have pushed spot prices down to $63.19 a tonne .IO62-CNO=MB, from $94.86 in February. Clarksons Platou analysts said the consensus price among Asian steel industry companies they recently polled was $60 per tonne, though several expect a decline to mid-$50 before a longer-term climb above $60. Signs of cooling Chinese demand is another factor at play, with BMI Research recently cutting its forecasts to $50 from $55 a tonne in 2018. Even at prices in the mid-$50s, Champion is comfortable that it can repay debt and "keep our heads above water," O''Keeffe said. But he expects demand to skyrocket for Champion''s "clean" concentrate, which will allow Chinese steelmakers to reduce emissions and pursue high-grade steel production. O''Keeffe, who recently announced C$40 million in bridge financing to restart the mine and a supply deal with Japanese trading company Sojitz Corp ( 2768.T ), acknowledges his opportune acquisition. "Cliffs were on the road to do this, they just ran out of time and money," O''Keeffe said. "So it''s easy for us to come along and pick up and build all of this and implement a lot of the changes that Cliffs were already going to do." (Reporting by Susan Taylor; Editing by Denny Thomas and Edward Tobin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-champion-iron-bloomlake-idUKKBN18K1C0'|'2017-05-24T19:07:00.000+03:00'|3679.0|''|-1.0|'' -3680|'1a3007fa84b3283308d21a9e4d63bc0dfdd0fe5e'|'BRIEF-India''s Housing Development Finance Corporation March-qtr profit falls about 22 pct - Reuters'|'May 4 Housing Development Finance Corporation Ltd:* March quarter net profit 20.44 billion rupees* Consensus forecast for March quarter profit was 20.14 rupees* March quarter total income 85.15 billion rupees* Net profit in March quarter last year was 26.07 billion rupees ; total income was 92.26 billion rupees* Recommended final dividend of 15 rupees per share* Says debt-equity ratio as on march 31, 2017 is 7.06 Source text: ( bit.ly/2quYUS0 )'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/brief-indias-housing-development-finance-idINFWN1I609C'|'2017-05-04T07:11:00.000+03:00'|3680.0|''|-1.0|'' +3680|'1a3007fa84b3283308d21a9e4d63bc0dfdd0fe5e'|'BRIEF-India''s Housing Development Finance Corporation March-qtr profit falls about 22 pct - Reuters'|'May 4 Housing Development Finance Corporation Ltd:* March quarter net profit 20.44 billion rupees* Consensus forecast for March quarter profit was 20.14 rupees* March quarter total income 85.15 billion rupees* Net profit in March quarter last year was 26.07 billion rupees ; total income was 92.26 billion rupees* Recommended final dividend of 15 rupees per share* Says debt-equity ratio as on march 31, 2017 is 7.06 Source text: ( bit.ly/2quYUS0 )'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/brief-indias-housing-development-finance-idINFWN1I609C'|'2017-05-04T07:11:00.000+03:00'|3680.0|25.0|-1.0|'' 3681|'78202c2ba11e77eb460de0820256d59b2ee9149c'|'Airbus appoints independent compliance review panel amid probes'|'Business News - Mon May 22, 2017 - 3:29am EDT Airbus hires outside monitors amid fraud investigations FILE PHOTO: The logo of Airbus Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau/File Photo By Tim Hepher - PARIS PARIS Airbus ( AIR.PA ) has appointed an independent review panel including two former ministers to oversee its anti-corruption practices after Britain and France launched fraud and bribery investigations into the sale of jetliners. The European airplane maker said on Monday the three advisers, who include former German finance minister Theo Waigel and former French European affairs minister Noelle Lenoir, will report to Chief Executive Tom Enders and the board. Airbus is in the midst of a sweeping compliance shake-up after acknowledging making flawed applications for export credit support from Britain for commercial jets. Britain''s Serious Fraud Office (SFO) launched a bribery and fraud investigation last year after Airbus notified it of misstatements and omissions in its past declarations on the use of middlemen, while applying for export credits. France followed suit with a similar investigation earlier this year and authorities in the two countries have said they will cooperate in the inquiries, the most far-reaching to target the 47-year-old company''s civil activities. Airbus, which also faces an investigation into fighter sales in Austria where it has called recent allegations unfounded, has pledged to cooperate with all ongoing investigations. The independent panel will have access to all areas of the company and take a "hard look" at its systems and culture, Enders said in a statement. The decision to appoint an external panel was voluntary, Airbus said, though legal experts say it will have been done only after consulting UK and French prosecutors. The costly decision to bring in monitors appears designed to strengthen Airbus''s chances of winning a deferred prosecution agreement with the SFO and also in France, where such bargains are now possible under a recent anti-corruption law. In its 2016 annual report, Airbus said it may have to "modify its business practices and compliance program and/or have a compliance monitor imposed on it" due to the investigations. A deferred prosecution agreement involves a prosecution being launched and immediately suspended in return for stringent compliance actions, and can also involve a financial settlement. UK engineering firm Rolls-Royce ( RR.L ) agreed in January to submit to external monitoring and pay 671 million pounds ($872 million) as part of fraud settlements in Brazil, the United Kingdom and the United States. The third member of the new Airbus monitoring panel, UK lawyer and House of Lords member David Gold, reviewed Rolls-Royce''s anti-corruption policies following bribery allegations. (Editing by Sudip Kar-Gupta and David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airbus-ethics-idUSKBN18I0K6'|'2017-05-22T14:25:00.000+03:00'|3681.0|''|-1.0|'' 3682|'b5d852801af0c61539cad6af307eb060177a0546'|'Saudi oil minister due in Iraq to discuss extending oil output cut - official'|'Business 6:07pm BST Saudi Arabia, Iraq agree oil output cut needs nine-month extension Saudi Energy Minister Khalid al-Falih speaks to media at the Saudi-US CEO Forum 2017 ahead of the arrival of the U.S. President Donald Trump, in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Hamad I Mohammed By Ahmed Rasheed and Ernest Scheyder - BAGHDAD/VIENNA BAGHDAD/VIENNA OPEC heavyweights Saudi Arabia and Iraq agreed on Monday on the need to extend a global cut in oil supply by nine months in an effort to prop up crude prices, removing a potential stumbling block as producing countries prepare to meet this week. Saudi Energy Minister Khalid al-Falih said he did not expect any opposition within the Organization of the Petroleum Exporting Countries to extending the curbs for a further nine months, speaking after he met his Iraqi counterpart in Baghdad. OPEC meets in Vienna on Thursday to consider whether to prolong the original deal reached in December in which OPEC and 11 non-member countries, including Russia, agreed to cut output by about 1.8 million barrels per day in the first half of 2017. The Saudi minister told a joint news conference with his Iraqi counterpart Jabar Ali al-Luaibi that Iraq had given the "green light" to a proposal for a nine-month extension that would be presented to the meeting in the Austrian capital. He said a new agreement would be similar to the previous pact, with minor changes. He said any decision would not be finalised until OPEC meets. Falih was paying a rare visit to Iraq in the latest effort by the top oil producer to convince its fellow OPEC member to extend supply cuts to ease a global glut. Iraqi Oil Minister Jabar Ali al-Luaibi said he agreed with Saudi Arabia on the need for a nine-month extension. Saudi Arabia and non-OPEC Russia have been pushing to extend the cuts from the end of June until March 2018. Iraq, OPEC''s second-largest and fastest-growing oil producer, had until Monday voiced support only for a six-month extension. It is the first time in nearly three decades that a senior Saudi energy official has visited Baghdad. OPEC wants to reduce global oil inventories to their five-year average but so far has struggled to do so. Stockpiles are hovering near record highs, partly because of rising production in the United States, which is not part of the existing deal. "I believe we have a growing consensus (on the duration of cut extension)," OPEC''s Secretary-General Mohammad Barkindo told reporters in Vienna. Iraq and Iran were the main stumbling blocks for OPEC in reaching its last output-cutting decision in December. OPEC''S CHALLENGE Baghdad argued it had just started enjoying production growth after years of stagnation and Tehran said it needed to raise output after the lifting of Western sanctions. Iraq ended up agreeing to cap output in the first half of 2017 while Iran was allowed a slight rise in production. Nigeria and Libya were granted exemptions from cuts as their output suffered from unrest. Both have regained some volumes in recent months and are expected to add more soon, adding to OPEC''s challenge in rebalancing the market. Goldman Sachs ( GS.N ), one of the most active banks in commodities trading, said on Monday a nine-month extension would help rebalance inventories in 2017 and keep Brent prices near $57 per barrel. Brent futures LCOc1 were trading 0.6 percent higher at $53.92 a barrel on Monday at 1638 GMT. Goldman said OPEC should put pressure on American shale oil producers by creating a market structure known as backwardation, when the future trading price of a commodity is below the current spot market value. By extending cuts into 2018 and promising to boost output next year, OPEC could force the oil market into backwardation that would scare away private equity and other investors who have been funding the American shale producers. "The binding force to sustainably slow shale growth lies on the funding side," Damien Courvalin, a Goldman analyst, wrote in the research note to clients. (Additional reporting by OPEC team in Vienna; Writing by Isabel Coles, Dmitry Zhdannikov and Dale Hudson; Editing by David Goodman and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iraq-oil-saudi-opec-idUKKBN18I0HC'|'2017-05-22T13:49:00.000+03:00'|3682.0|''|-1.0|'' 3683|'359bb46af5f8f0afc64f9eca974ecd1bae34031a'|'EU regulators to rule on $38 billion Qualcomm, NXP deal by June 9'|'BRUSSELS EU antitrust regulators will decide by June 9 whether to clear smartphone chipmaker Qualcomm''s ( QCOM.O ) $38 billion bid for NXP Semiconductors NV ( NXPI.O ), which would make it the leading supplier to the fast-growing automotive chips market.Qualcomm, which provides chips to Android smartphone makers and Apple Inc ( AAPL.O ), sought EU approval for the deal on April 28, a filing on the European Commission website showed on Monday.The EU competition enforcer can either approve the deal with or without concessions or it can open an investigation lasting about five months if it has serious concerns.Qualcomm has said the deal, the biggest ever in the semiconductor industry, is a complementary one. The U.S. antitrust watchdog cleared the deal unconditionally last month.(Reporting by Foo Yun Chee; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nxp-m-a-qualcomm-eu-idINKBN17Y0ZZ'|'2017-05-02T08:11:00.000+03:00'|3683.0|''|-1.0|'' @@ -3739,7 +3739,7 @@ 3737|'75738a2597aa60aedac91d40a0a4e9d220cde6a7'|'Brazil''s Petrobras wins $1.8 billion tax ruling from 2009'|'Commodities - Fri May 12, 2017 - 8:03pm EDT Brazil''s Petrobras wins $1.8 billion tax ruling from 2009 A worker paints a tank of Brazil''s state-run Petrobras oil company in Brasilia, Brazil September 30, 2015. REUTERS/Ueslei Marcelino SAO PAULO Brazilian state-controlled oil company Petroleo Brasileiro SA said tax court CARF has made a final ruling in favor of the company in a case regarding a deduction of 5.8 billion reais ($1.8 billion) related to 2009 drilling expenses. ($1 = 3.1222 reais) Exclusive: Cheniere in talks to boost LNG shipments to China HOUSTON/NEW YORK Cheniere Energy Inc said on Friday it has had extensive negotiations with China about increasing U.S. liquefied natural gas exports, as a new trade deal paves the way for a second wave of LNG investment in the world''s fastest growing gas supplier. MOSCOW Igor Sechin, the head of Russia''s largest oil producer Rosneft, said on Saturday the Russian energy ministry had his support in talks over oil production cuts, without elaborating, RIA news agency reported. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-petrobras-tax-idUSKBN188333'|'2017-05-13T04:03:00.000+03:00'|3737.0|''|-1.0|'' 3738|'c2b380cceeabdf5815ea8056abcb2735c6298a1a'|'CEE MARKETS-Stocks, currencies extend gains ahead of GDP data'|'* Stock indices at multi-year high before profit-taking * Strong Q1 GDP data expected, corporate earnings healthy * Forint, Czech crown touch 5-week highs By Sandor Peto BUDAPEST, May 15 Central European stocks touched multi-year highs on Monday on expectations that first-quarter regional economic output data due on Tuesday will show robust growth, though profit-taking later caused shares to retreat. Budapest''s main stock index rose to nine-year highs, extending gains from a record high close on Friday. Profit-taking set in just after 0800 GMT. The index was up 0.2 percent. Solid first-quarter earnings reported by the region''s banks and other sectors are helping optimistic mood. Hungarian lender OTP, Central Europe''s biggest independent bank, announced a bigger-then-expected profit rise last week. This helped the stock reach two-month highs though it gave up some of its gains on Monday. The forint and the Czech crown hit 5-week highs against the euro, with the Hungarian currency trading on the firmer side of its key 310 line. "After an initial (downwards) correction, OTP and (oil group) MOL can lead the rise further," Equilor brokerage chief analyst Monika Kiss said in a note. Hungary is expected to report 3.35 percent annual economic growth for the first quarter on Tuesday, Poland and Romania around 4 percent rise, and according to analysts'' estimate Czech growth picked up to above 2 percent. Prague''s main stock index touched a 21-month high. State-owned gaz producer Romgaz shares firmed 1.25 percent after it said will start production in 2019 at a newly discovered gas field, its biggest find in three decades. The leu lagged behind a firming of other regional units. Investors have been worried that the leftist Romanian government''s drive to boost wages and cut taxes could widen the country''s budget deficit and lift inflation. Romanian central bank Governor Mugur Isarescu said on Monday that the impact of excess demand in the economy on inflation was not intense. His counterparts in the region have not expressed any concern over inflation, which retreated last month after rising rapidly since 2016. The zloty firmed 0.15 percent against the euro and Warsaw''s bluechip stock index rose half a percent. In the past weeks the currency and the index have been hovering near their highest levels since mid-2015. CEE SNAPS AT 1004 MARKETS HOT CET CURRENCIES Lates Previ Daily Chang t ous e bid close chang in e 2017 Czech 26.54 26.58 +0.1 1.73% crown 80 05 2% Hungary 309.5 309.9 +0.1 -0.23 forint 200 650 4% % Polish 4.210 4.217 +0.1 4.59% zloty 5 0 5% Romanian 4.547 4.548 +0.0 -0.26 leu 0 0 2% % Croatian 7.434 7.428 -0.07 1.63% kuna 0 5 % Serbian 123.0 123.2 +0.1 0.25% dinar 400 000 3% Note: calculate previ close 1800 daily d from ous at CET change STOCK S Lates Previ Daily Chang t ous e close chang in e 2017 Prague 1018. 1017. +0.0 +10. 07 96 1% 47% Budapest 34293 34435 -0.41 +7.1 .72 .53 % 6% Warsaw 2380. 2368. +0.5 +22. 26 50 0% 19% Bucharest 8422. 8407. +0.1 +18. 57 67 8% 88% Ljubljana 777.1 782.6 -0.71 +8.3 2 8 % 0% Zagreb 1884. 1885. -0.02 -5.52 71 17 % % Belgrade <.BELEX15 723.8 725.9 -0.29 +0.9 > 3 0 % 0% Sofia 655.9 654.9 +0.1 +11. 6 7 5% 86% BONDS Yield Yield Sprea Daily d (bid) chang vs chang e Bund e in Czech sprea Republic d 2-year 8 bps ps 5-year bps s 10-year bps Poland 2-year 5 bps 5-year bps s 10-year bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M inter bank Czech Rep < 0.36 0.44 0.54 0 PRIBOR=> Hungary < 0.2 0.25 0.33 0.16 BUBOR=> Poland < 1.76 1.77 1.815 1.73 WIBOR=> Note: FRA are for Quote: s ask prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1IH22H'|'2017-05-15T07:25:00.000+03:00'|3738.0|''|-1.0|'' 3739|'1506a5dc5c5363a6446e9418b2e715e6794a715c'|'French bank SocGen settles dispute with Libyan Investment Authority'|'Thu May 4, 2017 - 6:53am BST French bank SocGen settles dispute with Libyan Investment Authority A view shows the logo on the headquarters''s of French bank Societe Generale at the financial and business district of La Defense, west of Paris, France, April 18, 2017. REUTERS/Benoit Tessier PARIS French bank Societe Generale ( SOGN.PA ) and the Libyan Investment Authority (LIA) have signed a confidential agreement to settle a legal dispute regarding a case focused on five trades totaling $2.1 billion, executed between 2007 and 2009. "Societe Generale and the Libyan Investment Authority (LIA) jointly announce that they have signed a confidential settlement agreement that resolves all matters between both parties concerning five financial transactions entered into between 2007 and 2009 that have been the subject of legal action in the English High Court," SocGen said in a statement. "Societe Generale wishes to place on record its regret about the lack of caution of some of its employees. Societe Generale apologizes to the LIA and hopes that the challenges faced at this difficult time in Libya''s development are soon overcome," added the French bank. The Libyan Investment Authority (LIA) had been pursuing SocGen over those five trades, that took place before Colonel Muammar Gaddafi was ousted as Libyan leader. The LIA had claimed the trades were secured as part of a "fraudulent and corrupt scheme" involving the payment of $58.5 million by SocGen to a Panamanian-registered company called Lenaida, controlled at the time by Libyan businessman Walid Giahmi. Lenaida was dissolved in 2010. (Reporting by Sudip Kar-Gupta; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-libya-swf-litigation-idUKKBN1800G3'|'2017-05-04T13:48:00.000+03:00'|3739.0|''|-1.0|'' -3740|'6c664f2e167030cf9d0496486933bf23456ec65b'|'UPDATE 1-Pembina adds natgas infrastructure with C$9.7 bln Veresen buy'|'Market News - Mon May 1, 2017 - 2:03pm EDT CORRECTED-UPDATE 3-Pembina adds natgas infrastructure with $7.1 bln Veresen buy (Corrects paragraph 14 to say the offer is at a 22.5 percent premium to the last close of Veresen, not Pembina. The error also appeared in previous versions of the story) * Pembina to pay as much as C$1.52 bln in cash, 99.5 mln in shares * Offer at 22.5 pct premium to Veresen''s last close * To pay either 0.4287 of a Pembina share or C$18.65 in cash By Swetha Gopinath May 1 Pembina Pipeline Corp said it would buy smaller rival Veresen Inc in a stock-and-cash deal valued at C$9.7 billion ($7.10 billion), including debt, giving the Canadian pipeline operator access to natural gas pipelines and processing infrastructure. The combined company will have a strong position in the Western Canadian Sedimentary Basin, home to the world''s third largest crude reserves. A rebound in oil prices from a two-year slump and prospects of friendlier regulatory and tax policies in the United States are stoking consolidation in the pipeline industry. Pembina''s deal for Veresen comes in the wake of Enbridge Inc''s $28 billion acquisition of Spectra Energy, announced in September, and TransCanada Corp''s $10 billion purchase of Columbia Pipeline Group in March last year. After the deal with Veresen, Pembina will own about 5.8 billion cubic feet per day of gas processing infrastructure across Western Canada by 2018. "VSN''s deep inventory of well-head oriented expansions should pair nicely with Pembina''s role as liquids aggregator across the (Western Canadian Sedimentary Basin)," analysts at Tudor, Pickering, Holt & Co said. The combined company will have about 3 million barrels of oil equivalent per day of pipeline capacity. "When we combine with Veresen who is...68 percent pipelines, we put the P back in pipelines in our name," Pembina''s Chief Executive Michael Dilger said on a conference call, speaking of the breakup of Veresen''s operating margins. At present, pipelines account for about 46 percent of Pembina''s margins. Veresen has a stake in a pipeline delivering crude from Alberta, British Columbia and North Dakota to Midwest United States. It also holds interest in a 680-mile natural gas pipeline extending from Wyoming to Oregon, and owns the Alberta Ethane Gathering System, which is made up of three interconnected pipelines. Pembina said Veresen shareholders could opt to get either 0.4287 of a Pembina share or C$18.65 in cash. Veresen shares jumped to as much as C$18.29. Pembina''s shares were down about 2.4 percent at C$42.40. The offer is at a 22.5 percent premium to Veresen''s last close, the companies said. Pembina said it would pay as much as about C$1.52 billion in cash and 99.5 million in shares. The company also said it would increase its dividend by 5.9 percent upon deal close - expected late third quarter or early fourth quarter. CIBC World Markets Inc is Pembina''s financial adviser, while Scotiabank is advising Veresen. ($1 = 1.3668 Canadian dollars) (Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak Dasgupta) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/veresen-ma-pembina-pipe-idUSL4N1I322L'|'2017-05-01T19:10:00.000+03:00'|3740.0|''|-1.0|'' +3740|'6c664f2e167030cf9d0496486933bf23456ec65b'|'UPDATE 1-Pembina adds natgas infrastructure with C$9.7 bln Veresen buy'|'Market News - Mon May 1, 2017 - 2:03pm EDT CORRECTED-UPDATE 3-Pembina adds natgas infrastructure with $7.1 bln Veresen buy (Corrects paragraph 14 to say the offer is at a 22.5 percent premium to the last close of Veresen, not Pembina. The error also appeared in previous versions of the story) * Pembina to pay as much as C$1.52 bln in cash, 99.5 mln in shares * Offer at 22.5 pct premium to Veresen''s last close * To pay either 0.4287 of a Pembina share or C$18.65 in cash By Swetha Gopinath May 1 Pembina Pipeline Corp said it would buy smaller rival Veresen Inc in a stock-and-cash deal valued at C$9.7 billion ($7.10 billion), including debt, giving the Canadian pipeline operator access to natural gas pipelines and processing infrastructure. The combined company will have a strong position in the Western Canadian Sedimentary Basin, home to the world''s third largest crude reserves. A rebound in oil prices from a two-year slump and prospects of friendlier regulatory and tax policies in the United States are stoking consolidation in the pipeline industry. Pembina''s deal for Veresen comes in the wake of Enbridge Inc''s $28 billion acquisition of Spectra Energy, announced in September, and TransCanada Corp''s $10 billion purchase of Columbia Pipeline Group in March last year. After the deal with Veresen, Pembina will own about 5.8 billion cubic feet per day of gas processing infrastructure across Western Canada by 2018. "VSN''s deep inventory of well-head oriented expansions should pair nicely with Pembina''s role as liquids aggregator across the (Western Canadian Sedimentary Basin)," analysts at Tudor, Pickering, Holt & Co said. The combined company will have about 3 million barrels of oil equivalent per day of pipeline capacity. "When we combine with Veresen who is...68 percent pipelines, we put the P back in pipelines in our name," Pembina''s Chief Executive Michael Dilger said on a conference call, speaking of the breakup of Veresen''s operating margins. At present, pipelines account for about 46 percent of Pembina''s margins. Veresen has a stake in a pipeline delivering crude from Alberta, British Columbia and North Dakota to Midwest United States. It also holds interest in a 680-mile natural gas pipeline extending from Wyoming to Oregon, and owns the Alberta Ethane Gathering System, which is made up of three interconnected pipelines. Pembina said Veresen shareholders could opt to get either 0.4287 of a Pembina share or C$18.65 in cash. Veresen shares jumped to as much as C$18.29. Pembina''s shares were down about 2.4 percent at C$42.40. The offer is at a 22.5 percent premium to Veresen''s last close, the companies said. Pembina said it would pay as much as about C$1.52 billion in cash and 99.5 million in shares. The company also said it would increase its dividend by 5.9 percent upon deal close - expected late third quarter or early fourth quarter. CIBC World Markets Inc is Pembina''s financial adviser, while Scotiabank is advising Veresen. ($1 = 1.3668 Canadian dollars) (Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak Dasgupta) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/veresen-ma-pembina-pipe-idUSL4N1I322L'|'2017-05-01T19:10:00.000+03:00'|3740.0|24.0|0.0|'' 3741|'bbe081d9f238f88c4c2bd62d09cbf60f97040053'|'ECB''s Nouy wants Basel deal on bank rules as quickly as possible'|' 54am BST ECB''s Nouy wants Basel deal on bank rules as quickly as possible Daniele Nouy, chair of the Supervisory Board of the European Central Bank, speaks at a Thomson Reuters newsmaker event at Canary Wharf in London November 28, 2014. REUTERS/Neil Hall FRANKFURT Global regulators should agree "as quickly as possible" on the minimum amount of capital that banks must hold, a so called ''floor'' that has held up the completion of a new rulebook known as Basel III, the European Central Bank''s top supervisor said on Tuesday. "The final design and calibration of the floor are still being discussed, and the intention is to avoid significantly increasing the overall capital requirements for banks," Daniele Nouy, chair of the ECB''s supervisory board, said in Vienna. "It is crucial that an agreement is reached as quickly as possible. We have to finalise the entire Basel III package to ensure that a global standard is in place." (Reporting By Francesco Canepa; Editing by Balazs Koranyi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-banks-regulation-idUKKBN17Y0J6'|'2017-05-02T14:54:00.000+03:00'|3741.0|''|-1.0|'' 3742|'3059b2756f74b4e66a7eb5f5a6922597ec511531'|'Wealth manager Rathbone Brothers gets first quarter market boost'|'Business News 18am BST Wealth manager Rathbone Brothers gets first quarter market boost By Simon Jessop - LONDON LONDON British wealth manager Rathbone Brothers reported a 4.7 percent rise in first-quarter funds under management on Thursday, boosted by investment gains. Rathbone, in the process of expanding its distribution and private client activities, joins rival asset and wealth managers which have been generally supported by rising equity markets in the first quarter, helping to attract new money from clients. Funds at the end of March stood at 35.8 billion pounds, Rathbone said in a statement, buoyed by 427 million pounds in net inflows and 1.2 billion pounds of market gains. That in turn helped drive a 22 percent rise in fee income from the same period a year earlier to 46 million pounds. "Our investment businesses continue to perform well and activity is high across the group as we continue to progress towards our strategic goals," Chairman Mark Nicholls said. "We continue to seek further growth opportunities, but remain mindful of continuing political and economic uncertainties." Total net growth of funds under management in its investment management unit was 318 million pounds, Rathbone said, with net organic growth of 248 million pounds and acquired inflows of 70 million pounds. Funds under management in its unit trusts, meanwhile, rose 10 percent to 4.4 billion pounds. Over the same period, the FTSE 100 rose 2.6 percent, it said. KBW analyst Jonathan Richards said the growth in funds was 1 percent ahead of expectations. "Given the growth profile and established brand we continue to believe Rathbone''s is an excellent company," he wrote in a note to clients. "That said, the current rich valuation level shows the market agrees with our thesis; and thus we rate Rathbones a ''Market Perform''." Shares in Rathbone were flat at 2,403 pence at 0713 GMT, in line with the broader FTSE mid-cap index. Peel Hunt analyst Stuart Duncan said in a note to clients that Rathbone''s organic growth in the period of 3.3 percent was an improvement, flagging a ''add'' rating and 2,450 pence price target. (Reporting by Simon Jessop; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rathbones-trading-idUKKBN1870R1'|'2017-05-11T15:38:00.000+03:00'|3742.0|''|-1.0|'' 3743|'8e61ce82b12de4f5ae5dfc0084050074a9f79f49'|'Oil rises on expectation of extended, possibly deepened output cut'|'By Stephen Eisenhammer - LONDON LONDON Oil prices rose on Monday, bolstered by confidence that top exporters will this week agree to extend supply curbs, with suggestions the cuts could even be deepened.Brent crude gained 48 cents o $54.09 a barrel by 1043 GMT, with U.S. light crude up 47 cents at $50.80.Both benchmarks have climbed more than 10 percent from lows earlier this month.Prices have risen on expectations that the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, will extend for another six or nine months a deal to cut supplies by 1.8 million barrels per day (bpd)."The decision (to extend cuts) seems to be almost a done deal," said Bjarne Schieldrop, chief commodities analyst at SEB Markets. "There seems to be a very high harmony in the group."The possibility of deepening the cuts was also being discussed ahead of a meeting of OPEC and other producers in Vienna on May 25, sources said.But such talk could lead to disappointment if not approved, Commerzbank analysts said."If the cuts are merely to be extended, this is likely to be met at best with a neutral reception, if not even with disappointment," Commerzbank said in a note.Some analysts argue that deeper cuts are required to balance the market, pointing to a slight rise in OPEC exports this year.The U.S. Energy Information Administration (EIA) expects OPEC net oil export revenues to rise in 2017, partly because of "slightly higher" OPEC output.Deeper cuts might, however, serve to stimulate U.S. shale production, said Schieldrop at SEB Markets."If you cut production, it''s no free lunch. You get something in the short term, but you get a backflip in the medium term, which is more production in 2018 and 2019," he said.Goldman Sachs says that the U.S. rig count for new oil production has jumped by 404 since May last year, representing a rise of 128 percent.U.S. oil production has already climbed by 10 percent, or almost 900,000 bpd, since mid-2016 to 9.3 million bpd.Iraqi oil minister Jabar al-Luaibi said in a speech on Monday that OPEC''s No.2 producer had met its share of production cuts, but added that the country remains ready to meet any global demand growth that may arise.(Additional reporting by Henning Gloystein; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN18I0NO'|'2017-05-22T14:56:00.000+03:00'|3743.0|''|-1.0|'' @@ -3752,7 +3752,7 @@ 3750|'c48a69f25db0fd3344a2df522486f14ea89d0d30'|'UPDATE 1-Altice-SFR performance gap widens in first quarter'|'* Altice core profit up 9.5 pct; SFR''s down 5.1 pct* SFR margin lowest since Drahi acquisition in 2014* Deals with NBCUniversal, Discovery weigh on SFR profits (Adds shares reaction, analyst note, details)By Mathieu Rosemain and Gwnalle BarzicPARIS, May 11 The performance gap between telecoms and cable group Altice NV and its listed SFR Group division widened in the first quarter, underscoring SFR''s difficulties in attracting customers despite heavy investments in infrastructure and content.The holding company, founded by Franco-Israeli tycoon Patrick Drahi, said on Thursday that its quarterly profits in the United States grew ahead of a planned initial public offering (IPO) while those of SFR in France dropped, along with the number of customers in the country.Altice''s core operating profit rose by 9.5 percent over the first three months of year to 2.24 billion euros ($2.43 billion), in line with a Reuters poll.SFR''s contribution to that amount was 820 million euros, down by 5.1 percent from a year earlier. That figure compares with the 896 million euro core operating profit yielded by Altice USA over the same period, representing an increase of 31.2 percent.Drahi is betting on the convergence of content providers and telecommunications operators to increase margins and compete better against newcomers such as Netflix and Amazon . He saw the announcement of AT&T Inc''s $85 billion acquisition of Time Warner Inc as an additional proof of this trend.In France, SFR bought the English Premier League''s football rights for the three seasons starting in 2016, paying more than 300 million euros for them.SFR also won the TV rights for soccer''s European Champions League for the period 2018-2021 period for an annual cost of 350 million euros, a source told Reuters on Thursday.Still, evaluating the impact of such investments on customers'' choices remains difficult and recent spending on exclusive distribution agreements with NBCUniversal and Discovery weigh on SFR margins."Yes, we believe that content has an impact on our figures," Altice''s chief executive Michel Combes said in a call with reporters. "It answers customers expectations, it clearly supports our pricing strategy," he added.SFR lost 351,000 mobile customers and 213,000 broadband customers in the first quarter compared with the same period a year ago.The French unit''s quarterly core operating margin at 30.3 percent is the worst on record since Drahi bought SFR in November 2014, and far from an initial target of 45 percent."SFR''s fundamentals will likely remain difficult in 2017, as cost savings from headcount reductions are totally reinvested in content costs," analysts for Raymond James said in a note to clients."The possible positive impact of the content strategy on customer trends remains unclear," they added. ($1 = 0.9202 euro) (Reporting by Mathieu Rosemain and Gwenaelle Barzic; Editing by G Crosse and GV De Clercq)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/altice-results-sfr-group-idUSL8N1ID1SK'|'2017-05-11T15:27:00.000+03:00'|3750.0|''|-1.0|'' 3751|'ea68df19b585d4df65a24f29e851dc28e0b0b1af'|'MOVES-Gatehouse Bank appoints Charles Haresnape as CEO'|'Market 7:40am EDT MOVES-Gatehouse Bank appoints Charles Haresnape as CEO May 22 London-based Gatehouse Bank Plc, a unit of Gatehouse Financial Group, said it hired Charles Haresnape as chief executive, effective May 8. He replaced Fahed Faisal Boodai, co-founder of Gatehouse Financial Group, who returned to his role as chairman of the group. Haresnape, who has worked in a number of senior lending roles including at Royal Bank of Scotland Plc, most recently served as group managing director at Aldermore Group Plc. (Reporting by Gayathree Ganesan in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gatehousebank-moves-charlesharesnape-idUSL4N1IO3QW'|'2017-05-22T19:40:00.000+03:00'|3751.0|''|-1.0|'' 3752|'e558554511a864fc3d302d7cef5ff83452852d6e'|'Adani says reaches royalties pact for its Australian coal mine'|'Deals 2:13pm IST Adani says Carmichael mine decision on track after royalty agreement SYDNEY Adani Enterprises ( ADEL.NS ) will move ahead with a final financing decision for its Carmichael coal mine project in Australia after an end to negotiations on how to pay government royalties, it said on Tuesday. "The Adani parent company board will consider the final investment decision at the next board meeting." the company said in a statement. No date has been set for the next meeting of the board though it typically meets once a month. The Adani board last week deferred a final investment decision that had been expected by the end of May because the government had yet to sign off on a royalty regime with the Queensland state government. Adani did not disclose the terms of the royalties. The company is still counting on about $1 billion in loans from Australia''s federal government under the Northern Australia Infrastructure Facility to pay for rail transport work. Adani is also awaiting passage of Australias Native Title Amendment by its parliament, expected sometime next month. The bill is designed to make it easier for companies like Adani to sign land rights agreements with indigenous land owners. The Carmichael project is located in the remote Galilee Basin, a 247,000 square-kilometre (95,000 square mile) expanse in the central outback that some believe has the potential to become Australia''s largest coal-producing region. Adani has battled environment groups trying to block what would be Australia''s biggest coal mine, arguing it will contribute to global warming and damage the Great Barrier Reef. Adani says the project, at an initial cost of $4 billion, would pay billions of dollars in royalties and taxes, create jobs for the state and export coal to India help bring electricity to rural regions. (Reporting by James Regan; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/adani-ent-australia-idINKBN18Q0M4'|'2017-05-30T05:38:00.000+03:00'|3752.0|''|-1.0|'' -3753|'e29f9b414f69fbe44aec88485d04d7ee96159a97'|'Oil remains weak after OPEC-led output cut extension falls below expectations'|'Business News - Fri May 26, 2017 - 2:30am BST Oil remains weak after OPEC-led output cut extension falls below expectations FILE PHOTO: A worker checks the valve of an oil pipe at the Lukoil owned Imilorskoye oil field near Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil markets remained weak on Friday after tumbling in the previous session when OPEC and allied producers extended output cuts but disappointed investors betting on longer or larger supply curbs. At Thursday''s meeting in Vienna, the Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018. The initial agreement would have expired in June this year. Crude oil plunged 5 percent following the announcement, and held its losses early on Friday. Brent crude futures LCOc1 were trading at $51.47 per barrel at 0125 GMT, up just 1 cent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were back below $50, at $48.88, down 2 cents from their previous close. Britain''s Barclays bank said the price falls were a result of some expectations ahead the meeting for longer or deeper production cuts. "Some market participants may have expected either a deeper cut, a longer one, inclusion of more countries, or other such icing on the cake," the bank said. Barclays said the ongoing production cut would result in a drawdown of bloated fuel inventories, but added that OPEC''s goal of bringing stocks down to their five-year average would not be reached within the timeframe of the production cut. Other analysts, including at Goldman Sachs and Jefferies bank said a normalization of oil inventories would occur in early 2018. Analysts also said that the OPEC-led production cuts would support a further rise in U.S. output. Ann-Louise Hittle, vice president at energy consultancy Wood Mackenzie said that the "decision in Vienna sends a signal of continued support for oil prices from OPEC which helps U.S. onshore drillers make plans" to further increase their production. U.S. oil production C-OUT-T-EIA has already risen by 10 percent since mid-2016 to over 9.3 million bpd, close to the output of top producers Russia and Saudi Arabia. "The growth in U.S. production is indeed daunting for the oil bull case," Jefferies said. Goldman Sachs warned that the biggest risk to oil markets was what would happen next year, at the end of the OPEC-led production cut. With U.S. output rising steadily and OPEC and its allies potentially ramping up production in 2018 to regain lost market share, many traders are already expect another price slump. (Reporting by Henning Gloystein; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN18M03X'|'2017-05-26T09:30:00.000+03:00'|3753.0|''|-1.0|'' +3753|'e29f9b414f69fbe44aec88485d04d7ee96159a97'|'Oil remains weak after OPEC-led output cut extension falls below expectations'|'Business News - Fri May 26, 2017 - 2:30am BST Oil remains weak after OPEC-led output cut extension falls below expectations FILE PHOTO: A worker checks the valve of an oil pipe at the Lukoil owned Imilorskoye oil field near Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil markets remained weak on Friday after tumbling in the previous session when OPEC and allied producers extended output cuts but disappointed investors betting on longer or larger supply curbs. At Thursday''s meeting in Vienna, the Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018. The initial agreement would have expired in June this year. Crude oil plunged 5 percent following the announcement, and held its losses early on Friday. Brent crude futures LCOc1 were trading at $51.47 per barrel at 0125 GMT, up just 1 cent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were back below $50, at $48.88, down 2 cents from their previous close. Britain''s Barclays bank said the price falls were a result of some expectations ahead the meeting for longer or deeper production cuts. "Some market participants may have expected either a deeper cut, a longer one, inclusion of more countries, or other such icing on the cake," the bank said. Barclays said the ongoing production cut would result in a drawdown of bloated fuel inventories, but added that OPEC''s goal of bringing stocks down to their five-year average would not be reached within the timeframe of the production cut. Other analysts, including at Goldman Sachs and Jefferies bank said a normalization of oil inventories would occur in early 2018. Analysts also said that the OPEC-led production cuts would support a further rise in U.S. output. Ann-Louise Hittle, vice president at energy consultancy Wood Mackenzie said that the "decision in Vienna sends a signal of continued support for oil prices from OPEC which helps U.S. onshore drillers make plans" to further increase their production. U.S. oil production C-OUT-T-EIA has already risen by 10 percent since mid-2016 to over 9.3 million bpd, close to the output of top producers Russia and Saudi Arabia. "The growth in U.S. production is indeed daunting for the oil bull case," Jefferies said. Goldman Sachs warned that the biggest risk to oil markets was what would happen next year, at the end of the OPEC-led production cut. With U.S. output rising steadily and OPEC and its allies potentially ramping up production in 2018 to regain lost market share, many traders are already expect another price slump. (Reporting by Henning Gloystein; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN18M03X'|'2017-05-26T09:30:00.000+03:00'|3753.0|26.0|0.0|'' 3754|'c2c322b2fe2740584f2c4f2b4e9763a8804dc9bd'|'ABI calls for dual rate in calculating personal injury payments'|'Business News 15am BST ABI calls for dual rate in calculating personal injury payments LONDON The Association of British Insurers on Friday called for a dual-rate system for calculating lump sum payments in personal injury claims, to reflect different investment periods, saying the current system was "flawed". An unexpected change in the rate earlier this year by the government has pushed up the size of payments, denting the profits of British, European and U.S. insurers operating in the British motor insurance market. "The current methodology used to calculate the discount rate is fundamentally flawed as it does not reflect the reality of how claimants invest their damages," James Dalton, director of general insurance policy at the ABI, said in a statement. "Retaining the status quo is not an option." The ABI was responding to a government consultation on the discount rate. (Reporting by Carolyn Cohn; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-insurance-idUKKBN1881A6'|'2017-05-12T18:15:00.000+03:00'|3754.0|''|-1.0|'' 3755|'703d160da6d53cecc9bde7df984b14e307e08a2f'|'Royal Mail profit falls, expects letter volume decline'|'Top News 2:34pm BST Parcels growth drives Royal Mail''s profit beat, shares rise FILE PHOTO: A Royal Mail vehicle drives along the M6 motorway near Knutsford, northern England, April 8, 2016. REUTERS/Phil Noble/File Photo By Esha Vaish Royal Mail''s ( RMG.L ) annual profit fell by less than expected as tighter cost controls and growth in its European delivery and UK parcel businesses helped offset a continued decline in letters. After years of underinvestment, Royal Mail was privatised in 2013 and has since reduced layers of management, improved vehicle utilisation rates, upgraded technology and cut its property bill. The former monopoly has closed over 30 mail centres since 2008 and cut staff numbers by 12,000 in the past four years. But competition is getting tougher in the parcels market because of new entrants such as Amazon ( AMZN.O ), while letter volumes continue to fall. Royal Mail also needs to convince unions to back its plan to close a pension scheme. Chief Executive Moya Greene told Reuters Royal Mail accounted for about 41 percent of the revenue generated in the 6.2 billion pound UK parcels market, although Amazon''s decision to start its own deliveries had further squeezed an overcrowded market. "(Amazon''s decision has) been a very important change ... because it has, in an overcapacity situation, added more capacity and through the power of its market place given Amazon a very powerful position in our market," Greene said. "That said, Royal Mail has come through very well." The company, which has been able to replace all lost Amazon business, said it had seen an increase in parcels sent through its account and noted higher delivery productivity in its UK unit. Full-year adjusted operating profit before transformation costs fell 6 percent to 712 million pounds, versus consensus of 694 million pounds. Total dividend was up 4 percent at 23 pence. Hargreaves Lansdown senior analyst Laith Khalaf said Royal Mail was well placed to capitalise on expectations of higher parcel volumes as more shoppers use mobile devices to order goods. "Royal Mail has posted a solid set of results against a challenging backdrop...A decent rise in full-year dividend, combined with share price falls over the last year, means the stock is now yielding over 5 percent," he said. Shares were up 1.7 percent at 438 pence at 1209 GMT, making it one of the top FTSE 100 gainers .FTSE . The company''s stock is down 14 percent over the past year as its last two updates showed that uncertainty due to Brexit had worsened the decline in letters volumes. Full-year addressed letter volume, excluding the impact of political parties'' election mailings, were down 6 percent and Greene said she expected business uncertainty to continue for a while yet, with marketing and business mail volumes hit. Royal Mail said that if business uncertainty persisted the fall in volumes would be at the higher end of a previous forecast of a 4 to 6 percent decline annually. Greene said that while she did not know how soon pension talks with unions would complete, she remained optimistic. (The story was refiled to correct the spelling of the CEO''s surname throughout) (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely and David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-royal-mail-results-idUKKCN18E0J0'|'2017-05-18T14:31:00.000+03:00'|3755.0|''|-1.0|'' 3756|'55ea8d35aeacb39ee92c5b3ccf6d244b22d5750c'|'China opens bond connect scheme applications to market makers - sources'|'Business News - Fri May 5, 2017 - 9:25am BST China opens bond connect scheme applications to market makers - sources SHANGHAI China has started accepting applications from bond market makers seeking clearance to participate in a bond connect scheme with Hong Kong, three sources with direct knowledge of the matter said on Friday. The China Foreign Exchange Trade System (CFETS), which is supervised by the People''s Bank of China, announced the step during a promotional event in Shanghai, the sources said. Reuters reported on Tuesday that Hong Kong and Chinese regulators were set to formally unveil a long-awaited scheme to connect China''s $8 trillion bond market with overseas investors in July, with the launch expected in the Autumn. Plans for a "Bond Connect" programme have been percolating since Beijing launched a scheme allowing two-way trading between the Hong Kong and Shanghai stock markets in 2014. One of the three sources said qualifications for foreign institutional investors to participate in the bond connect scheme would be similar to the rules released by the central bank in February 2016, when China further opened up its domestic interbank bond market to overseas investors. Reuters requested a comment from CFETS on the latest development, but there was no immediate response. (Reporting by Ivy Lv and John Ruwitch; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-connect-bonds-idUKKBN1810R2'|'2017-05-05T16:25:00.000+03:00'|3756.0|''|-1.0|'' @@ -3767,7 +3767,7 @@ 3765|'eac3d49d8c29112a1671a60f863d574f4ed51d8b'|'Italy kicks off Alitalia sale process'|'Deals - Wed May 17, 2017 - 7:25pm EDT Italy kicks off Alitalia sale process An airplane of Alitalia approaches to land at Fiumicino international airport in Rome, central Italy, May 3, 2017. REUTERS/Max Rossi MILAN Alitalia went on the auction block on Wednesday, as Italy kicked off the process of finding a buyer to save the money-losing flag carrier. In a document signed by government-appointed commissioners, Alitalia said offers from single companies or consortia had to be presented by June 5. Bids could be to buy the whole company, restructure it, or acquire assets and contracts. Alitalia was put under special administration earlier this month for the second time in less than a decade after workers rejected its latest rescue plan. Rome has ruled out re-nationalizing Alitalia, once a symbol of Italy''s post-war economic boom, which is struggling to compete at home against low-cost carriers and high speed trains. It has not invested sufficiently in higher-margin long-haul routes to revive profits. The government appointed three commissioners to assess whether Alitalia can be restructured or liquidated, and has given them six months to come up with a plan. Rome also threw the airline a short-term lifeline with a bridge loan of 600 million euros to see it through the process. As of Feb. 28, the airline had debts of around 3 billion euros, liabilities of 2.3 billion euros and assets of 921 million euros. Alitalia''s balance sheet will be scrutinized over the summer by the three commissioners, who have promised to devise a new industrial plan by July. They have said that the airline''s above-market costs, especially for leasing, fuel and maintenance, have to be slashed to attract buyers. Rival airlines including Lufthansa ( LHAG.DE ), Norwegian Air ( NWC.OL ), Air France-KLM ( AIRF.PA ) have shown no interest in buying Alitalia. Local media have cited Qatar Airways as one of the few potential buyers. The Gulf carrier has declined to comment. Former Prime Minister Matteo Renzi, who regained the leadership of the ruling Democratic Party in April, is using his international contacts to help find a potential partner, a source told Reuters. Non-EU players cannot own more than 49 percent of a European airline, which limits an investor''s ability to run a carrier and discourages buyers. Italian Transport Minister Graziano Delrio said this week that the limit was "unrealistic" and that talks to overcome the cap were at an advanced stage. EU legislation is unlikely to be changed in time to help Alitalia, for whom the commissioners hope to secure binding interests by October. (Reporting by Agnieszka Flak and Stephen Jewkes in Milan and Alberto Sisto in Rome; Editing by Richard Chang) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-alitalia-m-a-process-idUSKCN18D2YI'|'2017-05-18T03:25:00.000+03:00'|3765.0|''|-1.0|'' 3766|'f74e9838ca3394a76abcfe26eb360684ca11746c'|'As Syngenta deal closes, ChemChina and Sinochem press $120 bln deal - sources'|' 28pm BST As Syngenta deal closes, ChemChina and Sinochem press $120 billion deal - sources left right FILE PHOTO: A man rides past the office building of Sinochem in Beijing, China February 21, 2017. REUTERS/Damir Sagolj/File Photo 1/2 left right FILE PHOTO: People smoke outside the headquarters of the China National Chemical Corp, or ChemChina, in Beijing, China February 3, 2017. REUTERS/Thomas Peter/File Photo 2/2 By Sumeet Chatterjee and Chen Aizhu - HONG KONG/BEIJING HONG KONG/BEIJING Chinese state-owned Sinochem and ChemChina are in merger talks to create the world''s biggest industrial chemicals firm, to be headed by Sinochem chief Ning Gaoning, four people with knowledge of the negotiations said. A deal could be announced by the end of the year, the people said, potentially just months after ChemChina completes its own $43 billion (33.1 billion) purchase of Switzerland''s Syngenta ( SYNN.S ), China''s biggest overseas deal to date. A consolidation of Sinochem and ChemChina would be worth around $120 billion, one of the people said, topping companies like industrial chemicals giant BASF ( BASFn.DE ). Talks to create a Chinese chemicals powerhouse were first reported last year, but were dismissed by both companies as rumour. Sinochem ( 600500.SS ) and China National Chemicals Corp, as ChemChina is officially known, did not immediately respond to requests for comment on Tuesday. A Syngenta spokesperson said the company was not aware of any talks. The two companies have accelerated negotiations after regulators last month cleared ChemChina''s acquisition of Syngenta, the people said. With the approval also of over 80 percent of Syngenta shareholders bringing completion of that deal nearer, focus has shifted to creating a Chinese powerhouse. Beijing sees a Sinochem/ChemChina deal as a blueprint for streamlining and consolidating its sprawling, debt-heavy state-owned enterprises, the people said, leaving fewer, but more powerful, national champions. "This is the priority now for both companies. The message from the top to the managers is very clear: don''t be distracted by anything else," one of the people said, adding that the focus on this deal accounted in part for Sinochem recently ditching a plan to invest in Noble Group ( NOBG.SI ), a loss-making commodity trader. POLITICS A deal is not yet final, and China''s 19th Communist Party Congress later this year leaves room for some political uncertainty. The expected retirement of ChemChina chief Ren Jianxin in January may speed up the process, one of the people said, to allow for a handover period. Ren, known for bold deals including Syngenta and the purchase of Italian tyremaker Pirelli, has spent over a decade and billions of dollars expanding ChemChina, founding a popular noodle chain along the way. [ reut.rs/2qKfkWd ] He may, though, have irked the authorities with his chutzpah in forging ahead with high-profile deals, another of those with knowledge of the discussions said. Ning, who made a name for himself as head of state-owned food processing group Cofco, is seen as politically well connected. "The magnitude of the Syngenta deal means Beijing wants to make sure it''s securely managed," said a person from the oil and gas industry. While the ambitious Syngenta takeover brought China a portfolio of top-tier chemicals and patent-protected seeds to improve agricultural output, it also leaves ChemChina with hefty debt. ChemChina last year arranged $32.9 billion in bridge loans with more than 20 Chinese, European and Asian lenders - giving it a level of gearing that investors and analysts think is too high. QUESTIONS AHEAD Combining Sinochem and an enlarged ChemChina would put the group among the world leaders across the competitive chemicals, fertiliser and oil industries - a giant overseas and a major challenger domestically to Sinopec ( 0386.HK ) and PetroChina ( 0857.HK ). Sinochem is larger than ChemChina, but needs a long-term partner to expand globally market from its roots as an oil and chemical trader. Sinochem''s growth in its energy business has stagnated, with more competition at home in trading from companies including Unipec and Chinaoil, while its overseas oil and gas assets have struggled amid prolonged weaker oil prices. Regulators may yet prove an obstacle. During the European Commission approval process for the ChemChina/Syngenta deal, both companies indicated they were not imminently pursuing a deal with Sinochem, a separate source said at the time. (Reporting by Sumeet Chatterjee, Julie Zhu and Michelle Price in HONG KONG and Aizhu Chen in BEIJING; Writing by Clara Ferreira Marques; Editing by Ian Geoghegan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-chemchina-m-a-sinochem-idUKKBN18J1I1'|'2017-05-23T19:10:00.000+03:00'|3766.0|''|-1.0|'' 3767|'32a5c7aac8db29f7c34f5e2b9ac178dbfe5267d7'|'UPDATE 2-Whole Foods in board shake-up amid investor pressure -source'|'(Adds detail on Jana''s nominee slate, background, annual meeting)By Michael Flaherty and Lauren HirschNEW YORK May 10 More than half of the directors on Whole Foods Market Inc''s board will step down, a person familiar with the matter said on Wednesday, in a dramatic shake-up at the grocery chain as it grapples with a sagging stock price and frustrated investors.The company is expected to announce the departure of five directors, including Chairman John Elstrott, when it reports earnings on Wednesday, the person said, with two more due to leave later this year.Whole Foods, whose board currently has 12 directors, will also announce the appointment of four new directors on Wednesday, the person said. Final details were still being worked out and could change ahead of the earnings release, the person said.The move comes after Jana Partners took an 8.3 percent stake in the company and nominated four directors to serve on the board. Mutual fund firm Neuberger Berman, which owns a 2.7 percent stake, has also pressured the company to take steps to improve its stock price, which has fallen steadily since peaking in 2013.Whole Foods has been losing shoppers to rivals as the natural and organic category it pioneered has gone mainstream at retailers including Kroger Co and Wal-Mart Stores Inc as well as newer competitors like Amazon.com Inc and meal kit provider Blue Apron.Whole Foods has not struck a standstill agreement with Jana, the source said, meaning the hedge fund can continue to pressure the company to turn around performance. So-called standstill agreements usually offer an activist hedge fund representation on the company''s board in exchange for support and silence for at least the next year.Jana Partners and a spokesman for Whole Foods were not immediately available for comment.In a filing in April, Jana said it was frustrated with Whole Foods'' lack of engagement regarding its strategic review, noting its "apparent unwillingness to engage in discussions with third parties regarding such alternatives."Jana has nominated four directors to serve on the company''s board, among them former Gap Inc Chief Executive Glenn Murphy, former Harris Teeter Supermarkets CEO Thomas "Tad" Dickson and former Barclays stock analyst Meredith Adler.Jana can still nominate that slate at the next Whole Foods annual meeting, which is expected to be held in February.Late last year, Whole Foods returned co-founder John Mackey to the role of solo CEO after six years of splitting the job with Walter Robb, who focused on operations, betting that Mackey would be best to lead a turnaround.After Jana disclosed its stake, acquisition speculation swirled around the company, though a suitor has yet to emerge.The Wall Street Journal was first to report the Whole Foods board departures.(Reporting by Michael Flaherty; Editing by Paul Simao and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/whole-foods-jana-idINL1N1IC1HS'|'2017-05-10T17:51:00.000+03:00'|3767.0|''|-1.0|'' -3768|'1ab53c6d8e48fc7c6ef322e1df1bd37434756765'|'Puerto Rico bonds trade higher in wake of petition filing'|'May 3 Benchmark Puerto Rico general obligation bonds traded higher on Wednesday in the wake of the U.S. territory''s filing for a form of bankruptcy protection.Bonds due in 2035 with an 8 percent coupon traded at 67 cents on the dollar, up from a high of nearly 65 cents on Tuesday, according to Municipal Securities Rulemaking Board trading data.Puerto Rico filed under Title III of the PROMESA law, which allows an in-court debt restructuring process akin to U.S. bankruptcy protection. The case was filed in U.S. District Court in Puerto Rico.(Reporting By Karen Pierog; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-bankruptcy-bonds-idINL1N1I51AS'|'2017-05-03T14:40:00.000+03:00'|3768.0|''|-1.0|'' +3768|'1ab53c6d8e48fc7c6ef322e1df1bd37434756765'|'Puerto Rico bonds trade higher in wake of petition filing'|'May 3 Benchmark Puerto Rico general obligation bonds traded higher on Wednesday in the wake of the U.S. territory''s filing for a form of bankruptcy protection.Bonds due in 2035 with an 8 percent coupon traded at 67 cents on the dollar, up from a high of nearly 65 cents on Tuesday, according to Municipal Securities Rulemaking Board trading data.Puerto Rico filed under Title III of the PROMESA law, which allows an in-court debt restructuring process akin to U.S. bankruptcy protection. The case was filed in U.S. District Court in Puerto Rico.(Reporting By Karen Pierog; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-bankruptcy-bonds-idINL1N1I51AS'|'2017-05-03T14:40:00.000+03:00'|3768.0|17.0|0.0|'' 3769|'224fdf449390a1ab93b1467d283b82a149d00410'|'CANADA STOCKS-TSX lower as Home Capital, big banks weigh'|'Market 11:05am EDT CANADA STOCKS-TSX lower as Home Capital, big banks weigh (Adds details on specific stocks, updates prices) * TSX down 9.33 points, or 0.06 percent, to 15,541.22. * Seven of the TSX''s 10 main groups move lower TORONTO, May 12 Canada''s main stock index slipped on Friday morning after alternative lender Home Capital Group Inc acknowledged uncertainty about its ability to continue as a going concern. The heavyweight financials group slipped 0.4 percent overall. Home Capital fell 11.8 percent to C$9.53 after it said in an earnings release late on Thursday that worries about its future funding capabilities had cast "significant doubt" on its ability to continue as a going concern. At 10:25 a.m. ET (1425 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 9.33 points, or 0.06 percent, to 15,541.22. With seven of the index''s 10 main groups in negative territory, the TSX was heading for a 0.3 percent fall over the week. Hudson''s Bay Co fell 6.5 percent to C$10 after the retailer reported disappointing quarterly same-store sales figures. The materials group, which includes precious and base metals miners and fertilizer companies, added 1.1 percent as higher gold prices boosted major miners of the precious metal. Diversified miner Teck Resources rose 2.3 percent to C$25.38 after agreeing to sell its stake in a British Columbia dam and related assets for C$1.2 billion ($875 million). Online gambling company Amaya rose 3.1 percent to C$26.47 after beating profit expectations. ($1 = 1.3716 Canadian dollars) (Reporting by Alastair Sharp; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1IE0YT'|'2017-05-12T23:05:00.000+03:00'|3769.0|''|-1.0|'' 3770|'eafa6e6948489847627f120155529d21ec90959c'|'UPDATE 2-Drug wholesaler AmerisourceBergen profit beats on cost controls'|'Thu May 4, 2017 - 11:49am EDT Cost controls help drug wholesaler AmerisourceBergen''s profit beat By Ankur Banerjee AmerisourceBergen Corp''s ( ABC.N ) profit beat analysts'' estimates as it reined in costs and the drug wholesaler raised the lower end of its earnings forecast for the fiscal year, allaying concerns that declining generic drug prices would hurt the pharma supply chain. AmerisourceBergen''s shares were up 5.50 percent at $87.22. Shares of AmerisourceBergen''s rivals Cardinal Health Inc ( CAH.N ) and McKesson Corp ( MCK.N ) were also up in late morning trade Thursday. The pharmaceutical supply chain, including pharmacy benefit managers and drug distributors, has come under pressure as scrutiny over soaring drug prices has increased. Drug pricing has become a lightning rod for criticism with several drugmakers facing federal investigations, leading to a fall in the prices of generics and a slowdown in the pace of the increase in branded drug prices. AmerisourceBergen said on Thursday it continues to expect prices of branded drugs to increase 7 percent to 9 percent and generic drug prices to decline 7 percent to 9 percent for fiscal year 2017. Leerink Partners analyst David Larsen said the unchanged drug pricing forecast bodes well for fiscal 2018, adding that operating margins for the quarter have been partly hurt by more rapid brand to generic conversions and not pricing. The company raised the lower end of its adjusted earnings forecast for fiscal 2017 to $5.77 to $5.92 per share from $5.72 to $5.92 earlier. "We feel good about the $5.77. And again, that''s the low end of our range even if generic deflation change a few percent," AmerisourceBergen Chief Executive Steven Collis said on a post-earnings call. In contrast, Cardinal Health said last month it expected full-year adjusted earnings at the lower end of its forecast, citing increased competition and falling generic drug prices. Competition in the generic drug product line, specifically in the independent customer segment, has heated up in the last few months. AmerisourceBergen''s net income fell 32 percent to $411.5 million, or $1.86 per share, in the second quarter ended March 31. Excluding items, the company earned $1.77 per share, beating average analysts'' estimate of $1.68, according to Thomson Reuters I/B/E/S. Baird analyst Eric Coldwell noted that the company appeared to aggressively manage operating expenses to combat continued "environmental headwinds". Revenue rose 4 percent to $37.15 billion but came in below analysts'' estimate of $38.09 billion. AmerisourceBergen said it now expects fiscal 2017 revenue growth in the range of 5.5 percent to 6.5 percent, from 6.5 percent to 8 percent. (Reporting by Ankur Banerjee in Bengaluru; Editing by Supriya Kurane)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-amerisourcebergn-results-idUSKBN18018U'|'2017-05-04T20:30:00.000+03:00'|3770.0|''|-1.0|'' 3771|'76b1b1aa7912fadce7418597258fc5201bac6c92'|'Economic reversal, not politics, will reignite market volatility'|'Business News - Fri May 12, 2017 - 10:41am BST Economic reversal, not politics, will reignite market volatility left right FILE PHOTO: Traders work on the floor of the New York Stock Exchange in the Manhattan borough of New York, U.S. May 4, 2017. REUTERS/Brendan McDermid/File Photo 1/2 left right Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 10, 2017. REUTERS/Staff/Remote 2/2 By Jamie McGeever - LONDON LONDON Financial market volatility has slumped to historic lows despite a world full of political and policy uncertainty, a phenomenon investors expect will remain until the business cycle turns and economic growth falters. Such ultra-low volatility worries investors because the last times it was so low -- in 1993-94 and 2006-07 -- major market dislocations soon followed, respectively, the U.S. bond market rout of 1994 and the global financial crisis of 2008. This time, volatility has been crushed despite the proliferation of political risks from the global rise of nativism and protectionism, Brexit, and the election of U.S. President Donald Trump, all of which were meant to undermine market stability. But they haven''t. Record low interest rates and central bank stimulus around the world have suppressed returns, pushing usually cautious investors like pension and mutual funds to hold more equities than they normally would. This has depressed actual volatility, limiting implied volatility. Riskier assets like stocks have continued to gain, spreads have narrowed, and nearly all measures of volatility have declined further, largely because economic activity, growth and corporate profits have weathered the storm and held up well. It could go on for months, or even longer, until growth deteriorates. And that will happen when credit, lending and hiring growth slows, finally turning what is already the third longest U.S. economic expansion in history, analysts say. According to JP Morgan, the level of global economic volatility is currently its lowest in over 40 years. The tricky bit is predicting what triggers the turnaround, and when. Much of the focus is the VIX ''fear index'' of volatility .VIX on the S&P 500 .SPX . "As ever, it all comes down to one thing the business cycle. The VIX is not going to rise significantly until the business cycle weakens, nor is the generalised level of volatility," Raoul Pal, an independent investment strategist and founder of Global Macro Investor. Pal points to the close correlation between the ISM U.S. purchasing managers index, a leading indicator of business activity and growth, and a range of market volatility indices, including the VIX. He and others say that market participants are always implicitly "short" volatility before a recession. That''s when optimism is highest, borrowing is most stretched, and "long" positions in risky assets like equities are the most crowded. LOWER ... BUT FOR HOW MUCH LONGER? Torsten Slok, a managing director at Deutsche Bank in New York, notes that an investor "shorting" the VIX a year ago -- betting that it would fall -- would have gained around 160 percent today. Conversely, an investor going "long" or buying the VIX would have lost 75 percent. Researchers at the Bank for International Settlements in Switzerland say the VIX is no longer an accurate barometer of wider market risk. David Hait, chief executive and founder of research firm OptionMetrics, reckons a whopping 98.8 percent of daily changes in the VIX is due to previous VIX values and current S&P 500 returns rather than the future volatility it is supposed to gauge. Implied and actual volatility can quickly become entwined in a spiral lower because investors are less inclined to pay up for "put" options -- effectively a bet on prices falling -- when the market is rising. Complacency sets in. "The lower the VIX goes, the more vulnerable the global financial system gets to any kind of shock. This is quite worrying," said Deutsche Bank''s Slok. The VIX has closed below 11.00 for a record 14 days in a row. And the S&P 500 this week recorded a run of 11 out of 12 trading sessions with a daily close of less than +/- 0.2 percent, a period of stability not seen since 1927, according to Deutsche Bank. Jonathan Tepper, co-founder of Variant Perception Research, says the two best long-term predictors of volatility are the credit cycle and economic volatility. "High leverage always leads to higher volatility as the credit cycle matures. And we''ve been levering up for the past eight years since the 2008-09 recession," he said. Tepper draws similarities with today and 1993-94 when the Federal Reserve was also hiking interest rates, and late 2006/early 2007 before the financial crisis when companies'' borrowing levels were highly stretched. The Fed''s rate hikes of 1993-94 pushed the 10-year yield up to nearly 8 percent from 5 percent over the course of 1994. The VIX more than doubled early that year before drifting back again. There was no recession though, in large part because corporate borrowing was relatively low. This meant companies were better equipped to cope with the rise in borrowing costs. That wasn''t the case in 2006-07 when commercial and industrial loans as a share of the overall economy was on its way above 10 percent, a level associated with recession. That''s exactly what followed, and volatility exploded to record highs. Few are anticipating another great financial crisis. Equally, few expect volatility to remain so low for ever. "Recent data, such as the ISM, suggest the (growth) acceleration phase may be behind us. Coupled with policy and political uncertainty, this could drive a more sustained increase in equity volatility in the coming months," Goldman Sachs market strategists said in a recent note to clients. '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-volatility-idUKKBN1880YV'|'2017-05-12T16:58:00.000+03:00'|3771.0|''|-1.0|'' @@ -3779,7 +3779,7 @@ 3777|'2270499fe0cc5253fc8ed9814f606b40f16b66ea'|'Lets move to Thetford, Norfolk: A rum old mix - Money'|'W hats going for it? Weve had Essex Man, Worcester Woman and the Man on the Clapham Omnibus. But these days, if editors of newspapers and broadcast news programmes want to hear the voice of the people, deepest, darkest Thetford seems to be where they dispatch their journalists. This microcosm is seen to somehow embody the state of the nation, a bundle of contradictions squished into one town. After the second world war it became an overspill town for Londoners, tripling its size. Listen hard and today you can still hear Cockney inflections grafted on to Norfolk burrs; the streetscape fuses Stevenage surreally with Burnham Market flinty cuteness jumpcut with 50s council house. Two decades of European migration for agricultural work expanded the town further. Yes, it voted for Brexit. Theres a statue of Captain Mainwaring (much of Dads Army was filmed here). But Thetford was also home to Boudicca, gave birth to Thomas Paine (though the radical didnt stay long) and voted in Britains first black mayor in 1904! Told you, rum old mix.The case against A bit of a muddle. Its postwar reimagining wasnt entirely successful: the ringroad rudely interrupts medieval streets. Its high streets are just keeping decline at bay. There have been ethnic tensions in the past.Well connected? Trains: twice hourly to Norwich (35-38 mins), hourly to Cambridge (45 mins) or Peterborough (1hr). Driving: 45 mins to Norwich or Cambridge, 1hr 30 mins to Peterborough.Schools Primaries: Admirals and Redcastle are both good, says Ofsted, with Drake outstanding. Secondaries: Thetford Academy is good.Hang out at Not the most gastronomic of spots, but the lovely Mulberry keeps hunger at bay.Where to buy Theres a handsome historic centre, where it survives scuttle around Castle Street and Lane, Old Market Street, King Street, Whitehart Street and Croxton Road for flinty cottages and town houses. A thin layer of Victorian streets follows, and then the wodge of postwar estates. For posh suburbia, look to Abbeygate, by the priory ruins, Arlington Way, Nunnery Fields or the developments around Rosecroft Way. Detacheds and town houses, 175,000-450,000. Semis, 140,000-200,000. Terraces and cottages, 115,000-175,000. Rentals: a one-bedroom flat, 450-600pcm; a three-bedroom house, 750-950pcm.Bargain of the week A flint, one-bedroom terrace house close to the centre, 120,000 with williamhbrown.co.uk .Lets move to Framplington, Suffolk: too good to be true Read more From the streets Sam Harvey Dont miss the Dads Army Museum and its ace cafe for retro treats.Danny Watts A buzzing market town with a twice-weekly market and Thetford forest on the doorstep for picnics, walks, and mountain bike trails. Try Tall Orders for a good coffee. Norwich and Cambridge are a short drive away. Live in Thetford? Join the debate below.Do you live in Helensburgh, Argyll & Bute? Do you have a favourite haunt or pet hate? If so, email lets.move@theguardian.com by Tuesday 16 May.Topics Property Let''s move to ... Homes features Share Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/may/12/lets-move-to-thetford-norfolk'|'2017-05-13T00:30:00.000+03:00'|3777.0|''|-1.0|'' 3778|'367a908508c4d6548998d7d7262f51c1a1aeb0ff'|'EU to announce capital markets union 2.0 on June 7'|'Business News - Thu May 18, 2017 - 5:31pm BST EU to announce capital markets union 2.0 on June 7 FILE PHOTO: An European Union (EU) flag is seen blowing in the wind in front of the city''s regional state administration headquarters in central Kiev, Ukraine, May 11, 2017. REUTERS/Valentyn Ogirenko By Huw Jones - LONDON LONDON The European Commission will announce new initiatives to reconfigure its capital markets union (CMU) project on June 7 to reflect Britain''s decision to leave the bloc, a senior commission official said on Thursday. Confirming a Reuters story published on Wednesday, Ugo Bassi, a director in the European Union executive''s financial services unit, said the CMU needed reassessing because of Brexit. "We are preparing now the action plan for CMU 2.0 which will be published on June 7 in the form of a mid-term review and which will announce a number of additional initiatives we would like to take in coming months," Bassi told a conference organized by the Association for Financial Markets in Europe. "We can no longer count on liquidity pools in London." Initiatives will include making it easier to sell funds across borders using a so-called EU passport. Stronger European Union supervisory powers, probably for the bloc''s European Securities and Markets Authority, were also needed to reinforce CMU, he said. "We should move slowly and firmly towards centralized supervision," Bassi said. The departure of Britain, the EU''s biggest financial market, had raised questions about whether CMU was dead in the water but Bassi said it remained a flagship project. He said Brexit meant there was an even stronger case for CMU though the approach needed to change slightly: "We are going to develop a new agenda." Reuters reported on Wednesday that a "deep re-engineering" of CMU next month seeks a more "autonomous" capital market in an EU of 27 countries, raising concerns over access to the bloc''s market. LONDON ALTERNATIVE The CMU is now about an alternative financial center that will be able to service the needs of the EU27, Simon Puleston Jones, head of Europe at the Futures Industry Association, told the AFME conference. "The biggest risk is the EU27 looks in on itself, reboots CMU with a vision of creating one or more financial centers in Europe, basically competes toe-to-toe with London and New York, and it turns out that was not possible," Puleston Jones said. "The worst impact of Brexit is that something that was functioning pretty well in an EU of 28 and significantly falters," he added. Bassi said CMU has a global perspective in mind. EU had tried to accelerate CMU after several early initiatives unveiled in 2015 became bogged down, casting doubt that the project''s "building blocks" would be in place by 2019. A push to revive securitization, a type of debt security that can raise funds for companies, remains stalled. Bassi said securitization reform was "lagging behind a little bit too much", and the commission is having "hard" discussions with member states and the European Parliament to get agreement. (Reporting by Huw Jones; editing by David Clarke and Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-markets-regulations-idUKKCN18E25A'|'2017-05-19T00:26:00.000+03:00'|3778.0|''|-1.0|'' 3779|'63c67e801eb77e5053646dcde632b4ef8928bf5a'|'New Ford CEO eligible for $13.4 million in annual compensation'|'Wed May 24, 2017 - 8:59pm BST New Ford CEO eligible for $13.4 million in annual compensation Newly named Ford Motor Company president and CEO James Hackett answers questions during a news conference at Ford Motor World Headquarters in Dearborn, Michigan, U.S., May 22, 2017. REUTERS/Rebecca Cook By David Shepardson Ford Motor Co ( F.N ) said on Wednesday that new Chief Executive James Hackett is eligible for at least $13.4 million in total annual compensation. Hackett, 62, a former chief executive of furniture manufacturer Steelcase Inc ( SCS.N ), was named Monday to replace CEO Mark Fields. Hackett will earn a $1.8 million annual salary, up from $716,000 at his previous job as chairman of the Ford unit developing self-driving cars and related projects. He will receive $7 million in stock-based compensation and pocket a $1 million bonus for becoming CEO. He is also eligible for an annual bonus of up to $3.6 million, plus compensation from his service at Ford''s mobility unit. Fields will retire from the company effective Aug. 1. He resigned from the Ford board immediately. He will be eligible for pro-rated incentive compensation through Aug. 1. Fields will also be eligible for a company retirement program, a voluntary separation program offered to some management employees. The automaker did not immediately disclose if Fields is subject to a non-compete agreement. In March, Ford said Fields received total compensation of $22.1 million for 2016, up nearly 19 percent from $18.6 million. Joe Hinrichs, head of the Americas since December 2012, who was named on Monday to manage global product development, manufacturing and labor affairs, purchasing, and environmental and safety engineering, received a $5 million restricted stock-based grant. He received total compensation of $6.7 million in 2016. Some of the compensation for Hackett will vest over three years. Hackett was elected to Ford''s board effective Friday. Ford replaced Fields amid investors'' growing unease about the U.S. automaker''s slumping stock price and its ability to counter threats from longtime rivals and Silicon Valley. Ford shares were down nearly 1 percent Wednesday to $10.95. Ford Chairman Bill Ford Jr., whose family effectively controls the U.S. No. 2 automaker, said Monday he wanted Hackett to speed up decision-making and cut costs, but did not offer specifics on how the new CEO should change operations. Hackett said after discussing some management changes announced Monday that "there''s more to come later in the week that will round out my team." Ford, which announced plans to cut 1,400 white-collar positions last week, is expected to look at further significant cost cuts in the next three to six months, according to company officials, speaking on condition of anonymity as the plans have not been finalized. (Reporting by David Shepardson in Washington and Ankit Ajmera in Bengaluru; Editing by Steve Orlofsky and Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ford-motor-ceo-compensation-idUKKBN18K2OG'|'2017-05-25T03:55:00.000+03:00'|3779.0|''|-1.0|'' -3780|'f4b5c061e2f7276bdac1e45aea3584420189ef22'|'Exclusive: Billionaire investor Draper to participate in blockchain token sale for first time'|'Technology 3:37pm EDT Exclusive: Billionaire investor Draper to participate in blockchain token sale for first time Venture capital investor Tim Draper speaks at a panel in Beverly Hills, California August 5, 2015. REUTERS/Danny Moloshok By Gertrude Chavez-Dreyfuss - NEW YORK NEW YORK Billionaire venture capitalist Tim Draper soon plans to take a step that even he, a long-time bitcoin aficionado, has eschewed to now: buying a new digital currency offered by a technology startup. Draper, an early supporter of bitcoin and its underlying blockchain financial ledger technology, told Reuters in an interview he will for the first time participate in a so-called "initial coin offering" (ICO) of Tezos slated later this month. Tezos, a new blockchain platform launched by a husband and wife team with extensive Wall Street and in hedge fund backgrounds, will launch the ICO on May 22. Draper will also invest in U.S.-based Dynamic Ledger Solutions Inc, the creator of Tezos, but did not disclose details. Draper, who scored big as an early backer of Skype and Baidu, becomes the first prominent venture capitalist to openly embrace initial coin offerings. This would be a significant stamp of approval for this new financing mode of blockchain start-ups. Some investors have expressed concern about lack of regulatory oversight for ICOs. Over the last year, blockchain start-ups have been raising cash by creating and selling their own currencies or tokens in unregulated offerings that bypass banks or venture capital firms as intermediaries. Interest in these deals has been stoked by the run-away performance of the original cyber currency, bitcoin, which has surged more than 67 percent in the last six weeks to hit a record high. "The best thing I can do is lead by example," said Draper, on his plan to participate in Tezos'' token offering. "Over time, I actually feel that some of these tokens are going to improve the world, and I want to make sure those tokens get promoted as well. I think Tezos is one of those tokens." Most traditional venture capital firms are prohibited by agreements with investors from deploying cash into such high-risk assets as digital currencies. But Draper said the contract terms with his investors allow investing in pretty much any vehicle. "I think most investor contracts did not anticipate something like an ICO," said Draper. "But we did anticipate that certain things are going to happen and finance is going to be transformed." Draper said his firm has specifically carved out money for non-traditional investments. Tezos is similar to bitcoin and other blockchain platforms, but its design allows for decentralized and automated upgrades. Most software platforms provide for automated updates, but blockchains remain notable exceptions because update procedures are typically centralized. Tezos touts itself as the first blockchain platform to overcome that hurdle. Tezos was created over a span of three years by Kathleen and Arthur Breitman. Arthur Breitman had worked at the high frequency trading desk at Goldman Sachs and was an options market maker at Morgan Stanley, while Kathleen Breitman is a former management associate at Bridgewater Associates, the world''s largest hedge fund. Unlike previous ICOs, Kathleen Breitman said Tezos'' deal would not be capped by a set number of tokens to be created. "What we''re going to do is allow as many people who want to buy into the crowdsale over a two-week period," she said. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Dan Burns and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-tezos-blockchain-draper-idUSKBN181250'|'2017-05-06T03:37:00.000+03:00'|3780.0|''|-1.0|'' +3780|'f4b5c061e2f7276bdac1e45aea3584420189ef22'|'Exclusive: Billionaire investor Draper to participate in blockchain token sale for first time'|'Technology 3:37pm EDT Exclusive: Billionaire investor Draper to participate in blockchain token sale for first time Venture capital investor Tim Draper speaks at a panel in Beverly Hills, California August 5, 2015. REUTERS/Danny Moloshok By Gertrude Chavez-Dreyfuss - NEW YORK NEW YORK Billionaire venture capitalist Tim Draper soon plans to take a step that even he, a long-time bitcoin aficionado, has eschewed to now: buying a new digital currency offered by a technology startup. Draper, an early supporter of bitcoin and its underlying blockchain financial ledger technology, told Reuters in an interview he will for the first time participate in a so-called "initial coin offering" (ICO) of Tezos slated later this month. Tezos, a new blockchain platform launched by a husband and wife team with extensive Wall Street and in hedge fund backgrounds, will launch the ICO on May 22. Draper will also invest in U.S.-based Dynamic Ledger Solutions Inc, the creator of Tezos, but did not disclose details. Draper, who scored big as an early backer of Skype and Baidu, becomes the first prominent venture capitalist to openly embrace initial coin offerings. This would be a significant stamp of approval for this new financing mode of blockchain start-ups. Some investors have expressed concern about lack of regulatory oversight for ICOs. Over the last year, blockchain start-ups have been raising cash by creating and selling their own currencies or tokens in unregulated offerings that bypass banks or venture capital firms as intermediaries. Interest in these deals has been stoked by the run-away performance of the original cyber currency, bitcoin, which has surged more than 67 percent in the last six weeks to hit a record high. "The best thing I can do is lead by example," said Draper, on his plan to participate in Tezos'' token offering. "Over time, I actually feel that some of these tokens are going to improve the world, and I want to make sure those tokens get promoted as well. I think Tezos is one of those tokens." Most traditional venture capital firms are prohibited by agreements with investors from deploying cash into such high-risk assets as digital currencies. But Draper said the contract terms with his investors allow investing in pretty much any vehicle. "I think most investor contracts did not anticipate something like an ICO," said Draper. "But we did anticipate that certain things are going to happen and finance is going to be transformed." Draper said his firm has specifically carved out money for non-traditional investments. Tezos is similar to bitcoin and other blockchain platforms, but its design allows for decentralized and automated upgrades. Most software platforms provide for automated updates, but blockchains remain notable exceptions because update procedures are typically centralized. Tezos touts itself as the first blockchain platform to overcome that hurdle. Tezos was created over a span of three years by Kathleen and Arthur Breitman. Arthur Breitman had worked at the high frequency trading desk at Goldman Sachs and was an options market maker at Morgan Stanley, while Kathleen Breitman is a former management associate at Bridgewater Associates, the world''s largest hedge fund. Unlike previous ICOs, Kathleen Breitman said Tezos'' deal would not be capped by a set number of tokens to be created. "What we''re going to do is allow as many people who want to buy into the crowdsale over a two-week period," she said. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Dan Burns and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-tezos-blockchain-draper-idUSKBN181250'|'2017-05-06T03:37:00.000+03:00'|3780.0|25.0|-1.0|'' 3781|'68092159944c546a951b0cbd2124cb0e1b19798a'|'Saudi''s Alawwal Bank picks JPMorgan to advise on merger -sources'|'By Tom Arnold and Saeed Azhar - DUBAI DUBAI Saudi Arabian lender Alawwal Bank ( 1040.SE ), 40 percent owned by Royal Bank of Scotland ( RBS.L ), has picked JPMorgan ( JPM.N ) to advise it on a proposed merger with Saudi British Bank ( 1060.SE ) (SABB), sources familiar with the matter told Reuters on Monday.Senior management of SABB and Alawwal held talks with advisers on Sunday to discuss the principle of the merger and timeframe for its completion, one of the sources said.SABB has selected another, undisclosed adviser for the transaction, the sources added. Nobody was available to comment at Alawwal, while SABB and JPMorgan declined to comment.SABB and Alawwal said on April 25 they had agreed to start talks on a merger that could create the kingdom''s third biggest bank with assets of nearly $80 billion.British banks are the biggest shareholders in both lenders. RBS acquired a 40 percent stake in Alawwal when it bought ABN AMRO in 2007. RBS has been trying sell the stake for a number of years as it retreats from international operations.HSBC Holdings ( HSBA.L ) owns 40 percent of SABB, which is the kingdom''s sixth largest bank by assets.Although the timeframe for the merger has yet to be agreed, one of the sources said the accounts of the two banks could be consolidated by the end of 2017, but the merger would take longer.Mergers and acquisitions are relatively rare in Saudi Arabia''s banking sector, where 12 local commercial lenders operate.Reuters reported in March, quoting sources, that French bank Credit Agricole ( CAGR.PA ) had picked JPMorgan to advise it on a potential sale of its 31 percent stake in Banque Saudi Fransi 1050.SE, valued at nearly $2.4 billion.(Editing by Andrew Torchia and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saab-m-a-alawwal-bank-idINKBN18P0Q5'|'2017-05-29T06:43:00.000+03:00'|3781.0|''|-1.0|'' 3782|'988e6425f5ac28080602e290a31154319a44a2e2'|'Moody''s, ICRA downgrade RCom over debt concerns - Reuters'|'Money News - Tue May 30, 2017 - 11:32pm IST Moody''s, ICRA downgrade RCom over debt concerns A man opens the shutter of a shop painted with an advertisement of Reliance Communications in Mumbai, November 3, 2015. REUTERS/Shailesh Andrade/Files MUMBAI Ratings agency Moody''s Investors Service has downgraded Reliance Communications Ltd deeper into "junk" territory and kept its ratings under review for further downgrade as the company struggles with a heavy debt burden. Moody''s said it had downgraded the Indian telecom operator''s "corporate family rating and senior secured bond rating to Caa1 from B2". This implies that its obligations are speculative and subject to very high credit risk, according to Moody''s website. RCom, controlled by billionaire Anil Ambani, has traditionally relied on short-term debt and covenant waivers from its banking relationships, but if these waivers are not received it could impact RCom''s $300 million bondholders "significantly", Moody''s said. It also said that owing to intense mobile competition, there is no scope for RCom to deleverage. Meanwhile, India-focused ratings agency ICRA, a subsidiary of Moody''s, also downgraded four RCom debt instruments to [ICRA]D, which signifies instruments either in default or expected to be in default soon. These include its non-convertible debentures (NCDs) and commercial paper programme. Another local rating agency, Care Ratings, downgraded the company''s NCDs and other debt instruments to default on Tuesday. RCom''s shares haven fallen by 41.9 percent so far this month. During the same time the broader index has gained 3.4 percent. Its shares dropped again on Tuesday, after a sharp slide a day earlier, hurt by concerns over its ability to service its loans. RCom sought to reassure investors in its quarterly conference call on Monday, saying it was in talks with lenders to defer loan instalments coming due in the next four months. The firm plans to repay lenders 110 billion rupees ($1.7 billion) and refinance an even larger chunk by end-September, if lenders sign off on the merger of its wireless segment with rival Aircel and sale of a majority stake in its tower unit to Canada''s Brookfield. ($1 = 64.6500 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/rcom-stocks-moody-icra-idINKBN18Q26W'|'2017-05-30T16:02:00.000+03:00'|3782.0|''|-1.0|'' 3783|'1d2c490744851164709457e365bd98ad12174e74'|'METALS-London copper slips, traders cut risk as China growth slows'|' 47am EDT METALS-London copper slips, traders cut risk as China growth slows (Adds comment, detail) MELBOURNE May 16 London copper fell on Tuesday as worries about China''s slowing economic growth and tighter capital markets in the world''s top metals consumer triggered selling in metals. China''s growth took a step back in April after a surprisingly strong start to the year, tapering off as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy. "All of the slowdown in key macro data was ... from restructuring/reform and risk controls," said Argonaut Securities in a report. "We think there is no chance of hard-landing in China as of now. That said, as there are a lack of drivers for new demand growth ahead ... commodity prices may fluctuate in a narrow range," it said. "Positive catalysts are stronger-than-expected external growth in Europe and emerging markets, and more supply side reform in China." * LME COPPER: London Metal Exchange copper had dropped 0.5 percent to $5,583 a tonne by 0526 GMT, paring gains from the previous session when it hit $5,637 which was the highest in nearly two weeks. * LME ZINC: LME zinc and lead also fell around 1 percent, and were trading near their lowest for the year, having recently broken below their 200-day moving averages, sending a sell signal to chart-following funds. * SHFE COPPER: Shanghai Futures Exchange copper traded flat at 45,220 yuan ($6,561) a tonne. ShFE zinc and Shanghai lead fell 1 and 1.4 percent respectively. * CHINA PROPERTY: China''s property resale market cooled a notch in April due to intensified government curbs, but chances are slim that prices will fall across the board as housing supply remains short, a top state think-tank said on Monday. * U.S. PROPERTY: A private gauge of U.S. home builder sentiment unexpectedly rose in May to its second strongest level since the housing bust nearly a decade ago, as the existing supply of homes remained tight. * BHP: Activist investor Elliott Management upped the pressure for strategic changes at BHP, on Tuesday, calling for an independent review of the mining giant''s petroleum business. * ORICA: Orica Ltd, the world''s No. 1 explosives maker, beat forecasts on Tuesday with a 2.7-percent rise in its half-year underlying profit, helped by cost cuts and higher sales, and said demand from its mining customers was improving. * MARKETS: Asian stocks briefly climbed to a fresh-two year high on Tuesday on the back of an overnight rise in Wall Street, while oil extended gains after major producers Saudi Arabia and Russia said supply cuts needed to continue into 2018. PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL4N1II26U'|'2017-05-16T13:47:00.000+03:00'|3783.0|''|-1.0|'' @@ -3807,7 +3807,7 @@ 3805|'d3631db98f348eddf0b578a013460804a8327288'|'BRIEF-RiceBran Technologies reports Q1 2017 consolidated net loss $0.32 per share'|' 54pm EDT BRIEF-RiceBran Technologies reports Q1 2017 consolidated net loss $0.32 per share May 11 RiceBran Technologies: * Consolidated revenues in q1 2017 were $11.4 million, a 13.8% increase compared to consolidated revenues of q1 2016 * Q1 2017 consolidated net loss attributable to shareholders $ 0.32 per share * "Sees further streamlining efforts generating additional operating leverage throughout 2017" Source text: ( bit.ly/2r6GfcW ) (Bengaluru Newsroom: +91 806 749 1136)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ricebran-technologies-reports-q-idUSFWN1ID158'|'2017-05-12T03:54:00.000+03:00'|3805.0|''|-1.0|'' 3806|'8bcca5563b9d25e47d03fd3a8fba47ae1c41790a'|'UPDATE 1-Merck says test shows Keytruda improves survival for bladder cancer patients'|'Regulatory News - Americas - Wed May 17, 2017 - 6:55pm EDT UPDATE 1-Merck says test shows Keytruda improves survival for bladder cancer patients (Adds Roche comment, paragraph 3) By Deena Beasley May 17 Pivotal trial results for Merck & Co Inc''s immunotherapy drug Keytruda show that it lengthened survival by three months, or nearly 40 percent, for patients with advanced bladder cancer who had stopped responding to chemotherapy. The data, to be presented next month at a meeting of the American Society of Clinical Oncology, follow last week''s announcement that rival drug Tecentriq, from Roche Holding AG , did not improve survival when used as a second-line treatment for bladder cancer in a trial. The Merck drug is awaiting U.S. Food and Drug Administration approval, but Tecentriq was approved by the agency last year, contingent on verification of its clinical benefit. Roche, in an emailed statement, said it plans to discuss the data with health authorities but did not disclose the timing for the discussions. According to the FDA approval letter, the company has until December to submit the full trial data to the agency. Merck filed in February for FDA approval of Keytruda for both initial and secondary treatment of advanced urothelial cancer, the most common type of bladder cancer. Keytruda is already approved for treating melanoma, lung cancer, head and neck cancer and Hodgkin lymphoma. Merck announced in October that the second-line bladder cancer study met its main goal and was stopped early. The company is currently enrolling patients in a phase three trial of Keytruda, combined with chemotherapy, as an initial treatment for bladder cancer. In addition to Tecentriq''s approval for bladder cancer patients whose disease has stopped responding to chemotherapy, the FDA last month approved the Roche drug as an initial treatment for people with a specific type of advanced bladder cancer and in people whose cancer progressed despite at least one prior platinum-containing chemotherapy. The agency has also granted contingent approval to AstraZeneca Plc''s Imfinzi, Bristol-Myers Squibb''s Opdivo and Bavencio, developed by Pfizer Inc and Merck KGaA, as second-line bladder cancer treatments. All five drugs are part of a new class of treatments designed to unleash the body''s immune system to fight cancer by interfering with proteins known as PD-1 or PD-L1 that help malignant cells evade immune attack. Merck said data from an open-label Phase 3 trial of 542 advanced bladder cancer patients showed median survival of 10.3 months for Keytruda patients and 7.4 months for patients given second-line chemotherapy. The study''s median follow-up was 18.5 months. After 18 months, 36 percent of Keytruda patients were alive, compared with 20.5 percent of chemotherapy patients, according to research published by ASCO. The study did not detect a difference in the length of time patients lived without their disease getting worse. Severe side effects were reported in 16.5 percent of the Keytruda patients, compared with nearly half of the chemotherapy group. (Reporting By Deena Beasley; Editing by Bill Rigby and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/health-cancer-bladder-idUSL2N1IJ24U'|'2017-05-18T06:55:00.000+03:00'|3806.0|''|-1.0|'' 3807|'8daa7fd6ff97705a92b41f7d8ad5927ab79607b6'|'Thai Intouch''s VC arm to finalize two deals this year'|'Thai telecom company Intouch Holdings Pcl on Thursday said its venture capital arm plans to finalize two deals by mid-year.The company''s venture capital fund has 200 million baht ($5.8 million), which can be invested in the technology, telecommunications, and media sectors, said Tomyantee Kongpoolsilpa, vice president, group investor relations.Intouch has another 1.6 billion baht to invest in future projects, and can afford to take on more debt due to its current low levels of debt, she told reporters.The telecom firm plans to expand its home shopping company and take it to Thailand''s top three by 2018, she said.At present, the firm''s home shopping network, High Shopping, has the fourth-largest market share of 5.6 percent in Thailand. High Shopping was formed in 2015 in a joint venture with South Korea''s Hyundai Home Shopping Network.Singapore Telecommunications owns 21 percent of Intouch, which is the largest shareholder of Advanced Info Service Pcl, Thailand''s biggest mobile operator.(Reporting by Chayut Setboonsarng; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-thailand-intouch-idINKCN18E0US'|'2017-05-18T06:19:00.000+03:00'|3807.0|''|-1.0|'' -3808|'ab2fefdcf99e32b558c64e264046d694e39fff2f'|'Former Anglo Irish Bank chairman acquitted in loan case - court'|'Top 59pm BST Former Anglo Irish Bank chairman acquitted in loan case - court Former Chairman of Anglo Irish bank, Sean Fitzpatrick, arrives at the Criminal Courts of Justice in Dublin, Ireland December 5, 2016. REUTERS/Clodagh Kilcoyne DUBLIN The former chairman of the failed Anglo Irish Bank was acquitted on Tuesday on charges of misleading auditors about personal loans worth tens of millions of euros following a ruling by the judge, Ireland''s Courts Service said. Sean FitzPatrick went on trial last year accused of "artificially reducing" loans worth tens of millions of euros for a few weeks around the end of the company''s financial year to avoid their full value being shown in annual accounts. FitzPatrick pleaded not guilty to all 27 charges, including providing misleading, false or deceptive statements to auditors Ernst & Young (EY) and furnishing false information. Judge John Aylmer ruled that the investigation carried out by Ireland''s Office of the Director of Corporate Enforcement (ODCE) fell short of the impartial, unbiased inquiry to which an accused is entitled, national broadcaster RTE said. Aylmer said key witnesses had been coached and the ODCE had failed to seek out evidence of innocence as well as guilt, according to RTE. Anglo Irish, which was nationalised in 2009 and wound down in 2011, was synonymous with the casino-style lending practices that drove the "Celtic Tiger" boom and subsequent bust, pushing the Irish state into an international bailout in 2010. Two Anglo Irish executives were among three Irish bankers jailed last year for between 24 and 42 months for conspiring to defraud investors. They were the first senior bank executives to be jailed in relation to the crisis. FitzPatrick was also found innocent in 2014 on charges of illegal lending and providing unlawful assistance to investors. (Reporting by Conor Humphries and Padraic Halpin; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-banking-court-idUKKBN18J1O6'|'2017-05-23T19:59:00.000+03:00'|3808.0|''|-1.0|'' +3808|'ab2fefdcf99e32b558c64e264046d694e39fff2f'|'Former Anglo Irish Bank chairman acquitted in loan case - court'|'Top 59pm BST Former Anglo Irish Bank chairman acquitted in loan case - court Former Chairman of Anglo Irish bank, Sean Fitzpatrick, arrives at the Criminal Courts of Justice in Dublin, Ireland December 5, 2016. REUTERS/Clodagh Kilcoyne DUBLIN The former chairman of the failed Anglo Irish Bank was acquitted on Tuesday on charges of misleading auditors about personal loans worth tens of millions of euros following a ruling by the judge, Ireland''s Courts Service said. Sean FitzPatrick went on trial last year accused of "artificially reducing" loans worth tens of millions of euros for a few weeks around the end of the company''s financial year to avoid their full value being shown in annual accounts. FitzPatrick pleaded not guilty to all 27 charges, including providing misleading, false or deceptive statements to auditors Ernst & Young (EY) and furnishing false information. Judge John Aylmer ruled that the investigation carried out by Ireland''s Office of the Director of Corporate Enforcement (ODCE) fell short of the impartial, unbiased inquiry to which an accused is entitled, national broadcaster RTE said. Aylmer said key witnesses had been coached and the ODCE had failed to seek out evidence of innocence as well as guilt, according to RTE. Anglo Irish, which was nationalised in 2009 and wound down in 2011, was synonymous with the casino-style lending practices that drove the "Celtic Tiger" boom and subsequent bust, pushing the Irish state into an international bailout in 2010. Two Anglo Irish executives were among three Irish bankers jailed last year for between 24 and 42 months for conspiring to defraud investors. They were the first senior bank executives to be jailed in relation to the crisis. FitzPatrick was also found innocent in 2014 on charges of illegal lending and providing unlawful assistance to investors. (Reporting by Conor Humphries and Padraic Halpin; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-banking-court-idUKKBN18J1O6'|'2017-05-23T19:59:00.000+03:00'|3808.0|28.0|0.0|'' 3809|'4be5a1cd8ed75522138f86baacca525e126a4965'|'Deutsche Bank fined for being late in justifying late disclosure of news'|'Business News - Fri May 12, 2017 - 7:05am EDT Deutsche Bank fined for being late in justifying late disclosure of news FILE PHOTO: The headquarters of Germany''s Deutsche Bank is seen early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo FRANKFURT German financial watchdog Bafin has fined Deutsche Bank ( DBKGn.DE ) 550,000 euros ($598,000) for being late in justifying why the lender held back the immediate disclosure of important news. The fine relates to four cases including the announcement of the change of Deutsche Bank''s chief executive in 2015, Bafin said in a statement on Friday. The news was earlier reported by weekly Wirtschaftswoche. John Cryan took over as chief executive from co-heads Anshu Jain and Juergen Fitschen in 2015. German companies can ask to delay the announcement of important news by several days if it could potentially harm its business. But they have to make sure that the news does not leak and they have to present good reasoning to Bafin. All four cases occurred before 2016. Since then, Bafin has changed its rules and fines of up to 10 million euros can now be imposed for similar breaches. (Reporting by Alexander Hbner; Writing by Arno Schuetze; editing by Susan Thomas) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-deutsche-bank-bafin-idUSKBN1881FY'|'2017-05-12T19:05:00.000+03:00'|3809.0|''|-1.0|'' 3810|'1c175301fbf07af3e26d7d84b52decf53e788789'|'In blow to Trump, GE backs NAFTA and voices support for Mexico'|'Sat May 13, 2017 - 12:08am BST In blow to Trump, GE backs NAFTA and voices support for Mexico left right Mexico''s President Enrique Pena Nieto shakes hands with Jeffrey R. Immelt, Chief Executive of General Electric at Los Pinos presidential residence in Mexico City, in this undated handout photo released to Reuters by the Mexican Presidency on May 12, 2017. Mexico Presidency/Handout via REUTERS 1/5 left right The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. REUTERS/Daniel Becerril 2/5 left right Mexico''s President Enrique Pena Nieto speaks with Jeffrey R. Immelt, Chief Executive of General Electric at Los Pinos presidential residence in Mexico City, in this undated handout photo released to Reuters by the Mexican Presidency on May 12, 2017. Mexico Presidency/Handout via REUTERS 3/5 left right Mexico''s President Enrique Pena Nieto smiles with Jeffrey R. Immelt, Chief Executive of General Electric at Los Pinos presidential residence in Mexico City, in this undated handout photo released to Reuters by the Mexican Presidency on May 12, 2017. Mexico Presidency/Handout via REUTERS 4/5 left right General Electric Co. Chief Executive Jeff Immelt delivers a speech during the opening of a new tower of the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico May 12, 2017. REUTERS/Daniel Becerril 5/5 By Dave Graham - MONTERREY, Mexico MONTERREY, Mexico General Electric ( GE.N ) on Friday praised Mexico as a big part of its future and said the company is "very supportive" of the North American Free Trade Agreement (NAFTA) that U.S President Donald Trump has threatened to ditch. GE Chief Executive Officer Jeff Immelt said on a visit that Mexico had great potential and was not properly understood. He touted the conglomerate''s Mexican operations and the trade deal binding Mexico, Canada and the United States. "GE as a company, we''re very supportive of NAFTA," Immelt told employees at an event to mark the expansion of operations in the northern city of Monterrey. He said the trade accord could be modernized, as Mexico has argued. Immelt sits on a Trump-appointed manufacturing council that Mexico has targeted for lobbying as Mexico and Canada push U.S. business leaders to defend NAFTA. The GE boss said trade meant "win-win" opportunities across North America. "We will continue to work constructively in the context of wanting to see a close relationship between the U.S. and Mexico," he said, noting that GE''s exports to the rest of the world from Mexico were worth $3 billion. "We''re optimistic about Mexico, we''re optimistic about what we can do here," Immelt added, saying Latin America''s no. 2 economy would be a "big part" of GE''s future. Earlier this month, Immelt urged the Trump administration to avoid protectionist policies, calling on it to level the playing field for U.S. companies with tax reform, revived export financing and improved trade agreements. Trump touts a "Buy American" policy and has railed against U.S. companies moving operations to Mexico. He has threatened to ditch NAFTA, a lynchpin of the Mexican economy, if he cannot rework it to secure better terms for the United States. Unlike some U.S. companies, GE has not backed off plans in Mexico, risking broadsides from Trump on Twitter. Earlier, the Mexican presidency said in a statement that GE had stated an interest in doubling purchases from Mexican suppliers next year. Immelt did not mention this. Vladimiro de la Mora, CEO for Mexico, said the figure came from an announcement last year and did not mean GE aimed to double purchases between this year and 2018. On Thursday, GE said it had won a contract to provide plants producing two new gigawatts of power in Mexico and secured a separate $120 million, multi-year service deal. De la Mora said GE could not yet reveal details of the 2 GW deal, but it was "likely" the value of the total investment in the power plants would exceed $500 million. (Reporting by Dave Graham in Monterrey, Additional Reporting by Mexico newsroom in Mexico City; editing by Grant McCool and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trade-mexico-ge-idUKKBN18829I'|'2017-05-13T06:38:00.000+03:00'|3810.0|''|-1.0|'' 3811|'67d3a8d54e13be12989daf725dadae34244659a8'|'BRIEF-Mosaic announces qtrly dividend of $0.15 per share'|'Market News 28pm EDT BRIEF-Mosaic announces qtrly dividend of $0.15 per share May 18 Mosaic Co: BRIEF-Salesforce.com posts Q1 GAAP loss per share $0.01 * Q1 earnings per share view $0.26 -- Thomson Reuters I/B/E/S * Arconic Inc - will redeem on June 19, 2017 all of its outstanding 6.50% bonds due 2018 and 6.75% notes due 2018 between co, Bank of New York Mellon Trust Company MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mosaic-announces-qtrly-dividend-of-idUSFWN1IK0RW'|'2017-05-19T04:28:00.000+03:00'|3811.0|''|-1.0|'' @@ -3839,7 +3839,7 @@ 3837|'cbf0adb9c1be78d95535c177620b070e5203ad03'|'UDG Healthcare raises full-year outlook, eyes further deals'|'By Arathy S Nair and Justin George Varghese May 23 UDG Healthcare Plc could spend up to $600 million for acquisitions, its chief executive said, after the company raised its full-year earnings estimate as a recent acquisition helped prop up profit in the first half.The healthcare services provider on Tuesday reported a 19 percent jump in pretax profit for the first six months ended March 31, sending its shares up 6 percent to a record high of 812.50 pence."We''ve looked at acquisitions - small $20 million ones right up to $200-$300 million - and in total, the consideration we could use is $500-$600 million," Chief Executive Brendan McAtamney told Reuters.The Dublin-based company said strong performance at its recent acquisition, STEM Marketing - a provider of commercial, marketing and medical audits to pharmaceutical companies - helped boost profit in the first half.The company now expects a 15-18 percent increase in diluted earnings per share, on a constant currency basis, for the year ending September 2017.The group had earlier forecast a 13-16 percent growth in full-year EPS."With a much stronger-than-expected first half, tailwinds across its U.S. businesses building ... we think even this raised guidance looks quite conservative, and would expect consensus forecasts to increase by at least 2 percent," Liberum analyst Graham Doyle said.CEO McAtamney said UDG would look to acquire U.S.-focused businesses to strengthen its Sharp Packaging Services unit, which is engaged in contract packaging and clinical trial packaging services for the pharmaceutical and biotechnology industries.UDG, which traces its roots to a co-operative called the United Drug Chemical Co in Ireland, is also keen on bolstering its Ashfield operations in Japan through acquisitions, he said.UDG''s first-half profit stood at $52.9 million. Revenue for the period rose 8 percent to $578.9 million. (Reporting By Justin George Varghese and Arathy S Nair; Editing by Tenzin Pema and Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/udg-health-results-idINL4N1IP2OQ'|'2017-05-23T08:33:00.000+03:00'|3837.0|''|-1.0|'' 3838|'ae217d5c39004672060cca48dfb6157406b2381c'|'UPDATE 1-Activist fund Barington calls for Avon CEO search'|'Big Story 10 - Thu May 4, 2017 - 6:33pm EDT Activist fund Barington calls for Avon CEO search By Michael Flaherty and Gayathree Ganesan Activist investor Barington Capital renewed its pressure on cosmetics maker Avon Products Inc, calling on the company to search for a new chief executive. Barington said on Thursday that Avon''s shares have suffered under Chief Executive Sheri McCoy and that the company needs "the right leadership in place" to recover its position as a leading beauty brand. The company''s shares have lost nearly 80 percent of their value since McCoy took charge as CEO in 2012. In March last year, Avon agreed to give Barington Capital the right to approve the appointment of an independent director, in a bid to avoid a proxy fight with the activist fund. As part of the deal, the Barington nominee was to be jointly selected by Avon and its top investor Cerberus Capital Management, which bought a majority of Avon''s North America business early last year. New York-based Barington owned 2.8 million shares of Avon worth $14.5 million as of Dec. 31, according to a regulatory filing. Avon, which has a market value of $1.59 billion, on Thursday reported a surprise first-quarter loss partly due to higher bad debt expense, mainly in Brazil. (Reporting by Michael Flaherty in New York and Gayathree Ganesan in Bengaluru; Editing by Lisa Shumaker and Maju Samuel) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-avon-prdcts-barington-idUSKBN1802SZ'|'2017-05-05T06:31:00.000+03:00'|3838.0|''|-1.0|'' 3839|'efb6934c3fdcbdfae98136623a92fe6cb9957010'|'Vinyl gets its groove back: Hunger for vinyl means a chronic shortage of pressing machines'|'FOR young hipsters and middle-aged sentimentalists alike, the resurgence of vinyl is cause for celebration. Since 2010 sales of vinyl records in America have tripled. Britains vinyl industry saw its biggest gains for 25 years in 2016. Big supermarkets are extending the amount of space that they allocate to the discs and even the turntables that twirl them have found a place on Amazons best-seller lists.Meeting this demand has been tricky. Vinyl accounted for 76% of total album sales in 1973; by 1994 this had dropped to 1.5% as compact discs (CDs) took over. By then the bulk of the worlds vinyl-pressing plants had closed and most of their cumbersome machines had gone to the scrapyard. Only a very few plants that could diversify into new areas of printing and production stayed open. But they did so without any further investment in vinyl, so the few machines that kept on producing often date back to the 1960s. 18 GZ Media, a Czech firm that is the biggest manufacturer of vinyl (it makes around 60% of all vinyl records), went from churning out over 13m records in 1987 to a low of 200,000 in 1993. Requests for vinyl began flooding in again about a decade ago; it is now working around the clock and will produce 24m vinyl discs in 2017.Although vinyl is still only a tiny fraction of the global music market, big orders from record labels have swamped the few pressing plants left and caused delays in production. GZ Media has kept on top of orders by building, from 2014 on, updated versions of its older pressing machines. Others are also ramping up. More than a dozen new pressing plants have cropped up across North America, Europe and beyond in the past couple of years.A chronic shortage of machines is the chief headache. Reports of people racing across the world to get their hands on an old machine have become common. That in turn is spurring investment in new options. Nordso Records, based in Copenhagens Nordhaven district, which opened its plant last year, opted for a new pressing-machine design from Newbilt, a German startup. Newbilt have sold 25 of their products across Europe for up to 500,000 ($554,000) each, including all parts. They are manual, so an operator needs to oversee each stage of the process; they churn out 400 records a day if operating flat out.On a more industrial scale, Viryl Technologies is a Canadian startup that started building new machines in 2015. One eight-hour shift presses 1,200 records. Plants across North America, Europe and Asia have already installed them.Startups, which also provide machine servicing, see further room for innovation in the mastering process, or the transferral of the recording to a master disc from which all subsequent copies will be derived. One method involves cutting the grooves onto a lacquer disc, but only two companies in the world manufacture these discs (one of them is run by an old Japanese couple in Tokyo) and they too are in short supply. A second technique uses a copper-plated disc that is easier to come by but is again hampered by the limited number of machines that can cut the disc: of the 25 that still exist, GZ Media owns four.Last year, Rebeat Digital, an Austrian company, filed a patent for a high-definition vinyl mastering technology. This produces a computer-generated image of the music before blasting it onto a lacquer master disc with a laser (rather than a spinning stylus). They reckon this slashes the time needed to produce the master disc by 60%. But audiophiles are still sceptical about the sound quality of vinyl records produced in this way.Even if vinyls fashionability fades a bit, servicing the remaining few machines and supplying parts should keep the cash flowing for the startups. And the format is unlikely to disappear entirely, as once seemed possible. Many fans buy the liquorice-black discs from Spotify, a music-streaming service, after it started in 2014 allowing artists to sell merchandise, including vinyl, from their profile pages. Another promising sign that there are more hipsters than ageing purists involved is that about half of all those who buy an album on vinyl have listened to it before, online. "Vinyl gets its groove back"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21722232-only-two-firms-still-make-lacquer-discs-used-mastering-hunger-vinyl-means-chronic?fsrc=rss%7Cbus'|'2017-05-18T22:46:00.000+03:00'|3839.0|''|-1.0|'' -3840|'b5ea2d9701707423199970053ee6b17d28ab8953'|'What''s better than a Buffett rule? Labor''s Buffett rule by stealth - Greg Jericho - Business - The Guardian'|'A t the moment the ALP is having a fight over the merits of a Buffett rule for income tax. It is a high-profile battle involving two former treasurers. What perhaps has been ignored is that the ALP has also come up with a policy that might achieve some of its aims with much less tinkering with the tax system.The Buffett rule of tax comes from the US billionaire Warren Buffett, who in 2011 was surprised that, because of deductions and differing tax rates, he paid a lower average rate of tax than did his secretary. The rule generally involves setting a floor on the average tax that must be paid by very high income earners.In Australia, the Greens have a policy of a minimum of 35% tax for those earning over $300,000 in line with that proposed by the progressive think tank the Australia Institute in 2015 .Bill Shorten rejects Labor MPs'' push for ''Buffett rule'' as policy at next election Read more The ALP is rather split over the issue.Two frontbenchers, Terri Butler and Andrew Giles, recently argued in an essay titled Tax and Equality that the Buffett rule is a readily understandable symbol of whats wrong with the present arrangements. The left wing of the party is pushing for it to be debated at the next ALP national conference. Wayne Swan has also been advocating for a debate on the idea. However, both Bill Shorten and the shadow treasurer, Chris Bowen, have ruled out taking a Buffett rule policy to the next election.You can see why the Buffett rule is appealing.Because of our progressive income-tax system, the average amount of tax you pay rises the more your earn. Those earning around $300,000 pay roughly 36% tax just above the 35% minimum proposed by the Buffett rule advocates:But the problem of course is that tax is paid on taxable income, not total income. Deductions and tax strategies can enable peoples taxable income to actually be much lower than their total income.As Gareth Hutchens recently reported , in 2014-15 48 millionaires paid no tax at all.The Buffett rule would catch such people and, in theory at least, force them to pay 35% tax on their income. One issue Bowen has with the rule is that while we may dislike the ability for people to reduce their taxable income to zero, society does benefit from some of the ways they do for example, donations and angel investor funding.Such a reasoning is especially pertinent in light of the $400m donation made this week by Andrew Forrest, for which it has been reported he will claim a $200m tax deduction . Now I have no issue with him doing that, although I do take issue with the prime ministers assertion, made on Monday , that donations are somehow better than taxes because they are made with love. Personally Id prefer to rely on our hospitals and schools being built from money that comes from people and companies paying their fair share of taxes rather than wait for love to come to town. Bowen is right to be concerned about the impacts on other areas of the tax system. I wonder at the complexity of such a rule within the tax code, which would see some people be able to claim deductions but others not because of their total income.I suspect it would make for a tax lawyers picnic.Bowen has argued instead that if the issue is deductions themselves, get rid of or limit those deductions. The most obvious of these is negative gearing. But in Shortens budget reply he announced a new one, which I think is almost a Buffett rule by stealth.When you look at the 48 millionaires who paid no tax, one aspect really sticks out they claimed a combined $20.2m in deductions for managing tax affairs. What the ALP is proposing to do is limit the amount you are able to claim for such a purpose at $3,000. Wayne Swan: Labor must consider ''Buffett rule'' as part of inequality agenda Read more The reasoning is clear. The average amount spent by people managing their tax affairs in 2014-15 was just $378 and yet the millionaires who reduced their tax to zero paid an average of $1.1m.When the policy was announced the deputy PM, Barnaby Joyce, took to Twitter suggesting it was an attack on all accountants incomes. But Joyce incorrectly assumed the policy applied to businesses, whereas the ALPs policy will only apply to individuals.And the fact is it will apply to only a very small fraction of people. Most people dont even claim anything. In 2014-15 only 86,066 people out of 13.2 million claimed more than $2,500 for managing their tax affairs:And if we look at the average amount claimed according to total income, the $3,000 average only occurs for those earning over $500,000: But these averages can hide what is really occurring and fortunately the taxation data gives us more detailed breakdown, which allows us to see a very strong link between the amount claimed for managing tax affairs and the lack of tax paid. Take for example the 33,813 people who earned between $500,000 and $1m. Most of these individuals stayed in the $180,000 plus tax bracket, and they paid on average just $3,145 on their tax affairs. But 118 of them were able to avoid paying tax by reducing their taxable income below $18,200. For these people the average cost of their tax affairs was $128,000: The desire to get below $18,200 and thus pay no tax is strong and is led by paying for your tax accountant. In 2014-15 there were two and half million people who earned between $80,000 and $180,000. They claimed an average of $416 on their tax affairs, but the 2,663 of them who were able to get below the tax-free threshold claimed an average of $20,482:Even among the two and half million people who had a taxable income below $18,200, 473,000 people claimed for management of tax affairs and it is clear that the more you actually earned, the more you paid an accountant to help you get below the tax-free threshold: The importance of having an accountant to get your taxable income down as opposed to, for example, charitable donations is highlighted by the fact that while the millionaires who avoided paying any tax in 2014-15 accounted for just 0.4% of all millionaires, they claimed 3% of the total donations made by millionaires but a staggering 20% of all money spent on tax affairs:The Buffett rule certainly is appealing and is definitely worth debating. But the ALPs policy of limiting deductions for managing tax affairs will go some way to limiting the ability of the very wealthy to avoid paying tax. It is not a cure-all but it certainly is a sharp way to target those who pay people vast sums of money to avoid paying even more vast amounts of tax. Topics Tax Grogonomics Australian economy Australian politics Labor party Business (Australia) Warren Buffett comment Share Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/grogonomics/2017/may/25/buffett-rule-labor-party-tax-debate-chris-bowen'|'2017-05-25T03:00:00.000+03:00'|3840.0|''|-1.0|'' +3840|'b5ea2d9701707423199970053ee6b17d28ab8953'|'What''s better than a Buffett rule? Labor''s Buffett rule by stealth - Greg Jericho - Business - The Guardian'|'A t the moment the ALP is having a fight over the merits of a Buffett rule for income tax. It is a high-profile battle involving two former treasurers. What perhaps has been ignored is that the ALP has also come up with a policy that might achieve some of its aims with much less tinkering with the tax system.The Buffett rule of tax comes from the US billionaire Warren Buffett, who in 2011 was surprised that, because of deductions and differing tax rates, he paid a lower average rate of tax than did his secretary. The rule generally involves setting a floor on the average tax that must be paid by very high income earners.In Australia, the Greens have a policy of a minimum of 35% tax for those earning over $300,000 in line with that proposed by the progressive think tank the Australia Institute in 2015 .Bill Shorten rejects Labor MPs'' push for ''Buffett rule'' as policy at next election Read more The ALP is rather split over the issue.Two frontbenchers, Terri Butler and Andrew Giles, recently argued in an essay titled Tax and Equality that the Buffett rule is a readily understandable symbol of whats wrong with the present arrangements. The left wing of the party is pushing for it to be debated at the next ALP national conference. Wayne Swan has also been advocating for a debate on the idea. However, both Bill Shorten and the shadow treasurer, Chris Bowen, have ruled out taking a Buffett rule policy to the next election.You can see why the Buffett rule is appealing.Because of our progressive income-tax system, the average amount of tax you pay rises the more your earn. Those earning around $300,000 pay roughly 36% tax just above the 35% minimum proposed by the Buffett rule advocates:But the problem of course is that tax is paid on taxable income, not total income. Deductions and tax strategies can enable peoples taxable income to actually be much lower than their total income.As Gareth Hutchens recently reported , in 2014-15 48 millionaires paid no tax at all.The Buffett rule would catch such people and, in theory at least, force them to pay 35% tax on their income. One issue Bowen has with the rule is that while we may dislike the ability for people to reduce their taxable income to zero, society does benefit from some of the ways they do for example, donations and angel investor funding.Such a reasoning is especially pertinent in light of the $400m donation made this week by Andrew Forrest, for which it has been reported he will claim a $200m tax deduction . Now I have no issue with him doing that, although I do take issue with the prime ministers assertion, made on Monday , that donations are somehow better than taxes because they are made with love. Personally Id prefer to rely on our hospitals and schools being built from money that comes from people and companies paying their fair share of taxes rather than wait for love to come to town. Bowen is right to be concerned about the impacts on other areas of the tax system. I wonder at the complexity of such a rule within the tax code, which would see some people be able to claim deductions but others not because of their total income.I suspect it would make for a tax lawyers picnic.Bowen has argued instead that if the issue is deductions themselves, get rid of or limit those deductions. The most obvious of these is negative gearing. But in Shortens budget reply he announced a new one, which I think is almost a Buffett rule by stealth.When you look at the 48 millionaires who paid no tax, one aspect really sticks out they claimed a combined $20.2m in deductions for managing tax affairs. What the ALP is proposing to do is limit the amount you are able to claim for such a purpose at $3,000. Wayne Swan: Labor must consider ''Buffett rule'' as part of inequality agenda Read more The reasoning is clear. The average amount spent by people managing their tax affairs in 2014-15 was just $378 and yet the millionaires who reduced their tax to zero paid an average of $1.1m.When the policy was announced the deputy PM, Barnaby Joyce, took to Twitter suggesting it was an attack on all accountants incomes. But Joyce incorrectly assumed the policy applied to businesses, whereas the ALPs policy will only apply to individuals.And the fact is it will apply to only a very small fraction of people. Most people dont even claim anything. In 2014-15 only 86,066 people out of 13.2 million claimed more than $2,500 for managing their tax affairs:And if we look at the average amount claimed according to total income, the $3,000 average only occurs for those earning over $500,000: But these averages can hide what is really occurring and fortunately the taxation data gives us more detailed breakdown, which allows us to see a very strong link between the amount claimed for managing tax affairs and the lack of tax paid. Take for example the 33,813 people who earned between $500,000 and $1m. Most of these individuals stayed in the $180,000 plus tax bracket, and they paid on average just $3,145 on their tax affairs. But 118 of them were able to avoid paying tax by reducing their taxable income below $18,200. For these people the average cost of their tax affairs was $128,000: The desire to get below $18,200 and thus pay no tax is strong and is led by paying for your tax accountant. In 2014-15 there were two and half million people who earned between $80,000 and $180,000. They claimed an average of $416 on their tax affairs, but the 2,663 of them who were able to get below the tax-free threshold claimed an average of $20,482:Even among the two and half million people who had a taxable income below $18,200, 473,000 people claimed for management of tax affairs and it is clear that the more you actually earned, the more you paid an accountant to help you get below the tax-free threshold: The importance of having an accountant to get your taxable income down as opposed to, for example, charitable donations is highlighted by the fact that while the millionaires who avoided paying any tax in 2014-15 accounted for just 0.4% of all millionaires, they claimed 3% of the total donations made by millionaires but a staggering 20% of all money spent on tax affairs:The Buffett rule certainly is appealing and is definitely worth debating. But the ALPs policy of limiting deductions for managing tax affairs will go some way to limiting the ability of the very wealthy to avoid paying tax. It is not a cure-all but it certainly is a sharp way to target those who pay people vast sums of money to avoid paying even more vast amounts of tax. Topics Tax Grogonomics Australian economy Australian politics Labor party Business (Australia) Warren Buffett comment Share Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/grogonomics/2017/may/25/buffett-rule-labor-party-tax-debate-chris-bowen'|'2017-05-25T03:00:00.000+03:00'|3840.0|18.0|0.0|'' 3841|'82f39a18f590200d8fee10e9fc6649b38077d030'|'Oil prices rise on expectation of output cut extension'|'Business 50pm EDT Oil slips despite talk of supply cuts being extended into 2018 A worker looks on at the Bashneft-Ufaneftekhim oil refinery outside Ufa, Bashkortostan, Russia January 29, 2015. REUTERS/Sergei Karpukhin/File Photo By Julia Simon - NEW YORK NEW YORK Oil prices edged down in a volatile trade on Monday despite Saudi Arabia''s oil minister saying that he expected OPEC and its partners to consider extending their deal to cut supply possibly into next year to end a global glut. Growing U.S. drilling and production have played a role in undermining the efforts of the Organization of the Petroleum Exporting Countries and non-OPEC producers, such as Russia, to reduce global oil inventories with an output cut of 1.8 million barrels per day (bpd) during the first half the year. Saudi Energy Minister Khalid al-Falih said oil producers would "do whatever it takes" to rebalance the market and that he expected a global deal on cutting crude output to be extended through all of 2017 and possibly into next year. News that the curbs may be extended into 2018 fueled a short-lived rally in the market, but oil gave up the gains quickly amid pessimism on how long it will take to drain brimming oil inventories. Brent crude was down 8 cents at $49.02 a barrel at 1:45 p.m. EDT (1745 GMT). U.S. light crude was down 6 cents at $46.16 a barrel. "The market is getting tired of hearing from OPEC how good they are, how compliant (with supply curbs) they are and especially how all their projections for inventories falling seemed to be moved into the future," said Eugen Weinberg, head of commodity research at Commerzbank. "Those claims do not withstand the reality check with the inventories staying stubbornly high and non-OPEC production rising strongly." Russia also said it was discussing prolonging cuts with other producers beyond 2017. OPEC will review the cuts at a meeting in Vienna on May 25. If the supply curbs are extended, then OPEC will likely struggle to keep its members adhering to the their output targets, Weinberg said. "Compliance rates, in my opinion, will not be as high as they were in past months." The Saudi oil minister said recent price falls had been caused by seasonal low demand and refinery maintenance, as well as by non-OPEC production growth, especially in the United States. U.S. energy companies last week extended a recovery in oil drilling into a 12th month, energy services firm Baker Hughes Inc said on Friday. Since a low point in May 2016, U.S. producers have added 387 oil rigs, growing about 123 percent, Goldman Sachs said. U.S. oil production has soared more than 10 percent since mid-2016 to 9.3 million bpd, its highest since August 2015 and close to the levels of top producers Russia and Saudi Arabia. Many analysts now see U.S. crude output heading toward 10 million bpd over the next year. "It''s all about inventories and U.S. shale versus OPEC," said Hussein Sayed of brokerage FXTM. "OPEC members have no choice but to talk up prices by signaling an extension to the production cuts agreement." In the week to May 2, investors cut their bullish bets on Brent to the lowest level since late November, while hedge funds and money mangers also cut gross long positions in U.S. crude futures for the second straight week, to the lowest since early November. (Additional reporting by Christopher Johnson and Karolin Schaps in London, Henning Gloystein in Singapore; Editing by Marguerita Choy and Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-oil-idUSKBN18401Z'|'2017-05-08T08:36:00.000+03:00'|3841.0|''|-1.0|'' 3842|'17b218f23be4c81e08c3fc01d7ef4ade5af42c18'|'Elliott to meet with BHP''s Australian shareholders to push reform plan: sources'|' 8:44am BST Elliott to court BHP''s Australian shareholders on overhaul - sources FILE PHOTO: A promotional sign adorns a stage at a BHP Billiton function in Sydney, Australia, August 20, 2013. REUTERS/David Gray/File Photo SYDNEY Elliott Management will meet with BHP Billiton''s ( BHP.AX ) ( BLT.L ) Australian shareholders this week as the activist investor pushes for strategic changes at the world''s biggest miner, two sources familiar with the matter said on Monday. The sources, who could not be named because they were not authorised to speak publicly about the issue, told Reuters that Elliott was seeking feedback from other investors about its proposed overhaul of BHP. Elliott''s U.S. office did not immediately respond to a request for comment outside regular business hours. Over the past year, Elliott has built up a 4.1 percent stake in BHP''s British arm and last month told the company it had failed to deliver "optimal" value. Elliott, led by U.S. financier Paul Singer, demanded BHP spin off its U.S. oil assets, ditch a corporate structure built on dual listings in London and Sydney and hand back more money to shareholders. BHP swiftly rejected the approach, saying the costs of the changes would outweigh the benefits. But Elliott could be gaining some traction according to investors. Analysts said Elliott would likely push its case for a revamp of BHP''s U.S. oil business, after BHP on April 26 said it was progressing the sale of onshore U.S. petroleum interests at two key fields. BHP said the plan had been in the works prior to Elliott going public with its proposals. "It''s clear they (Elliott) aren''t going to just give up," said Shaw and Partners analyst Peter O''Connor. I''m not surprised they are here, they have been conspicuous in their absence," he added. BHP declined to comment.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bhp-billiton-elliott-idUKKBN17X16L'|'2017-05-01T13:33:00.000+03:00'|3842.0|''|-1.0|'' 3843|'99652a0bc18b83f8089a71d7b0d0ac3b6b1a7abc'|'Cognizant profit narrowly beats estimates'|'Technology 8:47pm IST Cognizant to boost hiring in U.S. this year Workers are seen at their workstations on the floor of an outsourcing centre in Bangalore, February 29, 2012. REUTERS/Vivek Prakash/Files By Rishika Sadam Cognizant Technology Solutions Corp reported a higher-than-expected quarterly profit and said it would beef up hiring in the United States, a move that comes amid U.S. President Donald Trump''s tough stance on the H1-B visa rules. Cognizant gets more than 75 percent of its revenue from North America and relies heavily on workers on H1-B visas to provide IT services to clients. H1-B visas are non-immigrant visas that allow U.S. companies to temporarily employ foreign workers. The majority of Teaneck, New Jersey-based Cognizant''s roughly 260,000 employees are based in India. Trump has ordered a review of the U.S. visa program that brings high-skilled foreign workers into the country, potentially affecting hiring plans of technology firms and outsourcing companies. Cognizant plans to hire significantly more in the United States, expand delivery centers and reduce its dependence on H1-B visas, President Rajeev Mehta said on a call with analysts. "We applied for less than half the number of visas we saw last year and we expect to further reduce our need for these visas going forward," Mehta said. Cognizant said it hired 4,000 people in the United States last year. The company, however, down played concerns about pressure on costs and margins due to U.S. hiring. "I do not anticipate any significant increase in costs as a result of training and re-training," Chief Executive Francisco D''Souza told Reuters. "I do not see training having a substantial impact on our margins going forward." Indian IT firms have also been hit hard with Trump''s visa review. Infosys Ltd said earlier this month it plans to hire 10,000 U.S. workers in the next two years and open four technology centers in the United States. Wipro Ltd is also looking to hire more people in the United States. Both companies have reduced H1-B visa applications this year. Cognizant said it expected current-quarter revenue in the range of $3.63 billion to $3.68 billion. Analysts on average had expected revenue of $3.65 billion, according to Thomson Reuters I/B/E/S. Last year, The company cut its forecast thrice amid a tight cap on spending by its clients, especially in the financial and healthcare sectors. The company sees promising demand from the sectors in 2017, D''Souza said. Cognizant''s profit rose 26.3 percent to $557 million, while revenue rose 10.7 percent to $3.55 billion. Excluding items, the company earned 84 cents per share. Analysts'' were expecting 83 cents. Cognizant''s shares were up 2.2 percent at $62.12. (Reporting by Rishika Sadam in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/cognizant-tech-results-idINKBN181132'|'2017-05-05T18:39:00.000+03:00'|3843.0|''|-1.0|'' @@ -3849,9 +3849,9 @@ 3847|'1f23b4a7c36cb80d39c80ebd2d0407d6e6e4f4b6'|'TABLE-North Sea oil projects to start up 2017-2019'|'Market News 9:48am EDT TABLE-North Sea oil projects to start up 2017-2019 LONDON, May 16 New oil projects in the North Sea aim to add 1.2 million barrels per day (bpd) of new capacity, a level that will more than offset declining output from old fields, Reuters research shows. North Sea output now stands at 2 million bpd. Taking into account declining production from older fields, the net increase in overall output is expected to be 400,000 bpd in the next two years, according to investment bank Tudor, Pickering, Holt & Co. Below is a table of the major oil projects that are due to come onstream between 2017 and 2019: Field Major Operator/s Target Startup capacity date (bpd) Johan Sverdrup Statoil/Lundin/A 440,000 2019* ker BP Quad 204 BP 130,000 Q2 2017 Edvard Grieg Statoil/Lundin 126,000 H2 2016 Clair Ridge BP 100,000 2018 Martin Linge Total/Statoil 80,000 late 2017 Gina Krog Statoil 60,000 Q2 2017 Mariner Siccar 55,000 2018 Point/Statoil Catcher Premier Oil 50,000 mid-2017 Ivar Aasen Aker BP 50,000 late 2016 Kraken Enquest 50,000 Q2 2017 Western Isles Dana 40,000 2017 Petroleum/Cieco Greater Stella Ithaca Energy 30,000*** H1 2017 Solan Premier Oil 30,000 2018 Cheviot Alpha Petroleum 30,000 2019 Maria Wintershall/Peto -- H1 2018 ro TOTAL 1,241,000 *Phase 1 of Johan Sverdrup. Phase 2 2022 w target of 660,000 bpd **Phase 1 of Greater Stella (Reporting by Amanda Cooper and Ron Bousso in LONDON and Nerijus Adomaitis in OSLO; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/oil-nsea-projects-idUSL8N1IC7L3'|'2017-05-16T21:48:00.000+03:00'|3847.0|''|-1.0|'' 3848|'cdfa15d1a035a55d36b327317e02464b89835e60'|'US STOCKS-Wall St opens higher after govt shutdown averted'|'* Consumer spending unchanged in March; inflation subsides* Tribune Media jumps on buyout talks* Trading volume to be light; many Asia, Europe markets shut* Indexes up: Dow 0.06 pct, S&P 0.18 pct, Nasdaq 0.35 pct (Updates to open)By Tanya AgrawalMay 1 Wall Street opened higher on Monday, led by technology and financial stocks, after U.S. Congress negotiators averted a government shutdown later this week by hammering out a federal funding deal late on Sunday.The House of Representatives and Senate must approve the deal before the end of Friday, as must President Donald Trump, to keep the government funded through the end of Sept. 30."We have some renewed optimism that the market strength will continue helped by strong earnings and as a government shutdown was averted," said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey."We''re also coming off a weak trading session on Friday, and investors are keeping an eye on the jobs report later this week."At 9:35 a.m. ET (1335 GMT) the Dow Jones Industrial Average was up 13.15 points, or 0.06 percent, at 20,953.66.The S&P 500 was up 4.3 points, or 0.18 percent, at 2,388.5 and the Nasdaq Composite was up 21.15 points, or 0.35 percent, at 6,068.76.Nine of the 11 major S&P 500 sectors were higher, led by identical gains of 0.35 percent in the financial and technology indexes.Apple''s 1.1 percent rise boosted all three indexes.Trading volume is expected to be light, with many markets in Asia and Europe closed for Labor Day, but will pick up through the week as major earnings reports and economic data pour in.A data-heavy week will culminate with the monthly jobs report on Friday. The Federal Reserve''s two-day meeting that starts on Tuesday could shed policymakers'' insights into weak first-quarter economic growth.U.S. consumer spending was unchanged in March for a second straight month and the overall monthly inflation rate fell for the first time in a year. But, inflation-adjusted consumer spending increased after two straight months of decline.Stocks edged lower on Friday due to the weak GDP data, but Wall Street''s major indexes ended with gains for April, helped by strong quarterly earnings.Overall, profit at S&P 500 companies are estimated to have risen 13.6 percent in the first quarter, the most since 2011, according to Thomson Reuters I/B/E/S.Shares of Caterpillar were up 0.66 percent at $102.92. Barron''s said the stock could rise another 20 percent over the next year, helped by Trump''s policies.Dish Network fell 2.22 percent to $63.01 after the satellite TV provider''s quarterly revenue missed expectations.Tribune Media jumped 8.9 percent to $39.82 after Reuters reported Twenty-First Century Fox is in talks with Blackstone to buy the television station operator. Fox shares were down 0.13 percent at $30.50.Advancing issues outnumbered decliners on the NYSE by 1,663 to 857. On the Nasdaq, 1,447 issues rose and 747 fell.The S&P 500 index showed 17 new 52-week highs and three new lows, while the Nasdaq recorded 40 new highs and 14 new lows. (Reporting by Tanya Agrawal in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-idINL4N1I32KS'|'2017-05-01T11:47:00.000+03:00'|3848.0|''|-1.0|'' 3849|'51e5880195241ccda943fbe45d501c34c94a765c'|'BT to restructure Global Services after ''challenging year'''|'Business News - Thu May 11, 2017 - 6:33pm BST BT to restructure Global Services after ''challenging year'' LONDON BT, Britain''s biggest telecoms group, said it would shake up its global service division that serves multinationals and scale back its dividend growth ambitions as it recovers from an accounting scandal in Italy and a profit warning. Reporting fourth-quarter revenue of 6.12 billion pounds, up 10 percent, and adjusted earnings of 2.07 billion pounds, up 2 percent and broadly in line with forecasts, the company said it had had a "challenging year". It said it would cut 4,000 jobs from its Global Services unit, group functions and technology operations, taking a restructuring charge of 300 million pounds. It paid a final dividend of 10.55 pence, up 10 percent, but said dividend growth in 2017/18 would be lower than the 10 percent it had previously targeted. (The story was refiled to correct the third paragraph to show job cuts will be in group functions as well as Global Services) (Reporting by Paul Sandle; editing by Kate Holton) FILE PHOTO: The logo for the British Telecom group is seen outside of offices in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville/File Photo'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bt-group-results-idUKKBN1870J9'|'2017-05-11T14:25:00.000+03:00'|3849.0|''|-1.0|'' -3850|'670060d61907e3050bf0d2b69ab0ab6345e64872'|'Puerto Rico will make $13.9 million pension bond payment due on Thursday'|'NEW YORK Puerto Rico''s government on Tuesday said it will make a $13.9 million payment on June 1 to bondholders of the Employees Retirement System (ERS), the island''s largest pension.The agreement, announced at a hearing in federal court in Manhattan, settled a lawsuit filed on Friday as part of ERS'' ongoing bankruptcy. It did not resolve a similar dispute over about $16 million owed on June 1 to bondholders of Puerto Rico''s sales tax authority, COFINA.A hearing on the COFINA dispute was underway in the Manhattan court on Tuesday.The disputes are tied to Puerto Rico''s massive economic crisis, which is marked by $70 billion in bond debt and another $49 billion in pension obligations.Those debts have pushed the U.S. territory and some of its public entities, including COFINA and ERS, into the largest combined municipal bankruptcy in U.S. history.COFINA IN THE SPOTLIGHTCOFINA owes more than $17 billion of the island''s overall debt, and its bondholders say they are protected by an ironclad legal structure that separates COFINA from the rest of government and gives them a lien on the island''s sales tax revenue.Holders of more than $18 billion of Puerto Rican general obligation bonds, however, say their debt is guaranteed by Puerto Rico''s constitution, and that they have a right to repurpose any revenue streams, including COFINA''s, to repay their debt.Tuesday''s hearing centers on a request by the Bank of New York Mellon ( BK.N ), the trustee for COFINA bonds, to hold onto a $16 million payment owed on Thursday to COFINA bondholders until Judge Laura Taylor Swain decides whose money it is.While that amount is a drop in the bucket, the hearing effectively begins the process of resolving sticky disputes, not only between GO and COFINA holders, but between senior and junior holders of COFINA debt.A piece of Thursday''s payment is owed to junior COFINA creditors. But senior holders, including Whitebox Advisors and Cyrus Capital Partners, argue a default has already occurred at COFINA due to Puerto Rico''s indications that it will seek to cut debt repayments.As a result, the senior group argues, BNY Mellon should accelerate payments to seniors and stop payments to juniors.(Reporting by Nick Brown; Editing by Meredith Mazzilli)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-puertorico-debt-bankruptcy-idUSKBN18Q1VW'|'2017-05-30T20:33:00.000+03:00'|3850.0|''|-1.0|'' +3850|'670060d61907e3050bf0d2b69ab0ab6345e64872'|'Puerto Rico will make $13.9 million pension bond payment due on Thursday'|'NEW YORK Puerto Rico''s government on Tuesday said it will make a $13.9 million payment on June 1 to bondholders of the Employees Retirement System (ERS), the island''s largest pension.The agreement, announced at a hearing in federal court in Manhattan, settled a lawsuit filed on Friday as part of ERS'' ongoing bankruptcy. It did not resolve a similar dispute over about $16 million owed on June 1 to bondholders of Puerto Rico''s sales tax authority, COFINA.A hearing on the COFINA dispute was underway in the Manhattan court on Tuesday.The disputes are tied to Puerto Rico''s massive economic crisis, which is marked by $70 billion in bond debt and another $49 billion in pension obligations.Those debts have pushed the U.S. territory and some of its public entities, including COFINA and ERS, into the largest combined municipal bankruptcy in U.S. history.COFINA IN THE SPOTLIGHTCOFINA owes more than $17 billion of the island''s overall debt, and its bondholders say they are protected by an ironclad legal structure that separates COFINA from the rest of government and gives them a lien on the island''s sales tax revenue.Holders of more than $18 billion of Puerto Rican general obligation bonds, however, say their debt is guaranteed by Puerto Rico''s constitution, and that they have a right to repurpose any revenue streams, including COFINA''s, to repay their debt.Tuesday''s hearing centers on a request by the Bank of New York Mellon ( BK.N ), the trustee for COFINA bonds, to hold onto a $16 million payment owed on Thursday to COFINA bondholders until Judge Laura Taylor Swain decides whose money it is.While that amount is a drop in the bucket, the hearing effectively begins the process of resolving sticky disputes, not only between GO and COFINA holders, but between senior and junior holders of COFINA debt.A piece of Thursday''s payment is owed to junior COFINA creditors. But senior holders, including Whitebox Advisors and Cyrus Capital Partners, argue a default has already occurred at COFINA due to Puerto Rico''s indications that it will seek to cut debt repayments.As a result, the senior group argues, BNY Mellon should accelerate payments to seniors and stop payments to juniors.(Reporting by Nick Brown; Editing by Meredith Mazzilli)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-puertorico-debt-bankruptcy-idUSKBN18Q1VW'|'2017-05-30T20:33:00.000+03:00'|3850.0|20.0|0.0|'' 3851|'4a8f238d9cc65884d030cc949bced0b811a4178c'|'Alfa Financial Software plans to list in London next month'|' 11am BST Alfa Financial Software plans to list in London next month By Esha Vaish Alfa Financial, which provides software for the asset finance industry, said it plans to list on the London stock exchange next month. The company, which counts Bank of America and Barclays as customers, would be aiming for a valuation of over 800 million pounds after the initial public offering (IPO), a person familiar with the matter said. London-based Alfa said in a statement that it hopes the listing will help it grab a larger chunk of the asset finance market by attracting new customers looking to replace legacy or in-house systems that have failed to keep up with evolving regulations. Uncertainty around Britain''s future outside of the EU single market has dampened sentiment for floating on the London market, with the amount raised from London IPOs falling 28 percent in the first quarter from a year ago. Alfa, however, said Brexit uncertainty had not affected its listing plans as the underlying asset finance market continued to grow strongly. "The asset finance market is an incredibly robust mart and has shown growth through all sorts of political and economic turbulence. So whatever is going on ... we''re very confident in our constituent market," Chief Executive Andrew Denton told Reuters in a phone interview. "(The listing) will be good for us to be more widely known. We believe that will greatly increase our market breakup." The asset finance market globally was estimated to be worth about $5.4 trillion (4.16 trillion) by 2015, with $2.6 trillion of this relating to new business volumes, according to PwC. Alfa said that it expected to float at least 25 percent of its shares, including the sale of shares by investor CHP Software and Consulting Ltd, which is 89.7 percent owned by Executive Chairman Andrew Page and 10.3 percent by Denton. Alfa''s business is split between the United States and Europe and funds from its highly cash-generative business would cover potential growth plans, which include growing its newly launched cloud-based service and rolling out upgrades for its existing platform. "The key thing for us is to be on the market for all of the good things that brings us, rather than raising money," Denton said. Barclays and Numis are acting as joint bookrunners for the IPO, while Rothschild is acting as financial adviser. (Reporting by Esha Vaish in Bengaluru; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alfa-financial-ipo-idUKKBN18410E'|'2017-05-08T18:11:00.000+03:00'|3851.0|''|-1.0|'' -3852|'21cb7a371e7cee60e9deeef68ff3969af8fb9260'|'Intesa CEO criticises EU over Italy bank bailout terms'|'Business 31pm BST Intesa CEO criticises EU over Italy bank bailout terms Carlo Messina, CEO of Intesa Sanpaolo Bank looks on during a shareholders meeting in Turin, Italy April 27, 2017. REUTERS/Giorgio Perottino ROME The chief executive of Italy''s biggest retail bank, Intesa Sanpaolo ( ISP.MI ), said on Wednesday it was "unacceptable" that European authorities demand more private funds be pumped into weak Italian banks before authorising state aid. Sources told Reuters last week that the European Commission had told two ailing Veneto-based lenders to raise 1 billion euros (864.5 million) in private capital as a condition to approve their request for a state bailout. The sources said the country''s healthier banks could come under pressure to once again step in to help rescue the two banks, Popolare di Vicenza and Veneto Banca. "It is unacceptable to start from the assumption, as someone is asking, that money has been lost but more money must be lost before state intervention is allowed," Carlo Messina told reporters on the sidelines of a business conference. "We need to move quickly. We cannot wait months and months in a bureaucratic loop where various players pass the ball round to each other. If there is a problem of financial stability, we need to act on it fast." (Reporting by Stefano Bernabei, writing by Silvia Aloisi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-idUKKBN18K1SD'|'2017-05-24T21:31:00.000+03:00'|3852.0|''|-1.0|'' +3852|'21cb7a371e7cee60e9deeef68ff3969af8fb9260'|'Intesa CEO criticises EU over Italy bank bailout terms'|'Business 31pm BST Intesa CEO criticises EU over Italy bank bailout terms Carlo Messina, CEO of Intesa Sanpaolo Bank looks on during a shareholders meeting in Turin, Italy April 27, 2017. REUTERS/Giorgio Perottino ROME The chief executive of Italy''s biggest retail bank, Intesa Sanpaolo ( ISP.MI ), said on Wednesday it was "unacceptable" that European authorities demand more private funds be pumped into weak Italian banks before authorising state aid. Sources told Reuters last week that the European Commission had told two ailing Veneto-based lenders to raise 1 billion euros (864.5 million) in private capital as a condition to approve their request for a state bailout. The sources said the country''s healthier banks could come under pressure to once again step in to help rescue the two banks, Popolare di Vicenza and Veneto Banca. "It is unacceptable to start from the assumption, as someone is asking, that money has been lost but more money must be lost before state intervention is allowed," Carlo Messina told reporters on the sidelines of a business conference. "We need to move quickly. We cannot wait months and months in a bureaucratic loop where various players pass the ball round to each other. If there is a problem of financial stability, we need to act on it fast." (Reporting by Stefano Bernabei, writing by Silvia Aloisi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-idUKKBN18K1SD'|'2017-05-24T21:31:00.000+03:00'|3852.0|20.0|0.0|'' 3853|'2e28be1f03a222c4d5da0da9870aea23633f9e1a'|'Mine craft: why BHP''s strategic overhaul could help repel a hedge fund predator - Business'|'I ts been a big week for BHP Billiton. For one thing, its not even called that any more. As part of its Think Big rebranding theme, the worlds biggest mining company opted to shed the Billiton moniker it acquired in a 2001 merger with a Dutch-South African company and revert to its previous true-blue Aussie name.BHP says the rebranding complete with TV ads about how seven ordinary blokes in the outback founded what is now a global business worth $A94bn (54bn) is part of a long-term plan started 18 months ago to reconnect with communities. The timing now is good but we dont look at it as an event, the companys chief external affairs officer, Geoff Healy, says. This is a clean brand change for the company.BHP hit by perfect storm of dam disaster, falling prices and China fears Read moreThe move appeared to bookend a happy period when the Anglo-Australian mining colossus had rediscovered its direction after 19 people were killed in a disastrous dam burst at an iron ore joint venture in Brazil in 2015 and the share price sank to a 10-year low.But no sooner had BHP put the finishing touches to its fresh look on Monday than it found itself, for the second time in a month, the subject of an unflattering critique by a predatory US hedge fund.Upsetting BHPs big week was Elliott Advisors, whose Arsenal-supporting billionaire founder, Paul Singer, has earned a fearsome reputation for pursuing change at companies he thinks could make him more money. In April, Elliott wrote to investors demanding that BHP spin off its US oil assets and abolish its obsolete corporate structure that means it is listed in the UK and Australia. This week it adopted a more acrimonious tone, sledging BHPs management for chronic underperformance, adopting a do nothing approach and destroying shareholder value to the tune of billions of dollars.market cap BHP has yet to comment but its new image could appeal to the patriotism of its many small Australian shareholders and help rebuff Elliotts increasingly threatening advances. By evoking the companys gritty origins as Broken Hill Proprietary in remote New South Wales, BHP may have claimed to be thinking big but in reality is going back to basics.Even the Australian treasurer, Scott Morrison, got in on the act last week when he dismissed Elliotts initial suggestions about removing BHP from the Australian stock market as unthinkable . For good measure he added that taking the original big Australian offshore could lead to legal action against executives as it would contravene the terms of the 2001 merger.Facebook Twitter Pinterest The predatory US hedge fund Elliott Advisors says BHP should abolish its obsolete corporate structure that means it is listed in the UK and Australia. Photograph: Bhp Billiton/PR IMAGEMorrisons comments were telling and reveal that Elliott, which once seized an Argentinian warship to extract debt repayment from the Buenos Aires government , may have underestimated the attachment Australians feel towards its corporate champions.While people in the UK are used to seeing companies and utilities bought and sold to the highest bidder Cadbury, ICI, British Steel and Jaguar Land Rover have all disappeared or gone into foreign hands Australians appear more attached to their big names, especially ones worth billions and which have paid handsome dividends to shareholders and pension funds down the years.Richard Knights of the London-based investment banking and share brokerage firm Liberum Capital says Elliott had misjudged the likely political fallout from its proposal that BHP drop its stock market listing in Australia.I dont think they quite grasped how much part of the corporate fabric of Australia BHP is. It has a lot of mum and dad shareholders, a lot of pension money and retirement savings. Its a different culture to [the UK], where someone else manages your money. Theres more of a direct investment culture so theres a cultural angle that they missed.BHP sharespounds BHP shares He adds that the mining giants rebranding was also a factor. I think it ties into this whole cultural heritage, he says, because they spun off most of the Billiton assets so whats left is mostly BHP.While the finer points of brand awareness might not be a core consideration for a business that is focused on digging millions of tonnes of iron ore, coal and copper out of the ground, the significance is not lost on industry experts.Andrew Holt, the chief executive in Australia of the creative agency VCCP, says the Think Big campaign showed BHP was going back to its roots in order to restore its Australian-ness.That would seem a timely argument if youre trying to fight off a foreign investor, he says.Facebook Twitter Pinterest A rescue worker at Bento Rodrigues district after a dam owned by Vale SA and BHP Billiton Ltd burst in Mariana, Brazil, in November 2015. Photograph: Ricardo Moraes/ReutersElliott did admit this week that amid all the discussion of underperformance and unlocking optimal shareholder value, there was a cultural dimension to the number-crunching. We understood from the start that unification requires BHP to cut through certain complexity and that Australians in particular feel passionate about BHP remaining rooted in Australia, the hedge fund said.Elliott is promising to fight on. Its latest missive backtracked on scrapping the dual UK-Australia listing but it remains belligerent, claiming that BHPs purchase of the US shale interests have cost shareholders US$23bn. So although BHPs CEO, Andrew Mackenzie, has said he would consider selling the US shale oil business for the right price and met representatives of Elliott in Barcelona on Wednesday, it is unlikely the activist fund, which claims to speak for 4.1% of shareholders, will go quietly.Ric Spooner, the chief market strategist at CMC Markets in Sydney, says many shareholders agreed with Elliott that BHP would be better off selling the US oil business and reinvesting the proceeds in other parts of the company.Profile: Argentina''s nemesis, hedge fund manager Paul Singer Read moreThe problem is BHP management has a dissenting view, he says. They dont agree that they would be better off by selling the oil assets. BHP believes that the advantage of oil is that it allows diversification and that it does well when other commodities do badly.Investec analyst Hunter Hillcoat says: In our view, BHPs chronic underperformance is not as chronic as Elliott makes out and some aspects of the Elliott presentation appear disingenuous and/or made with the benefit of hindsight.While BHP has certainly made poor investments, in our view it has been no worse than its peers in this regard.He admits there might be some merit in BHP selling its petroleum business, adding that the dispute could ultimately work in shareholders favour, even if BHP makes no major concessions. Whatever the outcome, Elliotts agitation should be good for BHP shareholders, in our view, if only to create greater transparency. And that could be a big plus at the end of the week.Topics BHP Billiton Mining Business (Australia) Fossil fuels Energy features Share Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/20/mine-craft-why-bhps-strategic-overhaul-could-help-repel-a-hedge-fund-predator'|'2017-05-20T07:19:00.000+03:00'|3853.0|''|-1.0|'' 3854|'8a0f86109806efd3ee77de77ec7eccd44984d423'|'MIDEAST STOCKS-Real estate sector lifts Egypt, Saudi volumes rise before Ramadan'|'Market News - Wed May 17, 2017 - 10:48am EDT MIDEAST STOCKS-Real estate sector lifts Egypt, Saudi volumes rise before Ramadan * Egypt''s SODIC jumps on expansion plans, strong Q1 results * Positive mood spills over to other developers * Saudi Arabia sees highest volume since January * Small caps outperform large caps * Dubai''s DAMAC continues climb on MSCI upgrade By Celine Aswad DUBAI, May 17 Egypt''s stock market outperformed its Gulf peers on Wednesday on the back of strong first-quarter earnings and positive news from a real estate developer, while Saudi Arabia saw increased activity as traders took positions ahead of Ramadan. Egypt''s index rose 1.0 percent as real estate firm Sixth of October Development (SODIC) jumped 4.2 percent to a four-month high in its heaviest trade since May 2014. The company''s chief executive told Reuters on Wednesday it planned to buy new land to the north and west of Cairo as part of an expansion plan. In total, SODIC would acquire land worth 600 million Egyptian pounds ($33.2 million). The value of contracted sales during the first quarter reached 1.2 billion pounds, beating the company''s target of 1 billion pounds. On Tuesday SODIC reported net profit of 211 million pounds for the first quarter, four times its year-ago profit. The positive sentiment spilled over into shares of other property developers with the largest by market value, Talaat Mostafa Group, adding 0.8 percent, recovering slightly from the previous day''s heavy loss on news that MSCI will remove the stock from its main Egypt index. Ezz Steel rose 2.1 percent after one of its subsidiaries reported an almost tripling in first-quarter net income compared with a year ago. Meanwhile, the Saudi index added 0.1 percent in the heaviest trading volume since January as much activity focused on second- and third-tier stocks. "Investors are taking positions or exiting them ahead of the holy month of Ramadan," said a Jeddah-based trader. Ramadan is expected to start on May 27. Saudi Paper Manufacturing gained 3.1 percent as about 3.2 million shares traded hands on Wednesday, more than triple the usual daily volume. Of the 20 most valuable companies by market capitalisation, only eight rose, with Almarai and Makkah Construction Development each gaining 1.7 percent. The Dubai index rose 0.5 percent as DAMAC Properties extended the previous session''s 2.9 percent gain to add a further 2.5 percent. Its shares have been rising since index compiler MSCI said on Monday that it would add the stock to its United Arab Emirates index on June 1. Arqaam Capital estimated the inclusion would bring $68 million of passive fund inflows into the stock. Abu Dhabi''s index edged up 0.3 percent as mid-sized Eshraq Properties, the most heavily traded share, climbed 2.8 percent and Abu Dhabi National Energy jumped 3.5 percent. Qatar''s index rose 0.2 percent with its main support from blue-chip banks; Qatar National Bank added 1.0 percent. HIGHLIGHTS * The index rose 0.1 percent to 6,947 points. DUBAI * The index added 0.5 percent to 3,395 points. ABU DHABI * The index edged up 0.3 percent to 4,594 points. QATAR * The index rose 0.2 percent to 10,145 points. EGYPT * The index gained 1.0 percent to 13,064 points. KUWAIT * The index rose 0.1 percent to 6,732 points. BAHRAIN * The index fell 0.3 percent to 1,310 points. OMAN * The index lost 0.2 percent to 5,423 points. (Editing by Andrew Torchia Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1IJ3SE'|'2017-05-17T22:48:00.000+03:00'|3854.0|''|-1.0|'' 3855|'b0e7af59f5c4c7254ab4ab8ca9a2819809483ee8'|'TREASURIES-U.S. bond yields flat as weak auction offsets FBI Comey''s ouster'|'* Comey firing raises worries about Trump''s economic agenda * Treasuries bids diminish after poor 10-year note sale * U.S. 10-year yield retests 5-week high * Fed''s Rosengren sees possibly three more rate hikes in 2017 (Updates market action, adds Quote: ) By Richard Leong NEW YORK, May 10 U.S. Treasury yields were little changed on Wednesday as a weak 10-year note auction offset concerns about a political storm over U.S. President Donald Trump''s firing of the FBI director that could hinder his economic agenda. U.S. bond yields fell overnight in reaction to Trump''s abrupt dismissal of FBI Director James Comey late Tuesday. It drew a storm of criticism, mostly from Democrats, that the move was aimed at blunting the agency''s probe into the Trump presidential campaign''s possible collusion with Russia to sway last year''s election. The yield drop faded following below-average investor demand at a $23 billion 10-year note sale, the second leg of $62 billion quarterly refunding supply this week with benchmark yields retesting a five-week high reached on Tuesday. "It''s all taken in stride at this point," Bill Northey, chief investment officer at the private client group of U.S. Bank in Helena, Montana, said of Comey''s firing. "This is about the Fed and inflation levels." Boston Fed President Eric Rosengren said on Wednesday the central bank should raise rates three more times in 2017 and start reducing its $4.5 trillion balance sheet. Interest rates futures implied traders saw an 83 percent chance that the Fed would raise its benchmark overnight rate by a quarter of a percentage point to a range of 1.00 percent to 1.25 percent at its June 13-14 policy meeting, compared with 88 percent on Tuesday, according to CME Group''s FedWatch program. Earlier Wednesday, the Labor Department said U.S. import prices grew 0.5 percent in April, which was above forecast and marked a fifth straight month of increases. Competition from a growing pipeline of higher-yielding corporate bonds also put upward pressure on Treasury yields. Companies have raised more than $23 billion with investment-grade bonds so far this week, according to IFR, a Thomson Reuters unit. The benchmark 10-year Treasury yield touched 2.416 percent, a five-week high already struck on Tuesday. It was last at 2.407 percent, little changed on the day. The 30-year bond yield declined 1 basis point to 3.031 percent. It was below 3.047 percent set on Tuesday, which was its highest level since March 31. May 10 Wednesday 2:12PM New York / 1812 GMT Price US T BONDS JUN7 150-20/32 -0-4/32 10YR TNotes JUN7 124-212/256 0 Price Current Net Yield % Change (bps) Three-month bills 0.885 0.8993 -0.016 Six-month bills 1.0175 1.037 0.003 Two-year note 99-204/256 1.3548 0.000 Three-year note 99-206/256 1.5669 -0.003 Five-year note 99-184/256 1.9346 0.000 Seven-year note 98-152/256 2.2188 0.000 10-year note 98-160/256 2.4087 0.002 30-year bond 99-80/256 3.0351 -0.004 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 25.00 -2.00 spread U.S. 3-year dollar swap 20.25 -3.50 spread U.S. 5-year dollar swap 6.25 -1.75 spread U.S. 10-year dollar swap -8.75 -1.50 spread U.S. 30-year dollar swap -46.50 -1.25 spread (Reporting by Richard Leong; Editing by Nick Zieminski and Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1IC1FR'|'2017-05-10T16:38:00.000+03:00'|3855.0|''|-1.0|'' @@ -3859,14 +3859,14 @@ 3857|'ac813ba05688334aee0c867f9d7d8a85087d9754'|'U.K. election: Business is worried, whoever wins - May. 30, 2017'|'Theresa May: The UK is leaving the EU Businesses are worried about the British election. Whoever wins, they''re likely to find life harder. Prime Minister Theresa May called the surprise election for June 8 in the hope of winning a big parliamentary majority to bolster her hand in Brexit negotiations with the European Union that will begin later next month. May is still on course to win but her Conservative Party has seen its opinion poll lead over the opposition Labour Party narrow in recent weeks. The increased uncertainty has unsettled financial markets -- the pound was the worst performing major currency last week. Investors and company executives are still likely to favor May over Labour''s socialist leader Jeremy Corbyn, but they have concerns about both parties and their plans for government. Here are the biggest worries for business: Theresa May 1. Brexit threat May says she would rather have "no deal" with the EU on Brexit than a "bad deal," stoking fears that the U.K. could crash out of the EU without an agreement with its biggest trading partner. "The idea of being able to walk away empty handed might be a negotiating tactic, but it would in reality deliver a risky and expensive blow," said Terry Scuoler, the chief executive of EEF, which represents manufacturing firms. May has already said she wants to take the U.K. out of Europe''s unified market, while negotiating access to it. No deal, however, could cause chaos by introducing barriers to trade and disrupting complex supply chains. Some big banks have already started moving jobs out of the U.K. to safeguard their operations across the EU. Under EU rules, they can trade freely across the bloc as long as they have a base in one of the member states. Airlines say air traffic could be thrown into confusion because they rely on EU agreements. Automakers may have to move some production elsewhere. Labour leader Corbyn says the U.K. would leave the EU with a deal that "retains the benefits of the single market and customs union" if he were prime minister. Related: Americans are going to find it much harder to get a job in Britain 2. Fewer migrants Many voters backed Brexit because they want to reduce immigration. May has promised to cut annual net migration -- the difference between the number of migrants coming to the U.K. and the number of people leaving -- to below 100,000. That figure stood at 273,000 last year. But a sharp drop could cause serious problems for crucial sectors of the British economy, including hospitality, healthcare, construction and technology, which employ many migrant workers. May has also proposed doubling the fee British businesses have to pay for employing foreign workers . The British Chamber of Commerce said May''s approach to immigration would "worry companies of every size, sector, region and nation." Related: Brexit jobs tracker 3. Workers rights May is also promising to take a tougher approach on how companies are managed and top executive pay. She wants to make executive pay packages subject to binding annual votes by shareholders. Listed companies will also have to publish the ratio of executive pay to broader pay levels in the U.K. workforce. Under a Conservative government, workers would also be given a voice in the management of their companies, with representatives on the boards of all businesses. They will either have to nominate a director from the workforce, create a formal employee advisory council or assign responsibility for employee representation to a designated non-executive director. Related: EU citizens are leaving Brexit Britain Jeremy Corbyn 1. Higher taxes The Labour Party has promised to increase taxes on businesses and the rich to fund a huge increase in spending on education and health care. Labour wants the tax rate paid by corporations to increase to 21%, from 19% at present, and then to 26% by the start of the next decade. It plans to squeeze nearly 20 billion ($26 billion) out of businesses. Income tax would also go up for anyone earning more than 80,000 ($103,000). A new top 50% rate of tax would be introduced for anyone making over 123,000 ($158,000). "While Labour are making some specific and targeted propositions that could boost the growth prospects of small and medium-sized firms, these will be largely eclipsed by their proposals for higher personal and business taxes in the eyes of business leaders," said Adam Marshall, Director General of the British Chambers of Commerce. Related: Britain''s Bernie Sanders wants huge tax hike to make college free 2. Government intervention Corbyn wants to nationalize railways, energy companies and the Royal Mail, bringing those private companies back into state ownership. "High personal taxation, sweeping nationalization and deep intervention in business decision making are not the hallmarks of an ambitious and enterprising society," Marshall said. 3. A salary cap Corbyn has proposed capping salaries for top executives working in the public sector and for businesses bidding on government contracts. The cap would be set at 20 times the salary of the lowest paid worker in the company. That means any public sector organization or contractor employing a full time worker on the minimum wage -- equivalent to 14,382 per year -- could not pay its top executive more than 287,640. Corbyn has also proposed making unpaid internships illegal and giving more power to labor unions. CNNMoney (London) First published May 30, 2017: 11:12 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/05/30/news/economy/election-uk-business-worried/index.html'|'2017-05-30T19:12:00.000+03:00'|3857.0|''|-1.0|'' 3858|'27fd62853458de8ab0fa2501c9142d6a77cbb578'|'Savills expects UK election to hit housing sales in next few weeks'|' 11:10am BST Savills expects UK election to hit housing sales in next few weeks FILE PHOTO - A builder assembles scaffolding as he works on new homes being built for private sale on a council housing estate, in south London June 3, 2014. REUTERS/Andrew Winning/File Photo LONDON International estate agency Savills ( SVS.L ) said it anticipated housing sales in Britain will be hit by a June 8 general election, but that its overall performance this year will be in line with expectations. Some Britons tend to put off major purchases due to the uncertainty created by an election although several builders reported that demand was not dented by 2015 polls, the last time a new government was elected. "The period leading up to the UK general election is expected to have a short-term adverse impact on residential transaction activity over the next few weeks," Savills said in a statement on Tuesday. The firm, which operates across Europe, North America, Asia and Australasia, said its overall performance in the first four months of the year was ahead of the same period last year and it would meet market expectations despite increased global political and economic uncertainty. (Reporting by Costas Pitas, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-election-savills-idUKKBN185120'|'2017-05-09T18:10:00.000+03:00'|3858.0|''|-1.0|'' 3859|'748e41b4f5ed2e3ce84c8be554d7e1ca69738e74'|'IMF says Asia facing risks from rise in protectionism'|'Business News - 33am BST IMF says Asia facing risks from rise in protectionism SINGAPORE The International Monetary Fund said Asia''s economic outlook faces "significant" uncertainty and downside growth risks from any sudden tightening in global financial conditions or rise in protectionist trade policies. The IMF, which in April raised its 2017 Asia-Pacific growth forecast to 5.5 percent from its previous October forecast of 5.4 percent, said loose monetary and fiscal policies across most of the region would underpin domestic demand. "However, the near-term outlook is clouded with significant uncertainty, and risks, on balance, remain slanted to the downside," the IMF said in its Asia-Pacific regional economic outlook released on Tuesday. In April, the IMF kept the region''s 2018 growth forecast unchanged at 5.4 percent. Asia-Pacific recorded 5.3 percent growth in 2016. The report comes at a time when policymakers around the region are wrestling with the challenge of how to navigate rising risks of protectionism under U.S. President Donald Trump, and a potential increase in funding costs as the Federal Reserve steps up the pace of rate hikes. Continued tightening of global financial conditions could trigger volatility in capital flows, and the region could see large spillovers if China''s shift to a more consumption-driven economy proves bumpier than expected, the IMF said. "A possible shift towards protectionism in major trading partners also represents a substantial risk to the region. Asia is particularly vulnerable to a decline in global trade because the region has a high trade openness ratio, with significant participation in global supply chains," it said. The IMF said exchange rate flexibility should remain the "main shock absorber" against a sudden tightening in global financial conditions or shift toward protectionism. It added, however, that "judicious" foreign exchange intervention might be called for in certain cases, such as when disorderly market conditions or rapid exchange rate movements threaten financial or corporate stability. The IMF emphasised that foreign exchange intervention should not be used to resist currency moves that reflect changes in fundamentals including in the global trade environment or as a substitute for macroeconomic policy adjustments. Ageing demographics and a slowdown in productivity growth since the global financial crisis pose medium-term headwinds to the region''s economic growth, the IMF said, adding that parts of Asia risk "becoming old before becoming rich". "Adapting to aging could be especially challenging for Asia, as populations living at relatively low per capita income levels in many parts of the region are rapidly becoming old," it said. The IMF said monetary policy should generally remain accommodative in the region since inflation is below target and there is slack in most Asian economies. If growth weakens further, some regional central banks such as those in Malaysia and Thailand, may have room to cut interest rates as long as external stability is not compromised, while others in India, Indonesia, and Vietnam should be ready to raise interest rates if inflationary pressures strengthen, the IMF said. (Reporting by Masayuki Kitano; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-imf-asia-growth-idUKKBN185039'|'2017-05-09T09:10:00.000+03:00'|3859.0|''|-1.0|'' -3860|'db629a05a596ef4d0d090eb7746b9725511821e2'|'Regional bank First Horizon to buy Capital Bank for $2.2 billion'|'By Diptendu Lahiri First Horizon National Corp ( FHN.N ) said it would buy fellow regional bank Capital Bank Financial Corp ( CBF.O ) for $2.2 billion to boost its presence in the fast-growing U.S. southeast market.First Horizon''s offer price of $40.83 per share represents a discount of about 3 percent to Capital Bank''s Wednesday closing.Capital Bank''s shares, which have gained 40 percent in the past year, were trading just shy of the offer at $40.00 before the bell on Thursday.The deal is the latest in a spree of mergers between regional U.S. banks that started last year, spurred by low interest rates, lagging returns on equity and tough regulations.However, U.S. President Donald Trump has ordered reviews of major banking regulations put in place following the 2008 financial crisis. Federal Reserve policymakers have also signaled that a ''liftoff'' of interest rates may finally get underway this year.The combined company will have $40 billion in assets and $32 billion in deposits and will operate more than 300 branches across the Southeast, including Tennessee, South Carolina, Florida and Virginia.First Horizon will offer 1.750 shares and $7.90 in cash for each Capital Bank share - a ratio of 80 percent stock and 20 percent cash.Capital Bank shareholders will own a 29 percent stake in First Horizon after the deal closes.Earlier this year, Sterling Bancorp ( STL.N ) said it would buy Astoria Financial Corp ( AF.N ) in an all-stock deal valued at about $2.2 billion.In February, U.S. regional lender F.N.B. Corp ( FNB.N ) received regulatory clearances for its proposed acquisition of Yadkin Financial Corp ( YDKN.N ).Barclays Capital and Morgan Stanley & Co were financial advisers to First Horizon, while UBS Investment Bank advised Capital Bank.(Reporting by Diptendu Lahiri in Bengaluru; Editing by Supriya Kurane and Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-capitalbank-m-a-idINKBN1801DF'|'2017-05-04T10:40:00.000+03:00'|3860.0|''|-1.0|'' +3860|'db629a05a596ef4d0d090eb7746b9725511821e2'|'Regional bank First Horizon to buy Capital Bank for $2.2 billion'|'By Diptendu Lahiri First Horizon National Corp ( FHN.N ) said it would buy fellow regional bank Capital Bank Financial Corp ( CBF.O ) for $2.2 billion to boost its presence in the fast-growing U.S. southeast market.First Horizon''s offer price of $40.83 per share represents a discount of about 3 percent to Capital Bank''s Wednesday closing.Capital Bank''s shares, which have gained 40 percent in the past year, were trading just shy of the offer at $40.00 before the bell on Thursday.The deal is the latest in a spree of mergers between regional U.S. banks that started last year, spurred by low interest rates, lagging returns on equity and tough regulations.However, U.S. President Donald Trump has ordered reviews of major banking regulations put in place following the 2008 financial crisis. Federal Reserve policymakers have also signaled that a ''liftoff'' of interest rates may finally get underway this year.The combined company will have $40 billion in assets and $32 billion in deposits and will operate more than 300 branches across the Southeast, including Tennessee, South Carolina, Florida and Virginia.First Horizon will offer 1.750 shares and $7.90 in cash for each Capital Bank share - a ratio of 80 percent stock and 20 percent cash.Capital Bank shareholders will own a 29 percent stake in First Horizon after the deal closes.Earlier this year, Sterling Bancorp ( STL.N ) said it would buy Astoria Financial Corp ( AF.N ) in an all-stock deal valued at about $2.2 billion.In February, U.S. regional lender F.N.B. Corp ( FNB.N ) received regulatory clearances for its proposed acquisition of Yadkin Financial Corp ( YDKN.N ).Barclays Capital and Morgan Stanley & Co were financial advisers to First Horizon, while UBS Investment Bank advised Capital Bank.(Reporting by Diptendu Lahiri in Bengaluru; Editing by Supriya Kurane and Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-capitalbank-m-a-idINKBN1801DF'|'2017-05-04T10:40:00.000+03:00'|3860.0|18.0|1.0|'' 3861|'f0f9a4a50a0a6064b90154c0a9b4b9bb40397ef8'|'Ultra-loose monetary policy raises risks, Germany''s Schaeuble says'|'Business News - 51pm BST Ultra-loose monetary policy raises risks, Germany''s Schaeuble says FILE PHOTO: German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid-term plans for state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017. REUTERS/Fabrizio Bensch/File Photo BERLIN The ultra-loose monetary policy environment raises new risks for the world economy, which is still feeling the effects of the 2008 financial crisis, German Finance Minister Wolfgang Schaeuble said on Tuesday, urging a timely exit strategy. Speaking at a G20 sponsored business conference in the German capital, Schaeuble rejected accusations that Germany was manipulating the euro to boost exports and rejected any form of protectionism as damaging to the world economy. "If we have learnt anything from the past, it is that nationalism and protectionism are never the right answer," he said. "We have to make our economies more robust. I am confused by those who say that Germany is unfairly manipulating monetary policy." Schaeuble warned that failure to shield the world economy from future financial shocks could spell turbulence. (Reporting by Joseph Nasr and Paul Carrel)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g20-germany-economy-idUKKBN17Y1F2'|'2017-05-02T20:51:00.000+03:00'|3861.0|''|-1.0|'' 3862|'957ea91c755cf9376059ed806a154c98d0127273'|'Energy price rises help drive UK inflation up to 2.7% - Business'|'Inflation Energy price rises help drive UK inflation up to 2.7% Increases in clothing, car tax and air fares also blamed as pressure grows on living standards and consumer spending The ONS said producer output price inflation was above 5%, indicating further rises in inflation could be expected. Photograph: Rui Vieira/PA Inflation Energy price rises help drive UK inflation up to 2.7% Increases in clothing, car tax and air fares also blamed as pressure grows on living standards and consumer spending View more sharing options Tuesday 16 May 2017 15.58 BST First published on Tuesday 16 May 2017 10.04 BST The rising cost of electricity contributed to inflations rise to 2.7% in April, its highest level in three and a half years. Increases in the cost of clothing, car tax and air fares were also blamed by the Office for National Statistics for the rise in consumer price inflation (CPI) that exceeded City forecasts of 2.6%, and soared above the previous months figure of 2.3% . With wages increasing by just 1.9%, opposition parties and the TUC said the new inflation figure highlighted the growing pressure on living standards and consumer spending. UK inflation jumps to 2.7% as real wage squeeze worsens - business live Read more CPI inflation April 2017 The economy has grown over the last two years in response to a surge in consumer spending, fuelled largely by an increase in credit . But the fall in the value of sterling following the Brexit vote has pushed up the prices of imports, especially of food and clothing. The Bank of England predicted last week that inflation would peak at 2.7% in the summer. However, this forecast looks like it will need to be revised, especially after the ONS said producer output price inflation was above 3%, indicating that further rises in inflation could be expected. Liberal Democrat shadow business secretary Susan Kramer said : These worrying levels of inflation show the Brexit squeeze is hitting shopping baskets across the country. The TUC general secretary, Frances OGrady, said the government needed to protect workers from a slump in real wages . Working people are still 20 a week worse off, on average, than they were before the crash. Thats why living standards must be a key battleground at this election, she said. All the parties need to explain how theyll create better-paid jobs, especially in the parts of the UK that need them most. City economists were divided over the path of inflation over the next year, with some expecting a modest and brief rise above 3% while others said it would be more sustained. Alan Clarke, an economist at Scotia Bank, said he expected further electricity and gas price rises and that an acceleration in food price rises would push CPI inflation to 3.25% in the autumn. We remain convinced that the market is underestimating the further upside for inflation from here, he said. Clarke argued that the retail prices index (RPI), which includes some housing costs, was already at 3.5% and would rise to 4.25% before the end of the year, putting extreme pressure on consumers to cut back spending on non-essential items. The National Institute for Economic & Social Research (NIESR) forecast last week that British workers will see their disposable incomes shrinking this year as a result of rising inflation that will peak at 3.4%, while average wage rises are capped at only 2.7%. Howard Archer, chief UK economist at IHS Global Insight, said rising inflation would put a further squeeze on real incomes and force Threadneedle Street to delay any move to raise interest rates. The Bank of England will most likely sit tight on interest rates through 2017 and 2018 and very possibly well beyond. We suspect it will end up remaining tolerant on the inflation overshoot given likely limited UK growth and the prolonged, highly uncertain outlook that the UK economy will face as the government negotiates the exit from the EU, he said. But Scott Bowman, UK economist at Capital Economics , was more optimistic that inflation would be held in check. He said many of the elements pushing up inflation were one-off factors and their effect would wane over the coming months. The sharp rise was mainly due to factors that, while they wont be reversed, shouldnt be repeated. Indeed, a large part of the rise in inflation reflected air fares reversing the previous months fall as a result of Easter shifting from March last year to April this year. Whats more, vehicle excise duty rates rose this April and tobacco and alcohol duty increased by more this year than they did last year, he said. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/may/16/energy-price-rises-help-drive-uk-inflation-up-to-27'|'2017-05-16T18:04:00.000+03:00'|3862.0|''|-1.0|'' -3863|'b03c4a8ca69dd834771fecad76ac5c830d666041'|'Santander or Bankia viewed as likely saviours for Spain''s Popular'|'Deals 09am EDT Santander or Bankia viewed as likely saviors for Spain''s Popular left right FILE PHOTO: The logo of Banco Popular is seen on its headquarter in Lisbon, Portugal, March 17, 2016. REUTERS/Rafael Marchante/File Photo 1/2 left right A logo of Santander, the euro zone''s largest lender by market value, is seen on a branch in the Andalusian capital of Seville, southern Spain January 27, 2016. REUTERS/ Marcelo del Pozo/File Photo 2/2 By Andrs Gonzlez and Jess Aguado - MADRID MADRID Spain''s biggest bank Santander ( SAN.MC ) or state-owned lender Bankia ( BKIA.MC ) are most likely to step in to save troubled Banco Popular ( POP.MC ), sources familiar with the talks told Reuters, although a deal is still far from guaranteed. Popular is racing to find a merger partner after Spanish Economy Minister Luis de Guindos closed the door on Thursday to a potential bailout with public money, while a capital increase is facing resistance from the bank''s existing shareholders. Santander, which Popular, is attracted by the bank''s strong position in small and medium size company lending, a source close to Santander said, adding that it would probably have to raise cash to finance any bid. "I see Santander as being really motivated." Saddled with 37 billion euros of soured property assets, Popular has asked for binding offers by June 10 and aims to close a takeover by the end of next month, the sources said. The bank lost 3.6 billion euros in 2016 and has undergone three leadership shake-ups in less than a year. Its shares have fallen 65 percent over the past year and are the worst performers on the European STOXX banking index. Santander, Bankia and BBVA ( BBVA.MC ) all showed initial interest in Popular in a preliminary round of talks last week. BBVA, which declined to comment, does not rule out making an offer, but people familiar with its strategy say it sees a takeover deal as highly risky. It approached Popular with a tentative 1.2 euro per share offer late last year but never formally put forward a bid. BBVA believes any deal below this price would trigger liabilities of up to 2.5 billion euros ($2.8 billion), coming on top of restructuring and clean-up costs. Those liabilities relate to Popular''s capital increase in June 2016. Investors who bought into it at 1.25 euro per share could argue they were not given reliable information about the bank''s accounts and therefore paid over the odds. BAD BANK? Santander, which hired Citigroup earlier this year to work on a potential Popular deal, would have to raise at least 6 billion euros in a capital increase if it pursues a bid, the source close to the bank said, echoing analyst views. Popular''s final capital shortfall would not be known until a full due diligence has been completed, they added. Bankia, which also declined to comment, is another strong candidate, the sources said, because it not only has cash but also an excess of capital following its 22 billion euros state bailout in 2012 and a successful turnaround since then. Although it has not hired any advisers, Bankia could quickly find around 4 billion euros to buy Popular in cash and shares, paving the way for a transfer of part or all of Popular''s troubled real estate assets into Spain''s bad bank Sareb. While this would likely meet resistance in Madrid and Brussels, a condition for using the bad bank is to have received public money which would apply to Bankia, but not other bidders. "(Economy Minister) De Guindos is the one who will call the shots at the end of the day and its clear that he wants Bankia, and possibly Sareb, to be part of the solution," one source familiar with the process said. The economy ministry declined to comment. (Additional reporting by Carlos Ruano; writing by Julien Toyer; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-banco-popular-m-a-idUSKCN18F1HH'|'2017-05-19T21:02:00.000+03:00'|3863.0|''|-1.0|'' +3863|'b03c4a8ca69dd834771fecad76ac5c830d666041'|'Santander or Bankia viewed as likely saviours for Spain''s Popular'|'Deals 09am EDT Santander or Bankia viewed as likely saviors for Spain''s Popular left right FILE PHOTO: The logo of Banco Popular is seen on its headquarter in Lisbon, Portugal, March 17, 2016. REUTERS/Rafael Marchante/File Photo 1/2 left right A logo of Santander, the euro zone''s largest lender by market value, is seen on a branch in the Andalusian capital of Seville, southern Spain January 27, 2016. REUTERS/ Marcelo del Pozo/File Photo 2/2 By Andrs Gonzlez and Jess Aguado - MADRID MADRID Spain''s biggest bank Santander ( SAN.MC ) or state-owned lender Bankia ( BKIA.MC ) are most likely to step in to save troubled Banco Popular ( POP.MC ), sources familiar with the talks told Reuters, although a deal is still far from guaranteed. Popular is racing to find a merger partner after Spanish Economy Minister Luis de Guindos closed the door on Thursday to a potential bailout with public money, while a capital increase is facing resistance from the bank''s existing shareholders. Santander, which Popular, is attracted by the bank''s strong position in small and medium size company lending, a source close to Santander said, adding that it would probably have to raise cash to finance any bid. "I see Santander as being really motivated." Saddled with 37 billion euros of soured property assets, Popular has asked for binding offers by June 10 and aims to close a takeover by the end of next month, the sources said. The bank lost 3.6 billion euros in 2016 and has undergone three leadership shake-ups in less than a year. Its shares have fallen 65 percent over the past year and are the worst performers on the European STOXX banking index. Santander, Bankia and BBVA ( BBVA.MC ) all showed initial interest in Popular in a preliminary round of talks last week. BBVA, which declined to comment, does not rule out making an offer, but people familiar with its strategy say it sees a takeover deal as highly risky. It approached Popular with a tentative 1.2 euro per share offer late last year but never formally put forward a bid. BBVA believes any deal below this price would trigger liabilities of up to 2.5 billion euros ($2.8 billion), coming on top of restructuring and clean-up costs. Those liabilities relate to Popular''s capital increase in June 2016. Investors who bought into it at 1.25 euro per share could argue they were not given reliable information about the bank''s accounts and therefore paid over the odds. BAD BANK? Santander, which hired Citigroup earlier this year to work on a potential Popular deal, would have to raise at least 6 billion euros in a capital increase if it pursues a bid, the source close to the bank said, echoing analyst views. Popular''s final capital shortfall would not be known until a full due diligence has been completed, they added. Bankia, which also declined to comment, is another strong candidate, the sources said, because it not only has cash but also an excess of capital following its 22 billion euros state bailout in 2012 and a successful turnaround since then. Although it has not hired any advisers, Bankia could quickly find around 4 billion euros to buy Popular in cash and shares, paving the way for a transfer of part or all of Popular''s troubled real estate assets into Spain''s bad bank Sareb. While this would likely meet resistance in Madrid and Brussels, a condition for using the bad bank is to have received public money which would apply to Bankia, but not other bidders. "(Economy Minister) De Guindos is the one who will call the shots at the end of the day and its clear that he wants Bankia, and possibly Sareb, to be part of the solution," one source familiar with the process said. The economy ministry declined to comment. (Additional reporting by Carlos Ruano; writing by Julien Toyer; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-banco-popular-m-a-idUSKCN18F1HH'|'2017-05-19T21:02:00.000+03:00'|3863.0|29.0|2.0|'' 3864|'288634c509868e6d43bd96bda9bd3eef253f314a'|'Puerto Rico benchmark GO debt price drops to record low'|'By Daniel Bases - NEW YORK NEW YORK Puerto Rico''s benchmark general obligation debt price fell to a record low on Tuesday in light trading as the prospect of a drawn-out restructuring of the island''s $70 billion debt load spurred selling.The financially strapped U.S. territory filed on May 3 for the largest U.S. municipal bankruptcy in the history of the $3.8 trillion market.The unprecedented filing was made under Title III, a provision of the 2016 federal rescue law known as PROMESA, which serves as an in-court debt restructuring process akin to U.S. bankruptcy.On Tuesday, a mixture of small odd-lot trades, combined with a few larger block trades, left the price on the defaulted benchmark 2035 GO bonds below a bid price of 60, its lowest price since the $3.5 billion issue was sold in March 2014, according to Thomson Reuters data. 74514LE86=MSRBThe bid price on the bonds, which were sold with an 8 percent coupon, fell as low as 58.45 points before settling around 59.41 late on Tuesday. The larger block trades, which mixed in between the odd-lot trades, briefly lifted bid prices into the 61.75/62 range before settling lower."The longer (Puerto Rico) draws out, the lower prices could end up going down because of the extending timeline," said Shaun Burgess, portfolio manager and lead trader for Puerto Rico strategy at Sarasota, Florida-based Cumberland Advisors."This is not going to be a fast process and market participants are coming to that realization and adjusting positions to newer estimated recovery time lines," he said.Puerto Rico''s bankruptcy dwarfs the prior record of $18 billion in 2013 that was held by Detroit. It took roughly 17 months to resolve Detroit''s case.On Friday, U.S. Chief Justice John Roberts appointed a U.S. District Judge Laura Taylor Swain of the Southern District of New York to oversee the case.It remains unclear how much of the case will be handled in New York and how much will occur in San Juan. The judge''s chambers declined to comment.The federally appointed financial oversight and management board certified a 10-year fiscal turnaround plan that covers a quarter of the debt service required."And while the board is responsible for filing a restructuring plan, it will likely allow the government to craft the initial proposal. This puts creditors at a disadvantage because they may not propose alternative plans," said Sean McCarthy, head of municipal credit at PIMCO.(Reporting By Daniel Bases; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-idINKBN1852HJ'|'2017-05-09T18:42:00.000+03:00'|3864.0|''|-1.0|'' 3865|'de1d80b48fe84902c2ff11b213deeec383bbd466'|'U.S. judge grants partial injunction against Uber in Waymo car case'|'Technology News 3:59pm BST U.S. judge grants partial injunction against Uber in Waymo car case left right FILE PHOTO - A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain October 28, 2016. REUTERS/Toby Melville/Illustration/File Photo 1/2 left right FILE PHOTO - The Waymo logo is displayed during the company''s unveil of a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid/File Photo 2/2 SAN FRANCISCO A U.S. judge granted a partial injunction against Uber Technologies Inc [UBER.UL] in a high-profile trade secrets case with Alphabet''s ( GOOGL.O ) Waymo self-driving car unit, ordering Uber to promptly return any Waymo files downloaded by a former Waymo engineer. The ruling from U.S. District Judge William Alsup in San Francisco, made public on Monday, said Uber "likely knew" or should have known that the engineer, who now works at Uber, took Waymo materials while Uber was contemplating buying the engineer''s company. However, the judge also said few of Waymo''s alleged trade secrets have been traced to Uber''s self-driving car technology, and that Waymo''s patent claims against Uber have proved "meritless." (Reporting by Dan Levine; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-alphabet-ruling-idUKKCN18B1W6'|'2017-05-15T22:55:00.000+03:00'|3865.0|''|-1.0|'' 3866|'633b5714dffb14c0263c217477adace768ed99ea'|'Trust office operator Intertrust: Blackstone holds 23.39 percent stake'|'AMSTERDAM Intertrust ( INTER.AS ), the Dutch trust company operator, said on Thursday a subsidiary of Blackstone Group ( BX.N ) now owns a 23.39 percent stake in the company following a transaction in which it placed 10 million Intertrust shares with institutional investors.(Reporting by Toby Sterling; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-intertrust-blackstone-group-idINKBN1870GI'|'2017-05-11T03:39:00.000+03:00'|3866.0|''|-1.0|'' -3867|'c384099fc84e4ff4eb32a81aa3dda7a2d8da1f89'|'Kotak Mahindra Bank to price share offer at top of range, raising $901 million'|'Money News 8:54am IST Kotak Mahindra Bank to price share offer at top of range, raising $901 million A man looks at a screen across the road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai February 6, 2014. REUTERS/Mansi Thapliyal/Files HONG KONG Kotak Mahindra Bank Ltd ( KTKM.NS ), the fourth biggest Indian lender by market capitalisation, is set to price a share offering at the top end of an indicative range, raising $901 million to bolster its balance sheet, IFR reported on Friday, citing a person close to the deal. The bank is pricing about 62 million new shares at 936 rupees each after earlier setting a 930-936 rupees indicative range, putting the total deal at 58 billion rupees ($901 million), said IFR, a Thomson Reuters publication. Kotak Mahindra Bank didn''t immediately reply to a Reuters request for comment on the share offering pricing. ($1 = 64.3900 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/kotak-mahindra-bank-shareissue-idINKBN18809B'|'2017-05-12T01:24:00.000+03:00'|3867.0|''|-1.0|'' +3867|'c384099fc84e4ff4eb32a81aa3dda7a2d8da1f89'|'Kotak Mahindra Bank to price share offer at top of range, raising $901 million'|'Money News 8:54am IST Kotak Mahindra Bank to price share offer at top of range, raising $901 million A man looks at a screen across the road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai February 6, 2014. REUTERS/Mansi Thapliyal/Files HONG KONG Kotak Mahindra Bank Ltd ( KTKM.NS ), the fourth biggest Indian lender by market capitalisation, is set to price a share offering at the top end of an indicative range, raising $901 million to bolster its balance sheet, IFR reported on Friday, citing a person close to the deal. The bank is pricing about 62 million new shares at 936 rupees each after earlier setting a 930-936 rupees indicative range, putting the total deal at 58 billion rupees ($901 million), said IFR, a Thomson Reuters publication. Kotak Mahindra Bank didn''t immediately reply to a Reuters request for comment on the share offering pricing. ($1 = 64.3900 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/kotak-mahindra-bank-shareissue-idINKBN18809B'|'2017-05-12T01:24:00.000+03:00'|3867.0|28.0|0.0|'' 3868|'504d1828b620420d7a74deaadbb963a4b1faaf96'|'EU mulls relocation of UK clearing after Brexit, but no decision yet'|'Business News - Thu May 4, 2017 - 1:44pm BST EU mulls relocation of UK clearing after Brexit, but no decision yet left right European Commission Vice-President for the Euro and Social Dialogue Valdis Dombrovskis holds a news conference at the European Commission in Brussels, Belgium May 4, 2017. REUTERS/Eric Vidal 1/3 left right European Commission Vice-President for the Euro and Social Dialogue Valdis Dombrovskis holds a news conference at the European Commission in Brussels, Belgium May 4, 2017. REUTERS/Eric Vidal 2/3 left right European Commission Vice-President for the Euro and Social Dialogue Valdis Dombrovskis holds a news conference at the European Commission in Brussels, Belgium May 4, 2017. REUTERS/Eric Vidal 3/3 BRUSSELS The European Commission is considering as a possible option the relocation of a big chunk of derivative clearing from London to the European Union after Britain leaves the bloc, but no decision has been taken yet, a top official said on Thursday. "At this stage we are not jumping to conclusions," Valdis Dombrovskis told a news conference. "What we are saying is we are doing an impact assessment to assess those different options, including enhanced powers of EU supervisory authorities outside the EU and including location policy," he continued, noting that maintaining the current equivalence regime for foreign-based clearing was also an option. (Reporting by Francesco Guarascio @fraguarascio and Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-clearing-idUKKBN1801C4'|'2017-05-04T19:47:00.000+03:00'|3868.0|''|-1.0|'' 3869|'7b0381eb0fc72f33cbcd6300daf8bce14b4f58e5'|'Southern Co to manage construction of Georgia nuclear plant'|'Business News - Sat May 13, 2017 - 1:09am EDT Southern Co to manage construction of Georgia nuclear plant FILE PHOTO: The Vogtle Unit 3 and 4 site, being constructed by primary contactor Westinghouse, a business unit of Toshiba, near Waynesboro, Georgia, U.S. is seen in an aerial photo taken February 2017. Georgia Power/Handout via REUTERS SAN FRANCISCO Southern Co''s ( SO.N ) Georgia Power and Toshiba Corp''s ( 6502.T ) Westinghouse have reached a tentative deal to transfer project management of the expansion of a Georgia nuclear power plant to units of Southern Co, Georgia Power said in a statement on Friday. The interim agreement until June 3 will allow construction of the Vogtle plant expansion to continue, it said. Westinghouse Electric Co filed for bankruptcy in March, hit by billions of dollars of cost overruns at four nuclear reactors under construction, including at the Georgia project and another in South Carolina. The new interim service agreement allows Westinghouse to transfer project management to Southern Nuclear and Georgia Power, which are both units of Southern Co, after a current construction contract is rejected in Westinghouse''s bankruptcy. The Georgia project is owned by a group of utilities led by Southern Co. (Reporting by Peter Henderson; Editing by Robert Birsel)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toshiba-accounting-westinghouse-south-idUSKBN18903T'|'2017-05-13T13:09:00.000+03:00'|3869.0|''|-1.0|'' 3870|'3ec9335f6f9d3f62dc4b9336e104b454b6bd09f9'|'Thousands of foreign students in limbo as Careers Australia collapses'|' 54am BST Thousands of foreign students in limbo as Careers Australia collapses SYDNEY Careers Australia Group, a provider of vocational education and training, has gone into voluntary administration after losing government funding, putting 1,100 people out of work and 15,000 students in limbo, its administrators said on Friday. All work placements for students, many of them from overseas, will be suspended immediately as will all school-based apprenticeships and traineeships. Australia''s vocational education sector has been hammered by an exodus of foreign students, its main customer base, as universities offer more places in line with new rules allowing higher numbers of overseas students. "Regrettably, we have had to suspend all classes and stand down employees while we assess all options available to the business moving forward," said David McEvoy, partner at PPB Advisory, which was named as administrators late on Thursday. "We are working closely with management and key stakeholders to urgently determine whether the business can be sold or restructured." The collapse of Careers Australia, which has 14 campuses, comes as the government reviews the way funding is distributed to the sector. The Department of Education and Training said the firm had notified Careers Australia on Wednesday that it will not accredit the company for a new vocational education scheme. "Careers Australia did not meet three of the provider criteria: financial performance, management and governance and student outcomes," it said, adding that the government may provide financial assistance to affected students. The firm did not address the reasons for the denial of funding in its statement, saying only that the administration process provides an opportunity to explore options available to the group. (Reporting by Swati Pandey and Byron Kaye; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-australia-education-idUKKBN18M0P3'|'2017-05-26T15:54:00.000+03:00'|3870.0|''|-1.0|'' @@ -3874,14 +3874,14 @@ 3872|'9ff7abb162f83bfea094a3491dce970ee678a618'|'Exclusive - Dubai looking into forming $1 billion shipping investment fund: sources'|'Business 53pm BST Exclusive - Dubai looking into forming $1 billion shipping investment fund: sources left An aerial view of Jebel Ali Port in Dubai October 25, 2010. REUTERS/Ahmed Jadallah 1/2 left right FILE PHOTO: A cargo ship is silhouetted as the sun sets along the coast of Manila bay in Metro Manila, Philippines January 27, 2017. REUTERS/Romeo Ranoco/File Photo 2/2 By Jonathan Saul and Tom Arnold - LONDON/DUBAI LONDON/DUBAI Dubai is looking into creating a $1 billion (772 million) investment fund focused on shipping to develop the Gulf city''s maritime sector and ride out a global industry downturn, three finance sources familiar with the plans say. The sources said the Dubai Maritime City Authority, the government entity responsible for developing the maritime industry in the emirate, was examining ways to establish a fund to provide financial investment support to Dubai-based firms. "There is interest in this idea (from Dubai). At this stage it is fact finding," one source said. The Dubai Maritime City Authority was not immediately available to comment. A second source said there had been initial discussions so far, adding that a tender could be issued by the authority in the coming months to hire an adviser. The sources said the funds would not replace financing from banks, but could be used to help companies buy ships or stage transactions such as initial public offerings and mergers. The second source said the fund could either be financed by private investors or state-owned banks, or both, with the loans it provided likely to be guaranteed by the government. The sources said if the fund were established quickly, it could be used to support a bid to acquire United Arab Chemical Carriers (UACC), a shipping firm whose biggest shareholder, Dubai-run United Arab Shipping Company, is trying to sell it as part of conditions for a merger with German container line Hapag Lloyd ( HLAG.DE ). UACC has been estimated to be valued at $200 million. Two of the sources said the need for an investment fund had arisen due to difficulties that shipping-related ventures faced accessing bank capital and export credit financing in the United Arab Emirates as a whole. Like other maritime hubs, the UAE and its main shipping centre Dubai are struggling with a near decade long downturn in global shipping, which has hurt profitability and brought down companies such as South Korean container line Hanjin. Many European banks are either exiting or scaling back lending to the shipping sector, which has left a funding black hole estimated at tens of billions of dollars this year. Regional banks also do not have dedicated shipping finance desks. With 90 percent of world trade transported by sea, the sources said the idea for the initiative was also aimed at ensuring more strategic stability for Dubai. Gulf Arab countries have aimed to diversify their economies away from oil. At the same time, regional rival Iran, still struggling to attract foreign investment after Western sanctions were lifted in January 2016, is also aiming to boost its shipping sector and revitalise international trade after years of isolation. The UAE''s shipping fleet is estimated to be valued at $9.9 billion and ranked in 17th place, according to ship valuation company VesselsValue. No. 1 ship owning nation Greece''s fleet is valued at just over $95 billion. (editing by Peter Graff)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-emirates-shipping-fund-idUKKBN18K1RX'|'2017-05-24T21:27:00.000+03:00'|3872.0|''|-1.0|'' 3873|'e96dfb1f97a0a42acc04ccf2a1c1a684bad04929'|'Deals of the day-Mergers and acquisitions'|'(Adds Warburg Pincus, Steinhoff, Dow Chemical; Updates Shanghai Pharma)May 17 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:** South African retail group Steinhoff said it was kicking off a process to separately list its African retail businesses on the Johannesburg stock exchange which it said would avoid those assets being undervalued.** Brazil approved the planned merger of Dow Chemical Co and DuPont, conditioned on a global divestment plan including its Brazilian corn seed business.** An affiliate of private equity firm Warburg Pincus sold a 25 percent stake in Indian non-bank lender Capital First Ltd for 17.67 billion rupees ($275.4 million) in stock market transactions.** Big stock exchange mergers are currently off the table for German stock exchange operator Deutsche Boerse following a failed attempt to link up with London Stock Exchange , CEO Carsten Kengeter said.** Britain has sold its last remaining stake in Lloyds Banking Group, making the lender the first to re-emerge from British state ownership in a symbolic step for the country''s recovering banking sector.** Swiss trading giant Glencore and U.S. private equity investor Carlyle Group have teamed up in an attempt to buy Morocco''s only oil refinery, hoping to recoup about $600 million in loans they issued to the plant before it went bankrupt, industry sources said.** Shanghai Pharmaceutical Holding Co Ltd said it may bid for Stada Arzneimittel AG - a move that would pit it against buyout firms Bain and Cinven which have made a joint offer of nearly $6 billion for the German generics drugmaker.** Bankers are preparing around 800 million euros of debt financing to back a potential sale of German packaging group Constantia Labels, banking sources said.** Russia''s largest oil producer Rosneft and Italian energy company Eni have signed an agreement to broaden cooperation, including in possible joint oil product supplies to Egypt, Rosneft said.** Israel''s Delek Drilling and Avner Oil , both units of conglomerate Delek Group, said they have completed a long-awaited merger and will begin trading next week as one company.** Energy group Czech Coal has extended its 10 billion crown ($420 million) offer to buy the Pocerady coal-fired power plant from Czech utility CEZ, it said, giving more time for the deal to overcome state objections. (Compiled by Sruthi Shankar and Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/deals-day-idUSL4N1IJ4CP'|'2017-05-18T00:07:00.000+03:00'|3873.0|''|-1.0|'' 3874|'ecbfbb668a4291652a2934e7ba7111d5db462cb9'|'Financial broker NEX flags subdued activity since the start of the year'|' 25am BST Financial broker NEX flags subdued activity since the start of the year UK-based financial broker NEX Group reported higher profit for the year to March, but said that trading activity since the start of the year had remained subdued due to low volatility. NEX, which was known as ICAP before it sold its voice broking business to TP ICAP last year, said its trading operating profit from continuing operations rose 4 percent to 145 million pounds in the year ended March 31. Revenue from continuing operations increased by 18 percent to 543 million pounds, said Nex, which matches buyers and sellers of bonds, swaps and currencies. "Our performance remains strong in a tough market environment," Chief Executive Michael Spencer said in a statement. Financial market volatility has fallen to historic lows in recent months, despite global and political uncertainty, which Nex said was translating into relatively light trading volumes. (Reporting by Esha Vaish in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nex-group-results-idUKKCN18B0JH'|'2017-05-15T14:25:00.000+03:00'|3874.0|''|-1.0|'' -3875|'9c4609555b2a0109369b9b858bc420f2741b5927'|'PRESS DIGEST - Wall Street Journal - May 25'|'May 25 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- The Pentagon conducted a navy patrol in the South China Sea, U.S. officials said, the first such operation under U.S. President Donald Trump designed to send a signal to China about U.S. intentions to keep critical sea lanes open in the Pacific Ocean. on.wsj.com/2rWhAY9- Federal Reserve officials expected at their policy meeting this month that it would "soon be appropriate" to raise short-term interest rates, a signal the U.S. central bank could move in June at its next gathering. on.wsj.com/2qcsDzP- Federal prosecutors filed insider-trading charges against one of Wall Street''s best sources of tradable information from the government, accusing him of relaying a series of tips from an obscure bureaucrat inside a key health-care agency to traders at a New York hedge fund. on.wsj.com/2rju3J2- Sears Holdings Corp sued a vendor for demanding what the retailer says are unjustified changes to their supply contract, the latest signal of supplier discontent with Sears'' turnaround strategy. on.wsj.com/2qRlW56- Activist investor Dan Loeb plans to publicly push for changes to the complicated combination and breakup of Dow Chemical and DuPont, according to a presentation reviewed by the Wall Street Journal. on.wsj.com/2qYqy7N (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1IR236'|'2017-05-25T12:54:00.000+03:00'|3875.0|''|-1.0|'' +3875|'9c4609555b2a0109369b9b858bc420f2741b5927'|'PRESS DIGEST - Wall Street Journal - May 25'|'May 25 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- The Pentagon conducted a navy patrol in the South China Sea, U.S. officials said, the first such operation under U.S. President Donald Trump designed to send a signal to China about U.S. intentions to keep critical sea lanes open in the Pacific Ocean. on.wsj.com/2rWhAY9- Federal Reserve officials expected at their policy meeting this month that it would "soon be appropriate" to raise short-term interest rates, a signal the U.S. central bank could move in June at its next gathering. on.wsj.com/2qcsDzP- Federal prosecutors filed insider-trading charges against one of Wall Street''s best sources of tradable information from the government, accusing him of relaying a series of tips from an obscure bureaucrat inside a key health-care agency to traders at a New York hedge fund. on.wsj.com/2rju3J2- Sears Holdings Corp sued a vendor for demanding what the retailer says are unjustified changes to their supply contract, the latest signal of supplier discontent with Sears'' turnaround strategy. on.wsj.com/2qRlW56- Activist investor Dan Loeb plans to publicly push for changes to the complicated combination and breakup of Dow Chemical and DuPont, according to a presentation reviewed by the Wall Street Journal. on.wsj.com/2qYqy7N (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1IR236'|'2017-05-25T12:54:00.000+03:00'|3875.0|27.0|0.0|'' 3876|'865682ec4188b8129ed63a0cf891ae6262692c8c'|'Chile''s Ripley, Mexico''s Liverpool cancel merger -regulatory filing'|'SANTIAGO May 19 Chilean retailer Ripley said in a regulatory filing late Friday that its planned acquisition by Mexican high-end department store chain Liverpool has been scrapped."Ten months having passed since the announcement of the agreement, a series of geopolitical and economic changes in the countries and markets in which both parties operate have occurred, which brought this termination about," the company said. (Reporting by Gram Slattery; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puerto-liverpool-ripley-idINC0N1HI04G'|'2017-05-19T20:31:00.000+03:00'|3876.0|''|-1.0|'' 3877|'f1e061c6707e1ef90395fc26894fa23435dba582'|'Tax on test: do Britons pay more than most? - Money'|'L abours plan to tax incomes over 80,000 more heavily is a massive tax hike for the middle classes that will take Britain back to the misery of the 1970s, according to rightwing newspapers. But are British households that heavily taxed? A comparison of personal tax rates across Europe, Australia and the US by Guardian Money reveals how average earners in Britain on salaries of 25,000, or middle-class individuals on 40,000, enjoy among the lowest personal tax rates of the advanced countries, while high earners on 100,000 see less of their income taken in tax than almost anywhere else in Europe . Our survey found that someone earning 100,000 in the UK in effect loses about 34.3% of their pay to HM Revenue & Customs once personal allowances, income tax and national insurance are taken into account. The one-third reduction is roughly the same as the US, Australia and Spain, but a long way behind the 38% in Germany, 41% in Ireland, 45% in Sweden and up to 59% in France (though the French figures include very large pension contributions). Note that these figures are a rough guide only. International tax comparisons are bedevilled by large numbers of factors. We compared rates for a single person with no children and with no special allowances. Most countries tax individuals rather than households, but France taxes couples, which has the impact of reducing the burden on a high earner with an at-home partner. Autonomous regions within countries impose their own varying taxes. We converted euros, dollars and krona into sterling at a time when the pound had fallen rapidly; some earnings might have translated into higher tax bands abroad before sterling plunged.Some countries, such as the US, raise relatively large revenues from property taxes. Others squeeze revenue from sales taxes 25% in Sweden, 19% in Germany. While there is some harmonisation of income tax rates, social security varies dramatically. Australia imposes a small medical levy of 2%. Frances charges can be as high as 30%.One of the most striking facts to emerge is church taxes. In Germany, individuals are expected to give 8% of their income to the church. EU officials may look forward to the day when the single currency is teamed up with a single tax policy. But what emerges from our survey is how elaborate each countrys tax and social security systems are. Britains actually looks relatively simple compared with Frances. The Brexit negotiations will be a walk in the park compared with any attempt to harmonise the EUs 27 national tax and social security systems.United Kingdom Facebook Twitter Pinterest Photograph: Antenna Audio/Getty Images/GeoNova Gross salary 25,000After tax 20,279Tax rate 18.9%Gross salary 40,000After tax 30,480Tax rate 24.8%Gross salary 100,000After tax 65,780Tax rate 34.3%Britains tax system is made up of income tax bands at 20%, 40% and 45%, plus national insurance contributions of a further 12%, with low earners benefiting from a tax-free personal allowance at 11,500, which is higher than most other countries.Higher earners pay income and social security taxes that are on a par with the US, Australia and Spain, but which are much less than those in France, Sweden and Ireland. VAT, levied at a standard rate of 20%, is towards the lower end of sales tax rates across the EU, though council taxes are relatively high by comparison.Ireland Gross salary 25,000After tax 21,183 Tax rate 15.3%Gross salary 40,000After tax 29,624Tax rate 26%Gross salary 100,000After tax 59,000Tax rate 41%While Ireland remains a low-tax haven for giant multinationals, its resident population has suffered steep tax increases after its banks collapsed and it was forced into a 57bn IMF-EU bailout.Its 20% and 40% standard tax bands are identical to Britain but start at a much lower level. Unlike the UKs 11,500 personal allowance, the Irish dont have one in the same sense rather a tax credit that reduces their bill by 3,300. After the financial crisis struck, the government brought in the emergency universal social charge, which starts at 2.5% on incomes over 13,000 but rises to 8% on incomes over 70,044. That means workers in Ireland in effect pay 48% tax on earnings above 60,000.The government also brought in a local property tax (equivalent to Britains council tax), plus hugely controversial water charges.VAT, at 23%, is also higher than in many other European countries. The Irish taxpayers dont even get an equivalent to the UKs National Health Service for all this tax, having to pay 50-65 for each GP visit, and 2,000 a year for family health insurance policies. However, they enjoy a relatively high at 192 a week basic state pension. After the economy expanded by 5.2% in 2016 (Europes fastest growth rate) and with another 3.5% expected this year, there is widespread anticipation of personal tax cuts to come. The states coffers will also swell if Apple is forced to pay 11bn in back taxes demanded by the EU, which would payable to the Republic.Garry ORourke of TaxAssist in Dublin, who helped compile the figures for Guardian Money, says: Though the Irish tax system is progressive earners hit the top rate of income tax very quickly, 33,800 per annum. Generally personal tax rates in Ireland are slightly higher than the UK and they have been since the financial crisis. France Facebook Twitter Pinterest Photograph: John Macdougall/AFP/Getty Images Gross salary 25,000After tax 17,050Tax rate 31.8%Gross salary 40,000After tax 23,520Tax rate 41.2%Gross salary 100,000After tax 40,600Tax rate 59.4%What appear to be extraordinarily high tax rates should really be viewed as tax plus pension contributions. The French pay no income tax on the first 9,710 of their income, then 14% on sums up to 26,818. After that the rate is 30% through to 71,898. These rates are lower than the corresponding 20% and 40% rates in Britain, and the maximum rate 45% is the same as in the UK. The huge difference is in social security contributions, which are vastly higher and more complex than the UKs, but that pay for vastly higher welfare benefits.Most taxpayers typically pay around 25% of their salary in social security, compared with 12% in the UK. But for this they receive arguably the worlds best health service, unemployment benefit typically at 65% of your former pay (up to a ceiling of about 6,000 a month, compared with 72.40 a week in the UK), and generous state pensions worth up to 50% of your former salary. If a 40,000-a-year worker in the UK wanted a state pension similar to that in France, he or she would likely be contributing similar amounts in tax as the worker in France.The French system, though, makes Britains look simple. The Paris-based British financial journalist who helped compile the above figures for us said: After 25 years in France I still dont understand the payslip you get at the end of the month. But while it costs a lot to live in France, the benefits especially health and unemployment are very good. Additional reporting by Judith Prescott Spain (Catalonia) Gross salary 25,000After tax 20,812 Tax rate 16.7%Gross salary 40,000 After tax 31,000 Tax rate 22.1%Gross salary 100,000 After tax 65,700 Tax rate 34.3%Spains effective tax rates are surprisingly similar to the UKs, and its relatively low rate of tax on higher earners may explain why Madrid has emerged as the surprise competitor to Paris, Frankfurt and Dublin for Brexit-fleeing banks.Each autonomous region of Spain has its own tax rates, with the figures above calculated for someone living in Barcelona. The highest combined state and regional tax rate is around 48%. Chris Burke of Spectrum IFA, who calculated the figures for us, says homeowners also pay an annual tax on the value of their property, currently around 900 on a home valued at 300,000, so slightly less than typical council tax rates in the UK. However, he says that inheritance tax has shifted enormously in recent years, having been raised to 19% during the financial crisis but now starting at just 1%.Germany Gross salary 25,000After tax 18,923 Tax rate 24.3%Gross salary 40,000After tax 27,256 Tax rate 31.8%Gross salary 100,000 After tax 61,740Tax rate 38.3%Basic rates of tax are around the same as in Britain (ranging from 19% to a top rate of 45%), but workers have to pay an extra 10% for state pensions, 8% for health, 1.5% for unemployment cover and 1% for care insurance. That all adds up to a lot more than Britains 12% national insurance but, like France, Germanys public services and welfare payouts are regarded as far superior. We used the brutto-netto-rechner.info site to calculate take-home pay.The solidarity tax of 5.5% of income (to pay for German reunification) is due to be phased out soon, but the government is proving very reluctant to do so, writes our Berlin correspondent, Kate Connolly . The big shock for British taxpayers is the countrys church tax, which is 8% or 9% of income, depending on which part of Germany you live in. Under German law, anyone who has been baptised is automatically a member of the church and obliged to pay the tax, irrespective of their beliefs or whether they attend church services. Individuals can formally renounce their church membership and stop paying the tax, but they may risk losing access to some of the countrys best schools and childcare facilities. The tax brings in around 10bn a year, split roughly half and half between the Protestant and Catholic church.Sweden Gross salary 25,000After tax 19,500 Tax rate 22%Gross salary 40,000 After tax 30,000 Tax rate 25%Gross salary 100,000 After tax 55,000 Tax rate 45%The top rate of tax is 57%, but the tax agency is nearly as popular as Abba. Swedes have a small personal allowance then pay taxes averaging 32% on incomes up to 39,000, rising to 52% on incomes up to 57,000, with a top rate of 57%. VAT is nearly the highest in the EU at 25%. But there is broad support for a cradle-to-grave welfare system, with pensions that pay out about 60% of a persons final salary. A church and burial tax is about another 1%-2% of income.United States Facebook Twitter Pinterest Photograph: Royce Bair/Getty Images Gross salary 25,000After tax 19,925Tax rate 20.3%Gross salary 40,000After tax 30,280Tax rate 24.3%Gross salary 100,000After tax 65,800Tax rate 34.2%Precise tax comparisons are difficult in the US because of the myriad federal, state and local tax rates, and an equally wide range of deductions and allowances. We chose New York state for our comparison, where the state taxes are relatively high. That might help to explain the surprising discovery that people on low earnings see more of their income disappear in tax than those in the UK, while high earners are taxed relatively lightly. State and local sales taxes in New York City, at 8.875%, are markedly lower than the 19%-25% VAT rates common in the EU. However, property taxes are relatively high in the US, with homeowners in the New York/New Jersey/Connecticut area, for example, typically having to pay upwards of $5,000-$7,000 a year.Australia Photograph: Junior Gonzalez/Getty Images/fStop Gross salary 25,000After tax 21,275Tax rate 14.9%Gross salary 40,000After tax 31,080Tax rate 22.3%Gross salary 100,000After tax 66,900Tax rate 33.1%Australia emerges as one of the lower tax countries in Guardian Moneys survey. Australians currently pay nothing on the first A$18,200 (10,500) of their income, then 19% above that, with a top rate of 45% on incomes over 105,000 a year.An additional 2% medical levy (which is soon to rise to 2.5%) helps to pay for public health services, though many Australians also choose to buy private insurance. In general, Australians pay slightly more income tax than their equivalent earners in the UK, but the countrys medical levy is far lower than the UKs national insurance contributions, leaving the total tax burden lower.Despite this, the Australian basic state pension is about 12,000 a year and unemployment benefit is 145 a week, depending on past contributions.Topics Tax Tax and spending Europe Americas Family finances features '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/may/27/tax-britons-pay-europe-australia-us'|'2017-05-27T03:00:00.000+03:00'|3877.0|''|-1.0|'' 3878|'3c346ae560f5bec5b22c64bc1d8f080133b031b3'|'Nikkei hits 17-month high as foreign investors buy cyclical shares'|'* Turnover, volume both heavy* Short-term hedge funds seen covering short positions - analyst* Steel shares underperform after U.S. anti-dumping probeBy Ayai TomisawaTOKYO, May 8 Japanese shares hit levels not seen in more than 17 months on Monday in heavy trade as the yen stayed weak after Emmanuel Macron was elected president of France, as a business-friendly vision of European integration helped boost investor confidence.The Nikkei share average soared 2.3 percent to 19,895.70, the highest closing level since early December 2015. It was the biggest daily percentage gain since mid-February.Macron''s resounding victory over a nationalist, who had threatened to take France out of the European Union, brought relief to investors who had feared another populist upheaval after Britain''s vote to exit the European Union last year.Traders said long-term foreign investors such as pension funds and mutual funds had chased the market higher last month by buying Japanese stocks with robust earnings. But on Monday, short-term foreign investors such as hedge fund managers who were seen shorting Japanese stocks on geopolitical risks in late March to early April were seen covering their short positions."Political risks in Europe were one of the biggest risks of the year, but with Macron winning French election, such risks have receded so they are seen buying back," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.He said foreigners were seen buying cyclical stocks and companies with strong growth such as Keyence Corp, which ended 4 percent higher.All of the Topix''s 33 subsectors were in positive territory, and turnover was 3.4 trillion yen, the biggest since early December.On the other hand, steel shares underperformed after U.S. trade officials on Friday said their anti-dumping and subsidy probe found carbon and steel cut-to-length plate from eight other countries harms American producers, locking in duties on the imports for five years.JFE Holdings and Nippon Steel and Sumitomo Metal Corp fell about 0.3 percent each.The broader Topix rose 2.3 percent to 1,585.86, with 2.408 billion shares changing hands, the highest since mid December.The JPX-Nikkei Index 400 advanced 2.3 percent to 14,168.72. (Reporting by Ayai Tomisawa; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL4N1IA2IP'|'2017-05-08T04:47:00.000+03:00'|3878.0|''|-1.0|'' 3879|'6864f78cd72de030efbf3672f44257f62559e25e'|'BRIEF-Omega Advisors Inc takes share stake in Alcoa, Netflix'|'Market News - Mon May 15, 2017 - 11:32am EDT BRIEF-Omega Advisors Inc takes share stake in Alcoa, Netflix May 15 Omega Advisors Inc: * Omega Advisors Inc takes share stake in Alcoa Corp of 200,000 shares - SEC filing * Omega Advisors Inc ups share stake in Dish Network Corp by 51.6 percent to 1.1 million Class A shares * Omega Advisors Inc takes share stake in Ally Financial Inc of 790,000 shares - SEC filing * Omega Advisors cuts share stake in Microsoft to 436,570 shares from 803,620 shares * Omega Advisors Inc takes share stake of 77,700 shares in Netflix Inc * Omega Advisors Inc cuts share stake in Pandora Media Inc by 36.4 percent to 1.9 million shares * Omega Advisors Inc dissolves share stake in Delta Air Lines Inc * Omega Advisors dissolves share stake in Anadarko Petroleum Corp * Change in holdings are as of March 31, 2017 and compared with the previous quarter ended as of Dec 31, 2016 Source text for quarter ended March 31, 2017 ( bit.ly/2ri6tsb ) Source text for quarter ended Dec. 31, 2016: ( bit.ly/2ri6mNh ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-omega-advisors-inc-takes-share-sta-idUSFWN1IH130'|'2017-05-15T23:32:00.000+03:00'|3879.0|''|-1.0|'' 3880|'524697a49fda49c3e03301ce1815a888721d3204'|'UPDATE 1-Manchester United lift full-year revenue and profit forecast'|'Tue May 16, 2017 - 7:53am EDT Manchester United lift full-year revenue and profit forecast FILE PHOTO: A Manchester United supporter wears an ''anti-Glazer'' protest scarf before their English Premier League soccer match against Liverpool at Old Trafford in Manchester, northern England March 21, 2010. REUTERS/Russell Cheyne English Premier League soccer club Manchester United ( MANU.N ) raised its full-year revenue and profit forecast for 2016-17 as it prepares for the Europa League final next week. United, whose best known players include Paul Pogba and Wayne Rooney, said it expected to report full-year revenue between 560-570 million pounds, better than its previous forecast of between 530-540 million pounds. The club also increased its forecast for earnings before interest, tax, depreciation and amortization (EBITDA) to 185-195 million pounds for 2016-17. Its previous forecast was for a figure of between 170 and 180 million pounds. "We look forward to a strong finish to 2016-17, both on and off the pitch," said Executive Vice Chairman Ed Woodward. United are currently only in sixth spot in the 20-team Premier League but have reached the final of the Europa League. Victory over Ajax Amsterdam in the final on May 24 would be rewarded with a place in next season''s Champions League, Europe''s most lucrative club competition. Controlled by the American Glazer family, United have won the English league title a record 20 times but had slipped from their own lofty standards in recent seasons. However, the club lifted its first title under its new coach Jose Mourinho, winning the League Cup in February by beating Southampton 3-2 at Wembley. Broadcasting revenue grew 12.9 percent to 31.4 million pounds ($40.5 million) for the quarter ended March 31, primarily due to the impact of the new Premier League broadcasting agreement, the club said. Total revenue for the quarter grew 3.1 percent to 127.2 million pounds. However, EBITDA for the three months fell to 30 million pounds from a record 44.9 million pounds a year earlier. (Reporting by Rahul B in Bengaluru; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-manchester-utd-results-idUSKCN18C1C0'|'2017-05-16T19:46:00.000+03:00'|3880.0|''|-1.0|'' 3881|'d738384225bd1dfefef0a8256144b9c073654a8d'|'British Airways battles third day of disruption, image blow after IT meltdown'|'By Alistair Smout - LONDON LONDON British Airways (BA) said it would take steps to ensure there was no repeat of a computer system failure that stranded 75,000 passengers over a holiday weekend and turned into a public relations disaster.BA had been forced to cancel all its flights from Heathrow, Europe''s busiest airport, and Gatwick on Saturday after a power supply problem disrupted its operations worldwide and also hit its call centers and website.The airline was returning to normal on Monday, planning to run more than 95 percent of flights from London Heathrow and Gatwick, with only a handful of short-haul flights canceled.BA Chief Executive Alex Cruz said the root of the problem, which also affected passengers trying to fly into Britain, had been a power surge on Saturday morning which hit BA''s flight, baggage and communication systems. It was so strong it also rendered the back-up systems ineffective, he said."Once the disruption is over, we will carry out an exhaustive investigation into what caused this incident, and take measures to ensure it never happens again," Cruz said.Over the weekend, some stranded passengers curled up under blankets on the floor or slumped on luggage trolleys, images that played prominently online and in newspapers."Apologizes all well and good but not enough. BA has lost another loyal customer #disgraceful," tweeted Tom Callway, who had been due to fly to Budapest.The company was left counting the cost of the disruption, both in terms of a one-off impact to its profit and the longer term damage to its reputation.Spanish-listed shares of parent company IAG, which also owns carriers Iberia, Aer Lingus and Vueling, dropped 2.8 percent on Monday after the outage. The London-listed shares did not trade because of a public holiday.Flight compensation website Flightright.com said that with around 800 flights canceled at Gatwick and Heathrow on Saturday and Sunday, BA was looking at having to pay around 61 million euros ($68 million) in compensation under EU rules. That does not include the cost of reimbursing customers for hotel stays.BA would fully honor its compensation obligations, Cruz said. Of the 75,000 passengers who missed out on flights, around two-thirds would have been flown to their destinations by the end of Monday, he added.COST CUTTINGBA has been cutting costs to respond to competition on short-haul routes from Ryanair and easyJet and recently faced criticism for starting to charge passengers for their in-flight snacks.Ireland''s Ryanair was quick to seize on the marketing opportunity, tweeting "Should have flown Ryanair" with a picture of the ''Computer says no'' sketch from the TV series "Little Britain" to poke fun at BA.Ryanair said it had seen a spike in bookings over the weekend but gave no further details.The GMB union said that BA''s IT systems had shortcomings after they made a number of staff redundant and shifted their work to India in 2016."This could have all been avoided. BA in 2016 made hundreds of dedicated and loyal IT staff redundant and outsourced the work to India," Mick Rix, GMB National Officer for Aviation, said.Cruz rejected the union criticism."They''ve all been local issues around a local data center, which has been managed and fixed by local resources," he told Sky News.Several passengers complained about a lack of information from BA staff at the airport. Others said their luggage had been lost.The airline said it was working to get reunite passengers with their luggage after many items were left at Heathrow over the weekend, although staff on Twitter warned this "could take some time".While other airlines have been hit by computer problems, the scale and length of BA''s troubles were unusual.Delta Air Lines Inc canceled thousands of flights and delayed many others last August after an outage hit its computer systems.Last month, Germany''s Lufthansa and Air France suffered a global system outage which briefly prevented them from boarding passengers.(Reporting by Alistair Smout; Additional reporting by Victoria Bryan in Berlin, Costas Pitas in London and Ismail Shakil in Bengaluru; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-britain-airports-heathrow-idINKBN18P01O'|'2017-05-29T09:08:00.000+03:00'|3881.0|''|-1.0|'' -3882|'84061e8e26d8a9558694539cf938518b2cdab33b'|'Credit checker Experian expects more growth after revenue rises'|'Business News 32am BST Credit checker Experian expects more growth after revenue rises Experian Plc, the world''s biggest credit data company, expects another year of good growth, it said on Thursday, after reporting a 5 percent rise in full-year organic revenue from ongoing activities at constant exchange rates, helped by strong growth across all regions. The company, best known for running consumer credit checks for banks, landlords and retailers, reported a 10.9 percent rise in pre-tax profit to $1.07 billion (825.4 million pounds). The FTSE-100 company said revenue for the year ended 2016 rose 2.3 percent to $4.34 billion, excluding the impact of a 75 percent stake sale in its email marketing division. "We anticipate another year of good growth with stable margins and further progress in benchmark earnings per share," the company said in a statement. Experian, which earns the bulk of its revenue overseas, said benchmark earnings before interest and taxes for the period rose 4.7 percent to $1.20 billion. The company said in January that it expected full-year organic revenue to grow in mid-single digits in percentage terms on a constant currency basis, and an impact of about 1 percent to full-year benchmark earnings before interest and taxes on current exchange rates. (Reporting By Justin George Varghese; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-experian-results-idUKKCN18E0OV'|'2017-05-18T15:32:00.000+03:00'|3882.0|''|-1.0|'' +3882|'84061e8e26d8a9558694539cf938518b2cdab33b'|'Credit checker Experian expects more growth after revenue rises'|'Business News 32am BST Credit checker Experian expects more growth after revenue rises Experian Plc, the world''s biggest credit data company, expects another year of good growth, it said on Thursday, after reporting a 5 percent rise in full-year organic revenue from ongoing activities at constant exchange rates, helped by strong growth across all regions. The company, best known for running consumer credit checks for banks, landlords and retailers, reported a 10.9 percent rise in pre-tax profit to $1.07 billion (825.4 million pounds). The FTSE-100 company said revenue for the year ended 2016 rose 2.3 percent to $4.34 billion, excluding the impact of a 75 percent stake sale in its email marketing division. "We anticipate another year of good growth with stable margins and further progress in benchmark earnings per share," the company said in a statement. Experian, which earns the bulk of its revenue overseas, said benchmark earnings before interest and taxes for the period rose 4.7 percent to $1.20 billion. The company said in January that it expected full-year organic revenue to grow in mid-single digits in percentage terms on a constant currency basis, and an impact of about 1 percent to full-year benchmark earnings before interest and taxes on current exchange rates. (Reporting By Justin George Varghese; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-experian-results-idUKKCN18E0OV'|'2017-05-18T15:32:00.000+03:00'|3882.0|19.0|0.0|'' 3883|'b53d5eb19b81ab31c18350f63edd58fa31a10d73'|'Companies use kidnap insurance to guard against ransomware attacks'|'Technology News - Fri May 19, 2017 - 12:31pm EDT Companies use kidnap insurance to guard against ransomware attacks left right Cables and computers are seen inside a data centre at an office in the heart of the financial district in London, Britain May 15, 2017. REUTERS/Dylan Martinez 1/2 left right FILE PHOTO: A screenshot shows a WannaCry ransomware demand, provided by cyber security firm Symantec, in Mountain View, California, U.S. May 15, 2017. Courtesy of Symantec/Handout via REUTERS/File Photo 2/2 By Suzanne Barlyn and Carolyn Cohn - NEW YORK/LONDON NEW YORK/LONDON Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world''s political hotspots to recoup losses caused by ransomware viruses such as "WannaCry", insurers say. Cyber insurance can be expensive to buy and is not widely used outside the United States, with one insurer previously describing the cost as $100,000 for $10 million in data breach insurance. Some companies do not even consider it because they do not think they are targets. The kidnap policies, known as K&R coverage, are typically used by multinational companies looking to protect their staff in areas where violence related to oil and mining operations is common, such as parts of Africa and Latin America. Companies could also tap them to cover losses following the WannaCry attack, which used malicious software, known as ransomware, to lock up more than 200,000 computers in more than 150 countries, and demand payments to free them up. Pay-outs on K&R for ransomware attacks may be lower and the policies less suitable than those offered by traditional cyber insurance, insurers say. "There will be some creative forensic lawyers who will be looking at policies," said Patrick Gage, chief underwriting officer at CNA Hardy, a specialist commercial insurer, in London. He added, however, that given that K&R policies are geared towards a threat to lives, "our absolute preference is that people buy specific cover, rather than relying on insurance coverage that is not specific". American International Group Inc ( AIG.N ), Hiscox Ltd ( HSX.L ) and the Travelers Companies Inc ( TRV.N ) have been receiving ransomware claims from some customers with K&R policies as ransomware attacks become more common, the companies said. The insurers declined to comment on total claims, citing confidentiality and client security concerns. "We are seeing claims (over the past 18 months) but not a huge uptick," a Hiscox spokeswoman said. "These are within expectations and entirely manageable." She declined to say whether the firm had seen any such claims from the WannaCry attacks though Tom Harvey, an expert in cyber risk management at catastrophe modeling firm RMS, said "insurers with kidnap and ransom books will want to look closely at their policy wordings to see whether they are exposed." A sharp rise in ransomware attacks in the past 18 months has driven companies to use K&R policies to cover some of their damages if they do not have direct cyber coverage or cannot meet initial cyber policy deductible costs, insurers said. Symantec Corp, ( SYMC.O ), a cyber security firm based in Mountain View in California, observed over 460,000 ransomware attempts in 2016, up 36 percent from 2015, the company said. The average payment demand ballooned from $294 to $1,077, a 266 percent increase. But as the threat mounts, K&R insurers are at risk from steeper claims than they had anticipated. They are responding by making changes to their policies, which were not designed around ransomware, insurance brokers said. MORE DAMAGING THEN KIDNAPPING Most of the computers affected by WannaCry were outside the United States, where companies have been slow to buy cyber insurance. Nearly 90 percent of the world''s annual cyber insurance premium of $2.5-3 billion comes from the U.S. market, according to insurance broker Aon Plc ( AON.N ). Global companies typically buy K&R policies without ransomware in mind. But instances of high-tech hacks and online ransom demands can hit a companys business more than an executive being held hostage. "If your CFO (chief financial officer) gets kidnapped, the company is going to continue to function," said Bob Parisi, cyber product leader for insurance broker Marsh, a subsidiary of Marsh & McLennan Companies Inc. ( MMC.N ) "If you get a piece of malware in the system, you might have two factories that stop working. The actual damage is probably greater." The K&R policies, which typically do not have deductibles, cover the ransom payments as well as crisis response services, including getting in touch with criminal and regulatory authorities, said Kevin Kalinich, global head of Aon''s cyber risk practice. Still, K&R policies may provide only a quick fix since they were not designed for ransomware. Companies can add coverage for business interruption, but the upper limits for pay-outs are usually lower than for a cyber policy, insurers say. K&R insurers have been adapting to ransomware-related claims - some are modernizing coverage by setting up Bitcoin accounts for clients to speed up ransom payments, brokers said. But insurers are mindful of their own risks. Some have added deductibles, said Anthony Dagostino, head of global cyber risk at Willis Towers Watson PLC ( WLTW.O ) advisory and brokerage. AIG has reduced business interruption coverage for K&R policies to a $1 million maximum for cyber extortion events. "Insurers didn''t anticipate there would be this much ransomware activity," said Tracie Grella, global head of cyber risk insurance at AIG. (Amends wording on AIG in penultimate paragraph.) (Reporting by Suzanne Barlyn and Carolyn Cohn; Editing by Carmel Crimmins and Timothy Heritage)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cyber-attack-insurance-idUSKCN18F1LU'|'2017-05-19T21:51:00.000+03:00'|3883.0|''|-1.0|'' 3884|'994abab6db6b4bfa13f4b92a5baebb2a5822c402'|'Buffett to face big crowd as Berkshire grows bigger'|'Money 49pm IST Buffett to face big crowd as Berkshire grows bigger FILE PHOTO - Warren Buffett, chairman and CEO of Berkshire Hathaway, speaks at the Fortune''s Most Powerful Women''s Summit in Washington, DC, U.S. on October 13, 2015. REUTERS/Kevin Lamarque/File Photo By Jonathan Stempel As the United States adapts to the presidency of Donald Trump and faces rising tensions abroad, Berkshire Hathaway Inc shareholders will descend on Omaha, Nebraska this weekend seeking reassurance, from Warren Buffett. The weekend known as "Woodstock for Capitalists" is unique in corporate America, a celebration of the billionaire''s image and success at a conglomerate whose businesses range from Geico insurance to the BNSF railroad to See''s candies to Ginsu knives. Buffett, 86, and vice chairman Charlie Munger, 93, will answer five hours of questions at Saturday''s annual meeting. Many say it reinforces their views about investing and Berkshire, even if it remains unclear how much new they learn. "Watching someone like (Buffett) with strong command on details of the economy and Berkshire''s operations is very impressive," said Meyer Shields, a Keefe, Bruyette & Woods analyst who rates Berkshire "market perform." "But you''re not going to learn a lot about Berkshire Hathaway the company." Last year''s attendance fell to about 37,000 from more than 40,000 a year earlier. But there were also 1.1 million real-time sign-ons to Yahoo Finance, which webcast the meeting for the first time. It will do so again, in English and Mandarin. LARGE, LARGE ORGANIZATION Much of Berkshire''s relative outperformance came decades ago when it was much smaller, and even Buffett has called the company''s huge size an "anchor on investment performance." Buffett has said Berkshire owns 10 businesses big enough to make the Fortune 500 list of large U.S. companies on their own. But details can be thin. For example, aircraft parts maker Precision Castparts, acquired last year for $32.1 billion, merited about a page in Berkshire''s annual report. Precision''s final annual report, in 2015, ran 87 pages. "It''s a large, large organization," said Jeffrey Stacey, founder of Stacey Muirhead Capital Management in Waterloo, Ontario, who is attending his 26th straight meeting. "I am willing to give it the benefit of the doubt because the track record has been so good for so long." Buffett said in February that boosting disclosure could put many Berkshire businesses at a disadvantage, and that "it''s the growth of the Berkshire forest that counts." He also knows the perils of conglomerates, saying in 2015 that dubious accounting, self-promotion and mediocre businesses make them "richly deserve" their "terrible" reputation. Buffett says Berkshire is different, in part because he took Munger''s advice to buy wonderful businesses at fair prices. Shareholders enjoy that focus less than they once did. Berkshire''s share price has slightly lagged the Standard & Poor''s 500 including dividends during the eight-year bull market, but has outperformed since the global financial crisis mushroomed in September 2008. Shields, who is not attending Saturday''s meeting, wants Buffett to reveal more, even if shareholders can "safely assume" his eventual successor as chief executive is top-flight. ISSUES APLENTY While Buffett and Munger do not know in advance the questions they will get from shareholders, journalists and analysts at Saturday''s meeting, they can anticipate many. Buffett may need to review Berkshire''s support of Wells Fargo & Co, in which it holds a roughly 10 percent stake, despite a sales scandal over bogus customer accounts. He may also get questions about his support for 3G Capital, a Brazilian firm known for ruthless cost-cutting. Berkshire controls Kraft Heinz Co with 3G, and recently tried to help 3G buy Unilever NV for $143 billion. Trump is sure to come up. Buffett did not support his election but Berkshire''s book value could swell by $36 billion with his proposed corporate tax cuts, Barclays Capital said. Buffett may also get questions about his surprise bets on Apple Inc and the four biggest U.S. airlines. Having gone over a year since a big acquisition, Buffett may be asked how he can better deploy the $86.4 billion of cash, equivalents and Treasury bills that Berkshire recently held. Succession may also come up. Indeed, Buffett has already delegated work to lieutenants like Ajit Jain, Gregory Abel, Tracy Britt Cool and Todd Combs that he once would do himself. (Reporting by Jonathan Stempel in New York; Editing by Jennifer Ablan and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/berkshire-buffett-preview-idINKBN17Z0JQ'|'2017-05-03T15:19:00.000+03:00'|3884.0|''|-1.0|'' 3885|'f935fca2d7cce65b0be2b0942218caf9721e76a0'|'RBS sets out new pay proposals to shrink bonuses for top executives'|'Thu May 11, 2017 - 5:23pm BST RBS defends directors'' bonuses in response to criticism FILE PHOTO: The Royal Bank of Scotland is seen in the High Street Melrose in the Scottish Borders, Scotland, Britain April 27, 2017. REUTERS/Russell Cheyne By Andrew MacAskill and Lawrence White - EDINBURGH/LONDON EDINBURGH/LONDON Royal Bank of Scotland ( RBS.L ) Thursday defended its new executive pay plan at its annual shareholder meeting on Thursday after some investors criticized the policy for still being too generous. A number of firms have faced investor rebellions in recent years over excessive payouts to company bosses and a broader social backlash has prompted the British government to consider changing the rules around corporate governance. Despite the voices of dissent in Edinburgh where the state-controlled lender held its AGM, shareholders voted overwhelmingly to back the bank''s executive pay plan, with over 96 percent approving the proposals. RBS said it had recognized that its pay policies had become too complex and the new plan would reduce excessive risk-taking. "The time is right for a new, simpler approach, developed specifically to align with RBS''s culture and our thinking on pay," Sandy Crombie, the chairman of RBS''s remuneration committee, said. Pensions and Investment Research Consultants (PIRC) and Institutional Shareholder Services (ISS), two leading advisory groups, had urged shareholders to vote against the pay policy. ISS said while the overall size of potential bonuses are being cut for Ross McEwan, its chief executive, and Ewen Stevenson, its finance director, the plan makes it easier to pay out. PIRC said executives should only be rewarded for the period they serve the company and not receive any payout when they leave. "We disagree with the conclusions reached in these reports and strongly challenged the view from ISS that the level of discount was insufficient," Crombie said. The board faced a barrage of questions from irate shareholders throughout the meeting, ranging from handling of past scandals to branch closures. Shareholders also criticized the bank''s decision to reject demands for greater powers for ordinary shareholders to have a say on issues such as executive pay, company strategy and director appointments. Chairman Howard Davies rebuffed criticism of the more than 100 million pounds RBS has spent defending itself against investors suing the bank over a cash call at the height of the financial crisis. RBS was criticized earlier this month for the "staggering" costs it has spent on its "Rolls-Royce" legal team by the judge overseeing its battle with investors over the firm''s then record 12 billion pound rights issue in 2008. "The costs we are having to meet are high because of the extraordinary breadth and complexity of the case," Davies said. The civil lawsuit has been brought by thousands of investors who bought shares in 2008 and lost most of their money when the bank collapsed a few months later, resulting in a 45.5 billion pound ($58.6 billion) government bailout. The case is due to begin later this month and disgraced former RBS chief executive Fred Goodwin is scheduled to appear in court early next month. (Reporting By Andrew MacAskill, Lawrence White and Simon Jessop; Editing by Jane Merriman and Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-rbs-agm-idUKKBN1871RP'|'2017-05-11T21:21:00.000+03:00'|3885.0|''|-1.0|'' @@ -3906,7 +3906,7 @@ 3904|'ebbec19879b4468d69e35ebf16dde5f6ea030e18'|'Ryanair could deploy up to 30 planes to Italy if Alitalia cuts services'|'Business News 52pm BST Ryanair could deploy up to 30 planes to Italy if Alitalia cuts services Ryanair Chief Executive Officer Michael O''Leary attends a news conference in Brussels, Belgium, February 8, 2017. REUTERS/Francois Lenoir BRUSSELS Ryanair ( RYA.I ) could deploy up to 30 planes to Italy at short notice if Alitalia collapses or is forced to slash capacity as part of restructuring, the chief executive of the Irish airline Michael O''Leary said on Tuesday. Alitalia went into administration this month for the second time in less than a decade after workers rejected a restructuring plan. Ryanair could deploy up to 20 planes at short notice this summer to fill any gap left by Alitalia contracting its short-haul services by moving capacity from other routes and by extending leases on planes, O''Leary told a press conference. In the coming months Ryanair''s capacity for possible redeployment to Italy will increase to 30 planes, O''Leary said. (Reporting by Julia Fioretti; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ryanair-italy-idUKKBN18J2HL'|'2017-05-24T00:52:00.000+03:00'|3904.0|''|-1.0|'' 3905|'bf53b00a6e612afc2e55b2565f633334cf7ff651'|'Italy''s Lavazza buys 80 percent of Canada''s Kicking Horse Coffee'|'Deals - Wed May 24, 2017 - 10:19am EDT Italy''s Lavazza buys 80 percent of Canada''s Kicking Horse Coffee FILE PHOTO: Lavazza''s espresso coffee cup installation is seen at the headquater in Turin, Italy, February 8, 2016. REUTERS/Giorgio Perottino MILAN Italian coffee maker Lavazza said on Wednesday it had bought 80 percent of Kicking Horse Coffee in a deal valuing the Canadian company at C$215 million ($160 million). Family-owned Lavazza is looking round for acquisitions to help boost its turnover to 2.2 billion euros ($2.46 billion) in the next four years. In a statement Lavazza said the deal was an important step in its strategy to grow in North America, seen as a key market for the group. Under the deal Elana Rosenfeld, who founded the Canadian organic coffee brand in 1996, will own the remaining 20 percent and will continue to run the company as chief executive. Lavazza sales rose 29 percent to 1.9 billion euros last year thanks to the acquisition of French coffee brand Carte Noire and Denmark''s Merrild. Lavazza was advised by JPMorgan, law firm Blake Cassels & Graydon, Boston Consulting Group and PWC. (Reporting by Stephen Jewkes, editing by Agnieszka Flak) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-kickinghorse-m-a-lavazza-idUSKBN18K1XD'|'2017-05-24T18:19:00.000+03:00'|3905.0|''|-1.0|'' 3906|'2c1faa6d623dda22be853d5e2e6e26261862c40e'|'Exclusive: Italy tax police seize documents from IBM in BT Italy probe'|' 34pm EDT Exclusive: Italy tax police seize documents from IBM in BT Italy probe FILE PHOTO: A woman passes by the IBM offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid By Emilio Parodi MILAN - Italian investigators have seized documents from the Milan offices of International Business Machines Corp as part of an investigation into allegations of fraud at one of its customers, BT Italy, a unit of Britain''s BT Group, sources said. Dozens of tax police visited the Italian offices of nine suppliers to BT Italy, including the U.S. tech group, on Thursday, as well as BT Italy''s own headquarters, and took boxes of documents away, said sources familiar with the probe. IBM spokesman Alessandro Ferrari said the company was cooperating with authorities. The U.S. group is not formally under investigation and none of its representatives has been accused of wrongdoing, but the warrant for Thursday''s seizures, seen by Reuters, states that some transactions between BT Italy and its suppliers were faked. The warrant authorized the search for evidence in relation to allegations that former BT Italy managers had conspired with suppliers and customers to fake orders and to issue false credit notes in order to reduce BT Italy''s costs. Investigators also sought evidence that BT Italy and suppliers contrived sale-and-leaseback transactions to artificially boost sales and profit margins. These transactions involved several firms, including IBM, according to the warrant and the sources. The accounting scandal surfaced last October when BT Group said it had discovered accounting errors at its Italy unit. In January, it characterized it as improper accounting and took a write-down of around 530 million pounds ($690 million). In March, it filed a criminal complaint with Italian prosecutors, accusing several former Italy executives and other employees of breaking company rules and unlawful conduct. BT Group said in an emailed statement: "We''ve been proactively assisting prosecutors in Milan with their investigations into the inappropriate behavior that took place at BT Italy." BT Italy''s lawyer, Marco Calleri, declined to comment. Milan prosecutors this week formally put under investigation five former executives and employees of BT Italy, on allegations that they ran a conspiracy to fake transactions in order to inflate BT Italy''s financial performance. Sources said the motive was to ensure executives and staff met their bonus targets. The five are former BT Italy chief executive Gianluca Cimini, former chief operating officer Stefania Truzzoli, former chief financial officer Luca Sebastiani, ex-employee Giacomo Ingannamorte and Sebastiani''s predecessor, Alessandro Clerici. A lawyer for Truzzoli declined to comment. Cimini did not respond to a request for comment. Lawyers for the others also did not respond. The other suppliers raided were T.A.I. Software Solution Srl, ITF Srl, Var Group Spa, NSR Srl, Servizi Tecnici per l''Elettronica Spa, Gomedia Srl, L.B. Srl and Shicon Europe Srl, according to the warrant. ITF and Var Group declined to comment. There was no immediate response to emailed requests for comment from T.A.I. Software Solution and Servizi Tecnici per l''Elettronica. Reuters was unable to immediately reach L.B., Shicon Europe, Gomedia and NSR for comment. (Additional reporting by Agnieszka Flak, Silvia Aloisi and Giulia Segreti; Editing by Mark Bendeich and Andrew Roche)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-bt-italy-idUSKCN18F24X'|'2017-05-20T01:34:00.000+03:00'|3906.0|''|-1.0|'' -3907|'5536ac1afc20982637b52243c5e134f05049f58f'|'African Markets - Factors to watch on May 26'|'The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. - - - - - EVENTS: Judgment of Niger opposition leader on incitement and sedition charges GLOBAL MARKETS Crude prices were on the defensive on Friday after an agreement by OPEC to extend existing supply curbs disappointed investors wagering on larger cuts, prompting a move away from riskier assets and depressing Asian stocks. WORLD OIL PRICES Oil extended falls on Friday after tumbling in the previous session when OPEC and allied producers extended output cuts but disappointed investors betting on longer or larger supply curbs. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand extended gains against the U.S. dollar to a two-month high on Thursday as the greenback stumbled after the Federal Reserve dialled down some expectations that it would hike interest rates soon. NIGERIA OIL Nigeria''s Senate passed a long-awaited oil governance bill on Thursday which the president of parliament''s upper chamber said would improve transparency in the OPEC member''s energy industry and stimulate growth in the sector. KENYA MARKETS The Kenyan shilling was steady against the dollar on Thursday with market players eyeing the central bank''s monetary policy meeting on Monday, traders said. KENYA AIRLINES Kenya Airways Ltd reported a reduction in pretax losses and a return to profit at the operating level on Thursday, after carrying a record number of passengers in the past year, and said it expected a financial restructuring would be completed shortly. UGANDA MARKETS The Ugandan shilling was stable on Thursday, underpinned by a central bank removal of excess liquidity via a one-week repurchase agreement (repo) and two deposit auctions of different tenors. CONGO VIOLENCE Democratic Republic of Congo opposes an international investigation into the deaths of two U.N. investigators, the foreign minister said on Thursday, amid mounting criticism of the Congolese authorities'' own probe. IVORY COAST COCOA Cocoa farmers in Ivory Coast are selling beans at below the government guaranteed minimum price as a global price decline squeezes revenues for buyers and exporters, farmers and buyers told Reuters. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/africa-factors-idUSL8N1IS09R'|'2017-05-26T12:47:00.000+03:00'|3907.0|''|-1.0|'' +3907|'5536ac1afc20982637b52243c5e134f05049f58f'|'African Markets - Factors to watch on May 26'|'The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. - - - - - EVENTS: Judgment of Niger opposition leader on incitement and sedition charges GLOBAL MARKETS Crude prices were on the defensive on Friday after an agreement by OPEC to extend existing supply curbs disappointed investors wagering on larger cuts, prompting a move away from riskier assets and depressing Asian stocks. WORLD OIL PRICES Oil extended falls on Friday after tumbling in the previous session when OPEC and allied producers extended output cuts but disappointed investors betting on longer or larger supply curbs. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand extended gains against the U.S. dollar to a two-month high on Thursday as the greenback stumbled after the Federal Reserve dialled down some expectations that it would hike interest rates soon. NIGERIA OIL Nigeria''s Senate passed a long-awaited oil governance bill on Thursday which the president of parliament''s upper chamber said would improve transparency in the OPEC member''s energy industry and stimulate growth in the sector. KENYA MARKETS The Kenyan shilling was steady against the dollar on Thursday with market players eyeing the central bank''s monetary policy meeting on Monday, traders said. KENYA AIRLINES Kenya Airways Ltd reported a reduction in pretax losses and a return to profit at the operating level on Thursday, after carrying a record number of passengers in the past year, and said it expected a financial restructuring would be completed shortly. UGANDA MARKETS The Ugandan shilling was stable on Thursday, underpinned by a central bank removal of excess liquidity via a one-week repurchase agreement (repo) and two deposit auctions of different tenors. CONGO VIOLENCE Democratic Republic of Congo opposes an international investigation into the deaths of two U.N. investigators, the foreign minister said on Thursday, amid mounting criticism of the Congolese authorities'' own probe. IVORY COAST COCOA Cocoa farmers in Ivory Coast are selling beans at below the government guaranteed minimum price as a global price decline squeezes revenues for buyers and exporters, farmers and buyers told Reuters. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/africa-factors-idUSL8N1IS09R'|'2017-05-26T12:47:00.000+03:00'|3907.0|28.0|0.0|'' 3908|'ad85d646fb5a58d15b63c21097fde496125b13f5'|'Facebook leaked documents show types of content it allows: Guardian'|'Leaked Facebook Inc documents show how the social media company moderates issues such as hate speech, terrorism, pornography and self-harm on its platform, the Guardian reported, citing internal guidelines seen by the newspaper.New challenges such as "revenge porn" have overwhelmed Facebook''s moderators who often have just ten seconds to make a decision, the Guardian said. The social media company reviews more than 6.5 million reports of potentially fake accounts a week, the newspaper added. bit.ly/2q7dThGMany of the company''s content moderators have concerns about the inconsistency and peculiar nature of some of the policies. Those on sexual content, for example, are said to be the most complex and confusing, the Guardian said.Facebook had no specific comment on the report but said safety was its overriding concern."Keeping people on Facebook safe is the most important thing we do. We work hard to make Facebook as safe as possible while enabling free speech. This requires a lot of thought into detailed and often difficult questions, and getting it right is something we take very seriously", Facebook''s Head of Global Policy Management Monica Bickert said in a statement.Facebook confirmed that it was using software to intercept graphic content before it went on the website, but it was still in its early stages.The leaked documents included internal training manuals, spreadsheets and flowcharts, the Guardian said.The newspaper gave the example of Facebook policy that allowed people to live-stream attempts to self-harm because it doesnt want to censor or punish people in distress."Facebook moderators were recently told to escalate to senior managers any content related to "13 Reasons Why," the Netflix original drama series based on the suicide of a high school student, because it feared inspiration of copycat behavior, the Guardian reported.Reuters could not independently verify the authenticity of the documents published on the Guardian website.(Reporting by Sangameswaran S in Bengaluru; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-facebook-moderation-idINKBN18I04A'|'2017-05-21T23:57:00.000+03:00'|3908.0|''|-1.0|'' 3909|'ba2c2931b5d2d8dd13c3d8a667de15689b34132a'|'Euro zone expands trade surplus despite protectionist calls'|'Business News - Tue May 16, 2017 - 10:30am BST Euro zone expands trade surplus despite protectionist calls A picture illustration taken with the multiple exposure function of the camera shows a one Euro coin and a map of Europe, January 9, 2013. REUTERS/Kai Pfaffenbach By Francesco Guarascio - BRUSSELS BRUSSELS The euro zone increased its trade surplus with the rest of the world in March with both exports and imports rising markedly, in a sign that global commerce has so far not been hampered by protectionist calls. The European Union statistics office Eurostat said on Tuesday the 19-country currency area recorded a 30.9 billion euro (26.4 billion pounds) surplus in March in its goods trade balance with states outside the bloc, according to data not adjusted for seasonal factors. The March surplus is nearly double that of February when the bloc has a positive balance of 17.8 billion euros, and also higher than a year earlier when the surplus was 28.2 billion euros. The 19-country bloc, driven by Germany, expanded its exports by 13 percent in March on a yearly basis to a total value of 202.3 billion euros, unadjusted figures show. Imports to the bloc also increased by 14 percent, although from a lower basis, showing that trade flows have not been affected by growing protectionist calls, such as from U.S. President Donald Trump. Exports of the 28 EU countries to the United States in the first quarter increased by 11 percent compared with the same quarter last year. Imports from the U.S. rose a more modest 4 percent, resulting in an expanded EU trade surplus with the U.S. totalling 30.6 billion euros from 23.6 billion euros recorded in the first quarter of 2016. The EU increased its exports to all major trade partners in the first quarter of this year, with a 28 percent surge in sales to Russia and 22 percent increase in exports to China. Imports from China grew only 3 percent, reducing the EU trade deficit with Beijing to 41.7 billion euros from 47.3 billion euros a year ago. Figures adjusted for seasonal factors showed the euro zone surplus was 23.1 billion euros in March from 18.8 billion euros in February, with a 1.4 percent increase in exports on the month and a 1.1 percent drop in imports. (Reporting by Francesco Guarascio @fraguarascio; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-trade-idUKKCN18C0WM'|'2017-05-16T17:30:00.000+03:00'|3909.0|''|-1.0|'' 3910|'be6be0e00b70eefbb9238bcf12a4137e34e28097'|'Ireland to decide on AIB IPO in the next 48 hours - PM'|'Business News 4:19pm BST Ireland to decide on AIB IPO in the next 48 hours - PM A gardener mows the grass outside the headquarters of AIB on the day the bank announced it''s results, in Dublin April 12, 2011. REUTERS/Cathal McNaughton DUBLIN Irish Finance Minister Michael Noonan informed cabinet on Tuesday that he expects to make a decision in the next 48 hours on whether to launch an initial public offering of Allied Irish Bank ( ALBK.I ), Prime Minister Enda Kenny said. Ireland''s government has appointed several banks to act as bookrunners and global coordinators for the potential sale of its 25 percent stake in AIB, and Noonan has said the nearest window to sell the shares runs from mid-May to the end of June. "The minister informed the government of his process to this point. He said in the next 48 hours, he would expect to make a decision," Kenny told parliament. (Reporting by Padraic Halpin. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aib-ipo-idUKKBN18Q1TZ'|'2017-05-30T23:19:00.000+03:00'|3910.0|''|-1.0|'' @@ -3916,7 +3916,7 @@ 3914|'9df66ce26d47158433c4896ef9d006b41d880b2a'|'UPDATE 1-Slovenia finance minister offers to quit over NLB sale delay -sources'|'(Adds details, background)By Marja NovakLJUBLJANA May 28 Slovenian Finance Minister Mateja Vranicar Erman offered to resign on Monday over a likely delay in the sale of Nova Ljubljanska Banka (NLB) but the prime minister refused to accept her resignation, sources said.The finance ministry and the office of Prime Minister Miro Cerar were not immediately available to comment.The government has refused to give guarantees for what could amount to about 400 million euros ($450 million) in compensation payable by NLB, Slovenia''s largest bank, to Croatian banks who repaid depositors at NLB''s predecessor Ljubljanska Banka.Ljubljanska Banka closed its Croatian business after Slovenia declared independence from the former Yugoslavia in 1991 and Slovenia wants any repayment agreement to be part of succession talks between the ex-Yugoslav states.State-owned Slovenian Sovereign Holding (SDH), which is coordinating the NLB sale, could decide on whether to pursue the privatisation on Thursday, sources said.Slovenia has committed to selling 75 percent of NLB in exchange for European Commission approval of aid to the bank in 2013 and planned to sell half of NLB this year and another 25 percent by the end of 2018.The Slovenian government controls about 50 percent of the economy and some 44 percent of the banking sector. (Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/slovenia-nlb-idINL8N1IV3P2'|'2017-05-29T16:01:00.000+03:00'|3914.0|''|-1.0|'' 3915|'d5b1ff166761c79dd3a76f2ac9e8b6ffb848b2e2'|'Sovereign funds pull $18.4 billion from global markets in first-quarter 2017'|'Business News - Thu May 18, 2017 - 10:55am BST Sovereign funds pull $18.4 billion from global markets in first-quarter 2017 A specialist trader works at his post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 17, 2017. REUTERS/Brendan McDermid By Claire Milhench - LONDON LONDON Sovereign wealth funds pulled $18.4 billion (14.1 billion) from global stock and bond markets in the first quarter of 2017, notwithstanding robust equity gains in this period, data from research firm eVestment showed on Thursday, Oil-backed sovereign wealth funds (SWFs) have been under pressure since oil prices LCOc1 tumbled from their mid-2014 highs of $115 to around $52 a barrel, with governments tapping state funds to close budget gaps. Global SWF assets effectively stalled at $6.59 trillion in the 12 months to March 2017, data from research firm Preqin showed in April, due to a combination of weak markets, low oil prices and shifts in government policy. The latest figures from eVestment, which collates data from around 4,400 firms managing money on behalf of institutional investors, showed that selling by SWFs resumed in the first quarter after modest net inflows of $382.3 million in the fourth quarter of 2016. Peter Laurelli, global head of research at eVestment, said small inflows had broken the string of consecutive quarterly net redemptions, which began in the third quarter of 2014. He added that the percentage of asset management products with outflows in the first quarter was the second highest in at least the last five years, at 70.3 percent. This is just shy of the 71.2 percent of products with outflows posted in the second quarter of 2016. Some $16.9 billion was pulled from equity strategies, with heavy selling from U.S. equities. These lost $9.5 billion, whilst global equity strategies lost only $490.6 million, and global passive equity attracted $1.7 billion. U.S. .SPX and global stock markets .MIWD PUS rallied to record levels in the wake of Donald Trump''s election as U.S. president in November, encouraged by his promises to cut taxes and boost spending. However, doubts about his ability to deliver on these promises have grown following problems getting a key healthcare reform bill passed. This week the question of whether there was collusion between Trump''s campaign team and Moscow has exploded into a crisis that may threaten the future of Trump''s presidency. This triggered the biggest one-day fall in U.S. stocks since Sept. 9. SWFs also withdrew $1.6 billion from fixed income strategies with the selling concentrated in U.S. bonds, which suffered $2.5 billion of outflows. Laurelli said this was not a strike against U.S. credit, with U.S. corporate bonds attracting $1.5 billion, but rather a result of a $3.9 billion withdrawal from U.S. short-duration strategies. Global fixed income strategies attracted around $1 billion of net inflows. Emerging market debt also pulled in $123 million, after three consecutive quarters of redemptions. But emerging market equity mandates continued to suffer withdrawals, with some $2.1 billion redeemed in the first quarter. (Reporting by Claire Milhench; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-swf-flows-idUKKCN18E14Z'|'2017-05-18T17:44:00.000+03:00'|3915.0|''|-1.0|'' 3916|'e6411c996aa862a5eda991e37e2461719a65aabc'|'China says domestic manufacturing push open, transparent'|'Business News 8:34am BST China says domestic manufacturing push open, transparent BEIJING China''s plan to boost its domestic manufacturing industry has been somewhat misunderstood by foreign organisations as a move to favour local companies over foreign competition, a government official said Wednesday. Xin Guobin, vice minister of the Ministry of Industry and Information Technology (MIIT), reiterated the government''s stance on foreign participation in its "Made in China 2025" plan at a briefing with reporters in Beijing. Foreign business groups have grown more vociferous in criticising Beijing''s lacklustre market reforms, and worry that the plan will force members to give up key technology in order to access the market or bypass them altogether. "There has been some misreading and misunderstanding among foreign media and organizations (about the plan)," said Wu. "China always adheres to the principles of fairness, transparency and openness." Xin said all companies in China, whether Chinese or foreign-funded, will receive the same treatment under the ''China 2025'' policies. Beijing''s plan calls for a dramatic increase in domestically-made products in 10 sectors - from robotics to biopharmaceuticals - that the government hopes will accelerate an industrial upgrade as economic growth slows. But Xin said references to domestic market share numbers should be seen as estimates more than hard government targets, Xin said Wednesday. Xin said China is actively cooperating with other countries to promote industrial upgrades, but that a key problem is that developed countries have put strict limits on exports of certain technology, equipment and products to China. "We hope that both China and other countries further open up and deepen cooperation," said Wu. "We also welcome more foreign firms to actively join in China''s efforts to become a strong manufacturing nation." (Reporting by Elias Glenn; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-business-idUKKBN18K0PL'|'2017-05-24T15:34:00.000+03:00'|3916.0|''|-1.0|'' -3917|'ec2340ec8c1ab4547d5d770db9c22bb3706410c1'|'State bailout of Italian banks could re-ignite ''doom loop'' concerns - S&P Global'|'Business News - Tue May 23, 2017 - 3:46pm BST State bailout of Italian banks could re-ignite ''doom loop'' concerns: S&P Global A woman walks in front of the Monte dei Paschi bank in Siena, central Italy, January 29, 2016. REUTERS/Max Rossi By Abhinav Ramnarayan - LONDON LONDON An Italian state bailout of some of its banks could create a vicious circle of dependency between the sovereign and its banking sector and reignite concerns about the "doom loop", S&P Global''s top sovereign analyst said on Tuesday. Given that Italian banks are among the biggest lenders to the state, with a share of more than 20 percent, a potential bailout for some lenders may have an indirect impact on Italy''s sovereign rating if there is a sell-off in Italian government debt, said S&P Global''s Moritz Kraemer. He saw no immediate impact on the rating. "If you have a sell-off in Italian government paper, say if there is a tapering announcement, then the Italian banking system will be extremely exposed because of the Italian government bonds on the balance sheet," he told Reuters. "If this issue raises its head and you also have state bailouts of the banking sector, it becomes a vicious circle. It adds another layer of complexity." A senior Italian treasury official said on Tuesday that Banca Monte dei Paschi di Siena (BMPS), Italy''s fourth largest lender, is close to reaching an agreement with the European Commission that will pave the way for a state bailout. Italy''s parliament in December approved a 20 billion euro plan to prop up the country''s weaker banks, including BMPS. "We have been here before and its not that the Italian banking problems are idiosyncratic to one or two banks; its a widespread issue," he said. "It is uncertain it will prove to be sufficient this time round." This program raises wider concerns over whether new regulations can break the "doom loop" between the state and the banking system, Kraemer said. "The regulation that forces banks to bail in creditors, that was hailed as a major breakthrough. This is a test case for that regulation," he said. Kraemer said 20 billion euros - even if used in full - would only have a limited impact on Italy''s total debt, which is close to 2 trillion euros. (Reporting by Abhinav Ramnarayan, editing by Nigel Stephenson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-italy-banks-montedeipaschi-s-p-idUKKBN18J24Y'|'2017-05-23T22:45:00.000+03:00'|3917.0|''|-1.0|'' +3917|'ec2340ec8c1ab4547d5d770db9c22bb3706410c1'|'State bailout of Italian banks could re-ignite ''doom loop'' concerns - S&P Global'|'Business News - Tue May 23, 2017 - 3:46pm BST State bailout of Italian banks could re-ignite ''doom loop'' concerns: S&P Global A woman walks in front of the Monte dei Paschi bank in Siena, central Italy, January 29, 2016. REUTERS/Max Rossi By Abhinav Ramnarayan - LONDON LONDON An Italian state bailout of some of its banks could create a vicious circle of dependency between the sovereign and its banking sector and reignite concerns about the "doom loop", S&P Global''s top sovereign analyst said on Tuesday. Given that Italian banks are among the biggest lenders to the state, with a share of more than 20 percent, a potential bailout for some lenders may have an indirect impact on Italy''s sovereign rating if there is a sell-off in Italian government debt, said S&P Global''s Moritz Kraemer. He saw no immediate impact on the rating. "If you have a sell-off in Italian government paper, say if there is a tapering announcement, then the Italian banking system will be extremely exposed because of the Italian government bonds on the balance sheet," he told Reuters. "If this issue raises its head and you also have state bailouts of the banking sector, it becomes a vicious circle. It adds another layer of complexity." A senior Italian treasury official said on Tuesday that Banca Monte dei Paschi di Siena (BMPS), Italy''s fourth largest lender, is close to reaching an agreement with the European Commission that will pave the way for a state bailout. Italy''s parliament in December approved a 20 billion euro plan to prop up the country''s weaker banks, including BMPS. "We have been here before and its not that the Italian banking problems are idiosyncratic to one or two banks; its a widespread issue," he said. "It is uncertain it will prove to be sufficient this time round." This program raises wider concerns over whether new regulations can break the "doom loop" between the state and the banking system, Kraemer said. "The regulation that forces banks to bail in creditors, that was hailed as a major breakthrough. This is a test case for that regulation," he said. Kraemer said 20 billion euros - even if used in full - would only have a limited impact on Italy''s total debt, which is close to 2 trillion euros. (Reporting by Abhinav Ramnarayan, editing by Nigel Stephenson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-italy-banks-montedeipaschi-s-p-idUKKBN18J24Y'|'2017-05-23T22:45:00.000+03:00'|3917.0|29.0|0.0|'' 3918|'3c4965bff6969d429f0f01a66186d7c48022f29c'|'Paris to redouble efforts to attract Brexit banks after Macron win'|'Business News - Mon May 8, 2017 - 11:25am BST Paris to redouble efforts to attract Brexit banks after Macron win FILE PHOTO: General view of the skyline of La Defense business district with its Arche behind Paris'' landmark, the Arc de Triomphe and the Champs Elysees Avenue in Paris, France, January 13, 2016. REUTERS/Charles Platiau/File Photo By Anjuli Davies and Maya Nikolaeva - LONDON/PARIS LONDON/PARIS Emmanuel Macron''s victory in the French presidential election and his plans to swiftly implement structural reforms is a boon for Paris in its efforts to attract banks and other financial service companies seeking to move operations out of Britain, the head of lobbying group Paris Europlace said on Monday. Britain''s decision to leave the European Union has opened up fierce competition among financial centres elsewhere in the bloc, including Paris, Frankfurt, Dublin and Luxembourg, to attract banks and other financial companies seeking to secure continued access to the single market once Britain leaves. Hitherto bankers have been sceptical that France can attract much of the UK financial industry, with high labour costs and a frequently changing tax system seen as major deterrents. "Macron''s win is a sign that France is on the road to implement more structural reforms that are needed," Arnaud de Bresson, chief executive of Paris Europlace, told Reuters, estimating that Paris could attract 20,000 workers from Britain. "Macron will personally make it his mission to convince the international banks as well as investors of the benefits of Paris," he added. The new president is promising to overhaul the labour market and simplify the French tax and pension systems, while paring back regulations he says hamper innovation. But there is a lot of uncertainty about the likely pace of reforms, which could take months or even years to implement. "Macron''s victory will spur a redoubling in the sales pitch for Paris. They are going to go all out," a banking source at an international bank said. A delegation from Paris Europlace, together with Christian Noyer, the former French central bank governor, will travel to the United States on May 22 and May 23 to try to persuade the financial industry there to choose Paris as their European base. Europlace had already held about 100 meetings with large international banks as well as asset management, investment, insurance and fintech companies in London, New York, Shanghai and Tokyo, it said in March. "Lots of banks have been waiting for the results of the election before making a decision on relocation plans and Macron''s election will give a boost for the choice of Paris," said de Bresson. He added French regulators were offering fast-track solutions to banks and asset management firms seeking the required licences and that Macron has pledged to implement labour law reforms within his first 100 days in office. UGLY FIGHT Nearly a year on from the Brexit vote, most banks and asset managers have already started to implement their contingency plans, including deciding on a European City from which to base their EU operations. The five largest U.S. investment banks are set to move hundreds of key staff within two years from London to Frankfurt, the city''s chief lobbyist told Reuters on May 5. So far, only HSBC, Europe''s biggest bank, has said it could move some of its operations to Paris where it has a subsidiary that holds most of the licences needed by an investment bank thanks to its purchase of CCF in 2000. Before the vote on Sunday, Valerie Pecresse, the head of the wider Paris region, said on Twitter that London-based firms were effectively waiting for a Macron victory to pull the trigger on relocation plans to Paris. "If Marine Le Pen is elected 30 London-based companies ready to relocate to the Paris region have told us they would give up their plans." Paris has a network of international law firms and asset managers and the city is also home to the European markets authority, ESMA. "This is a fight that will get ugly, with Macron trying to attract as much business as possible away from the UK ... Macron is going to lower corporate taxes, create incentives to invest in equities, and reduce red tape. This will make Paris a magnet to wrest business away from London," said Octavio Marenzi, CEO of Opimas, a capital markets management consultancy. (Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-election-banks-idUKKBN18410A'|'2017-05-08T18:25:00.000+03:00'|3918.0|''|-1.0|'' 3919|'b38ad6582e496e73d9a351154634fff1cbf238d1'|'Brazil''s senator in charge of drafting labor reform report halts work on the proposal'|'Bonds 49am EDT Brazil''s senator in charge of drafting labor reform report halts work on the proposal BRASILIA May 18 Brazilian Senator Ricardo Ferrao in charge of drafting a labor reform report said on Thursday he was canceling work on the proposal, an indication that President Michel Temer''s agenda has ground to a halt in the new political crisis. An aide to the senator said the agenda pushed by Temer''s government has been "suspended" after allegations that he condoned the bribery of a witness in the "Car Wash" corruption investigation, which have threatened his hold on office. (Reporting by Anthony Boadle)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-politics-reform-idUSS0N1H001O'|'2017-05-18T23:49:00.000+03:00'|3919.0|''|-1.0|'' 3920|'5391eede677d5007d1ee8801953f496b4a11d40e'|'BP says 1 billion additional barrels ''possible'' in Gulf of Mexico hubs'|'Business News - Mon May 1, 2017 - 6:50pm BST BP says 1 billion additional barrels ''possible'' in Gulf of Mexico hubs The logo of BP is on display at a petrol station in Moscow, Russia, July 4, 2016. REUTERS/Sergei Karpukhi/File photo HOUSTON The head of BP''s Gulf of Mexico region said on Monday the oil company''s use of a new seismic imaging technology has identified 1 billion additional barrels of "possible resources" at four of its U.S. offshore fields. Richard Morrison, the BP region president, said at the Offshore Technology Conference in Houston that its "full waveform inversion" imaging technology was applied to data from its Atlantis, Mad Dog, Thunder Horse and Na Kika fields. The technology enhances the clarity of images collected from existing seismic surveys, particularly those involving complex salt structures that were obscured or distorted, the company said. BP last week said its use of the imaging technology had identified 200 million barrels of possible resources at is Atlantis field alone. It plans to apply the technology to other fields in Azerbaijan, Angola, and Trinidad and Tobago, it said. (Reporting by Jessica Resnick-Ault; editing by Gary McWilliams and Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bp-oil-gulf-idUKKBN17X25I'|'2017-05-02T01:50:00.000+03:00'|3920.0|''|-1.0|'' @@ -3930,7 +3930,7 @@ 3928|'dfbf6398c1c9f65ac6697532b14a299e5481afd1'|'Athletics-Kipchoge on pace for sub-two hour marathon - Reuters'|'MONZA, Italy May 6 Kenyan Eliud Kipchoge was on pace to run the first marathon in under two hours on Saturday, part of an unofficial effort at a Formula 1 track in Italy sponsored by sportswear group Nike to break through one of the greatest barriers in sport.The 32-year-old Olympic champion broke away from the only other competitors, Eritrean Zersenay Tadese and Ethiopian Lelisa Desisa, near the halfway mark and was running at pace that would see him finish a few seconds inside two hours.He was running behind an arrow-head of six pacemakers, to reduce drag, and a pace car beaming a green line on the surface of the Monza track behind it to show the speed needed to break the barrier.The world record is 2 hours 2 minutes and 57 seconds, set by Kenyan Dennis Kimetto in Berlin in 2014, and it will stand no matter the time Kipchoge achieves on Saturday, largely because of the pace-setting arrangement. (Reporting by Mark Bendeich, editing by Nick Mulvenney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/athletics-marathon-breaking2-halfway-idINL4N1I803N'|'2017-05-06T03:08:00.000+03:00'|3928.0|''|-1.0|'' 3929|'3e36a633ecc2c066b79f1cca81b07778ba1e74a1'|'Zambia President steps into row with First Quantum Minerals'|'LUSAKA May 11 Zambia''s president Edgar Lungu has called for an out of court settlement with First Quantum Minerals, which is being sued for $1.4 billion by a state-owned firm, the presidency said on Thursday.First Quantum asked a Zambian court in February to dismiss the suit from Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH), which is 77 percent state-owned and holds minority stakes in most of the country''s copper mines."The president decided that the finance minister leads a government team to engage First Quantum for a speedy and amicable conclusion of this matter," presidential spokesman Amos Chanda said."The government team includes the minister of mines and should start work by next week so that we can quickly have an amicable settlement as directed by the president," he said.Zambia is Africa''s second-largest copper producer and differences with mining companies over taxes, electricity prices, environmental concerns and labour matters often arise.The $1.4 billion claim by ZCCM-IH includes $228 million in interest on $2.3 billion of loans that it said First Quantum wrongly borrowed from the Kansanshi Copper Mine, as well as 20 percent of the principal amount, or $570 million.ZCCM-IH said in papers filed in the Lusaka High Court on Oct. 28, 2016 that First Quantum used the money as cheap financing for its other operations.First Quantum says the loans were at a fair market rate.Chanda said another team headed by the minister of energy would engage mining companies, including First Quantum Minerals, regarding a proposed increase in electricity prices.Zambia said in April it plans to introduce a flat tariff of 9.30 U.S. cents/kilowatt hour (kWh) backdated to January for mining companies, rather than individually negotiated rates that have averaged 6 U.S. cents/kWh. (Reporting by Chris Mfula; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/zambia-mining-idUSL8N1ID1BO'|'2017-05-11T15:45:00.000+03:00'|3929.0|''|-1.0|'' 3930|'4f26d8726086615fab66fc9a016c846dfd34a97a'|'Euroclear looking at post-Brexit options for UK, Irish market'|' 12:10pm BST Euroclear looking at post-Brexit options for UK, Irish market The Big Ben bell tower on the Houses of Parliament is visible through a shaped foil balloon as demonstrators protest during a ''''March for Europe'''' against the Brexit vote result earlier in the year, in London, Britain, September 3, 2016. REUTERS/Luke MacGregor DUBLIN Settlement bank Euroclear is looking at the option of setting up a branch or subsidiary to provide a route between its UK and Irish markets following Brexit, the head of its UK and Irish operation said on Friday. Brussels-based Euroclear''s UK operation Crest currently settles both UK and Irish shares. "That will have to change a bit in the light of Brexit and we are looking at the options of a branch and a subsidiary to try to provide a route by which we can provide solutions to this market," John Trundle told a conference in Dublin. (Reporting by Padraic Halpin,; Editing by John Geddie)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-euroclear-idUKKBN1881GH'|'2017-05-12T19:10:00.000+03:00'|3930.0|''|-1.0|'' -3931|'26a146703a2a3f82de982b21a1e4655e4a0d4254'|'Kinder Morgan to raise up to C$1.75 billion in Canadian IPO'|'TORONTO U.S. pipeline giant Kinder Morgan Inc''s ( KMI.N ) Canadian unit is looking to raise up to C$1.75 billion ($1.28 billion) in an initial public offering in Toronto, Kinder Morgan Canada said in a regulatory filing on Wednesday.The company plans to offer between 79.5 million and 92.1 million restricted voting shares, at C$19 to C$21 per share, it said.(Reporting by John Tilak)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kinder-morgan-de-ipo-idINKBN1862CP'|'2017-05-10T14:40:00.000+03:00'|3931.0|''|-1.0|'' +3931|'26a146703a2a3f82de982b21a1e4655e4a0d4254'|'Kinder Morgan to raise up to C$1.75 billion in Canadian IPO'|'TORONTO U.S. pipeline giant Kinder Morgan Inc''s ( KMI.N ) Canadian unit is looking to raise up to C$1.75 billion ($1.28 billion) in an initial public offering in Toronto, Kinder Morgan Canada said in a regulatory filing on Wednesday.The company plans to offer between 79.5 million and 92.1 million restricted voting shares, at C$19 to C$21 per share, it said.(Reporting by John Tilak)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kinder-morgan-de-ipo-idINKBN1862CP'|'2017-05-10T14:40:00.000+03:00'|3931.0|19.0|0.0|'' 3932|'12b4b695565abfae9bfe7c1876844b43fc35ef13'|'Novartis exercises option with Conatus for NASH product'|'Company News - Thu May 4, 2017 - 1:51am EDT Novartis exercises option with Conatus for NASH product ZURICH May 4 Novartis is exercising its option with Conatus Pharmaceuticals for an exclusive license for the global development and commercialization of emricasan for treating liver disease NASH, the Swiss drugmaker said. In December, Novartis said it signed a licensing deal to co-develop the fatty liver disease drug with Conatus, under which the small U.S. company receives $50 million up front. Novartis said on Thursday exercise of the option would take effect upon receipt of all required anti-trust approvals and payment of a $7-million option exercise fee to Conatus. (Reporting by Michael Shields; Editing by Clarence Fernandez)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/novartis-conatus-pharma-idUSFWN1I516W'|'2017-05-04T13:51:00.000+03:00'|3932.0|''|-1.0|'' 3933|'01b975bba35f2e32030201ac08f0dc13648621c8'|'Canadian Natural posts first-quarter profit, evaluating acquisitions'|'By Nia Williams - CALGARY, Alberta CALGARY, Alberta Canadian Natural Resources Ltd ( CNQ.TO ), the country''s largest independent petroleum producer, said on Thursday it continues to evaluate any assets for sale within its core areas of operation in western Canada.However, the Calgary-based company added that it was focused on its recently announced acquisition of a majority stake in the Athabasca Oil Sands Project in northern Alberta, which is set to close in the second quarter of this year.Canadian Natural will pay C$12.74 billion ($9.28 billion) for assets belonging to Royal Dutch Shell ( RDSa.L ) and Marathon Oil Corp ( MRO.N ), making it one of the three major Canadian oil sands operators, along with Suncor Energy ( SU.TO ) and Cenovus Energy ( CVE.TO ), that have been stepping in as foreign oil majors exit the region."We have got lots on our plate but that will not stop us from evaluating everything that goes through our core area," president Steve Laut said on a first-quarter earnings call.Canadian Natural, which operates in western Canada, the North Sea and offshore West Africa, reported a first-quarter profit on Thursday helped by an uptick in crude prices and increased output from its Horizon oil sands project in Alberta.Oil prices CLc1 LCOc1 began to rise late last year after a two-year slump, and are now trading within a $45-$50 a barrel range as an OPEC-led production cut and rebounding demand slowly erode a global glut.Canadian Natural posted a net profit of C$245 million, or 22 Canadian cents per share, for the quarter ended March 31, swinging to a profit after reporting a loss of C$105 million, or 10 Canadian cents per share, in the year-earlier quarter.The company said production rose nearly 4 percent to 876,907 barrels of oil equivalent per day (boepd) in the latest quarter.Cash flow from operations, a key indicator of a company''s ability to pay for new projects and drilling, surged nearly 150 percent to C$1.64 billion, or C$1.46 per share.The free cash flow was largely used to reduce debt levels by C$500 million, the company said.Production from Horizon, the company''s flagship oil sands facility, hit a record 192,000 bpd in the first quarter, up 50 percent year-on-year. Phase 3 of the project is scheduled to start up by the end of 2017, adding 80,000 bpd of capacity.(Reporting by John Benny in Bengaluru; Editing by Savio D''Souza and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cdn-natural-rsc-results-idINKBN1800XM'|'2017-05-04T15:36:00.000+03:00'|3933.0|''|-1.0|'' 3934|'d81ecc981041474e68d633a417d64d6ecc1f8067'|'PIRC recommends Prudential shareholders vote against pay, chairman'|'Business 03pm BST PIRC recommends Prudential shareholders vote against pay, chairman A man leaves the Prudential offices in central London May 13 2010. REUTERS/Paul Hackett LONDON Governance adviser PIRC recommended on Tuesday that Prudential ( PRU.L ) shareholders oppose the insurer''s pay policy and report, and the re-election of chairman Paul Manduca at the company''s annual general meeting next week. Prudential''s remuneration policy, which sets out future executive pay awards, has a maximum potential award for Chief Executive Mike Wells of 600 percent of salary, which PIRC said was "excessive". The maximum award for the chief executive of M&G, Anne Richards, is 1,050 percent of salary, which PIRC said in a report was "not acceptable". PIRC also recommended opposing Prudential''s remuneration report for 2016, saying Wells'' total bonus pay of 432 percent of salary was excessive, while the total bonus of 638 percent of salary for the firm''s Asia business head, Barry Stowe, was "highly excessive". It recommended opposing the re-election of Chairman Paul Manduca, citing the lack of a target to increase the number of women on the company''s board. Prudential holds its AGM on May 18. (Reporting by Carolyn Cohn; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-prudential-agm-pirc-idUKKBN18516D'|'2017-05-09T19:03:00.000+03:00'|3934.0|''|-1.0|'' @@ -3939,7 +3939,7 @@ 3937|'7f9077e8f2c83830fdcefeae2017ef5bafc62a34'|'HelloFresh to be ready for autumn flotation: sources'|'By Arno Schuetze - FRANKFURT FRANKFURT German meal kit company HelloFresh is preparing for a stock market flotation, which could come as early as autumn, but will only be launched if the pre-summer listing of peer Delivery Hero proves a success, people close to the matter said.Rocket Internet, the ecommerce investor which launched Hello Fresh in 2011, has picked a new set of so-called global coordinators for the flotation, comprising Morgan Stanley ( MS.N ), JP Morgan ( JPM.N ) and Deutsche Bank ( DBKGn.DE ).Berlin-based Rocket has built up dozens of businesses from fashion ecommerce to food delivery, but investors have become concerned about heavy losses and falling valuations for its key start-ups as well as a paucity of listings.Rocket had early success with online fashion firm Zalando ( ZALG.DE ), which listed in 2014 and has performed well since. But the investor pulled a flotation of HelloFresh in 2015 and has not brought any other companies to market yet.HelloFresh, which delivers meal ingredients and recipes in seven European countries as well as the United States, Canada and Australia, was valued at valued at 2 billion euros ($2.2 billion) in a funding round in December.On Tuesday, Reuters reported that Delivery Hero - Rocket''s biggest holding - is set to float before the summer break in a deal valuing one of Europe''s biggest start-ups at up to 4 billion euros.Rocket, which is due to report first-quarter financial results on May 31, owns 53 percent of HelloFresh, with other investors including British investment manager Baillie Gifford and Qatar''s sovereign wealth fund holding the rest.HelloFresh''s revenue almost doubled to 597 million euros in 2016 as it expanded rapidly in North America, while losses before interest, tax, depreciation and amortization narrowed to 83 million euros from 86 million in 2015.HelloFresh, which delivered 91 million servings in 2016 and saw its number of active subscribers rise 38 percent to 857,000, is keen to make its service ever more personalized and add more options for delivery, like wine and desserts.U.S. peers Blue Apron and Sun Basket are also preparing initial public offerings (IPOs).Separately, Rocket-backed Global Fashion Group said on Wednesday it had agreed with partner Emaar to jointly develop Namshi until a possible IPO or a full takeover.Rocket Internet and the banks declined to comment.(Additional reporting by Emma Thomasson; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hellofresh-ipo-idINKBN18K1PH'|'2017-05-24T11:08:00.000+03:00'|3937.0|''|-1.0|'' 3938|'39912e5d5f093897f5d8ef97e7510510b9aefe1f'|'EU starts legal action against Italy over Fiat Chrysler emissions'|'Wed May 17, 2017 - 12:37pm BST EU starts legal action against Italy over Fiat Chrysler emissions A Fiat logo is seen on the wheel of a Fiat car in Turin in this picture taken February 10, 2013. REUTERS/Stefano Rellandini BRUSSELS/ROME The European Commission launched legal action against Italy on Wednesday for failing to respond to allegations of emission-test cheating by Fiat Chrysler ( FCHA.MI ), in a procedure that could lead to the country being taken to court. The Commission said Italy had failed to convince it that devices used to modulate emissions on Fiat Chrysler vehicles outside of narrow testing conditions were justified. "The Commission is now formally asking Italy to respond to its concerns that the manufacturer has not sufficiently justified the technical necessity and thus the legality of the defeat device used," the Commission said in a statement. Italy has two months to respond to the Commission''s request and may be eventually taken to the European Court of Justice if the answer is found to be unconvincing. Italy had asked the European Union to postpone its plan to launch legal action against Rome over emissions at Fiat Chrysler ( FCHA.MI ), Transport Minister Graziano Delrio said. "Considering that after the end of the mediation process, we did not receive any request for further information ... we ask that you delay starting the infringement procedure while we await a letter asking for clarification on issues raised by your relevant offices," Delrio told EU Industry Commissioner Elzbieta Bienkowska, according to the ministry''s statement. The European Commission has been mediating a dispute between Rome and Berlin after Germany accused Fiat Chrysler of using an illegal device in its Fiat 500X, Fiat Doblo and Jeep Renegade models. That mediation ended without fanfare in March. EU officials have become increasingly frustrated with what they see as governments colluding with the powerful car industry and the legal move is the biggest stick the European Commission has available to force nations to clamp down on diesel cars that spew out polluting nitrogen oxide (NOx). Delrio, however, said the material Italy had sent to the Commission during the mediation process showed that the vehicles'' approval process was correctly performed. Under the current system, which the Commission is trying to overhaul, national regulators approve new cars and alone have the power to police manufacturers. But once a vehicle is approved in one country, it can be sold throughout the bloc. Last December, the Commission launched cases against five nations, including Germany, Britain and Spain, for failing to police the car industry adequately. Under new draft rules set to be agreed later this month, the Commission will be given the power to fine car manufacturers who cheat the system directly, up to 30,000 euros per affected vehicle. "Contrary to what your offices have stated, the Italian authorities have from the start ruled out the presence of any illegal devices in Fiat''s models, both the original ones and those that have been refitted," Delrio said. "During the mediation process we have pointed out that FCA had voluntarily initiated a campaign in February 2016 to improve emissions performance, well before Germany informed us of the results emerging from their tests." Once filed, Wednesday''s notice will be the first step in EU infringement procedures, designed to ensure the bloc''s 28 member states abide by EU-wide regulations. (Reporting by Francesca Piscioneri and Agnieszka Flak; Robert-Jan Bartunek in Brussels)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-fiatchrysler-emissions-idUKKCN18D1DS'|'2017-05-17T19:33:00.000+03:00'|3938.0|''|-1.0|'' 3939|'f1b9a124b4fa4381e9cac671710f47f8aa84545b'|'Wells Fargo may have created 3.5 million unauthorised accounts-lawyers'|'Business News - Fri May 12, 2017 - 11:13pm BST Wells Fargo bogus accounts balloon to 3.5 million: lawyers A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S., September 26, 2016. REUTERS/Mike Blake By Jonathan Stempel Wells Fargo & Co ( WFC.N ) may have opened as many as 3.5 million unauthorized customer accounts, far more than previously estimated, according to lawyers seeking approval of a $142 million settlement over the practice. The new estimate was provided in a filing late Thursday night in the federal court in San Francisco, and is 1.4 million accounts higher than previously reported by federal regulators, in what became a national scandal. Keller Rohrback, a law firm for the plaintiff customers, said the higher estimate reflects "public information, negotiations, and confirmatory discovery." The Seattle-based firm also said the number "may well be over-inclusive, but provides a reasonable basis on which to estimate a maximum recovery." Wells Fargo spokesman Ancel Martinez in an email said the new estimate was "based on a hypothetical scenario" and unverified, and did not reflect "actual unauthorized accounts." Nonetheless, it could complicate Wells Fargo''s ability to win approval for the settlement, which has drawn opposition from some customers and lawyers who consider it too small. "This adds more credence to the fact there is not enough information to assess whether the settlement is fair and adequate," Lewis Garrison, a partner at Heninger Garrison Davis in Birmingham, Alabama who represents some objecting customers, said in an interview. U.S. District Judge Vince Chhabria in San Francisco is scheduled to consider preliminary approval at a May 18 hearing. The accounts scandal mushroomed after Wells Fargo agreed last September to pay $185 million in penalties to settle charges by authorities including the U.S. Consumer Financial Protection Bureau. Wells Fargo employees were found to have opened the accounts in part because of pressure to meet sales goals. John Stumpf and Carrie Tolstedt, who were respectively the San Francisco-based bank''s chief executive and retail banking chief, lost their jobs and had tens of millions of dollars clawed back over the scandal, and 5,300 employees were fired. The $142 million settlement covers accounts opened since May 2002. Wells Fargo originally agreed to pay $110 million covering accounts since 2009, but boosted the payout after discovering more problems. Keller Rohrback said the settlement "fairly balances the risks" of further litigation, including the possibility their clients might lose, against the benefits. Garrison''s firm said in a filing the accord underestimated the potential maximum damages by at least 50 percent, and did not properly address whether Wells Fargo committed identity theft by using customers'' personal data to open accounts. (Reporting by Jonathan Stempel; Additional reporting by Dan Freed in New York; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-wells-fargo-accounts-idUKKBN1882UV'|'2017-05-13T04:38:00.000+03:00'|3939.0|''|-1.0|'' -3940|'a4d886307eecdb03ac2c349d93793968810c8e9e'|'TREASURIES-Long bonds rally as Treasury keeps issuance unchanged'|'* Long bonds rally, yield curve flattens * Treasury evaluating ultra-long bonds * Fed meeting in focus By Karen Brettell NEW YORK, May 3 U.S. 30-year bond yields fell and the yield curve flattened on Wednesday after the Treasury Department said it was studying the issuance of an ultra-long bond, but did not commit to one. The U.S. Treasury said on Wednesday it will keep coupon auctions steady in the upcoming quarter and that it is studying the possibility of issuing ultra long-term bonds. That came after Treasury Secretary Steven Mnuchin said in an interview with Bloomberg Television on Monday that his department was looking into the issuance of bonds with maturities beyond 30 years. I think a lot of people were expecting the Treasury to commit to an ultra-long issue and they basically said that theyre reviewing it but remaining non-committal, said Gennadiy Goldberg, interest rate strategist at TD Securities in New York. Thirty-year bonds were last up 20/32 in price to yield 2.95 percent, down from 2.99 percent earlier. Benchmark 10-year notes gained 2/32 in price to yield 2.29 percent, down from 2.30 percent on Tuesday. The yield curve between 5-year notes and 30-year bonds flattened to 113 basis points, from 117 basis points earlier on Wednesday. The Treasury also kept the size of its 10-year and 30-year bond sales planned for next week unchanged, after some investors had expected these issues would be increased. The Treasury said it will sell $62 billion in coupon debt next week, including $24 billion in 3-year notes, $23 billion in 10-year notes and $15 billion in 30-year bonds. Investors were focused on the conclusion of the Federal Reserves two-day meeting later on Wednesday for any new signals on when the U.S. central bank is likely to raise interest rates. The Fed was expected to keep rates steady this month after hiking in March, but investors were waiting to see if it addresses recent economic weakness and whether it indicates that another increase is likely at its June meeting. Fridays U.S. employment report for April was the next major economic focus. Bonds showed little reaction to a report by payrolls processor ADP showing that U.S. private employers added 177,000 jobs in April, slightly above economists'' expectations. (Editing by Meredith Mazzilli) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1I50N1'|'2017-05-03T11:15:00.000+03:00'|3940.0|''|-1.0|'' +3940|'a4d886307eecdb03ac2c349d93793968810c8e9e'|'TREASURIES-Long bonds rally as Treasury keeps issuance unchanged'|'* Long bonds rally, yield curve flattens * Treasury evaluating ultra-long bonds * Fed meeting in focus By Karen Brettell NEW YORK, May 3 U.S. 30-year bond yields fell and the yield curve flattened on Wednesday after the Treasury Department said it was studying the issuance of an ultra-long bond, but did not commit to one. The U.S. Treasury said on Wednesday it will keep coupon auctions steady in the upcoming quarter and that it is studying the possibility of issuing ultra long-term bonds. That came after Treasury Secretary Steven Mnuchin said in an interview with Bloomberg Television on Monday that his department was looking into the issuance of bonds with maturities beyond 30 years. I think a lot of people were expecting the Treasury to commit to an ultra-long issue and they basically said that theyre reviewing it but remaining non-committal, said Gennadiy Goldberg, interest rate strategist at TD Securities in New York. Thirty-year bonds were last up 20/32 in price to yield 2.95 percent, down from 2.99 percent earlier. Benchmark 10-year notes gained 2/32 in price to yield 2.29 percent, down from 2.30 percent on Tuesday. The yield curve between 5-year notes and 30-year bonds flattened to 113 basis points, from 117 basis points earlier on Wednesday. The Treasury also kept the size of its 10-year and 30-year bond sales planned for next week unchanged, after some investors had expected these issues would be increased. The Treasury said it will sell $62 billion in coupon debt next week, including $24 billion in 3-year notes, $23 billion in 10-year notes and $15 billion in 30-year bonds. Investors were focused on the conclusion of the Federal Reserves two-day meeting later on Wednesday for any new signals on when the U.S. central bank is likely to raise interest rates. The Fed was expected to keep rates steady this month after hiking in March, but investors were waiting to see if it addresses recent economic weakness and whether it indicates that another increase is likely at its June meeting. Fridays U.S. employment report for April was the next major economic focus. Bonds showed little reaction to a report by payrolls processor ADP showing that U.S. private employers added 177,000 jobs in April, slightly above economists'' expectations. (Editing by Meredith Mazzilli) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1I50N1'|'2017-05-03T11:15:00.000+03:00'|3940.0|19.0|0.0|'' 3941|'b3196aa439a4f0587fc1297ac5db28ba49366395'|'China c.bank plans to inject funds via MLF in early June - Financial News'|'Money 4:42pm IST China c.bank plans to inject funds via MLF in early June - Financial News FILE PHOTO: A staff member walks in front of the headquarters of the People''s Bank of China (PBOC), the central bank, in Beijing, June 25, 2013. REUTERS/Jason Lee/File Photo SHANGHAI China''s central bank plans to inject funds into the money market through its medium-term lending facility (MLF) loans in early June, the Financial News said on Friday. The Financial News, a publication under the People''s Bank of China, quoted the central bank as saying that there would be many factors weighing on the liquidity in June. In order to "keep liquidity basically stable and stabilise the market expectations", the PBOC would also resume injecting funds into the market through 28-day tenor of its reverse bond repurchase agreement (reverse repos) operations at an appropriate time, it added. Three batches of MLF loans are due to mature in June, with a total volume of 431.3 billion yuan ($62.95 billion), according to Reuters calculations based on official data from the central bank. ($1 = 6.8520 Chinese yuan)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/china-economy-pboc-idINKBN18M17N'|'2017-05-26T09:12:00.000+03:00'|3941.0|''|-1.0|'' 3942|'a46e3a841fc0d249bcd6954b4417d4b8cf6a30e6'|'MIDEAST STOCKS - Factors to watch - May 11'|'DUBAI May 11 Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL* GLOBAL MARKETS-Oil price jump on U.S. inventories slide boosts stocks* MIDEAST STOCKS-Saudi near flat on varying Q1 results, Qatar rebounds in otherwise quiet region* Oil prices rise on falling US crude stocks, Saudi supply cut to Asia* PRECIOUS-Gold steadies above 8-week low as dollar, stocks gain* Iraq, Algeria favour extending OPEC-led output cut for six months* Russia''s Rosneft says to abide by possible oil cuts extension deal* Wintershall says in talks with Libya to resolve oil export dispute* Iran''s Azadegan oilfield tender to open within a month -oil official to Mehr News* U.S.-backed Syria militias say Tabqa, dam captured from Islamic State* Jordanian air force brings down drone near border with Syria -statement* * Russian foreign minister: Trump team are people of action* Turkey warns U.S. of blowback from decision to arm Kurdish fighters in Syria* U.S. could distribute equipment to Syrian Kurds ''very quickly'' -spokesman* Turkey, Pakistan sign warship, training plane deals* Turkey needs to sort out price issues with Russia on S-400 missiles, defence minister says* Monitor says air strikes kill 11 people north of Syria''s Raqqa* Civilians in Mosul''s Old City face "stark choices" for survival - ICRC* Iran''s Supreme Leader warns against disrupting presidential vote* Charismatic Tehran mayor defies establishment to stay in presidential race* Tunisian president orders army to protect oil and gasfields* Tunisian vendor sets himself on fire, sparking clashes with police -residents* Tunisia starts preparatory work for debut sukuk issuance* Leading Hamas official says no softened stance towards Israel* Development bank EBRD to invest in West Bank and Gaza* Arab coalition says preparing alternatives to Yemen port for urgent aid* Senior British official to be named U.N. aid chief: diplomats* Libyan coastguard turns back nearly 500 migrants after altercation with NGO ship* Italy investigating some migrant aid workers for people smuggling* U.S. likely to expand airline laptop ban to Europe -government officials* Police carry out anti-IS raids across GermanyEGYPT* BP''s Alexandria output to lift Egypt gas production to 5.1 bln cubic feet/day* Egypt''s inflation hits three-decade high* Foreign investments in Egyptian government securities reach 103.6 bln EGP* Egypt''s Suez Canal revenue $853.7 million in April and March - statement* Egypt''s annual urban consumer price inflation rises to 31.5 pct in April- CAPMASSAUDI ARABIA* British investors wary of Aramco as London courts listing* NYSE executives to woo Aramco IPO in upcoming Saudi visit* Several injured in Saudi raid on Shi''ite district-activists* Saudi Electricity swings to Q1 profit after municipality fee exemption* Saudi contractor Khodari swings to Q1 net loss as revenues halveUNITED ARAB EMIRATES* Etisalat Nigeria says has made progress on talks to restructure $1.2 bln loan* UAE''s Mashreq expects profit growth of around 5 percent in 2017QATAR* Qatar raises crude prices in April -document* Qatar has not asked to raise Deutsche Bank stake - sourcesBAHRAIN* Bahrain to try two civilians in military court - state media (Reporting By Dubai Newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-factors-idUSL8N1ID07O'|'2017-05-11T11:04:00.000+03:00'|3942.0|''|-1.0|'' 3943|'a7e2f3758880c4172a934635fd39869c616d31f2'|'Oil stable on expectations of extended OPEC-led production cut'|'Business News - Fri May 12, 2017 - 9:36am BST Oil stable on expected OPEC cut extension, drop in U.S. inventories FILE PHOTO: A worker at an oil field owned by Bashneft, Bashkortostan, Russia, in this January 28, 2015 file photo. REUTERS/Sergei Karpukhin/Files By Stephen Eisenhammer - LONDON LONDON Oil prices traded largely flat on Friday, supported by expectations of an extended OPEC-led production cut and falling U.S. crude inventories but capped by concerns over global oversupply. International benchmark Brent crude futures were at $50.73 per barrel at 0814 GMT, down 4 cents, while U.S. West Texas Intermediate (WTI) crude futures were down 2 cents at $47.81 a barrel. Analysts said a larger-than-expected fall in U.S. crude inventories last week, by 5.3 million barrels, continued to keep Brent above $50, with the data viewed as a possible sign OPEC-led cuts were tightening the market. The Organization of the Petroleum Exporting Countries and other producers including Russia have pledged to cut output by almost 1.8 million barrels per day (bpd) in the first half of the year. OPEC and the other participating producers will meet on May 25 in Vienna to decide whether to extend the cuts and, potentially, agree a deeper reduction. Saudi Arabia, the de-facto OPEC leader, has said it expects cuts to be extended. "The (U.S. crude) inventories turned the heads of market participants towards the more positive side of things," said Eugen Weinberg, Commerzbank head of commodities research. "But nevertheless the problem remains that the oil supplies are still there, the overcapacity is still there, the stocks are still quite high," he added. Norwegian consultancy Rystad Energy said "U.S. oil production has gained significant momentum" and there was "limited downside risk in the short term". "U.S. Lower 48 (all states excluding Alaska and Hawaii) oil production is set to expand by an additional 390,000 bpd from May 2017 to December 2017 assuming a WTI price of $50 per barrel," Rystad said. U.S. crude production has risen more than 10 percent since its mid-2016 trough to more than 9.3 million bpd, close to the levels of top producers Russia and Saudi Arabia. A weekly report by Baker Hughes monitoring U.S. rigs drilling for new production is due on Friday. (Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN18804L'|'2017-05-12T09:37:00.000+03:00'|3943.0|''|-1.0|'' @@ -3987,7 +3987,7 @@ 3985|'82b4c12d5d64673d2d6760f4968908436c2fca04'|'Germany''s Hapag-Lloyd to cut more than a thousand jobs after merger'|'FRANKFURT German shipping company Hapag-Lloyd ( HLAG.DE ) confirmed on Wednesday that it is looking to cut up to 12 percent of its almost 11,000 land-based workforce after completing its merger with Arab peer UASC last week.A spokesman at Hapag-Lloyd''s Hamburg headquarters said the job cuts would be made over the next 18 months to two years, confirming a report in Abu Dhabi-based The National newspaper and hints to this effect earlier this year.The company did not say where jobs would be cut. Some 2,100 sea-based jobs would not be affected because vessels would continue to travel, the spokesman said.The two businesses will start to integrate their services in about eight weeks in a process called commercial cut-over, which is due to be concluded by the end of the third quarter.Staff levels would not be cut before then, he said.Further steps entail the inclusion of UASC''s transport volumes on Hapag-Lloyd''s IT platform and the establishment of a new headquarters for the Middle East region.The spokesman said that labor costs were less important to realising synergies from merging two shipping companies than network and procurement cost savings. Overheads will be cut by merging offices, he said.(Reporting by Vera Eckert, editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hapag-lloyd-redundancies-idINKBN18R274'|'2017-05-31T12:51:00.000+03:00'|3985.0|''|-1.0|'' 3986|'c0b5db5f4cdd60be0d06b6b1fc8e3e1425b0b6e4'|'Bank of England: interest rates may need to rise before late 2019'|' 03pm IST Bank of England: interest rates may need to rise before late 2019 A plaque depicting Britannia is seen on the outside of the Bank of England in the City of London February 4, 2010. REUTERS/Toby Melville/Files By Andy Bruce and David Milliken - LONDON LONDON The Bank of England said on Thursday that it may need to raise interest rates before the late 2019 date that markets had been expecting, assuming Britain can leave the European Union smoothly in two years'' time. With only a month until a national election, the BoE said the short-term squeeze on households from inflation since June''s Brexit vote would be more severe than it predicted in February, with price growth peaking at over 2.8 percent late this year. Britain''s economy shrugged off expectations of a recession after last year''s referendum, and chalked up one of the fastest growth rates among major rich economies. But official data has soured since the start of the year. Data published on Thursday showed industrial production disappointed in the first quarter, and little boost for exporters from the fall in the pound since the Brexit vote. Many economists expect tougher times ahead as Prime Minister Theresa May starts two years of fraught Brexit talks before the country leaves the European Union at the end of March 2019. The BoE policymakers said on Thursday they could only do so much to offset the Brexit hit to the economy. "Monetary policy cannot prevent either the necessary real adjustment as the United Kingdom moves towards its new international trading arrangements or the weaker real income growth that is likely to accompany that adjustment over the next few years," the Bank said in a summary of its meeting. However, the BoE said it expected a pick-up in foreign trade and investment would offset a shortfall in domestic demand this year, and then saw a sharp pick-up in hitherto lacklustre wage growth as unemployment fell to its lowest in a generation. "Monetary policy could need to be tightened by a somewhat greater extent over the forecast period than the very gently rising path implied by the market yield curve underlying the May projections," the BoE said on Thursday. This could imply the BoE will raise rates for the first time since 2007 just as Britain leaves the EU. Sterling slipped after the Bank''s announcement which some investors had expected to show a deepening split among policymakers about the need for higher interest rates now, something that did not materialise. "The Monetary Policy Committee remained in wait-and-see mode this month," Confederation of British Industry chief economist Rain Newton-Smith said. "Any changes to monetary policy are unlikely in the near future, particularly amid ongoing uncertainty over the impact and outcomes of EU negotiations." BOE ASSUMES SMOOTH BREXIT The financial market instruments which the Bank of England uses to construct its economic forecasts have fully priced in an interest rate rise only in the final three months of 2019, nine months later than in the last set of forecasts in February. These market assumptions were based on average prices in the two weeks to May 3. Since then, markets have moved to price an earlier rate hike by the Bank of England and sterling has strengthened, which should help to push down on inflation. The BoE said its latest forecasts assumed "that the adjustment to the United Kingdom''s new relationship with the European Union is smooth". In February BoE Governor Mark Carney warned of "twists and turns" on the road to Brexit. The BoE''s Monetary Policy Committee (MPC) voted 7-1 in favour of keeping interest rates on hold at their record low 0.25 percent this month, as expected in a Reuters poll of economists. American academic Kristin Forbes, who leaves the MPC at the end of June, again voted to raise rates to 0.5 percent and warned that the overshoot in inflation could become more protracted without tightening policy now. Echoing language from the last policy meeting in March, the BoE said it would not take much upside news on growth and inflation for some other members of the MPC to join Forbes. The central bank trimmed its forecast of growth this year to 1.9 percent from 2.0 percent, but nudged up its forecasts for 2018 and 2019 to 1.7 percent and 1.8 percent. Last year Britain''s economy grew 1.8 percent. The BoE said inflation was likely to fall back to 2.16 percent in just over two years'' time - still above the BoE''s target - and then pick up slightly going into 2020. Usually Bank of England inflation forecasts show inflation falling steadily back to target. (Editing by Andrew Heavens)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-boe-idINKBN1871ME'|'2017-05-11T10:33:00.000+03:00'|3986.0|''|-1.0|'' 3987|'0388f6d3a6012c7b310b79a5c67b5da6d6ab75a7'|'China launches emergency probe on banks to check risky lending - sources'|'Business News - Fri May 12, 2017 - 5:04am BST China launches emergency probe on banks to check risky lending - sources By Zheng Li and John Ruwitch - SHANGHAI SHANGHAI China''s banking regulator this week launched emergency risk assessments of lenders'' new business practices, sources told Reuters, as Beijing deepens its crackdown on shadow banking. Guo Shuqing, the newly-installed chairman of the China Banking Regulatory Commission (CBRC), has vowed to clean up "chaos" in the country''s banking system. In cooperation with the central bank and other financial regulators, efforts have been stepped up to clamp down against shadow finance ahead of a key Communist Party congress in the second half of this year. The CBRC''s latest investigation will probe how lenders are using proceeds from negotiable certificates of deposit (NCDs), as well as their bond investments and outsourced investment businesses, two sources with direct knowledge of the plan said. The watchdog is also looking into possible violations of lending and investing rules, for example, by banks that invest in stocks via wealth management schemes or lend to their own shareholders, they said. China''s shadow banking sector has exploded over the past few years, reaching an estimated 64.5 trillion yuan (7.3 trillion pounds) in 2016, according to Moody''s, as banks use trust firms, brokerages and fund houses to channel deposits into risky investments, skirting lending and capital rules. More recently, smaller lenders have been aggressively raising money via NCDs, and then using the proceeds to make higher-yield, risky investments. The newly-launched assessments come after the CBRC sent a flurry of new policy directives last month aimed at eradicating regulatory arbitrage and other risky practices. Earlier this month, the Group of 20 economies'' financial risk monitoring agency criticised Beijing for being slow in providing key financial data from China, leading to the delay in a report on the risks the world faces from shadow banking. (Reporting by Li Zheng, Samuel Shen and John Ruwitch; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-shadowbanking-risks-idUKKBN1880BR'|'2017-05-12T12:04:00.000+03:00'|3987.0|''|-1.0|'' -3988|'3564b7ad7c18635767cb6addc277bb58ae6574dd'|'Britain''s ITV says Chief Executive Adam Crozier to step down'|'Hollywood 4:29pm IST ITV boss Crozier to quit after seven years at the broadcaster left right FILE PHOTO: A company sign is displayed outside an ITV studio in London, Britain, July 27, 2016. REUTERS/Neil Hall/File Photo 1/3 left right FILE PHOTO - The Chief Executive of Royal Mail, Adam Crozier, leaves after appearing before the Business and Enterprise Committee at Portcullis House, in London February 24, 2009. REUTERS/Luke MacGregor/File Photo 2/3 left right A company sign is displayed outside an ITV studio in London, Britain July 27, 2016. REUTERS/Neil Hall/File Photo 3/3 By Paul Sandle - LONDON LONDON ITV boss Adam Crozier, who has restored the British broadcaster''s fortunes by reducing its reliance on advertising and expanding its production business, will step down next month after seven years in charge, the company said on Wednesday. Finance Director Ian Griffiths will take on additional responsibilities as chief operating officer and will lead the group until a successor is found, ITV said, helped by Chairman Peter Bazalgette, who will become executive chairman in the interim. Crozier, who has grown ITV''s production operations by buying independent producers in Britain and overseas, will leave at the end of June. Having spent 21 years as a chief executive across four varied industries, the 53-year-old Crozier said it was the right time to move to the next stage of his career and to build a "portfolio of roles". "Today ITV is more robust, well balanced and stronger both creatively and financially than ever before, and is well placed for the digital future," Crozier said. Although Crozier''s departure was not a surprise, some analysts questioned why the company had not managed to line up a successor and also underlined the challenges facing the next boss of Britain''s main commercial TV company. "Consumption habits are changing at pace and the shift towards streaming media and even towards non-traditional media such as video game streams leaves ITV vulnerable," said Neil Campling, global head of TMT research at Northern Trust Capital Markets. Shares in ITV slipped 0.2 percent to 211 pence on Wednesday morning. TAKEOVER TARGET? ITV said the company''s revenue from sources other than advertising had more than doubled to almost 1.9 billion pounds ($2.5 billion) in 2016, more than half of its total, under Crozier''s tenure. The broadcaster, which makes soap opera Coronation Street, has long been viewed as a takeover target in an industry that is consolidating as viewers increasingly watch content on demand and on different platforms. Speculation has centered on U.S media group Liberty Global, which owns 9.9 percent of the broadcaster, although it has previously said it did not want to buy the group. Citi analysts said ITV had often been talked about as a takeover target, but the market was likely to take Crozier''s departure as a sign that no potential takeover was imminent. ITV last year dropped plans to try to buy Canada''s Entertainment One, the owner of children''s TV character Peppa Pig. Crozier, who was paid 3.4 million pound last year according to ITV''s annual report, started his executive career at advertising group Saatchi & Saatchi in the 1990s, before moving to The Football Association and postal service Royal Mail Group. He joined ITV when the ad market was at a low point and he initiated a restructuring that diversified the business into international production and cut the cost base. It bought a majority stake in World Productions, the maker of hit BBC drama "Line of Duty", on Tuesday, increasing its productions capabilities in scripted drama. Crozier added another non-executive role to his portfolio last month when he joined the board of Costa Coffee to Premier Inn group Whitbread . (Editing by Kate Holton and Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-itv-moves-crozier-idINKBN17Z0GO'|'2017-05-03T05:07:00.000+03:00'|3988.0|''|-1.0|'' +3988|'3564b7ad7c18635767cb6addc277bb58ae6574dd'|'Britain''s ITV says Chief Executive Adam Crozier to step down'|'Hollywood 4:29pm IST ITV boss Crozier to quit after seven years at the broadcaster left right FILE PHOTO: A company sign is displayed outside an ITV studio in London, Britain, July 27, 2016. REUTERS/Neil Hall/File Photo 1/3 left right FILE PHOTO - The Chief Executive of Royal Mail, Adam Crozier, leaves after appearing before the Business and Enterprise Committee at Portcullis House, in London February 24, 2009. REUTERS/Luke MacGregor/File Photo 2/3 left right A company sign is displayed outside an ITV studio in London, Britain July 27, 2016. REUTERS/Neil Hall/File Photo 3/3 By Paul Sandle - LONDON LONDON ITV boss Adam Crozier, who has restored the British broadcaster''s fortunes by reducing its reliance on advertising and expanding its production business, will step down next month after seven years in charge, the company said on Wednesday. Finance Director Ian Griffiths will take on additional responsibilities as chief operating officer and will lead the group until a successor is found, ITV said, helped by Chairman Peter Bazalgette, who will become executive chairman in the interim. Crozier, who has grown ITV''s production operations by buying independent producers in Britain and overseas, will leave at the end of June. Having spent 21 years as a chief executive across four varied industries, the 53-year-old Crozier said it was the right time to move to the next stage of his career and to build a "portfolio of roles". "Today ITV is more robust, well balanced and stronger both creatively and financially than ever before, and is well placed for the digital future," Crozier said. Although Crozier''s departure was not a surprise, some analysts questioned why the company had not managed to line up a successor and also underlined the challenges facing the next boss of Britain''s main commercial TV company. "Consumption habits are changing at pace and the shift towards streaming media and even towards non-traditional media such as video game streams leaves ITV vulnerable," said Neil Campling, global head of TMT research at Northern Trust Capital Markets. Shares in ITV slipped 0.2 percent to 211 pence on Wednesday morning. TAKEOVER TARGET? ITV said the company''s revenue from sources other than advertising had more than doubled to almost 1.9 billion pounds ($2.5 billion) in 2016, more than half of its total, under Crozier''s tenure. The broadcaster, which makes soap opera Coronation Street, has long been viewed as a takeover target in an industry that is consolidating as viewers increasingly watch content on demand and on different platforms. Speculation has centered on U.S media group Liberty Global, which owns 9.9 percent of the broadcaster, although it has previously said it did not want to buy the group. Citi analysts said ITV had often been talked about as a takeover target, but the market was likely to take Crozier''s departure as a sign that no potential takeover was imminent. ITV last year dropped plans to try to buy Canada''s Entertainment One, the owner of children''s TV character Peppa Pig. Crozier, who was paid 3.4 million pound last year according to ITV''s annual report, started his executive career at advertising group Saatchi & Saatchi in the 1990s, before moving to The Football Association and postal service Royal Mail Group. He joined ITV when the ad market was at a low point and he initiated a restructuring that diversified the business into international production and cut the cost base. It bought a majority stake in World Productions, the maker of hit BBC drama "Line of Duty", on Tuesday, increasing its productions capabilities in scripted drama. Crozier added another non-executive role to his portfolio last month when he joined the board of Costa Coffee to Premier Inn group Whitbread . (Editing by Kate Holton and Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-itv-moves-crozier-idINKBN17Z0GO'|'2017-05-03T05:07:00.000+03:00'|3988.0|19.0|0.0|'' 3989|'e4474448a0a6dead40265432a5acfa931a53d9b8'|'BNP Paribas pays $350 million to settle New York currency probe'|' 22pm BST BNP Paribas pays $350 million to settle New York currency probe FILE PHOTO: A man is seen in silhouette as he walks behind the logo of BNP Paribas in a building in Issy-les-Moulineaux, near Paris, France, April 5, 2017. REUTERS/Gonzalo Fuentes By Karen Freifeld - NEW YORK NEW YORK French bank BNP Paribas ( BNPP.PA ) on Wednesday agreed to pay $350 million to New Yorks banking regulator for allowing more than a dozen traders and salespeople in New York and other key trading hubs to manipulate foreign exchange prices. The fine, imposed by New Yorks Department of Financial Services, found the bank failed to properly supervise its global foreign exchange business. Foreign exchange traders in New York, London, colluded in online chat rooms to manipulate the currency prices, the regulator said. Traders executed fake trades to influence exchange rates of emerging market currencies, and improperly shared confidential customer information with traders at other large banks, the regulator said. The misconduct took place between 2007 and 2011, according to the regulator, and the bank agreed to improve oversight. Some employees involved were terminated, while others left the bank earlier, the regulator said. A spokeswoman for BNP Paribas did not immediately return a call for comment. (Reporting By Karen Freifeld; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-paribas-current-settlement-idUKKBN18K2AT'|'2017-05-25T00:16:00.000+03:00'|3989.0|12.0|0.0|'' 3990|'fac69ad447672b651c1afd74eec1a1adfc7a064f'|'Inspired by Trump, Netflix revives Bluths for new ''Arrested Development'''|'Market News 30am EDT Inspired by Trump, Netflix revives Bluths for new ''Arrested Development'' LOS ANGELES May 17 The riches-to-rags saga of the fictional Bluth family and their struggling real estate business will return for a fifth season in hit comedy "Arrested Development," Netflix said Wednesday, inspired in part by U.S. President Donald Trump. In a statement from Netflix, series creator Mitchell Hurwitz quipped "that stories about a narcissistic, erratically behaving family in the building business - and their desperate abuses of power - are really underrepresented on TV these days. He added, "I am so grateful to them ... for making this dream of mine come true in bringing the Bluths, George Sr., Lucille and the kids; Michael, Ivanka, Don Jr., Eric, George-Michael, and who am I forgetting, oh Tiffany. Did I say Tiffany? back to the glorious stream of life. Ivanka, Don Jr., Eric and Tiffany are the names of four of Trump''s children, and are not names of "Arrested Development" characters from the previous four seasons. Donald Trump Jr. and Eric Trump currently run their father''s real estate business. The show''s leading cast - Jason Bateman, Portia de Rossi, Will Arnett, Tony Hale, Jessica Walter, Jeffrey Tambor, David Cross, Michael Cera and Alia Shawkat - will all reprise their roles as the Bluth family. No details were given on the plot of the new season or when it would air next year. "Arrested Development" originally aired for three seasons on the Fox network from 2003 to 2006. It follows the riches-to-rags saga of the Bluth family after patriarch George Sr. is jailed for fraud. Netflix rebooted the show for a fourth season in 2013, its first foray into creating original comedies. Walter, who plays manipulative matriarch Lucille, compared the Bluths to the Trump family in a March interview with The Daily Beast, saying: "They''re both real estate moguls, tycoons, and businesspeople." "But the Bluths were really smart well, smarter than the Trumps. Although that''s just my opinion except for poor Gob!," she added, referring to Arnett''s character Gob Bluth. Season 4 saw George and Lucille Bluth''s unsuccessful plan to profit from a government contract to build a wall along the U.S.-Mexico border, to "keep Mexicans out of America." During his presidential campaign, Trump said he expected Mexico to pay for a wall on the border, projected to cost more than $20 billion, to curb illegal immigration. Mexico has rejected payment for the construction project as out of the question. (Reporting by Piya Sinha-Roy; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/television-arresteddevelopment-idUSL2N1IJ03B'|'2017-05-17T22:30:00.000+03:00'|3990.0|''|-1.0|'' 3991|'fd0e4109f05a7565067ec6a63c124565279c6169'|'Brexit will leave a business support black hole,'' says report - Guardian Small Business Network - The Guardian'|'Eight in 10 SMEs have sought business support services over the past 12 months, according to a report from the Federation of Small Businesses (FSB). With 3.6bn of dedicated small business support coming from the EU (between 2014 and 2020) the UK must fill the shortfall to prevent economic slowdown after Brexit.In addition, the UK government has not budgeted for a regional development fund beyond 2021. Mike Cherry, national chair of the FSB, said: Small businesses across the country are staring into a business support black hole from 2021. This is a particularly pressing issue for the many small firms with growth ambitions and those in less economically developed regions.Theresa May''s industrial strategy: what took them so long? Read more The governments commitment to an industrial strategy that supports all regions cannot be delivered without new ways of supporting regional economic growth, says the report, Reformed Business Funding: what small firms want from Brexit .Businesses in Northern Ireland (32%), Wales (26%) and Yorkshire (25%) were most likely to apply for EU-funded schemes, according to the report. Most applicants (68%) said that EU funding had a positive impact on their business, and (64%) said it had a positive impact on the local area.There is a strong link between firms growth ambitions and their decision to apply for funding. Of those that applied, 89% were looking to grow the business by 20% or more.The report highlights that funding to UK regions has varied according to economic need. It says: EU funds provide a vital support structure for comparatively disadvantaged areas of the UK, such as Wales , the north east and Cornwall.The FSB recommends that the devolved governments of Scotland, Wales and Northern Ireland continue to control the allocation of funding in their respective regions after Brexit. As the Local Growth Fund spending round also comes to an end in 2021 it is particularly important that the regional split of (future) funds is maintained on the basis of need in the period after we leave the EU, says the report.Despite the level of EU funding, the FSB report finds a gap in small firms knowledge of EU-funded programmes. Of those that had not applied for EU funds, 44% said they were unaware of the opportunity.What does Brexit mean for business funding in Wales? Read more While EU funding only makes up part of the UKs business support and finance landscape, it is vital in regions where infrastructure is less developed. The FSB suggests that more small businesses have benefitted from EU funds than research suggests since much comes through intermediary sources. However, those that knowingly applied for EU schemes were frustrated by the process. The most common complaints among EU funding applicants were the amount of information required (59%) the length of the application process (47%) and the level of reporting requirements once funds were granted (44%). As such, the FSB proposes a reduction in bureaucracy in business funding post-Brexit.Cherry said: Brexit marks an unprecedented opportunity for fundamental reform. LEPs [local enterprise partnerships] and Growth Hubs must be empowered to tailor and simplify support according to local requirements. Ensuring that all small firms are aware of business support schemes should be a top priority. He added: The new government must prioritise the development of a Growth Fund for England pre-Brexit or risk a slowdown in the economy.The FSB report included a survey of 1,659 FSB members in December 2016 and interviews and focus groups with FSB members across the UK.Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Entrepreneurs EU referendum and Brexit Yorkshire Wales Northern Ireland news Share Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/may/10/brexit-leave-business-support-black-hole-fsb-report'|'2017-05-10T03:00:00.000+03:00'|3991.0|''|-1.0|'' @@ -4002,7 +4002,7 @@ 4000|'272d6e7bcba4376fca1e68de7c35f81da6efbea3'|'PRESS DIGEST - Wall Street Journal - May 23'|'Funds 1:19am EDT PRESS DIGEST - Wall Street Journal - May 23 May 23 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - China Life Insurance Group is buying a 95 percent stake in 48 commercial properties scattered throughout the U.S. in a deal that values the portfolio at $950 million and highlights the growing appetite among foreign investors for real estate in markets they mostly have ignored until now. on.wsj.com/2qJPbXx - U.S. President Donald Trump on Tuesday will propose a plan he says will balance the federal budget in a decade on the strength of substantially faster economic growth and cuts to taxes and government safety-net programs. on.wsj.com/2qbN4cl - JD.com Inc, China''s second-largest e-commerce firm, said on Monday it is developing heavy-duty drones capable of delivering payloads weighing one ton or more, which it plans to deploy in Shaanxi. on.wsj.com/2qOeoOS - Hong Kong''s flagship carrier Cathay Pacific Airways Ltd said it would lay off about 600 people as it grapples with tough competition and bad bets on oil prices, despite robust travel demand in the region. on.wsj.com/2rNxJ1X - The retirement-savings regulation known as the fiduciary rule will take effect June 9 without further delay, U.S. Labor Secretary Alexander Acosta said on Monday. on.wsj.com/2q4Y4fw - Former managers of Sunrun Inc say they were told by their superiors to hold off on internally reporting hundreds of customers who canceled their contracts during a roughly five-month period in the middle of 2015. on.wsj.com/2qGGNrJ (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL4N1IP245'|'2017-05-23T13:19:00.000+03:00'|4000.0|''|-1.0|'' 4001|'e12a66049bb6ecc05273a1678456946e45fb974e'|'UK''s Sainsbury''s exploring bid for Palmer & Harvey: Sky News'|'LONDON Sainsbury''s ( SBRY.L ), Britain''s second largest supermarket group, is in the early stages of examining a takeover bid for tobacco distributor Palmer & Harvey, Sky News reported.It cited unspecified sources as saying that while Sainsbury''s was exploring a bid there was no certainty it would proceed with an offer.A spokeswoman for Sainsbury''s declined to comment, while nobody was immediately available for comment at Palmer & Harvey.Palmer & Harvey is a major distributor of tobacco products to Tesco ( TSCO.L ), Britain''s biggest retailer which in January agreed a 3.7 billion pound ($4.8 billion) takeover of wholesaler Booker ( BOK.L ).Last year Sainsbury''s acquired Argos-owner Home Retail for 1.1 billion pounds.(Reporting by James Davey, Editing by Paul Sandle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-palmer-harvey-m-a-sainsbury-s-idINKBN18M17U'|'2017-05-26T09:15:00.000+03:00'|4001.0|''|-1.0|'' 4002|'997261af9914a11c9d007dc77b9ac8948e3b42bb'|'LPC: US middle market lenders resist pricing erosion'|'Bonds 21am EDT LPC: US middle market lenders resist pricing erosion By Leela Parker Deo - NEW YORK NEW YORK May 24 Credit investors are drawing a line in the sand about the rates at which they are prepared to lend to US middle market companies after a wave of aggressive leveraged loan refinancings pulled yields lower in the first quarter of the year. Increased supply due to a healthy crop of new money deals backing leveraged buyouts, mergers and acquisitions, and add-on activity in the second quarter is helping middle market investors to resist downward pricing pressure. In May, at least four middle market deals boosted pricing from the initial guidance, including a deal for pet product maker Petmate, according to Thomson Reuters LPC data. Its not a tightening market anymore, said one middle market loan investor. The market has reached a point where we need more yield. We have capital to deploy but we dont need to do it at such a tight price point. Yields on middle market institutional term loan yields have risen to 6.22% so far in the second quarter from 6.09% in the first quarter, the data shows. This reverses three quarters of decline that started in the third quarter of 2016, when yields were 6.65% as the repricing wave accelerated and trickled down to riskier, less liquid smaller deals in the hunt for yield. Institutional investors, including commercial finance companies and direct lenders, need at least 450bp over Libor to invest in an unrated deal, three banking sources said. Banks have a lower cost of capital and are therefore able to lend at lower rates, particularly if the deal is rated and meets regulatory guidelines, the sources said. TOO TIGHT? A US$262.5m loan backing pet product maker Petmates buyout by Olympus Partners is the latest middle market deal to increase pricing. The spread on the buyout loan, which was arranged by middle market specialist Antares Capital, was increased by 25bp to 450bp over Libor with a 1% Libor floor and a 99.5 discount. Healthcare management services provider Kepro also hiked the spread on the first- and second-lien portions of its US$305m leveraged buyout loan by 100bp from the wide end of initial guidance to 525bp on the first-lien and 925bp on the second-lien and also widened discounts. Kepros loan was priced too aggressively at launch and needed to attract more middle market investors, which typically require higher returns, in order to circle the deal, a second investor said. All Metro Health Care Services, a provider of non-medical paraprofessional homecare services, also raised pricing by 25bp to 475bp over Libor on the US$225m term loan B portion of a US$255m credit facility that refinances existing debt. Investors also pointed to two more transactions that were sold to a middle market investor base and recently raised spreads. Specialty material-based components provider Boyd Corp wrapped a new US$1.09bn acquisition loan which priced at the wide end of revised guidance at 475bp on the first-lien and 875bp on the second-lien. APC Aftermarket also raised pricing by 50bp to 500bp over Libor on the US$315m term loan portion of its US$515m acquisition credit facility and widened the discount. Demand for assets is high and the market remains intensely competitive but some investors are no longer willing to take risk in exchange for lower returns and fewer lender protections as structures and terms also loosen. Pricing is still tight to a year ago, but we are getting back to where we should be, a third middle market investor said. (Reporting by Leela Parker Deo; Editing by Tessa Walsh and Jon Methven)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usmidmarket-pricing-idUSL1N1IQ0J9'|'2017-05-24T23:21:00.000+03:00'|4002.0|''|-1.0|'' -4003|'5853ba442560ce67d86dfd086862bbb2fe8c5de2'|'BRIEF-Empire Industries Ltd receives $120 mln, multi-year, multi-theme park ride system series of contracts'|'Market 38am EDT BRIEF-Empire Industries Ltd receives $120 mln, multi-year, multi-theme park ride system series of contracts May 19 Empire Industries Ltd * Empire Industries Ltd - received a $120 million, multi-year, multi-theme park ride system series of contracts Source text for Eikon: * Copa Holdings announces monthly traffic statistics for April 2017 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-empire-industries-ltd-receives-idUSFWN1IL07P'|'2017-05-19T19:38:00.000+03:00'|4003.0|''|-1.0|'' +4003|'5853ba442560ce67d86dfd086862bbb2fe8c5de2'|'BRIEF-Empire Industries Ltd receives $120 mln, multi-year, multi-theme park ride system series of contracts'|'Market 38am EDT BRIEF-Empire Industries Ltd receives $120 mln, multi-year, multi-theme park ride system series of contracts May 19 Empire Industries Ltd * Empire Industries Ltd - received a $120 million, multi-year, multi-theme park ride system series of contracts Source text for Eikon: * Copa Holdings announces monthly traffic statistics for April 2017 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-empire-industries-ltd-receives-idUSFWN1IL07P'|'2017-05-19T19:38:00.000+03:00'|4003.0|25.0|-1.0|'' 4004|'886372e494e83839e728348465a5a163cd1e51fb'|'Nikkei edges up, high-tech shares jump on earnings'|'* Tokyo Electron, Murata, Fujitsu jump on earnings* Overall earnings results so far not a big boost* Japan Airlines, Ricoh struggleBy Hideyuki SanoTOKYO, May 1 Japanese stock prices posted modest gains on Monday as high-tech shares such as Tokyo Electron and Murata Manufacturing gained on upbeat earnings in otherwise holiday-lulled trading.The Nikkei rose 0.4 percent to 19,273.87 points, supported for now at its 100-day moving average of 19,131, though lacking momentum to re-test its one-month high of 19,289 touched on Wednesday.The Nikkei rose more than the broader Topix, which gained 0.2 percent to 1,535.00, because of a 13 percent gain in Tokyo Electron, which has a big weighting in the Nikkei."The pessimism we saw last month is ebbing. Investors are picking up companies that have improving earnings outlook," said Takaaki Yoshino, chief quantitative analyst at Daiwa Securities.Tokyo Electron, the second most traded shares by turnover by mid-morning, surged after the manufacturer of chip-making machines said it sees 38.7 percent increase in operating profits in the year to March 2018.Fujitsu gained 8.0 percent as the information technology equipment and service company posted upbeat earnings.Murata Manufacturing, an electronics parts maker and a major Apple supplier, gained 5.2 percent.While these results have underscored the strength of the semi-conductor sector globally, the overall earnings season has so far provided limited catalyst for a further rally, market players said."Japanese companies'' earnings seem to be bottoming out. But the improvement seems to be limited. The return-on-equity will be still little over eight percent," said Shingo Ide, chief equity strategist at NLI Research Institute.Honda Motor, which forecast a 16 percent fall in operating profits for the current year, slightly below analysts'' expectations, rose 0.2 percent.On the other hand, rival Mazda dropped 3.8 percent after its earning estimates fell short of market expectations.Resona Holdings, fell 4.1 percent after the banking group revised down its earnings for the financial year that ended in March.Office machine maker Ricoh dropped 6.8 percent to near six-month lows as it projected a further fall in profits in the year to March due to restructuring costs.Japan Airlines dropped 7.2 percent after the company said it saw a 16.6 percent decline in operating profits due to costs for renewing its computer systems and other investments.Trading is expected to be slow this week due to holidays in many countries.Tokyo financial markets will be closed from Wednesday to Friday for a series of national holidays called the "Golden Week". (Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL4N1I317M'|'2017-05-01T00:19:00.000+03:00'|4004.0|''|-1.0|'' 4005|'ccb98e5d93371df42277c40122f2062e0b5fb7a5'|'Brazil appeals court rules Uber driver not entitled to benefits'|'SAO PAULO A Brazil appeals court on Tuesday ruled that a driver working for Uber via its ride-hailing app is not an employee of the San Francisco-based company and therefore not entitled to workers'' benefits, overturning an earlier lower court decision.The ruling adds to the global debate over labor rights for drivers on the popular platform and could establish a precedent for various similar cases in Latin America''s largest economy.A press representative for the labor court in the state of Minas Gerais confirmed that judges had overruled a January decision that granted a driver access to employee benefits, but declined to provide further details.The official ruling is due to be published on Thursday.According to Uber lawyers who were present at the hearing, the judges cited drivers'' ability to log off at will, offer their accounts to other drivers and split fares as evidence that they should be considered partners of the company and not employees.The driver may still appeal to Brazil''s top labor court.The ruling is the first by a higher court over the thorny debate circling the ride-hailing firm, which is facing the threat of higher costs due to similar cases in the United States, Britain, Switzerland and Europe.A Sao Paulo judge had also ruled on April 14 that an Uber driver should be treated as an employee of the firm.The lower house of Brazil''s Congress has also threatened Uber''s business model with a bill requiring it and other ride-hailing apps to register with city authorities as conventional taxi services. President Michel Temer has pledged to veto parts of the legislation if it passes the Senate.(Reporting by Bruno Federowski, editing by Daniel Flynn, G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-brazil-idUSKBN18J38G'|'2017-05-24T07:47:00.000+03:00'|4005.0|''|-1.0|'' 4006|'4c4c52a390eb27e6361e268a3d5c7cb66c665047'|'Generali to buy portfolio management assets to boost profits'|'MILAN Italy''s biggest insurer Generali ( GASI.MI ) said on Thursday it was ready to buy portfolio management assets to beef up its fee-based business and help lift group profits.The insurer said in a statement it was targeting a net profit for its asset management business of 300 million euros ($326 million) by the end of 2020 to lift the group''s profits by 150 million euros.The asset management division aims to have 500 billion euros of assets under management by the end of 2020, it said.(Reporting by Stephen Jewkes; editing by Agnieszka Flak)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-generali-results-assetmanagement-idINKBN1870IL'|'2017-05-11T04:13:00.000+03:00'|4006.0|''|-1.0|'' @@ -4010,20 +4010,20 @@ 4008|'ab4f0386d5d116c34fd6fe752d9fc1bb5b88a985'|'FX strategists expect Tory landslide in UK vote; no big GBP move - Reuters poll'|'LONDON Britain''s ruling Conservative Party will win June''s election with a landslide, according to almost two-thirds of foreign exchange strategists polled by Reuters who said the result would have little effect on sterling.Having fallen as much as 23 percent after last June''s European Union membership referendum to touch a 31-year low of $1.1491 in October, sterling GBP= is now about 14 percent lower against the dollar, trading at $1.29 earlier on Wednesday.Sterling hit a seven-month high last week as traders closed off heavy bets against the pound. Short positions on the pound were close to record highs, making "short squeezes" -- when traders close out those positions, pushing up the value of the currency -- more likely.Medians in the poll of over 60 strategists, taken in the past week, showed sterling would be worth $1.27 in a month -- just before the general election -- but then weaken to $1.24 in six months before settling at $1.25 a year from now.Predictions for a landslide win are in line with opinion polls and those latest sterling forecasts were little -changed from an April poll. But highlighting uncertainty, the range of 12-month forecasts was $1.11 to $1.39.Against the euro, the pound EURGBP= will follow a similar path. In a month one euro will be worth 85.0 pence, in six months 87.8p and in a year 87.0p. Again, those forecasts were little changed from April.Growth in the currency bloc will be steady but modest in the coming year, an April Reuters poll of economists showed, although that forecast was partly contingent on independent candidate Emmanuel Macron winning the French presidency this weekend. [ECILT/EU]Solid growth, coupled with higher inflation, means pressure is mounting on the European Central Bank to start dialling back its still-aggressive stimulus. But it kept its policy stance steady last week, even leaving the door open to more easing.While markets expect the ECB to tone down the language in June, removing a bias for further easing, ECB President Mario Draghi gave no hint of such moves on Thursday, only venturing to say economic risks have receded.The United States Federal Reserve, which has already tightened policy, is expected to raise interest rates twice more this year. In contrast, the Bank of England is not expected to do anything until 2019 at least. [ECILT/US] [ECILT/GB]As there is so far little clarity on how divorce talks between Britain and the European Union will progress, investors may instead return to looking at monetary policies."Last year, cable fell a long way below the level implied by its formerly close relationship with expectations for the differential between official interest rates in the UK and U.S. over the next two years," said Samuel Tombs at Pantheon Macroeconomics."This decoupling seemed to reflect Brexit fears, which could not be fully encapsulated in short-term interest rate expectations. But last week, this gap closed completely; sterling now is back to the level implied purely by interest rate expectations."MAY''S JUNE LANDSLIDEThirty-two of 52 strategists who answered an extra question predicted a landslide Conservative win on June 8 and 18 a moderate win. Only two predicted a moderate Labour Party victory and none a landslide Labour win or a hung parliament.According to the median forecast of those who answered the extra question, sterling would rally 1.0 percent against the dollar but dip 1.25 percent against the euro in the immediate aftermath of an overwhelming victory for the Conservatives.Three recent opinion polls showed a rise in support for Britain''s opposition Labour Party but Prime Minister Theresa May''s Conservatives maintained a commanding lead ahead of the election, expected to define the terms of the country''s EU exit.May has said she expects divorce talks to be tough after EU leaders agreed stiff terms and voiced alarm at "illusions" in London that may wreck a deal.If opinion polls and the strategists are right, May will win a new mandate for a series of reforms she wants to introduce in Britain -- and also a vote of confidence in a vision for Brexit which sees the country outside the EU''s single market."It will likely give Theresa May the ability to pass domestic legislation with less uncertainty and, more importantly, the flexibility to negotiate the terms of Brexit without fear of being undermined," said Jordan Rochester at Nomura.Previous Reuters polls have shown the pound''s fate hangs on the tone of the Brexit negotiations. If the divorce negotiations turn fractious, sterling will fall, conversely if talks run smoothly, the forecast was for it to bounce.(Polling by Vivek Mishra and Indradip Ghosh; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-forex-poll-sterling-idUKKBN17Z186'|'2017-05-03T20:06:00.000+03:00'|4008.0|''|-1.0|'' 4009|'a81488fdc64ea0742c6b0dab34d6383d27ac1784'|'Global air passenger demand rises 6.8 percent in March - IATA'|' 32am BST Global air passenger demand rises 6.8 percent in March: IATA FILE PHOTO: Travelers wait in a security check point line at O''Hare Airport before the busy Thanksgiving Day weekend in Chicago, Illinois, U.S., November 23, 2016. REUTERS/Kamil Krzaczynski Global demand for air travel rose 6.8 percent in March as lower fares and improving economies continued to support growth through the first quarter, the International Air Transport Association (IATA) said on Thursday. The association said that it will have to wait for the April data to see the impact of restrictions on large electronic devices in the cabin on certain direct flights to the U.S. and Britain. The restrictions, on flights from predominantly Middle East countries, were brought in by U.S. and British authorities in late March. However, traffic growth at the Middle East carriers slowed to 4.9 percent in March, against 9.5 percent in February as the low oil price took its toll on demand. "This is related more to developments seen last year, while any impacts from the laptop ban will be visible from April results onward," IATA said in a statement. Globally, capacity measured in available seat kilometers rose 6.1 percent, slower than demand. That meant load factors - a measure of how full planes are - increased 0.5 percentage points to 80.4 percent, which IATA said was a record for the month of March. (Reported by Evangelo Sipsas; Editing by Victoria Bryan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-airlines-iata-passenger-idUKKBN18016E'|'2017-05-04T18:26:00.000+03:00'|4009.0|''|-1.0|'' 4010|'7591ff08a18cc29802066e7d0431fab3b2b8feaf'|'BUZZ-India''s United Spirits hits 2-1/2-mth high; co posts gains in margins, revenue'|'** United Spirits Ltd rises as much as 10.30 pct to 2,307.90 rupees, its highest since March 15** Quarterly net loss widened to 458 million rupees ($15,494.27), but analysts welcomed gains in margins, revenue** Morgan Stanley, Ambit Capital note the Supreme Court ban on liquor sold near highways did not have too much impact** United Spirits plans to sell 13 non-core assets, earlier owned by former non-exec chairman Vijay Mallya** "USL reported strong results given margin gains and lower-than-expected impact of de-stocking caused by the Supreme Court ban on liquor sale near highways," Ambit Capital said in a note, adding that it "expects company to double its profitability over the medium term"** Stock had gained 7.7 pct this year as of Tuesday''s close** About 1.2 mln shares change hands, double the 30-day average of 584,634 ($1 = 64.5400 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/buzz-indias-united-spirits-hits-2-1-2-mt-idINL3N1IX13X'|'2017-05-31T02:40:00.000+03:00'|4010.0|''|-1.0|'' -4011|'a31bcbd384708ea83faa5874bc3fb70aa2ee2b7c'|'Exclusive - EU regulators set to clear EDF''s bid for Areva nuclear unit: source'|'Business 12pm BST Exclusive - EU regulators set to clear EDF''s bid for Areva nuclear unit: source The logo of France''s state-owned electricity company EDF is seen on the company''s headquarters in Paris, France, November 24, 2016. REUTERS/Charles Platiau BRUSSELS EU antitrust regulators are set to approve French utility EDF''s ( EDF.PA ) bid for a majority stake in Areva''s ( AREVA.PA ) nuclear arm without demanding concessions, a person familiar with the matter said on Friday. The European Commission, which has been examining the deal since April 18, had intense talks with state-owned EDF last week while positive feedback from rivals and customers also swept away initial competition concerns, the source said. State-controlled EDF wants to acquire 51 to 75 percent of Areva NP, which designs, makes and services nuclear reactors and is worth about 2.5 billion euros (2.1 billion). The sale is part of loss-making Areva''s rescue plan. (Reporting by Foo Yun Chee, editing by Julia Fioretti)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-areva-m-a-edf-eu-idUKKCN18F232'|'2017-05-20T01:12:00.000+03:00'|4011.0|''|-1.0|'' +4011|'a31bcbd384708ea83faa5874bc3fb70aa2ee2b7c'|'Exclusive - EU regulators set to clear EDF''s bid for Areva nuclear unit: source'|'Business 12pm BST Exclusive - EU regulators set to clear EDF''s bid for Areva nuclear unit: source The logo of France''s state-owned electricity company EDF is seen on the company''s headquarters in Paris, France, November 24, 2016. REUTERS/Charles Platiau BRUSSELS EU antitrust regulators are set to approve French utility EDF''s ( EDF.PA ) bid for a majority stake in Areva''s ( AREVA.PA ) nuclear arm without demanding concessions, a person familiar with the matter said on Friday. The European Commission, which has been examining the deal since April 18, had intense talks with state-owned EDF last week while positive feedback from rivals and customers also swept away initial competition concerns, the source said. State-controlled EDF wants to acquire 51 to 75 percent of Areva NP, which designs, makes and services nuclear reactors and is worth about 2.5 billion euros (2.1 billion). The sale is part of loss-making Areva''s rescue plan. (Reporting by Foo Yun Chee, editing by Julia Fioretti)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-areva-m-a-edf-eu-idUKKCN18F232'|'2017-05-20T01:12:00.000+03:00'|4011.0|23.0|4.0|'' 4012|'16d0e272b21213869e1200ff7e128bef343ef450'|'Direct Line posts 4.2 percent rise in first quarter gross written premiums'|'Business News - Wed May 3, 2017 - 7:38am BST Direct Line posts 4.2 percent rise in first quarter gross written premiums A photo illustration shows insurance renewal notices from Direct Line in London October 10, 2012. REUTERS/Suzanne Plunkett LONDON British motor and home insurer Direct Line Insurance Group reported a 4.2 percent rise in gross written premiums in the first quarter, boosted by strong performance in its auto business, it said on Wednesday. Gross written premiums rose to 810 million pounds, in line with a forecast by analysts KBW. Direct Line, whose brands include Churchill, Green Flag and Privilege, said in a statement it continued to target a 2017 combined operating ratio in a 93-95 percent range for continuing operations. Combined ratio is a measure of underwriting profitability in which a level below 100 percent indicates a profit. However, performance in home insurance was "challenging", Direct Line said, due to a rise in claims costs. Gross written premiums fell 3.9 percent in home insurance from a year earlier, compared with an 8.9 percent rise in motor gross written premium. (Reporting by Carolyn Cohn; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-direct-line-results-idUKKBN17Z0FQ'|'2017-05-03T14:38:00.000+03:00'|4012.0|''|-1.0|'' 4013|'348ed4a9aeff85450cc63857abbfd2b40c3053be'|'EMERGING MARKETS-Brazil real, Mexican peso rebound from lows; U.S. rates eyed'|'Market News 11pm EDT EMERGING MARKETS-Brazil real, Mexican peso rebound from lows; U.S. rates eyed By Bruno Federowski SAO PAULO, May 9 The Brazilian and Mexican currencies inched higher on Tuesday, rebounding from the previous day''s declines as investors awaited further clues on the future pace of U.S. interest rate hikes. The Brazilian real strengthened 0.4 percent after hitting the weakest in four months the day before, while the Mexican peso rebounded from a two-week low. Emerging market currencies fell on Monday on profit-taking following Emmanuel Macron''s widely expected defeat of far-right Marine Le Pen in the French presidential elections. Traders focused their attention on incoming issues including U.S. monetary policy. Bets on a June rate increase by the Federal Reserve have mounted in recent weeks but the pace of tightening from then on remains a question mark due to mixed economic figures for the beginning of the year. A slower path of rate increases would spell good news for emerging market assets, which offer relatively high yields that lure foreign investors. Stock markets also rose, with Brazil''s benchmark Bovespa stock index the best performer. Shares of toll road operator Ecorodovias SA were the biggest gainers after the company said profit jumped more than expected in the first quarter. Shares of power utility Cia Energtica Paranaense also rose sharply after regulators set a compensation for the early renewal of transmission contracts. Key Latin American stock indexes and currencies at 1600 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 989.71 0.47 14.25 MSCI LatAm 2636.22 1.23 11.26 Brazil Bovespa 66493.96 1.48 10.41 Mexico IPC 49978.93 0.96 9.50 Chile IPSA 4813.77 -0.2 15.96 Chile IGPA 24165.12 -0.16 16.55 Argentina MerVal 21126.39 0.23 24.88 Colombia IGBC 10473.01 0.31 3.41 Venezuela IBC 59982.02 0.89 89.19 Currencies daily % YTD % change change Latest Brazil real 3.1820 0.42 2.11 Mexico peso 19.1240 0.45 8.47 Chile peso 677.2 0.22 -0.96 Colombia peso 2964.03 -0.08 1.26 Peru sol 3.286 0.00 3.90 Argentina peso (interbank) 15.5500 -0.32 2.09 Argentina peso (parallel) 15.98 0.19 5.26 (Reporting by Bruno Federowski; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1IB0XV'|'2017-05-10T00:11:00.000+03:00'|4013.0|''|-1.0|'' -4014|'59ab17ef535e2712d896888f205a1e541cda0a26'|'Greenpeace files state aid complaint with EU over EDF recapitalisation'|'Business News - Wed May 17, 2017 - 8:25am BST Greenpeace files state aid complaint with EU over EDF recapitalization The logo of Electricite de France (EDF) is seen at the entrance of the nuclear power plant as steam rises from the cooling towers in Nogent-sur-Seine, France, October 20, 2016. REUTERS/Regis Duvignau/File Photo PARIS Greenpeace is filing a complaint with the European Commission arguing that the French government''s recapitalization of state-controlled EDF amounts to illegal state aid for the utility''s plan to build nuclear plants in Hinkley Point, Britain. Greenpeace said the 3 billion euro ($3.33 billion) capital injection for EDF ( EDF.PA ) in March, plus 3.8 billion euros of foregone dividends since 2015 - the state leaves money in EDF by taking a share dividend instead of a cash dividend - are incompatible with European Union competition law. "Instead of acting like a smart investor, the state is providing unconditional support to EDF and its nuclear projects that threaten the health of the company, notably Hinkley Point. There is no economic logic," said Greenpeace France legal campaigner Laura Monnier. EDF declined to comment. The company has said in the past that the capital increase, its cost cuts and its asset sales are part of a broader plan to strengthen the company''s equity and to finance its growth, including Hinkley Point, the upgrade of its French nuclear park, and its investments in renewables and smart meters. The EU has investigated and cleared the French state''s capital increase and financial rescue package for nuclear group Areva ( AREVA.PA ), and has raised no objections over the recapitalization of EDF. ($1 = 0.8998 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-edf-britain-subsidies-idUKKCN18D0MV'|'2017-05-17T15:00:00.000+03:00'|4014.0|''|-1.0|'' +4014|'59ab17ef535e2712d896888f205a1e541cda0a26'|'Greenpeace files state aid complaint with EU over EDF recapitalisation'|'Business News - Wed May 17, 2017 - 8:25am BST Greenpeace files state aid complaint with EU over EDF recapitalization The logo of Electricite de France (EDF) is seen at the entrance of the nuclear power plant as steam rises from the cooling towers in Nogent-sur-Seine, France, October 20, 2016. REUTERS/Regis Duvignau/File Photo PARIS Greenpeace is filing a complaint with the European Commission arguing that the French government''s recapitalization of state-controlled EDF amounts to illegal state aid for the utility''s plan to build nuclear plants in Hinkley Point, Britain. Greenpeace said the 3 billion euro ($3.33 billion) capital injection for EDF ( EDF.PA ) in March, plus 3.8 billion euros of foregone dividends since 2015 - the state leaves money in EDF by taking a share dividend instead of a cash dividend - are incompatible with European Union competition law. "Instead of acting like a smart investor, the state is providing unconditional support to EDF and its nuclear projects that threaten the health of the company, notably Hinkley Point. There is no economic logic," said Greenpeace France legal campaigner Laura Monnier. EDF declined to comment. The company has said in the past that the capital increase, its cost cuts and its asset sales are part of a broader plan to strengthen the company''s equity and to finance its growth, including Hinkley Point, the upgrade of its French nuclear park, and its investments in renewables and smart meters. The EU has investigated and cleared the French state''s capital increase and financial rescue package for nuclear group Areva ( AREVA.PA ), and has raised no objections over the recapitalization of EDF. ($1 = 0.8998 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-edf-britain-subsidies-idUKKCN18D0MV'|'2017-05-17T15:00:00.000+03:00'|4014.0|27.0|0.0|'' 4015|'983db4e295dd6bb4af89c2fef926baf722c368e3'|'BRIEF-Aquinox Pharmaceuticals says Q1 loss per share $0.36'|' 25am EDT BRIEF-Aquinox Pharmaceuticals says Q1 loss per share $0.36 May 9 Aquinox Pharmaceuticals Inc: * Says Q1 net loss $8.3 million * Aquinox Pharmaceuticals says plans to provide guidance on top line data availability from leadership 301 trial in early August * Says top line data from leadership 301 trial is anticipated in 2018 * Q1 loss per share $0.36 Source text:( bit.ly/2pZqDtp ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-aquinox-pharmaceuticals-says-q1-lo-idUSFWN1IB0DW'|'2017-05-09T18:25:00.000+03:00'|4015.0|''|-1.0|'' 4016|'d3a6c70ff6ffb25cdea1b77e1cb436af64555e9d'|'Greek property prices slide again as bailout jitters weigh'|' 2:37pm BST Greek property prices slide again as bailout jitters weigh FILE PHOTO: A view shows the cityscape of Athens, Greece, October 18, 2015. REUTERS/Alkis Konstantinidis/File Photo By George Georgiopoulos - ATHENS ATHENS A downturn in Greece''s property market deepened in the first quarter, as uncertainty over its bailout programme and chronic weakness in its banking sector further eroded a traditional pillar of the country''s ailing economy. Property accounts for a large chunk of household wealth in Greece, which has one of the highest home ownership rates in Europe - 80 percent versus a European Union average of 70 percent, according to the European Mortgage Federation. Apartment prices fell by 1.8 percent in the first three months of 2017 from a year earlier, Bank of Greece data showed on Thursday, accelerating from a 1.0 percent drop in the final quarter of last year. That took the cumulative fall since 2008, when the country''s protracted recession began, to 41.8 percent. The market has been hit by property taxes imposed to plug budget deficits, a tight credit market and a jobless rate hovering around 23 percent - the highest in the 19-nation euro zone. Apart from their negative effect on household wealth, falling property prices also affect collateral values on banks'' outstanding real estate loans. The slide has gradually eased from 10.8 percent in 2013 to 2.4 percent last year, and economists expect prices to level out soon. "Uncertainty related to the completion of a bailout review that prevailed in the first quarter and continued deleveraging by banks weighed on the property market," National Bank economist Nikos Magginas said. A near-term stabilisation of prices remained the baseline scenario, expected to be confirmed once economic activity picks up in the coming quarters, he added. Greece was pushed to the brink of default by a debt crisis that at one stage jeopardised its membership of the euro zone. Its economic prospects have improved since it signed up to a new bailout package worth up to 86 billion euros (74.51 billion) two years ago. Gross domestic product is still contracting, however, edging down 0.1 percent between January and March as jitters over the conclusion of a review of the bailout hurt business confidence. The European Commission projects Greece''s economy will rebound by 2.1 percent this year. (Reporting by George Georgiopoulos; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-greece-economy-property-idUKKBN18L1NT'|'2017-05-25T21:37:00.000+03:00'|4016.0|''|-1.0|'' 4017|'76ca3004ad4c16966f2952728af1ee18303bf518'|'Citigroup says UK PM May to win majority of 104-190 in June 8 election'|'Market News - Fri May 19, 2017 - 2:26am EDT Citigroup says UK PM May to win majority of 104-190 in June 8 election LONDON May 19 British Prime Minister Theresa May is likely to win a majority of 104-190 seats in the June 8 election, Citigroup said in a research note published on Friday. "Prime Minister Theresa May called early elections on 8 June to boost her mandate and win time to implement her version of ''hard-but-smooth'' Brexit," Citi said in the research note. "National polls, experts'' analyses and our own constituency-level simulations suggest that her bet should pay off." Citi added that it saw no signs that May was moving towards a so called "Singapore-upon-Thames" deregulated low-tax economic model. (Reporting by Guy Faulconbridge; editing by Michael Holden)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-election-citi-idUSL9N1HZ000'|'2017-05-19T14:26:00.000+03:00'|4017.0|''|-1.0|'' 4018|'8633e6116ae0714ce5183716e3c95cfc09b6fa83'|'Canadian Natural Resources'' profit jumps on higher crude prices'|'Thu May 4, 2017 - 11:52am EDT Canadian Natural posts first-quarter profit, evaluating acquisitions Facilities at Canadian Natural Resources Limited''s (CNRL) Primrose Lake oil sands project is seen near Cold Lake, Alberta August 8, 2013. REUTERS/Dan Riedlhuber By Nia Williams - CALGARY, Alberta CALGARY, Alberta Canadian Natural Resources Ltd ( CNQ.TO ), the country''s largest independent petroleum producer, said on Thursday it continues to evaluate any assets for sale within its core areas of operation in western Canada. However, the Calgary-based company added that it was focused on its recently announced acquisition of a majority stake in the Athabasca Oil Sands Project in northern Alberta, which is set to close in the second quarter of this year. Canadian Natural will pay C$12.74 billion ($9.28 billion) for assets belonging to Royal Dutch Shell ( RDSa.L ) and Marathon Oil Corp ( MRO.N ), making it one of the three major Canadian oil sands operators, along with Suncor Energy ( SU.TO ) and Cenovus Energy ( CVE.TO ), that have been stepping in as foreign oil majors exit the region. "We have got lots on our plate but that will not stop us from evaluating everything that goes through our core area," president Steve Laut said on a first-quarter earnings call. Canadian Natural, which operates in western Canada, the North Sea and offshore West Africa, reported a first-quarter profit on Thursday helped by an uptick in crude prices and increased output from its Horizon oil sands project in Alberta. Oil prices CLc1 LCOc1 began to rise late last year after a two-year slump, and are now trading within a $45-$50 a barrel range as an OPEC-led production cut and rebounding demand slowly erode a global glut. Canadian Natural posted a net profit of C$245 million, or 22 Canadian cents per share, for the quarter ended March 31, swinging to a profit after reporting a loss of C$105 million, or 10 Canadian cents per share, in the year-earlier quarter. The company said production rose nearly 4 percent to 876,907 barrels of oil equivalent per day (boepd) in the latest quarter. Cash flow from operations, a key indicator of a company''s ability to pay for new projects and drilling, surged nearly 150 percent to C$1.64 billion, or C$1.46 per share. The free cash flow was largely used to reduce debt levels by C$500 million, the company said. Production from Horizon, the company''s flagship oil sands facility, hit a record 192,000 bpd in the first quarter, up 50 percent year-on-year. Phase 3 of the project is scheduled to start up by the end of 2017, adding 80,000 bpd of capacity. (Reporting by John Benny in Bengaluru; Editing by Savio D''Souza and James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cdn-natural-rsc-results-idUSKBN1800XM'|'2017-05-04T17:12:00.000+03:00'|4018.0|''|-1.0|'' 4019|'520a09134476a1f2eaaabdbf087ca1ee0eef4d18'|'Samsung Electronics creates new contract chip manufacturing division'|'SEOUL Tech giant Samsung Electronics Co Ltd said on Friday it has formed a new division within its semiconductor business for contract chip manufacturing in a move to strengthen its competitiveness.Samsung''s new foundry division will be responsible for making mobile processors and other non-memory chips for clients such as Qualcomm Inc and Nvidia Corp.(Reporting by Se Young Lee; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/samsung-elec-chips-idINKBN1880OK'|'2017-05-12T05:09:00.000+03:00'|4019.0|''|-1.0|'' -4020|'f3c20193d1aa97977a35538f0d1f7ec0ac7f2138'|'Potash CEO says SQM governance changes no signal of Potash interest in raising stake-CEO'|'Market News 27pm EDT Potash CEO says SQM governance changes no signal of Potash interest in raising stake-CEO NEW YORK May 18 Governance changes at Chile lithium producer SQM, which give shareholder Potash Corp of Saskatchewan greater influence, do not reflect any intent by Potash to raise its stake, Potash Corp''s chief executive said on Thursday. "It doesn''t demonstrate any intention," CEO Jochen Tilk told Reuters. "We''ll move forward on improved governance and that''s really all that there is at this point - no reflection on any further strategic thinking." (Reporting by Rod Nickel in New York, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/potashcorp-ceo-idUSL2N1IK1QT'|'2017-05-19T02:27:00.000+03:00'|4020.0|''|-1.0|'' +4020|'f3c20193d1aa97977a35538f0d1f7ec0ac7f2138'|'Potash CEO says SQM governance changes no signal of Potash interest in raising stake-CEO'|'Market News 27pm EDT Potash CEO says SQM governance changes no signal of Potash interest in raising stake-CEO NEW YORK May 18 Governance changes at Chile lithium producer SQM, which give shareholder Potash Corp of Saskatchewan greater influence, do not reflect any intent by Potash to raise its stake, Potash Corp''s chief executive said on Thursday. "It doesn''t demonstrate any intention," CEO Jochen Tilk told Reuters. "We''ll move forward on improved governance and that''s really all that there is at this point - no reflection on any further strategic thinking." (Reporting by Rod Nickel in New York, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/potashcorp-ceo-idUSL2N1IK1QT'|'2017-05-19T02:27:00.000+03:00'|4020.0|23.0|0.0|'' 4021|'60e7fe7495d823dcdaef3c09e709fc243c3da147'|'UPDATE 1-Tunisian president orders army deployment to protect energy resources'|'Middle East & North Africa 21pm EDT Tunisian president orders army to protect oil and gasfields left right Tunisian President Beji Caid Essebsi delivers a speech in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 1/7 left right Tunisian President Beji Caid Essebsi delivers a speech in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 2/7 left right Tunisian President Beji Caid Essebsi delivers a speech in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 3/7 left right Tunisian President Beji Caid Essebsi delivers a speech, in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 4/7 left right Tunisian President Beji Caid Essebsi delivers a speech in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 5/7 left right Tunisian President Beji Caid Essebsi delivers a speech, in Tunis, Tunisia May 10, 2017. REUTERS/Zoubeir Souissi 6/7 left right Tunisia''s President Beji Caid Essebsi speaks during a news conference with German Chancellor Angela Merkel in Tunis, Tunisia, March 3, 2017. REUTERS/Zoubeir Souissi 7/7 By Tarek Amara - TUNIS TUNIS Tunisia''s President Beji Caid Essebsi on Wednesday ordered the army to protect phosphate, gas and oil production facilities after protests aimed at disrupting output broke out in the south of the country. It is the first time troops in Tunisia will be deployed to protect industrial installations vital to Tunisia''s economy. Protests, sit-ins and strikes in recent years have cost the state billions of dollars. For several weeks, about 1,000 protesters in Tatouine province, where Italy''s ENI and Austria''s OMV have gas operations, have been demanding jobs and a share in revenue from the area''s natural resources. Protests have also broken out in another southern province, Kebili, and on Wednesday police fired tear gas to break up rioting in a town west of Tunis after a fruit seller set himself on fire in protest against the police. In an incident similar to the self-immolation in 2011 that sparked the uprising that toppled autocrat Zine El-Abidine Ben Ali, the vendor in Tebourba poured gasoline over himself and set it ablaze. He was hospitalized and rioting erupted. Six years after the uprising, Tunisia is trying to enact sensitive reforms to help growth, but many unemployed youth in the marginalized south still feel they have gained few opportunities. The military deployment will take place immediately, Essebsi said. "It is a serious decision, but it must be applied to protect our resources," he said in a speech to the nation. "Our democratic path has become threatened and law must be applied but we will respect freedoms." A local resident in the southern Metaloui region - the heartland of Tunisia''s phosphate production - said troops arrived in trucks on Wednesday and started setting up barbed wire barricades around facilities. OMV has taken out around 700 non-essential staff and contractors from its operations in the south as a precaution, and Perenco and Canada-based Serinus Energy have either halted some production or closed gasfields. Tunisia is a small oil and gas producer compared to its OPEC neighbors Libya and Algeria, with production around 44,000 barrels per day. Protests that have hit the phosphate sector in past years cost the country more than $2 billion, according to officials. But production has returned to the highest levels since 2010 after officials negotiated deals with protesters. The government expects to double its phosphate production to 6.5 million tonnes in 2017. (Writing by Patrick Markey; Editing by Robin Pomeroy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tunisia-economy-idUSKBN1861DN'|'2017-05-10T19:30:00.000+03:00'|4021.0|''|-1.0|'' 4022|'4f1161efe82001156eeaee4fa7d04e38672b4939'|'New export orders boost Irish manufacturing in April - PMI'|'Business News - Tue May 2, 2017 - 6:08am BST New export orders boost Irish manufacturing in April - PMI DUBLIN May 2 Irish manufacturing activity grew more rapidly in April as new export orders came in at the fastest pace in almost two years, a survey showed on Tuesday, adding to signs the economy is weathering any early impact from Britain''s Brexit vote. The Investec Manufacturing Purchasing Managers'' index rose to a three-month high of 55.0 from 53.6 in March, staying well above the 50 mark separating growth from contraction, which it almost fell into after Britain voted to leave the European Union. Ireland, the EU''s fastest-growing economy, is widely seen as the member most at risk from Brexit due to its close trading links, but after the muted impact so far, Dublin last month raised its forecasts for economic growth for 2017 and 2018. Some of the firms most vulnerable appear to be weathering the risks as the subindex measuring new export orders, which briefly contracted ahead of last June''s referendum, rose to 58.5 from 56.2 in March, its highest level since July 2015. "One of the key highlights is the new export orders index and firms continue to invest in providing additional resources to meet this rising client demand as evidenced by the expanding employment component," Investec Ireland chief economist Philip O''Sullivan said. In contrast to the faster growth in hiring and purchases, sentiment among manufacturers softened to its lowest level since August. O''Sullivan said this was puzzling but that it could be due to seasonal issues as that sub-index is unadjusted. "In any event, we reiterate our view that the outlook for Irish manufacturing firms remains positive, supported by the improving international backdrop," O''Sullivan said. (Reporting by Padraic Halpin; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-pmi-idUKKBN17Y0CJ'|'2017-05-02T13:08:00.000+03:00'|4022.0|12.0|0.0|'' 4023|'eddd294154803f7ec03ff76c8755d761a113f373'|'Alfa Financial Software set for largest London IPO so far in 2017'|'Business 4:25pm BST Alfa Financial Software''s shares rise sharply in London debut By Clara Denina and Dasha Afanasieva - LONDON LONDON Shares in Alfa Financial ALFAAL.L, which provides software for the asset finance industry, rose sharply on their London Stock Exchange debut on Friday, making the listing London''s biggest this year by market capitalisation. The shares opened trading at around 418 pence a share, up from the listing price of 325 pence, and had hit a high of 430 by 1352 GMT, valuing the company at nearly 1.3 billion pounds. A source familiar with the matter had previously said the company, which counts Bank of America ( BAC.N ) and Daimler''s ( DAIGn.DE ) Mercedes-Benz as customers and fund managers Old Mutual ( OML.L ) and Henderson Group ( HGGH.L ) as investors, was aiming for a valuation of at least 800 million pounds. London-based Alfa, which made adjusted earnings before interest and tax of 32.8 million pounds in 2016, has said it hopes the listing will raise its profile and help it win market share by attracting new customers looking to replace legacy or in-house systems that have failed to keep up with evolving regulations. Uncertainty around Britain''s future outside the EU single market has dampened investor confidence in the London IPO market this year, with IPOs by companies based in Britain totalling $1.53 billion (1.19 billion) in the first quarter, a drop of 28 percent on the same period last year, according to Thomson Reuters data. A source close to the Alfa flotation conceded the first half would be "light" on London IPOs and Alfa had bucked the trend. "The sector has huge barriers to entry at a time when companies are switching from legacy systems to modern technology," he said, adding that Alfa has the extra advantage of a bespoke system for leasing. With the listing Alfa shareholder CHP Software and Consulting Limited, which is majority owned by Executive Chairman Andrew Page, will receive gross proceeds of around 254 million pounds excluding fees and expenses, and assuming no exercise of the over-allotment option, which allows underwriters to sell more shares than originally planned. Barclays and Numis were joint bookrunners on the IPO, while Rothschild was financial adviser. (Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-alfa-financial-ipo-idUKKBN18M0MC'|'2017-05-26T15:15:00.000+03:00'|4023.0|''|-1.0|'' -4024|'92130f1da7f31322fd56c1e3b0f3c1588138e108'|'Buffett says Trump tax proposal won''t fundamentally change Berkshire - Reuters'|'By Jennifer Ablan and Jonathan Stempel May 6 U.S. President Donald Trump''s plan to cut the corporate tax rate to 15 percent would be a tailwind for profitability at Warren Buffett''s Berkshire Hathaway Inc , but won''t fundamentally change how its business units operate, Buffett said.The deferred taxes that are applicable to unrealized gains on securities would all be applicable to us," Buffett said during Berkshire''s annual shareholders meeting on Saturday. "We have $90 or $95 billion in gains, and our owners, dollar for dollar, will participate in that ... If the rate were to drop 10 percent, that $9.5 billion is real."Buffett, a Democrat who vocally supported Hillary Clinton''s unsuccessful White House candidacy, added that the impact of lower corporate taxes would not translate into higher profits across all of Berkshire''s many dozens of businesses.Regulated utility units, for example, are not likely to enjoy lower tax rates as savings, in Buffetts view, would be passed onto customers. He also said that a lot of the benefits of lower corporate taxes would likely be competed away.Buffett, 86, said: Weve had a lot of (tax cuts) in our lifetimes its certain that some of a lower corporate rate would be competed away, and it''s sure that some of it would inure to the benefit of shareholders."In February, Barclays analyst Jay Gelb said cutting the corporate tax rate even to 20 percent could boost Berkshire''s book value by $27 billion because of a decline in its deferred tax liability. A cut to 15 percent could boost book value by $36 billion, he said."I can''t recall sending anything out to our managers saying, ''Let''s do this because the tax law is going to change,''" Buffett said.Berkshire Vice Chairman Charlie Munger, who was also answering shareholder questions during the annual meeting, agreed with the assessment."We''re not going to change anything at the railroad just for some little tax jiggle," Munger said, referring to Berkshire''s BNSF unit.(Reporting By Jennifer Ablan and Jonathan Stempel; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/berkshire-buffett-taxes-idINL1N1I80EQ'|'2017-05-06T16:28:00.000+03:00'|4024.0|''|-1.0|'' +4024|'92130f1da7f31322fd56c1e3b0f3c1588138e108'|'Buffett says Trump tax proposal won''t fundamentally change Berkshire - Reuters'|'By Jennifer Ablan and Jonathan Stempel May 6 U.S. President Donald Trump''s plan to cut the corporate tax rate to 15 percent would be a tailwind for profitability at Warren Buffett''s Berkshire Hathaway Inc , but won''t fundamentally change how its business units operate, Buffett said.The deferred taxes that are applicable to unrealized gains on securities would all be applicable to us," Buffett said during Berkshire''s annual shareholders meeting on Saturday. "We have $90 or $95 billion in gains, and our owners, dollar for dollar, will participate in that ... If the rate were to drop 10 percent, that $9.5 billion is real."Buffett, a Democrat who vocally supported Hillary Clinton''s unsuccessful White House candidacy, added that the impact of lower corporate taxes would not translate into higher profits across all of Berkshire''s many dozens of businesses.Regulated utility units, for example, are not likely to enjoy lower tax rates as savings, in Buffetts view, would be passed onto customers. He also said that a lot of the benefits of lower corporate taxes would likely be competed away.Buffett, 86, said: Weve had a lot of (tax cuts) in our lifetimes its certain that some of a lower corporate rate would be competed away, and it''s sure that some of it would inure to the benefit of shareholders."In February, Barclays analyst Jay Gelb said cutting the corporate tax rate even to 20 percent could boost Berkshire''s book value by $27 billion because of a decline in its deferred tax liability. A cut to 15 percent could boost book value by $36 billion, he said."I can''t recall sending anything out to our managers saying, ''Let''s do this because the tax law is going to change,''" Buffett said.Berkshire Vice Chairman Charlie Munger, who was also answering shareholder questions during the annual meeting, agreed with the assessment."We''re not going to change anything at the railroad just for some little tax jiggle," Munger said, referring to Berkshire''s BNSF unit.(Reporting By Jennifer Ablan and Jonathan Stempel; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/berkshire-buffett-taxes-idINL1N1I80EQ'|'2017-05-06T16:28:00.000+03:00'|4024.0|17.0|0.0|'' 4025|'4fed6d585c2eac33a29591be8c46d1b2fb515a6b'|'SPECIAL REPORT - ''Ghost collateral'' haunts loans across China''s banking system'|'By Engen Tham - SHANGHAI SHANGHAI The banker at the other end of the phone line was furious, recalled Shanghai lawyer Wang Chaoyu. A pile of steel pledged as collateral for a loan of almost $3 million from his bank, China CITIC, had vanished from a warehouse on the outskirts of the city.Just several months earlier, in mid-2013, Wang and the banker had visited the warehouse and verified that the steel was there. "The first time I went, I saw the steel," recalled Wang, an attorney at Beijing DHH Law Firm, which represents the Shanghai branch of CITIC ( 601998.SS ). "Afterwards, the banker got in contact with me and said, ''The pledged assets are no longer there.''"The trouble had begun in 2012, after CITIC loaned the money to Shanghai Hanning Iron and Steel Co Ltd, a privately held steel trader. Hanning failed to meet payments, according to a mediation agreement reviewed by Reuters, and CITIC took ownership of the steel. It was when CITIC moved to retrieve the collateral that the banker visited the warehouse and discovered that the 291-tonne pile of steel was no longer there, Wang said. The bank is still in court trying to recoup its losses.The missing collateral is a setback for CITIC. But it is indicative of a much wider problem that could endanger the health of China''s financial system fraudulent or "ghost" collateral. When bank auditors in China go looking, they too often find that collateral recorded on the books simply isn''t there.In some cases, collateral that has been pledged simply doesn''t exist. In others, it disappears as borrowers in financial distress sell the assets. There are also instances in which the same collateral has been pledged to multiple lenders. One lawyer said he discovered that the same pile of steel was used to secure loans from 10 different lenders.With the mainland facing its slowest growth in over a quarter of a century, defaults are mounting as borrowers struggle to repay their loans. The danger of fraudulent collateral in this situation, say economists, is that it exacerbates the problem of bad debt for China''s banks, increasing the risk of financial turmoil.As growth slows, lenders can expect more nasty surprises, said Xin Qingquan, professor of accounting at Chongqing University. More instances of fake collateral will arise, he said.FAKE WAREHOUSE RECEIPTSOn May 24, Moody''s Investors Service downgraded China''s credit ratings for the first time in almost three decades. The ratings agency said it expects the financial strength of the economy will erode in the coming years as economic growth slows and debt continues to rise.The 2008 global financial crisis showed how the combination of lax lending standards and overvalued collateral can lead to disaster. The catalyst for that meltdown was the collapse in the value of housing in the United States that served as security for a mountain of highly leveraged lending, the so-called subprime mortgages.Now, banks in the world''s second-biggest economy face their own collateral risks. Fraudulent borrowers, corrupt bankers, poor risk assessment and a weak legal system are conspiring to load China''s financial system with loans lacking genuine collateral.A Reuters review of dozens of court cases involving collateralized loans and interviews with lawyers, regulators and 30 bankers in China reveal that fraudulent collateral in the form of buildings, private apartments, copper and steel is haunting loans across a wide swath of business and industry.The bankers interviewed by Reuters said they had encountered multiple methods by which loans were fraudulently secured, including the use of fake land certificates and bogus warehouse receipts. Most of the bankers said that kickbacks were prevalent, with loan officers turning a blind eye to the quality of collateral and knowingly accepting dubious and even fraudulent documents. Two of the bankers said they themselves had taken bribes to smooth the approval of loans.Overall, 23 of the 30 bankers described the existence of ghost collateral as a serious problem and expected more instances to emerge as the Chinese economy slows. The bankers interviewed come from 13 banks in China, including some of the nation''s biggest lenders.''A PONZI SCHEME''There are no official statistics or estimates of the problem. But fraudulent collateral is "a huge issue," said Violet Ho, senior managing director and co-head of Greater China Investigations and Disputes Practice at Kroll, which conducts corporate investigations on the mainland. "Often you also see that the paperwork around collateral may be dodgy, and the bank loan officer knows, the intermediary knows, and the goods owner knows so it''s essentially a Ponzi scheme."Even when banks resort to the courts, there''s no guarantee they''ll get their money back. Inadequate legal protections for collateral and the complexity of some borrowers'' business dealings can make it difficult for lenders to foreclose.That''s what happened to CITIC after it made the $2.71 million loan to Hanning Steel. When Hanning defaulted, CITIC won a court order freezing the collateral, after which the parties entered into mediation, lawyer Wang Chaoyu said. But the collateral is still missing.In response to questions from Reuters, CITIC said that the case was still being enforced in the courts and that it had since strengthened its risk management procedures. Representatives of Hanning did not respond to questions. When Reuters visited Hanning''s registered Shanghai address, there was no sign of a company office there.Total debt in China rose to 277 percent of GDP at the end of 2016, according to Swiss bank UBS. That''s a record and almost twice the figure eight years ago.Bad loans are mounting fast. Officially, just 1.74 percent of commercial bank loans were classified as non-performing at the end of March. But some analysts say lenders often mask the true level of bad debt and so the figure is likely much higher. Fitch Ratings said in a report last September that it had estimated non-performing loans in China''s financial system could be as high as 15 percent to 21 percent.This in a banking sector that has undergone a massive credit expansion. The value of outstanding bank loans ballooned to $17.2 trillion at the end of April from $5.8 trillion at the end of 2009, according to data from China''s central bank. In September last year, the Bank for International Settlements warned that excessive credit growth in China meant there was a growing risk of a banking crisis in the next three years.NOT IMMUNEIn a report last September, Fitch Ratings estimated that it would cost as much as $2.1 trillion to clean up China''s bad debt almost a fifth of annual Chinese economic output. By comparison, during the global financial crisis, the direct cost of rescuing U.S. banks was about eight percent of gross domestic product.Some economists and bankers say Beijing has the tools to avert a financial crisis. They argue that authorities have ample financial reserves to recapitalize the banks. And they say state ownership of lenders and of many large corporate borrowers means Beijing can head off a default or foreclosure that might spark a crisis.But the fact that China''s banking system has been shielded by the expectation of government bailouts means lenders haven''t developed the risk assessment tools needed to judge loan exposure as banks elsewhere have. It is this challenge of assessing the creditworthiness of borrowers that explains why physical collateral is so important for banks in China.The China Banking Regulatory Commission, which is tasked with regulating and safeguarding the sprawling banking sector, did not respond to questions from Reuters.Big foreign banks have not been immune to the risks of fraudulent collateral. In a high-profile case that came to light in June 2014, banking giants including HSBC ( HSBA.L ) ( 0005.HK ), Standard Chartered ( STAN.L ) ( 2888.HK ) and others were exposed to potential losses totaling several billion dollars on loans to Decheng Mining, a private metals trading company in Qingdao. The company faked warehouse receipts for the same batch of metal, using it as security for multiple loans.A spokesman for HSBC disputed the account, saying the bank had "no material exposure of this kind," without providing details. Standard Chartered declined to comment on the case and Decheng Mining could not be reached for comment.It''s not hard to dupe bankers and lawyers in a physical inspection of collateral. Warehouses often contain hundreds of piles of steel or copper, making it difficult for an untrained observer to identify the specific pile that is serving as security for a loan their bank has issued."One pile of iron ore looks exactly like every other pile of iron ore, so I may say it''s mine, but it could be anyone''s," says Kroll''s Violet Ho.TAKEN FOR MILLIONSThe value and quality of security in China''s real estate sector is a concern for bankers in China. Fitch Ratings has mentioned "wildly misleading" property valuations as one reason why high collateral coverage may not protect banks. Another is a sudden fall in property prices. According to Fitch''s Grace Wu, over 60 percent of financing in China uses property as collateral in some way.The lack of a consistent and open nationwide property registration system also increases the prevalence of fraudulent collateral."There is a complete lack of transparency of information," says Ho. The United States, she notes, has open property records that buyers can search to ascertain the true owner of a building. "You can''t do that in China. There is no easy way to verify the information, so you have to take people''s word for it."Bankers say borrowers often provide them with fake cash-flow statements, so property buyers can be more leveraged than they appear. The falsification of mortgage certificates is also a problem, they say.That''s how the International Finance Corporation (IFC), the World Bank''s investment arm, got taken for tens of millions of dollars by one of China''s richest men.The deception began in 2007, after the IFC lent the money to Hong Kong-listed Zhejiang Glass Co Ltd, then owned by Chinese tycoon Feng Guangcheng. Two years later, the IFC made an unpleasant discovery: In discussions with other banks it found that the collateral for the IFC loan had also been pledged to other lenders, according to a person with direct knowledge of the case.Anxious IFC officials hurriedly dispatched lawyers to the land and company registration authorities in Zhejiang Province, where they made another startling discovery: The stamps on the mortgage certificates for the land, properties and industrial machinery used to secure the loan were fake, people familiar with the case said.''DEAD PIGS AREN''T AFRAID''Concluding they''d been swindled, IFC officials traveled to the eastern city of Hangzhou in late 2009 to confront Zhejiang Glass''s chairman. Feng, who sat at the head of the table with a junior by his side, didn''t want to dwell on the loan, recalled one person who attended the meeting. He admitted right away that the documents were fake and quickly tried to move the discussion along."His attitude was, ''Dead pigs aren''t afraid of boiling water''," the person said, using a Chinese proverb to describe Feng''s attitude: Any attempt to punish him was futile because the loan was already lost.In 2010, a court ruled that Zhejiang Glass should repay the loan to the IFC. That never happened. In 2012, local media reported that Feng was convicted in a separate fraud case and was sentenced to eight-and-a-half years in prison. The company was declared bankrupt the next year and delisted in Hong Kong. Ultimately, the IFC recovered only 2 percent of its loan, according to a person familiar with the case.In response to questions from Reuters, the IFC called the case an isolated incident related to the larger fraud perpetrated by Zhejiang Glass. Reuters was unable to contact Feng''s lawyers or representatives of Zhejiang Glass, which has been liquidated.Banks are not always unwitting or careless victims. Sometimes, their employees act as facilitators.In 2015, for instance, the former vice president of Agricultural Bank of China Ltd ( 601288.SS ), Yang Kun, was sentenced to life imprisonment for accepting bribes of more than 30 million yuan ($4.4 million) in connection with loans, among other things, according to local media reports. Reuters was unable to contact Yang for comment.In another case, heard in a Shanghai court in 2015, a 37-year-old man named Lou Zhenshen, who controlled a trading company, was convicted of bribing the president of a branch of CITIC Bank with 50,000 yuan (about $7,250) in cash and supermarket vouchers worth 10,000 yuan. According to court records, the judge said Lou had used fake warehouse receipts to apply for loans and had repeatedly used the same metal as collateral. Lou was also convicted of paying a 200,000 yuan bribe to a credit officer at China Minsheng Bank ( 600016.SS )."Kickbacks for loan approvals is routine," said Gary Tian, a professor at Macquarie University in Sydney who has researched corruption and bank lending in China.Agricultural Bank did not respond to questions from Reuters about the case involving Yang, and Reuters was unable to contact Lou or his lawyer about the cases involving Minsheng and CITIC. Minsheng didn''t respond to questions.CITIC Bank said that in the past two years it has focused on managing employee behavior, strengthening accountability and raising the cost for employees who violate rules.Still, more than three years since lawyer Wang Chaoyu took the phone call from the incensed CITIC banker about the missing collateral from Hanning Iron and Steel, the lender is still trying to get back some of its money. CITIC is now trying to sell several apartments that were put up as part of the security for the ill-fated loan.(Reporting by Engen Tham. Additional reporting by Michelle Price in Hong Kong, Elias Glenn in Beijing and Samuel Shen in Shanghai.)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-collateral-fake-idINKBN18R1OM'|'2017-05-31T20:40:00.000+03:00'|4025.0|''|-1.0|'' 4026|'de814cbd52ce0bea39aadfb16a52821810ec8bcd'|'RPT-Dealmakers aplenty, SoftBank''s Son looks for wonks'|'Funds News 9:00am EDT RPT-Dealmakers aplenty, SoftBank''s Son looks for wonks (Repeats with no changes to text) By Liana B. Baker and Greg Roumeliotis May 19 Deep Nishar spends more time roaming university hallways than he does corporate boardrooms. A former electrical engineer who helped develop Google''s mobile phone business and grow LinkedIn''s users from 30 million to half a billion, Nishar is exactly the sort of industry specialist that SoftBank Group Corp CEO Masayoshi Son wants for his new $100 billion technology investment vehicle. Son, Japan''s richest man, is expected to announce on Saturday the close of the first fundraising round for what will be the world''s biggest private equity fund. Its backers, including Saudi Arabia''s sovereign wealth fund and Apple Inc , expect technology investments that will match or beat the 44 percent internal rate of return that SoftBank says Son has delivered by investing in internet companies in the last 18 years. With pitfalls aplenty among the valuation-rich, profit-poor start-ups of Silicon Valley, Son is seeking to hire dealmakers who can spot the most commercially disruptive technologies, according to people close to him. As he builds up the Vision Fund, Son has hired a roster of investment bankers, including Alex Clavel, a longtime telecommunications banker at Morgan Stanley, and technology banker Ervin Tu of Goldman Sachs Group Inc. Son is looking for industry wonks to complement those hires and find potentially game-changing investments in areas ranging from genomics and artificial intelligence to robots and the internet-of-things. The sources asked not to be identified ahead of the conclusion of the fundraising. Nishar, 47, is the most senior industry expert working for SoftBank, which he joined in 2015. He sits on SoftBank''s investment committee, which includes Son, SoftBank chief financial officer Alok Sama, SoftBank board director Ronald Fisher, and head of the Vision Fund, Rajeev Misra. SoftBank has yet to finalize the investment committee for the Vision Fund, which it will manage. Even when he was working at LinkedIn and Google, Nishar had an interest in investing. The Indian-born engineer spent five years tracking the business of pre-cancer detection startup Guardant Health. He visited researchers in universities and even showed up in doctors'' offices to see which tests they prescribed to detect cancer. When Guardant sought to raise money in 2016, Nishar had an inside track. He arranged a meeting between Guardant''s founders and Son at SoftBank''s San Carlos office near San Francisco. Last week, SoftBank said it would lead a $360 million fundraising round for Guardant, with Son praising it as a potential "Rosetta Stone" of cancer. Guardant co-founder and CEO Helmy Eltoukhy said Nishar''s business experience and technical expertise made him stand out from other investment professionals. "This kind of experience, from the engineering side as well as business side, is hard to come by," he said. FRONTIER TECHNOLOGIES Nishar has four people on his team, which focuses on so-called frontier technologies, such as computational biology. He is looking to double that by the end of the year, according to people familiar with the plans. SoftBank also wants experts in other sectors, including enterprise software, artificial intelligence, robotics, digital media and financial technology, according to the sources. Other sector specialists working for SoftBank include David Thevenon, a former Google executive who handles ride-sharing investments for SoftBank, such as Didi in China, Ola in India, and Grab in Southeast Asia, and Kabir Misra, an e-commerce specialist who is helping put together the merger of Flipkart and Snapdeal in India. Son is building his team as technology investing has become increasingly competitive. Google and other technology companies are looking to invest in the areas SoftBank is focusing on, as are private equity and venture capital funds. The dealmaking team SoftBank is building will also be pivotal for 59-year-old Son''s own legacy and eventual transition, after Nikesh Arora, a former Google executive he had named as his successor, resigned last year. A graduate of the University of California, Berkeley, Son does not subscribe to the traditional Japanese business culture of pecking order and hierarchy, leaving plenty of scope for people in this team to pitch investment ideas to him. "Son is not terribly hierarchical. If you know something more than him on a particular topic, you will get air time, he will listen to you," said Raine Group LLC co-founder Jeff Sine, Son''s most trusted investment banking adviser, who has participated in most of his deals. Son is the only individual listed as "key man" for the Vision Fund, meaning that, no matter how many dealmakers he hires, he is responsible for all the investment decisions, and the fund could be dissolved in his absence. Many of the hirings happen through personal connections; Nishar, for example, was recruited by Arora, based on their ties going back to Google. With so much in-house dealmaking expertise, investment bankers who have been trying to cultivate Son''s lieutenants are fretting over whether they will be hired to work on any of the Vision Fund''s deals. People close to Son say he will meet with all major investment banks, such as Goldman Sachs and JPMorgan Chase & Co , but will only hire them if they bring expertise he does not already have. "As an investment banker, you need deep expertise in the specific set of skills Son has hired you for to be useful, because his team is extremely smart," said Robey Warshaw LLP co-founder Simon Robey, an investment banker who helped SoftBank navigate British takeover rules to clinch a $32 billion deal to acquire chip designer ARM Holdings. (Reporting by Liana B. Baker in San Francisco and Greg Roumeliotis in New York; Editing by Carmel Crimmins and Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/softbank-visionfund-idUSL2N1IL0JI'|'2017-05-19T21:00:00.000+03:00'|4026.0|''|-1.0|'' 4027|'86b7e3daab4599f1c52d1de0dc35addc90ee630c'|'Palm oil: what do consumers know and do brands care? event - Guardian Sustainable Business'|' 15.09 BST Last modified on 15.55 BST From biscuits to lipstick to toothpaste, it is estimated that 50% of packaged items in our supermarkets contain palm oil. But, while the commodity might be ubiquitous, consumers are often unaware of it, far less of the impact its production can have on biodiversity and local communities . Join us for a seminar on 12 June 2017, 9.30am-12 noon (BST) , to explore the role of consumers in the palm oil debate and what impact brands can have on improving the commoditys sustainability. Well discuss This seminar will bring together an expert panel to explore the role consumers and brands can play in improving the sustainability of the palm oil industry. Topics for consideration will include: From rainforest to your cupboard: the real story of palm oil - interactive Read more How does consumer awareness of and behaviour towards the issues surrounding palm oil vary around the world? What impact does this have on driving corporate responsibility? How do consumers palm oil concerns fit into awareness of palm oil alternatives such as soybean and rapeseed oil? Why do consumers boycott palm oil and how else can they make their voices heard? How do companies engage with the concerns of consumers and how do they prioritise these alongside their own CSR initiatives? Can brands drive measurable improvements in the palm oil supply chain and is this ever as a result of consumer pressure? Our panel Chair Laura Paddison , editor, Guardian Sustainable Business Farwiza Farhan, chair, Yayasan HAkA, an Indonesian NGO working to protect Sumatras Leuser Ecosystem Jonathan Horrell , director of sustainability, Mondelez International Fiona Wheatley , sustainable development manager, Marks and Spencer More panellists to be confirmed Event information Monday 12 June 2017, 9.30am-12 noon (BST) The Guardian, Kings Place, 90 York Way, London, N1 9GU To attend this seminar, please register your interest by filling in the below form. While this is a free event, please be aware that space is limited and priority will be given to individuals with relevant professional experience. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/may/11/palm-oil-what-do-consumers-know-and-do-brands-care-event'|'2017-05-11T23:09:00.000+03:00'|4027.0|''|-1.0|'' @@ -4161,9 +4161,9 @@ 4159|'68b856521420cfb098cd79fd9d21dd742d6f22fd'|'Canadian insurer Intact to buy OneBeacon for $1.7 billion'|'Canadian insurer Intact Financial Corp ( IFC.TO ) said it would buy OneBeacon Insurance Group Ltd ( OB.N ) for $1.7 billion, creating a North American specialty insurance company with over C$2 billion ($1.46 billion) of annual premiums.The $18.10 cash offer represented a 15.3 percent premium to OneBeacon''s Tuesday close.($1 = 1.3710 Canadian dollars)(Corrects annual premiums in paragraph 1 to over C$2 billion, from $2 billion)(Reporting by Arunima Banerjee in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-onebeacon-insur-m-a-intact-financial-idINKBN17Y2GJ'|'2017-05-02T18:54:00.000+03:00'|4159.0|''|-1.0|'' 4160|'e5d8023db5e7501c87768f0153519b879c404c52'|'Japan finance minister says must deliver strong message on free trade at G7'|'Business News - Tue May 23, 2017 - 2:12am BST Japan finance minister says must deliver strong message on free trade at G7 Japanese Finance Minister Taro Aso leaves the G7 for Financial ministers meeting in the southern Italian city of Bari, Italy, May 12, 2017. REUTERS/Alessandro Bianchi TOKYO Japan must deliver a strong message on free trade at this month''s summit meeting of leaders from the Group of Seven nations, Finance Minister Taro Aso said on Tuesday. Aso was speaking to reporters after a cabinet meeting. (Reporting by Takashi Umekawa; Writing by Tetsushi Kajimoto) U.S. top court tightens patent suit rules in blow to ''patent trolls'' WASHINGTON The U.S. Supreme Court on Monday tightened rules for where patent lawsuits can be filed in a decision that may make it harder for so-called patent "trolls" to launch sometimes dodgy patent cases in friendly courts, a major irritant for high-tech giants like Apple and Alphabet Inc''s Google. Allowing swaps clearinghouses to turn to central banks for the same kind of emergency loans that banks can access would add to financial stability in important ways, Chicago Federal Reserve President Charles Evans said on Tuesday in Shanghai. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-aso-idUKKBN18J05N'|'2017-05-23T09:07:00.000+03:00'|4160.0|''|-1.0|'' 4161|'f90517045ba20809c974f3195bbeb6ffda92ba27'|'Panasonic expects auto focus to boost annual profit by 21 percent'|'Business News 57am BST Panasonic expects auto focus to boost annual profit by 21 percent Panasonic Corp''s logo is pictured at Panasonic Center in Tokyo, Japan, February 2, 2017. REUTERS/Kim Kyung-Hoon TOKYO Panasonic Corp said on Thursday it expects operating profit to rise by one-fifth year-on-year this financial year as investments in advanced automotive parts begin to pay off. Panasonic forecasts operating profit to increase to 335 billion yen (2.3 billion pounds) in the year to March 2018 from 276.8 billion yen a year ago. The outlook is slightly lower than the 346.28 yen average estimate compiled by Thomson Reuters. Panasonic, which marks its 100th anniversary next year, is shifting its focus to corporate clients such as automakers to escape price competition in lower-margin consumer electronics. To bolster its push into the automotive field, Panasonic this year decided to take control of Spanish automotive mirror manufacturer Ficosa International and began mass production of battery cells with Tesla Motors at the electric car maker''s $5 billion "Gigafactory". Signs of a steady profit from the automotive business would give a vote of confidence to Chief Executive Officer Kazuhiro Tsuga, who embarked on a drastic business overhaul when he took the helm of the sprawling conglomerate five years ago. Panasonic expects its automotive and industrial division to reap sales of 2.66 trillion yen in the current business year, up 10 percent from a year prior, as it begins to ship advanced infotainment systems that incorporate electronic mirrors and other safety features. (Reporting by Makiko Yamazaki; Editing by Miral Fahmy)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-panasonic-outlook-idUKKBN1870R9'|'2017-05-11T15:57:00.000+03:00'|4161.0|''|-1.0|'' -4162|'8751242ec92739b5ff8e3399ef1588361b5d874b'|'Johnson & Johnson offers EU concessions over Actelion deal'|'Deals - Thu May 18, 2017 - 11:12am BST Johnson & Johnson offers EU concessions over Actelion deal left right FILE PHOTO: Bottles of Johnson''s baby oil, made by Johnson & Johnson, are seen on a supermarket shelf in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren 1/2 left right FILE PHOTO: The company''s logo is seen at the headquarters of Swiss biotech company Actelion in Allschwil, Switzerland January 26, 2017. REUTERS/Arnd Wiegmann 2/2 BRUSSELS U.S. healthcare giant Johnson & Johnson ( JNJ.N ) has offered concessions in a bid to address EU antitrust concerns over its $30 billion bid for Swiss biotech company Actelion ( ATLN.S ), the European Commission said on Thursday. The EU competition enforcer extended its review of the deal to June 12 from May 24, according to a filing on its website. It did not provide details. Johnson & Johnson put in the offer on Wednesday. The deal, the biggest in the European pharmaceutical industry in 13 years, would give J&J access to Actelion''s range of high-price, high-margin medicines for rare diseases, helping it diversify its drug portfolio as its biggest product, Remicade for arthritis, faces cheaper competition. The Commission is expected to seek feedback from consumers and rivals before deciding whether to accept the offer, demand more or open a four-month long investigation. (Reporting by Foo Yun Chee; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-actelion-m-a-johnson-johnson-eu-idUKKCN18E17L'|'2017-05-18T18:10:00.000+03:00'|4162.0|''|-1.0|'' +4162|'8751242ec92739b5ff8e3399ef1588361b5d874b'|'Johnson & Johnson offers EU concessions over Actelion deal'|'Deals - Thu May 18, 2017 - 11:12am BST Johnson & Johnson offers EU concessions over Actelion deal left right FILE PHOTO: Bottles of Johnson''s baby oil, made by Johnson & Johnson, are seen on a supermarket shelf in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren 1/2 left right FILE PHOTO: The company''s logo is seen at the headquarters of Swiss biotech company Actelion in Allschwil, Switzerland January 26, 2017. REUTERS/Arnd Wiegmann 2/2 BRUSSELS U.S. healthcare giant Johnson & Johnson ( JNJ.N ) has offered concessions in a bid to address EU antitrust concerns over its $30 billion bid for Swiss biotech company Actelion ( ATLN.S ), the European Commission said on Thursday. The EU competition enforcer extended its review of the deal to June 12 from May 24, according to a filing on its website. It did not provide details. Johnson & Johnson put in the offer on Wednesday. The deal, the biggest in the European pharmaceutical industry in 13 years, would give J&J access to Actelion''s range of high-price, high-margin medicines for rare diseases, helping it diversify its drug portfolio as its biggest product, Remicade for arthritis, faces cheaper competition. The Commission is expected to seek feedback from consumers and rivals before deciding whether to accept the offer, demand more or open a four-month long investigation. (Reporting by Foo Yun Chee; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-actelion-m-a-johnson-johnson-eu-idUKKCN18E17L'|'2017-05-18T18:10:00.000+03:00'|4162.0|20.0|2.0|'' 4163|'450e5e594483d3f3fceb7db5e3e487dace7f2512'|'Brazil''s Odebrecht taps VP Guidolin as new chief executive'|'Business 10:57am EDT Brazil''s Odebrecht taps VP Guidolin as new chief executive The corporate logo of Odebrecht is seen inside of one of its offices in Mexico City, Mexico May 4, 2017. Picture taken on May 4, 2017. REUTERS/Carlos Jasso SAO PAULO Brazilian engineering conglomerate Odebrecht SA [ODBES.UL] said on Friday it had tapped Luciano Guidolin as its new chief executive officer, replacing current CEO Newton de Souza. Guidolin, currently vice-president of investments for the group, played a key role in negotiating plea deals in Brazil, Switzerland and the United States, according to an Odebrecht statement. Executives confessed to their roles in a corruption scandal that led to the arrest of former CEO Marcelo Odebrecht. (Reporting by Bruno Federowski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-odebrecht-ceo-idUSKBN18823R'|'2017-05-12T22:55:00.000+03:00'|4163.0|''|-1.0|'' -4164|'bc82a23833a7d12ecfc88b2078bca1a08f8ea965'|'UPDATE 1-Epiris to keep focus on UK assets after Electra split'|'(Adds Quote: from Electra, research, clarifies manager separate entity)By Dasha AfanasievaLONDON May 25 Electra''s departing fund manager will pursue an investment strategy which focuses on assets in Britain when it splits from the listed private equity fund next month."We have a pipeline of interesting opportunities which pick up where we left off," Alex Fortescue, Managing Partner of the venture Epiris, formerly named Electra Partners, told Reuters on Thursday.Fortescue did not mention specific assets, but said that the volatility created by Britain''s decision to leave the European Union, which has created uncertainty for businesses and called into doubt UK-only strategies, could create opportunities.Despite initial fears that Brexit would deter deal making, merger and acquisition activity has avoided a collapse and with cheap debt and an influx of foreign capital, private equity firms have enjoyed higher exit multiples.Fortescue declined to comment on fundraising by Epiris, which sources have said has so far raised 500 million pounds ($649 million) for its own fund which was launched in early 2017 with a target of between 800 million pounds and 1 billion pounds.The splitting of the fund manager from Electra, which owns the British arm of restaurant chain TGI Fridays, was prompted by a long and bitter campaign by activist investor Edward Bramson to join the listed company''s board.Electra, one of Britain''s oldest private equity firms, reported its net asset value had risen to 5,544 pence per share at the end of March this year, from 5,149 pence, although at a lower rate than the year before.A research note from JP Morgan said its return made Electra the best performing London-listed private equity company over the last 10 years.The fund also declared a second special dividend of 914 pence per share when it posted its six month results, during which time it has sold a string of assets.In recent weeks it has also sold investment property portfolio Pine Unit Trust and Treetops Nurseries.Epiris will hand over responsibility for managing Electra''s remaining assets, including Britain''s TGI Fridays and Photobox, to the fund next month.The results of the second phase of Electra''s review will be announced in the fourth quarter of 2017, Neil Johnson, Chairman of Electra Private Equity said."We are looking forward to the commencement of the second phase of the strategic review in June, when the executive management team will have direct access to the portfolio companies'' management teams and financial information for the first time," he added.($1 = 0.7701 pounds) (Editing by Alexander Smith and Pritha Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/electra-pvt-eqty-results-idINL8N1IR2N7'|'2017-05-25T09:17:00.000+03:00'|4164.0|''|-1.0|'' +4164|'bc82a23833a7d12ecfc88b2078bca1a08f8ea965'|'UPDATE 1-Epiris to keep focus on UK assets after Electra split'|'(Adds Quote: from Electra, research, clarifies manager separate entity)By Dasha AfanasievaLONDON May 25 Electra''s departing fund manager will pursue an investment strategy which focuses on assets in Britain when it splits from the listed private equity fund next month."We have a pipeline of interesting opportunities which pick up where we left off," Alex Fortescue, Managing Partner of the venture Epiris, formerly named Electra Partners, told Reuters on Thursday.Fortescue did not mention specific assets, but said that the volatility created by Britain''s decision to leave the European Union, which has created uncertainty for businesses and called into doubt UK-only strategies, could create opportunities.Despite initial fears that Brexit would deter deal making, merger and acquisition activity has avoided a collapse and with cheap debt and an influx of foreign capital, private equity firms have enjoyed higher exit multiples.Fortescue declined to comment on fundraising by Epiris, which sources have said has so far raised 500 million pounds ($649 million) for its own fund which was launched in early 2017 with a target of between 800 million pounds and 1 billion pounds.The splitting of the fund manager from Electra, which owns the British arm of restaurant chain TGI Fridays, was prompted by a long and bitter campaign by activist investor Edward Bramson to join the listed company''s board.Electra, one of Britain''s oldest private equity firms, reported its net asset value had risen to 5,544 pence per share at the end of March this year, from 5,149 pence, although at a lower rate than the year before.A research note from JP Morgan said its return made Electra the best performing London-listed private equity company over the last 10 years.The fund also declared a second special dividend of 914 pence per share when it posted its six month results, during which time it has sold a string of assets.In recent weeks it has also sold investment property portfolio Pine Unit Trust and Treetops Nurseries.Epiris will hand over responsibility for managing Electra''s remaining assets, including Britain''s TGI Fridays and Photobox, to the fund next month.The results of the second phase of Electra''s review will be announced in the fourth quarter of 2017, Neil Johnson, Chairman of Electra Private Equity said."We are looking forward to the commencement of the second phase of the strategic review in June, when the executive management team will have direct access to the portfolio companies'' management teams and financial information for the first time," he added.($1 = 0.7701 pounds) (Editing by Alexander Smith and Pritha Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/electra-pvt-eqty-results-idINL8N1IR2N7'|'2017-05-25T09:17:00.000+03:00'|4164.0|18.0|0.0|'' 4165|'34dbd00b3a5db0342e8c2f9023c609dd69508e0f'|'CORRECTED-BRIEF-Eiffage price guidance is 77 Euros to market- Bookrunner'|'Market News - Mon May 15, 2017 - 12:39pm EDT CORRECTED-BRIEF-Eiffage price guidance is 77 Euros to market- Bookrunner (Corrects source) * Concurrent sells real-time business segment for $35 million to battery ventures; focuses on video storage & delivery market opportunity MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1IH14E'|'2017-05-16T00:39:00.000+03:00'|4165.0|''|-1.0|'' 4166|'7c2a94058228940603888dc7a4148df6f738a193'|'ECB''s Angeloni wants no let up in clean up of bad loans'|'Business News - Mon May 15, 2017 - 4:28pm BST ECB''s Angeloni wants no let up in clean up of bad loans FRANKFURT Euro zone banks should continue to offload their bad loans and improve their lending practices even as the economy improves, a senior European Central Bank supervisor said on Monday. "There is therefore a need for continued effort, tailored to the specific situation of individual banks, to improve lending practices and to effectively dispose of existing NPLs (non-performing loans)," Ignazio Angeloni, a member of the ECB''s supervisory board, told an event in Milan. (Reporting By Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-banks-italy-idUKKCN18B1YM'|'2017-05-15T23:27:00.000+03:00'|4166.0|''|-1.0|'' 4167|'359e26022b57788d8803da28a9bb3d84ba9d926f'|'Former SolarCity CEO Lyndon Rive will leave Tesla'|'Business News - Tue May 16, 2017 - 12:34am BST Former SolarCity CEO Lyndon Rive will leave Tesla FILE PHOTO: Lyndon Rive, SolarCity co-founder and CEO, attends SolarCity''s Inside Energy Summit in Manhattan, New York October 2, 2015. REUTERS/Rashid Umar Abbasi/File Photo By Nichola Groom SolarCity founder Lyndon Rive, who steered the dramatic growth of the biggest U.S. residential solar company before driving its sale to Tesla Inc, is leaving the electric vehicle maker in June, he said on Monday. In an interview, the former SolarCity chief executive said he wanted to start a new company next year and spend more time with his family. Rive had been serving as head of sales and services for Tesla''s energy division since last year. Rive''s responsibilities will be distributed among Tesla leadership, Tesla said. Tesla acquired SolarCity for $2.6 billion in August, paving the way for Tesla CEO Elon Musk''s ambitious plans for a carbon-free energy and transportation company. The sale came as investors worried about the solar panel installer''s debt-fueled growth. Under Tesla, SolarCity has slowed installations and focused on the most profitable projects that generate cash upfront. Throughout his decade at the helm of the company, Rive had a populist vision of making rooftop solar energy affordable to all in an effort to curb demand for fossil fuels and combat climate change. Rive, 40, said SolarCity was "healthier than it''s ever been," and the time had come for him to move on. Tesla launched its innovative solar roof tiles last week, a product that generates electricity without traditional rooftop panels. Rive said he began to consider leaving a few months ago. "My skill set and what I love doing is starting and running companies," Rive said. "I can hand off the baton to somebody else and give myself the opportunity to do something else that could also have another impact." Cal Lankton, Tesla''s vice president of global infrastructure operations, will take on an expanded role as head of sales and operations for energy products, the company said. Rive co-founded SolarCity with his older brother Peter in 2006 with financial backing from their cousin Musk. Peter Rive, who was SolarCity''s chief technology officer, will remain to focus on the company''s solar roofs. Over the next decade, SolarCity expanded rapidly with innovative no-money-down financing schemes and a vast sales and installation operation. The company in 2013 aimed to have 1 million customers by 2018, but scaled back its plans at the end of 2015 as costs for funding that growth mounted and demand began to slow. SolarCity hit 300,000 customers late last year. (Reporting by Nichola Groom, editing by Peter Henderson and Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tesla-solar-rive-idUKKCN18B2RR'|'2017-05-16T07:34:00.000+03:00'|4167.0|''|-1.0|'' @@ -4183,7 +4183,7 @@ 4181|'62cd0d4e3ce5f739b724a67f1f0803f75a14fb94'|'China unlikely to see repeat of 2013 market turbulence - Financial News'|'Business News 8:25am BST China unlikely to see repeat of 2013 market turbulence: Financial News FILE PHOTO: Men look at an electronic board showing stock market information at a brokerage house in Beijing, China January 5, 2016. REUTERS/Kim Kyung-Hoon/File Photo SHANGHAI China is unlikely to see a repeat of the market turbulence similar to that of June 2013 as the risk of another liquidity crisis was currently low, the state-run Financial News newspaper said on Saturday. The newspaper, which is affiliated with the People''s Bank of China (PBOC), said it was not unusual for some banks to hike their deposit rates to adjust the rate of return on some financial products. "There''s nothing to fuss about," said the newspaper, adding that the central bank had improved its risk control mechanisms and urged that market players should adopt a rational approach to mid-year liquidity conditions. "There''s no need to exaggerate the liquidity risk, panic, feel helpless or create chaos," it said. June traditionally has tight liquidity. In late June of 2013, a cash crunch in China spooked global markets. Traders said this week there were few signs of liquidity stress after central bank injections, though market expectations for tightening cash conditions toward the end of June have driven interest rates for longer-term loans higher. (Reporting by Brenda Goh; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-markets-idUKKBN19108P'|'2017-06-10T15:24:00.000+03:00'|4181.0|''|-1.0|'' 4182|'6c5ed470b77cd5285380db39fbeef54d7e45b6c6'|'Homebase owner to create 1,000 jobs in Britain as it accelerates expansion'|' 6:58pm BST Homebase owner to create 1,000 jobs in Britain as it accelerates expansion LONDON The Australian owner of British home improvements retailer Homebase said on Thursday it would create about 1,000 new jobs in Britain by the end of this year as it accelerates its expansion drive. Bunnings, part of Australia''s biggest retail group Wesfarmers Ltd, completed its purchase of the Homebase chain from Home Retail last year. The firm is now planning to open 20 Bunnings stores in Britain by the end of the year, up from its previous expectation of 10 stores after the success of two pilot stores. "Our decision to extend the pilot programme reflects the positive reaction weve seen from customers to the stores weve opened so far," said PJ Davis, managing director at Bunnings in the UK and Ireland. Bunnings halted the planned closure of several Homebase stores a year ago, and is investing 500 million pounds to convert the entire Homebase estate to the Bunnings name and format in three years. The piloting of new stores comes at a time when British consumer confidence has plunged following the political crisis sparked by Prime Minister Theresa May''s election gamble that backfired. Two major surveys this week showed confidence among British consumers and retailers had fallen back to levels last seen in the wake of the shock 2016 Brexit vote which thrust Britain''s $2.5 trillion economy onto an uncertain path. (Reporting by Andrew MacAskill; Editing by Alistair Smout and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bunnings-employment-britain-idUKKBN19K2LA'|'2017-06-29T20:58:00.000+03:00'|4182.0|''|-1.0|'' 4183|'cba03ae8b04b064018f18d58cd247a61b138216a'|'Deutsche Bank outlines organisation of revamped investment bank'|' 18pm IST Deutsche Bank outlines organisation of revamped investment bank The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski/Files By Tom Sims - FRANKFURT FRANKFURT Deutsche Bank has outlined clearly differentiated roles for the co-heads of its revamped investment bank to make it more efficient and is also creating a new global markets division. In an email to employees on Wednesday, Deutsche Bank said it wanted to reduce bureaucracy and simplify the organisation, which would in turn lead to substantial cost savings this year. Marcus Schenck and Garth Ritchie, named this year to lead the reorganised corporate and investment bank, outlined in the email how they would split their duties. Germany''s largest lender has been trying to regain its footing after a series of scandals, lawsuits and bets that went wrong pushed it to the brink of collapse last year. The memo said Schenck would concentrate on clients, overseeing corporate finance, global capital markets, and the bank''s institutional client group. Ritchie will focus on products and processes, supervising equities, fixed income and currencies, global transaction banking, electronic trading, listed derivatives and clearing, research and the division''s technology and operations. The new global capital markets division announced in the memo will be jointly headed by Alexander von zur Muehlen in Frankfurt and Mark Fedorcik in New York. Schenck and Ritchie said the changes would take effect on July 1, when Schenck moves to the corporate and investment bank full time after serving as Deutsche''s chief financial officer. Bloomberg News first reported the details of the memo. Earlier this year, Deutsche Bank said it would combine its divisions for markets, corporate finance and global transaction banking into a single corporate and investment bank (CIB) as part of a broader restructuring of Germany''s biggest lender. In the memo, Schenck and Ritchie said the executive committee of the corporate and investment bank (CIB) had asked a special team "to reduce bureaucracy and complexity, which will achieve substantial cost savings in 2017." "Their success will directly affect CIB''s 2017 profitability and compensation programme," the email said. "We ask you to support them as they implement changes." Deutsche Bank transformed itself into a major player on Wall Street over the past two decades, but bets that backfired and a series of scandals resulted in a litigation bill of 15 billion euros ($16.8 billion) since 2009. While rivals spent the years since the 2008 collapse of Lehman Brothers cleaning up and finding new business models, Deutsche Bank did not restructure as quickly as others and was hit by a series of lawsuits over its conduct. The bank has settled its most painful litigation cases, including the alleged manipulation of interest rates and sham equities trading in Russia, which surfaced as late as 2015. At the end of last year it finally settled with the U.S. Department of Justice for misselling toxic mortgages, agreeing to pay $7.2 billion. ($1 = 0.8938 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/deutsche-bank-roles-idINKBN19610Q'|'2017-06-15T17:48:00.000+03:00'|4183.0|''|-1.0|'' -4184|'e7f19aa3fec4fb385eaac6994b61f4a5e68bffb6'|'BlackRock makes technology deal in cash management business'|'Business News - Tue Jun 27, 2017 - 4:21pm BST BlackRock makes technology deal in cash management business FILE PHOTO: The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid/File Photo By Trevor Hunnicutt BlackRock, the world''s biggest asset manager, on Tuesday said it would buy a software company that helps businesses invest their cash, marking its second investment in a technology firm this month. The investment giant with oversight of $5.4 trillion in assets will buy Denver-based Cachematrix Holdings LLC in a deal slated to close next quarter, according to a statement by both companies. Terms were not disclosed. Cachematrix builds a software tool that banks can provide to corporate treasurers managing the cash and short-term debt they hold. Investments can be made in money-market funds provided by BlackRock and rival money managers, such as Fidelity Investments, Goldman Sachs Group Inc and Charles Schwab Corp. Just last week, BlackRock said it would take a stake in Scalable Capital, a European digital investment manager. The deals come two months after BlackRock Chief Executive Officer Larry Fink told Reuters he was considering up to four small acquisitions to shore up the New York-based company''s technology and investment expertise. Fink has placed an unusual emphasis on technology for a company in his industry, including through the company''s Aladdin operating system for investment management, which it licenses to rivals. The latest deal gives BlackRock a new stable of bank clients and pushes Aladdin further into the business of advising companies on how to invest their cash. In a statement, BlackRock said it plans to combine some of Cachematrix''s features with Aladdin. On its website, Cachematrix lists Bank of America Corp, Morgan Stanley and HSBC among its clients and reports assisting with $200 billion of client assets. Banks trying to meet strict requirements intended to prevent another financial crisis have been looking to shed deposits that would require them to hold more capital. Businesses have been eager to find places to put cash as ultra-easy monetary policy has pushed yields on debt to historic lows. BlackRock in 2015 expanded its reach in the business of managing large institutions'' cash and short-term investments when it acquired the money-market fund business run by Bank of America. BlackRock''s cash business included nearly $400 billion in assets at the end of March. (Reporting by Trevor Hunnicutt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-blackrock-moneymarket-idUKKBN19I22T'|'2017-06-27T23:21:00.000+03:00'|4184.0|''|-1.0|'' +4184|'e7f19aa3fec4fb385eaac6994b61f4a5e68bffb6'|'BlackRock makes technology deal in cash management business'|'Business News - Tue Jun 27, 2017 - 4:21pm BST BlackRock makes technology deal in cash management business FILE PHOTO: The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid/File Photo By Trevor Hunnicutt BlackRock, the world''s biggest asset manager, on Tuesday said it would buy a software company that helps businesses invest their cash, marking its second investment in a technology firm this month. The investment giant with oversight of $5.4 trillion in assets will buy Denver-based Cachematrix Holdings LLC in a deal slated to close next quarter, according to a statement by both companies. Terms were not disclosed. Cachematrix builds a software tool that banks can provide to corporate treasurers managing the cash and short-term debt they hold. Investments can be made in money-market funds provided by BlackRock and rival money managers, such as Fidelity Investments, Goldman Sachs Group Inc and Charles Schwab Corp. Just last week, BlackRock said it would take a stake in Scalable Capital, a European digital investment manager. The deals come two months after BlackRock Chief Executive Officer Larry Fink told Reuters he was considering up to four small acquisitions to shore up the New York-based company''s technology and investment expertise. Fink has placed an unusual emphasis on technology for a company in his industry, including through the company''s Aladdin operating system for investment management, which it licenses to rivals. The latest deal gives BlackRock a new stable of bank clients and pushes Aladdin further into the business of advising companies on how to invest their cash. In a statement, BlackRock said it plans to combine some of Cachematrix''s features with Aladdin. On its website, Cachematrix lists Bank of America Corp, Morgan Stanley and HSBC among its clients and reports assisting with $200 billion of client assets. Banks trying to meet strict requirements intended to prevent another financial crisis have been looking to shed deposits that would require them to hold more capital. Businesses have been eager to find places to put cash as ultra-easy monetary policy has pushed yields on debt to historic lows. BlackRock in 2015 expanded its reach in the business of managing large institutions'' cash and short-term investments when it acquired the money-market fund business run by Bank of America. BlackRock''s cash business included nearly $400 billion in assets at the end of March. (Reporting by Trevor Hunnicutt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-blackrock-moneymarket-idUKKBN19I22T'|'2017-06-27T23:21:00.000+03:00'|4184.0|19.0|0.0|'' 4185|'81100964ceed3ac2983308af9cc6e814d0e4959b'|'Gunman in California UPS shooting targeted co-workers for slayings'|'By Steve Gorman - June 23 June 23 The UPS employee who shot three coworkers to death last week inside a United Parcel Service facility in San Francisco before killing himself appears to have singled out his victims deliberately, but a motive remains unknown, police said on Friday.Investigators have yet to examine the contents of computers, cell phones and a journal seized from the gunman''s home in their search for clues to the June 14 attack, San Francisco Police Commander Greg McEachern said at a news conference.McEachern also revealed the murder weapon was a MasterPiece Arms "assault-type pistol" that he said was "commonly known as a MAC-10," equipped with an extended 30-round magazine. He said such weapons are outlawed in California.That gun and a second, semiautomatic pistol recovered from the scene were both listed as stolen weapons - the MAC-10 from Utah and the other handgun in California, McEachern said.Police offered few new details about how the shooting itself unfolded.The gunman, Jimmy Lam, 38, was attending a morning briefing with fellow employees at the UPS package-sorting and delivery center in San Francisco when he pulled out a gun and "without warning or saying anything" opened fire on four co-workers, the police commander said.The first two victims, identified as Wayne Chan, 56, and Benson Louie, 50, were killed.In the ensuing pandemonium, Lam walked calmly outside the building, approached another co-worker, Michael Lefiti, 46, and shot him dead without uttering a word, then reentered the facility.Moments later, as police closed in, Lam put a gun to his head and pulled the trigger, McEachern said, adding that Lam fired about 20 rounds in all before the bloodshed ended. Police never fired a shot.While no motive has been established, McEachern said interviews of various witnesses have led investigators to believe that the three slayings were "purposeful and targeted," based on actions observed that day.He said surveillance video also showed that during the rampage, Lam appeared to pass by other co-workers "without there being any interactions," suggesting those he did shoot were intentionally singled out. It was less clear whether the two surviving gunshot victims were deliberately targeted, he said.News of the carnage in San Francisco was largely overshadowed that day by an unrelated shooting hours earlier in the Virginia suburbs of Washington that left a congressman and several others wounded before police killed the assailant. (Reporting by Steve Gorman in Los Angeles; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/california-ups-shooting-idINL1N1JL018'|'2017-06-23T23:51:00.000+03:00'|4185.0|1.0|0.0|'' 4186|'202d528429d6df0062d77bedc1b8912560ecb16e'|'CEE MARKETS-Zloty eases, central bank chief sees no rate hike until end-2018'|'* Zloty retreats and other CEE currencies are mixed * Investors hold breath before British vote and ECB meeting * Romania to scale back wage hikes; leu eases (Recasts with Polish central bank decision and comments) By Sandor Peto BUDAPEST, June 7 The zloty weakened against the euro on Wednesday as the Polish central bank kept interest rates on hold and its governor reiterated that he did not expect them to rise until the end of next year. Central European assets were generally rangebound ahead of key global events on Thursday. "The big events will be the British elections, the testimony of (former FBI Director James) Comey (about last year''s U.S. elections), and the ECB''s meeting," one Budapest-based fixed income trader said. The Polish bank kept its main interest rate unchanged at a record low 1.5 percent, as expected. Analysts in a Reuters poll put the likely date of a rate hike in the third quarter of 2018, after projecting the second quarter a month ago. But the bank''s governor Adam Glapinski reiterated that he personally expected that rates would not be raised until the end of 2018. He also said the bank was not concerned about the zloty''s recent gains. The zloty, after an initial rebound from two-week lows set on Tuesday, eased 0.1 percent against the euro, hovering at the 4.2 psychological line. It is still near the nine-month high of 4.1619 it hit last month. Glapinski said consumer confidence was the highest in Poland for 30 years, while inflation had stabilised and might even fall slightly. Elsewhere in the region, the forint eased 0.1 percent, after disappointing Hungarian and Czech industrial output figures. Output fell in April by 3 percent in annual terms in Hungary, although analysts had predicted a rise. A 2.5 percent Czech decline was more than forecast. Analysts said the output fall was at least partly caused by fewer working days due to the Easter holidays. The leu eased 0.1 percent to 4.5735, trading near last month''s four-year highs. Romania kept its first-quarter GDP growth estimate unchanged at a robust 5.7 percent. Finance Minister Viorel Stefan said on Tuesday Romania would scale back public sector wage hikes next year to ensure it meets budget targets. Markets remain cautious as the government still plans wage hikes and tax cuts that may boost the the budget deficit. CEE MARKETS SNAPSH AT 1705 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.310 26.332 +0.09 2.65% 0 5 % Hungary 308.18 308.00 -0.06% 0.21% forint 00 00 Polish zloty 4.1957 4.1926 -0.08% 4.96% Romanian leu 4.5735 4.5675 -0.13% -0.84% Croatian kuna 7.4045 7.4075 +0.04 2.03% % Serbian dinar 122.31 122.29 -0.02% 0.85% 00 00 Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1005.6 1005.9 -0.03% +9.12 2 6 % Budapest 35021. 34926. +0.27 +9.43 75 99 % % Warsaw 2308.6 2303.6 +0.22 +18.5 4 8 % 2% Bucharest 8686.6 8707.4 -0.24% +22.6 2 3 0% Ljubljana 793.09 798.33 -0.66% +10.5 2% Zagreb 1821.0 1827.9 -0.38% -8.71% 0 1 Belgrade 722.55 720.38 +0.30 +0.72 % % Sofia 681.10 675.82 +0.78 +16.1 % 4% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.071 0 +066b +0bps ps 5-year -0.13 0.044 +033b +4bps ps 10-year 0.789 0 +054b +1bps ps Poland 2-year 1.905 0.003 +264b +1bps ps 5-year 2.625 0.007 +308b +1bps ps 10-year 3.19 -0.018 +294b -1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1J44QF'|'2017-06-07T13:55:00.000+03:00'|4186.0|''|-1.0|'' 4187|'dbe30bbb85465935f3d7668f061ad217542a3a89'|'MOVES-Deutsches Stefanick switches to Evercore'|'Market News 24am EDT MOVES-Deutsches Stefanick switches to Evercore By Christopher Spink LONDON, June 30 (IFR) - Paul Stefanick, Deutsche Banks chairman of global corporate and investment banking, is leaving the German lender after eight years to become a senior managing director at expanding advisory specialist Evercore. Stefanick will primarily advise major multinational clients at Evercore and be a senior leader of the company, joining its management committee. Stefanick only took up his most recent role at Deutsche in September after Mark Fedorick, global head of debt capital markets, was made head of CIB in the Americas. In March Deutsche created a new CIB division, including markets, under CFO Marcus Schenck and Garth Ritchie. Former CIB head Jeff Urwin has also left but Deutsche has been active recruiting new M&A bankers in the Americas this year too. This week it hired Bill White as head of US life sciences from Citigroup. Before joining Deutsche in 2009, Stefanick was chairman of global M&A at Merrill Lynch, where he worked for 20 years advising industrials companies. (Reporting by Christopher Spink)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-deutsches-stefanick-switches-to-ev-idUSL8N1JR2F3'|'2017-06-30T13:24:00.000+03:00'|4187.0|''|-1.0|'' @@ -4228,7 +4228,7 @@ 4226|'84b01b7e8910225cc1ad4aef34b46ec442dbbe88'|'Metals recycler Befesa attracts private equity bids - sources'|'Market News - Tue Jun 20, 2017 - 10:07am EDT Metals recycler Befesa attracts private equity bids - sources By Arno Schuetze and Claire Ruckin - FRANKFURT/LONDON, June 20 FRANKFURT/LONDON, June 20 Metals recycler Befesa has attracted bids from several private equity groups as its owner mulls whether to list the company on the stock exchange or opt for an outright sale. CVC, Blackstone and Access Industries have put in non-binding offers for the company, which is owned by buyout group Triton, the people said. One of the people said that the offers value Befesa at about 1.3-1.4 billion euros ($1.45-1.56 billion) including debt. Triton''s sell side advisers Citi and Goldman Sachs are supplying a pre-arranged staple financing package of 1 billion euros or 5.75 times Befesa''s earnings before interest, tax, depreciation and amortization, the sources said. Other banks are working on financing packages of 6-6.5 times EBITDA of 150 million euros. Separately, Triton is weighing the possibility of an IPO and Befesa may send out an intention to float as early as next week if Triton deems that option more profitable, the sources said. Triton and the bidders declined to comment. Befesa - which is headquartered in Luxembourg and was listed until it was bought by Spain''s Abengoa in 2000 - specialises in recycling steel dust from the steel and galvanizing industry and salt slags from the aluminium industry. Abengoa sold the company to Triton in 2013 for 850 million in cash, or 1.1 billion euros including debt. ($1 = 0.8975 euros) (Additional reporting by Alexander Huebner Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/befesa-ipo-idUSL8N1JH3F8'|'2017-06-20T22:07:00.000+03:00'|4226.0|''|-1.0|'' 4227|'855baceeb034d46988019c9967353243a3ccc425'|'Your Country Is Flooding? Tough Luck'|'Twenty years ago, Senate members gathered to vote on Resolution 98, colloquially known as Byrd-Hagel. Its 700-odd words could be distilled into two ideas: The U.S. shouldnt sign any international climate agreement likely to harm its economy, and developing countries should receive no special treatment. Ninety-five senators voted in favor, none against.Byrd-Hagel is remembered mainly for keeping the U.S. out of the Kyoto Protocol, which President Bill Clinton signed the following year but never submitted to Congress for ratification. But it also codified a view that Donald Trump embraced from the Rose Garden on June 1, when he railed against not only the Paris Agreement but also the Green Climate Fund, a companion program to help poorer countries cope with global warming. To Trump, its a scam.Billions of dollars that ought to be invested right here in America will be sent to the very countries that have taken our factories and our jobs away from us, Trump said, not entirely accurately. Nobody even knows where the money is going, he said, even less accurately. He made clear the fund will get no U.S. money so long as hes president.In Tuvalu, $36 million will fund protection of the coastline after a 2015 cyclone displaced half the population.Photographer: Sokhin/UNICEF/Zuma Press The fund, created in 2010, is actually pretty straightforward. Rich countries pledged to provide an initial $10 billion for projects in poorer countries, half of which is to be spent cutting greenhouse gas emissions. The other half is to go toward protecting people against the consequences of those emissions, such as flooding, drought, and sea level rise. The funds board, which includes an American with veto power, has so far approved 43 projects. Among them is a $58 million effort to protect the capital of Samoa from worsening cyclones. Another project got $37 million to build dams and other protections in Pakistan against floods caused by melting glaciers. A third received $36 million for barriers around Tuvalu in the South Pacific.Academics who study climate agreements suggest Trumps objection to the fund reflects something more than its failure to meet his high standards for financial transparency. A better explanation may be the deep-seated American ambivalence about the notion that the U.S. owes something to poor countries afflicted by climate change. Stephen Macekura, a professor at Indiana University who focuses on U.S. foreign relations and the environment, says part of the problem is a failure to grasp the basic mechanics of global warming. It stems in part from a misunderstanding about what causes climate change, he says. While China may be the biggest emitter today, most of whats in the air came from the U.S.People who work in climate finance warn that Trumps rejection of the climate fund could encourage other rich nations to pull back. President Barack Obamas $3 billion pledge, of which only $1 billion has been transferred to the fund, pushed other countries to increase their own commitments, says Leonardo Martinez-Diaz, who oversaw the program for the U.S. Department of the Treasury. He says Trumps refusal to provide the remaining $2 billion will make it even harder to persuade other countries to honor their current pledges and give more later.Less money in the fund means fewer projects to cut emissions in poorer countries, says Brandon Wu, policy director at Washington-based nonprofit ActionAid USA, who sat on the funds board as an observer. And that puts the Paris Agreements stated goal of limiting global temperature increases to 2C out of reach. Theres no way we can expect that to happen without financial and technical support, he says.The most important business stories of the day. Get Bloomberg's daily newsletter. Sign Up The irony of U.S. antipathy to funding climate projects overseas is that withdrawing from those efforts hurts Americans. Matthew Kotchen, a Yale economics professor who represented the U.S. on the funds board under Obama, says that higher emissions overseas mean worse storms, floods, and wildfires at home. Just as important, natural disasters in poor countries, caused or amplified by climate change, lead to increased conflict and migration. Trump himself, and maybe many of his supporters, believe that focusing on just your own national interest is sufficient, Kotchen says. There isnt a recognition that we actually depend on other countries and other people for our security, stability, and prosperity.While that debate continues, the problems that the climate fund is meant to address get worse. A recent study found that the number of people exposed to storm surges has increased more than 20 percent since 2000, to 162 million. More than 1 billion people are exposed to floods, the vast majority of them in the developing world.Their governments will need to divide limited resources between protecting their residents and replacing coal-fired power plants. Macekura worries they will focus increasingly on the former, sending emissions ever higherespecially if rich countries reduce their assistance. The Obama administration acted as though the U.S. was turning over a new leaf, he says. Yet here we are again.The bottom line: Abandoning the Green Climate Fund could deter other nations from contributing, slowing emissions cuts and hurting the U.S.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-06-08/your-country-is-flooding-tough-luck'|'2017-06-09T02:37:00.000+03:00'|4227.0|''|-1.0|'' 4228|'16b9a380bd05bdf7205c040cce9e30d9109c4320'|'CEE MARKETS-Romanian leu holds steady ahead of new PM nomination'|'By Krisztina Than BUDAPEST, June 26 The Romanian leu held steady on Monday, unrattled by the ousting of Prime Minister Sorin Grindeanu last week, and stocks markets in the region opened higher, led by Polish banks. Poland''s index led gains, trading 1.2 percent higher at 0809 GMT. The country''s second-largest lender Bank Pekao SA jumped 3 percent, while mBank surged 2.4 percent. Traders said this was due to JP Morgan raising the target price for Pekao, and putting it to "overweight" from "underweight". The ruling party in Romania is expected to propose a new prime minister to President Klaus Iohannis, a centrist, on Monday to replace Grindeanu who was ousted last week in a no-confidence vote initiated by his own party. Once Iohannis endorses the candidate, a new government could be formed within days. The political uncertainty follows jitters over the government''s loose fiscal policies, but it was not expected to have a major impact on policy. "In our view, changing a prime minister will not entangle any major shifts in the current government policies except from the possibility of deviating further away from the anti-corruption path than under Grindeanu''s leadership," analysts at Nordea bank said in a note. "Regardless of who will be the new Romanian PM, the political and fiscal risks will remain in place with the government policies continuing to be quite hasty and sometimes unpredictable ... we are not too optimistic about the RON in the medium-term," they added. The leu was steady at around 4.57 to the euro but was still hovering around its weakest levels since 2012 of 4.599 hit last week. "A possibly fast implementation of a new government... and the resolving of the political uncertainty could in our view induce a quick return of EUR/RON into the 4.50-4.55 range," Raiffeisen analysts said. The Hungarian forint and the Polish zloty were both 0.1 percent firmer in early, slow trade. CEE MARKETS SNAPSH AT 0940 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown n/a 26.261 n/a n/a 5 Hungary 309.30 309.68 +0.12 -0.16% forint 00 50 % Polish zloty 4.2207 4.2255 +0.11 4.34% % Romanian leu 4.5710 4.5721 +0.02 -0.79% % Croatian 7.4120 7.4155 +0.05 1.93% kuna % Serbian 121.41 121.67 +0.21 1.60% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 969.08 980.68 -1.18% +5.15 % Budapest 35780. 35599. +0.51 +11.8 40 51 % 0% Warsaw 2334.8 2304.4 +1.32 +19.8 1 8 % 6% Bucharest 8270.2 8347.5 -0.93% +16.7 2 5 3% Ljubljana 795.27 792.22 +0.38 +10.8 % 3% Zagreb 1867.4 1864.5 +0.15 -6.39% 4 8 % Belgrade 0.00 705.79 +0.00 -100.0 % 0% Sofia 687.77 687.67 +0.01 +17.2 % 8% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.049 0 +068b +2bps ps 5-year -0.014 0.048 +036b +4bps ps 10-year 0.896 0 +064b +0bps ps Poland 2-year 1.937 -0.07 +256b -5bps ps 5-year 2.628 0.007 +300b +0bps ps 10-year 3.245 0 +299b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1JN1CG'|'2017-06-26T07:23:00.000+03:00'|4228.0|''|-1.0|'' -4229|'ac0dd303f891ffa36fad33e1c1c88eb9586ef144'|'European shares off to cautious start as ECB meets, UK votes'|'Top News - Thu Jun 8, 2017 - 8:34am BST European shares off to cautious start as ECB meets, UK votes Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 7, 2017. REUTERS/Staff/Remote MILAN European shares inched up on Thursday helped by stronger banks and a rebound in oil prices but caution dominated as Britons vote in a general election and the European Central Bank holds its policy meeting. The pan-European STOXX 600 index rose 0.2 percent with financials providing the biggest lift, while Britain''s FTSE was flat. One day after the well-received rescue of Spanish lender Banco Popular by Santander, banks remained in focus due to fresh newsflow about a potential rescue of troubled Italian lenders Popolare di Vicenza and Veneto Banca. The euro zone bank index added 0.6 percent. Italy''s two biggest banks Intesa Sanpaolo and UniCredit traded down 0.4 percent and flat respectively, while Santander was up 0.8 percent. Utilities also rose with RWE and E.ON adding to their rally in the previous session after a nuclear energy tax which penalised them was scrapped. French credit insurance company Euler Hermes rose 5 percent to a 2-year high following a report that Allianz is exploring a buyout of its smaller rival. (Reporting by Danilo Masoni, Editing by Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18Z0TK'|'2017-06-08T15:34:00.000+03:00'|4229.0|''|-1.0|'' +4229|'ac0dd303f891ffa36fad33e1c1c88eb9586ef144'|'European shares off to cautious start as ECB meets, UK votes'|'Top News - Thu Jun 8, 2017 - 8:34am BST European shares off to cautious start as ECB meets, UK votes Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 7, 2017. REUTERS/Staff/Remote MILAN European shares inched up on Thursday helped by stronger banks and a rebound in oil prices but caution dominated as Britons vote in a general election and the European Central Bank holds its policy meeting. The pan-European STOXX 600 index rose 0.2 percent with financials providing the biggest lift, while Britain''s FTSE was flat. One day after the well-received rescue of Spanish lender Banco Popular by Santander, banks remained in focus due to fresh newsflow about a potential rescue of troubled Italian lenders Popolare di Vicenza and Veneto Banca. The euro zone bank index added 0.6 percent. Italy''s two biggest banks Intesa Sanpaolo and UniCredit traded down 0.4 percent and flat respectively, while Santander was up 0.8 percent. Utilities also rose with RWE and E.ON adding to their rally in the previous session after a nuclear energy tax which penalised them was scrapped. French credit insurance company Euler Hermes rose 5 percent to a 2-year high following a report that Allianz is exploring a buyout of its smaller rival. (Reporting by Danilo Masoni, Editing by Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18Z0TK'|'2017-06-08T15:34:00.000+03:00'|4229.0|23.0|0.0|'' 4230|'7586dd1347e7293798a6dbccee447f650c680d85'|'France''s Engie to buy 40 percent stake in UAE''s Tabreed'|'By Stanley Carvalho - ABU DHABI ABU DHABI Engie SA has agreed to buy a 40 percent stake in Dubai''s National Central Cooling Company (Tabreed) and help drive the company''s expansion in emerging markets such as Turkey, India and Egypt.Engie is buying the stake for 2.8 billion dirhams ($762 million) from Abu Dhabi state investor Mubadala Investment Co, making it Tabreed''s second largest shareholder after Mubadala, which will retain 42 percent, the two companies said on Monday.Mubadala''s stake is held in a combination of equity and mandatory convertible bonds (MCBs). Under the deal, it will convert its MCBs into shares equivalent to a 40 percent stake that will be transferred to Engie at 2.62 dirhams per share.Shares in Tabreed, which provides cooling for buildings and other infrastructure, surged 15 percent to hit their daily limit of 2.12 dirhams at 10.48 a.m. (0748 GMT).Reuters reported in November that Mubadala was considering the sale of a least part of its Tabreed stake."Tabreed is a company with a strong growth trajectory and will benefit from Engie''s experience as an operator of world-class utility businesses," Homaid al Shimmari, deputy group chief executive of Mubadala, said in a statement, adding that Mubadala would remain a significant, long-standing shareholder.Tabreed will become one of Engie''s main regional development platforms and the French company is expected to lead rapid growth for Tabreed in new emerging markets such as India, Egypt and Turkey, the statement said.The two companies have also agreed certain cooperation arrangements designed to support Tabreed''s growth strategy and management team, they said.The deal is expected to close in the third quarter of 2017.Mubadala first invested in Tabreed in 2004 and by 2008 had put in 800 million dirhams. Then in 2009, Mubadala injected some 2.9 billion dirhams as part of Tabreed''s re-capitalisation.Mubadala spokesman Brian Lott said Tabreed had returned 1.9 billion to Mubadala since 2009 through buybacks, dividends and coupons, leaving an investment of about 1.8 billion dirhams."With this 2.8 billion dirhams deal with Engie, Mubadala effectively made a gain of 1 billion dirhams on its investment, he said.Mubadala, which recently merged with fellow state fund International Petroleum Investment Co, has stakes in companies including private equity firm Carlyle and Brazilian iron-ore port terminal Porto Sudeste.($1 = 3.6729 UAE dirham)(Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ntnl-centl-coolg-m-a-engie-idINKBN19A0WC'|'2017-06-19T16:23:00.000+03:00'|4230.0|''|-1.0|'' 4231|'79a025f719c0af218969d4a4e0ce77dfc5570d73'|'Madoff sons'' estates in $23 million settlement over Ponzi scheme'|'By Jonathan Stempel The trustee recouping money for Bernard Madoff''s victims has reached more than $23 million of settlements with the estates of the swindler''s late sons and related defendants, ending more than eight years of litigation.According to a Monday court filing, the settlement will strip the estates of Andrew and Mark Madoff of "all assets, cash, and other proceeds" of their father''s fraud, leaving them with a respective $2 million and $1.75 million.The estates also agreed to withdraw roughly $99.5 million of claims against the bankruptcy estate of the former Bernard L. Madoff Investment Securities LLC, the filing shows.Monday''s settlement resolves some the highest-profile cases remaining in trustee Irving Picard''s efforts to compensate former Madoff customers who he estimates lost $17.5 billion. He has recovered $11.6 billion, or about two-thirds of that sum.The settlement also resolves claims against Mark Madoff''s widow, Stephanie Mack, and some entities affiliated with the Madoff family.It also ends an investigation by the U.S. Attorney''s office in Manhattan, whose criminal probe resulted in a 150-year prison term for Bernard Madoff, a 10-year term for his brother Peter, and 13 other convictions and guilty pleas.Madoff''s sons were never criminally charged, and had maintained they knew nothing about their father''s fraud until he confessed to them shortly before his Dec. 11, 2008 arrest.But in a civil lawsuit, Picard said Madoff''s firm operated as a family piggy bank, and sought to recoup $153.3 million from the sons'' estates alone.Settlement talks began in 2015, and the accord is a "global and complete resolution of all claims" against the estates, lawyers for Picard said in Monday''s filing.Mark Madoff committed suicide in December 2010 at age 46. Andrew Madoff died of cancer in September 2014 at age 48. Their father is 79.Lawyers for Picard could not immediately be reached for comment. Martin Flumenbaum, a lawyer for the Madoff sons'' estates, did not immediately respond to requests for comment. Alan Levine, a lawyer for Mack, declined to comment.The office of Acting U.S. Attorney Joon Kim in Manhattan had no immediate comment.A separate $4 billion fund overseen by former U.S. Securities and Exchange Commission Chairman Richard Breeden expects this year to begin payouts to Madoff victims, including third parties.The case is Picard v Madoff et al, U.S. Bankruptcy Court, Southern District of New York, No. 09-ap-01503. The main case is Securities Investor Protection Corp v. Bernard L. Madoff Investment Securities LLC in the same court, No. 08-01789.(Reporting by Jonathan Stempel in New York; Editing by Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-madoff-settlement-idINKBN19H2HJ'|'2017-06-26T18:34:00.000+03:00'|4231.0|''|-1.0|'' 4232|'74140ffe04003dc300d2fa571247a8c80f91cc20'|'Amazons big, fresh deal with Whole Foods'|'JEFF BEZOS does not like sitting still. In his annual letter to Amazons shareholders this year, he warned of stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death. Competitors are toiling to avoid the same fate but it is hard to keep up. On June 16th Amazon said it would pay $13.7bn for Whole Foods, an upscale grocer known for its organic produce. Lest be accused of sloth, four days later Amazon announced a new service to let shoppers try clothes at home, for no fee, then return those they dont like.The news that Amazon would make clothes shopping even easier is a blow to Americas apparel chains, many of which are already in the middle of that excruciating decline. Yet it was the Whole Foods deal, more than ten times bigger than any acquisition Amazon has made so far, that caused the bigger stir. 7 The deals precise impact is hard to gauge. Buying Whole Foods hardly gives Amazon a stranglehold on food and drink: the combined companies will account for just 1.4% of Americas grocery market, according to GlobalData, a research firm. The people who shop at the chain are not the mass market. They are unusually wealthy and well-educated (see chart). Mr Bezos has made no big announcements about changes at Whole Foodsdrone-delivered spelt grain is unlikely to become a reality soon. Instead he simply praised its work and said we want that to continue.Nevertheless, the news prompted the shares of a large group of rival grocery firms, including Walmart and Kroger, to sink quickly. As with so much about Amazon, the Whole Foods deal is important not for what it represents now but how it might transform Amazon and up-end rivalsmost notably, Walmartin future.Up to now, grocery has been a tough nut for Amazon to crack. A growing share of office supplies and clothes are bought online, yet last year e-commerce accounted for just 2% of American spending on food and drinks. Amazon Fresh, a ten-year-old grocery-delivery service, is still in only 20-odd cities. Prime Now, a two-hour delivery service introduced in 2014, is in 31.That is because grocerys margins are low and its goods devilishly hard to deliver. Peaches bruise. Meat rots. Many consumers like to buy food in person: unlike choosing a battery or book, selecting a ripe tomato requires inspecting it or trusting someone who has.Amazon has tried to solve these problemsusing machine learning, for example, to distinguish ripe strawberries from mouldy ones. But the Whole Foods deal is the start of something new. To date Amazon has run only a handful of stores; Whole Foods will give it more than 450. Amazon knows a lot about customer behaviour online; now it will be able to marry that to data about habits in physical stores. Paul Beswick of Oliver Wyman, a consultancy, notes that Whole Foods will provide a well-established supply chain, a boon to Amazon Fresh, as well as a roster of store-brand goods, which might now be sold online.It is all a huge headache for Walmart. The beast of Bentonville remains the worlds largest store and Americas biggest grocer, with revenues of $486bn compared with Amazons $136bn. It too is trying to avoid stasis. It paid $3bn last year to acquire Jet.com, a challenger to Amazon, and has invested in technology to help customers order groceries online and have them ready to pick up from its stores. Walmart is experimenting with other services: some staff deliver groceries on their way home.Walmart is testing, reading and reacting, notes Oliver Chen of Cowen, a financial-services firm. Thats a new Walmart. On the same day that Amazon said it would buy Whole Foods, Walmart announced the purchase of a menswear brand called Bonobos for $310m, which began online and now has three dozen stores. The deal, among other things, gives Walmart new staff to help the company transform itself further.Yet Amazon is playing a different, more complex game. It is enmeshing itself in its customers lives: each new service, from streaming video to its Alexa virtual assistant, makes it more integral to a persons day. That gives it new data and revenue that help it improve services and offer additional ones. Shoppers buy groceries often. If Amazon can become part of Americans ritual of buying milk and eggs, the firm will understand its customers even better. Shoppers will have fewer reasons to go elsewhere.And Amazon is likely to integrate Whole Foods in ways that are not yet obvious. Finding ways to get more value out of its investments has been key to Amazons growth. The companys warehouses, built for its own goods, are now used by independent sellers. The same is true of its cloud-computing power, which supports not just Amazons own business but legions of other firms. Amazon may use its infrastructure for Prime Now to deliver Whole Foods groceries. In future it may develop new services for Whole Foods that are in turn deployed in new ways, suggests Ben Thompson, a tech blogger. It could, for example, supply restaurants.For Walmart, and many other rivals, the best scenario would be if regulators were to slow Amazons expansion. The company accounts for about half of new spending online in America. It has reached into many parts of the economy, from retail to cloud computing and from entertainment to advertising. Yet intervention is improbable. The Whole Foods deal gives Amazon less than one-fiftieth of the grocery market. Walmart, were it to make Whole Foods a higher offer, by contrast, would be very likely to attract regulators wrath. In such circumstances, Walmart could be forgiven a severe attack of sour grapes. "Whole hog"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21723868-buying-upscale-grocer-new-front-battle-beast-bentonville-amazons?fsrc=rss'|'2017-06-24T08:00:00.000+03:00'|4232.0|''|-1.0|'' @@ -4301,7 +4301,7 @@ 4299|'1ceda6279aff0172dcdd751c913b35f6099fcbd3'|'L''Oreal set to sell The Body Shop to Brazil''s Natura in $1.1 billion deal'|'By Sudip Kar-Gupta - PARIS PARIS French cosmetics and luxury goods group L''Oreal has started exclusive talks to sell its The Body Shop business to Brazilian make-up company Natura Cosmeticos in a possible 1 billion euros ($1.1 billion) deal.L''Oreal said earlier this year it was reviewing its strategy for The Body Shop, which it bought for 652 million pounds in 2006, and that the sale of the business had attracted a wide range of bidders.L''Oreal said on Friday it had received a firm offer from Natura Cosmeticos, and that the proposed deal put an enterprise value of 1 billion euros on the four decades old beauty brand, a pioneer in mass marketing of cosmetics made without animal testing and with natural ingredients.L''Oreal shares were up 1.4 percent in early session trading, outperforming a 1 percent gain on France''s benchmark CAC-40 index and a 0.4 percent rise on the STOXX Europe 600 Personal & Household Goods index.Keren Finance fund manager Gregory Moore said the price tag had pleased L''Oreal investors, given earlier reports it could be sold for around 800 million euros."The stock has reacted well to the news, because there were some people who thought it could be sold for less," said Moore, whose firm owns L''Oreal shares in its portfolio.Founded in 1976 by British entrepreneur Anita Roddick, the company pioneered ethical beauty but has since fallen victim to increased competition from newcomers also offering similar products based on natural ingredients with no animal-testing."Natura will support The Body Shop development in the long-term and enable The Body Shop to best serve its customers while respecting its strong commitments towards its employees, franchisees and stakeholders," said L''Oreal chairman and chief executive Jean-Paul Agon in a statement.Natura chief executive Joao Paulo Ferreira said that for his part, The Body Shop would fit in well with Natura''s similar businesses, such as its "Aesop" brand.L''Oreal shares are up around 10 percent so far in 2017, broadly in line with a similar rise on the CAC-40, with the stock having touched a record high earlier this month.($1 = 0.8930 euros)(Reporting by Sudip Kar-Gupta; Editing by Matthias Blamont and Andrew Callus)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/loreal-bodyshop-idINKBN1900W1'|'2017-06-09T05:56:00.000+03:00'|4299.0|''|-1.0|'' 4300|'052b7d9e73bac698d06eb52836b10976076673ef'|'Analysis: Yuan bears throw in the towel, say it isn''t worth fighting China''s PBOC'|'Business News - Tue Jun 20, 2017 - 1:45pm IST Yuan bears throw in the towel, say it isn''t worth fighting China''s PBOC FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo By Vidya Ranganathan - SINGAPORE SINGAPORE A slew of Western investors and traders who placed bets in the past two years that Chinas yuan currency would drop because of a weaker Chinese economy, the threat of a debt crisis, and capital outflows, abandoned those positions in recent months. They have decided that at least in the short term - they may well be on a loser if they try to fight the Peoples Bank of China, the nations central bank, which has been taking a series of measures that appear aimed at keeping the currency stable. This is particularly the case ahead of an autumn congress of the ruling Communist Party of China, that is expected to allow Chinese leader Xi Jinping to consolidate his power. Also, the Chinese economy has been more robust than expected, the nations authorities have taken stiff measures to reduce capital outflows, and the U.S. dollar has been retreating from gains it made last year. Major global fund managers such as Goldman Sachs Asset Management, Old Mutual Global Investors, Standard Life Investments and Aviva Investors -- have taken off short yuan positions even as many of them see some weakness further down the road. The PBOC has made some moves to defend the yuan, which is also known as the renminbi. It has pushed up the cost of short-selling the currency and even changing the way it sets a daily mid-point used as a benchmark. "They are not happy with a really weaker renminbi," said Mark Nash, the London-based head of global bonds at Old Mutual Global Investors. "People obviously dont want to fight the central bank. Nash, whose firm manages $44.7 billion globally, said he had been short the yuan at the turn of 2017 but took that position off early in the year. But he said he believes the strength in the yuan is reflective more of "an exercise in financial regulation" rather than an improvement in China''s economic outlook and hopes to go short again soon. Standard Life Investments'' Hong Kong-based emerging markets fixed income fund manager, Mark Baker, said he gave up his short yuan position in the first quarter of 2017, after seeing the success China was having with capital controls and some improvement in economic data. "There is a desire to rein in expectations that the currency is merely a one-way bet, he said. The PBOC did not respond to a Reuters request for comments for this article. The yuan CNY=CFXS has risen 2 percent against the dollar so far this year. In the latest policy tweak, the PBOC has included a "counter-cyclical factor" in its method for fixing the daily mid-point around which the currency is allowed to trade. The adjustment to the fixing method in May was the second this year and came after a string of capital control moves, all aimed at stopping domestic Chinese investors from moving cash abroad. That has put a floor under a currency which fell 6.5 percent in 2016 and 4.5 percent in 2015. Concern about the decline led the central bank to spend a billion dollars over 2-1/2-years to defend the yuan. Short yuan positions are expensive. It costs about 5 percent annually to own and short the yuan directly based on short-term borrowing costs, though there are a myriad ways in which an investor or trader can structure a short bet. Some investors interviewed for this article said they mainly use offshore forward currency contracts - settled for cash at a particular date - which makes the trade somewhat cheaper.INTENTIONS UNCLEAR Beijing is also keen on keeping the yuan strong so that U.S. President Donald Trump isnt given any reason to take tough trade measures against China. During the election campaign, Trump had accused Beijing of manipulating its currency to make Chinese exports more competitive, hurting U.S. companies. The stronger yuan also helps to dissuade Chinese companies and citizens from moving money offshore. Jonathan Xiong, head of the fixed income alternatives group at Goldman Sachs Asset Management, said he closed out his short yuan positions at the beginning of the year as Chinas growth prospects improved. Stuart Ritson, head of Asian rates and FX at Aviva Investors, with about $453 billion under management, removed his short position around the end of the first quarter, and is now positive on the yuan owing to the PBOC''s preference for a stronger currency, reduced capital outflows and because the yuan offers one of the best yields relative to volatility among emerging market currencies. Ritson hasnt taken a bullish bet as yet. Not everyone has left the trade. Kyle Bass, the founder of Dallas-based hedge fund Hayman Capital Management, has kept his short position because he says he believes the nations credit bubble problems are metastasizing. Bass, has long argued that the Chinese yuan is set to fall 30 percent against the U.S. dollar. The numbers are telling me that we are right. The numbers are getting so bad so quickly, he said. But even those who see the currency weakening have pulled back their forecasts. Deutsche Bank''s chief China economist, Zhiwei Zhang, sees the yuan ending the year at 7.1 per dollar, rather than the 7.4 he was forecasting at the beginning of the year. There should be some weakness, he says, because economic growth is likely to slow, capital controls could become less effective over time and the dollar may not continue depreciating, At the other end of the spectrum are fund managers such as Jan Dehn, London-based head of research at asset manager Ashmore Group, who says he believes the market shouldn''t be blind-sided by conspiracy theories. "The recent stabilization of the yuan has perfectly sound foundations and can be explained without having to resort to some suspect or obscure schemes on the part of Chinese policy makers," said Dehn. (Additional reporting by Jennifer Ablan in NEW YORK and Kevin Yao in BEIJING; Editing by Martin Howell)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-china-yuan-funds-analysis-idINKBN19B0UB'|'2017-06-20T16:15:00.000+03:00'|4300.0|''|-1.0|'' 4301|'722fdfaeebb8b2ab365b10c9c6150aac8d2af3fe'|'Sunrun says audit committee reviewing claims in WSJ article'|'Sunrun Inc''s ( RUN.O ) board of directors is investigating a Wall Street Journal report last month that said former employees manipulated sales data around the time of the U.S. solar installer''s 2015 initial public offering.In a brief statement posted on its website, Sunrun said its executive team had asked the board''s audit committee to review the Journal''s article. The statement is dated June 1."Sunrun''s executive team is committed to transparency and looks forward to taking any and all appropriate actions in response to the Audit Committee''s eventual findings," the statement said.Sunrun officials could not immediately be reached for comment.Last month, the Wall Street Journal reported that former managers at Sunrun said they were told by their superiors to delay reporting hundreds of customer cancellations during several months in the middle of 2015. Sunrun went public in August 2015.In a statement on May 22, the date the article was published, Sunrun Chief Executive Officer Lynn Jurich said an internal review had offered no evidence that sales employees had changed cancellation dates in the company''s system as was reported.Sunrun shares were down a penny at $5.12 Friday on the Nasdaq.(Reporting by Nichola Groom; Editing by Jonathan Oatis and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sunrun-probe-idINKBN18T2R1'|'2017-06-02T16:59:00.000+03:00'|4301.0|''|-1.0|'' -4302|'d422dcf97d90e4f00a8a594ec4b067812dd2b210'|'Russekoff''s hedge fund Smith Cove hires ex-Perry exec Gulati'|'Money 22pm EDT Russekoff''s hedge fund Smith Cove hires ex-Perry exec Gulati BOSTON Hedge fund manager David Russekoff has hired Chetan Gulati, a former colleague from Perry Capital, to beef up the investment team at his newly formed firm Smith Cove Capital. Gulati will work in London, a spokesman for Smith Cove confirmed on Tuesday. Russekoff and Gulati will reunite at Smith Cove after having worked together at Perry for eight years. Russekoff, who had been Perry''s chief investment officer, left the firm in 2015 and Gulati, who specialized in buying distressed structured securities, stayed through 2016 when Perry announced plans to shut down. Russekoff already hired former colleague Bob Carroll as his head trader. Roger Schmitz, who used to work at Monarch Alternative Capital, and Victor Consoli, who previously worked with Perella Weinberg Partners, round out the investment team. Smith Cove began trading with less than $100 million in partner capital in March and likely will begin trying to raise outside capital later in the year. The firm owned Rice Energy Inc. whose share price surged on Monday amid news that it would be acquired by EQT Corp.. (Reporting by Svea Herbst-Bayliss; Editing by Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hedgefund-smithcove-idUSKBN19B304'|'2017-06-21T04:21:00.000+03:00'|4302.0|''|-1.0|'' +4302|'d422dcf97d90e4f00a8a594ec4b067812dd2b210'|'Russekoff''s hedge fund Smith Cove hires ex-Perry exec Gulati'|'Money 22pm EDT Russekoff''s hedge fund Smith Cove hires ex-Perry exec Gulati BOSTON Hedge fund manager David Russekoff has hired Chetan Gulati, a former colleague from Perry Capital, to beef up the investment team at his newly formed firm Smith Cove Capital. Gulati will work in London, a spokesman for Smith Cove confirmed on Tuesday. Russekoff and Gulati will reunite at Smith Cove after having worked together at Perry for eight years. Russekoff, who had been Perry''s chief investment officer, left the firm in 2015 and Gulati, who specialized in buying distressed structured securities, stayed through 2016 when Perry announced plans to shut down. Russekoff already hired former colleague Bob Carroll as his head trader. Roger Schmitz, who used to work at Monarch Alternative Capital, and Victor Consoli, who previously worked with Perella Weinberg Partners, round out the investment team. Smith Cove began trading with less than $100 million in partner capital in March and likely will begin trying to raise outside capital later in the year. The firm owned Rice Energy Inc. whose share price surged on Monday amid news that it would be acquired by EQT Corp.. (Reporting by Svea Herbst-Bayliss; Editing by Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hedgefund-smithcove-idUSKBN19B304'|'2017-06-21T04:21:00.000+03:00'|4302.0|23.0|0.0|'' 4303|'fe0c996cfa34a99e024d648ceece5c838ccdf1ce'|'London startup Blockchain raises $40 million in fresh funding'|'Deals - Fri Jun 23, 2017 - 1:05am BST London startup Blockchain raises $40 million in fresh funding A bitcoin ATM prints out a receipt for a user at the ''Vape Lab'' cafe where it is possible to both use and purchase the bitcoin currency, in London March 24, 2015. REUTERS/Peter Nicholls By Heather Somerville - SAN FRANCISCO SAN FRANCISCO London-based startup Blockchain has raised $40 million (31.5 million pounds) in a fresh round of funding as the software company rides a wave of enthusiasm for digital currency technology. The financing round, the largest for a financial technology company since Britain''s vote last year to leave the European Union, was led by the venture capital arm of Alphabet Inc ( GOOGL.O ) and Lakestar, Blockchain said on Thursday. Nokota Management and Digital Currency Group also participated in the financing round, which boosted Blockchain''s total funding to more than $70 million Tom Hulme, general partner at Alphabet''s venture firm GV, said the firm invested because "the pace of innovation in the digital currency space is unmatched." Founded in 2011, Blockchain makes software that allows consumers and businesses to make transactions using digital currencies such as bitcoin. The firm is named after the internet platform that records and validates transactions between two parties without relying on an intermediary such as a bank. Co-founder and Chief Executive Peter Smith said that, as of March, the company was completing the equivalent of $2.5 billion in transactions on a monthly basis through its consumer virtual wallet product. "Anybody with a reasonable ability to use a smartphone can use it," Smith said. "My grandmother uses our product today." The growing acceptance and adoption of digital financial products has helped startups like Blockchain attract investor attention. Last week, American International Group Inc ( AIG.N ) announced a blockchain-based insurance product. Bank of America, Citigroup, Goldman Sachs, Wells Fargo and other banks have invested in blockchain startups, and many will roll out commercial blockchain products this year. In the first quarter, blockchain startups raised a total of $141 million from investors, a 57 percent increase over the fourth quarter but an 18 percent drop from the first quarter of 2016, according to data provider CB Insights. Some skeptics say blockchain will never be adopted broadly or pose a threat to traditional banks, while others point to the volatility of bitcoin, the digital currency based on the technology. While far from mainstream, digital currency has enjoyed growing popularity that Smith attributes to the instability of traditional currencies in places such as Brazil, and political uncertainty in Britain and the United States. The day after Donald Trump was elected U.S. president, Smith said, Blockchain had the second-highest number of new users sign up in a single day. "In you''re in an environment of rapidly deteriorating geopolitical stability," Smith said, "you are open to new ideas and new products." (1 British pound = $1.2686) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-blockchain-funding-idUKKBN19D2OQ'|'2017-06-23T04:49:00.000+03:00'|4303.0|''|-1.0|'' 4304|'37abc25a943d00a8e1ea3d539864563dd9b1bf95'|'AIRSHOW-Boeing upbeat on mid-market jet, sees composite fuselage'|'Market 9:58am EDT AIRSHOW-Boeing upbeat on mid-market jet, sees composite fuselage (Adds details, background) By Tim Hepher PARIS, June 20 Boeing''s head of airplane developments said on Tuesday he was "very optimistic" that the world''s largest planemaker would close the business for a new mid-market jet designed to open up new routes from the middle of the next decade. Mike Delaney, general manager of airplane developments at Boeing Commercial Airplanes, said the final decision would be for Boeing''s top leadership but that design, production and cost characteristics were all pointing in the right direction. Speaking to Reuters, Delaney confirmed for the first time publicly that the proposed new aircraft would have a composite fuselage, a key decision likely to boost suppliers such as Boeing''s sole composites contractor Toray of Japan. In a separate briefing at the Paris Airshow, Delaney said the jet would make "extensive use" of composites and confirmed it would have a "hybrid" cross-section, apparently referring to the need for a large cabin and slimmed-down cargo space. Delaney''s keenly awaited annual briefing at the world''s largest air show gave fresh clues on how the U.S. planemaker''s newest airplane might be designed. The idea is to carve out a new market between medium-haul single-aisle planes like the 737 and Airbus A320 family and the smallest long-haul jets like the A330 and Boeing 787. Boeing faces a difficult puzzle as it tries to square conflicting airline demands for a wide twin-aisle cabin with the low operating costs of the 737 category. Delaney said airlines consulted by Boeing had stressed that what counts most is being able to carry the right number of passengers for the routes for which the jet is designed. Based on Boeing market forecasts that is likely to be 220 to 270. They are less worried about carrying cargo. That is the opposite of what airlines had said when Boeing was developing larger planes like the 787 and 777, Delaney said. In those cases, engineers had designed the fuselage around the cargo containers and then adjusted the rest of the fuselage and therefore the seating capacity around that. DESIGN CLUES Delaney''s statements give important clues about what is expected to be an unconventional fuselage for the mid-market plane, which in turn may determine whether Boeing can square that circle of wide cabins and low operating cost. Industry sources have said the fuselage will have a somewhat elliptical shape when seen from the front because the bottom of the plane will be flattened to get rid of unnecessary cargo space. Usually a pressurised fuselage is round to avoid stress points. Building the fuselage out of tough lightweight composites allows less conventional shapes. In turn, stripping away unnecessary space reduces drag and makes the plane cheaper to fly. Delaney declined to talk in detail about the design except to say the fuselage would have a "hybrid" cross-section. "It is a geometry that supports twin-aisle comfort and single-aisle economics," he said. Another Boeing executive recently said it had considered options from "mild to wild" for the new jet. The new jet is expected to enter service in 2025, if Boeing decides to go ahead and develop it. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-boeing-jet-idUSL8N1JH3J0'|'2017-06-20T21:58:00.000+03:00'|4304.0|''|-1.0|'' 4305|'ed4d6f6f3ce6dc8960c8973f886b68580e506263'|'From decks to moats: the complete guide to modern office jargon - Guardian Small Business Network - The Guardian'|'Wednesday 21 June 2017 15.00 BST Last modified on Wednesday 21 June 2017 15.02 BST If you want to add value to your tell-mode paradigm in the competitive modern workplace, you need to keep up to date with the latest business jargon. Such language is widely acknowledged to make workers feel unhappy and stressed, and cause everyone to feel as though they spend their days in a nightmare of corporate newspeak, where anything that isnt completely meaningless must mean exactly the opposite of what it appears to say. The problem is that while everyone knows this, everyone is also well aware that they dont want to be the one person who is ridiculed for speaking normal English. Game theory as well as common sense dictates that being the lone voice of reason is no good to anyone. So if you cant beat them, join them, with this selection of the hippest, most bleeding-edge horror words out there. Deck People are increasingly annoying one another by asking for the deck when it comes to a particular Powerpoint presentation, as though they are card sharks in a New Orleans saloon. Cant you just say file or slides? But of course it makes no sense to use the word slides for the individual images in a slideshow: thats an obsolete tech metaphor from the days of overhead projectors. These things like the floppy disk icon that means save will presumably live on until no one can remember what they originally meant. Moat We have Game of Thrones to thank for the fact that business jargon is adopting language reminiscent of fantasy medieval warfare. According to Bloomberg, moat is the mot du jour in Silicon Valley presentations and earnings calls. But rather than a literal body of water around a castle it is used to describe products or services that protect a company from incursions by competitors. The term was popularised a decade ago by the Sage of Omaha, Warren Buffett, but over the past year it seems that if youre not busy building a moat, youre digging your own grave. O n all fours Are you on all fours with that? Should we get down on all fours and look at it from the clients point of view? Either this is supposed to be smirkingly pornographic, or implies that the client is extremely small. In any case, getting down on all fours was already advertising jargon in 1950s New York. How long it will take for us to re-evolve back to a bipedal attitude is anyones guess. S egment (verb) Overheard by a correspondent on a bus: Weve got to segment that down. How disgusting. And yet, like many apparently modern abuses of language, the transitive use of segment as a verb to divide into segments dates back to 19th-century biological science, becoming popular in computer programming in the 1970s, which is probably where the business use came from. There are also inspirational examples from other disciplines. One anthropologist asked in 1962: How do we segment the stream of speech into category-designating units? An excellent question to start any meeting. S wim lanes Business jargon likes to make itself sound fun by borrowing terms from more exciting pursuits. Sport is a fertile category, what with the awful ubiquity of close of play, deep dive and so forth. There are also swim lanes, as though everyone in the office is doing the Australian crawl in an Olympic pool. The mundane truth is that a swim lane is a column or row in a flowchart, with each lane devoted to one unit or process within the business. You can also make reference to Rummler-Brache diagrams or, simply, multi-column charts (which is what, in fact, they are), but that doesnt quite evoke the cheering crowd and overpowering stench of chlorine. S olve (noun) According to my informant, at least one person on the planet has actually said: Lets action that solve, which is a shattering two-for-one. The verb action to mean do or fulfil is now unavoidable, since it sounds so enjoyably active (and probably proactive), that people throughout the land are finding themselves screaming: Action! at their co-workers as though they are despotic film directors. Meanwhile, to use solve as a noun meaning solution seems like a weird novelty for the sake of sounding monosyllabically technical until you realise that Shakespeare uses it in sonnet 69, so its probably fine after all. S weep the sheds Oddly, sweeping the sheds has become a popular buzzphrase for a kind of humble attention to detail. It derives from sport rather than gardening, being popularised by a 2013 business book offering success lessons from the New Zealand rugby team apparently the All Blacks use brooms to sweep out their own locker room. Where sheds come into it is anyones guess. Do you know anyone who actually sweeps their shed? Isnt the whole point of a shed that you dont have to sweep it? S nackable I regret to observe that snackable content is a thing in marketing, meaning an attempt to draw people in with bite-sized nuggets of text or video or whatever so as to bolster brand visibility. This has inevitably led to a whole constellation of eating metaphors: how to make your readers hungry for snackable content; how to give them a satisfying and speedy feed, and so on ad nauseam. C hange agent The received wisdom in both business and self-help is that change is always good, which of course is rubbish. Change is often extremely bad. Yet you cannot be a modern, thrusting executive unless you are a change agent, daringly leading whatever change it happens to be. Otherwise you are an enemy of change. T ransformative These days, of course, a change is all the better if it is transformative. A change that was not transformative, however, would just be fiddling about, because a transformation is a change in form or a thorough metamorphosis. (Confusingly, however, a reform is usually just a minor improvement.) In general speech, something transformative is a particularly dramatic or delightful change: She went on a fungus-and-kale diet and within weeks she was transformed. So transformative is just a fancier way of saying big and nice. Nice, big change. Just remember that it is also a transformative change when a company goes bust or its directors are imprisoned. K aizen Alternatively, you can accomplish transformative change through gradual improvements, or so says mystical wisdom from the east. If saying: Lets try consistently to make things better, doesnt sound sufficiently impressive, just drop the word kaizen instead. Introduced to an awestruck western readership by Masaaki Imai in his 1986 book Kaizen: The Key to Japans Competitive Success, the word is now incontinently applied to methods of personal self-help as well as business processes, even though the Japanese word itself just means any change for the better with no necessary implication of continuous improvement over time. But it does have the inestimable advantage of making the anglophone user feel like a cross between a Zen master and a samurai, although bringing swords into the office is still largely discouraged. R unway How long is your runway? No, this is not some weird sex code but a normal business question, particularly in the tech industry, where as Bloomberg reports, execs used it 2,348 times in analyst calls, presentations and filings over the last decade. In this sense, your runway is simply how long your company can last before running out of money. Its therefore rather an odd metaphor, because it seems as though at the end of this particular runway every aircraft will just crash into a fence and explode into flames, rather than taking off into the wide blue yonder. This is obviously not a desirable feature of real-life civilian or military aviation, although it is an accurate description of the life-cycle of most Silicon Valley startups. I nflection point An inflection point is a moment after which things will change, no doubt in a transformative way. So says Investopedia: An event that results in a significant change in the progress of a company, industry, sector, economy or geopolitical situation. Excitingly, this phrase derives from differential calculus, where the inflection point is a point at which a curve changes from concave to convex or vice versa. Its corporate use jettisons such technical detail and, in the usual way of terminological inflation, can now be applied to pretty much anything. I feel that last cup of coffee was really an inflection point for my ability to add value today. P ivot Pivoting is an excellent euphemism for failing. Its what you do when your business model proves to be a crock: just pivot to another one, and maybe another one after that, until something sticks. Its borrowed from the military term of pivoting to swing around and come at the enemy from a different angle, although many celebrated business pivots look more like jumping ship entirely. Groupon, explains the FT, famously pivoted from their original aim to organise social advocacy campaigns and turned into the shopping giant we all know and cant unsubscribe from. This provides an exciting new jargon opportunity for creative politicians. If accused of a U-turn by an excited media, a minister should just say that, after due consideration, they have simply pivoted to an even better idea. ITL Much of the senior executives work is spent dreaming up new euphemisms for the sadly necessary business of firing people. After downsizing was considered too much of a downer, we got rightsizing, then demising, as though sacking people was actually killing them. But the best new circumlocution for getting rid of people is the innocuous-seeming initialism ITL, which stands for: Invited to leave. There is, of course, no possibility of declining such an invitation, although if there is severance involved at least therell be an ITL package, and so forth. You have to love the chutzpah of invited, as though one were being offered the chance to go to a really good party, which, lets face it, definitely isnt happening in the office.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/jun/21/from-decks-to-moats-the-complete-guide-to-modern-office-jargon'|'2017-06-21T03:00:00.000+03:00'|4305.0|''|-1.0|'' @@ -4309,13 +4309,13 @@ 4307|'d4a42ed97a2b78968c0200704374afe4f2397c99'|'Watchdog sets July 3 deadline for EU securities licences'|'Business News - Mon Jun 19, 2017 - 11:36am BST Watchdog sets July 3 deadline for EU securities licences The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren LONDON Financial firms in Britain must submit applications by July 3 for licences for sweeping new European Union securities rules that will come into effect from 2018, the Financial Conduct Authority said on Monday. Although Britain is due to leave the EU in 2019, British regulators have said that firms must still implement the new rules, known as MiFID II, on time. Without full compliance, it would be much harder for Britain to obtain a trading deal with Brussels on continued access to EU financial markets after Brexit. The new rules aim to increase transparency requirements in stock, bond and commodities markets, applying lessons from the 2008 financial crisis "Firms who need to change their regulatory permissions as a result of MiFID II should submit a complete application for authorisation or a variation of permission now, to ensure that we can we determine it before MiFID II takes effect," the FCA said in a statement. "To be sure that we can determine an application in time for 3 January 2018, it needs to be complete by 3 July 2017." There is no guarantee that late applications will be processed in time, the FCA said. The MiFID rule allow financial firms such as banks and trading companies to serve customers across the EU from a base in Britain. The FCA said that firms operating without MiFID II licences by January next year would face sanctions. (Reporting by Huw Jones. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-regulations-idUKKBN19A19A'|'2017-06-19T18:36:00.000+03:00'|4307.0|''|-1.0|'' 4308|'26af043b5fc33be76b12e28c9e2d1f38cb2af989'|'Safran shareholders approve plan to buy Zodiac Aerospace'|'PARIS, June 15 Shareholders in Safran on Thursday backed resolutions that will free the French aero engine maker to pursue an agreed takeover of parts maker Zodiac .The planned merger would create the world''s third-largest aerospace supplier after U.S companies United Technologies and General Electric.Thursday''s Safran shareholder vote was a key demand of UK hedge fund TCI, which had waged an intense campaign to block the deal, or at least reshape it.In May, Zodiac accepted a 15 percent cut in Safran''s $9 billion offer after Zodiac profit warnings.Safran''s original $9 billion offer was weakened by conflicting movements in share prices and a deteriorating industrial performance at Zodiac, though on Wednesday Zodiac eased concerns by reiterating financial targets.Shareholders in Safran had been asked to vote in favour of two mechanisms that will enable the company to issue new preference shares that would then be convertible in ordinary shares after three years.Safran says it is confident of resolving Zodiac''s industrial problems after visiting its plants, including a British factory blamed for the latest profit downgrade in April.Safran is offering 25 euros per Zodiac share in cash, down from 29.47 euros previously, or an alternative of preferred shares up to a total of 31.4 percent of the $7.7 billion deal.Zodiac Aerospace shares closed up 0.9 percent at 23.92 euros. Safran eased 0.2 percent to 77.86 euros. (Reporting by Cyril Altmeyer; Writing by Matthias Blamont. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/zodiac-ma-safran-idINL8N1JC4QP'|'2017-06-15T14:49:00.000+03:00'|4308.0|''|-1.0|'' 4309|'5dac3a0f834ad5163b82188a82b412c3e6f99eb2'|'BNP Paribas fined 10 million euros over weaknesses in anti-money laundering controls'|'Business News 22pm BST BNP Paribas fined over weaknesses in anti-money laundering controls The logo of the French bank BNP Paribas is seen in Paris, France, February 6, 2017. REUTERS/Jacky Naegelen PARIS French bank watchdog ACPR said it had fined BNP Paribas ( BNPP.PA ) 10 million euros (8.75 million pounds) for inadequate anti-money laundering controls. The penalty followed a 2015 inspection of the bank which revealed a number of shortcomings in its provisions for preventing money laundering and financing of terrorism, ACPR said in a statement. French authorities have been leading a crackdown in these areas after a series of Islamist attacks in recent years. BNP declined to comment on whether it would contest the decision or pay the fine. The bank has two months to appeal against the decision. The ACPR said that at the time the bank did not have enough staff dedicated to spotting and notifying suspicious transactions and inefficient tools for detecting unusual customer transactions. The watchdog said that the fine takes into account the seriousness of the shortcomings and importance of BNP - given its size - in passing on information to the French finance ministry Tracfin unit, which focuses on preventing money laundering and terrorism financing. In 2014, U.S. authorities fined BNP almost $9 billion over accusations that it violated U.S. sanctions against Sudan, Cuba and Iran. (Reporting by Leigh Thomas, Maya Nikolaeva and Geert De Clercq. Editing by Jane Merriman and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bnp-paribas-moneylaundering-idUKKBN18T2JE'|'2017-06-03T01:13:00.000+03:00'|4309.0|''|-1.0|'' -4310|'b66ea2617a714224f7b482afc5decc54bdd0acf7'|'EU nations, Parliament still divided on carbon market reform'|'Business News - Wed Jun 28, 2017 - 12:40pm BST EU nations, Parliament still divided on carbon market reform BRUSSELS European Union nations and the European Parliament remain divided on how to reform the EU carbon market and whether it should mention aviation and shipping, EU sources said on Wednesday. Negotiations to finalise a legal text on reforms to the EU Emissions Trading System (ETS) post-2020, agreed in outline by the European Parliament in February, have dragged on for weeks. The ETS, a cap-and-trade system to regulate industry pollution and help the 28-nation bloc meet its climate goals, has suffered from an excess supply of permits to pollute, adding political urgency to efforts to pass reforms. The next round of talks will take place on July 10, with the Estonian presidency of the EU saying it will push hard for progress on the complex file during its six-month chairmanship. "We will get out of the blocks quickly," a spokeswoman for the Estonian presidency said. "We will work hard to reach a fair and balanced compromise." In talks this week - the first held with British deputy Julie Girling, who took over as parliament''s lead negotiator from fellow conservative Ian Duncan - the sides sought to lay out where the sticking points lay in finding common ground. The two EU institutions agreed on doubling the rate at which the scheme''s Market Stability Reserve (MSR) soaks up excess allowances, as a short-term measure to strengthen prices, the sources said. They broadly shared concerns about protecting industry from undue burden from climate legislation, including the reduction of free allocations if a cap on overall allocations known as the cross-sectoral correction factor (CSCF) is triggered, they added. But they disagree on what share of carbon credits should go to auction versus being freely dolled out to industry, how to compensate industry from indirect emission costs under the system and earmarking funds for climate friendly innovation, the sources said. Girling, who also oversaw parliament''s review of draft legislation on a cap-and-trade system for aviation, held firm on mentioning aviation and shipping sectors - included in the chamber''s draft text out of frustration with a lack of international progress on regulating their emissions. However, EU sources said these provisions would likely be traded away during ongoing talks with EU member states. The ETS is the EU''s flagship policy to meet its goal of cutting greenhouse gas emissions from 11,000 industrial plants and power stations by 43 percent by 2030 when compared with levels in 2005. (Reporting by Alissa de Carbonnel; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-carbontrading-idUKKBN19J1DY'|'2017-06-28T14:40:00.000+03:00'|4310.0|''|-1.0|'' +4310|'b66ea2617a714224f7b482afc5decc54bdd0acf7'|'EU nations, Parliament still divided on carbon market reform'|'Business News - Wed Jun 28, 2017 - 12:40pm BST EU nations, Parliament still divided on carbon market reform BRUSSELS European Union nations and the European Parliament remain divided on how to reform the EU carbon market and whether it should mention aviation and shipping, EU sources said on Wednesday. Negotiations to finalise a legal text on reforms to the EU Emissions Trading System (ETS) post-2020, agreed in outline by the European Parliament in February, have dragged on for weeks. The ETS, a cap-and-trade system to regulate industry pollution and help the 28-nation bloc meet its climate goals, has suffered from an excess supply of permits to pollute, adding political urgency to efforts to pass reforms. The next round of talks will take place on July 10, with the Estonian presidency of the EU saying it will push hard for progress on the complex file during its six-month chairmanship. "We will get out of the blocks quickly," a spokeswoman for the Estonian presidency said. "We will work hard to reach a fair and balanced compromise." In talks this week - the first held with British deputy Julie Girling, who took over as parliament''s lead negotiator from fellow conservative Ian Duncan - the sides sought to lay out where the sticking points lay in finding common ground. The two EU institutions agreed on doubling the rate at which the scheme''s Market Stability Reserve (MSR) soaks up excess allowances, as a short-term measure to strengthen prices, the sources said. They broadly shared concerns about protecting industry from undue burden from climate legislation, including the reduction of free allocations if a cap on overall allocations known as the cross-sectoral correction factor (CSCF) is triggered, they added. But they disagree on what share of carbon credits should go to auction versus being freely dolled out to industry, how to compensate industry from indirect emission costs under the system and earmarking funds for climate friendly innovation, the sources said. Girling, who also oversaw parliament''s review of draft legislation on a cap-and-trade system for aviation, held firm on mentioning aviation and shipping sectors - included in the chamber''s draft text out of frustration with a lack of international progress on regulating their emissions. However, EU sources said these provisions would likely be traded away during ongoing talks with EU member states. The ETS is the EU''s flagship policy to meet its goal of cutting greenhouse gas emissions from 11,000 industrial plants and power stations by 43 percent by 2030 when compared with levels in 2005. (Reporting by Alissa de Carbonnel; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-carbontrading-idUKKBN19J1DY'|'2017-06-28T14:40:00.000+03:00'|4310.0|28.0|0.0|'' 4311|'7cc476d35df10f63657ef32374933d776595bc0c'|'China May exports rise 8.7 percent, imports up 14.8 percent, beat forecasts'|'Business News - Thu Jun 8, 2017 - 6:49am BST China May imports, exports unexpectedly speed up but seen fading Piles of steel pipes to be exported are seen in front of cranes at a port in Lianyungang, Jiangsu province March 7, 2015. REUTERS/Stringer BEIJING China reported stronger-than-anticipated exports and imports for May despite falling commodity prices, suggesting the economy is holding up better than expected despite rising lending rates and a cooling property market. Concerns over China landed squarely back on global investors'' radar after Moody''s Investors Service downgraded its credit rating last month, saying it expects the country''s financial strength will erode in coming years as growth slows and debt continues to rise. China''s imports have been strong in recent months, driven largely by iron ore and other commodities used to feed a year-long construction boom, while exports have rebounded from several years of contraction thanks to improving global demand. While the strength of the May import data surprised economists, and suggested domestic demand remains solid, analysts still expect the world''s second-largest economy to lose momentum gradually over the course of the year due to policy tightening. Government measures to cool heated home prices are expected to dampen property investment eventually and a crackdown on riskier types of lending is pushing up financing costs. "The current strength of imports is unlikely to be sustained if, as we expect, slower credit growth feeds through into weaker economic activity in the coming quarters," Capital Economics'' Julian Evans-Pritchard wrote in a note. "Export growth is also likely to edge down but should fare better than imports given the relatively upbeat outlook for China''s main trading partners." Growth in both exports and imports accelerated from April, defying expectations of a slowdown. Exports rose 8.7 percent from a year earlier, while imports expanded 14.8 percent, official data showed on Thursday. That left the country with a trade surplus of $40.81 billion (31.5 billion pounds) for the month, the General Administration of Customs said. Analysts polled by Reuters had expected May shipments from the world''s largest exporter to have risen 7.0 percent, easing from 8.0 percent growth in April. Imports had been expected to have climbed 8.5 percent, pulling back from 11.9 percent in April. That was expected to produce a trade surplus of $46.32 billion, widening from April''s $38.05 billion. Sources at two steel mills told Reuters they expect output to remain high as profit margins and demand are still strong, even though construction activity in China tends to ease in summer due to intense heat and rain in parts of the county. "We think it''s quite obvious demand outperformed our expectations because of relatively strong housing and infrastructure sectors," Richard Lu, an analyst at commodities consulting firm CRU, said ahead of the data. "But there are some downside risks in the second half of the year. Housing sales have declined so underlying (steel) demand may ease," he said. The key unknown is whether China would continue to boost infrastructure spending for the rest of the year. Much of the building boom has been fuelled by government spending on road and rail projects and a frenzied housing market, even as authorities try to contain mounting risks from years of debt-fuelled stimulus. COMMODITY IMPORTS LEAD THE WAY Analysts had expected import growth to cool largely due to a slump in prices of iron ore and steel in recent weeks on worries about growing inventories and a seasonal slowdown in demand. Iron ore prices are near eight-month lows. But China''s imports of crude oil, copper, iron ore and soybeans all rose in May from a month earlier on a volume basis, suggesting producers remain optimistic about the outlook. "The copper imports rebound in May is more than market expectations, especially in the off season for copper, (suggesting) markets had overestimated the slowdown in China''s economic growth and sluggish domestic demand," said Helen Lau, an analyst at Argonaut Securities in Hong Kong. EXPORTS ALSO UNDER A CLOUD? Exports benefited from solid demand from Europe and the United States, though trade has been under a cloud since Donald Trump was elected president in November vowing to shrink the large U.S. trade deficit with China. The world''s two biggest economies have started 100 days of trade talks, which was agreed by Trump and Chinese President Xi Jinping when they met in Florida in April in an effort to reduce the massive U.S trade gap. In a sign of progress, the two countries agreed in May to take action by mid-July to increase access for U.S. financial firms and expanding trade in beef and chicken among other steps. China does not deliberately pursue a trade surplus with the United States, vice commerce minister Yu Jianhua said recently. China''s trade surplus with the U.S. was $22.0 billion in May, the highest since November and up from $21.34 billion in April, according to data from China''s customs bureau. Exports to the United States rose 11.7 percent in May from a year earlier while imports from the U.S. rose 27.1 percent. (Reporting by Sue-Lin Wong and the Beijing Monitoring Desk; Additional reporting by Lusha Zhang and Muyu Xu in BEIJING and Manolo Serapio in MANILA; Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-trade-idUKKBN18Z0C1'|'2017-06-08T11:49:00.000+03:00'|4311.0|''|-1.0|'' 4312|'7eaa52661e5ad4ac42f944f3f3326418a857ae91'|'US STOCKS SNAPSHOT-S&P, Dow open slightly higher as banks get Fed boost'|'Market News 32am EDT US STOCKS SNAPSHOT-S&P, Dow open slightly higher as banks get Fed boost June 29 The S&P 500 and the Dow Jones Industrial Average opened slightly higher on Thursday as bank stocks gained after the Federal Reserve cleared them in the second part of its annual stress test while a drag in tech stocks weighed on the Nasdaq. The Dow Jones Industrial Average rose 16.51 points, or 0.08 percent, to 21,471.12. The S&P 500 gained 1.17 points, or 0.04 percent, to 2,441.86. The Nasdaq Composite dropped 20.70 points, or 0.33 percent, to 6,213.71. (Reporting by Tanya Agrawal; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1JQ4L9'|'2017-06-29T16:32:00.000+03:00'|4312.0|''|-1.0|'' 4313|'0b38995b57cb3e3657842c84eb7336496c539e4d'|'Facebook in talks to produce original TV-quality shows - WSJ'|'Business 4:56pm BST Facebook in talks to produce original TV-quality shows - WSJ Facebook Inc is in talks with Hollywood studios about producing scripted, TV-quality shows, with an aim of launching original programming by late summer, the Wall Street Journal reported on Sunday. The social networking giant has indicated that it was willing to commit to production budgets as high as $3 million per episode, in meetings with Hollywood talent agencies, the Journal reported, citing people familiar with the matter. Facebook is hoping to target audiences from ages 13 to 34, with a focus on the 17 to 30 range. The company has already lined up "Strangers", a relationship drama, and a game show, "Last State Standing", the report said. "We''re focused on episodic shows and helping all our partners understand what works across different verticals and topics," said Nick Grudin, Facebook''s vice president for media partnerships. The company is expected to release episodes in a traditional manner, instead of dropping an entire season in one go like Netflix Inc and Amazon.com Inc, WSJ reported. The company is also willing to share its viewership data with Hollywood, the report said. Apple Inc hired co-presidents of Sony Pictures Television, Jamie Erlicht and Zack Van Amburg, earlier this month, to lead its video-programming efforts. Apple began its long-awaited move into original television series last week, with a reality show called "Planet of the Apps", an unscripted show about developers trying to interest celebrity mentors with a 60-second pitch on an escalator. The company''s future programming plans include an adaptation of comedian James Corden''s "Carpool Karaoke" segment from his CBS Corp show that will begin airing in August. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Amrutha Gayathri) Facebook logo is seen on a wall at Paris'' Station F in Paris, France, January 17, 2017. REUTERS/Philippe Wojazer'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-facebook-television-idUKKBN19H0IS'|'2017-06-26T14:13:00.000+03:00'|4313.0|''|-1.0|'' 4314|'ced0d9487ca74006a7e0b16e95c3e2561984d4f7'|'MIDEAST STOCKS-Qatar, Gulf may stabilise but Qatari banking sector still a risk'|'Market News - Wed Jun 7, 2017 - 1:45am EDT MIDEAST STOCKS-Qatar, Gulf may stabilise but Qatari banking sector still a risk DUBAI, June 7 Qatar''s stock market may stabilise on Wednesday after two days of steep declines as some investors buy shares in companies with attractive valuations, but uncertainty over pressure on Qatar''s banking sector could limit any rebound. Qatar''s stock index has now plummeted 8.7 percent to 9,059 points, its lowest close since January 2016, since Monday when Saudi Arabia, the United Arab Emirates and Bahrain cut diplomatic and transport ties, accusing Doha of backing terrorism. "From a vaulation perspective, there is now a good buying opporunity in some companies," one regional brokerage firm told its clients. Since the start of the crisis, non-Qatari Gulf shareholders - who often make up between 5 and 10 percent of the market''s turnover - and foreigners have have been exiting positions faster than usual, according to Qatar bourse data. Qatar''s huge financial reserves mean it can probably avoid a crippling crisis, but many parts of its economy, from tourism to merchandise trade and banks which obtain funding from elsewhere in the Gulf, may be hit. The Saudi Arabian, UAE and Bahraini central banks have not yet clarified how they want commercial banks in their countries to handle business ties with Qatar, which involve substantial cross-border lending, deposits and syndicated loans. If the commercial banks are advised to get rid of their Qatari assets in a short timeframe, or if authorities act against Qatari banking assets in their jurisdictions, that could provoke retaliation by Doha and turmoil in the Gulf banking and money markets. In the meantime, fund managers said that Qatari government- related entities may step in to support the market. Many Qatari companies - especially banks including Qatar National Bank and Doha Bank - are consituents of several emerging market benchmarks, so many foreign investors cannot ignore them. Overall, it still boils down for investors (abroad) that it is still an oil story with oil at $45-50, most of the countries will be able to muddle through, and I think another collapse below $40 would raise risks more," said Win Thin, global head of emerging market currency strategy at Brown Brothers Harriman in London. Other stock markets in the Gulf may trade sideways on Wednesday as Brent oil prices have flattened out near $50 a barrel and MSCI''s broadest index of Asia-Pacific shares outside Japan has crept up 0.1 percent. Some buying of Saudi stocks, in anticipation of a decision by MSCI on June 20 to begin reviewing Riyadh for possible inclusion in its emerging market index, may continue. (Reporting by Celine Aswad; Additional reporting by Karin Strohecker; Editing by Andrew Torchia) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1J40FX'|'2017-06-07T13:45:00.000+03:00'|4314.0|''|-1.0|'' 4315|'14a17d1c036cc654366abdb9ab5d1baee07333d8'|'PRESS DIGEST- British Business - June 21'|'June 21 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* Pallinghurst Resources, a private equity group run by Brian Gilbertson, the former boss of BHP Billiton, said that it now had effective control of 61 percent of Gemfields stock, scuppering a rival offer by Fosun International. bit.ly/2syhyr3* Aston Martin has ordered a global recall of 1,658 of its Vantage model after problems with a routine software update led to cars in China stalling and losing power at high speed. bit.ly/2syhS9hThe Guardian* The Serious Fraud Office charged former Barclays Chief Executive John Varley and three former colleagues Roger Jenkins, Tom Kalaris and Richard Boath with offences after a five-year investigation into the events surrounding the 11.8 billion pounds emergency fundraising conducted by the bank in 2008. bit.ly/2syuaOI* A Brexit deal that puts jobs and prosperity first is the only way the UK will be able to deliver the strong growth that will enable it finally to escape from the long years of austerity, said British Finance Minister Philip Hammond. bit.ly/2syrEIiThe Telegraph* Bombardier has landed its biggest ever contract for its Aventra trains, with an order for 750 engines and carriages from the new operators of Britain''s South Western network. bit.ly/2syeUSb* Uber has agreed to allow its drivers to collect tips through its smartphone app and has reduced the cancellation windows for customers, in an effort to improve its troubled relationship with its drivers. bit.ly/2syq9dkSky News* Karen Bradley, the secretary of state for culture, media and sport, is expected to give her verdict on Twenty-First Century Fox''s 18.5 billion pounds takeover of Sky plc the owner of Sky News, by Thursday next week. bit.ly/2sy4TEd* Bank of England Governor Mark Carney has outlined his opposition to a rise in interest rates as pressure for an increase builds at the Bank of England. bit.ly/2syjJdXThe Independent* Speaking at an industry event in London on Tuesday, Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders, cautioned that Brexit could lead to "permanent damage" and "death by a thousand cuts" in investment that could lead to a surge in the price of new cars from Europe by as much as 1,500 pounds. ind.pn/2syua1c* The Confederation of British Industry on Tuesday bumped up its forecast for economic growth in Britain, reflecting strong momentum towards the end of last year rather than any fundamental change to its view. ind.pn/2syshlk (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL8N1JH6NZ'|'2017-06-21T07:31:00.000+03:00'|4315.0|''|-1.0|'' -4316|'382a1c012af0964b89b5ddbaff4493c1c9ed1998'|'Action against Home Capital given class status for settlement purposes'|'Market 33pm EDT Action against Home Capital given class status for settlement purposes June 28 Home Capital Group Inc said on Wednesday that the Ontario Superior Court has certified as a class action an action against the company and certain former officers for settlement purposes only. The class consists of all parties who acquired common shares of Home Capital from Nov. 5, 2014, through July 10, 2015, Home Capital said. The settlement is part of a global settlement to resolve the action and related enforcement proceeding by the Ontario Securities Commission (OSC), the company said in a statement. Earlier in the month, Home Capital, Canada''s biggest non-bank lender, agreed on a settlement with the OSC and accepted responsibility for misleading investors about problems with its mortgage underwriting procedures. The company said the settlement is subject to final approval by the court and by the OSC of the settlement of the regulatory proceeding. The hearing to approve the OSC settlement is scheduled for Aug. 9, and a hearing to approve the class action settlement is scheduled for Aug. 21, the company said. (Reporting by Arunima Banerjee in Bengaluru; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/home-capital-lenders-settlement-idUSL1N1JP27Z'|'2017-06-29T02:33:00.000+03:00'|4316.0|''|-1.0|'' +4316|'382a1c012af0964b89b5ddbaff4493c1c9ed1998'|'Action against Home Capital given class status for settlement purposes'|'Market 33pm EDT Action against Home Capital given class status for settlement purposes June 28 Home Capital Group Inc said on Wednesday that the Ontario Superior Court has certified as a class action an action against the company and certain former officers for settlement purposes only. The class consists of all parties who acquired common shares of Home Capital from Nov. 5, 2014, through July 10, 2015, Home Capital said. The settlement is part of a global settlement to resolve the action and related enforcement proceeding by the Ontario Securities Commission (OSC), the company said in a statement. Earlier in the month, Home Capital, Canada''s biggest non-bank lender, agreed on a settlement with the OSC and accepted responsibility for misleading investors about problems with its mortgage underwriting procedures. The company said the settlement is subject to final approval by the court and by the OSC of the settlement of the regulatory proceeding. The hearing to approve the OSC settlement is scheduled for Aug. 9, and a hearing to approve the class action settlement is scheduled for Aug. 21, the company said. (Reporting by Arunima Banerjee in Bengaluru; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/home-capital-lenders-settlement-idUSL1N1JP27Z'|'2017-06-29T02:33:00.000+03:00'|4316.0|23.0|0.0|'' 4317|'6ad29c0b346d05956e19b6ab98f8a47b861a2c89'|'Air Canada plane makes emergency landing at Seattle airport'|'U.S. - Thu Jun 8, 2017 - 1:38pm EDT Air Canada plane makes emergency landing at Seattle airport By Tom James - SEATTLE SEATTLE An Air Canada jet made an emergency landing at Seattle-Tacoma International Airport on Thursday and passengers were safely evacuated, according to an airport spokesman. The crew aboard the Bombardier Inc Dash 8 plane reported seeing light smoke inside the cabin on the plane''s scheduled flight to Seattle from Calgary, and declared an emergency before landing at the airport, according to airport spokesman Perry Cooper. All passengers were evacuated by the airport''s fire department as a precaution, Cooper said, and no injuries were reported. Airport crews were notified of the emergency about 15 minutes before landing, Cooper said. He added that the cause of the smoke is under investigation. He declined to say how many passengers were evacuated. The Dash 8 is a short- and medium-range turboprop plane which can carry between 37 and 86 people, depending on the model, according to Bombardier''s website. (Reporting by Tom James; Editing by Patrick Enright and Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-air-canada-landing-idUSKBN18Z2H6'|'2017-06-09T01:35:00.000+03:00'|4317.0|''|-1.0|'' 4318|'50117b69a1ee5e85725eeee626a0ab41e8a65267'|'UPDATE 1-Investors look toward further Argentina reforms after MSCI snub'|'BUENOS AIRES/NEW YORK The surprise decision by benchmark investment index provider MSCI to not promote Argentina to its emerging markets stock index could delay much-needed investment in the country, showing that President Mauricio Macri''s reform agenda is still far from complete, investors said on Wednesday.Many funds use the MSCI benchmark stock and bond markets indices as guides for allocating investments into emerging markets.Argentina''s benchmark Merval stock index .MERV rose nearly 25 percent in 2017 as traders bet on the inclusion of the country''s stocks in the benchmark index, a move which could have triggered close to $2 billion in additional capital inflows.The decision was also a blow to Argentine companies hoping for more liquidity in their equities market to raise funds."The real damage that the MSCI''s decision may cause is the delay of IPOs and investments," said Fausto Spotorno, economist at Buenos Aires consultancy Orlando Ferreres.The Merval index slumped 4.8 percent on Wednesday, its steepest drop this year, while the Argentine peso currency ARS=RASL fell as much as 2.0 percent to a record low 16.48 per U.S. dollar.President Macri declared Argentina open for business after a decade of interventionist rule scared away foreign investors but progress has been uneven since he took office 18 months ago.MSCI''s decision underlined how Macri has struggled to lure private investments crucial to boosting a sluggish economy and to pass market-friendly legislation which has stalled in the opposition-controlled congress.Key among those bills is a capital markets reform which the administration proposed last year and which would undo measures allowing the market regulator wide leeway to intervene in company affairs.The legislation would also allow licensed wealth managers to invest Argentine citizens'' funds in overseas assets, as well as lowering some taxes."The local market is still hard to access," said Asha Mehta, senior portfolio manager at Acadian Asset Management in Boston. "It''s costly. I consider the capital gains tax environment in Argentina to be prohibitive."''IRREVERSIBLE''?Argentine Finance Minister Luis Caputo has said Congress could approve the reform this year, and local media have reported that the CNV securities regulator is mulling a decree that would accomplish some of the reform''s aims. A spokeswomen for the CNV said she had no information about a possible decree.Shortly after taking office in December 2015, Macri got rid of the most glaring distortions put in place by his populist predecessor Cristina Fernandez, including capital controls and foreign exchange restrictions. The capital controls were cited by MSCI in 2009 as the reason for downgrading Argentina to "frontier" market status in the first place.A surprise $2.75 billion sale of 100-year bonds on Monday, which was more than three times oversubscribed, reflected improving investor confidence in Macri, but foreign direct investment has been slower to come, with many eyeing midterm elections in October and a presidential vote in 2019 for signs of the longevity of Macri''s reforms.Similarly, MSCI said it needed more signs that the changes were "irreversible" to reincorporate the country''s shares into its emerging markets index .MSCIEF, which guides major developing country stock allocations worldwide by investment funds.Still, investors said the MSCI decision did not change fundamental optimism about Argentina, where the economy is expected to grow around 3.0 percent this year after falling 2.3 percent in 2016, and inflation is seen at half last year''s 40 percent.Data published on Wednesday afternoon showed the Argentine economy grew 0.3 percent in the first quarter of 2017 versus the same period the prior year, snapping three straight quarters of year-on-year declines."It probably makes us a bit more negative in the very short term, but in the long term what we''re focused on is the direction of the reforms," said Leigh Innes, lead portfolio specialist for frontier markets strategy at T Rowe Price.(Additional reporting by Trevor Hunnicutt and Caroline Valetkevich in New York, Bruno Federowski in Sao Paulo, Jorge Otaola in Buenos Aires and Michelle Price in Hong Kong; Writing by Luc Cohen; Editing by Christian Plumb)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-msci-indexes-argentina-idUSKBN19C2ZL'|'2017-06-22T05:33:00.000+03:00'|4318.0|''|-1.0|'' 4319|'78d1fc339de006cc1aecce51f82199f3f9085696'|'Oil to keep flowing in Dakota line while legal battle continues'|'WASHINGTON Oil will continue to flow through the Dakota Access Pipeline through the summer while authorities conduct additional review of the environmental impact, after a judge on Wednesday ordered more hearings in coming months.Last week, U.S. District Court Judge James Boasberg in Washington ruled in favor of Standing Rock Sioux and Cheyenne River Sioux tribes, who said more environmental analysis of the Dakota Access line should have been carried out. The tribes had said the 1,170-mile (1,880 km) line violates their hunting, fishing and environmental rights.On Wednesday, Boasberg set out a schedule of hearings that will decide what will happen to the line while additional review is completed.A lawyer for the U.S. Army Corps of Engineers, which is responsible for environmental review, would not estimate when asked by Boasberg how long additional review would take. The judge could still order the line to be shut at a later date following a series of hearings scheduled through the summer."Our view has been that the pipeline should be shut down," said Jan Hasselmann, attorney for the tribes.Energy Transfer Partners LP ( ETP.N ) built the $3.8 billion pipeline to move crude from the Northern Plains to the Midwest and then on to the Gulf of Mexico. The line runs from western North Dakota into Patoka, Illinois, where it hooks up with another line to refiners in the Gulf of Mexico.ETP said on Wednesday it was "pleased with the judge''s decision" for pipeline operations to continue while the process "unfolds."The Native American tribes have been protesting the line''s construction for more than a year. The line finally went into service in June.(Reporting by Pete Schroeder in Washington; Editing by David Gaffen and Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-north-dakota-pipeline-idUSKBN19C2ZO'|'2017-06-22T05:34:00.000+03:00'|4319.0|''|-1.0|'' @@ -4368,7 +4368,7 @@ 4366|'5a004e03f612c7118eeb99363a6358b7aace19f9'|'UPDATE 1-Brazil Senate committee shuns labor reform draft, markets drop'|'Company News 41pm EDT UPDATE 1-Brazil Senate committee shuns labor reform draft, markets drop (Recasts, adds lawmaker comments and context) BRASILIA, June 20 A Brazilian Senate committee on Tuesday rejected a preliminary draft text on President Michel Temer''s plan to revamp labor laws, in an unexpected blow to his administration that does not kill the proposal but shows weakening support for his reform agenda. The proposal, rejected in the social affairs committee by 10 to 9 votes, now moves to the constitutional and justice committee before its heads to the floor for a full vote, said Ricardo Ferraco, the senator drafting the bill. Ferraco has said he expected the bill to be approved by late June. The surprise setback comes as Temer fights off allegations that he took millions of dollars in bribes from the world''s largest meatpacking company JBS SA. Brazil''s benchmark Bovespa stock index accelerated losses on the news, shedding 1.77 percent at 1:29 p.m. l (1629 GMT). The country''s currency, the real, weakened to a one-month low of 3.33 reais to the dollar. (Reporting by Maria Carolina Marcello; Writing by Alonso Soto; Editing by W Simon)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-politics-idUSL1N1JH12V'|'2017-06-21T00:41:00.000+03:00'|4366.0|''|-1.0|'' 4367|'c16e4bfa68c77c6489ebcf868dceee2b8a0a0752'|'Boeing studies ''mild to wild'' design for pivotal mid-market jet'|'Money News - Thu Jun 8, 2017 - 12:48am IST Boeing studies ''mild to wild'' design for pivotal mid-market jet FILE PHOTO: The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. REUTERS/Jim Young/File Photo By Tim Hepher - CANCUN, Mexico CANCUN, Mexico Boeing ( BA.N ) has looked at options "from mild to wild" for the design of a proposed mid-market jet, a senior executive said, hinting at a breakthrough that industry sources say will create building blocks for future models. Marketing Vice President Randy Tinseth said Boeing would leapfrog reported plans by Airbus ( AIR.N ) to update its hot-selling A321neo, as Boeing eyes a gap between narrow-body jets and long-haul aircraft for a potential new mid-market airplane. "We have looked at the mild and we have looked at the wild and I can tell you we know that if you are going to address that market, you need a new airplane," Tinseth told Reuters after a two-day meeting of airline leaders in Mexico. Industry sources have said the mid-market development is pivotal for Boeing since it will spawn the industrial jigsaw, systems and cockpits likely to be used for the next plane after that, a three-aircraft replacement of Boeing''s 737 cash cow. Getting the "production system" right now would partially allow Boeing to develop the next jet, which is expected to revolve around a model carrying 180 passengers, as an industrial spin-off of the mid-market one, albeit with major differences. This would result in significant cost savings and avoid repeating a patchwork of different production architectures. Two further derivatives could extend that post-737 jet family to 160-210 seats, based on current market forecasts. Boeing has not yet talked about its plans beyond the mid-market plane, which is expected to enter service by 2025. Boeing officials declined comment on the long-term options or specific details of the mid-market project, which one leasing company has dubbed "797". GOODBYE STEAM ENGINE For the mid-market jet, industry sources have said Boeing is settling on a family of two wide-body aircraft. These would effectively combine a twin-aisle cabin sitting on top of the reduced belly space of a single-aisle jet. The aim is to reduce wind resistance or drag and therefore operating costs. However, it involves a risky gamble that airlines will not need to carry much paid cargo on the routes for which the airplane is designed, delegates at the airlines meeting in Cancun said. The two mid-market models, designed to carry about 220-260 passengers over 3,500 to 5,000 nautical miles (6,400-9,260 km), will also have a wing resembling the distinctive stiletto design of the 787 Dreamliner but with significant internal differences. Seen from the front, the outline of traditional metal airplane fuselages is usually closer to a true circle. That allows pressurised air inside the cabin to push out uniformly in all directions, easing loads and removing the need for heavy strengthening materials. That well-tested concept is as old as the steam engine. Carbon composites allow manufacturers to make complex pieces in one shape and are well suited to the more elliptical design that Boeing has in mind for the new mid-market fuselage. However, composites are more expensive to produce. Reuters reported last month that the new aircraft could be built using cheaper and faster new production techniques without costly pressurised ovens, or autoclaves. That technology was used to weave the carbon wings of Russia''s new MS-21 jet, which first flew last month. Airbus this week played down a project called A321neo-plus-plus in response to the Boeing mid-market jet, first reported by Reuters, and said it was always reviewing options. (Additional reporting by Victoria Bryan; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airlines-iata-boeing-idINKBN18Y2VF'|'2017-06-08T03:18:00.000+03:00'|4367.0|''|-1.0|'' 4368|'6a952261428ba17a21b75cdcea015a562fd5c731'|'Sears Canada to end pension payments-court filing'|'NEW YORK, June 22 Sears Canada Inc plans to file a motion with a Canadian court to request permission to suspend certain monthly payments to its pension plan because it is running low on cash, according to a court filing.The retailer, which filed for bankruptcy Thursday, also intends to stop payments to a post-retirement benefit plan providing retirees with life insurance and medical and dental benefits, according to the filing. Sears Canada is current on the payments for the pension and post-retirement benefit plan now.The company also said in the filing that all 32 of the Corbeil appliance stores are expected to remain operational during the insolvency. Corbeil has a separate management structure from the rest of Sears Canada, according to the filing.(Reporting by Jessica DiNapoli)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/searscanada-bankruptcy-pension-idUSL1N1JJ1EY'|'2017-06-22T22:34:00.000+03:00'|4368.0|''|-1.0|'' -4369|'33bf0bee0ef9e088e6b9862073b660bab1f63a40'|'Slow wage growth down to shift back to the past - Business'|'The lack of wage growth in Britains economy is the result of turning the clock back to the days before the Industrial Revolution when there were no trade unions and self-employment was rife, the chief economist of the Bank of England has suggested.Andy Haldane said the current relationship between pay and employment had more in common with the period between 1500 and 1750 than in the subsequent period, because in the post-1750 era, collective bargaining and the expansion of full-time paid employment meant workers were able to secure generous pay awards when labour was scarce.The move towards greater self-employment and less unionisation is, in some respects, a shift back to the future in the nature of work, Haldane said, harking back to the days before James Watt, a key figure in the emergence of the steam engine, and other pioneers began the transformation of Britains largely agrarian economy.Prior to the Industrial Revolution, and indeed for some years after it, most workers were self-employed or worked in small businesses. There were no unions. Hours were flexible, depending on what work was needed to collect the crops, milk the cows or put bread on the table. Work was artisanal, task-based, divisible.Haldane, whose speech revealed differences with the Banks governor, Mark Carney, over interest rates , said the read-across from pre-industrial Britain to the 21st century was not exact but that there were parallels with todays gig economy. He added that there was evidence that changes in the nature of work had been a factor in explaining why wage growth was running at just 2% at a time when unemployment was the lowest since the mid-1970s.Facebook Twitter Pinterest James Watt was instrumental in ushering in the Industrial Revolution. Photograph: Getty ImagesThe chief economist said a period of divide and conquer had left workers less able to bargain for higher wages. There is power in numbers. A workforce that is more easily divided than in the past may find itself more easily conquered. In other words, a world of divisible work may reduce workers wage-bargaining power.Trade union membership has declined from 38% of employees in 1990 to 23% in 2016, and Haldane noted that the downward trend was likely to continue.The fact that unionisation rates have been falling within each age cohort over time, and are lowest among the young, suggests the downward trend in rates of unionisation may still have some distance to travel.For example, if unionisation rates were to continue to decline at the same average rate as over the past decade, then they are likely to fall to around 10% of employees, or 3 million people, within a generation.Self-employment had increased from 8% of the workforce in 1980 to almost 15%, or about 4.25 million people. Only one in six of the self-employed hired other workers compared with 30% in 1990. The number of people on zero-hours contracts had increased from 170,000 (0.6% of those in employment) in 2010 to almost 1 million workers (3% of employees) by 2016. At the current rate of expansion, employees on zero-hour contracts would reach about 7% within a decade.Haldane said: Gigging can be fun for some. But not everyone wants to be a roadie when it comes to the world of work.Topics Bank of England Trade unions Unemployment Gig economy Economics news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/21/slow-wage-growth-down-to-return-to-the-past-bank-of-england-chief-economist'|'2017-06-22T00:09:00.000+03:00'|4369.0|''|-1.0|'' +4369|'33bf0bee0ef9e088e6b9862073b660bab1f63a40'|'Slow wage growth down to shift back to the past - Business'|'The lack of wage growth in Britains economy is the result of turning the clock back to the days before the Industrial Revolution when there were no trade unions and self-employment was rife, the chief economist of the Bank of England has suggested.Andy Haldane said the current relationship between pay and employment had more in common with the period between 1500 and 1750 than in the subsequent period, because in the post-1750 era, collective bargaining and the expansion of full-time paid employment meant workers were able to secure generous pay awards when labour was scarce.The move towards greater self-employment and less unionisation is, in some respects, a shift back to the future in the nature of work, Haldane said, harking back to the days before James Watt, a key figure in the emergence of the steam engine, and other pioneers began the transformation of Britains largely agrarian economy.Prior to the Industrial Revolution, and indeed for some years after it, most workers were self-employed or worked in small businesses. There were no unions. Hours were flexible, depending on what work was needed to collect the crops, milk the cows or put bread on the table. Work was artisanal, task-based, divisible.Haldane, whose speech revealed differences with the Banks governor, Mark Carney, over interest rates , said the read-across from pre-industrial Britain to the 21st century was not exact but that there were parallels with todays gig economy. He added that there was evidence that changes in the nature of work had been a factor in explaining why wage growth was running at just 2% at a time when unemployment was the lowest since the mid-1970s.Facebook Twitter Pinterest James Watt was instrumental in ushering in the Industrial Revolution. Photograph: Getty ImagesThe chief economist said a period of divide and conquer had left workers less able to bargain for higher wages. There is power in numbers. A workforce that is more easily divided than in the past may find itself more easily conquered. In other words, a world of divisible work may reduce workers wage-bargaining power.Trade union membership has declined from 38% of employees in 1990 to 23% in 2016, and Haldane noted that the downward trend was likely to continue.The fact that unionisation rates have been falling within each age cohort over time, and are lowest among the young, suggests the downward trend in rates of unionisation may still have some distance to travel.For example, if unionisation rates were to continue to decline at the same average rate as over the past decade, then they are likely to fall to around 10% of employees, or 3 million people, within a generation.Self-employment had increased from 8% of the workforce in 1980 to almost 15%, or about 4.25 million people. Only one in six of the self-employed hired other workers compared with 30% in 1990. The number of people on zero-hours contracts had increased from 170,000 (0.6% of those in employment) in 2010 to almost 1 million workers (3% of employees) by 2016. At the current rate of expansion, employees on zero-hour contracts would reach about 7% within a decade.Haldane said: Gigging can be fun for some. But not everyone wants to be a roadie when it comes to the world of work.Topics Bank of England Trade unions Unemployment Gig economy Economics news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/21/slow-wage-growth-down-to-return-to-the-past-bank-of-england-chief-economist'|'2017-06-22T00:09:00.000+03:00'|4369.0|27.0|0.0|'' 4370|'a071b2e840ead452e902eab00b315a6a25f21f91'|'Opel CEO Neumann resigns, CFO Lohscheller to succeed'|'BERLIN General Motors'' ( GM.N ) European division Opel is losing its top executive just as it prepares to be acquired by France''s PSA Group ( PEUP.PA ), a move that could see the former Volkswagen ( VOWG_p.DE ) manager rejoin the German behemoth.Karl-Thomas Neumann, 56, who has restored Opel''s image and reputation since taking the helm in March 2013, on Monday resigned from his post, making way for finance chief Michael Lohscheller to become the next CEO of the 155-year-old carmaker.German-based Opel will be pressed by its new owners PSA to draw up a plan to return to profit once the acquisition, agreed in March valuing the GM division at 2.2 billion euros ($2.46 billion), closes later this year."Under Neumann''s leadership we have made enormous progress in turning around Opel," GM President Dan Ammann said. The U.S. parent''s European business also includes British brand Vauxhall.VW is looking at rehiring Neumann, possibly to lead its Audi luxury division, where chief executive Rupert Stadler has come under fire for his handling of the emissions scandal, a source told Reuters on Sunday.A growing expansion by VW group into electric cars and digital services as part of a post-dieselgate strategic shift could be another reason to join for Neumann, a trained electronic engineer, analysts said."The prospects are good that he will move to Volkswagen," said Bankhaus Metzler analyst Juergen Pieper. "He''s one of Germany''s most distinguished car managers and VW is in great need for excellent people."LASTING PROFITPSA wants Opel to return to lasting profit no later than by 2020 with operating margin goals of 2 percent that year and even around 6 percent by 2026 - a target never achieved under Neumann whose push for profitability was hampered by a weak Russian market and effects of Britain''s Brexit decision."We will vigorously proceed along the agreed path and gain more clout as part of the PSA group," Lohscheller said.Germany''s Frankfurter Allgemeine Sonntagszeitung reported on Saturday that while Neumann views the sale to PSA as the right strategic step, he is concerned that the new owner is underestimating the growing importance of electric cars."These comments are interesting given we have previously noted our concerns around PSA''s lack of investment in key future trends," said London-based Evercore ISI analyst Arndt Ellinghorst.PSA only came eighth in a top-ten ranking compiled by Evercore of carmakers based on average R&D spending between 2014-2016, lagging rivals such as Ford ( F.N ), Renault ( RENA.PA ) and leader Volkswagen where Neumann was formerly in charge of group-wide electronics research.Neumann said on Twitter he will stay as member of Opel''s management board until the closing of the acquisition by PSA.When he lost his post as head of VW''s vast operations in China in 2012, sources at the carmaker said at the time he was too aspiring for the then-CEO Martin Winterkorn."VW boss (Matthias) Mueller has a more open leadership style that is not authoritarian," Pieper said. "That would facilitate Neumann''s return."(Reporting by Andreas Cremer. Additional reporting by Ilona Wissenbach.; Editing by Ludwig Burger, Keith Weir and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-opel-moves-idUSKBN1931FM'|'2017-06-12T20:46:00.000+03:00'|4370.0|''|-1.0|'' 4371|'4cd3453e7efc5c15bb169068b78687304f9b272e'|'Exclusive - Cyber security firm Zscaler to hire banks for IPO: sources'|'Technology News - Thu Jun 29, 2017 - 8:26pm BST Exclusive: Cyber security firm Zscaler to hire banks for IPO - sources By Liana B. Baker and Heather Somerville - SAN FRANCISCO SAN FRANCISCO Zscaler Inc is interviewing investment banks to hire as underwriters for an initial public offering later this year that could value the U.S. cyber security software firm at about $2 billion, people familiar with the matter said. If Zscaler succeeds in going public, it would be one of the few venture capital-backed cyber security IPOs in recent years, despite a surge in cyber attacks and hacks. Investors have been wary of the companies'' ability to constantly advance their software to stay on top of threats. Zscaler is expected to hire IPO underwriters in the coming weeks, the sources said this week, asking not to be identified because the deliberations are confidential. Zscaler declined to comment. Okta Inc, an identity management company went public in April, the only cyber security IPO so far this year, and is trading above its IPO price. It has a market capitalization of about $2 billion. Cyber security companies such as Carbon Black, ForeScout and LogRhythm have been exploring IPOs, but have remained on the sidelines. Hundreds of security startups have sprouted in recent years, promising "next-generation" technologies to fight cyber criminals, government spies and hacker activists, who have plagued some of the world''s biggest corporations. Many of the younger companies have struggled to stand out from the crowd and grow revenue on a sustainable basis since sophisticated cyber attacks can make software obsolete very quickly. While the IPO market has reopened for technology companies this year, some investors expect more "meat-and-potatoes" technology offerings of enterprise software firms with moderate valuations but established business models. Zscaler counts Alphabet''s growth equity fund, CapitalG, and private equity firm TPG''s growth equity fund as investors. It is seeking a valuation at nearly double its last funding round in 2015. That year, it closed a $110 million funding round and was valued at more than $1 billion, Reuters has reported. San Jose, California-based Zscaler was founded in 2008 by Jay Chaudhry, who is its chief executive officer. It specializes in cloud security and its software is in 100 data centers globally that can scan incoming and outgoing traffic between corporations and the public cloud to identify threats and protect corporate intellectual property. Zscaler hired Remo Canessa as a new chief financial officer in February. He had worked as a CFO at public technology companies. (Additional reporting by Lauren Hirsch in New York; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-zscaler-ipo-exclusive-idUKKBN19K2TM'|'2017-06-29T22:23:00.000+03:00'|4371.0|''|-1.0|'' 4372|'bb2bd87d5badd512709cedbc2fb29b03e5be75de'|'Kroton confident Brazil will approve Estacio deal, source says'|'SAO PAULO Kroton Educacional SA expects a key appointment at Brazil''s antitrust watchdog Cade this week will help it win approval of its purchase of rival Estcio Participaes SA, creating the world''s No. 1 for-profit education company, a person directly involved in the transaction said on Friday.According to the person, who asked for anonymity because of the sensitivity of the issue, Kroton was exploring Estacio''s interest in requesting a delay to the Cade vote on the deal scheduled for June 28 because of opposition among Cade members.But the appointment of Alexandre Barreto de Souza on Thursday as Cade president has changed the outlook, the person said. Prior skepticism among Kroton executives quickly morphed into optimism that the deal will be cleared with Barreto''s arrival."Barreto''s appointment to Cade reignited hopes that the transaction can be cleared, because of his expertise and technical qualities," said the person. Cade did not have a comment.The situation reflects uncertainty about the deal, as Kroton rivals and consumer groups air concerns about the creation of a juggernaut with 10 times as many students as its closest rival. Investors in a Morgan Stanley & Co survey saw a 75 percent chance of the deal being rejected.Shares of Estcio ( ESTC3.SA ) and Kroton led gains in Brazil''s benchmark stock index on Friday, on news of a more sanguine outlook for the deal. Neither company commented on the current status of the deal.Shares of Kroton ( KROT3.SA ) and Estcio ( ESTC3.SA ) slumped 7 percent and 14 percent, respectively, between Monday and Tuesday, after several Brazilian newspapers warned of growing opposition to the deal at the watchdog.Reuters reported on June 5 that Cade had demanded asset sales larger than initially expected by Kroton as a condition to approve the deal. In February, a preliminary report by the watchdog''s economic analysis division said the deal could hamper competition and lead to higher costs for consumers.(Writing and additional reporting by Guillermo Parra-Bernal; Editing by Cynthia Osterman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-estacio-part-m-a-kroton-idUSKBN19E29V'|'2017-06-23T23:03:00.000+03:00'|4372.0|''|-1.0|'' @@ -4437,7 +4437,7 @@ 4435|'4d783f7e6e06583383543aa67bb22a0156bf938f'|'Popolare Vicenza chairman hopes a deal on Veneto banks can be clinched this weekend'|'MILAN Gianni Mion, the chairman of ailing Banca Popolare di Vicenza, said on Thursday he hoped a deal to save the lender and its regional rival Veneto Banca could be reached this weekend.The government is scrambling to prevent the two banks from being wound down under European banking rules that would impose losses on senior bondholders and large depositors before taxpayers money can be used.To find an alternative solution, the government put up for sale the good assets of the two lenders. On Wednesday Intesa Sanpaolo ( ISP.MI ), Italy''s biggest retail bank, filed an offer subject to strict conditions."The offer (filed by Intesa) has been judged the best possible... now we need to wait for the government response," Mion told Reuters on the sidelines of an event."We hope everything will be worked out this weekend," he said.(Reporting by Andrea Mandala; writing by Francesca Landini)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-banks-italy-veneto-idINKBN19D1D8'|'2017-06-22T09:45:00.000+03:00'|4435.0|11.0|0.0|'' 4436|'fa58a4d0d4e24623bcd523985ed7d21d7c935ef8'|'UPDATE 1-LPC-Banks reduce loan exposure to Noble Group'|'(Adds background in para 2 and context throughout)By Tessa Walsh and Claire RuckinLONDON, June 8 Around US$300m of a US$1.1bn revolving credit loan for Noble Group has been sold to funds in the secondary loan market as banks seek to limit their losses as the company faces a potential restructuring, banking sources said on Thursday.The struggling commodities trader is trying to extend a separate US$2bn loan as finding an investor to recapitalise the business looks increasingly difficult, leaving debt restructuring or bankruptcy as the most likely options, several sources said.Noble reported a surprise quarterly loss of US$129.3m for January-March and said that it will not be profitable for two years."Im fairly bearish on the whole thing, there are rumours that the company will file for Chapter 11 in the next couple of weeks," a secondary loan trader said.Nobles market value has shrunk to just over US$300m from US$6bn in February 2015, after Iceberg Research questioned its accounts. Its share price collapsed and credit ratings downgrades, management upheavals, asset writedowns, asset sales and a fundraising ensued.The secondary price of the US$1.1bn loan, which was put in place in May 2015, has been volatile this year. The credit was trading at around 75% of face value at the beginning of the year, rose to around 90 at the end of March, but has fallen heavily in the last month, two loan traders said."There were a few trades at around 49 or 50, but the Quote: s are now lower in the 40s. It has fallen 45 points in the last month," the secondary loan trader said.Some banks are now unable to sell as the price has dropped too low to get approval for a sale, a distressed loan trader said. The companys bonds have also collapsed to distressed levels.Noble and its lenders have appointed legal counsel as the company struggles to maintain access to the US$2bn loan while time runs out to find an investor.Noble Group has appointed financial restructuring adviser Moelis and law firm Kirkland & Ellis, which typically specialise in complex and aggressive debt restructuring situations, as well as Morgan Stanley."Noble has appointed the most active and aggressive restructuring advisers. When they were mandated, the secondary loan price dropped. The view from the market was that if they were hiring those guys, things must be pretty bad," the secondary loan trader said.Restructuring adviser Alvarez & Marshal and law firm Clifford Chance have been hired to advise Nobles US lenders and Clifford Chance is acting for lenders in HK, Reuters reported.Pitches for the European lenders took place on Wednesday, with Deloitte, PwC and FTI all vying for the mandate, according to one restructuring adviser.Noble Group was not immediately available to comment. (Additional reporting by Sandrine Bradley; Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/noble-loan-idINL8N1J55M2'|'2017-06-08T15:04:00.000+03:00'|4436.0|''|-1.0|'' 4437|'39f266ee748ba927f3e78eb596ef9ea3061983d9'|'REFILE-Cowen to end mid-point matching in Millennium dark pool'|'(Corrects spelling of Cowen in headline)By John McCrankNEW YORK, June 1 Financial services company Cowen Inc closed its acquisition of Convergex on Thursday and said it will shutter a key part of the off-exchange trading platform, Millennium, it acquired with the brokerage.Millennium, also known as a "dark pool," will stop offering continuous trading on June 23.The private electronic trading venue is one of more than 30 broker-run dark pools, also known as alternative trading systems (ATSs), in the United States that compete with 13 public stock exchanges, including the Nasdaq and the New York Stock Exchange.That fragmentation, which can make it more challenging to get trades done, has been a source of frustration for many of Cowen''s customers, Jeffrey Solomon, president of the company, said in a note to clients."By discontinuing Millennium ATS''s midpoint matching engine, Cowen has the ability to proactively reduce fragmentation something we and many of our clients feel will improve U.S. equity market structure," he said.Like many other dark pools, Millennium matches trades at the midpoint of the best bid and offer shown on public exchanges, giving the potential for better prices.Millennium was the 16th-largest U.S. equities dark pool out of 31, according to the latest statistics from the Financial Industry Regulatory Authority, matching more than 38 million shares in the week of May 8.Dark pools are more lightly regulated than exchanges and do not have to provide information such as trade sizes or prices to the public prior to trades taking place.The electronic trading platforms were originally used to get large orders done with minimal price movement, but they gained popularity for smaller orders as well, in part because their fees are generally lower than those at exchanges.As their usage has increased, so too has the scrutiny of regulators, which have brought enforcement actions against several dark pools in recent years for fraud and conflicts of interest in order routing.Cowen, which has never operated a trading venue, said it would continue to operate a part of Millennium that executes pre-matched orders and reports the trades on behalf of exchanges and broker-dealers.Millennium was built and is hosted by Thesys Technologies LLC, on behalf of Convergex. Thesys recently won the contract to build a build and run a massive stock and options trading database aimed at helping regulators police the increasingly fast, fragmented and complex markets. (Reporting by John McCrank; Editing by Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cowen-darkpool-idINL1N1IY1QL'|'2017-06-01T18:07:00.000+03:00'|4437.0|''|-1.0|'' -4438|'561f3d15063ebb2bf9776c51340ca48baf9d423d'|'Humble pie on the menu for press after election defies opinion polls - Media'|'Peter Preston on press and broadcasting Humble pie on the menu for press after election defies opinion polls Its been a painful week for many media big names after predictions of a wipeout for Jeremy Corbyn failed to come true Opinion polls predicted bigger gains for Prime Minister Theresa Mays Conservative party in the general election. l Photograph: Dominic Lipinski/PA Peter Preston on press and broadcasting Humble pie on the menu for press after election defies opinion polls Its been a painful week for many media big names after predictions of a wipeout for Jeremy Corbyn failed to come true View more sharing options Peter Preston Sunday 18 June 2017 07.00 BST Back, one more time, to the 8 June inquest. Heres the habitually strong and stable Dominic Lawson in the Sunday Times . As I was saying last week, or at least as the headline on this column accurately summed it up: Dont panic May is well ahead. Wrong, Lawson, and not for the first time in this campaign. Its no defence that there was scarcely a single so-called expert who anticipated the actual outcome. Hes quite right, of course. John Rentoul of the Indy will now try harder to learn from his mistakes. Polly Toynbee of the Guardian heard the munch, munch of humble pie, a chomping sound washing through Observer corridors too. And why did all Dominics experts get it so wrong? Because, like TV pundits, like Tory canvassers, like shrugging Labour party wizards on the day before, they all relied on the opinion polls and judged prospects on those results. Because, one more time, the polls were frail, contradictory and wrong. Topics '|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/media/2017/jun/18/humble-pie-on-menu-newspaper-pundits-general-election-results'|'2017-06-18T03:00:00.000+03:00'|4438.0|''|-1.0|'' +4438|'561f3d15063ebb2bf9776c51340ca48baf9d423d'|'Humble pie on the menu for press after election defies opinion polls - Media'|'Peter Preston on press and broadcasting Humble pie on the menu for press after election defies opinion polls Its been a painful week for many media big names after predictions of a wipeout for Jeremy Corbyn failed to come true Opinion polls predicted bigger gains for Prime Minister Theresa Mays Conservative party in the general election. l Photograph: Dominic Lipinski/PA Peter Preston on press and broadcasting Humble pie on the menu for press after election defies opinion polls Its been a painful week for many media big names after predictions of a wipeout for Jeremy Corbyn failed to come true View more sharing options Peter Preston Sunday 18 June 2017 07.00 BST Back, one more time, to the 8 June inquest. Heres the habitually strong and stable Dominic Lawson in the Sunday Times . As I was saying last week, or at least as the headline on this column accurately summed it up: Dont panic May is well ahead. Wrong, Lawson, and not for the first time in this campaign. Its no defence that there was scarcely a single so-called expert who anticipated the actual outcome. Hes quite right, of course. John Rentoul of the Indy will now try harder to learn from his mistakes. Polly Toynbee of the Guardian heard the munch, munch of humble pie, a chomping sound washing through Observer corridors too. And why did all Dominics experts get it so wrong? Because, like TV pundits, like Tory canvassers, like shrugging Labour party wizards on the day before, they all relied on the opinion polls and judged prospects on those results. Because, one more time, the polls were frail, contradictory and wrong. Topics '|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/media/2017/jun/18/humble-pie-on-menu-newspaper-pundits-general-election-results'|'2017-06-18T03:00:00.000+03:00'|4438.0|27.0|0.0|'' 4439|'4efeb01754c81bbb0ba38836291d95cf6a995dd0'|'MIDEAST STOCKS-Qatar weak on political crisis, Dubai''s Emaar jumps on unit''s IPO plan'|'* Qatar Islamic Bank sinks; dependence on Gulf deposits* Buying opportunity for some cheap Qatari shares* Abu Dhabi''s Dana Gas jumps on receipt of Egypt payments* Saudi trading volumes rise as MSCI decision nears* Ezz Steel surges as Egypt imposes import tariffBy Celine AswadDUBAI, June 7 Qatar''s stock market fell for a third straight day on Wednesday, hit by the breaking of diplomatic ties with its neighbours, though the pace of the drop slowed.Dubai''s Emaar Properties jumped on a plan for an initial public offer by one of its units.The Qatari index lost 1.0 percent to a fresh 17-month low, taking its losses to 9.7 percent since Saudi Arabia, the United Arab Emirates and Egypt cut diplomatic links and transport ties on Monday, accusing Doha of backing terrorism.A little over one-sixth of total traded value came from other Gulf investors, more than the usual 5 to 10 percent - suggesting some Gulf investors were liquidating assets in Qatar. Other foreign funds also traded actively, bourse data showed.The Qatari riyal slipped to an 11-year low of 3.6517 against the dollar in the spot market on Wednesday, according to Thomson Reuters data, another sign of capital outflows.Qatar Islamic Bank slumped 8.2 percent to 89 riyals, its lowest close since January 2016, in heavy trade. It is one of the Qatari banks most dependent on deposits from other Gulf states, obtaining a quarter of its deposits from that source, said Olivier Panis, analyst at Moody''s.On Wednesday, 23 other shares fell but 12 advanced, including telecommunications operator Vodafone Qatar, up 1.6 percent to 7.74 Qatari riyals.After sharp falls in stocks, "there is value there, and although the political situation is not encouraging, there are some good buys," said a regional equities fund manager. Reflecting the political tensions, he declined to be named.However, many money managers said that the longer the diplomatic crisis lasted, the higher the risk premium demanded by foreign foreign investors in Qatar would go."Tensions are still high and mediation efforts by fellow Gulf Cooperation Council state Kuwait have yet to lead to a concrete solution, so investors will likely remain on edge," said a Dubai-based trader.EMAAR PROPERTIES, EZZ STEELIn Dubai, the largest listed real estate developer Emaar Properties surged 8.6 percent in its heaviest trade since April 2015 after it said it planned to offer up to 30 percent of its United Arab Emirates real estate development business in an initial public offer. Subject to market conditions, funds raised through the IPO would be distributed to shareholders of Emaar.The company said the IPO would be Dubai''s largest since its flotation of Emaar Malls, which raised 5.8 billion dirhams ($1.58 billion) in 2014 and was heavily oversubscribed. Emaar Malls was up 1.6 percent.The Dubai index climbed 2.5 percent, its largest single-day gain since December 2016.In Abu Dhabi, Dana Gas rocketed 10.9 percent in very heavy trade after saying it had received $40 million from the Egyptian government towards its outstanding receivables; its current receivables balance in Egypt now stands at $187 million.The Abu Dhabi index, however, fell 0.1 percent, weighed down by a 1.4 percent decline of shares of the largest listed bank, First Abu Dhabi Bank.The Saudi Arabian index rose 0.2 percent in the heaviest trading volume this year as 87 shares rose and 63 declined.Buying of Saudi stocks favoured by foreign funds, in anticipation of a decision by MSCI on June 20 to begin reviewing Riyadh for possible inclusion in its emerging market index, has buoyed the market in recent days.Dairy producer Almarai rose 0.6 percent and its largest shareholder Savola Group added 0.7 percent, to its highest close in 17 months.In Cairo, the index edged up 0.1 percent in its 12th consecutive session of gains to a fresh all-time high.Ezz Steel soared 7.5 percent after the trade ministry imposed a temporary import tariff on rebar steel from China, Turkey and Ukraine to protect local manufacturers suffering from losses. The decision is valid for fourth months.HIGHLIGHTSSAUDI ARABIA* The index added 0.2 percent to 6,946 points.DUBAI* The index jumped 2.5 percent to 3,406 points.ABU DHABI* The index edged down 0.1 percent to 4,454 points.QATAR* The index lost 1.0 percent to 8,965 points.EGYPT* The index edged up 0.1 percent to 13,633 points.KUWAIT* The index added 0.3 percent to 6,820 points.BAHRAIN* The index fell 0.3 percent to 1,321 points.OMAN* The index lost 0.6 percent to 5,377 points. (Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-stocks-idINL8N1J441U'|'2017-06-07T12:21:00.000+03:00'|4439.0|''|-1.0|'' 4440|'6ed09c0de75628f38623b7b70aec88fc58533a80'|'Britain''s embattled fraud office bares teeth with Barclays charges'|'* SFO charges Barclays and four former top executives* Comes weeks after ruling party pledged to abolish agencyBy Kirstin RidleyLONDON, June 20 Britain''s Serious Fraud Office has defied critics who accuse it of failing to pursue top executives by criminally charging Barclays and four former senior managers, a month after the ruling party pledged to abolish the crime-fighting agency.Prime Minister Theresa May''s Conservatives pledged in the election manifesto to fold the independent investigator and prosecutor into the broader National Crime Agency to "strengthen Britain''s response to white-collar crime".That proposal drew criticism from lawyers and anti-corruption group Transparency International, which called it an "ill-conceived manifesto one-liner" and said the SFO had enjoyed increasing success in recent years.The fraud charges brought by the agency on Tuesday were over undisclosed Barclays payments to Qatari investors during emergency fundraisings in 2008 that saved the bank from a state bailout."Taking on Barclays, one of the largest banks in the world, and its most senior officials who literally were at the very top, sends a very strong message that the SFO is now fearless in terms of the companies and individuals it pursues," said Sarah Wallace, a partner at law firm Irwin Mitchell.The U.S. Department of Justice has long had a tougher reputation for pursuing multinational companies and individuals to face justice in the United States, often targeting wrongdoing outside its borders.In contrast the SFO, which has a tight annual budget of around 35 million pounds ($44 million) and has to request extra funding from the government for its top cases, has been often criticised by lawmakers over its efforts to bring companies and senior individuals to book.Some lawyers have also criticised the agency for prosecuting junior traders in its high-profile investigations into the manipulation of Libor benchmark interest rates - although SFO head David Green has said the agency merely follows the evidence.The Barclays prosecution could buy the agency more time, said Michael Potts, a lawyer at Byrne and Partners."It certainly may make it more difficult for the government to abolish the SFO at a time when they are spearheading such a high-profile case," he added."Many will be surprised that they (the SFO) have sought to take on Barclays and no doubt an army of defence lawyers but it is indicative of a more emboldened SFO that they have sought to take on such a high-profile and possibly difficult case."A spokeswoman for the Cabinet Office, which supports the Prime Minister and is responsible for the day-to-day running of the government, declined to comment when asked whether the Barclays charges had altered May''s plans for the SFO.The government''s Queen''s Speech, in which it traditionally spells out legislative programme, has been delayed after May lost her parliamentary majority in a June 8 election. It is now due on Wednesday.''BETTING THE FARM''Green, who is due to step down next April after a six-year stint running the SFO, was forced in 2015 to scrap his first corporate prosecution - that of Olympus Corp over a $1.7 billion accounting scandal - because judges ruled the SFO''s criminal charge could not be brought against a company.The corruption trial of British Canadian businessman Victor Dahdaleh collapsed in 2013 and the acquittal of eight former bankers over the last 15 months, charged with manipulating Libor, also dealt a blow to the agency.But a series of recent deferred prosecution agreements (DPAs) with companies such as retailer Tesco and engineering group Rolls-Royce, and combined fines of around 630 million pounds, have been welcomed in parliament.Some lawyers are questioning if it is in the public interest to prosecute a bank over conduct a decade ago, leaving current shareholders and employees to pick up the tab."Who does it punish and what purpose does it serve?" asked Jonathan Pickworth, partner at law firm White & Case.But Green has talked tough throughout the five-year Barclays investigation.Barclays was not offered a DPA, a deal under which a company can be fined but avoids criminal prosecution if a judge agrees the terms are fair and the interests of justice served. Green has repeatedly stressed that companies need to fully cooperate with investigators to qualify.The bank locked horns with investigators over documentary evidence that it argued was protected by legal professional privilege, before deciding to relinquish the cache. This, lawyers say, is likely to have cost it a settlement.Professional legal privilege ensures the advice lawyers give clients remains confidential.The SFO''s challenge now will be to show they can bring a tricky case to trial."David Green accepted in 2012 that the SFO would be judged on the performance of its Libor prosecutions. The SFO now seems to be betting the farm and possibly its future on a highly complex and very prominent prosecution of Barclays," said Ben Rose, a lawyer at Hickman and Rose.($1 = 0.7890 pounds) (Reporting by Kirstin Ridley; Editing by Pravin Char)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/barclays-qatar-sfo-idINL8N1JH3VY'|'2017-06-20T14:54:00.000+03:00'|4440.0|''|-1.0|'' 4441|'993edca9bbff6149d21355e938c2c87015adb9c0'|'Airbus sales chief plays down prospect of blockbuster order'|'Wed Jun 21, 2017 - 9:25am BST Airbus sales chief plays down prospect of blockbuster order A new fuel-efficient wingtip extension or winglet is seen on an Airbus A380 on the eve of the 52nd Paris Air Show at Le Bourget Airport, near Paris, France, June 18, 2017. REUTERS/Pascal Rossignol PARIS Airbus ( AIR.PA ) sales chief John Leahy on Wednesday played down expectations of a last-minute blockbuster order to win the Paris Airshow, while dismissing a flurry of deals for a new Boeing jet as the result of heavy conversions from existing models. Speaking to Reuters on day three of the June 19-25 air show, Leahy said: "We will have some orders today, but today''s isn''t going to be one of our record air shows." Regarding orders that Airbus could get over the rest of the Paris Airshow, Leahy added that such deals would be "nothing big, but real stuff." (Reporting by Tim Hepher; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-airshow-paris-airbus-sales-idUKKBN19C0WJ'|'2017-06-21T16:23:00.000+03:00'|4441.0|''|-1.0|'' @@ -4498,7 +4498,7 @@ 4496|'d2b458bf45a88b3883149af8c0abb19c58701de2'|'EU states spar over hosting London-based agencies after Brexit'|'Top News - Tue Jun 20, 2017 - 5:25pm BST EU states spar over hosting London-based agencies after Brexit European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium June 14, 2017. REUTERS/Francois Lenoir By Gabriela Baczynska - LUXEMBOURG LUXEMBOURG European Union states locked horns on Tuesday over moving the bloc''s London-based regulators for banking and drugs after Brexit, a test of unity for the 27 remaining members, most of which have expressed interest in hosting them. "Despite the high political dimension, we are committed to ensuring a successful outcome and hence the unity among the EU 27 remains our priority," said Malta''s Helena Dalli, who chaired a meeting of EU ministers on the issue. But the ministers, meeting in Luxembourg, failed to agree on procedure for choosing the new sites for the European Banking Authority (EBA) and the European Medicines Agency (EMA), which together employ more than 1,000 people. Germany and Ireland are among states to have already said they will apply to host both bodies, though diplomats say both will not go to one single country. The newer member states in former communist eastern Europe, which have joined since 2004, complain they host fewer common EU bodies and want this disparity addressed. The EU''s executive European Commission will propose a set of criteria to choose the new locations, including logistical support, infrastructure, and access to the labour market and medical care for the employees'' relatives. Eastern bloc members say these criteria favour the wealthier west and say a geographical spread of sites should also be taken into account. Italy withheld its consent on Tuesday, saying the Commission should go further and shortlist several of the most eligible sites. The Netherlands also had reservations, diplomats said. UNITY OF 27 "This is a difficult discussion because for the first time since the Brexit decision, this theme is actually dividing the 27 whereas so far our strength in facing Brexit has been in our unity," one senior EU diplomat said. "Eventually it will be a political decision with a lot of horse-trading behind the scenes." EU leaders meeting for a summit in Brussels on Thursday are due to finalise the process and member states will have until the end of July to propose cities. A final decision is expected in October after the EU states vote, first on the medical, then on the banking authority. Barcelona, Milan, Copenhagen and Dublin have all started campaigning to host the EMA, which has an annual budget of $360 million (284.23 million pounds). Frankfurt, Paris, Amsterdam, Vienna, Lyon and Strasbourg are among the cities wanting the EBA, whose 160 London-based employees write and coordinate banking rules across the bloc. "The agencies are really a joke," one senior EU official said of the relatively small budgets at stake for national governments. "They don''t matter themselves but the stakes are high because it''s about the unity of the 27." (Additional reporting by Alastair Macdonald; Writing by Gabriela Baczynska; Editing by Richard Balmforth) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-agencies-idUKKBN19B1LC'|'2017-06-20T19:54:00.000+03:00'|4496.0|''|-1.0|'' 4497|'c16dac01d9103c3ea73bee7a86ad42db9adebb08'|'Oil prices rise to two-week high on dip in U.S. output'|'Business News - Thu Jun 29, 2017 - 10:32am BST Oil prices rise to two-week high on dip in U.S. output A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. REUTERS/Jo Yong-Hak By Karolin Schaps - LONDON LONDON Oil prices rose to a two-week high on Thursday, extending a rally into a sixth straight session, after a decline in weekly U.S. production eased concerns about deepening oversupply. Crude prices slipped to the lowest in 10 months last week but have since rebounded more than 7 percent, stretching their bull-run to the longest since April. Global benchmark Brent crude futures LCOc1 were up 33 cents at $47.64 a barrel at 0832 GMT, having touched a two-week high of $47.83 earlier in the session. U.S. West Texas Intermediate (WTI) crude CLc1 was up 32 cents at $45.06 a barrel. It registered an intraday high of $45.24, also the loftiest in two weeks. "After the steep drop in oil prices of recent weeks, I believe that especially hedge funds saw a nice buying momentum and lower U.S. crude production was the trigger to act," said Hans van Cleef, senior energy economist at ABN Amro. U.S. government data showed on Wednesday that domestic crude production dropped by 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016. Some analysts and traders said the decline was related to temporary factors such as risks associated with Tropical Storm Cindy in the Gulf of Mexico and maintenance in Alaska. Investors shrugged off bearish news of a surprise 118,000-barrel rise in weekly U.S. crude stocks. Global oil supplies remain ample despite output cuts by the Organization of the Petroleum Exporting Countries and other producers of 1.8 million bpd since January. OPEC and its allies, trying to reduce a crude glut, agreed in May to extend the supply cut through March 2018. OPEC has exempted Nigeria and Libya from the curbs due to unrest that has sapped those countries'' production. Royal Dutch Shell on Wednesday lifted force majeure on Nigerian Bonny Light crude exports after pipeline repairs. Analysts at investment bank Goldman Sachs said rising Nigerian and Libyan output, as well as a ramp-up in U.S. shale oil drilling, would slow the drawdown in crude inventories. "This creates risks that the normalisation in inventories will not be achieved by the time the OPEC cut ends next March. We expect this will leave prices trading near $45 (a barrel) until there is evidence of a decline in the U.S. horizontal oil rig count, sustained stock draws or additional OPEC production cuts," they wrote. (Additional reporting by Naveen Thukral in Singapore; Editing by Dale Hudson) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19K01P'|'2017-06-29T12:26:00.000+03:00'|4497.0|''|-1.0|'' 4498|'c92a254e3bb19676c7420166b08cd636723cefa0'|'Rosneft ready to accept any other adequate collateral from Sistema: RIA'|'MOSCOW Russian oil company Rosneft ( ROSN.MM ) is ready to accept any other "adequate" collateral from Sistema ( SSAq.L ) ( AFKS.MM ) in a legal dispute instead of the shares in some of the assets which have been arrested, RIA newsagency reported on Monday."Sistema may secure our lawsuit by any other adequate measures," Rosneft spokesman Mikhail Leontyev was Quote: d as saying by RIA.(Reporting by Anastasia Teterevleva; writing by Katya Golubkova. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-sistema-rosneft-assets-idINKBN19H2CZ'|'2017-06-26T17:13:00.000+03:00'|4498.0|''|-1.0|'' -4499|'24bf0845e9e580ade1dccfff35c691da2db382b3'|'UK subprime lender Provident Financial warns on profit over operational disruption'|'Business News - Wed Jun 21, 2017 - 10:24am BST Subprime lender Provident Financial hit by shortage of debt collectors By Noor Zainab Hussain British subprime lender Provident Financial Plc said that a fall in the number of debt collection agents at its home credit division will weigh on profits for the rest of the financial year, sending its shares sharply lower The company said a reorganisation of the business had led to a rise in the number of agents leaving, with the recent vacancy rate hitting 12 percent, twice the level anticipated. The company, which provides credit to people who do not meet the lending criteria of mainstream banks, is ending its practice of using self-employed collection agents and employing them instead. However the rate of applications by its current agents has fallen short of expectations. "We didn''t get it right. The incentives we had in place and the other management actions and communications that were there, were not sufficient to retain the number of agents that we anticipated," CEO Peter Crook told analysts on Wednesday. Shares in the lender plunged 20 percent on Wednesday morning, making the stock the biggest loser on London''s blue-chip index. The unfilled jobs were in the lender''s UK business, Finance Director Andrew Fisher said on the analyst call, adding there were about 450 vacancies. It is aiming to employ a total of 2,500 in total. "When you are going through a period of 4-5 months when essentially most of the work force is on notice and you''re having to re-recruit much of your workforce into new positions within a new structure, it creates an air of uncertainty across the organisation," Fisher said. Operational disruption had led to more uncollected home credit and hit sales penetration and customer retention, Provident Financial said. The lender said the shortfall in the unit''s contribution to profit was estimated to be about 40 million pounds in the first half of the year, up from the 15 million pound hit the company forecast in April. Provident Financial said recent collections performance had "deteriorated", particularly in May. June collections were "stabilising", with performance expected to normalise next month. This operational disruption on collections and sales is forecast to reduce 2017 pre-exceptional profits from the consumer credit division to around 60 million pounds, from 115 million pounds a year earlier. Crooke said the company expects things to be back to "normal" by the fourth quarter. "We don''t have a credit quality issue, we have an issue whereby we haven''t collected on customers in the normal disciplined, diligent," he said. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-provident-fin-outlook-idUKKBN19C0HI'|'2017-06-21T13:59:00.000+03:00'|4499.0|''|-1.0|'' +4499|'24bf0845e9e580ade1dccfff35c691da2db382b3'|'UK subprime lender Provident Financial warns on profit over operational disruption'|'Business News - Wed Jun 21, 2017 - 10:24am BST Subprime lender Provident Financial hit by shortage of debt collectors By Noor Zainab Hussain British subprime lender Provident Financial Plc said that a fall in the number of debt collection agents at its home credit division will weigh on profits for the rest of the financial year, sending its shares sharply lower The company said a reorganisation of the business had led to a rise in the number of agents leaving, with the recent vacancy rate hitting 12 percent, twice the level anticipated. The company, which provides credit to people who do not meet the lending criteria of mainstream banks, is ending its practice of using self-employed collection agents and employing them instead. However the rate of applications by its current agents has fallen short of expectations. "We didn''t get it right. The incentives we had in place and the other management actions and communications that were there, were not sufficient to retain the number of agents that we anticipated," CEO Peter Crook told analysts on Wednesday. Shares in the lender plunged 20 percent on Wednesday morning, making the stock the biggest loser on London''s blue-chip index. The unfilled jobs were in the lender''s UK business, Finance Director Andrew Fisher said on the analyst call, adding there were about 450 vacancies. It is aiming to employ a total of 2,500 in total. "When you are going through a period of 4-5 months when essentially most of the work force is on notice and you''re having to re-recruit much of your workforce into new positions within a new structure, it creates an air of uncertainty across the organisation," Fisher said. Operational disruption had led to more uncollected home credit and hit sales penetration and customer retention, Provident Financial said. The lender said the shortfall in the unit''s contribution to profit was estimated to be about 40 million pounds in the first half of the year, up from the 15 million pound hit the company forecast in April. Provident Financial said recent collections performance had "deteriorated", particularly in May. June collections were "stabilising", with performance expected to normalise next month. This operational disruption on collections and sales is forecast to reduce 2017 pre-exceptional profits from the consumer credit division to around 60 million pounds, from 115 million pounds a year earlier. Crooke said the company expects things to be back to "normal" by the fourth quarter. "We don''t have a credit quality issue, we have an issue whereby we haven''t collected on customers in the normal disciplined, diligent," he said. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-provident-fin-outlook-idUKKBN19C0HI'|'2017-06-21T13:59:00.000+03:00'|4499.0|29.0|0.0|'' 4500|'9d73f12c26161d50f73a1e8bedb76669a94230b9'|'CANADA STOCKS-TSX barely higher as banks gain, miners fall'|'Market News 48am EDT CANADA STOCKS-TSX barely higher as banks gain, miners fall TORONTO, June 8 Canada''s main stock index was slightly higher in early trade on Thursday, weighed down by falling gold mining stocks while energy and banking shares gained and Valeant jumped on news of an asset sale. The Toronto Stock Exchange''s S&P/TSX composite index was up 1.52 points, or 0.01 percent, at 15,373.66 shortly after opening in negative territory. (Reporting by Alastair Sharp)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1J50QF'|'2017-06-08T21:48:00.000+03:00'|4500.0|''|-1.0|'' 4501|'b9e41764f1bcee4807c5026407d85fdefb5b7a06'|'UAE''s Aster DM Healthcare eyes Saudi market despite past payment delays'|'By Davide Barbuscia - DUBAI DUBAI Dubai-based Aster DM Healthcare ( ATRD.NS ) is looking at acquisition opportunities in Saudi Arabia, its managing director told Reuters in an interview.This is despite previous delays in payments from the Saudi government, which could have pushed the company to default on a syndicated loan, he said.Aster, which operates hospitals, clinics and pharmacies in the Gulf and India, is attracted to Saudi Arabia because of the size of the market compared with other Gulf states, and also because of ownership rules, which would let Aster own up to 100 percent of a business, said Azad Moopen."We consider Saudi a good market despite payment difficulties which we had there," he said.Aster obtained a $295 million loan from India''s Axis Bank in April. The loan replaced and repaid $155 million of a $295 million facility which the firm raised in 2015. Aster replaced the facility to obtain better terms, such as a longer maturity and looser financial requirements for its debt-to-equity ratio.The decision to look for better terms was triggered by delays in payments of about $150 million from Saudi Arabia''s ministry of health. Many companies in the Saudi market, especially construction firms, have suffered such delays as government finances are squeezed by low oil prices."Payments were overdue for nearly 1-1/2 to two years," said Moopen, and were not made for the whole of 2016.By early 2017, with $150 million pending, "we were not sure when we were going to get this money, and we didn''t want to default, that''s why we wanted better terms from the banks."Aster''s new loan facility is being syndicated by Axis, though no bank has joined the loan yet. It has a 10-year tenor, while the previous facility was for five years.Almost half of the amount due from Saudi Arabia has been repaid in 2017. The ministry of health asked for a discount on the total debt and the company agreed, Moopen said without elaborating.The payment delays were related to Aster''s 250-bed Sanad Hospital in Riyadh, Aster''s only facility in the kingdom. The ministry of health did not respond to a request for comment.Aster also has a hospital in Qatar. "The Aster Qatar Hospital has been approved by authorities and has started functioning, even though the official inauguration has not been done," Moopen said."We shall be waiting for the prevailing situation to crystallize for the official launch," he said when asked about the diplomatic crisis that erupted this week between Qatar and neighboring states.The company filed a prospectus for an initial public offer (IPO) of shares in India in June last year. The IPO is now expected to take place in the fourth quarter of 2017, with Axis Bank, Bank of America Merrill Lynch and Kotak Mahindra Bank as lead banks, said Moopen.(Additional reporting by Katie Paul; Editing by Andrew Torchia; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aster-saudi-idINKBN1920MW'|'2017-06-11T10:14:00.000+03:00'|4501.0|''|-1.0|'' 4502|'7f0f0224858255c6128be688556c380e3ffc3482'|'Australia new vehicle sales rebound in May - VFACTS'|'Market News - Sun Jun 4, 2017 - 11:28pm EDT Australia new vehicle sales rebound in May - VFACTS SYDNEY, June 5 Australian new vehicle sales rebounded in May to reach a record high for that month, a promising omen for consumer demand after a run of soft results. The Australian Federal Chamber of Automotive Industries'' VFACTS report out on Monday showed 102,901 new vehicles were sold in May, up 6.4 percent on the same month last year. May this year had one more selling day than in 2016. The report noted business purchases of sport utilities climbed 14.9 percent in May, while light commercial purchases by government rose 31.7 percent. Sales to rental fleets also returned strongly during May. Overall, sales of SUVs were up 9.4 percent on May last year well ahead of the passenger vehicle gain of 1.6 percent. Sales of light commercial vehicles jumped 9.4 percent, while sales in the heavy vehicle market rose 13.6 percent. Toyota Motor Corp retained first place on the sales ladder with 19.3 percent of the market, while Mazda Motor Corp had another strong month taking 9.6 percent. Hyundai Motor took third spot with 8.1 percent, ahead of Ford on 7.4 percent. The Holden unit of General Motors trailed with 6.7 percent. (Reporting by Wayne Cole; Editing by Simon Cameron-Moore) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-economy-vehicleregistrations-idUSL3N1J21P8'|'2017-06-05T11:28:00.000+03:00'|4502.0|''|-1.0|'' @@ -4516,9 +4516,9 @@ 4514|'461ffb702d791b53a1173067c1bdd6fb19b585e2'|'Israeli biopharmaceutical firm Eloxx raises $24 million'|'Business News - Wed Jun 14, 2017 - 12:51pm BST Israeli biopharmaceutical firm Eloxx raises $24 million TEL AVIV Eloxx Pharmaceuticals Ltd, a clinical stage company developing drugs for genetic diseases, raised $24 million in an investment round led by Catalyst CEL Fund and Israeli life sciences venture capital fund Pontifax, among others, Catalyst said on Wednesday. Eloxx is seeking treatments for rare genetic diseases caused by mutations such as cystic fibrosis and cystinosis. The company entered into a merger agreement with Sevion Therapeutics ( SVON.PK ) on May 31. Eloxx will become a wholly owned subsidiary of Sevion, which will change its name to Eloxx and intends to apply to have its shares listed on Nasdaq. The Catalyst CEL Fund, jointly managed by Israel''s Catalyst Equity Management and China Everbright Ltd ( 0165.HK ), primarily invests in companies whose growth strategy is oriented towards emerging markets, with a special focus on China. (Reporting by Tova Cohen)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pharmaceuticals-eloxx-fundraising-idUKKBN1951JJ'|'2017-06-14T19:51:00.000+03:00'|4514.0|''|-1.0|'' 4515|'a1cbb00cb96072d30941b53f1593e6fe811b8970'|'At EU summit, Macron pleads for limits to foreign takeovers'|'Deals 8:08pm BST At EU summit, Macron pleads for limits to foreign takeovers French President Emmanuel Macron addresses a press conference at the EU summit in Brussels, Belgium, June 22, 2017. REUTERS/Gonzalo Fuentes By Robin Emmott and Michel Rose - BRUSSELS/PARIS BRUSSELS/PARIS French President Emmanuel Macron vowed on Thursday to convince China''s closest allies in Europe that curbing foreign takeovers in strategic industries was in their interest, warning EU governments not to be naive in global trade. Smaller eastern and southern European economies that are dependent on Chinese investment have rejected any steps against Beijing, even going as far as to block EU statements criticizing China''s human rights record. But Macron, at his first EU summit, said being an attractive destination for investment did not mean exposing Europe to what he termed "the disorder of globalisation", as he seeks to make good on a campaign pledge with a so-called protective Europe. "Things are changing because we see the disorder of globalisation and the consequences in your own country. I want to build an alliance around this idea," Macron told a news conference during the summit of EU leaders. "I am for free trade ... but I am not for naivety." State-owned ChemChina''s $43 billion purchase of Swiss pesticides and seeds group Syngenta, Beijing''s biggest overseas sale to date, has deepened concerns in Europe that the bloc is ceding control of its advanced technology, EU diplomats said. Macron, who defeated the anti-Europe, far-right leader Marine Le Pen last month, said that he had always been a defender of globalisation and free trade during his time as minister but that leaders should hear from workers hit by globalisation. The issues of globalisation and "social dumping" took center-stage in France''s campaign after Le Pen used the relocation of a Whirlpool factory in northern France to Poland to paint Macron as a globalist who did not care about workers. A free-trade advocate, Macron let several national corporate champions be taken over by foreign firms as a minister. But since his election he has sought to drum up support in Europe for what he calls a "protection agenda". He has found some support from Germany and Italy. EU leaders will agree on Friday to allow the European Commission to explore ways to limit foreign takeovers in areas such as energy, banking and technology, where China seeks Europe''s know-how. In a statement, leaders will ask the Commission "to examine the need and ways to screen investments from third countries in strategic sectors, while fully respecting members states'' competences," a reference to national sovereignty on the issue. Berlin, Paris and Rome are upset that the Commission, the bloc''s competition regulator, approved ChemChina''s purchase of Syngenta while China maintains restrictions on EU investment. Chinese direct investment in the European Union jumped by 77 percent last year to more than 35 billion euros ($38 billion), compared with 2015, while EU acquisitions in China fell for the second consecutive year, according to the Rhodium Group. But free-trade advocates such as Sweden want to avoid any measures that might contradict the bloc''s rejection of the protectionism promoted by U.S. President Donald Trump. Frits Bolkestein, a former Dutch European Commissioner, poured scorn on Macron''s ideas on Thursday. "This Colbertist instinct that French wealth should serve the French state runs deep among its elite," he said in a column in Politico, referring to Jean-Baptiste Colbert, French king Louis XIV''s minister of finance and industry. "The last thing we need now is for hard-won progress to be rolled back by protectionism," he said. (Reporting by Jean-Baptiste Vey; writing by Michel Rose; Editing by Richard Lough and Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-summit-macron-idUKKBN19D2HY'|'2017-06-23T03:03:00.000+03:00'|4515.0|''|-1.0|'' 4516|'40d111e90a584d1023d7ebc5e2ea38d85820ccd4'|'Uber''s open COO job in the spotlight amid leadership void'|'Technology News 2:03am BST Uber''s open COO job in the spotlight amid leadership void The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu By Heather Somerville - SAN FRANCISCO SAN FRANCISCO With Chief Executive Travis Kalanick taking a leave of absence from Uber Technologies Inc, the vacant job of chief operating officer takes on a lot more importance as the company frames the position as key to solving its woes. Kalanick, under fire for crass behavior and fostering a culture of sexism and rule-breaking, in early March announced he was searching for a COO to help run the ride-services company. But in the months since, Uber has suffered a string of controversies and embarrassing setbacks and the job has remained unfilled - part of a leadership vacuum that extends through the company and up to the board of directors. In a report released Tuesday, former U.S. Attorney General Eric Holder and his law firm, Covington & Burling, recommended sweeping management changes at Uber in the wake of sexual harassment allegations and other scandals. The report advocates for a COO who "will act as a full partner" and run "day-to-day operations." It also calls on the board of directors to take steps to limit the CEO''s responsibilities and provide "clear lines of demarcation between" the COO and the CEO. "The way the COO job is written in the recommendations makes it a really powerful and important job," said Bradley Tusk, an Uber investor and adviser. Executive recruiters and tech investors agreed that the job might look more appealing now than it did before Tuesday''s report. Still, it remains unclear if the company can attract a top-notch leader while Kalanick retains both the CEO title and, along with two allies, voting control of the company. Kalanick said on Tuesday he was stepping aside at Uber because he needed time to grieve his recently deceased mother and work on his leadership shortcomings, according to a staff email seen by Reuters. He also said his leave "may be shorter or longer than we might expect." Such ambiguity will effect Uber''s efforts to rebuild its executive ranks, startup experts say. "The lack of clarity around Travis'' position hangs over everything," said Bill Aulet, managing director of the entrepreneurship center at the Massachusetts Institute of Technology. "You''re dealing with the most important thing, which is, who is your boss?" VACANCIES AT THE TOP In the meantime, 14 people who report to Kalanick are charged with running the company until the CEO returns or a COO is hired. The company also is without a chief financial officer, general counsel and a head of engineering, among other open positions. "We have a strong leadership team including veterans who helped make the business what it is today and new talent who are helping to drive the changes we''re committed to making," Uber said in a statement. Uber is struggling to recruit new employees and has many who are eager to leave. Ed Zschau, founder of Inductus Associates, an executive search firm for startups, said his firm has "people from Uber in the search process" for a new job, including senior-level employees. "If the board can be recomposed a bit and get the company back on track, who the COO is will be an important signal as to whether people will want to work there," Zschau said. Concerns about a lack of leadership extend to the board of directors. Holder''s recommendations, including prohibiting romantic relationships between bosses and their subordinates and drinking on the job, suggest the Uber board failed to ensure the company had even the most basic checks and balances, say experts. "The Holder report could have been written by a law student who took an introductory corporate governance course," said Erik Gordon, a technology and entrepreneurship expert at the University of Michigan''s Ross School of Business. "The board shares responsibility for the wreck." Uber retained Holder''s firm in February after a female former employee publicly accused the company of brazen sexual harassment. A wake of scandals followed, including a criminal investigation of the company''s use of technology to evade regulators, a lawsuit alleging stolen self-driving car technology and a string of allegations relating to a toxic culture. On Tuesday, David Bonderman, a founder of private equity firm TPG Capital, an Uber investor, resigned from the board after making a sexist comment about women talking too much at the Uber staff meeting convened to discuss the Holder report. The resignation leaves Uber''s board with seven voting members and four vacant seats. Unlike the boards of most big companies, Uber''s directors have little executive experience. In addition to Kalanick, the board includes co-founder and Chairman Garrett Camp, early employee Ryan Graves, venture capitalist Bill Gurley, Saudi investor Yasir al-Rumayyan and media impresaria Arianna Huffington. Wan Ling Martello, an executive vice president at Nestle, was added to the board this week as an independent director. The Holder recommendations call for a restructured board, but the recommendation to install an independent board chair was left up to the board only to consider. (Reporting by Heather Somerville; Editing by Jonathan Weber and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-ceo-idUKKBN1953C1'|'2017-06-15T08:09:00.000+03:00'|4516.0|7.0|0.0|'' -4517|'48b2f358721dc70ca10225918c6f3b97ee6807ed'|'HSBC Malaysia to invest $250 million to build HQ in TRX financial district'|'Banks - Thu Jun 15, 2017 - 8:15am BST HSBC Malaysia to invest $250 million to build HQ in TRX financial district FILE PHOTO - The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo KUALA LUMPUR HSBC''s Malaysian subsidiary said it would invest $250 million (196.1 million pounds) to acquire land and build its headquarters at the Tun Razak Exchange (TRX) financial district. In a joint statement on Thursday, HSBC Bank Malaysia Bhd and TRX City Sdn Bhd said they signed a sale-and-purchase agreement for the development of the bank''s future headquarters. While they did not give any details on when the construction would start or be completed, the bank said it planned to build a minimum office space of 568,000 square feet. HSBC is the first foreign bank to invest in the financial district - the master developer for which is TRX City, a former 1Malaysia Development Bhd division now owned by the Malaysian finance ministry. TRX City CEO Azmar Talib said around 70 percent of the plots available in the financial district have been commercialized. "TRX City continues to receive significant interest from various local and international investors and tenants, including several of the world''s major banks and financial institutions," he said. TRX is planned as an international financial district located in Kuala Lumpur city, encompassing office space, residential, hospitality, retail components. In May, TRX City called off a $1.7 billion deal in another major property development, Bandar Malaysia. TRX City said the buyers of a 60 percent stake in that development had failed to meet payment obligations. (Reporting by Liz Lee; Editing by Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-malaysia-trx-hsbc-idUKKBN1960LS'|'2017-06-15T15:15:00.000+03:00'|4517.0|''|-1.0|'' +4517|'48b2f358721dc70ca10225918c6f3b97ee6807ed'|'HSBC Malaysia to invest $250 million to build HQ in TRX financial district'|'Banks - Thu Jun 15, 2017 - 8:15am BST HSBC Malaysia to invest $250 million to build HQ in TRX financial district FILE PHOTO - The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo KUALA LUMPUR HSBC''s Malaysian subsidiary said it would invest $250 million (196.1 million pounds) to acquire land and build its headquarters at the Tun Razak Exchange (TRX) financial district. In a joint statement on Thursday, HSBC Bank Malaysia Bhd and TRX City Sdn Bhd said they signed a sale-and-purchase agreement for the development of the bank''s future headquarters. While they did not give any details on when the construction would start or be completed, the bank said it planned to build a minimum office space of 568,000 square feet. HSBC is the first foreign bank to invest in the financial district - the master developer for which is TRX City, a former 1Malaysia Development Bhd division now owned by the Malaysian finance ministry. TRX City CEO Azmar Talib said around 70 percent of the plots available in the financial district have been commercialized. "TRX City continues to receive significant interest from various local and international investors and tenants, including several of the world''s major banks and financial institutions," he said. TRX is planned as an international financial district located in Kuala Lumpur city, encompassing office space, residential, hospitality, retail components. In May, TRX City called off a $1.7 billion deal in another major property development, Bandar Malaysia. TRX City said the buyers of a 60 percent stake in that development had failed to meet payment obligations. (Reporting by Liz Lee; Editing by Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-malaysia-trx-hsbc-idUKKBN1960LS'|'2017-06-15T15:15:00.000+03:00'|4517.0|28.0|0.0|'' 4518|'1c8dba2aee5f78aecd7c4016d43d900083c09ac9'|'Boeing wins hot Paris order race'|'Davos 2:47pm BST Boeing wins hot Paris order race left A Boeing 737 Max takes part in a flying display. REUTERS/Pascal Rossignol 1/8 A Boeing 737 Max takes part in flying display. REUTERS/Pascal Rossignol 2/8 left right Maziar Farzam, President of Inhance Digital, demonstrates virtual reality glasses which provide digital information about the Boeing 787-10 aircraft. REUTERS/Pascal Rossignol 3/8 left right Rick Anderson, Vice President of Northeast Asia Sales of Boeing Commercial Airplanes, and Xie Jinguo, President of Ruilli Airlines, are seen during a commercial announcement at the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 4/8 left right An Airbus A321 neo flies during a flying display at the first day of the 52nd Paris Air Show at Le Bourget airport near Paris, France June 19, 2017. REUTERS/Pascal Rossignol 5/8 left right An Airbus A350-1000 Xwb (back) and an Airbus A321neo are seen on static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 6/8 left right An Airbus A350-1000 Xwb is seen on static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 7/8 left right President and CEO of Airbus Fabrice Bregier and Chief Operating Officer-Customers of Airbus John Leahy react during a news conferance at the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 8/8 By Victoria Bryan and Tim Hepher - PARIS PARIS Boeing ( BA.N ) won a red hot race for new business at the Paris Airshow, rolling out a new model of its best-selling 737 airliner that helped it claim back the order crown from rival Airbus ( AIR.PA ) After a show in which both manufacturers did brisk business under a sweltering sun, the European planemaker said on Thursday it won 326 net new orders and commitments while U.S. rival Boeing said its total was 571. That included 147 new orders and commitments for the 737 MAX 10, plus 214 conversions to the MAX 10 from other models to support the launch of the new plane. "The MAX stole the show," Ihssane Mounir, vice president of sales and marketing at Boeing''s commercial aircraft division, told journalists. "This is probably one of our busiest air shows." Asked if Airbus had lost momentum after years in which it often trounced Boeing at annual industry gatherings, sales chief John Leahy said the slowdown in orders had been expected. "Is this a slower show than previous years? Yes, it is. Are we conceding that Boeing sold a few more airplanes than we did? Yes," he told a news conference. In a late flurry on Thursday morning, Airbus signed deals for almost 100 aircraft, with AirAsia and privately-owned Iranian carriers Zagros Airlines and Iran Airtour. Boeing topped up its tally by announcing a firm order for 125 737 MAX 8 airplanes with an undisclosed customer and another deal with lessor AerCap ( AER.N ) to convert 15 of its MAX 8 orders into the larger MAX 10. It also added a memorandum of understanding from Chinese domestic Riuli Airlines for 20 737 MAX 8 aircraft. Analyst Richard Aboulafia, of Virginia-based Teal Group, said commercial activity had been better than expected and was reminiscent of shows in 2009 and 2011, when the aircraft industry had bucked a retreating world economy. "This time we''ve got instability and uncertainty in many regions of the world, but airline traffic is strong, and as we''ve seen at this show, airlines want jets and the finance people are certainly happy to help." Leahy said he had expected the new Boeing plane to make more of a splash. "We had expected they would have had a bigger launch on the 737 MAX 10, not quite as many conversions, more incremental orders." While he did not expect the MAX 10 to be a viable competitor to the A321, Leahy said the Boeing plane''s launch could result in price pressure. "They''re clearly going to come after us on price." The A321 is larger than any previous member of the 737 family, a gap that the MAX 10 is intended to close. (Reporting by Tim Hepher and Victoria Bryan; Additional reporting by Andrea Shalal and Mike Stone; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-airshow-paris-idUKKBN19D0UQ'|'2017-06-22T20:20:00.000+03:00'|4518.0|''|-1.0|'' -4519|'9dc411ebd0b8a00a1d7265852141e7acfac1bf60'|'Essar Oil''s creditors approve $12.9 billion Rosneft takeover: sources'|'By Promit Mukherjee and Devidutta Tripathy - MUMBAI MUMBAI Creditor banks to India''s Essar Oil approved the acquisition of the company by a group including Russia''s Rosneft, two sources familiar with the matter said, removing a key hurdle to the $12.9 billion deal that has been in the works for two years.The news comes a day after Igor Sechin, CEO of the Russian oil and gas giant, said the Essar Oil deal could be considered as closed. Kremlin-controlled Rosneft, which sees the buyout as vital to expanding in Asia''s fastest growing energy market, had aimed to close the deal at the end of 2016 but it got held up over debt issues.Those delaying what is Rosneft''s biggest foreign acquisition were India''s state-run banks and financial institutions that hold about $500 million of Essar''s debt, sources said in May.However, it is still unclear whether India''s biggest insurer Life Insurance Corporation (LIC), which also lent money to Essar Oil, had given its approval or not.LIC was not a part of the creditors'' group that gave its nod to the deal on Friday, said one of the two sources, who did not want to be named due to rules on talking to media.An LIC spokesman did not answer a call seeking comment. A call made to the Essar Oil CEO also went unanswered.The deal will give Rosneft a 49 percent stake in Essar Oil, while another 49 percent will be split between Swiss commodities trader Trafigura [TRAFGF.UL] and Russian fund United Capital Partners. Essar''s founder billionaire Ruia brothers will retain a 2 percent stake.(Reporting by Promit Mukherjee and Devidutta Tripathy; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rosneft-oil-essar-banks-idINKBN19E0TP'|'2017-06-23T06:35:00.000+03:00'|4519.0|''|-1.0|'' +4519|'9dc411ebd0b8a00a1d7265852141e7acfac1bf60'|'Essar Oil''s creditors approve $12.9 billion Rosneft takeover: sources'|'By Promit Mukherjee and Devidutta Tripathy - MUMBAI MUMBAI Creditor banks to India''s Essar Oil approved the acquisition of the company by a group including Russia''s Rosneft, two sources familiar with the matter said, removing a key hurdle to the $12.9 billion deal that has been in the works for two years.The news comes a day after Igor Sechin, CEO of the Russian oil and gas giant, said the Essar Oil deal could be considered as closed. Kremlin-controlled Rosneft, which sees the buyout as vital to expanding in Asia''s fastest growing energy market, had aimed to close the deal at the end of 2016 but it got held up over debt issues.Those delaying what is Rosneft''s biggest foreign acquisition were India''s state-run banks and financial institutions that hold about $500 million of Essar''s debt, sources said in May.However, it is still unclear whether India''s biggest insurer Life Insurance Corporation (LIC), which also lent money to Essar Oil, had given its approval or not.LIC was not a part of the creditors'' group that gave its nod to the deal on Friday, said one of the two sources, who did not want to be named due to rules on talking to media.An LIC spokesman did not answer a call seeking comment. A call made to the Essar Oil CEO also went unanswered.The deal will give Rosneft a 49 percent stake in Essar Oil, while another 49 percent will be split between Swiss commodities trader Trafigura [TRAFGF.UL] and Russian fund United Capital Partners. Essar''s founder billionaire Ruia brothers will retain a 2 percent stake.(Reporting by Promit Mukherjee and Devidutta Tripathy; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rosneft-oil-essar-banks-idINKBN19E0TP'|'2017-06-23T06:35:00.000+03:00'|4519.0|23.0|4.0|'' 4520|'ee19707068e8de8ccf0fa941d799261e63a9f9cc'|'British political uncertainty risks slowing M&A, dealmakers say'|'Deals - Mon Jun 12, 2017 - 2:25pm BST British political uncertainty risks slowing M&A, dealmakers say Protestor wearing a Theresa May mask is seen the day after Britain''s election in London. REUTERS/Clodagh Kilcoyne By Anjuli Davies and Pamela Barbaglia - LONDON LONDON The political shock of Prime Minister Theresa May''s failure to win a majority in a national election could put the brakes on takeover activity in Britain, dealmakers told Reuters on Monday. "So long as uncertainty is there I don''t see that as particularly positive for M&A in the short term," Karen Cook, chair of investment banking at Goldman Sachs, said at the Reuters Global M&A summit. "I think the problem is there is a government with different views amongst the Tory (Conservative) party, who are not all aligned to hard Brexit." A failed gamble on a snap election has weakened Britain''s hand just days before formal talks on leaving the European Union. It has also emboldened those within May''s own Conservative ranks and beyond who object to her plan to leave the European single market and customs union. Hernan Cristerna, co-head of global M&A at JPMorgan, said that dealmaking would likely be driven by what happens in the currency markets. "What I follow more than hard or soft Brexit is what happens to sterling and post-election there is renewed weakness in sterling," said Cristerna, noting a weaker pound could spark deals as happened after last year''s Brexit vote. "There is an opportunistic situation when companies happen to be valued in sterling but most of their assets are global." HISTORY LESSONS Going by past elections, dealmaking should in theory rise. More M&A deals involving a UK target company were announced immediately after the last two elections than immediately before, Thomson Reuters data shows. In 2015, when the Conservatives won a small majority, four percent more deals were announced during the 90 day period after the election than in the same period before. In 2010, when the election spawned a Conservative-Liberal Democrat coalition, there was an eight percent increase. An increase in the number of UK Outbound M&A deals was also seen after the last three UK general elections, with an increase of 47 percent in 2015. "It''s far too early to call what the consequences of last week are. The UK has had a relatively open environment for M&A," said William Rucker, Chief Executive of Lazard UK. "It''s certainly more protectionist compared with 12 months ago but a lot of these things haven''t been tested yet." May had promised to make it harder for foreign firms to take over British ones, when she set out pre-election plans to give the state more influence over corporate Britain. To protect jobs, May said her government would tighten the rules around takeovers, especially in infrastructure deals where a foreign owner could also raise security concerns. However, the Conservatives will need the help of the small Democratic Unionist Party to govern, meaning parts of their manifesto may have to be dropped or modified. "There clearly is increased protectionism in the UK and the US," said Cook. "If this government wants to have more protectionism they ought to do it through legislation not through the back door on takeover rules because I think the takeover rules broadly work." The Takeover Panel administers Britain''s code on takeovers and regulates deals to ensure fair treatment for investors. SPECIAL RELATIONSHIP Despite political upheaval around the world, with the new U.S. administration under President Donald Trump also promoting an America-first agenda, dealmaking has remained robust. Worldwide M&A is up 3 percent so far this year to total $1.4 trillion, compared to the same period in 2016, Thomson Reuters data shows. European M&A is up 44 percent this year to total $393 billion, whilst M&A in the United States is down 14 percent to total $499 billion, compared to the same period a year ago. M&A in Britain is up 89 percent year-to-date, totaling $81 billion, compared to this time last year. "U.S. companies are still very interested in Europe and European companies in the U.S., " said Steve Baronoff, chairman of global M&A at Bank of America Merrill Lynch said. "The special relationship between the UK and the U.S. - that special relationship comes from the bottom up....It may ebb and flow a bit depending on who is running the country but that is the bedrock and that doesn''t get changed depending on the president." (Reporting By Anjuli Davies; Editing by Rachel Armstrong and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-election-m-a-idUKKBN1931JL'|'2017-06-12T21:24:00.000+03:00'|4520.0|''|-1.0|'' 4521|'f13e021790066aa12c482a64ed484ed365c65db4'|'U.S. plaintiffs'' lawyers warn of automaker role in Takata bankruptcy'|'Business 10:18pm BST U.S. plaintiffs'' lawyers warn of automaker role in Takata bankruptcy FILE PHOTO: Visitors walk behind a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan, November 6, 2015. REUTERS/Toru Hanai/File Photo By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. Lawyers for people injured by exploding Takata Corp ( 7312.T ) air bags told a U.S. bankruptcy court judge on Tuesday that the company''s restructuring plan is being skewed to benefit automakers over victims. TK Holdings Inc, the U.S. business of Takata, filed for Chapter 11 bankruptcy on Sunday due to tens of billions of dollars of liabilities from recalls and lawsuits over its air bags, along with 11 Mexican and U.S. subsidiaries. Most of Takata''s obligations are owed to automakers for recalling and replacing millions of its air bags, and the Japanese supplier''s restructuring plan relies heavily on financial support from its customers. Several personal injury lawyers told U.S. Bankruptcy Judge Brendan Shannon that Takata had made too many concessions to automakers, without investigating the value of their claims. Lawyers for TK Holdings and General Motors Co ( GM.N ) argued the need for financing outweighed the need to investigate the protections granted to the automakers, which could be investigated later. "I will figure that out in due course, but Im not doing that today," Shannon said. Authorities have linked 16 deaths, mostly in the United States, and more than 180 injuries to explosions of Takata air bag inflators made with ammonium nitrate that became volatile with age and prolonged exposure to heat. Around 100 personal injury and wrongful death cases have been filed in the United States and the company has set aside $125 million (97.56 million pounds) for individual claims related to its air bags. Kevin Dean of the Motley Rice law firm urged Shannon to ensure current and future personal injury plaintiffs get an official committee, which includes a budget for lawyers and advisers. "Youll see 10 years from now these inflators involved in a volume of injuries over time," said Dean. "Were dealing with horribly injured plaintiffs." Shannon acknowledged the role of the plaintiffs and said a committee could be appointed. The U.S. case, and parallel foreign proceedings, opens the door to the acquisition of Takata''s viable operations by Key Safety Systems (KSS), a Michigan-based parts supplier owned by China''s Ningbo Joyson Electronic Corp ( 600699.SS ). Ningbo Joyson acquired KSS in 2016 in a $920 million deal. The remaining operations will be reorganized to churn out millions of replacement inflators for cars that are subject to recalls. Takata in February pleaded guilty in a U.S. federal court to a felony charge as part of a $1 billion settlement that included compensation funds for automakers and victims of its faulty inflators. (Reporting by Tom Hals in Wilmington, writing by David Shepardson in Washington)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-takata-bankruptcy-usa-idUKKBN19I2UA'|'2017-06-28T05:18:00.000+03:00'|4521.0|''|-1.0|'' 4522|'ceac5644212b6fed834c01fd86eb1777070bde31'|'UK to give initial ruling on Fox-Sky takeover by June 29'|'LONDON The British government will rule on whether Rupert Murdoch''s proposed takeover of European pay-TV group Sky ( SKYB.L ) needs a thorough investigation by June 29, the Culture and Media Secretary said on Tuesday.The government received reports from the independent media regulator Ofcom and the Competition and Markets Authority watchdog on Tuesday, looking into whether the proposed takeover would give Murdoch''s Twenty-First Century Fox ( FOXA.O ) too much control of the media in Britain.Fox has offered to buy the 61 percent of the British pay-TV group it does not already own for $14.8 billion.(Reporting by Kate Holton, Editing by Paul Sandle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sky-m-a-twenty-first-fox-idINKBN19B1X2'|'2017-06-20T11:51:00.000+03:00'|4522.0|''|-1.0|'' @@ -4538,13 +4538,13 @@ 4536|'899ba3bf66c988b58a9959574a204f5877df0151'|'Rosneft''s Sechin: U.S. oil output may erase gains of global cuts deal'|'Money News - Fri Jun 2, 2017 - 1:15pm IST Rosneft''s Sechin: U.S. oil output may erase gains of global cuts deal Rosneft Chief Executive Igor Sechin attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. REUTERS/Sergei Karpukhin ST PETERSBURG, Russia Oil producers in the United States could add up to 1.5 million barrels per day to world oil output next year, erasing any gains from a global oil output cut deal, Igor Sechin, the CEO of Russia''s largest oil producer Rosneft, said on Friday. Sechin said the resilience of Russia''s oil industry had however been seriously underestimated by the market. He said Russia could further increase its oil production to meet rising demand in future. (Reporting by Dmitry Zhdannikov and Olesya Astakhova; Writing by Dmitry Solovyov; Editing by Andrew Osborn) '|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/russia-economic-forum-sechin-usa-idINKBN18T0U7'|'2017-06-02T05:45:00.000+03:00'|4536.0|''|-1.0|'' 4537|'9e5e798215e1cf44c7cbf63c7f41be7d6007802d'|'BlackRock takes Scalable Capital stake in Europe ''robo-advisor'' push'|'Business News 28am BST BlackRock takes Scalable Capital stake in Europe ''robo-advisor'' push FILE PHOTO: The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid By Simon Jessop and Trevor Hunnicutt - LONDON/NEW YORK LONDON/NEW YORK BlackRock ( BLK.N ), the world''s biggest asset manager, made its first push into Europe''s "robo-advice" market on Tuesday after taking a stake in Anglo-German digital investment manager Scalable Capital. BlackRock, which manages $5.4 trillion (4.24 trillion pounds) across a range of actively managed and index-tracking funds, led a 30 million euro (26.39 million pounds) funding round for Scalable alongside its two existing German venture capital backers, a joint statement said. The funding will help Scalable expand its robo-advice business - which uses low-cost exchange-based funds and online distribution - with financial institutions and corporates to help grow assets past the 250 million euros raised in the 16 months since launch from more than 6,000 retail clients. The expansion of BlackRock''s digital efforts comes as fund and wealth managers globally look to overhaul their distribution models amid tougher regulation, pressure on fees and the changing investment needs of a younger generation. Patrick Olson, BlackRock''s chief operating officer for Europe, the Middle East and Africa, and who will join Scalable''s supervisory board, said the decision to invest came as investors increasingly wanted to access their holdings using technology. "This trend is prompting strong demand from European financial institutions including banks, insurers, wealth managers and advisory firms for high-quality technology-enabled investment solutions," Olsen said. Scalable Capital, founded in 2014 and based in Munich and London, uses exchange-traded funds from BlackRock and others to build low-cost portfolios for clients and is actively looking to expand into other European countries. As well as Britain and Germany, it is also active in Austria. New European rules aimed at improving transparency, value for money and protections for investors meant traditional asset and wealth managers would need to use technology to help design, manage and distribute investments, the companies said. "Technology is not just a competitive advantage but a requirement for wealth management businesses to be successful in the future," Adam French, co-founder and co-CEO at Scalable Capital, said. The deal is subject to regulatory approval and is expected to close in the third quarter. The companies declined to specify the size of the equity stake taken by BlackRock or its growth targets. FINTECH STABLE The deal for Scalable comes several months after BlackRock Chief Executive Officer Larry Fink told Reuters he was considering up to four small acquisitions to shore up its technology and investment expertise. It also follows the purchase in 2015 of U.S.-based robo-adviser FutureAdvisor which, like Scalable, uses exchange-traded funds to build portfolios for clients and began serving retail customers. Since then, FutureAdvisor has put more emphasis on licensing its service to big wealth management companies to offer through their own advisers, typically to lower-tier clients who they might otherwise not retain. BlackRock is keen to win more market share with those wealth management firms, which are already a primary distributor of its funds to the general public. FutureAdvisor disclosed having $969 million in assets under management and 13,751 accounts in a February filing with U.S. regulators, up from $232 million and 3,460 accounts around when the BlackRock deal was announced in 2015. As well as FutureAdvisor, BlackRock''s digital wealth management business includes Aladdin Risk for Wealth, iRetire and iCapital, all of which are solely for U.S.-based clients. Fink has placed an unusual emphasis on technology for a company in his industry, including through the company''s Aladdin operating system for investment management, which it licenses to rivals. It is also exploring how computer models can improve stock picking while reducing costs and in March announced plans to bolster an internal team known for data-driven approaches to picking stocks. (Reporting by Simon Jessop, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-blackrock-scalablecapital-idUKKBN19A32I'|'2017-06-20T07:19:00.000+03:00'|4537.0|''|-1.0|'' 4538|'2c89fa497bec268403b881fdbecfd6e5e22f0e87'|'Mars recalls some chocolates due to likely Salmonella presence'|'Top News - Fri Jun 9, 2017 - 5:40pm BST Mars recalls some chocolates due to likely Salmonella presence Confectioner Mars Inc, owner of the Mars and M&M brands, said on Friday that it had voluntarily recalled some products sold under the Galaxy brand in the UK and Ireland as it detected the possible presence of Salmonella in the ingredients. The products, including the Galaxy Minstrels and Galaxy Counters bars, with a best-before date ranging between May 6, 2018 and May 13, 2018 were recalled as a precautionary measure, the British and Irish units of Mars said. Mars also said it had received no complaints regarding the affected products and that it was working closely with relevant food safety authorities regarding the recall. The company, which makes the Mars Bars that Harry Potter meant to buy on his first trip aboard the Hogwarts Express, said it came across the issue during a routine testing process. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mars-inc-recall-idUKKBN1902EK'|'2017-06-10T00:14:00.000+03:00'|4538.0|''|-1.0|'' -4539|'53f1692b9d3f93115077da1f89a3071c21346ed7'|'TREASURIES-Yield curve flattens as Fed stays hawkish amid low inflation'|'* Fed''s Rosengren: Low rates are risk to financial stability * US five-, 30-year yield curve flattest since 2007 By Karen Brettell NEW YORK, June 20 The U.S. Treasury yield curve flattened to its lowest levels since December 2007 as more hawkish Federal Reserve officials led intermediate-dated notes to underperform long-term bonds, which are being supported by falling inflation. Boston Fed President Eric Rosengren said on Tuesday that the era of low interest rates in the United States and elsewhere poses financial stability risks and that central bankers must factor such concerns into their decision-making. On Monday, New York Fed President William Dudley said halting the rate-hiking cycle now would imperil the economy, and unemployment at 4.3 percent now and inflation at 1.5 percent were "a pretty good place to be. The more the Fed beats in this relentlessly hawkish message, the more the yield curve just ends up flattening on it, said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York. The yield curve between five-year notes and 30-year bonds flattened to 107 basis points, the lowest since December 2007. The yield curve has flattened as the Feds hawkishness contrasts with weakening inflation. Data last Wednesday showed that the so-called core Consumer Price Index (CPI), which strips out food and energy costs, increased 1.7 percent year-on-year in May, the smallest rise since May 2015. That measure has fallen from a year-on-year rise of 2.2 percent in February. The Fed has been talking much more hawkishly than the past in the context of the recent data, said Kohli. Its not that the levels are disturbing, its that the trend is really disturbing. Five-year note yields , which are among the most sensitive to Fed policy, have jumped to 1.80 percent from a six-month low of 1.67 percent on Wednesday, before the U.S. central bank raised interest rates for the second time in three months. Thirty-year bond yields , which are most influenced by inflation expectations, by contrast have tumbled to 2.76 percent from 2.80 percent after the Feds rate hike last week. Benchmark 10-year notes were last up 3/32 in price to yield 2.18 percent, down from 2.19 percent late on Monday. (Editing by Bernadette Baum) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1JH0L8'|'2017-06-20T11:45:00.000+03:00'|4539.0|''|-1.0|'' +4539|'53f1692b9d3f93115077da1f89a3071c21346ed7'|'TREASURIES-Yield curve flattens as Fed stays hawkish amid low inflation'|'* Fed''s Rosengren: Low rates are risk to financial stability * US five-, 30-year yield curve flattest since 2007 By Karen Brettell NEW YORK, June 20 The U.S. Treasury yield curve flattened to its lowest levels since December 2007 as more hawkish Federal Reserve officials led intermediate-dated notes to underperform long-term bonds, which are being supported by falling inflation. Boston Fed President Eric Rosengren said on Tuesday that the era of low interest rates in the United States and elsewhere poses financial stability risks and that central bankers must factor such concerns into their decision-making. On Monday, New York Fed President William Dudley said halting the rate-hiking cycle now would imperil the economy, and unemployment at 4.3 percent now and inflation at 1.5 percent were "a pretty good place to be. The more the Fed beats in this relentlessly hawkish message, the more the yield curve just ends up flattening on it, said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York. The yield curve between five-year notes and 30-year bonds flattened to 107 basis points, the lowest since December 2007. The yield curve has flattened as the Feds hawkishness contrasts with weakening inflation. Data last Wednesday showed that the so-called core Consumer Price Index (CPI), which strips out food and energy costs, increased 1.7 percent year-on-year in May, the smallest rise since May 2015. That measure has fallen from a year-on-year rise of 2.2 percent in February. The Fed has been talking much more hawkishly than the past in the context of the recent data, said Kohli. Its not that the levels are disturbing, its that the trend is really disturbing. Five-year note yields , which are among the most sensitive to Fed policy, have jumped to 1.80 percent from a six-month low of 1.67 percent on Wednesday, before the U.S. central bank raised interest rates for the second time in three months. Thirty-year bond yields , which are most influenced by inflation expectations, by contrast have tumbled to 2.76 percent from 2.80 percent after the Feds rate hike last week. Benchmark 10-year notes were last up 3/32 in price to yield 2.18 percent, down from 2.19 percent late on Monday. (Editing by Bernadette Baum) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1JH0L8'|'2017-06-20T11:45:00.000+03:00'|4539.0|24.0|0.0|'' 4540|'089d8fb8849f32e685a30a51b04d8a447fca61f7'|'China agrees to stop cyberattacks on Canadian private sector: Globe and Mail'|'Asia - Mon Jun 26, 2017 - 2:30pm IST China, Canada vow not to conduct cyber attacks on private sector China and Canada have signed an agreement vowing not to conduct state-sponsored cyber attacks against each other aimed at stealing trade secrets or other confidential business information. The agreement was reached during talks between Canada''s national security and intelligence adviser, Daniel Jean, and senior communist party official Wang Yongqing, a statement dated June 22 on the Canadian government''s website showed. "This is something that three or four years ago (Beijing) would not even have entertained in the conversation," an unnamed Canadian government official told the Globe and Mail, which first reported the agreement. The new agreement only covers economic cyber espionage, which includes hacking corporate secrets and proprietary technology, but does not deal with state-sponsored cyber spying for intelligence gathering. "The two sides agreed that neither country''s government would conduct or knowingly support cyber-enabled theft of intellectual property, including trade secrets or other confidential business information, with the intent of providing competitive advantages to companies or commercial sectors," the Canadian government said in the statement. A statement released by China''s official Xinhua news agency last week about the meeting contained broadly similar wording on cyber attacks. Some countries, including the United States, have long accused Beijing of sponsoring hacking attacks on companies in an effort to acquire sensitive foreign technology. China denies those accusations, and says that it is also a victim of hacking. In 2015, China and the United States came to a similar understanding on corporate cyber espionage, after the Obama administration had mulled targeted sanctions against Chinese individuals and companies for cyber attacks against U.S. commercial targets. U.S. cyber security executives and government advisers said breaches attributed to China-based groups had dropped around the time of that agreement. China this month put into effect a new cyber security law designed to strengthen critical infrastructure, even as many global tech firms and lobbies said the rules skewed the playing field against foreign firms. (Reporting by Subrat Patnaik in Bengalore and Michael Martina in Beijing; Additional reporting by David Ljunggren in Ottawa and Ben Blanchard in Beijing; Editing by Amrutha Gayathri) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-canada-china-cyber-idINKBN19H06A'|'2017-06-26T00:49:00.000+03:00'|4540.0|''|-1.0|'' 4541|'4e092e4b9a19c8cfd105144e143900454432d213'|'Exxon, partners set $4.4 bln for mega oil project in Guyana'|' 11:08pm IST Exxon, partners set $4.4 bln for mega oil project in Guyana FILE PHOTO: The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. REUTERS/Lucas Jackson/File Photo By Ernest Scheyder Exxon Mobil Corp said on Friday it and partners would spend $4.4 billion to develop part of the Liza oilfield off the coast of Guyana, approving a megaproject at a time when the oil industry has grown obsessed with lower-cost shale. Exxon''s decision shows that oil companies remain interested in large projects, especially offshore, even in an era of belt-tightening after two years of low crude prices. The Guyana announcement from Exxon and partners Hess Corp and CNOOC was the fifth deepwater project to gain approvals this year. BP Plc and Reliance Industries said on Thursday they would spend $6 billion to develop natural gas reserves off the Indian coast. Exxon, which spent nearly $7 billion earlier this year to more than double its holdings in the Permian shale formation in the United States, said the Guyana project was approved due in part to its low cost of production. "We''re excited about the tremendous potential of the Liza field and accelerating first production through a phased development in this lower cost environment," Liam Mallon, Exxon''s head of development, said in a statement. Phase One of the Liza development project should tap about 450 million barrels of oil and pump about 120,000 barrels per day when it comes online in 2020, Exxon said in a statement. The Liza field is roughly 190 kilometers off the coast of Guyana. Exxon plans 17 wells as part of the project''s first phase. A second phase is possible in the future, the company said. New York-based Hess said it expects its share of the project''s cost to be about $955 million. Shares of Exxon rose 0.7 percent to $82.97 on Friday. (Reporting by Ernest Scheyder in Houston and Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/exxon-mobil-guyana-idINKBN1972G0'|'2017-06-16T15:38:00.000+03:00'|4541.0|''|-1.0|'' 4542|'aa8b8d3a38a7cd03270d2a93308d2650a57015a8'|'German truck parts maker Jost plans Frankfurt IPO in H2'|'Business 7:00am BST German truck parts maker Jost plans Frankfurt IPO in H2 FRANKFURT German truck and trailer parts maker Jost plans to list on the Frankfurt stock exchange in the second half of 2017, the group said on Monday. The initial public offering (IPO) will comprise new shares from a capital increase worth around 130 million euros (114 million) as well as stock held by existing shareholders including buyout group Cinven. Sources had told Reuters last month that Cinven was reviving plans to list Jost, having previously shelved plans for a flotation due to wobbly capital markets. (Reporting by Maria Sheahan; Editing by Biju Dwarakanath)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jost-ipo-idUKKBN19H0HW'|'2017-06-26T14:00:00.000+03:00'|4542.0|''|-1.0|'' 4543|'88100ea716a7d6493cbee3dc68c731275196c706'|'Exclusive: Universal president says founder Okada ''unfit'' for board in private letter'|'Business News - Thu Jun 29, 2017 - 1:36am EDT Exclusive: Universal president says founder Okada ''unfit'' for board in private letter left right FILE PHOTO: Kazuo Okada, chairman of Tiger Resort, Leisure and Entertainment Inc. listens at the press launch of 65th annual Miss Universe competition on January 30, 2017. REUTERS/Erik De Castro/File Photo 1/4 left right The logo of the Universal Entertainment Corp. is seen at the company''s headquarters in Tokyo November 30, 2012. REUTERS/Toru Hanai 2/4 left right The logo of Universal Entertainment Corp. is seen at the company''s headquarters in Tokyo, Japan, June 29, 2017. REUTERS/Toru Hanai 3/4 left right The logo of Universal Entertainment Corp. is seen at the company''s headquarters in Tokyo, Japan, June 29, 2017. REUTERS/Toru Hanai 4/4 By Emi Emoto and Nathan Layne - TOKYO TOKYO The president of Japan''s Universal Entertainment Corp ( 6425.T ) said the company''s founder Kazuo Okada is "unfit" to be the director of a public company, in a private letter to a shareholder seen by Reuters. The June 21 letter was written by Jun Fujimoto ahead of an annual meeting of Universal shareholders on Thursday at which Okada lost his position as board chairman. Shareholders approved a slate of directors that did not include Okada, a company spokesman confirmed. The meeting was not open to the media. The board shake-up comes three weeks after Universal announced that it had established an internal investigative panel to probe Okadas use of company money. Universal said it had found three cases in which Okada misappropriated a total of $20 million in funds. Okada addressed those allegations for the first time on Thursday on the sidelines of the meeting in a Tokyo hotel. Okada made the comments after being told he could not attend the meeting because his stake in Universal is held indirectly by a holding company. "I''ve done nothing wrong," Okada told reporters. "I''ve been barred from the meeting in the name of this investigative panel and allegations that are a bunch of nonsense." Universal said it could not comment on letters to or from Fujimoto as an individual and declined to make him available for an interview. Peppered with criticism of Okada, the letter offers a glimpse into the mindset of Fujimoto, 59, as he pushes ahead with an attempt to sideline Okada, 74, in a rare Japanese boardroom coup. "I think Chairman Okada is unfit to be in management of a public company," Fujimoto said in the letter, which was written in Japanese. "I''m confident that I can prove that with irrefutable physical evidence." He did not say what that evidence was. The approved slate of directors included Okada''s wife, Takako. Universal also brought back a former finance executive and added an external director to the board. Those changes were made possible by the resignation of Okada in May as director of Okada Holdings Ltd, a company based in Hong Kong that owns 69 percent of Universal''s stock and therefore holds sway over appointments to Universal''s board. Okada stepped down as the result of a rift with family members, who control a majority of Okada Holdings'' stock, Reuters reported on Wednesday. Fujimoto was responding to a letter from shareholder Tsuyoshi Hosoba, who had unsuccessfully sued Universal directors in 2015 alleging they breached their fiduciary duties on a series of matters, including in relation to $40 million in payments from affiliates of Universal in 2010 to a Philippine consultant, who was working on the company''s $2.4 billion casino on Manila Bay. Okada, Fujimoto and Universal have denied any wrongdoing related to the payments, which have been the subject of regulatory scrutiny in the U.S. and the Philippines. Hosoba declined to comment. In his letter, Hosoba said he wanted to work with Fujimoto to "clean up" the company and offered to cease further legal action if Fujimoto "told the truth" about the payments and took steps to bolster corporate governance. In response, Fujimoto rejected Hosoba''s request to cooperate but urged him to consider the steps he was taking to improve the company''s compliance and the risks directors and executives were taking in investigating the "extremely powerful" Okada. Fujimoto criticized Hosoba''s threat of legal action as misguided. In the letter, Fujimoto said the investigation into Okada would look at transactions going back five years. That means the review would not include the $40 million paid to the Manila-based consultant in 2010. The U.S. Federal Bureau of Investigation has been probing the $40 million to determine if it was aimed at helping Universal gain tax and ownership concessions for its casino in the Philippines, according to the people with knowledge of the probe. Universal and Okada filed a defamation lawsuit against Reuters in 2012 for its reporting on the payments. The Tokyo District Court ruled in 2015 that Universal''s case was without merit. Last year the Tokyo High Court upheld that ruling, dismissing Universal''s appeal. Universal has appealed to the Supreme Court of Japan. (Editing by Bill Rigby and Lincoln Feast) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-universal-ent-okada-board-exclusive-idUSKBN19K04P'|'2017-06-29T04:08:00.000+03:00'|4543.0|''|-1.0|'' 4544|'6d4cb2e4366a1adaac62cabd3a6811ae128bc4a6'|'Deutsche Bank asks for more time for U.S. query on Trump, Russia - source'|' 42pm BST Deutsche Bank asks for more time for U.S. query on Trump, Russia - source By Tom Sims - FRANKFURT FRANKFURT Germany''s largest bank has asked for more time to respond to a request from Democrats on a U.S. House of Representatives panel for details about U.S. President Donald Trump''s possible ties to Russia, a person familiar with the matter said on Monday. Deutsche Bank''s ( DBKGn.DE ) external counsel sent a letter dated Friday June 2 to the Democrats saying it needed additional time, the source told Reuters. The person spoke on condition of anonymity and declined to specify how much more time the bank''s counsel needed. Several Democrats on the U.S. House Financial Services Committee sent a letter last month to John Cryan, chief executive officer of Deutsche Bank, seeking details that might show if Trump''s loans for his real estate business were backed by the Russian government. The letter asked for details of internal reviews of Trump''s transactions and gave the German bank until Friday to respond. Deutsche Bank has declined to comment about any business dealings with Trump. The Republican president is mired in controversy over FBI and congressional probes into alleged Russian meddling in the 2016 U.S. presidential election and potential collusion between Moscow and the Trump campaign. Moscow has denied the allegations, and Trump has denied any collusion. Maxine Waters, Democrat representative for California and a member of the committee, was one of the original letter''s five signatories. She confirmed through a staff member on Monday that Deutsche did not provide "substantive responses to our requests". "Congress remains in the dark on whether loans Deutsche Bank made to President Trump were guaranteed by the Russian government, or were in any way connected to Russia," the Democrats wrote in their request to Deutsche Bank. "It is critical that you provide this committee with the information necessary to assess the scope, findings and conclusions of your internal reviews," they said. The Democrats cannot compel Deutsche Bank to hand over the information. The House committee has the power to subpoena the documents, but Republican committee members - who make up the majority of the panel - would have to cooperate. No Republicans have signed the document request. The congressional inquiry is also seeking information about a Russian "mirror trading" scheme that allowed $10 billion (7.7 billion) to flow out of Russia. In January, Deutsche Bank agreed to pay $630 million in fines for organising the scheme that could have been used to launder money out of Russia. The trades involved, for example, buying Russian stocks in roubles for a client and selling the identical value of a security for U.S. dollars for a related customer. (Reporting by Tom Sims; Editing by Rachel Armstrong and Mark Potter) FILE PHOTO: The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski/File Photo'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-trump-idUKKBN18W20Y'|'2017-06-05T23:42:00.000+03:00'|4544.0|''|-1.0|'' -4545|'803336ab2ff3615902f65c237af59b7e16f5d780'|'India farm protests push for rise in edible oils import tax'|'By Rajendra Jadhav - MUMBAI MUMBAI India''s government is facing mounting pressure to raise import duties on edible oils after farmers staged mass protests in key farm states amid a slump in oilseed prices to below government support levels.Local oilseed crushers are struggling to compete with cheaper edible oil imports from Indonesia, Malaysia, Brazil and Argentina, reducing demand for local rapeseed and soybeans, even after prices tumbled by a third over the past 14 months due to bumper global production.Politically powerful farm groups want the government to raise import duties, boosting margins for local oilseed crushers like Ruchi Soya and encouraging cultivation for the 2017/18 season."It''s high time to do it. The sowing has started and prices are below the support level," said Davish Jain, chairman of the Soybean Processors Association of India (SOPA). "Some farmers have already decided to switch to other crops."India, the world''s biggest palm and soybean oil importer, now relies on imports for 70 percent of its edible oils, up from 44 percent in 2001/02.Prime Minister Narendra Modi, who had promised to double farmers'' incomes over five years, remains a popular leader three years into his term. But unrest has flared in states ruled by his Bharatiya Janata Party (BJP), catching regional leaders flat-footed.In Madhya Pradesh, the top soybean producing state, five farmers were shot dead during protests earlier this month.Farmers are demanding better prices for their produce and billions of dollars in debt relief after BJP governments in Uttar Pradesh and Maharashtra announced a more than $10 billion loan write-off for farmers.Industry body, the Solvent Extractors Association of India (SEA), has petitioned the government to raise the duty on crude vegetable oils to 20 percent and on refined products to 35 percent, from 7.5 percent and 12.5 percent currently.Trade officials say lower food price inflation in India will make it easier for the government to raise import duties, protecting farmers without hurting consumers."Raising the import duty can help put a damper on imports as well as encourage domestic crushing and refining," said Dinesh Shahra, managing director of Ruchi Soya.Finance ministry spokesman D.S. Malik declined to comment.While the government fixes minimum prices for more than two dozen farm commodities, it mainly buys wheat and rice. In the absence of support, local prices move in tandem with overseas prices.Many farmers were forced to sell soybeans at 2,550 rupees per 100 kg in the spot market, below the support price of 2,775 rupees, which has been raised to 3,050 rupees for the 2017/18 season.Meanwhile, India''s soybean stocks are likely to hit 1.83 million tonnes at the end of this year, up from 441,000 tonnes at the start of the marketing year on Oct. 1, SOPA estimates, as an appreciating rupee makes soymeal exports unattractive."The government should try to boost oilmeal exports by giving some kind of incentives for exports. It will help in reducing inventory," said Ali Muhammad Lakdawala, procurement in charge of Oils & Fats at diversified consumer company ITC Ltd..(Reporting by Rajendra Jadhav; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-edibleoils-duty-idINKBN19D0GS'|'2017-06-22T14:19:00.000+03:00'|4545.0|''|-1.0|'' +4545|'803336ab2ff3615902f65c237af59b7e16f5d780'|'India farm protests push for rise in edible oils import tax'|'By Rajendra Jadhav - MUMBAI MUMBAI India''s government is facing mounting pressure to raise import duties on edible oils after farmers staged mass protests in key farm states amid a slump in oilseed prices to below government support levels.Local oilseed crushers are struggling to compete with cheaper edible oil imports from Indonesia, Malaysia, Brazil and Argentina, reducing demand for local rapeseed and soybeans, even after prices tumbled by a third over the past 14 months due to bumper global production.Politically powerful farm groups want the government to raise import duties, boosting margins for local oilseed crushers like Ruchi Soya and encouraging cultivation for the 2017/18 season."It''s high time to do it. The sowing has started and prices are below the support level," said Davish Jain, chairman of the Soybean Processors Association of India (SOPA). "Some farmers have already decided to switch to other crops."India, the world''s biggest palm and soybean oil importer, now relies on imports for 70 percent of its edible oils, up from 44 percent in 2001/02.Prime Minister Narendra Modi, who had promised to double farmers'' incomes over five years, remains a popular leader three years into his term. But unrest has flared in states ruled by his Bharatiya Janata Party (BJP), catching regional leaders flat-footed.In Madhya Pradesh, the top soybean producing state, five farmers were shot dead during protests earlier this month.Farmers are demanding better prices for their produce and billions of dollars in debt relief after BJP governments in Uttar Pradesh and Maharashtra announced a more than $10 billion loan write-off for farmers.Industry body, the Solvent Extractors Association of India (SEA), has petitioned the government to raise the duty on crude vegetable oils to 20 percent and on refined products to 35 percent, from 7.5 percent and 12.5 percent currently.Trade officials say lower food price inflation in India will make it easier for the government to raise import duties, protecting farmers without hurting consumers."Raising the import duty can help put a damper on imports as well as encourage domestic crushing and refining," said Dinesh Shahra, managing director of Ruchi Soya.Finance ministry spokesman D.S. Malik declined to comment.While the government fixes minimum prices for more than two dozen farm commodities, it mainly buys wheat and rice. In the absence of support, local prices move in tandem with overseas prices.Many farmers were forced to sell soybeans at 2,550 rupees per 100 kg in the spot market, below the support price of 2,775 rupees, which has been raised to 3,050 rupees for the 2017/18 season.Meanwhile, India''s soybean stocks are likely to hit 1.83 million tonnes at the end of this year, up from 441,000 tonnes at the start of the marketing year on Oct. 1, SOPA estimates, as an appreciating rupee makes soymeal exports unattractive."The government should try to boost oilmeal exports by giving some kind of incentives for exports. It will help in reducing inventory," said Ali Muhammad Lakdawala, procurement in charge of Oils & Fats at diversified consumer company ITC Ltd..(Reporting by Rajendra Jadhav; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-edibleoils-duty-idINKBN19D0GS'|'2017-06-22T14:19:00.000+03:00'|4545.0|20.0|0.0|'' 4546|'6a3d16c64846afbdee3be079623fd37eaf8689cb'|'Judge shoots down challenge to J. Crew debt deal'|'By Jessica DiNapoli A New York Supreme Court Justice sided with J. Crew Group Inc in a dispute with some of its senior lenders, allowing the U.S. preppy retailer to move forward with a restructuring deal to cut its $2.1 billion debt pile.The lenders had asked Justice Shirley Werner Kornreich to halt the deal because it unfairly gave collateral in the company, the J. Crew brand, to J. Crew''s junior creditors. Kornreich denied the lenders'' request because she said they did not show they would have success litigating it moving forward.The lenders can still pursue the case even though they lost an initial battle, but J. Crew is taking steps to dismiss the lawsuit. The small group of lenders is led by Eaton Vance Management and Highland Capital Management LP and they hold about $160 million of the term loan.The restructuring deal is supposed to help J. Crew avoid bankruptcy, a fate many of its peers have faced as retail goes through a major shift stemming from increasing consumer preference to shop online.Restructuring experts have been closely watching J. Crew because its deal could be a blueprint for other retailers with strong brand names to slash their debt without filing for bankruptcy. J. Crew is using its brand name to issue new debt to buy back existing bonds at a discount, helping it de-lever and avoid repayments for an additional two years.Millions in attorney fees had been spent trying to work out the restructuring deal J. Crew has achieved, Kornreich said."On the other side is 10 to 12 percent of the (lenders) who say ''Blow it up,''" she said.Attorneys for the lenders argued that J. Crew needed approvals from all of the holders before making changes to agreements that permit its restructuring. The retailer had secured 88 percent approval.Moody''s Investors Service published a report last month that named leather goods retailer Cole Haan, luxury label VINCE and canvas shoeseller TOMS Shoes as stressed brands that could pursue a path like J. Crew''s.J. Crew had said in court papers that if the judge halted the deal by granting the lenders a so-called injunction, it would "devastate J. Crew''s restructuring efforts and operations, with dire consequences for J. Crew and all of its stakeholders, including creditors and thousands of employees."(Reporting by Jessica DiNapoli in New York; Editing by Chizu Nomiyama, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-jcrew-creditors-idINKBN19J25A'|'2017-06-28T13:35:00.000+03:00'|4546.0|''|-1.0|'' 4547|'79f310851aa365208e6d6d0c55ccc3effbdbbf91'|'UPDATE 1-S.Korea stocks may see outflow of up to 4.3 trln after MSCI includes China -official'|'(Adds currency to headline)* Overall impact on S.Korean shares won''t be significant -official* KOSPI falls 0.93 pct to 2,347.10 as of 0035 GMT* Market cap of S.Korea''s benchmark KOSPI at 1,536 trln wonSEOUL, June 21 The South Korean share market could see outflows of up to 4.3 trillion won following MSCI''s decision to add China''s mainland-listed shares to its global indexes, a senior Korean government official said on Wednesday."Considering the size of global funds that track the MSCI Emerging Markets Index, we see possible outflow of about 600 billion won ($525.92 million) to 4.3 trillion won ($3.77 billion) from our equities," Jeong Eun-bo, vice chairman of the Financial Services Commission said in a policy meeting in Seoul.While such an outflow is a possibility from South Korea''s benchmark index KOSPI and junior KOSDAQ, the overall impact won''t be significant on South Korean equities, Jeong added.Early on Wednesday, U.S. index provider MSCI Inc. said it will add domestic Chinese equities to its widely tracked Emerging Markets Index, which will draw billions of dollars to China''s A shares and decrease South Korea''s weight in the index.The South Korean regulator said the country''s weight in the index will shrink by 0.23 percentage points to 15.2 percent, as China''s weighting increases to 28.4 percent from 27.7 percent.Seoul shares will shrug off an outflow of few trillion won, analysts said, as the total market capitalization of stocks listed on the benchmark main Korean Composite Stock Price Index (KOSPI) reached 1,536 trillion won as of closing on June 20."Foreign investors generally buy and sell quite large amounts of local stocks, such an amount (4.3 trillion won) will not be a source of fear for local market players," said Rhoo Yong-seok, a stock analyst at KB securities.South Korean equities saw a 9 trillion won of net inflow from foreign investors between January and May this year, which will more than offset any potential outflow following China''s inclusion in the MSCI index, the FSC said.The KOSPI fell 0.93 percent to 2,347.10 points as of 0035 GMT, and the won was Quote: d at 1,141.6 to the dollar, down 0.5 percent versus Tuesday''s close. ($1 = 1,140.8500 won) (Reporting by Cynthia Kim, Dahee Kim; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/msci-indexes-southkorea-idUSL3N1JI02F'|'2017-06-21T08:52:00.000+03:00'|4547.0|''|-1.0|'' 4548|'fa01fe6f36c7a54b3bdc34bf4f008effb301f6e2'|'BRIEF-Fintech firm Blockchain raises $40 mln in Lakestar-led funding'|'June 22 Blockchain:* Raised $40 million in a Series B led by Lakestar with participation from GV, Nokota Management, Digital Currency Group and some existing investors* Participation from existing investors Lightspeed Venture Partners, Mosaic Venture Partners, Prudence Holdings, Virgin, and Richard Branson (Virgin Group)* Fundraising represents the most substantial investment in the fintech space since Brexit and is the largest series B raised by any digital currency co to date* New capital will support global expansion and localization efforts as well as research and development of emerging digital assets (Bengaluru Newsroom: +91 806 749 1136)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-fintech-firm-blockchain-raises-idINFWN1JJ05W'|'2017-06-22T05:13:00.000+03:00'|4548.0|''|-1.0|'' @@ -4584,7 +4584,7 @@ 4582|'ac20a5b1515e269cf2e40162b8d58885bb9ed3ca'|'German jobless total unexpectedly rises in June'|'Business News - Fri Jun 30, 2017 - 9:27am BST German jobless total unexpectedly rises in June People wait inside a job centre in Berlin April 1, 2008. REUTERS/Hannibal Hanschke BERLIN The number of unemployed Germans rose unexpectedly in June, the Federal Labour Office said on Friday, linking the surprise rise to a mild winter that had caused a fall in the number of people out of work. The jobless total rose by 7,000 to 2.547 million in seasonally adjusted terms, data showed, confounding the consensus forecast in a Reuters poll for a fall of 10,000. The increase was the first rise since March 2016. "The positive effects of an unusually mild winter weather which had led to a recovery in spring have been balanced out," the office said in a statement. The unemployment rate was unchanged at 5.7 percent, the lowest level since reunification in 1990 and in line with the Reuters poll. Unadjusted figures showed the number of unemployed fell by 25,000 in June. "Employment and firms'' demand for new workers have again risen strongly," said Detlef Scheele, head of the Labour Office. (Reporting by Joseph Nasr; Editing by Paul Carrel) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-unemployment-idUKKBN19L0WC'|'2017-06-30T11:27:00.000+03:00'|4582.0|''|-1.0|'' 4583|'4f86d2f0b379ba2e5146ad8ca70f0dcb4260f100'|'Delay in ECB stimulus effect does not justify more easing - Hansson'|'TALLINN European Central Bank stimulus measures take time to impact the real economy but this does not necessarily mean that even more stimulus is required, Governing Council Member Ardo Hansson told Reuters on Wednesday."We can''t expect that there would be a very quick transition from monetary policy decisions to inflation," Hansson said on the sidelines of a news conference. "We believe generally that the real economy is firming up and if we believe in these measures, then we should be just a bit more patient.""We don''t necessarily need to think that more measures are necessary. They will work their way through the system," Hansson, Estonia''s central bank chief, said.He added that when assessing the impact of the ECB''s work, the accumulated stock of stimulus must also be considered, not just the fresh impulses.(Reporting by David Mardiste; Writing by Balazs Koranyi; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ecb-policy-hansson-idINKBN19517M'|'2017-06-14T18:16:00.000+03:00'|4583.0|''|-1.0|'' 4584|'51e121e3e755735461bce47b8054fd8d54cccc4a'|'Britain''s SSE considers venturing overseas in offshore wind'|' 04pm BST Britain''s SSE considers venturing overseas in offshore wind By Geert De Clercq - ESTORIL, Portugal ESTORIL, Portugal British energy supplier SSE ( SSE.L ) is eyeing the offshore wind power industry for a possible first foreign investment, its chief executive said on Monday. Unlike most major European utilities, Britain''s second-biggest energy supplier SSE is focused mainly on its domestic market, though it is a highly diversified group involved in nearly every aspect of the UK power and gas business. In recent years it has invested heavily in offshore wind power and other renewables, but until now it has been uninterested in emulating continental peers that have built on their specialisations at home to win market share abroad. These include France''s EDF ( EDF.PA ) operating Britain''s nuclear plants, Norway''s hydropower specialist Statkraft building dams in Asia and Latin America and Denmark''s Dong Energy ( DENERG.CO ) becoming a top player in offshore wind in Britain and Germany. SSE operates several large offshore wind farms on British and Irish coasts, often in partnerships with EU utilities such as Dong and Germany''s Innogy ( IGY.DE ), but it has no operations on foreign shores. "That is a global business where we have to think about whether we need to have more global ambitions. We have a very strong franchise around the UK and Ireland ... should we be looking further afield? That is a good question for us to ask ourselves," SSE chief executive Alistair Phillips-Davies told Reuters at the Eurelectric conference. He said that SSE last year came reasonably close to an American onshore renewables investment. Though that did not come to fruition, Phillips-Davies said he is continuing to look at opportunities while seeking value for shareholders and remaining consistent with the company''s skill base. "I would not say we are the world leader (in offshore wind) but we have possibilities there. Dong would clearly be the number one company out there at the moment ... but I think there are lots of things that we can do," he said, adding that SSE is also strong in networks and thermal generation. In terms of exporting those skills to other countries, Phillips-Davies said that SSE would look at partnerships or an acquisition rather than dropping its own staff on the ground. Centrica ( CNA.L ) and SSE are the only two UK-owned utilities among Britain''s big six energy suppliers, with European utilities EDF, E.ON ( EONGn.DE ), RWE ( RWEG.DE ) and Iberdrola ( IBE.MC ) all having built up significant shares in the market. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sse-windpower-idUKKBN19A2P5'|'2017-06-20T03:04:00.000+03:00'|4584.0|''|-1.0|'' -4585|'cc08057b0d6e6c590cb1319de608c36f90e33ec2'|'Exclusive: China''s WH Group targets beef and poultry assets in U.S. and Europe'|'Deals - Thu Jun 8, 2017 - 12:15pm EDT Exclusive: China''s WH Group targets beef and poultry assets in U.S. and Europe left right Products of Smithfield, acquired by WH Group, the largest pork company in the world, are displayed at a news conference on the company''s annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip 1/4 left right WH Group Chairman and CEO Wan Long (L) and Smithfield President and CEO Kenneth Sullivan attend a news conference on WH Group''s annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip 2/4 left right FILE PHOTO -- Some of the products of WH Group are displayed in front of maps of China (L) and the United States at a news conference on the company''s IPO in Hong Kong April 14, 2014. REUTERS/Bobby Yip/File Photo 3/4 left right A woman looks at products of WH Group, the largest pork company in the world, on display at a news conference on the company''s annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip 4/4 By Tom Polansek and Julie Zhu - CHICAGO/HONG KONG CHICAGO/HONG KONG Smithfield Foods Inc''s owner, China-based WH Group Ltd ( 0288.HK ), is scouting for U.S. and European beef and poultry assets to buy, in a move that would sharpen its rivalry with global meat packers Tyson Foods Inc and JBS SA. Expanding into beef and poultry would bring U.S.-based Smithfield [SFII.UL], the world''s largest pork producer, more in line with competitors Tyson ( TSN.N ), JBS ( JBSS3.SA ) and BRF SA ( BRFS3.SA ), which each process pork, chicken and beef. Smithfield Chief Executive Ken Sullivan told Reuters he is interested in the potential of diversifying into other meats to broaden the company''s product portfolio, though no deals were imminent. "We''re a food company," he said. "No one said that we''re strictly a pork company." Sullivan did not provide further detail, but parent WH Group is looking for targets in beef and poultry in the United States and Europe, according to Luis Chein, WH Group''s director of investor relations. He declined to name specific targets. Chein declined to provide a timeline for expanding into the U.S. beef and poultry business or say how much money the company aims to spend. It is an attractive time to enter the beef business, Chein said, because China last month agreed to resume U.S. imports after blocking most shipments since a U.S. scare over mad cow disease in 2003. WH Group, which spent $4.7 billion for Smithfield in 2013, still has firepower for further buying, with bank balances and cash of $1.14 billion at the end of last year and $2.72 billion in unutilized banking facilities, according to its latest annual report. Its search reflects wider disruption in the agriculture sector, where historically low grain prices have triggered a wave of consolidation among global seed and chemical companies. Cheap grain and strong demand for meat have generally helped increase operating margins for producers of pork, beef and chicken. The meat sector also has seen a major player, JBS of Brazil, struggle for sales after inspectors in the country were accused of taking bribes to allow sales of tainted food. JBS, the world''s largest meat packer, announced on Tuesday that it was selling assets in South America in the company''s first deal since its founders admitted to paying bribes to Brazilian politicians in exchange for favors. JBS, in response to questions from Reuters on Wednesday, said its core U.S. assets, including chicken company Pilgrim''s Pride Corp ( PPC.O ), are not for sale. A move to acquire beef and poultry assets would be an about-face for Smithfield, which agreed to sell U.S. beef operations to JBS in 2008 for about $565 million and a stake in turkey producer Butterball LLC for about $175 million in 2010. But it would fit into the company''s efforts to run the entire production process by reducing its dependence on outside producers, which currently supply Smithfield with beef and chicken to make into products such as hot dogs. Chein said it was "certainly the direction" for the company to mirror the vertically integrated model it has for the pork business in other meats. Smithfield owns most of the hogs it slaughters along with processing plants. "For us, the next step to develop our business is to consider other sources of animal protein," Chein said. Chein said WH Group would prefer to buy assets such as slaughterhouses and processing plants to expand into beef and will consider all types of operations in the poultry supply chain. He added that the company sees big room for growth in beef and poultry consumption in China. The United States had 808 federally inspected livestock slaughterhouses last year, down more than a third from 1990, according to the U.S. Department of Agriculture. (Additional reporting by Richa Naidu in Chicago; editing by Jo Winterbottom and Edward Tobin)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-smithfield-m-a-idUSKBN18Z29Y'|'2017-06-09T00:15:00.000+03:00'|4585.0|''|-1.0|'' +4585|'cc08057b0d6e6c590cb1319de608c36f90e33ec2'|'Exclusive: China''s WH Group targets beef and poultry assets in U.S. and Europe'|'Deals - Thu Jun 8, 2017 - 12:15pm EDT Exclusive: China''s WH Group targets beef and poultry assets in U.S. and Europe left right Products of Smithfield, acquired by WH Group, the largest pork company in the world, are displayed at a news conference on the company''s annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip 1/4 left right WH Group Chairman and CEO Wan Long (L) and Smithfield President and CEO Kenneth Sullivan attend a news conference on WH Group''s annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip 2/4 left right FILE PHOTO -- Some of the products of WH Group are displayed in front of maps of China (L) and the United States at a news conference on the company''s IPO in Hong Kong April 14, 2014. REUTERS/Bobby Yip/File Photo 3/4 left right A woman looks at products of WH Group, the largest pork company in the world, on display at a news conference on the company''s annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip 4/4 By Tom Polansek and Julie Zhu - CHICAGO/HONG KONG CHICAGO/HONG KONG Smithfield Foods Inc''s owner, China-based WH Group Ltd ( 0288.HK ), is scouting for U.S. and European beef and poultry assets to buy, in a move that would sharpen its rivalry with global meat packers Tyson Foods Inc and JBS SA. Expanding into beef and poultry would bring U.S.-based Smithfield [SFII.UL], the world''s largest pork producer, more in line with competitors Tyson ( TSN.N ), JBS ( JBSS3.SA ) and BRF SA ( BRFS3.SA ), which each process pork, chicken and beef. Smithfield Chief Executive Ken Sullivan told Reuters he is interested in the potential of diversifying into other meats to broaden the company''s product portfolio, though no deals were imminent. "We''re a food company," he said. "No one said that we''re strictly a pork company." Sullivan did not provide further detail, but parent WH Group is looking for targets in beef and poultry in the United States and Europe, according to Luis Chein, WH Group''s director of investor relations. He declined to name specific targets. Chein declined to provide a timeline for expanding into the U.S. beef and poultry business or say how much money the company aims to spend. It is an attractive time to enter the beef business, Chein said, because China last month agreed to resume U.S. imports after blocking most shipments since a U.S. scare over mad cow disease in 2003. WH Group, which spent $4.7 billion for Smithfield in 2013, still has firepower for further buying, with bank balances and cash of $1.14 billion at the end of last year and $2.72 billion in unutilized banking facilities, according to its latest annual report. Its search reflects wider disruption in the agriculture sector, where historically low grain prices have triggered a wave of consolidation among global seed and chemical companies. Cheap grain and strong demand for meat have generally helped increase operating margins for producers of pork, beef and chicken. The meat sector also has seen a major player, JBS of Brazil, struggle for sales after inspectors in the country were accused of taking bribes to allow sales of tainted food. JBS, the world''s largest meat packer, announced on Tuesday that it was selling assets in South America in the company''s first deal since its founders admitted to paying bribes to Brazilian politicians in exchange for favors. JBS, in response to questions from Reuters on Wednesday, said its core U.S. assets, including chicken company Pilgrim''s Pride Corp ( PPC.O ), are not for sale. A move to acquire beef and poultry assets would be an about-face for Smithfield, which agreed to sell U.S. beef operations to JBS in 2008 for about $565 million and a stake in turkey producer Butterball LLC for about $175 million in 2010. But it would fit into the company''s efforts to run the entire production process by reducing its dependence on outside producers, which currently supply Smithfield with beef and chicken to make into products such as hot dogs. Chein said it was "certainly the direction" for the company to mirror the vertically integrated model it has for the pork business in other meats. Smithfield owns most of the hogs it slaughters along with processing plants. "For us, the next step to develop our business is to consider other sources of animal protein," Chein said. Chein said WH Group would prefer to buy assets such as slaughterhouses and processing plants to expand into beef and will consider all types of operations in the poultry supply chain. He added that the company sees big room for growth in beef and poultry consumption in China. The United States had 808 federally inspected livestock slaughterhouses last year, down more than a third from 1990, according to the U.S. Department of Agriculture. (Additional reporting by Richa Naidu in Chicago; editing by Jo Winterbottom and Edward Tobin)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-smithfield-m-a-idUSKBN18Z29Y'|'2017-06-09T00:15:00.000+03:00'|4585.0|18.0|0.0|'' 4586|'4ce3d2ac0d8d63101dadf86e7739ab9940c866b5'|'Uber CEO Kalanick says he will take leave of absence'|'Technology Photos - Tue Jun 13, 2017 - 11:14pm IST Uber CEO Kalanick says he will take leave of absence left right FILE PHOTO - Uber CEO Travis Kalanick attends the summer World Economic Forum in Tianjin, China on June 26, 2016. REUTERS/Shu Zhang/File Photo 1/3 left right FILE PHOTO - Uber CEO Travis Kalanick speaks to students during an interaction at the Indian Institute of Technology (IIT) campus in Mumbai, India on January 19, 2016. REUTERS/Danish Siddiqui/File Photo 2/3 left right FILE PHOTO - Uber CEO Travis Kalanick speaks to students during an interaction at the Indian Institute of Technology (IIT) campus in Mumbai, India, January 19, 2016. REUTERS/Danish Siddiqui/File photo 3/3 By Heather Somerville and Joseph Menn - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc''s [UBER.UL] embattled Chief Executive Travis Kalanick told employees in an email on Tuesday that he will take time away from the company he helped to found, citing the need to grieve for his recently deceased mother, according to a copy of the memo seen by Reuters. Uber also released the recommendations of a months-long investigation led by the law firm of former U.S. Attorney General Eric Holder who was retained by Uber to look into company culture and practices. The recommendations, which were unanimously adopted by the board on Sunday, call for reducing Kalanick''s sweeping authority and instituting more controls over spending, human resources and the behavior of managers. Specifically, the recommendations call for adding independent members to the board of directors, including an independent chair. They also spell out changes to company culture, including prohibiting romances between bosses and their reports and creating clearer guidelines around use of drugs and alcohol. Kalanick''s leave of absence follows a day-long board meeting on Sunday during which members of Uber''s board of directors discussed the possibility of Kalanick temporarily stepping away from the company. In his email, Kalanick did not specify how long he would be away from the company, but cited the need to take time off to grieve the loss of his mother, who died in a recent boating accident. "If we are going to work on Uber 2.0, I also need to work on Travis 2.0 to become the leader that this company needs and that you deserve," Kalanick wrote in his email. (Reporting by Heather Somerville and Joseph Menn; Editing by Bill Rigby) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-uber-board-idINKBN1942EG'|'2017-06-13T15:44:00.000+03:00'|4586.0|''|-1.0|'' 4587|'9b1c36367527398f9f5b6dfe74a3d6fee048941c'|'Oracle profit beats as cloud shift gains steam, shares at record'|' 44pm BST Oracle profit beats as cloud shift gains steam, shares at record A sign marks a building housing Oracle offices in Burlington, Massachusetts, U.S., June 21, 2017. REUTERS/Brian Snyder Oracle Corp''s quarterly profit blew past Wall Street estimates and the business software maker forecast an upbeat current-quarter earnings, indicating that the company''s transition to cloud is starting to pay off. The company''s shares were up 10.6 percent to a record high of $51.25 in after-market trading on Wednesday. They had gained about 20 percent this year. A late entrant to the cloud market, Oracle has been doubling down on efforts to bolster its cloud-based services as customers increasingly shun the costlier licensing model. As part of the efforts, the company and AT&T Inc signed in May a deal under which the U.S. telecom provider agreed to move some of its large-scale databases to Oracle''s cloud platform. "In the coming year, I expect more of our big customers to migrate their Oracle databases and database applications to the Oracle Cloud," Oracle founder and Chief Technology Officer Larry Ellison said in a statement. Total cloud revenue surged 58.4 percent to $1.36 billion (1.07 billion) in the fourth quarter ended May 31. "After several years of struggling to find its footing in cloud, Oracle seems to have turned the corner and heads into its fiscal 2018 with significant momentum," said Josh Olson, analyst at Edward Jones. The success in the cloud business was highlighted by company executives on a post-earnings call. "We sold more than $2 billion in cloud annually recurring revenue. This is the second year in a row that we sold more cloud ARR than Salesforce.com," Ellison said on the call. Buoyed by the growth in cloud, the company forecast first-quarter adjusted profit of between 59 cents and 61 cents per share on a constant currency basis, while analysts'' were expecting 59 cents. On a constant currency basis, Oracle said it expected revenue to grow between 4 percent and 6 percent in the current quarter. To increase its competitiveness in the cloud market, Oracle has also acquired companies including NetSuite, its largest purchase to date. Meanwhile, Oracle''s hardware revenue declined 13.2 percent to $1.11 billion and new software licenses fell 5.1 percent to $2.63 billion in the latest quarter. Net income rose to $3.23 billion, or 76 cents per share, in the fourth quarter, from $2.81 billion, or 66 cents per share, a year earlier. Excluding items, Oracle earned 89 cents per share. The company reported an adjusted revenue of $10.94 billion. Analysts on average had estimated a profit of 78 cents per share and revenue of $10.45 billion, according to Thomson Reuters I/B/E/S. (Reporting by Pushkala A and Laharee Chatterjee in Bengaluru; Editing by Arun Koyyur and Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oracle-results-idUKKBN19C31Z'|'2017-06-22T06:44:00.000+03:00'|4587.0|''|-1.0|'' 4588|'6bead26a87b4231be5b0a2f2facba0b656c569da'|'UPDATE 1-Spotify loss widens ahead of potential stock market listing'|'(Adds subscriber detail, background)By Johan Ahlander and Sophie SassardSTOCKHOLM/LONDON, June 15 Music streaming company Spotify''s operating loss widened in 2016 but revenue rose significantly, the Swedish company said in its annual financial statement ahead of a possible stock market listing before the end of next year.Spotify, which recently hired advisers to explore a direct listing on the New York Stock Exchange, reported an operating loss of 349 million euros ($389 million) in 2016, up 47 percent compared with the previous year."This is explained by substantial investments that have been made during the year, mostly in product development, international expansion and a general increase in personnel," Spotify''s Luxembourg-based holding company wrote in its regulatory filing on Thursday.Revenue rose by more than 50 percent to 2.93 billion euros as paid subscribers increased to 48 million in 2016 from 28 million the previous year. Overall, the service said it now has 140 million monthly active users, against 126 million at the end of last year.The company, which depends on acquiring content licences from a limited number of music majors, struck a new deal with Vivendi-owned Universal Music in April.The move could make the streaming platform more attractive to its top-selling artists, such Adele, Lady Gaga, Coldplay and Kanye West, by letting them release albums exclusively to premium users. American singer Taylor Swift recently made her music available again on Spotify and other streaming platforms.Spotify is now hoping to strike deals with Sony Music and Warner Music in the run-up to a market listing, a source close to the matter said in May.Most recently valued at $13 billion, Spotify could be floated within a year, a separate source told Reuters this month.The music streaming service, which competes for users and advertising with cash-rich rivals such as Apple Music and Amazon Music among others, will be the first major company to carry out a direct listing on the New York Stock Exchange when it goes public this year or early next year, two sources have told Reuters.The company is working with investment banks Morgan Stanley , Goldman Sachs and Allen & Co to advise them on the process, the sources said.Last year Spotify raised $1 billion in convertible debt from private equity firm TPG Capital Management and hedge fund Dragoneer Investment Group. ($1 = 0.8965 euros)(Editing by Johannes Hellstrom and David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/spotify-results-idINL8N1JC3EG'|'2017-06-15T12:07:00.000+03:00'|4588.0|''|-1.0|'' @@ -4598,7 +4598,7 @@ 4596|'0b64ae6b2db82d439e072f6ee91bcbccf6573517'|'L1 Retail agrees to buy Holland & Barrett for 1.77 billion pounds'|'Top News - Mon Jun 26, 2017 - 7:36am BST L1 Retail agrees to buy Holland & Barrett for 1.77 billion pounds Mikhail Fridman in Moscow, Russia March 16, 2017. REUTERS/Sergei Karpukhin LONDON L1 Retail has agreed to buy Holland & Barrett from The Nature''s Bounty Co. and The Carlyle Group for 1.77 billion pounds, the companies said in a statement. Russian billionaire Mikhail Fridman''s L1 Retail is expected to close the transaction by September 2017 subject to customary regulatory approvals. The deal for the health and wellness chain was first reported by the Financial Times on Sunday. "We believe that the company is well positioned to benefit from structural growth in the growing 10 billion pound health and wellness market and has multiple levers for long term growth and value creation," said L1 Retail Managing Partner Stephen DuCharme. Carlyle was advised by Goldman Sachs, Houlihan Lokey, UBS, PWC, Latham Watkins and OC&C. (Reporting by Maiya Keidan; editing by Simon Jessop) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deals-carlyle-group-l-idUKKBN19H0JZ'|'2017-06-26T14:36:00.000+03:00'|4596.0|''|-1.0|'' 4597|'040a80f4637df00c3c7112b28bc9b8754f84f68e'|'Billionaire investor Icahn backs off demand for AIG breakup -source'|'Deals 1:34pm EDT Billionaire investor Icahn backs off demand for AIG breakup: source FILE PHOTO: A banner for American International Group Inc (AIG) hangs on the facade of the New York Stock Exchange, in New York, U.S., on October 16, 2012. REUTERS/Brendan McDermid/File Photo - RTS15VEZ By Suzanne Barlyn Billionaire investor Carl Icahn is backing off his demand to break up insurance giant American International Group Inc ( AIG.N ), following the company''s sale of assets and hiring of a new chief executive officer, a person familiar with the matter said. Icahn, AIG''s third-largest investor, wants the insurer''s new CEO Brian Duperreault to have an opportunity to boost AIG''s return on equity, the person said. Icahn had a 4.95 percent stake, or 45.6 million shares, as of March 31. Icahn was not immediately available to comment. AIG named Duperreault, 70, CEO in May, selecting a protg of former CEO Hank Greenberg and an industry veteran known for his turnaround expertise. AIG has been the target of activist investors led by Icahn, who disclosed his stake in 2015 and called for breaking up the company to make it more successful. Former CEO Peter Hancock responded by launching a two-year turnaround plan last year, which included the goal of returning $25 billion of capital to investors by year-end. AIG, the largest U.S. underwriter of commercial property and casualty policies, has returned $18.1 billion to shareholders through buybacks since announcing the plan. Hancock said on March 9 that he would depart once the board found a replacement, citing a lack of confidence among directors and investors. Duperreault told reporters on Wednesday that AIG would likely slow the pace of share buybacks and instead spend on acquisitions. "The likelihood we can continue the pace of share buybacks is low because there are other things I can use the money on," Duperreault said. (Reporting by Suzanne Barlyn in New York; Additional reporting by Michael Flaherty; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-aig-icahn-idUSKBN19K2JA'|'2017-06-29T20:29:00.000+03:00'|4597.0|''|-1.0|'' 4598|'101e0220ae9859ed371bd4293aed1bdf6e870316'|'Shawbrook rejects third buyout offer from private equity groups'|' 15am BST Shawbrook rejects third buyout offer from private equity groups British challenger bank Shawbrook Group Plc said it rejected a raised and final 868 million pounds offer from private equity groups trying to take control of the lender. "Independent directors believe that the final offer undervalues Shawbrook and its prospects and therefore advise that shareholders take no action with regards to the final offer," Shawbrook said in a statement on Tuesday. Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, on Monday raised its offer for Shawbrook by just over 3 percent, as the bidders try to convince another 5 percent of shareholders to accept the deal. (Reporting by Noor Zainab Hussain in Bengaluru, Editing by Lawrence White)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-shawbrook-group-buyout-idUKKBN18X0GV'|'2017-06-06T14:15:00.000+03:00'|4598.0|''|-1.0|'' -4599|'2dd6bc90fb3707d54828d1560ddc6a6b33e93ffd'|'Spain to revise growth forecasts to reflect positive data - minister'|'Business News - Wed Jun 7, 2017 - 1:37pm BST Spain to revise growth forecasts to reflect positive data - minister Spain''s Economy Minister Luis de Guindos speaks during a news conference after the weekly cabinet meeting at Moncloa Palace in Madrid, Spain March 31, 2017. REUTERS/Sergio Perez MADRID The Spanish government will revise its growth forecasts for this year and next to reflect recent encouraging data on job creation and confidence levels, Economy Minister Luis de Guindos told journalists on Wednesday. The fresh projections will be carried out as part of preparations for the 2018 budget, De Guindos said. The government usually outlines its budget plans in July. Spain already hiked its 2017 growth forecast in April from 2.5 percent to 2.7 percent, and De Guindos recently said that the economy may expand at a similar rate to 2016, when it grew by 3.2 percent. The Bank of Spain is also expected to raise its growth projections next week. (Reporting by Sarah White, Editing by Angus Berwick)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-economy-idUKKBN18Y1O9'|'2017-06-07T20:37:00.000+03:00'|4599.0|''|-1.0|'' +4599|'2dd6bc90fb3707d54828d1560ddc6a6b33e93ffd'|'Spain to revise growth forecasts to reflect positive data - minister'|'Business News - Wed Jun 7, 2017 - 1:37pm BST Spain to revise growth forecasts to reflect positive data - minister Spain''s Economy Minister Luis de Guindos speaks during a news conference after the weekly cabinet meeting at Moncloa Palace in Madrid, Spain March 31, 2017. REUTERS/Sergio Perez MADRID The Spanish government will revise its growth forecasts for this year and next to reflect recent encouraging data on job creation and confidence levels, Economy Minister Luis de Guindos told journalists on Wednesday. The fresh projections will be carried out as part of preparations for the 2018 budget, De Guindos said. The government usually outlines its budget plans in July. Spain already hiked its 2017 growth forecast in April from 2.5 percent to 2.7 percent, and De Guindos recently said that the economy may expand at a similar rate to 2016, when it grew by 3.2 percent. The Bank of Spain is also expected to raise its growth projections next week. (Reporting by Sarah White, Editing by Angus Berwick)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-economy-idUKKBN18Y1O9'|'2017-06-07T20:37:00.000+03:00'|4599.0|25.0|-1.0|'' 4600|'2c5a8adea817bd3132e23b7ca847f4b6bea295cd'|'UPDATE 1-Abu Dhabi''s IPIC returns to profit as impairments drop'|'Market News - Thu Jun 8, 2017 - 7:41am EDT UPDATE 1-Abu Dhabi''s IPIC returns to profit as impairments drop (Adds details, context) By Stanley Carvalho ABU DHABI, June 8 Abu Dhabi''s state investor International Petroleum Investment Company (IPIC), which merged with state investment fund Mubadala Development Company last month, said it returned to profit in 2016, helped by a sharp drop in impairments and lower feedstock costs. IPIC owns energy assets across the world, including Spanish firm Cepsa and Canadian petrochemical maker NOVA Chemicals, and a majority stake in Austrian plastics company Borealis. It reported on Thursday a net profit attributable to equity holders of $446 million in 2016. In 2015 it had fallen into the red with a net loss of $2.6 billion. Revenues for 2016 fell to $33.8 billion, from $35.8 billion in 2015 due to lower oil prices. Despite lower revenues, IPIC made a profit thanks to lower feedstock costs, higher petrochemicals industry margins and lower impairments across the group, it said. Impairments fell sharply to $180 million in 2016 compared to $4.8 billion in the previous year, its financial statement showed. The firm''s total assets stood at $55 billion at the end of 2016, slightly lower than $57 billion in 2015, and its net debt decreased to $19.7 billion in 2016 from $22.2 billion in 2015. Earlier this year IPIC and Malaysia''s state fund 1Malaysia Development Berhad (1MDB) reached an agreement to settle a debt dispute. IPIC and Mubadala Development Company began operations as a merged entity on May 1 this year. The merged entity, Mubadala Investment Company, is active in 13 business sectors in more than 30 countries. ($1 = 3.6726 UAE dirham) (Reporting by Stanley Carvalho; Editing by Susan Fenton) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ipic-results-idUSL8N1J52HF'|'2017-06-08T19:41:00.000+03:00'|4600.0|''|-1.0|'' 4601|'79fd03fed0b527c85a55d599f06e21f55ce54144'|'China postal authority calls for end to data spat between Alibaba unit, SF Holdings'|'BEIJING, June 2 China''s postal authority has asked SF Holding Co and Alibaba Holding Group Ltd''s logistics unit, two of the nation''s top logistics players, to end a spat that disrupted deliveries when the two firms abruptly cut ties on Thursday.SF is one of several top logistics firms that have a strategic partnership with Alibaba''s Cainiao Network, which supports an app that allows users to track and pay for deliveries and links directly to Alibaba''s top e-commerce platform Taobao.The firms severed a data sharing agreement on Thursday following SF''s claims the Alibaba unit had requested user data not related to the current partnership, a claim Cainiao denies.China''s State Post Bureau said on its website it was communicating with both firms and urged the two sides to seek a diplomatic resolution to safeguard against "serious social impacts and negative side effects".The split highlights the stiff competition in China over hotly-contested user data assets, as top internet players including Alibaba and Tencent Holdings Group Ltd consolidate increasingly powerful cloud and big data ecosystems.The State Post Bureau said agricultural shipments were among those affected, including deliveries of fresh fruit. On Thursday Cainiao urged users and merchants to select alternative logistics firms.SF said in a statement on Friday users could still access tracking data on the firm''s official website. It said it stopped sharing data on Thursday after a May request from Cainiao to provide "unrelated customer privacy data".Cainiao, which oversees roughly 57 million deliveries a day, also tracks deliveries purchased on platforms outside the Alibaba ecosystem."Cainiao takes a collaborative approach towards logistics... We are surprised and disappointed by SF''s abrupt action to stop providing the information that is necessary for the smooth completion of parcel deliveries," a Cainiao spokeswoman said in an emailed statement.Competing data and e-commerce firms, including the cloud unit of Tencent and the CEO of e-commerce platform JD.com Inc , weighed in on the rift on social media, calling for Cainiao to promote a more open data sharing arrangement. Tencent Cloud provides existing data services to SF. (Reporting by Cate Cadell; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-logistics-rift-idINL3N1IZ28H'|'2017-06-02T05:15:00.000+03:00'|4601.0|10.0|0.0|'' 4602|'3d7764904f13f5d36b1074f4a4fb623bb8182704'|'Pipeline to the classroom: how big oil promotes fossil fuels to America''s children - US news'|'Pipeline to the classroom: how big oil promotes fossil fuels to America''s children Documents show how tightly woven group of pro-industry organizations target impressionable schoolchildren and teachers desperate for resources by Jie Jenny Zou Documents show how tightly woven group of pro-industry organizations target impressionable schoolchildren and teachers desperate for resources by Jie Jenny Zou Pipeline to the classroom: how big oil promotes fossil fuels to America''s children View more sharing options Share on Messenger Close This story was a collaboration between the Center for Public Integrity and StateImpact Oklahoma , a reporting project of NPR member stations in Oklahoma. Jennifer Merritts first graders at Jefferson elementary school in Pryor, Oklahoma, were in for a treat. Sitting cross-legged on the floor, the students gathered for story time with two special guests, Republican lawmakers Tom Gann and Marty Quinn . Dressed in suits, the two men read aloud from Petro Petes Big Bad Dream , a parable in which a Bob the Builder-lookalike awakens to find his toothbrush, hard hat and even the tires on his bike missing. Abandoned by the school bus, Pete walks to Petroville elementary in his pajamas. It sounds like youre missing all of your petroleum by-products today! Petes teacher, Mrs Rigwell, exclaims, extolling oils benefits to Pete and fellow students like Sammy Shale. Before long, Pete decides that having no petroleum is like a nightmare! The tale is the latest in an illustrated series by the Oklahoma Energy Resources Board , a state agency funded by oil and gas producers. The board has spent upwards of $40m over the past two decades on providing education with a pro-industry bent, including hundreds of pages of curriculums, a speaker series and an after-school program all at no cost to educators of children from kindergarten to high school. Book cover to Petro Petes Big Bad Dream A similar program in Ohio shows teachers how to frack Twinkies using straws to pump for cream to emulate shale drilling. A national program sponsored by companies including BP and Shell claims its too soon to tell if the earth is heating up, but a little warming might be a good thing. Decades of documents reviewed by the Center for Public Integrity reveal a tightly woven network of organizations that works in concert with the oil and gas industry to paint a rosy picture of fossil fuels in Americas classrooms. Led by advertising and public-relations strategists, the groups have long plied the tools of their trade on impressionable children and teachers desperate for resources. Proponents of programs like the one in Oklahoma say they help the oil and gas industry replenish its aging workforce by stirring early interest in science, technology, engineering and math. But some experts question the educational value and ethics of lessons touting an industry that plays a central role in climate change and air pollution. Anthony Leiserowitz , director of the Yale Program on Climate Change Communication , likened industry-sponsored curriculums that ignore climate science to advertising. Youre exploiting that trusted relationship between the student and the teacher, he said. Leiserowitz whose research has focused on how culture, politics and psychology impact public perception of the environment said fossil-fuel companies have a stake in perpetuating a message of oil dependency. As early as the 1940s, the industrys largest and most powerful lobby group targeted schoolchildren as a key element of its fledgling marketing strategy. By the 1960s, the American Petroleum Institute was looking to shake its reputation as a monopoly which reaped excessive profits and set out to cultivate a network of thought leaders that included educators, journalists, politicians and even clergy, according to an organizational history copyrighted by API in 1990. The idea caught on. Hundreds of oil-and-gas-centric lesson plans are now available online, walking a blurry line between corporate sponsorship and promotion at a time when climate science has increasingly come under siege at the highest levels of government. On 1 June, Donald Trump, flanked by EPA administrator and former Oklahoma attorney general Scott Pruitt, announced that the United States would withdraw from the Paris climate agreement. Oklahoma is among a dozen states that have opted for watered-down versions of Next Generation Science Standards , a joint effort by states and educational organizations to revamp science teaching that has met with political backlash since 2013. The Oklahoma version strips provisions on evolution and the human causes of global warming. Along with Colorado, Kansas and Montana, Oklahoma legislators have also championed bills requiring educators teach both sides of those scientific concepts. A pro-oil video to extol the benefits of fossil fuels. A 2016 study confirmed that Americas youth receive mixed messages on climate change. Nearly a third of middle-and-high-school science teachers nationwide have wrongly suggested global warming is naturally occurring. A quarter have spent as much time rebutting evidence of warming as they have presenting it. Schools and libraries across Oklahoma have received more than 9,000 complimentary copies of Petro Petes Big Bad Dream since it was published last year. The story has been a hit with Jennifer Merritts students, who won the storytelling visit from lawmakers last November after submitting a Facebook photo to the energy resources board. Posing on a jungle gym, the students clutched stuffed animals and footballs their favorite petroleum by-products. Its not some boring thing, Merritt said of the boards Little Bits curriculum for children up to age eight, which features alliterative characters like Freddie Fuelless and Oliver Oilpatch. Without it, she said, I probably wouldnt have taught first graders about energy. Merritt is one of 14,000 Oklahoma teachers who have attended workshops on how to use the boards innovative, one-of-a-kind science and energy curriculum in their classrooms. Participants are reimbursed for supplies year-round and can register their classes for free museum field trips so long as the exhibits highlight petroleum . On a recent Saturday, a workshop was in session at Choctaw high school , east of Oklahoma City. The parking lot was bustling as teachers loaded their cars with heavy tubs, each stuffed with up to $1,200 worth of calculators, lab equipment and other materials. In classrooms, some teachers plotted oil-production trends while others watched bubbling brews simulating how the industry wrings oil from depleting fields. In an email, board chairman Danny Morgan wrote that the organization doesnt use public funds and does not function like a typical agency. Under state law, half of its revenues from oil and gas producers are spent restoring abandoned oil wells. Morgan pointed to a board safety campaign aimed at preventing children from playing on dangerous pumpjacks that dot the state, writing, if just one child is kept safe through the awareness this program created, it is well worth the effort. While the boards curriculum enlightens students about the benefits of black gold, their teachers are hard-pressed to find any information on climate change or other drawbacks of fossil fuels even as Oklahoma struggles to curb a slew of man-made earthquakes tied to its fracking boom. Morgan, an oil company executive and a former state legislator, declined to say why the boards materials fail to address global warming. Cheerleading for the industry has been central to the energy resources boards mission from the start. Lawmakers created the board in 1993 as a privatized state agency funded by a voluntary tax on local oil and gas producers to publicize the industry. Kansas , Illinois and Ohio followed suit with similar legislation. But Oklahoma remains the epicenter of oil-industry puffery in the classroom. The boards curriculums are used in an estimated 98% of Oklahoma school districts and have been adopted in neighboring Kansas . Records show that the boards programs and pro-industry ads have been held out as models to trade groups and legislators in Montana, Arkansas, North Dakota, Wyoming and Texas. Many teachers in Oklahoma have attended the OERBs workshops. Photograph: Joe Wertz/StateImpact Oklahoma Oklahomas board appears to have taken cues from the American Petroleum Institute the countrys leading oil and gas lobby group, representing more than 625 companies. The plot of Big Bad Dream bears uncanny similarities to APIs 1996 educational film, Fuel-less: you cant be cool without fuel . Records show that the boards education director, who wrote Big Bad Dream, has ordered hundreds of copies of Fuel-less to distribute locally most recently in 2013. API did not respond to requests for comment. APIs vice-president of communications delivered a special presentation to the board in 2012 on marketing strategies. The same year, an API lobbyist asked the board to host a fracking workshop on its behalf as part of the trade groups effort to reach out to legislators, regulators and other stakeholders nationwide. Morgan wrote that the board did not participate in the workshop because API never followed up on the request. He added that the board itself doesnt engage in lobbying. Copied on APIs communications with the energy resources board was Bill Whitsitt , a Devon Energy executive who helped draft Pruitts letters during his tenure as Oklahoma attorney general. In 2014, the New York Times reported on Pruitts extensive industry ties which included oil and gas companies, utilities and lobby groups. As the states legal chief, Pruitt vociferously litigated against environmental regulations like the Clean Power Plan, branding them job killers and federal overreach. Devon Energy has been cited as an early beneficiary of rollbacks under Pruitts watch since he took the helm of the EPA in late January. Carla Schaeperkoetter, the energy resources boards education director, is the creator of Big Bad Dream and Lab Time with Leo a video series featuring a bowtie-wearing scientist not unlike Bill Nye the Science Guy. Instead of exploring fundamentals like the solar system, Leo delves into the nuances of oil refining , teaching kids as young as eight about fractional distillation and residuals. Schaeperkoetter doesnt have any teaching experience and isnt a state employee. Board staff, including Schaeperkoetter, are consultants hired by a private foundation affiliated with the Oklahoma Independent Petroleum Association . The state trade group is listed as a partner of the Independent Petroleum Association of America , a lobbying organization that worked closely with API to roll back federal rules on fracking. Schaeperkoetters name appears on curriculums reassuring teachers that companies are spending more dollars protecting the environment than drilling new wells. A jump-rope rhyme reads, We need oil. We need gas. Where are the oil products in our class? And a high school guide asks students to create 30-second commercials on how oil and natural gas will help America be energy independent. Charles Anderson a professor at Michigan State University who studies environmental literacy and develops curriculums said the board materials are upfront about their pro-industry agenda but only tell half the story by omitting global issues like climate change in favor of niche oil knowledge. The children of Oklahoma are getting a raw deal they are getting educationally ineffective materials teaching content that will be of little use to them if they want to leave the state, Anderson said. Students also are being sold short in more immediate ways: an increasing number of Oklahoma districts are adopting four-day school weeks amid budget cuts due partly to tax breaks for the petroleum industry. The state government of Oklahoma, in its wisdom, has decided that oil and gas companies should have a whole lot of money and schools should have hardly any money, Anderson said. Thats a social decision that values oil and gas extraction over the public good of public schools. Oklahomas state department of education promotes energy board lessons online and in newsletters. Though the curriculums are described by the board as having been developed in a collaborative effort with the state, the education department has not reviewed, endorsed or had any oversight over the materials in two decades, spokeswoman Anne Price said. Fracking in Oklahoma. Photograph: David Jennings/Alamy Stock Photo We value curricula that align to our state standards and are at no cost to educators, but ultimately we encourage educators to investigate further to choose what is best for their classrooms, Price wrote in an email. Without explicit guidance, experts say, its difficult for educators to assess which materials are appropriate especially elementary-school teachers who dont have extensive science training. Historically, energy curriculums have been scarce. This provides an opportunity for anyone who has a particular point of view, whether its an oil company or an environmental concern, said David Evans, executive director of the National Science Teachers Association , which co-developed the Next Generation Science Standards. The standards specify which concepts students should grasp by grade level like the greenhouse effects of gases like carbon dioxide and methane but dont provide curriculums, leaving educators to find or create lessons themselves. So far, the standards have been adopted by 18 states and the District of Columbia. When it comes to climate change, Evans urges teachers to stick to facts and avoid politics. Science is about understanding the physical world that we live in, he said. We wouldnt say, Why should people understand gravity? But education is inherently political, said Nicole Colston , a researcher at Oklahoma State University who has studied overlap between groups that push against evolution and climate change education. Its this implied thing that you cant talk about climate change, she said of her interviews with Oklahoma teachers. Its almost, like, impolite or uncomfortable. Prominent Oklahomans like Pruitt and Republican US senator James Inhofe are climate-science deniers, a fact not lost on the states residents. Just 46% of adult Oklahomans believe global warming is caused by human activities, below the national average of 53%, according to 2016 data from the Yale Program on Climate Change Communication . In 2014, Oklahoma lawmakers tried but failed to block the state board of education from adopting its version of Next Generation Science Standards. The same year, a state law was passed to give local school districts ultimate authority over curriculums. Merritt said she chose to use energy resources board materials because they were age-appropriate, factual, and free. Its just a way of life, she said of the curriculums laser focus on petroleum. We live in Oklahoma. Theres a lot of oil. Joe Wertz, a reporter with StateImpact Oklahoma, contributed to this story '|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/us-news/2017/jun/15/big-oil-classrooms-pipeline-oklahoma-education'|'2017-06-15T03:00:00.000+03:00'|4602.0|''|-1.0|'' @@ -4610,7 +4610,7 @@ 4608|'67b57e3669213e2c4072bc4ee9dcbabde3812e2e'|'U.S. judge allows some VW investor diesel claims to proceed'|'By David Shepardson - WASHINGTON WASHINGTON A federal judge in California on Wednesday allowed some claims to proceed by investors who sued Volkswagen AG over its diesel emissions scandal, but agreed to the German automaker''s request to dismiss parts of the lawsuit.U.S. District Judge Charles Breyer said in an 18-page order he was allowing claims that VW and then-Chief Executive Officer Martin Winterkorn intentionally or recklessly understated VW''s financial liabilities made since May 2014, but dismissing claims for financial statements issued before then.That VW "may have deliberately employed an illegal defeat device does not mean the company knew with reasonable certainty that it was going to get caught," Breyer wrote in dismissing thee older statements.Breyer also dismissed claims that VW brand chief Herbert Diess understated VW financial liabilities in 2015, but Breyer rejected a bid to throw out a claim against then VW U.S. chief Michael Horn.The plaintiffs, mostly U.S. municipal pension funds, have accused VW of not having informed the market in a timely fashion and understated possible financial liabilities.The lawsuits said VW''s market capitalisation fell by $63 billion after the diesel cheating scandal became public in September 2015.The plaintiffs had invested in VW through American Depositary Receipts, a form of equity ownership in a non-U.S. company that represents the foreign shares of the company held on deposit by a bank in the company''s home country.Volkswagen said in a statement it was pleased "with the courts decision to limit the scope of the plaintiffs allegations, and believes the remaining claims are without merit, which we intend to demonstrate as this case proceeds."CEO Winterkorn resigned days after the scandal became public and much of the company''s management has changed since 2015.VW in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests and pleaded guilty in March in a U.S. court to three felonies in connection with the scandal.Volkswagen has agreed to spend as much as $25 billion in the United States to resolve claims from owners and regulators over polluting diesel vehicles and has offered to buy back about 500,000 vehicles.Through mid-June, VW has spent $6.3 billion buying back vehicles and compensating U.S. owners.(Reporting by David Shepardson; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volkswagen-emissions-idINKBN19J2W4'|'2017-06-29T00:19:00.000+03:00'|4608.0|''|-1.0|'' 4609|'c94b8a184f308a5e103485b3a6239358d3a63854'|'Oil keeps a lid on European shares, Imagination Tech soars'|'Top 31am BST Oil keeps a lid on European shares, Imagination Tech soars Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 21, 2017. REUTERS/Staff/Remote LONDON European shares were in store for another weak session on Thursday pegged back by the slide in commodities-related sectors on the back of depressed oil prices. The pan-European STOXX 600 index was down 0.3 percent, on track for its third day of straight losses, while the blue chips dropped 0.4 percent. European energy sector and mining stocks were down about 1 percent. Health care was the top-gaining sector, up 0.8 percent with Switzerland''s Novartis in the driving seat as its shares advanced 2.5 percent, following a positive study result for its canakinumab medicine, which cut risks for heart attack survivors. Elsewhere, Imagination Tech, once a high flyer as a supplier of graphics technology to Apple implying only a 40 percent chance of a move by December. The market''s five-year outlook for inflation has been falling steadily and currently stands at a seven-month trough of 2.18 percent USIL5YF5Y=R. It had spiked as high as 2.52 percent last November in the wake of President Donald Trump''s surprise election victory. This leaves the market vulnerable to any hawkish spin from the Fed, which would likely slug Treasury prices while lifting the embattled U.S. dollar. The currency could do with the help having taken a fresh knock on Tuesday, when the head of Canada''s central bank put his own hawkish spin on the outlook for rates there. The U.S. dollar fell as far as C$1.3209 CAD= , its lowest since Feb. 28, having shed two cents in as many days. It also lost ground to sterling GBP= after UK inflation data surprised on the high side and amid reports Britain''s ruling Conservative Party was likely to sign a deal on Wednesday to form a minority government. Against a basket of currencies, the dollar was a whisker weaker at 96.952 .DXY. It was little changed on the Japanese yen at 110.00 JPY= and the euro at $1.1217 EUR= . In commodity markets, oil slipped after industry data showed a surprise rise in crude stocks and OPEC reported a rise in its production despite its pledge to cut back. [O/R] Benchmark Brent crude LCOc1 retreated 35 cents to $48.37 a barrel while U.S. light crude CLc1 shed 42 cents to $46.04. (Editing by Kim Coghill and Jacqueline Wong) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN195020'|'2017-06-14T10:47:00.000+03:00'|4636.0|''|-1.0|'' 4637|'b7ab5bc2330b31b8a8da6ab348077fece0690997'|'Ericsson begins sale of assets with power modules deal'|'Business News - 25am BST Ericsson begins sale of assets with power modules deal A general view of an office of Swedish telecom giant Ericsson is seen in Lund, Sweden, September 18, 2014. REUTERS/Stig-Ake Jonsson/TT News Agency/File Photo STOCKHOLM Swedish mobile telecom gear maker Ericsson ( ERICb.ST ) said on Wednesday it was selling its power modules business, the first exit of assets under a new strategy to focus on its core business. The company announced the strategy in March, saying it would concentrate on its main product areas of networks, digital services and Internet of Things. On Wednesday it said it had signed an agreement with software firm Flex ( FLEX.O ) to sell its power modules business, which includes a manufacturing site in China and assets in Sweden. More than 300 employees and consultants are expected to transfer from Ericsson to Flex Power, but Ericsson did not disclose any financial details about the transaction. "In line with our strategy, we are focussing our business on fewer core areas," Christian Hedelin, head of strategy for Ericsson''s Networks business, said in a statement. On Tuesday, Bloomberg, citing sources, reported that Ericsson had hired banks to explore a sale of its much larger media businesses. (Reporting by Olof Swahnberg; Editing by Niklas Pollard and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ericsson-divestment-idUKKBN19C0WN'|'2017-06-21T16:25:00.000+03:00'|4637.0|''|-1.0|'' 4638|'5a1974a615d8f11696d5037712c1d14064ae9b0e'|'China plans U.S. visits, spurring hopes for more poultry trading'|'Business 31pm EDT China plans U.S. visits, spurring hopes for more poultry trading By Tom Polansek - CHICAGO CHICAGO Chinese agricultural delegations are set to visit the United States in the coming months, raising hopes that Beijing may lift a ban on U.S. poultry imports. A decision by Beijing to cancel the ban would benefit U.S. farmers nervous about trade policies under U.S. President Donald Trump, who pulled out of the 12-nation Trans-Pacific Partnership in January and pledged to renegotiate NAFTA. China has blocked American poultry imports since the United States suffered its worst-ever outbreak of avian flu in poultry in 2015, frustrating U.S. producers who have detected only a handful of highly lethal cases of the virus in birds since last year. The ban cut off a major market for U.S. chicken companies including Tyson Foods Inc ( TSN.N ) and Sanderson Farms Inc ( SAFM.O ), particularly for chicken feet, which Americans generally do not eat. Next month, representatives of China''s agriculture ministry and animal quarantine and inspection service will visit U.S. poultry facilities and learn how producers fight avian flu, Jim Sumner, president of the USA Poultry & Egg Export Council, a trade group, said this week. It will be the first such visit since China imposed its ban and precede the arrival of another Chinese delegation in September, he said. "We''re hoping that after the visit that they lift the ban entirely," Sumner said about the September trip. In 2014, U.S. poultry exports to China totaled $315.4 million, including $94.6 million worth of feet, according to the export council. Resuming U.S. exports could support demand for feed, benefiting U.S. grain farmers who have suffered from falling incomes due to massive global harvests. Tyson Foods, the biggest U.S. chicken company, said it had spoken with representatives from China about visiting its operations and hopes the ban is lifted soon. Last month, the farm sector cheered as China agreed to resume U.S. beef imports, after blocking most shipments since 2003. At the same time, the United States said it would issue a proposed rule to allow cooked Chinese chicken to enter U.S. markets. Sanderson Farms, the third-largest U.S. poultry producer, doubts Beijing will lift its U.S. poultry ban until Washington fully approves cooked Chinese chicken imports, Chief Financial Officer Mike Cockrell said. Before the ban, Sanderson earned about $4.3 million of operating income per month by selling chicken feet to China. "For the first time really since January 2015, when they put the avian influenza ban in place, we''re starting to see movement," Cockrell said. (Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-poultry-china-idUSKBN18T2SM'|'2017-06-03T03:22:00.000+03:00'|4638.0|''|-1.0|'' -4639|'0855bbbccc6111932e16d38cc1154034ced39f26'|'Japan Tobacco tries to catch up with rival in smokeless tobacco'|'Japan - Wed Jun 28, 2017 - 6:12am BST Japan Tobacco tries to catch up with rival in smokeless tobacco left right A journalist tries out Japan Tobacco Inc''s Ploom Tech smokeless vaping product at the Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 1/10 left right Shop assistants explain to customers how Japan Tobacco Inc''s Ploom Tech smokeless vaping products work at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 2/10 left right Shop assistants explain to customers how Japan Tobacco Inc''s Ploom Tech smokeless vaping products work at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 3/10 left right Shop assistants present Japan Tobacco Inc''s Ploom Tech smokeless vaping products at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 4/10 left right A shop assistant demonstrates a Japan Tobacco Inc''s Ploom Tech smokeless vaping product at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 5/10 left right The logo of Japan Tobacco Inc''s Ploom Tech smokeless vaping product is seen at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 6/10 left right A shop assistant poses with Japan Tobacco Inc''s Ploom Tech smokeless vaping products at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 7/10 left right A shop assistant demonstrates a Japan Tobacco Inc''s Ploom Tech smokeless vaping product at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 8/10 left right Japan Tobacco Inc''s (JT) smokeless tobacco Ploom TECH is pictured as JT''s President and CEO Mitsuomi Koizumi smokes Ploom TECH during an interview with Reuters at the compnay''s headquarters in Tokyo, Japan May 29, 2017. REUTERS/Toru Hanai 9/10 left right Japan Tobacco Inc (JT) President and CEO Mitsuomi Koizumi poses with the company''s smokeless tobacco Ploom TECH after an interview with Reuters at the compnay''s headquarters in Tokyo, Japan May 29, 2017. REUTERS/Toru Hanai 10/10 TOKYO Japan Tobacco Inc ( 2914.T ) said on Wednesday it hoped to catch up with Philip Morris International Inc ( PM.N ) in smokeless tobacco by expanding the number of smoke-free restaurants and public places that allow its vaping product. Tobacco firms see Japan as a test ground for vaping products, as e-cigarettes using nicotine-laced liquid are not allowed under the country''s pharmaceutical regulations. While Marlboro maker Philip Morris''s heat-not-burn "IQOS" tobacco device is already enjoying strong demand in Japan, Japan Tobacco''s launch of its "Ploom Tech" product has run into delays due to production shortages. Japan Tobacco, a former state monopoly still a third owned by the government, will start selling Ploom Tech at its flagship shops on Thursday and 100 tobacco stores on July 10 in Tokyo. The company has said it plans to sell it nationwide in the first half of the next year. The company test-launched the product in southwestern city of Fukuoka in March last year and at its online shop. It had to temporarily suspend sales after demand overwhelmed supply. Japan Tobacco said it had sold 250,000 Ploom Tech devices by the end of last year. Unlike Philip Morris''s IQOS, Ploom Tech does not directly heat tobacco leaves. Instead, the battery-powered device generates vapor that goes through a capsule packed with tobacco leaves. Japan Tobacco said the mechanism produces less smell than "heat-not-burn" products, and the company hopes it will be a strong differentiating factor against rivals. It said Ploom Tech emits smell a five-hundredth of a conventional cigarette. The company said about 80 smoke-free restaurants, cafes and other public places in Fukuoka allow the use of Ploom Tech. In Tokyo, there are about 120 such facilities, it said. "The number of smoke-free places that allow Ploom Tech is increasing," Chito Sasaki, president of the company''s Japanese tobacco business, told reporters. (Reporting by Taiga Uranaka; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-tobacco-smokeless-idUKKBN19J0DU'|'2017-06-28T13:12:00.000+03:00'|4639.0|''|-1.0|'' +4639|'0855bbbccc6111932e16d38cc1154034ced39f26'|'Japan Tobacco tries to catch up with rival in smokeless tobacco'|'Japan - Wed Jun 28, 2017 - 6:12am BST Japan Tobacco tries to catch up with rival in smokeless tobacco left right A journalist tries out Japan Tobacco Inc''s Ploom Tech smokeless vaping product at the Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 1/10 left right Shop assistants explain to customers how Japan Tobacco Inc''s Ploom Tech smokeless vaping products work at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 2/10 left right Shop assistants explain to customers how Japan Tobacco Inc''s Ploom Tech smokeless vaping products work at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 3/10 left right Shop assistants present Japan Tobacco Inc''s Ploom Tech smokeless vaping products at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 4/10 left right A shop assistant demonstrates a Japan Tobacco Inc''s Ploom Tech smokeless vaping product at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 5/10 left right The logo of Japan Tobacco Inc''s Ploom Tech smokeless vaping product is seen at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 6/10 left right A shop assistant poses with Japan Tobacco Inc''s Ploom Tech smokeless vaping products at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 7/10 left right A shop assistant demonstrates a Japan Tobacco Inc''s Ploom Tech smokeless vaping product at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 8/10 left right Japan Tobacco Inc''s (JT) smokeless tobacco Ploom TECH is pictured as JT''s President and CEO Mitsuomi Koizumi smokes Ploom TECH during an interview with Reuters at the compnay''s headquarters in Tokyo, Japan May 29, 2017. REUTERS/Toru Hanai 9/10 left right Japan Tobacco Inc (JT) President and CEO Mitsuomi Koizumi poses with the company''s smokeless tobacco Ploom TECH after an interview with Reuters at the compnay''s headquarters in Tokyo, Japan May 29, 2017. REUTERS/Toru Hanai 10/10 TOKYO Japan Tobacco Inc ( 2914.T ) said on Wednesday it hoped to catch up with Philip Morris International Inc ( PM.N ) in smokeless tobacco by expanding the number of smoke-free restaurants and public places that allow its vaping product. Tobacco firms see Japan as a test ground for vaping products, as e-cigarettes using nicotine-laced liquid are not allowed under the country''s pharmaceutical regulations. While Marlboro maker Philip Morris''s heat-not-burn "IQOS" tobacco device is already enjoying strong demand in Japan, Japan Tobacco''s launch of its "Ploom Tech" product has run into delays due to production shortages. Japan Tobacco, a former state monopoly still a third owned by the government, will start selling Ploom Tech at its flagship shops on Thursday and 100 tobacco stores on July 10 in Tokyo. The company has said it plans to sell it nationwide in the first half of the next year. The company test-launched the product in southwestern city of Fukuoka in March last year and at its online shop. It had to temporarily suspend sales after demand overwhelmed supply. Japan Tobacco said it had sold 250,000 Ploom Tech devices by the end of last year. Unlike Philip Morris''s IQOS, Ploom Tech does not directly heat tobacco leaves. Instead, the battery-powered device generates vapor that goes through a capsule packed with tobacco leaves. Japan Tobacco said the mechanism produces less smell than "heat-not-burn" products, and the company hopes it will be a strong differentiating factor against rivals. It said Ploom Tech emits smell a five-hundredth of a conventional cigarette. The company said about 80 smoke-free restaurants, cafes and other public places in Fukuoka allow the use of Ploom Tech. In Tokyo, there are about 120 such facilities, it said. "The number of smoke-free places that allow Ploom Tech is increasing," Chito Sasaki, president of the company''s Japanese tobacco business, told reporters. (Reporting by Taiga Uranaka; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-tobacco-smokeless-idUKKBN19J0DU'|'2017-06-28T13:12:00.000+03:00'|4639.0|19.0|0.0|'' 4640|'7ede41d501b8db434795180b87fc932d3c6963e0'|'China''s Fosun raises offer for Faberg owner Gemfields'|'Business News 2:11pm BST China''s Fosun raises offer for Faberg owner Gemfields A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo China''s Fosun International ( 0656.HK ) has increased its offer for Faberg owner Gemfields ( GEM.L ) to 256 million pounds, turning up the heat in a bid battle with the largest shareholder of the London-listed company. Fosun Gold, part of the acquisitive Fosun International conglomerate, said on Tuesday it had increased its offer for Gemfields to 45 pence per share from an earlier proposal of 40.85 pence per share. That trumps a rival offer of 38.5 pence per share from mining group Pallinghurst Resources Ltd ( PGLJ.J ) to buy the 52.91 percent of Gemfields it does not already own. Gemfields, which mines for emeralds and amethysts in Zambia and for crimson and pinkish-red coloured ruby and corundum in Mozambique, had rejected the offer from Pallinghurst, saying it "significantly undervalues" the company Pallinghurst has said it intends to delist Gemfields from London''s junior market. Gemfields said on Tuesday its independent committee considered the terms of Fosun''s offer were neither fair nor reasonable, but that in the light of Pallinghurst''s offer it intended to recommend shareholders to accept Fosun''s bid. Pallinghurst said on Monday it had valid acceptances for its bid from shareholders owning 61.25 percent of Gemfield''s shares, including its own stake. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gemfields-m-a-fosun-intl-idUKKBN19B1TI'|'2017-06-20T21:11:00.000+03:00'|4640.0|''|-1.0|'' 4641|'28f2d9ed10f90fc5d7c4ea3c0dbec0e8015d66ba'|'Puerto Rico oversight board says continuing talks with PREPA creditors'|'Puerto Rico''s financial oversight board on Wednesday said it is still discussing a debt restructuring with creditors of the island''s power utility, PREPA, and could be persuaded to support a proposed deal it had previously rejected, with some changes.The board, in charge of managing Puerto Rico''s finances, had on Tuesday nixed an agreement between PREPA and its creditors to restructure some $9 billion in debt, saying the deal would not do enough to structurally reform PREPA.(Reporting by Nick Brown; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-prepa-idINKBN19J2UP'|'2017-06-28T19:05:00.000+03:00'|4641.0|''|-1.0|'' 4642|'feafd3568a9f7e715a219ccb778c72b0c85c096f'|'GM investors reject Greenlight share plan, board slate'|'Autos - Tue Jun 6, 2017 - 6:35pm BST GM investors reject Greenlight share plan, board slate left right General Motors CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 1/4 left right FILE PHOTO -- David Einhorn, president of Greenlight Capital, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid/File Photo 2/4 left right General Motors CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 3/4 left right General Motors world headquarters are seen before GM CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 4/4 By Nick Carey and Joseph White - DETROIT DETROIT General Motors Co ( GM.N ) shareholders on Tuesday elected all of the automaker''s board nominees, overwhelmingly rejecting a slate proposed by hedge fund Greenlight Capital and handing a major defeat to billionaire investor David Einhorn''s bid to split the company''s shares. Preliminary results showed more than 91 percent of shareholders voted against Greenlight''s proposal to have GM offer dividend and capital appreciation shares, according to GM officials at the automaker''s annual shareholders'' meeting. GM''s nominees were elected with between 84 percent and 99 percent of the vote, the company said. Greenlight founder David Einhorn floated his proposal back in March, saying it could boost the automaker''s $52 billion (40.3 billion) market capitalisation by as much as $38 billion. But right at the outset, rating agencies said Einhorn''s plan could negatively impact the automaker''s credit rating and he failed to rally other shareholders to his cause. Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) remained conspicuously silent on the proposal. Proxy advisers Institutional Shareholder Services and Glass Lewis had also recommended GM shareholders vote for the automaker''s board nominees and against the dual-class proposal. Einhorn made his proposal as U.S. auto industry sales of new vehicles have begun to wane after a boom cycle that has lasted since 2010. In comments prior to the shareholder meeting, GM chief executive Mary Barra acknowledged Greenlight''s point on its stock price, saying "we do believe GM stock is undervalued," but reiterated the company''s opposition to the hedge fund''s proposal. "After careful, thorough and objective analysis, we decided this (Greenlight''s proposal) was not on the best interest of our shareholders," she said. She added that the company will continue to focus "aggressively" on returning value to shareholders. Barra also said despite the Trump administration''s decision to withdraw from the Paris climate deal, the automaker will continue to push to reduce emissions. GM shares were down 17 cents at $34.29. (Reporting By Nick Carey and Joseph White; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gm-greenlight-idUKKBN18X1QR'|'2017-06-07T01:35:00.000+03:00'|4642.0|''|-1.0|'' -4643|'90f442deb73ac11d187a90850da56b80b5059b94'|'RPT-Spain''s Santander buys smaller rival Popular for 1 euro with capital hike'|'Banks - Wed Jun 7, 2017 - 10:25am EDT ECB triggers overnight Santander rescue of Spain''s Banco Popular left right Santander Chairwoman Ana Botin arrives for a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 1/7 left right FILE PHOTO: A man uses a cash dispenser at a Banco Popular branch in Madrid, Spain, April 29, 2016. REUTERS/Andrea Comas/File Photo 2/7 left right Santander Chairwoman Ana Botin arrives for a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 3/7 left right An employee waits for the start of a news conference at Spain''s biggest bank Santander offices after it announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 4/7 left right Santander Chairwoman Ana Botin speakds at a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 5/7 left right FILE PHOTO: People walk past a branch of Spain''s Banco Popular in Madrid, Spain, May 26, 2016. REUTERS/Andrea Comas/File Photo 6/7 left right FILE PHOTO: A woman walks past a Banco Santander branch in downtown Rio de Janeiro August 19, 2014. REUTERS/Pilar Olivares/File Photo 7/7 By Jess Aguado and Francesco Guarascio - MADRID/BRUSSELS MADRID/BRUSSELS European authorities stepped in to avert a collapse of Spain''s Banco Popular ( POP.MC ) following a run on the bank, orchestrating a last-minute rescue on Wednesday by Santander ( SAN.MC ), the country''s biggest lender. Owners of Popular bonds faces losses of some 2 billion euros, while Santander will ask its shareholders for around 7 billion euros ($7.9 billion) of capital to absorb Spain''s sixth biggest bank. Popular''s rescue was unveiled as the European Central Bank announced the lender was set to be wound down, echoing a banking crash some five years ago that cost Spain 40 billion euros. Santander''s takeover of the bank, which has been weighed down by risky property loans, for a nominal one euro marks the first use of a stricter European Union regime to deal with failing banks adopted after the financial crisis. The sale was organized in less than 24 hours, and followed a recent acceleration in the withdrawal of deposits, which two people with knowledge of the matter said had in recent weeks hit 18 billion euros, equivalent to almost one quarter of the total. A final decision to sell Popular was made at about 0430 GMT on Wednesday, Dominique Laboureix, a member of the Single Resolution Board, told a news conference in Brussels. The SRB is the agency set up by the EU to wind down stricken banks. In contrast to earlier crises, the hurried sale of Popular did not spook markets and banking stocks rose in Europe. "This deal is good for Spain and it''s good for Europe," Santander chairman Ana Botin said of the agreement, which breaks the mold of using taxpayers'' money, instead imposing losses on shareholders and creditors of the bank. This resolution worked in Santander''s favor, and was described by two debt investors as unexpected, with the owners of so-called AT1 and AT2 bonds suffering roughly 2 billion euros ($2.2 billion) of losses and shareholders losing everything. The ECB said there was a "significant deterioration of the liquidity situation of the bank in recent days" and that in the near future Popular would have been "unable to pay its debts". Up to 2 billion euros a day was being taken out of the bank by savers last week, another source told Reuters. "We got it done before markets opened. That was the target," Elke Knig, who chairs the Resolution Board, said. Unlike Italy, which has been grappling with problem lenders for years, Spain''s reaction was prompt and in contrast to the 2008 banking crisis it met with calm in the markets. "This shouldn''t pose any real problems for other banks," Aberdeen Asset Management Head of Credit Research Laurent Frings said. "But it does show that there is real risk in investing in these second-tier names." BOTIN SEES BENEFITS Spanish Economy Minister Luis de Guindos said Santander''s takeover was a good outcome for Popular given its situation in recent weeks and it would have no impact on public resources or other banks. Botin welcomed Popular customers and said that the combination of the two would strengthen Santander''s geographic reach as the economies in Spain and Portugal improved. "It gives certainty and stability to Spain''s financial sector," she said. Santander, which was unaffected by the banking crisis in Spain that forced Madrid to seek international aid, said buying Popular would accelerate growth and profit from 2019. The group, with operations from South America to Britain, said it would set aside 7.9 billion euros to cover the cost of non-performing assets, which are loans at risk of non-payment. Struggling under the weight of 37 billion euros of non-performing property assets left over from Spain''s financial crisis, Popular had seen its share price slump. It was among a handful of banks that emerged as vulnerable to stress, such as an economic downturn, in a European Banking Authority simulation last summer and had remained vulnerable with a ratio of risky loans around three times above the average of its Spanish rivals. But Popular''s small and medium-sized company loan portfolio, the largest among Spanish lenders, presents an opportunity for Santander, which said it would now lead this growing market. It will also sell off at least half of Popular''s property assets within about 18 months. ($1 = 0.8876 euros) (Additional reporting by Andres Gonzalez, Jose Elias Rodriguez, Angus Berwick and Sonya Dowsett in Madrid, Francesco Canepa in Frankfurt and Jan Strupczewski, Francesco Guarascio in Brussels and Helene Durand in London; writing by John O''Donnell; Editing by Keith Weir/Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-popular-m-a-santander-idUSKBN18Y0IU'|'2017-06-07T15:02:00.000+03:00'|4643.0|''|-1.0|'' +4643|'90f442deb73ac11d187a90850da56b80b5059b94'|'RPT-Spain''s Santander buys smaller rival Popular for 1 euro with capital hike'|'Banks - Wed Jun 7, 2017 - 10:25am EDT ECB triggers overnight Santander rescue of Spain''s Banco Popular left right Santander Chairwoman Ana Botin arrives for a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 1/7 left right FILE PHOTO: A man uses a cash dispenser at a Banco Popular branch in Madrid, Spain, April 29, 2016. REUTERS/Andrea Comas/File Photo 2/7 left right Santander Chairwoman Ana Botin arrives for a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 3/7 left right An employee waits for the start of a news conference at Spain''s biggest bank Santander offices after it announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 4/7 left right Santander Chairwoman Ana Botin speakds at a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 5/7 left right FILE PHOTO: People walk past a branch of Spain''s Banco Popular in Madrid, Spain, May 26, 2016. REUTERS/Andrea Comas/File Photo 6/7 left right FILE PHOTO: A woman walks past a Banco Santander branch in downtown Rio de Janeiro August 19, 2014. REUTERS/Pilar Olivares/File Photo 7/7 By Jess Aguado and Francesco Guarascio - MADRID/BRUSSELS MADRID/BRUSSELS European authorities stepped in to avert a collapse of Spain''s Banco Popular ( POP.MC ) following a run on the bank, orchestrating a last-minute rescue on Wednesday by Santander ( SAN.MC ), the country''s biggest lender. Owners of Popular bonds faces losses of some 2 billion euros, while Santander will ask its shareholders for around 7 billion euros ($7.9 billion) of capital to absorb Spain''s sixth biggest bank. Popular''s rescue was unveiled as the European Central Bank announced the lender was set to be wound down, echoing a banking crash some five years ago that cost Spain 40 billion euros. Santander''s takeover of the bank, which has been weighed down by risky property loans, for a nominal one euro marks the first use of a stricter European Union regime to deal with failing banks adopted after the financial crisis. The sale was organized in less than 24 hours, and followed a recent acceleration in the withdrawal of deposits, which two people with knowledge of the matter said had in recent weeks hit 18 billion euros, equivalent to almost one quarter of the total. A final decision to sell Popular was made at about 0430 GMT on Wednesday, Dominique Laboureix, a member of the Single Resolution Board, told a news conference in Brussels. The SRB is the agency set up by the EU to wind down stricken banks. In contrast to earlier crises, the hurried sale of Popular did not spook markets and banking stocks rose in Europe. "This deal is good for Spain and it''s good for Europe," Santander chairman Ana Botin said of the agreement, which breaks the mold of using taxpayers'' money, instead imposing losses on shareholders and creditors of the bank. This resolution worked in Santander''s favor, and was described by two debt investors as unexpected, with the owners of so-called AT1 and AT2 bonds suffering roughly 2 billion euros ($2.2 billion) of losses and shareholders losing everything. The ECB said there was a "significant deterioration of the liquidity situation of the bank in recent days" and that in the near future Popular would have been "unable to pay its debts". Up to 2 billion euros a day was being taken out of the bank by savers last week, another source told Reuters. "We got it done before markets opened. That was the target," Elke Knig, who chairs the Resolution Board, said. Unlike Italy, which has been grappling with problem lenders for years, Spain''s reaction was prompt and in contrast to the 2008 banking crisis it met with calm in the markets. "This shouldn''t pose any real problems for other banks," Aberdeen Asset Management Head of Credit Research Laurent Frings said. "But it does show that there is real risk in investing in these second-tier names." BOTIN SEES BENEFITS Spanish Economy Minister Luis de Guindos said Santander''s takeover was a good outcome for Popular given its situation in recent weeks and it would have no impact on public resources or other banks. Botin welcomed Popular customers and said that the combination of the two would strengthen Santander''s geographic reach as the economies in Spain and Portugal improved. "It gives certainty and stability to Spain''s financial sector," she said. Santander, which was unaffected by the banking crisis in Spain that forced Madrid to seek international aid, said buying Popular would accelerate growth and profit from 2019. The group, with operations from South America to Britain, said it would set aside 7.9 billion euros to cover the cost of non-performing assets, which are loans at risk of non-payment. Struggling under the weight of 37 billion euros of non-performing property assets left over from Spain''s financial crisis, Popular had seen its share price slump. It was among a handful of banks that emerged as vulnerable to stress, such as an economic downturn, in a European Banking Authority simulation last summer and had remained vulnerable with a ratio of risky loans around three times above the average of its Spanish rivals. But Popular''s small and medium-sized company loan portfolio, the largest among Spanish lenders, presents an opportunity for Santander, which said it would now lead this growing market. It will also sell off at least half of Popular''s property assets within about 18 months. ($1 = 0.8876 euros) (Additional reporting by Andres Gonzalez, Jose Elias Rodriguez, Angus Berwick and Sonya Dowsett in Madrid, Francesco Canepa in Frankfurt and Jan Strupczewski, Francesco Guarascio in Brussels and Helene Durand in London; writing by John O''Donnell; Editing by Keith Weir/Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-popular-m-a-santander-idUSKBN18Y0IU'|'2017-06-07T15:02:00.000+03:00'|4643.0|18.0|1.0|'' 4644|'6daae7cf3498b620428f7223e6394d802d6137f5'|'UPDATE 1-U.S. meal kit service Blue Apron files for IPO'|'Company News - Thu Jun 1, 2017 - 5:57pm EDT UPDATE 1-U.S. meal kit service Blue Apron files for IPO (Adds details, background) June 1 Blue Apron Holdings Inc, the biggest U.S. meal kit company, has filed for an initial public offering, amid increasing competition as more companies seek to deliver fresh ingredients and recipes to subscribers. New York City-based Blue Apron has selected Goldman Sachs, Morgan Stanley, Citigroup and Barclays among underwriters to its IPO. Reuters reported in March that Blue Apron competitor, Sun Basket, which focuses on organic ingredients, had hired banks for an IPO that could come in the second half of the year. Blue Apron, named after the uniform that apprentice chefs wear in France, delivers prepackaged ingredients and recipes to subscribers'' doorsteps for them to prepare at home, a business model attempting to disrupt traditional grocery shopping. The company, founded in 2012, is not profitable. It lost $54.9 million last year but revenue more than doubled to $795.4 million, Blue Apron said in a filing with the U.S. Securities and Exchange Commission. Blue Apron posted a net loss of $52.2 million for the first quarter of 2017 on revenue of $244.8 million. The company said it would list its class A shares on the New York Stock Exchange under the symbol "APRN". Blue Apron has two classes of voting stock, class A and class B, as well as a class C of non-voting stock, the company said. Blue Apron filed for an IPO of up to $100 million. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/blueapron-ipo-idUSL3N1IY5YW'|'2017-06-02T05:57:00.000+03:00'|4644.0|''|-1.0|'' 4645|'c118ffd9e19f1d4a29f236796b057236cb92e4a3'|'ECB should prepare for stimulus exit, says Lautenschlaeger'|'Central Banks 12:24pm BST ECB should prepare for stimulus exit, says Lautenschlaeger European Central Bank (ECB) executive board member Sabine Lautenschlaeger delivers her keynote speech during the annual regulatory conference of Austrian markets watchdog FMA in Vienna September 30, 2014. REUTERS/Heinz-Peter Bader FRANKFURT The European Central Bank should be preparing for winding down stimulus and adapting its communication stance accordingly, even if inflation is not yet clearly on a stable upward path, ECB board member Sabine Lautenschlaeger said on Friday. The conditions for rising inflation are in place and growth is accelerating so policymakers should be ready to claw back unprecedented stimulus measures, Lautenschlaeger, a German considered one of the top hawks on the rate-setting Governing Council said in Berlin. ECB President Mario Draghi opened the door to policy tightening earlier this week, arguing that better growth conditions will naturally provide further accommodation, providing the ECB room to claw back its own stimulus. "Although inflation is not yet on a stable path towards our objective, all the conditions are in place," Lautenschlaeger, often at odds with Draghi, said. "It is just a question of time and patience." "That is why monetary policy should already be making preparations for a return to a normal stance. And it should adapt its communication accordingly," she added. The ECB is expected to decide in September whether to extend or wind down its 2.3 trillion euro asset purchase scheme from next year, having to reconcile an apparent contradiction between healthy growth and weak inflation. Inflation ticked down this month while all growth indicators suggest that the bloc is on its best economic run since before the global financial crisis. "Even if no stable trend is visible as yet, it is important to prepare for different times, for there is reason to be optimistic," Lautenschlaeger said. "Against this backdrop, monetary policy has to adjust at the right time, which is as soon as inflation is on a stable path towards our objective," she said. (Reporting by Balazs Koranyi, editing by Ed Osmond and Toby Davis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-lautenschlaeger-idUKKBN19L1ES'|'2017-06-30T14:24:00.000+03:00'|4645.0|''|-1.0|'' 4646|'8ef96bca73db27ba0b2062df454839a256b71cc5'|'Baidu markets dual-tranche US dollar bonds'|'By Carol Chan HONG KONG, June 28 (IFR) - Chinese internet search provider Baidu is marketing a SEC-registered dual-tranche senior unsecured US dollar benchmark bond offering.A five-year tranche is indicated at Treasuries plus 140bp area and a 10-year at Treasuries plus 165bp area.The Nasdaq-listed company is a A3 (review for downgrade) credit to Moodys and A (rating watch negative) to Fitch. The proposed notes will be similarly rated.Proceeds will be used for debt repayment and for general corporate purposes.Goldman Sachs, JP Morgan and HSBC are joint bookrunners. Morgan Stanley and CICC HK Securities are co-managers.The deal will price today during New York business hours. (Reporting by Carol Chan; editing by Vincent Baby and Daniel Stanton) Reuters Messaging: c.chan.thomsonreuters.com@reuters.net))'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/baidu-debt-bonds-idINL3N1JP1X6'|'2017-06-28T02:23:00.000+03:00'|4646.0|''|-1.0|'' @@ -4654,7 +4654,7 @@ 4652|'cb670069a6130c23d9a0dabc055c60a29ffe9c0b'|'Wells Fargo unit hires new head of U.S. portfolio solutions'|'Money - Fri Jun 30, 2017 - 12:31pm EDT Wells Fargo unit hires new head of U.S. portfolio solutions Wells Fargo Asset Management named Jonathan Hobbs as head of U.S. portfolio solutions and Kevin Kneafsey as a senior investment strategist with the multi-asset client solutions group. Hobbs and Kneafsey will be based in San Francisco and report to the president of the unit, Nicolaas Marais, the Wells Fargo & Co division said on Friday. Wells Fargo Asset Management is a division of Wells Fargo Wealth and Investment Management, which manages top-tier investment options. Hobbs joins from BlackRock''s multi-asset team, while Kneafsey served as a senior adviser for Schroders'' multi-asset team. (Reporting By Aparajita Saxena in Bengaluru; Edited by Martina D''Couto) Senate health bill would decimate long-term care coverage CHICAGO When Americans think about retirement planning, long-term care usually is a major blind spot - few of us want to contemplate the possibility of infirmity and dependency in old age. But we would do well to think about it now, as the Senate Republicans take a holiday weekend pause in their push to dismantle the Affordable Care Act. NEW YORK France will set up a special court to handle English-law cases for financial contracts after Britain leaves the European Union, Finance Minister Bruno Le Maire said on Thursday as Paris steps up its charm offensive to attract banks. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-wells-fargo-moves-idUSKBN19L2EQ'|'2017-06-30T19:23:00.000+03:00'|4652.0|''|-1.0|'' 4653|'07d116bcf3d64a57069391d3debad93e3e254df4'|'Nissan says CEO Ghosn''s salary rose 2.5 percent last year'|'Autos 3:17am BST Nissan says CEO Ghosn''s salary rose 2.5 percent last year Carlos Ghosn gestures during a news conference at a hotel in Bangkok, Thailand, April 26, 2017. REUTERS/Chaiwat Subprasom YOKOHAMA Nissan Motor Co ( 7201.T ) on Tuesday said it paid CEO Carlos Ghosn 1.098 billion yen (8 million) in the year ended March, up 2.5 percent from the previous year. Ghosn, one of the best-paid auto executives, received a separate salary of 7.06 million euros ($7.89 million) last year as CEO of Renault SAC ( RENA.PA ), Nissan''s automating alliance partner. Ghosn stepped down as Nissan CEO at the end of March, but remains chairman of the Japanese company. He will also earn salaries for his positions as chairman and CEO of Renault, and as chairman of Mitsubishi Motors Corp ( 7211.T ), the newest member of the alliance. (Reporting by Naomi Tajitsu; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nissan-ghosn-salary-idUKKBN19I086'|'2017-06-27T10:17:00.000+03:00'|4653.0|''|-1.0|'' 4654|'1707fafdd575e87b8183244f54df6c8e2123e108'|'France''s Engie says to weather LNG oversupply with long-term deals'|'Business News - Thu Jun 29, 2017 - 2:58am BST France''s Engie says to weather LNG oversupply with long-term deals By Florence Tan - SINGAPORE SINGAPORE French gas and power company Engie ( ENGIE.PA ) expects to weather festering oversupply in markets for liquefied natural gas (LNG) with long-term deals kicking off in the next couple of years, a senior company official said. Production of the superchilled gas has been outpacing demand as new supplies come online in Australia and the United States, driving down Asian spot prices LNG-AS by more than 70 percent since 2014. "In the short-term, the market is still oversupplied," Engie Executive Vice President Didier Holleaux told Reuters. "Fortunately only a fraction of LNG globally is sold in the short-term market, a significant part of it is still on long-term contracts ... We have new long-term contracts coming onstream in Asia next year and also the year after." Engie a few years ago locked in 20-year deals to supply Japanese utility Tohoku Electric Power ( 9506.T ) and Taiwanese state firm CPC Corp from its U.S. Cameron LNG project that will start production in 2018. The project will add 4 million tonnes per year of U.S. LNG to Engie''s global portfolio of 16.4 million tpy. "It''s a significant diversification for us because for the first time we''ll have LNG coming from the U.S.," Holleaux said late last week. Meanwhile, Engie, previously known as GDF Suez, is in talks to supply gas to Thailand and Myanmar and to build floating storage regasification units (FSRUs) that will supply smaller volumes of gas to power plants on Indonesian islands. "Most of the new (regasification) capacity will be in Southeast Asia," Holleaux said, adding that Indonesia could soon become a net LNG importer as "their needs are increasing and they have not had such big discoveries recently". Engie in June supplied its first LNG cargo to Indonesia''s Pertamina from the local Jangkrik field, its joint venture with Italy''s Eni ( ENI.MI ). In China, after inking an LNG supply agreement with Beijing Gas, Engie is looking at opportunities in the underground gas storage needed to hold stocks to meet seasonal demand, Holleaux said. "Chinese players have now reached a technical level where they don''t necessarily need us," Holleaux said. "It''s different in underground storage where we have specific skills and know-how and we may still help them." China, the world''s largest energy consumer, plans to generate more electricity from gas instead of coal as it fights pollution. "For a very long time, Asia, mainly Japan and Korea, has been one of the most important markets, one of the most reliable ones, in many years the best priced market. But times are changing and we will adjust," Holleaux said. (Reporting by Florence Tan; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-asia-lng-engie-idUKKBN19K06U'|'2017-06-29T04:58:00.000+03:00'|4654.0|''|-1.0|'' -4655|'02624ccc01a744779afbddbf7699a6c8f88741b3'|'Shebah is the women-only ride sharing service we should not need but do - Guardian Sustainable Business'|'T here are always a few hiccups when a start-up launches, but the founder of female-only ride sharing company Shebah wasnt expecting 45 minutes of abuse from a customer when her app didnt work properly on its launch date.She tore strips off me, says Georgina McEncroe, who launched Shebah only three months ago.Towards the end of the tirade, McEncroe asked the caller if she was all right and the reason for the womans anger and distress became apparent.The woman was an assault survivor and the trauma had kept her housebound. She was a shut-in and she had just been waiting for Shebah to launch so she could leave the house, says McEncroe.In its short life, the Shebah app has been downloaded 12,000 times and 1,400 women have begun the process of registering to be drivers, suggesting strong demand.Getting men on board is part of the solution to female disadvantage at work - Catherine Fox'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jun/19/shebah-is-the-women-only-ride-sharing-service-we-should-not-need-but-do'|'2017-06-20T03:00:00.000+03:00'|4655.0|''|-1.0|'' +4655|'02624ccc01a744779afbddbf7699a6c8f88741b3'|'Shebah is the women-only ride sharing service we should not need but do - Guardian Sustainable Business'|'T here are always a few hiccups when a start-up launches, but the founder of female-only ride sharing company Shebah wasnt expecting 45 minutes of abuse from a customer when her app didnt work properly on its launch date.She tore strips off me, says Georgina McEncroe, who launched Shebah only three months ago.Towards the end of the tirade, McEncroe asked the caller if she was all right and the reason for the womans anger and distress became apparent.The woman was an assault survivor and the trauma had kept her housebound. She was a shut-in and she had just been waiting for Shebah to launch so she could leave the house, says McEncroe.In its short life, the Shebah app has been downloaded 12,000 times and 1,400 women have begun the process of registering to be drivers, suggesting strong demand.Getting men on board is part of the solution to female disadvantage at work - Catherine Fox'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jun/19/shebah-is-the-women-only-ride-sharing-service-we-should-not-need-but-do'|'2017-06-20T03:00:00.000+03:00'|4655.0|29.0|0.0|'' 4656|'eda88a11a0bd57ec15adace904e0c113530a8e84'|'French tycoon Niel sees Paris overtaking London as startup leader'|'Business News - Thu Jun 29, 2017 - 8:18pm BST French tycoon Niel sees Paris overtaking London as startup leader left right France''s President Emmanuel Macron and his wife Brigitte speak with French entrepreneur and businessman Xavier Niel (R) during the inauguration of start-ups incubator ''Station F'', in Paris, France, June 29, 2017. REUTERS/Bertrand Guay/Pool 1/4 left right France''s President Emmanuel Macron and his wife Brigitte speak with French entrepreneur and businessman Xavier Niel (R) during the inauguration of start-ups incubator ''Station F'', in Paris, France, June 29, 2017 . REUTERS/Bertrand Guay/Pool 2/4 left right France''s President Emmanuel Macron shakes hands with staff during the inauguration of the world''s biggest start-up incubator ''Station F'', in Paris, France, June 29, 2017 . REUTERS/Bertrand Guay/Pool 3/4 left right France''s President Emmanuel Macron (C), his wife Brigitte (2nd row, 4-L), founder of French broadband Internet provider Iliad, Xavier Niel (R), his wife and director and vice president of Louis Vuitton, Delphine Arnault (L), Paris Mayor Anne Hidalgo (3rdR) and French Minister of State for the Digital Sector Mounir Mahjoubi (2nd row, 3rdL), attend the inauguration of startup incubator ''Station F'' in Paris, France, June 29, 2017. REUTERS/Bertrand Guay/Pool 4/4 By Mathieu Rosemain and Gwnalle Barzic - PARIS PARIS Paris is now fully equipped to attract more innovative companies than London and dominate Europe''s startup scene, billionaire Xavier Niel said on Thursday as he opened the doors of a startup mega-campus in the French capital. "It''s something that is achievable in the coming months," Niel said in an interview with Reuters on the site, dubbed Station F, which plans to house 1,000 start-ups under its 1920s glass arcades. "We''re of course helped by Brexit," he added. Paris and Berlin are vying to displace London''s lead in the European start-up scene, while other cities including Dublin, Amsterdam and Frankfurt are also promoting themselves as alternative tech hubs in the face of uncertainties caused by the British vote to leave the European Union. Station F''s 34,000 square meter (366,000 sq ft) site in Paris makes it the world''s biggest startup incubator. It will shelter early stage companies, venture capital funds, a post office, a round-the-clock restaurant, a tax center and will offer 26 programs to help out entrepreneurs, Niel said. It will also have 3-D printing labs and bars. U.S. giants Facebook ( FB.O ), Microsoft ( MSFT.O ) and South Korea''s Naver ( 035420.KS ) partnered with the project, as well as French bank BNP Paribas ( BNPP.PA ), defense company Thales ( TCFP.PA ) and French online retailer vente-prive.com. France''s startup scene has been gaining traction lately thanks to booming investments and high expectations for a business-friendly government under new President Emmanuel Macron, who has said he wants to transform France into a "start-up" nation, via a mix of business-friendly reforms and the launch of a 10 billion euro ($11.4 billion) dedicated fund. "We have an environment that serves us well because foreign leaders are either old or they do not make young people dream," Niel said. Thirty-nine-year old Macron is the youngest leader in France''s modern history. The French president was guest of honor at a formal opening ceremony for the center on Thursday. "This word entrepreneur. ..is a French word, very French, which the Anglo-Saxons stole us," Macron said jokingly to a laughing audience at Station F on Thursday. Niel, a telecoms maverick who transformed France''s mobile sector via the company he founded, Iliad ( ILD.PA ), wholly funded Station F, investing 250 million euros in the project. Venture capitalists invested in 590 French startups in 2016, putting the country ahead of Britain (520 deals) and Germany (380), according to research firm Tech.eu. It was a record year with a total of 874 million euros invested in venture capital in France, up 15 percent from 2015, according to the industry lobby Afic. This remains below Germany, with investments of 937 million. (Editing by Ingrid Melander and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-start-ups-macron-idUKKBN19K2RR'|'2017-06-29T22:06:00.000+03:00'|4656.0|''|-1.0|'' 4657|'3cf047ade473ba4d5e21eb111636199cefae5f3c'|'UPDATE 1-Alibaba spending $1 bln to raise stake in Southeast Asia''s Lazada'|'Company 59am EDT UPDATE 1-Alibaba spending $1 bln to raise stake in Southeast Asia''s Lazada * Deal doubles Alibaba''s investment in Lazada * Alibaba''s stake in Lazada to rise to 83 pct from 51 pct * Alibaba had option to buy stakes from Lazada shareholders (Adds details of deal, Alibaba CEO''s quote) By Aradhana Aravindan SINGAPORE, June 28 Chinese e-commerce company Alibaba Group Holding is investing an additional $1 billion in Southeast Asian online retailer Lazada Group, boosting its stake by nearly a third to 83 percent and amplifying its focus on the region. The announcement by Alibaba on Wednesday of the investment comes as its rivals like Chinese e-commerce firm JD.com Inc are expanding operations in Southeast Asia and amid media reports that Amazon is eyeing an entry into the region of 600 million people where only a fraction of total retail sales are currently conducted online. ( tcrn.ch/2mSzlop ) The move doubles Alibaba''s investment in Lazada after last year''s deal to buy a controlling stake in it for about $1 billion and is a part of its efforts to boost its global sales. Alibaba had the option to buy the remaining stakes from some Lazada investors, 12-18 months after the deal closed. "The e-commerce markets in the region are still relatively untapped, and we see a very positive upward trajectory ahead of us," said Daniel Zhang, CEO of Alibaba. "We will continue to put our resources to work in Southeast Asia through Lazada to capture these growth opportunities." On Wednesday, Alibaba said it will purchase the shares from certain Lazada shareholders at an implied valuation of $3.15 billion. It did not name the shareholders, but Germany''s Rocket Internet and Sweden''s Kinnevik in separate statements confirmed they were disposing their remaining Lazada stakes. Last year''s deal had included partial stake sales by investors, including U.K. supermarket operator Tesco Plc , Rocket and Kinnevik. Lazada, founded in 2012, is headquartered in Singapore and also operates in Malaysia, Indonesia, the Philippines, Thailand and Vietnam. In the twelve months ended March 31, 2017, Lazada had about 23 million annual active buyers, according to Alibaba''s annual report. Lazada has been expanding its offerings over the last year, buying Singapore-based online grocer RedMart and tying up with companies such as Netflix and Uber for a membership programme. Alibaba shares were down 0.4 percent in pre-market trading, while Rocket shares were 2.3 percent lower. Amazon did not immediately respond to an emailed request for comment on its plans for the region. (Reporting by Aradhana Aravindan; Additional reporting by Anshuman Daga in SINGAPORE and Emma Thomasson in BERLIN; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lazada-ma-alibaba-idUSL3N1JP38T'|'2017-06-28T13:59:00.000+03:00'|4657.0|''|-1.0|'' 4658|'4522c4c699ebcad972e2e5d2635669483b3dc396'|'Japan, EU press ahead on free trade pact to counter U.S. protectionism'|'Business News - Wed Jun 28, 2017 - 8:10am BST Japan, EU press ahead on free trade pact to counter U.S. protectionism A general view of a container area at a port in Tokyo June 20, 2012. REUTERS/Yuriko Nakao By Kaori Kaneko and Stanley White - TOKYO TOKYO Japanese and European Union negotiators meeting in Tokyo aim to reach a free trade deal that would stand against a protectionist tide threatening the global economy, and make the United States think twice over pursuing inward-looking policies. Japan and the EU have been negotiating since 2013, but talks have intensified since last week, with almost daily meetings to overcome key hurdles, including tariffs on Japanese automobiles and car parts and European wine, cheese, pasta and other foods. A Japan-EU deal could leave U.S. firms at a disadvantage, especially after President Donald Trump''s withdrawal of the United States from the Trans-Pacific Partnership, or TPP, earlier this year. "There is an atmosphere among negotiators that Japan and the EU need to stop protectionism that is prevailing in the world," said a source familiar with the issue who declined to be identified because talks are ongoing. "The momentum is building for Japan and the EU to take leadership in promoting and executing free trade." In a sign of optimism, EU trade chief Cecilia Malmstrom said on Monday she could sign a provisional deal with Japan as early as next week. An agreement between the EU and Japan would "send a strong message to the United States that free trade is important and that you shouldn''t be too inward looking," said another source, who declined to be named while negotiations were underway. Trump favours bilateral trade deals over multilateral accords and his decision to walk away the TPP, left the other 11 members of the Pacific Rim trading bloc, including Japan, in limbo. Although, together Japan and the EU account for about a third of global GDP, their trade relationship has a lot of room to grow - EU forecasts reckon by as much as a third. Their bilateral trade totalled $144 billion (112.4 billion pounds) last year, whereas Japan-China trade was $262 billion and Japan-US trade was $192 billion. After unsuccessful attempts to conclude a deal with Tokyo the past two years, there is a sense in the EU camp that people will start to lose faith if they cannot wrap it up this year, an EU official familiar with the talks said. Japan wants to phase out the EU''s 10 percent tariff on Japanese passenger cars over the next five to 10 years and scrap a 4 percent tariff on many car parts. The Europeans, meanwhile, would like Japan to reduce its 15 percent tariff on wine and up to 30 percent on cheese. For now, the Japanese side is digging in on dairy. "Our number of dairy farmers is in decline, but we have a plan to strengthen our dairy industry, so I would like to ask for understanding," Agriculture Minister Yuji Yamamoto told reporters on Tuesday. "I don''t think there is room to compromise any further." An agreement would put American companies at a disadvantage in Japan because they compete against European businesses in many of the same markets, said Junichi Sugawara, senior research officer at Mizuho Research Institute. It could even be used by Tokyo to convince Washington to rejoin the TPP, he said. "The U.S. side is likely to come at Japan with strong requests for better market access, but Japan can use a deal with the EU as leverage to lure the United States back to TPP," he said. (Additional reporting by Philip Blenkinsop in Brussels; Editing by Malcolm Foster & Simon Cameron-Moore) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-eu-trade-idUKKBN19J0N5'|'2017-06-28T10:10:00.000+03:00'|4658.0|''|-1.0|'' @@ -4676,14 +4676,14 @@ 4674|'a18c3ad1b9b24685c75403e9bb69a3a36942c94c'|'EURO DEBT SUPPLY-Six euro zone states to sell debt next week'|'LONDON, June 9 The Netherlands, Italy, Germany, Portugal, Spain and France are set to sell debt at auction in the coming week.* The Netherlands on Tuesday is scheduled to sell 2-3 billion euros of 10-year bonds.* Also on Tuesday, Italy will offer up to 5.5 billion euros of three- and seven-year bonds.* Germany will sell three billion euros of 10-year bonds on Wednesday.* Portugal will also offer a total of up to 1.25 billion euros of bonds at an auction on Wednesday.* Spain will issue bonds due 2022, 2027, 2032 and 2037 next Thursday at a quadruple debt auction.* France will sell up to 9.5 billion euros of fixed-rate and inflation-linked bonds on Thursday. (Compiled by John Geddie; Editing by Abhinav Ramnarayan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-outlook-idINL8N1J649G'|'2017-06-09T11:55:00.000+03:00'|4674.0|''|-1.0|'' 4675|'f18d1569b57e617ffab13e5883e8cd3291b0df38'|'Deals of the day-Mergers and acquisitions'|'Market News - Wed Jun 7, 2017 - 9:37am EDT Deals of the day-Mergers and acquisitions June 7 The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Wednesday: ** Private equity giant KKR & Co LP made a $1.66 billion takeover approach for Australia''s embattled No. 4 internet company Vocus Group Ltd, the target said, sparking a bounce in its shares which have been hit by earnings downgrades. ** European authorities stepped in to avert a collapse of Spain''s Banco Popular following a run on the bank, orchestrating a last-minute rescue by Santander, the country''s biggest lender. ** The world''s largest meat processor, JBS SA, has agreed to sell its Argentine operations to a smaller rival, retreating from a top beef-producing nation that was once a springboard for an aggressive international expansion. ** New World Department Store China Ltd said its parent firm plans to take it private for HK$934.5 million ($120 million), so that it can better tackle a challenging operating environment and take risks in implementing strategy. ** Bayer has cut its stake in plastics and chemicals subsidiary Covestro to 44.8 percent after selling an 8.5 percent stake to institutional investors as part of a plan to sever ownership ties completely in the medium term. ** Global oil traders Vitol and Gunvor are interested in buying Mozambique''s struggling state-owned fuel distributor Petromac, local media reported. ** Anders Holch Povlsen, owner of Danish fashion retailer Bestseller, is buying a stake in payments firm Klarna, one of Europe''s most highly valued tech startups, the firm said. ** Swedish private equity firm EQT made a cash offer to shareholders of DGC One valuing the telecoms company at 2.3 billion Swedish crowns ($265 million) after announcing it had bought an 85 percent stake in the company. ** Toshiba Corp asked Western Digital Corp once again to stop challenging the Japanese conglomerate''s plans to sell its chip business. ** Volcan, Peru''s largest producer of silver and zinc, seeks new opportunities in copper projects to diversify its operations and is also evaluating acquisitions, an executive said on Tuesday. ** Any suggestions that Russia could "eventually" buy back the stake in its flagship oil producer Rosneft which it had sold to Qatar are "not possible and incorrect", Kremlin spokesman Dmitry Peskov said. ** Delphi Automotive PLC will partner with Paris-based Transdev Group, a public transport service controlled by the French government, to develop an automated on-demand shuttle service in Europe, the companies said. ** Algeria''s Sonatrach and Spain''s Repsol have signed an agreement to consolidate their partnership in energy exploration and amicably end their differences, APS state news agency said. ** Piraeus Bank, Greece''s largest bank by assets, aims to sell its Balkan businesses and certain other holdings and shrink its bad loans portfolio, its new chief executive told reporters, outlining the group''s plans up to 2020. (Compiled by Divya Grover and Ahmed Farhatha in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1J4384'|'2017-06-07T18:05:00.000+03:00'|4675.0|''|-1.0|'' 4676|'6922ce4e3f1a6095ede88227aa81a097339972d8'|'GSK wins $235 million from Teva in Coreg patent trial'|'Business News - Wed Jun 21, 2017 - 11:51pm BST GSK wins $235 million from Teva in Coreg patent trial FILE PHOTO: A building belonging to Teva Pharmaceutical Industries, the world''s biggest generic drugmaker and Israel''s largest company, is seen in Jerusalem February 8, 2017. REUTERS/Ronen Zvulun By Nate Raymond A U.S. jury has ordered Teva Pharmaceutical Industries Ltd ( TEVA.TA ) to pay GlaxoSmithKline Plc ( GSK.L ) more than $235 million (185 million) for infringing a patent covering its blood pressure drug Coreg, court documents showed. A federal jury in Wilmington, Delaware on Tuesday found that Teva wilfully infringed the patent in connection with its sales of a generic version of the drug with a label indicating it could be used for treating chronic heart failure. The jury rejected Teva''s contention that the patent was invalid. It awarded GSK $234.1 million in lost profits and said the drug company deserved an additional $1.4 million in royalties. GSK in a statement said that it was pleased with the trial''s outcome. Teva said it was disappointed. "We still intend to present our equitable defences to the court at a separate hearing which could eliminate the liability determination or significantly reduce the assessed damages," Teva said in a statement. "We are also considering an appeal." The U.S. Food and Drug Administration approved Teva''s generic version of Coreg, or carvedilol, in 2007. GSK said that while Teva''s FDA application had a carve-out to address its use for treating chronic heart failure, which GSK said remained under patent, the generic drugmaker changed its label in 2011 to add that use. GSK said that as a result, Teva induced healthcare providers to infringe its patent by selling a generic version of the drug and marketing it as a substitute for Coreg. The case is GlaxoSmithKline LLC et al v. Teva Pharmaceuticals USA Inc, U.S. District Court, District of Delaware, No. 14-cv-00878. (Reporting by Nate Raymond in Boston; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gsk-teva-pharm-ind-idUKKBN19C329'|'2017-06-22T06:51:00.000+03:00'|4676.0|''|-1.0|'' -4677|'7f700f58a9bea79278c377f39d006517a825541e'|'BRIEF-MSCI says inflows to reach $340 bln if all China A shares included in futures'|'June 21 * MSCI Inc. expects initial inflows following partial inclusion of A share to be around $17 billion to $18 billion* Inflows could reach around $340 billion if China A shares fully included in futures, according to an MSCI executive* Expects roughly 450 large-and-mid-cap A shares under full inclusion, the executive says, adding it is "very difficult to say" on timeline for further China A share inclusion* Investors strongly urge Chinese exchanges, regulators to consider additional measures to curb share suspensions - executive (donny.kwok@thomsonreuters.com)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-msci-says-inflows-to-reach-340-bln-idINL3N1JI008'|'2017-06-20T22:43:00.000+03:00'|4677.0|''|-1.0|'' +4677|'7f700f58a9bea79278c377f39d006517a825541e'|'BRIEF-MSCI says inflows to reach $340 bln if all China A shares included in futures'|'June 21 * MSCI Inc. expects initial inflows following partial inclusion of A share to be around $17 billion to $18 billion* Inflows could reach around $340 billion if China A shares fully included in futures, according to an MSCI executive* Expects roughly 450 large-and-mid-cap A shares under full inclusion, the executive says, adding it is "very difficult to say" on timeline for further China A share inclusion* Investors strongly urge Chinese exchanges, regulators to consider additional measures to curb share suspensions - executive (donny.kwok@thomsonreuters.com)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-msci-says-inflows-to-reach-340-bln-idINL3N1JI008'|'2017-06-20T22:43:00.000+03:00'|4677.0|29.0|0.0|'' 4678|'6c9ef70a5bc6f1fe84995a73481f56fbf5bb0012'|'Wealth management data startup Addepar raises $140 million'|'By Anna Irrera - NEW YORK NEW YORK Addepar, a Silicon Valley-based startup that helps wealth management firms get a more comprehensive view of their clients'' assets, has raised $140 million in a round led by Valor Equity Partners, 8VC and investment manager Harald McPike.The company said on Thursday that it will use the funding on research and development initiatives aimed at enhancing its technology.Addepar has developed software that helps wealth managers view information on their clients'' assets that might be spread out across various accounts.Ultra-wealthy clients typically hold their assets in family trusts, limited partnerships or in alternative and illiquid investments spread across several banks and accounts. This means financial advisors will often gather and compile information into one spreadsheet through a protracted process rather than meeting with clients."Wealth managers, especially the ones serving larger and more complex clients, often times have challenges in giving each client an accurate view of everything they own," said Eric Poirier, chief executive of Addepar, in an interview. The company''s platform allows wealth management firms, with client''s permission, to gather information from various accounts in one place, Poirer said.Addepar is among the growing group of young technology companies that are seeking to help established financial institutions improve their technology across a wide range of functions, including anti-money laundering checks to client-interface software.While the firm has so far focused on wealth management firms, Poirier said it had received inquiries from other buy-side companies such as pension funds.Poirier said the firm has been growing rapidly, with its clients managing more than $650 billion through its platform, up from $300 billion 18 months ago. In January Morgan Stanley ( MS.N ) said it was rolling out Addepar''s platform to 20 of its top financial advisory teams.Valor Equity Partners founder and managing partner Antonio Gracias, who sits on the Addepar''s board of directors, is well known for being an investor and board member in several companies of Tesla Inc ( TSLA.O ) founder Elon Musk.(Reporting by Anna Irrera; Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-addepar-investment-idINKBN18Z1IO'|'2017-06-08T09:25:00.000+03:00'|4678.0|''|-1.0|'' 4679|'68e4c5fab002365c843e7d09e69ef1f8477ea250'|'MOVES-State Street Global names new institutional sales head for SPDR business'|'Money - Wed Jun 14, 2017 - 5:06pm EDT State Street Global names new institutional sales head for SPDR business State Street Global Advisors, the asset management business of State Street Corp, said on Wednesday it appointed Kathryn Sweeney as head of its SPDR Americas institutional sales. Sweeney joins the company from Goldman Sachs, where she was global head of distribution and product strategy for the securities division. (Reporting by Ankit Ajmera in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-state-str-moves-kathryn-sweeney-idUSKBN195332'|'2017-06-15T05:05:00.000+03:00'|4679.0|''|-1.0|'' 4680|'3f46fd466aae8284c819a2edfb4542a78d3221a8'|'UPDATE 1-NYSE proposes to list more quadruple-leveraged ETFs -filing'|'Business News - Tue Jun 20, 2017 - 4:23pm EDT More quadruple-leveraged ETFs proposed despite SEC review By Trevor Hunnicutt and John McCrank - NEW YORK NEW YORK Intercontinental Exchange Inc''s ( ICE.N ) NYSE Arca exchange is asking the U.S. Securities and Exchange Commission for permission to list a new set of exchange-traded funds that aim to quadruple the performance of the market, a filing this week showed. The exchange would list two "ProShares QuadPro" ETFs that would aim to deliver four times the return of an index of S&P 500 .SPX or Russell 2000 futures over a single day. A fund whose index declines 5 percent might fall by 20 percent. Another two QuadPro funds would target four times the inverse of those benchmarks. That means a fund could gain 8 percent on a day the index it tracks falls by 2 percent. The proposed listing of the quadruple-leveraged ETFs comes amid ambivalence on the part of the SEC about such products. Last month, the SEC approved what would have been the first such "4X" funds in the United States but then halted that decision pending further review. Those funds would be branded ForceShares and carry the tickers "UP" and "DOWN." ETFs offering three times leverage already trade in the United States, but more reactive products have been limited to Europe. "To the extent these products will be coming to market, we believe it is important they be offered by providers that bring the deep experience and resources necessary to manage them appropriately and to educate investors about their potential risks and benefits," said a spokesman for ProShare Advisors in a statement emailed to Reuters. Brokerage firms have been penalized for selling leveraged ETFs to investors for whom they were not suitable. BlackRock Inc ( BLK.N ) Chief Executive Larry Fink in 2014 said the leveraged ETFs'' structural problems had the potential to "blow up the whole industry one day." "Leveraged ETFs are not for the faint of heart - you can get hurt very easily if hold on to any of these products for the long haul," said Todd Rosenbluth, director of ETF and mutual fund research at CFRA. "For those that are willing to take the risk, there''s the potential for reward." "Our top priority is partnering with our ETF issuers to help them to bring new, innovative and interesting products to market," said Douglas Yones, NYSE''s head of ETFs, in an emailed statement to Reuters. A separate ProShares filing shows the company is planning additional "QuadPro" funds targeting crude oil and U.S. Treasury bond futures. (Reporting by Trevor Hunnicutt and John McCrank; Editing by Tom Brown and Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sec-etfs-idUSKBN19B2DP'|'2017-06-21T00:34:00.000+03:00'|4680.0|''|-1.0|'' 4681|'508ff841d6a4666fcf9ac382905238f9e0b3aad8'|'Honda engineer debunks own claim about cause of Takata air bag failures'|'Autos - Fri Jun 23, 2017 - 7:49pm BST Honda engineer debunks own claim about cause of Takata air bag failures FILE PHOTO: The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai/File Photo By Joseph White - DETROIT DETROIT Honda Motor Co ( 7267.T ) on Friday released a 2013 email in which one of its engineers suggested that he knew some hidden truth about "the root cause" of Takata Corp ( 7312.T ) air bag failures, but the engineer later said he was mistaken. The engineer''s email was disclosed in a statement from Honda as part of its defence in a class action suit in Florida, where plaintiffs are seeking compensation for the lost value of vehicles due to defects in Takata air bag inflators. The inflators can explode with excessive force, launching metal shrapnel at passengers in cars and trucks. The inflators prompted the automotive industry''s largest ever safety recall and have been linked to at least 16 deaths worldwide. Nine of the 11 U.S. deaths have been reported in 2001-2003 model Honda and Acura vehicles. The engineer''s July 18, 2013 email, originally written in Japanese and translated by Honda, is part of an exchange with a colleague at the automaker. "I am a witness in the dark who knows the truth about Takata''s inflator recall," the engineer, whose name is blacked out in Honda''s statement, wrote in his email. "If I say something to NHTSA, it will cause a complete reversal in the auto industry which adopted Takata inflators," added the engineer, who told his colleague he had been taken off air bag-related work by Honda because of his supposed inside knowledge. NHTSA is the acronym of the U.S. National Highway Traffic Safety Administration. In a sworn affidavit filed with a federal court and dated June 1, 2017, the engineer acknowledged he had been mistaken, however. When he wrote email to his colleague, he was referring to an Oct. 16, 1999 event in which a prototype Takata air bag inflator ruptured, the engineer stated. "I believed that the root cause of the October 16, 1999 rupture related to the root cause of the Takata inflator recalls," the affidavit stated. Based on later findings by the NHTSA, "I now understand that I was incorrect and the root cause of the field events is not related to the root cause of the October 1999 rupture." Honda did not name the engineer but said in a statement that he was still employed by the company and had refused to testify in the Florida case. (Reporting by Joe White; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-autos-takata-honda-idUKKBN19E27R'|'2017-06-24T02:49:00.000+03:00'|4681.0|13.0|0.0|'' 4682|'e3216f76ae1c51a06ff8cae767afcc09af5171d7'|'IOC sets extensive maintenance shutdown plans for units'|'NEW DELHI Indian Oil Corp has lined up an extensive maintenance turnaround plan for its refineries in 2017, sources with knowledge of the plan said, which could force the country''s top refiner to tap overseas markets for gasoline and diesel to meet rising local demand.IOC plans to shut a 150,000 barrel per day (bpd) crude unit at its 300,000 bpd Panipat refinery in northern India and an associated naphtha cracker plant for about a month in July, the sources said, freeing up some naphtha for exports.IOC also plans to shut a 160,000 bpd Mathura refinery for 15 days from Aug 25; its 120,000 bpd Barauni refinery in Bihar for about five weeks in July-August; and a 150,000 bpd Haldia plant in West Bengal of the country for about three weeks in November-December for a flare job.IOC plans to shut the only crude unit at its 300,000 bpd coastal Paradip refinery in Odisha for about three weeks for repairs in October to enhance its capability to process tough grades, the sources added.The refiner has already shut some units at its 274,000 bpd Koyali refinery in Gujarat for revamp and maintenance from June 1.There is not likely to be any planned shutdowns in the first quarter of 2018, because state refiners normally do not plan maintenance in the last quarter of their fiscal year, when they ramp up runs to meet annual production targets.The company may change dates for the planned shutdowns depending on local fuel demand and the turnaround plans of other refiners, the sources said.No comment was available from IOC.(Reporting by Nidhi Verma; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-ioc-idINKBN18Z174'|'2017-06-08T07:51:00.000+03:00'|4682.0|''|-1.0|'' 4683|'ee448136fe2737abf60ff1be2e546c56666d95db'|'Synnex Corp buys Westcon-Comstor Americas from South Africa''s Datatec for $800 million'|'JOHANNESBURG Datatec Ltd ( DTCJ.J ) unveiled plans on Tuesday to sell its Westcon-Comstor American operations to Synnex Corp ( SNX.N ), a deal worth up to $800 million that allows the South African IT firm to offload part of a problematic business.Westcon-Comstor, a distributor of technology and services for network security and data centres mostly in the United States, has been a drag on Datatec''s performance in recent months due partly to a troubled software roll-out in Europe, Asia and Africa. The business accounts for more than a third of Datatec sales and profit.Synnex would also buy 10 percent of Westcon-Comstor operations outside the United States for $30 million with an option to double that within 12 months, valuing the unit at around $1.1 billion."We decided it wasn''t good for us to monetise those other assets at the bottom of the cycle. They will take a minority interest in the remaining business, which we think has meaningful upside," Datatec''s Chief Executive Jens Montanana told Reuters. "But we would entertain a further tie-up with them at some point."Datatec, which is also listed in London ( DTC.L ), reported a hefty 66 percent drop in annual underlying earnings last month, weighed down by the tricky deployment of a business management software across Westcon-Comstor operations in Asia-Pacific and Europe, Middle East and Africa regions.Shares in Datatec rallied as much as 25 percent on the news before paring gains to trade 12 percent higher at 57.40 rand by 1424 GMT. The stock was up by the same margin in London.For Synnex, the deal hands it one the world''s major resellers of Cisco Systems'' ( CSCO.O ) products and adds data security, wireless routers and video meeting equipment to its portfolio of video graphic processors, hard-disk drives and USB thumb drives.Under the deal, Synnex will pay $500 million in stock and $130 million in cash and a further $200 million cash payment provided certain financial targets are achieved in the year to end February 2018.The stock portion of the deal would give Datatec a 10 percent stake in Synnex and Montanana would be appointed to the Fremont, California-based firm''s board.Synnex retains an option to pay all cash, based on the average share price at closing of the deal.For its fiscal year ended February 28, 2017, the Westcon Americas business generated about $2.2 billion of revenue and about $89 million in core earnings, or EBITDA.The transaction is expected to close in the third calendar quarter of 2017. The parties have agreed Datatec would pay a break fee of about $25 million if Datatec breaches the transaction agreement.(Reporting by TJ Strydom and Tiisetso Motsoeneng; editing by Alexander Smith and Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uk-westcon-m-a-synnex-corp-idINKBN18X0M0'|'2017-06-06T12:56:00.000+03:00'|4683.0|''|-1.0|'' -4684|'dd53b6f61cf67aff35d405c101d01f40aa76c273'|'Japan''s Takata apologises to victims of faulty air bags'|'TOKYO, June 27 Japanese auto parts maker Takata Corp apologised on Tuesday to victims of its faulty air bags linked to at least 16 deaths and 180 injuries around the world.Executives offered the apology at the firm''s last annual shareholder meeting as a listed company.Takata has filed for bankruptcy protection in Japan and the United States and agreed to be largely acquired for $1.6 billion by the Chinese-owned U.S.-based Key Safety Systems.(Reporting by Maki Shiraki, writing by Sam Nussey; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/takata-bankruptcy-apology-idINT9N1IK00M'|'2017-06-27T03:03:00.000+03:00'|4684.0|''|-1.0|'' +4684|'dd53b6f61cf67aff35d405c101d01f40aa76c273'|'Japan''s Takata apologises to victims of faulty air bags'|'TOKYO, June 27 Japanese auto parts maker Takata Corp apologised on Tuesday to victims of its faulty air bags linked to at least 16 deaths and 180 injuries around the world.Executives offered the apology at the firm''s last annual shareholder meeting as a listed company.Takata has filed for bankruptcy protection in Japan and the United States and agreed to be largely acquired for $1.6 billion by the Chinese-owned U.S.-based Key Safety Systems.(Reporting by Maki Shiraki, writing by Sam Nussey; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/takata-bankruptcy-apology-idINT9N1IK00M'|'2017-06-27T03:03:00.000+03:00'|4684.0|29.0|0.0|'' 4685|'6b965a2e283ed44178ae6cc2421d0cc3a4754f81'|'JPMorgan operating chief to go, Dimon successor pool shrinks - Reuters'|'Business News - Thu Jun 8, 2017 - 10:36pm BST JPMorgan operating chief to go, Dimon successor pool shrinks A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files By Dan Freed - NEW YORK NEW YORK JPMorgan Chase Chief Operating Officer Matt Zames, once seen as a likely successor to Chief Executive Jamie Dimon, will leave the bank in the coming weeks, and his duties are being split among other senior executives, the bank said on Thursday. In an internal memo announcing Zames'' departure, Dimon thanked him for his 13 years of service but did not say why he was going. The exit stirs up, once again, one of Wall Street''s favorite parlor games - trying to work out who will succeed Dimon, 61, at the helm of the largest U.S. bank. At 46, Zames was the youngest of the six contenders and had the advantage of knowing all segments of the bank, after overseeing areas including cyber security, technology and real estate. Zames also played a central role in keeping the bank stable amid financial turmoil. He helped stabilize Bear Stearns, after JPMorgan acquired the investment bank during the 2007-2009 crisis, and transformed JPMorgan''s chief investment office and treasury arm after the so-called "London Whale" scandal in 2012. More recently, he was focused on critical technology and cyber functions. "While I am sad to see him leave, I respect his decision and all he has done for JPMorgan Chase," said Dimon. In the memo, Dimon detailed a new organizational structure in which the five other potential successors - Chief Financial Officer Marianne Lake, Corporate and Investment Bank CEO Daniel Pinto, Consumer and Community Banking CEO Gordon Smith, Asset Management CEO Mary Erdoes and Commercial Bank CEO Doug Petno - divvy up Zames'' responsibilities. With Dimon showing no inclination to relinquish his role, a raft of potential successors has left the bank in recent years. Many have gone on to lead other institutions, including Barclays PLC CEO Jes Staley, Standard Chartered PLC CEO Bill Winters and former Visa Inc CEO Charles Scharf. Zames will receive discretionary payments of $4.625 million on Feb. 1, 2018 and $4.5 million a year later. He has agreed not to compete with JPMorgan until Feb. 1, 2018, not to solicit clients for a year after that date and not to hire employees of the bank before Feb. 1, 2020. "Jamie has been a true mentor to me, and it has been a privilege to be a member of his team. I''m confident I will continue to benefit from his guidance and wisdom in the future," Zames said in the memo. (Reporting by Dan Freed in New York; Writing by Lauren Tara LaCapra; Editing by Lisa Shumaker and Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-jpmorgan-coo-idUKKBN18Z2JC'|'2017-06-09T05:14:00.000+03:00'|4685.0|''|-1.0|'' 4686|'577c862d516a25eb5e2e14a183ade4f72c6001a4'|'Pfizer, Roche and Aspen face South Africa probe over cancer drug prices'|' 5:30pm BST Pfizer, Roche and Aspen face South African probe into cancer drug prices left right FILE PHOTO: The Pfizer logo is seen at their world headquarters in New York April 28, 2014. REUTERS/Andrew Kelly/File Photo 1/2 left right The logo of Swiss pharmaceutical company Roche is seen outside their headquarters in Basel, January 30, 2014. 2/2 By Nqobile Dludla - PRETORIA PRETORIA South Africa''s competition watchdog has launched an investigation into three drug companies accused of over-charging for cancer medicines, the agency''s chief said on Tuesday. Tembinkosi Bonakele, head of the Competition Commission, said the agency would investigate Aspen Pharmacare, Africa''s biggest generic drug maker, U.S. company Pfizer and Swiss-based Roche Holding. "Here we have a suspicion. We think that the reason is excessive pricing by the participants in the market. We have to investigate and bring people to book," Bonakele told a news conference. "The Competition Commission has identified the healthcare sector, and in particular, pharmaceuticals, as a priority sector for its enforcement efforts due to the likely negative impact that anti-competitive conduct in that sector would have on consumers in general and specifically the poor and vulnerable." The Commission, which investigates cases before bringing them to the Competition Tribunal for adjudication, said it suspected the lung cancer treatment xalkori crizotinib sold by Pfizer had been excessively priced as has the breast cancer drugs Herceptin and Herclon sold by Roche. It also said it would look into whether Aspen, a local company based in Durban, might have over-charged for Leukeran, Alkeran and Myleran cancer treatments in South Africa. Roche said in an email it had not received a formal notification from the Commission when asked for comment. "In case we receive a formal notification, we will be cooperating fully with the authorities, will provide all required information and will respond to the allegations," the company said. Pfizer did not immediately respond to telephone requests for comment. Aspen denied any wrongdoing, saying it had not increased its prices for medicines used to treat leukemia beyond the margin approved by the South African health department. Some medicines in South Africa, including those sold by Roche and Aspen, are considered too essential to let manufacturers set the prices. "Aspen is committed to full and constructive engagement with the Competition Commission in this investigation," the company said in a statement. Aspen is already under investigation by the European Commission over allegations that it is overcharging for five key cancer drugs. (Additional reporting by Paul Arnold in Zurich Writing by Tiisetso Motsoeneng; Editing by Mark Potter, Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-safrica-pharmaceuticals-idUKKBN1941HG'|'2017-06-13T20:39:00.000+03:00'|4686.0|''|-1.0|'' 4687|'d4bd896c51fa0d2cb683ee6d3c9b75a3bad5d6a9'|'BP takes $750 million hit in Angola exploration write-off'|'Business 19pm BST BP takes $750 million hit in Angola exploration write-off A BP logo is seen at a petrol station in London, Britain, January 15, 2015. REUTERS/Luke MacGregor/File Photo LONDON BP ( BP.L ) said on Thursday it will incur a $750 million (578.48 million pounds) write off in its second quarter 2017 results over exploration blocks it relinquished in Angola. "As part of the ongoing portfolio evaluation, BP has decided to relinquish its 50 percent interest in Block 24/11 offshore southern Angola. Katambi, a gas discovery made in the block in 2014, has not been determined to be commercial," the London-based company said. "As a result of this and other exploration write-offs in Angola, BP expects to include in its second quarter 2017 results a non-cash exploration write-off in Angola of around $750 million, which will not attract tax relief." (Reporting by Ron Bousso; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bp-exploration-idUKKBN19K1Z1'|'2017-06-29T17:19:00.000+03:00'|4687.0|''|-1.0|'' @@ -4693,7 +4693,7 @@ 4691|'0ee4d1b3d3eeceb99552bf7c4fd929a0275cba5f'|'German ministry orders probe of Porsche emissions'|'Autos 29am BST German ministry orders probe of Porsche emissions BERLIN The German Transport Ministry has ordered the KBA watchdog agency to examine the emissions of sports car maker Porsche ( PSHG_p.DE ), a unit of Volkswagen ( VOWG_p.DE ), a ministry spokesman said on Monday following a critical media report. German newsmagazine Der Spiegel reported on Friday that diesel models of Porsche''s Cayenne V6 TDI, an SUV model, had much higher emissions than legally allowed. The company said it did not understand the test results, and noted that emissions depend on conditions such as engine load, speed and temperature. (Reporting by Andrea Shalal; Editing by Michael Nienaber)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-porsche-governme-idUKKBN19312Q'|'2017-06-12T18:29:00.000+03:00'|4691.0|''|-1.0|'' 4692|'fa8f648781a74d702f3ecdf8e553c9719cb80a00'|'U.S. jobless claims rise, labor market still tight'|'WASHINGTON The number of Americans filing for unemployment benefits increased slightly last week, but remains at levels consistent with a tight labor market.Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 241,000 for the week ended June 17, the Labor Department said on Thursday.Economists polled by Reuters had forecast first-time applications for jobless claims rising to 240,000 in the latest week.Following the report, the dollar held at slightly lower levels against a basket of currencies while U.S. Treasuries were little changed.Jobless claims for the prior week were revised upwards by 1,000 to 238,000 from 237,000. The week''s tally is the 120th consecutive week that claims have been below 300,000, the threshold associated with a strong labor market. It''s the longest stretch that claims have remained below that level since 1970.The four-week moving average of claims, considered a better measure of labor market trends as it smoothes week-to-week volatility, rose 1,500 to 244,750 last week, the highest since early April.Many economists consider the labor market to be at or near full employment. The unemployment rate in May declined to a 16-year low of 4.3 percent.The U.S. Federal Reserve raised interest rates by a quarter percentage point last week for the second time in three months and signaled it remains on track for one more rate hike this year.Fed officials have been buoyed by the tightening jobs market although it has yet to translate into significant pricing pressures.Indeed, some policymakers at the central bank have begun to show increasing concern that a recent pullback in inflation may point to sustained difficulty in returning it to the Fed''s 2 percent target.A Labor Department official said there were no special factors influencing the claims data. Only claims for Louisiana were estimated.Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid increased 8,000 to 1.94 million in the week ended June 10.The so-called continuing claims have now been below 2 million for 10 straight weeks, indicating diminishing labor market slack.(Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-idUSKBN19D1JL'|'2017-06-22T20:39:00.000+03:00'|4692.0|12.0|0.0|'' 4693|'f17101258a7ab4f9281347cdbf6ad41698e7f360'|'AIRSHOW-Are you being served? Planemakers alter sales pitch to boost profit'|'Business News - Fri Jun 23, 2017 - 12:39pm EDT Are you being served? Planemakers alter sales pitch to boost profit An aerial view of the 52nd Paris Air Show at Le Bourget Airport. REUTERS/Pascal Rossignol By Tim Hepher and Victoria Bryan - PARIS PARIS Airbus and Boeing leave this week''s Paris Airshow with plans for ambitious growth in aviation services, as flattening demand for new jets and pressure to raise profit margins encourages planemakers to deepen their exposure to airline operations. The two largest planemakers set out their stalls at the world''s biggest air show in a series of announcements that could set them in competition with some of their suppliers and even some of the airlines that have ordered jets in recent years. The overlap reflects the complexity of the aviation market as it matures, leaving a large fleet of aircraft to service or upgrade and tens of thousands of people to train - all services that could in turn become tools to help sell even more jets. "Many customers are now looking for fixed cost per flight hour with assured outcomes on part availability. It is the (airline) CFO''s dream to get costs out and management risks under a third party," Stan Deal, head of Boeing''s newly created global services division, told Reuters. "The future state we want to get to is that we can support every element of a day of operations on the airplane." For years, air shows were all about "moving the metal," winning as many orders as possible. Orders are still buzzing, but higher-margin services have taken a prime time slot for the first time with a volley of announcements from each company. "Would you imagine having your Mercedes car without the associated services? It makes no sense," said Laurent Martinez, head of ''Services by Airbus''. "We are definitely the best placed to serve our aircraft because we know the aircraft nose to tail," he told Reuters. Boeing''s ( BA.N ) newest division starts up on July 1 with a mandate to roughly triple Boeing''s commercial and defense services to $50 billion in 10-15 years. The existing commercial unit will also keep its own services sales team to support the effort. Airbus ( AIR.PA ) said the worldwide aftermarket services business for jetliners will double to $3.2 trillion over the next 20 years. The overall services market is worth an estimated $100 billion a year: almost as much as building and selling jets but yielding fatter margins. "We are definitely on a major growth plan," Martinez told Reuters. "In 2017, we will see double-digit growth." ACQUISITIONS Both companies are ready to look at modest acquisitions to expand their services businesses. "I would characterize them as bolt-on acquisitions to accelerate our position in the market," Deal said. Competitors include the major maintenance and repair organizations (MRO) such as Air France Industrie ( AIRF.PA ) and Lufthansa Technik ( LHAG.DE ), though there are partnerships with such firms too. "The market is growing fast. ... We see more and more airlines that are concentrating on their core business and want to have all their operations subcontracted," Martinez said. Norwegian Air Shuttle ( NWC.OL ) , which had selected Boeing over Lufthansa Technik to maintain its fleet in Boeing''s biggest commercial services deal last year, returned to the show to sign a new deal for Boeing to take charge of flight training. As fleets age, upgrades are lucrative too. United Parcel Service ( UPS.N ) last month signed a deal with Airbus and Honeywell ( HON.N ) to upgrade the cockpits on 52 elderly A300-600 freighters, and arrived in Paris this week with a deal for Boeing to convert three second-hand 767 jetliners to freighters. Powering the expansion in services is a transformation in the way data can be used to connect aircraft, pepper them with sensors and predict upcoming maintenance problems. Airbus launched such a platform with four airlines, powered by analytics firm Palantir Technologies. "We are able to define the weak signals for components and ... change the component before it fails. This is the future of maintenance," Martinez said. Data can also be used to optimize a flight trajectory, saving fuel by 1-2 percent, Airbus said. Boeing offers to manage airlines'' fuel demands, even if their jets were made by Airbus. In a further step, services are being baked into the way planes like Boeing''s proposed mid-market jet are designed. The switch demands a different culture from the measured, highly regulated process of building a plane for public transport. That will stay in place wherever safety is an issue. "Part of standing it up separately (as a new services division) is to break the shackles of that, recognizing that we are going to be a fast-paced innovator with short sprints of incremental innovation and some big-bang innovation," Deal said. (Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-airshow-paris-services-idUSKBN19E1YE'|'2017-06-24T00:36:00.000+03:00'|4693.0|''|-1.0|'' -4694|'ee721a593d92028bf143cdf8655581b8ddd552ae'|'China economy improves in second quarter but delevaraging poses risks - private survey'|'Business News 5:00am BST China economy improves in second-quarter but deleveraging poses risks - private survey left A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration 1/3 left right Men work on platforms at the construction site of residential highrises in Beijing, China June 27, 2017. REUTERS/Thomas Peter 2/3 left right A man works at the construction site of residential highrises in Beijing, China June 27, 2017. REUTERS/Thomas Peter 3/3 BEIJING China''s economy continued to improve in the second quarter, with corporate profits rising and hiring up, a private survey showed, but it suggested the Asian giant may have to brace for tougher times ahead even though firms have been able to weather a tighter financing environment. The quarterly survey of thousands of Chinese firms by China Beige Book International (CBB) showed that while the property sector slowed, manufacturing improved further and the retail and services industries bounced back after a difficult first quarter. That reinforced a flurry of recent data and policy makers'' comments that indicated authorities were working to curb financial risks and keep the economy on an even keel heading into a key political meeting this year. The survey showed surprisingly strong performance in the commodities sector despite some price weakness in the second quarter, with the aluminium sector particularly strong. The improving economy, especially the healthy labour market, is no doubt welcome news ahead of a leadership revamp at an autumn congress of the ruling Communist Party of China. Yet signs of stress in the corporate sector pointed to a bumpy ride for businesses. CBB said cash flow was negative for many companies and inventory levels in the second quarter was at the highest in the history of the survey. That is in line with official data showing growth in industrial inventories picked up to over 10 percent in April, sparking worries of weak demand. CBB said there are signs tougher times could be ahead for Chinese companies during a period of deleveraging and rising interest rates. "It remains true that either rates have to come plunging back down, as the (state planner) recently called for, or the present level of corporate activity is headed for a cliff," CBB said in its report. As the government stepped up its campaign to curb debt risks and stabilise the financial sector, growth of China''s broad money supply came in at the slowest in at least two decades in May, though bank lending remained solid. The CBB survey showed the corporate sector started to feel the effect of tighter credit conditions in the second quarter after escaping relatively unscathed in the first three months of the year, with the cost to take a bank loan the highest since 2014. But borrowing was not impacted much, CBB said, likely due to firms'' positive business outlook for the next six months, though CBB said that this may not last if tightening persists. "Companies assume deleveraging is transient, likely because they are skeptical the Party will allow economic pain in 2017. It will not be until 2018 when we find out whether deleveraging is genuinebecause it won''t be until 2018 that it will actually hurt", CBB said. (Reporting by Elias Glenn; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-beigebook-idUKKBN19I2XA'|'2017-06-28T06:06:00.000+03:00'|4694.0|''|-1.0|'' +4694|'ee721a593d92028bf143cdf8655581b8ddd552ae'|'China economy improves in second quarter but delevaraging poses risks - private survey'|'Business News 5:00am BST China economy improves in second-quarter but deleveraging poses risks - private survey left A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration 1/3 left right Men work on platforms at the construction site of residential highrises in Beijing, China June 27, 2017. REUTERS/Thomas Peter 2/3 left right A man works at the construction site of residential highrises in Beijing, China June 27, 2017. REUTERS/Thomas Peter 3/3 BEIJING China''s economy continued to improve in the second quarter, with corporate profits rising and hiring up, a private survey showed, but it suggested the Asian giant may have to brace for tougher times ahead even though firms have been able to weather a tighter financing environment. The quarterly survey of thousands of Chinese firms by China Beige Book International (CBB) showed that while the property sector slowed, manufacturing improved further and the retail and services industries bounced back after a difficult first quarter. That reinforced a flurry of recent data and policy makers'' comments that indicated authorities were working to curb financial risks and keep the economy on an even keel heading into a key political meeting this year. The survey showed surprisingly strong performance in the commodities sector despite some price weakness in the second quarter, with the aluminium sector particularly strong. The improving economy, especially the healthy labour market, is no doubt welcome news ahead of a leadership revamp at an autumn congress of the ruling Communist Party of China. Yet signs of stress in the corporate sector pointed to a bumpy ride for businesses. CBB said cash flow was negative for many companies and inventory levels in the second quarter was at the highest in the history of the survey. That is in line with official data showing growth in industrial inventories picked up to over 10 percent in April, sparking worries of weak demand. CBB said there are signs tougher times could be ahead for Chinese companies during a period of deleveraging and rising interest rates. "It remains true that either rates have to come plunging back down, as the (state planner) recently called for, or the present level of corporate activity is headed for a cliff," CBB said in its report. As the government stepped up its campaign to curb debt risks and stabilise the financial sector, growth of China''s broad money supply came in at the slowest in at least two decades in May, though bank lending remained solid. The CBB survey showed the corporate sector started to feel the effect of tighter credit conditions in the second quarter after escaping relatively unscathed in the first three months of the year, with the cost to take a bank loan the highest since 2014. But borrowing was not impacted much, CBB said, likely due to firms'' positive business outlook for the next six months, though CBB said that this may not last if tightening persists. "Companies assume deleveraging is transient, likely because they are skeptical the Party will allow economic pain in 2017. It will not be until 2018 when we find out whether deleveraging is genuinebecause it won''t be until 2018 that it will actually hurt", CBB said. (Reporting by Elias Glenn; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-beigebook-idUKKBN19I2XA'|'2017-06-28T06:06:00.000+03:00'|4694.0|27.0|0.0|'' 4695|'6bb12e1836d38a96b8de990cc0a1a8c261013baa'|'Bain, Cinven collect 36.55 percent of Stada shares'|'Deals - Mon Jun 19, 2017 - 7:47am EDT Bain, Cinven collect 36.55 percent of Stada shares FRANKFURT Buyout groups Bain Capital and Cinven have so far been offered 36.55 percent of German drugmaker Stada ( STAGn.DE ) shares, the private equity groups said on Monday. The tender offer for the agreed 5.3 billion euro deal runs through June 22 and is conditional on securing 67.5 percent of Stada''s shares. The investors lowered minimum acceptance threshold earlier this month. Investors typically tender shortly before the deadline. People close to the deal have said that passing the set threshold may prove a challenge given the large number of shares held by retail investors, who are more likely to forget to tender than institutional stockholders, as well as by index tracking funds that cannot tender for technical reasons. Activist investor Active Ownership Capital earlier this month sold its Stada stake to someone who is expected to tender it in the offer, according to people close to the deal. (Reporting by Arno Schuetze; Editing by Ludwig Burger) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-stada-arzneimitt-m-a-idUSKBN19A1IH'|'2017-06-19T15:47:00.000+03:00'|4695.0|''|-1.0|'' 4696|'ff76e66abc00fdab7e15e648f1984e06e982a8c6'|'Peru miner Volcan seeks copper opportunities to diversify'|'LIMA Volcan, Peru''s largest producer of silver and zinc, seeks new opportunities in copper projects to diversify its operations and is also evaluating acquisitions, an executive said on Tuesday.Among the company''s plans, Jose Montoya, manager of corporate development, highlighted the Chumpe and Carhuacayn porphyry copper projects in Junin region as well as copper and gold project Rica Cerrea in Pasco."We are looking to increase diversification in copper opportunities," Montoya said in a presentation at the MinPro forum.He said Volcan is also looking at acquisitions that could provide "fast" value."We are investing heavily in exploration in 2017 to discover the potential we have in copper. We are betting on an aggressive drilling plan ... 30 percent of this will be destined to uncover copper opportunities," he added.Volcan last year produced some 273,400 metric tons of zinc, down 4.1 percent from 2015, as well as 22 million ounces of silver, down 11.4 percent from the previous year.(Reporting by Teresa Cespedes; Writing by Caroline Stauffer; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peru-volcan-idUSKBN18Y003'|'2017-06-07T08:01:00.000+03:00'|4696.0|''|-1.0|'' 4697|'c163ff0eb769aa4d349116ddb7ea9ea22f132a56'|'GF Financial Markets CEO Andy Gooch steps down'|'Business 7:57am BST GF Financial Markets CEO Andy Gooch steps down MELBOURNE Andy Gooch, chief executive of London-based commodity broker GF Financial Markets (GFFM), a unit of China''s GF Securities, has stepped down for personal reasons, the broker said. Gooch, a metals industry stalwart, had been at the helm of the broker for the past four years. GFFM was the first Chinese member to join the 140-year-old London Metal Exchange as a ring dealer, which it did in 2013 when it bought into the share capital of France''s Natixis SA. It is owned by GF Futures (HK) Co Ltd, which is a wholly owned subsidiary of China brokerage GF Futures Co, part of GF Securities. The business also trades energy, softs and agriculture. Gooch did not immediately respond to a LinkedIn request for comment. "It is with regret that Andy Gooch has resigned as the CEO of GFFM for personal reasons and we thank him for the work he has done in establishing and growing our business in London," GFFM said in a notice on its website dated June 21. "GFF / GFS remains committed to supporting and developing the business going forward." Gooch worked at Natixis for six years, before which he was head of Nymex Europe. (Reporting by Melanie Burton; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gffinancial-moves-gooch-idUKKBN19E0LM'|'2017-06-23T14:57:00.000+03:00'|4697.0|''|-1.0|'' @@ -4747,20 +4747,20 @@ 4745|'e44f4dd0472eca733fcb6d000abe9f525af3de85'|'BoE''s Cunliffe - See how slowdown plays out before deciding on rate hike'|'Top News - Wed Jun 28, 2017 - 8:12am BST Now is not the time to raise interest rates - BoE''s Cunliffe Britain''s Deputy Governor of the Bank of England Jon Cunliffe in London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool By Andy Bruce - LONDON LONDON Bank of England Deputy Governor Jon Cunliffe on Wednesday signalled that now is not the time to raise interest rates, siding with his boss Mark Carney in a deepening split between officials on the need for higher borrowing costs. Speculation mounted last week that Governor Carney''s grip on decision-making at the BoE was weakening when chief economist Andy Haldane said he might break ranks and join dissenters who voted this month for Britain''s first rate hike in a decade. But Cunliffe said he wanted more time to see how improvements in business investment and exports could compensate for a consumer slowdown before deciding to raise interest rates from their record low 0.25 percent. He stressed weak wage growth and said the lesson from the last few years was that Britain''s economy had not generated much domestic inflation pressure, despite a sharp fall in unemployment. Asked in a BBC radio interview if now was the right time to raise interest rates, Cunliffe said: "(Consumer spending) is slowing as households'' real incomes are squeezed by higher inflation, we expect some of that slowing to be offset by growth in business investment, growth in exports. And I want to see how that plays out." "(We) do have to look at what''s happening to domestic inflation pressure, and I think that on the data we have at the moment, gives us a bit of time to see how this evolves," Cunliffe said. Earlier this month the BoE said a recent jump in inflation to 2.9 percent meant it was likely to exceed 3 percent this autumn - higher than the BoE forecast just a few weeks ago and well above its 2 percent inflation target. Three out of eight members of the Monetary Policy Committee unexpectedly voted to raise interest rates, jolting financial markets. The ninth seat on the MPC is currently vacant. The unexpectedly tight vote added questions over monetary policy to uncertainty over Britain''s political outlook since Prime Minister Theresa May failed to win a parliamentary majority in an election earlier in the month. Cunliffe said inflation overshooting the BoE''s target was "not a comfortable place" for any member of the MPC. But he said it was important to consider how much of the overshoot was generated domestically, rather than as a product of the pound''s fall in the aftermath of last year''s Brexit vote. Cunliffe highlighted that average earnings excluding bonuses rose at an annual rate of just 1.7 percent in the three months to April, the weakest increase since January 2015. Even with Haldane''s surprise intervention last week, most economists think interest rates are unlikely to rise in the next few months. One of the three MPC members who voted to hike rates, Kristin Forbes, has completed her term and has been replaced by Silvana Tenreyro, a trade-focused London School of Economics academic. On Tuesday, the BoE tightened its controls on bank credit to more normal levels, deciding the risk had passed of a big hit to the economy and to lending after last year''s Brexit vote. (Reporting by Andy Bruce; Editing by Richard Borsuk and Andrew Heavens) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-cunliffe-idUKKBN19J0FH'|'2017-06-28T13:20:00.000+03:00'|4745.0|''|-1.0|'' 4746|'750a8426fd7cae3bc7e20409812b452e811e8bbb'|'JLR unit invests $25 million in Lyft to help develop self-driving cars'|'Technology News - Mon Jun 12, 2017 - 8:02am BST JLR unit invests $25 million in Lyft to help develop self-driving cars FILE PHOTO: A Lyft driver from Sacramento, responds to a ride request on her smartphone during a photo opportunity in San Francisco, California February 3, 2016. REUTERS/Stephen Lam/File Photo Britain''s biggest carmaker Jaguar Land Rover said its mobility services business, InMotion Ventures, would invest $25 million in U.S. ride services company Lyft Inc to help develop and test technology for self-driving cars. The auto industry and technology companies are racing to develop self-driving technology, which in the years to come is expected to transform transportation by cutting costs of ride services and changing the way people buy and use cars. InMotion will also supply Lyft with a fleet of Jaguar and Land Rover vehicles, the automaker said on Monday. InMotion''s investment follows its recent seed investment in SPLT, the Detroit-based digital carpool business, which works with Lyft to provide non-emergency medical transport. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Arun Koyyur) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tata-motors-investment-idUKKBN1930L2'|'2017-06-12T15:02:00.000+03:00'|4746.0|''|-1.0|'' 4747|'2f94fb5381e1afae081af0088005ca8a721b3060'|'New U.S. funds would mimic ADRs but cut currency risk - filing'|'Business News 33am BST New U.S. funds would mimic ADRs but cut currency risk - filing By Trevor Hunnicutt - NEW YORK NEW YORK An investment company is planning to offer a novel kind of fund that would offer U.S. investors direct access to foreign stocks, while tamping down the risk of currency declines, regulatory filings showed on Wednesday. Companies based outside the United States, such as Toyota Motor Corp, British American Tobacco plc and Royal Dutch Shell plc, currently offer access to their shares on U.S. exchanges through what are known as American depositary receipts (ADRs). Those ADRs allow U.S. investors easily to trade foreign stocks, but the securities also gain or lose value based on the performance of their home currency against the dollar. That means a Toyota ADR traded in the United States could fall even if the Japan-listed stock stays flat - if the yen declines against the dollar. Over three years, for instance, British investors have gained 8.8 percent investing in Royal Dutch Shell, but the dollar-denominated ADRs have returned negative 18.7 percent, owing to the British pound''s dive. Precidian Funds LLC is planning to offer U.S. investors access to Toyota, Royal Dutch Shell, British American Tobacco and each of 15 other largely blue-chip stocks in a fund structure that could eliminate the risk of a falling foreign currency hurting the stock price. That said, investors using the products could also miss out on the benefits of a rising foreign currency. In a filing with the U.S. Securities and Exchange Commission, the Bedminster, New Jersey-based company proposed offering each stock as its own "ADRPLUS" exchange-traded fund. Unlike most funds, the ADRPLUS would use a legal structure like that used by gold-owning ETFs that could allow it to hold just one ADR and the derivatives it needs to hedge currencies. The filings did not disclose fees, ticker symbols, a scheduled launch date or a listing venue. Precidian''s chief officer, Daniel McCabe, (Reporting by Trevor Hunnicutt; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-investment-etf-adrplus-idUKKBN19606J'|'2017-06-15T10:33:00.000+03:00'|4747.0|''|-1.0|'' -4748|'5369161924d95a47c08b80a23d1bb6f7173d5e5c'|'Corvex Management LP reports 7.6 pct stake in Energen Corp as of June 26'|'June 28 Energen Corp* Corvex Management LP - On June 27, delivered a letter to Energen Corp''s board of directors - SEC Filing* Corvex Management LP - In letter, expressed disappointment with Energen''s decision to continue with status quo business plan without conducting road show with shareholders* Corvex Management LP - In letter, believe Energen did not conduct substantive review of alternatives to maximize shareholder value* Corvex Management LP - In letter, urge Energen board to re-examine conclusions as to best direction for co after receiving feedback from shareholders* Corvex Management LP reports 7.6 percent stake in Energen Corp as of June 26 versus 6.6 percent stake as of June 14 Source text: [ bit.ly/2tXzlbs ] '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-corvex-management-lp-reports-76-pc-idINFWN1JP0EE'|'2017-06-28T10:15:00.000+03:00'|4748.0|''|-1.0|'' +4748|'5369161924d95a47c08b80a23d1bb6f7173d5e5c'|'Corvex Management LP reports 7.6 pct stake in Energen Corp as of June 26'|'June 28 Energen Corp* Corvex Management LP - On June 27, delivered a letter to Energen Corp''s board of directors - SEC Filing* Corvex Management LP - In letter, expressed disappointment with Energen''s decision to continue with status quo business plan without conducting road show with shareholders* Corvex Management LP - In letter, believe Energen did not conduct substantive review of alternatives to maximize shareholder value* Corvex Management LP - In letter, urge Energen board to re-examine conclusions as to best direction for co after receiving feedback from shareholders* Corvex Management LP reports 7.6 percent stake in Energen Corp as of June 26 versus 6.6 percent stake as of June 14 Source text: [ bit.ly/2tXzlbs ] '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-corvex-management-lp-reports-76-pc-idINFWN1JP0EE'|'2017-06-28T10:15:00.000+03:00'|4748.0|29.0|0.0|'' 4749|'aecec91701ee2f2a32696588e87e16d65faebd26'|'Emirates will suspend its flights to and from Doha from Tuesday morning'|'Money 22pm IST Emirates will suspend its flights to and from Doha from Tuesday morning FILE PHOTO: Emirates Airlines aircrafts are seen at Dubai International Airport, United Arab Emirates May 10, 2016. REUTERS/Ashraf Mohammad/File photo - RTX2FQ68/File Photo DUBAI Dubai-based carrier Emirates said it will suspend all flights to and from Doha from Tuesday morning until further notice, joining UAE-based Etihad Airways in a similar move amid a diplomatic spat between Qatar and some of its Gulf neigbhours. The move came after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed their ties with Qatar on Monday, accusing it of supporting terrorism, opening up the worst rift in years among some of the most powerful states in the Arab world. Emirates said the last flight from Dubai to Doha will depart at 2:30 am on Tuesday, while the last flight from Doha to Dubai will depart at 3:50 am. "All customers booked on Emirates'' flights to and from Doha will be provided with alternative options, including full refunds on unused tickets and free rebooking to the nearest alternate Emirates destinations," the airline said in an email. (Reporting By Saeed Azhar; Editing by Tom Arnold)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/emirates-qatar-idINKBN18W0UJ'|'2017-06-05T15:52:00.000+03:00'|4749.0|''|-1.0|'' 4750|'d2dcc536d96ed551350c2119c17a671323ae8c02'|'Toshiba to seek extension on financial filing Friday - Yomiuri'|'By Makiko Yamazaki - TOKYO TOKYO Toshiba Corp said it was open to talks with Western Digital Corp in their dispute over the sale of the Japanese conglomerate''s prized chip unit - an apparent olive branch after it chose another suitor as preferred bidder.The two have been feuding bitterly and Western Digital, which jointly runs Toshiba''s main semiconductor plant, has sought a U.S. court injunction to prevent any deal that does not have its consent.The softer tone from Toshiba comes on a day of further indignities as the crisis-wracked conglomerate saw itself demoted to the second section of the Tokyo Stock Exchange and estimated bigger losses for the past financial year.This week it chose a consortium of Bain Capital and Japanese government investors as preferred bidder for the unit, the world''s No. 2 producer of NAND flash chips. It wants to clinch a deal, worth some $18 billion, by June 28, the day of its shareholders meeting."Western Digital used to be a good partner, so we want to continue talks. I''m disappointed with the current dispute," Toshiba CEO Satoshi Tsunakawa told a news conference, adding it was important that they joined forces to better compete against bigger rival Samsung Electronics."We want Western Digital to jointly invest to fight against Samsung. It will be so disappointing if we can''t do so because of the dispute," he said.But in a sign that tensions were still high, Tsunakawa also said Toshiba was not going to be the first to propose the U.S. firm join the consortium and it was still considering whether to block Western Digital employees not based at the plant from accessing joint venture data servers.Tsunakawa also said he did not expect any changes to the make-up of the consortium before June 28.Western Digital''s offer had not found favour on price and because the U.S. firm wanted to take control of the unit, he said, adding that he expected executives from Toshiba to still be running operations after the sale.His comments come after sources familiar with matter said earlier this week that the Bain consortium members had made resolving the dispute with Western Digital a condition of their investment.Representatives for Western Digital were not immediately available to comment.HYNIX HURDLES?South Korean chipmaker SK Hynix Inc is also part of the Bain consortium and its membership has raised concerns that the winning bid may find it difficult to clear anti-trust reviews.Its presence has made Western Digital reluctant to join the group in its current form due to worries that high-level technology for NAND chips, which provide long-term data storage, could be leaked to its rival, sources familiar with the matter have said.But Tsunakawa said SK Hynix would not be holding any equity and would not be involved in management - an arrangement that was unlikely to raise regulatory red flags and would prevent leaks of key technology information.SK Hynix, which is relatively weak in NAND flash memory chips, has said it has joined the group because it sees new business opportunities. It will provide half of the 850 billion yen ($7.6 billion) that Bain plans to put up in the form of financing, sources have said.Earlier in the day, Toshiba flagged a net loss of around $9 billion for the year ended in March with negative shareholders'' equity of around $5.2 billion, both worse than expected on an increase in liabilities at bankrupt nuclear unit Westinghouse and potential legal damages.With negative shareholder equity confirmed, the Tokyo Stock Exchange said it would move Toshiba''s listing to the second section of the bourse from Aug. 1 - the latest in a series of humiliating developments since December for a firm that has been in business for more than 140 years.Toshiba also received regulatory approval to delay filing its annual earnings by more than a month amid a prolonged accounting investigation at Westinghouse. It is the sixth time since 2015 that Toshiba has delayed an earnings filing.Regulators have now given Toshiba until Aug. 10 instead of June 30 to submit the filing. Failure to gain an extension would have put the troubled company''s stock exchange listing in further jeopardy, although it still needs to dig itself out of negative shareholders'' equity by the end of this financial year to stay listed.($1 = 111.2000 yen)(Reporting by Makiko Yamazaki and Kaori Kaneko; Editing by Chang-Ran Kim and Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/toshiba-accounting-idINKBN19D2Z0'|'2017-06-22T21:54:00.000+03:00'|4750.0|''|-1.0|'' 4751|'594584b1b562e12dec0026dbd15c7fd484adc615'|'Linde to terminate ADRs due to Praxair merger'|'FRANKFURT German industrial gases group Linde ( LING.DE ) will terminate its American depository receipt program on Sept. 29 due to its planned $74 billion merger with U.S. peer Praxair ( PX.N ), it said on Friday."ADRs are not subject to the public offer to exchange Linde shares for shares in the new holding company, therefore ADR holders must exchange their ADRs for Linde shares in order to participate in the exchange offer," it said.Linde and Praxair plan to list shares in the new combined company in both New York and Frankfurt.(Reporting by Georgina Prodhan; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-linde-adrs-idINKBN19E1EN'|'2017-06-23T10:31:00.000+03:00'|4751.0|''|-1.0|'' 4752|'4edcb37b9b01ab937dc965edd3fe10123cf8becd'|'Labor flags plan to crack down on non-compete clauses for employees - Business'|'Labor has flagged a plan to crack down on clauses in work contracts that make it hard for employees to work for competitors when they leave a job.It has also renewed calls for large corporations to pay bigger financial penalties for abusing their market power, and for the competition regulator to be given greater powers to prevent market problems emerging.Andrew Leigh, the shadow assistant treasurer, will warn in a speech on Wednesday that competition in Australia is getting worse, with too many industries dominated by three or four firms and fewer new businesses starting up as a consequence.Minimum wage to rise by $22 a week after Fair Work Commission ruling Read more The Turnbull government is pushing ahead with its 0.06% levy on the after-tax profits of Australias biggest banks, arguing their market dominance has made them some of the most profitable banks in the world.Leigh says Australia is experiencing a rise in companies using their market power for anti-competitive reasons, with complaints to the competition watchdog, of misleading and deceptive conduct, up one third over the last three years. He says despite the Coalitions rhetoric about innovation and agility, the rate at which new businesses are being created in Australia has actually slowed, warning something needs to be done about our growing competition problem.Back in the 2000s we would typically see a 17% increase in the number of new businesses each year, Leigh says, in notes seen by Guardian Australia.Since 2010, this has fallen to 13%. For all the talk of incubators, accelerators and innovation, our nation isnt starting as many businesses as it used to.Leigh will make his comments when he delivers the Sir Walter Murdoch school policy seminar at Murdoch University.He will also raise concerns about the growing number of non-compete clauses in employment contracts which prevent employees from working for a competitor, starting a competing firm, or poaching customers from old employers.Citing work by academics from Melbourne University and Monash University , he will warn large Australian firms are using non-compete clauses more frequently, and suggests something may have to be done about it.Non-compete clauses make it harder for employees to switch to a better job and stifle start-ups, Leigh will say.Since many new companies are created by employees who leave to start a competing company, non-compete clauses reduce innovation. We need to make it easier for more competitors to enter the market. Its perfectly reasonable for firms to prevent ex-employees stealing confidential information, but non-compete clauses are a sledgehammer to crack a nut.Studies show that making these clauses unenforceable as California has done leads to an upsurge in innovation.Leigh will also say the government needs to give the Australian Competition and Consumer Commission a market studies function, to allow it to investigate concentrated sectors and propose solutions before competition problems emerge into public view.A market studies power would have allowed Australias competition watchdog to initiate its own inquiry into the energy sector without waiting for a specific reference from the federal government, Leigh will say.Ian Harpers 2015 competition review recommended a strong market studies power and the ACCC has repeatedly requested such a power.Australia''s too-big-to-fail banks cry crocodile tears over bank levy - Greg Jericho Read more [And] when it comes to deterring bad behaviour, our laws are only as powerful as the penalties courts can impose.To clearly signal that corporate wrongdoing doesnt pay, weve advocated linking the penalty for anti-competitive conduct to total sales. Such a move would bring Australian penalties into line with jurisdictions such as the European Union.Joydeep Hor, the managing principal of law firm People & Culture Strategies, told Guardian Australia non-compete clauses were critical to many businesses, but they shouldnt be allowed to deliver a competitive benefit to an employer.Topics Australian economy Labor party Business (Australia) Australian politics news '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/07/labor-flags-plan-to-crack-down-on-non-compete-clauses-for-employees'|'2017-06-07T05:08:00.000+03:00'|4752.0|''|-1.0|'' 4753|'a48be5fe651ad4dc623272e7f4567b14f3767924'|'Mitie swings to loss after restating accounts'|'Business 7:59am BST Mitie swings to loss after restating accounts British outsourcing company Mitie swung to a full-year operating loss on Monday after it restated its accounts following a review prompted by a string of profit warnings last year. The provider of pest control, property cleaning, security and ancillary healthcare undertook a review of its accounts and strategy after issuing three profit warnings in a year, blaming uncertainty surrounding Brexit and rising costs. nL5N1F81AV] Mitie reported an adjusted operating loss of 42.9 million pounds for the year ended March 31, down from a restated year-ago profit of 107.6 million pounds. Adjusted operating profit fell 13.9 percent to 82 million pounds. The company restated year-ago results and booked a writedown in May, after its accounts review found the way it booked work-in-progress on long-term contracts and costs relating to contracts was less conservative than rivals. The company said it would not pay a final dividend. Its full-year dividend for this year was 4 pence compared with 12.1 pence a year ago. Mitie said on Monday announced a 45 million pound cost efficiency programme and a partnership with Microsoft to invest in technology to meet changing customer needs. Chief Executive Phil Bentley, who took over as CEO in December after Ruby McGregor-Smith''s departure, said it had been a "challenging" year for Mitie, but he expressed confidence for the year ahead citing a strong order book and a growing pipeline of contracts. The company said it expected a return to modest growth in underlying profit this year. "With our new investment strategy, we believe that there is a significant opportunity to transform Mitie into a more focused, higher growth/higher margin business," Mitie said. (Reporting by Esha Vaish in Bengaluru, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mitie-group-results-idUKKBN1930KQ'|'2017-06-12T14:59:00.000+03:00'|4753.0|''|-1.0|'' 4754|'e9a22d6dbe54879ba98d57b869211a02f9c102c0'|'J&J diabetes drug shows heart benefit in large safety study'|'Health News - Mon Jun 12, 2017 - 6:19pm EDT J&J diabetes drug shows heart benefit in large safety study FILE PHOTO - A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake/File Photo By Bill Berkrot Johnson & Johnson''s type 2 diabetes drug Invokana significantly reduced the risk of serious heart problems in patients with established heart disease or at elevated risk in a pair of large studies, according to data presented at a medical meeting on Monday. The medicine also led to a reduced risk of hospitalization for heart failure and protection against kidney function decline. But the risk of amputations, particularly of toes or feet, was double versus placebo in the studies of 10,142 patients with type 2 diabetes. On the study''s main goal Invokana, known chemically as canagliflozin, reduced the combined risk of heart-related death, nonfatal heart attack and nonfatal stroke by a statistically significant 14 percent compared with placebo. "What we actually got here was not just evidence of safety but evidence of benefit," said lead investigator Bruce Neal, professor of medicine at the University of New South Wales Sydney. "It''s a really positive result. This (heart disease) is the main thing that people with diabetes die from," said Neal, who presented the data at the American Diabetes Association meeting in San Diego. The study was required to prove Invokana did not cause heart complications. The expectation bar was raised, however, after rival drug Jardiance from Eli Lilly and Co and Boehringer Ingelheim in 2015 demonstrated heart protective qualities in a similar large trial. Reduction of heart-related death is now included in the Jardiance label. "We look forward to working with the FDA and regulators around the world with respect to getting this in the label," James List, head of cardiovascular and metabolism for J&J''s Janssen unit, said of the new data. Two-thirds of patients had confirmed heart disease and the rest were deemed at high risk. They were followed for an average of about four years. The number of amputations was small but about double that of the placebo group. A warning of increased amputation risk was added to Invokana''s prescribing label after it was discovered by safety monitors during an interim analysis of the study. "Care is warranted in the use of canagliflozin in patients at risk for amputation," a New England Journal of Medicine article on the study said. Invokana is the market leader among a newer class of type 2 diabetes treatments called SGLT-2 inhibitors, along with Jardiance and AstraZeneca Plc''s Farxiga. They work by removing blood sugar through the urine. Results from a large Farxiga heart safety trial are expected in 2019. "I think we''re going to see much greater use of canagliflozin and the class in type 2 diabetes," Neal said. Invokana and related combination treatment Invokamet had sales $284 million in the first quarter, J&J reported. (Reporting by Bill Berkrot in New York; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-johnson-johnson-diabetes-idUSKBN1932LH'|'2017-06-13T06:15:00.000+03:00'|4754.0|''|-1.0|'' -4755|'d922549727b9db9dfd96a53ffb68b6746e155ee0'|'Ubisoft founding family raises stake to ward off Vivendi'|'PARIS France''s Guillemot family has raised its stake in videogames maker Ubisoft ( UBIP.PA ), according to a stock market filing released on Tuesday, as part of their ongoing battle to fend off Vivendi''s ( VIV.PA ) rival interest in the company.A filing from the AMF stock market regulator said Ubisoft''s founding Guillemot family now held 13.6 percent of Ubisoft''s share capital, and 20.02 percent of the company''s voting rights.Vivendi has also been gradually raising its stake in Ubisoft, best known for its Assassin''s Creed and South Park video games, with Vivendi currently holding 27 percent of Ubisoft''s share capital and 24.5 percent of the voting rights.Vivendi first bought a stake in Ubisoft in 2015 and raised it in 2016, prompting the Guillemot family to court Canadian investors to fend off any hostile approach.The Guillemot family has also consistently rejected any possibility of such a deal.Ubisoft shares, which hit a record high earlier this week, were down 2.2 percent in early session trading although the stock is still up by around 50 percent since the start of 2017.(Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ubisoft-vivendi-idINKBN19I0WC'|'2017-06-27T06:57:00.000+03:00'|4755.0|''|-1.0|'' +4755|'d922549727b9db9dfd96a53ffb68b6746e155ee0'|'Ubisoft founding family raises stake to ward off Vivendi'|'PARIS France''s Guillemot family has raised its stake in videogames maker Ubisoft ( UBIP.PA ), according to a stock market filing released on Tuesday, as part of their ongoing battle to fend off Vivendi''s ( VIV.PA ) rival interest in the company.A filing from the AMF stock market regulator said Ubisoft''s founding Guillemot family now held 13.6 percent of Ubisoft''s share capital, and 20.02 percent of the company''s voting rights.Vivendi has also been gradually raising its stake in Ubisoft, best known for its Assassin''s Creed and South Park video games, with Vivendi currently holding 27 percent of Ubisoft''s share capital and 24.5 percent of the voting rights.Vivendi first bought a stake in Ubisoft in 2015 and raised it in 2016, prompting the Guillemot family to court Canadian investors to fend off any hostile approach.The Guillemot family has also consistently rejected any possibility of such a deal.Ubisoft shares, which hit a record high earlier this week, were down 2.2 percent in early session trading although the stock is still up by around 50 percent since the start of 2017.(Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ubisoft-vivendi-idINKBN19I0WC'|'2017-06-27T06:57:00.000+03:00'|4755.0|18.0|4.0|'' 4756|'3142a21aa01699ce63ac537621c88b890e0cbc79'|'Vattenfall enters UK home energy market with iSupplyEnergy acquisition'|'Business 29am BST Vattenfall enters UK home energy market with iSupplyEnergy acquisition Vattenfall logo is seen on its headquaters in Stockholm, Sweden April 18, 2016. Pontus Lundahl/TT News Agency/File Photo via REUTERS LONDON Swedish utility Vattenfall has bought British home energy supplier iSupplyEnergy for an undisclosed sum, entering the highly competitive domestic energy retail market in Britain for the first time. The move follows state-owned Vattenfall''s announcement last month that it has started selling renewable power to British businesses, setting itself up to compete in a market that already has more than 50 suppliers. iSupplyEnergy supplies more than 120,000 gas and electricity customers and employs 170 people, Vattenfall said. "The acquisition of iSupplyEnergy is in line with Vattenfall''s strategy to grow our customer base in northern Europe," Chief Executive Magnus Hall said. Britain''s energy market has attracted a range of new suppliers that are gradually gaining market share from the ''Big Six'' incumbents which are Centrica''s British Gas, SSE, E.ON, npower, EDF Energy and Scottish Power. Theresa May''s ruling Conservative Party has pledged to cap energy prices, however, a move that would be the first government intervention since markets were opened to competition. (Reporting by Karolin Schaps; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vattenfall-britain-idUKKBN19C0QN'|'2017-06-21T15:29:00.000+03:00'|4756.0|''|-1.0|'' 4757|'4603a83fb59bb18d83635875f3d9a97b8712476d'|'BRIEF-US Oil Sands announces updates on financing'|' 02pm EDT BRIEF-US Oil Sands announces updates on financing June 28 US Oil Sands Inc: * US Oil Sands Inc announces updates on financing and voluntary delisting from the TSX Venture Exchange * US Oil Sands Inc - company expects exchange to delist common shares on June 29, 2017 Source text for Eikon: UPDATE 1-Carrefour''s Brazil unit seeks up to $1.7 bln in IPO SAO PAULO/PARIS, June 28 French retailer Carrefour SA''s Brazilian unit has filed for an initial public offering that could raise 4.5 billion to 5.6 billion reais ($1.4 billion to $1.7 billion) next month, making it Brazil''s biggest listing in over four years. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-us-oil-sands-announces-updates-on-idUSASA09VGG'|'2017-06-29T01:02:00.000+03:00'|4757.0|''|-1.0|'' 4758|'f24115890ec785963c79a497f9c653df0bd255d8'|'Dollar sulks as global central banks turn hawkish, stocks drop'|' 57am BST Dollar sulks as global central banks turn hawkish, stocks drop A man (3rd L) looks at an electronic stock quotation board as passers-by walk past, outside a brokerage in Tokyo, Japan January 20, 2016. REUTERS/Toru Hanai By Nichola Saminather - SINGAPORE SINGAPORE The dollar extended its losses on Friday as major central banks signalled that the era of cheap money was coming to an end in a boon to sterling, the euro and Canadian dollar, while Asian shares were hit by dismal performances of European and U.S. markets. "International markets continued to adjust for a 2018 outlook where other central banks join the Fed in gradually reducing monetary stimulus," Ric Spooner, chief market analyst at CMC Markets in Sydney, wrote in a note. The dollar index .DXY fell 0.1 percent to 95.565, poised for a 1.8 percent slide this week, having fallen in all sessions but one. It is down 1.4 percent for the month, and 4.8 percent for the quarter. The dollar fell 0.2 percent to 111.925 yen, after losing 0.2 percent on Thursday. It was heading for a 1.2 percent gain for the month, but is down 4.2 percent this year. Bank of England Governor Mark Carney surprised many on Wednesday by conceding a rate hike was likely to be needed as the economy came closer to running at full capacity. Sterling GBP=D3 was 0.1 percent higher on Friday at $1.3023, adding to Thursday''s 0.6 percent gain. Two top policymakers at the Bank of Canada also suggested they might tighten monetary policy there as early as July. The dollar slipped 0.2 percent to C$1.2977 CAD= , extending Thursday''s 0.3 percent loss. Despite comments by sources that European Central Bank President Mario Draghi intended to signal tolerance for a period of weaker inflation, not an imminent policy tightening, the euro on Friday revisited the one-year high of $1.1445 hit on Thursday. The euro EUR=EBS slipped almost 0.1 percent from that level and was fetching $1.14365, retaining most of Thursday''s 0.6 percent gain. "The shifting monetary policy trajectories of other central banks is making other currencies more attractive relative to the U.S. dollar," said Kathy Lien, managing director at BK Asset Management in New York. In stocks, MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.8 percent, set to end the month up 1.7 percent after hitting a two-year high on Thursday. It is up 5.3 percent for the quarter and has risen 18.3 percent this year. The negative sentiment infected Chinese shares despite surveys showing activity in the country''s manufacturing and services sector accelerated in June from the previous month. Manufacturers appeared to enjoy strong external demand, as new orders and production rose at a solid pace. The CSI 300 index .CSI300 fell 0.5 percent, while the Shanghai Composite .SSEC slid 0.4 percent. Hong Kong''s Hang Seng .HSI lost 1.1 percent. Japan''s Nikkei .N225 tumbled 1.1 percent, shrinking its monthly gain to 1.8 percent and its quarterly increase to 5.8 percent. Australian shares dropped 1.4 percent, while South Korea''s KOSPI .KS11 lost 0.4 percent. Overnight, the tech-heavy Nasdaq .IXIC , with its 1.4 percent loss, led declines on Wall Street. The Nasdaq is poised to post a 0.9 percent loss for the month, but is still up 14 percent this year. The decline in tech stocks overnight was due to a rotation into bank shares, which have lagged this year, after the biggest U.S. banks revealed buyback and dividend plans that beat analysts'' expectations after the Fed approved their capital proposals in its annual stress test program. The S&P financials index .SPSY rose as much as 2 percent overnight, while the S&P technology index .SPLRCT fell as much as 2.7 percent. European shares also lost about 1.3 percent as dividend-paying sectors took a hit on prospects for higher interest rates. In commodities, oil prices continued their recovery this week on a decline in weekly U.S. crude production. U.S. crude CLc1 added 0.65 percent to $45.18 a barrel in its seventh straight session of gains, bringing its weekly increase to 5.05 percent, and narrowing its monthly and quarterly losses to 6.5 percent and 10.7 percent respectively. Global benchmark Brent LCOc1 gained 0.5 percent to $47.61, poised to post a 5.4 percent loss for the month and 9.9 percent for the quarter. The dollar''s weakness this year has been a boon for gold, which is up 8.1 percent in the same period. It was little changed at $1,244.32 an ounce on Friday. (Reporting by Nichola Saminather; Additional reporting by Rodrigo Campos; '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19L04B'|'2017-06-30T04:57:00.000+03:00'|4758.0|''|-1.0|'' 4759|'c00e12119c9c62c65a9861d69740ae631819c8fa'|'Seanergy Maritime announces termination of its at-the-market equity offering program'|'June 28 Seanergy Maritime Holdings Corp* Seanergy Maritime Holdings Corp. announces termination of its "at-the-market" equity offering program* Seanergy Maritime Holdings Corp says it has terminated, effective immediately, it''s up to $20 million "at--market" equity offering program Source text for Eikon: '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-seanergy-maritime-announces-termin-idINASA09VC9'|'2017-06-28T10:57:00.000+03:00'|4759.0|''|-1.0|'' 4760|'b33d1c737bdf425e0fe36653a5f2bf5fd2fa4828'|'Sharp CEO: Foxconn to continue to pursue Toshiba chip unit acquisition'|'Business News 4:47am BST Sharp CEO: Foxconn to continue to pursue Toshiba chip unit acquisition The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan June 12, 2017. REUTERS/Eason Lam TAIPEI Taiwan''s Foxconn will continue to pursue an acquisition of Toshiba Corp''s chip business, a day after the troubled conglomerate chose a rival suitor as the preferred bidder, the head of Foxconn''s Japanese unit said. "We will continue our efforts," Sharp Corp CEO Tai Jeng-wu told reporters on the sidelines of Foxconn''s annual shareholders meeting. "We will use our track record, our efforts at Sharp, Foxconn''s global reach - we are a global company, not a Taiwan company," Tai said. Foxconn is formally known as Hon Hai Precision Industry Co. (Reporting by J.R. Wu; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-foxconn-idUKKBN19D09B'|'2017-06-22T11:47:00.000+03:00'|4760.0|''|-1.0|'' -4761|'223d066f4bf2d0723859e0155cac5f8a92d90c3e'|'Qatar Petroleum says business as usual despite diplomatic rift'|'Market News 9:52am EDT Qatar Petroleum says business as usual despite diplomatic rift RIYADH, June 10 Qatar Petroleum(QP) said in a statement on Saturday that it was conducting "business as usual" throughout all upstream, midstream and downstream operations, despite rising diplomatic tensions with its Gulf neighbours. QP was prepared to take any "necessary decisions and measures, should the need arise, to ensure that it honored commitments to customers and partners", the statement said. Qatar is the world''s largest liquid natural gas (LNG) producer and exporter, contributing more than 30 percent of global LNG trade. (Reporting by Katie Paul; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-lng-idUSL8N1J70DW'|'2017-06-10T17:52:00.000+03:00'|4761.0|''|-1.0|'' +4761|'223d066f4bf2d0723859e0155cac5f8a92d90c3e'|'Qatar Petroleum says business as usual despite diplomatic rift'|'Market News 9:52am EDT Qatar Petroleum says business as usual despite diplomatic rift RIYADH, June 10 Qatar Petroleum(QP) said in a statement on Saturday that it was conducting "business as usual" throughout all upstream, midstream and downstream operations, despite rising diplomatic tensions with its Gulf neighbours. QP was prepared to take any "necessary decisions and measures, should the need arise, to ensure that it honored commitments to customers and partners", the statement said. Qatar is the world''s largest liquid natural gas (LNG) producer and exporter, contributing more than 30 percent of global LNG trade. (Reporting by Katie Paul; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-lng-idUSL8N1J70DW'|'2017-06-10T17:52:00.000+03:00'|4761.0|26.0|0.0|'' 4762|'b94035f5f54c772311b98982c7c753657bbee506'|'Viva Air Peru nears $5 billion Airbus airliner deal - sources'|'Sun Jun 18, 2017 - 7:00pm BST Viva Air Peru nears $5 billion Airbus airliner deal: sources FILE PHOTO: The Airbus A320neo (New Engine Option) takes off during its first flight event in Colomiers near Toulouse, southwestern France, September 25, 2014. REUTERS/Regis Duvignau PARIS Peruvian low-cost airline startup Viva Air Peru is close to reaching a roughly $5 billion deal with Airbus ( AIR.PA ) to order about 30 recently upgraded A320neo jets and 15 current-generation models known as A320ceo, two industry sources said. The deal could be announced at the Paris Airshow and follows a competition against rival Boeing''s ( BA.N ) 737 MAX. A spokesman for Airbus said: "We do not comment on discussions that we may or may not be having with potential customers." Viva Air Peru, which won an operating license earlier this year, is owned by Irelandia Aviation. Neither firm could be reached for comment. (Reporting by Tim Hepher; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airshow-paris-viva-idUKKBN1990U6'|'2017-06-19T01:59:00.000+03:00'|4762.0|''|-1.0|'' 4763|'4d0f0751a871234dac6397d5546f58fcc2620218'|'Qatar can defend economy and currency, finance minister tells CNBC'|'Business News - Mon Jun 12, 2017 - 6:46am BST Qatar can defend economy and currency, finance minister tells CNBC Qatar''s Finance minister Ali Sherif al-Emadi speaks during a briefing on the financial outlook for Qatar, in Doha, Qatar, February 7, 2017. REUTERS/Naseem Zeitoon DUBAI Qatar can easily defend its economy and currency against sanctions by other Arab states, Qatari finance minister Ali Sherif al-Emadi told CNBC television in an interview broadcast on Monday. He added that the countries which had imposed sanctions would also lose money because of the damage to business in the region. "A lot of people think we''re the only ones to lose in this... If we''re going to lose a dollar, they will lose a dollar also." Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties a week ago, accusing Doha of backing terrorism. The sanctions have disrupted flows of imports and other materials into Qatar and caused many foreign banks to scale back their business with the country. But Emadi said the energy sector and economy of the world''s top liquefied natural gas exporter were essentially operating as normal and that there had not been a serious impact on supplies of food or other goods. Qatar can import goods from Turkey, the Far East or Europe and it will respond to the crisis by diversifying its economy even more, he told CNBC. The Qatari riyal has come under pressure in the spot and forward foreign exchange markets, but Emadi said neither this nor a near 10 percent plunge in the local stock market was cause for concern. "Our reserves and investment funds are more than 250 percent of gross domestic product, so I don''t think there is any reason that people need to be concerned about what''s happening or any speculation on the Qatari riyal." Asked whether Qatar might need to raise money by selling off stakes in large Western companies held by its sovereign wealth fund, Emadi indicated this was not on the cards at present. "We are extremely comfortable with our positions, our investments and liquidity in our systems," he said. Prices of Qatar''s international bonds have dropped sharply, but in answer to another question, Emadi said he saw no need for the government to step into the market and buy those bonds to support prices. (Reporting by Andrew Torchia, Editing by Sylvia Westall) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-gulf-qatar-finance-idUKKBN1930E6'|'2017-06-12T13:40:00.000+03:00'|4763.0|''|-1.0|'' 4764|'8d06d2fa8b6deb01328212f9fed34033ccef81f5'|'Global cyber attack hit Auchan payment terminals in Ukraine'|'Company News 4:29am EDT Global cyber attack hit Auchan payment terminals in Ukraine PARIS, June 28 A global cyber attack on Tuesday hit the terminal payments of French retailer Auchan in its stores in Ukraine but the incident is now over, a company spokeswoman told Reuters. "Auchan was impacted but only in Ukraine. As a result payment terminals in the stores in Ukraine did not work on Tuesday. Today, however, they are working," she said on Wednesday. The retailer did not close its stores on Tuesday because of the incident, she added. Auchan, which is present in 17 countries and makes 65 percent of revenue outside France, operates 11 hypermarkets in five Ukrainian cities and employs 3,600 people in the country. Auchan said last week it was stepping up its investments in Ukraine, with the acquisition of local retailer Karavan. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyber-attack-auchan-holding-idUSP6N1JF044'|'2017-06-28T11:29:00.000+03:00'|4764.0|''|-1.0|'' @@ -4791,7 +4791,7 @@ 4789|'c450d2d4431ce695b5f7b31ab8f07d3d470bdfda'|'UPDATE 1-Whole Foods CEO hints at another brand under Amazon'|'(Adds executive comment, background, changes headline)June 19 After Amazon.com Inc completes its takeover of high-end grocer Whole Foods Market Inc, it might launch another brand with different standards, the grocery chain''s chief executive said in remarks reported in a securities filing on Monday.Amazon plans to keep the natural grocer''s high standards, Whole Foods Chief Executive John Mackey said, adding, "Theyre not stupid enough to go change that." The filing with the Securities and Exchange Commission contained a transcript of a town hall meeting for Whole Foods employees held on Friday.But Mackey, at the town hall, said, "Over time, there could be other formats that evolve that - that might - wouldn''t be branded Whole Foods Market, potentially, wouldn''t be our standards."The remarks offered a preview into how e-commerce giant Amazon might turn around the sluggish sales of Whole Foods since announcing on Friday it would buy the company for $13.7 billion, including debt. Industry observers have said that Amazon may add a selection of discounted, non-organic food to distance the chain from its "Whole Paycheck" nickname.Mackey said Amazon''s innovations will help the grocer transform from "class dunce" in technology to "class valedictorian." (Reporting by Jeffrey Dastin in San Francisco; Editing by Sandra Maler and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/whole-foods-ma-amazoncom-ceo-idINL1N1JH00G'|'2017-06-19T23:40:00.000+03:00'|4789.0|''|-1.0|'' 4790|'3f724be4b979c6ce56a60f3f473b1d452ddb795f'|'Apple, Cisco want cyber security insurance discount for joint customers'|'Business News - Mon Jun 26, 2017 - 7:50pm BST Apple, Cisco want cyber security insurance discount for joint customers left right Tim Cook, CEO, speaks during Apple''s annual world wide developer conference (WWDC) in San Jose, California, U.S. June 5, 2017. REUTERS/Stephen Lam 1/2 left right Chuck Robbins, CEO, Cisco, USA, speaks at a Cyber security conference in Tel Aviv, Israel January 31, 2017. REUTERS/Baz Ratner 2/2 Apple Inc is working with Cisco Systems to help businesses that primarily use gear from both companies to obtain a discount on cyber-security insurance premiums, Apple Chief Executive Tim Cook told Cisco CEO Chuck Robbins onstage at a Cisco event in Las Vegas. Cook argued that the combination of gear from the two companies was more secure than the use of competing technology, such as the Android mobile operating system made by Alphabet Inc''s Google. "The thinking we share here is that if your enterprise or company is using Cisco and Apple, that the combination of these should make that (cyber-security) insurance cost significantly less," Cook said. "This is something we''re going to spend some energy on. You should reap that benefit." (Reporting by Stephen Nellis; editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tech-cyber-apple-cisco-systems-idUKKBN19H2BQ'|'2017-06-27T02:50:00.000+03:00'|4790.0|''|-1.0|'' 4791|'7a455670357b58094f1b139a4ec29d29ca754e92'|'Delivery Hero to use IPO proceeds to keep ahead of Uber'|'Business News - Tue Jun 20, 2017 - 8:52am BST Delivery Hero to use IPO proceeds to keep ahead of Uber Andreas Harte, a Foodora delivery cyclist poses in front of Delivery Hero headquarters in Berlin, Germany, June 2, 2017. REUTERS/Fabrizio Bensch BERLIN Online takeaway food delivery group Delivery Hero will use the proceeds from a stock market listing to help keep it ahead in a highly competitive market, its chief executive said on Tuesday. Niklas Ostberg told journalists the entry of the likes of Uber into the delivery market was helping keep the firm on its toes, adding the capital it hoped to raise would be used to help it grow organically and through acquisitions. Delivery Hero announced on Monday it aims to raise around 927 million euros (809 million pounds) through a stock market listing that could value it at up to 4.4 billion euros. Christoph Stanger, an investment banker from Goldman Sachs who is advising Delivery Hero, said the books are already covered for the initial public offering (IPO) but said he was keen to build a "high quality book". (Reporting by Emma Thomasson; Editing by Maria Sheahan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deliveryhero-ipo-idUKKBN19B0R7'|'2017-06-20T15:52:00.000+03:00'|4791.0|''|-1.0|'' -4792|'1801a65df6ba36e1f1d5ced5283da6b45578d354'|'Coca-Cola says reaches agreement with S. African government. on acquisition of local arm'|'Deals 12:30pm EDT Coca-Cola says reaches agreement with S. African government. on acquisition of local arm The logo of U.S. beverage group Coca-Cola is seen at the entrance of a visitors center of Coca-Cola Schweiz GmbH in Bruettisellen, Switzerland October 11, 2016. REUTERS/Arnd Wiegmann - RTX2R67E JOHANNESBURG Drinks giant Coca-Cola ( KO.N ) said on Thursday it had reached an agreement with the South African government on a package of conditions as it finalizes the purchase of a controlling 54.5 percent stake in its joint Africa venture with ABInBev ( ABI.BR ). New York-listed Coca-Cola said in a statement it would abide by merger conditions agreed with competition authorities in 2016 including a pledge to raise black ownership in Coca-Cola Beverages South Africa to 30 percent by 2021. "We are pleased to have reached this agreement with the South African government which demonstrates our alignment with the governments national imperatives for inclusive social and economic development," said Chief Executive James Quincey. Last December, Coca-Cola reached a deal to buy Anheuser-Busch InBev''s majority stake in their African bottling venture for $3.15 billion and hold onto it until it finds a new owner. nL5N1EG1RF (Reporting by Mfuneko Toyana; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-coca-cola-safrica-idUSKBN19K2DW'|'2017-06-29T19:30:00.000+03:00'|4792.0|''|-1.0|'' +4792|'1801a65df6ba36e1f1d5ced5283da6b45578d354'|'Coca-Cola says reaches agreement with S. African government. on acquisition of local arm'|'Deals 12:30pm EDT Coca-Cola says reaches agreement with S. African government. on acquisition of local arm The logo of U.S. beverage group Coca-Cola is seen at the entrance of a visitors center of Coca-Cola Schweiz GmbH in Bruettisellen, Switzerland October 11, 2016. REUTERS/Arnd Wiegmann - RTX2R67E JOHANNESBURG Drinks giant Coca-Cola ( KO.N ) said on Thursday it had reached an agreement with the South African government on a package of conditions as it finalizes the purchase of a controlling 54.5 percent stake in its joint Africa venture with ABInBev ( ABI.BR ). New York-listed Coca-Cola said in a statement it would abide by merger conditions agreed with competition authorities in 2016 including a pledge to raise black ownership in Coca-Cola Beverages South Africa to 30 percent by 2021. "We are pleased to have reached this agreement with the South African government which demonstrates our alignment with the governments national imperatives for inclusive social and economic development," said Chief Executive James Quincey. Last December, Coca-Cola reached a deal to buy Anheuser-Busch InBev''s majority stake in their African bottling venture for $3.15 billion and hold onto it until it finds a new owner. nL5N1EG1RF (Reporting by Mfuneko Toyana; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-coca-cola-safrica-idUSKBN19K2DW'|'2017-06-29T19:30:00.000+03:00'|4792.0|18.0|4.0|'' 4793|'460d14c201f08ba8012d70adc60bede95b379550'|'Loeb''s Third Point hedge fund targeting Nestle for strategic changes- Bloomberg'|'Business News - Sun Jun 25, 2017 - 3:57pm EDT Loeb''s Third Point hedge fund targeting Nestle for strategic changes: Bloomberg A Kitkat chocolate bar is pictured in the supermarket of Nestle headquarters in Vevey, Switzerland, February 16, 2017. REUTERS/Pierre Albouy Nestle SA ( NESN.S ), is being targeted by activist investor Daniel Loeb''s hedge fund Third Point LLC, Bloomberg reported, citing people familiar with the matter. Loeb has recently bought a stake in the world''s largest packaged foods maker as he seeks strategic changes in the company, Bloomberg said. Nestle said earlier this month that it may sell its $900 million-a-year U.S. confectionery business in the Swiss food group''s latest effort to improve the health profile of its sprawling portfolio. Nestle and Third Point were not immediately available for comment. (Reporting by Parikshit Mishra in Bengaluru; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-loeb-nestle-idUSKBN19G0W5'|'2017-06-26T03:42:00.000+03:00'|4793.0|''|-1.0|'' 4794|'4c1f891bafe1c9cd075573b56ea3b2ab7bbb5aa6'|'Japan''s May exports rise fastest in over two years, set to sustain growth'|'Business News - Mon Jun 19, 2017 - 4:24am BST Japan''s May exports rise fastest in over two years, set to sustain growth Newly manufactured cars of the automobile maker Subaru await export in a port in Yokohama, Japan May 30, 2017. REUTERS/Toru Hanai By Stanley White - TOKYO TOKYO Japan''s exports surged in May by the fastest in more than two years on higher shipments of cars and steel, an encouraging sign that robust global demand will help keep the country''s modest economic recovery on track. The 14.9 percent annual increase in exports in May was the biggest rise since January 2015 and nearly twice the pace seen in April, though it was below analysts'' expectations of 16.1 percent. Japan''s imports rose more than expected in May, partly due to increasing demand for intermediate goods companies need to manufacture their products. Exports are likely to continue rising at a steady clip as overseas economies show increasing signs of strength, which should help Japan''s economy extend its recent run of expansion. "The main scenario is Japan''s exports will continue to recover," said Shuji Tonouchi, senior market economist at Mitsubishi UFJ Morgan Stanley Securities. "However, the pace of growth could slow somewhat as inventories of certain goods, like electronics, start to build up overseas." Exports of cars and car parts rose partly because an earthquake in Kumamoto last year in May temporarily shut down production of these goods, Tonouchi noted. TRADE SURPLUS WITH U.S. SURGES Japan''s exports to the United States rose 11.6 percent in May from a year ago, the fastest increase since July 2015, due to an increase of shipments of autos and auto parts. The trade surplus with the United States was 411.1 billion yen (2.9 billion pounds) in May, up 19.0 percent from the same period a year ago. In April, Japan''s trade surplus with the United States fell an annual 4.2 percent. A large trade surplus could draw criticism from the Trump administration, which has repeatedly indicated that it prefers protectionist policies to reduce the U.S. trade deficit and increase exports. Exports to China increased 23.9 percent year-on-year in May, following a 14.8 percent annual increase in April. Larger shipments of flat panels and semiconductor manufacturing equipment drove the gains in China-bound exports. Exports to Asia, which includes China, rose 16.8 percent in May from a year ago, the fastest increase in three months, due to increased shipments of electronics to Hong Kong and steel to Indonesia, the data showed. In terms of volume, Japan''s exports rose 7.5 percent in May from a year ago, the fastest gain in three months, another indication that overseas demand is firm. IMPORT GROWTH AT MORE THAN 3-YEAR HIGH Japan''s imports rose 17.8 percent in the year to May, the strongest gain since early 2014, versus the median estimate for a 14.8 percent annual increase, as a rise in the price of oil from a year ago pushed up the value of imports. Excluding oil imports, the data showed increasing demand for chemicals, electronic parts and raw materials used in Japanese factories. In terms of volume, imports rose 5.4 percent in May from a year ago, the third consecutive month of gains in a sign of growing demand. The trade balance came to a deficit of 203.4 billion yen, versus the median estimate for a 76.0 billion yen surplus. "You can say domestic demand is doing well, but this is being driven more by the manufacturing sector," said Hidenobu Tokuda, senior economist at Mizuho Research Institute. "There are some gains in durable goods, which are related to consumer spending, but rising factory output is the bigger factor behind imports." Policymakers and economists have become more optimistic about Japan''s prospects this year as an increase in factory output and a tightening labour market show the economy is poised to extend its recent growth. The Bank of Japan kept monetary policy steady on Friday and upgraded its assessment of private consumption for the first time in six months. Consumption has been a soft spot in Japan''s otherwise strengthening economy, with its weakness blamed for keeping inflation subdued by discouraging companies from raising prices, leaving growth heavily reliant on exports. (Reporting by Stanley White; Editing by Eric Meijer and Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-trade-idUKKBN19A09V'|'2017-06-19T11:24:00.000+03:00'|4794.0|''|-1.0|'' 4795|'fcb116eab1a214ac49166e9d7e2ac4244ca10f62'|'Swedish pension fund sells out of six firms it says breach Paris climate deal'|'Business News 7:18pm BST Swedish pension fund sells out of six firms it says breach Paris climate deal By Gwladys Fouche - OSLO OSLO Sweden''s largest national pension fund, AP7, has sold its investments in six companies that it says violate the Paris climate agreement, a decision environmentalists believe is the first of its kind. AP7, which provides pensions to 3.5 million Swedes, said on Thursday it had sold out of ExxonMobil ( XOM.N ), Gazprom ( GAZP.MM ), TransCanada Corp ( TRP.TO ), Westar ( WR.N ), Entergy ( ETR.N ) and Southern Corp, and would no longer invest in companies that operate in breach of the Paris climate accord. "Since the last screening in December 2016, the Paris agreement to the U.N. Climate Convention is one of the norms we include in our analysis," the company said in a statement. AP7 said ExxonMobil, Westar, Southern Corp and Entergy had fought against introducing climate legislation in the United States. It also criticised Gazprom for looking for oil in the Russian Arctic and TransCanada for building large-scale pipelines in North America. Entergy said it was disappointed that an investor had divested and said AP7''s decision was "unfortunate in light of the fact that the rationale for the decision seems to be unfounded. "Entergy has aggressively advocated for smart carbon policies for more than a decade," said the company in an emailed statement. "In 2016, our CO2 emissions were approximately 20 percent below our year 2000 emissions." The other companies were not immediately available for comment. Environmental campaigners welcomed the decision and called on other investors to follow suit. "Responsible investments are key for the world to reach the goals in the Paris agreement, and AP7''s action today is an important step in the right direction," said Martin Norman, the head of Greenpeace Nordic''s Sustainable Finance Campaign "We expect other global investors, like the Norwegian wealth fund, to do the same," he told Reuters, adding AP7''s decision was the first known divestment by an investor based on the Paris agreement. Norway''s $950 billion (744.71 billion pounds) sovereign wealth fund, the world''s largest, has ethical ambitions. Its chief executive told Reuters on June 2 the fund would ask the banks in which it has invested to disclose how their lending contributes to greenhouse gas emissions. (Editing by Mark Potter, Larry King)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-climatechange-investment-sweden-idUKKBN1962KJ'|'2017-06-16T02:18:00.000+03:00'|4795.0|''|-1.0|'' @@ -4812,7 +4812,7 @@ 4810|'e90529abc95d0953ce2fd8c31ff7afd4ecebcf0d'|'Rosneft ready to expand crude output if OPEC agreement ends abruptly -FT'|'June 4 Russian oil company Rosneft served notice that it would step up production if the agreement among major crude producers to curb output comes to a sudden end, the Financial Times reported on Sunday.The company was closely monitoring output from U.S. shale producers, Rosneft''s chief executive, Igor Sechin, told the FT.Well, if the question is how OPEC is going to exit from these arrangements abruptly, we will also be prepared. If something goes wrong, we will not let them occupy our markets. Well defend ourselves. Sechin told the newspaper.Sechin viewed the agreement and its impact on the oil market as positive, the FT said.This is what we do. We manage risks. We have to consider every trend, any trend that may affect our performance. We will be ready,, he was Quote: d as saying.Last week, Sechin said OPEC oil producers could be wasting their efforts by cutting output as rising U.S. production threatens to deliver a wave of new supply and could add up to 1.5 million barrels a day to world oil output next year.The Organization of the Petroleum Exporting Countries, which accounts for around a third of global oil output, and 11 other producers led by Russia had agreed to cut oil production by 1.8 million barrels per day to prop up weak prices.Sechin had also questioned the efficiency of the production cuts that were extended last week until March 2018, saying that oil producers were losing market share to U.S. firms that are not part of the deal.(Reporting by Sangameswaran S in Bengaluru; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/rosneft-oil-oil-sechin-idINL3N1J10FS'|'2017-06-04T19:05:00.000+03:00'|4810.0|''|-1.0|'' 4811|'a289bf1062c6262bc858cef739a9f4dece9151ab'|'AIRSHOW-Emirates, flydubai seek closer ties in leaner times'|'Market 23am EDT AIRSHOW-Emirates, flydubai seek closer ties in leaner times By Victoria Bryan - PARIS, June 21 PARIS, June 21 Emirates, the Middle East''s largest airline, and budget carrier flydubai will start to deepen their relationship over the next 18 months as their owner, the Dubai government, seeks to improve returns. Emirates President Tim Clark told reporters on Wednesday that changes could include more closely coordinated connecting - or feeder - flights, and a joint decision on schedules to soften head-to-head competition in some markets. The comments at the Paris Airshow come two months after the chairman of both airlines, Sheikh Ahmed bin Saeed al-Maktoum said they had "to work with a better synergy." The carriers currently have an interline agreement allowing their passengers to connect between each other''s flights. We are minded to accelerate a greater joining of the hip, of what we do, theres a lot of work going on there to extract value for the shareholder, Clark said. The push by their state owner comes amid pressure on profits at both airlines. Emirates'' annual profit fell in the year ended March 31 for the first time in five years. Flydubai''s 2016 profit fell for a second consecutive year. A "rationalisation of assets and airport utilisation" by Emirates and flydubai could extend the life of Dubai International Airport, Clark said. Emirates operates an exclusively wide-body fleet of Airbus A380 and Boeing 777 aircraft, whereas flydubai operates narrow-body Boeing 737s. Dubai Airport, the hub for both airlines and the world''s busiest for international travel, has become increasingly congested during peak periods. It handled 30.1 million passengers in the first four months of the year, up 7.8 percent on the same period last year. Clark has previously warned congestion at the airport, which is expected to hit its maximum capacity of 118 million passengers a year by 2023, could limit Emirates'' growth. Dubai is expanding a new airport, Al Maktoum International, which is slated one day to be capable of handling 240 million passengers a year. The expansion has been delayed and Clark signalled Emirates'' plans to move there by 2025 have been pushed back until sometime between 2026 and 2030. Dubai Airport Chief Executive Paul Griffiths told Reuters its goal remained to deliver a "capacity of 120 million passengers per year by 2025." "However, given the scale of that project and the unprecedented complexity of the relocation of the Emirates hub, it is sensible for Emirates to build contingencies into its plan," he said. (Writing and additional reporting by Alexander Cornwell; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-emirate-flydubai-idUSL8N1JI2DQ'|'2017-06-21T19:23:00.000+03:00'|4811.0|''|-1.0|'' 4812|'7a3d5bf5ce59e8890ef8f20b1225d8c4a0775e4b'|'Italy holds emergency cabinet meeting over Veneto banks'|' 3:54pm BST Italy holds emergency cabinet meeting over Veneto banks left right FILE PHOTO: The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo 1/2 left right FILE PHOTO: A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi/File Photo 2/2 ROME The Italian cabinet convened on Sunday afternoon to approve an emergency decree that will start liquidation proceedings for two ailing Veneto-based lenders, Banca Popolare di Vicenza and Veneto Banca, the prime minister''s office said. The decree must be approved by midnight on Sunday, in time for the reopening of bank branches and markets on Monday. The European Commission on Friday gave preliminary approval for the Italian plan to wind down the two banks with state money in a move that may allow Rome to solve its latest banking crisis on its own terms. The decree is expected to split the two lenders'' assets into "good" and "bad" banks. The country''s top retail bank Intesa Sanpaolo ( ISP.MI ) is set to buy the good assets for one euro, leaving the state to foot the bulk of the bill for losses stemming from the banks'' bad loans, legal risks and restructuring costs. (Reporting by Silvia Aloisi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-veneto-idUKKBN19G0L9'|'2017-06-25T22:31:00.000+03:00'|4812.0|''|-1.0|'' -4813|'7cba03b177210df587115b6b5f8a88e6cacffe69'|'UK Stocks-Factors to watch on June 7'|'June 7 Britain''s FTSE 100 index is seen opening 1 point higher on Wednesday, according to financial bookmakers. * EASYJET: British budget airline easyJet said on Tuesday it would close its Hamburg base next summer, as part of a strategy to focus on its core European airports. * CHESNARA: UK insurer Chesnara said on Tuesday it could move its headquarters to the Netherlands or Sweden if required, depending on the regulatory situation after Britain leaves the European Union. * ICAG: British Airways cancelled nearly 60 percent of its flights on May 27 when an IT outage knocked out the airline''s systems and stranded 75,000 people over a holiday weekend. * RIO: Rio Tinto Ltd on Wednesday detailed pricing for a $781 million cash tender as part of its already announced $2.5 billion bond buyback to reduce its debt. * SHELL/NORWAY: About 150 oil platform workers would go on strike, potentially disrupting output from several Norwegian fields, if they fail to get a pay deal by midnight on Friday, their union said on Tuesday. * The UK blue chip index closed flat in percentage terms at 7,524.95 points on Tuesday , while the more domestically-exposed mid cap index dropped more than 1 percent, as investors sought safety in precious metals miners and defensives ahead of Thursday''s general election, while British mid caps dropped close to a three-week low. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Workspace Group Plc Full Year RPC Group Plc Full Year TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL3N1J422H'|'2017-06-07T03:33:00.000+03:00'|4813.0|''|-1.0|'' +4813|'7cba03b177210df587115b6b5f8a88e6cacffe69'|'UK Stocks-Factors to watch on June 7'|'June 7 Britain''s FTSE 100 index is seen opening 1 point higher on Wednesday, according to financial bookmakers. * EASYJET: British budget airline easyJet said on Tuesday it would close its Hamburg base next summer, as part of a strategy to focus on its core European airports. * CHESNARA: UK insurer Chesnara said on Tuesday it could move its headquarters to the Netherlands or Sweden if required, depending on the regulatory situation after Britain leaves the European Union. * ICAG: British Airways cancelled nearly 60 percent of its flights on May 27 when an IT outage knocked out the airline''s systems and stranded 75,000 people over a holiday weekend. * RIO: Rio Tinto Ltd on Wednesday detailed pricing for a $781 million cash tender as part of its already announced $2.5 billion bond buyback to reduce its debt. * SHELL/NORWAY: About 150 oil platform workers would go on strike, potentially disrupting output from several Norwegian fields, if they fail to get a pay deal by midnight on Friday, their union said on Tuesday. * The UK blue chip index closed flat in percentage terms at 7,524.95 points on Tuesday , while the more domestically-exposed mid cap index dropped more than 1 percent, as investors sought safety in precious metals miners and defensives ahead of Thursday''s general election, while British mid caps dropped close to a three-week low. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Workspace Group Plc Full Year RPC Group Plc Full Year TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL3N1J422H'|'2017-06-07T03:33:00.000+03:00'|4813.0|27.0|0.0|'' 4814|'aabf97b87432010c7cc1b0bfdf33355a753f6cc2'|'Squeezed at home, Japan''s Nomura seeks to push into Wall Street''s home turf'|'By Sumeet Chatterjee and Emi Emoto - HONG KONG/TOKYO, June 19 HONG KONG/TOKYO, June 19 Under pressure in Japan from Wall Street rivals and anticipating more deals in the United States or by American companies overseas, Nomura Holdings is boosting its U.S. investment banking business, including some senior hires in the technology and finance sectors.Two sources familiar with the matter said Nomura plans to add a dozen senior- and mid-level investment bankers over the next 12 to 18 months in the United States, covering mergers and acquisitions, equity capital markets and leveraged financing - building out a team of around 200 there.Nomura has poached investment bankers from global investment banks as well as boutiques such as Jefferies and Houlihan Lokey since the beginning of this year.It has hired Jim Voorheis from UBS, where he was head of speciality finance in the Americas, as managing director for its financial institutions group, and Credit Suisse veteran Thomas Chung as managing director for U.S. equity capital markets.The number of hires could eventually be much higher, one of the sources said, depending on deals momentum and the outlook for the profitability of Nomura''s international operations.The sources, who have direct knowledge of Nomura plans, did not want to be named as they were not authorised to speak to the media.They said Nomura has made a U.S. expansion of its wholesale business, which includes global markets and investment banking, one of its priorities.This comes after a major restructuring including a big shrinking of its operations in Europe last year - following its disastrous acquisition of Lehman Brothers'' Asian and European businesses in 2008. That led to internal clashes, and was followed by six consecutive years of losses for its international operations.As a result previous plans to expand in the U.S. were put on hold and Nomura reduced its total staff across all divisions in the Americas to 2,279 at the end of 2016 from 2,501 a year earlier. The number had crept back up to 2,314 by the end of March."STRONG CANDIDATE"In March, it named company veteran Kentaro Okuda, head of investment banking and a contender to become Nomuras future chief executive, as head of its Americas arm."He knows all of our clients from Japan and he can look after their deals," said one of the sources. "If Okuda does well in the U.S., he might emerge as a strong candidate to become group CEO."Two of the sources said Nomura plans to bolster its coverage of the technology, financial and healthcare sectors in the U.S. where it sees growing dealmaking opportunities within the country and outside.It expects to benefit from American companies doing deals in Japan, a market where it has strong presence and contacts in the local corporate sectors, they said, and even China - where it has been increasing its presence.Nomura currently only has about 0.5 percent of the U.S. investment banking fee pool. Even getting this up a little can make a meaningful difference given its size the fees were worth an estimated $39.6 billion last year, one of the sources said.In response to Reuters queries, Nomura said that it sees its Americas business as a key element of its international strategy and it would continue to make "strategic additions" in areas, including sales and trading, and financing."Nomura is ... well-positioned to connect markets east and west. Part of our continued strategy is to capture more cross-border client transactions," it said, without giving details on expansion plans.In part, the U.S. push is a response to concerns at home.Once a go-to bank for the Japanese firms and top of the Japanese M&A league table for years, Nomura took the number 6 rank in the home league table last year, down from second position in 2015, according to Thomson Reuters data.In the first quarter of this year, the bank slipped to 11th position, lagging behind Goldman Sachs, JPMorgan, Morgan Stanley, and even smaller domestic rival Daiwa Securities.In the overall investment banking fee league table, Nomura''s share of the revenue in Japan has dropped to 14 percent last year from 18 percent in 2008, the data shows. (Reporting by Sumeet Chatterjee in HONG KONG and Emi Emoto in TOKYO; Additional reporting by Olivia Oran in NEW YORK and Tom Wilson in TOKYO; Editing by Clara Ferreira Marques and Martin Howell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nomura-hldgs-usa-idINL3N1IZ3F8'|'2017-06-19T07:12:00.000+03:00'|4814.0|''|-1.0|'' 4815|'d27b55e24df49558a8c82925632350759c8625c2'|'Alibaba''s Jack Ma invited to join bid for L''Oreal''s The Body Shop: sources'|'By Pamela Barbaglia and Martinne Geller - LONDON LONDON European private equity firm Investindustrial has invited the investment vehicle of Alibaba''s ( BABA.N ) founder Jack Ma to join a consortium offering to buy L''Oreal''s ( OREP.PA ) The Body Shop for more than 800 million euros ($900 million), sources familiar with the matter said on Friday.Hong Kong-based Blue Pool Capital has been asked to team up with Investindustrial and Brazil''s GP Investments ( GPIV33.SA ), one of Latin America''s largest private equity funds in making a bid for the British-based cosmetics retailer, the sources said.European private equity fund CVC Capital Partners [CVC.UL] is also planning to submit a rival offer ahead of a June 7 deadline for final bids.Another buyout firm, Advent, has decided to drop out of the contest, the sources said.L''Oreal has asked prospective bidders to table offers of no less than 800 million euros, said the sources.L''Oreal, Investindustrial and GP Investments declined to comment while no one at Blue Pool Capital was available for comment outside of regular business hours.Spokesmen at Advent and CVC all declined to comment.(Reporting By Pamela Barbaglia; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-jackma-loreal-idINKBN18T2IU'|'2017-06-02T15:09:00.000+03:00'|4815.0|''|-1.0|'' 4816|'acb6199c64f504f5d3d43d7db4b25a4a3de9fb24'|'Carl Icahn to fund former Sargon co-manager Schechter''s new venture'|'Billionaire Carl Icahn''s investment firm, Icahn Enterprises LP ( IEP.O ), said on Monday it had entered an agreement with the former co-manager of its Sargon Portfolio, David Schechter, to fund his new private investment management business.Last year, Icahn''s son, Brett Icahn, and David Schechter had said they would no longer be co-managers of the portfolio, and would instead stay on as consultants to exclusively advise Carl Icahn.With the new agreement, the consulting agreement between Icahn Enterprises and Schechter would be terminated, while the one with Brett Icahn would remain.(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-icahn-enter-moves-schechter-idINKBN19H2J0'|'2017-06-26T18:59:00.000+03:00'|4816.0|''|-1.0|'' @@ -4827,7 +4827,7 @@ 4825|'c951f674927102aaa5b6249264b13767996b4020'|'EU regulators say Qualcomm has not offered concessions in NXP bid'|'BRUSSELS, June 2 U.S. smartphone chipmaker Qualcomm has not offered any concessions so far in its $38-billion bid for NXP Semiconductors, EU antitrust regulators said on Friday, increasing the risk of a lengthy investigation into the deal.Qualcomm, which supplies chips to Android smartphone makers and Apple, had until June 1 to propose concessions to allay possible competition concerns over the biggest-ever deal in the semiconductor industry.The EU competition authority''s preliminary review of the deal ends on June 9. It can either clear the deal unconditionally or open an investigation lasting up to four months.During an investigation, Qualcomm could seek to convince regulators that the deal was not anti-competitive. Failing that, it might have to offer concessions.Rivals had urged the European Commission to ensure they would still be able to use NXP technology known as Mifare once the deal is done, people familiar with the matter said. .The technology is embedded in access cards for buildings and public transport, as well as mobile phones which double as electronic wallets. Competitors also want Qualcomm to agree to fair licensing practices, the people said. (Reporting by Foo Yun Chee; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nxp-ma-qualcomm-eu-idINL8N1IZ1UR'|'2017-06-02T07:20:00.000+03:00'|4825.0|''|-1.0|'' 4826|'1e072ba8a8a4ef92ab1ee0f2140bf045415fa983'|'UPDATE 1-Ford to export next Focus from China to U.S. in 2019 -exec'|'Autos 2:49pm EDT Ford bets on low oil prices, moves Focus production to China The Ford logo is seen on a car in a park lot in Sao Paulo, Brazil June 2, 2017. REUTERS/Paulo Whitaker - RTX38PH6 By Paul Lienert and David Shepardson - DETROIT/WASHINGTON DETROIT/WASHINGTON Ford Motor Co ( F.N ) said Tuesday it will move some production of its Focus small car to China and import the vehicles to the United States in a long-term bet on low oil prices and stable U.S.-China trade relations despite recent tensions. The move suggests China could play a much larger role in future vehicle production for North America, perhaps eclipsing Mexico as a low-cost manufacturing source. Ford painted the production shift from Mexico to China, slated in mid-2019, as a purely financial move that will save the company $500 million in reduced tooling costs. But Ford also expects to ship about 80,000 vehicles to China this year, including the redesigned Lincoln Navigator that goes into production this fall at Ford''s Kentucky truck plant. Ford''s decision to import its first vehicles from China is also the first major manufacturing investment decision made by new Chief Executive Jim Hackett, who succeeded Mark Fields in May. Discussion about the small-car production shift from Mexico to China began "a couple months ago" under Fields, said Joe Hinrichs, president of global operations. The decision also signals a shift in strategy at Ford, which is responding to dwindling U.S. consumer demand for small cars in favor of more expensive and more profitable trucks and SUVs. Ford on Tuesday said it would invest $900 million at the Kentucky truck plant to build the redesigned Navigator and Ford Expedition. It has contingency plans to build more of the big SUVs at an Ohio plant if demand grows. In January, after U.S. President Donald Trump criticized Ford for shipping small-car manufacturing to Mexico, Ford said it would kill plans to build a $1.8-billion Focus plant in San Luis Potosi and instead produce the new Focus at an existing plant in Hermosillo. "The Ford decision shows how flexible multinational companies are in terms of geography," Commerce Secretary Wilbur Ross said in a statement. Although it is cheaper to build and ship cars to the United States from Mexico than China, "this was not a variable cost decision," Hinrichs said in a Tuesday morning briefing. "It allows us to free up a lot of capital" because Ford now has to retool only one plant - the existing Focus factory in Chongqing - rather than two to supply North America. The current Focus will be phased out of production in Wayne, Michigan in mid-2018, according to Hinrichs. The Wayne plant will begin building a new Ranger midsize truck in late 2018 and a Bronco midsize SUV in 2020. Ford executives told Trump last year that moving production to Michigan of bigger vehicles that were more profitable would secure the Wayne plant''s future - a decision later praised by Trump. No U.S. jobs will be affected by shifting Focus production to China, Ford said, adding that it employs more U.S. hourly workers and builds more vehicles in the United States than any other automaker. The United Auto Workers declined to comment. Hinrichs said "the capital saving outweighs the risk" of having to pay a potential border tax on the Chinese-built Focus. Ford U.S. Focus sales have fallen 22 percent this year, as low gas prices have helped spur more buyers into larger vehicles. Ford''s full-size F-series pick-up remains the best-selling U.S. vehicle by a wide margin. General Motors Co ( GM.N ) has been exporting Buick and Cadillac cars from China to the United States, as has Volvo Cars, a unit of Chinese automaker Geely ( 0175.HK ). Ford shares were down 0.8 percent at $11.15 in late trading. (Reporting by Paul Lienert in Detroit, additional reporting by Steve Holland; editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ford-china-idUSKBN19B1RO'|'2017-06-20T20:48:00.000+03:00'|4826.0|''|-1.0|'' 4827|'8831e6c61b2ba94e10adbdf3b7cb8d7251314fa7'|'CK Hutchison says Li Ka-shing will announce retirement "when he decides"'|'Business News - Tue Jun 20, 2017 - 5:56am BST CK Hutchison says Li Ka-shing will announce retirement "when he decides" FILE PHOTO: Hong Kong tycoon Li Ka-shing attends a news conference announcing CK Hutchison Holdings company results in Hong Kong, China March 22, 2017. REUTERS/Bobby Yip/File Photo HONG KONG Hong Kong conglomerate CK Hutchison Holdings Ltd said on Tuesday its chairman Li Ka-shing was in "very good health" and would make an announcement when he decides to step down. The group made the statement in response to a Wall Street Journal report that Li told associates he plans to step down as chairman by next year, when he turns 90. "Mr Li has from time to time talked about his retirement and his confidence in (deputy chairman) Victor (Li Tzar-kuoi) to lead the company," a company spokesman said in an email. "Mr Li is in very good health and will make his official announcement when he decides to retire." (Reporting by Donny Kwok; Editing by Clara Ferreira Marques) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-li-kashing-idUKKBN19B0C1'|'2017-06-20T12:56:00.000+03:00'|4827.0|''|-1.0|'' -4828|'ee5a832fe136be438360d9bd6c2807b58cdf3c21'|'Silk Road hub or tax haven? China''s new border trade zone may be less than it seems'|'Mon Jun 5, 2017 - 12:25am BST Silk Road hub or tax haven? China''s new border trade zone may be less than it seems left right FILE PHOTO: Empty trailers for housing workers at the site of the gold and copper mine exploration project of Tethyan Copper Company (TCC) are seen in this undated photo in Reko Diq, in Balochistan, Pakistan. REUTERS/Faisal Aziz/File Photo 1/16 left right A view of a rail mounted gantry crane is seen at the Khorgos Eastern Gateway in Khorgos, Kazakhstan May 17, 2017. Picture taken May 17, 2017. REUTERS/Sue-Lin Wong 2/16 left right Cranes are seen in Horgos, China May 19 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 3/16 left right Asset Seisenbek, head of the commercial department at the Khorgos Gateway dry port, is seen in Khorgos, Kazakhstan May 17, 2017. Picture taken May 17, 2017. REUTERS/Sue-Lin Wong 4/16 left right Sultan Dzhumanov, a cook from Kazakhstan, prepares pilaf at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 5/16 left right Sultan Dzhumanov, a cook from Kazakhstan, prepares pilaf at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 6/16 left right People stand with goods on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 7/16 left right People stand with goods on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 8/16 left right A man cooks a traditional Uyghur rice dish on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 9/16 left right A bottle of wine depicting Soviet dictator Josef Stalin is seen in a window of winery shop at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 10/16 left right A truck rides in front of main towers at he China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 11/16 left right A construction site is seen in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 12/16 left right Construction site is seen at Chinese side of the China-Kazakhstan Khorgos International Border Cooperation Center (ICBC), in Khorgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 13/16 left right Customers wait near a line dividing Kazakh and Chinese parts at the China-Kazakhstan Khorgos International Border Cooperation Center (ICBC), in Khorgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 14/16 left right A cleaning worker walks in front of a House of Culture at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 15/16 left right A man cooks a traditional Uyghur rice dish on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 16/16 By Sue-Lin Wong and Mariya Gordeyeva - HORGOS, China/KHORGOS, Kazakhstan HORGOS, China/KHORGOS, Kazakhstan On the border of China and Kazakhstan, an international free trade zone has become a showpiece of Chinese President Xi Jinping''s signature "Belt and Road" Initiative to boost global trade and commerce by improving infrastructure and connectivity. Chinese state media are filled with stories about the stunning success of Horgos, the youngest city of China''s new Silk Road. Last month at China''s Belt and Road Summit - its biggest diplomatic event of the year - promotional videos about Horgos'' booming economy ran on a loop at the press centre. But Chinese business owners and prospective investors who had recently visited the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), told Reuters they were disappointed by the disconnect between the hype and reality. Rather than the vibrant 21st Century trading post of Beijing''s grand vision, Horgos is instead developing a reputation as China''s very own tax haven. "We were so unimpressed by what we saw that after looking around for three hours, we turned around and drove eight hours straight back to Urumqi," said a businessman from the capital of China''s far western region of Xianjiang, who only wanted to give his surname, Ma, due to the sensitivity of the topic. Several business owners echoed complaints about poor design and low visitor numbers made by Ma, who visited Horgos to investigate the viability of opening a high-end clubhouse. "You''ve got Kazakh farmers walking around with plastic bags full of cheap Chinese t-shirts and you want me to open a club for government officials and businessmen to meet inside the zone - which, by the way, you can''t drive your car into and doesn''t have any five-star hotels?" Ma said. On the Chinese side of the border there are five malls selling cheap consumer goods, though traders complain there are not enough visitors. "Sometimes I''ll sit here for a whole day and not make a single sale," said Ma Yinggui, 56, who has a market stall selling clothes. "Some Kazakhs are rich but most are poor. They come and haggle over a 20 yuan ($2.93) t-shirt." More than five years after the 5.3 sq km trade zone opened, much of the Kazakh side remains empty. Only 25 of the 63 projects on the Kazakh side have investors, according to Ravil Budukov, ICBC press secretary on the Kazakh side. About 3-4,000 people enter from Kazakhstan each day and around 10,000 from China, he added. The Xinjiang and Horgos governments declined to make officials available for comment to Reuters for this article. Huang Sanping, a senior Xinjiang government official, told Reuters at a news conference in Beijing that he had just returned from a visit to Horgos, a city "performing extremely well. It''s full of vitality and flourishing". CHINA''S TAX HAVEN Beijing has bestowed numerous tax breaks and preferential policies on Horgos hoping to stimulate growth in this strategic border town in Xinjiang, a key link on the new Silk Road between China and Central Asia, where the government says it is battling to defeat Islamist extremism. According to Horgos'' tax bureau, 2,411 companies registered in Horgos last year, taking advantage of five years of no company tax, and a further five years paying half rate. At least half those companies are registered in Horgos solely for tax purposes, estimates Meng Shen, Director of Chanson & Co, a boutique investment bank in Beijing. Chinese celebrities are opting to register production companies in Horgos and an increasing number of financial services and IT companies are also registering there, according to Guan Xuemei from Shenzhou Shunliban, a tax advisory firm that recently opened an office there. But with no obligation to operate from Horgos or even in Xinjiang, it is unlikely this policy will create jobs or bring money to what has long been an economic backwater, say experts. "In theory this is a good policy because it aims to stimulate the local economy," said Shen. "But Beijing didn''t think through the fact lots of companies wouldn''t actually want to operate from Horgos which is very far away from China''s economic center." Those who do trade in the "free trade zone" find they face restrictions from both sides. The Russian-led Eurasian Economic Union (EEU) - of which Kazakhstan is a member - limits traders from the Kazakh side to importing up to 50 kg (110 lbs) of any goods per month duty-free. China bans imports of many food products - the Kazakh goods most desired by Chinese consumers worried about food safety at home - and caps traders from taking more than 8,000 yuan ($1,175) worth of goods out each day. "The EEU is a significant barrier because Russia and Kazakhstan and other Central Asia countries want to develop their own industries, they don''t want to constantly rely on cheap Chinese goods," said a former Chinese government official turned businessman, who spoke on the condition of anonymity. Mao Shishi, 44, who currently raises cattle in nearby Qingshuihe, wants to import wool and wild herbs used in traditional Chinese medicine from Kazakhstan to China through Horgos. "I''m watching and waiting for any policy changes. Right now we can''t import lamb, fish or wild herbs into China," Mao said. LOGISTICS THOROUGHFARE Plans to develop a parallel special economic zone in Khorgos - as it is known on the Kazakh side - as a logistics hub appear to be having more success. Trade volumes are sky-rocketing at the Khorgos Gateway dry port in Kazakhstan, where container freight is lifted off Chinese trains and onto Kazakh ones because of different gauge rail tracks. "According to our plans, this year we are going to trans-ship around 100,000 TEUs, five times more than we are doing now," said Asset Seisenbek, head of the commercial department at Khorgos Gateway, referring to "twenty-foot equivalent units", an industry measure based on standard shipping container sizes. Electronics giants HP and Foxconn both ship goods through the dry port, which is faster than sea freight but cheaper than air cargo. One container sent by sea to Europe is about three times cheaper than rail, while air freight is between five to 10 times more expensive, according to Seisenbek. Last month China''s COSCO Shipping and Lianyungang port took a 49 percent stake in Khorgos Gateway which Seisenbek sees as an opportunity to attract more Chinese business. This sort of investment is what Horgos/Khorgos should hang its hat on, according to Ma, the businessman underwhelmed by the international free trade zone. "The free trade zone doesn''t need to be that successful if the intercontinental trains and roads take off," he said. "In the grand scheme of things, that''s the main role for this part of the world." ($1 = 6.8100 Chinese yuan renminbi) (Reporting by Sue-Lin Wong from HORGOS, China and Mariya Gordeyeva from KHORGOS, Kazakhstan; Additional reporting by Olzhas Auyezov in ALMATY and Michael Martina in BEIJING; Editing by Alex Richardson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-silkroad-horgos-idUKKBN18V15Z'|'2017-06-05T07:21:00.000+03:00'|4828.0|''|-1.0|'' +4828|'ee5a832fe136be438360d9bd6c2807b58cdf3c21'|'Silk Road hub or tax haven? China''s new border trade zone may be less than it seems'|'Mon Jun 5, 2017 - 12:25am BST Silk Road hub or tax haven? China''s new border trade zone may be less than it seems left right FILE PHOTO: Empty trailers for housing workers at the site of the gold and copper mine exploration project of Tethyan Copper Company (TCC) are seen in this undated photo in Reko Diq, in Balochistan, Pakistan. REUTERS/Faisal Aziz/File Photo 1/16 left right A view of a rail mounted gantry crane is seen at the Khorgos Eastern Gateway in Khorgos, Kazakhstan May 17, 2017. Picture taken May 17, 2017. REUTERS/Sue-Lin Wong 2/16 left right Cranes are seen in Horgos, China May 19 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 3/16 left right Asset Seisenbek, head of the commercial department at the Khorgos Gateway dry port, is seen in Khorgos, Kazakhstan May 17, 2017. Picture taken May 17, 2017. REUTERS/Sue-Lin Wong 4/16 left right Sultan Dzhumanov, a cook from Kazakhstan, prepares pilaf at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 5/16 left right Sultan Dzhumanov, a cook from Kazakhstan, prepares pilaf at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 6/16 left right People stand with goods on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 7/16 left right People stand with goods on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 8/16 left right A man cooks a traditional Uyghur rice dish on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 9/16 left right A bottle of wine depicting Soviet dictator Josef Stalin is seen in a window of winery shop at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 10/16 left right A truck rides in front of main towers at he China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 11/16 left right A construction site is seen in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 12/16 left right Construction site is seen at Chinese side of the China-Kazakhstan Khorgos International Border Cooperation Center (ICBC), in Khorgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 13/16 left right Customers wait near a line dividing Kazakh and Chinese parts at the China-Kazakhstan Khorgos International Border Cooperation Center (ICBC), in Khorgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 14/16 left right A cleaning worker walks in front of a House of Culture at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 15/16 left right A man cooks a traditional Uyghur rice dish on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 16/16 By Sue-Lin Wong and Mariya Gordeyeva - HORGOS, China/KHORGOS, Kazakhstan HORGOS, China/KHORGOS, Kazakhstan On the border of China and Kazakhstan, an international free trade zone has become a showpiece of Chinese President Xi Jinping''s signature "Belt and Road" Initiative to boost global trade and commerce by improving infrastructure and connectivity. Chinese state media are filled with stories about the stunning success of Horgos, the youngest city of China''s new Silk Road. Last month at China''s Belt and Road Summit - its biggest diplomatic event of the year - promotional videos about Horgos'' booming economy ran on a loop at the press centre. But Chinese business owners and prospective investors who had recently visited the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), told Reuters they were disappointed by the disconnect between the hype and reality. Rather than the vibrant 21st Century trading post of Beijing''s grand vision, Horgos is instead developing a reputation as China''s very own tax haven. "We were so unimpressed by what we saw that after looking around for three hours, we turned around and drove eight hours straight back to Urumqi," said a businessman from the capital of China''s far western region of Xianjiang, who only wanted to give his surname, Ma, due to the sensitivity of the topic. Several business owners echoed complaints about poor design and low visitor numbers made by Ma, who visited Horgos to investigate the viability of opening a high-end clubhouse. "You''ve got Kazakh farmers walking around with plastic bags full of cheap Chinese t-shirts and you want me to open a club for government officials and businessmen to meet inside the zone - which, by the way, you can''t drive your car into and doesn''t have any five-star hotels?" Ma said. On the Chinese side of the border there are five malls selling cheap consumer goods, though traders complain there are not enough visitors. "Sometimes I''ll sit here for a whole day and not make a single sale," said Ma Yinggui, 56, who has a market stall selling clothes. "Some Kazakhs are rich but most are poor. They come and haggle over a 20 yuan ($2.93) t-shirt." More than five years after the 5.3 sq km trade zone opened, much of the Kazakh side remains empty. Only 25 of the 63 projects on the Kazakh side have investors, according to Ravil Budukov, ICBC press secretary on the Kazakh side. About 3-4,000 people enter from Kazakhstan each day and around 10,000 from China, he added. The Xinjiang and Horgos governments declined to make officials available for comment to Reuters for this article. Huang Sanping, a senior Xinjiang government official, told Reuters at a news conference in Beijing that he had just returned from a visit to Horgos, a city "performing extremely well. It''s full of vitality and flourishing". CHINA''S TAX HAVEN Beijing has bestowed numerous tax breaks and preferential policies on Horgos hoping to stimulate growth in this strategic border town in Xinjiang, a key link on the new Silk Road between China and Central Asia, where the government says it is battling to defeat Islamist extremism. According to Horgos'' tax bureau, 2,411 companies registered in Horgos last year, taking advantage of five years of no company tax, and a further five years paying half rate. At least half those companies are registered in Horgos solely for tax purposes, estimates Meng Shen, Director of Chanson & Co, a boutique investment bank in Beijing. Chinese celebrities are opting to register production companies in Horgos and an increasing number of financial services and IT companies are also registering there, according to Guan Xuemei from Shenzhou Shunliban, a tax advisory firm that recently opened an office there. But with no obligation to operate from Horgos or even in Xinjiang, it is unlikely this policy will create jobs or bring money to what has long been an economic backwater, say experts. "In theory this is a good policy because it aims to stimulate the local economy," said Shen. "But Beijing didn''t think through the fact lots of companies wouldn''t actually want to operate from Horgos which is very far away from China''s economic center." Those who do trade in the "free trade zone" find they face restrictions from both sides. The Russian-led Eurasian Economic Union (EEU) - of which Kazakhstan is a member - limits traders from the Kazakh side to importing up to 50 kg (110 lbs) of any goods per month duty-free. China bans imports of many food products - the Kazakh goods most desired by Chinese consumers worried about food safety at home - and caps traders from taking more than 8,000 yuan ($1,175) worth of goods out each day. "The EEU is a significant barrier because Russia and Kazakhstan and other Central Asia countries want to develop their own industries, they don''t want to constantly rely on cheap Chinese goods," said a former Chinese government official turned businessman, who spoke on the condition of anonymity. Mao Shishi, 44, who currently raises cattle in nearby Qingshuihe, wants to import wool and wild herbs used in traditional Chinese medicine from Kazakhstan to China through Horgos. "I''m watching and waiting for any policy changes. Right now we can''t import lamb, fish or wild herbs into China," Mao said. LOGISTICS THOROUGHFARE Plans to develop a parallel special economic zone in Khorgos - as it is known on the Kazakh side - as a logistics hub appear to be having more success. Trade volumes are sky-rocketing at the Khorgos Gateway dry port in Kazakhstan, where container freight is lifted off Chinese trains and onto Kazakh ones because of different gauge rail tracks. "According to our plans, this year we are going to trans-ship around 100,000 TEUs, five times more than we are doing now," said Asset Seisenbek, head of the commercial department at Khorgos Gateway, referring to "twenty-foot equivalent units", an industry measure based on standard shipping container sizes. Electronics giants HP and Foxconn both ship goods through the dry port, which is faster than sea freight but cheaper than air cargo. One container sent by sea to Europe is about three times cheaper than rail, while air freight is between five to 10 times more expensive, according to Seisenbek. Last month China''s COSCO Shipping and Lianyungang port took a 49 percent stake in Khorgos Gateway which Seisenbek sees as an opportunity to attract more Chinese business. This sort of investment is what Horgos/Khorgos should hang its hat on, according to Ma, the businessman underwhelmed by the international free trade zone. "The free trade zone doesn''t need to be that successful if the intercontinental trains and roads take off," he said. "In the grand scheme of things, that''s the main role for this part of the world." ($1 = 6.8100 Chinese yuan renminbi) (Reporting by Sue-Lin Wong from HORGOS, China and Mariya Gordeyeva from KHORGOS, Kazakhstan; Additional reporting by Olzhas Auyezov in ALMATY and Michael Martina in BEIJING; Editing by Alex Richardson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-silkroad-horgos-idUKKBN18V15Z'|'2017-06-05T07:21:00.000+03:00'|4828.0|18.0|0.0|'' 4829|'97638b2139e35a0aabea1b42563ba02a813ff3c6'|'Fed''s Bullard: Need strong data to go it alone among global central banks'|'Company 34pm EDT Fed''s Bullard: Need strong data to go it alone among global central banks LONDON, June 29 The U.S. Federal Reserve needs to see strong economic data to have the confidence to keep tightening policy while other global central banks are maintaining easy monetary conditions, St. Louis Federal Reserve chief James Bullard said on Thursday. "The U.S. is kind of trying to go it alone...which we can do and we certainly have done historically," Bullard told an OMFIF event in London. "But if you want to go it alone in this environment you have to really have data that''s coming in strong behind you and justifying what you want to do." (Reporting by Ritvik Carvalho; Editing by John Geddie)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-fed-bullard-idUSU8N1CQ01L'|'2017-06-29T20:34:00.000+03:00'|4829.0|''|-1.0|'' 4830|'ee09c1afb2ae37ce610439db098551664cab919a'|'Blackstone sells Logicor to China Investment Corporation for $14 billion'|'LONDON Private equity group Blackstone ( BX.N ) has agreed to sell warehouse company Logicor to China Investment Corporation [CIC.UL] for 12.25 billion euros ($13.8 billion), the fund said on Friday.The sale, the biggest private equity real estate deal in Europe on record, has scuppered plans that were being worked on for a London initial public offering of Logicor later this year.Eastdil Secured and Goldman Sachs were lead advisors to Blackstone.(Reporting by Dasha Afanasieva; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-logicor-sale-blackstone-group-idINKBN18T2E8'|'2017-06-02T14:08:00.000+03:00'|4830.0|14.0|1.0|'' 4831|'04976f2e2e890e401641c880f393202f2bb89c8e'|'Japan core machinery orders fall more than forecast in sign of economic fragility'|'By Tetsushi Kajimoto - TOKYO TOKYO Japan''s core machinery orders fell more than expected in April, casting doubt on the strength of companies'' capital spending andadding to concerns about the country''s fragile economic recovery.The 3.1 percent fall in the core orders from a month earlier was much bigger than the 1.3 percent decline expected by economists in a Reuters poll, potentially dragging on economic growth in the current quarter.It also marked the first drop in three months, following a 1.4 percent increase in March, the Cabinet Office data showed.Though the machinery order data, which excludes ships and orders from the electric power utilities, is highly volatile, it is regarded as an indicator of capital spending in the coming six to nine months.The reading follows a surprisingly sharp downward revision to first-quarter economic growth, as a reduction in inventories put annualised growth at 1.0 percent, much slower than the initially estimated 2.2 percent.More recently, a run of indicators and business activity surveys have pointed to still solid exports and factory output, although wage growth and household spending remain stubbornly sluggish despite a tightening job market.Policymakers are hoping that Japanese firms will tap their hefty profits to spur investment and boost wages to stoke a sustainable growth cycle."Capital expenditure will likely remain lacklustre in the current quarter," said Koya Miyamae, senior economist at SMBC Nikko Securities."Exports and factory output are performing well on the back of global economic recovery and a weak yen, but uncertainty over U.S. President (Donald) Trump''s trade policy makes Japanese firms hesitant about domestic investment."By sector, core orders from manufacturers rose 2.5 percent in April, up for a third straight month.The gains were led by orders from electrical machinery companies for semiconductor production equipment and computers, and all-purpose industrial machinery firms.Orders from the services sector fell 5.0 percent, dragged down by orders from financial and insurance firms for computer systems, down for a second consecutive month."The 3.1 percent may appear a big drop, but overall core orders held firm, centring on manufacturers," said a senior Cabinet Office official.Orders from manufacturers would have logged a double-digit gain if a one-off pullback in orders from nonferrous metal firms for nuclear-powered motors was excluded.Orders from abroad, which were not counted as core orders, jumped 17.4 percent in April, up for the first time in three months.The Cabinet Office stuck to its assessment of machinery orders, saying the pick-up was stalling, using the same assessment for an eighth straight month.Still, the Bank of Japan is set to upgrade its economic assessment as early as this week to signal its growing conviction the recovery is gathering momentum, people familiar with its thinking told Reuters last week.Such an upgrade would reinforce expectations that the BOJ''s next move would be to tighten monetary policy, though analysts do not expect it will begin to do so anytime soon.(Reporting by Tetsushi Kajimoto; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/japan-economy-orders-idINKBN1930AX'|'2017-06-12T02:24:00.000+03:00'|4831.0|''|-1.0|'' @@ -4847,8 +4847,8 @@ 4845|'e9c8e5bbb22ca8e4a5494f7367654ef219119bf2'|'How retailers are watching shoppers emotions'|'FOR eight months up to this April, a French bookstore chain had video in a Paris shop fed to software that scrutinises shoppers movements and facial expressions for surprise, dissatisfaction, confusion or hesitation. When a shopper walked to the end of an aisle only to return with a frown to a bookshelf, the software discreetly messaged clerks, who went to help. Sales rose by a tenth.The bookseller wants to keep its name quiet for now. Other French clients of the Paris startup behind the technology, Angus.ai, are testing it in research shops that are not open to the public. They include Aroports de Paris, an airport owner; LVMH, a luxury conglomerate; and Carrefour, a chain of hypermarkets. In a test at a Mothercare shop in Tallinn, Estonia, software from Realeyes, an emotion-detection firm based in London, showed that shoppers who entered smiling spent a third more than others. 2 3 5 7 Simple video yields a lot of insight. But there are far more sophisticated and initmate ways of learning about emotions of shoppers. Thermal-imaging cameras can detect the heart rate. Wirelessly captured data from smartphone accelerometers can suggest when shoppers become fascinated (movement often stops) or are fretting over prices (a phone is repeatedly raised to search for cheaper products online).For even more insights, shoppers are sometimes asked to don special kit, typically in exchange for a discount or other reward. Wearable galvanometer gadgets, for example, measure moisture and electrical resistance on hand skin to reveal arousal.All of this could be a chance, some say, for bricks-and-mortar retailers to trim the advantage that data have long given online sellers. A race is on to work out how best to collect and use emotions data, be it to improve packaging, displays, music, or the content and timing of sales pitches, says Rana June, chief executive of a firm in New York called Lightwave. It measures shoppers emotions for retailers, for malls, and for consumer-goods firms such as PepsiCo, Procter & Gamble and Unilever.Not everyone is impressed. Some find it all a little creepy. Nielsen, a consumer-research giant, deems using technology to work out shopper emotions en masse too avant-garde for now, says Ricardo Gutirrez, head of shopper insights at Nielsen Colombia in Bogot.But it is much cheaper than old-fashioned interviews. Nielsen charges roughly $10,000 to interview 25 shoppers about three products. Angus.ais service costs just 59 ($66) a month per camera. For $15,000 or so, iMotions, based in Copenhagen, gives retailers an EEG cap that detects brain activity, an eye-tracking headset that notes when an attractive object dilates pupils, and a galvanometer. iMotions 150 or so consumer-goods clients include Mondelez International, Nestl and Unilever, which use them in mock-up stores and real ones.Whats more, conventional market research can mislead. People typically edit verbal responses to make themselves sound rational, when purchases are often driven by subconscious emotions. The key is in tracking the unconscious things that shoppers do, says Jeff Hershey of VideoMining, a firm in Pennsylvania whose software also analyses store video. And surveys can also ask the wrong questionssuch as how much people like a product when what really matters, notes Simon Harrop of BrandSense, a consultancy in Britain, is whether, say, it makes them feel attractive.The notion of retail therapy, consumers driven to spend when they are feeling blue, is an obvious example of shoppings emotional side. Whichever store is first to work out how to spot mildly depressed customers could make a bundle. "Body language"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723162-cctv-thermal-imaging-cameras-eeg-caps-and-other-kit-boost-sales-how-retailers-are-watching?fsrc=rss%7Cbus'|'2017-06-08T22:46:00.000+03:00'|4845.0|''|-1.0|'' 4846|'f7eb02255a3aee3df776f1941be0128669f1ad10'|'UPDATE 1-Qatar Petroleum says business as usual despite diplomatic rift'|'Market News 10:12am EDT UPDATE 1-Qatar Petroleum says business as usual despite diplomatic rift (Adds background) RIYADH, June 10 Qatar Petroleum(QP) said on Saturday that it was conducting "business as usual" throughout its upstream, midstream and downstream operations, despite rising diplomatic tensions with its Gulf neighbours. QP was prepared to take any "necessary decisions and measures, should the need arise, to ensure that it honored commitments to customers and partners", the statement said. Saudi Arabia, the United Arab Emirates, Egypt and others severed diplomatic and transport links on Monday with Qatar, the world''s biggest LNG producer, accusing it of sponsoring terrorism. British gas prices spiked more than 4.5 percent on Thursday on concerns about how the rift could disrupt the global LNG trade, after two Qatari tankers that were likely bound for Britain changed course. Qatar''s LNG accounts for more than 30 percent of global trade. (Reporting by Tom Finn and Katie Paul; Editing by Hugh Lawson and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-lng-idUSL8N1J70EI'|'2017-06-10T18:12:00.000+03:00'|4846.0|''|-1.0|'' 4847|'2e2eb85d6078fa0ebfcba03200ef34702a789d3b'|'Carigali and Ecopetrol win block in Mexico shallow water oil auction'|' 43pm EDT Carigali and Ecopetrol win block in Mexico shallow water oil auction MEXICO CITY, June 19 A consortium of Malaysia''s PC Carigali and Colombia''s Ecopetrol made the winning bid for the sixth shallow water oil and gas block put up for auction on Monday, Mexico''s oil regulator said. Block 6 is off the Gulf coast state of Veracruz, and includes estimated prospective resources of up to 516 million barrels of oil covering an area of 216 square miles (559 sq km). (Reporting by Adriana Barrera) EMERGING MARKETS-Brazil stocks track commodities higher, political worries linger By Bruno Federowski SAO PAULO, June 19 Brazilian stocks rose on Monday, supported by shares of miners and planemaker Embraer SA, though lingering concerns that a political crisis could delay structural reforms kept a lid on gains. Shares of miner Vale SA added the most points to Brazil''s benchmark Bovespa stock index, tracking iron ore futures higher. Embraer SA was the biggest gainer on the Bovespa as traders bet on fresh orders for the jetmaker at the start of the P BUENOS AIRES/LONDON, June 19 Argentina has offered a 100-year bond in U.S. dollars, the finance ministry said on Monday, only just over a year after the nation emerged from default. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-oil-sixth-idUSE1N1IP01F'|'2017-06-20T00:43:00.000+03:00'|4847.0|6.0|0.0|'' -4848|'f07da135ad4bfda3ed91b97c0e2818123a616fc9'|'UPDATE 1-U.S. drillers add oil rigs for record 23rd week in a row -Baker Hughes'|'Commodities 35pm EDT U.S. drillers add oil rigs for record 23rd week in a row: Baker Hughes U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months despite this week''s decline to a 10-month low. Drillers added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2015, energy services firm Baker Hughes Inc said in its closely followed report on Friday. That is more than double the same week a year ago when there were only 330 active oil rigs. Drillers have added rigs in 52 of the past 56 weeks since the start of June 2016. "The higher rig count this week reflects decisions made a couple of months ago when oil prices were higher," said James Williams, president of WTRG Economics in Arkansas, noting he expects the current low prices to cause the count to fall in some weeks over the next month or two. U.S. crude futures were trading around $43 per barrel, which puts the front-month on track for a fifth consecutive week of declines and close to a 10-month low as OPEC-led production cuts have failed to reduce a global crude glut. After agreeing in December to cut production by around 1.8 million barrels per day (bpd) from January-June, OPEC and other producers in late May agreed to extend those cuts for another nine months through the end of March 2018. Analysts said those OPEC-led cuts were being frustrated by rising output from U.S. shale drillers and other producers hoping to capture higher oil prices in future months. Futures for the balance of 2017 were trading just over $43 a barrel, while calendar 2018 was fetching about $45 a barrel. Analysts said crude prices are likely to remain under pressure until there are signs the number of rigs drilling for oil in the United States is stabilizing or declining. U.S. producers are expected to increase output to 9.3 million bpd in 2017 and a record 10.0 million bpd in 2018 from 8.9 million bpd in 2016, according to federal projections. The biggest increase in rigs this week was in the Bakken formation in North Dakota where drillers added three rigs, bringing the total there to 52, the most since December 2015 and double the same week a year ago. "It''s not surprising the rig count has been rising in the Bakken because producers there will not see the full extent of the crude price drop we''ve had over the past month," Williams at WTRG said. "They just got access to a new pipeline, which will reduce the cost of transporting their crude by train," he said, referring to the Dakota Access pipeline that entered service at the start of June. The break even price for drilling new wells in the United States varies considerably among shale formations and even between different parts of the same play, but most analysts say producers need U.S. crude prices of $45-$50. However, consultancy Rystad Energy, which specializes in exploration and production, said wellhead break-evens average around $38 per barrel for the Bakken shale wells completed in 2016-2017. (Reporting by Scott DiSavino; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-rigs-baker-hughes-idUSKBN19E20H'|'2017-06-24T02:33:00.000+03:00'|4848.0|''|-1.0|'' -4849|'ef291a81ac878dff31a0e435825815d0a3933881'|'Qatar launches new shipping routes to Oman amid food shortage fears'|'Business News 24am BST Qatar launches new shipping routes to Oman amid food shortage fears DOHA Qatar has launched two new shipping services to Omani ports after other Gulf states severed ties with Doha last week, raising concerns over food supplies to import-dependent Qatar. Saudi Arabia, the United Arab Emirates and other Arab countries cut diplomatic as well as travel and trade ties with Qatar last week, accusing it of supporting Iran and funding Islamist groups. Doha denies the charges. The severing of air, sea and land transport links has closed off key import routes for Qatar and its population of around 2.7 million people. Thousands of shipping containers destined for Qatar are still stuck at Dubai''s Jebel Ali port, according to Qatari importers. Iran and Turkey have flown in food supplies to Qatar as the gas-rich country seeks other sources. Oman is a member of the Gulf Cooperation Council but takes a relatively independent diplomatic approach to the other five states in the bloc, particularly towards Iran. The two new services will each run three times a week between Qatar''s Hamad Port and Omani ports of Sohar in the north and Salalah in the south, Qatar Ports Management Company (Mwani), a Qatari shareholding company established in 2009, announced on Sunday. Doha has said the severing of trade and transport ties are hurting the country''s inhabitants. Mani Qatar posted a video on Twitter on Monday of a cargo ship arriving from Sohar port. (Reporting by John Davison; Editing by Sami Aboudi and Raissa Kasolowsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gulf-qatar-ports-idUKKBN19312H'|'2017-06-12T18:24:00.000+03:00'|4849.0|''|-1.0|'' +4848|'f07da135ad4bfda3ed91b97c0e2818123a616fc9'|'UPDATE 1-U.S. drillers add oil rigs for record 23rd week in a row -Baker Hughes'|'Commodities 35pm EDT U.S. drillers add oil rigs for record 23rd week in a row: Baker Hughes U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months despite this week''s decline to a 10-month low. Drillers added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2015, energy services firm Baker Hughes Inc said in its closely followed report on Friday. That is more than double the same week a year ago when there were only 330 active oil rigs. Drillers have added rigs in 52 of the past 56 weeks since the start of June 2016. "The higher rig count this week reflects decisions made a couple of months ago when oil prices were higher," said James Williams, president of WTRG Economics in Arkansas, noting he expects the current low prices to cause the count to fall in some weeks over the next month or two. U.S. crude futures were trading around $43 per barrel, which puts the front-month on track for a fifth consecutive week of declines and close to a 10-month low as OPEC-led production cuts have failed to reduce a global crude glut. After agreeing in December to cut production by around 1.8 million barrels per day (bpd) from January-June, OPEC and other producers in late May agreed to extend those cuts for another nine months through the end of March 2018. Analysts said those OPEC-led cuts were being frustrated by rising output from U.S. shale drillers and other producers hoping to capture higher oil prices in future months. Futures for the balance of 2017 were trading just over $43 a barrel, while calendar 2018 was fetching about $45 a barrel. Analysts said crude prices are likely to remain under pressure until there are signs the number of rigs drilling for oil in the United States is stabilizing or declining. U.S. producers are expected to increase output to 9.3 million bpd in 2017 and a record 10.0 million bpd in 2018 from 8.9 million bpd in 2016, according to federal projections. The biggest increase in rigs this week was in the Bakken formation in North Dakota where drillers added three rigs, bringing the total there to 52, the most since December 2015 and double the same week a year ago. "It''s not surprising the rig count has been rising in the Bakken because producers there will not see the full extent of the crude price drop we''ve had over the past month," Williams at WTRG said. "They just got access to a new pipeline, which will reduce the cost of transporting their crude by train," he said, referring to the Dakota Access pipeline that entered service at the start of June. The break even price for drilling new wells in the United States varies considerably among shale formations and even between different parts of the same play, but most analysts say producers need U.S. crude prices of $45-$50. However, consultancy Rystad Energy, which specializes in exploration and production, said wellhead break-evens average around $38 per barrel for the Bakken shale wells completed in 2016-2017. (Reporting by Scott DiSavino; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-rigs-baker-hughes-idUSKBN19E20H'|'2017-06-24T02:33:00.000+03:00'|4848.0|20.0|0.0|'' +4849|'ef291a81ac878dff31a0e435825815d0a3933881'|'Qatar launches new shipping routes to Oman amid food shortage fears'|'Business News 24am BST Qatar launches new shipping routes to Oman amid food shortage fears DOHA Qatar has launched two new shipping services to Omani ports after other Gulf states severed ties with Doha last week, raising concerns over food supplies to import-dependent Qatar. Saudi Arabia, the United Arab Emirates and other Arab countries cut diplomatic as well as travel and trade ties with Qatar last week, accusing it of supporting Iran and funding Islamist groups. Doha denies the charges. The severing of air, sea and land transport links has closed off key import routes for Qatar and its population of around 2.7 million people. Thousands of shipping containers destined for Qatar are still stuck at Dubai''s Jebel Ali port, according to Qatari importers. Iran and Turkey have flown in food supplies to Qatar as the gas-rich country seeks other sources. Oman is a member of the Gulf Cooperation Council but takes a relatively independent diplomatic approach to the other five states in the bloc, particularly towards Iran. The two new services will each run three times a week between Qatar''s Hamad Port and Omani ports of Sohar in the north and Salalah in the south, Qatar Ports Management Company (Mwani), a Qatari shareholding company established in 2009, announced on Sunday. Doha has said the severing of trade and transport ties are hurting the country''s inhabitants. Mani Qatar posted a video on Twitter on Monday of a cargo ship arriving from Sohar port. (Reporting by John Davison; Editing by Sami Aboudi and Raissa Kasolowsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gulf-qatar-ports-idUKKBN19312H'|'2017-06-12T18:24:00.000+03:00'|4849.0|26.0|0.0|'' 4850|'584fbefab82771a4987a4424034ff513a67fe012'|'Bank of America to lay off more workers'|'Banks 30am BST Bank of America to lay off more workers The Bank of America building is shown in down town Los Angeles, California, U.S., March 6, 2017. REUTERS/Mike Blake By Dan Freed Bank of America Corp has begun laying off employees in its operations and technology division, part of the second-largest U.S. bank''s plan to cut costs. On Wednesday the bank cut jobs across that division, many of which came from its Charlotte, N.C., headquarters, a spokesman said. He would not specify the number of jobs lost. The cuts come as Bank of America is aiming to cut costs to boost financial targets Chief Executive Brian Moynihan has set. Although Bank of America is also hiring, the employees that it is trying to reduce cost more than those who are joining, Moynihan said at a conference last month. The bank has also been cutting costs by shuttering data centres and moving information to less costly systems run by technology firms. For any large bank, technology and operations costs run high. Old systems are reliable but dated, while new ones are expensive to develop. Separately, at a conference on Wednesday, Chief Operating Officer Tom Montag said the global banking and markets unit has roughly 1,300 applications that cost about $1.3 billion (1.02 billion pounds) to maintain and run. As the bank sorts through those platforms and decides which to eliminate, some jobs will be lost, said spokesman Dan Frahm. The Charlotte Observer first reported layoffs at Bank of America''s headquarters. (Reporting by Dan Freed in New York and Subrat Patnaik in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bank-of-america-layoffs-idUKKBN1960AP'|'2017-06-15T12:30:00.000+03:00'|4850.0|''|-1.0|'' 4851|'55d5e7d13d607c68ef954e5c1066382ec06d1434'|'Incomes squeeze denied May a landslide now she must change course'|'Anyone seeking an explanation for the bloody nose received by the government in the election should start with wages, prices and living standards.Sure, the Conservatives fought a terrible campaign. True, Theresa Mays shortcomings were exposed. No question, the mobilisation of young voters by Labour played a big part in the result.But the bedrock of any successful election campaign is the state of the economy and, in particular, whether or not people are becoming better off . In May 2015, when David Cameron won, real incomes were rising. Currently, as the latest inflation figures show, voters are getting poorer.Britons feel the squeeze as inflation rises to four-year high of 2.9% Read more Cameron could hardly have chosen a better moment to go to the country. In the spring of 2015, the collapse in the oil price meant the annual inflation rate was hovering around zero. Average earnings were rising by almost 3% a year, which meant living standards were increasing by a similar amount.According to the Office for National Statistics, the annual inflation rate as measured by the consumer prices index was 2.9% in May, while earnings in the three months to April were 2.1% up on the same period a year earlier. The figures for May will be released on Wednesday, but are unlikely to show much change to the recent squeeze on living standards .The upward pressure on prices initially came from a recovery in oil prices, but has subsequently been the result of the fall in the value of the pound, which has made imports dearer . For a time, UK consumers were protected from the impact of the weakness of sterling because importers were hedged against currency movements. But those hedges have now expired, leaving retailers with little choice but to raise prices .Had May won the landslide she was clearly expecting , the government would have been able to ride out this difficult period. Inflation is likely to go up a bit further, but the ONSs separate figures for producer output prices , which measure the cost of goods leaving factory gates and provide a guide to inflationary pressure early in the pipeline, appear to have peaked. Moreover, weaker consumer spending will result in lower growth and this will eventually feed through into a fall in inflation.But May is a weakened prime minister heading a minority administration and she doesnt have time on her side. The government has recognised that voters are unhappy about falling living standards and have had enough of cuts. Deficit reduction will now play second fiddle to the need to raise real incomes, so expect a generous uplift in the minimum wage and an easing of curbs on public sector pay as signs that the age of austerity is over.Topics Economics Inflation General election 2017 Consumer spending Austerity Theresa May comment Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/13/incomes-theresa-may-inflation-conservatives-austerity'|'2017-06-13T22:06:00.000+03:00'|4851.0|''|-1.0|'' 4852|'32fe7b7fee461a776568e3370b5907fdeb624819'|'South Africa''s Sibanye says $1 rights issue oversubscribed'|'JOHANNESBURG Sibanye Gold''s ( SGLJ.J ) $1 billion rights issue, aimed at raising capital to help fund its acquisition of U.S. platinum producer Stillwater, was oversubscribed by almost five-fold, the company said on Monday.Such capital raising efforts are comparatively rare at the moment in South Africa''s troubled mining sector, which is beset by a range of challenges including policy uncertainty and labor and social unrest.But Sibanye, which has built a reputation on its dividend flow, is diversifying away from its home base with its Stillwater acquisition, reducing its exposure to the risks associated with doing business in South Africa.Those risks are underscored by a violent, wildcat strike unfolding at Sibanye''s Cooke operation west of Johannesburg, which was triggered by worker resentment at the company''s drive to root out illegal miners."Approximately 97 percent of shareholders subscribed for 1.2 billion new Sibanye shares in terms of the rights offer resulting in ... Excess applications were received for an additional 5.9 billion new shares, almost five times more than the rights offer shares available," Sibanye said.Offered at a discount of 60 percent to its closing price on May 17, the funds raised will repay a portion of a $2.65 billion loan facility it used to acquire Stillwater.Sibanye''s dividend yield is 5.64 percent, well above the 2.16 average of its South African peers, Reuters data shows.(Reporting by Ed Stoddard; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sibanye-gold-issue-idINKBN1930JP'|'2017-06-12T06:19:00.000+03:00'|4852.0|''|-1.0|'' @@ -4856,7 +4856,7 @@ 4854|'b347a3b355899ff9948da5efc36ca2349955016d'|'BRIEF-Jumei announces investment in TV drama production'|' 15am EDT BRIEF-Jumei announces investment in TV drama production June 21 Jumei International Holding Ltd : * Jumei announces investment in television drama production * Jumei International Holding Ltd - to invest an aggregate of RMB96 million in production of a television drama series titled "Here To Heart" * Jumei International Holding Ltd - production is expected to take place from July to September 2017 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-jumei-announces-investment-in-tv-d-idUSFWN1JI0HU'|'2017-06-21T19:15:00.000+03:00'|4854.0|''|-1.0|'' 4855|'9e2e5f3267f564fa06c16155e0d46302082ca6e6'|'A hybrid startup offers AI services to business'|'BOSSES are more likely to groan than feel giddy about advances in artificial intelligence (AI). They need a strategy, but few companies can hope to own a unit like Googles DeepMind, whose algorithms not only beat the worlds best Go players but made a 40% improvement in the energy efficiency of its parents data centres. A Canadian startup, Element AI, wants to let all businesses tap into the worlds best AI minds.The brain behind the new firm is Yoshua Bengio, a pioneer in deep learning, a branch of AI. As firms such as Google and Facebook lured dozens of AI academics, some in the field expressed fears about a brain drain from academia. In 2015, for example, Uber, a ride-hailing startup, poached 40 researchers from Carnegie Mellon University. Mr Bengio meanwhile stayed at the University of Montreal (though in January he became an adviser to Microsoft). Element AI will let researchers stay in their university posts while working on corporate projects. It plans, in effect, to build an AI platform on which a network of member firms (in which it may take stakes) can serve other companies. These member firms will tap Element AIs brain trust and license its technical platform. This month the startup raised $102m of capital from backers including Intel and Nvidia, two chip giants.Its system addresses a shortcoming of many AI applications. Individual firms are awash with data but may not have enough to train AI models. Element AIs network will be able to share algorithmic learning from all the data they crunch, enabling better performance than they would achieve using only one clients data. For example, an oil major might want to use image-recognition to identify corrosion on its pipes. Element AI could develop a system to spot it and predict the likelihood of a leak, to rank which pipes get fixed first. If the client lacks images to train the algorithm, Element AIs work in an adjacent areasay, corrosion on railway trackscould be used.Jean-Franois Gagn, Element AIs boss, says that the company aims to democratise AI by making state-of-the-art technology available to companies well beyond the main technology giants. We are a neutral player you can trust, he argues. But it is notoriously hard to move techniques from the research lab into real-life applications.If AI does become the bedrock of corporate technology, there should be room for several models. Big consultancies are already believers and have begun acquiring data-analytics firms themselves. Element AIs approach is promising. But the McKinsey of AI may yet turn out to be McKinsey itself. "Deep minds for hire"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723863-not-only-google-and-facebook-should-have-access-ai-it-argues-hybrid-startup-offers-ai?fsrc=rss%7Cbus'|'2017-06-22T21:43:00.000+03:00'|4855.0|''|-1.0|'' 4856|'5925da4d00b1a246920d00c6cae8666fd96c3aa6'|'Toshiba says open to talks with Western Digital over chip unit sale'|'TOKYO Toshiba Corp said it was open to talks with Western Digital Corp in their dispute over the sale of the Japanese conglomerate''s prized chip unit - an apparent olive branch after it chose another suitor as preferred bidder.Toshiba would be willing to hold talks but does not expect the composition of the preferred bidder consortium, which includes Bain Capital and Japanese government investors, to change before June 28, Chief Executive Satoshi Tsunakawa told a news conference.It is aiming to clinch a deal, worth some $18 billion, by June 28, the day of its shareholders'' annual meeting.(Reporting by Makiko Yamazaki; Writing by Sam Nussey; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/toshiba-accounting-western-digital-idINKBN19E0ZP'|'2017-06-23T07:26:00.000+03:00'|4856.0|''|-1.0|'' -4857|'3aef7fc96a5e558a29fe2eadb6e866e064940c10'|'Daimler says U.S. expansion not linked to Trump''s trade campaign'|'Autos - Fri Jun 2, 2017 - 5:22pm BST Daimler says U.S. expansion not linked to Trump''s trade campaign Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars, takes part in the ground breaking ceremony for the second battery factory at Daimler subsidiary ACCUMOTIVE in Kamenz, Germany May 22, 2017. REUTERS/ Matthias Rietschel RASTATT, Germany German car and truck manufacturer Daimler ( DAIGn.DE ) said its plans to expand manufacturing at a plant in Alabama predates U.S. President Donald Trump''s efforts to protect U.S. jobs. "We have been expanding the Tuscaloosa factory for many years and continue to do so," Daimler Chief Executive Officer Dieter Zetsche said on the sidelines of an event in Rastatt, Germany. "We are deepening our supplier base at the location, just like we have been in other locations," Zetsche said, explaining that a similar process was underway at the Mercedes-Benz factory in Beijing, China. A spokesman for Daimler clarified that plans to increase sourcing of parts from local suppliers in the United States have been underway for years and were further expanded with a $1.3 billion (1 billion) investment plan announced in September 2015. Daimler, which owns the Mercedes-Benz brand, makes off-road vehicles for local and overseas markets at its factory in Tuscaloosa, Alabama. Trump has criticised Germany''s trade surplus with the United States. He used Twitter this week to attack Germany partly for its trade policies, flagging the United States'' "massive trade deficit with Germany." Last year, around 545,000 cars were shipped from Germany to the United States, German auto industry association VDA said. German carmakers also produced 854,000 cars at factories in the United States, of which 62 percent were exported overseas. Although the majority of cars made by German brands in the United States are exported overseas, there is a trade gap with Germany. According to the VDA, cars and engines worth 23.42 billion euros (20.5 billion) were exported to the United States in 2016, while goods - such as car components - imported from the United States to Germany were worth only 6.24 billion euros. Including other components and second-hand vehicles, exports from Germany amounted to 31.2 billion euros in 2016, while shipments from the United States to Germany amounted to 7.4 billion euros, VDA said. (Reporting by Ilona Wissenbach and Edward Taylor. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-germany-daimler-idUKKBN18T2FG'|'2017-06-03T00:22:00.000+03:00'|4857.0|''|-1.0|'' +4857|'3aef7fc96a5e558a29fe2eadb6e866e064940c10'|'Daimler says U.S. expansion not linked to Trump''s trade campaign'|'Autos - Fri Jun 2, 2017 - 5:22pm BST Daimler says U.S. expansion not linked to Trump''s trade campaign Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars, takes part in the ground breaking ceremony for the second battery factory at Daimler subsidiary ACCUMOTIVE in Kamenz, Germany May 22, 2017. REUTERS/ Matthias Rietschel RASTATT, Germany German car and truck manufacturer Daimler ( DAIGn.DE ) said its plans to expand manufacturing at a plant in Alabama predates U.S. President Donald Trump''s efforts to protect U.S. jobs. "We have been expanding the Tuscaloosa factory for many years and continue to do so," Daimler Chief Executive Officer Dieter Zetsche said on the sidelines of an event in Rastatt, Germany. "We are deepening our supplier base at the location, just like we have been in other locations," Zetsche said, explaining that a similar process was underway at the Mercedes-Benz factory in Beijing, China. A spokesman for Daimler clarified that plans to increase sourcing of parts from local suppliers in the United States have been underway for years and were further expanded with a $1.3 billion (1 billion) investment plan announced in September 2015. Daimler, which owns the Mercedes-Benz brand, makes off-road vehicles for local and overseas markets at its factory in Tuscaloosa, Alabama. Trump has criticised Germany''s trade surplus with the United States. He used Twitter this week to attack Germany partly for its trade policies, flagging the United States'' "massive trade deficit with Germany." Last year, around 545,000 cars were shipped from Germany to the United States, German auto industry association VDA said. German carmakers also produced 854,000 cars at factories in the United States, of which 62 percent were exported overseas. Although the majority of cars made by German brands in the United States are exported overseas, there is a trade gap with Germany. According to the VDA, cars and engines worth 23.42 billion euros (20.5 billion) were exported to the United States in 2016, while goods - such as car components - imported from the United States to Germany were worth only 6.24 billion euros. Including other components and second-hand vehicles, exports from Germany amounted to 31.2 billion euros in 2016, while shipments from the United States to Germany amounted to 7.4 billion euros, VDA said. (Reporting by Ilona Wissenbach and Edward Taylor. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-germany-daimler-idUKKBN18T2FG'|'2017-06-03T00:22:00.000+03:00'|4857.0|17.0|0.0|'' 4858|'b65f166cfe6f7fd4b2e78784793047d05aee3070'|'ECB triggers overnight Santander rescue of Spain''s Banco Popular'|'Deals - Wed Jun 7, 2017 - 3:25pm BST ECB triggers overnight Santander rescue of Spain''s Banco Popular left right Santander Chairwoman Ana Botin arrives for a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 1/7 left right FILE PHOTO: A man uses a cash dispenser at a Banco Popular branch in Madrid, Spain, April 29, 2016. REUTERS/Andrea Comas/File Photo 2/7 left right Santander Chairwoman Ana Botin arrives for a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 3/7 left right An employee waits for the start of a news conference at Spain''s biggest bank Santander offices after it announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 4/7 left right Santander Chairwoman Ana Botin speakds at a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 5/7 left right FILE PHOTO: People walk past a branch of Spain''s Banco Popular in Madrid, Spain, May 26, 2016. REUTERS/Andrea Comas/File Photo 6/7 left right FILE PHOTO: A woman walks past a Banco Santander branch in downtown Rio de Janeiro August 19, 2014. REUTERS/Pilar Olivares/File Photo 7/7 By Jess Aguado and Francesco Guarascio - MADRID/BRUSSELS MADRID/BRUSSELS European authorities stepped in to avert a collapse of Spain''s Banco Popular ( POP.MC ) following a run on the bank, orchestrating a last-minute rescue on Wednesday by Santander ( SAN.MC ), the country''s biggest lender. Owners of Popular bonds faces losses of some 2 billion euros, while Santander will ask its shareholders for around 7 billion euros ($7.9 billion) of capital to absorb Spain''s sixth biggest bank. Popular''s rescue was unveiled as the European Central Bank announced the lender was set to be wound down, echoing a banking crash some five years ago that cost Spain 40 billion euros. Santander''s takeover of the bank, which has been weighed down by risky property loans, for a nominal one euro marks the first use of a stricter European Union regime to deal with failing banks adopted after the financial crisis. The sale was organized in less than 24 hours, and followed a recent acceleration in the withdrawal of deposits, which two people with knowledge of the matter said had in recent weeks hit 18 billion euros, equivalent to almost one quarter of the total. A final decision to sell Popular was made at about 0430 GMT on Wednesday, Dominique Laboureix, a member of the Single Resolution Board, told a news conference in Brussels. The SRB is the agency set up by the EU to wind down stricken banks. In contrast to earlier crises, the hurried sale of Popular did not spook markets and banking stocks rose in Europe. "This deal is good for Spain and it''s good for Europe," Santander chairman Ana Botin said of the agreement, which breaks the mold of using taxpayers'' money, instead imposing losses on shareholders and creditors of the bank. This resolution worked in Santander''s favor, and was described by two debt investors as unexpected, with the owners of so-called AT1 and AT2 bonds suffering roughly 2 billion euros ($2.2 billion) of losses and shareholders losing everything. The ECB said there was a "significant deterioration of the liquidity situation of the bank in recent days" and that in the near future Popular would have been "unable to pay its debts". Up to 2 billion euros a day was being taken out of the bank by savers last week, another source told Reuters. "We got it done before markets opened. That was the target," Elke Knig, who chairs the Resolution Board, said. Unlike Italy, which has been grappling with problem lenders for years, Spain''s reaction was prompt and in contrast to the 2008 banking crisis it met with calm in the markets. "This shouldn''t pose any real problems for other banks," Aberdeen Asset Management Head of Credit Research Laurent Frings said. "But it does show that there is real risk in investing in these second-tier names." BOTIN SEES BENEFITS Spanish Economy Minister Luis de Guindos said Santander''s takeover was a good outcome for Popular given its situation in recent weeks and it would have no impact on public resources or other banks. Botin welcomed Popular customers and said that the combination of the two would strengthen Santander''s geographic reach as the economies in Spain and Portugal improved. "It gives certainty and stability to Spain''s financial sector," she said. Santander, which was unaffected by the banking crisis in Spain that forced Madrid to seek international aid, said buying Popular would accelerate growth and profit from 2019. The group, with operations from South America to Britain, said it would set aside 7.9 billion euros to cover the cost of non-performing assets, which are loans at risk of non-payment. Struggling under the weight of 37 billion euros of non-performing property assets left over from Spain''s financial crisis, Popular had seen its share price slump. It was among a handful of banks that emerged as vulnerable to stress, such as an economic downturn, in a European Banking Authority simulation last summer and had remained vulnerable with a ratio of risky loans around three times above the average of its Spanish rivals. But Popular''s small and medium-sized company loan portfolio, the largest among Spanish lenders, presents an opportunity for Santander, which said it would now lead this growing market. It will also sell off at least half of Popular''s property assets within about 18 months. ($1 = 0.8876 euros) (Additional reporting by Andres Gonzalez, Jose Elias Rodriguez, Angus Berwick and Sonya Dowsett in Madrid, Francesco Canepa in Frankfurt and Jan Strupczewski, Francesco Guarascio in Brussels and Helene Durand in London; writing by John O''Donnell; Editing by Keith Weir/Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-popular-m-a-santander-idUKKBN18Y0IU'|'2017-06-07T20:52:00.000+03:00'|4858.0|''|-1.0|'' 4859|'648dca434fe0ead5af5d3b5cebec05e8900abb9a'|'Italy to start winding down Veneto banks Saturday after EU green-light'|'Business News - Fri Jun 23, 2017 - 5:14pm EDT Italy to start winding down Veneto banks Saturday after EU green-light left right A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi 1/2 left right The logo of Veneto Banca bank is seen in Venice, Italy, January 31, 2016. REUTERS/Alessandro Bianchi/File Photo 2/2 By Silvia Aloisi and Balazs Koranyi - MILAN/FRANKFURT MILAN/FRANKFURT The European Commission on Friday gave preliminary approval for an Italian plan to wind down two ailing Veneto-based regional lenders with state money in a move that may allow Rome to solve its latest banking crisis on its own terms. Italy plans to start liquidation proceedings for Banca Popolare di Vicenza and Veneto Banca on Saturday, a source close to the matter said, issuing an emergency decree that will effectively remove one its biggest banking headaches by splitting the two lenders'' assets into "good" and "bad" banks. The country''s top retail bank Intesa Sanpaolo ( ISP.MI ) is set to buy the good assets for one euro, leaving the state to foot the bulk of the bill for losses stemming from the banks'' bad loans, legal risks and restructuring costs. "EU state aid rules allow for the possibility of granting state support in these kind of situations," the European Commission, which must rule on the use of state money, said in a statement. It added it was in constructive discussions with Italian authorities. "Good progress is being made to find a solution very soon." The Italian government has been scrambling to prevent the two lenders from being wound down under European banking rules designed to stop the use of state money in banking crises. Rome feared that under those rules losses could have been imposed on senior bondholders and large depositors, a politically unpalatable prospect in the run-up to elections next year. Instead, under the Italian plan only junior bondholders and shareholders will be hit, but the cost for taxpayers is likely to be hefty. With the two banks'' soured or risky debts totaling more than 20 billion euros ($22.4 billion), one banker said the government would put in 5 billion euros, while some Italian media reports on Friday said the final bill could be as high as 12 billion euros. The emergency decree to be approved on Saturday will "create the conditions" for a sale of the banks'' good assets to Intesa, the source said. "The sale will allow the regular functioning of the banks'' branches on Monday morning," it said, adding the terms of the transaction will be made public in coming days. Earlier the European Central Bank said the two banks, which have a capital shortfall of 6.4 billion euros and are bleeding deposits, were failing or likely to fail, setting in motion the process that will lead to them being wound down. "The ECB had given the banks time to present capital plans, but the banks had been unable to offer credible solutions going forward," it said in a statement. Pressure on Rome to find a solution for the two Veneto lenders had increased since Spain''s Banco Popular POP.MC was rescued by Santander ( SAN.MC ) this month in a deal orchestrated by European authorities. In Popular''s case, no state money was used and Santander is seeking around 7 billion euros of capital from shareholders to help it take on Popular. The Italian plan instead takes advantage of an exception to EU bank rules that allows the use of routine insolvency proceedings with banks not considered systemically important, allowing the process to be handled by the member state. The plan has sparked criticism from some European officials who said Italy was being allowed to cut corners, while at home, opposition politicians have also criticized the scheme put forward by the government. "Intesa gets a free gift, the state takes on all the bad stuff and the taxpayer pays," Renato Brunetta, parliamentary leader for former prime minister Silvio Berlusconi''s Forza Italia (Go Italy!) party said on Thursday. "Did we really need to take so much time to come up with such a rubbish solution?" (Additional reporting by Francesca Piscioneri and Giuseppe Fonte in Rome, Agnieszka Flak in Milan and Foo Yun Chee in Brussels)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eurozone-banks-italy-veneto-idUSKBN19E2IH'|'2017-06-24T05:14:00.000+03:00'|4859.0|''|-1.0|'' 4860|'81b21cd92fc19e48cad3d50ead81cfdfc83e81b9'|'Glencore to pitch to Rio board for Australian coal unit - sources'|'Business 11am BST Glencore to pitch to Rio board for Australian coal unit - sources FILE PHOTO: The logo of Glencore is seen in front of the company''s headquarters in Baar, Switzerland, September 7, 2012. REUTERS/Michael Buholzer/File Photo By James Regan - SYDNEY SYDNEY Glencore will pitch its $2.55 billion (2 billion pounds) bid for Rio Tinto''s Australian Coal & Allied unit directly to Rio Tinto''s board in Canada on Thursday, two sources familiar with the matter told Reuters. The meeting, headed by Glencore''s Australian Chief Executive Peter Freyberg, comes five days after Glencore outbid Chinese-owned Yancoal for Coal & Allied Industries Ltd, which operates thermal coal mines in Australia''s Hunter Valley. Glencore''s proposal is $100 million higher and fully funded, but Rio Tinto has to give Yancoal the chance to make a counter offer, opening the way for a bidding war. A formal response from Rio Tinto to Glencore''s offer could come by the end of the week, the sources said, given Glencore''s acceptance deadline of June 26. If Glencore''s offer is accepted by Rio Tinto, Yancoal will have five days to respond. Yancoal and Glencore declined to comment. Rio Tinto could not be reached for immediate comment. Freyberg will argue before the Rio Tinto directors, who are meeting this week in Canada, that Glencore''s offer provides greater financial certainty than Yancoal''s because it intends to fund the acquisition from cash on hand and committed facilities, subject only to regulatory conditions. "Glencore thinks it has the better offer because it''s higher and there are may be doubts over Yancoal''s funding," one of the sources said. Yancoal''s second-biggest shareholder is struggling commodities trader Noble Group. Yancoal plans a capital raising to help pay for Coal & Allied and Noble would have to invest $260 million in newly issued Yancoal stock to maintain its stake at 13 percent. "This is an element that Glencore will be stressing," the source said. Fitch Ratings cut Noble''s rating on May 26 on concern over its ability to address about $2 billion of debt maturing over the next 12 months. Yancoal said last month it was not concerned at that time over Noble''s financial strength. Freyberg is also expected to try and assure Rio Tinto that its bid would not run into hurdles from competition regulators in China and Australia. The bulk of the coal is sold to power companies in Japan, South Korea and Taiwan, with little remaining in Australia or sold to China. (Reporting by James Regan; Additional reporting by Jamie Freed; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rio-tinto-divestiture-glencore-idUKKBN1950SV'|'2017-06-14T16:11:00.000+03:00'|4860.0|''|-1.0|'' @@ -4877,7 +4877,7 @@ 4875|'d2c3b53f47eb23eca18d0bbe3a11feed454fd313'|'H&M beats profit forecasts but trading remains tough'|'By Anna Ringstrom and Helena Soderpalm - STOCKHOLM STOCKHOLM Swedish fashion chain H&M beat quarterly profit forecasts on Thursday after improving its ability to control costs as it expands across the globe.But the world''s second biggest fashion retailer said many major markets remained challenging. Unexpectedly low sales and higher inventories meant it had to step up price markdowns on its clothes to get them sold.After decades of strong growth, H&M has repeatedly missed sales forecasts because of stiffer competition from budget rivals such as Primark and new online players Zalando and Asos.Its bigger rival, Zara owner Inditex, has weathered sluggish markets better. H&M said key markets such as China and the United States remained tough.H&M''s shares, which have been on a downhill slope since 2015, rose 2.6 percent by 0720 GMT on the profit beat, taking a year-to-date fall to 17 percent, but investor uncertainty about the company''s sales outlook lingered. The shares later fell back to stand 0.9 percent higher by 0915 GMT."Whilst the outcome for the quarter is better than expected, there is plenty here for the bears too," said Morgan Stanley analysts, who have an "underweight" rating on H&M stock.INVESTING MOREH&M has in recent years made large IT investments to better integrate brick-and-mortar store and online shopping, and to speed up the supply chain to get new designs to consumers more rapidly.Analysts complain, however, that they are still seeing little sign that the investments are paying off."H&M has been investing heavily in online capability (IT, logistics, integration with the stores) for a some time now, but sales growth has yet to respond to this," said Societe Generale analyst Anne Critchlow, who rates H&M a "sell"."For the H&M concept''s young value fashion target audience, stronger investment may be required, for example through a free delivery and returns offer, in line with some of the pure online competitors."Chief Executive Karl-Johan Persson told a news conference investment levels would remain high. The company warned of more markdowns in its third quarter, after inventories increased also the second quarter.It also guided for local-currency sales growth in June, the first month of its third quarter, of 7 percent year-on-year, just below a mean forecast in a Reuters poll.It had already reported second-quarter sales.Critchlow said that implied flat like-for-like sales in June after they were flat or negative every month this year.In order to reach more shoppers and to reduce exposure to the increasingly crowded budget segment, H&M is also branching out into new separate brands with a higher price range than its core budget H&M brand.Pretax profit in the March-May period grew 10 percent from a year earlier, to 7.71 billion crowns ($904 million), against a mean forecast in a Reuters poll of analysts of less than 2 percent growth.Inditex earlier this month reported an 18 percent rise in quarterly profit, stretchingh its lead over H&M, although its sales growth slowed in the weeks before the report.H&M unveiled plans to enter Uruguay and Ukraine next year, and to roll out online in the Philippines and Cyprus this year and in India next year. The company, which doesn''t report online sales separately, predicted annual online sales growth of least 25 percent going forward.($1 = 8.5256 Swedish crowns)(Reporting by Anna Ringstrom and Helena Soderpalm; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/h-m-results-idINKBN19K12H'|'2017-06-29T07:38:00.000+03:00'|4875.0|''|-1.0|'' 4876|'7047c31f212008af383e53eeb9d51a366fbdc736'|'Ex Top Gear presenter Hammond in hospital after crash'|'Hollywood 11:30pm IST Ex "Top Gear" presenter Hammond in hospital after crash FILE PICTURE: Richard Hammond, host of the BBC America series ''''Richard Hammond''s Crash Course,'''' speaks at the Cable portion of the Television Critics Association Summer press tour in Beverly Hills, California August 1, 2012. REUTERS/Fred Prouser LONDON Former "Top Gear" presenter Richard Hammond was airlifted to hospital in Switzerland on Saturday following a dramatic car crash while filming for his new show, but his injuries were not serious, a spokesman said. Hammond, 47, was driving an electric sports car during filming for "The Grand Tour" when the crash happened, the spokesman for the show said. "Richard was conscious and talking, and climbed out of the car himself before the vehicle burst into flames," a spokesman for "The Grand Tour" said in a statement. "He was flown by air ambulance to hospital in St Gallen to be checked over, revealing a fracture to his knee," it said. "The cause of the crash is unknown and is being investigated." Hammond was involved in a much more serious crash over a decade ago, while filming for his old show "Top Gear". He suffered serious brain injuries and was in hospital for five weeks after a Vampire drag racer he was driving burst a tire and left the course at 288 mph (463 kph) at Elvington airfield, near the British city of York, in September 2006. Hammond recovered and returned to broadcasting and to "Top Gear", which aired in more than 200 countries and was watched by 350 million viewers worldwide. He left the BBC show along with colleagues Jeremy Clarkson and James May when Clarkson was fired in 2015 for physically attacking a member of the production team. "The Grand Tour", an Amazon series, reunites the old "Top Gear" team. Saturday''s accident occurred during the filming of its second series. (Reporting by Alistair Smout; Editing by Andrew Bolton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-people-topgear-idINKBN1910UF'|'2017-06-10T16:00:00.000+03:00'|4876.0|''|-1.0|'' 4877|'4a6f9c461a8a02aedbcb216aa780a63e62afc620'|'UPDATE 2-CEO of Portugal''s EDP a suspect in corruption inquiry'|'Intel - Fri Jun 2, 2017 - 4:48pm EDT CEO of Portugal''s EDP a suspect in corruption inquiry FILE PHOTO: Portuguese electric power company Energia de Portugal''s (EDP) CEO Antonio Mexia announces their fourth quarterly results during a news conference in Lisbon March 5, 2013. REUTERS/Hugo Correia/File Photo LISBON Portugal''s public prosecutor named Energias de Portugal (EDP) CEO Antonio Mexia as a suspect in a corruption investigation on Friday after police searched the offices of EDP, grid operator REN and the local division of Boston Consulting Group. The prosecutor said in a statement the investigation was linked to hundreds of millions of euros in state compensation paid to former monopoly EDP for giving up some long-term power-purchase contracts as part of the liberalisation of the power sector that started in 2004. A spokeswoman for the prosecutor said Mexia, who has run Portugal''s biggest company since 2006, was a suspect in the case. Joao Manso Neto, who heads EDP''s renewables division, was also a suspect, she said. Two directors at REN, Joao Conceicao and Pedro Furtado, were also named as suspects by the prosecutor''s office. EDP said in a statement that investigators who searched its offices were given "unrestricted access to all information and all collaboration was given with a view to clarifying the facts." It said those named as suspects were the EDP representatives that had signed the power-purchase contracts at the time. The prosecutor''s office said in a second statement released on Friday evening that it had collected a large amount of documentation. "The investigation continues into what could be facts that are suspected of representing the crimes of active and passive corruption," the statement said. REN said in a statement that police searched its headquarters and it was collaborating with the authorities. Boston Consulting Group also confirmed police searched its Lisbon office and said in a statement it "will continue to collaborate with authorities in whatever is necessary, always ensuring the confidentiality of its clients". EDP shares closed 1.34 percent lower on Friday and REN slipped 0.5 percent, while the broader market in Lisbon ended little changed. (Reporting by Daniel Alvarenga and Andrei Khalip; Writing by Axel Bugge; Editing by David Clarke and Catherine Evans) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-portugal-corruption-utilities-idUSKBN18T2Q9'|'2017-06-03T04:46:00.000+03:00'|4877.0|''|-1.0|'' -4878|'0c66ecc03ef1095d658947c257ad63480475c7a9'|'Dont drop the energy price cap, Theresa May. You called this absolutely right - John Penrose - Opinion'|'W hatever the problems and criticisms levelled at the Conservative partys election campaign, we got one thing absolutely right: the energy price cap . Wherever I went and whoevers doorstep I was on, it was popular and its easy to see why.Tory MPs plot to water down Theresa May''s energy price cap pledge Read more Millions of us have been ripped off for years by the big six energy companies . Roughly two-thirds of all customers thats at least 20 million families are on the expensive, rip-off standard variable tariff .And while a minority of customers switch to a different energy supplier regularly, perhaps 90% of us dont either because we forget, are too busy, or simply dont know how to do it.The big six know this better than anyone. They exploit customer loyalty rather than rewarding it, by quietly switching us on to rip-off deals. Unless we do something about it, theyll keep milking us for as long as they can.The thing is, markets arent natural creations, like the laws of physics. Theyre man-made. If we get the rules right, consumers and citizens are top dogs. But if we get them wrong, then prices go up, quality goes down, and either the shareholders or the bosses make out like bandits at our expense.So how do we fix the energy market, so it works in favour of consumers and citizens instead?First, we need to make switching simple, quick, easy and safe. There are some detailed, but vital, steps that would make it less stressful and not so scary. If you could change your energy supplier, or your contract, in a few seconds, with a click of a mouse or a tick of a box, the number of people switching would go through the roof.But persuading us all to behave differently and to switch more will take time, probably years. And we cant leave more than two-thirds of the country thats 20 million households to carry on being ripped off while it happens.All parties, including Labour and the DUP, agreed in their manifestos that we need an energy price cap to stop this sort of behaviour. The 30 or so challenger energy companies that are snapping at the big six agree, and have been clamouring for a relative price cap for some time. I think we should listen to them.Simply put, the relative price cap is a maximum mark-up between each energy firms best deal, and their default tariff. It would mean that, once your existing deal comes to an end, if you forget to switch to a new one then you wont be ripped off too badly.Energy firms could still have as many tariffs as they wanted, so there would be plenty of customer choice, and competition would be red hot.It would be a lot better than an absolute price cap or freeze, which is what Ed Miliband originally proposedCrucially, it would be a lot better than an absolute price cap or freeze, which is what Ed Miliband originally proposed, because each energy firm could still adjust prices whenever it wanted, if the wholesale price of gas or electricity went up or down.A month ago the argument was won, but over the past couple of days the big six have been stirring things up and are still trying to stitch up a deal to get the whole thing dropped . The very fact that they dont like it, while their best challengers and competitors do, should tell us were on the right track.Like millions of families, Im fed up with rip-off energy prices. As the prime minister promised back in May: If I am re-elected I will take action to end this injustice by introducing a cap on unfair energy price rises.Weve got re-elected. Lets ignore the big six and deliver on our promises. Then well have won a huge prize: an energy sector that behaves like a normal industry at last, where the customer is king not the regulator or the politicians. And that would be an industry that is fair, that isnt hated by its customers, and that can hold its head up high at last.Topics Energy bills Opinion Theresa May Consumer affairs Conservatives Household bills General election 2017 comment Reuse this content'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/commentisfree/2017/jun/14/energy-price-cap-theresa-may-big-six-tory-policy'|'2017-06-15T02:24:00.000+03:00'|4878.0|''|-1.0|'' +4878|'0c66ecc03ef1095d658947c257ad63480475c7a9'|'Dont drop the energy price cap, Theresa May. You called this absolutely right - John Penrose - Opinion'|'W hatever the problems and criticisms levelled at the Conservative partys election campaign, we got one thing absolutely right: the energy price cap . Wherever I went and whoevers doorstep I was on, it was popular and its easy to see why.Tory MPs plot to water down Theresa May''s energy price cap pledge Read more Millions of us have been ripped off for years by the big six energy companies . Roughly two-thirds of all customers thats at least 20 million families are on the expensive, rip-off standard variable tariff .And while a minority of customers switch to a different energy supplier regularly, perhaps 90% of us dont either because we forget, are too busy, or simply dont know how to do it.The big six know this better than anyone. They exploit customer loyalty rather than rewarding it, by quietly switching us on to rip-off deals. Unless we do something about it, theyll keep milking us for as long as they can.The thing is, markets arent natural creations, like the laws of physics. Theyre man-made. If we get the rules right, consumers and citizens are top dogs. But if we get them wrong, then prices go up, quality goes down, and either the shareholders or the bosses make out like bandits at our expense.So how do we fix the energy market, so it works in favour of consumers and citizens instead?First, we need to make switching simple, quick, easy and safe. There are some detailed, but vital, steps that would make it less stressful and not so scary. If you could change your energy supplier, or your contract, in a few seconds, with a click of a mouse or a tick of a box, the number of people switching would go through the roof.But persuading us all to behave differently and to switch more will take time, probably years. And we cant leave more than two-thirds of the country thats 20 million households to carry on being ripped off while it happens.All parties, including Labour and the DUP, agreed in their manifestos that we need an energy price cap to stop this sort of behaviour. The 30 or so challenger energy companies that are snapping at the big six agree, and have been clamouring for a relative price cap for some time. I think we should listen to them.Simply put, the relative price cap is a maximum mark-up between each energy firms best deal, and their default tariff. It would mean that, once your existing deal comes to an end, if you forget to switch to a new one then you wont be ripped off too badly.Energy firms could still have as many tariffs as they wanted, so there would be plenty of customer choice, and competition would be red hot.It would be a lot better than an absolute price cap or freeze, which is what Ed Miliband originally proposedCrucially, it would be a lot better than an absolute price cap or freeze, which is what Ed Miliband originally proposed, because each energy firm could still adjust prices whenever it wanted, if the wholesale price of gas or electricity went up or down.A month ago the argument was won, but over the past couple of days the big six have been stirring things up and are still trying to stitch up a deal to get the whole thing dropped . The very fact that they dont like it, while their best challengers and competitors do, should tell us were on the right track.Like millions of families, Im fed up with rip-off energy prices. As the prime minister promised back in May: If I am re-elected I will take action to end this injustice by introducing a cap on unfair energy price rises.Weve got re-elected. Lets ignore the big six and deliver on our promises. Then well have won a huge prize: an energy sector that behaves like a normal industry at last, where the customer is king not the regulator or the politicians. And that would be an industry that is fair, that isnt hated by its customers, and that can hold its head up high at last.Topics Energy bills Opinion Theresa May Consumer affairs Conservatives Household bills General election 2017 comment Reuse this content'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/commentisfree/2017/jun/14/energy-price-cap-theresa-may-big-six-tory-policy'|'2017-06-15T02:24:00.000+03:00'|4878.0|28.0|0.0|'' 4879|'2c58eeeef1cca167db53faf20f3911353bf072f1'|'Forcing clearing to leave London may be appropriate: ECB''s Coeure'|'Business News - Tue Jun 20, 2017 - 3:25pm BST Forcing clearing to leave London may be appropriate: ECB''s Coeure Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. Picture taken May 17, 2017. REUTERS/Kai Pfaffenbach FRANKFURT It may be appropriate for the European Union to force the relocation of clearing activities from London after Brexit if there is no other way to control risks, European Central Bank Executive Board Member Benoit Coeure said on Tuesday. Around 90 percent of euro denominated derivatives are cleared in London and post-Brexit options include denying recognition to a clearing house if it poses excessive risks and to require it to move to the EU. "I believe that such an approach will be justified in case EU authorities are unable to adequately control risks and fulfil their mandates through other means," Coeure said in a speech. He added that the ECB would issue an opinion on clearing in the coming months. (Reporting by Balazs Koranyi; Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-clearing-ecb-idUKKBN19B20U'|'2017-06-20T22:25:00.000+03:00'|4879.0|''|-1.0|'' 4880|'5b7fad9c00eda949b239475187d774872d2369e2'|'Euro zone debt chiefs cautiously eye sustainable bond options'|'LONDON, June 20 Portugal, Ireland and Italy are all looking at the possibility of following France by issuing sustainable debt, the heads of their respective debt agencies said on Tuesday.France this year became the second sovereign after Poland to sell so-called "green bonds", where the proceeds are used to finance projects to address climate change.Portugal''s debt agency chief Cristina Casalinho told an audience at a Euromoney conference in London: "We''ve always been trying to diversify our investor base. We are considering green bonds, responsible bonds."Ireland''s head of funding Frank O''Connor added that green bonds could also be an option, alongside potentially issuing in U.S. dollars to broaden its investor base."The issue we may find in Ireland is sufficient projects that could qualify (for green investment) ... but we keep an open mind," said O''Connor.Italy''s debt chief Maria Cannata added that while she had no firm plans and was concerned about the reporting requirements of issuing sustainable debt, the Italian Treasury was "investigating all the aspects" of the new asset class. (Reporting by John Geddie and Dhara Ranasinghe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-green-idINU8N1CQ01I'|'2017-06-20T14:25:00.000+03:00'|4880.0|''|-1.0|'' 4881|'acd9a35a9f75b97f7f07887e8a4999a59bfc2e6a'|'U.S. Supreme Court ruling threatens massive talc litigation against J'|'Top News - Wed Jun 21, 2017 - 12:40am BST U.S. Supreme Court ruling threatens massive talc litigation against J&J FILE PHOTO - A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake/File Photo By Nate Raymond Johnson & Johnson ( JNJ.N ) is seizing upon a U.S. Supreme Court ruling from Monday limiting where injury lawsuits can be filed to fight off claims it failed to warn women that talcum powder could cause ovarian cancer. New Jersey-based J&J has been battling a series of lawsuits over its talc-based products, including Johnson''s Baby Powder, brought by around 5,950 women and their families. The company denies any link between talc and cancer. A fifth of the plaintiffs have cases pending in state court in St. Louis, where juries in four trials have hit J&J and a talc supplier with $307 million (243.05 million pounds) in verdicts. Those four cases and most of the others on the St. Louis docket involve out-of-state plaintiffs suing an out-of-state company. On Monday, the Supreme Court ruled 8-1 in a case involving Bristol-Myers Squibb Co ( BMY.N ) that state courts cannot hear claims against companies that are not based in the state when the alleged injuries did not occur there. The ruling immediately led a St. Louis judge at J&J''s urging to declare a mistrial in the latest talc case, in which two of the three women at issue were from out of state. It also could imperil prior verdicts and cases that have yet to go to trial. "We believe the recent U.S. Supreme Court ruling on the Bristol-Myers Squibb matter requires reversal of the talc cases that are currently under appeal in St. Louis," J&J said in a statement. The question of where such lawsuits can be filed has been the subject of fierce debate. The business community has argued plaintiffs should not be allowed to shop around for the most favourable court to bring lawsuits, while injured parties claim corporations are trying to deny them access to justice. Along with talc cases, large-scale litigation alleging injuries from Bayer AG''s ( BAYGn.DE ) Essure birth control device in Missouri and California and GlaxoSmithKline''s ( GSK.L ) antidepressant Paxil in California and Illinois are examples of other cases where defendants could utilise the Supreme Court decision. Although he declared a mistrial on Monday, St. Louis Circuit Judge Rex Burlison left the door open for the plaintiffs to argue they still have jurisdiction. Plaintiffs lawyer Ted Meadows said he would argue the St. Louis court still had jurisdiction based on a Missouri-based bottler J&J used to package its talc products, which he said would create a sufficient connection to the state. "It''s very disappointing to mistry a case because the Supreme Court changed the rules on us," said Meadows. The lawsuit decided by the high court on Monday involved claims against Bristol-Myers and California-based drug distributor McKesson Corp ( MCK.N ) by 86 California residents and 575 non-Californians over the blood thinner Plavix. Beyond Monday''s mistrial, the Supreme Court''s ruling could bolster a pending appeal by J&J of a $72 million verdict in favour of the family of Alabama resident Jacqueline Fox, who died in 2015. A Missouri appeals court had said in May it would wait until the Supreme Court issued its decision to decide the appeal. J&J has won only one of the five trials so far in Missouri. It previously sought to move talc cases out of St. Louis, but the Missouri Supreme Court in January denied its bid. The company has also cast the St. Louis court as overly plaintiff-friendly and has allowed evidence linking talc to cancer that was rejected by a New Jersey state court judge overseeing over 200 talc cases. The plaintiffs are appealing. The talc verdicts against J&J led the business-friendly American Tort Reform Association last year to declare the St. Louis state court the nation''s top "Judicial Hellhole." Corporations like J&J facing a large volume of cases in venues chosen by plaintiffs will likely cite the Supreme Court to try to dismiss those claims, said Rusty Perdew, a defence lawyer at the law firm Locke Lord. "You have a bunch of defendants who can go back and say, ''Judge, you got that wrong and you''re going to have to dismiss claims by all those plaintiffs,''" he said. (Reporting by Nate Raymond in Boston; Editing by Anthony Lin and Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-johnson-johnson-cancer-lawsuit-idUKKBN19B3AX'|'2017-06-21T07:19:00.000+03:00'|4881.0|''|-1.0|'' @@ -4901,7 +4901,7 @@ 4899|'ddb38d163dde3aebbbce37285ed1b590ca2fa727'|'Vivendi''s video-sharing website bets on new partnerships to gain viewers'|'PARIS Vivendi''s video-sharing website Dailymotion said on Tuesday it signed new partnerships with major U.S. music and media providers to stimulate its viewership and better compete world giants Facebook and Alphabet''s Google.The three new partnerships were signed with Vivendi''s Universal Music Group, Time Warner''s international news channel CNN and Vice Media, Dailymotion said in a statement.The website is betting on gaining new viewers through higher quality content and a new smartphone application that will be launched in France on July 25."The new version will favor well-produced videos," Dailymotion''s chief executive Maxime Saada said."There is an opportunity for us to serve a population aged between 18 and 49, upper-middle class, which is not necessarily well served by other platforms."About 100 engineers were recruited over the past twelve months to work on the application, which has less aggressive advertisements features, Saada added. Total staff should reach 400 by year-end.Vivendi acquired about 90 percent of Dailymotion two years ago for 246 million euros ($274 million). The group has invested about the same amount to develop the new Dailymotion offer, a source close to the matter said.The platform has 300 million unique users per month worldwide. This represents a fraction of Google''s YouTube platform, which has more than a billion users, or almost one third of all people on the internet.(Reporting by Mathieu Rosemain ang Gwenaelle Barzic; editing by John Irish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vivendi-dailymotion-idUSKBN19B2AZ'|'2017-06-20T23:58:00.000+03:00'|4899.0|''|-1.0|'' 4900|'5ca68379253d6dc6e11d936346c6baa4a500d83e'|'U.S. says hopes China will approve more GMO corn for import'|'Environment - Tue Jun 27, 2017 - 11:30pm EDT U.S. says hopes China will approve more GMO corn for import BEIJING The United States hopes that more varieties of its genetically modified corn will be approved for import by Beijing, the U.S. ambassador to China said on Wednesday. The comments came after the world''s top grains buyer this month approved two new strains of U.S. genetically modified (GMO) crops for import, from Dow AgroSciences and Monsanto. "We are hopeful that other ... corn traits can also be approved," said Terry Branstad, who arrived in Beijing on Tuesday to take up his post. China does not permit the planting of genetically modified food crops, but does allow some GMO imports for use in animal feed. But getting a new GMO crop variety approved for import typically takes around six years, compared with under three in other major markets, forcing leading agrichemical players to restrict sales during China''s review process. This month''s approvals of new GMO imports follow an agreement by the two nations in May to restart trade in U.S. beef. "We are excited about the trade expansion and the opportunity to ... market American beef here," Branstad said. (Reporting by Michael Martina; Writing by Hallie Gu; Editing by Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-usa-corn-idUSKBN19J09X'|'2017-06-28T11:27:00.000+03:00'|4900.0|''|-1.0|'' 4901|'5d9f29cd3852f5f647241ff8fce21451201edbfc'|'In New York, France promises English-law contracts after Brexit'|' 7:50pm BST In New York, France promises English-law contracts after Brexit French Finance Minister Bruno Le Maire leaves after the weekly cabinet meeting at the Elysee Palace in Paris, France, June 28, 2017. REUTERS/Charles Platiau By Jonathan Spicer - NEW YORK NEW YORK France will set up a special court to handle English-law cases for financial contracts after Britain leaves the European Union, Finance Minister Bruno Le Maire said on Thursday as Paris steps up its charm offensive to attract banks. In a roadshow in New York where he was meeting Wall Street banks, Le Maire, a conservative poached by new President Emmanuel Macron, said France no longer considered finance an enemy, in a dig to his Socialist predecessor. "Finance is not the enemy, unemployment is the enemy," Le Maire said, referring to former president Francois Hollande who swept to power in 2012 declaring finance his enemy and imposing a now-defunct tax on millionaires. Seeking to capitalize on Macron''s pro-business outlook, Le Maire told a conference at the Economic Club of New York that France would create a special court to handle disputes related to financial contracts governed by English law once Britain leaves the EU. Most loan and derivative contracts in Europe are written in English law, but Britain''s exit from the European Union raises problems about how they would be enforced outside of Britain. "All proceedings will take place in English. We will hire people with experience in common law regardless of where they come from," Le Maire said. While Macron, a former investment banker, is more relaxed about the use of English than previous French leaders, the move marks a big step for a country that takes deep pride in its language and cherishes its legal system rooted in Roman law. "Long gone are the days when you could only do business or speak to regulators in French. We will always be proud of our language, but we also understand the need to make it easier for financial institutions operating in France," Le Maire said in a speech delivered in English. Macron''s government is keen to convince Wall Street banks to dump London for Paris, hoping to override concerns about its rigid labor laws and high taxes with plans to push through reforms to make doing business easier. "Attracting major U.S. banks to Paris, rather than letting them settle in London, Dublin, Amsterdam or Frankfurt, is about creating jobs in France, bringing wealth to France," Le Maire said. Prime Minister Edouard Philippe is to announce measures in the coming weeks to boost the attractiveness of Paris as a global financial hub, a government spokesman said on Wednesday. In New York, Le Maire was due to meet executives from banks JPMorgan, Citigroup, Morgan Stanley, Lazard, private equity firm KKR, fund giant Blackrock and hedge fund Paulson & Co. Former Bank of France governor Christian Noyer told Reuters this week that banks from London had been quietly securing licenses to operate from Paris after Brexit. (Writing by Leigh Thomas and Michel Rose; Editing by Ingrid Melander and Janet Lawrence)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-britain-court-idUKKBN19K2QH'|'2017-06-29T21:22:00.000+03:00'|4901.0|''|-1.0|'' -4902|'51f9b7d2ef036eaa3cc8aaa4ee9c37a0440530ab'|'European shares tread water as UK election, Spanish banks in focus'|'Top News - Wed Jun 7, 2017 - 5:24pm BST European stocks supported by banks, utilities before UK election Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 6, 2017. REUTERS/Staff/Remote By Kit Rees - LONDON LONDON Banks and utilities supported European stocks on Wednesday, with relief that Spain''s struggling Banco Popular ( POP.MC ) was being rescued by Santander ( SAN.MC ) lifting bank shares. The STOXX 600 index fell 0.1 percent, weighed down by a late drop in energy stocks. Crude oil prices plunged after data showed U.S. stocks of crude oil and gasoline surprisingly rose last week.[O/R] Britain''s FTSE 100 .FTSE index fell 0.6 percent and Germany''s DAX .GDAXI inched 0.1 percent. Although shares in Santander fell 0.9 percent in choppy trade and Banco Popular''s were suspended, European banks .SX7P were among the standout performers, gaining 0.7 percent. Santander said it would buy Popular and carry out a capital increase of around 7 billion euros (6.1 billion). "As a stand-alone bank, (Popular) was close to failing ... and the failure of any bank, as we''ve seen in the past, can set of that chain of events where the whole banking sector gets freaked out, investors especially," said Mike van Dulken, head of research at Accendo Markets. Spain''s Bankia ( BKIA.MC ), Italy''s UniCredit ( CRDI.MI ) and France''s Societe Generale ( SOGN.PA ) were all up between 1 percent and 4.9 percent. European utilities .SX6P also gained, led by Germany''s E.ON ( EONGn.DE ) and RWE ( RWEG.DE ). Both rose more than 5 percent after the country''s highest court declared a nuclear fuel tax illegal, enabling them to claim back 6 billion euros in cash. Shares in Swedish biometric firm Fingerprint Cards ( FINGb.ST ) were the top STOXX risers, jumping 11.6 percent, after confirming an order for its sensors. On the downside, Covestro ( 1COV.DE ) dropped 4.6 percent after Bayer ( BAYGn.DE ) cut its stake in the plastics maker to 44.8 percent from 53.3 percent. Investors were also looking ahead to the British election on Thursday, as well as the European Central Bank''s policy meeting. "Whatever the outcome on Friday morning, markets actually have very little to go on to be able to judge whether such a new government would be more or less successful in negotiations with the EU," Don Smith, chief investment officer at Brown Shipley, said in a note. "We are unlikely to see anything like the huge fluctuations in markets that occurred in the immediate wake of last summers referendum," Smith added, referring to the Britain''s vote last June to leave the European Union. (Additional reporting by Danilo Masoni; Editing by Hugh Lawson and Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18Y0PE'|'2017-06-07T15:59:00.000+03:00'|4902.0|''|-1.0|'' +4902|'51f9b7d2ef036eaa3cc8aaa4ee9c37a0440530ab'|'European shares tread water as UK election, Spanish banks in focus'|'Top News - Wed Jun 7, 2017 - 5:24pm BST European stocks supported by banks, utilities before UK election Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 6, 2017. REUTERS/Staff/Remote By Kit Rees - LONDON LONDON Banks and utilities supported European stocks on Wednesday, with relief that Spain''s struggling Banco Popular ( POP.MC ) was being rescued by Santander ( SAN.MC ) lifting bank shares. The STOXX 600 index fell 0.1 percent, weighed down by a late drop in energy stocks. Crude oil prices plunged after data showed U.S. stocks of crude oil and gasoline surprisingly rose last week.[O/R] Britain''s FTSE 100 .FTSE index fell 0.6 percent and Germany''s DAX .GDAXI inched 0.1 percent. Although shares in Santander fell 0.9 percent in choppy trade and Banco Popular''s were suspended, European banks .SX7P were among the standout performers, gaining 0.7 percent. Santander said it would buy Popular and carry out a capital increase of around 7 billion euros (6.1 billion). "As a stand-alone bank, (Popular) was close to failing ... and the failure of any bank, as we''ve seen in the past, can set of that chain of events where the whole banking sector gets freaked out, investors especially," said Mike van Dulken, head of research at Accendo Markets. Spain''s Bankia ( BKIA.MC ), Italy''s UniCredit ( CRDI.MI ) and France''s Societe Generale ( SOGN.PA ) were all up between 1 percent and 4.9 percent. European utilities .SX6P also gained, led by Germany''s E.ON ( EONGn.DE ) and RWE ( RWEG.DE ). Both rose more than 5 percent after the country''s highest court declared a nuclear fuel tax illegal, enabling them to claim back 6 billion euros in cash. Shares in Swedish biometric firm Fingerprint Cards ( FINGb.ST ) were the top STOXX risers, jumping 11.6 percent, after confirming an order for its sensors. On the downside, Covestro ( 1COV.DE ) dropped 4.6 percent after Bayer ( BAYGn.DE ) cut its stake in the plastics maker to 44.8 percent from 53.3 percent. Investors were also looking ahead to the British election on Thursday, as well as the European Central Bank''s policy meeting. "Whatever the outcome on Friday morning, markets actually have very little to go on to be able to judge whether such a new government would be more or less successful in negotiations with the EU," Don Smith, chief investment officer at Brown Shipley, said in a note. "We are unlikely to see anything like the huge fluctuations in markets that occurred in the immediate wake of last summers referendum," Smith added, referring to the Britain''s vote last June to leave the European Union. (Additional reporting by Danilo Masoni; Editing by Hugh Lawson and Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18Y0PE'|'2017-06-07T15:59:00.000+03:00'|4902.0|28.0|0.0|'' 4903|'017c620e9bf437f65eea4bbaf6f4847c61bfbce0'|'Covestro vows to cash out to shareholders if no takeover on cards'|' 43am BST Covestro vows to cash out to shareholders if no takeover on cards FRANKFURT German plastics and chemicals group Covestro ( 1COV.DE ) pledged it would return cash to shareholders if it cannot find a suitable major takeover target within two years as it expects to generate 5 billion euros (4.39 billion) in total operating cash flow after investments over the next five years. "We intend to return excess cash to our shareholders after 24 months without significant M&A activity. This return could be done via share buybacks or special dividends," Chief Executive Patrick Thomas said in a statement on Thursday. Covestro, which parent Bayer ( BAYGn.DE ) plans to sell, is holding a capital markets day for analysts and investors on Thursday. (Reporting by Ludwig Burger; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-covestro-cashflow-idUKKBN19K0M7'|'2017-06-29T09:43:00.000+03:00'|4903.0|''|-1.0|'' 4904|'03c281ccb419716447395e898be8615f73b64702'|'Delivery Hero sets IPO for June 30 as it fends off Uber, Amazon'|'Business News - Mon Jun 19, 2017 - 7:11am BST Delivery Hero IPO to raise nearly 1 billion euros Andreas Harte, a Foodora delivery cyclist poses in front of Delivery Hero headquarters in Berlin, Germany, June 2, 2017. REUTERS/Fabrizio Bensch FRANKFURT Online food takeaway firm Delivery Hero said it would sell up to 39 million shares in its initial public offering (IPO), raising around 927 million euros (814.3 million pounds), as it seeks to fend off new competitors such as Uber and Amazon. Delivery Hero will become the fourth major online food delivery firm to go public in recent years globally, following GrubHub, Just Eat and Takeaway.com, which have all seen their shares soar since listing. Almost 19 million of the shares to be offered to investors at 22.00 to 25.50 euros apiece will be from a capital increase, Delivery Hero said on Monday. Fifteen million shares will come from existing shareholders, including German e-commerce investor Rocket Internet. The listing will provide a much-needed boost to struggling Rocket Internet, which holds a 35 percent stake in Delivery Hero, making it the biggest holding in its portfolio. An additional 5.1 million shares indirectly held by Rocket could be placed in an over-allotment, Delivery Hero said. The shares are expected to start trading on the Frankfurt Stock Exchange on June 30. Founded in Berlin in 2011, Delivery Hero has grown rapidly and now employs over 6,000 people, providing a digital platform to order meals from more than 150,000 restaurants in 40 countries in Europe, the Middle East, Latin America and Asia. (Reporting by Tom Sims and Maria Sheahan; Editing by Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-delivery-hero-ipo-idUKKBN19A0H9'|'2017-06-19T13:28:00.000+03:00'|4904.0|''|-1.0|'' 4905|'3f8ab9d92d57845ffbbb93941377beff988082c2'|'Brazil blocks JBS deal, seeks asset freeze amid corruption probe'|'By Lisandra Paraguassu and Cesar Raizer - BRASILIA BRASILIA A Brazilian judge has blocked JBS SA''s ( JBSS3.SA ) planned sale of a South American unit while the attorney general''s office urged the company''s assets be frozen, in signs of fallout from a corruption probe involving the controlling shareholders of the world''s No. 1 meatpacker.Federal Judge Ricardo Leite blocked JBS''s $300 million sale of the unit to rival Minerva SA ( BEEF3.SA ), citing a corruption scandal ensnaring JBS''s controlling Batista family, court documents seen by Reuters showed on Wednesday.In a separate decision, the attorney general''s office urged state auditors to freeze assets of JBS and the Batistas, who own 42 percent of JBS. The move guarantees that funds reimbursing state lender BNDES [BNDES.UL] for faulty dealings with JBS will be preserved, the attorney general''s office said in a statement.Common shares in JBS surged 4.3 percent, while those of Minerva reversed early gains on the judge''s decision. Minerva''s stock shed 2.7 percent to 11.52 reais as of 4:20 p.m. local time (1920 GMT).Leite, the judge, sits on the court that will review a leniency deal the Batistas reached with prosecutors, and his decision highlights the legal risks for the meatpacker and its founding family.Last month, Prosecutor-General Rodigo Janot reached a plea agreement with billionaire brothers Wesley and Joesley Batista to avoid prosecution if they turned in 1,893 politicians involved in a bribery scheme. A separate leniency deal between the Batistas and federal prosecutors was signed on May 31, requiring the family to pay a 10.3 billion reais ($3.1 billion)fine over 25 years.The terms of the plea agreement have drawn intense scrutiny after the Batistas alleged that President Michel Temer took part in a bribery scheme, threatening to topple the president and sink his reform agenda.Leite said in his ruling that the deal to sell JBS beef plants in Argentina, Paraguay and Uruguay could harm the corruption investigation.(Writing by Marcelo Teixeira, Brad Haynes and Guillermo Parra-Bernal; Editing by Jeffrey Benkoe and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-corruption-jbs-idINKBN19C24T'|'2017-06-21T19:01:00.000+03:00'|4905.0|''|-1.0|'' @@ -4923,7 +4923,7 @@ 4921|'d40893f1faa02ed3754ba48561f0f4c9f8b24f31'|'Private equity groups up offer for Shawbrook bank'|'Business News - Mon Jun 5, 2017 - 8:13am BST Private equity groups up offer for Shawbrook bank By Noor Zainab Hussain Private equity groups trying to take control of Shawbrook said on Monday they had raised their offer for the British challenger bank by just over 3 percent, as they try to convince another 5 percent of shareholders to accept the deal. The offer of 340 pence a share values Shawbrook at about 868 million pounds, up from the previous 842 million pound bid Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said in a statement. The offer, which is a 27 percent premium to Shawbrook''s closing share price on March 2, when the lender first received a bid from the private equity firms, would now remain open until June 19. "After carefully considering market feedback we are pleased to be able to make an improved best and final offer, which we consider offers shareholders an attractive premium and compelling value" Lindsey McMurray of Pollen Street Capital and Cdric Dubourdieu of BC Partners said in a statement. The private equity groups already hold 38.8 percent of Shawbrook shares and have so far received acceptances from investors holding another 6.6 percent of the stock, leaving them just under 5 percent short of the required 50 percent backing needed for the deal to go through. The consortium first made its bid for Shawbrook in January offering 307 pence per share, upping it to 330 pence in March. However so far Shawbrook''s directors have advised shareholders to reject the offer. Britain''s so-called challenger banks have been increasingly seen as ripe for takeovers in recent months, bankers who advise on mergers and acquisitions have said, as a prolonged period of low interest rates has squeezed earnings and the pound''s fall has made them cheaper for foreign buyers. In June last year Shawbrook booked an additional impairment charge due to some irregularities in its asset finance business, sending its share price to a record low. Shares in Shawbrook, which have already priced in an improved offer, were down 0.3 pct on Monday at 339 pence at 0706 GMT. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-shawbrook-group-buyout-idUKKBN18W0NE'|'2017-06-05T15:13:00.000+03:00'|4921.0|''|-1.0|'' 4922|'056ca93bafe0652bbfa6281f39bad4c8fc535422'|'Piraeus Bank to sell assets, tackle bad loans in recovery plan'|'Business 37pm BST Piraeus Bank to sell assets, tackle bad loans in recovery plan left right FILE PHOTO: The logo of Piraeus Bank is seen outside a branch in Athens, Greece, March 26, 2014. REUTERS/Yorgos Karahalis/File photo 1/2 left right FILE PHOTO: People make transactions at an ATM machine as others wait to enter a Piraeus Bank branch in Athens, Greece June 19, 2015. REUTERS/Alkis Konstantinidis/File photo 2/2 By George Georgiopoulos - ATHENS ATHENS Piraeus Bank ( BOPr.AT ), Greece''s largest bank by assets, aims to sell its Balkan businesses and certain other holdings and shrink its bad loans portfolio, its new chief executive told reporters on Wednesday, outlining the group''s plans up to 2020. "Our vision is to be the most credible bank in Greece," said CEO Christos Megalou, who took over in April. "Our strategy plan makes sense and is not pie in the sky," Megalou, who was previously CEO of rival Eurobank ( EURBr.AT ), said. "Our goals are demanding but achievable." Piraeus, which is 26.2 percent owned by Greece''s bank rescue fund HFSF, is still struggling with problem loans after a deep recession in Greece pushed unemployment to record highs. The bank plans to slim down by selling wholly-owned subsidiaries in Bulgaria, Romania, Serbia, Albania and the Ukraine as part of its "Agenda 2020" plan to reduce its foreign exposures. The group also plans to divest other holdings, including a 40 percent stake in shipping company Hellenic Seaways and the bank''s 33 percent stakes in fish farms Nireus Aquaculture ( NIRr.AT ) and Selonda ( SELr.AT ), Megalou said. Piraeus, 67 percent owned by institutional investors, will create a separate division to be known as "Piraeus Legacy Unit," as part of efforts to clean up its balance sheet. Piraeus Bank will remain as the "good bank" with risk-weighted assets of 28 billion euros (24.3 billion) and a 2 percent non-performing loans ratio, comprising corporate banking, retail operations and asset management. It will aim for a 1.1 percent return on assets. The legacy unit, with risk-weighted assets of 25 billion euros and a 64 percent non-performing loan ratio, will include international and non-core banking operations earmarked for sale. It will aim to shrink its bad loans via sales and restructuring. A mountain of non-performing exposures (NPEs), comprising non-performing loans (NPLs) and restructured loans likely to turn bad, is the biggest challenge facing Greek banks. The banks'' stock of NPEs stands at about 58 percent of economic output. Piraeus will seek to shrink its NPEs to below 20 billion euros by 2020 from 33.3 billion in the first quarter and its NPLs, loans past due more than 90 days, to around 8 billion euros from 23 billion at end-March. Piraeus, with a current market value of 1.8 billion euros, also aims to pay back 2.0 billion euros of contingent convertible bonds (CoCos) to the HFSF rescue fund by 2020. The funds were injected into the bank a recapitalisation two years ago. "By then we will have generated the cash and capital to fully pay back the bonds," Megalou said. The group also aims to restore its access to wholesale funding markets and reduce borrowing from the Greek central bank''s emergency liquidity assistance (ELA) down to zero by 2020 from 11 billion euros last year. (Reporting by George Georgiopoulos. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-piraeusbank-strategy-ceo-idUKKBN18Y1GR'|'2017-06-07T19:37:00.000+03:00'|4922.0|''|-1.0|'' 4923|'5946c2092b783372015374ffca0dc8de30366981'|'Exclusive: Brazil orders Caixa to halt loans to J&F - sources'|'Wed Jun 7, 2017 - 8:09am BST Exclusive: Brazil orders Caixa to halt loans to J&F - sources FILE PHOTO: People walk past a Caixa Economica Federal bank in downtown Rio de Janeiro August 20, 2014. REUTERS/Pilar Olivares/File Photo By Aluisio Alves and Lisandra Paraguassu - SAO PAULO/BRASILIA SAO PAULO/BRASILIA The Brazilian government has ordered state-controlled lender Caixa Econmica Federal to stop providing financing to a family of billionaires who accused President Michel Temer of working to obstruct a corruption probe, people familiar with the decision said on Tuesday. According to two of the people, The Temer administration ordered management at Caixa not to refinance existing credit lines to J&F Investimentos SA, a holding company controlled by Brazil''s Batista family. Members of the Batista family offered prosecutors proof last month that Temer allegedly worked to obstruct a major corruption probe. One of the unnamed sources, who is a senior Temer government official, said under the condition of anonymity that ordering Caixa to stop doing business with J&F was in retaliation for accusations that Joesley Batista, a family member and then J&F''s chairman, made against Temer. Joesley Batista secretly taped a conversation in which Temer appeared to condone bribing a potential witness. J&F controls JBS SA, the world''s No. 1 meatpacker, and several companies in the fashion, dairy, pulp and banking industries. Caixa is J&F''s largest creditor with outstanding loans worth 9.7 billion reais ($3 billion), a third person said. Caixa has set aside extra capital to reclassify some of the loans to J&F, after deeming them riskier than before, the same person said. The extra provisioning came after Caixa asserted control of unspecified collateral put forth by J&F for a merger financing loan it took two years ago, the person added. The situation underscores the discretionary way in which state lenders are run in Brazil, and how borrowers are exposed to retaliation if they fall out of grace with the government. Caixa was used as a policy tool by Temer''s predecessor, Dilma Rousseff, sparking heavy loan losses because of reckless lending and risk-taking decisions. Caixa said it made extra provisions related to J&F, but did not elaborate on the reasons for the move. J&F declined to comment. Temer''s office said in an emailed statement to Reuters that "state banks take actions based exclusively on technical criteria," noting that "decisions based on other criteria than that count with no authorization from the president''s office." Brazil''s Federal Supreme Court released plea bargain testimony on May 19 accusing Temer and his two predecessors of receiving bribes, the most damaging development yet in the nation''s biggest ever corruption probe. SURPRISING MOVE At the core of the decision to restrict Caixa''s business with J&F is a 2.7 billion-real loan that the Batista family took late in 2015 to buy a controlling stake in apparel and fashion branding firm Alpargatas SA ( ALPA4.SA ), the people said. Losing Caixa as a key creditor means the Batistas will have to resort to other lenders or sell assets to raise cash for a heavy repayment calendar over the next year. One of the people said that companies controlled by J&F, excluding JBS, have about 14 billion reais of debt maturing over the next 12 months. Analysts including JPMorgan Securities''s Natalia Corfield have said that recent political and economic turmoil in Brazil risks slowing Caixa''s efforts to reduce defaults and provisions. Caixa''s surprising move also set off warning signs among other banks that are also lenders to J&F, one of the people said. By winning control of more guarantees, Caixa raced ahead of other lenders and has a smaller chance of undertaking loan losses if J&F defaults, the same person added. In a statement, J&F said it "does maintain long-term relationships with financial institutions," refraining from commenting further. J&F, which stands for the initials of Joesley''s parents Jos and Flora, agreed to pay a record-setting 10.3 billion-real fine for engaging in bribery, graft and other crimes. Joesley Batista''s plea deal has sent shockwaves across Brazil''s political and business establishments, and risks accelerating Temer''s ouster from office, analysts said. Most of the fine J&F will pay, or the equivalent of 8 billion reais, will be divided among Caixa, Brazil''s development bank BNDES [BNDES.UL], a state-controlled severance fund known as FGTS as well as two pension funds for employees of state-controlled companies. Reuters reported on May 22 that BNDES decided not to extend any new loans to JBS ( JBSS3.SA ) or J&F Investimentos until they signed a leniency agreement with federal prosecutors. Pension funds and state-run banks invested in or extended loans to J&F companies in return for bribes paid by the Batista brothers, according to plea deal testimony. (Writing and additional reporting by Guillermo Parra-Bernal; Editing by Daniel Flynn and Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-brazil-corruption-jbs-caixa-ec-federa-idUKKBN18Y0KL'|'2017-06-07T15:07:00.000+03:00'|4923.0|''|-1.0|'' -4924|'e3acee377e6871f101d1527518f10bc667ea7183'|'MIDEAST STOCKS-Gulf mixed as Qatar falls back, Abu Dhabi''s Dana Gas soars'|'Market News 9:57am EDT MIDEAST STOCKS-Gulf mixed as Qatar falls back, Abu Dhabi''s Dana Gas soars * Qatar National Bank pulls down Qatari index * Gulf Warehousing rebounds near pre-sanctions level * Emaar Properties supports Dubai market on spin-off plan * Dana proposes to restructure $700 mln sukuk at lower rates * Trade very thin in Saudi Arabia By Andrew Torchia DUBAI, June 13 Gulf stock markets were mixed on Tuesday as Qatar fell back, still affected by other Gulf states'' sanctions against Doha, while Abu Dhabi''s Dana Gas soared on its proposal to restructure a $700 million sukuk. Qatar''s index fell by 0.4 percent but remained more stable than when the sanctions were announced last week. Qatar National Bank, the region''s largest lender, fell by 1.3 percent. Like other Qatari banks, it has been hit by concern that the economic and diplomatic boycott imposed by Saudi Arabia and its allies could reduce its access to foreign funding. However, some other lenders held firm, with Doha Bank up 0.2 percent. Logistics company Gulf Warehousing, which had plunged after the boycott started, rebounded 6.9 percent to 48.80 riyals. Though Qatar''s trade has been disrupted, it has kept shipments moving thanks to measures such as changing shipping routes to operate via Oman instead of the United Arab Emirates. Dubai''s index rose 0.4 percent as Emaar Properties rose 1 percent, building on gains after last week''s announcement of plans to spin off its local real estate business. In Abu Dhabi, the index climbed 0.6 percent as Dana Gas jumped by its 15 percent daily limit to 0.69 dirhams, its highest level since late 2014. Trade in the stock was at its heaviest for three years. The company said it was proposing to restructure its $700 million of outstanding sukuk at much lower profit rates because it had discovered the paper was "unlawful" in the United Arab Emirates -- a claim that some creditors said they would contest. Saudi Arabia''s index was almost flat in thin trade but Gulf Union Cooperative Insurance jumped by its 10 percent daily limit after saying it had cut its accumulated losses to 20 percent of capital from 33.5 percent. HIGHLIGHTS * The index edged down 0.03 percent to 6,821 points. DUBAI * The index gained 0.4 percent to 3,442 points. ABU DHABI * The index added 0.6 percent to 4,538 points. QATAR * The index fell 0.4 percent to 9,095 points. EGYPT * The index rose 0.3 percent to 13,531 points. KUWAIT * The index edged up 0.03 percent to 6,777 points. BAHRAIN * The index rose 0.4 percent to 1,327 points. OMAN'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1JA291'|'2017-06-13T21:57:00.000+03:00'|4924.0|''|-1.0|'' +4924|'e3acee377e6871f101d1527518f10bc667ea7183'|'MIDEAST STOCKS-Gulf mixed as Qatar falls back, Abu Dhabi''s Dana Gas soars'|'Market News 9:57am EDT MIDEAST STOCKS-Gulf mixed as Qatar falls back, Abu Dhabi''s Dana Gas soars * Qatar National Bank pulls down Qatari index * Gulf Warehousing rebounds near pre-sanctions level * Emaar Properties supports Dubai market on spin-off plan * Dana proposes to restructure $700 mln sukuk at lower rates * Trade very thin in Saudi Arabia By Andrew Torchia DUBAI, June 13 Gulf stock markets were mixed on Tuesday as Qatar fell back, still affected by other Gulf states'' sanctions against Doha, while Abu Dhabi''s Dana Gas soared on its proposal to restructure a $700 million sukuk. Qatar''s index fell by 0.4 percent but remained more stable than when the sanctions were announced last week. Qatar National Bank, the region''s largest lender, fell by 1.3 percent. Like other Qatari banks, it has been hit by concern that the economic and diplomatic boycott imposed by Saudi Arabia and its allies could reduce its access to foreign funding. However, some other lenders held firm, with Doha Bank up 0.2 percent. Logistics company Gulf Warehousing, which had plunged after the boycott started, rebounded 6.9 percent to 48.80 riyals. Though Qatar''s trade has been disrupted, it has kept shipments moving thanks to measures such as changing shipping routes to operate via Oman instead of the United Arab Emirates. Dubai''s index rose 0.4 percent as Emaar Properties rose 1 percent, building on gains after last week''s announcement of plans to spin off its local real estate business. In Abu Dhabi, the index climbed 0.6 percent as Dana Gas jumped by its 15 percent daily limit to 0.69 dirhams, its highest level since late 2014. Trade in the stock was at its heaviest for three years. The company said it was proposing to restructure its $700 million of outstanding sukuk at much lower profit rates because it had discovered the paper was "unlawful" in the United Arab Emirates -- a claim that some creditors said they would contest. Saudi Arabia''s index was almost flat in thin trade but Gulf Union Cooperative Insurance jumped by its 10 percent daily limit after saying it had cut its accumulated losses to 20 percent of capital from 33.5 percent. HIGHLIGHTS * The index edged down 0.03 percent to 6,821 points. DUBAI * The index gained 0.4 percent to 3,442 points. ABU DHABI * The index added 0.6 percent to 4,538 points. QATAR * The index fell 0.4 percent to 9,095 points. EGYPT * The index rose 0.3 percent to 13,531 points. KUWAIT * The index edged up 0.03 percent to 6,777 points. BAHRAIN * The index rose 0.4 percent to 1,327 points. OMAN'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1JA291'|'2017-06-13T21:57:00.000+03:00'|4924.0|20.0|0.0|'' 4925|'ce4ecc4f4b5dfed04a930a3a0b5b7d5bf9a4006a'|'JDE bets on Brazil as it chases Nestle in global coffee retail'|'By Marcelo Teixeira - SAO PAULO SAO PAULO Global coffee retailer Jacobs Douwe Egberts BV said on Tuesday it is eyeing new acquisitions in Brazil, where it is seeking double-digit growth as it chases Nestle in the international coffee retail business.JDE executives said during a presentation of new products in Sao Paulo that the company was banking on higher quality products in the world''s second largest coffee market to increase revenues and market share.JDE has bought up a string of coffee and tea firms, establishing its position as a key player in the global retail business. It was created in 2015 when its controlling holding company, JAB Holdings BV, bought Mondelez International Inc''s coffee operations in a cash and stock deal.The company has since acquired some of the best-known brands in Brazil, such as Caf do Ponto, Pilo and Caf Pel."We want to be a leader in Brazil. We continue to look for opportunities," Lara Barns, head of JDE local unit, told reporters after presenting a new set of products aimed at the premium coffee market in Brazil, as the firm bets on higher value-added items to boost revenues.JDE has around 20 percent of the local coffee retail market, behind leader Trs Coraes, a 50-50 joint venture between Israeli holding company Strauss Group Ltd and Brazilian family-owned firm So Miguel. Trs Coraes has 24 percent of share.Brazil accounts for 20 percent of JDE global sales volumes, but only 10 percent of total revenues of 5 billion euros in 2016, said Barns, pointing to lower prices. That is thanks to abundant supply in Brazil, the world''s largest producer, but is also due to a profusion of lower quality brands which make up most of the market, Barns said."But the premium coffee segment is the one that grows the most in Brazil. That is our bet," she added.According to Euromonitor, Nestle has 22 percent of the global coffee retail market. JDE has 9.5 percent, a share that could go up to 12 percent considering businesses from U.S.-based Keurig Green Mountain, acquired by JAB Holdings two years ago in a deal valued at $13.9 billion.(Reporting by Marcelo Teixeira; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-coffee-jde-idINKBN19B2Z8'|'2017-06-20T18:08:00.000+03:00'|4925.0|''|-1.0|'' 4926|'29140a2602e9e466dbacd80915ae2154d93299b2'|'Petropavlovsk boss Peter Hambro battles ''stealth takeover'''|'Market News - Thu Jun 8, 2017 - 8:49am EDT Petropavlovsk boss Peter Hambro battles ''stealth takeover'' * Chairman of Chelsea soccer club among nominated directors * Hambro says proposals against interests of most investors * Company returned to profit in 2016 By Barbara Lewis LONDON, June 8 Peter Hambro, who has headed Russian-focused gold miner Petropavlovsk for decades, is seeking to fend off a shareholder revolt led by Russian billionaire Viktor Vekselberg, whom Hambro accuses of pursuing "a takeover by stealth". After nearly a quarter of a century at the helm of a company he founded in 1994, Hambro says he has begun addressing the succession issue and would consider selling at the right price. His objection is to what he terms a "takeover by stealth" of the London-listed company and a proposed change of the board, which would replace four of six board members - just when Petropavlovsk has returned to profit. One of the nominees is Bruce Buck, chairman of Chelsea Football Club, which had no immediate comment. "It is my belief that replacing the non-executive directors and myself on the board with their own nominees, is not in the interests of shareholders as a whole," Hambro said of the plans of Vekselberg and other stakeholders. Hambro said he expected a ruling from London''s takeover watchdog, which said it never comments on specific cases. Its rules on whether a formal takeover offer is necessary provide for examining whether shareholders are acting in concert, whether they have "a significant relationship" with nominees and when they crossed a threshold of 30 percent or more voting rights. Hambro is calling on an annual general meeting (AGM) in London on June 22 to vote against resolutions put forward by shareholders with a more than 30 percent stake in total. They are Vekselberg''s conglomerate Renova, Sothic Capital Management and M&G. All declined to comment. In separate resolutions, they call for new appointments to replace Hambro and non-executive directors Robert Jenkins, Alexander Green and Andrew Vickerman. In their place, in addition to Buck, they are nominating Vladislav Egorov, who works for the Renova group, Garrett Soden, who has worked for the Lundin mining companies for a decade, and Ian Ashby as chairman. Ashby headed BHP''s iron ore division from 2006 to 2012 and was named in May as a non-executive director at Anglo American, which declined to comment. Petropavlovsk in May announced Vickerman would become interim non-executive chairman after the June AGM. It has appointed recruitment specialists to find a permanent replacement for Hambro, who has agreed to stand down as chairman and become an executive director. Petropavlovsk returned to profitability in 2016 after restructuring to tackle its debts. Its share price has recovered to above eight pence from a low around 5 pence in early 2016. Following higher gold prices and lower costs, 2016 net profit stood at $31.7 million, compared with a 2015 net loss of $297.5 million. (Additional reporting by Polina Devitt in Moscow and Carolyn Cohn, Maiya Keidan and Dasha Afanasieva in London; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petropavlovsk-agm-idUSL8N1J3536'|'2017-06-08T20:49:00.000+03:00'|4926.0|13.0|2.0|'' 4927|'9c98090e02558a4b0f84e36f578c8a5f6325a75f'|'Nikkei falls in choppy trade after weak U.S. data overshadows Fed hike'|'* Exporters, banks weak after Fed raises rates* Exporters mostly weak as yen strengthens* Nintendo jumps 3.5 pct to best level since Jan 2009By Ayai TomisawaTOKYO, June 15 Japan''s Nikkei share average fell in choppy trade on Thursday, after weak U.S. inflation data overshadowed an interest hike by the Federal Reserve.Also souring sentiment was a Washington Post report that U.S. President Donald Trump is being investigated by a special counsel for possible obstruction of justice.By midmorning, the Nikkei was down 0.6 percent at 19,762.71, after briefly flirting with positive territory earlier.The U.S. central bank raised interest rates to a range of 1.00 to 1.25 percent as expected, and gave its first clear outline on its plan to reduce its $4.2-trillion bond portfolio. Fed policy makers also signalled they were likely to raise rates once more this year.But the rate hike was overshadowed by poor inflation and retail sales data."The market is relieved that the big event has passed. But the result left the market with lots of questions after weak U.S. economic data," said Takuya Takahashi, a strategist at Daiwa Securities.Consumer prices unexpectedly fell on month in May and the annual increase in core CPI slipped to 1.7 percent, the smallest rise since May 2015, after advancing 1.9 percent in April.Retail sales fell 0.3 percent last month - the largest fall since January 2016 and way below economists'' expectations for a 0.1 percent gain."It is difficult for investors to imagine that the U.S. economy will recover from the first quarter and inflation will rise anytime soon," Daiwa''s Takahashi said.Exporters were mostly weak after the dollar dropped to an eight-week low of 108.81 yen overnight before recovering to trade at 109.56 yen.Toyota Motor Corp dropped 1.0 percent, while Honda Motor Co shed 0.5 percent.Shares of banks, which hunt for higher yielding products, also lost ground after U.S. yields fell. Mitsubishi UFJ Financial Group and Mizuho Financial Group both declined 1.4 percent.Bucking the trend was Nintendo Co, soaring 3.5 percent to 35,980, a level not seen since January 2009, extending its gains after it announced on Twitter the previous day that it would release Super Mario Odyssey for Switch on Oct. 27.The broader Topix dropped 0.5 percent to 1,583.42. (Editing by Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL3N1JC1FZ'|'2017-06-15T00:44:00.000+03:00'|4927.0|''|-1.0|'' @@ -4943,7 +4943,7 @@ 4941|'60c314101dba28e77ee7a22a7925d00c01ab492b'|'India calls for middle-income country coalition to revive globalisation'|'By Rajesh Kumar Singh India called on Thursday for a coalition of middle-income countries to drum up support for globalisation as a political backlash in the United States and parts of Europe against free trade and investment imperils its growth aspirations.Arvind Subramanian, the finance ministry''s chief economic adviser, suggested India could lead a coalition of countries with open economies to promote free trade."We, in India, now have a much bigger growing stake in ensuring that the world markets remain open, that we continue to see globalisation," Subramanian told a conference on the world''s 20 biggest economies (G20)."A coalition of middle-income countries led by India or at least where India is taking charge, would be something we should seriously explore."The proposal comes as frustration with persistently low growth, stagnant wages and diminishing job security has sparked opposition in Europe and the United States to free movement of capital, goods and services, which critics blame for eroding incomes and worsening inequality.Those worries prompted U.S. President Donald Trump last week to pull the United States out of the landmark 2015 global agreement to fight climate change.Across the Atlantic, British Prime Minister Theresa May has rejected "untrammelled free markets" and plans to cut annual net migration to the tens of thousands.Free trade and investment in the 1990s and 2000s triggered an unprecedented boom in the global economy, leading to rapid increases in per capita income and reductions in poverty.India, for example, saw average annual gross domestic product growth of 8.2 percent between 2003-2011, buoyed by 20-25 percent annual growth in exports.A slump in export markets since then has brought average growth down below 7 percent. Asia''s third-largest economy needs to expand by at least 8 percent a year for the next decade to create jobs for its burgeoning workforce.But to realise its growth ambitions, India estimates goods and services exports would have to rise 15 percent a year.Subramanian said India would have to demonstrate a commitment to open markets and do more to liberalise trade and investment without worrying about the costs."We are now an important player ... we cannot say the burden of keeping it open rests exclusively with others," he said."Wielding power and influence entails responsibility."(Reporting by Rajesh Kumar Singh; Editing by Sanjeev Miglani, Robert Birsel)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-globalisation-idINKBN18Z1RS'|'2017-06-08T21:06:00.000+03:00'|4941.0|''|-1.0|'' 4942|'a829ae209eb73c55a2f6ac64ab1cc58d783ba859'|'RPT-Caisse fires back at Boeing over Bombardier claims'|' 34am EDT RPT-Caisse fires back at Boeing over Bombardier claims (Repeats item initially published on June 28 with no change to text) By Matt Scuffham NEW YORK, June 28 Quebec''s largest pension fund has dismissed as "absolute nonsense" claims by Boeing Co that its $1.5 billion investment in Bombardier Inc''s rail business amounted to an unfair subsidy to the Canadian company. Caisse de depot et placement du Quebec''s Chief Executive Michael Sabia said in an interview with Reuters on Wednesday that the U.S. aerospace company, headquartered in Chicago, was itself a recipient of state aid. "I guess the guys at Boeing are so used to being subsidized by the defense department in the United States that they cant understand what a subsidy is anymore because they live off them," he said. In April Boeing asked the U.S. Commerce Department to investigate alleged subsidies and unfair pricing for Bombardier''s CSeries airplane, accusing Bombardier of having sold 75 of the planes to Delta Air Lines Inc last year at a price well below cost. The U.S. International Trade Commission last month gave approval to the U.S. Commerce Department to begin preparing anti-dumping and anti-subsidy duties against new jets from Bombardier "It is just outrageous that a company that''s subsidized by the U.S. government as Boeing is presumes to take such an action," Caisse''s Sabia said. However, Boeing spokesman, Dan Curran, said, "Rulings by the World Trade Organization prove that assertions about subsidies to Boeing are incorrect. "Our petition to the International Trade Commission seeks to restore a level playing field in the U.S. single-aisle airplane market. This is the normal course of resolving such commercial trade disputes between two companies, and we will let that process play out. Pentagon spokesman, U.S. Navy Commander Patrick L. Evans said, "Secretary Mattis'' priority for the Department of Defense is clear: to increase military readiness while gaining full value from every taxpayer dollar spent on the defense of our nation." The Caisse has a dual mandate both to maximise returns for depositors and support economic growth in the Canadian province. Sabia said the Caisse operated independently of the Quebec government and the decision to invest in Bombardier was a commercial one. "If somebody would give me another dozen of those I would be the happiest guy in Manhattan today to put it mildly. "We have negotiated something that has no downside risk and unlimited upside exposure. Give me another dozen. Give me 20 of those." (Additional reporting by Alwyn Scott in New York and Mike Stone in Washington DC; Editing by Carmel Crimmins)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/caisse-ceo-boeing-idUSL1N1JQ0KQ'|'2017-06-29T15:34:00.000+03:00'|4942.0|''|-1.0|'' 4943|'345fe8665dcbd2e02c50cdd0f51bdec585376529'|'Macron and Merkel back tougher EU approach on trade'|' 3:03pm BST Macron and Merkel back tougher EU approach on trade left right German Chancellor Angela Merkel and French President Emmanuel Macron addresses a joint news conference at the EU summit in Brussels, Belgium, June 23, 2017. REUTERS/Gonzalo Fuentes 1/3 left right German Chancellor Angela Merkel and French President Emmanuel Macron addresses a joint news conference at the EU summit in Brussels, Belgium, June 23, 2017. REUTERS/Gonzalo Fuentes 2/3 left right German Chancellor Angela Merkel and French President Emmanuel Macron addresses a joint news conference at the EU summit in Brussels, Belgium, June 23, 2017. REUTERS/Gonzalo Fuentes 3/3 BRUSSELS French President Emmanuel Macron and German Chancellor Angela Merkel both voiced support on Friday for a more robust European approach to trade, saying the bloc must respond if other countries block access to their markets. At a joint news conference between the two leaders at the end of a two-day European Union summit, Macron said he favoured open markets but that Europe "cannot be naive". Merkel voiced support for the concept of reciprocity in trade and investment, saying Europe "must respond" if other countries prevented its companies from competing for public contracts. She singled out the United States which has taken a more protectionist approach under President Donald Trump. "If we have access to public contracts in the United States, then we can say ''yes'' to access to public contracts in Europe," Merkel said. But if this access was not there, she said, Europe must think about an answer. (Reporting by Noah Barkin, Andreas Rinke and Jean-Baptiste Vey)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-summit-trade-idUKKBN19E1LU'|'2017-06-23T22:03:00.000+03:00'|4943.0|''|-1.0|'' -4944|'9ae9506f94752ccf62dbf72e70ef6ae6ec216f8f'|'NRG Energy''s GenOn unit files for bankruptcy'|'By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. NRG Energy Inc''s ( NRG.N ) GenOn business filed for bankruptcy on Wednesday with an agreement with bondholders to cut $1.75 billion of its debt and restructure the power generator as a standalone business, according to a securities filing.The filing, which follows a debt restructuring agreement reached in May, comes as wholesale power companies struggle with weak electricity prices.NRG, the largest independent U.S. power producer, appointed two directors in February and agreed to cut costs and sell assets in a deal with activist investors Elliott Management and Bluescape Energy Partners. The funds acquired a 9.4 percent stake in NRG early in 2017.Shares of NRG were down 2.9 percent at $16.44 in late morning trade on the New York Stock Exchange.The bankruptcy will transfer ownership of GenOn, which operates 32 power plants in eight states, to its senior noteholders. GenOn''s plants, mostly in the Mid-Atlantic, have a total production capacity of approximately 15,394 megawatts. The company generates nearly two-thirds of its electricity from natural gas.Holders of notes issued by affiliate GenOn Americas Generation will receive in cash 92 percent of the principal of the $695 million outstanding, plus accrued interest.As part of the debt-cutting agreement, GenOn and NRG agreed to transition shared services to a third party and NRG will also pay a settlement of $261.3 million in cash to GenOn.NRG will also provide a $330 million letter of credit to GenOn.NRG acquired GenOn in 2012 for $1.7 billion.Mauricio Gutierrez, the president and chief executive of NRG, said in an emailed statement that the bankruptcy will help simplify NRG while maintaining a strong balance sheet.The senior noteholders will also receive the right to participate in an offering of $700 million of new notes to refinance the company when it emerges from Chapter 11.Cheap natural gas flowing from shale fields has brought down electricity prices in recent years, squeezing margins for wholesale power generation companies.Exelon Corp ( EXC.N ) has hired a debt restructuring adviser and said it plans to close its Three Mile Island nuclear power plant ahead of schedule. FirstEnergy Corp ( FE.N ) has said it plans to exit its merchant business by mid-2018.Energy Future Holdings Corp, the largest power generation company in Texas, filed for bankruptcy in 2014 and Panda Temple Power LLC filed earlier this year.(Reporting by Tom Hals in Wilmington, Delaware; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nrg-energy-genon-bankruptcy-idINKBN1952G7'|'2017-06-14T14:50:00.000+03:00'|4944.0|''|-1.0|'' +4944|'9ae9506f94752ccf62dbf72e70ef6ae6ec216f8f'|'NRG Energy''s GenOn unit files for bankruptcy'|'By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. NRG Energy Inc''s ( NRG.N ) GenOn business filed for bankruptcy on Wednesday with an agreement with bondholders to cut $1.75 billion of its debt and restructure the power generator as a standalone business, according to a securities filing.The filing, which follows a debt restructuring agreement reached in May, comes as wholesale power companies struggle with weak electricity prices.NRG, the largest independent U.S. power producer, appointed two directors in February and agreed to cut costs and sell assets in a deal with activist investors Elliott Management and Bluescape Energy Partners. The funds acquired a 9.4 percent stake in NRG early in 2017.Shares of NRG were down 2.9 percent at $16.44 in late morning trade on the New York Stock Exchange.The bankruptcy will transfer ownership of GenOn, which operates 32 power plants in eight states, to its senior noteholders. GenOn''s plants, mostly in the Mid-Atlantic, have a total production capacity of approximately 15,394 megawatts. The company generates nearly two-thirds of its electricity from natural gas.Holders of notes issued by affiliate GenOn Americas Generation will receive in cash 92 percent of the principal of the $695 million outstanding, plus accrued interest.As part of the debt-cutting agreement, GenOn and NRG agreed to transition shared services to a third party and NRG will also pay a settlement of $261.3 million in cash to GenOn.NRG will also provide a $330 million letter of credit to GenOn.NRG acquired GenOn in 2012 for $1.7 billion.Mauricio Gutierrez, the president and chief executive of NRG, said in an emailed statement that the bankruptcy will help simplify NRG while maintaining a strong balance sheet.The senior noteholders will also receive the right to participate in an offering of $700 million of new notes to refinance the company when it emerges from Chapter 11.Cheap natural gas flowing from shale fields has brought down electricity prices in recent years, squeezing margins for wholesale power generation companies.Exelon Corp ( EXC.N ) has hired a debt restructuring adviser and said it plans to close its Three Mile Island nuclear power plant ahead of schedule. FirstEnergy Corp ( FE.N ) has said it plans to exit its merchant business by mid-2018.Energy Future Holdings Corp, the largest power generation company in Texas, filed for bankruptcy in 2014 and Panda Temple Power LLC filed earlier this year.(Reporting by Tom Hals in Wilmington, Delaware; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nrg-energy-genon-bankruptcy-idINKBN1952G7'|'2017-06-14T14:50:00.000+03:00'|4944.0|28.0|0.0|'' 4945|'30863f121c55f711c2b8929d9e8d1ba1ec3471eb'|'Buyout fund CVC hires banks for $1.1 billion Continental Foods sale - sources'|' 21pm IST Buyout fund CVC hires banks for $1.1 billion Continental Foods sale - sources By Martinne Geller and Pamela Barbaglia - LONDON LONDON Private equity fund CVC Capital Partners has picked advisers to sell its food firm Continental Foods in a deal that could be worth more than 1 billion euros ($1.12 billion), sources familiar with the matter told Reuters on Monday. The business, which produces soups, sauces and bouillons, includes brands like Liebig in France and Erasco in Germany. CVC has owned it since late 2013, when it purchased it from Campbell Soup for 400 million euros ($447.1 million). CVC''s decision to sell Continental Foods comes amid a wave of deal-making in the packaged food sector where large companies are looking for ways to boost profits in a weak market. Unilever is trying to sell its margarines business after rebuffing a takeover bid by Kraft Heinz, while Reckitt Benckiser Group is selling its French mustard business. Nestle said last week that it would explore options, including a possible sale, for its roughly $900 million-a-year U.S. confectionery business. London-based CVC, which recently raised a record 16 billion euros for its latest fund, is working with Swiss bank UBS and Paris-based investment boutique Messier Maris on a possible sale, the sources, who declined to be identified as the process is private, said. Continental Foods, CVC, UBS and Messier Maris declined to comment. Based near Antwerp in Belgium, Continental employs more than 1,000 staff across Europe. It has production facilities in France, Belgium and Germany and is active in five European markets including Finland and Sweden with revenues of about 400 million euros. It could fetch more than 1 billion euros, based on a multiple of 12 times its earnings before interest, tax, depreciation and amortisation (EBITDA) of around 90 million euros, the sources said. Private equity funds typically look to sell or list their portfolio companies within three to five years, hoping to cash out with a profit. ($1 = 0.8946 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/continentalfoods-m-a-idINKBN19A2DX'|'2017-06-20T00:51:00.000+03:00'|4945.0|''|-1.0|'' 4946|'fcfc7410ffde4df0d507c9956cd6f2120fc08a5a'|'PE firms to take Britain''s Shawbrook private after prolonged battle'|'Private equity groups trying to buy British challenger bank Shawbrook Group Plc ( SHAW.L ) said on Monday that shareholder acceptance of the takeover had exceeded a key threshold, allowing the buyers to take the lender private.Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said it had received valid support for its offer from other Shawbrook shareholders owning a combined 75.6 percent of the company.Shawbrook declined to comment.Valid acceptances representing 50 percent of the company were required for the deal to go through with Shawbrook remaining listed on the London Stock Exchange.Under the deal structure, the company would be de-listed if at least 75 percent of its shareholders accept the offer, with those who did not accept, being part owners of an unlisted entity.Shawbrook earlier this month rejected a raised and final 868 million pound ($1.1 billion) offer from the private equity groups, which already hold 38.8 percent of the lender.The consortium first made a bid for Shawbrook in January, offering 307 pence per share, before raising its offer to 330 pence in March. However, so far, Shawbrook''s directors had advised shareholders to reject the offers.Founded in 2011, London-listed Shawbrook is one of several ''challenger'' banks to emerge since the financial crisis to fill a gap in small-business lending after larger banks slimmed down to focus on bolstering their capital to meet tougher regulatory requirements.These challenger banks have increasingly been seen as ripe for takeovers in recent months, bankers who advise on mergers and acquisitions have said, as a prolonged period of low interest rates has squeezed earnings and the pound''s fall has made them cheaper for foreign buyers.(Reporting by Noor Zainab Hussain and Sanjeeban Sarkar in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shawbrook-group-buyout-idINKBN19A2KP'|'2017-06-19T15:57:00.000+03:00'|4946.0|''|-1.0|'' 4947|'a3a0af973ffef3614871b25dcc0810a5e9a56f26'|'Airbus A380 upgrade waits in the wings at Paris Airshow'|'Business News - Sat Jun 17, 2017 - 7:21pm BST Airbus A380 upgrade waits in the wings at Paris Airshow left right A new fuel-efficient wingtip extension or winglet is seen on an Airbus A380 at Le Bourget, France June 17, 2017. REUTERS/Pascal Rossignol 1/3 left right A new fuel-efficient wingtip extension or winglet is seen on an Airbus A380 at Le Bourget, France June 17, 2017. REUTERS/Pascal Rossignol 2/3 left right A new fuel-efficient wingtip extension or winglet is seen on an Airbus A380 at Le Bourget, France June 17, 2017. REUTERS/Pascal Rossignol 3/3 PARIS Airbus is preparing to roll out a novel A380 wingtip design to rally support for the world''s largest passenger jet by improving its fuel efficiency, according to a prototype seen on Saturday. A Reuters photographer got up close to the roughly three-metre-high split wingtip which has been installed on an A380 belonging to the Air and Space Museum at Le Bourget airport, where the Paris Airshow opens on Monday. It confirms an upgrade reported by Reuters and Usine Nouvelle on Friday. Airbus declined comment. Drag-reducing ''scimitar'' split wingtips have been used on Boeing''s medium-haul Boeing 737 MAX, but never on a jetliner the size of the A380, which has a 79.9-metre (262-foot) wingspan. The aircraft sporting the prototype ''winglet'' will be towed out to join others on display at the June 19-25 air show, giving airlines a glimpse of an improvement that Airbus hopes will turn around weak sales of its flagship double-decker. However, a new clash is looming with rival Boeing over the future for such four-engined passenger aircraft, which have seen production fall and which also include the Boeing 747-8. Boeing looks set to revise down or even scrap its 20-year forecast for such ''very large aircraft'' in a survey next week. "The very big airplane market for the last 10-15 years has been moving downward and downward," Marketing Vice President Randy Tinseth told the Paris Air Forum on Friday. "That very big end of the market, maybe one percent, is going to be very, very small," he said, adding that the 555-seat A380 would have to be made longer to become economic and that there was little market for such a large plane. Eric Schulz, president of civil aerospace at Rolls-Royce ( RR.L ), whose engines are offered on the A380, told the same conference travel congestion underpinned demand for big jumbos. "I am convinced that without a massive and significant improvement in airport installations and air traffic control routes, there will be still a lot of congested routes and if anything the city pairs will grow for bigger airplanes". But he said questions remain over to what extent that demand would be met by four-engined jets like the A380 or big twinjets closer to 400 seats, like the Boeing 777-9 and Airbus A350-1000. Airbus last week revised down its forecast for the A380 category by six percent to 1,184 aircraft, though at four percent of total deliveries this remains more optimistic than Boeing. (Reporting by Pascal Rossignol, Tim Hepher; Editing by Stephen Powell) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-a-idUKKBN1980R7'|'2017-06-18T02:21:00.000+03:00'|4947.0|''|-1.0|'' @@ -4952,7 +4952,7 @@ 4950|'e999e9742ede74de2a1d4a45106dcf4ff8d6f68f'|'Global FDI flows rebound in 2017, set to rise further in 2018 - U.N.'|' 21pm BST Global FDI flows rebound in 2017, set to rise further in 2018: U.N. The skyline of Manhattan in New York is seen during a rainy day from Weehawken, New Jersey, U.S., May 13, 2017. REUTERS/Eduardo Munoz GENEVA Global foreign direct investment (FDI) fell by less than previously thought in 2016 and will rise this year and in 2018, although its flow will stay below the peak seen 10 years ago, the United Nations said on Wednesday. FDI, which largely comprises cross-border mergers and acquisitions (M&A) and investment in start-up projects abroad, slipped by 2 percent in 2016, much less than the 13 percent fall suggested by preliminary figures in February. FDI is a bellwether of globalization and a potential sign of the growth of corporate supply chains and future trade ties. This year it is expected to grow thanks to higher economic growth expectations, a resumption of trade growth, and increasing corporate profits, the United Nations trade and development agency UNCTAD said. "Policy uncertainty and geopolitical risks could hamper the recovery, and tax policy changes could significantly affect cross-border investment," UNCTAD said in a report. The outlook was cautiously optimistic for most regions, except for Latin America and the Caribbean, because of their uncertain macroeconomic and policy outlook, it said. The United States remained the top FDI recipient in 2016, with inflows increasing 12 percent to $391 billion, followed by Britain, which was pushed up into second position by several mega-deals and welcomed $254 billion of FDI in total. China was in third position but slipped 1 percent from 2016 to $134 billion. FDI flows have repeatedly undershot forecasts because of the stuttering recovery after the global financial crisis. In 2007, FDI flows hit an estimated $1.9 trillion, the highest on record. (Reporting by Tom Miles; Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-economy-fdi-idUKKBN18Y2L5'|'2017-06-08T01:04:00.000+03:00'|4950.0|''|-1.0|'' 4951|'542c24fc401067b081b4316ba692939f89c69b6b'|'Malaysia''s Lotte Chemical to raise $1.4 billion in IPO'|'SEOUL Malaysia''s Lotte Chemical Titan Holding [TTNP.UL] will raise 1.55 trillion won ($1.38 billion) from new shares being issued in an initial public offering (IPO), its South Korean parent Lotte Chemical Corp ( 011170.KS ) said on Friday.Lotte Chemical Corp said in a regulatory filing that the funds raised in the IPO are expected to come from about 740.5 million new shares, valued at the top of an indicative range of 8 ringgit ($1.87) per share.The listing could be one of the biggest IPOs in years in Malaysia, which has not seen any listing of $1 billion and above since the $1.5 billion IPO of Astro Malaysia Holdings ( ASTR.KL ) in 2012.(Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lotte-chemical-ipo-malaysia-idINKBN18T18W'|'2017-06-02T07:54:00.000+03:00'|4951.0|''|-1.0|'' 4952|'729ad6c2a2b12afcfe828c1b887176f170c641d3'|'Harley-Davidson enters race to buy Italian rival Ducati - sources'|'Business 8:30pm BST Harley-Davidson enters race to buy Italian rival Ducati - sources Harley-Davidson bikes are lined up at a bike fair in Hamburg, Germany, February 24, 2017. REUTERS/Fabian Bimmer By Pamela Barbaglia - LONDON LONDON U.S. motorcycle maker Harley-Davidson ( HOG.N ) is lining up a takeover bid for Italian rival Ducati, potentially bringing together two of the most famous names in motorcycling in a deal that could be worth up to 1.5 billion euros (1.3 billion), sources told Reuters. Indian motorcycle maker Bajaj Auto ( BAJA.NS ) and several buyout funds are also preparing bids for Ducati, which is being put up for sale by German carmaker Volkswagen ( VOWG_p.DE ). A deal with Harley-Davidson would bring together the maker of touring bikes like the Electra Glide that are symbolic of America with a leading European maker whose high-performance bikes have a distinguished racing heritage. Milwaukee-based Harley-Davidson has hired Goldman Sachs to work on the deal, one source familiar with the matter said, adding tentative bids were expected in July. Volkswagen, whose Audi division controls Ducati maker of the iconic Monster motorbike is working with investment boutique Evercore on the sale which will help it fund a strategic overhaul following its emissions scandal. Based in the northern Italian city of Bologna, Ducati was on the wish list of private equity funds KKR ( KKR.N ), Bain Capital and Permira, which are all working on the deal, said the sources who declined to be identified as the process is private. Ducati was launched in 1926 as a maker of vacuum tubes and radio components and its Bologna factory remained open in World War Two despite being the target of several bombings. Ducati racers have won the Superbike world championship 14 times, with Carl Fogarty and Troy Bayliss its most successful riders. Harley-Davidson, which commands about half the U.S. big-bike market, was founded in Milwaukee, Wisconsin at the start of the last century and was one of two major American motorcycle manufacturers to survive the great depression. Demand for Harley''s motorcycles continues to be slow as its loyal baby boomer demographic ages and rivals such as the Indian brand bike maker Polaris Industries Inc ( PII.N ) and Japan''s Honda Motor Co Ltd ( 7267.T ) offer discounts. Volkswagen''s powerful labour unions, which control half the seats on the carmaker''s 20-strong supervisory board, repeated their opposition to selling the Italian motorcycle maker. "Ducati is a jewel, the sale of which is not supported by the labour representatives on Volkswagen''s supervisory board," a spokesman for VW group''s works council said in an email. "Harley-Davidson is miles behind Ducati in technology terms," he added. BIDDING FIELD Evercore has sent out information packages to a number of potential suitors including Ducati''s previous owner Investindustrial, sources with knowledge of the matter said. Investindustrial bought a stake in Ducati before the financial crisis, subsequently taking control of the business before selling it to Audi in 2012. It is now looking to compete with heavyweight private equity firms and large industry players to regain control. Volkswagen, Audi, Harley-Davidson, KKR and Bain Capital declined to comment. Bajaj, Investindustrial and Permira were not immediately available. Volkswagen, Europe''s largest carmaker, is seeking to move beyond an emissions-cheating scandal that has tarnished its image and left it facing billions of euros in fines and settlements. A successful deal for Ducati, which last year reported revenues of 593 million euros, would show Volkswagen boss Matthias Mueller is serious about reversing his predecessor''s quest for size. Volkswagen said last June it would review its portfolio of assets and brands, rekindling speculation among analysts that "non-core" businesses could be put up for sale. Volkswagen hopes to raise between 1.4 billion and 1.5 billion euros from the sale of Ducati, valuing it at 14-15 times its earnings before interest, taxes, depreciation and amortisation (EBITDA) of about 100 million euros, the sources said. The German car maker wants a valuation that reflects trading multiples of similar trophy assets in the automotive industry, such as Italian car maker Ferrari ( RACE.MI ) which trades at almost 30 times its forward earnings. Yet it may need to compromise on price as some of the bidders would struggle to pay as much as 1.5 billion euros for Ducati, several sources said. Price expectations have already proved challenging for some industry players who recently decided against bidding. Indian motorcycle firm Hero MotoCorp ( HROM.NS ) and its rival TVS Motor Company ( TVSM.NS ) initially expressed interest in Ducati but were put off by its price tag and decided to walk away, the sources said. German car marker BMW ( BMWG.DE ) and Japanese motorcycle makers Honda ( 7267.T ) and Suzuki ( 7269.T ) have also decided against bidding for Ducati, sources close to the companies told Reuters. A BMW spokesman confirmed the German firm was not interested in Ducati, while Hero and TVS were not immediately available for comment. Another source close to Volkswagen said the sale of Ducati might not be finalised before the annual EICMA motorcycle show in Milan in mid-November as Volkswagen wanted to find the right buyer and the sales process might take time. (Additional reporting by Arno Schuetze in Frankfurt, Andreas Cremer in Berlin, Naomi Tajitsu in Tokyo, Aditi Shah in New Delhi and Kane Wu in Hong Kong; Editing by Adrian Croft and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-ducati-m-a-idUKKBN19C1XP'|'2017-06-22T03:30:00.000+03:00'|4952.0|''|-1.0|'' -4953|'ab0fa8d5d9b6c21ac7065f19a7600d89b59e9afd'|'Samsung Electronics to invest $300 million for U.S. appliances factory - Korea Economic Daily'|'Technology 2:18am BST Samsung Electronics to invest $300 million for U.S. appliances factory: Korea Economic Daily Employees walk in the main office building of Samsung Electronics in Seoul, South Korea, January 6, 2016. REUTERS/Kim Hong-Ji SEOUL Tech giant Samsung Electronics Co Ltd plans to invest $300 million to build an appliances factory in the United States, the Korea Economic Daily reported on Thursday citing unnamed sources. The plant in Blythewood, South Carolina, will manufacture products such as washing machines and gas oven ranges, the South Korean newspaper said. Samsung will sign a formal agreement later this month and plans to complete construction of the plant by 2019, the report said. A Samsung spokesman declined to comment. The South Korean firm said earlier this year it was in talks to build a home appliances plant in the United States amid worries about protectionist policies under new U.S. President Donald Trump. Home appliances rival LG Electronics Inc in March announced a $250 million plan to build a new home appliances factory in Tennessee. (This version of the story corrects planned date for completion of plant in paragraph 3) (Reporting by Se Young Lee; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-samsung-elec-us-idUKKBN18Y3BR'|'2017-06-08T08:53:00.000+03:00'|4953.0|''|-1.0|'' +4953|'ab0fa8d5d9b6c21ac7065f19a7600d89b59e9afd'|'Samsung Electronics to invest $300 million for U.S. appliances factory - Korea Economic Daily'|'Technology 2:18am BST Samsung Electronics to invest $300 million for U.S. appliances factory: Korea Economic Daily Employees walk in the main office building of Samsung Electronics in Seoul, South Korea, January 6, 2016. REUTERS/Kim Hong-Ji SEOUL Tech giant Samsung Electronics Co Ltd plans to invest $300 million to build an appliances factory in the United States, the Korea Economic Daily reported on Thursday citing unnamed sources. The plant in Blythewood, South Carolina, will manufacture products such as washing machines and gas oven ranges, the South Korean newspaper said. Samsung will sign a formal agreement later this month and plans to complete construction of the plant by 2019, the report said. A Samsung spokesman declined to comment. The South Korean firm said earlier this year it was in talks to build a home appliances plant in the United States amid worries about protectionist policies under new U.S. President Donald Trump. Home appliances rival LG Electronics Inc in March announced a $250 million plan to build a new home appliances factory in Tennessee. (This version of the story corrects planned date for completion of plant in paragraph 3) (Reporting by Se Young Lee; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-samsung-elec-us-idUKKBN18Y3BR'|'2017-06-08T08:53:00.000+03:00'|4953.0|25.0|-1.0|'' 4954|'5dd669ae3c1a21b7da37493f03aed1d5386bfec8'|'Singtel''s NetLink Trust launches up to $1.95 billion Singapore IPO: IFR'|'Deals - Tue Jun 27, 2017 - 7:17am EDT Singtel''s NetLink Trust launches up to $1.95 bln Singapore IPO By Elzio Barreto - HONG KONG HONG KONG NetLink NBN Trust, the broadband subsidiary of Singapore Telecommunications ( STEL.SI ) (Singtel), launched an up to $1.95 billion IPO on Tuesday in the largest new listing in Singapore in more than four years. NetLink is offering 2.9 billion units in an indicative price range of S$0.80 to S$0.93 each, putting the total issue at as much as S$2.69 billion ($1.95 billion), according to a preliminary prospectus filed with the Monetary Authority of Singapore. The IPO is slated to be priced on July 7, with its debut on the Singapore stock exchange set for July 19, according to a term sheet of the transaction seen by Thomson Reuters publication IFR. The deal will be the biggest in Singapore since Mapletree Greater China Commercial Trust''s ( MAPE.SI ) $2.06 billion IPO in February 2013. NetLink will use a portion of the IPO proceeds to buy Singtel''s broadband assets, with up to S$1.4 billion paid in cash and it will use 966 million units for the remainder of the amount due. NetLink will use another 40 percent of proceeds to repay a S$1.1 billion loan owed to Singtel. Singtel''s Group CEO Chua Sock Koong previously said the company wanted to reduce its stake in NetLink to less than 25 percent. It will own 24.99 percent of NetLink after the IPO. DBS Group, Morgan Stanley and UBS AG were hired as joint global coordinators for the IPO, with Bank of America Merrill Lynch, Citigroup, HSBC, OCBC Bank and UOB also acting as joint bookrunners. (Additional reporting by Fiona Lau of IFR and Aradhana Aravindan in Singapore; Writing by Elzio Barreto; Editing by Himani Sarkar and Susan Fenton) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-netlink-trust-ipo-idUSKBN19I11P'|'2017-06-27T14:00:00.000+03:00'|4954.0|''|-1.0|'' 4955|'94c179c01f7379699413c82f2e25464a3c1fd97f'|'China stocks regulator approves six IPOs to raise $499 million'|'Business News - Sat Jun 17, 2017 - 7:12am BST China stocks regulator approves six IPOs to raise $499 million SHANGHAI China''s securities regulator has said it has approved six initial public offerings (IPOs) that aim to raise a combined total of up to 3.4 billion yuan ($499.29 million). Three of the approved IPOs are on the Shanghai bourse, one on the Shenzhen small and medium enterprise (SME) board, and two on the start-up ChiNext board, the China Securities Regulatory Commission said in a statement on its official microblog on Friday. ($1 = 6.8845 Chinese yuan) Amazon to buy Whole Foods for $13.7 billion, wielding online might in brick-and-mortar world Amazon.com Inc said on Friday it would buy Whole Foods Market Inc for $13.7 billion (10.72 billion pounds), in an embrace of brick-and-mortar stores that could turn the high-end grocer into a mass-market merchant and upend the already struggling U.S. retail industry. LONDON Tesco , Britain''s biggest retailer, reported its strongest quarterly sales growth in seven years on Friday but its stellar performance was overshadowed by news of Amazon''s $14 billion takeover of Whole Foods Market . MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-ipo-idUKKBN198066'|'2017-06-17T14:12:00.000+03:00'|4955.0|''|-1.0|'' 4956|'daa1c4c17e4c48c9ed546558f08a6dc771082c0b'|'Deals of the day-Mergers and acquisitions'|'June 23 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Friday:** A Chinese consortium and two private equity firms are likely to submit bids next week to buy Singapore-listed warehouse operator Global Logistics Properties Ltd, people with direct knowledge of the matter said.** Spanish builder OHL said it was looking to sell between 25 percent and 40 percent of its concessions affiliate in an effort to find the unit a partner by the end of the year.** Creditor banks to India''s Essar Oil approved the acquisition of the company by a group including Russia''s Rosneft , two sources familiar with the matter said, removing a key hurdle to the $12.9 billion deal that has been in the works for two years.** Toshiba Corp said it was open to talks with Western Digital Corp in their dispute over the sale of the Japanese conglomerate''s prized chip unit - an apparent olive branch after it chose another suitor as preferred bidder.** Ireland raised 3 billion euros ($3.4 billion) by selling a quarter of Allied Irish Banks in a remarkable turnaround for a company at the forefront of reckless lending during the "Celtic Tiger" boom. (Compiled by John Benny in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1JK3DB'|'2017-06-23T08:09:00.000+03:00'|4956.0|''|-1.0|'' @@ -4962,18 +4962,18 @@ 4960|'1e3261cfefd2145a02a898ce622fa81f94e88ee6'|'UK earnings after inflation shrink at fastest pace since 2014'|'Top News 10:55am BST UK earnings after inflation shrink at fastest pace since 2014 A municipal worker sweeps the street outside the cabinet office in Westminster, central London, Britain, June 9, 2017. REUTERS/Clodagh Kilcoyne By Andy Bruce and William Schomberg - LONDON LONDON British workers'' earnings after inflation are shrinking at the fastest pace since 2014, underscoring the economic challenge facing a weakened Prime Minister Theresa May as the squeeze on consumers tightens faster than expected, data showed. While a joint record-high proportion of Britons are in work, the fall in real-terms wage growth pointed to tougher times ahead for consumers, the main drivers of economic growth. Inflation hit an almost four-year high of 2.9 percent in May, fuelled by the fall in the pound since last year''s Brexit vote and adding to the strain on household budgets, according to data published on Tuesday. Wednesday''s wage figures suggest there will no let-up soon. Workers'' total earnings including bonuses after taking inflation into account fell by an annual 0.4 percent in the three months to April after edging up 0.1 percent in the first quarter. That marked the biggest real-terms drop since the three months to September 2014, potentially adding to speculation that the government might loosen its grip on public spending to help steer Britain''s economy away from a slowdown. The squeeze on earnings is also likely to add to the view among the majority of Bank of England officials to leave interest rates on hold when they announce their latest policy statement on Thursday. Sterling hit a day''s low against the dollar after the data, while British government bond prices rallied. "Unless the government gets its act together, we''ll soon be in the middle of another cost of living crisis," said Frances O''Grady, general secretary of the Trades Union Congress. May is still trying to strike a deal with a small Northern Irish party that will give her enough votes in parliament to allow her government to pass legislation, after losing her majority in a botched national election last week. MIXED SIGNALS FROM JOBS MARKET Britain''s economy has been resilient to political uncertainty since last June''s Brexit vote. But growth slowed sharply at the start of this year as the rise in inflation driven by the post-referendum fall in the pound began to bite . The Office for National Statistics said the unemployment rate in the period between February and April held steady at a more than four-decade low of 4.6 percent, in line with the median forecast in a Reuters poll of economists. In nominal terms, wages grew at the slowest pace since February 2016, rising an annual 2.1 percent in the three months to April and slowing from 2.3 percent in the first quarter. Economists taking part in a Reuters poll had expected wage growth of 2.4 percent. "The wage figures are astonishingly weak," said Samuel Tombs, economist at consultancy Pantheon Macroeconomics. The wage numbers jarred with the picture of strong jobs growth but appeared consistent with signs of rising underemployment, Tombs said. The ONS revised its data for wages to improve methodology for earnings from small businesses, resulting in lower estimates for wage levels but little change overall to growth rates. Excluding bonuses, nominal earnings rose by 1.7 percent year-on-year, the weakest increase since January 2015 and against expectations for a 2.0 percent rise. The Bank of England is watching wage growth closely as it gauges whether the increase in inflation is creating longer-lasting pressure on prices. It expects wages to rise by 2 percent this year before picking up in 2018 and 2019. The central bank is widely expected to keep interest rates at their record low of 0.25 percent on Thursday. The number of people in work increased by 109,000 in the three months to April, taking the employment rate to 74.8 percent, a joint record high, the ONS said. (Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-jobs-idUKKBN1950V1'|'2017-06-14T16:36:00.000+03:00'|4960.0|''|-1.0|'' 4961|'aee41c9f8ad3fa457e493983d17fcc8be849ac53'|'Time Inc to cut 300 positions, or 4 percent of workforce -memo'|'Business News - Tue Jun 13, 2017 - 9:07pm BST Time Inc to cut 300 positions, or 4 percent of workforce -memo German Chancellor Angela Merkel appears on the cover of Time Magazine''s Person of the Year issue in this undated handout photo obtained by Reuters December 9, 2015. Mandatory credit REUTERS/Time Inc./Handout via Reuters NEW YORK Time Inc ( TIME.N ) said on Tuesday it is eliminating 300 positions, or 4 percent of its workforce, through layoffs and buyouts, according to an internal memo reviewed by Reuters. The cuts were being made as the New York-based media company, which publishes dozens of magazines including Time, Sports Illustrated and Fortune magazines, is looking to cut costs and reinvest in growth areas, according to the memo from Time Inc Chief Executive Officer Rich Battista to employees. Time Inc, like its peers in the publishing industry, has been struggling as print circulations shrink and advertisers shift to digital platforms. Time Inc replaced its chief executive officer and evaluated a sale earlier this year after activist hedge fund Jana Partners LLC unveiled a stake in the company. Meredith Corp ( MDP.N ) made a preliminary offer to buy Time Inc in April, but the bid fell short of price expectations and ultimately the deal failed. In May, Jana disclosed it had sold its stake in Time Inc. (Reporting by Jessica Toonkel; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-time-layoffs-idUKKBN1942PN'|'2017-06-14T04:07:00.000+03:00'|4961.0|''|-1.0|'' 4962|'96d23958098a190d808f0fb74b1697a1be710bef'|'Argentina sells new 3-yr peso bonds tied to cenbank policy rate'|'BUENOS AIRES, June 14 Argentina on Wednesday placed $4.723 billion in peso-denominated bonds due in 2020 paying interest linked to the central bank''s policy rate, the finance ministry said in a statement.The bank on Tuesday left the rate unchanged at 26.25 percent despite data showing slower inflation in May. Policymakers noted that expectations for inflation in 2017 and 2018 remained above target.The government also issued $1.428 billion in U.S. dollar- denominated treasury notes in tranches of 224, 364 and 532 days.($1 = 15.88 Argentine pesos) (Reporting by Maximiliano Rizzi, writing by Hugh Bronstein, editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bonds-idINL1N1JB2IC'|'2017-06-14T20:46:00.000+03:00'|4962.0|''|-1.0|'' -4963|'0ab7db1463a5f18ac24e53f2f2bb8156fd5f8c21'|'More than a third of Mylan investors voted against chairman'|'Business News - Wed Jun 28, 2017 - 10:55pm EDT Investors call on Mylan chairman, director to step down File Photo: Robert J. Coury, Chairman and Chief Executive Officer of Mylan at the Tel Aviv Stock Exchange, Israel November 4, 2015. REUTERS/Nir Elias By Michael Erman - NEW YORK NEW YORK An investor group led by New York City''s comptroller called for Mylan NV''s ( MYL.O ) Chairman Robert Coury and Director Wendy Cameron to step down, as part of a campaign against the firm''s executive pay packages and high prices for an allergy treatment. More than a third of the investors voting at the generic drugmaker''s annual meeting last week cast votes against Coury, while over half voted against Cameron - who heads Mylan''s compensation committee, a letter reviewed by Reuters shows. "We believe Mylan''s independent directors must act swiftly - or risk further erosion in shareowner confidence and value," the investors wrote in the letter to Mylan''s independent directors. "Mylan''s share price is already down nearly 50 percent since its April 2015 peak and the company remains under legal, regulatory and public scrutiny for its EpiPen pricing practices," they added in the letter. Mylan could not be immediately reached for comment. The company has been grappling with a growing backlash from U.S. consumers over the price of its life-saving allergy treatment EpiPen after it shot up to more than $600 for a two-pack of the device from less than $100 in 2007. [nL2N1HB1KX] While the sharp price spike spurred congressional, Justice Department and other government investigations, the shareholder campaign against Mylan''s board picked up steam after Chairman Coury''s nearly $100 million pay package was disclosed earlier this year. [nL1N1J41AU] The investor group, including New York City and State pension funds and the California teachers pension fund, have asked for Coury to forfeit most of the pay he received last year. It also urged Mylan to hire an independent chairman and reconstitute its board with a majority of independent directors. The investors agitating against Mylan''s board had a steep threshold to cross as more than two-thirds of the shares voted, as well as more than half of Mylan''s outstanding shares, would have needed to be cast against the directors for them to lose. Neil Dimick and Mark Parrish, directors on the company''s compensation committee, had just under 50 percent of the shares voted cast against their re-election. Investors also cast more than a quarter of the shares voted against Chief Executive Heather Bresch. Mylan announced the vote totals from the meeting in a filing with regulators on Wednesday. The company had previously only said that all its directors had been re-elected. More than 80 percent of the company''s shares voted were cast against the company''s 2016 executive pay packages. That vote was a non-binding, advisory measure. New York City comptroller Scott Stringer, who oversees the city''s pensions and is one of the leaders of the campaign against the drugmaker''s board, said the board needed to act swiftly to restore investor confidence. "This board''s oversight failures have hurt investors, consumers and American taxpayers. We need to see change," Stringer said in a statement. (Reporting by Michael Erman; Editing by Sandra Maler and Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-mylan-nl-meeting-idUSKBN19J2XV'|'2017-06-29T01:11:00.000+03:00'|4963.0|''|-1.0|'' +4963|'0ab7db1463a5f18ac24e53f2f2bb8156fd5f8c21'|'More than a third of Mylan investors voted against chairman'|'Business News - Wed Jun 28, 2017 - 10:55pm EDT Investors call on Mylan chairman, director to step down File Photo: Robert J. Coury, Chairman and Chief Executive Officer of Mylan at the Tel Aviv Stock Exchange, Israel November 4, 2015. REUTERS/Nir Elias By Michael Erman - NEW YORK NEW YORK An investor group led by New York City''s comptroller called for Mylan NV''s ( MYL.O ) Chairman Robert Coury and Director Wendy Cameron to step down, as part of a campaign against the firm''s executive pay packages and high prices for an allergy treatment. More than a third of the investors voting at the generic drugmaker''s annual meeting last week cast votes against Coury, while over half voted against Cameron - who heads Mylan''s compensation committee, a letter reviewed by Reuters shows. "We believe Mylan''s independent directors must act swiftly - or risk further erosion in shareowner confidence and value," the investors wrote in the letter to Mylan''s independent directors. "Mylan''s share price is already down nearly 50 percent since its April 2015 peak and the company remains under legal, regulatory and public scrutiny for its EpiPen pricing practices," they added in the letter. Mylan could not be immediately reached for comment. The company has been grappling with a growing backlash from U.S. consumers over the price of its life-saving allergy treatment EpiPen after it shot up to more than $600 for a two-pack of the device from less than $100 in 2007. [nL2N1HB1KX] While the sharp price spike spurred congressional, Justice Department and other government investigations, the shareholder campaign against Mylan''s board picked up steam after Chairman Coury''s nearly $100 million pay package was disclosed earlier this year. [nL1N1J41AU] The investor group, including New York City and State pension funds and the California teachers pension fund, have asked for Coury to forfeit most of the pay he received last year. It also urged Mylan to hire an independent chairman and reconstitute its board with a majority of independent directors. The investors agitating against Mylan''s board had a steep threshold to cross as more than two-thirds of the shares voted, as well as more than half of Mylan''s outstanding shares, would have needed to be cast against the directors for them to lose. Neil Dimick and Mark Parrish, directors on the company''s compensation committee, had just under 50 percent of the shares voted cast against their re-election. Investors also cast more than a quarter of the shares voted against Chief Executive Heather Bresch. Mylan announced the vote totals from the meeting in a filing with regulators on Wednesday. The company had previously only said that all its directors had been re-elected. More than 80 percent of the company''s shares voted were cast against the company''s 2016 executive pay packages. That vote was a non-binding, advisory measure. New York City comptroller Scott Stringer, who oversees the city''s pensions and is one of the leaders of the campaign against the drugmaker''s board, said the board needed to act swiftly to restore investor confidence. "This board''s oversight failures have hurt investors, consumers and American taxpayers. We need to see change," Stringer said in a statement. (Reporting by Michael Erman; Editing by Sandra Maler and Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-mylan-nl-meeting-idUSKBN19J2XV'|'2017-06-29T01:11:00.000+03:00'|4963.0|27.0|0.0|'' 4964|'d0add8ee2e0ef61758f9feb9bc2ccc24e1e433e5'|'Oil prices fall further with glut concerns persisting'|'Business News - Thu Jun 22, 2017 - 8:23am BST Oil prices fall further with glut concerns persisting An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder By Aaron Sheldrick and Henning Gloystein - TOKYO TOKYO Oil turned lower on Thursday after posting gains earlier in the session as traders look ready to test new lows for crude prices with worries persisting over a global glut. Brent crude futures were down 15 cents at $44.67 a barrel at 0715 GMT, after spending much of the Asian trading day in positive territory. They fell 2.6 percent in the previous session to their lowest since November. U.S. crude futures were down 14 cents $42.39 a barrel, after also spending much of the day trading higher. On Wednesday, they settled down at $42.53, after touching their lowest intraday level since August 2016. Since peaking in late February, crude has dropped around 20 percent, with only brief rallies, completely erasing gains at the end of the year in the wake of the initial OPEC-led production cut. The Organization of Petroleum Exporting Countries (OPEC) and other producers agreed to cut output by 1.8 million barrels per day from January for six months, subsequently extended for a further nine months. "The market didn''t actually buy into the cut for fundamental reasons. It bought into it because it was a shift in strategy from OPEC and it gave the market hope," said Matt Stanley, fuel broker at Freight Investor Services in Dubai. "But (OPEC) didn''t do enough and ... other producers were always going to fill the void," he said. With output rising in Nigeria and Libya, countries exempt from the deal, and output surging in the United States, which was not part of the agreement, many bulls appear to have thrown in the towel. The market largely shrugged off comments overnight from Iran''s oil minister that members of OPEC are considering deeper cuts in production. A bigger-than-expected cut in U.S. crude stockpiles reported overnight is also barely shifting the dial. Crude inventories fell 2.5 million barrels in the week to June 16, surpassing analyst expectations for a decrease of 2.1 million barrels, as imports rose marginally by 56,000 barrels per day, the U.S. Energy Information Administration said on Wednesday. Gasoline stocks fell 578,000 barrels, compared with analyst expectations for a seasonally unusual 443,000-barrel gain, which had been seen as bearish in the market. Stocks of the motor fuel had also risen unexpectedly by 2.1 million barrels in the previous week, despite the start of the summer driving season. (Editing by Joseph Radford and Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19D023'|'2017-06-22T15:23:00.000+03:00'|4964.0|''|-1.0|'' 4965|'3030d41769d3a61900157c947bf065c1d7bf3df6'|'Ifo institute raises growth forecast for German economy'|'Autos 11am BST Ifo institute raises growth forecast for German economy The Frankfurt skyline, Germany, September 29, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN The Ifo economic institute raised its 2017 growth forecast for the German economy to 1.8 percent from 1.5 percent previously, with vibrant domestic demand and strong export growth propelling employment levels to historic highs. "We''re experiencing a first half which is so strong that the impetus will carry on into the coming year," Timo Wollmershaeuser, head of economic research at Ifo, said in a statement on Tuesday. "The upswing is being driven by the domestic economy, especially construction and consumption," he added. "But now we have industry too. The improving economies of the euro zone and the rest of the world are significantly boosting exports." For 2018, the institute now predicts Germany''s gross domestic product (GDP) will expand by 2.0 percent, up from the 1.8 percent it had predicted previously. It expected there to be 44.2 million people employed this year, an all time high, compared to 43.6 million last year. That would be coupled with higher inflation, reaching 1.7 percent this year and 1.6 percent in 2018, compared with 0.6 percent in 2016. The improved outlook chimes with the projections of Germany''s central bank, which has raised its growth forecasts for the German economy to a workday-adjusted 1.9 percent in 2017 and 1.7 percent in 2018. Still, Economy Minister Brigitte Zypries said in a Reuters interview last week that the government was sticking to its more cautious growth outlook for Europe''s biggest economy despite solid economic data and upbeat sentiment indicators. The government said in April that it expected an economic growth rate on a non-adjusted basis of 1.5 percent in 2017 and 1.6 percent in 2018. (Reporting by Michael Nienaber and Thomas Escritt, editing by Michelle Martin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-geermany-economy-ifo-idUKKBN19B0TH'|'2017-06-20T16:11:00.000+03:00'|4965.0|''|-1.0|'' 4966|'7e79f37c6d7e1352c08c8d36f45c0c8b1fb61c90'|'ECB to inspect Greek banks'' progress on cutting bad loans'|'Central Banks - Fri Jun 30, 2017 - 7:28pm BST ECB to inspect Greek banks'' progress on cutting bad loans FILE PHOTO: The European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski/File Photo FRANKFURT The European Central Bank plans to inspect Greek banks this year to monitor their progress in working off their huge pile of unpaid loans, ECB director Sabine Lautenschlaeger said on Friday. Greek banks have been cutting their share of non-performing loans (NPL) to companies and households, which account for slightly more than half of their books as a result of a severe economic crisis, to meet targets set by the ECB. The ECB supervises Greece''s four largest banks, or significant institutions (SIs), and is one of the three bodies responsible for the country''s bailout, along with the European Commission and the International Monetary Fund. "The ECB will perform on-site missions at the Greek SIs during the second half of 2017, a period in which the main operational measures to address NPLs ... have to be already implemented," Lautenschlaeger said in a letter to IMF chief Christine Lagarde. She was responding to an IMF request for information on the ECB''s supervisory work in Greece in the context of a possible IMF programme for the country. Greece secured a credit lifeline from euro zone governments earlier this month. The IMF offered Athens a standby arrangement but said it won''t disburse any money until it obtains greater detail on debt relief for the country. (Reporting by Francesco Canepa; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-greece-banks-ecb-idUKKBN19L2MS'|'2017-06-30T21:28:00.000+03:00'|4966.0|''|-1.0|'' 4967|'cc042371689e151778498e1a10957b4a763e763b'|'Divide over listing location slows Aramco IPO - WSJ'|'Business News - Wed Jun 14, 2017 - 9:40pm BST Divide over listing location slows Aramco IPO - WSJ FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo Saudi Aramco''s IPO-ARMO.SE planned 2018 public share offering is being slowed down by a divide between Saudi Arabia''s ruling family and executives of the kingdom''s state oil company over where to list its shares, the Wall Street Journal reported on Wednesday. Aramco, formally known as Saudi Arabian Oil Co, was not immediately available for comment. Executives at Aramco are pushing Saudi Arabia''s king and his son, deputy crown prince Mohammed bin Salman, on the merits of listing the giant state-owned oil company on the London Stock Exchange, the Journal reported, citing people familiar with the matter. Aramco executives believe that listing in the United States would expose the company to greater legal risks, including from potential class-action shareholder lawsuits, the newspaper said. But, according to the report, the Saudi Arabian royal court favours the New York Stock Exchange, in part because of the kingdom''s longstanding political ties to the United States, and because the U.S. market represents the deepest pool of capital in the world. Saudi authorities are aiming to list up to 5 percent of the world''s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100 billion (78.41 billion pounds). (Reporting by Ismail Shakil in Bengaluru; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-aramco-ipo-idUKKBN19531C'|'2017-06-15T04:40:00.000+03:00'|4967.0|''|-1.0|'' -4968|'a0ff6f888d4ecf26fbc86358af8f4d99b64c64d3'|'Haldex withdraws support for Knorr-Bremse bid'|'STOCKHOLM Sweden''s Haldex ( HLDX.ST ) on Thursday said it was withdrawing its support for the bid from German car parts maker Knorr-Bremse [STELLG.UL] as it is unlikely European competition authorities will approve the acquisition."Based on the feedback from the Competition Authority the Haldex board considers the probability of regulatory approval so low that the board has decided not to assist Knorr-Bremse in the continued competition investigations," Haldex said in a statement.Knorr-Bremse said on Wednesday it would apply for another extension of its takeover offer for Haldex after the European Commission indicated it was likely to launch an in-depth review of the deal.Knorr-Bremse in September made a 4.86 billion Swedish crown ($575 million) all-cash bid for the Swedish brake systems rival, reigniting a bidding war by trumping an offer from Germany''s ZF [ZFF.UL].(Reporting by Olof Swahnberg; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-haldex-ab-knorr-bremse-idINKBN19K329'|'2017-06-29T19:49:00.000+03:00'|4968.0|''|-1.0|'' +4968|'a0ff6f888d4ecf26fbc86358af8f4d99b64c64d3'|'Haldex withdraws support for Knorr-Bremse bid'|'STOCKHOLM Sweden''s Haldex ( HLDX.ST ) on Thursday said it was withdrawing its support for the bid from German car parts maker Knorr-Bremse [STELLG.UL] as it is unlikely European competition authorities will approve the acquisition."Based on the feedback from the Competition Authority the Haldex board considers the probability of regulatory approval so low that the board has decided not to assist Knorr-Bremse in the continued competition investigations," Haldex said in a statement.Knorr-Bremse said on Wednesday it would apply for another extension of its takeover offer for Haldex after the European Commission indicated it was likely to launch an in-depth review of the deal.Knorr-Bremse in September made a 4.86 billion Swedish crown ($575 million) all-cash bid for the Swedish brake systems rival, reigniting a bidding war by trumping an offer from Germany''s ZF [ZFF.UL].(Reporting by Olof Swahnberg; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-haldex-ab-knorr-bremse-idINKBN19K329'|'2017-06-29T19:49:00.000+03:00'|4968.0|24.0|2.0|'' 4969|'ca926d8d7f4bfbec3e861ac1389375fd73cc2c44'|'Europe M&A surges but U.S. slows sharply amid uncertainty'|'Business 30am BST Europe M&A surges but U.S. slows sharply amid uncertainty left right FILE PHOTO - An Amazon.com Inc driver stands next to an Amazon delivery truck in Los Angeles, California, U.S. on May 21, 2016. REUTERS/Lucy Nicholson/File Photo 1/3 left right FILE PHOTO: A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri 2/3 left right FILE PHOTO: The logo Spanish infrastructure company Abertis is seen outside his main office in Madrid, Spain, June 1, 2016. REUTERS/Sergio Perez 3/3 By Greg Roumeliotis and Pamela Barbaglia Acquisitions of European companies surged in recent months, amid optimism about the region''s economic prospects, but global deal-making subsided and the total value of U.S. deals fell sharply due to uncertainty about President Donald Trump''s tax reform and deregulation agenda. Mergers and acquisitions in Europe rose 45 percent year-on-year to $234 billion (179.85 billion pounds) in the second quarter, as companies bet the region''s economies will bounce back, according to Thomson Reuters data released on Thursday. Global M&A dropped 12 percent to $771 billion, however, and U.S. M&A dropped 36 percent to $281 billion. "The EU recovery is happening and has made companies more attractive even if there are increased regulatory hurdles," said Hernan Cristerna, global M&A co-head at JPMorgan Chase & Co ( JPM.N ). In the second quarter, Italian toll road operator Atlantia SpA ( ATL.MI ) made a 16.3 billion euro ($18.64 billion) offer for Spanish peer Abertis Infraestructuras SA ( ABE.MC ), while chemicals companies Huntsman Corp ( HUN.N ) and Clariant AG ( CLN.S ), of the United States and Switzerland, respectively, agreed a $14 billion merger. The United States also saw some big deals, including U.S. medical equipment supplier Becton Dickinson and Co''s ( BDX.N ) $24 billion acquisition of peer C R Bard Inc ( BCR.N ). But U.S. M&A volume, as measured by the total value of deals, was down. The number of deals stayed almost flat year-on-year, but the average size of transactions decreased. "Some U.S. companies are in wait-and-see mode because they are still seeking clarity on the tax and regulatory reforms that the Trump administration has been promising. This kind of uncertainty is a major obstacle to mega-deals," said Bill Curtin, global head of M&A at law firm Hogan Lovells. Coupled with high stock market valuations, the uncertainty around U.S. President Donald Trump''s policy agenda reduced the appetite of many North American chief executives for major deals. "Corporates are still actively acquiring, but they are taking less risk, so there are fewer transformational deals and the mix of M&A has shifted towards more mid-sized transactions," said Matt McClure, head of Americas M&A for Goldman Sachs Group Inc ( GS.N ). Regulatory risks to deals closing has been another factor weighing on deals. The European Commission has been flexing its antitrust muscle, while expectations that the Trump administration will adopt a more merger-friendly stance have yet to meaningfully materialise. Nevertheless, for some companies the adverse environment offers a window to make a bold acquisitive move with little competition. For example, Amazon.com Inc ( AMZN.O ) clinched a $13.4 billion deal for U.S. grocer Whole Foods Market Inc ( WFM.O ) earlier this month, which has yet to trigger any rival offers. "There is a subset of companies which view the current environment as an opportunity. There is a little bit of a ''dare-to-be-great'' mentality," said Michael Boublik, chairman of Americas M&A at Morgan Stanley ( MS.N ). In the Asia-Pacific region, M&A volumes were almost flat in the second quarter at around $207 billion. Many dealmakers say global activity could increase in the second half of the year, particularly if there is more macroeconomic certainty in the United States. "Our outlook for the second half remains positive. Economic activity is strengthening, corporate earnings are robust, and financing markets remain very attractive," said Barclays Plc ( BARC.L ) Americas head of M&A Larry Hamdan. (Reporting by Greg Roumeliotis in New York and Pamela Barbaglia in London; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-m-a-idUKKBN19K37L'|'2017-06-30T02:30:00.000+03:00'|4969.0|''|-1.0|'' 4970|'cef909b50c25e0b04e32723021ef50a2bb2cacf3'|'UPDATE 1-Japan''s Sumitomo Metal to buy stake in Canada gold project for $195 mln'|'* Cote Gold Project expected to start output in 2021* Sumitomo Metal looking to boost output through acquisitions* Says deal will boost company''s annual gold output to 18 T (Adds comment, detail)By Yuka ObayashiTOKYO, June 6 Japan''s Sumitomo Metal Mining Co on Tuesday said it had agreed to take a 27.75-percent interest in a Canadian gold mining project from Toronto-based IAMGOLD Corp for $195 million.The purchase of the stake in the Cote Gold Project in Ontario comes as Japan''s biggest gold miner looks to boost its output through acquisitions and exploration.IAMGOLD owns 92.5 percent of the project, currently in its so-called pre-feasiblity study phase. Production is slated to begin in 2021, with the development expected to churn out 168 tonnes of gold over a 17-year life."With this deal, we will make progress towards our long-term goal of boosting gold output from our equity holdings to 30 tonnes a year," Naoyuki Tsuchida, Sumitomo Metals senior managing executive officer, told a news conference. The deal is expected to complete by the end of September.The company said the project would boost its annual gold output to nearly 18 tonnes from 15 tonnes now."Since this project is located in the Abitibi gold belt in eastern Canada, which is one of the world''s largest gold-producing areas, there may be additional reserves, depending on future exploration," Tsuchida said.Yoshiaki Nakazato, president of Sumitomo Metal, which is also miner and smelter of copper and nickel, said last month that the firm was still willing to invest in gold mines despite the record loss it booked in the fiscal year to March 2017. (Reporting by Yuka Obayashi and Chang-Ran Kim; Editing by Michael Perry and Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sumitomo-mtl-min-iamgold-corp-idINL3N1J31LA'|'2017-06-06T02:16:00.000+03:00'|4970.0|''|-1.0|'' 4971|'09ed803a0ff3ce77b531600bfb30c4ee2313a1d3'|'Asia stocks edge up on optimism over global growth, oil rebounds'|'Business News - Mon Jun 26, 2017 - 2:52am BST Asia stocks edge up on optimism over global growth, oil rebounds FILE PHOTO: Passersby walk past in front of stock quotation board outside a brokerage in Tokyo, Japan, September 29, 2015. REUTERS/Issei Kato By Hideyuki Sano - TOKYO TOKYO Asian shares edged up on Monday on optimism about global growth while the dollar was on the defensive as a subdued U.S. inflation outlook capped U.S. bond yields. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS ticked up 0.2 percent while Japan''s Nikkei .N225 rose 0.3 percent. Trading was slow with many markets in the region closed for holidays to celebrate the end of Ramadan. The prospect of solid global economic growth has kept alive investors'' optimism over world equities even as some markets, including Wall Street, have slowed down from a frenetic run due to high valuations. Share prices have also been supported by relatively loose monetary policies in the developed world, with the Bank of Japan and the European Central Bank still pumping in funds. While the U.S. Federal Reserve is gradually tightening its policy, investors think the pace of its tightening will be much slower than its policymakers want given subdued U.S. inflation. Money market futures price FFZ7 FFF8 in only about 50 percent chance of another rate hike by the end of the year, compared to Fed''s own projection of one more rate increase. The 10-year U.S. Treasuries yield US10YT=RR stood at 2.144 percent, not far from seven-month low of 2.103 percent hit in mid-June. The 30-year yield hit 7-1/2-month low of 2.710 percent US30YT=RR on Friday, making the yield curve the flattest in almost a decade. It last stood at 2.721 percent. The lower yields have put the dollar on the defensive, though some market players say both Treasury yields and the dollar could rise if U.S. President Donald Trump manages to push through his healthcare bill in the parliament. "There will be renewed focus on U.S. healthcare bill. Its passage in the parliament could lead to expectations that the administration will get down to stimulus next," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Republican Senate leader Mitch McConnell has pushed for a vote on the bill before the July 4th Independence Day holiday recess that begins at the end of this week. Yet he can afford to lose the support of only two Republicans in the face of unanimous Democratic opposition, while five Republican senators have said they will not support the bill in its current form. [nL1N1JM06G] The dollar stood at 111.22 yen JPY= , off last week''s high of 111.79. The euro EUR= traded at $1.1198, slowly recovering from its three-week low of $1.1119 touched on Tuesday. A strong reading in Germany''s Ifo business sentiment survey due at 0800 GMT could open the way for a test of $1.1296, its seven-month high hit earlier this month. The euro was little damaged by the news that Italy began winding up two failed regional banks on Sunday in a deal that could cost the state up to 17 billion euros ($19 billion). [nL8N1JM0IK] "This won''t cause a major financial crisis considering the current strength of the euro zone economy," said Yukio Ishizuki, senior strategist at Daiwa Securities. Oil prices ticked up early on Monday after having fallen for five weeks in a row on concerns OPEC-led production cuts have failed to ease a global crude glut stemming from increased oil production in the United States. Brent crude futures LCOc1 rose 0.5 percent to $45.78 per barrel from seven month lows of $44.35 hit last week. U.S. crude futures CLc1 fetched $43.22 per barrel, up 0.5 percent on the day and extending gains from their 10-month low of $42.05 set on Wednesday. (Editing by Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19H03R'|'2017-06-26T09:18:00.000+03:00'|4971.0|''|-1.0|'' 4972|'bad704eef0123b3ea62bfe934900c3a0a07c907d'|'US STOCKS-Tech shares boost Nasdaq; energy stocks rebound'|'Market News 35pm EDT US STOCKS-Tech shares boost Nasdaq; energy stocks rebound * Nasdaq on track to post first weekly gain in three weeks * Oil bounces off 10-month lows * Bed Bath & Beyond, BlackBerry tumble * Indexes: Dow down 0.05 pct, S&P up 0.13 pct, Nasdaq up 0.38 pct (Updates to late afternoon, adds commentary, changes byline) By Sinead Carew June 23 U.S. stocks rose on Friday, with the Nasdaq set to post its first weekly gain in three weeks, helped by strength in technology stocks, while energy shares rebounded as oil prices rose. But bank stocks fell even after they passed their annual stress test as some results were weaker than expected and investors focused on a flattening yield curve. Investors were expecting heavy trading around the market close due to FTSE Russell''s completion of the annual refresh of its benchmarks. "The effect is going to be focused on small-caps but there''s an echo of that in large caps," said Don Townswick, Director of Equity Strategy at Conning & Co in Hartford, Connecticut. While most of the rebalance-related trading comes at the close "there''s jockeying all through the day from people who want to get ahead" said Townswick. Oil prices edged up after hitting their lowest point since August earlier in the week, but remained on course for a roughly 20 percent decline for the year-to-date as production cuts have failed to reduce oversupply. While the S&P 500 energy index was up 0.4 percent on the day, it was on track to post its worst weekly decline since February 2016. Oil prices have added to concerns about the inflation outlook, which, along with a flattening yield curve, could pose a challenge to the Federal Reserve''s rate hike plans. The Dow Jones Industrial Average was down 10 points, or 0.05 percent, to 21,387.29, the S&P 500 gained 3.16 points, or 0.13 percent, to 2,437.66 and the Nasdaq Composite added 23.93 points, or 0.38 percent, to 6,260.62. Big technology stocks, including Apple, Facebook and Microsoft, were the S&P 500''s biggest boosts on the day and sent up the tech sector 0.6 percent. The laggards included the healthcare index which was down 0.4 percent on the day after a strong week. The healthcare rally faded on Friday as investors sought to understand whether a Senate Republican bill to replace Obamacare, released Thursday, would gain enough support to pass. Healthcare stocks had rallied ahead of the bill and were still on track for a weekly gain. The S&P financial index, fell 0.44 percent with pressure from banking stocks after the stress test results and ahead of the second part of their test due on Wednesday. "It is a sell on the news effect," said R.J. Grant, head of trading at Keefe, Bruyette & Woods in New York. "It might get people back to focusing on things like the yield curve." Instead, investors favored growth sectors such as tech. "People are making bets that rates will stay lower for longer and the economy will kind of muddle along and have very tepid growth," said Grant. BlackBerry''s U.S.-listed shares were down 11.6 percent after quarterly revenue missed estimates. Bed Bath & Beyond was down 12.7 percent following a bigger-than-expected drop in same-store sales. Advancing issues outnumbered declining ones on the NYSE by a 1.96-to-1 ratio; on Nasdaq, a 1.49-to-1 ratio favored advancers. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL1N1JK1EU'|'2017-06-24T03:35:00.000+03:00'|4972.0|''|-1.0|'' 4973|'c26a133f81d0dc8448cd8a68b8ce35e46bdfeacf'|'Yuan bears throw in the towel, say it isn''t worth fighting China''s PBOC'|'SINGAPORE A slew of Western investors and traders who placed bets in the past two years that Chinas yuan currency would drop because of a weaker Chinese economy, the threat of a debt crisis, and capital outflows, abandoned those positions in recent months.They have decided that at least in the short term - they may well be on a loser if they try to fight the Peoples Bank of China, the nations central bank, which has been taking a series of measures that appear aimed at keeping the currency stable.This is particularly the case ahead of an autumn congress of the ruling Communist Party of China, that is expected to allow Chinese leader Xi Jinping to consolidate his power. Also, the Chinese economy has been more robust than expected, the nations authorities have taken stiff measures to reduce capital outflows, and the U.S. dollar has been retreating from gains it made last year.Major global fund managers such as Goldman Sachs Asset Management, Old Mutual Global Investors, Standard Life Investments and Aviva Investors -- have taken off short yuan positions even as many of them see some weakness further down the road.The PBOC has made some moves to defend the yuan, which is also known as the renminbi. It has pushed up the cost of short-selling the currency and even changing the way it sets a daily mid-point used as a benchmark."They are not happy with a really weaker renminbi," said Mark Nash, the London-based head of global bonds at Old Mutual Global Investors. "People obviously dont want to fight the central bank.Nash, whose firm manages $44.7 billion globally, said he had been short the yuan at the turn of 2017 but took that position off early in the year.But he said he believes the strength in the yuan is reflective more of "an exercise in financial regulation" rather than an improvement in China''s economic outlook and hopes to go short again soon.Standard Life Investments'' Hong Kong-based emerging markets fixed income fund manager, Mark Baker, said he gave up his short yuan position in the first quarter of 2017, after seeing the success China was having with capital controls and some improvement in economic data. "There is a desire to rein in expectations that the currency is merely a one-way bet, he said.The PBOC did not respond to a Reuters request for comments for this article.The yuan has risen 2 percent against the dollar so far this year. In the latest policy tweak, the PBOC has included a "counter-cyclical factor" in its method for fixing the daily mid-point around which the currency is allowed to trade.The adjustment to the fixing method in May was the second this year and came after a string of capital control moves, all aimed at stopping domestic Chinese investors from moving cash abroad.That has put a floor under a currency which fell 6.5 percent in 2016 and 4.5 percent in 2015. Concern about the decline led the central bank to spend a billion dollars over 2-1/2-years to defend the yuan. Short yuan positions are expensive. It costs about 5 percent annually to own and short the yuan directly based on short-term borrowing costs, though there are a myriad ways in which an investor or trader can structure a short bet. Some investors interviewed for this article said they mainly use offshore forward currency contracts - settled for cash at a particular date - which makes the trade somewhat cheaper.INTENTIONS UNCLEARBeijing is also keen on keeping the yuan strong so that U.S. President Donald Trump isnt given any reason to take tough trade measures against China. During the election campaign, Trump had accused Beijing of manipulating its currency to make Chinese exports more competitive, hurting U.S. companies. The stronger yuan also helps to dissuade Chinese companies and citizens from moving money offshore.Jonathan Xiong, head of the fixed income alternatives group at Goldman Sachs Asset Management, said he closed out his short yuan positions at the beginning of the year as Chinas growth prospects improved.Stuart Ritson, head of Asian rates and FX at Aviva Investors, with about $453 billion under management, removed his short position around the end of the first quarter, and is now positive on the yuan owing to the PBOC''s preference for a stronger currency, reduced capital outflows and because the yuan offers one of the best yields relative to volatility among emerging market currencies. Ritson hasnt taken a bullish bet as yet.Not everyone has left the trade. Kyle Bass, the founder of Dallas-based hedge fund Hayman Capital Management, has kept his short position because he says he believes the nations credit bubble problems are metastasizing.Bass, has long argued that the Chinese yuan is set to fall 30 percent against the U.S. dollar. The numbers are telling me that we are right. The numbers are getting so bad so quickly, he said.But even those who see the currency weakening have pulled back their forecasts. Deutsche Bank''s chief China economist, Zhiwei Zhang, sees the yuan ending the year at 7.1 per dollar, rather than the 7.4 he was forecasting at the beginning of the year. There should be some weakness, he says, because economic growth is likely to slow, capital controls could become less effective over time and the dollar may not continue depreciating.At the other end of the spectrum are fund managers such as Jan Dehn, London-based head of research at asset manager Ashmore Group, who says he believes the market shouldn''t be blind-sided by conspiracy theories."The recent stabilisation of the yuan has perfectly sound foundations and can be explained without having to resort to some suspect or obscure schemes on the part of Chinese policy makers," said Dehn.(Additional reporting by Jennifer Ablan in NEW YORK and Kevin Yao in BEIJING; Editing by Martin Howell)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-yuan-funds-idUKKBN19B0WC'|'2017-06-20T16:37:00.000+03:00'|4973.0|''|-1.0|'' -4974|'b79447fa395b9d49740b2cf81ce0047560a0d227'|'Warburg Pincus looking to sell Polish cable operator Inea -sources'|'Market News 38am EDT Warburg Pincus looking to sell Polish cable operator Inea -sources WARSAW, June 30 Private equity firm Warburg Pincus is considering selling its controlling stake in Polish cable operator Inea, sources familiar with the situation told Reuters. Warburg Pincus invested in Inea in 2013 when then operator had 169,000 clients. Now it has around 240,000 customers and revenue of 281 million zlotys ($75.83 million). Inea, which operates mostly in the west of Poland, competes with bigger rivals such as Vectra or Liberty Global unit UPC Polska, which last year agreed to buy Multimedia Polska for 3 billion zlotys. UPC was also cited by one industry source as a potential bidder for Inea, which is valued at a few hundred million zlotys. Investment bankers also point to private equity or infrastructure funds that might be interested in the asset. Warburg Pincus and UPC were not immediately available to comment. ($1 = 3.7057 zlotys) (Reporting by Agnieszka Barteczko; Editing by Lidia Kelly and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/poland-ma-inea-idUSL8N1JR393'|'2017-06-30T16:38:00.000+03:00'|4974.0|''|-1.0|'' +4974|'b79447fa395b9d49740b2cf81ce0047560a0d227'|'Warburg Pincus looking to sell Polish cable operator Inea -sources'|'Market News 38am EDT Warburg Pincus looking to sell Polish cable operator Inea -sources WARSAW, June 30 Private equity firm Warburg Pincus is considering selling its controlling stake in Polish cable operator Inea, sources familiar with the situation told Reuters. Warburg Pincus invested in Inea in 2013 when then operator had 169,000 clients. Now it has around 240,000 customers and revenue of 281 million zlotys ($75.83 million). Inea, which operates mostly in the west of Poland, competes with bigger rivals such as Vectra or Liberty Global unit UPC Polska, which last year agreed to buy Multimedia Polska for 3 billion zlotys. UPC was also cited by one industry source as a potential bidder for Inea, which is valued at a few hundred million zlotys. Investment bankers also point to private equity or infrastructure funds that might be interested in the asset. Warburg Pincus and UPC were not immediately available to comment. ($1 = 3.7057 zlotys) (Reporting by Agnieszka Barteczko; Editing by Lidia Kelly and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/poland-ma-inea-idUSL8N1JR393'|'2017-06-30T16:38:00.000+03:00'|4974.0|28.0|0.0|'' 4975|'28ca2b9b6f7565cc708d91cf633829f502fae9ad'|'Nestle buys minority stake in U.S. ready meals group Freshly'|'Market News - Tue Jun 20, 2017 - 1:00am EDT Nestle buys minority stake in U.S. ready meals group Freshly ZURICH, June 20 Nestle said on Tuesday it has acquired a minority stake in U.S. group Freshly, a provider of direct-to-consumer freshly prepared meals, its latest step to improve the health profile of its sprawling portfolio. The Swiss food giant said it was lead investor in a round of new funding for Freshly, helping it gain access to the $10 billion market for prepared meals in the United States. It did not disclose financial terms. The investment will help Freshly build a new East Coast kitchen and distribution centre in 2018 as it prepares to expand its U.S. service nationwide. Nestle USA''s Food Division President Jeff Hamilton would join Freshly''s board of directors. Nestle said last week it may sell its roughly $900 million-a-year U.S. confectionery business, which includes Butterfinger and BabyRuth. (Reporting by Michael Shields; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nestle-ma-freshly-idUSL8N1JH0BX'|'2017-06-20T13:00:00.000+03:00'|4975.0|''|-1.0|'' 4976|'1e1973571ef7cc1117f2f42f5c9449281f75b03f'|'UPDATE 1-Kenya central bank to extend receivership of Imperial Bank, licenses new bank'|'(Adds licensing of new commercial bank)By George ObulutsaNAIROBI, June 23 Kenya''s central bank said on Friday it planned to extend the receivership of Imperial Bank by a year to help finalise a deal with a strategic investor to take a stake in the bank.The regulator also said it had granted a licence to a new locally owned bank, Mayfair Bank Limited, the second such licence since 2015, when it imposed a moratorium on approving new lenders.The central bank gave no reason for the suspension of licensing, but it came after it had placed Imperial Bank under receivership in October 2015, following the board of the privately owned mid-sized lender alerting it to suspected malpractices.The Imperial Bank receivership rattled confidence in a financial sector where more than 40 foreign and local banks operate - especially as it came just two months after the liquidation of a smaller bank."After initial preparations, the formal process will commence with an invitation for expressions of interest from potential strategic investors, and the banks shareholders if they so wish, in taking an interest in the bank," the central bank said in a statement."Mindful of the concerns by depositors and the need for the process to be fully credible to potential strategic investors in order to maximise the value for depositors, the entire process is anticipated to be about 48 weeks."The central bank had initially hoped to get Imperial Bank out of receivership by March 2016, but this was delayed after the regulator said it needed more time for investigations to determine Imperial''s fate.In also announcing the granting of the new licence, the bank said: "Mayfair Bank Limited will principally target the corporate market segment."It said Mayfair would use an initial network of two branches in Nairobi and one in Mombasa.In April, the central bank issued a licence to DIB Bank Kenya Ltd, which is owned by United Arab Emirates-based Dubai Islamic Bank.In March, the central bank said both banks had received "approval in principle" before the 2015 suspension of licensing. (Reporting by George Obulutsa; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/kenya-banking-idINL8N1JK1OQ'|'2017-06-23T08:30:00.000+03:00'|4976.0|''|-1.0|'' 4977|'3c2d91a5922ccaa692526524492e31562ce8b07f'|'Airlines urged to step up fight against human trafficking'|'Market News - Sun Jun 4, 2017 - 5:46pm EDT Airlines urged to step up fight against human trafficking * UN to brief IATA airline chiefs on trafficking trends * UN agency urges airlines to join anti-trafficking initiatives * Training advocate says most non-U.S. airlines not tackling issue By Tim Hepher CANCUN, Mexico, June 4 Airlines are being urged to train more flight attendants to help prevent human trafficking, placing cabin crew on the front line of the fight against sexual exploitation and slavery. Airline leaders meeting in Mexico will be briefed by the United Nations agency responsible for tackling the largely hidden crime, which the United Nations says nets smugglers $150 billion profit a year. "We want ... airlines to join our campaigns and our initiatives in order to make human trafficking and migrant smuggling visible," Felipe De La Torre of the United Nations Office on Drugs and Crime (UNODC), told Reuters ahead of the June 4-6 meeting of the International Air Transport Association (IATA). According to the International Labour Organization, almost 21 million people are in forced labour, meaning three out of every 1,000 people on the planet are enslaved at any given time. In a case that sprang to public attention in February, an Alaska Airlines flight attendant helped rescue a teenage girl from alleged trafficking onboard a domestic U.S. flight in 2011 by leaving her a note in the toilet. Shelia Frederick told NBC TV her suspicions had been aroused by the girl''s dishevelled appearance compared to the smart clothes and controlling attitude of her older male companion. The pilot alerted police who arrested the man on arrival. More than 70,000 U.S. airline staff have been trained to identify smugglers and their victims in that way under the Blue Lightning initiative, launched in 2013 with the support of JetBlue, Delta Air Lines and others. Such training has since become mandatory. But Nancy Rivard, a former flight attendant hailed as a pioneer of such training, said the U.S. federal programme is poorly funded and that the majority of foreign airlines are barely starting to focus on the problem. "This exists in every country in the world. There is room for improvement but at least we are beginning to make changes," Rivard, founder of Airline Ambassadors International, said. Current online training does not go far enough, she added. AWARENESS PLEA Airlines are asked to report suspicions to authorities but not step into the shoes of investigators. UNODC has produced a card called #BeAwareOfTheSigns it wants airlines to distribute. "When you see a person who''s afraid or threatened, or suspicious interactions in a couple, or a very old person with a small child and they are not related or emotionally connected, those are possible signs," De La Torre told Reuters. Although some airlines have mounted campaigns, this week''s meeting of around 200 airline bosses marks the first time the issue has been discussed globally in aviation. Further steps could be discussed at IATA''s next full meeting in 2018. "It''s a growing concern and our industry is strongly mobilised to fight against human trafficking," said IATA director general Alexandre de Juniac. Still, some of IATA''s 117 nations face criticism over allegations of forced labour and some delegates questioned how willing they would be to draw attention to the issue, while airline chiefs may be reluctant to put their brands at risk. JetBlue, which took part in an online discussion on the issue on Sunday, urged airlines to put aside such concerns. "There is no downside. There is only upside in saving and helping people with their lives so we encourage all airlines to get on board," senior vice-president Robert Land told Reuters. (Reporting by Tim Hepher in Cancun; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airlines-iata-trafficking-idUSL8N1IZ07A'|'2017-06-05T05:46:00.000+03:00'|4977.0|''|-1.0|'' @@ -5005,13 +5005,13 @@ 5003|'586a55e9b8223abd75778221020748e5e52c0891'|'S&P, Dow flat as energy weighs; Fed minutes awaited'|'July 5, 2017 / 11:38 AM / 16 minutes ago S&P, Dow flat as energy weighs; Fed minutes awaited Tanya Agrawal 3 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid (Reuters) - The S&P 500 and the Dow were little changed in choppy trading on Wednesday, with a fall in oil prices taking a toll on energy stocks, but the Nasdaq was propped up by gains in tech shares. Crude prices fell 3 percent, ending their longest bull-run in more than five years, hurt by rising OPEC exports and a stronger dollar. Shares of Exxon ( XOM.N ) and Chevron ( CVX.N ) were down more than 1 percent, weighing the most on the S&P and the Dow. The Federal Reserve is due to release minutes of its last meeting later in the day. Investors will look for more clues on its next rate hike and details on the central bank''s plan to cut its crisis-era bond portfolio. A recent set of tepid economic data and an inflation rate below the central bank''s 2 percent target may have a bearing on the Fed''s rate hike plans. "The biggest question mark for investors today is going to be an indication as far as timing is concerned for when the Fed is going to begin their balance sheet reduction plans," said Marcelle Daher, senior managing director, asset allocation at Manulife Asset Management. "In general they have indicated September, with the last rate hike for 2017 to fall in the December time frame, so anything that confirms or denies that assumption is going to be interesting for the market." Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid At 11:02 a.m. ET (1502 GMT), the Dow Jones Industrial Average .DJI was down 12.76 points, or 0.06 percent, at 21,466.51. The Nasdaq Composite .IXIC was up 26.14 points, or 0.43 percent, at 6,136.20 and the S&P 500 .SPX was up 1.99 points, or 0.08 percent, at 2,431. The tech sector .SPLRCT led the S&P gainers with a 0.69 percent rise, with Apple ( AAPL.O ), Microsoft ( MSFT.O ) and Amazon ( AMZN.O ) lifting the sector. Slideshow (4 Images) Tech stocks have been volatile in the past few weeks on concerns over the sector''s valuation, after powering the S&P''s record run this year. "In a world of muted growth, tech stocks can still be attractive for delivering attractive rates of earnings growth ... However, because of the positioning around tech, there is to be expected a period of consolidation," Daher said. O''Reilly Automotive ( ORLY.O ) slumped as much as 19.9 percent to a near three-year low after its second-quarter same-store sales widely missed its own estimates. The stock dragged down other auto-parts retailers with Autozone ( AZO.N ) and Advance Auto Parts ( AAP.N ) falling 9.4 percent and 14 percent. Declining issues outnumbered advancers on the NYSE by 1,953 to 830. On the Nasdaq, 1,637 issues fell and 1,066 advanced. Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-stocks-idINKBN19Q1DZ'|'2017-07-05T18:34:00.000+03:00'|5003.0|''|-1.0|'' 5004|'353f78f2c02241cb498015b489f4b1d0012311c2'|'One in three Burberry shareholders vote against executive pay deal - Business - The Guardian'|'A third of Burberrys shareholders have failed to back the luxury brands remuneration report in a protest over high pay.Investors representing just over 32% of voting shares rejected the report with more investors withholding their votes despite recent attempts to appease their anger by reducing overall pay deals.The rebellion was the biggest since 2014, when more than half of shareholders voted against director pay at the British fashion house.At Burberrys annual meeting in central London on Thursday morning, the chairman, John Peace, defended the pay packages for key executives including Christopher Bailey, who was joint chief creative director and chief executive until last week, and the new chief operating officer and finance officer, Julie Brown. Baileys total remuneration last year rose from 1.9m to 3.5m. While he waived his entitlement to any annual bonus for the year, his total was boosted by a 1.4m payout from an award of shares from a 2014 plan.This month he will also receive shares worth 10.5m 600,000 of the 1m shares he was awarded in 2013, when the company was concerned that he might be poached by a rival.Brown, who joined from medical supplies group Smith & Nephew, was paid 4.7m between January and March 2017, including a golden hello of 4.5m consisting of 4m in shares and 550,000 in cash. However, she handed 1.6m of the award back after complaints from shareholder advisory groups. Peace, who has signalled he will step down by the end of next year , said after the AGM: My job is to work with the board and remuneration committee to do whats right for the longer term. My job is to get the best we can for the company and I think in Julie we have an absolute star.Fabiola Arredondo, the former Yahoo executive, who now heads Burberrys remuneration committee, said that since she took over in August last year the committee had been actively engaging with shareholders and addressing concerns.The row over pay came as shareholders got their first chance to meet Marco Gobetti, who last week took over from Bailey as chief executive. Bailey will now focus on his creative role under the title of president.The new appointment followed pressure from shareholders concerned that Bailey was struggling to handle his dual role in a luxury goods market faced with slowing sales across key markets such as China and the Middle East.Speaking after the meeting, Gobetti said both he and Bailey were used to working in partnership. Christopher is one of the reasons I came to this company. We have the same vision and same values, he said.Bailey told shareholders the partnership would let him redouble my focus on design and creating experiences that will energise the brand.Gobetti said he would spend time talking to shareholders, customers and people inside the business around the world, particular outside Asia, where he has been working for Burberry since January due to restrictions under his contract with former employer, the French brand Cline.Gobetti also reiterated Burberrys commitment to manufacturing in Leeds and said that dropping the option on developing the listed Temple Mill building, as revealed on Wednesday , simply meant dropping one option for the project. There are others, he said.'|'theguardian.com'|'http://www.theguardian.com/business/retail/rss'|'https://www.theguardian.com/business/2017/jul/13/burberry-shareholders-vote-against-executive-pay-deal-christopher-bailey'|'2017-07-13T23:37:00.000+03:00'|5004.0|''|-1.0|'' 5005|'baafd2f100168619ff1d627164f53e34b4bfaff1'|'China says U.S. talks covered joint efforts on excess steel capacity'|'July 20, 2017 / 11:14 PM / 2 hours ago China says U.S. talks covered joint efforts on excess steel capacity David Lawder 4 Min Read FILE PHOTO: Employees work in a Hangzhou Iron and Steel Group Company workshop in Hangzhou, Zhejiang province August 4, 2009. Steven Shi/File Photo WASHINGTON (Reuters) - Seeking a more positive spin on U.S.-China economic talks viewed as ending in discord, China said on Thursday that the two sides agreed to "active and effective measures" to reduce global excess steel production capacity. The statement issued a day after the talks by the Chinese embassy in Washington did not elaborate on the measures discussed by U.S. Commerce Secretary Wilbur Ross and Chinese Commerce Minister Zhong Shan on Wednesday. "In this breakout session, the two sides focused their discussion on steel, aluminum and high-tech trade," the embassy said in a statement. "The two sides had in-depth discussion on cutting excess steel production capacity in the world and agreed to active and effective measures to jointly address this global issue." A U.S. Commerce Department spokesman declined comment on the Chinese statement and referred Reuters to a joint statement from Ross and U.S. Treasury Secretary Steven Mnuchin. Their statement did not mention steel and cited only one point of consensus, a "shared objective" to work toward reducing the U.S. trade deficit with China. Late on Wednesday, a Trump administration official told Reuters that China had refused to agree to U.S. demands that it eliminate excess steel capacity and take other steps to open its economy for foreign firms. The first annual economic summit between the Trump administration and their Chinese counterparts ended with canceled news conferences, no joint statement and no new transaction announcements. The Chinese embassy statement also said China agreed to "deepen its cooperation" with the United States on expanding trade in services. The two sides also will start work on a one-year economic cooperation plan, determining an "early harvest" as soon as possible. Before the latest Chinese statement, U.S. Agriculture Secretary Sonny Perdue announced that China would allow imports of U.S. rice for the first time, agreeing to phytosanitary protocols. Tougher Stances The rocky dialogue session in Washington was a sharp contrast to U.S. President Donald Trump''s rosy first meeting with Chinese President Xi Jinping at Trump''s Mar-A-Lago, Florida estate in April. Both sides found each other harder to deal with than expected, China trade experts said. The Trump team''s expectations that Beijing would agree to quick, substantial reforms to shrink the U.S. trade deficit and eliminate excess steelmaking capacity were dashed, while China found that further minor steps and vague action plans would no longer placate the U.S. side. "There was a misalignment of expectations. The Americans pushed for deliverables, and the Chinese said no, everything is fine," said Scott Miller, an Asia trade expert at the Center for Strategic and Economic Studies in Washington. "These are difficult issues that don''t lend themselves toward easy boxes to check." Domestic politics contributed to both sides taking a tougher stance, said Eswar Prasad, a trade policy professor at Cornell University and former China division chief at the International Monetary Fund. China faces a once-in-five-years Communist Party congress to set new leadership this autumn, while Trump is keen to hold to campaign promises to help ailing U.S. steel and coal industries and grow U.S. manufacturing jobs. Prasad said that China found that the Trump administration is "no pushover" on trade and may need to offer bigger concessions to keep its relationship with its biggest trading partner on an even keel. "The administration seems unwilling to settle for further symbolic, cosmetic victories in terms of access to Chinas markets and is pressing for more specific and time-bound commitments from China about opening up its markets to U.S. exporters and investors," he added. Additional reporting by Lesley Wroughton in Washington and Michael Hirtzer in Chicago; Editing by James Dalgleish 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-china-trade-idINKBN1A531M'|'2017-07-21T02:11:00.000+03:00'|5005.0|''|-1.0|'' -5006|'8c11c29f13e66566241dae006cdaa8c5e55bb994'|'Summer sunshine spurs sales surge for Sainsbury''s - Business'|'Demand for fresh fruit and veg and a dash for paddling pools, summer clothes and fans helped Sainsburys deliver its strongest sales growth in more than four years. Sales at stores open more than a year, excluding fuel, rose by 2.3% in the 16 weeks to 1 July, up from 0.3% in the previous three months partly thanks to the warm start to the summer. It was the strongest pace of growth since March 2013.Mike Coupe, the Sainsburys group chief executive, said: We have delivered a strong performance, driven by our differentiated strategy, offering customers quality, value and choice across food, general merchandise, clothing and financial services.The group, which also owns Argos, was partly helped by the timing of Easter and Mothers Day, which it said had contributed about 0.3 percentage points of the growth. Excluding that factor, the pace was still slightly ahead of City expectations of 1.9% growth.Coupe said shoppers were snapping up Sainsburys own-label products after it had implemented hundreds of quality improvements and held prices on basics including milk, chicken breast and eggs.He said inflation, which is now running at more than 2.5% according to the CPI index, had started to hit towards the end of the period but Sainsburys had managed to keep a control over prices and the impact on customers. Fresh produce performed particularly well, outperforming the market with volume growth of 1% as Sainsburys cut the price of summer favourites including Jersey Royal potatoes and British strawberries. That helped boost total grocery sales by 3% compared to 0.3% growth in the previous three months. Coupe played down the impact of the weather. He said that the number of warm days over the whole period was not far off the same as last year. He pointed to Sainsburys improvement in price position relative to its competitors for the groups step up in performance. Coupe also said there were signs that shoppers were choosing to eat at home rather than go out for meals as disposable income came under pressure from rising inflation.But he said: We are not seeing a massive change in consumer behaviour.Online grocery sales rose by 8%, Sainsburys convenience store sales were up by 10% and clothing sales rose by 7.2%.All the supermarkets have been lifted by a combination of a warm start to the summer and rising inflation .Sainsburys said the number of transactions carried out in its stores rose by 2%.Coupe said that Sainsburys general merchandise and clothing ranges, including Argos, outperformed the market, as its fast track delivery and collect-from-store services recorded a stellar performance during the quarter, particularly during the warm weather when customers wanted items such as paddling pools and electric fans on the day.Total sales rose 1% despite the closure of dozens of Argos and Habitat outlets in Homebase stores after the takeover of the DIY chain buy Australian firm Bunnings.Sainsburys said it had opened 10 convenience stores in the period but made no mention of Nisa, the wholesale buying group with which it is understood to be in exclusive talks .Coupe said: Lots of conversations are had and there is lots of speculation but lots of things dont come off.The supermarket is thought to be considering a 130m takeover of Nisa, which supplies and provides marketing support to thousands of small independent stores.Nisas 1,400 members, which include the McColls convenience store chain, operate 2,500 shops. They would have to approve any takeover and many are fiercely protective of their independence.Laith Khalaf, a senior analyst at Hargreaves Lansdown, said the bigger picture remained challenging for UK supermarkets: Weaker sterling is pushing up food prices and putting a dent in consumers purses, while the trading environment remains as competitive as ever. Indeed the turf war the big supermarkets have been fighting against the discounters may start to look like a schoolyard skirmish if Amazon decides it wants a piece of the UK grocery market. David Alexander, the lead analyst at GlobalData, said: With Sainsburys receiving a significant helping hand from the upturn in fortunes for the wider grocery sector, it is too soon to judge whether this quarter represents a more positive new chapter for the grocer. That said, the change in tone is promising.Topics J Sainsbury Retail industry Supermarkets Weather news'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/jul/04/summer-sunshine-spurs-sales-surge-for-sainsburys'|'2017-07-04T14:53:00.000+03:00'|5006.0|''|-1.0|'' +5006|'8c11c29f13e66566241dae006cdaa8c5e55bb994'|'Summer sunshine spurs sales surge for Sainsbury''s - Business'|'Demand for fresh fruit and veg and a dash for paddling pools, summer clothes and fans helped Sainsburys deliver its strongest sales growth in more than four years. Sales at stores open more than a year, excluding fuel, rose by 2.3% in the 16 weeks to 1 July, up from 0.3% in the previous three months partly thanks to the warm start to the summer. It was the strongest pace of growth since March 2013.Mike Coupe, the Sainsburys group chief executive, said: We have delivered a strong performance, driven by our differentiated strategy, offering customers quality, value and choice across food, general merchandise, clothing and financial services.The group, which also owns Argos, was partly helped by the timing of Easter and Mothers Day, which it said had contributed about 0.3 percentage points of the growth. Excluding that factor, the pace was still slightly ahead of City expectations of 1.9% growth.Coupe said shoppers were snapping up Sainsburys own-label products after it had implemented hundreds of quality improvements and held prices on basics including milk, chicken breast and eggs.He said inflation, which is now running at more than 2.5% according to the CPI index, had started to hit towards the end of the period but Sainsburys had managed to keep a control over prices and the impact on customers. Fresh produce performed particularly well, outperforming the market with volume growth of 1% as Sainsburys cut the price of summer favourites including Jersey Royal potatoes and British strawberries. That helped boost total grocery sales by 3% compared to 0.3% growth in the previous three months. Coupe played down the impact of the weather. He said that the number of warm days over the whole period was not far off the same as last year. He pointed to Sainsburys improvement in price position relative to its competitors for the groups step up in performance. Coupe also said there were signs that shoppers were choosing to eat at home rather than go out for meals as disposable income came under pressure from rising inflation.But he said: We are not seeing a massive change in consumer behaviour.Online grocery sales rose by 8%, Sainsburys convenience store sales were up by 10% and clothing sales rose by 7.2%.All the supermarkets have been lifted by a combination of a warm start to the summer and rising inflation .Sainsburys said the number of transactions carried out in its stores rose by 2%.Coupe said that Sainsburys general merchandise and clothing ranges, including Argos, outperformed the market, as its fast track delivery and collect-from-store services recorded a stellar performance during the quarter, particularly during the warm weather when customers wanted items such as paddling pools and electric fans on the day.Total sales rose 1% despite the closure of dozens of Argos and Habitat outlets in Homebase stores after the takeover of the DIY chain buy Australian firm Bunnings.Sainsburys said it had opened 10 convenience stores in the period but made no mention of Nisa, the wholesale buying group with which it is understood to be in exclusive talks .Coupe said: Lots of conversations are had and there is lots of speculation but lots of things dont come off.The supermarket is thought to be considering a 130m takeover of Nisa, which supplies and provides marketing support to thousands of small independent stores.Nisas 1,400 members, which include the McColls convenience store chain, operate 2,500 shops. They would have to approve any takeover and many are fiercely protective of their independence.Laith Khalaf, a senior analyst at Hargreaves Lansdown, said the bigger picture remained challenging for UK supermarkets: Weaker sterling is pushing up food prices and putting a dent in consumers purses, while the trading environment remains as competitive as ever. Indeed the turf war the big supermarkets have been fighting against the discounters may start to look like a schoolyard skirmish if Amazon decides it wants a piece of the UK grocery market. David Alexander, the lead analyst at GlobalData, said: With Sainsburys receiving a significant helping hand from the upturn in fortunes for the wider grocery sector, it is too soon to judge whether this quarter represents a more positive new chapter for the grocer. That said, the change in tone is promising.Topics J Sainsbury Retail industry Supermarkets Weather news'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/jul/04/summer-sunshine-spurs-sales-surge-for-sainsburys'|'2017-07-04T14:53:00.000+03:00'|5006.0|25.0|-1.0|'' 5007|'d48f1ed80186dcffd4cfdb5bed76933ad8a4369b'|'Canpotex signs China potash supply contracts at higher price'|'July 21, 2017 / 3:18 PM / 3 minutes ago Canpotex signs China potash supply contracts at higher price 1 Min Read WINNIPEG, Manitoba, July 21 (Reuters) - Canpotex Ltd, the offshore sales agency for North America''s biggest producers of potash fertilizer, said on Friday that it signed supply contracts with Chinese customers for shipments of 1.4 million tonnes through 2017. Canpotex, owned by Potash Corp of Saskatchewan, Mosaic Co and Agrium Inc, said the deals represent a price increase of $11 per tonne from last year''s agreement. (Reporting by Rod Nickel in Winnipeg, Manitoba) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canpotex-potash-china-idUSL1N1KC0OZ'|'2017-07-21T18:16:00.000+03:00'|5007.0|''|-1.0|'' 5008|'1f98a087265e2bf04e3c9e100d9dd3262d23f3f6'|'Financial watchdog says firms must have choice of location after Brexit'|'Top 6:20pm BST Finance firms need freedom to choose location after Brexit left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 1/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 2/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 3/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, speaks during a ''Reuters Newsmaker'' interview at the Reuters offices in London, Britain, July 6, 2017. REUTERS/Hannah McKay 4/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, poses for a photo as he arrives at the Reuters offices for an interview in London, Britain, July 6, 2017. REUTERS/Hannah McKay 5/6 left right Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, poses for a photo as he arrives at the Reuters offices for an interview in London, Britain, July 6, 2017. REUTERS/Hannah McKay 6/6 By Huw Jones - LONDON LONDON Finance firms should not be forced by regulators to change location after Britain leaves the European Union in 2019, Andrew Bailey, chief executive of the UK''s Financial Conduct Authority told a Reuters Newsmaker event on Thursday. Banks, insurers and asset managers based in Britain are already making contingency plans to shift some operations to continental Europe after Brexit takes effect in case access to the EU single market is closed off. But Bailey said Britain and the EU are in a position to preserve free trade for financial services, meaning such moves need not happen. "Firms should be able to take their own decisions on where they locate, subject to appropriate regulatory arrangements being in place which preserve the public interest," Bailey said, in his first major speech on Brexit since Britain triggered the formal EU divorce proceedings in March. "Authorities should not dictate the location of firms," he told an audience in Canary Wharf, home to some of the world''s biggest banks. Future financial sector relations between Britain and the EU should be based on "mutual recognition" or regulatory cooperation "but not exact mirroring" of rules, Bailey said. Frankfurt, Paris, Amsterdam, Luxembourg and Dublin are all vying for a slice of Britain''s financial services industry after Brexit. Bailey said such competition was good. But he also said Brexit should not be used as an excuse to restrict the ability to have open markets and freedom of location. "The roots exist to come out with sensible outcomes on this." Some companies have already announced plans to move people to continental European locations to retain access to the EU single market. Bailey said a transition period based on current trading arrangements was needed this year. This would avoid a "regrettable" situation whereby firms had to "press the button" on moves to the EU before they know what the outcome of Britain''s negotiations with the bloc will be. "It needs to be a sensible period," Bailey said. Bailey questioned whether restricting trade in this way was an inevitable or necessary response to Brexit. "When I hear people say firms need to re-locate in order to continue to benefit from access to EU financial markets, I start to seriously wonder." NO LOCATION POLICIES France and other EU countries, for example, want the clearing of euro denominated derivatives, which London dominates, "located" within the EU after Brexit. "It does not require a location policy," Bailey said. Joint oversight with the EU of clearing houses in London is "something that is very clearly preferable to the cost and risk that is introduced by a location based policy." Such joint oversight was already working well between the UK and United States regulators in clearing, he said. He dismissed talk in the EU that given the dominance of Britain''s financial services sector, the largest in Europe, there should be specific rules for the UK, rather than the existing general regime for recognising non-EU financial firms. "I do not accept that," Bailey said. Non-EU financial firms from the United States, Singapore and elsewhere can currently offer their services in the EU if their home regulation is deemed by Brussels to be "equivalent" or as tough as the bloc''s own rules. This regime should be applied to Britain in the same way. "It would not be the best outcome to adopt a special treatment for the oversight of outsourced service provision arrangements involving the UK and EU when there are already arrangements in place which can form the basis of an equivalence arrangement," Bailey said. NO RACE TO THE BOTTOM Britain was not interested in a "race to the bottom" in regulation after Brexit, he said. Britain has worked hard over the years to build up relations with EU and national regulators across the bloc, he said, though he conceded that he was already being locked out of EU regulatory discussions about Brexit. "It''s perfectly reasonable ... It does not concern me." There are already fears that asset managers in Britain will be prevented from managing funds based in the EU after Brexit, but Bailey said this longstanding cross-border "delegation" should continue. "It works well today. There is no reason to disrupt that model," Bailey said. Critics of Brexit have said that Britain will end up being a "rule taker", meaning it will have to copy and paste the bloc''s rules into UK law if it wants to maintain access in financial services. "I don''t want to be in a situation where we become a pure rule taker," Bailey said. For live link to Newsmaker click on reut.rs/2thSd4S (Reporting by Huw Jones; editing by Jason Neely and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-regulation-bailey-idUKKBN19R0OW'|'2017-07-06T10:43:00.000+03:00'|5008.0|10.0|0.0|'' 5009|'324e92e25b744df333ba32dbecb1f717ba24ba50'|'Abercrombie & Fitch ends talks with potential buyers'|'Deals - Mon Jul 10, 2017 - 1:32pm BST Abercrombie & Fitch ends talks with potential buyers A person carries a bag from the Abercrombie & Fitch store on Fifth Avenue in Manhattan, New York City, U.S., February 27, 2017. REUTERS/Andrew Kelly Abercrombie & Fitch Co ( ANF.N ) said on Monday that it terminated discussions about a potential deal following a review. The company had said earlier this year that it was in talks with a number of bidders regarding a potential sale. The teen apparel retailer''s shares plummeted 16 percent to $10.21 in premarket trading. (Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-abercrombie-m-a-idUKKBN19V1FN'|'2017-07-10T15:30:00.000+03:00'|5009.0|''|-1.0|'' 5010|'0a16e37a3e0d1f5bdea0da52e0aff515a48971a3'|'Exclusive: MSCI warns Chinese companies about suspending trading of shares'|'July 31, 2017 / 4:22 AM / 2 hours ago Exclusive: MSCI warns Chinese companies about suspending trading of shares 5 Min Read The MSCI logo is seen in this June 20, 2017 illustration photo. Thomas White/Illustration/Files SHANGHAI (Reuters) - Barely a month after approving the inclusion of Chinese shares in its benchmark emerging market index, MSCI is warning that companies in China that suspend trading in their shares for too long risk being dropped. MSCI''s head of research for Asia Pacific, Chin Ping Chia, said China was an outlier in global markets with too many suspensions in stock trading. He said the U.S. index provider was closely monitoring the 222 China-listed A-shares that will be added to its Emerging Markets Index next year. "If we find a company suspends for a long time, over 50 days, we will remove it from the index, and we will not bring it back to the index again for at least another 12 months," Chia said. The 12-month removal rule would be limited to Chinese companies. Companies from other markets who are removed from the index due to a long suspension of trading would be able to start a review process for reinclusion once they resumed trading. MSCI''s comments come as the number of suspended stocks in China is at its highest level in a year after volatility in smaller companies prompted many to halt share trading in order to avert a crash in prices. Suspensions have also increased among companies with larger capitalisations as Beijing steps up consolidation of state-owned enterprises. An average of 265, or one in every 13, listed companies in China suspended trade in July, according to data provided last Wednesday by the fund consultancy Z-Ben Advisors. The consultancy said the number had risen every month this year and was now up 30 percent from an average of 202 in January. Last year, MSCI cited arbitrary and long suspensions as a reason for vetoing the inclusion of shares listed on the mainland in its benchmark indices. However, MSCI said in June this year that it would add 222 A-shares to the index in May and August next year, which could trigger billions of dollars of passive investment inflows into China. "This suspension issue in China is highly unique, both in the number and frequency," Chia said. He said that failure to address the issue could discourage MSCI from adding China stocks to its indexes in the future. Investors have long worried about a tendency by Chinese companies to suspend trading in their shares. At the height of the 2015 stock market crash, over half of China''s 3,000-plus listed companies halted trading. In May last year, both the Shanghai and Shenzhen stock exchanges tightened rules on share suspensions by listed companies, requiring them to disclose more details and to shorten the length of suspensions. These measures, however, have had limited effect. A spokesman for the China Securities Regulatory Commission said at a press conference on Friday that Chinese regulators would work to improve suspension rules. Outlier Essence Securities, a Chinese brokerage, estimates that 8 percent of Chinese stocks could not be traded in May due to suspensions, compared with less than 1 percent in Hong Kong and roughly 4 percent on the Nasdaq. MSCI''s Chia said that suspensions last for a day at most in most global markets, whereas in China, suspensions can go on for months. In an extreme case, trading in shares of Xinjiang Yilu Wanyuan Industrial Investment, a loss-making ceramic products maker, has been suspended for about 20 months. "The issue is that in a freely accessible market, investors want to be able to get in and get out. If a market falls, they still want to be able to get out," said Chia. "But if you suspend, investors cannot get out, that will be a problem." Seasoned foreign investors in China''s A-share market concur. "You can tolerate losing money, but you cannot tolerate not being able to trade," said Anthony Cragg, a senior portfolio manager at Wells Fargo Asset Management who manages $2.2 billion in several funds - including one dedicated to China. Exploiting Loopholes The rules announced last year specify that in the case of a private share placement, suspension time on the Shanghai stock exchange cannot exceed one month. The Shenzhen stock exchange stipulates a maximum of six months for a trading suspension in the event of a company restructuring. Yet, plenty of companies, particularly smaller companies, are able to exploit these relatively loose suspension rules. This month, when China''s start-up board ChiNext tumbled to 2-1/2-year lows, companies listed there - including H and R Century Union Corp, Xinlong Holding Group Co and Galaxy Biomedical Investment - quickly suspended share trading, citing various reasons, ranging from margin calls to restructuring, or waiting for the release of price-sensitive information. Xu Caiyuan, a prominent activist investor, said many Chinese companies were "playing dead" to avoid price falls, so that major shareholders facing margin calls could maintain control by "trapping small investors." Editing by Vidya Ranganathan and Philip McClellan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-stocks-msci-idINKBN1AG0CY'|'2017-07-31T07:21:00.000+03:00'|5010.0|''|-1.0|'' 5011|'6214f1f91af7fbb7349a89a90693744b2d1882a7'|'Takata''s bankruptcy to pit automakers against air bag victims'|'Edition United States July 17, 2017 / 5:03 AM / an hour ago Takata''s bankruptcy to pit automakers against air bag victims Tom Hals and Tina Bellon 5 Min Read FILE PHOTO: A woman stands next to a logo of Takata Corp at a showroom for vehicles in Tokyo, Japan, November 6, 2015. Toru Hanai/File Photo WILMINGTON, Del./NEW YORK (Reuters) - The global recall of Takata Corp''s defective air bags widened last week and the number of confirmed deaths rose, but legal experts said the bigger worry for car companies caught in the fallout is playing out in a Delaware bankruptcy courtroom. Earlier this month, people injured by the air bags, which degrade over time and can inflate with excessive force, were appointed to their own official committee in the Japanese company''s U.S. bankruptcy, giving them a powerful voice in the proceedings. This unusual committee, which includes people whose cars lost value due to the recall, will be pitted against Honda Motor Co, Toyota Motor Corp , and other automakers. The car companies have been trying to use the bankruptcy to limit their liability for installing the faulty air bags, said Kevin Dean, a Motley Rice attorney who represents injured drivers on the committee. Because the committee has official status, Takata must provide it with funds which can be used to investigate the automakers'' liability or to challenge financial assumptions. Without a committee, plaintiffs'' lawyers would typically have to pay for that themselves. If I were a plaintiffs lawyer, this would be a golden goose for me, said John Pottow, a professor at the University of Michigan Law School, of the appointment of the special committee. Takata, Honda, Toyota and General Motors Co declined to comment. Other carmakers did not return requests for comment. Bankruptcies typically only have one official creditors committee. In the Takata case, the committee of injured drivers will sit alongside another made up of suppliers and vendors, who are likely more interested in the future of the business than compensation disputes, according to bankruptcy attorneys who are not involved in the case. Both committees were appointed by the U.S. Trustee''s Office, the arm of the U.S. Department of Justice that acts as a bankruptcy watchdog. Seventeen fatalities, including one confirmed last week, and at least 180 injuries have been tied to Takata''s air bags since at least 2009. Last week, the National Highway Traffic Safety Administration widened a global recall of the airbags, which regulators expect to ultimately cover 69 million cars and 125 million inflators. Most defective air bags have not been replaced. In January, Takata entered a settlement with the U.S. Department of Justice, setting aside $125 million to compensate consumers and $850 million in restitution for automakers. Compensation Fund Facing up to $50 billion in liability, Takata filed for bankruptcy in June in Japan and the United States with a plan to sell its non-air bag operations for $1.6 billion to Key Safety Systems, which is owned by China''s Ningbo Joyson Electronic Corp. Its air bag business would continue to make replacements for the 125 million recalled inflators. Takata said in its Chapter 11 filings that it will create a fund to compensate future injuries stemming from the air bags. Companies that wind up bankrupt due to faulty products often set up such funds, and gather contributions from insurers and other potentially liable parties, who in return get shielded from ongoing litigation. Similar funds were set up in and the 1985 bankruptcy of A.H. Robins Co, which sold Dalkon Shield contraceptive devices and the 1995 bankruptcy of Dow Corning, the maker of silicone breast implants. A $161 million fund in the 2012 bankruptcy of Blitz U.S.A. Inc, which made red plastic gas containers, included $23 million from Wal-Mart Stores Inc. In return, the retailer was protected from lawsuits that alleged it knowingly sold defective gas cans. Automakers would likely demand similar legal protections in return for contributing to a Takata fund, and the committee will likely hire experts to challenge those proposals, bankruptcy experts said. The committee''s lawyers will probably also want to investigate what car companies knew about the air bags to help determine their liability and their contributions, the experts said. If I were an injured person, I wouldnt want Takata or the carmakers to decide on the size of the fund, said Steven Todd Brown, a professor at the University at Buffalo School of Law who specializes in compensation funds. Some experts said they expected the parties to avoid protracted legal battles which have marred other product liability bankruptcies like those involving asbestos. Pottow, at the University of Michigan Law School, cautioned that may not be so simple. Were in pretty novel terrain here, given the amount of parties and the recall involved. Reporting by Tom Hals in Wilmington, Delaware and Tina Bellon in New York; Editing by Noeleen Walder and Lisa Shumaker 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-takata-bankruptcy-usa-plaintiffs-idUKKBN1A20BA'|'2017-07-17T08:01:00.000+03:00'|5011.0|''|-1.0|'' -5012|'cd557b4546ab01bed74eb140f3258fd4b6fb599c'|'Shire gets injunction against Roche over haemophilia drug'|'Health News - Sun Jul 9, 2017 - 4:34pm BST Shire gets injunction against Roche over hemophilia drug CEO of Shire, Dr Flemming Ornskov, poses for a photograph in London, Britain, July 3, 2017. REUTERS/Peter Nicholls - RTS19MDH ZURICH Pharmaceutical group Shire ( SHP.L ) said on Sunday it had obtained a preliminary injunction in a Hamburg court against rival Roche ( ROG.S ) over its hemophilia drug emicizumab, alleging incomplete and misleading statements surrounding the treatment. Swiss drugmaker Roche is hoping to win a slice of the $11 billion-a-year hemophilia drug market with emicizumab, also known as ACE910 and designed to compete with more traditional treatments from Novo Nordisk ( NOVOb.CO ) and Shire. "Shire''s goal with this action is to ensure the hemophilia community receives sufficient, accurate information from Roche about the reported serious adverse events (SAEs) in the Phase 3 emicizumab trial, enabling physicians and their patients to make properly informed decisions about patient care." Roche said in an emailed statement it would not comment on Shire''s statement but said it stood behind emicizumab data and its clinical trial protocol. "Our decisions and actions are always based on doing what is right for patients," Roche said. Last month, Roche said emicizumab cut the bleed rate by 87 percent in patients with resistance to standard therapy compared with those who received another treatment. At the time, analysts cited adverse events in Roche''s studies including thrombotic microangiopathy -- damage to blood vessels in vital organs -- that accompanied repeated high doses of bypassing agents given to counter bleeds that occurred despite emicizumab treatment. Shire said in a statement the injunction sought to "prevent further dissemination of the inaccurate and misleading characterization of the serious adverse events that occurred in the HAVEN 1 Phase 3 trial of emicizumab." "The injunction also seeks to correct promotion of the primary data results relative to ''treated bleeds'' (a secondary endpoint) as compared to the primary endpoint of ''number of bleeds over time'' established at the outset of the trial," Shire said. The preliminary injunction is an interim measure and Roche can appeal it, Shire also said. (Reporting by Joshua Franklin. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-roche-emicizumab-shire-idUKKBN19U0QW'|'2017-07-09T18:33:00.000+03:00'|5012.0|''|-1.0|'' +5012|'cd557b4546ab01bed74eb140f3258fd4b6fb599c'|'Shire gets injunction against Roche over haemophilia drug'|'Health News - Sun Jul 9, 2017 - 4:34pm BST Shire gets injunction against Roche over hemophilia drug CEO of Shire, Dr Flemming Ornskov, poses for a photograph in London, Britain, July 3, 2017. REUTERS/Peter Nicholls - RTS19MDH ZURICH Pharmaceutical group Shire ( SHP.L ) said on Sunday it had obtained a preliminary injunction in a Hamburg court against rival Roche ( ROG.S ) over its hemophilia drug emicizumab, alleging incomplete and misleading statements surrounding the treatment. Swiss drugmaker Roche is hoping to win a slice of the $11 billion-a-year hemophilia drug market with emicizumab, also known as ACE910 and designed to compete with more traditional treatments from Novo Nordisk ( NOVOb.CO ) and Shire. "Shire''s goal with this action is to ensure the hemophilia community receives sufficient, accurate information from Roche about the reported serious adverse events (SAEs) in the Phase 3 emicizumab trial, enabling physicians and their patients to make properly informed decisions about patient care." Roche said in an emailed statement it would not comment on Shire''s statement but said it stood behind emicizumab data and its clinical trial protocol. "Our decisions and actions are always based on doing what is right for patients," Roche said. Last month, Roche said emicizumab cut the bleed rate by 87 percent in patients with resistance to standard therapy compared with those who received another treatment. At the time, analysts cited adverse events in Roche''s studies including thrombotic microangiopathy -- damage to blood vessels in vital organs -- that accompanied repeated high doses of bypassing agents given to counter bleeds that occurred despite emicizumab treatment. Shire said in a statement the injunction sought to "prevent further dissemination of the inaccurate and misleading characterization of the serious adverse events that occurred in the HAVEN 1 Phase 3 trial of emicizumab." "The injunction also seeks to correct promotion of the primary data results relative to ''treated bleeds'' (a secondary endpoint) as compared to the primary endpoint of ''number of bleeds over time'' established at the outset of the trial," Shire said. The preliminary injunction is an interim measure and Roche can appeal it, Shire also said. (Reporting by Joshua Franklin. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-roche-emicizumab-shire-idUKKBN19U0QW'|'2017-07-09T18:33:00.000+03:00'|5012.0|19.0|0.0|'' 5013|'4cbbcdf7782f05231ad6db3d1e291eedfee383d1'|'Trump seeks crackdown on ''Made in America'' fakes'|'July 18, 2017 / 11:44 PM / 10 hours ago Trump seeks crackdown on ''Made in America'' fakes 2 Min Read FILE PHOTO: U.S. President-elect Donald Trump addresses the "Make America Great Again! Welcome Celebration" at the Lincoln Memorial in Washington, U.S., January 19, 2017. Mike Segar/File Photo WASHINGTON (Reuters) - U.S. President Donald Trump is looking for ways to defend American-made products by certifying legitimate U.S. goods and aggressively going after imported products unfairly sporting the "Made in America" label, the White House said on Tuesday. Trump, who campaigned on reviving the U.S. manufacturing sector, vowed on Monday that his administration would crack down on "predatory online sales of foreign goods" hurting U.S. retailers. On Wednesday, Trump will discuss with small- and medium-sized manufacturers how to certify their products and keep out foreign counterfeits, a senior administration official told reporters. Their products include gutter filters, flags and pillows. "There''s just too many examples of foreigners slapping on ''Made in America'' labels to products and the worst insult is when they do it after they have actually stolen the product design," the official said. The United States loses about $300 billion a year to theft of intellectual property ranging from semiconductors to jeans, the official said. In March, Trump signed an executive order that gave customs officials more authority to stop pirated and counterfeit items, the official told reporters. The White House plans to work with the private sector on the new certification and verification system rather than create new regulations or spend taxpayer money, the official said, citing as a model the LEED system used to rate the environmental sustainability of building projects. Reporting by Roberta Rampton and Ayesha Rascoe; Editing by Howard Goller 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-trade-counterfeit-idINKBN1A32LF'|'2017-07-19T02:39:00.000+03:00'|5013.0|''|-1.0|'' 5014|'d1b9cbdeef1d51ed136afc6ae1a1e44e3ff901e7'|'PRESS DIGEST- New York Times business news - July 28'|'July 28, 2017 / 5:18 AM / 7 minutes ago PRESS DIGEST- New York Times business news - July 28 2 Min Read July 28 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Meg Whitman, chief executive of Hewlett Packard Enterprise , said she would not become the next chief of Uber , amid a flurry of reports about who might assume leadership of the troubled ride-hailing company. nyti.ms/2h7G3sT - More than 800,000 people who took out car loans from Wells Fargo were charged for auto insurance they did not need, and some of them are still paying for it, according to an internal report prepared for the bank''s executives. nyti.ms/2tIdyUE - Rocket maker SpaceX founded by billionaire Elon Musk, has raised up to $350 million in new financing and is now valued at around $21 billion, making it one of the most valuable privately held companies in the world. nyti.ms/2uHLVwd - Discovery Communications is in advanced talks to buy Scripps Networks Interactive now that Viacom is out of the competition. Discovery is closing in on a bid of around $90 per share, or about 34 percent higher than where Scripps''s stock was trading before reports about a potential sale emerged. (Compiled by Bengaluru newsroom) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1KJ24X'|'2017-07-28T08:17:00.000+03:00'|5014.0|6.0|0.0|'' 5015|'c691087b8a38c7faf924e7327714c0ed84b33cc4'|'City regulator plans rule change to allow Aramco flotation in London - Business'|'The City regulator is proposing to water down stock market rules in a move regarded as an attempt to attract the worlds biggest ever flotation of Saudi Aramco , the Gulf kingdoms state oil company to London.The proposals by the Financial Conduct Authority come as Aramco weighs up which financial centre to pick for the sale of 5% of its shares. The company could be valued at $2tn a huge price tag that would also generate hundreds of millions of dollars in fees for investment bankers, lawyers and other professional firms involved in stock market flotations.However, investors immediately warned that the FCAs proposal to create a new category for firms controlled by a shareholder that is a sovereign country could damage Londons reputation for protecting shareholders in companies that have dominant owners.While its consultation document did not name any companies, the FCAs proposal was widely regarded as being framed to address some of problems that Saudi Aramco faces in seeking a listing on the London Stock Exchange.The UK is keen to lure the Saudi company. The prime minister, Theresa May, and Xavier Rolet, the head of the LSE, v isited Riyadh in April to meet Aramcos chief executive Khalid al-Falih, who is also the kingdoms energy minister.The FCAs proposals would allow state-owned companies to qualify for a premium listing which has more onerous corporate governance rules without having to meet two criteria. One relates to how the company and the controlling shareholder conduct deals with each other, and the second allows investors a vote on independent directors.Chris Cummings, the chief executive of the Investment Association, which represents the Citys biggest fund managers, said: Investors believe a premium listed segment without these investor protections is not a premium segment and will not provide the protections that investors expect.But Andrew Bailey, the chief executive of the FCA, justified the changes on the basis that sovereign owners behave differently to other sorts of companies. Sovereign owners are different from private sector individuals or companies both in their motivations and in their nature. Investors have long recognised this and capital markets are well adapted to assess the treatment of other investors by sovereign countries, Bailey said.This explanation did not convince everyone. Nicholas Holmes, the equity capital markets partner at law firm Ashurst , said that while sovereign owners may have different motivations, this is did not reduce the need for proper scrutiny. The risk is a dilution of the premium listing brand, said Holmes.Ashley Hamilton Claxton, the corporate governance manager at Royal London Asset Management, said: If the proposals in this consultation document are implemented, it will be bad news for London and will reverse the progress we have made in recent years to uphold strong governance and protect minority shareholders, she added.The proposals are being made at a time when London is keen to promote its status as a leading financial centre in the wake of the Brexit vote. Miles Celic, the chief executive of lobby group TheCityUK, said: It is positive that our regulator takes an open-minded approach to regulatory change. This will become ever more critical as we come closer to Brexit and beyond.A spokesperson for LSE also welcomed the changes: We support initiatives that enable UK markets to function well and in an orderly and internationally competitive manner, with a high level of investor protection, meeting the demands of both issuers and global investors for a range of options to realise their capital raising and investment needs.Despite its size, Saudi Aramco would not quality for an entry in the FTSE 100 stock market index, which would require major City investors to buy the shares to enable them to run their tracker funds.Chris Woods, a managing director at FTSE Russell, said: The index ground rules include the requirement to have a premium listing in London, an assigned nationality of UK, and minimum free floats of 25% for UK incorporated companies and 50% for non-UK incorporated companies. All these requirements will remain unchanged.Topics Aramco Energy industry Oil Commodities Saudi Arabia Middle East and North Africa'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/13/city-regulator-plans-rule-change-to-allow-aramco-flotation-in-london'|'2017-07-14T01:45:00.000+03:00'|5015.0|''|-1.0|'' @@ -5019,12 +5019,12 @@ 5017|'26dfe9f84a4ea58cbfb1fb1dfb66c9e757fc0ce2'|'Wells Fargo ordered to pay $575,000, reinstate whistleblower'|'July 21, 2017 / 8:34 PM / 7 minutes ago Wells Fargo ordered to pay $575,000, reinstate whistleblower 2 Min Read A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith (Reuters) - The U.S. Department of Labor on Friday ordered Wells Fargo & Co ( WFC.N ) to pay $575,000 (442,512 pounds) and to rehire a whistleblower the bank had dismissed in September 2011 after the former employee raised concerns over the opening of customer accounts without their knowledge, the agency said in a statement. The name of the whistleblower was not disclosed. "We take seriously the concerns of current and former team members," wrote Wells Fargo spokeswoman Richele Messick in an emailed statement to Reuters. "This decision is a preliminary order and to date there has been no hearing on the merits of this case. We disagree with the findings and will be requesting a full hearing of the matter." Wells Fargo was fined last year for opening up to 2.1 million customer accounts without their knowledge over several years to meet aggressive sales targets. The revelation damaged the bank''s reputation, spurred investors to sell its shares for several weeks and led to the resignation of its chief executive last year. Despite news reports and lawsuits claiming the bank had retaliated against whistleblowers, an investigative report by the bank''s board of directors released on April 10 said "based on a limited review completed to date," outside law firm Shearman & Sterling had "not identified a pattern of retaliation" against employees in Wells Fargo''s branch banking unit who complained about sales pressure or practices. In a different case, the Department of Labor in April ordered Wells Fargo to reinstate a whistleblower, though that former staffer''s concerns related to bank, mail and wire fraud -things that were not at issue in the sales practices scandal. Wells Fargo still faces probes from federal, state and local government agencies including the U.S. Department of Justice, as well as a number of private lawsuits, according to its quarterly securities filing in May. Reporting by Dan Freed in New York; Editing by Bernadette Baum and Matthew Lewis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-wells-fargo-accounts-whistleblower-idUKKBN1A62MJ'|'2017-07-21T23:34:00.000+03:00'|5017.0|''|-1.0|'' 5018|'0188081d6bba08db4138a4a59e941cd85dd24552'|'US STOCKS-Wall St rises on Yellen''s dovish rate hike view'|'July 12, 2017 / 3:17 PM / 4 hours ago US STOCKS-Wall St rises on Yellen''s dovish rate hike view 3 Min Read * Rates won''t have to rise too much to reach neutral level - Yellen * Temporary factors appear to be holding down inflation - Yellen * Fed to release Beige Book at 2 p.m. ET * Indexes up: Dow 0.69 pct, S&P 0.67 pct, Nasdaq 0.83 pct (Adds details, changes comment, updates prices) By Sweta Singh and Tanya Agrawal July 12 (Reuters) - U.S. stocks were higher in late morning trading on Wednesday, with the Dow hitting a record, after Federal Reserve Chair Janet Yellen said interest rates hikes would be gradual and will not have to rise much further to reach the neutral rate. Yellen, in a prepared testimony delivered to Congress, said the economy is healthy enough to absorb further gradual rate increases and the slow wind down of the Fed''s massive bond portfolio. The testimony depicted an economy that, while growing slowly, continued to add jobs, benefited from steady household consumption and a recent jump in business investment. Investors and some Fed officials, concerned with the recent dip in inflation, have been wanting to see a surer progress toward the central bank''s goal of 2 percent inflation. Yellen said some temporary factors appear to be at work in holding down inflation but the Fed was focused on achieving the target. "It was a little bit more dovish than most had thought," said Richard Scalone, co-head of foreign exchange at TJM Brokerage in Chicago. "She said rates won''t have to rise much further to get to neutral, I thought that was key. She said inflation response to economy is a key uncertainty, alluding to the inflation again, part of the dovishness." The U.S. central bank will also issue its Beige Book at 2 p.m. ET, a compendium of anecdotes on the health of the economy. The Fed''s next policy meeting is on July 25-26. At 10:47 a.m. ET (1447 GMT), the Dow Jones Industrial Average was up 146.9 points, or 0.69 percent, at 21,555.97. It had hit a record of 21580.79. The S&P 500 was up 16.48 points, or 0.67 percent, at 2,442.01 and the Nasdaq Composite was up 51.59 points, or 0.83 percent, at 6,244.89. All 11 major S&P 500 sectors were higher, with the defensive utilities index''s 0.91 percent rise leading the advancers. The financial index, which is sensitive to rate hikes, pared early losses to trade little changed. Chances of an interest rate hike at the Fed''s December meeting fell to 53 percent from 60 percent after the release of Yellen''s testimony, according to CME Group''s FedWatch tool. Investors will be keeping an eye on second-quarter earnings reports on Friday from big U.S. banks including JPMorgan Chase , Wells Fargo and Citigroup. Stocks of Amazon.com edged up 0.7 percent after the online retailer said its Prime Day sale was the biggest shopping event by sales in its history. The stock was among the biggest boosts on the Nasdaq. Advancing issues outnumbered decliners on the NYSE by 2,416 to 376. On the Nasdaq, 2,088 issues rose and 565 fell. (Reporting by Sweta Singh and Tanya Agrawal in Bengaluru, Additional reporting by Sinead Carew in New York; Editing by Arun Koyyur) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1K34K7'|'2017-07-12T18:15:00.000+03:00'|5018.0|''|-1.0|'' 5019|'1bc28d9544efb0fc4243885de87762d84234bd33'|'Dutch watchdog says Suzuki Vitara, Jeep Grand Cherokee may have violated emissions rules'|'ZOETERMEER, Netherlands Dutch prosecutors said on Monday they will investigate possible misuse of vehicle emissions software by Suzuki ( 7269.T ) and Fiat Chrysler''s ( FCHA.MI ) Jeep.They were responding after the Dutch road authority (RDW) found that the Jeep Grand Cherokee and Suzuki Vitara models produced unacceptably high levels of toxic emissions during road tests. The RDW said in a statement that its tests of more than a dozen car makers in the wake of the Volkswagen emissions scandal had singled out Jeep and Suzuki. It added that other manufacturers were not found to have violated regulations.The Dutch agency has been investigating what it called "impermissible defeat devices" for the past year, following the disclosure in the United States in 2015 that Volkswagen had used software to alter its emissions during testing.The RDW''s investigation was centered on nitrogen oxide emission levels in diesel cars that appeared much higher than legally allowed during road driving rather than under laboratory test conditions.The agency said that in all cases carmakers argued that the reason for the discrepancy was software intended to protect the motor from harm under certain conditions.Such software is permissible under current European law and the agency no longer refers to it as a "defeat device" but uses the term "impermissible software" for when the pollution seems out of proportion with any need to protect the engine."For the 14 other carmakers we were able to get to the core of the matter and ask all the questions that we wanted and got satisfactory answers," said Maarten Balk, Manager for Licensing and Supervision at the RDW. "But not for these two, up to the present." The RDW said Suzuki Vitaras appeared to emit much more nitrogen oxide after a short time on the road. The company has offered a fix and is currently rolling it out for the roughly 8,000 Vitara models on Dutch roads.The Jeep Grand Cherokee appeared to emit higher levels of pollutants when its engine was hot, the RDW said. There are very few of them in the Netherlands, and the model is no longer in production. Jeep has proposed a software fix for the Cherokees this month, but the RDW hasn''t had a chance to evaluate it yet.RDW Director Paul Dietz said that this is the first time his agency has taken such an action. He said the agency has no power to levy fines, that will be up to prosecutors. The RDW will continue to pressure the two firms to offer remedies and follow up to make sure the offending models are retrofitted.European cars in the future will have to comply with a road test, rather than a laboratory test, he said, removing the motive for installing software that tries to beat the test.(Reporting by Toby Steling; additional reporting by Bart Meijer.; Writing by Anthony Deutsch; Editing by Louise Heavens/Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-volkswagen-emissions-netherlands-idUSKBN19V1EL'|'2017-07-10T15:16:00.000+03:00'|5019.0|''|-1.0|'' -5020|'0e7decb88c5591d77d121ce9479cd77e987a77e8'|'French deficit pledge will help euro zone budget discussions - ECB''s Coeure'|' 12:28pm BST French deficit pledge will help euro zone budget discussions: ECB''s Coeure Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. REUTERS/Kai Pfaffenbach AIX-EN-PROVENCE, France The French government''s renewed commitment to bring its budget deficit in line with an EU limit is good not only for France but for upcoming euro zone discussions on budgets, ECB Executive Board member Benoit Coeure said on Sunday. The French government has committed to stick to plans to cut the deficit to 3 percent of economic output this year despite overspending this year by its predecessor. "One of the constraints facing the government is to keep its commitments on the budget and in particular on the three percent. This is something that we welcome in part because of the consequences for the rest of Europe," Coeure said. Speaking at an economics conference in southern France, Coeure said that France''s respect for the rules would help discussions the government hopes to launch soon about common budget measures in the euro zone. "You can''t tell others what to do if you don''t respect the rules yourself," Coeure said. Speaking at the same conference, French Finance Minister Bruno Le Maire said that the government could cut spending and taxes at the same time. "It''s because the ECB''s monetary policy is accommodative that we must without delay launch the transformation of our economy," Le Maire said. (Reporting by Leigh Thomas and Michel Rose; Addditional reporting by Maya Nikolaeva in Paris)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-economy-ecb-coeure-idUKKBN19U0F6'|'2017-07-09T14:19:00.000+03:00'|5020.0|''|-1.0|'' +5020|'0e7decb88c5591d77d121ce9479cd77e987a77e8'|'French deficit pledge will help euro zone budget discussions - ECB''s Coeure'|' 12:28pm BST French deficit pledge will help euro zone budget discussions: ECB''s Coeure Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. REUTERS/Kai Pfaffenbach AIX-EN-PROVENCE, France The French government''s renewed commitment to bring its budget deficit in line with an EU limit is good not only for France but for upcoming euro zone discussions on budgets, ECB Executive Board member Benoit Coeure said on Sunday. The French government has committed to stick to plans to cut the deficit to 3 percent of economic output this year despite overspending this year by its predecessor. "One of the constraints facing the government is to keep its commitments on the budget and in particular on the three percent. This is something that we welcome in part because of the consequences for the rest of Europe," Coeure said. Speaking at an economics conference in southern France, Coeure said that France''s respect for the rules would help discussions the government hopes to launch soon about common budget measures in the euro zone. "You can''t tell others what to do if you don''t respect the rules yourself," Coeure said. Speaking at the same conference, French Finance Minister Bruno Le Maire said that the government could cut spending and taxes at the same time. "It''s because the ECB''s monetary policy is accommodative that we must without delay launch the transformation of our economy," Le Maire said. (Reporting by Leigh Thomas and Michel Rose; Addditional reporting by Maya Nikolaeva in Paris)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-economy-ecb-coeure-idUKKBN19U0F6'|'2017-07-09T14:19:00.000+03:00'|5020.0|23.0|0.0|'' 5021|'523ba8eeb47c1acff43be77d3dd370463be814a6'|'UPDATE 1-Corvex urges Clariant shareholders to reject Huntsman merger'|'Market News - Tue Jul 4, 2017 - 3:28am EDT UPDATE 2-Corvex, NYC property group seek to scuttle Clariant-Huntsman deal * Corvex''s Meister, NYC property group oppose merger * Clariant says in contact with Corvex (Adds analyst comment, recasts lead) By John Miller ZURICH, July 4 Activist investor Keith Meister''s Corvex hedge fund and New York''s 40 North said on Tuesday they had taken a 7.2 percent stake in Clariant and oppose the Swiss chemical maker''s planned merge with Huntsman Corp. "There are excellent opportunities to unlock value from the many high quality businesses that currently comprise Clariant," a spokesman for White Tale, the vehicle they created to take the stake, said. "Unfortunately, we do not believe that the proposed merger with the Huntsman Corporation is one of those options." Meister, a Carl Icahn protege, with Corvex manages assets worth $6 billion and took a 5.5 percent stake in communications company Century Inc earlier this year. 40 North, run by New York real estate investor David Winter and former Bear, Stearns & Company financial analyst David Millstone, previously held a stake in Clariant before linking with Corvex in their bid to overturn the Huntsman deal. Clariant, which on Tuesday noted the increased investment by Corvex without addressing Corvex''s opposition to the merger, said it has been in contact with the hedge fund since last year when it initially took a stake. "As with all our shareholders we maintain an open dialogue with them," a Clariant spokesman said. Huntsman did not return a phone call seeking immediate comment. Clariant and Huntsman in May announced a merger valued at around $20 billion including debt in which Clariant shareholders would hold 52 percent of the combination. At the time, they talked up the friendship between chief executives Hariolf Kottmann and Peter Huntsman as well as prospects for faster growth for the combined company as rationale for "a merger of equals". The deal, creating a company with about $13 billion in annual sales, had the support of German families that own almost 14 percent of the Swiss group. CONGLOMERATE DISCOUNT Some analysts said the transaction makes sense, in particular after Huntsman spins off its Venator materials segment in an IPO. "Huntsmans portfolio, after the pending Venator spin-off, offers a highly complementary growth portfolio, in our view - complementary in a way that it puts both companies on a sounder, broader footing," Kepler Cheuvreux''s Christian Faitz said. Still, Corvex and 40 North contend the transaction lacks strategic rationale and runs against Clariant''s strategy of becoming a pure-play specialty chemicals company. "By merging with Huntsman, Clariant will be exchanging almost half its shares for what is primarily a commodity and intermediates business which will further dilute its multiple and create a larger conglomerate discount," the White Tale spokesman said. "Shareholders ought to reject this value destructive merger," they said. No date has yet been set for shareholders to vote on the merger, a spokesman for Clariant said. Clariant shares were up 3 percent and Huntsman was up 1.6 percent on Tuesday following news of the stake purchase. Clariant shares have risen nearly 6 percent since the merger was announced. Huntsman stock have fallen 1.25 percent. (Reporting by John Miller; editing by John Revill and Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/clariant-corvex-idUSL8N1JV0E4'|'2017-07-04T09:03:00.000+03:00'|5021.0|''|-1.0|'' 5022|'06a57088c8753ffa3e91903b85e31443d0e39dcd'|'Export boom? Euro zone shows Britain how it''s done'|'Top News - Tue Jul 4, 2017 - 4:05am BST Export boom? Euro zone shows Britain how it''s done Port workers inspect containers before they are unloaded as the largest container ship in world, CSCL Globe, docks during its maiden voyage, at the port of Felixstowe in south east England, January 7, 2015. REUTERS/Toby Melville By Andy Bruce - LONDON LONDON Feted by some British newspapers as proof of a Brexit vote windfall, Britain''s recent export recovery ranks as the worst among Europe''s major economies, according to one closely-watched measure. Surveys of manufacturers across Europe published by data firm IHS Markit on Monday underlined Britain''s challenge as it tries to become an export-led dynamo outside the European Union. The export orders gauge of the UK Markit/CIPS Purchasing Managers'' Index slid to a five-month low in June. While still indicating growth in exports, it left Britain as the weakest performer in terms of foreign orders, barring Greece, among big western European economies for a fourth month running. That''s a poor return for the pound''s 12 percent fall against a range of currencies since the Brexit vote a year ago. It also casts doubt over the belief among some Bank of England officials that strong exports will help make up for a slowdown in consumer spending, suggesting the British economy could cope with a first interest rate hike in a decade. "Sterling''s depreciation has been the least successful in Britain''s post-war history," said Samuel Tombs, economist at consultancy Pantheon Macroeconomics consultancy. Since sterling began to fall at the end of 2015, net trade has dragged on the economy, unlike after earlier sharp falls in the exchange rate in 1967, 1975, 1992 and 2007/08, Tombs said. Some indicators have suggested exporters are doing well. The Confederation of British Industry''s gauge of manufacturing exports, which is based on a different methodology to the PMIs, hit a 22-year high in June. But the official data is more muted: goods trade export volumes rose at an annual rate of 5.3 percent in the three months to April, the best showing since January 2016 but still below rates seen through most of 2015. As well as putting Britain''s export recovery into context, the latest figures suggest Britain''s plan to become an export-led "champion of free trade" - as trade minister Liam Fox put it - is not entirely in its own hands. Its success will hinge just as much on how well its competitors fare in winning business in the same markets and, on that score, the euro zone is showing its muscle. "I think that is a reflection of the euro area, in terms of them winning global trade gains due to the weak euro," Chris Williamson, chief business economist at IHS Markit, said. The euro is 17 percent weaker against the U.S. dollar than at the end of 2014, despite a recent rally. Part of the underperformance of British exporters in relation to the euro zone may reflect the fact that they have hiked selling prices faster, to help recoup rising energy and imported material costs exacerbated by the weak pound. While the euro zone''s export price index rose 2.7 percent between the third quarter of last year and the first quarter of 2017, Britain''s increased more than 8 percent. Increased volatility in sterling, which historically has been more stable than the euro against the dollar, might also be weighing on potential buyers of British goods. "It''s not so much that the UK is doing badly, it''s just that the euro zone is doing very well at the same time," said Williamson. (Graphic by Michael Ovaska; Editing by Richard Balmforth) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-exports-idUKKBN19O1PT'|'2017-07-04T06:05:00.000+03:00'|5022.0|''|-1.0|'' 5023|'ccb392b503e774441979fdac54f3b918c798ef7a'|'Strong earnings buoy Nikkei but gains capped ahead of Fed decision'|'* Caterpillar''s robust results lift Komatsu, Hitachi Construction* Shin-Etsu''s strong forecast attracts buyers, then profit-takers* Jasdaq rises for 6th day* Investors await Fed decision later in the global sessionBy Ayai TomisawaTOKYO, July 26 (Reuters) - Japanese stocks rose on Wednesday, snapping a three-day losing streak, as solid gains on Wall Street boosted sentiment and Caterpillar''s strong earnings whetted investors'' appetite for companies such as Komatsu and Hitachi Construction.While overall sentiment improved, investors took profits later in some of the stocks which had risen in early trade, as they remained cautious ahead of a U.S. Federal Reserve monetary policy decision later in the day.The Nikkei share average ended 0.5 percent higher at 20,050.16, rising for the first time in four days.The Nikkei Jasdaq rose 0.2 percent, climbing for a sixth day, as retail investors continued to buy shares in small to mid-sized companies.Japanese construction equipment makers attracted buying, with Komatsu Ltd surging 2.7 percent and Hitachi Construction Machinery Co soaring 2.9 percent after Caterpillar Inc, the world''s largest construction and mining equipment maker, beat expectations and raised its full-year forecast for the second time, citing global strength and particularly a rebound in China.Japan Inc has kicked off April-June earnings season, and investors have taken heart from brisk results from frontrunners such as Yaskawa Electric Corp, which gave the market an upbeat surprise last week.On Wednesday, the world''s largest silicon wafer maker Shin-Etsu Chemical soared as much as 3.4 percent to a record high, after it said it expects a 12.3 percent rise in its full-year operating profit for the fiscal year through March.But investors wasted no time in taking profits on the stock, sending its shares down 1.7 percent."We''re still in the second quarter, and the company already shows that it''s on track to achieve its full-year goal and that is raising expectations for certain sectors as well as the overall mood," said Takuya Takahashi, an equity strategist at Daiwa Securities.With the market focused on the Fed decision, gains were capped in the afternoon.The Fed is widely expected to keep interest rates unchanged at its two-day meeting. Investors will be watching for any clues on whether it may raise rates again this year, and when it will begin paring its massive bond portfolio, which could impact the dollar/yen and exporters'' profits.The broader Topix gained 0.2 percent to 1,620.88. (Reporting by Ayai Tomisawa; Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1KH2IE'|'2017-07-26T09:34:00.000+03:00'|5023.0|''|-1.0|'' 5024|'e125ec7137097b3a472d7244202bd57fc177cc93'|'Lockheed Martin given $3.7 billion interim payment for 50 F-35s: Pentagon'|'July 28, 2017 / 9:31 PM / 17 hours ago Lockheed Martin given $3.7 billion interim payment for 50 F-35s: Pentagon Mike Stone and Eric Beech 2 Min Read File photo: A U.S. Marine Corps Lockheed Martin F-35B fighter jet taxis after landing at the Royal International Air Tattoo at Fairford, Britain July 8, 2016. Peter Nicholls WASHINGTON (Reuters) - Lockheed Martin Corp ( LMT.N ) was awarded a $3.7 billion interim payment for fifty F-35 jet fighters that are earmarked for non-U.S. customers, the Pentagon said on Friday. Lockheed and its partners have been producing the jets under a placeholder agreement known as an "undefinitized contract action." The agreement announced on Friday allows Lockheed to continue production of the F-35 jets while it finalizes the terms of the 11th contract with the Pentagon. The contract provides funds for the procurement of 50 aircraft, comprised of one F-35B aircraft for Great Britain, one F-35A for Italy, eight F-35A aircraft for Australia, eight F-35A for the Netherlands, four F-35A for Turkey, six F-35A for Norway, and 22 F-35A aircraft for other foreign military sales customers, the Pentagon said in a statement. The F-35 comes in three configurations: the A-model for the U.S. Air Force and U.S. allies; the B-model, which can handle short take-offs and vertical landings for the Marine Corps and British navy; and the carrier-variant F-35C jets. Lockheed was awarded an interim payment on 7 July of $5.6 billion to help finance construction of the 11th batch of 141 F-35 jets for the U.S. military. The F-35 Program office said the Department of Defense would continue to negotiate the 11th low rate initial production contract with Lockheed Martin and expected an agreement by the end of 2017. The F-35 joint program office said it was confident the final negotiated Lot 11 aircraft unit prices will be less than Lot 10. In February, the Pentagon agreed to a deal for the tenth batch of the fighter aircraft and agreed to pay below $95 million per F-35A model jet for the first time, compared with $102 million in the previous purchase, which was the lowest price up until that point. The Pentagon expects to buy 2,457 jets. Reporting by Mkie Stone and Eric Beech in Washington, D.C.; Editing by David Gregorio, Toni Reinhold 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-lockheed-pentagon-idUSKBN1AD2O3'|'2017-07-29T00:29:00.000+03:00'|5024.0|''|-1.0|'' -5025|'34f91e83f054c575d7186d76b92dea42b80d7192'|'PRESS DIGEST- New York Times business news - July 17'|'July 17, 2017 / 5:02 AM / 16 minutes ago PRESS DIGEST- New York Times business news - July 17 2 Min Read July 17 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - China''s economy had expanded 6.9 percent in the second quarter, unchanged from the year-on-year growth rate in the first quarter. nyti.ms/2twiNFM - Barclays chief executive John Varley and three other former top managers are expected back in court on Monday to answer charges that they, along with the bank, misrepresented arrangements with the Persian Gulf nation of Qatar when the bank raised money to weather the financial crisis in 2008. nyti.ms/2tvMFCb - Securities and Exchange Commission upheld dismissal of an administrative case against a former Wells Fargo trader after two commissioners split on whether the evidence proved he had engaged in insider trading. nyti.ms/2twfYEF - John Cornyn of Texas, a top Senate Republican, vowed to bring the party''s health care bill to a vote as soon as possible. Detractors said they would use a delay caused by the absence of Senator John McCain to mobilize further opposition to the measure. nyti.ms/2tvGIFB Compiled by Bengaluru newsroom'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1K8232'|'2017-07-17T08:01:00.000+03:00'|5025.0|''|-1.0|'' +5025|'34f91e83f054c575d7186d76b92dea42b80d7192'|'PRESS DIGEST- New York Times business news - July 17'|'July 17, 2017 / 5:02 AM / 16 minutes ago PRESS DIGEST- New York Times business news - July 17 2 Min Read July 17 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - China''s economy had expanded 6.9 percent in the second quarter, unchanged from the year-on-year growth rate in the first quarter. nyti.ms/2twiNFM - Barclays chief executive John Varley and three other former top managers are expected back in court on Monday to answer charges that they, along with the bank, misrepresented arrangements with the Persian Gulf nation of Qatar when the bank raised money to weather the financial crisis in 2008. nyti.ms/2tvMFCb - Securities and Exchange Commission upheld dismissal of an administrative case against a former Wells Fargo trader after two commissioners split on whether the evidence proved he had engaged in insider trading. nyti.ms/2twfYEF - John Cornyn of Texas, a top Senate Republican, vowed to bring the party''s health care bill to a vote as soon as possible. Detractors said they would use a delay caused by the absence of Senator John McCain to mobilize further opposition to the measure. nyti.ms/2tvGIFB Compiled by Bengaluru newsroom'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1K8232'|'2017-07-17T08:01:00.000+03:00'|5025.0|28.0|0.0|'' 5026|'239570b3d280075b7165ba9cc881a4ffc92be916'|'UPDATE 1-Safran cites LEAP-1A quality problem, delivery goals intact'|'July 28, 2017 / 6:28 AM / 11 hours ago UPDATE 1-Safran cites LEAP-1A quality problem, delivery goals intact 2 Min Read (Adds quotes) PARIS, July 28 (Reuters) - Safran has witnessed a "minor" quality problem with a part for its LEAP-1A engine for Airbus jets, but its 2017 delivery goals are unaffected, Chief Executive Philippe Petitcolin said on Friday. The problem relates to a turbine disc and does not involve concerns about the part''s design, he told reporters when discussing half-year earnings. Safran developed the engine with General Electric through their CFM International joint-venture, alongside similar models for Boeing and China''s Comac. Boeing reported a quality problem with a batch of engines earlier this year. The production ramp-up for LEAP engines is going smoothly, though the pace of deliveries can vary week by week, Petitcolin said. "At CFM we had a potential industrial risk linked to the quality of a high-pressure turbine disc. We are working on it...but it is not at all linked to the engine design," he said. "It is a quality problem that can happen during manufacturing. The situation is under control and if there were an impact, it would be very minor for Airbus and doesn''t change our annual delivery target at all," he added. Airbus said on Thursday that its own delivery targets were subject to the performance of engine makers, and put most of the emphasis on delays at CFM rival Pratt & Whitney. Petitcolin also said Safran planned formally to launch an agreed bid for Zodiac Aerospace by the end of the year after winning support from its own shareholders for a reduced offer, following industrial problems at the seats and equipment maker. (Reporting by Tim Hepher, Cyril Altmeyer; Editing by Sudip Kar-Gupta) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safran-results-ceo-idUSL5N1KJ1H7'|'2017-07-28T09:26:00.000+03:00'|5026.0|''|-1.0|'' 5027|'153238d5311fac38efa47ba1b9533d82ac398191'|'Strongest week since May for European shares as Fed tone spurs relief'|'July 14, 2017 / 4:02 PM / 17 minutes ago Strongest week since May for European shares as Fed tone spurs relief 4 Min Read * STOXX 600 up 0.1 pct * Steelmakers boost basic resources * Construction stocks drop, banks wilt * Nordic stocks in focus as Gjensidige, Skanska fall * SEB leads banks after Q2 beat (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets) By Kit Rees and Helen Reid LONDON, July 14 (Reuters) - European shares had their strongest week in more than two months as investors piled back into equities on signs that the world''s major central banks would likely not tighten monetary policy as quickly as some had feared. The move on indexes on Friday was more muted as investors digested disappointing earnings reports from major U.S. banks including JPMorgan and Citigroup, which sent banking stocks lower. The pan-European STOXX 600 index inched up 0.1 percent while euro zone bluechips fell 0.2 percent. "In Europe, we''re still not dealing with any higher interest rates, which should be benefiting the U.S. (banks) slightly in terms of net interest margin," Mike van Dulken, head of research at Accendo Markets, said. "That said we''ve still got the supportive QE helping, but yields are still low, which is not great for the banks." Flows data showed investors rushed back into equities this week as the Fed''s tone rekindled their enthusiasm for riskier assets. Firmer metals prices underpinned gains on mining stocks on Friday. Miners were led to a three-month high by steel firms Outokumpu, ArcelorMittal, and Tenaris which rose after U.S. President Donald Trump said that he was considering quotas and tariffs on Chinese steel dumping. Analysts at Barclays said they remained positive on the European mining sector, which has gained just 4 percent so far this year after rallying more than 60 percent in 2016. "Chinese rates are falling, demand indicators across the economy appear healthy, industry capex discipline is holding, M&A is generally off the agenda, and resulting strong cashflows are being utilised for balance sheet reconstruction and distributions to shareholders," Barclays analysts said in a note. While a rise in bond yields has hit rate-sensitive sectors such as utilities, banking stocks have benefited. On Friday, however, the sector was under pressure as earnings from major U.S. banks disappointed, and CPI data indicated inflation in the U.S. was slowing, potentially putting a dampener on the Fed''s monetary policy tightening plans. Banks gain when interest rates rise, widening their margins. Euro zone banks fell 0.7 percent, leaving them unchanged on the week after a strong performance last week. Swedish lender SEB jumped 1.3 percent after its second-quarter profit topped forecasts. Other Nordic stocks were also in focus as Norwegian insurer Gjensidige slumped 6.5 percent to the bottom of the STOXX 600 after its second quarter results came in below forecasts. It was joined by Swedish construction group Skanksa , which dropped nearly 5 percent after it warned that its second-quarter profit would be hit by project writedowns in the U.S. and Britain. European earnings get underway in earnest later this month. Overall, analysts are calling for about 9 percent year-on-year earnings growth for top European firms, compared to about 8 percent for the U.S., according to Thomson Reuters I/B/E/S. Reporting by Kit Rees, Editing by Vikram Subhedar/Toby Chopra/Ken Ferris 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1K53M0'|'2017-07-14T19:02:00.000+03:00'|5027.0|''|-1.0|'' 5028|'300b5deb1fe3483a321c33e348fed7d95674846a'|'ESM urges Greece to ready market borrowing strategy'|'Top 15pm BST ESM urges Greece to ready market borrowing strategy FILE PHOTO: Greek flags are displayed for sale for one Euro at a shop in Athens, Greece, July 26, 2015. REUTERS/Yiannis Kourtoglou/File Photo BRUSSELS Greece should develop a strategy for its return to market borrowing and raise private finance before its euro zone bailout programme ends in a year''s time, the head of the European Stability Mechanism said on Monday. Klaus Regling told reporters "Greece will not need that much borrowing from the markets in the future" once bailout funding via the ESM ends in August 2018. It would be required only to replace maturing debt, given Athens'' predicted fiscal surpluses. However, the chief executive of the euro zone bailout fund noted that other countries -- Ireland, Portugal and Cyprus -- had returned to borrowing in markets "well before" the end of their programmes, in order to avoid a possible gap in funding. Noting that Greece had, with the exception of two bonds in 2014, been absent from the markets since the onset of the euro zone debt crisis in 2009, Regling said: "Therefore it''s important for Greece to develop a strategy to go back." It was important for Greece to develop its strategy, including communicating with investors and reassuring them of its commitments to the reforms which euro zone sovereign creditors have demanded, said Regling, who added that he had discussed the issue with Greek officials in the past two weeks. He was speaking after a monthly Eurogroup meeting with euro zone finance ministers at which Greece had not been on the agenda -- an unusual occurrence in recent years, that was due to the approval last month of the latest instalment of the bailout. Regling said the funds had reached Athens on Monday. (Reporting by Alastair Macdonald; Editing by Francesco Guarascio; editing by Ralph Boulton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-regling-idUKKBN19V2GT'|'2017-07-10T22:06:00.000+03:00'|5028.0|''|-1.0|'' @@ -5093,7 +5093,7 @@ 5091|'4e7092b751a423f13e98c5acfc211423e43a30b2'|'Deutsche Bank asset management IPO unlikely in 2017 - CEO'|'July 27, 2017 / 11:37 AM / in 15 minutes Deutsche Bank asset management IPO unlikely in 2017 - CEO Reuters Staff 1 head quarters of Germany''s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - Deutsche Bank''s ( DBKGn.DE ) planned listing of its asset management arm is unlikely to take place this year, Chief Executive John Cryan said on Thursday. The final decision on the timing will depend on market conditions and the final regulatory sign-off on the planned deal, he said on an analyst call to discuss the lender''s second-quarter earnings. "Our asset management businesses continue to exhibit good investment performance across many asset classes and investment styles," he added. People close to the matter had told Reuters on Wednesday that a stock market flotation of the unit is expected to take place in the first half of 2018 at the earliest. Reporting by Arno Schuetze and Tom Sims; Editing by Maria Sheahan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-results-ipo-idUKKBN1AC1QO'|'2017-07-27T14:36:00.000+03:00'|5091.0|''|-1.0|'' 5092|'ed20a1b1193a5de19c9c4931af561eb851f6235b'|'Europe''s oil giants recover from three-year slump'|'July 27, 2017 / 8:46 AM / 10 hours ago Europe''s oil giants recover from three-year slump Ron Bousso , Karolin Schaps and Bate Felix 4 Min Read A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. Toby Melville/File Photo LONDON/PARIS (Reuters) - Europe''s major oil and gas companies have turned a corner after a three-year slump, reporting strong growth in profits as cost cutting paid off and vowing to press on with saving more money amid a fragile recovery in oil prices. Royal Dutch Shell, France''s Total and Norway''s Statoil reported sharp increases in cash flow from operations in the second quarter as profits beat analyst expectations, meaning they can all comfortably pay dividends and reduce debt. Shell led the charge, more than tripling profits in the second quarter from a year ago, boosted by its refining and chemicals business and a 16 percent rise in oil prices. "This demonstrates they have moved themselves to a new level of profitability at $50 oil," said Colin Smith, director of oil and gas research at Panmure Gordon. Combined, the three companies more than doubled cash flow from operations to more than $41 billion from about $17 billion. Shell''s first-half cash generation rose seven-fold, a year after it completed the $54 billion acquisition of BG Group. Oil investor hopes were raised at the start of the year by a deal to cut production between members of the Organization of Petroleum Exporting Countries and some non-OPEC producers. That lifted oil prices above $58 a barrel in January, well above their 2016 low of just $27. But Brent crude prices slipped back below $50 in the second quarter as U.S. shale production surged, sparking a wave of price forecast downgrades from banks and prompting investors to focus again on cost cutting by oil companies. Statoil''s Chief Financial Officer Hans Jakob Hegge said he expected oil prices to rise towards the end of the year though Total said prices would remain volatile due to high global inventories. Executives vowed to keep a tight rein on costs. FILE PHOTO: The logo of French oil giant Total is seen in front of the oil refinery of Donges, near Nantes, France, December 20, 2013. Stephane Mahe/File Photo "The external price environment and energy sector developments mean we will remain very disciplined," said Shell Chief Executive Ben van Beurden. Total Chief Executive Patrick Pouyanne said the company had the flexibility to take advantage of the low-cost environment in the sector to launch profitable projects and acquire resources under attractive conditions. Total maintained its 2017 cost savings target of $3.5 billion, aiming to lower production costs further. FILE PHOTO: Norwegian oil company''s Statoil logo is seen at their headquarters in Fornebu, Norway, June 1, 2017. Ints Kalnins/File Photo Total and Statoil also beat analyst profit forecasts with Total seeing a strong lift from its high-margin upstream projects. Shell, Total and Statoil shares were up by more than one percent by 0718 GMT, slightly outperforming the broader sector index. Spain''s Repsol also posted a 43.8 percent jump in second-quarter adjusted net profit, with earnings from its oil and gas division jumping 150 percent. The companies broadly maintained their spending plans for 2017, with Statoil slightly reducing its exploration budget. Shell said it had sold some $25 billion of assets to pay off the BG acquisition and analysts said the new projects coming online meant it had a bright outlook. "What drives Shell on from here is the benefit of the new growth projects that they''ve got coming through at higher cash margins. We''re yet to really to see that come through in the numbers," Smith said. Additional reporting by Nerijus Adomaitis and Ole Petter Skonnord in Oslo and Julien Toyer in Madrid; editing by Veronica Brown and David Clarke 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-oil-majors-results-idUSKBN1AC157'|'2017-07-27T11:45:00.000+03:00'|5092.0|''|-1.0|'' 5093|'5ebc9f9eef5418e2fdbe8798c758209cb886f021'|'Brooklyn jurors to begin deliberating in Martin Shkreli''s fraud case'|'July 28, 2017 / 8:15 PM / 14 minutes ago Brooklyn jurors to begin deliberating in Martin Shkreli''s fraud case Brendan Pierson 3 Min Read Former drug company executive Martin Shkreli exits U.S. District Court in the Brooklyn borough of New York City, U.S., July 28, 2017. Mike Segar NEW YORK (Reuters) - The fate of former drug company executive Martin Shkreli now rests with jurors in Brooklyn federal court, who will begin deliberating Monday morning after a month-long trial. Shkreli, 34, is best known for raising the price of anti-infection drug Daraprim by 5,000 percent in 2015 as chief executive of Turing Pharmaceuticals. The increase sparked outrage from U.S. lawmakers and patients and earned Shkreli the nickname "pharma bro." The charges he now faces relate not to Turing but to Shkreli''s management of his previous drug company, Retrophin Inc, and hedge funds MSMB Capital and MSMB Healthcare, between 2009 and 2014. Prosecutors claim he lied to MSMB investors, lost their money and paid them back with cash and stock stolen from Retrophin. On Friday, jurors finished hearing lawyers'' closing arguments in the case. "Maybe Martin could have been more responsive to the needy investors," said Benjamin Brafman, Shkreli''s lawyer. "Maybe because of the way his mind operates at warp speed, he was doing too many things at one time." But Brafman urged jurors to see Shkreli as an eccentric genius, driven by his desire to build a drug company that would save lives. He stressed that the investors made money in the end. In a rebuttal, Assistant U.S. Attorney Jacquelyn Kasulis said Brafman was describing a "mythological Martin Shkreli." Former drug company executive Martin Shkreli (C) exits U.S. District Court in the Brooklyn borough of New York City, U.S., July 28, 2017, with his lead attorney Benjamin Brafman (L). Mike Segar "He knew exactly what he was doing," she said. "We have proven his intent to deceive beyond any doubt." She described Shkreli as "calculating," saying he told investors what they wanted to hear so they would hand over their money. Slideshow (2 Images) Kasulis told the jurors it did not matter that Shkreli''s hedge fund investors were paid back by Retrophin. "If you rob a bank, and then you rob another bank to pay back the first back, you still robbed that first bank," she said. Shkreli, who did not testify in his defense, has often seemed to revel in his public reputation, posting on social media even as his trial unfolded. "My case is a silly witch hunt perpetrated by self-serving prosecutors," he posted on Facebook Thursday, after the first part of Brafman''s argument. "Thankfully my amazing attorney sent them back to junior varsity where they belong. Drain the swamp. Drain the sewer that is the (U.S. Department of Justice). MAGA." "MAGA" is widely used as an acronym for "Make America Great Again," President Donald Trump''s campaign slogan. Reporting by Brendan Pierson in New York; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-crime-shkreli-idUKKBN1AD2KB'|'2017-07-28T23:15:00.000+03:00'|5093.0|''|-1.0|'' -5094|'a327dd86bb9e4fcdc5a3024f199832b682dbb978'|'Big can also be beautiful, insists founder of Camden Town Brewery'|'T he original Camden Town Brewery , which nestles under a set of railway arches in Londons fashionable Kentish Town, is one of the most Instagrammed places in the UK. Its hard to imagine the brewer, which was in the vanguard of the craft beer movement, is going to have the same appeal to hipsters after its move to a huge purpose-built shed on an anonymous north London industrial estate.But this is the new home of Hells lager: a 30m facility that Jasper Cuppaidge, the brewers founder, hopes will turn it into a national and potentially international success. It is the largest investment in London brewing for 30 years.Camden made headlines in 2015 when Cuppaidge sold the business he had founded with friends to Anheuser-Busch InBev, the worlds biggest drinks company, for an estimated 85m. The deal led to handwringing as fans complained that it had literally and metaphorically sold out.Its wonderful that people care so much about us, says Cuppaidge. I hope they can see we are better than we were 12 months ago and only getting better. I dont think weve lost any fans.Cuppaidge is hard-headed about the financial realities of succeeding in such a cash-thirsty industry. Theres 28m of investment sitting in there and that doesnt come out of the air, says the Australian, pointing to the brewhouse that backs on to the river Lee. We were always going to have investment from one of the bigger brewers because we needed to grow the brand. We wanted that expertise and distribution network, and thats what weve joined up to.On Monday, another multinational, Carlsberg, said it had bought London Fields Brewery in Hackney, east London. It joins fellow craft brewers Camden and Meantime, which now belongs to Japans Asahi, in foreign ownership. In April, BrewDog founders James Watt and Martin Dickie sold a minority stake to a private equity firm for just over 200m despite pulling Camdens beers from its bars when the AB InBev deal was announced.Facebook Twitter Pinterest Jasper Cuppaidge (blue shirt) in the new brewery at Enfield. Photograph: Martin Godwin for the Observer Camden is small beer to AB InBev , which owns more than 500 brands including Budweiser, Stella Artois and Becks. Last year it also swallowed its rival SABMiller in a monster 79bn deal while simultaneously doing Camden-style deals around the world.Camdens success was a decade in the making for Cuppaidge, whose grandfather built the McLaughlins brewery in Queensland. In 2006, the entrepreneur took over a former Wetherspoon pub in Hampstead and the following year started making beer in the basement. Four years later it decamped to the arches under Kentish Town West station but, with sales growing at 70% a year, it was forced to outsource some production. Last year, two-thirds of the 100,000 hectolitres of its beer the equivalent of 17.6 million pints was made in Belgium but that outsourcing will now end.By the end of July all our production will be made between NW1 and EN3, says Cuppaidge of a shift that will bring immediate financial savings, as it will eliminate the need to truck beer all over the country.The new brewhouse, which is close to the M25 and North Circular Road, gives Camden the capacity to produce up to 500,000 hectolitres (88 million pints) a year. Ive always wanted to do something big from one location, says Cuppaidge. I like to walk out and speak to everybody. I wasnt scared of scale, but I was scared of diversifying sites.The first batches of Camden Hells are already bubbling away in giant stainless-steel vessels but ancillary areas, including the visitor centre, are still under construction, with teams of tradespeople working furiously before the grand opening on 29 July.AB InBev is led by Carlos Brito, who is famous for ruthless cost cutting at the companies he acquires. So could Cuppaidge come under pressure to cut corners ? I dont believe it will happen, he says. Were a standalone business within the mothership.I had breakfast with Carlos, he adds. He was charming and we had a great conversation. The company has a winning culture. They are saying: Camden, keep doing what you do, and do it better, and if we can help you, we will.But for many craft aficionados, small is beautiful. The Society of Independent Brewers has created a logo to use on pumps showing the brewer is not owned by a global company and produces less than 200,000 hectolitres a year criteria that Camden no longer meets.I couldnt possibly talk about being a mega-brewer because Im not one: were Camden, says Cuppaidge. There is a total authenticity to us and our brand. For us, craft is a way of thinking. It is about attention to detail and a focus, not only how you use your ingredients, but who you get them from. It doesnt matter how big a volume of beer is produced.Topics Food & drink industry The Observer Beer AB InBev London Food & drink features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/08/big-also-beautiful-insists-founder-camden-town-brewery-jasper-cuppaidge'|'2017-07-08T03:00:00.000+03:00'|5094.0|''|-1.0|'' +5094|'a327dd86bb9e4fcdc5a3024f199832b682dbb978'|'Big can also be beautiful, insists founder of Camden Town Brewery'|'T he original Camden Town Brewery , which nestles under a set of railway arches in Londons fashionable Kentish Town, is one of the most Instagrammed places in the UK. Its hard to imagine the brewer, which was in the vanguard of the craft beer movement, is going to have the same appeal to hipsters after its move to a huge purpose-built shed on an anonymous north London industrial estate.But this is the new home of Hells lager: a 30m facility that Jasper Cuppaidge, the brewers founder, hopes will turn it into a national and potentially international success. It is the largest investment in London brewing for 30 years.Camden made headlines in 2015 when Cuppaidge sold the business he had founded with friends to Anheuser-Busch InBev, the worlds biggest drinks company, for an estimated 85m. The deal led to handwringing as fans complained that it had literally and metaphorically sold out.Its wonderful that people care so much about us, says Cuppaidge. I hope they can see we are better than we were 12 months ago and only getting better. I dont think weve lost any fans.Cuppaidge is hard-headed about the financial realities of succeeding in such a cash-thirsty industry. Theres 28m of investment sitting in there and that doesnt come out of the air, says the Australian, pointing to the brewhouse that backs on to the river Lee. We were always going to have investment from one of the bigger brewers because we needed to grow the brand. We wanted that expertise and distribution network, and thats what weve joined up to.On Monday, another multinational, Carlsberg, said it had bought London Fields Brewery in Hackney, east London. It joins fellow craft brewers Camden and Meantime, which now belongs to Japans Asahi, in foreign ownership. In April, BrewDog founders James Watt and Martin Dickie sold a minority stake to a private equity firm for just over 200m despite pulling Camdens beers from its bars when the AB InBev deal was announced.Facebook Twitter Pinterest Jasper Cuppaidge (blue shirt) in the new brewery at Enfield. Photograph: Martin Godwin for the Observer Camden is small beer to AB InBev , which owns more than 500 brands including Budweiser, Stella Artois and Becks. Last year it also swallowed its rival SABMiller in a monster 79bn deal while simultaneously doing Camden-style deals around the world.Camdens success was a decade in the making for Cuppaidge, whose grandfather built the McLaughlins brewery in Queensland. In 2006, the entrepreneur took over a former Wetherspoon pub in Hampstead and the following year started making beer in the basement. Four years later it decamped to the arches under Kentish Town West station but, with sales growing at 70% a year, it was forced to outsource some production. Last year, two-thirds of the 100,000 hectolitres of its beer the equivalent of 17.6 million pints was made in Belgium but that outsourcing will now end.By the end of July all our production will be made between NW1 and EN3, says Cuppaidge of a shift that will bring immediate financial savings, as it will eliminate the need to truck beer all over the country.The new brewhouse, which is close to the M25 and North Circular Road, gives Camden the capacity to produce up to 500,000 hectolitres (88 million pints) a year. Ive always wanted to do something big from one location, says Cuppaidge. I like to walk out and speak to everybody. I wasnt scared of scale, but I was scared of diversifying sites.The first batches of Camden Hells are already bubbling away in giant stainless-steel vessels but ancillary areas, including the visitor centre, are still under construction, with teams of tradespeople working furiously before the grand opening on 29 July.AB InBev is led by Carlos Brito, who is famous for ruthless cost cutting at the companies he acquires. So could Cuppaidge come under pressure to cut corners ? I dont believe it will happen, he says. Were a standalone business within the mothership.I had breakfast with Carlos, he adds. He was charming and we had a great conversation. The company has a winning culture. They are saying: Camden, keep doing what you do, and do it better, and if we can help you, we will.But for many craft aficionados, small is beautiful. The Society of Independent Brewers has created a logo to use on pumps showing the brewer is not owned by a global company and produces less than 200,000 hectolitres a year criteria that Camden no longer meets.I couldnt possibly talk about being a mega-brewer because Im not one: were Camden, says Cuppaidge. There is a total authenticity to us and our brand. For us, craft is a way of thinking. It is about attention to detail and a focus, not only how you use your ingredients, but who you get them from. It doesnt matter how big a volume of beer is produced.Topics Food & drink industry The Observer Beer AB InBev London Food & drink features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/08/big-also-beautiful-insists-founder-camden-town-brewery-jasper-cuppaidge'|'2017-07-08T03:00:00.000+03:00'|5094.0|17.0|0.0|'' 5095|'13d507a7df9de1c9c51ba431cf5b73d08849dd33'|'Pratt engine issue delays Airbus plane deliveries to Indian carriers'|'July 27, 2017 / 1:46 PM / in 4 hours Pratt engine issue delays Airbus plane deliveries to Indian carriers 2 Min Read FILE PHOTO: The Airbus A320neo (New Engine Option) takes off during its first flight event in Colomiers near Toulouse, southwestern France, September 25, 2014. Regis Duvignau/Files NEW DELHI (Reuters) - India''s IndiGo and GoAir airlines are facing delays in receiving planes from Airbus due to ongoing problems with engines developed by Pratt & Whitney, the minister of state for civil aviation said on Thursday. The carriers "have confirmed that these issues have impacted the delivery of aircraft," Jayant Sinha said in a written reply to lawmakers. State-owned carrier Air India has also experienced some delay in getting deliveries of some A320neo aircraft fitted with engines made by rival CFM International, he said. Airbus, which reported a drop in mid-year profits earlier on Thursday, has turned up the heat on Pratt & Whitney, a unit of United Technologies, asking it to "work harder" to fix reliability problems that have disrupted its biggest production line and caused delays in deliveries to customers. The world''s second-largest planemaker aims to deliver some 200 A320neo-family jets in 2017. In the first half, it delivered just 16 Pratt-powered A320neo jets, barely a third of the 43 powered by competing CFM engines, sources have told Reuters. Technical issues with Pratt & Whitney engines have forced IndiGo, owned by InterGlobe Aviation, to ground seven of the narrow-body jets, while, according to The Times of India, GoAir has started cancelling flights. India''s aviation regulator is investigating the issue. Pratt & Whitney has told the regulator it will address the problems, Sinha said. Reporting by Aditi Shah; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-airbus-engines-idINKBN1AC256'|'2017-07-27T16:45:00.000+03:00'|5095.0|''|-1.0|'' 5096|'0e8f020686ef59d27807a0b4affd2ba858d35368'|'Bids for Biotoscana Brazil IPO nearly five times supply, sources say'|'July 21, 2017 / 4:20 PM / 16 minutes ago Bids for Biotoscana Brazil IPO nearly five times supply, sources say 2 Min Read BOGOTA/SAO PAULO (Reuters) - Investors have placed bids worth nearly five times the amount of shares put on sale at the midpoint of a suggested price range for the Brazilian listing of Grupo Biotoscana SA, three people with knowledge of the transaction told Reuters. Biotoscana, a Colombia-based pharmaceutical company, is selling 40.5 million Brazilian depositary receipts (BDRs) at a suggested price range of 24.50 reais to 28.50 reais. The transaction is set to price after the market close on Friday. The transaction underscores the solid demand for a rare regional play in the biotechnological sector. It caps the busiest week since mid-February for Brazilian equity offerings. It could also spell good news for reinsurer IRB Brasil Resseguros SA and renewable power firm Omega Gerao SA, which are scheduled to list shares on the So Paulo Stock Exchange in coming weeks. Grupo Carrefour Brasil SA and shareholders on Tuesday placed 5.12 billion reais ($1.6 billion) worth of shares in Brazil''s largest initial public offering in four years, though the offering priced at the bottom end of a suggested range. Investors have been wary of Brazilian IPOs because new issues have failed to deliver promised returns over the past decade. Less than one-third of the 115 IPOs priced since the start of 2007 yielded returns above Brazil''s interbank lending rate, according to Thomson Reuters data. Reporting by Guillermo Parra-Bernal and Bruno Federowski; Writing by Bruno Federowski 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-grupo-biotoscana-ipo-idUSKBN1A6240'|'2017-07-21T19:16:00.000+03:00'|5096.0|''|-1.0|'' 5097|'a6cc6091a168328625972aa0e0e0e334b196ceac'|'Imagination Tech says no progress on Apple dispute, sale talks continue'|'Top News - Tue Jul 4, 2017 - 7:44am BST Imagination Tech says no progress on Apple dispute, sale talks continue The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay LONDON British chip designer Imagination Technologies said it had made no progress in its battle with its biggest customer Apple , and the sale of the company triggered by the dispute was continuing with talks with potential buyers. Imagination said in April that Apple had decided to develop its own graphics chips and would no longer use Imagination''s processing designs in 15 months to two years time, sending its shares down 70 percent on the day. The company, which put itself up for sale last month, said it returned to profitability in the year to end-April, with reported operating profit of 7.8 million pounds ($10.1 million) against a loss of 26.8 million pounds a year earlier. Chief Executive Andrew Heath said: "Apple''s unsubstantiated assertions and the resultant dispute have forced us to change our course, despite the clear progress we have been making." (Reporting by Paul Sandle; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-imagntn-tchnlgs-results-idUKKBN19P0N9'|'2017-07-04T09:44:00.000+03:00'|5097.0|''|-1.0|'' @@ -5106,9 +5106,9 @@ 5104|'e714b7642243d812f010fe74b13271160b0b4976'|'Investment in UK fintech tops pre-Brexit levels in first half of 2017'|'July 25, 2017 / 11:09 PM / an hour ago Investment in UK fintech tops pre-Brexit levels in first half of 2017 Jemima Kelly 4 Min Read FILE PHOTO: People are seen in the Level39 FinTech hub based in the One Canada Square tower of the Canary Wharf district of London, Britain, August 5, 2016. Jemima Kelly/File Photo LONDON (Reuters) - Over half a billion dollars were poured into British financial technology companies in the first half of 2017, over a third more than the same period last year, trade body Innovate Finance said on Wednesday, in the latest sign the fast-growing sector is so far weathering Brexit. UK-based fintech startups pulled in $564 million of venture capital investment in the first six months of the year, more than half of which came from outside Britain. That was up 37 percent from the first half of 2016, and put Britain in third place globally for fintech investment, behind the United States and China. Some had worried that Britain''s vote last June to leave the European Union would see Britain lose its status as the main European hub for fintech - a sector that ranges from mobile payment apps to digital currencies like bitcoin, and one that the government regards as a key source of economic growth. The latest figures paint a promising picture, with investment up almost 50 percent on the second half of last year in the aftermath of the Brexit vote. That still lags 2015, when a record $676 million was invested in the first half of the year and over $1.3 billion for the entire year. But from July 1 to July 23, the sector has already raised another $155 million. "We saw a period of uncertainty over the summer last year but I would say that by around the third quarter, things were starting to recover," Innovate Finance''s chief financial officer, Abdul Haseeb Basit, told Reuters. "Things have slowed but we''ve seen an improving recovery since the referendum last year." The government has identified fintech as a priority area, saying it provides 60,000 jobs and contributes around $9 billion to the economy. FILE PHOTO: A man uses a laptop in the Level39 FinTech hub based in the One Canada Square tower of the Canary Wharf district of London, Britain, August 5, 2016. Jemima Kelly/File Photo Basit said some deals had term sheets that included "Brexit clauses" - contractual provisions that meant investment was contingent on Britain voting to stay in the European Union - that had been triggered after the Brexit vote and meant funding had been pulled, causing concern. But investors say Britain''s prowess in both conventional finance and technology, as well as light-touch regulation, its pro-business culture and even the fact that it is Anglophone make it difficult for other centres to compete, though many - such as Berlin and Paris - are trying. Basit said while passporting rights - which give firms licenced in one EU country the right to trade freely in any other - had been a big concern for investors after Brexit, those worries had eased. Even if Britain loses passporting rights, that would affect only 20 percent of the almost 300 startups that are members of Innovate Finance. Talent Needed More of a worry, he said, was that access to highly skilled workers would dry up when Britain leaves the EU. Innovate Finance has estimated 30 percent of the sector''s workers are from overseas, mostly from the European Union. "Talent is the number one concern, and has been consistently since the referendum - we test (our members on) that every three to six months. So that''s been fairly consistent - it''s been a worry and until we have more certainty around that, it will remain a worry," he said. Globally, fintech investment for the first half of the year stood at $6.5 billion. Just over half that went into U.S. startups and $1 billion into China. That was down 45 percent from the same period last year, but Innovate Finance said that was largely because of three Chinese "megadeals" worth more than $1 billion each that had all gone through in early 2016. A third of the investment into British fintech came from venture capital firms based in the United States. "There is a lot of competition in the investment space - there''s a lot of capital available and it''s looking for good companies to invest in," said Basit. "Were they to not invest in UK companies, they feel like they might miss an opportunity. The appetite is still strong." Reporting by Jemima Kelly, editing by Larry King 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-fintech-investment-idUKKBN1AA2VN'|'2017-07-26T02:05:00.000+03:00'|5104.0|''|-1.0|'' 5105|'2a691d05397bf82ac2164833f62aee2b135e865a'|'Fed to announce balance sheet unwind in Sept, hike rates in Q4: Reuters poll'|'July 18, 2017 / 8:01 AM / 9 minutes ago Fed to announce balance sheet unwind in Sept, hike rates in Q4: Reuters poll Shrutee Sarkar 5 Min Read FILE PHOTO: A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. Kevin Lamarque/File Photo BENGALURU (Reuters) - The U.S. Federal Reserve will announce plans to shrink its more than $4 trillion balance sheet in September, according to a Reuters poll of economists who also said the central bank will wait until the fourth quarter before raising rates again. Results in the survey are in line with what Fed officials have hinted at in recent weeks, even as they are split on the outlook for inflation and how the lack of it might affect the future pace of interest rate hikes. "The idea is that they (the Fed) announce balance sheet shrinkage at the September meeting and then hike in December. I think they have almost pre-announced those two decisions," said Ethan Harris, head of global economics at Bank of America Merrill Lynch. In a poll conducted just last month, predictions were for the Fed to raise rates by September. But expectations have now been pushed back by a quarter, with the consensus from the latest poll of over 100 economists predicting the fed funds rate to climb to a range of 1.25-1.50 percent by the end of this year. Financial markets are pricing in only a 43 percent chance of a 25 basis point rate hike in December. That is largely because recent U.S. economic data have been weaker than expected, especially inflation. The dollar too has taken a beating against a basket of currencies and was last trading near a 10-month low. The Fed has raised rates twice so far this year. So while the Fed pauses for the next opportunity to raise rates, about two-thirds of economists say the central bank is expected to announce the course of action it will take to unwind its massive bonds portfolio in September. Most of those who answered another question in the poll said if the Fed does so, it will not be acting too soon. (For a graphic on those expectations: reut.rs/2txiV89 ) But not everyone was convinced. "We are a little bit concerned that the Fed is getting ahead of itself. We don''t agree with the idea that the Fed seems to be selling that balance sheet shrinkage is something we should not be focused on, and it will simply occur in the background," said BofA-ML''s Harris. "In a sense, they are setting aside one of their policy tools on auto-pilot. I don''t think they should be doing that." Only a handful of economists expect the central bank to announce its balance sheet unwinding plan when it meets on July 25-26. The consensus was for the central bank to stand pat on rates too at that meeting. Inflation Outlook Slips The labor market remains strong, with the unemployment rate at 4.4 percent. But weak wage growth and cooling inflation will probably keep the Fed wary of raising rates again soon. The Reuters poll consensus for core PCE inflation, the gauge the Fed closely watches, was 1.5-1.6 percent each quarter from here until the end of the year, slightly lower than 1.6-1.7 percent expected last month. Growth has not picked up as previously thought either and is now expected to be modest at best for this year and next. The economy is forecast to have grown at a 2.7 percent pace in the second quarter and then to advance at an annualized rate of 2.2-2.5 percent each quarter to the end of next year, according to the poll median. Fed Chair Janet Yellen said at a Senate committee hearing last week that it would be "quite challenging" for the United States to reach the 3 percent growth target set by President Donald Trump''s administration. Several Reuters polls this year have been clear that the chances of 3 percent U.S. economic growth this year were low. While the Fed has been more sanguine than markets about inflation picking up, policymakers will move cautiously. "Fed officials believe that market participants are underappreciating the inflation implications of the downtrend in the unemployment rate, and that they have overreacted to some weaker-than-expected inflation data," noted Jim O''Sullivan of High Frequency Economics, the top forecaster for U.S. economic data in Reuters polls in 2016 for the second year in a row. "However, Fed officials will not follow through on their policy projections if the labor market weakens and the recent slowing in core inflation continues," O''Sullivan wrote in a note. (For other stories from the Reuters global long-term economic outlook polls package) Analysis and polling by Indradip Ghosh and Vivek Mishra; Editing by Ross Finley and Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/fed-rates-poll-idINKBN1A30MI'|'2017-07-18T10:57:00.000+03:00'|5105.0|''|-1.0|'' 5106|'a9f97f391ab74c0edbd78725a879d86ec7ed2de9'|'Ultra Electronics to buy U.S. warfare device maker Sparton'|'Deals 22am BST UK''s Ultra Electronics to buy U.S. warfare device maker Sparton British defense contractor Ultra Electronics said it would buy Sparton Corp for $23.50 per share, giving the maker of anti-submarine warfare devices used by the U.S. Navy an enterprise value of about $234.8 million. The deal will create a major supplier in the underwater warfare market, including to the U.S. Department of Defense, Ultra Electronics said. Ultra Electronics said it worked with Sparton''s engineered components and products unit in a joint venture for over 10 years. "This close relationship has benefited our major customer, the US DoD, through more effective use of the available engineering budget," the British firm said. U.S. President Donald Trump has sought what he called a "historic" increase in defense spending and has criticized European nations for low defense spending. Ultra Electronics will raise capital to partly fund the deal, by placing 9.9 percent of its shares under issue. The deal is expected to close by Jan. 1, 2018. (Reporting by Noor Zainab Hussain '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-sparton-m-a-ultra-electronic-idUKKBN19S0V0'|'2017-07-07T10:17:00.000+03:00'|5106.0|''|-1.0|'' -5107|'200a44c66ebadb15b10dddf7ae704289e179c8a4'|'ECB asks pension funds for more data'|'July 26, 2017 / 10:04 AM / 23 minutes ago ECB asks pension funds for more data Reuters Staff 3 Min Read FILE PHOTO: The headquarters of the European Central Bank (ECB) (R) is seen next to the famous skyline in Frankfurt, Germany, April 9, 2017. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - The European Central Bank will require euro zone pension funds to disclose more detailed data on their operations, arguing that it lacks proper visibility in a huge sector that is vital for the transmission of monetary policy, it said on Wednesday. With 50 million customers and 2.5 trillion euros (2.2 trillion pounds) in assets, pension funds are among the biggest and fastest-growing investors. That makes them vital for the ECB in gauging the success of its policy, particularly in a period of ultra-low rates when some savers doubt their funds'' ability to generate enough for their retirement. "Current gaps in the data available and the lack of comparability across countries make it difficult to gain a comprehensive understanding of the role of the sector in the transmission mechanism of monetary policy, of the cash flows and of the risks associated with pension obligations," the ECB said. The ECB will ask large, autonomous funds in the euro zone to start reporting according to harmonised rules with more data also released to the public, it said in new draft guidelines that are still subject to a consultation with the industry. The funds, excluding for example those set up by corporations or credit institutions, will have to list transactions security by security, and provide data on both assets and liabilities, broken down by economic sector, maturity and geography. "It will help us better understand their role in the transmission mechanism of monetary policy because we will... see not just how the stocks are changing but what are they buying or what are they selling, so how do they react to our monetary policy," said Aurel Schubert, head of the ECB''s statistics unit. Given the added cost of the new reporting rules, national central banks may exempt some funds from the new rules, particularly if they hold less than 10 million euros or have fewer than 100 members, but each country must report on at least 80 to 85 percent of the sector. The full extent of the new reporting requirement should involve between 1,500 and 2,000 funds, the ECB said. The new set of quarterly data will be first collected from the first quarter of 2019, while first full-year data will have to be provided on 2018 figures. Reporting by Balazs Koranyi; Editing by Mark Trevelyan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-pensions-ecb-idUKKBN1AB19S'|'2017-07-26T13:03:00.000+03:00'|5107.0|''|-1.0|'' +5107|'200a44c66ebadb15b10dddf7ae704289e179c8a4'|'ECB asks pension funds for more data'|'July 26, 2017 / 10:04 AM / 23 minutes ago ECB asks pension funds for more data Reuters Staff 3 Min Read FILE PHOTO: The headquarters of the European Central Bank (ECB) (R) is seen next to the famous skyline in Frankfurt, Germany, April 9, 2017. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - The European Central Bank will require euro zone pension funds to disclose more detailed data on their operations, arguing that it lacks proper visibility in a huge sector that is vital for the transmission of monetary policy, it said on Wednesday. With 50 million customers and 2.5 trillion euros (2.2 trillion pounds) in assets, pension funds are among the biggest and fastest-growing investors. That makes them vital for the ECB in gauging the success of its policy, particularly in a period of ultra-low rates when some savers doubt their funds'' ability to generate enough for their retirement. "Current gaps in the data available and the lack of comparability across countries make it difficult to gain a comprehensive understanding of the role of the sector in the transmission mechanism of monetary policy, of the cash flows and of the risks associated with pension obligations," the ECB said. The ECB will ask large, autonomous funds in the euro zone to start reporting according to harmonised rules with more data also released to the public, it said in new draft guidelines that are still subject to a consultation with the industry. The funds, excluding for example those set up by corporations or credit institutions, will have to list transactions security by security, and provide data on both assets and liabilities, broken down by economic sector, maturity and geography. "It will help us better understand their role in the transmission mechanism of monetary policy because we will... see not just how the stocks are changing but what are they buying or what are they selling, so how do they react to our monetary policy," said Aurel Schubert, head of the ECB''s statistics unit. Given the added cost of the new reporting rules, national central banks may exempt some funds from the new rules, particularly if they hold less than 10 million euros or have fewer than 100 members, but each country must report on at least 80 to 85 percent of the sector. The full extent of the new reporting requirement should involve between 1,500 and 2,000 funds, the ECB said. The new set of quarterly data will be first collected from the first quarter of 2019, while first full-year data will have to be provided on 2018 figures. Reporting by Balazs Koranyi; Editing by Mark Trevelyan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-pensions-ecb-idUKKBN1AB19S'|'2017-07-26T13:03:00.000+03:00'|5107.0|23.0|0.0|'' 5108|'1f27123f3626bae8e1ef2e8a64cea9f52e111a80'|'Venezuela''s PDVSA says could seek to renegotiate October debt payment'|'Business News - Tue Jul 11, 2017 - 4:37am EDT Venezuela''s PDVSA says could seek to renegotiate October debt payment FILE PHOTO: The corporate logo of the state oil company PDVSA is seen at a gas station in Caracas, Venezuela April 12, 2017. REUTERS/Marco Bello/File Photo ISTANBUL Venezuelan state oil producer PDVSA could seek to renegotiate a looming October bond payment given low oil prices, Hector Andrade, PDVSA''s managing director for planning, said on Tuesday. "I guess there are a lot of chances of that," Andrade said when asked about a possible payment renegotiation. "Right now it''s not just about the cooperation between producers... (but) cooperation between producer and consumer." The firm also expects to invest $50 billion over the next 7 years to raise capacity by 1 million barrels per day, Andrade told reporters on the sidelines of an energy conference in Istanbul. Venezuela currently produces about 2 million barrels per day. Struggling under triple-digit inflation and Soviet-style product shortages as its socialist economy unravels, Venezuela has been hit hard by low prices for oil, its economic lifeline. The OPEC nation''s oil output has slipped and PDVSA is struggling to maintain investment in its oilfields, which hold the world''s largest crude reserves. (Reporting by David Dolan; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-venezuela-oil-debt-idUSKBN19W0PQ'|'2017-07-11T11:37:00.000+03:00'|5108.0|''|-1.0|'' -5109|'a4cbccc4398907d6df63b9588edf5ca99d9eeb54'|'Macau halts cash withdrawals at non-compliant ATMs'|' 17am BST Macau halts cash withdrawals at non-compliant ATMs FILE PHOTO - Chinese visitors walk past a sign for China UnionPay outside a pawnshop in Macau November 20, 2013. REUTERS/Tyrone Siu/File Photo HONG KONG Authorities in Macau, the world''s biggest gambling hub, said withdrawals using China''s state-backed UnionPay card would be suspended at automated teller machines without the latest ''know your customer'' technology from Tuesday. The announcement from Macau''s monetary authority is the latest in a series of measures being rapidly implemented in the special administrative region of Macau as the Chinese territory ramps up scrutiny on capital outflows from the mainland. Earlier in May, authorities unveiled security measures including facial recognition at ATM machines which require users of China''s state-backed UnionPay to provide identification. Since May, authorities said they have installed 834 ATMs with ''know your customer'' functions. The monetary authority said the new move was to "promote the integrity of the financial system of Macau and enhance the protection of the legal rights of mainland card holders." The monetary authority said it has been working with banks to speed up the implementation to cover all ATMs in the former Portuguese colony, including those inside the casinos, by the end of this year. In June, Macau additionally implemented new anti-money laundering legislation, beefing up the previous framework from 2006 with a much wider scope and stricter compliance measures. The flurry of steps coincided with a visit in May by Zhang Dejiang, the head of China''s parliament and its third-most powerful leader, during which he stated Macau faced challenges. A 2014 Reuters investigation found that many mainland Chinese use state-backed UnionPay cards to circumvent cash withdrawal limits of 20,000 yuan ($3,200) a day, and either use that money to gamble or transfer it abroad. Customers open multiple bank accounts, and then withdraw cash from each, or use pawn shops in Macau to make fake purchases, the investigation found. (Reporting by Farah Master; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-macau-regulation-idUKKBN19P0VC'|'2017-07-04T11:17:00.000+03:00'|5109.0|''|-1.0|'' +5109|'a4cbccc4398907d6df63b9588edf5ca99d9eeb54'|'Macau halts cash withdrawals at non-compliant ATMs'|' 17am BST Macau halts cash withdrawals at non-compliant ATMs FILE PHOTO - Chinese visitors walk past a sign for China UnionPay outside a pawnshop in Macau November 20, 2013. REUTERS/Tyrone Siu/File Photo HONG KONG Authorities in Macau, the world''s biggest gambling hub, said withdrawals using China''s state-backed UnionPay card would be suspended at automated teller machines without the latest ''know your customer'' technology from Tuesday. The announcement from Macau''s monetary authority is the latest in a series of measures being rapidly implemented in the special administrative region of Macau as the Chinese territory ramps up scrutiny on capital outflows from the mainland. Earlier in May, authorities unveiled security measures including facial recognition at ATM machines which require users of China''s state-backed UnionPay to provide identification. Since May, authorities said they have installed 834 ATMs with ''know your customer'' functions. The monetary authority said the new move was to "promote the integrity of the financial system of Macau and enhance the protection of the legal rights of mainland card holders." The monetary authority said it has been working with banks to speed up the implementation to cover all ATMs in the former Portuguese colony, including those inside the casinos, by the end of this year. In June, Macau additionally implemented new anti-money laundering legislation, beefing up the previous framework from 2006 with a much wider scope and stricter compliance measures. The flurry of steps coincided with a visit in May by Zhang Dejiang, the head of China''s parliament and its third-most powerful leader, during which he stated Macau faced challenges. A 2014 Reuters investigation found that many mainland Chinese use state-backed UnionPay cards to circumvent cash withdrawal limits of 20,000 yuan ($3,200) a day, and either use that money to gamble or transfer it abroad. Customers open multiple bank accounts, and then withdraw cash from each, or use pawn shops in Macau to make fake purchases, the investigation found. (Reporting by Farah Master; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-macau-regulation-idUKKBN19P0VC'|'2017-07-04T11:17:00.000+03:00'|5109.0|19.0|0.0|'' 5110|'aeab00a7bdac7bc099505585100eb33e99009b8c'|'MIDEAST STOCKS-Qatar edges up before Cairo meeting, Saudi extends slide'|'Market News - Wed Jul 5, 2017 - 10:46am EDT MIDEAST STOCKS-Qatar edges up before Cairo meeting, Saudi extends slide * Foreign funds are net buyers in Doha by tiny margin * Saudi down again on profit-taking * Retailers relatively resilient ahead of Q2 earnings * Abu Dhabi buoyed by banks By Celine Aswad DUBAI, July 5 Qatar''s stock index edged up on Wednesday as foreign ministers of four Arab states prepared to meet to consider sanctions against Doha. A deadline for Qatar to comply with a list of demands made by the states expired overnight. Doha has submitted replies to mediator Kuwait that have not been disclosed. Doha has shown no sign of acquiescing to major demands, which raises the possibility of the four states imposing more sanctions. But it is not clear that any fresh steps - such as the withdrawal of deposits from Qatar''s banking system - would be crippling, given Doha''s large financial resources. Qatar''s index added 0.4 percent as 10 traded shares rose, including ones favoured by foreign funds such as Islamic lender Masraf Al Rayan, which added 1.0 percent. Foreign funds were net buyers of Qatari stocks by a very narrow margin, bourse data showed; local funds were also net buyers, while Gulf funds were sellers. Twenty-seven stocks declined. Saudi Arabia''s index fell a further 0.5 percent, taking its losses over the last two sessions to 3.0 percent. Second-quarter earnings announcements are due to start around mid-July, and Alrajhi Capital predicted in a note that consumer-related sectors would do well because of the reinstatement of civil servants'' allowances and the month of Ramadan, which traditionally sees strong consumer spending. Mobile phone and computer retailer United Electronics added 3.0 percent. Earnings momentum for the broader market, however, is expected to be weak, according to a note by EFG Hermes. "Upside is limited for most of our coverage," it said, adding that it preferred banks over petrochemicals, and secular growth stories such as the insurance and supermarket industries. In Dubai, builder Arabtec fell 1.2 percent on profit-taking to 3.19 dirhams. Earlier in the day it hit a high of 3.37 dirhams after announcing its subsidiary Target Engineering had been awarded four projects worth 289 million dirhams ($79 million). Fifteen other shares fell and 11 advanced as the Dubai index closed near flat. The banking sector helped take Abu Dhabi''s index 0.5 percent higher with bellwether First Abu Dhabi Bank adding 1.0 percent. In Cairo the blue-chip index closed near flat. The most heavily traded stock of the day was private equity firm Qalaa Holding, which jumped 6.9 percent. Earlier this week its mining subsidiary ASEC Co for Mining reported that first-quarter net profit jumped to 232.4 million Egyptian pounds ($13.0 million) from a year-earlier loss 8.9 million pounds. ASEC shares jumped 21 percent in the past two days but fell back 5.2 percent on Wednesday. The broader EGX100 index added 0.7 percent. HIGHLIGHTS * The index lost 0.5 percent to 7,266 points. DUBAI * The index added 0.1 percent to 3,417 points. ABU DHABI * The index rose 0.5 percent to 4,414 points. QATAR * The index increased 0.4 percent to 8,929 points. EGYPT * The index edged up 0.1 percent to 13,335 points. KUWAIT * The index added 0.5 percent to 6,671 points. BAHRAIN * The index fell 0.4 percent to 1,312 points. OMAN '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1JW3IK'|'2017-07-05T17:46:00.000+03:00'|5110.0|''|-1.0|'' 5111|'394a56d4b5cb304d97f0c8abf5461c8e19e892b7'|'The fashion industry pays attention to plus-size women'|'A GOOD fit is everything, stylists often counsel, but in assessing its market Americas fashion business appears to have mislaid the measuring tape. A frequently-cited study done a few years ago by Plunkett Research, a market-research firm, found that 67% of American women were plus-size, meaning size 14 or larger. That figure will not have changed much, but in 2016, only 18% of clothing sold was plus-size, according to NPD Group, another research firm.Designers and retailers have long thought of the plus-size segment as high-risk. Predicting what these customers will buy can be difficult, as they tend to be more cautious about styles. Making larger clothes is more expensive; higher costs for fabric cannot always be passed on to consumers. In turn, plus-size women shopped less because the industry was not serving them well. We have money but nowhere to spend it, says Kristine Thompson, who runs a blog called Trendy Curvy and has nearly 150,000 followers on Instagram, a social-media site. 41 minutes At last, that is changing. Fast-fashion brands, including Forever 21 and a fashion line sold in partnership with Target, a giant retailer, have expanded their plus-size collections. Lane Bryant, a plus-size retailer, and Prabal Garung, a designer, have done the same. In March Nike extended its X-sized sportswear range.Revenue in the plus-size category increased by 14% between 2013 and 2016, compared with growth of 7% for all apparel. Takings were $21.3bn last year. Social media has played an important role in changing attitudes in the fashion business, says Madeline Jones, editor and co-founder of PLUS M odel Magazine .Nonetheless, designer brands still hold back (Walmart sells the most plus-size apparel). Some brands, such as Michael Kors, do sell plus-size ranges but do not advertise them or display them on websites. For those that are willing to take a chance, several internet startups that deliver personally styled outfits to individuals, including plus-size women, offer data to straight-size designers. Gwynnie Bee, Stitch Fix and Dia & Co, for example, share information with designers on preferred styles and fits. Tracy Reese, a designer known for creating Michelle Obamas dress for the Democratic National Convention in 2012, is one brand that recently enlisted Gwynnie Bees help to create a new plus-size collection. Gwynnie Bee prompted the label to create bigger patterns and more appealing designs.Not all plus-size shoppers are convinced. Laura Fuentes, a hairstylist from Abilene, Texas, says that many upmarket department stores still keep their plus-size clothing sections poorly organised, badly stocked and dimly lit, if they stock larger clothes at all. Yet such complaints should be taken with a pinch of salt, says Ms Thompson. Were nowhere near where we should be but weve made progress, she says.This article appeared in the Business section of the print edition under the headline "The forgotten majority"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21725029-revenue-category-outstripping-total-clothing-sales-fashion-industry-pays?fsrc=rss'|'2017-07-13T23:21:00.000+03:00'|5111.0|''|-1.0|'' 5112|'d344fd1ecb0a2c55adc88b790d5209e4a80ce701'|'China''s Xi pledges deeper supply-side reforms - Xinhua'|'July 27, 2017 / 11:53 PM / 29 minutes ago China''s Xi pledges deeper supply-side reforms - Xinhua Reuters Staff 1 Min Read Chinese President Xi Jinping speaks during a signing ceremony at the Great Hall of the People in Beijing, China, July 18, 2017. Mark Schiefelbein/Pool SHANGHAI (Reuters) - China will deepen so-called supply-side structural reforms that include efforts to deleverage the economy and cut excess capacity, President Xi Jinping told senior Communist Party leaders according to state media. Speaking at a two-day meeting to prepare for a once-in-five-years party congress later this year, Xi urged the party to make "all-out efforts, especially in preventing and defusing major risks, relieving poverty, as well as preventing and controlling pollution", the state news agency Xinhua reported. "China will keep deepening supply-side structural reform to push forward sustained and healthy economic and social development," Xinhua said, quoting Xi. Xinhua said supply-side structural reforms included deleveraging, destocking, cutting excess capacity, reducing costs and "shoring up weak areas". Reporting by John Ruwitch; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-reform-idUKKBN1AC3GB'|'2017-07-28T02:53:00.000+03:00'|5112.0|''|-1.0|'' @@ -5125,7 +5125,7 @@ 5123|'787af8eada852232723c85bae2243267f17c8377'|'Russian oligarch Vladimir Yevtushenkov falls from grace, again'|'HE WAS back in favour, or so it appeared. After spending several months under house arrest in late 2014, Vladimir Yevtushenkov, a Russian oligarch, relinquished control of Bashneft, a midsized oil firm, to the state. If you like another company tomorrow and want to take it, you are welcome, he told Vladimir Putin at the time, he later recalled. The president publicly gave his approval to Sistema, Mr Yevtushenkovs conglomerate, shares in which had plunged. Mr Yevtushenkov subsequently appeared at annual Kremlin receptions and late last year joined a presidential delegation to Crimea.Now he is under pressure again, facing a lawsuit from Rosneft, a state-run oil giant, which is demanding 171bn roubles ($2.8bn) in damages. Rosnefts boss is Igor Sechin, a Putin confidant, who many in Moscow reckon orchestrated the initial 2014 case against Mr Yevtushenkov as well. (Rosneft and Mr Sechin have denied any involvement in it.) Late last year, Rosneft purchased Bashneft from the state for $5.3bn. It now claims that Sistema inappropriately took assets in a restructuring of Bashneft. 15 hours ago How The case attests to Rosnefts appetite for deals, as well as to Mr Sechins clout. Since acquiring Bashneft, Rosneft has sold a 19.5% stake in itself to Glencore, a Swiss-based commodities firm, and the Qatar Investment Authority for 10.2bn ($11bn), despite being a target of American sanctions. Mr Sechin also just concluded a deal worth $12.9bn to acquire Indias Essar Oil. A Rosneft spokesman, Mikhail Leontyev, says theres nothing personal about its case against Mr Yevtushenkovs firm, even if many in Moscows business community see the affair as a clash of titans.The assets that Sistema is alleged to have taken from Bashneft include an energy supplier held by a subsidiary. Rosneft also asserts that Bashneft incurred damages as a result of Sistemas decision to buy out Bashnefts minority shareholders during the 2013-14 restructuring and because it cancelled some treasury stock in the firm. Sistema calls the case groundless. Under its ownership, it notes, Bashnefts market value rose eightfold and its production of oil rose by nearly half. Investors were largely happy, says Andrey Polischuk, an oil-and-gas analyst at Raiffeisen Bank.Investors in Russia will watch the suit closely. It underlines the frailty of property rights, says Oleg Kouzmin, an economist at Renaissance Capital, an investment bank in Moscow. Sistemas shares lost more than one-third of their value the day after the suit was filed in early May. Late last month a court seized as collateral Sistemas shares in MTS, Russias largest mobile operator; in Medsi, a private medical clinic; and in an electrical company in Bashkiria.The conflict also hints at rising tensions inside Russias elite as the economy continues to sputter. The chieftains are fighting each other, observes Mikhail Krutikhin of RusEnergy, a consultancy. Russias formal institutions have long had a tendency to falter, but a system of unwritten rules, known as ponyatiya , understood both by local players and foreigners, has helped govern business dealings. Thus Mr Yevtushenkov, who is loyal to the Kremlin and stays out of politics, was widely considered to be in favour before his initial arrest. His reconciliation with Mr Putin was expected to put him back on firmer ground. As Sistemas CEO, Mikhail Shamolin, said recently, In terms of ponyatiya , there are no claims to be made against us.It is unclear what the rules are now, laments Konstantin Simonov, head of the National Energy Security Fund, a consultancy. Independent members of Sistemas board have asked the Kremlin to act as an arbiter, but Mr Putin has largely remained silent on the matter. Some people say the conflict is a new version of the corporate-raiding culture of the 1990s, but carried out with lawyers and court briefs instead of the earlier periods methods, including henchmen toting Kalashnikovs.This article appeared in the Business section of the print edition under the headline "Russian brawl"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21724865-case-rosneft-against-his-conglomerate-worries-investors-russian-oligarch-vladimir?fsrc=rss'|'2017-07-06T22:49:00.000+03:00'|5123.0|''|-1.0|'' 5124|'448d357bd6c25e73578ad7d7868e181d482407c4'|'Citigroup to pick Frankfurt as EU base this week - sources'|'July 17, 2017 / 6:45 PM / an hour ago Citigroup to pick Frankfurt as EU base this week - sources Alexander Hbner and Anjuli Davies 2 Min Read FILE PHOTO - People walk beneath a Citibank branch logo in the financial district of San Francisco, California, U.S. on July 17, 2009. Robert Galbraith/File Photo FRANKFURT/LONDON (Reuters) - U.S. bank Citigroup Inc ( C.N ) is set to become the latest Wall Street bank to pick Frankfurt as its European Union base this week in preparation for when Britain leaves the European Union, two sources told Reuters on Monday. Citi had earlier said it would choose Frankfurt to become its hub for sales and trading in the EU and move "a couple of hundred" jobs outside of London after Brexit. Citi''s European base move was reported on Monday by Sky News. British finance minister Philip Hammond said this month that the country should push for a transitional deal to help businesses, as the government held its first high level meeting with corporate leaders to discuss Brexit. Global banks have said they could move thousands of jobs out of Britain to prepare for the country''s planned EU exit. Financial services firms need a regulated subsidiary in an EU country to offer products across the bloc, which could prompt some to move jobs out of Britain if it loses access to the European single market. The Association of Foreign Banks in Germany expects 3,000 to 5,000 new jobs in Frankfurt over the next two years as a result of Brexit, its head Stefan Winter of UBS ( UBSG.S ) told German newspaper Welt am Sonntag in June. Deutsche Bank AG ( DBKGn.DE ), BNP Paribas SA ( BNPP.PA ), Barclays Plc ( BARC.L ) and Bank of America Corp ( BAC.N ) are among the banks contemplating shifting some operations after Brexit. Citi declined to comment. Reporting by Abinaya Vijayaraghavan in Bengaluru; editing by Alexander Smith 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-citigroup-idINKBN1A220K'|'2017-07-17T21:44:00.000+03:00'|5124.0|''|-1.0|'' 5125|'c6acba527fae62f9b425157795962f111b658867'|'Russian oligarch Vladimir Yevtushenkov falls from grace, again'|'HE WAS back in favour, or so it appeared. After spending several months under house arrest in late 2014, Vladimir Yevtushenkov, a Russian oligarch, relinquished control of Bashneft, a midsized oil firm, to the state. If you like another company tomorrow and want to take it, you are welcome, he told Vladimir Putin at the time, he later recalled. The president publicly gave his approval to Sistema, Mr Yevtushenkovs conglomerate, shares in which had plunged. Mr Yevtushenkov subsequently appeared at annual Kremlin receptions and late last year joined a presidential delegation to Crimea.Now he is under pressure again, facing a lawsuit from Rosneft, a state-run oil giant, which is demanding 171bn roubles ($2.8bn) in damages. Rosnefts boss is Igor Sechin, a Putin confidant, who many in Moscow reckon orchestrated the initial 2014 case against Mr Yevtushenkov as well. (Rosneft and Mr Sechin have denied any involvement in it.) Late last year, Rosneft purchased Bashneft from the state for $5.3bn. It now claims that Sistema inappropriately took assets in a restructuring of Bashneft. The case attests to Rosnefts appetite for deals, as well as to Mr Sechins clout. Since acquiring Bashneft, Rosneft has sold a 19.5% stake in itself to Glencore, a Swiss-based commodities firm, and the Qatar Investment Authority for 10.2bn ($11bn), despite being a target of American sanctions. Mr Sechin also just concluded a deal worth $12.9bn to acquire Indias Essar Oil. A Rosneft spokesman, Mikhail Leontyev, says theres nothing personal about its case against Mr Yevtushenkovs firm, even if many in Moscows business community see the affair as a clash of titans.The assets that Sistema is alleged to have taken from Bashneft include an energy supplier held by a subsidiary. Rosneft also asserts that Bashneft incurred damages as a result of Sistemas decision to buy out Bashnefts minority shareholders during the 2013-14 restructuring and because it cancelled some treasury stock in the firm. Sistema calls the case groundless. Under its ownership, it notes, Bashnefts market value rose eightfold and its production of oil rose by nearly half. Investors were largely happy, says Andrey Polischuk, an oil-and-gas analyst at Raiffeisen Bank.Investors in Russia will watch the suit closely. It underlines the frailty of property rights, says Oleg Kouzmin, an economist at Renaissance Capital, an investment bank in Moscow. Sistemas shares lost more than one-third of their value the day after the suit was filed in early May. Late last month a court seized as collateral Sistemas shares in MTS, Russias largest mobile operator; in Medsi, a private medical clinic; and in an electrical company in Bashkiria.The conflict also hints at rising tensions inside Russias elite as the economy continues to sputter. The chieftains are fighting each other, observes Mikhail Krutikhin of RusEnergy, a consultancy. Russias formal institutions have long had a tendency to falter, but a system of unwritten rules, known as ponyatiya , understood both by local players and foreigners, has helped govern business dealings. Thus Mr Yevtushenkov, who is loyal to the Kremlin and stays out of politics, was widely considered to be in favour before his initial arrest. His reconciliation with Mr Putin was expected to put him back on firmer ground. As Sistemas CEO, Mikhail Shamolin, said recently, In terms of ponyatiya , there are no claims to be made against us.It is unclear what the rules are now, laments Konstantin Simonov, head of the National Energy Security Fund, a consultancy. Independent members of Sistemas board have asked the Kremlin to act as an arbiter, but Mr Putin has largely remained silent on the matter. Some people say the conflict is a new version of the corporate-raiding culture of the 1990s, but carried out with lawyers and court briefs instead of the earlier periods methods, including henchmen toting Kalashnikovs.This article appeared in the Business section of the print edition under the headline "Russian brawl"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724865-case-rosneft-against-his-conglomerate-worries-investors-russian-oligarch-vladimir?fsrc=rss%7Cbus'|'2017-07-06T22:49:00.000+03:00'|5125.0|''|-1.0|'' -5126|'ed629cec0a8a37ba241d53fcd445946a7ad96ee1'|'Europe seeks to set global trade rules after Trump steps back'|'July 27, 2017 / 6:09 AM / 4 hours ago Europe seeks to set global trade rules after Trump steps back Robin Emmott and Philip Blenkinsop 9 European Trade Commissioner Cecilia Malmstrom speaks during an interview with Reuters at the EU Commission headquarters in Brussels, Belgium, July 20, 2017. Francois Lenoir /File Photo BRUSSELS (Reuters) - If Donald Trump''s ditching of a U.S.-led trade alliance with Pacific Rim nations wasn''t a gift to the European Union, then it must be the next best thing. The president''s decision on his first day in office effectively pulled the United States out of the race to frame global trade rules. With Washington preoccupied by an attempt to renegotiate its existing NAFTA treaty with Canada and Mexico, the EU has an opportunity to become the top setter of common business standards in a series of new deals. Still the world''s biggest trading bloc, the EU is recovering its self-confidence after a long economic crisis and Britain''s vote to leave the union. Now it has much of Asia and Latin America in its sights for trade treaties, while a far-reaching pact with Canada will already enter force in September. Japan turned to the Brussels this month to seal a deal on creating the world''s biggest open economic area, after being dumped by Trump''s scrapping of the 12-nation Trans-Pacific Partnership (TPP) free-trade accord in January. EU trade chief Cecilia Malmstrom - who until Trump''s election had been struggling to persuade Tokyo to agree tough trade-offs - acknowledges the change of fortunes. "I do not regard President Trump as a gift maybe, but it is true that many countries have started to look around more broadly," she told Reuters. "Other countries feel that they need to look out for new friends and other allies, so yes, it has increased interest in cooperation with Europe and with others." Import tariffs are already low between developed economies, so negotiations now focus more on agreeing common standards. The aim is to make it easier and cheaper for firms to do business in differing markets, avoiding the need to tailor-make products to meet varying local rules, be they for cars or cheese. While China is seeking greater influence, the battle has largely been between U.S. and EU standards as a template for deals governing how goods and services are bought and sold. Beijing may yet rival Europe provided it embraces a rules-based global trade order in the years to come, economists say. But in the meantime, the EU is pushing to conclude deals this year not only with Japan, but also Mexico and the Mercosur group led by Brazil and Argentina, while pressing ahead with Australia, New Zealand and Asian countries including Malaysia - also left high and dry by the TPP collapse - and Indonesia. Europe is still struggling with low economic growth and high unemployment, and the EU''s share of global trade in goods and services has fallen to 16.8 percent in 2016 from 18.8 percent a decade earlier, according to EU data. Unless the EU can reverse the trend, it risks losing its top spot when Britain - the world''s fifth biggest economy - departs in 2019. The U.S. share of global trade was 15.0 percent last year and China''s was 13.4 percent. So Brussels is pinning its hopes on a boost from new treaties, even though these take time to negotiate and win legislative approval - especially in a bloc which will still have at least 27 member states after Brexit. If all goes well, the EU''s existing and planned pacts will link markets of more than two billion people producing nearly half of global economic output. This excludes stalled negotiations with the United States and India. The United States'' existing trade treaties encompass a third of world output and fewer than 700 million people, with no new deals near completion - although Trump says he wants to clinch one with Britain when it leaves the EU. Remarkable Deal In trade talks, the biggest economies largely get their way in setting common standards, so a string of new agreements could make EU rules the benchmark for everything from selling farm products to running tenders for public works contracts. That would benefit EU firms, which already comply with the bloc''s rules, while those from other countries would have to adjust to new sets of regulations. Even Japan has agreed to align its standards for cars and parts produced by its motor industry with those used by the EU. Brussels has also secured better access for its companies to public tenders in Japan right down to a local level, such as for railway equipment, hospitals or electricity distribution. That means, for instance, a French or Spanish firm could sell high-speed "bullet trains" to the country that pioneered the idea. While Japan is the world''s number three economy, its share of global trade is 4.9 percent, less than a third of the EU''s. The deal also gives the EU the upper hand in its promotion of "geographical indications" to guarantee, for example, what is labelled as feta cheese comes only from Greece and as champagne only from France. This contrasts to the U.S. approach where producers anywhere can seek a trademark for what they sell. It still needs to be formally signed and ratified but the EU has scored a notable success, according to Hosuk Lee-Makiyama, director of the Brussels-based think-tank ECIPE. "If you consider the concessions the Japanese have made on cars and on public procurement, it''s quite remarkable," he said. (For a graphic on existing and planned EU trade deals, click tmsnrt.rs/2q71iyk ) u.s. "Own Goal" Trump said this month that the United States had made "some of worst trade deals in world history", arguing they have been bad for American workers. Still, the Pacific Rim TPP deal would have bound the 12 signatory nations to rules set along U.S. lines, most likely favouring American businesses. Pulling out of the TPP was "the biggest own goal of the new U.S. administration", Lee-Makiyama said. "The United States was the station manager of the international trading system and it has abdicated in a rather flamboyant way." A bilateral U.S.-Japan free trade deal was now off the table too because Tokyo could not offer agricultural concessions to Washington after yielding to EU farming demands, he added. Even Britain will probably have to agree to rules forged by negotiators in Brussels when it strikes bilateral deals after Brexit, as the EU''s main trade partners adopt the bloc''s norms. These will include systems to govern legal disputes among investors and food safety rules. Chinese Challenge? Washington could still change tack and embrace open markets. Commerce Secretary Wilbur Ross said in May it made sense to revive stalled free-trade talks with the EU, albeit towards a deal cutting the U.S. trade deficit with Europe. Senior diplomats from some EU allies including New Zealand and Canada have expressed frustration at the slow bureaucracy in the EU, whose accords have be translated into 24 languages and ratified by more than 30 national and regional parliaments. Europe''s opportunity could also be squandered if it allows internal squabbling between free trading and more protectionist member states to undermine its credibility. But with Trump focused on renegotiating the North American Free Trade Agreement with Canada and Mexico, "the United States is out of the picture for the next three and a half years", said Jeffrey Bergstrand at the University of Notre Dame in Indiana. China, which overtook Germany as the world''s biggest exporter in 2009, also has ambitions to dominate global trade, and wants to break Europe''s hold on the container shipping industry and deepen its ownership of international ports. President Xi Jinping also seeks to link Asia, Africa and Europe with billions of dollars of infrastructure investment to extend Beijing''s reach under his "Belt and Road Initiative". But Western officials, investors and economists say China''s opaque governance, regular changes to legislation and curbs on foreign investment limit its ability to emerge as a champion of the rules-based order underpinning trade deals. Capital controls imposed since November make it harder for individuals and companies to move money out of China. "Until, or unless, China transitions to a rules-based liberal political and economic regime, I have serious doubts that they can lead the world," said Erik Nielsen, chief economist at UniCredit Bank. Additional reporting by Alastair Macdonald in Brussels, Leslie Wroughton in Washington; editing by David Stamp 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-trade-analysis-idUKKBN1AC0KV'|'2017-07-27T09:10:00.000+03:00'|5126.0|''|-1.0|'' +5126|'ed629cec0a8a37ba241d53fcd445946a7ad96ee1'|'Europe seeks to set global trade rules after Trump steps back'|'July 27, 2017 / 6:09 AM / 4 hours ago Europe seeks to set global trade rules after Trump steps back Robin Emmott and Philip Blenkinsop 9 European Trade Commissioner Cecilia Malmstrom speaks during an interview with Reuters at the EU Commission headquarters in Brussels, Belgium, July 20, 2017. Francois Lenoir /File Photo BRUSSELS (Reuters) - If Donald Trump''s ditching of a U.S.-led trade alliance with Pacific Rim nations wasn''t a gift to the European Union, then it must be the next best thing. The president''s decision on his first day in office effectively pulled the United States out of the race to frame global trade rules. With Washington preoccupied by an attempt to renegotiate its existing NAFTA treaty with Canada and Mexico, the EU has an opportunity to become the top setter of common business standards in a series of new deals. Still the world''s biggest trading bloc, the EU is recovering its self-confidence after a long economic crisis and Britain''s vote to leave the union. Now it has much of Asia and Latin America in its sights for trade treaties, while a far-reaching pact with Canada will already enter force in September. Japan turned to the Brussels this month to seal a deal on creating the world''s biggest open economic area, after being dumped by Trump''s scrapping of the 12-nation Trans-Pacific Partnership (TPP) free-trade accord in January. EU trade chief Cecilia Malmstrom - who until Trump''s election had been struggling to persuade Tokyo to agree tough trade-offs - acknowledges the change of fortunes. "I do not regard President Trump as a gift maybe, but it is true that many countries have started to look around more broadly," she told Reuters. "Other countries feel that they need to look out for new friends and other allies, so yes, it has increased interest in cooperation with Europe and with others." Import tariffs are already low between developed economies, so negotiations now focus more on agreeing common standards. The aim is to make it easier and cheaper for firms to do business in differing markets, avoiding the need to tailor-make products to meet varying local rules, be they for cars or cheese. While China is seeking greater influence, the battle has largely been between U.S. and EU standards as a template for deals governing how goods and services are bought and sold. Beijing may yet rival Europe provided it embraces a rules-based global trade order in the years to come, economists say. But in the meantime, the EU is pushing to conclude deals this year not only with Japan, but also Mexico and the Mercosur group led by Brazil and Argentina, while pressing ahead with Australia, New Zealand and Asian countries including Malaysia - also left high and dry by the TPP collapse - and Indonesia. Europe is still struggling with low economic growth and high unemployment, and the EU''s share of global trade in goods and services has fallen to 16.8 percent in 2016 from 18.8 percent a decade earlier, according to EU data. Unless the EU can reverse the trend, it risks losing its top spot when Britain - the world''s fifth biggest economy - departs in 2019. The U.S. share of global trade was 15.0 percent last year and China''s was 13.4 percent. So Brussels is pinning its hopes on a boost from new treaties, even though these take time to negotiate and win legislative approval - especially in a bloc which will still have at least 27 member states after Brexit. If all goes well, the EU''s existing and planned pacts will link markets of more than two billion people producing nearly half of global economic output. This excludes stalled negotiations with the United States and India. The United States'' existing trade treaties encompass a third of world output and fewer than 700 million people, with no new deals near completion - although Trump says he wants to clinch one with Britain when it leaves the EU. Remarkable Deal In trade talks, the biggest economies largely get their way in setting common standards, so a string of new agreements could make EU rules the benchmark for everything from selling farm products to running tenders for public works contracts. That would benefit EU firms, which already comply with the bloc''s rules, while those from other countries would have to adjust to new sets of regulations. Even Japan has agreed to align its standards for cars and parts produced by its motor industry with those used by the EU. Brussels has also secured better access for its companies to public tenders in Japan right down to a local level, such as for railway equipment, hospitals or electricity distribution. That means, for instance, a French or Spanish firm could sell high-speed "bullet trains" to the country that pioneered the idea. While Japan is the world''s number three economy, its share of global trade is 4.9 percent, less than a third of the EU''s. The deal also gives the EU the upper hand in its promotion of "geographical indications" to guarantee, for example, what is labelled as feta cheese comes only from Greece and as champagne only from France. This contrasts to the U.S. approach where producers anywhere can seek a trademark for what they sell. It still needs to be formally signed and ratified but the EU has scored a notable success, according to Hosuk Lee-Makiyama, director of the Brussels-based think-tank ECIPE. "If you consider the concessions the Japanese have made on cars and on public procurement, it''s quite remarkable," he said. (For a graphic on existing and planned EU trade deals, click tmsnrt.rs/2q71iyk ) u.s. "Own Goal" Trump said this month that the United States had made "some of worst trade deals in world history", arguing they have been bad for American workers. Still, the Pacific Rim TPP deal would have bound the 12 signatory nations to rules set along U.S. lines, most likely favouring American businesses. Pulling out of the TPP was "the biggest own goal of the new U.S. administration", Lee-Makiyama said. "The United States was the station manager of the international trading system and it has abdicated in a rather flamboyant way." A bilateral U.S.-Japan free trade deal was now off the table too because Tokyo could not offer agricultural concessions to Washington after yielding to EU farming demands, he added. Even Britain will probably have to agree to rules forged by negotiators in Brussels when it strikes bilateral deals after Brexit, as the EU''s main trade partners adopt the bloc''s norms. These will include systems to govern legal disputes among investors and food safety rules. Chinese Challenge? Washington could still change tack and embrace open markets. Commerce Secretary Wilbur Ross said in May it made sense to revive stalled free-trade talks with the EU, albeit towards a deal cutting the U.S. trade deficit with Europe. Senior diplomats from some EU allies including New Zealand and Canada have expressed frustration at the slow bureaucracy in the EU, whose accords have be translated into 24 languages and ratified by more than 30 national and regional parliaments. Europe''s opportunity could also be squandered if it allows internal squabbling between free trading and more protectionist member states to undermine its credibility. But with Trump focused on renegotiating the North American Free Trade Agreement with Canada and Mexico, "the United States is out of the picture for the next three and a half years", said Jeffrey Bergstrand at the University of Notre Dame in Indiana. China, which overtook Germany as the world''s biggest exporter in 2009, also has ambitions to dominate global trade, and wants to break Europe''s hold on the container shipping industry and deepen its ownership of international ports. President Xi Jinping also seeks to link Asia, Africa and Europe with billions of dollars of infrastructure investment to extend Beijing''s reach under his "Belt and Road Initiative". But Western officials, investors and economists say China''s opaque governance, regular changes to legislation and curbs on foreign investment limit its ability to emerge as a champion of the rules-based order underpinning trade deals. Capital controls imposed since November make it harder for individuals and companies to move money out of China. "Until, or unless, China transitions to a rules-based liberal political and economic regime, I have serious doubts that they can lead the world," said Erik Nielsen, chief economist at UniCredit Bank. Additional reporting by Alastair Macdonald in Brussels, Leslie Wroughton in Washington; editing by David Stamp 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-trade-analysis-idUKKBN1AC0KV'|'2017-07-27T09:10:00.000+03:00'|5126.0|23.0|0.0|'' 5127|'4cc694779e0e78b1e6dc9df1fb78ebd24fe87567'|'Israel tech exits at 5-year low of $2 billion in first half'|'Market News - Wed Jul 5, 2017 - 5:54am EDT Israel tech exits at 5-year low of $2 billion in first half JERUSALEM, July 5 (Reuters) - * Israeli high-tech exits totalled $1.95 billion in the first half of 2017, a five-year low, the Israel Venture Capital Research Center and Meitar law firm said in a report on Wednesday. * Exits comprised 46 merger and acquisition deals for $1.5 billion, seven initial public offerings and four buyouts. * The average exit deal in the first half was $34 million, well below the average of $87 million in 2016, when there were 115 exits totalling $10 billion. * The largest deal in the first half was the $340 million acquisition of Valtech by Edwards Lifesciences. The report does not include Intel''s acquisition of Mobileye for $15.3 billion, since this deal has not yet closed. * IPOs recovered somewhat in the first half, with seven offerings grossing $227 million, compared with $22 million last year. (Reporting by Steven Scheer; Editing by Tova Cohen) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/israel-tech-ma-idUSL8N1JW1WX'|'2017-07-05T12:54:00.000+03:00'|5127.0|''|-1.0|'' 5128|'d08f7bfb954fb0d94e295e75bbd623b2de5573b8'|'The Blockade of Qatar Airways'' Home Base Is Trouble for the World''s No. 1 Airline'|'Business The Blockade of Qatar Airways Home Base Is Trouble for the Worlds No. 1 Airline The humbled airline is losing traffic at home, but it says it wont let the diplomatic flap ground it. By More stories by Deena Kamel Illustration: 731 Youd think Qatar Airways , voted the worlds best airline in a passenger survey last month, would have no trouble keeping its seats filled. Instead, its had to cancel scores of flights after four neighboring countries barred it from their airspace; its also being kicked out of an American Airlines Group Inc. code share agreement that eased access to the crucial U.S. market. On July 12, Qatar Airs brash chief executive officer, Akbar Al Baker, issued a rare public apology after his description of U.S. flight attendants as grandmothers was condemned by other airline executives and labor unions. The carrier has now been pressed into service to fly 4,000 dairy cows into the country on cargo planes to assure fresh milk supplies during the blockade. Its a humbling turn for an airline that until recently seemed unstoppable. Over the past decade, Qatar Air more than tripled its annual traffic, to 32 million passengers, and bought hundreds of planes, with some $41 billion still on order, to fly travelers through its desert hub in Doha. It took stakes in three other airlines, including 20 percent of British Airways Plc s corporate parent, and is angling to buy 10 percent of American Airlines. Qatar Air has become a darling of high-end travelers, thanks to solicitous customer service and in-flight amenities such as suites that convert into private meeting rooms. It was named the worlds best airline by ratings group Skytrax at this years International Paris Air Showthe fourth time its won the award since 2011. Behind those successes is an extraordinarily deep-pocketed owner, the emirate of Qatars $335 billion sovereign wealth fund. But as recent setbacks have highlighted, the relationship carries risks. Saudi Arabia, Bahrain, Egypt, and the United Arab Emirates banned Qatar Air planes from their airspace in early June after accusing the Qatari government of funding terrorism. President Trump endorsed the ban, which forced Qatar Air to cancel some 125 daily flights and reroute others throughout the region. That means higher fuel costsa flight from Doha to Khartoum, Sudan, for example, now takes about six hours, almost double the preblockade time, with it being diverted hundreds of miles around Saudi Arabia. Qatar Air also is now barred from revenue-rich corporate destinations such as Dammam, near the headquarters of the Saudi national oil company. All told, the blockade could cost the airline 30 percent of its revenue, estimates consulting firm Frost & Sullivan. Al Baker says even if profits are squeezed, Qatar Air can sustain losses for as long as necessary and will continue to expand . The airline plans to spend as much as $2.6 billion to take the 10 percent stake in American, to launch 24 additional routes by the end of 2018, and to open an airline in India with a fleet of 100 planes. We need for our neighbors to know that this kind of bullying doesnt work, he said at a July 13 press conference. Others arent so sure. Corrine Png, who runs airline research group Crucial Perspective, reckons Qatar Air should be able to ride it out if the blockade ends within one year. However, she says, the airline should scale back plans to expand fleet capacity 20 percent annually over the next two years. While some aircraft from canceled flights can be redeployed to newly opened destinations such as Prague and Kiev, such routes wont generate profits soon. Qatar Air, which reported $538.7 million in earnings for the fiscal year ended March 31, could potentially swing into losses unless it trims expansion now, Png says. State ownership of Qatar Air also lies at the heart of a feud with American and other U.S. carriers, whove complained to regulators that the Qatari carrier receives subsidies that allow it to compete unfairly. (Theyve lodged similar complaints against Dubai-based Emirates airline and Abu Dhabis Etihad Airways PJSC. ) American, in what it described as an extension of our stance against illegal subsidies, informed Qatar Air on June 29 that it will end the code share agreement allowing the carriers to sell tickets for each other. Qatar Airs unsolicited American Airlines bid is an effort to strengthen its negotiating hand by essentially buying the affiliation of the largest member of the lobbying group that represents U.S. carriers in the subsidies dispute, says Diogenis Papiomytis, who heads the aerospace unit at Frost & Sullivan in Dubai. But the bid has drawn a strong rebuke from American, and the union that represents American pilots has called it an act of financial aggression. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up Despite Al Bakers rhetorical bluster, hes a businessman at heart and is likely to be pragmatic about keeping Qatar Air on course, says John Strickland, director of London-based JLS Consulting. The airline has recently leased some excess single-aisle planes to British Airways, and some analysts say Qatar Air might defer or cancel orders for costlier widebody jets. Qatar Air nixed orders for four Airbus A350 widebodies on July 6 but said the decision was prompted by supplier delays. It still has outstanding orders and options for 210 passenger planes from Boeing Co. and 145 from Airbus SE. Qatar Air could try cutting fares to lure business away from rivals Emirates and Etihad, which also draw much of their business from passengers transiting through the Middle East to and from Asia. Emirates, the regions dominant carrier, has about twice as much traffic as Qatar Air, which in turn has about twice as much as Etihad. Qatar could force Emirates into a price war, says Andrew Charlton of Swiss consulting firm Aviation Advocacy. Even if the blockade adds a bit to travel time on Qatar Air, he says, its amazing what cheap tickets can do. BOTTOM LINE - Hemmed in by Middle East politics and restricted airspace, Qatar Airways may need to scale back its growth plans. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-20/the-blockade-of-qatar-airways-home-base-is-trouble-for-the-world-s-no-1-airline'|'2017-07-20T16:53:00.000+03:00'|5128.0|''|-1.0|'' 5129|'6b49a8678b0744b92dd2874c21279c1d4ff7b618'|'Spanish businessman Manuel Jove weighs sale of energy assets: sources'|'MADRID (Reuters) - Spanish businessman Manuel Jove is considering selling renewable energy business Avantegenera to take advantage of consolidation in the sector, two sources with knowledge of the matter said on Monday.Jove has hired Societe Generale as an adviser on a deal that could fetch up to 1 billion euros ($1.2 billion), the sources added, echoing an earlier report by Bloomberg.The sources said the plan was still at an early stage. The business could be sold in one block or split into different parts, they added.Avantagenera''s clean-energy assets include wind and solar power plants in countries such as Spain and Brazil.Societe General and Inveravante, Jove''s investment vehicle, declined to comment.Foreign investors have been buying renewable assets in Spain during the country''s economic recovery.Reporting by Carlos Ruano and Andres Gonzalez; Writing by Jess Aguado; Editing by Mark Potter '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-avantegeneral-m-a-idUSKBN1A925Z'|'2017-07-25T01:04:00.000+03:00'|5129.0|''|-1.0|'' @@ -5141,8 +5141,8 @@ 5139|'5d644bd65d69ab907c152cbb9ee29027d0ba457a'|'Oil prices firm on signs of U.S. production slowdown'|'July 17, 2017 / 1:43 AM / 2 hours ago Oil edges up toward $49, U.S. drilling slowdown supports Alex Lawler 3 Min Read FILE PHOTO: A man pumps petrol for his car at a petrol station in Hanoi, Vietnam December 20, 2016. Kham/File Photo LONDON (Reuters) - Oil edged up to about $49 a barrel on Monday after fewer drilling rigs were added in the United States last week, helping ease concerns that surging shale supplies will undermine OPEC-led production cuts. U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes ( BHGE.N ) said on Friday. RIG-OL-USA-BHI Rig additions over the past four weeks averaged five, the slowest pace of growth since November. A sharp drop in U.S. crude inventories in the week to July 7 supported prices last week. But crude stocks in industrialized nations remained high, putting a brake on the oil price rally. "The market is not doing too much today - it feels like wait and see," said Olivier Jakob of oil analyst Petromatrix. "There is some rebalancing in products, but overall the layers of stocks are still very large." Brent crude LCOc1, the global benchmark, was up 8 cents at $48.99 a barrel by 1341 GMT. U.S. crude CLc1 traded at $46.57, up 3 cents. Oil prices are less than half their mid-2014 level because of a persistent glut, even after the Organization of the Petroleum Exporting Countries with Russia and other non-OPEC producers cut supplies since January. While OPEC-led cuts have offered prices some support, rising supplies from Nigeria and Libya, two OPEC states exempt from the pact, and increasing U.S. production have weighed on the market. Kuwait said on Friday the market was on a recovery track due to rising demand and said it was premature to cap Nigerian and Libyan output. An OPEC and non-OPEC committee meets in Russia on July 24 to discuss the impact of the deal. In a sign of strong demand, data on Monday showed refineries in China increased crude throughput in June to the second highest on record. OPEC is hoping higher demand in the second half will get rid of excess inventories. "There is almost an agreement that the second half of the year should be tighter than the first half due to significant jumps in demand forecasts," oil broker PVM said. "The net result is a rise in the demand for OPEC oil." Additional reporting by Henning Gloystein; editing by Edmund Blair and David Clarke 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN1A202Z'|'2017-07-17T04:40:00.000+03:00'|5139.0|''|-1.0|'' 5140|'4f66d33b0700d9709fe1a081d3b9dcf6012250cf'|'Euro zone core inflation rises, unemployment drops'|'July 31, 2017 / 9:06 AM / 2 hours ago Euro zone core inflation unexpectedly picks up in July Francesco Guarascio and Francesco Canepa 3 Min Read BRUSSELS/FRANKFURT (Reuters) - A key measure of euro zone inflation accelerated to a four-year high this month and euro zone unemployment fell to its lowest since 2009 in June, data showed on Monday, in two encouraging signs for the European Central Bank as it considers reducing its monetary stimulus. The ECB is due to decide by the autumn whether and how to extend its 2.3 trillion euros (2.05 trillion pounds) quantitative easing programme into 2018 and President Mario Draghi has cited sluggish core inflation and wage growth as reasons to be cautious. Likely giving heart to ECB policymakers, core inflation, which excludes volatile food and energy prices, accelerated to 1.3 percent from 1.2 percent in June, Eurostat''s flash estimate showed. It was its highest level since August 2013 and confounded market expectations for a slowdown. "Today''s upside surprise in core inflation is likely to give the ECB some comfort, even though its level remains low," Morgan Stanley economist Daniele Antonucci said. "We expect a QE tapering announcement this autumn." The European Union''s statistics office estimated that headline growth in consumer prices in the euro zone was stable at 1.3 percent year-on-year in July, still far from the ECB''s objective of just under 2 percent. FILE PHOTO: An employee sews while working in a factory in the city of Blagoevgrad, Bulgaria July 2, 2015. Stoyan Nenov/File Photo In a separate release, Eurostat said unemployment in the 19-country currency bloc dropped to its lowest level since 2009 at 9.1 percent, confirming a robust recovery in the currency bloc. The jobless rate also went down in Italy and Spain, the two eurozone countries with the highest rates, excluding Greece for which fresh data were not available. In Italy unemployment dropped to 11.1 percent in June from 11.3 percent in May, meaning that nearly 60,000 were added to the Italian workforce. In Spain, the rate fell to 17.1 percent from 17.3 percent. One of the ECB''s dilemmas is that a steady decline in unemployment is not translating into higher wages, a key driver of inflation. In Germany, the largest economy of the bloc, unemployment fell to 3.8 percent in June from 3.9 percent the previous month, raising expectations of bigger wage rises that could strengthen growth in the euro zone a whole. ($1 = 0.8521 euros) Reporting by Francesco Guarascio in Brussels and Francesco Canepa in Frankfurt @fraguarascio @FranCanJourno, editing by Alister Doyle 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-inflation-idUKKBN1AG0XT'|'2017-07-31T12:14:00.000+03:00'|5140.0|''|-1.0|'' 5141|'c6461970e5063fe3b6c7026cd98c35e5b105a852'|'U.S. lawmaker calls for hearing on Amazon purchase of Whole Foods'|'July 14, 2017 / 2:22 PM / an hour ago U.S. lawmaker calls for hearing on Amazon''s Whole Foods deal 4 Min Read A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. Carlo Allegri WASHINGTON/NEW YORK (Reuters) - The top Democrat on the U.S. House of Representatives'' antitrust subcommittee has voiced concerns about Amazon.com Inc''s ( AMZN.O ) $13.7 billion plan to buy Whole Foods Market Inc ( WFM.O ) and is pushing for a hearing to look into the deal''s potential impact on consumers. The deal announced in June marks the biggest acquisition for the worlds largest online retailer. Amazon has not said what it will do with Whole Foods'' stores and other assets, but analysts and investors worry the move could upend the landscape for grocers, food delivery services and meal-kit companies. U.S. Representative David Cicilline requested the hearing on Thursday in a letter to the chair of the House Judiciary Committee and the subcommittee chairman. Shares of Amazon were up 0.3 percent in mid-morning trading on Friday. "Amazons proposed purchase of Whole Foods could impact neighborhood grocery stores and hardworking consumers across America," Cicilline said in a statement. "Congress has a responsibility to fully scrutinize this merger before it goes ahead." The deal must be approved by U.S. antitrust enforcers, in this case most likely the Federal Trade Commission. Congress plays no formal role in that process but hearings are often used to highlight the possible impact of deals on consumers. The hearing is unlikely to happen without Republican support. Amazon and Whole Foods declined to comment. Also this week, hedge fund manager Douglas Kass from Seabreeze Partners Management Inc said he was shorting shares of the retailer because of concern about Amazon in Washington. Amazon.com''s logo is seen at Amazon Japan''s office building in Tokyo, Japan, August 8, 2016. Kim Kyung-Hoon/File Photo Kass said he had heard rumblings on Capitol Hill regarding concern about Amazon''s size and clout but did not specify what the concerns were. "I am shorting Amazon today because I have learned that there are currently early discussions and due diligence being considered in the legislative chambers in Washington, D.C.," he wrote in a note to investors late on Wednesday. "If I am correct, word of this could lower Amazon''s shares by 10 percent overnight." Kass said in emailed comments to Reuters on Friday that he has what he called a core short position in Amazon, meaning a sizeable bet based on a long-term outlook. "This has the potential of being the biggest business news story of year, he said. Kass declined to comment when asked for more details about pressure from Capitol Hill. Kass is followed for his bets on declines in companies'' share prices. He shorted Marvel Entertainment in 1992 when its shares were in the high $60s, and the company went bankrupt 1-1/2 years later. He also bet against big U.S. banks leading into the 2007-2009 financial crisis, shorting Bank of America, MGIC, Citigroup and several other financials that ultimately averaged a 98 percent price decline by the time they bottomed in 2009. While antitrust experts have said they expect Amazon''s bid to win regulatory approval, some critics argue the deal should be blocked because it gives the retailer a big head start towards domination of online grocery delivery. They argue the Whole Foods acquisition will give Amazon an unfair advantage over traditional grocers and new players that might emerge in the market, potentially grounds for the deal to be blocked for antitrust reasons. Reporting by Diane Bartz and Jennifer Ablan; Editing by Meredith Mazzilli and Chris Sanders 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-wholefoods-m-a-amazon-com-idUSKBN19Z1LI'|'2017-07-14T17:26:00.000+03:00'|5141.0|''|-1.0|'' -5142|'7c2e3bb21ed1d5ec66d7651f66a5cbee23d797d2'|'U.S. attempt to limit Wall Street bonuses fizzles out quietly'|'July 21, 2017 / 12:49 AM / 3 hours ago U.S. attempt to limit Wall Street bonuses fizzles out quietly Lisa Lambert 3 Min Read A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. Andrew Kelly (This July 20 story corrects name to National Association of Federally-Insured Credit Unions in paragraph ten) By Lisa Lambert WASHINGTON (Reuters) - The regulatory agenda released by the Trump administration on Thursday contained a signal that the U.S. government has halted its work on restricting Wall Street executives'' bonuses and other pay incentives. The 2010 Dodd-Frank Wall Street reform law called for federal banking and securities regulators to create limits on incentive-based compensation at big financial companies and prevent executives from receiving outsized rewards for overly risky gambles. Last year those regulators, many appointed by former President Barack Obama, a Democrat, rolled out a 500-page rule over many weeks that would require senior executives to return bonuses earned by making decisions that materially hurt their banks. But in the biannual White House agenda on regulation, the rule was listed under the heading "long-term action," instead of one denoting regulators were making progress toward a final version. In Washington-speak that meant the rule was dead. The move followed President Donald Trump''s campaign pledges to lighten federal regulations that hurt liquidity and strangled business. "Theyre not even working on it," said Lisa Gilbert, who closely tracks Dodd-Frank implementation for the liberal-leaning public interest group Public Citizen. She added that the rule was labeled "pending" in previous agendas. By law it was supposed to be completed by 2011. Agencies working on the proposed rule declined to comment. Regulators neglected last year''s proposal, which addressed many concerns raised about a 2011 draft, even though Obama pushed them to finish it before he left office. "We kind of knew it was on the back-burner," said Alexander Monterrubio, director of regulatory affairs for the National Association of Federally-Insured Credit Unions trade group. "The unified agenda confirmed that thought." Each agency had a different view on regulating incentive-based compensation, making progress difficult, Monterrubio said. Congress wanted a way to hold top executives accountable after the 2007-09 financial crisis, when some banks experienced major losses partly due to risky decisions made by their leaders. The call for a rule was renewed when regulators rapped Wells Fargo & Co. for an incentive method that pushed employees to open thousands of phantom accounts in customers'' names. But it was politics that likely proved the rule''s downfall. Agencies give the White House lists of their regulatory priorities, which makes changes based on the president''s goals and then publishes what is called the "unified agenda." Monterrubio said of the rule: "It wasnt going to happen under President Trump." Additional reporting by Pete Schroeder; editing by Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-regulation-banking-idUSKBN1A602B'|'2017-07-21T03:46:00.000+03:00'|5142.0|''|-1.0|'' -5143|'a6a7376d06665ce22d57e461662bee2e4450011b'|'Saudi Aramco gets approval to set up companies for energy industrial city'|' 6:48pm BST Saudi Aramco gets approval to set up companies for energy industrial city FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo KHOBAR, Saudi Arabia Saudi Aramco received ( IPO-ARMO.SE ) the approval of the Saudi government to set up two new companies that will develop and operate a new Energy Industrial City in Saudi Arabia, as the kingdom seeks to expand its industrial base, state news agency SPA reported on Monday. The city will be developed over 50-square km of land in the oil producing region, SPA said quoting a cabinet statement. An earlier report said the city will be close to Abqaiq and will develop energy-related industries. "The government approved Aramco''s offer to set up a developer that will undertake laying out the infrastructure of the city, manage its fixed assets." This company will eventually own the fixed assets in the city. Aramco will also set up another company to handle operations and maintenance of the city. SPA did not provide further details on the Energy Industrial City which have been in Aramco''s plans for a few years. Low oil prices have drastically slowed Saudi Arabia''s economy so it is trying to create manufacturing jobs and produce goods and services which it has traditionally imported. Its strategy is to use large amounts of government money and the procurement budgets of big state-run enterprises, such as national oil firm Aramco, to attract foreign expertise to develop strategic industries. The creation of "industrial cities" - huge projects in which state institutions play key roles in planning and raising finance, but which seek to attract private investment - is part of the government''s efforts to jump-start development. A senior Aramco official said in March, investments in the city are expected to be 16.5 billion riyals (3.41 billion pounds). In May, Saudi Aramco signed deals to build the Gulf''s largest shipyard through a joint venture with three companies, a $5.2 billion project aimed at helping reduce the economy''s reliance on oil and create jobs, a key part of Vision 2030. "The country in general is pushing manufacturing big time and Aramco is playing a bigger role to promote local manufacturing with potential added value to the industry," said a source. "Expanding energy industries will achieve the target set by the kingdom to promote local content, the energy city is the core of localising the solar industry for example as well as oil and gas services and the establishment of two companies could be seen as something that is in line with the arrangements of Aramco''s privatisation plans," said Fadl al-Buainain, a Saudi economist. Saudi Aramco said in its 2016 annual review released on Thursday the value of its direct material procurement from local manufacturers increased by $800 million to $2.9 billion in 2016, representing 43.5 percent of its material procurement spending and is the highest level of local content in the its history. Aramco launched the In-Kingdom Total Value Add (IKTVA) initiative to double the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021. (Reporting by Reem Shamseddine, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-aramco-industry-idUKKBN19V2BM'|'2017-07-10T20:48:00.000+03:00'|5143.0|''|-1.0|'' +5142|'7c2e3bb21ed1d5ec66d7651f66a5cbee23d797d2'|'U.S. attempt to limit Wall Street bonuses fizzles out quietly'|'July 21, 2017 / 12:49 AM / 3 hours ago U.S. attempt to limit Wall Street bonuses fizzles out quietly Lisa Lambert 3 Min Read A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. Andrew Kelly (This July 20 story corrects name to National Association of Federally-Insured Credit Unions in paragraph ten) By Lisa Lambert WASHINGTON (Reuters) - The regulatory agenda released by the Trump administration on Thursday contained a signal that the U.S. government has halted its work on restricting Wall Street executives'' bonuses and other pay incentives. The 2010 Dodd-Frank Wall Street reform law called for federal banking and securities regulators to create limits on incentive-based compensation at big financial companies and prevent executives from receiving outsized rewards for overly risky gambles. Last year those regulators, many appointed by former President Barack Obama, a Democrat, rolled out a 500-page rule over many weeks that would require senior executives to return bonuses earned by making decisions that materially hurt their banks. But in the biannual White House agenda on regulation, the rule was listed under the heading "long-term action," instead of one denoting regulators were making progress toward a final version. In Washington-speak that meant the rule was dead. The move followed President Donald Trump''s campaign pledges to lighten federal regulations that hurt liquidity and strangled business. "Theyre not even working on it," said Lisa Gilbert, who closely tracks Dodd-Frank implementation for the liberal-leaning public interest group Public Citizen. She added that the rule was labeled "pending" in previous agendas. By law it was supposed to be completed by 2011. Agencies working on the proposed rule declined to comment. Regulators neglected last year''s proposal, which addressed many concerns raised about a 2011 draft, even though Obama pushed them to finish it before he left office. "We kind of knew it was on the back-burner," said Alexander Monterrubio, director of regulatory affairs for the National Association of Federally-Insured Credit Unions trade group. "The unified agenda confirmed that thought." Each agency had a different view on regulating incentive-based compensation, making progress difficult, Monterrubio said. Congress wanted a way to hold top executives accountable after the 2007-09 financial crisis, when some banks experienced major losses partly due to risky decisions made by their leaders. The call for a rule was renewed when regulators rapped Wells Fargo & Co. for an incentive method that pushed employees to open thousands of phantom accounts in customers'' names. But it was politics that likely proved the rule''s downfall. Agencies give the White House lists of their regulatory priorities, which makes changes based on the president''s goals and then publishes what is called the "unified agenda." Monterrubio said of the rule: "It wasnt going to happen under President Trump." Additional reporting by Pete Schroeder; editing by Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-regulation-banking-idUSKBN1A602B'|'2017-07-21T03:46:00.000+03:00'|5142.0|19.0|0.0|'' +5143|'a6a7376d06665ce22d57e461662bee2e4450011b'|'Saudi Aramco gets approval to set up companies for energy industrial city'|' 6:48pm BST Saudi Aramco gets approval to set up companies for energy industrial city FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo KHOBAR, Saudi Arabia Saudi Aramco received ( IPO-ARMO.SE ) the approval of the Saudi government to set up two new companies that will develop and operate a new Energy Industrial City in Saudi Arabia, as the kingdom seeks to expand its industrial base, state news agency SPA reported on Monday. The city will be developed over 50-square km of land in the oil producing region, SPA said quoting a cabinet statement. An earlier report said the city will be close to Abqaiq and will develop energy-related industries. "The government approved Aramco''s offer to set up a developer that will undertake laying out the infrastructure of the city, manage its fixed assets." This company will eventually own the fixed assets in the city. Aramco will also set up another company to handle operations and maintenance of the city. SPA did not provide further details on the Energy Industrial City which have been in Aramco''s plans for a few years. Low oil prices have drastically slowed Saudi Arabia''s economy so it is trying to create manufacturing jobs and produce goods and services which it has traditionally imported. Its strategy is to use large amounts of government money and the procurement budgets of big state-run enterprises, such as national oil firm Aramco, to attract foreign expertise to develop strategic industries. The creation of "industrial cities" - huge projects in which state institutions play key roles in planning and raising finance, but which seek to attract private investment - is part of the government''s efforts to jump-start development. A senior Aramco official said in March, investments in the city are expected to be 16.5 billion riyals (3.41 billion pounds). In May, Saudi Aramco signed deals to build the Gulf''s largest shipyard through a joint venture with three companies, a $5.2 billion project aimed at helping reduce the economy''s reliance on oil and create jobs, a key part of Vision 2030. "The country in general is pushing manufacturing big time and Aramco is playing a bigger role to promote local manufacturing with potential added value to the industry," said a source. "Expanding energy industries will achieve the target set by the kingdom to promote local content, the energy city is the core of localising the solar industry for example as well as oil and gas services and the establishment of two companies could be seen as something that is in line with the arrangements of Aramco''s privatisation plans," said Fadl al-Buainain, a Saudi economist. Saudi Aramco said in its 2016 annual review released on Thursday the value of its direct material procurement from local manufacturers increased by $800 million to $2.9 billion in 2016, representing 43.5 percent of its material procurement spending and is the highest level of local content in the its history. Aramco launched the In-Kingdom Total Value Add (IKTVA) initiative to double the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021. (Reporting by Reem Shamseddine, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-aramco-industry-idUKKBN19V2BM'|'2017-07-10T20:48:00.000+03:00'|5143.0|23.0|0.0|'' 5144|'295a1cb77fbc7a4ecac216d7cf6d91a92a05f644'|'Exclusive - Europe''s markets watchdog wants narrower time for sovereign rating releases'|'Business News - Wed Jul 5, 2017 - 1:59pm BST Exclusive: Europe''s markets watchdog wants narrower time for sovereign rating releases By Marc Jones - LONDON LONDON Europe''s markets watchdog ESMA has told credit rating agencies to publish their European sovereign ratings reports in a tighter window, between 9 pm and 11 pm on Friday London time, sources have told Reuters. The idea, they said, is to create a "more level playing field". Under European Union regulations, rating agencies such as S&P Global, Fitch, Moody''s and DBRS have to set out their planned review dates for any country rated by an analyst based in Europe. ESMA, the European Securities and Markets Authority, which regulates the agencies and brought in the rule, already requires the publication to be on a Friday evening after regulated markets in the relevant region are closed. It has created some disparities, however. S&P tends to publish most of its reviews between 5-6 pm London time (currently 1600-1700 GMT) whereas the other main agencies tend to publish theirs later. For markets it has also created issues. U.S. trading is still in full flow when Europe''s markets close, meaning futures and derivatives that can move on rating changes are still changing hands, potentially disadvantaging solely European-based investors. "It is part of the role as a regulator to ensure there is level playing field," a source who spoke on the condition of anonymity told Reuters. The source said nothing formal has been written down but the agencies had been made aware of what ESMA wanted. ESMA declined to comment on whether it had urged the changes. The rating agencies were first given the guidance in the middle of last week, a source at one of the firms told Reuters. A spokesman for S&P would not comment on whether it had been told to push its publications to later on Friday evenings. Fitch said it continued "to act in accordance with EU regulation around the publication of sovereign ratings." Three spokespeople for Moody''s did not respond to e-mailed requests for comment, while DBRS said it was already following the guidance. Despite ESMA pushing for the changes last week, some European reviews were still published just after Europe''s main markets closed on Friday. But it expects the agencies to start falling in line, the first source said. "We hope to see some convergence (in timing of publications)." (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-markets-ratings-esma-exclusive-idUKKBN19Q1N2'|'2017-07-05T15:57:00.000+03:00'|5144.0|''|-1.0|'' 5145|'d0ad1a4a64f4c54e93fe472146aad9bee557fc0b'|'Britain says to link business rates tax to consumer prices from 2020'|'July 15, 2017 / 9:43 PM / 10 hours ago Britain says to link business rates tax to consumer prices from 2020 Reuters Staff 1 Min Read LONDON (Reuters) - Britain''s finance ministry will help companies by indexing the business rates tax against consumer prices rather than faster-rising retail prices starting in 2020, a spokesman said on Saturday. Business rates are taxes to help pay for local services, such as police and firefighters, charged on most non-domestic properties, including shops, warehouses, pubs, cafes and restaurants. Traditional retailers have argued the tax unfairly benefits online retailers, as they tend not to have many large properties. "We are committed to switching business rates indexation from RPI (retail price index) to CPI (consumer price index) from 2020 and will introduce legislation in due course," the spokesman said in a telephone call. While consumer price inflation hit an almost 4-year high of 2.9 percent in May, the old retail price inflation gauge rose to 3.7 percent from 3.5 percent. Reporting by Andy Bruce; Editing by Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-tax-idUKKBN1A00S2'|'2017-07-16T00:42:00.000+03:00'|5145.0|''|-1.0|'' 5146|'5bdda5b8266e0af3cc73032fcf8c00c321feae10'|'Musk tweets pictures of first Model 3 to roll off the line'|'Technology News - Mon Jul 10, 2017 - 5:15pm BST Musk tweets pictures of first Model 3 to roll off the line FILE PHOTO - A wheel of a prototype of the Tesla Model 3 on display in front of the factory during a media tour of the Tesla Gigafactory, which will produce batteries for the electric carmaker in Sparks, Nevada, U.S. July 26, 2016. REUTERS/James Glover II/File Photo Tesla Inc ( TSLA.O ) Chief Executive Elon Musk on Sunday tweeted pictures of the first Model 3 sedan to roll off the assembly line. Tesla board member Ira Ehrenpreis was the first to put down a $1,000 deposit on the Model 3 and gifted the car to Musk for his 46th birthday, Musk said in a tweet. ( bit.ly/2v3RyDX ) Musk has high hopes for the $35,000 Model 3, aimed at the mass market, and expects the rollout to help the company deliver five times its current annual sales volume. Tesla''s shares have taken a beating in the last few weeks, as investors have become increasingly concerned that demand for the company''s existing Model S sedan is weakening. Musk said in May that some "confused" Tesla buyers considered the new Model 3 as an upgrade to the Model S, hurting orders for the older car. Registrations for Tesla''s vehicles in California, its largest market, fell 24 percent in April from a year ago, according to data from research firm IHS Markit. Separately, the Wall Street Journal reported on Sunday that new registrations of Tesla cars fell to zero in Hong Kong after authorities slashed a tax break for electric vehicles in April. Last week, Musk said production of the Model 3 would increase exponentially from 100 cars in August, more than 1,500 in September to 20,000 Model 3 cars per month in December. (Reporting by Narottam Medhora in Bengaluru; Editing by Shounak Dasgupta) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-tesla-model-idUKKBN19V1YL'|'2017-07-10T18:23:00.000+03:00'|5146.0|''|-1.0|'' @@ -5152,7 +5152,7 @@ 5150|'1c48e49acffb5cb66a37cec61dc499d075cd3f4e'|'Barclays Africa''s first-half profit rises 7 percent'|'July 28, 2017 / 5:39 AM / 5 hours ago Barclays suffers 1.2 billion first-half loss from Africa sale Lawrence White and Andrew MacAskill 4 Min Read FILE PHOTO: The Barclays headquarters building is seen in the Canary Wharf business district of London, Britain February 6, 2013. Neil Hall/File Photo LONDON (Reuters) - Barclays ( BARC.L ) reported a 1.2 billion pound ($1.57 billion)attributable first half loss on Friday after taking a 2.5 billion pound hit from the sale of its Africa business and calling an end to its restructuring. The British bank said it had made a 1.4 billion pound loss on the sale of 33 percent of Barclays Africa Group ( BGAJ.J ), and took a further 1.1 billion pound impairment charge on the sale. Barclays in June cut its stake in Barclays Africa Group ( BGAJ.J ) to 15 percent, ending more than 90 years as a major presence in the continent as it shifts its focus back to Britain and the United States. The losses from the sale of unwanted assets including the Africa business showed the costs of the bank''s restructuring under Chief Executive Jes Staley, who has championed Barclays'' investment banking business as a means of boosting revenues. The bank completed the run-down of its non-core division of other assets earmarked for sale to below its goal of 25 billion pounds worth of assets, meaning the remainder can be folded back in to Barclays. "Accomplishing both of these milestones marks an end to the restructuring of the Barclays Group, and brings forward the date when our shareholders can benefit from the full earnings power of this business," Staley said in a statement. Related Coverage Barclays Africa''s first-half profit rises 7 percent despite South African downturn Staley announced a new long-term goal for Barclays of a greater than 10 percent return on equity, without giving a timetable for reaching that. The bank''s return on equity excluding the Africa loss and conduct charges was 8 percent at the end of the first half. Barclays shares fell 1.3 percent by 0700 GMT. The sale of the Africa unit boosted the bank''s core capital ratio, a key measure of financial strength and a source of concern for Barclays in recent years, to 13.1 percent. Barclays posted a half-year profit before tax of 2.3 billion pounds compared with 2 billion pounds for the same period a year ago, before the impact of the Africa sale was included. That was worse than the 2.7 billion pounds average estimate of analysts'' forecasts compiled by the bank. Weak Trading In Barclays'' investment bank, revenue at the markets division fell 5 pct in the first half to 2.6 billion pounds, as low volatility caused a 20 pct fall in earnings at its macro trading business. That was offset by a stronger showing in credit trading where revenue was up 18 pct, while its equities performance was flat compared with a year ago. The mixed trading performance followed that of Barclays'' U.S. rivals, which earlier this month saw profits slump amid low volatility levels in markets that have left investors struggling to make directional bets. Since taking over in December 2015, Staley has scaled back the bank''s geographic footprint and emphasised investment banking, although his efforts have been clouded by U.S. and British investigations. The former JPMorgan banker has faced investor criticism following his attempts to unmask a whistleblower, which Barclays insiders fear could unseat him if the findings of inquiries are damning. Barclays faces other regulatory obstacles, with an ongoing probe by Britain''s Serious Fraud Office (SFO) into its 2008 cash call at the height of the financial crisis and allegations by the U.S. Department of Justice (DOJ) over mortgage mis-selling. The bank also took a higher than expected 700 million pound charge for mis-selling payment protection insurance, in what is Britain''s costliest consumer banking scandal. Reporting by Lawrence White and Andrew MacAskill; editing by Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-barclays-group-results-idUKKBN1AD0IR'|'2017-07-28T08:38:00.000+03:00'|5150.0|''|-1.0|'' 5151|'ac78bf5289d960c9915143bea064510142cf2e20'|'UK Stocks-Factors to watch on July 26'|'July 26 (Reuters) - Britain''s FTSE 100 index is seen opening up 2 points on Wednesday, according to financial bookmakers. * ACACIA MINING: Acacia Mining''s shares fell for a sixth straight session on Tuesday, a day after the gold miner was hit with a tax bill of more than $190 billion by the Tanzanian government. * VEDANTA RESOURCES: Zambia''s Konkola Copper Mines (KCM) said on Tuesday it was halting operations indefinitely at its Nchanga underground mine (NUG) in Chingola state due to theft of high voltage cables. * METRO BANK: Metro Bank Plc said successful completion of the non pre-emptive cash placing of new ordinary shares. * BREXIT: The International Monetary Fund said on Tuesday that it foresaw only a modest increase in transaction costs if clearing and other financial activities are moved from the City of London to the European Union after Brexit. * BRITAIN AUTO: Britain''s government will announce on Wednesday that it will ban the sale of petrol- and diesel-fuelled cars from 2040 when all vehicles must be fully electric as part of a plan to clean up air pollution, newspapers reported on Tuesday. * COPPER: London Metal Exchange copper was up 0.5 percent at $6,257 a tonne, as of 0221 GMT, extending from Monday''s gains. Earlier in the session, prices hit $6,280 a tonne, its highest since May 2015. * OIL: Oil prices firmed on Wednesday to hold near eight-week highs hit in the previous session, on expectations of a drawdown in U.S. stocks and as a rise in shale oil production shows signs of slowing. * The UK blue chip index FTSE 100 closed 0.8 percent higher at 7,434.82 points on Tuesday, as strong results and buoyant basic resource stocks boosted the index and small-cap luxury shoemaker Jimmy Choo soared 17 percent after an agreed bid by U.S. retailer Michael Kors. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Antofagasta Q2 Production report Fresnilo Q2 Production report Vedanta Resources Plc Q1 production report Metro Bank Interim Earnings Release CNH Industrial NV Q2 2017 Earnings Release Sage Group PLC Q3 2017 Trading Statement Release Jupiter Fund Management Half Year 2017 Earnings Release Quartix Holdings PLC Half Year 2017 Earnings Release Hammerson PLC Half Year 2017 Earnings Release Berendsen PLC Half Year 2017 Earnings Release Marston''s PLC Half Year 2017 Interim Statement Unite Group PLC Half Year 2017 Earnings Release Brewin Dolphin Holdings Q3 2017 Interim Management Statement Robert Walters Plc Half Year 2017 Earnings Release Centaur Media PLC Half Year 2017 Earnings Release PayPoint plc Q1 2017 Trading Statement Release Subsea 7 SA Q2 2017 Earnings Release GKN PLC Half Year 2017 Earnings Release Compass Group PLC Q3 2017 Trading Statement Release 3i Group PLC Q1 2018 Performance Update Tullow Oil PLC Half Year 2017 Earnings Release Paragon Group Q3 2017 Trading Statement Release ITV PLC Half Year 2017 Earnings Release International Personal Half Year 2017 Earnings Release Finance GlaxoSmithKline PLC Q2 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1KH25W'|'2017-07-26T08:32:00.000+03:00'|5151.0|''|-1.0|'' 5152|'0185eff308c221367ba57bc9fe3bb92907826006'|'U.S. government ordered to solve ''Case of the Incredible Shrinking Airline Seat'''|'July 28, 2017 / 5:10 PM / 3 hours ago U.S. government ordered to solve ''Case of the Incredible Shrinking Airline Seat'' David Shepardson 3 Min Read A woman uses her laptop on a flight out of John F. Kennedy (JFK) International Airport in New York, U.S., May 26, 2017. Picture taken May 26, 2017. Lucas Jackson WASHINGTON (Reuters) - U.S. aviation authorities were ordered back to the drawing board on Friday to solve what a federal appeals judge called "The Case of the Incredible Shrinking Airline Seat." Judge Patricia Millett told the Federal Aviation Administration to take another look at an advocacy group''s assertion that shrinking airline seats are imperiling passenger safety. The judge rejected the FAA''s argument that seat size was unimportant to getting off the plane in an emergency. "That makes no sense," she wrote for the three-judge panel, likening the rationale to doing "a study on tooth decay that only recorded participants sugar consumption" but did not look at brushing and flossing. All three judges on the U.S. Court of Appeals for the District of Columbia Circuit agreed the FAA must conduct a new review of the request for regulations setting a minimum airline seat size, but Judge Judith Rogers dissented from part of the court''s rationale. Airline seats have steadily decreased in size over the last several decades. Economy-class seat pitch has decreased from an average of 35 inches (89 cm) in the 1970s to 31 inches (79 cm), and in some airplanes to 28 inches (71 cm). Average seat width has narrowed from about 18 inches (46 cm)to 16.5 inches (42 cm) over the last decade. Critics accuse the airlines of being more interested in profit than passenger health and safety. FAA spokesman Greg Martin wrote in an e-mail the agency "does consider seat pitch in testing and assessing the safe evacuation of commercial, passenger aircraft. We are studying the ruling carefully and any potential actions we may take to address the courts findings." An airline trade group declined to comment. Seat pitch is the distance from one seat to the same spot on the one in front or behind. The ruling was limited to the question of whether smaller seats and larger passengers could have an impact on emergency egress. It did not require the FAA to look at the impact on comfort and health. A U.S. House of Representatives bill under consideration would require the FAA to set minimum seat sizes on U.S. airlines and a minimum distance between rows to "protect the safety and health of airline passengers." Last month American Airlines Group Inc said it would reduce leg room by one inch to 30 inches instead of two as originally planned on some seats in its Boeing 737 MAX jets. United Airlines President Scott Kirby told a congressional hearing in May the airline had yet to decide whether to cut pitch to 29 inches in some seats. Nearly all United seats have at least 31 inches of pitch. Reporting by David Shepardson; Editing by Howard Goller 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-planes-idUSKBN1AD28Y'|'2017-07-28T19:56:00.000+03:00'|5152.0|''|-1.0|'' -5153|'136051a403977f4f09a112d9548acf9279c1bcaf'|'African Markets - Factors to watch on July 26'|'The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. - - - - - GLOBAL MARKETS Asian stocks steadied on Wednesday and the dollar held firm as investors awaited the Federal Reserve''s policy decision later in the day for more clues on its tightening plans. WORLD OIL PRICES Oil prices firmed on Wednesday to hold near eight-week highs hit in the previous session, on expectations of a drawdown in U.S. stocks and as a rise in shale oil production shows signs of slowing. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand weakened on Tuesday as investors looked elsewhere in high-yield emerging markets for carry-trade opportunities, but stocks gained as Kumba Iron Ore rose after resuming dividend payments. NIGERIA MARKETS Nigeria''s benchmark index hit new two-year highs on Tuesday, led by banking shares after the central bank said it was committed to opening up the local currency market to investors. NIGERIA PRESIDENT Nigeria''s President Muhammadu Buhari will return to his official duties as soon as doctors advise that he can end his medical leave, according to a statement from the presidency on Tuesday. NIGERIA RATES Nigeria''s central bank held its benchmark interest rate at 14 percent on Tuesday, its governor said, but warned that the country''s recession could be prolonged if strong and bold measures were not adopted. KENYA MARKETS Kenya''s shilling was steady on Tuesday and traders said they expected it to ease slightly due to dollar demand from oil importers. GHANA GOLD Newmont Mining Corp handily beat quarterly profit estimates on Tuesday as production improved, more than offsetting the impact of lower realized gold prices, lifting the miner''s shares as much as 7.7 percent to a five-month high. TANZANIA ACACIA MINING Acacia Mining''s shares fell for a sixth straight session on Tuesday, a day after the gold miner was hit with a tax bill of more than $190 billion by the Tanzanian government. UGANDA MARKETS The Ugandan shilling was little changed on Tuesday but was expected to lose some ground after the central bank injected local currency liquidity into the money markets on Monday. UGANDA LAND A Ugandan government plan to change its constitution so it can forcefully acquire private land for public projects has ignited widespread anger, with critics saying powerful officials and individuals would use it as an excuse to grab land. UGANDA-IMF/ OIL Uganda''s new-found oil reserves may account for as much as 4 percent of its economy annually in coming years if managed well, the International Monetary Fund''s country chief says. ZAMBIA ECONOMY Zambia''s target of 4.3 percent expansion of gross domestic product in 2017 remains feasible due to expansion in key sectors in the economy and tighter spending by the government, Finance Minister Felix Mutati said on Tuesday. ZAMBIA COPPER Zambia''s Konkola Copper Mines (KCM) said on Tuesday it was halting operations indefinitely at its Nchanga underground mine (NUG) in Chingola state due to theft of high voltage cables. CENTRAL AFRICAN REPUBLIC FIGHTING Suspected Christian militiamen killed two Moroccan peacekeepers from the United Nations mission in Central African Republic on Tuesday, the mission said, in the second deadly attack on Moroccan forces this week. CONGO VIOLENCE The United Nations accused "elements" of the Congolese army on Tuesday of digging most of the mass graves it has identified in the insurrection-ravaged Kasai region of central Democratic Republic of Congo. BURUNDI MISSING Two members of a teenage robotics team from Burundi who went missing after a competition in Washington last week have been located and are safe, the city''s Metropolitan Police Department said on Tuesday. ZIMBABWE PARLIAMENT Zimbabwe''s parliament on Tuesday changed the constitution to give back to President Robert Mugabe sole power to appoint the country''s top three judges, a move the main opposition said could undermine the independence of the judiciary. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/africa-factors-idUSL5N1KH0A7'|'2017-07-26T07:52:00.000+03:00'|5153.0|''|-1.0|'' +5153|'136051a403977f4f09a112d9548acf9279c1bcaf'|'African Markets - Factors to watch on July 26'|'The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. - - - - - GLOBAL MARKETS Asian stocks steadied on Wednesday and the dollar held firm as investors awaited the Federal Reserve''s policy decision later in the day for more clues on its tightening plans. WORLD OIL PRICES Oil prices firmed on Wednesday to hold near eight-week highs hit in the previous session, on expectations of a drawdown in U.S. stocks and as a rise in shale oil production shows signs of slowing. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand weakened on Tuesday as investors looked elsewhere in high-yield emerging markets for carry-trade opportunities, but stocks gained as Kumba Iron Ore rose after resuming dividend payments. NIGERIA MARKETS Nigeria''s benchmark index hit new two-year highs on Tuesday, led by banking shares after the central bank said it was committed to opening up the local currency market to investors. NIGERIA PRESIDENT Nigeria''s President Muhammadu Buhari will return to his official duties as soon as doctors advise that he can end his medical leave, according to a statement from the presidency on Tuesday. NIGERIA RATES Nigeria''s central bank held its benchmark interest rate at 14 percent on Tuesday, its governor said, but warned that the country''s recession could be prolonged if strong and bold measures were not adopted. KENYA MARKETS Kenya''s shilling was steady on Tuesday and traders said they expected it to ease slightly due to dollar demand from oil importers. GHANA GOLD Newmont Mining Corp handily beat quarterly profit estimates on Tuesday as production improved, more than offsetting the impact of lower realized gold prices, lifting the miner''s shares as much as 7.7 percent to a five-month high. TANZANIA ACACIA MINING Acacia Mining''s shares fell for a sixth straight session on Tuesday, a day after the gold miner was hit with a tax bill of more than $190 billion by the Tanzanian government. UGANDA MARKETS The Ugandan shilling was little changed on Tuesday but was expected to lose some ground after the central bank injected local currency liquidity into the money markets on Monday. UGANDA LAND A Ugandan government plan to change its constitution so it can forcefully acquire private land for public projects has ignited widespread anger, with critics saying powerful officials and individuals would use it as an excuse to grab land. UGANDA-IMF/ OIL Uganda''s new-found oil reserves may account for as much as 4 percent of its economy annually in coming years if managed well, the International Monetary Fund''s country chief says. ZAMBIA ECONOMY Zambia''s target of 4.3 percent expansion of gross domestic product in 2017 remains feasible due to expansion in key sectors in the economy and tighter spending by the government, Finance Minister Felix Mutati said on Tuesday. ZAMBIA COPPER Zambia''s Konkola Copper Mines (KCM) said on Tuesday it was halting operations indefinitely at its Nchanga underground mine (NUG) in Chingola state due to theft of high voltage cables. CENTRAL AFRICAN REPUBLIC FIGHTING Suspected Christian militiamen killed two Moroccan peacekeepers from the United Nations mission in Central African Republic on Tuesday, the mission said, in the second deadly attack on Moroccan forces this week. CONGO VIOLENCE The United Nations accused "elements" of the Congolese army on Tuesday of digging most of the mass graves it has identified in the insurrection-ravaged Kasai region of central Democratic Republic of Congo. BURUNDI MISSING Two members of a teenage robotics team from Burundi who went missing after a competition in Washington last week have been located and are safe, the city''s Metropolitan Police Department said on Tuesday. ZIMBABWE PARLIAMENT Zimbabwe''s parliament on Tuesday changed the constitution to give back to President Robert Mugabe sole power to appoint the country''s top three judges, a move the main opposition said could undermine the independence of the judiciary. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/africa-factors-idUSL5N1KH0A7'|'2017-07-26T07:52:00.000+03:00'|5153.0|18.0|0.0|'' 5154|'96f76c7dbef73cf2539d2816df1875c367cf4fcd'|'Bank of England unveils new 10 pound note featuring Jane Austen'|'July 18, 2017 / 3:14 PM / 6 minutes ago Jane Austen takes pride of place on Britain''s new plastic tenner David Milliken 3 Min Read Britain''s Bank of England Governor, Mark Carney, holds the new 10 note featuring Jane Austen, at Winchester Cathedral, in Winchester, Britain July 18, 2017. Chris J Ratcliffe/Pool WINCHESTER, England (Reuters) - The Bank of England unveiled its first plastic 10 pound note on Tuesday, which features 19th century British novelist Jane Austen and will be available to the public from September. The central bank has printed an initial run of a billion of the new notes, which are known in Britain as "tenners", after last year''s launch of a five pound note made from a polymer film that the BoE said is more durable and harder to forge. Tuesday marks the 200th anniversary of Austen''s death. The writer was buried in Winchester Cathedral in 1817 and completed many of her best-known works such as "Pride and Prejudice" and "Emma" in the nearby village of Chawton. "Ten pounds would have meant a lot to Jane Austen, about the same as 1,000 pounds would mean to us today," BoE Governor Mark Carney said at the launch of the new note in Winchester. Austen received a 10 pound publisher''s advance for her first novel and the new banknote bears a quotation "I declare after all there is no enjoyment like reading!" from her later work, "Pride and Prejudice". The quotation came from a character who in fact had no interest in books and was merely trying to impress a potential suitor. It drew a mix of amusement and criticism in the media when it appeared on an initial design of the note in 2013. People in period costume pose with the new 10 note featuring Jane Austen, at Winchester Cathedral, in Winchester, Britain July 18, 2017. Chris J Ratcliffe/Pool Carney defended the choice on Tuesday. "It captures much of her spirit, at least in my mind," he said. "It draws out some of the essence of some of her social satire and her insight into people''s character. So it works on multiple levels." Slideshow (4 Images) Extinction Looms for Darwin With tactile features to make it easier for blind people to identify, the BoE says each new 10 pound note should last for around five years, compared to around two years for the paper note it is replacing. Existing 10 pound notes, which feature the scientist Charles Darwin, will cease to be legal tender during the first half of next year. Rolling out the new plastic notes has not been without its problems. The five pound note released last year drew criticism from vegetarians and some religious groups for containing trace amounts of animal fats - something which will also be the case for the new 10 pound note. The BoE is working to find an alternative production method in time for when it launches a new 20 pound note in 2020. Reporting by David Milliken; editing by William Schomberg and Alexander Smith 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-banknote-idUKKBN1A31GV'|'2017-07-18T18:14:00.000+03:00'|5154.0|''|-1.0|'' 5155|'ffac78f5807135327a565576782561e8529d0981'|'Property firm British Land plans 300 million buyback'|'July 18, 2017 / 8:50 AM / in 9 minutes Property firm British Land plans 300 million buyback Esha Vaish 3 Min Read (Reuters) - British Land ( BLND.L ) plans to spend up to 300 million pounds to buy back its shares in this financial year, the property developer said on Tuesday, citing limited investment opportunities. The company, which owns the Meadowhall shopping centre in Sheffield and office property at Paddington Central in London, said its shares were trading at a substantial discount to its net asset value, making a buyback a "clear value opportunity". "Investment in the company''s shares at the prevailing discount offers better value than further asset acquisitions," Britain''s second-largest listed property developer said in a statement ahead of its general meeting. The company''s shares were the second-top London .FTSE gainers, up 3 percent at 622 pence by 0824 GMT, but still about 30 percent lower than the firm''s EPRA net asset value of 915 pence per share as of March 31. Rival Land Securities ( LAND.L ) was up 1.5 percent at 1,025 pence. British Land and Land Securities, both large holders of London office property, have seen the value of their assets fall since the country''s vote to leave the European Union last year. The outcome of the referendum has raised concerns that the worth and allure of London property might be hit by the departure of financial companies to Europe. In response, British Land has been reducing the amount of space it was developing before securing tenants. Chief Executive Chris Grigg said on Tuesday that the company had the flexibility to respond to a changing market and was retaining resources to develop its pipeline of opportunities. British Land''s buyback comes a decade after the company''s former chief executive announced a 500 million pound buyback, citing similar market conditions, only to quickly shelve plans. "2017 looks like a rerun of 2007 and Grigg''s gamble of running more leverage risk anticipating an extended real estate cycle is faltering as global bond yields rise," Jefferies analyst Mike Prew said in a note. "We would sell all the stock we could into this liquidity window," said Prew, who has a "underperform" rating and target price of 500 pence on British Land''s stock. Reporting by Esha Vaish in Bengaluru; Editing by David Goodman and Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-british-land-buyback-idUKKBN1A30QB'|'2017-07-18T11:50:00.000+03:00'|5155.0|''|-1.0|'' 5156|'efe163b6e6f42970db992f03c2184e48696826ab'|'UK consumer morale slips as economic mood hits four-year low - GfK'|'July 27, 2017 / 11:13 PM / 11 hours ago UK consumer morale slips as economic mood hits four-year low - GfK Reuters Staff 2 Min Read FILE PHOTO: A woman shops in a supermarket in London, Britain April 11, 2017. Neil Hall/File Photo LONDON (Reuters) - British consumer morale has sunk back to depths hit just after last year''s Brexit vote and worse may be to come as households'' view of the broader economic situation dropped to a four-year low, according to a survey on Friday. Market research firm GfK''s consumer confidence index fell to -12 in July from -10 in June, a one-year low and slightly below the median forecast in a Reuters poll of economists. The figures are likely to strengthen the conviction of Bank of England officials who want to keep interest rates on hold ahead of next Thursday''s policy decision. "All bets must now be on a further drift downwards in confidence," said Joe Staton, head of market dynamics at GfK. The component of the survey which measures households'' assessment of the economic situation over the past year - a good guide to official data on household spending - hit its lowest level since July 2013. This was around the time Britain''s economic recovery started in earnest. Although unemployment is running at its lowest level since the 1970s, Staton pointed to a growing squeeze on household finances. The Brexit vote in June 2016 led to a big fall in the value of sterling, which has pushed up inflation, eating into consumers'' disposable income this year. "If Brexit negotiations continue to deliver more questions than answers, it''s unlikely the overall index score will find any tailwinds for some time," Staton said. Although the minority of BoE rate-setters who want to hike interest rates think exports and investment will soon compensate for a consumer slowdown, others are wary about how long the downturn will last. Britain''s economy failed to build much momentum over the past three months after almost stalling at the start of the year, reducing an already slim chance that the BoE will soon reverse last year''s emergency interest rate cut. Reporting by Andy Bruce, editing by David Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-consumersentiment-idUKKBN1AC3ET'|'2017-07-28T02:12:00.000+03:00'|5156.0|''|-1.0|'' @@ -5177,7 +5177,7 @@ 5175|'4cf7e48633658800a529af5fe2e32eaf1aacf205'|'That was fun; now comes the slowdown'|'July 24, 2017 / 8:39 AM / an hour ago That was fun; now comes the slowdown Jeremy Gaunt 5 Min Read FILE PHOTO: A sign for Fletcher Building Ltd, New Zealand''s biggest builder, adorns a crane at a construction site in the New Zealand city of Auckland, June 25, 2017. David Gray /File Photo LONDON (Reuters) - For all the talk of world economies rising in sync, there does not seem to be an abundance of optimism about how long it will last. Tucked away in Reuters latest quarterly economic poll series is a projection that growth rates in nearly all of the world''s largest economies will fall over the next two years. Inflation, meanwhile, will remain benign and in some cases below target. Both findings would suggest that the current caution of central bankers is warranted. As the European Central Bank''s Mario Draghi said in the past week: "We aren''t there yet." The Reuters polls of economists around the world -- looking at 46 economies -- have been prescient in past years. If they prove right again, it means the United States, euro zone, Japan, Germany, France and China will all grow more slowly in 2019 than at present. Britain will be growing at this year''s rate -- but only after a 2018 Brexit-related hammering. James Knightley, chief international economist at ING, reckons the projected growth slowdown is a natural maturing of the economic cycle, exacerbated by the gradual tightening of monetary policy measures adopted following the financial crisis. "Consumers are getting to the point now when debt levels are starting to rise, and with central banks increasingly moving in the direction ... of tightening, then that could start to act as a brake on economic activity," he said. There will be growth. But it will be fairly humdrum. Consider the euro zone, currently running at a projected 1.9 percent growth rate. That will drop to 1.5 percent in 2019, according to the economists. Japan will see its 1.4 percent growth rate today halve to 0.7 percent. The U.S. economy will be down slightly, to 2.1 percent from 2.2 percent, way below the historical trend of above 3 percent. Did You Feel It? It may come as a surprise to the average person in many of these economies that the growth cycle is maturing. In many cases it has been a very mild rebound from the Great Recession triggered by the financial crisis a decade ago. FILE PHOTO: Painted wheelbarrow buckets arrive at the end of the assembly line at the AMES Companies factory, the largest wheelbarrow factory in the world, in Harrisburg, Pennsylvania, U.S. on June 29, 2017. Tim Aepp/File Photo As Stephen King, senior economic adviser at HSBC, noted this month: "Economic records are there to be broken. The U.S. is on the cusp of breaking two simultaneously. Within weeks, the U.S. may have delivered both the longest and the weakest economic upswing in post-war history." The new normal -- post-crisis and with big emerging economies having matured themselves -- may well be for less robust growth, although the Reuters polls project the world economy to grow at around 3.5 percent annually over the next three years. That is pretty much the average since 1961, according to World Bank statistics, although that of course is dragged down by the Great Recession and the big slump around 1980. This all goes some way to explaining the extreme caution of central banks in rolling back their unprecedented monetary stimulus. They do not, as the ECB''s Draghi admitted openly this past week, want to commit a policy error. FILE PHOTO: Equipment for rent outside of the United Rentals store in Denver, Colorado July 19, 2017. Rick Wilking /File Photo Their dilemma is that they want to normalise monetary policy as much as possible without killing what growth trillions of dollars of stimulus have helped achieve. So data releases are even more crucial to policymakers than usual. The coming week will give them a snapshot of monthly business activity, culminating in the first real look at what happened in the second quarter. Flash purchasing managers'' indexes for Japan, Germany, France and the euro zone have already been released. All remained in expansion territory, but for the most part fell from the previous month. The United States PMI is released later. Britain announces its preliminary second quarter growth figures on Wednesday. There is a strong consensus that it will tick up to 0.3 percent from 0.2 percent quarter-on-quarter, but slip to 1.7 percent from 2.0 percent year against year. Arguably the biggest data release comes on Friday with advance U.S. GDP numbers. An annualised rate -- that is, roughly speaking the quarterly number times four -- is seen at 2.7 percent, a large jump from the previous 1.4 percent. Reporting by Jeremy Gaunt; Additional reporting by Jonathan Cable; Editing by Catherine Evans, Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-economy-outlook-idUKKBN1A90VB'|'2017-07-24T11:38:00.000+03:00'|5175.0|''|-1.0|'' 5176|'52e7a6ac4c1bd5b4643e3d1779252e33a247f00a'|'Google to power Dutch data centre with solar energy'|'Environment - Fri Jul 7, 2017 - 8:22am EDT Google to power Dutch data center with solar energy The sign marking the Google offices is lit up in Cambridge, Massachusetts, U.S., June 27, 2017. REUTERS/Brian Snyder AMSTERDAM Google will purchase all the electricity generated by the largest solar park in the Netherlands over the next decade to power a recently opened data center housing thousands of servers, the U.S. internet company and energy provider Eneco said on Friday. It is part of Google''s ambition to switch its data centers and offices entirely to renewable energy this year, helped by the steep fall in prices for wind and solar energy. The contract with Eneco, for which no financial details were disclosed, will supply renewable energy for "many months to come, maybe even years", Google''s European energy manager Marc Oman said. The agreement comes as the Netherlands makes a push to boost its renewable energy production and is investing 12 billion euros in 2017 in offshore wind farms. The Eemshaven data center, which cost roughly 600 million euros and opened in 2016, is one of four Google operates in Europe. (Reporting by Bart Meijer) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-netherlands-energy-google-idUSKBN19S1QZ'|'2017-07-07T15:18:00.000+03:00'|5176.0|''|-1.0|'' 5177|'0a572cb0f620d71d8444b75fcb7a2adb67bffc8f'|'RPT-BRIEF-Wendel: Constantia Flexibles sells Labels business to Multi-Color for 1.15 bln enterprise value'|'July 17, 2017 / 1:12 PM / 9 minutes ago RPT-BRIEF-Wendel: Constantia Flexibles sells Labels business to Multi-Color for 1.15 bln enterprise value 1 Min Read (Repeats to add country code) July 17 (Reuters) - Wendel: * Wendel welcomes todays announcement by Constantia Flexibles, one of the worlds leaders in flexible packaging, that it has signed an agreement to sell its Labels business to Multi-Color Corporation, for an enterprise value of approximatley 1.15 billion (1.3 billion USD). * Majority of the transaction is payable in cash, while Constantia Flexibles will hold a 16.6% equity holding in Multi-Color, thereby becoming its largest shareholder * Transaction will make a positive contribution to long-term value creation at Constantia Flexibles, which is 60.5% owned by Wendel, its majority shareholder 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1K83Q5'|'2017-07-17T16:12:00.000+03:00'|5177.0|''|-1.0|'' -5178|'93252018b22f0fdbb77d94ce4f4bd64fce27280e'|'With new Camry, Toyota eyes bigger share of ailing U.S. sedan market'|'Mon Jul 10, 2017 - 12:27pm BST With new Camry, Toyota eyes bigger share of ailing U.S. sedan market left right Toyota Camry sedan is seen at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 1/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, and Masato Katsumata, chief engineer of Toyota''s Camry, pose with Toyota Camry sedan at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 2/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, and Masato Katsumata, chief engineer of Toyota''s Camry, pose with Toyota Camry sedan at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 3/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, and Masato Katsumata, chief engineer of Toyota''s Camry, walk after posing with Toyota Camry sedan at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 4/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, speaks at a news conference for Toyota Camry sedan''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 5/7 left right Masato Katsumata, chief engineer of Toyota''s Camry, speaks at a news conference for Toyota Camry sedan''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 6/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, speaks at a news conference for Toyota Camry sedan''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 7/7 TOKYO Toyota Motor Corp ( 7203.T ) on Monday said it was committed to the ailing U.S. sedan market and that it expected a new model of its Camry, the top-selling passenger car in the United States for decades, to help boost the company''s sales in the segment. The automaker said it was "inconceivable" that mid-size sedans would disappear from the market, and that any move by its rivals to stop selling what was once among the most popular vehicles would allow Toyota to boost its presence. Cheap U.S. gasoline prices have prompted drivers to opt for larger SUVs and pick-up trucks. Automakers have been scrambling to meet this growing demand and, as a result, sedans have been losing their share of the U.S. market for new car sales - at 38 percent now versus around 44 percent in 2015. "If other automakers left the sedan market to focus more on SUVs, that would be an opportunity to expand our market share of the segment," Camry''s chief engineer, Masato Katsumata, said at the launch of the latest Camry model in Japan. Sedans and smaller models are a key U.S. sales segment for Toyota. In the first half of 2017, they accounted for about 43.5 percent of Toyota''s total sales, versus 48.6 percent a year ago. Toyota is targeting monthly U.S. sales of 30,000 Camrys after the new model goes on sale in August. In June, it sold 29,463 units of the current Camry model in the United States, down 9.5 percent from a year ago. "Sedans are not a growth segment these days, but we want the new Camry to rehabilitate the segment," said Moritaka Yoshida, president of Toyota''s in-house mid-size vehicle company. (Reporting by Naomi Tajitsu; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toyota-strategy-idUKKBN19V18R'|'2017-07-10T14:25:00.000+03:00'|5178.0|''|-1.0|'' +5178|'93252018b22f0fdbb77d94ce4f4bd64fce27280e'|'With new Camry, Toyota eyes bigger share of ailing U.S. sedan market'|'Mon Jul 10, 2017 - 12:27pm BST With new Camry, Toyota eyes bigger share of ailing U.S. sedan market left right Toyota Camry sedan is seen at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 1/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, and Masato Katsumata, chief engineer of Toyota''s Camry, pose with Toyota Camry sedan at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 2/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, and Masato Katsumata, chief engineer of Toyota''s Camry, pose with Toyota Camry sedan at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 3/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, and Masato Katsumata, chief engineer of Toyota''s Camry, walk after posing with Toyota Camry sedan at a news conference for the car''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 4/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, speaks at a news conference for Toyota Camry sedan''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 5/7 left right Masato Katsumata, chief engineer of Toyota''s Camry, speaks at a news conference for Toyota Camry sedan''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 6/7 left right Moritaka Yoshida, president of Toyota''s mid-size vehicle company, speaks at a news conference for Toyota Camry sedan''s unveiling in Japan, in Tokyo, Japan July 10, 2017. REUTERS/Toru Hanai 7/7 TOKYO Toyota Motor Corp ( 7203.T ) on Monday said it was committed to the ailing U.S. sedan market and that it expected a new model of its Camry, the top-selling passenger car in the United States for decades, to help boost the company''s sales in the segment. The automaker said it was "inconceivable" that mid-size sedans would disappear from the market, and that any move by its rivals to stop selling what was once among the most popular vehicles would allow Toyota to boost its presence. Cheap U.S. gasoline prices have prompted drivers to opt for larger SUVs and pick-up trucks. Automakers have been scrambling to meet this growing demand and, as a result, sedans have been losing their share of the U.S. market for new car sales - at 38 percent now versus around 44 percent in 2015. "If other automakers left the sedan market to focus more on SUVs, that would be an opportunity to expand our market share of the segment," Camry''s chief engineer, Masato Katsumata, said at the launch of the latest Camry model in Japan. Sedans and smaller models are a key U.S. sales segment for Toyota. In the first half of 2017, they accounted for about 43.5 percent of Toyota''s total sales, versus 48.6 percent a year ago. Toyota is targeting monthly U.S. sales of 30,000 Camrys after the new model goes on sale in August. In June, it sold 29,463 units of the current Camry model in the United States, down 9.5 percent from a year ago. "Sedans are not a growth segment these days, but we want the new Camry to rehabilitate the segment," said Moritaka Yoshida, president of Toyota''s in-house mid-size vehicle company. (Reporting by Naomi Tajitsu; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toyota-strategy-idUKKBN19V18R'|'2017-07-10T14:25:00.000+03:00'|5178.0|20.0|0.0|'' 5179|'3d233b787977060951b35f656d3feb044849a9cd'|'Oil gains ahead of producer meeting; Nigeria, Libya output in focus'|'July 23, 2017 / 10:51 PM / in 23 minutes Oil steady ahead of producer meeting; Nigeria, Libya output in focus Osamu Tsukimori 3 Min Read FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. Ernest Scheyder/File Photo TOKYO (Reuters) - Oil prices held around a one-week low on Monday ahead of a joint OPEC and non-OPEC meeting later in the day that may address rising output in Nigeria and Libya. London Brent crude for September delivery LCOc1 was up 2 cents at $48.08 a barrel by 0551 GMT. The contract settled down $1.24, or 2.5 percent, on Friday after a consultancy forecast a rise in OPEC production for July. NYMEX crude for September delivery CLc1 was unchanged at at $45.77. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC producers will meet in the Russian city of St Petersburg on Monday to review market conditions and examine any proposals related to their pact to cut output. Sources familiar with the talks said the meeting may recommend a conditional cap on production from Nigeria and Libya - two OPEC members so far exempt from output cuts - although some analysts were deeply sceptical the group would make such a move. "Output cuts by Libya and Nigeria would be next to impossible considering Libya was just re-emerging from the civil war, for example," said Kaname Gokon, strategist for commodities brokerage Okato Shoji in Tokyo. OPEC and some non-OPEC states including Russia agreed last year to cut production by 1.8 million barrels per day (bpd) in a deal that has been extended to March 2018. Russian Energy Minister Alexander Novak said Libya and Nigeria should cap output when their output stabilizes, the Financial Times reported. Kuwait''s oil minister, Essam al-Marzouq, said on Saturday that compliance was good with oil production cuts by OPEC and non-OPEC countries and that deeper curbs were possible. Meanwhile, OPEC Secretary General Mohammad Barkindo said on Sunday that a rebalancing of the oil market is progressing more slowly than expected, but will speed up in the second half of 2017. "Oil looks likely to remain stuck in a tight range, as investors await any signs that OPEC will intensify its effort to rebalance the market," ANZ bank said. The United States is considering financial sanctions on Venezuela that would halt dollar payments for the country''s oil, sources told Reuters, which could severely restrict the OPEC nation''s crude exports. The International Monetary Fund on Monday kept its growth forecasts for the world economy unchanged for this year and next, although it slightly revised up growth expectations for the eurozone and China. Reporting by Osamu Tsukimori; Editing by Joseph Radford and Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN1A80YH'|'2017-07-24T06:22:00.000+03:00'|5179.0|''|-1.0|'' 5180|'6bc53a3477c8d341af9b7710be599a9b0204048c'|'Ex-Bank of England deputy in talks for Visa Europe CEO job - report'|'Market News - Sat Jul 8, 2017 - 7:49am EDT Ex-Bank of England deputy in talks for Visa Europe CEO job - report LONDON, July 8 Charlotte Hogg, who resigned as the Bank of England''s deputy governor in March over concerns about a potential conflict of interest, is in talks to take over as chief executive at Visa Europe, Sky News reported on Saturday. Hogg, who was one of Governor Mark Carney''s most trusted lieutenants, stepped down following criticism by lawmakers that her role was untenable because her brother was responsible for guiding Barclays'' response to bank regulation, which is overseen by the Bank of England (BoE). Sky, citing an unnamed source close to the BoE, said Visa Europe had held preliminary talks with the central bank about the implications of Hogg taking on the job as its chief executive. A Visa Europe spokeswoman declined to comment on the report. (Reporting by Michael Holden; Editing by Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-visa-hogg-idUSL8N1JZ0CN'|'2017-07-08T14:49:00.000+03:00'|5180.0|''|-1.0|'' 5181|'54c86c5966b202e2ffb9568400982f4c9c4cd07e'|'Shares in Britain''s B&M rise on report Asda eyeing takeover bid'|'July 24, 2017 / 7:22 AM / 13 minutes ago Shares in Britain''s B&M rise on report Asda eyeing takeover bid Reuters Staff 2 Min Read LONDON (Reuters) - Shares in British discount retailer B&M European Value Retail ( BMEB.L ) rose as much as 5.3 percent on Monday after a report that Asda, the UK supermarket arm of Wal-Mart Stores ( WMT.N ), was considering a 4.4 billion pounds takeover. The Sunday Times said Asda, which trails market leader Tesco ( TSCO.L ) and Sainsbury''s ( SBRY.L ) in annual sales, is in the early stages of assessing a bid for B&M, which is chaired by Terry Leahy, the former chief executive of Tesco. It said Asda had commissioned external research on B&M and cited an unidentified industry source as saying that buying B&M would reduce Asda''s reliance on food sales and provide it with a network to stock its George clothing range. Spokesmen for Asda and B&M both declined to comment. Shares in B&M, which listed at 270 pence in 2014, were up 15.6 pence at 356.6 pence at 0708 GMT, valuing the business at 3.6 billion pounds. Reporting by James Davey; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-b-m-european-m-a-asda-idUKKBN1A90NX'|'2017-07-24T10:22:00.000+03:00'|5181.0|''|-1.0|'' @@ -5193,10 +5193,10 @@ 5191|'80f8b14e90dbca2d17cc493f4ebd0e62e90adf07'|'Bank of America picks Dublin as EU hub post Brexit'|'July 21, 2017 / 1:27 PM / in an hour Bank of America picks Dublin as EU base after Brexit Anjuli Davies and Conor Humphries 3 Min Read FILE PHOTO: A Bank of America logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith/File Photo LONDON/DUBLIN (Reuters) - Bank of America ( BAC.N ) on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc. International banks are planning to set up subsidiaries in the EU to ensure they can continue to serve clients if their London operations lose the ability to operate across the bloc once Britain leaves in March 2019. Frankfurt and Dublin are emerging as early winners for banks'' post-Brexit operations. "Bank of America has operated in Ireland and engaged in the local community for almost 50 years," said Brian Moynihan, chairman and CEO of Bank of America. The bank did not say how many roles would be moved or created in the Irish capital, where it currently has over 700 staff and a fully licensed entity, but said that some roles would also move to other EU locations. The Irish government, which has been keen to attract investment banks to Dublin, welcomed the news. "This announcement...is a strong endorsement of Ireland''s attractiveness as a location for investment, and of the government''s approach to securing Brexit-related activities," Irish Prime Minister Leo Varadkar said following the announcement and a meeting with Moynihan in Dublin on Friday. Details of banks'' Brexit arrangements are starting to emerge following a July 14 deadline for them to submit details of their contingency plans to the Bank of England. Wall Street''s Citigroup Inc. ( C.N ) and Morgan Stanley ( MS.N ) have both picked Frankfurt as bases for their EU hubs, whilst Barclays ( BARC.L ) has said it is talking with regulators about extending its activities in Dublin. Morgan Stanley is likely to spread some of its operations across the EU, with its asset management business expected to go to Dublin as well, a source familiar with the matter told Reuters on July 19. Bank of America is extending its existing lease on its building in Leopardstown, Dublin, according to the Irish Times. The newspaper also reported the bank was in talks on two other office spaces in the city that would be able to accommodate up to 1,000 employees, giving it the flexibility to add up to 300 additional staff. Reporting By Anjuli Davies; Editing by Rachel Armstrong/Keith Weir 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-bank-of-america-idUKKBN1A61NW'|'2017-07-21T16:26:00.000+03:00'|5191.0|''|-1.0|'' 5192|'6d408500f0db791ffa5fb8874cbafa9e6de778d0'|'Trump administration''s NAFTA demands make sense - Union Pacific CEO'|'July 20, 2017 / 7:10 PM / 44 minutes ago Trump administration''s NAFTA demands make sense - Union Pacific CEO Nick Carey 3 Min Read FILE PHOTO - Robert Lighthizer speaks after he was sworn as U.S. Trade Representative during a ceremony at the White House in Washington, U.S. on May 15, 2017. Kevin Lamarque/File Photo DETROIT (Reuters) - The list of priorities U.S. Trade Representative Robert Lighthizer released this week for the renegotiation of NAFTA with Mexico and Canada is reasonable and in line with what the Trump administration has promised to focus on, the head of America''s largest railroad said on Thursday. "It was a very reasonable document," Union Pacific Corp ( UNP.N ) Chief Executive Lance Fritz said in an interview about a list of priorities released this week by Lighthizer. "From our perspective, he (Lighthizer) hit all of the elements that weve heard from the administration and they make sense." Republican U.S. President Donald Trump has threatened to exit the North American Free Trade Agreement if it is not renegotiated in favour of the United States. Talks with Mexico and Canada on revisions to the treaty, which came into effect in 1994, are due to start in mid-August. The top priority for the talks listed by Lighthizer''s office was shrinking the U.S. trade deficit with Canada and Mexico. Union Pacific''s Fritz said that Lighthizer''s focus on intellectual property, labour laws and dispute resolution mechanisms all make sense. "What makes most sense to us is elements (of Lighthizer''s priorities) focusing on the streamlining of freight across the border," he added. About 40 percent of Union Pacific''s freight volume is based on international trade and about 12 percent is based on cross-border trade with Mexico. Fritz said that Mexico should continue to be a "good driver" for Union Pacific''s growth. The CEO spoke to Reuters after Union Pacific posted a better-than-expected second-quarter profit that was lifted in part by a 25-percent jump in coal revenue. Major U.S. railroads have seen a resurgence in coal volumes this year, following two years of precipitous declines as many utilities switched to burning cheaper natural gas and as unseasonable weather resulted in large stockpiles of unburned coal. Union Pacific said on Thursday that coal volumes in the third quarter should be relatively flat versus the same period in 2016. "We expect coal to be a bit more stable moving forward and that''s dependent on natural gas pricing and to some degree weather," Fritz said. "The large inventory overhang has largely been consumed and that''s the good news." Reporting By Nick Carey; Editing by Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-union-pacific-nafta-idUKKBN1A52LD'|'2017-07-20T22:10:00.000+03:00'|5192.0|''|-1.0|'' 5193|'95401edc52bb66cc5c1623564842ce5c601526b7'|'Cinema chain AMC says deals not funded by Chinese parent Wanda'|'July 18, 2017 / 11:29 PM / 4 hours ago Cinema chain AMC says deals not funded by Chinese parent Wanda Reuters Staff 3 Min Read FILE PHOTO: Dalian Wanda Group''s Wanda Plaza building is pictured in Beijing, China, May 17, 2016. Kim Kyung-Hoon/File Photo SHANGHAI (Reuters) - China''s Dalian Wanda Group did not fund a spate of deals made by AMC Entertainment Holdings Inc ( AMC.N ), the U.S. cinema chain majority owned by Wanda said late on Tuesday, after reports that Beijing was cracking down on the Chinese firm''s overseas deals. AMC''s shares dived over 10 percent on Monday after sources said regulators in China had told banks to stop providing funding for several of Dalian Wanda''s overseas acquisitions amid broader curbs on companies moving funds overseas. The curbs on Wanda, announced at a meeting in June, focused on six overseas deals, four of which have already been completed, an internal bank document seen by Reuters showed. AMC said deals for Starplex Cinemas, Odeon & UCI Cinemas, Nordic Cinema Group and Carmike Cinemas Inc completed between 2015 and earlier this year were fully funded by the firm''s own funds and loans from U.S.-based banks. "At no time was Wanda ever a source of funding for any of these acquisitions or individual theatre purchases," AMC said in a statement. Wanda bought AMC for $2.6 billion in 2012, part of a broader push by the Chinese company firm into cinemas. The cinema chain added it had also never "never received committed financing from any bank headquartered in mainland China for any purpose, including for acquisitions". The most recent four deals were funded by loans from syndicates of U.S. banks taken out by AMC and from AMC''s own cash reserves. Beijing is on a major drive to control risks in its financial system, including firms taking on excessive levels of debt to fund overseas deals. Chinese authorities clamped down on capital outflows and overseas acquisitions last year. Rooted in property, Wanda is one of a handful of Chinese conglomerates that have expanded aggressively abroad over the past few years, into areas beyond their original business. It is controlled by one of China''s richest men, Wang Jianlin. AMC''s chief executive Adam Aron said in the statement that Wanda "does not actively participate in the day-to-day running of AMC" beyond its three seats on the company''s board. "AMC is an American company run from its Leawood, Kansas, headquarters by our management teams located in the U.S. and Europe," he said.AMC is the top cinema chain in the United States, and has around 1,000 theatres around the world. Reporting by Adam Jourdan; Editing by Eric Meijer 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-wanda-amc-idUKKBN1A32L0'|'2017-07-19T02:29:00.000+03:00'|5193.0|''|-1.0|'' -5194|'1339161843d0a21320682fc7873cb6bc7270fc2f'|'MIDEAST STOCKS-Gulf may move sideways, global environment mixed'|' 37am EDT MIDEAST STOCKS-Gulf may move sideways, global environment mixed DUBAI, July 4 Gulf stock markets look set to move sideways on Tuesday with the international environment mixed and uncertainty prevailing over the diplomatic dispute around Qatar. Brent oil jumped 3.7 percent on Monday, its biggest one-day gain since December 2016, but has fallen back 0.5 percent to $49.41 in Tuesday''s Asian trade. MSCI''s broadest index of Asia-Pacific shares outside Japan is down 0.6 percent. Foreign ministers from the four Arab countries sanctioning Qatar will meet in Cairo on Wednesday to discuss the dispute. Kuwaiti state media reported Qatari foreign minister Sheikh Mohammed bin Abdulrahman al-Thani had submitted to Kuwait Doha''s formal response to the Arab states'' demands, but the contents of the response have not been revealed. Recent comments by Qatari officials suggest it is unlikely to acquiesce to enough of the demands by the late Tuesday deadline to avoid further sanctions. But Monday''s buying by foreign investors in the Qatari stock market suggests some funds do not think the additional sanctions would be crippling and there is now value in the market. Dubai-listed GFH Financial said it had obtained approval from the central bank of Bahrain to buy back up to 5 percent of its issued treasury shares. Much of this good news may already be reflected in the share price, however; the stock jumped 6.3 percent on Monday. (Reporting by Andrew Torchia)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1JV0GF'|'2017-07-04T08:37:00.000+03:00'|5194.0|''|-1.0|'' +5194|'1339161843d0a21320682fc7873cb6bc7270fc2f'|'MIDEAST STOCKS-Gulf may move sideways, global environment mixed'|' 37am EDT MIDEAST STOCKS-Gulf may move sideways, global environment mixed DUBAI, July 4 Gulf stock markets look set to move sideways on Tuesday with the international environment mixed and uncertainty prevailing over the diplomatic dispute around Qatar. Brent oil jumped 3.7 percent on Monday, its biggest one-day gain since December 2016, but has fallen back 0.5 percent to $49.41 in Tuesday''s Asian trade. MSCI''s broadest index of Asia-Pacific shares outside Japan is down 0.6 percent. Foreign ministers from the four Arab countries sanctioning Qatar will meet in Cairo on Wednesday to discuss the dispute. Kuwaiti state media reported Qatari foreign minister Sheikh Mohammed bin Abdulrahman al-Thani had submitted to Kuwait Doha''s formal response to the Arab states'' demands, but the contents of the response have not been revealed. Recent comments by Qatari officials suggest it is unlikely to acquiesce to enough of the demands by the late Tuesday deadline to avoid further sanctions. But Monday''s buying by foreign investors in the Qatari stock market suggests some funds do not think the additional sanctions would be crippling and there is now value in the market. Dubai-listed GFH Financial said it had obtained approval from the central bank of Bahrain to buy back up to 5 percent of its issued treasury shares. Much of this good news may already be reflected in the share price, however; the stock jumped 6.3 percent on Monday. (Reporting by Andrew Torchia)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1JV0GF'|'2017-07-04T08:37:00.000+03:00'|5194.0|29.0|0.0|'' 5195|'d44a8db0c01a350b4f7860b62db4318d21c87eec'|'EU regulators to investigate Knorr-Bremse, Haldex deal'|'July 24, 2017 / 3:28 PM / 15 minutes ago EU regulators to investigate Knorr-Bremse, Haldex deal Reuters Staff 1 Min Read BRUSSELS (Reuters) - EU antitrust authorities opened on Monday an in-depth investigation into German car parts maker Knorr-Bremse''s [STELLG.UL] bid for Swedish peer Haldex, saying the deal would remove a major competitor from market already marked by few players. The European Commission listed a number of areas where competition would be reduced following the deal, among them in electronic braking systems, air disc brakes, anti-lock braking systems and air treatment systems. The EU competition enforcer said Knorr-Bremse''s offer of concessions had not addressed the concerns and therefore it had not sought feedback from rivals and users, confirming a Reuters story on July 5. It will decide by Nov. 30 whether to clear or block the deal. Reporting by Foo Yun Chee 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-haldex-ab-m-a-knorr-bremse-eu-idUKKBN1A91YK'|'2017-07-24T18:28:00.000+03:00'|5195.0|''|-1.0|'' 5196|'b7b5096516713a9cd3770533438b400c80a95f82'|'BOJ''s Nakaso: companies avoiding higher labour costs by reducing hours'|'July 26, 2017 / 2:07 AM / in an hour Japanese firms avoiding price hikes now but sentiment is changing: BOJ''s Nakaso Stanley White 3 Min Read Bank of Japan Deputy Governor Hiroshi Nakaso speaks during an interview with Reuters at the BOJ headquarters in Tokyo April 9, 2015. Yuya Shino HIROSHIMA, Japan (Reuters) - Bank of Japan Deputy Governor Hiroshi Nakaso said the services sector has streamlined operations to avoid passing labor costs on to consumers, but there are signs that companies will raise prices in the future. Nakaso, in a speech to business leaders in Hiroshima, western Japan, also expressed confidence that inflation will reach the BOJ''s 2 percent price target around fiscal 2019 and said the BOJ should stick with its quantitative easing program. A pickup in consumer spending, rising exports, and an improving output gap are all reasons to be positive about the outlook, but many economists still argue that the BOJ''s inflation forecasts are overly optimistic. The BOJ last week kept monetary policy steady but once again pushed back the timing for achieving its elusive inflation target, reinforcing views it will lag well behind other major central banks in scaling back its massive stimulus program. "Companies are trying to absorb higher labor costs by revising their business processes," Nakaso said on Wednesday. "The BOJ doesn''t expect this to continue for ever. The output gap is clearly improving, so companies will become more aggressive in setting wages and prices." Nakaso gave a few examples of corporate streamlining: some companies in retail and dining have responded to a labor shortage by shortening their business hours instead of raising wages to attract workers. Some companies are also investing in labor-saving technology, such as self-checkout tills, which allows companies to maintain their current level of service with less workers. Such behavior has allowed companies to avoid passing higher costs on to consumers, but there are signs that sentiment is turning, Nakaso said. The BOJ''s tankan survey for June shows shipping, wholesale, retail, and hospitality firms are considering raising prices in the future. Despite the short-term negative impact on wages and prices, investment in labor-saving technology should be welcomed because it raises productivity in the long term, Nakaso said. It also important to put structural policies in place to make the labor market more fluid, Nakaso said. The BOJ has now postponed the inflation target timeframe six times since Governor Haruhiko Kuroda launched his huge asset-buying program in 2013. Japan''s core consumer prices rose just 0.4 percent in May Reporting by Stanley White; Editing by Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-economy-boj-idUKKBN1AB073'|'2017-07-26T05:05:00.000+03:00'|5196.0|''|-1.0|'' -5197|'aa4c941a8860415724207e7d9827799307d7386a'|'France to ban sales of petrol and diesel cars by 2040'|'France will end sales of petrol and diesel vehicles by 2040 as part of an ambitious plan to meet its targets under the Paris climate accord, Emmanuel Macrons government has announced.The announcement comes a day after Volvo said it would only make fully electric or hybrid cars from 2019 onwards , a decision hailed as the beginning of the end for the internal combustion engines dominance of motor transport after more than a century.Nicolas Hulot, the countrys new ecology minister, said: We are announcing an end to the sale of petrol and diesel cars by 2040. Hulot added that the move was a veritable revolution.All Volvo cars to be electric or hybrid from 2019 Read more He said it would be a tough objective for carmakers but Frances industry was well equipped to make the switch. Our [car]makers have enough ideas in the drawer to nurture and bring about this promise ... which is also a public health issue.Hulot insisted that the decision was a question of public health policy and a way to fight against air pollution. The veteran environmental campaigner was among several political newcomers to whom Macron gave top jobs in his government.Pascal Canfin, the head of WWF France and a former Green politician who served in Franois Hollandes government, said the new policy platform to counter climate change went further than previous administrations in France. It places France among the leaders of climate action in the world, he told France Inter radio.Prof David Bailey, an automotive industry expert at Aston University, said: The timescale involved here is sufficiently long term to be taken seriously. If enacted it would send a very clear signal to manufacturers and consumers of the direction of travel and may accelerate a transition to electric cars.Norway, which has the highest penetration of electric cars in the world, has set a target of only allowing sales of 100% electric or plug-in hybrid cars by 2025.Other countries have floated the idea of banning cars powered by an internal combustion engine to meet air quality and climate change goals, but have not yet passed concrete targets. The Netherlands has mooted a 2025 ban for diesel and petrol cars , and some federal states in Germany are keen on a 2030 phase-out .India, where scores of cities are blighted by dangerous air pollution, is mulling the idea of no longer selling petrol or diesel cars by 2030 , and said it wants to introduce electric cars in a very big way.The UK has an aspiration of all new cars being electric or ultra low emission by 2040, but has been criticised by campaigners and politicans for being slow to act on air pollution.Sadiq Khan, the mayor of London, said: I welcome the strong leadership the French government has shown by making the decision to end the sale of petrol and diesel cars by 2040. This radical step shames the timid and insufficient response of our own government to the health threat posed by poor air quality.Frances announcement came as Bloomberg New Energy Finance predicted electric cars would come to dominate the automotive market more quickly and dramatically than previously thought. Electric vehicles will make up 54% of all light-duty vehicle sales by 2040, up from the 35% share Bloomberg was forecasting just last year, according to a new report by the research group . Bloomberg said such a widespread uptake of electric vehicles would globally reduce oil demand by 8m barrels a day and increase electricity consumption by 5% to charge all the new cars. But Tony Seba, a Stanford University economist who has published research predicting electric cars will even more rapidly take over from conventional cars , said of Frances plan: Banning sales of diesel and gasoline vehicles by 2040 is a bit like banning sales of horses for road transportation by 2040: there wont be any to ban.French car manufacturers Peugeot, Citron and Renault ranked first, second and third on a 2016 list of large car manufacturers with the lowest carbon emissions, the European Environment Agency said.Just 0.6% of new car registrations across the EU last year were for pure electric vehicles , compared with 1.1% of new cars sold in France. French-Japanese carmaker Renault-Nissan has been an enthusiastic early advocate for the vehicles, taking 14.6% of the EU market share for battery-powered vehicles. The firm has built 425,000 of the more than 2m electric cars sold globally .Frances reliance on nuclear power stations for 80% of its electricity supply means that a shift to electric vehicles rather than oil-powered ones would dramatically cut its remaining carbon emissions.Topics Automotive industry Electric, hybrid and low-emission cars Travel and transport Motoring France Europe news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/06/france-ban-petrol-diesel-cars-2040-emmanuel-macron-volvo'|'2017-07-06T21:20:00.000+03:00'|5197.0|''|-1.0|'' +5197|'aa4c941a8860415724207e7d9827799307d7386a'|'France to ban sales of petrol and diesel cars by 2040'|'France will end sales of petrol and diesel vehicles by 2040 as part of an ambitious plan to meet its targets under the Paris climate accord, Emmanuel Macrons government has announced.The announcement comes a day after Volvo said it would only make fully electric or hybrid cars from 2019 onwards , a decision hailed as the beginning of the end for the internal combustion engines dominance of motor transport after more than a century.Nicolas Hulot, the countrys new ecology minister, said: We are announcing an end to the sale of petrol and diesel cars by 2040. Hulot added that the move was a veritable revolution.All Volvo cars to be electric or hybrid from 2019 Read more He said it would be a tough objective for carmakers but Frances industry was well equipped to make the switch. Our [car]makers have enough ideas in the drawer to nurture and bring about this promise ... which is also a public health issue.Hulot insisted that the decision was a question of public health policy and a way to fight against air pollution. The veteran environmental campaigner was among several political newcomers to whom Macron gave top jobs in his government.Pascal Canfin, the head of WWF France and a former Green politician who served in Franois Hollandes government, said the new policy platform to counter climate change went further than previous administrations in France. It places France among the leaders of climate action in the world, he told France Inter radio.Prof David Bailey, an automotive industry expert at Aston University, said: The timescale involved here is sufficiently long term to be taken seriously. If enacted it would send a very clear signal to manufacturers and consumers of the direction of travel and may accelerate a transition to electric cars.Norway, which has the highest penetration of electric cars in the world, has set a target of only allowing sales of 100% electric or plug-in hybrid cars by 2025.Other countries have floated the idea of banning cars powered by an internal combustion engine to meet air quality and climate change goals, but have not yet passed concrete targets. The Netherlands has mooted a 2025 ban for diesel and petrol cars , and some federal states in Germany are keen on a 2030 phase-out .India, where scores of cities are blighted by dangerous air pollution, is mulling the idea of no longer selling petrol or diesel cars by 2030 , and said it wants to introduce electric cars in a very big way.The UK has an aspiration of all new cars being electric or ultra low emission by 2040, but has been criticised by campaigners and politicans for being slow to act on air pollution.Sadiq Khan, the mayor of London, said: I welcome the strong leadership the French government has shown by making the decision to end the sale of petrol and diesel cars by 2040. This radical step shames the timid and insufficient response of our own government to the health threat posed by poor air quality.Frances announcement came as Bloomberg New Energy Finance predicted electric cars would come to dominate the automotive market more quickly and dramatically than previously thought. Electric vehicles will make up 54% of all light-duty vehicle sales by 2040, up from the 35% share Bloomberg was forecasting just last year, according to a new report by the research group . Bloomberg said such a widespread uptake of electric vehicles would globally reduce oil demand by 8m barrels a day and increase electricity consumption by 5% to charge all the new cars. But Tony Seba, a Stanford University economist who has published research predicting electric cars will even more rapidly take over from conventional cars , said of Frances plan: Banning sales of diesel and gasoline vehicles by 2040 is a bit like banning sales of horses for road transportation by 2040: there wont be any to ban.French car manufacturers Peugeot, Citron and Renault ranked first, second and third on a 2016 list of large car manufacturers with the lowest carbon emissions, the European Environment Agency said.Just 0.6% of new car registrations across the EU last year were for pure electric vehicles , compared with 1.1% of new cars sold in France. French-Japanese carmaker Renault-Nissan has been an enthusiastic early advocate for the vehicles, taking 14.6% of the EU market share for battery-powered vehicles. The firm has built 425,000 of the more than 2m electric cars sold globally .Frances reliance on nuclear power stations for 80% of its electricity supply means that a shift to electric vehicles rather than oil-powered ones would dramatically cut its remaining carbon emissions.Topics Automotive industry Electric, hybrid and low-emission cars Travel and transport Motoring France Europe news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/06/france-ban-petrol-diesel-cars-2040-emmanuel-macron-volvo'|'2017-07-06T21:20:00.000+03:00'|5197.0|24.0|0.0|'' 5198|'38255e553c64900bfd8759a42b59edf40c0c4932'|'German food-processing machinery maker GEA cuts 2017 profit guidance'|'July 15, 2017 / 11:59 AM / in 19 minutes German food-processing machinery maker GEA cuts 2017 profit guidance Reuters Staff 1 Min Read FRANKFURT (Reuters) - German food-processing machinery maker GEA ( G1AG.DE ) cut its 2017 profit guidance following a weak second quarter with depressed sales volumes and margins, as well as costs related to a bottling product line it has already stopped making. GEA said on Saturday it now targets 2017 earnings before interest, tax, depreciation and amortisation of 600-640 million euros, compared to an earlier guidance of 620-670 million. The company confirmed its 2017 revenue target of moderate growth. In the second quarter, GEA''s operating EBITDA decreased to 122 million, from 145 million euros in the year-earlier period, while order intake was flat at 1.2 billion euros. Full second quarter results are due on July 26. Reporting by Arno Schuetze; Editing by Andrew Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gea-group-results-idUKKBN1A00CV'|'2017-07-15T14:59:00.000+03:00'|5198.0|''|-1.0|'' 5199|'f33e65732d9996e844fbd0cab7cdcdec79af2409'|'Qatar market tumbles after Gulf states cut ties, as UK services sector growth slows -'|' markets eurozone economics banking retail home Stock markets Business live Qatar market tumbles after Gulf states cut ties, as UK services sector growth slows - as it happenedShares in Qatar plunge 8% amid diplomatic crisis, as UK service companies report that new business growth weakened last monthUS service sector survey disappoints Shares slide in Qatar Qatar crisis: Four neighbours cut ties over terrorism linksUK services sector slows as general election hits demand.......but eurozone growth sticks at six-year high UpdatedTraders monitoring screens displaying stock information at Qatar Stock Exchange in Doha today. Photograph: Naseem Zeitoon/Reuters (until 2.15) and Nick FletcherMonday 5 June 2017 17.43 BST First published on Monday 5 June 2017 07.51 BSTKey events Show 5.43pm BST 17:43 European markets close lower 3.08pm BST 15:08 US service sector comes in below forecasts 2.34pm BST 14:34 Wall Street edges lower 12.26pm BST 12:26 Business Today: sign up for a morning shot of financial news 10.32am BST 10:32 MUFG: Why Qatar crisis matters 9.46am BST 09:46 UK services sector hit by election worries and inflation 9.07am BST 09:07 Eurozone private sector growth at six-year high Live feed Show 5.43pm BST 17:43European markets close lower Stock markets made a downbeat start to an important week, which sees the UK election, the latest meeting of the European Central Bank, and the testimony of former FBI director James Comey on Donald Trumps alleged links with Russia.Markets were also unsettled by volatility in sterling, reacting to the latest opinion polls, as well as the terror attack in London. And the diplomatic crisis in the Gulf, which sparked a rise then fall in the oil price, added to the uncertainty. Jasper Lawler, senior market analyst at London Capital Group, said:Markets softened at the beginning of what could be a game-changer of a week in politics and monetary policy. Last weeks soft US jobs report, another terror attack in London in the run up to the UK election and volatile oil prices all played a role in the downbeat tone.The final scores showed:The FTSE 100 finished down 21.87 points or 0.29% at 7525.76 German market shut for public holiday Frances CAC closed 0.66% lower at 5307.89 Italys FTSE MIB fell 0.99% to 20,721.04 Spains Ibex ended down 0.19% at 10,884.7 In Greece, the Athens market added 0.6% to 786.57 On Wall Street, the Dow Jones Industrial Average is currently up just 2 points or 0.01%.On that note, its time to close for the day. Thanks for all your comments, and well be back tomorrow. 5.16pm BST 17:16Ahead of next weeks eurogroup meeting over Greece, some positive noises from the IMF. A report in Germanys Handelsblatt () says:The managing director of the International Monetary Fund, Christine Lagarde, is willing to participate in a Greek bailout and give European creditors more time to settle an ongoing dispute over debt relief, she told Handelsblatt in an exclusive interview.If the creditors are not yet at that stage where they can agree on and respect our assumptions, if it takes them more time to get there, we can acknowledge that and give them a bit more time, she said.Greek prime minister Alexis Tsipras and Christine Lagarde at Davos in January. Photograph: Jean-Christophe Bott/EPA Updated at 5.16pm 4.37pm BST 16:37Kareem ShaheenHeres our report on how the diplomatic crisis in the Gulf is affecting Qatar . Kareem Shaheen writes:The tiny Gulf state of Qatar has been literally and figuratively isolated by the escalating row with its Arab neighbours, with land, sea and air routes closed off in an unprecedented crisis in the Arabian peninsula that threatens longstanding trade deals.The closure of the only land route into Qatar as well as the airspaces of Saudi Arabia , the United Arab Emirates and Bahrain in effect established a blockade on Doha, which relies almost entirely on imports to feed its population.It will damage the prospects of a recovery for Dohas national carrier, Qatar Airways, amid a slowdown caused by the US administrations ban on electronic devices in the cabins of aircraft flying from the Middle East, and will raise questions about the future of al-Jazeera, the flagship television network established by the Gulf kingdom and which has been at the centre of diplomatic rows with the rest of the region.Along with the block on re-exports from Dubai to Qatar, together the measures could even affect the monarchys preparations for the football World Cup it is due to host in 2022.The full story is here:Qatar blockade could hit state airline, al-Jazeera and World Cup Read more 3.54pm BST 15:54The pound is continuing its recent volatility, something which is likely to continue this week in the run up to the UK election as various polls emerge but with little in the way of consistency.Sterling is currently up 0.3% against the dollar at $1.2929 and 0.6% against the euro at 1.1491. Connor Campbell, financial analyst at Spreadex, said:The pound remained the days main mover, seemingly still dining out on this mornings Guardian/ICM poll.Sterling gradually widened its growth, taking 0.3% off the dollar and pushing 0.6% higher against the euro; in reality, however, this has done little to change the currencys standing. Cable still has a bit to go before it has clawed back all of the losses it suffered this time last week, while the pound has barely escaped its 7 week lows against the euro....Todays rather dreary, pound-heavy trading is likely the template for the rest of the week, as there is nothing in the run-up to the election that can topple it from its dominant perch. In fact, all of the weeks points of interest come on Thursday: alongside the UK vote there is the months ECB press conference and, perhaps most excitingly, the reappearance of former FBI chief James Comey for his testimony in front of the Senate intelligence committee.Michael Hewson, chief market analyst at CMC Markets UK, said:Despite a weakening in [the UK] services PMI for May to 53.8 from 55.8 in April the pound has held up rather well in the wake of the weekend terror attacks. If financial markets are nervous about Thursdays election and a weakening of economic activity they dont appear to be showing it, with opinion polls still showing divergent results.YouGov appear to be doubling down on their recent survey by suggesting that the Conservatives will fall short of a majority by 21 seats, while the latest ICM poll shows a lead of 11 points. Markets appear to be taking the view that the YouGov poll is an outlier and unreliable which when you look at the margin for error on it, and the balance of probabilities right now, seems a sensible conclusion. 3.20pm BST 15:20And heres more detail from the survey itself:Non manufacturing survey Photograph: Institute for Supply Management 3.17pm BST 15:17Here are some of the comments from the respondents to the ISM survey:Lumber tariff effects are beginning to show up. (Construction) Business is progressing steadily. No real issues or adjustments to affect annual goals/efforts. (Finance & Insurance) General feeling is caution. Too much uncertainty. (Health Care & Social Assistance) Seeing an uptick in the overall activity within the oil and gas sector, which typically will cause a trickle-down effect on the majority of businesses. (Mining) Typical transition month in terms of fresh produce and other food related categories. End of spring items and beginning of summer. Gapping of some items. Beef is increasing in price, especially grilling meat cuts. I anticipate this to increase to over $1 per pound on some items as we approach the 4th of July holiday. (Accommodation & Food Services) Continuing to feel [the] effect of overheated commercial construction market few bidders, higher prices. Scarce construction labor seems to be the driver. (Public Administration) Business outlook continues to be steady and meeting original projects, but some ups and downs in successive months. (Professional, Scientific & Technical Services) Overall, business conditions the past month were flat as compared with several months of growth. While levels havent decreased, it may be that overall conditions have reached a high watermark. (Retail Trade) Strong market conditions bring a renewed confidence. (Transportation & Warehousing) Updated at 3.17pm 3.08pm BST 15:08US service sector comes in below forecasts The second service sector survey is not only lower than expected, but also lower than the previous months figure.The ISM non-manufacturing PMI fell from 57.5 in April to 56.9 last month, just below the expected level of 57.Meanwhile US factory orders fell for the first time in five months, down 0.2% in April compared to a 1% rise in March. The March figure was revised up from the previous 0.5% increase.Updated at 3.20pm 2.56pm BST 14:56The surveys show that the US economy is enjoying steady if unspectacular growth, said Chris Williamson, chief business economist at IHS Markit:Although service sector business activity picked up in May, the PMI surveys for manufacturing and services collectively indicate only a modest pace of economic growth so far in the second quarter.Historical comparisons with GDP indicate the PMI is signalling second quarter GDP growth of just over 2%, suggesting there may be some downside risks to IHS Markits current forecast of a GDP growth rebound to just over 3% in the second quarter.However, the key message from the PMI is that the economy is enjoying steady, albeit unspectacular, growth, and that the pace of expansion has been slowly lifting higher in recent months.Hiring meanwhile remains on a firm footing, with the surveys employment indicators running at levels consistent with around 160,000 jobs added to the economy in May.In another sign of the economys underlying steady expansion, average prices charged for goods and services is running at the second highest in almost two years, indicating that rising demand is helping restore some pricing power.US PMI and GDP Photograph: IHS Markit 2.50pm BST 14:50The first of the days two US economic surveys has shown a month on month improvement in the service sector, albeit not as much as earlier expected.The final Markit services PMI reading for May came in at 53.6, up from 53.1 in April but lower than the initial estimate of 54. It was still the highest level since February.It was a similar picture for the composite index - services and manufacturing together - which rose from 53.2 in April to 53.6, lower than the first reading of 53.9. 2.34pm BST 14:34Wall Street edges lower Ahead of the latest service sector surveys (from Markit and ISM), US markets have indeed slipped back at the open.After hitting another record high on Friday, the Dow Jones Industrial Average is currently down 17 points of 0.08%. while the S&P 500 opened down a similar amount and the Nasdaq Composite dipped 0.01%. 2.27pm BST 14:27Wall Street is about to open and the forecast is for a slight fall in initial trading:MarketWatch (@MarketWatch) Futures point to a slight dip to start the week https://t.co/ryRkqjH3d3 pic.twitter.com/uWVz5kUqDRJune 5, 2.17pm BST 14:17Meanwhile the oil price has lost its early gains, which were made on the back of the Qatar news. Strength in the dollar - which makes oil less affordable for international buyers - seems to be outweighing the prospect of supply shortages following the Gulf dispute. In any case, Qatar is not a major producer of oil, rather it specialises in liquefied natural gas (LNG). Clement Thibault, senior market analyst at Investing.com, said:According to the latest data, five of the top 10 oil producers in the world are Gulf countries (Saudi Arabia, Iraq, Iran, UAE, Kuwait). Together, they are responsible for over 24 million barrels of crude a day, or over two and a half times the USs crude production.However, Qatar is a minor player among the OPEC big boys. Its strength is aligned with LNG. Indeed, its the worlds largest LNG producer, supplying almost 30% of global production. By land, Qatar is completely blocked by Saudi Arabia. By sea, its exporting tankers have to pass through the Strait of Hormuz, situated between Iran and the UAE, putting it in a precarious situation any way it turns. Asian customers such as Japan, India, and South Korea would be the most affected by a disruption in NG service, since they are the major importers of Qatari gas...Though we arent raising any alarms yet, we believe this is a situation worth monitoring carefully. The Middle East is after all an energy powerhouse, but also rather notorious for a lack of political stability. Any geo political incident coming out of this region could have worldwide energy implications.Despite Qatars minor role in oil, the dispute has raised new fears that the recent Opec deal to cut production could run into trouble.Brent crude is currently down 1% at $49.44 a barrel while West Texas Intermediate is 0.9% lower at $47.23.Updated at 2.42pm 1.51pm BST 13:51After a rough session of heavy losses, the Qatar stock market has closed down 7.27% .Anca I. Cighi (@anca_cighi) The Qatar Stock Exchange has closed down 7.27 per cent. All 44 stocks were in the red. https://t.co/G2UqSz5VDPJune 5, 1.41pm BST 13:41After a fairly quiet morning in London, the FTSE 100 has dropped by 22 points to 0.3% to 7525.Mining stocks such as Antofagasta (-2.7%) and BHP Billiton (-1.8%) are among the fallers, tracking a 1% drop in the copper price.The slowdown in UK service sector growth last month hasnt spooked the markets, though, as the pound is still back above $1.29 today.Connor Campbell of SpreadEx says:The pounds gains also ignored an unexpectedly weak services PMI. The figure fell from 55.8 to 53.8 month-on-month, the slowdown due to the dual pressures of rising inflation and pre-election jitters.The FTSE ended up bearing the brunt of the bad news, falling 0.3%; the index wasnt helped by its mining stocks, which dropped between 1.5% and 2.5% thanks to coppers own 1% decline.Theres not much action in Europe, where some markets are closed for the Whit Monday holidays. So City traders are getting on with business, putting last weekends terrorist attacks at London Bridge (south of the Square Mile) behind them.Yesterday, it emerged that Sunday Express business editor Geoff Ho has been injured after stepping in after a bouncer was attacked during Saturday nights atrocities.Sunday Express editor Martin Townsend summed up the mood, saying:Geoff Ho is an absolutely first class reporter and a fine and decent man and our thoughts are with him and his family at this time.We are all hoping and praying for a speedy recovery.And the good news is that Geoff has been tweeting from his hospital bed today.Geoff Ho (@FinanceHog) Thank you every one for the best wishes. I got out of surgery yesterday and am on the mend.June 5, 2017 Press Gazette (@pressgazette) Sunday Express business editor Geoff Ho injured after confronting London Bridge attacker https://t.co/ki2rTkCX4t pic.twitter.com/ZkQ3W70XXtJune 5, 2017 Suzie Neuwirth (@Suzie_Neuwirth) So upset to find out this morning that Geoff Ho @FinanceHog was caught up in last nights attacks. Praying for speedy recovery #LondonBridgeJune 4, 2017 Andrew Clark (@clarkaw) Wishing a full and speedy recovery to Geoff Ho aka @FinanceHog - a top business hack, always a pleasure to deal with https://t.co/K2tmovmZroJune 4, 12.49pm BST 12:49Reuters is reporting that some Egyptian banks have suspended links with their counterparts in Qatar:Nour E. Al-Hammoury (@NourHammoury) SOME EGYPTIAN BANKS HALT DEALINGS WITH QATARI BANKS AFTER CAIRO CUTS TIES WITH QATAR - BANKERSJune 5, 2017 Nour E. Al-Hammoury (@NourHammoury) RTRS - UAE CENTRAL BANK HAS NOT SO FAR ISSUED ANY GUIDELINES TO BANKS ON DEALING WITH QATAR -SOURCE FAMILAR WITH THE MATTERJune 5, 12.26pm BST 12:26Business Today: sign up for a morning shot of financial news Get set for the working day - well guide you to the all the business stories you need to read in one really useful email. Click here to sign up. 11.39am BST 11:39Some photos from todays Qatar stock market have arrived, showing the scene of the biggest selloff since the financial crisis.A trader uses his smartphone to keep up with events at the Qatar Stock Exchange in Doha today. Photograph: Naseem Zeitoon/ReutersScreens displaying stock information at the Qatar Exchange. Photograph: Naseem Zeitoon/Reuters Updated at 11.47am 11.26am BST 11:26Every blue-chip share on the Qatar stock market has fallen sharply this morning.Many stocks - including property and energy companies - have slumped by 10%, which is the maximum daily move allowed by regulators.Even the best-performing stock on the QSI index is down 6%, as investors are spooked by the sudden freeze in relations with other Gulf states.The main movers on the Qatar stock market today Photograph: Thomson ReutersThe Qatar index is currently down by 7.5%, hitting its worst level since early 2016.Qatars stock market Photograph: Thomson Reuters Updated at 11.52am 1 of 3 Newest Newer Older Oldest Topics Stock markets Business live Sterling Economics Currencies Services sector Qatar'|'theguardian.com'|'http://www.theguardian.com/business/oil/rss'|'https://www.theguardian.com/business/live/2017/jun/05/oil-jumps-after-gulf-states-cut-qatar-ties-as-chinese-services-surges-business-live'|'2017-06-06T00:43:00.000+03:00'|5199.0|11.0|0.0|'' 5200|'e23805693be9fc6044d78ae6dc196360bced2dc3'|'US STOCKS SNAPSHOT-Wall St opens higher on Yellen''s rate comments'|'July 12, 2017 / 1:37 PM / 3 hours ago US STOCKS SNAPSHOT-Wall St opens higher on Yellen''s rate comments 1 Min Read July 12 (Reuters) - Wall Street opened higher on Wednesday after Federal Reserve Chair Janet Yellen said rates hikes would be gradual and will not have to rise all that much further to reach neutral level. The Dow Jones Industrial Average rose 106.47 points, or 0.5 percent, to 21,515.54. The S&P 500 gained 12.81 points, or 0.52 percent, to 2,438.34. The Nasdaq Composite added 46.80 points, or 0.76 percent, to 6,240.11. Reporting by Tanya Agrawal; Editing by Arun Koyyur 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1K34BY'|'2017-07-12T16:36:00.000+03:00'|5200.0|''|-1.0|'' @@ -5204,7 +5204,7 @@ 5202|'1a2d676eb17b21dbbe4168994f1d8efbe4fb7a5a'|'How Donald Trump is monetising his presidency'|'PRETTY close to a laughing stock. That is Walter Shaubs verdict on Americas standing in the world, at least from an ethics point of view, under President Donald Trump. Mr Shaubs view counts: he stepped down this week as head of the Office of Government Ethics, a federal watchdog.He is leaving his job six months early, frustrated at the presidents failure to separate himself from his businesses, at White House foot-dragging on disclosing ethics waivers for staff, at its failure to admonish a Trump adviser who plugged the familys products in an interview, and more. Its hard for the United States to pursue international anticorruption and ethics initiatives when were not even keeping our own side of the street clean, Mr Shaub told the New York Times . 18 No American leader has ever entered office with such wide business interests as Mr Trump. In the context of the countrys corporate landscape, his group is small, mostly domestic and rather mediocre, but encompasses hundreds of firms that run hotels, golf courses, licensing agreements, merchandise deals and more, in over two dozen countries. Keeping tabs on the potential for self-dealing is a monumental task, says Kathleen Clark, an ethics expert at Washington University. In some areas, particularly abroad, increased scrutiny appears to be making deals harder to pull off. But in others, such as his American hotels and golf clubs, Mr Trump already appears to be monetising the presidency.On becoming president, Mr Trump put his businesses in a trust. But it is run by two of his sons, Eric and Donald junior, and it is revocable, meaning its provisions can be changed at any time. Eric has since said he will update his father with profit reports, even though Mr Trump pledged not to talk business with his children while in office. Mr Trump, the Trump Organisation and his daughter, Ivanka, who owns a fashion business and is a White House adviser, have all hired ethics advisers to review deals for potential problems. But how the process works is opaque.Mr Shaub was unimpressed by Mr Trumps appearances at his own for-profit properties, which he has visited more than 40 times as presidentmost recently to attend the US Womens Open, held this month at one of his golf clubs, in New Jersey. The visits serve as a form of marketing, and his firm has not been shy about cashing in. Mar-a-Lago, a Trump resort in Florida where the president hosts other world leaders, doubled its initial fee for new members to $200,000 after the election. The club made a profit of $37m in the latest reporting period (January 2016-spring 2017), compared with $15.5m in 2014-15.When Eric Trump opened a golf course at Turnberry in Scotland in June, he said his family had made Turnberry great again. Staff wore Make Turnberry great again hatsa reference to Mr Trumps campaign slogan and, critics say, an attempt to cash in on his political power. Eric recently said: Our brand is the hottest it has ever beenthe stars have all aligned.American golf courses have benefited from at least one of Mr Trumps policy decisions: his move to scrap a proposed environmental rule crafted to protect drinking-water supplies. The national golf-course association had long lobbied to have the regulation ditched, arguing it could have a devastating economic impact.With some Trump projects, the benefits could flow the other way, from business to politics. Take a network of budget hotels, branded American Idea, dreamed up by the Trump sons on the campaign trail last year. They have signed letters of intent with developers in numerous cities, including four in Mississippi. Bringing jobs to Republican-leaning states that are struggling economically could further boost support for the president in such places.Mr Trumps appointments also cause concern. He has picked Lynne Patton, a former event-planner for the family, to run the Department of Housing and Urban Developments regional office covering New York. In that role Ms Patton will oversee Starrett City, a housing development that is part-owned by the Trump Organisation and that receives federal subsidies.Foreign deals are no less troubling. The ethics plan laid out by Mr Trump in January promised no new foreign contracts during his presidency. But his company will press ahead with projects already in the works. There are many: an estimated 159 of the 565 Trump firms do business abroad. Some license the Trump name for skyscrapers and hotels, often to politically connected local partners.An example of how such deals raise questions about Mr Trumps motives is the current Gulf spat over Qatars alleged support for terrorists. Mr Trump has firmly backed Saudi Arabia, the United Arab Emirates and others in their boycott of their neighbour. It is reasonable to ask if it is a coincidence that he has strong business ties with the Saudis and Emiratis but few with Qatar. Saudis are big buyers of Trump apartments, and the kingdom is investing $20bn in an American infrastructure fund. A Trump-branded golf course in the UAE made Mr Trump as much as $10m in 2015-16. By contrast, Mr Trumps past efforts to break into Qatar have failed.Tracking such business relationships is not easy because of the opacity of Mr Trumps holdings. He makes liberal use of LLCsanonymous shell companies that do not have to publish financial informationoften in complex combinations with regular corporations. He has refused to publish his tax returns.A fog surrounds those doing business with the Trumps, too. Many have grown less transparent of late. An investigation by USA Today found that the percentage of buyers of Trump condos structuring their purchases through LLCs has jumped from single digits to two-thirds. Suppliers are scuttling into the shadows, too. Those shipping goods to Ivankas businesses in America typically identified themselves on bills of lading before the Trump presidency. Now they usually do not.The Trumps fallback position is that, legally speaking, it is impossible for the president to be conflicted because he is exempt from ethics laws. The thinking when Congress blessed this exemption, in the 1980s, was that the presidents remit is so broad that any policy decision could pose a potential conflict. Nevertheless, some see avenues of attack. Several lawsuits, including one from Democratic lawmakers, accuse Mr Trump of causing harm by violating the constitutions Emoluments Clause, which forbids American officeholders from accepting money from foreign governments. One way he allegedly does so is by accepting payments from diplomats at his hotels.The lawsuits particularly focus on the newly refurbished Trump International Hotel in Washington, DC. Owned by the federal government, the hotels lease agreement includes a provision barring elected officials from holding an interest. But the General Services Administration, which manages federal property, ruled in March that Mr Trumps 60-year lease on the hotel did not breach that requirement since the property had been placed in a trust (as long as he received no proceeds while president). Having initially said it would donate all hotel profits from foreign officials to the Treasury, the Trump Organisation now says requiring such guests to identify themselves would be impractical and diminish the guest experience.UnpresidentedIt remains unclear whether controversial transactions such as these will add greatly to the Trump empires profits. Deals are often smaller than you might imagine: the developer behind Trump Tower in Mumbai, founded by a member of Indias ruling party, paid just $5m for the licence. Some deals are being scrapped under scrutinyas was the case, in January, with a tower in the Black Sea resort of Batumi.Moreover, forces beyond Mr Trumps control are likely to have a bigger impact on his businesses profits than conflicted dealmaking. A recent analysis of his properties by Bloomberg found that his three flagship office blocks in ManhattanTrump Tower, 40 Wall Street and 1290 Avenue of the Americasare making less money than envisaged when loans were issued, because of the softening of the New York office market. The combined present value of the three blocks has fallen by an estimated $380m over the past year.Mr Shaub believes that Mr Trump has rejected ethical norms embraced by all other administrations since the 1970s. He recommends several changes to federal law, including greater powers for the oversight office and stricter disclosure rules. Rightly so. Whether or not Mr Trumps group benefits materially from his spell in office, any doubt over whether policies are crafted with the American people in mind or his own bottom line is corrosive. Business "Not one to avoid a conflict"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21725303-six-months-mr-trumps-conflicts-interest-look-even-worse-how-donald-trump-monetising?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'|5202.0|''|-1.0|'' 5203|'10ae45319f7a424a712d2df19a9376c4784e9830'|'GE quarterly revenue drops 12 percent; cash flow up on quarter'|'July 21, 2017 / 11:12 AM / an hour ago GE shares fall as profit slumps, investors await new CEO''s targets Alwyn Scott 4 Min Read A man walks past the Global Operations Center of General Electric Co. in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, on May 12, 2017. Daniel Becerril (Reuters) - General Electric Co''s ( GE.N ) shares dropped sharply on Friday after it posted a 59-percent decline in second-quarter profit and put off an expected cut to 2018 earnings targets until November, when new CEO John Flannery will be four months into his job. The maker of power plants, jet engines, medical scanners and other industrial equipment said profit and sales declines largely reflected sale of its appliances business. It beat analyst expectations on adjusted profit, but cash flow was weak and GE said full-year profit and cash flow will be at the low end of its forecasts. GE also said it would update its 2018 earnings target of $2 a share in November, later than analysts had expected. Analyst consensus 2018 estimate is $1.73, according to Thomson Reuters I/B/E/S, already suggesting a significant cut. The length and scope of the review raised concern, since GE has just come through major shifts in its portfolio. "It''s discouraging that we''re going to wait again for the company to perform as we wait for the new CEO to review everything," said Jim Corridore, analyst at research firm CFRA, which cut GE shares to "hold" after Friday''s results. Incoming CEO Flannery acknowledged on a conference call that his review would take time, but said it had not altered GE''s 2017 outlook. Still, the stock could be in "in a state of limbo" until the review is finished, Deane Dray, analyst at RBC Capital Markets, said in a note. GE''s cash flow was below expectations and also weighed on the stock, said Jeff Windau, analyst at Edward Jones. "People want to get the answers sooner" to Flannery''s review. Shares were down 3 percent at $25.87 in mid-morning trading after earlier hitting a 2-year low. GE faced a "slow-growth, volatile environment" in the quarter, Chief Executive Jeff Immelt said in his final earnings release before his Aug. 1 retirement. Immelt''s tenure began days before the Sept. 11, 2001, terrorist attacks and included the 2008 financial crisis. While GE stock is 27 percent below its price when Immelt arrived, it has more than tripled from its nadir in 2009. Immelt sold off NBCUniversal, appliances and most of GE Capital. He acquired power assets from France''s Alstom ( ALSO.PA ), merged GE''s oil and gas business with Baker Hughes, and moved the headquarters to Boston. Flannery said he is "in the middle of a series of deep dives into the businesses." He also is "taking a hard look at our corporate spending" to ensure it contributes to earnings, and on a listening tour of investors. GE has cut $670 million (516 million pounds) in industrial overhead costs this year, Immelt said, and will "meet or exceed" its $1 billion target for 2017 - a goal set after discussion with activist investor Trian Fund Management. GE was under pressure to report strong cash flow after a weak showing in the first quarter. Cash flow from operations totalled $3.6 billion, up from $400 million in the first quarter. The figure was down 67 percent from a year ago, partly reflecting the loss of contributions from the appliances division. Revenue fell 12 percent to $29.56 billion, slightly above the $29.02 billion consensus estimate of analysts polled by Thomson Reuters I/B/E/S. GE said its appliances sale eliminated $3.1 billion of revenue. Net profit slumped 59 percent to $1.34 billion, or 15 cents a share, in the quarter ended June 30, from $3.30 billion, or 36 cents a share, a year earlier. Adjusted earnings fell 45 percent to 28 cents a share, compared with estimates for 25 cents. Additional reporting by Rachit Vats in Bengaluru; Editing by Bernadette Baum and Nick Zieminski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ge-results-idUKKBN1A618Z'|'2017-07-21T14:20:00.000+03:00'|5203.0|''|-1.0|'' 5204|'a3cad52be8616b69dbfee5d665e29daf3102fc8a'|'MOVES-Citi names UBS exec as head of EMEA diversified industrials'|'July 24, 2017 / 3:03 PM / 42 minutes ago MOVES-Citi names UBS exec as head of EMEA diversified industrials 1 Min Read July 24 (Reuters) - Citigroup Inc named Heiko Horn as the head of diversified industrials within the industrials group for Europe, Middle East and Africa (EMEA) and as the head of investment banking for Switzerland, an internal memo showed. Horn previously served as managing director and head of EMEA Capital Goods at UBS. Horn will join Citi in November and will be based in Zurich. He will report to Niraj Shah, co-head of EMEA industrials for corporate and investment banking, and Koen van Velsen, EMEA head of industrials investment banking. (Reporting by Divya Grover in Bengaluru; Editing by Amrutha Gayathri) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/citigroup-moves-heiko-horn-idUSL3N1KF4OA'|'2017-07-24T17:59:00.000+03:00'|5204.0|''|-1.0|'' -5205|'de7ce942dd67ec9d82c231de06d82f514b0bcaaf'|'Citigroup, Deutsche Bank beef up Frankfurt presence in Brexit response'|'July 20, 2017 / 12:35 PM / 2 hours ago Citigroup, Deutsche Bank beef up Frankfurt presence in Brexit response Reuters Staff 4 Min Read FILE PHOTO: A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. Brendan McDermid/File Photo LONDON/FRANKFURT (Reuters) - Two global banks, Citigroup ( C.N ) and Deutsche Bank ( DBKGn.DE ), are beefing up their presence in Frankfurt to deal with the impact of Britain leaving the European Union. U.S. bank Citigroup said on Thursday that it may need to create 150 new jobs in the EU, as it confirmed it would headquarter its EU trading operations in Frankfurt. Deutsche Bank Chief Executive Officer John Cryan said in a video published on Thursday that the German lender expected to add new jobs in Frankfurt, where it will replicate a structure that is interchangeable with its London operations and evolve as Brexit negotiations unfold. Details of banks'' Brexit arrangements are starting to emerge following a July 14 deadline for them to submit details of their contingency plans to the Bank of England. "Its important not to wait until the 11th hour and 59th minute," Cryan said in the video to staff outlining Deutsche''s Brexit planning strategy. Citi is one of several banks opting to build up a subsidiary in Frankfurt so that its trading operations in the EU can continue without too much disruption when Britain leaves the bloc in March 2019. "Frankfurt is our first choice for headquartering our EU broker-dealer based on the existing infrastructure, and the people and expertise we already have on the ground," Jim Cowles, the bank''s head of Europe, Middle East and Africa (EMEA) said in a memo to staff. He added that the bank also planned to build up its private banking, treasury and trade and investment banking businesses in the EU, while the bank''s London office would remain its EMEA headquarters. This would be done by "increasing over time our footprint in other key EU cities including Amsterdam, Dublin, Luxembourg, Madrid and Paris". Banks have indicated that while they may pick one EU center to be their main regional subsidiary in the bloc, they are likely to spread their operations across several countries. JPMorgan CEO Jamie Dimon said on July 11 that his bank would probably use Frankfurt as the legal domicile of its European operations after Brexit, but that jobs may be put elsewhere as well. Deutsche Bank employs about 9,000 people in Britain and expects London to remain vital to the bank as one of the world''s two most important financial hubs. It currently books most of its business through London. But the Frankfurt-based bank with a London branch is planning for a "hard" Brexit that would entail a loss of so-called passporting rights between Britain and the EU. Cryan termed it a "reasonable worst-case" scenario. The bank''s plans to replicate its London booking operations in Frankfurt will initially mean added jobs to Frankfurt, though it could later result in jobs moving to Frankfurt from London, depending on how Brexit negotiations play out, Cryan said. "We build replicate infrastructure in Frankfurt, and over time if we end up, because of the actual Brexit, rebooking everything into Germany, Frankfurt, then there will be roles in London that get eliminated or moved," Cryan said. "People may not, but the role would move to Frankfurt," he said, without mentioning the number of people or roles. Bank of England Governor Mark Carney warned in April that EU banks wholesale branches in Britain may have to convert into subsidiaries after Brexit, which would require banks like Deutsche Bank to put a lot more capital into its London operations. Reporting by Rachel Armstrong and Tom Sims, editing by Maiya Keidan and Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-citigroup-idUKKBN1A51K4'|'2017-07-20T20:29:00.000+03:00'|5205.0|''|-1.0|'' +5205|'de7ce942dd67ec9d82c231de06d82f514b0bcaaf'|'Citigroup, Deutsche Bank beef up Frankfurt presence in Brexit response'|'July 20, 2017 / 12:35 PM / 2 hours ago Citigroup, Deutsche Bank beef up Frankfurt presence in Brexit response Reuters Staff 4 Min Read FILE PHOTO: A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. Brendan McDermid/File Photo LONDON/FRANKFURT (Reuters) - Two global banks, Citigroup ( C.N ) and Deutsche Bank ( DBKGn.DE ), are beefing up their presence in Frankfurt to deal with the impact of Britain leaving the European Union. U.S. bank Citigroup said on Thursday that it may need to create 150 new jobs in the EU, as it confirmed it would headquarter its EU trading operations in Frankfurt. Deutsche Bank Chief Executive Officer John Cryan said in a video published on Thursday that the German lender expected to add new jobs in Frankfurt, where it will replicate a structure that is interchangeable with its London operations and evolve as Brexit negotiations unfold. Details of banks'' Brexit arrangements are starting to emerge following a July 14 deadline for them to submit details of their contingency plans to the Bank of England. "Its important not to wait until the 11th hour and 59th minute," Cryan said in the video to staff outlining Deutsche''s Brexit planning strategy. Citi is one of several banks opting to build up a subsidiary in Frankfurt so that its trading operations in the EU can continue without too much disruption when Britain leaves the bloc in March 2019. "Frankfurt is our first choice for headquartering our EU broker-dealer based on the existing infrastructure, and the people and expertise we already have on the ground," Jim Cowles, the bank''s head of Europe, Middle East and Africa (EMEA) said in a memo to staff. He added that the bank also planned to build up its private banking, treasury and trade and investment banking businesses in the EU, while the bank''s London office would remain its EMEA headquarters. This would be done by "increasing over time our footprint in other key EU cities including Amsterdam, Dublin, Luxembourg, Madrid and Paris". Banks have indicated that while they may pick one EU center to be their main regional subsidiary in the bloc, they are likely to spread their operations across several countries. JPMorgan CEO Jamie Dimon said on July 11 that his bank would probably use Frankfurt as the legal domicile of its European operations after Brexit, but that jobs may be put elsewhere as well. Deutsche Bank employs about 9,000 people in Britain and expects London to remain vital to the bank as one of the world''s two most important financial hubs. It currently books most of its business through London. But the Frankfurt-based bank with a London branch is planning for a "hard" Brexit that would entail a loss of so-called passporting rights between Britain and the EU. Cryan termed it a "reasonable worst-case" scenario. The bank''s plans to replicate its London booking operations in Frankfurt will initially mean added jobs to Frankfurt, though it could later result in jobs moving to Frankfurt from London, depending on how Brexit negotiations play out, Cryan said. "We build replicate infrastructure in Frankfurt, and over time if we end up, because of the actual Brexit, rebooking everything into Germany, Frankfurt, then there will be roles in London that get eliminated or moved," Cryan said. "People may not, but the role would move to Frankfurt," he said, without mentioning the number of people or roles. Bank of England Governor Mark Carney warned in April that EU banks wholesale branches in Britain may have to convert into subsidiaries after Brexit, which would require banks like Deutsche Bank to put a lot more capital into its London operations. Reporting by Rachel Armstrong and Tom Sims, editing by Maiya Keidan and Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-citigroup-idUKKBN1A51K4'|'2017-07-20T20:29:00.000+03:00'|5205.0|29.0|0.0|'' 5206|'d3d0167e45cb06772e6b539a912004b9a48e91ec'|'Hyundai Motor second quarter net profit halves as China, U.S. sales sag'|'SEOUL (Reuters) - Hyundai Motor posted its smallest quarterly net profit in five years, falling dismally short of estimates, and warned the second half of 2017 would be challenging as political headwinds hit sales in China and slow U.S. demand continues.The South Korean firm - which together with affiliate Kia Motors is the world''s No.5 automaker - has been betting earnings will recover gradually, but its plans have ground to a halt with China''s backlash over Seoul''s decision to deploy an anti-missile system, the U.S. Terminal High Altitude Area Defence (THAAD), showing no signs of abating.Slower demand in the United States, the automaker''s No.2 market after China, has also been taking a toll, a trend the South Korean firm cautioned will persist through the rest of the year with its mainstay Sonata sedans losing ground in a market powered by sport utility vehicles (SUVs)."The challenging business environment is expected to persist in the second half because of negative external factors such as a slowdown in U.S. demand and China''s THAAD issue," Hyundai CFO Choi Byung-chul said at an earnings conference call.Earlier on Wednesday, Hyundai Motor said its second-quarter net profit halved from a year ago to 817 billion won ($729.14 million) - its 14th straight year-on-year fall and the smallest since the first quarter of 2012. Analysts on average had expected 1.35 trillion won.Its operating profit came in at 1.34 trillion won and sales at 24.31 trillion won for the period.The company is aiming to shore up its global sales through new models likes its Kona small SUV and Genesis G70 sports sedan, the CFO said at the briefing.FILE PHOTO: Hyundai Motor''s vehicles are displayed at a Hyundai Motorstudio in Goyang, South Korea May 29, 2017. Kim Hong-Ji/File Photo Bleak Sales in Top Markets Hyundai Motor''s retail sales in China, the world''s biggest auto market, slumped 29 percent in the first half of 2017.Its weak brand image has also put Hyundai at a disadvantage versus local and global rivals such as Honda Motor, Toyota Motor and General Motors, which all saw higher China sales for last month. GM, in its earnings call on Tuesday, said it set second-quarter sales record in China.Hyundai Motor plans to open a new factory in Chongqing in late August, hoping to offset some of its sales slide by tapping into the southwestern region, even as its other factories in the eastern region are underutilized.In the United States, Hyundai Motor''s sales over January-June fell 7.4 percent, the second biggest drop after affiliate Kia Motors. The slump came despite the automaker sharply boosting incentives to buoy sales.Its U.S. incentives jumped 32 percent to an average of $2,800 per vehicle in the first half, from a year earlier.It is set to face more pressure as competition rises in the United States, where Asian rivals such as Honda and Toyota will be launching their newest-generation mid-sized sedans this month, going up against the facelifted Sonata to be offered by Hyundai Motor even as sedan sales weaken worldwide.Hyundai Motor shares trimmed earlier gains after the earnings announcement, ending up 1.4 percent versus the wider market that was down 0.2 percent.Reporting by Hyunjoo Jin, additional reporting by Clara Ferreira Marques; Editing by Himani Sarkar '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-hyundai-motor-results-idUSKBN1AB0FG'|'2017-07-26T08:19:00.000+03:00'|5206.0|''|-1.0|'' 5207|'99488a6cc8405973ea3af39034cba091e1252eac'|'Citigroup says may need to create 150 jobs in EU due to Brexit'|'FILE PHOTO: A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. Brendan McDermid/File Photo LONDON/FRANKFURT (Reuters) - Two global banks, Citigroup ( C.N ) and Deutsche Bank ( DBKGn.DE ), are beefing up their presence in Frankfurt to deal with the impact of Britain leaving the European Union. U.S. bank Citigroup said on Thursday that it may need to create 150 new jobs in the EU, as it confirmed it would headquarter its EU trading operations in Frankfurt. Deutsche Bank Chief Executive Officer John Cryan said in a video published on Thursday that the German lender expected to add new jobs in Frankfurt, where it will replicate a structure that is interchangeable with its London operations and evolve as Brexit negotiations unfold. Details of banks'' Brexit arrangements are starting to emerge following a July 14 deadline for them to submit details of their contingency plans to the Bank of England. "Its important not to wait until the 11th hour and 59th minute," Cryan said in the video to staff outlining Deutsche''s Brexit planning strategy. Citi is one of several banks opting to build up a subsidiary in Frankfurt so that its trading operations in the EU can continue without too much disruption when Britain leaves the bloc in March 2019. "Frankfurt is our first choice for headquartering our EU broker-dealer based on the existing infrastructure, and the people and expertise we already have on the ground," Jim Cowles, the bank''s head of Europe, Middle East and Africa (EMEA) said in a memo to staff. He added that the bank also planned to build up its private banking, treasury and trade and investment banking businesses in the EU, while the bank''s London office would remain its EMEA headquarters. This would be done by "increasing over time our footprint in other key EU cities including Amsterdam, Dublin, Luxembourg, Madrid and Paris". Banks have indicated that while they may pick one EU center to be their main regional subsidiary in the bloc, they are likely to spread their operations across several countries. JPMorgan CEO Jamie Dimon said on July 11 that his bank would probably use Frankfurt as the legal domicile of its European operations after Brexit, but that jobs may be put elsewhere as well. Deutsche Bank employs about 9,000 people in Britain and expects London to remain vital to the bank as one of the world''s two most important financial hubs. It currently books most of its business through London. But the Frankfurt-based bank with a London branch is planning for a "hard" Brexit that would entail a loss of so-called passporting rights between Britain and the EU. Cryan termed it a "reasonable worst-case" scenario. The bank''s plans to replicate its London booking operations in Frankfurt will initially mean added jobs to Frankfurt, though it could later result in jobs moving to Frankfurt from London, depending on how Brexit negotiations play out, Cryan said. "We build replicate infrastructure in Frankfurt, and over time if we end up, because of the actual Brexit, rebooking everything into Germany, Frankfurt, then there will be roles in London that get eliminated or moved," Cryan said. "People may not, but the role would move to Frankfurt," he said, without mentioning the number of people or roles. Bank of England Governor Mark Carney warned in April that EU banks wholesale branches in Britain may have to convert into subsidiaries after Brexit, which would require banks like Deutsche Bank to put a lot more capital into its London operations. Reporting by Rachel Armstrong and Tom Sims, editing by Maiya Keidan and Adrian Croft '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-britain-citigroup-idUSKBN1A51K4'|'2017-07-20T15:56:00.000+03:00'|5207.0|''|-1.0|'' 5208|'e0ec1ca5ae9e377e3e60649847e13b5536de10a0'|'UK mortgage approvals drop to nine-month low in June - BoE'|'July 31, 2017 / 8:32 AM / 3 hours ago UK housing and consumer demand weaken as Bank of England meets David Milliken and Emma Rumney 4 Min Read FILE PHOTO: Construction cranes are seen on a residential building project behind homes in London, Britain, October 26, 2016. Toby Melville/Files - LONDON (Reuters) - Bank of England lending data showed softening consumer demand on Monday, after mortgage approvals fell to a nine-month low in June and previous red-hot growth in unsecured borrowing eased to its weakest in over a year. Though business lending was more upbeat, the figures are likely to boost the argument of those BoE policymakers meeting this week who say there is no rush to raise interest rates, despite above-target inflation and record employment. British lenders approved the fewest mortgages for house purchase since last September, with the number dropping to 64,684 from May''s 65,109 - slightly lower than economists'' average expectation of 65,000 in a Reuters poll. Three months ago, the BoE forecast that monthly mortgage approvals would rebound to 71,000 a month. "Against a backdrop of political and economic uncertainty, house purchases have hit a plateau," said Alastair McKee, managing director of mortgage brokers One 77 Mortgages. While Britain weathered the immediate aftermath of last year''s Brexit vote far better than most economists had forecast, growth so far this year has been the weakest since 2012. Unsecured consumer borrowing resumed its slowing trend after an unexpected pick-up in May, something which should reassure the BoE after one of its top regulators warned that banks might be getting complacent over credit risks. "Banks have started responding to this changing environment by reducing the availability of unsecured credit and are expected to tighten further ... citing changing appetite for risk and a worsening economic outlook," said Fabrice Montagne, an economist at Barclays. Compared with a year ago, unsecured lending in June was up 10.0 percent - still a rapid expansion, but the slowest growth since May 2016 and moving away from the 11-year high of 10.9 percent reached in November 2016. Most economists polled by Reuters expect the BoE to vote to keep rates on hold at their record low 0.25 percent on Thursday. But at least two policymakers are likely to vote to reverse last year''s emergency rate-cut post-Brexit. While headline rates of economic growth are currently below average, they expect stronger exports and business investment to soon compensate for weakness in consumer demand caused by slow wage growth and the higher inflation since the Brexit vote. Monday''s data suggest that businesses'' appetite for credit has remained solid, as the boon to exporters from a weaker pound outweighs longer-term uncertainty about Britain''s ease of access to European Union markets after it leaves in March 2019. Gross lending to non-financial businesses rose by a record amount, while net lending to large firms rose by 3.9 percent compared with a year earlier, unchanged from May and one of the biggest increases in the past five years. "It is impossible to tell, however, if the pickup ... reflects plans to invest more or firms responding to speculation that interest rates might rise soon by bringing forward planned borrowing," said Samuel Tombs of Pantheon Macroeconomics. editing by John Stonestreet'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-lending-idUKKBN1AG0TY'|'2017-07-31T11:32:00.000+03:00'|5208.0|''|-1.0|'' @@ -5216,7 +5216,7 @@ 5214|'9d8a52b35262eabfcab4de318dbe208d6fb4f0bb'|'Family of woman killed on set of Gregg Allman biopic awarded $11.2 mln'|'July 18, 2017 / 4:03 PM / in 4 minutes Family of crew member killed on Allman movie set awarded $11.2 million Rich McKay 3 Min Read ATLANTA (Reuters) - A Georgia jury has awarded more than $11.2 million to the family of a film crew member who was killed in 2014 on the set of a biographical movie about rock singer Gregg Allman, court records show. A six-day trial in the State Court of Chatham County concluded late Monday with the jury unanimously agreeing on the civil award to the family of Sarah Jones, according to the court records. Jones was killed when a moving train hit props and equipment staged on a railroad bridge and trestle south of Savannah for the never-completed film "Midnight Rider," about Allman, who died in May. After the award, her parents, Richard and Elizabeth Jones, said they had spent more than three years trying to understand how their daughter lost her life. "That search has now come to a close," they said in a statement. Railroad operator CSX Corp, which owns the tracks, is responsible for $3.9 million of the liability, according to court records. The company said it will appeal the verdict. "CSX is deeply sympathetic to the terrible loss suffered by the family of Ms. Sarah Jones, but respectfully disagrees with the conclusions reached by the jury," CSX spokesman Rob Doolittle said on Tuesday. Jacksonville, Florida-based CSX has maintained that the movie production company failed to secure permits to use the tracks for filming. Filmmaker Randall Miller previously settled with the family and spent about a year in jail after pleading guilty in 2015 to involuntary manslaughter and trespassing stemming from the crash, court records show. He was sentenced to two years in county jail and eight years probation and fined $20,000. All criminal charges against Jody Savin, Miller''s wife and business partner, were dropped. Jeff Harris, a lawyer for the Jones family, said relatives have had closure. "This has been cathartic for them," Harris said, adding that the family has established a nonprofit group, "Safety for Sarah," dedicated to promoting safety on movie sets. In addition to CSX''s liability, the award included the following payments, according to court documents: --$3.14 million from Randall Miller. --$2 million from Rayonier Performance Fibers LLC, which owned the land where the tracks were located; --$785,000 from Savin; --$785,000 from movie set employee Hillary Schwartz; --$561,000 from movie set employee Jay Serdish. Schwartz was identified as the film''s first assistant director and Serdish as executive producer/unit production manager, according to the Deadline Headline website. It was not immediately clear whether the award reflected the settlements previously agreed by Miller and Savin, or whether it added to their liability. Editing by G Crosse and JS Benkoe 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-georgia-lawsuit-idUSKBN1A31TZ'|'2017-07-18T19:01:00.000+03:00'|5214.0|''|-1.0|'' 5215|'ffb7651336a3d48d2317735b44d90a3f6b7550f2'|'Factbox - Impact on banks from Britain''s vote to leave the EU'|'July 26, 2017 / 3:54 PM / 16 minutes ago Factbox: Impact on banks from Britain''s vote to leave the EU Reuters Staff 13 Min Read FILE PHOTO: Storm clouds are seen above the Canary Wharf financial district in London, Britain, August 3, 2010. Greg Bos/File Photo (Reuters) - Global banks have said they could move thousands of jobs out of Britain to prepare for Brexit, the country''s planned exit from the European Union. Financial services companies need a regulated subsidiary in an EU country to offer products across the bloc, which could prompt some to move jobs out of Britain if it loses access to the European single market. Following are related stories about top banks (in alphabetical order): Association of Foreign Banks in Germany The association expects 3,000 to 5,000 new jobs in Frankfurt over the next two years as a result of Brexit, its head Stefan Winter, of UBS, told German newspaper Welt am Sonntag in June. He said he expected 12 to 14 major banks to expand their Frankfurt sites significantly or build new ones. Bank of America Corp Bank of America ( BAC.N ) became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc. Bank of America said in August that its businesses and results could be adversely affected and it may have to incur additional costs if Brexit limited the ability of its UK entities to conduct business in the EU. Dublin is Bank of America''s default option for a new base within the EU, but other centers are on the table and no decision has yet been made, an executive said on March 14. Barclays Barclays is talking with Irish regulators about extending its activities in Dublin, the British bank said. It already has a licensed bank in the Irish capital and is looking to expand that so it can act as its EU subsidiary. Banks in Britain will start shifting some operations to continental Europe reasonably soon to avoid disrupting links with customers after Brexit, Barclays ( BARC.L ) Chief Executive Jes Staley said. He added that obtaining a license to trade on the continent and changing financial contracts to another jurisdiction would take a year to 18 months. Staley previously told BBC Radio that Barclays would keep the bulk of its activities in Britain after Brexit and any changes to how the bank operates would be small and manageable. Bnp Paribas BNP Paribas ( BNPP.PA ) may move up to 300 London investment bank staff because of Brexit, depending how clients adapt and the French bank''s efforts to win new UK business, a source said. The company had 3,123 staff in its corporate and institutional bank in Britain at end-2016, down from 3,294 a year earlier, internal documents seen by Reuters showed. Citigroup U.S. bank Citigroup ( C.N ) said that it may need to create 150 new jobs in the EU to deal with the impact of Britain leaving the bloc, and confirmed it would headquarter its EU trading operations in Frankfurt. Citi, which has a large banking unit in Dublin, had previously said it would choose Frankfurt as its hub for sales and trading in the EU and move "a couple of hundred" jobs outside of London after Brexit. Separately, the bank''s European chief said Citi would make a decision on Brexit contingency plans in the first half of the year and choose from a number of potential EU countries to relocate some investment banking business. Credit Agricole Credit Agricole ( CAGR.PA ), France''s third-biggest listed bank, could relocate about 100 employees from its London hub to France out of 1,000 based there in the case of a "hard" Brexit, its chief executive said. Credit Suisse Credit Suisse''s ( CSGN.S ) Chief Executive Tidjane Thiam said in September that his bank was relatively well placed to deal with Brexit and that only 15-20 percent of volumes in the investment bank would be affected. Daiwa Securities Group Japan''s No. 2 brokerage Daiwa Securities Group ( 8601.T ) said it will set up a subsidiary in Frankfurt, making it one of the first banks to publicly choose Germany to keep a foothold in the EU after Britain''s exit. The group has said it would still keep staff in London even after Brexit. It has 450 staff working in the EU now, mostly in the British capital. The German city is Daiwa''s favored destination, as London-based staff can easily be transferred to its investment banking branch in Frankfurt, Chief Executive Seiji Nakata had said previously. Deutsche Bank Deutsche Bank ( DBKGn.DE ) is beefing up its presence in Frankfurt to deal with the impact of Britain leaving the EU. Chief Executive John Cryan said the German lender expected to add new jobs in Frankfurt, where it will replicate a structure that is interchangeable with its London operations and evolve as Brexit negotiations unfold. Deutsche Bank warned on April 26 that up to 4,000 UK jobs could be moved to Frankfurt and other EU locations - the highest potential move of any bank. European supervisors want Deutsche Bank to prepare a fallback plan, laying out how it could shift the clearing of trades from London, one person with direct knowledge of the matter told Reuters. Euroclear Settlement bank Euroclear is looking at the option of setting up a branch or subsidiary to provide a route between its UK and Irish markets after Brexit, the head of its UK and Irish operation said. French Banking Federation French banks could shift about 1,000 jobs from London to Paris to keep staff in the EU, the French Banking Federation said. Goldman Sachs U.S. bank Goldman Sachs ( GS.N ) is considering moving up to 1,000 staff from London to Frankfurt because of concerns over Brexit, Germany''s Handelsblatt newspaper reported in January, citing financial sources. Goldman will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans, the Wall Street company''s Europe CEO said in March. Three people familiar with the matter told Reuters in November that Goldman was considering shifting some of its assets and operations from London to Frankfurt. Hsbc HSBC ( HSBA.L ) sees the chances of a hard Brexit receding after Britain''s shock election result, which could result in fewer jobs moving out of London, its investment bank chief said. Stuart Gulliver, CEO of HSBC, Europe''s biggest bank, had previously said that the company would relocate staff responsible for generating around a fifth of its UK-based trading revenue, or about 1,000 people, to Paris. Chairman Douglas Flint has told lawmakers that banks without operations elsewhere in the EU are likely to trigger migration plans immediately after EU divorce talks begin, estimating that "tens of thousands" of jobs are linked to EU "passporting" rights. Investec Investec ( INVP.L ) ( INLJ.J ) is considering converting its London bank''s Dublin branch into a subsidiary to ensure it has continued access to the European single market after Britain leaves the EU, Chief Executive Stephen Koseff told British newspaper The Telegraph on May 18. However, the Anglo-South African lender and asset manager was in no rush to secure the license needed for such a subsidiary and would see only a small part of its business affected by Brexit, the paper quoted Koseff as saying. ( bit.ly/2qywZzY ) Jpmorgan JPMorgan Chase ( JPM.N ), the biggest U.S. bank by assets, is planning to merge its UK-based private banking unit with its wider European wealth operation ahead of the UK''s exit from the European Union, Sky News reported. JPMorgan said in July that the bank would probably use Frankfurt as the legal domicile of its European operations after Brexit, though jobs could be moved elsewhere as well. The U.S. bank has also agreed to buy a Dublin building with room for 1,000 staff in the first sign of a financial services company expanding significantly in Ireland since the government began a major campaign to attract businesses after Brexit. However, the bank, which employs about 500 people in Dublin, did not say how many jobs would be created or whether any positions would be moved from the United Kingdom. Daniel Pinto, head of investment banking at the Wall Street bank, had told Bloomberg on May 3 that it planned to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg. CEO Jamie Dimon had previously said the bank was not planning to move many jobs out of Britain in the next two years. Before the vote, Dimon said the bank would be forced to move 4,000 of its 16,000 Britain-based staff if the country loses access to the single market. Julius Baer Julius Baer, Switzerland''s third-biggest private bank is moving its European hub from Frankfurt to Luxembourg but will continue to keep its options open in London, Boris Collardi, chief executive at Julius Baer has said. Britain''s planned departure from the EU opens the door for a UK-Swiss deal covering financial services, said Collardi. Lloyds Banking Group Lloyds Banking Group ( LLOY.L ), Britain''s largest mortgage lender and the only major British retail bank without a subsidiary in another EU country, is close to selecting Berlin as a European base to secure post-Brexit EU market access. Morgan Stanley Morgan Stanley ( MS.N ) has chosen Frankfurt to be a new base for its EU operations as Britain prepares to leave the bloc, according to a source familiar with the matter. The bank is planning to use its Frankfurt subsidiary as the center for its EU trading operations. "That means 200 new people will be coming to Frankfurt," the source said. Morgan Stanley has identified many of the roles that will need to be moved from Britain after Brexit, sources involved in the processes had told Reuters. The U.S. bank, which bases the bulk of its European staff in Britain, will have to move up to 1,000 jobs in sales and trading, risk management, legal and compliance, as well as slimming the back office in favor of locations overseas, one source told Reuters. Morgan Stanley could initially shift 300 staff from Britain after its EU exit and is scouting for office space in Frankfurt and Dublin, Bloomberg News reported in February. The bank plans to double the number of its bankers in Frankfurt to 400, German newspaper Welt am Sonntag reported in June. Mizuho Japan''s Mizuho Financial Group ( 8411.T ) said it would set up a subsidiary in Frankfurt, the latest Japanese bank to choose the German city as its new base in the European Union as Britain prepares to leave the bloc. Nomura Nomura Holdings Inc ( 8604.T ) is applying for a license to operate a new entity in Frankfurt, as Japan''s largest brokerage gears up for Britain''s departure from the EU . Northern Trust Asset management company Northern Trust ( NTRS.O ) has said it will set up an EU banking base in Luxembourg. "Continental Europe is a strategic area of focus for Northern Trust and the creation of our EU banking presence in Luxembourg highlights our commitment to growing our business in the region," said Teresa Parker, president of Northern Trust in Europe. Around a third of Northern Trust''s institutional clients have asked it to ringfence British exposure from their broader European portfolios to protect them from Brexit-related risks. Societe Generale Societe Generale ( SOGN.PA ) could move 400 corporate and investment banking jobs from London, with most going to Paris, Chief Executive Frederic Oudea said in July. Oudea said the possible move of jobs after Brexit would affect 300-400 investment banking jobs out of 2,000 it has overall for that business in London. Standard Chartered Standard Chartered ( STAN.L ) is in talks with regulators about making Frankfurt its post-Brexit European base. Sumitomo Mitsui Financial Sumitomo Mitsui Financial Group Inc ( 8316.T ) said its core banking unit, Sumitomo Mitsui Banking Corp (SMBC), has decided to set up a subsidiary in Frankfurt. Ubs UBS ( UBSG.S ) is weighing up whether to move banking jobs in London to Frankfurt, Madrid or Amsterdam to cope with Britain''s planned EU departure, Chief Executive Sergio Ermotti said in an interview with CNBC in July. The bank has estimated that it would need to "move 1,500 people" from London to the EU to retain full passporting rights, according to Chairman Axel Weber. That would be more than a quarter of its 5,500 staff in London. The world''s biggest wealth manager has also set up a bank in Frankfurt to consolidate most of its European wealth management operations, after the Brexit vote dashed London''s chances of being the host city. Compiled by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-banks-factbox-idUKKBN1AB287'|'2017-07-26T18:53:00.000+03:00'|5215.0|''|-1.0|'' 5216|'8981f7d636ce1b53179737f1dfd98ad2c1858415'|'U.S. retail sales fall for second straight month'|'July 14, 2017 / 12:42 PM / 5 hours ago U.S. retail sales fall for second straight month 1 Min Read A woman walks past a sign advertising a sale in the Old Town shopping area of Pasadena, California, U.S. June 27, 2017. Mario Anzuoni WASHINGTON (Reuters) - U.S. retail sales unexpectedly fell in June for a second straight month, which could temper expectations of strong acceleration in economic growth in the second quarter. The Commerce Department said on Friday retail sales fell 0.2 percent last month, weighed down by declines in receipts at service stations, clothing stores and supermarkets. Americans also cut back on spending at restaurants and bars, as well as on hobbies. May''s retail sales were revised to show a 0.1 percent dip instead of the previously reported 0.3 percent drop. Retail sales rose 2.8 percent year-on-year in June. Excluding automobiles, gasoline, building materials and food services, retail sales slipped 0.1 percent last month after being unchanged in May. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. Reporting by Lucia Mutikani; Editing by Chizu Nomiyama 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-economy-retail-idUSKBN19Z1CM'|'2017-07-14T15:34:00.000+03:00'|5216.0|''|-1.0|'' -5217|'63c736900616a901938f6395e7530ad2a5631a64'|'Russia detains CEO of turbine maker Power Machines -report'|'July 13, 2017 / 9:41 PM / 29 minutes ago Russia detains CEO of turbine maker Power Machines -report Reuters Staff 2 Min Read MOSCOW (Reuters) - Russian authorities have detained the chief executive of Russian electricity turbine maker Power Machines on suspicion of attempted divulgence of state secrets, TASS news agency reported on Thursday citing a law enforcement source. Power Machines is controlled by Russian steel tycoon Alexei Mordashov and has a joint venture with Germany''s Siemens ( SIEGn.DE ) which has come under scrutiny because of a disputed turbine delivery to Crimea. No charges have been brought against Roman Filippov, the CEO of Power Machines, yet, TASS reported. It was not immediately clear if his detention was linked to the Crimea turbine affair. Interfax news agency cited an unidentified source as saying Filippov was questioned as part of a criminal case into the dissemination of a state secret and released. Power Machines and a spokeswoman for Mordashov declined to comment. Filippov''s mobile phones were switched off when Reuters tried to reach him on Thursday night. Reporting by Polina Devitt and Anastasia Lyrchikova; Writing by Maria Kiselyova; Editing by Chris Reese 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ukraine-crisis-siemens-crimea-idUKKBN19Y2V4'|'2017-07-14T00:41:00.000+03:00'|5217.0|''|-1.0|'' +5217|'63c736900616a901938f6395e7530ad2a5631a64'|'Russia detains CEO of turbine maker Power Machines -report'|'July 13, 2017 / 9:41 PM / 29 minutes ago Russia detains CEO of turbine maker Power Machines -report Reuters Staff 2 Min Read MOSCOW (Reuters) - Russian authorities have detained the chief executive of Russian electricity turbine maker Power Machines on suspicion of attempted divulgence of state secrets, TASS news agency reported on Thursday citing a law enforcement source. Power Machines is controlled by Russian steel tycoon Alexei Mordashov and has a joint venture with Germany''s Siemens ( SIEGn.DE ) which has come under scrutiny because of a disputed turbine delivery to Crimea. No charges have been brought against Roman Filippov, the CEO of Power Machines, yet, TASS reported. It was not immediately clear if his detention was linked to the Crimea turbine affair. Interfax news agency cited an unidentified source as saying Filippov was questioned as part of a criminal case into the dissemination of a state secret and released. Power Machines and a spokeswoman for Mordashov declined to comment. Filippov''s mobile phones were switched off when Reuters tried to reach him on Thursday night. Reporting by Polina Devitt and Anastasia Lyrchikova; Writing by Maria Kiselyova; Editing by Chris Reese 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ukraine-crisis-siemens-crimea-idUKKBN19Y2V4'|'2017-07-14T00:41:00.000+03:00'|5217.0|26.0|0.0|'' 5218|'1267ed6427ad08650cdd07dc5682c9e1e421a40a'|'Consumers, businesses likely spurred U.S. economic pickup in second quarter'|'WASHINGTON (Reuters) - The U.S. economy accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment, but persistent sluggish wage gains cast a dark shadow over the growth outlook. Gross domestic product increased at a 2.6 percent annual rate in the April-June period, which included a boost from trade, the Commerce Department said in its advance estimate on Friday. That was more than double the first quarter''s downwardly revised 1.2 percent growth pace. Wage growth, however, decelerated despite an unemployment rate that averaged 4.4 percent in the second quarter. Inflation also retreated, appearing to weaken the case for the Federal Reserve to raise interest rates again this year. "Although growth is solid, the lack of wage pressure buys the Fed plenty of time, and works with a very ''gradual'' tightening cycle," said Alan Ruskin, global head of G10 FX strategy at Deutsche Bank in New York. "There is more here for the Fed doves than the hawks." Prices of U.S. Treasuries rose after the data but pared gains as oil prices hit two-month highs. The dollar fell against a basket of currencies and stocks on Wall Street were trading mostly lower following recent hefty gains. Economists expect the Fed to announce a plan to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities in September. The U.S. central bank left rates unchanged on Wednesday and said it expected to start winding down its portfolio "relatively soon." The Fed has raised rates twice this year. The rise in second-quarter GDP was in line with economists'' expectations. Output was previously reported to have increased at a 1.4 percent pace in the first quarter. The economy grew 1.9 percent in the first half of 2017, making it unlikely that GDP would top 2.5 percent for the full year. President Donald Trump has set an ambitious 3.0 percent growth target for 2017. Related Coverage 2015 economic growth strongest since 2005 U.S. labor cost growth slows in second quarter Speaking to law enforcement officers in Brentwood, New York, Trump applauded the GDP data and said it was the result of his administration''s rollback of some business and environmental regulations. "We''re doing well, we''re doing really well and we took off all those restrictions," Trump said. "Some we''re statutorily stuck with for a little while, but eventually that statute comes up and we''re going to be able to cut a lot more." But analysts are skeptical of the Republican president''s vow to push through major tax cuts in the wake of his party''s failure early on Friday in the Senate to pass a bill that would have repealed parts of former President Barack Obama''s 2010 healthcare law. So far, the political gridlock in Washington has not hurt either business and consumer confidence. Consumers Boost Growth A woman shops with her daughter at a Walmart Supercenter in Rogers, Arkansas June 6, 2013. The annual shareholders meeting for Walmart takes place on June 7. Rick Wilking A resurgence in consumer spending accounted for the bulk of the pickup in economic growth in the second quarter. Consumer spending, which makes up more than two-thirds of the U.S. economy, grew at a 2.8 percent rate. That was an acceleration from the 1.9 percent pace logged in the first quarter. But with wage growth remaining sluggish despite the labor market being near full employment, there are concerns that consumer spending could slow in the third quarter. In a separate report on Friday, the Labor Department said wages and salaries increased 0.5. percent in the April-June period after accelerating 0.8 percent in the first quarter. They rose 2.3 percent on a year-on-year basis. There were, however, strong wage gains in the information, finance and natural resources sectors. Slideshow (2 Images) "A tightening labor market ought to put upward pressure on wage rates, but employers are likely to resist increases as long as they can, given the state of productivity," said John Ryding, chief economist at RDQ Economics in New York. Inflation was subdued in the second quarter. The Fed''s preferred inflation gauge, the personal consumption expenditures (PCE) price index excluding food and energy, increased at a 0.9 percent rate. That was the slowest rise in more than two years and followed a 1.8 percent rate of increase in the first quarter. The gross domestic purchases price index, another measure of inflation pressures in the economy, increased at a 0.8 percent rate after advancing 2.6 percent in the prior quarter. Businesses helped to carry the economy in the second quarter, with spending on equipment jumping at a rate of 8.2 percent, the fastest in nearly two years. It was the third straight quarterly increase. Spending on mining exploration, wells and shafts grew at a 116.7 percent rate, slowing from the first-quarter''s robust 272.1 percent pace. As a result, investment on nonresidential structures increased at a 4.9 percent pace, moderating from the January-March period''s brisk 14.8 percent rate. Though businesses continued to carefully manage their inventories in the second quarter, they spent more in some places. Inventory investment was neutral to GDP growth after slicing 1.46 percentage points in the first quarter. Trade added 0.18 percentage point to growth, contributing to output for a second straight quarter. Housing was a drag on growth in the last quarter, with investment on homebuilding contracting at a 6.8 percent rate, the worst performance in nearly seven years. Auto production slumped for a third straight quarter, while government spending rebounded after declining in the prior period. Alongside the second-quarter GDP report, the government published revisions to data going back to 2014, which showed little change in the growth picture. Reporting by Lucia Mutikani; Additional reporting by David Lawder; Editing by Paul Simao '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-idUSKBN1AD0GX'|'2017-07-28T08:12:00.000+03:00'|5218.0|''|-1.0|'' 5219|'b1b8d8ed0bb90ade52d2095c5f49a95161c09cb9'|'The Head of the Consumer Financial Protection Bureau Isnt Going Down Without a Fight'|'Remarks The Head of the Consumer Financial Protection Bureau Isnt Going Down Without a Fight Richard Cordray, an Obama appointee, is trying to make it easier for customers to sue their banks By @AuthorPMBarrett More stories by Paul Barrett Richard Cordray, the nations top consumer watchdog, is one of the most prominent Obama administration holdovers still clinging to office. Earlier this month, in the face of unceasing hostility from the Trump administration, Congressional Republicans, and the business lobby, he announced a new rule that would make it easier for customers to sue their banks. A legislative battle over the rule is coming, perhaps the last major clash of Cordrays term, which is scheduled to end next July. It looks like hes going out fighting. Prior to his appointment in 2012 as the first director of the Consumer Financial Protection Bureau, the 58-year-old bureaucrat served as treasurer and attorney general of his home state of Ohio. Hes also an accomplished appellate lawyer whos argued seven cases before the U.S. Supreme Courtand, in the late 1980s, he was an undefeated five-time Jeopardy champion. The CFPB was the brainchild of Democratic Senator Elizabeth Warren of Massachusetts, created in response to the financial crisis as part of the 2010 Dodd-Frank financial-reform law. With Cordray at the helm, the bureau has moved aggressively, resulting in nearly $12 billion in restitution and other relief for consumers, as well as $600 million in civil penalties against financial institutions large and small. Bank of America, Capital One, Citigroup, and JPMorgan Chase have all felt the CFPBs sting, for such offenses as charging unlawful fees or, in the case of Wells Fargo, trying to jack up sales by opening millions of phony accounts in the names of unwitting customers. None of this has made Cordray popular with Republicans. Under Mr. Cordrays leadership, the CFPB has acted unlawfully, routinely denied market participants due process, and abused its powers, House Financial Services Committee Chairman Jeb Hensarling of Texas said during a hearing in April. For all the harm inflicted upon consumers, Richard Cordray should be dismissed by the president. Hensarling was staking his position in a controversy over whether Trump can remove Cordray at will. By statute, the CFPB director can be ousted before the end of his five-year term only for cause. A 2014 enforcement case against a New Jersey mortgage company thats now pending before the federal appeals court in Washington raises the question of whether the head of the CFPB ought to serve at the pleasure of the president just as cabinet secretaries do. Trump, for all his pugnaciousness, so far has chosen not to take up congressional Republicans invitation to try to fire Cordray. That has left the CFPB director free to follow through with the arbitration rule, which has been more than two years in the making. Banks and other financial firms routinely include language in consumer contracts that blocks individuals from banding together to file class-action lawsuits. These fine-print provisions funnel disputes over credit cards, checking accounts, payday loans, and the like into private arbitration. Broadly speaking, arbitration proceedings move more quickly and arent as costly as conventional litigation. Mandatory arbitration arguably deters frivolous suits, but it doesnt afford consumers many of the rights associated with lawsuits. Not being able to pool resources and lump together claims in a class action makes it difficult for consumers to seek compensation when individual damages are relatively small. Few plaintiffs lawyers are going to take a case seeking recovery of an improperly assessed $30 credit card late fee. In a July 10 statement announcing the rule, Cordray said that mandatory arbitration clauses allow companies to avoid accountability by blocking group lawsuits and forcing people to go it alone or give up. When the rule takes effect next year, he continued, it will stop companies from sidestepping the courts and ensure that people who are harmed together can take action together. (Through a spokesman, Cordray declined to comment for this article.) Republicans reacted swiftly. The CFPB has gone rogue again, abusing its power in a particularly harmful way, said Senator Tom Cotton of Arkansas, adding that the arbitration rule treats consumers like helpless children, incapable of making business decisions in their own best interests. A few days before the announcement of the rule, Hensarling reportedly threatened Cordray with contempt proceedings for allegedly not responding to a committee subpoena on the topic. The GOP is already moving to overturn the arbitration rule by means of the Congressional Review Act. Enacted in 1996 and used only once prior to the Trump presidency, the act allows lawmakers to roll back a newly issued regulation within 60 legislative days from the time they formally receive the rule. Since Trump took office, it has become a potent weapon : Republicans have used it to reverse 14 Obama administration rules, including ones curbing coal-mining pollution and limiting when the mentally ill can purchase firearms. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up Cotton is working with Mike Crapo of Idaho, chairman of the Senate Banking Committee, to get the process moving for the CFPB rule, aides to the senators confirmed via email. Theres little doubt that Trump would sign a Congressional Review Act resolution killing it. And even if lawmakers dont meet the 60-day deadlineperhaps too busy with expected debates over the federal budget and tax reformanother Trump-appointed banking regulator has suggested a method by which the plan could be killed without congressional action. Keith Noreika, the Acting Comptroller of the Currency, has said the Trump administration could unilaterally strike it down because it potentially threatens the safety and soundness of lenders. The same Dodd-Frank law that created the CFPB gives the Financial Stability Oversight Councila panel of regulators headed by the Treasury secretarypower to set aside any CFPB rule that endangers the stability of the wider financial system. In a letter to Noreika dated July 12, Cordray scoffed at the notion. At no time during this process did anyone from the [Office of the Comptroller of the Currency] express any suggestion that the rule that was under development could threaten the safety and soundness of the banking system, Cordray wrote. Nor did you express any such concerns when we have met or spoken. Unfortunately for Cordray, he doesnt have much room to maneuver in defending the arbitration rule. Depending on how the D.C. appeals court case comes out, he could even be sent packing before July 2018. However much time he has left, though, hes made it clear hell draw as much attention as possible to attempts to wipe out a policy he believes will benefit consumers. Paul Barrett '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-20/the-head-of-the-consumer-financial-protection-bureau-isn-t-going-down-without-a-fight'|'2017-07-20T17:00:00.000+03:00'|5219.0|''|-1.0|'' 5220|'9c24491208c62fadd4f48c8f4bff6b80b55b1dfd'|'Here is how to end austerity and still keep deficit low, says IFS - Business - The Guardian'|'Philip Hammond would need to spend an extra 33bn a year to end austerity according to a leading tax and spending watchdog.The Institute for Fiscal Studies (IFS) said the chancellor could use his autumn budget to reverse major cuts scheduled to hit public spending and still keep the governments spending deficit at 2.4% of GDP by 2021.To meet a target of balancing the budget in the middle of the next decade, the IFS warned that the Treasury would need to return to its spending squeeze if the economy, as expected, only grows modestly in the aftermath of leaving the European Union, limiting the growth of tax receipts.The analysis has been released as ministers prepare to battle with the chancellor to protect their departments before the autumn budget.The chancellor has warned that government finances remain vulnerable in the event of another financial shock and the Treasurys task must remain to bring down the deficit over the next parliament.Carl Emmerson, deputy director of the IFS, said: An end to austerity as defined by no further net tax rises, benefit cuts or cuts to spending on public services would require a very sharp change of direction.It would imply a 17bn boost to planned spending on public services alongside a 5bn net tax cut and an 11bn increase in planned benefit spending ie a giveaway of 33bn a year. [That] would, on current forecasts, leave us with a deficit at its current level 2.4% of GDP in 2021-22.Emmerson said relaxing the spending squeeze was an option in a way that it was not an option back in 2010. But he warned that it would leave the chancellor with less room for manoeuvre if growth stalled as a result of Brexit.Revisions to figures for the public deficit, which soared to 9.9% of national income in 2009-10 after the financial crisis, have shown it fell to 2.4% last year and is the lowest it has been since 2003-04.Labour has argued that a deficit of 2.4% is low enough to continue to bring down the overall debt-to-GDP ratio.Emmerson, who unveiled his analysis at the Institute for Government in London, appeared to agree when he said: We could choose to continue to run deficits of around the current level over the longer term. If the economy were to grow as expected, this would be sufficient to see debt fall as a share of national income over the longer term.It would mean that over the next few years household incomes could be better supported and a greater quality and quantity of public services could be enjoyed. But it would also involve planning to live with elevated public sector debt for longer.It could give the chancellor less room for manoeuvre if the economy were to suffer badly, for Brexit-related or other reasons, over the next few years. And it would almost certainly require the abandonment of the pledge to eliminate the deficit in the mid-2020s.Topics Austerity Institute for Fiscal Studies Thinktanks Economics Budget news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jul/12/heres-how-end-austerity-keep-deficit-low-ifs'|'2017-07-13T05:47:00.000+03:00'|5220.0|''|-1.0|'' @@ -5287,7 +5287,7 @@ 5285|'39382273bbcfb12c89e54b65c5da9d27f6edee18'|'RPT-New life in U.S. housing market not evident in big bank results'|'July 18, 2017 / 10:13 AM / in 6 hours RPT-New life in U.S. housing market not evident in big bank results 4 Min Read (Repeats with no change to text) By Sweta Singh July 18 (Reuters) - The U.S. housing sector has seen prices, sales and financing applications soar lately as more buyers entered the market for the first time, but those trends were hard to see in big banks'' mortgage businesses during the second quarter. Four major U.S. lenders reported an average 33 percent drop in second-quarter mortgage banking revenue on Friday, compared with the same quarter of last year. An ongoing decline in refinancing activity, higher funding costs, tougher competition and a greater portion of business coming from third parties, who generally deliver lower margins, all contributed to the slide. Even so, executives sounded optimistic about the core operation of lending to people who want to buy homes. "I wouldn''t throw in the towel on the mortgage business," Tim Sloan, chief executive officer of Wells Fargo & Co, the biggest U.S. home lender, said on Friday. Wells''s quarterly mortgage banking revenue of $1.4 billion was down 19 percent from the year-ago period. A variety of factors hurt results, including the sale of a legacy portfolio of risky loans, but Wells saw improved credit quality among borrowers, and strong demand for mortgages to purchase new homes. The bank sees "huge opportunities" in growing first and second mortgages, Sloan said. JPMorgan Chase & Co, PNC Financial Services Group Inc and Citigroup Inc also reported mortgage banking revenue declines of 33 to 41 percent last week. Bank of America Corp reports results on Tuesday. Starting in 2009, banks began to benefit from a surge in mortgage refinancing, thanks to rock-bottom interest rates and federal programs to help struggling borrowers. That activity has been trailing off as rates have started to rise and many borrowers who sought lower rates have already gotten fresh loans. It will be difficult to make up for lost refinancing volumes, even though the market for home purchases has been improving, analysts said. New and existing home sales rose in May while prices reached all-time highs, according to federal housing data and the National Association of Realtors (NAR). Weekly mortgage applications shot to a seven-year high at one point during the quarter, according to data from the Mortgage Bankers Association. NAR predicts new single-family home sales will rise 8.4 percent this year. Those improvements in the market may continue for some time, analysts said, since mortgage rates remain low by historical standards and young American millennials have only recently begun to enter the housing market. But banks'' mortgage businesses will only show improvements as comparisons with a previous year become easier, they said. "While we saw some pressure in the second quarter, we think that''s a low point for the year," Marty Mosby, an analyst at Vining Sparks brokerage and asset manager, told Reuters. "We should start to see some pickup in home purchase activity." (Reporting by Sweta Singh in Bengaluru; Additional reporting by Dan Freed and David Henry in New York; Editing by Lauren Tara LaCapra and Phil Berlowitz) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-banks-results-mortgages-idUSL1N1K90AQ'|'2017-07-18T13:12:00.000+03:00'|5285.0|''|-1.0|'' 5286|'5c67ce5a1ddfa66567e3106dd7dba3ea93032cf1'|'Samsung takes aim at TSMC with plans to triple chip foundry market share'|'July 24, 2017 / 10:38 AM / 13 minutes ago Samsung takes aim at TSMC with plans to triple chip foundry market share Joyce Lee and Se Young Lee 4 Min Read ES Jung, executive vice president and head of Samsung Electronics foundry business speaks at a Samsung event in Seoul in July 11, 2017. Samsung/Handout via REUTERS YONGIN, SOUTH KOREA (Reuters) - Samsung Electronics ( 005930.KS ) plans to triple the market share of its contract chip manufacturing business within the next five years by aggressively adding clients, a senior company executive said, as it targets new growth drivers for the chips business. The estimated 5.3 trillion won (3.65 billion pounds) business at Samsung was split off as a separate arm within its semiconductor division in May, in a clear statement that the technology giant was preparing to focus on the business and narrow the big market share gap with leader TSMC ( 2330.TW ). E.S. Jung, executive vice president and head of the new Samsung foundry division, told Reuters on Monday at the South Korean company''s Giheung chip campus the firm wants a 25 percent market share within five years and will seek to attract smaller customers in addition to big-name clients to fuel the growth. "We want to become a strong No. 2 player in the market," Jung said. Samsung is on track for record profits and is widely expected to pass Intel Corp ( INTC.O ) as the world''s top chipmaker by sales in 2017 on the back of a memory market boom. But the firm lags well behind Taiwan''s TSMC in contract manufacturing: TSMC held a market share of 50.6 percent last year compared with Samsung''s 7.9 percent, according to research firm IHS. It also trailed U.S.-based Global Foundry, which had a 9.6 percent share, and Taiwan-based UMC''s ( 2303.TW ) 8.1 percent. The memory industry is notoriously cyclical and unlikely to repeat the massive revenue gains seen this year. And as new applications such as cloud computing, autonomous driving and virtual reality emerge, analysts say Samsung needs to strengthen the rest of its chip portfolio to secure future growth. Jung declined to comment on revenue or investment targets, but said foundry and memory businesses will share the 6 trillion won next-generation chip production line that will be built in Hwaseong, South Korea. Samsung doesn''t reveal its chip contract manufacturing revenue, but analysts estimated it at 5.3 trillion won last year, with Daishin Securities forecasting it will see an increase of 10 percent or more this year. While TSMC splurges around $10 billion of capital expenditure annually, Jung said Samsung will be able to keep production capacity flexible depending on market demand by relying on memory chip lines. Though Samsung already counts major firms such as Qualcomm Inc ( QCOM.O ), Nvidia Corp ( NVDA.O ) and NXP Semiconductors ( NXPI.O ) as clients, it has a long way to go to catch up to TSMC. Analysts estimate Samsung lost Apple to TSMC in 2015 and the Taiwan firm has had 100 percent of Apple''s mobile processor business in 2016 and 2017. "You need a technology that can wow your clients. Without such advanced technology, it''ll be difficult to win back customers from your rivals," Jung said, without specifying any clients'' names. He said Samsung was confident of producing chips using the latest manufacturing technology called EUV (extreme ultraviolet) lithography ahead of rivals. EUV is a next-generation technology that potentially lowers the cost and complexity of chip manufacturing. Samsung and TSMC are neck-and-neck in introducing EUV. Samsung says it will start manufacturing chips with circuitry widths of 7 nano metres by using EUV tech in the second half of 2018. TSMC also said earlier this month that its chip manufacturing process using EUV technology will be the "most advanced technology in foundry industry" in 2018 in terms of density, performance and power. Editing by Miyoung Kim and Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-samsung-elec-chips-foundry-idUKKBN1A916I'|'2017-07-24T13:39:00.000+03:00'|5286.0|''|-1.0|'' 5287|'28ea4243cf966750d48fe68647d54b66a5663f5d'|'Sao Paulo rideshare rules draw ire of apps, rental agencies'|'FILE PHOTO - An Uber driver cleans his car as his cell phone shows the queue to pick up passengers departing Guarulhos International Airport in Sao Paulo, Brazil, February 13, 2017. Nacho Doce SAO PAULO (Reuters) - New rules restricting drivers of out-of-town vehicles from working with ride-hailing services in So Paulo came under fire from technology and rental car executives on Thursday, who threatened to legally challenge the decision in Brazil''s biggest city.So Paulo Mayor Joo Doria, whose name has been increasingly floated as a possible candidate in the 2018 presidential race, unveiled the rules last week as part of a plan to regulate ride-sharing services such as Uber and local rival 99.The move has serious implications for drivers from the So Paulo suburbs, along with the rental agencies such as Localiza Rent a Car SA ( RENT3.SA ), much of whose fleet is registered at its headquarters in the state of Minas Gerais."We have seen the city kind of taken over by cars ... using So Paulo roads and paying taxes somewhere else," said So Paulo Transportation Secretary Sergio Avelleda, defending the measure to journalists on Thursday.Rental car companies disagreed.The head of policy and communication for 99, Matheus Moraes, said the demand to register and pay local property taxes on cars was redundant for the company''s drivers, who already contribute a road usage fee per mile for using ride apps in the city."Mobility is about using the cars you already have," he said at an industry event in So Paulo. "This measure is limiting ... and we are going to work like heck with the government to see if we they will reconsider that point."Uber took an even stronger stance in an emailed statement, calling the requirement of local vehicle registration "unconstitutional," and Localiza also condemned the measure."This decision does not make legal sense," said Localiza Chief Financial Officer Roberto Mendes in a telephone interview. "We have to evaluate the situation. We understand that there are legal aspects that we could challenge."Demand from unemployed Brazilians renting cars to drive with ride-hailing services has been one of several factors driving robust revenue growth for Localiza and rival Movida Participaes SA ( MOVI3.SA ) this year, according to analysts.The rental agencies have even offered special monthly contracts for drivers on the apps. Uber''s Brazilian website promises rental savings of up to 50 percent for its drivers and lists promotions from the agencies side-by-side in major cities.The new rules could seriously complicate those arrangements, since so much of So Paulo''s rental fleet is registered in other cities.Reporting by Alberto Alerigi Jr. and Natalia Scalzaretto; Writing and additional reporting by Brad Haynes; and Leslie Adler '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-rideshare-sao-paulo-idUSKBN1A6033'|'2017-07-21T03:50:00.000+03:00'|5287.0|''|-1.0|'' -5288|'1338bd346ea33dc050dc12776442a6c998178960'|'Sears Canada starts liquidation sales prior to closing stores'|'July 21, 2017 / 1:24 PM / 17 minutes ago Sears Canada starts liquidation sales prior to closing stores 1 Min Read TORONTO, July 21 (Reuters) - Sears Canada Inc said it would start liquidation sales on Friday at 54 stores that it plans to close as part of a court-approved restructuring plan to improve its performance following years of declining sales. Sears Canada, which in 2012 was spun off from U.S. retailer Sears Holdings Corp, filed for creditor protection in June and laid out a restructuring plan that included the store closures as well as some 2,900 job cuts. The liquidation sales will be held at 20 full-line Sears Canada department stores, 15 Sears Home outlets, 10 Outlet stores and 9 Hometown locations. (Reporting by Jim Finkle in Toronto; Editing by Bernadette Baum) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sears-canada-bankruptcy-liquidation-idUSL1N1KC0FT'|'2017-07-21T16:24:00.000+03:00'|5288.0|''|-1.0|'' +5288|'1338bd346ea33dc050dc12776442a6c998178960'|'Sears Canada starts liquidation sales prior to closing stores'|'July 21, 2017 / 1:24 PM / 17 minutes ago Sears Canada starts liquidation sales prior to closing stores 1 Min Read TORONTO, July 21 (Reuters) - Sears Canada Inc said it would start liquidation sales on Friday at 54 stores that it plans to close as part of a court-approved restructuring plan to improve its performance following years of declining sales. Sears Canada, which in 2012 was spun off from U.S. retailer Sears Holdings Corp, filed for creditor protection in June and laid out a restructuring plan that included the store closures as well as some 2,900 job cuts. The liquidation sales will be held at 20 full-line Sears Canada department stores, 15 Sears Home outlets, 10 Outlet stores and 9 Hometown locations. (Reporting by Jim Finkle in Toronto; Editing by Bernadette Baum) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sears-canada-bankruptcy-liquidation-idUSL1N1KC0FT'|'2017-07-21T16:24:00.000+03:00'|5288.0|26.0|0.0|'' 5289|'0e7ff5e60a317865b030522f6e160b8e39a898b9'|'Amundi CEO says Italian banks looking ''relatively healthy'''|'Business News - Sat Jul 8, 2017 - 1:40pm BST Amundi CEO says Italian banks looking "relatively healthy" Amundi CEO Yves Perrier poses during a ceremony for the debuts of Europe''s top asset manager on Euronext Paris stock market at La Defense business and financial district in Courbevoie near Paris, France, November 12, 2015. REUTERS/Jacky Naegelen AIX-EN-PROVENCE, France Italian banks, long plagued by bad loans burdening their balance sheets are regaining health after authorities tackled several troubled lenders recently, the head of asset manager Amundi said on Saturday. Amundi gained a major presence in Italy this year following its acquisition of rival Pioneer Investments from UniCredit ( CRDI.MI ), bringing in much needed capital to the Italian bank. Banco Popular and two small Italian banks were liquidated in June after their bad loans became unmanageable, and Monte dei Paschi di Siena ( BMPS.MI ) recently got approval for a 5.4 billion euro ($6.16 billion) state bailout to plug the capital hole caused by the sale of bad loans. "I think that Italian banks are starting to be relatively healthy after Monte Paschi (and the other banks) were dealt with," Amundi Chief Executive Yves Perrier said. Speaking at an economics conference in southern France, Perrier said those were isolated cases but nonetheless tricky politically and socially because the banks'' clients held subordinated debt issued by them. The Italian government has long come under pressure from its European partners to tackle its troubled lenders over concerns that their problems were giving investors a bad impression of the overall euro zone banking sector. Amundi says it is the largest asset manager in Europe with 1.3 trillion euros of assets under management and ranks in the top 10 globally. (Reporting by Leigh Thomas; Editing by Maya Nikolaeva; Editing by Jon Boyle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-italy-amundi-idUKKBN19T0L0'|'2017-07-08T15:35:00.000+03:00'|5289.0|''|-1.0|'' 5290|'725593c8a6d11bdc4bdc4249b78fb5ac98834343'|'Spain likely to meet 2017 deficit goal - budget watchdog'|'July 19, 2017 / 2:07 PM / 9 minutes ago Spain likely to meet 2017 deficit goal - budget watchdog MADRID (Reuters) - Spain is likely to meet 2017 public deficit goals agreed with Brussels, though tax revenues are lower than targeted and it will be a close call, the country''s budget watchdog said on Wednesday. Spain is one of the few countries under the remit of the European Commission''s excessive deficit procedure, which involves strict controls and deadlines, as its budget gap exceeds the recommended threshold of 3 percent of economic output. Other EU member states that struggled to rein in public finances during recent recessions, including Portugal and Greece, have left or are set to leave the procedure shortly. Spain has trimmed its deficit gradually after it spiralled during a double-dip recession, and is only scheduled to bring it below 3 percent in 2018. The government is targeting a deficit of 3.1 percent for 2017, a goal which Airef, Spain''s independent watchdog, said was reachable. Airef said Spain was relying on keeping spending under control rather than improving its tax take, in spite of four years of economic recovery. "Almost all of the adjustment is coming from the spending side of things and not from revenues," Airef Chairman Jose Luis Escriva told a news conference. Including funds used to bail out Spanish banks in 2012, the deficit was 4.5 percent of gross domestic product (GDP) in 2016, within a goal of 4.6 percent agreed with the Commission. Last year was the first time since Prime Minister Mariano Rajoy''s conservative People''s Party (PP) came to power in late 2011 that Spain met its targets. Reporting by Blanca Rodriguez; Writing by Sarah White; Editing by Angus Berwick and John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-deficit-idUKKBN1A41IU'|'2017-07-19T17:07:00.000+03:00'|5290.0|''|-1.0|'' 5291|'9dcf17ca08f97e3b3de485392de998558c11342d'|'Berlin - Daimler told German emissions inquiry it hadn''t breached rules'|'July 14, 2017 / 10:12 AM / 34 minutes ago Berlin: Daimler told German emissions inquiry it hadn''t breached rules Reuters Staff 1 Min Read FILE PHOTO - Journalists wait for the arrival of Daimler AG CEO Dieter Zetsche before the car maker''s annual news conference in Stuttgart, Germany, February 2, 2017. Michaela Rehle BERLIN (Reuters) - Daimler told a German government committee investigating whether carmakers had sold cars with excessive emissions that it had not broken the law, a Transport Ministry spokesman said on Friday. The Stuttgart-based carmaker was summoned for a meeting on Thursday to address allegations that it had sold more than a million cars with excessive emissions in Europe and the United States. The Transport Ministry spokesman added that the German Federal Motor Transport Authority (KBA) was inspecting Daimler cars for possible excessive emissions. "Daimler said during the meeting on Thursday that it had acted in accordance with the law," the spokesman said during a regular government news conference. Reporting by Markus Wacket; Writing by Joseph Nasr; Editing by Michelle Martin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-daimler-emissions-germany-idUKKBN19Z0ZQ'|'2017-07-14T13:08:00.000+03:00'|5291.0|''|-1.0|'' @@ -5341,7 +5341,7 @@ 5339|'6ff2b5c4f04c74ee5a8c539d18c1fc36898f0da9'|'Euro nears two-year high as ECB flags autumn tightening talk'|'July 20, 2017 / 4:24 PM / 2 hours ago Euro nears two-year high as ECB flags autumn tightening talk Patrick Graham and John Geddie 3 Min Read FILE PHOTO: 10 Euro banknotes are pictured under ultraviolet light at the headquarters of Bundesbank in Frankfurt, Germany, May 7, 2014. Ralph Orlowski/File Photo LONDON (Reuters) - The euro jetted to an almost two-year high on Thursday after European Central Bank chief Mario Draghi said officials would discuss possible changes to its bond-buying scheme this autumn. Though Draghi set no date for changes to the scheme and said rate-setters had been unanimous in their decision not to change their guidance on monetary policy, investors reckoned the discussions would lead to monetary tightening next year. That drove an initial rise for the euro to around $1.1570 EUR= , a move analysts said was fuelled by the fact that Draghi did not dwell on the currency''s strength. "In all probability tapering will occur as we head into 2018 and we have seen no substantive challenge to that expectation in today''s meeting. Hence the currency has received some support," Richard McGuire, a senior strategist at Rabobank, said. He added that the euro was also rising probably due to the fact that Draghi noted the single currencys appreciation had received attention but "provided no pushback to this strengthening despite having the perfect opportunity to do so". The euro gained almost another cent against the dollar in the hour that followed the meeting - helped by a report of a widening inquiry into President Donald Trump''s business affairs - taking it to its highest since August 2015 at $1.1659. "The first leg was about Draghi but the second leg up in the euro has been U.S.-related, given that we''ve had reports of more probes into Trump," said Lisa Scott-Smith, co-head of portfolio management with currency fund Millennium Global in London. Against sterling, the euro climbed 1.4 percent to an eight-month high of 89.76 pence EURGBP=D3. Germany''s 10-year bond yield - the bloc''s benchmark - climbed 2 basis points to a day''s high of 0.56 percent after Draghi''s comments but by 1530 GMT was flat at 0.54 percent. Euro zone stocks were a touch lower on the day .STOXXE "I think a positive outlook of the economy and expectations of stimulus withdrawal in the autumn, and perhaps confirmation of the fact that we will have more explicit tightening then, is driving the euro and bond yields higher," said Alexandra Russell-Oliver, an FX strategist at Caxton FX in London. Markets still expect the ECB to raise rates next year, though they now bet that a hike could come later than initially anticipated. Euro zone money markets price in roughly a 70 percent chance of a 10-basis-point hike in rates by next July, having fully priced in a move a week ago. A rise by October is fully priced in by markets ECBWATCH. Reporting by Jemima Kelly, Patrick Graham, John Geddie and Abhinav Ramnarayan; editing by Mark Heinrich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-markets-ecb-idUKKBN1A528D'|'2017-07-20T19:24:00.000+03:00'|5339.0|10.0|0.0|'' 5340|'0bef66b5789d9f6890011414ec629f1b43236bbf'|'Booming Business for Recruiters in Tight U.S. Job Market'|'Booming Business for Recruiters in Tight U.S. Job Market Workers are the new hot commodity By @PattyLaya More stories by Patricia Laya Its one of the best and busiest times to be a recruiter in the U.S. From headhunters engaged in searches for corporate executives to temporary staffing agencies, the industry is benefiting from unemployment at a 16-year low and a record-high number of job openings that are turning workers across all sorts of industries -- from construction to trucking to software engineering -- into hot commodities. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-07-06/booming-business-for-recruiters-in-tight-u-s-job-market'|'2017-07-06T20:40:00.000+03:00'|5340.0|''|-1.0|'' 5341|'f5c1a42391ca97c7d105b974cb229444a1ab2e82'|'Options traders bet on U.S. steel stocks ahead of tariffs decision'|'Market News 04pm EDT Options traders bet on U.S. steel stocks ahead of tariffs decision By Saqib Iqbal Ahmed - NEW YORK, July 7 NEW YORK, July 7 Traders in the options market are betting that shares of U.S. steel makers will get a boost when the U.S. Commerce Department unveils findings from its investigation into cheap steel imports, according to data and analysts on Friday. The investigation was ordered by President Donald Trump in April under the rarely used section 232 of the Trade Expansion Act of 1962 and could clear the way for restrictions on steel imports. U.S. Secretary of Commerce Wilbur Ross is expected to announce the outcome of the steel inquiry after Trump has spoken with G20 leaders at the July 7-8 summit in Germany. A decision that results in a material reduction in the current level of domestic steel imports could provide a near-term boost to shares of U.S. steel companies, according to Wall Street analysts. Recent trading data in options on top steel companies, including United States Steel Corp, Nucor Corp and AK Steel Holding Corp show traders are counting on some good news. "Everything looks pretty bullish. Every factor you would look at is sort of aligned in the same direction," said Jim Strugger, MKM Partners derivatives strategist. Traders have shown a marked preference for loading up on call options. Calls convey the right to buy shares at a fixed price in the future and usually are used to place bets on shares rising, while put options convey the right to sell shares at a certain price in the future. For U.S. Steel Corp, there are 1.1 calls open for each open put contract, close to the most in more than five years, according to options analytics firm Trade Alert data. Other steel stocks also exhibit similarly elevated positioning in call contracts. "They are not trying to pick a winner within the industry. It seems like it is more of a sector bet," said Steve Claussen, vice president of trade strategy at E-Trade Financial in Chicago. Much of the bullish positioning is concentrated in contracts set to expire over the next two weeks. "The implied expectation is that you are expecting a short-term move very quickly. These are definitely event-driven trades in my opinion," Claussen said. Several of these steel companies are set to report quarterly results before the end of July. Trump''s election initially boosted steel stocks, with the S&P 1500 steel index surging 36 percent in the month after the Nov. 8 vote. The index has given up most of those gains and is up 10 percent since the election. (Reporting by Saqib Iqbal Ahmed; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trade-steel-stocks-idUSL4N1JX27J'|'2017-07-07T19:04:00.000+03:00'|5341.0|12.0|0.0|'' -5342|'ae7f770d0de6ebc5a6f3547a2a72d23965e99931'|'U.S. weekly jobless claims fall to near five-month low'|'July 20, 2017 / 12:35 PM / 23 minutes ago U.S. weekly jobless claims fall to near five-month low Lucia Mutikani 3 Min Read FILE PHOTO: Leaflets lie on a table at a booth at a military veterans'' job fair in Carson, California October 3, 2014. Lucy Nicholson/File Photo WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell more than expected last week, touching its lowest level in nearly five months, suggesting strong job gains that should continue to underpin economic growth. Sustained labor market strength likely keeps the Federal Reserve on track to raise interest rates for a third time this year and announce a plan to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities, despite a recent ebb in inflation pressures. Initial claims for state unemployment benefits dropped 15,000 to a seasonally adjusted 233,000 for the week ended July 15, the Labor Department said on Thursday. That was the lowest level since February, when claims fell to 227,000, which was the best reading since March 1973. Economists polled by Reuters had forecast claims falling to 245,000. It was the 124th straight week that claims remained below 300,000, a threshold associated with a robust labor market. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the jobless rate at 4.4 percent. Last week''s drop in claims unwound the recent increase which economists had attributed to volatility associated with different timings of automobile plant shutdowns for annual retooling. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,250 to 243,750 last week. Prices for U.S. government bonds pared earlier gains following the data, while the dollar was little changed against a basket of currencies. Last week''s claims data covered the survey period for July''s non-farm payrolls. The four-week average of claims fell 1,250 between the June and July survey periods, suggesting strong job gains in July. The economy created 222,000 jobs last month, the second biggest payrolls increase this year. Other data on Thursday showed a moderation in manufacturing activity in the mid-Atlantic region in July amid a tepid increase in orders received by factories. The Philadelphia Fed said its current business conditions index fell to a reading of 19.5 this month, the lowest since November, from 27.6 in June. Thirty-seven percent of the firms surveyed reported increases in activity in July, down from 42 percent last month. The survey''s new orders index fell 24 points as nearly 31 percent of factories reported a rise in new orders, down from 45 percent in June. While manufacturers reported overall increases in factory employment this month, the current employment index fell five points. The index has been positive for eight consecutive months. Seventeen percent of manufacturers reported an increase in employment this month, while 6 percent reported a decrease. Reporting by Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-unemployment-idUKKBN1A51K2'|'2017-07-20T16:12:00.000+03:00'|5342.0|''|-1.0|'' +5342|'ae7f770d0de6ebc5a6f3547a2a72d23965e99931'|'U.S. weekly jobless claims fall to near five-month low'|'July 20, 2017 / 12:35 PM / 23 minutes ago U.S. weekly jobless claims fall to near five-month low Lucia Mutikani 3 Min Read FILE PHOTO: Leaflets lie on a table at a booth at a military veterans'' job fair in Carson, California October 3, 2014. Lucy Nicholson/File Photo WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell more than expected last week, touching its lowest level in nearly five months, suggesting strong job gains that should continue to underpin economic growth. Sustained labor market strength likely keeps the Federal Reserve on track to raise interest rates for a third time this year and announce a plan to start reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities, despite a recent ebb in inflation pressures. Initial claims for state unemployment benefits dropped 15,000 to a seasonally adjusted 233,000 for the week ended July 15, the Labor Department said on Thursday. That was the lowest level since February, when claims fell to 227,000, which was the best reading since March 1973. Economists polled by Reuters had forecast claims falling to 245,000. It was the 124th straight week that claims remained below 300,000, a threshold associated with a robust labor market. That is the longest such stretch since 1970, when the labor market was smaller. The labor market is near full employment, with the jobless rate at 4.4 percent. Last week''s drop in claims unwound the recent increase which economists had attributed to volatility associated with different timings of automobile plant shutdowns for annual retooling. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,250 to 243,750 last week. Prices for U.S. government bonds pared earlier gains following the data, while the dollar was little changed against a basket of currencies. Last week''s claims data covered the survey period for July''s non-farm payrolls. The four-week average of claims fell 1,250 between the June and July survey periods, suggesting strong job gains in July. The economy created 222,000 jobs last month, the second biggest payrolls increase this year. Other data on Thursday showed a moderation in manufacturing activity in the mid-Atlantic region in July amid a tepid increase in orders received by factories. The Philadelphia Fed said its current business conditions index fell to a reading of 19.5 this month, the lowest since November, from 27.6 in June. Thirty-seven percent of the firms surveyed reported increases in activity in July, down from 42 percent last month. The survey''s new orders index fell 24 points as nearly 31 percent of factories reported a rise in new orders, down from 45 percent in June. While manufacturers reported overall increases in factory employment this month, the current employment index fell five points. The index has been positive for eight consecutive months. Seventeen percent of manufacturers reported an increase in employment this month, while 6 percent reported a decrease. Reporting by Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-unemployment-idUKKBN1A51K2'|'2017-07-20T16:12:00.000+03:00'|5342.0|26.0|0.0|'' 5343|'5524d5b004ca8f903d447374f1ce0a80d2c72a22'|'Hoteliers welcome Paris decision forcing Airbnb hosts to register rentals'|'Technology News - Wed Jul 5, 2017 - 12:20pm EDT Hoteliers welcome Paris decision forcing Airbnb hosts to register rentals A woman talks on the phone at the Airbnb office headquarters in the SOMA district of San Francisco, California, U.S., August 2, 2016. REUTERS/Gabrielle Lurie By Dominique Vidalon - PARIS PARIS French hoteliers cheered on Wednesday a Paris City Council decision making it mandatory from December for people renting their apartments on short-term rental websites such as Airbnb to register their property with the town hall. The ruling comes as Airbnb, much like its ride-hailing peer Uber, is facing a growing crackdown from legislators worldwide triggered in part by lobbying from the hotel industry, who see the rental service as unfair competition. Airbnb and other rental platforms have also been criticized for driving up property prices and contributing to a housing shortage in some cities such as Paris or Berlin. With 350,000 listings, France is Airbnb''s second-largest market after the United States, and Paris, the most visited city in the world, is its biggest single market, with 65,000 homes. On Tuesday the Paris City Council voted to make it mandatory from Dec. 1 to obtain a registration number from the town hall before posting an advertisement for a short-term rental on a website. The ruling thus makes it harder for those renting out property to exceed the 120 days a year legal rental limit for a main residence, and makes it easier for authorities to track which properties are rented out, and also to collect local taxes. "This is a strong signal sent out to other municipalities. Local collectivities now have a tool to monitor the tourist offers and control the collection of tourist taxes," Roland Heguy, the head of French hotel federation UMIH said in a statement. An Airbnb spokesman said the rental website would comply with the new rules and ensure its clients knew about it. Like a lot of big cities Paris is cracking down on illegal tourist rentals and trying to regulate and limit the legal element of the phenomenon. The French capital lost at least 20,000 rental properties from the market over the last five years, and in the central and western part of Paris tourist rentals now make up to 20 percent of the global rental offer, the City Council said in its ruling. Due to pressure from hoteliers and officials Airbnb has agreed to charge visitors the traditional French "tourist tax". It began collecting the tax from guests in Paris in 2015 and now collects it in 50 French cities. It paid back to French authorities 7.3 million euros ($8.3 million) in tourist taxes in 2016. (Reporting by Dominique Vidalon; Editing by Andrew Callus and Susan Thomas) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-france-airbnb-idUSKBN19Q1YW'|'2017-07-05T17:26:00.000+03:00'|5343.0|''|-1.0|'' 5344|'4bac88294a1b81eaac9a1676dc48d5fd07c2972b'|'UK regulator proposes new listing rules for sovereign state companies'|'July 13, 2017 / 9:08 AM / 33 minutes ago UK regulator proposes new listing rules for sovereign state companies Clara Denina 2 Min Read The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. Chris Helgren LONDON (Reuters) - Britain''s financial watchdog is proposing new rules that will create a new listing category for companies controlled by sovereign states on the country''s stock markets. The proposals come just as exchanges around the world are trying to win the listing of state-controlled oil giant Saudi Aramco, which is expected to be the largest initial public offering (IPO) in history. Reuters reported in May that the London Stock Exchange was working on a new type of listing structure that would make it more attractive for Aramco to join the bourse. The Financial Conduct Authority (FCA) said on Thursday that currently there is a gap in the Britain''s listing rules for companies controlled by sovereign companies. It said it is proposing a new "premium" stock market listing category that will exempt companies controlled by sovereign states from certain requirements. Under the FCA''s proposals, sovereign-controlled companies will be able to obtain a "premium" listing on the London Stock Exchange without complying with certain rules on related party transactions and controlling shareholders. Currently companies which do not meet Britain''s "premium" listing requirements have to take a standard listing. These are seen as less attractive for investors and companies as they have lower corporate governance requirements, do not qualify for entry into most stock indices and have connotations of being second best. Reporting by Clara Denina; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-regulation-ipos-idUKKBN19Y0VX'|'2017-07-13T12:08:00.000+03:00'|5344.0|''|-1.0|'' 5345|'e2219c4c34c04e5c0252dedf81be92a201b96d1f'|'European banks struggle to solve toxic shipping debt problem'|'July 24, 2017 / 6:07 AM / 34 minutes ago European banks struggle to solve toxic shipping debt problem Jonathan Saul 8 Min Read The MV Maersk Mc-Kinney Moller, the world''s biggest container ship, arrives at the harbour of Rotterdam in this file photo dated August 16, 2013. Michael Kooren LONDON (Reuters) - Dutch shipowner Vroon is finding talks with banks tough going as it tries to navigate a way out of a long slump in the shipping industry. But it is not an easy time for the lenders either. Vroon, a 127-year-old family-owned group which operates about 200 vessels and transports livestock, oil and other commodities, wants to extend its credit lines and adjust repayment schedules. But European banks that lent heavily to the sector when it boomed more than a decade ago have a heavy toxic debt burden following the 2008-09 global financial crisis and a shipping markets crash in 2010. Shipping firms and banks are caught in a vicious circle of debt, causing a credit crunch that is hindering the industry''s recovery. Overcapacity -- a glut of available ships for hire -- is a big concern, and another is a lack of profitability caused by problems such as slower demand and global economic turmoil. One of the major companies, South Korean container line Hanjin Shipping Co Ltd, has gone under. "We have difficulty in meeting all repayment obligations that we have and that is what we are in discussion with our banks about. Those discussions are constructive but are not easy -- not for us, or the banks," Herman Marks, the chief financial officer at Vroon, told Reuters. "It is the lack of profitability for the industry that is causing the lack of availability of finance." Marks said Vroon was confident of reaching agreements with its financiers soon. Shipping finance sources say the shipping industry, which transports 90 percent of the world''s goods including oil, food and industrial products such as coal and iron ore, has an estimated capital shortfall of $30 billion this year. Some banks are being driven out of shipping and those that remain are now more conservative in their financing, Marks said. "It is an industry that requires consolidation," he added. That consolidation has begun, especially in container shipping. Denmark''s Maersk Line, the global leader in the sector, is acquiring German rival Hamburg Sud and China''s COSCO Shipping Holdings Co Ltd has bid $6.3 billion for Hong Kong peer Orient Overseas International Ltd. Germany''s Rickmers filed for insolvency in June, and firms that have filed for Chapter 11 bankruptcy protection since March include Singapore''s Ezra Holdings Ltd and U.S.-based firms Tidewater, GulfMark Offshore and Montco Offshore. Downturn Banks were happy to lend to the shipping industry when it boomed after the surge in trade that accompanied globalisation. Even the 2008-09 crisis did not deter all creditors. Expectations that China''s fast economic growth would revive the industry prompted a brief new wave of lending before many shipping markets crashed again. This left European banks with a debt burden of more than $100 billion and the value of at least 70 percent of those loans has fallen, according to industry estimates. Banks are struggling to find ways to recoup their mounting losses. "There is probably about $150 billion of distressed bank debt stuck with mainly European banks -- mainly German -- that has still got to be de-gorged from the system," said Michael Parker, global industry head for shipping with Citigroup. Large banks that once had a big role in the industry, such as Britain''s Royal Bank of Scotland (RBS), are pulling out. Some more specialist lenders, such as Germany''s HSH Nordbank [HSH.UL], are still working through their legacy loans. Ratings agency Moody''s said in June it expected further losses as problem shipping loans continue to mount, possibly affecting banks'' profitability and capital in 2017 and potentially beyond. The European Central Bank said in May it would be carrying out on-site inspections at banks with a view to possible "remedial actions". Regulators want banks to shore up their balance sheets and comply with stress tests, which assess whether a bank has enough capital to cope with adverse developments. "The belief that the regulators will allow the banks to go back to creating the disaster they created five, 10 years ago -- I think is highly unlikely," Citi''s Parker told a Capital Link shipping conference in March. German state-controlled lenders known as landesbanken, including HSH and NordLB [NDLG.UL], are among the hardest hit. HSH was forced to take a second bailout from its public-sector owners because of provisions for bad shipping loans, and has to be privatised under European state-aid rules by the end of February 2018. HSH had reduced its total shipping portfolio to 16.6 billion euros ($19.36 billion) by the end of the first quarter of 2017, from more than 30 billion euros nearly a decade ago. By the end of the first quarter of 2017, HSH had 9.9 billion euros in its so-called bad bank that it is running down, and the remaining 6.7 billion euros in its core bank. "We have learned a lot of lessons from the past. We are conservative, we are cautious," Christian Nieswandt, global head of shipping at HSH, told Reuters. "I do not think people would do the same things now that they did in the past." Losses Piled Up NordLB set aside 2.94 billion euros in 2016 in provisions for bad shipping loans. NordLB is preparing a sale of its property lender Deutsche Hypothekenbank as it seeks to repair its balance sheet following heavy writedowns related to its exposure to bad shipping loans, people close to the matter told Reuters. Banks in Germany were exposed when a number of closed shipping investment funds known as KG houses were forced into insolvency, leaving the banks carrying the risks. The banks were also exposed when the container shipping sector, which traditionally accounted for a large segment of Germany''s shipping industry, ran into trouble. Dagfinn Lunde, former head of shipping at Germany''s DVB Bank, said a further problem arose because loans had been used to finance a type of container ship which became obsolete once the Panama Canal was extended in 2016. "The losses were clocking up without them (the banks) seeing it," Lunde said. With the shipping industry still struggling, the banks'' prospects for offloading their toxic debts are challenging. "How are they going to recoup an asset that is losing money all the time?" said Mark Clintworth, head of shipping at the European Investment Bank. "They will have to ring-fence their shipping assets and in a worst-case scenario take a complete haircut on it." Fire Sales European banks have stepped up efforts to get rid of shipping loans by selling portfolios. RBS has sold hundreds of millions of dollars in loans to buyers including Japanese financial services firm Orix Corp. Others have found selling more difficult. Attempts by HSH to sell a 500-million-euro segment of shipping loans, as part of a 3.2-billion euro portfolio sale which included other assets, proved unsuccessful because the debt was deemed toxic and attracted offers that the bank considered too low, shipping finance sources said. HSH declined to comment. NordLB said in July it had abandoned efforts to sell a 1.3-billion euro portfolio of loans to U.S. private equity group KKR. Germany''s Commerzbank said in June it had sought to shed its 4.5-billion euro portfolio of distressed shipping loans through swaps with covered bonds -- securities backed by shipping mortgages. It is not yet known whether it will succeed. Sellers still trying to offload billions of dollars in loans include Deutsche Bank, shipping finance sources say. "Investors will want to see a bit more sustained profitability to the sector - there is some way to go before that," said Paul Taylor, global head of shipping & offshore with French bank Societe Generale CIB. (For a graphic, click tmsnrt.rs/2vA9ze5 ) Editing by Timothy Heritage '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-banks-shipping-insight-idUKKBN1A90GA'|'2017-07-24T09:07:00.000+03:00'|5345.0|''|-1.0|'' @@ -5411,7 +5411,7 @@ 5409|'36d766cdaab47599c91b3f8853db755c6fc81fc2'|'Exclusive: Brazil''s Triunfo clinches $673 mln restructuring with banks'|'July 22, 2017 / 1:59 PM / 18 minutes ago Brazil''s Triunfo clinches $673 million restructuring with banks Guillermo Parra-Bernal 4 Min Read BOGOTA (Reuters) - TPI Triunfo Participaes & Investimentos SA and a pool of about 20 banks have agreed on terms to restructure 2.113 billion real ($672.6 million) of debt, giving the Brazilian infrastructure firm a lifeline to finalize projects and downsize gradually. The process will take place as an out-of-court workout, in which companies seek a limit on the influence of some creditors in the upcoming rounds of their restructuring, said Andre Bucione, managing director at Alvarez & Marsal Holdings LLC, which advised Triunfo on the process. "Lenders were always satisfied with the company''s willingness to discuss how to honor its debt, facilitating an accord that will be beneficial to all parties involved," said an executive at one of Triunfo''s creditors, who requested anonymity in discussing terms of the workout. Triunfo borrowed aggressively at the start of the decade to fuel expansion in toll roads, electricity and airports. Still, Brazil''s worst-ever recession has eroded profitability at the company and about 1 billion reais of Triunfo''s debt will mature by the end of next year.[L1N1HR0WH] Triunfo had about 3.5 billion reais in total borrowings as of March. While the out-of-court workout does not impose asset sales on Triunfo, it should accelerate the reshaping of a company that grew too big, too fast, the same executive said. A total of 82 percent of Triunfo''s creditors adhered to the workout, Bucione said. Brazil''s state-controlled development bank BNDES, also a Triunfo shareholder, did not participate in the process. Under the agreement, creditors will be offered two options: to be paid in full in eight years, four of which will have a grace period and the other four, fully amortized; or to take a reduction and get paid up to 110 million reais once Triunfo''s legal team and a commercial court validate the restructuring, Bucione said. Terms of the deal are similar to those reported by Reuters on June 19, when Triunfo agreed to sell a 50 percent stake in Terminal Porturio de Navegantes SA for about 1.3 billion reais plus an earn-out. Triunfo did not immediately comment. Expensive Loan Since Reuters reported Triunfo''s exit from the terminal known as PortoNave, common shares have jumped 47 percent to 4.30 reais. A successful out-of-court workout could help Triunfo speed up the sale of stakes in a hydropower dam, a stake in an airport concession and other businesses, people told Reuters at the time of the port divestiture. Concern about the pace of negotiations with creditors and a tussle with creditor and shareholder BNDES had driven the stock down 42 percent in the two months through mid-June. Triunfo''s restructuring is the latest out-of-court workout among builders and banks in recession-hit Brazil. A recent one involved the oil drilling unit of Odebrecht SA, a builder ensnared in a massive corruption scandal that sought to renegotiate its debt. The workout was devised to help Triunfo repay an 800 million-real, foreign-currency denominated loan from hedge fund Farallon Capital Management LLC, which bore very high interest rates, Bucione said. Triunfo secured the money putting a stake in the port as collateral. For banks, the accord will help them avoid setting aside extra provisions on Triunfo''s outstanding borrowings while maintaining financing for the company''s toll road, airport and construction projects, people involved in the process said. Creditors who seek to be repaid earlier will participate in an auction that will define the optimal haircut. They would be paid 50 million reais upfront and 35 million reais after court approval. The remaining 25 million reais would hinge on other conditions and another auction.($1 = 3.1416 reais) Reporting by Guillermo Parra-Bernal; Additional reporting by Bruno Federowski; Editing by Leslie Adler and Diane Craft 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tpi-triunfo-part-restructuring-idINKBN1A70G0'|'2017-07-22T16:57:00.000+03:00'|5409.0|''|-1.0|'' 5410|'b2cfb3add0d504f4e8dbf4b7cdf3d5a63f97073c'|'Organic ranchers eye Amazon distribution ahead of Whole Foods deal'|'July 24, 2017 / 4:07 PM / 6 minutes ago Organic ranchers eye Amazon distribution ahead of Whole Foods deal Rod Nickel 3 Min Read FILE PHOTO: Security guards stand at the reception desk of the Amazon India office in Bengaluru, India, August 14, 2015. Abhishek N. Chinnappa/File Photo (Reuters) - Amazon.com Inc plans to meet on Wednesday with a dozen U.S. ranchers, seeking to expand distribution of organic and grass-fed meats as it takes over Whole Foods Market Inc, according to the meeting''s organizer. Analysts and investors have speculated that Amazon is aiming to combine its expertise in order fulfillment with the grocer''s facilities to build out delivery of fresh food, but the online retailer has not yet detailed its plans. Amazon visited Georgia grass-fed meat producer White Oak Pastures in March, 2-1/2 months before announcing the $13.7 billion Whole Foods takeover, to discuss a possible distribution deal, White Oak owner Will Harris told Reuters. The retailer later asked the farmer to invite other U.S. livestock producers to discuss distribution of organic and grass-fed meat, Harris said. Amazon declined to comment. "We are excited about exploring possibilities with them," Harris said. "It suggests that this niche in the market is becoming mainstream enough that they feel their delivery system might have traction with it." U.S. sales of organic meat and poultry, worth $991 million, climbed 17 percent last year, marking its fastest-ever annual growth, according to the Organic Trade Association (OTA). White Oak and some of the other meat producers invited to the Atlanta meeting already sell to Whole Foods, Harris said. FILE PHOTO: A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. Carlo Allegri/File Photo The meeting between producers and Amazon was confirmed by Carrie Balkcom, executive director of the American Grassfed Association. White Oak workers pack frozen beef, duck and lamb into boxes at the Bluffton, Georgia ranch for couriers to pick up twice a day. "I''m just certain that Amazon is better at it than us," Harris said. "I''m a farmer and they''re logistics people." The ranch sells about $2 million worth of meat online annually, making up its fastest-growing segment and 10 percent of total revenues. "I sell a very niche product," Harris said. "I think Amazon will add a whole other dimension." Amazon''s expansion in organic products through Whole Foods bodes well for the sector, said Nate Lewis, farm policy director at OTA. "If Amazon can apply its efficiencies of scale to the Whole Foods Market segment, and pass along those savings (to consumers), I would not be surprised to see more growth in the protein side," Lewis said. But some organic farmers worry that Whole Foods under Amazon might import meat from lower-cost producers rather than buy U.S. supplies. It could be as bad as shutting us out or as good as expanding the market," said Mark Smith, whose Aspen Island Ranch is not involved in the meeting. Smith''s ranch is part of a Montana co-operative that sells organic grass-fed beef to Whole Foods through a third party. Reporting by Rod Nickel in Winnipeg, Manitoba and Jeffrey Dastin in San Francisco; Editing by Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-whole-foods-m-a-amazon-farming-idUKKBN1A921V'|'2017-07-24T19:20:00.000+03:00'|5410.0|''|-1.0|'' 5411|'50b41b51dce813ec903c4551d46468d4c48e7b13'|'Alibaba''s revenue to jump 45-48 pct this year - executive chairman'|'July 20, 2017 / 2:43 PM / an hour ago Alibaba''s revenue to jump 45-48 percent this year: executive chairman 2 Min Read A logo of Alibaba Group is pictured at its headquarters in Hangzhou, Zhejiang province, China, October 14, 2015. Stringer/File photo NAIROBI (Reuters) - China''s Alibaba expects its revenue to expand by 45 to 48 percent in its fiscal year from April as more small businesses join its online community in search of sales, Executive Chairman Jack Ma said on Thursday. Alibaba had revenue of $22.99 billion in its year to the end of March. Slideshow (2 Images) "Our revenue this year, we will still have 45-48 percent growth, the money comes from solving problems for others," Ma told hundreds of senior executives who filled a large ballroom in a five-star hotel to listen to him on his first visit to Africa. Ma, who founded the Hangzhou-based e-commerce firm, said he would consider investing in Kenya after meeting young entrepreneurs and being impressed by the East African nation''s broadband infrastructure. "I was surprised by the speed of the Internet," he told the executives. He told a separate gathering at the University of Nairobi that the speed was faster than in some developed nations. He said he would consider the investment opportunities he had seen in the country, and make a firm announcement at a later date, adding that the dozens of Chinese entrepreneurs who accompanied him had also been stirred by locals'' drive to build businesses. "They say it is very difficult to find another Jack Ma in China but today we found a lot of Jack Mas in Africa," he said. Reporting by Duncan Miriri; editing by Susan Thomas 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-kenya-alibaba-idUSKBN1A51XD'|'2017-07-20T17:40:00.000+03:00'|5411.0|''|-1.0|'' -5412|'edca1e1819a7d78632e9abebc02a32b0c0a54e4f'|'Millions of things will soon have digital twins'|'THE factory of the future will be a building stuffed full of robots making robots. A factory in Amberg, a small town in Bavaria, is not quite that, but it gets close. The plant is run by Siemens, a German engineering giant, and it makes industrial computer-control systems, which are essential bits of kit used in a variety of automated systems, including the factorys own production lines.The Amberg plant is bright, airy and squeaky clean. It produces 15m units a yeara tenfold increase since opening in 1989, and without the building being expanded or any great increase in the 1,200 workers employed in three shifts. (Production is about 75% automated, as Siemens reckons some tasks are still best done by humans.) The defect rate is close to zero, as 99.9988% of units require no adjustment, a remarkable feat considering they come in more than 1,000 different varieties.Latest updates Trumpcare, version three Democracy in America 5 minutes ago Turkey 28 an hour 10 See all updates Such achievements are largely down to the factorys digital twin. For there is another factory, a virtual version of the physical facility that resides within a computer system. This digital twin is identical in every respect and is used to design the control units, test them, simulate how to make them and program production machines. Once everything is humming along nicely, the digital twin hands over to the physical factory to begin making things for real.The digital twin is not a new invention. The concept of pairing traces its roots to the early days of space travel, when NASA built models to help monitor and modify spacecraft that, once launched, were beyond their physical reach. As computer power increased, these analogue models turned into digital ones.The powerful systems that have since emerged bring together several elementssoftware services in computer-aided design and engineering; simulation; process control; and product life cycle management. Some digital twins are gaining artificial intelligence and virtual-reality capabilities, too. They can also help to monitor remotely and provide after-service for products that have been sold. It is a digital twin of the entire value chain, says Jan Mrosik, the chief executive of Siemenss Digital Factory Division.Siemens is not alone in equipping its factories with digital twins. Its American rival, GE, is doing the same. Both companies also sell their digital-twin software, along with firms such as Dassault Systmes, a French specialist in the area. Customers come from industries ranging from aerospace and defence to automotive, consumer products, energy, heavy machinery and pharmaceuticals.One motivation for twinning is to bring products to market faster and at a lower cost. The digital twin allows endless design iterations to be tried in the virtual world without having to stop the production line to see how they can be made, says Mr Mrosik. The twin can also model people working in a factory to improve their ergonomics. In one example, Maserati, which is part of Fiat Chrysler Automobiles (whose chairman is a director of The Economist s parent company), used a digital twin to put its Ghibli sports saloon into production in Grugliasco, Italy, in just 16 months instead of the typical 30 months.The spread of digital twins could shake up supply chains. For example, suppliers could be asked to submit a digital twin of their product so that it can be tested in a manufacturers virtual factory before an order is placed. It is already a requirement at the Amberg plant for suppliers to deliver a digital twin along with their product to help installation.Twins will become more responsive still as products are increasingly fitted with sensors that relay data to the internet. Formula 1 cars are full of such sensors; racing teams use these data to create digital twins of their cars so that they can rapidly design, test and manufacture parts needed to make hundreds of changes in the week or two between races. GE creates digital twins of its wind turbines and jet engines to monitor their performance and carry out preventive maintenance. Data transmitted from a jet engine while planes are in the air can provide 15-30 days advance notice of potential failures.Even mass-produced goods that are far less complex are likely to end up having digital siblings. This would help with product tracking and verification, which is increasingly important in food manufacturing and pharmaceutical production. Just about any product could have a unique identifier that links to production data, if not a full digital twin, reckons Thomas Krmendi, the chief executive of Kezzler, a Norwegian company that produces secure product codes using an algorithm.The firms codes can be scanned with a smartphone, which then connects over the internet so that information can be exchanged with a digital twin on things like a products location and use. A consumer in London checking the provenance of a bottle of fine wine, for example, could confirm the vintage, or be alerted to the possibility of counterfeiting if the bottle had actually been dispatched to a different country. Thats something everyone can raise a glass to.This article appeared in the Business section of the print edition under the headline "The Gemini makers"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725033-factories-cars-range-consumer-products-millions-things-will-soon-have-digital?fsrc=rss%7Cbus'|'2017-07-13T23:21:00.000+03:00'|5412.0|''|-1.0|'' +5412|'edca1e1819a7d78632e9abebc02a32b0c0a54e4f'|'Millions of things will soon have digital twins'|'THE factory of the future will be a building stuffed full of robots making robots. A factory in Amberg, a small town in Bavaria, is not quite that, but it gets close. The plant is run by Siemens, a German engineering giant, and it makes industrial computer-control systems, which are essential bits of kit used in a variety of automated systems, including the factorys own production lines.The Amberg plant is bright, airy and squeaky clean. It produces 15m units a yeara tenfold increase since opening in 1989, and without the building being expanded or any great increase in the 1,200 workers employed in three shifts. (Production is about 75% automated, as Siemens reckons some tasks are still best done by humans.) The defect rate is close to zero, as 99.9988% of units require no adjustment, a remarkable feat considering they come in more than 1,000 different varieties.Latest updates Trumpcare, version three Democracy in America 5 minutes ago Turkey 28 an hour 10 See all updates Such achievements are largely down to the factorys digital twin. For there is another factory, a virtual version of the physical facility that resides within a computer system. This digital twin is identical in every respect and is used to design the control units, test them, simulate how to make them and program production machines. Once everything is humming along nicely, the digital twin hands over to the physical factory to begin making things for real.The digital twin is not a new invention. The concept of pairing traces its roots to the early days of space travel, when NASA built models to help monitor and modify spacecraft that, once launched, were beyond their physical reach. As computer power increased, these analogue models turned into digital ones.The powerful systems that have since emerged bring together several elementssoftware services in computer-aided design and engineering; simulation; process control; and product life cycle management. Some digital twins are gaining artificial intelligence and virtual-reality capabilities, too. They can also help to monitor remotely and provide after-service for products that have been sold. It is a digital twin of the entire value chain, says Jan Mrosik, the chief executive of Siemenss Digital Factory Division.Siemens is not alone in equipping its factories with digital twins. Its American rival, GE, is doing the same. Both companies also sell their digital-twin software, along with firms such as Dassault Systmes, a French specialist in the area. Customers come from industries ranging from aerospace and defence to automotive, consumer products, energy, heavy machinery and pharmaceuticals.One motivation for twinning is to bring products to market faster and at a lower cost. The digital twin allows endless design iterations to be tried in the virtual world without having to stop the production line to see how they can be made, says Mr Mrosik. The twin can also model people working in a factory to improve their ergonomics. In one example, Maserati, which is part of Fiat Chrysler Automobiles (whose chairman is a director of The Economist s parent company), used a digital twin to put its Ghibli sports saloon into production in Grugliasco, Italy, in just 16 months instead of the typical 30 months.The spread of digital twins could shake up supply chains. For example, suppliers could be asked to submit a digital twin of their product so that it can be tested in a manufacturers virtual factory before an order is placed. It is already a requirement at the Amberg plant for suppliers to deliver a digital twin along with their product to help installation.Twins will become more responsive still as products are increasingly fitted with sensors that relay data to the internet. Formula 1 cars are full of such sensors; racing teams use these data to create digital twins of their cars so that they can rapidly design, test and manufacture parts needed to make hundreds of changes in the week or two between races. GE creates digital twins of its wind turbines and jet engines to monitor their performance and carry out preventive maintenance. Data transmitted from a jet engine while planes are in the air can provide 15-30 days advance notice of potential failures.Even mass-produced goods that are far less complex are likely to end up having digital siblings. This would help with product tracking and verification, which is increasingly important in food manufacturing and pharmaceutical production. Just about any product could have a unique identifier that links to production data, if not a full digital twin, reckons Thomas Krmendi, the chief executive of Kezzler, a Norwegian company that produces secure product codes using an algorithm.The firms codes can be scanned with a smartphone, which then connects over the internet so that information can be exchanged with a digital twin on things like a products location and use. A consumer in London checking the provenance of a bottle of fine wine, for example, could confirm the vintage, or be alerted to the possibility of counterfeiting if the bottle had actually been dispatched to a different country. Thats something everyone can raise a glass to.This article appeared in the Business section of the print edition under the headline "The Gemini makers"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725033-factories-cars-range-consumer-products-millions-things-will-soon-have-digital?fsrc=rss%7Cbus'|'2017-07-13T23:21:00.000+03:00'|5412.0|23.0|0.0|'' 5413|'6861427af035342d1f73c8bf7c730f3123e1845b'|'Let''s make a deal: Automakers, U.S. auctions align to prop up used car prices'|'Business News - Fri Jul 7, 2017 - 1:21pm BST Let''s make a deal: Automakers, U.S. auctions align to prop up used car prices left right Used vehicles are seen loaded onto transport carriers after being purchased during a dealer-only auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 1/10 left right Used vehicles are are lined up in lanes before being sold during a dealer-only auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 2/10 left right Used vehicles are lined up in lanes before being sold during a dealer-only auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 3/10 left right Used vehicles are sold during a dealer-only auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 4/10 left right Manheim Detroit general manager Mandy Savage poses in front of a reconditioned vehicle being prepared to be sold during a dealer-only auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 5/10 left right Potential buyers inspect used vehicles being sold during a dealer-only auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 6/10 left right Logan Freier works on reconditioning a used vehicle while preparing it for auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 7/10 left right Auctioneer Daren Bok signals a bid during a dealer-only used vehicle auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 8/10 left right Used vehicles are detailed, preparing them to be sold at a dealer-only auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 9/10 left right Logan Freier works on reconditioning a used vehicle while preparing it for auction at Manheim Detroit auction house in Carleton, Michigan, U.S., June 29, 2017. REUTERS/Rebecca Cook 10/10 By Nick Carey - CARLETON, Mich. CARLETON, Mich. Two lanes apart at a noisy, fast-paced auto auction near Detroit, two vehicles show why major U.S. automakers have a problem with used cars. In one lane of the Manheim auction facility, a black 2015 Chevy Malibu sedan with barely 20,000 miles on it sold for just over $13,000 (10,086.12 pounds), less than half its original sticker price. In the other lane, a white 2013 Chevy Silverado pick-up truck sold for $11,500 - despite having 200,000 miles on the odometer. America''s renewed lust for new SUVs and trucks instead of smaller cars is already hurting major auto companies, which posted their fourth consecutive month of declining new vehicle sales. But millions cars that were leased two or three years ago, many of them used compact and midsized cars with low mileage, are heading towards auction lots and used car dealerships. For a graphic, click tmsnrt.rs/2pe1E2x That surge in supply threatens to depress prices for new and used vehicles, raising the risk of losses for automakers and finance companies on lease deals. It also undercuts the value of cars customers want to trade in for a new vehicle. So major carmakers, including General Motors Co ( GM.N ) and Ford Motor Co ( F.N ), are aligning with auto auction houses with aggressive moves to make sure they are getting the best prices for their vehicles. Such manoeuvres include transporting the automobiles to where the greater demand is based on real-time pricing data, spending more to spruce up used cars and slowing the pace which leased cars get moved to used car lots or auction houses. Auto auction houses such as Manheim in southeastern Michigan are where the romance of new car marketing goes to die. The dominant player in the U.S. auction market along with rival KAR Auction Services Inc ( KAR.N ), Manheim treats vehicles like commodities, grading them on a fine-tuned scale from one (poor) to five (excellent) that provides dealers with certainty and transparency. "If a dealer sees a 2015 Ford Fusion with a rating of 4.3, they know what to pay for it and what they can sell it for," said Matt Trapp, a Manheim vice president on a tour of the auction, scanning tags on vehicles with his smartphone to pull up a multitude of transactions for that make, model, year, condition and mileage. "If you don''t want to overbid on this one, wait a minute and another will be right along," he said. Increasingly, the auction houses and automakers are collaborating to try to raise the scores, and the prices, of vehicles running through auctions. Auction houses have offered add-on reconditioning services on used vehicles for decades, but after the lean years following the Great Recession, demand is rising for those higher-margin services. Manheim''s chief economist Jonathan Smoke says "we can help determine the optimal way to sell their vehicle, which includes location, timing," the level of reconditioning and whether to opt for a physical auction or online auction. Online auctions account for 30 percent of sales at Manheim versus 10 percent three years ago, he added. $2,700 SEPARATES MEMPHIS AND MIAMI Armed with detailed, real-time pricing data that was not available during the last downturn, auctioneers can now help automakers figure out where a used car could fetch the best price. Manheim has an expanded logistics arm that can aggregate cars for transport to the place they''ll fetch the highest price at auction, or arrange their sale before they even move. Jason Ferreri, KAR''s executive vice president of online services, said this is happening "significantly more often." Neither he nor Manheim officials would give specifics. In April, KAR agreed to buy DRIVIN, a data aggregator that matches vehicle inventory to dealer demand, whose founders include Brad Keywell and Eric Lefkofsky, the co-founders of Groupon Inc ( GRPN.O ), for $43 million in stock. Ferreri said the deal was in response to automakers'' demands for greater data services amid the influx of off-lease vehicles. This real-time pricing data helps the companies steer the used cars towards higher demand. For example, the national price for a 2015 Chevrolet Malibu with average mileage the week of June 11 was $15,514, according to data compiled for Reuters by car-shopping website CarGurus. In Memphis, that Malibu cost nearly 9 percent above the national average fair price, but in Miami it would sell for more than 9 percent below that price, representing a difference of $2,700. Manheim''s Matt Trapp, whose territory includes the U.S. northeast, says around 40 percent of vehicles coming off leases are returned to dealers within around five hours'' drive of New York City. Many are now being shipped to other regions. In New Jersey, for instance, one in three off-lease vehicles now leaves the state, Trapp says. "I am not seeing a glut of used cars hitting the market," said Mike Gentry, who buys cars for 20 dealerships in northwest Ohio and attended the Manheim auction outside Detroit. "Automakers have set a floor for pricing and when they can''t get that price they ship them 500 miles to where they can get a better price." MORE PRICING TOOLS IN THE GARAGE GM spokesman Jim Cain said the company is relying on "a lot more tools" including certified pre-owned vehicles "to support resale values." A Ford spokesman said the company has adopted a "disciplined approach" to maintaining used car values. Those tools include slowing the flow of vehicles to the used market, which they can afford in the short term as their balance sheets are strong. "With off-lease vehicles we are not seeing all of them coming to market, some of them are being held back," National Automobile Dealers Association chief economist Steven Szakaly told reporters on a conference call on Thursday. Automakers also allow their franchised dealers to take first pick of vehicles just coming off a lease before they go to auction. These are usually sold as "certified pre-owned" cars that come with a factory warranty, and a higher price tag than a run-of-the-mill used car. For vehicles that have suffered wear and tear, auction houses are now preparing for what Manheim''s Mandy Savage calls a "tsunami" that will hit the market in the coming years. At Manheim''s body shop here in Carleton, Savage, the facility''s general manager, says 90 percent of the vehicles being painted or undergoing small fixes are cars that have just come off lease. Automakers are increasingly willing to spend $500 to boost a car''s resale value by $750, she said. "This is not an art," she said. "It''s a science." But Mark Wakefield, head of the North American automotive practice for consultancy AlixPartners, said propping up used car values makes sense, but automakers will have to do more to stem the flow of used cars longer-term by trimming inventory levels. "I expect to see more production cuts," he said. (Reporting By Nick Carey; Editing by Joe White and Edward Tobin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-autos-auction-idUKKBN19S1NF'|'2017-07-07T15:21:00.000+03:00'|5413.0|''|-1.0|'' 5414|'e3b58fbd6c42a7bc528b23bb1b029e341d1d9e1b'|'UK''s SFO says opens investigation into Rio Tinto Group'|'FILE PHOTO: A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. David Gray/File Photo LONDON (Reuters) - Britain''s anti-fraud regulator said it has opened an investigation into how the miner Rio Tinto conducted business in the Republic of Guinea."The Serious Fraud Office has opened an investigation into suspected corruption in the conduct of business in the Republic of Guinea by the Rio Tinto group, its employees and others associated with it," the SFO said in a statement on Monday.U.S. listed shares in Rio Tinto fell 1.4 percent to $43.52 after news of the SFO investigation."Rio Tinto will fully co-operate with the Serious Fraud Office and any other relevant authorities, as it has done since it self-reported in November 2016," the company said in a statement on Monday.Last November Rio Tinto said that it had become aware of emails that referred to unexplained payments of $10.5 million in connection with the Simandou iron ore project in the West African nation.Reporting by Huw Jones; editing by Andrew MacAskill and Alexander Smith '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-sfo-rio-tinto-idUSKBN1A9243'|'2017-07-24T19:32:00.000+03:00'|5414.0|''|-1.0|'' 5415|'55f528ba219de824a6d3c3e8dfcfcfd689f594b4'|'Carrefour second-quarter sales growth accelerates as France improves'|'Business News - Thu Jul 6, 2017 - 7:54pm BST Carrefour second-quarter sales growth accelerates as France improves People push shopping cart in a Carrefour supermarket in Cabrera de Mar, near Barcelona, Spain May 19, 2017. REUTERS/Albert Gea By Dominique Vidalon - PARIS PARIS Carrefour ( CARR.PA ) reported an improved second quarter performance on Thursday, in a further sign the turnaround strategy of outgoing boss Georges Plassat had helped revive the world''s second-largest retailer. Closely-watched French hypermarket sales returned to positive territory for the first time since the third quarter 2015, while the rest of Europe, notably Italy and Spain had robust sales, and Carrefour kept its 2017 sales growth outlook. Chief Financial Officer Pierre-Jean Sivignon told analysts Carrefour still eyed 3-5 percent sales growth at constant exchange rates for full-year 2017. He said he would comment on the consensus of analysts for the group''s 2017 operating profit only on Aug. 30, when the French retailer announces its first-half results. The consensus currently stands at 2.49 billion euros. Second-quarter group sales reached 21.759 billion euros ($24.82 billion), above the average of analysts'' estimates of 21.5 billion euros. Stripping out fuel, currency and calendar effects, revenue grew 2.8 percent year-on-year, an acceleration from 1.4 percent growth in the first quarter. Alexandre Bompard, the former boss of French retailer Fnac Darty ( FNAC.PA ), is taking the top seat at Carrefour on July 18, replacing Plassat who has been at the helm since 2012. Investors want Carrefour''s new CEO to boost the performance of the French hypermarkets, a task in which others have struggled or failed, and to catch up in the digitalisation of retail, notably after Amazon''s ( AMZN.O ) $13.7 billion bid to buy Whole Foods Market ( WFM.O ) sent shockwaves across global food retailers. Since taking the reins in June 2012, Plassat has led a recovery focused on price cuts, accelerating expansion into convenience shops and renovating stores. Under Plassat Carrefour has made progress in most of Europe and in Brazil but it suffered a drop in group profit last year, pulled down by a tough French market, where its hypermarkets face competition from online rivals and aggressive price discounting from those such as unlisted Leclerc. In France, where Carrefour makes 47 percent of its sales, like-for-like revenue rose 1.9 percent in the quarter, an acceleration from 0.5 percent growth in the first quarter. Sales at French hypermarkets alone rose 0.5 percent after a 1.6 percent decline in the first quarter while supermarkets and convenience stores also had a good performance. Sivignon said the performance of the French hypermarkets was in a challenging environment, adding it reflected price cuts and warm weather conditions in June. Because Carrefour plans to list its Brazil business on July 20, it is not allowed to disclose figures for Brazil, its second-largest market after France. The group is reporting all emerging markets "as rest of the world" with no details given by country.. That segment had like-for-like sales growth of 3.4 percent in the second quarter against 3.1 percent in the first. In a separate statement Carmila, Carrefour''s property unit, said it raised 578 million euros in a capital increase that will give it more financial muscle to fund its development. ($= 0.8768 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-carefour-results-idUKKBN19R2DB'|'2017-07-06T21:54:00.000+03:00'|5415.0|''|-1.0|'' @@ -5455,11 +5455,11 @@ 5453|'fd81950fbe91a5d032f61ffd6a6563696f5cc33a'|'Wall St. weaker on labour market data, North Korea tensions'|'July 6, 2017 / 11:45 AM / 42 minutes ago Wall Street drops on labor market data, North Korea concern Chuck Mikolajczak 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid (Reuters) - U.S. stocks were sharply lower on Thursday after disappointing labor market data clashed with the possibility of a more hawkish Federal Reserve, while rising tensions in the Korean peninsula providing additional pressure. Private employers added 158,000 jobs in June, the ADP National Employment Report showed, coming in below the estimated gain of 185,000 and suggesting cooling in the U.S. labor market as it nears full employment. Another set of data showed weekly jobless claims rose for the third straight week, climbing to 248,000 and topping the 243,000 expected. While the data still indicates a tight labor market, the reports hint at a soft monthly nonfarm payrolls report on Friday, which includes hiring in both the public and private sectors. The softer data comes on the heels of Wednesday''s release of the minutes from the Federal Reserve''s June meeting, which showed policymakers were increasingly split on the inflation outlook and how it might affect the pace of interest rate increases. Those two factors helped push yields on U.S. Treasuries US10YT=RR higher and dampened the attractiveness of equities. "ADP came in pretty soft, people got a little nervous there," said Anthony Conroy, president of Abel Noser in New York. "People said the Fed is pretty uneasy over low inflation but they are still going to keep doing what they are doing with rates because they have to do something." Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid Geopolitical tensions also weighed on sentiment, with U.S. President Donald Trump vowing on Thursday to confront North Korea "very strongly" following its latest missile test and urging nations to show Pyongyang that there would be consequences for its weapons program. The Dow Jones Industrial Average .DJI fell 158.13 points, or 0.74 percent, to 21,320.04, the S&P 500 .SPX lost 22.79 points, or 0.94 percent, to 2,409.75 and the Nasdaq Composite .IXIC dropped 61.39 points, or 1 percent, to 6,089.46. The declines marked the biggest percentage drop for the S&P 500 in since May 17. Shares of Tesla ( TSLA.O ) dropped 5.56 percent after the luxury electric carmaker''s Model S did not receive the top score in certain tests by the Insurance Institute for Highway Safety. General Electric ( GE.N ) lost 3.80 percent as the worst performer on the Dow after the European Commission accused the company of providing misleading information during a merger deal. L Brands ( LB.N ) plunged 14.08 percent, the worst performer on the S&P 500, after the Victoria''s Secret owner''s June sales came in below expectations. Declining issues outnumbered advancing ones on the NYSE by a 3.12-to-1 ratio; on Nasdaq, a 2.35-to-1 ratio favored decliners. About 6.66 billion shares changed hands in U.S. exchanges, compared with the 7.18 billion daily average over the last 20 sessions. Reporting by Chuck Mikolajczak; Editing by Dan Grebler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-stocks-idINKBN19R1I9'|'2017-07-06T21:27:00.000+03:00'|5453.0|''|-1.0|'' 5454|'427837bce95fdaba1fefe6cfcdf9e66240788572'|'Total nears deal to invest up to $2 billion in Iran''s petrochemical industry'|'July 4, 2017 / 11:24 AM / 12 minutes ago Total nears deal to invest up to $2 billion in Iran''s petrochemical industry 3 Min Read The logo of French oil company Total is seen on a fuel pump at a Total gas station in Paris, France, April 19, 2016. Jacky Naegelen/Files LONDON (Reuters) - Total and Iran have reached a preliminary agreement to build three petrochemical plants in a deal that if finalised could see the French oil major investing up to $2 billion in Iran, an Iranian oil industry official said on Tuesday. "In the latest talks, the two sides have reached agreement for construction of petrochemical plants with the total capacity of 2.2 million tonnes of petrochemical and polymer products per year," the managing director of Iran''s National Petrochemical Company (NPC) was quoted as saying by the oil ministy''s news agency SHANA. "We predict that Total would invest $1.5 to $2 billion in Iran''s petrochemical industry if we reach final agreement," Marzieh Shahdaei added. A spokesman for Total said: "Total and Iran''s National Petrochemical Company are currently working on an in-depth study of an ethane-based petrochemical project whose figures (Capex especially) have to be fine-tuned." The preliminary deal on the petrochemical plants follows Monday''s agreement by Total to go ahead with the phase 11 development project for Iran''s South Pars offshore gas field, the first major Western energy investment in the Islamic Republic since the lifting of sanctions against it. A customer holds a gas pump as he fills-up his car in a Total station in Nice, France, February 9, 2017. Eric Gaillard/Files Total''s Chief Executive Patrick Pouyanne said after the signing of the South Pars deal that it would open the door for more business with Tehran. South Pars is part of the world''s largest gas field which is shared with neighbouring Qatar where development of the deposit known as the North Field has made the tiny Gulf state the world''s biggest producer of liquefied natural gas. Total is active in both Iran and Qatar as well as the UAE, which together with its bigger neighbour Saudi Arabia is in dispute with Qatar over its close ties with Iran. Total''s CEO told Reuters last month the petrochemical plants project in Iran was less advanced than South Pars 11 because Total would need to fund that project with loans from banks while South Pars could be developed with its own funds. Iranian deputy oil minister, Amir Hossein Zamaninia said on Monday that Iran and Total have held "positive talks" to cooperate in petrochemicals but added that the deal was not final. An oil industry official said in January that Iran plans to build 25 petrochemical plants and is currently seeking $32 billion in foreign investment to fund projects. Reporting by Bozorgmehr Sharafedin; Additional reporting by Bate Felix in Paris; Editing by Louise Heavens, Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/iran-total-petrochemicals-idINKBN19P1CJ'|'2017-07-04T14:23:00.000+03:00'|5454.0|''|-1.0|'' 5455|'08eddfb323b9ab28c957dafafe2447a1dea2333f'|'OPEC governors pick Saudi candidate as research head - sources'|'July 18, 2017 / 12:41 PM / 26 minutes ago OPEC governors pick Saudi candidate as research head - sources 1 Min Read FILE PHOTO: OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. Ramzi Boudina/File Photo DUBAI/LONDON (Reuters) - OPEC''s board of governors has picked Saudi Arabia''s candidate, Ayed al-Qahtani, to be the oil exporter group''s new head of research, two OPEC sources said on Tuesday. Three other members of the Organization of the Petroleum Exporting Countries - Qatar, Iraq and Libya - had also fielded candidates for the position, which is OPEC''s second most senior after the secretary general. Al-Qahtani works at the Saudi Ministry of Energy and is a member of the Saudi OPEC delegation. He has also worked for state oil company Aramco, where he was in charge of its global economic and energy outlooks and scenarios. OPEC governors are meeting at the group''s Vienna headquarters on Tuesday and the talks are continuing, sources said. Reporting by Rania El Gamal and Alex Lawler; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/opec-research-idINKBN1A319Y'|'2017-07-18T15:41:00.000+03:00'|5455.0|''|-1.0|'' -5456|'d6a1df8434292e731878f2e4412c56da528df363'|'Express Scripts to cover Mylan''s EpiPen, exclude rivals'|'July 31, 2017 / 3:13 PM / 6 minutes ago Express Scripts to cover Mylan''s EpiPen, exclude rivals 2 Min Read NEW YORK (Reuters) - Pharmacy benefit manager Express Scripts Holding Co said on Monday it would favor drugmaker Mylan Inc''s versions of the EpiPen lifesaving allergy treatment over the allergy auto-injectors of other companies. The nation''s largest pharmacy benefit manager said it was excluding alternatives to the auto-injector made by Impax Laboratories Inc, privately held Kaleo and A-S Medication from its widely used list of covered drugs. Express Scripts has been excluding certain medicines from its coverage list or formulary since 2014, citing concern about costs to its health insurers and corporate customers. By excluding drugs from its coverage list, Express Scripts said it has been better able to negotiate lower prices from drugmakers, and will save customers an estimated $2.5 billion in 2018, up from $1.8 billion this year. Mylan faced severe criticism and congressional and legal investigations after it doubled the cost of a pair of EpiPens to around $600 last year, enraging consumers and putting it in the center of the ongoing debate over the high cost of prescription medicines in the United States. It has since offered its own generic version for about $300 in response to the furor. Mylan could not immediately be reached for comment on Monday. Express Scripts added 64 new drugs - including the EpiPen alternatives - to its list of drugs that are excluded from insurance coverage for 2018. The list determines whether millions of people with private insurance can easily use an insurance co-pay to buy medicine. Another important drug excluded from the company''s coverage this year is Neupogen, an Amgen Inc treatment used to boost infection-fighting white blood cells during chemotherapy. Express Scripts said its "preferred alternatives" to Neupogen were biosimilars Granix and Zarxio, made by Teva Pharmaceutical Industries Ltd and Novartis AG, respectively. Reporting by Michael Erman; Editing by Matthew Lewis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-express-scripts-epipen-mylan-nl-idUSKBN1AG1TV'|'2017-07-31T18:08:00.000+03:00'|5456.0|''|-1.0|'' +5456|'d6a1df8434292e731878f2e4412c56da528df363'|'Express Scripts to cover Mylan''s EpiPen, exclude rivals'|'July 31, 2017 / 3:13 PM / 6 minutes ago Express Scripts to cover Mylan''s EpiPen, exclude rivals 2 Min Read NEW YORK (Reuters) - Pharmacy benefit manager Express Scripts Holding Co said on Monday it would favor drugmaker Mylan Inc''s versions of the EpiPen lifesaving allergy treatment over the allergy auto-injectors of other companies. The nation''s largest pharmacy benefit manager said it was excluding alternatives to the auto-injector made by Impax Laboratories Inc, privately held Kaleo and A-S Medication from its widely used list of covered drugs. Express Scripts has been excluding certain medicines from its coverage list or formulary since 2014, citing concern about costs to its health insurers and corporate customers. By excluding drugs from its coverage list, Express Scripts said it has been better able to negotiate lower prices from drugmakers, and will save customers an estimated $2.5 billion in 2018, up from $1.8 billion this year. Mylan faced severe criticism and congressional and legal investigations after it doubled the cost of a pair of EpiPens to around $600 last year, enraging consumers and putting it in the center of the ongoing debate over the high cost of prescription medicines in the United States. It has since offered its own generic version for about $300 in response to the furor. Mylan could not immediately be reached for comment on Monday. Express Scripts added 64 new drugs - including the EpiPen alternatives - to its list of drugs that are excluded from insurance coverage for 2018. The list determines whether millions of people with private insurance can easily use an insurance co-pay to buy medicine. Another important drug excluded from the company''s coverage this year is Neupogen, an Amgen Inc treatment used to boost infection-fighting white blood cells during chemotherapy. Express Scripts said its "preferred alternatives" to Neupogen were biosimilars Granix and Zarxio, made by Teva Pharmaceutical Industries Ltd and Novartis AG, respectively. Reporting by Michael Erman; Editing by Matthew Lewis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-express-scripts-epipen-mylan-nl-idUSKBN1AG1TV'|'2017-07-31T18:08:00.000+03:00'|5456.0|17.0|0.0|'' 5457|'cac834ece8e2d8e5b17cb01cabb1f42d9d5daca9'|'Tech group sides with Apple in Qualcomm''s iPhone ban dispute'|'The Apple logo is pictured on an iPhone in an illustration photo taken in Bordeaux, France, February 1, 2017. Regis Duvignau (Reuters) - A group representing major technology companies has aligned itself against Qualcomm Inc in its legal dispute with Apple Inc by calling on regulators to reject Qualcomm''s bid to ban the import of iPhones.A lobbying group that represents Alphabet Inc''s Google, Amazon.com Inc, Microsoft Corp and Facebook Inc filed comments with the U.S. International Trade Commission.They argued that barring Apple from importing foreign-assembled iPhones that use Intel Corp chips - as Qualcomm has requested - would cause "significant shocks to supply" for phones and would hurt consumers.Qualcomm declined to comment.Intel and Apple rival Samsung are members of the group, called the Computer & Communications Industry Association. Apple is not a member of the group."If the ITC were to grant this exclusion order, it would help Qualcomm use its monopoly power for further leverage against Apple and allow them to drive up prices on consumer devices," Ed Black, the CEO of the group, said in a statement. Whats at stake here is certainly the availability of iPhones and other smartphones at better prices."Qualcomm supplies so-called modem chips to Apple, which help iPhones and iPads connect to cellular data networks. The two have been locked in a sprawling legal battle in which Apple has objected to Qualcomm''s business model of requiring customers to sign patent license agreements before buying chips.In turn, Qualcomm has accused Apple of directing its contract manufacturers like Foxconn to withhold license payments in a bid to hurt Qualcomm. The conflict has taken a toll on Qualcomm''s profit outlook.Earlier this month, Qualcomm sued Apple on separate allegations that Apple infringed six patents around making iPhones work better without draining the battery.Simultaneously, Qualcomm filed a complaint with the U.S. ITC seeking to ban iPhones that use chips "other than those supplied by Qualcomm affiliates." Apple began using Intel chips in the iPhone 7.Reporting by Stephen Nellis; Editing by Cynthia Osterman '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-apple-qualcomm-idUSKBN1A52YS'|'2017-07-21T01:14:00.000+03:00'|5457.0|''|-1.0|'' 5458|'3d79c3eba0c90ef70a152d787fb7ce1eb4538046'|'Workers at VW''s MAN reject sale of transmission maker Renk'|'July 18, 2017 / 9:51 AM / 15 minutes ago Workers at VW''s MAN reject sale of transmission maker Renk Reuters Staff 2 A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016. Kacper Pempel/File Photo FRANKFURT (Reuters) - Workers at Volkswagen''s MAN ( MANG.DE ) rejected the idea that majority-owned transmission maker Renk ( ZARG.F ) could be sold, with the works council saying a divestment was "not an issue". "We do not see any reason to divest parts of the company. Renk is and will remain part of the MAN family ," MAN''s works council chief Saki Stimoniaris said in a statement on Tuesday. People close to the matter have told Reuters that Volkswagen ( VOWG_p.DE ) was considering options for Renk, as the German carmaker streamlines operations to help fund an overhaul following its emissions scandal. Volkswagen (VW) is working with Citi ( C.N ) to decide on the future of Renk, which may result in a sale of the maker of transmissions and bearings used in ships to wind turbines, the sources said. Renk, founded in 1873, is 76 percent owned by VW unit MAN. It currently employs 2,200 staff. Reporting by Maria Sheahan; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-unit-workers-idUKKBN1A30VI'|'2017-07-18T12:50:00.000+03:00'|5458.0|''|-1.0|'' 5459|'8f830da09e7d1d29c98f2fd231f795d45db64f06'|'Fiat, government, unions agree on wage rise in Serbia-based plant'|'July 24, 2017 / 9:48 AM / 19 minutes ago Fiat, government, unions agree on wage rise in Serbia-based plant Reuters Staff 2 Min Read FILE PHOTO: A Fiat logo is seen on a car''s back at a scrapyard in Fuerstenfeldbruck, Germany, May 21, 2016. Michaela Rehle/File Photo BELGRADE (Reuters) - The Serbian unit of Italian carmaker Fiat ( FCHA.MI ) has reached an agreement with unions to increase wages following a strike that threatened to hamper the Balkan country''s economic growth, a union spokesman said on Monday. Fiat Serbia, 67-percent owned by Fiat and 33 percent by Serbia''s government, employs around 2,400 people at its plant in Kragujevac in central Serbia. Production accounts for 3 percent of the country''s economic output and around 8 percent of exports. Workers went on strike in June, demanding better wages and a reduced workload. The unions suspended the strike on Wednesday to allow the talks to take place. Fiat offered a 9.54 percent wage increase, a spokesman for Serbia''s Confederation of Autonomous Trade Unions said. "The offer by the Italians was accepted in general," he told Reuters. State television reported that under the deal the starting gross monthly salary would be increased to 42,000 dinars (349.53 euros) in 2017 and 2018, up from 38,500 dinars. Workers would also receive bonuses for efficiency and an allowance for public transport. Fiat management in Serbia could not be immediately reached for comment. The plant manufactured 100,000 cars a year in 2015. Last year it cut jobs and reduced daily production shifts from three to two. Serbia''s economy is expected to grow around 3 percent this year. The country relies on foreign investors, including Fiat, which in May launched three redesigned versions of the 500L, a larger version of the Fiat 500 mini car. Reporting by Aleksandar Vasovic; Editing by Louise Heavens 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fiat-serbia-idUKKBN1A910R'|'2017-07-24T12:48:00.000+03:00'|5459.0|''|-1.0|'' -5460|'406723a754c3c8e82dc56be575aa5ced4d5c4c30'|'OPEC delegates encouraged by Russian comments on adjusting oil cut deal'|' 2:41pm BST OPEC delegates encouraged by Russian comments on adjusting oil cut deal FILE PHOTO: OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo By Alex Lawler - LONDON LONDON OPEC delegates said on Friday they were encouraged by Russia''s openness to talking about changes to an OPEC-led deal to cut oil supplies, opening the door to more steps being considered to clear a global supply glut. OPEC and allied non-OPEC producers such as Russia agreed to limit oil supply into 2018, but crude prices LCOc1 have fallen since May, partly because of higher production from Nigeria and Libya, two OPEC members exempt from cutting output. Key energy ministers, including those for Saudi Arabia and Russia, have previously said there was no immediate need for extra measures to support oil prices. But on Friday, Russia''s Energy Ministry said Moscow was ready to consider proposals, including revising the deal if need be. OPEC delegates told Reuters that while no concrete discussions about further steps were talking place now, the Russian comments gave a positive basis for ideas, such as a larger cut, to be considered. "Encouraging indications from Russia for such thoughts like deeper cuts give better justification to promote and develop such ideas to rebalance markets," one source close to OPEC said. "It provides a good basis, but no discussion is there yet." Oil ministers from five countries monitoring the deal plus Saudi Arabia as OPEC president are scheduled to meet in Russia on July 24. They could recommend adjusting the pact to the wider group, which holds its next meeting in November. OPEC officials have been talking about whether production by Libya and Nigeria should be capped, although such a step would face resistance from those countries. In addition, OPEC also looked at a larger production cut at its last meeting held in May, only to reject it. Both ideas will probably be looked at again at the meeting this month in the form of scenarios, OPEC sources said. But one OPEC delegate said additional steps were unlikely to win sufficient support now from enough of the 24 OPEC and non-OPEC countries participating because the existing agreement runs until March 2018. "I don''t think the member countries are ready to do anything more," the delegate said. "Let''s wait and see how the agreement works." (Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN19S1Z7'|'2017-07-07T16:41:00.000+03:00'|5460.0|''|-1.0|'' +5460|'406723a754c3c8e82dc56be575aa5ced4d5c4c30'|'OPEC delegates encouraged by Russian comments on adjusting oil cut deal'|' 2:41pm BST OPEC delegates encouraged by Russian comments on adjusting oil cut deal FILE PHOTO: OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo By Alex Lawler - LONDON LONDON OPEC delegates said on Friday they were encouraged by Russia''s openness to talking about changes to an OPEC-led deal to cut oil supplies, opening the door to more steps being considered to clear a global supply glut. OPEC and allied non-OPEC producers such as Russia agreed to limit oil supply into 2018, but crude prices LCOc1 have fallen since May, partly because of higher production from Nigeria and Libya, two OPEC members exempt from cutting output. Key energy ministers, including those for Saudi Arabia and Russia, have previously said there was no immediate need for extra measures to support oil prices. But on Friday, Russia''s Energy Ministry said Moscow was ready to consider proposals, including revising the deal if need be. OPEC delegates told Reuters that while no concrete discussions about further steps were talking place now, the Russian comments gave a positive basis for ideas, such as a larger cut, to be considered. "Encouraging indications from Russia for such thoughts like deeper cuts give better justification to promote and develop such ideas to rebalance markets," one source close to OPEC said. "It provides a good basis, but no discussion is there yet." Oil ministers from five countries monitoring the deal plus Saudi Arabia as OPEC president are scheduled to meet in Russia on July 24. They could recommend adjusting the pact to the wider group, which holds its next meeting in November. OPEC officials have been talking about whether production by Libya and Nigeria should be capped, although such a step would face resistance from those countries. In addition, OPEC also looked at a larger production cut at its last meeting held in May, only to reject it. Both ideas will probably be looked at again at the meeting this month in the form of scenarios, OPEC sources said. But one OPEC delegate said additional steps were unlikely to win sufficient support now from enough of the 24 OPEC and non-OPEC countries participating because the existing agreement runs until March 2018. "I don''t think the member countries are ready to do anything more," the delegate said. "Let''s wait and see how the agreement works." (Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN19S1Z7'|'2017-07-07T16:41:00.000+03:00'|5460.0|29.0|0.0|'' 5461|'1513c3bc748469fe8f0762f058f1a5fc87f7242e'|'UPDATE 2-Swatch strikes optimistic note as China rebounds'|'July 21, 2017 / 6:50 AM / 37 minutes ago UPDATE 2-Swatch strikes optimistic note as China rebounds 4 Min Read * Sees brighter H2 (Adds share price, analysts reaction) By John Revill ZURICH, July 21 (Reuters) - Swatch Group on Friday painted a brighter outlook for the rest of the year as the world''s largest watchmaker said demand for Swiss timepieces in China and Europe is improving. The maker of Longines, Tissot and Omega watches said it expected "very positive growth in local currency" for the rest of 2017 after net profit rose 7.2 percent in the first six months of the year. Net profit attributable to shareholders rose to 269 million Swiss francs ($282.8 million) from 251 million, but fell short of the 285 million expected by analysts polled by Reuters. Swatch highlighted "significant growth" in mainland China, one of its most important markets, adding that Hong Kong sales had stabilised after a long decline, with data this week showing a rise in Swiss watch exports. Chief Executive Nick Hayek told Swiss news agency AWP that he expected local currencies sales growth of 7 to 9 percent this year. "Having seen the development of Swiss watch exports this year, most people expect the watch market to improve in the second half of the year, but they don''t expect any fireworks," said Jon Cox, luxury goods analyst at Kepler Cheuvreux. In recent years Swiss watch sales in China and Hong Kong have been hit by a crackdown on gift giving and corruption under Chinese President Xi Jinpeng. There was also improvement in Europe, a market hit last year by extremist attacks which deterred many visitors from destinations such as Paris. The company reported a strong start to the second half of 2017, saying there had been accelerated growth of all brands in June and the first few weeks of July, particularly among its more expensive brands which include Breguet and Blancpain. "The Swatch Group anticipates very positive growth in local currency in the second half of the year," the company said in a statement. Apple Watch Competition Remains Swatch said sales of watches and jewellery had been "very positive" in the first half, despite the highly valued Swiss franc taking a bite out of the figures. Sales fell 0.3 percent to 3.71 billion francs versus the 3.73 billion forecast by analysts. With currency effects removed sales rose 1.2 percent. Kepler''s Cox said he expected mid single digit sales increases for Swatch for the whole of 2017 in constant currencies after an acceleration to high single digit sales improvement in the second half. But he said problems remained with weak margin improvements at Swatch, while connected watches like Apple Inc''s Apple Watch remained a threat to Swatch which generates roughly a third of its revenue from watches which sell for less than 1,000 francs. Swatch shares, weakened after rival Richemont reported disappointing results in May, were trading slightly higher in early trading, up 0.3 percent to reverse earlier losses. Luca Solca, an analyst at Exane BNP Paribas, remained cautious on the stock, saying the upswing in higher priced watches favoured Richemont - the owner of Cartier - more than Swatch. "Overall we seem to be slowly but surely seeing improvement in final demand from consumers," said Solca. "But there is a long way to go." $1 = 0.9513 Swiss francs Reporting by John Revill and Silke Koltrowitz; editing by Jason Neely 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/swatch-results-idUSL5N1KC0N7'|'2017-07-21T11:59:00.000+03:00'|5461.0|''|-1.0|'' 5462|'cfc3929982105cd98ae67132cd9b81b6110ce014'|'U.S. financial regulators to discuss Metlife lawsuit on July 28 -Treasury'|'FILE PHOTO - The MetLife building is seen in New York, March 8, 2010. Shannon Stapleton WASHINGTON (Reuters) - Heads of the U.S. financial regulatory agencies will meet behind closed doors next Friday to discuss MetLife Inc''s ( MET.N ) lawsuit against them, according to a notice from Treasury, as the Trump administration wrestles with reforms put in place in response to the financial crisis.The regulators, who comprise the Financial Stability Oversight Council (FSOC), and MetLife both asked earlier this month for another pause in the long-running case in which the country''s largest life insurer has challenged the federal government''s decision to label it as "too big to fail." The appeals court has not yet said whether it will grant an abeyance.More than a year ago, U.S. District Judge Rosemary Collyer struck down the council''s designation of MetLife as "systemically important," which signifies that it could devastate the financial system if it failed and which triggers stricter oversight. Collyer said the label was "arbitrary and capricious." The administration of former Democratic President Barack Obama immediately appealed.Republican President Donald Trump, however, has expressed skepticism about the designation process, and the FSOC has ordered the Treasury Department to review both. Treasury Secretary Steven Mnuchin, who chairs the council, also has said its work should be evaluated.Both sides of the lawsuit have said the appeals court should put the case on pause until Mnuchin finishes his review. In May, the court granted a 60-day abeyance, which expired this month.Only two other insurers - Prudential Insurance ( PRU.N ) and American International Group ( AIG.N ) - still carry the "systemically important" label. According to the Treasury notice, the council will also receive an update on the designation of one of the insurance companies and discuss Mnuchin''s recent recommendations to change a rule on proprietary trading, commonly called the Volcker Rule, in next week''s executive session.In a June report Mnuchin suggested easing up on the Volcker rule, which restricts banks'' ability to place speculative market bets. On Friday, banking regulators said they would review how the rule is being carried out to ensure that foreign funds are properly exempted.Reporting by Lisa Lambert; Editing by Tom Brown and Leslie Adler '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-fsoc-idUSKBN1A62R1'|'2017-07-22T00:53:00.000+03:00'|5462.0|''|-1.0|'' 5463|'7bc9bcbf5207f65d4f9880911fd626b95d7531de'|'Twin slump in sugar, oil puts pressure back on Brazilian mills'|'July 12, 2017 / 7:26 PM / 17 minutes ago Twin slump in sugar, oil puts pressure back on Brazilian mills Marcelo Teixeira 6 Min Read SAO PAULO (Reuters) - A steep decline in sugar and oil prices over the last six months has diminished the hope of financial recovery for a number of Brazilian mills, and could put new dealmaking in the sector on hold, according to industry experts. Raw sugar prices in New York SBc1 were hovering around 13 cents per pound, down around 40 percent since the fourth quarter of 2016 to a level analysts and millers say is close to production costs in Brazil''s centre-south. At the same time, an ongoing slump in oil prices CLc1 LCOc1 has led state-controlled oil firm Petrobras ( PETR4.SA ) to repeatedly cut gasoline prices domestically. That has in turn pressured ethanol producers to follow suit since the two fuels were sold side by side at the pump. The price pressure on sugar and ethanol could cut short a nascent financial recovery for many Brazilian mills during a global sugar supply deficit in 2015 and 2016. It could also slow down talks between millers and potential investors and lead to more closures of indebted firms. "We can''t deny that the current situation strongly impacts our liquidity," said Tony Rivera, a director at Renuka do Brasil SA, the local unit of Indian sugar maker Shree Renuka Sugars ( SRES.NS ). Renuka has four mills in Brazil and is one of dozens of companies that have filed for bankruptcy protection. The company has plans to sell two of its mills to pay debt and raise working capital to continue operations in the country, even at a smaller scale. But Rivera says falling sugar and ethanol prices also impact that plan. "The current outlook is a problem, because on one side it scares those who are not fully convinced to invest in the sector. And on the other side, it brings down the price investors are willing to pay for the plants," he said. Havoc A combination of weak sugar and ethanol prices in Brazil from 2010 to 2014 wreaked havoc on the sugar industry, triggering the closure of dozens of mills and leading many others to seek bankruptcy protection, a process that is ongoing. At the time, the government kept gasoline prices artificially low to fight inflation, consequently cutting margins on ethanol sales, while a multi-year global sugar surplus depressed sugar values. Cane industry group Unica said 80 plants have been idled in Brazil since 2010. The closings reduced spare cane crushing capacity, limiting growth in the industry. According to Unica, sugar output was 35.6 million tonnes last season, up only slightly from 33.5 million tonnes in 2010/11. Some of the hardest-hit firms have been snapped up by players with stronger capital structures. Last November, Glencore Plc ( GLEN.L ) bought the Guararapes mill to add a second plant to its operations in the main cane belt of Sao Paulo state, in a judicial auction. Razen, a joint venture of Cosan SA Industria e Comercio ( CSAN3.SA ) and Royal Dutch Shell Plc ( RDSa.L ), acquired two mills last month from Tonon Bioenergia [TONONB.UL] in a similar auction. Renuka will try to sell its Brejo Alegre mill in a judicial auction as well on Sept. 4. Rivera said there were companies looking at data provided before the auction, but he declined to name them. Dario Gaeta, chief executive officer at Tiet Agroindustrial, the firm managing the two mills bought in 2015 by Cargill''s Black River Asset Management LLC from distressed group Ruette, believed dozens of mills were up for sale, but that willing buyers were scarce. "Some mills are so heavily indebted that they would need to sell themselves for 1 dollar and hope banks will accept a large haircut to allow new owners to invest and revamp operations." Debt, Funding Brazilian investment bank Ita BBA said 15 percent of Brazil''s mills were struggling with excessive debt loads. Sao Paulo-based Archer Consulting estimates the sector''s total debt at 86 billion reais ($26.4 billion). "For those firms still struggling with non-operational difficulties, the new market situation certainly does not help," Pedro Barreto, Ita BBA''s Agribusiness director, said in an interview. Fitch Ratings questioned the chances for troubled mills to recover, such as the ones under bankruptcy protection. "Positive outcomes depend largely on a successful operating environment, higher sugar and ethanol prices, and unhindered access to funding given the capital-intensive nature of the business," the debt rating agency said in a research note. International bond markets are unlikely to offer much in the way of alternatives for Brazilian mills, and funding from the domestic capital market is not a realistic option for most companies in the sector, Fitch added. Ita BBA''s Barreto sees merger and acquisition talks cooling under the current situation, since the distance between what sellers want for assets and what buyers are willing to pay tends to increase as sugar prices fall. Additional reporting by Luciano Costa and Jos Roberto Gomes; Editing by Christian Plumb and Bernadette Baum 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/brazil-sugar-restructuring-analysis-idINKBN19X2O9'|'2017-07-12T22:21:00.000+03:00'|5463.0|''|-1.0|'' @@ -5499,7 +5499,7 @@ 5497|'3c94355362c856bff807403029ae0ce7d0955d06'|'Britain seeking stability, confidence with U.S. after Brexit - UK''s Fox'|'July 24, 2017 / 5:30 PM / in an hour Britain seeking stability, confidence with U.S. after Brexit - UK''s Fox Reuters Staff 3 Min Read FILE PHOTO: Britain''s Secretary of State for International Trade, Liam Fox, arrives in Downing Street, in central London, Britain July 17, 2017. Tolga Akmen/File Photo WASHINGTON (Reuters) - Britain wants to ensure commercial ties with the United States are not disrupted as it moves out of the European Union, UK trade secretary, Liam Fox, said on Monday before the start of meetings with Trump administration officials in Washington. Fox and his U.S. counterpart, Robert Lighthizer, were to chair the first meeting of a U.S.-UK trade and investment working group later on Monday to discuss cooperation and a bilateral trade agreement after Brexit. Britain is not free to enter into new trade deals until it has left the EU in 2019. It has indicated, however, that it wants to get legal documents in place to ensure that such things as flights and data flows between the countries are not interrupted. Fox, Britain''s international trade secretary, said Britain wants to "provide stability, certainty and confidence for business on both sides of the Atlantic." On Tuesday, as part of Britain''s Brexit transition campaign, Fox is due to address U.S. lawmakers on Capitol Hill and launch a report detailing British trade and investment with 435 congressional districts in the United States. He said the United States was Britain''s export market for more than $200 billion of goods and services a year, while the United States is the No. 1 destination for UK investment. "We have begun to look at our continuity agreements to maintain as open and flexible relationship as we can," he told an audience at the American Enterprise Institute think tank. "We''re looking at bilateral ways, while we''re still members of the European Union, to achieve trade liberalization on a number of fronts on science and technology, and we are looking to scope out the future free trade agreement with no preconceptions attached to that," he added. Fox defended Britain''s decision to leave the bloc and said those still hoping to change the 2015 British referendum result, which supported Brexit, "are dreaming." U.S. President Donald Trump has said his administration would work hard to get a quick bilateral trade deal done. Trade was a major issue during the Brexit campaign when former U.S. President Barack Obama said Britain would have to go "to the back of the queue" for a deal if it voted to leave the EU. Reporting by Lesley Wroughton; Editing by Tom Brown 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-britain-trade-idUKKBN1A927R'|'2017-07-24T20:30:00.000+03:00'|5497.0|''|-1.0|'' 5498|'fdf018690012b5306aafc306e0c16ec18666d9d9'|'Fed''s Yellen says rate and portfolio plans on track, cautions on inflation'|'July 12, 2017 / 12:36 PM / 7 hours ago Fed''s Yellen says rate and portfolio plans on track, cautions on inflation Howard Schneider 5 Min Read WASHINGTON (Reuters) - The U.S. economy is healthy enough for the Fed to raise rates and begin winding down its massive bond portfolio, though low inflation and a low neutral rate may leave the central bank with diminished leeway, Fed Chair Janet Yellen said on Wednesday. In what may be one of her last appearances before Congress, Yellen depicted an economy that, while growing slowly, continued to add jobs, benefited from steady household consumption and a recent jump in business investment, and was now being supported by stronger economic conditions abroad. The Fed "continues to expect that the evolution of the economy will warrant gradual increases in the federal funds rate over time," Yellen said in her prepared testimony. Reductions in the Fed''s portfolio of more than $4 trillion in securities are likely to begin "this year," she said. But she also noted that given current estimates, the federal funds rate "would not have to rise all that much further" to reach a neutral level that neither encourages nor discourages economic activity. The Fed still feels the economy needs loose, or accommodative, monetary policy, so a lower neutral rate means the Fed may feel compelled to slow the pace of rate hikes down the road. But for now, Yellen told members of the House Committee on Financial Services, the economy remains strong enough for the Fed to continue to gradually tighten policy. In response to questions from lawmakers, she said she expects the gradual run down of the balance sheet will "play out smoothly" in markets. The reduction in the balance sheet, which will begin slowly as the Fed reinvests only a portion of the holdings that mature each month, will mark the final exit from crisis-related policies. Economy on Even Keel Yellen''s past appearances before the House panel have sometimes involved sharp exchanges with lawmakers who think the Fed''s influence over the economy has grown too strong. Such lawmakers want policymakers to be guided more closely by a mathematical rule for setting interest rates. This session was a more sedate meeting, with Committee Chair Jeb Hensarling, an advocate "rules-based" monetary policy, complimenting the Fed for including comparisons of its monetary policy with some of the more common formulas. FILE PHOTO: The Federal Reserve Board Chairwoman Janet Yellen speaks during a discussion at The British Academy President''s Lecture in London, Britain, June 27, 2017. Hannah McKay/File Photo Her appearance, coming as the Trump administration mulls whether to replace her when her term ends in February, broke little new ground in terms of policy or regulatory changes. "We have a relatively light regulatory agenda at this point," Yellen said. She confirmed the Fed was reviewing some of the requirements imposed on bank boards of directors following the financial crisis, with any eye towards possibly easing some of them. She also repeated the Fed''s strong opposition to proposals that policymakers worry could give elected officials influence over what are supposed to be independent Fed interest rate decisions. According to her testimony the economy is on an even keel, near or beyond full employment. U.S. stocks rose, while yields on Treasury bonds fell and the dollar was little changed against a basket of currencies. In a separate release, the Fed''s latest beige book of reports from regional Fed banks showed "slight to moderate" economic growth across the country. A recent dip in inflation has been of concern among Fed officials who want to see surer progress toward the central bank''s 2 percent inflation goal. Yellen, however, ascribed it to "a few unusual reductions in certain categories of prices" that would eventually drop out of the calculation. The current situation "raises the stakes" for upcoming inflation data, said Jim Vogel, interest rate strategist for FTN Financial in Memphis, Tennessee. "People are going to be very anxious if that was just a statistical glitch...or if it is going to continue." Otherwise, Yellen said, the economy appeared to be in a virtuous loop of hiring, spending and investment that "should increase resource utilization somewhat further, thereby fostering a stronger pace of wage and price increases." Reporting by Howard Schneider; Additional reporting by Karen Brettell in New York; Editing by Chizu Nomiyama and Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-fed-yellen-idINKBN19X1N1'|'2017-07-13T02:16:00.000+03:00'|5498.0|''|-1.0|'' 5499|'3aacdc06716726b5ae81da9b499e5ad3da34d20b'|'UK-U.S. trade deal will not make up for leaving the EU - minister'|'Business News - Sun Jul 9, 2017 - 3:12pm BST UK-U.S. trade deal will not make up for leaving the EU: minister left right Britain''s Justice Secretary, David Lidington, speaks on the BBC''s The Andrew Marr Show in London, Britain July 9, 2017. Jeff Overs/BBC handout via REUTERS 1/2 left right Britain''s Justice Secretary, David Lidington, speaks on the BBC''s The Andrew Marr Show in London, Britain July 9, 2017. Jeff Overs/BBC handout via REUTERS 2/2 By William James - LONDON LONDON A post-Brexit trade deal with the United States would not be enough to make up for leaving the European Union, British justice minister David Lidington said on Sunday, tempering Prime Minister Theresa May''s enthusiasm about the U.S. offer. May had warmly welcomed assurances on Saturday by U.S. President Donald Trump that a "very powerful" trade deal with Britain would be reached "very, very quickly" after Britain leaves the EU. Seeking to reassert her authority over a Brexit process thrown into chaos by a botched snap election last month, May described talks on trade with Trump and other world leaders at a G20 meeting as a "powerful vote of confidence" in Britain. But one of her senior ministers dampened that enthusiasm on Sunday, in a sign of the difficult task May faces in uniting her own party behind a single exit strategy as key legislation is due to enter parliament next week. "It wouldn''t be enough on its own, no," Lidington told the BBC''s Andrew Marr Show. "But it would be a very good thing to have - as would trade deals with the emerging economies of Asia and Latin America." The government has touted the ability to strike bilateral trade deals, rather than EU-wide deal negotiated by Brussels, as one of the key benefits of leaving the bloc. Lidington campaigned strongly for Britain to remain in the EU before the 2016 referendum, but has since said he accepts the outcome of that vote. The Confederation of British Industry, a business lobby group, also warned against placing too much emphasis on a potential deal with the United States. "Not every trade deal is necessarily a good and fair trade deal for both parties," CBI President Paul Drechsler told Sky television. "The USA has one of the best negotiating teams in the world in terms of trade deals. We don''t want to walk into a bear hug - I would be wary of trying to be too fast on a trade deal." LEADERSHIP RELAUNCH May is expected to make a speech on Tuesday marking a year since she inherited power following Britain''s surprise vote to leave the EU. The speech is seen as an attempt to move on from a tumultuous 12 months in which May set out a hardline approach to leaving the EU and called an election, but then failed to persuade the public to back her and lost her outright majority in parliament. She has struck a deal with a small Northern Irish political party to support her minority government. Her weakened status has led to speculation that members of her Conservative Party - historically split between eurosceptics and more pro-European members - would be prepared to oust her if they did not get their way. Party unity will be tested by legislation which is due to be presented to parliament next week, outlining the government''s plan to translate all EU law in British law as part of its preparation for leaving. A report in the Sunday Times newspaper cited anonymous sources as saying pro-European lawmakers could demand concessions in the bill. A separate report sourced to an unnamed Conservative in the Mail on Sunday also said a ''Kamikaze'' group of Brexit-supporting Conservatives would be prepared to oust her and force a new election if she did water down her Brexit plans. Dismissing those reports, Lidington said: "Ive been in parliament 25 years and almost every July a combination of too much sun and too much warm prosecco leads to gossipy stories in the media." (Editing by Elaine Hardcastle and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-trade-usa-idUKKBN19U08U'|'2017-07-09T15:35:00.000+03:00'|5499.0|''|-1.0|'' -5500|'37c24f271d28e218f17a6c5971ef9cf97ddf3787'|'France launches two new high-speed rail lines'|'Business News - Sat Jul 1, 2017 - 6:10pm BST France launches two new high-speed rail lines RENNES, France France inaugurated two new high-speed rail lines on Saturday linking the capital to the western cities of Bordeaux and Rennes in what is likely to be the last launches of their kind for years as public cash becomes increasingly scarce. The state-owned SNCF railway operator expects 35,000 passengers to use the new route to Bordeaux daily and 30,000 to use the line to Rennes. Nearly eight billion euros (7.02 billion pounds) were invested in the stretch to Bordeaux while 3.4 billion euros went into the Rennes line, both under public-private partnerships, SNCF said. While local politicians often fight hard to bring high-speed lines to their regions to boost jobs and activity, such projects have fallen out of favour with the central government due to the costs. A 60-kilometre (37-mile) high-speed stretch is due to open at the end of the year in the south of France, but after that nothing major is in the works, with the government preferring to support instead high-use commuter lines. With nearly 45 billion euros in debt, the SNCF capacity to finance major new projects is also now severely constrained by a rule taking effect this year limiting how much new debt it can take on as a function of its operating margin. Budgetary pressure is also adding up for France''s new government, which is due to announce a wave of spending cuts in the coming days after an audit found this week that the 2017 finances were overshooting targets. The line to Bordeaux, which links up with existing high-speed rail lines in the central city of Tours, was financed under a unique public-private partnership that will see a consortium led by construction group Vinci ( SGEF.PA ) operate it under concession for 50 years. However, the price of usage has left the SNCF concerned and its president Guillaume Pepy told Le Monde newspaper it would lose 90 million euros on the line this year. Despite the huge costs of high-speed lines, a study from the INSEE statistics agency found this year that they do bring significant economic activity, boosting companies'' profitability and productivity. (Reporting by Pierre-Henri Allain; Writing by Leigh Thomas; Editing by Stephen Powell)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-train-idUKKBN19M3OV'|'2017-07-01T20:10:00.000+03:00'|5500.0|''|-1.0|'' +5500|'37c24f271d28e218f17a6c5971ef9cf97ddf3787'|'France launches two new high-speed rail lines'|'Business News - Sat Jul 1, 2017 - 6:10pm BST France launches two new high-speed rail lines RENNES, France France inaugurated two new high-speed rail lines on Saturday linking the capital to the western cities of Bordeaux and Rennes in what is likely to be the last launches of their kind for years as public cash becomes increasingly scarce. The state-owned SNCF railway operator expects 35,000 passengers to use the new route to Bordeaux daily and 30,000 to use the line to Rennes. Nearly eight billion euros (7.02 billion pounds) were invested in the stretch to Bordeaux while 3.4 billion euros went into the Rennes line, both under public-private partnerships, SNCF said. While local politicians often fight hard to bring high-speed lines to their regions to boost jobs and activity, such projects have fallen out of favour with the central government due to the costs. A 60-kilometre (37-mile) high-speed stretch is due to open at the end of the year in the south of France, but after that nothing major is in the works, with the government preferring to support instead high-use commuter lines. With nearly 45 billion euros in debt, the SNCF capacity to finance major new projects is also now severely constrained by a rule taking effect this year limiting how much new debt it can take on as a function of its operating margin. Budgetary pressure is also adding up for France''s new government, which is due to announce a wave of spending cuts in the coming days after an audit found this week that the 2017 finances were overshooting targets. The line to Bordeaux, which links up with existing high-speed rail lines in the central city of Tours, was financed under a unique public-private partnership that will see a consortium led by construction group Vinci ( SGEF.PA ) operate it under concession for 50 years. However, the price of usage has left the SNCF concerned and its president Guillaume Pepy told Le Monde newspaper it would lose 90 million euros on the line this year. Despite the huge costs of high-speed lines, a study from the INSEE statistics agency found this year that they do bring significant economic activity, boosting companies'' profitability and productivity. (Reporting by Pierre-Henri Allain; Writing by Leigh Thomas; Editing by Stephen Powell)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-train-idUKKBN19M3OV'|'2017-07-01T20:10:00.000+03:00'|5500.0|26.0|0.0|'' 5501|'0e8291fbb8386985f74e55cc5a97af6dcbc60f35'|'Microsoft to cut "thousands" of jobs - source'|'Microsoft Corp ( MSFT.O ) plans to cut "thousands" of jobs, with a majority of them outside the United States, a person familiar with the matter told Reuters.Reuters reported on Monday that Microsoft would undergo a reorganization that would impact its sales and marketing teams as the company doubles down on its fast-growing cloud business.Microsoft''s shares were down 0.7 percent at $68.63 on Thursday.The Redmond, Washington-based company employed about 120,000 people globally as of March 31, with sales and marketing teams accounting for about 19 percent of the workforce, according to the company''s website. ( bit.ly/2tgetOg )Microsoft has notified some employees about the reductions, the source said. However, in some geographies, the company plans to notify employees that their jobs are under consideration, the source added.Since taking over as chief executive in 2014, Satya Nadella has sharpened the company''s focus on its cloud computing unit to counter a prolonged slowdown in the PC market.(Reporting by Salvador Rodriguez in San Francisco; Narottam Medhora and Rishika Sadam in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-microsoft-layoffs-idUSKBN19R2IO'|'2017-07-06T19:52:00.000+03:00'|5501.0|''|-1.0|'' 5502|'f899b1656f549d2d1dc60b0300b4bfc7dbdf6c8e'|'China''s debt spectre could haunt Fed''s policy meetings'|'July 24, 2017 / 3:47 AM / 2 hours ago China''s debt spectre could haunt Fed''s policy meetings 5 Min Read FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. Thomas White/Illustration/File Photo HONG KONG (Reuters) - In September 2015, the U.S. Federal Reserve cited risks from China as a key reason for delaying its first interest rate hike in a decade. A wall of Chinese debt maturing in the next few years could jolt the country back into the U.S. central bank''s policy deliberations. Two years ago, it was a collapse in Chinese stocks, a surprise yuan devaluation and shrinking foreign exchange reserves that roiled financial markets that delayed the Fed, but it did raise rates three months later and has tightened further since. Now, some see risks emerging in China''s dollar-denominated bonds that could give the Fed greater pause for thought as it raises rates, even as other central banks signal a shift from ultra-easy policy. To be sure, Fed officials have not publicly flagged China''s debt as a major risk in their policy discussions. However, debt analysts point to the possibility of another September 2015 moment in which the Fed takes its cues from concerns about China. "Back then, I said that U.S. monetary policy is not made in Washington, it''s made in Beijing," said Joachim Fels, global economic advisor at bond giant PIMCO. "China does have a major impact on monetary policies elsewhere ... This year has been smooth sailing for global central banks because there were no shockwaves from China but I expect that to change if we think beyond the next few months." The outstanding amount of dollar bonds issued by Chinese entities has grown almost 20 times since the 2008-09 global financial crisis to just over half a trillion dollars, according to data from the Bank for International Settlements. Since September 2015, it has grown almost 50 percent. China''s dollar bonds are now almost a third of the emerging market total dollar issuance, up from a quarter in September 2015 and less than 5 percent before the Fed first began printing money in December 2008. A fifth of China''s dollar bonds mature within a year, according to BIS data. More than half are due in the next five, Thomson Reuters data show. If U.S. borrowing costs start rising as a result of the Fed''s exit from its unconventional monetary policy, that debt would have to be rolled over at higher costs, chipping away at the real economy in China. Alternatively, Chinese companies might decide to refinance their debt in local currency, creating weakening pressure on the yuan. Either development would reverberate globally and create a major external challenge for Fed policy. Feedback Loop For its part, the Fed doesn''t see any immediate dangers with China''s dollar debt. "You''ll find if you look at China they certainly have dollar-denominated debt but ... you''ll see that they are not as reliant on external debt as people might have thought," Dallas Fed chief Robert Kaplan said in Mexico City on Friday. Also, a significant portion of Chinese dollar borrowing makes economic sense -- such as companies funding overseas investment projects. And if those dollars are converted into yuan, they could help ease any weakening pressure on the Chinese currency. For now, dollar borrowing conditions remain stable with 10-year benchmark U.S. yields still low by historical standards, despite four Fed rate hikes since September 2015. Broadly, the dollar is as strong now as it was back then. Indeed, the bigger risk focus for many analysts currently is not China''s dollar bonds, but its local currency debt, which ratings agencies estimate to be almost three times the size of the economy. But analysts say that the longer China''s rapid accumulation of dollar debt continues, the harsher the future adjustment for the economy will be, especially if lenders start repricing Chinese credit risk. "Regardless of how you cut your pie, you''ll discover debt is a big problem. China has made a major contribution to global leverage since 2008," said Aidan Yao, senior emerging Asia economist at Axa Investment Managers. "When markets start to wobble, there''s a feedback loop that has an impact on the Fed''s trajectory. Policy normalisation is not going to be in a straight line." A forced deleveraging could renew weakening pressure on the yuan as dollars find their way out of the country, although capital controls help mitigate that risk. "While the market generally believes that money flows have stabilised and the worst of the yuan''s slide is over, the reality may well be the opposite," said Kevin Lai, chief economist for Asia ex-Japan at Daiwa Capital Markets. "As more dollar debt has been taken up, the pressure on outflows is merely being delayed. Such pressure is also getting bigger, not smaller. This would eventually feed into even bigger downward pressure for the yuan." Additional reporting by Anthony Esposito in Mexico City; Editing by Sam Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-debt-fed-idINKBN1A909M'|'2017-07-24T06:43:00.000+03:00'|5502.0|''|-1.0|'' 5503|'98aa99ebebbe03a9914a34430ad892dc6a9c9738'|'Horror stories told by central bankers will not end in an interest rate shock'|'W herever investors looked last week, the picture was rosy. The eurozone, for so long the laggard in the global growth league, could be seen zipping along following first-quarter GDP growth that hit 0.6%.German business confidence hit a record high, and France and Italy finally joined the party with higher than expected output. In the US, official estimates upgraded growth for the first quarter to an annualised 1.4% from an initial estimate of 0.7%. Even Japan, the standard-bearer for more than 20 years of economic stagnation, is due to exceed expectations this year as exports soar.The post-crash years of political upheaval and the threat of nations going bankrupt are long gone. The upbeat global outlook prompted central bankers to allow talk of a subject that has always caused turmoil on global markets whenever it is mentioned, namely higher interest rates. Last week was no exception.When Bank of England governor Mark Carney discussed how business investment, productivity and wages would soon begin to rise, the pound jumped past $1.30. Investors, interpreting Carney as a not-so-secret hawk who would gladly increase the cost of credit, bought the pound in droves, pushing up its value against the dollar.Mario Draghi, the boss of the European Central Bank , spoke in a similar vein. He considered the day when the ECB might begin to withdraw some of the monetary stimulus that has done so much to keep the single currency and its member states afloat.The governor of the Bank of Canada joined the frenzy of hawkish comments in an interview that had him saying low rates had done their job.Federal Reserve chair Janet Yellen, in London for a speech at the Royal Academy, pledged the US central bank to raising rates in accordance with its stated policy, despite some forecasts showing that recent growth upgrades could prove to be a false dawn.Bond dealers listened to all these comments and went into meltdown. Could it be, they asked, that the years of cheap and plentiful central bank funds were coming to an end? Within minutes a bond sell-off was in full swing.Fortunately, a more considered position eventually held sway and the markets settled down. A closer look at Carney, Draghi and Yellens comments showed that little had changed.Britain is still in the grip of uncertainty political and economic as the early skirmishes in a two-year battle over Brexit have clearly shown. Carneys almost academic discussion of when rates could rise was heavily caveated with doom about Brexit and its potential for harm. Draghi was essentially restating his existing position and Yellen was doing the same.To emphasise the point, Japans central bank governor, Haruhiko Kuroda, said he would maintain Tokyos loose monetary policy and low interest rates for the foreseeable future.And a look at the economic data shows there is a more mixed picture than the bald GDP numbers would have investors believe. As one leading economic consultancy said, as the stock- and bond-market gyrations eased, rising inflation and sluggish wage growth, among other things, means that UK growth is expected to deteriorate this year. As with Draghis comments, we think investors have misinterpreted Carneys message, and a rate hike this year is not the most likely outcome.Meanwhile a GfK survey of UK consumer confidence fell to within touching distance of its post-referendum low, as households face a squeeze on their real incomes.Essentially, Europe still has its problems, as the Italian bank bailouts last week illustrated. The Nordic countries have high household debt ratios and the French are only at base camp in the long climb to economic credibility. These are not overheating economies that need cooling with interest rate rises. They are economies bedevilled by the legacies of the last crisis, many of which still need to be dealt with.End of the line for heads-I-win-tails-you-lose rail franchising Whatever the fate of the east coast rail franchise, Virgin Trains has at least shown some staying power. On a line that promised easy pickings, first GNER and then National Express each lasted only 18 months before announcing they couldnt make it work. The present incumbent has managed two years before confirming it would be seeking some form of bailout , demanding that the Department for Transport renegotiate with preferential terms for the Stagecoach-Virgin partnership.The east coast line was reprivatised in 2015 after more than five years in the public sector. It had returned more than 1bn in premiums to the Treasury, with dividends on top a figure that Stagecoach confidently asserted it would trump. It may still do so. But the bulk of the promised 3.3bn was due towards the end of the eight-year franchise and it is already balking.What has reprivatisation brought? Some investment in customer service: 21m spent on train interiors and ticketing innovations. But Virgin wasted no time in making passengers pay even more: its stealth rises alone doubled the average rail fare increase across Britain in 2016.Rail franchising has teetered on the brink since the fiasco that saw Virgin and Stagecoach being left to run the other London to Scotland mainline, west coast, in 2012. Genuine competition on UK railways has been the exception ever since the network was privatised.Now there is the unedifying prospect of the government funnelling more money into the pockets of two of Britains richest men, Brian Souter and Richard Branson, who have made a fortune in dividends since privatisation. The DfT must not perpetuate the scandal of heads-I-win-tails-you-lose franchising, where business wants the taxpayer and fare-paying passenger to underwrite its losses.The government should not expend energy and money trying to bail out another private firm. Rather, it should call its bluff, harness the public mood, and nationalise east coast now.Doing the maths matters, even at miserably low interest Andy Haldane, chief economist of the Bank of England , made an interesting observation last week. For whatever reason, he said, there is far less of a social stigma attached to failings in maths than there is to reading and writing. Its socially acceptable not to have a head for figures, not to have a maths brain.Haldane was speaking in his role as trustee of charity National Numeracy , and he is quite right. Indeed, it can be a badge of honour to admit that a working out a percentage is too hard. Haldane, however, demonstrated his own prowess by calculating that 8,400 of savings at a 2.5% rate of interest would generate 210 in the first year. That was a hypothetical example, obviously, given that data from Moneyfacts shows a third of savings accounts now earn less than the 0.25% base rate. Even so, Haldane should keep banging on about numeracy.Topics Interest rates Business leader Economics Bank of England European Central Bank Virgin Trains Rail industry comment'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jul/02/horror-stories-of-central-bankers-have-no-interest-rate-shock'|'2017-07-02T03:00:00.000+03:00'|5503.0|''|-1.0|'' @@ -5519,7 +5519,7 @@ 5517|'0f0ef7fb096c1b2870c757b1b0a00e2503e7e6c9'|'Hutchison''s Drei buys Tele2 to rival Carlos Slim in Austria'|'July 28, 2017 / 12:26 PM / in 12 minutes Hutchison''s Drei buys Tele2 to rival Carlos Slim in Austria Shadia Nasralla and Kirsti Knolle 3 Min Read VIENNA (Reuters) - Mobile telecoms firm Hutchison Drei Austria ( 0001.HK ) is buying landline-focused Tele2 ( TEL2b.ST ) from its Swedish owner for 95 million euros (84.77 million pounds) to create a rival to Mexican tycoon Carlos Slim''s Telekom Austria ( TELA.VI ). Drei said on Friday the merged group, led by Hong Kong-based Hutchison, would have around 1 billion euros in annual sales and four million mobile, landline and internet lines. This compares with 3.4 million lines and 2016 revenue of 2.6 billion euros at Telekom Austria''s A1 unit, which has so far had a monopoly on these combined telecoms services in the country with a population of 8.7 million. "This is a clear challenge to (Telekom Austria''s) A1," said Drei Austria Chief Executive Jan Trionow at a news conference. "We want to move closer to A1 and will certainly not stop once we''ve reached them." A1 has a larger share of the lucrative market for business customers. Trionow said it was too early to give longer-term earnings and sales guidance. The new management structure was also still being discussed. Tele2 as a brand will be withdrawn from the Austrian market within the next 12 months, he said. Austria is a highly competitive market for telecoms companies, especially in mobile broadband. All major operators, including Deutsche Telekom''s ( DTEGn.DE ) Austrian unit, have an aggressive pricing policy. Hutchison and Slim''s America Movil became key players in the Austrian telecoms market in 2013 and 2014 with the Asian group buying France Telecom''s Orange Austria and Slim becoming the majority owner of former state monopoly Telekom Austria. Both groups invested about a billion euros at the time, hoping for further growth opportunities elsewhere in Europe. As these hopes did not materialise, digital broadband has become the major battleground. The Drei Austria chief said the new group will play an integral part in providing high-speed internet for companies in Austria after the Organisation for Economic Co-operation and Development (OECD) warned recently that progress was lagging most rich countries. The government wants companies to have access to high-speed broadband internet even in the remotest parts of the Alpine country by 2020. Hutchison, the number one in mobile internet and mobile entertainment services in Austria, plans to expand its expertise to business customers and generate more than 25 percent of revenue from them in the medium term. At the merged group, that ratio would currently be 22 percent. The deal is expected to close this year, pending regulatory approval. Editing by Alexander Smith and Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hutchison-m-a-tele2-austria-idUKKBN1AD1IJ'|'2017-07-28T15:26:00.000+03:00'|5517.0|''|-1.0|'' 5518|'118352cac1446f0a0660d7cdd5be4d3513613717'|'Europe slides on Ericsson slump, souring bank mood'|'* STOXX 600 down 1.1 pct* Ericsson sinks more than 16 pct after forecast cut* Bank index slips most in 2 months as U.S. lenders drop* IG Group enjoys double-digit gains* Slower sales growth sends Zalando down 7 pctBy Helen ReidLONDON, July 18 (Reuters) - European shares fell on Tuesday after disappointing Ericsson and Lufthansa earnings, while scaled-back expectations of monetary tightening by major central banks dented financial stocks.The pan-European STOXX 600 fell by more than 1 percent, snapping a four-day winning streak, with European banks down by 1.6 percent and lower bond trading revenue at Goldman Sachs adding to the selling pressure.Barclays and Deutsche Bank, which are also major players in the bond market, were top fallers on their respective indexes after the Goldman results.Although euro zone banks are the most favoured sector along with tech among global investors, according to the latest Bank of America Merrill Lynch (BAML) survey of fund managers, comments from Federal Reserve and European Central Bank policymakers have triggered profit-taking in recent weeks.The comments point to a slower rate of tightening on both sides of the Atlantic than many investors were expecting."The persistent overweight in Eurozone vs US equities could be more bad news for European investors," strategists at BAML said, as that could leave them more vulnerable.Elsewhere, Ericsson fell by nearly 16 percent after cutting its forecast for the mobile infrastructure market and reporting a wider than expected loss, a further blow to a company that is undertaking cost cuts.Nokia fell 3.3 percent to the bottom of the CAC 40 as the Finnish mobile equipment maker''s stock suffered too.Zalando weighed on the retail index with its shares down 8.3 percent after reporting slowing sales growth. Europe''s biggest online-only fashion retailer said capacity issues at new warehouses had held it back.The broader euro zone earnings picture is expected to weaken slightly in the third quarter, with analysts expecting a stronger currency to weighing on the bloc''s large exporters."Historically euro weakness has provided a driver for earnings beats and with that removed, expectations may be more difficult to surpass," Edward Park, investment director at Brooks Macdonald, said.German airline Lufthansa fell 1.2 percent from 10-year highs, the worst DAX performer, as cautious second-half comments overshadowed a profit forecast hike.Lufthansa''s shares had gained nearly 70 percent this year to yesterday''s close, among the best performing stocks in Europe.Norwegian fertiliser firm Yara fell 4 percent after quarterly earnings were dented by a margin squeeze."We believe this has been Yara''s darkest quarter and see an improving trend with urea prices ticking up in the U.S. and Egypt recently," Liberum analysts said.Among shares boosting the index, British spread-betting firm IG Group soared more than 16 percent, leading the gainers after beating analysts'' profit estimates.Property developer British Land jumped 3.1 percent and was among the top performers on the STOXX 600 after announcing a 300 million pound share buyback.Analysts at Morgan Stanley last week predicted European share buybacks would accelerate as corporates react to a better economic growth and solid balance sheets. (Reporting by Helen Reid; editing by John Stonestreet and Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL5N1K957O'|'2017-07-18T19:25:00.000+03:00'|5518.0|''|-1.0|'' 5519|'f07eef9dbe97bddd7ac55ef92d52cded2082e7cc'|'S.African central bank: Still oppose watchdog findings on bank bailout'|'Market News - Tue Jul 11, 2017 - 4:25am EDT S.African central bank: Still oppose watchdog findings on bank bailout JOHANNESBURG, July 11 The South African Reserve Bank (SARB) said on Tuesday it is proceeding with its legal challenge to the Public Protector''s findings over an apartheid-era bailout of a bank subsequently bought by Absa, now a unit of Barclays Africa Group. "The SARB will proceed with a separate application for the review of the Public Protectors report and evidential factual inaccuracies therein," the bank said in a statement. The central bank, however, said it was consulting its legal team on how to proceed with its challenge to Public Protector Busisiwe Mkhwebane''s recommendation that the bank''s constitutional mandate be changed, after she decided not to oppose such a challenge. (Reporting by Olivia Kumwenda-Mtambo; Editing by Hugh Lawson) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-cenbank-idUSJ8N1JJ017'|'2017-07-11T11:25:00.000+03:00'|5519.0|''|-1.0|'' -5520|'948b9c7d7cea9a7514091537291f4d572ba5bedd'|'Exclusive - Brazil banking clans may pay $1.1 billion for Havaianas maker, sources say'|'Deals - Sun Jul 9, 2017 - 3:38pm BST Exclusive: Brazil banking clans may pay $1.1 billion for Havaianas maker, sources say Pairs of Brazilian popular Havaianas brand sandals are displayed in Sao Paulo, March 18, 2003. REUTERS/Paulo Whitaker/File Photo By Tatiana Bautzer and Guillermo Parra-Bernal - SAO PAULO SAO PAULO Brazil''s most prominent banking clans could pay between 3.3 billion reais and 3.5 billion reais ($1 billion and $1.1 billion) for a majority stake in Havaianas flip flop maker Alpargatas SA, two people with knowledge of the matter said. Proceeds from a sale of Alpargatas, whose shares are up sharply this year, could help pay down the heavy debt load of the owners, who are also involved in a corruption scandal. Cambuhy Investimentos Ltda and Itasa Investimentos SA ( ITSA4.SA ) are working to iron out terms of a deal by as early as next week, when exclusivity talks expire with Alpargatas'' controlling shareholder J&F Investimentos SA, the first person said. Itasa oversees the fortune of Brazil''s Villela and Setubal families, who control So Paulo-based Ita Unibanco Holding SA ( ITUB4.SA ), Latin America''s largest bank by assets. Cambuhy is the family office of Brazil''s billionaire Moreira Salles family, also a major Ita shareholder. J&F, which owns 86 percent of Alpargatas and oversees the fortune of the billionaire Batista family, must raise cash to pay a 10.3 billion real leniency fine and refinance looming loan maturities, the people said. J&F''s owners Joesley and Wesley Batista signed a leniency deal in May after admitting to bribing almost 1,900 politicians. Common shares of So Paulo-based Alpargatas ( ALPA3.SA ) are up 63 percent this year. The company''s Havaianas flip flops, created in 1962 during Brazil''s Bossa-Nova musical movement, are worn globally by celebrities from Blake Lively to Jennifer Aniston. Alpargatas, which also manages a wide array of Brazilian fashion brands including beachwear brand Osklen, is the first of J&F''s assets lined up for sale in the wake of the Batista family''s involvement in Brazil''s worst-ever corruption scandal. Reuters reported the Cambuhy-led bid on June 16, which the companies confirmed a week later. Proceeds from sale of J&F''s stake in Alpargatas will go to repay a 2.7 billion-real acquisition financing loan the Batistas took with state-controlled lender Caixa Econmica Federal, the first person said. The loan is under investigation by Brazil''s audit court TCU for potential irregularities. J&F, Cambuhy and Itasa declined to comment. The people asked not to be identified because talks remain private. PRESSURE FROM CREDITORS The pace of talks between J&F and the Cambuhy-Itasa group gained steam in recent days. Creditors have been pressuring the Batistas to renegotiate more than 30 billion reais of debt at J&F and JBS SA ( JBSS3.SA ), the world''s No. 1 meatpacker, which the brothers also control. If the bid for Alpargatas succeeds, Cambuhy and Itasa will split equally the Batistas'' stake, both companies said on June 26. The Batistas acquired Alpargatas in December 2015 from construction conglomerate Camargo Correa SA [PMORRC.UL], which was ensnared in the same scandal. J&F''s controlling stakes in dairy producer Fbrica de Produtos Alimentcios Vigor SA and pulpmaker Eldorado Brasil Celulose SA are also on the block and their sale processes advancing, the people said. The sale of Alpargatas, Vigor and Eldorado could raise 10 billion reais and cut J&F debts by another 10 billion reais, one of the people said. Joesley, the youngest of the Batista siblings and a central figure in the family''s leniency deal, is conducting talks to sell Alpargatas himself, the people added. ($1 = 3.2854 reais)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-alpargatas-sa-m-a-exclusive-idUKKBN19U0OJ'|'2017-07-09T17:34:00.000+03:00'|5520.0|''|-1.0|'' +5520|'948b9c7d7cea9a7514091537291f4d572ba5bedd'|'Exclusive - Brazil banking clans may pay $1.1 billion for Havaianas maker, sources say'|'Deals - Sun Jul 9, 2017 - 3:38pm BST Exclusive: Brazil banking clans may pay $1.1 billion for Havaianas maker, sources say Pairs of Brazilian popular Havaianas brand sandals are displayed in Sao Paulo, March 18, 2003. REUTERS/Paulo Whitaker/File Photo By Tatiana Bautzer and Guillermo Parra-Bernal - SAO PAULO SAO PAULO Brazil''s most prominent banking clans could pay between 3.3 billion reais and 3.5 billion reais ($1 billion and $1.1 billion) for a majority stake in Havaianas flip flop maker Alpargatas SA, two people with knowledge of the matter said. Proceeds from a sale of Alpargatas, whose shares are up sharply this year, could help pay down the heavy debt load of the owners, who are also involved in a corruption scandal. Cambuhy Investimentos Ltda and Itasa Investimentos SA ( ITSA4.SA ) are working to iron out terms of a deal by as early as next week, when exclusivity talks expire with Alpargatas'' controlling shareholder J&F Investimentos SA, the first person said. Itasa oversees the fortune of Brazil''s Villela and Setubal families, who control So Paulo-based Ita Unibanco Holding SA ( ITUB4.SA ), Latin America''s largest bank by assets. Cambuhy is the family office of Brazil''s billionaire Moreira Salles family, also a major Ita shareholder. J&F, which owns 86 percent of Alpargatas and oversees the fortune of the billionaire Batista family, must raise cash to pay a 10.3 billion real leniency fine and refinance looming loan maturities, the people said. J&F''s owners Joesley and Wesley Batista signed a leniency deal in May after admitting to bribing almost 1,900 politicians. Common shares of So Paulo-based Alpargatas ( ALPA3.SA ) are up 63 percent this year. The company''s Havaianas flip flops, created in 1962 during Brazil''s Bossa-Nova musical movement, are worn globally by celebrities from Blake Lively to Jennifer Aniston. Alpargatas, which also manages a wide array of Brazilian fashion brands including beachwear brand Osklen, is the first of J&F''s assets lined up for sale in the wake of the Batista family''s involvement in Brazil''s worst-ever corruption scandal. Reuters reported the Cambuhy-led bid on June 16, which the companies confirmed a week later. Proceeds from sale of J&F''s stake in Alpargatas will go to repay a 2.7 billion-real acquisition financing loan the Batistas took with state-controlled lender Caixa Econmica Federal, the first person said. The loan is under investigation by Brazil''s audit court TCU for potential irregularities. J&F, Cambuhy and Itasa declined to comment. The people asked not to be identified because talks remain private. PRESSURE FROM CREDITORS The pace of talks between J&F and the Cambuhy-Itasa group gained steam in recent days. Creditors have been pressuring the Batistas to renegotiate more than 30 billion reais of debt at J&F and JBS SA ( JBSS3.SA ), the world''s No. 1 meatpacker, which the brothers also control. If the bid for Alpargatas succeeds, Cambuhy and Itasa will split equally the Batistas'' stake, both companies said on June 26. The Batistas acquired Alpargatas in December 2015 from construction conglomerate Camargo Correa SA [PMORRC.UL], which was ensnared in the same scandal. J&F''s controlling stakes in dairy producer Fbrica de Produtos Alimentcios Vigor SA and pulpmaker Eldorado Brasil Celulose SA are also on the block and their sale processes advancing, the people said. The sale of Alpargatas, Vigor and Eldorado could raise 10 billion reais and cut J&F debts by another 10 billion reais, one of the people said. Joesley, the youngest of the Batista siblings and a central figure in the family''s leniency deal, is conducting talks to sell Alpargatas himself, the people added. ($1 = 3.2854 reais)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-alpargatas-sa-m-a-exclusive-idUKKBN19U0OJ'|'2017-07-09T17:34:00.000+03:00'|5520.0|26.0|2.0|'' 5521|'caf598298937fa0f3f2e29673dec96168e4bb005'|'Daimler to spend $255 million updating diesel cars'|'Edition United States July 18, 2017 / 3:51 PM / a minute ago Daimler to spend $255 million updating diesel cars Reuters Staff 2 Min Read The Mercedes-Benz logo is seen before the company''s annual news conference in Stuttgart, Germany, February 4, 2016. Michaela Rehle/File Photo FRANKFURT (Reuters) - Daimler ( DAIGn.DE ) said its management board had approved measures to cut diesel pollution including an investment of 220 million euros ($255 million) to update over three million Mercedes-Benz diesel engine cars in Europe. The measures come after German lawmakers last week summoned Mercedes-Benz executives to question them about emissions. At the time the carmaker agreed with the Transport Ministry to undergo another round of emissions tests. "The company is investing about 220 million euros. The service actions involve no costs for the customers," Daimler said in a statement on Tuesday, adding that the updates would commence in the coming weeks. Daimler further said it would roll out its new four-cylinder OM 654 diesel engine, first launched in the new E-Class in 2016, across its entire model portfolio. After Volkswagen ( VOWG_p.DE ) confessed to deliberate emissions cheating in 2015, the entire auto industry has come under scrutiny for producing nitrogen oxide emissions in diesel cars, which are blamed for causing respiratory disease. In May, 23 prosecutors and around 230 staff, including police and state criminal authorities, searched Daimler sites in Germany following allegations of false advertising and the possible manipulation of exhaust gas treatment systems in diesel cars. Daimler has said its vehicles are road legal but also warned investors in its quarterly report that steps by U.S. authorities to investigate "functionalities", including some which it said were common in diesel vehicles, could lead to significant penalties and vehicle recalls. Reporting by Edward Taylor; Editng by Victoria Bryan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-daimler-emissions-mercedes-idUKKBN1A31T1'|'2017-07-18T18:55:00.000+03:00'|5521.0|''|-1.0|'' 5522|'d33dd18ea0a9385d4092197d4e4c1655705f93f8'|'Why has Flybe put its cheap student luggage deal on hold? - Money'|'My son is a student in the Dutch city of Groningen which, after Amsterdam, has the highest student population in the Netherlands (it has two universities and there are more than 50,000 students, with half of the population being under 35). He flies there at the end of August for the start of the academic year and returns in late June/early July for the summer holidays; he also makes a return trip at Christmas and Easter. He makes a minimum six flights a year.I was delighted to discover that Flybe, which operates out of Southend (our closest airport), flies direct to Eelde airport on the outskirts of Groningen. It also offers a student hold luggage deal offering 46kg for the price of only 23kg which, according to the website, is because Flybe appreciates that, for students, living away from home a generous hold luggage allowance is important.However, when I telephoned Flybe to find out more I was surprised to be told it doesnt provide the offer on the Southend-Groningen route. The wording makes no mention of any restrictions. ED, IpswichFlybe told us, initially, that as the Southend-Groningen route is operated by its franchise partner, Stobart Air, any query should be addressed to them. However, it then had a change of heart and agreed to look at your complaint.It confirmed that the information given to you was wrong hardly reassuring for the many students based in the south-east and east of England flying from Southend.It says: Flybe has apologised to ED for the misunderstanding. We can confirm that this is available on all Flybe routes, including those operated by our franchise partners. We have taken immediate steps to ensure that all customer service staff are fully aware of Flybes offers and products.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone numberTopics Money Consumer champions Consumer rights Student finance Students Flights features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jul/30/flybe-student-luggage-deal-southend-airport'|'2017-07-30T14:00:00.000+03:00'|5522.0|''|-1.0|'' 5523|'2af2ed3333afb21e7d32f16f06342b99533a1680'|'Singapore to postpone bank capital rules; follows HK, Australia delays'|'July 5, 2017 / 9:42 AM / 31 minutes ago Singapore to postpone bank capital rules; follows Hong Kong, Australia delays By Michelle Price 4 Min Read People pass the skyline of the central business district along the Marina Bay Promenade in Singapore April 10, 2017. Edgar Su HONG KONG (Reuters) - Singapore''s banking regulator has told lenders it will delay by a year the implementation of global rules designed to rein in trading risks - the latest sign that the post-crisis overhaul of the world''s banking system may be stalling. The move follows similar postponements by banking regulators in Hong Kong and Australia as concerns grow over the complexity of the rules and as it is also uncertain how they will fit with other capital reforms yet to be finalised. The Monetary Authority of Singapore (MAS) notified local banks of the delay to the so-called ''fundamental review of the trading book'' (FRTB) in a letter last month that also flagged a number of other regulatory issues, two people briefed on the matter said. The people declined to be identified as the letter was not made public. The rules were finalised last year by the Basel Committee on Banking Supervision as part of a decade-long international effort to prevent a repeat of the 2008-2009 global financial crisis. The FRTB rules, which require banks to hold more capital against their trading books, were scheduled to become effective in January 2019. A MAS spokeswoman said the regulator remains committed to a full implementation of Basel III reforms but was not rigidly adhering to a timeline. "In determining the implementation timeline, MAS will consider factors such as the state of global implementation guidance, the industry''s readiness and implementation progress in other jurisdictions," she said in a statement. Basel has no powers of enforcement and relies on member countries to commit to the implementation of reforms agreed by the committee. A person familiar with the committee''s workings said there was no sign of the FRTB being ditched outright. In addition, capital for trading books is a small proportion of a bank''s total buffer and therefore a delay in the FRTB does not materially affect the bigger capital picture for the banking sector, this person said. Group of 20 (G20) countries meet in Germany this week to take stock of the implementation of global banking reforms. Mark Carney, chairman of the Financial Stability Board, which coordinates financial rules for the G20, warned on Monday that global growth would suffer if regulators give in to "reform fatigue" and fail to complete the agreed changes. But after an intensive decade of rule-making, some policymakers now want to prioritize growth over yet more complex banking regulation. U.S. President Donald Trump has said regulation is holding back lending and the U.S. Treasury has recommended delaying the FRTB, as well as another measure that strengthens bank funding. Regulators in Asia are worried their banks may be at a disadvantage if they push ahead with the rules while other countries hold back, the sources said. The European Unions executive European Commission has proposed delaying its full application of FRTB, and officials are now waiting to see whether U.S. regulators follow the U.S. Treasury recommendation. The Hong Kong Monetary Authority said last month the FRTB rules would be implemented no earlier than January 2020, while the Australian Prudential Regulation Authority (APRA) announced a delay in March that would likely see the rules come into force in 2021. Reporting by Michelle Price; additional reporting by Anshuman Daga in SINGAPORE and Huw Jones in LONDON: Editing by Edwina Gibbs and Neil Fullick 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-basel-capital-singapore-idINKBN19Q108'|'2017-07-05T12:39:00.000+03:00'|5523.0|''|-1.0|'' @@ -5604,7 +5604,7 @@ 5602|'9fa071c7df1ee2fe4475f2f21bb22ae25ef1f05e'|'The United States of debt'|'POLITICS in America may be an arena of mutual incomprehension with few settled facts, but the debate about the health of American firms balance-sheets is, if anything, even more bewildering. Ranged on one side are those who complain that America Inc is hoarding $2trn of idle cash and that this acts as a powerful drag on the economy. On the other are those, including the IMF, who yell that firms are bingeing on debt, with borrowing hitting an all-time high of $8.4trn last year. As a result firms are simultaneously accused of being timid wimps and reckless idiots.In fact, the numbers show that they are by and large a sensible bunch (especially compared with the countrys bankers and politicians). What is more, the debate over debt, as framed, misses the most intriguing thing about their balance-sheets. These have been radically reshaped to adapt to three national economic sicknessesa financial system that companies still mistrust after the crisis; a broken tax code; and monopoly profits.Latest updates Trumpcare, version three Democracy in America 7 minutes ago Turkey 31 2 hours 10 See all updates Measuring a firms balance-sheet leverage involves a few moving parts, which may explain some of the muddle over borrowing. There is debt, cash and the profits that go to making interest payments. For the current members of the S&P 500 index, excluding financial firms, all three measures have soared in the past decade. Debt has risen by 114% and cash by 162%; gross operating profits are 51% higher. It is easy to cherry-pick from among these figures to make contradictory claims.What matters, however, is the size of firms net debts (debts less cash) relative to profits. Comparing these is rather like deducting the cash in your bank account from your debts and comparing the net amount to your salary. The ratio for S&P 500 members, adding up all their accounts, is a reasonable 1.5 times, slightly higher than a decade ago and lower than in Europe and Asia. Some firms are more geared than others. But the share of total debt owed by highly leveraged firms has been fairly stable over time. Although figures for the S&P 500 capture only big, listed firms, national-accounts data include all of them and indicate similar trends, with the net-debt ratio flat compared to 2006.That does not necessarily please central banks in rich countries, which since the financial crisis have kept interest rates low, in part to try to persuade companies to go on investment splurges funded by cheap debt. But companies do not work in the way that some economists would like. They invest in line with their long-term strategies, using tried-and-tested rules of thumb to gauge the attractiveness of new projects.Even if American firms have spent a decade ignoring the Federal Reserve, they have altered their behaviour in response to the economys three ills. First, their suspicion of the financial system means they carry a bigger buffer of cash and liquid assets. Before the collapse of Lehman Brothers in 2008 firms assumed they could always tap the money markets or borrow from banks. Now they do not entirely trust either. For every dollar of total gross profits that the present constituents of the S&P 500 earn, they carry $1.25 of cash, compared with 72 cents a decade ago.The second change is that firms have had to adapt to a decrepit tax code that is stuck in the 1980s, before business globalised. Companies must pay a levy if they try to bring foreign profits home, and as a result many do not bother. About half of the cash of S&P 500 firms remains offshore. Many multinationals now divide their balance-sheets according to geography. They build up cash abroad and borrow in America. Apple, for example, issues bonds at home to pay for its share buy-backs, rather than tapping the $240bn it has stashed abroad. So though America Incs consolidated balance-sheet, which adds up the domestic and foreign parts, is prudently leveraged, it is more complex than before.The last change is that companies profits have soared, which partly reflects a decline in competition in the economy and the rise of oligopolies in many industries. Firms are implicitly assuming that this is a permanent change. They have allowed their net debts to rise roughly in line with their rising profits (using these bumper earnings and borrowings to finance share buy-backs).Established oligopolists such as AT&T and Kraft Heinz now boast both massive profits and high levels of net debt, reflecting the fact that their managers do not expect much competition. Likewise, Americas airlines have increased debt as their profits have shot up. Younger monopolies such as Alphabet and Facebook have net cash positions, largely because the money has only just started pouring in. Eventually they may gear up, too.God help AmericaBoth arguments, that America Inc has either lost its nerve or become reckless, are wrong. But the corporate worlds revamped balance-sheet does carry risks. One is that the liquidity buffer of $2trn might be invested unwisely. Every company insists that it parks its spare money in safe banks and low-risk bonds, but this is an area where disclosure is poor, and it would be no surprise if a few corporate treasurers were making dangerous speculative bets. Another risk is that a geopolitical or financial shock could make it harder for capital to cross borders. America Incs geographically divided balance-sheet would be harder to manage.A final risk is that abnormally high profits could fall, making it harder to service debts. Antitrust watchdogs could get tougher with telecoms and cable-TV firms, for example, pushing earnings down. Or the labour market could tighten, pushing wages up and prompting the Fed to raise interest rates. That would squeeze companies near-record margins and lift their interest costs.That is clearly not what many CEOs expect. The message that is buried in balance-sheets is not that American firms are behaving stupidly in response to todays business climate. It is that they think the disappointing status quo of high profits, muffled competition, sluggish wage growth and dysfunctional political and financial systems will continue for a long time to come.'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21725010-hidden-message-american-companies-balance-sheets-united-states-debt?fsrc=rss%7Cbus'|'2017-07-13T23:21:00.000+03:00'|5602.0|''|-1.0|'' 5603|'e0b5b98262b7e0cd1cefc62ebfac0fd8acadfc85'|'MOVES-Citi promotes Raja to EMEA head of credit trading'|'Market News - Thu Jul 6, 2017 - 10:58am EDT MOVES-Citi promotes Raja to EMEA head of credit trading By Steve Slater LONDON, July 6 (IFR) - Citigroup has promoted Amit Raja to head of credit markets trading for Europe, Middle East and Africa, filling the position left vacant by Fred Jallot''s departure in April. Raja had been global head of distressed trading since 2014. He will remain the head of European leveraged trading, but the US distressed credit trading team, which previously reported to him, will now report to Brian Archer. Raja will have responsibility - with the credit trading product heads - for all credit trading businesses in the region, including commercial paper, investment grade, high yield, loans, distressed, EM credit, structured credit and credit opportunities, the bank said in a memo seen by IFR. Raja joined Citi in 1997 and moved into credit trading in 2009. He will report to Carey Lathrop and Mickey Bhatia from a product perspective and Leo Arduini from a regional perspective, the memo said. (Reporting by Steve Slater)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-citi-promotes-raja-to-emea-head-of-idUSL8N1JX4OK'|'2017-07-06T17:58:00.000+03:00'|5603.0|''|-1.0|'' 5604|'dfe4ec58cfc11a0fd13559162d54ec8a0b3110c1'|'Canon falls to more than two-month low after EU threatens huge fine'|'Business News - Fri Jul 7, 2017 - 4:22am BST Canon falls to more than two-month low after EU threatens huge fine left right FILE PHOTO: A gymnast performs in front of the Canon brand logo at the Canon stall during the CP+ camera and photo trade fair in Yokohama, Japan, February 25, 2016. REUTERS/Thomas Peter/File Photo 1/2 left right FILE PHOTO: A logo of Canon Inc is pictured on a Canon EOS Kiss X50 displayed at an electronics store in Tokyo October 23, 2012. REUTERS/Yuriko Nakao WX/File Photo 2/2 TOKYO, July 7 Shares of Canon Inc dropped to their lowest levels in more than two months on Friday after EU antitrust regulators said they could fine it up to 10 percent of annual revenue if they concluded it had breached merger rules. The regulators said they had reached a preliminary view that Canon breached rules by using a so-called "warehousing" two-step transaction structure involving an interim buyer to acquire Toshiba Medical Systems prior to obtaining the relevant merger approvals. Ten percent of Canon''s annual revenue would be roughly equivalent to $2.9 billion. In early morning trade, Canon fell as much as 3 percent to 3,682 yen, its lowest level since May 1. The stock was the fifth most traded stock by turnover. (Reporting by Ayai Tomisawa; Additional reporting by Ritsuko Ando; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-antitrust-canon-idUKKBN19S09Q'|'2017-07-07T05:18:00.000+03:00'|5604.0|''|-1.0|'' -5605|'5aac2622da2af2302514b00f66962cbbb72b2f3b'|'Supreme Court ruling leads to offensive trademark requests'|'FILE PHOTO: The Supreme Court is seen in Washington, DC, U.S. April 7, 2017. Aaron P. Bernstein/File Photo NEW YORK (Reuters) - A small group of companies and individuals are looking to register racially charged words and symbols for their products, including the N-word and a swastika, based on a U.S. Supreme Court decision on trademarks last month.At least nine such applications have been filed with the U.S. Patent and Trademark Office (PTO) since the unanimous June 19 ruling throwing out a federal law prohibiting disparaging trademarks. All are pending.In the past, the agency generally rejected similar filings because they included material that denigrated an identifiable group. But the court said the law violated free speech rights under the U.S. Constitution.If the applicants follow through, such products as energy drinks, sweatshirts and fragrances could be branded with racial slurs. Federally registered trademarks, though not required to sell goods in the marketplace, can protect businesses against unauthorized uses of their brands.Attorney David Bell, a trademark expert with the law firm Haynes and Boone, said the filings could be the tip of the iceberg if more people seek trademarks on offensive and vulgar terms."We''re now opening the door, chipping away at what''s acceptable under cultural norms," he said. "I think it could be a slippery slope, where you get more people and companies thinking, ''This is okay.''"Since the decision, seven trademark applications for versions of the N-word, an offensive term aimed at black people, have been filed, PTO records show. Other applications include an epithet for people of Chinese descent, as well as a swastika symbol, the emblem of the German Nazi party.The PTO told its staff on June 26 that the federal law''s disparagement provision can no longer be used to reject a trademark, according to written guidance seen by Reuters.The Trump administration had urged the high court to keep the provision in place.In a legal brief, the Department of Justice said if the Supreme Court struck it down, the PTO would be forced to trademark "the most repellent racial slurs and white-supremacist slogans."The PTO and the Department of Justice declined to comment.Bell said he did not expect hate groups to seize on the high court ruling to further their agenda."Might the (Ku Klux Klan) or neo-Nazi groups start doing it more? They might, but I don''t think trademark filings are high on their radar," he said.''Hate Into Hope'' Steven Maynard, a Virginia consultant who helps others obtain trademarks, started Snowflake Enterprises with several investors to apply for offensive trademarks after the court ruled.The company has submitted applications to trademark a version of the N-word to appear on clothing, hard liquor and beer, and intends to turn the slur into a brand, Maynard said in an interview. The company has a dedicated website.Maynard, 50, said he is not racist but believes that saturating the market with such epithets can rob them of their racist connotations. The idea is to spark discussion and turn "hate into hope," he said in a phone interview."If you suppress it, you give it power," Maynard said.Maynard''s argument is similar to that offered by The Slants, a Portland, Oregon-based Asian-American dance rock band, which failed in 2013 to trademark its name. The band said it was trying to reclaim a term widely viewed as a derogatory reference to Asian people''s eyes.An appeal of that rejection led to the Supreme Court ruling.John Yang, president of Asian Americans Advancing Justice - AAJC, a Washington, D.C., civil rights organization, said the Slants'' motivations for reappropriating a derogatory term were honest.But he said it was unclear whether the same could be said of new applicants who might have purely commercial motivations or even racist ones. "We are concerned that once you start to peel the onion there might be different stories involved," Yang said.San Francisco entrepreneur Mike Lin, 45, whose parents are Taiwanese, submitted a trademark application for a slur against Chinese people, one he said he was called as a kid and wanted to reappropriate, or "take back."He intends to capitalize on it by selling T-shirts bearing the slur and using the trademark application to generate news coverage for his company 47/72 Inc, he said.Reporting by Andrew Chung; Editing by Noeleen Walder and Howard Goller '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-court-slur-idUSKBN1A80L6'|'2017-07-23T17:07:00.000+03:00'|5605.0|''|-1.0|'' +5605|'5aac2622da2af2302514b00f66962cbbb72b2f3b'|'Supreme Court ruling leads to offensive trademark requests'|'FILE PHOTO: The Supreme Court is seen in Washington, DC, U.S. April 7, 2017. Aaron P. Bernstein/File Photo NEW YORK (Reuters) - A small group of companies and individuals are looking to register racially charged words and symbols for their products, including the N-word and a swastika, based on a U.S. Supreme Court decision on trademarks last month.At least nine such applications have been filed with the U.S. Patent and Trademark Office (PTO) since the unanimous June 19 ruling throwing out a federal law prohibiting disparaging trademarks. All are pending.In the past, the agency generally rejected similar filings because they included material that denigrated an identifiable group. But the court said the law violated free speech rights under the U.S. Constitution.If the applicants follow through, such products as energy drinks, sweatshirts and fragrances could be branded with racial slurs. Federally registered trademarks, though not required to sell goods in the marketplace, can protect businesses against unauthorized uses of their brands.Attorney David Bell, a trademark expert with the law firm Haynes and Boone, said the filings could be the tip of the iceberg if more people seek trademarks on offensive and vulgar terms."We''re now opening the door, chipping away at what''s acceptable under cultural norms," he said. "I think it could be a slippery slope, where you get more people and companies thinking, ''This is okay.''"Since the decision, seven trademark applications for versions of the N-word, an offensive term aimed at black people, have been filed, PTO records show. Other applications include an epithet for people of Chinese descent, as well as a swastika symbol, the emblem of the German Nazi party.The PTO told its staff on June 26 that the federal law''s disparagement provision can no longer be used to reject a trademark, according to written guidance seen by Reuters.The Trump administration had urged the high court to keep the provision in place.In a legal brief, the Department of Justice said if the Supreme Court struck it down, the PTO would be forced to trademark "the most repellent racial slurs and white-supremacist slogans."The PTO and the Department of Justice declined to comment.Bell said he did not expect hate groups to seize on the high court ruling to further their agenda."Might the (Ku Klux Klan) or neo-Nazi groups start doing it more? They might, but I don''t think trademark filings are high on their radar," he said.''Hate Into Hope'' Steven Maynard, a Virginia consultant who helps others obtain trademarks, started Snowflake Enterprises with several investors to apply for offensive trademarks after the court ruled.The company has submitted applications to trademark a version of the N-word to appear on clothing, hard liquor and beer, and intends to turn the slur into a brand, Maynard said in an interview. The company has a dedicated website.Maynard, 50, said he is not racist but believes that saturating the market with such epithets can rob them of their racist connotations. The idea is to spark discussion and turn "hate into hope," he said in a phone interview."If you suppress it, you give it power," Maynard said.Maynard''s argument is similar to that offered by The Slants, a Portland, Oregon-based Asian-American dance rock band, which failed in 2013 to trademark its name. The band said it was trying to reclaim a term widely viewed as a derogatory reference to Asian people''s eyes.An appeal of that rejection led to the Supreme Court ruling.John Yang, president of Asian Americans Advancing Justice - AAJC, a Washington, D.C., civil rights organization, said the Slants'' motivations for reappropriating a derogatory term were honest.But he said it was unclear whether the same could be said of new applicants who might have purely commercial motivations or even racist ones. "We are concerned that once you start to peel the onion there might be different stories involved," Yang said.San Francisco entrepreneur Mike Lin, 45, whose parents are Taiwanese, submitted a trademark application for a slur against Chinese people, one he said he was called as a kid and wanted to reappropriate, or "take back."He intends to capitalize on it by selling T-shirts bearing the slur and using the trademark application to generate news coverage for his company 47/72 Inc, he said.Reporting by Andrew Chung; Editing by Noeleen Walder and Howard Goller '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-court-slur-idUSKBN1A80L6'|'2017-07-23T17:07:00.000+03:00'|5605.0|28.0|0.0|'' 5606|'ef91ebeb8af9f5086b7f563a1ef31e4d333d297f'|'BoE says more defences may be needed against consumer credit'|'July 24, 2017 / 4:29 PM / an hour ago BoE says more defences may be needed against consumer credit Huw Jones 3 Min Read FILE PHOTO: The Bank of England is seen through the columns on the Royal Exchange building in London, Britain August 4, 2016. Neil Hall/File Photo LONDON (Reuters) - The Bank of England said on Monday it could force banks to hold more capital as an "insurance policy" to protect the wider economy in case the rapid growth in consumer credit turns sour. Alex Brazier, the BoE''s executive director for financial stability, said that while lending overall has grown in line with the British economy, outstanding car loans, credit card balances and personal loans have risen by 10 percent, far outpacing rises in income. In a period of good economic performance, banks think they can reduce prices and loosen lending criteria, he said. "The spiral continues and borrowers rack up more and more debt," Brazier said in a speech in Liverpool. "Lending standards can go from responsible to reckless very quickly... Lenders have not entered, but they may be dicing with, the spiral of complacency." It is the latest warning on consumer credit from the BoE, which has already responded by introducing three "defence lines", including closer supervision of banks and tightening mortgage lending standards to stop "boundaries" being pushed, such as a rise in lending at higher loan-to-income multiples. The third "defence line" involves stress testing lenders to check whether they hold enough capital to deal with losses. "And to make sure this defence line is kept robust in the face of rapid consumer credit growth, we are accelerating this year''s test of banks'' consumer credit loans," Brazier said. "By September we will have assessed whether the rapid growth has created any small gap in the line. If it has, we''ll plug it." Brazier highlighted car loans, saying so-called personal contract purchase or PCP from the finance arms of automakers now finance almost four in five new car purchases. Even if a borrower makes all the monthly payments on a PCP contract, the lender can still lose money if used car prices fall. "The finance company is left with a car that has depreciated by more than they''ve been paid," Brazier said. However, the defence lines may now be starting to kick in, he said, with consumer credit showing signs of slowing and new car registrations falling. The aim is to stop the economy having to suffer endless repeats of the "Debt Strikes Back" movie, he added. "For now, settle back with your popcorn and watch the, oddly, not yet highly grossing, new blockbuster, the Return of the Regulator." Reporting by Huw Jones; Editing by Gareth Jones 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boe-banks-regulator-idUKKBN1A923P'|'2017-07-24T19:28:00.000+03:00'|5606.0|''|-1.0|'' 5607|'fb11065614132ca372d64066d7339d96b65906b4'|'Oil prices hover near 8-week highs on lower U.S stocks'|'July 27, 2017 / 4:08 AM / 12 minutes ago Oil prices hover near eight-week highs on lower U.S. stocks Fergus Jensen 3 Min Read An offshore oil platform is seen at the Bouri Oil Field off the coast of Libya August 3, 2015. Darrin Zammit Lupi/Files SINGAPORE (Reuters) - Oil prices were sitting just below 8-week highs on Thursday, buoyed by hopes that a steeper-than-expected decline in U.S. crude oil inventories will reduce global oversupply. Brent crude futures were down 16 cents, or 0.3 percent, at $50.81 a barrel at 0536 GMT, after rising about 1.5 percent in the previous session. U.S. West Texas Intermediate futures were down 13 cents, or 0.3 percent, at $48.62 a barrel. U.S. crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories dropped, the Energy Information Administration said on Wednesday. The 7.2 million barrel decline in crude inventories in the week ending July 21 was well above the 2.6 million barrel forecast. "This marks the fourth consecutive week that total hydrocarbon inventories have fallen during a time of year when they normally increase," said PIRA Energy oil analyst Jenna Delaney. U.S. shale producers including Hess Corp, Anadarko Petroleum and Whiting Petroleum this week announced plans to cut spending this year as a result of low oil prices. Optimism that the long-oversupplied market is moving towards balance was also supported by news earlier in the week that Saudi Arabia plans to limit its crude exports to 6.6 million barrels per day (bpd) in August, about 1 million bpd below its export levels a year earlier. Fellow members of the Organisation of Petroleum Exporting Countries (OPEC) Kuwait and UAE have also promised export cuts. "The narrowing of the global glut is still on track," OCBC said. But analysts say oil prices may have little room to head higher as recent gains could encourage more output, particularly from U.S. shale producers with low costs. "The market will likely be paying even more attention to drilling activity in the U.S. in the coming weeks, particularly after suggestions from certain industry players that the rig count in the U.S. is slowing," ING said in a research note on Wednesday. U.S. fuel exports are on track to hit another record in 2017, making foreign fuel markets increasingly important for the future growth prospects and profit margins of U.S. refiners. Meanwhile, Norway''s Statoil said on Thursday it expected a 5 percent increase in output this year amid higher oil prices, but the company reduced its planned exploration spending. Reporting by Fergus Jensen; Editing by Richard Pullin and Joseph Radford 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN1AC0BN'|'2017-07-27T07:06:00.000+03:00'|5607.0|''|-1.0|'' 5608|'cb3ae5ffb2d62a46f6136f593ec69ef1509272a8'|'Wall Street Week Ahead: Small-cap rally could shrink on earnings, tax reform hurdles'|'July 21, 2017 / 6:17 PM / 25 minutes ago Wall Street Week Ahead: Small-cap rally could shrink on earnings, tax reform hurdles Caroline Valetkevitch 4 Min Read A street sign is seen in front of the New York Stock Exchange on Wall Street in New York, February 10, 2009. Eric Thayer NEW YORK (Reuters) - Optimism is souring around small-cap stocks for some investors, with a host of factors conspiring to up-end gains that have taken them to record highs. Small-caps, which led the market''s rally just after the Nov. 8 election of Donald Trump as U.S. president, are facing weak earnings forecasts, little progress on tax reform and recent outflows. "We have downside risk here. Earnings numbers aren''t great, and valuations are ... pretty rich," said Steven DeSanctis, equity strategist at Jefferies. Investors had expected the administration of Republican Trump, with his promises of aggressive tax cuts and a healthier U.S. economy, would be a boon for small-caps, which tend to be more domestically focused. Republicans so far have been unable to push through bills to repeal and replace the Affordable Care Act, the first leg of the Trump agenda. That has raised doubts about the likelihood of any tax reform this year. Small-caps have higher effective tax rates - about 32 percent versus 26 percent for large-caps, a note from Nuveen Asset Management showed. The performance of both the Russell 2000, a widely used gauge for small-caps, and the small-cap S&P 600 has lagged that of large-caps so far this year, but the Russell is up 20.3 percent since the election compared with a gain of 15.3 percent for the S&P 500. All three indexes hit record highs in recent sessions, just as the earnings reporting period was getting under way. But analysts estimate earnings for S&P 600 companies declined 8.3 percent in the second quarter, dragged down by projected drops in consumer discretionary, energy and health care results, according to Thomson Reuters data. Revenue is expected to have risen slightly in the quarter. Among consumer companies, weakness in apparel, accessories and luxury goods and other retailers is expected to have hurt results, said David Aurelio, Thomson Reuters senior research analyst. In the small-cap energy sector, services and equipment companies continue to be affected by project cutbacks by larger companies. The small-cap outlook is in contrast to expectations for another quarter of strong profit growth for the S&P 500 and a sharp year-over-year jump in large-cap energy. "Small-cap earnings growth has been trailing large-caps for the last four years, and that continues to be the case in the first half of this year," said Dan Suzuki, senior U.S. equity strategist at Bank of America Merrill Lynch in New York. That does not bode well for valuation metrics for small-caps, which the bank calls "the most expensive segment of an expensive market." The Russell 2000 is trading at about 26 times forward earnings as per Thomson Reuters Datastream data, above a median of about 21. The S&P 500 trades at about 17.3 times, also above its median. While analysts expect small-cap earnings to rebound in the second half of the year, some strategists said those lofty expectations are not likely to hold since U.S. economic growth remains sluggish. Large-caps have benefited from recent weakness in the U.S. dollar, which makes foreign currency earnings for U.S. companies worth more in dollars. "This may explain why mid- and large-caps have seen a stronger bounce in earnings revisions than small-caps recently," Lori Calvasina, Credit Suisse''s chief U.S. equity strategist, wrote in a research note. Recent fund data also shows a weakening trend. According to Lipper, U.S.-based small-cap funds have recorded five straight weeks of withdrawals. At the same time, technical momentum indicators are trailing the Russell 2000''s recent push to new highs, a possible warning that its foray into record territory is on less than firm footing. "We''re in a longer period of underperformance," Suzuki said. Reporting by Caroline Valetkevitch; Additional reporting by Terence Gabriel and Trevor Hunnicutt; Editing by James Dalgleish 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-weekahead-idINKBN1A62CA'|'2017-07-21T21:15:00.000+03:00'|5608.0|''|-1.0|'' @@ -5612,7 +5612,7 @@ 5610|'f082699e4e3fbb03aa6787d770ddc032c100e924'|'Moody''s gets licence to rate Saudi Arabia''s corporates'|'July 31, 2017 / 2:28 PM / 2 minutes ago Moody''s gets licence to rate Saudi Arabia''s corporates 2 Min Read DUBAI, July 31 (Reuters) - Moody''s has obtained a licence to operate rating activities in Saudi Arabia, joining the two major foreign credit rating agencies Fitch and Standard & Poor''s, as the country seeks to develop its corporate debt capital markets. Saudi Arabia''s corporate sector has traditionally relied on the bank loan market to back its funding requirements. But since low oil prices started impacting liquidity in the local banking system, authorities have encouraged more bond issuances as bonds allow a larger investor base such as insurance and pension funds to be tapped, therefore reducing the strain on the banking system. The sovereign itself issued its first international bond last year a record breaking $17.5 billion issuance to plug a budget deficit caused by lower oil prices. The bond was followed by a $9 billion international sukuk earlier this year and, this month, by the launch of a domestic sukuk programme through an issuance equivalent to $4.5 billion. Saudi Arabia''s Capital Markets Authority (CMA) said on Monday that as part of its responsibility to regulate and develop credit rating activities, it had authorised Moody''s Investors Service Middle East Limited to conduct credit rating in the country. Standard & Poor''s obtained a similar licence last October. It was followed by Fitch, which obtained the same permission last April. The CMA started receiving applications to conduct credit rating in 2015. (Reporting by Davide Barbuscia, editing by David Evans) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moodys-saudi-idUSL5N1KM4R1'|'2017-07-31T17:25:00.000+03:00'|5610.0|''|-1.0|'' 5611|'d3b43d459b45b9632e553891012d9e54ad90d2b3'|'Oil adds to rally on optimism over declining stocks'|'July 26, 2017 / 1:54 AM / in 18 minutes Oil prices firm on optimism over declining stocks Fergus Jensen 3 Min Read FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada July 21, 2014. Todd Korol/File Photo SINGAPORE (Reuters) - Oil prices firmed on Wednesday to hold near eight-week highs hit in the previous session, on expectations of a drawdown in U.S. stocks and as a rise in shale oil production shows signs of slowing. Brent crude futures LCOc1 rose 41 cents, or 0.8 percent, to $50.61 a barrel by 0617 GMT, after rallying more than 3 percent on Tuesday. U.S. West Texas Intermediate futures CLc1 climbed 49 cents, or 1 percent, to $48.38 a barrel. U.S. crude stocks fell sharply last week as refineries boosted output, while gasoline inventories increased and distillate stocks decreased, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories declined by 10.2 million barrels in the week ending July 21 to 487 million, compared with expectations for a decrease of 2.6 million barrels. The market has been buoyed by Saudi Arabia''s announcement at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers on Monday that it would limit crude exports to 6.6 million barrels per day (bpd) in August, down nearly 1 million bpd from a year earlier. "This has seen expectations of further drawdown in inventories increase," ANZ said in a research note, referring to the Saudi plans. Nigeria also agreed to join a push to rein in production by capping or cutting its output from 1.8 million bpd once it stabilizes at that level. However, the current uptrend in oil prices could be limited to the low $50 per barrel region, according to Ric Spooner, chief market analyst at CMC Markets in Sydney. "As we approach $50 and into the low $50s, that''s a level that could attract increased U.S. shale oil production if it stays around that level," he said. On Monday, Anadarko Petroleum Corp ( APC.N ) said it would cut its 2017 capital budget by $300 million because of depressed oil prices, the first major U.S. oil producer to do so, after posting a larger-than-expected quarterly loss. Oil prices have come under pressure from an oversupply of crude around the globe, brought on in part by rising production from U.S. shale regions. Indonesia''s energy minister said on Tuesday that Southeast Asia''s top crude producer would be open to rejoining the Organization of the Petroleum Exporting Countries (OPEC) as long as it is not forced to curb its own crude oil production. Writing by Fergus Jensen; Editing by Richard Pullin and Joseph Radford 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN1AB06M'|'2017-07-26T04:55:00.000+03:00'|5611.0|''|-1.0|'' 5612|'5310aa496cfdfebe3f042408b20d5a4b6a2e7466'|'Uber shareholders discuss stock sale to SoftBank, others - Bbg'|'July 14, 2017 / 9:43 PM / 16 hours ago Uber shareholders discuss stock sale to SoftBank, others: Bloomberg 2 Min Read FILE PHOTO - A man arrives at the Uber offices in Queens, New York, U.S. on February 2, 2017. Brendan McDermid/File Photo (Reuters) - Uber Technologies Inc''s shareholders and its board, led by venture capital firm Benchmark, have discussed selling some of their stock to Masayoshi Son''s SoftBank Group Corp ( 9984.T ) and other potential investors, Bloomberg reported on Friday, citing people familiar with the matter. The deal could include investment of new money into the startup, Bloomberg reported, adding that details about the valuation of shares or how much SoftBank or other investors would buy were unclear. However, a CNBC report said Softbank was not in discussions to buy stock in the ride-hailing service. Uber, Softbank and Benchmark did not immediately respond to requests for comment. The reports came after the Wall Street Journal earlier in the day said Uber''s biggest rival in Southeast Asia, Grab, was posed to raise as much as $2 billion in funding from SoftBank and China''s top ride-hailing firm Didi Chuxing. Uber has been facing a number of setbacks, including accusations of a sexist work culture and driver protests, that culminated in the departure of co-founder and Chief Executive Travis Kalanick last month. Benchmark partner Bill Gurley, who is one of Uber''s largest shareholders, along with other investors including First Round Capital and Lowercase Capital, all pressed Kalanick to quit. Reporting by Aishwarya Venugopal; Additional reporting by Ishita Palli in Bengaluru; Editing by Anil D''Silva and Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-uber-equity-idINKBN19Z2FY'|'2017-07-15T00:33:00.000+03:00'|5612.0|''|-1.0|'' -5613|'59e6dd5638d3f3edb7cba63c9a78e914ca5f0221'|'Barely more than one in 10 UK firms putting Brexit plans into effect - IoD'|'July 19, 2017 / 11:14 PM / in 16 minutes Barely more than one in 10 UK firms putting Brexit plans into effect: IoD Reuters Staff 3 Min Read FILE PHOTO: A view of the Canary Wharf district is seen in London, Britain July 7, 2017. John Sibley/File Photo LONDON (Reuters) - Barely more than one in 10 British companies has started to put Brexit contingency plans into effect as many firms remain unclear about what leaving the European Union will mean, a leading business organization said on Thursday. The warning from the Institute of Directors comes as academics said separately that there would be "widespread, damaging and pervasive" costs if Britain failed to reach at least a transitional trade deal with the EU before it leaves. The IoD said 11 percent of its members had begun implementing Brexit contingency plans while 30 percent were considering their options but had yet to act, less than two years before Britain is scheduled to leave the EU. "Some changes and costs are inevitable ... but the more information the government can provide on the process of Brexit, the more companies will be reassured they do not have to jump to relocate staff or operations," IoD Director General Stephen Martin said. A third of the nearly 1,000 firms that took part in the IoD survey this month said they expected to do no Brexit planning. Britain started full Brexit talks on Monday but Prime Minister Theresa May''s government is split over how much it should focus on minimizing the disruption of leaving the EU for businesses or prioritize other goals such as asserting the supremacy of British courts and migration controls. Major banks have started to move staff from London and the policy chief of the city''s financial district told Reuters recently that Britain must negotiate a staggered departure from the EU in the next few months or risk seeing thousands of finance jobs move overseas. Anand Menon, a politics professor at King''s College London who directs a research group into Brexit, said a failure to reach a deal with the EU would be highly costly. Nuclear plants might be unable to operate, airlines might be unable to fly and businesses would find it hard to enforce contracts without a deal, the group, UK in a Changing Europe, said. "Our findings show a chaotic Brexit would, at least in the short term, spawn a political mess, a legal morass and an economic disaster," Menon said. Credit ratings agency Moody''s said on Tuesday that ports and airports could face "dramatic" restrictions without a deal. Britain''s government says it is confident it will reach an agreement but has not ruled out abandoning talks if it believes the EU is seeking to inflict long-term damage on Britain. Reporting by David Milliken; Editing by William Schomberg/Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-business-idUKKBN1A42Q2'|'2017-07-20T02:11:00.000+03:00'|5613.0|''|-1.0|'' +5613|'59e6dd5638d3f3edb7cba63c9a78e914ca5f0221'|'Barely more than one in 10 UK firms putting Brexit plans into effect - IoD'|'July 19, 2017 / 11:14 PM / in 16 minutes Barely more than one in 10 UK firms putting Brexit plans into effect: IoD Reuters Staff 3 Min Read FILE PHOTO: A view of the Canary Wharf district is seen in London, Britain July 7, 2017. John Sibley/File Photo LONDON (Reuters) - Barely more than one in 10 British companies has started to put Brexit contingency plans into effect as many firms remain unclear about what leaving the European Union will mean, a leading business organization said on Thursday. The warning from the Institute of Directors comes as academics said separately that there would be "widespread, damaging and pervasive" costs if Britain failed to reach at least a transitional trade deal with the EU before it leaves. The IoD said 11 percent of its members had begun implementing Brexit contingency plans while 30 percent were considering their options but had yet to act, less than two years before Britain is scheduled to leave the EU. "Some changes and costs are inevitable ... but the more information the government can provide on the process of Brexit, the more companies will be reassured they do not have to jump to relocate staff or operations," IoD Director General Stephen Martin said. A third of the nearly 1,000 firms that took part in the IoD survey this month said they expected to do no Brexit planning. Britain started full Brexit talks on Monday but Prime Minister Theresa May''s government is split over how much it should focus on minimizing the disruption of leaving the EU for businesses or prioritize other goals such as asserting the supremacy of British courts and migration controls. Major banks have started to move staff from London and the policy chief of the city''s financial district told Reuters recently that Britain must negotiate a staggered departure from the EU in the next few months or risk seeing thousands of finance jobs move overseas. Anand Menon, a politics professor at King''s College London who directs a research group into Brexit, said a failure to reach a deal with the EU would be highly costly. Nuclear plants might be unable to operate, airlines might be unable to fly and businesses would find it hard to enforce contracts without a deal, the group, UK in a Changing Europe, said. "Our findings show a chaotic Brexit would, at least in the short term, spawn a political mess, a legal morass and an economic disaster," Menon said. Credit ratings agency Moody''s said on Tuesday that ports and airports could face "dramatic" restrictions without a deal. Britain''s government says it is confident it will reach an agreement but has not ruled out abandoning talks if it believes the EU is seeking to inflict long-term damage on Britain. Reporting by David Milliken; Editing by William Schomberg/Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-business-idUKKBN1A42Q2'|'2017-07-20T02:11:00.000+03:00'|5613.0|26.0|0.0|'' 5614|'a3d84ffd3f40e645df3c7cf0b19a6cf598610a63'|'Saudi Aramco reaffirms commitment to Pertamina JV as CEOs meet'|'Business 11am BST Saudi Aramco reaffirms commitment to Pertamina JV as CEOs meet Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed KHOBAR, Saudi Arabia Saudi Aramco ( IPO-ARMO.SE ) CEO Amin Nasser met Pertamina [PERTM.UL] boss Elia Massa Manik in Jakarta on Friday to reaffirm its commitment to their Cilacap Refinery joint development. The meeting was held "to reaffirm Aramco''s commitment to Indonesia joint venture project development", Aramco said on its official Twitter account, without providing further details. Manik, formerly head of state-owned agriculture holding company PT Perkebunan Nusantara (PTPN) III, was appointed boss of Pertamina in March. In June, Pertamina said it was awaiting approval from Saudi Aramco to delay completion of a $5 billion (3.87 billion pounds) upgrade of the Cilacap Refinery in Central Java to 2023 from 2021. The upgrade will increase capacity to 400,000 from 348,000 barrels per day. (Reporting by Reem Shamseddine; additional reporting by Fergus Jensen in Jakarta; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-saudi-aramco-pertamina-idUKKBN19S1C4'|'2017-07-07T13:11:00.000+03:00'|5614.0|''|-1.0|'' 5615|'35e74125b4c672747f8ee9ed774aa99c52fb8a2c'|'Craft beer in America goes flat'|'JULY 4th is a day to celebrate American independence, first and foremost, but also to grill meat and swill beer. For American beer lovers in particular, the pint-glass runneth over in terms of choice. They had 5,000 breweries to pick from this year; 35 years ago there were under 100. Drinkers can enjoy time-honoured traditions, guzzling Budweiser to wash down all that sizzling beef, and newer ones such as sipping ale finished with fennel, liquorice and anise at Trst, a Brooklyn bar.For the producers of beer, the mood is darker. Though the number of brands has proliferated, the number of drinkers has not. Sales have been flat for a few years and 2017 has been especially slow so far. The volumes of beer sold at stores for the three months to June 17th were 1% lower than in the same period last year, according to Nielsen, a market-research firm. Brewers are now waiting with some anxiety for data about sales during the July 4th holiday. The start of the year has been as bad as I can remember, says Trevor Stirling of Sanford C. Bernstein, a research firm. a day ago Why The dip is the result of two problems, one old and one new. First, the consumption of wine and spirits is growing more quickly than that of beer, and has been for nearly 20 years. Women are drinking more booze but often prefer wine and spirits. Men are turning to a wider range of drinks, including whisky and wine.The second difficulty is that after years of effervescent growth, craft beer has gone flat. Volumes grew in 2016, but half as quickly as in 2015 (see chart). In the 13 weeks to June 17th craft-beer sales and volumes both dropped, by 0.7% and 1.5%, respectively. It may be that craft beer has reached its natural limit, both because there are only so many people who want to buy it and because there is only so much shelf-space that stores can provide.Olivier Nicolai of Morgan Stanley, a bank, notes that many distributors and retailers are weary of dealing with a jumble of brands, with some cases of beer going bad before they can be sold. It is hard for retailers to know which beers to stock because consumers, spoiled for choice, have proved fickle. Sales of Saison farmhouse beers, a spicy pale ale, for example, rose by 28% in 2015, according to Nielsen, only to fall in 2016.As the market loses its fizz, debates are intensifying about whether independent beer companies can thrive in the shadow of behemoths such as AB InBev, which controls about half the American beer market. Last year the group, which is backed by 3G Capital, a New York-based private-equity firm, bulked up further by buying Britains SABMiller. By some measures AB InBevs American division, Anheuser-Busch, looks less than intimidating. It is experiencing a much steeper drop in beer demand than craft brewers. In the four weeks to June 17th its Bud Light and Budweiser brands each saw volumes drop by more than 8%, declines not seen since 2009, in the depths of the financial crisis.But small brewers still fret about its scale. It has recently shown interest in buying small brands as well as big ones, downing nine American craft brewers in just the past three years. Some small brewers worry that AB InBevs craft brands will push aside their own. Bob Pease of the Brewers Association in Boulder, Colorado, which represents independent beer firms, argues that AB InBevs expanding portfolio of beer makers and its relationships with distributors may mean that few rivals make it onto delivery trucks. His group introduced a new seal in June to help consumers find properly independent brewers.Joo Castro Neves, head of AB InBevs American business, disputes the idea that his company has a stranglehold on the market. There is no way that Anheuser-Busch or anyone else can impose a beer on the consumer, he insists. Brewers both large and small may find that increasingly hard to contest.This article appeared in the Business section of the print edition under the headline "Half-empty"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21724864-slowing-beer-market-and-might-ab-inbev-has-small-brewers-worried-craft-beer-america?fsrc=rss'|'2017-07-06T22:49:00.000+03:00'|5615.0|''|-1.0|'' 5616|'579d8fd60c9084893c8cde06f05fe900a5cea565'|'India''s HMEL delays full start of Bathinda refinery to end-July - sources'|'July 5, 2017 / 5:35 AM / 6 hours ago HPCL-Mittal Energy delays full start of Bathinda oil refinery to end-July: sources By Jessica Jaganathan and Nidhi Verma 3 Min Read SINGAPORE/NEW DELHI (Reuters) - India''s HPCL-Mittal Energy Ltd (HMEL), part-owned by steel tycoon L N Mittal, has delayed the full-scale start-up of its Bathinda oil refinery in northern Punjab state to the end of July, four sources familiar with the matter said. The refinery was shut on April 30 for about 45 days to raise capacity by about 28 percent to 230,000 barrels per day. The start-up was first delayed to late June. It may only be fully operational in late July, the sources said. HMEL''s chief executive Prabh Das declined to comment. State-owned refiner Hindustan Petroleum Corp (HPCL) and Mittal Energy Investments Pvt Ltd each own a 49 project. HMEL recently began operating some secondary units at Bathinda and despatched a small quantity of diesel for HPCL, two of the sources said, adding the crude distillation unit at the plant is not yet functional. The plant has one crude unit. The Bathinda delay along with heavy maintenance work planned by Indian Oil Corp at its plants has prompted HPCL to enter the spot market to buy diesel, one of the sources said. It has either bought or is seeking 455,000 tonnes of diesel for July delivery and is expected to buy another 130,000 tonnes of the fuel in the next two to three weeks, the source added. HPCL bought 250,000 tonnes of diesel for May and June and was largely absent from the spot market before that. India''s imports of diesel drove the profit margin for the fuel in Asia to a two-and-a-half month high of $12.14 a barrel above Dubai crude on Wednesday, Reuters data showed. During the shutdown, HMEL plans to raise the capacity of its sulphur recovery unit to 700 tonnes a day from 600 tonnes to better process high-sulphur crude grades. The refiner will also increase its vacuum gasoil hydrotreater capacity to 3.5 million tonnes a year from 3 million tonnes and build a bitumen blowing unit. The company will also convert the refinery''s power plant that currently runs on diesel and gas from the refinery to petroleum coke. Reporting by Jessica Jaganathan in SINGAPORE and Nidhi Verma in NEW DELHI; '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-refinery-idINKBN19Q0FT'|'2017-07-05T08:32:00.000+03:00'|5616.0|''|-1.0|'' @@ -5639,7 +5639,7 @@ 5637|'405616d80a655455429ead60dfc34a1f0358b93f'|'Price range for Landis+Gyr IPO narrows to top end of range: sources'|'FILE PHOTO - The logo of Swiss-based meter maker Landis+Gyr is seen at an office building in the Swiss town of Zug May 19, 2011. Arnd Wiegmann ZURICH (Reuters) - The price range for Landis+Gyr shares has narrowed to 78 to 82 Swiss francs per share driven by high demand ahead of the Swiss tech companys flotation, two people with knowledge of the situation told Reuters on Tuesday.Enough offers were lodged to the cover the 78 to 82 franc range, the sources said, lifting the price band to the high end of the expected 70 to 82 Swiss franc price range.Institutional investors have until Thursday to lodge their orders for shares, with the smart meter maker''s stock due to start trading on Friday.With a total value of up to 2.4 billion Swiss francs ($2.52 billion), Landis+Gyr is the largest flotation on the Swiss stock market in at least two years.The IPO was triggered after majority owner Toshiba ( 6502.T ) signaled earlier this month it wanted to wanted to sell its 60 percent stake in Landis+Gyr to raise cash. The remaining 40 percent owned by the Innovation Network Corporation of Japan has also been put up for sale.($1 = 0.9540 Swiss francs)Reporting by Rupert Pretterklieber and Oliver Hirt, writing by John Revill; Editing by Adrian Croft '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-landis-gyr-ipo-idUSKBN1A321G'|'2017-07-19T01:53:00.000+03:00'|5637.0|''|-1.0|'' 5638|'e93f0047f86c9506ffe83af2490a55539bcfc5d5'|'Wisconsin to consider $3 billion Foxconn incentive package'|'July 31, 2017 / 8:07 PM / 5 minutes ago Wisconsin to consider $3 billion Foxconn incentive package David Shepardson 4 Min Read Foxconn Chairman Terry Gou (R) smiles back at U.S. President Donald Trump and House Speaker Paul Ryan (R-WI) (L) during a White House event where the Taiwanese electronics manufacturer announced plans to build a $10 billion dollar LCD display panel screen plant in Wisconsin, in Washington, U.S. July 26, 2017. Jonathan Ernst WASHINGTON (Reuters) - The Wisconsin governor ordered the state legislature back into special session on Tuesday to consider an incentive package that would award Taiwanese electronics manufacturer Foxconn $3 billion over 15 years in mostly cash incentives and waive several state environmental reviews. Foxconn said last week in a White House ceremony it plans to build a $10 billion LCD flat screen factory in southeast Wisconsin. The company, formally known as Hon Hai Precision Industry Co Ltd, hopes to open the 20 million-square-foot plant in 2020 at a 1,000-acre site and will initially employ 3,000 people. Republican Governor Scott Walker and Foxconn said the company ultimately may employ 13,000 people at the site. The draft bill released Monday discloses new details of the expensive incentive package that Wisconsin offered as it competed with six other states to land the project that it says will also generate 22,000 ancillary jobs and 10,000 construction jobs. The Republican-controlled legislature will take up the measure on Tuesday but it is not clear when they will vote. If the incentives are approved, the Wisconsin Economic Development Corporation would then negotiate a formal contract with Foxconn on the project, said Mark Maley, a spokesman for WEDC. Tim Bartik, an economist at the Upjohn Institute for Employment Research in Michigan who studies government tax incentives, said the Foxconn package is at least six times the average U.S. award but similar to some deals for auto plants and planemaker Boeing Co. Foxconn is a major supplier to Apple Inc for its iPhones but the company has not said if the Wisconsin factory would produce any parts for Apple. Under the legislation, Foxconn can receive up to $200 million per year in refundable tax credits, capped at $2.85 billion if meets capital and employment compensation targets. It can also avoid paying $150 million in sales taxes on building materials, equipment and supplies. Although the state measures to attract Foxconn are labelled tax incentives, they largely would be paid in cash since the effective Wisconsin state tax rate is 0.4 percent on manufacturers. In addition to incentives, President Donald Trump suggested the investment decision was due to his election and promised changes in corporate regulatory and tax policy. The incentives include up to $1.5 billion in state income tax credits for job creation and up to $1.35 billion in state income tax credits for capital investment. Foxconn is eligible for additional local incentives. The company is eligible for refundable tax credits equal to 17 percent of wages paid instead of the typical 7 percent and 15 percent of capital costs instead of 10 percent. Wisconsin also agreed in the draft legislation to issue up to $252.4 million in state debt to reconstruct parts of Interstate 94 near the sites that the company is considering sites in Kenosha and Racine counties near the border with Illinois. The draft legislation released by Walker waives a required state environmental impact statement and allows the company to discharge dredged or fill material into some wetlands without state permits. The legislation also would allow Foxconn to connect artificial bodies of water with natural waterways without state permits. Foxconn Chairman Terry Gou told the Milwaukee Journal Sentinel that one reason Wisconsin was appealing is because of its proximity to abundant fresh water from Lake Michigan needed to build panels. The legislation also waives requiring approval for the project by the Public Service Commission, which oversees power and water utilities in Wisconsin. Reporting by David Shepardson; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-foxconn-wisconsin-idUKKBN1AG2DS'|'2017-07-31T23:11:00.000+03:00'|5638.0|''|-1.0|'' 5639|'a09451bd796c09806e0c9fedf7ad4a389c9b6b9c'|'Akzo Nobel faces dilemma over shareholder vote on new CEO'|'July 21, 2017 / 11:52 AM / 17 minutes ago Akzo Nobel faces dilemma over shareholder vote on new CEO Bart Meijer and Toby Sterling 3 Min Read FILE PHOTO: Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. Phil Noble/File Photo AMSTERDAM (Reuters) - The resignation of Akzo Nobel''s ( AKZO.AS ) CEO poses a dilemma for the Dutch paintmaker as a shareholders'' meeting to approve his replacement could open the way for a vote on chairman Antony Burgmans, who is under pressure for rejecting a takeover bid. Thierry Vanlancker was named new chief executive on Wednesday after his predecessor Ton Buechner quit abruptly for health reasons. Buechner''s departure puts the onus on Vanlancker to deliver the higher sales and margins promised when Akzo Nobel fended off a 26.3 billion euro ($30.62 billion) bid by U.S. rival PPG Industries ( PPG.N ).. Shareholders must eventually approve Vanlancker as CEO. But a meeting could give disgruntled shareholders an opportunity to push for a vote on the position of Burgmans -- which they have been demanding for months. Hedge fund Elliott Advisors, now Akzo''s largest shareholder with a 9.5 percent stake, filed a lawsuit in May seeking the ousting of Burgmans, who the hedge fund sees as the mastermind of Akzo''s refusal to talk to PPG, which dropped its attempt on June 1. In a preliminary ruling, Elliott''s request was rejected, though its legal efforts to remove Burgmans continue. [nL8N1JY1FN} Faced with the shareholders discontent, Akzo has yet to decide when it will ask shareholders to approve Vanlancker as new CEO. "We will go through the shareholder approval process in due course," Akzo Nobel spokesman Leslie McGibbon said on Friday. Vanlancker, 52, joined Akzo last year and only officially took up his position as head of Akzo''s specialty chemicals division in February, raising a technical problem: He is not yet a formal member of the management board. "But that doesn''t mean that he is not authorized" to take major decisions, McGibbon said. "In case a board member falls away, the supervisory board can appoint a temporary replacement ... Together with CFO Maelys Castella he can take any decision." Burgmans'' third term as a member of the supervisory board ends next year. It is unclear whether he might attempt to stay longer. McGibbon said he could not comment further but the company expects Vanlancker to field a wide range of questions when the company presents second-quarter earnings on July 25. Akzo rivals PPG and Sherwin-Williams ( SHW.N ) have both reported lackluster earnings for the quarter. PPG announced an acquisition on Thursday and CEO Michael McGarry told reporters that Akzo Nobel is now in the company''s "rear view mirror". Under Dutch market law, PPG cannot re-approach Akzo during a six-month cooldown period that ends in December. Akzo shares were down 2.3 percent on Friday at 75.99 euro. ($1 = 0.8590 euros) Reporting by Bart Meijer; Editing by Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-akzo-nobel-ceo-idUSKBN1A61DF'|'2017-07-21T14:45:00.000+03:00'|5639.0|''|-1.0|'' -5640|'eeed27944e68f5843d924adb9af12e8100f9a5bb'|'With new Takata air bag recalls, automakers may face more liabilities'|'FILE PHOTO: Visitors walk past a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan February 5, 2016. Toru Hanai/File Photo TOKYO (Reuters) - Takata Corp''s ( 7312.T ) bankruptcy filing last month was meant to draw a line under the auto industry''s biggest safety recall, but last week''s announcement of more air bag inflator recalls suggests automakers could face fresh liabilities in the future.(For a graphic on air bag inflators click tmsnrt.rs/1JDZ4vq ) In late-2015, U.S. regulators gave Takata until the end of 2019 to prove that its replacement air bag inflators - which add a drying agent to combat moisture that can set off the ammonium nitrate compound in an inflator, with potentially lethal results - are also safe. If Takata fails that test - and some industry consultants, explosives experts and former employees question whether the workaround guarantees safety over the long-term - the 100 million or so replacement inflators currently being installed may themselves need to be replaced. "Absent proof that the other desiccated inflators are safe, they will also be subject to recall," the U.S. National Highway Traffic Safety Administration (NHTSA) said in a statement last week. The agency declined to comment on the risk that additional inflators may be subject to recall. NHTSA announced last Tuesday that new testing at Takata prompted the Japanese parts firm to declare 2.7 million of the new air bag inflators defective, raising questions about the risk from replacement air bags as moisture can still seep into the propellant of some inflators. Takata''s automaker customers, which have so far borne much of the estimated $10 billion cost of replacing faulty bag inflators, could be on the hook for future liabilities in the event that Takata fails to prove that the desiccant workaround is sufficient. Last week''s recall is the first to involve Takata bag inflators that use a drying agent. Nearly 20 automakers have been affected by the air bag recalls, and some still use Takata inflators for replacements in the recalls. Automakers including Honda Motor Co ( 7267.T ), Toyota Motor Corp ( 7203.T ) and Nissan Motor Co ( 7201.T ) have said they will stop using Takata inflators for new contracts for future models. "If NHTSA in the future raises issues about the safety (of desiccated inflators) we will of course comply with their orders," Nissan''s chief sustainability officer Hitoshi Kawaguchi told Reuters. "At the moment, our focus is on getting replacement inflators to our customers." Toyota said it was "working closely with all stakeholders, including Takata, other suppliers and relevant agencies, to assess any potential impact and take action accordingly" on the recall issue. Honda, Takata''s biggest client, declined to comment. "The automakers... and Takata - they all know that this is a future issue," said Scott Upham, chief executive at Valient Market Research, whose clients include auto parts suppliers. "But I think everybody is concerned about the near-term issues, and the financial arrangements of the bankruptcy." Takata says it has produced around 100 million replacement inflators containing drying agents: the 2.7 million recalled last week used calcium sulfate, and the rest contain zeolite. "We still have to prove the safety of our desiccated inflators, but we believe those using zeolite are safer than those using calcium sulfate," said spokesman Toyohiro Hishikawa. The company has declined to comment further on the testing process or the NHTSA deadline. Takata is the only global air bag maker to use ammonium nitrate as a propellant in its inflators. The compound''s vulnerability to high temperature and moisture can trigger an explosion that can spew shrapnel inside a vehicle. The defect has been linked to at least 17 deaths, mostly in the United States. ''Lengthening the Fuse'' The new inflators with the added desiccant have not been linked to any deaths or injuries, but the problems with the original inflators typically took five years or more to emerge. Keiichi Hori, who oversees automotive safety components at the Japan Explosives Society, said adding a drying agent can reduce, but not eliminate, the risk of uncontrolled explosions. If the desiccant can prevent all moisture from reaching the inflator propellant, "then it would be possible that the inflators could be used safely," he said. "Otherwise, alternatives should be considered." But Upham, the industry consultant, predicts the recalled parts will themselves eventually be recalled - because ammonium nitrate is fundamentally too volatile - and Takata''s carmaker customers may again have to foot the bill given that Takata is unlikely to be able to cover the costs. "Automakers are hoping and praying that the desiccant solves the problem... (but) this might come back to bite them," Upham said. Former Takata employees involved in manufacturing inflators have said the desiccant may buy Takata time. One told Reuters last year that by adding the desiccant, "you''re just lengthening the fuse, not correcting the problems." Key Safety Systems, a U.S.-based components supplier owned by China''s Ningbo Joyson Electronic Corp ( 600699.SS ), has agreed to buy Takata''s good assets such as seat belts and steering wheels, for $1.6 billion. The plan is for Takata''s air bag business to be wound down by March 2020 after making replacement inflators for the ongoing recalls. Reporting by Naomi Tajitsu and Maki Shiraki in Tokyo; Additional reporting by Paul Lienert in Detroit and David Shepardson in Washington; Editing by Ian Geoghegan '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-takata-bankruptcy-analysis-idUSKBN1A40X5'|'2017-07-19T13:25:00.000+03:00'|5640.0|''|-1.0|'' +5640|'eeed27944e68f5843d924adb9af12e8100f9a5bb'|'With new Takata air bag recalls, automakers may face more liabilities'|'FILE PHOTO: Visitors walk past a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan February 5, 2016. Toru Hanai/File Photo TOKYO (Reuters) - Takata Corp''s ( 7312.T ) bankruptcy filing last month was meant to draw a line under the auto industry''s biggest safety recall, but last week''s announcement of more air bag inflator recalls suggests automakers could face fresh liabilities in the future.(For a graphic on air bag inflators click tmsnrt.rs/1JDZ4vq ) In late-2015, U.S. regulators gave Takata until the end of 2019 to prove that its replacement air bag inflators - which add a drying agent to combat moisture that can set off the ammonium nitrate compound in an inflator, with potentially lethal results - are also safe. If Takata fails that test - and some industry consultants, explosives experts and former employees question whether the workaround guarantees safety over the long-term - the 100 million or so replacement inflators currently being installed may themselves need to be replaced. "Absent proof that the other desiccated inflators are safe, they will also be subject to recall," the U.S. National Highway Traffic Safety Administration (NHTSA) said in a statement last week. The agency declined to comment on the risk that additional inflators may be subject to recall. NHTSA announced last Tuesday that new testing at Takata prompted the Japanese parts firm to declare 2.7 million of the new air bag inflators defective, raising questions about the risk from replacement air bags as moisture can still seep into the propellant of some inflators. Takata''s automaker customers, which have so far borne much of the estimated $10 billion cost of replacing faulty bag inflators, could be on the hook for future liabilities in the event that Takata fails to prove that the desiccant workaround is sufficient. Last week''s recall is the first to involve Takata bag inflators that use a drying agent. Nearly 20 automakers have been affected by the air bag recalls, and some still use Takata inflators for replacements in the recalls. Automakers including Honda Motor Co ( 7267.T ), Toyota Motor Corp ( 7203.T ) and Nissan Motor Co ( 7201.T ) have said they will stop using Takata inflators for new contracts for future models. "If NHTSA in the future raises issues about the safety (of desiccated inflators) we will of course comply with their orders," Nissan''s chief sustainability officer Hitoshi Kawaguchi told Reuters. "At the moment, our focus is on getting replacement inflators to our customers." Toyota said it was "working closely with all stakeholders, including Takata, other suppliers and relevant agencies, to assess any potential impact and take action accordingly" on the recall issue. Honda, Takata''s biggest client, declined to comment. "The automakers... and Takata - they all know that this is a future issue," said Scott Upham, chief executive at Valient Market Research, whose clients include auto parts suppliers. "But I think everybody is concerned about the near-term issues, and the financial arrangements of the bankruptcy." Takata says it has produced around 100 million replacement inflators containing drying agents: the 2.7 million recalled last week used calcium sulfate, and the rest contain zeolite. "We still have to prove the safety of our desiccated inflators, but we believe those using zeolite are safer than those using calcium sulfate," said spokesman Toyohiro Hishikawa. The company has declined to comment further on the testing process or the NHTSA deadline. Takata is the only global air bag maker to use ammonium nitrate as a propellant in its inflators. The compound''s vulnerability to high temperature and moisture can trigger an explosion that can spew shrapnel inside a vehicle. The defect has been linked to at least 17 deaths, mostly in the United States. ''Lengthening the Fuse'' The new inflators with the added desiccant have not been linked to any deaths or injuries, but the problems with the original inflators typically took five years or more to emerge. Keiichi Hori, who oversees automotive safety components at the Japan Explosives Society, said adding a drying agent can reduce, but not eliminate, the risk of uncontrolled explosions. If the desiccant can prevent all moisture from reaching the inflator propellant, "then it would be possible that the inflators could be used safely," he said. "Otherwise, alternatives should be considered." But Upham, the industry consultant, predicts the recalled parts will themselves eventually be recalled - because ammonium nitrate is fundamentally too volatile - and Takata''s carmaker customers may again have to foot the bill given that Takata is unlikely to be able to cover the costs. "Automakers are hoping and praying that the desiccant solves the problem... (but) this might come back to bite them," Upham said. Former Takata employees involved in manufacturing inflators have said the desiccant may buy Takata time. One told Reuters last year that by adding the desiccant, "you''re just lengthening the fuse, not correcting the problems." Key Safety Systems, a U.S.-based components supplier owned by China''s Ningbo Joyson Electronic Corp ( 600699.SS ), has agreed to buy Takata''s good assets such as seat belts and steering wheels, for $1.6 billion. The plan is for Takata''s air bag business to be wound down by March 2020 after making replacement inflators for the ongoing recalls. Reporting by Naomi Tajitsu and Maki Shiraki in Tokyo; Additional reporting by Paul Lienert in Detroit and David Shepardson in Washington; Editing by Ian Geoghegan '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-takata-bankruptcy-analysis-idUSKBN1A40X5'|'2017-07-19T13:25:00.000+03:00'|5640.0|20.0|0.0|'' 5641|'e810b553c535d98a64481f2937fb25028d25ffdd'|'TalkTalk adds 20,000 broadband customers in first quarter'|'July 19, 2017 / 6:16 AM / in 6 hours TalkTalk adds 20,000 broadband customers in first quarter 1 Min Read LONDON, July 19 (Reuters) - British broadband operator TalkTalk said on Wednesday it added 20,000 broadband customers on its network in its first quarter while churn fell to 1.2 percent, helped by take-up of its fixed low price plans. The company, under the new leadership team of executive chairman Charles Dunstone and chief executive Tristia Harrison, is returning to its roots as a low-cost challenger to BT, Sky and Virgin Media. It said it was sticking to its outlook for full-year earnings of 270 million - 300 million pounds ($352-391 million, a range it cut in May. ($1 = 0.7666 pounds) (Reporting by Paul Sandle, editing by James Davey) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/talktalk-tlcm-gp-outlook-idUSFWN1KA01L'|'2017-07-19T09:15:00.000+03:00'|5641.0|''|-1.0|'' 5642|'69830434632e6f0fbb930d83e22965fe41871148'|'Ford China sales post strongest growth of year in June'|'Autos - Thu Jul 6, 2017 - 2:06am EDT Ford''s China sales bounce back in June as tax impact fades FILE PHOTO: Ford Taurus cars are seen during a presentation at the 16th Shanghai International Automobile Industry Exhibition in Shanghai, April 21, 2015. REUTERS/Aly Song/File Photo By Jake Spring and Norihiko Shirouzu - BEIJING BEIJING Ford Motor Co said its China sales surged 15 percent in June, their strongest pace of the year, and it was optimistic about the outlook for the second half as the industry puts the phasing out of a tax cut behind it. Peter Fleet, Ford''s Asia-Pacific chief, said the first quarter had been difficult after a purchase tax on small-engine cars rose to 7.5 percent from 5 percent previously. Although Ford''s China sales declined 7 percent in the first-half from the same period a year ago, they were up 7 percent in the second quarter. Sales for June alone climbed to more than 100,000 vehicles with deliveries of sedans including the Escort and Mondeo, which were hurt by the tax increase, improving. "I would expect to see for the third quarter strong single digit percentage growth (for) the industry. That''s certainly how it looks to us based on the run rate and how the month of July has opened up," Fleet said in an interview. Ford''s level of discounting tracked an overall 4 percent price decline for the industry so far this year. "I''m not interested in driving our prices down to drive market share," Fleet said. Year-on-year comparisons will "get a bit tricky" in the fourth quarter because sales rose so fast at the end of 2016 as consumers rushed to buy cars before the purchase tax went up, he added. The purchase tax on small-engine cars is set for another increase back to its normal 10 percent rate in 2018. Ford aims to focus its efforts on the sport-utility vehicle market, the fastest growing segment in China, with plans to launch a new version of the EcoSport small SUV later this year. Outside of China, Ford continues to post positive sales growth in Southeast Asia, India and Australia, he said. (Reporting by Jake Spring and Norihiko Shirouzu; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-ford-china-idUSKBN19R09C'|'2017-07-06T07:11:00.000+03:00'|5642.0|6.0|0.0|'' 5643|'18f1ce74a584a053c4e34d7c93ba09dc8ce05b78'|'Tyson Foods defeats Ball Park hot dog legal appeal'|' 46pm EDT Tyson Foods defeats Ball Park hot dog legal appeal By Jonathan Stempel - July 6 July 6 Tyson Foods Inc and its Hillshire Brands unit on Thursday defeated an appeal by the maker of Parks'' sausages challenging their use of "Park''s Finest" to describe a high-end line of their Ball Park hot dogs. The 3rd U.S. Circuit Court of Appeals in Philadelphia upheld a federal judge''s May 2016 dismissal of trademark infringement and false advertising claims by Parks LLC, which said many consumers would be fooled into thinking it made "Park''s Finest" frankfurters. Parks'' lawyers did not immediately respond to requests for comment. John Dabney, a lawyer for Tyson, declined to comment. The appeals court filed its decision under seal, and will likely release a version within a few weeks after both sides advise whether parts of it should remain confidential. Parks is based in Pittsburgh, and known for a long-running radio and television ad campaign in which a boy begs his mother for "more Parks'' sausages, Mom ... please." Its owners have included two former star football running backs, Hall of Famer Franco Harris from the Pittsburgh Steelers and Lydell Mitchell from the Baltimore Colts, who were also teammates at Pennsylvania State University. In the May 2016 ruling, U.S. District Judge Joseph Leeson in Allentown, Pennsylvania, said a reasonable jury could not find that Tyson''s and Hillshire''s use of "Park''s Finest" tended to deceive "a substantial portion of their intended audience." He also said "Park''s Finest," an all-beef line of hot dogs launched in 2014, served merely as a "reference" to the Ball Park brand, and confused only one in 200 people Tyson surveyed. Tyson is based in Springdale, Arkansas, and has a plant about 60 miles (100 km) southwest of Allentown. The case is Parks LLC v Tyson Foods Inc et al, 3rd U.S, Circuit Court of Appeals, No. 16-2768. (Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tyson-foods-parks-hotdogs-idUSL1N1JX145'|'2017-07-06T19:46:00.000+03:00'|5643.0|''|-1.0|'' @@ -5663,7 +5663,7 @@ 5661|'6aed7f65598344ca471913631f32e39916959559'|'U.S. trade deficit narrows as exports hit two-year high'|'July 6, 2017 / 12:40 PM / in 16 minutes U.S. trade deficit narrows as exports hit two-year high 3 Min Read FILE PHOTO: Shipping containers are seen at the Port Newark Container Terminal in Newark, New Jersey, U.S. on July 2, 2009. Mike Segar/File Photo WASHINGTON, (Reuters) - The U.S. trade deficit fell in May as exports increased to their highest level in just over two years, but trade could still weigh on economic growth in the second quarter. The Commerce Department said on Thursday the trade gap decreased 2.3 percent to $46.5 billion. April''s trade deficit was unrevised at $47.6 billion. Economists polled by Reuters had forecast the trade gap falling to $46.2 billion in May. When adjusted for inflation, the trade deficit narrowed to $62.8 billion from $63.8 billion in April. Real goods exports surged to an all-time high in May, propelled by record high petroleum exports. Still, the real trade deficit averaged $63.3 billion in April and May, above the first quarter''s average of $62.2 billion. That suggests trade will be a drag on gross domestic product in the second quarter after contributing 0.23 percentage point to the economy''s 1.4 percent annualized growth pace in the first three months of the year. The Atlanta Federal Reserve is forecasting GDP rising at a 3.0 percent rate in the second quarter. In May, exports of goods and services rose 0.4 percent to $192.0 billion, the highest level since April 2015, lifted by a surge in exports of consumer goods such as cell phones and other household goods. There were also increases in exports of motor vehicles and parts. Food exports, however, fell by $0.7 billion amid a $0.6 billion drop in soybean shipments. Exports to China increased 3.6 percent. The value of goods shipped to Mexico and Canada rose 5.4 percent and 9.6 percent, respectively. Exports to Germany gained 7.4 percent. Imports of goods and services dipped 0.1 percent to $238.5 billion in May. Cell phone and other household goods imports fell $0.9 billion, accounting for the bulk of the $1.5 billion decrease in consumer goods imports. There were also declines in imports of motor vehicles and parts. However, imports of capital goods increase $1.3 billion. The country imported 265 million barrels of oil in May, the most since August 2012. Imports of goods from China increased 11.6 percent. The politically sensitive U.S.-China trade deficit increased 14.4 percent to $31.6 billion in May. The trade gap with Mexico surged 15.8 percent to $7.3 billion, the highest since October 2007. Reporting by Lucia Mutikani; Editing by Andrea Ricci 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-economy-trade-idINKBN19R1P6'|'2017-07-06T15:55:00.000+03:00'|5661.0|''|-1.0|'' 5662|'e5c8f049579a03224540689b0bd823f65be1f6a4'|'U.S. to drop criminal charges in ''London Whale'' case'|'July 21, 2017 / 9:09 PM / 14 hours ago U.S. to drop criminal charges in ''London Whale'' case Jonathan Stempel 3 Min Read FILE PHOTO - Former JPMorgan employee Javier Martin-Artajo, indicted by a U.S. grand jury in relation to the bank''s "London Whale" trading scandal, leaves Spain''s High Court in Madrid March 5, 2015. Susana Vera NEW YORK (Reuters) - U.S. prosecutors have decided to drop criminal charges against two former JPMorgan Chase & Co ( JPM.N ) derivatives traders implicated in the "London Whale" trading scandal that caused $6.2 billion (5 billion pounds) of losses in 2012. In seeking the dismissal of charges against Javier Martin-Artajo and Julien Grout, the Department of Justice said it "no longer believes that it can rely on the testimony" of Bruno Iksil, a cooperating witness who had been dubbed the London Whale, based on recent statements he made that hurt the case. Prosecutors also said efforts to extradite Martin-Artajo and Grout, respectively citizens of Spain and France, to face the charges have been "unsuccessful or deemed futile." Acting U.S. Attorney Joon Kim in Manhattan asked a federal judge for permission to drop charges that included securities fraud, wire fraud and falsifying records. Martin-Artajo and Grout were indicted in September 2013. "After four long years of protracted litigation, we are very pleased that the government has decided to do the right thing, and dismiss the criminal case," Grout''s lawyer, Edward Little, said. Lawyers for Martin-Artajo did not immediately respond to requests for comment. The dismissal request marks a fresh setback in U.S. efforts to prosecute individuals for financial crimes. This has included the undoing of several insider trading convictions and pleas that had been won by Kim''s predecessor Preet Bharara. It has also included this week''s overturning of the convictions of two former Rabobank NA [RABO.UL] traders for rigging the Libor interest rate benchmark. Martin-Artajo and Grout were accused of hiding hundreds of millions of dollars of losses within JPMorgan''s chief investment office (CIO) in London by marking positions in a credit derivatives portfolio at inflated prices. These losses were part of the $6.2 billion loss centred on Iksil, who Martin-Artajo supervised and Grout worked for. The scandal briefly hurt the reputation of JPMorgan Chief Executive Jamie Dimon, who initially called it a "tempest in a teapot." JPMorgan ultimately paid more than $1 billion and admitted wrongdoing to settle related U.S. and British probes. Ina Drew, who led the CIO, retired soon after the losses surfaced. Iksil has chafed at the London Whale moniker and being portrayed as solely at fault for the losses. In a February 2016 letter released to the media, Iksil, a French national, said he had been "instructed repeatedly" by senior management in the CIO to execute the trading strategy that caused the losses. Martin-Artajo and Grout still face U.S. Securities and Exchange Commission civil charges. Iksil''s lawyer and JPMorgan did not immediately respond to requests for comment. The cases are U.S. v. Martin-Artajo et al, U.S. District Court, Southern District of New York, No. 13-cr-00707; and SEC v Martin-Artajo et al in the same court, No. 13-05677. Reporting by Jonathan Stempel; Editing by Sandra Maler and Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jpmorgan-londonwhale-idUKKBN1A62OG'|'2017-07-22T00:09:00.000+03:00'|5662.0|10.0|0.0|'' 5663|'b0e75efb9f0e983740e143426adea15ebe634e0b'|'An overhaul of Brazilian labour law should spur job creation'|'IN THE litany of bosses gripes about Brazils inclement business climate, rigid labour laws vie for pride of place with its convoluted tax laws and its licensing rules (on everything from health and safety to protection of cultural heritage). No wonder: Brazil ranks a miserable 117th out of 138 countries on labour-market efficiency, according to the World Economic Forum. Its rigid labour law was transplanted from Benito Mussolinis Italy in 1943. Employers find it thoroughly unsuited to a modern economy and cheered on July 13th, when the president, Michel Temer, signed into law the biggest overhaul of the unwieldy statute in 50 years.The reform is a big victory for the unpopular Mr Temer, who is under investigation in a corruption scandal (he denies wrongdoing). It introduces more flexible working hours, eases restrictions on part-time work, relaxes how workers can divvy up their holidays and cuts the statutory lunch hour to 30 minutes. It also scraps dues that all employees must pay to their companys designated union, regardless of whether or not they are members. Just as important, collective agreements between employers and workers will overrule many of the labour codes provisions. Once the new rules take effect in four months time, they will be valid for existing employment contracts, not just new ones. Mr Temer hopes they will dent Brazils unemployment rate, stuck above 13% after a three-year recession.Bosses are ecstatic about the changes. The National Confederation of Industry said that the reform represents longed-for progress. Banco Santander, a Spanish-owned bank, said it reckons the reform could eventually lead to the creation of 2.3m new jobs.Small firms also have much to gain. The new rules formalise what we now do informally, enthuses a So Paulo caterer. The bank of actual hours worked by her cooks and waiters, necessary in a business where inflexible nine-to-five contracts make little sense, will now be legal. An executive at a European multinational says that an unofficial spreadsheet that keeps track of his employees real time off, which he confesses to maintaining alongside an official tally of employees annual 30 vacation days, can also be consigned to the dustbin. (The old law said that leave had to be split into at most two segments, with one holiday lasting at least 20 days.)Such ruses have been common in Brazilian workplaces, but are risky. Employees who leave or are laid off regularly sue employers over the slightest of transgressions of the labour code, spurred on by litigious lawyers. Last year Brazils labour courts heard nearly 4m cases (see chart), mostly brought by aggrieved workers. Fines levied on firms totalled 24bn reais ($7bn).The reform ought to reduce such legal risks, which can afflict firms whether they observe the rules or not. Gabriel Margulies, whose company, UnderMe, produces 50,000 pairs of undergarments a month, says he will at last be able to grant requests to staff who would prefer, say, to go home early in exchange for a shorter lunch break. Until now he has declined for fear of losing in court. That has not stopped former employees from suing in the hope that Brazils famously worker-friendly judges side with them. Even unsuccessful suits are an unwelcome distraction from running a business, Mr Margulies laments.Maurcio Guidi of Pinheiro Neto, a firm of lawyers, observes that the reform might even change this confrontational workplace culture into a more consensual one. But it remains to be seen how the labour unions will react, notes Marcelo Silva, vice-chairman of Magazine Luiza, a big retailer. The main union confederations have condemned the reform. They fume about the loss of revenue from dues. To placate them, Mr Temer has hinted he may amend the reform by decree, which is subject to a simple up-or-down vote in Congress, in order to phase out the obligatory dues gradually (and possibly water down some other provisions). But he cannot go too far. The only way for the scandal-hit president to keep his job may be to help some of his 13.8m unemployed compatriots find work.This article appeared in the Business section of the print edition under the headline "Bye-bye, Benito"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21725321-michel-temers-reform-has-teeth-overhaul-brazilian-labour-law-should-spur-job-creation?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'|5663.0|''|-1.0|'' -5664|'2fbf0d4475e8a65ff11d2bc22f7797778f3bd702'|'Motor insurer St Julians plans to move to Gibraltar from Malta'|' 9:59am BST Motor insurer St Julians plans to move to Gibraltar from Malta LONDON UK-focused motor insurer St Julians, owned by Markerstudy, is considering moving to Gibraltar from Malta as a result of Britain''s vote to leave the European Union, Markerstudy said on Friday. "An application to re-domicile St Julians has been submitted to the Malta Financial Services Authority in order to protect the business and enable the insurer to continue trading with the UK," Markerstudy said in a statement. "The favoured proposal is to move the operation to Gibraltar." Markerstudy already has two insurance firms in Gibraltar focusing on UK business, Markerstudy Insurance and Zenith Insurance. (Reporting by Carolyn Cohn; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-st-julians-idUKKBN19S157'|'2017-07-07T11:59:00.000+03:00'|5664.0|''|-1.0|'' +5664|'2fbf0d4475e8a65ff11d2bc22f7797778f3bd702'|'Motor insurer St Julians plans to move to Gibraltar from Malta'|' 9:59am BST Motor insurer St Julians plans to move to Gibraltar from Malta LONDON UK-focused motor insurer St Julians, owned by Markerstudy, is considering moving to Gibraltar from Malta as a result of Britain''s vote to leave the European Union, Markerstudy said on Friday. "An application to re-domicile St Julians has been submitted to the Malta Financial Services Authority in order to protect the business and enable the insurer to continue trading with the UK," Markerstudy said in a statement. "The favoured proposal is to move the operation to Gibraltar." Markerstudy already has two insurance firms in Gibraltar focusing on UK business, Markerstudy Insurance and Zenith Insurance. (Reporting by Carolyn Cohn; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-st-julians-idUKKBN19S157'|'2017-07-07T11:59:00.000+03:00'|5664.0|28.0|0.0|'' 5665|'8b936fbd50b36778e2c45c640e406d47134632ed'|'Exclusive - Germany wants more EU sanctions on Russia over Siemens Crimea turbines: sources'|'July 24, 2017 / 10:20 AM / an hour ago Exclusive - Germany wants more EU sanctions on Russia over Siemens Crimea turbines: sources Gabriela Baczynska 3 Min Read FILE PHOTO: FILE PHOTO: The Siemens AG headquarters is seen in Munich, Germany, June 14, 2016. Michaela Rehle/File Photo BRUSSELS (Reuters) - Germany is urging the European Union to add up to four more Russian nationals and companies to the bloc''s sanctions blacklist over Siemens ( SIEGn.DE ) gas turbines delivered to Moscow-annexed Crimea, two sources in Brussels said. The EU has barred its firms from doing business with Crimea since the 2014 annexation, imposed sanctions on Russian individuals and entities, and curbed cooperation with Russia in energy, arms and finance over its role in the crisis in Ukraine. After it annexed Crimea from Kiev, Moscow threw its support behind a separatist rebellion in eastern Ukraine, which has killed more than 10,000 people and is still simmering. The EU''s blacklist comprises 150 people and 37 entities subject to an asset freeze and a travel ban. The restrictions are in place until Sept. 15. "The regular review would normally be the moment to look at who is on the list. In the past, when there were good grounds, we''ve added entries to the list," an EU official said. Related Coverage Siemens, trying to distance itself from the scandal, last week said it was halting deliveries of power equipment to Russian state-controlled customers and reviewing supply deals. Russia''s Energy Minister Alexander Novak played down the potential consequences of a halt. "What Siemens supplies can be delivered by other companies," Novak told reporters in St Petersburg. "As for electricity generation, we ... have now learnt to produce the necessary equipment," he said, without referring to the prospect of additional sanctions. FILE PHOTO: A still image taken from video footage shows blue tarpaulins covering equipment at the port of Feodosia, Crimea July 11, 2017. Video footage taken July 11, 2017. Staff/File Photo Sanctions Regime Siemens says it has evidence that all four turbines it delivered for a project in southern Russia had been illegally moved to Crimea. German government spokeswoman Ulrike Demmer said on Monday the turbines were delivered to Crimea against the terms of the contract and despite high-ranking assurances from Russian officials that this would not happen. Berlin was consulting on what consequences this "unacceptable" operation might have, she said, adding, however, that the onus was on companies to ensure they did not violate the sanctions regime. The proposed additions to the blacklist could include Russian Energy Ministry officials and the Russian company that moved the turbines to the Black Sea peninsula, one senior diplomatic source in Brussels said. Another source said representatives of all 28 EU member states could discuss the matter for the first time in Brussels as soon as Wednesday. The EU needs unanimity to impose or extend any sanctions. Hungary, Bulgaria, Italy and Cyprus are among EU states which are usually sceptical of Russia sanctions. They take the line that punitive measures have failed to force a change of course by Moscow while hurting European business. Reuters first reported a year ago on the Siemens case, which has exposed the difficulties of imposing EU sanctions. Additional reporting by Vladimir Soldatkin in St Petersburg, Gernot Heller in Berlin; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ukraine-crisis-crimea-siemens-eu-idUKKBN1A914I'|'2017-07-24T13:20:00.000+03:00'|5665.0|''|-1.0|'' 5666|'bec43c4c37c7f2ab0a9726dca1bcb7875f6832af'|'EU clears Italy''s $6 bln state bailout for Monte dei Paschi'|'July 4, 2017 / 1:46 PM / 8 minutes ago EU clears Italy''s $6 billion state bailout for Monte dei Paschi 4 Min Read A Monte dei Paschi di Siena advertisement is seen on a screen in a bank window in downtown Milan, Italy, January 14, 2016. Stefano Rellandini/File Photo BRUSSELS/MILAN/ROME (Reuters) - The European Union has approved a state bailout of Italy''s fourth-largest lender, Monte dei Paschi di Siena ( BMPS.MI ), taking the total amount of Italian taxpayer funds deployed to rescue banks over the past week to more than 20 billion euros ($23 billion). Outside Greece, Europe has not seen such big state bailouts since the aftermath of the global financial crisis, raising political concerns about the continued use of public funds to mop up losses at badly run banks despite the introduction of new EU rules designed to prevent this. In a statement on Tuesday, EU state aid regulators said Rome could inject 5.4 billion euros ($6 billion) into Monte dei Paschi after the bank agreed to a drastic overhaul, including the transfer of bad loans to a special vehicle and a salary cap for senior managers. The bank''s overall capital shortfall is 8.1 billion euros, an Italian Treasury official said, down from the 8.8 billion euros previously calculated by the European Central Bank. Monte dei Paschi, the world''s oldest bank, turned to the state for a bailout after failing to raise 5 billion euros on the market to shore up its capital. Barely a week ago Italy pledged up to 17 billion euros, mostly in guarantees, to prevent senior bondholders, depositors and staff from being hit by the winding up of two regional banks, Popolare di Vicenza and Veneto Banca. That deal also involved Italy''s biggest retail bank, Intesa Sanpaolo ( ISP.MI ), acquiring the two banks'' best assets for a token euro. The Italian government believes a profit can still be made from the bailouts. "I am confident state money will be recouped, perhaps at a premium," finance minister Pier Carlo Padoan said on Tuesday, referring to Monte dei Paschi. Viable Monte dei Paschi''s five-year restructuring plan, due to be presented on Wednesday, will ensure the Tuscan bank''s long-term viability, EU state aid regulators said on Tuesday. As part of the overhaul Monte Paschi will transfer 26.1 billion euros to a privately funded special vehicle on market terms, with the operation partially funded by Italian bank rescue fund Atlante II. It will also change its business model to focus on retail customers, and small- and medium-sized companies. Monte dei Paschi said late last year it would be seeking a "precautionary recapitalisation" under EU state-aid rules after its attempt to raise capital from private investors failed. According to Padoan the state will take a 70 percent stake in the Tuscan bank while the lender''s chairman said the state would exit in 2021. "This capital injection could only be approved after junior bondholders and shareholders have contributed to the costs of restructuring, in line with "burden-sharing" requirements under EU state aid rules," said EU Competition Commissioner Margrethe Vestager. Besides the state capital injection junior bondholders and shareholders will contribute 4.3 billion euros from the conversion of junior bonds into equity. At the same time Monte dei Paschi has earmarked 1.5 billion euros to compensate retail junior bondholders who are the victims of mis-selling, it added. Burdened by bad loans and a mismanagement scandal, Monte dei Paschi has been at the forefront of Italy''s slow-moving banking crisis. It emerged as Europe''s weakest lender in stress tests last July. ($1 = 0.8812 euros) Reporting by Foo Yun Chee in Brussels , Stephen Jewkes in Milan and Antonella Cinelli in Rome; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-eu-montepaschi-stateaid-idINKBN19P1PQ'|'2017-07-04T20:57:00.000+03:00'|5666.0|''|-1.0|'' 5667|'82a35bda490a97a1d601f42188e0d9afe381d60f'|'BlackRock supports effort to boost number of women board members'|'July 14, 2017 / 3:21 AM / 10 hours ago BlackRock supports effort to boost number of women board members Trevor Hunnicutt 3 Min Read The BlackRock logo is seen outside of its offices in New York January 18, 2012. B Shannon Stapleton/File Photo NEW YORK (Reuters) - BlackRock Inc ( BLK.N ) voted for eight proposals pushing U.S. and Canadian companies to adopt policies boosting their boards'' diversity during the most recent quarter, the world''s largest asset manager said on Thursday. BlackRock said it supported the shareholder motions to press companies to develop or disclose policies geared to promote gender diversity. It did not name the companies it pushed but said the "majority" had boards of directors lacking women. "We''ve been particularly focused on increasing the number of women on U.S. boards because progress in the U.S. has been slower than in many other markets," BlackRock said in a report it distributed. "Board diversity, particularly in terms of gender, is important from a sustainable investment perspective, given that diverse groups have been demonstrated to make better decisions," it added. "This appears to be because they are better able to consider, where appropriate, alternatives to current strategies - a proposition that can ultimately lead to sustained value creation." Women hold about a fifth of board seats in the S&P 500 .SPX index, according to Catalyst Inc, an advocacy group. BlackRock said it also voted against board members at five companies who sat on nominating committees but failed to respond to investors'' concerns about diversity. It was the first year the company "decided to vote against members of the nomination committee of men-only boards in a more systematic manner," a spokesman said, although it had engaged on the topic of gender diversity for "many years." The New York-based company manages more than $5.4 trillion in assets, many in index funds that buy broad swaths of the market, making it a top shareholder in most public companies. It has been pressured by activists and investors to back shareholder-fronted propositions and vote against obstinate boards to prompt better corporate citizenship. Chief Executive Larry Fink has encouraged executives to adjust their behavior to focus on generating long-term value for shareholders, rather than meeting short-term earnings targets. Breaking with prior practice, BlackRock this year publicly disclosed opposition to practices at oil company Exxon Mobil Corp ( XOM.N ), drugmaker Mylan NV ( MYL.O ) and other firms over climate change, compensation and other policies. BlackRock''s own board includes 17 members, four of whom are women. Reporting by Trevor Hunnicutt; Editing by Clarence Fernandez 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-blackrock-women-idUSKBN19Z09C'|'2017-07-14T06:21:00.000+03:00'|5667.0|''|-1.0|'' @@ -5709,7 +5709,7 @@ 5707|'81d9e21bc0d79e09e6bc9c420018b2450813a7bf'|'Japan''s Universal loses Supreme Court appeal in Reuters case'|'The logo of Universal Entertainment Corp. is seen at the company''s headquarters in Tokyo, Japan, June 29, 2017. Toru Hanai TOKYO (Reuters) - Japan''s Supreme Court rejected an appeal by Japan''s Universal Entertainment Corp ( 6425.T ) to hear its defamation case against Reuters, upholding two lower court rulings that its case against the news agency lacked merit.In a short written ruling on Wednesday, the Supreme Court said that Universal did not have grounds for appeal. Yoshinobu Onuki was the presiding judge in the case.Universal did not respond to a request for comment on the ruling.Universal had sued Reuters in Tokyo in December 2012, demanding 200 million yen ($1.79 million) and apologies, for stories relating to $40 million in payments Universal made to a consultant in relation to a casino project in the Philippines.In 2015, the Tokyo District Court ruled that the Reuters articles were accurate, and the company then lost an appeal last year at the Tokyo High Court, which upheld the lower courts ruling.The Reuters articles were about Universal''s payments to Rodolfo Soriano, a close associate of the former head of the Philippine gaming authority, and an investigation by the Nevada gambling regulator into the payments.Universal denies any wrongdoing.A Reuters spokesperson said: "We are pleased with this resolution, which upholds the right of the press to report on news in the public interest."Reporting by Nathan Layne; Editing by Martin Howell '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-universal-ent-reuters-lawsuit-idUSKBN1A61R6'|'2017-07-21T16:56:00.000+03:00'|5707.0|''|-1.0|'' 5708|'22b73f0fe8859629292e27b447db2ba5ffbe887f'|'Clearing houses get ultimatum to fix serious "shortcomings"'|'Market News - Wed Jul 5, 2017 - 11:00am EDT Clearing houses get ultimatum to fix serious "shortcomings" By Huw Jones - LONDON, July 5 LONDON, July 5 Global regulators warned on Wednesday of shortcomings in efforts to ensure that clearing houses can recover from a crisis without a meltdown in the financial system or a taxpayer bailout. A number of gaps have been identified at clearing houses which warrant immediate high priority action, the regulators said, adding that gaps in compliance with rules for preventing them from becoming too-big-to-fail must be plugged by December. Following the financial crisis regulators required trillions of dollars of derivatives like interest rate and credit default swaps to go through clearing to boost safety and transparency. This has led to a sharp growth in volumes passing through a clearing house, a third party that ensures a trade is completed, even if one side of the transaction goes bust. "One area was recovery planning, where a number of clearing houses had not yet put in place the full set of recovery rules and procedures," IOSCO and CPMI said. A number of clearers had also not put in place policies to ensure they maintain the required level of financial resources, such as cash and collateral, on an on-going basis. The updates were written by IOSCO, a global body of securities regulators, the Financial Stability Board, the Committee on Payments and Market Infrastructures (CPMI) - part of the Bank for International Settlements - and the global Basel Committee of banking supervisors. Clearing houses should "promptly" identify any areas where changes are necessary and implement them by no later than the end of 2017, the regulators said. They also named for the first time the clearing houses which they deem to be "systemically important" in more than one country, and must each come under their own "crisis management group" of supervisors. These groups, founded on co-operation agreements signed by regulators, would monitor the clearing house in a crisis. BME Clearing in Spain, Cassa in Italy, CME in the United States, Eurex Clearing in Germany, EuroCCP in the Netherlands, HKFE Clearing in Hong Kong, ICE Clear units in Britain and the United States, LCH units in France and Britain, Nasdaq Clearing in Sweden, and SIX x-clear in Switzerland were all named as systemic. The regulators noted how the sector has become concentrated, with the biggest two, unamed, clearing houses accounting for about a third of all financial resources in the sector. (Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/clearing-markets-regulations-idUSL8N1JW3SA'|'2017-07-05T18:00:00.000+03:00'|5708.0|''|-1.0|'' 5709|'1fd5c470da900348eaf8bfa057401be66773e8f1'|'PRESS DIGEST- New York Times business news - July 27'|'July 27, 2017 / 5:25 AM / 14 hours ago PRESS DIGEST- New York Times business news - July 27 2 Min Read July 27 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - The former head of labor relations at Fiat Chrysler Automobiles was indicted on conspiracy and other charges by a federal grand jury on Wednesday, accusing him of siphoning off millions of dollars from a workers training center. nyti.ms/2uDQebD - A jury in Los Angeles on Wednesday awarded Quincy Jones $9.4 million damages, finding that he was underpaid his share of royalties for the use of music in the posthumous Jackson film "This Is It" and two Cirque du Soleil shows. nyti.ms/2uEfaQq -A Russian man, Alexander Vinnik, was arrested in Greece on Tuesday after being charged for overseeing a black market Bitcoin exchange that helped launder billions of dollars and stood at the nexus of several criminal enterprises, according to a federal indictment. nyti.ms/2v9VHdk - The Fed, in a statement after a two-day meeting of its policy-making committee, said it would start reducing its bond holdings "relatively soon" as long as moderate economic growth continues. nyti.ms/2v9HbCr - Britain announced on Wednesday that sales of new diesel and gas cars would reach the end of the road by 2040, the latest step in Europe''s battle against the damaging environmental impact of the internal combustion engine. nyti.ms/2uDS7Fw Compiled by Bengaluru newsroom '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1KI23B'|'2017-07-27T08:24:00.000+03:00'|5709.0|''|-1.0|'' -5710|'e9b02a574cd32f472c05baf20494670d3dcdc56f'|'ECB should think about when it wants to wind down bond buys - Lautenschlaeger'|'July 29, 2017 / 10:19 AM / in 8 hours ECB should think about when it wants to wind down bond buys: Lautenschlaeger Reuters Staff 1 Min Read Sabine Lautenschlaeger looks on during the Bundesbank Banking Congress "Symposium on Financial Stability and the Role of Central Banks" in Frankfurt, February 28, 2014. Ralph Orlowski BERLIN (Reuters) - The European Central Bank should start thinking about how it wants to return to normal monetary policy and when it wants to wind down it bond purchases, governing council member Sabine Lautenschlaeger said in remarks published on Saturday. "The expansionary monetary policy has both advantages and side effects. As time passes, the positive effects get weaker and the risks increase," she told the Mannheimer Morgen newspaper. "So it''s important to prepare for the exit in good time. What''s crucial in that context is a stable trend in the rate of inflation towards our objective of just under 2 percent. It''s not quite there yet." She acknowledged that unwinding the ECB''s expansive policy would be a long process, saying that the governing council should start addressing the question of when it wants to start winding down its bond purchases. Reporting by Joseph Nasr Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-lautenschlaeger-idUKKBN1AE0BD'|'2017-07-29T12:54:00.000+03:00'|5710.0|''|-1.0|'' +5710|'e9b02a574cd32f472c05baf20494670d3dcdc56f'|'ECB should think about when it wants to wind down bond buys - Lautenschlaeger'|'July 29, 2017 / 10:19 AM / in 8 hours ECB should think about when it wants to wind down bond buys: Lautenschlaeger Reuters Staff 1 Min Read Sabine Lautenschlaeger looks on during the Bundesbank Banking Congress "Symposium on Financial Stability and the Role of Central Banks" in Frankfurt, February 28, 2014. Ralph Orlowski BERLIN (Reuters) - The European Central Bank should start thinking about how it wants to return to normal monetary policy and when it wants to wind down it bond purchases, governing council member Sabine Lautenschlaeger said in remarks published on Saturday. "The expansionary monetary policy has both advantages and side effects. As time passes, the positive effects get weaker and the risks increase," she told the Mannheimer Morgen newspaper. "So it''s important to prepare for the exit in good time. What''s crucial in that context is a stable trend in the rate of inflation towards our objective of just under 2 percent. It''s not quite there yet." She acknowledged that unwinding the ECB''s expansive policy would be a long process, saying that the governing council should start addressing the question of when it wants to start winding down its bond purchases. Reporting by Joseph Nasr Editing by Jeremy Gaunt 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-lautenschlaeger-idUKKBN1AE0BD'|'2017-07-29T12:54:00.000+03:00'|5710.0|20.0|0.0|'' 5711|'060c7d6eff060184cb3479b1c0313ab4af6bc08f'|'HSBC, miners drive FTSE higher, but cigarette makers drag'|'July 31, 2017 / 9:19 AM / in 6 hours HSBC, miners drive FTSE higher, but cigarette makers drag Helen Reid 4 Min Read A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. Toby Melville/File Photo LONDON (Reuters) - Strong results from heavyweight bank HSBC helped drive British blue-chips higher on Monday as the index headed for a monthly gain on the last trading day of July, though tobacco stocks tumbled further following a new U.S. regulatory clampdown. The FTSE 100 .FTSE rose 0.5 percent, outperforming European stocks and set to close July up 1.3 percent. Mid-caps .FTMC were up 0.2 percent and headed for a monthly gain of 2.3 percent having ended June in the red - its worst month in a year. HSBC ( HSBA.L ) shares rose 2.7 percent after Europe''s biggest bank said profit grew 5 percent in the first half, and announced its third share buyback in a year. HSBC''s gains helped the FTSE banking index .FTNMX8350 stay close to a two-year high. "Beyond this buyback therefore, HSBC has $13 billion in capital above management''s 13 percent CET1 target - a focus on the investor call we think, despite the obvious uncertainties of Brexit, IFRS 9 and so on," said UBS analysts, adding their estimates already assume another $2 billion buyback will be announced at third-quarter results. Cigarette makers Imperial Brands ( IMB.L ) and British American Tobacco ( BATS.L ) pulled blue-chips lower, still affected by the U.S. Food and Drug Administration''s announcement on Friday that it would cut nicotine in cigarettes to non-addictive levels. Imperial fell 4.8 percent, making it the worst-performing large-cap stock, while BAT fell 1.7 percent. Both dropped sharply on Friday. Deutsche Bank analysts said the sharp stock reaction could be a buying opportunity in tobacco. Analysts at Morgan Stanley said the new regulation looked "extremely ambitious, in many ways impractical". A double upgrade from brokerage RBC boosted water utility Severn Trent ( SVT.L ) to the top of the STOXX, up 3.6 percent. "As [water regulator] Ofwat improves clarity on returns and costs benchmarks, we believe SVT''s position at the cost frontier and its ability to achieve incentives will be revealed," said analysts. Peer United Utilities ( UU.L ) also jumped 2.7 percent after RBC upgraded it. "With low expectations more than priced in, UU has the biggest potential to surprise and represents the best value amongst its water peers," they said. Miners underpinned gains as copper prices broke a two-year peak after strong manufacturing data from top commodity buyer China. BHP Billiton ( BLT.L ), Anglo American ( AAL.L ), Antofagasta ( ANTO.L ), Rio Tinto ( RIO.L ), and Glencore ( GLEN.L ) rose 1.9 to 2.2 percent, together adding around 11 points to the FTSE 100. Engine maker Rolls Royce ( RR.L ) fell 3.8 percent on reports the company had told investors it may not hit its target of 1 billion pounds in cashflow by 2020. Among mid-caps, miners Kaz Minerals ( KAZ.L ) and Ferrexpo ( FXPO.L ) also supported the index, while IT services firm FDM ( FDM.L ) jumped 10 percent to a record high after reporting a 35.4 percent surge in first-half revenue. Reporting by Helen Reid; Editing by Raissa Kasolowsky 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1AG0Z4'|'2017-07-31T12:19:00.000+03:00'|5711.0|''|-1.0|'' 5712|'3f38d405fc9f6ff51d3454dd34cd3768a94b55c9'|'Activist Jana cashes out of Whole Foods following Amazon deal'|'July 19, 2017 / 11:18 PM / 14 hours ago Activist Jana cashes out of Whole Foods following Amazon deal 1 Min Read FILE PHOTO - Customers leave the Whole Foods Market in Boulder, Colorado, U.S. on May 10, 2017. Rick Wilking/File Photo (Reuters) - Activist investor Jana Partners LLC cashed out of its position in Whole Foods Market Inc ( WFM.O ), a regulatory filing showed on Wednesday, after the upscale grocer agreed to be acquired by Amazon.com Inc ( AMZN.O ) in a $13.7 billion deal last month. Jana, which was Whole Foods'' second-largest shareholder with an 8.2 percent stake, made a profit of over $300 million on the sale, according to Reuters calculations. Jana bought 27.9 million shares of the company for $721.2 million in March, and exited its position on Tuesday for a price of more than $1 billion. The investor had heaped pressure on Whole Foods to sell itself after taking a stake in the company, citing the retailer''s lagging sales and stock price. In June, Whole Foods agreed to be bought by Amazon for $13.7 billion in a sector-altering deal that could see the e-commerce giant enter the brick-and-mortar retailing industry. Reporting by Karina Dsouza in Bengaluru; Editing by Sai Sachin Ravikumar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-whole-foods-jana-idUSKBN1A42QI'|'2017-07-20T07:18:00.000+03:00'|5712.0|''|-1.0|'' 5713|'e37d2390ef55219dbbc450aafb315ab88dd8f524'|'UBS raises $325 million for Bono-backed impact investment fund'|'Business News 11:09am BST UBS raises $325 million for Bono-backed impact investment fund FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 29, 2017. REUTERS/Arnd Wiegmann By Joshua Franklin - ZURICH ZURICH UBS has raised $325 million (252.71 million for a private equity impact investment fund, as the world''s biggest private bank looks to meet wealthy clients'' growing appetite to combine philanthropy with money making. The Rise Fund, which counts Irish rock star Bono among its co-founders, aims to achieve "measurable, positive social and environmental outcomes alongside competitive financial returns", UBS said in a statement on Monday. Impact investing -- a term coined in 2007 -- grew out of the desire by socially conscious individuals to extend philanthropy to their financial holdings. The fund, whose total size is around $2 billion, is managed by Bill McGlashan, founder and managing partner of TPG Growth, the growth-capital fund of U.S. private equity firm TPG. The fundraising represents a relatively minor amount for UBS, which has more than 2 trillion Swiss francs ($2.1 trillion) in invested assets. But clients want to move more of their money into these kind of investments, according to Simon Smiles, UBS Wealth Management''s chief investment officer for ultra high net worth clients. "The interest in impact investing and these kind of opportunities among the clients we speak to actually far exceeds the supply of the available opportunities," Smiles said. Interest is especially high among millennials and in Asia, Smiles said. One-third of the funds raised by UBS came from its North America wealth management division, with the rest coming from its international division, especially Asia. Investments, UBS said, will focus on seven sectors: education, energy, food and agriculture, financial services, growth infrastructure, healthcare, and technology, media and telecommunications. UBS plans to offer more impact investments to clients, said Christian Wiesendanger, UBS''s global head of investment platforms and solutions in wealth management. "This Rise Fund," Wiesendanger said, "is one of many to come." (Reporting by Joshua Franklin. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ubs-group-ag-philanthropy-wealth-idUKKBN19V0ZJ'|'2017-07-10T13:09:00.000+03:00'|5713.0|''|-1.0|'' @@ -5719,7 +5719,7 @@ 5717|'5c490ea722429b7d4e7ae703a9f2ca115ec39ad4'|'$1 billion headache for Airbus as Qatar cancels four jets'|'Deals 22pm BST $1 billion headache for Airbus as Qatar cancels four jets left right A logo of Qatar Airways is seen at Hamad International Airport in Doha, Qatar June 12, 2017. REUTERS/Naseem Zeitoon 1/2 left right FILE PHOTO - A landing signal officer guides an Airbus A350-900 to be parked for the ILA Berlin Air Show in Selchow near Schoenefeld south of Berlin May 19, 2014. REUTERS/Tobias Schwarz 2/2 By Tim Hepher - PARIS PARIS Qatar Airways has axed orders for four A350s because of delivery delays, Airbus said on Thursday, handing the European planemaker a new headache over what to do with jets worth $1.2 billion at list prices as it tries to close a sales gap with rival Boeing. The Gulf carrier''s decision means Airbus will have to try to resell the 283-seat jets at a time when demand for big planes is softening, and could cost Airbus $60-80 million to rip out and replace interiors designed to fit the airline''s plush brand. "Smart players are not going to rush in, because other cancellations or deferrals may come," said veteran aircraft financier Bertrand Grabowski, former board member at DVB Bank. The cancellation follows concerns about delays and quality problems on cabin equipment for the A350, but also comes at a time when Qatar is entering the second month of a crisis caused by a ban on Qatar''s use of the airspace of four Arab nations. Qatar Airways Chief Executive Akbar Al Baker said earlier any delays were the planemaker''s responsibility. "We are asking Airbus to deliver it faster," he told a Dublin news conference. "The delay is from Airbus." An Airbus spokesman said the cancellations were related to "known supply chain issues". Asked what would happen to the undelivered A350-900 jets, he said: "They will be reallocated". Qatar Airways has a reputation for being demanding when reviewing aircraft for quality defects before delivery. Airbus has been wrestling with interior issues on the A350, including problems with the toilets. However, some analysts have said the Gulf political crisis may give the airline a further incentive to slow deliveries, compounding the impact of relatively weak oil prices. "All the Gulf carriers realize they have ordered too many wide-bodied aircraft and don''t have room for them, especially now," said an aircraft finance industry official. Al Baker last month denied the Gulf spat would interfere with Qatar Airways'' growth or aircraft deliveries. After a slow start to the year, Airbus said it had almost tripled its cumulative 2017 orders in June thanks to the Paris Airshow. But it ended the first half well behind Boeing, which grabbed most show headlines with a new version of its 737. Airbus took 248 orders between January and June, or 203 after cancellations. It delivered 306 aircraft over the same period including 30 A350s. As of June 27, Boeing had notched up 407 orders so far this year, or 361 after cancellations. (Reporting by Tim Hepher and Alexander Cornwell; Editing by Michel Rose and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airbus-orders-idUKKBN19R287'|'2017-07-06T20:21:00.000+03:00'|5717.0|''|-1.0|'' 5718|'ba140fa2311c777d8c5e716d46c75b042045b8b0'|'Austria pursues police access to messaging data with new law'|'VIENNA Austria is pursuing plans to give police access to messaging services such as WhatsApp ( FB.O ) or Skype in an attempt to "close the gap" on criminals who are no longer communicating via the telephone."Our investigators say that potentially criminal content has not been passed on for a long time solely via traditional ways of communication," a spokesman for the Justice Ministry said.Messaging services such as WhatsApp and Telegram secure private messages with end-to-end encryption, which means that messages can only be seen by the sender and the recipient.Austria sent the draft law detailing the proposals to political, technical, civil rights and legal experts on Monday.Vienna is seeking access to real-time conversation data in cases where a court has granted permission and which might be connected to terrorism or crimes that are punished by at least five years in prison, the spokesman added.Austrian courts have already sentenced several people to jail for links to terrorist organizations after verdicts which have been supported by data acquired from seized devices.The new law would give police wider, remote access. But it would not grant blanket access to hard drives, the spokesman added. The bill still needs to go to parliament after a deadline for the submission of expert opinions on Aug. 21.Austria''s government and police have said the law would provide the necessary legal basis for authorities to seek a technical solution for circumventing encrypted communication remotely and in real time.But tech experts say that weakening encryption by creating back doors for governments will leave phones, computers and other devices far more vulnerable.The justice ministry spokesman said Austria''s bill followed in the footsteps of other European countries such as Spain, France, Italy and Poland.In Germany, police and intelligence services technically have the right to install malware on suspect phones, but this is highly controversial and it is unclear how widely used it is.And the Dutch Senate is voting on a new digital security law on Tuesday that includes provisions to allow intelligence services to target criminal suspects with malware.Meanwhile, Britain''s Intelligence Act, which is still being implemented, explicitly gives power to police and intelligence services for the mass interception of communications.But the United States Senate failed last year to require firms like Apple ( AAPL.O ) to help law enforcement crack encrypted data.In Mexico the government targeted opposition officials with software designed to fight criminals, a report by the University of Toronto said last month.(Additional reporting by Eric Auchard, Peter Maushagen, Dustin Volz; Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-austria-cyber-idUSKBN19V20U'|'2017-07-10T18:46:00.000+03:00'|5718.0|''|-1.0|'' 5719|'5293271a1a73aacfa030a9103fa86d151f5f9734'|'PayPal''s profit rises 27.2 percent'|'July 26, 2017 / 8:21 PM / 15 minutes ago PayPal''s profit rises 27.2 percent Reuters Staff 1 Min Read FILE PHOTO: The PayPal logo is seen during an event at Terra Gallery in San Francisco, California May 21, 2015. Robert Galbraith/File Photo GLOBAL BUSINESS WEEK AHEAD SEARCH GLOBAL BUSINESS 24 APR FOR ALL IMAGES (Reuters) - PayPal Holdings Inc reported a 27.2 percent rise in quarterly profit as the payment processor''s growing strategic partnerships helped boost payment volumes. The company''s net income rose to $411 million (313 million pounds), or 34 cents 30, from $323 million, or 27 Revenue rose to $3.14 billion from $2.65 billion. Reporting by Nikhil Subba Maju Samuel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-paypal-hldg-results-idUKKBN1AB2SL'|'2017-07-26T23:20:00.000+03:00'|5719.0|''|-1.0|'' -5720|'9be32763de92746446af990677ec37941f9a3c65'|'Digital wealth manager Flynt gets Swiss banking licence'|'July 21, 2017 / 1:50 PM / in 7 minutes Digital wealth manager Flynt gets Swiss banking licence Brenna Hughes Neghaiwi 2 Min Read ZURICH (Reuters) - Digital wealth management start-up Flynt has received a banking licence from Swiss finance watchdog FINMA, it said on Friday, representing a first for a Swiss financial technology business. The software group''s announcement comes on the heels of Swiss private bank Falcon receiving regulatory approval to allow clients to store and trade the virtual currency bitcoin, and marks a further technology inroad in the traditional banking hub which is keen to establish a strong fintech industry. Founded by the chief executive of derivatives specialist Leonteq ( LEON.S ) and based in Switzerland''s ''Crypto Valley'', Flynt aims to offer wealthy clients a platform from which to manage their asset portfolios, from bank accounts to real estate. "The banking licence allows Flynt the required independence to approach wealth management in new ways and using innovative technologies, thus enabling private and institutional clients, such as entrepreneurs and family offices, to independently control their total wealth at all times," the group said in a statement. Flynt currently employs 43 people. The Commercial Registry of the Canton of Zug confirmed Flynt''s registration as a bank and said the information would be published in two to three working days. In recent years, a variety of fintech players have received European banking licences. For many of them this has been because they want to lower the transaction fees they pay to banks, rather than to move into universal banking services themselves. Reporting by Brenna Hughes Neghaiwi and Oliver Hirt; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swiss-fintech-flynt-idUKKBN1A61QI'|'2017-07-21T16:49:00.000+03:00'|5720.0|''|-1.0|'' +5720|'9be32763de92746446af990677ec37941f9a3c65'|'Digital wealth manager Flynt gets Swiss banking licence'|'July 21, 2017 / 1:50 PM / in 7 minutes Digital wealth manager Flynt gets Swiss banking licence Brenna Hughes Neghaiwi 2 Min Read ZURICH (Reuters) - Digital wealth management start-up Flynt has received a banking licence from Swiss finance watchdog FINMA, it said on Friday, representing a first for a Swiss financial technology business. The software group''s announcement comes on the heels of Swiss private bank Falcon receiving regulatory approval to allow clients to store and trade the virtual currency bitcoin, and marks a further technology inroad in the traditional banking hub which is keen to establish a strong fintech industry. Founded by the chief executive of derivatives specialist Leonteq ( LEON.S ) and based in Switzerland''s ''Crypto Valley'', Flynt aims to offer wealthy clients a platform from which to manage their asset portfolios, from bank accounts to real estate. "The banking licence allows Flynt the required independence to approach wealth management in new ways and using innovative technologies, thus enabling private and institutional clients, such as entrepreneurs and family offices, to independently control their total wealth at all times," the group said in a statement. Flynt currently employs 43 people. The Commercial Registry of the Canton of Zug confirmed Flynt''s registration as a bank and said the information would be published in two to three working days. In recent years, a variety of fintech players have received European banking licences. For many of them this has been because they want to lower the transaction fees they pay to banks, rather than to move into universal banking services themselves. Reporting by Brenna Hughes Neghaiwi and Oliver Hirt; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swiss-fintech-flynt-idUKKBN1A61QI'|'2017-07-21T16:49:00.000+03:00'|5720.0|24.0|0.0|'' 5721|'256502fe63314b9895673cac73d2f3586770d7df'|'French fashion house Lanvin to dismiss designer Bouchra Jarrar - source'|'Business News - Thu Jul 6, 2017 - 4:20pm BST French fashion house Lanvin to dismiss designer Bouchra Jarrar - source A woman walks past a Lanvin store in Paris, France, January 12, 2017. REUTERS/Christian Hartmann PARIS France''s oldest fashion brand Lanvin has decided to dismiss designer Bouchra Jarrar as it faces a deepening crisis amid slumping sales, a source close to the matter told Reuters on Thursday. Founded in 1889, Lanvin is one of France''s last major independent fashion labels in an industry dominated by multi-brand groups such as LVMH ( LVMH.PA ) and Kering ( PRTP.PA ). It has been in turmoil since the shock sacking in 2015 of previous designer Alber Elbaz after a boardroom dispute. Bouchra Jarrar, appointed in March 2016, "was seriously weakened by the lack of success of her collections," a source said, following reports of her expected departure from the fashion house. The source added that Jarrar would not be in charge of the Spring-Summer collection due for end-September. Neither Lanvin nor Jarrar could be reached for comment. Lanvin fell to net loss of 18.3 million euros (16.23 million pounds) last year, its first in nearly a decade, from a profit of 6.3 million in 2015, sources told Reuters last month. The loss is seen widening to 27 million euros in 2017, the sources said. Another source with access to the company''s results said sales fell 23 percent last year to 162 million euros and slumped a further 32 percent in the first two months of 2017. (Reporting by Pscale Denis; Writing by Ingrid Melander; Editing by Andrew Callus and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lanvin-designer-idUKKBN19R29L'|'2017-07-06T18:20:00.000+03:00'|5721.0|''|-1.0|'' 5722|'e75d13e3bc0f5504162f922e59ffd732b53e2055'|'Global funds raise euro zone assets to over two-year highs'|'July 31, 2017 / 12:16 PM / 41 minutes ago Global funds raise euro zone assets to over two-year highs 6 Min Read European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany July 20, 2017. Ralph Orlowski LONDON (Reuters) - Global investors have raised their holdings of euro zone equities and bonds to the highest levels in more than two years, a Reuters poll showed, reflecting a conviction that the European Central Bank will not rush to raise interest rates. Investors have sought signals as to when the ECB will start reducing its asset-purchase scheme, but the bank left its ultra-easy monetary policy unchanged at its July meeting and did not even discuss winding down stimulus. That probably gave fresh impetus to investor bullishness on Europe. Reuters'' monthly asset allocation survey of 49 fund managers and chief investment officers in Europe, the United States, Britain and Japan, showed assets from the single currency bloc continued to be favoured. The poll, 26, showed funds boosting euro zone equity allocations to an average 20.1 percent, the highest level since April 2015 and up 3.4 percentage points since the start of the year. They also raised euro zone bond holdings by two percentage points to 29.2 March 2015. European equities are up 5 percent year-to-date though they are set to end July flat, possibly spooked by the euro''s surge to near two-year highs EUR= . Over two-thirds of poll respondents monetary policy said they did not expect all four major central banks - the ECB, Bank of Japan (BOJ), the U.S. Federal Reserve and the Bank of England - to end-2018. The ECB and the BOJ were most often named as the central banks likely to lag the other two. Alain Zeitouni, senior portfolio manager at Russell Investments, was amongst those who cited the ECB. "We expect a slow and gradual tapering in the course of 2018 in order not to scare global capital markets," he said. "Inflation remains sub-2 percent in the euro area and with potential uncertainties around Italian elections in 2018, it is very unlikely the ECB will act before the end of the year." Trevor Greetham, Royal London Asset Management (RLAM), said their highest conviction view was that the BOJ would not raise rates. "The recent downgrade in their inflation outlook confirms our view that the underlying inflationary pressures remain low. We expect yen weakness to boost Japanese equities," he said. Investors increased Japanese equity exposure to 17.7 percent in July, the highest since November 2016, whilst raising Japanese bonds by over 1 percentage point to 13.5 percent. The BOJ kept policy unchanged in July and pushed back the timing for achieving its inflation target. Some managers also doubt the Bank of England will be able to tighten any time soon, with Justin Onuekwusi, a fund manager at Legal & General Investment Management, citing fragile consumer demand and uncertainty over Britain''s upcoming exit from the EU. "The MPC will have to balance a slowing economy and rising inflation a mild form of stagflation," he said. In contrast, the U.S. Federal Reserve is expected to tighten further and to start reducing its bond holdings soon, a step it alluded to at its July meeting. Vulnerable Investors cut their U.S. equity holdings to 39.3 percent in July, the lowest level since Donald Trump''s election as U.S. President in November. Although U.S. stock markets .SPX .DJI have rallied to record highs, some investors expressed concern about stretched asset prices. With Trump''s promised tax cuts and higher spending already priced in, the market is viewed as vulnerable to disappointment. Some 85 percent of poll predicted he would see out his four-year term, notwithstanding an ongoing investigation into possible collusion between his presidential campaign and Russia. Several asset managers saw impeachment as difficult unless the Democrats made substantial gains at 2018 mid-term elections. Robeco strategist Peter van der Welle, however, put Trump''s odds of survival at 50/50. "If (special counsel Robert) Mueller manages to keep the investigation on track and presents compelling evidence, it is not unthinkable he has cleared enough smoke for Congress to trigger impeachment," he said. Overall, investors trimmed equity holdings to 46.1 percent of global portfolios, the lowest since March, while raising bond allocations to 40.8 December. In another sign of caution they raised cash levels by almost one percentage point to 5.3 percent. Just over half of those rock-bottom implied volatility expected it to spike higher, citing potential earnings disappointments as a possible trigger. "At current valuations, markets are priced for a return of Goldilocks - in the second phase of the cycle this is an assumption you should be concerned about," said Francois Savary, chief investment officer at Prime Partners. Additional reporting by Maria Pia Quaglia Regondi, editing by Larry King 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-funds-poll-global-idUKKBN1AG1E8'|'2017-07-31T15:21:00.000+03:00'|5722.0|''|-1.0|'' 5723|'1e744fa571d235d69caca26bf6f7f41f20b87440'|'BlackRock takes options to calm Brexit nerves despite pound positivity'|'Business News - Tue Jul 11, 2017 - 9:00am EDT BlackRock takes options to calm Brexit nerves despite pound positivity FILE PHOTO - The BlackRock logo is seen at the BlackRock Japan headquarters in Tokyo, Japan, October 20, 2016. REUTERS/Toru Hanai LONDON BlackRock, the world''s biggest asset manager, is taking some exposure to the pound through options markets for fear of what months of messy Brexit talks may bring, although it maintains the currency is fairly valued. Scott Thiel, BlackRock''s Deputy Chief Investment Officer for global fundamental fixed income, said the money manager was buying option "calls", which entitle it to buy at around current levels rather than through spot purchases. "We remain constructive on sterling around current levels as we believe it is fairly valued, though given the headline risks around Brexit negotiations, our positioning is through buying call options," Thiel told Reuters on Tuesday. He declined to specify at what rates BlackRock was buying the options, beyond saying it was at "around current levels". Very low global market volatility has also made buying options on the pound far cheaper than they were last year, when sharp price swings were the norm. GBP1MO= The pound fell by as much as 20 percent in the aftermath of last year''s shock vote to leave the European Union, trading as low as $1.15, but it has steadied in recent months and was trading at around $1.2906 on Tuesday. However, there are still considerable nerves around the currency with surveys showing that major companies have curbed investment plans and consumers spent less on credit cards in anticipation of a rough economic period ahead. A threat by the Bank of England to raise interest rates is also broadly seen as reflecting concerns over the pound''s value. RBC strategists recommended a "short" sterling trade against the U.S. dollar this week, targeting $1.2635, while the latest Commodity Futures Trading Commission data for the week ending July 3 point to still sizeable short bets against the pound. (Reporting by Saikat Chatterjee; editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-britain-sterling-blackrock-idUSKBN19W1FL'|'2017-07-11T16:00:00.000+03:00'|5723.0|''|-1.0|'' @@ -5733,7 +5733,7 @@ 5731|'bfe21c19a865f0e9847dc324ff1322301df8d8d6'|'Boeing''s new avionics group aims to cut costs, boost quality'|'July 31, 2017 / 5:19 PM / 31 minutes ago Boeing''s new avionics group aims to cut costs, boost quality 3 Min Read FILE PHOTO: The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. Jim Young/File Photo Boeing Co ( BA.N ) said on Monday it has set up an avionics group to make flight controls and other electronics currently made by outside suppliers for its commercial and military aircraft, aiming to bring the products into service after 2020. The move by the world''s largest plane maker appeared to be a direct attack on suppliers such as Rockwell Collins Inc ( COL.N ), United Technologies Corp ( UTX.N ) and Honeywell International Inc ( HON.N ). The three companies, which make electronics used on current Boeing jets, did not immediately respond to requests for comment. In recent years, Boeing has brought propulsion, carbon fibre manufacturing and other key capabilities in-house to better control both technology and intellectual property. That strategy followed outsourcing of major systems to suppliers for the 787 Dreamliner that led to billions of dollars in cost overruns. Boeing said it has already started developing systems that would be lower cost, higher quality alternatives to existing products made by suppliers, and would deliver more services revenue to Boeing after a plane is sold. Boeing aims to "further drive cost down and value up for our customers, in all phases of a product''s life cycle," Boeing Chief Executive Dennis Muilenburg said in an internal statement to employees that was seen by Reuters. While Boeing owns some intellectual property on electronic systems in its jet cockpits, current contracts with suppliers likely would not let Boeing take aftermarket business away on those planes, said analyst Robert Stallard. However, suppliers could lose significant business on future aircraft, Stallard said. Boeing is talking about creating a new mid-sized aircraft that would enter service around 2025, and would need to create a successor to its best-selling 737 model after that. Boeing shares were up 1 percent at $243.72 in midday trading. Reporting by Alwyn Scott; Editing by Meredith Mazzilli and Diane Craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boeing-avionics-idUKKBN1AG245'|'2017-07-31T20:19:00.000+03:00'|5731.0|''|-1.0|'' 5732|'2b6357a2213ad9b6aeb0223e75905c30e54e423e'|'Markets worry about central banks'|'IN JANE AUSTENS novel, Sense and Sensibility, Henry Dashwoods death plunges his wife and two daughters, Elinor and Marianne, into financial distress, because his heir grants them only a meagre allowance. Bond-market investors have started to worry that something similar is about to happen to them.Since 2009 central banks have been incredibly supportive of the financial marketskeeping short-term interest rates at historic lows and buying trillions of dollars worth of bonds. But in recent weeks, several of them have been hinting at reducing their largesse. 15 hours ago How The Federal Reserve has been slowly pushing up interest rates and has talked about reducing the size of its balance-sheet, by not reinvesting the proceeds of bonds when they mature. There have been suggestions that the Bank of Canada might push up rates when it meets on July 12th. Both Mark Carney, the governor of the Bank of England and Andrew Haldane, its chief economist, have hinted that a rate rise may be on their agenda.But the biggest shock to markets came on June 27th, when Mario Draghi, the head of the European Central Bank, remarked that deflationary forces have been replaced by reflationary ones. The result was a sudden rise in bond yields (see chart). Super Mario carries great weight with investors; he was widely credited with halting the euro crisis back in 2012 with his vow to do whatever it took to save the single currency.The ECB tried to calm investor nerves in the aftermath of the statement. Mansoor Mohi-uddin, a strategist at Royal Bank of Scotland, thinks the markets overreacted to Mr Draghis words. The ECB is not about to stop its stimulus. He thinks that, in September, the bank will merely indicate that it will be reducing its monthly rate of purchases from 60bn ($68bn) to 40bn at the start of 2018. Mr Draghi is just preparing the ground.There was some speculation that central banks had deliberately co-ordinated their comments. But the simpler explanation is that they were reacting to similar factors. First, global growth seems have picked up in the second half of 2016, allowing banks to withdraw some stimulus. Second, Fed tightening gives other central banks cover; any bank tightening on its own would probably see its currency strengthen strongly, risking overkill.Caution is essential in calling the turn in the bond market, an event that has been predicted many times before. Bond yields have merely reversed some of the declines seen earlier in the year. Inflation in most economies remains subdued; Britain is an exception because of the decline in the pound following the Brexit referendum. British bonds may also be less attractive to international investors because of signs that the budget deficit will widen under the current Conservative government, and even more so if the Labour opposition takes power.There are also signs that the global recovery may not be that robust. Commodity prices, an indicator of global demand, have fallen since the start of the year. Chinas economy is showing signs of a loss of momentum, according to Capital Economics, a consultancy. David Owen of Jefferies, an investment bank, says that global trade and industrial production are both growing at an annualised rate of less than 2%, based on the past three months. This is not consistent with a strong recovery in investment, he adds.Central banks will have to tread very carefully. Global debt is higher as a proportion of GDP than it was before the financial crisis started in 2007. Ultra-low interest rates have made borrowing sustainable but have also encouraged companies and consumers to take on more debt. The annual report of the Bank for International Settlements, released on June 25th, warned of elevated credit risks in a number of emerging economies and smaller developed economies. Financial-cycle downturns could weaken demand and growth, not least by dampening consumption and investment, the report said. The BIS also worries that a return of trade protectionism could sap the global economys strength.It is a lot easier to begin monetary stimulus than to end it. More than a quarter of a century has passed since the Japanese bubble burst in 1990, and the Bank of Japan is still pumping money into the economy and trying to keep ten-year bond yields close to zero. By the end of the novel, Elinor (sense) and Marianne (sensibility) find contentment with a vicar and a retired colonel respectively. Unlike Austen, central banks cannot always arrange a happy ending.Economist.com/blogs/buttonwood This article appeared in the Finance and economics section of the print edition under the headline "Cutting off their allowance"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21724812-will-there-be-sudden-tightening-policy-markets-worry-about-central-banks?fsrc=rss'|'2017-07-08T08:00:00.000+03:00'|5732.0|''|-1.0|'' 5733|'a387ce5eaf6860666180a126b44d2d90c01fb60e'|'German economy to grow by around 0.6 percent in second quarter - finance minister'|'July 19, 2017 / 10:22 PM / 5 minutes ago German economy to grow by around 0.6 percent in second quarter - finance minister Reuters Staff 2 Min Read FILE PHOTO: The skyline of the banking district in Frankfurt, Germany, September 18, 2014. Kai Pfaffenbach/File Photo BERLIN (Reuters) - The German economy is humming and set for solid growth despite external risks such as the unknown outcome of Brexit negotiations and U.S. President Donald Trump''s future trade policies, the German Finance Ministry said on Thursday. "The current picture of economic indicators suggests that the economic upswing continued vigorously in the second quarter," the ministry said in its monthly report, pointing to rising industrial output and buoyant business morale. German gross domestic product (GDP) likely expanded in the second quarter by a similar rate as in the previous three months when the economy grew by 0.6 percent on the quarter, it said. "However, risks arising from the Brexit negotiations and from the future U.S. trade policy remain," the ministry added. The Federal Statistics Office will publish preliminary second quarter GDP growth figures in mid-August. The International Monetary Fund (IMF) has raised its growth forecast for the German economy. It now expects it to expand by 1.8 percent in 2017 and by 1.6 percent in 2018 in real terms. The German government remains more cautious and so far has stuck to its estimates of 1.5 percent for 2017 and 1.6 percent for 2018, non-adjusted for workdays. This would be below the 1.9 percent in 2016, which was the strongest rate in five years. Reporting by Michael Nienaber; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-idUKKBN1A42MP'|'2017-07-20T01:21:00.000+03:00'|5733.0|''|-1.0|'' -5734|'016ba2b7afa9ece91ee5a567b329868d6fa0194d'|'Easing inflation boosts FTSE, Carillion climbs again'|'July 18, 2017 / 9:07 AM / 10 minutes ago FTSE edges lower, IG soars after results Helen Reid 4 Min Read FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. Toby Melville/File Photo LONDON (Reuters) - British shares edged down on Tuesday after falls in financial stocks outweighed the effect of easing inflation and positive earnings updates from Royal Mail and British Land. The FTSE 100 ended down 0.2 percent but outperformed heavy losses among European stocks thanks to a weaker pound, which benefits major exporting companies. Sterling dropped as investors adjusted interest rate expectations after inflation unexpectedly eased in June for the first time since October, surprising the market and adding to the likelihood the Bank of England will keep interest rates on hold in August. "The Bank of England''s rhetoric has taken an increasingly hawkish tone in recent weeks," Hargreaves Lansdown senior economist Ben Brettell said. "However if today''s pullback in inflation marks the start of a sustained decline, the pressure on the Bank to raise rates will ease." Mid-cap IG Group soared more than 16 percent and was the top European gainer after the online spreadbetting company reported a growing client base and rising profit despite quiet markets. "We regard these as very solid results in a year where market volatility has been at a multi-year low," Shore Capital analysts said. Greater market volatility tends to bolster trading companies'' profits as investors turn investment portfolios around more frequently. Britain''s second-largest listed property developer British Land was a top blue-chip performer after it announced a 300 million pound share buyback plan, providing more evidence of a pick-up in share buybacks among European corporates. Morgan Stanley analysts last week predicted this trend would accelerate. "Given the significant discount to net asset value (NAV) at which the shares are trading, this would be NAV accretive with the scale of enhancement subject to the amount of share bought and at what price," analysts at Stifel said. A flurry of mail activity around the British election helped Royal Mail to perform more strongly in its first quarter, sending its shares up 3.1 percent to join the FTSE 100 index''s top gainers. On the downside, Barclays led banks lower after Goldman Sachs reported a 40 percent fall in fixed-income trading, weighing on sentiment about the British bank, a major player in the bond market. Data services firm Experian, down 2 percent, was the biggest faller among the FTSE''s blue-chips after its first-quarter update. "Revenue growth in line with expectations, but no indication yet of recovery in Consumer Services revenue in the U.S., and as expected under pressure in the UK," Stifel analysts said in a note. Mid-caps held on to solid gains, up 0.5 percent thanks to strong progress by IG Group and Carillion. Crisis-hit British construction company Carillion jumped 5.5 percent after its joint venture won two further contracts, worth 158 million pounds, to supply services for British military sites. The stock is up 50 percent from last week''s lows. Defence contractor G4S rose to the top of the FTSE 100 as investors read across from Carillion''s gains. Reporting by Helen Reid; Editing by Keith Weir and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1A30RJ'|'2017-07-18T12:08:00.000+03:00'|5734.0|''|-1.0|'' +5734|'016ba2b7afa9ece91ee5a567b329868d6fa0194d'|'Easing inflation boosts FTSE, Carillion climbs again'|'July 18, 2017 / 9:07 AM / 10 minutes ago FTSE edges lower, IG soars after results Helen Reid 4 Min Read FILE PHOTO: A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. Toby Melville/File Photo LONDON (Reuters) - British shares edged down on Tuesday after falls in financial stocks outweighed the effect of easing inflation and positive earnings updates from Royal Mail and British Land. The FTSE 100 ended down 0.2 percent but outperformed heavy losses among European stocks thanks to a weaker pound, which benefits major exporting companies. Sterling dropped as investors adjusted interest rate expectations after inflation unexpectedly eased in June for the first time since October, surprising the market and adding to the likelihood the Bank of England will keep interest rates on hold in August. "The Bank of England''s rhetoric has taken an increasingly hawkish tone in recent weeks," Hargreaves Lansdown senior economist Ben Brettell said. "However if today''s pullback in inflation marks the start of a sustained decline, the pressure on the Bank to raise rates will ease." Mid-cap IG Group soared more than 16 percent and was the top European gainer after the online spreadbetting company reported a growing client base and rising profit despite quiet markets. "We regard these as very solid results in a year where market volatility has been at a multi-year low," Shore Capital analysts said. Greater market volatility tends to bolster trading companies'' profits as investors turn investment portfolios around more frequently. Britain''s second-largest listed property developer British Land was a top blue-chip performer after it announced a 300 million pound share buyback plan, providing more evidence of a pick-up in share buybacks among European corporates. Morgan Stanley analysts last week predicted this trend would accelerate. "Given the significant discount to net asset value (NAV) at which the shares are trading, this would be NAV accretive with the scale of enhancement subject to the amount of share bought and at what price," analysts at Stifel said. A flurry of mail activity around the British election helped Royal Mail to perform more strongly in its first quarter, sending its shares up 3.1 percent to join the FTSE 100 index''s top gainers. On the downside, Barclays led banks lower after Goldman Sachs reported a 40 percent fall in fixed-income trading, weighing on sentiment about the British bank, a major player in the bond market. Data services firm Experian, down 2 percent, was the biggest faller among the FTSE''s blue-chips after its first-quarter update. "Revenue growth in line with expectations, but no indication yet of recovery in Consumer Services revenue in the U.S., and as expected under pressure in the UK," Stifel analysts said in a note. Mid-caps held on to solid gains, up 0.5 percent thanks to strong progress by IG Group and Carillion. Crisis-hit British construction company Carillion jumped 5.5 percent after its joint venture won two further contracts, worth 158 million pounds, to supply services for British military sites. The stock is up 50 percent from last week''s lows. Defence contractor G4S rose to the top of the FTSE 100 as investors read across from Carillion''s gains. Reporting by Helen Reid; Editing by Keith Weir and Jane Merriman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1A30RJ'|'2017-07-18T12:08:00.000+03:00'|5734.0|19.0|0.0|'' 5735|'9e371d08a00af50e4010c00ad1858a7d4b2bb828'|'Japan industrial output increase hints at more stable growth'|'July 31, 2017 / 4:16 AM / 2 hours ago Japan industrial output increase hints at more stable growth 3 Min Read A cargo ship is pictured at an industrial port in Tokyo, Japan, August 18, 2016. Kim Kyung-Hoon/Files TOKYO (Reuters) - Japan''s factory output rebounded in June from a decline in May as production of cars and industrial chemicals increased, suggesting economic expansion may be on a more stable footing. Industrial output rose 1.6 percent in June from the previous month, just below the median estimate for a 1.7 percent increase and following a 3.6 percent decline in May. Manufacturers forecast a steady increase in output in coming months, offering further evidence that firm overseas demand and gains in consumer spending could support overall growth in Japan''s economy. "Overall, the trend looks healthy due to domestic demand and demand from emerging markets, said Norio Miyagawa, senior economist at Mizuho Securities. "It''s safe to say the economy continued its expansion in April-June and the forecasts point to further growth in output." Transport sector output rose 4.2 percent in June, rebounding from a 13.0 percent tumble in the previous month, as output of passenger cars and automobile engines recovered. Output of chemicals rose 3.4 percent in June, also a rebound from a 2.2 percent decline in May. A laborer works in a container area at a port in Tokyo, Japan July 19, 2017. Toru Hanai/Files Inventories across all industries fell 2.2 percent in June, the biggest decline in more than six years, as inventories of cars, steel, and electronic equipment were reduced. Some economists were concerned that inventories in the past few months were too high, and that companies would have to cut output. However, the decline in inventories in June shows that companies still have room to expand output, said Mizuho Securities'' Miyagawa. Manufacturers surveyed by the ministry expect output to rise 0.8 percent in July and 3.6 percent in August, which also shows that gains in output are likely to be maintained. Industrial output rose 1.9 percent in the April-June quarter, handily exceeding the 0.2 percent increase seen in January-March. Given the close correlation between industrial output and gross domestic product this suggests the overall economy accelerated in April-June. The positive output reading follows data last week showing the biggest increase in household spending in almost two years and an increasingly tight labour market, building optimism that the economy will maintain its upward momentum. Reporting by Stanley White; Editing by Eric Meijer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-output-idINKBN1AG0CO'|'2017-07-31T07:15:00.000+03:00'|5735.0|11.0|0.0|'' 5736|'127497c01ec6c444059d9cbea8549d02a5b6407e'|'COLUMN-Global investors turn to stocks - canny bet or market top?: James Saft'|'July 21, 2017 / 9:30 PM / 10 hours ago Global investors turn to stocks - canny bet or market top?: James Saft James Saft 5 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. May 18, 2017. Brendan McDermid (Reuters) - (The opinions expressed here are those of the author, a columnist for Reuters) With equity indexes at all-time highs, global mutual fund and ETF investors may be choosing now as the time to reverse a long-running move into bonds and out of equities. Thats either in harmony with retail investors legendary ability to pick the top or a canny bet on global reflation. Since the great financial crisis the broad global trend has been for mutual and exchange-traded fund investors to load up on bonds while trimming equities. Globally, funds held in equities vehicles went from above 90 percent of the whole in 2007 to about 70 percent now. And while that figure for U.S. funds bottomed at about 60 percent in 2010 and is now at 67 percent, equity funds have suffered net outflows for the majority of the last few years, except for a spike in inflows after the 2016 U.S. election. This ''de-equitisation,'' driven partly by battle-scarred individuals and partly by a large move into long-term debt by pension funds seeking to hedge long-term obligations, has been expensive. Over the past five years, the S&P 500 has returned 13.4 percent per annum, against just 2.3 percent for 10-year Treasuries. But now, what started as a mild trend in the U.S. of upping equity exposure seems to be going global, perhaps as the last bears capitulate in the face of a low-volatility march higher in equity markets. There is also the fact that major central banks are signaling they may at last start to run down their own multi-trillion-dollar portfolios of bonds. We find increasing evidence that the de-equitisation process, by which the weight of equity holdings in portfolios diminishes over time and is substituted by debt, has finally come to an end, Alain Bokobza of Societe Generale wrote in a note to clients. The main driver for re-equitisation could be gradually rising bond yields (Make reflation great again). Rising bond yields imply losses on existing bond portfolios (underweight bonds) and, when bond yields move higher, the risk budget of investors tends to increase (overweight equity)." In Europe, as bond yields bottomed, the equity share of fund holdings has crept higher this year, from a low below 60 percent in mid-2016 to about 65 percent now. Net flows to European equity funds have turned positive and assets, which decreased for about 18 months to January, have grown rapidly, indeed at a rate not seen since the bottoming of equity markets in 2009. Canny Bet or History Repeats? There is no question that a return to equity fund flows over bonds would have a significant market impact. A 10-percentage-point re-weighting into equities implies a global flow of $2.3 trillion. That compares with a cumulative net inflow into bond funds of almost $1.8 trillion since 2007. That inflow, notably, happened alongside massive official buying of bonds by central banks seeking to engineer a reflation. Those same central banks now seem ready to reverse course. The ECB is expected to announce its plans for tapering its bond portfolio sometime in the next several months, though it is currently committed to buying 60 billion euros a month until at least December. The Federal Reserve too is widely expected to start to allow its $4.5 trillion stock of bonds to dwindle, perhaps by the end of the year if not sooner. If that comes to pass it will surely change the relative attractions of stock and bonds. Longer-term Treasuries have already become more volatile than the almost comatose S&P 500. But though central banks say they want to taper, the facts on inflation are a bit more stubborn. U.S. inflation is heading further below the Feds 2 percent goal, and in the euro zone core inflation remains stuck at about only 1 percent. That does not sound like an equity-friendly reflation. There is also the possibility that equity market volatility follows bond market volatility higher as central banks sell bonds, especially if tapering comes alongside mixed economic news, as it is very likely to do. And while funds, especially ETFs, are widely held by institutions, it is a lot easier to see the intuitive sense of selling bonds with rates this low than buying stocks with prices this high. In the run-up to both the dotcom bust and the great financial crisis retail investors did what they do best: buy what has just gone up in price. A rebalancing of fund portfolios towards stocks may just happen, but it may, once again, prove a reliable sell signal. (At the time of publication James Saft did not own any direct investments in securities mentioned in this article. He may be an owner indirectly as an investor in a fund. You can email him at jamessaft@jamessaft.com and find more columns at blogs.reuters.com/james-saft ) Editing by James Dalgleish '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-markets-saft-idUSKBN1A62P6'|'2017-07-22T00:17:00.000+03:00'|5736.0|''|-1.0|'' 5737|'d5e620ad6c2e686d55a3332c1eab739067645f29'|'Samsung Electronics expects continued chip boom after record second quarter profit'|'July 27, 2017 / 12:17 AM / 5 hours ago Samsung Electronics expects continued chip boom after record second quarter profit Joyce Lee 4 Min Read FILE PHOTO - The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, July 4, 2017. Kim Hong-Ji SEOUL (Reuters) - Samsung Electronics Co Ltd ( 005930.KS ) on Thursday said it expected the memory chip boom to continue in the current quarter, after reporting a record operating profit for the three months through June. The world''s biggest maker of memory chips, smartphones and television sets is widely expected to break profit records for the full year, as better-than-forecast performance in its mobile business lifted quarterly operating profit slightly above its early-July guidance, analysts said. The company on Thursday also announced its third share buyback of the year, at 1.7 trillion won ($1.53 billion) worth of common shares, as part of the 9.3 trillion won annual total that Samsung promised in January. It also announced the cancellation of 2 trillion won worth of its own shares. "Looking ahead to the third quarter, the company expects favourable semiconductor conditions to continue, although overall earnings may slightly decline quarter-on-quarter as earnings weaken for the display panel and mobile businesses," Asia''s third most-valuable company by market value said in a statement. Analysts nevertheless forecast third-quarter earnings to exceed the second quarter on the strength of the so-called memory chip super-cycle. "We think more than 15 trillion won (in third-quarter profit) is more than possible," said analyst Greg Roh at HMC Investment & Securities. "The mobile business might be slightly weaker in the third quarter because the second quarter was so strong, but the expected sales from OLED (organic light-emitting diode) display supply to Apple Inc ( AAPL.O ) is seen to be reflected in earnings starting in the third quarter." FILE PHOTO: A man looks at his Samsung cell phone in a park in Los Angeles, California, U.S. July 6, 2017. Lucy Nicholson/File Photo Operating profit rose 72.7 percent in the second quarter from the same period a year earlier, to 14.1 trillion won, Samsung said in a regulatory filing. That compared with 14 trillion won estimated in July. Revenue rose 19.8 percent to 61 trillion won, also in line with its earlier estimate. The chip business was Samsung''s top earner as profit rose to a record 8 trillion won from 2.6 trillion won in the second quarter of 2016. Client demand for more powerful devices and supply constraints are pushing up prices of both DRAM and NAND memory chips, widening profit margins. The mobile division, which competes with Apple Inc ( AAPL.O ), reported a profit of 4.1 trillion won, a decline from 4.3 trillion won a year prior. Some analysts and fund managers said sales of Samsung''s new flagship Galaxy S8 smartphone have not exceeded those of the S7 by as much as the market had expected. But Koh Dong-jin, head of the firm''s mobile communications business, has said cumulative sales of the S8 and S8+ handsets from April is 15 percent higher than those of its predecessor. The record earnings come as the firm''s Vice Chairman Jay Y. Lee is in detention while on trial for his alleged role in a corruption scandal involving former president Park Geun-hye. He has denied wrongdoing. The lower court ruling is widely expected to come before Lee''s current detention period ends on August 27, a Seoul court spokesman said. Samsung Electronics shares were up 0.9 percent as of 0055 GMT, while the Kospi benchmark share price index .KS11 was up 0.2 percent. Reporting by Joyce Lee; Editing by Christopher Cushing 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-samsung-elec-results-idUKKBN1AC00P'|'2017-07-27T03:20:00.000+03:00'|5737.0|''|-1.0|'' @@ -5756,7 +5756,7 @@ 5754|'00a3320775e0b3574be36d7c046d7fe436aa7cff'|'LeEco''s listed company names investor Sunac''s Sun chairman'|'July 21, 2017 / 9:08 AM / 14 minutes ago LeEco''s listed company names investor Sunac''s Sun chairman Sijia Jiang 2 Min Read Chairman of Sunac China Holdings Ltd. Sun Hongbin speaks during a strategic cooperation signing ceremony with Dalian Wanda Group and R&F Properties in Beijing, China July 19, 2017. Jason Lee HONG KONG (Reuters) - Leshi Internet Information & Technology, embattled Chinese tech group LeEco''s main listed entity, said Sun Hongbin from investor Sunac China would take over as chairman from founder Jia Yueting. A frenetic pace of growth over 13 years, from a Netflix-like video website to a business empire spanning consumer electronics to cars, has left a gaping hole in LeEco''s finances. Jia, who has described the cash crunch as "far worse than expected", stepped down from all posts at Leshi earlier this month to focus on LeEco''s electric car business and repay debts. Sun''s appointment to Leshi board chairmanship means he now controls what are widely considered to be LeEco''s healthier businesses, while Jia focuses on an expensive ambition to rival Elon Musk''s Tesla Motors in making electric vehicles via U.S. subsidiary Faraday Future. Sun is the chairman of property developer Sunac, which invested 15 billion yuan(1.70 billion pounds) in LeEco earlier this year, including taking an 8.61 percent stake in Leshi for 6.04 billion yuan. Sunac''s investment in LeEco also included a 33.5 percent stake in smart TV manufacturer Leshi Zhixin and a 15 percent stake in LeEco''s film production company, Le Vision Picutres. Leshi said earlier this month that it expected to log a net loss between 636.7 million yuan ($94 million) and 641.7 million yuan for the first half of this year. In its statement to the Shenzen stock exchange on Friday, Leshi said CEO Liang Jun had been named the company''s legal representative. Reporting by Sijia Jiang; Editing by Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-leeco-management-idUKKBN1A60XZ'|'2017-07-21T12:10:00.000+03:00'|5754.0|''|-1.0|'' 5755|'508913e6839c6ade705e87a4ce581cd3afc684df'|'BRIEF-Kala Pharma sees IPO of 6 mln shares priced between $14-$16/shr'|' 02am EDT BRIEF-Kala Pharma sees IPO of 6 mln shares priced between $14-$16/shr July 10 Kala Pharmaceuticals Inc: * Kala Pharmaceuticals sees IPO of 6 million shares of co''s common stock priced between $14.00 and $16.00 per share Source text: ( bit.ly/2tFlt5R ) RPT-Big financial woes linger in Illinois'' new budget CHICAGO, July 10 Illinois'' first budget after two years is filled with partial outlines to address its debt-ridden pension system and unpaid bill backlog -- signs that political fighting and the fiscal mess in the nation''s fifth-largest state are far from over. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-kala-pharma-sees-ipo-of-6-mln-shar-idUSFWN1K10BC'|'2017-07-10T14:02:00.000+03:00'|5755.0|''|-1.0|'' 5756|'c9a7aae8a39d9cdd43d2e9871c11c08d7995a0ed'|'METALS-Nickel plunges as investors look to plentiful supplies'|'Market 26pm EDT METALS-Nickel falls on abundant supplies, mine closure prospects fade * LME/ShFE arb - tmsnrt.rs/2oQ5nm2 (Updates with closing prices) By Peter Hobson LONDON, July 4 Nickel prices fell on Tuesday on expectations of plentiful supply from Indonesia and the Philippines, while industrial metals were mostly lower as investors took profits following a recent rally. Trade was thin as U.S. markets were closed for the Independence Day holiday. "Volumes are very low so markets are easily moved," a trader said. Metals had been bolstered on Monday by strong manufacturing data in China, but Capital Economics analyst Caroline Bain said broader data pointed to a slowdown in Chinese growth. "This optimism is going to fade," she said. NICKEL: Benchmark nickel on the London Metal Exchange closed down 2.2 percent at $9,180 a tonne. The stainless steel ingredient had gained nearly 9 percent since mid-June. NICKEL TECHNICALS: Nickel briefly fell below its 50-day moving average. Support was at $9,100 and $9,005-$9,025, close to a recent low, brokers Marex Spectron said in a note. FUNDAMENTALS: Capital Economics'' Bain said supplies looked solid as Indonesia exported more ore and fears of mine closures in the Philippines faded. Chinese stainless steel production, the main source of nickel demand, had also fallen, she said. INDONESIA EXPORTS: Indonesia issued recommendations that will allow PT Ceria Nugraha Indotama to export 2.3 million tonnes of nickel ore through to July 2018. NEW CALEDONIA: Brazil''s Vale said it was reassessing its loss-making New Caledonian nickel operations. COPPER: LME copper ended down 0.6 percent at $5,892 a tonne, eating into gains of more than 5 percent since mid-June. COPPER STOCKS: Prices were supported by a fall in on-warrant stockpiles available to the market at LME warehouses to 176,125 tonnes, ending two days of large stock increases. MCUSTX-TOTAL COPPER STRIKES: Chile''s Antofagasta was facing potential strikes at two mines with combined annual production of 160,000 tonnes. TIN STOCKS: At 1,690 tonnes, stocks of tin in LME warehouses are at their lowest since the 1980s. MSNSTX-TOTAL Benchmark tin finished 1 percent lower at $19,950 a tonne. TIN SPREAD: Falling stocks helped push the premium of cash tin over the three-month price to a high of $315 a tonne, the largest since September 2015 and indicating tight nearby supply. MSN0-3 MARKETS: Global equities fell but the dollar held onto Monday''s strong gains and oil prices rose for a ninth day. PRICES: Three-month aluminium ended up $1 at $1,928 a tonne and zinc closed 0.4 percent lower at $2,793 a tonne. Lead did not trade but was bid down 1.6 percent at $2,299 a tonne. (Additional reporting by James Regan; Editing by Louise Heavens and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL8N1JV26M'|'2017-07-04T13:26:00.000+03:00'|5756.0|''|-1.0|'' -5757|'35ed199eddc5b2dcdd917c29b3414cead1a655f6'|'Analysis: Singapore penthouse on sale for over $72 million, a test for luxury market''s recovery'|'July 13, 2017 / 8:13 AM / 30 minutes ago Analysis: Singapore penthouse on sale for over $72 million, a test for luxury market''s recovery Aradhana Aravindan and Masayuki Kitano 6 Min Read GuocoLand Ltd''s mixed-use Tanjong Pagar Centre (R), soon to be the tallest building in the city-state, towers over other buildings in the central business district of Singapore February 29, 2016. Edgar Su/File Photo SINGAPORE (Reuters) - The asking price for a new three-storey Singapore penthouse, complete with a private pool on the 64th floor, has reached a dizzying S$100 million ($72.6 million). Due to be formally unveiled later this year, Wallich Residence''s penthouse is in the tallest building in Singapore, the island of well-heeled stability that attracts the super-rich from its less-developed Southeast Asian neighbours, as well as multi-millionaires from mainland China. The ''bungalow in the sky'' penthouse in the GuocoLand-developed Tanjong Pagar Centre, is likely to become Singapore''s most expensive apartment. It will test the endurance of demand for luxury property in the city-state the part of the market that has taken the biggest hit from measures aimed at cooling down property prices in recent years. Prices for luxury homes in Singapore have fallen 15-20 percent from a 2013 peak, according to JLL consultancy, part of the Jones Lang LaSalle global property services group. But JLL is now starting to see the prospects of a turnaround at least at the top end of the market and is forecasting a 3-5 percent increase in luxury prices this year, citing demand from both locals and foreigners who feel the market is bottoming out. JLL said the volume of transactions in the first four months of the year in Singapore''s core central region, which is popular among wealthy foreigners and includes the Orchard Road shopping area and Sentosa island, was 35 percent higher than in the same period last year. "A lot of people think Singapore is value for money because it''s been downhill all the way - such a long winter," said Chandran VR, managing director at a real estate agency specialising in high-end homes. "Now they feel it is the right time to come in," he said. By contrast, he noted that Hong Kong apartment prices have been soaring, adding that "sensible investors will come here," instead. GuocoLand Singapore Group Managing Director Cheng Hsing Yao said buying by foreigners has picked up since the start of the year at the developer''s high-end Leedon Residence project, near the 150-year-old Singapore Botanic Gardens. GuocoLand is part of Malaysian conglomerate Hong Leong Group, headed by billionaire Quek Leng Chan. "In absolute numbers, it may not be that huge, but the ticket sizes are actually quite significant for some of them," Cheng said. Some foreigners were buying homes worth S$8-12 million in the project, he said. The recent tightening of property market controls elsewhere, such as in Hong Kong and Australia, has played a part in attracting foreign demand to Singapore''s luxury property this year, Cheng said. City Developments Ltd (CDL), one of the largest Singapore developers, also said the average sales price at its high-end Gramercy Park project has risen to more than S$2,800 per square feet in recent months, up 8 percent from a year ago, and foreign buyers accounted for three-quarters of the project so far. CDL''s billionaire Chairman Kwek Leng Beng is a cousin of the Malaysian developer Quek. Plenty of Tools Still, Singapore''s broader residential market remains subdued, having fallen for 15 straight quarters to log its longest losing streak since official records began in 1975. "We are forecasting for prices to come down between 1 to 5 percent this year before reaching an inflection point in 2018," said Eli Lee, an analyst for OCBC Investment Research. While prices in Hong Kong tripled and Sydney''s doubled over the past decade, Singapore prices rose just 29 percent. Singapore introduced property price cooling measures to curb speculation as did many other "hot property" cities in the region. While some measures were relaxed slightly this year, the authorities warned last month there would be no more rolling back for now. Singapore is not short of policy tools to ward off speculators. Most of the island''s apartment blocks were built and then managed by the government, though the vast majority of the units have been sold to citizens. This allows it to keep control of some speculative activity, and therefore prices. Initial buyers of government apartments, for example, are largely prevented from flipping a property through a fast resale. The high home ownership rate, at about 90 percent, also makes it easier for policymakers to craft measures targeting speculative demand when the market is overheated. All home buyers have to pay a stamp duty at a progressive rate of up to 3 percent, but foreigners have to pay an additional 15 percent for their purchases. Singaporeans also have to pay an extra stamp duty of 7-10 percent when they make second and subsequent purchases. "With tightening measures taken in other countries, that could lead investors to shift funds back here. So we just have to watch that very closely," Ravi Menon, managing director ofthe Monetary Authority of Singapore, said last month. New home sales more than doubled in March from a year earlier, reaching their highest level in nearly four years. And developers, led by Chinese companies, are paying record sums to secure land. Shenzhen-based developer Logan Property and its partner Nanshan Group recently paid a record S$1 billion at a government land auction. That was almost 50 percent more than the previous record set in 1997. "The strong winning bid...signals developers'' strong confidence in the Singapore residential market and their belief that prices could return to growth soon," said Christine Li, research director at Cushman and Wakefield in Singapore. Editing by Miyoung Kim and Martin Howell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/singapore-property-luxury-idINKBN19Y0Q4'|'2017-07-13T11:09:00.000+03:00'|5757.0|''|-1.0|'' +5757|'35ed199eddc5b2dcdd917c29b3414cead1a655f6'|'Analysis: Singapore penthouse on sale for over $72 million, a test for luxury market''s recovery'|'July 13, 2017 / 8:13 AM / 30 minutes ago Analysis: Singapore penthouse on sale for over $72 million, a test for luxury market''s recovery Aradhana Aravindan and Masayuki Kitano 6 Min Read GuocoLand Ltd''s mixed-use Tanjong Pagar Centre (R), soon to be the tallest building in the city-state, towers over other buildings in the central business district of Singapore February 29, 2016. Edgar Su/File Photo SINGAPORE (Reuters) - The asking price for a new three-storey Singapore penthouse, complete with a private pool on the 64th floor, has reached a dizzying S$100 million ($72.6 million). Due to be formally unveiled later this year, Wallich Residence''s penthouse is in the tallest building in Singapore, the island of well-heeled stability that attracts the super-rich from its less-developed Southeast Asian neighbours, as well as multi-millionaires from mainland China. The ''bungalow in the sky'' penthouse in the GuocoLand-developed Tanjong Pagar Centre, is likely to become Singapore''s most expensive apartment. It will test the endurance of demand for luxury property in the city-state the part of the market that has taken the biggest hit from measures aimed at cooling down property prices in recent years. Prices for luxury homes in Singapore have fallen 15-20 percent from a 2013 peak, according to JLL consultancy, part of the Jones Lang LaSalle global property services group. But JLL is now starting to see the prospects of a turnaround at least at the top end of the market and is forecasting a 3-5 percent increase in luxury prices this year, citing demand from both locals and foreigners who feel the market is bottoming out. JLL said the volume of transactions in the first four months of the year in Singapore''s core central region, which is popular among wealthy foreigners and includes the Orchard Road shopping area and Sentosa island, was 35 percent higher than in the same period last year. "A lot of people think Singapore is value for money because it''s been downhill all the way - such a long winter," said Chandran VR, managing director at a real estate agency specialising in high-end homes. "Now they feel it is the right time to come in," he said. By contrast, he noted that Hong Kong apartment prices have been soaring, adding that "sensible investors will come here," instead. GuocoLand Singapore Group Managing Director Cheng Hsing Yao said buying by foreigners has picked up since the start of the year at the developer''s high-end Leedon Residence project, near the 150-year-old Singapore Botanic Gardens. GuocoLand is part of Malaysian conglomerate Hong Leong Group, headed by billionaire Quek Leng Chan. "In absolute numbers, it may not be that huge, but the ticket sizes are actually quite significant for some of them," Cheng said. Some foreigners were buying homes worth S$8-12 million in the project, he said. The recent tightening of property market controls elsewhere, such as in Hong Kong and Australia, has played a part in attracting foreign demand to Singapore''s luxury property this year, Cheng said. City Developments Ltd (CDL), one of the largest Singapore developers, also said the average sales price at its high-end Gramercy Park project has risen to more than S$2,800 per square feet in recent months, up 8 percent from a year ago, and foreign buyers accounted for three-quarters of the project so far. CDL''s billionaire Chairman Kwek Leng Beng is a cousin of the Malaysian developer Quek. Plenty of Tools Still, Singapore''s broader residential market remains subdued, having fallen for 15 straight quarters to log its longest losing streak since official records began in 1975. "We are forecasting for prices to come down between 1 to 5 percent this year before reaching an inflection point in 2018," said Eli Lee, an analyst for OCBC Investment Research. While prices in Hong Kong tripled and Sydney''s doubled over the past decade, Singapore prices rose just 29 percent. Singapore introduced property price cooling measures to curb speculation as did many other "hot property" cities in the region. While some measures were relaxed slightly this year, the authorities warned last month there would be no more rolling back for now. Singapore is not short of policy tools to ward off speculators. Most of the island''s apartment blocks were built and then managed by the government, though the vast majority of the units have been sold to citizens. This allows it to keep control of some speculative activity, and therefore prices. Initial buyers of government apartments, for example, are largely prevented from flipping a property through a fast resale. The high home ownership rate, at about 90 percent, also makes it easier for policymakers to craft measures targeting speculative demand when the market is overheated. All home buyers have to pay a stamp duty at a progressive rate of up to 3 percent, but foreigners have to pay an additional 15 percent for their purchases. Singaporeans also have to pay an extra stamp duty of 7-10 percent when they make second and subsequent purchases. "With tightening measures taken in other countries, that could lead investors to shift funds back here. So we just have to watch that very closely," Ravi Menon, managing director ofthe Monetary Authority of Singapore, said last month. New home sales more than doubled in March from a year earlier, reaching their highest level in nearly four years. And developers, led by Chinese companies, are paying record sums to secure land. Shenzhen-based developer Logan Property and its partner Nanshan Group recently paid a record S$1 billion at a government land auction. That was almost 50 percent more than the previous record set in 1997. "The strong winning bid...signals developers'' strong confidence in the Singapore residential market and their belief that prices could return to growth soon," said Christine Li, research director at Cushman and Wakefield in Singapore. Editing by Miyoung Kim and Martin Howell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/singapore-property-luxury-idINKBN19Y0Q4'|'2017-07-13T11:09:00.000+03:00'|5757.0|29.0|0.0|'' 5758|'2002b3281f8f40378921cdb87a009c88c97adf54'|'VW to start importing cars to Iran in August with partner Mammut Khodro'|'Tue Jul 4, 2017 - 12:18pm BST VW to start importing cars to Iran in August with partner Mammut Khodro FILE PHOTO - A Volkswagen logo is pictured near Poznan, Poland September 9, 2016. REUTERS/Kacper Pempel/File Photo BERLIN Volkswagen ( VOWG_p.DE ) will start importing cars to Iran next month, returning to the resurgent Middle Eastern market after 17 years in a move that may help the German group trim reliance on volatile overseas markets such as China and Brazil. Volkswagen (VW) has signed an agreement with Iran''s Mammut Khodro to import VW brand models Tiguan and Passat via eight dealerships, focusing on the greater Tehran area, VW said on Tuesday. (Reporting by Andreas Cremer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-iran-idUKKBN19P1C7'|'2017-07-04T14:14:00.000+03:00'|5758.0|''|-1.0|'' 5759|'c35976b948c6f7391bc489922569126a523dcfc3'|'Apple challenges Imagination Technologies'' disclosure timing'|'Technology 9:20pm BST Apple challenges Imagination Technologies'' disclosure timing FILE PHOTO: The Apple logo is seen on the facade of the new Apple Store in Paris, France, January 5, 2017. REUTERS/Charles Platiau/File Photo By Stephen Nellis Apple Inc ( AAPL.O ) on Friday disputed the timeline of events leading up the disclosure by Imagination Technologies Group Plc ( IMG.L ) that Apple plans to drop the graphics chip supplier, a loss of the UK company''s largest customer that sent shares plummeting. Imagination Chief Executive Officer Andrew Heath said Apple told Imagination "at the end of March" that it would no longer need its technology, according to an investor call on Tuesday. But Apple said it told Imagination about its plans on Feb. 9. Imagination ultimately notified shareholders of Apple''s decision on April 3, which sent its shares down 70 percent and eventually forced it to put itself up for sale. Apple''s claims that Imagination sat on the news for weeks without telling shareholders heaps more trouble on the company and could spur regulators to examine whether Imagination improperly withheld information from shareholders, according to one legal expert. Imagination''s Heath told investors that Apple told Imagination at the end of March that Apple''s new products "at some point in 2018 or early 2019 would not contain our IP and therefore, they were not required to pay us royalties on it." Apple contested that timeline and said it warned Imagination that it would "stop accepting new IP from them" as early as 2015 and gave a final warning a month before Imagination''s CEO claims. "After lengthy discussions, we advised them on February 9 that we expected to wind down our licensing agreement since we need unique and differentiating IP for our products," Apple said in the statement. Imagination did not immediately respond to a request for comment outside of normal UK business hours. Heath has said he does not believe Apple can replace Imagination''s technology without using some of Imagination''s patents that would require royalties. Jonathan Parry, an attorney with UK law firm White & Case who is not involved in the dispute, said European financial regulators were likely to examine the timing of Apple''s discussions with Imagination to see whether Imagination''s leaders failed to disclose material information to shareholders. Regulators would likely focus on when Imagination''s leaders decided it was "likely" that Apple would draw down its business with the company, which Imagination would then be required to disclose to shareholders. The legal bar for "likely" is different from the word''s common usage, he said. "The wording used in judgments is ''a realistic prospect'' that something might happen," Parry said. "The judge did not assign a percentage, but he made it clear that something doesn''t have to be ''more likely than not''" to trigger public disclosure requirements. (Adds missing word "to" in paragraph 4) (Reporting by Stephen Nellis; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-apple-imagntn-tchnlgs-idUKKBN19S2TW'|'2017-07-07T23:13:00.000+03:00'|5759.0|''|-1.0|'' 5760|'72b8fb5a647eaed5eaf25b651945ffcaa21957f9'|'Italy''s Generali to strengthen its presence in France - CEO tells paper'|'July 24, 2017 / 5:58 AM / 21 minutes ago Italy''s Generali to strengthen its presence in France - CEO tells paper Reuters Staff 1 Min Read The Assicurazioni Generali logo is seen in downtown Milan, Italy, February 8, 2016. Stefano Rellandini/File Photo MILAN (Reuters) - Assicurazioni Generali ( GASI.MI ) plans to boost its French business while it is weighing various options in Germany where it wants to manage more actively its life business, the CEO of Italy''s biggest insurer told Corriere della Sera on Monday. Philippe Donnet also said that the insurer was not asked to convert into equity some subordinated debt it owns in struggling lender Banca Carige ( CRGI.MI ). Reporting by Francesca Landini; Editing by Biju Dwarakanath 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-generali-ceo-report-idUKKBN1A90FH'|'2017-07-24T08:57:00.000+03:00'|5760.0|12.0|0.0|'' @@ -5789,7 +5789,7 @@ 5787|'d8bf45f00c07030ee7a2c7b20a39373b8b9de7f9'|'Monte Paschi looks to leave "emergency room" and return to profit'|'July 5, 2017 / 11:46 AM / in an hour Monte Paschi looks to leave "emergency room" and return to profit By Stephen Jewkes and Paola Arosio 5 Min Read FILE PHOTO: People use a cash machine of Monte Dei Paschi bank in Florence, Italy March 1, 2016. Tony Gentile/File photo MILAN (Reuters) - Italian bank Monte dei Paschi di Siena set out plans to get out of the "emergency room" and return to profit on Wednesday, clearing the way for a state bailout that should remove the biggest threat to the country''s financial stability. The world''s oldest bank said on Wednesday it expected a net profit of more than 1.2 billion euros ($1.4 billion) in 2021, from a loss of 3.2 billion euros last year, as part of a restructuring plan approved by European authorities. "It''s a conservative plan. We''re not shooting at unrealistic targets," Chief Executive Marco Morelli told analysts on a conference call to present the new plan. Morelli said no mergers were planned at the moment. "There is no Plan B on the table," he said. Burdened by bad loans and a mismanagement scandal, Monte dei Paschi has for years been at the forefront of Italy''s slow-brewing banking crisis. Italy''s fourth-largest lender was forced to request state aid in December after its attempt to raise capital from private investors failed. On Tuesday the European Union approved a 5.4 billion euro state bailout after it agreed to a drastic overhaul in a move that will leave Rome holding around 70 percent of the bank. EU officials speaking on condition of anonymity said Italy would have to exit the bank at the latest by the end of the 5-year plan. "What we experienced in the last nine months is pretty much unheard of: It''s like an ER department with an emergency every five minutes," Morelli said. Italy has pledged more than 20 billion euros of taxpayer money in the space of a week to rescue three of its banks, but the country''s wider financial sector is still weighed down by around 300 billion euros of non-performing loans (NPLs). At the end of last month, Rome committed up to 17 billion euros to rescue regional banks Popolare di Vicenza and Veneto Banca though it said the final bill would be much lower, adding the state might even turn a profit from the bailouts. "The Monte Paschi plan looks good but we need to see execution. Still, coming after the Veneto rescues it settles nerves about Italy''s banking system," said Zenit fund manager Stefano Fabiani. Path to Profit In its 2017-2021 plan, Monte dei Paschi sees a headcount reduction of around 5,500 to just over 20,000 and a fall in the number of branches to around 1,400 from some 2,000 in 2016 as it seeks to ensure the lender is profitable in the long term. It expects to reach a return on equity of more than 10 percent in 2021 while its CET1 ratio, a measure of financial strength, is seen at 14.7 percent from 8.2 percent in 2016. Crucially, the bank will sell 28.6 billion euros of gross bad loans, of which 26.1 billion will be securitised through a transfer to a privately funded vehicle on market terms, with the operation partially funded by bank rescue fund Atlante II. The bank said it would sell securitised notes to Atlante II at 21 cents on the euro. "We are in line if not slightly above recent market transactions," Morelli said. The CEO, who expects the bank''s shares to relist in the second half of September, said 5.5 billion euros in deposits were recovered in the first quarter, adding liquidity was no longer an issue. "The bank managed to stay alive," he said, referring to the close shadowing of the lender by European authorities. "We negotiated the plan with the EU Commission line by line." Rome is under the spotlight for taking advantage of exceptions in EU rules designed to stop the use of taxpayer money to deal with bank crises. Policymakers now want Italy to come up with a solution for tackling NPLs without requiring any more government money to prop up its beleaguered banking sector. European Central Bank vice president Vitor Constancio said on Wednesday there needed to be swift action to establish a stronger secondary market in Europe for non-performing loans and policy changes to incentivise banks, investors and the authorities to tackle the issue more effectively. "Partial solutions and further delays are not options if we want to tackle the problem of NPLs" he wrote in Italy''s main business newspaper Il Sole 24 Ore. ($1 = 0.8807 euros) Additional reporting by Agnieszka Flak in Milan and Foo Yun Chee in Brussels; Editing by Susan Fenton/Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-banks-italy-monte-dei-paschi-idINKBN19Q1DA'|'2017-07-05T14:43:00.000+03:00'|5787.0|''|-1.0|'' 5788|'a0d9747d31ad03b7ed808170e103f25cb257fcbc'|'Doha mall''s $1 bln-plus loan refinancing frozen amid Qatar boycott -sources'|'July 16, 2017 / 12:30 PM / 8 hours ago Doha mall''s $1 billion-plus loan refinancing frozen amid Qatar boycott: sources 4 Min Read Stores are seen inside Doha Festival City mall in Doha, Qatar, July 13, 2017. Stringer DUBAI/DOHA (Reuters) - The refinancing of a $1 billion loan by Doha Festival City, a retail and hospitality complex in Qatar, has been indefinitely postponed as a diplomatic crisis deters regional banks from doing new Qatari business, bankers said. The refinancing, coordinated by Doha-based investment bank QInvest, was marketed earlier this year to both Qatari and regional banks, including institutions in the United Arab Emirates. It was to have been larger in size than the original loan - perhaps around $1.2 billion, bankers said. But Saudi Arabia, the UAE, Egypt and Bahrain cut diplomatic and transport ties with Qatar on June 5, accusing it of supporting terrorism, and the proposed deal has been put on hold, the sources said. Two Qatari bankers involved in the deal told Reuters that the diplomatic crisis was the main reason for the deal being postponed, as it had reduced banks'' appetite for the transaction. The sanctions against Qatar meant non-Qatari banks would not participate, a senior banker in Doha said. "Originally, the refinancing included some of the original lenders plus big banks from the UAE. Now it is not clear that the deal is going to happen," he said, speaking on condition of anonymity as the matter is private. "After the sanctions, the deal became more and more unlikely - politics didn''t improve things." Another banker said Qatari banks looked at the refinancing when market interest rates were lower, but they were no longer keen on it now the crisis had tightened liquidity in the local market. The three-month Qatar interbank offered rate QAQAR3MD= has jumped more than 50 basis points since early June. The logo of Doha Festival City mall is seen in Doha, Qatar, July 13, 2017. Stringer "Now it''s definitely not a priority. Banks, and their shareholders, have other things to worry about," the second banker said. The boycotting countries'' central banks have stopped short of explicitly asking commercial banks under their jurisdiction to stop lending to Qatar. But unofficial guidance by their governments has caused most regional banks to freeze new loan transactions for Qatari borrowers since last month. Doha Festival City, which includes the world''s biggest store under the brand name of French retailer Monoprix, is owned and developed by Bawabat Al-Shamal Real Estate Co, a joint venture comprising Dubai-based Al-Futtaim Real Estate Services, Qatar Islamic Bank ( QISB.QA ), Aqar Real Estate Investment Co and a private Qatari investor. Slideshow (4 Images) It raised some 3.7 billion Qatari riyals ($1.02 billion)in 2012 through a 10-year syndicated loan to finance development of the project, which had an estimated total cost of around 6 billion riyals. That loan, comprising conventional and Islamic tranches, was led by QInvest with Commercial Bank of Qatar and Barwa Bank as mandated lead arrangers. Ahli Bank, Doha Bank, International Bank of Qatar, Al Khaliji Commercial Bank, Qatar International Islamic Bank and Qatar National Bank also participated. Doha Festival City''s shopping mall opened last April after a months-long delay which the owners attributed to issues with supporting infrastructure. Many of the mall''s stores have not yet opened to the public. Mall and hotel owners in Qatar have expressed concern about a dwindling customer base after government bodies fired thousands of expatriates in recent years amid declining global oil and gas prices. The sanctions against Qatar could worsen that situation, although because of Doha''s huge financial reserves, analysts do not expect an economic crisis. Editing by Andrew Torchia and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-doha-mall-refinancing-idUSKBN1A10HM'|'2017-07-16T15:13:00.000+03:00'|5788.0|''|-1.0|'' 5789|'8a8d444c8dce70229ef0a0caa63dbc3961a490f8'|'CANADA STOCKS-TSX flat as railway losses offset natural resource gains'|'July 26, 2017 / 3:03 PM / 17 minutes ago CANADA STOCKS-TSX flat as railway losses offset natural resource gains 3 Min Read * TSX down 5.31 points, or 0.03 percent, to 15,197.06 * Seven of the TSX''s 10 main groups move higher * Advancers outnumber decliners by 1.2-to-1 overall TORONTO, July 26 (Reuters) - Canada''s main stock index was little changed in morning trade on Wednesday, as losses for railway stocks were offset by gains among natural resource companies. The most influential movers on the index included Canadian National Railway Co, which fell 2.3 percent to C$99.17 despite reporting profit and revenue that beat expectations after the closing bell on Tuesday. Its smaller rival, Canadian Pacific Railway Ltd, also dipped, falling 1.4 percent to C$196.31. Grocery chain operator Lowbaw''s Cos Ltd fell 4.3 percent to C$68.39 after barely beating profit expectations, while electronics manufacturer Celestica Inc lost 4.1 percent to C$16.11 after its earnings missed forecasts. The energy group, which accounts for one-fifth of the index''s weight, climbed 0.5 percent as oil prices rose to near eight-week highs. The materials group, which includes precious and base metals miners and fertilizer companies, added 0.3 percent, while the industrials group declined 0.9 percent. At 10:23 a.m. ET (1423 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 5.31 points, or 0.03 percent, at 15,197.06. Share price losses of oil and gas companies so far this year have weighed on the index, which is trading lower than where it ended 2016. Seven of the index''s 10 main groups were in positive territory, with advancers barely outnumbering decliners overall. Shares in Home Capital Group Inc rose as much as 4.5 percent after the company said it had repaid the outstanding balance on a C$2 billion ($1.6 billion) loan provided by Warren Buffett''s Berkshire Hathaway. However, they later retreated and were last down 0.8 percent at C$14.47. E-commerce company Shopify advanced 3.1 percent to C$118.68 as investors position for a positive surprise from its upcoming earnings report. (Reporting by Alastair Sharp; Editing by W Simon) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1KH0WK'|'2017-07-26T18:03:00.000+03:00'|5789.0|''|-1.0|'' -5790|'a4ae9cedd936ecb82c1e073d9c8e7b42a0ed5322'|'Total nears deal to invest up to $2 billion Iran''s petrochemical industry'|'Business 05am BST Total nears deal to invest up to $2 billion Iran''s petrochemical industry Workers fixing the logo for oil giant Total is seen at a petrol station in Cairo, Egypt, October 13, 2016. REUTERS/Amr Abdallah Dalsh LONDON Total ( TOTF.PA ) and Iran have reached a preliminary agreement to build three petrochemical plants in a deal that if finalised could see the French oil major investing up to $2 billion (1.55 billion pounds) in Iran, an Iranian oil official said on Tuesday. "In the latest talks, the two sides have reached agreement for construction of petrochemical plants with the total capacity of 2.2 million tonnes of petrochemical and polymer products per year," the managing director of Iran''s National Petrochemical Company (NPC) was quoted as saying on Tuesday by SHANA. "We predict that Total would invest $1.5 to $2 billion in Iran''s petrochemical industry if we reach final agreement," Marzieh Shahdaei added. France''s Total signed a deal with Tehran on Monday to develop phase 11 of Iran''s South Pars, the world''s largest gas field, marking the first major Western energy investment in the Islamic Republic since the lifting of sanctions against it. Iranian deputy oil minister, Amir Hossein Zamaninia said on Monday that Iran and Total have held "positive talks" to cooperate in petrochemicals but added that the deal was not final. An oil official said in January that Iran plans to build 25 petrochemical plants and is currently seeking $32 billion in foreign investment to fund projects. (Reporting by Bozorgmehr Sharafedin, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iran-total-petrochemicals-idUKKBN19P0ZD'|'2017-07-04T12:05:00.000+03:00'|5790.0|''|-1.0|'' +5790|'a4ae9cedd936ecb82c1e073d9c8e7b42a0ed5322'|'Total nears deal to invest up to $2 billion Iran''s petrochemical industry'|'Business 05am BST Total nears deal to invest up to $2 billion Iran''s petrochemical industry Workers fixing the logo for oil giant Total is seen at a petrol station in Cairo, Egypt, October 13, 2016. REUTERS/Amr Abdallah Dalsh LONDON Total ( TOTF.PA ) and Iran have reached a preliminary agreement to build three petrochemical plants in a deal that if finalised could see the French oil major investing up to $2 billion (1.55 billion pounds) in Iran, an Iranian oil official said on Tuesday. "In the latest talks, the two sides have reached agreement for construction of petrochemical plants with the total capacity of 2.2 million tonnes of petrochemical and polymer products per year," the managing director of Iran''s National Petrochemical Company (NPC) was quoted as saying on Tuesday by SHANA. "We predict that Total would invest $1.5 to $2 billion in Iran''s petrochemical industry if we reach final agreement," Marzieh Shahdaei added. France''s Total signed a deal with Tehran on Monday to develop phase 11 of Iran''s South Pars, the world''s largest gas field, marking the first major Western energy investment in the Islamic Republic since the lifting of sanctions against it. Iranian deputy oil minister, Amir Hossein Zamaninia said on Monday that Iran and Total have held "positive talks" to cooperate in petrochemicals but added that the deal was not final. An oil official said in January that Iran plans to build 25 petrochemical plants and is currently seeking $32 billion in foreign investment to fund projects. (Reporting by Bozorgmehr Sharafedin, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iran-total-petrochemicals-idUKKBN19P0ZD'|'2017-07-04T12:05:00.000+03:00'|5790.0|18.0|0.0|'' 5791|'0b0fe07f196fa4e0a93c569132ee0f25af31be0c'|'Debt-laden Vivarte sells clothes group Kookai to Australia''s Magi'|'Business News 53am BST Debt-laden Vivarte sells clothes group Kookai to Australia''s Magi PARIS Private-equity backed French clothing retailer Vivarte, which is aiming to restructure more than 1.3 billion euros (0.77 billion pounds)of debt, has agreed to offload its Kookai brand to Australian company Magi as part of Vivarte''s ongoing sell-off programme. The sale of Kookai, announced by Vivarte on Tuesday, comes two months after it struck a similar deal to sell its Pataugas shoe brand to Hopps Group. The financial terms of the sale of Kookai, which last reported annual revenue of 76 million euros, were not disclosed. Family-owned company Magi had 2016 sales of 105 million Australian dollars ($80 million), and Magi already operates 39 Kookai stores in Australia. Vivarte has been owned since 2014 by a group led by investment funds Alcentra, Babson, Oaktree and GLG Partners. Vivarte''s profits and sales have fallen amid competition from larger clothing retail chains such as H&M ( HMb.ST ), Kiabi and Primark, leading to the company''s decision to restructure its business in order to improve its financial fortunes. (Reporting by Sudip Kar-Gupta; Editing by Andrew Callus)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vivarte-debt-idUKKBN19P0ST'|'2017-07-04T10:53:00.000+03:00'|5791.0|''|-1.0|'' 5792|'23ce12e53c191d6ff53adec2ff47909fa6709ddb'|'Economists argue about minimum wages'|'JUST what is the point of a minimum wage? It seems a straightforward enough question to answer. Minimum wages are designed to protect vulnerable workers who might otherwise lack the bargaining power to command a decent pay package. They are a means to limit severe poverty among those in work.Yet they also attract opposition from critics who see wage minimums as price controls that discourage firms from hiring as many workers as they otherwise might. For decades, feuding camps of dismal scientists have tussled over whether the good done by minimum wages outweighs the bad. A series of recent minimum-wage increases in America will shine a light on that question and others as well. Indeed, the time may have come for economists to broaden their view of just what a minimum wage is meant to accomplish. 15 hours ago How As voter frustration at stagnant pay has grown, politicians on the American left have spotted an opportunity to court popularity by calling for higher minimum wages. Democrats are united behind a demand for a national minimum wage of $15 an hour, more than double the current $7.25 rate. State legislatures in California and New York have enacted laws that gradually raise their minimum wages to $15. Few governments, however, have moved as aggressively as the city of Seattle. In 2014 the council voted to raise the minimum wage, the hourly rate set by the state of Washington, then $9.32, to $11 an hour from April 2015, followed by further rises, to $13 in January 2016 and $15 in January this year. Smaller firms and those that provide benefits on top of pay were given longer to implement the changes.On the surface, Seattles economy seems to have weathered the increases wellindeed, to have benefited from them. Since the initial rise, in April 2015, the unemployment rate in the surrounding area has fallen from 4.3% to 3.3% and employment has grown strongly. An analysis published in June by the Centre on Wage and Employment Dynamics at the University of California, Berkeley, compared employment in the food-services industry in Seattle with that in the same industry in comparable areas elsewhere over the period of the first two increases (to $11 and then $13). It concluded that, despite increased wages in the industry in Seattle, there was no detectable effect on employment.Another recent analysis, however, by a team from the University of Washington, arrives at a very different conclusion. Its authors use data that are not publicly available, on wages earned and hours worked by individuals. They also find that the increase in the minimum wage to $11 seems not to have had much of an effect on employment. But the second rise, to $13, led to a sharp decline in both jobs and hours worked below $13 an hour (as the new rate was phased in), which was not fully matched by increases in jobs and hours worked at or above $13. The hours lost were large enough to result in a net reduction in pay to low-wage workers averaging $125 a month in 2016.The paper attracted withering criticism from some other economists. Some noted that its analysis left out workers who adjusted to the changes by becoming contractors rather than full employees or by moving away from Seattle, or who switched to jobs at large firms with multiple locations (which were not included in the data set used by the authors). Others pointed out that even though there was no offsetting rise in employment at wages between $13 an hour and $19 an hour, employment at wages above the $19 mark rose sharply. What is more, the fine-grained data used in the report covered only the state of Washington, whereas other parts of America might have provided a better control case. Some of these criticisms are stronger than others. There are limitations to the data, as the authors themselves admit, and this is hardly the last word on the subject.Elastic bandsBut these studies raise other pressing questions. Another way of looking at the effect of higher wages on employment is by calculating what economists call the elasticity of employment with respect to wages: that is, by how much employment changes for a given change in the wage. Most studies find an elasticity of around zero, meaning that whatever employment changes occur in response to a minimum-wage change, positive or negative, they are relatively small. The University of Washington team, in contrast, finds that in moving from $11 per hour to $13 the elasticity was close to -3: that is, small jumps in the wage led to freakishly large declines in employment. Subsequent studies should provide clues about how robust that finding is. If true, however, it suggests that firms can more easily adjust their business models to reduce the role of low-wage labour than was previously believed: by automating, perhaps, or by eliminating jobs that were not particularly necessary in the first place.For politicians looking to improve the fortunes of low-paid workers, signs that higher minimum wages lead to job losses will suggest that other tools, such as wage subsidies, must be relied on more heavily. But another question might also be asked. If workers can find employment only at a low wage, is society actually better for having those jobs? Tens of millions of workers fall into such categories. Nearly 13m American workers, for example, are employed in food preparation. The Bureau of Labour Statistics reports their median hourly wage is just $10 an hour.If, at higher minimum wages, some of these low-wage workers end up being unemployed, that is personally and socially destructive. But if research suggests that large numbers of workers can find jobs only if wages are low enough to discourage firms from automation, or to encourage them to create unnecessary jobs, then the right balance between a minimum wage and other income-boosting measures might not be the big concern. Instead, politicians need to think harder about how to prepare workers for higher-paid, higher-productivity jobsor, failing that, how to help them contribute in roles outside paid private-sector work.Visit our Free exchange economics blog This article appeared in the Finance and economics section of the print edition under the headline "Wage against the machine"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21724802-two-studies-their-impact-seattle-reach-opposite-conclusions-economists-argue?fsrc=rss'|'2017-07-08T08:00:00.000+03:00'|5792.0|''|-1.0|'' 5793|'97ba3cdcaaaaf37ef6940cce15e91dd4e119999a'|'Amazon''s big profit miss spooks investors, but analysts stay bullish'|'July 28, 2017 / 1:39 PM / 5 hours ago Amazon''s big profit miss spooks investors, but analysts stay bullish Sweta Singh and Ankur Banerjee 3 Min Read (Reuters) - A steeper-than-expected drop in quarterly profit rattled some Amazon.com ( AMZN.O ) investors, but Wall Street analysts remained largely bullish about the company''s aggressive spending plans. Shares of the e-commerce juggernaut, which have risen 40 percent this year, were down 4.3 percent at $1,001 in early trading on Friday, wiping out $21 billion from its market value. The stock touched a record high on Thursday, helping CEO Jeff Bezos briefly unseat Microsoft Inc ( MSFT.O ) co-founder Bill Gates as the world''s richest person. "The overall story coming out of Amazon''s second quarter print feels a lot like it did three months ago accelerating growth, stepped-up investments, lower near-term profitability," J.P. Morgan analyst Doug Anmuth said. "But will anyone care about profit when Amazon is taking bigger chunks of market share?" The world''s largest online retailer reported a better-than-expected rise in revenue, but operating profit came in well short of analysts'' estimate as the company continued to pump in money to expand in international markets such as India. The company also guided to a possible operating loss for the current quarter. Amazon, which started as an online bookseller, has forayed into areas that historically had barriers to e-commerce. The company''s recent $13.7 billion acquisition of Whole Foods Markets Inc ( WFM.O ) is testimony to Bezos'' far-reaching ambition. People pass a signage at Amazon''s Prime Now fulfillment centre in Singapore July 27, 2017. Edgar Su At least four brokerages, including J.P. Morgan, raised their price targets on the stock. Morgan Stanley, however, trimmed its price target by $50 to $1,150 based on valuation. The median price target is $1,150, indicating a 9.9 percent upside to Thursday''s close. Amazon currently trades 115.8 times its 12-months forward earnings. This compares with Microsoft''s 22.43 and Alphabet Inc''s ( GOOGL.O ) 26.45. The two compete with Amazon''s market leading cloud computing business, Amazon Web Services (AWS). PE is widely used on Wall Street to gauge the relative value of stocks although it is not the only such metric. AWS continued to be the company''s cash cow, bringing in $4.1 billion in sales, a 42 percent jump. Chief Financial Officer Brian Olsavsky said on a post-earnings call that the AWS unit would expand in France, Sweden and China in the near future. "We believe the company''s ongoing heavy investments in fulfillment capacity, video content, and AWS are to match with its substantial growth rates, and should not be viewed negatively," Needham & Co analyst Kerry Rice said, who views the pullback in the stock as a "buying opportunity." (This version of the story has been refiled to remove apostrophe from headline) Reporting by Sweta Singh and Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-amazon-com-results-research-idUSKBN1AD1OM'|'2017-07-28T16:41:00.000+03:00'|5793.0|''|-1.0|'' @@ -5801,9 +5801,9 @@ 5799|'c50e53d66be6c8b118df19df77f06c2837708b37'|'Vodafone reports better-than-expected 2.2 percent growth in first quarter'|'July 21, 2017 / 6:19 AM / in 4 hours Vodafone beats expectations with ''robust'' performance 3 Min Read A branded sign is displayed on a Vodaphone store in London, Britain May 16, 2017. Neil Hall LONDON (Reuters) - Vodafone ( VOD.L ), the world''s second largest mobile operator, reported better-than-expected 2.2 percent revenue growth in its first quarter, reflecting a robust performance in Italy and Spain and an acceleration in demand in Turkey. The British company said the increase in organic service revenue, which beat analysts'' consensus forecast for a 1.6 percent rise, boosted its confidence in its prospects for the full year, when it expects to grow core earnings by 4-8 percent. "We made a good start to the year with a robust commercial momentum in Europe and accelerating growth in AMAP (Africa, Middle East and Asia Pacific)," Chief Executive Vittorio Colao said on Friday. Shares in the group rose to a six-week high of 231 pence. "We see this as a decent performance delivered broadly across Vodafone''s markets," said Citi, which rates the stock "neutral". "However we expect growth to ease next quarter as roaming, UK handset financing, competition in Italy and tougher comparatives in some emerging markets offset an easier comparative in Spain." Vodafone expects cash flow to jump this year, enabling it to increase dividends, as it eases back on network investment, improves efficiency and tackles intense competition in India by merging with a rival. The company has invested billion of pounds in its networks to meet surging demand for mobile data. Colao said the rise in data traffic seen in the quarter was the equivalent to total data traffic just two years ago. Areas of weakness remained in Europe, however. Growth in Germany halved to 0.6 percent, from 1.2 percent in the previous quarter, which was put down to lower wholesale revenue and accounting changes a year ago. And although its performance in its problematic British market improved, it was still down 2.7 percent, with enterprise revenue declining in what it said was a competitive market. Competition was also increasing in Italy ahead of the arrival later this year of Iliad ( ILD.PA ), the operator that has seized 18 percent of the French market in just four years. Colao said operators were already "throwing a huge number of very cheap offers to the market". "We are very well prepared both from a network, from a distribution, and from a commercial point of view to give good value to our mobile customers," he said. "We are getting prepared for the newcomer." Editing by Kate Holton and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vodafone-group-outlook-idUKKBN1A60H3'|'2017-07-21T09:19:00.000+03:00'|5799.0|''|-1.0|'' 5800|'70e6a3bf2f8d16979548fef945c6b2d2038fe738'|'Western Digital CEO meeting Japan officials over Toshiba row: sources'|'July 18, 2017 / 2:31 PM / 6 hours ago Western Digital CEO meeting Japan officials over Toshiba: sources 2 Min Read FILE PHOTO: A Western Digital office building is shown in Irvine, California, U.S., January 24, 2017. Mike Blake/File Photo TOKYO (Reuters) - Western Digital Corp''s top executive is in Japan to meet government officials, aiming to resolve a dispute with Toshiba Corp over the Japanese company''s planned sale of its chip business, sources familiar with the matter said on Tuesday. Toshiba is scrambling to sell its flash memory unit to cover losses from its bankrupt U.S. nuclear business Westinghouse but it has been locked in a legal battle with Western Digital, which is a joint venture partner in the memory chip business. In June, Toshiba announced its preferred bidder was a group made up of Japanese-government backed funds, Bain Capital and South Korean chip maker SK Hynix. Western Digital, which also wants to buy the memory chip business, sought an injunction to block the transaction, arguing that any sale required its consent. Western Digital CEO Steve Milligan is meeting with officials who were recently appointed to senior positions at the Ministry of Economy, Trade and Industry (METI), the sources said. METI has been trying to orchestrate the sale in an effort to keep Toshiba''s semiconductor technology in domestic hands. A U.S. court judge on Friday postponed a decision on Western Digital''s injunction request and proposed requiring Toshiba to give the U.S. company two weeks notice before closing the sale. It is unclear whether Milligan will meet Toshiba executives, said the sources, who declined to be named because the talks were private. A Western Digital spokeswoman confirmed Milligan''s visit to Japan but declined to comment on details. Reporting by Taiga Uranaka and Makiko Yamazaki; editing by Ritsuko Ando and David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-toshiba-accounting-western-digital-idUSKBN1A31LA'|'2017-07-18T17:31:00.000+03:00'|5800.0|''|-1.0|'' 5801|'badd33c0f7a65cf038a2c179810b325a17b9a9a9'|'Brent oil remains below $50 as OPEC supplies rise again'|'Business News - Wed Jul 5, 2017 - 8:03am BST Brent oil remains below $50 as OPEC supplies rise again A flame shoots out of a chimney at a petro-industrial factory in Kawasaki near Tokyo December 18, 2014. REUTERS/Thomas Peter By Henning Gloystein - SINGAPORE SINGAPORE Brent crude oil remained below $50 per barrel on Wednesday, weighed down by another rise in OPEC supplies despite a pledge to cut production, but geopolitical tensions in the Korean peninsula and the Middle East put a floor under prices. Brent crude futures LCOc1, the international benchmark for oil prices, were at $49.60 per barrel at 0651 GMT, little changed from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 6 cents at $47.02 per barrel. Despite the dips, both markets have recovered around 12 percent from recent lows on June 21, although crude prices seem locked below $50 per barrel. "Oil bulls have numerous obstacles to overcome," said Stephen Schork of the Schork Report, pointing to rising OPEC output and high production in the United States. Oil exports by the Organization of the Petroleum Exporting Countries (OPEC) climbed for a second month in June, according to Thomson Reuters Oil Research, despite its pledge to hold back production between January this year and March 2018 to prop up prices. OPEC exported 25.92 million barrels per day (bpd) in June, 450,000 bpd above May and 1.9 million bpd more than a year earlier. "With global floating storage at a five-year high and OPEC production edging higher, oversupply remains a key issue for the oil market," said Dutch bank ING. Despite ample supplies, traders said that prices were kept from falling further due to global security risks following North Korea''s repeated missile tests and the political crisis between Qatar and an alliance of Arab nations led by Saudi Arabia and the United Arab Emirates. "Rising geopolitical risks should provide some support to gold and oil prices," ANZ bank said on Wednesday. (Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19Q05T'|'2017-07-05T10:03:00.000+03:00'|5801.0|''|-1.0|'' -5802|'fef163c368dd602e7fd13a4f624745dd404dd864'|'Flush times for hackers in booming cyber security job market'|'July 28, 2017 / 12:04 AM / 19 hours ago Flush times for hackers in booming cyber security job market Joseph Menn and Jim Finkle 4 Min Read A recruiter advertises a QR code to attract hackers to apply for jobs at the Black Hat security conference in Las Vegas, Nevada, U.S. July27, 2017. Joseph Menn LAS VEGAS (Reuters) - The surge in far-flung and destructive cyber attacks is not good for national security, but for an increasing number of hackers and researchers, it is great for job security. The new reality is on display in Las Vegas this week at the annual Black Hat and Def Con security conferences, which now have a booming side business in recruiting. "Hosting big parties has enabled us to meet more talent in the community, helping fill key positions and also retain great people," said Jen Ellis, a vice president with cybersecurity firm Rapid7 Inc, which filled the hip Hakkasan nightclub on Wednesday at one of the week''s most popular parties. Twenty or even 10 years ago, career options for technology tinkerers were mostly limited to security firms, handfuls of jobs inside mainstream companies, and in government agencies. But as tech has taken over the world, the opportunities in the security field have exploded. Whole industries that used to have little to do with technology now need protection, including automobiles, medical devices and the ever-expanding Internet of Things, from thermostats and fish tanks to home security devices. More insurance companies now cover breaches, with premiums reduced for strong security practices. And lawyers are making sure that cloud providers are held responsible if a customers data is stolen from them and otherwise pushing to hold tech companies liable for problems, meaning they need security experts too. The non-profit Center for Cyber Safety and Education last month predicted a global shortage of 1.8 million skilled security workers in 2022. The group, which credentials security professionals, said that a third of hiring managers plan to boost their security teams by at least 15 percent. For hackers who prefer to pick things apart rather than stand guard over them, an enormous number of companies now offer "bug bounties," or formal rewards, for warnings about vulnerabilities that leave them exposed to criminals or spies. One of the outside firms that handle such programs, HackerOne, said it has paid out $18.8 million since 2014 to fix 50,140 bugs, with about half of that work done in the past year. Mark Litchfield made it into the firm''s "Hacker Hall of Fame" last year by being the first to pull in more than $500,000 in bounties through the platform, well more than he earned at his last full-time security job, at consulting firm NCC Group. In the old days, "The only payout was publicity, free press," Litchfield said. "That was the payoff then. The payoff now is literally to be paid in dollars." There are other emerging ways to make money too. Justine Bone''s medical hacking firm, MedSec, took the unprecedented step last year of openly teaming with an investor who was selling shares short, betting that they would lose value. It was acrimonious, but St Jude Medical ultimately fixed its pacemaker monitors, which could have been hacked, and Bone predicted others will try the same path. "Us cyber security nerds have spent most of our careers trying to make the world a better place by engaging with companies, finding bugs which companies may or may not repair," Bone said. "If we can take our expertise out to customers, media, regulators, nonprofits and think tanks and out to the financial sector, the investors and analysts, we start to help companies understand in terms of their external environment." Chris Wysopal, co-founder of code auditor Veracode, bought in April by CA Technologies, said that he was initially skeptical of the MedSec approach but came around to it, in part because it worked. He appeared at Black Hat with Bone. "Many have written that the software and hardware market is dysfunctional, a lemon market, because buyers don''t know how insecure the products they purchase are," Wysopal said in an interview. "Id like to see someone fixing this broken market. Profiting off of that fix seems like the best approach for a capitalism-based economy." Reporting by Joseph Menn and Jim Finkle; additional reporting by Dustin Volz; Editing by Jonathan Weber and Grant McCool 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cyber-conference-business-idUSKBN1AD001'|'2017-07-28T08:04:00.000+03:00'|5802.0|''|-1.0|'' +5802|'fef163c368dd602e7fd13a4f624745dd404dd864'|'Flush times for hackers in booming cyber security job market'|'July 28, 2017 / 12:04 AM / 19 hours ago Flush times for hackers in booming cyber security job market Joseph Menn and Jim Finkle 4 Min Read A recruiter advertises a QR code to attract hackers to apply for jobs at the Black Hat security conference in Las Vegas, Nevada, U.S. July27, 2017. Joseph Menn LAS VEGAS (Reuters) - The surge in far-flung and destructive cyber attacks is not good for national security, but for an increasing number of hackers and researchers, it is great for job security. The new reality is on display in Las Vegas this week at the annual Black Hat and Def Con security conferences, which now have a booming side business in recruiting. "Hosting big parties has enabled us to meet more talent in the community, helping fill key positions and also retain great people," said Jen Ellis, a vice president with cybersecurity firm Rapid7 Inc, which filled the hip Hakkasan nightclub on Wednesday at one of the week''s most popular parties. Twenty or even 10 years ago, career options for technology tinkerers were mostly limited to security firms, handfuls of jobs inside mainstream companies, and in government agencies. But as tech has taken over the world, the opportunities in the security field have exploded. Whole industries that used to have little to do with technology now need protection, including automobiles, medical devices and the ever-expanding Internet of Things, from thermostats and fish tanks to home security devices. More insurance companies now cover breaches, with premiums reduced for strong security practices. And lawyers are making sure that cloud providers are held responsible if a customers data is stolen from them and otherwise pushing to hold tech companies liable for problems, meaning they need security experts too. The non-profit Center for Cyber Safety and Education last month predicted a global shortage of 1.8 million skilled security workers in 2022. The group, which credentials security professionals, said that a third of hiring managers plan to boost their security teams by at least 15 percent. For hackers who prefer to pick things apart rather than stand guard over them, an enormous number of companies now offer "bug bounties," or formal rewards, for warnings about vulnerabilities that leave them exposed to criminals or spies. One of the outside firms that handle such programs, HackerOne, said it has paid out $18.8 million since 2014 to fix 50,140 bugs, with about half of that work done in the past year. Mark Litchfield made it into the firm''s "Hacker Hall of Fame" last year by being the first to pull in more than $500,000 in bounties through the platform, well more than he earned at his last full-time security job, at consulting firm NCC Group. In the old days, "The only payout was publicity, free press," Litchfield said. "That was the payoff then. The payoff now is literally to be paid in dollars." There are other emerging ways to make money too. Justine Bone''s medical hacking firm, MedSec, took the unprecedented step last year of openly teaming with an investor who was selling shares short, betting that they would lose value. It was acrimonious, but St Jude Medical ultimately fixed its pacemaker monitors, which could have been hacked, and Bone predicted others will try the same path. "Us cyber security nerds have spent most of our careers trying to make the world a better place by engaging with companies, finding bugs which companies may or may not repair," Bone said. "If we can take our expertise out to customers, media, regulators, nonprofits and think tanks and out to the financial sector, the investors and analysts, we start to help companies understand in terms of their external environment." Chris Wysopal, co-founder of code auditor Veracode, bought in April by CA Technologies, said that he was initially skeptical of the MedSec approach but came around to it, in part because it worked. He appeared at Black Hat with Bone. "Many have written that the software and hardware market is dysfunctional, a lemon market, because buyers don''t know how insecure the products they purchase are," Wysopal said in an interview. "Id like to see someone fixing this broken market. Profiting off of that fix seems like the best approach for a capitalism-based economy." Reporting by Joseph Menn and Jim Finkle; additional reporting by Dustin Volz; Editing by Jonathan Weber and Grant McCool 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cyber-conference-business-idUSKBN1AD001'|'2017-07-28T08:04:00.000+03:00'|5802.0|26.0|0.0|'' 5803|'4e4bbba54bd7a9aa81b0bd1218e628432407d065'|'UK Stocks-Factors to watch on July 21'|'July 21 (Reuters) - Britain''s FTSE 100 index is seen opening 2 points higher at 7490 on Friday, according to financial bookmakers. * ANTOFAGASTA: Union-represented workers and management at Antofagasta''s Zaldivar copper mine failed to reach a wage deal on Thursday and agreed to extend government-mediated talks into next week, the union said. * TEN GROUP: Concierge service company Ten Group has appointed Jefferies to oversee a flotation on the junior AIM market, Sky News reported on Thursday. * BRITAIN BUSINESS: Britain''s Chambers of Commerce (BCC), an employers group, warned the government it needed to engage in "sustained and structured" discussions with business over Brexit and avoid an abrupt departure from the bloc. * BRITAIN IMMIGRATION: The British government should agree an implementation period for curbs to immigration from the European Union after Britain leaves the bloc to allow businesses time to adapt, a committee of lawmakers said in a report published on Friday. * OIL: Oil prices were little changed on Friday ahead of a key meeting of major oil producing nations next week, sitting below the $50 per barrel level that was briefly breached for the first time in 6 weeks in the previous session. * The UK blue chip index FTSE closed up 0.77 pct at 7487.87 points on Thursday, outperforming pan-European STOXX 600 as European shares dropped as a jump in the bloc''s currency following the European Central Bank''s policy meeting weighed on exporters. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Beazley Interim Earnings Release Capital & Counties Properties Half Year 2017 Earnings Release Acacia Mining PLC Half Year 2017 Earnings Release Vodafone Group PLC Q1 2018 Trading Statement Euromoney Institutional Investor Trading Statement Release Close Brothers Trading Statement Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese; Editing by Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1KC25P'|'2017-07-21T08:34:00.000+03:00'|5803.0|''|-1.0|'' -5804|'d11808a8b96579cd69cf7006d79a23fdb2d2e845'|'Spain''s Santander launches 7 bln euros rights issue at 4.85 eur/share'|'MADRID, July 3 Spain''s Banco Santander on Monday launched a 7 billion euros ($7.95 billion) rights issue at a price of 4.85 euros per share, a move it had flagged a month ago when it took over rescued peer Banco Popular for a nominal euro.It also said its net profit for the first half of the year would be 3.6 billion euros, up 24 percent from last year. ($1 = 0.8800 euros) (Reporting by Jesus Aguado; Editing by Julien Toyer)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/popular-ma-santander-equity-idUSL8N1JU59S'|'2017-07-04T00:06:00.000+03:00'|5804.0|''|-1.0|'' +5804|'d11808a8b96579cd69cf7006d79a23fdb2d2e845'|'Spain''s Santander launches 7 bln euros rights issue at 4.85 eur/share'|'MADRID, July 3 Spain''s Banco Santander on Monday launched a 7 billion euros ($7.95 billion) rights issue at a price of 4.85 euros per share, a move it had flagged a month ago when it took over rescued peer Banco Popular for a nominal euro.It also said its net profit for the first half of the year would be 3.6 billion euros, up 24 percent from last year. ($1 = 0.8800 euros) (Reporting by Jesus Aguado; Editing by Julien Toyer)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/popular-ma-santander-equity-idUSL8N1JU59S'|'2017-07-04T00:06:00.000+03:00'|5804.0|20.0|0.0|'' 5805|'85853acbabd41aece8d9eea91059ba8393fc730f'|'Oil prices firm on rising political risk, but ample supply caps gains'|'Business News - Wed Jul 5, 2017 - 10:26am BST Oil slips after eight-session bull run on rising OPEC exports, strong dollar An employee pumps petrol for clients at a petrol station in Hanoi, Vietnam December 20, 2106. REUTERS/Kham By Karolin Schaps - LONDON LONDON Oil prices fell more than one percent on Wednesday, ending their longest bull-run in over five years, as climbing OPEC exports and a stronger dollar turned sentiment more bearish. Benchmark Brent crude futures were down 69 cents, or 1.4 percent, at $48.92 a barrel by 0900 GMT . U.S. WTI crude futures were down 80 cents, or 1.7 percent, at $46.27 a barrel after reaching a fresh one-month high of $47.32 earlier in the session. "High June OPEC production and the recent strengthening of the dollar should cap any attempt to push prices higher," said Tamas Varga, senior analyst at London brokerage PVM Oil Associates. Oil exports by the Organization of the Petroleum Exporting Countries climbed for a second month in June, Thomson Reuters Oil Research data showed. OPEC exported 25.92 million barrels per day (bpd) in June, up 450,000 bpd from May and 1.9 million bpd more than a year earlier. The rise in exports comes despite OPEC''s vow to rein in production until March 2018 and follows hot on the heels of Reuters'' monthly OPEC production survey which found output jumped to a 2017 high last month as OPEC members Nigeria and Libya continued to pump more. Traders were also eyeing weekly U.S. crude inventory data, delayed by a day due to the U.S. public holiday on Tuesday. A Reuters poll showed analysts expect weekly crude stocks to have fallen by 2.8 million barrels. The weekly data showed a surprise rise in inventories last week. [EIA/S] A firmer dollar also provided less incentive to invest in greenback-denominated commodities such as crude oil. Ongoing global security risks prevented any significant downside including North Korea''s missile test and a political crisis between Qatar and an alliance of Arab nations led by Saudi Arabia and the United Arab Emirates. "Rising geopolitical risks should provide some support to gold and oil prices," ANZ Bank said on Wednesday. (Additional reporting by Henning Gloystein in Singapore; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19Q05V'|'2017-07-05T05:01:00.000+03:00'|5805.0|''|-1.0|'' 5806|'f8288cf71d8bc5d61f3619fd9b721cf1108296de'|'Murdoch''s Fox unlikely to offer remedies in Sky deal - source'|'July 13, 2017 / 6:21 PM / 10 hours ago Murdoch''s Fox unlikely to offer remedies in Sky deal - source Reuters Staff 2 Min Read Media mogul Rupert Murdoch leaves his home in London, Britain March 4, 2016. Stefan Wermuth LONDON (Reuters) - Rupert Murdoch is unlikely to offer any new concessions to protect the editorial independence of Sky ( SKYB.L ), increasing the chance that the $15 billion (12 billion pounds) takeover deal goes to a lengthy investigation, a person familiar with the situation said. Murdoch''s Twenty-First Century Fox ( FOXA.O ) was dealt a blow last month when Britain''s media secretary, Karen Bradley, said she was persuaded that the deal could give the Murdochs too much influence over the media, after regulator Ofcom assessed the impact of the transaction. Murdoch also owns the Sun and Times newspapers in Britain. Bradley said she would make a final decision on July 14, giving some investors hope that Fox could avert a full investigation if it offered concessions to protect the editorial independence of Sky''s 24-hour TV news channel, Sky News. A person familiar with the deal said however the company was unlikely to offer any new remedies, opting instead to let the competition watchdog examine the deal. Murdoch, 86, and his family have long coveted full control of Sky, despite the damaging failure of a previous attempt in 2011 when their British newspaper business became embroiled in a phone-hacking scandal which forced them to abandon that bid. Britain''s political leaders have long sought the backing of Murdoch and his newspapers and any attempt to expand his media empire in the country sparks intense political scrutiny. Rupert''s son James, who is chief executive of Fox and chairman of Sky, said in March that worries about his family exerting too much power were unfounded in an era of online providers such as Facebook, Buzzfeed, Netflix and Google. Fox has said any referral for an in-depth probe could mean the deal would not close before next June. Both Sky and Fox declined to comment. Reporting by Kate Holton; Editing by Elaine Hardcastle 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sky-m-a-fox-idUKKBN19Y2FS'|'2017-07-13T21:30:00.000+03:00'|5806.0|''|-1.0|'' 5807|'544a7ddc7e80f27ed84c58c80e3e0e2746bf9606'|'Schaeuble hoping growth will end stimulus and ''crazy'' negative rates'|'Central Banks - Mon Jul 3, 2017 - 9:24pm BST Schaeuble hoping growth will end stimulus and ''crazy'' negative rates German Finance Minister Wolfgang Schaeuble attends a news conference in Berlin, Germany June 28, 2017. REUTERS/Hannibal Hanschke By Michael Nienaber - SASBACHWALDEN, Germany SASBACHWALDEN, Germany Euro zone growth is stronger than expected and this will enable the European Central Bank to slowly normalize its monetary policy and end a "crazy situation" of negative interest rates, German Finance Minister Wolfgang Schaeuble said on Monday. Senior German government officials have stepped up the pressure on the ECB to scale back its monetary stimulus of bond purchases and sub-zero rates as Germany heads towards federal elections and voters complain about meagre savings returns. Critics of the ECB''s decision to buy sovereign bonds on the secondary market also argue that the programme has reduced pressure on euro zone governments to implement reforms. Speaking to voters in his constituency in the southern state of Baden-Wuerttemberg less than three months before the Sept. 24 election, Schaeuble said that the euro zone was recovering surprisingly well and that the threat of deflation had vanished. "If we have more growth and if there is no threat of a deflation, then the ECB will -- it cannot do this fast because the problems in some countries in Europe are too big -- then it can slowly start to normalize monetary policy so that we can hopefully soon end this crazy situation of zero interest rates and negative interest rates," he said. Schaeuble said that inflation in the euro zone was slowly picking up and that it was moving towards the ECB''s price stability target of just under 2 percent. This development would help ECB policymakers find a case for normalisation of their ultra-loose monetary policy, he added. "We must quickly come back to a situation in which interest rates are what they used to be," Schaeuble said. He also pointed out that euro zone governments still had some work to do when it comes to reforms and that France and Germany next week would press ahead with proposals to strengthen bilateral cooperation and European integration. The veteran finance minister, 74, is the longest serving lawmaker in the Bundestag lower house of parliament and he will run for another four years as parliamentarian in September. "I''m ready to continue," Schaeuble told the crowd of some 400 voters in the tiny Black Forest town of Sasbachwalden near Offenburg. "But for this, we first need a clear majority." (Reporting by Michael Nienaber; Editing by Thomas Escritt and Catherine Evans) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-schaeuble-idUKKBN19O2FK'|'2017-07-03T23:24:00.000+03:00'|5807.0|''|-1.0|'' @@ -5827,7 +5827,7 @@ 5825|'d04131a30c3b51bd158db134241289045b3db5da'|'Deutsche Bank sees progress towards IPO of asset management arm - memo'|'Deals - Fri Jul 7, 2017 - 5:26pm BST Deutsche Bank sees progress toward IPO of asset management arm: memo left right A Deutsche Bank logo adorns a wall at the company''s headquarters in Frankfurt, Germany June 9, 2015. REUTERS/Ralph Orlowski/File Photo 1/2 left right The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski 2/2 ZURICH Deutsche Bank ( DBKGn.DE ) said that it is making progress in its planned partial initial public offering (IPO) of its asset management unit, according to a recent memo to staff. Germany''s largest lender announced its plans for a partial IPO of the unit in March as part of a broader restructuring of the bank reeling from law suits and trading scandals. Nicolas Moreau, a board member who oversees Deutsche Asset Management, said in an email to staff seen by Reuters, that Swiss regulator FINMA had approved the establishment of Deutsche Asset Management (Schweiz) AG. The new entity incorporates the existing Swiss asset management activities formerly part of Deutsche Bank (Suisse) S.A. "We continue to make excellent progress with our IPO preparations and achieve notable milestones in our preparations," Moreau said in the note. John Cryan, Deutsche''s CEO, has said the bank would maintain a "controlling and super-majority stake" in the business. The sale would take place at some point over the next two years, Deutsche said at the time, and could raise 2 billion euros ($2.3 billion). Deutsche hopes that by giving its asset management unit more operational independence the unit will be more attractive to talent. Deutsche Asset Management has more than 700 billion euros invested worldwide. (Reporting by Oliver Hirt; Writing by Tom Sims; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-bank-asset-management-idUKKBN19S2E1'|'2017-07-07T19:11:00.000+03:00'|5825.0|''|-1.0|'' 5826|'f5f4572355705d5310940a909e4580c2e5f20998'|'Hammond told Goldman Sachs he wants long Brexit transition - source'|'July 21, 2017 / 4:13 PM / 2 hours ago Hammond told Goldman Sachs he wants long Brexit transition - source Reuters Staff 3 Min Read Britain''s Chancellor of the Exchequer, Philip Hammond, leaves 11 Downing Street, in central London, Britain July 17, 2017. Tolga Akmen LONDON (Reuters) - British finance minister Philip Hammond told the board of U.S. investment bank Goldman Sachs that he was pushing for a lengthy transition period after Britain leaves the European Union, a source familiar with the talks said. The source said Hammond made a presentation to the Goldman Sachs board on June 29 when chief executive Lloyd Blankfein was in London for the annual board meeting. The source confirmed an earlier Sky News report which said Hammond had offered private reassurances that he wanted a long transition period to help banks prepare for Brexit and ease concerns of a "cliff-edge" exit from the bloc. The Sky report said Hammond did not offer Goldman assurances above or beyond his public attempts to reassure the business community that the government was aware of its concerns. Goldman Sachs declined to comment. Asked to confirm the Sky report and its contents, a Treasury spokesman said: "As you would expect, the chancellor (Hammond)regularly meets with businesses to hear their views, most recently participating in the prime minister''s business advisory group and hosting a roundtable with asset managers." Banks are keen to see transitional arrangements put in place to give them time to adapt to the huge legal and regulatory change Brexit is likely to bring. But while Prime Minister Theresa May has said she wants a "phased process of implementation" to smooth the country''s path out of the EU, many in her party fear a lengthy transition period could be used to water down or block Britain''s eventual exit. Hammond, who is seen as one of the most pro-European members of May''s cabinet, said on Sunday that the majority of senior ministers now agreed on the need for a transition period. Leading Brexiteer Michael Gove endorsed that view on Friday. However, in response to the uncertainty over what the transition will look like, international banks are planning to set up subsidiaries in the EU to ensure they can continue to serve clients if their London operations lose the ability to operate across the bloc once Britain leaves in March 2019. Bank of America on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations. Goldman has not formally announced any similar plans but Blankfein has previously said he would like to see an implementation period of at least "a couple of years" once the British exit deal is agreed. He has said the bank has "contingency plans" to move people depending on the outcome of the negotiations. Reporting by Anjuli Davies and William James; Editing by Alison Williams 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-transition-idUKKBN1A623S'|'2017-07-21T19:58:00.000+03:00'|5826.0|''|-1.0|'' 5827|'265394182f61d6d84d7aaee9d22d359d0735c3c7'|'"Hard works starts now": Brexit bargaining to begin'|'July 14, 2017 / 4:21 PM / 3 hours ago "Hard works starts now": Brexit bargaining to begin Alastair Macdonald 5 Min Read FILE PHOTO: Flags are arranged at the EU headquarters as Britain and the EU launch Brexit talks in Brussels, June 19, 2017. Francois Lenoir/File Photo BRUSSELS (Reuters) - EU officials hope the British government shows more sense of urgency about a Brexit deal when its negotiators come to Brussels on Monday for a first full round of talks aimed at smoothing Britain''s departure. "The hard work starts now," the European Union''s chief negotiator Michel Barnier said on Wednesday, again sounding a note of alarm that London has yet to provide detailed proposals on a range of key issues, with barely a year left for bargaining. A year after the referendum vote to leave the bloc propelled her to power, Prime Minister Theresa May still faces a complex task in finding consensus at home on what kind of Brexit Britain wants -- a job made all the harder by losing her parliamentary majority in an election last month. Her Brexit minister, veteran anti-EU campaigner David Davis, is expected to meet Barnier, a French former cabinet minister, at the European Commission''s Berlaymont headquarters on Monday morning. They and their teams will then spend up to four days in a mixture of smaller working groups and plenary sessions, with the priority being to identify areas of accord and discord on a set of issues agreed on during an initial day of talks on June 19. These issues, notably the rights of expatriate citizens, how much Britain may owe to the EU budget and how to manage the new EU-UK border, especially with Ireland, are ones both sides want to settle in a withdrawal treaty. Barnier says this must be ready by about October next year if it is to be ratified on both sides of the Channel before Britain leaves in March 2019. "The clock is ticking," he said on Wednesday, displaying a degree of impatience with British ministers who continue to dismiss EU demands that they first must agree in principle that London will owe the Union a hefty amount -- probably in the tens of billions of euros -- to cover its existing commitments. "The first serious test of the negotiations will be them agreeing to pay the bill," a senior EU official said, describing the coming week as a vital moment to establish rapport among the senior civil servants who will handle what is arguably the most convoluted and far-reaching diplomatic deal of modern times. Progress Required Without "significant progress" on all three priority areas of the divorce package, Barnier warns, EU leaders will not let Davis open talks on a free trade relationship, which May and much of British business want to have ready by the time Britain leaves. For now, the EU says May''s offer to guarantee the rights of 3 million Europeans in Britain falls short. It is also unhappy at Britain''s refusal to accept EU judges as the ultimate arbiters of disputes -- an issue that could get an early airing as London seeks a quick fix to prevent its withdrawal from the Euratom pact disrupting its nuclear industry and medical imaging. Committed to keep all 27 other EU governments informed and on board with a process in which all have differing interests, the Commission negotiators are insisting on publishing negotiating documents and holding regular news conferences -- a cause of some discomfort in London. EU officials expect Barnier and Davis to brief reporters again on Thursday, partly to nail down the week''s achievements. "It''s important to describe our progress," the senior EU official said, likening the Brexit process to trade negotiations that the Commission more typically runs with other governments. "If you don''t cash the week''s progress in public, by having both sides talk to the media, you never know if your partner will go back later on what they promised to agree." EU leaders hold a regular quarterly summit in mid-October and could use that moment to instruct Barnier to prepare trade negotiations; but that will require good progress next week and in three further week-long rounds of talks. On that timetable, Barnier reckons, a broad political deal on the outlines of a new, open trading relationship could be in place by late next year, allowing for a transitional phase of up to a few years after Brexit to negotiate all the details. Editing by Kevin Liffey '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-negotiations-idINKBN19Z1WY'|'2017-07-14T19:21:00.000+03:00'|5827.0|10.0|0.0|'' -5828|'b6cacb1da7ad0c459ccd7be8d10e4054a7bf08e6'|'UK employers call for bigger role in Brexit talks'|'July 20, 2017 / 4:06 PM / 20 minutes ago UK employers call for bigger role in Brexit talks Reuters Staff 2 Min Read FILE PHOTO: UK Secretary of State for Exiting the European Union David Davis (L) is welcomed by the European Commission''s Chief Brexit Negotiator Michel Barnier at the start of a first full round of talks on Britain''s divorce terms from the European Union, in Brussels, Belgium July 17, 2017. Yves Herman/File Photo LONDON (Reuters) - Britain''s Chambers of Commerce (BCC), an employers group, warned the government it needed to engage in "sustained and structured" discussions with business over Brexit and avoid an abrupt departure from the bloc. Prime Minister Theresa May chaired a discussion with the heads of several industry groups and chief executives on Thursday at the first meeting of a new business council designed to heal wounds after many felt they were being ignored. The BCC welcomed the move but said regular discussions were needed ahead of Britain''s departure from the European Union due by the end of March 2019. "High-level discussions with the prime minister and her cabinet must continue, but we also need to see sustained and structured discussion with business on the dozens of practical, real-world questions that firms face as a consequence of Brexit," BCC President Francis Martin said in a statement. "The prospect of multiple, costly, adjustments to trading conditions is a concern for many, so starting discussions on transition arrangements as soon as possible would go a long way to boost business confidence," he said. Reporting by Costas Pitas; Editing by William Schomberg 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-business-idUKKBN1A526F'|'2017-07-20T19:06:00.000+03:00'|5828.0|''|-1.0|'' +5828|'b6cacb1da7ad0c459ccd7be8d10e4054a7bf08e6'|'UK employers call for bigger role in Brexit talks'|'July 20, 2017 / 4:06 PM / 20 minutes ago UK employers call for bigger role in Brexit talks Reuters Staff 2 Min Read FILE PHOTO: UK Secretary of State for Exiting the European Union David Davis (L) is welcomed by the European Commission''s Chief Brexit Negotiator Michel Barnier at the start of a first full round of talks on Britain''s divorce terms from the European Union, in Brussels, Belgium July 17, 2017. Yves Herman/File Photo LONDON (Reuters) - Britain''s Chambers of Commerce (BCC), an employers group, warned the government it needed to engage in "sustained and structured" discussions with business over Brexit and avoid an abrupt departure from the bloc. Prime Minister Theresa May chaired a discussion with the heads of several industry groups and chief executives on Thursday at the first meeting of a new business council designed to heal wounds after many felt they were being ignored. The BCC welcomed the move but said regular discussions were needed ahead of Britain''s departure from the European Union due by the end of March 2019. "High-level discussions with the prime minister and her cabinet must continue, but we also need to see sustained and structured discussion with business on the dozens of practical, real-world questions that firms face as a consequence of Brexit," BCC President Francis Martin said in a statement. "The prospect of multiple, costly, adjustments to trading conditions is a concern for many, so starting discussions on transition arrangements as soon as possible would go a long way to boost business confidence," he said. Reporting by Costas Pitas; Editing by William Schomberg 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-business-idUKKBN1A526F'|'2017-07-20T19:06:00.000+03:00'|5828.0|27.0|0.0|'' 5829|'60fd6fc450834637a3006ce71a74fabfca15b84c'|'Roche''s Tecentriq receives positive opinion from EU medicines agency'|'July 22, 2017 / 10:54 AM / 4 hours ago Roche''s Tecentriq receives positive opinion from EU medicines agency 1 Min Read ZURICH (Reuters) - A European Medicines Agency (EMA) panel said on Friday it has recommended Roche''s immunotherapy Tecentriq as a treatment for advanced bladder and lung cancer, setting the stage for European Commission approval this year. Roche received a positive opinion for the treatment from the EMA''s Committee for Medicinal Products for Human Use (CHMP). Tecentriq, which Roche has designed to help the immune system find and kill tumours that otherwise may avoid detection, won approval in the United States this year as an initial treatment for bladder cancer. It has also been approved as a treatment for lung cancer. Reporting by Joshua Franklin and John Miller; Editing by Jason Neely 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/roche-hldg-tecentriq-eu-idINKBN1A70CN'|'2017-07-22T13:53:00.000+03:00'|5829.0|''|-1.0|'' 5830|'b6b0412fe0ebfec1d70688d6624db43fbb3f6726'|'Walmart Chile workers vote to go on strike'|'July 28, 2017 / 5:28 PM / 3 hours ago Walmart Chile workers vote to go on strike 2 Min Read Shopping carts are seen at a supermarket brand of Wal-Mart company, in Santiago, Chile March 22, 2017. Pablo Sanhueza SANTIAGO (Reuters) - The union representing workers at Lider, Wal-Mart Stores Inc''s ( WMT.N ) main supermarket chain in Chile, said on Friday they had voted to go on strike for higher pay. "We are awaiting the final result from the work directorate, but we can say that our union approves the strike with 9,850 votes, or 63.4 percent of the total," the union announced on its Facebook site. Walmart Chile said it did not have an immediate comment on the announcement. Either the union or the company may now request government-mediated talks that would last five days to try to reach an agreement and avert the strike. The union encompasses 16,500 workers, one of the South American country''s largest unions. Some workers have been demonstrating outside stores across the country in recent months as they have pushed their demands for better pay. Walmart Chile, the local unit of U.S. retailer Wal-Mart Stores Inc, is one of the leading supermarket operators in Chile, with 380 stores. Reporting by Rosalba O''Brien and Felipe Iturrieta; Editing by Matthew Lewis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-walmart-chile-idUSKBN1AD2AY'|'2017-07-28T20:23:00.000+03:00'|5830.0|''|-1.0|'' 5831|'beb16a78764a75aebd47f4ced5823b44b31849fa'|'Demand for exorcists is soaring in France'|'FOR A man poised for combat with evil spirits, Philippe Moscato looks remarkably at ease. In casual clothes and chatting about the tools of his tradea Vogel crystal, compass, steel crucifix, pendulum and bag of salt from Jerusalemhe says he can deliver unreal results. Hired to exorcise an apartment in a wealthy district of central Paris, he predicts that the air will change. In the winter, he says, the owners will no longer need their central heating, the result of beneficial vibrations.Mr Moscatos work involves first waggling a pendulum, supposedly to assess the flats readiness, then lighting a candle, reciting from an exorcism manual, before blessing salty water that he splashes in every room. As he sprinkles, he delivers a flow of incantations. For an hours work he pockets 155 ($178). He has requests three or four times a week to de-spook property, and exorcises a person on average once a week. Paris, Lyon and the French Riviera are the areas most contaminated by bad spirits, he says. Demand for ghostbusting fluctuates. Following terrorist attacks in France and Belgium, late in 2015 and early in 2016, respectively, Mr Moscato said he had an incredible avalanche of requests. Alessandra Nucci, a writer on Catholic affairs, says that there are more and more independent operators like Mr Moscato in Europe. The church has neglected exorcisms for a long time, she says, despite strong demand from the public for them. There are some 100 exorcist priests licensed by the church in France, according to the International Association of Exorcists in Rome, but most are inactive.Another independent operator, Grgory Noel, makes a speciality of exorcising farms. For up to 500 a pop, Jean Clment provides a ceremony to release harmful waves. A third, Jean de Paracol, in southern France, markets a service to help small businesses that have been blighted by black magic. Gabriel Despraux, near to Paris, says he has practised for decades but only started charging a fee two years ago. He now works as many as 15 hours a day dealing with clients. In a good month his business is generating 12,000 before tax.What might explain rising demand? Television programmes that depict exorcism, notably imports from America such as Foxs The Exorcist, may play a part. The relative ease of finding practitioners online is also a factor. Word-of-mouth recommendations from satisfied customers matter, too. The owner of the Paris apartment is reluctant to say if her experiment helped to improve the air. The whole thing is freakish, but just by believing, it might make a difference, she says. Then, as Mr Moscato leaves, a sunbeam suddenly lights up her apartment.This article appeared in the Business section of the print edition under the headline "Who you gonna call?"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21725320-catholic-church-has-left-big-gap-market-demand-exorcists-soaring-france?fsrc=rss'|'2017-07-20T22:44:00.000+03:00'|5831.0|''|-1.0|'' @@ -5850,7 +5850,7 @@ 5848|'d313c86467f89582dd19c3403da57743ec6ccb19'|'EMERGING MARKETS-Mexico peso slips to nearly 1-month low on NAFTA jitters'|'By Miguel Gutierrez MEXICO CITY, Aug 7(Reuters) - Mexico''s peso slipped to a nearly one-month low against the dollar on Monday as the impending start of talks to renegotiate the North American Free Trade Agreement gave the market a renewed bout of jitters. The peso sank to a record low in January on fears that U.S. President Donald Trump would rip up NAFTA, but it has rallied as his administration has taken a more conciliatory tone and moved to renegotiate the 23-year-old accord. However, market participants are again taking a more cautious tone as Canada, Mexico and the United States are due to start talks in Washington on Aug. 16 to revamp NAFTA, which underpins some $1 trillion in annual trilateral trade. The peso fell as much as 0.47 percent on Monday to 17.9910 to the dollar, its weakest intraday level since July 11. "Over the next two weeks, the main risk for the peso will be the comments related to the NAFTA renegotiation," said Banco BASE analyst Gabriela Siller. "If the initial talks between Mexico and the United States seem cooperative, the peso could gain ground towards the end of the month." In Brazil, the benchmark Bovespa stock index rose 1.03 percent, breaking above 67,500 points, as mining and steel shares gained. Still, market observers remained vigilant about ongoing investigations targeting Brazilian President Michel Temer, who is trying to push through overhauls of the nation''s pension and tax laws to close a gaping budget deficit and get an economic recovery back on track. Key Latin American stock indexes and currencies at 1636 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1074.36 0.67 23.77 MSCI LatAm 2792.59 0.51 18.71 Brazil Bovespa 67647.72 1.12 12.32 Mexico S&P/BVM IPC 51411.20 0.16 12.64 Chile IPSA 5107.97 0.03 23.04 Chile IGPA 25480.89 0 22.89 Argentina MerVal 21722.67 0.09 28.40 Venezuela IBC 195693.89 10.9 517.23 Currencies daily % YTD % change change Latest Brazil real 3.1257 -0.03 3.95 Mexico peso 17.9510 -0.25 15.56 Chile peso 650.4 0.03 3.12 Peru sol 3.243 0.06 5.27 Argentina peso (interbank) 17.7250 -0.28 -10.44 Argentina peso (parallel) 18.18 -0.17 -7.48 (Reporting by Miguel Gutierrez; Writing by Anthony Esposito; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-markets-latam-idINL1N1950O1'|'2017-08-07T15:19:00.000+03:00'|5848.0|''|-1.0|'' 5849|'bd6b84121d6c3be681e689f7f54d82ea7d97da9c'|'Deals of the day-Mergers and acquisitions'|'Aug 15 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1300 GMT on Tuesday:** Warren Buffett''s Berkshire Hathaway Inc said it added a stake in Synchrony Financial, boosting its bet on the credit card industry, and shed its investment in the company''s former parent, General Electric Co.** Transocean, one of the world''s biggest drilling rig operators, has agreed a deal to buy Norwegian competitor Songa Offshore for 9.1 billion Norwegian crowns ($1.1 bln), the two companies said on Tuesday.** Corvex Management threatened a proxy battle against Energen Corp if the U.S. oil and gas producer did not agree to add the activist investor''s nominees to its board.** Slovak government leaders have agreed on a timetable to change their coalition agreement, a government spokeswoman said on Tuesday, a step toward ending a political crisis after one junior party quit the coalition last week.** Britain''s second largest supermarket group Sainsbury''s has suspended bid talks with wholesaler Nisa until it has a clear idea of whether the competition regulator will approve takeovers in the fast-growing convenience sector.** Shares in Bahrain''s GFH Financial Group fell sharply on Tuesday as the firm said it had acquired $1.2 billion of infrastructure assets in Africa and the Middle East by increasing its capital, diluting minority shareholders.** Bulgaria plans to launch a tender to sell its abandoned 2,000 megawatt nuclear power project Belene in early 2018, Energy Minister Temenuzhka Petkova said on Tuesday.** Shareholders in Latvian gas utility Latvijas Gaze voted on Tuesday to separate its gas distribution business from gas sales to comply with European Union competition rules.** Struggling German airline Air Berlin filed for insolvency on Tuesday after years of losses caught up with it and shareholder Etihad withdrew funding, with rival Lufthansa saying it was in talks to take over parts of its business.** Britain''s second largest supermarket group Sainsbury''s has suspended bid talks with wholesaler Nisa until it has a clear idea of whether the competition regulator will approve takeovers in the fast-growing convenience sector.** CCR SA''s second-quarter net income more than quadrupled from a year earlier to 667 million reais ($209 million) after Brazil''s biggest toll road operator bought its partner''s stakes in a Sao Paulo subway and Rio de Janeiro roads, according to a securities filing on Monday.** Activist hedge fund Corvex Management owns shares in French food group Danone SA worth about $400 million, viewing the world''s largest yogurt maker as significantly undervalued, Bloomberg reported late on Monday, citing people familiar with the matter.** Japanese insurer MS&AD said it has agreed to buy 6.3 percent of Australian annuity provider Challenger Ltd for A$500 million ($393 million), to tap the growing market for managing retirement savings.** Amec Foster Wheeler Plc''s proposal to sell almost all of its upstream offshore oil and gas servicing assets may be adequate for regulatory approval of its merger with John Wood Group Plc, the UK''s Competition And Markets Authority (CMA) said.** German industrial gases group Linde said the 10-week acceptance period for its proposed $74 billion merger with U.S. peer Praxair started on Tuesday and would run through Oct. 24. (Compiled by Roopal Verma in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-day-idINL4N1L1470'|'2017-08-15T11:22:00.000+03:00'|5849.0|''|-1.0|'' 5850|'220674f5ef9bd53db0da1b19b355c9dc61aa6587'|'UPDATE 1-Canada''s ultra-long bond attracts solid demand at C$750 mln auction'|'(Adds analyst Quote: s and details throughout)By Fergal SmithTORONTO, Aug 29 (Reuters) - Canada sold C$750 million of its ultra-long bond, the first reopening since November 2014, at an allotment yield of 2.220 percent, the Bank of Canada said after an auction on Tuesday.The value of bids submitted by distributors of government securities for the 2.75 percent bond, which matures on Dec. 1, 2064, was more than C$2 billion to leave a bid-to-cover ratio of 2.72."There was pretty good demand for the bond," said Jimmy Jean, senior economist at Desjardins Capital Markets.Reopening of the ultra-long bond comes after the Bank of Canada raised interest rates last month for the first time in nearly seven years, pushing up borrowing costs for shorter-dated issues. Meanwhile, yields on longer-dated bonds have held at historically low levels."The government has chosen to seize on that opportunity," Jean said.The difference between the 2-year yield and the 30-year yield has narrowed by more than 50 basis points this year to a spread of 103 basis points.Ultra-long bonds have a term to maturity of 40 years or more and are not as common as 30-year issuance. Canada is one of the few leading industrialized nations with an undisputed AAA rating, and its bonds are in high demand.C$4.25 billion was outstanding on the 2064 bond after the auction. The low yield was 2.150 percent, while the median was 2.197 percent.Details on Bank of Canada webpage: here (Reporting by Fergal Smith; Editing by Andrew Hay) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/canada-bonds-idINL2N1LF150'|'2017-08-29T15:45:00.000+03:00'|5850.0|''|-1.0|'' -5851|'0794c5b40638317cb4e61c1d6d21f83945c43eaf'|'Brazil lower house approves main text of new BNDES benchmark rate'|'August 24, 2017 / 4:30 PM / 14 minutes ago Brazil lower house approves main text of new BNDES benchmark rate Reuters Staff 1 Min Read BRASILIA, Aug 24 (Reuters) - Brazil''s lower house of Congress on Thursday approved the main text of a bill creating a market-based benchmark rate for state lender BNDES, in a major victory for President Michel Temer. The proposal is one of Temer''s top priorities to fix the country''s long-term public finances and pave the way for lower interest rates as it reduces the scope for discretionary subsidies through BNDES lending. (Reporting by Silvio Cascione) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brazil-economy-bndes-idUSE4N1IY00Z'|'2017-08-24T19:28:00.000+03:00'|5851.0|''|-1.0|'' +5851|'0794c5b40638317cb4e61c1d6d21f83945c43eaf'|'Brazil lower house approves main text of new BNDES benchmark rate'|'August 24, 2017 / 4:30 PM / 14 minutes ago Brazil lower house approves main text of new BNDES benchmark rate Reuters Staff 1 Min Read BRASILIA, Aug 24 (Reuters) - Brazil''s lower house of Congress on Thursday approved the main text of a bill creating a market-based benchmark rate for state lender BNDES, in a major victory for President Michel Temer. The proposal is one of Temer''s top priorities to fix the country''s long-term public finances and pave the way for lower interest rates as it reduces the scope for discretionary subsidies through BNDES lending. (Reporting by Silvio Cascione) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brazil-economy-bndes-idUSE4N1IY00Z'|'2017-08-24T19:28:00.000+03:00'|5851.0|23.0|0.0|'' 5852|'d48889b8ed0189854d906c0d60788a484ab31924'|'Online lenders upbeat about turnaround progress, but worries linger'|'August 8, 2017 / 12:03 AM / in 18 hours Online lenders upbeat about turnaround progress, but worries linger Anna Irrera and David French 4 Min Read FILE PHOTO: A woman looks at her phone as she passes by a Lending Club banner on the facade of the the New York Stock Exchange December 11, 2014. Brendan McDermid/File Photo NEW YORK (Reuters) - LendingClub Corp and OnDeck Capital Inc surprised investors on Monday with strong growth forecasts that sent the online lenders'' stocks soaring, but analysts said the sector''s health was still a concern. Online lenders soared in popularity after the financial crisis when banks pulled back from traditional lending and borrowers sought other options. But rising delinquencies have made it harder to raise funds for fresh loans, prompting the sector to review its business model, which tends to attract borrowers with low credit quality. LendingClub, which serves individuals, and OnDeck, which caters to small businesses, are cutting costs and trying to attract borrowers with better credit. Executives of both companies were upbeat about the progress in their turnaround plans after they reported second-quarter results. "It''s great to be back to growth," LendingClub Chief Executive Scott Sanborn said in an interview. "We are excited about the momentum building in the business and the massive opportunity that lies ahead." Sanborn took on the CEO role last year after his predecessor, LendingClub founder Renaud Laplanche, was ousted in a scandal over disclosures and potential conflicts of interest. In a post-earnings interview, OnDeck CEO Noah Breslow called it "a positive quarter." "We have done a lot of work to restructure the business," he said. OnDeck shares closed 18.5 percent higher at $5, and LendingClub ended up 4.8 percent $5.46. The stocks rose in after-hours trading but remain far below their initial public offering prices of $20 and $15, respectively. On conference calls, analysts probed executives about their forecasts, questioning whether online lenders could deliver on promises for loan growth, credit quality and profitability. While OnDeck''s initiatives were bearing fruit, the company remains a "''show me'' story for investors," BTIG analyst Mark Palmer wrote in a research note. Prosper Marketplace Inc, another online lender, has been looking to raise a new round of funding in exchange for equity at a price that would slash its market value by more than 70 percent, people familiar with the matter told Reuters on Friday. The sources requested anonymity because they were not authorized to speak publicly about the matter. The Information first reported last week on Prosper''s fundraising effort. Earnest Corp is looking to sell itself for $200 million, Bloomberg News reported on Friday, far less than the $300 million it has raised from investors. The sector has been expected to consolidate for several months, and mergers could be on the horizon, venture capitalists, investment bankers and analysts said in recent weeks. In theory, companies can improve profits by merging because they would need to spend less money on marketing and technology, and be able reach more customers. "There have been too many princes wanting to be kings and they will not all be successful," Ryan Gilbert, partner of financial technology venture capital firm Propel Venture Partners, said in an interview. Reporting by Anna Irrera and David French; Writing by Lauren Tara LaCapra; Editing by Richard Chang 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-online-lenders-results-idUSKBN1AN2LN'|'2017-08-08T03:04:00.000+03:00'|5852.0|''|-1.0|'' 5853|'7b9893fa47cf61831c6375b2e98cfa5c39cb4bc0'|'Insurer AXA says first-half net income rises two percent'|'Edition United States August 3, 2017 / 5:22 AM / in 16 minutes Insurer AXA says first half net income rises 2 percent Reuters Staff 1 Min Read FILE PHOTO: The AXA logo is seen at its headquarters in Melbourne May 31, 2010. Mick Tsikas/File Photo PARIS (Reuters) - AXA, Europe''s second-biggest insurer, reported a 2 percent rise in net profit for the first half of the year, helped by higher asset management and property and casualty earnings, and by lower restructuring costs. Net income rose to 3.27 billion euros ($3.9 billion) in the first half of 2017, while revenues rose 0.5 percent to 54.28 billion euros. "We are very confident in our capacity to reach our targets, according to the Ambition 2020 plan," AXA''s chief financial officer Gerald Harlin told reporters on a conference call. Reporting by Maya Nikolaeva and Matthieu Protard; Editing by Sudip Kar-Gupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-axa-sa-results-idUKKBN1AJ0GW'|'2017-08-03T08:13:00.000+03:00'|5853.0|''|-1.0|'' 5854|'c6d8534c0d0ba3ca86b824041fc275fec2160bbb'|'CANADA STOCKS-TSX slides at open as riskier assets shunned'|'TORONTO, Aug 18 (Reuters) - Canada''s main stock index opened lower on Friday, as investors fled to safety amid global geopolitical uncertainties, with the heavily weighted financial stocks leading broad declines.The Toronto Stock Exchange''s S&P/TSX composite index fell 69.62 points, or 0.46 percent, to 14,964.02.Materials was the only group that advanced out of the index''s 10 main sectors, as gold mining stocks benefited from higher safe-haven gold prices. (Reporting by Solarina Ho; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/canada-stocks-open-idINL2N1L40JV'|'2017-08-18T11:37:00.000+03:00'|5854.0|''|-1.0|'' @@ -5868,8 +5868,8 @@ 5866|'55a1cc708db8fad4510d7ff9cffcb9d7078250f5'|'Yancoal shareholder lodges complaint over raising for $2.69 billion Rio coal deal'|'SYDNEY (Reuters) - Hedge fund Senrigan Capital Management has asked Australian regulators to intervene in Yancoal Australia''s efforts to fund its $2.69 billion purchase of the Coal & Allied division of Rio Tinto, saying it is unfair to minority shareholders.Senrigan is seeking an order from Australia''s Takeovers Panel that a proposed renounceable entitlement offer to raise up $2.35 billion be prevented from proceeding in its current form without shareholder approval.A second minority shareholder, commodities trader Noble Group is also considering taking the deal to the Takeovers Panel, a source close to Noble said last week.The Takeovers Panel said in a statement it had made no decision whether to conduct proceedings. The entitlement offer is due to run from Aug. 10 to Aug. 25.The purchase of the Rio assets would give Yancoal, which is 78 percent owned by Chinese coal giant Yanzhou Coal Mining Ltd, majority interests in three of the 10 largest low-cost thermal coal mining operations in Australia.The panel said Senrigan had submitted that the 23.6 for 1 renounceable entitlement offer priced at $0.10 a share, a deep discount to Yancoal''s share price before the announcement, was "unnecessarily highly dilutive and value shifting."The offer was also underwritten by two groups that were associates of Yanzhou, which could take its voting power in Yancoal from 78 percent to 89.15 percent, Senrigan said.The offer does not allow existing minority shareholders a "reasonable and equal opportunity to participate and is prejudicial to the ongoing ownership interests of existing minority shareholders," the fund said.Senrigan and Noble argued successfully before the Takeovers Panel in 2014 that a rights offer by Yancoal was part of a strategy to enable Yanzhou to convert notes into shares to allow for the compulsory acquisition of minority shareholdings without a shareholder vote.Senrigan founder Nick Taylor declined to comment on the application. Yancoal also declined comment.Separately, Glencore has agreed to buy a 49 percent interestin a key part of Coal & Allied, comprising a 16.6 percent stake directly from Yancoal and 32.4 percent from Mitsubishi Development Corp contingent on the deal going through.Reporting by James Regan; Editing by Richard Pullin'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-yancoal-australia-m-a-idINKBN1AP0O1'|'2017-08-09T05:30:00.000+03:00'|5866.0|''|-1.0|'' 5867|'8ceb080c2999cfbe2c0e402906f3304a58412bd1'|'Smartphone maker HTC exploring strategic options - Bloomberg'|'August 24, 2017 / 4:44 PM / 4 minutes ago Smartphone maker HTC exploring strategic options: Bloomberg Reuters Staff 2 Min Read The logo of HTC is seen at its store, in Taipei, Taiwan August 1, 2017. Tyrone Siu (Reuters) - Smartphone maker HTC Corp ( 2498.TW ) is exploring options that could range from spinning off its virtual reality (VR) business to selling itself, Bloomberg reported on Thursday, citing people familiar with the matter. The Taiwanese firm is working with an adviser as it considers bringing in an investor or selling its Vive VR headset business, according to the Bloomberg report. ( bloom.bg/2iu4j9r ) A full sale of the company is less likely as it does not fit obviously with one buyer, Bloomberg reported. HTC''s market value has fallen almost 75 percent to $1.78 billion in the last five years as its smartphone business has suffered heavily. The company has been trying to turn around its business by focusing on high-end VR headsets. HTC has a 8.4 percent share of the AR/VR headset market, as of the first quarter of 2017, according to research firm IDC. Earlier in June, HTC said its VR headset will be compatible with Apple Inc''s ( AAPL.O ) High Sierra operating system, which is scheduled for release later this year. HTC competes with Sony Corp''s ( 6758.T ) PlayStation VR headset and Oculus'' Rift headset which retails in the same price range. HTC did not immediately respond to a request for comment, outside regular business hours. Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar and Shounak Dasgupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-htc-divestiture-idUSKCN1B423A'|'2017-08-24T19:39:00.000+03:00'|5867.0|''|-1.0|'' 5868|'fc08ef53830de2f63955ded7e2ef03482bb40b5c'|'Israeli real estate developer Gazit-Globe Q2 profit gains'|' 23 AM / 26 minutes ago Israeli real estate developer Gazit-Globe Q2 profit gains Reuters Staff 1 Min Read JERUSALEM, Aug 22 (Reuters) - * Gazit-Globe, Israel''s largest real-estate company, reported higher net profit in the second quarter due to the depreciation of a number of currencies versus the shekel. * Net profit rose to 371 million shekels ($102.5 million) from 97 million a year earlier. * Property rental income slipped 3.8 percent to 689 million shekels, while net operating income (NOI) adjusted for exchange rates grew 4.7 percent to 490 million shekels. * Economic FFO (funds from operation) adjusted for exchange rates gained 43 percent to 175 million shekels. * Gazit-Globe raised its outlook for economic FFO to 635-649 million shekels in 2017 from 606-626 million, or to 3.25-3.32 shekels per share from 3.10-3.20 shekels a share. * The company said it would pay a quarterly dividend of 0.35 shekel per share, unchanged from the first quarter. ($1 = 3.6210 shekels) (Reporting by Steven Scheer, editing by Louise Heavens) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/israeli-real-estate-developer-gazit-glob-idUSL8N1L82SV'|'2017-08-22T14:23:00.000+03:00'|5868.0|''|-1.0|'' -5869|'9affda08607ceaed24138055572ef7612c261c9f'|'Cochin Shipyard shares jump on trading debut after $225 million IPO'|'MUMBAI (Reuters) - Shares in Cochin Shipyard Ltd rose more than 20 percent on their trading debut on Friday after the state-run company''s 14.42 billion rupees ($224.7 million) initial public offering.The stock was trading at 528.15 rupees by 0432 GMT, 22.25 percent higher than its IPO issue price of 432 rupees. Retail investors were issued shares at a discounted price of 411 rupees.The shipbuilder, which also repairs ships, had seen strong investor interest in the IPO with the sale last week being subscribed more than 76 times.($1 = 64.1875 Indian rupees)Reporting by Swati Bhat and Devidutta Tripathy; Editing by Amrutha Gayathri'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/cochin-shipyard-listing-idINKBN1AR0CZ'|'2017-08-11T08:23:00.000+03:00'|5869.0|''|-1.0|'' -5870|'a0a63bef44d5aef1476402d67a302fbeb8e255d1'|'Why I proudly support Nissan workers fight to form a union in Mississippi - Bernie Sanders - US news'|'A few months before the historic March on Washington for Jobs and Freedom, Dr Martin Luther King Jr wrote in his Letter from a Birmingham Jail : We know from painful experience that freedom is never voluntarily given by the oppressor; it must be demanded by the oppressed.This week, thousands of courageous workers at a Nissan plant in Canton, Mississippi, are doing just that . They are voting for the right to join a union, the right to make a living wage and the right to job security and pensions. And they are doing so by connecting workers rights with civil rights, as the plants workforce is over 80% African American.Bernie Sanders attacks ''greedy'' Nissan for anti-union campaign Read more But Nissan, like other large corporations, is doing everything it can to stop these workers from forming a union. In the lead up to the vote, Nissan management has been deluging employees with anti-union literature and is threatening to close the plant if a majority of its workers vote to establish a union.Supervisors have called workers off assembly lines for one-on-one interrogations. Anti-union videos are being run on a constant loop in employee break rooms. Groups of workers have been called into roundtable meetings to hear management disparage the United Auto Workers ( UAW ). Nissan has been saturating local TV and radio with anti-union propaganda. This could go down as one of the most vicious, and illegal, anti-union crusades in decades. Workers should never have to endure this type of threatening campaign or walk through a minefield just to vote for a union. The truth is Nissan is an all-too-familiar story of how greedy corporations divide and conquer working people. The company has brought in large numbers of contract employees and paid them less than they paid full-timers for the same work an old trick for driving down everyones wages. The company is also telling those undecided about the union that their pro-union co-workers would cost them their jobs. They have threatened the local community, saying that if the plant in Canton was unionized, it would move somewhere else.Sadly, these kinds of threats matter a great deal in towns like Canton. Mississippi is the poorest state in the country, with over 30% of children living in poverty. The average weekly wage is just $727, the lowest in the nation. Very few people in the state have a defined benefit pension plan, and one out of five suffer from food insecurity.Large corporations like Nissan like to set up shop in states like Mississippi because they know that when safety nets are frayed, and people hit hard times, theyre more likely to accept low wages and poor working conditions. They know how to exploit human misery and insecurity, and turn them into high profits.Our goal must be to raise wages in Mississippi and all over this country, not engage in a destructive race to the bottomNissan is no stranger to trade unions. It has union representation in 42 out of 45 of its plants throughout the world from Japan to France, Australia to Britain. But the company does not want unions in the US south, because unions mean higher wages, safer working conditions, decent healthcare and a secure retirement.Corporations like Nissan know that if they stop workers in Mississippi from forming a union, wages will continue to be abysmally low in this state. Further, if workers are unable to form unions and engage in collective bargaining, Americans throughout this country will continue to work for longer hours for lower wages. As Americans, our goal must be to raise wages in Mississippi and all over this country, not engage in a destructive race to the bottom.Nissan is not a poor company. It is not losing money. Last year, it made a record-breaking $6.6bn in profits and it gave its CEO more than $9.5m in total compensation.Those kinds of obscene profits are a direct result of corporations decades-long assault on workers and their unions. Forty years ago, more than a quarter of all workers belonged to a union. Today, that number has gone down to just 11%, and in the private sector it is less than 7%. And as corporations and Republican politicians succeed in decimating the right of workers to bargain collectively for better wages and benefits, the American middle class, once the envy of the world, is disappearing while income and wealth inequality is soaring. We have got to turn that around.I proudly support Nissan workers fight to form a union. What they are doing takes tremendous courage. If they succeed in forming a union it will not only improve their wages and working conditions, but will benefit workers across the south and all across this country.But regardless of what happens this week, Nissan workers should be very proud. They have exposed the system of racial and economic injustice that corporations like Nissan are perpetrating. We need to build on their courageous efforts, and fight for an economy that works for all of us, not just the top one percent.Topics US unions Bernie Sanders Mississippi Automotive industry Nissan Democrats comment'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/us-news/2017/aug/03/nissan-workers-union-bernie-sanders'|'2017-08-03T13:00:00.000+03:00'|5870.0|''|-1.0|'' +5869|'9affda08607ceaed24138055572ef7612c261c9f'|'Cochin Shipyard shares jump on trading debut after $225 million IPO'|'MUMBAI (Reuters) - Shares in Cochin Shipyard Ltd rose more than 20 percent on their trading debut on Friday after the state-run company''s 14.42 billion rupees ($224.7 million) initial public offering.The stock was trading at 528.15 rupees by 0432 GMT, 22.25 percent higher than its IPO issue price of 432 rupees. Retail investors were issued shares at a discounted price of 411 rupees.The shipbuilder, which also repairs ships, had seen strong investor interest in the IPO with the sale last week being subscribed more than 76 times.($1 = 64.1875 Indian rupees)Reporting by Swati Bhat and Devidutta Tripathy; Editing by Amrutha Gayathri'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/cochin-shipyard-listing-idINKBN1AR0CZ'|'2017-08-11T08:23:00.000+03:00'|5869.0|23.0|0.0|'' +5870|'a0a63bef44d5aef1476402d67a302fbeb8e255d1'|'Why I proudly support Nissan workers fight to form a union in Mississippi - Bernie Sanders - US news'|'A few months before the historic March on Washington for Jobs and Freedom, Dr Martin Luther King Jr wrote in his Letter from a Birmingham Jail : We know from painful experience that freedom is never voluntarily given by the oppressor; it must be demanded by the oppressed.This week, thousands of courageous workers at a Nissan plant in Canton, Mississippi, are doing just that . They are voting for the right to join a union, the right to make a living wage and the right to job security and pensions. And they are doing so by connecting workers rights with civil rights, as the plants workforce is over 80% African American.Bernie Sanders attacks ''greedy'' Nissan for anti-union campaign Read more But Nissan, like other large corporations, is doing everything it can to stop these workers from forming a union. In the lead up to the vote, Nissan management has been deluging employees with anti-union literature and is threatening to close the plant if a majority of its workers vote to establish a union.Supervisors have called workers off assembly lines for one-on-one interrogations. Anti-union videos are being run on a constant loop in employee break rooms. Groups of workers have been called into roundtable meetings to hear management disparage the United Auto Workers ( UAW ). Nissan has been saturating local TV and radio with anti-union propaganda. This could go down as one of the most vicious, and illegal, anti-union crusades in decades. Workers should never have to endure this type of threatening campaign or walk through a minefield just to vote for a union. The truth is Nissan is an all-too-familiar story of how greedy corporations divide and conquer working people. The company has brought in large numbers of contract employees and paid them less than they paid full-timers for the same work an old trick for driving down everyones wages. The company is also telling those undecided about the union that their pro-union co-workers would cost them their jobs. They have threatened the local community, saying that if the plant in Canton was unionized, it would move somewhere else.Sadly, these kinds of threats matter a great deal in towns like Canton. Mississippi is the poorest state in the country, with over 30% of children living in poverty. The average weekly wage is just $727, the lowest in the nation. Very few people in the state have a defined benefit pension plan, and one out of five suffer from food insecurity.Large corporations like Nissan like to set up shop in states like Mississippi because they know that when safety nets are frayed, and people hit hard times, theyre more likely to accept low wages and poor working conditions. They know how to exploit human misery and insecurity, and turn them into high profits.Our goal must be to raise wages in Mississippi and all over this country, not engage in a destructive race to the bottomNissan is no stranger to trade unions. It has union representation in 42 out of 45 of its plants throughout the world from Japan to France, Australia to Britain. But the company does not want unions in the US south, because unions mean higher wages, safer working conditions, decent healthcare and a secure retirement.Corporations like Nissan know that if they stop workers in Mississippi from forming a union, wages will continue to be abysmally low in this state. Further, if workers are unable to form unions and engage in collective bargaining, Americans throughout this country will continue to work for longer hours for lower wages. As Americans, our goal must be to raise wages in Mississippi and all over this country, not engage in a destructive race to the bottom.Nissan is not a poor company. It is not losing money. Last year, it made a record-breaking $6.6bn in profits and it gave its CEO more than $9.5m in total compensation.Those kinds of obscene profits are a direct result of corporations decades-long assault on workers and their unions. Forty years ago, more than a quarter of all workers belonged to a union. Today, that number has gone down to just 11%, and in the private sector it is less than 7%. And as corporations and Republican politicians succeed in decimating the right of workers to bargain collectively for better wages and benefits, the American middle class, once the envy of the world, is disappearing while income and wealth inequality is soaring. We have got to turn that around.I proudly support Nissan workers fight to form a union. What they are doing takes tremendous courage. If they succeed in forming a union it will not only improve their wages and working conditions, but will benefit workers across the south and all across this country.But regardless of what happens this week, Nissan workers should be very proud. They have exposed the system of racial and economic injustice that corporations like Nissan are perpetrating. We need to build on their courageous efforts, and fight for an economy that works for all of us, not just the top one percent.Topics US unions Bernie Sanders Mississippi Automotive industry Nissan Democrats comment'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/us-news/2017/aug/03/nissan-workers-union-bernie-sanders'|'2017-08-03T13:00:00.000+03:00'|5870.0|20.0|0.0|'' 5871|'1e0ab915a47e0f086281df37fac586d76cb875fa'|'Oil steady on falling crude inventories, but rising output weighs'|'FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016. Nick Oxford/File Photo LONDON (Reuters) - Oil prices steadied on Thursday, holding on to most of their recent gains after another fall in U.S. crude inventories indicated a tighter market, and as a tropical storm headed towards oil producing facilities in the Gulf of Mexico.Benchmark Brent crude LCOc1 was down 5 cents a barrel at $52.52 by 0745 GMT. U.S. light, sweet crude CLc1 was 5 cents lower at $48.36 a barrel.Both contracts had risen more than 1 percent on Wednesday, buoyed by potential output disruptions from the Gulf of Mexico storm Tropical Depression Harvey."For the next few days, the U.S. market is going to be focused on Texas as Tropical Depression Harvey is expected to strengthen into a Category I hurricane by Friday," said Sukrit Vijayakar, director of energy consultancy Trifecta."Operators in the area are already closing down platforms and evacuating workers as a precaution," he added.Harvey strengthened into a tropical storm late on Wednesday night with winds of about 40 miles per hour (65 km per hour) and was located about 440 miles (705 km) southeast of Port Mansfield, Texas, the U.S. National Hurricane Center reported.Royal Dutch Shell ( RDSa.AS ), Anadarko Petroleum ( APC.N ) and Exxon Mobil ( XOM.N ) have all taken steps to curb some oil and gas output at platforms in the Gulf.Beyond the weather, traders said declines in U.S. commercial crude storage levels were a sign of a gradually tightening market, although another rise in output held the market back.U.S. crude oil production hit 9.53 million barrels per day (bpd) last week, its highest since July 2015 and up over 13 percent from their most recent low in mid-2016. C-OUT-T-EIADespite this, U.S. crude stocks fell last week and gasoline stocks were down as well, the Energy Information Administration said on Wednesday. nL2N1L90VGCrude inventories fell by 3.3 million barrels in the week ending Aug. 18 to 463.17 million barrels, down 13.5 percent from record levels last March. C-STK-T-EIAAdditional teporting by Henning Gloystein in Singapore; Editing by David Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-global-oil-idINKCN1B402S'|'2017-08-24T04:05:00.000+03:00'|5871.0|''|-1.0|'' 5872|'8456c4f9aabcf0705d60eab552c823c38cd85e39'|'No let-up likely in Trump trade war talk'|'August 4, 2017 / 4:37 PM / 5 minutes ago No let-up likely in Trump trade war talk Andy Bruce 4 Min Read LONDON (Reuters) - Talk of trade war looks here to stay for the time being, especially as data over the coming week seems more likely than not to aggravate U.S. President Donald Trump''s gripes with China and Germany. While global trade has bubbled back into life after a lean few years, so too have fears of protectionism, leaving financial markets wary in an otherwise improving global economy. German Foreign Minister Sigmar Gabriel said last month it was a cause of "great concern" that the United States could start a trade war with Europe, while tension between Washington and Beijing has escalated. In the last week U.S. senators from both sides of the house urged Trump to stand up to China as he prepares to launch an inquiry into its intellectual property and trade practices in coming days. At the moment, the working assumption for most investors is that international cooperation will win the day - as the International Monetary Fund pushed for earlier this year - before a full-blown trade war starts. "Do I think that the U.S. will be dumb enough to go ahead and put in place a series of measures which will act as an obstacle to trade with these countries? I suspect not," said Peter Dixon, global financial economist at Commerzbank in London. The United States posted a much smaller goods trade deficit than expected for June, helped by an improvement in exports. But this may be eclipsed by figures from China and Germany due in coming days. BUMPY ROAD China''s goods trade surplus for July, due on Tuesday, looks set to top $46 billion (35.29 billion pounds), according to a Reuters poll of economists. That would be the second highest this year. Although the surplus has fallen sharply year on year over the first half of 2017, against the United States it has increased 6.5 percent. "We see a bumpy road ahead for the trade relationship between the two countries", said Yang Zhao, Nomura''s chief China economist. "But it is unlikely that the two nations will enter a true trade war." Part of the reason for China''s bigger surplus with the U.S. this year is the better performance of the world''s no. 1 economy, Zhao said. German figures also due on Tuesday are expected to show its goods trade surplus widened too, to 21 billion euros ($24.7 billion) in June from 20.3 billion in May, according to the Reuters poll. Germany had the world''s biggest current account surplus in 2016 at $289 billion and has been under pressure to boost domestic demand to lessen its reliance on exports - not least from European Union peers that want to raise their own competitiveness. Berlin can point to the fact its trade surplus has actually fallen 2 percent in the 12 months to May compared with the same period a year ago, but that pace of progress may not be enough to spare it criticism from the United States. "I suspect it''s a lot of rhetoric at the moment," said Dixon at Commerzbank. "But that doesn''t mean to say we can dismiss the risk." (This version of the story corrects time reference in third paragraph). Additional reporting by Elias Glenn and Shaloo Shrivastava; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-economy-outlook-idUKKBN1AK20L'|'2017-08-04T19:37:00.000+03:00'|5872.0|''|-1.0|'' 5873|'705fa46a57d5bfd74fc766685b7ec016234a0e15'|'Golden Ocean to move some vessels from spot market to longer contracts'|'OSLO, Aug 17 (Reuters) - Dry bulk shipper Golden Ocean''s Chief Executive Birgitte Vartdal made the following remarks during the company''s second-quarter earnings presentation on Thursday:* We are slowly starting to consider chartering opportunities at the rate levels that we see now. It will be a step-wise process and we''ll have to build exposure slowly when the rates are increasing* Except for four long-term charters, we are more or less spot exposed for next year and we''ll slowly start to add some charter cover. But we''re still talking low percentages* We have seen some increased interest on the time charter side over the last few weeks, and the period market is slowly coming back following better spot rates* Activity is better now than what we''ve seen for a while* Golden Ocean earlier posted adjusted earnings above forecast, while its net loss was in line with analysts'' expectations* By 1350 GMT the shares traded 4.3 percent lower for the day (Reporting by Joachim Dagenborg, editing by Terje Solsvik)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/golden-ocean-grp-results-ceo-idUSL8N1L33W6'|'2017-08-17T16:54:00.000+03:00'|5873.0|''|-1.0|'' @@ -5933,7 +5933,7 @@ 5931|'03071d81f1f6560854ea7c2257e3dc8b328301c2'|'China sees apparent natural gas consumption rising by 10 percent in 2017'|' 11 AM / 13 minutes ago China sees apparent natural gas consumption rising by 10 percent in 2017 SHANGHAI (Reuters) - China expects its apparent natural gas consumption to rise over 10 percent year-on-year to around 230 billion cubic metres (bcm) this year, the official Xinhua news agency said on Saturday citing a report from the National Energy Administration. The country''s apparent natural gas consumption reached 114.6 bcm in the first half of this year, up 15.2 percent from the same period a year earlier. Reporting by Winni Zhou and Brenda Goh; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-energy-consumption-idUKKCN1AZ092'|'2017-08-19T12:12:00.000+03:00'|5931.0|11.0|0.0|'' 5932|'032dedf399e09569ac0b831c63892b71efd5d9a1'|'Goldman Sachs declares 3.9 pct stake in Spain''s DIA - filing'|'FILE PHOTO - A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York, U.S. on January 24, 2014. Lucas Jackson/File Photo MADRID (Reuters) - Goldman Sachs owns 3.9 percent of Spanish supermarket chain DIA ( DIDA.MC ), according to a filing with Spain''s market regulator made days after Russian billionaire Mikhail Fridman''s investment vehicle bought a stake in the firm.Investors have to declare their company holdings to regulators in Spain when they exceed 3 percent.According to the filing, Goldman''s stake went over 3 percent on July 28, the day Fridman''s LetterOne Investment Holdings said it had bought a 3 percent stake and had an option to buy another 7 percent, sending DIA''s shares up 15 percent.The U.S. investment bank disclosed its stake to the regulator on Aug. 3, the filing shows.Other major investors in DIA include Baillie Gifford, with 10 percent, Black Creek Investment with 4.98 percent, BlackRock ( BLK.N ) with 6.5 percent and Morgan Stanley ( MS.N ) with 6.5 percent, according to Spain''s CNMV regulator.Fridman''s LetterOne is aiming to become a big investor in the food and retail sector. Its L1 Retail division was launched in December and in June agreed to buy Britain''s Holland & Barrett health foods chain for 1.77 billion pounds ($2.3 billion).Reporting by Andres Gonzalez; writing by Sarah White; editing by David Clarke'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-dia-investors-goldmansachs-idUSKBN1AK1KG'|'2017-08-04T16:03:00.000+03:00'|5932.0|''|-1.0|'' 5933|'284505c2b78eb8a2fe0a385db4a59a092adeffeb'|'Worldpay granted second deadline extension for Vantiv deal'|'Traders wait for news at the post where U.S. credit card technology firm Vantiv Inc is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. Brendan McDermid LONDON (Reuters) - U.S. credit card payments processor Vantiv ( VNTV.N ) has finalised a deal to buy Britain''s Worldpay ( WPG.L ) and the transaction is expected to be announced on Wednesday, sources with knowledge of the matter told Reuters.Worldpay, Britain''s biggest payments processor, said earlier on Tuesday that the deadline for the deal first announced on July 5 had been pushed back to Aug. 11 because the two companies needed more time to reach a final agreement.In July, Vantiv offered 55 pence in cash, 0.0672 of a new Vantiv share and a 5 pence cash dividend for each Worldpay share, equivalent to 385 pence per share and valuing the British company at 7.7 billion pounds ($10 billion).One of the sources said Vantiv has made some adjustments to the new governance structure but very little had changed in the composition of its cash and share offer for Worldpay, a former division of British lender Royal Bank of Scotland ( RBS.L ).Payments firms have become targets for credit card companies and banks looking to capitalize on a switch from cash to payments by smartphones or other mobile devices and a Worldpay deal would be the latest in a string of acquisitions.The new time limit announced on Tuesday was the second time the so-called put up or shut up deadline had been renegotiated.The sources said that under the finalised terms Cincinnati-based Vantiv would not offer any binding commitment to protect existing jobs in Britain but London would play a dominant role as the international base of the combined entity.The global headquarters of the new company will be in Cincinnati and it will have a primary listing in New York and a secondary one in London, the sources said.A top 20 Worldpay shareholder told Reuters that Vantiv''s initial plan to delist Worldpay from the London stock exchange had changed after objections from some Worldpay shareholders based in Britain who did not want U.S. stock.The Worldpay investor also expressed some concern about the premium the deal would offer in the event of a merger deal.MERGER FRENZY Ahead of an announcement, the two companies have expanded their advisory teams. Barclays ( BARC.L ) has come on board to help Worldpay alongside Goldman Sachs ( GS.N ) while Credit Suisse ( CSGN.S ) is now working for Vantiv with Morgan Stanley ( MS.N ), the Wall Street bank that used to control the business.Worldpay said its half-year results for the period ending June 30 would now be published on Wednesday and Vantiv''s second-quarter results were also pushed back a day to coincide with the new release date.Worldpay employs 4,500 people and says it processes about 31 million mobile, online and in-store transactions each day. It is facing a leadership change in Britain where the head of its UK division, Peter Jackson, will join gambling firm Paddy Power Betfair ( PPB.I ) as CEO.While banks have been trying to develop and buy more sophisticated payments technology, companies such as PayPal ( PYPL.O ) and Worldpay have gained a large market share as consumers adopt online shopping and cashless transactions.Worldpay and Vantiv were both spun out of their banks after the financial crisis and thrived on their home turf but are now part of a wave of payments company mergers around the world.British firm Paysafe Group ( PAYS.L ) has backed a 3 billion pound takeover offer from a consortium managed by Blackstone ( BX.N ) and CVC Capital Partners while London-based buyout fund Permira has taken a stake in payments company Klarna, one of Europe''s most highly valued tech startups.Danish payment services firm Nets A/S ( NETS.CO ) has been approached by potential buyers in what could be another sizeable deal and French payments specialist Ingenico joined the rush with a 1.5 billion euro swoop on Swedish rival Bambora.Reporting by Pamela Barbaglia and Ben Martin; editing by David Clarke'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-worldpay-vantiv-idINKBN1AO0L5'|'2017-08-08T04:48:00.000+03:00'|5933.0|''|-1.0|'' -5934|'934cf3533ccd220e4dcadb6a3486888db0839a21'|'EMERGING MARKETS-LatAm currencies firm after Yellen avoids discussing policy'|'By Bruno Federowski SAO PAULO, Aug 25 (Reuters) - Latin American currencies strengthened on Friday after U.S. Federal Reserve Chair Janet Yellen refrained from commenting on monetary policy in a speech, easing concerns of investors who had braced for a hawkish signal. At a conference in Jackson Hole, Wyoming, Yellen said regulations put in place after the 2007-2009 financial crisis had strengthened the financial system without impeding economic growth, and any future changes should remain modest. "Maybe Yellen didn''t comment on the economy because she''s not very confident on the outlook," a New York-based portfolio manager said. A batch of mixed U.S. economic figures have cast a shadow on the nation''s economic recovery, driving some investors to dial back bets on an interest rate increase this year. A slower path of U.S. rate hikes could drive up demand for high-yielding assets, benefiting currencies from emerging-market economies. Currencies in Latin American strengthened between 0.1 percent and 1.2 percent, tracking a global decline in the U.S. dollar. Stock markets, however, were mixed, following a recent stretch of gains. Mexico''s S&P/BVM IPC index was nearly flat, while Brazil''s benchmark index slipped 0.2 percent. Shares of meatpacker JBS SA jumped after an anti-corruption division within the Brazilian prosecutor general''s office on Thursday approved a leniency deal with its controlling shareholder, J&F Investimentos SA. Also fostering appetite for JBS shares was a Reuters report that state development bank BNDES is doing all it can to remove Chief Executive Officer Wesley Batista, who is at the center of a corruption scandal, from the company. Key Latin American stock indexes and currencies at 1520 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1086.99 0.42 25.53 MSCI LatAm 2890.79 0.04 23.46 Brazil Bovespa 70965.25 -0.24 17.83 Mexico S&P/BVM IPC 51467.08 -0.01 12.76 Chile IPSA 5169.41 0.32 24.52 Chile IGPA 25808.53 0.32 24.47 Argentina MerVal 23513.82 0.52 38.99 Colombia IGBC 10899.23 -0.26 7.61 Venezuela IBC 201173.22 0.71 534.51 Currencies daily % YTD % change change Latest Brazil real 3.1430 0.10 3.38 Mexico peso 17.6300 0.55 17.66 Chile peso 636.12 0.23 5.44 Colombia peso 2926.32 1.15 2.57 Peru sol 3.236 0.03 5.50 Argentina peso (interbank) 17.2150 -0.03 -7.78 Argentina peso (parallel) 18.23 0.16 -7.73 (Reporting by Bruno Federowski; Editing by Lisa Von Ahn) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-markets-latam-idINL2N1LB0XL'|'2017-08-25T13:44:00.000+03:00'|5934.0|''|-1.0|'' +5934|'934cf3533ccd220e4dcadb6a3486888db0839a21'|'EMERGING MARKETS-LatAm currencies firm after Yellen avoids discussing policy'|'By Bruno Federowski SAO PAULO, Aug 25 (Reuters) - Latin American currencies strengthened on Friday after U.S. Federal Reserve Chair Janet Yellen refrained from commenting on monetary policy in a speech, easing concerns of investors who had braced for a hawkish signal. At a conference in Jackson Hole, Wyoming, Yellen said regulations put in place after the 2007-2009 financial crisis had strengthened the financial system without impeding economic growth, and any future changes should remain modest. "Maybe Yellen didn''t comment on the economy because she''s not very confident on the outlook," a New York-based portfolio manager said. A batch of mixed U.S. economic figures have cast a shadow on the nation''s economic recovery, driving some investors to dial back bets on an interest rate increase this year. A slower path of U.S. rate hikes could drive up demand for high-yielding assets, benefiting currencies from emerging-market economies. Currencies in Latin American strengthened between 0.1 percent and 1.2 percent, tracking a global decline in the U.S. dollar. Stock markets, however, were mixed, following a recent stretch of gains. Mexico''s S&P/BVM IPC index was nearly flat, while Brazil''s benchmark index slipped 0.2 percent. Shares of meatpacker JBS SA jumped after an anti-corruption division within the Brazilian prosecutor general''s office on Thursday approved a leniency deal with its controlling shareholder, J&F Investimentos SA. Also fostering appetite for JBS shares was a Reuters report that state development bank BNDES is doing all it can to remove Chief Executive Officer Wesley Batista, who is at the center of a corruption scandal, from the company. Key Latin American stock indexes and currencies at 1520 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1086.99 0.42 25.53 MSCI LatAm 2890.79 0.04 23.46 Brazil Bovespa 70965.25 -0.24 17.83 Mexico S&P/BVM IPC 51467.08 -0.01 12.76 Chile IPSA 5169.41 0.32 24.52 Chile IGPA 25808.53 0.32 24.47 Argentina MerVal 23513.82 0.52 38.99 Colombia IGBC 10899.23 -0.26 7.61 Venezuela IBC 201173.22 0.71 534.51 Currencies daily % YTD % change change Latest Brazil real 3.1430 0.10 3.38 Mexico peso 17.6300 0.55 17.66 Chile peso 636.12 0.23 5.44 Colombia peso 2926.32 1.15 2.57 Peru sol 3.236 0.03 5.50 Argentina peso (interbank) 17.2150 -0.03 -7.78 Argentina peso (parallel) 18.23 0.16 -7.73 (Reporting by Bruno Federowski; Editing by Lisa Von Ahn) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/emerging-markets-latam-idINL2N1LB0XL'|'2017-08-25T13:44:00.000+03:00'|5934.0|20.0|0.0|'' 5935|'946d5a9af1b9bfd257d28fa6e3fabc2ca8aaed05'|'Exclusive: Hudson''s Bay to review options after activist pressure -'|'FILE PHOTO: People shop inside at the Hudson''s Bay Company (HBC) flagship department store in Toronto January 27, 2014. Mark Blinch/File Photo (Reuters) - Hudson''s Bay Co, owner of the Saks Fifth Avenue and Lord & Taylor retail chains, plans to review its options, including going private, following pressure from an activist shareholder, people familiar with the matter said.The Canadian retailer''s largest shareholder and executive chairman Richard Baker is looking for a new strategy after unsuccessful attempts this year to merge Hudson''s Bay with U.S. department store operators Macy''s Inc and Neiman Marcus.Hudson''s Bay, which is already working with an investment bank to defend itself against activist hedge fund Land and Buildings, has been seeking to hire another financial adviser to carry out the review, the sources said this week.The review will consider all available options, from the possibility of the company going private to potential sales of retail assets and real estate, the sources said, cautioning that no transaction is certain.The sources asked not to be identified because the deliberations are confidential. Hudson''s Bay declined to comment.Hudson''s Bay shares ended trading on Friday up 14.2 percent at C$11.45 on the news, giving the company a market capitalization of around C$2.1 billion ($1.7 billion). The company also had outstanding loans and borrowings totaling C$4.2 billion as of the end of April.Hudson''s Bay shares have lost close to 40 percent of their value in the last 12 months, as sales declined and consumers continued their shift away from department stores to online and discount retailers.Land and Buildings urged the company in June to consider going private and to monetize its real estate holdings. The hedge fund''s founder Jonathan Litt has called Hudson''s Bay "a real estate company, full stop."The 347-year-old company dates back to the fur-trading era and once claimed more than 40 percent of what is now Canada and a substantial chunk of what became Minnesota and North Dakota.Today, it owns more than $10 billion in real estate assets in North America and Europe, with the flagship Saks store on Fifth Avenue in New York alone valued at around $3.7 billion.Land and Buildings escalated the pressure last month, saying it would seek to nominate directors to serve on the company''s board unless the company took major steps to increase its stock price, including potentially selling Saks Fifth Avenue or exiting its business in Europe.Litt has also indicated he is open to Hudson''s Bay developing its own plan.Hudson''s Bay is not the first North American department store to consider going private this year. A group of Nordstrom Inc family members is also exploring ways to take the eponymous U.S. department store operator private.Hudson''s Bay has been successful over the years in attracting major property investors, such as RioCan Real Estate Investment Trust ( REI_u.TO ), in joint ventures that have allowed it to place more debt on its retail assets and seek to boost returns from rent and the value of the real estate.However, the strategy has reached its limits as the company''s sales have failed to keep pace with its ambitions for expansion. In addition to Saks Fifth Avenue in 2013, its acquisitions include Germany''s Galeria Kaufhof in 2015 and online shop Gilt Groupe last year.After reporting a wider-than-expected first-quarter loss in June, the company said it would cut about 2,000 jobs across North America.Hudson''s Bay has reported a fall in consolidated same-store sales for five consecutive quarters, and industry analysts and consultants expect another decline when the company reports second-quarter earnings next month.A bid by Hudson''s Bay for Macy''s was spurned earlier this year, as Hudson''s Bay struggled to put together the financing needed, Reuters reported at the time. Hudson''s Bay also explored an acquisition of debt-laden Neiman Marcus, which it subsequently abandoned.Reporting by Carl O''Donnell and Lauren Hirsch in New York; Additional reporting by Greg Roumeliotis and Michael Flaherty in New York and John Tilak and Solarina Ho in Toronto; Editing by Meredith Mazzilli, Tom Brown and Diane Craft '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-hudson-s-bay-m-a-exclusive-idINKCN1B52DN'|'2017-08-25T17:02:00.000+03:00'|5935.0|''|-1.0|'' 5936|'84969be60892efe53e731caf060ffbce67d75ab9'|'Bank of Baroda first-quarter profit slumps 52 percent'|'A man walks past the Bank of Baroda headquarters in Mumbai, May 3, 2016. Danish Siddiqui/Files REUTERS - Indian state-run Bank of Baroda Ltd reported a 52 percent plunge in first-quarter net profit on Friday.The fifth-largest bank in the country by assets reported a net profit of 2.03 billion rupees ($31.65 million), for the three-month period ended June 30, compared with 4.24 billion rupees a year ago. ( bit.ly/2vtmE9a )Gross bad loans as a percentage of total loans rose to 11.40 percent by end of June, from 10.46 percent at the end of March, and 11.15 percent at June-end last year.($1 = 64.1475 Krishna V Kurup Sherry Jacob-Phillips'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/bank-of-baroda-results-idINKBN1AR11P'|'2017-08-11T09:02:00.000+03:00'|5936.0|''|-1.0|'' 5937|'c457a3414051642470169f88990a5a0103a00b85'|'SAIC General Motors recalls 6,451 GL8 minivans in China - Reuters'|'BEIJING, Aug 6 (Reuters) - SAIC General Motors has started recalling 6,451 GL8 minivans in China due to problems with the vehicles'' electronic steering software, the country''s top quality watchdog said.The recall, which started on Friday, involves 2017 Buick GL8 vehicles made last year between June 6 and Dec. 6, China''s General Administration of Quality Supervision, Inspection and Quarantine said in a statement on its website.SAIC General Motors, a joint venture between General Motors Co and SAIC Motor Corp, will upgrade the software to eliminate any potential safety issues, according to the statement dated Aug. 4. (Reporting by Ryan Woo; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/saic-motor-gm-recall-idINL4N1KS0DJ'|'2017-08-06T13:17:00.000+03:00'|5937.0|''|-1.0|'' @@ -5943,7 +5943,7 @@ 5941|'ac9d2b7c6084487c91b63cbfca734f8c77227e0a'|'Colombia coal output down 6.95 percent in second quarter'|'August 17, 2017 / 1:35 PM / 5 minutes ago Colombia coal output down 6.95 percent in second quarter 1 Min Read BOGOTA, Aug 17 (Reuters) - Colombia''s coal output fell 6.95 percent to 21.4 million tonnes in the second quarter from a year earlier, the national mining agency said on Thursday. The Andean nation, the world''s fifth-largest coal exporter, produced 23.07 million tonnes in the second quarter of 2016, the ministry said in a statement. The sector is seeking to produce 95 million tonnes this year. The biggest players in Colombia''s coal industry are Drummond Co, Glencore Plc, Murray Energy Corp''s Colombia Natural Resources and Cerrejon, which is jointly owned by BHP Billiton , Anglo American PLC and Glencore. (Reporting by Luis Jaime Acosta; Editing by Lisa Von Ahn) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/colombia-coal-idUSL2N1L30LB'|'2017-08-17T16:34:00.000+03:00'|5941.0|7.0|0.0|'' 5942|'f9bacc8ea643dfe4c1542a7b8de98d02178c8952'|'Brazil''s Bom Jesus creditors approve reorganization plan -source'|'SAO PAULO, Aug 2 (Reuters) - Creditors of Grupo Bom Jesus, a Brazilian grain producer that filed for bankruptcy protection in May, have agreed to proposed terms of a 2.6 billion reais ($835 million) debt restructuring, a source with knowledge of the matter said.All classes of creditors voted in favor of the plan in a court in the midwestern town of Rondonpolis, the source added.The approved reorganization plan allows the grain producer to sell assets such as farms to raise cash. Creditors can choose between debt maturities to up to 15 years or receive notes that may be repaid earlier once Bom Jesus sells assets, court documents seen by Reuters show.Reuters first reported the proposed terms of the restructuring, which is being advised by Pantalica Partners, a year ago.$1 = 3.1128 reais Reporting by Tatiana Bautzer; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/grupo-bom-jesus-restructuring-idINL1N1KO23B'|'2017-08-02T20:21:00.000+03:00'|5942.0|''|-1.0|'' 5943|'7599493cb84c417fd352944c49d8a74ae568892a'|'Exclusive - Blackstone in talks to sell stake in camera maker Leica: sources'|'August 2, 2017 / 3:44 PM / in 7 minutes Exclusive: Blackstone in talks to sell stake in camera maker Leica - sources Arno Schuetze 4 Min Read Vintage lenses and cameras of German camera manufacturer Leica are on display at the Leica headquarters in Wetzlar, Germany, November 10, 2016. Kai Pfaffenbach FRANKFURT (Reuters) - Buyout group Blackstone ( BX.N ) is in talks with potential buyers for its 45 percent stake in iconic high-end camera and sport optics maker Leica, people close to the matter said. The investor has teamed up with an investment bank to work out strategic options for the company and has already held talks with several potential acquirers, the people said, adding no official auction process was underway. Blackstone declined to comment. Any potential buyer will have to come to terms with Austria''s Kaufmann family, whose vehicle ACM owns a 55 percent stake in Leica, having brought in Blackstone as a co-investor in 2011. "ACM has long-term goals with Leica Camera," Leica Chairman and ACM managing director Andreas Kaufmann told Reuters, adding that his family''s definition of long-term was that of a 100-year horizon. Leica, one of the world''s oldest photography brands, traces its roots back to a German microscope producer founded in 1849, and launched its first 35 mm compact camera in 1924. The rise of competitors after the World War Two, especially in Japan, saw Leica transform into a niche upmarket brand. In 1996, Leica Camera separated from the microscope and measuring devices businesses and listed on the stock exchange, before luxury goods maker Hermes invested in it in 2000, later selling its stake to the Kaufmann family, which by end-2007 held 97 percent of the company. Leica is expected to report earnings before interest, tax, depreciation and amortization of roughly 70 million euros this year and may have a valuation of around 700 million euros ($828 million) in a potential deal, people close to the matter said. FILE PHOTO -- The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. Brendan McDermid/File Photo While mass market camera makers such as Canon ( 7751.T ) and Nikon ( 7731.T ) trade at 7 to 9 times their expected core earnings, Blackstone hopes to reap a premium to that for Leica, whose cameras are seen as luxury goods. Sport optics peers include Germany''s Zeiss and Austria''s Swarovski Optik. Zeiss is potentially interested in Leica Camera, but would only agree to a deal if it was able to secure a majority stake, the sources said. Potential buyers include other family investors, they said, adding that Asian optics groups and private equity funds had also shown interest. Last year, Chinese investor CDH expressed interest in buying Blackstone''s stake in Leica, but no deal materialized, one of the people said. China''s Huawei, founded by a former Chinese army engineer, has licensed Leica camera technology for use in some of its smartphones. Huawei is the world''s third largest smartphone maker. Providing cameras for other uses from smartphones to cars has emerged as a second pillar of suppliers, while pocket cameras sales have come under pressure from the rise of smartphones. Expensive lifestyle cameras have so far bucked that trend. Huawei was, however, unlikely to show interest in buying Blackstone''s stake, one of the people said. Zeiss and Huawei declined to comment, while CDH was not immediately available for comment. Additional reporting by Julie Zhu, Dasha Afanasieva and Eric Auchard; Editing by Maria Sheahan and David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-blackstone-leica-camera-sale-idUKKBN1AI22V'|'2017-08-02T19:00:00.000+03:00'|5943.0|''|-1.0|'' -5944|'c1c8a49185671ad9ccb53fc463bceae0a6487f32'|'California insurance regulator to probe Wells Fargo over unwanted auto policies'|'August 8, 2017 / 3:56 PM / in 4 hours California insurance regulator to probe Wells Fargo over auto policies 3 Min Read A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith (Reuters) - California will investigate whether Wells Fargo & Co ( WFC.N ) and an insurance company harmed hundreds of thousands of residents by selling them insurance they did not need, the state''s insurance regulator said on Tuesday. California Insurance Commissioner Dave Jones said in a statement his department will look into so-called "force-placed" or "lender-placed" auto insurance underwritten by National General Insurance Co NGIN.DU for customers with auto loans from Wells Fargo. Wells Fargo declined to comment on the probe, while a National General representative could not be immediately reached for comment. Unwanted auto insurance is the latest chapter in a months-long scandal over sales practices at Wells, where employees also created as many as 2.1 million deposit and credit card accounts in customers'' names without their permission. The probe by California follows subpoenas issued by New York state''s banking and insurance regulator to two Wells Fargo units on Aug. 2. The New York Department of Financial Services (NYDFS) is demanding Wells turn over loan contracts with New York borrowers, its financing agreements with auto dealers, and agreements between Wells units and insurers, among other details, according to copies of the subpoenas seen by Reuters. Wells first became aware of potential problems a year ago, when the auto lending business began receiving an unusually high number of complaints, Franklin Codel, head of consumer lending, said in a recent interview. The bank said it would refund about $80 million to an estimated 570,000 customers who were wrongly charged for auto insurance from 2012 to 2017, including roughly 20,000 whose vehicles were repossessed. "Wells Fargo discontinued its Collateral Protection Insurance (CPI) program in September 2016 after finding inadequacies in vendor processes and our internal controls that negatively impacted some customers," the company said in a statement. National General was identified as an underwriter of the insurance in a report into the matter prepared for Wells by consultancy Oliver Wyman. The New York Times obtained a copy of the report. Reporting by Suzanne Barlyn; Editing by Bill Rigby and Chris Reese 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-wells-fargo-autos-idUSKBN1AO1VT'|'2017-08-08T18:56:00.000+03:00'|5944.0|''|-1.0|'' +5944|'c1c8a49185671ad9ccb53fc463bceae0a6487f32'|'California insurance regulator to probe Wells Fargo over unwanted auto policies'|'August 8, 2017 / 3:56 PM / in 4 hours California insurance regulator to probe Wells Fargo over auto policies 3 Min Read A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith (Reuters) - California will investigate whether Wells Fargo & Co ( WFC.N ) and an insurance company harmed hundreds of thousands of residents by selling them insurance they did not need, the state''s insurance regulator said on Tuesday. California Insurance Commissioner Dave Jones said in a statement his department will look into so-called "force-placed" or "lender-placed" auto insurance underwritten by National General Insurance Co NGIN.DU for customers with auto loans from Wells Fargo. Wells Fargo declined to comment on the probe, while a National General representative could not be immediately reached for comment. Unwanted auto insurance is the latest chapter in a months-long scandal over sales practices at Wells, where employees also created as many as 2.1 million deposit and credit card accounts in customers'' names without their permission. The probe by California follows subpoenas issued by New York state''s banking and insurance regulator to two Wells Fargo units on Aug. 2. The New York Department of Financial Services (NYDFS) is demanding Wells turn over loan contracts with New York borrowers, its financing agreements with auto dealers, and agreements between Wells units and insurers, among other details, according to copies of the subpoenas seen by Reuters. Wells first became aware of potential problems a year ago, when the auto lending business began receiving an unusually high number of complaints, Franklin Codel, head of consumer lending, said in a recent interview. The bank said it would refund about $80 million to an estimated 570,000 customers who were wrongly charged for auto insurance from 2012 to 2017, including roughly 20,000 whose vehicles were repossessed. "Wells Fargo discontinued its Collateral Protection Insurance (CPI) program in September 2016 after finding inadequacies in vendor processes and our internal controls that negatively impacted some customers," the company said in a statement. National General was identified as an underwriter of the insurance in a report into the matter prepared for Wells by consultancy Oliver Wyman. The New York Times obtained a copy of the report. Reporting by Suzanne Barlyn; Editing by Bill Rigby and Chris Reese 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-wells-fargo-autos-idUSKBN1AO1VT'|'2017-08-08T18:56:00.000+03:00'|5944.0|25.0|-1.0|'' 5945|'3b126830da4e33442d8f164cde08363495fb4df1'|'COLUMN-Harvey may succeed where OPEC has struggled by boosting oil prices: Russell'|'(The opinions expressed here are those of the author, a columnist for Reuters.)* Graphic of storm Harvey''s path: tmsnrt.rs/2gg5KaMBy Clyde RussellLAUNCESTON, Australia, Aug 28 (Reuters) - Hurricane Harvey may achieve in global crude oil markets in a few days what OPEC and its allies have struggled to achieve in months - a tightening of supplies and a rise in prices.Harvey, which has been downgraded to a tropical storm, hit the coast of Texas on Friday as the most powerful hurricane to hit the U.S. state in more than 50 years, causing widespread damage and flooding.The region where the storm struck is home to some 2.2 million barrels per day (bpd) of refining capacity as well as being a major shipment point for both imports and exports of crude oil and fuel products.The refining capacity that has been idled because of the storm is about 11.2 percent of the U.S. total, and the immediate impact is being felt in gasoline prices.Benchmark U.S. gasoline futures jumped as much as 6.8 percent in early trade on Monday in Asia to touch $1.7799 a gallon.Brent crude, the global oil benchmark, rose as much as 0.8 percent in early Asian trade, reaching as high as $52.84 a barrel.So far, this would imply the crude market is fairly relaxed about the impact of Harvey, but it''s possible the effect of the storm will travel far beyond U.S. gasoline prices, given the United States'' status as an emerging power in crude and refined product exports.It has been U.S. shale oil output that has largely frustrated efforts by the Organization of the Petroleum Exporting Countries (OPEC) and their allies to drive crude prices higher this year by restricting their own production.While much of the offshore crude production in the Gulf of Mexico was shut in ahead of Harvey''s passage, the yet to be quantified damage from the storm may lie with the onshore, shale oil output that was in the storm''s path.The Eagle Ford shale basin lies in the path of the storm and producers in the region have idled production.Among those oil companies that have halted operations in the Eagle Ford are ConocoPhillips, which produced 161,000 bpd of oil equivalent at the end of 2016 in the region, BHP Billiton with 99,000 bpd and Murphy Oil with 46,000 bpd, according to a report from S&P Global Platts.The risk is that this onshore production takes longer to return than the market may expect, given the apparent widespread damage to infrastructure from flooding in the region and the length of time it may take floodwaters to recede.If this is the case, customers for U.S. crude and product exports may well find themselves scrambling to line up replacement cargoes.GLOBAL IMPACT The fallout from Harvey won''t just be limited to the United States and close neighbours.China imported about 130,000 bpd from the United States in the first seven months of the year, including some 174,000 bpd in July, making it the 15th biggest supplier to the world''s top crude buyer, according to customs data.The United States has been exporting around 1 million bpd of crude in recent months, and while not all of this will be affected by Harvey, as much as three-quarters of this is shipped from the U.S. Gulf Coast region.It''s not only U.S. exports of crude that will be affected, the region is also a hub for imports.This means that trade flows will be disrupted, with some cargoes likely to be diverted.Overall, this makes it more likely that prices will rise in the short term as suppliers of crude to the U.S. Gulf Coast seek new buyers, and buyers of U.S. crude seek new supplies.It''s also likely that the spread between various crude grades will be affected, as the U.S. mainly exports light crude but imports heavier grades.A loss of U.S. exports of light crude may stoke demand for similar grades from suppliers such as Angola and Nigeria, while shippers of heavier crudes may have to offer discounts if cargoes headed for the United States have to be diverted.While Harvey may have a short-term impact on global crude and product markets, the question is how quickly U.S. production and exports return to normal.Even assuming it takes no more than a few weeks, Harvey''s impact may be somewhat longer lasting.In effect the storm has given OPEC and its allies, such as Russia, some breathing space.It does appear that Saudi Arabia, OPEC''s leading producer, is shipping less crude as it works to translate production cuts into lower exports.If other producers can follow suit in the next couple of months, it''s possible that any tightness caused by the impact of the hurricane can simply be extended, leading to a sustained price rally.Editing by Richard Pullin '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/column-russell-storm-harvey-crude-idUSL4N1LE18L'|'2017-08-28T05:01:00.000+03:00'|5945.0|''|-1.0|'' 5946|'1574810018fabfec1520382015370c0d4d0dd183'|'SEC says bond liquidity fears overdone'|'August 10, 2017 / 3:51 PM / 23 minutes ago SEC says bond liquidity fears overdone Christopher Spink 5 Min Read LONDON, Aug 10 (IFR) - US regulators have downplayed the impact of stricter regulation in financial markets, suggesting fears of a subsequent lack of liquidity in credit trading is overblown. On Tuesday the Securities & Exchange Commission said in a report to the US Congress that evidence for the impact of regulatory reforms on market liquidity is mixed, with different measures of market liquidity showing different trends. The report said the changes could not be ascribed to the introduction of new rules and regulations alone but had to be considered alongside other factors such as the electronification of markets, changes in macroeconomic conditions, and post-crisis changes in dealer risk preferences. These trends pre-dated the Dodd-Frank Act, which outlawed US-regulated banks from proprietary trading among other measures, and Basel III, which requires banks to hold heightened levels of capital. More specifically, in the US Treasury markets the SEC found no empirical evidence consistent with the hypothesis that liquidity has deteriorated after regulatory reforms. It noted that the Volcker rule in Dodd-Frank, which bans prop trading, did not apply to this market in any case. The SEC said that for corporate bond markets, trading activity and average transaction costs have generally improved or remained flat. It said that more corporate bond issues traded after regulatory changes than in any prior sample period. The report said transaction costs had decreased by 31bp for trade sizes below US$20,000 and were 0.1bp lower for larger trade sizes than the 5.8bp before the crisis. The SEC did say trading was more concentrated in less complex bonds, and bonds with larger issue sizes. That would suggest that market participants feel smaller or more esoteric bonds now show less liquidity since banks can no longer hold such a wide range of inventory, as the report noted. However, it said the number of dealers involved in the market had not declined. Other pockets of seeming illiquidity were also observed. For instance, it said dealing costs had increased for sizeable trades of larger bonds of more than US$500m issue size, some investment-grade bonds, younger bonds issued under two years ago and bonds with maturities over 20 years. It also said that in times of severe market stress dealers may not lean into the wind, but instead make larger cuts in inventory of bonds that are aggressively sold by their customers. The SEC said this supported findings that dealers decrease liquidity provision during such episodes. Finally it said that increased electronic trading and use of single-name credit default swaps may have added to extra liquidity provision since the crisis. HIGH YIELD PICK UP In March, markets regulator IOSCO reached similar conclusions in its own report into the corporate bonds markets, finding no substantial evidence that market liquidity between 2004 and 2015 had deteriorated markedly from historic norms for non-crisis periods. In a separate report on Wednesday, Bank of America Merrill Lynch said that credit market liquidity remained challenging because lower bond supply over the past year and strong central bank buying has resulted in fewer bonds being available for traditional credit investors to buy. But it did find that while trading frequencies had declined in the high-grade euro and sterling corporate bond market, we have seen an improvement in the high-yield space. In the latter case, the liquidity is now concentrated in fewer issues of higher notional. The broker said that this could be because a broader investor base is looking to trade HY bonds as higher-yielding opportunities continued to be sought. Over the past 12 months, a higher proportion of the available stock is trading, it said. A survey of BAML clients found that three-quarters of investment-grade investors thought liquidity had deteriorated or remained unchanged but the same proportion of high-yield investors thought it had improved or remained the same. All said spreads had tightened over the past year. BAML agreed with the SEC report in finding that liquidity was concentrated in certain benchmark bonds with five and 10-year bonds highlighted as showing better liquidity in terms of tighter spreads and higher turnover. (Reporting by Christopher Spink) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/sec-says-bond-liquidity-fears-overdone-idUSL5N1KW60F'|'2017-08-10T18:50:00.000+03:00'|5946.0|''|-1.0|'' 5947|'019a879e380b5714b319a5c4a4c3ae86f652a3b1'|'JPMorgan launches new algo-driven ''dark pool'' for stocks'|'August 14, 2017 / 8:49 PM / 5 hours ago JPMorgan launches new algo-driven ''dark pool'' for stocks 3 Min Read A J.P. Morgan logo is seen in New York City, U.S. January 10, 2017. Stephanie Keith NEW YORK (Reuters) - JPMorgan Chase & Co ( JPM.N ) has begun trading on a new private stock trading venue, or "dark pool," that lets its clients use the bank''s algorithms to buy or sell stocks at a benchmark price reached over a period of time. Trading in the new dark pool, known as JPBX, began the week of July 17, according to data from the Financial Industry Regulatory Authority. The move comes at a time of increased regulatory scrutiny of dark pools that has led to a number of trading venues being shuttered, and highlights JPMorgan''s efforts to expand its equities business. JPMorgan''s securities unit also runs JPMX, a dark pool that matches shares in a more traditional manner, within the spread of the best bid and offer prices shown on public stock exchanges like those run by Nasdaq Inc ( NDAQ.O ) or Intercontinental Exchange Inc''s ( ICE.N ) New York Stock Exchange. Brokers looking to get benchmark pricing for their orders can access the new dark pool through JPMorgan''s algorithms. For instance, a broker might have an order for 5,000 shares to buy while another broker has an order for 2,000 shares of the same stock and wants to get the volume-weighted average price. JPBX will lock up the 2,000 shares on both sides for say, two minutes, and then execute at the average price of the stock over the previous two minutes. The bank hopes to have the dark pool fully launched by the end of the month, said a person with knowledge of the matter who did not have permission to be quoted in the media. JPMorgan spokeswoman Jessica Francisco declined to comment. Nearly every major bank has a dark pool, a trading venue that does not have to provide information such as trade sizes or prices to the public prior to trades taking place, with the aim of getting large orders done with minimal price movement. Dark pools have historically been lightly regulated when compared with public exchanges, but in recent years have come under increased scrutiny, driving up legal, compliance, and technology costs for the firms that run them. Over the past several years, the number of dark pools has dwindled to around 30, according to FINRA, from around 50. For the week of July 24, 417,289 shares were crossed on 3,636 orders in JPBX, up from 2,220 shares on 16 orders the previous week, according to FINRA. Reporting by John McCrank; Editing by Lisa Shumaker 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/jpmorgan-stocks-darkpool-idINKCN1AU2BJ'|'2017-08-14T23:46:00.000+03:00'|5947.0|''|-1.0|'' @@ -5966,7 +5966,7 @@ 5964|'17c2a03cf293d26029a3ebca721ceaf264aefdda'|'EU sends charge sheet to Visa over inter-regional fees'|' 09 AM / 15 minutes ago EU sends charge sheet to Visa over inter-regional fees Reuters Staff 2 Min Read FILE PHOTO: A VISA credit card is pictured next to a computer chip on a bank card in this photo illustration taken June 9, 2016. Maxim Zmeyev/Illustration/File Photo GLOBAL BUSINESS WEEK AHEAD SEARCH GLOBAL BUSINESS 17 JULY FOR ALL IMAGES BRUSSELS (Reuters) - The European Commission said on Thursday it had sent a charge sheet to credit card group Visa ( V.N ) over the fees merchants have to pay when customers from outside the bloc make purchases in the European Union. In 2014, the Commission ended another investigation into the company''s fee structure in 2014 when Visa Europe agreed to capping the transaction fees it charged. The Commission said it was now looking at so called inter-regional interchange fees, those charged to merchants when accepting Visa cards issued outside the European Economic Area (EEA), for example when tourists make purchases in the EU. "Inter-regional fees represent an important part of the total fees within the Visa scheme," the Commission said. The Commission, which has the power to fine Visa up to 10 percent of its global turnover if it is found breaching the bloc''s antitrust rules, said it was waiting for the company''s response before deciding on further action, a Commission spokeswoman told Reuters. Reporting by Robert-Jan Bartunek; Editing by Alissa de Carbonnel 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-competition-visa-idUKKBN1AJ1IL'|'2017-08-03T14:09:00.000+03:00'|5964.0|''|-1.0|'' 5965|'6eb2becc4c949a5fe9cb7231d9382ff3782a3b86'|'CRH sells U.S. distribution arm to Beacon Roofing for $2.6 billion'|'August 24, 2017 / 6:50 AM / an hour ago CRH sells U.S. distribution arm to Beacon Roofing for $2.6 billion Reuters Staff 2 Min Read DUBLIN (Reuters) - CRH ( CRH.I ) ( CRH.L ) has sold its U.S. distribution business to Beacon Roofing Supply Inc. ( BECN.O ) for $2.63 billion (2.06 billion pounds) in cash and will use the proceeds for acquisitions elsewhere, the Irish building materials group said on Thursday. CRH, the world''s third-biggest building materials supplier, said it sold the business at 16 times earnings before interest, tax, depreciation and amortisation (EBITDA) and also announced the acquisition of a leading German lime and aggregates business for 600 million euros ($708 million). "When we look at the value we could crystallise through this transaction, no way could we create that value for our shareholders if we were to hang onto the business," CRH chief executive Albert Manifold told Reuters in a telephone interview. "We will redeploy that (cash) in the years ahead into higher growth and better opportunities. It doesn''t change the strategy of CRH overall, our U.S. distribution accounted for 5 percent of group EBITDA, it doesn''t shift the needle." Reporting by Padraic Halpin; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-crh-m-a-beacon-us-idUKKCN1B40I2'|'2017-08-24T09:49:00.000+03:00'|5965.0|''|-1.0|'' 5966|'cd0ee7794c1ba45def1f3cbf33f7d494b1998c11'|'Irish monthly retail sales rise on new car registrations'|'August 28, 2017 / 10:27 AM / 3 hours ago Irish monthly retail sales rise on new car registrations Reuters Staff 1 Min Read DUBLIN (Reuters) - Irish retail sales volumes rose 11.9 percent month-on-month in July, data showed on Monday, marking the traditional rush by consumers to buy cars with new vehicle registration plates that went on sale last month. However with new car sales down 10 percent so far this year as some motorists prefer to import cars from Britain due to the sharp fall in the value of sterling against the euro, annual retail sales growth remained subdued at 2.1 percent. Excluding the volatile car market, annual "core" sales remained near a 12-month high of 7 percent high, falling 0.2 percent month-on-month. Reporting by Padraic Halpin; Editing by Robin Pomeroy'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ireland-economy-retail-idUKKCN1B80YZ'|'2017-08-28T13:27:00.000+03:00'|5966.0|''|-1.0|'' -5967|'9a406746219785fc60ed6aea345df8d6c7fffa10'|'UniCredit profit beats forecasts on stronger fees, lower loan losses'|'Unicredit bank logo is seen in the old city centre of Siena, Italy June 29, 2017. Stefano Rellandini MILAN (Reuters) - UniCredit, Italy''s largest bank, reported its biggest quarterly profit in almost a decade on Thursday, outstripping market expectations and restoring cash dividends after a radical balance sheet overhaul.The result will add to a general sense that the worst is over for Italy''s banks, long seen as the euro zone''s weakest financial link. The strong earnings also confirmed that Chief Executive Jean-Pierre Mustier''s turnaround plan had begun to pay off barely a year since he took up the job.Mustier, appointed in July 2016 to reinvigorate the then weakly capitalised bank, has been selling businesses, cutting jobs and shutting branches to strengthen UniCredit''s balance sheet.He also pulled off a 13 billion euro ($15.43 billion) share issue, Italy''s biggest cash call, in February to bolster the bank''s financial strength.The restructuring helped drive the Milan-based bank''s net profit up 3 percent to 945 million euros. The bank confirmed this was its best quarter since June 2008, even though it highlighted that the scope of its activities had changed since then. The result was 40 percent higher than a consensus forecast distributed by the bank.UniCredit shares were up about 6 percent in afternoon trade.Mustier said Europe''s more benign economic environment had helped the results, along with lower costs and stable net-interest income, a measure of how much a bank makes from its core retail business."These are the early, encouraging signs of our turnaround plan. The engine is working very well," he told reporters, confirming that the bank would pay an all-cash dividend on this year''s accounts, the first time in five years.Italy had failed for years to tackle the problems of its banking industry, saddled with 350 billion euros of bad loans. But this year the government, with European Union approval, committed more than 20 billion euros to rescue three banks, removing systemic risks.Monte dei Paschi di Siena, the world''s oldest bank, is being bailed out by the state, while two Veneto banks were liquidated, with their healthiest assets handed over to UniCredit''s rival, Intesa Sanpaolo."The government action has significantly reduced the risk premium for Italian banks," Mustier said. Italian banking shares have outperformed those of European peers by nearly 15 percent since the start of the year.He was still cautious about the outlook, despite strong profits and a core capital base that is ahead of his "Transform 2019" plan. He did not revise up any goals for this year, except for loan provisioning costs, now expected to be a bit lower.The bank boosted its core capital ratio to 12.8 percent at end-June, making it one of Europe''s strongest, through the sale of Polish division Pekao. It will add another 84 basis points in the next quarter with the sale of asset manager Pioneer.A year ago, the ratio, a key measure of financial strength, stood at a lowly 10.3 percent."It''s better to manage expectations, because not all quarters are the same and there is still a lot of work to do," Mustier said, adding stricter accounting standards and other regulatory requirements would eat into the bank''s capital base in the second half of the year and beyond.Several analysts said UniCredit now had excess capital after years of lagging behind rivals."Things are going much, much better than expected," one trader said. "Yet, at 18-19 euros a share, the restructuring story starts to be priced in and UniCredit could need a revamp in its investment case."Under a plan dubbed FINO (Failure Is Not An Option), the bank last month closed a deal to sell 17.7 billion euros of "sofferenze", the worst kind of bad loans, to a vehicle majority-owned by U.S. funds Pimco and Fortress.Loan-loss charges in the three months to June totalled 564 million euros, compared with analyst forecasts of around 700 million euros. Net fees and commissions rose 7.6 percent from a year earlier, helped by a distribution agreement UniCredit struck with fund manager Amundi after selling it Pioneer.($1 = 0.8422 euros)Addiitonal reporting by Gianluca Semeraro and Danilo Masoni; Editing by Mark Bendeich and Jane Merriman'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/unicredit-results-idINKBN1AJ18L'|'2017-08-03T08:00:00.000+03:00'|5967.0|''|-1.0|'' +5967|'9a406746219785fc60ed6aea345df8d6c7fffa10'|'UniCredit profit beats forecasts on stronger fees, lower loan losses'|'Unicredit bank logo is seen in the old city centre of Siena, Italy June 29, 2017. Stefano Rellandini MILAN (Reuters) - UniCredit, Italy''s largest bank, reported its biggest quarterly profit in almost a decade on Thursday, outstripping market expectations and restoring cash dividends after a radical balance sheet overhaul.The result will add to a general sense that the worst is over for Italy''s banks, long seen as the euro zone''s weakest financial link. The strong earnings also confirmed that Chief Executive Jean-Pierre Mustier''s turnaround plan had begun to pay off barely a year since he took up the job.Mustier, appointed in July 2016 to reinvigorate the then weakly capitalised bank, has been selling businesses, cutting jobs and shutting branches to strengthen UniCredit''s balance sheet.He also pulled off a 13 billion euro ($15.43 billion) share issue, Italy''s biggest cash call, in February to bolster the bank''s financial strength.The restructuring helped drive the Milan-based bank''s net profit up 3 percent to 945 million euros. The bank confirmed this was its best quarter since June 2008, even though it highlighted that the scope of its activities had changed since then. The result was 40 percent higher than a consensus forecast distributed by the bank.UniCredit shares were up about 6 percent in afternoon trade.Mustier said Europe''s more benign economic environment had helped the results, along with lower costs and stable net-interest income, a measure of how much a bank makes from its core retail business."These are the early, encouraging signs of our turnaround plan. The engine is working very well," he told reporters, confirming that the bank would pay an all-cash dividend on this year''s accounts, the first time in five years.Italy had failed for years to tackle the problems of its banking industry, saddled with 350 billion euros of bad loans. But this year the government, with European Union approval, committed more than 20 billion euros to rescue three banks, removing systemic risks.Monte dei Paschi di Siena, the world''s oldest bank, is being bailed out by the state, while two Veneto banks were liquidated, with their healthiest assets handed over to UniCredit''s rival, Intesa Sanpaolo."The government action has significantly reduced the risk premium for Italian banks," Mustier said. Italian banking shares have outperformed those of European peers by nearly 15 percent since the start of the year.He was still cautious about the outlook, despite strong profits and a core capital base that is ahead of his "Transform 2019" plan. He did not revise up any goals for this year, except for loan provisioning costs, now expected to be a bit lower.The bank boosted its core capital ratio to 12.8 percent at end-June, making it one of Europe''s strongest, through the sale of Polish division Pekao. It will add another 84 basis points in the next quarter with the sale of asset manager Pioneer.A year ago, the ratio, a key measure of financial strength, stood at a lowly 10.3 percent."It''s better to manage expectations, because not all quarters are the same and there is still a lot of work to do," Mustier said, adding stricter accounting standards and other regulatory requirements would eat into the bank''s capital base in the second half of the year and beyond.Several analysts said UniCredit now had excess capital after years of lagging behind rivals."Things are going much, much better than expected," one trader said. "Yet, at 18-19 euros a share, the restructuring story starts to be priced in and UniCredit could need a revamp in its investment case."Under a plan dubbed FINO (Failure Is Not An Option), the bank last month closed a deal to sell 17.7 billion euros of "sofferenze", the worst kind of bad loans, to a vehicle majority-owned by U.S. funds Pimco and Fortress.Loan-loss charges in the three months to June totalled 564 million euros, compared with analyst forecasts of around 700 million euros. Net fees and commissions rose 7.6 percent from a year earlier, helped by a distribution agreement UniCredit struck with fund manager Amundi after selling it Pioneer.($1 = 0.8422 euros)Addiitonal reporting by Gianluca Semeraro and Danilo Masoni; Editing by Mark Bendeich and Jane Merriman'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/unicredit-results-idINKBN1AJ18L'|'2017-08-03T08:00:00.000+03:00'|5967.0|19.0|0.0|'' 5968|'09935379f59115acd69f80230693f36b9386e071'|'Japan manufacturers most optimistic in decade as economy grows - Reuters Tankan'|'August 20, 2017 / 11:17 PM / 3 hours ago Japan''s manufacturers most optimistic in a decade as economy grows - Reuters Tankan Tetsushi Kajimoto and Izumi Nakagawa 4 Min Read FILE PHOTO : Newly manufactured cars of the automobile maker Subaru await export in a port in Yokohama, Japan May 30, 2017. Toru Hanai/File Photo TOKYO (Reuters) - Confidence at Japanese manufacturers rose in August to its highest level in a decade led by producers of industrial materials, a Reuters poll showed, in a further sign of broadening economic recovery. The Reuters'' monthly poll - which tracks the Bank of Japan''s closely watched quarterly tankan - found the service-sector mood fell but still remained at a relatively high level, underscoring the firmness in domestic demand which drove robust expansion in the second quarter. Business sentiment was likely to sag slightly over the next three months, indicating a potential pullback from the hefty 4 percent annualised growth in the April-June quarter driven by private consumption and capital expenditure. The sentiment index for manufacturers rose one point to 27 in August in the poll of 548 large- and mid-sized companies, conducted Aug. 1-16, in which 265 firms responded. It was the best reading since August 2007, just before the last global financial crisis, led by producers of industrial materials such as oil, steel and chemicals, as well as manufacturers of metals, machinery and transport equipment. "Our business is led by overseas markets. The domestic market is not so bad, China is recovering and America and Europe are performing well. Overall the sentiment is positive," Keisuke Fujii, a spokesman for Fanuc Corp, a manufacturer of robotics and automation equipment, told Reuters. The company expects current profits to rise 6.1 percent this financial year and sales to increase 13.9 percent, due to demand for IT-related products in China and Taiwan, and industrial robots in the United States, Europe and China, he said. BAD WEATHER, WARINESS ON OUTLOOK Reflecting some wariness on the outlook, however, the manufacturers'' index was seen slipping to 26 in November, with the yen strengthening amid concerns over developments surrounding North Korea''s missile and nuclear programmes. "Given the ongoing strength of overseas demand, we believe sentiment will remain firm going forward," said Yuichiro Nagai, economist at Barclays Securities. "That said, the Japanese yen is appreciating and share prices are falling amid geopolitical risk. This trend, if it accelerates, could sharply undermine business sentiment." The Reuters Tankan service-sector index slipped to 29 in August from the previous month''s two-year high of 33, dragged down by sectors such as retailing, where confidence fell for a third straight month. The service-sector index was expected to drop further to 25 in November. Cool and rainy weather may dampen consumer spending in August, which would be worrying as private consumption constitutes about 60 percent of the economy and was a primary driver of the second-quarter''s robust expansion. Still, the retailers'' sentiment index is expected to bounce in November, underlining a pick-up in consumption with a change in the weather, and the tightening labour market keeping household incomes firm. The Reuters Tankan indexes are calculated by subtracting the percentage of pessimistic respondents from optimistic ones. A positive figure means optimists outnumber pessimists. The BOJ''s last tankan out July 3 showed big manufacturers'' business confidence hit its highest level in more than three years in the June quarter. Reporting by Tetsushi Kajimoto; Editing by Eric Meijer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-japan-economy-tankan-idUKKCN1B00VO'|'2017-08-21T02:16:00.000+03:00'|5968.0|11.0|0.0|'' 5969|'a37d96d4aab9a0ef9fae408ce4ce2232885d63d7'|'Strong basic resources boost European shares ahead of euro zone GDP'|'August 16, 2017 / 7:32 AM / 32 minutes ago Strong basic resources boost European shares ahead of euro zone GDP Reuters Staff 3 Min Read Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany February 28, 2017. Staff/Remote/File Photo LONDON (Reuters) - Miners and oil stocks helped Europe''s major share index make strong gains on Wednesday, as higher metals prices lent a hand and investors awaited euro zone GDP figures expected to confirm the bloc''s economic growth was on track. The pan-European STOXX 600 rose 0.5 percent, its third day of gains after a sharp sell-off last week. Euro zone stocks and blue chips .STOXX50E jumped 0.6 percent. Basic resources stocks .SXPP were the top boost, up 1.1 percent after London zinc hit a decade high, lifted by Chinese construction spending. Leading gainers was British builder Balfour Beatty ( BALF.L ), up 4.6 percent after strong first-half profits boosted by a rebound in British construction. Swedish healthcare firm Elekta ( EKTAb.ST ) jumped 2.8 percent after JP Morgan raised it to ''overweight''. British car insurer Admiral ( ADML.L ) was the worst-performing, down 6.5 percent after it reported profits up just 1 percent in the first half, dragged down by injury claims costs due to a government change to personal injury rates. And Swedish food retailer ICA ( ICAA.ST ) fell 5.2 percent after its second-quarter profits missed forecasts. Airlines Lufthansa ( LHAG.DE ) and Easyjet ( EZJ.L ) lifted 1.7 to 1.9 percent again, continuing Tuesday''s strong rally as they emerged as likely buyers of Air Berlin''s ( AB1.DE ) assets when the German airline filed for insolvency. Euro zone GDP figures were expected at 0900 GMT, with analysts forecasting 0.6 percent quarter-on-quarter GDP growth, or 2.4 percent annualised. Stronger economic growth is part of the reason global active funds remain overwhelmingly positive on European equities, the biggest consensus overweight position according to Barclays analysis of investor flows. Second-quarter results season was drawing to a close, with earnings expected to grow 15 percent from the second quarter last year, or 12.8 percent excluding the energy sector, Thomson Reuters data showed. Revenue growth was tracking 4 percent, or 2.7 percent excluding energy. Reporting by Helen Reid; Editing by Angus MacSwan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-europe-stocks-idUKKCN1AW0J0'|'2017-08-16T10:34:00.000+03:00'|5969.0|''|-1.0|'' 5970|'7e03929c62204514ec999fdaa4655c01513b4524'|'Around 50 investors interested in loss making Wolford - Kurier'|'VIENNA, Aug 25 (Reuters) - Around 50 investors have shown an interest in buying textiles company Wolford, the Austrian group''s finance chief was Quote: d as saying on Friday.Loss-making Wolford, which is in the middle of a restructuring, said in June that it was looking to sell an undefined majority stake in the company.The interested parties are mainly from North America and Asia and include private equity investors, Chief Financial Officer Brigitte Kurz was Quote: d as saying by Austrian daily Kurier.Earlier this month, the chairwoman of the supervisory board, Antonella Mei-Pochtler, resigned from her post to be able to participate in the ongoing bidding process.Wolford reported a loss before interest and tax (EBIT) of 15.7 million euros ($18.5 million) for the year to April 30, reflecting falling demand for its luxury tights, bras and shirts.The company has also had to deal with management changes. In July, the company''s CEO stepped down.Wolford agreed an extension of its credit lines until end of June next year and was granted a bridge loan of up to 10 million euros in July to cover its peak seasonal liquidity requirements.The Bregenz, western Austria-based company''s key markets are the United States, Germany, France, Austria and Britain. ($1 = 0.8481 euros) (Reporting by Kirsti Knolle. Editing by Jane Merriman) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/wolford-ma-idINL8N1LB124'|'2017-08-25T05:19:00.000+03:00'|5970.0|''|-1.0|'' @@ -6039,12 +6039,12 @@ 6037|'58369dc840a8ef3d16dda752bebea2c18c9c6375'|'''Wow, no cow'': the Swedish farmer using oats to make milk - Guardian Sustainable Business'|'Saturday 26 August 2017 07.00 BST Last modified on Saturday 26 August 2017 07.36 BST Adam Arnesson, 27, is not your usual milk producer. For starters, he doesnt have any dairy cattle. Our first photo opportunity is in the middle of one of his fields of oats. Until last year all these oats went into animal feed, either sold or fed to the sheep, pigs and cows he rears on his organic farm in rebro county, central Sweden. With the support of Swedish drinks company Oatly, they are now being used to produce an oat milk drink tapping into the growing market for dairy alternatives across the country. Dairy wars: when a glass of milk is really a glass of m*lk Read more Livestock still provides most of the income of the 80ha farm Arnesson runs in partnership with his parents. But he wants that to change. The natural thing for us would be to increase our livestock numbers, but I dont want a factory, he says. The number of animals has to be emotionally right so I know each of them. Instead, Arnesson wants to grow more protein crops, such as oats, and sell them for human consumption rather than for feeding to livestock to produce meat and dairy. The rearing of livestock and meat consumption accounts for 14.5% of global greenhouse gas (GHG) emissions. Alongside carbon emissions from deforestation (for pasture or crops to feed animals), the livestock sector is also the single biggest human-related source of methane (from cattle) and nitrous oxide emissions (from fertiliser and manure ), two particularly potent greenhouse gases. On current trends, by 2050 we will be growing more crops to feed directly to animals than ourselves. Even small shifts to feeding crops to humans instead of livestock would lead to significant increases in food availability. One company promoting itself heavily on the back of its claim to be tackling this issue has been Oatly. It has been causing controversy and has even been the target of legal action from a Swedish dairy trade group with its outspoken attacks on the dairy sector and its related climate emissions. Ditch the cows, drink oat milk and save the planet, has been the gist of its marketing messaging, which has included a promotional video of CEO Toni Petersson singing Wow, no cow in a field of oats. Petersson says the company is just telling people what the science tells us about the need to consume more plant-based foods. Arnessons drink was branded as Gammeldags Hafvredryck (Swedish for old-fashioned oat drink) because of his use of a less commonly grown oat variety. Photograph: Tom Levitt for the Guardian The Swedish Food Agency while it highlights the benefit of grazing animals for producing a rich agricultural landscape in the country warns people against consuming too many dairy products, due to the climate impact of methane gas emissions from cows. However, Arnesson says many farmers in Sweden believe Oatly is demonising dairy farmers. I had a lot of arguments on social media with other farmers, because I thought what Oatly was doing could bring better opportunities to our sector, says Arnesson, who decided to contact the company in 2015 to see if they could help him switch away from livestock. For Oatly, the timing was ideal. It buys its oats from a wholesaler as it says it does not have the scale to mill and process itself, but saw Arnesson as an opportunity to demonstrate how it could help transition farmers away from livestock farming. Do cows get seasick? Welcome to Rotterdam''s floating dairy farm Read more By late 2016, Arnesson had his own limited edition range of Oatly-branded oat milk complete with a national video campaign. Quite a lot of farmers had a bad image and perhaps even hated us, says Cecilia Sjholm, head of communications at Oatly. But were very much pro-farmer. Petersson adds: We want to be a catalyst company. We can help farmers move away from animals to plant production. So far, Arnesson says, he has faced little hostility from his neighbours for collaborating with Oatly. It was kind of surprising but other dairy farmers have been to my [farm] shop and like the oat milk. One came and said he likes cows milk and oats too. Its a Swedish thing to eat oats. The anger is not as strong as it seems on Facebook. The company played upon the heritage of oats in the Swedish diet by branding Arnessons limited edition range as Gammeldags Hafvredryck (Swedish for old-fashioned oat drink) because of his use of a less commonly grown oat variety. After the first year of producing oats, analysis by researchers at the Swedish University of Agricultural Sciences found that Arnessons farm was producing double the amount of calories for human consumption per hectare and had halved the climate impact of each calorie produced. At present, Arnesson admits that growing the oats for milk is only viable with Oatlys support of a guaranteed market. But with the growth of the company it produced 28m litres of oat milk in 2016 and plans to have a capacity of 100m by 2020 he hopes that changes in the near future. I dont want to take pride from having a tractor or producing 10 tonnes of wheat or a sow with 10 piglets, but in feeding and preserving the planet that is one of the big things I want as a farmer to be involved in changing, says Arnesson. Oatly said it plans to work with three more farmers to demonstrate the environmental benefits of switching from livestock to more crop production. But Arnesson says livestock farmers need government support in order to do so in large numbers. Converting to growing oats wont be viable for everyone and not for those dairy farmers that have built up a large farm business. But we need to start talking about farming in a different way. About the opportunities and not just the problems, he says. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/aug/26/wow-no-cow-swedish-farmer-oats-milk-oatly'|'2017-08-26T14:00:00.000+03:00'|6037.0|''|-1.0|'' 6038|'69819242f41cf703b26fa9c5bfd4c1b0e1f12ac9'|'No gambling, sex please: China widens crackdown on overseas deals'|'FILE PHOTO: A ball is seen on a roulette wheel in front of slot machines at Gaming Expo Asia in Macau May 22, 2012. Bobby Yip/File Photo SHANGHAI (Reuters) - A recent crackdown by China on overseas investments has been assumed to be mainly focused on high-profile acquisitions of things like hotels and football teams around the world.However, Chinese regulators also appear to have their eyes on two other lower-profile industries: gambling and sex.China''s cabinet on Friday issued rules on acquisitions abroad for the first time, possibly signaling a further slowing of the flood of money that has flowed overseas in recent years.Investment in property, hotels, entertainment, sports clubs and film industries would be restricted as part of the new guidelines, which the cabinet said were aimed at defusing risks and preventing crime.But it also said that overseas investments in the gambling and sex sectors, as well as exports of core defense technologies, would be banned as such activities could endanger national interests and security.The statement did not elaborate on what it meant by the sex and gambling industries, but Chinese businesses have been prolific builders of casinos in countries such as Laos and on the Pacific island of Saipan that are popular with Chinese gamblers. Gambling is banned on the mainland.Although Beijing began its crackdown on what it calls "irrational" overseas investment at the end of 2016 by tightening control on capital outflows, it had not issued official rules until Friday.The new rules and heightened scrutiny surrounding foreign investment in China "adds another layer of uncertainty and complexity to Chinese deals," said Tony Balloon, a partner in law firm Alston & Bird."As early numbers indicate, cross-border deal activity among Chinese companies has dropped in the first half of 2017 from the same period last year," he said.Thomson Reuters data released this week showed that all outbound mergers and acquisitions from China dropped 42 percent year-on-year as of August 14.But Chinese acquisitions in countries officially linked to the Belt and Road initiative, a signature foreign policy of President Xi Jinping, totaled $33 billion, surpassing the $31 billion tally for all of 2016, the data showed.Chinese companies have been on a global buying spree, snapping up football clubs, movie studios and skyscrapers, but they have hit road bumps in recent months thanks to financing restrictions."There are profound changes taking place in China and abroad that offer good opportunities for Chinese firms to undertake overseas investment but also carry many risks and challenges," the State Council said in the statement.It said investment that promoted the Belt and Road initiative, and in areas such as technology and manufacturing, would continue to be encouraged but that deals in "sensitive" countries and regions would be restricted.The state-run Chinese Securities Journal reported on Saturday that companies such as the insurer Ping An ( 2318.HK )( 601318.SS ), Suning Commerce Group Co Ltd ( 002024.SZ ), a retail giant, and the conglomerate Dalian Wanda had responded positively to the new guidelines.The newspaper Quote: d Wanda''s chairman, Wang Jianlin, as saying that the company would strengthen its due diligence procedures.The three companies have been among corporations whose overseas deal-making have been hit by Beijing''s crackdown. Other companies include HNA Group, Anbang Insurance [ANBANG.UL], Fosun International ( 0656.HK ) and Zhejiang Luosen, which was behind the purchase of the A.C. Milan football club.Reporting by Brenda Goh. Additional Reporting by Winni Zhou; Editing by Philip McClellan'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-china-economy-odi-idUSKCN1AZ07H'|'2017-08-19T11:09:00.000+03:00'|6038.0|''|-1.0|'' 6039|'bf5a5b1b7979630602be3593fd3cdfa9cce9eec4'|'Gold prices drift further away from seven-week highs as dollar firms - Reuters'|'A salesperson attends to a customer (not pictured) inside a jewellery showroom in Mumbai on April 28, 2017. Shailesh Andrade LONDON (Reuters) - Gold steadied on Thursday after nearing a seven-week high in the previous session as investors awaited U.S. jobs data for further clues on the outlook for interest rate rises.Gold rallied through most of July as the dollar fell on reduced expectations for a third U.S. rate rise this year. Inflation has been contained even though the labour market appears to be in its best shape in many years and despite double-digit U.S. earnings growth in the second quarter.Reduced rate rise expectations tend to weaken the dollar, making dollar-priced gold cheaper for non-U.S. investors.Spot gold was 0.1 percent higher at $1,267.30 per ounce by 1155 GMT after touching $1,258.20 earlier, its lowest in almost a week. It hit $1,272.84 on Wednesday, near Tuesday''s seven-week high of $1,273.97. U.S. gold futures for December delivery fell 0.4 percent to $1,273.10 per ounce."We''re still in a $1,200-$1,300 range and there doesn''t seem enough of anything material to worry investors sufficiently to break us through that upper level," ICBC Standard Bank analyst Tom Kendall said."On the downside it''s been very similar, on recent occasions where (gold has) got close to $1,200 its been well supported through a combination of physical demand and defensive buying from macro investors."The U.S. dollar steadied above a 2-1/2-year low against the euro hit in the previous session but was still looking wobbly. Futures markets now only see a 35 percent chance of another rate rise by the end of 2017.Spot gold may retest support at $1,258 per ounce, a break below which could cause a fall to the next support at $1,247, according to Reuters technical analyst, Wang Tao.Global demand for gold fell 14 percent in the first half of the year due mainly to a sharp decline in purchases by exchange traded funds, the World Gold Council said.Silver was flat at $16.53 per ounce after hitting its lowest in more than a week earlier in the day.Platinum rose 0.9 percent to $955.20 per ounce after rising to its highest since June 14 in the previous session.Palladium was 0.2 percent lower at $893 per ounce, on track to break a streak of nine-sessions of gains.Additional reporting by Nithin Prasad and Arpan Varghese in Bengaluru; editing by Jane Merriman and David Clarke'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/global-precious-idINKBN1AJ037'|'2017-08-02T23:22:00.000+03:00'|6039.0|''|-1.0|'' -6040|'cbffd7e7f99b2bc69aa3f82e425b6843bfa37335'|'Financials and Danone help European shares edge higher'|'August 15, 2017 / 7:40 AM / a minute ago Financials and Danone help European shares edge higher Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 14, 2017. Staff/Remote LONDON (Reuters) - European shares rose in early deals on Tuesday, recovering further ground as geopolitical tensions eased in holiday-thinned trading. The pan-European STOXX 600 index was up 0.3 percent, while blue chips .STOXX50E gained 0.5 percent. Britain''s FTSE 100 .FTSE rose 0.2 percent, and Germany''s DAX .GDAXI ticked 0.5 percent higher. Italian and Austrian markets were closed for a holiday. Financials extended their gains from the previous session and were the biggest contributors to gains, having been hit particularly hard in the latter part of last week as tensions rose between the U.S. and North Korea. Danone ( DANO.PA ) led the food and beverage index .SX3P higher, up 2.6 percent after a media report that the activist fund Corvex Management owned a stake in the French yoghurt maker. Elsewhere, the German potash miner K+S ( SDFGn.DE ) dropped 3 percent close to a four-month low after saying that it was unlikely to reach its 2020 earnings EBITDA target, blaming a slow recovery of potash prices. Retailer Next''s ( NXT.L ) shares fell 2.9 percent after Berenberg cut its rating on the stock to "sell" from "hold". Earnings also spurred some moves, with fund supermarket Hargreaves Lansdown ( HRGV.L ) falling 1.3 percent after reporting its full-year results. The European second-quarter earnings season is rolling to a close with 82 percent of MSCI Europe firms having already reported earnings, according to Thomson Reuters data. More than 60 percent have either met or beaten analysts expectations. Reporting by Kit Rees; Editing by Kevin Liffey 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-europe-stocks-idUKKCN1AV0N7'|'2017-08-15T10:33:00.000+03:00'|6040.0|''|-1.0|'' +6040|'cbffd7e7f99b2bc69aa3f82e425b6843bfa37335'|'Financials and Danone help European shares edge higher'|'August 15, 2017 / 7:40 AM / a minute ago Financials and Danone help European shares edge higher Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 14, 2017. Staff/Remote LONDON (Reuters) - European shares rose in early deals on Tuesday, recovering further ground as geopolitical tensions eased in holiday-thinned trading. The pan-European STOXX 600 index was up 0.3 percent, while blue chips .STOXX50E gained 0.5 percent. Britain''s FTSE 100 .FTSE rose 0.2 percent, and Germany''s DAX .GDAXI ticked 0.5 percent higher. Italian and Austrian markets were closed for a holiday. Financials extended their gains from the previous session and were the biggest contributors to gains, having been hit particularly hard in the latter part of last week as tensions rose between the U.S. and North Korea. Danone ( DANO.PA ) led the food and beverage index .SX3P higher, up 2.6 percent after a media report that the activist fund Corvex Management owned a stake in the French yoghurt maker. Elsewhere, the German potash miner K+S ( SDFGn.DE ) dropped 3 percent close to a four-month low after saying that it was unlikely to reach its 2020 earnings EBITDA target, blaming a slow recovery of potash prices. Retailer Next''s ( NXT.L ) shares fell 2.9 percent after Berenberg cut its rating on the stock to "sell" from "hold". Earnings also spurred some moves, with fund supermarket Hargreaves Lansdown ( HRGV.L ) falling 1.3 percent after reporting its full-year results. The European second-quarter earnings season is rolling to a close with 82 percent of MSCI Europe firms having already reported earnings, according to Thomson Reuters data. More than 60 percent have either met or beaten analysts expectations. Reporting by Kit Rees; Editing by Kevin Liffey 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-europe-stocks-idUKKCN1AV0N7'|'2017-08-15T10:33:00.000+03:00'|6040.0|28.0|0.0|'' 6041|'61bb92fdcc37e519a55897d816939df87a2bb508'|'Herbicide supplier Albaugh explores sale-sources'|'(Reuters) - Albaugh LLC is exploring a sale that could value the privately held U.S. producer of agricultural crop protection chemicals at more than $1.5 billion, including debt, according to people familiar with the matter.Albaugh, controlled by its 67-year-old founder Dennis Albaugh, is working with investment bank JPMorgan Chase & Co ( JPM.N ) to discuss a potential sale of the company following expressions of interest from private equity firms, the people said this week.There is no certainty that the negotiations will lead to any deal, the sources added, asking not to be identified because the matter is confidential.Albaugh did not respond to a request for comment, while JPMorgan declined to comment.Headquartered in Ankeny, Iowa, the heart of the U.S. grain belt, Albaugh makes and sells generic herbicides, fungicides, insecticides and seed treatments.It would not be the first time that Dennis Albaugh has sought to sell the company he founded in 1979. Israeli agrochemicals company MA Industries ended talks to acquire Albaugh for about $1 billion in 2011, blaming findings during due diligence. Albaugh, however, said MA Industries demanded changes to the deal''s terms and conditions.Last week, Platform Specialty Products Corp ( PAH.N ) decided to abandon the sale of its agrochemicals business after the offers it attracted failed to meet its valuation expectations of more than $4.5 billion. It will pursue a spinoff or initial public offering of the unit instead.Reporting by Greg Roumeliotis in New York; Editing by David Gregorio '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-albaugh-m-a-idINKCN1BA28K'|'2017-08-30T14:51:00.000+03:00'|6041.0|''|-1.0|'' 6042|'316d0eeae86fa7c513caee1aa41a60e4e7219888'|'Is Emmanuel Macron serious about privatisation?'|'ONE reason for Italian anger over the decision on July 27th by Emmanuel Macron, Frances president, to stop Fincantieri, a shipbuilder from Trieste, winning control of a French shipyard at Saint-Nazaire, was that recent cross-border deals have mostly gone Frances way. Italian businesspeople have grown nervous about French firms colonisation by means of acquisitions in luxury goods, media and telecoms, including the 46bn ($55bn) merger between Luxottica, an Italian maker of spectacles, and Frances Essilor, announced in January (the groups headquarters will be in Paris). The bad taste will linger even if the two governments strike a deal over Saint-Nazaire by the autumn, as they have pledged.Yet Mr Macrons move has been even more dismaying for those at home who want the state to get on with privatisation. During his presidential run Mr Macron promised to raise 10bn from sales of some of the states sprawling portfolio of holdings in firms. The aim was to pay for a new fund to help other companies invest in innovation. His threat to nationalise the Saint-Nazaire yard (rather than cede control to Fincantieri) is a retrograde step. The direction of travel was supposed to be towards sell-offs. For the past few years the French state has been quietly disposing of its stakes in various regional airports, including Lyon, Nice and Toulouse. It was Mr Macron, as economy minister in 2015-16, who oversaw the sales and who pressed for the disposal of Groupe ADP, a large company that owns the main airports in Paris, at Charles de Gaulle and Orly.Mr Macron left office before he could finish the job and ADP remains 50.6% state-owned. But under his economic team, led by politicians drawn from the centre-right, its sale looks all but inevitable (and should raise some 7bn). An obvious bidder is Vinci, a French infrastructure firm. Yet privatising airports only goes so far. The question is what comes next. Mr Macrons government will soon, probably after the summer, announce its plan for ADP and say which other stakes are to be sold off.A smaller role for the state in business is long overdue. A couple of decades after most countries in western Europe sold off many of their corporate holdings, France still has a huge portfolio. According to a report in January by the Cour des Comptes, an independent public auditor, the state has investments in nearly 1,800 firms, holdings which together are worth almost 100bn. The state-owned sector in France employs nearly 800,000 people, the most of all the countries surveyed by the Cour des Comptes (see chart). The number of firms in which the state has a majority stake has been rising since around 2006.Public holdings are mainly managed by the Agence des participations de ltat (APE), by Bpifrance, a public-investment fund and the Caisse des Dpts et Consignations (CDC), a state investment bank. The Cour des Comptes reckons the trio are doing a poor job; its report was scathing about public management of corporate assets over the decades (while recognising some recent improvements). It laments a lack of purpose in ownership and chronic failures of supervision, for example in the collapse of Areva, a nuclear firm 92% owned by the state. One curse for EDF, an energy utility that is another big holding, was being made to absorb some of Arevas struggling business last year.The auditor also sees confusion between the three agencies, describes overall financial losses in recent years, poor governance and concludes that the state has difficulty being a good shareholder. Even more damning is the verdict of a former boss of APE, David Azma, who ran it until 2014. His experience, he explains, taught him that lumbering, publicly owned companies always lose value to nimbler competition. Political meddling hurts, he says, as when ministers rather than boards pick chief executiveswho cannot be sacked however badly they perform.Politicians also bully, he says, citing pressure last year on EDF, forcing it to agree against managers wishes to finance and build Hinkley Point C, a nuclear power station in Britain that risks becoming a huge financial liability. Mr Azma urges France massively to reduce the states stakes in all listed companies, or at least create proxy boards to block political meddling.All these problems help explain why the value of the 13 listed companies managed by the APE, worth some 66bn as of mid-July, has declined in recent years. The performance of a few big firms, notably nuclear and energy companies, was particularly awful. Most striking is the withering of EDF, 83.4% owned by the state. The utilitys share price was 86 in 2007 and has fallen to under 9. Despite generating over 71bn in annual revenue, the company, which has enormous liabilities, is valued at less than 26bn.Politicians do show a new readiness to divest public holdings, partly because the national budget needs revenue. Trade unions, too, are likelier to accept at least limited change. Support for hardline unions has declined, notably with the emergence this year of the reform-minded CFDT as the single-largest union. Asked about sales of public assets, its leader, Laurent Berger, says it would be idiotic to separate the state from strategic sectors, but that his members could accept changes on a case-by-case basis.Yet some politicians are said to be lobbying to delay sales of public assets, arguing that innovation funds could instead be raised by setting aside cashflow from the firms. State bodies have grown cannier in finding ways of preserving their influence over companies, even as they reduce ownership. The APEs holding in Safran, a big aeronautical and defence firm that has thrived in recent years, for example, has been cut from 30% in 2010 to just 14% this year. Yet the state retains nearly one-quarter of voting rights. It keeps other leverage, especially in the defence industry where it is a huge customer. It might further cut its holdings in Safran and could reduce its current 26% in another defence firm, Thales (that stake is worth just over 5bn). But it is less likely that the state would sharply reduce its 11% holding in Airbus, a plane manufacturer, that is worth some 6bn.Mr Macron is not entirely hands-off in his attitude to public assets and his decision about Saint-Nazaire shows a willingness to meddle in private ones too. As economy minister in 2015 he increased the states stake in Renault, a big carmaker, by 4.7 percentage points, to nearly 20%, in order to force the firm to obey a new law giving double-voting rights to long-term shareholders (ie, the state). That infuriated Nissan, Renaults other big shareholder. Government officials now talk about selling some of the stake.Will Mr Macron and his team dare introduce radical changes? Probably not. A likelier outcome is a gradual slicing away of parts of public holdings. Bruno Le Maire, the finance minister, talks of the state stepping back slowly from holding corporate assets. That would probably mean trimming its 5bn stake in Orange, formerly France Telecom, for example.The chairman of two large companies, one with a large state stake, suggests that in the end the role of state is too important in French economic life to be changed quickly. An official at the state-owned railways firm, SNCF, concurs. That firm devours billions in subsidies, but is popular with the public who would not countenance its privatisation, or that of any other firm seen as strategic. Outright privatisation of airports might soon be inevitable, but other changes are likely to come one step at a time, with some in the wrong direction.This article appeared in the Business section of the print edition under the headline "National treasures"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21725797-french-state-mismanaging-its-valuable-corporate-assets-emmanuel-macron-serious-about?fsrc=rss'|'2017-08-03T22:49:00.000+03:00'|6042.0|''|-1.0|'' 6043|'a4e0f3e5e4c20acebbfb54fa6664826b0659ea3f'|'Retailer Perfumania announces recapitalization, Chapter 11 filing'|'Aug 27 (Reuters) - Perfumania Holdings Inc, a U.S. retailer with exclusive distribution rights to several Trump-branded colognes, said on Sunday it had initiated a recapitalization and was filing voluntary petitions for Chapter 11 relief in U.S. bankruptcy court.The company said in a statement that it planned to reduce its retail store count, increase investments in its e-commerce business and become a privately held company. The company also said it would "continue to operate in the normal course of business."Perfumanias wholesale businesses, Parlux, holds the exclusive distribution rights to U.S. President Donald Trumps fragrances Empire and Success, as well as daughter Ivanka Trumps fragrance. The companys portfolio also includes fragrances from celebrities such as Rihanna, Jessica Simpson and Jay Z.Perfumania said its Parlux and Five Star Fragrance subsidiaries were not included in the Chapter 11 filings.Our employees can be assured that during this time and beyond they will continue to receive their salaries and benefits, said Michael Katz, Perfumania''s president and chief executive officer."Our retail customers can continue to purchase the brands they love at our stores and online, and our wholesale and retail customers will not see any interruption in the flow of merchandise," he said. "There will be no changes to our license agreements and we will continue to uphold our obligations, and our valued vendors and suppliers will be paid in full." (Reporting by Dion Rabouin in New York; Editing by Peter Cooney) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/retailer-perfumania-announces-recapitali-idINL2N1LE00W'|'2017-08-27T22:59:00.000+03:00'|6043.0|''|-1.0|'' 6044|'ed8749c05b02991665f6ae951c71c6121f825f18'|'S&P 500 to exclude Snap after voting rights debate'|'August 1, 2017 / 1:44 AM / 22 minutes ago S&P 500 to exclude Snap after voting rights debate Trevor Hunnicutt 3 Min Read FILE PHOTO - A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017. Lucas Jackson/File Photo NEW YORK (Reuters) - The S&P 500 will start excluding companies that issue multiple classes of shares, managers of the index said on Monday, a move that effectively bars Snap Inc after its decision to offer stock with no voting rights. The decision takes effect starting Tuesday, according to a statement by the manager of the widely used benchmark, S&P Dow Jones Indices LLC. Snap did not immediately respond to a request for comment. Existing components of the S&P index with several share classes - such as Google parent Alphabet Inc and Berkshire Hathaway Inc - will not be affected. "Companies with multiple share class structures tend to have corporate governance structures that treat different shareholder classes unequally with respect to voting rights and other governance issues," the index provider said in a statement. The S&P changes, which extend to the S&P MidCap 400 and S&P SmallCap 600 indexes, reflect a toughening stance by index firms and the investors they represent who increasingly emphasise the importance of corporate governance rights. That often runs up against the interest of leaders of high-growth, often technology companies that resist coming to public markets and offering full voting rights out of fear they will lose control of their companies. Snap''s $3.4 billion (2.57 billion pounds) March IPO was the third-largest ever for a U.S. tech company but some investors were taken aback by the company''s unusual decision to offer new investors a class of common stock with no voting rights. Snap shares had their busiest trading day in two and a half months in a volatile session on Monday, as early investors could sell their shares its market debut. The stock pared losses to close down 1 percent at $13.67, after falling as much as 5.1 percent and hitting a record low. FTSE Russell said last week it planned to exclude Snap from its stock indexes. Inclusion in a stock index has been an important milestone for young companies, bringing their shares into many passive funds and others that closely follow indexes like the S&P 500, a guide for trillions of dollars of capital worldwide. The decision likely means that funds like $243 billion SPDR S&P 500 ETF will not buy Snap any time soon. Reporting by Trevor Hunnicutt'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-snap-s-p-idUKKBN1AH2RY'|'2017-08-01T04:43:00.000+03:00'|6044.0|''|-1.0|'' -6045|'5ea604b783745ae1bdffdabdf369b12feea2d928'|'Foreign buyout firms drive Canada private equity deals to new high'|'TORONTO, Aug 2 (Reuters) - Foreign buyout firms chasing Canadian assets helped push private equity activity to a record high in the first half of 2017, and lawyers and fund managers say the trend is likely to continue through the rest of the year.Deal values jumped 55 percent in the first half from a year ago to C$14.6 billion ($11.6 billion), an all-time high, according to data released by Thomson Reuters on Wednesday. Deal volumes rose 10 percent to 184.About 38 percent of the buyout deals targeting Canadian companies had a non-Canadian lead investor, compared with 27 percent in the first half of 2016."There''s quite a bit of a focus from American players on Canada. And this focus is on the bigger deals," said Michael Akkawi, head of the private equity practice at law firm Torys LLP, who sees strong foreign involvement in the coming year.Highlights included the C$4.8 billion acquisition of Canadian financial technology company DH Corp by buyout firm Vista Equity Partners and Starwood Capital Group''s purchase of Milestone Apartments for C$1.7 billion.Meanwhile, venture capital investment in Canadian companies hit a 16-year high in the first half, rising 18 percent to C$2.1 billion, driven by deals in the healthcare and technology sectors. It was the best first half since 2001."We''ve had a few exceptional deals. We''re seeing both U.S. and Canadian interest in Canadian technology companies," said Shahir Guindi, national co-chair of law firm Osler, Hoskin & Harcourt LLP.Guindi advised Element AI Inc as Canada''s biggest artificial intelligence (AI) company raised C$137 million, in one of the largest-ever funding rounds for an AI company.Deal volumes, however, slipped 27 percent from year-earlier levels, suggesting a smaller number of companies were benefiting from large investments."I expect the early stage activity to remain very strong," said Damien Steel, managing director at OMERS Ventures, who sees a squeeze on companies requiring series B investments."Fintech and AI will dominate the funding in terms of themes," Steel added. "You''re seeing a ton of AI and machine learning companies coming out of Canada."$1 = 1.2562 Canadian dollars Reporting by John Tilak; Editing by Tom Brown'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-privateequity-idINL1N1KO0O8'|'2017-08-02T13:55:00.000+03:00'|6045.0|''|-1.0|'' +6045|'5ea604b783745ae1bdffdabdf369b12feea2d928'|'Foreign buyout firms drive Canada private equity deals to new high'|'TORONTO, Aug 2 (Reuters) - Foreign buyout firms chasing Canadian assets helped push private equity activity to a record high in the first half of 2017, and lawyers and fund managers say the trend is likely to continue through the rest of the year.Deal values jumped 55 percent in the first half from a year ago to C$14.6 billion ($11.6 billion), an all-time high, according to data released by Thomson Reuters on Wednesday. Deal volumes rose 10 percent to 184.About 38 percent of the buyout deals targeting Canadian companies had a non-Canadian lead investor, compared with 27 percent in the first half of 2016."There''s quite a bit of a focus from American players on Canada. And this focus is on the bigger deals," said Michael Akkawi, head of the private equity practice at law firm Torys LLP, who sees strong foreign involvement in the coming year.Highlights included the C$4.8 billion acquisition of Canadian financial technology company DH Corp by buyout firm Vista Equity Partners and Starwood Capital Group''s purchase of Milestone Apartments for C$1.7 billion.Meanwhile, venture capital investment in Canadian companies hit a 16-year high in the first half, rising 18 percent to C$2.1 billion, driven by deals in the healthcare and technology sectors. It was the best first half since 2001."We''ve had a few exceptional deals. We''re seeing both U.S. and Canadian interest in Canadian technology companies," said Shahir Guindi, national co-chair of law firm Osler, Hoskin & Harcourt LLP.Guindi advised Element AI Inc as Canada''s biggest artificial intelligence (AI) company raised C$137 million, in one of the largest-ever funding rounds for an AI company.Deal volumes, however, slipped 27 percent from year-earlier levels, suggesting a smaller number of companies were benefiting from large investments."I expect the early stage activity to remain very strong," said Damien Steel, managing director at OMERS Ventures, who sees a squeeze on companies requiring series B investments."Fintech and AI will dominate the funding in terms of themes," Steel added. "You''re seeing a ton of AI and machine learning companies coming out of Canada."$1 = 1.2562 Canadian dollars Reporting by John Tilak; Editing by Tom Brown'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-privateequity-idINL1N1KO0O8'|'2017-08-02T13:55:00.000+03:00'|6045.0|20.0|5.0|'' 6046|'c7f80a2044d4690c6e490c477c31a83be70dd10f'|'Marine contractors have made huge leaps in productivity'|'THE Innovation , a 147-metre ship docked in Rotterdam, looks like a cross between an oil rig and a robot from a Transformers film. Her crane has been loading on giant pipes throughout the night. Soon the ship will travel to sea, where an automated hammer will drive the pipes into the ocean floor to support wind turbines. Everything in our industry has become larger, says Koen Vanderbeke of DEME, a Belgian dredging firm that owns the ship. But weve become smarter, too.Unlike their counterparts on dry land, marine contractors have made big leaps in productivity in recent years. From dredging and land reclamation to offshore construction of oil platforms, costs have dropped even as the speed and quality of work have increased. In Belgium, home to two of the worlds five biggest dredgers, efficiency gains have been so large that they have skewed productivity figures for the entire building sector. an hour 11 13 16 19 hours ago Retail sales, producer prices, wages and exchange rates 21 hours ago See all updates The improvements can be traced to industry consolidation and investmentthings that have eluded most onshore builders. These trends have been spurred by large, demanding customers (usually governments and energy firms), as well as by the greater need for precision at sea, where a tiny slit in an oil pipe can prompt a catastrophe. As important, maritime projects have become so large and complex that firms often have no choice but to use machines rather than labour.About 25 years ago the sector was fragmented. That changed as the ambitions of customers increased. Mergers and natural expansion resulted in five leaders: DEME and Jan De Nul in Belgium, Boskalis and Van Oord in the Netherlands and CHEC in China. The cost of a big ship, around 200m ($234m), and a persistent need to invest ensure that only the giants survive.Mechanical improvements such as pumps and suction devices mean dredging ships can now break through harder material. Much manual work has been automated, from the placement of piles to the steadying of shipsGPS-guided bow thrusters have replaced anchors. As ships work in deeper, colder waters, underwater robots have supplanted divers.Monitoring may be the biggest change. We now measure everything, says DEMEs Mr Vanderbeke, gesturing to the antennas on Innovation s mast. Sensors track how fast the hammer is pounding, what the crane is up to, activity on the seabed and how these things interact. Such surveillance, complemented by computer simulations, helps avoid mistakes.Another productivity-enhancer has been modular building which, both on land and at sea, can speed up construction. DEME is building an 8.6km-long quay in Singapore, using watertight concrete chambers made in a factory on land. With the old method, youd hammer each sheet pile, says Alain Bernard, the firms boss.Offshore productivity gains are now so big that they have changed the economic calculus for land itself. Cheaper dredging makes land reclamation more attractive. In Amsterdam you pay around 1,000 for a square metre of land; we can now make new land in shallow water for just 300 per square metre, says Pieter van Oord of Van Oord. In seaside cities such as Jakarta and Singapore, where land prices are up to ten times higher, the business case is even stronger. You do the math. "Building under water"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21726716-those-build-sea-offer-lessons-their-onshore-counterparts-marine-contractors-have?fsrc=rss%7Cbus'|'2017-08-17T22:47:00.000+03:00'|6046.0|''|-1.0|'' 6047|'7a4352378df5adb03a8649a332c2fbe0c7dc6266'|'Miners bolster European shares, Provident Financial plummets'|' 30 AM / 27 minutes ago Miners bolster European shares, Provident Financial plummets Reuters Staff 2 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 21, 2017. Staff/Remote LONDON (Reuters) - European shares rose in early deals on Tuesday, rebounding from a three-day losing streak as results boosted heavyweight miners BHP Billiton and Antofagasta, while Provident Financial plunged after another profit warning. The pan-European STOXX 600 rose 0.6 percent, having fallen close to a five-month low in the previous session, while euro zone blue chips also gained 0.6 percent. Britain''s FTSE 100 was up 0.6 percent, and Germany''s DAX jumped 0.7 percent. UK subprime lender Provident Financial shed more than 48 percent after it issued its second profit warning in two months, cancelled its dividend and said that its chief executive was leaving. On a positive note, Europe''s basic resources sector enjoyed a second session of gains, supported by a rally in iron ore prices. Well-received results from miners BHP Billiton and Antofagasta also boosted the sector, with both rising around 2 percent, the top-gaining mining firms. Shares in UK housebuilder Persimmon were also among the top gainers, up 3.1 percent after it posted a 30 percent rise in first-half profit. The European earnings season is drawing to a close, with 87 percent of MSCI Europe firms having given updates for the second quarter. Of these firms, more than 60 percent have either met or beaten analysts'' expectations, according to Thomson Reuters data, with earnings growth for the quarter clocking in at around 24 percent compared with the same period last year. Aside from earnings, shares in Fiat Chrysler extended gains for a second day, up 3.1 percent at their highest level since April 1998, after China''s Great Wall Motor Co Ltd confirmed its interest in the Italian-American automaker. Reporting by Kit Rees; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks-idUKKCN1B20MR'|'2017-08-22T10:33:00.000+03:00'|6047.0|''|-1.0|'' 6048|'9578c3826a0b974d813b4d5613f0fe8feecafcbb'|'UPDATE 1-Sears posts 2nd-qtr loss on fewer store visits'|'(Adds details)Aug 24 (Reuters) - Struggling U.S. retailer Sears Holdings Corp reported a quarterly loss on Thursday as fewer customers visited its stores and as the company offered more discounts amid intense industry competition.The retailer also said it would close 28 Kmart stores later this year, in addition to the 150 Sears and Kmart stores it plans to close by the end of its third quarter.Sears said sales at stores open for at least a year fell 11.5 percent in the second quarter ended July 29.Total revenue fell 22 percent to $4.37 billion, mainly due to store closures, which shaved off $770 million of revenue, the company said.Once the largest U.S. retailer, Sears has struggled with years of losses and declining sales as shoppers shift from the mall to the web. In February, the company said it would cut at least $1 billion in costs this year, mainly by monetizing its real estate.Sears, controlled by billionaire investor Eddie Lampert, said it earned $460 million in cash from real estate deals in the second quarter.Net loss attributable to Sears narrowed to $251 million, or $2.34 per share in the second quarter ended July 29, from $395 million or $3.70 per share, a year earlier.The company also said it had signed a deal with MetLife to reduce its pension liabilities.The agreement will annuitize an additional $512 million of Sears'' pension liabilities, with MetLife paying future pension benefits to about 20,000 retirees. (Reporting by Siddharth Cavale in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/searsholdings-results-idINL4N1LA3RX'|'2017-08-24T08:51:00.000+03:00'|6048.0|''|-1.0|'' @@ -6052,7 +6052,7 @@ 6050|'abc31537afd0f49439c45d3918555908d2c84692'|'UK pension regulator to prosecute former BHS owner Chappell'|'LONDON, Aug 22 (Reuters) - Britain''s Pensions Regulator is to prosecute Dominic Chappell for failing to provide information and documents requested during an investigation into the sale of department store chain BHS to him by retail tycoon Philip Green, it said on Tuesday.Green sold the loss-making 180-store chain to Chappell''s Retail Acquisitions Ltd vehicle for 1 pound ($1.28) in 2015.Chappell was a serial bankrupt with no retail experience.BHS fell into administration in 2016 with a pension deficit of 571 million pounds - the biggest collapse in the British retail industry since Woolworths in 2008. Some 11,000 jobs were lost.The Pensions Regulator (TPR) said it was prosecuting Chappell for failing to comply with three notices it issued.He has been summonsed to appear at Brighton Magistrates Court, southern England, on Sept. 20 to face three charges of neglecting or refusing to provide information and documents, without a reasonable excuse, when required to do so under section 72 of the Pensions Act 2004.Chappell could not be immediately reached for comment.In February, Green helped to plug the BHS pension hole in a 363 million pounds settlement deal with TPR.$1 = 0.7789 pounds Reporting by James Davey; Editing by Mark Potter'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/britain-retail-bhs-pensions-idUSL8N1L82EV'|'2017-08-22T18:32:00.000+03:00'|6050.0|''|-1.0|'' 6051|'f5c1c755b8ff2bd4cb2145806d7db6733e325828'|'Asia tentative, dollar languishes on U.S. politics, mixed data'|'People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. Kim Kyung-Hoon SINGAPORE (Reuters) - Asian stocks inched up on Friday after a technology-led drop on Wall Street, while U.S. Treasury yields and the dollar were pressured by news Special Counsel Robert Mueller had issued grand jury subpoenas in his investigation of alleged Russian interference in the 2016 U.S. elections.MSCI''s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, although gains were kept in check by the reluctance of many investors to stake out fresh positions ahead of U.S. job data later in the global day.The index was poised to climb 0.3 percent for the week, taking its gains for far this year to nearly 24 percent.Japan''s Nikkei dropped 0.3 percent on a stronger yen, and looked set to end the week little changed.South Korea''s KOSPI, which closed at a 3-1/2-week low on Thursday, recovered 0.3 percent. It is down 0.4 percent this week.China''s blue-chip CSI 300 lost 0.3 percent, while Hong Kong''s Hang Seng gained 0.1 percent.Overnight, the S&P and Nasdaq closed 0.2 percent and 0.35 percent lower respectively, with the declines led by technology shares.But the Dow managed to post slight gains, staying above the 22,000 level breached on Wednesday.U.S. stocks fell to intraday lows late on Thursday after the Wall Street Journal reported that Mueller has empanelled a grand jury to investigate allegations of Russian interference in the 2016 presidential election.Two sources told Reuters on Thursday that grand jury has issued subpoenas in connection with a June 2016 meeting that included U.S. President Donald Trump''s son, his son-in-law and a Russian lawyer."Politics come to the forefront once again with the latest developments in the Trump-Russia probe," said Jingyi Pan, market strategist at IG in Singapore, but added that "equity markets continued with a semblance of calm awaiting Fridays U.S. jobs report".Investors will scrutinize July''s employment report for clues on whether it could influence the timing of the Federal Reserve''s plans to tighten monetary policy.Non-farm payrolls were expected to have increased by 183,000 jobs last month after surging by 222,000 in June, Reuters survey of economists found. The unemployment rate is seen falling one-tenth of a percentage point to 4.3 percent.The dollar index, which tracks the greenback against a basket of six major peers, languished near the 15-month low hit earlier this week. It was down almost 0.1 percent on Friday at 92.779, set to end the week 0.5 percent lower.The dollar crept up 0.1 percent to 110.125 yen, but failed to make up most of Thursday''s 0.6 percent loss. It is on track for a weekly loss of 0.5 percent.Benchmark 10-year notes were at 2.2247 percent on Friday. On Thursday, they fell to as low as 2.218 percent, their lowest level since late June, and closed at 2.228 percent.Sterling hit a nine-month low against the euro overnight, and held near that level on Friday, after the Bank of England''s policymakers kept interest rates at a record-low 0.25 percent."The unsavory combination of uninspiring UK economic data in July and uncertainty surrounding Brexit talks has pressured BoE hawks and dented expectations of a rate hike occurring anytime soon," Lukman Otunuga, research analyst at ForexTime, wrote in a note."With the central bank downgrading its UK GDP growth forecast for both this year and 2018, sterling is poised for further punishment down the road."Sterling was 0.9041 to the euro on Friday, after falling to as low as 0.9048, its weakest since Nov. 2.That helped lift the FTSE 0.85 percent.A 0.5 percent jump in retail sales in the euro zone in June from May, well above market expectations of a 0.1 percent rise, gave the euro a boost.The common currency was up 0.1 percent to $1.1879, extending Thursday''s 0.1 percent gain. It is set to end the week 1.2 percent stronger.Venezuela''s bolivar currency tumbled 18 percent against the U.S. dollar on Thursday on the black market, ahead of the inauguration of a legislative superbody that the opposition says will give President Nicolas Maduro sweeping new powers.In commodities, oil prices remained under pressure following losses overnight. Persistent concerns about high crude supplies from OPEC offset the previous day''s data showing record U.S. gasoline demand.U.S. crude was marginally higher at $49 a barrel, after sliding 1.1 percent overnight, putting it on track for a weekly loss of 1.4 percent.Global benchmark Brent slipped almost 0.1 percent to $51.96, extending Thursday''s 0.7 percent loss, headed for a 1.05 percent weekly decline.Gold was steady, holding on to Thursday''s 0.15 percent gain. Spot gold was at $1,268.66 an ounce, after Thursday''s 0.15 percent gain, and set to end the week little changed.Reporting by Nichola Saminather; Editing by Kim Coghill and Eric Meijer'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN1AK01X'|'2017-08-04T03:52:00.000+03:00'|6051.0|''|-1.0|'' 6052|'e649c1b9bbf16bddd49f4c7adf5bd13791bb9207'|'Without insurance, some vendors balk at stocking Sears shelves'|'August 25, 2017 / 5:11 AM / 4 hours ago Without insurance, some vendors balk at stocking Sears shelves Jessica DiNapoli and Richa Naidu 8 Min Read FILE PHOTO: A Sears department store is shown in El Cajon, California, U.S., August 8, 2017. Mike Blake/File Photo (Reuters) - U.S. department store operator Sears Holdings Corp is having trouble stocking shelves, as some vendors have fled while others are demanding stricter payment terms because of difficulties hedging against default risk. The strain in Sears'' supply chain is exacerbated by the scarcity and high cost of a type of vendor insurance known as accounts receivable puts, which ensure a supplier will be paid even if the retailer files for bankruptcy, according to interviews with Sears'' vendors and insurance brokers. "It''s too expensive," Michael Fellner, owner of Montreal-based women''s wear company Lori Michaels Apparel & Manufacturing Inc, said of the specialized vendor insurance. He said he stopped shipping to Sears in March, when his insurer stopped providing coverage. Two other small vendors told Reuters they stopped supplying Sears this year because they could not afford the insurance, whose cost spiked after Sears warned in March of "substantial doubt" over its ability to continue as a going concern. They asked not to be identified discussing confidential commercial arrangements. Sears'' vendors had previously benefited from support from Sears Chief Executive Eddie Lampert, who owns almost half of the company''s shares and is its largest lender. Through his hedge fund, ESL Investments Inc, Lampert invested in vendor insurance contracts worth $93.3 million in 2012, $234 million in 2013 and $80 million in 2014, according to filings with the U.S. Securities and Exchange Commission. (Graphic on how vendor insurance works tmsnrt.rs/2ieMsTG ) Sears regulatory filings show no investment by Lampert in vendor insurance contracts since 2015. A Sears spokesman said the 55-year-old billionaire is not currently investing in these contracts and declined to say why. As Sears'' financials deteriorated, other hedge funds such as Avenue Capital Group, and traditional credit insurance firms such as Euler Hermes Group SA, have also exited the insurance market, brokers and investors said. They did not specify the timing of their withdrawal. Avenue Capital and Euler Hermes declined to comment. The dearth of market participants has made the insurance contracts more expensive and harder to come by, putting pressure on Sears'' ability to maintain a robust inventory of goods. Merchandise inventory at Sears, once the largest U.S. retailer, fell to $3.4 billion as of July 29 from $4.7 billion a year ago, the company disclosed on Thursday. Sears has attributed the inventory decline to its transformation to an online-oriented business from bricks-and-mortar stores. We continue to work to manage our vendor relationships in a constructive manner we will continue to ensure that our vendors deliver on their obligations to Sears, Sears said in its second-quarter earnings statement on Thursday. EXPENSIVE INSURANCE Sears and other mall-based retailers have struggled for years as shoppers migrated to Amazon.com Inc and other online stores. The storied American retailer, whose roots date back to 1886, has accumulated $7.7 billion in losses since 2013, and seen annual revenue fall 44 percent to $22.1 billion as of the end of 2016. On Thursday, Sears reported a second-quarter net loss of $251 million, down from $395 million a year ago, indicating that its plans to close more than 300 stores this year and slash costs further are helping stem some of the earnings challenges. Brokers and investors said that Sears insurance contracts for vendors are currently quoted at more than 4 percent of the value of the vendor''s shipment per month, making them uneconomical for many suppliers whose profit margins are in the single digits. Three years ago, the contracts were being quoted at about 3 percent per month. LG Electronics Inc, which makes Kenmore-branded washing machines and refrigerators as well as LG-branded appliances, told Reuters it has not bought vendor insurance in the past year because of the cost. Instead, LG said it negotiated shorter payment schedules to minimize the risk of not being paid by Sears. It declined to say how short the payment period was. The typical payment schedule in the industry is close to 90 days, though it can vary by item. Sears has promised to pay some suppliers within 15 days, according to a source familiar with the matter who requested anonymity to discuss confidential commercial arrangements. Sears declined to comment. A 15-day payment schedule gives a vendor priority for repayment in the event of a bankruptcy. This is because claims received within 20 days of a bankruptcy filing are typically repaid in full. Some vendors are so keen for this protection, that they have offered Sears a small discount of around 5 percent on their merchandise, the source said. However, quicker payouts erode a retailer''s working capital. William Danner, president of CreditRiskMonitor.com Inc, told Reuters that at the end of the second quarter, Sears would likely have used $587 million to boost working capital mostly from asset sales due to the decision by some vendors to not extend as much credit. Sears'' available liquidity at the end of July was $810 million. Even for a huge company like Sears, finding this much more capital is a burden. This apparent loss of confidence in Sears by its vendors is greater now than it was at the end of 2016, he said. A spokesman for Sears declined to comment on the impact the lack of vendor insurance has had on its relationships with suppliers. A spokesman for Lampert did not respond to several requests for comment. Lampert has complained on several occasions that vendors are trying to exploit Sears'' woes to negotiate better terms. He said last month that some of its vendors reduced their support, "thereby placing additional pressure" on Sears. Sears took the issue to court in June, when it sued Ideal Industries Inc after the maker of Craftsman-branded tools declined to fulfill purchase orders because of Sears'' "known fragile financial condition," according to court documents. Ideal Industries declined to comment. The flight of some vendors has presented an opportunity for others. United National Consumer Suppliers, a wholesale distributor of overstocked goods such as beauty products and toys, now ships to Sears on the condition that it is paid within 30 days. "We actually didn''t do business with Sears until they found themselves in their recent challenges," said CEO Brett Rose. "As long as they pay their bills, we''ll keep shipping to them." Lampert has continued to support Sears in ways other than vendor insurance. He held about $1.7 billion in debt mainly backed by the company''s real estate and inventory as of April 29, according to regulatory filings. Vendor insurance contracts, on the other hand, are not backed by any collateral. Last month, Lampert extended a $200 million 151-day credit line to Sears at an annual interest rate of 9.75 percent. While the market for specialized vendor insurance contracts is opaque, at least one investment firm, Blackstone Group LP''s credit arm GSO Capital Partners LP, is backing Sears contracts through December, according to sources with knowledge of these contracts. They did not disclose their value. GSO declined to comment. Reporting by Jessica DiNapoli in New York and Richa Naidu in Chicago; additional reporting by Nathan Layne in New York; Editing by Greg Roumeliotis and Edward Tobin '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-sears-vendors-insight-idUKKCN1B50E9'|'2017-08-25T08:05:00.000+03:00'|6052.0|''|-1.0|'' -6053|'ee4b962cdb90428b75feb1a1fed4052fab9b6946'|'Hershey Trust to sell 4.5 million shares of Hershey Co'|'Reuters TV United States August 23, 2017 / 11:58 PM / 6 hours ago Hershey Trust to sell 4.5 million shares of Hershey Co Reuters Staff 2 Min Read Hershey''s chocolate bars are shown in this photo illustration in Encinitas, California January 29, 2015. Mike Blake/File Photo (Reuters) - Hershey Trust Co, the charitable trust which controls chocolate maker Hershey Co ( HSY.N ), said on Wednesday it would sell 4.5 million shares of Hershey''s common stock. The trust said it would sell 3 million Hershey''s shares to Morgan Stanley ( MS.N ) and an additional 1.5 million shares to Hershey Company. Hershey, the maker of Reese''s Peanut Butter Cups and Hershey''s Kisses, said in a separate statement that it will buy the 1.5 million stock from the trust for $106 per share, or about $159 million. Hershey''s stock closed at $107.44 on Wednesday. Hershey rejected a $23 billion bid last summer from Oreo cookie owner Mondelez ( MDLZ.O ), as the Hershey Trust, which can veto a deal, was embroiled in a row with its overseer that resulted in departures at the trust and Hershey''s board. Earlier this year, The Hershey Trust added former Goldman Sachs partner James Katzman to its ranks. The trust had also added Melissa Peeples-Fullmore, a Milton Hershey School alumnus and education professional, and Jan Loeffler Bergen, a trained social worker and chief executive officer of non-profit health provider Lancaster General Health as Hershey trustees. Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Sandra Maler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-hersheyco-stake-hershey-trust-idUKKCN1B32T3'|'2017-08-24T02:54:00.000+03:00'|6053.0|''|-1.0|'' +6053|'ee4b962cdb90428b75feb1a1fed4052fab9b6946'|'Hershey Trust to sell 4.5 million shares of Hershey Co'|'Reuters TV United States August 23, 2017 / 11:58 PM / 6 hours ago Hershey Trust to sell 4.5 million shares of Hershey Co Reuters Staff 2 Min Read Hershey''s chocolate bars are shown in this photo illustration in Encinitas, California January 29, 2015. Mike Blake/File Photo (Reuters) - Hershey Trust Co, the charitable trust which controls chocolate maker Hershey Co ( HSY.N ), said on Wednesday it would sell 4.5 million shares of Hershey''s common stock. The trust said it would sell 3 million Hershey''s shares to Morgan Stanley ( MS.N ) and an additional 1.5 million shares to Hershey Company. Hershey, the maker of Reese''s Peanut Butter Cups and Hershey''s Kisses, said in a separate statement that it will buy the 1.5 million stock from the trust for $106 per share, or about $159 million. Hershey''s stock closed at $107.44 on Wednesday. Hershey rejected a $23 billion bid last summer from Oreo cookie owner Mondelez ( MDLZ.O ), as the Hershey Trust, which can veto a deal, was embroiled in a row with its overseer that resulted in departures at the trust and Hershey''s board. Earlier this year, The Hershey Trust added former Goldman Sachs partner James Katzman to its ranks. The trust had also added Melissa Peeples-Fullmore, a Milton Hershey School alumnus and education professional, and Jan Loeffler Bergen, a trained social worker and chief executive officer of non-profit health provider Lancaster General Health as Hershey trustees. Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Sandra Maler 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-hersheyco-stake-hershey-trust-idUKKCN1B32T3'|'2017-08-24T02:54:00.000+03:00'|6053.0|27.0|4.0|'' 6054|'71d99319e64b04cb576219919a055b3e35356c7a'|'Super-long JGBs pare losses, edge up after solid 20-yr auction'|'TOKYO, Aug 22 (Reuters) - Longer-dated Japanese government bond prices trimmed earlier losses and edged up on Tuesday after an auction of 20-year debt attracted solid demand from investors.The 20-year yield fell half a basis point to 0.545 percent after reaching 0.550 percent earlier, while the 30-year yield was down 1 basis point at 0.830 percent following an earlier rise to 0.845 percent.The bid-to-cover ratio, a gauge of demand, at Tuesday''s one trillion yen ($9.15 billion) 20-year sale rose to 4.51 from 4.19 at the previous auction in July.Super-long JGBs enjoy a degree of demand from investors due to their relatively higher yields, with the benchmark 10-year yield roughly bound close to zero percent under the Bank of Japan''s yield curve control scheme, analysts said.The 10-year yield was half a basis point higher at 0.035 percent. ($1 = 109.2300 yen) (Reporting by the Tokyo markets team; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-bonds-idINL4N1L81T1'|'2017-08-22T02:13:00.000+03:00'|6054.0|''|-1.0|'' 6055|'29f496e00d88bd0e5943b7f96ac92225766d1eb2'|'Deutsche Telekom says any U.S. merger has to create real value'|'FILE PHOTO: Deutsche Telekom logo is seen during preparations at the CeBit computer fair, which will open its doors to the public on March 20, at the fairground in Hanover, Germany, March 19, 2017. Fabian Bimmer/File Photo FRANKFURT (Reuters) - Any merger that Deutsche Telekom may enter into in the United States must deliver real value in terms of synergies, its finance chief said when asked why it was proving so difficult to strike a deal with Sprint or another party."It depends on how sure you can be to really get out the synergies you have on a piece of paper," Thomas Dannenfeldt told analysts on a call after Europe''s biggest telecoms provider reported second-quarter earnings on Thursday.Fourth-biggest U.S. wireless carrier Sprint said on Tuesday an announcement on merger talks should come in the "near future".It has been exploring a merger with Deutsche Telekom''s T-Mobile US as well as with cable provider Charter Communications.Deutsche Telekom on Thursday repeatedly refused to comment on the current situation.But Dannenfeldt said in-market consolidation did in general offer opportunities, and a mobile-to-mobile merger was the easiest way of creating synergies.T-Mobile US has previously tried and failed to merge with U.S. network operators AT&T and Sprint. It merged with Texas-based MetroPCS in 2014.Deutsche Telekom has wavered at times over the years about its commitment to remaining in the U.S. market. T-Mobile US is now its primary growth and profit driver.Reporting by Georgina Prodhan; Editing by Arno Schuetze'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deutsche-telekom-results-usa-idINKBN1AJ25J'|'2017-08-03T13:00:00.000+03:00'|6055.0|''|-1.0|'' 6056|'e72b85fdc43f0fbf244ffb720c1de1893db94451'|'Management turmoil at Infosys is particularly ill-timed'|'THE quickest way to start a Mexican wave in India is to head to the campus of Infosys, an IT outsourcing firm based in Bangalore, and ask all those who think they should be in charge to raise their hands. On August 18th the companys chief executive, Vishal Sikka (pictured), resigned unexpectedly. But he still serves as executive vice-chairman. Now a chairman, a co-chairman, the interim chief executive who succeeded Mr Sikka, the board of directors and a retired founder all seem to think they should be running the show. The stalemate risks leaving the firm without a leader just as it had started the urgent work of overhauling its business.The companys management crisis is surprising. As one of only a few Indian IT firms that multinational companies trust to build and maintain their computer systems, Infosys has long sought to exude an aura of professionalism bordering on the dull. But clashing egos at the top now make it seem anything but. In 2014 Mr Sikka became the first person outside a cluster of co-founders to become chief executive. This month he quit after months of incessant heckling from the firms principal founder, Narayana Murthy. Shares promptly tanked, dropping by 15%. Mr Murthy has not received much in the way of gratitude for driving out Mr Sikka. Corporate-governance experts decried his methodnotably a whispering campaign that suggested, but fell well short of proving, that Mr Sikka had profited from an acquisition Infosys made under his watch. Mr Murthys right to complain is also shaky. Though he is admired as a godfather of the tech scene, having pioneered the outsourcing model that has since become a major industry in India, he is a tiny shareholder in Infosys, owning just 0.38% of the company (his relatives own another 3% or so).The board of directors has made it clear that it sides with Mr Sikka. Soon after his resignation, it denounced Mr Murthys misguided campaign and pointed to independent audits that found no wrongdoing by the outgoing boss. An enraged Mr Murthy is now said to be seeking support among shareholdersmainly foreign and domestic institutional investorsto evict directors who oppose him.Mr Murthys defenders paint him as a catalyst for change in the mould of activist investors. His critics denounce him as a bully who cannot accept that Infosys is no longer his to run (he returned to the helm once before, in 2013). Either way, his campaign is ill-timed. Whatever Mr Sikkas flawsa propensity for grandiose thought leadership, a penchant for private jetshe communicated a clear vision of how Infosys must transform its business model.On this he convinced nearly everyone: there is an obvious need for Infosys to change. The trick Mr Murthy and his co-founders perfected, of persuading Western firms to replace their expensive local IT staff with Indian engineers earning $5,000 a year, has largely played out.Shipping Indian engineers to work at customers premises in America, the companys biggest market, may become harder under the presidency of Donald Trump. Even without any new restrictions on immigration into America, growth at Indias outsourcing firms has slowed markedly. More corporate IT spending is going into mobile apps, analytics and other snazzy offerings, a far cry from the routine codedebugging that made Indian firms rich (remember Y2K?).Much of the drudge work Infosys staff do can increasingly be carried out by machines; Mr Sikka said as much in a recent letter to staff, warning them of a looming tidal wave of automation that threatens to engulf the industry. Margins have been dropping in recent quarters. So Mr Sikka had planned to invest in order to develop more innovative services for clients and to use automation to become more productive, offering workers training in machine learning.Few expect Infosys to reverse efforts to rejig its business. Rivals such as Tata Consultancy Services and Wipro are doing much the same. But if the companys clients fret about instability among management, Infosys will struggle to retain the legacy mainframe-maintenance contracts it still depends on for most profits. Staff can also jump ship. The sooner all sides agree on who is running Infosys, the better. Business "Founders folly"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21727083-tussle-comes-company-tries-reinvent-itself-management-turmoil-infosys?fsrc=rss'|'2017-08-26T08:00:00.000+03:00'|6056.0|''|-1.0|'' @@ -6068,7 +6068,7 @@ 6066|'82a54e576618c0cfd7408c1aafb62c7b1f99eab9'|'ConvaTec profit falls as costs rise; CFO to step down'|'August 3, 2017 / 6:42 AM / in 14 minutes ConvaTec profit falls as costs rise; CFO to step down Reuters Staff 1 Min Read (Reuters) - British medical technology company ConvaTec ( CTEC.L ) on Thursday reported a 7.4 percent fall in operating profit for the first half of the year, as increased expenses offset higher sales and margins. ConvaTec also said CFO Nigel Clerkin would leave the company in October after its decision to relocate the position of CFO to its main office in Reading, as he decided not to relocate his family from Dublin. The company appointed Frank Schulkes as CFO designate and he will become CFO on Oct. 31. Frank was previously CFO of Wittur Group, an industrial firm based in Germany. ConvaTec, whose products are used in acute wound care and critical care, said adjusted operating profit fell to $193.5 million from $209 million a year earlier. Reporting by Justin George Varghese; Editing by Gopakumar Warrier 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-convatec-group-results-idUKKBN1AJ0OO'|'2017-08-03T09:41:00.000+03:00'|6066.0|''|-1.0|'' 6067|'cab5a40d1c34af3348a5425b4d788fb199425975'|'Exclusive - India threatens Philip Morris with ''punitive action'' over alleged violations'|'August 18, 2017 / 7:11 AM / an hour ago Exclusive: India threatens Philip Morris with ''punitive action'' over alleged violations Aditya Kalra 5 Min Read A combination photo shows a man holding his mobile phone as he lights a cigarette next to a Marlboro advertisement pasted on a vendor''s stall in a marketplace in Mumbai, India, July 14, 2017 and a vendor selling cigarettes inside the same stall, August 18, 2017. The ad on the front of the stall was removed after a Reuters investigation was published on July 18, which cited Indian federal health ministry officials as saying that the displays violated the countrys anti-smoking laws. Danish Siddiqui NEW DELHI (Reuters) - The Indian government has threatened Philip Morris International Inc with "punitive action" over the tobacco giant''s alleged violation of the country''s anti-smoking laws, according to a letter sent to the company by the federal health ministry. The letter was prompted by a Reuters investigation last month that revealed how Philip Morris was deploying marketing tactics in India, some targeting young people, that officials said were illegal. ( reut.rs/2uuye5Y ) The letter cites the Reuters story in the opening paragraph, listing Philip Morris'' marketing methods as outlined in the article, including cigarette advertisements at kiosks, the free distribution of Marlboro smokes at nightclubs and bars, and the use of TV screens to promote the world''s best-selling cigarette brand at these events. These promotional activities are a violation of the country''s tobacco control law and are subject to punishment under the act, says the letter, dated Aug. 10. "You are requested to clarify your position and to show cause why appropriate punitive action be not initiated against the company and its directors," the letter continues. Such infractions can carry a fine of up to 1,000 rupees (about $15) and a sentence of up to two years in prison for the first conviction, according to the Cigarettes and Other Tobacco Products Act. The India unit of Philip Morris International did not respond to questions from Reuters. The health ministry also sent a letter to ITC Ltd, India''s leading cigarette maker, which Reuters also reported last month was using some of the same promotional methods as Philip Morris, such as point of sale displays. In its letter to ITC, the health ministry said the company''s advertisements at kiosks were illegal. "Advertisement other than listing type of tobacco products available, whether displayed inside or outside the shop is prohibited and attracts punishment," the ministry said. It also called on ITC to explain why "punitive action" should not be taken against the company. ITC did not respond to questions. A man holds his mobile phone as he lights a cigarette next to a Marlboro advertisement pasted on a vendor''s stall in a marketplace in Mumbai, India, July 14, 2017. Picture taken July 14, 2017. Danish Siddiqui TARGETING YOUNG INDIANS Indian officials have repeatedly said that tobacco advertisements that use brand names, pack images or promotional messages are banned at kiosks - inside and outside. Philip Morris and ITC have said they are in compliance with tobacco control regulations and that the law allows advertising inside a kiosk. Philip Morris'' marketing strategy for India is laid out in hundreds of pages of internal documents that cover the period from 2009 to 2016. A key goal, according to the documents, is "winning the hearts and minds of LA-24" people between legal age, 18, and 24. The documents can be viewed in a searchable repository, The Philip Morris Files, published by Reuters. ( reut.rs/2sT51xF ) The tobacco shop displays and the distribution of cigarettes at events attended by young people have helped to more than quadruple Marlboro''s market share in India, where Philip Morris is battling to win ground from ITC, which dominates the industry. Slideshow (2 Images) India, with a population of 1.3 billion, has about 100 million smokers. Tobacco use kills more than 900,000 people a year, according to government data. Since October last year, the state government in India''s capital New Delhi has sent at least four letters to Philip Morris and at least three to ITC telling them to remove their advertisements at kiosks. Indian officials say tobacco companies get away with violations of anti-smoking regulations because law enforcement is weak. The health ministry also instructed state governments this month to move against cigarette advertising at kiosks, as well as the distribution of free cigarettes. The ministry requested that states submit a progress report on their actions. Following the Reuters story, Delhi state tobacco control chief S. K. Arora said he quizzed Philip Morris about the distribution of free cigarettes. In internal documents, Philip Morris calls distribution of free cigarettes "sampling" and says it is allowed under the law in India. The company has spent millions of dollars promoting its Marlboro brand at social events, the documents show. At several parties attended by Reuters reporters in Delhi over the past year, young women dressed in the colors of the latest Marlboro variant handed out free packs of cigarettes after asking people for their name, age and preferred brand. In recent weeks, Arora said he had detected a decline in the number of cigarette ads at kiosks in Delhi. Since the Reuters article last month, some Philip Morris ads have disappeared from several tobacco shops in Mumbai. ($1 = 64.1100 Indian rupees) Additional reporting by Abhirup Roy in Mumbai; Editing by Peter Hirschberg 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-pmi-india-health-idUKKCN1AY0MC'|'2017-08-18T10:20:00.000+03:00'|6067.0|''|-1.0|'' 6068|'4fab1ef721dfb34bf29f04791ed3aa4e0b9ac290'|'Japan Display may seek outside backer for turnaround: Nikkei - Reuters'|'TOKYO (Reuters) - Japan Display Inc ( 6740.T ) is considering inviting an outside partner to invest in it and help run its operations as part of the troubled display maker''s sweeping restructuring efforts, the Nikkei business daily reported on Tuesday.The liquid crystal display maker would slash more than 3,500 jobs, mainly in China and the Philippines, in a move that would contribute to a one-time loss of more than 150 billion yen ($1.35 billion) in the year ending next March, the paper said.Japan Display said in a statement it was not the source of the media report, but added that it was scheduled to discuss specific restructuring steps at a board meeting on Wednesday.The restructuring expenses would result in a special loss, it added, without elaborating.Reporting by Junko Fujita; Editing by Chang-Ran Kim'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-japan-display-restructuring-idINKBN1AO023'|'2017-08-07T22:43:00.000+03:00'|6068.0|''|-1.0|'' -6069|'5ae46784deb6caf32f5f1949df508a21699e6984'|'RPT-Petrobras prepays $333 mln in 2018 debt, borrows $650 mln due in 2022'|'August 4, 2017 / 12:36 AM / in 40 minutes RPT-Petrobras prepays $333 mln in 2018 debt, borrows $650 mln due in 2022 1 Min Read (Repeats story with no change to text or headline) SAO PAULO, Aug 3 (Reuters) - Brazil''s Petroleo Brasileiro SA prepaid a $333 million debt to Bank of Tokyo-Mitsubishi due in 2018 and borrowed $500 million from the Japanese bank due in 2022, the state-controlled oil company said in a securities filing on Thursday. Petrobras, as the company is known, also borrowed $150 million from Banco Safra due in 2022, the filing added. Proceeds will help carry out liability management duties. (Reporting by Tatiana Bautzer; Editing by Tom Brown) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-debt-idUSL1N1KQ00Z'|'2017-08-04T03:34:00.000+03:00'|6069.0|''|-1.0|'' +6069|'5ae46784deb6caf32f5f1949df508a21699e6984'|'RPT-Petrobras prepays $333 mln in 2018 debt, borrows $650 mln due in 2022'|'August 4, 2017 / 12:36 AM / in 40 minutes RPT-Petrobras prepays $333 mln in 2018 debt, borrows $650 mln due in 2022 1 Min Read (Repeats story with no change to text or headline) SAO PAULO, Aug 3 (Reuters) - Brazil''s Petroleo Brasileiro SA prepaid a $333 million debt to Bank of Tokyo-Mitsubishi due in 2018 and borrowed $500 million from the Japanese bank due in 2022, the state-controlled oil company said in a securities filing on Thursday. Petrobras, as the company is known, also borrowed $150 million from Banco Safra due in 2022, the filing added. Proceeds will help carry out liability management duties. (Reporting by Tatiana Bautzer; Editing by Tom Brown) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-debt-idUSL1N1KQ00Z'|'2017-08-04T03:34:00.000+03:00'|6069.0|28.0|0.0|'' 6070|'90a00aa0bbb06c1684e9775b8cb6fd788b3432f8'|'Air Berlin creditors meet as bidders jockey for position'|'FILE PHOTO:German carrier Air Berlin aircrafts are pictured at Tegel airport in Berlin, Germany, June 14, 2017. Hannibal Hanschke /File Photo FRANKFURT/BERLIN (Reuters) - Lufthansa ( LHAG.DE ) has submitted a letter of interest in Air Berlin''s Niki unit and other parts of the insolvent carrier, a source familiar with the talks said on Wednesday.Air Berlin, which is being kept in the air thanks to a 150 million euro ($177 million) government loan, has been in talks with interested parties since last week when it filed for insolvency after major shareholder, Gulf carrier Etihad, said it would no longer provide funding.Part of Air Berlin''s appeal to bidders lies in its access to take-off and landing slots at airports such as Duesseldorf, in Germany''s most populous region.Lufthansa said in a statement on Wednesday evening it reaffirmed that it was keen to absorb part of Air Berlin. "The interest in a takeover of parts of Air Berlin Group was reinforced with a termsheet presented today," Lufthansa said.As part of a restructuring this year, Air Berlin transferred leisure routes to tourist destinations in Spain and Greece to its Austria-based unit Niki, founded by former F1 driver Niki Lauda. Analysts at Goodbody said buying Niki would strengthen Lufthansa''s position against Ryanair ( RYA.I ) on such routes.For 2017, Lufthansa Group, including budget unit Eurowings, has a market share of about 22.4 percent on Germany-Spain routes, against 16.4 percent for Ryanair.Lufthansa is unlikely to be able to buy all of Air Berlin for competition reasons. Together the two would control around 95 percent of German domestic routes, for example.Ryanair CEO Michael O''Leary told Reuters on Tuesday he would be interested in a bid for Air Berlin as a whole, but complained Ryanair hadn''t been invited to the process, which he sees as heavily favoring Lufthansa.German aviation investor Hans Rudolf Woehrl, who wants to buy Air Berlin as a whole, has also criticized the process, saying he was not invited to bid.Another source familiar with the matter said Thomas Cook''s German airline Condor is also part of the negotiations. It was not immediately clear which assets Condor was interested in.EasyJet ( EZJ.L ) is also said to be weighing up Air Berlin''s assets.TUI ( TUIT.L ) said it was involved but only in those talks that relate to 14 planes that its TUIfly unit rents to Air Berlin. TUI has been seeking options for TUIfly since plans to put it into a leisure-oriented venture with Niki and Etihad collapsed in June.Thomas Cook ( TCG.L ), Lufthansa and easyJet declined to comment.Any sale will be decided by a creditor committee, which met for the first time on Wednesday and includes representatives from Air Berlin, the federal labor office which is paying staff wages, Commerzbank, and Eurowings.Reporting by Victoria Bryan, Ilona Wissenbach, Alexander Huebner and Klaus Lauer; Editing by Matthew Mpoke Bigg'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-air-berlin-lufthansa-idINKCN1B30TD'|'2017-08-23T06:51:00.000+03:00'|6070.0|''|-1.0|'' 6071|'c90d07ec26ad5c1ba3504817ae03a5238767c580'|'Asia stocks, dollar get boost from firm Wall Street, U.S. jobs'|'Visitors looks at an electronic board showing the Japan''s Nikkei average at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 9, 2016. Issei Kato/Files SINGAPORE (Reuters) - Asian stocks advanced on Monday, taking their cue from Wall Street, while the dollar moderated but retained most gains made on stronger-than-expected July jobs growth and the promise of a U.S. tax plan that will repatriate corporate profits.MSCI''s broadest index of Asia-Pacific shares outside Japan added 0.5 percent.Japan''s Nikkei was up 0.6 percent.Chinese blue chips rose 0.1 percent, while the Shanghai Composite was flat. Hong Kong''s Hang Seng climbed 0.4 percent.South Korea''s KOSPI was up 0.5 percent, while Australian shares surged 1 percent.The dollar moderated on Monday following a strong climb on Friday after data showed U.S. nonfarm payrolls rose by 209,000 jobs last month, and June''s employment gain was revised higher.Growing signs of labour market tightness offer Federal Reserve policymakers some assurance that inflation will gradually rise to the central bank''s 2 percent target, and likely clear the way for a plan to start shrinking its massive bond portfolio.The dollar was also buoyed by comments from National Economic Council director Gary Cohn that the U.S. administration is working on a tax plan that would bring corporate profits back to the United States.But the pull back in the dollar backs some views in markets that Friday''s rally may not have legs yet.The dollar index, which tracks the greenback against a basket of six global peers, inched back 0.2 percent to 93.343. It rallied 0.76 percent on Friday, its biggest one-day gain this year.The dollar slipped 0.2 percent against the euro to $1.17985 per euro, after surging 0.8 percent on Friday.The greenback rose 0.1 percent to 110.78 yen, extending Friday''s 0.6 percent gain."The most logical view here is the moves on Friday were clearly just a sizeable covering of USD shorts, from what was one of the biggest net short positions held against the USD for many years," Chris Weston, chief market strategist at IG in Melbourne, wrote in a note.For the dollar rally to gain momentum, the market needs to change its interest rate pricing, and that hasn''t happened yet, Weston added.Markets are pricing in about an even chance of a U.S. interest rate hike in December.Benchmark 10-year U.S. Treasury notes inched back slightly to 2.2673 percent. They closed at 2.269 percent on Friday, up from Thursday''s close of 2.228 percent.The lift in sentiment from Friday''s jobs data also supported Wall Street. The Dow closed 0.3 percent higher, its eighth consecutive record high. The S&P and Nasdaq ended the session up 0.2 percent.The Australian dollar strengthened 0.2 percent to $0.7945.In commodities, oil prices edged lower but retained most of Friday''s gains, posted as the strong jobs data bolstered hopes for growing energy demand.Officials from a joint OPEC and non-OPEC technical committee are set to meet in Abu Dhabi on Monday and Tuesday to discuss ways to boost compliance with their supply reduction agreement.U.S. crude slipped 0.1 percent to $49.53 a barrel on Monday, after rising 1.1 percent on Friday.Global benchmark Brent also lost 0.1 percent to trade at $52.37, after Friday''s 0.8 percent gain.Gold steadied as the dollar surrendered some of its gains, but remained under pressure. The precious metal was marginally higher at $1,258.38, failing to make up most of Friday''s 0.8 percent loss.Reporting by Nichola Saminather; Editing by Shri Navaratnam and Richard Borsuk'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-markets-idINKBN1AN089'|'2017-08-07T06:06:00.000+03:00'|6071.0|''|-1.0|'' 6072|'d10c2f81c6cd97aa1a2ffc11c1c5f0cd1a84cf4f'|'U.S. did not detail request for auto rules of origin at NAFTA talks - source'|'August 20, 2017 / 1:07 AM / 17 hours ago U.S. did not detail request for auto rules of origin at NAFTA talks - source Anthony Esposito and David Ljunggren 3 Min Read Trucks wait in the queue for border customs control to cross into U.S. at the Bridge of Americas in Ciudad Juarez, Mexico, August 15, 2017. Jose Luis Gonzalez WASHINGTON (Reuters) - In the opening NAFTA session of talks, the United States did not give precise details of how much it wanted to boost North American content for autos, a source directly familiar with the negotiations said on Saturday. Robert Lighthizer, President Donald Trump''s top trade adviser, this week said Washington wanted tougher rules of origin for autos, which determine how much of a vehicle must be built in the three NAFTA nations. He also said the United States was seeking new measures to ensure "substantial U.S. content" for autos. Companies wishing to take advantage of free trade in goods guaranteed by NAFTA must currently meet the 62.5 percent North American content requirement for autos and 60 percent for components. But during the opening four-hour round of talks on rules of origin on Friday, the U.S. delegation did not give details of how much it wanted the requirements to be lifted by. It also did not give a specific figure for what substantial U.S. content for autos could mean, said the source, who asked not to be identified because of the sensitivity of the matter. U.S. officials said they could not confirm the source''s account. Agreement on a revised NAFTA agreement could pivot on the autos sector given its weight in trade. The United States had autos and auto parts trade deficits of $74 billion with Mexico and $5.6 billion with Canada last year, both major components of overall U.S. goods trade deficits with its North American neighbours. The United States, Canada and Mexico on Wednesday opened talks in Washington to modernize the North American Free Trade Agreement, which was signed in 1994. Trump has denounced NAFTA as a "disaster" that encouraged firms to shift production to Mexico. Administration officials say strengthening the rules of origin for autos will help boost well-paid jobs in the United States as well as cut the trade deficit with Mexico, another key Trump goal. Auto industry groups from Canada, Mexico and the United States are pushing back against the demand for higher U.S. automotive content, saying it would be too complex. According to a schedule seen by Reuters, negotiators are due to continue discussing rules of origin on Saturday as well as Sunday morning. Mexican Economy Minister Ildefonso Guajardo and Canadian Foreign Minister Chrystia Freeland this week both said they were not in favour of specific national rules of origin within NAFTA. "In the world of international trade, there is not a single precedent (for that), not in a bilateral or multilateral agreement," said Guajardo. Reporting by Anthony Esposito and David Ljunggren; Editing by Lisa Von Ahn and Mary Milliken 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-trade-nafta-origin-idUKKCN1B000K'|'2017-08-20T04:21:00.000+03:00'|6072.0|''|-1.0|'' @@ -6080,7 +6080,7 @@ 6078|'55c483e2c7878b89089c641be2743279279a2103'|'Ex-Millennium trader Langlois preps new hedge fund - sources'|'August 4, 2017 / 8:35 AM / 26 minutes ago Ex-Millennium trader Langlois preps new hedge fund - sources Maiya Keidan 2 Min Read LONDON (Reuters) - Former Millennium Capital Partners and Brevan Howard Asset Management trader Arnaud Langlois is preparing to launch equities hedge fund Terreneuve Capital, two sources familiar with the matter told Reuters. Langlois plans to launch Terreneuve - which will use a so-called ''long-short'' strategy, betting on rising and falling share prices - with between $200 million and $250 million, the sources said. Langlois, who declined to comment on his plans, registered Terreneuve at Britain''s Companies House corporate registry on June 27. Investor demand for long-short funds such as Terreneuve is currently higher than for any other strategy, a recent survey from Credit Suisse showed. Fifty-nine percent of 200 investors surveyed rated long-short equities funds as the most interesting for the next six months and favoured them across Europe, Asia and North America, it showed. Long-short funds have made gains of 6.1 percent in the first six months of the year compared with the average hedge fund, which made 3.6 percent over the same period, according to data from industry tracker Hedge Fund Research. Langlois most recently worked at Millennium Capital as an equities portfolio manager between November 2013 and June 2017, filings with Britain''s Financial Conduct Authority show. He worked at Brevan Howard Asset Management between June 2008 and February 2010 and at multi-strategy hedge fund UBS O''Connor between September 2010 and April 2013, the filings show. Reporting by Maiya Keidan; Editing by Simon Jessop and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hedgefunds-launch-idUKKBN1AK0TB'|'2017-08-04T11:35:00.000+03:00'|6078.0|''|-1.0|'' 6079|'42d4a83869b0d2e998704190013ca96e95f7cc2e'|'Global stocks, U.S. yields fall on worries over U.S. policy'|'August 17, 2017 / 1:04 AM / 22 minutes ago Global stocks, U.S. yields fall on worries over U.S. policy Sinead Carew 4 Min Read Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 16, 2017. Brendan McDermid NEW YORK (Reuters) - World equity markets and U.S. bond yields fell while gold rose on Thursday as investors favoured safe-haven investments amid scepticism U.S. President Donald Trump, roiled in controversy, would achieve his economic agenda. Adding to investor concerns was news that a van had slammed into crowds in the Spanish city of Barcelona, killing 13 people, according to media reports, in an attack police were treating as a terrorism. The U.S. dollar clung to a tiny gain and U.S. Treasury yields fell on worries Trump will be unable to deliver on campaign promises such as tax reform, even as the White House knocked down speculation that Gary Cohn, director of the National Economic Council, would resign. A crisis deepened over Trump''s response to violence on Saturday in the Virginia college town of Charlottesville, spurred by a white nationalist protest against the removal of a Confederate statue. After Trump blamed counter-protesters as much as white nationalists for clashes that left one woman dead, an exodus of business executives from Trump''s advisory councils on Wednesday fuelled speculation other officials, such as Cohn, would leave. Trump on Thursday again decried the removal of monuments to the pro-slavery Civil War Confederacy at the centre of the protests which have inflamed U.S. racial tensions. Rather than a single catalyst, a range of worries prompted investors to take profit, including the U.S. relationship with North Korea, the Barcelona attack, as well as domestic turmoil, according to Dennis Dick, proprietary trader at Bright Trading LLC in Las Vegas. "It''s not full-on panic selling here. It''s been a slow steady leak. That''s what''s telling me it''s money managers raising a little more cash," said Dick. "The market is starting to get a little impatient with the Trump situation. He can''t get any bills passed. You don''t know what he''s going to tweet about next." While the U.S. benchmark S&P 500 index hit a session low around the same time as the Barcelona attack''s death toll headlines, Dick noted that U.S. investors generally tend not to trade heavily on overseas news and are more concerned with Trump. Earlier on Thursday, the dollar was pushed higher versus the euro after the European Central Bank expressed caution about removing monetary stimulus too soon following a recent bounce in the euro, according to records of its last meeting. This was a day after minutes released from the Federal Reserve showed some policymakers cautioning against rate increases while U.S. inflation remained weak. The Dow Jones Industrial Average .DJI fell 204.03 points, or 0.93 percent, to 21,820.84, the S&P 500 .SPX lost 29.53 points, or 1.20 percent, to 2,438.58 and the Nasdaq Composite .IXIC dropped 98.96 points, or 1.56 percent, to 6,246.15. The dollar index .DXY rose 0.06 percent, with the euro EUR= down 0.24 percent to $1.174, after hitting a three-week low following indications that some within the ECB were concerned about its gains. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.59 percent and MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.57 percent. Oil prices rose on expectations of a hefty stockpile draw at the U.S. oil storage hub at Cushing, Oklahoma, reversing Wednesday''s loses, which were spurred by data showing U.S. crude output at its highest in two years. U.S. crude CLcv1 rose 0.62 percent to $47.07 per barrel and Brent LCOcv1 was last at $50.93, up 1.31 percent on the day. The safe-haven commodity, gold XAU=, added 0.3 percent to $1,286.44 an ounce. U.S. gold futures GCcv1 gained 0.71 percent to $1,292.00 an ounce. Additional reporting by Alasdair Pal, Patrick Graham in London; editing by John Stonestreet and Dan Grebler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-markets-idUKKCN1AX032'|'2017-08-17T22:41:00.000+03:00'|6079.0|''|-1.0|'' 6080|'e67d325b467890ad66293db7a86f9dc93927b313'|'Brazil''s JBS maintains plans for IPO of U.S. unit'|'FILE PHOTO - General view of Brazilian meatpacker JBS SA in the city of Lapa, Parana state, Brazil, March 21, 2017. Ueslei Marcelino/File Photo SAO PAULO (Reuters) - JBS SA will proceed with plans to list a U.S.-based unit when market conditions allow, as the world''s No. 1 meatpacker wrestles with a shareholder revolt over the role of the controlling Batista family in a massive graft scandal.In a Tuesday conference call to discuss second-quarter results, Chief Executive Officer Wesley Batista said JBS Foods International Inc could be listed by the end of next year, once parent JBS finalizes 6 billion reais ($1.9 billion) in asset sales to cut debt and restore investor confidence.His remarks came after Brazil''s development bank BNDES, whose investment arm is JBS'' No. 2 shareholder, said earlier in the day that it would endorse a civil lawsuit against management and the billionaire Batista family. The lawsuit alleges that their role in a corruption scheme led to heavy losses in the value of JBS shares."It is not a matter of if but when," he said of the unit''s IPO plan. JBS Foods includes beef brand Swift and Pilgrim''s Pride, among other subsidiaries.BNDES Participaes SA, which has about a 21 stake in JBS, will seek Batista''s ouster at a Sept. 1 shareholder meeting. The lawsuit also targets his brother Joesley Batista, who is also a board member, former executives and J&F Investimentos SA, which oversees the family''s 42 percent stake in JBS.Related Coverage Brazil prosecutor to file charges against J&F executives: newspaperIn May, the Batista brothers signed a plea deal with Brazilian prosecutors after admitting to bribing 1,900 politicians over the course of a decade. Since then the brothers have personally negotiated the short-term refinancing of 21 billion reais in JBS debt and the sale of several assets.Following the plea deal, JBS'' board created a compliance division and hired a former U.S. Department of Agriculture official to bolster transparency.Shares rallied in afternoon trading, as the succession of probes and scandals had a smaller-than-expected impact on second-quarter operational trends. The stock added 2.4 percent to 8.81 reais.Earnings Late on Monday, JBS reported quarterly net income that was about half the amount forecast by analysts as net financial expenses jumped to their highest in five quarters on currency variations and adjustments in the fair value of derivatives.Still, earnings before interest, tax, depreciation and amortization, or EBITDA, rose 30 percent from a year earlier to 3.7 billion reais, beating an average estimate of 3.4 billion reais.According to Thiago Duarte, an analyst with Banco BTG Pactual, results reflected a strong performance of the U.S. beef business is booming as the outlook for Brazil-based units remain weak. Batista expects margins to return to historical double-digit levels.JBS is on track to reduce debt faster than investors anticipated, he said. Net debt could drop to 3.5 times annual EBITDA by December, Batista said, noting that those debt levels had not been expected until the end of 2018.The company is also in advanced talks to sell Moy Park Ltd in Europe and U.S. unit JBS Five Rivers Cattle Feeding LLC, following the sales of Argentine assets and a stake in dairy producer Vigor Alimentos SA, Batista said.JBS has also hired lawyers to deal with a potential U.S. criminal investigation of its corporate practices, he said, adding that "none of our U.S. subsidiaries or executives committed any wrongdoing."Reporting by Ana Mano; Additional reporting by Alberto Alerigi Jr in So Paulo; Editing by Guillermo Parra-Bernal and Phil Berlowitz'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-jbs-outlook-idUSKCN1AV1GD'|'2017-08-15T16:22:00.000+03:00'|6080.0|''|-1.0|'' -6081|'4d8fa09863df053ca395c4c5ffa1db28ba3ba387'|'HSBC names Dave Watts as chief finance officer for UK unit'|'June 30, 2017 / 8:42 AM / an hour ago HSBC names Dave Watts as chief finance officer for UK unit 1 Min Read LONDON, Aug 14 (Reuters) - HSBC has appointed Dave Watts as chief finance officer of its new British unit HSBC UK, according to an internal memo seen by Reuters on Monday. The lender also named James Calladine as chief risk officer for the British bank, with both set to move to their new roles when HSBC UK separates from the rest of the banking group in July 2018. A spokeswoman for HSBC confirmed the contents of the memo. The creation of HSBC UK is in response to laws set out in 2013 that require British banks to separate high street business from investment banking in order to protect savers'' money. HSBC said in May it was on track to fill 1,000 vacancies at the headquarters of the new British retail bank in Birmingham, after local newspaper reports last year criticised the pace of hiring. (Reporting By Lawrence White; Editing by Edmund Blair) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/moves-hsbc-watts-idUSL9N1D202R'|'2017-08-14T12:17:00.000+03:00'|6081.0|''|-1.0|'' +6081|'4d8fa09863df053ca395c4c5ffa1db28ba3ba387'|'HSBC names Dave Watts as chief finance officer for UK unit'|'June 30, 2017 / 8:42 AM / an hour ago HSBC names Dave Watts as chief finance officer for UK unit 1 Min Read LONDON, Aug 14 (Reuters) - HSBC has appointed Dave Watts as chief finance officer of its new British unit HSBC UK, according to an internal memo seen by Reuters on Monday. The lender also named James Calladine as chief risk officer for the British bank, with both set to move to their new roles when HSBC UK separates from the rest of the banking group in July 2018. A spokeswoman for HSBC confirmed the contents of the memo. The creation of HSBC UK is in response to laws set out in 2013 that require British banks to separate high street business from investment banking in order to protect savers'' money. HSBC said in May it was on track to fill 1,000 vacancies at the headquarters of the new British retail bank in Birmingham, after local newspaper reports last year criticised the pace of hiring. (Reporting By Lawrence White; Editing by Edmund Blair) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/moves-hsbc-watts-idUSL9N1D202R'|'2017-08-14T12:17:00.000+03:00'|6081.0|18.0|0.0|'' 6082|'6af5e358a4e638a79140f98ce1a8029a10638db7'|'RPT-Wall St Week Ahead-Amazon shadow looms large ahead of retail earnings'|'August 6, 2017 / 5:01 PM / 5 hours ago RPT-Wall St Week Ahead-Amazon shadow looms large ahead of retail earnings 4 Min Read (Repeats column originally published on Aug 4, no changes) By Rodrigo Campos NEW YORK, Aug 4 (Reuters) - As old and new Amazon.com competitors gear up to report earnings, investors are eager to know how they plan to withstand the growth of the No. 1 online retailer. So far this quarter, Amazon has been brought up in some 130 earnings calls from S&P 1500 components according to a Reuters analysis. About 50 of those came in the last week alone. More than 30 companies reporting earnings in the following weeks mentioned Amazon during their most recent earnings call or were directly asked about threats or opportunities regarding Amazon''s growth. "Any retailer, whether it''s an online retailer or has online presence, or just brick and mortar, that tells you theyre not concerned about Amazon, theyre either in denial or lying," said Steven Osinski, marketing lecturer at the Fowler College of Business at San Diego State University. Beyond retailers like Wal-Mart and Target, and following Amazon''s planned acquisition of Whole Foods Market announced mid June, expect Amazon to pop up on earnings calls from food producers, packagers and retailers including SpartanNash and Dean Foods. Amazon mentions in less-expected earnings calls could also give investors an idea of where analysts expect the behemoth to strike next. "It''ll be interesting to see (Amazon CEO Jeff) Bezos'' next move in terms of wanting to expand into a certain space," said Daniel Morgan, portfolio manager at Synovus Trust in Atlanta. He said apparel as well as pharmaceutical distribution were among the areas where Amazon has been said to make its next big move. "They''ve shown up in places we didn''t think they''d have competitive impact just two years ago." In a sign of Amazon''s widening clout, industry bellwethers like McDonald''s, 3M and Johnson & Johnson in their latest earnings calls were asked for the first time about effects of Amazon on their businesses. (For a graphic on Amazon''s stock growth, see bit.ly/2vxWft0 ) Not-So-Great Expectations Consumer discretionary is the S&P 500 sector expected to post the smallest year-over-year earnings growth this reporting quarter, with a gain of 3.3 percent. Overall, earnings are seen rising 12 percent from last year. Amazon''s own results weigh on the sector, as it earned 40 cents per share instead of the $1.42 analysts had expected. But its 25 percent revenue increase to $38 billion was seen as a detriment to some competitors and could weigh down expectations for their quarterly reports. "Expectations have been pushed down because a lot of the retailers, particularly the bricks and mortar ones, have had problems - Amazon and other related - so expectations are pretty low," said Nuveen Asset Management''s chief equity strategist, Bob Doll. "Amazon obviously has a very powerful model but on the other hand, they''re not going to put every bricks and mortar retailer out of business. These guys aren''t going to sit and let it happen." However, stocks in the sector approach their earnings at relatively rich valuations. Including Amazon, which has an earnings multiple above 100, investors in consumer discretionary stocks are paying more than $19 for every $1 in earnings forecast over the next 12 months. That is near the highest since 2009. As costly as sector stocks are, Amazon has kept growing faster than most, up more than 31 percent year to date. Amazon''s market cap, near half a trillion dollars, places it at about 20 percent of the S&P 500''s consumer discretionary sector. Its growing clout has called for comparisons with rival Wal-Mart, whose growth in the early 2000s raised concerns it would put smaller retailers out of business. "In some ways I don''t know if the Amazon effect is much different from what we''ve seen with Wal-Mart or Microsoft," said Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis. "There''s fewer and fewer players and more concentration. It''s the result of winner-takes-all scenarios." Reporting by Rodrigo Campos, additional reporting by Caroline Valetkevitch; Editing by David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-stocks-weekahead-idUSL1N1KQ1SN'|'2017-08-06T20:00:00.000+03:00'|6082.0|''|-1.0|'' 6083|'42c87c05f602d3c315e00e1febe3f9f90ec71780'|'Ford says signs MoU with Chinese automaker to build electric vehicles in China'|'August 22, 2017 / 8:28 AM / 3 hours ago Ford, China''s Zotye Auto plan JV to build electric vehicles Brenda Goh 3 Min Read SHANGHAI (Reuters) - Ford Motor is exploring setting up a joint venture with Chinese firm Anhui Zotye Automobile Co to build electric passenger vehicles in China under a new brand, tapping into a boom for such vehicles in the world''s top auto market. China, struggling with alarming pollution levels in major cities, is aggressively pushing plug-in vehicles and has poured in tens of billions in investment, research funding and subsidies, drawing many new automakers to launch projects. Tesla, Daimler AG and General Motors are among firms that have already announced plans for making electric vehicles in China, which wants electric and plug-in hybrid cars to make up at least a fifth of the country''s auto sales by 2025. Ford, whose overall China sales are down 7 percent this year, said in a statement on Tuesday that it had signed a memorandum of understanding with Zotye Auto to build a new brand under which the electric vehicles will be sold. Both firms will hold a 50-50 stake in the JV, it said. It did not provide details of financial commitments nor say by when it will take a firm decision on the JV. FILE PHOTO: The Ford logo is seen on a car in a park lot in Sao Paulo, Brazil June 2, 2017. Paulo Whitaker/File Photo Ford sees China as the fastest growing market in the world for new energy vehicles (NEV) and forecasts that segment to grow to six million vehicles per year by 2025, of which approximately four million would be all-electric. The potential JV with Zotye Auto would represent a deepening of commitment to electric vehicles in China by Ford. In April, it outlined plans to offer by 2025 hybrid or fully electric versions of all models built in China with its domestic joint venture partner, Chongqing Changan Automobile Co Ltd. FILE PHOTO: The logo of Ford Motor Company is on display at a dealership of Genser company in Moscow, Russia, February 14, 2017. Maxim Shemetov/File Photo However, it also said at the time that it would take a cautious approach to the market due to uncertainty about consumer interest and government policy. Zotye, which Ford described as the market leader in China''s all-electric small vehicle segment, sold more than 16,000 all-electric vehicles this year through July, representing a year-on-year growth of 56 percent, it said. The privately-owned company, which is headquartered in China''s coastal Zhejiang province, also makes sport utility vehicles and cargo trucks. On Monday, it reported a near six-fold jump in first-half profits. Ford said it would release details about the brand, products and production volumes at a later date, pending a final agreement and regulatory approvals. Additional Reporting by Beijing Monitoring Desk; Editing by Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-ford-china-electric-vehicle-idUSKCN1B20QA'|'2017-08-22T11:26:00.000+03:00'|6083.0|''|-1.0|'' 6084|'ac5bc2406de3a552560078ec4136a896738dcdd8'|'Stada shareholders accept buyout offer in second round'|'The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. Alex Domanski FRANKFURT (Reuters) - Bain Capital and Cinven have won control of Germany''s Stada ( STAGn.DE ) with a sweetened 5.3 billion euro ($6.2 billion) bid for the generic drugmaker, in the largest takeover of a listed German company by buyout firms.Months of uncertainty for Stada ended as investors tendered by the Wednesday deadline 63.85 percent of its shares, more than the 63 percent minimum acceptance threshold, the private equity groups said on Friday."We are pleased that the question of the future ownership structure has now been settled," Engelbert Coster Tjeenk Willink, Stada''s chief executive, said in a statement.Buyout firms have been flush with cash after selling assets and borrowing cheaply and healthcare is a prime target for them due to its reliable cash flows and long-term growth prospects.Although the Stada bidders had lowered the minimum level from 67.5 percent, after their first offer yielded acceptances of only 65.52 percent, the second attempt was still "very, very close," a banker familiar with the process said.Bain and Cinven had also sweetened their offer by 25 cents per share to 66.25 euros last month, adding around 16 million euros more for Stada, after their earlier bid fell through.Both offers were supported by Stada''s management, which previously ran an auction in which Bain and Cinven beat a consortium of buyout groups Advent and Permira.SHARES SPARKLE At less than 10 percent, private equity ownership of healthcare firms with over 100 million euros in sales is well below other sectors in Europe, McKinsey said in a recent study.Buyout firms have been discouraged by a patchwork of national healthcare rules, but interest is on the rise, it said.Shares in Stada jumped more than 13 percent, ending Friday''s trading session at 72.55 euros, well above the offer price amid speculation that minority shareholders can extract an even higher price from the private equity groups as they seek to take full control of Stada.If Bain and Cinven manage to cross the 75 percent threshold, it will allow them to tap into Stada''s cashflow to service their debt, but they would also then have to make a buyout offer to minority shareholders, who could demand a mark-up in court.A takeover was put in doubt when the bidders warned they were struggling even more than before to galvanise private individuals holding some 25 percent of Stada. But hedge funds, which had held on to shares in the hope of fetching an even higher price from Bain and Cinven once the pair have gained control, appeared to have yielded.Sources have said that Bain and Cinven would look into buying more healthcare businesses to combine with Stada over the medium term, seeking cost cuts that would make the extra cost of their investment in Stada worthwhile. Sanofi''s ( SASY.PA ) European generics business, which the French drugmaker will put up for sale later this year, will be among the assets targeted, sources have said.($1 = 0.8517 euros)Additional reporting by Alexander Huebner; editing by Edward Taylor/Maria Sheahan/Alexander Smith'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-stada-arzneimitt-m-a-acceptance-idINKCN1AY12Y'|'2017-08-18T08:53:00.000+03:00'|6084.0|''|-1.0|'' @@ -6109,9 +6109,9 @@ 6107|'e8946499b2fa6cbb75844173dd85e13568028c74'|'Great Wall Motor says it has not contacted Fiat Chrysler''s board'|'August 22, 2017 / 12:22 PM / 36 minutes ago Great Wall Motor says it has not contacted Fiat Chrysler''s board Reuters Staff 2 Min Read FILE PHOTO - A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. Brendan McDermid HONG KONG (Reuters) - Chinese automaker Great Wall Motor Co Ltd ( 601633.SS ) has not contacted Fiat Chrysler Automobiles NV''s ( FCHA.MI )( FCAU.N ) board nor has it signed any agreements with the Italian-American automaker, it said on Tuesday. Automotive News first reported on Monday that Great Wall Motor President Wang Fengying planned to contact FCA to discuss acquiring the Jeep brand. Two people familiar with the matter told Reuters on Monday that Great Wall Motor had asked for a meeting with FCA to make an offer for all or part of the group. "We took interest in FCA but there has been no concrete progress so far," Great Wall Motor said in a filing to the Shanghai stock exchange on Tuesday. "We have not had any negotiation, nor signed any agreements with FCA," the filing added. Trading in Great Wall Motor''s Shanghai-listed shares will resume on Wednesday, after it was suspended on the company''s request. Reporting by Meg Shen; editing by Susan Thomas 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-great-wall-motor-fiat-chrysler-idUKKCN1B21D4'|'2017-08-22T15:22:00.000+03:00'|6107.0|''|-1.0|'' 6108|'eb0bcc12ff72e6e45849a03708a532623f6560bd'|'Volkswagen U.S. plant building 400 Atlas SUVs a day -executive'|'August 31, 2017 / 6:30 PM / an hour ago Volkswagen U.S. plant building 400 Atlas SUVs a day: executive Reuters Staff 1 Min Read FILE PHOTO - An American flag flies next to a Volkswagen car dealership in San Diego, California, U.S. September 23, 2015. Mike Blake/File Photo (Reuters) - German automaker Volkswagen''s ( VOWG_p.DE ) U.S. plant in Chattanooga, Tennessee, is building 400 Atlas SUVs a day, close to capacity and on pace to reach 100,000 per year, Matthias Erb, who heads VW''s North American engineering team, said on Thursday. Erb said the plant can boost production further if demand for the new Atlas warrants. Reporting by David Shepardson in Washington; Editing by Richard Chang '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-autos-volkswagen-idUSKCN1BB2PK'|'2017-08-31T21:24:00.000+03:00'|6108.0|''|-1.0|'' 6109|'1aa9bd24cb0034f8727920753610747320b70092'|'India''s Infosys shares extend losses after CEO quit'|'August 21, 2017 / 4:30 AM / 3 hours ago India''s Infosys shares extend losses after CEO quit Reuters Staff 1 Min Read FILE PHOTO: The logo of Infosys is pictured inside the company''s headquarters in Bengaluru, India, April 13, 2017. Abhishek N. Chinnappa/File Photo MUMBAI (Reuters) - Shares of India''s Infosys Ltd fell as much as 4.6 percent on Monday to a near three-year low, slumping for a second consecutive session, after brokerages including Nomura downgraded the stock following the resignation of its chief executive. Shares slumped 9.6 percent on Friday after CEO Vishal Sikka unexpectedly resigned after a long-running feud with the company''s founders, wiping out $3.45 billion off Infosys'' market value. Nomura downgraded the stock to "reduce", saying the uncertainty over Infosys'' management could hamper long-term growth, while expressing worries that the tussle between the founder and promoters could escalate. The concerns about Infosys'' future trumped the company''s approval on Saturday of a 130 billion rupees ($2.03 billion) share buyback. As of 0421 GMT, Infosys shares were down 2.5 percent, hitting their lowest since September 2014. Reporting by Rafael Nam; Editing by Sherry Jacob-Phillips 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-infosys-stocks-idUKKCN1B10AK'|'2017-08-21T07:26:00.000+03:00'|6109.0|''|-1.0|'' -6110|'cf0d9c375de0081e47e2fbe390304ad6b5af0ac3'|'M&S in talks to transfer Hong Kong and Macau stores to franchise partner'|'A sign is displayed outside a Marks & Spencer store in London, Britain January 7, 2016. Toby Melville (Reuters) - Marks & Spencer has opened talks to sell its wholly owned Hong Kong and Macau stores to franchise partner Al-Futtaim, the British company said on Wednesday.The food and clothing retailer said it has begun talks on the potential sale of the stores, which Al-Futtaim would continue to operate under the M&S franchise. The talks are expected to take several months to complete.The move follows a strategic review by M&S last November, in which the company laid out plans to shut more than 80 stores at home and abroad as well as seek joint ventures and franchise partnerships to operate in fewer wholly-owned markets.The Hong Kong and Macau stores would continue to trade as normal, the company said on its website. ( bit.ly/2xLZnzj )Al-Futtaim has worked in partnership with M&S since 1998 and today operates 43 M&S stores across seven markets in the Middle East, Singapore and Malaysia.Reporting by Esha Vaish in Bengaluru; Editing by David Goodman '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-m-s-divestiture-idUSKCN1BA0SH'|'2017-08-30T15:44:00.000+03:00'|6110.0|''|-1.0|'' +6110|'cf0d9c375de0081e47e2fbe390304ad6b5af0ac3'|'M&S in talks to transfer Hong Kong and Macau stores to franchise partner'|'A sign is displayed outside a Marks & Spencer store in London, Britain January 7, 2016. Toby Melville (Reuters) - Marks & Spencer has opened talks to sell its wholly owned Hong Kong and Macau stores to franchise partner Al-Futtaim, the British company said on Wednesday.The food and clothing retailer said it has begun talks on the potential sale of the stores, which Al-Futtaim would continue to operate under the M&S franchise. The talks are expected to take several months to complete.The move follows a strategic review by M&S last November, in which the company laid out plans to shut more than 80 stores at home and abroad as well as seek joint ventures and franchise partnerships to operate in fewer wholly-owned markets.The Hong Kong and Macau stores would continue to trade as normal, the company said on its website. ( bit.ly/2xLZnzj )Al-Futtaim has worked in partnership with M&S since 1998 and today operates 43 M&S stores across seven markets in the Middle East, Singapore and Malaysia.Reporting by Esha Vaish in Bengaluru; Editing by David Goodman '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-m-s-divestiture-idUSKCN1BA0SH'|'2017-08-30T15:44:00.000+03:00'|6110.0|27.0|4.0|'' 6111|'354d301863ad95182a34dcb6ebc2e9c328d141fe'|'Record number of investors say equities overvalued - BAML poll'|'August 15, 2017 / 3:23 PM / 33 minutes ago Record number of investors say equities overvalued - BAML poll Claire Milhench 3 Min Read LONDON (Reuters) - The number of investors saying equity markets are overvalued rose to a record high of 46 percent in August, Bank of America Merrill Lynch''s monthly fund manager poll showed on Tuesday. The survey, which polled 202 asset managers with $587 billion under management, was carried out between August 4-10 and showed cash levels at a stubbornly high 4.9 percent, whilst the allocation to equities fell to a net 36 percent overweight. European investors'' cash weighting rose to 5.3 percent, the highest reading since March 2003. BAML noted an "ominous inflection point" in the profit expectations indicator, with only a net 33 percent of investors saying corporate profits would improve over the next 12 months. This was down 25 percentage points from January to the lowest level since November 2015. The bank suggested this was a warning sign for equities over bonds, high yield over investment grade and cyclical sectors over defensive ones. "Further deterioration is likely to cause risk-off trades," said Michael Hartnett, chief investment strategist. Expectations for faster global growth also fell to 35 percent in August, down from 62 percent in January, and the outlook for corporate operating margins stalled. However, the percentage of investors expecting a ''Goldilocks'' scenario of above-trend growth and below-trend inflation rose 6 percentage points to 42 percent, a record high. This could be linked to the fact that U.S. inflation has remained subdued. The U.S. consumer price index edged up just 0.1 percent last month after it was unchanged in June. The modest gain in consumer prices could worry Federal Reserve officials who have largely viewed the retreat in inflation as temporary. In a new question, 43 percent of those surveyed thought low inflation was structural. U.S. stocks remained out of favour, with the allocation falling to a net 22 percent underweight, the largest underweight since January 2008. The relative U.S. equity positioning versus the rest of the world was also the lowest since April 2007. The tech-heavy Nasdaq Composite .IXIC was picked as the "most crowded" trade for a fourth straight month, nominated by 31 percent of poll respondents. In contrast, the allocation to euro zone equities rose to a net 56 percent overweight from a net 54 percent last months. Emerging markets also remained in favour. "Cash and overvaluation fears aside, fund manager survey positioning remains broadly pro-risk, pro-cyclical," BAML said. Some 22 percent of respondents said the biggest tail risk remained a policy mistake by the Fed or the European Central Bank. North Korea, which stepped up its threatening rhetoric this month, was cited by 19 percent. Reporting by Claire Milhench; Editing by Janet Lawrence 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-funds-baml-survey-idUKKCN1AV1RN'|'2017-08-15T18:22:00.000+03:00'|6111.0|10.0|0.0|'' -6112|'4c0e96f2599694fd17a7f92f2a6b5a06d6b88c16'|'With Congo finances collapsing, desperate government has few options'|'August 17, 2017 / 2:52 PM / an hour ago With Congo finances collapsing, desperate government has few options Democratic Republic of Congo''s President Joseph Kabila inspects the guard of honor before addressing the nation at Palais du Peuple in the capital Kinshasa, April 5, 2017. Kenny Katombe Aaron Ross 5 Min Read KINSHASA (Reuters) - As Congo''s government was soliciting urgent help from Western donors and the IMF last month to contain an economic crisis, the chairman of the state mining company brought an unusual guest to the prime minister''s office. It was Raymond O''Leary, a vice president from Russia''s second largest bank, state-owned VTB, to discuss a Eurobond aiming to raise funds for the cash-strapped government, Congolese and VTB officials confirmed. The choice of lead manager was striking, given that VTB is under U.S. sanctions any deal would have shut the door on IMF and pretty much all Western funding owing to donor objections. VTB''s press office emphasized, however, that its VTB Capital arm in charge of Eurobond issuances is not under sanctions. "There are no legislative restrictions on the participation of foreign investment funds in placements organized by Russian investment banks," it said in a statement. Nevertheless, the deal fell through, partly because of concerns about the optics of dealing with VTB and also because Congolese officials realized any investors willing to buy the bond would demand a punitive spread. But the fact that the meeting took place at all revealed just how desperate Democratic Republic of Congo''s government has become as it seeks to head off a collapse in national finances that is hitting the economy. Inflation is now at 50 percent and the Congolese franc has lost 30 percent making it one of the world''s worst performers this year, though it recovered slightly this month. In addition, the central bank is so low on forex it has barely three weeks of import cover left. Congo''s economic pain is fueling political instability. Violent street protests against President Joseph Kabila and a surge in militia attacks and prison breaks have stoked fears the Central African giant could slip back to the civil wars of the turn of the century in which millions died. Kabila took power when his father was assassinated in 2001 and has since won two elections. The IMF representative in Congo declined to comment, as did the prime minister''s office and finance minister. But in a speech last month, central bank governor Deogratias Mutombo was uncharacteristically blunt: A woman exchanges dollars for Congolese francs at a street side exchange stall in Avenue du 24 Novembre, in Lingwala Municipality, Kinshasa, Democratic Republic of Congo, July 26, 2017. Robert Carrubba "The economy is in very bad shape," he said. "FALSE PROMISES" Congo is Africa''s top copper producer and houses a trove of other minerals including oil, cobalt and gold, but low commodity prices have conspired with high deficits and rampant corruption to push its economic indicators into the red. "Currently there is no possibility with the current economic situation and political instability to have ... sufficient confidence to sustain a stable exchange rate," former banking association head Michel Losembe told Reuters. Earlier this month ratings agency Standard & Poor''s downgraded Congo''s sovereign credit rating, predicting year-end depreciation of the franc of about 35 percent and annual GDP growth of less than 2 percent from 2017-2020, down from 7.8 percent for 2011-2016. The government forecasts 2017 GDP growth at 3.1 percent, up from 2.4 percent last year. Standard & Poor''s sees GDP growth this year at 1.5 percent. Three quarters of Congo''s budget pays civil servant salaries and government operating expenses. Labour unions have launched strikes in recent weeks to demand pay rises. Labour unrest would worsen Congo''s security crisis, which has seen violence rise in several parts of the country since Kabila refused to step down at the expiry of his mandate in December. A general strike largely paralyzed economic activity for two days last week. In June IMF Managing Director Christine Lagarde, on Congo''s request, offered to send a delegation in September to discuss possible aid. Yet she warned this would require "a credible trajectory toward political stability". A Kinshasa-based diplomat says IMF help is "near impossible" because it would require Kabila to commit to a timeline for stepping down - which he refuses to do - and open the books of Congo''s opaque state-owned miner Gecamines. On the streets of Kinshasa, patience is wearing thin. In Ngaba district, where cement trucks vie for space with rickshaws on dilapidated, flooded roads, some residents have turned to the only option left: criminality. "Let the authorities spare us their false promises," said one 22-year-old gangster in Ngaba who gave only his first name, Yves. He said he had studied at a professional institute but couldn''t find a job after graduating and has now turned to a cellphone theft racket. "There''s no work," he said. "That''s why we''re out here fighting like gangsters." Additional reporting by Alex Winning in Moscow, Ed Cropley in Johannesburg and Karin Strohecker in London; Editing by Tim Cocks and Matthew Mpoke Bigg 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-congo-finances-idUSKCN1AX1TF'|'2017-08-17T17:44:00.000+03:00'|6112.0|''|-1.0|'' +6112|'4c0e96f2599694fd17a7f92f2a6b5a06d6b88c16'|'With Congo finances collapsing, desperate government has few options'|'August 17, 2017 / 2:52 PM / an hour ago With Congo finances collapsing, desperate government has few options Democratic Republic of Congo''s President Joseph Kabila inspects the guard of honor before addressing the nation at Palais du Peuple in the capital Kinshasa, April 5, 2017. Kenny Katombe Aaron Ross 5 Min Read KINSHASA (Reuters) - As Congo''s government was soliciting urgent help from Western donors and the IMF last month to contain an economic crisis, the chairman of the state mining company brought an unusual guest to the prime minister''s office. It was Raymond O''Leary, a vice president from Russia''s second largest bank, state-owned VTB, to discuss a Eurobond aiming to raise funds for the cash-strapped government, Congolese and VTB officials confirmed. The choice of lead manager was striking, given that VTB is under U.S. sanctions any deal would have shut the door on IMF and pretty much all Western funding owing to donor objections. VTB''s press office emphasized, however, that its VTB Capital arm in charge of Eurobond issuances is not under sanctions. "There are no legislative restrictions on the participation of foreign investment funds in placements organized by Russian investment banks," it said in a statement. Nevertheless, the deal fell through, partly because of concerns about the optics of dealing with VTB and also because Congolese officials realized any investors willing to buy the bond would demand a punitive spread. But the fact that the meeting took place at all revealed just how desperate Democratic Republic of Congo''s government has become as it seeks to head off a collapse in national finances that is hitting the economy. Inflation is now at 50 percent and the Congolese franc has lost 30 percent making it one of the world''s worst performers this year, though it recovered slightly this month. In addition, the central bank is so low on forex it has barely three weeks of import cover left. Congo''s economic pain is fueling political instability. Violent street protests against President Joseph Kabila and a surge in militia attacks and prison breaks have stoked fears the Central African giant could slip back to the civil wars of the turn of the century in which millions died. Kabila took power when his father was assassinated in 2001 and has since won two elections. The IMF representative in Congo declined to comment, as did the prime minister''s office and finance minister. But in a speech last month, central bank governor Deogratias Mutombo was uncharacteristically blunt: A woman exchanges dollars for Congolese francs at a street side exchange stall in Avenue du 24 Novembre, in Lingwala Municipality, Kinshasa, Democratic Republic of Congo, July 26, 2017. Robert Carrubba "The economy is in very bad shape," he said. "FALSE PROMISES" Congo is Africa''s top copper producer and houses a trove of other minerals including oil, cobalt and gold, but low commodity prices have conspired with high deficits and rampant corruption to push its economic indicators into the red. "Currently there is no possibility with the current economic situation and political instability to have ... sufficient confidence to sustain a stable exchange rate," former banking association head Michel Losembe told Reuters. Earlier this month ratings agency Standard & Poor''s downgraded Congo''s sovereign credit rating, predicting year-end depreciation of the franc of about 35 percent and annual GDP growth of less than 2 percent from 2017-2020, down from 7.8 percent for 2011-2016. The government forecasts 2017 GDP growth at 3.1 percent, up from 2.4 percent last year. Standard & Poor''s sees GDP growth this year at 1.5 percent. Three quarters of Congo''s budget pays civil servant salaries and government operating expenses. Labour unions have launched strikes in recent weeks to demand pay rises. Labour unrest would worsen Congo''s security crisis, which has seen violence rise in several parts of the country since Kabila refused to step down at the expiry of his mandate in December. A general strike largely paralyzed economic activity for two days last week. In June IMF Managing Director Christine Lagarde, on Congo''s request, offered to send a delegation in September to discuss possible aid. Yet she warned this would require "a credible trajectory toward political stability". A Kinshasa-based diplomat says IMF help is "near impossible" because it would require Kabila to commit to a timeline for stepping down - which he refuses to do - and open the books of Congo''s opaque state-owned miner Gecamines. On the streets of Kinshasa, patience is wearing thin. In Ngaba district, where cement trucks vie for space with rickshaws on dilapidated, flooded roads, some residents have turned to the only option left: criminality. "Let the authorities spare us their false promises," said one 22-year-old gangster in Ngaba who gave only his first name, Yves. He said he had studied at a professional institute but couldn''t find a job after graduating and has now turned to a cellphone theft racket. "There''s no work," he said. "That''s why we''re out here fighting like gangsters." Additional reporting by Alex Winning in Moscow, Ed Cropley in Johannesburg and Karin Strohecker in London; Editing by Tim Cocks and Matthew Mpoke Bigg 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-congo-finances-idUSKCN1AX1TF'|'2017-08-17T17:44:00.000+03:00'|6112.0|28.0|0.0|'' 6113|'698392fa6ae5ea02c934ff806ae5f8bd4e71aedb'|'SoftBank invests $1 billion in sports e-commerce firm Fanatics: sources'|'August 8, 2017 / 8:00 PM / in 17 hours SoftBank invests $1 billion in sports e-commerce firm Fanatics: sources Liana B. Baker 2 Min Read FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. Issei Kato/File photo SAN FRANCISCO (Reuters) - SoftBank Group Corp is investing $1 billion in Fanatics Inc as a part of a funding round that values the sports e-commerce company at $4.5 billion, according to sources familiar with the matter. The new funding is expected to close later this month, one of the people said, asking not to be named because the news was not yet public. Fanatics declined to comment and SoftBank could not immediately be reached for comment. Jacksonville, Florida-based Fanatics is a leading sports merchandise licensor that handles e-commerce sales for teams and sports leagues around the world. It counts the National Football League and Major League Baseball as investors, along with several venture capital firms and technology companies. SoftBank, run by Japanese billionaire Masayoshi Son, is making the bulk of the $1 billion investment out of its $93 billion Vision Fund, the world''s biggest private equity fund, sources said. Its backers include Saudi Arabia''s sovereign wealth fund, Abu Dhabi''s Mubadala Investment Co and Apple Inc. SoftBank has been involved in a number of recent deals including acquisitions of two robotics businesses from Google''s parent company Alphabet Inc. Other investments in the Vision Fund include stakes in chip designer ARM Holdings and satellite startup OneWeb. The Wall Street Journal first reported the SoftBank investment in Fanatics on Tuesday. Reporting by Liana B. Baker; Editing by Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-fanatics-softbank-investment-idUSKBN1AO2AI'|'2017-08-08T23:00:00.000+03:00'|6113.0|''|-1.0|'' 6114|'23c3673fa09e850ee535bc2f0b9b3b59c6b51022'|'UPDATE 1-Vale investors overwhelmingly join share conversion plan'|'(Adds details in paragraphs 4-9)SAO PAULO, Aug 10 (Reuters) - Investors in Brazil''s Vale SA have overwhelmingly agreed to swap their preferred stock into common shares, handling the world''s No. 1 iron ore producer a victory in a plan that will give equal votes to all shareholders and limit government meddling.In a Thursday securities filing, Vale said a total 1.421 billion preferred shares, or the equivalent of over 72 percent of that class of stock in circulation, joined the plan, topping the minimum 54.09 percent threshold set to approve a share conversion plan.According to the filing, the results are preliminary and a definitive outcome of the share conversion will only be known late on Friday, the filing said. Management at the Rio de Janeiro-based behemoth will discuss the matter at several conference calls on Aug. 14.The change represents a milestone in a country long hobbled by corporate governance abuses and reorganizations that hampered minority investors in most cases. Reuters reported the plan on Jan. 19, citing people familiar with it.The plan puts a limit to the meddling of politicians in Vale - an aspect that weighed on the company''s stock during former President Dilma Rousseff''s five years in office. Still, the government will keep a golden share, allowing it to fend off hostile takeover attempts and shape strategic decisions.By merging Vale''s different classes of stock into a single, common one, the miner could lure more Asian investors and specialized mining and metals funds as shareholders, Chief Financial Officer Luciano Siani told the Reuters Latin American Investment Summit on Monday.A first phase of the plan had been approved by shareholders in June. Thursday''s vote is key to raise awareness among global investors of the benefits of a company with dispersed share ownership, no controlling bloc and with increased transparency over decision-making.Common shares and Vale''s American depositary receipts - which will replace the company''s preferred stock - are up about 30 percent and 34 percent, respectively, this year.Currently, seven of Vale''s top-10 stockholders are U.S.-based funds, with the other three based in Europe, according to Thomson Reuters data. None of them are mining-only industry funds.Increased transparency also could help increase Vale''s existing shareholder base from about 200,000, Siani said, noting that it was about 500,000 a decade ago. (Reporting by Guillermo Parra-Bernal; Additional reporting by Ana Mano; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/vale-sa-equity-idINL1N1KX00C'|'2017-08-10T22:35:00.000+03:00'|6114.0|''|-1.0|'' 6115|'a4ff2b0c64a8fb8142530ff096bff3317eb43cbb'|'Globalisation''s castaways haunt central bankers'|'August 24, 2017 / 5:10 AM / 8 minutes ago Globalisation''s castaways haunt central bankers Jonathan Spicer and Howard Schneider 7 Min Read Shoppers enter the mostly vacant St. Lawrence Centre Mall in Massena, 19, 2017. Photo taken June 19, 2017. Jonathan Spicer MASSENA, New York/JACKSON HOLE, Wyoming (Reuters) - After a turbulent year of anti-globalisation backlash, central bankers still argue open borders and free trade are the key to more jobs, growth and prosperity. But when they meet for the U.S. Federal Reserve''s annual research conference in Jackson Hole, Wyoming, this week, it will be with the growing recognition that the world economic order they helped create could unravel unless the benefits of globalisation can reach those left behind. That means addressing the concerns of people like Grace Paige, a grandmother of seven from the struggling St. Lawrence County in northern New York state. When Donald Trump promised to revive "middle America" by rolling back decades of globalisation, Paige decided to give him a chance. The otherwise dependable Democratic voter sat out the election, contributing to the county''s swing from a 57-percent majority for Barack Obama in 2012 to a 51-percent vote for Trump''s economic nationalism. "My grandkids need jobs," she said, counting out the ways her county has been abandoned over the last decade with the shuttering of a General Motors car factory, an aluminium plant, and the Sears department store where Paige once worked. Central bankers reject Trump''s economic nationalism, including renewed threats to tear up the 23-year-old North American Free Trade Agreement, if it leads to more protectionism. But officials at the Fed in particular have in recent months broadened their policy debates to include issues such as racial disparities in labour markets or the fate of geographically or technologically isolated communities in an economy that is in many ways doing well. "Frankly as economists ... we haven''t probably paid enough attention to the transfer from one economy, where you aren''t as globalised, to another," Federal Reserve Bank of Cleveland President Loretta Mester told Reuters ahead of the Aug. 24-26 international gathering dedicated to securing global growth. "Globalisation and technological change is here to stay. And the promise of those is very good - we know that it can raise standards of living," Mester said. "It''s just how do you make sure that it''s distributed in a way so that the majority of people benefit." Policymakers acknowledge, however, that there is no quick and easy way to help those whose jobs were moved overseas or were replaced by software and robots, or to tackle the political challenge that poses. HALF-URBAN, HALF-RURAL, ALL TRUMP A Reuters analysis of U.S. voting, jobs and demographic data shows that it was in areas like St. Lawrence - neither clearly in the orbit of the globally-connected cities that drive economic growth, nor fully rural - that were key to Trump''s success. (Graphic: tmsnrt.rs/2g7Wky9 ) They represent about a third of the roughly 3,100 counties in the continental United States and around 12 percent of the U.S. population, according to census data. Trump outperformed the 2012 Republican candidate Mitt Romney the most in those counties, which proved vital to his triumph in key swing states. St. Lawrence - with its smattering of dairy-farm villages, college towns, and shuttered industrial sites - was also among 63 counties where votes swung by 10 percentage points or more to Trump from Obama. Similarly, areas of Britain on the edges of big cities had an outsized effect on the narrow June 2016 vote to leave the European Union. Thomas Jenison, Chairman of the St. Lawrence County Republicans, stands outside the party''s local office in Canton, 20, 2017. REUTER/Jonathan Spicer Recognising the challenge, Fed Governor Lael Brainard has made at least 10 visits from Appalachia to Mississippi studying why communities get left behind, extensive travel for a Fed governor outside the usual circuit of civic club and university speeches. "We really do have to be focussed on the kinds of policies that can reconnect those people to the workforce," Brainard said in a recent speech. Monetary policy geared to an entire economy is ill suited to fix such problems, but the Fed''s regional role in community development, as well as the bully pulpit shared by its policymakers, have prompted them to focus on possible options. For example, in a trip to El Paso, Texas, Brainard explored how the Feds bank oversight and interest rate policy might improve financing for basic infrastructure and job training, according to regional Fed staff who helped arrange the tour. At the regional level, Minneapolis Fed president Neel Kashkari in January set up a research institute on income inequality, and said recently that social considerations in part led him to want to pause on raising interest rates. A clock tower is seen in the mostly vacant St. Lawrence Centre Mall in Massena, 19, 2017. Photo taken June 19, 2017. Jonathan Spicer If we can keep people from being lost permanently, boy thats a real positive for society," Kashkari said. MONTREAL SUBURB The diverging fortunes of St. Lawrence and nearby Clinton County, which shares a similar demographic profile, show how often factors such as location can make all the difference, and how hard they are to overcome. Clinton County, which backed Democrat Hillary Clinton in 2016, shares a transportation corridor with Montreal, Canada''s second-largest city in the neighbouring Quebec province, allowing it to reap the benefits of the North American Free Trade Agreement. "Our business is to make Quebec successful, to help Quebec with its exports. Now there''s a novel idea," Garry Douglas, president of the North Country Chamber of Commerce, said in June of the NAFTA renegotiation talks at a forum in Plattsburgh attended by New York Fed President William Dudley. Plattsburgh, Clinton County''s hub, bills itself as "Montreal''s U.S. Suburb," 15 percent of the county''s residents work for subsidiaries of Canadian firms such as Bombardier, and more than $1.5 billion flows south across the border in annual investment. Only 35 miles (56 km) east lies St. Lawrence. With less convenient road, rail and air connections it is just outside Montreal''s economic orbit, while still-patchy broadband coverage also work against it. The county''s unemployment rate is 1.5 percentage points higher than in Clinton, and 2.5 points above national average. Despite the abundance of good colleges and universities, graduates often leave because of the lack of opportunities. Census data show a net of 4,200 people left the county between 2010 and 2016. Mairin Merna, a single mother from Ogdensburg, the county''s largest city of about 11,000, said job prospects remained dim and would probably force her to move with her daughter to Albany, the state capital 220-miles away. "Fifteen years ago I was more optimistic," said Merna, 34, leaving a one-stop career centre in the nearby town of Canton, where she was among hundreds applying for local clerical work. "I don''t know if there will be any change here," she said. "It''s sad." (This story corrects spelling of Plattsburgh in paragraph 3,4 of 3rd section.) Reporting by Jonathan Spicer and Howard Schneider; Editing by David Chance and Tomasz Janowski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-usa-fed-globalization-insight-idUKKCN1B40BV'|'2017-08-24T16:57:00.000+03:00'|6115.0|''|-1.0|'' @@ -6129,7 +6129,7 @@ 6127|'30dad426f0e72b9be2aa403356215f9bfa6b7099'|'Oil prices drop as oversupply concerns linger'|'August 11, 2017 / 12:51 AM / an hour ago Oil prices drop as oversupply concerns linger 3 Min Read A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. Sergei Karpukhin/File Photo SEOUL (Reuters) - Oil prices fell on Friday, dragged lower by persistent oversupply worries despite a bigger-than-expected drawdown in U.S. crude inventories. Investors were also keeping a close eye on the broad market impact of tensions between the United States and North Korea. Brent crude, the global benchmark, was at $51.62 a barrel at 0652 GMT, down 28 cents, or 0.54 percent from its last close. That was the lowest since Aug. 1. U.S. West Texas Intermediate (WTI) crude was down 32 cents, or 0.66 percent, at $48.27 per barrel, reaching the lowest since July 26. Oil prices touched 2-1/2 month highs on Thursday, but retreated to close down around 1.5 percent, with U.S. prices slipping back below $50 per barrel amid ongoing oversupply concerns. "Crude oil prices failed to hold recent gains, with a nervous market starting to doubt recent falls in inventories," ANZ bank said in a note. "Supply-side issues also weighed on prices, with data showing Libyan production in July hit its highest level for the year." Meanwhile, U.S. President Donald Trump stepped up his rhetoric against North Korea again on Thursday, saying his earlier threat to unleash "fire and fury" on Pyongyang if it launched an attack may not have been tough enough. "I think the issue that is affecting the market is the general risk sentiment of saber-rattling between Washington and Pyongyang," said Michael McCarthy, chief market strategist at CMC Markets. Official data showed crude inventories in the United States, the world''s top oil consumer, fell sharply by 6.5 million barrels in the week ending to Aug. 4, as refiners ramped up run rates to the highest in 12 years due to strong demand. But doubts remain over whether enough crude would be consumed to end a global glut after the Organization of the Petroleum Exporting Countries (OPEC) reported on Thursday another increase in the oil cartel''s production, even though it raised outlook for oil demand in 2018. OPEC said its oil output rose by 173,000 barrels-per-day (bpd) in July to 32.87 million bpd. Faced with lingering global glut woes, OPEC and some non-OPEC members including Russia in May extended oil production cuts to reduce 1.8 million bpd. Saudi Arabia''s Energy Minister Khalid al-Falih said the kingdom does not rule out additional oil production cut, the Saudi-owned Al Sharq Al Awsat newspaper reported on Friday. Meanwhile, Russian oil producer Gazprom Neft is considering resuming production in mature fields after the OPEC-led production cut agreement, a representative of the company said on Thursday. Rising output from Nigeria and Libya is further undermining the oil producers'' attempt to limit oil production. Nigeria and Libya are exempted from curbing output as they seek to restore supplies hurt by internal conflicts. Reporting by Jane Chung; Editing by Richard Pullin and Joseph Radford 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKBN1AR01N'|'2017-08-11T10:01:00.000+03:00'|6127.0|11.0|0.0|'' 6128|'27fe0689816147039ce187660660b63990293b94'|'Maersk, miners help limit losses in European shares as risk-off moves continue'|' 31 AM / 19 minutes ago Maersk, miners help limit losses in European shares as risk-off moves continue Reuters Staff 3 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 16, 2017. Staff/Remote LONDON (Reuters) - European stocks fell further in early deals on Monday as geopolitical jitters on the Korean peninsula trickled over from Asian trading, though shipping company Maersk and strong mining stocks helped limit losses. The pan-European STOXX 600 fell 0.2 percent, starting the week on the back foot, with euro zone stocks .STOXXE and blue-chips .STOXX50E down 0.2 to 0.3 percent. The risk-off move hit banks .SX7P the hardest, with RBS ( RBS.L ) and Barclays ( BARC.L ) among top losers, along with French lenders Societe Generale ( SOGN.PA ), BNP Paribas ( BNPP.PA ) and Credit Agricole ( CAGR.PA ). After recent losses, the STOXX 600 was down 6 percent from its mid-May 20-month peak. Strong metals prices helped cap benchmark losses, however, with mining stocks .SXPP jumping 1 percent after London zinc rose to its highest in a decade on robust Chinese demand for steel. [nL4N1L71UD] Rio Tinto ( RIO.L ), BHP Billiton ( BLT.L ) and Anglo American ( AAL.L ) were among the top gainers. Deal-making also boosted a few of the best-performing stocks. Maersk ( MAERSKb.CO ) jumped 5 percent to lead European gainers after the firm agreed to sell Maersk Oil to French oil major Total ( TOTF.PA ) for $7.45 billion. [nL8N1L70VI] Fiat Chrysler ( FCHA.MI ) shares jumped 3.5 percent after Chinese carmaker Great Wall ( 601633.SS ) asked for a meeting with the Italian carmaker with the aim of making an offer for all or part of the Italian-American auto group. [nL4N1L72K4] Fiat''s gains helped the auto and parts sector .SXAP up 0.2 percent. With the second-quarter European reporting season drawing to a close, 60 percent of companies have either beaten or met expectations, though share price reactions have been muted overall. Reporting by Helen Reid, editing by Kit Rees 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-europe-stocks-idUKKCN1B10L7'|'2017-08-21T10:27:00.000+03:00'|6128.0|''|-1.0|'' 6129|'1113749d8f0cf79454b1fd04bf42ecd29b27f4e6'|'Audi to develop solar-embedded panoramic roof with China''s Hanergy'|' 29 AM / 15 minutes ago Audi to develop solar-embedded panoramic roof with China''s Hanergy Reuters Staff 2 Min Read FILE PHOTO: The logo of Audi is pictured at the Auto China 2016 auto show in Beijing, April 25, 2016. Kim Kyung-Hoon/File Photo - BEIJING (Reuters) - Audi, Volkswagen''s ( VOWG_p.DE ) main profit driver, on Wednesday said it was working with China''s Hanergy Thin Film Power Group to integrate solar cells into panoramic glass roofs for an upcoming Audi electric vehicle (EV). Alta Devices, a unit of the Chinese solar cell firm Hanergy, will design the solar-embedded vehicle roof that will eventually help increase the range of EVs by feeding solar energy into internal electrical systems, such as air conditioning and other appliances, Audi said in a statement. The prototype of the vehicle with a solar roof will be built by end-2017, the automaker added, without giving any details on investment and estimated time frame for mass-production. Audi, which has been grappling with car recalls, prosecutor investigations and persistent criticism from unions and managers over an emissions scandal and its performance post-dieselgate, is currently looking to shift its focus to EVs. Last month, Audi said it aimed to cut costs by about $12 billion by 2022 to help fund the shift. It is also looking to free up funds for investments in zero-emission technology by developing a new production platform with Porsche, allowing both VW brands to save money by sharing components and modules. In its statement on Wednesday, Audi said it plans to make three battery-electric models by 2020 and aims to cover one third of its vehicles with fully electric drivetrains by 2025. At a later stage, Audi said it hopes to be able to use solar energy to directly charge the traction battery. "That would be a milestone along the way to achieving sustainable and emission-free mobility," said Dr. Bernd Martens, Board of Management Member for Procurement at Audi. Hanergy presented four solar-powered EVs last year, and has been seeking to cooperate with car producers to mass produce its solar devices. Reporting by Muyu Xu and Beijing Newsroom; Editing by Himani Sarkar 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-audi-energy-solar-idUKKCN1B30MO'|'2017-08-23T10:29:00.000+03:00'|6129.0|''|-1.0|'' -6130|'ce4209be62c2ebd4763f8edd1857e1872ef6e2ef'|'BRIEF-Baker Hughes, a GE company, declares quarterly dividend'|'August 1, 2017 / 1:45 PM / in 19 minutes BRIEF-Baker Hughes, a GE company, declares quarterly dividend 1 Min Baker Hughes A Ge Co * Baker hughes, a ge company declares quarterly dividend * Baker hughes says declared a cash dividend of $0.17 per share of common stock payable august 25, 2017 to holders of record on august 11, 2017 Source text for Eikon: 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-baker-hughes-a-ge-company-declares-idUSFWN1KN0KR'|'2017-08-01T16:44:00.000+03:00'|6130.0|''|-1.0|'' +6130|'ce4209be62c2ebd4763f8edd1857e1872ef6e2ef'|'BRIEF-Baker Hughes, a GE company, declares quarterly dividend'|'August 1, 2017 / 1:45 PM / in 19 minutes BRIEF-Baker Hughes, a GE company, declares quarterly dividend 1 Min Baker Hughes A Ge Co * Baker hughes, a ge company declares quarterly dividend * Baker hughes says declared a cash dividend of $0.17 per share of common stock payable august 25, 2017 to holders of record on august 11, 2017 Source text for Eikon: 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-baker-hughes-a-ge-company-declares-idUSFWN1KN0KR'|'2017-08-01T16:44:00.000+03:00'|6130.0|18.0|0.0|'' 6131|'ec892a10ece79db87879f02edc4501629c17a162'|'Investor Ackman does not understand ADP, company CEO tells CNBC'|'William ''Bill'' Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. Brendan McDermid NEW YORK (Reuters) - The CEO of Automatic Data Processing Inc ADP.O slammed investor William Ackman on Thursday, likening the hedge fund manager to a "spoiled brat," and skewering the billionaire''s research efforts into the payroll processor. ADP CEO Carlos Rodriguez, in an interview with CNBC, called his interactions with Ackman "baffling and surreal." Rodriguez took several pot shots at the investor, saying Ackman was relying on disgruntled employees for research and that he prioritized a vacation over a meeting with ADP''s board. The interview was a rare display of a CEO bashing one his company''s largest investors and set the stage for a proxy fight as the two sides try to keep each other''s nominees off ADP''s board. Last week, Ackman''s Pershing Square Capital Management disclosed an 8 percent holding in the $50 billion U.S. human resources outsourcing company, and nominated three directors to the board. Ackman, one of the nominees, wanted ADP to extend its board director nomination deadline, which expires on Thursday. The board refused. Rodriguez told CNBC Ackman sought more time because the hedge fund manager was unprepared. "It kind of reminds me a little bit of a spoiled brat in school asking a teacher for an extension on their homework," the CEO said in the interview. Pershing Square declined to comment on Rodriguez''s comments to CNBC, saving its response for a conference call it previously planned on Aug. 17 to discuss its ADP investment. Rodriguez said Ackman originally told him he wanted the CEO to be replaced, a view Pershing has since changed. At one point, Rodriguez said Ackman "does not know what he''s talking about" and was relying on disgruntled ex-ADP employees for his information. Still, the CEO said he was willing to listen to Ackman if the investor had ideas to boost shareholder value. The two plan to meet in early September, he said. ADP, a global company with 630,000 customers and based in Paterson, New Jersey, usually holds its annual shareholder meeting in early November. Rodriguez noted on Thursday that for 42 years, the company has increased its dividend and "if Bill Ackman leaves us alone, we intend to get to 50."'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-adp-pershing-idUSKBN1AQ1TV'|'2017-08-10T18:01:00.000+03:00'|6131.0|''|-1.0|'' 6132|'600330ddb4d55d3bbf0dcad5ab107e64381fdd86'|'Dutch bank NIBC is preparing for IPO: report'|'AMSTERDAM (Reuters) - Dutch bank NIBC is considering an initial public offering (IPO) of shares in the first months of 2018, Dutch newspaper Het Financieele Dagblad reported on Thursday.Owner JC Flowers is currently selecting banks to help with the process, with preparations still at early stages, the paper said, citing sources close to the company.NIBC spokesman Martin Groot Wesseldijk said the bank would not comment on "market rumors".NIBC is mainly active in mortgages and loans to small and medium-sized companies in the Netherlands, Germany and Britain.Analysts estimate the value of the bank between 1 billion and 1.5 billion euros ($1.2-$1.8 billion), according to the paper. JC Flowers paid 1.8 billion euros when it bought the bank from Dutch pension funds in 2005.The American investment firm prepared NIBC for an IPO 10 years ago, but had to change course when the financial crisis crippled the bank, which had made large bets on U.S. subprime mortgage loans.NIBC was the first in a number of Dutch banks, including ING and ABN Amro, to need state support to survive the financial crisis. The bank paid off the last of its debt to the government in 2014 and has undertaken a major overhaul since the crisis, adding retail services such as mortgage loans and savings accounts to its offerings.Reports of a possible IPO have surfaced repeatedly over the years, with former Chief Executive Jeroen Drost ruling out such a step in a 2013 interview, because he thought the bank was too small for the stock market.NIBC reported a 2016 net profit of 104 million euros, up 46 percent from a year earlier. Operating income rose 21 percent to 381 million euros.Reporting by Bart Meijer; Editing by Mark Potter'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nibc-ipo-idINKBN1AJ0YF'|'2017-08-03T06:19:00.000+03:00'|6132.0|''|-1.0|'' 6133|'4580a7b41a22e218b6f2d9693be852b74b24ea6e'|'Pimco''s Ivascyn says firm has built ''above average'' cash position'|'The offices of Pacific Investment Management Co (PIMCO) (L) are shown in Newport Beach, California August 4, 2015. Mike Blake/Files NEW YORK (Reuters) - Pacific Investment Management Co, which oversees more than $1.6 trillion of assets, has built up an above-average cash position firmwide and has held S&P put options as geopolitical and military risks mount, Dan Ivascyn, group chief investment officer at Pimco, said on Friday.President Donald Trump issued a new threat to North Korea on Friday, saying what he called U.S. military solutions were "locked and loaded" as Pyongyang accused him of driving the Korean peninsula to the brink of nuclear war.Ivascyn said Pimco has been taking profits in high-valued corporate credits and built cash balances for when better opportunities arise.Pimco has also been a holder of put options on the Standard & Poors 500 as the CBOE Volatility Index, better known as the VIX and the most widely followed barometer of expected near-term stock market volatility, remains historically low.Were getting liquidity higher, Ivascyn said in a phone interview. If we see actual military altercation, markets can go a lot lower. And at the same time, volatility has been so low for so long that it doesnt take much for markets to get worked up."Though the market has yet to panic, you will certainly see panic if all of this turns into a sustained military encounter, he added.Ivascyn also oversees the Pimco Income Fund, which attracted inflows of $2.65 billion in July, bringing the fund''s total net assets to $92 billion, Morningstar data showed on Thursday.Pimco is owned by German insurer Allianz SE.Reporting By Jennifer Ablan; Editing by Chizu Nomiyama and Jonathan Oatis'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-funds-pimco-idUSKBN1AR1QD'|'2017-08-11T18:31:00.000+03:00'|6133.0|''|-1.0|'' @@ -6137,7 +6137,7 @@ 6135|'d779ebc92594c5772c800fa63bde35942c3258f4'|'US STOCKS SNAPSHOT-Dow drops 100 pts on N.Korea missile test'|'August 29, 2017 / 1:36 PM / 23 minutes ago US STOCKS SNAPSHOT-Dow drops 100 pts on N.Korea missile test Reuters Staff 1 Min Read Aug 29 (Reuters) - U.S. stocks opened sharply lower on Tuesday, with the Dow losing more than 100 points, as North Korea''s missile test over Japan escalated tensions with the United States, and President Donald Trump warned that "all options are on the table". The Dow Jones Industrial Average fell 123.16 points, or 0.56 percent, to 21,685.24. The S&P 500 lost 15.85 points, or 0.648463 percent, to 2,428.39. The Nasdaq Composite dropped 53.68 points, or 0.85 percent, to 6,229.34. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-stocks-idUSL4N1LF4US'|'2017-08-29T16:35:00.000+03:00'|6135.0|''|-1.0|'' 6136|'4bb0bcfcf238fdcef9f2048139e41e7b21f7dcba'|'Sears Canada executive chairman steps away from day-to-day duties'|'Aug 16 (Reuters) - Sears Canada Inc, which filed for creditor protection in June, said in a staff memo Executive Chairman Brandon Stranzl had stepped away from day-to-day operations to focus on plans for the retailer to continue as a going concern.Sears Canada was granted court approval last month to proceed with a sale process that would allow it to consider a range of potential deals.The company intends to submit a bid as part of the sale and investment solicitation process, or SISP, which seeks proposals for the acquisition of, or investment in, the business or assets of a firm under creditor protection.The deadline for a bid is Aug. 31."In light of the approaching bid deadline and focus required to assemble all necessary components of a bid, the board thought it was best for Brandon to focus exclusively on putting the bid together and step away from day-to-day operations of Sears Canada," the company said in the memo.Chief Operating Officer Becky Penrice will now lead its executive team, Sears Canada said. (Reporting by Anirban Paul in Bengaluru and Solarina Ho in Toronto; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/sears-canada-moves-idINL4N1L25K9'|'2017-08-16T20:49:00.000+03:00'|6136.0|''|-1.0|'' 6137|'64b08be915cca99037bac26f1d9b381a8b6741c3'|'Chevron drops appeal over landmark Australian tax ruling'|'Trump fires controversial chief strategist Bannon Trump fires controversial chief strategist Bannon Trump fires controversial chief strategist Bannon Reuters TV United States August 18, 2017 / 4:15 AM / 12 hours ago Australia puts multinationals on notice after Chevron drops tax appeal Sonali Paul 3 Min Read FILE PHOTO: The logo of Chevron Corp is seen in its booth at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. Toru Hanai/File Photo MELBOURNE (Reuters) - Chevron Corp ( CVX.N ) has withdrawn an appeal to Australia''s High Court over a disputed A$340 million ($268 million) tax bill, leaving in place a landmark court ruling on related-party loans that could affect other multinational companies. "Chevron Australia has reached agreement with the Australian Taxation Office on the loan transfer pricing dispute and have withdrawn our appeal to the High Court," the company said in an emailed statement. "Chevron believes the agreed terms are a reasonable resolution of the matter and are not expected to have a material impact on the year to date results of the company." The oil and gas giant and the tax office declined to comment on the size of the settlement. With the appeal withdrawn, a Federal Court ruling remains in place, which found Chevron had underpaid taxes by setting up a A$2.5 billion intercompany credit facility offshore with an abnormally high interest rate, effectively lowering its taxable income within Australia. The tax office estimates the court''s decision will result in more than A$10 billion in additional revenue being brought in over the next 10 years related to multinationals'' transfer pricing of related-party financing alone, the government said. "Not only does this result put more revenue back to the Australian people, it also strengthens the ATO''s position in pursuing other arrangements where multinationals seek to dodge Australia''s transfer pricing rules," Revenue and Financial Services minister Kelly O''Dwyer said in a statement. Chevron did not say why it decided to drop its appeal to the nation''s highest court. It lost an earlier appeal in Australia''s Federal Court in April. The case covered the tax years from 2004 through 2008. "The judgment in Chevron is one of the most important decisions in corporate tax in Australia," an Australian Taxation Office spokesman said in an emailed statement. The closely watched case is a first test of how Australia''s transfer pricing rules apply to interest paid on a cross-border related-party loan. "We have been very clear that this case would have direct implications for a number of cases the ATO is currently pursuing in relation to related party loans, as well as indirect implications for other transfer pricing cases," the ATO spokesman said. The tax office declined to name which companies it may pursue. ($1 = 1.2665 Australian dollars) Reporting by Sonali Paul; Editing by Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-australia-chevron-taxavoidance-idUKKCN1AY0DV'|'2017-08-18T07:13:00.000+03:00'|6137.0|''|-1.0|'' -6138|'72c2234999e1aea3bd3bae81fd45fc47bb2f96e0'|'EMERGING MARKETS-Brazil stocks hit six-year high on Eletrobras privatization'|'(Updates with details from Mexico, Quote: from bank) By Bruno Federowski SAO PAULO, Aug 22 (Reuters) - Brazilian stocks on Tuesday shot to a six-year high after the government unveiled plans to privatize power utility Centrais Eltricas Brasileiras SA, while Mexican shares rose after data showed the economy kept up steady growth in the second quarter. Brazil''s Bovespa stock index rose 2.0 percent, topping the 70,000 mark for the first time since January 2011. Common shares in Eletrobras, as the firm is known, rose as much as 40 percent in their biggest daily advance since 1993. Late on Monday, Brazil floated a proposal to cede control of the country''s biggest power utility, the boldest privatization yet amid a string of public asset sales and infrastructure concessions. The deal could fetch up to 20 billion reais ($6.4 billion), an official said. In Mexico, the national statistics agency said the economy grew by 0.6 percent quarter-on-quarter in the April-to-June period, helping to lift the main stock index almost 0.2 percent. The growth was just a tenth of a point slower than in the January-March period, offering the latest evidence that Latin America''s no. 2 economy is defying fears that U.S. President Donald Trump''s protectionist rhetoric could hurt activity. Most Latin American currencies rose, though the Mexican peso closed down slightly and the Brazilian real slipped 0.4 percent as investors awaited a meeting of central bankers in Jackson Hole, Wyoming, later this week. Federal Reserve Chair Janet Yellen on Friday is expected to give fresh clues on the Fed plan to roll back the extraordinary stimulus it introduced to fight the global financial crisis, removing a key driver of demand for emerging market assets. Yellen''s remarks would be "closely followed as latest U.S. inflation data have been weak, creating uncertainty over the Fed''s intention to raise its benchmark rate again in the next four months," lender Banco Base said in a note to clients. The Brazilian government''s plan to privatize Eletrobras also boosted demand for stock in other state-controlled companies, led by those holding Eletrobras debt. Shares of lender Banco do Brasil SA rose 4.4 percent, while oil company Petrleo Brasileiro SA jumped 3.4 percent. "The transaction is good news for state-owned firms as a whole. In particular, expectations of better management and incoming funds (at Eletrobras) are good news for Banco do Brasil," Lerosa Investimentos equity analyst Vitor Suzaki said. Analysts at Ita BBA estimated the Eletrobras privatization could generate "at least 40 billion reais" in value through cost-cutting, asset sales and other optimization efforts. Still, the transaction will face sharp political opposition, they said. The share move tightened the spread of preferred shares over common shares to the smallest in a month as traders anticipated higher dividend payouts after privatization. Key Latin American stock indexes and currencies at 2300 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1072.52 0.83 24.38 MSCI LatAm 2856.72 1.14 22.05 Brazil Bovespa 70011.25 2.01 16.25 Mexico S&P/BVM IPC 51332.98 0.18 12.47 Chile IPSA 5114.69 0.25 23.20 Chile IGPA 25564.40 0.27 23.30 Argentina MerVal 22900.18 -0.29 35.36 Colombia IGBC 10959.04 0.25 8.20 Venezuela IBC 198024.39 1.07 524.58 Currencies daily % YTD % change change Latest Brazil real 3.1810 -0.40 2.14 Mexico peso 17.666 -0.06 17.42 Chile peso 640.80 0.27 4.67 Colombia peso 2984.95 0.07 0.55 Peru sol 3.238 0.03 5.44 Argentina peso (interbank) 17.21 0.32 -7.76 Argentina peso (parallel) 18.27 -0.11 -7.94 (Reporting by Bruno Federowski and Miguel Angel Gutierrez; Editing by Clive McKeef)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-latam-idUSL2N1L81OE'|'2017-08-23T02:33:00.000+03:00'|6138.0|''|-1.0|'' +6138|'72c2234999e1aea3bd3bae81fd45fc47bb2f96e0'|'EMERGING MARKETS-Brazil stocks hit six-year high on Eletrobras privatization'|'(Updates with details from Mexico, Quote: from bank) By Bruno Federowski SAO PAULO, Aug 22 (Reuters) - Brazilian stocks on Tuesday shot to a six-year high after the government unveiled plans to privatize power utility Centrais Eltricas Brasileiras SA, while Mexican shares rose after data showed the economy kept up steady growth in the second quarter. Brazil''s Bovespa stock index rose 2.0 percent, topping the 70,000 mark for the first time since January 2011. Common shares in Eletrobras, as the firm is known, rose as much as 40 percent in their biggest daily advance since 1993. Late on Monday, Brazil floated a proposal to cede control of the country''s biggest power utility, the boldest privatization yet amid a string of public asset sales and infrastructure concessions. The deal could fetch up to 20 billion reais ($6.4 billion), an official said. In Mexico, the national statistics agency said the economy grew by 0.6 percent quarter-on-quarter in the April-to-June period, helping to lift the main stock index almost 0.2 percent. The growth was just a tenth of a point slower than in the January-March period, offering the latest evidence that Latin America''s no. 2 economy is defying fears that U.S. President Donald Trump''s protectionist rhetoric could hurt activity. Most Latin American currencies rose, though the Mexican peso closed down slightly and the Brazilian real slipped 0.4 percent as investors awaited a meeting of central bankers in Jackson Hole, Wyoming, later this week. Federal Reserve Chair Janet Yellen on Friday is expected to give fresh clues on the Fed plan to roll back the extraordinary stimulus it introduced to fight the global financial crisis, removing a key driver of demand for emerging market assets. Yellen''s remarks would be "closely followed as latest U.S. inflation data have been weak, creating uncertainty over the Fed''s intention to raise its benchmark rate again in the next four months," lender Banco Base said in a note to clients. The Brazilian government''s plan to privatize Eletrobras also boosted demand for stock in other state-controlled companies, led by those holding Eletrobras debt. Shares of lender Banco do Brasil SA rose 4.4 percent, while oil company Petrleo Brasileiro SA jumped 3.4 percent. "The transaction is good news for state-owned firms as a whole. In particular, expectations of better management and incoming funds (at Eletrobras) are good news for Banco do Brasil," Lerosa Investimentos equity analyst Vitor Suzaki said. Analysts at Ita BBA estimated the Eletrobras privatization could generate "at least 40 billion reais" in value through cost-cutting, asset sales and other optimization efforts. Still, the transaction will face sharp political opposition, they said. The share move tightened the spread of preferred shares over common shares to the smallest in a month as traders anticipated higher dividend payouts after privatization. Key Latin American stock indexes and currencies at 2300 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1072.52 0.83 24.38 MSCI LatAm 2856.72 1.14 22.05 Brazil Bovespa 70011.25 2.01 16.25 Mexico S&P/BVM IPC 51332.98 0.18 12.47 Chile IPSA 5114.69 0.25 23.20 Chile IGPA 25564.40 0.27 23.30 Argentina MerVal 22900.18 -0.29 35.36 Colombia IGBC 10959.04 0.25 8.20 Venezuela IBC 198024.39 1.07 524.58 Currencies daily % YTD % change change Latest Brazil real 3.1810 -0.40 2.14 Mexico peso 17.666 -0.06 17.42 Chile peso 640.80 0.27 4.67 Colombia peso 2984.95 0.07 0.55 Peru sol 3.238 0.03 5.44 Argentina peso (interbank) 17.21 0.32 -7.76 Argentina peso (parallel) 18.27 -0.11 -7.94 (Reporting by Bruno Federowski and Miguel Angel Gutierrez; Editing by Clive McKeef)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-latam-idUSL2N1L81OE'|'2017-08-23T02:33:00.000+03:00'|6138.0|20.0|0.0|'' 6139|'96e21698f84ab88ac1591dabeba3cba658c32fc2'|'Morning News Call - India, August 23'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: Income Tax Principal Chief Commissioner Akhilesh Ranjan, National Council of Direct Taxes Chairman Rahul Garg and others at 14th International Tax Conference in New Delhi. 12:30 pm: Reserve Bank of India Deputy Governor N.S. Vishwanathan at national summit of NBFCs in New Delhi. 1:00 pm: Niti Aayog CEO Amitabh Kant to launch online nationwide mentor India campaign in New Delhi. 2:00 pm: Insolvency and Bankruptcy Board of India Chairperson M.S. Sahoo at conference on mergers and acquisitions in New Delhi. 3:00 pm: Larsen & Toubro Technology Services annual general meeting in Mumbai. 3:00 pm: IRB Infrastructure Developers annual general meeting in Mumbai. 3:00 pm: Tata Power annual general meeting in Mumbai. 4:00 pm: Energy Efficiency Services MD Saurabh Kumar, Central Electricity Regulatory Commission Chairperson Gireesh Pradhan at Environment and Energy Conclave in Kolkata. 6:30 pm: Infosys Founder Narayan Murthy to address investors in conference call in Mumbai. GMF: GREEK PROGNOSIS We discuss the outlook for Greece in the context of Europe''s economic recovery with Yannis Koutsomitis, European affairs analyst and Columnist at Eleftheria tou Typou weekly at 2:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS India grants Pfizer patent on pneumonia vaccine in blow to aid group India has granted Pfizer a patent for its powerful pneumonia vaccine Prevenar 13, in a blow to some health groups that said this would put the treatment out of reach of thousands in poorer nations. India bonds, FX markets muted as bank strike hits settlement India''s bonds and exchange rate markets saw low volumes on Tuesday as a strike by most bank employees to protest bank consolidation and rise in bad loans was expected to hit settlement of trades, dealers said. Essar to pay $1.18/share to minority shareholders -statement Essar Group will pay 75.48 rupees ($1.18) apiece to the minority shareholders who tendered Essar Oil shares under a delisting offer ahead of the company''s sale to a consortium led by Russian oil major Rosneft, the company said. Muslim divorce law "unconstitutional", rules India''s top court India''s Supreme Court on Tuesday ruled a Muslim instant divorce law unconstitutional, a landmark victory for Muslim women who have spent decades arguing that it violated their right to equality. GLOBAL TOP NEWS Trump''s Afghan decision may increase U.S. air power, training The U.S. Air Force may intensify its strikes in Afghanistan and expand training of the Afghan air force following President Donald Trump''s decision to forge ahead with the 16-year-old war, its top general told Reuters on Tuesday. U.S. targets Chinese, Russia entities for helping North Korea The United States on Tuesday imposed new North Korea-related sanctions, targeting Chinese and Russian firms and individuals for supporting Pyongyang''s weapons programs, but stopped short of an anticipated focus on Chinese banks. Severe Typhoon Hato wreaks havoc in Hong Kong, flights cancelled, trading delayed Hong Kong braced for Typhoon Hato, a maximum category 10 storm on Wednesday, with hundreds of flights cancelled, trading in financial markets suspended and schools and most businesses in the Asian financial hub closed. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures was trading at 9,819.00, trading up 0.3 pct from its previous close. The Indian rupee will likely open slightly higher against the dollar, as hopes that U.S. President Donald Trumps administration may be able to pass tax reforms supported risk appetite. Indian government bonds are likely to edge lower as the market prepares for a fresh supply of notes this week. The yield on the benchmark 6.79 pct bond maturing in 2027 is likely to trade in a 6.52 pct-6.57 pct band. GLOBAL MARKETS U.S. stocks ended up on Tuesday, with each of the three major indexes posting their best one-day percentage gains in over a week, as lawmakers'' comments on tax reform and the debt ceiling boosted investor optimism. Asian stocks steadied, taking a breather after the previous day''s surge and unable to keep up with a global rally spurred by gains for tech shares on Wall Street and miners in Europe. The dollar edged higher against a basket of currencies, after getting a boost the previous day as investors adjusted positions ahead of a global central bankers'' conference later this week. U.S. Treasury yields rose on Tuesday as investors awaited speeches by top central bankers later in the week for signals about monetary policy, and in the absence of major economic data. Oil prices fell, squeezed between concerns of oversupply, sparked by rising Libya output, and fears of reduced future investment in the industry. Gold edged lower on a firm dollar, with investors looking for direction from geopolitical headlines and a key annual central banking conference this week in Jackson Hole in the United States. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.11/64.14 August 22 -$129.4 mln $183.93 mln 10-yr bond yield 6.8 pct Month-to-date -$1.76 bln $1.52 bln Year-to-date $7.22 bln $22.67 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.10 Indian rupees) (Compiled by Nivedita Balu in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-morningcall-idINL4N1L91P8'|'2017-08-23T01:24:00.000+03:00'|6139.0|''|-1.0|'' 6140|'9895b9aa3949f9d25aa2ce836f1142964dc48070'|'Chile''s Codelco preparing investment in Mongolian copper - Reuters'|'FILE PHOTO: A worker monitors a process inside the plant at the copper refinery of Codelco Ventanas in Ventanas city, northwest of Santiago January 7, 2015. Rodrigo Garrido/File Photo SANTIAGO (Reuters) - Chilean state miner Codelco [COBRE.UL], the world''s second largest producer of copper, is preparing to invest in far afield Mongolia as the copper market improves, the company''s chief executive told Reuters on Friday.In an interview as part of the Reuters Latin American Investment Summit in Codelco''s copper-coated offices in downtown Santiago, Nelson Pizarro said the company was aiming for medium-term investments in the isolated Asian nation, which appears to have significant untapped copper potential."We have a lot of interest. We''re learning to milk camels," he said. "We''re working to get the first documents that will allow us to advance in that area, and we hope to bring it about in the medium-term if the technicians confirm our initial perspective."In Chile itself, Pizarro said Codelco was preparing to launch a broad sustainability program called "green copper," which will include broad use of wind and solar power in its operations and the use of water from the ocean rather than Chile''s parched Atacama Desert.As part of that, the company has recently settled on a short-list of bidders interested in constructing a $1.2 billion desalination plant, and hopes to award the contract toward the end of 2017, he said. In northern Chile, miners have increasingly looked to the ocean in recent years to supply the water-intensive process of copper mining without coming into conflict with local communities.Codelco is also considering new port infrastructure, as its copper exports are being increasingly interrupted by waves hitting Chile''s desert coasts, forcing the ports to close, said Pizarro."There are months with 10 days in which we can''t send out ships ... That''s something we''ve never seen before," he said. "It would seem to be a consequence of climate change. It concretely impacted us last year, and it''s strongly impacting us this year."Still, Pizarro said, Codelco was in line to meet its 2017 copper production target of around 1.7 million tonnes. That number would likely decrease about 3 percent or 4 percent in 2018, he added.In terms of the global copper market, Pizarro said a number of factors, such as the needs of the burgeoning electric car industry, could mean average 2017 copper prices of above $2.60 per pound, significantly higher than recent years. That trend should consolidate in 2018, he added."The copper price, unless there''s a great global crisis should be - I don''t know if $2.90 - but yes in the $2.60 to $2.70 range next year."Reporting by Gram Slattery; Editing by Tom Brown'|'reuters.com'|'http://in.reuters.com/finance/summits'|'https://in.reuters.com/article/us-latam-summit-pizarro-idINKBN1AR20G'|'2017-08-11T15:51:00.000+03:00'|6140.0|''|-1.0|'' 6141|'27de985c69e5e4dd25d07d57e7e411e372db0829'|'Shares barely budge amid uncertainty over Trump''s economic agenda'|'August 21, 2017 / 1:13 AM / an hour ago Shares barely budge amid uncertainty over Trump''s economic agenda Hideyuki Sano 4 Min Read People walk past an electronic board showing Japan''s Nikkei average outside a brokerage at a business district in Tokyo, Japan August 9, 2017. Kim Kyung-Hoon TOKYO (Reuters) - Asian shares were tentative in early Monday trade as investors remained unconvinced about U.S. President Donald Trump''s ability to fulfil his economic agenda, even as the departure of his controversial policy strategist raised hopes of some progress. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.07 percent while Japan''s Nikkei .N225 was off 0.4 percent. S&P Mini futures ESc1 were flat at 2,427, not far from its one-month low of 2,419.5 touched on Friday. Wall Street shares got only a short-lived boost on Friday after Trump fired White House chief strategist Steve Bannon. "Markets seem to think that the administration will remain fragile and its ability to carry out its policies will be hampered even after Bannon''s departure," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Although Bannon''s departure removes a major source of friction within the White House, Trump''s attacks on fellow Republicans following violence in Virginia earlier this month isolated him, prompting some Republicans to beginning questioning Trump''s capacity to govern. Investors were also wary of any flare-up of tensions between North Korea and United States as U.S. troops and South Korean forces will start a joint exercise on Monday. Tech-heavy Korean shares - one of the best performers globally for much of this year - have lost momentum since last month, partly on worries about escalating tensions in the Korean Peninsula. In the currency market, the dollar was also hampered by political uncertainty in Washington. Against the yen, the dollar fetched 109.22 yen JPY= , not far from Friday''s four-month low of 108.605. The euro stood at $1.1715 EUR= , stuck in its rough $1.17-$1.18 range in the past two weeks, as investors look to European Central Bank chief Mario Draghi''s comments later this week at a meeting of the world''s central bankers in Jackson Hole. Federal Reserve Chair Janet Yellen''s keynote speech at the Jackson Hole symposium will also be a main attraction for markets. Comments last week from Fed officials suggested the stock market''s steady rise, still low long-term bond yields and a sagging dollar are girding the Fed''s intent to raise interest rates again this year despite concerns about weak inflation. "People focus on inflation but in the Fed''s minutes policymakers spend a lot of time discussing whether bond yields are too low or asset prices are too high. If Yellen questions market stability, markets will expect a tighter policy," Hiroko Iwaki, senior bond strategist at Mizuho Securities. The 10-year U.S. Treasuries yield US10YT=RR slipped to as low as 2.162 percent on Friday - its lowest since late June - and last stood at 2.203 percent. Oil prices held their big gains made on Friday on the back of a fall in U.S. drillers'' rig counts. U.S. crude futures CLc1 were unchanged at $48.48 per barrel while Brent futures LCOc1 were down slightly at $52.60 per barrel. Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-markets-idUKKCN1B101Z'|'2017-08-21T04:13:00.000+03:00'|6141.0|''|-1.0|'' @@ -6157,7 +6157,7 @@ 6155|'aab59f799d7dbcd1cdb8df70f567827d0f7231c5'|'China bankruptcies rise steadily in 2017 amid ''zombie firm'' crackdown'|'SHANGHAI, Aug 3 (Reuters) - Chinese courts handled more than 4,700 bankruptcy cases in the first seven months of 2017, up "steadily" on the same period of 2016 as Beijing stepped up its campaign against ''zombie firms'', a senior official with the judiciary said on Thursday."The difficulties of launching a bankruptcy case have been effectively eased," He Xiaorong, a senior director at China''s Supreme People''s Court, told a news briefing.He said that after 2009, the number of bankruptcy cases in China went into decline with creditors finding it difficult to bring insolvency cases in the courts, but subsequent reforms had improved the situation.Zombie enterprises are loss-making firms that continue to operate only with the support of government subsidies or soft loans. China promised last year to shut them down as part of supply side reform efforts to rejuvenate its debt-ridden state sector and make better use of its capital, labour and resources.Senior leadership sources estimated last year that the plans to close zombie enterprises over the 2016-2018 period could involve more than 6 million layoffs, and the government has already introduced special funds to help pay for redundancies.But China''s inadequate bankruptcy mechanisms have long been regarded as an obstacle when it comes to shutting down loss-making firms, with weak laws and inexperienced courts likely to expose companies to a ''creditors'' race'' that forces the piecemeal sale of assets.Executives have also complained the laws leave company bosses personally liable when it comes to repaying debts, making them reluctant to enter bankruptcy proceedings.The Supreme People''s Court''s He said China had made strides to perfect the country''s bankruptcy system, establishing mechanisms to identify zombie enterprises, handle layoffs and maintain social stability.He said that a special bankruptcy court set up in 2015 had handled 1,923 cases in the first seven months of 2017, up 28.3 percent compared to the same period of last year.It now takes an average of 1.7 years to close a business through insolvency procedures in China, better than the East and South Asia average of 2.6 years, according to a report by BMI Research published last week. (Reporting by David Stanway and Engen Tham; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-bankruptcy-idINL4N1KP2YP'|'2017-08-03T05:49:00.000+03:00'|6155.0|''|-1.0|'' 6156|'e04c82c41967492107e1bb97206ed80a3e1861b2'|'Saudi to transfer airports to sovereign fund in privatisation drive'|'August 21, 2017 / 7:02 PM / 17 minutes ago Saudi to transfer airports to sovereign fund in privatization drive Reuters Staff 2 Min Read RIYADH (Reuters) - Saudi Arabia plans to transfer ownership of all its airports to its main sovereign wealth fund, the Public Investment Fund, as part of a drive to privatize them, a senior aviation official said on Monday. Companies will be set up for each airport under Saudi Civil Aviation Holding, a spin-off from the General Authority of Civil Aviation (GACA), which will continue to regulate the industry, state news agency SPA quoted Mohammed al-Shetwey, aide to GACA''s president for financial affairs, as saying. "The process of establishing companies will continue for all airports, and the civil aviation holding company in the future will be 100 percent owned by the Public Investment Fund," Shetwey said. He added that a company had already been established for Dammam''s main airport, while an expanded King Abdulaziz International Airport in Jeddah would start operating in the second half of 2018 under the management of Singapore''s Changi Airport Group. Shetwey did not say when or how the Public Investment Fund would sell stakes in the airport companies under the privatization program. However, sources told Reuters last month that Saudi Arabia had hired Goldman Sachs ( GS.N ) to manage the sale of a stake in Riyadh''s King Khalid International Airport, which would be the first major privatization. The size of the stake to be offered was not revealed. Shetwey said a project to refurbish that airport, which handled 22.5 million passengers in 2016, would begin after next week''s haj pilgrimage. Reporting by Stephen Kalin; Editing by Andrew Torchia and Richard Balmforth 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-saudi-airports-privatisation-idUKKCN1B125O'|'2017-08-21T21:58:00.000+03:00'|6156.0|''|-1.0|'' 6157|'e509d61a560ce209aba5868446e0a8c06c515882'|'Bank of Korea leaves rates at record low, as expected'|'SEOUL (Reuters) - South Korea''s central bank held the key interest rate steady on Thursday, as expected, as it assesses the effect of government measures to curb a frenzied housing market and evaluates geopolitical risks.A Bank of Korea media official did not elaborate on the monetary policy committee''s decision to keep the base rate steady at record-low 1.25 percent. Governor Lee Ju-yeol is due to hold a news conference from 11:20 a.m. (0220 GMT).All 19 analysts in a Reuters poll forecast the central bank would hold rates this week but most see the bank tightening policy sometime next year.Reporting by Dahee Kim and Choonsik Yoo; Editing by Eric Meijer '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/southkorea-economy-rates-idINKCN1BB04Q'|'2017-08-30T23:17:00.000+03:00'|6157.0|12.0|0.0|'' -6158|'87194b9d13b653b144dcbce6fe76268552ad97bd'|'Glenview directors leave Tenet board, cite irreconcilable differences'|'NEW YORK (Reuters) - Glenview Capital Management, Tenet Healthcare Corp''s ( THC.N ) largest shareholder, is pulling its two representatives off the hospital company''s board, citing "irreconcilable differences" over strategy.Tenet said on Friday that Glenview executives Randy Simpson and Matt Ripperger had resigned from the board on Thursday.In a letter Tenet filed with the U.S. Securities and Exchange Commission, Simpson and Ripperger said they had decided "the most effective way forward to promote strong patient satisfaction and long-term value creation for Tenet is to step off this board."Hedge fund Glenview owned nearly 18 percent of Tenet''s shares as of June 30, according to Thomson Reuters data. That stake would be worth around $225 million at yesterday''s close.The fund -- run by investor Larry Robbins -- has reported a stake in Tenet since 2012, but only put its representatives on the board last year. At the time, they signed a support and standstill agreement with Tenet that prevented the company from taking part in or aiding an activist campaign against the company.The directors stepping down from the board triggers the expiration of that agreement in 15 days. "Glenview may evaluate other avenues to be a constructive owner" of the company, they added.They said Glenview was fully committed to its ownership stake in Tenet.Tenet shares rose around 4 percent in before the bell trading.Reporting by Michael Erman; Editing by Lisa Von Ahn and Phil Berlowitz'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-tenet-directors-idINKCN1AY1CG'|'2017-08-18T10:53:00.000+03:00'|6158.0|''|-1.0|'' +6158|'87194b9d13b653b144dcbce6fe76268552ad97bd'|'Glenview directors leave Tenet board, cite irreconcilable differences'|'NEW YORK (Reuters) - Glenview Capital Management, Tenet Healthcare Corp''s ( THC.N ) largest shareholder, is pulling its two representatives off the hospital company''s board, citing "irreconcilable differences" over strategy.Tenet said on Friday that Glenview executives Randy Simpson and Matt Ripperger had resigned from the board on Thursday.In a letter Tenet filed with the U.S. Securities and Exchange Commission, Simpson and Ripperger said they had decided "the most effective way forward to promote strong patient satisfaction and long-term value creation for Tenet is to step off this board."Hedge fund Glenview owned nearly 18 percent of Tenet''s shares as of June 30, according to Thomson Reuters data. That stake would be worth around $225 million at yesterday''s close.The fund -- run by investor Larry Robbins -- has reported a stake in Tenet since 2012, but only put its representatives on the board last year. At the time, they signed a support and standstill agreement with Tenet that prevented the company from taking part in or aiding an activist campaign against the company.The directors stepping down from the board triggers the expiration of that agreement in 15 days. "Glenview may evaluate other avenues to be a constructive owner" of the company, they added.They said Glenview was fully committed to its ownership stake in Tenet.Tenet shares rose around 4 percent in before the bell trading.Reporting by Michael Erman; Editing by Lisa Von Ahn and Phil Berlowitz'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-tenet-directors-idINKCN1AY1CG'|'2017-08-18T10:53:00.000+03:00'|6158.0|20.0|0.0|'' 6159|'d99671e2970019506f050fda927a5464e3420eb8'|'China regulator hints at no more special treatment after Unicom deal'|'FILE PHOTO - Company logos of China Unicom are displayed at a news conference during the company''s announcement of its annual results in Hong Kong, China March 16, 2016. Bobby Yip/File Photo SHANGHAI (Reuters) - China''s securities regulator said that company ownership reform plans must strictly abide by existing regulations, hinting there will be no repeat of the special treatment given to China Unicom ( 600050.SS ) in its $11.7 billion restructuring.The China Securities Regulatory Commission (CSRC) said in a statement on Friday that it would "continue to support mixed-ownership reforms" of state-owned firms. However, it warned major shareholders that "any items related to the capital markets must strictly stick to existing laws, regulations and rules published by the securities regulator".China Unicom recently unveiled plans to raise 77.9 billion yuan ($11.7 billion) through an ownership reform plan that some observers saw as a model case for revitalizing Chinese state firms with private capital.The deal immediately raised eyebrows among Chinese media and investors, who suspected it may have violated rules on private placements in terms of deal size and pricing mechanism after the CSRC revised its rules in February.The CSRC reiterated on Friday that the deal was being treated as an exceptional case, due to the "major significance" of China Unicom''s reforms.The deal, in which Unicom''s Shanghai-listed unit will tap more than a dozen major investors, including Alibaba Group ( BABA.N ), Tencent Holdings ( 0700.HK ) and Baidu ( BIDU.O ), for funds, caused confusion among investors when it was announced this month.Reporting by Samuel Shen and John Ruwitch; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/us-china-unicom-regulator-idINKCN1B5196'|'2017-08-25T09:06:00.000+03:00'|6159.0|''|-1.0|'' 6160|'c7674c76846d4db950a546730c72a1fb6566d9e0'|'Marriott looks to woo Chinese travelers with Alibaba deal'|'August 7, 2017 / 1:24 PM / 43 minutes ago Marriott set to woo Chinese tourists with Alibaba deal 3 Min Read (In the fourth paragraph, corrects to show that Alibaba will run Marriott''s Chinese-language websites and apps, not that it will run Marriott''s websites and apps) (Reuters) - Marriott International Inc ( MAR.O ) said on Monday it would partner with China''s Alibaba Group Holding Ltd ( BABA.N ) to tap into the growing number of Chinese citizens who travel abroad. The world''s biggest hotel chain said the joint venture with Alibaba would allow Chinese travelers to book rooms at Marriott hotels via Alibaba''s travel service platform, Fliggy. Travelers will be able to sign up for Marriott''s rewards program and receive special member-only rates through Fliggy, Marriott''s global chief commercial officer, Stephanie Linnartz, said in an interview. Alibaba will eventually run Marriott''s Chinese-language websites and apps, Linnartz said. Tourists will be able to pay for bookings using the Chinese e-commerce company''s online payments platform, Alipay, the companies said. A Marriott flag hangs at the entrance of the New York Marriott Downtown hotel in Manhattan, New York November 16, 2015. Andrew Kelly The long-term market opportunity in China is huge for companies targeting both domestic and outbound Chinese travelers, according to Rich Hightower, an equity analyst with Evercore ISI. Over the next five years, Chinese travelers will take an estimated 700 million trips, the companies said in a statement. Marriott''s focus with the joint venture is mostly outbound Chinese travelers, Linnartz said. FILE PHOTO: People ride a double bicycle past the Alibaba Group logo, at the company''s headquarters, on the outskirts of Hangzhou, China November 10, 2014. Aly Song/File Photo Marriott owns the JW Marriott, Ritz-Carlton, Renaissance and Autograph Collection hotel brands, among others. It has nearly 300 hotels in China and around 300 hotels in the pipeline. Twenty-two of its 30 brands have a presence in China. China''s importance to Marriott was heightened after the company''s acquisition of Starwood Hotels, which had a larger presence in the country than Marriott, Linnartz said. Shares of Marriott closed up 1.1 percent on Nasdaq on Monday but fell 1.8 percent after the close following the company''s release of second-quarter earnings. Shares of Alibaba ended up 3.6 percent at $158.84 on Nasdaq. Reporting by Arunima Banerjee and Ankit Ajmera in Bengaluru and Sophia Kunthara in New York; Editing by Anna Driver and Leslie Adler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-marriott-intnl-alibaba-idUSKBN1AN1JN'|'2017-08-07T16:24:00.000+03:00'|6160.0|''|-1.0|'' 6161|'682d55e47ed2f6ae6e6305103617e0566b1bba1e'|'Swiss stocks - Factors to watch on Aug 28'|'ZURICH, Aug 28 (Reuters) - The Swiss blue-chip SMI was seen opening 0.35 percent down at 8,875 points on Monday, according to premarket indications by bank Julius Baer .The following are some of the main factors expected to affect Swiss stocks.NOVARTIS The Swiss drugmaker will seek regulatory approval this year for a new kind of anti-inflammatory heart drug, though some experts fear fatal infection risks and a high price may overshadow the medicine''s limited benefits. The share were indicated down 1.3 percent.For more clickALPIQ The Swiss utility on Monday suspended plans to unload nearly half of its hydroelectric plants, saying potential buyers failed to offer attractive prices and were not prepared to take on risks associated with the money-losing assets.For more clickCREDIT SUISSE Swiss newspaper Neue Zuercher Zeitung reported on Saturday that internal Credit Suisse emails show employees have been instructed not to destroy or delete documents related to so-called insurance "wrapper products" as part of a preservation notice following searches at the Swiss bank''s offices in France, the Netherlands, Britain and Australia in March.COMPANY STATEMENTS * Roche said it received priority review from the FDA for its Gazyva drug against previously untreated follicular lymphoma. The medicine, known as "son of Rituxan" because of similarities to the Swiss drugmaker''s blockbuster, is already approved to treat chronic lymphocytic leukemia and relapsed follicular lymphoma.* Ems Chemie said net profit for the first half of 2017 rose 6.5 percent to 229 million Swiss francs.* Aryzta said it has appointed Kevin Toland as its new CEO, and Juergen Steinemann as an independent director. Toland starts work as CEO on Sept. 12.* Alpiq said that it expects results in 2017 to miss those of the previous year as the company continues to be hurt by low wholesale energy prices and due to an unplanned shutdown of its Leibstadt nuclear power plant.* Kuros Biosciences said it received U.S. Food and Drug Administration clearance for magnetos putty and that it had filed for CE marking in Europe.ECONOMY SNB releases sight deposits at 0800 GMT (Reporting by Zurich newsroom) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/markets-swiss-stocks-idUSL8N1LC0CC'|'2017-08-28T12:56:00.000+03:00'|6161.0|''|-1.0|'' @@ -6189,12 +6189,12 @@ 6187|'5fd443b2a88c8d30e38775a0c6cb5dc3e94e5e57'|'Political tensions put European shares on track for worst week of 2017'|'August 11, 2017 / 7:41 AM / an hour ago European shares head towards their worst week this year Helen Reid 4 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, August 10, 2017. Staff/Remote LONDON (Reuters) - A sell-off in heavyweight basic resources stocks prompted a third day of losses for European shares on Friday, putting them on track for their worst week this year. Volatility jumped and the pan-European STOXX 600 fell 1.2 percent, taking weekly losses to 2.8 percent, its worst since early November 2016.. Euro zone stocks and blue-chips also dropped 0.7 percent, while the miner-heavy FTSE underperformed and was down 0.8 percent. The losses have been triggered by rising tensions between the United States and North Korea. "Investors have been anticipating that we are due a correction of some sort," said Paul Harper, European equity strategist at DNB. "To some extent they have been expecting something and have just been looking for the catalyst. But if investors are positioned for this already, you are going to need something more to give it significant legs as some might be tempted to buy the dip," he added. The VSTOXX , the main European gauge of equity investor anxiety, jumped 26 percent to 23.8, a near four-month high, though it remained near historically depressed levels. "It''s a big move in the context of what we''ve seen in the course of this year, but in a bigger picture perspective the levels are still relatively moderate," said Harper. Overnight, Asian and U.S. equity markets extended their sell-off as the war of words between the Washington and Pyongyang intensified. On Friday basic resource stocks dropped 2.6 percent to a month low as Chinese base metal prices fell. Rio Tinto, Glencore, Antofagasta, Anglo American, BHP Billitonand Arcelormittal all fell 2.3 to 4.1 percent. Falling crude prices made oil & gas stocks a weight too, dropping 1 percent with Tullow Oil the top faller. Banks also fell 2 percent, putting the index on track for its worst week in nine months. Drugmaker Galapagos was the sole bright spot, up 3.2 percent as brokers upgraded their view on the stock which outperformed on Thursday as well after a successful drug trial. Biotech firm Novozymes meanwhile fell 3.3 percent after its second-quarter results disappointed and the firm cut its full-year guidance, citing weaker currencies. UK mid-cap Dixons Carphone ( DC.L ) was the worst-performing, falling 7.6 percent after a top-rated Exane BNP Paribas analyst cut the retailer by two notches to "underperform", citing concerns about its mobile business. With most companies having reported second-quarter earnings, a divergence between the performance of euro zone corporates whose earnings are dented by a stronger euro, and the broader pan-European index, was increasingly visible. Overall, earnings growth for MSCI Europe companies was tracking 24 percent, Thomson Reuters data showed, while MSCI Euro zone companies were seeing 16 percent earnings growth for the second quarter. Around 80 percent of companies have reported. "Results have been fairly OK, but the reaction to the results has been on the soft side ... which perhaps suggests investors are increasingly nervous that valuations are getting to unsustainable levels," said DNB''s Harper. Reporting by Helen Reid; Editing by Jermey Gaunt 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks-idUKKBN1AR0KU'|'2017-08-11T10:55:00.000+03:00'|6187.0|''|-1.0|'' 6188|'39021b1b51983aa1968877f62206c70c6df8f52d'|'Buffett''s Berkshire sheds GE, adds Synchrony'|'August 14, 2017 / 8:42 PM / a day ago Buffett''s Berkshire adds Synchrony, sheds GE Jonathan Stempel 3 Min Read Warren Buffett, chief executive officer and chairman of Berkshire Hathaway Inc, arrives at a National Auto Dealers Association event in New York in this file photo dated March 31, 2015. Brendan McDermid NEW YORK (Reuters) - Warren Buffett''s Berkshire Hathaway Inc on Monday said it added a stake in Synchrony Financial, boosting its bet on the credit card industry, and shed its investment in the company''s former parent, General Electric Co. The changes were among those disclosed in Berkshire''s quarterly report of its U.S.-listed stock holdings. Berkshire said it owned 17.5 million shares of Synchrony, a private label credit card issuer split off from GE in 2014, worth about $521 million as of June 30. It was already the largest investor in American Express Co, owning about one-sixth of that card issuer. Synchrony shares rose 4.6 percent in after-hours trading, likely reflecting what investors consider Buffett''s imprimatur. Smaller equity investments for Berkshire are normally made by Buffett''s deputies, Todd Combs and Ted Weschler, while Buffett focuses on bigger bets such as American Express, Apple Inc and Wells Fargo & Co. It is unclear who sold the GE investment, which was worth roughly $315 million at the end of March. Berkshire''s assistant did not immediately respond to a request for comment. Synchrony''s share price has yet to recoup the 16 percent decline it suffered on April 28 after it wrote off more soured loans, causing profit for the Stamford, Connecticut-based company to fall short of forecasts. Berkshire may have viewed that as "an opportunity to load up," Colin Plunkett, a Morningstar Inc analyst who covers Synchrony, said in an email. He said Synchrony remains undervalued, with a low degree of leverage, and "really has a big opportunity to return cash to shareholders." Synchrony did not immediately respond to a request for comment. In the second quarter, Berkshire trimmed its stakes in American Airlines Group Inc, Delta Air Lines Inc and United Continental Holdings Inc, and boosted its stakes in Bank of New York Mellon Corp and General Motors Co. It also nearly eliminated a decade-old investment in Wabco Holdings Corp, which supplies commercial vehicle parts. Berkshire boosted its stake in Liberty Media Corp and reduced its holdings of Sirius XM Holdings Inc, both investments linked to billionaire John Malone. Buffett and Malone have explored a large investment in U.S. phone company Sprint Corp, people familiar with the matter said last month. Reporting by Jonathan Stempel in New York; Editing by Phil Berlowitz 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-investment-funds-buffett-idUSKCN1AU2B1'|'2017-08-14T23:41:00.000+03:00'|6188.0|''|-1.0|'' 6189|'cf70da0ea4e3684c0d3a065d3a47070ebe782229'|'Cathay Pacific posts worst first-half loss in at least 20 years'|'Lined up banners are seen at a city check-in counter of Cathay Pacific Airways in downtown Hong Kong August 8, 2012. Bobby Yip/Files SHANGHAI/HONG KONG (Reuters) - Hong Kong''s Cathay Pacific Airways Ltd on Wednesday said it did not see operating conditions improving over the rest of 2017 after posting its worst first-half loss in at least two decades as it continued to lose customers to lower-cost rivals.The airline has in recent years seen its market share on international routes eroded by aggressively expanding mainland Chinese and Gulf airlines. This, with poor fuel hedges and its lack of a budget arm, have hurt its competitiveness.On Wednesday, it reported a loss of HK$2.05 billion ($262.07 million) for the six months ended June, versus a profit of HK$353 million a year ago, putting it on track for its first ever back-to-back annual loss since it was founded in 1946.Group revenue edged up 0.4 percent to HK$45.9 billion and its fuel costs grew by 33.4 percent in the first half to HK$2.87 billion."We do not expect the operating environment in the second half of 2017 to improve materially," Cathay Chairman John Slosar said in the statement.The airline posted an annual loss last year for the first time since the global financial crisis and is also in the midst of a three-year reorganisation plan, the benefits of which Slosar said would begin to surface in the second half of 2017.Its first-half results were impacted by a number of one-off events, including the European Commission''s decision in March to levy a fine of around HK$498 million against it and other cargo carriers for infringing European competition law.The reorganisation of its head office, which was almost completed, had also resulted in HK$244 million in redundancy costs, Cathay said. It also made gains of HK$830 million from share disposals."But even excluding the exceptional items, gains and losses, it''s about HK$2.1 billion in net losses, so it is worse than expected," said UOB Kay Hian analyst K Ajith, which had forecasted a net loss of HK$1.2 billion.He said Cathay''s passenger yields, which fell 5.2 percent, were lower than expected and the company did not reap as big a benefit as anticipated from a weaker Hong Kong dollar, indicating that there was poor demand for its product offering.In its passenger business, Cathay said its Australia and New Zealand routes performed below expectations while it was facing increased competition on routes to Canada which put increased pressure on yield.Yields on its cargo services, however, rose 4.4 percent on strong demand for mainland China exports.DIFFICULT SIX MONTHS There were already earlier signs that Cathay was experiencing a difficult first-half after its revenue passenger kilometres (RPK), a measure of traffic, grew by just 1.4 percent, its lowest growth rate since the turn of the decade.In comparison, the RPK of mainland rival China Southern Airlines'' rose 12.49 percent year-on-year over the same period, according to company data.Cathay''s performance has also paled in comparison to its regional rival Singapore Airlines which despite facing similar competition posted a 45.6 percent rise in first-quarter operating profit last month after filling a higher proportion of seats.Such competitive conditions have led some analysts to suggest the possibility of takeover by Air China, which has a cross-shareholding with Cathay.At a press conference on Wednesday, Cathay said it had "productive relations" with Air China. "We will work closely with Air China whereas it is sensible to do so," Chief Executive Rupert Hogg said.The airline had been initially expected to publish results around midday Hong Kong time (0400 GMT) but eventually published them at 4.30 p.m. local time. Slosar said the delay was due to a longer-than-expected board meeting."But there is no change in plan and no change on the board or anything," he said.Shares in Cathay closed up 0.86 percent before results were announced, in line with the Hang Seng index, which was up 0.9 percent.($1 = 7.8223 Hong Kong dollars)Reporting by Brenda Goh in SHANGHAI and Donny Kwok in HONG KONG; Additional Reporting by Jamie Freed in SINGAPORE; Editing by Himani Sarkar and David Evans'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/cathay-pacific-results-idINKCN1AW196'|'2017-08-16T09:52:00.000+03:00'|6189.0|''|-1.0|'' -6190|'e50fa790bad1ab58aa1478c907a76f34f62c19a2'|'BRIEF-Ranger Energy Services sees IPO of 5 million shares priced between $16-$18/shr'|'Aug 1 (Reuters) -* Ranger Energy Services Inc sees IPO of 5 million shares of its Class A common stock priced between $16.00 and $18.00 per share - SEC filing* Ranger Energy Services - CSL Capital, Bayou Well Holdings and their affiliates have indicated that they may collectively purchase up to 1.8 million shares in the offering Source text: ( bit.ly/2hkFbl0 )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-ranger-energy-services-sees-ipo-of-idINFWN1KN0NS'|'2017-08-01T12:24:00.000+03:00'|6190.0|''|-1.0|'' +6190|'e50fa790bad1ab58aa1478c907a76f34f62c19a2'|'BRIEF-Ranger Energy Services sees IPO of 5 million shares priced between $16-$18/shr'|'Aug 1 (Reuters) -* Ranger Energy Services Inc sees IPO of 5 million shares of its Class A common stock priced between $16.00 and $18.00 per share - SEC filing* Ranger Energy Services - CSL Capital, Bayou Well Holdings and their affiliates have indicated that they may collectively purchase up to 1.8 million shares in the offering Source text: ( bit.ly/2hkFbl0 )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-ranger-energy-services-sees-ipo-of-idINFWN1KN0NS'|'2017-08-01T12:24:00.000+03:00'|6190.0|28.0|0.0|'' 6191|'e020a2003258a430661fbdb7056eafee30127704'|'Chevron says to enter Mexican fuel market in local partnership'|'Edition United States 09 PM / 2 minutes ago Chevron says to enter Mexican fuel market in local partnership Reuters Staff 1 Min Read FILE PHOTO - A Chevron gas station sign is seen in Del Mar, California, April 25, 2013. Mike Blake/File Photo - MEXICO CITY (Reuters) - U.S. energy company Chevron Corporation ( CVX.N ) said on Thursday it is set to enter Mexico''s recently opened fuel sector, by importing, distributing and selling refined products in partnership with a local gas station network it did not name. In a statement, Chevron said it will open its first gas station in Hermosillo, in northwest Mexico, and will in subsequent weeks launch similar outlets in the states of Sonora, Sinaloa, Baja California and Baja California Sur, all of which are in the northwest of the country. Reporting by Sharay Angulo and Ana Isabel Martinez 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-mexico-chevron-idUKKCN1AX2JZ'|'2017-08-17T23:06:00.000+03:00'|6191.0|''|-1.0|'' -6192|'7deb04c95e0c73e61840e08a457089111396f8ce'|'BRIEF-Cerus enters into $40 mln amended growth capital agreement'|'August 2, 2017 / 1:09 PM / 8 minutes ago BRIEF-Cerus enters into $40 mln amended growth capital agreement Cerus Corp * Cerus enters into $40 million amended growth capital agreement * Cerus Corp - it has entered into a $40 million amended growth capital credit facility with oxford finance llc * Cerus Corp - under amended facility, cerus received an immediate $30 million loan at closing on july 31, 2017 * Cerus Corp - has option to draw another $10 million subject to achieving a specified revenue milestone * Cerus Corp - a portion of proceeds from initial $30 million loan were used to repay outstanding term loans of about $17.6 million 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cerus-enters-into-40-mln-amended-g-idUSFWN1KO0QM'|'2017-08-02T16:08:00.000+03:00'|6192.0|''|-1.0|'' +6192|'7deb04c95e0c73e61840e08a457089111396f8ce'|'BRIEF-Cerus enters into $40 mln amended growth capital agreement'|'August 2, 2017 / 1:09 PM / 8 minutes ago BRIEF-Cerus enters into $40 mln amended growth capital agreement Cerus Corp * Cerus enters into $40 million amended growth capital agreement * Cerus Corp - it has entered into a $40 million amended growth capital credit facility with oxford finance llc * Cerus Corp - under amended facility, cerus received an immediate $30 million loan at closing on july 31, 2017 * Cerus Corp - has option to draw another $10 million subject to achieving a specified revenue milestone * Cerus Corp - a portion of proceeds from initial $30 million loan were used to repay outstanding term loans of about $17.6 million 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cerus-enters-into-40-mln-amended-g-idUSFWN1KO0QM'|'2017-08-02T16:08:00.000+03:00'|6192.0|29.0|0.0|'' 6193|'0aa2ef3416896c3dba1f5ccd164ddccd2ce71f14'|'Car supplier ZF''s H1 margin improves on TRW synergies'|'FRANKFURT, Aug 3 (Reuters) - German auto supplier ZF Friedrichshafen AG improved its profit margin in the first half of 2017 thanks to synergy gains and improved business in the wake of its takeover of U.S.-based rival TRW, the company said on Thursday.The unlisted auto supplier said its adjusted earnings before interest and taxes (EBIT) rose 9 percent to 1.2 billion euros ($1.42 billion), with sales up 2.7 percent to 18.3 billion euros.Its EBIT margin was 6.6 percent, up from 6.3 percent in the first half of last year, which ZF said was despite higher spending on autonomous and electric cars technology."We were able to achieve this by boosting operating performance and realizing synergies resulting from the acquisition of TRW," Chief Financial Officer Konstantin Sauer said in a statement, without being more specific.ZF is snapping up rival suppliers which can help prepare it for a new era of electromobility and autonomous driving.Since 2015, ZF has bought rival TRW Automotive, taken a 40 percent stake in German lidar maker Ibeo Automotive and made an unsuccessful $515 million bid for Swedish brake systems group Haldex.Since buying TRW for $13.5 billion, ZF has sought to pay down its debt, which now stands at 7.6 billion euros.$1 = 0.8444 euros Reporting by Edward Taylor; Editing by Maria Sheahan'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/zf-friedrich-results-idINL5N1KO6MQ'|'2017-08-03T06:04:00.000+03:00'|6193.0|''|-1.0|'' 6194|'ae3e8ea8ce51117c509018b0affe19745640a0f7'|'Repsol says drilling suspended on Vietnam oil block disputed by China'|'A Repsol logo at a petrol station in Bormujos near the Andalusian capital of Seville, southern Spain March 3, 2016. Marcelo del Pozo/Files MADRID (Reuters) - Spain''s Repsol said it had suspended oil drilling in a block off Vietnam, where the prospecting in South China Sea waters claimed by China had infuriated Beijing and brought Chinese pressure on Vietnam to stop.Tension has been growing between Vietnam and China over energy development in the waterway, where extensive Chinese claims are challenged by five Southeast Asian countries and disputed by the United States.Repsol''s chief financial officer, Miguel Martinez, said work had been suspended off Vietnam, according to the transcript of a conference call with analysts last week."We are working with the PetroVietnam and with the Vietnamese authorities and the only comment is that right now, operations have been suspended," he said."We will have to see what the output is, but as mentioned $27 million is what we have spent till now in this well."A Repsol official confirmed the suspension on Wednesday, but declined to give further details.Drilling began in mid-June in Vietnam''s Block 136/3, which is licensed to Vietnam''s state oil firm, Spain''s Repsol and Mubadala Development Co of the United Arab Emirates.The block lies inside the U-shaped "nine-dash line" that marks the vast area that China claims in the sea and overlaps what it says are its own oil concessions.China had urged a halt to the exploration work and a diplomatic source with direct knowledge of the situation said that the decision to suspend drilling was taken after a Vietnamese delegation visited Beijing."Vietnam decided it didn''t want to pick a fight with China over this," the source said.Foreign Policy magazine said this week that China had threatened military action against Vietnam if it did not stop the drilling. It said that a decision to stop was made following acrimonious meetings of a divided politburo.Vietnam has not confirmed the suspension of drilling but last week defended its right to explore in the area."Vietnam''s petroleum-related activities take place in the sea entirely under the sovereignty and jurisdiction of Vietnam established in accordance with international law," Vietnamese Foreign Ministry spokeswoman Le Thi Thu Hang said."Vietnam proposes all concerned parties to respect the legitimate rights and interests of Vietnam." China claims most of the energy-rich South China Sea through which about $5 trillion in ship-borne trade passes every year. Brunei, Malaysia, the Philippines, Taiwan and Vietnam also have claims.David Shear, a former U.S. ambassador to Vietnam and a former assistant secretary of defense for Asia and Pacific under President Barack Obama, said that he believed that as a result of the spat Vietnam had lost two oil drilling sites.He blamed it in part on "inattention" by President Donald Trump''s administration in the region."This is a setback for the rules-based order and for our interests," he said.Thomson Reuters data showed the drilling ship Deepsea Metro I was in the same position on Sunday as it had been since drilling began on the block in the middle of June.Greg Poling, director of the Asia Maritime Transparency Initiative at the Center for Strategic and International Studies said the suspension of drilling did not mean the contract had been cancelled."Hanoi could greenlight Repsol drilling another well nearby, but it''s certainly an expensive delay," he said.Additional reporting by Ben Blanchard in Beijing and David Brunnstrom in Washington; Writing by Matthew Tostevin, editing by David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/southchinasea-vietnam-idINKBN1AI271'|'2017-08-02T19:27:00.000+03:00'|6194.0|''|-1.0|'' -6195|'79776dd8b06fdd2cc88ee50f1fdf2a4a1e44c403'|'Bombardier applies for judicial review against Metrolinx'|'August 16, 2017 / 12:43 AM / in 9 hours Bombardier applies for judicial review against Metrolinx 2 Min Read FILE PHOTO - A logo of jet manufacturer Bombardier is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland on May 22, 2017. Denis Balibouse/File Photo (Reuters) - Bombardier Inc ( BBDb.TO ), which was excluded from bidding on a contract by Ontario-based transportation agency Metrolinx, said on Tuesday it had filed an application for judicial review. Bombardier said in a statement it was taking Metrolinx to court after the agency designated the Canadian plane and train maker ineligible to bid on the contract valued at over C$2 billion ($1.57 billion). Bombardier said no reason was given. Metrolinx responded in an emailed statement that Bombardier could not bid on the contract to manage its rail operations because the company already does work for the agency, including being a train supplier. "One of the main duties of the successful bidder will be to carry out an assessment of our current operations and service providers," Metrolinx spokeswoman Anne Marie Aikins said in the statement. "A current operator cannot oversee this function objectively. That''s why Bombardier will not be eligible to fulfill that role." In April, Bombardier had won a case to stop Metrolinx from terminating a C$770 million ($603.78 million) light rail contract due to delivery delays. Metrolinx had signed an operations and maintenance contract with Bombardier until 2023, which the agency said would not change. ($1 = 1.2753 Canadian dollars) Reporting by Anirban Paul in Bengaluru; Editing by Richard Chang 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-bombardier-metrolinx-idUSKCN1AW016'|'2017-08-16T03:42:00.000+03:00'|6195.0|''|-1.0|'' +6195|'79776dd8b06fdd2cc88ee50f1fdf2a4a1e44c403'|'Bombardier applies for judicial review against Metrolinx'|'August 16, 2017 / 12:43 AM / in 9 hours Bombardier applies for judicial review against Metrolinx 2 Min Read FILE PHOTO - A logo of jet manufacturer Bombardier is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland on May 22, 2017. Denis Balibouse/File Photo (Reuters) - Bombardier Inc ( BBDb.TO ), which was excluded from bidding on a contract by Ontario-based transportation agency Metrolinx, said on Tuesday it had filed an application for judicial review. Bombardier said in a statement it was taking Metrolinx to court after the agency designated the Canadian plane and train maker ineligible to bid on the contract valued at over C$2 billion ($1.57 billion). Bombardier said no reason was given. Metrolinx responded in an emailed statement that Bombardier could not bid on the contract to manage its rail operations because the company already does work for the agency, including being a train supplier. "One of the main duties of the successful bidder will be to carry out an assessment of our current operations and service providers," Metrolinx spokeswoman Anne Marie Aikins said in the statement. "A current operator cannot oversee this function objectively. That''s why Bombardier will not be eligible to fulfill that role." In April, Bombardier had won a case to stop Metrolinx from terminating a C$770 million ($603.78 million) light rail contract due to delivery delays. Metrolinx had signed an operations and maintenance contract with Bombardier until 2023, which the agency said would not change. ($1 = 1.2753 Canadian dollars) Reporting by Anirban Paul in Bengaluru; Editing by Richard Chang 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-bombardier-metrolinx-idUSKCN1AW016'|'2017-08-16T03:42:00.000+03:00'|6195.0|20.0|0.0|'' 6196|'bc4157738e8aaf161cce7499e8c3408b19c3c84d'|'Exclusive - Hudson''s Bay to review options after activist pressure: sources'|'(Reuters) - Hudson''s Bay Co ( HBC.TO ), the owner of the Saks Fifth Avenue and Lord & Taylor retail chains, is seeking to carry out a review of its options, including going private, following pressure from an activist shareholder, people familiar with the matter said.Hudson''s Bay, which is already working with an investment bank to defend itself against activist hedge fund Land and Buildings, has been seeking to hire another financial adviser to carry out the review, the people said this week.The review will consider all available options, from the possibility of the company going private to potential sales of retail assets and real estate, the sources said, cautioning that no transaction is certain.The sources asked not to be identified because the deliberations are confidential. Hudson''s Bay did not immediately respond to a request for comment.Reporting by Carl O''Donnell and Lauren Hirsch in New York; Additional reporting by Greg Roumeliotis and Michael Flaherty in New York; Editing by Meredith Mazzilli '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/hudson-s-bay-m-a-exclusive-idINKCN1B52DZ'|'2017-08-25T17:02:00.000+03:00'|6196.0|''|-1.0|'' 6197|'2ad7d22dd73e21600da054b38c3308217c6ffdcf'|'Sensex edges up; Tata Steel gains ahead of results'|'August 7, 2017 / 6:22 AM / 14 hours ago Sensex edges down; Tata Steel rises ahead of results 1 Min Read Brokers trade at their computer terminals at a stock brokerage firm in Mumbai January 6, 2015. Shailesh Andrade/Files REUTERS - Sensex slipped on Monday, dragged down by IT stocks, while the decline was capped by gains in Tata Steel Ltd on expectations of strong quarterly results. The benchmark BSE Sensex fell 0.16 percent to 32,273.67, while the broader NSE Nifty ended 0.09 percent lower at 10,057.40. Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu 0 : 0'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/india-sensex-stocks-idINKBN1AN0JC'|'2017-08-07T04:22:00.000+03:00'|6197.0|''|-1.0|'' 6198|'68cb21c07d8a5fc1d62df1ab846dccb264c75bcd'|'Transocean to buy Norwegian rig firm Songa Offshore for $1.1 billion'|'OSLO (Reuters) - Transocean, one of the world''s biggest drilling rig operators, has agreed to buy Norwegian competitor Songa Offshore for 9.1 billion crowns ($1.1 billion), the latest in a series of transactions reshaping the industry.The purchase, to be mostly paid for in shares and convertible bonds, follows Ensco Plc''s acquisition of smaller drilling rival Atwood Oceanics Inc in an all-stock deal valued at about $839 million in May.It also boosts Swiss-based Transocean''s position in drilling in harsh climates such as the Arctic, as Songa is Norwegian oil major Statoil''s top drilling service provider.The offer values Songa shares at 47.50 Norwegian crowns each, a 39.7 percent premium over Monday''s closing price, the two companies said in a joint statement on Tuesday."It (the Transocean deal) is a sign that we are near the bottom of the market, and people don''t expect asset prices to fall much further," Swedbank analyst Magnus Olsvik said."For Transocean, it''s a strategic acquisition," he added.The deal boosts Transocean''s position in harsh-environment drilling and increases its order book by $4.1 billion to $14.3 billion.Four out of seven Songa rigs are on long-term contracts with Statoil, making the deal especially attractive.Including debt, the transaction sets Songa''s enterprise value at 26.4 billion crowns, or close to $3.4 billion.SONGA SHARES SOAR Shares in Songa surged 35 percent on news of the deal, which needs the backing of at least 90 percent of Songa shareholders. About 77 percent of shareholders have so far agreed to the offer, the company said.By 1228 GMT, Songa shares were up 30.3 percent at 44.3 crowns, their highest since March 2016.Songa''s biggest shareholder, Perestroika, owned by Norwegian investor Frederik Wilhelm Mohn, would become the largest shareholder in Transocean as a result of the acquisition with a stake of about 12 percent, the firms said.Mohn, chairman of Songa, will be nominated for a seat on Transocean''s board.In March, Transocean sold its fleet of shallow water jack-up rigs to Norway''s Borr Drilling for $1.35 billion, saying it wanted to focus on its core deep- and ultra-deepwater rig market.The latest deal comes at a time of upheaval in the industry, with rival deepwater rig firm Seadrill undergoing a restructuring of debt and liabilities amounting to some $14 billion, while newcomers such as Borr scoop up cheap assets.Schlumberger, the world''s top oilfield services provider, has taken a 20 percent stake in Borr, which plans to list on the Oslo exchange by the end of the third quarter.Asked whether he saw more rig acquisition targets in Norway, Swedbank''s Olsvik said: "Odfjell Drilling is an obvious (acquisition) target, but there are no such good matches as in the case of Transocean and Songa Offshore."($1 = 7.9596 Norwegian crowns)Reporting by Terje Solsvik; Editing by Dale Hudson and Edmund Blair'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/songa-off-m-a-transocea-idINKCN1AV1WU'|'2017-08-15T15:02:00.000+03:00'|6198.0|''|-1.0|'' @@ -6222,7 +6222,7 @@ 6220|'8f5903b9af4907a5689b028da1d8f2e180ce1635'|'Hargreaves will not pay special dividend on FCA notification'|'August 4, 2017 / 6:44 AM / 25 minutes ago Hargreaves Lansdown cancels special dividend after regulator warns on capital Sanjeeban Sarkar and Simon Jessop 3 Min Read (Reuters) - Fund supermarket Hargreaves Lansdown ( HRGV.L ) cancelled a planned special dividend on Friday after Britain''s financial regulator said the company needed to shore up its capital base, sending its shares lower. Hargreaves, which helps retail customers invest in a range of products through its online platform, said the Financial Conduct Authority (FCA) had said the company''s strong growth and increased complexity meant it needed to bolster its cash buffer. The company plans to launch its HL Savings product later in the year, a cash deposit service supported by marketplace lending, and this year also launched Lifetime ISAs, or individual savings accounts eligible for a government bonus. While the FCA did not specify a precise figure, Hargreaves said the new methodology to be used by the regulator meant it needed to keep back an extra 50 million pounds ($66 million), and would not have enough to pay a planned special dividend. "The group maintains a strong net cash position and the board believes it already had a robust balance sheet with sufficient capital to fund ongoing trading and future growth," Hargreaves said in a statement. "The action announced today maintains capital above our regulatory risk appetite levels, in line with our strategy of offering a safe and secure home for our clients'' lifelong investments." The FCA action comes just weeks after it said it would launch a study looking at whether online fund platforms were providing good value for money for investors. Shares in the firm were down 5.1 percent at 0751 GMT, among the top fallers on in the blue-chip FTSE 100 index .FTSE , despite the company also updating on several measures of trading ahead of its formal results, to show it was performing well. Hargreaves said net assets under administration rose 28 percent to 79.2 billion pounds for the year ended June 30. Pretax profit for the period also rose 21 percent to 265-266 million pounds. The company is set to report results on Aug. 15. "While we would expect the shares to react negatively this morning, we expect the capital increase to be a one-off event, with any future increases dealt with via a more gradual build-up of surplus capital through a slightly lower overall payout," said Shore Capital analyst Paul McGinnis. McGinnis said the pretax profit figure was 4 percent above his forecast and he advised clients to "use any weakness today to pick up shares in this asset gathering monster". Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Anjuli Davies and Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hargreaves-dividend-idUKKBN1AK0K6'|'2017-08-04T09:44:00.000+03:00'|6220.0|''|-1.0|'' 6221|'5482157f7e2661ee30c11fb5d515bdca64967cd4'|'MIDEAST STOCKS-Region sags as Union Properties loss hits Dubai, Egypt continues slide'|'August 15, 2017 / 2:12 PM / in 12 hours MIDEAST STOCKS-Region sags as Union Properties loss hits Dubai, Egypt continues slide 4 Min Read * Union Properties comes off low, expects no more provisions * Dubai''s Marka hit by earnings, GFH by share dilution * But Emaar Properties firm after in-line earnings * Investment Holding continues post-listing slide in Qatar * Telecom Egypt rises on earnings By Andrew Torchia sagged again on Tuesday because of a mediocre economic outlook, with a shock loss at a real estate developer weighing on Dubai and Egypt dropping for a sixth straight day. Union Properties sank 4.3 percent to 0.82 dirham after it reported a 2.29 billion dirham ($624 million) net loss for the second quarter, although the stock came well off its intra-day low of 0.77 dirham. It accounted for over a third of Dubai''s trading volume. The company said it was taking big provisions to cover past accounting errors related to its booking of a 503 million dirham gain on a plot of land at Dubai''s Motor City. The errors were discovered as a new board and senior management, appointed in May, conducted an investigation of accounting practices dating back to 2013, the company said. Its chairman later told Al Arabiya television that he did not expect to take further provisions in coming quarters. Dubai''s stock index dropped 0.2 percent. It was buoyed by a 0.1 percent gain by Emaar Properties, the biggest developer, which reported profit, restaurant and retail investment firm Marka sank 5.1 percent to a record low after reporting ($34.3 million) versus GFH Financial fell 3.3 percent, bringing its losses over two days to 12.9 percent. The company said it had completed the acquisition of a $1.2 billion infrastructure portfolio in Africa and the Middle East, funded by a $315 million capital increase that took issued and paid-up capital to $975 million - a big dilution for minority shareholders. Abu Dhabi''s index edged down 0.2 percent although Eshraq Properties, which had been trading at its lowest levels this year, rebounded 1.2 percent in its heaviest volume for five weeks. Saudi Arabia''s index declined 0.3 percent. Insurer MedGulf, which has been falling sharply this week after reporting a big second-quarter loss, slid a further 2.9 percent. Wafa Insurance, which earlier this month reported lower quarterly profit, fell 3.1 percent. In Qatar, the index dropped 0.6 percent as Gulf Warehousing lost 1.7 percent. Investment Holding Group , which tumbled 13 percent from its initial public offer price on Monday as it listed on the market, fell a further 1.7 percent. Egypt''s index slid 0.3 percent to 13,102 points, confirming a break below its July low of 13,261 points and support on its 100-day average, now at 13,171 The broader EGX100 dropped 1.6 percent. Financial services firm Pioneers Holding lost 3.5 percent and blue chip Orascom Telecom Media fell 1.5 percent. Telecom Egypt gained 1.1 percent, however, after reporting that second-quarter consolidated net profit after tax jumped 22 percent year-on-year to 1.27 billion Egyptian pounds ($72 million). Highlights * The index declined 0.3 percent to 7,103 points. Dubai * The index fell 0.2 percent to 3,580 points. Abu Dhabi * The index dropped 0.2 percent to 4,471 points. Qatar * The index slipped 0.6 percent to 9,134 points. Egypt * The index slid 0.3 percent to 13,102 points. Kuwait * The index fell 0.2 percent to 6,844 points. Bahrain * The index lost 0.6 percent to 1,312 points. Oman * The index dropped 0.8 percent to 4,939 points. (Reporting by Andrew Torchia; editing by Mark Heinrich) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/mideast-stocks-idUSL8N1L12JR'|'2017-08-15T17:12:00.000+03:00'|6221.0|''|-1.0|'' 6222|'f97a5b129c68b58dfd70844961f4b1741850f0bb'|'BRIEF-Tiger Global Management ups share stake in TransDigm Group, Fleetcor Technologies'|'Aug 14 (Reuters) - Tiger Global Management:* Tiger Global Management ups share stake in TransDigm Group Inc by 57.4 percent to 4.0 million shares - SEC filing* Tiger Global Management ups share stake in Fleetcor Technologies Inc by 62.8 percent to 2.3 million shares - SEC filing* Tiger Global Management - Change in holdings are as of June 30, 2017 and compared with the previous quarter ended as of March 31, 2017- SEC filing Source text for quarter ended June 30, 2017: ( bit.ly/2wJDukF ) Source text for quarter ended March 31, 2017: ( bit.ly/2r9xG3Q )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-tiger-global-management-ups-share-idINFWN1L00VF'|'2017-08-14T17:17:00.000+03:00'|6222.0|12.0|0.0|'' -6223|'564cbba547504d274837a64cc34fe43173637394'|'CEE MARKETS-Crown retreats as cbank seen turning dovish after rate rise'|'* Czech central bank''s post-hike comments were dovish-analysts * Czech crown gives up almost all of post-rate-hike gains * Loose ECB policy discourages monetary tightening-analysts * Romanian central bank seen holding fire, may hike next year * MOL shares hit 6-year high after strong Q2 results By Sandor Peto and Robert Muller BUDAPEST/PRAGUE, Aug 4 (Reuters) - The crown retreated on Friday due to doubts that Thursday''s Czech central bank (CNB) interest rate hike would be followed by further tightening. The crown had shed 0.13 percent to 26.075 against the euro by 0944 GMT, approaching the levels it hit before the rate hike. On Thursday, the rate increase boosted the currency to 25.9, its strongest since April when the CNB removed a cap that had kept it weaker than 27 against the euro since 2013. The hike was the first in the Czech Republic in over nine years and the first among European Union member states in more than five years. Other central banks in Central Europe, under less pressure from recent inflation figures, remain dovish and are unlikely to follow the Czech example this year, including the Romanian bank, which meets on Friday. The CNB lifted its two-week repo rate by 20 basis points to 0.25 percent on Thursday. Inflation is above its 2 percent target, the Czech labour market is the tightest in the EU, and the economy is seen growing at annual rates above 3 percent, in line with the region. But the Czech inflation rate is seen dipping below 2 percent again. The bank''s new outlook is more dovish than before and it also fears hot money inflows if European Central Bank policies remain loose, making Czech assets attractive, analysts said. "If the ECB postpones its first tightening, the CNB will have no other option than to be patient too," Ceska Sporitelna analysts said. The CNB''s press conference on Thursday changed the outlook, Komercni Banka dealer Dalimil Vyskovsky said, "pointing to somewhat slower hikes from now on." "Apparently the bank (is) trying to sound as dovish as possible, once again, in our view the reason behind it being fears of EURCZK reaction getting too strong," he added. The key 3-month Prague inter-bank offered rate (PRIBOR was fixed at 42 basis points, up 11 basis points. The leu traded a shade firmer ahead of the Romanian central bank''s meeting. The bank is unlikely to lift its rates this year, but is expected to narrow the corridor between its lending and deposit facility later this year, tightening conditions. Next year it could start to reverse its rate cuts, because inflation could jump close to the top of its 1.5-3.5 percent target range, analysts have said. The Polish central bank may also start considering rate hikes next year, and Hungary in 2019, analysts have said. Stock markets rose in the region, with Budapest leading gains on a surge in MOL shares to a 6-year high after the oil and gas group posted better than expected earnings, and raised its earnings outlook for 2017. CEE MARKETS SNAPSH AT 1043 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.079 26.041 -0.15% 3.56% 0 0 Hungary 304.10 303.90 -0.06% 1.55% forint 00 50 Polish zloty 4.2422 4.2447 +0.06 3.81% % Romanian leu 4.5610 4.5631 +0.05 -0.57% % Croatian 7.4060 7.4065 +0.01 2.01% kuna % Serbian 119.62 119.61 -0.01% 3.12% dinar 00 00 Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1021.3 1017.5 +0.37 +10.8 7 7 % 2% Budapest 36684. 36416. +0.74 +14.6 24 07 % 3% Warsaw 2375.0 2365.4 +0.40 +21.9 5 8 % 3% Bucharest 8345.5 8340.8 +0.06 +17.7 7 4 % 9% Ljubljana 808.42 806.01 +0.30 +12.6 % 6% Zagreb 1890.5 1889.9 +0.03 -5.23% 8 4 % Belgrade 728.18 718.12 +1.40 +1.51 % % Sofia 716.60 720.14 -0.49% +22.2 0% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.026 0.026 +071b +3bps ps 5-year 0.093 0.04 +032b +4bps ps 10-year 0.898 0 +044b +0bps ps Poland 2-year 1.814 -0.017 +250b -1bps ps 5-year 2.68 0.012 +291b +1bps ps 10-year 3.338 -0.014 +288b -2bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL5N1KQ23Q'|'2017-08-04T08:12:00.000+03:00'|6223.0|''|-1.0|'' +6223|'564cbba547504d274837a64cc34fe43173637394'|'CEE MARKETS-Crown retreats as cbank seen turning dovish after rate rise'|'* Czech central bank''s post-hike comments were dovish-analysts * Czech crown gives up almost all of post-rate-hike gains * Loose ECB policy discourages monetary tightening-analysts * Romanian central bank seen holding fire, may hike next year * MOL shares hit 6-year high after strong Q2 results By Sandor Peto and Robert Muller BUDAPEST/PRAGUE, Aug 4 (Reuters) - The crown retreated on Friday due to doubts that Thursday''s Czech central bank (CNB) interest rate hike would be followed by further tightening. The crown had shed 0.13 percent to 26.075 against the euro by 0944 GMT, approaching the levels it hit before the rate hike. On Thursday, the rate increase boosted the currency to 25.9, its strongest since April when the CNB removed a cap that had kept it weaker than 27 against the euro since 2013. The hike was the first in the Czech Republic in over nine years and the first among European Union member states in more than five years. Other central banks in Central Europe, under less pressure from recent inflation figures, remain dovish and are unlikely to follow the Czech example this year, including the Romanian bank, which meets on Friday. The CNB lifted its two-week repo rate by 20 basis points to 0.25 percent on Thursday. Inflation is above its 2 percent target, the Czech labour market is the tightest in the EU, and the economy is seen growing at annual rates above 3 percent, in line with the region. But the Czech inflation rate is seen dipping below 2 percent again. The bank''s new outlook is more dovish than before and it also fears hot money inflows if European Central Bank policies remain loose, making Czech assets attractive, analysts said. "If the ECB postpones its first tightening, the CNB will have no other option than to be patient too," Ceska Sporitelna analysts said. The CNB''s press conference on Thursday changed the outlook, Komercni Banka dealer Dalimil Vyskovsky said, "pointing to somewhat slower hikes from now on." "Apparently the bank (is) trying to sound as dovish as possible, once again, in our view the reason behind it being fears of EURCZK reaction getting too strong," he added. The key 3-month Prague inter-bank offered rate (PRIBOR was fixed at 42 basis points, up 11 basis points. The leu traded a shade firmer ahead of the Romanian central bank''s meeting. The bank is unlikely to lift its rates this year, but is expected to narrow the corridor between its lending and deposit facility later this year, tightening conditions. Next year it could start to reverse its rate cuts, because inflation could jump close to the top of its 1.5-3.5 percent target range, analysts have said. The Polish central bank may also start considering rate hikes next year, and Hungary in 2019, analysts have said. Stock markets rose in the region, with Budapest leading gains on a surge in MOL shares to a 6-year high after the oil and gas group posted better than expected earnings, and raised its earnings outlook for 2017. CEE MARKETS SNAPSH AT 1043 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.079 26.041 -0.15% 3.56% 0 0 Hungary 304.10 303.90 -0.06% 1.55% forint 00 50 Polish zloty 4.2422 4.2447 +0.06 3.81% % Romanian leu 4.5610 4.5631 +0.05 -0.57% % Croatian 7.4060 7.4065 +0.01 2.01% kuna % Serbian 119.62 119.61 -0.01% 3.12% dinar 00 00 Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1021.3 1017.5 +0.37 +10.8 7 7 % 2% Budapest 36684. 36416. +0.74 +14.6 24 07 % 3% Warsaw 2375.0 2365.4 +0.40 +21.9 5 8 % 3% Bucharest 8345.5 8340.8 +0.06 +17.7 7 4 % 9% Ljubljana 808.42 806.01 +0.30 +12.6 % 6% Zagreb 1890.5 1889.9 +0.03 -5.23% 8 4 % Belgrade 728.18 718.12 +1.40 +1.51 % % Sofia 716.60 720.14 -0.49% +22.2 0% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.026 0.026 +071b +3bps ps 5-year 0.093 0.04 +032b +4bps ps 10-year 0.898 0 +044b +0bps ps Poland 2-year 1.814 -0.017 +250b -1bps ps 5-year 2.68 0.012 +291b +1bps ps 10-year 3.338 -0.014 +288b -2bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL5N1KQ23Q'|'2017-08-04T08:12:00.000+03:00'|6223.0|23.0|0.0|'' 6224|'e57f424b2941296aeda28643038b04c40f0750a1'|'UK Stocks-Factors to watch on Aug 7'|'Aug 7 (Reuters) - Britain''s FTSE 100 index is expected to open 19 points higher at 7531.2 on Monday, according to financial spreadbetters. * PAYSAFE: Payments processing company Paysafe Group has backed a 3 billion pound ($3.9 billion) takeover offer from a consortium of funds managed by Blackstone and CVC Capital Partners , the latest in a string of deals in the sector. * UK BOOKMAKERS: British finance minister Philip Hammond has blocked government attempts to curb high-stakes gambling machines commonly found in betting shops in order to preserve tax revenues, the Daily Mail newspaper reported on Saturday. * TULLOW: The leaders of Tanzania and Uganda laid a foundation stone on Saturday for the construction of a $3.55 billion-crude export pipeline that would pump Ugandan oil for international markets. Total is one of the owners of Ugandan oilfields, alongside China''s Cnooc and Britain''s Tullow Oil. * SAINSBURY: Britain''s second-biggest supermarket chain, Sainsbury''s, is considering cutting 1,000 head office jobs as part of a drive to save 500 million pounds ($652 million) in costs, the Sunday Telegraph newspaper reported. * UK REAL ESTATE: The directors of small British construction businesses are lending them more money to plug a funding gap as banks set tighter lending criteria and major contractors delay payments, a survey showed on Monday. * GOLD: Gold held steady near two-week lows on Monday, with the dollar remaining supported by expectations of monetary tightening in the United States following stronger-than-expected jobs data last week. * LME COPPER: London Metal Exchange copper on Monday fell half a percent $6,343 a tonne by 0137 GMT, having earlier jumped to $6,430.50, less than $10 below its most recent-two year high. Volumes were roughly treble the average for early Asia, around 5500 lots. * The UK''s top share index enjoyed its best week so far in 2017 as gains among big defensive overseas earners on Friday outweighed falls for homebuilding stocks. Britain''s blue chip FTSE 100 index ended the session up 0.5 percent at 7,511.71 points. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Ultra Electronics Holdings Half Year 2017 Ultra Electronics PLC Holdings PLC Earnings Release Telit Communications PLC Half Year 2017 Telit Communications PLC Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sanjeeban Sarkar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1KT26G'|'2017-08-07T08:44:00.000+03:00'|6224.0|''|-1.0|'' 6225|'babe0d6d51e25c108f2603eae56e291d5db6c13f'|'RPT-Tokyo Stock Exchange hopes new entrants can revive stagnant solar trust markets - Reuters'|'(Repeats earlier story for wider readership with no change to text.)* TSE struggles to attract investors to solar power trusts* Two of the three trusts trade below IPO price* Institutional investors prefer private fundsBy Junko FujitaTOKYO, Aug 18 (Reuters) - The Tokyo Stock Exchange''s (TSE) two-year old infrastructure market hopes to get a badly needed boost for its listed solar power trusts as two new entrants plan to start up as early as this year.The Tokyo Stock Exchange''s (TSE) solar power trust market has so far drawn little interest as investors prefer private funds because the public trusts'' tax benefits are limited.Since the TSE created its infrastructure market in 2015, only three solar power trusts have listed with a combined value of $180 million."We don''t have a wider range of investors in the market," said Takumi Hayase, vice president of the TSE''s new listings. "The market needs to be much bigger for institutional investors."Now, TSE is hoping that two new trusts will bring fresh capital.The Japanese unit of Canadian Solar Inc and electricity wholesaler Itochu Enex Co, have set up asset management firms in preparation to list investment trusts packaging their assets, according to a document from Japan''s land ministry.Officials from both Canadian Solar and Itochu Enex declined to comment on their listing plans.The lack of interest in the solar trusts is at odds with Japan''s soaring solar power capacity, which has soared from virtually zero at the start of the decade to over 40,000 gigawatt-hours.The country plans to generate 24 percent of its power from renewables by 2030, up from 14.6 percent in 2015, according to the Ministry of Economy, Trade and Industry.TAX RULES The sluggish interest in its solar trusts are linked to its tax rules, investors said.The trusts are exempt from corporate taxes for 20 years. In return, they are required to pay 90 percent of their profits to investors, resulting in higher dividends than ordinary stocks.However, a Tokyo-based fund manager, who did not want to be named because he was not authorized to speak to the media, said it was risky to invest in solar trusts because profits could drop significantly after the tax perk expires."Various restrictions on the tax system is one of the factors that is limiting the growth of infrastructure trusts," said Masanori Sato, head of the banking and structured finance group at law firm Mori Hamada & Matsumoto.So far, the three solar trusts that have listed on the TSE market - Takara Leben Infrastructure Fund Inc, Ichigo Green Infrastructure Investment Corp, and Renewable Japan Energy Infrastructure Fund Inc - have mainly drawn interest from individual investors.Two of the trusts are trading below their initial public offering prices, while Ichigo Green is trading 0.5 percent above the IPO price as of Friday.Many investors like solar projects because they offer stable long-term returns and benefit from government subsidies, so-called feed-in tariffs that guarantee revenues."Pension fund managers want to secure stable returns, so we hold assets long-term and we do not need to seek a liquid market," said Takeshi Ito, a senior portfolio manager for Aisin Employees Pension Funds.Yet so far, investors like Nippon Life Insurance have preferred buying into private funds that not only offer annual dividends but will also typically repay the initial investment once the fund matures.Nippon Life in June pledged 10 billion yen ($91.50 million) to a fund that General Electric is raising to invest in solar power plants in Japan.Akitoshi Yamada, deputy general manager for Nippon Life''s alternative investment department, said that GE''s fund would deliver 5.5 percent annual returns over the next 25 years."We have not considered investing in public trusts trading on the TSE yet because for now we seek lower correlations with the stock and bond market when we invest in infrastructure," said Yamada. ($1 = 109.2900 yen)Reporting by Junko Fujita; Editing by Henning Gloystein and Christian Schmollinger'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-solar-idINL4N1L42KE'|'2017-08-20T20:00:00.000+03:00'|6225.0|''|-1.0|'' 6226|'33bf5503a1ddb65b7be20aece626f5900bd7340e'|'China''s Fosun not under investigation over overseas deals: CEO'|'Fosun International Ltd Chief Executive Officer Wang Qunbin attends a news conference in Hong Kong, China March 29, 2017. Bobby Yip - RC19286A2300 HONG KONG (Reuters) - Fosun International Ltd, one of the China''s most acquisitive dealmakers, hasn''t been investigated by the country''s regulators over its overseas investments and deals, Chief Executive Officer Wang Qunbin said on Thursday.The conglomerate, which has assets in Brazil, Portugal, France, Canada and the United States, supports the Chinese government''s new guidelines to regulate overseas investment, he said.He added that Beijing is looking to support capable firms investing overseas while restricting or banning deals in certain sectors."The new guidelines are good news for Fosun''s globalization and overseas investments," Wang said at a news conference to discuss the company''s first-half results. "Fosun always insists on genuine investments which are in line with the regulation."The company reported a 33.6 percent jump in its first-half net profit due to strong performances at key businesses including Fosun Pharma, Club Med and Yuyuan.Reporting by Julie Zhu; Writing by Elzio Barreto; Editing by Edwina Gibbs '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-fosun-intl-results-idINKCN1BB0AD'|'2017-08-31T01:32:00.000+03:00'|6226.0|''|-1.0|'' @@ -6244,13 +6244,13 @@ 6242|'3a41773091101778be79de1ba8842ff6fc1b0087'|'REFILE-RPT-INSIGHT-Globalization''s castaways haunt central bankers'|'August 24, 2017 / 11:03 AM / 7 minutes ago REFILE-RPT-INSIGHT-Globalization''s castaways haunt central bankers Reuters Staff (Corrects spelling of Plattsburgh in paragraph 3,4 of 3rd section) By Jonathan Spicer and Howard Schneider MASSENA, New York/JACKSON HOLE, Wyoming, Aug 24 (Reuters) - A fter a turbulent year of anti-globalization backlash, central bankers still argue open borders and free trade are the key to more jobs, growth and prosperity. But when they meet for the U.S. Federal Reserve''s annual research conference in Jackson Hole, Wyoming, this week, it will be with the growing recognition that the world economic order they helped create could unravel unless the benefits of globalization can reach those left behind. That means addressing the concerns of people like Grace Paige, a grandmother of seven from the struggling St. Lawrence County in northern New York state. When Donald Trump promised to revive "middle America" by rolling back decades of globalization, Paige decided to give him a chance. The otherwise dependable Democratic voter sat out the election, contributing to the county''s swing from a 57-percent majority for Barack Obama in 2012 to a 51-percent vote for Trump''s economic nationalism. "My grandkids need jobs," she said, counting out the ways her county has been abandoned over the last decade with the shuttering of a General Motors car factory, an aluminum plant, and the Sears department store where Paige once worked. Central bankers reject Trump''s economic nationalism, including renewed threats to tear up the 23-year-old North American Free Trade Agreement, if it leads to more protectionism. But officials at the Fed in particular have in recent months broadened their policy debates to include issues such as racial disparities in labor markets or the fate of geographically or technologically isolated communities in an economy that is in many ways doing well. "Frankly as economists ... we haven''t probably paid enough attention to the transfer from one economy, where you aren''t as globalized, to another," Federal Reserve Bank of Cleveland President Loretta Mester told Reuters ahead of the Aug. 24-26 international gathering dedicated to securing global growth. "Globalization and technological change is here to stay. And the promise of those is very good - we know that it can raise standards of living," Mester said. "It''s just how do you make sure that it''s distributed in a way so that the majority of people benefit." Policymakers acknowledge, however, that there is no quick and easy way to help those whose jobs were moved overseas or were replaced by software and robots, or to tackle the political challenge that poses. HALF-URBAN, HALF-RURAL, ALL TRUMP A Reuters analysis of U.S. voting, jobs and demographic data shows that it was in areas like St. Lawrence - neither clearly in the orbit of the globally-connected cities that drive economic growth, nor fully rural - that were key to Trump''s success. (Graphic: tmsnrt.rs/2g7Wky9 ) They represent about a third of the roughly 3,100 counties in the continental United States and around 12 percent of the U.S. population, according to census data. Trump outperformed the 2012 Republican candidate Mitt Romney the most in those counties, which proved vital to his triumph in key swing states. St. Lawrence - with its smattering of dairy-farm villages, college towns, and shuttered industrial sites - was also among 63 counties where votes swung by 10 percentage points or more to Trump from Obama. Similarly, areas of Britain on the edges of big cities had an outsized effect on the narrow June 2016 vote to leave the European Union. Recognizing the challenge, Fed Governor Lael Brainard has made at least 10 visits from Appalachia to Mississippi studying why communities get left behind, extensive travel for a Fed governor outside the usual circuit of civic club and university speeches. "We really do have to be focused on the kinds of policies that can reconnect those people to the workforce," Brainard said in a recent speech. Monetary policy geared to an entire economy is ill suited to fix such problems, but the Fed''s regional role in community development, as well as the bully pulpit shared by its policymakers, have prompted them to focus on possible options. For example, in a trip to El Paso, Texas, Brainard explored how the Feds bank oversight and interest rate policy might improve financing for basic infrastructure and job training, according to regional Fed staff who helped arrange the tour. At the regional level, Minneapolis Fed president Neel Kashkari in January set up a research institute on income inequality, and said recently that social considerations in part led him to want to pause on raising interest rates. If we can keep people from being lost permanently, boy thats a real positive for society," Kashkari said. MONTREAL SUBURB The diverging fortunes of St. Lawrence and nearby Clinton County, which shares a similar demographic profile, show how often factors such as location can make all the difference, and how hard they are to overcome. Clinton County, which backed Democrat Hillary Clinton in 2016, shares a transportation corridor with Montreal, Canada''s second-largest city in the neighboring Quebec province, allowing it to reap the benefits of the North American Free Trade Agreement. "Our business is to make Quebec successful, to help Quebec with its exports. Now there''s a novel idea," Garry Douglas, president of the North Country Chamber of Commerce, said in June of the NAFTA renegotiation talks at a forum in Plattsburgh attended by New York Fed President William Dudley. Plattsburgh, Clinton County''s hub, bills itself as "Montreal''s U.S. Suburb," 15 percent of the county''s residents work for subsidiaries of Canadian firms such as Bombardier , and more than $1.5 billion flows south across the border in annual investment. Only 35 miles (56 km) east lies St. Lawrence. With less convenient road, rail and air connections it is just outside Montreal''s economic orbit, while still-patchy broadband coverage also work against it. The county''s unemployment rate is 1.5 percentage points higher than in Clinton, and 2.5 points above national average. Despite the abundance of good colleges and universities, graduates often leave because of the lack of opportunities. Census data show a net of 4,200 people left the county between 2010 and 2016. Mairin Merna, a single mother from Ogdensburg, the county''s largest city of about 11,000, said job prospects remained dim and would probably force her to move with her daughter to Albany, the state capital 220-miles away. "Fifteen years ago I was more optimistic," said Merna, 34, leaving a one-stop career center in the nearby town of Canton, where she was among hundreds applying for local clerical work. "I don''t know if there will be any change here," she said. "It''s sad." Reporting by Jonathan Spicer and Howard Schneider; Editing by David Chance and Tomasz Janowski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-fed-globalization-idUSL2N1L921V'|'2017-08-24T16:54:00.000+03:00'|6242.0|''|-1.0|'' 6243|'c604e895d7b9fc8833631c839e3f2fd00ea1c278'|'UK Stocks-Factors to watch on Aug 21'|'Aug 21 (Reuters) - Britain''s FTSE 100 index is seen opening down 20 points at 7,303.9 on Monday, according to financial bookmakers. * BT: BT Group Plc''s EE is planning to threaten the telecoms regulator Ofcom with a High Court challenge on Monday, over its planned auction of mobile spectrum. * SHELL: Royal Dutch Shell has lifted a cargo of 600,000 barrels of crude oil from Libya''s Zueitina port, its first from the war-torn north African country in 5 years, two industry sources told Reuters on Saturday. * HIKMA: Hikma Pharmaceuticals Plc''s U.S. subsidiary has raised the price of a common diarrhea drug by more than 400 percent and is charging more for five other medicines as well, the Financial Times reported on Sunday. * SHELL: The large crude distillation unit at Royal Dutch Shell Plc''s 325,700 barrel-per-day (bpd) joint-venture Deer Park, Texas, refinery may be shut for up to two weeks of repairs from a Thursday fire, sources familiar with plant operations said on Friday. * RATHBONE BROTHERS: British wealth manager Rathbone Brothers said on Saturday it was in exclusive talks with UK-based financial services provider Smith & Williamson over a possible all-share merger. * OIL: Oil markets were stable on Monday, largely holding on to Friday''s big gains even though rising U.S. output weighed on hopes the market will tighten after a 13 percent fall in U.S. crude inventories since March. * The UK blue chip FTSE 100 index closed down 0.9 percent at 7,323.98 points on Friday, as top share came under pressure from falls among consumer giants, financials and airline stocks, caught up in a broader risk-off move following the attack in Spain. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Headlam Group HEAD.L Half Year 2017 Earnings Release TBC Bank TBCG.L Half Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors-idUSL4N1L724W'|'2017-08-21T08:16:00.000+03:00'|6243.0|''|-1.0|'' 6244|'12ed77099d5a6b441c2a6319eefc2d5b30c9ab6d'|'Singapore''s Temasek looking at German acquisitions -Welt am Sonntag'|'FRANKFURT, Aug 6 (Reuters) - Singapore state investor Temasek, one of the world''s biggest investors, wants to make acquisitions in Germany, a top executive of the group told a German weekly newspaper.The sovereign wealth fund is being advised by Michael Diekmann, former CEO of insurer Allianz, and Franz Fehrenbach, supervisory board chairman at Bosch."We want to increasingly turn to Germany," Tan Chong Lee, head of Temasek Europe, told Welt am Sonntag. "We have already looked at companies in Berlin and Munich."Lee said Temasek''s focus was on industrials but also companies in the consumer, technology, agricultural, pharma, biotech and services sectors, either listed or unlisted."We are also open to taking over companies completely jointly with a private equity group," he said, noting Temasek was not planning to take an overly proactive role, instead aiming for minority stakes and leaving business to management."We don''t want to restructure the companies or exchange management," he said. (Reporting by Christoph Steitz; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/germany-ma-temasek-holdings-idINL5N1KS06Y'|'2017-08-06T08:56:00.000+03:00'|6244.0|''|-1.0|'' -6245|'bee129d7c074a1720e351d8c1c43e49d65d8d636'|'Japan Finance Minister Aso to meet US Vice President Pence in early Sept to discuss economy, trade'|'August 29, 2017 / 3:14 AM / an hour ago Japan Finance Minister Aso to meet US Vice President Pence in early Sept to discuss economy, trade Tetsushi Kajimoto 3 Min Read Japanese Finance Minister Taro Aso waits for U.S. Secretary of the Treasury Steven Mnuchin (not seen) before a bilateral meeting, during a G7 for Financial ministers, in the southern Italian city of Bari, Italy, May 12, 2017. Alessandro Bianchi TOKYO (Reuters) - Japanese Finance Minister Taro Aso said on Tuesday that he would visit the United States from Sept. 4 to hold informal talks with Vice President Mike Pence ahead of a second round of bilateral economic talks later this year. Aso, who doubles as deputy prime minister, also plans to meet top economic officials of U.S. President Donald Trump''s administration, government sources told Reuters on condition of anonymity. Asked if the two sides would discuss North Korea, Aso said Pence was not the person directly in charge of the matter so he did not know how the issue would be discussed. North Korea fired a missile that flew over Japan and landed in waters off the northern region of Hokkaido early on Tuesday, marking a sharp escalation of tensions on the Korean peninsula. Aso has earlier expressed hope that the second round of economic talks would be held in October. "There are some areas that need to be adjusted, so we are going to adjust them in order to hold (the next round of talks) by the end of this year," Aso told reporters after a cabinet meeting. Japan-U.S. trade talks "have dealt with frictions in the past, starting from the negotiations on textile in the 1960s, but this time we approached (the United States), calling for cooperation but not frictions," Aso said. He and Pence would likely discuss issues such as trade, investment and economic policies in accordance with the first round of economic talks launched in April, Aso added. Aso will also hold informal talks with Gary Cohn, Trump''s top economic adviser, and U.S. Commerce Secretary Wilbur Ross and U.S. Treasury Secretary Steven Mnuchin during his visit scheduled for Sept 4-6, the sources said. Aso and Pence have led the U.S.-Japan economic dialogue. However, some analysts worry that Trump''s administration, which is facing growing domestic turmoil, could pile pressure on the country''s trading partners for concessions that would boost U.S. exports under his "America First" policy. The upcoming talks could also include the issue of safeguard tariffs Japan has imposed on frozen beef from the United States and some other countries. Reporting by Tetsushi Kajimoto; additional reporting by Yoshifumi Takemoto; Editing by Chris Gallagher and Kim Coghill'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-japan-economy-aso-idUKKCN1B909C'|'2017-08-29T07:14:00.000+03:00'|6245.0|''|-1.0|'' +6245|'bee129d7c074a1720e351d8c1c43e49d65d8d636'|'Japan Finance Minister Aso to meet US Vice President Pence in early Sept to discuss economy, trade'|'August 29, 2017 / 3:14 AM / an hour ago Japan Finance Minister Aso to meet US Vice President Pence in early Sept to discuss economy, trade Tetsushi Kajimoto 3 Min Read Japanese Finance Minister Taro Aso waits for U.S. Secretary of the Treasury Steven Mnuchin (not seen) before a bilateral meeting, during a G7 for Financial ministers, in the southern Italian city of Bari, Italy, May 12, 2017. Alessandro Bianchi TOKYO (Reuters) - Japanese Finance Minister Taro Aso said on Tuesday that he would visit the United States from Sept. 4 to hold informal talks with Vice President Mike Pence ahead of a second round of bilateral economic talks later this year. Aso, who doubles as deputy prime minister, also plans to meet top economic officials of U.S. President Donald Trump''s administration, government sources told Reuters on condition of anonymity. Asked if the two sides would discuss North Korea, Aso said Pence was not the person directly in charge of the matter so he did not know how the issue would be discussed. North Korea fired a missile that flew over Japan and landed in waters off the northern region of Hokkaido early on Tuesday, marking a sharp escalation of tensions on the Korean peninsula. Aso has earlier expressed hope that the second round of economic talks would be held in October. "There are some areas that need to be adjusted, so we are going to adjust them in order to hold (the next round of talks) by the end of this year," Aso told reporters after a cabinet meeting. Japan-U.S. trade talks "have dealt with frictions in the past, starting from the negotiations on textile in the 1960s, but this time we approached (the United States), calling for cooperation but not frictions," Aso said. He and Pence would likely discuss issues such as trade, investment and economic policies in accordance with the first round of economic talks launched in April, Aso added. Aso will also hold informal talks with Gary Cohn, Trump''s top economic adviser, and U.S. Commerce Secretary Wilbur Ross and U.S. Treasury Secretary Steven Mnuchin during his visit scheduled for Sept 4-6, the sources said. Aso and Pence have led the U.S.-Japan economic dialogue. However, some analysts worry that Trump''s administration, which is facing growing domestic turmoil, could pile pressure on the country''s trading partners for concessions that would boost U.S. exports under his "America First" policy. The upcoming talks could also include the issue of safeguard tariffs Japan has imposed on frozen beef from the United States and some other countries. Reporting by Tetsushi Kajimoto; additional reporting by Yoshifumi Takemoto; Editing by Chris Gallagher and Kim Coghill'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-japan-economy-aso-idUKKCN1B909C'|'2017-08-29T07:14:00.000+03:00'|6245.0|27.0|0.0|'' 6246|'456b5a98468afaf1f2286bd2a46edd5e062d0e52'|'Verbund CFO proposed to join Telekom Austria''s supervisory board'|'August 22, 2017 / 9:41 AM / 16 minutes ago Verbund CFO proposed to join Telekom Austria''s supervisory board Reuters Staff 1 Min Read VIENNA, Aug 22 (Reuters) - Austrian energy group Verbund''s finance chief Peter Kollmann is expected to succeed Ronny Pecik as supervisory board member at Telekom Austria , a spokeswoman for the telecoms group said on Tuesday. The Austrian unit of Mexico''s America Movil called an extraordinary shareholder meeting for Sept. 20 to request shareholders'' approval for the 56-year-old''s move. Investor Pecik left the supervisory board in June. Reporting by Kirsti Knolle; Editing by Shadia Nasralla 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/telekom-austria-egm-idUSFWN1L802Q'|'2017-08-22T17:41:00.000+03:00'|6246.0|''|-1.0|'' 6247|'bc316ab56e8e7227d8ee451e93e07a6979d0a997'|'BRIEF-Manning & Napier reports July 31, 2017 assets under management'|' 37 PM / 15 minutes ago BRIEF-Manning & Napier reports July 31, 2017 assets under management Manning & Napier Inc * Manning & Napier Inc reports July 31, 2017 assets under management * Manning & Napier Inc - assets under management ("AUM") as of July 31, 2017 of $27.3 billion compared with $27.1 billion at June 30, 2017 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-manning-napier-reports-july-idUSASB0BF65'|'2017-08-10T23:36:00.000+03:00'|6247.0|''|-1.0|'' 6248|'894a7a1aefb045cb9a28362f591f925bb090c7fa'|'Home Capital posts 2nd qtr loss, says concerns about future resolved'|'The entry to the Home Capital Group''s headquarters is seen at an office tower in the financial district of Toronto, Ontario, Canada May 1, 2017. Picture taken using a wide angle lens. Chris Helgren TORONTO (Reuters) - Home Capital Group reported a bigger-than-expected second-quarter loss on Wednesday but said issues relating to its ability to continue as a going concern had been resolved.Canada''s biggest non-bank lender reported a loss of C$1.73 per share for the second quarter. That compared with analysts'' expectations of C$1.14 a share, according to Thomson Reuters I/B/E/S data.Home Capital secured an equity injection and a C$2 billion ($1.6 billion) line of credit from Warren Buffett''s Berkshire Hathaway in June. Berkshire Hathaway currently holds a 20 percent stake in the business and will increase that to 38 percent if Home Capital shareholders approve an agreement for it to do so next month.In announcing its results for the latest quarter, the company said its business plan and cash flow forecasts suggested that current liquidity and credit facilities were sufficient to support its ongoing business for the foreseeable future."Management has concluded that there is no longer material uncertainty that casts significant doubt as to the ability of the company to continue as a going concern," it said in a statement alongside the results.Home Capital warned in June that it expected to record a loss in the second quarter due to costs related to its efforts to shore up liquidity after investors withdrew more than 90 percent of funds from its high interest savings accounts.The withdrawals began when the company terminated the employment of former Chief Executive Martin Reid on March 27 and accelerated after April 19, when Canada''s biggest securities regulator, the Ontario Securities Commission (OSC), accused Home Capital of making misleading statements to investors about its mortgage underwriting business.Home Capital reached a settlement with the OSC in June and accepted responsibility for misleading investors about mortgage underwriting problems.It has also sold some assets, enabling it to pay off the C$900 million it had outstanding on the Berkshire Hathaway facility last month.The company said it had C$3.94 billion in available liquidity and credit capacity as of Aug. 1 including the now undrawn C$2 billion from Berkshire Hathaway.Its high interest savings account and Guaranteed Investment Certificate deposits, two key sources of funding, had both increased since it last reported on its funding and liquidity position on July 14.The company appointed Yousry Bissada as its new chief executive in July, tasking the mortgage industry veteran with leading its recovery.Reporting by Matt Scuffham; Editing by Tom Brown, Bernard Orr'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-homecapital-results-idUSKBN1AI2YR'|'2017-08-03T02:46:00.000+03:00'|6248.0|''|-1.0|'' 6249|'124e244c607325468525e8c2d1e356333cb04968'|'PRESS DIGEST- Financial Times - Aug 8 - Reuters'|'Aug 8 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesHigher food costs drive up UK retail sales as confidence falls on.ft.com/2hDR85f''Essential'' services face fines for poor cyber security on.ft.com/2hDWfT3MEPs seek tougher rules on London euro clearing after UK quits EU on.ft.com/2fnucq1Ackman''s Pershing Square unveils its 3 nominees to ADP board on.ft.com/2fnJUS8OverviewRising food costs helped British retail sales in July, with consumers cutting back on non-food spending as confidence in the economic outlook waned, according to the British Retail Consortium.The UK government is considering proposals that would fine operators of essential UK services that succumb to cyber attacks 17 million pounds ($22.16 million) if they have poor security.Members of the European Parliament are preparing to bolster EU plans to police London''s euro clearing business after Brexit, raising the risk that Britain might lose the lucrative activity.Hedge fund Pershing Square proposed three nominees, including its Chief Executive William Ackman, to serve on the board of Automatic Data Processing Inc.$1 = 0.7673 pounds Compiled by Bengaluru newsroom; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-ft-idINL4N1KT60D'|'2017-08-07T21:20:00.000+03:00'|6249.0|''|-1.0|'' 6250|'bd10e8bb5da678cb9d989babf34eaae67fcb959f'|'BHP Billiton shuts in Eagle Ford wells ahead of Harvey'|'WASHINGTON, Aug 25 (Reuters) - BHP Billiton Ltd said on Friday it had shut in all of its Eagle Ford oil wells and midstream operations ahead of Hurricane Harvey."BHP continues to monitor conditions in the Gulf of Mexico and is prepared to evacuate," said company spokeswoman Bronwyn Wilkinson.Reporting by Ruthy Munoz; Editing by Chris Reese '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-harvey-bhp-idINL2N1LB1YV'|'2017-08-25T19:59:00.000+03:00'|6250.0|''|-1.0|'' -6251|'1d4fd1e0e54581d0b43f0a89f26b13ed871861d6'|'Petrobras to make $2 bln capital injection into fuel distribution arm'|'August 25, 2017 / 12:11 PM / 5 minutes ago Petrobras to make $2 billion capital injection into fuel distribution arm Reuters Staff 3 Min Read The logo of Brazil''s state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. Paulo Whitaker SAO PAULO (Reuters) - Brazil''s state-run oil company Petroleo Brasileiro SA will inject 6.3 billion reais ($2 billion) of fresh capital into its fuel distribution arm, cleaning up its balance sheet in an effort to attract investors to an initial public offering. The money from the capital injection, approved by the board of the company and announced in a securities filing on Friday, will solve a long-standing problem with state-controlled power utility Centrais Eletricas Brasileiras SA. The capital injection solves the main hurdle to the initial public offering of the unit, Petrobras Distribuidora SA, according to a person with direct knowledge of the matter. After years of supplying fuel for thermal power plants held by the electricity holding, commonly called Eletrobras, the oil giant known as Petrobras has amassed overdue bills worth around 10.4 billion reais in different subsidiaries. Part of that debt will now be transferred to another Petrobras unit, Downstream Participaes Ltda, which will later be consolidated by the parent company. Petrobras and Eletrobras can now sort out their obligations without involving BR Distribuidora, the source said, asking for anonymity due to a lack of authorization to discuss the matter publicly. Current fuel supply at Eletrobras power plants is being paid normally, the source added. The move comes after Brazil''s cash-strapped government floated a proposal on Monday to cede control of Eletrobras, the country''s biggest power utility, in its boldest privatization yet. The capital injection at Petrobras may finally free up its distribution unit for a planned IPO that has been stymied time and again since it was first proposed in 2015. Petrobras revived the BR Distribuidora IPO in June to cut debt and capital spending in low-return activities. The company is increasingly relying on asset sales and spinoffs to trim its $95 billion debt burden, the largest of any major oil company. Reuters reported earlier this month that Citigroup Inc and seven other banks would underwrite the IPO, which will likely occur in November. Petrobras said some of the operations announced on Friday are still subject to approval by shareholders and other stakeholders. Reporting by Luciano Costa, Tatiana Bautzer and Ana Mano in Sao Paulo; Writing and additional reporting by Alexandra Alper in Rio de Janeiro; Editing by Chizu Nomiyama and Alistair Bell'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-petrobras-capital-petrobras-distribui-idUSKCN1B51GD'|'2017-08-25T15:09:00.000+03:00'|6251.0|''|-1.0|'' +6251|'1d4fd1e0e54581d0b43f0a89f26b13ed871861d6'|'Petrobras to make $2 bln capital injection into fuel distribution arm'|'August 25, 2017 / 12:11 PM / 5 minutes ago Petrobras to make $2 billion capital injection into fuel distribution arm Reuters Staff 3 Min Read The logo of Brazil''s state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. Paulo Whitaker SAO PAULO (Reuters) - Brazil''s state-run oil company Petroleo Brasileiro SA will inject 6.3 billion reais ($2 billion) of fresh capital into its fuel distribution arm, cleaning up its balance sheet in an effort to attract investors to an initial public offering. The money from the capital injection, approved by the board of the company and announced in a securities filing on Friday, will solve a long-standing problem with state-controlled power utility Centrais Eletricas Brasileiras SA. The capital injection solves the main hurdle to the initial public offering of the unit, Petrobras Distribuidora SA, according to a person with direct knowledge of the matter. After years of supplying fuel for thermal power plants held by the electricity holding, commonly called Eletrobras, the oil giant known as Petrobras has amassed overdue bills worth around 10.4 billion reais in different subsidiaries. Part of that debt will now be transferred to another Petrobras unit, Downstream Participaes Ltda, which will later be consolidated by the parent company. Petrobras and Eletrobras can now sort out their obligations without involving BR Distribuidora, the source said, asking for anonymity due to a lack of authorization to discuss the matter publicly. Current fuel supply at Eletrobras power plants is being paid normally, the source added. The move comes after Brazil''s cash-strapped government floated a proposal on Monday to cede control of Eletrobras, the country''s biggest power utility, in its boldest privatization yet. The capital injection at Petrobras may finally free up its distribution unit for a planned IPO that has been stymied time and again since it was first proposed in 2015. Petrobras revived the BR Distribuidora IPO in June to cut debt and capital spending in low-return activities. The company is increasingly relying on asset sales and spinoffs to trim its $95 billion debt burden, the largest of any major oil company. Reuters reported earlier this month that Citigroup Inc and seven other banks would underwrite the IPO, which will likely occur in November. Petrobras said some of the operations announced on Friday are still subject to approval by shareholders and other stakeholders. Reporting by Luciano Costa, Tatiana Bautzer and Ana Mano in Sao Paulo; Writing and additional reporting by Alexandra Alper in Rio de Janeiro; Editing by Chizu Nomiyama and Alistair Bell'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-petrobras-capital-petrobras-distribui-idUSKCN1B51GD'|'2017-08-25T15:09:00.000+03:00'|6251.0|24.0|0.0|'' 6252|'ca1685bc6e0cce7899a3e05d15ab82548a8e3e10'|'India''s Tata Motors CEO says to invest $625 million to boost car, truck sales'|' 37 AM / 17 minutes ago India''s Tata Motors CEO says to invest $625 million to boost car, truck sales Reuters Staff 1 Min Read FILE PHOTO: Men ride a motorbike as they come out of a past a Tata Motors car plant at Sanand in the western Indian state of Gujarat, India, October 27, 2016. Amit Dave/File Photo MUMBAI (Reuters) - Tata Motors ( TAMO.NS ) will invest more than 40 billion rupees ($625 million) to boost sales of its passenger and commercial vehicles, its chief executive said on Monday, as the Indian automaker looks to return to profit in its domestic business. The company has committed to invest 25 billion rupees in its passenger vehicles unit, and will pump in more than 15 billion rupees in its commercial vehicles business this year and annually over coming years, chief executive Guenter Butschek told reporters in Mumbai. Tata Motors, which owns the luxury Jaguar Land Rover brand, has been trying to turn around its loss-making domestic unit by modernising products, improving efficiency, cutting costs and streamlining its organisation and supplier base. Reporting by Devidutta Tripathy; Editing by Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-tata-motors-strategy-idUKKCN1B10LP'|'2017-08-21T10:37:00.000+03:00'|6252.0|''|-1.0|'' 6253|'fa698744c63c7df23636fd163cc9d7f7d08962eb'|'Former UAW official charged in Fiat Chrysler payoff probe'|'August 18, 2017 / 10:09 PM / 19 hours ago Former UAW official charged in Fiat Chrysler payoff probe David Shepardson 3 Min Read FILE PHOTO: People talk as they stand next to a logo of Fiat Chrysler Automobiles (FCA) in Turin, Italy on March 31, 2014. Giorgio Perottino/File Photo (Reuters) - A former senior official at the United Auto Workers trade union was charged on Friday with conspiring with other union officials to accept improper payments from Fiat Chrysler Automobiles NV ( FCHA.MI ) officials over a four-year period. Virdell King, 65, of Detroit, who a union official until February 2016, was charged with conspiracy to violate labor laws in U.S. District Court in Detroit. King was one of the senior UAW officials responsible for negotiating and administering the contract between Fiat Chrysler and the union, the government said. A lawyer for King, John Shea, declined to comment Friday. King is the fourth person charged in the investigation. The Justice Department charged King with accepting thousands of dollars in designer shoes, clothing, jewelry, luggage and other personal items, all of which were purchased using credit cards issued through the UAW-Chrysler National Training Center (NTC). She also made at least $40,000 in purchases for other UAW officials, the government said. The government has said Jerome Durden, a former Fiat Chrysler official, conspired to divert over $4.5 million in NTC funds intended for UAW member training and education. He pleaded guilty on Aug. 8 to conspiracy and preparing false tax returns and faces up to 37 months in prison under a plea deal. A former Fiat Chrysler vice president of employee relations, Alphons Iacobelli, was charged last month with making $1.2 million in improper payments to a former union vice president and his wife. He has pleaded not guilty. According to court documents, Iacobelli told senior UAW officials they could use the NTC credit cards to make personal purchases, stating "if you see something you want, feel free to buy it." The government said in court documents at least five senior UAW officials, including King, made personal purchases with NTC credit cards. UAW President Dennis Williams said on Friday the union is "disheartened by the misconduct alleged in today''s indictment ... Based on our own internal investigation, we believe anyone who engaged in intentional misconduct is no longer employed by the UAW." The head of the Detroit FBI, David Gelios, said "years of fraud and corruption within a select group of the FCA and UAW hierarchy continue to be eroded through the diligence and collaboration of law enforcement." Fiat Chrysler Chief Executive Sergio Marchionne said last month the "deplorable" conduct "had nothing whatsoever to do with the collective bargaining process." The company also said in July that the "egregious acts were neither known to nor sanctioned by (Fiat Chrysler)," and declined to elaborate on Friday. Reporting by David Shepardson, editing by G Crosse 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-fiat-chrysler-corruption-labor-idUSKCN1AY2HU'|'2017-08-19T01:07:00.000+03:00'|6253.0|''|-1.0|'' 6254|'32af9646d1b7cd4408e592c007d08a77999a8e9d'|'U.S. awards indirect bidders fewest 2-year notes since Dec'|'NEW YORK, Aug 28 (Reuters) - The U.S. Treasury Department on Monday awarded fund managers, foreign central banks and other indirect bidders the lowest amount of two-year government notes at an auction since December, Treasury data showed.Indirect bidders ended up with 45.80 percent of the $26 billion of new two-year Treasuries offered, which was their smallest share at a two-year auction since 32.74 percent in December. (Reporting by Richard Leong) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-auction-2year-idINL2N1LE0RB'|'2017-08-28T13:44:00.000+03:00'|6254.0|''|-1.0|'' @@ -6264,14 +6264,14 @@ 6262|'a31b48e8c85798bd04eb78f50a7a90af8843fed0'|'FTSE 100 flat as WPP sinks'|'August 23, 2017 / 9:13 AM / 6 hours ago FTSE 100 flat as WPP sinks 3 Min Read Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. Neil Hall LONDON (Reuters) - Britain''s blue chip index was little changed on Wednesday as a sharp fall for advertiser WPP was offset by gain in miners, which extended a strong run, and a buoyant health sector. The FTSE 100 .FTSE was up 0.1 percent at 7,386.43 points by 0852 GMT, building on Tuesday''s gains. Shares in WPP ( WPP.L ) sank more than 11 percent, headed for their worst day in 19 years after the group cut its outlook for the full year as consumer goods clients trimmed spending. WPP''s shares were already down around 12 percent this year heading into these results as it had cut its 2017 sales forecasts back in March. "In the near term ... the poor trading momentum is likely to act as a continued drag on the stock until there is more evidence of a pick-up in sales growth," analysts at Patronus Partners said in a note. The drop in WPP followed a big fall by Provident Financial ( PFG.L ) in the previous session, tanking 66 percent after it issued a profit warning, saw its CEO quit, suspended its dividend and disclosed a regulatory probe. Provident''s shares fell as much as 8 percent on Wednesday in volatile trade, then recovered to trade 3.3 percent higher amid a broker scramble to slash target prices and ratings on the stock. "Downgrade risk is still present due to lack of visibility on timeline, measures to be put in place and how much further investment is required," analysts at Barclays said in a note. "With uncertainty over the FCA investigation and the size of the potential financial impact, we lack conviction and downgrade to (equal weight) from (overweight)." Among risers, the defensive health care sector added the most points to the index, with AstraZeneca ( AZN.L ), GlaxoSmithKline ( GSK.L ) and Shire Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL8N1L23J0'|'2017-08-16T11:52:00.000+03:00'|6294.0|''|-1.0|'' 6295|'220122f065a274b3f41feac7b01393bbf97b300a'|'Clothing retailer Next returns to sales growth in latest quarter'|'August 3, 2017 / 6:26 AM / 34 minutes ago Clothing retailer Next returns to quarterly sales growth Reuters Staff 2 Min Read FILE PHOTO: A worker dresses a mannequin in a shop window display at a branch of clothing retailer Next in London''s West End, September 30, 2014. Andrew Winning/File Photo LONDON (Reuters) - British clothing retailer Next ( NXT.L ) on Thursday reported a return to quarterly sales growth, helped by an improvement in product ranges, a better online offer and a spell of warm weather. Next, which reduced profit guidance in January and May, said full price sales rose 0.7 percent in the second quarter to July 29. That compares to a fall of 3.0 percent in the previous quarter. The firm said it remained cautious on the consumer outlook. Britain''s most successful clothing store chain this century has faltered over the last two years, suffering from a broader slowdown in spending on clothing and footwear that it first identified in late 2015. Its shares have fallen 20 percent over the last year. It has previously cautioned that sales would likely be depressed this year by a squeeze in consumer spending as inflation erodes real earnings growth, and by price rises on garments due to the pound''s devaluation. Full price second quarter sales at Next Retail fell 7.4 percent, but they were up 11.4 percent at the Directory catalogue and internet business, with strong sales both in the UK and overseas. Next narrowed its sales guidance range for the full 2017-18 year to down 3.0 percent to up 0.5 percent from down 3.5 percent to up 0.5 percent previously. Profit guidance of 680-740 million pounds was maintained. Such an outcome would represent a second straight year of decline. Reporting by James Davey; editing by Kate Holton 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-next-outlook-idUKKBN1AJ0MH'|'2017-08-03T09:26:00.000+03:00'|6295.0|''|-1.0|'' 6296|'907bb790bf6a99684540302d83793e34e0786a03'|'Tesla''s quarterly revenue beats estimates'|'SAN FRANCISCO (Reuters) - Tesla Inc reported quarterly revenue that doubled on Wednesday and a loss that was the electric car maker''s largest ever, but its shares rose after revealing more than 1,800 daily reservations for the Model 3 and predicting increased Model S deliveries in the second half of 2017.Shares rose as high as 8 percent to $351.67 in late trade.Despite a warning by Chief Executive Elon Musk last week that the Silicon Valley automaker would face six months of "manufacturing hell" in producing its first Model 3s, investors were enthusiastic over a remaining $3 billion cash on hand at the end of the second quarter, as loss-making Tesla spent just shy of $1 billion on capital expenditures, less than expected.Still, given the continued build-out of the Fremont factory and Tesla''s Gigafactory battery plant in Nevada, the possibility of continued cash burn is high. Tesla said it plans $2 billion in capital expenses in the second half of the year, which would erode its cash cushion to about $1 billion.Musk, however, told analysts on a conference call the company was considering debt to expand cash on hand, "but not thinking about a capital raise."Chief Financial Officer Deepak Ahuja said Tesla''s spending was at "historical highs," amounting to over $100 million per week.Model S demand was increasing, Tesla said, adding that Model S and X deliveries would rise in the second half of 2017.Musk said investors should have "zero concern" that Tesla would fail to reach its production target of 10,000 vehicles each week by the end of 2018.Bullish investors - who sent Tesla''s share price up 77 percent from January to a June high of $386.99 - are betting on Musk''s strategy to transform the low-volume automaker into a clean energy and transportation company offering electric semi-trailer trucks, rooftop solar energy systems and large-scale battery storage.FILE PHOTO: First production model of Tesla Model 3 out the assembly line in Fremont, California , U.S. is seen in this undated handout photo from Tesla Motors obtained by Reuters July 10, 2017. Tesla Motors/Handout via REUTERS Model 3 Orders Tesla''s results came within a week of Tesla''s long anticipated Model 3 launch, where Musk revealed that first off the production line would be a $44,000 version of the car with a 310-mile (500 km) range. That is significantly higher than the $35,000 price most customers were anticipating, before incentives. That base model will begin production in January.Elon corrected a statement he made at the event that Tesla had booked over 500,000 net reservations for the Model 3, changing that to 455,000.Tesla will begin delivering Model 3s to non-employees in the fourth quarter, it said.As production improves, the non-GAAP Model 3 gross margin should be positive in the fourth quarter, Tesla said, eventually growing to 25 percent in 2018.Revenue in the quarter rose to $2.79 billion from $1.27 billion, beating analysts'' average estimate of $2.51 billion, according to Thomson Reuters I/B/E/S.Excluding items, the company lost $1.33 per share.The company''s net loss attributable to shareholders widened to $336.4 million, from $293.2 million a year earlier. ( bit.ly/2uXmTL2 )On a per share basis, net loss attributable to shareholders narrowed to $2.04 from $2.09.(This story corrects to show Tesla spent capital expenses of $1 billion, not $1 million in latest quarter.)Reporting by Aishwarya Venugopal in Bengaluru and Alexandria Sage in San Francisco; Editing by Sriraj Kalluvila, Bernard Orr'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/tesla-results-idINKBN1AI2PC'|'2017-08-02T18:27:00.000+03:00'|6296.0|''|-1.0|'' @@ -6300,7 +6300,7 @@ 6298|'c80900e78e200d37ee9959855e5ad40e8ae09f0e'|'Retail stocks lag quiet European market open on competition worries'|'August 25, 2017 / 7:33 AM / 13 minutes ago Retail stocks lag quiet European market open on competition worries Reuters Staff 2 Min Read Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, July 26, 2017. Staff/Remote MILAN (Reuters) - Fresh worries over competition hit Ahold ( AD.AS ) and other European retail stocks in opening deals on Friday as the broader market inched higher ahead of speeches by central bankers at the Jackson Hole gathering in the U.S. Ahold fell 5 percent after online giant Amazon.com ( AMZN.O ) said it will cut prices on a range of goods as it completes its acquisition of Whole Foods Market ( WFM.O ). The Dutch supermarket has a strong presence on the east coast of the U.S.. But gains among financials and a continued rally in Fiat Chrysler ( FCHA.MI ) shares on ongoing merger talk helped support the broader market, sending the pan-European STOXX 600 index up 0.2 percent by 0707 GMT. Britain''s FTSE .FTSE also rose by 0.2 percent. The retail index .SXRP fell 0.8 percent, leading sectoral fallers in the region. Elsewhere in the sector shares in French supermarkets Casino ( CASP.PA ) and Carrefour ( CARR.PA ) fell 0.9 percent and 1.4 percent respectively, while Tesco ( TSCO.L ) and Sainsbury ( SBRY.L ) were also lower. Provident Financial ( PFG.L ) led gainers on the STOXX, up 8.2 percent. The UK subprime lender, which has lost close to 60 percent of its market value this week after a second profit warning in quick succession, said it had replaced the managing director of its beleaguered home credit business. Reporting by Danilo Masoni'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks-idUKKCN1B50Q9'|'2017-08-25T10:32:00.000+03:00'|6298.0|''|-1.0|'' 6299|'28a9ee7c1af2b000708714e99fc641e80059c8ac'|'Trump prohibits dealings in new Venezuelan government, PDVSA debt'|'August 25, 2017 / 4:08 PM / an hour ago Trump sanctions seek to halt financing for Venezuela ''dictatorship'' David Lawder and Alexandra Ulmer 5 Min Read WASHINGTON/CARACAS (Reuters) - U.S. President Donald Trump signed an executive order that prohibits dealings in new debt from the Venezuelan government or its state oil company in an effort to halt financing that fuels President Nicolas Maduro''s "dictatorship," the White House said on Friday. The order is Washington''s biggest sanctions blow to date against Maduro and is intended to punish his leftist government for what Trump has called an erosion of democracy in the oil-rich country, already reeling from an economic crisis. "Maduro may no longer take advantage of the American financial system to facilitate the wholesale looting of the Venezuelan economy at the expense of the Venezuelan people," U.S. Treasury Secretary Steven Mnuchin said on Friday. Banning Americans from trading new bonds will make it tricky for Venezuela''s ailing state-run company PDVSA [PDVSA.UL] to refinance its heavy debt burden. Investors had expected that it would seek to ease upcoming payments through such an operation, as it did last year, which usually requires new bonds be issued. That could push the cash-strapped company closer to a possible default, or bolster its reliance on key allies China and Russia, which have already lent Caracas billions of dollars. The decision also blocks Venezuela''s U.S. refiner Citgo Petroleum [PDVSAC.UL] from sending dividends back to the South American nation, a senior official said, in a further blow to PDVSA''s coffers. However, the order stops short of a major ban on crude trading that could have disrupted the oil industry and plunged Venezuela into an even more severe economic crisis amid food shortages and rampant inflation. It also protects holders of most existing Venezuelan government and PDVSA bonds, who were relieved the sanctions did not go further. Venezuelan and PDVSA bonds were trading broadly higher on Friday afternoon. Related Coverage U.S. trying to promote crisis in Venezuela: foreign minister Venezuela, which says Washington is seeking to sabotage socialism to get its hands on Venezuela''s crude reserves, slammed the sanctions as an effort to spark a humanitarian crisis. "These financial sanctions announced today are the worst aggressions to Venezuela in the last 200 years maybe ... Maybe after the Spanish empire was defeated by our liberators," Foreign Minister Jorge Arreaza said at the United Nations in New York. "What do they want? They want to starve the Venezuelan people," he added. Venezuela''s Oil Ministry and PDVSA did not immediately respond to a request for comment. U.S. President Donald Trump waves as he steps out from Air Force One in Reno, Nevada, U.S., August 23, 2017. Joshua Roberts PDVSA UNDER PRESSURE The sanctions heap fresh pressure on PDVSA, the financial engine of Maduro''s government, which is already struggling due to low global oil prices, mismanagement, allegations of corruption and a brain drain. Washington last month sanctioned PDVSA''s finance vice president Simon Zerpa, complicating some of the company''s operations as Americans are now banned from doing business with him. Trump has so far spared Venezuela from broader sanctions against its vital oil industry, but officials have said such actions are under consideration. The Republican president has also warned of a "military option" for Venezuela, although White House national security adviser H.R. McMaster said on Friday that no such actions are anticipated in the "near future." Opposition politicians applauded the targeted sanctions. "These sanctions are not against Venezuela, but rather the corrupt people who seek to sell the nation''s assets at a discount," said opposition lawmaker and economist Angel Alvarado. Venezuela has for months struggled to find financing because of PDVSA''s cash flow problems and corruption scandals have led institutions to tread cautiously, regardless of sanctions. Russia and its state oil company Rosneft have emerged as an increasingly important source of financing for PDVSA, according to a Reuters report. On at least two occasions, the Venezuelan government has used Russian cash to avoid imminent defaults on payments to bondholders, a high-level PDVSA official told Reuters. "At this point our view is that the country can scrape by without defaulting this year, largely with the help of Chinese and Russian backing and by further squeezing imports. Next year is a tossup," said Raul Gallegos, an analyst with the consultancy Control Risks. However, China has grown reticent to extend further loans because of payment delays and corruption. Russia has been negotiating financing in exchange for oil assets in Venezuela, sources have told Reuters, but going forward it would be difficult for the OPEC member to provide enough assets to keep up loans destined for bond payments. Venezuela''s government has around $2 billion in available cash to make $1.3 billion in bond payments by the end of the year and to cover the import of food and medicine, according to documents reviewed by Reuters. Additional reporting by Corina Pons in Caracas, Marianna Parraga in Houston, Tim Ahmann and Ayesha Rascoe in Washington, Rodrigo Campos and Riham Alkousaa in New York; Editing by Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-venezuela-sanctions-idUSKCN1B5216'|'2017-08-25T19:06:00.000+03:00'|6299.0|''|-1.0|'' 6300|'2b424d16fbd7ad383c151a58d874f1b7c348c50c'|'SoftBank invests additional $3 billion in shared-office startup WeWork'|'August 24, 2017 / 6:50 PM / 5 hours ago SoftBank invests additional $3 billion in shared-office startup WeWork Reuters Staff 2 Min Read FILE PHOTO: A mug bears the name of WeWork is seen at its flagship location in Hong Kong, China February 23, 2017. Bobby Yip/File Photo (Reuters) - WeWork Cos said on Thursday it received an additional $3 billion investment from Japan''s SoftBank Group ( 9984.T ) and its Vision Fund, helping the shared-office startup ramp up its expansion globally. SoftBank''s investment will be through new shares and the acquisition of existing shares of the startup''s parent company, WeWork said in a statement New York-based WeWork said SoftBank''s Director and Vice Chairman Ronald Fisher and External Director Mark Schwartz will join the company''s board. SoftBank has already made a $1.4 billion investment in the company to fund the group''s expansion in China, Japan, South Korea and elsewhere in southeast Asia. Vision Fund, which has raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics, is backed by Japanese billionaire Masayoshi Son''s SoftBank and Saudi Arabia''s main sovereign wealth fund. WeWork leases office space and rents it out to individuals and small companies, namely startups. Reporting by Laharee Chatterjee in Bengaluru; Editing by Anil D''Silva 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-wework-softbank-group-idUSKCN1B42DX'|'2017-08-24T21:49:00.000+03:00'|6300.0|''|-1.0|'' -6301|'ef8ef6307b89bc4b30aba23e3fdf74aed9831492'|'PRESS DIGEST- British Business - Aug 21'|'Aug 21 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times- IVP, a venture capital firm based in Silicon Valley which has backed Snapchat, Twitter and Netflix, is understood to be in advanced talks to invest tens of millions of pounds in Transferwise. bit.ly/2ij4zrC- O2 Chief Executive Mark Evans has told BT Group Plc and Three that a dispute about the airwaves could damage the economy and harm consumers. bit.ly/2ij4NisThe Guardian- Plans to hit rail commuters with the biggest fare rises in five years will force many key workers, including nurses and teaching assistants, to quit their jobs, the biggest public-sector union Unison warned on Saturday. bit.ly/2ihrSSF- Silver Reel, the Swiss finance and production company behind films including the upcoming Breathe, Andy Serkis''s directorial debut featuring Andrew Garfield and Claire Foy, is launching a 50-million-euro ($58.76-million) fund to make TV drama in Britain, taking advantage of the weakening of the pound since the Brexit vote. bit.ly/2ijrUcyThe Telegraph- The Financial Times has reported a small profit for its first year under Japanese ownership, following its debt-fuelled 844 million pound ($1.09 billion) takeover by the publisher Nikkei. bit.ly/2iiLZA4- Glennmont Partners, formerly BNP Paribas Clean Energy Partners, said the institution-only refinancing of Sleaford Biomass Plant is the largest of its kind in the sector to date. bit.ly/2iiX3NuSky News- IVP, whose roll-call of deals includes Snapchat parent Snap, Twitter and Netflix, is close to a deal to invest tens of millions of pounds in TransferWise. bit.ly/2ihq785- More than a third of parents dip into their savings to fund back-to-school costs of almost 175 pounds, according to Nationwide Current Accounts'' annual survey. bit.ly/2iiQ3jG$1 = 0.7770 pounds $1 = 0.8510 euros Compiled by Bengaluru newsroom; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-business-idINL4N1L60FX'|'2017-08-20T21:30:00.000+03:00'|6301.0|''|-1.0|'' +6301|'ef8ef6307b89bc4b30aba23e3fdf74aed9831492'|'PRESS DIGEST- British Business - Aug 21'|'Aug 21 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times- IVP, a venture capital firm based in Silicon Valley which has backed Snapchat, Twitter and Netflix, is understood to be in advanced talks to invest tens of millions of pounds in Transferwise. bit.ly/2ij4zrC- O2 Chief Executive Mark Evans has told BT Group Plc and Three that a dispute about the airwaves could damage the economy and harm consumers. bit.ly/2ij4NisThe Guardian- Plans to hit rail commuters with the biggest fare rises in five years will force many key workers, including nurses and teaching assistants, to quit their jobs, the biggest public-sector union Unison warned on Saturday. bit.ly/2ihrSSF- Silver Reel, the Swiss finance and production company behind films including the upcoming Breathe, Andy Serkis''s directorial debut featuring Andrew Garfield and Claire Foy, is launching a 50-million-euro ($58.76-million) fund to make TV drama in Britain, taking advantage of the weakening of the pound since the Brexit vote. bit.ly/2ijrUcyThe Telegraph- The Financial Times has reported a small profit for its first year under Japanese ownership, following its debt-fuelled 844 million pound ($1.09 billion) takeover by the publisher Nikkei. bit.ly/2iiLZA4- Glennmont Partners, formerly BNP Paribas Clean Energy Partners, said the institution-only refinancing of Sleaford Biomass Plant is the largest of its kind in the sector to date. bit.ly/2iiX3NuSky News- IVP, whose roll-call of deals includes Snapchat parent Snap, Twitter and Netflix, is close to a deal to invest tens of millions of pounds in TransferWise. bit.ly/2ihq785- More than a third of parents dip into their savings to fund back-to-school costs of almost 175 pounds, according to Nationwide Current Accounts'' annual survey. bit.ly/2iiQ3jG$1 = 0.7770 pounds $1 = 0.8510 euros Compiled by Bengaluru newsroom; Editing by Sandra Maler'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-business-idINL4N1L60FX'|'2017-08-20T21:30:00.000+03:00'|6301.0|20.0|0.0|'' 6302|'2bf08e716eafa2bb7389a1f1fda6f208ff8e03b2'|'BAE beats first-half earnings forecasts, says on track for the year'|'August 2, 2017 / 6:22 AM / in 11 minutes BAE beats first-half earnings forecasts, says on track for the year Reuters Staff 2 Min Read A sign adorns a hangar at the BAE Systems facility in Salmesbury, Britain, March 10, 2016. Phil Noble/File Photo LONDON (Reuters) - BAE Systems ( BAES.L ) reported a better-than-expected 11 percent rise in first-half earnings of 945 million pounds ($1.25 billion) on Wednesday, and said it was sticking to its full-year target despite a softening in demand in cyber & intelligence. Chief executive Charles Woodburn, who took over from Ian King on July 1, said the performance was consistent with his expectations, and the group was well placed to benefit from an expected increase in defence budgets. Britain''s biggest defence contractor is forecasting that its underlying earnings per share this year will be 5-10 percent higher than the 40.3 pence it made in 2016. "Whilst there is no change to the group-level earnings guidance, some softening in the top line of, and an anticipated second-half restructuring charge in, Cyber & Intelligence are expected to be offset across the rest of the business," it said. BAE reported sales of 9.6 billion pounds, up 4 percent on a constant currency basis, in the six months to end-June, and a 14 percent rise in EPS to 19.8 pence, beating analysts forecasts of 9.1 billion pounds and 19 pence respectively. Reporting by Paul Sandle; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bae-systems-results-idUKKBN1AI0J9'|'2017-08-02T09:31:00.000+03:00'|6302.0|''|-1.0|'' 6303|'9ac8793a2b7dbda48f0f5b8f54c0d691806b6d0e'|'Alibaba beats on earnings as e-commerce remains core revenue driver'|'August 17, 2017 / 10:56 AM / 7 hours ago Alibaba beats on earnings as e-commerce remains core revenue driver Cate Cadell 3 Min Read BEIJING (Reuters) - Alibaba, China''s top e-commerce firm, beat analyst estimates with a 56 percent rise in first-quarter revenue, driven by strong online sales. Thursday''s results show that Alibaba Group Holding Ltd ( BABA.N ), one of Asia''s most valuable companies, continues to derive the lion''s share of its revenue from e-commerce, despite strong growth in its entertainment and cloud businesses. Sales on the company''s e-commerce platforms made up 86 percent of revenue in the three months to June 30, up from 73 percent a year prior. Alibaba''s stock is up more than 81 percent this year, buoyed by company predictions of strong full-year revenue growth of between 45 and 49 percent. Chief Executive Daniel Zhang also confirmed the company led a $1.1 billion investment in Southeast Asian retailer Tokopedia, adding to its expanding network of assets in the region. In June, Alibaba invested a further $1 billion in Singapore-based e-commerce platform Lazada Group. It has also targeted new merchants in Russia and the United States as part of a wider plan to boost revenues and attract new customers outside China. During a call with analysts on Thursday, executives said the firm expects a more meaningful contribution from offline initiatives as part of its so-called "new retail" strategy. Alibaba, though, has yet to prove the value of several recent large-scale offline investments, according to analysts, including a $2.6 billion infusion into department store chain Intime Retail Group Co Ltd. A sign of Alibaba Group is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. Aly Song/File Photo "At least for now we don''t see any full integration between offline and online (technology) and that''s a problem," said Pacific Epoch senior analyst Steven Zhu. "If you don''t have full integration then new retail remains a concept rather than reality." Alibaba''s revenue rose to 50.1 billion yuan ($7.51 billion)for the three months ended June 30, compared with analysts'' average estimate of 47.7 billion yuan, according to Thomson Reuters I/B/E/S. In the cloud business, revenue grew by 96 percent in the quarter to 2.4 billion yuan, with paying customers breaking the 1 million mark for the first time, up from 577,000 a year earlier. Alibaba''s cloud business boosted its global data centers to 17 during the first quarter, with the addition of two centers in India and Indonesia. Revenue in the entertainment business rose by 30 percent to 4 billion yuan. Net income attributable to the company''s shareholders nearly doubled to $2.17 billion, or 83 cents per share. Shares of Chinese e-commerce firms, including Alibaba.com and JD.com Inc ( JD.O ), have outperformed the market in 2017, buoyed by positive revenue growth around June sales events and overseas expansion. Reporting by Cate Cadell in Beijing and Supantha Mukherjee in Bengaluru; Editing by Dale Hudson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-alibaba-results-idUKKCN1AX153'|'2017-08-18T03:55:00.000+03:00'|6303.0|''|-1.0|'' 6304|'a783cbee45ec9750129ddc5ff38ef788f1120c3c'|'Canadian Natural among bidders for Cenovus'' Pelican Lake: sources'|'FILE PHOTO - President and CEO Brian Ferguson of Cenovus Energy addresses shareholders during the company''s annual general meeting in Calgary, Alberta, Canada on April 29, 2015. Todd Korol/File Photo TORONTO/CALGARY (Reuters) - Cenovus Energy Inc ( CVE.TO ) has received separate bids from Canadian Natural Resources Ltd ( CNQ.TO ), ARC Financial Corp and others for a heavy oil project in Pelican Lake, Alberta, according to people familiar with the matter who told Reuters the project was valued at as much as C$1 billion ($796 million).Calgary-based Cenovus is also in advanced talks to sell another oil project in Suffield, Alberta, which is likely to fetch between C$500 million and C$600 million, the people added.Cenovus has also received strong inbound interest from TransCanada Corp ( TRP.TO ), Enbridge Inc ( ENB.TO ), Pembina Pipeline Corp ( PPL.TO ), Keyera Corp ( KEY.TO ) and Inter Pipeline Ltd ( IPL.TO ) for buying all or parts of separate midstream assets in the Deep Basin, the people said. But there was no formal sale process underway for Deep Basin, a region that straddles Alberta and British Columbia, the people added.Cenovus last month said it expected asset sales could fetch more than C$5 billion by the end of this year. It has been seeking buyers for parts of its portfolio to pay off debt used to part-fund its C$16.8 billion purchase of some ConocoPhillips assets in May.That deal effectively doubled the size of company''s producing assets, but sent Cenovus shares tumbling, prompted some investors to revolt and led to the resignation of Chief Executive Brian Ferguson.Cenovus spokesman Brett Harris said on Thursday the sale processes for Pelican Lake and Suffield were "proceeding well." He declined to elaborate. Canadian Natural, Enbridge, Inter Pipeline, Keyera, Pembina and TransCanada declined comment. ARC did not respond to requests for comment.Deep Basin conventional natural gas assets, which Cenovus bought from ConocoPhillips, has attracted interest from private equity firms as well, the people said.Midstream assets, which process or transport gas from Deep Basin, are attractive to buyout firms as the revenue from this business is less volatile.Cenovus has not decided on timing for that sale, according to the sources.If it meets price objectives for the other assets, it will likely hold off on the Deep Basin sale until production increases, so it can fetch a higher price, the people said.Reporting by John Tilak in Toronto, Ethan Lou in Calgary; Additional reporting by David French in New York; Editing by Jim Finkle and David Gregorio'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-cenovus-energy-divestiture-idINKBN1AK1X2'|'2017-08-04T14:03:00.000+03:00'|6304.0|''|-1.0|'' @@ -6311,15 +6311,15 @@ 6309|'d7d06cfe34037f5e199868b67b68334dedbc9d28'|'Mistrust in America could sink the economy'|'AMERICA is a grumpy and confused place. For an overarching explanation of what has gone wrong, a decline in trust is a good place to start. Trust can be defined as the expectation that other people, or organisations, will act in ways that are fair to you. In the White House and beyond there is precious little of it about. People increasingly view institutions as corrupt, strangers as suspicious, rivals as illegitimate and facts as negotiable.The share of Americans who say most people can be trusted fell from 44% in 1976 to 32% in 2016, according to a survey from the University of Chicago. In a new book, The Retreat of Western Liberalism, Edward Luce, a commentator for the Financial Times in Washington, argues that distrust will contribute to Americas decline and eventually, even, to autocracy. Lack of faith is chewed over in boardrooms, too. In his latest letter to shareholders, Jamie Dimon, JPMorgan Chases boss, describes trust as Americas secret sauce and worries that the bottle is running dry. 2 hours 2 hours ago Germanys election: a primer Kaffeeklatsch 3 6 6 10 hours ago See all updates The tricky bit is reconciling this distrust with the rosy business outlook. The S&P 500 index is near an all-time high, even though many economists say that distrust is toxic for prosperity because transactions become dearer and riskier. An OECD study of 30 economies shows that those with low levels of trust, such as Turkey and Mexico, are far poorer. Three scholars, Luigi Guiso, Paola Sapienza and Luigi Zingales, have shown that pairs of countries (such as Britain and France) whose populations say they distrust each other, have less bilateral trade and investment.Americas mistrust outbreak can be split into two parts: what consumers think, and what firms think. The share of folk who have little or no confidence in big business has risen from 26% in 1976 to 39% in June, according to Gallup. For banks it has risen from 10% in 1979 to 28% today. Over decades big firms have broken implicit promises to their employees, such as providing a job for life and paying generous pensions. That has probably soured the publics view. And the financial crisis of 2007-08 blew a giant hole in the reputation of big business and finance.Yet despite their customers distaste, big firms mint huge profits. One explanation is declining competition over the past 20 years. If markets are working, firms that are perceived to behave badly lose market share. In concentrated industries this discipline is lacking. Two recent scandals in oligopolistic bits of the economy illustrate the point. Wells Fargo, a bank, created millions of fake accounts, yet in the three months to June its year-on-year profits rose by 5%. In April a United Airlines passenger was assaulted, causing an outcry. Its underlying profits later rose by 5%, too. In such industries Americans are inured to mistreatment.Trust between firms, and between firms and investors, is more resilient, but there is evidence of greater wariness. Banks charge corporate borrowers a spread of 2.6 percentage points above the federal-funds rate, compared with 2.0 points in the 20 years before the crisis. The equity-risk premium, or the annual excess return that investors demand to hold shares rather than bonds, is 5.03 points, against a pre-crisis average of 3.45 points, notes Aswath Damodaran of the Stern School of Business at NYU.The median firm in the S&P 500 holds 62 cents of cash on its balance-sheet per dollar of gross operating profit, up from 45 cents in 2006 (this yardstick excludes Americas giant technology companies, which hoard money). In a sign that more corporate deals end in tears, litigation costs are rising. The revenues of legal firms rose by 103% in 1997-2012, according to the Census Bureau, more quickly than nominal GDP growth, of 85%. And spending on corporate lobbying, a signal that firms think politicians are corruptible, has risen faster than GDP, too.In the long term it is possible that firms could become as mistrustful as consumers. Though individual companies can gain from cronyism, overall confidence will fall if there is sustained political meddling in the courts and regulatory system. And companies as well as people can be trapped into doing business with monopolies that are inept or shifty. In 2016 Facebook said that for the past two years it had overstated how long its users watched videos for, but advertisers have little choice but to stick with the social-media firm. Its profits rose by 71% in the latest quarter.If the bleak predictions of observers such as Mr Luce come true, how might America Inc adjust? One guide is the work of Ronald Coase, an economist who theorised that the boundary of a firm is set according to whether an activity is best done in-house or can be outsourced to the market. If counterparties are less reliable, and contracts expensive to enforce, firms will become vertically integrated, bringing their supply chain in-house.If there is deeper decay of Americas legal system and greater political corruption, then firms would go further and spread horizontally too, expanding into new industries where their political contacts, and access to favours and capital can be used. This is how business works in much of the emerging world.Gotta have faithAmerica is nowhere near such an outcome, at least not yet. Still, a concerted effort to shore up trust between consumers and firms, and between firms, would be healthy. If you subscribe to Silicon Valleys Utopianism, technology can fill the gap, manufacturing mutual faith where none existed before. Ubers system of scoring drivers and passengers allows strangers to have confidence in each other. E-commerce sites such as eBay and Alibaba work by creating networks of trust between merchants and customers.In the end, however, government has a vital role. By enforcing competition rules, it can ensure that poor conduct is punished. And by observing the independence of courts and regulators, it can demonstrate that contracts are sacred and that firms operate on a level playing-field. Suspicion is not about to bring American capitalism to its knees. But the countrys vast stock of trust, built up over a century or more, is being depleted quickly. "Suspicious minds"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21726079-part-problem-lack-competition-some-industries-mistrust-america-could-sink?fsrc=rss%7Cbus'|'2017-08-10T22:41:00.000+03:00'|6309.0|''|-1.0|'' 6310|'986f18ccd94af61830efa1d1a4888f34db7fda05'|'U.S. digital rights group slams tech firms for barring neo-Nazis'|'SAN FRANCISCO, Aug 17 (Reuters) - A digital rights group based in San Francisco on Thursday criticized several internet companies for removing neo-Nazi groups from servers and services, saying the actions threatened free expression online.GoDaddy Inc, Alphabet''s Google, security firm Cloudflare and other technology companies moved this week to block hate groups after weekend violence in Charlottesville, Virginia, where white nationalists had gathered to protest removal of a statue of Confederate General Robert E. Lee from a park."We strongly believe that what GoDaddy, Google, and Cloudflare did here was dangerous," Cindy Cohn, executive director of Electronic Frontier Foundation, wrote in a blog post along with two other staffers.The blog post reflected years-long tension in Silicon Valley, where many company executives want to distance themselves from extremists but are concerned that picking and choosing what is acceptable on their platforms could invite more regulation from governments."Protecting free speech is not something we do because we agree with all of the speech that gets protected," Electronic Frontier Foundation wrote."We do it because the power to decide who gets to speak and who doesn''t is just too dangerous to hand to any company or any government."The group called on companies that manage internet domain names, including Google and GoDaddy, to "draw a hard line" and not suspend or impair domain names "based on expressive content of websites or services."Google, GoDaddy and Cloudflare did not immediately respond to a request for comment about the blog made outside normal business hours.On Wednesday, Cloudflare Chief Executive Matthew Prince said his decision to drop coverage of neo-Nazi website The Daily Stormer had been conflicted. The Daily Stormer helped organize the protest in Charlottesville, at which a 32-year-old woman was killed and 19 people were injured when a vehicle drove into counter-protesters. The website cheered the woman''s death.It was removed from GoDaddy and Google Domains after they said they would not serve the website. (Reporting by Dustin Volz, Additional reporting by Joseph Menn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-virginaprotests-tech-idUSL2N1L401H'|'2017-08-18T04:55:00.000+03:00'|6310.0|''|-1.0|'' 6311|'56458a1b2f210c9fb2d7b5c8e1fe4129c9993d40'|'Fraport raises forecast for Antalya airport as Russians return'|'FRANKFURT, Aug 3 (Reuters) - Fraport has raised its forecast for passenger numbers at Turkey''s Antalya airport this year after a rush of Russian tourists at the start of the summer vacation season, the airport operator''s finance chief said."Given the positive trends and very surprising run by the Russians to Antalya in the first six months, we are changing our guidance so that we now see potential of up to 24 million," Matthias Zieschang told analysts during a conference call after Fraport reported second-quarter financial results.Fraport had previously expected passenger volume at Antalya, of which it owns half, to rise to 22 million this year from 19 million in 2016.Tourism, which normally contributes $30 billion to Turkey''s economy annually, was hammered after a series of bombings and after Turkey shot down a Russian warplane over Syria in late 2015, prompting a diplomatic crisis.The two countries have since normalised ties. Foreign visitors to Turkey rose for the first time in two years this April, data showed this week, with almost half of the increase coming from Russia.In the first half of 2017, passenger numbers at Antalya jumped around 29 percent to 9.5 million, according to Fraport, as the return of tourists from Russia helped offset a decline in German passengers.CFO Zieschang affirmed that Fraport hoped to reach break-even at Antalya airport this year. (Reporting by Maria Sheahan and Ilona Wissenbach; Editing by Tom Sims)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fraport-airport-results-turkey-idUSL5N1KP6QI'|'2017-08-03T17:09:00.000+03:00'|6311.0|''|-1.0|'' -6312|'5faab257c50076447f5d64af08b5fb3bc73de421'|'German government says Air Berlin bridging loan on schedule'|'August 28, 2017 / 9:48 AM / 4 hours ago German government says Air Berlin bridging loan on schedule Reuters Staff 1 Min Read An aircraft operated by German carrier Air Berlin lands in Berlin''s Tegel airport, Germany, August 23, 2017. Fabrizio Bensch BERLIN (Reuters) - A German government bridging loan for insolvent Air Berlin ( AB1.DE ) has not yet been paid out but the timetable for disbursing the credit is on schedule, a spokeswoman for the Economy Ministry said on Monday. "There are a few technical details but the credit is there and everything is progressing according to the timetable," the spokeswoman told a regular government news conference in Berlin. The government has agreed a 150-million-euro ($179 million) loan to ensure that flights continue for a period of three months and to secure the positions of the airline''s 7,200 employees in Germany. Reporting by Caroline Copley; Editing by Paul Carrel'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-government-idUKKCN1B80VW'|'2017-08-28T12:48:00.000+03:00'|6312.0|''|-1.0|'' +6312|'5faab257c50076447f5d64af08b5fb3bc73de421'|'German government says Air Berlin bridging loan on schedule'|'August 28, 2017 / 9:48 AM / 4 hours ago German government says Air Berlin bridging loan on schedule Reuters Staff 1 Min Read An aircraft operated by German carrier Air Berlin lands in Berlin''s Tegel airport, Germany, August 23, 2017. Fabrizio Bensch BERLIN (Reuters) - A German government bridging loan for insolvent Air Berlin ( AB1.DE ) has not yet been paid out but the timetable for disbursing the credit is on schedule, a spokeswoman for the Economy Ministry said on Monday. "There are a few technical details but the credit is there and everything is progressing according to the timetable," the spokeswoman told a regular government news conference in Berlin. The government has agreed a 150-million-euro ($179 million) loan to ensure that flights continue for a period of three months and to secure the positions of the airline''s 7,200 employees in Germany. Reporting by Caroline Copley; Editing by Paul Carrel'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-government-idUKKCN1B80VW'|'2017-08-28T12:48:00.000+03:00'|6312.0|28.0|0.0|'' 6313|'cc98d6c7b022ed78001776f8cf07ef809297c2ae'|'Paysafe reports 17.3 percent jump in H1 adjusted core earnings'|'Aug 8 (Reuters) - Payments processing company Paysafe Group said adjusted core earnings rose 17.3 percent, as more people used the company''s prepaid digital wallets to make payments.The company, which offers pre-paid cashcards and online wallets that are popular among online gambling customers, said adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 169.2 million pounds ($220.55 million) for the period ended June 30.Revenue also rose to 538.7 million pounds for the period, compared with 486.7 million pounds last year.Paysafe has backed a 3 billion pound ($3.9 billion) takeover offer from a consortium of funds managed by Blackstone and CVC Capital Partners, the latest in a string of deals in the sector. ($1 = 0.7672 pounds) (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/paysafe-results-idINL4N1KU2IF'|'2017-08-08T04:19:00.000+03:00'|6313.0|''|-1.0|'' 6314|'b7e40d9fdf4dda546ae028338bc3ac56a0d4e383'|'METALS-Shanghai metals slip on industrial outlook, dollar'|'(Updates prices)By James ReganSYDNEY, Aug 15 (Reuters) - Most Shanghai base metals futures fell on Tuesday, echoing weaker London prices overnight on a weaker dollar and mixed Chinese industrial data.China''s industrial output, investment, retail sales and trade all grew less than expected last month.In particular, weak data from China''s housing sector played to concerns of weaker demand ahead for industrial metals, according to ANZ Bank.Fundamentals * NICKEL LEADS LOSERS: Steel-related Shanghai nickel ended 1.4 percent down, after dropping more than 2 percent at the open, while rebar lost 2 percent.* LME COPPER: Three-month copper on the London Metal Exchange traded slightly firmer at $6,418 a tonne by 0700 GMT. Prices hit their highest in more than 2-1/2 years on Aug. 9 at $6,515 and are up almost 8 percent this quarter.* SHFE COPPER: The most-traded copper contract on the Shanghai Futures Exchange gained 0.10 percent to 50,330 yuan ($7,536) a tonne, while ShFE Zinc closed nearly 1 percent up.* COOL CHINA DATA: China''s strong economic growth showed visible signs of fading in July as lending costs rose and the gravity-defying property market cooled. Factory output rose 6.4 percent in July from a year earlier, the slowest pace since January, according to official data.* DOLLAR UP: The dollar index, which tracks the greenback against six major currencies, was last up 0.28 percent.* COPPER SHUT DOWN: Glencore''s Zambian copper mining unit said on Monday it had suspended all operations at its two mines there due to restricted power supply.* DUMPING CHALLENGE: Chinese metals industry association confirmed on Monday that the nation''s aluminium sector would mount a legal challenge to the U.S. Department of Commerce''s preliminary decision to impose antidumping tariffs on imports of Chinese aluminium foil.* SUPPLY RISKS: Repricing aluminium''s supply risks is a chaotic work in progress.* ALUMINIUM: ShFE aluminium closed 1 percent lower, also succumbing to the dulling Chinese industrial outlook. SHFE aluminium stocks AL-STX-SGH, which have been climbing all year, hit their highest level since May 2013 at 473,000 tonnes. LME aluminium was up 0.7 percent to $2,037 a tonne.Prices Three month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.6785 Chinese yuan)Reporting by James Regan; Editing by Richard Pullin and Amrutha Gayathri'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-metals-idUSL4N1L128S'|'2017-08-15T10:25:00.000+03:00'|6314.0|''|-1.0|'' -6315|'faa009fe62c1701fed786bd5076095c171704f60'|'Spain is ''pretty full'', TUI says other destinations could benefit'|'August 10, 2017 / 8:29 AM / 5 hours ago Spain is ''pretty full'', TUI says other destinations could benefit Victoria Bryan 3 Min Read People enjoy the beach, as the number of tourists in the country reached new record levels, according to the goverment''s sources, in the southeastern city of Benidorm, Spain, July 31, 2017. Heino Kalis BERLIN (Reuters) - European holidaymakers could turn to destinations such as Bulgaria and Cape Verde if they want to avoid high prices in busy Spanish destinations, the chief executive of European tourism group TUI ( TUIT.L ) said on Thursday. Tourists have been piling into Spain over the last two years due to security concerns around other summer destinations such as Tunisia, Egypt and Turkey. Visitors to Spain jumped 12 percent in the first half of 2017 to 36.4 million. Reports have also circulated in the past week that chronic overcrowding in some of Europe''s most beloved tourism hotspots is fuelling a backlash by locals against visitors. "Spain is pretty full," Fritz Joussen told journalists after the group reported third-quarter results. "Last year we had an all-time high and this year we will be on similar levels." Joussen said most people in Spain were happy with tourists because they help provide jobs and support the economy. But with prices for Spain rising due to high demand, other more affordable destinations could come into play. "If demand is very high, prices are high and other destinations build because they are more affordable and that is what is happening right now," Joussen said. FILE PHOTO: The logo of Europe''s biggest tour operator TUI AG is seen outside one of its branch offices in Vienna, Austria, December 27, 2016. Leonhard Foeger/File Photo The higher prices could be a factor in particular for British customers, who have seen the cost of their holidays rise due to the weak pound following the country''s vote to leave the European Union. "Initially we saw some weakening demand, but it''s now resilient so people are getting used to higher prices," Joussen said of UK customers. He said TUI would probably not reduce capacity for Turkey next year, because demand was coming back. And he said TUI would look at adding Tunisia back into its programme but no decision had been taken. Rival Thomas Cook ( TCG.L ) is planning to restart holidays to Tunisia after Britain altered its travel advice but said it would take time to set up. Joussen was speaking after the group increased its sales target for the year to "significantly more" than 3 percent growth and reported a 38 percent rise in core profit to 221.6 million euros, partly thanks to the later timing of Easter. It confirmed a target for core earnings to rise by at least 10 percent this year. Additional reporting by Alistair Smout in London; Editing by Maria Sheahan and David Holmes 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-tui-results-idUKKBN1AQ0VY'|'2017-08-10T11:29:00.000+03:00'|6315.0|''|-1.0|'' +6315|'faa009fe62c1701fed786bd5076095c171704f60'|'Spain is ''pretty full'', TUI says other destinations could benefit'|'August 10, 2017 / 8:29 AM / 5 hours ago Spain is ''pretty full'', TUI says other destinations could benefit Victoria Bryan 3 Min Read People enjoy the beach, as the number of tourists in the country reached new record levels, according to the goverment''s sources, in the southeastern city of Benidorm, Spain, July 31, 2017. Heino Kalis BERLIN (Reuters) - European holidaymakers could turn to destinations such as Bulgaria and Cape Verde if they want to avoid high prices in busy Spanish destinations, the chief executive of European tourism group TUI ( TUIT.L ) said on Thursday. Tourists have been piling into Spain over the last two years due to security concerns around other summer destinations such as Tunisia, Egypt and Turkey. Visitors to Spain jumped 12 percent in the first half of 2017 to 36.4 million. Reports have also circulated in the past week that chronic overcrowding in some of Europe''s most beloved tourism hotspots is fuelling a backlash by locals against visitors. "Spain is pretty full," Fritz Joussen told journalists after the group reported third-quarter results. "Last year we had an all-time high and this year we will be on similar levels." Joussen said most people in Spain were happy with tourists because they help provide jobs and support the economy. But with prices for Spain rising due to high demand, other more affordable destinations could come into play. "If demand is very high, prices are high and other destinations build because they are more affordable and that is what is happening right now," Joussen said. FILE PHOTO: The logo of Europe''s biggest tour operator TUI AG is seen outside one of its branch offices in Vienna, Austria, December 27, 2016. Leonhard Foeger/File Photo The higher prices could be a factor in particular for British customers, who have seen the cost of their holidays rise due to the weak pound following the country''s vote to leave the European Union. "Initially we saw some weakening demand, but it''s now resilient so people are getting used to higher prices," Joussen said of UK customers. He said TUI would probably not reduce capacity for Turkey next year, because demand was coming back. And he said TUI would look at adding Tunisia back into its programme but no decision had been taken. Rival Thomas Cook ( TCG.L ) is planning to restart holidays to Tunisia after Britain altered its travel advice but said it would take time to set up. Joussen was speaking after the group increased its sales target for the year to "significantly more" than 3 percent growth and reported a 38 percent rise in core profit to 221.6 million euros, partly thanks to the later timing of Easter. It confirmed a target for core earnings to rise by at least 10 percent this year. Additional reporting by Alistair Smout in London; Editing by Maria Sheahan and David Holmes 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-tui-results-idUKKBN1AQ0VY'|'2017-08-10T11:29:00.000+03:00'|6315.0|17.0|0.0|'' 6316|'a0674f36b9dc0bed05d39516db853c0a51bc00af'|'UPDATE 1-BTG Pactual profit sinks as political turmoil hurts trading desk'|'SAO PAULO (Reuters) - Profit at Grupo BTG Pactual SA sank the lowest in six years in the second quarter as mounting political turmoil in Brazil drove down sales and trading income at Latin America''s largest independent investment bank.In a Tuesday securities filing, So Paulo-based BTG Pactual said net income totaled 503 million reais ($161 million) last quarter, down 30 percent from the prior three months. Profit and revenue fell to the lowest level since the third quarter of 2011, driving return on equity down to 13.3 percent.Revenue plummeted 49 percent as BTG Pactual''s trading desk struggled with rising political turmoil in May that sparked higher interest-rate market volatility and weighed down trading volumes. The bank also reversed an advisory fee for a deal that Brazil''s antitrust watchdog blocked - Kroton Educacional SA''s failed takeover of education firm Estcio Participaes SA.Brazilian bonds, stocks and currency tumbled in May, when billionaire Joesley Batista accused President Michel Temer of working to obstruct a corruption probe. It hurt Temer''s efforts to pass deficit-cutting legislation needed to avert further sovereign debt rating downgrades and pull the economy out of a three-year long recession.BTG Pactual wants to regain earnings power in core activities after a drastic balance sheet downsizing last year. Cost controls and a cautious increase in risk-taking across Latin America had helped increase the bank''s "operational leverage" earlier in the year, Chief Executive Officer Roberto Sallouti said in May.Assets fell to 119.113 billion reais at the end of June. For most of last year, BTG Pactual had to dismantle profitable trading positions and cut assets by two-thirds to cope with massive client fund withdrawals stemming from a corruption probe ensnaring founder Andr Esteves.Revenue totaled 851 million reais, while expenses dropped 29 percent to 498 million reais from the prior three months. Income from investment banking dipped 88 percent in the period, while income from sales and trading slumped 74 percent to 154 million reais.Regulatory capital ratio at BTG Pactual''s core banking unit fell to 19 percent in the quarter, but remained the highest among Brazil''s largest banks. Such a level is key to promote expansion in investment banking and money management without straining costs, Sallouti has repeatedly said.Management plans to discuss results at a conference call on Wednesday.Reporting by Guillermo Parra-Bernal; Editing by Lisa Shumaker, Bernard Orr'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-btg-pactual-sa-results-idUSKBN1AI020'|'2017-08-02T03:44:00.000+03:00'|6316.0|''|-1.0|'' 6317|'e28ea58da20e13e9a8f88c84365f2bd84abab494'|'VW in no hurry to sell assets, investments more important'|'A VW logo is seen in front of the main building of the Volkswagen brand at the Volkswagen headquarters during a media tour to present Volkswagen''s so called "Blaue Fabrik" (Blue Factory) environmental program, in Wolfsburg, Germany May 19, 2017. Fabian Bimmer WOLFSBURG, Germany (Reuters) - Volkswagen ( VOWG_p.DE ) is more focused on its multi-billion-euro shift towards electric vehicles and transport services than any potential sale of motorcycle brand Ducati or transmissions maker Renk, its head of strategy told Reuters. Analysts and bankers have been expecting Europe''s biggest carmaker to sell assets soon to help meet the cost of its diesel emissions test cheating scandal, which has already reached as much as $25 billion. But Thomas Sedran said the German company was in no hurry to make divestments, which are opposed by its powerful labor unions, pointing to the group''s strong financial performance despite the "dieselgate" scandal. "It''s much more important to discuss which new business fields the company will enter. Divestments are less relevant," he said in an interview. "Big decisions like how to expand or optimize the business portfolio of a global company need time and have to be developed by consensus. For Volkswagen, the topic of the business portfolio is very important but not time critical," he said. Volkswagen has asked banks to examine options for Ducati and Renk, including selling the two divisions, sources have said, as it reviews its businesses after announcing a major push into electric cars and services such as ride-hailing a year ago. Five bidders have been short-listed for Ducati, including Italy''s Benetton family, with offers ranging from 1.3-1.5 billion euros ($1.5-1.8 billion), a separate source said last month. But the potential deal currently does not have the support of a majority on Volkswagen''s supervisory board, with labor leaders - who occupy half the board seats - resisting a sale unless there are compelling financial reasons. Thomas Sedran, Volkswagen''s Head of Group Strategy, address a news conference at Volkswagen''s headquarters in Wolfsburg, Germany June 16, 2016. Fabian Bimmer "Top management has a clear idea of what belongs to core business and what doesn''t," Sedran said, without elaborating. "It is now a question of how the supervisory board will assess this and what one wants to do." He said the range of possible changes was "far greater than just the things that are seized on in public discussion", adding the money to pay for the emissions scandal had to be found somewhere. "So it''s perfectly plausible that we consider whether the time may have come to find a more suitable owner for certain business areas," said Sedran, a former head of General Motors in Europe who joined Volkswagen two months after the scandal broke. Since then, Volkswagen management has had to deal with an ever-growing number of "dieselgate" probes in Germany and abroad, as well as a new investigation into potential collusion among German carmakers. On the group''s long-running effort to produce a low-cost car for emerging markets, he said Czech brand Skoda would try to develop such a vehicle for India by 2020, one year later than planned after cooperation talks with Tata Motors ( TAMO.NS ) collapsed. Skoda has developed "a series of ideas" for a cheap car for India that could then be used in other markets such as Brazil and Iran, Sedran said. The 52-year-old also poured cold water on union calls for production of a new model to be assigned to one of three German auto-making sites to boost plant utilization. "Short-term displacements of vehicles are always difficult at production peaks," he said. "To take cars out of one plant for the short term and give production to another plant doesn''t achieve much." ($1 = 0.8511 euros) Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-volkswagen-strategy-idUSKCN1B11F9'|'2017-08-21T15:34:00.000+03:00'|6317.0|''|-1.0|'' 6318|'8e42aa2e0ea2a65280cbf19a8cd99b872e3d902c'|'PRESS DIGEST - Wall Street Journal - Aug 18'|'Aug 18 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- A van mowed down pedestrians in the heart of Spain''s second-largest city, killing at least 13 people in a terror attack claimed by Islamic State. Hours later, police said they killed five alleged terrorists as they responded to a possible attack in Cambrils, a town southwest of Barcelona. on.wsj.com/2w7BLIt- The government review of AT&T Inc''s $85 billion takeover of Time Warner Inc has reached an advanced stage, a significant milestone in a deal that was closely watched for signs of how the Trump administration would view large mergers. on.wsj.com/2w7i6Z3- U.S. President Donald Trump defended the "beautiful" statues commemorating Confederate leaders and lamented efforts to remove them, weighing in on an issue central to the weekend''s deadly violence in Virginia. on.wsj.com/2w7aVQt- Arista Networks Inc is grabbing Cisco Systems Inc''s giant networking business, winning over its customers and rankling its top brass. The battle has divided CEO Jayshree Ullal and Cisco''s John Chambers, who were once close colleagues. on.wsj.com/2w7imat- The White House pulled the plug on a planned council that was to advise U.S. President Donald Trump on rebuilding the nation''s infrastructure, an apparent victim of the Charlottesville furor. on.wsj.com/2w75BNd- Mylan NV agreed to pay $465 million to settle federal government claims that it overcharged the Medicaid program by millions of dollars for its EpiPen products. on.wsj.com/2w73CIACompiled by Bengaluru newsroom'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-wsj-idINL4N1L421H'|'2017-08-18T02:31:00.000+03:00'|6318.0|''|-1.0|'' 6319|'f64fc8536ee35871e9516e9c7a5d4b54f8f4136b'|'Air Berlin lenders eye asset sale by mid-September - sources'|' 02 PM / an hour ago Air Berlin lenders eye asset sale by mid-September - sources Ilona Wissenbach and Peter Maushagen 2 Min Read FRANKFURT (Reuters) - The buyers of insolvent Air Berlin''s ( AB1.DE ) assets will likely be picked by mid-September, people familiar with the matter told Reuters, as the race for the carrier''s coveted take-off and landing slots in Germany heats up. Suitors have until Sept. 13 to make bids and present their business plans to the airline''s administrator and lenders, two sources told Reuters. A committee of creditors overlooking the liquidation aim to come to an agreement who will buy what shortly thereafter, the sources said, with one of them saying the decision could come as early as Sept. 15. Another source cautioned that the schedule was ambitious because new suitors keep lining up. Air Berlin Chief Executive Thomas Winkelmann has said time is of the essence and wants a deal before the end of September. The carrier, which declined to comment, has been in talks with interested parties since it filed for insolvency on Aug. 15 after its major shareholder, Gulf carrier Etihad, denied it any further funding. Lufthansa ( LHAG.DE ), Thomas Cook''s ( TCG.L ) Condor, easyJet ( EZJ.L ) and Ryanair ( RYA.I ) are among airlines interested in the carrier''s business or parts of it, sources familiar with the negotiations have said. German aviation investor Hans Rudolf Woehrl is also working on a bid and former F1 driver Niki Lauda has indicated his interested in buying back Air Berlin''s Niki, the Austrian airline he once owned. Air Berlin is being kept in the air thanks to a 150 million euro (138.91 million pounds)government loan. Part of Air Berlin''s appeal to bidders lies in its access to take-off and landing slots at airports such as Duesseldorf, in Germany''s most populous region. Writing by Ludwig Burger, editing by David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-air-berlin-m-a-idUKKCN1B81XH'|'2017-08-28T21:02:00.000+03:00'|6319.0|''|-1.0|'' -6320|'a3f1705b8b3c1012d48024f33b6b62a5f6a43bfe'|'British Airways says "system issues" affecting check-in at Heathrow'|'August 2, 2017 / 7:53 AM / 18 minutes ago British Airways says "system issues" affecting check-in at Heathrow 1 Min Read LONDON, Aug 2 (Reuters) - British Airways said system issues were affecting the check-in process on flights from Heathrow, Europe''s biggest airport, on Wednesday. "We''re currently experiencing some system issues at the airport this morning," British Airways said on Twitter, in reference to Heathrow''s Terminal 5, adding in other tweets that the issues meant check-in was taking longer than usual. British Airways suffered a massive computer system failure in late May caused by a power supply issue near Heathrow which stranded 75,000 customers over a busy holiday weekend. Reporting by Alistair Smout; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-airports-britishairways-idUSL9N1IW002'|'2017-08-02T10:52:00.000+03:00'|6320.0|''|-1.0|'' +6320|'a3f1705b8b3c1012d48024f33b6b62a5f6a43bfe'|'British Airways says "system issues" affecting check-in at Heathrow'|'August 2, 2017 / 7:53 AM / 18 minutes ago British Airways says "system issues" affecting check-in at Heathrow 1 Min Read LONDON, Aug 2 (Reuters) - British Airways said system issues were affecting the check-in process on flights from Heathrow, Europe''s biggest airport, on Wednesday. "We''re currently experiencing some system issues at the airport this morning," British Airways said on Twitter, in reference to Heathrow''s Terminal 5, adding in other tweets that the issues meant check-in was taking longer than usual. British Airways suffered a massive computer system failure in late May caused by a power supply issue near Heathrow which stranded 75,000 customers over a busy holiday weekend. Reporting by Alistair Smout; editing by Kate Holton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-airports-britishairways-idUSL9N1IW002'|'2017-08-02T10:52:00.000+03:00'|6320.0|20.0|0.0|'' 6321|'144a121c9e4bd354779eff7a964b72e39099b8cd'|'Unilever to buy back Dutch preference shares'|'August 9, 2017 / 6:37 AM / 5 hours ago Unilever to buy back Dutch preference shares 2 Min Read FILE PHOTO: The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. Brendan McDermid /File Photo LONDON (Reuters) - Unilever ( ULVR.L )( UNc.AS ) has agreed to buy back the bulk of its Dutch preference shares and to launch a public offer for the rest, valuing them at 450 million euros, as the Anglo-Dutch consumer goods company seeks to simplify its capital structure. Fresh from defending itself against an unsolicited $143 billion takeover bid from Kraft Heinz ( KHC.O ), the Anglo-Dutch company said in April it would review its dual-headed structure, as it sought to make itself more agile, particularly with respect to big-ticket M&A deals. Unilever said on Wednesday it had agreed terms with NN Investment Partners and ASR Nederland for the acquisition of all of their 6 percent and 7 percent cumulative preference shares in Unilever NV, the company''s Dutch-listed entity. Analysts saw the move as a signal the company was leaning toward collapsing its structure. "We believe the announced preference share buyback is the first step in simplifying the shareholding structure at Unilever NV," said Morgan Stanley analysts in a note. "Unilever will continue the review of its dual-hedged legal structure and prefers a simplified corporate structure, which provides greater strategic mobility." Morgan Stanley estimated that of the 450 million euro price, 120 million euros related to accrued dividends, with 330 million attributed to the value of the shares'' voting rights. The shares held by those two parties represent 97 percent of all the group''s outstanding 6 percent and 7 percent cumulative preference shares. They will be acquired through a public offer that would let other holders get the same terms agreed with NN and ASR. Unilever said the offer is expected to be launched in the third quarter and settled in the fourth quarter. Shares of the company, which separately announced the acquisition of Australian ice cream brand Weis, were up 0.3 percent on Wednesday afternoon. Reporting by Martinne Geller; editing by Jason Neely and David Evans 0 : 0'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-unilever-nv-stocks-idUSKBN1AP0JZ'|'2017-08-09T14:37:00.000+03:00'|6321.0|''|-1.0|'' 6322|'64f74bd605f68f652c16543cfbb7cf32038c6165'|'UPDATE 1-China frees top Crown executive jailed for gambling offences -official - Reuters'|'(Adding Australian gov''t statement in 4th para; Crown statement in 5th para)SHANGHAI/BEIJING, Aug 12 (Reuters) - China on Saturday freed one of the last remaining Crown Resorts Ltd executives jailed for illegally promoting gambling, as a protracted saga that forced the Australian casino operator to cancel global expansion plans and hurt profits nears an end.Jason O''Connor, head of international VIP gambling with the casino giant, was released before 7 a.m., an official told media outside the detention centre in Shanghai.The Australian was the most senior of 16 staff detained in October and jailed by a Shanghai court in June. His 10-month sentence ran from the time of his first detention on Oct. 14 last year.He was flying home following his release on Saturday, Australia''s Foreign Minister Julie Bishop said in an emailed statement. She did not give a time for his arrival.Crown executive chairman John Alexander said in an emailed statement he was "very pleased" staff were being reunited with their families and expressed gratitude for the help provided by the Australian government and the company''s legal team over the past few months.The authorities released 10 employees, including Australian nationals Jerry Xuan and Jane Pan Dan, in July.Crown, half-owned by billionaire James Packer, had been trying to attract wealthy Chinese to its casinos located outside China, where gambling is illegal, except for Macao.But the case prompted Crown, the world''s biggest listed casino company outside China, to retreat from global expansion plans and sell off its Macao assets, and instead shift its focus back home. (Reporting by Xihao Jiang in SHANGHAI, Shu Zhang and Josephine Mason in BEIJING; additional reporting by Ben Cooper in SYDNEY and Brenda Goh in SHANGHAI; writing by Josephine Mason; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/crown-resorts-china-idINL4N1KY06P'|'2017-08-12T08:28:00.000+03:00'|6322.0|''|-1.0|'' 6323|'25e34a4781444877d1197caef238ef12f95c6eb3'|'REFILE-CEE MARKETS-Crown firms after Czechs deliver first EU rate hike for years'|'(Refiles to update headline) * Crown jumps as CNB lifts rates, surprising part of the market * Hike is the CNB''s first since 2018, EU''s first since 2012 * CEE central banks unlikely to follow CNB''s hike this year By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, Aug 3 (Reuters) - The crown surged on Thursday after the Czech central bank (CNB) delivered the the European Union''s first central bank interest rate hike for more than five years to fight inflation. The 20 basis point hike in the two-week repo rate to 0.25 percent had not been expected by half of the analysts in a Reuters poll, and had not been priced in by markets, . It was the first Czech rate rise since 2008. The crown touched 25.9 against the euro, its strongest level since April when the CNB abandoned a cap which had kept the crown weaker than 27 since late 2013. It traded at 25.965 by 1139 GMT, up half a percent. Czech interest rates swaps (IRSs) ticked up around 5 basis points, short-end forward rate agreements rose 10 basis points and bond bid/ask spreads widened, but few deals were struck. The stocks of lenders Erste and Komercni Banka extended their gains after the decision, leading a 0.4 percent rise in the Prague bourse''s main stock index. The crown, which weakened to a one-month low of 26.172 earlier this week, traded at the levels where analysts in a Reuters poll projected it to be at the end of this month. The poll predicted a gradual strenghtening to 25.5 in the next 12 months, and projected stronger than expected courses for the region''s main currencies, with Europe''s economic growth powering ahead. The Czech economy is also picking up. With inflation running at 2.3 percent in June, above the 2 percent midpoint of the target range, the CNB had become the first central bank in the region which indicated that rate tightening could come soon. Sceptics had said that the crown firmed a good clip since being set free in April, and its strengthening had tightened monetary conditions enough. The CNB was also uncertain over how soon the European Central Bank will drop its own ultra-loose policy of bond purchases. "Future (CNB) decisions will be highly dependent on the inflation path and the state of the economy, which has recently been feared to be overheating," said Natalia Kornela Setlak, analyst of Nordea in a note. Romania''s central bank is unlikely to follow the example of the Czech hike at its meeting on Friday, according to another Reuters poll. None of the region''s central banks are seen lifting rates this year. Elsewhere, the government bonds of Hungary, which have much higher yields than Czechs, drew strong demand at two auctions on Thursday. CEE MARKETS SNAPSH AT 1339 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 25.965 26.103 +0.53 4.01% 0 0 % Hungary 303.65 303.59 -0.02% 1.70% forint 00 50 Polish zloty 4.2520 4.2576 +0.13 3.57% % Romanian leu 4.5635 4.5616 -0.04% -0.62% Croatian 7.4065 7.4065 +0.00 2.01% kuna % Serbian 119.44 119.70 +0.22 3.27% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1014.4 1010.5 +0.38 +10.0 2 9 % 7% Budapest 36238. 36041. +0.55 +13.2 23 13 % 3% Warsaw 2363.5 2366.0 -0.11% +21.3 2 6 4% Bucharest 8339.0 8299.2 +0.48 +17.7 4 2 % 0% Ljubljana 807.19 809.85 -0.33% +12.4 9% Zagreb 1885.2 1886.1 -0.05% -5.49% 7 3 Belgrade 718.22 707.17 +1.56 +0.12 % % Sofia 719.96 715.14 +0.67 +22.7 % 7% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0 0 +067b -2bps ps 5-year 0.083 0.048 +030b +4bps ps 10-year 0.898 0 +041b +0bps ps Poland 2-year 1.821 0.007 +249b -2bps ps 5-year 2.697 0.013 +291b +0bps ps 10-year 3.364 0.006 +288b +1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL5N1KP6E8'|'2017-08-03T10:40:00.000+03:00'|6323.0|''|-1.0|'' @@ -6327,7 +6327,7 @@ 6325|'0da2a85923bf32e4ed90bed4beef5b23711d3485'|'BP''s Gulf oil production falls as key pipeline goes offline'|'August 25, 2017 / 8:01 PM / 13 minutes ago BP''s Gulf oil production falls as key pipeline goes offline Reuters Staff 1 Min Read FILE PHOTO - Spectators are seen reflected in a British Petroleum sponsors building in Olympic Park at the London 2012 Paralympic Games September 6, 2012. Toby Melville/File Photo HOUSTON (Reuters) - BP Plc ( BP.L ) said on Friday its U.S. Gulf of Mexico oil production has slipped due to the shutdown of a pipeline system amid Hurricane Harvey, though it declined to say by how much. The Cameron Highway Oil Pipeline System, controlled by Genesis Energy LP ( GEL.N ), is offline due to the storm, limiting BP''s ability to pipe crude out of the Gulf from its Atlantis and Mad Dog platforms. BP''s Thunder Horse and Na Kika platforms continue to operate normally, the company said. Reporting by Ernest Scheyder; Editing by Leslie Adler'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-storm-harvey-bp-pipeline-idUKKCN1B52HU'|'2017-08-25T23:00:00.000+03:00'|6325.0|''|-1.0|'' 6326|'a8a63a412297442da683e59b778698b8f078b171'|'African Markets - Factors to watch on Aug 4'|'NAIROBI, Aug 4 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. - - - - - EVENTS: *RWANDA - Rwandans go to the polls to elect their next leader, with incumbent, Paul Kagame, expected to secure a clean sweep of the votes and extend his rule for another seven years. GLOBAL MARKETS Asian stocks inched up on Friday after a technology-led drop on Wall Street, while U.S. Treasury yields and the dollar were pressured by news Special Counsel Robert Mueller had issued grand jury subpoenas in his investigation of alleged Russian interference in the 2016 U.S. elections. GLOBAL OIL Oil markets dipped on Friday, with U.S. crude remaining below $50 per barrel, restrained by rising output from the United States as well as producer club OPEC. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa''s rand slipped to three-week lows against the dollar on Thursday, erasing most of the previous session''s gains in a cautious market as a vote on a motion of no-confidence against President Jacob Zuma drew closer. KENYA MARKETS The Kenyan shilling was firmer on Thursday, as dollar supplies improved, boosted by a sell-off of hard currency by commercial banks looking to cope with a liquidity squeeze. KENYA ELECTION Passengers jostled with ticket touts and hawkers at Kenya''s main bus stations on Thursday as thousands started leaving cities before next week''s vote, some because they are registered in rural wards, others because they are scared of violence. KENYA ECONOMY Kenya''s private sector activity contracted for the third consecutive month in July, but at a slower pace, as firms took a cautious stance ahead of national elections next week, a survey showed on Thursday. NIGERIA ECONOMY Nigeria and the International Monetary Fund disagree over how much the economy will grow this year, with the government saying 2.2 percent and the Fund opting for just 0.8 percent. NIGERIA OIL Nigeria''s state oil company said on Thursday it had signed financing agreements with Chevron and Shell worth at least $780 million to boost crude production and reserves. NIGERIA FOREIGN EXCHANGE Nigerian banks have started showing investors price Quote: s for the country''s currency, the naira, on screens instead of giving them by phone, traders said. ZAMBIA POLITICS Police arrested a Zambian opposition leader on Thursday and said he would be charged with defaming President Edgar Lungu, an offence that carries a maximum five-year prison term. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/africa-factors-idUSL5N1KQ0GH'|'2017-08-04T07:54:00.000+03:00'|6326.0|''|-1.0|'' 6327|'9d3270a649177689c7c11d6d7bfac77a60318034'|'Elliott Management raises stake in BHP to 5 percent'|'August 16, 2017 / 2:17 AM / 5 hours ago Elliott Management raises stake in BHP to 5 percent 3 Min Read Australian mining company BHP''s corporate logo is seen at their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS. MELBOURNE (Reuters) - Hedge fund Elliott Management has raised its stake in BHP Billiton ( BHP.AX ) ( BLT.L ) to 5 percent, stepping up a campaign to make the top global miner quit all or part of its petroleum business, boost returns and ditch its dual listing. New York-based Elliott launched its effort in April, at which point it held a 4.1 percent "economic interest" in BHP''s UK-listed shares, and later increased that to 4.5 percent. Elliott said on Wednesday it now holds 5 percent of BHP''s UK-listed shares, and also holds a small economic interest in BHP''s Australian shares. "Recent statements by the company give us confidence that Chairman-elect Ken MacKenzie will heed shareholders'' calls to take constructive steps to enhance value for BHP and its owners," Elliott said in a statement. Those steps include exiting the U.S. shale business "and an in-depth, open and truly independent review of the petroleum business'' place in BHP''s portfolio," Elliott said. "We and other shareholders look forward to hearing more from management on this subject, following the growing analyst and shareholder consensus that BHP should exit U.S. shale," the hedge fund said. BHP, which up to now has rejected Elliott''s overhaul proposals as flawed, declined to comment on Elliott''s statement. However the company has acknowledged that it paid far too much when it entered the shale business and in the long run will look to get out of it when the time is right. MacKenzie has been canvassing shareholders worldwide ahead of taking up his position as chairman on Sept. 1. The latest move by Elliott reflected increased confidence in the company''s direction, said investment manager Rohan Walsh of Melbourne-based Karara Capital, which owns shares in BHP. "They are showing conviction in the prospects of the business," he said. Elliott said last month it had deep concerns over a BHP proposal to enter the currently over-supplied fertilizer market, reiterating its call for change at the mining giant. BHP will report its full year financial results next week. Reporting by Sonali Paul and Melanie Burton; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-bhp-billiton-elliott-idINKCN1AV2JV'|'2017-08-16T00:17:00.000+03:00'|6327.0|''|-1.0|'' -6328|'8ce3a007412dafdf32f75f5b4765e5646b7e9b0b'|'AirAsia CEO says leasing unit sale is ''imminent'''|'An AirAsia plane prepares for take off at Don Mueang International Airport in Bangkok, Thailand, June 29, 2016. Chaiwat Subprasom/File Photo MONTREAL (Reuters) - AirAsia Bhd ( AIRA.KL ) Chief Executive Tony Fernandes said on Thursday that the planned sale of the Malaysia-based carrier''s leasing unit to a South Korean group was "imminent" and there were no "roadblocks" to the sale.Fernandes also said AirAsia was considering the purchase of Bombardier Inc''s ( BBDb.TO ) CSeries narrowbody jets. His comments to reporters followed a news conference at Montreal-headquartered training specialist CAE Inc ( CAE.TO ).Reporting by Allison Lampert in Montreal, writing by Susan Taylor in Toronto; Editing by'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/airasia-ceo-idINKCN1B42GL'|'2017-08-24T17:45:00.000+03:00'|6328.0|''|-1.0|'' +6328|'8ce3a007412dafdf32f75f5b4765e5646b7e9b0b'|'AirAsia CEO says leasing unit sale is ''imminent'''|'An AirAsia plane prepares for take off at Don Mueang International Airport in Bangkok, Thailand, June 29, 2016. Chaiwat Subprasom/File Photo MONTREAL (Reuters) - AirAsia Bhd ( AIRA.KL ) Chief Executive Tony Fernandes said on Thursday that the planned sale of the Malaysia-based carrier''s leasing unit to a South Korean group was "imminent" and there were no "roadblocks" to the sale.Fernandes also said AirAsia was considering the purchase of Bombardier Inc''s ( BBDb.TO ) CSeries narrowbody jets. His comments to reporters followed a news conference at Montreal-headquartered training specialist CAE Inc ( CAE.TO ).Reporting by Allison Lampert in Montreal, writing by Susan Taylor in Toronto; Editing by'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/airasia-ceo-idINKCN1B42GL'|'2017-08-24T17:45:00.000+03:00'|6328.0|27.0|4.0|'' 6329|'679e427650dac4a715efb6b1d23d3dac2624d2a8'|'Barclays closures add to toll of vanishing British bank branches'|'FILE PHOTO: Pedestrians shelter under umbrellas as they walk past a Barclays branch in central London May 8, 2014. Stefan Wermuth/File Photo LONDON (Reuters) - Barclays ( BARC.L ) plans to close around 54 branches by the end of the year in an effort to cut costs, further reducing access to banking services for customers in parts of Britain.The bank, along with other British lenders, is cutting back its network as customers turn to mobile banking. Barclays, which told customers about the planned closures in recent weeks still has around 1,300 branches across the country.The number of branches operated by the major British banking groups has halved in the last 20 years and following political pressure a new rule was set in 2015 that requires banks to assess the impact on local communities of a branch closure.Branch closures in Britain are disproportionately affecting lowest-income areas, taking bricks-and-mortar services away from communities where they are needed most, Reuters reported in June last year."The number of physical Barclays branches will reduce overall but our branch network and the colleagues who work in them remain a vital part of our offering," a Barclays spokeswoman told Reuters in an email.The Barclays branch closures should not result in any net job losses, she said, with jobs set to be transferred elsewhere.The latest round of bank branch closures, which are targeted at reducing costs, have raised concerns among small businesses as well as individuals in Britain."At a time of unprecedented uncertainty, the last thing small businesses need is (the) loss of in-person bank branch support," Mike Cherry, Federation of Small Businesses (FSB) National Chairman, said."When times are tough, there''s no replacement for help from a known and trusted bank branch contact."RBS ( RBS.L ) said in March it planned to close about 180 branches in Britain and Ireland and about 1,000 roles were at risk at the state-controlled lender.And in April, Lloyds Banking Group ( LLOY.L ) said it planned to close a further 100 branches of its more than 2,000 in the UK resulting in the loss of over 325 jobs.HSBC ( HSBA.L ) said in January it planned to close 117 branches this year and cut 380 roles in Britain.In March, Barclays also decided to close a mortgage center in Cardiff, Wales, with the loss of more than 180 jobs.Reporting by Anjuli Davies; additional reporting by Lawrence White; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-barclays-branches-idUSKCN1AU1HF'|'2017-08-14T16:15:00.000+03:00'|6329.0|''|-1.0|'' 6330|'8281e28991f1a6278a992824fc3b1f088e70f6f0'|'Expedia picks CFO Mark Okerstrom as new CEO'|'August 30, 2017 / 9:23 PM / 17 hours ago Expedia taps CFO Okerstrom to replace Khosrowshahi as CEO Reuters Staff 2 Min Read (Reuters) - Expedia Inc on Wednesday named Mark Okerstrom as its new president and chief executive, replacing Dara Khosrowshahi who left the U.S. travel-booking company to take the top job at car-ride provider Uber Technologies Inc [UBER.UL]. Khosrowshahi, who led the parent of Expedia.com for 12 years, will remain a board member. Okerstrom, who had been chief financial officer and executive vice president of operations for the last six years, was also named to the board, said the company, whose other websites include Hotels.com, Hotwire.com, Travelocity.com and Orbitz.com. "There was no other candidate that the board considered," Expedia Chairman Barry Diller said in a statement. Okerstrom was Khosrowshahi''s "principal partner" in running Expedia, the company said. During Khosrowshahi''s tenure, Expedia became the largest online travel agency by bookings and its stock price grew more than six-fold. On a conference call with reporters on Wednesday, Okerstrom described Uber and Expedia as "complementary" businesses and hinted at a possible future partnership between the industry leaders. "Given our close relationship, who knows? There''s probably ways that we can work much more closely together than we ever have before," Okerstrom said. "We now have a much closer tie to Uber than we''ve ever had before. And, yeah, sure, keep your eye out. Maybe there will be something that comes out." Expedia shares edged up 0.2 percent in extended trading after closing 0.4 percent lower at $143.44. Reporting by Alana WIse in New York and Arunima Banerjee in Bengaluru; editing by Anil D''Silva and Richard Chang'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-expedia-ceo-idUSKCN1BA2VE'|'2017-08-31T00:21:00.000+03:00'|6330.0|''|-1.0|'' 6331|'3e4ee6256a71cbdf17f5aa7740f692225207d8aa'|'Australia antitrust regulator raises flags on BP Woolworths petrol buyout'|'FILE PHOTO - Customers leave a Woolworths supermarket in central Sydney February 25, 2011. Daniel Munoz/File Photo (Reuters) - Australia''s antitrust regulator said on Thursday it was concerned BP Plc''s ( BP.L ) plan to buy the petrol stations of grocery giant Woolworths Ltd ( WOW.AX ) would hurt competition, a sign it may block the A$1.8 billion ($1.4 billion) deal.The Australian Competition and Consumer Commission (ACCC) said the buyout would cut the number of major rivals selling petrol, reducing the incentive to keep retail prices low."As a result, motorists may end up paying more at the pump," ACCC Chairman Rod Sims said in a statement.Woolworths and London-based BP announced the deal in December 2016, a major component of the Australian retailer''s effort to cut non-core businesses and concentrate on a supermarket price war with rival Coles, owned by Wesfarmers ( WES.AX ).Woolworths issued a statement noting the regulator''s concerns and said it would "continue to work with BP and the ACCC to progress the merger clearance process".The ACCC said Woolworths appears to influence fuel prices in large Australian cities, either by leading price cuts or quickly following competitors'' price cuts, and "we are concerned that BP would not follow Woolworths''s pricing strategy".The regulator said it will publish a draft decision later this month, with a final decision scheduled for Oct. 26.Reporting by Ambar Warrick in Bengaluru; Edited by Byron Kaye and Richard Pullin'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-woolworths-bp-sale-idINKBN1AQ00B'|'2017-08-09T22:13:00.000+03:00'|6331.0|''|-1.0|'' @@ -6370,10 +6370,10 @@ 6368|'2ea49c0347d03b4d189d8d9f6de5e244c35707ea'|'Morning News Call - India, August 7'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: IRDAI, PFRDA, LIC chiefs at CII Insurance Summit in Mumbai. 11:00 am: Monsoon session of parliament continues in New Delhi. 11:00 am: Britannia annual general meeting in Kolkata. 11:00 am: Eveready annual general meeting in Kolkata. LIVECHAT - G10 OUTLOOK With only one more U.S. non-farm payroll data release before the next FOMC meeting in September, the market is searching for clues of how a potential balance sheet cut may look like. Greg McKenna, Chief Market Strategist, AxiTrader will discuss the outlook of the major currency pairs and trading strategies at 9:00 am IST. To join the conversation, click on the link: here INDIA TOP NEWS Indian Oil plans $2.4 billion expansion of Gujarat refinery Indian Oil Corp will spend $2.4 billion to increase capacity at its refinery in western India by about a third over the next few years to meet rising local demand for fuel. Venkaiah Naidu elected vice president in another boost for Modi India''s ruling party candidate M. Venkaiah Naidu was elected vice president in a parliamentary vote on Saturday, enabling the party to boost its political standing in his southern home region where it lacks a broad support base. Mahindra & Mahindra Q1 profit falls about 20 percent Mahindra & Mahindra Ltd posted an about 20 percent fall in quarterly profit, missing estimates, as sales growth in passenger vehicles slowed ahead of the transition to a new nationwide tax. HPCL aims to buy U.S. oil in next few months Hindustan Petroleum Corp plans to buy low-sulphur oil from the United States in the next few months for its 166,000 barrel per day (bpd) Vizag refinery in southern India, company executives said. India launches exchange-traded fund for asset sales India has set up a new exchange-traded fund to sell government stakes in 22 state-run and private firms under its $11.4 billion asset sale programme, Finance Minister Arun Jaitley told reporters. Mahindra Logistics Ltd files for IPO Mahindra Logistics Ltd, a unit of automobile major Mahindra and Mahindra Ltd, has filed for an initial public offering of shares. GLOBAL TOP NEWS S.Korea, U.S. agree on pressure for N.Korea, China media warns on sanctions South Korean President Moon Jae-in and his U.S. counterpart, Donald Trump, agreed to cooperate and apply maximum pressure on North Korea in a telephone call on Monday, as Chinese media warned of the limits of new U.N. sanctions. Pence denies eyeing presidential bid amid distance with Trump over Russia U.S. Vice President Mike Pence on Sunday denied that he is preparing for a presidential election run in 2020, saying the suggestion is "disgraceful and offensive." Venezuela quells attack on military base, two killed Venezuelan authorities quelled an attack on a military base near the city of Valencia by soldiers and armed civilians on Sunday, killing two of them in a dramatic escalation of unrest in the protest-convulsed South American nation. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 10,109.00, up 0.10 percent from its previous close. Indian sovereign bonds are likely to slip in early trade tracking a rise in U.S. Treasury yields after better-than-expected U.S. jobs data for July. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.42 percent-6.47 percent band. The Indian rupee will likely open lower against the dollar, in line with most other Asian peers, tracking a rebound in the greenback after data showed U.S. nonfarm payrolls in July rose more than expected. GLOBAL MARKETS The Dow Jones Industrial Average ended at its eighth straight record high on Friday, with gains in JPMorgan Chase and other banks after data showed U.S. employers hired more workers than expected in July. Asian stocks advanced on Monday, taking their cue from Wall Street, while the dollar moderated but retained most gains made on stronger-than-expected July jobs growth and the promise of a U.S. tax plan that will repatriate corporate profits. U.S. Treasury yields rose on Friday after data showed that U.S. employers hired more workers than expected in July, while wage growth also met economists expectations. Oil prices held near nine-week highs, buoyed by robust U.S. jobs data last week and a slight fall in U.S. drilling, although rising output from OPEC capped gains. Gold prices held steady around near two-week lows early, under pressure from a rebound in the U.S. dollar after stronger-than-expected U.S. jobs data last week. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 63.70/63.73 August 4 -$134.21 mln $233.25 mln 10-yr bond yield 6.73 pct Month-to-date -$46.20 mln $612.28 mln Year-to-date $8.93 bln $21.76 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 63.6300 Indian rupees) (Compiled by Erum Khaled in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/india-morningcall-idUSL4N1KT1HA'|'2017-08-07T06:24:00.000+03:00'|6368.0|''|-1.0|'' 6369|'5af4f9cd25bfc2a4b1d4886a0ed4ad8e2880726a'|'Euronext bourse to renew clearing contract with LSE unit'|'August 8, 2017 / 9:05 AM / 17 minutes ago Euronext bourse to renew clearing contract with LSE unit Huw Jones 3 Min Read FILE PHOTO: Company stock price information is displayed on screens as they hang above the Paris stock exchange, operated by Euronext NV, in La Defense business district in Paris, France, December 14, 2016. Benoit Tessier/File Photo LONDON (Reuters) - Pan-European bourse Euronext said on Tuesday it would extend its contract with Britain''s LCH in a surprise move that could defuse tension over where clearing of euro-denominated transactions should take place after Brexit. Euronext''s contract with LCH, a unit of the London Stock Exchange Group, was due to expire in 2018. Euronext had previously announced that it planned to use Intercontinental Exchange in the Netherlands for clearing, but those plans have now been scrapped. Euronext and LCH said on Tuesday they have signed binding terms for a 10-year clearing deal they expect to complete in the fourth quarter of this year. Euronext said the deal avoids customers facing added costs of switching from one clearing house to another at a time when they already face major challenges like new European Union securities rules, and adapting to Britain being outside the EU from 2019. Under the deal, Euronext will swap its 2.3 percent stake in LCH Group in London for an 11.1 percent share in LCH''s Paris unit, giving Euronext a financial incentive to increase clearing volumes in France. Euronext and LCH will "work together" to cut clearing fees by 5 percent to 15 percent from January 2019, Euronext said. Clearing ensures that a stock, bond or derivatives transaction is completed safely and smoothly, even if one side of the deal goes bust. An arcane part of financial plumbing, it has become highly politicized, with EU policymakers saying that clearing of euro denominated derivatives, which LCH''s London unit dominates, should move to the euro zone after Brexit. Euronext said the deal would allow clearing in a wider range of products, but did not say what those products would be. It could mean LCH effectively shifting enough of its euro clearing to Paris to satisfy euro zone demands. The deal could also make it harder for Deutsche Boerse owned rival Eurex in Frankfurt to pick up euro clearing business that shifts to the single currency area. Euronext will have to pay ICE an undisclosed break-up fee. Reporting by Huw Jones; Editing by Susan Fenton 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-lse-euronext-clearing-idUKKBN1AO0VK'|'2017-08-08T12:00:00.000+03:00'|6369.0|''|-1.0|'' 6370|'353e712c01debf947f985051340662ab88d12716'|'Agrium''s quarterly profit falls 1.2 pct'|'Aug 9 (Reuters) - Canadian fertilizer maker Agrium Inc reported a 1.2 percent fall in quarterly profit on Wednesday, hurt by weak demand for phosphate and nitrogen.Net earnings attributable to shareholders fell to $558 million, or $4.03 per share, in the second quarter ended June 30, from $565 million, or $4.08 per share, a year earlier.Agrium, which is merging with Potash Corp of Saskatchewan , said revenue fell marginally to $6.32 billion from $6.42 billion. (Reporting by Anirban Paul and Divya Grover in Bengaluru; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/agrium-results-idINL4N1KV6ML'|'2017-08-09T20:58:00.000+03:00'|6370.0|''|-1.0|'' -6371|'92007dd4c1dab20d4af24aaa7fbbbb794033f335'|'UK consumer morale edges up but gloom over finances deepens - YouGov/Cebr'|'August 24, 2017 / 11:04 PM / 38 minutes ago UK consumer morale edges up but gloom over finances deepens - YouGov/Cebr Reuters Staff 2 Min Read FILE PHOTO - Shoppers browse aisles in a supermarket in London, Britain April 11, 2017. Neil Hall LONDON (Reuters) - British consumer morale improved slightly in August but remained subdued overall as households became gloomier about their finances, a survey showed on Friday. The monthly consumer confidence index from pollster YouGov and consultancy Cebr rose to 107.6 from 107.2 in July, aided by an increase in its measures of job security and house prices. But consumers'' perception of household finances worsened for a fifth month in a row, the longest run since YouGov records started eight years ago. The Brexit vote in June 2016 led to a big fall in the value of sterling, which has pushed up inflation, gnawing at consumers'' disposable income this year. A national election this year in which Prime Minister Theresa May gambled away a parliamentary majority has added to a sense of uncertainty among the British public. "Although this month''s consumer confidence figures bring good news, they have to be placed in context they have not yet returned to where they were ahead of the election," YouGov analyst Stephen Harmston said. Other measures of consumer confidence have also fallen this year. While the Bank of England expects trade and business investment to largely counter the slowdown in consumer confidence, neither of these things contributed to Britain''s economic growth in the second quarter. The Office National Statistics confirmed on Thursday the economy grew 0.3 percent in the second quarter after 0.2 percent in the first -- adding up to the slowest growth for any major advanced economy since the start of 2017. Reporting by Andy Bruce; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-economy-consumersentiment-idUKKCN1B42SO'|'2017-08-25T02:03:00.000+03:00'|6371.0|''|-1.0|'' +6371|'92007dd4c1dab20d4af24aaa7fbbbb794033f335'|'UK consumer morale edges up but gloom over finances deepens - YouGov/Cebr'|'August 24, 2017 / 11:04 PM / 38 minutes ago UK consumer morale edges up but gloom over finances deepens - YouGov/Cebr Reuters Staff 2 Min Read FILE PHOTO - Shoppers browse aisles in a supermarket in London, Britain April 11, 2017. Neil Hall LONDON (Reuters) - British consumer morale improved slightly in August but remained subdued overall as households became gloomier about their finances, a survey showed on Friday. The monthly consumer confidence index from pollster YouGov and consultancy Cebr rose to 107.6 from 107.2 in July, aided by an increase in its measures of job security and house prices. But consumers'' perception of household finances worsened for a fifth month in a row, the longest run since YouGov records started eight years ago. The Brexit vote in June 2016 led to a big fall in the value of sterling, which has pushed up inflation, gnawing at consumers'' disposable income this year. A national election this year in which Prime Minister Theresa May gambled away a parliamentary majority has added to a sense of uncertainty among the British public. "Although this month''s consumer confidence figures bring good news, they have to be placed in context they have not yet returned to where they were ahead of the election," YouGov analyst Stephen Harmston said. Other measures of consumer confidence have also fallen this year. While the Bank of England expects trade and business investment to largely counter the slowdown in consumer confidence, neither of these things contributed to Britain''s economic growth in the second quarter. The Office National Statistics confirmed on Thursday the economy grew 0.3 percent in the second quarter after 0.2 percent in the first -- adding up to the slowest growth for any major advanced economy since the start of 2017. Reporting by Andy Bruce; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-economy-consumersentiment-idUKKCN1B42SO'|'2017-08-25T02:03:00.000+03:00'|6371.0|18.0|0.0|'' 6372|'84038ec728d5c2f09a4c00725a2f8a710c3aca8c'|'Dow pole vaults 22,000, but beware the landing'|'A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. Andrew Kelly NEW YORK (Reuters) - The blue-chip Dow Jones Industrial Average closed over the 22,000 mark for the first time on Wednesday, but investor fears about the sustainability of the gains took the shine off the round number milestone.The rally lost momentum during the day''s trading and despite the recent run up, helped by strong earnings from Apple Inc ( AAPL.O ) and Boeing Co ( BA.N ), some technical indicators were flashing warning signs."The market gain has been built on a narrow group of issues. That typically is not indicative of great health," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. "I would not be shocked ... if we saw a pullback."And with the Dow industrials at a record high, Dow theory suggests that the Dow Transportation Average .DJT index should also hit a record in order to confirm the market''s march higher.But that index trails the Dow industrials'' year-to-date performance by almost 10 percentage points and is nearly 6 percent below its own July 14 record high.Also, overall market breadth, or the number of winning stocks relative to losers, is weakening even as the major U.S. indexes hover near record highs.That means the broad gains have been driven by advances in a declining number of companies, and market watchers fear they could be hard to sustain.The number of 52-week lows among NYSE- and Nasdaq-traded stocks is at its highest since late June while the number of 52-week highs has dropped sharply since mid-July.(For a graphic on ''U.S. stock market breadth'' click reut.rs/2hnL4Ob )Apple, McDonald''s Corp ( MCD.N ) and UnitedHealth Group Inc ( UNH.N ) have each added more than 200 points to the index.The Dow is a price-weighted index, meaning names like Apple, with its $157 price tag, and Boeing, which closed Wednesday near $238 per share, will generally have more of an influence over the index than components like the roughly $25 per share General Electric Co ( GE.N ).The lack of breadth as well as the underperformance by the Dow transports could be a signal that the market rally could be sputtering out, at least for now.Julian Emanuel, executive director of U.S. equity and derivatives strategy at UBS in New York, said the weakness of the S&P 500 and Nasdaq on Wednesday versus the strength of Apple shares showed an "underlying fatigue in the rally."The S&P 500 and Nasdaq Composite traded flat on Wednesday, even as Apple jumped nearly 5 percent.Naeem Aslam, chief market analyst at Think Markets in London, said the Dow milestone was "a remarkable thing for investors ... but at the same time, this could also be a trap if the momentum does not follow."AGING BULL The more than eight-year-old bull market in U.S. stocks got a second wind after last year''s election of Donald Trump as U.S. president, on expectations that his business-friendly policies including tax cuts and deregulation would boost corporate gains and economic growth.But tax cuts and other parts of the Trump agenda have not materialized, leaving earnings growth as the real engine of the market."Earnings growth allows the market to be patient about Washington. It allows the market to be patient about fiscal reform," said Steven Chiavarone, portfolio manager at Federated Investors in New York, who said they would "be buyers on any weakness."Fundamentals remain strong. With 350 of 500 companies'' reports in, the S&P 500 index .SPX is on track to post back-to-back double-digit quarterly earnings growth for the first time in almost six years.Still, the market is expensive by historical standards. Investors are paying $18 for every $1 in expected S&P 500 earnings over the next 12 months, near the highest since 2004 and above the long-term price-to-earnings average multiple of 15."The market isn''t without issues as it relates to valuations which are full if not somewhat expensive," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. He expects the Dow to go beyond 22,000, however.There is also summer seasonality to take into account.Neil Wilson, senior market analyst at ETX Capital in London, said the Dow''s run up past 22,000 was "indicative of a bull market speeding to a top.""August is usually not a great month for stocks, up five times in the last 20, so there is caution about how long this can be sustained beyond earnings season euphoria," Wilson said.Reporting by Rodrigo Campos, Saqib Ahmed, Caroline Valetkevitch, Chuck Mikolajczak, Tanya Agrawal, Sweta Singh, Yashaswini Swamynathan and Sinead Carew; Writing by Rodrigo Campos; Editing by Meredith Mazzilli and James Dalgleish'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/us-usa-stocks-dow-analysis-idINKBN1AI2LB'|'2017-08-02T17:42:00.000+03:00'|6372.0|''|-1.0|'' 6373|'e73a0ff8a79aeab72f91e6fd233491641bda295d'|'Ticket resellers'' sneaky tactics leave Australians fed up, Choice says - Money - The Guardian'|'More than three-quarters of Australians buying tickets to go to concerts and sporting events have been tricked into using an online resale company, a study by the consumer group Choice has found.Choice says its study of the ticket resale industry has found fans are fed up with unfair sales tactics that deliberately confuse, overcharge and hit them with extra fees.Viagogo, TicketmasterResale, Seatwave and Stubhub drew the most complaints from Australians for sneaking in additional, unavoidable fees throughout the checkout process, Choice said.But the report also took aim at the search engine Google for promoting advertising for popular events such as the forthcoming Ashes cricket Tests by the resale sites.Viagogo: ACCC launches legal action against ''misleading'' ticket reseller Read moreFrom Ed Sheeran and Adele to Cirque Du Soleil and the Cricket World Cup, consumers are being hoodwinked into thinking theyre dealing with the official ticket seller, says Tom Godfrey, Choices head of media.Search engines such as Google are complicit in the confusion because they allow resale websites to place paid links above official sites in search results. Our study found 76% of fans in all three countries who found their ticket through a Google search thought they were visiting an official primary ticketing site, not a resale site.Once you land on a resale site you dont really stand a chance, with resellers using tricky tactics such as disguising buttons to look similar to authorised sellers or making official claims.He told the ABC: Clearly Google has a lot of work to do. As you go through these sites, claims that these resellers are the official site, claims that they offer consumer protection, lead consumers to believe that everything is OK, and it just isnt.The study urged promoters, venues and ticketing companies to show the seat and row number, the venue, the original price and any restrictions as part of measures to prevent consumers being ripped off. It cited one example where an AFL fan paid $70 for a match in Perth but the ticket was later revealed to be a $7 childs ticket.Topics Ticket prices Consumer affairs Business (Australia) news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/aug/30/ticket-resellers-sneaky-tactics-leave-australians-fed-up-choice-says'|'2017-08-30T06:21:00.000+03:00'|6373.0|''|-1.0|'' -6374|'10b541752e723b8c0075cd1afd9f4bba5cb5e13f'|'Akzo Nobel wins again in court battle with hedge fund Elliott'|'FILE PHOTO: Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM (Reuters) - Akzo Nobel ( AKZO.AS ) does not have to let shareholders vote on whether to dismiss its chairman, a Dutch court ruled on Thursday, handing the paint company another victory in its battle with activist investor Elliott Advisors.Elliott, Akzo''s largest shareholder with a 9.5 percent stake, holds Chairman Antony Burgmans responsible for Akzo''s rejection of a 26 billion-euro ($30.5 billion) takeover proposal from U.S. rival PPG Industries ( PPG.N ) earlier this year and wants him dismissed.Together with York Capital Management, which holds a 0.6 percent stake in the maker of Dulux paints, Elliott had petitioned the court to force Akzo to convene an extraordinary shareholders'' meeting on Burgmans'' dismissal, which Akzo had refused to do.The Amsterdam district court on Thursday said the request was premature, given that Akzo has already scheduled an extraordinary shareholders'' meeting for Sept. 8. It called the meeting to better explain its reasons for rejecting the PPG bid and to repair relations with disgruntled shareholders."After that meeting it is up to shareholders to draw conclusions and possibly take further action," the court said.AkzoNobel said it had taken note of the verdict and that it was looking forward to the shareholders'' meeting. Elliott said it expected to respond shortly.A first bid by Elliott to force Akzo to a vote on Burgmans'' position was rejected by Amsterdam''s Enterprise Chamber in May, as it said it was an inappropriate attempt to wrest control of the company''s strategic direction from the board.Last month, 70-year old Burgmans said he will resign at the end of his term in April 2018. Akzo CEO Ton Buechner abruptly stepped down last month, citing health reasons, and has been replaced by Thierry Vanlancker, the former head of the company''s chemicals division.Akzo and Pittsburgh-based PPG are in a six-month compulsory cooling-off period which expires in December.Reporting by Bart Meijer; Editing by Greg Mahlich and Adrian Croft'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-akzonobel-shareholders-activism-idINKBN1AQ211'|'2017-08-10T14:19:00.000+03:00'|6374.0|''|-1.0|'' +6374|'10b541752e723b8c0075cd1afd9f4bba5cb5e13f'|'Akzo Nobel wins again in court battle with hedge fund Elliott'|'FILE PHOTO: Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM (Reuters) - Akzo Nobel ( AKZO.AS ) does not have to let shareholders vote on whether to dismiss its chairman, a Dutch court ruled on Thursday, handing the paint company another victory in its battle with activist investor Elliott Advisors.Elliott, Akzo''s largest shareholder with a 9.5 percent stake, holds Chairman Antony Burgmans responsible for Akzo''s rejection of a 26 billion-euro ($30.5 billion) takeover proposal from U.S. rival PPG Industries ( PPG.N ) earlier this year and wants him dismissed.Together with York Capital Management, which holds a 0.6 percent stake in the maker of Dulux paints, Elliott had petitioned the court to force Akzo to convene an extraordinary shareholders'' meeting on Burgmans'' dismissal, which Akzo had refused to do.The Amsterdam district court on Thursday said the request was premature, given that Akzo has already scheduled an extraordinary shareholders'' meeting for Sept. 8. It called the meeting to better explain its reasons for rejecting the PPG bid and to repair relations with disgruntled shareholders."After that meeting it is up to shareholders to draw conclusions and possibly take further action," the court said.AkzoNobel said it had taken note of the verdict and that it was looking forward to the shareholders'' meeting. Elliott said it expected to respond shortly.A first bid by Elliott to force Akzo to a vote on Burgmans'' position was rejected by Amsterdam''s Enterprise Chamber in May, as it said it was an inappropriate attempt to wrest control of the company''s strategic direction from the board.Last month, 70-year old Burgmans said he will resign at the end of his term in April 2018. Akzo CEO Ton Buechner abruptly stepped down last month, citing health reasons, and has been replaced by Thierry Vanlancker, the former head of the company''s chemicals division.Akzo and Pittsburgh-based PPG are in a six-month compulsory cooling-off period which expires in December.Reporting by Bart Meijer; Editing by Greg Mahlich and Adrian Croft'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-akzonobel-shareholders-activism-idINKBN1AQ211'|'2017-08-10T14:19:00.000+03:00'|6374.0|24.0|0.0|'' 6375|'42b8d93f3a9254cd04ecdbf9956f0f9218f7efa3'|'Miners keep FTSE on track for second monthly gain'|'August 31, 2017 / 9:38 AM / an hour ago Miners help Britain''s FTSE score second monthly gain 4 Min Read Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. Neil Hall LONDON (Reuters) - Britain''s top share index rose on Thursday, extending gains from the previous session as support from commodities-related stocks and financials helped the blue-chip index score its second consecutive monthly gain. The FTSE 100 .FTSE ended up 0.9 percent, while mid-caps rose almost 1 percent. Mining stocks were the standout performers, with Antofagasta ( ANTO.L ), Anglo American ( AAL.L ), Glencore ( GLEN.L ) and Rio Tinto ( RIO.L ) among the top gainers as the price of copper strengthened. [MET/L] Mining companies have been among the best performers in August, with the sector < .FTNMX1770> ending the month up 7.3 percent. Precious metals miner Randgold Resources ( RRS.L ) has led the way, climbing 12 percent this month as geopolitical jitters resulting from tensions between North Korea and the United States have propped up demand for safe-haven assets. Peer Fresnillo ( FRES.L ) has gained 5.2 percent this month. "The strength in industrial metals has been something of a saviour for the FTSE," said Jasper Lawler, head of research at London Capital Group, adding that recent weakness in sterling has also been a contributing factor. "No matter what gets thrown at the market, there still seems to be a fair bit of resilience, so even with all the concern around North Korea and more domestically about the Brexit negotiations, there''s an underlying confidence that we''re still in a bull market." Financials also extended their recovery from the week''s earlier flight from riskier assets after North Korea launched a missile over Japan on Tuesday. While individual moves were generally rather muted, downgrades from brokers weighed on shares in security firm G4S ( GFS.L ), which fell 3.2 percent after UBS cut its rating on the stock to "neutral" from "buy". However, UBS analysts added that they had turned positive on the broader UK outsourcing sector because of growing earnings momentum. TP ICAP ( TCAPI.L ) rose 6.3 percent after Morgan Stanley raised its price target on the interdealer broker on prospects of generous dividend increases. Shares in troubled subprime lender Provident Financial Group (PFG) ( PFG.L ) also dropped 1 percent after downgrades from brokers Jefferies and Canaccord Genuity. Provident''s shares have dived 57 percent this month after a profit warning prompted by problems at its door-to-door lending business. "PFG now faces a layer of uncertainty brought about by the disastrous implementation of a new operating model in home collect credit. This makes both forecasting and valuation more than usually difficult," Jefferies analysts said in a note. "In the short term its dividend-paying capacity is impaired and over the longer term we now use a lower payout ratio." Jefferies cut its rating on Provident to "hold" from "buy". Provident Financial will also be excluded from the FTSE 100 index in the quarterly reshuffle, FTSE said on Wednesday, along with Royal Mail ( RMG.L ), while NMC Health ( NMC.L ) and housebuilder Berkeley Group ( BKGH.L ) will join the top share index. Among mid caps, UK construction services firm Carillion ( CLLN.L ) will be relegated to the small caps, along with Northgate ( NTG.L ) and Petra Diamonds ( PDL.L ). The changes will be implemented after the market closes on Sept. 15, taking effect at the start of trading on Sept. 18. Reporting by Kit Rees; Editing by David Goodman/Keith Weir'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKCN1BB11X'|'2017-08-31T12:46:00.000+03:00'|6375.0|''|-1.0|'' 6376|'55d7fe04231c1ed661710083e5700fbe5a93faea'|'Air Berlin CEO sees two or three buyers for its assets - newspaper'|'August 19, 2017 / 10:10 AM / 16 hours ago Air Berlin CEO sees two or three buyers for its assets - newspaper Reuters Staff 3 Min Read An aircraft operated by German carrier Air Berlin lands in Berlin''s Tegel airport, May 3, 2014. Fabrizio Bensch/File Photo BERLIN (Reuters) - Air Berlin has spoken with more than 10 parties interested in parts of the insolvent carrier and expects its assets will be divided up amongst two or three buyers, its chief executive told a German paper. Talks began on Friday on carving up Air Berlin, which said on Tuesday it was filing for insolvency. German flag carrier Lufthansa ( LHAG.DE ) was first in the queue for meetings, ahead of other potential bidders. "We have spoken with more than 10 interested parties, among them several airlines," Thomas Winkelmann was quoted as saying in an advance excerpt of an interview to be published on Sunday in Bild am Sonntag. Winkelmann said he wanted a sale to be done in September at the latest. "There won''t just be one, but two or three bidders," he said, adding the long-haul, business and leisure routes were too separate as business areas. German Deputy Economy Minister Matthias Machnig said it would not be possible to secure the takeover of Air Berlin ( AB1.DE ) as a whole. "The model of Air Berlin as an independent airline has failed," he told German radio station rbb InfoRadio. Germany''s Hans Rudolf Woehrl, who bought German airline Deutsche BA from British Airways for 1 euro, threw his hat in the ring for Air Berlin on Friday and said he wanted to keep it flying after buying it. Earlier in the week, a source familiar with the matter said easyJet ( EZJ.L ) was among those in talks, and Thomas Cook''s ( TCG.L ) German airline Condor said it was ready to play "an active role" in Air Berlin''s restructuring. Machnig said it would take several investors to offer Air Berlin and its employees a long-term future, reiterating that Lufthansa would not be the only buyer of the carrier''s assets. The head of Germany''s advisory Monopoly Commission, Achim Wambach, told Die Welt that allowing Lufthansa to take over Air Berlin''s route network would render large numbers of German domestic routes uncompetitive. German federal Transport Minister Alexander Dobrindt has called for creating a German "national champion", a phrase Die Welt said had also set alarm bells ringing in Brussels. He dismissed a complaint by Ryanair ( RYA.I ) over the handling of the insolvency, which Ryanair Chief Executive Michael O''Leary called a "conspiracy", saying O''Leary was welcome to play a role in Air Berlin''s restructuring. "I am entirely willing to discuss the matter," Machnig said. Reporting by Gernot Heller, Thomas Escritt and Victoria Bryan; Writing by Maria Sheahan; Editing by Toby Chopra 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-restructuring-idUKKCN1AZ0BW'|'2017-08-19T23:02:00.000+03:00'|6376.0|''|-1.0|'' 6377|'77f64179cf7ae40f41cfdc6612ec02a2722c1bf8'|'Frankfurt luxury flat prices rise on hopes of Brexit banking bonanza'|'August 30, 2017 / 4:14 PM / an hour ago Frankfurt luxury flat prices rise on hopes of Brexit banking bonanza 3 Min Read FILE PHOTO: The skyline of Frankfurt, Germany, April 15, 2016. Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - The prices of new luxury flats in Frankfurt have jumped by 25 percent in the past year, according to fresh data, fuelled by market hopes that thousands of London bankers will move to the city after Brexit. The rise puts the price of an upmarket two-bedroom flat at up to roughly 1 million euros ($1.2 million), making the small city, which has struggled with the reputation of being among Germany''s dullest, also one of its most expensive. Britain''s plan to leave the EU has caused banks and money managers in London to look at moving parts of their business elsewhere to enable them to sell across the continent without additional costs or trade hurdles after Brexit. Frankfurt and Dublin have emerged as popular choices. The rise in property prices in Frankfurt, shown in city data comparing the price of newly built apartments in the first six months of 2017 with a year earlier, comes as Frankfurt prepares to build 20 new skycrapers within five years to provide offices and apartments. There are currently more than 30 high-rise buildings on its skyline. While a long-running property boom driven by low interest rates has prompted such building, the potential migration of bankers from London has increased investor enthusiasm, and prices, this year. FILE PHOTO: The skyline with its characteristic banking towers is pictured at the end of a sunny spring day in Frankfurt, Germany, April 9, 2017. Kai Pfaffenbach/File Photo "We are ready for Brexit," said Mark Gellert, a spokesman for Frankfurt town hall''s planning division. "We can imagine that the people who come to Frankfurt due to Brexit will take up this offer of high-end apartments." The data showed that the price spiral is concentrated on new luxury apartments, while other properties in less fashionable locations remain affordable. Dublin has also seen house prices jump, by more than 11 percent in the year to June, according to Ireland''s Central Statistics Office. House prices in London during that time rose by less than 3 percent. Slideshow (2 Images) A recent study commissioned by Frankfurt''s chief promoter, predicted that there would be 10,000 new bankers in the city within four years and that their arrival could create tens of thousands of additional jobs, from estate agents to building workers. Some, however, are sceptical that this will happen. "You can see the optimism that Frankfurt will profit from Brexit already filtering through in rising property prices," said Christine Kuhl, a head hunter with Odgers Berndtson in Frankfurt. "But the hiring of new staff has yet to start and I don''t expect it until Spring next year. Some of the optimism about thousands of extra jobs is also overdone. The real impact of Brexit may be more modest." ($1 = 0.8393 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-eu-property-centres-idUKKCN1BA244'|'2017-08-30T19:13:00.000+03:00'|6377.0|''|-1.0|'' @@ -6391,13 +6391,13 @@ 6389|'4beeba3407092200fc450127f043041e70d7e785'|'Investor activism is surging in continental Europe'|'LEAVE it to the Americans to besiege European companies in August, when the entire continent is on holiday. It emerged this month that Corvex Management, an American hedge fund, had built up a $400m position in Danone, a French food giant. AkzoNobel, a Dutch paints-and-chemicals firm which has been under heavy fire from Elliott Advisors, a subsidiary of another American activist fund, agreed to appoint three new directors to its board. An even bigger skirmish is under way in Switzerland, where Third Point, an American fund run by Daniel Loeb, is seeking to shake up Nestl, the worlds biggest food company. Ulf Mark Schneider, Nestls new boss, is under pressure to present bold plans to investors in September.Such tussles used to be relatively rare in Europe. But shareholder activism is on the rise, with restive investors demanding corporate overhauls. Armand Grumberg, a mergers lawyer in Paris, last year counted 70 such campaigns in continental Europe. He expects this year to be even livelier. It is the new normal, he says. The surge in activism has several causes. As American activist funds jostle to find targets at home, some are seeking less well-trodden hunting grounds abroad. Relatively cheap European firms are tempting prey. Many Americans also see continental models of corporate governance as ripe for disruption. Americans (and Britons) think that boards must prioritise shareholders interests; Europeans, backed by courts, insist boards should also take the interests of staff, creditors and suppliers into account.It is not just Americans who have sprung into action. A London-based group, The Childrens Investment Fund, recently led a successful campaign to urge Safran, a French maker of aeronautical parts, to lower its offer price for Zodiac, a poorly run French producer of aeroplane seats and toilets. On the other side of the deal, a French fund called CIAM had invested in Zodiac and sought the Safran takeover.CIAMs profile has risen in recent years. In 2013 it opposed a sale of Club Med, a tourism company in which it held a stake; that allowed a Chinese buyer, Fosun International, to step in with a higher bid. CIAM also campaigned for Disney to pay more to minority investors in Euro Disney, a subsidiary that was taken private in June. Anne-Sophie dAndlau of CIAM calls such activism new in France, but says the trend is picking up. Activists previously struggled even to meet asset managers, for instance in Paris, says Ms dAndlau. Now investors listen when she explains an idea.In Germany a new corporate-governance code, modelled on a British one, is emboldening activists, too: the latest version says that institutional investors are expected to exercise their ownership rights actively. Cevian Capital, a big Swedish activist group, has built up a holding in ThyssenKrupp, a German steelmaker. Knight Vinke, yet another active investor, has been trying to dismantle E.ON, a German energy conglomerate. A German-led investment fund, Active Ownership Capital (AOC), last year built a 7% stake in Stada, a maker of generic drugs near Frankfurt, eventually forcing changes to its board, managers and strategy. AOC was vindicated this month: two private-equity firms said on August 18th that they had acquired enough shares to complete a 4.1bn ($4.8bn) takeover of Stada. It will be Europes biggest such deal in four years.Many more campaigns are conducted behind the scenes, as funds work amicably with companies. For instance, the founders of Teleios Capital Partners, a Switzerland-based activist fund, say that in the past three years they have urged shake-ups at about two dozen companies. Of these, only three turned sufficiently adversarial to draw public attention.Some fights do inevitably spill into the open. When they do, Europeans usually try to avoid the rough-and-tumble approach associated with their American peers; it is crucial not to be seen as aggressive or like cowboy Americans, sniff local activists. A cautious approach makes it easier to win backing from other investors. Teleios recently set its sights on Kongsberg Automotive, a big, lumbering Norwegian car-parts maker. Founders of Teleios describe being chided at first in Norway, for example by local pension funds, for using methods that were not how things were done. By laying out detailed plans for Kongsberg and showing humility, they won enough allies to support big changes.If activists find Europe more fertile ground than they once did, they still face difficulties.In many countries corporate-governance rules remain a thicket. In the Netherlands foundations control some companies and may appoint directors or issue new stock. In Germany two tiers of boards govern firms, so an investor might win a seat on a supervisory board yet find no influence over a management board. In France long-term shareholders can claim double voting rights.Yet investors familiar with European ways can also benefit from such peculiarities. Kay Bommer of DIRK, a lobby group that represents over 300 listed companies in Germany, says that some clever activists try to exploit differences of opinion between supervisory and management boards of German firms. In France, activists with long-term horizons can make use of double voting rights themselves.Ms dAndlau says her fund has no shortage of tempting targets, especially among firms worth 1bn-5bn in Germany, Italy, Spain and Switzerland. AOC sees around 1,000 possible targets in Germany, Scandinavia and the Benelux countries. European bosses may be on holiday, but they cannot properly relax. "Call to action"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21727086-third-point-corvex-and-elliott-are-just-beginning-investor-activism-surging?fsrc=rss%7Cbus'|'2017-08-24T22:45:00.000+03:00'|6389.0|''|-1.0|'' 6390|'825d1a40b3d4fb03b9c8c598a560bc5ba8178f62'|'Morning News Call - India, August 10'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: Road Minister Nitin Gadkari, Power Minister Piyush Goyal and Oil Minister Dharmendra Pradhan at World Biofuel Day event in New Delhi. 11:00 am: Monsoon session of parliament continues in New Delhi 11:00 am: NHPC earnings conference call in Mumbai. 3:00 pm: Britannia Industries and Engineers India earnings conference call in Mumbai. 5:30 pm: GAIL India earnings conference call in Mumbai. LIVECHAT - OIL FOCUS U.S. crude remains below $50 per barrel restrained by rising output from the United States as well as producer club OPEC, but expectations of strong demand prevented bigger drops. Goldman Sachs and BMI Research said last week that oil companies were adapting to low oil prices, while Barclays said it expected a downward price correction during this quarter, but saw Brent at an average of $54/ bbl in Q4. Ekpen Omonbude, petroleum and mining economist, The Commonwealth joins us at 11:30 am IST to share his outlook. To join the conversation, click on the link: here INDIA TOP NEWS One-off gain embellishes Tata Motors'' first quarter profits Tata Motors Ltd reported a 42 percent rise in quarterly profit thanks to a one-off gain related to changes to Jaguar Land Rover''s pension plans, masking a fall in the carmaker''s income. POLL-India retail inflation seen picking up for first time in 4 months in July India''s retail inflation is expected to have picked up slightly in July after cooling in the previous three months, a Reuters poll showed, but likely remained well below the central bank''s 4 percent medium-term target. Get ready for first filing deadline, GST chief says Millions of companies in India are still not ready to file their first returns under the new Goods and Services Tax ahead of an Aug. 20 deadline, a top official told Reuters, urging them not to leave things to the eleventh hour. Aurobindo Pharma Q1 profit drops 11 percent, misses estimates Aurobindo Pharma Ltd reported a 11 percent fall in quarterly profit, hurt by lower sales from its formulations business in the U.S. and pre-launch disruptions of a pan-India tax reform. Bank of India swings to Q1 profit, bad loans fall Bank of India reported a first-quarter profit as its bad loan ratio narrowed and loan-loss provisions fell. Thousands of protesters disrupt traffic in India''s financial capital More than 200,000 protesters poured into India''s financial capital on Wednesday, disrupting traffic and straining the railway network, to press their demands for reserved quotas in government jobs and college places for students. GLOBAL TOP NEWS N.Korea details Guam strike plan, calls Trump''s warning a ''load of nonsense'' North Korea dismissed on Thursday warnings by U.S. President Donald Trump that it would face "fire and fury" if it threatened the United States as a "load of nonsense", and outlined detailed plans for a missile strike near the Pacific territory of Guam. Japan''s June core machinery orders unexpectedly fall Japan''s core machinery orders unexpectedly fell for a third consecutive month in June, underscoring companies'' reluctance to boost spending and conflicting with recent signs that the economic recovery is gathering momentum. Toshiba wins auditor sign-off, likely avoiding delisting for now Toshiba Corp has secured its auditor''s sign-off on its financial results, likely avoiding an immediate delisting, although its future hung in the balance with no progress in talks to sell its chips business. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 9,906.50, trading down 0.1 percent from its previous close. Indian government bonds are likely to ease in early session as investors await fresh supply of notes today and tomorrow. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.45 percent-6.49 percent band. The Indian rupee will likely open lower against the dollar, as mounting tensions between North Korea and the United States continue to boost demand for safe-haven assets. GLOBAL MARKETS U.S. stocks clawed back losses late on Wednesday as investors appeared to brush off geopolitical concerns after falling in the wake of U.S. President Donald Trump''s "fire and fury" warning to North Korea. Asian stocks steadied and U.S. Treasury bond prices fell slightly as the risk aversion triggered by the latest flare up of tensions between the United States and North Korea began to settle. Asian stocks steadied and U.S. Treasury bond prices fell slightly as the risk aversion triggered by the latest flare up of tensions between the United States and North Korea began to settle. Oil futures inched down despite official figures showing U.S. crude inventories fell more than expected, with an analyst saying the market had settled into a range. Gold prices edged lower, moving away from near two-month highs hit in the previous session as safe haven demand triggered by rising tensions in the Korean peninsula eased. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 63.81/63.84 August 9 -$131.70 mln $247.53 mln 10-yr bond yield 6.76 pct Month-to-date $89.13 mln $1.23 bln Year-to-date $9.07 bln $22.38 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 63.8550 Indian rupees) (Compiled by Erum Khaled in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-morningcall-idINL4N1KW1L4'|'2017-08-10T01:23:00.000+03:00'|6390.0|''|-1.0|'' 6391|'cca20ae1e9d96853a19511a0b5f9cbed89a4a41f'|'JGBs barely budge, fail to track gains in U.S. Treasuries'|'TOKYO, Aug 2 (Reuters) - Japanese government bonds barely budged on Wednesday, with the benchmark 10-year cash bonds untraded in the morning due to a lack of trading incentives, showing limited response to gains in U.S. bond prices.The 10-year benchmark JGB yield was unchanged at 0.070 percent, while the 30-year yield was also flat at 0.875 percent.While U.S. bond prices gained on Tuesday on weak auto sales data, any boost from the U.S. bond market was offset by generally risk-positive sentiment as Japanese share prices gained following upbeat earnings from Apple Inc.Thursday will see an auction of 10-year inflation-linked JGBs. They have been under pressure due to diminishing inflation expectations.The breakeven inflation rate, or the yield gap between conventional and inflation-linked JGBs, shrank to 36.5 basis points, the narrowest level since October last year. (Reporting by Tokyo Markets Team; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL4N1KO2G0'|'2017-08-02T04:48:00.000+03:00'|6391.0|''|-1.0|'' -6392|'93aa12100c4df55a0170bbc0c6a5c1766994170e'|'PRESS DIGEST- Financial Times - Aug 23'|'Aug 23 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines- Britain softens Brexit stance on EU court on.ft.com/2g3mq50- UK public finances enjoy July surplus for first time in 15 years on.ft.com/2g2uQtE- Donald Trump sanctions Russian and Chinese companies over North Korea on.ft.com/2iplSam- EU launches in-depth probe into Bayer-Monsanto deal on.ft.com/2inBRpDOverviewBritain will outline its plans on Wednesday to escape the "direct jurisdiction" of the European Court of Justice after Brexit.Britain posted a budget surplus in July for the first time in 15 years, according to data from the Office for National Statistics on Tuesday.The United States imposed new North Korea-related sanctions, targeting Chinese and Russian firms and individuals for supporting Pyongyang''s weapons programs.The European Commission has started an in-depth investigation of Bayer AG''s planned $66 billion takeover of U.S. seeds group Monsanto Co, saying it was worried about competition in various pesticide and seeds markets. (Compiled by Bengaluru newsroom; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-press-ft-idUSL4N1L85JJ'|'2017-08-23T02:30:00.000+03:00'|6392.0|''|-1.0|'' +6392|'93aa12100c4df55a0170bbc0c6a5c1766994170e'|'PRESS DIGEST- Financial Times - Aug 23'|'Aug 23 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines- Britain softens Brexit stance on EU court on.ft.com/2g3mq50- UK public finances enjoy July surplus for first time in 15 years on.ft.com/2g2uQtE- Donald Trump sanctions Russian and Chinese companies over North Korea on.ft.com/2iplSam- EU launches in-depth probe into Bayer-Monsanto deal on.ft.com/2inBRpDOverviewBritain will outline its plans on Wednesday to escape the "direct jurisdiction" of the European Court of Justice after Brexit.Britain posted a budget surplus in July for the first time in 15 years, according to data from the Office for National Statistics on Tuesday.The United States imposed new North Korea-related sanctions, targeting Chinese and Russian firms and individuals for supporting Pyongyang''s weapons programs.The European Commission has started an in-depth investigation of Bayer AG''s planned $66 billion takeover of U.S. seeds group Monsanto Co, saying it was worried about competition in various pesticide and seeds markets. (Compiled by Bengaluru newsroom; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-press-ft-idUSL4N1L85JJ'|'2017-08-23T02:30:00.000+03:00'|6392.0|25.0|-1.0|'' 6393|'ad18584ca4c87892f750bd75eb3c63ba785d5053'|'Harvey barrels into Texas as Category 4 hurricane'|'August 26, 2017 / 5:41 AM / an hour ago At least one dead as Harvey threatens Texas with ''catastrophic'' floods Brian Thevenot 7 Min Read ROCKPORT, Texas (Reuters) - The most powerful storm to hit Texas in more than 50 years has killed at least one person and is now threatening catastrophic flooding as it lumbers inland and dumps torrential rains, authorities said on Saturday. Harvey hit Texas, the heart of the U.S. oil and gas industry, late Friday as a Category 4 hurricane with winds of 130 miles per hour (209 km per hour), making it the strongest storm to strike Texas since 1961. The storm has ripped off rooves, snapped powerlines, and triggered tornadoes and flash floods. It has weakened to a tropical storm, but is expected to lash Texas for days, bringing as much as 40 inches (102 cm) of rain. Texas utility companies said nearly a quarter of a million customers were without power. One person died in a house fire in the town of Rockport, 30 miles (48 km) north of the city of Corpus Christi, as Harvey roared ashore overnight, Mayor Charles Wax said in a news conference on Saturday, marking the first confirmed fatality from the storm. Earlier, Texas Governor Greg Abbott said he would activate 1,800 members of the military to help with the statewide cleanup while 1,000 people would conduct search-and-rescue operations. In Rockport, which took a direct hit from the storm, the streets were flooded and strewn with power lines and debris on Saturday. At a recreational vehicle sales lot, a dozen vehicles were flipped over and one had been blown into the middle of the street. "It was terrible," resident Joel Valdez, 57, told Reuters. The storm ripped part of the roof from his trailer home at around 4 a.m., he said. "I could feel the whole house move." Valdez said he stayed through the storm to look after his animals. "I have these miniature donkeys and I don''t know where they are," he said, as he sat in a Jeep with windows smashed by the storm. Resident Frank Cook, 56, also stayed through the storm. "If you have something left of your house, you''re lucky," he said, surveying the damage from his vehicle. Before the storm hit, Rockport''s mayor told anyone staying behind to write their names on their arms for identification in case of death or injury. A high school, hotel, senior housing complex and other buildings suffered structural damage, according to emergency officials and local media. Some were being used as shelters. Related Coverage About 25 percent of U.S. Gulf oil output offline due to Harvey The coastal city of Port Lavaca, farther north on the coast, had no power and some streets were flooded. "There is so much tree damage and debris that the cost of cleanup will be enormous," Mayor Jack Whitlow told Reuters, after touring the city earlier Saturday. The streets of Corpus Christi, which has around 320,000 residents, were deserted on Saturday, with billboards twisted and strong winds still blowing. City authorities asked residents to reduce use of toilets and faucets because power outages left waste water plants unable to treat sewage. A drill ship broke free of its mooring overnight and rammed into some tugs in the port of Corpus Christi, port executive Sean Strawbridge said. The crews on the tugs were safe, he added. The city was under voluntary evacuation ahead of the storm. A ranch house is surrounded by floodwaters from Hurricane Harvey near Port Lavaca, Texas, August 26, 2017. Rick Wilking Harvey was a Category 4 hurricane on the Saffir-Simpson scale when it hit the coast, the second-highest category, and the most powerful storm in over a decade to come ashore anywhere in the mainland United States. HEADING INLAND, STORM WEAKENS Harvey weakened to tropical storm from hurricane strength on Saturday, the U.S. National Hurricane Center said. The center of the storm was about 170 miles (241 km) west-southwest of Houston, moving at about 2 mph (4 kph), the center said in a morning update. Houston is the fourth most populous city in the United States and home to a third of the 6 million people that could be impacted by Harvey. Residents of the city received automatic cell phone warnings of flash floods early on Saturday. Authorities warned of the potentially life-threatening impact of close to 20 inches (60 cm) of rain falling on the city over several days. The storm''s outer bands had already dumped six inches of rainfall on parts of the city by early Saturday afternoon. The latest forecast storm track has Harvey looping back toward the Gulf of Mexico coast before turning north again on Tuesday. ( tmsnrt.rs/2g9jZ0W ) Slideshow (23 Images) "This rain will lead to a prolonged, dangerous, and potentially catastrophic flooding event well into next week," the National Weather Service said. Harvey has triggered flash floods, the NWS said. The size and strength of Harvey dredged up memories of Katrina, the 2005 hurricane that made a direct hit on New Orleans as a Category 3 storm, causing levees and flood walls to fail in dozens of places. About 1,800 died in the disaster made worse by a slow government emergency response. U.S. President Donald Trump, facing the first big natural disaster of his term, signed a disaster proclamation on Friday. He met with his cabinet and staff on Saturday to discuss the federal reaction to the storm, according to a White House statement. "President Trump emphasized his expectations that all departments and agencies stay fully engaged and positioned to support his number one priority of saving lives," according to the statement. GASOLINE PRICES SPIKE Utilities American Electric Power Company Inc and CenterPoint Energy Inc reported a combined total of around 240,000 customers without power. Several refiners shut down plants ahead of the storm, disrupting supplies and pushing prices higher. Many fuel stations ran out of gasoline before the storm hit, and the U.S. Environmental Protection Agency loosened gasoline specifications late on Friday to reduce shortages. The American Automobiles Association said pump prices rose 4 cents in four days in Texas to reach $2.17 a gallon on Friday. Disruptions to fuel supply drove benchmark gasoline futures to their highest price in four months. More than 45 percent of the country''s refining capacity is along the U.S. Gulf Coast, and nearly a fifth of the nation''s crude is produced offshore in the Gulf of Mexico. Just under 25 percent of Gulf output, or 429,000 barrels per day (bpd) had been shut in by the storm, the U.S. Bureau of Safety and Environmental Enforcement said on Saturday. For a graphic on hurricane Harvey, click tmsnrt.rs/2g9jZ0W For a graphic on Hurricanes in the North Atlantic, click tmsnrt.rs/2gcckz5 Additional reporting by Jessica Resnick-Ault, Jarrett Renshaw, Taylor Harris, Devika Krishna Kumar and Sophia Kunthara in New York; Liz Hampton, Ernest Scheyder and Gary McWilliams in Houston; Writing by Simon Webb and Richard Valdmanis; Editing by Matthew Lewis and Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-storm-harvey-idUSKCN1B6066'|'2017-08-26T08:30:00.000+03:00'|6393.0|''|-1.0|'' 6394|'a1f9c466ae355c70863f126e58a01e20fea4e089'|'Manulife CFO plays down talk of John Hancock spin-off'|'TORONTO, Aug 10 (Reuters) - Manulife Financial Corp''s Chief Financial Officer Steve Roder on Thursday played down reports the insurer is exploring an initial public offering of its U.S. unit John Hancock."It''s all market rumour and speculation as far as I''m concerned," he said in an interview. (Reporting by Matt Scuffham; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/manulife-results-johnhancock-idINL1N1KW0ES'|'2017-08-10T09:55:00.000+03:00'|6394.0|''|-1.0|'' 6395|'7e0732c4f3a19baee47e070a0e66c29a7cadce62'|'Canadian oil sands producers: Heady days may not last long'|'Rows of steam generators line a road at the Cenovus Energy Christina Lake Steam-Assisted Gravity Drainage (SAGD) project 120 km (74 miles) south of Fort McMurray, Alberta, August 15, 2013. Todd Korol (Reuters) - Canadian oil sands producers such as Cenovus and MEG Energy impressed investors in the second quarter as prices of heavy crude rose, but those gains are expected to be short-lived.Most of these companies are expected to book losses or post sharp drops in profit in the coming quarters as prices take a hit from a spike in oil sands production and costs rise due to a lack of pipeline capacity.Demand for heavy crude extracted from Canadian oil sands surged in the past few months as U.S. refiners sought alternatives amid supply disruptions in key exporter Venezuela and restricted exports by the OPEC.As a result, prices of Canadian heavy crude have shot up, prompting companies to crank up production. Cenovus''s total production jumped 65 percent in the quarter ended June 30, while MEG Energy''s hit the upper end of its forecast..Western Canadian Select (WCS) - the benchmark for heavy crude - is trading at a discount of only $9.90 to West Texas Intermediate (WTI). Historically, the difference has been around $15.However, a string of new projects coming online this year, including Suncor Energy''s Fort Hills project and Canadian Natural Resources'' Horizon Phase 3, could lead to a glut and put pressure on prices."Just those two projects are going to (add) over 200,000 barrels (per day)," said Stephen Kallir, a Canadian energy analyst with research firm Wood Mackenzie. Kallir said he expects the WTI-WCS spread to return to historical levels in 2018.Halting projects to cope with low oil prices is not a viable option for Canadian companies as mining for oil sands involves large upfront investments and long lead times.Much of the benefits these companies are seeing now is tied to the success of OPEC''s efforts to reduce production. If OPEC members go back to historic production levels, prices of Canadian heavy crude will fall."As long as there is OPEC action targeting reducing heavy and medium sour crude to the Gulf Coast, that would be supportive of the price differential, but we have no control of what the OPEC does," said Mark Sadeghian, a senior director at Fitch Ratings.The other problem Canadian heavy oil producers are grappling with is the lack of options to efficiently transport the commodity to meet increased demand.Current pipelines are expected to hit full capacity in the next couple of years, meaning companies will have to resort to more expensive options such as rail to move oil.The expansion of pipelines such as Kinder Morgan''s Trans Mountain and TransCanada''s Keystone XL could alleviate some of the transport pressures, but those projects have run into multiple hurdles with environmental groups and local communities, making it difficult to predict when they will come into effect."Until we see things like Trans Mountain go ahead, there is really not a lot these producers can do to try and mitigate those structural headwinds," Raymond James analyst Christopher Cox said.Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-canadianoilsands-prices-idUSKCN1B11UI'|'2017-08-21T18:31:00.000+03:00'|6395.0|''|-1.0|'' 6396|'bfbc48d9c4a21ab4bcf0bd3aab22966418c71248'|'UPDATE 1-Health insurer Aetna''s quarterly profit ahead of estimates'|'(Adds details)Aug 3 (Reuters) - No. 3 U.S. health insurer Aetna Inc reported a much higher-than-expected quarterly profit on Thursday on strong cost controls and improved performance in its core businesses.Republican lawmakers have vowed to repeal and replace former President Barack Obama''s signature healthcare law, but have not agreed on how to do so, creating uncertainty about how the program will be run and whether it will be fully funded.Aetna said in May it would exit the 2018 Obamacare individual insurance market in Delaware and Nebraska - the two remaining states where it offered the plans.Net profit rose to $1.20 billion, or $3.60 per share, in the second quarter ended June 30, from $791 million, or $2.23 per share, a year earlier.Excluding items, Aetna earned $3.42 per share, beating analysts'' average estimate of $2.35, according to Thomson Reuters I/B/E/S."Our strong second quarter results speak to our continued focus on disciplined pricing and execution of our targeted growth strategy," said Aetna chairman and CEO Mark Bertolini.Aetna said its medical loss ratio the percent of premiums spent on claims fell to 78.6 percent in its commercial business from 83.4 percent, a year earlier. The company cited improved performance across its core commercial business for the improvement.The insurer said total revenue fell nearly 3 percent to $15.52 billion. Adjusted revenue came in at about $15.50 billion ahead of estimates of $15.39 billion. (Reporting by Ankur Banerjee in Bengaluru; Editing by Martina D''Couto and Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aetna-results-idINL4N1KP44J'|'2017-08-03T08:34:00.000+03:00'|6396.0|''|-1.0|'' 6397|'c69a4f02979d8430e4e9f4c7191ded8aa627449b'|'Murdoch pulls Fox News from Sky platform as UK mulls takeover deal'|'August 29, 2017 / 4:00 PM / 7 minutes ago Murdoch pulls Fox News from Sky platform as UK mulls takeover deal Reuters Staff 2 Min Read FILE PHOTO: Rupert Murdoch, News Corp. and 21st Century Fox CEO, speaks during the annual Lowy Lecture at the Sydney Town Hall October 31, 2013. David Gray/File photo LONDON (Reuters) - Rupert Murdoch has pulled his Fox News channel from the Sky platform in Britain, where the government is assessing a bid by the media mogul to buy the broader Sky ( SKYB.L ) pay-TV company for $15 billion. In a statement, Murdoch''s Twenty-First Century Fox ( FOXA.O ) said it had decided it was no longer in its commercial interest to provide Fox News in Britain, where only a few thousand viewers watch it. Critics of Murdoch and his company regularly cite the right-wing Fox News channel as a reason why Murdoch should not be allowed to buy the 61 percent of Sky it does not already own. Fox agreed to buy full control of the European pay-TV group Sky in December, but the British government is still deciding whether to refer the deal for a full investigation which could add months to the approval process. The government has not found any problems with regard to Twenty-First Century Fox''s commitment to broadcasting standards, but it is examining whether the deal would give the company too much influence over the news agenda in the country. "Fox News is focussed on the U.S. market and designed for a U.S. audience and, accordingly, it averages only a few thousand viewers across the day in the UK", the company said. "We have concluded that it is not in our commercial interest to continue providing Fox News in the UK." The Fox News channel was no longer available on the Sky platform from 1600 local time on Tuesday. Reporting by Kate Holton; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-sky-m-a-fox-idUKKCN1B91YH'|'2017-08-29T19:03:00.000+03:00'|6397.0|''|-1.0|'' -6398|'7c667c3a4d9ff2d446bbe8946144fa274895be08'|'BRIEF-China Yuchai International announces Q2 earnings per share RMB 3.23'|' 26 AM / 8 minutes ago BRIEF-China Yuchai International announces Q2 earnings per share RMB 3.23 China Yuchai International Ltd * China Yuchai International announces unaudited second quarter 2017 financial results * Q2 earnings per share RMB 3.23 * Q2 revenue rose 11.7 percent to RMB 4.1 billion * China Yuchai International Ltd qtrly total number of engines sold was 90,638 units compared with 87,791 units in Q2 of 2016 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-china-yuchai-international-announc-idUSASB0BEY2'|'2017-08-10T13:24:00.000+03:00'|6398.0|''|-1.0|'' +6398|'7c667c3a4d9ff2d446bbe8946144fa274895be08'|'BRIEF-China Yuchai International announces Q2 earnings per share RMB 3.23'|' 26 AM / 8 minutes ago BRIEF-China Yuchai International announces Q2 earnings per share RMB 3.23 China Yuchai International Ltd * China Yuchai International announces unaudited second quarter 2017 financial results * Q2 earnings per share RMB 3.23 * Q2 revenue rose 11.7 percent to RMB 4.1 billion * China Yuchai International Ltd qtrly total number of engines sold was 90,638 units compared with 87,791 units in Q2 of 2016 Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-china-yuchai-international-announc-idUSASB0BEY2'|'2017-08-10T13:24:00.000+03:00'|6398.0|28.0|0.0|'' 6399|'083aef857237764d3b259a101356af2b3e3d64ea'|'Benchmark JGBs edge down as BOJ operations awaited'|'TOKYO, Aug 17 (Reuters) - Benchmark Japanese government bonds edged down on Thursday, supported by decent demand at a five-year JGB sale though cautious ahead of Friday''s buying operations by the Bank of Japan.The 10-year cash JGB yield added one basis point to 0.045 percent, while the September 10-year JGB futures contract finished down 0.08 point at 150.60.The BOJ trimmed its buying of five- to 10-year JGBs to 440 billion yen ($4.01 billion) in its purchase operation on Wednesday, from 470 billion yen in the previous four operations."The BOJ took advantage of thin liquidity during the summer vacation season to reduce its buying with minimal market impact, and it''s possible they might do it again," said a fixed-income fund manager at a foreign asset management firm in Tokyo.On Friday, the BOJ will purchase 200 billion yen to 300 billion yen of 1-3 year JGBs, 250 billion yen to 350 billion yen of 3-5 year JGBs and 350 billion yen to 550 billion yen of 5-10 year JGBs.On Thursday, the Ministry of Finance auctioned 2.2 trillion yen of 5-year JGBs with a 0.1 percent coupon.Some 69.6951 percent of the bids were accepted at the lowest price of 100.88. The sale drew bids of a solid 4.46 times the amount offered, though below the previous sale''s bid-to-cover ratio of 4.85 times.The five-year cash JGB was untraded, while the two-year JGB yield was flat at minus 0.120 percent.$1 = 109.8600 yen Reporting by Tokyo markets team; Editing by Biju Dwarakanath'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-bonds-idINL4N1L32KJ'|'2017-08-17T04:56:00.000+03:00'|6399.0|''|-1.0|'' 6400|'4c9fca8de2c626716af4b2819cf758299c83106a'|'ConocoPhillips idling Eagle Ford rigs ahead of Hurricane Harvey'|' 40 PM / 10 minutes ago ConocoPhillips idling Eagle Ford rigs ahead of Hurricane Harvey HOUSTON, Aug 24 (Reuters) - ConocoPhillips said on Thursday it is suspending drilling in the Eagle Ford shale oil region of Texas and idling five rigs there ahead of Hurricane Harvey. The company has evacuated all non-essential personnel from the shale region and also from offshore platforms in the U.S. Gulf of Mexico. Oil production from both regions has so far not been affected. "We''re taking a wait-and-see approach for now," ConocoPhillips spokeswoman Romelia Hinojosa said. (Reporting by Ernest Scheyder; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-conocophillips-idUSL2N1LA1MW'|'2017-08-24T22:41:00.000+03:00'|6400.0|''|-1.0|'' 6401|'9d4d681586582a713ba572fbf0bf7b524090532b'|'Anglo American swims against the current in backing fuel cells'|'August 18, 2017 / 11:11 AM / an hour ago Anglo American swims against the current in backing fuel cells Barbara Lewis 6 Min Read FILE PHOTO: Toyota''s FCV Plus hydrogen fuel-cell concept vehicle is seen at the 38th Bangkok International Motor Show in Bangkok, Thailand March 28, 2017. Athit Perawongmetha/File Photo LONDON (Reuters) - Anglo American ( AAL.L ) is placing a contrarian bet on hydrogen fuel cell vehicles as it tries to squeeze more profit from its platinum reserves, but risks being left behind as rival miners look to cash in on battery-powered cars. A push, particularly in Europe and China, for lower-emission transport raises the prospect of weaker demand for platinum, whose biggest industrial use is in diesel vehicles. Other big miners are positioning themselves for the shift away from the combustion engine by betting on lithium and cobalt, both used in electric vehicle batteries. Glencore ( GLEN.L ) signed a major deal last October to sell 20,000 tonnes of cobalt products, a hitherto niche material whose production it dominates, while Rio Tinto ( RIO.AX ) ( RIO.L ) is sitting on a large deposit of lithium. [nL8N1JV3HF] [nL5N1KF3Y2] As the world''s top supplier of platinum, Anglo American is left with little choice but to remain committed to the metal. But it sees strength in what others may perceive as a weakness. "Platinum and palladium will long play a critical air quality role in the global vehicle fleet, including in heavy commercial vehicles, hybrids and the emerging hydrogen fuel cell electric technology," CEO Mark Cutifani told Reuters. The firm has modernised operations, aiming to mechanise at least 70 percent of its platinum mining to boost efficiency. Cutifani is relentlessly pursuing a target of 15 percent return on capital, up from 4 percent in the first half of this year. It has also invested $110 million on encouraging technologies that use platinum, setting up partnerships with innovators, and lobbying governments to provide more infrastructure for hydrogen fuel cell vehicles. Instead of relying on a battery, such vehicles convert hydrogen into electricity using a fuel cell, in which platinum acts as a catalyst. Water is the only emission. Each vehicle would need between 10-15 grams of platinum, Anglo estimates, compared with around 7 grams in the catalytic converters of an average diesel car. WILL THE BET PAY OFF? China has set a target of 1 million hydrogen fuel cell vehicles by 2030, which Anglo says would require 300,000 troy ounces of platinum, about 10 percent of current auto demand and a chunk of its annual production of more than 2 million ounces. But so far the take-up of hydrogen vehicles is tiny, and industry experts say their wider use is years away at best, with high purchase prices and a lack of refuelling stations the major barriers. [nL1N1K11GL][nL1N1I614Q] Anglo says its lobbying is nonetheless paying off. Britain, for example, announced a 23 million pound ($30 million) fund to accelerate the take-up of hydrogen vehicles and has pledged to expand the refuelling network from a dozen stations nationwide so far. Cutifani meanwhile joined forces with CEOs from the motor, chemical and oil industries who launched the Hydrogen Council lobbying group at the start of this year. FILE PHOTO: The Toyota Mirai, an hydrogen fuel cell vehicle, is displayed on media day at the Paris auto show, in Paris, France, September 29, 2016. Benoit Tessier/File Photo Toyota 7302.T, which backs fuel cells because it does not want to be dependent on a single technology, was among those represented. The Japanese car maker sees advantages in hydrogen vehicles'' greater range and faster refuelling compared with battery power, although it has said it expects the technology to reach the mainstream only by the mid-to-late 2020s. It is also seeking to reduce the amount of platinum needed to keep down costs. Volumes of platinum used in fuel cells per car have been falling for the last 10 years, Toyota''s director of advanced technologies Craig Scott told Reuters, and are likely to drop further through technology or the use of alternative metals. BOTTOM LINE At the height of the platinum market around a decade ago, when prices soared above $2,000 an ounce, the metal accounted for nearly 30 percent of Anglo''s core earnings (EBITDA). FILE PHOTO: The symbol for the chemical element hydrogen is seen on the cover of the hydrogen fuel tank of a Mercedes-Benz F125 concept car that is electrically powered by a hydrogen fuel cell at the Hannover Fair in Hanover, Germany, April 25, 2016. Wolfgang Rattay/File Photo That share has fallen to less than 10 percent as the price of platinum has dropped to around $980 an ounce XPT=. Anglo has cut costs and reorganised its portfolio, selling off some assets including its Rustenburg platinum mine in South Africa, a flashpoint of union violence. [nL8N1G03MR] Cutifani said there were no plans to expand the platinum business. But it is a significant contributor to earnings that could boost shareholder returns in the event of a platinum rally. That may be a long wait. Frances Hudson, an investment director at Aberdeen Standard, which holds Anglo American shares, said the short-term consensus was for weak prices for most of the commodities the firm holds. "But the company''s portfolio of long-life and mainly low cost assets (diamonds, copper and platinum) should be fine on a three-to-five year outlook as supplies tighten," she said. Anglo is focussed in the meantime on raising the value of every ounce of platinum it mines. Investors are waiting to see whether it is a bet that pays off. "The market believes in electric vehicles. The market is sceptical about fuel cells. Anglo could be right, but the market has yet to be convinced," said Chris LaFemina, a managing director specialised in mining at Jefferies bank. Additional reporting by Jan Harvey, Simon Jessop and Zandi Shabalala in London and Joe White in Detroit; Editing by Nick Tattersall and David Stamp 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-angloamerican-fuelcell-analysis-idUKKCN1AY142'|'2017-08-18T14:18:00.000+03:00'|6401.0|''|-1.0|'' @@ -6419,7 +6419,7 @@ 6417|'27ef3047797a0b2a056bba8a2c921cfe69669046'|'After CEO''s dramatic exit, Infosys faces recruitment headache'|'* Ongoing spat between founders, board complicates CEO search* External candidates are unlikely, analysts sayBy Sankalp Phartiyal and Nivedita BhattacharjeeMUMBAI/BENGALURU, Aug 19 (Reuters) - The dramatic departure of Vishal Sikka as chief executive of Infosys, following a months-long public battle with the tech giant''s founders, has left the company with another messy problem: how to find someone willing to replace him.With the boardroom row still simmering, the pressure will be on to do that fast.The company''s last CEO hunt in 2014 was a major challenge. Sikka, the eventual choice who was plucked from a top job at SAP , was the first chief appointed from outside the group of founders. His brief was to turn around a faltering business.Three sources familiar with internal discussions three years ago said they expected an even tougher challenge now."It was extremely hard to find an external candidate last time, and the spat is going to make the job even more difficult now," said one of the sources."I think there is very little chance there will be an external candidate."The new boss will be taking on a company in better shape than it was in 2014: Sikka has led efforts to diversify Infosys away from basic IT outsourcing services into more lucrative new areas, like cloud, automation and artificial intelligence.Infosys'' share price surged 22 percent between Aug. 1, 2014, when Sikka took office and Thursday, outperforming the broader Nifty IT index, which gained 6.3 percent in the period.But his successor will also join during one of the most turbulent patches ever for the $150 billion Indian IT services sector. The industry is facing squeezed margins, Brexit question marks over European businesses, and uncertainty in the United States, thanks to visa policy changes.Infosys'' chairman, R Seshasayee, told reporters the company would not look for a major change in culture or strategy and was confident it could still attract talent."There may be some people who get excited by these kinds of challenging situations," said a senior Infosys source. "But anyone who is comfortable and doing well will think long and hard before taking this job."The company has not publicly identified potential successors, though the interim chief executive Pravin Rao, CFO Ranganath D Mavinakere, deputy COO Ravi Kumar S and Mohit Joshi, the head of banking, financial and insurance services, are among the top internal candidates, according to the company source.STAYING ON In an unusual move, the board of India''s No. 2 IT services company accepted Sikka''s resignation, but named him executive vice chairman until a replacement was found. Rao reports to him.The board also blamed Narayana Murthy - one of the company''s co-founders, a heavyweight in Indian business and one of the most vocal critics of the board - for the exit and for undermining his efforts to transform Infosys.That leaves any successor likely to continue to face a board at odds with powerful minority shareholders: the men who created the company and transformed outsourcing four decades ago.Infosys and its founder executives, led by Murthy, have been at odds since February. Sore points include increases in Sikka''s salary, what they argue was the overpriced acquisition of the Israeli automation firm Panaya and severance packages offered to some executives.While the board has consistently backed Sikka publicly, some shareholders like Avinash Vazirani of Jupiter Asset Management say directors have not done enough to build investor confidence."I think the question is whether the board enjoys the support of the investors and shareholders," Vazirani said on an investor call on Friday."There has clearly been a failure on the part of the board to get the company in the situation where it is now."Infosys'' co-chair, Ravi Venkatesan, told investors on Friday the board would seek to settle the dispute before making permanent changes at the top."We will have to find ways to put this decisively to bed, so that by the time we have a couple of viable candidates, there is more stability," he said.Yet the abrupt departure of the man seen as an innovator in the global software industry has raised fresh questions over Indian corporate governance practices.India will be the battleground for many such corporate tussles as companies transition from founder- and owner-led companies to entities run by professional CEOs and boards, said Shriram Subramanian of InGovern, a shareholder advocacy group.The public row at Infosys is reminiscent of Cyrus Mistry''s unceremonious ouster in November as boss of Tata Group: another professional chief executive exiting over differences with a key shareholder - in that case, the Tata family patriarch, Ratan Tata."A belligerent attitude towards the founders of an iconic company will keep friction levels high and the search for an external CEO tough," Ankur Rudra, an analyst with CLSA, warned in a note. (Reporting by Sankalp Phartiyal and Nivedita Bhattacharjee; Additional reporting by Samantha Kareen Nair and Tanvi Mehta in Bengaluru and Abhirup Roy in Mumbai; Editing by Euan Rocha and Philip McClellan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/infosys-ceo-succession-idUSL2N1L40L6'|'2017-08-19T11:32:00.000+03:00'|6417.0|''|-1.0|'' 6418|'3ebb9a5b57403e02eb1b708777e6a6491853f88a'|'Glencore to start importing fuel for Mexico''s domestic market in Feb - oil chief'|'August 17, 2017 / 6:17 PM / in 27 minutes Glencore to start importing fuel for Mexico''s domestic market in Feb - oil chief Reuters Staff 1 Min Read FILE PHOTO - The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, September 30, 2015. Arnd Wiegmann/File Photo MEXICO CITY (Reuters) - Trading firm Glencore ( GLEN.L ) expects to start importing fuel for Mexico''s domestic market in February 2018 through its own terminal in the southern state of Tabasco, the head of the firm''s oil division, Alex Beard, said on Thursday. The executive said the fuel will be ultimately sold by a large network of gas stations operated in a distribution partnership with Mexico''s Corporacion G500. The first gas station under the new brand was inaugurated on Thursday. Reporting by Ana Isabel Martinez, written by Marianna Parraga 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mexico-oil-glencore-idUKKCN1AX2B9'|'2017-08-17T21:16:00.000+03:00'|6418.0|''|-1.0|'' 6419|'23a7f894f1be72ad084d714a387d8c41982d9ec4'|'UPDATE 1-Kohl''s quarterly profit, comp sales beat estimates'|'August 10, 2017 / 11:12 AM / an hour ago Macy''s, Kohl''s sales declines raise turnaround concerns Sruthi Ramakrishnan 3 Min Read (Reuters) - Shares of department store chains Macy''s Inc ( M.N ) and Kohl''s Corp ( KSS.N ) tumbled on Thursday as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnaround may still be a long way off. While the declines in same-store sales were not as bad as feared, gross margins at both the companies slipped as they continued to rely on heavy discounting and promotions, while spending more on shipping online orders. Macy''s second-quarter gross margins fell to 40.3 percent from 40.9 percent a year earlier, while those of Kohl''s fell to 39.4 percent from 39.5 percent. Macy''s also took a grim view of its same-store sales in the current quarter, estimating a drop of 2.5 percent or more as it expects to remain "very promotional" in the fall season. "We are operating in an environment of intense and destructive competition, and our customer ... has more shopping options than ever," Chief Executive Jeffrey Gennette said. Department store chains have been struggling with declining mall traffic and tough competition from off-price retailers and ecommerce behemoth Amazon.com Inc ( AMZN.O ), leading to a tenth straight quarter of falling same-store sales at Macy''s and sixth straight drop at Kohl''s. To boost traffic, Macy''s plans to launch a new marketing strategy in September, followed by a new loyalty program, while taking Backstage, its off-price discount concept, to more stores. FILE PHOTO: A sign marks the Macy''s store in Boston, Massachusetts, U.S., February 21, 2017. Brian Snyder/File Photo However, Macy''s did not announce any new deals to monetize its real estate, a key source of capital to help turn its business around. Sales at stores open more than 12 months fell 2.5 percent at Macy''s and 0.4 percent at Kohl''s. Analysts polled by research firm Consensus Metrix had estimated a 3 percent drop at Macy''s and 1.5 percent at Kohl''s. FILE PHOTO: A sign marks a Kohl''s store in Medford, Massachusetts, U.S., February 21, 2017. Brian Snyder/File Photo A beat was widely expected, but the longer-term concerns of department stores in secular decline remain unresolved, Susquehanna analyst Bill Dreher said. "Negative comps still reflect market share losses, most likely to off-price retailers TJX Cos Inc ( TJX.N ) and Ross Stores ( ROST.O )," Dreher said. Macy''s reported an adjusted profit of 48 cents per share and revenue of $5.55 billion. Analysts were expecting earnings of 46 cents and revenue of $5.52 billion, according to Thomson Reuters I/B/E/S. Kohl''s reported a profit of $1.24 per share and revenue of $4.14 billion, both of which topped estimates. Macy''s shares were down 8.3 percent at $21.12 on Thursday, while Kohl''s fell 7 percent to $38.97. Reporting by Sruthi Ramakrishnan in Bengaluru, Editing by Anil D''Silva 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-department-stores-results-kohls-idUSKBN1AQ1A5'|'2017-08-10T14:30:00.000+03:00'|6419.0|''|-1.0|'' -6420|'a8ab5e841f55daa4c960a23835ee318d76f03904'|'FTSE 100 gains but Dixons Carphone weighs on British mid-caps'|'August 24, 2017 / 9:23 AM / 44 minutes ago FTSE 100 gains but Dixons Carphone feels the pain Kit Rees 3 Min Read A sign displays the crest and name of the London Stock Exchange in London, Britain August 15, 2017. Neil Hall LONDON (Reuters) - FTSE 100 rose on Thursday as shares in Provident Financial ( PFG.L ) and WPP ( WPP.L ) rallied, but a profit warning sent Dixons Carphone ( DC.L ) tumbling. The blue-chip FTSE 100 .FTSE index closed up 0.3 percent at 7,407.06 points, in line with broader gains on European equity markets. Britain''s mid-caps weren''t as bouncy. The FTSE 250 .FTMC was down 0.2 percent, as electronics retailer Dixons Carphone sank more than 23 percent after cutting its full-year profit forecast. The shares posted their biggest daily loss since January 2012. "Dixons Carphone stoked fresh fears about the health of the UK retail sector with a profits warning amid a tough mobile phone market and lower earnings from its software division," Neil Wilson, senior market analyst at ETX Capital, said in a note. "After the Provident Financial collapse, another profits warning is probably the last thing the City needs right now," Wilson said. Among blue chips, subprime lender Provident Financial led gains with a 13 percent rise. It had plunged more than 66 percent on Tuesday after issuing a profit warning and saying its CEO was leaving. The stock has regained some ground over the past two sessions but remains down around 74 percent year to date and is still trading at November 2010 lows. British stocks have seen some big individual declines over the past few sessions, with advertiser WPP ( WPP.L ) plunging nearly 11 percent on Wednesday after cutting its sales target for the second time in six months. WPP shares clambered back 3 percent on Thursday, holding up after several brokers cut their target prices for the stock. "U.S. ad spend might come back if Trump growth hopes are delivered, and consumer goods companies may increase spend again, but structural concerns remain," analysts at Investec said in a note. Gains among consumer product makers such as British American Tobacco ( BATS.L ) and Reckitt Benckiser ( RB.L ) also helped prop up the blue-chip benchmark, along with financials and mining companies. Budget airline easyJet ( EZJ.L ) brought up the rear with a 4.4 percent fall, hit by a downgrade to "underperform" from Exane BHP Paribas, as well as by news that Germany''s Lufthansa ( LHAG.DE ) had submitted a letter of interest for taking over parts of insolvent Air Berlin ( AB1.DE ). Reporting by Kit Rees; Editing by Larry King and David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKCN1B40XQ'|'2017-08-24T12:24:00.000+03:00'|6420.0|''|-1.0|'' +6420|'a8ab5e841f55daa4c960a23835ee318d76f03904'|'FTSE 100 gains but Dixons Carphone weighs on British mid-caps'|'August 24, 2017 / 9:23 AM / 44 minutes ago FTSE 100 gains but Dixons Carphone feels the pain Kit Rees 3 Min Read A sign displays the crest and name of the London Stock Exchange in London, Britain August 15, 2017. Neil Hall LONDON (Reuters) - FTSE 100 rose on Thursday as shares in Provident Financial ( PFG.L ) and WPP ( WPP.L ) rallied, but a profit warning sent Dixons Carphone ( DC.L ) tumbling. The blue-chip FTSE 100 .FTSE index closed up 0.3 percent at 7,407.06 points, in line with broader gains on European equity markets. Britain''s mid-caps weren''t as bouncy. The FTSE 250 .FTMC was down 0.2 percent, as electronics retailer Dixons Carphone sank more than 23 percent after cutting its full-year profit forecast. The shares posted their biggest daily loss since January 2012. "Dixons Carphone stoked fresh fears about the health of the UK retail sector with a profits warning amid a tough mobile phone market and lower earnings from its software division," Neil Wilson, senior market analyst at ETX Capital, said in a note. "After the Provident Financial collapse, another profits warning is probably the last thing the City needs right now," Wilson said. Among blue chips, subprime lender Provident Financial led gains with a 13 percent rise. It had plunged more than 66 percent on Tuesday after issuing a profit warning and saying its CEO was leaving. The stock has regained some ground over the past two sessions but remains down around 74 percent year to date and is still trading at November 2010 lows. British stocks have seen some big individual declines over the past few sessions, with advertiser WPP ( WPP.L ) plunging nearly 11 percent on Wednesday after cutting its sales target for the second time in six months. WPP shares clambered back 3 percent on Thursday, holding up after several brokers cut their target prices for the stock. "U.S. ad spend might come back if Trump growth hopes are delivered, and consumer goods companies may increase spend again, but structural concerns remain," analysts at Investec said in a note. Gains among consumer product makers such as British American Tobacco ( BATS.L ) and Reckitt Benckiser ( RB.L ) also helped prop up the blue-chip benchmark, along with financials and mining companies. Budget airline easyJet ( EZJ.L ) brought up the rear with a 4.4 percent fall, hit by a downgrade to "underperform" from Exane BHP Paribas, as well as by news that Germany''s Lufthansa ( LHAG.DE ) had submitted a letter of interest for taking over parts of insolvent Air Berlin ( AB1.DE ). Reporting by Kit Rees; Editing by Larry King and David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-stocks-idUKKCN1B40XQ'|'2017-08-24T12:24:00.000+03:00'|6420.0|17.0|0.0|'' 6421|'4e6326932ccd9de24a7c1af9e01318d0602f014f'|'Clariant, Huntsman investor backs merger, fears fight is a distraction'|'Alex Roepers, Founder and Chief Investment Officer at Atlantic Investment Management, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2017. Mike Blake ZURICH (Reuters) - A big investor in Clariant ( CLN.S ) and Huntsman ( HUN.N ) backs the chemical companies'' planned $20 billion merger, saying it would unlock synergies and lift profits more than any alternative from activists seeking to derail the deal.Alex Roepers, whose Atlantic Investment Management is the 13th-largest investor in U.S.-based Huntsman and 20th-biggest owner of Switzerland''s Clariant, fears the merger fight spearheaded by White Tale Holdings is "distracting management".White Tale, whose principals include U.S. hedge fund manager Keith Meister, has amassed a 10 percent Clariant stake worth nearly 750 million Swiss francs ($770.1 million).Roepers said he has spoken with Meister but remains behind the deal."The best way to create value is by these companies combining, executing an integration plan and then looking actively for opportunities to improve the portfolio," Roepers told Reuters in an interview.Clariant and Huntsman have promised $400 million in annual cost savings.Completing the merger, then examining the portfolio including Clariant''s pigments and masterbatches units that Chief Executive Harriolf Kottmann has said could be sold, is the best path forward, Roepers said."There are some pieces that could go for higher value in an auction, but that can be done post-merger," he said.Another suitor such as Germany''s Evonik ( EVKn.DE ) could still emerge with a more-lucrative offer for Clariant, he said, but years of waiting have produced nothing so far.Since the merger was announced in May, Roepers has bulked up on a Clariant stake he bought in late 2016 while adding 1.8 percent of Huntsman after meeting with its management.His combined stakes are worth around $200 million, according to Reuters calculations. They are the biggest holdings in his $1.4 billion fund.Clariant shares have risen 7 percent since the merger announcement in May, with Huntsman shares down 3 percent.White Tale, whose New York-based investors include David Winters and David Millstone, calls the merger "value destructive" and contrary to Clariant''s focus on specialty chemicals over commodities.Clariant confirmed on Friday it has spoken with White Tale but said the group had yet to offer an alternative to the merger, a spokesman said.Meister did not respond to a request for comment.Huntsman CEO Peter Huntsman said on Thursday on CNBC that White Tale''s activists had also opposed his 2013 move to buy $1.1 billion worth of assets from Rockwood Holdings spun off this week in an IPO.They "were telling us this would be a disaster to buy the Rockwood business," Huntsman said. "Here we are, celebrating the formation of a great company."Clariant, whose merger must secure two-thirds backing among shareholders, has said none of its other top-20 shareholders oppose the deal. It has hired Goldman Sachs to fight off White Tale."They''ll have to go up against two very motivated managements (who want) to do this deal, who I think have very good arguments to do it," Roepers said. "We''ll see who wants to go with these guys. We''re not one of them."Additional reporting by Michael Flaherty in New York; Editing by Michael Shields'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-clariant-huntsman-investor-idINKBN1AK1WQ'|'2017-08-04T14:02:00.000+03:00'|6421.0|''|-1.0|'' 6422|'613d28a4de117eee994c8d17eef977f44bc668bf'|'Buffett''s Berkshire Hathaway will not increase its Oncor offer'|'FILE PHOTO: Berkshire Hathaway CEO Warren Buffett visits the BNSF booth before the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S.v in this file photo dated May 6, 2017. Rick Wilking/File Photo (Reuters) - The energy unit of Warren Buffett''s Berkshire Hathaway Inc said on Wednesday it will "stand firm" on its $9 billion offer to acquire 80 percent of Oncor Electric Delivery Company LLC and will not increase its offer.Elliott Management Corp, the largest creditor of the bankrupt parent of Oncor Electric Delivery Co, has tried to best Berkshire Hathaway Inc''s deal for the Texas utility with a bid worth $18.5 billion, including debt.A U.S. bankruptcy judge in July gave Elliott Management Corp until Aug. 21 to formalize its plans to bid on Oncor Electric Delivery Co before the court approves the offer for the utility from Berkshire Hathaway."We appreciate the continued opportunity to collaborate with many stakeholder groups in Texas and thank them for their outstanding support, which sets our offer apart from any other bid," Berkshire Hathaway Energy Chairman and Chief Executive Greg Abel said in a statement."We''re committed to being an exceptional long-term partner in Texas and our simple, straightforward deal is good for Oncor, its customers and the state."Berkshire Hathaway Energy''s bid for Oncor includes 47 regulatory commitments that have the support of 12 key stakeholder groups across Texas, the company said."Oncor is a strong company with values, management and employees that will fit well with Berkshire Hathaway," said Warren Buffett, chairman and Chief Executive of Berkshire Hathaway Inc.Berkshire''s merger agreement with Oncor carries a $270 million termination fee should the deal fall through.Reporting by Subrat Patnaik in Bengaluru; Editing by Sandra Maler and Lisa Shumaker'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-oncor-m-a-berkshire-hatha-idINKCN1AX045'|'2017-08-16T23:25:00.000+03:00'|6422.0|''|-1.0|'' 6423|'281684eaefdd72baf22863d7d8b4bf0c6409914a'|'New York approves plan to upgrade aging Midtown office district'|'NEW YORK, Aug 9 (Reuters) - New York officials approved on Wednesday the rezoning of a 78-block swath of central Manhattan that will allow for new construction and higher office towers in exchange for funding improved access to the city''s aging subway system.The Greater East Midtown plan is expected to generate 6.8 million square feet of new office space over the next two decades, the mayor''s office said in a statement.The plan will also lead to the renovation of another 6.6 million square feet into Class A space of buildings around Grand Central Terminal whose average age is 75 years old, it said.Developers will be allowed to build higher density projects provided they fund or undertake improved access to the subway or full station rehabilitations. New buildings will not be granted occupancy certificates until the improvements are completed.The plan covers an area from East 39th Street to East 57th Street, with Third Avenue on one side and Madison Avenue on the other.The plan also permits property owners to purchase unused development rights from landmarks throughout the area.The city council''s 42 members unanimously approved the plan, which was years in the making. (Reporting by Herbert Lash; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/new-york-property-plan-idINL1N1KV26G'|'2017-08-09T19:53:00.000+03:00'|6423.0|''|-1.0|'' @@ -6444,7 +6444,7 @@ 6442|'76faa7983ec6dec501c9189ed637bb22e416df01'|'UPDATE 1-China''s Great Wall confirms interest in Fiat Chrysler'|'August 21, 2017 / 8:20 AM / an hour ago UPDATE 1-China''s Great Wall confirms interest in Fiat Chrysler Reuters Staff (Adds details throughout, sources on offer for FCA) By Norihiko Shirouzu and Brenda Goh BEIJING/SHANGHAI, Aug 21 (Reuters) - China''s Great Wall Motor Co Ltd is interested in bidding for Fiat Chrysler Automobiles (FCA), a company official said on Monday, confirming earlier reports that it is pursuing all or part of the owner of brands including Jeep and truckmaker Ram. There has been speculation over Chinese interest in FCA since Automotive News reported last week that an unidentified "well-known Chinese automaker" made an offer earlier this month, triggering a jump in FCA''s Milan-listed shares. "With respect to this case, we currently have an intention to acquire. We are interested in (FCA)," an official at Great Wall Motor''s press relations department, who declined to give his name, told Reuters by telephone. He gave no further details. FCA Chief Executive Sergio Marchionne is seeking a partner or buyer for the world''s seventh-largest automaker to help it manage rising costs, comply with emissions regulations and develop technology for electric and self-driving cars. An acquisition by Great Wall Motor would be audacious, and one of China''s highest profile manufacturing deals to date. Earlier on Monday, two people familiar with the matter said Great Wall Motor had asked for a meeting with FCA, with the aim of making an offer for all or part of the Italian-American auto group. Also on Monday, citing an email from Great Wall Motor President Wang Fengying, Automotive News reported that Great Wall Motor had contacted FCA to express interest specifically in the Jeep brand. The industry publication cited a Great Wall Motor spokesman confirming interest, but saying the Chinese automaker had not made a formal offer or met with FCA''s board. "Our strategic goal is to become the world''s largest SUV maker," Automotive News quoted the spokesman as saying, referring to sport utility vehicles. "Acquiring Jeep, a global SUV brand, would enable us to achieve our goal sooner and better (than on our own)." FCA shares rose 3.9 percent to 11.12 euros in early Milan trading, outperforming a flat market. Great Wall Motor shares were up almost 3 percent in Shanghai. FCA was not immediately available to comment on interest in the group. Earlier, officials declined to comment on the earlier Automotive News report focused on Jeep. "Jeep is the most logical choice since (Great Wall) wants to be the largest SUV maker in the world," said Yale Zhang, head of Shanghai-based consultancy Automotive Foresight. Ram could be an option, but "the Jeep brand is recognised globally. I think Great Wall Motor is eyeing a global strategy, not just the United States," Zhang added. A move for FCA or one of its main brands, if successful, would allow Great Wall Motor to accelerate a planned push into the U.S. market, the two people familiar with the matter told Reuters. They said Great Wall Motor had been making plans for some time to enter the U.S. market, mainly by upgrading some of its key products and improving branding. The company earlier this year officially launched a new "Wei" brand of potentially U.S.-market ready vehicles. Wei is the last name of Great Wall Motor founder and chairman Wei Jianjun. (Reporting by Norihiko Shirouzu in BEIJING, Brenda Goh in SHANGHAI, and Giulia Segreti in MILAN, with additional reporting by Shanghai newsroom; Editing by Ian Geoghegan) 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/fiat-chrysler-ma-great-wall-idUSL4N1L72KP'|'2017-08-21T11:20:00.000+03:00'|6442.0|''|-1.0|'' 6443|'89c83f9b5b400a4b97e4017bffceb6eb2a6ba871'|'Great Wall Motor says it has not contacted Fiat Chrysler''s board'|'August 22, 2017 / 12:19 PM / 5 hours ago Great Wall says watching Fiat Chrysler; no talks yet Meg Shen and Brenda Goh 4 Min Read A specialist trader works at the post where Fiat Chrysler Automobiles is traded on the floor of the New York, U.S., March 8, 2017. Brendan McDermid HONG KONG/SHANGHAI (Reuters) - Chinese automaker Great Wall Motor Co Ltd ( 601633.SS ) reiterated its interest in Fiat Chrysler Automobiles NV ( FCHA.MI ) ( FCAU.N ) on Tuesday, but said it had not held talks or signed a deal with executives at the Italian-American automaker. China''s largest sport utility vehicle (SUV) manufacturer made a direct overture to Fiat Chrysler on Monday, with an official saying the company was interested in all or part of FCA, owner of the Jeep and Ram truck brands. Automotive News first reported the news, quoting Great Wall Motor President Wang Fengying as saying she planned to contact FCA to discuss acquiring the Jeep brand specifically. Those comments sent FCA shares higher - but also raised questions over the ability of China''s seventh-largest automaker by sales to buy larger Western rival FCA, or even Jeep, which some analysts value at as much as one-and-a-half times FCA. Great Wall sought to dampen speculation on Tuesday. It confirmed it had studied Fiat Chrysler, but said there was "no concrete progress so far" and "substantial uncertainty" over whether it would eventually bid. "The company has not built any relationship with the directors of FCA nor has the company entered into any discussion or signed any agreements with any officer of FCA so far," the company said in an English-language stock exchange filing. It did not give further detail. Fiat Chrysler stock dipped on the statement on Tuesday. Great Wall said trading in its Shanghai-listed shares would resume on Wednesday after having been suspended. Fiat Chrysler declined to comment on Great Wall''s statement. On Monday, it said it had not been approached and was fully committed to implementing its current business plan. FLUSHING OUT RIVALS? Great Wall Motor, which was early to spot China''s love of SUVs, had revenue of $14.8 billion last year and sold 1.07 million vehicles - but that compares with FCA''s 2016 revenue of 111 billion euros ($130.6 billion). Analysts said Great Wall would need to raise both debt and equity to complete any deal, meaning its chairman Wei Jianjun could lose majority control. One possible scenario, according to analysts at Jefferies, would see Wei keeping a roughly 30 percent stake, while Great Wall would raise $10-$14 billion in debt and $10 billion in equity - hefty for a group currently worth just $16 billion. Ultimately, politics could be the clincher. Any bid now - and it would potentially be one of China''s largest ever overseas deals - would come at a time when Beijing is trying to limit extravagant Chinese purchases abroad, and when the political environment has cooled in the United States. China''s cabinet on Friday issued rules on overseas acquisitions for the first time. And the autos sector would also prove sensitive in both Europe and the United States, analysts said. For FCA, for now, Great Wall''s approach may be more about flushing out rival interest. European bankers said Fiat would likely consider doing a deal with a Chinese firm only if they could pay cash and bid for the whole company. "FCA ... is very much expected to use Great Walls interest to get to speak to all major EU car makers and ''offer'' them a chance to get involved in the consolidation game," said one banker, who asked not to be named. Reporting by Meg Shen in HONG KONG and Brenda Goh in SHANGHAI; Additional reporting by Agnieszka Flak in MILAN and Pamela Barbaglia in LONDON; Writing by Clara Ferreira Marques; Editing by Ian Geoghegan 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-great-wall-motor-fiat-chrysler-idUSKCN1B21C9'|'2017-08-22T15:18:00.000+03:00'|6443.0|''|-1.0|'' 6444|'1319d135f1b2ee5a84ad814b5852a7271ea527c7'|'Exclusive - Hyundai Motor Group faces government calls to address ''big governance risk'''|'August 20, 2017 / 11:13 PM / 30 minutes ago Exclusive: Hyundai Motor Group faces government calls to address ''big governance risk'' Soyoung Kim and Hyunjoo Jin 6 Min Read Kim Sang-jo, the Chief of Korea Fair Trade Commission, speaks during an interview with Reuters in Seoul, South Korea August 18, 2017. Picture taken on August 18, 2017. Kim Hong-Ji SEOUL (Reuters) - South Korea''s new antitrust chief said he has been in talks with the autos-to-steel conglomerate Hyundai Motor Group about overhauling its complex ownership structure, which critics say gives too much power to its controlling family at the expense of shareholders. Kim Sang-jo, appointed to head the Korea Fair Trade Commission by President Moon Jae-in, told Reuters that Hyundai''s web of cross shareholdings among its group affiliates has resulted in a "big governance risk" for South Korea''s second-largest conglomerate, which is run by its 79-year-old chief, Chung Mong-koo. "Many people, including me, are telling Hyundai that they shouldn''t waste more time before dissolving cross shareholding," said Kim, who has been nicknamed "chaebol sniper" for his shareholder activist campaigns targeting South Korea''s powerful family-run conglomerates. "I''m in ongoing conversations with Hyundai." Shares of key Hyundai group companies rose following the report, with Hyundai Motor gaining 2.4 percent and Hyundai Mobis gaining 2.6 percent, outperforming the overall market''s 0.1 percent decline. In his first interview with foreign media since taking office in June, Kim also said South Korea''s antitrust watchdog is looking into competition issues regarding Google''s Android mobile operating system, and has had conversations with the European Commission. The European Commission last year charged Alphabet''s Google for using its dominant Android system to shut out rivals, and is weighing a record fine that could come by the end of the year, Reuters reported in July. In South Korea, the Android operating system has a 74 percent market share, and industry officials have questioned whether Google used its mobile dominance to prevent South Korean companies such as Samsung Electronics from developing their own operating systems. The South Korean regulator, which in December fined Qualcomm Inc 1.03 trillion won ($854 million) for what it called unfair business practices in patent licensing and modem chip sales, is also co-operating with its European counterpart on its own investigation into Qualcomm over related issues, Kim said. Hyundai and Qualcomm declined to comment. The European Commission and Google did not immediately respond to calls for comment. LAST MAN STANDING Kim is the architect of chaebol reform pledges made by Moon, who came into office after a snap election in May to replace Park Geun-hye, impeached over a corruption scandal that exposed the cosy ties between government and chaebol. At the heart of the governance conundrum are the interlocking shareholdings among group companies held by their founding families, which mean that if one affiliate goes insolvent, another affiliate will often be forced to come to the rescue. It has been cited as a major factor behind the so-called "Korea Discount" - meaning their shares are typically undervalued in comparison to global peers. In Hyundai''s case, its chairman, Chung, controls the sprawling conglomerate with only small stakes in key affiliates including the automaker Hyundai Motor and parts supplier Hyundai Mobis. Kim said that Hyundai has stayed put even as many of South Korea''s top conglomerates have moved to unwind cross shareholdings in recent years. "I can tell you clearly that Hyundai recognises it can''t live with its current circular shareholding structure forever," he said. "It won''t be done overnight, but the company is currently trying to find solutions." He added: "Hyundai would be stupid if it didn''t know the expectations of the market and the government." The chaebols, which have long dominated Asia''s fourth-largest economy, have also come under scrutiny over intra-group business deals that favour affiliates owned by family members at the expense of third-party competitors. Kim said his agency had recently identified "several" chaebol group companies for abusing intra-group deals, and planned to launch formal investigations into some of them. Hyundai Glovis, a logistics affiliate of Hyundai Motor, is one of a handful of companies found to have frequently used intra-group transactions, Kim said, declining to provide other names. TROUBLES AT SAMSUNG Kim recently testified as an expert witness for prosecutors in their bribery case against the Samsung Group leader Jay Y. Lee, who has been jailed since February on charges that he bribed Park, the former president. Lee, who faces a court ruling on Friday, denied any wrongdoing as prosecutors sought a 12-year jail term this month on charges that include embezzlement and perjury. Kim expects Lee''s troubles will paralyse group-wide decision-making and create "serious problems" for ailing affiliates, such as the struggling shipbuilder Samsung Heavy, although the impact may be limited on crown jewel Samsung Electronics. "The verdict will have significant implications for Samsung''s future," he said. Samsung declined to comment. Kim said he would focus on stricter enforcement of existing laws, such as using his agency''s investigation powers, rather than pursuing drastic legislative changes that could fail in parliament where Moon''s ruling party does not have the majority. "President Moon is taking a lesson out of the failure of chaebol reforms under the former liberal administration," Kim said, referring to the unsuccessful reform efforts under the administration of Roh Moo-hyun, who served as president between 2003 and 2008. Additional reporting by Choonsik Yoo, Yuna Park in SEOUL, Stephen Nellis in San Francisco and Foo Yun Chee in Brussels; Editing by Philip McClellan and Mary Milliken 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-southkorea-antitrust-exclusive-idUKKCN1B00UO'|'2017-08-21T04:59:00.000+03:00'|6444.0|''|-1.0|'' -6445|'2cda3bc123a9359bfad1b6052cded902fbb7eecd'|'German residential building permits fall in first half of 2017'|'August 17, 2017 / 6:51 AM / an hour ago German residential building permits fall in first half of 2017 Reuters Staff 3 Min Read Construction workers prepare concrete formworks in front of the TV tower in Berlin, Germany, August 10, 2017. Hannibal Hanschke BERLIN (Reuters) - Residential building permits issued in Germany dropped 7 percent on the year in the first six months of 2017, data showed on Thursday, in a sign that a construction boom in Europe''s biggest economy could soon peter out. Home building has become a key driver of economic expansion in Germany as a growing population, increased job security and record-low borrowing costs are boosting demand for real estate. Higher state spending on roads, bridges and social housing, partly to accommodate a record influx of refugees over the past two years, are giving construction support. Data released by the Federal Statistics Office showed, however, that German authorities issued some 13,400 fewer residential building permits in the first half of the year compared with the first six months of 2016. A breakdown of the data showed permits were issued for nearly 150,000 new dwellings and construction work was approved for more than 20,000 existing buildings. The total of some 170,000 permits represented a year-on-year fall of 7.3 percent, suggesting that construction and furnishing firms could expect fewer orders in the coming months. Approvals for the "hostel residences" sub-category, which also includes shelters for asylum seekers, plunged 32 percent on the year to 8,461. In the "apartment building" sub-category, viewed as crucial to avert housing shortages in urban areas, the number of approvals rose against the trend by 2 percent to over 82,000. This was the highest level recorded in the first half of a year in 20 years, the office said. In 2016, new residential building permits issued in Germany jumped by more than 20 percent on the year to reach a 17-year-high at 375,400 units. Higher investment in buildings contributed to a growth rate of 0.6 percent in the second quarter, the Federal Statistics Office said on Tuesday. Construction also drove overall economic growth last year, contributing 0.3 percentage points to a GDP expansion rate of 1.9 percent, the strongest rate in half a decade. Reporting by Michael Nienaber; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-germany-economy-construction-idUKKCN1AX0LB'|'2017-08-17T09:50:00.000+03:00'|6445.0|''|-1.0|'' +6445|'2cda3bc123a9359bfad1b6052cded902fbb7eecd'|'German residential building permits fall in first half of 2017'|'August 17, 2017 / 6:51 AM / an hour ago German residential building permits fall in first half of 2017 Reuters Staff 3 Min Read Construction workers prepare concrete formworks in front of the TV tower in Berlin, Germany, August 10, 2017. Hannibal Hanschke BERLIN (Reuters) - Residential building permits issued in Germany dropped 7 percent on the year in the first six months of 2017, data showed on Thursday, in a sign that a construction boom in Europe''s biggest economy could soon peter out. Home building has become a key driver of economic expansion in Germany as a growing population, increased job security and record-low borrowing costs are boosting demand for real estate. Higher state spending on roads, bridges and social housing, partly to accommodate a record influx of refugees over the past two years, are giving construction support. Data released by the Federal Statistics Office showed, however, that German authorities issued some 13,400 fewer residential building permits in the first half of the year compared with the first six months of 2016. A breakdown of the data showed permits were issued for nearly 150,000 new dwellings and construction work was approved for more than 20,000 existing buildings. The total of some 170,000 permits represented a year-on-year fall of 7.3 percent, suggesting that construction and furnishing firms could expect fewer orders in the coming months. Approvals for the "hostel residences" sub-category, which also includes shelters for asylum seekers, plunged 32 percent on the year to 8,461. In the "apartment building" sub-category, viewed as crucial to avert housing shortages in urban areas, the number of approvals rose against the trend by 2 percent to over 82,000. This was the highest level recorded in the first half of a year in 20 years, the office said. In 2016, new residential building permits issued in Germany jumped by more than 20 percent on the year to reach a 17-year-high at 375,400 units. Higher investment in buildings contributed to a growth rate of 0.6 percent in the second quarter, the Federal Statistics Office said on Tuesday. Construction also drove overall economic growth last year, contributing 0.3 percentage points to a GDP expansion rate of 1.9 percent, the strongest rate in half a decade. Reporting by Michael Nienaber; Editing by Toby Chopra 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-germany-economy-construction-idUKKCN1AX0LB'|'2017-08-17T09:50:00.000+03:00'|6445.0|29.0|0.0|'' 6446|'5a8d6c9252c9b7c48857a097563a3d2f613d78fe'|'CEE MARKETS-Forint tests 27-month high'|'* Hungarian central bank makes no effort to talk down forint * Regional central banks await rate clues from Fed, ECB By Sandor Peto BUDAPEST, Aug 23 (Reuters) - Hungary''s forint tested 27-month highs against the euro on Wednesday after Central Europe''s most dovish central bank made no attempt to talk it down after its meeting on Tuesday. More than five years since the previous central bank rate increase within the European Union, the Czech central bank (CNB) this month lifted its record-low main rate. Other banks in the east of the bloc are unlikely to follow the CNB''s move any time soon, however. The CNB had the lowest inflation target in the region at 2 percent and the jury is still out on whether inflation targets across the region are threatened by generally robust growth. Tuesday''s statement from the National Bank of Hungary (NBH), which analysts expect to keep rates on hold for years, left some market participants puzzled over the course of the forint. Without any NBH efforts to talk it down from its recent strong levels, the currency firmed to 303.06 against the euro early on Wednesday before retreating to 303.27 by 0837 GMT. Nomura analyst Peter Attard Montalto said in a note that subtle changes in the language of Tuesday''s NBH statement may herald further monetary loosening at its next meeting in September when it also releases quarterly economic forecasts. The central bank notred that good macroeconomic data had generally strengthened Central European currencies. "But they know that a firming in the summer time is a temporary, though natural, process, with markets illiquid," said ING analyst Peter Virovacz. "They will wait for their Sept. 19 meeting. By then the Fed and the ECB may shed more clarity on their intentions." The analyst added that a cut in the bank''s overnight deposit rate, which stands at -0.05 percent, could be a sufficiently strong response if the forint firms towards the 300 line. Central European assets were rangebound across the board in thin trade. The crown firmed 0.1 percent to 26.084 against the euro, but Monday''s announcement that the government will not sell Treasury bills in September could herald a crown weakening, Raiffeisen analyst Stephan Imre said in a note. Big Treasury bill expiries in the coming weeks may cause a crown sell-off by foreign investors who bought huge amounts of the Czech currency before the CNB in April removed a cap that had kept the crown weaker than 27 against the euro for years. "Thursday''s T-bills auction might become the last possibility for T-bill investments in Q3 and should therefore meet healthy demand," Imre said. CEE MARKETS SNAPSH AT 1037 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.084 26.104 +0.08 3.54% 0 5 % Hungary 303.27 303.34 +0.02 1.83% forint 00 50 % Polish zloty 4.2759 4.2758 +0.00 2.99% % Romanian leu 4.5846 4.5855 +0.02 -1.08% % Croatian 7.4030 7.4045 +0.02 2.05% kuna % Serbian 119.23 119.41 +0.15 3.46% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1035.0 1033.7 +0.13 +12.3 4 3 % 1% Budapest 37512. 37622. -0.29% +17.2 90 47 2% Warsaw 2388.1 2387.2 +0.04 +22.6 8 4 % 0% Bucharest 8341.6 8351.5 -0.12% +17.7 5 8 4% Ljubljana 815.96 816.59 -0.08% +13.7 1% Zagreb 1898.9 1901.6 -0.14% -4.81% 7 7 Belgrade 724.04 722.78 +0.17 +0.93 % % Sofia 722.12 719.67 +0.34 +23.1 % 4% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.011 0.037 +072b +3bps ps 5-year 0.077 0.045 +035b +3bps ps 10-year 0.902 0.02 +049b +1bps ps Poland 2-year 1.775 0 +249b -1bps ps 5-year 2.663 0.011 +294b -1bps ps 10-year 3.343 0.019 +293b +1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets-idINL8N1L922C'|'2017-08-23T07:57:00.000+03:00'|6446.0|''|-1.0|'' 6447|'af0b7cb4183a3f39be94edceb4d928d6db20a6d5'|'Game Makers Profit Quest Smashes S&P 500 Gains Five-Fold'|'More stories by Matt Turner Video-game stocks have crushed the S&P 500 Index over the past five years, with the biggest names rising more than five times the benchmark. Strong group earnings fueled optimism in the latest quarter. The shift to higher-margin digital distribution and the rise of mobile gaming continue to boost revenue, profitability and the predictability of results of game makers while reducing their reliance on large hits, Bloomberg Intelligence analyst Matthew Kanterman noted. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-07/game-makers-profit-quest-smashes-s-p-500-gains-five-fold'|'2017-08-07T20:45:00.000+03:00'|6447.0|''|-1.0|'' 6448|'2014e5a483f8a29066bf56c59e75bb0d575a1583'|'Akzo Nobel wins again in court battle with hedge fund Elliott'|'August 10, 2017 / 4:20 PM / in 35 minutes Akzo Nobel wins again in court battle with hedge fund Elliott 3 Min Read FILE PHOTO: Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM (Reuters) - Akzo Nobel ( AKZO.AS ) does not have to let shareholders vote on whether to dismiss its chairman, a Dutch court ruled on Thursday, handing the paint company another victory in its battle with U.S. activist investor Elliott Advisors. Elliott, Akzo''s largest shareholder with a 9.5 percent stake, holds Chairman Antony Burgmans responsible for Akzo''s rejection of a 26 billion-euro ($30.5 billion) takeover proposal from U.S. rival PPG Industries ( PPG.N ) earlier this year and wants him dismissed. Together with York Capital Management, which holds a 0.6 percent stake in the maker of Dulux paints, Elliott had petitioned the court to force Akzo to convene an extraordinary shareholders'' meeting on Burgmans'' dismissal, which Akzo had refused to do. The Amsterdam district court on Thursday said the request was premature, given that Akzo has already scheduled an extraordinary shareholders'' meeting for Sept. 8. It called the meeting to better explain its reasons for rejecting the PPG bid and to repair relations with disgruntled shareholders. "After that meeting it is up to shareholders to draw conclusions and possibly take further action," the court said. Elliott said the court had recognized the right of shareholders to dismiss a member of the supervisory board and that the pressure was now on Akzo to "convincingly explain its actions" at the September meeting. AkzoNobel said it had taken note of the verdict and that it was looking forward to the shareholders'' meeting. A first bid by Elliott to force Akzo to hold a vote on Burgmans'' position was rejected by Amsterdam''s Enterprise Chamber in May, as it said it was an inappropriate attempt to wrest control of the company''s strategic direction from the board. Last month, the 70-year old Burgmans said he will resign at the end of his term in April 2018. Akzo CEO Ton Buechner abruptly stepped down last month, citing health reasons, and has been replaced by Thierry Vanlancker, the former head of the company''s chemicals division. Akzo and Pittsburgh-based PPG are in a six-month compulsory cooling-off period which expires in December. Reporting by Bart Meijer; Editing by Greg Mahlich and Adrian Croft 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-akzonobel-shareholders-activism-idUSKBN1AQ211'|'2017-08-10T19:14:00.000+03:00'|6448.0|''|-1.0|'' @@ -6479,7 +6479,7 @@ 6477|'61368071f34f19c054d89af9292156cf6bd85375'|'MOVES-Aviva unit names new Americas client solutions head'|'Aug 23 (Reuters) - The asset management unit of Aviva Plc , Aviva Investors, named Tom Meyers as executive director and head of Americas client solutions, effective Sept. 12.Meyers, who will be based out of Aviva''s Chicago office, previously served as managing senior investment director at Legal and General Investment Management America.He will report to both Mike Craston, chief executive officer, Aviva Investors Americas, and Louise Kay, global head of client solutions. (Reporting by Manas Mishra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/avivainvestors-moves-tom-meyers-idINL4N1L94YW'|'2017-08-23T17:20:00.000+03:00'|6477.0|''|-1.0|'' 6478|'88b641bf13595c4010fe24ed16e101cd491b1c40'|'India''s Infosys CEO and MD Sikka resigns'|'Aug 18 (Reuters) - Infosys Ltd said on Friday Vishal Sikka has resigned as managing director and chief executive of the company with immediate effect.U B Pravin Rao has been appointed as interim-managing director and chief executive, India''s no. 2 software services exporter said in a statement. bit.ly/2v6GW6ISikka has now been appointed as executive vice-chairman, Infosys added. (Reporting by Tanvi Mehta in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/infosys-ceo-idUSL4N1L41VZ'|'2017-08-18T06:51:00.000+03:00'|6478.0|''|-1.0|'' 6479|'98ae86027dd07af9a5e8fe17363fce72637c26fa'|'Global refiners brace themselves as China cements its oil market dominance'|'August 4, 2017 / 7:14 AM / 4 hours ago Global refiners brace themselves as China cements its oil market dominance Jessica Jaganathan and Tom Daly 5 Min Read FILE PHOTO: A visitor looks at China National Offshore Oil Corporation''s (CNOOC) oil refinery in Huizhou, China''s southern Guangdong province July 28, 2009. Tyrone Siu/File Photo SINGAPORE/BEIJING (Reuters) - China is on pace to overtake the United States as the world''s biggest oil importer this year, cementing its status as Asia''s most pivotal oil market actor that will increasingly dominate the region''s fuel trade. For the first time, China imported more crude oil in the first half of the year than the U.S., government statistics showed. China averaged 8.55 million barrels per day (bpd) versus 8.12 million bpd in the U.S., a trend that is expected to last. The shift highlights the change in the center of gravity in global oil markets from West to East. Chinese state-run oil trader Unipec is now the world''s biggest physical oil trader. By drawing more of the world''s oil to its shores, China, the second-biggest oil consumer after the U.S., will play a crucial role in setting the global price of the commodity, especially as the crude futures market in Shanghai develops. China''s import surge is being driven by the expansion of its refinery capacity. But, as the domestic demand has not materialized to soak up the fuel supply, China''s exports of gasoline and diesel have climbed to record highs. This flood of products has caused headaches for competitors across Asia and depressed diesel profit margins to multi-year lows in 2016. "China is putting a lot of pressure on the traditional export hubs of Taiwan, Korea and Singapore to capture the market share within Southeast Asia and Australia," said Joe Willis, senior research analyst, Asia refining, at energy consultancy Wood Mackenzie. The trend of more refining capacity and higher exports is set to continue. China plans to add at least 2.5 million bpd of refining capacity by 2020, according to a recent presentation from China Petroleum & Chemical Corp, or Sinopec. Sinopec is Asia''s biggest oil refiner and the parent of Unipec. This year, PetroChina Ltd will start a 260,000 bpd refinery in Yunnan in southern China while China National Offshore Oil Corp will start up a 200,000 bpd expansion at its existing Huizhou plant in Guangdong province. The start ups will add 350,000 bpd of new Chinese capacity in 2017 though both plants will not reach full capacity until 2018. Exports of gasoline from China are expected to increase by at least 10,000 barrels per day this year from 2016, driving overseas gasoline sales to between 235,000 bpd and 240,000 bpd this year and about 330,000 bpd in 2018, estimates from consultants FGE and Wood Mackenzie showed. Unipec is leading the way in targeting new overseas markets, moving jet fuel from Singapore to northwest Europe in June for the first time in several years. Meanwhile, Chinese diesel shipments in 2017 have more than doubled to France, more than quadrupled to Italy and the country shipped diesel to Kenya for the first time this year. HIGH QUALITY FUEL Export-oriented refiners in Singapore, South Korea and Taiwan will be most affected by the Chinese competition. "We''re trying to diversify and find new markets by increasing the number of our customers in existing countries," a South Korean refining source said, declining to be named as he was not authorized to speak with the media. "It''s affecting Korean refiners as we are having one more player in the market." Japanese and Indian refiners will be less affected. China and India have eclipsed Japan as Asia''s biggest oil consumer. Japanese refiners are consolidating capacity because of a falling population and the increasing use of alternative fuels in the power and transportation sector has cut oil consumption. Meanwhile, Indian refiners are focusing on meeting soaring domestic demand. China''s new modern refineries are competing with the region''s exporters in producing fuels for countries with stringent fuel standards such as Australia. Diesel exports to Australia climbed seven-fold to 850,000 tonnes in 2016 and are on pace to nearly match that level this year. A slowdown in Chinese domestic fuel demand as people use more electric vehicles or co-share bicycles and scooters has pushed refiners to export more gasoline. China''s gasoline demand is expected to slow to 3.5 to 4 percent in 2017 compared with last year''s 6.5 percent growth, said Sri Paravaikkarasu, head of East of Suez oil at FGE. Sales growth for automobiles, mainly powered by gasoline, has slowed to 0.7 percent in the first half of 2017, compared with 8.7 percent a year ago, while those powered by alternative fuels grew 52.9 percent, BMI Research said. Reporting by Jessica Jaganathan and Florence Tan in SINGAPORE, Tom Daly in BEIJING and Jane Chung in SEOUL; Editing by Henning Gloystein and Christian Schmollinger 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-china-oil-refining-idUSKBN1AK0MC'|'2017-08-04T10:12:00.000+03:00'|6479.0|''|-1.0|'' -6480|'f568e0a9379e7bca35467e9408e14ef408793a5b'|'Oil markets volatile as industry prepares to be hit by Hurricane Harvey'|'August 25, 2017 / 1:01 AM / 2 hours ago Oil prices rise as U.S. petroleum industry braces for Hurricane Harvey Henning Gloystein 3 Min Read Pump jacks are seen at the Ashalchinskoye oil field owned by Russia''s oil producer Tatneft near Almetyevsk, in the Republic of Tatarstan, Russia, July 27, 2017. Sergei Karpukhin SINGAPORE (Reuters) - Oil prices rose on Friday as the U.S. petroleum industry braced for Hurricane Harvey, which has grown into what may become the biggest storm to hit the U.S. mainland in more than a decade. Harvey has rapidly intensified since Thursday, spinning into potentially the biggest hurricane to hit the U.S. mainland in 12 years, and expected to the coast of Texas between Houston and Corpus Christi. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.83 a barrel at 0703 GMT, up 40 cents, or 0.8 percent, from their last settlement. International Brent crude futures LCOc1 were at $52.53 per barrel, up 49 cents, or 0.9 percent, from their last close. Prices rose as production in the affected area shut down in preparation for the hurricane, and on expectations that closures could last if the storm causes extensive damage. "Damage and flooding to refineries and shale fields, disrupted production in the Gulf of Mexico and infrastructure damage are unlikely to be bearish for WTI," said Jeffrey Halley, senior market analyst at futures brokerage OANDA. Traders said U.S. imports could also be affected due to interrupted shipping. U.S. gasoline prices RBc1 have shot up by almost 10 percent since Wednesday to $1.73 per gallon, their highest level since April as refiners shut down in preparation to the storm. The Port of Corpus Christi, Texas, was closed to vessel traffic, a spokeswoman for the city''s Port Authority said on Thursday. Oil refineries in the city operated by Citgo Petroleum, Valero Energy Corp and Flint Hills Resources also began shutting down ahead of the storm. Beyond the storm''s potential impact on the oil industry, crude remains in ample supply globally despite efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to hold back production in order to prop up prices. OPEC, together with non-OPEC producers including Russia, has pledged to cut output by around 1.8 million barrels per day (bpd) this year and during the first quarter of 2018. However, not all producers have lived up to their pledges and supplies remain high, resulting in the ongoing low prices. A joint OPEC, non-OPEC monitoring ministerial committee said on Thursday that an extension to the supply-cut pact beyond March was possible, though not yet decided. Part of the reason for the crude glut has been rising U.S. production, which has jumped by 13 percent since mid-2016 to 9.53 million bpd, close to its 9.61 million bpd record from June 2015. C-OUT-T-EIA Because of soaring U.S. output, the discount of WTI crude to Brent on Friday rose to its widest in almost two years at 4.69 per barrel. CL-LCO1=R Deeply discounted WTI makes U.S. crude exports attractive, and Thomson Reuters Eikon data shows shipments to Asia and Europe hit a combined record of over 450,000 bpd during the first half of the year. Reporting by Henning Gloystein; Editing by Christian Schmollinger and Tom Hogue '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKCN1B503E'|'2017-08-25T03:51:00.000+03:00'|6480.0|''|-1.0|'' +6480|'f568e0a9379e7bca35467e9408e14ef408793a5b'|'Oil markets volatile as industry prepares to be hit by Hurricane Harvey'|'August 25, 2017 / 1:01 AM / 2 hours ago Oil prices rise as U.S. petroleum industry braces for Hurricane Harvey Henning Gloystein 3 Min Read Pump jacks are seen at the Ashalchinskoye oil field owned by Russia''s oil producer Tatneft near Almetyevsk, in the Republic of Tatarstan, Russia, July 27, 2017. Sergei Karpukhin SINGAPORE (Reuters) - Oil prices rose on Friday as the U.S. petroleum industry braced for Hurricane Harvey, which has grown into what may become the biggest storm to hit the U.S. mainland in more than a decade. Harvey has rapidly intensified since Thursday, spinning into potentially the biggest hurricane to hit the U.S. mainland in 12 years, and expected to the coast of Texas between Houston and Corpus Christi. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.83 a barrel at 0703 GMT, up 40 cents, or 0.8 percent, from their last settlement. International Brent crude futures LCOc1 were at $52.53 per barrel, up 49 cents, or 0.9 percent, from their last close. Prices rose as production in the affected area shut down in preparation for the hurricane, and on expectations that closures could last if the storm causes extensive damage. "Damage and flooding to refineries and shale fields, disrupted production in the Gulf of Mexico and infrastructure damage are unlikely to be bearish for WTI," said Jeffrey Halley, senior market analyst at futures brokerage OANDA. Traders said U.S. imports could also be affected due to interrupted shipping. U.S. gasoline prices RBc1 have shot up by almost 10 percent since Wednesday to $1.73 per gallon, their highest level since April as refiners shut down in preparation to the storm. The Port of Corpus Christi, Texas, was closed to vessel traffic, a spokeswoman for the city''s Port Authority said on Thursday. Oil refineries in the city operated by Citgo Petroleum, Valero Energy Corp and Flint Hills Resources also began shutting down ahead of the storm. Beyond the storm''s potential impact on the oil industry, crude remains in ample supply globally despite efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to hold back production in order to prop up prices. OPEC, together with non-OPEC producers including Russia, has pledged to cut output by around 1.8 million barrels per day (bpd) this year and during the first quarter of 2018. However, not all producers have lived up to their pledges and supplies remain high, resulting in the ongoing low prices. A joint OPEC, non-OPEC monitoring ministerial committee said on Thursday that an extension to the supply-cut pact beyond March was possible, though not yet decided. Part of the reason for the crude glut has been rising U.S. production, which has jumped by 13 percent since mid-2016 to 9.53 million bpd, close to its 9.61 million bpd record from June 2015. C-OUT-T-EIA Because of soaring U.S. output, the discount of WTI crude to Brent on Friday rose to its widest in almost two years at 4.69 per barrel. CL-LCO1=R Deeply discounted WTI makes U.S. crude exports attractive, and Thomson Reuters Eikon data shows shipments to Asia and Europe hit a combined record of over 450,000 bpd during the first half of the year. Reporting by Henning Gloystein; Editing by Christian Schmollinger and Tom Hogue '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil-idUKKCN1B503E'|'2017-08-25T03:51:00.000+03:00'|6480.0|29.0|0.0|'' 6481|'685aa66b456f5214047fc6a15606801903295224'|'European stock markets tumble after Spain terrorist attacks - Business - The Guardian'|'Stock markets in Europe fell on Friday after the Barcelona attack , with shares in airline, hotel and travel companies among the hardest hit.IAG, the parent company of British Airways and the Spanish carrier Iberia, fell 2%. Ryanair and easyJet posted more modest losses, while Air France-KLM ended the day 1.6% down. InterContinental Hotels Group lost 1.6%, and more broadly, the European travel and leisure index fell 1.5%.Neil Wilson, analyst at the stock market betting firm ETX Capital, said: As weve seen over the last couple of years in Europe, these kinds of atrocities affect tourism and will hit airline earnings.IAG and easyJet have ascribed recent dents in profits to uncertainty after terrorist attacks last year, with leisure bookings frequently dropping across many destinations in the immediate aftermath.There has been an increase in bookings to European holiday destinations after terrorist attacks in Tunisia, Turkey and Egypt, with Spain among the biggest beneficiaries . David Madden, analyst at the spreadbetting firm CMC Markets UK, said the attack had shaken tourist-related stocks: When events like this happen, traders wonder will there be a negative impact on tourism, and companies in the travel and leisure sector feel the pressure, he said.The London FTSE 100 was down 0.9% at 7,323.98 points at the close of trading on Friday. Madrid was down 0.5% and there were also falls in Frankfurt and Paris.Topics Stock markets Travel & leisure Airline industry Spain attacks Shares Investments news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/aug/18/european-stock-markets-tumble-after-spain-terrorist-attacks'|'2017-08-19T01:04:00.000+03:00'|6481.0|''|-1.0|'' 6482|'2eccdcf97c07f99f5c3b52b867e82a5478944bbc'|'Tesla''s sales head to get $700,000 payout on meeting targets'|'FILE PHOTO - The logo of Tesla is seen in Taipei, Taiwan on August 11, 2017. Tyrone Siu/File Photo (Reuters) - Electric carmaker Tesla Inc said on Wednesday it would pay $700,000 to its global sales and service president, Jon McNeill, if he met certain targets for 2017.Elon Musk-run Tesla has been counting on its least pricey electric sedan, Model 3, to become a profitable and high-volume manufacturer of electric cars.Under his incentive compensation plan, McNeill will receive the amount if he meets vehicle delivery target during the third and fourth quarters of 2017, Tesla said in a filing.The payout will also take into account operational and financial metrics relating to vehicle service performance, as well as costs and customer satisfaction scores during 2017, the company said. ( bit.ly/2vpUlqz )The compensation will be made in cash, stock options or restricted stock units, Tesla said.Musk had warned earlier this month that Tesla would face months of "manufacturing hell" as it increases production of Model 3.The company faces a big challenge as it ramps up service for all new cars while continuing to produce its earlier models, Model S and Model X.Reporting by Anirban Paul in Bengaluru; Editing by Anil D''SilvaOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-tesla-payout-idUSKCN1B32OV'|'2017-08-24T01:49:00.000+03:00'|6482.0|''|-1.0|'' 6483|'3923b35009567fe910e5429f09028d62a48096c9'|'Thomas Cook ready to play active role in Air Berlin''s future'|'August 16, 2017 / 11:27 AM / 11 minutes ago Thomas Cook ready to play active role in Air Berlin''s future Reuters Staff 1 Min Read An Air Berlin sign is seen at an Air Berlin storage hall in Berlin, Germany, August 15, 2017. Axel Schmidt BERLIN (Reuters) - Tour operator Thomas Cook ( TCG.L ) and its German airline Condor are prepared to play an active role in a restructuring of insolvent carrier Air Berlin ( AB1.DE ), Thomas Cook said on Wednesday. "Thomas Cook and its subsidiary, the strengthened German holiday airline Condor, are standing ready to play an active role in the future of Air Berlin," a spokesman for Thomas Cook said in an e-mailed statement. Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection on Tuesday after key shareholder Etihad Airways withdrew funding following years of losses. Thomas Cook books some of its customers on flights with Air Berlin and its unit Niki, which means it is in the tour operator''s interest that the German airline''s operations continue. Thomas Cook''s comment echoed tour operator TUI, which has said it was involved in plans for Air Berlin''s future and supported them. Reporting by Victoria Bryan; Writing by Maria Sheahan; Editing by Tom Sims 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-thomas-cook-grp-idUKKCN1AW16A'|'2017-08-16T14:27:00.000+03:00'|6483.0|''|-1.0|'' @@ -6508,7 +6508,7 @@ 6506|'527f684af4cb4e3bcffc65317ea55505b6ca74bd'|'Private-equity returns can be replicated with public shares'|'IT IS hard for individual investors to match the returns achieved by private-equity funds. But what if their success in outperforming the public markets could be tracked and replicated? A few pioneering firms claim to have done just that. DSC Quantitative Group, a Chicago-based fund, and State Street, an asset manager, both offer investable indices, launched in 2014 and 2015 respectively, that allow investors to mimic the performance of American private equity.Both firms needed a measure of the industrys returns. DSC teamed up with Thomson Reuters, a data firm, to compile an index; State Street had been making one since 2004, using data it gleans as a custodian of private-equity assets. 14 They then match the private-equity risk-and-return profile with a basket of public assets. DSCs index first matches the sector weights of the private portfolio with equivalent public companies, and adds a modest amount of debt (around 25%) unevenly across the sectorsall using predictive modelling, as the reference index of private transactions is published only after a delay. State Streets investable index does not include any debt and only matches sector weights, although some clients opt to borrow so that their investment more closely resembles a typical private-equity funds leverage of 35%.The performance, particularly of the DSC Thomson Reuters index, seems alluring, even over the long term (both indices have been back-calculated for a number of yearssee chart). Of course, an individual private-equity fund may well do much better. But such funds have their downsides: they often require investors to lock up their money for a decade or more; and they charge sky-high fees. Jeff Knupp of DSC claims that his one achieves private-equity returns for its clients for only 20% of the usual cost.Private equity may be just the start. The index-makers are looking at other asset classes. DSC already offers a similar product for venture capital, and State Street wants to broaden its indices to other opaque sectors such as property or infrastructure. Index-makers do not just follow markets; they also expand them. Finance and economics "Replicating success"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21727085-few-pioneers-have-developed-indices-using-public-shares-track-asset?fsrc=rss'|'2017-08-24T22:45:00.000+03:00'|6506.0|''|-1.0|'' 6507|'172a765a43acc8c5be484a25e5eb4a8f048e49f4'|'Tesla lowers price of Model X, saying margins improved'|'August 4, 2017 / 8:43 PM / 7 hours ago Tesla lowers price of Model X, saying margins improved Reuters Staff 2 Min Read A Tesla Model X electric sports-utility vehicle is displayed during a presentation in Fremont, California September 29, 2015. Stephen Lam SAN FRANCISCO (Reuters) - Tesla Inc ( TSLA.O ) on Friday lowered the base price of its Model X SUV to $79,500 and said improving margins were behind the move, which came as the automaker is ramping up production of its new lower-priced Model 3. Some analysts have been concerned that the launch of the Model 3, whose base price is $35,000, would steer some potential buyers away from the Model X SUV to that lower-priced sedan. But Chief Executive Elon Musk said earlier this week that demand had not waned for the luxury electric sport-utility vehicle. "When we launched Model X 75D, it had a low gross margin. As we''ve achieved efficiencies, we are able to lower the price and pass along more value to our customers," Tesla in a statement on Friday announcing it had lowered the previous $82,500 starting price of the vehicle by $3,000. The most expensive version of the Model X, the P100D, with fastest acceleration and longer range, costs $145,000. Musk said on a call with analysts earlier this week that the launch of the Model 3 had not cannibalized Model X sales, and that demand for the Model X as well as the Model S had actually increased with the release of the lower-priced vehicle. The Model 3, marketed as a car for the masses, begins at $35,000 before incentives, but a longer-range version is priced at $44,000, to compete with high volume luxury sedans such as the Audi A4, BMW 3-series or Mercedes C-Class. Tesla does not break out gross margins of its individual models, but overall gross margins excluding stock-based compensation and revenue from zero-emission vehicle credits fell to 25 percent in the second quarter from 26.4 percent a year earlier, due to the Model 3 build. Reporting By Alexandria Sage; Editing by Meredith Mazzilli 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-tesla-modelx-idUKKBN1AK2DH'|'2017-08-04T23:39:00.000+03:00'|6507.0|''|-1.0|'' 6508|'774a25319a6d76c0a6e5b22ed087c7eb2071251b'|'J.C. Penney reports wider quarterly loss'|'Aug 11 (Reuters) - Department store operator J.C. Penney Co Inc reported a wider loss as it margins took a hit from the liquidation of inventory in stores it was closing.The company''s net loss widened to $62 million, or 20 cents per share, in the second quarter ended July 29, from $56 million, or 18 cents per share, a year earlier.Net sales rose 1.5 percent to $2.96 billion. (Reporting by Sruthi Ramakrishnan in Bengaluru, Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/jc-penney-results-idINL4N1KW480'|'2017-08-11T09:37:00.000+03:00'|6508.0|''|-1.0|'' -6509|'22976fe19ad02fc62261d68799707af5803f6676'|'Iraq secures $195 million Japanese loan for electricity sector'|'August 5, 2017 / 12:44 PM / an hour ago Iraq secures $195 million Japanese loan for electricity sector Reuters Staff 1 Min Read FILE PICTURE: Japan''s State Minister for Foreign Affairs Kentaro Sonoura speaks with media during the 3rd Intersessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting in Hanoi, Vietnam May 22, 2017. Kham BAGHDAD (Reuters) - Japan has agreed to lend Iraq up to $195 million for a project to help repair a thermal power station in the southern province of Basra, an Iraqi government statement said on Saturday. Though Iraq is a major OPEC oil producer, the country faces chronic electricity shortages, with its fragile grid struggling to meet demand after years of war, sanctions and neglect. The loan was signed during a visit to Iraq by Japan''s State Minister for Foreign Affairs, Kentaro Sonoura, who met Prime Minister Haider al-Abadi on Saturday, the prime minister office said in a statement. Iraq needs external financing to plug a budget deficit of approximately 25 trillion Iraqi dinars ($21.44 billion) for this year as it grapples with lower global oil prices and costs associated with the fight against Islamic State. Reporting by Ahmed Rasheed; Editing by Stephen Powell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-iraq-electricity-japan-loan-idUKKBN1AL0CY'|'2017-08-05T15:47:00.000+03:00'|6509.0|''|-1.0|'' +6509|'22976fe19ad02fc62261d68799707af5803f6676'|'Iraq secures $195 million Japanese loan for electricity sector'|'August 5, 2017 / 12:44 PM / an hour ago Iraq secures $195 million Japanese loan for electricity sector Reuters Staff 1 Min Read FILE PICTURE: Japan''s State Minister for Foreign Affairs Kentaro Sonoura speaks with media during the 3rd Intersessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting in Hanoi, Vietnam May 22, 2017. Kham BAGHDAD (Reuters) - Japan has agreed to lend Iraq up to $195 million for a project to help repair a thermal power station in the southern province of Basra, an Iraqi government statement said on Saturday. Though Iraq is a major OPEC oil producer, the country faces chronic electricity shortages, with its fragile grid struggling to meet demand after years of war, sanctions and neglect. The loan was signed during a visit to Iraq by Japan''s State Minister for Foreign Affairs, Kentaro Sonoura, who met Prime Minister Haider al-Abadi on Saturday, the prime minister office said in a statement. Iraq needs external financing to plug a budget deficit of approximately 25 trillion Iraqi dinars ($21.44 billion) for this year as it grapples with lower global oil prices and costs associated with the fight against Islamic State. Reporting by Ahmed Rasheed; Editing by Stephen Powell 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-iraq-electricity-japan-loan-idUKKBN1AL0CY'|'2017-08-05T15:47:00.000+03:00'|6509.0|19.0|0.0|'' 6510|'b73370c258f9572630223a4d981537eb581eb784'|'FCA enlists Schwarzenegger in insurance mis-selling campaign'|'August 29, 2017 / 11:36 AM / 3 hours ago FCA enlists Schwarzenegger in insurance mis-selling campaign Lawrence White and Huw Jones 3 Min Read FILE PHOTO: A sign hangs outside a Lloyds Bank branch in London, Britain, February 21, 2017. Toby Melville/File Photo LONDON (Reuters) - The animatronic head of actor and former California Governor Arnold Schwarzenegger mounted on tank tracks urges consumers to "make a decision", in a campaign launched on Tuesday to raise awareness of Britain''s costliest consumer mis-selling scandal. The Financial Conduct Authority (FCA), Britain''s financial services regulator, has set a deadline of Aug. 29, 2019 for people in Britain to complain about Payment Protection Insurance (PPI) they may have been mis-sold. Banks including Lloyds ( LLOY.L ) and RBS ( RBS.L ) have paid out more than 27 billion pounds ($35 billion) in redress since 2007 to customers who were mis-sold the debt repayment insurance policies. But the regulator estimates there are around 30 million policies that have not yet been claimed against. So far, around 80 percent of complaints made about PPI policies have been upheld, with compensation payouts averaging between 2,000 and 3,000 pounds, according to the FCA. The campaign launched on Tuesday is aimed at helping people decide whether to make a claim or not, and could lead to a sharp rise in complaints and further compensation payouts by the banks, the FCA said. "There were 64 million of these policies sold, this is industrialised mis-selling," said Megan Butler, director of supervision at the FCA. "As far as we can tell there are likely to be millions of people who may be owed thousands of pounds," Butler told Reuters. The campaign will run in cinemas, on television and online and will cost 42 million pounds, to be paid for by the 18 firms which had the most PPI complaints. FILE PHOTO: FILE PHOTO: A woman shelters under an umbrella as she walks past a branch of the Royal Bank of Scotland in the City of London, Britain, September 17, 2013. Stefan Wermuth/File Photo/File Photo Butler said she would not speculate on what the upper number would be for the remaining compensation bill, but it will be "material". Some 12 million people have received compensation, which equates to 24 million policies, with complaints on another 4 million policies turned down. The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. Chris Helgren Following the Supreme Court''s "Plevin" ruling, consumers can also claim for "excessive" commission paid on a policy, even if their mis-selling complaint on the policy itself was turned down. Butler estimated that a million people could make such claims, but the amount owed is likely to be lower than cash being paid out for actual mis-selling. Regulatory reforms put in place in recent years would stop such large scale mis-selling, which took place in the 1990s and early 2000s before the FCA was launched, from happening again. "An awful lot of this dates back to an earlier period of regulation, and indeed no regulation," Butler said. New accountability rules which make people personally responsible for the design and distribution of financial products are already triggering changes in behaviour, she said. Regulators have also turned their gaze to other areas such as car finance and people''s new ability to cash in pension pots. Reporting by Lawrence White and Huw Jones; Editing by Adrian Croft '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-regulation-ppi-idUKKCN1B919Q'|'2017-08-29T15:03:00.000+03:00'|6510.0|''|-1.0|'' 6511|'79819593fa3b4be11bc995850e0920c54607848a'|'Morning News Call - India, August 17'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:30 am: Environment Minister Harsh Vardhan at the launch of Harit Diwali, Swasth Diwali campaign in New Delhi. 11:30 am: DLF CEO Rajeev Talwar, Omaxe Group Chairman Rohtas Goyal and other real estate industry executives at National Real Estate Development Councils 14th National Convention in New Delhi 11:30 am: Power Finance Corp. earnings conference call in Mumbai. 12:00 pm: President Ram Nath Kovind and Labour Minister Bandaru Dattatreya at National Safety Awards in Mumbai. 12:30 pm: National Highways Authority of India Chairman Deepak Kumar at launch of mobile app MyFASTag and FASTag Partner" in New Delhi. 3:00 pm: Trade Minister Nirmala Sitharaman at launch of Advantage Healthcare-India 2017'' in New Delhi. LIVECHAT - FINTECH We talk Bitcoin and other FinTech news with Reuters correspondent Anna Irrera at 5:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS Cracking down on ''black'' money, India steps up scrutiny of shell firms When Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned that wealth. MPC members warn inflation could accelerate - RBI minutes The Reserve Bank of India''s monetary policy committee members said easing consumer inflation had supported the need for a rate cut at its August meeting, but warned prices could start accelerating, minutes showed. India''s help to lenders facing bond defaults a "moral hazard" - Fitch The Indian government risks creating "moral hazard" by injecting funds into state-run lenders such as IDBI Bank Ltd which are at risk of missing coupon payments on their additional tier 1 bonds, Fitch Ratings said. Infosys to consider share buyback proposal Infosys Ltd said its board will consider a proposal, to buy back equity shares, at its meeting later this month. Biocon pulls application for EU approval of two drugs Biocon Ltd has withdrawn its application seeking European Union approval for two drugs after the EU drugs regulator sought re-inspection of their production facility, sending shares down more than 8 percent. India introduces price controls for knee implants India has capped prices of orthopaedic knee implants, in the country''s latest move to bring down prices of medical devices. Thyssenkrupp says it has no timeline on Tata Steel joint-venture deal Thyssenkrupp has no timeline to make a final decision on a potential merger of its European steel operations with those of peer Tata Steel, a spokesman for the group said. GLOBAL TOP NEWS Trump disbands business councils after CEOs quit in protest U.S. President Donald Trump disbanded two high-profile business advisory councils on Wednesday after several chief executives quit in protest over his remarks blaming weekend violence in Virginia not only on white nationalists but also on anti-racism activists who opposed them. Trump praises N.Korea''s Kim for ''wise'' decision on Guam U.S. President Donald Trump on Wednesday praised North Korean leader Kim Jong Un for a "wise" decision not to fire missiles towards the U.S. Pacific territory of Guam, which has eased escalating tension between the two countries. Japan''s exports rise in July, underpin strengthening economy Japan''s exports rose for an eighth straight month in July on robust shipments to the United States and a boost from a weak yen, a sign overseas demand rebounded from a lull in the previous quarter to underpin a steady economic recovery. GLOBAL MARKETS U.S. stocks ended slightly firmer on Wednesday but off the day''s highs as worries mounted over President Donald Trump''s agenda and minutes from the latest Federal Reserve meeting suggested policymakers are worried about weak inflation. Asian stocks edged up as tensions between the U.S. and North Korea came off the boil, while worries about President Donald Trump''s ability to implement his pro-growth agenda and the Federal Reserve''s concerns about low U.S. inflation hit the dollar. U.S. Treasury yields fell on Wednesday, with benchmark yields retreating from one-week highs as U.S. President Donald Trump''s dissolving of two business advisory groups and the Federal Reserve''s record of its July policy meeting raised economic worries. Oil prices edged up, clawing back some ground after losses in the previous session. Gold edged up, extending gains from the previous session, as the dollar remained subdued after minutes from the Federal Reserve''s July meeting hinted at a delay in further rate hikes. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.18/64.21 August 16 -$169.87 mln -$17.15 mln 10-yr bond yield - Month-to-date -$655.05 mln $984.02 mln Year-to-date $8.32 bln $22.13 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.1650 Indian rupees) (Compiled by Erum Khaled in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-morningcall-idINL4N1L31KZ'|'2017-08-17T01:25:00.000+03:00'|6511.0|''|-1.0|'' 6512|'8f40b5437c70ae28025153015ec435d857ea026f'|'Ryanair says would be interested in buying all of Air Berlin'|'August 22, 2017 / 5:02 PM / 9 minutes ago Ryanair''s O''Leary would be interested in buying all of Air Berlin Victoria Bryan 3 Min Read FILE PHOTO: A Ryanair aircraft parks at tarmac of Fraport airport in Frankfurt, Germany, November 2, 2016. Kai Pfaffenbach/File Photo BERLIN (Reuters) - Ryanair ( RYA.I ) would be interested in bidding for the whole of insolvent German carrier Air Berlin ( AB1.DE ), but it needs access to more data on the airline''s finances, Chief Executive Michael O''Leary told Reuters. "We would be very happy to bid for the whole of Air Berlin, which is generally a short-haul, domestic, intra-EU carrier," O''Leary said by telephone. "But we don''t know how much restructuring it will take, how much money is it losing, why is it losing so much money in a market where we make money," he said. O''Leary complained that the Air Berlin insolvency process is a "stitch-up" to help strengthen Lufthansa ( LHAG.DE ). "What''s going to be left by the time Lufthansa completes the discussions?" he asked, referring to comments last week that Lufthansa was first in line for talks. Air Berlin CEO Thomas Winkelmann however was quoted in an interview with Handelsblatt daily as saying the "data room" giving details on its finances had been open since May, when it first said it was looking for partners. "Mr. O''Leary is wholeheartedly invited to help us save jobs," a spokesman for Air Berlin said. Ryanair said Winkelmann''s comments on the data room seemed out of date considering the insolvency filing was only made this month. O''Leary told Reuters Ryanair needed information on Air Berlin''s leases, employment contracts and terms with airports before it could determine how much restructuring it would need. Ryanair uses Boeing 737 planes, while Air Berlin flies Airbus A320s, but O''Leary said Ryanair would use those Airbus aircraft to continue Air Berlin''s operations in the event of a takeover. O''Leary said Ryanair, which bought budget carrier Buzz from KLM in 2003, was keen to play a role in the changes going on in the European airline industry. It has also said it would be interested in taking on insolvent Alitalia if it can be restructured. "We are clearly going to play a role in the consolidation of the European airline industry, given that we''re the biggest airline in Europe," O''Leary said. He predicted that in five years'' time there would be only four or five airline groups in Europe - Ryanair, Lufthansa, Air France-KLM ( AIRF.PA ), British Airways parent IAG ( ICAG.L ) and possibly easyJet ( EZJ.L ). "Everything will all get consolidated into four or five big groups. It''s always hard to predict the demise of an individual airline but that''s what happens," he said. Reporting by Victoria Bryan; Editing by Maria Sheahan and David Holmes 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-ryanair-idUKKCN1B21Y8'|'2017-08-22T20:01:00.000+03:00'|6512.0|''|-1.0|'' @@ -6528,7 +6528,7 @@ 6526|'d47a9360c238bc09719713b9da3555ef8b873688'|'China Unicom to unveil investment from tech firms on Wednesday: sources'|'FILE PHOTO - China Unicom''s company logo is seen at its branch office in Beijing, China, April 21, 2016. Kim Kyung-Hoon/File Photo HONG KONG (Reuters) - Telecoms group China Unicom is set to announce on Wednesday funding from Chinese technology firms and other investors, as part of Beijing''s push for state-owned enterprises to be revitalized with private capital, two people with knowledge of the matter said.Shares in group firm China Unicom Hong Kong Ltd ( 0762.HK ) were halted from trading on Wednesday pending an announcement.Baidu Inc ( BIDU.O ), JD.com ( JD.O ), Alibaba Group Holdings ( BABA.N ) and Tencent Holdings ( 0700.HK ) are among firms set to jointly invest about $12 billion in China Unicom''s Shanghai-listed unit, China United Network Communications Ltd ( 600050.SS ), people with direct knowledge of the matter told Reuters last month.The majority of the fresh capital would be raised through new share issues, while China Unicom would also sell part of its stake in the Shanghai unit, the people had said at that time.China Unicom, formally known as China United Network Communications Group Co Ltd, is one of the world''s largest mobile carriers by user numbers but has struggled in a fiercely competitive market.The move is part of the Chinese government''s drive to rejuvenate state behemoths with private capital, with China Unicom among a first batch of state-owned enterprises to see mixed-ownership reform.China Unicom Hong Kong asked the stock exchange for the share trading suspension "pending the release of an announcement", but did not elaborate. A company representative could not be immediately reached by Reuters for comment.Last month, the company said China Unicom group was in talks with investors but said it had yet to reach any deal.FILE PHOTO: A salesperson of China Unicom waits for customers at a shop in Hong Kong, China March 14, 2016. Bobby Yip/File Photo China Unicom will announce the investment details along with the first-half earnings of the Hong Kong unit on Wednesday, said the people, who declined to be named as they were not allowed to speak to the media about it before a public announcement.The company, which has a market value of HK$286 billion ($36.6 billion), last week flagged a 70 percent jump in first-half profit. It also forecast competition would intensify in the second half of the year.Its shares have risen 32 percent so far this year, outpacing a 24 percent surge in the benchmark index .HSI .China Mobile ( 0941.HK ), the world''s biggest mobile phone operator by subscribers, last week cheered investors with a special dividend and posted a 3.5 percent rise in first-half net profit.Share trading in China Unicom''s Shanghai-listed unit has been halted since it said in early April it would be part of the government''s mixed-ownership pilot. It gave no further details at that time.Prior to that suspension, the unit''s market value topped $23 billion. One of the people told Reuters on Wednesday that the Shanghai shares were expected to begin trading on Thursday.($1 = 7.8239 Hong Kong dollars)($1 = 6.6875 Chinese yuan renminbi)Reporting by Donny Kwok, Anne Marie Roantree and Julie Zhu; Writing by Sumeet Chatterjee; Editing by Edwina Gibbs and Muralikumar Anantharaman'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-unicom-results-idINKCN1AW0JP'|'2017-08-16T05:42:00.000+03:00'|6526.0|''|-1.0|'' 6527|'d9d9d65744278dd1c9d483f405bccb5e78cc8f81'|'Blackstone ends talks for NSO Group stake that prompted protest: sources'|'August 15, 2017 / 6:15 PM / 11 hours ago Blackstone ends talks for NSO Group stake that prompted protest: sources Jim Finkle 3 Min Read FILE PHOTO -- The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. Brendan McDermid/File Photo (Reuters) - Blackstone Group ( BX.N ) has pulled out of discussions to buy part of Israeli mobile surveillance software maker NSO Group, according to people familiar with the talks that had been criticized by digital privacy activists. Two people familiar with the discussions told Reuters on Tuesday that the talks had ended without Blackstone and NSO reaching an agreement. Israel''s Calcalist business newspaper last month reported Blackstone was in advanced talks to buy 40 percent of the privately held Israeli firm for $400 million. News of those talks prompted complaints from Citizen Lab at the University of Toronto''s Munk School of Global Affairs and digital-rights group Access Now, which allege that the Mexican government has used NSO''s Pegasus mobile spyware to illegally target private citizens. Mexico''s government is investigating the claims, though Mexican President Enrique Pena Nieto has said the accusations are false. The people, who were not authorized to publicly discuss the talks, declined to say when the discussions ended or if the protests had caused the deal to unravel. NSO spokesperson Zamir Dahbash said the company was not currently in talks with any potential investors. Dahbash declined to discuss the talks with Blackstone or say why they had failed. Access Now last month launched a petition that urged Blackstone to drop plans to invest in NSO and its surveillance technology. Citizen Lab, which has released multiple reports on surveillance campaigns it says were conducted with NSO''s surveillance software, last month separately asked Blackstone''s board of directors to consider the human rights and ethical implications of investing in NSO. Citizen Lab researcher John Scott-Railton said he was pleased that the talks failed to result in a deal. "NSO''s spyware has a documented abuse potential, and the list of cases continues to grow," Scott-Railton said. "Serious investors who have done their due diligence may be thinking twice about just how problematic this category of investments could be to their image and their bottom line." Reporting by Jim Finkle in Toronto; Editing by Meredith Mazzilli 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-nso-group-blackstone-group-protests-idUSKCN1AV234'|'2017-08-15T21:14:00.000+03:00'|6527.0|''|-1.0|'' 6528|'cc3f1f829a8a3d5b43e0448ccd77dd6c77ca7d2f'|'Decrying stitch-up, Ryanair won''t bid for Air Berlin assets'|'Ryanair CEO Michael O''Leary distributes sheets before a press conference in Berlin, Germany, August 30, 2017. Hannibal Hanschke BERLIN (Reuters) - Ryanair ( RYA.I ) will not bid for any assets of insolvent German airline Air Berlin ( AB1.DE ), its Chief Executive Michael O''Leary said on Wednesday, describing the process as "a stitch-up".Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection this month after shareholder Etihad Airways withdrew funding following years of losses.O''Leary, the head of the Irish budget airline, has complained that the insolvency process was designed to help strengthen leading German airline Lufthansa ( LHAG.DE ). [nL8N1L84X7]"If there was a fair and open process we would get involved but we are not getting involved in this process because it''s a stitch-up," he told a news conference in Berlin on Wednesday, adding Ryanair had not been in contact with anyone from the German government, Air Berlin or the administrator.Taking his argument directly to Berlin, he said Ryanair had asked German and European anti-trust authorities to investigate what he said was a "conspiracy" between Air Berlin, Lufthansa and the German government which would lead to higher prices for consumers."(The insolvency process) is designed to deliver Air Berlin to Lufthansa sometime in the middle of September before the German election," he said.Germany''s economy ministry has previously rejected Ryanair''s claims that the insolvency was staged. It has also said a bridging loan of 150 million euros ($180 million) the government had granted Air Berlin did not breach anti-trust rules. [nL8N1L238C]Bidders for Air Berlin''s assets are racing to submit offers by a Sept. 15 deadline, with around 140 leased aircraft and valuable take-off and landing slots in Germany up for grabs.Germany holds a national election on Sept. 24.Lufthansa, which has the German government''s backing to take over major parts of Air Berlin, could acquire as many as 90 of its planes, including 38 aircraft it is already leasing from the airline and its leisure unit Niki, a source told Reuters this month.Britain''s easyJet ( EZJ.L ) and Thomas Cook''s ( TCG.L ) Condor could split the rest of the fleet between them, media reports have said, with easyJet interested in up to 40 planes and Condor a double-figure number.Former motor racing driver Niki Lauda has expressed interest in buying back leisure unit Niki, which he founded, and aviation investor Hans Rudolf Woehrl wants all of Air Berlin.Air Berlin is being kept in the air thanks to the government loan, which it has said would last for up to three months.($1 = 0.8398 euros)Reporting by Caroline Copley and Klaus Lauer; Writing by Maria Sheahan; Editing by Georgina Prodhan/Keith Weir '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-air-berlin-lufthansa-ryanair-hldgs-idINKCN1BA1S1'|'2017-08-30T11:56:00.000+03:00'|6528.0|''|-1.0|'' -6529|'2e63640adddfb4b175f951bb9319c9b70853cccd'|'Berlin Is Becoming a Sponge City'|'As flash-floods, heat waves and droughts become increasingly common, an innovative climate adaptation strategy is emerging in Germany.Sponge City tackles two issues that most cement- and asphalt-laden urban centers struggle withheat and floodingall by imitating nature. Watch how Berlins infrastructure is being redesigned to solve drainage and heat problems as climate change accelerates.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-18/berlin-is-becoming-a-sponge-city'|'2017-08-18T11:07:00.000+03:00'|6529.0|''|-1.0|'' +6529|'2e63640adddfb4b175f951bb9319c9b70853cccd'|'Berlin Is Becoming a Sponge City'|'As flash-floods, heat waves and droughts become increasingly common, an innovative climate adaptation strategy is emerging in Germany.Sponge City tackles two issues that most cement- and asphalt-laden urban centers struggle withheat and floodingall by imitating nature. Watch how Berlins infrastructure is being redesigned to solve drainage and heat problems as climate change accelerates.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-08-18/berlin-is-becoming-a-sponge-city'|'2017-08-18T11:07:00.000+03:00'|6529.0|18.0|0.0|'' 6530|'53c5afd922bd096a6f3f1ab61082742d7d27197c'|'Cerecor Inc says Uli Hacksell retires as CEO, president'|'Aug 14 (Reuters) - Cerecor Inc* Cerecor Inc announces retirement of Dr. Uli Hacksell as president and chief executive officer* Cerecor Inc says John Kaiser, chief business officer of Cerecor, has been appointed interim chief executive officer* Cerecor Inc says board of directors has initiated a search for a permanent chief executive officer* Cerecor Inc says Hacksell will stay on as chairman of Cerecor''s board '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-cerecor-inc-says-uli-hacksell-reti-idUSASB0BFK9'|'2017-08-14T20:25:00.000+03:00'|6530.0|''|-1.0|'' 6531|'365f8cb1e6f11da0576ed53215db175565a0366c'|'SoftBank''s Vision Fund acquires stake in India''s Flipkart'|'August 10, 2017 / 9:10 AM / in 3 hours SoftBank bolsters Flipkart''s firepower to challenge Amazon in India Sankalp Phartiyal 4 Min Read FILE PHOTO: The logo of India''s largest e-commerce firm Flipkart is seen on the facade of the company''s headquarters in Bengaluru, India July 7, 2017. Abhishek N. Chinnappa/File Photo MUMBAI (Reuters) - India''s Flipkart has secured nearly $2.5 billion in funding from Japan''s SoftBank Group ( 9984.T ), giving the online retailer more firepower to compete with Amazon ( AMZN.O ) in the country''s burgeoning e-commerce market. SoftBank''s Vision Fund, the world''s largest private equity fund, will invest close to $2.5 billion in Flipkart via primary and secondary share purchases, two sources familiar with the matter told Reuters. Flipkart, which raised $1.4 billion in April from China''s Tencent ( 0700.HK ), online marketplace eBay ( EBAY.O ) and software giant Microsoft ( MSFT.O ), will now have more than $4 billion of cash, the Bengaluru-based company said in a statement on Thursday. The deal comes just 10 days after SoftBank''s attempts to forge a deal between Flipkart and smaller rival Snapdeal - and thwart Amazon''s ambitions in India - fell apart following months of negotiations. The investment is part of the same funding round that had raised the $1.4 billion and will make SoftBank''s tech fund one of Flipkart''s top shareholders. It also underscores global investors'' growing confidence in the Indian e-commerce sector where dominant players Flipkart and Amazon are not burning cash on deep price discounts as much as a few months ago. "This battle is going to be fought and won on delivering better and more differentiated customer experience - by investments in areas such as logistics and technology," said Rohan Dhamija, a partner and head of India and South Asia at consultancy Analysys Mason. Flipkart did not disclose its new valuation after the SoftBank investment, or which shareholders had sold stock in the secondary sale. The retailer said in April it had a valuation of $11.6 billion after the funding from Tencent and others. Prior to the latest round, U.S. hedge fund Tiger Global, South Africa''s Naspers and Indian venture capital firm Accel Partners were some of Flipkart''s major backers. One of the sources said that once the current round of financing closes, SoftBank Vision Fund would own roughly one-fifth of the company and displace Tiger Global as Flipkart''s largest investor. SoftBank, the biggest investor in India''s leading cab hailing service Ola and top hotel aggregator Oyo, is keen to play a more active role in the country''s e-commerce sector which is expected to drive sales upwards of $35 billion by 2020. "We want to support innovative companies that are clear winners in India because they are best positioned to leverage technology and help people lead better lives," SoftBank Chief Executive Masayoshi Son said in the statement. The Japanese conglomerate has poured nearly $1 billion into Snapdeal since 2014 and until 10 days ago had been trying for months to engineer an all-stock transaction between Snapdeal and Flipkart, as a means to secure a sizeable stake in the latter. However, that plan soured after Snapdeal decided to remain independent. Goldman Sachs and Citi advised Flipkart and SoftBank Vision Fund, respectively on the investment deal. Gunderson Dettmer and Khaitan & Co acted as legal advisors to Flipkart, while AZB & Partners advised Vision Fund. Reporting by Sankalp Phartiyal; Editing by Muralikumar Anantharaman and Susan Fenton 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-flipkart-online-m-a-softbank-group-idUSKBN1AQ103'|'2017-08-10T11:48:00.000+03:00'|6531.0|''|-1.0|'' 6532|'3042481cfc5212b698d95c3ee8b82fcaaf814433'|'Rapid rise in personal borrowing is cooling, says Bank of England - Money'|'The rapid growth in borrowing by consumers appears to be slowing amid a squeeze on households, despite remaining at levels unseen since the financial crisis.The annual rate of growth for consumer borrowing through credit cards, overdrafts and personal loans slowed to 9.8% in July, the lowest rate of expansion since April 2016, according to the Bank of England . The growth rate was a little weaker than in recent months, when the pace of expansion was above 10%.Spending by British consumers is growing at the weakest rate in almost three years , as households come under pressure to tighten their belts from higher prices fuelled by a drop in the value of the pound since the EU referendum. Wages rose by 2.1% in June, while inflation stood at 2.6% in July, leading to negative earnings growth.Credit card lenders ''targeting people struggling with debt'' Read moreThe figures come as research from Citizens Advice suggests credit card lenders may be targeting people struggling with unaffordable levels of debt , a practice that it said Britains financial watchdog should ban.Weaker levels of growth in consumer credit could relieve pressure on the Bank to raise interest rates to slow the rapid expansion in the supply of money. Sluggish GDP growth and inflation coming close to its peak could put off a rate rise until late 2018, or even early 2019.Howard Archer, chief economic adviser to the EY Item Club, said the figures would be a relief to the Bank. While any interest rate hikes would be limited and gradual, even small increases could cause problems for many consumers given high borrowing levels, he said.In cash terms, consumer credit increased by 1.2bn last month, below the estimate from a poll of City economists surveyed by Reuters and the smallest rise this year.Still, at the current pace of expansion, Britons are racking up debt at almost five times the growth rate of earnings. Total unsecured borrowing by consumers also remains at levels unseen since the financial crisis at 201.5bn, the highest level since December 2008.Paul Hollingsworth, a UK economist at the consultancy Capital Economics , said: Given that credit is still rising fairly strongly, it suggests that households are confident enough to borrow in order to maintain spending while real incomes are being squeezed.The figures from Threadneedle Street also show lenders approved 68,689 mortgages last month compared with 65,318 in June, returning to levels seen earlier this year. The value of mortgage lending increased by 3.6bn, slowing from 4.1bn in June.Even so, mortgage approvals remain well below the average monthly levels seen in recent decades. Demand for new home loans could also be being stoked by record low rates on offer, encouraging borrowers to remortgage in order to lock in bargain deals. The effective rate on new individual mortgages was 1.95% in July, according to the Bank, the first time this measure has fallen below 2%.Archer said: While Julys marked pick-up in mortgages may ease some concerns over tepid housing market activity, we have doubts that it marks the start of a significant upturn.There could also be signs that businesses are about to invest more, as borrowing by firms stood at 8.9bn last month, its highest level since July 2014. However, this may jar with recent indicators of business confidence, while the most recent figures from the Office for National Statistics reveal firms investment in the UK economy showed no growth at all in the second quarter.Instead, the surge in corporate borrowing could reflect firms fearing higher interest rates and locking in low borrowing costs, according to Samuel Tombs, the chief UK economist at the consultancy Pantheon Macroeconomics. The risk of a near-term rate hike, however, has receded, suggesting that corporate borrowing will fall back soon, he said.Topics Borrowing & debt Credit cards Banks and building societies Bank of England Economics Financial sector news'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/aug/30/personal-borrowing-bank-of-england-consumer-credit-cards'|'2017-08-30T14:19:00.000+03:00'|6532.0|''|-1.0|'' @@ -6537,13 +6537,13 @@ 6535|'013ae2b7ad320129a6a2c8c8ba5ca98b1fe7506e'|'Flying water taxis highlight French startup frustrations'|'The SeaBubbles water taxi prototype is presented in the harbour of Saint-Tropez, France August 18, 2017. Philippe Laurenson PARIS (Reuters) - French yachtsman Alain Thebault wants to turn a boat design he used to break a world speed sailing record in 2009 into a clean, fast taxi service for the waterways of major cities.The SeaBubble won the backing of private investors - Thebault expects to raise between 50 to 100 million euros by the end of September.Emmanuel Macron, France''s pro-business president who wants to create a "startup nation", even championed the idea when he was economy minister. His office did not respond to requests for a comment about whether he still backed the project.SeaBubbles faces specific regulatory hurdles, not least trying to convince Parisian authorities to raise the speed limit of the River Seine.But like other startups, he fears his company will be held back by administrative bureaucracy if the idea takes off and he needs to grow fast.Its a road full of obstacles for two seabirds like Anders (Bringdal) and me, he said of his business partner, a Swedish windsurfing champion. If its getting too complicated well go where its the easiest.He said it took two months for SeaBubbles to arrange a contract to lease two cars and a month for lawyers to register the company, a job he said could have been done in a few hours in some other countries.The SeaBubbles prototype preserves its battery by rising out of the water on legs at speed. Paris mayor Anne Hidalgo gave support to the idea with a ride up the River Seine in June.But the Bubble only has a chance of running in Paris if the authorities raise the Seine speed limit so it can go fast enough to rise out of the water, a request they have rejected so far. Hidalgo''s office did not respond to a request for comments on the project, including whether she thought the Paris speed limit should be changed.And while he got some initial funding from the state investment bank, it was demoralizing when two applications for 200,000 euros in government subsidies were turned down. A spokeswoman said the money could only go to companies with a "proven business case".Thebault says "about 5" cities from around the world are interested in exploring whether the SeaBubble could become part of their public transport systems but he declined to name them."PLENTY OF MONEY" The state investment bank Bpifrance, has been one of the driving forces behind the bursting startup scene with investments of 191 million euros in 2016.There are also private initiatives such as Station F, a 34,000 square-meter (366,000 sq ft) startup mega-campus in Paris that opened its doors at the end of June after a 250 million-euro investment by billionaire Xavier Niel. [nL8N1JQ63D]Growing investor confidence after this year''s election of Macron who has portrayed himself as a business-friendly president, has also helped.The SeaBubbles water taxi prototype is presented in the harbour of Saint-Tropez, France August 18, 2017. Philippe Laurenson At the current pace, 2017 is on track to reach more than 700 deals by the end of the year, a jump of around 40 percent over 2016, according to venture tracking firm CB Insights. About $2.03 billion was invested in the first-half of the year compared with $2.1 billion for all of 2016. That makes France the second best-funded tech start-up scene after Britain, CB Insights said.Investors say startups are not being held up by financial concerns, rather by bureaucracy and labor laws that are designed to protect employees but can be cumbersome and expensive for businesses as they get going.Its not a matter of money. Theres plenty, plenty, plenty of money, said Romain Lavault, a partner at Partech Ventures, a venture capital fund that also invested in SeaBubbles.HIRING AND FIRING France ranks 21st in this years World Economic Forums competitiveness report based on business sophistication, technology and innovation readiness.Slideshow (8 Images) But it ranked 115 out of total of 138 countries in terms of the burden of government regulation and holds the 129th position for hiring and firing practices, based on 2015 data."It''s more complicated to create a company in France," said Charles Gorintin, the co-founder of successful Paris-based digital insurance startup Alan.Restrictive labor laws are at the top of investors'' list of complaints. Any France-based company with 50 employees or more has to create a works council, organize labor unions elections and go through regular structured regulations with workers. Redundancies and layoffs can be expensive.Macron has promised changes.Very few French startups, have become a unicorn," or a company valued $1 billion or more.Criteo ( CRTO.O ), a French startup currently listed on the Nasdaq stock exchange, is now worth $3.4 billion.In France, even today, when you build a company, people tell you: its great, but youre taking a huge risk, said Jean-Baptiste Rudelle, its chief executive.Silicon Valley has been around for 50 years. Well need at least 10 to 15 years before the French (startup) ecosystem can compete with it.Nevertheless, Criteo is still based in Paris. Rudelle stays out of loyalty to the country where his business grew and because it produces top engineers, has a developing startup scene and good living standards.Every single week I receive a resume from an American who wants to settle in Paris, said Partech''s Lavault. I''ve never seen so much interest before."Editing by Anna Willard'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-france-tech-idINKCN1B40BO'|'2017-08-24T03:19:00.000+03:00'|6535.0|''|-1.0|'' 6536|'85726d1ff44388e6d33d5e228825b39136fdee5c'|'UPDATE 1-Brighthouse Financial makes a dull debut'|'(Adds details)By Aparajita Saxena and Suzanne BarlynAug 7 (Reuters) - Shares of Brighthouse Financial Inc , the U.S. retail insurer spun off from MetLife Inc, fell as much as 6 percent in market debut on Monday as it goes solo in an industry struggling with low interest rates.Brighthouse''s shares touched a low of $60.58 in early trading, giving it a market capitalization of $7.26 billion.At least five brokerages started coverage of the stock, with the majority having a "market perform" or equivalent rating.Wells Fargo Securities analyst Sean Dargan said while a stand-alone Brighthouse offers potential upside if markets and interest rates move upward in tandem, he did not view the "risk-reward" favorably at this time."If interest rates fall from here or equity markets retrace, we would expect BHF to be a heavily shorted name," said Dargan, who began coverage of the stock with a "market perform" rating and a $71 price target.Low interest rates have made it difficult for insurers to earn more on their investments as much of their portfolio is made up of low-yielding bonds."If you like the theory that interest rates may rise over time strong equity markets might be a tail wave for Brighthouse," Metlife Chief Executive Steven Kandarian said in a CNBC interview.The completion of the spinoff, a plan unveiled last year, ends MetLife''s reign as the largest U.S. life insurer by assets.That title will now be held by Newark, New Jersey-based Prudential Financial Inc, which had $797.4 billion in assets as of March 31, according to a filing and data from the American Council of Life Insurers.Following the spinoff, MetLife will be left with core businesses centered mainly around group life-insurance and other employee benefits, asset management and a clutch of international operations."Our goal for post-separation MetLife is to be a company that can perform well in a variety of macroeconomic environments," Kandarian said in April.A slimmed-down MetLife is likely to help the company in its legal battle against the U.S. Financial Stability Oversight Council naming it "systemically important" in 2014.The designation - which triggers stricter regulatory oversight as the insurer has the potential to devastate the financial system if it fails - was struck down by a U.S. judge last year.Brighthouse holds $223 billion of total assets and about 2.8 million insurance policies and annuity contracts as of March 31, according to a filing. (Reporting By Aparajita Saxena in Bengaluru and Suzanne Barlyn in New York; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/metlife-brighthouse-stocks-idINL4N1KT4HS'|'2017-08-07T12:22:00.000+03:00'|6536.0|''|-1.0|'' 6537|'7d75f18919ed9ac1d9c7801564d707c0eeec00a9'|'Facebook Watch steps up competition with YouTube for ad dollars'|'August 31, 2017 / 1:03 PM / 5 minutes ago Facebook Watch steps up competition with YouTube for ad dollars Jessica Toonkel 3 Min Read The Facebook logo is displayed on their website in an illustration photo taken in Bordeaux, France, February 1, 2017. Regis Duvignau (Reuters) - Facebook Inc launched its Watch video service to all users on Thursday with plans to allow anyone to submit shows, as the No. 1 social media network takes on Alphabet Inc''s rival YouTube to boost advertising revenue. The move comes as advertisers are increasingly shifting budgets from television to online as more viewers prefer to watch their favorite shows on their smartphones and tablets. On Watch, which Facebook began testing earlier this month, more than 2 billion users can see hundreds of shows from the likes of Vox, Buzzfeed, Discovery Communications, Walt Disney & Co''s ABC as well as live sports like Major League Baseball. Americans are spending over 73 minutes per day watching digital video, up more than 7 percent from last year, according to eMarketer data. TV watching has dropped 2 percent from last year to 244 minutes a day, a trend that is expected to continue. Facebook is initially paying content creators for shows to drive interest. The company is paying $10,000-$35,000 for shorter form shows and up to $250,000 for longer form scripted shows, sources told Reuters in May. The company declined to comment on how much it is spending on shows. Facebook plans to eventually open the platform to everyone to submit shows for approval and share 55 percent of ad revenue, said Dan Rose, vice president of partnerships at Facebook, in an interview. Facebook is testing how ads will work within the shows, he added. Over the past few years, Facebook has been gaining on YouTube, the leader in the digital video space, in terms of winning over advertisers, and Watch should help solidify its position, said Paul Verna, a senior analyst with eMarketer. Facebook said Watch is more personal and community-oriented than competitors. For example, it can suggest shows based on a user''s interests and friends can share their thoughts as they watch a video, or participate in groups dedicated to a show. "We think our unique opportunity is around community and engaging with people on topics they love to talk about," said Rose. For example, fans of the exercise program "CrossFit" can watch and share commentary on live CrossFit events streamed on Facebook while chatting in groups, Rose said. Reporting by Jessica Toonkel; Editing by Anna Driver and Richard Chang'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-facebook-television-idUKKCN1BB1P9'|'2017-08-31T16:04:00.000+03:00'|6537.0|''|-1.0|'' -6538|'2fd7b4f81166b5aeb2d600c03a26c6b281b67ce2'|'If convicted, Samsung''s Lee could be c/o Uijeongbu Prison'|'August 23, 2017 / 11:08 PM / 2 hours ago If convicted, Samsung''s Lee could be c/o Uijeongbu Prison Joyce Lee and Haejin Choi 4 Min Read FILE PHOTO - Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 19, 2017. Kim Hong-Ji/File Photo SEOUL (Reuters) - If convicted and given a jail sentence, home for Jay Y. Lee, the billionaire de facto head of South Korean conglomerate Samsung, could be a crowded prison set in wooded hills just to the north of Seoul, where disgraced politicians and business leaders have previously served time. Lee, who has been tried on charges ranging from bribery to perjury in a scandal that triggered the dismissal from office of the country''s ex-president Park Geun-hye, will hear the verdict of a lower court on Friday. Prosecutors are seeking a 12-year jail term. The 49-year-old Samsung scion denies wrongdoing, and would almost certainly appeal any conviction, with his case likely to be fast-tracked to the Supreme Court for a final ruling, probably next year. In the event, then, of an upheld conviction, Lee would likely follow a route to Uijeongbu Prison taken previously by a former prime minister and the heads of the SK and Daesang conglomerates, among others. If sent to Uijeongbu, Lee would likely be held in a single cell, equipped with a TV, shelving, coat rack and electric fan. Prisoners are expected to work - tending the flower garden is seen as a popular choice, said a prison official, who didn''t want to be named as he is not authorised to speak to the media - and he would be allowed to exercise outdoors for an hour a day. They can also take up study courses in English or Japanese, and attend religious services. Chey Tae-won, the convicted SK chairman, dedicated a book he published while at the prison "to the Lord". Lawyers said white-collar crime inmates often reduce their manual work time by having "special meetings" with visitors, which can be granted at the discretion of the prison warden. Directing operations at Samsung Electronics, the world''s leading smartphone and memory chip maker, from prison, though, would be a challenge as most visits are restricted. Previous conglomerate, or chaebol, heads relied on leadership committees to mind the shop while they served their sentences. For now, pending this week''s lower court verdict, Lee remains in the Seoul Detention Centre where, since February, home has been a 6.56 square meter (71 square foot) cell, with a partitioned toilet. Meals are simple, normally rice and side-dishes, and cheap, costing 1,443 won ($1.26). The centre, in a Seoul suburb near apartments built by Samsung C&T ( 028260.KS ) and stores advertising Samsung Electronics'' ( 005930.KS ) smartphones, is the country''s third-most crowded correctional facility. A justice ministry official told Reuters that Lee could ask to be transferred - possibly to the newer 12-floor Seoul Eastern Detention Centre, which local media say has basketball courts, elevators and wall-mounted flat-screen TVs. A former top aide to ex-president Park, on trial for corruption, recently moved to the new Seoul facility. While preparing the lengthy appeal process, previous high-profile inmates have hired so-called ''butler lawyers'', who stay with detained clients for hours a day to get them out of their cells and into the more comfortable visitors'' rooms. Justice ministry data show SK chairman Chey had more than 1,600 meetings with his lawyers during his 17-month detention in 2013-14 - more than three meetings every day. Reporting by Joyce Lee and Haejin Choi; Editing by Miyoung Kim and Ian Geoghegan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/samsung-lee-prison-idINKCN1B32PQ'|'2017-08-24T02:07:00.000+03:00'|6538.0|''|-1.0|'' +6538|'2fd7b4f81166b5aeb2d600c03a26c6b281b67ce2'|'If convicted, Samsung''s Lee could be c/o Uijeongbu Prison'|'August 23, 2017 / 11:08 PM / 2 hours ago If convicted, Samsung''s Lee could be c/o Uijeongbu Prison Joyce Lee and Haejin Choi 4 Min Read FILE PHOTO - Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul, South Korea, February 19, 2017. Kim Hong-Ji/File Photo SEOUL (Reuters) - If convicted and given a jail sentence, home for Jay Y. Lee, the billionaire de facto head of South Korean conglomerate Samsung, could be a crowded prison set in wooded hills just to the north of Seoul, where disgraced politicians and business leaders have previously served time. Lee, who has been tried on charges ranging from bribery to perjury in a scandal that triggered the dismissal from office of the country''s ex-president Park Geun-hye, will hear the verdict of a lower court on Friday. Prosecutors are seeking a 12-year jail term. The 49-year-old Samsung scion denies wrongdoing, and would almost certainly appeal any conviction, with his case likely to be fast-tracked to the Supreme Court for a final ruling, probably next year. In the event, then, of an upheld conviction, Lee would likely follow a route to Uijeongbu Prison taken previously by a former prime minister and the heads of the SK and Daesang conglomerates, among others. If sent to Uijeongbu, Lee would likely be held in a single cell, equipped with a TV, shelving, coat rack and electric fan. Prisoners are expected to work - tending the flower garden is seen as a popular choice, said a prison official, who didn''t want to be named as he is not authorised to speak to the media - and he would be allowed to exercise outdoors for an hour a day. They can also take up study courses in English or Japanese, and attend religious services. Chey Tae-won, the convicted SK chairman, dedicated a book he published while at the prison "to the Lord". Lawyers said white-collar crime inmates often reduce their manual work time by having "special meetings" with visitors, which can be granted at the discretion of the prison warden. Directing operations at Samsung Electronics, the world''s leading smartphone and memory chip maker, from prison, though, would be a challenge as most visits are restricted. Previous conglomerate, or chaebol, heads relied on leadership committees to mind the shop while they served their sentences. For now, pending this week''s lower court verdict, Lee remains in the Seoul Detention Centre where, since February, home has been a 6.56 square meter (71 square foot) cell, with a partitioned toilet. Meals are simple, normally rice and side-dishes, and cheap, costing 1,443 won ($1.26). The centre, in a Seoul suburb near apartments built by Samsung C&T ( 028260.KS ) and stores advertising Samsung Electronics'' ( 005930.KS ) smartphones, is the country''s third-most crowded correctional facility. A justice ministry official told Reuters that Lee could ask to be transferred - possibly to the newer 12-floor Seoul Eastern Detention Centre, which local media say has basketball courts, elevators and wall-mounted flat-screen TVs. A former top aide to ex-president Park, on trial for corruption, recently moved to the new Seoul facility. While preparing the lengthy appeal process, previous high-profile inmates have hired so-called ''butler lawyers'', who stay with detained clients for hours a day to get them out of their cells and into the more comfortable visitors'' rooms. Justice ministry data show SK chairman Chey had more than 1,600 meetings with his lawyers during his 17-month detention in 2013-14 - more than three meetings every day. Reporting by Joyce Lee and Haejin Choi; Editing by Miyoung Kim and Ian Geoghegan 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/samsung-lee-prison-idINKCN1B32PQ'|'2017-08-24T02:07:00.000+03:00'|6538.0|29.0|0.0|'' 6539|'46b0c7796109594dfef4af9843c9648338b0e04d'|'GM says small number of Chevy Bolts face battery issue'|'A 2018 Chevrolet Bolt EV is displayed during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017. Rebecca Cook/Files (Reuters) - General Motors Co said on Friday it had informed a small number of owners of its Chevrolet Bolt electric cars about a battery problem that could cause a loss of propulsion.Some early Bolt models may incorrectly report remaining range at low states of charge due to lower battery voltage, resulting in the car halting abruptly.The company said under 1 percent of the more than 10,000 Bolts sold to date were facing the problem.GM said it would arrange for service of the affected cars.The Bolt is the first electric car in the U.S. market to offer more than 200 miles of driving range per charge at a starting price of around $35,000.Reporting by Ankit Ajmera in Bengaluru; Editing by Sai Sachin Ravikumar '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/gm-bolt-battery-idINKCN1B51XM'|'2017-08-25T13:47:00.000+03:00'|6539.0|''|-1.0|'' 6540|'d07a2e433a22b005a589b61e6a8d8c6fdb2b5527'|'Uniper CEO sees no benefit in large-scale M&A'|'FILE PHOTO: The flag of Uniper SE flutters in front of the utility''s firm headquarters previously used by German utility giant E.ON in Duesseldorf, Germany, June 8, 2016. Wolfgang Rattay/File Photo FRANKFURT (Reuters) - Uniper Chief Executive Klaus Schaefer does not see the benefits from large-scale consolidation in Europe''s power sector, he told journalists on Tuesday, following months of M&A speculation that has gripped the industry."It doesn''t really make sense," Schaefer told journalists following the presentation of first-half results that included a raised outlook for profit and the group''s planned dividend.Bankers and executives are currently looking at a number of different M&A scenarios, several sources told Reuters earlier this year, including RWE''s 77-percent stake in Innogy and E.ON''s 47-percent stake in Uniper.Reporting by Christoph Steitz; Editing by Maria Sheahan'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-uniper-results-m-a-idINKBN1AO0X0'|'2017-08-08T07:25:00.000+03:00'|6540.0|''|-1.0|'' 6541|'d2980c652549a8e5cc9548fb50fcd933e440c176'|'Shell invests in Singapore solar firm Sunseap; eyes solar projects'|'August 1, 2017 / 3:28 AM / 31 minutes ago Shell invests in Singapore solar firm Sunseap; eyes solar projects Reuters Staff 1 Min Read A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. Toby Melville/File Photo SINGAPORE (Reuters) - Royal Dutch Shell ( RDSa.L ) has invested in Singapore-based solar firm Sunseap Group for an undisclosed sum as part of a planned collaboration on solar projects in the Asia-Pacific region, the companies said on Tuesday. Shell declined to reveal the amount invested by Shell Technology Ventures, the company''s corporate venturing arm. Privately held Sunseap Group has about 160 megawatts of distributed solar contracts in Singapore, holds an electricity retailer license and has secured utility scale solar projects in the region, the two companies said. Sunseap said in May that it aimed to expand in Singapore and the region, and scale up its operations following the implementation of several solar energy projects in Singapore, Malaysia, India, Vietnam, Thailand and the Philippines. It said then that it aimed to raise S$75 million ($55 million) for its expansion plans. ($1 = 1.3554 Singapore dollars) Reporting by Jessica Jaganathan; Editing by Richard Pullin 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-singapore-shell-idUKKBN1AH2WS'|'2017-08-01T06:27:00.000+03:00'|6541.0|''|-1.0|'' 6542|'e2d66ade537fed2c8ceac6f7149c72745d8e7fc2'|'Car makers, retailers rush to open, restock Houston after Harvey'|'A car dealership is covered by Hurricane Harvey floodwaters near Houston, Texas August 29, 2017. Rick Wilking DETROIT (Reuters) - Houston area car retailers and automakers are rushing to reopen dealerships and beef up inventory to replace many thousands of vehicles damaged in flooding from Hurricane Harvey.Pete DeLongchamps, vice president for manufacturer relations at Group 1 Automotive Inc, the third-largest U.S. auto dealer group, said the company prepared for the storm with a plan designed after Hurricane Katrina in 2005. This included moving moved inventory to higher ground and cleaning roof drains to avoid cave-ins.Group 1 thus lost a "relatively small percentage" of inventory and reopened its roughly 25 dealerships in the Houston and Beaumont area by Thursday."Things have been moving fast and furious with a large number of tow-ins already," DeLongchamps said. "Our customers have lost a lot of vehicles we need to help them replace."Harvey brought record flooding to Houston and killed at least 35 people. The storm is expected to briefly depress already slowing U.S. auto sales but could eventually help boost demand as damaged cars are replaced. Automakers report U.S. August sales on Friday.Estimates for the number of Harvey-damaged vehicles needing replacement range up to 500,000.By Thursday AutoNation Inc, the largest U.S. auto retail chain, had reopened its 17 Houston stores and is moving cars and trucks from other regions, company spokesman Marc Cannon said.The company plans to move 500 to 1,000 used cars to an AutoNation USA used car store and stage a sale Sept 21-23, when many would-be buyers should have insurance checks to replace destroyed vehicles, Cannon said.AutoNation is still assessing how many vehicles it lost, but it too moved vehicles to higher ground ahead of the storm.General Motors Co spokesman Jim Cain said the number of damaged vehicles at dealerships "is relatively modest.""But there are still several dealerships that are inaccessible, so the number will increase," he said. GM will move new and used vehicles to Houston, "but it won''t be done until the infrastructure and our dealers are ready."Ford Motor Co is still assessing damage and inventory needs, a spokeswoman said.CarMax Inc, the biggest U.S. used car dealer, will reopen its six Houston area stores on Labor Day, spokeswoman Claire Hunter said. "We are mobilizing additional inventory to the region as we speak," Hunter said.Paul Lips, chief operating officer at ADESA, a unit of KAR Auction Services Inc which with Manheim dominates the U.S. car auction industry, said Houston inventory is "dry and ready for sale.""Once roads are clear and employees can return safely to work, we will reopen business as usual," he said.Group 1''s DeLongchamps said the high inventory levels that have been a concern for the U.S. auto industry this year amid slackening sales are now a positive.As vehicles sell, the retailer plans to replenish inventory by drawing from surpluses at other dealers."We have one guy in our office here whose sole job is to match inventory to sales," in the Houston area, DeLongchamps said. "We call him the ''inventory czar.''"In afternoon trading, AutoNation shares were up 4.5 percent, Group 1 was up 3.4 percent, while CarMax had risen 2 percent and KAR was up nearly 1 percent. GM shares were up 2 percent and Ford was up 1.2 percent.Additional reporting by Joseph White; Editing by Cynthia Osterman '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-storm-harvey-autos-idUSKCN1BB2J8'|'2017-08-31T20:30:00.000+03:00'|6542.0|''|-1.0|'' 6543|'7e09b03fe5211d9534eb0af40a9e92ef84f40215'|'BRIEF-Singapore''s GIC, MassMutual and Blackstone to buy Goldman''s stake in Rothesay Life- Sky News'|'August 4, 2017 / 4:35 PM / 33 minutes ago BRIEF-Singapore''s GIC, MassMutual and Blackstone to buy Goldman''s stake in Rothesay Life- Sky News 1 Min Read Aug 4 (Reuters) - * Singapore''s GIC, MassMutual and Blackstone, will announce deal early next week to buy Goldman''s 33 pct stake in Rothesay Life- Sky News,citing sources * Transaction is expected to value Rothesay at about 2 billion stg- Sky News,citing sources Source bit.ly/2vpfghR 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-singapores-gic-massmutual-and-blac-idUSFWN1KQ0X9'|'2017-08-04T19:34:00.000+03:00'|6543.0|''|-1.0|'' -6544|'d87fdb7033912616c732193854ffc3fb1c299bb7'|'Traders rush to ship oil from Louisiana as Harvey looms'|'NEW YORK/HOUSTON (Reuters) - Oil traders were scrambling on Tuesday to move crude and fuel supplies through ports in Louisiana as Tropical Storm Harvey barrelled towards the state, threatening to close the last major oil terminals still operating on the U.S. Gulf Coast.Harvey pummelled the heart of the U.S. energy industry in Texas, dumping a record amount of rain and triggering catastrophic flooding in Houston. Harvey was the strongest storm to hit the state in more than 50 years, forcing operators to shut refineries, pipelines and ports.Harvey was forecast to come ashore in western Louisiana near the Texas border on Wednesday. The region includes the St. James trading hub, with more than 2.5 million barrels per day (bpd) of refining capacity. It is also home of the Louisiana Offshore Oil Port, the largest privately owned U.S. crude storage terminal.Louisiana had become the last exit and entry point into refinery row on the U.S. Gulf Coast. Its ports import and export millions of barrels per day (bpd) of crude and fuel. Texas and Louisiana are home to 45 percent of total U.S. refining capacity."Louisiana is open and being used as much as possible to discharge fuel and load exports," a trader at a refinery said.Other traders also said they were hurrying to take advantage of the closing window to import fuel into the U.S. Gulf as prices skyrocket. Prices in the region have risen as supply falls due to refinery closures.According to Eikon shipping data, the Ridgebury Julia, a tanker carrying oil products, was diverted earlier this week. It was originally going to Corpus Christi, Texas. As of Tuesday, it changed its destination to New Orleans.Buyers for Latin America, where many countries are heavily reliant on U.S. supplies, are trying to buy cargoes. Asian refiners are also keen to buy U.S. cargoes and concerned about delays to those they have already bought, shipping sources said.The window for shipping is closing as conditions deteriorate and Harvey moves east towards refineries and ports in the state.The prices in spot markets for gasoline in the Gulf have soared above benchmark prices in New York Harbor, according to Reuters data.U.S. crude prices have fallen because refiners are processing less oil. That has pushed U.S. crude prices below prices for crude elsewhere, making it cheap for international refiners if they can still get a cargo out.U.S. crude''s discount to London''s Brent futures Brents backwardation, initially confined to the contracts nearest expiry, now extends throughout the whole of next year. Additional reporting by Christopher Johnson in London, Henning Gloystein in Singapore; Editing by Marguerita Choy and Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-oil/oil-dips-on-rising-u-s-crude-inventories-and-production-idUKKCN1BW07D'|'2017-09-21T14:53:00.000+03:00'|6722.0|''|-1.0|'' 6723|'c0e83fc40181eef25a4836a77d354858cd152bdb'|'Asia stocks edge lower, focus turns to China markets after ratings cut'|'September 22, 2017 / 12:54 AM / Updated 8 hours ago Asian stocks slip, yen and franc rise as North Korea moots H-bomb test Shinichi Saoshiro 5 Min Read FILE PHOTO: A statue of a bull is displayed outside the Shenzhen Stock Exchange in the southern Chinese city of Shenzhen October 23, 2009. REUTERS/Bobby Yip/File Photo TOKYO (Reuters) - Asian stocks fell and the Japanese yen and Swiss franc gained on Friday after North Korea said it might test a hydrogen bomb in the Pacific Ocean and escalated a war of words with U.S. President Donald Trump. Spreadbetters expected European stocks to start lower amid a chill in risk appetite, forecasting Britains FTSE to open down 0.3 percent, Germanys DAX to open 0.2 percent and Frances CAC to start 0.05 percent lower. North Korean Foreign Minister Ri Yong Ho said on Friday he believes the North could consider a nuclear test on an unprecedented scale in the Pacific Ocean, South Koreas Yonhap news agency reported. MSCIs broadest index of Asia-Pacific shares outside Japan handed back earlier gains and was down 0.7 percent. The index rose to a decade high on Tuesday, lifted as Wall Street advanced to record levels, but fell back after the Fed heightened expectations for a third interest rate hike this year. South Koreas KOSPI fell 0.9 percent on the latest bout of geopolitical tensions. Australian stocks managed to advance 0.3 percent while Japans Nikkei slipped 0.4 percent following a rise to a two-year high on Thursday. The headline about North Koreas nuclear test gave a little shock to the market, said Takuya Takahashi, a strategist at Daiwa Securities in Tokyo. Though the market is not expecting that there will be an immediate military action, it has triggered a profit-taking opportunity since the Nikkei had risen sharply recently. Hong Kongs Hang Seng shed 0.8 percent and Shanghai was down 0.5 percent after S&P Global Ratings downgraded Chinas long-term sovereign credit rating on Thursday, less than a month ahead of one of the countrys most sensitive political gatherings, citing increasing risks from its rapid debt build-up. The dollar dropped 0.6 percent to 111.785 yen, pulling away from a two-month high of 112.725 touched on Thursday when U.S. yields spiked on the back of the Feds hawkish stance. The 10-year Treasury yield declined about 3 basis points to 2.251 percent as risk aversion favoured government bonds. It had risen for nine consecutive sessions prior, brushing a six-week high of 2.289 percent. Floor traders at work during the launch of Shenzhen Connect at the Hong Kong Exchanges in Hong Kong, China December 5, 2016. REUTERS/Bobby Yip The Swiss franc rose 0.2 percent to 0.9687 franc per dollar. The yen and franc are often sought in time of broader risk aversion. Safe-haven gold ticked up, with spot prices up 0.5 percent at $1,297.11 an ounce, after marking its lowest since Aug. 25 at $1,287.61 in the previous session on a firmer dollar. Apart from geopolitical risks, the focus was on how the regions markets would fare when the Federal Reserve takes a step towards normalising monetary policy, as it projected on Wednesday following its policy meeting. It is difficult to pass a verdict on the Feds stance until it actually starts its balance sheet reduction and the markets can gauge its effects, said Kota Hirayama, senior economist at SMBC Nikko Securities in Tokyo. Fundamentals continue to support emerging markets including those in Asia, although the Feds latest stance did add a layer of uncertainty going forward. In currencies, the Australian dollar was down 0.1 percent at $0.7926 after sliding 1.2 percent the previous day when Reserve Bank of Australia Governor Philip Lowe said the central bank does not have to follow a general move globally to raise interest rates. A sharp drop in the price of iron ore, Australias main export commodity, to a two-month low, has also weighed on the currency. The New Zealand dollar was down 0.3 percent at $0.7284 on jitters ahead of a hotly-contested general election on Saturday. The euro inched up 0.1 percent to $1.1954 and on track to end the week 0.8 percent lower. The dollar index against a basket of six major currencies was down 0.2 percent at 92.052. Crude oil prices were little changed amid a wait-and-see mood as ministers from the Organization of the Petroleum Exporting Countries, Russia and other producers meet later on Friday to discuss a possible extension of supply cuts. Brent crude was down 0.1 percent at $56.39 a barrel after reaching a five-month high of $56.53 overnight. Additional reporting by Ayai Tomisawa in Tokyo; Editing by Shri Navaratnam and Richard Pullin '|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/global-markets/asia-stocks-edge-lower-focus-turns-to-china-markets-after-ratings-cut-idINKCN1BX02F'|'2017-09-21T22:54:00.000+03:00'|6723.0|''|-1.0|'' @@ -6766,10 +6766,10 @@ 6764|'496f013d7f458556eeff54fa68635871b7967714'|'Brazil''s Camil delays IPO for six days to add documents'|'SAO PAULO, Sept 19 (Reuters) - Camil Alimentos SA, Brazils second-largest canned fish producer, decided to delay the pricing of an initial public offering for six more days, in order to make up-to-date financial information available to potential investors.In a statement to markets watchdog CVM, Camil said the new pricing date for the IPO will be Sept. 26, instead of Sept. 20. The company and shareholders including Warburg Pincus LLC expect to raise up to 1.7 billion reais ($542 million) in the offering.$1 = 3.1359 reais Reporting by Guillermo Parra-Bernal and Flavia Bohone; Editing by Sandra MalerEditing by Sandra Maler '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/camil-alimentos-ipo/brazils-camil-delays-ipo-for-six-days-to-add-documents-idINL2N1M020Q'|'2017-09-19T18:12:00.000+03:00'|6764.0|''|-1.0|'' 6765|'018acdc6e50096838f6333efba93015263e671dc'|'Ford to cut production at five North American vehicle plants'|'FILE PHOTO: The Ford logo is seen on a car in a park lot in Sao Paulo, Brazil June 2, 2017. REUTERS/Paulo Whitaker/File Photo DETROIT (Reuters) - Ford Motor Co ( F.N ) said on Tuesday it plans to idle five North American vehicle assembly plants for a total of 10 weeks to reduce inventories of slow-selling models. The plants affected include three assembly plants in the United States and two in Mexico, the company said in a statement. The vehicle models include the Ford Fusion and Lincoln MKZ midsize sedans, the Ford Focus compact car, the Lincoln Continental and Ford Mustang, Ford Fiesta and the Ford Transit van. Ford said the Cuautitlan assembly plant that builds the Fiesta would be idled for three weeks. The Hermosillo, Mexico plant that builds the Fusion and MKZ and the Flat Rock, Michigan, factory that assembles Continentals and Mustangs will be idled for two weeks each. The Michigan Assembly plant that builds the Focus will be idled for one week and the Kansas City assembly line that builds Transit vans will be down for two weeks. Ford did not give dates for the temporary shutdowns. The factories involved employ more than 15,000 people, according to Fords website. The company did not say how many of those workers would face temporary layoffs. As of Sept. 1, Ford had 111 days worth of unsold Mustangs, 87 days supply of Fusions, and a 103 days supply of Transit vans, according to Automotive News. Dealers had enough unsold Lincoln Continentals to last 162 days. Automakers aim for 65 to 70 days of inventory of most models. Ford and rival General Motors Co ( GM.N ) have wrestled most of this year to rein in high inventories of passenger cars as consumers have shifted to buying pickup trucks and sport utility vehicles. Production cuts slice into revenue, but also could help the automakers avoid deeper price cuts on vehicles they can sell. Reporting By Joe White; Editing by Dan Grebler '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-ford-motor-production/ford-to-cut-production-at-five-north-american-vehicle-plants-idUSKCN1BU2PS'|'2017-09-19T23:13:00.000+03:00'|6765.0|''|-1.0|'' 6766|'8afc8e0f89ccbfe7d195d57c96dc775eba3c67bd'|'Mercedes-Benz Trucks signs contract with Iran Khodro'|'The logo of Iran-Khodro Company (IKCO) is seen on the carmaker''s booth at the 2016 Moscow International Auto Salon in Moscow, Russia, August 26, 2016. REUTERS/Sergei Karpukhin LONDON (Reuters) - Germanys Mercedes-Benz Trucks signed a contract on Tuesday with Tehran-based automaker Iran Khodro, parent company Daimler AG ( DAIGn.DE ) told Reuters, laying the foundation for resuming distribution of its trucks in Iran.The deal between Iran Khodro and Mercedes-Benz Trucks includes creating a joint company that provides sales and after-sale services in the Islamic Republic, Irans semi-official Tasnim news agency reported.According to Tasnim, a second deal would be also signed next month to create a joint venture in Iran for production of heavy vehicles including Actros trucks.French PSA ( PEUP.PA ) -- the maker of Peugeots and Citroens -- and rival Renault ( RENA.PA ) have pushed hard into Iran since its 2015 deal with world powers that saw international sanctions lifted in return for curbs on Tehrans nuclear activities.PSA has signed production deals worth 700 million euros ($768 million), while Renault has announced a new plant investment to increase its production capacity to 350,000 vehicles a year.Germanys Volkswagen ( VOWG_p.DE ) and BMW ( BMWG.DE ) are among those that have put Iranian ambitions on hold as they are concerned that any deal with Tehran might affect their sales operations in the United States.Reporting by Bozorgmehr Sharafedin in London and Edward Taylor in Frankfurt; Editing by Keith Weir '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-iran-autos-mercedes/mercedes-benz-trucks-signs-contract-with-iran-khodro-idINKCN1BN26G'|'2017-09-12T14:03:00.000+03:00'|6766.0|''|-1.0|'' -6767|'8f19a752149b00c37f44e6d85129a5f5aca8689d'|'African Gold Group, Hummingbird to jointly develop Malian gold'|'LONDON, Sept 27 (Reuters) - African Gold Group and Hummingbird Resources on Wednesday said they had conditionally agreed on an $6.4 million deal for Hummingbird to operate the Kobada Gold Project in Mali.In two separate statements, African Gold Group said it was selling a 19.99 percent stake to Hummingbird Resources for 8 million Canadian dollars ($6.44 million) and at the same time would allow Hummingbird to acquire half of the Kobada project.Hummingbird provides us the financial capacity to develop the Kobada Gold Project and we are also gaining a partner with an operational presence in Mali, said Stephan Theron, Chief Executive Officer of AGG.Hummingbird said the deal would give it the right to operate the Kobada mine and would enable it to increase annual gold production to more than 150,000 ounces by year by around 2020.The plan is to truck concentrate to Kobada for processing at Hummingbirds Yanfolila project, which is scheduled to produce its first gold in December.This high-grade concentrate would have a material increase to our annual production rates and could add up to an additional 50,000 ounces per annum to our existing average life of mine production of 107,000 ounces, Dan Betts, CEO of Hummingbird said.Betts told Reuters this month he was looking for opportunities to offset depreciation of assets as Hummingbird brings online the Yanfolila project in Mali.$1 = 1.2426 Canadian dollars Reporting by Barbara Lewis in London and Esha Vaish in Bengaluru; Editing by Edmund Blair '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/hummingbird-agg/african-gold-group-hummingbird-to-jointly-develop-malian-gold-idINL8N1M85VC'|'2017-09-27T15:19:00.000+03:00'|6767.0|''|-1.0|'' -6768|'ef139c426eedb1a90abb6a5e51fe3639db0d302b'|'Premier Oil seeks buyer for stake in North Sea gas field'|'LONDON (Reuters) - Premier Oil ( PMO.L ) is seeking to sell half of its stake in the Babbage gas field in the North Sea, according to a document seen by Reuters, as it tries to pay down a heavy debt pile it accrued during the oil market downturn.The London-listed oil and gas producer completed a financial restructuring earlier this year and is counting on revenue from disposals and the start-up of its new Catcher field to help it reduce debt that reached $2.74 billion by the end of June.Premier holds a 47 percent stake in the Babbage field which it also operates and is seeking to sell a 23.5 percent non-operating interest, according to Premiers sale prospectus, which invites indicative offers by end-September.It is also offering a 25 percent stake in the nearby Cobra discovery where it plans to drill an appraisal well next year, the document said.Premier gained the assets through last years $120 million acquisition of E.ONs North Sea business.Chief Executive Tony Durrant confirmed to Reuters on Thursday that some of those assets are up for sale, without giving details.He said any bidding process for the Babbage stake had not yet been launched.Were still in the process of tidying up the E.ON acquisition. The core assets from that acquisition are Elgin-Franklin, Tolmount and Huntington, they have all been very successful. For the right offer wed consider selling other assets from the E.ON portfolio, Durrant told Reuters.Banking sources said the company hopes to raise up to $100 million from the sale.Babbage, located in the southern section of the North Sea of Englands eastern coast, began production in the summer of 2010. It is expected to produce around 200 billion cubic feet of natural with a remaining field life of over 15 years, according to the prospectus.Earlier this week, Premier said it agreed to sell its stake in the Wytch Farm onshore oil field to Verus Petroleum for $200 million.It has also put its 30 percent stake in the ETS pipeline up for sale, Durrant said in July.Were looking to increase our disposal target quite significantly above $100 mln for this year... to accelerate the debt reduction process, he said at the time.Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-premier-oil-m-a/premier-oil-seeks-buyer-for-stake-in-north-sea-gas-field-idINKCN1BP17M'|'2017-09-14T08:20:00.000+03:00'|6768.0|''|-1.0|'' +6767|'8f19a752149b00c37f44e6d85129a5f5aca8689d'|'African Gold Group, Hummingbird to jointly develop Malian gold'|'LONDON, Sept 27 (Reuters) - African Gold Group and Hummingbird Resources on Wednesday said they had conditionally agreed on an $6.4 million deal for Hummingbird to operate the Kobada Gold Project in Mali.In two separate statements, African Gold Group said it was selling a 19.99 percent stake to Hummingbird Resources for 8 million Canadian dollars ($6.44 million) and at the same time would allow Hummingbird to acquire half of the Kobada project.Hummingbird provides us the financial capacity to develop the Kobada Gold Project and we are also gaining a partner with an operational presence in Mali, said Stephan Theron, Chief Executive Officer of AGG.Hummingbird said the deal would give it the right to operate the Kobada mine and would enable it to increase annual gold production to more than 150,000 ounces by year by around 2020.The plan is to truck concentrate to Kobada for processing at Hummingbirds Yanfolila project, which is scheduled to produce its first gold in December.This high-grade concentrate would have a material increase to our annual production rates and could add up to an additional 50,000 ounces per annum to our existing average life of mine production of 107,000 ounces, Dan Betts, CEO of Hummingbird said.Betts told Reuters this month he was looking for opportunities to offset depreciation of assets as Hummingbird brings online the Yanfolila project in Mali.$1 = 1.2426 Canadian dollars Reporting by Barbara Lewis in London and Esha Vaish in Bengaluru; Editing by Edmund Blair '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/hummingbird-agg/african-gold-group-hummingbird-to-jointly-develop-malian-gold-idINL8N1M85VC'|'2017-09-27T15:19:00.000+03:00'|6767.0|25.0|-1.0|'' +6768|'ef139c426eedb1a90abb6a5e51fe3639db0d302b'|'Premier Oil seeks buyer for stake in North Sea gas field'|'LONDON (Reuters) - Premier Oil ( PMO.L ) is seeking to sell half of its stake in the Babbage gas field in the North Sea, according to a document seen by Reuters, as it tries to pay down a heavy debt pile it accrued during the oil market downturn.The London-listed oil and gas producer completed a financial restructuring earlier this year and is counting on revenue from disposals and the start-up of its new Catcher field to help it reduce debt that reached $2.74 billion by the end of June.Premier holds a 47 percent stake in the Babbage field which it also operates and is seeking to sell a 23.5 percent non-operating interest, according to Premiers sale prospectus, which invites indicative offers by end-September.It is also offering a 25 percent stake in the nearby Cobra discovery where it plans to drill an appraisal well next year, the document said.Premier gained the assets through last years $120 million acquisition of E.ONs North Sea business.Chief Executive Tony Durrant confirmed to Reuters on Thursday that some of those assets are up for sale, without giving details.He said any bidding process for the Babbage stake had not yet been launched.Were still in the process of tidying up the E.ON acquisition. The core assets from that acquisition are Elgin-Franklin, Tolmount and Huntington, they have all been very successful. For the right offer wed consider selling other assets from the E.ON portfolio, Durrant told Reuters.Banking sources said the company hopes to raise up to $100 million from the sale.Babbage, located in the southern section of the North Sea of Englands eastern coast, began production in the summer of 2010. It is expected to produce around 200 billion cubic feet of natural with a remaining field life of over 15 years, according to the prospectus.Earlier this week, Premier said it agreed to sell its stake in the Wytch Farm onshore oil field to Verus Petroleum for $200 million.It has also put its 30 percent stake in the ETS pipeline up for sale, Durrant said in July.Were looking to increase our disposal target quite significantly above $100 mln for this year... to accelerate the debt reduction process, he said at the time.Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-premier-oil-m-a/premier-oil-seeks-buyer-for-stake-in-north-sea-gas-field-idINKCN1BP17M'|'2017-09-14T08:20:00.000+03:00'|6768.0|29.0|4.0|'' 6769|'5110374098f6604bc3eff3e31e7f73c2b6afbc08'|'China to loan Guinea $20 bln in exchange for minerals'|'September 6, 2017 / 2:29 PM / 20 minutes ago China to loan Guinea $20 billion to secure aluminum ore Saliou Samb 2 Min Read CONAKRY (Reuters) - China agreed on Wednesday to loan Guinea $20 billion over almost 20 years in exchange for concessions on bauxite, an ore of aluminum which the West African country has in abundance, the mines minister said. The projects guaranteed by the loan included China Power Investment Corps (CPI) planned alumina refinery and Aluminium Corp of Chinas ( 601600.SS ) (Chalco) bauxite mine and another bauxite project by China Henan International Cooperation Group, all of them in the northwestern town of Boffa. Those are the three projects targeted as priorities for the first phase, Mines Minister Abdoulaye Magassouba told Reuters. The revenues these projects generate will serve as reimbursement for the loans. The minister said the money would be spent on badly needed infrastructure - Guinea is one of the worlds least developed countries - a roads-for-minerals formula that China often uses to gain access to Africas resources. Projects earmarked included roads in the capital Guinea and highways upcountry, a project for extending the port of Conakry, an electric transmission line and the building of a university, Magassouba said. Chalco said last month it plans to invest $500 million in the project in Boffa, about 200 kilometres from the capital Conakry, which was abandoned by BHP Billiton ( BHP.AX ) in 2013. The $6 billion CPI alumina project has been on the cards since at least 2012. Guinea, Africas leading bauxite producer, holds some of the worlds richest bauxite and iron ore deposits, including the Simandou iron ore deposit, in its remote east, which is mired in legal disputes but has nevertheless attracted intense interest from China. Reporting by Saliou Samb; Writing by Tim Cocks; Editing by Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-guinea-mining-china/china-to-loan-guinea-20-billion-in-exchange-for-minerals-idUSKCN1BH1YT'|'2017-09-06T17:16:00.000+03:00'|6769.0|''|-1.0|'' -6770|'244947358db8f4147b9e1c2ee9368f38aba530bd'|'BRIEF-Telia settles U.S. bribery case'|' 1:36 PM / Updated 16 minutes ago BRIEF-Telia settles U.S. bribery case Reuters Staff 1 Min Read Sept 21 (Reuters) - TELIA ADMITS, ACCEPTS AND ACKNOWLEDGES RESPONSIBILITY FOR ALLEGED WRONGDOING, ACCORDING TO THE DEFERRED PROSECUTION AGREEMENT DEFERRED PROSECUTION AGREEMENT SAYS IT RUNS FOR THREE YEARS Telia co enters deferred prosecution agreement with u.s. Department of justice, to pay $548.6 mln monetary penalties -- court filing U.S. DEPARTMENT OF JUSTICE SAYS TELIAS UZBEKISTAN SUBSIDIARY, COSCOM, IS ENTERING A RELATED GUILTY PLEA U.S. ACCUSED TELIA OF CONSPIRING TO VIOLATE ANTI-BRIBERY PROVISIONS OF FOREIGN CORRUPT PRACTICES ACT'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/telia-brief/brief-telia-settles-u-s-bribery-case-idUSL2N1M20VX'|'2017-09-21T16:36:00.000+03:00'|6770.0|''|-1.0|'' +6770|'244947358db8f4147b9e1c2ee9368f38aba530bd'|'BRIEF-Telia settles U.S. bribery case'|' 1:36 PM / Updated 16 minutes ago BRIEF-Telia settles U.S. bribery case Reuters Staff 1 Min Read Sept 21 (Reuters) - TELIA ADMITS, ACCEPTS AND ACKNOWLEDGES RESPONSIBILITY FOR ALLEGED WRONGDOING, ACCORDING TO THE DEFERRED PROSECUTION AGREEMENT DEFERRED PROSECUTION AGREEMENT SAYS IT RUNS FOR THREE YEARS Telia co enters deferred prosecution agreement with u.s. Department of justice, to pay $548.6 mln monetary penalties -- court filing U.S. DEPARTMENT OF JUSTICE SAYS TELIAS UZBEKISTAN SUBSIDIARY, COSCOM, IS ENTERING A RELATED GUILTY PLEA U.S. ACCUSED TELIA OF CONSPIRING TO VIOLATE ANTI-BRIBERY PROVISIONS OF FOREIGN CORRUPT PRACTICES ACT'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/telia-brief/brief-telia-settles-u-s-bribery-case-idUSL2N1M20VX'|'2017-09-21T16:36:00.000+03:00'|6770.0|27.0|0.0|'' 6771|'d92c57ec2737f0adaf5e4469f1e0a4d766739fbd'|'Central bank says Otkritie falsified accounts with eurobonds'|'Central bank says Otkritie falsified accounts with eurobonds Failed Russian lender held securities at inflated prices to sugarcoat financials Read next by Max Seddon in Moscow Listen to this article Play audio for this article Pause 00:00 00:00 Otkritie, the countrys largest private lender until regulators stepped in to save it last month, falsified its accounts through a gigantic eurobond purchase, the governor of the Central Bank of Russia said on Thursday. Elvira Nabiullina told reporters that Otkritie used its 2015 purchase of Rbs740bn in Russias 2030 eurobond three-quarters of the total issuance to hide its troubled finances. Holding so much of the eurobond issue essentially allowed Otkritie to set its own valuations for the bonds, analysts say. The bank often acted with an eye on short-term returns without understanding what it was doing in the long term, Ms Nabiullina said. The paper was held [on Otkrities books] at an inflated price, which allowed the bank to sugarcoat its financials by manipulating the market price. Ms Nabiullina also said the central bank would sue to recover bonuses paid to Otkrities management in the weeks before its collapse. She said the payments could be interpreted as asset stripping. A spokesman for Otkritie Bank declined to comment. A spokesman for its former holding company and its former chief executive Alexei Karakhan did not immediately respond to requests for comment. The central bank stepped in last month to halt what would have been one of Russias largest ever bank collapses, after depositors withdrew 30 per cent of Otkrities assets over the summer. A newly established state rescue fund is taking 75 per cent of the equity and plans to run the lender for up to a year. Ms Nabiullina said Otkrities status as a systemically important bank meant the central bank had to step in. Otkrities situation has an effect on many banks, and not just banks, but pension funds and insurance companies, she said. Otkritie has a balance sheet hole of up to Rbs400bn, according to the central banks preliminary estimate. The final sum could be as much as double that, according to several senior state bankers. The banks former chairman, Ruben Aganbegyan, has left along with all but two of its senior executives, Otkritie said on Thursday. Since Ms Nabiullina became governor in 2013, the central bank has shut down more than 300 insolvent lenders. Early estimates of failed banks balance sheet holes often shoot up months later after a temporary administration period allows regulators time to probe the banks accounts. On Thursday, the central bank said that Yugra, the largest bank to go under this year, had an Rbs86bn hole 12 times more than initially estimated. Otkritie was the first lender to be rescued by the central banks new fund. Ms Nabiullina said she intended to sell the bank on the market after the administration period ended in a few months. Ms Nabiullina said that when the central bank returned Otkritie to private ownership, it planned to appoint Mikhail Zadornov, a respected executive at state-run bank VTB, as chief executive. Mr Zadornov was finance minister during Russias default in 1998, and then won praise for creating VTB24, a retail bank that is being absorbed into VTB. Its a good challenge, plus he gets independence, one of the people said. He will shift from VTB to Otkritie in the new year. VTB, which owns 10 per cent of the banks former parent company Otkritie Holding, played a key role in its rise from minnow to Russias largest private lender by assets in just a few years. VTB financed a 2012 acquisition that shot Otkritie into the top 10, then organised a massive repo deal to refinance state-run oil company Rosneft that saw Otkritie take its stake in the 2030 eurobonds. But the central banks slowness to react to the eurobond purchase raises questions about its regulation, a senior state banker said. There was no way [the central bank] couldnt have understood that the price was wrong, the person said. Mr Zadornov said that VTB and Otkrities other shareholders were likely to lose the remainder of their stake once the central bank confirmed the hole in the balance sheet. Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t copy articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://rss.ft.com/rss/companies/banks'|'https://www.ft.com/content/087a1018-9946-11e7-b83c-9588e51488a0'|'2017-09-14T18:31:00.000+03:00'|6771.0|''|-1.0|'' 6772|'eddfc58e8b9e846a90c61ebe009b8d2ddca6bf5b'|'Carlsberg fund expects high yields from new green investments'|'COPENHAGEN, Sept 18 (Reuters) - The Carlsberg Foundation, the main owner of Danish brewer Carlsberg, is investing 500 million Danish crowns ($80 million) in funds that work with water conservation, carbon reduction and sustainable food production.The foundation will announce the investment at the opening ceremony of the New York Climate Week on Monday.Were not just doing this to make good, were also doing it because it gives good yields, Flemming Besenbacher, chairman of the foundation and the brewer, told Reuters.The amount includes 175 million crowns in Parvest Aqua, a fund that invests in companies with technologies to clean and save water, expected to give an annual yield of 11.5 percent.Looking at the world today, water will become a scarce resource, and thats one reason the Parvest Aqua fund has done so well, Besenbacher said.The foundation is also investing 175 million and 100 million respectively in the Parvest funds Leaders and SmartFood, and another 50 million crowns in private equity fund Impax New Energy III, which has an expected annual yield of 12-15 percent.The 450 million crowns for the Parvest funds were invested in late May, while the 50 million for the private equity fund will be invested throughout 2017.The foundation has 23.5 billion crowns of its 25.4 billion crowns of investments in Carlsberg where it owns 30.3 percent of the shares and 75.25 percent of the voting rights.Carlsberg, the worlds third-largest brewer, has itself launched a programme to bring down its carbon emission and water usage drastically by 2030.$1 = 6.2277 Danish crowns Reporting by Teis Jensen; Editing by Mark Potter '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/carlsberg-investment/carlsberg-fund-expects-high-yields-from-new-green-investments-idINL5N1LW3GG'|'2017-09-18T05:33:00.000+03:00'|6772.0|''|-1.0|'' 6773|'7c1329289d3fd59005288e2916faf1e8ef272b50'|'Foreign banks face new EU set-up to allow more scrutiny'|'September 4, 2017 / 12:26 PM / in an hour Foreign banks face new EU set-up to allow more scrutiny 3 Min Read An illustration picture shows euro coins, April 8, 2017. REUTERS/Kai Pfaffenbach LONDON (Reuters) - Nineteen foreign banks in the European Union will need to set up new holding companies so that regulators can scrutinise them more closely, an EU discussion paper says, mirroring steps taken by the United States. The European Commission proposed last November that banks headquartered outside the bloc consolidate their EU activities under an intermediate parent undertaking or IPU in response to U.S. moves to require foreign banks to set up such companies. The commission, which is the EUs executive, has now fleshed out its thinking and has made a preliminary estimate that 19 foreign banks will have to set up an IPU. Between them they operate via 53 subsidiaries and 53 branches, with 35, more than a third of the total, in Britain alone. Britain leaves the bloc in March 2019, which makes having a proper framework for supervising non-EU banking operations even more relevant, a discussion paper, which was reviewed by Reuters and is dated Sept.1, said. Separately, the bloc has already proposed that clearing houses that handle large amounts of euro-denominated assets should be jointly supervised by Brussels after Brexit. Subsidiaries of foreign lenders make up 42 percent of banking subsidiaries in the bloc, up from 36 percent in 2008, but EU regulators have only limited access to timely data on what goes on across these operations, the document said. As a consequence, the supervision of subsidiaries that belong to the same third-country group, but operate in different member states is fragmented and hence might result in regulatory and supervisory arbitrage. An IPU would not necessarily increase capital or liquidity requirements, it added. The European Central Bank, which supervises top euro zone lenders, and the Single Resolution Board, in charge of closing down those lenders if they fail, both want foreign branches, and not just subsidiaries, to come under IPUs. The commission, however, is sticking to its view that branches should not be included. Subsidiaries are directly supervised by the country they are in, while branches are supervised mainly by the banks home country. The EU proposal needs approval from member states and the European Parliament to become law, and major changes are often made during this process. The 19 banks are Bank of America, Citi, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley, Mitsubishi UFJ Financial Group, UBS, Bank of New York Mellon, Industrial and Commercial Bank of China, State Street, Sumitomo Mitsui Financial Group, Mizuho Financial Group, Wells Fargo, Bank of China Ltd, Agricultural Bank of China Ltd, China Construction Bank Corp, Nomura Holdings, and Royal Bank of Canada. The document said the benefits to financial stability of creating IPUs would clearly outweigh unquantified potential one-off costs of reorganisation. Reporting by Huw Jones; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-banks-regulations/foreign-banks-face-new-eu-set-up-to-allow-more-scrutiny-idUKKCN1BF1F6'|'2017-09-04T15:26:00.000+03:00'|6773.0|''|-1.0|'' @@ -6780,7 +6780,7 @@ 6778|'9962ff53547ee28e96ddb37fefec594623b61c34'|'White House battles critics over tax plan as lawmakers prepare to act'|'September 28, 2017 / 9:48 PM / Updated 9 hours ago White House battles critics over tax plan as lawmakers prepare to act David Morgan 4 Min Read WASHINGTON (Reuters) - The White House struggled on Thursday to defend its new tax plan against criticism that it would help the rich at the expense of lower classes, as Republicans in Congress prepared to move ahead with actual legislation. A day after President Donald Trump unveiled the plan and called it a miracle for the middle class, White House economic adviser Gary Cohn said he could not guarantee that all middle-class Americans would see their tax bills decline. I cannot guarantee that. You could find me someone in the country that their taxes may not go down, Cohn told reporters at a White House briefing. Cohn said that taxes may not decline for some, maybe one person, but insisted that the middle class would benefit. Our tax plan is aimed at making sure that we give middle class Americans a tax cut, Cohn told reporters. That is what we are spending all of our time on doing, and weve got lots of tools at our disposal to make sure we do that and thats what were going to do. The Trump plans tax cuts for businesses and individuals would reduce federal revenues by more than $5 trillion over a decade, according to independent analysts. The United States is already $20 trillion in debt and the Republican plan, while very specific on tax cuts, provided few details on how to offset the federal revenues that would be lost if the U.S. Congress were to approve Trumps proposals. Some critics said the plan may need to be pared back if Congress cannot agree on $4 trillion in offsets. It calls for slashing the corporate tax rate to 20 percent from 35 percent, the small business rate to 25 percent from 39.6 percent and the top individual rate to 35 percent from 39.6 percent. The Trump administration did not assign income levels to their proposed tax brackets. Every year, the Internal Revenue Service adjusts tax provisions for inflation to avoid people and businesses suddenly finding themselves in a different tax bracket. U.S. President Donald Trump arrives aboard Air Force One at Joint Base Andrews, Maryland, U.S. September 27, 2017. REUTERS/Jonathan Ernst The plan also has raised concerns among some critics about how it would effect the U.S. income gap between rich and poor. Democrats blasted the plan as a giveaway to the wealthy and businesses, despite Trumps assurances that the rich would not benefit. Critics have zeroed in on Republican plans to raise the lowest individual tax bracket to 12 percent from 10 percent. Representative Kevin Brady, Republican chairman of the tax-writing House of Representative Ways and Means Committee, dismissed the criticism as false. The 10 percent bracket today goes to zero, Brady told a audience at the Heritage Foundation think tank. Those of modest income, the poor and middle class, are better off. But before they can unveil actual tax reform legislation, the House and Senate will have to adopt a fiscal year 2018 budget resolution containing a procedural tool called reconciliation, which is vital if Republicans intend to move a tax bill through the Senate without support. Until this week, the budget resolution drive was embroiled in House Republican infighting. But House Budget Committee Chairman Diane Black told Reuters on Friday that she expected the measure to be approved in an Oct. 5 vote. Were going to absolutely have the votes, said Black, a Republican. People are excited about tax reform. Lawmakers will face a fight to eliminate $4 trillion in tax deductions, loopholes and other base broadeners, including tax breaks that will be defended by interest groups and lobbyists. This is going to make healthcare look like a simple thing to do, Senator Bob Corker, a fiscal hawk, said a day after the latest Senate push to replace Obamacare collapsed. Corker said the plans goals may not be achievable if lawmakers cannot agree on enough base broadeners. Republicans are aiming to have tax reform signed into law before January. Independent analysts believe they could enact legislation sometime in the first half of 2018. Reporting by David Morgan; Additional reporting by Susan Heavey and Lindsay Dunsmuir; Editing by Kevin Drawbaugh and Grant McCool '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-usa-tax/white-house-battles-critics-over-tax-plan-as-lawmakers-prepare-to-act-idUSKCN1C33AN'|'2017-09-29T00:47:00.000+03:00'|6778.0|''|-1.0|'' 6779|'baedd83f6e9f243b56347b279951eb6b779efa76'|'Toys ''R'' Us files for bankruptcy protection'|'Sept 18 (Reuters) - Toys R Us Inc, the largest U.S. toy store chain, filed for bankruptcy protection on Monday, the latest sign of turmoil in the retail industry caught in a viselike grip of online shopping and discount chains.The Chapter 11 filing is among the largest ever by a specialty retailer and casts doubt over the future of the companys approximately 1,600 stores and 64,000 employees. It comes just as Toys R Us is gearing up for the holiday shopping season, which accounts for the bulk of its sales.Toys R Us filed the petition in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond, Virginia. (Reporting by Tom Hals in Wilmington, Delaware and Subrat Patnaik in Bengaluru; Editing by Amrutha Gayathri) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/toysr-us-bankruptcy/toys-r-us-files-for-bankruptcy-protection-idUSL4N1M01Y3'|'2017-09-19T06:49:00.000+03:00'|6779.0|''|-1.0|'' 6780|'3fd3eb8dbb2df8a9e6cdc97a753d576f74bb4e2e'|'UK Stocks-Factors to watch on Sept 7'|'Sept 7 (Reuters) - Britain''s FTSE 100 index is seen opening 10 points higher at 7354.13 on Thursday, according to financial bookmakers. * RBS: Britain''s financial regulator should release a leaked report about Royal Bank of Scotland that alleged many companies suffered from "inappropriate action" by its Global Restructuring Group unit, a senior British lawmaker said. * ASTRAZENECA: A new kind of injectable biotech treatment for severe asthma from AstraZeneca and Amgen promises to help a much broader range of patients than existing medicines like GlaxoSmithKline''s Nucala. * THOMAS COOK GROUP: Pilots for Thomas Cook Airlines are set to strike later this week in a dispute over pay after London''s High Court on Wednesday refused to block the industrial action. * RETAIL: Britain''s Office for National Statistics will delay the publication of retail sales data for August, originally scheduled for Sept. 14, because of technical issues, it said on Wednesday. * LONDON HOUSING: The mayor of London plans to spend 250 million pounds ($326 million) buying land to tackle the city''s affordable housing crisis, which he described on Wednesday as the single biggest barrier to prosperity for Londoners. * BREXIT: The British government has asked FTSE 100 companies to sign a public letter endorsing its Brexit strategy, four sources familiar with the matter said on Wednesday, risking further strains with firms who are reluctant to agree. * BREXIT: The European Union will soon ask Britain to take responsibility for solving the Irish border problems, according to documents leaked to the Guardian. * EX-DIVS: Admiral Group, Antofagasta, BHP Billiton , CRH, Convatec , Glencore, Land Securities , RSA Insurance, Shire and Standard Life Aberdeen will trade without entitlement to their latest dividend pay-out on Thursday, trimming 6.51 points off the FTSE 100 according to Reuters calculations * The UK blue chip index closed down 0.25 percent at 7,354.13 points on Wednesday, weighed down by losses among banks and housebuilders although they ended off lows hit on simmering geopolitical tensions in the Korean peninsula. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: McBride PLC Full Year 2017 Earnings Release Bovis Homes Group PLC Half Year 2017 Earnings Release Go-Ahead Group PLC Full Year 2016 Earnings Release Redde PLC Full Year 2017 Earnings Release Ashmore Group PLC Full Year 2017 Earnings Release EnQuest PLC Half Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Esha Vaish in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-sept-7-idUSL4N1LO25S'|'2017-09-07T08:36:00.000+03:00'|6780.0|10.0|0.0|'' -6781|'97f901372de7cebed493a479243a13adeaf35d4b'|'UPDATE 1-FPL shut one reactor at Florida Turkey Point ahead of Irma'|'(Adds location of Turkey Point, earlier comments from FPL)Sept 10 (Reuters) - Florida Power & Light (FPL) said it had shut one reactor at its Turkey Point nuclear plant on Saturday but will leave the other operating, after the forecast track for Hurricane Irma shifted toward the west and away from the South Florida plant.FPL also said it no longer plans to shut the two reactors at its St Lucie plant located on a barrier island on the states east coast, about 120 miles (193 km) north of Miami.Turkey Point is located about 30 miles south of Miami.Before Irmas expected track changed, FPL said on Friday it planned to shut both units at Turkey Point sometime on Saturday about 24 hours before hurricane force winds reached the plant.The company also had said it planned to shut both reactors at St Lucie about 24 hours before hurricane force winds reached that plant.FPL, the biggest power company in Florida, changed its plan because hurricane force winds are no longer expected to reach either site.FPL is a unit of Florida energy company NextEra Energy Inc . (Reporting by Scott DiSavino; Editing by Elaine Hardcastle) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-irma-fpl-nuclear/update-1-fpl-shut-one-reactor-at-florida-turkey-point-ahead-of-irma-idINL2N1LR0B0'|'2017-09-10T10:43:00.000+03:00'|6781.0|''|-1.0|'' +6781|'97f901372de7cebed493a479243a13adeaf35d4b'|'UPDATE 1-FPL shut one reactor at Florida Turkey Point ahead of Irma'|'(Adds location of Turkey Point, earlier comments from FPL)Sept 10 (Reuters) - Florida Power & Light (FPL) said it had shut one reactor at its Turkey Point nuclear plant on Saturday but will leave the other operating, after the forecast track for Hurricane Irma shifted toward the west and away from the South Florida plant.FPL also said it no longer plans to shut the two reactors at its St Lucie plant located on a barrier island on the states east coast, about 120 miles (193 km) north of Miami.Turkey Point is located about 30 miles south of Miami.Before Irmas expected track changed, FPL said on Friday it planned to shut both units at Turkey Point sometime on Saturday about 24 hours before hurricane force winds reached the plant.The company also had said it planned to shut both reactors at St Lucie about 24 hours before hurricane force winds reached that plant.FPL, the biggest power company in Florida, changed its plan because hurricane force winds are no longer expected to reach either site.FPL is a unit of Florida energy company NextEra Energy Inc . (Reporting by Scott DiSavino; Editing by Elaine Hardcastle) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-irma-fpl-nuclear/update-1-fpl-shut-one-reactor-at-florida-turkey-point-ahead-of-irma-idINL2N1LR0B0'|'2017-09-10T10:43:00.000+03:00'|6781.0|18.0|0.0|'' 6782|'be9a4bb4a7f801067779196ed997ec5dbedc159e'|'U.S. says Telia settles bribery case, to pay $548.6 mln'|'NEW YORK (Reuters) - Swedish telephone company Telia Co has agreed to pay $548.6 million in criminal penalties and a unit agreed to plead guilty to a bribery charge to settle a U.S. probe of the companys alleged corruption in Uzbekistan, court papers show.The settlement was detailed in papers made public on Thursday and being filed with the U.S. District Court in Manhattan.According to the papers, Telia is entering a three-year deferred prosecution agreement under which it admitted and accepted responsibility for alleged corruption.Its Coscom LLC unit in Uzbekistan is separately pleading guilty to one count of conspiring to violate anti-bribery provisions of the Foreign Corrupt Practices Act, a U.S. law, the papers show.In a statement, Telia said it was very close to a final settlement with all authorities, including Dutch prosecutors and the U.S. Securities and Exchange Commission, and has already set aside money for the expected financial sanctions.Telia had estimated in April that a resolution related to its Uzbek business might cost about $1 billion.According to U.S. prosecutors, Telia, Coscom and a high-ranking Telia executive conspired to pay an Uzbek government official $331.2 million in bribes in exchange for help in expanding their share of Uzbekistans telecommunications market.The payments were made from 2007 to 2010, and the corrupt conduct resulted in $457 million of gains for Stockholm-based Telia, the court papers show.Deferred prosecution agreements allow companies to avoid criminal charges, so long as they comply with the terms.Additional reporting by Anna Ringstrom and Olof Swahnberg in Stockholm '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/legal-us-telia-settlement/u-s-says-telia-settles-bribery-case-to-pay-548-6-mln-idUSKCN1BW1XX'|'2017-09-21T22:01:00.000+03:00'|6782.0|''|-1.0|'' 6783|'350f2db0188e611d0ce5b1f57f63a8bbdf96082b'|'SAP to buy customer management software firm Gigya'|' 5:29 PM / Updated 3 hours ago SAP to buy customer management software firm Gigya Reuters Staff 3 Min Read FILE PHOTO: SAP headquarters in Walldorf, Germany, January 24, 2017. REUTERS/Ralph Orlowski/File Photo FRANKFURT/JERUSALEM (Reuters) - SAP ( SAPG.DE ), Europes biggest technology company, has agreed to buy U.S.-Israeli customer identity software company Gigya to strengthen its position in the booming market for online customer relationship marketing, the company said on Sunday. The deal, terms of which were not disclosed, will tie together Gigyas user identity access and management platform with SAPs Hybris customer profile data-matching software so businesses can market services to online customers. Several Israeli media put a purchase price on the deal of $350 million for Gigya, which was founded in Israel in 2006 before relocating its headquarters to Silicon Valley. Both companies declined to comment on price of the deal. Gigya software enables companies to manage customer marketing profiles and preferences, while giving consumers themselves the power to opt-in and give their consent, helping users to keep control of their data at all times, SAP said. The acquisition beefs up SAPs ability to help companies doing business in Europe to comply with privacy regulations such as the EUs upcoming General Data Protection Regulation. Gigya currently manages 1.3 billion customer identity profiles. Major independent analyst firms, most recently Forrester Research, have positioned Gigya as a top vendor in this field, SAP said in a statement announcing the deal. Forrester ranks Gigya as leader in the niche field of user identity management against rivals such as Salesforce ( CRM.N ), Ping Identity, Auth0 and Microsoft ( MSFT.O ), singling Gigya out for its more intuitive user interface and security. It counts 700 big businesses as users, including half of the top 100 U.S. web properties, and European brands such as retailer ASOS ( ASOS.L ), pharmaceutical maker Bayer ( BAYGn.DE ), cosmetics firm LOreal ( OREP.PA ) and airline KLM ( AIRF.PA ), according to Gigya. Gigya will be incorporated into SAPs Hybris marketing business, which offers so-called ommichannel integration that allows businesses to keep tabs on customers whether they shop in stores, online or on their phones, SAP said. Since 2013, Gigya has been a partner of Hybris, which SAP acquired the same year. The transaction is expected to close in the final quarter of 2017, subject to regulatory approval, SAP said. Reporting by Eric Auchard, Vera Eckert and Ari Rabinovitch; Editing by Tova Cohen and Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-sap-se-gigya-m-a/sap-to-buy-data-specialist-gigya-idUKKCN1BZ0SW'|'2017-09-24T22:44:00.000+03:00'|6783.0|''|-1.0|'' 6784|'8fc9d8cfeb982877c2c53b6a035a0cd9c4407d10'|'UK minister to give update on Fox-Sky deal on Tuesday'|'The Sky logo is seen on an advertising wrap on a bus in west London, Britain June 29, 2017. REUTERS/Toby Melville LONDON (Reuters) - Britains media secretary will make a statement in parliament later on Tuesday about Rupert Murdochs bid to buy the rest of pay-TV group Sky ( SKYB.L ), the leader of the house said on Twitter.Minister Karen Bradley has been weighing whether to refer Twenty-First Century Foxs ( FOXA.O ) bid for Sky for a wide-ranging investigation to assess the impact a takeover would have on the broader provision of news.Bradley is expected to speak around 1330 local time.Reporting by Kate Holton; editing by Michael Holden '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-sky-m-a-fox/uk-minister-to-give-update-on-fox-sky-deal-on-tuesday-idUSKCN1BN11L'|'2017-09-12T12:51:00.000+03:00'|6784.0|''|-1.0|'' @@ -6828,7 +6828,7 @@ 6826|'34846da7295eb0fa0a59f3d8bb48fce441d70bc2'|'Global economy - Enter the Draghi'|'September 1, 2017 / 2:24 PM / in 13 hours Global economy - Enter the Draghi Balazs Koranyi 5 Min Read European Central Bank (ECB) President Mario Draghi gives a speech during Lindau Nobel Laureate Meetings in Lindau, Germany August 23, 2017. REUTERS/Arnd Wiegmann FRANKFURT (Reuters) - The spotlight shines on Mario Draghi once again. The European Central Bank president has to reconcile an economic dichotomy of robust growth with weak inflation, a dilemma exacerbated by a seemingly unstoppable rise in the euro. The time for thinking is running out, however. The ECBs massive stimulus scheme is due to expire by year-end so Draghi will have to start charting a new course when policymakers meet on Sept 7. The problem is that the ECB is undershooting its near 2 percent inflation target for the fifth year running and will continue to miss into the next decade, failing on its primary mandate and potentially jeopardizing its own credibility despite unprecedented stimulus. Economic growth, now into its 17th straight quarter, is even complicating the problem. The euro naturally firms as the economy roars ahead but that makes imports cheaper and holds back inflation even more. Indeed, the currency is up by 13 percent this year against the dollar, a reflection of the euro zones strength, policy uncertainty in the United States and expectations that one way or another, the ECB will have to tighten policy. That leaves Draghi with a tricky job. He must acknowledge that work is underway on the future of stimulus but he needs to keep details to the minimum to buy a bit more time and temper edgy markets. With few specific decision coming out of the meeting, it will be a communication tightrope with each word carrying extra weight. We think the key reason for staying put on 7 September is the sharp -- more than 5 percent -- rise in the euro since late June, a move that the ECB will not want to turbo-charge through additional hawkish rhetoric, UBS economist Reinhard Cluse said. Indeed, markets see no policy change from the ECB in September and expect a decision only in October with asset buys cut by a third from next year, a Reuters poll of analysts showed. STILL EFFECTIVE? The big headache is that inflation is not behaving like it used to. Even as labour markets tighten, wage growth is not accelerating and prices fail to rise, indicating that models used by central banks may be outdated. The shift could signal a change in the nature of inflation with supply, demand and labour becoming more global, implying that central banks ability to control their own inflation has been reduced. For Draghi, Europes rapid ageing, hidden job market slack and more flexible labour markets may also be a drag. Conservative policymakers argue that the ECB has done all that it could and should now step back, keeping policy easy but not running on all cylinders since that should be reserved for emergencies. Doves fret that stepping back now could risk undoing years of work, damaging the ECBs hard-earned credibility. Draghi will need to find middle ground for now. Announcing new staff forecasts, he will likely upgrade the ECBs growth outlook and reduce inflation projections but only slightly. He is also expected to announce that the ECBs technical committees have been tasked with mapping policy options, a signal that a decision is imminent. Having already expressed concern about the rise of the euro in July, policymakers may also repeat their warning about the currency moving too quick. But no other change is expected with Draghi also seen maintaining the ECBs guidance for even more asset buys if necessary. We expect the guidance will be maintained again because the ECB will want to avoid sending any message that could be prone to over-interpretation, Nomura said. Very little has changed in the underlying euro area fundamental picture. So Draghi will merely set up the market for a decision in October, also leaving the door open for a move in December. Some argue that the real elephant in the room is Italy. Its GDP has yet to recover to pre-crisis levels, unemployment is high and its bank sector is weak. This has given a real platform for euro sceptics, a danger as the country heads towards an election next year. Any big poll gains by anti-euro parties could increase market volatility and some argue that the ECB wants to hang onto its potent tools to soothe sentiment. Its also our long-held belief that it is in the ECBs interest to maintain a significant quantum of purchases throughout the Italian elections period, which potentially take place as late as May 2018, Bank of America Merrill Lynch said. Reporting by Balazs Koranyi Editing by Jeremy Gaunt.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-economy-outlook/global-economy-enter-the-draghi-idUKKCN1BC54D'|'2017-09-02T03:23:00.000+03:00'|6826.0|11.0|0.0|'' 6827|'d910f2b32b76e4c99c09d2544533304ccbca9877'|'CFTC says Morgan Stanley unit to pay $500,000 over supervision failures'|' 8:40 PM / Updated 12 minutes ago CFTC says Morgan Stanley unit to pay $500,000 over supervision failures Reuters Staff 1 Min Read WASHINGTON, Sept 28 (Reuters) - The U.S. Commodity Futures Trading Commission said on Thursday Morgan Stanley & Co. LLC agreed to pay $500,000 to settle charges it failed to properly supervise reconciliation of exchange and clearing fees with the amounts it ultimately charged customers for certain transactions. The CFTC said in a statement it found that between 2009 and April 2016, the Morgan Stanley subsidiary overcharged customers in the United States $1,550,182 and customers of an affiliate were overcharged $1,439,047. It said the unit fully refunded nearly all of the affected customers and has otherwise taken responsibility for the relevant remaining amounts. (Reporting by Eric Walsh; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/morgan-stanley-cftc/cftc-says-morgan-stanley-unit-to-pay-500000-over-supervision-failures-idUSEMN4NWQQ5'|'2017-09-28T23:40:00.000+03:00'|6827.0|''|-1.0|'' 6828|'9cc584ede9e36f6cad634654fff14e2582e7ae20'|'China''s HNA launches $1 billion offer for Singapore''s CWT'|'FILE PHOTO: The HNA Group logo is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo (Reuters) - Chinese conglomerate HNA Holding Group Co ( 0521.HK ) on Thursday launched a bid to buy Singaporean logistics firm CWT Ltd ( CWTD.SI ) for $1 billion, after getting a green light from its shareholders.HNA unit HNA Belt and Road Investments (Singapore) Pte Ltd offered S$2.33 per CWT share, valuing the deal at S$1.399 billion ($1.04 billion).The offer represents a 2.19 percent premium over CWTs last traded price of S$2.28 on Wednesday.CWT, incorporated in 1970 as a private arm of the Port of Singapore Authority, has interests that include logistics services, commodity marketing, financial services and engineering services.HMA, with businesses spanning aviation to financial services, first announced its intent to buy CWT in April, but was waiting for the go-ahead from its shareholders.That approval came in a general meeting on Thursday, HNA said.HNA had said the acquisition would help it become a leading logistics player and diversify its property investment portfolio.HNA, one of Chinas most acquisitive conglomerates, has been snapping up assets overseas, with the latest being the purchase of a 16.2 percent stake in Swiss airport retailer Dufry AG ( DUFN.S ).Reporting By Anusha Ravindranath in Bengaluru; Editing by Savio D''Souza '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-cwt-ltd-m-a-hna/chinas-hna-launches-1-billion-offer-for-singapores-cwt-idINKCN1BI20T'|'2017-09-07T12:42:00.000+03:00'|6828.0|''|-1.0|'' -6829|'c13c32bbc47cb57451ab97ca05d4ff4a3f447bee'|'SBI Life to launch India''s first billion dollar IPO in seven years'|' 1:19 PM / Updated 39 minutes ago SBI Life to launch India''s first billion dollar IPO in seven years Devidutta Tripathy , S. Anuradha 2 Min Read MUMBAI (Reuters) - Indias SBI Life Insurance Co Ltd will launch an initial public offering next week to raise as much as $1.3 billion, sources with direct knowledge told Reuters, in what will be the countrys first billion-dollar IPO in nearly seven years. SBI Life, a subsidiary of top Indian lender State Bank of India ( SBI.NS ), will open the IPO sale to the public on Sept. 20 and close it on Sept. 22, according to a filing. Two sources said the shares will be sold in a price range of 685 rupees to 700 rupees apiece. The IPO will raise as much as 84 billion rupees ($1.3 billion) for SBI Lifes two main shareholders - State Bank of India and BNP Paribas Cardif - which are paring their stakes. State Bank of India is selling up to an 8 percent stake, or 80 million shares, in SBI Life, while BNP Paribas Cardif is selling up to a 4 percent stake, or 40 million shares. SBI Lifes IPO is the biggest since state-run Coal Indias 155 billion rupee ($2.4 billion) IPO in 2010 and market participants expect 2017 to be a record-setting year for India, with fund-raising from IPOs exceeding 2010s $8.5 billion. The country has already seen more than $3 billion in IPOs this year, according to Thomson Reuters data, and has a number of upcoming listings from insurers, which should take it well past the $4 billion raised from IPOs last year. ICICI Lombard General Insurance Co Ltds IPO to raise up to $890 million opens on Friday, while state-run reinsurer General Insurance Corp of India (GIC Re) and non-life insurer New India Assurance Co Ltd have also filed for IPOs that bankers estimate could raise a total of more than $3 billion. Reporting by Devidutta Tripathy and S. Anuradha; Editing by Louise Heavens and Susan Fenton'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-sbi-life-ins-ipo/indias-sbi-life-insurance-sets-price-range-for-up-to-1-3-billion-ipo-next-week-sources-idUSKCN1BN1O7'|'2017-09-12T21:19:00.000+03:00'|6829.0|''|-1.0|'' +6829|'c13c32bbc47cb57451ab97ca05d4ff4a3f447bee'|'SBI Life to launch India''s first billion dollar IPO in seven years'|' 1:19 PM / Updated 39 minutes ago SBI Life to launch India''s first billion dollar IPO in seven years Devidutta Tripathy , S. Anuradha 2 Min Read MUMBAI (Reuters) - Indias SBI Life Insurance Co Ltd will launch an initial public offering next week to raise as much as $1.3 billion, sources with direct knowledge told Reuters, in what will be the countrys first billion-dollar IPO in nearly seven years. SBI Life, a subsidiary of top Indian lender State Bank of India ( SBI.NS ), will open the IPO sale to the public on Sept. 20 and close it on Sept. 22, according to a filing. Two sources said the shares will be sold in a price range of 685 rupees to 700 rupees apiece. The IPO will raise as much as 84 billion rupees ($1.3 billion) for SBI Lifes two main shareholders - State Bank of India and BNP Paribas Cardif - which are paring their stakes. State Bank of India is selling up to an 8 percent stake, or 80 million shares, in SBI Life, while BNP Paribas Cardif is selling up to a 4 percent stake, or 40 million shares. SBI Lifes IPO is the biggest since state-run Coal Indias 155 billion rupee ($2.4 billion) IPO in 2010 and market participants expect 2017 to be a record-setting year for India, with fund-raising from IPOs exceeding 2010s $8.5 billion. The country has already seen more than $3 billion in IPOs this year, according to Thomson Reuters data, and has a number of upcoming listings from insurers, which should take it well past the $4 billion raised from IPOs last year. ICICI Lombard General Insurance Co Ltds IPO to raise up to $890 million opens on Friday, while state-run reinsurer General Insurance Corp of India (GIC Re) and non-life insurer New India Assurance Co Ltd have also filed for IPOs that bankers estimate could raise a total of more than $3 billion. Reporting by Devidutta Tripathy and S. Anuradha; Editing by Louise Heavens and Susan Fenton'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-sbi-life-ins-ipo/indias-sbi-life-insurance-sets-price-range-for-up-to-1-3-billion-ipo-next-week-sources-idUSKCN1BN1O7'|'2017-09-12T21:19:00.000+03:00'|6829.0|25.0|-1.0|'' 6830|'d13b45f43aeb022fd730abd97a8373b2bda57d68'|'How $5 billion of debt caught up with Toys ''R'' Us'|'(Adds dropped word the in third paragraph)By Jessica DiNapoli and Tracy RucinskiSept 20 (Reuters) - Toys R Us Inc has been making $400 million in interest payments on its debt every year, largely due to its $6.6 billion leveraged buyout in 2005. This week, it succumbed to its debt burden, leading to the biggest bankruptcy of a U.S. retailer since that of Kmart in 2004.The largest U.S. toy retailers decision to file for Chapter 11 bankruptcy protection on Monday took investors by surprise, given that the company faced no imminent debt maturities and had managed to overcome financial stress in the past by securing concessions from its creditors.But the companys ability to kick the can down the road had been exhausted. The bankruptcy filing was the culmination of an unsuccessful seven-month effort by Toys R Us to find relief from its $5.2 billion debt pile, according to bankruptcy court filings and people familiar with the deliberations.The advisers that Toys R Us hired to fix its capital structure explored at least two deals with some of its creditors to raise money that would have helped the company stave off bankruptcy before the key holiday shopping season, avoiding a supply chain disruption stemming from vendor fears about repayment, a bankruptcy filing shows.The Wayne, New Jersey-based companys creditors unwillingness to show any more leniency underscores the lack of confidence by investors in the troubled brick-and-mortar retail sector, which has been pummeled by the rise of e-commerce companies such as Amazon.com Inc.Toys R Us was looking to raise at least $200 million to make it to January, at which point it could work on fixing its entire capital structure, according to court filings. Over the years, Toys R Us had been able to win other short-term fixes from creditors, even as its financial performance deteriorated.Once the company realized that it could not secure financing to get through the holiday season, the objective became lets get it done as quick as possible so it does not interrupt the holidays, Toys R Us Chief Executive Officer David Brandon told Reuters in an interview. Filing for bankruptcy allowed the company to secure financing to continue to operate its stores.Given that we successfully obtained our debtor-in-possession financing today, we can assure our lenders that we are in a good position to accept shipments on a normal basis and they have great assurance they will be paid, Brandon said.FAILED DEALS Like other retailers that own their stores, Toys R Us tried last month to tap its vast real estate portfolio to raise money in a sale-leaseback transaction, according to court filings. Sale-leaseback deals allow retailers to raise cash by selling real estate they own and then renting it back from the new owner.For example, Bon-Ton Stores Inc, another retailer in financial distress, completed a similar deal last week, generating $18.9 million to pay down its debt.In an attempt to clinch the sale-leaseback deal, Toys R Us negotiated with a key group of creditors holding a portion of the companys $1 billion term loan, but accounting issues and a tight time frame prevented them from reaching an agreement, according to people familiar with the matter.Toys R Us also went to the bondholders of its international affiliates last month for financing it planned to use to fund its U.S. operations, but the terms offered were too expensive, the people said.At that point, Toys R Us decided to change tack and initiate preparations for a Chapter 11 filing in September, ahead of its quarterly earnings release on Sept. 26. News reports about the possible bankruptcy on Sept. 6 accelerated bankruptcy preparations, because suppliers to Toys R Us curbed their shipments, afraid they might not be repaid, according to the filings.In a sign of the companys haste, it filed for bankruptcy without a plan of reorganization or a deal with creditors, as is preferred in these circumstances. Toys R Us said it plans to keep its stores open through the bankruptcy process, though it remains unclear whether it can emerge from bankruptcy with most of its approximately 1,600 stores still open.On Tuesday, Toys R Us Inc received bankruptcy court permission to borrow more than $2 billion to start paying suppliers, so it can stock up on items like Lego building blocks and Barbie dolls for the holiday season.Private equity firms KKR & Co LP and Bain Capital LP, together with real estate investment trust Vornado Realty Trust, took Toys R Us private in 2005. On Monday, they all supported the company filing for bankruptcy, according to the sources. (Reporting by Jessica DiNapoli in New York and Tracy Rucinski in Chicago; Editing by Greg Roumeliotis and Leslie Adler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/toys-r-us-bankruptcy-timeline/how-5-billion-of-debt-caught-up-with-toys-r-us-idINL2N1M0227'|'2017-09-20T03:00:00.000+03:00'|6830.0|''|-1.0|'' 6831|'b623d097652ab8d565345806a0887fb26c1e8df3'|'Ukraine won''t rule out legal action against PwC over Privatbank'|' 33 AM / Updated 23 minutes ago Ukraine won''t rule out legal action against PwC over Privatbank Reuters Staff 2 Min Read Ukraine''s finance minister Oleksandr Danylyuk speaks to a Reuters journalist during an interview in London, Britain July 5, 2017. REUTERS/Hannah McKay LONDON (Reuters) - Ukraine has not ruled out legal action against the local unit of the PwC consultancy in order to recoup some of the costs of bailing out lender Privatbank which had been audited by the firm, Finance Minister Oleksandr Danylyuk told Reuters. Kiev has withdrawn PwCs right to audit Ukrainian banks as punishment for what the central bank says was its failure to flag risky lending practices at the countrys largest lender, PrivatBank. PwC has said the ban is unjustified. Ukraine took over Privatbank in December after finding a capital shortfall of more than $5.5 billion. Its nationalisation has so far cost taxpayers $4.3 billion, but an Ernst and Young audit of the lenders 2016 annual report showed additional funds worth $1.5 billion were needed to meet capital adequacy requirements. We invested so much of taxpayers money into Privatbank and we are looking for ways to recoup the losses. If PwC played some role, they should be held liable for that as well, Danylyuk told Reuters late on Monday after a meeting with investors in London. Asked if the government planned legal action against PwC he said nothing had been prepared as yet but added: At the moment I just dont exclude this ... not because we are preparing something, but I just understand the significance of the nationalisation and the responsibility that we have taken, and that would mean that we are asking questions. The central bank estimates that 97 percent of PrivatBanks corporate loans had gone to companies linked to its shareholders, who include the tycoon Ihor Kolomoisky, Ukraines second-richest man according to Forbes magazine. Reporting by Sujata Rao and Karin Strohecker; Editing by Raissa Kasolowsky'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ukraine-economy-pwc/ukraine-wont-rule-out-legal-action-against-pwc-over-privatbank-idUKKCN1BN0Z4'|'2017-09-12T12:32:00.000+03:00'|6831.0|''|-1.0|'' 6832|'ca6d3620d0b3502643feac01eac273e0017f2f0e'|'UPDATE 1-Trump to nominate Robert Jackson for seat on SEC -source'|'(Adds Jackson could not be reached for comment)WASHINGTON, Aug 31 (Reuters) - U.S. President Donald Trump is expected to nominate Columbia University law professor Robert Jackson to be a member of the Securities and Exchange Commission, a person with knowledge of the matter said on Thursday.Jackson is expected to be formally nominated on Friday, the source said. He would fill a vacant spot reserved for a Democrat on the five-member panel.His appointment follows the administration''s decision to nominate Hester Peirce as a Republican commissioner in July and would bring the SEC to full strength and paving the way for Chairman Jay Clayton to push ahead on an agenda of reducing public companies'' regulatory burdens.Jackson could not be reached for comment on Thursday.Jackson is known for his advocacy work in trying to advance new rules at the SEC that would force public companies to disclose their political spending to investors. (Reporting by Svea Herbst-Bayliss; Writing by Eric Beech; Editing by Mohammad Zargham and Lisa Shumaker) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-sec-jackson-idINL2N1LI028'|'2017-08-31T23:24:00.000+03:00'|6832.0|''|-1.0|'' @@ -6852,7 +6852,7 @@ 6850|'75016e7714725ab7dc316d653ddbb57b5c9bbd29'|'PRESS DIGEST- New York Times business news - September 21'|'Sept 21 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Special Counsel Robert Mueller has asked the White House for documents about some of U.S. President Donald Trump''s most scrutinized actions since taking office, including the firing of his national security adviser and F.B.I. director, according to White House officials. nyti.ms/2fBnzOq- Less than two weeks after Hurricane Irma, a new storm, Hurricane Maria, made a direct hit on Puerto Rico, knocking out its power grid. nyti.ms/2xooPh9- Alphabet Inc''s Google said late Wednesday it is spending $1.1 billion to hire a team of engineers from the smartphone business of struggling Taiwanese manufacturer HTC Corp in a bid to bring more hardware expertise to its own mobile technology operations. nyti.ms/2xgPHjD- The Securities and Exchange Commission said it was a victim of a computer hack last year in which attackers could have exploited private information for trading purposes. nyti.ms/2wBfh3G- The board of Japanese conglomerate Toshiba Corp has approved a plan to sell its microchip business to a group of American and Japanese buyers. nyti.ms/2wzr2aC- Sheryl Sandberg, Facebook''s chief operating officer, promised to add more oversight to the company''s automated systems to make sure offensive terms are not used to target ads. nyti.ms/2xhhHUy (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-september-21-idINL4N1M22JE'|'2017-09-21T03:48:00.000+03:00'|6850.0|''|-1.0|'' 6851|'480a8e1a0e2931690d87c3e02034119187ef66d2'|'Argentina increases 2024 bond issuance for 3rd time in 2 months'|'BUENOS AIRES, Sept 5 (Reuters) - Argentina increased its dollar-denominated Bonar 2024 sovereign bond issuance by up to $5 billion, the government said in the official gazette on Tuesday, the third time it has increased the bond in a little over two months.President Mauricio Macris government also inked a repurchase deal for $1.8 billion worth of the bonds with UBS AG London branch, Deutsche Bank AG, Banco Bilbao Vizcaya Argentaria SA and BBVA Banco Frances SA .The bond was originally sold in 2014 for $3.25 billion with a 8.75 percent coupon. At the time the country was locked out of the international capital markets due to a debt default dispute that was resolved last year, soon after President Mauricio Macri came to power in late 2015.The government had increased the Bonar 2024 bond issuance by $4 billion in early August, inking a $2.7 billion repo deal, and by $4 billion in late June, along with a $1.5 billion repurchase deal. (Reporting by Hernan Nessi; Writing by Luc Cohen) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/argentina-bond/argentina-increases-2024-bond-issuance-for-3rd-time-in-2-months-idINL2N1LM0HY'|'2017-09-05T10:52:00.000+03:00'|6851.0|''|-1.0|'' 6852|'a5f5dcc2ee7f972e1978aa4aeb65b07e9ae5b9e3'|'Merkel says car industry must work to rebuild trust'|'September 14, 2017 / 9:25 AM / Updated 4 hours ago Merkel says car industry must work to rebuild trust Emma Thomasson 4 Min Read FRANKFURT (Reuters) - Chancellor Angela Merkel said Germanys car industry should do everything in its power to repair its damaged reputation, pointing to the combustion engines uncertain future as she opened the Frankfurt motor show. The auto sector - Germanys biggest exporters and employers of more than 800,000 people - was plunged into crisis two years ago when Volkswagen ( VOWG_p.DE ) admitted to cheating U.S. diesel emissions tests. A lot of trust has been destroyed. That is why the industry must do everything to win back confidence, in its own interest and that of employees and German industry, Merkel told the meeting of top car executives on Thursday. Merkel noted that the emissions scandal broke just after she opened the same show two years ago. The industry now faces many more challenges, including suggestions that China might eventually ban combustion engines, she said. Ahead of a national election on Sept. 24, Merkel has come under fire for her close ties to automakers and for failing to crack down on vehicle pollution following VWs admissions and push the industry to move into electric vehicles. VW, BMW ( BMWG.DE ), Daimler ( DAIGn.DE ), Audi ( NSUG.DE ) and Porsche have since come under investigation by European regulators for alleged anti-competitive collusion. The chancellor has taken a tougher line on the industry in recent weeks and pushed it to agree measures to help tackle pollution in cities, this month setting up a 1 billion euro fund to clean up urban transport. On Thursday, she urged foreign carmakers to join a deal with German manufacturers to overhaul engine software on diesel cars to cut pollution. She also reiterated her opposition to bans on diesel cars under consideration by courts in some German cities. PARKED IN THE LAY-BY? German chancellor Angela Merkel talks to the media during the opening of the Frankfurt Motor Show (IAA) in Frankfurt, Germany September 14, 2017. REUTERS/Ralph Orlowski Anton Hofreiter, parliamentary leader of the environmental Greens, said Merkel had contributed to the crisis by protecting the industry and allowing Germany to fall behind. With her speech, Mrs Merkel is indicating towards the future, but the actions of her government mean she is still parked on the (hard) shoulder, he said. The next government must get serious with the modernisation of the auto industry. The Greens, currently only on about 8 percent in the opinion polls ahead of the election, want Germany to stop the sale of new combustion engine vehicles from 2030. Slideshow (6 Images) Britain and France have recently announced plans to eventually ban all diesel and petrol vehicles, while Tesla ( TSLA.O ) has launched its first mass-market electric car. Matthias Wissmann, head of Germanys VDA auto lobby that hosts the car show, admitted the industry had not made things easy for its political allies. Wissmann, a former member of Merkels conservatives and federal transport minister from 1993 to 1998, said regaining trust was the top priority, but also said the whole sector and its employees should not be condemned for the acts of a few. Merkel predicted that the combustion engine will survive as demand was booming in many parts of the world, while she said German automakers were still innovation leaders, accounting for a third of patents for electric and hybrid cars. It is clear that we will still need combustion engines for decades, while also investing in new motor technologies at the same time, she said. On Wednesday, auto suppliers and manufacturers said Europe should not rush to abandon the combustion engine and must build up its own production of electric car batteries to compete with China. Reporting by Emma Thomasson; Editing by Michael Nienaber and John Stonestreet '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-autoshow-frankfurt-merkel/merkel-says-car-industry-must-work-hard-to-rebuild-trust-idUKKCN1BP121'|'2017-09-14T15:16:00.000+03:00'|6852.0|''|-1.0|'' -6853|'64054d3e6ef9365d140f6e1e9fb31c28ebe293e9'|'UPDATE 1-Australia''s Cromwell seeks up to $1.1 bln with Singapore REIT offering -IFR'|'* Units offered in 0.550.57 euros range* Forecast yield up to 7.7 pct in fiscal 2018* IPO to be priced Sept. 21, debut Sept. 28 (Adds details on cornerstone investors, pricing and debut dates)HONG KONG, Sept 18 (Reuters) - Cromwell European Real Estate Investment Trust, a property trust sponsored by Australias Cromwell Property Group, launched on Monday an up to 927 million euros ($1.1 billion) initial public offering in Singapore, IFR reported citing a term sheet of the deal.The base offering for CEREIT, as the trust is called, consists of up to 1.296 billion units in an indicative range of 0.550.57 euros each, added IFR, a Thomson Reuters publication. The REIT will also sell up to 334.8 million units to two cornerstone investors, the terms showed.Hillsboro Capital, the private investment holding firm for Philippines billionaire Andrew Tan, agreed to buy 100 million euros worth of units as a cornerstone investor, with U.S. buyout fund Cerberus Capital Management LP buying another 88 million euros worth of units, the term sheet showed.The units price is equivalent to a forecast dividend yield of up to 7.7 percent a year for fiscal 2018.At the top end of expectations, CEREIT will be valued at 1.25 billion euros, making it among the largest REITs in Singapore.The IPO will be priced on Sept. 21, with a debut on the Singapore stock exchange on Sept. 28. ($1 = 0.8374 euros) (Reporting by S. Anuradha of IFR; Writing by Elzio Barreto) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/cromwell-prop-gp-ipo/update-1-australias-cromwell-seeks-up-to-1-1-bln-with-singapore-reit-offering-ifr-idINL4N1LZ1XV'|'2017-09-18T04:09:00.000+03:00'|6853.0|''|-1.0|'' +6853|'64054d3e6ef9365d140f6e1e9fb31c28ebe293e9'|'UPDATE 1-Australia''s Cromwell seeks up to $1.1 bln with Singapore REIT offering -IFR'|'* Units offered in 0.550.57 euros range* Forecast yield up to 7.7 pct in fiscal 2018* IPO to be priced Sept. 21, debut Sept. 28 (Adds details on cornerstone investors, pricing and debut dates)HONG KONG, Sept 18 (Reuters) - Cromwell European Real Estate Investment Trust, a property trust sponsored by Australias Cromwell Property Group, launched on Monday an up to 927 million euros ($1.1 billion) initial public offering in Singapore, IFR reported citing a term sheet of the deal.The base offering for CEREIT, as the trust is called, consists of up to 1.296 billion units in an indicative range of 0.550.57 euros each, added IFR, a Thomson Reuters publication. The REIT will also sell up to 334.8 million units to two cornerstone investors, the terms showed.Hillsboro Capital, the private investment holding firm for Philippines billionaire Andrew Tan, agreed to buy 100 million euros worth of units as a cornerstone investor, with U.S. buyout fund Cerberus Capital Management LP buying another 88 million euros worth of units, the term sheet showed.The units price is equivalent to a forecast dividend yield of up to 7.7 percent a year for fiscal 2018.At the top end of expectations, CEREIT will be valued at 1.25 billion euros, making it among the largest REITs in Singapore.The IPO will be priced on Sept. 21, with a debut on the Singapore stock exchange on Sept. 28. ($1 = 0.8374 euros) (Reporting by S. Anuradha of IFR; Writing by Elzio Barreto) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/cromwell-prop-gp-ipo/update-1-australias-cromwell-seeks-up-to-1-1-bln-with-singapore-reit-offering-ifr-idINL4N1LZ1XV'|'2017-09-18T04:09:00.000+03:00'|6853.0|25.0|-1.0|'' 6854|'096d9dccc6f81fb613b7437e7b4ce514a42cdcd4'|'Greece must wrap up review rapidly to start talks on bailout exit - Dijsselbloem'|' 12:40 PM / Updated 2 hours ago Greece must wrap up review rapidly to start talks on bailout exit - Dijsselbloem Lefteris Papadimas , Angeliki Koutantou 4 Min Read Greek Finance Minister Euclid Tsakalotos and Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem attend a news conference at the Finance ministry in Athens, Greece September 25, 2017. REUTERS/Costas Baltas ATHENS (Reuters) - Greece must wrap up an upcoming bailout review quickly to pave the way for a clean bailout exit next summer without further conditions beyond standard monitoring, Eurogroup Chairman Jeroen Dijsselbloem said on Monday. After seven years of austerity and rescue loans amounting to about 270 billion euros ($320 billion), Greece hopes its third, 86 billion-euro bailout will also be its last. Greece too wants a so-called clean exit in August 2018. We are in full agreement for that -- it should be a clean exit, Greece should become financially independent again and be able take its own political decisions for the future within the family of the Eurogroup, Dijsselbloem said in a visit to Athens. There are no further conditions at the end of the programme, no further restrictions, he said after meeting Greek Finance Minister Euclid Tsakalotos. Once Greece exits the bailout, it would be monitored by the European Stability Mechanism, a standard procedure in place for other member states which also emerged from bailouts, he said. But Dijsselbloem cautioned that Greece was not yet out of the woods, and would need more reforms in the coming years. The euro zone would look into granting it further debt relief. On the stance of Germany, Greeces main creditor, a day after Angela Merkel secured a fourth term as chancellor, he said that he did not expect Germanys position to change in Greek bailout negotiations. I dont think the German elections will make a lot of difference, he said. BACK ON TRACK Dijsselbloem last visited Athens in 2015, when Greeces leftist-led government clashed with its foreign creditors over the terms of its bailout and teetered on the verge of financial collapse. Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem speaks during a news conference with Greek Finance Minister Euclid Tsakalotos (not pictured) at the Finance ministry in Athens, Greece September 25, 2017. REUTERS/Costas Baltas Greece was now coming back on track, Dijsselbloem said on Monday, and called on both Athens and its foreign creditors to work towards ensuring the country can stand on its feet. The end of the programme is the beginning of a new phase and we should do whatever we can ... to make sure that Greece is fully prepared for financial independence, Dijsselbloem said. But for talks to begin on how Greece can exit its bailout, Athens must conclude a third review of progress made under its programme by the end of this year, he said. As Greece moves towards the end of the bailout, it was also important to establish that Greek banks were stable and strong, Dijsselbloem said in an interview with Greek Ska TV. It was up to banking authorities, and chiefly the European Central Bank, to decide how to assess them, he said. If that can be done with the stress test, thats fine. If it requires an AQR (asset quality review), so be it. A source told Reuters on Monday that the ECB may bring forward its stress test of Greek banks next year to ensure there would be plenty of time before the bailout ends to re-capitalize banks, should the exercise uncover any capital shortfall. In meetings with Prime Minister Alexis Tsipras and President Prokopis Pavlopoulos, Dijsselbloem said he would support Greeces efforts to speed up the review, which is expected to begin next month, until his term expires in January. In the months that I have, make no mistake that I will be fully committed, he said. Greeces second review took more than six months to be completed, often due to disagreements on the countrys fiscal targets, on debt relief, and reforms. The review is now the next step. It can and should be done before the end of the year, he said. Additional reporting by Angeliki Koutantou, Karolina Tagaris and George Georgiopoulos'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-greece-dijsselbloem/greece-must-wrap-up-review-by-year-end-to-start-talks-on-bailout-exit-dijsselbloem-idUKKCN1C01P2'|'2017-09-25T21:58:00.000+03:00'|6854.0|''|-1.0|'' 6855|'dba275b64ab1662c140b45503c72ec8ecba37eec'|'Uber to stop using diesel cars in London by end 2019'|'September 8, 2017 / 11:02 AM / Updated 4 minutes ago Uber to stop using diesel cars in London by end 2019 Reuters Staff 3 Min Read The Uber logo is seen on a screen in Singapore August 4, 2017. REUTERS/Thomas White /File Photo LONDON (Reuters) - Uber will cease using diesel cars in London by the end of 2019 and the vast majority of rides will be in electric or hybrid vehicles by then, the taxi app said on Friday. At the moment the company says around half of all the journey miles completed in the British capital are undertaken with greener vehicles on the firms standard low-cost UberX service, which lets customers book journeys on their smartphone. Several carmakers have announced plans in recent months to electrify a large proportion of their new cars, with Volvo becoming the first major carmaker to set a date for phasing out vehicles powered solely by the internal combustion engine. Britain will ban the sale of new petrol and diesel cars from 2040, replicating plans by France and cities such as Madrid, Mexico City and Athens. Uber, which has about 40,000 London drivers, will only offer electric or hybrid models on UberX by the turn of the decade and plans to do the same by 2022 nationwide. Air pollution is a growing problem and were determined to play our part in tackling it with this bold plan, said Ubers Head of UK Cities, Fred Jones. Londoners already know many cars on our app are hybrids, but we want to go much further and go all electric in the capital, he said. Globally, Uber has endured a tumultuous few months after a string of scandals involving allegations of sexism and bullying at the company, leading to investor pressure which forced out CEO and co-founder Travis Kalanick. In London, the firm has faced criticism from unions, lawmakers and traditional black cab drivers over working conditions. Later this month, it will appeal a decision by British judges who have ruled that the app should treat two of its drivers as workers and pay them the minimum wage and holiday pay. The capitals transport regulator will also decide in September on how much Uber needs to pay to renew its licence. Uber said on Friday that it will help its drivers who want to switch to greener cars with a more than 150 million-pound ($197 million) fund, paying up to 5,000 pounds per upgrade from a petrol or diesel vehicle. Uber will start building the fund next month with a 2-million pound investment with a further 35 pence added from each fare taken in London. It will also offer the first 1,000 Londoners who scrap an older diesel car, 1,500 pounds in credit to use on Uber. ($1 = 0.7613 pounds) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/uber-london/uber-to-stop-using-diesel-cars-in-london-by-end-2019-idINKCN1BJ18O'|'2017-09-08T14:01:00.000+03:00'|6855.0|''|-1.0|'' 6856|'43cd5de94fe75e085e07cc061f5467d70df412d4'|'Unacceptable for pilots to put Air Berlin fate at risk - minister'|'September 13, 2017 / 1:11 PM / Updated 10 minutes ago Unacceptable for pilots to put Air Berlin fate at risk - minister Reuters Staff 1 Min Read German Labour Minister Andrea Nahles reacts to questions of Reuters journalists in Berlin, Germany, September 13, 2017. REUTERS/Axel Schmidt BERLIN (Reuters) - German Labour Minister Andrea Nahles said on Wednesday it is completely unacceptable for pilots at Air Berlin ( AB1.DE ) to put the airlines fate at risk by calling in sick in unusually high numbers. Air Berlin, Germanys second-biggest airline, is set to be carved up, most likely among several buyers, with binding offers due this Friday. I think Air Berlin is in a decidedly difficult situation at the moment and the pilots, with their behaviour, are putting at risk a reasonable handover or sale. That is unacceptable, Nahles told Reuters in a television interview. And I say, quite clearly: 8,000 employees depend on this company. They should not be taken hostage to serve the interests of some pilots. Reporting by Holger Hansen; Writing by Paul Carrel; Editing by Madeline Chambers'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-minister/unacceptable-for-pilots-to-put-air-berlin-fate-at-risk-minister-idUKKCN1BO1MW'|'2017-09-13T16:10:00.000+03:00'|6856.0|''|-1.0|'' @@ -6907,10 +6907,10 @@ 6905|'4dc97c2c00d20a0487c4473137b0e3b29a0f23ee'|'Germany needs to halve coal-fired capacity by 2030 - deputy Economy Minister'|'September 5, 2017 / 10:26 AM / 4 hours ago Germany needs to halve coal-fired capacity by 2030 - deputy Economy Minister Vera Eckert 3 Min Read FILE PHOTO - Steam rises from the cooling towers of the coal power plant of RWE, one of Europe''s biggest electricity and gas companies in Niederaussem, north-west of Cologne, Germany. REUTERS/Wolfgang Rattay MUNICH (Reuters) - Germany would have to shut 25 gigawatts (GW) of coal-fired power capacity, equivalent to about half its current total, by 2030 to meet carbon-cutting targets agreed under the Paris climate deal, Deputy Economy Minister Rainer Baake said on Tuesday. Baake told an energy conference in Munich that the measures would have to be worked out by the incoming government after this months general election. This can be done in line with the law and without compensation; this we know from getting out of nuclear energy, said Baake, who helped to drive the phasing out of nuclear energy that Germany began in 2001. A fair and detailed plan could be initiated without any surprises farther down the line, Baake said, adding that the heat and transport sectors also faced tough tasks in hitting their respective targets. Germany has so far achieved a 27.6 percent reduction in carbon emissions from 1990 levels but needs to hit 40 percent by 2020. It is aiming for 50 percent by 2030, with a gradual increase to 80-95 percent by 2050. The sector has made great strides in raising the share of renewable fossil-free power in its output mix to 35 percent, but heat provision and transport lag far behind because of their heavy dependence on natural gas and refined crude oil products. German Chancellor Angela Merkel has said she will make climate targets more specific in her next term if re-elected, which could prove uncomfortable for the car and construction industries. Baake said that both a change in climate-related taxation that has hit electricity consumers hard and allowed the other sectors to be lax on emissions needs rethinking. Energy taxes and fees will have to be rearranged, he said. The current government also has plans to expand renewable power usage in heat and transport applications. This is part of a huge national sector coupling project to provide green power for heating and transport through sources such as hydrogen, geothermal energy or renewable-power electric heat pumps. We have a head start in renewable power and we should make economic use of it, Baake said. Reporting by Vera Eckert; Editing by Maria Sheahan and David Goodman '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-energy-emissions/germany-needs-to-halve-coal-fired-capacity-by-2030-deputy-economy-minister-idUKKCN1BG1BP'|'2017-09-05T13:26:00.000+03:00'|6905.0|''|-1.0|'' 6906|'2d51e5fdd8fa3163f2bea3ca9be63059c7a494aa'|'UPDATE 1-Brazil court suspends auction of Shree Renuka sugar mill -BNDES'|'(Adds BNDES statement)SAO PAULO, Sept 4 (Reuters) - A Brazilian court has suspended the judicial auction of a sugar mill owned by Indias Shree Renuka Sugars Ltd scheduled for Monday, after a request from state bank BNDES, the bank said in a statement.BNDES said the request was granted on Friday and added that it holds mortgage guarantees for Renuka.Reuters reported the development earlier on Monday, citing a source.The mill would be sold as part of an in-court debt restructuring of Renuka do Brasil, a local unit of Shree Renuka, which filed for bankruptcy protection in 2015. Chinas Cofco International was among the companies that had asked to take part in the auction. (Reporting by Jos Roberto Gomes; Writing by Marcelo Teixeira and Jake Spring; Editing by Bill Trott) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brazil-sugar-shree-renuka/update-1-brazil-court-suspends-auction-of-shree-renuka-sugar-mill-bndes-idUSL2N1LL18C'|'2017-09-05T03:01:00.000+03:00'|6906.0|''|-1.0|'' 6907|'92b651a9fef8906f15357242d196355f144c9c58'|'UPDATE 1-Portugal''s bond yield gap over Italy shrinks to pre-crisis levels'|'* Demand soars for Portugal as country wins back investment rating* Portugal-Italy yield spread tightest since March 2010 at 33 bps* Euro zone periphery govt bond yields tmsnrt.rs/2ii2BqrBy Abhinav RamnarayanLONDON, Sept 19 (Reuters) - The gap between Portuguese and Italian 10-year government bond yields narrowed on Tuesday to levels not seen since the start of the euro zone debt crisis of 2010-2012.This follows a strong rally in Portuguese debt over the last two sessions after S&P Global became the first major ratings agency to give the country back an investment grade rating on Friday, more than five years after it first sank into junk territory.The rally has seen Portuguese borrowing costs come closer to that of its larger, better-rated south European neighbours, even if it is still the highest yielding of the three.It reflects the narrowing ratings differential and the fact that some political risk premium is still baked into Italian government bonds, said ING strategist Martin van Vliet.Portugals 10-year government bond yield spread over Italy narrowed to 33.5 basis points, the lowest since March 2010. At the start of the year, that difference was as high as 211 basis points.In absolute terms, Portugals 10-year government bond yields dropped 9 basis points to 2.40 percent on Tuesday.Van Vliet said Portugals recovery from the euro zone debt crisis - when it needed a bailout from European authorities - is a strong story, but cautioned that it is still a weaker credit than Italy because of its external debt position.Portugal''s outstanding private debt stood at 280 percent of the country''s economic output last year, comprising 178 percent for companies and 103 percent for households. < reut.rs/2xiwTjp >I think this rally is on speculation that Portugal could now be included in many benchmark indices, Van Vliet said.Many large bond indexes provided by investment banks only include investment grade borrowers, and inclusion in these usually guarantees a new influx of investors and lower yields.However, many index providers require an investment grade rating from at least two of the three main credit ratings agencies, and Portugal now only has one. It is rated Ba1 by Moodys and BB+ by Fitch.Portugal was by far the outperformer in bond markets on Tuesday, but other euro zone yields also edged lower on the day ahead of a key U.S. Federal Reserve meeting, which concludes on Wednesday.The central bank of the worlds biggest economy is expected to provide details on how it will reduce a massive balance sheet run-up through years of post-crisis money printing.This is seen as significant by European investors as the ECB is also expected to tighten policy, possibly by announcing in October its plans for ending its own money-printing scheme.A 2 billion euro sale of German 30-year bonds on Wednesday should show which way investors see this as going - longer-dated bonds are more sensitive to changes in monetary policy.For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarketsReporting by Abhinav Ramnarayan; Editing by Hugh Lawson '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eurozone-bonds/update-1-portugals-bond-yield-gap-over-italy-shrinks-to-pre-crisis-levels-idINL5N1M00WN'|'2017-09-19T05:59:00.000+03:00'|6907.0|''|-1.0|'' -6908|'20de6d9df79d691147005d8a9a57f219123713a0'|'Not such an Easylife when my digital hearing aid fails to charge - Money'|'Several weeks ago we bought a rechargeable digital hearing aid from Easylife. It arrived promptly and worked well on day one, but it would not recharge as instructed. We emailed customer services and were offered a free pickup with a subsequent replacement. We waited in all day in vain. We again contacted it and received an email saying they had tried to call without success to discuss the pickup. We then phoned to be told of a 36-minute delay to speak to an agent. In the end it took 47 minutes, and another 20 minutes for the agent to organise another pickup day. Which, of course, turned into another wasted day nobody came or phoned! Were at the end of our tether. Can you help? JB, Barrow in Furness Take a look at the online reviews of this mail order firm and youll find youre not the first person to complain about long call waits. The company told us it repeatedly tried to call you; youre adamant this was not the case.Greg Caplin, the firms chief executive, told Money it processes 100,000 orders a month, most without problems. Unlike many other service companies, our system advises our customers of the wait time, so they can choose to hold or call back when its not so busy. The wait time costs us money, so its not in our interest to keep anyone waiting longer than necessary.Happily, the non-charging aid has now been replaced by a different courier.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/sep/18/easylife-digital-hearing-aid-not-charging'|'2017-09-18T03:00:00.000+03:00'|6908.0|''|-1.0|'' +6908|'20de6d9df79d691147005d8a9a57f219123713a0'|'Not such an Easylife when my digital hearing aid fails to charge - Money'|'Several weeks ago we bought a rechargeable digital hearing aid from Easylife. It arrived promptly and worked well on day one, but it would not recharge as instructed. We emailed customer services and were offered a free pickup with a subsequent replacement. We waited in all day in vain. We again contacted it and received an email saying they had tried to call without success to discuss the pickup. We then phoned to be told of a 36-minute delay to speak to an agent. In the end it took 47 minutes, and another 20 minutes for the agent to organise another pickup day. Which, of course, turned into another wasted day nobody came or phoned! Were at the end of our tether. Can you help? JB, Barrow in Furness Take a look at the online reviews of this mail order firm and youll find youre not the first person to complain about long call waits. The company told us it repeatedly tried to call you; youre adamant this was not the case.Greg Caplin, the firms chief executive, told Money it processes 100,000 orders a month, most without problems. Unlike many other service companies, our system advises our customers of the wait time, so they can choose to hold or call back when its not so busy. The wait time costs us money, so its not in our interest to keep anyone waiting longer than necessary.Happily, the non-charging aid has now been replaced by a different courier.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/sep/18/easylife-digital-hearing-aid-not-charging'|'2017-09-18T03:00:00.000+03:00'|6908.0|27.0|0.0|'' 6909|'5700b42bd8bcedb348b729834e63bd5aa88a2521'|'UPDATE 3-U.S. Senate opposition to Obamacare repeal bill grows'|'* Treasury secretary says vote going to be very close* One more Republican no vote could doom effort (Adds Treasury Secretary Mnuchin, stock market impact)By Richard CowanWASHINGTON, Sept 24 (Reuters) - A proposal by U.S. Republicans to repeal and replace the Obamacare health insurance program suffered serious new setbacks within the party on Sunday, when Senator Ted Cruz expressed his opposition and Senator Susan Collins dug in with strong criticism of the legislation.Two other Republican senators, John McCain and Rand Paul, already said last week they would vote against the so-called Graham-Cassidy bill. One more no vote among Republicans would effectively kill the partys latest effort in their seven-year mission to overturn Obamacare, while dealing a new blow to President Donald Trump.Senate Majority Leader Mitch McConnell, a Republican, has said he intends to put the bill up for a vote this week, but he has withheld public comment over the past few days as some of his rank-and-file Republicans abandoned Trump.Treasury Secretary Steven Mnuchin, interviewed on CNNs State of the Union, reflected the uncertainty in the battle.It is going to be very close. I hope it passes, he said.Phil Novack, a spokesman for Cruz, confirmed that the Republican senator said at an event in Texas: Right now, they dont have my vote, and I dont think they have (Senator) Mike Lees vote, either.Lee is a conservative Republican and close ally of Cruz. A spokesman for Lee said the senator wanted some technical changes to the legislation, but did not provide details. We havent committed to anything yet, Conn Carroll said in an email.Politico reported that Cruz complained that the latest Obamacare repeal bill did not address his concerns about bringing down the costs of healthcare.On Friday, news of McCains opposition sent shares of health insurance companies up. Centene ended 1.6 percent higher and Humana closed up 0.2 percent.Trump has pressured his fellow Republicans for quick passage on what would be his first victory on major legislation. All Democrats are expected to vote against it.COLLINS SUPPORT IN DOUBT But Collins, perhaps the most moderate of Republican senators, appeared poised to oppose her partys latest replacement plan for the Affordable Care Act, former Democratic President Barack Obamas signature legislative achievement.She, along with McCain and Alaska Senator Lisa Murkowski, voted in July against an earlier version of Obamacare repeal.It is very difficult for me to envision a scenario where I would end up voting for this bill, Collins said on CNNs State of the Union on Sunday, two days after saying she was leaning against the legislation.Collins said her concerns centered on the impact the legislation would have on the federal Medicaid program, which helps disabled children and low-income elderly people get healthcare.The Senate, which Republicans control by 52-48, faces a Saturday deadline for deciding on the bill under an expiring rule that lets the healthcare proposal pass with just a simple majority in the 100-member chamber, instead of the 60-vote threshold needed for most legislation.Paul, interviewed on NBCs Meet the Press, attacked the centerpiece of the Republican bill that would have the federal government basically turn the health insurance system over to states in the form of block grants.They could remove the block grants from it, and we can vote on what we actually agree on, Paul said. I cant in good conscience vote to keep all the spending.Some key Senate Republicans were still pushing to forge ahead.Senator Lindsey Graham, who is leading the charge on the latest version of Obamacare repeal, told ABC he believed he would have the votes to pass the legislation.The only way you know how people will vote is you have the vote, he said.Graham did not detail the path he sees to victory. (Reporting by Richard Cowan and Valerie Volcovici; Additional reporting by Sarah Lynch; Editing by Mary Milliken and Peter Cooney) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-healthcare/update-1-u-s-senate-opposition-to-obamacare-repeal-bill-grows-idINL2N1M50DV'|'2017-09-24T14:59:00.000+03:00'|6909.0|''|-1.0|'' 6910|'addad435a3eacba0af2ecc5edd16c77bda1b142c'|'Wealthy financiers could gain from Trump''s proposed tax cut for small businesses'|'September 28, 2017 / 10:03 AM / Updated an hour ago Wealthy financiers could gain from Trump''s proposed tax cut for small businesses Amanda Becker 4 Min Read U.S. President Donald Trump arrives aboard Air Force One at Joint Base Andrews, Maryland, U.S. September 27, 2017. REUTERS/Jonathan Ernst WASHINGTON (Reuters) - High-income Wall Street financiers could be unintended winners from a section of U.S. President Donald Trumps tax-cut plan that is meant to help mostly small, mom-and-pop businesses. Trump called on Wednesday for a new pass-through tax rate of 25 percent that could mean big savings for owners of sole proprietorships and partnerships who now pay 39.6 percent. But it could also mean a windfall for partners in private-equity, venture-capital and hedge funds, unless Congress can figure out a way to block them from taking advantage of the new rate. Ron Wyden, top Democrat on the tax-writing Senate Finance Committee, said Democrats supported a pass-through rate for small businesses, such as a cleaner, a garage, a restaurant. He said Trumps plan, however, would create a whole new set of wealthy individuals being able to dodge their taxes through this new provision. At issue is the taxation of the roughly 95 percent of American businesses that are not public corporations. Non-public pass-through businesses, such as sole proprietorships, limited liability companies and partnerships, pay no income tax themselves. Instead their profits pass through directly to their owners, who pay tax on them at the individual tax rates. Related Coverage White House''s Cohn says now sees more than 3 percent growth to pay for tax plan A small fraction of those business owners pay the top individual tax rate of 39.6 percent, higher than the current top corporate income tax rate of 35 percent. Those business owners have long complained that the disparity is unfair, especially in view of the fact that many multinationals pay much less than the 35 percent statutory corporate tax rate by exploiting abundant loopholes and tax breaks available to large, global corporations. Republicans have been eager to address the issue. Trumps plan proposes a new tax rate of 25 percent for the pass-through income of small and family-owned businesses. The problem, according to the plans critics, is that financial entities such as private-equity, venture-capital and hedge funds are all partnerships whose wealthy partners would see substantial tax savings on large portions of their income unless congressional tax writers find a way to exclude them. GOOD VERSUS BAD PASS-THROUGH INCOME The White House document that spelled out Trumps plan signaled that the administration was aware of the potential problem but would leave addressing it up to Congress. The document said: The framework contemplates that the (congressional tax) committees will adopt measures to prevent the recharacterization of personal income into business income to prevent wealthy individuals from avoiding the top personal tax rate. Trumps plan also proposes cutting the top corporate tax rate to 20 percent from 35 percent and cutting the top individual tax rate to 35 percent from 39.6 percent. Treasury Secretary Steven Mnuchin said two weeks ago that the administration would ensure partners at services firms such as accounting, law and financial firms would not benefit from a new, lower pass-through rate. A Treasury Department spokesman did not respond to a request for comment on the pass-through rate or plans to exempt certain categories of firms. Frank Clemente, executive director of Americans for Tax Fairness, a liberal advocacy group, said the idea that a new pass-through rate would help small business was simply a hoax. Tax experts said it would be difficult for congressional tax writers to exempt partners at services firms from using the new pass-through rate. There has always been talk of how to carve out good pass-through income from bad pass-through income. The problem is its exceedingly hard to do and there is no way to draw clear lines that wont be manipulated, said Seth Hanlon with the Center for American Progress, a liberal group. Victor Fleischer, a law professor at the University of San Diego, agreed it would be challenging. Still, I think it can probably be done, Fleischer said. Reporting by Amanda Becker; Editing by Kevin Drawbaugh and Peter Cooney '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-tax-passthrough/wealthy-financiers-could-gain-from-trumps-proposed-tax-cut-for-small-businesses-idUSKCN1C3175'|'2017-09-28T13:03:00.000+03:00'|6910.0|9.0|0.0|'' -6911|'7edd5b4ce25ebfc53baacfe2cff1a2676d7bf81f'|'Mitchells & Butlers sales up despite poor weather'|' 23 AM / Updated 14 minutes ago Mitchells & Butlers sales up despite poor weather Reuters Staff 1 Min Read (Reuters) - British pubs group Mitchells & Butlers Plc ( MAB.L ) reported a 2.9 percent rise in sales for the 51-week period to Sept. 16 despite poor weather in recent weeks. The group, whose pubs include Harvester, Toby Carvery and All Bar One, said comparable drink sales in the most recent weeks 8 weeks contracted 1.2 percent, an outcome it blamed on poor weather versus a sunny period a year earlier. The company reiterated its warning that margins for the full year will be below last year due to inflationary cost pressures. (This story was refiled to read Sept. 16, paragraph 1) Reporting by Rahul B in Bengaluru; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mitchells-butler-outlook/mitchells-butlers-sales-up-despite-poor-weather-idUKKCN1BW0NW'|'2017-09-21T09:32:00.000+03:00'|6911.0|''|-1.0|'' +6911|'7edd5b4ce25ebfc53baacfe2cff1a2676d7bf81f'|'Mitchells & Butlers sales up despite poor weather'|' 23 AM / Updated 14 minutes ago Mitchells & Butlers sales up despite poor weather Reuters Staff 1 Min Read (Reuters) - British pubs group Mitchells & Butlers Plc ( MAB.L ) reported a 2.9 percent rise in sales for the 51-week period to Sept. 16 despite poor weather in recent weeks. The group, whose pubs include Harvester, Toby Carvery and All Bar One, said comparable drink sales in the most recent weeks 8 weeks contracted 1.2 percent, an outcome it blamed on poor weather versus a sunny period a year earlier. The company reiterated its warning that margins for the full year will be below last year due to inflationary cost pressures. (This story was refiled to read Sept. 16, paragraph 1) Reporting by Rahul B in Bengaluru; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mitchells-butler-outlook/mitchells-butlers-sales-up-despite-poor-weather-idUKKCN1BW0NW'|'2017-09-21T09:32:00.000+03:00'|6911.0|25.0|-1.0|'' 6912|'7cc8b6ea6c6e913a4b504254d22eea3d6a784483'|'Under pressure, Hyundai clashes with China partner over suppliers - sources'|'September 5, 2017 / 7:26 AM / 13 minutes ago Under pressure, Hyundai clashes with China partner over suppliers - sources Norihiko Shirouzu , Hyunjoo Jin 3 Min Read FILE PHOTO: Men cylce past an advertising billboard for Hyundai cars opposite the plant of Hyundai Motor Co in Beijing, China, August 30, 2017. REUTERS/Thomas Peter/File Photo BEIJING/SEOUL (Reuters) - Hyundai Motor Co is at loggerheads with its Chinese partner over efforts to cut supplier costs, as they grapple with cut-throat competition and the impact of a stand-off between Beijing and Seoul, four people familiar with the dispute said. Hyundai, along with affiliate Kia Motors, has been caught up this year in a political row over a missile defence system deployed in South Korea but opposed by China. That came against the backdrop of increased competition from local automakers, already making life tough in the worlds biggest market. Until last year, Hyundai and Kia ranked third in China by sales. But sales for Hyundai alone have slumped 41 percent from January to July, making this the biggest crisis since Hyundai entered the Chinese market in 2002. Hyundai and its local partner BAIC Motor Corp Ltd are divided over how to solve the issue. Hyundai wants to protect its South Korean supply chain, while BAIC favours shifting to cheaper Chinese suppliers, the people said. BAIC wants to solve this aggressively and is aggressively pursuing it by asking Hyundai to change its sourcing strategy significantly and immediately, said the head of a Hyundai supplier based in Seoul familiar with the matter. He added the idea was to source more locally from cheaper suppliers. Hyundai wants to solve this more gradually over perhaps 5-10 years and do so in phases, the person added. BAIC declined to comment. A Hyundai Motor spokesperson told Reuters: Hyundai Motor and Kia Motors have been continuously trying to source competitive parts in China. The stand-off underscores the depth of a crisis facing Hyundai and its suppliers in China, heavily reliant on sales to Hyundai Motor and Kia Motors. South Korea approved the full deployment of the Terminal High Altitude Area Defense (THAAD) system on Monday - a day after North Korea conducted its sixth and most powerful nuclear test - and says it is needed to counter growing threats from North Korea. China has strongly opposed the system and says its powerful radar poses a threat to its national security. China has started to become a grave for South Korean automakers and suppliers, said Lee Hang-koo, a senior research fellow at Korea Institute for Industrial Economics & Trade, adding suppliers were being hit the hardest. South Korean firms are squeezed between cheaper Chinese suppliers and European rivals which are technologically more advanced, making it challenging for them to diversify their customers beyond Hyundai Motor, he said. Parts from South Korean suppliers are around 30-40 percent more expensive than those from local Chinese suppliers, industry sources say. Hyundai last week replaced the head of its China operations, following months of tumbling sales. It was forced to suspend production temporarily at its four China plants last month over issues of non-payment to a supplier. Reporting by Norihiko Shirouzu in BEIJING and Hyunjoo Jin in SEOUL; Writing by Adam Jourdan; Editing by Ian Geoghegan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-hyundai-china-suppliers/under-pressure-hyundai-clashes-with-china-partner-over-suppliers-sources-idUKKCN1BG0NI'|'2017-09-05T10:25:00.000+03:00'|6912.0|''|-1.0|'' 6913|'c99486a1b29a00001e8d7ca373a06324031f27a1'|'Capita staff vote to strike over pension changes - Unite'|' 39 PM / Updated 15 minutes ago Capita staff vote to strike over pension changes - Unite (Reuters) - Capita ( CPI.L ) staff represented by trade union Unite have voted to go on strike for six days from Oct. 5 in protest against changes to the companys pension scheme, Unite said on Thursday. Capita informed its employees of significant changes to their pension arrangements in June which would result in a massive cut in their retirement income, the trade union said. Capita did not immediately respond to a request for comment. Reporting by Radhika Rukmangadhan in Bengaluru; editing by David Clarke'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-capita-strike/capita-staff-vote-to-strike-over-pension-changes-unite-idUKKCN1BW1VB'|'2017-09-21T16:39:00.000+03:00'|6913.0|''|-1.0|'' 6914|'5ba9b708b08558b8714ca0c61c79a2888265364d'|'China''s factories grow at fastest pace in over five years as prices surge'|'A factory floor of XCMG Group is seen in Xuzhou, Jiangsu province, China August 14, 2015. REUTERS/Brenda Goh BEIJING (Reuters) - Chinas manufacturing activity grew at the fastest pace since 2012 in September as factories cranked up output to take advantage of strong demand and high prices, easing worries of a slowdown before a key political meeting next month.Production, total new orders and output prices all improved to the highest level in at least a year, while a pick-up in a reading for the construction sector indicated a building boom is undiminished.The official Purchasing Managers Index (PMI) released on Saturday rose to 52.4 in September, from 51.7 in August and well above the 50-point mark that separates growth from contraction on a monthly basis.It marked the 14th straight month of expansion for Chinas massive manufacturing industry and the highest reading since April 2012. Analysts surveyed by Reuters had forecast the reading would ease slightly.The data comes ahead of the Communist Party Congress in mid-October, a once-every-five-years meeting where new leaders are appointed and the governments key political and economic initiatives are laid out, though details are usually not announced until much later.Chinas manufacturers are reporting their best profits in years, fueled by government-led infrastructure spending, a strong housing market, higher factory-gate prices and a recovery in exports.Over the short term, we believe the resilient demand growth and disciplined balance sheet expansion ... will point to further improvement in manufacturing profitability and investment returns, analysts at China International Capital Corporation said in a note after the data.But cost pressures from high raw materials prices and continued underperformance of smaller firms mean some manufacturers are still struggling.Mid- and downstream industries are worried about a further increase in cost pressures, National Bureau of Statistics official Zhao Qinghe wrote in comments published with the data.INPUT PRICES CLIMB The latest survey showed input prices continued to rise at a solid clip, with the reading at 68.4 compared with 65.3 in August, benefiting upstream producers such as miners, smelters and oil refiners.Indexes for raw materials prices in the paper, wood processing and furniture, and chemical products manufacturing industries were all above 75.0, said Zhao, indicating large price increases.Output prices also rose but at a slower pace, pointing to lower profit margins for companies further along the supply chain who are unable to pass on all of the price increases to their customers.A separate PMI on the steel industry fell to 53.7 in September from 57.2 in August but remained in solid expansion territory, as the industry faces production restrictions aimed at reducing choking air pollution over the winter.Analysts at China Merchants Securities said stricter production limits related to efforts to improve air quality and supply-side adjustments from capacity cuts had helped to improve the supply-demand balance, with new orders rising faster than production in September for the first time since 2012.For the manufacturing sector overall, inventories of raw materials and finished goods continued to decline in September, providing little indication that factories were stocking up in preparation for winter production cuts.Big firms saw the strongest improvement in September, with a large firms sub-index rising to 53.8, while one for small firms improved slightly but was still in contraction territory at 49.4.Chinas cabinet on Wednesday said that China will take a number of measures, including tax exemptions and targeted reserve requirement ratio cuts, to encourage banks to support small businesses.The impressive performance for Chinas manufacturers comes despite a government push to shutter outdated industrial capacity and clean up polluting industries, though some analysts say official claims of massive capacity cuts are misleading as overall production is still rising.Chinese authorities are also in the midst of a campaign to reduce the risks from a rapid build-up in debt produced by years of credit-fuelled stimulus, and the continued strength of the industrial sector could give policymakers confidence to stick to the push for deleveraging.PRIVATE SURVEY SHOWS SLOWER GROWTH A separate private survey may temper some of the enthusiasm, as it showed growth slowed in September amid high pricing pressure and slower new order growth.The Caixin/Markit Manufacturing Purchasing Managers Index (PMI) fell to 51.0 in September, compared with 51.6 in August, as new export order growth slipped.So far, the regulatory clampdown has focused on the financial sector, particularly interbank and shadow banking activity, and the pass-through to the real economy appears to be limited.But S&P last week downgraded Chinas sovereign credit rating, saying the governments deleveraging drive has progressed slower than expected, leading to higher economic and financial risks.An official survey on the services sector published Saturday rose at the fastest pace since 2014, though gains in that sector were also driven by higher input prices.A sub-reading for the construction sector rose to 61.1 in September from 58.0 in August.The official data showed firms in both the manufacturing and services sector continued to shed workers.Reporting by Elias Glenn; Editing by Richard PullinOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-china-economy-pmi-official/chinas-factories-grow-at-fastest-pace-in-over-five-years-as-prices-surge-idINKCN1C5027'|'2017-09-30T06:55:00.000+03:00'|6914.0|''|-1.0|'' @@ -6938,7 +6938,7 @@ 6936|'e687751ae03a3966755270ff652f4677da42b003'|'UniCredit to propose removal of 5 percent cap on voting rights'|'Reuters TV United States 6:39 PM / Updated 5 minutes ago UniCredit proposes to remove 5 percent cap on voting rights Francesca Landini 3 Min Read FILE PHOTO: Unicredit bank logo is seen in the old city centre of Siena, Italy June 29, 2017. REUTERS/Stefano Rellandini MILAN (Reuters) - UniCredit ( CRDI.MI ) has called a shareholder meeting for Dec. 4 to put new governance proposals to the vote, including removing a 5 percent cap on voting rights and allowing the board to select its own candidates to be directors. The proposed changes come at a time of renewed merger speculation following a report that Italys largest bank by assets told Berlin recently it was interested in eventually merging with state-backed Commerzbank ( CBKG.DE ). This amendment would align UniCredits governance with the principle that the voting system be proportional to the capital invested, in line with international best practice, the bank said in a statement on Thursday about the removal of the 5 percent cap. UniCredits CEO Jean-Pierre Mustier, appointed just over a year ago to turn the bank around, announced in December that he wanted to shake up the lenders governance. In a statement, the bank said it would ask an extraordinary general meeting to give its board the power to present its own list of candidates for election as directors and to remove the limit on voting rights. Shareholders will also be asked to approve the mandatory conversion of the banks saving shares into ordinary shares at a conversion ratio of 3.82 ordinary shares for each saving share, plus an additional cash adjustment of 27.25 euros. Scrapping the 5 percent cap will trigger the right for ordinary shareholders to hand back their shares in exchange for money if they choose, the bank said. UniCredit also said it was exploring the feasibility of delisting its shares from the Warsaw stock exchange following the sale of its stake in Polish lender Bank Pekao ( PEO.WA ) In another statement, the bank said it planned to separate its risk management functions from credit related operational functions, creating two different divisions: the Group Risk Management and the Group Lending Office. Editing by David Clarke'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-unicredit-governance/unicredit-to-propose-removal-of-5-percent-cap-on-voting-rights-idUKKCN1BW2P0'|'2017-09-21T21:34:00.000+03:00'|6936.0|''|-1.0|'' 6937|'012d2149f8d94f77e5f0593050cd93e8429b852d'|'Morning News Call - India, September 29'|'(India Morning Newsletter will not be published on Monday, October 2, as markets are closed for Mahatma Gandhi Jayanti.) To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:00 am: Indiabulls Real Estate annual general meeting in New Delhi. 10:00 am: Harvard, NITI Aayog & NIPFP organize Symposium on Building Financial Systems of the 21st Century in New Delhi. 10:00 am: Law Minister Ravi Shankar Prasad, BSNL Chairman Anupam Shrivastav, Vodafone India Vice President Deepankar Ghosal, Cisco India Director Sandeep Arora at India Mobile Congress 2017 in New Delhi. 12:00 pm: HDFC Bank Digital Bank Country Head Nitin Chugh at launch of center for digital excellence in Mumbai. 12:00 pm: DLF annual general meeting in Gurugram. 1:30 pm: Maruti Suzuki India MD Kenichi Ayukawa and Suzuki Motorcycle MD Satoshi Uchida at ECSTAR launch in New Delhi. 2:30 pm: Railway Minister Piyush Goyal to launch additional Mumbai suburban train services in Mumbai. 3:00 pm: Telecom Commission meeting in New Delhi. 3:30 pm: Just Dial annual general meeting in Mumbai. 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. LIVECHAT - WEEKAHEAD . Reuters EMEA markets editor Mike Dolan discusses the upcoming week''s main market inflection points at 3:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS India sticks to 2017/18 borrowing target, open to extra bond sales India''s federal government on Thursday stuck to its budgeted market borrowing target for the fiscal year ending in March 2018 but held out the possibility of selling additional bonds to fund any new spending. India says GE diesel locomotive factory on track, but to pursue electrification General Electric''s plan to build a diesel locomotive factory in eastern India is proceeding as planned, the nation''s railways minister said on Thursday, aiming to allay the U.S. firm''s concerns that India was unilaterally making changes to the contract. RBI increases foreign investment limits for debt India''s central bank said on Thursday it would raise the foreign investment limits for government bonds by 80 billion rupees to 2.5 trillion rupees for the October-December quarter, after current quotas had been almost fully exhausted. Ford''s Welsh engine plant to lose JLR business in 2020 Jaguar Land Rover will stop sourcing petrol engines from Ford''s plant in Bridgend, Wales, after ending its current contract earlier than expected in 2020, creating uncertainty over around 750 jobs. MAS Financial Services IPO to open on October 6 Indian non-banking financial company MAS Financial Services Ltd''s initial public offering of shares to raise up to 4.6 billion rupees will run from October 6 to October 10, according to a public notice issued on Thursday. GLOBAL TOP NEWS White House battles critics over tax plan as lawmakers prepare to act The White House struggled on Thursday to defend its new tax plan against criticism that it would help the rich at the expense of lower classes, as Republicans in Congress prepared to move ahead with actual legislation. China sets 2019 deadline for automakers to meet green-car sales targets China has set a deadline of 2019 to impose tough new sales targets for electric plug-in and hybrids vehicles, slightly relaxing an earlier plan to launch the rules from next year that had left global automakers worried about being able to comply. Japan''s inflation, labour demand and factory output signal solid economic recovery Japan''s core inflation accelerated in August, industrial output rose more than expected and demand for labour remained at its strongest in over 40 years in a further sign of solid momentum in the world''s third-largest economy. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were at 9,769.00, trading up 0.3 percent from its previous close. Indian government bonds are likely to edge higher in early trade as the federal governments borrowing plan for the second half of the fiscal year was along expected lines. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.60 percent-6.66 percent band. The Indian rupee will likely edge higher against the dollar on expectations of capital inflows after the nations central bank raised the limit for foreign investments in government debt. GLOBAL MARKETS Wall Street edged higher on Thursday, as the S&P 500 eked out a record on gains in McDonald''s and healthcare names, while investors continued to hope President Donald Trump will be able to make progress on tax reform. Asian shares tried to regain some poise after a tough week in which the gathering risk of a U.S. rate rise lifted Treasury yields toward nine-year highs and boosted borrowing costs across the region. The dollar inched higher against a basket of major currencies on Friday, having pulled back from one-month highs set this week as investors pondered the Trump administration''s tax plan and the outlook for Federal Reserve policy. The yield spread between shorter and longer-dated U.S. Treasuries grew on Thursday in the aftermath of a tax plan that raised concerns about faster growth in the federal deficit and borrowing. Oil prices rose, with both Brent and U.S. crude set to chalk up another weekly gain as investors bet that efforts to cut a global glut are working and that the demand outlook is improving. Gold prices held steady just above the previous session''s six-week low, supported by a weaker dollar, but remained on course for their biggest monthly fall this year. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 65.51/65.54 September 28 -$813.93 mln -$164.73 mln 10-yr bond yield 6.96 pct Month-to-date -$1.11 bln $75.77 mln Year-to-date $5.90 bln $23.22 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 65.4600 Indian rupees) (Compiled by Shradha Singh in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/india-morningcall/morning-news-call-india-september-29-idUSL4N1MA1GN'|'2017-09-29T11:20:00.000+03:00'|6937.0|''|-1.0|'' 6938|'5b045aa2bfdb7d6e6ad1b24a7626cf77494489f0'|'PRESS DIGEST- British Business - Sept 21'|'Sept 21 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesIndian billionaire Anil Agarwal is raising his stake in Anglo American Plc after announcing plans to buy up to 1.5 billion pounds-worth of new shares in the company. ( bit.ly/2fC7V5m )About 480 jobs will be cut at Mitie Group Plc as the struggling outsourcer responds to a series of setbacks including profit warnings, restated accounts, the overhaul of its board and regulatory inquiries. ( bit.ly/2fBRNkp )The GuardianIndia''s Tata Steel Ltd has paved the way for a merger of its European operations with the German steel manufacturer ThyssenKrupp AG, creating Europe''s second largest steel group after ArcelorMittal. ( bit.ly/2fBS4Ut )Bidders for UK stock market listed companies must lay out more detailed plans for their target, including location of its head office and research and development investment, under proposed rules put forward by the takeover watchdog and backed by the government. ( bit.ly/2fCabcN )The TelegraphThe City''s top lobby group has urged Theresa May to get a move on with a Brexit transition deal as she prepares for a landmark speech in Italy on Friday. TheCityUK has slammed the lack of progress made on agreeing a transitional arrangement since the EU referendum and called for urgent action to limit damage to the City. ( bit.ly/2fALmh9 )German energy giant Eon is in talks to sell its stake in the fossil fuel and trading company Uniper to Finnish utility Fortum for 3.8 billion euros ($4.51 billion). ( bit.ly/2fBUu5v )Sky NewsDominic Chappell, the businessman at the helm of BHS when it collapsed last year, has denied charges linked to an investigation by The Pensions Regulator. ( bit.ly/2fBVeHP )The finance director of the Co-operative Bank, John Worth, is to step down weeks after the lender concluded a 700 million pound ($944.58 million) rescue deal designed to secure its long-term future. ( bit.ly/2fzUeDN )The IndependentA London and San Francisco-based cyber security firm, Digital Shadows, has raised $26 million in a funding round led by Octopus Ventures, an early backer of Zoopla and LOVEFilm, to support its expansion into markets such as Asia. ( ind.pn/2fBIJfm )$1 = 0.8418 euros $1 = 0.7411 pounds Compiled by Bengaluru newsroom; Editing by Sandra Maler '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-business/press-digest-british-business-sept-21-idINL4N1M15XG'|'2017-09-20T21:42:00.000+03:00'|6938.0|''|-1.0|'' -6939|'b7dac062f6992b51524d0c584cdc129574b6f1ec'|'Asia shares recuperate after rough week, dollar in better health'|' 12:54 AM / in 4 minutes Asia shares recuperate after rough week, dollar in better health Wayne Cole 5 Min Read A man stands in front of electronic boards showing stock prices and exchange rate between Japanese Yen and U.S dollar outside a brokerage in Tokyo, Japan, January 20, 2017. REUTERS/Kim Kyung-Hoon SYDNEY (Reuters) - Asian shares regained some poise on Friday after a tough week in which the gathering risk of a U.S. rate rise lifted Treasury yields toward nine-year highs and boosted borrowing costs across the region. Activity was mainly confined to book-squaring for the end of the month and quarter, and moves in markets were modest at best. MSCIs broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS inched up 0.2 percent, but was still down a sizable 2 percent for the week so far. Japan''s Nikkei .N225 was off 0.2 percent, though South Korea .KS11 managed to recoup 0.5 percent. Shanghai shares .SSEC firmed 0.3 percent but were flat on the week. Many markets in the region have been cold-shouldered this week as investors priced in a greater probability of a rate hike from the Federal Reserve in December. Fed funds futures <0#FF:> imply around a 73 percent chance of a move at the Dec. 12-13 policy meeting. As a result, yields on two-year Treasuries US2YT=RR reached a near nine-year top before settling at 1.46 percent on Friday. They had been as low as 1.254 percent early in September. Adding to the upward pressure was President Donald Trumps proposals for steep tax cuts which, if passed, could benefit U.S. corporations profit margins. The plan, however, lacked any detail on how it might be paid for and faced much opposition in Congress. As tax negotiations intensify, significant procedural, fiscal and political constraints are likely to become apparent, cautioned Richard Franulovich, an analyst at Westpac, while noting the economic benefits of the plan were also in doubt. The size of the tax cut is simply too large to be realistic and repealing deductions will prove politically difficult. Still, a tax cut that made U.S. equities more attractive while lifting the dollar and Treasury yields would likely prove negative for emerging markets, particularly those that relied heavily on foreign investment. [EMRG/FRX] The risk alone was enough to rattle share, bond and currency markets in Asia on Thursday, and they will remain vulnerable to headlines on the tax package as it moves through Congress. DOLLAR REPRIEVE The jump in Treasury yields proved a much-needed tonic for the U.S. dollar. Against a basket of currencies the dollar index .DXY was up 0.14 percent on Friday at 93.217, to hold gains of 1.1 percent this week. The euro EUR= hovered at $1.1778, having bounced from a six-week trough of $1.1715, but was still down 1.5 percent for the week so far. If it remains there, that would be the largest weekly loss since November 2016. The dollar was also on track for its third week of gains on the Japanese yen at 112.66 JPY= , just off a peak of 113.26. On Wall Street, the Dow .DJI had ended Thursday with a minor gain of 0.18 percent, while the S&P 500 .SPX added 0.12 percent and the Nasdaq .IXIC was flat. [.N] All three were at or near record highs, stirring concerns about rich valuations. The forward price-to-earnings ratio (P/E) on the S&P stood at 17.9 compared with its long-term average of 15.1, while the forward P/E on the Russell is 26.3 against an average of 21.3. Important data on inflation from the European Union and the United States are due later in the session, along with economic growth figures in Canada. ECONG7 Early readings on Chinese manufacturing are out on Saturday ahead of a week-long holiday in the Asian giant. The EU also faces more political uncertainty on Sunday when Catalan separatists are set to defy Spanish efforts to block an independence referendum. In commodity markets, oil prices were near to chalking up another weekly gain as investors wagered that efforts to cut a global glut are working and the demand outlook is improving. Brent LCOc1 was 24 cents higher at $57.65 a barrel, heading for a fifth weekly climb and a 10-percent gain for September. U.S. crude CLc1 rose 1 cent to $51.57 a barrel. [O/R] Editing by Shri Navaratnam and Sam Holmes'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-markets/asia-shares-recuperate-after-rough-week-dollar-firm-idUKKCN1C403K'|'2017-09-29T06:28:00.000+03:00'|6939.0|''|-1.0|'' +6939|'b7dac062f6992b51524d0c584cdc129574b6f1ec'|'Asia shares recuperate after rough week, dollar in better health'|' 12:54 AM / in 4 minutes Asia shares recuperate after rough week, dollar in better health Wayne Cole 5 Min Read A man stands in front of electronic boards showing stock prices and exchange rate between Japanese Yen and U.S dollar outside a brokerage in Tokyo, Japan, January 20, 2017. REUTERS/Kim Kyung-Hoon SYDNEY (Reuters) - Asian shares regained some poise on Friday after a tough week in which the gathering risk of a U.S. rate rise lifted Treasury yields toward nine-year highs and boosted borrowing costs across the region. Activity was mainly confined to book-squaring for the end of the month and quarter, and moves in markets were modest at best. MSCIs broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS inched up 0.2 percent, but was still down a sizable 2 percent for the week so far. Japan''s Nikkei .N225 was off 0.2 percent, though South Korea .KS11 managed to recoup 0.5 percent. Shanghai shares .SSEC firmed 0.3 percent but were flat on the week. Many markets in the region have been cold-shouldered this week as investors priced in a greater probability of a rate hike from the Federal Reserve in December. Fed funds futures <0#FF:> imply around a 73 percent chance of a move at the Dec. 12-13 policy meeting. As a result, yields on two-year Treasuries US2YT=RR reached a near nine-year top before settling at 1.46 percent on Friday. They had been as low as 1.254 percent early in September. Adding to the upward pressure was President Donald Trumps proposals for steep tax cuts which, if passed, could benefit U.S. corporations profit margins. The plan, however, lacked any detail on how it might be paid for and faced much opposition in Congress. As tax negotiations intensify, significant procedural, fiscal and political constraints are likely to become apparent, cautioned Richard Franulovich, an analyst at Westpac, while noting the economic benefits of the plan were also in doubt. The size of the tax cut is simply too large to be realistic and repealing deductions will prove politically difficult. Still, a tax cut that made U.S. equities more attractive while lifting the dollar and Treasury yields would likely prove negative for emerging markets, particularly those that relied heavily on foreign investment. [EMRG/FRX] The risk alone was enough to rattle share, bond and currency markets in Asia on Thursday, and they will remain vulnerable to headlines on the tax package as it moves through Congress. DOLLAR REPRIEVE The jump in Treasury yields proved a much-needed tonic for the U.S. dollar. Against a basket of currencies the dollar index .DXY was up 0.14 percent on Friday at 93.217, to hold gains of 1.1 percent this week. The euro EUR= hovered at $1.1778, having bounced from a six-week trough of $1.1715, but was still down 1.5 percent for the week so far. If it remains there, that would be the largest weekly loss since November 2016. The dollar was also on track for its third week of gains on the Japanese yen at 112.66 JPY= , just off a peak of 113.26. On Wall Street, the Dow .DJI had ended Thursday with a minor gain of 0.18 percent, while the S&P 500 .SPX added 0.12 percent and the Nasdaq .IXIC was flat. [.N] All three were at or near record highs, stirring concerns about rich valuations. The forward price-to-earnings ratio (P/E) on the S&P stood at 17.9 compared with its long-term average of 15.1, while the forward P/E on the Russell is 26.3 against an average of 21.3. Important data on inflation from the European Union and the United States are due later in the session, along with economic growth figures in Canada. ECONG7 Early readings on Chinese manufacturing are out on Saturday ahead of a week-long holiday in the Asian giant. The EU also faces more political uncertainty on Sunday when Catalan separatists are set to defy Spanish efforts to block an independence referendum. In commodity markets, oil prices were near to chalking up another weekly gain as investors wagered that efforts to cut a global glut are working and the demand outlook is improving. Brent LCOc1 was 24 cents higher at $57.65 a barrel, heading for a fifth weekly climb and a 10-percent gain for September. U.S. crude CLc1 rose 1 cent to $51.57 a barrel. [O/R] Editing by Shri Navaratnam and Sam Holmes'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-markets/asia-shares-recuperate-after-rough-week-dollar-firm-idUKKCN1C403K'|'2017-09-29T06:28:00.000+03:00'|6939.0|29.0|0.0|'' 6940|'10057128dcb6aaeab37a1917e4b2908366cd84da'|'Japan Post to invest funds from future group share sales for growth: CEO'|'FILE PHOTO: A woman walks past an advertisement board of Japan Post at its headquarters in Tokyo, Japan January 30, 2017. REUTERS/Kim Kyung-Hoon/File Photo TOKYO (Reuters) - Japan Post Holdings ( 6178.T ) will use proceeds from future share sales of its financial units on growth measures including on acquisitions, rather than giving money back to shareholders, its CEO said on Friday.The postal and financial giant has been criticized for M&A missteps and a lack of clear growth prospects. Its $11.5 billion share sale earlier this week brought those concerns to the fore, though investors like its attractive dividend yield.As a going concern, we would like to use the money on investments, CEO Masatsugu Nagato said at a news conference when asked what Japan Post will do with the money after eventually selling stakes in its bank and insurance units.Currently, Japan Post holds 74 percent in Japan Post Bank ( 7182.T ) and 89 percent in Japan Post Insurance ( 7181.T ). Japan Post is required by law to eventually sell down its stake in the two units, though no specific time frame is set.Nagato said he could not comment on the timing of the sale. He did not specify any acquisition targets or detail investment plans.Japan Post and its two units made unprecedented three-way initial public offerings in 2015 as part of Japans last large-scale privatization.The Japanese government said this week it has raised 1.3 trillion yen ($11.5 billion) from its sale of Japan Post stock. As a result of the offering, the governments stake in Japan Post will be less than 60 percent.The offering was the worlds second-biggest share sale so far this year, after Italian bank UniCredit Spas ( CRDI.MI ) $13.7 billion sale in February.Japan Post has a dividend yield of 3.7 percent, against the benchmark Nikkei average''s .N225 1.7 percent.Its hard for me to say, but the postal business is not destined to grow, so but we need something attractive for investors, Nagato said. For the time being, we have to use dividend as an effective way to lure investors, he said.One bright spot is the parcel delivery business, which has been seeing a sharp rise in volume thanks to strong growth in e-commerce.Japan Post said on Friday its parcel delivery volume jumped 27 percent year-on-year in August, while its traditional mail volume declined 4.1 percent.But Japans parcel delivery industry has been hit by labor shortage, pushing up costs for Japan Post and its rivals such as Yamato Holdings Co ( 9064.T ).Our system has not been able to catch up with the sharp rise in e-commerce and tight labor markets and our frontline staffs working condition has deteriorated as a result, Yamato President Masaki Yamauchi told a news conference on Thursday while announcing its new business strategy.Reporting by Taiga Uranaka; Editing by Muralikumar Anantharaman '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-japan-post-strategy/japan-post-to-invest-funds-from-future-group-share-sales-for-growth-ceo-idINKCN1C41D6'|'2017-09-29T08:24:00.000+03:00'|6940.0|''|-1.0|'' 6941|'76b76905717fe83eb649a48b747ae7fa62003aa8'|'UK food delivery firm Deliveroo raises $385 million for expansion'|'LONDON, Sept 24 (Reuters) - British takeaway food delivery firm Deliveroo has raised $385 million in new funding, the firm said in a statement on Sunday which set out that the money would help establish operations in new areas of the country and overseas.The firm said the funding round brought its total valuation to more than $2 billion and would allow it to expand into new towns, cities and countries, enlarge its technology team, and work with restaurants to develop delivery-only kitchens.Deliveroo operates in over 150 cities across 12 countries.The funding is led by funds and accounts advised by T. Rowe Price Associates, Inc. and Fidelity Management & Research Company, the company said.We are excited to see this capital put to use to build out their Editions concept and expand their geographic footprint, said Henry Ellenbogen, portfolio manager at T. Rowe Price New Horizons Fund.Like taxi app Uber, which was stripped of its London operating license on Friday, Deliveroo has been criticised by unions who say it is exploiting its staff by not offering basic protections and some riders are pursuing legal action to push for workers rights.Deliveroo has previously said it would give its self-employed riders insurance and sick pay if the government changed the law so it could offer some, rather than all, the entitlements enjoyed by workers. (Reporting by William James; Editing by Toby Chopra) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deliveroo-fundraising/uk-food-delivery-firm-deliveroo-raises-385-million-for-expansion-idINL5N1M509C'|'2017-09-24T08:28:00.000+03:00'|6941.0|''|-1.0|'' 6942|'b63a65a5b9e7aae5fb677b923323db8f66a9a4cd'|'NAFTA talks kick off in Mexico City under cloud of Trump threats'|'September 1, 2017 / 3:52 PM / 2 hours ago NAFTA talks kick off in Mexico City under cloud of Trump threats Dave Graham , Anthony Esposito 4 Min Read MEXICO CITY (Reuters) - Trade negotiators from Canada and the United States gathered under rainy skies in Mexico City on Friday to discuss the North American Free Trade Agreement, with the mood darkened by U.S. President Donald Trumps persistent threats to pull out. Teams from the three countries were due to kick off a second round of talks on 25 tables of discussion, with subjects such as digital commerce and small businesses seen as areas where consensus was possible, Mexican officials said. The Sept. 1-5 round will also touch on more thorny topics such as rules governing local content in products made in North America, Mexicos economy ministry said in a statement. Trump wants to include rules that some content must be made in the United States. Trump and Canadian Prime Minister Justin Trudeau spoke by telephone on Thursday and stressed they wanted to reach an agreement on NAFTA by the end of the year, the White House said. If they achieve that, it could set a record among the fastest multinational trade negotiation. Nevertheless, one Mexican official noted that Trumps threats had put pressure on his negotiators, forcing them to adopt tougher positions than they would like, while another official said they were ready to leave the table if needed. Related Coverage Trump said this week he might trigger a 180-day countdown to withdraw from NAFTA while the talks were ongoing to help meet his goals, which include sharply reducing a $64 billion annual U.S. trade deficit with Mexico. NAFTA, first implemented in 1994, eliminates most tariffs on trade between the United States, Canada and Mexico. Critics say it has drawn jobs from the U.S. and Canada to Mexico, where workers are badly paid. Supporters say it has created U.S. jobs, and the loss of manufacturing from the United States has more to do with China than Mexico. United States Trade Representative Robert Lighthizer speaks at a news conference prior to the inaugural round of North American Free Trade Agreement renegotiations in Washington, U.S., August 16, 2017. REUTERS/Aaron P. Bernstein If NAFTA collapses, costs could rise for hundreds of billions of dollars of trade as tariffs are brought back. Free-trade lobby groups say consumers would be saddled with higher prices and less availability of products ranging from avocados and berries to heavy trucks. UNCERTAIN FUTURE Mexicos Economy Minister Ildefonso Guajardo and Foreign Minister Luis Videgaray told officials in Washington on Wednesday that Mexico would walk away from the negotiations if Trump pulls the trigger on withdrawing from the deal. Amid Trumps warnings, Mexico is preparing for something hard to imagine even a few months ago - life without the agreement that boosted trilateral trade to around $1 trillion annually. Juan Pablo Castanon, president of Mexicos Business Coordination Council representing the private sector in the talks, said Mexicos Plan B could be up and running within three months of an eventual NAFTA collapse. Talking on Mexican television, he said the plan was focused on striking new trade arrangements in Asia and Latin America, sourcing alternate suppliers such as Brazil for grains now imported from the United States, and finding ways to recreate investor guarantees that are included in NAFTA. We estimate we would have to be ready in three months. Of course, some investment arriving would be slowed down, but in three months, Mexicos reorientation and recovery measures would have to be ready, Castanon said. Mexicos President Enrique Pena Nieto travels to China this weekend for talks about trade and investment, while Mexican negotiators were due to take part in trade talks with South American nations, Australia and New Zealand on Tuesday. Mexicos status as the biggest foreign buyer of yellow corn from the United States gives it some leverage in the NAFTA talks, with corn-growing states that voted for Trump in 2016 emerging as a powerful voice that is opposed to scrapping the deal. Additional reporting by Adriana Barrera; Writing by Frank Jack Daniel; Editing by Bernadette Baum '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-trade-nafta/nafta-talks-round-in-mexico-to-tackle-rules-of-origin-market-access-idUKKCN1BC5C3'|'2017-09-01T20:11:00.000+03:00'|6942.0|''|-1.0|'' @@ -6968,10 +6968,10 @@ 6966|'9082313adc0ca59ee70c23c2d0743f79ac5d6f24'|'U.S. housing starts fall for second straight month; outlook murky'|'September 19, 2017 / 12:42 PM / Updated 4 minutes ago U.S. housing starts fall for second straight month; outlook murky Lucia Mutikani 5 Min Read A worker installs a metal roof on the top of a single story family home being built in San Diego, California, U.S., July 17, 2017. REUTERS/Mike Blake U.S. homebuilding fell for a second straight month in August as a rebound in the construction of single-family houses was offset by persistent weakness in the volatile multifamily home segment. The report from the Commerce Department on Tuesday also showed building permits racing to a seven-month high in August. However, permits for single-family homebuilding, which accounts for the largest share of the housing market, dropped. The mixed report suggested housing could remain a drag on economic growth in the third quarter. Homebuilding has been treading water for much of this year amid shortages of land and skilled labor as well as rising costs of building materials. Housing starts slipped 0.8 percent to a seasonally adjusted annual rate of 1.18 million units, the Commerce Department said. Building permits surged 5.7 percent to a rate of 1.30 million units in August, the highest level since January. The data suggested limited impact on permits from Hurricane Harvey, which lashed Texas in late August and caused unprecedented flooding in Houston. The Commerce Department said the response rate from areas affected by the storm was not significantly lower. But homebuilding could slump further in September in the aftermath of Harvey and Hurricane Irma, which struck Florida. According to Census Bureau data, the areas in Texas and Florida that were devastated by the storms accounted for about 13 percent of permits issued in the nation last year. Though activity could pick up as the hurricane-ravaged communities rebuild, the dearth of labor could curb the pace of increase in homebuilding. A survey Monday showed confidence among homebuilders fell in September amid concerns that the hurricanes could worsen the labor shortages and make building materials more expensive. Economists had forecast housing starts rising to a 1.18 million-unit pace last month. Investment in homebuilding contracted in the second quarter at its steepest pace in nearly seven years. As a result, housing subtracted 0.26 percentage point from second-quarter gross domestic product. Homebuilding rose 1.4 percent in August on a year-on-year basis. Despite the recent weakness, housing continues to be supported by a labor market that is near full employment. In addition, mortgage rates remain close to historic lows. Single-family homebuilding jumped 1.6 percent to a rate of851,000 units in August. Single-family permits, however, fell 1.5 percent to a 800,000-unit pace. With permits lagging starts, single-family homebuilding could decline in the months ahead. Groundbreaking on single-family housing projects has slowed since vaulting to near a 9-1/2-year high in February. MIXED DATA Last month, single-family starts rose in the South and West, but fell in the Midwest and Northeast. Starts for the volatile multi-family housing segment tumbled 6.5 percent to a rate of 329,000 units. Multi-family permits vaulted 19.6 percent to a 500,000-unit pace in August. The mixed data is unlikely to change expectations that the Federal Reserve will announce on Wednesday a plan to start unwinding its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities. Fed officials were scheduled to start a two-day meeting later on Tuesday. The dollar was trading lower against basket of currencies, while prices for U.S. Treasuries rose. U.S. stock futures were slightly higher. In a separate report on Tuesday, the Labor Department said import prices jumped 0.6 percent in August, the biggest gain since January, after dipping 0.1 percent in July. In the 12 months through August, import prices surged 2.1 percent after rising 1.2 percent in July. Last month, prices for imported petroleum raced 4.8 percent after slipping 0.4 percent in July. Import prices excluding petroleum rose 0.3 percent after dipping 0.1 percent the prior month. Import prices excluding petroleum increased 1.0 percent in the 12 months through August. Import prices outside petroleum are rising as the dollars rally fades. The dollar has weakened 8.3 percent against the currencies of the United States main trading partners this year. The report also showed export prices rose 0.6 percent in August after gaining 0.5 percent in July. They increased 2.3 percent year-on-year after rising 0.9 percent in August. A third report from the Commerce Department showed the current account deficit, which measures the flow of goods, services and investments into and out of the country, increased to $123.1 billion in the second quarter from $113.5 billion in the first quarter. That was the highest level since the fourth quarter of 2008. Reporting By Lucia Mutikani; Editing by Andrea Ricci'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-usa-economy/u-s-housing-starts-fall-for-second-straight-month-idUKKCN1BU1M1'|'2017-09-19T16:31:00.000+03:00'|6966.0|''|-1.0|'' 6967|'51fae40e5b60796c56afd9f465c01142373ef648'|'What I wish I could tell my boss: ''You worked me like a machine'' - Guardian Careers'|'What I wish I could tell my boss What I wish I could tell my boss: ''You worked me like a machine'' The investment banker: working 20-hour days made me feel like a piece of gum that has been chewed up and mangled I felt like a piece of gum that had been chewed up and mangled. Photograph: Joel Sartore/Getty Images/National Geographic Creative What I wish I could tell my boss What I wish I could tell my boss: ''You worked me like a machine'' The investment banker: working 20-hour days made me feel like a piece of gum that has been chewed up and mangled View more sharing options Friday 29 September 2017 07.00 BST Last modified on Friday 29 September 2017 07.01 BST W hen I worked for you as part of a prestigious team at an investment bank, it never occurred to me to complain. There were long hours and a complete work-life imbalance, but I loved the good salary, the rush and the sense of achievement I got from structuring exotic deals. I was committed. Even when I witnessed the breakdown of a fellow associate who worked for you, the penny didnt drop. I felt proud to be the last person standing the last rich person standing. And we were mocked if we came across as too soft so we had no sympathy. We had all been hardened to pressure. The truth is that working 20-hour days, 120-hour weeks and being on-call 24/7 can make you feel like a piece of gum that has been chewed up and mangled. You are exhausted. You cant sleep you dont have time to sleep and you are constantly jittery and on edge. When I mentioned this to my boss, they said: Good! This means were training you well. You worked me like a machine, but to you this was normal. You didnt care because I was working on projects that would earn you a bonus. The physical and mental health of your team wasnt an issue. But there comes a time when all machines break. After four years of exhausting, well-paid work, my survival instinct finally kicked in. My body was collapsing. I was desperate for rest and nutrition. So I stopped listening to you. I began arriving to work later than usual and I even started taking time to eat a proper breakfast and lunch. I worked overtime, but I left before late evening and started turning off my phone at weekends. I caught up on sleep. The more I took care of myself, the more normal I began to feel and the better my work became. It was around this time that you became angry with me not making myself available at weekends. You would shout and scream that if I didnt work harder, I would miss out on my bonus. You also dumped work on me at all hours and then disappeared for unexplained absences during the day. Meanwhile, my work was improving. It was during one of these disappearances that the head of the team promoted me to a higher position. That Monday morning when I walked into the office at 8:30am, you started screaming at me: Dont you casually say hello to me when you walk in at 8:30am! I replied: I am no longer part of your team. I have begun to do a handover as requested by our boss. Is there anything else I can help you with? You were completely speechless. But still something wasnt right. A year after getting my promotion I realised that even working in a new team team and keeping reasonable hours wasnt enough. I hated spending my life making the rich richer. So I quit that job to do something I had always wanted to do: theatre. I want to thank you for treating me like a mangled piece of gum, because your hardened attitude helped me to realise life is too short to live for money. Would you like to write an anonymous letter to your boss for this series? Get in touch by emailing Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/careers/2017/sep/29/what-i-wish-i-could-tell-my-boss-you-worked-me-like-a-machine'|'2017-09-29T14:00:00.000+03:00'|6967.0|''|-1.0|'' 6968|'5b3156f670b15433dbf5c21e2cacc352b0a03025'|'ECB fines Banca Popolare di Vicenza for reporting breaches'|' 03 PM / Updated 17 minutes ago ECB fines Banca Popolare di Vicenza for reporting breaches Reuters Staff 1 Min Read A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi - RC11C8BF2C50 FRANKFURT (Reuters) - The European Central Bank fined Italys Banca Popolare di Vicenza 11.2 million euros (9.88 million) for breaching its reporting and disclosure requirements between 2014 and 2016, it said in a statement on Friday. Although the ECB determined in June that the bank was failing or likely to fail and subsequently withdrew its licence, the sanction is based on a decision adopted in May, predating its failure. A penalty of 8.7 million was imposed for breaches of quarterly reporting requirements in Q4 2014 and Q1 2015, and for breaches of annual public disclosure requirements in 2014, the ECB, the euro zones top bank supervisor, said. A penalty of 2.5 million was imposed for a breach of the large exposures limit from 4 December 2015 to 31 March 2016, it added. Reporting by Balazs Koranyi; Editing by Alison Williams'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ecb-italy-bankbanks/ecb-fines-banca-popolare-di-vicenza-for-reporting-breaches-idUKKCN1BQ1VK'|'2017-09-15T17:02:00.000+03:00'|6968.0|''|-1.0|'' -6969|'5a63a56000805f65471d9c98e299b7187069336d'|'Boohoo raises full-year forecast after jump in first-half profit'|'September 27, 2017 / 6:20 AM / Updated 16 minutes ago Margin pressure dents Boohoo shares despite profit rise Reuters Staff 3 Min Read LONDON (Reuters) - Concerns over margin pressure at British online fashion retailer Boohoo ( BOOH.L ) sent its high-flying shares down as much as 10 percent on Wednesday, despite increased profit and an upgrade of its full-year revenue forecast. Boohoo, which sells own-brand clothing, shoes and accessories online to a core market of 16 to 30-year-olds, has been a star UK stock market performer over the last year, with its shares rising 165 percent. But the stock was down 8.5 percent at 258.8 pence by 0824 GMT, with analysts highlighting some margin pressure as Boohoo invests in pricing, promotions and advertising to grow its share of the market. Boohoo said it made a pretax profit of 20.3 million pounds in the six months to Aug. 31, up 41 percent, on revenue up 106 percent at 262.9 million pounds. It said revenue growth for the full 2017-18 year was now expected to be around 80 percent, up from a forecast in June of around 60 percent. But it also expects group adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) margins to be between 9 percent and 10 percent, compared with Junes forecast of around 10 percent. Any weakness today represents a buying opportunity as Boohoo looks on track to deliver (over) 1 billion pounds in revenues within 2-3 years, said analysts at Peel Hunt, who have a buy rating on the stock. Boohoo and online rivals such as ASOS ( ASOS.L ) are bucking a challenging backdrop for consumers in Britain as inflation rises faster than wages. They are winning share from traditional high street retailers, benefiting from the increasing popularity of smartphone e-commerce and their extensive use of social media. In the first half Boohoo benefited from revenue growth across all regions and the increasing popularity of the PrettyLittleThing and Nasty Gal brands purchased at the beginning of the year. The strong performance in the first half-year and our expectations for the second half have given us confidence to raise guidance for the full year, said joint chief executives Mahmud Kamani and Carol Kane. Reporting by James Davey, editing by Louise Heavens'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-boohoo-results/boohoo-raises-full-year-forecast-after-jump-in-first-half-profit-idUKKCN1C20GX'|'2017-09-27T09:20:00.000+03:00'|6969.0|''|-1.0|'' +6969|'5a63a56000805f65471d9c98e299b7187069336d'|'Boohoo raises full-year forecast after jump in first-half profit'|'September 27, 2017 / 6:20 AM / Updated 16 minutes ago Margin pressure dents Boohoo shares despite profit rise Reuters Staff 3 Min Read LONDON (Reuters) - Concerns over margin pressure at British online fashion retailer Boohoo ( BOOH.L ) sent its high-flying shares down as much as 10 percent on Wednesday, despite increased profit and an upgrade of its full-year revenue forecast. Boohoo, which sells own-brand clothing, shoes and accessories online to a core market of 16 to 30-year-olds, has been a star UK stock market performer over the last year, with its shares rising 165 percent. But the stock was down 8.5 percent at 258.8 pence by 0824 GMT, with analysts highlighting some margin pressure as Boohoo invests in pricing, promotions and advertising to grow its share of the market. Boohoo said it made a pretax profit of 20.3 million pounds in the six months to Aug. 31, up 41 percent, on revenue up 106 percent at 262.9 million pounds. It said revenue growth for the full 2017-18 year was now expected to be around 80 percent, up from a forecast in June of around 60 percent. But it also expects group adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) margins to be between 9 percent and 10 percent, compared with Junes forecast of around 10 percent. Any weakness today represents a buying opportunity as Boohoo looks on track to deliver (over) 1 billion pounds in revenues within 2-3 years, said analysts at Peel Hunt, who have a buy rating on the stock. Boohoo and online rivals such as ASOS ( ASOS.L ) are bucking a challenging backdrop for consumers in Britain as inflation rises faster than wages. They are winning share from traditional high street retailers, benefiting from the increasing popularity of smartphone e-commerce and their extensive use of social media. In the first half Boohoo benefited from revenue growth across all regions and the increasing popularity of the PrettyLittleThing and Nasty Gal brands purchased at the beginning of the year. The strong performance in the first half-year and our expectations for the second half have given us confidence to raise guidance for the full year, said joint chief executives Mahmud Kamani and Carol Kane. Reporting by James Davey, editing by Louise Heavens'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-boohoo-results/boohoo-raises-full-year-forecast-after-jump-in-first-half-profit-idUKKCN1C20GX'|'2017-09-27T09:20:00.000+03:00'|6969.0|25.0|-1.0|'' 6970|'1eddb2bdbee3be8cce012f995901a03f1439c4ff'|'Veon must face lawsuit over bribery disclosures: U.S. judge'|'September 19, 2017 / 8:50 PM / Updated 8 hours ago Veon must face lawsuit over bribery disclosures: U.S. judge Reuters Staff 2 Min Read Jean-Yves Charlier, Chief Executive Officer of VEON, attends an event at Mobile World Congress in Barcelona, Spain, February 28, 2017. REUTERS/Eric Gaillard NEW YORK (Reuters) - A U.S. judge said Veon Ltd ( VON.AS ) ( VEON.O ) shareholders may pursue much of a lawsuit accusing the multinational phone company once known as VimpelCom of inflating its share price by concealing a bribery scheme in Uzbekistan and overstating its financial controls. U.S. District Judge Andrew Carter in Manhattan ruled on Tuesday that shareholders may pursue their proposed class-action claims in large part. He rejected Veons contentions that the investors failed to show any intent to defraud, or that any inflation in its stock price resulted from improper or inadequate disclosures. Plaintiffs have adequately alleged that Veon knew facts or had access to information suggesting that its public statements were not accurate, the judge wrote. VimpelCom admitted in February 2016 to having paid more than $114 million in bribes to a high-ranking Uzbekistan official, and agreed to pay $795 million in penalties to resolve related U.S. and Dutch probes. Carter narrowed the potential class to exclude shareholders who sold VimpelCom shares before March 12, 2014, when the Amsterdam-based company began disclosing regulatory probes, including in connection with its Uzbekistan operations. Veon did not immediately respond to a request for comment after business hours in Amsterdam. A lawyer for the plaintiffs, led by Westway Alliance Corp, did not immediately respond to a similar request. Westway sued on behalf of VimpelCom investors from Dec. 2, 2010, to Nov. 3, 2015. Veons major markets include Algeria, Bangladesh, Pakistan, Russia and Ukraine, as well as Uzbekistan. Shareholders approved the name change in March. The case is In re Veon Ltd Securities Litigation, U.S. District Court, Southern District of New York, No. 15-08672. Reporting by Jonathan Stempel in New York, additional reporting by Toby Sterling in Amsterdam; editing by Marcy Nicholson '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-veon-lawsuit/veon-must-face-lawsuit-over-bribery-disclosures-u-s-judge-idUSKCN1BU2T0'|'2017-09-19T23:48:00.000+03:00'|6970.0|''|-1.0|'' 6971|'ef281ac31b8bfa2af0dbbc6138db0008a93662be'|'Alstom shares advance as Siemens deal draws nearer'|'FILE PHOTO: The logo of Alstom is seen before a news conference to present the company''s full year 2016/17 annual results in Saint-Ouen, near Paris, France, May 4, 2017. REUTERS/Gonzalo Fuentes/Files MUNICH/PARIS (Reuters) - Siemens ( SIEGn.DE ) and Alstom ( ALSO.PA ) are expected to announce a deal merging their rail operations on Tuesday, a Franco-German industrial breakthrough for President Emmanuel Macron but a move already riling opposition politicians.Macrons centrist government has said it supports efforts to strengthen French industry through partnerships with German firms as long as jobs are safeguarded. The French state owns around 20 percent of Alstom.Siemens is expected to announce the rail deal with Alstom on Tuesday rather than pursuing an alternative with Canadas Bombardier ( BBDb.TO ), two sources familiar with the matter told Reuters.The agreement is likely to see Siemens Mobility merged into Alstom, in which Siemens would hold 50 percent plus one share, while the chief executive would be Alstoms current boss Henri-Poupart Lafarge.Major train makers in Europe are under increasing pressure to combine their businesses as much-larger Chinese state-backed rival CRRC ( 601766.SS ) embarks on a global expansion.Siemens Chief Executive Joe Kaeser said he believed the scale of CRRC left little room for regulators to oppose a deal.It always depends, but the facts are that there is a dominant player, he told Reuters in an interview in New York.Siemens and Alstom are strong in high-speed intercity trains with their ICE and TGV models. Siemens is also the leader in signaling technology, while Bombardier - whose transportation headquarters are in Berlin - is stronger in commuter and light-rail trains.Related Coverage Alstom to pay special dividend in Siemens rail merger: sourcesFactbox: Keeping a Siemens-Alstom rail alliance on trackSiemens stands to gain control of Alstoms main business, since all of Alstoms divisions deal with the railways and transportation industries.A special dividend would even out the value of Siemens and Alstom, which has too much cash on its balance sheet, to smooth the intended 50-50 joint venture, one of the sources said.Will there be a special dividend? Yes, said the second person.Siemens mobility division reported operating profit of 678 million euros ($800 million) in its last financial year, a margin of 8.7 percent of sales and a 15 percent increase on the prior year.Alstom posted adjusted EBIT (earnings before interest and tax) of 421 million euros in its most recent annual earnings, a margin of 5.8 percent and also a 15 percent rise.FILE PHOTO: A logo of Siemens is pictured on a building in Mexico City, Mexico, May 16, 2017. REUTERS/Edgard Garrido SIGNS OF BACKLASH While the French government has made comments backing the deal, several opposition politicians and French trade union activists expressed concerns.Their worries center on France losing control of its TGV high-speed train a symbol of national pride that has highlighted French engineering skill and possible job losses.French right-wing politician Nicolas Dupont-Aignan criticized the likely deal on Tuesday as being more favorable to Germany than France, as did far-right politician Nicolas Bay, the National Fronts secretary general, who said on Twitter that it could result in the eradication of French industry.Eric Woerth, a member of the right-wing Republicans party, voiced similar views on his Twitter account.Is this now the end of Alstom? Will TGV become German? Why does the government accept such an imbalance?Last week, the French governments spokesman said France was not worried about an Alstom-Siemens tie-up provided that jobs were protected. One source said France had no concerns over any anti-trust issues emanating from it.A branch of the CFDT trade union representing Alstom workers wrote on Twitter: Macron abandoned Alstom to GE and hes now abandoning them to Siemens. Macron served as economy minister for two years from August 2014.A tie-up between the two companies - aimed at creating a European champion in the railway sector similar to Airbus ( AIR.PA ) in aviation - would represent a reconciliation of sorts between Siemens and Alstom.Alstom snubbed the German company in 2014 to sell its energy division to General Electric ( GE.N ) in a deal that also saw Paris take a 20 percent stake in Alstom, under a temporary agreement with construction group Bouygues ( BOUY.PA ).Analysts at Exane BNP Paribas raised their rating on Alstom to neutral from underweight noting a deal offered better growth prospects than remaining a standalone company.We suggest that, if they participate, value creation would be limited for Siemens but material for Alstom, the Exane BNP Paribas analysts wrote.Aside from the M&A (mergers and acquisition) angle, we believe that commercially, this year will be relatively muted for Alstom. With no large contracts in sight, pressure on free cash flow should intensify due to lack of downpayments received.Reporting by Alexander Huebner and Cyril Altmeyer; Additional reporting by Georgina Prodhan, Sudip Kar-Gupta, Maya Nikolaeva and Alwyn Scott; Editing by Keith Weir '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-alstom-siemens-stocks/alstom-shares-advance-as-siemens-deal-draws-nearer-idINKCN1C10PG'|'2017-09-26T05:23:00.000+03:00'|6971.0|''|-1.0|'' -6972|'3e6214c1ff164c580753f91209cb385145c8c738'|'Whitney Tilson to shut hedge fund, blames market ''complacency'''|'Sept 28 (Reuters) - Whitney Tilson is closing his hedge fund Kase Capital, and will return capital to investors, he said in a letter to clients.Tilson cited high prices and complacency that currently prevail in the market as main reasons for shutting down his fund.Historically, I have invested in high-quality, safe stocks at good prices as well as lower-quality ones at distressed prices, Tilson wrote to clients on Sunday.... However, my favorite safe stocks (like Berkshire Hathaway and Mondelez) dont feel cheap, and my favorite cheap stocks (like Hertz and Spirit Airlines ) dont feel safe. Hence, my decision to shut down.Kase Capital follows a spate of other notable funds that have gone out of business this year, including Eric Mindich''s Eton Park Capital Management, and John Burbank''s Passport Capital, which recently announced plans to shut its long-short equity fund. reut.rs/2fuEDoITilson was in a two-year-long headlock with Lumber Liquidators Inc, accusing the retailer of selling flooring laced with cancer-causing materials.The scandal prompted Lumbers chief executive, Robert Lynch, to step down in May 2015.Tilson reaped millions from his bet against Lumber, whose shares were down 90 percent at one point. (Reporting By Aparajita Saxena in Bengaluru; Editing by Maju Samuel) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/kase-capital-closure/whitney-tilson-to-shut-hedge-fund-blames-market-complacency-idINL4N1M952X'|'2017-09-28T14:09:00.000+03:00'|6972.0|''|-1.0|'' +6972|'3e6214c1ff164c580753f91209cb385145c8c738'|'Whitney Tilson to shut hedge fund, blames market ''complacency'''|'Sept 28 (Reuters) - Whitney Tilson is closing his hedge fund Kase Capital, and will return capital to investors, he said in a letter to clients.Tilson cited high prices and complacency that currently prevail in the market as main reasons for shutting down his fund.Historically, I have invested in high-quality, safe stocks at good prices as well as lower-quality ones at distressed prices, Tilson wrote to clients on Sunday.... However, my favorite safe stocks (like Berkshire Hathaway and Mondelez) dont feel cheap, and my favorite cheap stocks (like Hertz and Spirit Airlines ) dont feel safe. Hence, my decision to shut down.Kase Capital follows a spate of other notable funds that have gone out of business this year, including Eric Mindich''s Eton Park Capital Management, and John Burbank''s Passport Capital, which recently announced plans to shut its long-short equity fund. reut.rs/2fuEDoITilson was in a two-year-long headlock with Lumber Liquidators Inc, accusing the retailer of selling flooring laced with cancer-causing materials.The scandal prompted Lumbers chief executive, Robert Lynch, to step down in May 2015.Tilson reaped millions from his bet against Lumber, whose shares were down 90 percent at one point. (Reporting By Aparajita Saxena in Bengaluru; Editing by Maju Samuel) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/kase-capital-closure/whitney-tilson-to-shut-hedge-fund-blames-market-complacency-idINL4N1M952X'|'2017-09-28T14:09:00.000+03:00'|6972.0|17.0|0.0|'' 6973|'dd9796f6e5fe34e479e781cc50de96d819d0586d'|'Investors pull $9.7 bln from stock funds during week -Lipper'|' 49 PM / Updated 5 minutes ago Investors pull $9.7 bln from stock funds during week -Lipper Reuters Staff 1 Min Read NEW YORK, Sept 28 (Reuters) - Investors pulled $9.7 billion from U.S.-based stock funds during the latest week, marking the largest withdrawals from those funds since June, Lipper data showed on Thursday. Money market funds pulled in $16.1 billion during the seven days through Sept. 27, the research services data showed. (Reporting by Trevor Hunnicutt; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/investment-mutualfunds-lipper/investors-pull-9-7-bln-from-stock-funds-during-week-lipper-idUSN9N1F900H'|'2017-09-29T00:47:00.000+03:00'|6973.0|''|-1.0|'' 6974|'0cd3bcb719ba77595f0b05c53f42ea3b7e13b820'|'Acacia to reduce Tanzania operations, cut jobs'|'September 4, 2017 / 7:11 AM / 9 minutes ago Acacia Mining scales down as Tanzanian export ban bites Reuters Staff 2 Min Read JOHANNESBURG/BENGALURU (Reuters) - Acacia Mining ( ACAA.L ) said on Monday it would stop underground work at its flagship Tanzanian gold mine and lay off staff to cope with a ban on exports of unprocessed ore, part of a confrontation between the industry and the government. The FTSE 250 company said the partial shutdown at Bulyanhulu would cut its overall production, sending its shares plummeting 9 percent to 188 pence by 1000 GMT, making it worst decliner among an index of its peers. FTNMX1770 The nationwide ban on gold and copper concentrates - imposed by the government in March to encourage the construction of a local smelter - had left a build-up of ore inventory and cut revenue as the firm faced tax bills and other costs, said Acacia, which is majority-owned by Barrick Gold ( ABX.TO ). The impact of the ban, in addition to the deterioration of the current operating environment, has led to negative cash flow of approximately $15 million per month at the mine and thus has made ordinary course operations at Bulyanhulu unsustainable, it added in a statement. Annual production is expected to be 100,000 ounces lower than the bottom of the previous guidance range of 850,000-900,000 ounces, it added. Acacia has been caught up in sweeping changes to Tanzanias mining industry spearheaded by President John Magufuli, who believes his country is not getting its fair share of profits. The government also accuses Acacia of evading taxes for years by under-declaring exports - an allegation dismissed by the company which said in July it had been hit with a $190 billion tax bill, equivalent to four times the East African countrys annual gross domestic product. Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru, Barbara Lewis in London and Zandi Shabalala in Johannesburg; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-acacia-mining-outlook/acacia-to-reduce-tanzania-operations-cut-jobs-idUKKCN1BF0PB'|'2017-09-04T10:11:00.000+03:00'|6974.0|''|-1.0|'' 6975|'cf7f83afc5ae6683ed613950955132e1549bdf3b'|'Indian billionaire Agarwal to buy bigger stake in Anglo American'|' 4:33 PM / Updated 5 minutes ago Indian billionaire Agarwal to buy bigger stake in Anglo American Reuters Staff 2 Min Read LONDON (Reuters) - Volcan Investments, the family trust of the chairman of diversified miner Vedanta ( VED.L ), on Wednesday said it was increasing its stake in Anglo American ( AAL.L ) but did not intend to make a bid for the entire company. In a statement, Volcan said it was increasing its stake by acquiring shares worth between 1.25 billion and 1.5 billion pounds, in addition to the 2 billion pounds spent in March on acquiring a 12.43 percent holding. The additional shares could take the stake up to 20 percent over the next 10 days, a banking source who declined to be named said. Anglo American declined to comment. Following a recovery on the commodity markets, Anglo Americans shares have risen by more than 11 percent this year, building on a nearly 300 percent rally last year, which led gains on the London stock market. We are encouraged by the performance of Anglo American since our original investment earlier this year, Volcan said in a statement, adding it remained an attractive investment for our family trust. Anil Agarwal has previously stated he has no plans to take over Anglo American, although his family trust is now the second biggest stakeholder after South Africas state-owned Public Investment Corporation. Reporting by Barbara Lewis and Clara Denina in London and Sanjeeban Sarkar. Editing by Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-anglo-vedanta-res-plc/indian-billionaire-agarwal-to-buy-bigger-stake-in-anglo-american-idUKKCN1BV2BB'|'2017-09-20T19:33:00.000+03:00'|6975.0|''|-1.0|'' @@ -7004,7 +7004,7 @@ 7002|'36ab36f801b65b9eb262ba4e5127f6d29cd70d62'|'John Lewis helped itself to my money and I just cant get it back - Money'|'Your problems with Anna Tims John Lewis helped itself to my money and I just cant get it back Partnership card took close to 500 from my account in error, but doesnt seem bothered about returning it Assured of a refund ... but where is it? Photograph: Neil Hall/Reuters Your problems with Anna Tims John Lewis helped itself to my money and I just cant get it back Partnership card took close to 500 from my account in error, but doesnt seem bothered about returning it View more sharing options 07.00 BST Last modified on 07.02 BST I have a John Lewis Partnership MasterCard and on my June/July statement I found 465.37 had been debited by the company as an adjustment to my account. I queried this and was advised that someone from customer service would get back to me. They didnt, so I made a complaint via the website. The reply I received said the money had been put into a Barclays account not much help to me as I dont have an account with Barclays. I telephoned again and an adviser told me an error had been made and that the 465.37 had been transferred to another client. Again I was assured someone would get back to me; again no one did. I then received a response to my web complaint offering a profuse apology, some compensatory partnership points and a refund if I phoned through my bank details, which it already had as I pay by direct debit. I duly did this and was told the money would take up to four working days to arrive back in my account. Surprise, surprise four working days later and no refund. Can you sort this out for me? JK, Hextable, Kent This is an extraordinary cock-up by a brand that is supposed to represent quality and reliability. Customers were left upset last autumn when a website revamp caused a technical breakdown, leaving their card direct debits unpaid. John Lewis said it had increased its customer service teams to improve the service, but your experience suggests otherwise. It is worrying enough that the company helped itself to a chunk of your savings, but its seeming insouciance when you attempted to reclaim it is breathtaking. Nor is it any consolation that management calls you the day The Observer gets in touch and finds it is able to action a refund immediately. We appreciate our error should have been resolved more quickly, says a spokesperson. This is something we will address with further training. It has added an extra 100 as compensation, which you plan to donate to charity. If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/sep/20/john-lewis-partnership-card-took-money-from-account'|'2017-09-20T14:00:00.000+03:00'|7002.0|''|-1.0|'' 7003|'357eedc7561beade2011878cc287ab865aeca87f'|'India''s Eicher set to make $1.8 billion-$2 billion binding bid for Ducati - paper'|'September 7, 2017 / 9:54 AM / Updated 10 minutes ago India''s Eicher ready to bid up to $2 billion for Ducati - paper Reuters Staff 3 Min Read The logo of Italian motorcycle manufacturer Ducati is seen in Dietlikon, Switzerland October 11, 2016. REUTERS/Arnd Wiegmann BANGALORE/BERLIN (Reuters) - Indias Eicher Motors ( EICH.NS ) is set to offer $1.8 billion-$2 billion (1.38 billion - 1.53 billion) for Italian motorcycle manufacturer Ducati, the Economic Times newspaper reported on Thursday, although German owner Volkswagen has put the sale process on hold, sources have said. Volkswagen ( VOWG_p.DE ) put Ducati up for sale in April to help fund a strategic overhaul in the wake of the emissions scandal, but it has faced resistance from German trade unions and internal rifts over the groups strategy. Earlier this week, Volkswagen instructed five potential buyers to hold off making binding bids, sources familiar with the auction told Reuters. Mumbai-based Eicher, which makes Royal Enfield motorbikes, is believed to be the only Asian firm left in the auction and the Economic Times quoted unnamed sources saying it is currently finalising terms ahead of the original bid deadline of end-September. Bologna-based Ducati is controlled by VWs Audi division ( NSUG.DE ), which along with VW declined to comment. Eicher, whose shares reached a record high, was not available for comment. UNION OPPOSITION FILE PHOTO: The logo of Ducati is seen on a Monster Testastretta model during a Motor Day Exibition in Rome, Italy, March 5 2016. REUTERS/Alessandro Bianchi/File Photo Sources close to labour representatives at Audi and VW, repeated on Thursday that trade unions remain opposed to the sale of Ducati, which has also raised interest from U.S. motorcycle maker Harley-Davidson ( HOG.N ), sources have said. German labour unions are keen to avoid disruptions in the workforce ahead of next years works council elections at VW, two sources said. Separately, despite the growing costs for the diesel emissions scandal and shift to electric cars, trade unions believe there is no financial need for VW and Audi to sell Ducati given the groups strong financial results. FILE PHOTO: Ducati MotoGP rider Andrea Iannone of Italy rides during the first free practice session of the Malaysian Motorcycle Grand Prix at Sepang International Circuit near Kuala Lumpur, Malaysia, October 23, 2015. REUTERS/Olivia Harris/File Photo Under Audis watch, revenue at Ducati rose to 593 million euros (542.67 million) in 2016 from 450 million euros in 2013, with deliveries up 25 percent to 55,451 motorbikes, according to Audi data. VWs head of strategy, Thomas Sedran, told Reuters last month that the German group was in no hurry to find a new owner for Ducati. Meanwhile, Eicher shares closed up 2.4 percent having earlier risen as much as 3.9 pct on the bid report. The Eicher Group designs, develops and manufactures trucks buses and motorcycles and their components. Ducati being a well-renowned brand will help Eicher in terms of design and technology, which in turn will help expand the Royal Enfield product portfolio in the years to come, said Basudeb Banerjee, analyst at Mumbais Antique Stockbroking. Reporting by Aby Jose Koilparambil and Tanvi Mehta in Bengaluru and Andreas Cremer in Berlin; Editing by Clara Ferreira Marques and Elaine Hardcastle'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ducati-m-a-eicher-motors/indias-eicher-set-to-make-1-8-billion-2-billion-binding-bid-for-ducati-paper-idUKKCN1BI182'|'2017-09-07T12:54:00.000+03:00'|7003.0|''|-1.0|'' 7004|'bfe2fac89db840d0f31bc45f1b00f2cd92b1116b'|'Germany''s Ifo head warns of return of euro crisis - newspaper'|' 05 AM / Updated 8 minutes ago Germany''s Ifo head warns of return of euro crisis - newspaper Reuters Staff 2 Min Read BERLIN (Reuters) - The head of Germanys Ifo economic institute warned of a return of the euro crisis in a newspaper interview published on Friday, and said the European Central Bank should start to roll back its zero-interest-rate policy. Ifo head Clemens Fuest told the Passauer Neue Presse newspaper that a noticeable recovery in the euro zone, increasing inflation rates and rising prices for bonds, shares and real estate were reasons for the ECB to change course. The longer this continues, the more painful it will be when the money dries up, Fuest told the newspaper. Its time to start the exit process. The ECB on Thursday reaffirmed its ultra-easy policy stance and kept the door open to increasing bond purchases if needed, despite the euro zones best economic run since the global financial crisis. Fuest said he agreed in principle that the ECBs policy had been necessary given low inflation and weak economies in the euro zone, but the situation has changed. Many countries in the euro zone have significantly higher debt now than before the last euro crisis, and banks in some countries were still not as stable as desired, he said. Moreover, banks could still acquire sovereign bonds without equity guarantees. That is why it should be expected that the crisis will return in the next recession, he said. Reporting by Andrea Shalal; Editing by Leslie Adler'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ecb-policy-germany-ifo/germanys-ifo-head-warns-of-return-of-euro-crisis-newspaper-idUKKCN1BJ00F'|'2017-09-08T03:05:00.000+03:00'|7004.0|''|-1.0|'' -7005|'fb69bd4196cfe234b87febbb0d5e5b20faf06050'|'Co-op Bank retail bondholders face steep loss in restructuring'|' 25 PM / 8 minutes ago Co-op Bank retail bondholders face steep loss in restructuring Reuters Staff 1 Min Read People walk past a branch of The Co-operative Bank in London, Britain, February 13, 2017. REUTERS/Hannah McKay LONDON (Reuters) - Britains Co-operative Bank said on Friday retail bondholders will get back less than half the face value of their investment in a restructuring aimed at saving the lender from collapse. Those impacted are holders of Co-op Bank subordinated bonds which paid an 11 percent coupon and were due to mature in 2023. The bank said they will receive about 4.50 pounds ($5.83) for every 10 pounds they had invested in the bonds. The bank has said a restructuring and recapitalisation plan agreed in June would provide much greater capital strength, with its core capital ratio expected to rise to between 22 and 23 percent by the end of the year, double the level from June. Co-op Bank, which provides banking services to almost 4 million retail and small and medium-sized enterprises, put itself up for sale in February after its capital base dipped to levels unacceptable to Britains financial regulators, as it grappled with restructuring costs and weak income. ($1 = 0.7715 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-cooperative-bank-bonds/co-op-bank-retail-bondholders-face-steep-loss-in-restructuring-idUKKCN1BC54Q'|'2017-09-01T17:25:00.000+03:00'|7005.0|''|-1.0|'' +7005|'fb69bd4196cfe234b87febbb0d5e5b20faf06050'|'Co-op Bank retail bondholders face steep loss in restructuring'|' 25 PM / 8 minutes ago Co-op Bank retail bondholders face steep loss in restructuring Reuters Staff 1 Min Read People walk past a branch of The Co-operative Bank in London, Britain, February 13, 2017. REUTERS/Hannah McKay LONDON (Reuters) - Britains Co-operative Bank said on Friday retail bondholders will get back less than half the face value of their investment in a restructuring aimed at saving the lender from collapse. Those impacted are holders of Co-op Bank subordinated bonds which paid an 11 percent coupon and were due to mature in 2023. The bank said they will receive about 4.50 pounds ($5.83) for every 10 pounds they had invested in the bonds. The bank has said a restructuring and recapitalisation plan agreed in June would provide much greater capital strength, with its core capital ratio expected to rise to between 22 and 23 percent by the end of the year, double the level from June. Co-op Bank, which provides banking services to almost 4 million retail and small and medium-sized enterprises, put itself up for sale in February after its capital base dipped to levels unacceptable to Britains financial regulators, as it grappled with restructuring costs and weak income. ($1 = 0.7715 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-cooperative-bank-bonds/co-op-bank-retail-bondholders-face-steep-loss-in-restructuring-idUKKCN1BC54Q'|'2017-09-01T17:25:00.000+03:00'|7005.0|23.0|0.0|'' 7006|'b9324fe3352449ac82bf341ce7b262ccb5ef26c3'|'Rupert Murdoch''s Fox joins court challenge to CBS'' Australian TV buyout'|' 33 AM / Updated 38 minutes ago Rupert Murdoch''s Fox joins court challenge to CBS'' Australian TV buyout Tom Westbrook 3 Min Read News Corp CEO Rupert Murdoch delivers remarks at an event commemorating the 75th anniversary of the Battle of the Coral Sea, aboard the USS Intrepid Sea, Air and Space Museum in New York, U.S. May 4, 2017. REUTERS/Jonathan Ernst SYDNEY (Reuters) - Rupert Murdochs Twenty-First Century Fox Inc ( FOXA.O ) joined a court challenge on Tuesday against rival U.S. cable network CBS Corps ( CBS.N ) proposed buyout of struggling Australian television broadcaster Ten Network Holdings Ltd ( TEN.AX ). The U.S. broadcasting heavyweights faced off in the Australian courtroom amid a battle for control of Ten, a ratings laggard which went into administration three months ago following long declines in viewership and advertising revenue. Lawyers for Ten said the private company of Murdochs son, Fox Executive Chairman Lachlan Murdoch, had offered to revise the offer it made in June before it was elbowed aside by CBS. Murdochs company Illyria and its Australian partner had informed Ten overnight on Monday that they wish to in some way reopen their offer by opening negotiations, Ten lawyer Richard McHugh told the court. Illyrias offer has not been disclosed but McHugh said the company had still not provided anything that could be put to Tens creditors. Documents released on Monday by the administrator show CBS, the free-to-air networks major creditor, is prepared to pay at least A$201.1 million ($162 million) in cash for Ten. While Ten was worth less than A$60 million when it went into administration, it is an attractive takeover target because of its national reach and strong brand recognition in the worlds 12th-largest economy. Twenty-First Century Fox and CBS are Tens largest creditors. Lachlan Murdoch and his Australian co-bidder, television entrepreneur Bruce Gordon, were also major Ten shareholders. Gordon filed the court action seeking to delay the CBS takeover, arguing the administrators had not properly informed creditors of their options. After New South Wales state Supreme Court Judge Ashley Black agreed to let Twenty-First Century Fox join Gordons action, a lawyer for the U.S. company said the terms of the CBS offer were unfair. They are getting 100 cents in the dollar and we seem to be getting 1.75 cents in the dollar, lawyer Ian Pike told the court. Pike did not refer to a rival offer from Lachlan Murdoch and Gordon, but Gordons lawyer, Andrew Bell, told the court his client was concerned administrators made the decision not to put the competing (offer) to the creditors. The hearing continues.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-ten-network-m-a-cbs-corp/rupert-murdochs-fox-joins-court-challenge-to-cbs-australian-tv-buyout-idUKKCN1BN0BX'|'2017-09-12T07:32:00.000+03:00'|7006.0|''|-1.0|'' 7007|'f0f8febb639c22bd67fdf8ef9efc4c5ea5c9ca4d'|'Special Report: Drowning in grain: How Big Ag sowed seeds of a profit-slashing glut'|'September 27, 2017 / 11:44 AM / a few seconds ago Special Report: Drowning in grain - How Big Ag sowed seeds of a profit-slashing glut Rod Nickel 16 Min Read Monsanto''s research farm is pictured near Carman, Manitoba, Canada August 3, 2017. Picture taken August 3, 2017. REUTERS/Zachary Prong CARMAN, Manitoba (Reuters) - On Canadas fertile Prairies, dominated by the yellows and golds of canola and wheat, summers are too short to grow corn on a major scale. But Monsanto Co ( MON.N ) is working to develop what it hopes will be North Americas fastest-maturing corn, allowing farmers to grow more in Western Canada and other inhospitable climates, such as Ukraine. The seed and chemical giant projects that western Canadian corn plantings could multiply 20 times to 10 million acres by 2025 - adding some 1.1 billion bushels, or nearly 3 percent to current global production. The question, amid historically high supplies and low grain prices, is whether the world really needs more corn. A global grains glut is now in its fourth year, with supplies bloated by favorable weather, increasingly high-tech farm practices and tougher plant breeds. The bin-busting harvests of cheap corn, wheat and soybeans are undermining the business models of the worlds largest agriculture firms and the farmers who use their products and services. Some analysts say the firms have effectively innovated their way into a stubbornly oversupplied market. Never has the world produced so much more food than can be consumed in one season. World ending stocks of total grains - the leftover supplies before a new harvest - have climbed for four straight years and are poised to reach a record 638 million tonnes in 2016/17, according to USDA data. Farmers and agriculture firms could once count on periodic bouts of crop-destroying weather to tame gluts and drive up prices. But genetically modified crops that repel plant-chewing insects, withstand lethal chemicals and mature faster have made the trend toward oversupply more resistant to traditional boom-and-bust agrarian cycles, experts say. Another key factor: China - the worlds second-biggest corn grower - adopted stockpiling policies a decade ago when crop supplies ran thin, resulting in greater production than the world needs. I think the norm is where we are now, said Bryan Agbabian, director of agriculture equities at Allianz Global Investors. Allianz investors seem to agree: The value of two agriculture equity funds that Agbabian manages fell to $300 million this year from $800 million in 2011 as crop prices slid, he said. Abundant supplies have helped lower food prices across the world, but the benefit to consumers and impoverished nations is muted by several factors, including problems with corruption and distribution of food in developing regions, said Sylvain Charlebois, professor of food distribution and policy at Canadas Dalhousie University. The bumper harvests may actually harm poor communities more than they benefit their residents in food savings because lower prices depress farm incomes in the same areas, said John Baffes, a senior economist at the World Bank. Even as farmers reap bountiful harvests, U.S. net farm incomes this year will total $63.4 billion - about half of their earnings in 2013, according to a U.S. Department of Agriculture forecast. Lower incomes mean farmers cannot spend as much on seed, fertilizer and machinery, extending their pain to firms across the agriculture sector. Potash Corp of Saskatchewan ( POT.TO ), the worlds biggest fertilizer company by capacity, closed its newest potash mine last year, eliminating more than 400 jobs, and has seen its U.S.-listed shares fall by nearly half since the beginning of 2015. The drop erased $14 billion in value, and left Potash seeking to merge with rival Agrium Inc ( AGU.TO ). With profits under pressure, seed and chemical companies are scrambling to consolidate. Monsantos annual profit in 2016 was its smallest in six years. It agreed last year to combine with Bayer AG ( BAYGn.DE ), which would create the worlds largest integrated pesticide and seed company if the deal closes next year. Grain handler Bunge Ltd ( BG.N ) said this summer it would cut costs, and left the door open to selling itself after posting a 34 percent drop in quarterly earnings. Bunge CEO Soren Schroder sought to reassure investors in May by saying all that was needed to trim supplies was one bad stretch of weather in the U.S. Midwest. But the glut pervades many major farming regions, making it unlikely that drought or floods in one region could wipe out the mounting global surplus. Even with dry conditions in North America, Europe and Australia, the U.S. Department of Agriculture forecasts that this year will bring the second-biggest global corn, wheat and soybean harvests ever. Bunges Schroder made his comment about bad weather less than three weeks before confirming an informal merger approach from commodities giant Glencore Plc ( GLEN.L ). When prices tanked, farmers were no longer willing to pay more for seed and chemicals, said Jonas Oxgaard, analyst at investment management firm Bernstein. The mergers are absolutely driven by oversupply because their growth is gone. Monsanto spokeswoman Trish Jordan said the company believes demand growth still justifies corn expansion, and she disputed the notion that crop science advances are backfiring on agricultural technology firms. Monsanto rival DowDuPont Inc ( DWDP.N ) is making the same bet and currently sells the shortest-season field corn in North America, maturing in 70 days, spokesman Ali Aziz said. Success in the lab and the field, however, has contributed to oversupply and may continue to sustain it, said Oxgaard, the Bernstein analyst. Its somewhat the seed companies fault - they keep breeding better and better seeds every year, he said. (Exploding crop yields eat into farm profits, click tmsnrt.rs/2y4zIGw ) (Grains glut guts global prices, click tmsnrt.rs/2y2Ushz ) DARWIN, SEX AND CORN Charles Darwin helped plant the seeds of the grain glut. The biologist and evolution theorist showed in the late 1800s that cross-fertilization of plants - in which sex cells are fused between crop varieties of the same species - creates a more vigorous breed than those that are self-fertilized. His work and others influenced successive generations of crop scientists and led to the development of hybrid corn, said Stephen Moose, a professor specializing in crop genetics at University of Illinois. U.S. farmers started planting the first significant acres of hybrid corn in the 1930s, and by 1950 it made up nearly all the corn seeded in the United States. Yields exploded. Farmers who reaped 20.5 bushels of corn per acre in 1930 harvested an average of 38.2 bushels in 1950, according to the U.S. Department of Agriculture. Further hybrid breeding breakthroughs generated corn with leaves that grow more erect, allowing farmers to sow it more densely without starving plants of sunlight. Yields first topped 100 bushels per acre in 1978. After conventional breeding breakthroughs became harder to find, corn gained new vigor through the 1990s with genetic modification. In 1996, U.S. regulators approved corn that was genetically engineered to produce bug-killing proteins, accomplished by inserting a bacterium hostile to the corn borer insect into the plant genome. Before the end of the 1990s, corn able to resist weed-killing chemical glufosinate or Monsantos glyphosate hit the market. Those modified varieties and others that followed proved pivotal in generating the abundant corn crops that have since become commonplace, Moose said. In the seed industry, it stimulated a whole other round of investment, Moose said. In the 20 years since GMO corn reached U.S. farms, yields jumped another 37 percent to a record 174.6 bushels per acre last year. Some experts believe the expansion of corn yields may soon hit a ceiling. The crop may be nearing the natural limit of its production potential, and crop yields will likely plateau in the next decade, based on how plants convert light to food and their ability to recover from heat, said Ken Cassman, agronomy professor at University of Nebraska-Lincoln. Technology has also provided better defenses against pests. Syngenta AGs ( SYNN.S ) Viptera and Duracade traits, used to control worms and beetles, launched in 2010 and 2013. SmartStax corn seed, introduced by Monsanto and Dow in 2009, brought twin benefits of insect protection and herbicide tolerance, said Paul Bertels, vice-president of production and sustainability at U.S.-based National Corn Growers Association. The breakthroughs in seed and pesticide technologies have not come without problems. Monsanto is now embroiled in a controversy over dicamba, a big-selling chemical designed to kill weeds that harm Monsantos genetically modified crops. Many U.S. farmers say dicamba has drifted from its intended fields, damaging plants that are not resistant to the chemical. Monsanto believes the main causes of drifting are errors by farmers and applicators in deploying the herbicide, company spokeswoman Charla Lord said. GROWING CORN IN ALASKA As it grew stronger, corn grew faster. Corn that required 120 days to mature in the U.S. Corn Belt during the 1960s now needs only 105 to 115 days. Farmers in northern North Dakota plant and harvest corn in 80 days, and have doubled the states production in five years. Fast corn is now stirring even the imaginations of researchers in the far north. University of Alaska Fairbanks horticulture professor Meriam Karlsson grew hundreds of corn plants in the Arctic state in 2015. The plants, germinated in a greenhouse before they were transplanted outside, grew from a short-season garden corn variety that matured in less than 60 days. Corn rose only four to five feet, allowing plants to spend maximum energy on growing ears, rather than leaves and stalks. Karlsson had expected few corn plants to survive in Fairbanks - less than 120 miles (190 kilometers) from the Arctic Circle. Its much more adaptable than I expected, she said. Amazing what breeding can do. It was kind of exciting that you could do it. The lure of technology comes down to money for farmers. Even with Chicago corn futures down more than 50 percent from their 2012 record high, the high-yielding crop offers one of the strongest returns to Canadian farmers, generating profits per acre four times that of canola, based on average prices and costs, said National Bank analyst Greg Colman. As corn spreads across the Canadian Prairies, those robust yields are winning farmers over, said Dan Wright, Monsanto Canadas lead for corn and soybeans. Once you harvest corn at 140 or 180 bushels, its something you want to do again, he said. While corn compares nicely to some crops, it offers U.S. farmers marginal returns at current prices, Bernsteins Oxgaard said. Switching to other crops is not easy in areas like the U.S. Midwest, where farmers traditionally swing between corn and soybeans, and have invested in costly equipment to grow them. GLUT TRACES ROOTS TO SHORTAGE The problems of plenty were on nobodys mind less than a decade ago. In 2008, a dramatic food price run-up stirred riots from Haiti to Egypt. Four years later, the U.S. Midwest, the engine of the global corn and soybean growing machine, suffered its worst drought in decades, opening gaping cracks in the soil and withering crops. Chicago corn and soybean futures Cv1 Sv1 hit record highs as U.S. production fell to multi-year lows. But high prices proved the cure for high prices. Farmers in traditionally less productive corn-growing countries such as Russia, Argentina and Brazil expanded corn output to seize bigger profits. U.S. farming quickly rebounded, reaping record corn harvests in three of the next four years. New corn varieties have made global production more balanced than ever, with 12 countries producing at least 10 million tonnes of corn annually, up from 10 before the drought. Even if U.S. or Brazilian corn crops suffered major weather damage, the world would still have the expanding Black Sea corn region to tap, not to mention Chinas enormous supplies, said Bertels, of the U.S. corn growers association. Chinas stockpiling policies, enacted in 2007 when corn supplies were tight, also stimulated oversupply. Aiming for self-sufficiency in grains, Beijing bought virtually the entire domestic crop each year and paid farmers as much as 60 percent more than global prices. The program stuffed Chinese warehouses with some 250 million tonnes of corn by the time Beijing scrapped it last year. China is now boosting incentives for farmers to switch to soybeans from corn. The worlds corn is mainly in China, said Li Qiang, chief consultant at Shanghai JC Intelligence Co Ltd. He said it will take three to four years for stocks to reach a normal level of around 40-50 million tonnes. The Black Sea region, made up of Russia, Ukraine and Kazakhstan, has become a disruptive force with rapidly expanding exports. Moscow aims to drive grain production to 150 million tonnes by 2030 from 117 million in 2016 after increasing storage and export capacity in ports in the last couple of years. Glut conditions are expected to ease modestly this year, amid dry conditions in China and the United States, but supplies are still so large that prices remain weak. OVERSUPPLY OF EVERYTHING In northern North Dakota, an expanding frontier for corn and soybeans, Paul Thomas started dabbling in both crops about a decade ago on his farm near Minot, seeking higher returns than wheat. Both are now among his biggest crops, including short-season Monsanto corn varieties that have only been available for a couple of years. Profits may be tougher for Thomas to eke out this year due to dry weather and soft prices, but he shrugs off the struggle. Were very capable of producing a large amount of bushels given an economic incentive, he said. If we end up over-producing, then we shift to one thats more in need. Thats just the way agriculture works. Thomas acknowledged, however, that the traditional dynamic may be changing in this current glut. I dont know any single crop that isnt in oversupply, he said. Seeding equipment is becoming more precise, and increasingly cost-conscious farmers are applying fertilizer and chemicals more intelligently, said Al Mussell, head of research at Canadian think tank Agri-Food Economic Systems. Monsanto projects that corn will become by the mid-2020s one of the biggest crops produced in Canada, which is an agriculture-exporting powerhouse in canola, wheat, oats and pork. Soybeans are also spreading across Canada. Farmers seeded a record high 7.3 million acres in 2017, up 75 percent in five years. On Monsantos research farm in Carman, Manitoba, the next target is marketing a corn variety that matures in 70 days within the next two years. After that: an even quicker plant to snatch DowDuPonts claim to North Americas fastest corn. It is ambitious but realistic, said Kelly Boddy, manager of Monsantos research farm. Wind the clock back a few years, he said, and breeders wouldnt have thought it possible. Reporting by Rod Nickel in Winnipeg, Manitoba; Additional reporting by Polina Devitt in Moscow; Michael Hirtzer in Chicago and Dominique Patton and Jo Mason in Beijing; Editing by Simon Webb and Brian Thevenot'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-grains-supply-special-report/special-report-drowning-in-grain-how-big-ag-sowed-seeds-of-a-profit-slashing-glut-idINKCN1C21AR'|'2017-09-27T14:19:00.000+03:00'|7007.0|''|-1.0|'' 7008|'d037a08db5bb7b28f0993a5c218547da8977c721'|'Microsoft''s Hotmail and Outlook.com suffer all-day outage in Europe'|' 7:27 PM / Updated 9 minutes ago Microsoft''s Hotmail and Outlook.com suffer all-day outage in Europe Eric Auchard 2 Min Read FILE PHOTO - The Microsoft logo is shown on the Microsoft Theatre at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake/File Photo FRANKFURT (Reuters) - Microsofts ( MSFT.O ) free email services Outlook.com and Hotmail suffered an outage across Europe on Monday, preventing users from sending and receiving emails for 12 hours. The outage began at 0720 GMT and continued to affect users across the region nearly 12 hours later, Microsoft said in a blog post on its Office 365 security site. Microsoft said it was working to resolve the glitch and would issue an update later on Monday on the status of its services. Were continuing to investigate to determine the source of the issue and to identify service recovery steps, the firm said. It said the issue involved part of the companys internet traffic load-balancing system which was gobbling up server capacity despite no apparent increase in user traffic. Outage reports were concentrated in Western Europe and Britain, according to DownDetector.co.uk, an outage reporting site. No other major Microsoft online services appeared to be affected. Reporting by Eric Auchard; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-microsoft-outages/microsofts-hotmail-and-outlook-com-suffer-all-day-outage-in-europe-idUKKCN1BT2FV'|'2017-09-18T22:27:00.000+03:00'|7008.0|''|-1.0|'' @@ -7021,7 +7021,7 @@ 7019|'ca1f3d7291ec1093430f18c37f493584b2929810'|'Asian lending crashes to five-year low'|'HONG KONG, Sept 29 (TRLPC) - Syndicated lending in Asia Pacific, excluding Japan, hit a five-year low of US$292.47bn for the first nine months of 2017, 19.55% lower than the same period last year as more borrowers turned to the bond market and Chinas curbs on overseas acquisitions dented volume.A third-quarter total of US$72.49bn from 210 deals is the lowest quarterly tally in Asia for seven years and is 37.31% lower than US$115.64bn at the same time last year.G3 bond market issuance has increased this year from Asia, due to low benchmark rates and search for yield by investors. On the other hand, loan activity has seen a decline, leading to a volume shift from loans to bonds, said Ashish Sharma, head of Asia Pacific loan syndication for Credit Suisse.Asian companies locked in low borrowing costs in Asias bond markets, driving record issuance in G3 currencies, in anticipation of a rise in interest rates following the US Federal Reserves decision to start unwinding its quantitative easing programme.At US$303.47bn for the year-to-date, bond issuance in G3 currencies have already eclipsed Asia Pacifics previous full-year record of US$293.07bn raised in 2016, according to Thomson Reuters data.In contrast, Chinas clampdown on outbound mergers and acquisitions (M&A) and a weaker domestic economy is starting to hit loan volume. Lending to China in the first nine months is 36% lower at US$76.62bn compared to a year earlier as the mainland suffered the sharpest slowdown of any major country in the region.M&A volume seems to have dropped mainly because of the impact of the regulatory restrictions on Chinese acquirers eyeing assets overseas, said Benjamin Ng, head of debt syndicate and acquisition financing, Asia Pacific, at Citigroup.Excluding Japan, China is Asias biggest market and still accounted for 26% of regional loan volume in the first three quarters of 2017 despite the drop. In the same period last year, Chinas share of the regional lending activity was 32%.In the third quarter, neighbouring Hong Kong eclipsed the mainland with a 25% share, the biggest in regional lending as buyout activity picked up.Low dealflow and abundant liquidity continued to put pressure on Asian corporate loan pricing, as highlighted by Indian companies that frequently tap the market.Indian Oil Corp mandated Scotiabank to lead a US$300m five-year loan in late August with all-in pricing of 93bp, undercutting the companys last similar loan in June that was priced at 95bp and closed after a poor response.The challenge with India is that we have seen a lot of spread compression and thats because there are not enough new deals, said Siong Ooi, co-head of debt capital markets for loans and bonds at Mitsubishi UFJ Financial Group.Chinese companies are also able to access lower pricing. State-owned Zhejiang Energy International Ltd launched a US$300m three-year debut loan in July, which pays a top-level all-in pricing of 100bp a level that is expected to find few takers, according to bankers.BUYOUT BOOST Event-driven financing boosted Hong Kongs volume in the third quarter, including a jumbo HK$28bn (US$3.6bn) leveraged buyout loan backing the privatisation of shoe retailer Belle International Holdings Ltd that was the territorys largest buyout.A consortium comprising Chinese private equity firms CDH Investments and Hillhouse Capital Group along with the shoemakers executives took the company private in a HK$53.1bn deal.Another US$900m-equivalent LBO backing the acquisition of tycoon Li Ka-shings fixed-line phone unit, Hutchison Global Communications Ltd, had a positive reception from lenders.The deal set the stage for a bigger US$4.10bn loan backing the mammoth S$16bn (US$11.9bn) LBO of Global Logistic Properties Ltd, Asias biggest warehouse operator.GLPs privatisation also involved Chinese sponsors and HGCs deal was the first LBO in Asia for investment manager I Squared Capital.The two deals for Belle and GLP are the biggest Asian buyouts of the year so far amid a constant flow of event-driven financings. Australias active buyout financing market continues to drive developments with the arrival of unitranche structures.US alternative investment firm Highbridge Capital underwrote a A$650m (US$516m) six-year unitranche financing backing iNova Pharmaceuticals (Australia) Pty Ltds US$930m-equivalent buyout by private equity firms Carlyle Group and Pacific Equity Partners.In September another A$250m six-year unitranche backing private equity giant KKRs acquisition of Laser Clinics Australia Pty Ltd closed as a club deal, adding to an unusually active run of Australian leveraged loans. Institutional non-bank investors have started becoming more active in senior LBO loans, Sharma said.Despite a steady flow of LBO loans, only US$27.68bn of volume from 51 deals backing Asian M&A activity were completed in the first nine months, compared with US$55bn from 57 financings in the same period in 2016.The M&A loans tally for the three quarters of 2017 is lower than US$21.74bn of similar loans completed in the third quarter of 2016 alone, which included a US$12.7bn bridge financing backing state-owned China National Chemical Corps acquisition of Swiss seeds and pesticides company Syngenta AG.Chinas curbs on capital outflows and outbound M&A are taking a toll on event-driven financings, after the government banned deals of more than US$1bn that were outside of the core business of a Chinese buyer.Bankers still see lending opportunities with increased volume and enquiries across the region.Private equity firms have been active in various parts of Asia, which has improved the prospects for leveraged buyouts and related financing, Ng said. (Reporting By Prakash Chakravarti and Chien Mi Wong; Editing by Tessa Walsh and Steve Garton) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/asiapac-loans/asian-lending-crashes-to-five-year-low-idINL4N1MA254'|'2017-09-29T04:28:00.000+03:00'|7019.0|''|-1.0|'' 7020|'a3e6da95477cbe7100ad225d9350ff2eb3bbd881'|'Petronas interested in controlling stake in Daewoo E&C: Maeil Business'|'FILE PHOTO - Motorists queue to fill natural gas at a Petronas station with its landmark Petronas Twin Towers headquarters in the background, in Kuala Lumpur February 4, 2012. REUTERS/Bazuki Muhammad/File Photo SEOUL (Reuters) - Malaysias Petroliam National Bhd (Petronas) is interested in buying a controlling stake in Daewoo Engineering & Construction Co Ltd ( 047040.KS ), a South Korean newspaper reported on Friday, sending shares in the South Korean firm surging 9 percent.Petronas is considering acquiring the 50.75 percent stake owned by Korea Development Bank (KDB), Maeil Business Newspaper reported, citing unnamed investment banking sources.A KDB spokesman declined comment on the report of Petronas interest. Petronas was not immediately available for comment. Daewoo E&C declined to comment.State-run KDB announced last year it would put up its stakes in non-core subsidiaries for sale. Since then, it has chosen BoA Merrill Lynch and Mirae Asset Daewoo Securities as sales advisors for Daewoo E&C, the spokesman said.The notice to officially kick off the sale of its stake in Daewoo E&C is expected to come by end-September, he added.Reporting by Joyce Lee; Additional reporting by A. Ananthalakshmi; Editing by Edwina Gibbs '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-daewoo-e-c-m-a-petronas/petronas-interested-in-controlling-stake-in-daewoo-ec-maeil-business-idINKCN1BC3KN'|'2017-09-01T00:49:00.000+03:00'|7020.0|''|-1.0|'' 7021|'2e1aa2adb25685bd6fbe0b35afbbcf0be47150e3'|'UK builder Bovis reins in growth targets as profits slide'|'September 7, 2017 / 6:31 AM / Updated 13 minutes ago UK builder Bovis reins in growth targets as part of turnaround Costas Pitas 2 Min Read Greg Fitzgerald, CEO of Bovis, poses for a portrait during an interview with Reuters at offices in London, September 7, 2017. REUTERS/Toby Melville LONDON (Reuters) - British housebuilder Bovis ( BVS.L ), the subject of two failed takeover bids this year, said it would rein in growth plans under a new boss after reporting a 31 percent fall in first-half profit on Thursday. Chief Executive Greg Fitzgerald took over in April aiming to turn around a business hurt by critical media coverage in Britain prompted by complaints about the quality of its homes. First-half pre-tax profit fell 31 percent to 42.7 million pounds as completions declined 6 percent to 1,512 units, in line with previously stated expectations, as the firm slows its building this year to focus on improving quality. Related Coverage UK builder Bovis to reduce land bank as part of turnaround While nearly all of Britains major housebuilders have posted bumper profits in recent years, Bovis has suffered as buyers complained about issues ranging from a lack of sealant in bathrooms to nails poking through walls. On Thursday, the firm said it now aimed to build 4,000 homes per year, significantly lower than a previous target of 5,000-6,000, and that it would focus much more on delivering affordable housing. Greg Fitzgerald, CEO of Bovis, poses for a portrait during an interview with Reuters at offices in London, September 7, 2017. REUTERS/Toby Melville Its shares were up 9 percent in early trading. Slideshow (2 Images) If we were going to go to 6,000... I would probably need to open about four new offices. Opening four new offices in regions where we are not established and have no links to any supply chain, would be counterproductive, Fitzgerald told Reuters. It would lose us money, it would lose us definitely margin and it would be more of the same, giving poor properties over to our customers, which is what Bovis experienced far too many times, he said. He told Reuters that full-year volumes would end the year down nearly 10 percent at around 3,600 units, before growing next year and reaching 4,000 homes in 2019. The firm has also reviewed the efficiency of some of its operations such as planning, design and engineering and has reduced its overall headcount by 120, with the total restructuring costing around 4 million pounds. Editing by James Davey and Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-bovis-results/uk-builder-bovis-reins-in-growth-targets-as-profits-slide-idUKKCN1BI0NO'|'2017-09-07T09:30:00.000+03:00'|7021.0|''|-1.0|'' -7022|'8d48d6de7ad7192c14c0a7da34bec87476b580cd'|'German economy to grow robustly in third quarter, finance minister says'|'September 20, 2017 / 10:07 PM / Updated 20 minutes ago German economy to grow robustly in third quarter, finance minister says Reuters Staff 3 Min Read FILE PHOTO - German Minister of Finance Wolfgang Schauble attends the weekly cabinet meeting at the Chancellery in Berlin, Germany, September 13, 2017. REUTERS/Axel Schmidt BERLIN (Reuters) - The German economy weakened at the start of the third quarter after a strong performance in the first half of the year, but indicators suggest its solid growth will continue, the Finance Ministry said on Thursday. Europes biggest economy is enjoying a consumer-led upswing, propelled by record-high employment, rising real wages and low borrowing costs - conditions that are likely to help Chancellor Angela Merkel win a fourth term in a federal election on Sunday. The Finance Ministry, controlled by Merkels conservatives and their veteran lawmaker Wolfgang Schaeuble, said in its monthly report that the economy lost some momentum at the beginning of the third quarter. But recent economic data indicate that the solid upswing will continue also in the third quarter, the ministry said, adding that business morale remained high and German exporters were expected to benefit from a global economic recovery. The German economy grew 0.7 percent on the quarter in the first three months of the year and 0.6 percent from April to June, driven by increased household and state spending as well as higher investments in buildings and machinery. A string of economic data in the past weeks had painted a mixed picture of the economy, with unemployment falling further and the mood among German investors improving. But retail sales, industrial orders and manufacturing output disappointed in July. The ministry said that macroeconomic fundamentals remained favourable and domestic demand would continue to drive growth, pointing to rising employment and wages. The economic upturn is boosting tax income as more people join the labour market, shoppers spend and companies can increase their profits. From January to August, tax revenues of the federal government and the 16 regional states rose 4.1 percent year-on-year, the ministry said. That is slightly more than the projected rise of 3.9 percent for the whole year. Rising revenue has enabled Merkels government to spend more on roads and bridges, faster internet, social housing and integration of refugees, without taking on new debt. This means Schaeuble can stick to his cherished but internationally criticised goal of a balanced budget -- also known as Schwarze Null or black zero. Reporting by Michael Nienaber, editing by Larry King'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-germany-economy/german-economy-to-grow-robustly-in-third-quarter-finance-minister-says-idUKKCN1BV32C'|'2017-09-21T01:08:00.000+03:00'|7022.0|''|-1.0|'' +7022|'8d48d6de7ad7192c14c0a7da34bec87476b580cd'|'German economy to grow robustly in third quarter, finance minister says'|'September 20, 2017 / 10:07 PM / Updated 20 minutes ago German economy to grow robustly in third quarter, finance minister says Reuters Staff 3 Min Read FILE PHOTO - German Minister of Finance Wolfgang Schauble attends the weekly cabinet meeting at the Chancellery in Berlin, Germany, September 13, 2017. REUTERS/Axel Schmidt BERLIN (Reuters) - The German economy weakened at the start of the third quarter after a strong performance in the first half of the year, but indicators suggest its solid growth will continue, the Finance Ministry said on Thursday. Europes biggest economy is enjoying a consumer-led upswing, propelled by record-high employment, rising real wages and low borrowing costs - conditions that are likely to help Chancellor Angela Merkel win a fourth term in a federal election on Sunday. The Finance Ministry, controlled by Merkels conservatives and their veteran lawmaker Wolfgang Schaeuble, said in its monthly report that the economy lost some momentum at the beginning of the third quarter. But recent economic data indicate that the solid upswing will continue also in the third quarter, the ministry said, adding that business morale remained high and German exporters were expected to benefit from a global economic recovery. The German economy grew 0.7 percent on the quarter in the first three months of the year and 0.6 percent from April to June, driven by increased household and state spending as well as higher investments in buildings and machinery. A string of economic data in the past weeks had painted a mixed picture of the economy, with unemployment falling further and the mood among German investors improving. But retail sales, industrial orders and manufacturing output disappointed in July. The ministry said that macroeconomic fundamentals remained favourable and domestic demand would continue to drive growth, pointing to rising employment and wages. The economic upturn is boosting tax income as more people join the labour market, shoppers spend and companies can increase their profits. From January to August, tax revenues of the federal government and the 16 regional states rose 4.1 percent year-on-year, the ministry said. That is slightly more than the projected rise of 3.9 percent for the whole year. Rising revenue has enabled Merkels government to spend more on roads and bridges, faster internet, social housing and integration of refugees, without taking on new debt. This means Schaeuble can stick to his cherished but internationally criticised goal of a balanced budget -- also known as Schwarze Null or black zero. Reporting by Michael Nienaber, editing by Larry King'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-germany-economy/german-economy-to-grow-robustly-in-third-quarter-finance-minister-says-idUKKCN1BV32C'|'2017-09-21T01:08:00.000+03:00'|7022.0|20.0|0.0|'' 7023|'94592a25111c69bbbb706c3ad70135306fe20ad0'|'FTSE edges higher, Aveva deal boosts mid caps'|'September 5, 2017 / 9:21 AM / 5 minutes ago FTSE edges higher, Aveva deal boosts mid caps Julien Ponthus 3 Min Read People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett LONDON (Reuters) - Britains top share index edged slightly higher on Tuesday alongside other European bourses following losses in the previous session prompted by concerns over North Koreas latest nuclear test. While investors were in no mood for a sell-off, caution was still very much present. It is strictly impossible to know what could happen in the next coming hours, Saxo Bank said in a note to its clients, referring to North Korea, whose nuclear test on Sunday triggered international condemnation. Britains blue-chip FTSE 100 index was up 0.3 percent at 7,433.29 points by 0848 GMT, with most sectors in positive territory. Mid caps rose at a slightly faster pace of 0.4 percent. The publication of the IHS Markit/CIPS services Purchasing Managers Index, which fell to 53.2 in August from 53.8 in July and below the median forecast of 53.5 in a Reuters poll of economists, did not alter the mood of investors. Shares in precious metals miner Fresnillo, which posted the best performance on Monday, surrendered some of its previous gains with a 2.1 percent retreat. Randgold Resources also went back into negative territory and edged down 0.4 percent. Provident sustained the heaviest losses, with a 3 percent fall, while other financial stocks such as HSBC Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets/cee-markets-forint-hits-4-month-low-after-fed-tightening-signal-idINL5N1M21TV'|'2017-09-21T07:13:00.000+03:00'|7039.0|''|-1.0|'' +7039|'bbb8c2284664a2e803b3a9b8f30ee416ce372f5b'|'CEE MARKETS-Forint hits 4-month low after Fed tightening signal'|'* Forint, zloty fall as Fed signals balance sheet tightening * Forint hits 4-month low on loose Hungarian cbank policy * Hungarian debt yields hesitate near record lows By Sandor Peto and Jan Lopatka BUDAPEST/PRAGUE, Sept 21 (Reuters) - Central Europe''s most liquid currencies, the forint and the zloty fell on Thursday after the Federal Reserve signalled balance sheet tightening and one more rate hike in 2017. "Tighter policy by the Fed cuts liquidity in the world and affects risk assets like emerging markets," one Budapest-based fixed income trader said. The forint''s reaction was the biggest in the region after the Hungarian central bank (NBH) announced further monetary easing measures on Tuesday, going against a global trend of tightening. The forint pierced the psychological line at 310 against the euro, and fell to 310.43 by 0813 GMT, down 0.6 percent, hitting 4-month lows. The region''s most liquid unit, the zloty, shed 0.4 percent to trade at 4.289 per euro. Hungary''s 12-month Treasury bill auction, its first debt sale since Tuesday''s NBH meeting, is expected to generate strong demand despite the forint weakening, traders said. The NBH cut its overnight deposit rate deeper into the negative on Tuesday and pledged liquidity measures to push long-term government debt yields lower. Its decisions pushed yields to record lows in maturities up to 10 years by Wednesday and the BUBOR interbank interest rates into the negative for the first time ever in the shortest, overnight and one-week maturities. Yields did not decline further on Thursday. "The news that the Fed will tighten its balance sheet causes some uncertainty, but we will see how long that will last," one Budapest-based fixed income trader said. The NBH''s easing measures have increased the forint''s volatility. The Fed''s comments alone would not justify a big fall as monetary tightening in the United States will be gradual and extended over years, one currency dealer said, "My feeling is that strengthening remains the forint''s natural direction," the dealer added, referring to a big trade deficit and robust economic growth in Central Europe. Elsewhere, the Czech crown remained almost steady, trading at 26.11 against the euro. Last month the Czechs became the first in the European Union to lift central bank rates since 2012, and may continue to tighten policy further later this year. Foreign investors hold tens of billions of euros worth of speculative positions in the crown which could lose value if the shrinking of the Fed''s balance sheet also encourages the European Central bank to tighten its own policies, CSOB analysts said in a note. In stock markets, a one percent fall in copper prices in London led to a 2.6 percent plunge in the shares of Polish copper producer KGHM and that helped Warsaw''s bluechip index fall 0.7 percent. CEE MARKETS SNAPSH AT 1019 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.110 26.102 -0.03% 3.44% 0 0 Hungary 310.43 308.55 -0.60% -0.52% forint 00 50 Polish zloty 4.2890 4.2716 -0.41% 2.68% Romanian leu 4.5985 4.5967 -0.04% -1.38% Croatian 7.4830 7.4795 -0.05% 0.96% kuna Serbian 119.10 119.11 +0.01 3.57% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1047.7 1047.3 +0.04 +13.6 6 1 % 9% Budapest 38158. 38108. +0.13 +19.2 99 04 % 4% Warsaw 2481.5 2499.6 -0.72% +27.3 1 3 9% Bucharest 7908.2 7918.0 -0.12% +11.6 6 5 2% Ljubljana 801.92 801.22 +0.09 +11.7 % 5% Zagreb 1830.4 1821.1 +0.52 -8.24% 9 1 % Belgrade 731.81 728.77 +0.42 +2.01 % % Sofia 682.96 677.65 +0.78 +16.4 % 6% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.11 0 +056b -2bps ps 5-year 0.237 0 +048b -4bps ps 10-year 1.093 0.019 +062b -2bps ps Poland 2-year 1.805 0.032 +247b +2bps ps 5-year 2.71 0.022 +295b -1bps ps 10-year 3.371 0.041 +290b +1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets/cee-markets-forint-hits-4-month-low-after-fed-tightening-signal-idINL5N1M21TV'|'2017-09-21T07:13:00.000+03:00'|7039.0|17.0|0.0|'' 7040|'7264f11ef87e6675aeb59b131e8d6e764441cd2c'|'Financier Lynn Tilton defeats U.S. SEC fraud charges'|'Sept 27 (Reuters) - The U.S. Securities and Exchange Commission suffered a high-profile defeat on Wednesday, as a judge said it failed to prove that private equity chief Lynn Tilton defrauded investors by hiding the poor performance of assets underlying three debt funds.SEC Administrative Law Judge Carol Fox Foelak dismissed the charges against Tilton, the founder of New York-based Patriarch Partners who is known as the Diva of Distressed for taking over troubled companies. (Reporting by Nate Raymond in Boston; Editing by Lisa Shumaker) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/sec-tilton/financier-lynn-tilton-defeats-u-s-sec-fraud-charges-idINL2N1M82CU'|'2017-09-27T19:01:00.000+03:00'|7040.0|''|-1.0|'' 7041|'788abe9eb93cfb0a9de61a7628507f93021ad29c'|'Bayer halts non-U.S. sales of its contraceptive implant'|'September 18, 2017 / 11:10 PM / Updated 14 hours ago Bayer halts non-U.S. sales of its contraceptive implant Reuters Staff 1 Min Read FILE PHOTO: The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal February 24, 2014. REUTERS/Ina Fassbender/File Photo (Reuters) - German drugs and pesticides group Bayer AG said in a statement on its French website that it would stop selling its contraceptive implant, Essure, in countries other than the United States. The company said the decision was taken for commercial reasons and was not linked to a safety or product quality problem. ( bit.ly/2w3vzxD ) The device, which was approved in the United States in 2002, was billed as an alternative to tubal ligation for permanent birth control. The FDA has since received thousands of complaints, including reports of the device breaking or moving and causing injuries. Reporting by Akankshita Mukhopadhyay in Bengaluru'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-europe-bayer-essure/bayer-halts-non-u-s-sales-of-its-contraceptive-implant-idUKKCN1BT2RD'|'2017-09-19T02:01:00.000+03:00'|7041.0|''|-1.0|'' 7042|'4c2b6d0e77b6d6d590775fa24ca93b5ed8d8b6b5'|'Investors push U.S. shale firms to separate executive pay from drilling'|'FILE PHOTO: Dead sunflowers stand in a field near dormant oil drilling rigs which have been stacked in Dickinson, North Dakota January 21, 2016. REUTERS/Andrew Cullen/File Photo HOUSTON (Reuters) - Activist investors are taking aim at U.S. shale producers, the companies most responsible for turning the nation into a global energy powerhouse, pushing them to stop rewarding executives for spending billions of dollars on new wells when crude prices are depressed.U.S. crude output has surged past 9 million barrels a day largely because of the shale sector, whose output this year is up 27.5 percent. The gains are fueled by a boost of about 50 percent in capital spending, benefiting executives come bonus time but crimping shareholder returns. Investors want the higher spending to go to dividends and buybacks, not more drilling.The shift they are seeking could dampen spending on new wells, chilling a shale boom that has benefited U.S. motorists and consumers. It could help the Organization of the Petroleum Exporting Countries, Russia and other producers who are trying to drain a global crude surplus. Booming U.S. shale production has largely thwarted OPEC output cuts aimed at lifting prices. Low oil prices, in turn, have hurt shareholder returns. [O/R]Activists point to the lopsided split between pay and returns. The 10 biggest U.S. shale producers paid their chief executives $2.2 billion over the past decade despite shareholder returns of 1.7 percent. These companies include Apache Corp and Devon Energy Corp.Contrast this with Exxon Mobil Corp and other integrated oil companies that produce, transport and refine oil all over the globe. These companies as a group paid their executives a total of $600 million during the same period and achieved a stronger 3.5 percent return, according to analysts at Evercore ISI.Paying executives to produce more oil and gas has encouraged drilling. U.S. shale output this year averaged nearly 6.1 million barrels per day (bpd), up from 4.5 million bpd a year ago, according to U.S. government data.The broader oil industrys returns have not even approached the performance of the S&P 500, which delivered a 7.4 percent total return for the past decade. The split widened this year, with shares of shale producers down 20 percent or more and the S&P 500 up about 16.7 percent.VALUE DESTRUCTION Some investors have had enough and begun to put money only into companies that compensate leaders for returns.Management teams have been rewarded far too long for destroying value, said Todd Heltman of wealth manager Neuberger Berman, the seventh-largest investor in shale producer Cabot Oil & Gas Corp, a company whose executive pay policy emphasizes shareholder returns. Now, theres a paradigm shift happening.EQT Corp is among those feeling the heat. Hedge fund Jana Partners LLC attacked the shale companys $6.7 billion bid for rival Rice Energy Inc in part over the potential for its executives to get a $130 million windfall by doubling its natural gas output. In September, EQT agreed to remove that bonus and focus pay more on efficiency and cost, not production.It has always been EQTs philosophy to align its compensation programs with shareholder value creation, said EQT spokeswoman Natalie Cox.Hedge fund SailingStone Capital Partners LLC last year prodded Range Resources Corp to add two directors with compensation experience. Range also agreed to meet annually with shareholders to discuss executive pay, and add a drilling rate of return metric to its executive compensation calculation.We believe Ranges approach creates a strong alignment of both long and short-term incentives with the creation of shareholder value, Range spokesman Michael Mackin said.SailingStone declined to comment.The more companies acquiesce to investors demands, the more pressure on their peers to follow.FILE PHOTO: A pumpjack brings oil to the surface in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson/File Photo We believe the industry is on the cusp of a gradual, long overdue shift to returns-focused investing, said Tim Rezvan, an oil industry analyst with Mizuho Securities.FERTILE GROUNDBut change will not come easy. Companies will expand production despite low returns to collect cash flow needed to pay debt and other expenses, said analysts, and as long as executives are paid to produce, they will.Shale executives continue to earn higher pay despite mixed records. Noble Energy Inc paid Chief Executive David Stover $10.1 million last year, up 40 percent from 2015 even as the companys TSR ranked last among peers chosen by the companys board and reported in regulatory filings.SandRidge Energy Inc gave CEO James Bennett an 86 percent pay boost for 2016, awarding him $18.8 million in the year the company exited bankruptcy protection.Noble Energy referred requests for comment to a regulatory filing in which it said Stovers pay encouraged the continued achievement of short- and long-term goals necessary for stockholder value creation.SandRidge did not respond to requests for comment.Companies like Cabot that have put returns at the forefront of pay decisions have delivered better performance. Its shares are up more than eight-fold since moving away from a production-heavy model in 2004.Among Cabots shareholder-friendly policies: executive share awards vest after three years compared to peers that allow immediate vesting or at most a year. That encourages managers to focus on long-term goals. The company also puts the most emphasis on cost controls when calculating executive pay.Cabots return on capital employed is forecast to be 8.6 percent this year - more than triple most of its peers, according to Thomson Reuters Eikon data.Cabot did not respond to requests for comment.Shares of other shale producers that have Cabot-like compensation plans, including EOG Resources Inc and Cimarex Energy Co, also have outperformed rivals.This is a core part of who we are as a company, always thinking about our investors money, said Tom Jorden, Cimarexs chief executive.Investors say that sentiment is rare in the industry. If more followed suit, the urge to maximize production could eventually lessen, boosting shareholder returns.This is fertile ground for activist investors, said Scott Nyquist, a senior partner in the oil and gas practice at consultancy McKinsey & Co. Theyll keep pushing until more and more companies link compensation to returns.For a graphic on investors push U.S. shale producers to swap executive pay formula click tmsnrt.rs/2y8Kz26Reporting by Ernest Scheyder; editing by Gary McWilliams and David Gregorio '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-oil-compensation/investors-push-u-s-shale-firms-to-separate-executive-pay-from-drilling-idUSKCN1C42RZ'|'2017-09-30T02:50:00.000+03:00'|7042.0|''|-1.0|'' @@ -7082,15 +7082,15 @@ 7080|'607f5ac676ffbfc849f600e5bed6b2e560dac4d7'|'Behind the veil of Saudi Aramco'|'IF SAUDI ARAMCO is a state within a state in Saudi Arabia, then the blandly named Oil Supply Planning and Scheduling (OSPAS) is its deep state. To enter it, you pass tight security at Aramcos suburban-style headquarters in Dhahran, in the east of the kingdom. The transition is eye-opening. Suddenly, English is the common tongue even among Saudi Aramcons, as its workers are known. Female employees, their faces uncovered, lead meetings of male colleagues. The crisp banter is common to engineers everywhere. A toilet break is called a pressure-relief exercise.Deep within, OSPAS is even further removed from the kingdom outside. The few executives with clearance to enter call it the nerve centre of the worlds largest oil company. Using 100,000 sensors and data points on wells, pipelines, plants and terminals, it directs every drop of oil and cubic foot of gas that comes out of the kingdom (10% of the worlds oil supply), monitors it on giant screens as it heads to ports and power stations, and tracks oil tankers as they load. Well managers in the desert outback wait daily for OSPAS to tell them what to do. Its not just pretty graphics, an executive says, purring appreciatively over the 70-metre web of data flashing on the wall. 16 Because Aramco has all its upstream oil-and-gas operations in one country, it says it can justify investing big sumsand a lot of computer capacityon such technology, because it helps cut costs. ExxonMobil operates in 40-plus countries. It just cant do that, the executive adds, before apologising lest he appear to bad-mouth a client and partner, one of Aramcos American founding former shareholders.Such comparisons will become more pertinent as Aramco opens itself up for an initial public offering (IPO). Until recently it was just as cloistered from outside scrutiny as the kingdom itself, giving it more of a mystique than a good reputation. This week it invited The Economist for a visit. It only partially lifted its veil; its finances remain off-limits to everyone except the government, its only shareholder. Affable executives dodge almost every attempt to wheedle out useful ways of comparing the firm with its listed peers (it has no peers, they dissemble).But despite the hermeticism, Aramco has a good tale to tell. Even as its rivals have retrenched owing to low prices, it has stuck to long-term plans, investing heavily in technology, training and the future of oil. Its long-term approach may help explain one mystery. For decades, Saudi Arabias declared oil reserves have confounded the industry; since 1989 they have remained suspiciously constant at around 260bn barrelsa dozen times those of Aramcos nearest listed rival (see chart). As if to rub it in, Aramco says the kingdom has a whopping 400bn further barrels of resources that could one day become reserves.These reserves are under audit ahead of the IPO, and executives are loth to discuss the process. However, they argue that whereas other companies have to go far to find new reserves, Aramco can keep them constant simply by better stewardship of its existing fields. Amin Nasser, the chief executive, says the companys recovery ratesthe share of oil recouped from what is available in a fieldaverage about 50%, but rise as high as 70%, compared with a global average of about 33%. It does this by maintaining the pressure of its wells over the long term through gas re-injection and other means. Raising recovery rates on average to 70% would add 80bn barrels to reserves, an executive says. That is four times ExxonMobils latest total.Unlike big listed companies, which scrapped growth plans when the price of oil slumped in 2014-16, Aramco has also been able to keep on investing because of its low costs, Mr Nasser says. Increasing natural-gas output is now the main focus, but it has also raised oil production in some areas. This is visible at the vast Shaybah field in Saudi Arabias blisteringly hot Empty Quarter, where Aramco last year upped oil output by 250,000 barrels a day (b/d) to 1m b/d, inaugurated a facility to process natural-gas liquids (pictured on previous page) and laid 650km of new pipelines across a mountain range of red sand dunes. (Aramco also set out to repopulate the surrounding desert with oryx, gazelle and ostrich hunted almost to extinction. They are now reproducing, although the first ostrich eggs to fertilise sadly cooked in the heat.)Its second focus is technology. Whereas some of its peers admit that they squandered the chance to invest in big data during the oil boom before 2014, Aramco has no such regrets. Last year it inaugurated its home-grown TeraPowers technology, which uses 1trn pixel-like computational cells to simulate the flow of hydrocarbons through 500m years of geological time, enabling it to model oilfields in granular detail. From Dhahran it can remotely direct drilling of horizontal wells in Shaybah, steering a drill-bit through miles of rock to within a few feet of its target. (Royal Dutch Shell recently boasted of using similar remote-drilling technology in Argentina.) To train young employees in understanding the subsurface, Aramco has a 3D virtual-reality cave in Dhahran, which shows the filigree of wells 1,500 metres below the surface of Shaybah, as if from a submarine.Third, as Saudi Arabias most attractive employer, Aramco has less difficulty than its Western peers in attracting millennial recruits (born between around 1980 and 1996) who are turning away from the oil and gas industry. It has kept up spending on international scholarships during the slump. It plans to raise the share of women in the workforce from 25% to 40%. Its chief engineer and head of human resources are both female. Saudi labour laws still apply, however: female Aramcons may not stay overnight at an oilfield.Aramcons pride themselves on a Westernised culture handed down from their American forefathers before nationalisation in 1980. This makes them confident they can handle the listing. From the way [Aramco] was built, from the beginning I would say it was ready for an IPO, Mr Nasser says. The main change, he adds, will be issuing quarterly results.But that underplays the challenges ahead. For one thing, Aramco is not master of its destiny. The future of the IPO, such as the decision on where and when to list, is in the hands of the government shareholder, represented by Muhammad bin Salman, the crown prince. Domestic political tension and external frictions with Qatar risk delaying the IPO until 2019and further muddying the waters.The potential valuation is also contentious. MBS, as the crown prince is known, has said he believes Aramco is worth $2trn, though many analysts think that is over-ambitious. To improve its chances, the kingdom is leaning toward a listing on the New York Stock Exchange rather than in London, because America has deeper pools of capital. However, that would expose Aramco to legal risks it would prefer to avoid. In order to bring in Chinese investors, the kingdom is also considering issuing some shares in Hong Kong.However strong Aramco may be upstream, its lower-margin refining and petrochemicals divisions will drag down the valuation. Aramco has some intriguing plans to mitigate this, hoping in the next few years to build a plant with new technology to turn crude oil directly into petrochemicalsin essence, leap-frogging refineries. But this is untested.In sum, the IPO is more for the kingdoms benefit than Aramcos. It could have drawbacksexposing the firm to investors with short time horizons or to activists hostile to fossil fuels. But the Aramcons appear determined to make the most of it. Executives argue that oils future is bright, even if electric cars and cleaner fuels emerge. Low costs mean there is no danger Saudi oil will become a sunset industry, says Mohammed al-Qahtani, head of its upstream division. A listing will make Aramco the envy of the rest of the world. "Behind the veil"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21729472-biggest-oil-company-has-good-story-tellif-it-can-disentangle-its-image?fsrc=rss'|'2017-09-21T22:44:00.000+03:00'|7080.0|''|-1.0|'' 7081|'9602b3c004bf4fb47c8ab20266f50ef3ba63c4e6'|'Australia''s CBA to sell life insurance unit to AIA Group for $3.05 billion'|'FILE PHOTO: A Commonwealth Bank logo adorns an Automatic Tellar Machine (ATM) located in Sydney, Australia, in this picture taken November 12, 2014. REUTERS/David Gray/File Photo SYDNEY (Reuters) - Commonwealth Bank of Australia ( CBA.AX ) said on Thursday it had agreed to sell its life insurance arm to Hong Kongs AIA Group Ltd ( 1299.HK ) for $3.05 billion, in the biggest Asian buyout of an Australian financial services firm.CBA also flagged a possible wealth management IPO as Australias major lenders come under regulatory pressure to boost capital in the face of a frothy property market.The sale of insurance business CommInsure follows damaging media revelations last year that it had used discredited methods to refuse legitimate payouts, leading to policy cancellations.The scandal was one of a series of crises that has rocked CBA in recent times, culminating in allegations of systemic breaches of money-laundering and terror-financing laws that could expose it to billions of dollars in fines.CBA has done well selling CommInsure on a good multiple, Shaw and Partners analyst David Spotswood said in a note to clients, adding it gave the bank flexibility in the event of hefty fines stemming from the money-laundering civil case.CBA shares rose as much as 0.5 percent in morning trade while the broader Australian market was down 0.7 percent. It was rare respite for CBA shareholders, with the stock down 9 percent since the money-laundering allegations broke on Aug. 3.The CommInsure sale is part of a broader trend of asset sales across Australias banking sector. Asian life insurers are potential buyers due to Australias growing population and economy, and its stable regulatory regime compared with emerging markets.National Australia Bank Ltd ( NAB.AX ) sold an 80 percent stake of its life insurance unit to Japans Nippon Life Insurance Co last year.Australia and New Zealand Banking Group ( ANZ.AX ) has said it may sell its life insurance and wealth divisions, while Westpac Banking Corp ( WBC.AX ) also has started exploring a possible life insurance sale, according to reports in the Australian media.Under the AIA deal, CBA said it would continue to sell life insurance for the world No. 2 life insurer for 20 years, and customers would keep their existing benefits.The Australian lender also said it was considering spinning off asset management business Colonial First State Global Asset Management in an initial public offering. Colonial has A$219 billion in assets under management.CBA did not give further details about the plan but said its wealth management chief executive, Annabel Spring, would leave the company in December.Reporting by Sandhya Sampath in Bengaluru; Editing by Byron Kaye and Stephen Coates '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-cba-divestiture-aia-group/australias-cba-to-sell-life-insurance-unit-to-aia-group-for-3-05-billion-idINKCN1BV33B'|'2017-09-20T20:32:00.000+03:00'|7081.0|''|-1.0|'' 7082|'ae9ac464b74f503da7dd99e411ff4a1298e2095e'|'Bank of England says ready to act on Brexit banking risks'|'September 13, 2017 / 6:07 PM / Updated 3 hours ago Bank of England says ready to act on Brexit banking risks Reuters Staff 1 Min Read Britain''s Deputy Governor of the Bank of England Jon Cunliffe speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool LONDON (Reuters) - The Bank of England is taking a close look at financial institutions plans to handle Britains departure from the European Union and will take action if they pose risks, BoE Deputy Governor Jon Cunliffe said on Wednesday. We are monitoring the plans of the financial institutions in the UK, their plans for how they are going to deal with Brexit. We are also monitoring the plans of all of the European Union firms that operate in the UK, Cunliffe told broadcaster Sky News in an interview. And if we start to see financial stability risks coming out of those plans ... then we will take action, he added. Many banks are starting to implement plans to move some staff and operations out of Britain before the country leaves the European Union in March 2019. Reporting by David Milliken; Editing by Toby Chopra'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-boe/bank-of-england-says-ready-to-act-on-brexit-banking-risks-idUKKCN1BO2EY'|'2017-09-13T21:07:00.000+03:00'|7082.0|''|-1.0|'' -7083|'f553d6c9a774b6b0a286da0d17c180bb11fe19f5'|'Venezuela state oil firm''s credit woes spread to U.S. unit Citgo'|'September 15, 2017 / 5:12 AM / Updated 11 hours ago Venezuela state oil firm''s credit woes spread to U.S. unit Citgo Marianna Parraga , Catherine Ngai 6 Min Read People wait for service in a Citgo gas station in Kearny, New Jersey September 24, 2014. REUTERS/Eduardo Munoz/Files HOUSTON/NEW YORK (Reuters) - Washingtons recent sanctions against Venezuelan state-run oil company PDVSA have started to ensnare its U.S. unit, Citgo Petroleum, making it harder for the refiner to obtain the credit it needs to purchase crude, according to six traders and banking sources. Fewer oil providers are willing to sell cargoes to Citgo on open credit, instead requiring prepayment or bank letters of credit to supply its 749,000-barrel-per-day refining network, the sources said. Two sources at Canadian suppliers said their companies are no longer allowed to trade with Citgo directly, and have begun selling cargoes through third parties to avoid the credit risk. Citgos three U.S. refineries in Illinois, Texas and Louisiana account for about 4 percent of domestic fuel capacity, and are major suppliers of gasoline, diesel and jet fuel. If financial troubles raise the cost of obtaining crude, its profits would be squeezed, making the company less competitive. Citgo had remained immune from its parents straits until this year. But U.S. sanctions levied in recent months against Venezuelan officials, PDVSA executives and the countrys debt issuance have deterred banks and suppliers from extending even routine credit, the sources said. Citgos main crude supplier is Venezuela, but the company also buys U.S. and foreign oil. It has told some providers they can charge more to reflect the added credit risk. We are now more conservative when dealing with PDVSA or any of its units, said an executive from a trading firm with a long term business relationship with PDVSA. Banks that have refused to provide credit have a very rational thinking, they dont want to be exposed to sanctions. It does not take too much to have banks nervous, he added. The U.S. government did not intend sanctions to affect existing private credit agreements at Citgo or PDVSA. Treasury Secretary Steven Mnuchin in August said short-term financing for most commercial trade between the United States and Venezuela, including the petroleum flow, was exempted. Citgo declined to comment. Venezuelas Economy Vice President Ramon Lobo on Thursday said the government is facing a series of difficulties as result of sanctions, which he considered an attempt to push the country to insolvency with a financial blockade. RENEGOTIATING SUPPLY DEALS While Citgo was not directly sanctioned in August, it was barred by name from transferring dividends or distributing profits to PDVSA or the Venezuelan government. Citgo has provided nearly $2.5 billion in dividends to its parent company since 2015, according to Fitch Ratings. That restriction raised alarms among its longterm banking and trading partners in the United States. As a result, Citgo is trying to renegotiate its supply terms, said a trader from a firm that is requiring Citgo to prepay for purchases. The company is worried about a higher debt default risk as well as the sanctions. Citgo also has other problems. Its Gulf Coast refineries are being forced to buy more crude on the open market to offset a declining flow of oil from PDVSA. From June through August, PDVSA supplied only half the volume of Venezuelan crude it was to send Citgo under a 220,000-bpd supply contract, according to Reuters trade flows data. At the same time, Venezuela increased oil deliveries to Russias Rosneft to pay for loans. Even Citgos 167,000-bpd Lemont refinery in Illinois, which largely processes Canadian oil, is having trouble retaining credit arrangements with its traditional providers, according to three traders from crude suppliers that are no longer allowed to sell directly to Citgo. In August, Citgo executives traveled to Canada, as they typically do once a year, but this time sought to assure marketers in Calgary that the firm was financially stable. I dont think anyone was very convinced, a source involved in the talks said. SAVED BY THE SWISS Citgo has a long standing agreement to buy oil on preferential terms from Switzerland-based trader Mercuria Energy, without obtaining letters of credit, according to four of the traders. But when Mercuria is unable to provide crude to Citgo, the refiner goes to the spot market, where many of its providers demand prepayment or letters of credit to secure payment within 30 days of every cargo discharge. The sources said traders, refiners and oil firms have been rebuffed in recent weeks after seeking letters of credit from a list of banks suggested by PDVSA and Citgo, which includes Citibank, JP Morgan, Credit Suisse, BNP Paribas, ABN Amro, and Deutsche Bank. This is not a credit issue, nobody thinks Citgo is unwilling to pay. But banks have to protect themselves from fines, so they typically go beyond what the sanctions require, said a banker who has been dealing with Venezuela for years. The banks declined to comment on specific clients. Citgos attempt to address the credit problems has been to suggest suppliers mark up their prices, three traders said. But that only transfers the credit risk from the bank to the oil provider, one of them said. A similar tack was used by PDVSA last year before intermediaries began requiring prepayment. In most cases, cargoes that arrive in Venezuelan ports now wait for weeks before a bank transfer is received. Minister Lobo and traders said PDVSA has started talks to change its preferred currency to euros from dollars for some business relationships, an idea that has failed in previous years. President Nicolas Maduro last week said the OPEC-member could also use Chinas yuan, Indias rupees, Russias ruble and Japans yen. Reporting by Marianna Parraga in Houston and Catherine Ngai in New York; additional reporting by Nia Williams in Calgary and Corina Pons in Caracas; Editing by David Gregorio '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/oil-citgo-pete-credit/venezuela-state-oil-firms-credit-woes-spread-to-u-s-unit-citgo-idINKCN1BQ0FY'|'2017-09-15T08:08:00.000+03:00'|7083.0|''|-1.0|'' +7083|'f553d6c9a774b6b0a286da0d17c180bb11fe19f5'|'Venezuela state oil firm''s credit woes spread to U.S. unit Citgo'|'September 15, 2017 / 5:12 AM / Updated 11 hours ago Venezuela state oil firm''s credit woes spread to U.S. unit Citgo Marianna Parraga , Catherine Ngai 6 Min Read People wait for service in a Citgo gas station in Kearny, New Jersey September 24, 2014. REUTERS/Eduardo Munoz/Files HOUSTON/NEW YORK (Reuters) - Washingtons recent sanctions against Venezuelan state-run oil company PDVSA have started to ensnare its U.S. unit, Citgo Petroleum, making it harder for the refiner to obtain the credit it needs to purchase crude, according to six traders and banking sources. Fewer oil providers are willing to sell cargoes to Citgo on open credit, instead requiring prepayment or bank letters of credit to supply its 749,000-barrel-per-day refining network, the sources said. Two sources at Canadian suppliers said their companies are no longer allowed to trade with Citgo directly, and have begun selling cargoes through third parties to avoid the credit risk. Citgos three U.S. refineries in Illinois, Texas and Louisiana account for about 4 percent of domestic fuel capacity, and are major suppliers of gasoline, diesel and jet fuel. If financial troubles raise the cost of obtaining crude, its profits would be squeezed, making the company less competitive. Citgo had remained immune from its parents straits until this year. But U.S. sanctions levied in recent months against Venezuelan officials, PDVSA executives and the countrys debt issuance have deterred banks and suppliers from extending even routine credit, the sources said. Citgos main crude supplier is Venezuela, but the company also buys U.S. and foreign oil. It has told some providers they can charge more to reflect the added credit risk. We are now more conservative when dealing with PDVSA or any of its units, said an executive from a trading firm with a long term business relationship with PDVSA. Banks that have refused to provide credit have a very rational thinking, they dont want to be exposed to sanctions. It does not take too much to have banks nervous, he added. The U.S. government did not intend sanctions to affect existing private credit agreements at Citgo or PDVSA. Treasury Secretary Steven Mnuchin in August said short-term financing for most commercial trade between the United States and Venezuela, including the petroleum flow, was exempted. Citgo declined to comment. Venezuelas Economy Vice President Ramon Lobo on Thursday said the government is facing a series of difficulties as result of sanctions, which he considered an attempt to push the country to insolvency with a financial blockade. RENEGOTIATING SUPPLY DEALS While Citgo was not directly sanctioned in August, it was barred by name from transferring dividends or distributing profits to PDVSA or the Venezuelan government. Citgo has provided nearly $2.5 billion in dividends to its parent company since 2015, according to Fitch Ratings. That restriction raised alarms among its longterm banking and trading partners in the United States. As a result, Citgo is trying to renegotiate its supply terms, said a trader from a firm that is requiring Citgo to prepay for purchases. The company is worried about a higher debt default risk as well as the sanctions. Citgo also has other problems. Its Gulf Coast refineries are being forced to buy more crude on the open market to offset a declining flow of oil from PDVSA. From June through August, PDVSA supplied only half the volume of Venezuelan crude it was to send Citgo under a 220,000-bpd supply contract, according to Reuters trade flows data. At the same time, Venezuela increased oil deliveries to Russias Rosneft to pay for loans. Even Citgos 167,000-bpd Lemont refinery in Illinois, which largely processes Canadian oil, is having trouble retaining credit arrangements with its traditional providers, according to three traders from crude suppliers that are no longer allowed to sell directly to Citgo. In August, Citgo executives traveled to Canada, as they typically do once a year, but this time sought to assure marketers in Calgary that the firm was financially stable. I dont think anyone was very convinced, a source involved in the talks said. SAVED BY THE SWISS Citgo has a long standing agreement to buy oil on preferential terms from Switzerland-based trader Mercuria Energy, without obtaining letters of credit, according to four of the traders. But when Mercuria is unable to provide crude to Citgo, the refiner goes to the spot market, where many of its providers demand prepayment or letters of credit to secure payment within 30 days of every cargo discharge. The sources said traders, refiners and oil firms have been rebuffed in recent weeks after seeking letters of credit from a list of banks suggested by PDVSA and Citgo, which includes Citibank, JP Morgan, Credit Suisse, BNP Paribas, ABN Amro, and Deutsche Bank. This is not a credit issue, nobody thinks Citgo is unwilling to pay. But banks have to protect themselves from fines, so they typically go beyond what the sanctions require, said a banker who has been dealing with Venezuela for years. The banks declined to comment on specific clients. Citgos attempt to address the credit problems has been to suggest suppliers mark up their prices, three traders said. But that only transfers the credit risk from the bank to the oil provider, one of them said. A similar tack was used by PDVSA last year before intermediaries began requiring prepayment. In most cases, cargoes that arrive in Venezuelan ports now wait for weeks before a bank transfer is received. Minister Lobo and traders said PDVSA has started talks to change its preferred currency to euros from dollars for some business relationships, an idea that has failed in previous years. President Nicolas Maduro last week said the OPEC-member could also use Chinas yuan, Indias rupees, Russias ruble and Japans yen. Reporting by Marianna Parraga in Houston and Catherine Ngai in New York; additional reporting by Nia Williams in Calgary and Corina Pons in Caracas; Editing by David Gregorio '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/oil-citgo-pete-credit/venezuela-state-oil-firms-credit-woes-spread-to-u-s-unit-citgo-idINKCN1BQ0FY'|'2017-09-15T08:08:00.000+03:00'|7083.0|27.0|0.0|'' 7084|'4c4c50dc5b48d8410e943fe68193157ab3ec487b'|'UPDATE 1-U.S. FDA declines to approve J&J arthritis drug'|'FILE PHOTO: A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake (Reuters) - The U.S. Food and Drug Administration has declined to approve Johnson & Johnsons rheumatoid arthritis drug sirukumab, saying additional clinical data is needed to further evaluate its safety, the company said on Friday.The FDAs decision is in keeping with an advisory panels recommendation in August that the FDA reject the drug. Panelists were concerned about an imbalance in the number of deaths in patients taking sirukumab compared with those taking a placebo.The most common causes of death were major heart problems, infection and malignancies.We are disappointed by this development as we feel the data accumulated to date support the efficacy and safety of sirukumab, said Dr. Newman Yeilding, head of immunology at J&J’s Janssen subsidiary. He added that the company is seeking to gain a full understanding of FDA requirements for U.S. approval and plans to have a follow-up discussion with the agency.Sirukumab blocks a cytokine in the body known as interleukin 6 that can contribute to the inflammation associated with rheumatoid arthritis, an autoimmune disorder that affects more than 23 million people worldwide.Other drugs in the same class include Roche Holding AGs Actemra and Sanofi SA and Regeneron Pharmaceuticals Incs Kevzara.Analysts on average had expected sirukumab, which would be known as Plivensia if ultimately approved, to generate annual global sales of $426 million by 2020.J&J originally developed sirukumab with GlaxoSmithKline Plc but GSK recently said it would end the program and return all rights to J&J. GSK had rights to the drug in North, Central and South America.In April the FDA declined to approve a rheumatoid arthritis drug made by Eli Lilly and Co and partner Incyte Corp, saying additional clinical data was needed to determine the most appropriate doses of the drug, baricitinib, and to further characterize safety concerns.Baricitinib belongs to a class of drugs known as Jak inhibitors that include Pfizer Incs Xeljanz and AbbVie Incs Humira.Reporting by Toni Clarke in Washington; Editing by Meredith Mazzilli and James DalgleishOur '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-johnson-johnson-arthritis/u-s-fda-declines-to-approve-jj-arthritis-drug-idUSKCN1BX2UY'|'2017-09-22T23:55:00.000+03:00'|7084.0|''|-1.0|'' -7085|'6766586f0d6475bc97a2e536d481e79be0a64f6b'|'Britain''s Diploma Plc CEO Bruce Thompson to retire'|' 6:56 AM / Updated 23 minutes ago Britain''s Diploma Plc CEO Bruce Thompson to retire Reuters Staff 1 Min Read (Reuters) - British industrial component maker Diploma Plc ( DPLM.L ) said its longstanding Chief Executive Bruce Thompson would retire next year. The company, a supplier of components for Formula 1 cars, said Thompson planned to retire before the end of September 2018 and it was looking for a replacement. Thompson, who became CEO in 1996, has led a major restructuring of the group, divesting its three traditional core businesses, the company said. Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Amrutha Gayathri'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-diploma-ceo/britains-diploma-plc-ceo-bruce-thompson-to-retire-idUKKCN1C20JE'|'2017-09-27T09:56:00.000+03:00'|7085.0|''|-1.0|'' +7085|'6766586f0d6475bc97a2e536d481e79be0a64f6b'|'Britain''s Diploma Plc CEO Bruce Thompson to retire'|' 6:56 AM / Updated 23 minutes ago Britain''s Diploma Plc CEO Bruce Thompson to retire Reuters Staff 1 Min Read (Reuters) - British industrial component maker Diploma Plc ( DPLM.L ) said its longstanding Chief Executive Bruce Thompson would retire next year. The company, a supplier of components for Formula 1 cars, said Thompson planned to retire before the end of September 2018 and it was looking for a replacement. Thompson, who became CEO in 1996, has led a major restructuring of the group, divesting its three traditional core businesses, the company said. Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Amrutha Gayathri'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-diploma-ceo/britains-diploma-plc-ceo-bruce-thompson-to-retire-idUKKCN1C20JE'|'2017-09-27T09:56:00.000+03:00'|7085.0|27.0|0.0|'' 7086|'8339b5cfab5cf1e612d39d7ac6e79eb3a424b477'|'HSBC begins payouts to some of small UK firms whose accounts it froze'|'A branch of HSBC Bank is pictured in Cairo, Egypt July 30, 2017. REUTERS/Mohamed Abd El Ghany LONDON (Reuters) - HSBC ( HSBA.L ) has offered compensation to at least two of the small British businesses caught up unintentionally in a crackdown on illicit money, seeking to limit the damage from an operation that has been criticized by lawmakers and industry.Reuters reported on Aug. 24 that HSBC had closed or frozen the accounts of dozens of apparently innocent small businesses in the crackdown. Sources with knowledge of the matter have since told Reuters the number of companies affected is in the hundreds.Video game developer Richard Davey drew widespread attention on social media this week with an article detailing his woes after HSBC froze the account of his company, Photon Storm Ltd.In the article, published on Monday on the website Medium, Davey said his business was set to lose water, telephone and internet services as a result of the account block, and that one staff member quit after failing to receive his salary.The bank unfroze his account on Tuesday and rang him with an offer of compensation, Davey told Reuters.Amanda Murphy, head of commercial banking for HSBC UK, confirmed the bank had offered compensation to some clients but declined to say how many or what amounts had been paid out.If HSBC has disadvantaged a customer in any way well always seek to make it right, she told Reuters on Thursday.HSBC has unblocked more than 15 small business accounts whose cases were brought to the banks attention by Reuters, sources at the companies affected said.So far, two of those said they had been offered compensation.While such payouts are unlikely to have a significant impact on HSBCs bottom line, the bank faces reputational damage among customers, lawmakers and business associations over how it handled the closures, which happened in July and August, and the subsequent complaints.HSBC has been trying to tighten its checks on business customers after it received a $1.9 billion fine in 2012 for allowing itself to be used to launder drug money from Mexico.HSBCs Murphy said the bank has in recent weeks begun hiring staff and transferring them from other departments to better manage the system.For every complaint we have received, myself or a member of my team has been allocated to one of those individuals to call the customer and we are actively resolving their cases, she said.The bank previously told Reuters that it tries to contact customers before blocking their accounts. But more than 20 companies whose funds were frozen told Reuters that they had complied with all requests for information and been told they had answered to HSBCs satisfaction.Davey said he has been in limbo for nearly a month after his accounts were frozen without warning on Aug. 10, with HSBC staff unable to provide any information on why it happened or when his case would be resolved.We need to hear fully and openly from HSBC on this, said Godfrey John Bewicke-Copley, co-chair of the all-party parliamentary group for fair business banking.If these accusations are true, it is another damning revelation about poor practice from the institutions that millions of people and businesses should be able to trust, he said.Companies who have contacted Reuters in recent days to talk about their experiences include a Kent-based tea shop, a music talent agency, a maker of virtual reality headsets and a luxury travel boutique.The companies are all in the small business sector which the government wants to encourage to thrive after Britain leaves the European Union.One glimmer of UK economic hope is increased overseas trade among small firms. Thanks to this overbearing HSBC crackdown were seeing the debilitation of innocent businesses that are driving this growth, said Mike Cherry, National Chairman of the Federation of Small Businesses.Reporting by Lawrence White; Editing by Sonya Hepinstall '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-hsbc-smallmid-compensation/hsbc-begins-payouts-to-some-of-small-uk-firms-whose-accounts-it-froze-idUSKCN1BI1YU'|'2017-09-07T17:28:00.000+03:00'|7086.0|''|-1.0|'' 7087|'cc921f08a36bf1e63240225ff5dc1929a2edcbbc'|'EU regulators fine Scania 880 million euros for truckmakers cartel'|'September 27, 2017 / 9:37 AM / Updated an hour ago VW''s truckmaker Scania fined $1 billion for price fixing Foo Yun Chee 3 Min Read European Competition Commissioner Margrethe Vestager holds a news conference announcing the EU regulators fined Scania 880 million euros (771.18 million pounds) for taking part in a truckmakers cartel, in Brussels, Belgium September 27, 2017. REUTERS/Yves Herman BRUSSELS (Reuters) - Swedish truckmaker Scania was hit with an 880 million euro ($1 billion) fine by the EU on Wednesday for taking part in a 14-year price fixing cartel, boosting the total fine for the firms involved to a record 3.8 billion euros. The European Commission said Scania, owned by German carmaker Volkswagen ( VOWG_p.DE ), colluded with five others in the industry as they fixed vehicle prices to enable them to pass the costs of required environmental improvements on to customers to avoid hurting their own profits. In July, Volkswagens MAN, Daimler ( DAIGn.DE ), Volvo ( VOLVb.ST ), Iveco ( CNHI.MI ) and DAF ( PCAR.O ) admitted to taking part in the cartel in return for a 10 percent cut in their fines, with the combined penalty coming to 2.9 billion euros. Scania did not settle. Scania said on Wednesday it would challenge the Commissions decision in court. We have not entered an agreement on price fixing with other manufacturers, nor have we delayed the introduction of new more efficient engines, the company said. Scanias fine is the second highest for a company involved in a cartel after Daimlers 1 billion euro penalty. MAN escaped a fine as it blew the whistle on the cartel. The logo of Swedish truck maker Scania is pictured at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer The companies made more than nine out of every 10 medium and heavy trucks sold in Europe. Instead of colluding on pricing, the truck manufacturers should have been competing against each other - also on environmental improvements, European Competition Commissioner Margrethe Vestager said. The previous highest penalty for a cartel was 1.41 billion euros handed out to TV and computer monitor tube makers in 2012. The Commission said its investigation did not reveal any links between the truckmakers cartel and allegations of carmakers cheating on emissions control testing. However, Vestager said several carmakers were currently cooperating with the regulator in an unrelated case following complaints about meetings between VW, Porsche, Audi ( NSUG.DE ), BMW ( BMWG.DE ) and Mercedes-Benz owner Daimler to discuss suppliers, prices and standards, which may be illegal. We have received leniency applications, so we have started to look into it as a matter of priority. One of the important things is that its an alleged cartel, so we dont know, she told a news conference. (Removes extraneous word in second paragraph.) Reporting by Foo Yun Chee, additional reporting by Andreas Cremer in Frankfurt; editing by Elaine Hardcastle '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-eu-scania-cartel/eu-regulators-fine-scania-880-million-euros-for-truckmakers-cartel-idUSKCN1C20ZX'|'2017-09-27T12:35:00.000+03:00'|7087.0|''|-1.0|'' 7088|'658ced864793e72f900c91b8fdad2c082b44781c'|'Cornerstone On Demand hires advisers to explore options: source'|'(Reuters) - Enterprise software company Cornerstone OnDemand Inc ( CSOD.O ) is working with financial advisers to explore the possibility of a sale and also defend against the activist investors in its stock, according to a source familiar with the matter.Cornerstone is working with Goldman Sachs ( GS.N ) and Centerview Partners on the sale, according to the person, who did not want to be named because the matter is private.A spokeswoman for Cornerstone declined to comment. Goldman Sachs and Centerview could not immediately be reached for comment.Cornerstone shares rose more than 11 percent to $38.90, giving the Santa Monica, California-based company a market capitalization of $2.27 billion after Bloomberg first reported the news on Thursday.Activist investor Praesidium, which in the past has pushed for the sale of enterprise companies such as Tibco, is the fifth-largest shareholder in Cornerstone with a 5.12 percent stake, according to Thomson Reuters data. RGM Capital, another activist hedge fund, is Cornerstones seventh-largest shareholder with a 4.12 percent stake.RGM Capitals managing partner, Robert Moses, wrote a letter to the company in late July urging its board to explore a strategic review and potential sale. RGM and Praesidium could not immediately be reached for comment.Reporting by Liana B. Baker in San Francisco; additional reporting by Michael Flaherty; Editing by Steve Orlofsky '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-cornerst-m-a/cornerstone-on-demand-hires-advisers-to-explore-options-source-idINKCN1BP2RX'|'2017-09-14T16:46:00.000+03:00'|7088.0|''|-1.0|'' 7089|'4ad099fcf70a560def80bf39596bb8d41b7f2d09'|'Uber to withdraw from Quebec: CBC News'|'September 26, 2017 / 1:13 PM / Updated 2 hours ago Uber says it will pull out of Canada''s Quebec province Alastair Sharp , Anna Mehler Paperny 3 Min Read A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London September 22, 2017. REUTERS/Toby Melville TORONTO (Reuters) - Ride-hailing service Uber Technologies Inc [UBER.UL] said on Tuesday it will stop operating in the Canadian province of Quebec next month, pulling out to avoid following tough new regulations announced last week. Uber is withdrawing from Canadas second-most populous province as it also battles a decision to strip the company of its license to operate in London, the latest in a series of regulatory attacks on Uber as new Chief Executive Dara Khosrowshahi seeks to rebuild the companys image. Ubers Quebec general manager, Jean-Nicolas Guillemette, said the company would cease operations in the province on Oct. 14. Uber employs more than 50 office workers in the province, where more than 10,000 drivers have worked for the company, he said. The company left room to reverse its decision, calling on the government to reconsider regulations announced on Friday that tightened up the rules of a pilot project that had let Uber operate since October last year. Were asking the government to renew the pilot project and lets sit down and find a solution to this, Guillemette said. A spokesman for Quebecs transport minister said the province would not budge on new rules requiring drivers to undergo 35 hours of training and to have their criminal background checks validated by Quebec police instead of third parties. During the pilot, Uber drivers were ticketed for not identifying their vehicles, driving cars that were too old, and accepting rides hailed off the street, while some were also found to have criminal records, said Mathieu Gaudreault, spokesman for Laurent Lessard, Quebecs minister for transportation. We can negotiate with them, but not on the basis of those two things, Gaudreault said. He said Uber had paid the province around C$7 million ($5.68 million) in fees during the pilot which would fund efforts to modernize the provinces taxi industry. Taxi operators have opposed Ubers presence in Quebec, sometimes blocking traffic during protests in Montreal. The move affects Quebec cities including Montreal, the countrys second-largest city, and Quebec City. It does not affect operations in other Canadian cities, including Toronto, Ottawa, Calgary and Edmonton. Uber does not operate in Vancouver or Winnipeg, due to a lack of provincial regulation in the provinces of British Colombia and Manitoba, respectively. Uber rival Lyft, which operates only in the United States at present, has started exploring a move north of the border. Its lobbyists have met several times with municipal officials in Toronto, according to city records. Additional reporting by Arjun Panchadar in Bengaluru; Editing by Jim Finkle and Matthew Lewis '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-uber-quebec/uber-to-withdraw-from-quebec-cbc-news-idUSKCN1C11PR'|'2017-09-26T16:11:00.000+03:00'|7089.0|''|-1.0|'' 7090|'2d4439a7af3d8debc78ba2fbdcc7e13b338c57b8'|'U.S. consumer agency defends student loan reforms from Republican attacks'|'WASHINGTON (Reuters) - The U.S. consumer financial watchdog on Thursday attempted to repel a Trump-administration attack on former President Barack Obamas sweeping student loan reforms and defended itself against Republican attempts to weaken its powers.In a lengthy letter to Education Secretary Betsy DeVos, the Consumer Financial Protection Bureau (CFPB) said it had complied with its remit, despite her departments charges to the contrary.The Education Department announced last week it would no longer work with the bureau on resolving student loan complaints, saying it had complicated the lending process with potentially inaccurate and inconsistent directives.It said the consumer bureau, created after the 2007-09 financial crisis to protect individuals from predatory lending, was not honoring an agreement to promptly refer complaints to the department, but using the departments data to expand its jurisdiction into areas that Congress never envisioned.The Obama-appointed head of the watchdog, Democrat Richard Cordray, said the bureau shares complaint information in near real-time through an on-line portal with the department.It has not exceeded its authority, and only fulfilled its mission under federal law to monitor and respond to individuals complaints about debts as well as enforce federal consumer law, Cordray wrote.Congress created the bureau in part to mediate between consumers and credit card companies, banks, mortgage providers and other lenders.The dispute goes beyond a mere territory fight.Republicans revile the CFPB, saying it reaches too far in its rules and enforcement and should be more accountable to lawmakers. Democrats have said it helps ensure fair treatment for middle-class people unable to fight fraud on their own.Republicans also disapprove of Obamas attempt to make college more affordable by moving almost all of the $1.4 trillion student-loan industry into the federal government. Currently, only servicing is handled outside the Education Department.During last years elections, Trump and fellow Republicans promised to get government out of the business of lending and DeVos is now working to return much of the process to the private sector.She also wants to redo other Obama-era regulations, such as protections for sexual-assault victims on college campuses.DeVos critics consider the departments split from the CFPB as a way to protect for-profit schools, debt collectors and servicers from government intervention.Earlier this year the bureau, which has received nearly 20,000 complaints about student loan servicers since February 2016, sued the countrys largest servicer Navient Corp for systematically failing borrowers. Navient disputes the allegations and is contesting them in court.Reporting by Lisa Lambert, Editing by Rosalba O''Brien '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/usa-education-loans/u-s-consumer-agency-defends-student-loan-reforms-from-republican-attacks-idINKCN1BJ050'|'2017-09-07T23:37:00.000+03:00'|7090.0|''|-1.0|'' -7091|'03a2b145d142208bb06edbc5f73b2431fc8e3270'|'Tyremaker Pirelli to offer 40 percent of share capital in upcoming IPO'|'September 4, 2017 / 6:01 AM / 34 minutes ago Tiremaker Pirelli to offer 40 percent of share capital in upcoming IPO Reuters Staff 1 Min Read FILE PHOTO: Formula One - F1 - Russian Grand Prix - Sochi, Russia - 29/04/17 - Pirelli tyres on display in paddock area. REUTERS/Maxim Shemetov MILAN (Reuters) - Italian tiremaker Pirelli said on Monday it had filed a request to place on the market up to 40 percent of its shares in an initial public offering expected to be completed by October. The worlds fifth-largest tiremaker was delisted from the Milan bourse in 2015 after a mandatory offer launched by Marco Polo, an investment vehicle controlled by China National Chemical and the companys sole shareholder. The group said in a statement it had deposited a request to be listed on the Milan stock exchange on Sept. 1 and that it expected to start trading in October. Following its listing and starting from the approval of its 2018 results, the company expects to pay out 40 percent of its net profit in dividends, the statement added. Reporting by Giulia Segreti; Editing by Christian Schmollinger'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-pirelli-ipo/tiremaker-pirelli-to-offer-40-percent-of-share-capital-in-upcoming-ipo-idUKKCN1BF0JP'|'2017-09-04T08:56:00.000+03:00'|7091.0|''|-1.0|'' +7091|'03a2b145d142208bb06edbc5f73b2431fc8e3270'|'Tyremaker Pirelli to offer 40 percent of share capital in upcoming IPO'|'September 4, 2017 / 6:01 AM / 34 minutes ago Tiremaker Pirelli to offer 40 percent of share capital in upcoming IPO Reuters Staff 1 Min Read FILE PHOTO: Formula One - F1 - Russian Grand Prix - Sochi, Russia - 29/04/17 - Pirelli tyres on display in paddock area. REUTERS/Maxim Shemetov MILAN (Reuters) - Italian tiremaker Pirelli said on Monday it had filed a request to place on the market up to 40 percent of its shares in an initial public offering expected to be completed by October. The worlds fifth-largest tiremaker was delisted from the Milan bourse in 2015 after a mandatory offer launched by Marco Polo, an investment vehicle controlled by China National Chemical and the companys sole shareholder. The group said in a statement it had deposited a request to be listed on the Milan stock exchange on Sept. 1 and that it expected to start trading in October. Following its listing and starting from the approval of its 2018 results, the company expects to pay out 40 percent of its net profit in dividends, the statement added. Reporting by Giulia Segreti; Editing by Christian Schmollinger'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-pirelli-ipo/tiremaker-pirelli-to-offer-40-percent-of-share-capital-in-upcoming-ipo-idUKKCN1BF0JP'|'2017-09-04T08:56:00.000+03:00'|7091.0|17.0|0.0|'' 7092|'68e197dc863b50c9888373aa1524d474186bc5ba'|'Exchange-rate shifts have helped the global economy'|'STICKLERS for value have plenty of reasons to frown at financial markets. Much feels out of whack, from squashed bond yields to pricey stockmarkets. Yet currency markets, at least, seem to have shifted in line with fundamentals this year. Take the euro, for instance. Since the start of 2017 it has risen by almost 15% against the dollar, to $1.19 (see chart). That has taken it much closer to fair value by benchmarks such as purchasing-power parity (PPP), the exchange rate at which a basket of goods is worth the same in different countries. The OECD puts the euros PPP at $1.33. That is quite a stretch from $1.04 in January. The elastic had to snap back, says Kit Juckes of Socit Gnrale, a French bank.Of course, the euros revival is a result of more than its being cheap. The anxiety that elections in Europe might bring to power anti-euro populists, such as Marine Le Pen in France, has dissipated. The euro-zone economy has further strengthened, raising the prospect that monetary policy will soon be less accommodating. Even so, the European Central Bank (ECB) seems in no hurry to fulfil these hopes, in part because of the euros recent surge. The banks rate-setting council met on September 7th, as The Economist was going to press, and was expected to keep interest rates unchanged and to put off a decision on how to taper its bond purchases.Latest updates The Republican Party in California continues its long, slow slide Democracy in America 8 hours ago Why Stephen Kings novels still resonate Prospero 13 hours ago Are Americans sacrificing food and clothing to pay their taxes? Graphic detail 13 hours ago Retail sales, producer prices, wages and exchange rates 18 hours ago Foreign reserves 19 hours ago Why affordable housing in Africa is rarely affordable The Economist explains a day ago See all updates The flipside of euro strength is a weaker dollar. It surged in the weeks after the elections in November on a belief that big tax cuts were likely and that a fiscal stimulus of this kind would oblige the Federal Reserve to raise interest rates more quickly than otherwise, pulling capital to America and lifting the dollar. Hopes of tax reform have been dashed. Indeed Americas economy has underperformed. The IMF, for instance, revised down its forecasts for GDP growth in July. A series of surprisingly weak inflation figures has made the Fed more cautious about raising interest rates.All this has hurt the dollar. Since the start of March it has fallen by 6.5% against a broad basket of currencies weighted by their importance to Americas trade. This is good news for the world economy. A weakening dollar has also given a recovery in emerging-market economies room to breathe. A weak dollar allows for cheaper borrowing in dollars in global markets. Central banks have been able to cut interest rates without worrying that this will weaken their own currencies and stoke inflation. The global appetite for risk-taking has also helped. When investors are cautious, they cling to safe haven currencies, such as the dollar, yen or Swiss franc. But when the volatility index (the Vix, or fear index) falls, the riskier (risk-on) emerging-market currencies tend to do well, according to Kevin Daly of Goldman Sachs, a bank (see chart).Can the euros winning streak against the dollar continue? Fundamentals, such as valuations and current-account balances (the euro-zones big surplus; Americas big deficit), suggest it should. But such factors are often a weak pull on currencies. Other influences will soon tug in the opposite direction, notes George Papamarkakis, of North Asset Management, a hedge fund. The ECBs anxiety about euro strength is one. Another is the Feds plan to reverse its programme of quantitative easing, or QE, by letting its holdings of bonds tail off. Because one effect of QE was to weaken the dollar, its reversal ought logically to strengthen it. And the euro has already travelled quite far on improved sentiment. Last year it slid because of a fear of Ms Le Pen, says Mr Papamarkakis. Now there is no fear of anything. Finance and economics "Fear and favour"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21728629-euros-strength-and-dollars-weakness-have-had-benign-effects-exchange-rate?fsrc=rss'|'2017-09-07T22:43:00.000+03:00'|7092.0|''|-1.0|'' 7093|'c9953865943caecc399a804d6f449d5ef7f3b12d'|'BRIEF-Aveva set to unveil 3 billion stg Schneider merger- source'|'Sept 4 (Reuters) -* Aveva set to unveil 3 billion stg Schneider merger; deal structured as reverse takeover that will see Schneider take majority stake in combined co -source* Aveva shareholders will receive more than 800 pence share in cash. Combined entity will have an enterprise value of more than 3 billion pounds- source '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/brief-aveva-set-to-unveil-3-billion-stg/brief-aveva-set-to-unveil-3-billion-stg-schneider-merger-source-idINFWN1LL0D2'|'2017-09-04T16:14:00.000+03:00'|7093.0|6.0|2.0|'' 7094|'50be4378642bf58e26db317a4d9476da7ba0c737'|'JD Sports reports record first-half profit helped by expansion'|' 6:49 AM / Updated 18 minutes ago JD Sports reports record first half profit helped by expansion Reuters Staff 2 Min Read People pass a JD Sports store in London, Britain April 11, 2017. REUTERS/Neil Hall (Reuters) - Britains JD Sports Fashion Plc reported a record half-year pretax profit on Tuesday on demand for athletic leisure clothing and the opening of 35 new stores, sending its shares sharply higher. Strong trading in the half-year helped the seller of trainers and tracksuits predict full-year profit towards the upper end of market expectations of 268-290 million pounds. JD Sports, which also runs fashion and outdoor retail outlets such as Scotts and Blacks, said profit before tax for the 26 weeks to July 29 rose 33 percent to 102.7 million pounds from 77.4 million a year earlier. Revenue from its sports fashion business, made up of brands such as JD , Size? and Sprinter, rose more than 30 percent to 1.17 billion pounds. It opened 12 JD stores in UK and Ireland and 23 across mainland Europe in the first half. JD shares jumped 10 percent to 376 pence in early trade. JD, which sells from more than 1300 stores, has overtaken Sports Direct as the countrys leading sportswear retailer by market value. It opened 12 JD stores in UK and Ireland and 23 across mainland Europe in the first half. Reporting by Rahul B in Bengaluru; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-jd-sports-results/jd-sports-reports-record-first-half-profit-helped-by-expansion-idUKKCN1BN0KG'|'2017-09-12T09:49:00.000+03:00'|7094.0|''|-1.0|'' @@ -7099,20 +7099,20 @@ 7097|'feb3a543206f37acbd3527b142cebf35c5653193'|'Union Pacific says Arkema chemical plant fire hindering line repairs'|'HOUSTON, Sept 2 (Reuters) - Union Pacific Corp said on Saturday repairs to a rail line damaged by Tropical Stormy Harvey are being hindered by a fire at an Arkema chemical plant in Crosby, Texas.The railroad said the repairs to its line between Houston and Beaumont, Texas, are one of its top priorities. However, the line runs next to the smoldering chemical plant, limiting access for its repair crews. (Reporting by Ernest Scheyder) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/storm-harvey-union-pacific/union-pacific-corp-says-addressing-a-substantial-washout-at-chocolate-bayou-texas-and-hopes-to-restore-service-there-next-week-idINL2N1LJ0LO'|'2017-09-02T19:27:00.000+03:00'|7097.0|''|-1.0|'' 7098|'1a8953312369e015d4095426543c194af7f81f68'|'Spain''s Santander to raise up to 981 mln euros in subordinated debt'|'September 12, 2017 / 1:44 PM / Updated an hour ago Spain''s Santander to raise up to 981 mln euros in subordinated debt Reuters Staff 2 Min Read MADRID, Sept 12 (Reuters) - Spains Banco Santander registered on Tuesday a prospectus to raise up to 981 million euros ($1.2 billion) in subordinated debt as part of a commercial offer to compensate some retail clients who acquired shares and subordinated debt of Banco Popular and were wiped out when the bank was wound down. Popular was taken over by Santander on June 7 for the symbolic price of one euro after European authorities stepped in to prevent its collapse. When the bank first unveiled details of its compensation offer, it said it was planning to issue up to 980 million euros in subordinated debt. Santander said then that the plan excluded institutional investors and was directed at retail clients who acquired shares from May 26 to June 21 of 2016, during the period of Banco Populars last capital increase of around 2.5 billion euros. It would also include retail clients who acquired subordinated obligations computable as Tier 2 of the July 29, 2011 and Oct. 14, 2011 issues of Popular. In order to benefit from the offer, customers would be required to waive the right to pursue legal action against Santander, the lender said. Santander said on Tuesday in its prospectus clients have until December 15 to accept the commercial offer. ($1 = 0.8376 euros) (Reporting By Jess Aguado and Carlos Ruano; editing by Sonya Dowsett)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/santander-compensation/spains-santander-to-raise-up-to-981-mln-euros-in-subordinated-debt-idUSE8N1HG01K'|'2017-09-12T21:44:00.000+03:00'|7098.0|''|-1.0|'' 7099|'09d10143935f4a722d1cb54dc466e1c7b819dbe1'|'UK inflation jump puts Bank of England back in spotlight on rates'|'LONDON (Reuters) - British inflation hit its joint highest level in more than five years in August, complicating the Bank of Englands job this week of explaining why it is not raising interest rates.The fall in the value of the pound since last years vote to leave the European Union helped drive the biggest rise in clothing prices since the consumer price index was launched in 1997 and rising global oil costs also had an impact.Consumer prices overall increased by 2.9 percent compared with a year earlier, the Office for National Statistics said, up from 2.6 percent in July and above the median forecast in a Reuters poll of economists for a rise of 2.8 percent.That took the CPI back to its level in May. The last time it was higher than 2.9 percent was in April 2012.Sterling hit a one-year high against the dollar after the data and it rose strongly against the euro too as investors priced in a greater chance of the BoE raising rates for the first time in a decade. British government bond prices fell.Sam Hill, an economist with RBC Capital Markets, said the BoE had been expecting inflation of 2.7 percent in August and while no change in rates was likely this week, the inflation reading was a challenge for the central bank.Most members of its Monetary Policy Committee are worried that uncertainty about Brexit will hurt the economy, which slowed sharply in the first half of 2017, and they have so far held off on voting for raising rates.Furthermore, households have lost spending power as their wages are left behind by inflation. Figures due on Wednesday are expected to show pay grew by an annual 2.3 percent in the three months to July, picking up a touch but lagging inflation.A worker sorts clothing under the automated hanging system at John Lewis'' new distribution facility in Milton Keynes, Britain, September 6, 2016. REUTERS/Darren Staples/Files I think it will be a real headache for the MPC, Hill said. Inflationary pressure is there but there is also evidence that consumers are having a tough time.PIPELINE PRESSURE The BoE targets 2 percent inflation. It expects inflation to hit about 3 percent in October, but much of it was due to the fall in the value of the pound since the Brexit vote which the BoE expects to gradually fade out of the inflation figures.Slideshow (2 Images) However, a further recent fall in the pound against the euro is likely to keep pressure on British inflation for longer than the BoE forecast in August.The BoE is expected to keep the possibility of a rate hike on the radar for investors in its statement this week. Some economists said three of the MPCs nine members might vote for a rate hike, up from two last month, with chief economist Andy Haldane joining the dissenters.But Paul Hollingsworth, an economist with Capital Economics, said he expected inflation to peak at 3.1 percent in October and the subsequent easing of price pressures would probably leave a clear majority of rate-setters voting for no change.With mixed signals on the current strength of the economy and the majority of the Committee appearing to be comfortable with a temporary, exchange-rate driven pick-up in headline inflation, we dont think that the MPC will be panicked into raising interest rates imminently, he said.Most economists polled by Reuters in late August said they did not expect a rate hike until 2019.Tuesdays data hinted at some future price pressure as the costs of raw materials and of goods leaving factories increased slightly. Factory gate prices rose by an annual 3.4 percent, the first increase in the rate since February.Additional reporting by David Milliken; Writing by William Schomberg; Editing by Janet Lawrence '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/britain-economy/uk-inflation-jump-puts-bank-of-england-back-in-spotlight-on-rates-idINKCN1BN1D5'|'2017-09-12T14:39:00.000+03:00'|7099.0|''|-1.0|'' -7100|'853fa059ce0d530585a21ab9fee9da2e768b6db3'|'China will boost imports to make trade structure more balanced - commerce ministry'|' 2:57 AM / in 16 minutes China will boost imports to make trade structure more balanced: commerce ministry Reuters Staff 1 Min Read FILE PHOTO: A container is carried away from a cargo ship at Tianjin Port, in northern China February 23, 2017. REUTERS/Jason Lee/File Photo BEIJING (Reuters) - China will boost imports to make its trade structure more balanced, a spokesman for the Ministry of Commerce said Thursday in Beijing. China runs a massive trade surplus and has been accused by other countries of restricting access to its markets in order to protect domestic industry. Reporting by Yawen Chen and Elias Glenn; Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-china-economy/china-will-boost-imports-to-make-trade-structure-more-balanced-commerce-ministry-idUKKCN1C3083'|'2017-09-28T05:52:00.000+03:00'|7100.0|''|-1.0|'' +7100|'853fa059ce0d530585a21ab9fee9da2e768b6db3'|'China will boost imports to make trade structure more balanced - commerce ministry'|' 2:57 AM / in 16 minutes China will boost imports to make trade structure more balanced: commerce ministry Reuters Staff 1 Min Read FILE PHOTO: A container is carried away from a cargo ship at Tianjin Port, in northern China February 23, 2017. REUTERS/Jason Lee/File Photo BEIJING (Reuters) - China will boost imports to make its trade structure more balanced, a spokesman for the Ministry of Commerce said Thursday in Beijing. China runs a massive trade surplus and has been accused by other countries of restricting access to its markets in order to protect domestic industry. Reporting by Yawen Chen and Elias Glenn; Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-china-economy/china-will-boost-imports-to-make-trade-structure-more-balanced-commerce-ministry-idUKKCN1C3083'|'2017-09-28T05:52:00.000+03:00'|7100.0|20.0|0.0|'' 7101|'11ae317887428c120836e8e43f61b2c186f1fccb'|'Euro zone growth gaining momentum but inflation subdued - ECB Bulletin'|' 10 AM / Updated 19 minutes ago Euro zone growth gaining momentum but inflation subdued - ECB Bulletin Reuters Staff 2 Min Read The headquarters of the European Central Bank (ECB) are pictured during protest training organised by "NoG20 Rhein-Main" in Frankfurt, Germany June 10, 2017. REUTERS/Ralph Orlowski FRANKFURT (Reuters) - Euro zone economic growth is gaining momentum and the rapid fall in the unemployment rate is encouraging but inflation has yet to show convincing signs of a sustained upward trend, requiring continued stimulus, the European Central Bank said on Thursday. The firming of the euro also presents a source of risk for inflation because it implies a moderation of price pressures, requiring monitoring, the ECB said in a regular economic bulletin that was largely consistent with its statement after this months interest rate decision. The ECB earlier this month left its ultra-easy monetary policy unchanged but said it would discuss recalibration next month, a signal taken by markets as confirmation that the bank would curb its stimulus from next year, given strong growth and a waning threat of deflation. The swift decline in euro area unemployment is particularly encouraging against a background of increasing labour supply, the ECB added. Nevertheless, broader measures of unemployment suggest that slack is still elevated in many euro area labour markets. Reporting by Balazs Koranyi; Editing by Gareth Jones'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ecb-policy-bulletin/euro-zone-growth-gaining-momentum-but-inflation-subdued-ecb-bulletin-idUKKCN1BW0YX'|'2017-09-21T11:10:00.000+03:00'|7101.0|''|-1.0|'' 7102|'305cf81f52fdc3a2fc31cbbe50375e5efe85c1ef'|'BoE official says new global forex code may need tweaking'|' 36 AM / Updated 16 minutes ago BoE official says new global forex code may need tweaking Reuters Staff 2 Min Read Executive Director of markets for the Bank of England Chris Salmon speaks during an interview with Reuters at the Bank of England in London March 26, 2015. REUTERS/Suzanne Plunkett LONDON (Reuters) - A new global code to stamp out attempts at rigging the worlds currency markets may need tweaking just months after it was published, a senior Bank of England official said on Tuesday. Central bankers and the forex industry published a voluntary code of conduct in May in response to banks being fined billions of dollars for rigging currency benchmarks. Chris Salmon, executive director for markets at the BoE, said an aspect of the codes last look section may need changing. This refers to the ability for traders to reject a trade at the last minute. Salmon said a specific issue of trading activity during last look was particularly challenging. What is clear to me is that there is, at the very least, the potential for misuse of this specific feature, Salmon told an industry conference in Barcelona, Spain. To keep the global code up to date as markets change, a global foreign Exchange committee or GFXC was created. Chaired by Salmon, the GFXC launched a public consulation on last look in May. If we can identify specific, legitimate, uses of this type of trading activity, as well as the already well-known illegitimate uses, we can then cater for both within the Code, Salmon said. But if the evidence suggests that trading in the last look window is simply inconsistent with good conduct, this section of the Code will need to be updated accordingly. Changing the code would force changes in the business models at some trading firms. Salmon said the next potential code change is likely to focus on post-trade transparency. Reporting by Huw Jones; Editing by Angus MacSwan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-boe-forex-regulations/boe-official-says-new-global-forex-code-may-need-tweaking-idUKKCN1BN0ZI'|'2017-09-12T12:33:00.000+03:00'|7102.0|''|-1.0|'' 7103|'a708eb33692bb43d34ecc59585e6e9a52bb457a1'|'Pernod Ricard confident on acceleration in profit growth for 2017-2018'|'A barman of French drinks maker Pernod Ricard group prepares drinks for clients at the " Club Pernod" in Marseille, France, April 27, 2016. REUTERS/Jean-Paul Pelissier/Files PARIS (Reuters) - French spirits maker Pernod Ricard said on Thursday it was confident that profits for the current financial year would show an acceleration from the 2016/17 underlying profit growth of 3.3 percent it reported on Thursday.Cost cuts, robust sales in its top market of the United States, and stronger demand in China offset weakness in India as Pernod posted the rise in earnings.Pernod - the worlds second-biggest spirits group behind Britains Diageo - also handed investors a 7 percent dividend hike, and the owner of Mumm champagne and Martell cognac was confident it would improve its performance.Pernod Ricard forecast underlying profit growth from recurring operations of between 3 percent and 5 percent for the full year up to June 30, 2018.This would be an acceleration from the 3.3 percent rise in profit from recurring operations in the 2016/2017 full financial year, when profits came in at 2.394 billion euros ($2.84 billion) - slightly below the average of 2.42 billion euros in an Inquiry Financial poll for ThomsonReuters.The 2016/17 performance was near the high end of Pernods guidance for underlying operating profit growth of 2-4 percent.($1 = 0.8420 euros)Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta '|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/pernod-results/pernod-ricard-confident-on-acceleration-in-profit-growth-for-2017-2018-idINKCN1BB0GG'|'2017-08-31T03:57:00.000+03:00'|7103.0|''|-1.0|'' 7104|'ead0dd6ea800372d72551e281a200a99609a102e'|'Clariant may join Swiss blue-chip index if disputed merger succeeds'|'September 15, 2017 / 1:12 PM / Updated 8 hours ago Clariant may join Swiss blue-chip index if disputed merger succeeds John Miller 4 Min Read The logo of Swiss specialty chemicals company Clariant is seen at the company''s headquarters in Pratteln, Switzerland August 9, 2017. REUTERS/Arnd Wiegmann ZURICH (Reuters) - Specialty chemicals maker Clariants ( CLN.S ) proposed merger with U.S.-based Huntsman ( HUN.N ) may catapult the combined company into Switzerlands blue-chip Swiss Market Index, lifting its appeal for funds focusing on the largest Swiss companies. The $20 billion tie-up plan must first survive a challenge from activist U.S.-based funds Corvex and 40 North, whose vehicle White Tale has taken a roughly 10 percent stake in Clariant in its bid to convince shareholders to reject the deal. A vote is expected by January, with two-thirds Clariant shareholder support needed for the deal to go through. If the transaction succeeds, HuntsmanClariant - with a market capitalization of about $15 billion - could not only challenge others including hearing aid maker Sonova ( SOON.S ) and money manager Partners Group ( PGHN.S ) that are on the cusp of SMI membership, but potentially eject an existing member. Lonza ( LONN.S ) and Sika ( SIK.S ) joined SMI this year. Insurer Swiss Life ( SLHN.S ), worth just over $11 billion, now has the lowest weighting and market capitalization on the index. Joining Switzerlands leading index would make Clariant much more relevant for Swiss funds, said Kepler Cheuvreux analyst Christian Faitz, adding HuntsmanClariant would also see its profile raised among investors who follow international indicators like the Stoxx Europe 600 Chemicals Index. The SMI includes 20 of the largest, most-liquid publicly traded Swiss companies. Its members include food giant Nestle ( NESN.S ), cement maker LafargeHolcim ( LHN.S ) and drug maker Novartis NOVN. and the 20 firms make up nine-tenths of the Swiss stock markets free-float capitalization. The SMIs combined market value exceeds $1 trillion. Several factors determine SMI eligibility, according to the SIX Swiss Exchange, in a calculation that takes into account free float, market capitalization and trading volume. For example, the regulator deducts the value of investor stakes of more than 5 percent from its market capitalization calculation. Based on current ownership tracked by Reuters, two shareholders after the Clariant-Huntsman merger, White Tale and a group of Bavarian families, would likely exceed 5 percent. Given the companys dimensions following the merger, inclusion in the SMI is clearly something that is a possibility, Zuercher Kantonalbank analyst Philipp Gamper said. The SMIs composition is reviewed annually in September, but extraordinary changes are possible. In May, drug ingredients maker Lonza replaced Actelion after the Swiss biotech was bought by Johnson & Johnson for $30 billion, while adhesives maker Sika supplanted chemicals-and-seeds giant Syngenta after its $43 billion acquisition by ChemChina. Investors fighting the merger, Corvexs Keith Meister and 40 Norths David Winter and David Millstone, say Clariants specialty chemicals businesses are a poor fit with what they call Huntsmans commodity operation. They have not publicly offered a specific alternative. Without such a proposal, analysts say prospects of the transaction succeeding are favorable. Right now, the only thing that could really change this merger story is for White Tale to find a group of investors, somebody to buy Clariant completely, Baader Helvea analyst Markus Mayer said. Reporting by John Miller; Editing by Edmund Blair '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-clariant-huntsman-smi/clariant-may-join-swiss-blue-chip-index-if-disputed-merger-succeeds-idINKCN1BQ1QE'|'2017-09-15T11:12:00.000+03:00'|7104.0|''|-1.0|'' 7105|'15ea968351f17475f91c57e7a6123dc5024a3783'|'Lachlan Murdoch makes fresh bid for Australia''s Ten Network'|'September 15, 2017 / 3:06 AM / Updated 5 hours ago Law reform sparks bidding war for Australia''s Ten Network Tom Westbrook 3 Min Read FILE PHOTO: Lachlan Murdoch, son of Rupert Murdoch, 21st Century Fox CEO, arrives at the annual Allen and Co. conference at the Sun Valley, Idaho Resort July 11, 2013. REUTERS/Rick Wilking/File Photo SYDNEY (Reuters) - Media scion Lachlan Murdoch made a revised offer for Ten Network Holdings Ltd ( TEN.AX ) on Friday, a day after Australias senate voted to lift a ban on the ownership of multiple types of media assets, allowing him to challenge U.S. suitor CBS Corp ( CBS.N ). The offer, whose value was not disclosed, escalates the battle for the bankrupt broadcaster into a full-scale bidding war, with Ten having already agreed to a surprise buyout by CBS. Ten went into administration three months ago after a long-term decline in viewer numbers and advertising revenue. But its national reach and strong brand recognition in the worlds 12th-largest economy makes it an attractive buyout target. Murdoch and business partner Bruce Gordon bid for Ten as deregulation of media ownership was moving through parliament. But with the ban still in place, CBS - Tens biggest creditor - stepped in, prompting a legal challenge from Gordon. Murdoch, co-chair of News Corp ( NWSA.O ) - publisher of about two-thirds of Australian newspapers - and Gordon, owner of a regional TV station, are now able to counter CBS, as the pre-internet age regulation intended to prevent consolidation is certain to be overturned in a parliamentary vote next month. Those rules are about to disappear and theyre looking to cash in, Margaret Simons, an associate professor of media at Monash University in Melbourne, said of the new bid by phone. Every time the media ownership regulations have changed over the last 20 years there have been almost instant moves by the big players, and all the big players have been pushing and watching and waiting for this for a long time, she said. CREDITOR PAYOUT Ten is CBS biggest Australian customer. Its administrator, KordaMentha, has entered binding transaction documents with CBS, which showed the U.S. firm has agreed to pay at least A$201.1 million ($160.84 million) in cash. CBS has signed and the deal is now pending creditor approval, a KordaMentha spokesman said. KordaMentha published a report to creditors on Monday which showed CBS offered a pool of A$32 million in payouts to unsecured creditors, structured such that KordaMentha said the deal was superior ... for creditors generally. The revised bid from Murdochs private company Illyria and Gordons Birketu raises its proposed cash payable to unsecured creditors to A$55 million from A$35 million, showed documents reviewed by Reuters on Friday. Some large creditors would still receive less than under CBS bid, the bid documents showed. The spokesman for KordaMentha had no comment on the revised bid. CBS declined to comment. Reporting by Tom Westbrook; Editing by Christopher Cushing'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-ten-network-m-a-cbs-corp/lachlan-murdoch-makes-fresh-bid-for-australias-ten-network-idINKCN1BQ097'|'2017-09-15T01:06:00.000+03:00'|7105.0|''|-1.0|'' 7106|'94b2e34227b3c6752390cc611069f98a87a272af'|'Edinburgh Airport sale potential hit by Brexit jitters - sources'|' 15 PM / 30 minutes ago Edinburgh Airport sale potential hit by Brexit jitters - sources Dasha Afanasieva , Ben Martin 2 Min Read FILE PHOTO - People stand outside the international arrivals entrance at Edinburgh airport in Scotland April 23, 2012. REUTERS/David Moir LONDON (Reuters) - Global Infrastructure Partners (GIP) explored a possible sale of Edinburgh Airport this year but decided that Brexit uncertainties would hit the price tag, sources close to the matter told Reuters. The infrastructure funds sale of London City airport last year at a chunky valuation of more than 30 times core earnings had stoked speculation about more deals and the sources said that GIP asked banks to review its options. The sources said the Edinburgh Airport valuation concerns arose because of uncertainty over Britains ability to strike a deal on access to Europes aviation market after the country leaves the bloc. A spokesman for GIP declined to comment. Edinburgh handled 12.4 million passengers last year and ranks as Britains sixth-busiest airport ahead of Glasgow. One of the sources said that investment banks had proactively contacted GIP hoping to land a sellside mandate, but GIP was in no rush to sell and no deal was imminent. But another source said he expects GIP to consult banks again in the next 12 months. GIP bought Edinburgh Airport for 807 million pounds more than five years ago from the now defunct BAA, which also used to own Heathrow, Gatwick and Stansted airports. Last year GIP sold London City Airport to a consortium including Canadas Borealis Infrastructure and Ontario Teachers Pension Plan for more than 2 billion pounds, having bought it for only 742 million pounds in 2006. Additional reporting by Arno Schuetze; Editing by David Goodman'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-gip-edinburgh-m-a/edinburgh-airport-sale-potential-hit-by-brexit-jitters-sources-idUKKCN1BG1OG'|'2017-09-05T15:15:00.000+03:00'|7106.0|''|-1.0|'' -7107|'576b68e952200f19343447d556868e66e03c1a65'|'Wal-Mart starts holiday layaway program amid slow toy sales'|'People line up at a Walmart store that reopened Friday after Tropical Storm Harvey in Port Arthur, Texas, U.S., September 1, 2017. REUTERS/Carlo Allegri CHICAGO (Reuters) - Wal-Mart Stores Inc has begun its holiday layaway program as it hopes to cash-in early on demand for gifts like toys, which saw slower sales growth industry-wide last December and has struggled to pick up so far this year.The worlds largest retailer started the layaway program on Sept. 1, a day before it did last year where customers can pay as little as $10 to hold items worth a minimum of $50.Layaway programs, which have made a comeback since the 2008 financial crisis as customers avoided using credit cards to make purchases, allow shoppers to put aside holiday merchandise like electronics and toys and make payments in installments until the full price has been paid.These plans tend to have a sizeable impact on sales and analyst estimates suggest the program accounts for as much as 15 percent of holiday revenues at Wal-Mart stores in poorer areas of the United States.Wal-Mart expects demand for toys to remain strong this year, despite worries about possible viewer fatigue after two strong years for the Star Wars franchise.We think episode eight is going to be a strong movie, strong theatrical, the weekend was what we expected ... and what was going on in our stores and anticipate that will carry through, Anne Marie Kehoe, Wal-Marts vice president of toys, said on a conference call. The retailer released Star Wars products at its stores on Sept. 1.She said Wal-Mart has stocked a bigger assortment of Star Wars items at a variety of price points this year.According to data from The NPD Group, the U.S. toy industry grew 5.5 percent between January-November 2016 but in December sales grew 3 percent, bringing annual 2016 growth to about 5 percent at $20.4 billion. In 2015, sales grew 6.7 percent.Sales are also off to a slower start in 2017, the NPD group said in a note in July.Toy sales have been under pressure as they compete with videogames and YouTube videos. Toymakers like Lego A/S and Mattel Inc, who are seeing sales decline, have been attempting to modernize toys for the digital age.For the holiday season, Wal-Mart said it will have 300 toys exclusively available at its stores and on its website from 400 toys last year. It includes Frozen Sleigh and Monster Jam Grave Digger along with collectible items like Fingerlings, L.O.L. Surprise Fizz Factory and littleBits Star Wars Droid Inventor Kit, Kehoe said.Reporting by Nandita Bose in Chicago '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-walmart-holidayshopping/wal-mart-starts-holiday-layaway-program-amid-slow-toy-sales-idUSKCN1BH0FH'|'2017-09-06T07:08:00.000+03:00'|7107.0|''|-1.0|'' +7107|'576b68e952200f19343447d556868e66e03c1a65'|'Wal-Mart starts holiday layaway program amid slow toy sales'|'People line up at a Walmart store that reopened Friday after Tropical Storm Harvey in Port Arthur, Texas, U.S., September 1, 2017. REUTERS/Carlo Allegri CHICAGO (Reuters) - Wal-Mart Stores Inc has begun its holiday layaway program as it hopes to cash-in early on demand for gifts like toys, which saw slower sales growth industry-wide last December and has struggled to pick up so far this year.The worlds largest retailer started the layaway program on Sept. 1, a day before it did last year where customers can pay as little as $10 to hold items worth a minimum of $50.Layaway programs, which have made a comeback since the 2008 financial crisis as customers avoided using credit cards to make purchases, allow shoppers to put aside holiday merchandise like electronics and toys and make payments in installments until the full price has been paid.These plans tend to have a sizeable impact on sales and analyst estimates suggest the program accounts for as much as 15 percent of holiday revenues at Wal-Mart stores in poorer areas of the United States.Wal-Mart expects demand for toys to remain strong this year, despite worries about possible viewer fatigue after two strong years for the Star Wars franchise.We think episode eight is going to be a strong movie, strong theatrical, the weekend was what we expected ... and what was going on in our stores and anticipate that will carry through, Anne Marie Kehoe, Wal-Marts vice president of toys, said on a conference call. The retailer released Star Wars products at its stores on Sept. 1.She said Wal-Mart has stocked a bigger assortment of Star Wars items at a variety of price points this year.According to data from The NPD Group, the U.S. toy industry grew 5.5 percent between January-November 2016 but in December sales grew 3 percent, bringing annual 2016 growth to about 5 percent at $20.4 billion. In 2015, sales grew 6.7 percent.Sales are also off to a slower start in 2017, the NPD group said in a note in July.Toy sales have been under pressure as they compete with videogames and YouTube videos. Toymakers like Lego A/S and Mattel Inc, who are seeing sales decline, have been attempting to modernize toys for the digital age.For the holiday season, Wal-Mart said it will have 300 toys exclusively available at its stores and on its website from 400 toys last year. It includes Frozen Sleigh and Monster Jam Grave Digger along with collectible items like Fingerlings, L.O.L. Surprise Fizz Factory and littleBits Star Wars Droid Inventor Kit, Kehoe said.Reporting by Nandita Bose in Chicago '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-walmart-holidayshopping/wal-mart-starts-holiday-layaway-program-amid-slow-toy-sales-idUSKCN1BH0FH'|'2017-09-06T07:08:00.000+03:00'|7107.0|26.0|0.0|'' 7108|'bedbb2f27157ec0166ad7744b401c5f83a85439e'|'City''s top official calls for quick Brexit deal to avoid exodus of jobs - Business - The Guardian'|'City''s top official calls for quick Brexit deal to avoid exodus of jobs Catherine McGuinness says posturing over divorce bill is delaying negotiations over transition deal needed by financial sector The City of London. Photograph: John Sibley/Reuters City''s top official calls for quick Brexit deal to avoid exodus of jobs Catherine McGuinness says posturing over divorce bill is delaying negotiations over transition deal needed by financial sector View more sharing options Thursday 21 September 2017 12.37 BST Last modified on Thursday 21 September 2017 15.50 BST The City of Londons most senior official has told the government it must move fast with its Brexit negotiations or risk an exodus of jobs and damage to the UKs financial sector. Before Theresa Mays much-anticipated Brexit speech in Florence on Friday , Catherine McGuinness said posturing over the so-called divorce bill was delaying negotiations over the much-needed transition deal that would prevent the financial sector facing a cliff-edge in March 2019, when the UK will leave the EU. A quick deal, she said, might be better than a perfect deal. McGuinness, who chairs the policy and resources committee at the City of London Corporation the local authority for the heart of the capitals financial district warned that this was a critical moment if major insurers, banks and fund managers were to avoid implementing their Brexit contingency plans. Cabinet meets to discuss Theresa May''s Florence speech on Brexit - Politics live Read more She said: We have to have progress Were talking about jobs and the economy and ordinary people. The corporation is keeping a tally of official announcements from City firms about their contingency arrangements. It currently puts 9,770 roles at risk, with Frankfurt receiving more business than any other EU financial centre. Before the speech, it has been reported that the UK will offer 20bn to fill the hole in the budget of the remaining 27 members. They need to get on and agree, and in considering what they need to pay, to consider the fact that if you haggle out every last penny you might get the most perfect deal in the world but find you lose more because business has gone unnecessarily and your tax-take has gone down, she said. The prime ministers speech has been billed as an attempt to update on Brexit negotiations so far and to underline the governments wish for a deep and special partnership with the European Union once the UK leaves the EU. City firms have been instructed by the Bank of England to plan for all eventualities, including a hard Brexit where the UK leaves the EU without any transition arrangement. The Bank had demanded details of their plans by 14 July and firms have begun to reveal how they intend to cope. For instance, Amsterdam has been picked for expansion by Royal Bank of Scotland, Dublin by Bank of America and Barclays, and Frankfurt by Morgan Stanley . This is a critical moment where transition needs to be agreed and if we dont agree transition people will have to start making arrangements, implementing the arrangements they have been making, McGuinness said. Without a transition deal, McGuinness said there would an unravelling of the City which others have described as eco-system of financiers, lawyers and fund managers. But, she said, EU financial centres would not be overall beneficiaries, with New York and Singapore more likely to benefit from Londons loss of business. McGuinness said the transitional deal must maintain the current trading relationship with the EU a sentiment reflected by the chancellor, Philip Hammond, when he told a House of Lords committee this month that the transitional deal that the government was seeking would look a lot like the status quo . She said the City was seeking a bespoke deal once it left the EU, rather than copying other countries trading arrangements with the bloc. McGuinness also called for clarity as soon as possible about the status of EU nationals living in the UK. Recent research by the City of London shows that capitals finance and insurance sectors rely on foreign workers: while 78% of jobs are held by British workers, 13% are from the EU and 9% from elsewhere. The simple issue [is] people ought to feel welcome in their jobs and we need clarity as soon as we can, she said, warning that financial firms had told her EU nationals were hesitating in applying for jobs, while those here might be feeling unwanted and unwelcomed. There was a need to spell out the status of people living here, she said, because its just not fair. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/sep/21/city-official-quick-brexit-deal-avoid-exodus-jobs-catherine-mcguinness'|'2017-09-21T19:37:00.000+03:00'|7108.0|''|-1.0|'' 7109|'648b2f059439a31179b6bc131235beecc3499061'|'Former Tesco executives pressured staff ''to cook books'', court told'|'FILE PHOTO: The head office of Tesco is seen in Cheshunt, in southern England January 8, 2015. REUTERS/Toby Melville/File Photo LONDON (Reuters) - Three former executives of Britains biggest retailer Tesco abused their positions of trust to encourage the manipulation of profit figures, lied to auditors and misled the stock market, prosecutors told a London court on Friday. The senior executives were cooking the books to support Tescos share price and secure huge compensation packages, and bullied and coerced subordinates into compliance, lead prosecutor Sasha Wass told Londons Southwark Crown Court. Christopher Bush, 51, who was managing director of Tesco UK; Carl Rogberg, 50, who was UK finance director; and John Scouler, 49, who was UK food commercial director, all deny charges of fraud and false accounting.The charges follow Tescos announcement in 2014 that its profit forecast had been overstated - a statement that saw its shares tumble and plunged the company into the worst crisis in its near 100-year history. The company suspended eight senior members of staff, including Bush, Rogberg and Scouler.Wass told the jury the case centred on two statements made by Tesco to the stock market in 2014.In the first, the firm published a trading update on Aug. 29 in which it downgraded its financial guidance.In the second, on Sept. 22, Tesco said it had found a 250 million pound ($335 million) over-statement of its expected profit, mainly due to booking commercial deals with suppliers too early.Wass said the three defendants encouraged the manipulation of profit figures and pressured others working under their control to conduct themselves in such a way that the stock market was ultimately misled.The three defendants on trial are not the foot soldiers, she told the jury. The defendants in this case are the generals in a position of trust and had huge compensation packages to safeguard the financial health of Tesco.Tescos auditors PwC were misled and lied to, Wass added.She told the jury a key witness at the trial would be Amit Soni, who worked in Tescos finance department and reported to Rogberg. Soni exposed the size of the hole in Tescos accounts, prompting an emergency review by new group Chief Executive Dave Lewis and the second statement to the stock exchange, Wass said.The estimated profit over-statement, identified three weeks after Lewis took over as CEO from Phil Clarke, was later raised to 263 million pounds. Clarke had been fired due to the companys poor performance.No charges have been brought against Clarke.The trial is expected to last until Christmas.($1 = 0.7469 pounds)Reporting by James Davey; Writing by Paul Sandle; Editing by Keith Weir and Mark Potter '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/britain-tesco-fraud/former-tesco-executives-pressured-staff-to-cook-books-court-told-idINKCN1C42PE'|'2017-09-29T21:12:00.000+03:00'|7109.0|''|-1.0|'' 7110|'44f81754793e964df75bb4f804e0b26cb0022b4f'|'CEE MARKETS-Leu steady after lower-than-expected CPI data'|'BUDAPEST, Sept 12 (Reuters) - The Romanian leu held steady after lower-than-expected inflation data on Tuesday, which confirmed that the pace of price growth across the region remains moderate. Romanian consumer price inflation slowed to 1.2 percent on the year in August, from July''s 1.4 percent, below market expectations for 1.5 percent, helped by a robust fall in food prices. All analysts polled by Reuters expect the Romanian central bank to keep interest rates on hold at a record low 1.75 percent at its next meeting on Oct. 3. Five out of eight see higher rates by the end of the first quarter of 2018. "CPI below consensus should be positive for Romanian government bonds. Hence, mildly positive for the leu as bonds could catch up a bit with regional sovereign debt markets," said Ciprian Dascalu, chief economist at ING Bank in Romania. Other central European currencies were also steady in early trade, although analysts expect the Czech crown to resume its firming trend, started after the central bank abandoned a cap that had kept the unit from appreciating. "EUR/CZK continues trading around 26.1, a level it reached in July as the appreciation trend following the FX regime abandoning faded," said analyst Wolfgang Ernst said at RBI in Vienna. "Still, at these levels we would regard CZK as undervalued and we would expect the appreciation trend to continue over the coming months until EUR/CZK has neared in on a fair value around 25," he said. A Reuters poll conducted last week indicated that the crown would lead currency gains in Central Europe in the next 12 months as the Czech central bank, the first in the region to start tightening, raises interest rates. The crown has gained about 3.5 percent against the euro since April, when the Czech central bank (CNB) abandoned a cap that had kept it at 27 to the euro or weaker for years. Meanwhile, Hungary''s central bank, the most dovish in the region, could decide to ease monetary conditions even further at its meeting next week, to combat stubbornly low inflation after what it sees as a temporary jump in August and September. CEE SNAPSHOT AT 0920 CET MARKETS CURRENCIES Latest Previous Daily Change bid close change in 2017 Czech crown 26.0910 26.0925 +0.01 3.51% % Hungary forint 306.7000 306.5600 -0.05% 0.69% Polish zloty 4.2500 4.2475 -0.06% 3.62% Romanian leu 4.5985 4.5983 +0.00 -1.38% % Croatian kuna 7.4420 7.4385 -0.05% 1.52% Serbian dinar 119.3100 119.4400 +0.11 3.39% % Note: daily calculated previous close at 1800 change from CET STOCKS Latest Previous Daily Change close change in 2017 Prague 1029.67 1023.43 +0.61 +11.73 % % Budapest 38019.13 37895.85 +0.33 +18.80 % % Warsaw 2520.45 2513.44 +0.28 +29.39 % % Bucharest 8068.85 8058.72 +0.13 +13.89 % % Ljubljana 811.05 809.53 +0.19 +13.02 % % Zagreb 0.00 1881.44 +0.00 -100.00 % % Belgrade 0.00 728.73 +0.00 -100.00 % % Sofia 704.74 700.46 +0.61 +20.17 % % BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech Republic spread 2-year 0 0 +075b -1bps ps 5-year -0.033 -0.053 +032b -7bps ps 10-year ps Poland 2-year 1.673 -0.006 +242b -1bps ps 5-year 2.534 0.016 +289b +0bps ps 10-year ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interba nk Czech Rep

Hungary Poland Note: FRA Quote: s are for ask prices (Reporting by Reuters bureaux; Writing by Gergely Szakacs; Editing by) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets/cee-markets-leu-steady-after-lower-than-expected-cpi-data-idINL5N1LT0TU'|'2017-09-12T05:47:00.000+03:00'|7110.0|''|-1.0|'' 7111|'89cd07dd052ba0035411ae496542239afe39cc2a'|'Austrian bank BAWAG PSK planning Vienna IPO'|' 7:17 AM / Updated 8 minutes ago Austrian bank BAWAG PSK planning Vienna IPO Reuters Staff 1 Min Read VIENNA, Sept 27 (Reuters) - Lender BAWAG PSK, majority owned by U.S. private equity group Cerberus Capital Management, plans an initial public offering in Vienna that could be Austrias biggest in a decade. Sources told Reuters in June that the planned listing of a 20-30 percent stake could value Austrias fourth-biggest lender at up to 5 billion euros ($5.9 billion). BAWAG Group AG, the holding company of BAWAG PSK, plans an initial public offering and the listing of its shares on the Vienna Stock Exchange, the bank said in a statement. It did not specify a size or a price range. $1 = 0.8506 euros Reporting by Francois Murphy; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/bawag-ipo/austrian-bank-bawag-psk-planning-vienna-ipo-idUSV9N1IZ00B'|'2017-09-27T10:16:00.000+03:00'|7111.0|''|-1.0|'' 7112|'987c363b46f5e353417823b90c7d6f812cd6f183'|'''Saturday Night Live'' delivered laughs, now it''s looking for Emmys'|'LOS ANGELES, Sept 17 (Reuters) - Saturday Night Live found laughter and lampoonery in Americas fraught political and social scene and on Sunday the satirical sketch show looks set to reap the benefits at the Emmy awards, the highest honors in television.Led by Alec Baldwins withering impersonations of U.S. President Donald Trump and Melissa McCarthys winning turn as former White House spokesman Sean Spicer, the show earned 22 Emmy nominations after its most-watched season in 23 years.Kate McKinnon is competing in the supporting actress race for her spoofs of former presidential candidate Hillary Clinton and White House aide Kellyanne Conway on the live show that airs on Comcast Corps NBC.Politics promise to run through Sundays ceremony in Los Angeles, starting with host Stephen Colbert, whose relentless attacks on Trump have brought a surge of viewers to The Late Show.The biggest TV star of this year is undoubtedly Donald Trump. No ones close, quipped Colbert ahead of the ceremony.Julia Louis-Dreyfus is expected to win her sixth consecutive Emmy for playing an egotistical, losing presidential candidate on Time Warners HBO comedy Veep.Veep could also be a repeat winner for best comedy series, with actor-director Donald Glovers hip-hop themed Atlanta and contemporary African-American family show black-ish seen by pundits as its closest rivals.Netflixs dark Washington drama House of Cards and its stars Kevin Spacey and Robin Wright are competing in a drama series category that includes fan favorite Stranger Things, dystopian series The Handmaids Tale, lawyer show Better Call Saul, sci-fi drama Westworld, British royal series The Crown and front-runner family show This Is Us.Two-time Emmy champ Game of Thrones is out of the running this year because of a later broadcast date for its seventh season.Sundays red carpet turnout will feature a slew of A-list movie stars who are flocking to the small screen and the more than 400 scripted shows on cable, streaming platforms and broadcast television.Nicole Kidmans battered wife in HBOs Big Little Lies is seen as leading the limited series category that features three other Oscar winners: Reese Witherspoon (also for Big Little Lies), and Feud co-stars Susan Sarandon and Jessica Lange.Nicole is the one to beat. She is having a career resurgence and she played the courageous role of the survivor of physical abuse in marriage, said Tom ONeil, founder of awards website goldderby.comThe Emmy awards will be shown live on CBS television starting at 8 pm ET/5 pm PT.Reporting by Jill Serjeant; Editing by Mary MillikenOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/awards-emmys/saturday-night-live-delivered-laughs-now-its-looking-for-emmys-idUSL2N1LW1IN'|'2017-09-17T16:00:00.000+03:00'|7112.0|''|-1.0|'' -7113|'2015d1ecc95fc58045759f4c0a4eb8de70a092c4'|'Teva to sell contraceptive brand Paragard in $1.1 billion deal'|'September 11, 2017 / 9:39 PM / Updated 5 minutes ago Teva to sell contraceptive brand Paragard in $1.1 billion deal Reuters Staff 3 Min Read FILE PHOTO - A building belonging to Teva Pharmaceutical Industries, the world''s biggest generic drugmaker and Israel''s largest company, is seen in Jerusalem February 8, 2017. REUTERS/Ronen Zvulun/File Photo (Reuters) - Teva Pharmaceutical Industries ( TEVA.TA ), ( TEVA.N ) on Monday agreed to sell its contraceptive brand Paragard to a unit of Cooper Cos ( COO.N ) for $1.1 billion (834.91 million pounds), on a day the struggling Israeli drugmaker named industry veteran Kare Schultz as CEO. The companys U.S.-listed shares were up 1.4 percent at $18.75 in extended trading after closing up 19.3 percent in regular trading. The sale of the business is the first step in the planned divestment of non-core assets and the proceeds would be used to repay term loan debt, Teva said. Saddled with about $35 billion in debt, Teva has speeded up plans to divest non-core assets, Reuters reported last month, citing sources. Investors will like this news, as in addition to a good price for the asset, and the recent share decline has been likely due in part to investor worries that the debt burden is high, Wells Fargo Securities analyst David Maris said in a note. Tevas U.S.-listed stock has halved since early August when it cut its forecasts. The company said on Monday it continued to look for divestiture opportunities, including the sale of the remaining assets of its global womens health business, as well as its oncology and pain businesses in Europe. Teva said it expects to generate at least $2 billion in total proceeds from the sale of these businesses, as well as additional asset sales to be executed by the end of 2017. The deal with Cooper includes Tevas manufacturing facility in Buffalo, NY, which makes Paragard exclusively. Paragard, an intrauterine copper contraceptive device, posted revenue of about $168 million for the year ended June 30. Teva said it will continue to manufacture and sell Paragard in the United States, until the deal is completed, which is expected before the year end. Earlier in the day, Teva named smaller peer Lundbecks ( LUN.CO ) Chief Executive Schultz as its CEO. Reporting by Shailesh Kuber; Editing by Arun Koyyur '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-teva-pharm-ind-divestiture-contracept/teva-to-sell-contraceptive-brand-paragard-in-1-1-billion-deal-idUKKCN1BM2PA'|'2017-09-12T00:42:00.000+03:00'|7113.0|''|-1.0|'' +7113|'2015d1ecc95fc58045759f4c0a4eb8de70a092c4'|'Teva to sell contraceptive brand Paragard in $1.1 billion deal'|'September 11, 2017 / 9:39 PM / Updated 5 minutes ago Teva to sell contraceptive brand Paragard in $1.1 billion deal Reuters Staff 3 Min Read FILE PHOTO - A building belonging to Teva Pharmaceutical Industries, the world''s biggest generic drugmaker and Israel''s largest company, is seen in Jerusalem February 8, 2017. REUTERS/Ronen Zvulun/File Photo (Reuters) - Teva Pharmaceutical Industries ( TEVA.TA ), ( TEVA.N ) on Monday agreed to sell its contraceptive brand Paragard to a unit of Cooper Cos ( COO.N ) for $1.1 billion (834.91 million pounds), on a day the struggling Israeli drugmaker named industry veteran Kare Schultz as CEO. The companys U.S.-listed shares were up 1.4 percent at $18.75 in extended trading after closing up 19.3 percent in regular trading. The sale of the business is the first step in the planned divestment of non-core assets and the proceeds would be used to repay term loan debt, Teva said. Saddled with about $35 billion in debt, Teva has speeded up plans to divest non-core assets, Reuters reported last month, citing sources. Investors will like this news, as in addition to a good price for the asset, and the recent share decline has been likely due in part to investor worries that the debt burden is high, Wells Fargo Securities analyst David Maris said in a note. Tevas U.S.-listed stock has halved since early August when it cut its forecasts. The company said on Monday it continued to look for divestiture opportunities, including the sale of the remaining assets of its global womens health business, as well as its oncology and pain businesses in Europe. Teva said it expects to generate at least $2 billion in total proceeds from the sale of these businesses, as well as additional asset sales to be executed by the end of 2017. The deal with Cooper includes Tevas manufacturing facility in Buffalo, NY, which makes Paragard exclusively. Paragard, an intrauterine copper contraceptive device, posted revenue of about $168 million for the year ended June 30. Teva said it will continue to manufacture and sell Paragard in the United States, until the deal is completed, which is expected before the year end. Earlier in the day, Teva named smaller peer Lundbecks ( LUN.CO ) Chief Executive Schultz as its CEO. Reporting by Shailesh Kuber; Editing by Arun Koyyur '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-teva-pharm-ind-divestiture-contracept/teva-to-sell-contraceptive-brand-paragard-in-1-1-billion-deal-idUKKCN1BM2PA'|'2017-09-12T00:42:00.000+03:00'|7113.0|24.0|4.0|'' 7114|'e4db9f8fe041e487ea2a930259ddc613269f5322'|'Euro shrugs off ECB concerns to top $1.20'|'September 7, 2017 / 1:13 PM / Updated an hour ago Euro pushes past ECB concerns to top $1.20 Saikat Chatterjee , Dhara Ranasinghe 4 Min Read FILE PHOTO - A journalist takes a picture of the new 50 Euro banknote with a mobile phone during the presentation of the new bill at the European Central Bank (ECB) headquarters in Frankfurt April 4, 2017. REUTERS/Kai Pfaffenbach LONDON (Reuters) - The euro jumped to a nine-day high on Thursday and bond yields fell as the European Central Bank broadly stuck to its outlook for growth and inflation while expressions of concerns at the single currencys strength were insufficient to rein it in. ECB President Mario Draghi referred several times in his post-meeting news conference to the euros strength, and said it was the main reason for a cut in the banks new 2018-19 inflation forecasts. He also indicated any winding down of its massive stimulus programme was likely to be slow. It came as no surprise that Draghi cited the euro, which is up 14 percent this year against the dollar EUR= EUREER=ECBF, but his stress that the growth outlook was broadly unchanged allowed the euro to surge past $1.20. The verbal intervention that was potentially on the cards coming up to $1.20 wasnt there, said Neil Jones, head of hedge fund FX sakes at Mizuho. The actual FX reference...was lukewarm at best. The single currency, which is up less than 5 percent on a trade-weighted basis EUREER=ECBF, rose as high as $1.2059 as Draghi spoke. It held most of its gains, last trading at $1.2027, up 0.9 percent on the day. This was classic Draghi at the press conference: very balanced regarding the economic outlook but very vague regarding the outlook for policy, Martin Arnold, FX and macro strategist at ETF Securities in London. European shares rose after the ECB reaffirmed its ultra-easy policy stance. The pan-European STOXX 600 index was last up 0.3 percent on the day, with the export-oriented German DAX .GDAXI up 0.7 percent. Bond markets focused on the lack of a clear timetable for winding back the ECBs programme of emergency bond buying, sending yields lower. The scheme is due to run to the end of the year but a strong euro curbs inflation and could complicate any attempt to withdraw stimulus. Draghi said most decisions on the scheme would probably be taken next month. Germanys benchmark 10-year government bond yield fell to fractionally below 0.31 percent DE10YT=TWEB, its lowest since late June. Italys 10-year bond yield tumbled 10.5 bps to 1.916 percent IT10YT=TWEB, also its lowest level since late June. That pushed the gap over top-rated German Bund yields to 161 bps -- its tightest in more than two weeks. Portuguese bond yields slid 13 bps to 2.72 percent IT10YT=TWEB, their biggest one-day fall since April. Lower-rated southern euro zone countries have been among the main beneficiaries of ECB bond-buying, which has crushed borrowing costs across the bloc. There was no clear sign of tapering, so there is a bit of relief in bond markets, said ABN AMRO senior fixed income strategist Kim Liu. The euro initially surged after Draghi said the bank was keeping its growth and inflation forecasts broadly unchanged. It fell back when he added that recent volatility in the exchange rate was a source of uncertainty and had contributed to a trimming of the 2018-19 inflation forecasts. Its later recovery back above $1.20 helped push the dollar index to its weakest since January 2015. .DXY (Draghi) is firing bullets to try to slow the currencys strength down as much as they can, said Stephen Gallo, European head of FX strategy at BMO Financial Group in London. The drop in yields and tightening of spreads slowed it down and possibly they will be able to design a smooth exit. I dont think they are comfortable at all on the level of the currency but they are trying to control the level of pain. Writing by Patrick Graham and Nigel Stephenson; Editing by Toby Chopra '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-forex-euro/euro-shrugs-off-ecb-concerns-to-top-1-20-idUKKCN1BI1RM'|'2017-09-07T16:21:00.000+03:00'|7114.0|''|-1.0|'' 7115|'298fa078db6413fb5d17871da87561e73ea0ba5b'|'Tough calls: on the debt crisis frontline with charity StepChange - Money'|' 12.48 BST Last modified on 16.49 BST There is a pause, a moments silence and then a deep exhalation before the words finally come. The caller has only been asked her name but it is a big moment, almost like a confession when she finally speaks. Debt is an exhausting secret to keep, but telling a stranger about a problem you can hardly bear to face yourself takes courage. It can take people a few times to actually speak to someone, says Becky Mitchell, a team leader for the helpline run by debt charity StepChange . They call and end up putting the phone down because they are too scared or embarrassed. The helpline is based at StepChanges headquarters on the edge of Leedss sprawling shopping precinct. With rows of spotless desks and headset-wearing advisers bowed over their computers, it looks like a call centre. But there are no sales targets on white boards and a prominent sign dangling from the ceiling reminds staff: We know debt. We understand the causes, but most importantly we know the way out. Jobless and 35,000 in debt: ''I got to the point where I didnt want to live'' Read more Its not a call centre, even though we are using call centre equipment, says Dominic Hopkins, one of hundreds of helpline advisers answering calls during the Friday lunchtime rush. If I need to take a break because the last call got to me I can. Without the experienced ear of a StepChange adviser, each call is like listening to a devastatingly sad radio play. In the first six months of 2017 more than 320,000 people contacted StepChange for support with their debt problem with the average unsecured debt pile rising by more than 110 to 14,367 over that timeframe, as they loaded purchases on to credit and store cards or took out personal loans. The accents change as calls are coming in from all over the country but the problems are the same: the plates they had kept spinning for so long have smashed on the floor and they need help to sort through the pieces. To better understand the underlying causes of Britains debt crisis, the Guardian was allowed to listen to calls but not to report any personal details or experiences. For many, the advice handed out by people like Hopkins is the first step towards confronting the financial chaos that has taken over their life, affecting their mental health and in some cases that of their children. An adviser at the StepChange helpline in Leeds. Photograph: Christopher Thomond for the Guardian The most common reason callers give for their dire straits is a change in circumstance, such as the loss of a job or reduced working hours a common theme given the prevalence of zero-hours contracts or illness. Sometimes the crisis is triggered by a domestic emergency such as a broken cooker or washing machine. But sometimes, particularly among the growing number of single parents calling the helpline, the problem is simply that they do not have enough money to live on since their relationship broke down. The replacement of the Child Support Agency with the Child Maintenance Service three years ago put the emphasis on parents agreeing a financial settlement and many callers appear resigned to receiving no financial support from their ex-partner. Often it is the frightening officialdom of a court summons that jolts the caller into action but it can also be the panicked reaction to a bailiffs knock. Young people worst affected by debt crisis, say charities Read more One of the more concerning trends is the increased use of enforcement, particularly through the high court, by the water companies, says Andy Shaw, one of the charitys debt advice coordinators. Historically we might have seen cases where clients had got behind with their water bills progressing as far as a county court judgment but no further. The water companies seem to have become more aggressive in their debt collection methods. After the initial call individuals who want a personal action plan drawn up must call back to have a more detailed conversation so advisers can suggest a course of action, selecting from a list that includes a debt management plan, an individual voluntary arrangement or bankruptcy. At the start of each call, to the optimistic listener, it sounds like the situation might not be too bad as arrears on household essentials such as rent, council tax and utility bills are disclosed. But from then on it just gets messier and messier. Some people havent opened letters for months or even years, and as a result small mistakes, such as a parking ticket or traffic violation, have taken on a life of their own in the court system. Staff at StepChange field calls from the public. Photograph: Christopher Thomond for the Guardian Overdue household bills turn out to be the tip of a debt iceberg and, as the call progresses, the names of lenders change from well-known high street banks and retailers to esoteric brands targeting borrowers with poor credit ratings with high-interest products. The average caller has about six unsecured debts to their name. Some try to keep the tone breezy as they rustle paperwork, glad to be moving forward, but others are close to tears as they pick over their meagre expenditure to figure out ways to reduce their outgoings. Could they stop smoking or only buy clothes for their children? Like the government, StepChange doesnt have a magic money tree and its advicecan be hard for callers to hear, even if they have asked for it. Loan sharks are circling, says one of UK''s biggest doorstep lenders Read more Telling someone their only option is bankruptcy thats a very difficult conversation, says Shaw. Some clients are open or resigned to the idea but there are others who havent faced up to the their situation. There is still a significant stigma attached to bankruptcy. If someone is facing repossession proceedings and you are helping them prepare their budget to take to court for their hearing you can see they are not going to be able to afford to keep their home and you have to prepare them for that, adds Shaw. That is one of the harder aspects of the role. StepChange advisers report overwhelmingly that callers want to repay their debts yet a 2016 survey of its clients found that nearly a third of those with credit card debts said none of their creditors would help them by freezing interest, charges or enforcement action. Three-fifths of those who were not shown forbearance went on to borrow more to try to cope with their debt problems. There is good practice from creditors out there and when they forbear stop charging interest, stop ringing up and cease court action people start to recover, says Peter Tutton, head of policy at StepChange. Without forbearance no one does. They borrow more and pay them by not paying someone else, and so the crisis goes on. Topics'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/sep/20/tough-calls-on-the-debt-crisis-frontline-with-charity-stepchange'|'2017-09-20T14:48:00.000+03:00'|7115.0|''|-1.0|'' 7116|'8552cfbc1bb7e8fe51341ace0826bde0ca9364a1'|'Venezuela craft brewers rare bright spot in crisis economy'|'A worker drafts a glass of craft beer from a pump in a beer garden at the garage of Social Club brewery in Caracas, Venezuela, September 15, 2017. Picture taken September 15, 2017. REUTERS/Marco Bello CARACAS (Reuters) - With Venezuelas economic crisis leaving consumers struggling to buy basic staple foods, small Caracas brewery Social Club might seem out of place selling craft beer that costs per bottle what a worker earning the minimum wage makes in two days.But business is booming.Demand for Social Clubs beer regularly outstrips the 3,000 liters (793 gallons) it produces a month, according to its owners. Most of it is sold on weekends at a beer garden set up in the garage of its small production facility.Brewers like Social Club are a reminder that despite the widespread social misery caused by the countrys economic crisis, an appetite remains among well-heeled Venezuelans for high-end niche products like craft beer.At the same time, these small brewers are carving out a market in preparation for an eventual economic rebound.Venezuelans continue to be vain creatures who like to be in the vanguard, who like to keep up with whats in fashion, said Victor Querales, 32, one of Social Clubs owners, speaking on a Friday afternoon before clients began arriving. Theres still a premium market that isnt very sensitive to prices.The country now has around 30 craft brewers with commercial operations that supply high-end liquor stores and restaurants or deliver made-to-order brews for parties or weddings, according to the Craft Beer Association of Venezuela.Craft brew still represents less than 1 percent of the market, which remains dominated by domestic brewing giant Polar and its smaller rival Regional.But the last five years has seen the emergence of start-ups such as Norte del Sur and Pisse Des Gottes, both of which have won medals in international brewing contests.The fortunes of Venezuelan craft brewers contrast with those of most major industries, which operate well below capacity as triple-digit inflation and byzantine currency controls make large-scale production of almost anything nearly impossible.Social Club offers tours of its small brew facility and an adjacent bar that sells styles ranging from bitter coffee stouts to aromatic Belgian saisons.Its production volume is tiny, reaching about 2 percent of the 1.8 million liters per year that the Colorado-based Brewers Association describes as the maximum for the denomination microbrewer in the United States.Though Social Clubs fare is exorbitant by local standards, it is among the cheapest craft brews in the world at around $0.80 for a 12-ounce (354 milliliter) glass. U.S. brewpubs would likely charge at least five times that for a similar product.Francisco Lopez serves craft beer at Cerveza Caleta brewery in Caracas, Venezuela, September 13, 2017. Picture taken September 13, 2017. REUTERS/Marco Bello NATION OF BEER DRINKERS Costs are nonetheless a concern.Malt and hops must be imported because they dont grow in Venezuelas tropical climate, leaving brewers at the mercy of the steadily depreciating bolivar currency.And brewers often say their biggest challenge is winning over Venezuelans unaccustomed to beers with stronger flavors and higher alcohol content than commercial alternatives.Slideshow (7 Images) But they believe there is room to grow, in large part because Venezuelans have always been avid beer drinkers.In 2010, at the height of an oil-fueled economic boom, the OPEC nation had the highest per capita beer consumption in Latin America and the ninth-highest in the world, according to figures compiled by Japans Kirin Holdings Co Ltd, which owns breweries in Brazil and Australia.But per capita beer consumption fell to 25th in the world by 2015 as the drop in oil prices pushed the economy into free-fall.Such slumping demand means microbreweries are far from a surefire route to success.Some young would-be entrepreneurs take brewing classes with plans to start up businesses, only to end up selling off their equipment as they raise money to emigrate, according to interviews with brewers involved in such training.But there are unlikely success stories too.Architect Gustavo Izarra took up home-brew after visiting his daughter in Belgium in 2012. He set up Caleta brewery in 2015, just as the demand for architectural services was collapsing along with the economy.He has since become the go-to design consultant for breweries including Social Club that are upgrading their facilities.People have limited spending power, so you end up with a product that for most people is out of reach, said Izarra, 60. But nonetheless, people keep getting more and more interested in trying craft beer.Reporting by Brian Ellsworth; Editing by Christian Plumb and Cynthia Osterman '|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/venezuela-beer/venezuela-craft-brewers-rare-bright-spot-in-crisis-economy-idINKCN1C20CR'|'2017-09-27T03:13:00.000+03:00'|7116.0|''|-1.0|'' @@ -7141,7 +7141,7 @@ 7139|'d2ba1c782fc57a0b5d915cb60f6867cb64cf3f0f'|'Iraqi government asks foreign countries to stop oil trade with Kurdistan'|'BAGHDAD, Sept 24 (Reuters) - Iraq on Sunday urged foreign countries to stop importing crude directly from its autonomous Kurdistan region and to restrict oil trading to the central government.The call, published in statement from Prime Minister Haider al-Abadis office, came in retaliation for the Kurdistan Regional Governments plan to hold a referendum on independence on Monday.The central governments statement seems to be directed primarily at Turkey, the transit country for all the crude produced in Kurdistan. The crude is taken by pipeline to the Turkish Mediterranean coast for export.Baghdad asks the neighbouring countries and the countries of the world to deal exclusively with the federal government of Iraq in regards to entry posts and oil, the statement said.The Iraqi government has always opposed independent sales of crude by the KRG, and tried on many occasions to block Kurdish oil shipments. Long-standing disputes over land and oil resources are among the main reasons cited by the KRG to ask for independence.Iraqi Kurdistan produces around 650,000 barrels per day of crude from its fields, including around 150,000 from the disputed areas of Kirkuk.The regions production volumes represent 15 percent of total Iraqi output and around 0.7 percent of global oil production. The KRG aspires to raise production to over 1 million barrels per day by the end of this decade.Kurdish oil production has been dominated by mid-sized oil companies such as Genel, DNO, Gulf Keystone and Dana Gas. Major oil companies such as Chevron, Exxon Mobil and Rosneft also have projects in Kurdistan but they are mostly at an exploration stage.However, Rosneft, Russias state oil major, has lent over $1 billion to the KRG guaranteed by oil sales and committed a total of $4 billion to various projects in Kurdistan. (Reporting by Maher Chmaytelli, editing by Larry King) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/mideast-crisis-kurd-referendum-oil/kurds-stick-with-independence-vote-never-going-back-to-baghdad-barzani-idUSL5N1M50GV'|'2017-09-24T22:46:00.000+03:00'|7139.0|''|-1.0|'' 7140|'956800d89d18db8f56e405761f95b136274b8999'|'How to save money on going out - Money - The Guardian'|'How much do we spend? It costs to take some time out. A ticket to the cinema for one person last year cost an average of 7.41 before any popcorn or drinks were taken into account, continuing a yearly increase from box offices. Going to the theatre, meanwhile, can really stretch the wallet it was announced earlier this year that the cost of the best tickets for the Broadway hit Hamilton will be 200 each when it opens later this year in London.Three simple must-dos 1 Be theatre smart For major shows, prices can be very expensive. If there is a big name involved, try to book early. If you are hoping for a last-minute bargain, try the official ticketing sites 24 hours before a show and also on the day between 10am and 10.30am, when seats may fall in price. If you are not fussy about times, midweek matinees can be a source of cheaper tickets.2 Join a cinema chain Cinema memberships can reduce the price of a film to a fraction of normal box office prices if you use them. Odeon has a monthly 19.99 limitless option where any film can be watched in the chains cinemas, including those in London, with a one-year sign up. Cineworlds similar Unlimited card is slightly more expensive at 20.40 a month. For cinema-goers in the West End of London, this means only two visits in a month will result in a saving.3 Get gig alerts To ensure you dont miss out on tickets for gigs before they sell out, use shrewd methods to get yourself to the head of the queue. MoneySavingExpert.com suggests signing up for email alerts from Ticketmaster and other sellers in order to get notification of gigs that are coming up. Joining a fanclub for your favourite act means you may get priority tickets or even discounted entry to gigs. Often, extra tickets are listed closer to the time of the event if the initial round is sold out.Five other easy ways to save 1 Meal deals aplenty The cost of an evening in a restaurant can mount quickly, especially in London. Using a Tastecard can give access to money-off deals and two-for-one offers at over 6,000 restaurants around the country, depending on when and where you are eating. Again, its down to how often it is you use it in order to justify the 80 annual fee. TablePouncer.com lists last-minute deals on restaurants, such as two-for-one on starters and mains or half-price bills and users book tables through the website for either a fee or by buying an annual membership.2 West End bargains Walk through central London during the morning and you will see lines of people outside theatres waiting for day tickets to be released for later that afternoon or evening. Independent expert site Theatremonkey advises theatre-goers that tickets are normally only available on the day when the box office opens at 10am, and advises bringing both cards and cash in case one is preferable over the other. In the case that you miss the day tickets but are still in line, staff will frequently try to help you get other seats.3 Avoid top festivals Festival costs can mount up but with the wealth of events on around the country there is estimated to be more than 1,000 running during the year there are cheaper options than the headline events. Buying in advance also saves; a three-day ticket for next years 2000 Trees in the Cotswold Hills costs about 100 in advance, considerably less than the 243 charged for a weekend ticket for Glastonbury this year.4 Screenings for free Free cinema tickets for previews of new releases are available through sites such as Showfilmfirst, which works with distributors to show films to target audiences who they hope will then pass on a recommendation by word of mouth. Free Movies UK operates on a similar basis, giving users codes for preview screenings. Students can go to free screenings of E4 shows, films or unreleased movies at Picturehouse cinemas via the E4 Slackers Club.5 Service provider deals Look for deals on services you may already pay for O2 customers can get tickets for gigs up to 48 hours in advance of their general release via its Priority app. Buying certain products such as car and van insurance off Comparethemarket.com gives two-for-one tickets at Odeons on Tuesdays and Wednesdays for a year. Having a Tastecard also gives you discounts on some cinemas.Advanced money-saving tip Sign up to a theatre club Theatres give these clubs tickets to distribute to create buzz and to fill up early performances. The Audience Club was formed to offer tickets to Londons key workers. Each ticket costs only 3 plus VAT. The Theatre Club from Whats On Stage has a 30 annual membership and charges a lower member rate for tickets.Topics Saving money Consumer affairs Family finances Theatre features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/sep/29/how-to-save-money-on-going-out'|'2017-09-29T13:00:00.000+03:00'|7140.0|''|-1.0|'' 7141|'5b8bb6bfac286554cb411de31fffe32cf08afd62'|'Puerto Rico''s fragile economy dealt new blow by Maria'|'September 24, 2017 / 11:17 AM / Updated 7 minutes ago Puerto Rico''s fragile economy dealt new blow by Maria Dave Graham , Robin Respaut , Hilary Russ 6 Min Read People arrive to buy gasoline next to a sign reading "There is no gasoline," at a gas station, after the area was hit by Hurricane Maria, in San Juan, Puerto Rico September 22, 2017. REUTERS/Alvin Baez PUERTO RICO/NEW YORK (Reuters) - Chan Lo is racing against the clock to save thousands of dollars of supplies at his sushi restaurant in San Juans Condado beachfront community. He has roughly $16,000-worth of perishable goods stored in his restaurant Nagoya Sushi & Tiki Bar - in jeopardy as the battered island waits for power and water to be re-established. I give it about three or four days maximum if the (power) doesnt come back on and there are no generators available, he said. Everything will have to be thrown out. Puerto Ricos economy was already fragile before Hurricane Maria barreled into the island, but the strongest storm to hit the U.S. territory of Puerto Rico in nearly 90 years could inflict heavy damage on the islands health. Small businesses like Los will be a significant part of the recovery, as they account for 80 percent of all private sector workers, according to a New York Federal Reserve report. And getting energy to them, and to manufacturers and hotels and other engines of the economy will be crucial for the islands ability to bounce back. After Maria made landfall midweek on the island of 3.4 million people as a major Category 4 hurricane, the storms wind and water downed nearly all power and communications. Governor Ricardo Rossello said the Puerto Rico Electric Power Authoritys grid was so severely hit by the storm that it could be months before electricity is restored to all customers. Making matters worse, PREPA has been in bankruptcy since July. Disaster modeler Enki Research estimates damage to the island at $30 billion, with $20 billion in direct physical damage and $10 billion in economic impact. Puerto Rico is in a precarious state, said Chuck Watson, a disaster modeler at Enki. A MEASURABLE IMPACT Puerto Rico has none of the economic might of other places hit hard in this active hurricane season, like the states of Texas and Florida. The island has spent most of the last ten years in recession. Its GDP shrank by more than one percent for seven of the last 10 years through 2016, the poverty rate is over 40 percent and unemployment stands at 10 percent. The chaos unleashed by the breakdown in basic services, a lack of cash and gas shortages has put many businesses into limbo, and the short-term effects are likely to be severe. Some Puerto Ricans are, however, already looking ahead to the economic boost that could be delivered by investment in the recovery. The timeliness of U.S. Federal Emergency Management Agency (FEMA) funds will play into how quickly Puerto Rico gets back on its feet, said S&P Global Ratings analyst David Hitchcock. People line up to buy gasoline at a gas station after the area was hit by Hurricane Maria, in San Juan, Puerto Rico September 22, 2017. REUTERS/Alvin Baez Meanwhile, the hurricane has pushed back the islands bankruptcy process. Struggling under $72 billion in debt, Puerto Rico filed the biggest government bankruptcy in U.S. history earlier this year but that is now on the backburner, sources said on Thursday. This is an island that has been riddled with bad news, said Jonathan Mondillo, Alpine Woods Capital Investors LLC, which holds insured Puerto Rican bonds. Its going to have a measurable impact on their economy locally. MANUFACTURING HEART In the aftermath of the storm, businesses both big and small around the island were assessing the damage and putting contingency plans in place. Puerto Rico boasts investments from a number of U.S. multinationals, such as Wal-Mart, Amgen and Eli Lilly. A spokesman for Honeywell International Inc, said the companys folks on the ground are making sure everyones accounted for and what their needs are ... were still assessing the facilities. People line up to buy gasoline at a gas station after the area was hit by Hurricane Maria, in San Juan, Puerto Rico September 22, 2017. REUTERS/Alvin Baez Manufacturing is still the heart of Puerto Ricos economy and any blow to industry could have a significant impact. It makes up nearly 49 percent of the islands GDP, according to a 2015 report from the Puerto Rico Manufacturers Association. But the manufacturing sector is much diminished after the U.S. Congress decided to gradually phase out a 1976 tax credit program. That program ended in 2006, after which many companies left and the island had lost nearly half of its manufacturing jobs by 2014. HIT TO GROWING TOURISM Just as concerning to the island is likely to be the impact Hurricane Maria has caused to tourism - which will be especially hard felt since it was one area of the economy that had been growing. Travel and tourism had grown from 7.3 percent of GDP in 2014 to an estimated 8.4 percent in 2017 and was projected to rise to 10.7 percent by 2027, including direct and indirect spending, according to the World Travel & Tourism Council. Hotels and resorts were struggling to stay open in the days after the hit. Reynaldo Rey, general manager of the AC Hotel San Juan, said businesses were facing a race against the clock if emergency power supplies and water ran out because generators would only keep hotels operating for a few days. Everything depends on when the supply lines are re-established, Rey said. We risk a complete shutdown. Raul Brito, 24, a security guard for the state tourism agency in the capitals upscale Condado neighborhood, said business was now in limbo at the worst time possible. Companies dont know if they are going to be able to start up again because they dont know yet if they will have the money, he said. Additional reporting in New York by Laila Kearney, Trevor Hunnicutt, Jenn Ablan, David Randall, Bill Berkrot, Caroline Humer, Richa Naidu and Nick Brown in Houston; Writing by Megan Davies; Editing by Mary Milliken'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-storm-maria-puertorico-analysis/puerto-ricos-fragile-economy-dealt-new-blow-by-maria-idUKKCN1BZ0C4'|'2017-09-24T14:06:00.000+03:00'|7141.0|''|-1.0|'' -7142|'97c278fae4dede40f4bef2d0897383a556ffbb50'|'No concessions from Luxottica, Essilor: EU antitrust regulators'|'FILE PHOTO - The Luxottica name is reflected in a pair of sunglasses in this photo illustration taken in Rome February 4, 2016. REUTERS/Alessandro Bianchi/File Photo BRUSSELS (Reuters) - Luxottica ( LUX.MI ) and Essilor ( ESSI.PA ) have not offered any concessions to allay EU antitrust regulators concerns over their proposed 46-billion-euro ($55.2 billion) merger, increasing the possibility of a lengthy EU investigation into the deal.Italian eyewear maker Luxottica, which owns brands such as Ray-Ban and Oakley, and French lens manufacturer Essilor had until Sept. 19 to offer concessions after the EU competition enforcer expressed its reservations about the deal to the companies last week.The European Commission recognises if the parties to a merger have made concessions. However, the filing on its website shows that Luxottica and Essilor had not done so.Unless they managed to appease the Commission at last weeks meeting, it is likely that the regulator will open a full-scale investigation lasting about four months following a preliminary review that ends on Sept. 26.Some companies prefer to offer concessions during this phase after getting a better idea of the regulators concerns.The deal, which will combine the worlds largest maker of spectacles with the worlds top lens-maker, Essilor, has triggered worries among retailers and competitors that the merged company may have too great a control of valuable brands and prescription lenses.Both Luxottica and Essilor declined to comment on the EU enforcers concerns. U.S. regulators are also examining the deal, which received the green light from New Zealand authorities earlier this month.Reporting by Foo Yun Chee, additional reporting by Sudip Kar-Gupta in Paris and Valentina Za in Milan; editing by Philip Blenkinsop and Louise Heavens '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-luxottica-group-m-a-essilor-eu/no-concessions-from-luxottica-essilor-eu-antitrust-regulators-idUSKCN1BV0Q4'|'2017-09-20T15:08:00.000+03:00'|7142.0|''|-1.0|'' +7142|'97c278fae4dede40f4bef2d0897383a556ffbb50'|'No concessions from Luxottica, Essilor: EU antitrust regulators'|'FILE PHOTO - The Luxottica name is reflected in a pair of sunglasses in this photo illustration taken in Rome February 4, 2016. REUTERS/Alessandro Bianchi/File Photo BRUSSELS (Reuters) - Luxottica ( LUX.MI ) and Essilor ( ESSI.PA ) have not offered any concessions to allay EU antitrust regulators concerns over their proposed 46-billion-euro ($55.2 billion) merger, increasing the possibility of a lengthy EU investigation into the deal.Italian eyewear maker Luxottica, which owns brands such as Ray-Ban and Oakley, and French lens manufacturer Essilor had until Sept. 19 to offer concessions after the EU competition enforcer expressed its reservations about the deal to the companies last week.The European Commission recognises if the parties to a merger have made concessions. However, the filing on its website shows that Luxottica and Essilor had not done so.Unless they managed to appease the Commission at last weeks meeting, it is likely that the regulator will open a full-scale investigation lasting about four months following a preliminary review that ends on Sept. 26.Some companies prefer to offer concessions during this phase after getting a better idea of the regulators concerns.The deal, which will combine the worlds largest maker of spectacles with the worlds top lens-maker, Essilor, has triggered worries among retailers and competitors that the merged company may have too great a control of valuable brands and prescription lenses.Both Luxottica and Essilor declined to comment on the EU enforcers concerns. U.S. regulators are also examining the deal, which received the green light from New Zealand authorities earlier this month.Reporting by Foo Yun Chee, additional reporting by Sudip Kar-Gupta in Paris and Valentina Za in Milan; editing by Philip Blenkinsop and Louise Heavens '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-luxottica-group-m-a-essilor-eu/no-concessions-from-luxottica-essilor-eu-antitrust-regulators-idUSKCN1BV0Q4'|'2017-09-20T15:08:00.000+03:00'|7142.0|23.0|2.0|'' 7143|'eef191ce77b63557edd87c2b01a538e439133850'|'Fir Tree to push Ultra Petroleum to seek strategic options'|'(Reuters) - Investment firm Fir Tree Partners said on Monday it would immediately begin talks with Ultra Petroleum Corps ( UPL.O ) management to pursue strategic alternatives.Fir Tree is the largest shareholder of the natural gas producer, with an 18.5 percent stake as of Sept. 1.Reporting by Ahmed Farhatha in Bengaluru; Editing by Anil D''Silva '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-ultra-ptrlum-fir-tree/fir-tree-to-push-ultra-petroleum-to-seek-strategic-options-idINKCN1BT1DT'|'2017-09-18T10:28:00.000+03:00'|7143.0|''|-1.0|'' 7144|'3b4177087afa0d6443c78ca3450d5b7fc65e37a5'|'AIG to restructure into three new units, marking CEO''s first big move'|' 9:33 PM / Updated 15 minutes ago AIG to restructure into three new units, marking CEO''s first big move Suzanne Barlyn , Sweta Singh 4 Min Read American International Group Inc. (AIG) Brian Duperreault seen at AIG headquarters on the day of the company''s 2017 annual shareholder meeting in New York, U.S., June 28, 2017. REUTERS/Suzanne Barlyn (Reuters) - American International Group Inc ( AIG.N ) said on Monday it will reorganize into three new units and will no longer have separate commercial and consumer businesses, marking the first major strategic move by new Brian Duperreault. Under the new structure, AIG will have a general insurance business, a life and retirement unit and a stand-alone technology unit. Two of those businesses will be led by longtime colleagues Duperreault recruited to AIG in July. The shakeup marks Duperreaults first major restructuring action after taking the helm of the company in May. Former CEO Peter Hancock stepped down, citing a lack of confidence from the board and investors. Widely seen as a turnaround expert, Duperreault, 70, has said he wants to grow AIGs businesses. The insurers stock has underperformed rivals and the broader market for almost a decade since its near collapse and $182 billion taxpayer-funded bailout during the financial crisis in 2008. AIG shares rose 0.5 percent on Monday, closing at $61.01. For his leadership team, Duperreault selected Peter Zaffino to be CEO of AIGs general insurance unit. Formerly head of Marsh & McLennan Cos Incs ( MMC.N ) brokerage business, he was previously Duperreaults choice as AIGs chief operating officer. Kevin Hogan will head the new life and retirement unit. An AIG veteran, he most recently ran the consumer insurance unit. Seraina Macia will be CEO of the technology unit, AIG said. She is the former head of Hamilton USA, North American arm of Duperreaults former company, Hamilton Insurance Group Ltd. AIG agreed to buy Hamilton USA for $110 million in May. The insurer also named a new general counsel, Lucy Fato, on Sept. 5. Rob Schimek, CEO of AIGs commercial unit, will leave the company at the end of October, AIG said. I could not be more proud of what this company has accomplished over the last 12 years, from navigating the financial crisis and winning back the confidence of our partners and clients, to focusing on innovations that have outpaced the market, Schimek wrote in an memo to AIG employees. The restructuring better aligns with how investors actually prefer to analyse AIG, said Meyer Shields, an analyst at Keefe, Bruyette & Woods. Duperreaults changes place a greater focus on product underwriting rather than on AIGs relationships to clients, said Credit Suisse analyst Ryan Tunis in a note. AIG still needs more hires with commercial underwriting expertise, Tunis said. AIG said it expects its year-end financial reporting to reflect the new structure, which will also be aligned with its incentive and performance management plans. The insurer has been trying to convince U.S. regulators to shed its systemically important financial institution label, which triggers stricter oversight and greater capital requirements. AIG received the label after the bailout by the Federal Reserve and U.S. Treasury during the financial crisis. Since then, AIG has sold dozens of businesses, including two Asian life insurance operations and one of the worlds biggest aircraft leasing businesses. It recently sold a mortgage-insurance unit. It remains the largest commercial insurer in the United States and Canada. Reporting by Sweta Singh in Bengaluru; Editing by Bernard Orr, Bill Rigby and David Gregorio'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-aig-restructure/aig-to-restructure-into-three-new-units-marking-ceos-first-big-move-idUKKCN1C02YS'|'2017-09-26T00:33:00.000+03:00'|7144.0|''|-1.0|'' 7145|'0d92178dd21dac22a7297440baf38f29ab824f66'|'Portfolio career in the arts? You''ll spend hours defending what you do - Guardian Small Business Network'|'Hi, my name is Caimh, and I have a portfolio career problem. There should be a support group for people like me. I am a comedian, novelist, stadium announcer and writer for TV. Experience has taught me, when asked what I do for a living, lying is definitely the best way to go. There are only so many times a taxi driver can ask have I heard of you? before you start telling them you work in IT. Even lying has its drawbacks I had to swap barbers when my face appeared on a poster for a show in their window.My own mother is inherently distrustful of my collection of employments. In Irish Mammy logic, having four jobs means that none of them can be going very well. To be fair, my mothers concerns are shared by every financial institution in Britain, and I myself have wondered if life might be easier if I still worked in IT. I got my first hint of the troubles ahead when, just after going full-time as a comedian, I ended up talking to a banks India-based call centre. Standup comedy is now becoming more popular there, but at the time, the lovely fella honestly had no idea what my job was. After 20 minutes of explanation, I think the closest wed got was somewhere between preacher and village idiot. Bored with nine-to-five? Eight ways to build a portfolio career Read more Getting a mortgage was a nightmare despite the fact we had a 60% deposit. Youre not misreading that we had tremendous trouble getting a bank to be a minority shareholder in our home. I was asked to list all of the childrens TV shows Ive written for, only to be told by the woman on the other end that shed not heard of any of them. I asked to be transferred to an eight year old who would be able to verify my story. I feel sorry for the plumber who rang up next and was presumably asked if hed unclogged any toilets shed be familiar with. Eventually we did get a mortgage, based entirely on my partners job in marketing. Marketing is a proper thing that people who work for banks have heard of.Worse than the banks are insurance companies. Standup comics, actors and writers reportedly already have among the highest car insurance premiums of any occupations in Britain. You could ring up and say you were a ram-raider and get a more favourable response. Weve all heard the stories of the waitress whose car insurance was found to be null and void because she had started serving behind the bar and had, therefore, misrepresented her job. So every year, I spend several hours explaining my portfolio career to bored call centre workers who could not care less. Which job will you make the most money out of in the next year? they ask. To which I reply merrily, I have no idea, psychic readings are one of the few areas of the entertainment industry Im not currently working in.To be fair to the banks and insurance companies, I guess theyre guilty of the same problem that affects all big organisations a fear of the unusual. I experienced the same thing with traditional publishing. Crime books sell well, but funny ones? Not so much, they said. Getting dismissed without anyone ever actually reading my manuscript got my back up, which is why I have added publishing company owner to my CV. Im happy to report that readers are considerably more adventurous than traditional publishers, to the tune of 20,000 sales and counting. Even that process wasnt without its problems. It took two months for me to verify who I was to my banks satisfaction. The fact that said financial institution currently holds my mortgage made this all the more frustrating. Im pretty sure if I stopped making the payments theyd remember who I was very quickly. They say if you do a job you love, you never work a day in your life. Whoever they are has clearly never had to get car insurance or a mortgage while they were self-employed. In my experience, its nothing but hard work.Caimh McDonnell is a standup comedian and author of Angels in the Moonlight . Topics Guardian Small Business Network Entrepreneurs Comedy Insurance Careers Mortgages blogposts'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/small-business-network/2017/sep/29/portfolio-career-comedy-caimh-mcdonnell'|'2017-09-29T12:00:00.000+03:00'|7145.0|''|-1.0|'' @@ -7174,7 +7174,7 @@ 7172|'2725220594c793ea4c50ec8489e59e69e56dd779'|'Aramco says IPO on track after report it is preparing for possible delay'|'September 14, 2017 / 11:16 AM / 10 minutes ago Aramco says IPO on track after report it is preparing for possible delay Reuters Staff 2 Min Read A view shows Saudi Aramco''s Manifa oilfield, Saudi Arabia January 22, 2015. Picture taken January 22, 2015. Saudi Aramco/Handout via REUTERS (Reuters) - Saudi Aramcos planned initial public offering remains on track, the company said on Thursday, after Bloomberg reported that the oil company is preparing contingency plans for a possible delay by a few months into 2019. Saudi authorities are aiming to list up to 5 percent of the worlds largest oil producer on both the Saudi stock exchange inRiyadh, the Tadawul, and one or more international markets in anIPO that could raise $100 billion (75.72 billion). The initial public offering of a stake in Saudi Aramco remains on track, said Aramco in an email. The IPO process is well under way and Saudi Aramco remains focused on ensuring that all IPO related work is completed to the very highest standards on time. Bloomberg reported on Wednesday the Saudi government is still aiming for the IPO of the state-owned oil giant in the second half of 2018, but that the timetable is getting increasingly tight for what is likely to be the biggest share sale in history. Aramco has still not chosen an international venue for the listing although New York and London are seen as leading contenders. It has hired advisers for the deal, but has not chosen global coordinators or bookrunners, banking sources have said. Reuters reported last month that Saudi Arabia favours New York for the main foreign listing of Aramco, even though some financial and legal advisers have recommended London, citing people familiar with the matter. Reporting by Yashaswini Swamynathan in Bangalore, writing by Saeed Azhar'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-aramco-ipo-delay/aramco-says-ipo-on-track-after-report-it-is-preparing-for-possible-delay-idUKKCN1BP1F5'|'2017-09-14T14:15:00.000+03:00'|7172.0|''|-1.0|'' 7173|'fd600cb818ce2ddb636da9cf2032f3cfe8cbcb1e'|'Exclusive - T-Mobile, Sprint close to agreeing deal terms: sources'|'September 22, 2017 / 11:24 AM / Updated 3 hours ago Exclusive: T-Mobile, Sprint close to agreeing on deal terms - sources Greg Roumeliotis , Arno Schuetze 5 Min Read Smartphones with the logos of T-Mobile and Sprint are seen in this illustration taken September 19, 2017. REUTERS/Dado Ruvic/Illustration (Reuters) - T-Mobile US Inc ( TMUS.O ) is close to agreeing tentative terms on a deal to merge with Sprint Corp ( S.N ), people familiar with the matter said on Friday, a major breakthrough in efforts to merge the third and fourth largest U.S. wireless carriers. The transaction would significantly consolidate the U.S. telecommunications market and represent the first transformative U.S. merger with significant antitrust risk to be agreed since the inauguration of U.S. President Donald Trump in January, testing his administrations appetite for such deals. The development follows more than four months of on-and-off talks this year between the companies, and comes as the telecommunications sector seeks ways to tackle investments in 5G technology that will greatly enhance wireless data transfer speeds. Japans SoftBank Group Corp ( 9984.T ), which controls Sprint, will own 40 to 50 percent of the combined company, while T-Mobile majority owner Deutsche Telekom ( DTEGn.DE ) will own a majority stake, two of the sources said. Once terms are finalized, due diligence by the two companies will follow and a deal is expected by the end of October, though talks may still fall through, the sources said. A merger would create a business with more than 130 million subscribers, just behind Verizon Communications Inc ( VZ.N ) and AT&T Inc ( T.N ). Revenues would top $70 billion and analysts say there would be massive scope to cut costs. Sprint shares jumped 5 percent in morning trading in New York on Friday to $8.44, giving the company a market capitalization of close to $34 billion. T-Mobile shares were up 1 percent to $64.28, giving that company a market capitalization of around $53 billion. The sources asked not to be identified because the negotiations are confidential. Sprint and Deutsche Telekom declined to comment. T-Mobile and SoftBank did not immediately respond to requests for comment. SoftBank founder Masayoshi Son abandoned an earlier attempt to acquire T-Mobile for Sprint in 2014 amid opposition from anti-trust regulators concerned that consumers could lose out. Smartphones with the logos of T-Mobile and Sprint are seen in this illustration taken September 19, 2017. REUTERS/Dado Ruvic/Illustration That deal would have put SoftBank in control of the merged company, with Deutsche Telekom becoming a minority shareholder. Since then, T-Mobile has outperformed Sprint under Chief Executive John Legere, who the sources said would lead the combined company. Earlier this month, Federal Communications Commission Chairman Ajit Pai gave a potential boost to the tie-up when he recommended in a new annual report that for the first time since 2009 the FCC has found there is effective competition in the marketplace for mobile wireless services. Slideshow (3 Images) The FCC is due on Tuesday to vote the annual report on the state of the wireless competition market and Pai may face pushback from Democrats on the commission. Son made headlines in early December when he appeared in the marble lobby of Trump Tower in New York alongside the then president-elect, dressed in a red vest and red tie nearly identical to that of the tycoon turned commander in chief. He was among the first in a series of Asian billionaires and leaders to pay tribute to Trump, who won office in November on a platform that focused on national security and protecting U.S. jobs. Sons pledge to Trump to invest $50 billion in the United States and create 50,000 jobs was light on details but spoke to the presidents election promise to boost economic growth by making deals with individual companies, rather than through complicated trade deals. Last month, Sprint CEO Marcelo Claure said an announcement on merger talks should come in the near future. Earlier this year, Sprint approached cable company Charter Communications Inc ( CHTR.O ) about a potential merger, but quickly abandoned that effort. AT&T is in the process of getting its own transformative deal, its $85.4 billion acquisition of media conglomerate Time Warner Inc ( TWX.N ) approved by U.S. regulators. Reporting by Greg Roumeliotis in New York and Arno Schuetze in Frankfurt; Additional reporting by Pamela Barbaglia in London, Douglas Busvine in Frankfurt, David Shepardson in Washington; Writing by Douglas Busvine; Editing by Bernadette Baum and Meredith Mazzilli '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-sprint-m-a-tmobile-exclusive/exclusive-t-mobile-sprint-close-to-agreeing-deal-terms-sources-idUKKCN1BX1EK'|'2017-09-22T14:25:00.000+03:00'|7173.0|''|-1.0|'' 7174|'bb1030892dec99262cc69fe43bbc9be690433543'|'Home Depot, Lowe''s start shipping emergency material to Florida ahead of hurricane'|'September 6, 2017 / 5:28 PM / 14 minutes ago Home Depot, Lowe''s start shipping emergency material to Florida ahead of hurricane Nandita Bose 3 Min Read CHICAGO, Sept 6 (Reuters) - Home improvement retailers Home Depot Inc and Lowes Inc said on Wednesday they have started shipping emergency material to Florida in anticipation of Hurricane Irma, even as they continue recovery efforts after Hurricane Harvey in Texas. Irma, which hit the Caribbean island of St. Martin on Wednesday, is expected to make landfall in Florida during the weekend but its precise trajectory remained uncertain. Irma could become the second powerful storm to thrash the U.S. mainland after Hurricane Harvey killed more than 60 people and caused as much as $180 billion in damage after hitting Texas late last month. This is unusual because we are now juggling two different storms in two different phases. One is approaching while the other market is in the recovery phase, Home Depot spokesman Matthew Harrigan told Reuters. Home Depot is following the same script preparing for Irma as it did for Harvey. The retailers merchandising and supply chain teams have previously dealt with different weather-related disasters at once, Harrigan said without giving specific examples. Before Hurricane Harvey hit Texas, the worlds largest hardware and home improvement chain activated its disaster-response plan, asked managers to freeze prices in stores around the region and move storm related merchandise to the front of the store. It followed a plan honed over many hurricane seasons to minimize disruptions, deliver essential material to affected areas and capitalize on a surge in demand for products once repairs begin. Home Depot said it takes up to two months to open stores that are hit hard by a hurricane. Both Home Depot and Lowes had activated a hurricane command center during Hurricane Harvey that is now continuing to monitor the path of Hurricane Irma and mobilizing resources such as supplies. Rival Lowes Inc said it has sent 400 truckloads of hurricane prep material including flashlights, batteries and weather radios to Florida. Analysts have said investments in logistics and supply chain by home improvement chains during a weather-related disaster typically brings about 10 to 15 times more in sales. Shares of both Home Depot and Lowes traded up nearly 2 percent on Wednesday morning. (Reporting by Nandita Bose in Chicago, Additional reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-irma-home-depot/home-depot-lowes-start-shipping-emergency-material-to-florida-ahead-of-hurricane-idUSL2N1LN1K6'|'2017-09-06T20:27:00.000+03:00'|7174.0|''|-1.0|'' -7175|'7e3ff0d6942049d90e3b40be6e8e329aa3ccef69'|'Bertelsmann not considering listing Penguin Random House - paper'|'September 9, 2017 / 5:00 PM / Updated 32 minutes ago Bertelsmann not considering listing Penguin Random House - paper Reuters Staff 2 Min Read FRANKFURT (Reuters) - Unlisted German publishing giant Bertelsmann is not considering any further large takeovers worth billions and has no plans to list its Penguin Random House (PRH) division, Chief Financial Officer Bernd Hirsch told newspaper Boersen-Zeitung. Bertelsmann raised its stake in PRH to 75 percent in July, giving it the option of listing the business after it purchased a PRH stake from rival Pearson ( PSON.L ). Asked whether Bertelsmann was seeking full control of PRH, Hirsch said: We have reached our goal of gaining 75 percent control. Buying the outstanding 25 percent stake, which is still owned by Pearson, would depend on whether Pearson approached Bertelsmann over the matter, Hirsch said. Asked whether Bertelsmann would consider listing PRH, Hirsch said: We have the IPO option. But this is not a scenario which we are thinking about. The progress already being made to transform Bertelsmann into a digital publishing company has reduced the need to raise funds via the stock market to finance further strategic change. If you think in a five-year timespan, the financing need is no longer of a magnitude where large projects need to be financed via an initial public offering, Hirsch told the paper. Bertelsmann is also not considering a sale of its Printing Group, Hirsch added. Reporting by Edward Taylor; Editing by Gareth Jones'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-bertelsmann-penguin-listing/bertelsmann-not-considering-listing-penguin-random-house-paper-idUKKCN1BK0OH'|'2017-09-09T19:38:00.000+03:00'|7175.0|''|-1.0|'' +7175|'7e3ff0d6942049d90e3b40be6e8e329aa3ccef69'|'Bertelsmann not considering listing Penguin Random House - paper'|'September 9, 2017 / 5:00 PM / Updated 32 minutes ago Bertelsmann not considering listing Penguin Random House - paper Reuters Staff 2 Min Read FRANKFURT (Reuters) - Unlisted German publishing giant Bertelsmann is not considering any further large takeovers worth billions and has no plans to list its Penguin Random House (PRH) division, Chief Financial Officer Bernd Hirsch told newspaper Boersen-Zeitung. Bertelsmann raised its stake in PRH to 75 percent in July, giving it the option of listing the business after it purchased a PRH stake from rival Pearson ( PSON.L ). Asked whether Bertelsmann was seeking full control of PRH, Hirsch said: We have reached our goal of gaining 75 percent control. Buying the outstanding 25 percent stake, which is still owned by Pearson, would depend on whether Pearson approached Bertelsmann over the matter, Hirsch said. Asked whether Bertelsmann would consider listing PRH, Hirsch said: We have the IPO option. But this is not a scenario which we are thinking about. The progress already being made to transform Bertelsmann into a digital publishing company has reduced the need to raise funds via the stock market to finance further strategic change. If you think in a five-year timespan, the financing need is no longer of a magnitude where large projects need to be financed via an initial public offering, Hirsch told the paper. Bertelsmann is also not considering a sale of its Printing Group, Hirsch added. Reporting by Edward Taylor; Editing by Gareth Jones'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-bertelsmann-penguin-listing/bertelsmann-not-considering-listing-penguin-random-house-paper-idUKKCN1BK0OH'|'2017-09-09T19:38:00.000+03:00'|7175.0|18.0|0.0|'' 7176|'599424488db3ec50182bf0fec6d9e1fc404f7eb0'|'Puerto Rico creditors call for necessary assistance for ''speedy recovery'''|'NEW YORK, Sept 27 (Reuters) - A group of creditors holding Puerto Rico COFINA bonds said on Wednesday that they hoped the island receives the necessary humanitarian and governmental assistance to allow it a speedy recovery and to ultimately strengthen the islands infrastructure for the long term.Puerto Rico, which filed the largest-ever U.S. government bankruptcy in May, is struggling to recover from Hurricane Maria which hit last week. Much of the island remains inaccessible, communication is difficult and fuel is in short supply.Since Puerto Rico filed for bankruptcy, creditor groups have litigated fiercely over who has first claim on the islands limited cash. Specifically, holders of some $17 billion in so-called COFINA debt, backed by sales tax revenue, are locked in a lawsuit with owners of $18 billion in general obligation bonds who claim entitlement to all island revenues, sales tax included.Reporting by Nick Brown and Megan Davies; Editing by Lisa Shumaker '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-puertorico-cofina/puerto-rico-creditors-call-for-necessary-assistance-for-speedy-recovery-idINL2N1M81RU'|'2017-09-27T16:19:00.000+03:00'|7176.0|''|-1.0|'' 7177|'8bd00dc607247dac4062c634af853611cae4e14d'|'EnQuest profits slide on slower Kraken oilfield ramp-up'|'September 7, 2017 / 6:46 AM / Updated 5 minutes ago EnQuest profits slide on slower Kraken oilfield ramp-up Ron Bousso 2 Min Read LONDON (Reuters) - North Sea-focused oil producer EnQuest ( ENQ.L ) on Thursday reported a sharp drop in first-half profits on lower production and delays in ramping up its flagship Kraken oilfield. EnQuests earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half of 2017 fell to $151 million million (115.73 million pounds) from $243 million a year earlier, broadly in line with the $153 million expected by analysts polled by Reuters. EnQuest kept its previous full-year production guidance, which calls for a fall of as much as 18 percent to 10 percent above or below 37,015 barrels of oil equivalent per day (boed). The London-listed companys shares have traded near a 10-month low since it forecast the fall in production due to delays in bringing Krakens floating production, storage and offloading (FPSO) vessel into operation and lower production from some of its other North Sea oilfields. Other operational issues and the lack of recent drilling in other existing fields will also impact production, it said. Reporting by Ron Bousso; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-enquest-results/enquest-profits-slide-on-slower-kraken-oilfield-ramp-up-idUKKCN1BI0PA'|'2017-09-07T09:45:00.000+03:00'|7177.0|''|-1.0|'' 7178|'01a640a51170463a67ede04b387d22e6894f99a0'|'Exclusive - Toshiba favours Bain group for chip sale; Western Digital talks stall: sources'|'September 11, 2017 / 10:35 PM / Updated 5 minutes ago Exclusive - Toshiba favours Bain group for chip sale; Western Digital talks stall: sources Taro Fuse 3 Min Read FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/Illustration/File Photo Tokyo (Reuters) - Toshiba Corp ( 6502.T ) now favours a group led by Bain Capital LP and SK Hynix Inc ( 000660.KS ) to buy its prized semiconductor business, as it failed to bridge key gaps with its business partner and rival bidder Western Digital Corp ( WDC.O ), two people briefed on the matter said on Tuesday. The Japanese conglomerate, which needs to sell the chip business to plug a huge hole in its finances, had been trying to seal a deal by Wednesday with the Western Digital group but now hopes to reach agreement with the Bain group by next week, said the sources, who declined to be identified as the talks were private. A Toshiba spokesman said the firm could not comment on details of the talks. They have already missed two deadlines by Toshibas banks, which want a deal to pump $18 billion (13.58 billion) or more into the company to pull it out of negative shareholder equity and preventing it from being delisted. A Western Digital spokeswoman also declined to comment. The Japanese unit of Bain Capital and SK Hynix could not be reached for comment outside business hours. Toshiba is desperate to sell the unit to cover billions of dollars in liabilities from its bankrupt U.S. nuclear unit Westinghouse. The board had been seeking to decide on the preferred bidder for the sale, beset by legal wrangling and revised bids, on Wednesday, people involved in the talks previously told Reuters. The 2 trillion yen (13.75 billion) bid led by Western Digital Corp ( WDC.O ) and U.S. private equity fund KKR & Co ( KKR.N ) had been in the lead, sources had previously said. But those talks snagged as Toshiba, fearing that Western Digital was angling to eventually take over the chip business, sought to control the U.S. firms stake in return for a better position in their current chipmaking joint venture, the sources said. The Bain-led group had been chosen preferred bidder in June. But those talks lapsed as Japan government investors who had been part of that consortium told Toshiba they were reluctant to close a deal in the face of the legal challenges posed by California-based Western Digital, which jointly invests in Toshibas key NAND memory plant in central Japan. Reporting by Taro Fuse; Additional reporting by Hyunjoo Jin; Writing by Makiko Yamazaki; Editing by William Mallard and Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-toshiba-accounting-exclusive/western-digital-led-group-wins-bid-for-toshiba-chip-unit-nikkan-kogyo-idUKKCN1BM2SZ'|'2017-09-12T14:44:00.000+03:00'|7178.0|''|-1.0|'' @@ -7226,7 +7226,7 @@ 7224|'327871f14f4f0f4d720dc111ac51ef4284fbfe11'|'Euro hits one-month low after worst day of 2017'|'September 26, 2017 / 12:53 AM / Updated 2 hours ago Euro slips under $1.18 to one-month low as eyes turn to Macron 4 Min Read An illustration picture shows euro coins, April 8, 2017. REUTERS/Kai Pfaffenbach LONDON (Reuters) - The euro slipped below $1.18 for the first time in over a month on Tuesday after its worst day this year, as investors worried that months of coalition talks in Germany could hit the economy and make closer euro zone integration difficult. German Chancellor Angela Merkel, who won a fourth term in elections on Sunday but now faces a tough juggling act to form a government with other parties, on Monday struck a note of caution with respect to French calls for fiscal union. French President Emmanuel Macron, who wants a fundamental overhaul of the European Unions single currency zone and whose ideas include creating a euro zone budget and a euro zone finance minister, will lay out his plans in a speech in Paris at 1300 GMT. But the results of Germanys election have forced Merkel to consider a new coalition including the liberal Free Democrats (FDP), a party critical of Macrons ideas on Europe, and investors are therefore worried the reforms that they would welcome will not end up going through. The German election was a blow for Macron too frankly, not only Merkel, said Neil Jones, Mizuhos head of hedge fund FX sales in London. EU-wide politics is on the back burner right now, in favor of domestic priorities. The euro slipped half a percent to as low as $1.1786 EUR= , its weakest since Aug. 25, after falling around 0.9 percent on Monday - its heaviest one-day loss since December. Commerzbank currency strategist Thu Lan Nguyen, in Frankfurt, said hopes for greater euro zone integration had been the main cause of a more than 10 percent appreciation by the euro against the dollar since the first round of Frances presidential election. Euro, Hong Kong dollar, U.S. dollar, Japanese yen, British pound and Chinese 100-yuan banknotes are seen in a picture illustration shot January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo The euro has been appreciating since the French elections because of the push by Macron for fiscal union, she said. There is some uncertainty (over that) in the market now against the background of the German elections. The euro faced additional pressure on Monday when European Central Bank President Mario Draghi singled out currency volatility as a source of uncertainty that required monitoring and argued that ample ECB accommodation was still needed. YELLEN IN FOCUS The dollar was flat at 111.80 yen JPY= , having earlier dipped against the Japanese currency as worries over North Korea flared up again amid an escalating war of words between it and the United States. The yen made sharp gains versus the greenback on Monday after the North Korean foreign minister said President Donald Trump had declared war on the country and that Pyongyang reserved the right to take countermeasures, including shooting down U.S. bombers even if not in its air space. The dollar index, which measures the greenback against a basket of six major currencies but is heavily skewed toward the euro, hit its highest in four weeks .DXY. Immediate focus was on what views might be expressed by Fed Chair Janet Yellen, who is due to speak in Cleveland at 1645 GMT on inflation, uncertainty, and monetary policy. New Zealand''s dollar extended the previous day''s slide and was down 0.6 percent at $0.7223 NZD=D4 , having sunk after the country''s National Party won the largest number of votes in Saturday''s election but not enough seats to govern outright. Reporting by Jemima Kelly,; Additional reporting by Shinichi Saoshiro in Tokyo,; Editing by John Stonestreet and Ed Osmond'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-forex/north-korea-risks-lift-yen-euro-struggles-near-four-week-lows-vs-dollar-idUKKCN1C1024'|'2017-09-26T11:31:00.000+03:00'|7224.0|''|-1.0|'' 7225|'ef8f50cd982748b4626f7702b26f794557dcd54c'|'EU plans to raise tax bill of online giants gather momentum'|'September 15, 2017 / 2:41 PM / Updated 6 hours ago EU plans to raise tax bill of online giants gather momentum Francesco Guarascio 4 Min Read Newly appointed French Economy minister Bruno Le Maire, arrives to attend the first cabinet meeting at the Elysee Palace in Paris, France, May 18, 2017. REUTERS/Charles Platiau TALLINN (Reuters) - Nearly one third of European Union states backed a plan to tax digital multinationals on their turnover, France said on Friday, as the EU weighs a range of other measures to increase the tax bill of companies like Google and Amazon. The moves are part of a growing campaign in the EU to claim tax revenues that online giants are accused of skirting by routing most of their profits to low tax rate states, like Ireland and Luxembourg. The digital economy should be taxed as the rest of the economy, the EU commissioner for taxation, Pierre Moscovici, told reporters upon his arrival on Friday to a meeting of euro zone and EU finance ministers in Tallinn, the Estonian capital. A report published on Thursday by influential EU lawmaker Paul Tang estimated that Google ( GOOGL.O ), which has its EU tax residence in Ireland, paid taxes not higher than 0.8 percent of its EU revenues between 2013 and 2015. Facebook ( FB.O ), also based in Ireland, had a ratio as little as 0.1 percent in the same period, while Luxembourg-based Amazon ( AMZN.O ) paid almost nothing as it reported nearly no profits. Facebook ( FB.O ) and Google ( GOOGL.O ) were not immediately available to comment on the proposals when contacted by Reuters. COMPETING PLANS Most of the 28 EU states agree in principle with more effective taxation of digital companies, but differences remain on how to move forward. A plan proposed by France to tax large digital corporations on their turnover, rather than on their profits, is gaining supporters, although still needs technical work. Frances Finance Minister Bruno Le Maire told a news conference on Friday that a total of nine countries formally joined the initiative. In addition to France, they are Germany, Italy, Spain, Austria, Bulgaria, Greece, Slovenia and Latvia. A tax on turnover would raise revenues also from companies, like Amazon ( AMZN.O ), that do not report profits, and would be likely applied quickly, a European official said. However, it would need to be made compliant with EU internal market rules. States could also apply it unilaterally, but that would expose them to a higher chance of legal challenges, the official said. Opposition from smaller states would need to be overcome, as countries like Ireland and Luxembourg may lose tax revenues from the new framework. Tax reforms in the EU need unanimity among EU states, a factor that has blocked many overhauls in the past. Estonia, who holds the EU rotating presidency, is pushing for a more structural approach. It wants the EU to agree that a company could be taxed when it is virtually present in a country, through a digital platform for instance. At the moment, businesses are taxed only in countries where they have a concrete presence, such as a plant. This change could be introduced in a review of EU rules on the tax base that are under discussion in the Parliament and among EU states. Tang plans to submit an amendment going in that direction. The European Commission, the EUs executive, said it will present in the coming days a document listing several options for moving forward. A Commission official said the document could propose five or six possible measures, including the French and the Estonian plans. He warned against risks of diverging taxation in EU states and insisted a compromise on a common set of rules should be the objective. The document will be ready for a summit of EU leaders dedicated to digital issues that will be held in Tallinn on Sept. 29, Moscovici said. Reporting by Francesco Guarascio @fraguarascio, editing by Robin Emmott '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-ecofin/nine-eu-states-back-plan-to-tax-online-giants-turnover-le-maire-idUKKCN1BQ20B'|'2017-09-15T20:45:00.000+03:00'|7225.0|''|-1.0|'' 7226|'d6817bfce18cda07f7275ef178d0b337e6145fc5'|'Fortum CEO rules out forced layoffs at Uniper in case of deal: WAZ'|'FILE PHOTO: Fortum CEO Pekka Lundmark listens during an interview at company headquarters in Espoo, Finland, March 22, 2017. REUTERS/Tuomas Forsell FRANKFURT (Reuters) - Finnish energy group Fortum ( FORTUM.HE ) ruled out forced layoffs at Uniper ( UN01.DE ) in case of a successful acquisition of E.ONs ( EONGn.DE ) 46.65 percent stake in the group, its chief executive told a German newspaper.There would be no compulsory layoffs or a relocation of the Duesseldorf headquarters, Pekka Lundmark told Westdeutsche Allgemeine Zeitung in remarks published on Tuesday. If the investment works out there wont be consequences for the employees of Uniper.The remarks come a day after Uniper boss Klaus Schaefer described as hostile an attempt by Fortum to buy the stake currently held by E.ON, which would automatically trigger a takeover offer for the whole group.Reporting by Christoph Steitz; Editing by Arno Schuetze '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-uniper-m-a-fortum-oyj/fortum-ceo-rules-out-forced-layoffs-at-uniper-in-case-of-deal-waz-idUSKCN1C11B8'|'2017-09-26T19:03:00.000+03:00'|7226.0|11.0|4.0|'' -7227|'9b02bc13f70a233fc72a3c72fa4bc7400d2447b8'|'UK''s EnQuest gets waiver on quarterly credit test as profits drop'|'September 8, 2017 / 11:26 AM / Updated 12 minutes ago UK''s EnQuest gets waiver on quarterly credit test as profits drop Reuters Staff 2 Min Read LONDON (Reuters) - Heavily indebted North Sea oil producer EnQuest ( ENQ.L ) has received a waiver on a quarterly credit review due in September after a slow ramp up of its flagship project led to a drop in earnings. London-listed EnQuest last year underwent financial restructuring to cope with low oil prices and a large spending programme to get its $2.5 billion (1.89 billion) Kraken field up and running. A slower-than-expected ramp up of the field since it started production in June led to a drop in revenue and a risk that EnQuest would breach terms of its loan covenant. EnQuests debt rose to $1.92 billion 2017. Weve received the waiver for September. We went proactively to the banks to do that, Chief Financial Officer Jonathan Swinney told analysts on Thursday. Companies regularly undergo financial stress tests, also known as a loan test, to check their ability to repay debt. The company said more quarterly waivers might be required in order to maintain its credit facility. Reporting by Ron Bousso; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-enquest-debt/uks-enquest-gets-waiver-on-quarterly-credit-test-as-profits-drop-idUKKCN1BJ1B9'|'2017-09-08T14:26:00.000+03:00'|7227.0|''|-1.0|'' +7227|'9b02bc13f70a233fc72a3c72fa4bc7400d2447b8'|'UK''s EnQuest gets waiver on quarterly credit test as profits drop'|'September 8, 2017 / 11:26 AM / Updated 12 minutes ago UK''s EnQuest gets waiver on quarterly credit test as profits drop Reuters Staff 2 Min Read LONDON (Reuters) - Heavily indebted North Sea oil producer EnQuest ( ENQ.L ) has received a waiver on a quarterly credit review due in September after a slow ramp up of its flagship project led to a drop in earnings. London-listed EnQuest last year underwent financial restructuring to cope with low oil prices and a large spending programme to get its $2.5 billion (1.89 billion) Kraken field up and running. A slower-than-expected ramp up of the field since it started production in June led to a drop in revenue and a risk that EnQuest would breach terms of its loan covenant. EnQuests debt rose to $1.92 billion 2017. Weve received the waiver for September. We went proactively to the banks to do that, Chief Financial Officer Jonathan Swinney told analysts on Thursday. Companies regularly undergo financial stress tests, also known as a loan test, to check their ability to repay debt. The company said more quarterly waivers might be required in order to maintain its credit facility. Reporting by Ron Bousso; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-enquest-debt/uks-enquest-gets-waiver-on-quarterly-credit-test-as-profits-drop-idUKKCN1BJ1B9'|'2017-09-08T14:26:00.000+03:00'|7227.0|26.0|0.0|'' 7228|'c69a12dcdea49fb1388b7a74430b0e7ef381e008'|'Exclusive: Toshiba flips back to favoring Western Digital group for chip unit sale - sources'|'September 19, 2017 / 5:37 PM / Updated 2 hours ago Exclusive: Toshiba flips back towards Western Digital group for chip unit sale - sources Kentaro Hamada , Taro Fuse 3 Min Read The logo of Toshiba Corp is seen behind cherry blossoms at the company''s headquarters in Tokyo, Japan April 11, 2017. REUTERS/Toru Hanai TOKYO (Reuters) - Toshiba Corp ( 6502.T ) is shifting back toward selling its prized semiconductor unit to a group backed by joint venture partner Western Digital Corp ( WDC.O ), people familiar with the deal said. Just days ago the Japanese firm said it was leaning toward a rival bid for the $18 billion business that includes a South Korean chipmaker. California-based Western Digital made key concessions to assure Toshiba it would not seek future control of the chip business, addressing antitrust concerns, said the sources, who asked not to be named as the discussions are private. That had turned the tide away from the bid led by U.S. private equity firm Bain Capital LP and SK Hynix Inc ( 000660.KS ). Toshiba board members are to meet Wednesday, but it was unclear whether they could reach a decision, after saying last Wednesday the company was accelerating talks with the Hynix group. That announcement marked the third time Toshiba had missed targets to sell the business - the worlds second-biggest producer of NAND memory chips. The company needs the cash to plug a giant hole in its finances left by its bankrupt U.S. nuclear unit Westinghouse Electric Corp. Toshiba and SK Hynix could not be reached outside business hours. A Western Digital spokesman declined comment. Bain Capital did not immediately respond to a request for comment. Western Digitals refusal to relinquish future ownership rights in the chip business has hindered a sale, while the rival Hynix-Bain bid was hampered by legal challenges from Western Digital, made on grounds that it would infringe Western Digitals rights in the venture with Toshiba in central Japan. The U.S. company conceded to giving up voting rights in the NAND memory business, boosting the bid it had sought along with U.S. private equity firm KKR & Co LP ( KKR.N ) and Japanese government-backed investors including the Innovation Network Corp of Japan. In the latest proposal, worth about 2 trillion yen ($18 billion), INCJ would take the lead, including a 300 billion yen equity investment, the sources said. INCJ declined to comment. KKR didnt immediately respond to a request for comment. Toshiba needs cash by March to prevent it from being delisted from the Tokyo Stock Exchange. On top of that, the semiconductor business requires huge amounts of investment, and Toshibas chip unit runs the danger of losing its competitive ability as rivals roll out big capital spending plans. ($1 = 111.5700 yen) Reporting by Kentaro Hamada, Taro Fuse and Makiko Yamazaki in Tokyo; Additional reporting by Liana B. Baker in San Francisco; editing by William Mallard and John Stonestreet '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-toshiba-sale-exclusive/exclusive-toshiba-flips-back-to-favoring-western-digital-group-for-chip-unit-sale-sources-idUSKCN1BU2EY'|'2017-09-19T20:41:00.000+03:00'|7228.0|''|-1.0|'' 7229|'7f705097a63e274c97dcce0252ef6b6de5a031be'|'Veteran Silicon Valley venture capital firm raises $1.5 billion fund'|'SAN FRANCISCO (Reuters) - Silicon Valley venture capital firm IVP on Tuesday announced the close of a $1.5 billion fund, the latest in a string of massive new venture funds that are appearing as global investors scramble for a piece of the tech boom.The firm, which was founded in 1980, plans to use the new cash for investments for late-stage, high-growth startups enterprise software, cloud computing, cyber security and social media markets, said Jules Maltz, general partner at IVP, in an interview on Friday.This gets us back to doing what we love doing, which is backing late-stage companies, Maltz said. We can celebrate a little bit but then we have to get back to business and finding new companies.With the fund, the firms 16th, IVP has now raised a cumulative $7 billion in venture capital. In the past, IVP has invested in the likes of Twitter Inc ( TWTR.N ), Snapchat parent Snap Inc ( SNAP.N ), Dropbox and Slack.The new cash comes as more venture firms raise funds of more than $1 billion, including Greylock Partners, Sapphire Ventures and New Enterprise Associates, which this year raised a $3.3 billion fund.IVP chose to limit the size of the fund so it could continue to focus its investments on companies that have about 50 employees and are generating more than $10 million in revenue but have not yet become unicorns, which are startups with valuations of more than $1 billion, Maltz said.We dont want to get too big as a fund that we have to do $50 million-minimum investments, Maltz said. Weve seen other firms raise so much capital that it changes their investment strategies.The fund comes during a tumultuous year for the venture capital and tech industries as they deal with sexism scandals that have resulted in the ouster of notable investors and executives at firms like Ignition Partners and startups like Uber and SoFi. Maltz said IVP is hoping to spend more capital on female entrepreneurs and bring more diversity to venture and tech.More diverse teams and more diverse boards lead to better company performance, Maltz said. Our returns are based on performance. We believe investing in diversity will enhance our returns.Reporting by Salvador Rodriguez; Editing by Cynthia Osterman '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-venture-ivp/veteran-silicon-valley-venture-capital-firm-raises-1-5-billion-fund-idUSKCN1C11CG'|'2017-09-26T19:13:00.000+03:00'|7229.0|''|-1.0|'' 7230|'3f295cc2744d170d431bce7b5779b07fdf5526d4'|'Expert Views: India consumer inflation accelerates to 3.36 percent in August'|'Customers buy grocery at a food superstore in Ahmedabad, October 13, 2016. REUTERS/Amit Dave/Files MUMBAI (Reuters) - Indias annual consumer inflation in August jumped to a five-month high of 3.36 percent from a year ago, driven by higher food prices, according to government data on Tuesday.The rise was higher than the 3.20 percent forecast by economists in a Reuters poll. Inflation rose to 2.36 percent in July, after falling for three straight months.COMMENTS ABHISHEK UPADHYAY, ECONOMIST, ICICI SECURITIES PRIMARY DEALERSHIP, MUMBAIInflation is largely in line with assumptions, but the key takeaway is the spike higher in core inflation to 4.6 percent.Centre HRA (housing rent allowance) hike is a driver, but GST influence has clearly been inflationary, in line with our view.That impact continues to play out in health, personal care and textiles. Interplay of these drivers coupled with adverse base could push inflation beyond 4 percent within this calendar year.But from a monetary policy perspective, the renewed move higher in core inflation is of greater consequence, particularly because it is not just on account of the technical HRA hike impact.In the context of growing risks of fiscal breaches, and with developed market central banks geared to remove accommodation as well, we continue to view a long pause from the MPC (monetary policy committee) as the most likely outcome.RADHIKA RAO, GROUP ECONOMIST, DBS, SINGAPORE Related Coverage Rising food prices push India''s August retail inflation to five-month highIndia''s core consumer price inflation seen at 4.5-4.6 percent in AugustIndia''s industrial output up 1.2 percent in JulyAugust CPI was in line with our expectations at 3.4 percent YoY, driven by the usual suspects, i.e. food pressures, along with higher housing and transport inflation.On sequential basis, such vegetables-driven uptrend usually dissipates towards Oct-Nov and we expect this to pan out this year as well.Higher core (inflation) and August headline inflation on the higher end of the central banks 2-3.5 percent target for 1H FY18 will douse any lingering expectations for an October rate cut.SHUBHADA RAO, CHIEF ECONOMIST, YES BANK, MUMBAI Apart from food and fuel all other factors contributed to the month-on-month increase in inflation with housing driving the rise.Customers buy vegetables from a stall at a market in Ahmedabad, January 12, 2016. REUTERS/Amit Dave/Files Overall inflation is walking along the indicative path with no unanticipated surprise shocks on the upside expected.Core inflation has gone up due to the government salary hikes which have started to seep into the housing index.It is critically important that the food economy is managed so that overall CPI remains in control. We do not expect any rate cuts in October.ASHTOSH DATAR, ECONOMIST, IIFL INSTITUTIONAL EQUITIES, MUMBAIInflation data is higher than my estimate for sure. Food has driven (it) up, as expectedAn employee works inside a steel rerolling mill at Chitra industrial area, on the outskirts of Bhavnagar town, in Gujarat May 28, 2011. REUTERS/Amit Dave/Files A rate cut can be expected before the end of this year if the core inflation has not risen. But (the repo rate) will be on hold if it has risen.Will stick to FY18 average CPI estimate of 3.5 percent for now.For inflation projection going ahead, the main risk is food inflation and how it shapes up given the extremely low levels we have currently.HITESH JAIN, SENIOR RESEARCH ANALYST, IIFL WEALTH MANAGEMENT, MUMBAIWere going to see a spike in most food commodities in the next two to three months, which will lead to a rise in overall headline inflation. It is very much in line with RBI expecting inflation to move higher.Theres no major inflation risk as industrial commodities prices have moved higher, oil still remains low and food inflation will move higher. I think the overall headline inflation will not breach the overall tolerance level of RBI.We are of the opinion that RBI will not deliver any rate cut this calendar year.ANJALI VERMA, ECONOMIST, PHILLIPCAPITAL INDIA, MUMBAI I think there were still a few people who were expecting rate cuts to come through. But I think with this (data), it may not happen.We are maintaining that there is no scope for further rate reduction. Core CPI going ahead is going to be 4 percent-plus. We are looking at a range of 4-4.5 percent.The main risk points one needs to watch out for inflation projections going ahead are largely fuel and commodity prices.Reporting by Suvashree Dey Choudhury, Abhirup Roy, Jessica Kuruthu, and Vishal Sridhar; Compiled by Rafael Nam '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-economy-inflation-views/expert-views-india-consumer-inflation-accelerates-to-3-36-percent-in-august-idINKCN1BN1IH'|'2017-09-12T10:28:00.000+03:00'|7230.0|''|-1.0|'' @@ -7263,7 +7263,7 @@ 7261|'e46b27878e7bf62b0ccbd037d23504fbebd90f0a'|'Go-Ahead targets overseas growth as domestic strikes hit profit'|'September 7, 2017 / 7:20 AM / Updated an hour ago Go-Ahead targets growth abroad after strikes hit UK rail arm Reuters Staff 2 Min Read (Reuters) - British transport company Go-Ahead Group ( GOG.L ) aims to make 15-20 percent of its profit abroad within five years, it said on Thursday, as it forecast further challenges at home where its Southern rail business has been hit by strikes. The company said slowing growth in passenger revenues at its rail business in southeast England was set to continue amid a squeeze on consumer incomes, cutting its profitability expectations for its rail division in its new financial year. For the year ended July 1, group operating profit fell by 7.4 percent drop to 150.6 million pounds ($196 million), hit by the strikes and one-off costs at its bus business. Go-Aheads London bus business has failed to retain some contracts in the face of increased competition. In August, the company also failed in a bid to retain its West Midlands rail franchise after running the network in central England for 10 years. It said on Thursday that international contracts would help to offset some of the impact. While it was disappointing to be unsuccessful in our bid to retain London Midland, progress in our international strategy will see some of the lost revenue from the franchise replaced with contracts in the targeted markets of Singapore bus, Dublin bus and German rail, CEO David Brown said in a statement. Go-Ahead had previously not disclosed a formal international expansion target. Jefferies analyst Alex Paterson said the new target was encouraging, retaining his buy rating on the stock. But he cut his share target price to 2,050 pence from 2,250 pence, citing a larger than expected slowdown in the companys southeast rail business. Go-Ahead shares were down 4.7 percent at 1,678 pence in early trading. The company said its results were in line with expectations, having already lowered its full-year profit forecast in February to reflect the impact of strikes on Southern railways. Reporting by Esha Vaish in Bengaluru; Editing by David Clarke and Mark Potter '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-go-ahead-group-results/go-ahead-targets-overseas-growth-as-domestic-strikes-hit-profit-idUKKCN1BI0TH'|'2017-09-07T10:19:00.000+03:00'|7261.0|''|-1.0|'' 7262|'7b91b586d55ecb51b6a10a093b670f4adcdc5aff'|'Global recovery could be derailed by policy uncertainty, protectionism risk - IMF''s Lagarde'|' 49 AM / Updated 17 minutes ago Global recovery could be derailed by policy uncertainty, protectionism risk: IMF''s Lagarde Reuters Staff 1 Min Read Managing Director Christine Lagarde of the International Monetary Fund, speaks during The 1+6 Round Table Dialogue meeting at Diaoyutai State Guesthouse September 12, 2017 in Beijing, China. REUTERS/Etienne Oliveau/Pool BEIJING (Reuters) - The global economy is recovering, but could easily be derailed by policy uncertainty and the threat of protectionism, International Monetary Fund Managing Director Christine Lagarde said in Beijing on Thursday. Lagarde and the heads of other international organizations including World Bank President Jim Yong Kim are meeting with Chinese Premier Li Keqiang on Tuesday in Beijing. Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-economy-imf/global-recovery-could-be-derailed-by-policy-uncertainty-protectionism-risk-imfs-lagarde-idUKKCN1BN0D5'|'2017-09-12T07:48:00.000+03:00'|7262.0|''|-1.0|'' 7263|'14664929ba44c1160954ee1ce027b04beb058ee5'|'Greece to stay on supervision post bailout, Eurogroup chief tells paper'|'September 23, 2017 / 8:43 AM / Updated 11 hours ago Greece to stay on supervision post bailout, Eurogroup chief tells paper Reuters Staff 2 Min Read Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem arrives at Eurozone finance ministers meeting in Brussels, Belgium July 10, 2017. REUTERS/Francois Lenoir ATHENS (Reuters) - Greece will remain under supervision after it exits its current bailout programme next year, the head of the group of euro zone finance ministers told a Greek newspaper on Saturday. Greece aims to exit its 86-billion-euro (76.1 billion) bailout, its third since its debt crisis exploded in 2010, in August next year. By then, Athens hopes to have fully returned to market financing. In all cases we have applied supervision after the completion of support programmes, as happened in Ireland, Spain, Cyprus, Jeroen Dijsselbloem told Ta Nea newspaper. We will have a supervision programme for Greece as well, especially when there are outstanding loans with long maturities, he was quoted as saying. Dijsselbloem is expected in Athens on Monday to meet Greek officials, including Finance Minister Euclid Tsakalotos. Tsakalotos has said he does not expect Greece to need a precautionary credit line from its official lenders when it exits its bailout next year. The common goal of the Greek government and its European partners must be that August 2018 will be the end of the (bailout) programme. We must ensure that Greece will be fully prepared, Dijsselbloem told the paper. He said Greeces economy is faring better after a deep, multi-year recession but reforms should continue for the remainder of the bailout programme and after August 2018. The chronic and structural problems were among the crucial factors that led Greece to the crisis, Dijsselbloem said. Reporting by George Georgiopoulos; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-greece-bailout-dijsselbloem/greece-to-stay-on-supervision-post-bailout-eurogroup-chief-tells-paper-idUKKCN1BY08I'|'2017-09-23T11:43:00.000+03:00'|7263.0|''|-1.0|'' -7264|'88d5178021c5db3a6ddbd9d824d74590ddfe4f85'|'Benetton''s Edizione sells out of Italy publishing sector: source'|'MILAN (Reuters) - Edizione, the holding company of the Benetton family, has pulled out of the Italian publishing sector by selling stakes in top financial daily Il Sole 24 Ore and publisher Caltagirone Editore ( CED.MI ), a source close to the matter said on Friday.Edizione sold its 2 percent stake in Il Sole 24 Ore and a 2.24 percent stake in Caltagirone in July, the source said.Edizione has already pulled out of Italian publisher RCS Mediagroup ( RCSM.MI ).Reporting by Claudia Cristoferi, writing by Stephen Jewkes; Editing by Isla Binnie '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-italy-publishing-benetton/benettons-edizione-sells-out-of-italy-publishing-sector-source-idINKCN1BC4KM'|'2017-09-01T08:50:00.000+03:00'|7264.0|''|-1.0|'' +7264|'88d5178021c5db3a6ddbd9d824d74590ddfe4f85'|'Benetton''s Edizione sells out of Italy publishing sector: source'|'MILAN (Reuters) - Edizione, the holding company of the Benetton family, has pulled out of the Italian publishing sector by selling stakes in top financial daily Il Sole 24 Ore and publisher Caltagirone Editore ( CED.MI ), a source close to the matter said on Friday.Edizione sold its 2 percent stake in Il Sole 24 Ore and a 2.24 percent stake in Caltagirone in July, the source said.Edizione has already pulled out of Italian publisher RCS Mediagroup ( RCSM.MI ).Reporting by Claudia Cristoferi, writing by Stephen Jewkes; Editing by Isla Binnie '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-italy-publishing-benetton/benettons-edizione-sells-out-of-italy-publishing-sector-source-idINKCN1BC4KM'|'2017-09-01T08:50:00.000+03:00'|7264.0|28.0|4.0|'' 7265|'c5d95623b68eba0b11544fe1c5408d1d34303b08'|'Russia''s En+ could launch IPO this week -sources'|'September 24, 2017 / 1:09 PM / Updated 40 minutes ago Russia''s En+ could launch IPO as soon as September 28 - sources Reuters Staff 2 Min Read LONDON/MOSCOW (Reuters) - En+ Group, which manages Russian tycoon Oleg Deripaskas aluminium and hydropower businesses, could launch its initial public offering (IPO) as soon as Sept. 28, three sources familiar with the matter told Reuters. En+ owns assets in metals and energy, including a 48 percent stake in Hong Kong-listed Russian aluminium producer Rusal ( 0486.HK ), which is a big consumer of hydroelectricity produced by companies owned by En+. Preparation for an intention-to-float announcement, which usually starts the public marketing phase of an IPO, is well under way, one of the sources said, adding that a delay was still possible, subject to final decision. En+ declined to comment. Sources told Reuters in April that the initial valuation of the business would be up to $10 billion, a level some in the industry have said is too ambitious. En+ aims to raise about $1.5 billion from the possible IPO in London, Deripaska said in June. This is now more likely to be $1 billion, two of the sources said. Chinas CEFC is considering investing in En+ as part of the IPO, industry sources told Reuters this month. (The story has been refiled to clarify the possible date of IPO launch in the headline.) Reporting by Clara Denina in London, Katya Golubkova and Polina Devitt in Moscow; Additional reporting by Anastasia Lyrchikova; Writing by Polina Devitt; Editing by David Goodman '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-russia-en-ipo/russias-en-could-launch-ipo-this-week-sources-idUKKCN1BZ0DT'|'2017-09-24T16:09:00.000+03:00'|7265.0|12.0|0.0|'' 7266|'2491741578740c325cde889d1f6428a78297db3f'|'China''s COMAC says signs 130 orders for C919 passenger jet'|'September 19, 2017 / 3:14 AM / Updated 2 hours ago China''s COMAC says signs 130 orders for C919 passenger jet Reuters Staff 1 Min Read China''s home-grown C919 passenger jet lands during its first flight at Pudong International Airport in Shanghai, Friday, May 5, 2017. China Daily/via REUTERS BEIJING (Reuters) - Chinese plane maker Commercial Aircraft Corp of China Ltd (COMAC) [CMAFC.UL] on Tuesday said it had signed 130 new orders for its C919 passenger jet with four Chinese leasing firms, after the plane took its maiden flight earlier this year. COMAC is leading Chinas efforts to become a key player in the global civil aerospace market, threatening the dominance of U.S. and European rivals Boeing Co ( BA.N ) and Airbus ( AIR.PA ). COMAC said last year that orders for its older ARJ-21 jet had reached 413 from 19 customers while its larger C919 passenger jet, which completed its long-delayed maiden flight in May, had 24 customers and 600 orders by June. Reporting by Brenda Goh, writing by Adam Jourdan; Editing by Himani Sarkar '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-comac-orders/chinas-comac-says-signs-130-orders-for-c919-passenger-jet-idUKKCN1BU096'|'2017-09-19T06:14:00.000+03:00'|7266.0|''|-1.0|'' 7267|'03779e7fcf076f6637e584edea03cc3c77415788'|'Loma Negra hires banks for U.S.-Argentina IPO as early as September: sources'|'SAO PAULO (Reuters) - Loma Negra Cia Industrial Argentina SA, the countrys largest cement producer, has hired investment banks for an initial public offering that could be launched as early as this month, according to three sources with knowledge of the plan.Parent company Intercement Brasil SA, whose businesses span from Brazil and Europe to northern Africa, wants to sell shares of Loma Negra in Argentina and New York to raise cash and cut debt, said the people, who requested anonymity to discuss the deal freely this week.Loma Negra filed for an IPO with the U.S. Securities and Exchange Commission late on Tuesday. Underwriters for the IPO include the investment banking units of Morgan Stanley & Co ( MS.N ), Banco Bradesco SA ( BBDC4.SA ), Bank of America Corp. ( BAC.N ), Citigroup Inc ( C.N ), HSBC Holdings Plc ( HSBA.L ), Ita Unibanco Holding SA ( ITUB4.SA ), according to the SEC filing.Camargo Correa SA, the industrial group that owns Intercement, has long considered a partial sale of Loma Negra as Argentina slowly lures back foreign investment with President Mauricio Macris market-friendly policies.The move also shows how Camargo Correas controlling family is battling the effects of Brazils longest recession on record, years of rampant borrowing and a corruption probe that ensnared the groups engineering unit.Proceeds from the Loma Negra IPO, which could offer as much as 30 percent of the company, will be used by Intercement to reduce its debt, which totals five times its annual earnings before interest, taxes, depreciation and amortization, one of the people said.Representatives for Intercement did not immediately comment. Newspaper Valor Economico first reported details of the IPO on Wednesday.Camargo Correa purchased Loma Negra in 2005 for $1 billion, the first in a series of acquisitions to strengthen Intercement in emerging markets. Loma Negra was founded in 1926 by Argentine businessman Alfredo Fortabat.Reuters reported in December that Camargo Correa had contacted investors over a private sale of a minority stake in Loma Negra, but talks did not bear fruit.Over the past two years, with Brazils recession and corruption scandals taking a toll on finances, Camargo Correa undertook a quick effort to downsize. It has since exited power utility CPFL Energia SA ( CPFE3.SA ) and apparel maker Alpargatas SA ( ALPA4.SA ) in 2015, fetching some $3 billion from the sales.($1 = 3.12 reais)Reporting by Tatiana Bautzer; Editing by Richard Chang '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-loma-negra-ciasa-ipo/loma-negra-hires-banks-for-u-s-argentina-ipo-as-early-as-september-sources-idINKCN1BH2YJ'|'2017-09-06T18:40:00.000+03:00'|7267.0|''|-1.0|'' @@ -7356,7 +7356,7 @@ 7354|'4991cb720e310ff665eea43f15ffcb7d1ad9f17f'|'Ryanair to cancel up to 50 flights per day ''to improve punctuality'''|'September 15, 2017 / 11:54 PM / Updated 21 hours ago Ryanair to cancel up to 50 flights per day ''to improve punctuality'' Conor Humphries 2 Min Read FILE PHOTO - Ryanair CEO Michael O''Leary attends a news conference in Rome, Italy, June 27, 2017. REUTERS/Alessandro Bianchi/File Photo DUBLIN (Reuters) - Ryanair ( RYA.I ) on Friday announced plans to cancel between 40 and 50 flights per day until the end of October, disrupting hundreds of thousands of journeys, in what it said was a bid to improve its ratio of on-time flights. The cancellations, which begin immediately, are designed to improve its system-wide punctuality which has fallen below 80 percent in the first two weeks of September, Ryanair said in a statement, describing the number of delayed flights as unacceptable to customers. If the airline cancels 40 flights per day for six weeks at a load factor of 90 percent, approximately 285,000 journeys would be affected. The Dublin-listed budget airline next week celebrates the fourth anniversary of its Always Getting Better campaign, which Chief Executive Michael OLeary has described as an effort to stop unnecessarily pissing people off. Europes largest airline by passenger numbers sent emails to the first affected passengers on Friday, giving them the choice of a refund or an alternative flight. The airline said it would waive a 40 euro (35.16 pounds) surcharge normally levied to change flights. A Reuters reporter, whose flight from Dublin to Barcelona on Sept. 18 was cancelled on Friday, was offered a choice of a surcharge of 250 euros to take an earlier flight on Sept. 18 or 60 euros to take a flight on Sept. 19. Ryanair said its on-time ratio in recent weeks had been impacted by air traffic control strikes and weather disruptions. It also said it was trying to deal with a backlog of crew leave, which must be allocated before the end of the year. While it currently calculates crew leave from April to March, regulators are forcing it to calculate it from January to December from the start of next year, it said. Reporting by Conor Humphries, Editing by Rosalba O''Brien'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ryanair-cancellation/ryanair-to-cancel-up-to-50-flights-per-day-to-improve-punctuality-idUKKCN1BQ30Z'|'2017-09-16T02:54:00.000+03:00'|7354.0|''|-1.0|'' 7355|'fe383fd3529dcc688cb008f45f48e971ce3506de'|'Deutsche Bank in $190 million currency-rigging settlement'|'NEW YORK (Reuters) - Deutsche Bank AG agreed to pay $190 million to settle U.S. litigation accusing it of rigging prices in the roughly $5.1 trillion-a-day foreign exchange market. The German lender is the 15th of 16 banks to settle the private investor litigation, for a total payout of $2.31 billion. Only Credit Suisse Group AG has not settled. Deutsche Banks preliminary settlement was detailed in filings on Friday with the U.S. District Court in Manhattan, and requires a judges approval. The bank denied wrongdoing. Troy Gravitt, a Deutsche Bank spokesman, declined to comment, as did Credit Suisse spokeswoman Nicole Sharp. Investors accused banks of conspiring to manipulate key currency benchmark rates, including the WM/Reuters Closing Spot Rates, or the Fix, by sharing confidential orders and trade information to coordinate their strategies. Manipulation was allegedly done through chat rooms with such names as The Cartel and The Mafia, and tactics known as front running, banging the close and painting the screen. The litigation followed worldwide currency-rigging probes resulting in about $10 billion in fines for several large banks. On Friday, the U.S. Federal Reserve fined HSBC Holdings Plc $175 million for failing to properly monitor currency traders. Deutsche Banks settlement is the 5th largest in the investor litigation, after settlements of $402 million with Citigroup, $384 million with Barclays, $285 million with HSBC, and $255 million with Royal Bank of Scotland. The investors law firms, Scott & Scott and Hausfeld LLP, called the Deutsche Bank accord more than reasonable given that the bank had fewer indicia of liability than others. Other banks that settled are Bank of America, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Royal Bank of Canada, Societe Generale, Standard Chartered and UBS. U.S. prosecutors have separately brought criminal charges related to currency rigging against six traders. One, Mark Johnson, who once led HSBCs global foreign exchange cash trading desk, went on trial this week in Brooklyn, New York, on wire fraud and conspiracy charges. The case is In re: Foreign Exchange Benchmark Rates Antitrust Litigation, U.S. District Court, Southern District of New York, No. 13-07789. '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/legal-deutschebank-forex-settlement/deutsche-bank-in-190-mln-currency-rigging-settlement-idUSKCN1C42KF'|'2017-09-29T19:53:00.000+03:00'|7355.0|''|-1.0|'' 7356|'049296887d6fe880d5e1c0c5ae2d542e71934e01'|'GLOBAL MARKETS-Dollar shines, Asia shares slip after Fed signals Dec rate hike'|'September 21, 2017 / 12:56 AM / Updated 8 hours ago GLOBAL MARKETS-Dollar shines, Asia shares slip after Fed signals Dec rate hike Reuters Staff * Fed policymakers expect one more rate hike this year * Dollar gains vs other major currencies on rate projections * U.S. 2-yr notes yield hit high since 2008 * Oil prices at highest since April/May on output cut hopes * European shares seen higher on euros retreat By Hideyuki Sano TOKYO, Sept 21 (Reuters) - The U.S. dollar shone while Asian shares slipped on Thursday after the U.S. Federal Reserve announced a plan to start shrinking its balance sheet and signalled one more rate hike later this year. European shares are expected to benefit from a fall in the euro against the dollar with spread betters looking at a higher opening of 0.5 percent in Germanys DAX and Frances CAC. Japans Nikkei gained 0.2 percent as a rise in U.S. bond yields lifted financial shares, while the yens fall against the dollar after the Feds decision helped exporters. The Bank of Japan, as widely expected, left its policy settings unchanged, with markets awaiting a news conference by its governor later in the day. MSCIs broadest dollar-denominated index of Asia-Pacific shares outside Japan fell 0.5 percent, with Australian shares among the hardest hit with fall of 0.8 percent. Major U.S. share indexes recovered quickly from initial losses following the Feds announcement, with the S&P 500 ending slightly higher, helped in part by gains in financials and energy shares While a rate hike is negative, the fact that the Feds confidence in the economy is strong enough to expect a rate hike can be taken as supportive of market sentiment, said Soichiro Monji, chief strategist at Daiwa SB Investments. The Feds view also prompted a rotation from tech shares into financial shares, which benefit from higher interest rates, he added. In a way, what the Fed did was not much of a surprise. From now, the markets will be focusing on individual earnings rather than macro themes, said Hisashi Iwama, senior portfolio manager at Asset Management One. As expected, the Fed said it would begin in October to trim its massive holding of U.S. Treasury bonds and mortgage-backed securities acquired in the years after the 2008 financial crisis. The Fed signalled it still expects one more interest rate hike by the end of the year, despite a recent bout of low inflation, but ratcheted down its long-term interest rate forecasts. Fed fund rate futures are now pricing in about a 65 percent chance of a rate hike by December compared to around 50 percent before the latest meeting. Markets expect the Fed move to coincide with revisions of its economic projections. The yield on two-year U.S. Treasury notes jumped to 1.451 percent, its highest level since November 2008 late on Wednesday. The 10-year U.S. Treasuries yield rose to 2.278 percent, briefly hitting a six-week high of 2.289 percent. The markets reacted to the Fed quite straightforwardly, with shorter yields rising more than long-dated bond yields. The bond markets have fairly strong conviction that low inflation and low growth will persist, said Hiroko Iwaki, senior strategist at Mizuho Securities. In the currency market, the rise in Treasury yields boosted the dollars attractiveness. The euro dropped to $1.1883 from above $1.20 just before the Feds policy announcement. Likewise the dollar jumped to 112.595 yen, a two-month high, from around 111.30. Gold also hit a three-week low of $1,296 per ounce. Oil prices flirted with multi-month highs, despite a rise in U.S. crude inventories, after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts, ahead of the planned meeting between OPEC and non-OPEC nations on Friday. Brent crude futures rose to a five-month high of $56.48 a barrel on Wednesday and last stood at $56.17, down slightly from late U.S. levels. U.S. benchmark West Texas Intermediate (WTI) crude futures hit a four-month high of $50.79 per barrel and last traded at $50.64, down slightly from the U.S. close on Wednesday. Reporting by Hideyuki Sano; Editing by Eric Meijer and Kim Coghill '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-markets/global-markets-dollar-shines-asia-shares-slip-after-fed-signals-dec-rate-hike-idUSL4N1M2021'|'2017-09-21T09:18:00.000+03:00'|7356.0|''|-1.0|'' -7357|'e609fa83de04a885d9006db4fb66a7392bc43bc0'|'GLOBAL MARKETS-Euro burns past $1.20 as ECB signals stimulus slowdown'|'* Brent oil at 3 1/2-month high* Wall Street starts slightly lower* Surprise deal to raise U.S. debt ceiling for only three months* Wall Street set for subdued start* Powers talk about North Korea situation* Graphic: World FX rates in 2017 tmsnrt.rs/2egbfVhBy Marc JonesLONDON, Sept 7 (Reuters) - The euro climbed past $1.2050 despite a verbal warning on its strength from ECB head Mario Draghi on Thursday, as the central bank flagged it was preparing to scale back its 2.3 trillion euro ($2.75 trillion) stimulus programme.Traders were left waiting after the ECBs initial statement reaffirmed its ultra-easy policy stance, but leapt on the euro as Draghi said the banks staff were looking at how to wind down its 60 billion-euro-a-month buying programme..The euro jetted as high as $1.2059 from just under $1.1975 before Draghi spoke, while European stocks saw their days gains halved at the prospect of ongoing euro strength.We will be ready for much of what we have to decide (to scale back stimulus) by October, Draghi said at the ECBs post-meeting news conference. Right now, judging the way the world is going we should be ready.Markets also benefited from relief that the U.S. Congress struck a deal on the countrys debt limit and that there had been no further ratcheting up of the North Korea crisis in Asia, though Wall Street saw a flat start with Hurricane Irma on track to hit Florida by the weekend.Canadas dollar held its gains, after a surprise interest rate rise on Wednesday reminded everyone that G7 monetary settings will not remain super-easy forever .It also showed the clear implication of policy tightening right now - the Canadian dollar surged more than 2 percent at one point to its highest levels in two years.Draghi acknowledged that that was one of the ECBs main conundrums. All the economic activity signals suggest it should take its foot off the gas - updated Eurostat figures as policymakers met confirmed the bloc saw robust growth in the second quarter.But the 13 percent surge of the euro already this year is impacting its sub-target inflation outlook, forecasts for which were trimmed by the ECB on Thursday.It is not the only issue Frankfurt is struggling with either.Swedens crown - the only northern European currency to have risen against the euro this year - fell on Thursday after its central bank said it was introducing a bigger buffer on its inflation target. That should give it more leeway on policy moves.AT THE LIMIT Wall Streets S&P 500, Dow Jones and Nasdaq indexes slipped 0.2-0.3 percent as they opened.Ahead of the restart a Labor Department report showed the number of Americans filing for unemployment benefits jumped to its highest level in more than two years last week amid a surge in applications in hurricane-ravaged Texas.Asia in contrast had been mildly risk-on overnight.Chinas yuan rose past the psychologically important 6.5 per dollar level for the first time since May 2016, MSCIs broadest index of Asia-Pacific shares gained 0.3 percent and Japans Nikkei rose 0.2 percent.South Koreas KOSPI, which has been burdened by tensions over North Korea, jumped 1.2 percent. That was its biggest gain in four months and came amid signs that major powers were talking intensively about the regions strains.South Korean President Moon Jae-in said he was having discussions with the leaders of Russia, Japan and the United States and that there would be no war on the peninsula .China said it agreed the United Nations should take more action against North Korea after its latest nuclear test. North Korea said any U.N. sanctions would be met with powerful counter measures as it again accused the U.S. of angling for war.Market sentiment had also been helped after U.S. President Donald Trump forged a surprising deal with Democrats in Congress to raise the U.S. debt limit and provide government funding until Dec. 15.There was some disappointment that the deal was so short-term. But U.S. economic data was also fairly upbeat .The deadline on the debt ceiling has been extended just by three months, so it will come back to haunt markets again later this year. Still, markets liked it as we dont have to worry about it for now, said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.Yields on U.S. Treasuries had ticked higher on the deal but were being pushed back again, along with the dollar. Ten-year paper was hovering at 2.087 just off the previous days 10-month low of 2.054 percent.Euro zone yields also fell despite the ECBs hint at reduced bond buying. Italys 10-year yield fell to 1.958 percent, its lowest since late June, with traders soothed by a comment from Draghi that the sequencing of the scale back had been set.In commodities, oil prices maintained most of this weeks strong gains as the reopening of U.S. Gulf Coast refineries improved the outlook after sharp falls caused by Hurricane Harvey.U.S. crude futures were steady at $49.05 per barrel, having gained 3.0 percent in the previous three sessions, while Brent ticked to a new 3-1/2-month high of $54.59.Traders are now shifting their focus to Hurricane Irma, ranked as one of the five most powerful Atlantic hurricanes in the last 80 years. It killed eight people on the Caribbean island of Saint Martin, left Barbuda devastated on Thursday and was expected to reach Florida at the weekend. ($1 = 0.8378 euros)Additional reporting by Hideyuki Sano in Tokyo; Editing by Toby Chopra '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-markets/global-markets-euro-burns-past-1-20-as-ecb-signals-stimulus-slowdown-idUSL8N1LO4T5'|'2017-09-07T16:50:00.000+03:00'|7357.0|''|-1.0|'' +7357|'e609fa83de04a885d9006db4fb66a7392bc43bc0'|'GLOBAL MARKETS-Euro burns past $1.20 as ECB signals stimulus slowdown'|'* Brent oil at 3 1/2-month high* Wall Street starts slightly lower* Surprise deal to raise U.S. debt ceiling for only three months* Wall Street set for subdued start* Powers talk about North Korea situation* Graphic: World FX rates in 2017 tmsnrt.rs/2egbfVhBy Marc JonesLONDON, Sept 7 (Reuters) - The euro climbed past $1.2050 despite a verbal warning on its strength from ECB head Mario Draghi on Thursday, as the central bank flagged it was preparing to scale back its 2.3 trillion euro ($2.75 trillion) stimulus programme.Traders were left waiting after the ECBs initial statement reaffirmed its ultra-easy policy stance, but leapt on the euro as Draghi said the banks staff were looking at how to wind down its 60 billion-euro-a-month buying programme..The euro jetted as high as $1.2059 from just under $1.1975 before Draghi spoke, while European stocks saw their days gains halved at the prospect of ongoing euro strength.We will be ready for much of what we have to decide (to scale back stimulus) by October, Draghi said at the ECBs post-meeting news conference. Right now, judging the way the world is going we should be ready.Markets also benefited from relief that the U.S. Congress struck a deal on the countrys debt limit and that there had been no further ratcheting up of the North Korea crisis in Asia, though Wall Street saw a flat start with Hurricane Irma on track to hit Florida by the weekend.Canadas dollar held its gains, after a surprise interest rate rise on Wednesday reminded everyone that G7 monetary settings will not remain super-easy forever .It also showed the clear implication of policy tightening right now - the Canadian dollar surged more than 2 percent at one point to its highest levels in two years.Draghi acknowledged that that was one of the ECBs main conundrums. All the economic activity signals suggest it should take its foot off the gas - updated Eurostat figures as policymakers met confirmed the bloc saw robust growth in the second quarter.But the 13 percent surge of the euro already this year is impacting its sub-target inflation outlook, forecasts for which were trimmed by the ECB on Thursday.It is not the only issue Frankfurt is struggling with either.Swedens crown - the only northern European currency to have risen against the euro this year - fell on Thursday after its central bank said it was introducing a bigger buffer on its inflation target. That should give it more leeway on policy moves.AT THE LIMIT Wall Streets S&P 500, Dow Jones and Nasdaq indexes slipped 0.2-0.3 percent as they opened.Ahead of the restart a Labor Department report showed the number of Americans filing for unemployment benefits jumped to its highest level in more than two years last week amid a surge in applications in hurricane-ravaged Texas.Asia in contrast had been mildly risk-on overnight.Chinas yuan rose past the psychologically important 6.5 per dollar level for the first time since May 2016, MSCIs broadest index of Asia-Pacific shares gained 0.3 percent and Japans Nikkei rose 0.2 percent.South Koreas KOSPI, which has been burdened by tensions over North Korea, jumped 1.2 percent. That was its biggest gain in four months and came amid signs that major powers were talking intensively about the regions strains.South Korean President Moon Jae-in said he was having discussions with the leaders of Russia, Japan and the United States and that there would be no war on the peninsula .China said it agreed the United Nations should take more action against North Korea after its latest nuclear test. North Korea said any U.N. sanctions would be met with powerful counter measures as it again accused the U.S. of angling for war.Market sentiment had also been helped after U.S. President Donald Trump forged a surprising deal with Democrats in Congress to raise the U.S. debt limit and provide government funding until Dec. 15.There was some disappointment that the deal was so short-term. But U.S. economic data was also fairly upbeat .The deadline on the debt ceiling has been extended just by three months, so it will come back to haunt markets again later this year. Still, markets liked it as we dont have to worry about it for now, said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.Yields on U.S. Treasuries had ticked higher on the deal but were being pushed back again, along with the dollar. Ten-year paper was hovering at 2.087 just off the previous days 10-month low of 2.054 percent.Euro zone yields also fell despite the ECBs hint at reduced bond buying. Italys 10-year yield fell to 1.958 percent, its lowest since late June, with traders soothed by a comment from Draghi that the sequencing of the scale back had been set.In commodities, oil prices maintained most of this weeks strong gains as the reopening of U.S. Gulf Coast refineries improved the outlook after sharp falls caused by Hurricane Harvey.U.S. crude futures were steady at $49.05 per barrel, having gained 3.0 percent in the previous three sessions, while Brent ticked to a new 3-1/2-month high of $54.59.Traders are now shifting their focus to Hurricane Irma, ranked as one of the five most powerful Atlantic hurricanes in the last 80 years. It killed eight people on the Caribbean island of Saint Martin, left Barbuda devastated on Thursday and was expected to reach Florida at the weekend. ($1 = 0.8378 euros)Additional reporting by Hideyuki Sano in Tokyo; Editing by Toby Chopra '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-markets/global-markets-euro-burns-past-1-20-as-ecb-signals-stimulus-slowdown-idUSL8N1LO4T5'|'2017-09-07T16:50:00.000+03:00'|7357.0|23.0|0.0|'' 7358|'0c68a11d4c3b5a4984974218e679e8746efb326b'|'European shares up, led by financials, health stocks; Aveva gains on Schneider deal'|'September 5, 2017 / 7:36 AM / 17 minutes ago European shares up, led by financials, health stocks; Aveva gains on Schneider deal Reuters Staff 2 Min Read General view of the Frankfurt stock exchange, Germany, June 29, 2015. REUTERS/Ralph Orlowski LONDON (Reuters) - European shares crept higher on Tuesday, brushing off geopolitical tension as attention turned to deal-making after Avevas tie-up with Schneider Electric. Financials and health stocks underpinned broader gains. The pan-European STOXX 600 index rose 0.2 percent, recovering after a three-day winning streak ended Monday, following North Korea''s sixth and most powerful nuclear test on Sunday. Euro zone blue chips .STOXX50E gained 0.3 percent. Britain''s FTSE 100 .FTSE index was up 0.3 percent and Germany''s DAX .GDAXI rose 0.4 percent. Financials were the biggest contributors to gains, recovering after the risk-off start to the week. Basic resources .SXPP was the top-gaining sector. Health stocks also helped underpin the rise, led higher by Germanys Merck KGAA ( MRCG.DE ), which said that it was considering selling its consumer health business. British mid caps .FTMC jumped 0.4 percent after shares in British engineering software firm Aveva ( AVV.L ) rocketed more than 24 percent. Aveva Electric''s ( SCHN.PA ) software business, creating a London-listed software firm worth Shares in Schneider Electric advanced 1 percent. German drugs packaging firm Gerresheimer ( GXIG.DE ) was among the biggest fallers, extending losses to trade 3.6 percent lower after Deutsche Bank downgraded the stock to hold from buy on the back of a difficult market environment. Reporting by Kit Rees, editing by Larry King'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-europe-stocks/european-shares-up-led-by-financials-health-stocks-aveva-gains-on-schneider-deal-idUKKCN1BG0TU'|'2017-09-05T10:34:00.000+03:00'|7358.0|''|-1.0|'' 7359|'be7e09fade9a5134e50f9dd1f5f377a3c3aa20fe'|'Uber says will appeal decision to strip it of licence to operate in London'|'September 22, 2017 / 10:38 AM / Updated 6 hours ago Uber says will appeal decision to strip it of licence to operate in London Reuters Staff 1 Min Read An electronic billboard advertising Uber is seen in front of an office block in London, Britain, June 28, 2017. REUTERS/Toby Melville/Files LONDON (Reuters) - Uber said it would challenge a decision by Londons transport regulator on Friday to strip it of its licence to operate from the end of the month. Transport for London said Uber, whose licence expires on Sept. 30, would be allowed to continue to operate while the appeals process was exhausted. Transport for London and the Mayor have caved in to a small number of people who want to restrict consumer choice, Uber said in a statement. We intend to immediately challenge this in the courts. Reporting by Michael Holden and Costas Pitas, writing by Kylie MacLellan, editing by Elizabeth Piper '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/uber-britain-appeal/uber-says-will-appeal-decision-to-strip-it-of-licence-to-operate-in-london-idINKCN1BX19A'|'2017-09-22T13:37:00.000+03:00'|7359.0|''|-1.0|'' 7360|'111b4035e1a06e73f3c61af7cc4815fbb15b755a'|'Peru court allows Odebrecht''s sale of Olmos to Brookfield'|'September 11, 2017 / 6:04 PM / Updated 17 minutes ago Peru court allows Odebrecht''s sale of Olmos to Brookfield Reuters Staff 1 Min Read FILE PHOTO: A sign of the Brazilian construction conglomerate Odebrecht is seen at their headquarters in Lima, Peru, January 24, 2017. REUTERS/Guadalupe Pardo/File Picture LIMA (Reuters) - An appeals court in Peru has rescinded a ban on Brazilian construction company Odebrecht SAs ODBES.UL sale of its Olmos irrigation business to a consortium led by Brookfield Infrastructure Partners LP ( BIP.N ), the office of Perus judiciary said on Monday. A lower court had blocked the sale at the request of a government attorney who has been dismissed. The appeals court said forbidding the transaction was unconstitutional and would make it harder for Peru to secure civil reparations from Odebrecht for corruption. Reporting By Mitra Taj; Editing by Phil Berlowitz'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-odebrecht-m-a-peru/peru-court-allows-odebrechts-sale-of-olmos-to-brookfield-idUSKCN1BM2BX'|'2017-09-11T20:57:00.000+03:00'|7360.0|''|-1.0|'' @@ -7372,7 +7372,7 @@ 7370|'b00fde17d2694888ca6a741b168bbd60bf2d6356'|'Western Digital offers to exit Toshiba chip bid for better JV terms: sources'|'September 5, 2017 / 10:39 AM / 38 minutes ago Western Digital offers to exit Toshiba chip bid for better JV terms: sources Reuters Staff 2 Min Read FILE PHOTO: A Western Digital Corporation hard drive is pictured here in Encinitas, California April 19, 2011. REUTERS/Mike Blake/File Photo TOKYO (Reuters) - Western Digital Corp ( WDC.O ) has offered to drop out of a bid for Toshiba Corps ( 6502.T ) lucrative semiconductor business in return for a stronger position in the two companies chip joint venture, two sources said on Tuesday. Toshiba needs to sell the chip unit to plug a giant hole in its finances caused by the failure of the conglomerates U.S. nuclear business, but the deal has snagged on such issues as antitrust concerns if the U.S. disk-drive maker were a major owner. To help close the deal, California-based Western Digital has told Toshiba it is prepared to pull out of a consortium bidding for the business in order to address such concerns, said the sources, one with direct knowledge of the transaction and one who was briefed on this development. In return, Western Digital is seeking to strengthen its position in the joint venture operations, they said. A Western Digital spokeswoman said she could not comment on details of the talks. Toshiba was not immediately available for comment outside Tokyo business hours. Toshiba and Western Digital, which jointly invest in Toshibas key plant in central Japan, failed to seal a deal by Toshibas target date last week due to disagreement over the U.S. firms future stake in the business. Reporting by Kentaro Hamada and Makiko Yamazaki; Editing by William Mallard '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-toshiba-accounting/western-digital-offers-to-exit-toshiba-chip-bid-for-better-jv-terms-sources-idUSKCN1BG1E2'|'2017-09-05T13:39:00.000+03:00'|7370.0|''|-1.0|'' 7371|'a045c8e473914921fd36141532b219f8a144815b'|'LPC: Northrop Grumman scores biggest US defense acquisition loan in 6 years'|'FILE PHOTO: The Orbital ATK Antares rocket, with the Cygnus spacecraft onboard, is seen on launch Pad-0A, at NASA''s Wallops Flight Facility in Virginia October 15, 2016. Bill Ingalls/NASA/Handout via REUTERS NEW YORK (Reuters) - Global defense and security systems company Northrop Grumman is backing its US$9.2bn purchase of aerospace and defense technology company Orbital ATK with an US$8.5bn bridge loan, the largest loan for an acquisition by an investment-grade company in the sector in six years.The 364-day senior unsecured bridge financing, which is initially provided by JP Morgan, will be replaced with a permanent financing prior to the closing of the acquisition.The deal comes just two weeks after aerospace and industrial company United Technologies Corp said it would buy avionics supplier Rockwell Collins Inc for US$30bn, including Rockwells debt, in the sectors largest-ever merger.Northrop Grummans bridge loan tops the US$6.5bn 364-day bridge financing that United Technologies launched September 6 to back its merger - the first loan backing M&A in the investment-grade aerospace arena this year - and is the largest since a US$15bn bridge that United Technologies lined up for its purchase of Goodrich Corp that was announced in September 2011, according to Thomson Reuters LPC.Northrop Grumman is acquiring junk-rated Orbital ATK for around US$7.8bn in cash plus US$1.4bn in assumed net debt.GAINING TRACTION The back-to-back deals help prop up investment-grade lending, which had been subdued much of the year by the ongoing wait for legislative action on US tax, trade and healthcare reform. In the absence of new policies well into the year, however, mergers have been gaining traction, particularly among companies eager to grow by acquisition and expecting little regulatory resistance to their tie-ups.Strategic transactions of companies with complimentary businesses that face few antitrust hurdles might still prevail regardless of the unknowns in the marketplace, said one senior banker. I wouldnt be surprised to see more, but Im not expecting it to pick up so much that we have a record year in M&A at this point in the year.Investment-grade loan issuance overall was down 10% through the end of August at US$479bn, compared with US$532bn in the same period last year, LPC data show. Bridge loan volume in that time was down 21% to US$53bn compared with US$67bn at the same time last year.With its merger, Northrop Grumman gains access to lucrative government contracts, expanding its arsenal of missile defense systems and space rockets, at a time when North Korea is testing threatening missiles and nuclear weapons, Reuters reported. Orbital has contracts with NASA and the US Army.Banks will earn about US$25m in fees for arranging the bridge loan, according to Freeman Consulting Services.Were starting to see the deal activity catch up to some of the appetite thats been telegraphed by the capital markets overall, said another senior banker.Companies this year have swiftly replaced bridge loans with longer-term permanent financing, pushing to lock in relatively low borrowing costs at a time when demand for corporate bonds remains elevated, bankers have said.Northrop Grummans acquisition is expected to close in the first half of next year.The company is rated BBB+ by S&P and Baa1 by Moodys Investors Service. Northrop Grumman said in a Monday statement that it is committed to maintaining investment-grade ratings and would use its strong cash flow to support debt reduction.The rating agencies warned of a downgrade after the all-cash acquisition was announced.Reporting by Lynn Adler; Editing By Michelle Sierra '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-northrop-acquisition-loans/northrop-grumman-scores-biggest-u-s-defense-acquisition-loan-in-six-years-idUSKCN1BT2AR'|'2017-09-18T21:05:00.000+03:00'|7371.0|''|-1.0|'' 7372|'e727ef834db6b29a7156353d4b9459424044a4c1'|'Getting it wrong, Finnish-style'|'September 1, 2017 / 9:59 AM / 30 minutes ago Getting it wrong, Finnish-style Reuters Staff 1 Min Read Souvenirs are seen as people shop at a market in Helsinki, Finland, May 3, 2017. REUTERS/Ints Kalnins HELSKINI (Reuters) - Sometimes getting an estimate wrong is a positive thing. Unexpected strength in construction and services turned initial Finnish growth estimates for the second quarter on their head on Friday. The statistics office said growth was 0.4 percent, overturning the 0.5 percent decline it announced in last months flash estimate. Annual GDP growth was revised up to 3 percent from a prior estimate of 1.6 percent.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-finland-gdp-graphic/getting-it-wrong-finnish-style-idUKKCN1BC4F9'|'2017-09-01T13:00:00.000+03:00'|7372.0|''|-1.0|'' -7373|'0cbb1fe0a8536d4d499ea9d267b9be524238ef3a'|'Rivigo is helping the Indian truck-driving industry out of a jam'|'THERE are 36 gradations in Indias archaic caste system, from the priestly to the supposedly untouchable. And then, somewhere below that, are the long-haul truck-drivers. Plying the subcontinents potholed highways for weeks at a time, few can settle into anything like a home life. Their marriage prospects are grim; venereal diseases and sore backs from sleeping in cramped cabs are but two occupational hazards. Despite an oversupplied national job market, the industry has struggled to attract the roughly 1m new drivers it needs each year to keep everything from Amazon packages to car parts moving. Can technology help?To fend off shortages, most truck owners have done precisely what economists suggest, which is to increase pay. Drivers can now command nearly 40,000 rupees ($610) a month, a decent white-collar wageand not far from double the level of trucker pay just three years ago. Rivigo, a startup based in Gurgaon, an industrial city near Delhi, is using a different road map. Since its founding in 2014, it has set up a network of 70 pitstops across India, each around 200-300km down the road from each other. From those, it organises a pan-India relay system, where drivers ply the four- to five-hour journey from their home station to the next. They then drive back to their starting point in another vehicle, and clock off in time to make it home for supper most nights. Another colleague is then responsible for driving the load to the next waypoint, and so on. 16 Administering this logistical ballet is no simple task. Clever software predicts precisely when trucks will arrive and leave pit-stops and which petrol stations they might refuel at most cheaply. A trip from Bangalore to Delhi takes eight different legs. But by keeping the truck on the road more or less permanently, it takes a mere 44 hours to cover the distance of 2,200km, compared with the 96 hours a conventional trucker would take once rest breaks, meals and so on are factored in.Rivigo claims it has no trouble hiring drivers for the roughly 2,500 trucks it now owns and operates. At a pitstop two hours south of Delhi, Naresh Kumar, a pilot, as Rivigo dubs its drivers, says he misses little from his decade of pan-India trucking before he joined the company two years ago. From being home once or twice a month, Im now home most nights, he says. Because most of Rivigos driving staff live near pitstops in rural areas between cities, it can pay them much less than truckers who live in cities and command an urban-dwellers premium. Its monthly salaries are nearer the 23,000 rupee mark.In one way Rivigos approach is unusual for a startup. It is busy accumulating assetsthose pitstop facilities and trucksat a time when asset-light platforms matching service users with existing asset-owners are all the rage. Deepak Garg, the founder, had originally mulled launching an Uber for trucking; as a former McKinsey management consultant, he might be expected to. But the plethora of small-time operators running anything from one to 20 trucks didnt bite. Their problem wasnt demand, it was finding drivers, he says.Rivigo may yet go down an Uber-like road. Mr Garg says that within a few years he wants Rivigo to be out of the business of owning its own trucks, and focused instead on organising the relay for whichever trucking firm wishes to participate in it. The pitstop network, he says, cost a mere $30m to set up, a fraction of the $115m it has raised from investors such as Warburg Pincus and SAIF Partners, two private-equity firms. Rumours are swirling of a whopping $200m investment round led by SoftBank, a Japanese telecoms and internet group, which would turn Rivigo into a rare business-to-business unicorn startup valued at over $1bn.Such a lofty valuation raises the possibility of far more competition. The concept of a relay is hardly new: the Pony Express used it to deliver mail in the American West before the advent of the telegraph. If relay is 15% cheaper than conventional trucking, as Mr Garg claims, others will cotton on. Rivigo has sped to an annual revenue of nearly $200m in just three years. DHL, a global logistics firm, has mulled a similar approach in India. Conversely, Mr Garg thinks his relay as a service concept might have applications in other parts of Indias logistics marketsor overseas.First, Rivigo will have to navigate transformation in Indias domestic logistics industry, which is worth around $300bn a year. A newly-introduced goods-and-services tax has unified what were 29 disparate states into a single market for the first time. While companies tended to need a warehouse in each state, most are now looking at fewer, bigger locations instead. That will mean larger trucks, longer journeys and less time stuck at internal borders (or paying bribes to speed through).Investors are ploughing money into the sector, and some new firms may tread on Rivigos toes. The opportunity is large, and growing, for spending on logistics is increasing at roughly double the pace of growth in GDP, which even in a bad year means double-digit increases. Mr Garg speaks of the efficiencies of the relay system with evangelical zeal. Will other firms pick up the baton? "The Indian pony express"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21729811-its-pit-stops-and-relay-system-could-elevate-low-status-truck-drivers-rivigo-helping?fsrc=rss%7Cbus'|'2017-09-30T08:00:00.000+03:00'|7373.0|''|-1.0|'' +7373|'0cbb1fe0a8536d4d499ea9d267b9be524238ef3a'|'Rivigo is helping the Indian truck-driving industry out of a jam'|'THERE are 36 gradations in Indias archaic caste system, from the priestly to the supposedly untouchable. And then, somewhere below that, are the long-haul truck-drivers. Plying the subcontinents potholed highways for weeks at a time, few can settle into anything like a home life. Their marriage prospects are grim; venereal diseases and sore backs from sleeping in cramped cabs are but two occupational hazards. Despite an oversupplied national job market, the industry has struggled to attract the roughly 1m new drivers it needs each year to keep everything from Amazon packages to car parts moving. Can technology help?To fend off shortages, most truck owners have done precisely what economists suggest, which is to increase pay. Drivers can now command nearly 40,000 rupees ($610) a month, a decent white-collar wageand not far from double the level of trucker pay just three years ago. Rivigo, a startup based in Gurgaon, an industrial city near Delhi, is using a different road map. Since its founding in 2014, it has set up a network of 70 pitstops across India, each around 200-300km down the road from each other. From those, it organises a pan-India relay system, where drivers ply the four- to five-hour journey from their home station to the next. They then drive back to their starting point in another vehicle, and clock off in time to make it home for supper most nights. Another colleague is then responsible for driving the load to the next waypoint, and so on. 16 Administering this logistical ballet is no simple task. Clever software predicts precisely when trucks will arrive and leave pit-stops and which petrol stations they might refuel at most cheaply. A trip from Bangalore to Delhi takes eight different legs. But by keeping the truck on the road more or less permanently, it takes a mere 44 hours to cover the distance of 2,200km, compared with the 96 hours a conventional trucker would take once rest breaks, meals and so on are factored in.Rivigo claims it has no trouble hiring drivers for the roughly 2,500 trucks it now owns and operates. At a pitstop two hours south of Delhi, Naresh Kumar, a pilot, as Rivigo dubs its drivers, says he misses little from his decade of pan-India trucking before he joined the company two years ago. From being home once or twice a month, Im now home most nights, he says. Because most of Rivigos driving staff live near pitstops in rural areas between cities, it can pay them much less than truckers who live in cities and command an urban-dwellers premium. Its monthly salaries are nearer the 23,000 rupee mark.In one way Rivigos approach is unusual for a startup. It is busy accumulating assetsthose pitstop facilities and trucksat a time when asset-light platforms matching service users with existing asset-owners are all the rage. Deepak Garg, the founder, had originally mulled launching an Uber for trucking; as a former McKinsey management consultant, he might be expected to. But the plethora of small-time operators running anything from one to 20 trucks didnt bite. Their problem wasnt demand, it was finding drivers, he says.Rivigo may yet go down an Uber-like road. Mr Garg says that within a few years he wants Rivigo to be out of the business of owning its own trucks, and focused instead on organising the relay for whichever trucking firm wishes to participate in it. The pitstop network, he says, cost a mere $30m to set up, a fraction of the $115m it has raised from investors such as Warburg Pincus and SAIF Partners, two private-equity firms. Rumours are swirling of a whopping $200m investment round led by SoftBank, a Japanese telecoms and internet group, which would turn Rivigo into a rare business-to-business unicorn startup valued at over $1bn.Such a lofty valuation raises the possibility of far more competition. The concept of a relay is hardly new: the Pony Express used it to deliver mail in the American West before the advent of the telegraph. If relay is 15% cheaper than conventional trucking, as Mr Garg claims, others will cotton on. Rivigo has sped to an annual revenue of nearly $200m in just three years. DHL, a global logistics firm, has mulled a similar approach in India. Conversely, Mr Garg thinks his relay as a service concept might have applications in other parts of Indias logistics marketsor overseas.First, Rivigo will have to navigate transformation in Indias domestic logistics industry, which is worth around $300bn a year. A newly-introduced goods-and-services tax has unified what were 29 disparate states into a single market for the first time. While companies tended to need a warehouse in each state, most are now looking at fewer, bigger locations instead. That will mean larger trucks, longer journeys and less time stuck at internal borders (or paying bribes to speed through).Investors are ploughing money into the sector, and some new firms may tread on Rivigos toes. The opportunity is large, and growing, for spending on logistics is increasing at roughly double the pace of growth in GDP, which even in a bad year means double-digit increases. Mr Garg speaks of the efficiencies of the relay system with evangelical zeal. Will other firms pick up the baton? "The Indian pony express"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21729811-its-pit-stops-and-relay-system-could-elevate-low-status-truck-drivers-rivigo-helping?fsrc=rss%7Cbus'|'2017-09-30T08:00:00.000+03:00'|7373.0|28.0|0.0|'' 7374|'3c13945aa04958568e19d5ad1ff96f482e4cbdc9'|'UK pay settlements stick at 2 percent, no pick-up seen - XpertHR'|'September 27, 2017 / 11:06 PM / Updated 2 hours ago UK pay settlements stick at 2 percent, no pick-up seen - XpertHR Reuters Staff 2 Min Read A pedestrian walks past an employment centre in London August 17, 2011. REUTERS/Suzanne Plunkett/File Photo LONDON (Reuters) - Major British employers gave staff an average 2 percent annual pay rise in the three months to the end of August, a sub-inflation rate that has been unchanged since the end of last year, pay analysts XpertHR said on Thursday. A pick-up in wage growth is unlikely soon as employers remain cautious in the face of political uncertainty following the Brexit vote, XpertHR said. Overall restraint remains across the economy and workers face a continued period of below-inflation pay increases, XpertHR analyst Sheila Atwood said. By contrast, the Bank of England expects wage growth to rise, prompting most of its policymakers to say that they are likely to vote in the coming months to raise interest rates for the first time in over a decade. Weak productivity and a rise in low-paid jobs have weighed on wage growth in Britain since the 2008 financial crisis while higher inflation, caused largely by last years Brexit vote, has put further pressure on households. Wage growth was particularly low in the public sector, where the government continued to impose a 1 percent pay cap on most workers although the government said this month it would relax the cap for police and prison workers. Reporting by Polina Ivanova; Editing by William Schomberg'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-wages/uk-pay-settlements-stick-at-2-percent-no-pick-up-seen-xperthr-idUKKCN1C238U'|'2017-09-28T02:07:00.000+03:00'|7374.0|''|-1.0|'' 7375|'d1b6133e8d78224ef32ee292e57531ef9ad1a5a4'|'FCA to implement European payments shake-up'|' 11:54 AM / Updated 6 hours ago FCA to implement European payments shake-up Reuters Staff 2 Min Read The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren LONDON (Reuters) - Britains financial watchdog said on Tuesday it will implement European Union rules aimed at opening the banking sector to greater competition. The Financial Conduct Authority (FCA) said the revised Payment Services Directive (PSD2), will also make payments cheaper and more secure. The changes include a requirement for banks to open up their closely-guarded customer data to other firms, which can use it to offer better services, chipping away at banks dominance and ability to cross-sell their own products. Christopher Woolard, executive director of strategy and competition at the FCA, said in a statement that firms should ensure they understand what they need to do to get ready for the new regime. The rule changes will affect banks and building societies as well as payment and e-money institutions, with fintech firms expected to benefit substantially from the changes. PSD2 has to be implemented into national law by January 2018 - more than a year before Britain leaves the European Union. Reporting by Emma Rumney; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-payments/fca-to-implement-european-payments-shake-up-idUKKCN1BU1IC'|'2017-09-19T14:54:00.000+03:00'|7375.0|''|-1.0|'' 7376|'5f7c64ce3960f45ca6a23189d6d89ce2e84c16d7'|'Moscow says Schlumberger Russian oil services deal held up by U.S sanctions - reports'|'September 2, 2017 / 9:54 AM / 3 hours ago Moscow says Schlumberger Russian oil services deal held up by U.S sanctions - reports Reuters Staff 2 Min Read MOSCOW (Reuters) - The acquisition of Russias Eurasia Drilling Co (EDC) by U.S. oilfield services giant Schlumberger ( SLB.N ) has been held up by U.S. sanctions on Russia, Russian Deputy PM Arkady Dvorkovich was quoted as saying by local news services. Schlumberger applied to the watchdog for approval to buy the stake in late July in a deal widely seen as testing the state of relations between Russia and the United States. However, since then the United States has introduced additional sanctions against Russia for its alleged meddling in the U.S. presidential elections in 2016. The sanctions restrict cooperation in the Russian energy sector. Several Russian officials, including the Natural Resources minister and the head of anti-monopoly body, have said the deal had been held up due to the political turmoil. I agree that we shouldnt sell it if in a month the company will stop working (due to sanctions), Dvorkovich was quoted as saying by RIA news agency late on Friday. Schlumberger has made no comment on the state of the deal. It is Schlumbergers second attempt to buy into EDC, and it would be the first U.S. stake in Russias oil and gas industry since sanctions were imposed on Moscow after its 2014 annexation of Crimea. In 2015, Schlumberger agreed to buy 45.65 percent of EDC for $1.7 billion (1.31 billion), but the deal fell through after the Russian anti-monopoly repeatedly postponed its approval. Reporting by Vladimir Soldatkin; Editing by Hugh Lawson'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-russia-schlumberger-sanctions/moscow-says-schlumberger-russian-oil-services-deal-held-up-by-u-s-sanctions-reports-idUKKCN1BD0C9'|'2017-09-02T12:53:00.000+03:00'|7376.0|''|-1.0|'' @@ -7412,7 +7412,7 @@ 7410|'a9086fae677cf4af8a16481b22957c6867d4564e'|'Germany urges Thyssenkrupp to reach deal with unions over Tata'|'September 14, 2017 / 3:26 PM / Updated 5 minutes ago Germany urges Thyssenkrupp to reach deal with unions over Tata Reuters Staff 2 Min Read The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company''s annual news conference in Essen, Germany, November 24, 2016. REUTERS/Wolfgang Rattay/Files BERLIN (Reuters) - Germanys Economy Minister urged management at Thyssenkrupp to seek an agreement with its workers over plans to merge the groups European steel operations with those of Indian peer Tata Steel. A joint venture with Tata Steel is the preferred option of Thyssenkrupp Chief Executive Heinrich Hiesinger to restructure the groups steel business, despite ongoing resistance from labour representatives, who fear thousands of job cuts. Such an important and strategic corporate decision should be made following intensive consultation and in consensus with labour representatives. So far, the labour side is not convinced by the decision, said Economy Minister Brigitte Zypries, a member of the Social Democrats. This leads to uncertainty among employees. That is not good for the company and the workers. Thyssenkrupps supervisory board will gather on Sept. 24, the day of Germanys general elections, to discuss the plan and the company this week said it was possible a memorandum of understanding could be announced this month. Unions will stage protests against the plans in the city of Bochum on Sept. 22. Reporting by Rene Wagner; Writing by Christoph Steitz; Editing by Elaine Hardcastle '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/thyssenkrupp-tata-steel/germany-urges-thyssenkrupp-to-reach-deal-with-unions-over-tata-idINKCN1BP27W'|'2017-09-14T18:23:00.000+03:00'|7410.0|''|-1.0|'' 7411|'984398abe4267177fdfe777cdabc90cf64b5c3ef'|'Bank of England expects 130 firms to apply for UK licences ahead of Brexit'|' 12:34 PM / Updated an hour ago Bank of England braced for 130 licence applications before Brexit Rachel Armstrong , Huw Jones , Andrew MacAskill 4 Min Read Sam Woods head of Britain''s Prudential Regulation Authority poses for a portrait in his office in London, September 26, 2017. REUTERS/Afolabi Sotunde LONDON (Reuters) - The Bank of England expects 130 financial firms from across Europe to apply for licences to continue operating in Britain after Brexit, its Deputy Governor Sam Woods said. As head of the Prudential Regulation Authority, Woods said that he will also have to decide by Christmas if branches of European Union financial firms in London must convert to subsidiaries and be directly supervised by the PRA. Woods had more than 400 responses to his call for banks to spell out their plans if Britain leaves the EU in March 2019 without new trading arrangements or a transition deal in place. Of these, the outbounds or UK based banks who want to maintain links with customers elsewhere in the EU, are more advanced in their thinking than the inbounds, or banks based elsewhere in the EU who want to continue serving UK customers. We are having to push the inbounds to move on with their thinking, Woods told the Reuters Financial Regulation Summit. We are likely to see at least 130 applications to be authorised here in the UK. Its (a) significant stretch, but I think we can do that, Woods added on Tuesday. Woods said earlier this year that branches of EU banks in London might have to apply to become subsidiaries, a costly exercise that involves building up capital and reserves locally. Related Coverage UK banks might become test bed in fight against cyber attacks Branches rely on capital held by their parent and are mainly supervised by their home regulator. Woods said on Tuesday he has two or three months left before deciding on branch conversions - barring news in coming weeks of a transition deal agreed by the EU as well as Britain. Broadly, come Christmas time, we will need to move into a different mode of receiving applications, Woods said. FILE PHOTO - A man talks on a mobile phone as people walk past the Bank of England, in London, Britain September 21, 2017. REUTERS/Mary Turner It would be unwise to rely on a transition agreement happening until there was some sense that the EU was also in favour of one, he said. Woods expects London will continue to be one of the worlds largest financial centres in the coming decades after some politicians and economists predicted the City will lose its pre-eminent status as a global hub for finance because of Brexit. He agreed with the findings of a Reuters survey published last week that around 10,000 finance jobs will be shifted out of Britain or created overseas in the next few years in the initial wave, if the UK is denied access to Europes single market. Your survey seemed to be about right, he said. The numbers I have are possibly slightly lower, but in that space. However, he said bigger moves could be in store in the future depending on the outcome of the negotiations and how finance companies adapt to building out operations overseas. Woods said any new trading relationship with Europe would likely avoid Britain being a rule taker or having to copy the blocs rules into UK law as a basis for retaining market access. It would be very unwise for us to run a major financial centre without any say over the rules, he said, adding that there will also be no attempts to deregulate either. Woods also said that British banks are on course to introduce new rules designed to protect their domestic retail customers from riskier parts of their operations by 2019. Some large banks have been lobbying for more time, saying Brexit has made the separation more complex and costly. Woods said at the moment banks were at a peak of implementing the new rules, adding it was hard surgery for them but that it was so far, so good. Follow Reuters Summits on Twitter @Reuters_Summits Reporting by Rachel Armstrong, Huw Jones and Andrew MacAskill; editing by Jane Merriman and Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-summit-regulation-woods/bank-of-england-expects-130-firms-to-apply-for-uk-licences-ahead-of-brexit-idUKKCN1C11L4'|'2017-09-26T15:43:00.000+03:00'|7411.0|''|-1.0|'' 7412|'703707e9e1134849f782e7f0c3b550a3cf2ce74b'|'RPT-Small creditors use India''s new bankruptcy rules to put the squeeze on big players'|'(This is a repeat of an item issued on Friday)By Devidutta Tripathy and Abhirup RoyMUMBAI, Sept 15 (Reuters) - In late June, one of Indias top wind power equipment makers, Inox Wind Ltd, was dragged into insolvency courts by a logistics handler over unpaid dues of $88,000. Two weeks on, the matter was settled, with dues paid off.The case illustrates how small creditors and vendors, previously at the mercy of large debtors, are now using Indias new bankruptcy code as a pressure ploy to secure payment of dues that would earlier have been all but impossible to recover.India overhauled bankruptcy laws last year with the main goal of helping banks tackle a $150-billion bad loan issue that is crimping growth in the economy.Less than a year on, insolvency professionals say it is vendors and small suppliers, also referred to as operational creditors, who are using the new rules as leverage to recover dues much more effectively than banks owed far larger sums.It is not necessarily a negative thing, but it was not the objective of the new code, said Ashish Chhawchharia, a partner at Grant Thornton who works on insolvency cases.The new rules give any creditor owed 100,000 rupees ($1,560) the right to drag a multi-billion dollar company to court.They lay out a stringent timeline for resolution, or force debtors into automatic liquidation, giving outsize influence to vendors and suppliers who would normally rank well below secured financial creditors, such as lender banks, in any bankruptcy process.But they have also stirred fears of a tsunami of cases jeopardising the plans of banks with billions of dollars at stake, and which are forced to join such proceedings.If an operational creditor initiates a process, that basically brings in unwilling financial creditors, even if they do not deem it the right time or course of action, said leading insolvency lawyer Sumant Batra.The court that handles such bankruptcy cases, the National Company Law Tribunal (NCLT), should first test the intent of any operational creditor making a bankruptcy plea, he added.NCLT has to hold an enquiry at the beginning to determine whether this has been filed only for recovery of debt, or whether this has been actually filed for a resolution or a liquidation process.ERICSSON-RCOM Swedish telecom equipment firm Ericsson became the first high-profile foreign vendor to use the tool, filing a petition this week to drag Indian telecom carrier Reliance Communications to insolvency courts over unpaid dues of $180 million.By comparison, RCom, as the company is widely known, owes nearly $7 billion to its banks, who have agreed to a standstill over its servicing obligations until year end, while the company attempts to restructure.RCom said it plans to challenge the Ericsson plea.About 1,000 insolvency petitions have been triggered since early 2017, when the first case was admitted under the new rules, but consultant EY estimates about 80 percent of these were withdrawn following out-of-court settlements.About 60 percent of the cases brought to the NCLT are initiated by operational creditors, industry estimates show.Sanjay Ruia, a Mumbai chartered accountant who took a holiday tour operator to bankruptcy court over unpaid audit and advisory fees, said the law had made it easier for creditors like himself who would formerly have struggled to recover dues.Still, many fear the arm-twisting tactics could make life tougher for secured financial creditors, who must make steep balance-sheet provisions for loans to borrower firms entangled in bankruptcy proceedings.For its part, Inox Wind, which settled the dispute with the logistics firm, remains a solvent company with excellent financial health and has been regular in servicing all commitments to its lenders, it said in a statement in July. (Reporting by Devidutta Tripathy and Abhirup Roy; Editing by Euan Rocha and Clarence Fernandez) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-bankruptcy/rpt-small-creditors-use-indias-new-bankruptcy-rules-to-put-the-squeeze-on-big-players-idINL4N1LW4QU'|'2017-09-17T13:02:00.000+03:00'|7412.0|''|-1.0|'' -7413|'294ec7c6261683c5621d0903148c5462c0844729'|'Euro zone producer prices rise slower than expected in July'|' 11 AM / in 2 minutes Euro zone producer prices rise slower than expected in July Reuters Staff 2 Min Read An employee works on the automobile assembly line of a Citroen C3 car at the PSA Peugeot Citroen plant in Poissy, near Paris, France, April 29, 2015. REUTERS/Benoit Tessier BRUSSELS (Reuters) - Euro zone producer prices grew more slowly in July than expected by markets, data from the European Unions statistics office Eurostat showed on Monday. Eurostat said prices at factory gates in the 19 countries sharing the euro were unchanged month-on-month, instead of 0.1 percent higher as expected by economists polled by Reuters, and rose 2.0 percent year-on-year, rather than the expected 2.2 percent. Month-on-month, producer prices went up for non-durable consumer goods and energy, and decreased for intermediate goods. Producer prices herald trends in consumer inflation because unless retailers and intermediaries absorb the price changes in factories, they are directly transmitted to consumers. Consumer inflation accelerated to 1.5 percent year-on-year in August from 1.3 percent in July. The European Central Bank wants to keep consumer inflation below, but close to 2 percent over the medium term. It has been buying tens of billions of euros of government bonds on the secondary market a month to flood the banking system with cash and in this way spur more credit to the economy and faster price growth, closer to its target. Next ECB policy meeting is on Thursday. Reporting By Jan Strupczewski'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-producer-prices/euro-zone-producer-prices-rise-slower-than-expected-in-july-idUKKCN1BF0Z8'|'2017-09-04T12:10:00.000+03:00'|7413.0|''|-1.0|'' +7413|'294ec7c6261683c5621d0903148c5462c0844729'|'Euro zone producer prices rise slower than expected in July'|' 11 AM / in 2 minutes Euro zone producer prices rise slower than expected in July Reuters Staff 2 Min Read An employee works on the automobile assembly line of a Citroen C3 car at the PSA Peugeot Citroen plant in Poissy, near Paris, France, April 29, 2015. REUTERS/Benoit Tessier BRUSSELS (Reuters) - Euro zone producer prices grew more slowly in July than expected by markets, data from the European Unions statistics office Eurostat showed on Monday. Eurostat said prices at factory gates in the 19 countries sharing the euro were unchanged month-on-month, instead of 0.1 percent higher as expected by economists polled by Reuters, and rose 2.0 percent year-on-year, rather than the expected 2.2 percent. Month-on-month, producer prices went up for non-durable consumer goods and energy, and decreased for intermediate goods. Producer prices herald trends in consumer inflation because unless retailers and intermediaries absorb the price changes in factories, they are directly transmitted to consumers. Consumer inflation accelerated to 1.5 percent year-on-year in August from 1.3 percent in July. The European Central Bank wants to keep consumer inflation below, but close to 2 percent over the medium term. It has been buying tens of billions of euros of government bonds on the secondary market a month to flood the banking system with cash and in this way spur more credit to the economy and faster price growth, closer to its target. Next ECB policy meeting is on Thursday. Reporting By Jan Strupczewski'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-producer-prices/euro-zone-producer-prices-rise-slower-than-expected-in-july-idUKKCN1BF0Z8'|'2017-09-04T12:10:00.000+03:00'|7413.0|27.0|0.0|'' 7414|'6cdb6b8633bdbd7f276c851802df48327d2147dd'|'Target slashes prices on thousands of items, shares falter'|'Sept 8 (Reuters) - Target Corp said on Friday that it lowered prices on thousands of items, from cereal to baby formula, further hurting retail stocks already pressured by Kroger Cos disappointing quarterly results spurred by price cuts.Target, which vowed earlier in the year to aggressively clamp down on prices to compete with rivals Wal-Mart Stores Inc and Amazon.com, said it had spent months reassessing the prices of everyday items such as milk, eggs, razors and bath tissue.The retailer, which said it would continue to offer discounts on some products in addition to the price-cuts, added that it had also eliminated more than two-thirds of its price and offer call-outs.The retailers shares were down as much as 4.7 percent in midday trading on Friday, in-line with a slump among retail stocks after Kroger reported price cuts hurting its bottom line.Target wants to make it easier for customers to spot lower prices by removing the guesswork that comes with temporary deals, Mark Tritton, Targets chief merchandising officer, said in a blog post.A-Line Partners analyst Gabriella Santaniello said the move might initially cost Target in margins, but that lower prices and fewer temporary price cuts may also drive sales volumes that could eventually offset eroding margins.At the end of the day people just want everyday lower prices and that is what Target is aiming to do.When Target first announced in February that it would cut prices and miss full-year profit estimates, its shares plunged to a 2-1/2-year low.Like Target, Kroger, the biggest U.S. supermarket company, has slashed prices on staples such as milk and eggs to fend off competition from Wal-Mart, discounters Lidl and Aldi, and the newly merged Amazon and Whole Foods Market.Amazon.coms $13.7 billion purchase of Whole Foods has the grocery industry on edge, worried that the online retail giant could upend the fresh food business in the way it did with books and electronics.Amazon last month lowered prices on some Whole Foods groceries including avocados and beef.I dont think this came out of nowhere. (Target) were clearly picking up on the signals and the consumers response to Amazon and it is clear to me Amazon encroaching on their space, A-Line Partners analyst Gabriella Santaniello said.Shares in Amazon were down 0.7 percent, while Wal-Mart was down about 2 percent and Krogers stock tumbled nearly 10 percent, hitting a 3-1/2 year low. (Reporting by Richa Naidu in Chicago and Gayathree Ganesan in Bengaluru; editing by Diane Craft) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/target-prices/target-slashes-prices-on-thousands-of-items-shares-falter-idINL2N1LP1DB'|'2017-09-08T16:03:00.000+03:00'|7414.0|''|-1.0|'' 7415|'6b0231b02b6cb83b81a47c18a26a46ca5e5dd6af'|'Ireland to repay last of IMF bailout loans to cut interest bill'|' 09 PM / Updated 4 minutes ago Ireland to repay last of IMF bailout loans to cut interest bill Padraic Halpin 2 Min Read The International Monetary Fund logo is seen during the IMF/World Bank spring meetings in Washington, U.S., April 21, 2017. REUTERS/Yuri Gripas DUBLIN (Reuters) - Ireland is to seek early repayment of 5.5 billion euros (5.03 billion) of loans taken under its 2010 EU-IMF bailout and hopes to save around 150 million euros by refinancing the money at cheaper rates, Finance Minister Paschal Donohoe said on Thursday. As part of the deal, the government plans to repay the last of its bailout debt to the International Monetary Fund of 4.5 billion euros, Donohoe said. The loans were part of a 64 billion euros EU-IMF bailout taken by Ireland after a property crash triggered a banking crisis in a bailout programme that forced the government to impose years of painful austerity. This is a sign that were putting our dark days in the past, Donohoe told reporters. The government will also seek to repay 600 million euros owed to Sweden and 400 million to Denmark in bilateral loans that were part of the bailout package. But Donohoe said he would not seek early repayment of a British bilateral bailout loan as its fixed terms would not allow for any savings. In 2014 and 2015 Ireland made similar moves to reduce the cost of its debt through the early repayment of its more expensive IMF bailout loans, replacing the debt with funds raised at cheaper market rates to save around 1.5 billion euros. In addition to interest savings, the current transaction will provide liquidity benefits and increase the ECBs purchase capacity for Irish government bonds in its quantitative easing programme, the Finance Ministry said. Ireland has been keen in recent months to issue new debt to replenish the scarce pool of Irish debt eligible for the European Central Banks bond-buying programme. The ECB cut its monthly purchases of Irish bonds earlier this year after nearing a self-imposed limit of holding 33 percent of any countrys debt, a pressure Ireland can help alleviate by issuing new eligible debt. Writing by Conor Humphries; Editing by Alison Williams'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ireland-debt/ireland-to-repay-last-of-imf-bailout-loans-to-cut-interest-bill-idUKKCN1BI1WJ'|'2017-09-07T17:09:00.000+03:00'|7415.0|''|-1.0|'' 7416|'1f2d1e6eaaf51bb162fde7d26ac19d598e194bd2'|'Spain''s to issue up to 5.25 bln euros in debt this week'|'MADRID, Sept 4 (Reuters) - Spain plans to issue up to 5.25 billion euros ($6.25 billion) in four bonds this week, including an inflation-linked paper, the Treasury said on Monday.The inflation-linked bond is due November 30, 2027 and the Treasury plans to auction between 250 million euros and 750 million euros of this paper.The Treasury will also sell between 3.5 billion and 4.5 billion euros of bonds due April 30, 2022; Oct. 31, 2027; and July 30, 2033.$1 = 0.8400 euros Reporting By Sonya Dowsett; Editing by Jess Aguado '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/spain-debt/spains-to-issue-up-to-5-25-bln-euros-in-debt-this-week-idINE8N18A02Q'|'2017-09-04T10:15:00.000+03:00'|7416.0|''|-1.0|'' @@ -7421,7 +7421,7 @@ 7419|'a2bda689902d61eca9c87be0edce8592f1620f1e'|'Nestle to cut up to 450 jobs at Galderma research center in France'|'September 21, 2017 / 9:06 AM / Updated 9 hours ago Nestle to cut jobs at French skin health R&D center Reuters Staff 2 Min Read The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. REUTERS/Pierre Albouy ZURICH (Reuters) - Nestle plans to cut up to 450 jobs at a Galderma research and development center in southern France, the Swiss company said on Thursday, as it seeks to make the underperforming skin health business more efficient. Galderma, which Nestle took over from its joint venture partner LOreal in 2014, will cut as many as 450 of 550 jobs at its R&D center in Sophia Antipolis near Nice. Vevey-based Nestle is under pressure to improve efficiency and shareholder returns after years of slowing growth and its new Chief Executive Mark Schneider is expected to unveil his strategic priorities at an investor event next week. Skin treatments have been a major part of a push by the worlds largest food maker into higher-growth and more profitable health products to counter a slowdown in its traditional food businesses, which range from KitKat chocolate bars to Perrier water. Last month Nestle said it would close a skin cream factory in Switzerland, with the potential loss of 190 jobs, and shift production elsewhere in response to a slowdown. Prescription medicines are moving away from creams towards injections or products taken orally and this shift is being reflected in changes to R&D, a Nestle spokesman said. Nestle wants to combine development of prescription medicines within a single research center, whose location has yet to be decided, where about 100 of the employees would be able to find a new job with some 300 people likely to leave. Nestle plans to review the French site over the next 12 months to decide whether specific activities can be continued. The company does not break out results for its skin health business separately, but said in July it had lower second-quarter sales volumes and pricing, hurt by a soft performance in China and pressure from generic versions of its medicines. Reporting by Silke Koltrowitz and Angelika Gruber; editing by Alexander Smith '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-nestle-galderma/nestle-to-cut-up-to-450-jobs-at-galderma-research-center-in-france-idUSKCN1BW14S'|'2017-09-21T12:05:00.000+03:00'|7419.0|6.0|0.0|'' 7420|'9777b58b6d38e5d6a8cc08105ed3a65458b1e588'|'CICC shares soar on sale of strategic stake to Tencent'|'All the benefits of Standard Digital, plus: Unlimited access to all content Instant Insights column for comment and analysis as news unfolds FT Confidential Research - in-depth China and Southeast Asia analysis ePaper - the digital replica of the printed newspaper Full access to LEX - our agenda setting daily commentary Exclusive emails, including a weekly email from our Editor, Lionel Barber Full access to EM Squared- news and analysis service on emerging markets Other Subscription options:'|'ft.com'|'http://rss.ft.com/rss/companies/banks'|'https://www.ft.com/content/83e2168a-9e9e-11e7-8cd4-932067fbf946'|'2017-09-21T12:01:00.000+03:00'|7420.0|''|-1.0|'' 7421|'89a875536098c42d2a29b67b499564f4291b46e2'|'S&P cuts China''s credit rating, citing increasing economic, financial risks'|'September 21, 2017 / 9:54 AM / Updated an hour ago S&P downgrades China, says rising debt is stoking economic, financial risks Elias Glenn 5 Min Read (Reuters) - S&P Global Ratings downgraded Chinas long-term sovereign credit rating on Thursday, less than a month ahead of one of the countrys most sensitive political gatherings, citing increasing risks from its rapid build-up of debt. S&Ps one-notch downgrade to A+ from AA- comes as Beijing grapples with the challenges of containing financial risks stemming from years of credit-fuelled stimulus to meet ambitious government economic growth targets. The downgrade reflects our assessment that a prolonged period of strong credit growth has increased Chinas economic and financial risks, S&P said in a statement, adding that the ratings outlook was stable. S&P had said in June there was a real chance of a downgrade and a decision would be made based on whether China is able to move away from a credit-driven growth strategy. The demotion follows a similar move by Moodys Investors Service in May. While S&Ps move put its China ratings on par with those of Moodys and Fitch, the timing raised eyebrows just weeks ahead of a twice-a-decade Communist Party Congress (CPC), which will see a key leadership reshuffle and the setting of policy priorities for the next five years. The downgrade is a timely reminder for the authorities that China needs to bite the bullet on some of the more painful reforms that have been left to last, namely corporate deleveraging and restructuring of state-owned companies, said Rob Subbaraman, an economist at Nomura in Singapore. The focus needs to shift from quantity to quality of growth. I hope that later this year China lowers its GDP growth target to 6 percent to 6.5 percent, or not have one at all. That would be a positive sign. The International Monetary Fund warned this year that Chinas credit growth was on a dangerous trajectory and called for decisive action, while the Bank for International Settlements said last September that excessive credit growth was signalling a banking crisis in the next three years. The IMF said in August it expected Chinas total non-financial sector debt to rise to almost 300 percent by 2022, up from 242 percent last year. While worries about Chinas sustained strong credit growth are increasing in some quarters, first-half economic growth of 6.9 percent beat expectations and some analysts said the downgrade would have little impact on financial markets. The decision was a catch-up with the other two credit agencies, instead of an initiative. Its impact on financial markets would very limited, said Ken Cheung, senior Asian FX strategist at Mizuho Bank in Hong Kong. For those invested in yuan-denominated bonds, they care more about yuan expectations. The downgrade decision is likely to have limited impact on capital inflows as well. Chinas stock markets had closed Thursday before the downgrade, and there was little reaction in the yuan currency. FILE PHOTO: Buildings are seen against blue sky after the wind dispelled dangerously high levels of air pollution in Beijing, China, December 22, 2016. REUTERS/Jason Lee/File Photo While risks are rising, S&P said the governments recent efforts to reduce corporate leverage could stabilise conditions in the medium term. However, we foresee that credit growth in the next two to three years will remain at levels that will increase financial risks gradually, S&P said. S&P also lowered Chinas short-term rating to A-1 from A-1+. It is in recognition of the reality that, concerns notwithstanding, the authorities are not planning to rein in credit growth in a forceful way, said Louis Kuijs at Oxford Economics in Hong Kong. Indeed, Chinese banks kept the taps open in August, handing out 1.09 trillion yuan ($165.40 billion), and the growth of outstanding loans was higher than expected, at 13.2 percent. MIXED PROGRESS Analysts say Chinas campaign to cut financial risks this year has had mixed success, and opinions differ widely on whether Beijing is moving fast enough, or decisively enough, to avert the risk of a debt crisis down the road. Regulators are making significant inroads in reducing interbank borrowing perhaps the most pressing risk - and have curbed some riskier types of shadow banking. But analysts agree more comprehensive structural reforms are needed. Though the pace of credit growth may be easing, new bank lending and total social financing may hit fresh records this year and continue to outstrip economic growth. A recent Reuters analysis showed corporate debt is growing faster than last year, with few companies using stronger profits to reduce debt. Chinas credit problem is the biggest problem we have ever seen in any country and probably justifies a lower rating, said Claire Dissaux, head of global economics and strategy at Millennium Global Investments in London. One element that models cannot capture is the strength of institutions, such as transparency of regulation of the banking sector and central bank independence. All that is an argument to say Chinas rating might still be too good. Related graphic reut.rs/2jNKb2N ($1=6.5902 Chinese yuan renminbi) Additional reporting Kevin Yao in Bejiing, Sujata Rao-Coverley in London, Winni Zhou and John Ruwitch in Shanghai, and the Bangalore newsroom; Editing by Kim Coghill and Clarence Fernandez '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-economy/sp-cuts-chinas-credit-rating-citing-increasing-economic-financial-risks-idINKCN1BW18S'|'2017-09-21T12:50:00.000+03:00'|7421.0|''|-1.0|'' -7422|'e8c67168f87ae705fffdf85e7b219b0e6fb65ed1'|'Japan insurer Sompo plans to sell UK unit Canopius over $909 million: source'|'TOKYO (Reuters) - Japanese insurer Sompo Holdings Inc ( 8630.T ) said on Friday it has agreed to sell British unit Sompo Canopius to private equity consortium led by Centerbridge Partners for $952 million.Sompo, one of Japans three-biggest property and casualty insurers, bought Canopius, a Lloyds of London insurance market player, for about $1 billion in 2014.Sompo has been reviewing its overseas business portfolio after completing the $6.3 billion purchase of U.S. property and casualty insurer Endurance Specialty Holdings Ltd earlier this year.In a statement, Sompo said the sale is likely to close in the first quarter of 2018, subject to regulatory approval.The insurer said it would use sale proceeds for its growth strategy, which could include overseas acquisitions.Sompo said Macquarie Capital and GC Securities were its financial advisors and Mishcon de Reya LLP was its legal advisor.Centerbridge said Royal Bank of Canada acted as its financial advisor and Freshfields Bruckhaus Deringer LLP as legal advisor.(This version of the story corrects to PE consortium, not firm, in first paragraph)Reporting by Taiga Uranaka; Editing by Himani Sarkar '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-sompo-canopius/japan-insurer-sompo-plans-to-sell-uk-unit-canopius-for-over-909-million-source-idINKCN1BC3WR'|'2017-09-01T04:10:00.000+03:00'|7422.0|''|-1.0|'' +7422|'e8c67168f87ae705fffdf85e7b219b0e6fb65ed1'|'Japan insurer Sompo plans to sell UK unit Canopius over $909 million: source'|'TOKYO (Reuters) - Japanese insurer Sompo Holdings Inc ( 8630.T ) said on Friday it has agreed to sell British unit Sompo Canopius to private equity consortium led by Centerbridge Partners for $952 million.Sompo, one of Japans three-biggest property and casualty insurers, bought Canopius, a Lloyds of London insurance market player, for about $1 billion in 2014.Sompo has been reviewing its overseas business portfolio after completing the $6.3 billion purchase of U.S. property and casualty insurer Endurance Specialty Holdings Ltd earlier this year.In a statement, Sompo said the sale is likely to close in the first quarter of 2018, subject to regulatory approval.The insurer said it would use sale proceeds for its growth strategy, which could include overseas acquisitions.Sompo said Macquarie Capital and GC Securities were its financial advisors and Mishcon de Reya LLP was its legal advisor.Centerbridge said Royal Bank of Canada acted as its financial advisor and Freshfields Bruckhaus Deringer LLP as legal advisor.(This version of the story corrects to PE consortium, not firm, in first paragraph)Reporting by Taiga Uranaka; Editing by Himani Sarkar '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-sompo-canopius/japan-insurer-sompo-plans-to-sell-uk-unit-canopius-for-over-909-million-source-idINKCN1BC3WR'|'2017-09-01T04:10:00.000+03:00'|7422.0|19.0|4.0|'' 7423|'1fffbc5ff330e21e5179bdb6bee36721bf917dfc'|'FCA warns consumers on cryptocurrency fundraisings'|' 9:26 AM / Updated 10 minutes ago FCA crypto-fundraising warning welcomed by industry Huw Jones , Jemima Kelly 4 Min Read A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration LONDON (Reuters) - Start-ups aiming to raise funds through the issuance of new digital currencies, via so-called initial coin offerings (ICOs), welcomed on Tuesday a warning on the very high risk of such investments from Britains financial watchdog. The Financial Conduct Authority (FCA) warned consumers that they must be conscious of risks involved in ICOs and should research each specific project before investing in it. ICOs are very high-risk, speculative investments, the FCA said in a written warning that fell short of last weeks outright ban on such fundraising by China. There is a good chance of losing your whole stake. ICOs are a digital form of raising funds from the public using a virtual currency, with issuers accepting bitcoin or ether in exchange for a proprietary coin or token that is related to a specific company or project and can then - in theory - be traded like other cryptocurrencies. They have provided the fuel for a rapid ascent in the value of cryptocurrencies this year that has driven worries that a crypto-bubble could be set to burst. By creating and issuing digital tokens, entrepreneurs can raise large sums quickly - sometimes hundreds of millions of dollars in minutes - with little or no regulatory oversight. But unlike conventional fundraising, token holders are generally not given any share in the particular project, nor any security. Moneymailme, a social payments app, told Reuters on Tuesday that it was going to issue an ICO in October, with an initial goal of $20 million (15.09 million). Until now, the company has managed to raise just $3 million, through conventional fundraising methods. Part of the reason for raising funds via an ICO - rather than via other means - is that it is an easier, faster way to raise money, said Mihai Ivascu, Moneymailmes founder. But he welcomed the FCAs warning. I think its very good that warnings like this are in the market, he said. We should all be willing to help authorities in creating a regulatory framework (for ICOs). EXPERIMENTAL BUSINESS MODELS Last week China banned ICOs, saying it was necessary to stop illegal fundraising and pyramid schemes, news that briefly sent the value of most cryptocurrencies tumbling. There appeared to be no negative impact on cryptocurrencies from the FCA warning on Tuesday, with both bitcoin and ether trading slightly higher on the day. The U.S. Securities and Exchange Commission also issued an investor alert in July to make investors aware of potential risks from ICOs. And in August, regulators in Singapore and Canada also cautioned investors about the sector. For the buyer, the main reason for buying these highly risky tokens is often simply a speculative bet that their value will rise - a bet that has often paid off handsomely in recent months. The FCA said the digital token issued may represent a share in a firm, a prepayment voucher for future services or in some cases offer no discernible value at all. Typically ICO projects are in a very early stage of development and their business models are experimental, it said. Most ICOs are not regulated by the FCA and many are based overseas and might not intend to use the funds raised in the way set out in marketing brochures, the watchdog said Jakob Drzazga, co-founder of Berlin-based firm Brickblock, which is building a blockchain-based marketplace, said such warnings were important in protecting consumers. Brickblock is aiming to raise $50 million in an ICO in October. (This warning) gives guidance to really research the team thats behind these ICOs and do your due diligence, which I think is really important, he said. Reporting by Huw Jones and Jemima Kelly; Additional reporting by Helen Reid; Editing by Mark Potter and Gareth Jones'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-bitcoin-regulator/fca-warns-consumers-on-cryptocurrency-fundraisings-idUKKCN1BN0XX'|'2017-09-12T12:26:00.000+03:00'|7423.0|''|-1.0|'' 7424|'c5f4f6ae2cbdaf50f55ee716f3ce28fe44c0eb01'|'Independence push in Catalonia dents appeal of Spanish bonds'|' 05 AM / Updated 16 minutes ago Independence push in Catalonia dents appeal of Spanish bonds Reuters Staff 3 Min Read A man is silhouetted in front of an Estelada (Catalan separatist flag) in Ripoll town, north of Barcelona, Spain, August 20, 2017. REUTERS/Albert Gea LONDON (Reuters) - The gap between Italian and Spanish government bonds yields held close to its tightest level in a month on Thursday, reflecting an underperformance of Spanish debt ahead of an independence vote in Catalonia. Catalonias parliament voted on Wednesday to hold an independence referendum on Oct. 1, setting up a clash with the Spanish government that has vowed to stop what it says would be an illegal vote. Polls in the northeastern region show support for self-rule waning as Spains economy improves. But the majority of Catalans want the opportunity to vote on whether to split from Spain. The increased political noise has sparked an underperformance of Spanish bonds against their southern European peers in recent weeks. On Thursday, the gap between 5-year bond yields in Italy and Spain IT5YT=TWEB ES5YT=TWEB, a gauge of how investors view relative risks, was around 47 basis points and its narrowest since early August. The gap between 10-year bond yields in Italy and Spain IT10YT=TWEB ES10YT=TWEB has narrowed 10 bps in the past two weeks, also reflecting an underperformance of Spanish bonds against Italian debt. Italian political risks have moved into the background and while everyone assumes Catalonia wont become independent, the game of chicken continues, said ING senior rates strategist Martin van Vliet. Thats why we see a modest underperformance of Spanish bonds. Spains government bond market has also underperformed the euro zones benchmark issuer, top-rated Germany. The Spanish/German 10-year yield spread was at around 110 bps on Thursday, having hit 111 bps on Wednesday -- its widest since mid-July.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-bonds-spain/independence-push-in-catalonia-dents-appeal-of-spanish-bonds-idUKKCN1BI1DO'|'2017-09-07T14:04:00.000+03:00'|7424.0|10.0|0.0|'' 7425|'816cee04f367af328fa35302adafe071b519b51d'|'Oaktree''s CEO sees room to invest in India, China ''more aggressively'''|'HONG KONG, Sept 25 (Reuters) - Oaktree Capital Group LLC sees opportunities to invest more aggressively in Chinese and Indian distressed debt as the legal and regulatory systems of the countries develop, Chief Executive Jay Wintrob said on Monday.These are countries where the legal system, the bankruptcy code, the sanctimony of the rule of law are still under development, in a very positive way, by the way, especially in China, Wintrob said at a news conference.As those institutions develop and the predictability of the outcomes, their willingness to uphold the priority of creditors vis--vis one another, you will see more opportunities to invest, to invest more aggressively.The company has invested in Chinese non-performing loans (NPLs), Japanese equities as well as Australian private equity and distressed debt, and was looking to make inroads in India. (Reporting by Elzio Barreto; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/oaktree-cap-grp-asia/oaktrees-ceo-sees-room-to-invest-in-india-china-more-aggressively-idUSL4N1M61DO'|'2017-09-25T07:54:00.000+03:00'|7425.0|''|-1.0|'' @@ -7435,8 +7435,8 @@ 7433|'a0bc8ac50f29b8a3c88c75982a96a5d009420a74'|'Union Pacific says Arkema chemical plant fire hindering line repairs'|'HOUSTON, Sept 2 (Reuters) - Union Pacific Corp said on Saturday repairs to a rail line damaged by Tropical Stormy Harvey are being hindered by a fire at an Arkema chemical plant in Crosby, Texas.The railroad said the repairs to its line between Houston and Beaumont, Texas, are one of its top priorities. However, the line runs next to the smoldering chemical plant, limiting access for its repair crews. (Reporting by Ernest Scheyder) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-harvey-union-pacific/union-pacific-says-arkema-chemical-plant-fire-hindering-line-repairs-idUSL2N1LJ0LO'|'2017-09-03T05:31:00.000+03:00'|7433.0|''|-1.0|'' 7434|'7bd3b3b45975c7f9600d210851db49ad23ae76da'|'DR Horton cuts cash flow forecast 50 percent due to hurricanes'|'FILE PHOTO: A house built by the D.R. Horton company is seen for sale in Arvada, Colorado January 24, 2017. REUTERS/Rick Wilking (Reuters) - D.R. Horton Inc ( DHI.N ), the No.1 U.S. homebuilder, drastically cut its 2017 forecast for cash flow from operations due to delays caused by the recent hurricanes, becoming the second homebuilder to say natural disasters have hurt operations.The companys shares were down 3.7 percent at $35.52 in light premarket trading on Monday.D.R. Horton, which mainly sells single-family homes, said it expected about $150 million of cash flow from operations, down from its previous forecast of about $300 million.The company said it did not expect the recent hurricanes to hurt its preliminary 2018 forecast.Earlier this month, the No.2 U.S. homebuilder Lennar Corp ( LEN.N ) said it expected hundreds of home deliveries in Florida, Georgia and South Carolina to be delayed because of Hurricane Irma that ravaged the Atlantic coast.D.R. Horton also said it expected backlog conversion to be about 85 percent for the current quarter ending Sept. 30. The company had forecast a range of 88 percent to 90 percent.Fort Worth, Texas-based D.R. Horton said it expected selling, general and administrative expenses as a percentage of homebuilding revenues to be about 8.6 percent, compared to a previous forecast of 8.3 percent to 8.4 percent.While demand for housing remains robust, there is an acute shortage of homes for sale partly due to a lack of labor, which has weighed on the housing market for about two years.Harvey and Irma could worsen the housing shortage as scarce labor is being used for the rebuilding efforts and materials are bid higher.Irma, one of the most powerful Atlantic storms on record, killed more than 80 people in the Caribbean and the United States and followed Harvey, which killed more than 80 people when it struck Texas in late August and caused massive flooding in Houston.D.R. Horton said at a RBC Capital Markets conference this month that Texas accounts for about 25 percent of the total number of homes that it sells, while Florida is about 20 percent.Reporting by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila, Bernard Orr '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-dr-horton-outlook/dr-horton-cuts-cash-flow-forecast-50-percent-due-to-hurricanes-idUSKCN1C01GS'|'2017-09-25T14:41:00.000+03:00'|7434.0|''|-1.0|'' 7435|'205681faad1823fcf539c669f6a1f23b9ff97516'|'Cenovus Energy to sell Pelican Lake assets for C$975 million'|'FILE PHOTO - President and CEO Brian Ferguson of Cenovus Energy addresses shareholders during the company''s annual general meeting in Calgary, Alberta, Canada on April 29, 2015. REUTERS/Todd Korol/File Photo (Reuters) - Canadian Natural Resources Ltd ( CNQ.TO ) said on Tuesday it has agreed to buy Cenovus Energy Incs ( CVE.TO ) Pelican Lake heavy oil operations in Alberta for C$975 million ($787 million), the companys second acquisition this year.The company has its own crude oil producing asset adjacent to the Cenovus Pelican Lake property, and both use a similar technology to boost oil recovery.Analysts said Canadian Natural paid a price that was within estimates, and the acquisition will help it reduce costs in Pelican Lake.Reuters reported last week that Canadian Natural was in advanced talks to buy the Pelican Lake assets.Canadian Natural shares opened higher and extended gains more than 1.7 percent to C$39.37 after news of the deal. By mid day, the stock had moderated gains and stood at C$39.04, up 0.8 percent.Cenovus shares were up as high as 4.2 percent at C$10.36 before trading at C$10.22, up 2.7 percent.The benchmark Canada share index was down 0.8 percent. [.GSPTSE]Canadian Natural said in March it had agreed to buy oil sands assets from Royal Dutch Shell ( RDSa.L ) and Marathon Oil Corp ( MRO.N ) for $8.5 billion.The company was among Canadian producers who snapped up assets this year from foreign oil majors who departed the region.In a separate statement on Tuesday, Cenovus said the proceeds from the Pelican Lake sale would be used to pay down debt used to fund the $13.3 billion acquisition of some assets from ConocoPhillips ( COP.N ) in March.Cenovus also said it was close to selling its Suffield oil and natural gas assets in Alberta, which could fetch between C$500 million and C$600 million. nL1N1KQ12S]CIBC Capital Markets and Barclays Capital Canada Inc were Cenovuss financial advisers. The sale is expected to close by Sept. 30.Reporting by Ahmed Farhatha in Bengaluru and Ethan Lou in Calgary, Alberta; Editing by Shounak Dasgupta and David Gregorio '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-cenovus-energy-divestiture/cenovus-energy-to-sell-pelican-lake-assets-for-c975-million-idINKCN1BG1BG'|'2017-09-05T08:22:00.000+03:00'|7435.0|''|-1.0|'' -7436|'aa1ff1f78bc049649a164eeea36f539a2d19fd24'|'U.S. consumer spending barely rises; core inflation moderates'|'A woman shops for groceries at a Whole Foods supermarket in New York May 18, 2010. REUTERS/Shannon Stapleton/Files WASHINGTON (Reuters) - U.S. consumer spending barely rose in August likely as Hurricane Harvey weighed on auto sales and annual inflation increased at its slowest pace since late 2015, pointing to a moderation in economic growth in the third quarter.The weak report from the Commerce Department on Friday did little to change expectations that the Federal Reserve would raise interest rates in December. Chair Janet Yellen said on Tuesday the Fed needed to continue gradual rate hikes despite uncertainty about the path of inflation.Consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1 percent last month also as unseasonably mild temperatures in some parts of the country reduced demand for utilities. That followed an unrevised 0.3 percent increase in July.Augusts gain in consumer spending was in line with economists expectations. When adjusted for inflation, consumer spending slipped 0.1 percent in August, the first drop since January.The government said the data reflected the effects of Hurricane Harvey. However, it could not separately quantify the total impact of Harvey on the data. It said it made adjustments to estimates where source data were not yet available or did not fully reflect the effects of the storm.The dollar fell to a session low against a basket of currencies after the data, while prices for U.S. Treasuries rose.The report was the latest suggestion that Harvey, together with Hurricane Irma, would dent economic growth in the third quarter. The economy grew at a brisk 3.1 percent annualized rate in the second quarter, with consumers doing the heavy lifting.Harvey, which tore through Texas in late August, has undercut industrial production, homebuilding and home sales. Further declines are expected after Irma slammed Florida in early September.Economists estimate the storms could slice off as much as six-tenths of a percentage point from third-quarter GDP growth. However, a pick-up in output is expected in the fourth quarter as communities ravaged by the hurricanes rebuild.TAME INFLATION Inflation remained benign in August, with the personal consumption expenditures (PCE) price index excluding food and energy rising 0.1 percent. The so-called core PCE has advanced by the same margin for four straight months.As a result, the annual increase in the core PCE price index slowed to 1.3 percent in August after advancing 1.4 percent in July. That was the smallest year-on-year increase since November 2015. The core PCE is the Feds preferred inflation measure and has a 2 percent target.The U.S. central bank signaled last week it anticipated one more interest rate increase by the end of the year. It has increased borrowing costs twice this year. Financial markets were pricing a roughly 71 percent probability of an interest rate hike in December, compared with 76 percent earlier, according to the CME FedWatch tool.Consumer spending last month was held back by a 1.1 percent decline in outlays on long-lasting goods. The Commerce Department said spending on new motor vehicles was the leading contributor to the drop in the so-called durable goods.Auto manufacturers reported that Hurricane Harvey had impacted on sales in the last week of August.Harvey also probably impacted on income in August.Personal income rose 0.2 percent last month after increasing 0.3 percent in July. Wages were unchanged after increasing 0.5 percent in July.Savings fell to $522.9 billion in August, the lowest level since December 2016, from $524.8 billion in the prior month.Reporting by Lucia Mutikani; Editing by Andrea Ricci '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-economy-spending/u-s-consumer-spending-barely-rises-core-inflation-moderates-idINKCN1C41TS'|'2017-09-29T15:59:00.000+03:00'|7436.0|''|-1.0|'' -7437|'ba8936592573b9fa8c6889656c03702fb5aaac1c'|'EU to propose stronger monitoring of UK financial firms after Brexit'|' 12:42 PM / Updated 6 hours ago EU to propose stronger monitoring of UK financial firms after Brexit Francesco Guarascio 3 Min Read Storm clouds are seen above the Canary Wharf financial district in London on August 3, 2010. REUTERS/Greg Bos BRUSSELS (Reuters) - The European Commission is set to propose on Wednesday stricter controls of foreign financial firms that do business in the EU, a move that would extend European regulators supervision over London, Europes biggest financial center, after Britain leaves the bloc. The proposal would cover all financial industries that are allowed to operate in the EU under the so-called equivalence regime, a system whereby Brussels grants access to non-EU firms that comply with rules similar to those in the bloc. After Brexit, equivalence is seen as the most likely framework for regulating the activities in the EU of British-based firms, although the countrys financial services sector is pushing for an easier access to the continents internal market. Under the draft legislative proposal, seen by Reuters, EU supervisors would increase their monitoring powers for all foreign financial services covered by equivalence decisions. This would complement earlier moves to strengthen checks on specific activities, like clearing, that infuriated Britain. EU regulators would have to regularly monitor foreign financial regulatory regimes and report to the European Commission about possible developments that could require changes or a quick revocation of an equivalence decision. At the moment regular checks are expected only for some financial service industries. Regulators would monitor regulatory, supervisory, enforcement and market developments in foreign countries with financial sector regulations equivalent to the EUs. EU supervisory authorities could also in some cases request on-site inspections as part of coordinated monitoring with foreign regulators, the draft document said. EU watchdogs will be given more staff and money to fulfil these new tasks, the proposal said. The Paris-based European Securities and Markets Authority will receive more resources because it will have to monitor more foreign regulatory regimes. The EU has so far adopted decisions that could allow equivalence status for a variety of eligible foreign sectors ranging from credit rating agencies and accounting to investment firms and insurance. The United States, China, Japan, Canada and South Korea are among the countries having reached equivalence agreements with the EU for specific financial sectors. The Commissions legislative proposal, expected to be published on Wednesday, will need the approval of EU states and European lawmakers. The draft document also set aside earlier ideas for merging the three EU financial sector regulators, which monitor markets, insurers and banks, amid the EU states wrangling over which member nation would host one of the three, the European Banking Authority, when it moves from London after Brexit. Under the proposal, the supervisors would see their powers strengthened to monitor EU firms, from funds and insurers to financial technology developers. Their increased costs will in part be met by the industry. Reporting by Francesco Guarascio; Editing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-britain-eu-regulations/eu-to-propose-stronger-monitoring-of-uk-financial-firms-after-brexit-idUKKCN1BU1ML'|'2017-09-19T15:37:00.000+03:00'|7437.0|''|-1.0|'' +7436|'aa1ff1f78bc049649a164eeea36f539a2d19fd24'|'U.S. consumer spending barely rises; core inflation moderates'|'A woman shops for groceries at a Whole Foods supermarket in New York May 18, 2010. REUTERS/Shannon Stapleton/Files WASHINGTON (Reuters) - U.S. consumer spending barely rose in August likely as Hurricane Harvey weighed on auto sales and annual inflation increased at its slowest pace since late 2015, pointing to a moderation in economic growth in the third quarter.The weak report from the Commerce Department on Friday did little to change expectations that the Federal Reserve would raise interest rates in December. Chair Janet Yellen said on Tuesday the Fed needed to continue gradual rate hikes despite uncertainty about the path of inflation.Consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1 percent last month also as unseasonably mild temperatures in some parts of the country reduced demand for utilities. That followed an unrevised 0.3 percent increase in July.Augusts gain in consumer spending was in line with economists expectations. When adjusted for inflation, consumer spending slipped 0.1 percent in August, the first drop since January.The government said the data reflected the effects of Hurricane Harvey. However, it could not separately quantify the total impact of Harvey on the data. It said it made adjustments to estimates where source data were not yet available or did not fully reflect the effects of the storm.The dollar fell to a session low against a basket of currencies after the data, while prices for U.S. Treasuries rose.The report was the latest suggestion that Harvey, together with Hurricane Irma, would dent economic growth in the third quarter. The economy grew at a brisk 3.1 percent annualized rate in the second quarter, with consumers doing the heavy lifting.Harvey, which tore through Texas in late August, has undercut industrial production, homebuilding and home sales. Further declines are expected after Irma slammed Florida in early September.Economists estimate the storms could slice off as much as six-tenths of a percentage point from third-quarter GDP growth. However, a pick-up in output is expected in the fourth quarter as communities ravaged by the hurricanes rebuild.TAME INFLATION Inflation remained benign in August, with the personal consumption expenditures (PCE) price index excluding food and energy rising 0.1 percent. The so-called core PCE has advanced by the same margin for four straight months.As a result, the annual increase in the core PCE price index slowed to 1.3 percent in August after advancing 1.4 percent in July. That was the smallest year-on-year increase since November 2015. The core PCE is the Feds preferred inflation measure and has a 2 percent target.The U.S. central bank signaled last week it anticipated one more interest rate increase by the end of the year. It has increased borrowing costs twice this year. Financial markets were pricing a roughly 71 percent probability of an interest rate hike in December, compared with 76 percent earlier, according to the CME FedWatch tool.Consumer spending last month was held back by a 1.1 percent decline in outlays on long-lasting goods. The Commerce Department said spending on new motor vehicles was the leading contributor to the drop in the so-called durable goods.Auto manufacturers reported that Hurricane Harvey had impacted on sales in the last week of August.Harvey also probably impacted on income in August.Personal income rose 0.2 percent last month after increasing 0.3 percent in July. Wages were unchanged after increasing 0.5 percent in July.Savings fell to $522.9 billion in August, the lowest level since December 2016, from $524.8 billion in the prior month.Reporting by Lucia Mutikani; Editing by Andrea Ricci '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-economy-spending/u-s-consumer-spending-barely-rises-core-inflation-moderates-idINKCN1C41TS'|'2017-09-29T15:59:00.000+03:00'|7436.0|29.0|0.0|'' +7437|'ba8936592573b9fa8c6889656c03702fb5aaac1c'|'EU to propose stronger monitoring of UK financial firms after Brexit'|' 12:42 PM / Updated 6 hours ago EU to propose stronger monitoring of UK financial firms after Brexit Francesco Guarascio 3 Min Read Storm clouds are seen above the Canary Wharf financial district in London on August 3, 2010. REUTERS/Greg Bos BRUSSELS (Reuters) - The European Commission is set to propose on Wednesday stricter controls of foreign financial firms that do business in the EU, a move that would extend European regulators supervision over London, Europes biggest financial center, after Britain leaves the bloc. The proposal would cover all financial industries that are allowed to operate in the EU under the so-called equivalence regime, a system whereby Brussels grants access to non-EU firms that comply with rules similar to those in the bloc. After Brexit, equivalence is seen as the most likely framework for regulating the activities in the EU of British-based firms, although the countrys financial services sector is pushing for an easier access to the continents internal market. Under the draft legislative proposal, seen by Reuters, EU supervisors would increase their monitoring powers for all foreign financial services covered by equivalence decisions. This would complement earlier moves to strengthen checks on specific activities, like clearing, that infuriated Britain. EU regulators would have to regularly monitor foreign financial regulatory regimes and report to the European Commission about possible developments that could require changes or a quick revocation of an equivalence decision. At the moment regular checks are expected only for some financial service industries. Regulators would monitor regulatory, supervisory, enforcement and market developments in foreign countries with financial sector regulations equivalent to the EUs. EU supervisory authorities could also in some cases request on-site inspections as part of coordinated monitoring with foreign regulators, the draft document said. EU watchdogs will be given more staff and money to fulfil these new tasks, the proposal said. The Paris-based European Securities and Markets Authority will receive more resources because it will have to monitor more foreign regulatory regimes. The EU has so far adopted decisions that could allow equivalence status for a variety of eligible foreign sectors ranging from credit rating agencies and accounting to investment firms and insurance. The United States, China, Japan, Canada and South Korea are among the countries having reached equivalence agreements with the EU for specific financial sectors. The Commissions legislative proposal, expected to be published on Wednesday, will need the approval of EU states and European lawmakers. The draft document also set aside earlier ideas for merging the three EU financial sector regulators, which monitor markets, insurers and banks, amid the EU states wrangling over which member nation would host one of the three, the European Banking Authority, when it moves from London after Brexit. Under the proposal, the supervisors would see their powers strengthened to monitor EU firms, from funds and insurers to financial technology developers. Their increased costs will in part be met by the industry. Reporting by Francesco Guarascio; Editing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-britain-eu-regulations/eu-to-propose-stronger-monitoring-of-uk-financial-firms-after-brexit-idUKKCN1BU1ML'|'2017-09-19T15:37:00.000+03:00'|7437.0|28.0|0.0|'' 7438|'678c7764eae3a9fc65cf689904615f757f599a5f'|'Federal Reserve says fined HSBC $175 million for unsafe forex trades'|'FILE PHOTO: A branch of HSBC Bank is pictured in Cairo, Egypt July 30, 2017. REUTERS/Mohamed Abd El Ghany WASHINGTON (Reuters) - The Federal Reserve on Friday fined HSBC Holdings PLC ( HSBA.L ) $175 million for unsafe and unsound practices in its foreign exchange trading business, the latest in a series of fines for banks failures to prevent market manipulation.HSBC failed to monitor chatrooms where traders swapped information about investment positions, the U.S. central bank said, echoing findings by other regulators investigating the $5 trillion-a-day forex market.The board levied the fine for deficiencies in HSBCs oversight of and internal controls over FX traders, the Fed said in a statement.The fine follows others of more than $4.3 billion levied by the U.S. Commodity Futures Trading Commission and Britains Financial Conduct Authority on six banks including HSBC in November 2014.We are pleased to have resolved this matter, a spokesman for HSBC in London said by phone.Authorities accused dealers of sharing confidential information about client orders and coordinating trades to boost their own profits. The foreign exchange benchmark they allegedly manipulated is used by asset managers and corporate treasurers to value their holdings.The Feds enforcement action also requires HSBC to improve its controls and compliance risk management concerning the firms FX trading, the Fed said.Reporting by Patrick Rucker; additional reporting by Lawrence White in London; editing by G Crosse and Elaine Hardcastle '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-hsbc-fed-fine/federal-reserve-says-fined-hsbc-175-million-for-unsafe-forex-trades-idUSKCN1C4283'|'2017-09-29T18:12:00.000+03:00'|7438.0|''|-1.0|'' 7439|'c170186209f3c7e5ea595eaf62c02a8cd21cbada'|'UPDATE 1-Lotte Shopping picks Goldman to manage sales of supermarkets in China'|'* Not decided if Lotte will sell all or part of stores in China * Most Lotte stores in China remain shut amid political tensions (Adds share price, background) SEOUL, Sept 14 (Reuters) - South Korea''s Lotte Shopping has picked Goldman Sachs to manage the sale of its supermarkets in China, after most of them were shut down amid political tensions between the two countries. It has not been decided whether the retailer will sell all its China supermarkets or part of them, a Lotte official said. Of Lotte''s 99 Mart stores in China, 74 were shut down by fire authorities over safety violations such as boxes blocking exit doors. Another 13 stores were shut down because of difficult business conditions. China has pressured South Korean businesses via boycotts and bans since Seoul decided last year to deploy a U.S.-made missile defence system as a deterrent to nuclear-armed North Korea. Beijing says the system''s radar can penetrate far into its territory. Lotte Group, South Korea''s No.5 conglomerate, has been among the hardest hit companies after it handed over land in southern South Korea so the Terminal High Altitude Area Defense (THAAD) system could be installed there. Lotte has injected a total of 70 billion won ($62 million)into Mart stores in China to support the loss-making operations. Lotte Shopping previously said it was considering selling its supermarkets in China and other options should political tensions between the countries continue next year. Seoul deployed four more THAAD launchers last week, just days after Pyongyang conducted its sixth nuclear test. Lotte Shopping shares closed down 2 percent prior to the news, versus the wider market that was up 0.7 percent. ($1 = 1,131.4700 won) (Reporting by Hyunjoo Jin; Editing by Himani Sarkar) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/lotte-shopping-china/update-1-lotte-shopping-picks-goldman-to-manage-sales-of-supermarkets-in-china-idINL4N1LV36W'|'2017-09-14T06:24:00.000+03:00'|7439.0|''|-1.0|'' 7440|'3246a8b275e8f309cc110b2dd24403841528602c'|'''Biggest ever'' EU budget overhang casts shadow on Brexit bill'|'BRUSSELS (Reuters) - The overhang of delayed payments yet to be made from the EU budget reached its highest ever level last year, the EU auditor said on Thursday, highlighting an ominous turn as Britain haggles over its Brexit bill.The 28 current member states, including Britain, committed to pay nearly 1 trillion euros ($1.2 trillion) over the period between 2014 and 2020, the current EU budgetary period. But delays in some of the projects and programmes that draw down those funds mean that a hefty 239 billion euros remains unspent.Known by the French term reste a liquider or RAL, this overhang pushes into the next seven-year budget. But EU Brexit negotiator Michel Barnier said that Britain is refusing to settle bills beyond 2020. Prime Minister Theresa May made that concession to pay beyond Brexit in March 2019 only last Friday in a speech in Florence aimed at unblocking talks.Barnier insists Britain will owe a share of all outstanding obligations the Union has entered into while Britain has been a member. Some of those may not be paid out for years.Publishing its annual report on Union finances, the European Court of Auditors warned that the total payments the EU is committed to making from future budgets were higher than ever.It urged officials to make a priority of clearing the backlog, which stood at 217 billion euros at the end of 2015. But it rose by 10 percent over the course of last year.Calculating a British share of the reste a liquider could be one of the toughest tasks for negotiators. Typically Britain has contributed around 15 percent of the EUs receipts. Brussels has estimated the total Brexit bill could be around 60 billion euros -- a figure dismissed by Mays government as outrageous.Part of that sum, due in March 2019, would include roughly 20 billion euros for the 2019 and 2020 budget years. But if Britain stays in the single market for a transition over that period, it may not have to pay those amounts up front.However, the EU will still want Britain to pay a share of the reste a liquider beyond 2020, as well as funds to cover, for example, the future pensions of EU staff who have earned pension rights during the by then 46 years of British EU membership.Reporting by Francesco Guarascio; Editing by Alastair Macdonald and Matthew Mpoke Bigg '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/britain-eu-budget/biggest-ever-eu-budget-overhang-casts-shadow-on-brexit-bill-idINKCN1C32VS'|'2017-09-28T17:18:00.000+03:00'|7440.0|''|-1.0|'' @@ -7473,14 +7473,14 @@ 7471|'530fe0b7c97e73bbd910d66e23ec984341ac5b76'|'Mazda to make hybrid, electric cars by early 2030s - Kyodo'|' 36 AM / 6 minutes ago Mazda to make hybrid, electric cars by early 2030s: Kyodo Reuters Staff 1 Min Read Mazda Motor''s logo is pictured at its news conference in Tokyo, Japan August 8, 2017. REUTERS/Kim Kyung-Hoon TOKYO (Reuters) - Mazda Motor Corp plans to make its vehicle models electric-based, including petrol hybrids, by the early 2030s, Japans Kyodo News reported on Friday. A Mazda spokeswoman declined to comment on the report. Mazda does not sell any all-battery electric vehicles at the moment, however, it markets a hybrid model. Last month, the auto manufacturer said it has developed an ultra-efficient petrol engine, which can be used in hybrid models, and plans to incorporate that in its cars from 2019 onwards. Reporting by Naomi Tajitsu; Editing by Sherry Jacob-Phillips'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-mazda-electric/mazda-to-make-hybrid-electric-cars-by-early-2030s-kyodo-idUKKCN1BQ0B7'|'2017-09-15T06:36:00.000+03:00'|7471.0|''|-1.0|'' 7472|'1febd5c6034e84c8b97645b4bee74a87bab2ac98'|'DB11 drives Aston Martin back into black in first half of year'|'The Aston Martin logo is seen at a car repair workshop in Beijing, China June 19, 2017. REUTERS/Thomas Peter/Files LONDON (Reuters) - Aston Martin reported its first half-yearly profit in almost a decade on Friday as sales of the new DB11 model put the luxury British carmaker on the road to recovery.The 104-year old firm posted a record pre-tax profit of 21.1 million pounds ($27 million) in the first six months of the year, its first since 2008, compared with a 82.3 million pound loss last year.Aston, famed for making the sports car driven by fictional secret agent James Bond, has benefited from surging sales with volumes rising 67 percent to 2,439 vehicles, spurred on by the new DB11 model.Its the big uptick in volume ... plus were getting much higher specifications on these cars, Chief Financial Officer Mark Wilson told Reuters.The carmaker expects full-year volumes to rise by around a third to roughly 5,000 cars and Wilson said it is increasingly possible that the firm will post a full-year pre-tax profit this year, which would be its first since 2010.Demand was at a low last year as the firm was still selling its range of older models ahead of the release of several new cars designed to boost volumes and its appeal.The automaker, owned mainly by Kuwaiti and Italian investors, is implementing a turnaround plan which could propel it towards a stock market flotation by the end of the decade.Following media speculation earlier this year, Chief Executive Andy Palmer said a number of options were open to shareholders but declined to provide a timeframe for any decision.They could sell to other private equity, they could sell to other luxury groups, they could sell to other OEMs (carmakers). They have a whole raft of possibilities, of which one is an IPO, he told Reuters.BREXIT RISKS But the car industry is concerned that Britains exit from the European Union in 2019 could harm its recent success with any tariffs and border checks jeopardising sales and risking the viability of plants.Palmer said the firm has ploughed resources into boosting its market share in the United States and Japan since the June 23 referendum last year to mitigate against any risks around the 15 percent of sales currently made to the EU.We decided to invest money in marketing in the U.S, he said.We are trying to give a push in the U.S. to increase our market share there, increase our volumes there (and) therefore decrease our reliance on Europe, he told Reuters. To some extent, that would be true also of Japan.The firm also suffered a setback earlier this year as it had to recall 1,658 Vantage sports cars and 2,244 DB11 coupe models.Some Vantage cars are affected by a transmission issue whereby the gears can change outside of the drivers control, whilst the tyre pressure mounting system is incorrectly set in the DB11, according to the Driver and Vehicle Standards Agency.The cost of the Vantage recall is in the low hundreds of thousands and changes to the DB11 will be less expensive, the firm said on Friday.Reporting by Costas Pitas; Editing by Keith Weir and David Evans '|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/astonmartin-results/db11-drives-aston-martin-back-into-black-in-first-half-of-year-idINKCN1B5205'|'2017-08-25T13:56:00.000+03:00'|7472.0|''|-1.0|'' 7473|'97af8dc434c4792ae5c5a365b3b140b5fa8509a6'|'EU eyes solo move to increase tax on online giants, risking U.S. anger'|' 12:20 PM / Updated 3 hours ago EU eyes solo move to increase tax on online giants, risking U.S. anger Francesco Guarascio 4 Min Read The Google logo is shown reflected on an adjacent office building in Irvine, California, U.S. August 7, 2017. REUTERS/Mike Blake BRUSSELS (Reuters) - The European Commission said on Thursday it may seek to implement tax reform to raise more revenue from online giants without the backing of the United States and other rich nations, in a move that could spark a new transatlantic dispute. The EU is frustrated at how long it is taking the worlds rich nations to reach a deal on how to tax online firms like Google ( GOOGL.O ) fairly. These companies on average pay bills in Europe that are less than half of those of other firms. To prevent some smaller EU economies such as Ireland or Luxembourg, which host many foreign online businesses, from blocking the move, the commission is also raising the prospect of using little-known EU rules that would prevent states from vetoing decisions on tax matters. Usually the EU decides on tax issues only with the unanimous support of its 28 members. The commission on Thursday outlined three options for taxes aimed at internet companies that could be agreed upon relatively quickly at the EU level or by a smaller group of EU nations. One was for a tax on the turnover rather than the profits of digital firms, another would put a levy on online ads, and a third would impose a withholding tax on payments to internet firms. In the longer term the EU wants to change existing taxation rights to make sure digital firms with large operations but no physical presence in a given country pay taxes there instead of being allowed to reroute their profits to low-tax jurisdictions. The EUs preferred option would be for an agreement on this at the Organization for Economic Co-operation and Development (OECD), which includes the United States and Japan. But the EU must prepare to act in the absence of adequate global progress, Commission Vice President Valdis Dombrovskis told a news conference in Brussels, saying that a legislative proposal may come next spring. Such a move is likely to upset Washington and other rich nations that are home to many global tech giants. The Facebook application is seen on a phone screen August 3, 2017. REUTERS/Thomas White In a document setting out the distortions created by the low taxes paid by digital businesses, the commission cited several U.S. firms such as internet retailer Amazon ( AMZN.O ), social media host Facebook ( FB.O ), online entertainment firm Netflix ( NFLX.O ) and short-term rental website Airbnb. In the report, the commission emphasized that unilateral initiatives taken in the EU would need to be carefully assessed to ensure they are compatible with World Trade Organization (WTO) rules. We would urge caution against EU-only measures that could run the risk of creating double taxation, Chas Roy-Chowdhury, head of taxation at the Association of Chartered Certified Accountants (ACCA), a group representing accountants worldwide, said. The logo of the web service Amazon is pictured in this June 8, 2017 illustration photo. REUTERS/Carlos Jasso/Illustration REMOVING VETOES The EU will first have to reach a compromise agreement among its 28 members by December. Some states have already voiced their opposition to new taxes on digital firms, especially if decided on without a global deal in place. To overcome this, the commission said there was a debate on whether to strip EU countries of their veto rights on tax issues, based on an article in the EU treaties that allows such exceptional action in the event of market distortions. There is a broader discussion whether we should move to decision-making based on majority also in the area of taxation, Dombrovskis told reporters. But he added: Currently we are basing our proposal on current rules which foresee unanimity. Commission President Jean-Claude Juncker last week evoked another special procedure to move to majority-based rather than unanimous decisions in matters of taxation. Reporting by Francesco Guarascio @fraguarascio'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-eu-tax-digital/eu-eyes-solo-move-to-increase-tax-on-online-giants-risking-u-s-anger-idUSKCN1BW1P7'|'2017-09-21T15:23:00.000+03:00'|7473.0|''|-1.0|'' -7474|'662ee6fa453b6062a3b1951cc0830f6bcf0c6646'|'Bitcoin exchange BTCChina to stop trading from September 30'|' 12:29 PM / Updated 22 minutes ago Bitcoin exchange BTCChina says to stop trading, sparking further slide Brenda Goh , Jemima Kelly 4 Min Read A Bitcoin (virtual currency) logo is pictured on a door in an illustration picture taken at La Maison du Bitcoin in Paris May 27, 2015. REUTERS/Benoit Tessier BEIJING/SHANGHAI/LONDON (Reuters) - Chinese bitcoin exchange BTCChina said on Thursday that it would stop all trading from Sept. 30, setting off a further slide in the value of the cryptocurrency that left it over 30 percent away from the record highs it hit earlier in the month. China has boomed as a cryptocurrency trading location in recent years, as investors and speculators flocked to domestic exchanges that formerly allowed users to conduct trades for free, boosting demand. But that has prompted regulators in the country to crack down on the cryptocurrency sector, in a bid to stamp out potential financial risks as consumers pile into a highly risky and speculative market that has seen unprecedented growth this year. BTCChina said its decision was based on a Sept. 4 directive from Chinese authorities that expressed concern over investment risks involved in cryptocurrencies and ordered a ban on so-called initial coin offerings, or ICOs - the practice of creating and selling digital currencies or tokens to investors to finance start-up projects. That ban, as well as warnings by regulators in other countries, has driven fears of a wider crackdown and prompted a sell-off that has helped wipe almost $60 billion off the total value of cryptocurrencies since they hit record highs at the start of the month, according to industry website Coinmarketcap. The Chinese ban is causing a panic in the market as mixed messages and lack of clarity has turned sentiment negative, said Charles Hayter, founder of data analysis site Cryptocompare. The closure of BTCChina is perhaps a portent of what the other Chinese exchanges face. BTCChina, one of Chinas largest bitcoin trading platforms, which also runs an international exchange out of Hong Kong, will stop registration of new users from Thursday, it said on its official microblog. We will stop all trades on the digital trading platform starting Sept. 30, it said. Its co-founder, Bobby Lee, told Reuters the move would not affect trading on the BTCC international exchange, however. The price of bitcoin tumbled particularly sharply on BTCChina after the news. By 1233 GMT, it was down 18 percent on the exchange, at 20,510 yuan. On U.S. exchange Bitstamp, it slid as much as 10 percent to a five-week low of $3,426.92, having hit a record high of nearly $5,000 on Sept. 2. PANIC SPREADS Panic also spread to other cryptocurrencies, with bitcoins main rival ether - sometimes called ethereum - also down around 10 percent, according to Coinmarketcap. Reuters and other media had reported this week, citing sources, that China planned to further ban exchanges that allowed virtual currency trading but the regulator has yet to make an announcement. Spokeswomen for OkCoin and Huobi, BTCChinas main rivals in China, declined to say whether they would announce similar moves. Huobi said it had not received any clear directives from regulators to do so. Investors in China contributed up to 2.6 billion yuan (297.43 million), or $397 million, worth of cryptocurrencies through initial coin offerings in January-June, state-run media have said, citing data from the National Committee of Experts on Internet Financial Security Technology. Addding to bitcoins woes this week was a warning by Jamie Dimon, chief executive of JPMorgan, that the cryptocurrency was a fraud and was set to blow up - comments that helped fuel a slide of as much as 11 percent in bitcoin on Wednesday. Bitcoin is on track for its worst month since January 2015. Reporting by Brenda Goh, Beijing Monitoring Desk and Jemima Kelly; Editing byLarry King'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-bitcoin-btcc/bitcoin-exchange-btcchina-to-stop-trading-from-september-30-idUKKCN1BP1ML'|'2017-09-14T15:28:00.000+03:00'|7474.0|''|-1.0|'' +7474|'662ee6fa453b6062a3b1951cc0830f6bcf0c6646'|'Bitcoin exchange BTCChina to stop trading from September 30'|' 12:29 PM / Updated 22 minutes ago Bitcoin exchange BTCChina says to stop trading, sparking further slide Brenda Goh , Jemima Kelly 4 Min Read A Bitcoin (virtual currency) logo is pictured on a door in an illustration picture taken at La Maison du Bitcoin in Paris May 27, 2015. REUTERS/Benoit Tessier BEIJING/SHANGHAI/LONDON (Reuters) - Chinese bitcoin exchange BTCChina said on Thursday that it would stop all trading from Sept. 30, setting off a further slide in the value of the cryptocurrency that left it over 30 percent away from the record highs it hit earlier in the month. China has boomed as a cryptocurrency trading location in recent years, as investors and speculators flocked to domestic exchanges that formerly allowed users to conduct trades for free, boosting demand. But that has prompted regulators in the country to crack down on the cryptocurrency sector, in a bid to stamp out potential financial risks as consumers pile into a highly risky and speculative market that has seen unprecedented growth this year. BTCChina said its decision was based on a Sept. 4 directive from Chinese authorities that expressed concern over investment risks involved in cryptocurrencies and ordered a ban on so-called initial coin offerings, or ICOs - the practice of creating and selling digital currencies or tokens to investors to finance start-up projects. That ban, as well as warnings by regulators in other countries, has driven fears of a wider crackdown and prompted a sell-off that has helped wipe almost $60 billion off the total value of cryptocurrencies since they hit record highs at the start of the month, according to industry website Coinmarketcap. The Chinese ban is causing a panic in the market as mixed messages and lack of clarity has turned sentiment negative, said Charles Hayter, founder of data analysis site Cryptocompare. The closure of BTCChina is perhaps a portent of what the other Chinese exchanges face. BTCChina, one of Chinas largest bitcoin trading platforms, which also runs an international exchange out of Hong Kong, will stop registration of new users from Thursday, it said on its official microblog. We will stop all trades on the digital trading platform starting Sept. 30, it said. Its co-founder, Bobby Lee, told Reuters the move would not affect trading on the BTCC international exchange, however. The price of bitcoin tumbled particularly sharply on BTCChina after the news. By 1233 GMT, it was down 18 percent on the exchange, at 20,510 yuan. On U.S. exchange Bitstamp, it slid as much as 10 percent to a five-week low of $3,426.92, having hit a record high of nearly $5,000 on Sept. 2. PANIC SPREADS Panic also spread to other cryptocurrencies, with bitcoins main rival ether - sometimes called ethereum - also down around 10 percent, according to Coinmarketcap. Reuters and other media had reported this week, citing sources, that China planned to further ban exchanges that allowed virtual currency trading but the regulator has yet to make an announcement. Spokeswomen for OkCoin and Huobi, BTCChinas main rivals in China, declined to say whether they would announce similar moves. Huobi said it had not received any clear directives from regulators to do so. Investors in China contributed up to 2.6 billion yuan (297.43 million), or $397 million, worth of cryptocurrencies through initial coin offerings in January-June, state-run media have said, citing data from the National Committee of Experts on Internet Financial Security Technology. Addding to bitcoins woes this week was a warning by Jamie Dimon, chief executive of JPMorgan, that the cryptocurrency was a fraud and was set to blow up - comments that helped fuel a slide of as much as 11 percent in bitcoin on Wednesday. Bitcoin is on track for its worst month since January 2015. Reporting by Brenda Goh, Beijing Monitoring Desk and Jemima Kelly; Editing byLarry King'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-bitcoin-btcc/bitcoin-exchange-btcchina-to-stop-trading-from-september-30-idUKKCN1BP1ML'|'2017-09-14T15:28:00.000+03:00'|7474.0|28.0|0.0|'' 7475|'97e672080ad6c718368b13a41650839952ecb0ac'|'Former ECB board member says EU rules pose bank run risks'|'September 15, 2017 / 2:33 PM / Updated 18 minutes ago Former ECB board member says EU rules pose bank run risks Francesco Guarascio 3 Min Read The European Central Bank (ECB) presents the new 50 euro note at the bank''s headquarters in Frankfurt, Germany, July 5, 2016. REUTERS/Ralph Orlowski TALLINN (Reuters) - European Union rules on winding down failing banks could increase the risk of bank runs, a former board member of the European Central Bank said, reigniting a debate triggered by the collapse of Spains Banco Popular. EU regulators shut Banco Popular, Spains sixth largest lender and saddled with a pile of bad loans, in June after it was fatally weakened by a sudden withdrawal of deposits. Its activities and insured depositors were acquired by rival Santander for the nominal price of 1 euro. That has prompted a debate on whether EU rules on bank resolutions - a mild liquidation - could have worsened Populars situation by contributed to the panic among its depositors. Populars case was the first time that the rules, in force for less than two years, had been applied. They envisage losses for savers with uninsured deposits - meaning those over 100,000 euros - before a failing bank can be rescued. We should reflect on whether the resolution framework can accelerate bank runs, Jose Manuel Gonzalez-Paramo, an ECB board member between 2004 and 2012, said in a contribution to Eurofi magazine, a financial publication. Gonzalez-Paramo, who is now on the board of Banco Bilbao Vizcaya Argentaria (BBVA), also urged an alignment of rules to prevent different EU members treating failing banks differently. Weeks after Banco Popular was shut, Italy rescued two regional lenders, Veneto Banca and Banca Popolare di Vicenza, using liquidation rules instead of the stricter resolution framework. We should avoid a better treatment in liquidation than in resolution, Gonzalez-Paramo said. His comments come as EU finance ministers are gathered in Tallinn, the Estonian capital, for a regular monthly meeting. Banking liquidation rules are not on the agenda of the meeting, but talks are afoot elsewhere on amending them. Regulators are debating whether to exclude uninsured depositors from the list of bank investors liable for losses in case of a rescue. In parallel, EU states are also considering measures that would allow them to temporarily stop people withdrawing money from their accounts when a bank is in difficulty. Reporting by Francesco Guarascio @fraguarascio; Editing by Kevin Liffey'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-banks-bankruptcy/former-ecb-board-member-says-eu-rules-pose-bank-run-risks-idUKKCN1BQ1YO'|'2017-09-15T17:33:00.000+03:00'|7475.0|''|-1.0|'' 7476|'8908db491f39ebca7e553014532935b334d16995'|'China''s AT&M denies Hitachi Metals trade secrets theft'|' 38 AM / a minute ago China''s AT&M denies Hitachi Metals trade secrets theft Reuters Staff 2 Min Read BEIJING (Reuters) - A Chinese firm at the center of allegations made by Hitachi Metals Ltd (HML) and its U.S. unit Metglas on Thursday vehemently denied that it had stolen trade secrets. Advanced Technology & Materials Co Ltd (AT&M) denied the alleged theft and said in a statement to the Shenzhen Stock Exchange that it reserved the right to take legal action to defend its interests in response to any false allegations. AT&M was one of five Chinese companies named in a filing to the U.S. International Trade Commission by HML and Metglas, which alleged the Chinese firms had inappropriately obtained trade secrets for making amorphous metals. The information was allegedly passed to the Chinese companies by two former HML employees.. AT&M said it mastered amorphous technology through more than 40 years of independent innovation, relentless research and a lot of investment. The company said it had learned of the allegations from media reports and had not yet received formal notification of the charges. The company, describing itself as a subsidiary of the China Iron and Steel Research Institute, which was in turn governed by the State-Owned Assets Supervision and Administration Commission (Sasac), said it was fully respectful of and does not infringe on the intellectual property rights of others. The other four firms -- Beijing ZLJG Amorphous Technology Co, Qingdao Yunlu Energy Technology Co, AT&M International Trading and CISRI International Trading -- have yet to make a statement on the allegations. Reporting by Tom Daly; Editing by Amrutha Gayathri'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-at-m-hitachi-metals/chinas-atm-denies-hitachi-metals-trade-secrets-theft-idUSKCN1BW1DY'|'2017-09-21T13:24:00.000+03:00'|7476.0|''|-1.0|'' 7477|'f0be3bc6f24df5e6f9f96901121a8e31f5acf272'|'Conoco says Eagle Ford oil output nearing 80 pct of pre-Harvey level'|'NEW YORK (Reuters) - ConocoPhillips said on Monday its oil production in the Eagle Ford shale region had hit roughly 50 percent of its pre-hurricane rate of 130,000 barrels of oil equivalent per day, and expected it to reach 80 percent by the evening.The company suspended all operations and shut in production in the Texas region on Aug. 25 due to Hurricane Harvey.Conoco said production associated with natural gas liquids at Eagle Ford was expected to be the slowest to recover due to offtake constraints, which it said could last at least another week.Reporting by Catherine Ngai; Writing by Libby George; Editing by James Dalgleish '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-storm-harvey-conocophillips/conoco-says-eagle-ford-oil-output-nearing-80-percent-of-pre-harvey-level-idUSKCN1BF2F3'|'2017-09-04T23:48:00.000+03:00'|7477.0|''|-1.0|'' 7478|'1881056e93c25d7a3b3585e3e1ceb9812177e51c'|'Wells Fargo hires new law firm to prepare CEO for Senate appearance'|'September 23, 2017 / 2:06 AM / Updated 18 hours ago Wells Fargo hires new law firm to prepare CEO for Senate appearance Dan Freed 3 Min Read Tim Sloan, CEO and President of Wells Fargo & Co., speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Mike Blake NEW YORK (Reuters) - Wells Fargo & Co. ( WFC.N ) has hired law firm Sidley Austin to take the lead in preparing Chief Executive Tim Sloan for his appearance before the U.S. Congress next month to answer questions about a year-long sales practices scandal, according to four sources with knowledge of the decision. Sloan will appear before the Senate Banking Committee, which writes rules for his industry, at a hearing titled Wells Fargo: One Year Later, on October 3. Wells Fargo spokeswoman Jennifer Dunn declined to comment. No one from Sidley Austin was available to comment outside of office hours. The testimony will be Sloans first congressional appearance since he took over as CEO in October of last year, roughly a month after Wells Fargo reached a settlement with regulators over the creation of as many as 2.1 million unauthorized accounts. The bank has since disclosed problems with other products, including auto and life insurance, and recently revised its estimate for the number of accounts that were potentially opened without customers authorization to 3.5 million. In his own congressional appearances last year, Sloans predecessor, John Stumpf, often lacked answers to questions posed by legislators. Massachusetts Senator Elizabeth Warren accused him of gutless leadership. He left the bank less than a month later and was replaced by Sloan. The law firm that prepared Stumpf for his testimony, Gibson Dunn, will still be working for Wells Fargo, but in a supporting role, said one of the sources. No one from Gibson Dunn was immediately available to comment outside of office hours. Hundreds of outside law firms work for Wells Fargo on various matters, and the banks new general counsel, Allen Parker, recently hired a new chief operating officer for the legal team, Tom Trujillo, who is reviewing those relationships. The hiring of Sidley Austin, however, was directed by Wells Fargos government affairs office, said one of the sources. Reporting by Dan Freed; Editing by Carmel Crimmins and Mary Milliken '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-wellsfargo-accounts-lawfirm/wells-fargo-hires-new-law-firm-to-prepare-ceo-for-senate-appearance-idUSKCN1BY030'|'2017-09-23T05:05:00.000+03:00'|7478.0|''|-1.0|'' 7479|'714e1fce5ea879910f6327497fd885fbcfcec52a'|'United Technologies merges with Rockwell Collins'|'WHEN passengers board an aircraft, only a few care whether it was built by Airbus or Boeing, two giants that make all the worlds big airliners. Fewer still would recognise the names of the thousands of suppliers that produce the 2m or so parts that go into a modern jet. Surprisingly little of the work is done by Boeing and Airbus. Boeing has outsourced 70% of the parts for its 787 aircraft. The job of assembling Airbuss A380 superjumbo in its Toulouse factory accounts for only 4% of the work required to make it. The balance of power between aerospace firms and their suppliers is causing ructions.Near hostilities have broken out due to a run of big mergers among parts-makers. On September 4th, United Technologies (UTC), an American conglomerate that makes Pratt & Whitney engines and other aerospace parts, announced that it had agreed to buy Rockwell Collins, an avionics firm, for $30bn. Although it is one of the biggest-ever mergers in the aerospace business, the deal is just the latest in a series of supplier tie-ups this year. In April, Rockwell Collins itself bought B/E Aerospace, a cabin-interiors specialist, for $8.6bn. Two months later Safran, a French maker of engines and landing gear, agreed to buy Zodiac, a specialist in aircraft seats, for $7.7bn. 17 As usual, the firms bosses pledge that synergies between the businesses will help fund the deals. UTC wants its merger with Rockwell to produce $500m in savings, according to its chief executive, Greg Hayes. But the imperative behind these supplier tie-ups lies elsewhere, in the oodles of profit they make from planemakers. In the past two years, suppliers made profit margins of between 14% and 17%, compared with 9% for planemakers. The main reason for the divergence is that the huge development costs associated with jetliner programmes are borne by planemakers, not their suppliers. And assembling parts is a relatively low value-added activity.Confronted with a shrinking number of new orders, as well as pressure from investors, both Airbus and Boeing are adopting a more aggressive stance towards the suppliers. This means trying to push them into offering much lower prices today, in return for future contracts. But that is not all. By outsourcing the most complex parts of their aircraft, Airbus and Boeing lost control of what turned out to be a highly lucrative market for servicing aircraft, with airlines as customers. Rolls-Royce, a British engine-maker, makes half its sales and all its profits from servicing engines. The pair want this market back if possible. They are trying to make more parts in-house. In July, Boeing set up an avionics subsidiary to make more of its electrical systems itself. Airbus is cutting back its list of suppliers and doing more of its own work.It is in response to this assault that the supply chain is consolidating, says Jim Harris of Bain & Company, a consultancy. Gaining scale gives suppliers clout with their customers and with their own supply chains. The merged UTC and Rockwell will have annual revenues of $62bn, not far off Airbus at $80bn and Boeing at $96bn.Unsurprisingly, Boeing has hit the roof about UTCs acquisition of Rockwell, and has threatened to lobby regulators to stop the deal on competition grounds. Nor is Airbus happy, particularly as problems with Pratt & Whitneys engines are holding up the delivery of dozens of its jets. It worries that a merger will distract UTC from resolving the problem. It is rare to see two firms that have long battled each other team up on the same side, but there is little doubt, according to an adviser to Boeing and Airbus, that they both have the knives out for their suppliers.This article appeared in the Business section of the print edition under the headline "Dogfight in the skies"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21728655-aerospace-suppliers-are-merging-fight-back-against-planemakers-united-technologies-merges?fsrc=rss'|'2017-09-09T08:00:00.000+03:00'|7479.0|''|-1.0|'' 7480|'73406e902a3713ce89d3a0d04415b6931687fe75'|'Allianz, Baloise and Cinven among final bidders for Generali''s Belgian unit: sources'|'The Assicurazioni Generali logo is seen in downtown Milan, Italy, February 8, 2016. REUTERS/Stefano Rellandini/File Photo FRANKFURT/LONDON (Reuters) - European insurers Allianz ( ALVG.DE ) and Baloise Holding ( BALN.S ) and London-based buyout fund Cinven are finalizing rival offers for Generalis ( GASI.MI ) Belgian unit ahead of a Sept. 8 deadline, sources told Reuters.The deal could value the business at up to 500 million euros ($595 million) in what would be the Italian insurers biggest divestment in its latest reorganization.Generali, Europes third biggest insurer, wants to wrap up the auction by mid September finding a new owner for a business that provides anything from life to car insurance to a network of about 530,000 retail and corporate clients.It is looking to sell the entire business to a single investor rather than breaking it up and carving out so-called back books, which consist of existing contracts with no access to new clients, the sources said.The Italian firm said in November it wanted to raise at least 1 billion euros by leaving 13 to 15 countries.Bermuda-based insurer Athene Holding ( ATH.N ) is also vying for the unit, the sources said, adding that it might only be targeting the back books.Allianz, Baloise and Cinven are instead looking to buy the business as a whole, they said.Generali, Allianz, Baloise, Athene and Cinven declined to comment.The auction, which is being led by Deutsche Bank, was launched earlier this year as part of Generalis efforts to cut costs in weaker markets and boost profit.Bidders were asked to submit non-binding offers in July, the sources said, with one adding first round bids valued the business at less than 500 million euros.Generali has been present in Belgium for over a century having started operations there in 1901.Its Belgian unit has 6.3 billion euros of assets under management and reported a net profit of about 89 million euros in 2016, with total premium income rising 19.2 percent to 800 million euros.Generali recently sold its Colombian business to Talanx Group and is working with BNP Paribas to find a new owner for its Dutch business.It also planning to exit Portugal, the sources said, adding a process will kick off later this year.Germanys Allianz recently formed a joint venture and strategic partnership with British insurer LV= [LV.UL] to form the third-largest property and casualty insurer in Britain. It also took control of Nigerias Ensure Insurance in a push for growth in Africa.Additional reporting by Stephen Jewkes and Oliver Hirt, editing by David EvansOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-generali-m-a-belgium/allianz-baloise-and-cinven-among-final-bidders-for-generalis-belgian-unit-sources-idINKCN1BC4LZ'|'2017-09-01T09:05:00.000+03:00'|7480.0|''|-1.0|'' -7481|'fabd641db44118bba14763ec5e6853fa6ba8f251'|'Union Pacific CEO says Harvey to impact third-quarter EPS, lift demand in fourth quarter'|'FILE PHOTO: A Union Pacific rail car is parked at a Burlington National Santa Fe (BNSF) train yard in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren/File Photo HOUSTON (Reuters) - No. 1 U.S. railroad Union Pacific Corp ( UNP.N ) has repaired most of the damage caused to its network by catastrophic flooding brought by Hurricane Harvey to Houston late last month and its network should be fully operational around the end of September, the companys top executive said on Wednesday.In an interview with Reuters after surveying damage to the Omaha, Nebraska-based railroads operations around Houston, Chief Executive Officer Lance Fritz said that while the storm will have a slight impact on third-quarter earnings, pent-up demand from manufacturers in the area and recovery efforts should boost the railroad in the fourth quarter.Fritz said that immediately following the hurricane, we were cut off from Houston in every direction. Virtually every (rail) subdivision was washed out or under water.Around a week and a half after the storm, Union Pacifics routes to the north, west and south of Houston are largely open with the exception of three bridges that need to be repaired. The last of those will be fixed around the end of September, Fritz said.He added that the railroad is also working to help dozens of its employees in the Houston area who have been affected, through its own charity organization and connecting them with state and federal authorities who are providing aid.Fritz said while the railroad has managed to find a way to re-route freight around areas that are still affected there are still dozens and dozens of our customers that are closed, some of which have an estimated time for reopening and some of which dont.Harvey should shave around 5 cents per share off Union Pacifics third-quarter earnings, partly due to lost business plus the need to pay for storm damage, the CEO said. Analysts expect Union Pacific to post third-quarter earnings of $1.53 per share.We have an umbrella insurance policy for catastrophic events like this, but the first few tens of millions (of dollars) are covered by us, he said.But during the fourth I think there is going to be a fair amount of pent-up demand because a lot of manufacturers are going to spool back up or others have been producing but havent had an opportunity to ship, Fritz added. Then there will be rebuilding efforts, which will probably generate some incremental business as well.In the meantime, Union Pacific is still monitoring Hurricane Irma closely to see where it will make landfall, he said.Reporting by Nick Carey; Editing by James Dalgleish '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-union-pacific-harvey/union-pacific-ceo-says-harvey-to-impact-third-quarter-eps-lift-demand-in-fourth-quarter-idUSKCN1BH36D'|'2017-09-07T01:21:00.000+03:00'|7481.0|''|-1.0|'' +7481|'fabd641db44118bba14763ec5e6853fa6ba8f251'|'Union Pacific CEO says Harvey to impact third-quarter EPS, lift demand in fourth quarter'|'FILE PHOTO: A Union Pacific rail car is parked at a Burlington National Santa Fe (BNSF) train yard in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren/File Photo HOUSTON (Reuters) - No. 1 U.S. railroad Union Pacific Corp ( UNP.N ) has repaired most of the damage caused to its network by catastrophic flooding brought by Hurricane Harvey to Houston late last month and its network should be fully operational around the end of September, the companys top executive said on Wednesday.In an interview with Reuters after surveying damage to the Omaha, Nebraska-based railroads operations around Houston, Chief Executive Officer Lance Fritz said that while the storm will have a slight impact on third-quarter earnings, pent-up demand from manufacturers in the area and recovery efforts should boost the railroad in the fourth quarter.Fritz said that immediately following the hurricane, we were cut off from Houston in every direction. Virtually every (rail) subdivision was washed out or under water.Around a week and a half after the storm, Union Pacifics routes to the north, west and south of Houston are largely open with the exception of three bridges that need to be repaired. The last of those will be fixed around the end of September, Fritz said.He added that the railroad is also working to help dozens of its employees in the Houston area who have been affected, through its own charity organization and connecting them with state and federal authorities who are providing aid.Fritz said while the railroad has managed to find a way to re-route freight around areas that are still affected there are still dozens and dozens of our customers that are closed, some of which have an estimated time for reopening and some of which dont.Harvey should shave around 5 cents per share off Union Pacifics third-quarter earnings, partly due to lost business plus the need to pay for storm damage, the CEO said. Analysts expect Union Pacific to post third-quarter earnings of $1.53 per share.We have an umbrella insurance policy for catastrophic events like this, but the first few tens of millions (of dollars) are covered by us, he said.But during the fourth I think there is going to be a fair amount of pent-up demand because a lot of manufacturers are going to spool back up or others have been producing but havent had an opportunity to ship, Fritz added. Then there will be rebuilding efforts, which will probably generate some incremental business as well.In the meantime, Union Pacific is still monitoring Hurricane Irma closely to see where it will make landfall, he said.Reporting by Nick Carey; Editing by James Dalgleish '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-union-pacific-harvey/union-pacific-ceo-says-harvey-to-impact-third-quarter-eps-lift-demand-in-fourth-quarter-idUSKCN1BH36D'|'2017-09-07T01:21:00.000+03:00'|7481.0|20.0|0.0|'' 7482|'9d3f58e8ce50af0c8e86eda433169d6be7a5865e'|'IMF tells France to spell out spending cuts'|' 33 PM / Updated 28 minutes ago IMF tells France to spell out spending cuts The International Monetary Fund logo is seen during the IMF/World Bank spring meetings in Washington, U.S., April 21, 2017. REUTERS/Yuri Gripas PARIS (Reuters) - France must lose no time spelling out detailed plans to rein in spending, which will make or break President Emmanuel Macrons plans for overhauling the economy, the International Monetary Fund said on Thursday. The IMF will scrutinise the governments 2018 budget due next Wednesday, the first of Macrons presidency, for details on how it will cut spending and taxes at the same time, IMF France mission chief Christian Mumssen said. For the overall strategy to work you really need comprehensive spending reforms at all levels of government and you need to move on this very early, Mumssen said on a conference call presenting an annual in-depth report on France. The government has said it aims to cut spending by 16 billion euros (14.12 billion) next year as a first instalment in 60 billion euros in savings over the duration of Macrons five-year term. However, the government also wants to move quickly on easing Frances considerable tax burden starting with tax cuts worth 10 billion euros also next year. Helping to ease the difficult budget balancing act, the government can count on the strongest growth since 2011 with the IMF forecasting the economy would grow 1.6 percent this year and 1.8 percent next year. The government has said that its budget will be based on a growth forecast both this year and next of 1.7 percent. The IMF was less optimistic about the outlook for the public sector deficit, estimating that it would stand at 3.0 percent of economic output both this year and next. For its part, the government said this week it expected a deficit this year of 2.9 percent this year and 2.6 percent in 2018. Reporting by Leigh Thomas; editing by Richard Lough'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-france-economy-imf/imf-tells-france-to-spell-out-spending-cuts-idUKKCN1BW225'|'2017-09-21T17:33:00.000+03:00'|7482.0|''|-1.0|'' 7483|'3c7350d1558a84c185feff661420765032ec213c'|'Emirates could restore U.S. capacity within six to nine months'|'LONDON, Sept 7 (Reuters) - Emirates President Tim Clark said on Thursday he hopes the Middle Easts largest airline will restore capacity to the United States in six to nine months after some flights were dropped earlier this year.Demand for travel is still fairly strong, and Im hoping that in the next six to nine months that we will restore our capacity to what it was, Clark said at an industry conference in London.Emirates started cutting frequencies on five U.S. routes from May, blaming a drop in demand on travel restrictions imposed by U.S. President Donald Trumps administration.Clark said in June that demand to cities where Emirates had cut capacity had started to improve. (Reporting by Alistair Smout; writing by Alexander Cornwell; editing by David Clarke) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/airlines-london-emirates/emirates-could-restore-u-s-capacity-within-six-to-nine-months-idIND5N1GY02H'|'2017-09-07T06:27:00.000+03:00'|7483.0|''|-1.0|'' 7484|'43d7cd4a369aecb200ab826f90a65b773f553a76'|'M&A advisory Zaoui & Co reports first loss from UK business since 2013'|'LONDON (Reuters) - Zaoui & Co, the London merger and acquisition (M&A) advisory firm set up by investment bankers Michael and Yoel Zaoui, reported a loss in Britain of 1.27 million pounds ($1.72 million) in 2016, its filings to Companies House showed.It was the first time the firm reported a loss from its business in Britain since inception in 2013, the filings showed. However, it did not give a comparative 2015 figure, instead reporting a 8.7 million pound profit in the 18 months to December 2015.The Moroccan-born French brothers, who previously worked at Morgan Stanley and Goldman Sachs, are among several other experienced bankers to set up small outfits that offer niche expertise and independent advice, taking a different tack to the big banks that tend to sell other services too, like financing.Since 2013, Zaoui & Co has played a role in major deals, such as the $60 billion merger in 2014 of Frances Lafarge and Switzerlands Holcim that created the worlds largest cement maker, snatching business from rival advisories and banks.The filings in Britain are only a partial insight into the business, as Zaoui & Cos parent firm is incorporated in Luxembourg, where results are not published. M&A transactions also take months to complete, so proceeds can be delayed.The company declined to comment.Turnover in 2016 was 3.66 million pounds, down from 17.3 million in the 18 months to the end of 2015, mostly coming from Europe, showing the firms reliance on business outside Britain.The Brexit vote could cause disruptions to and create uncertainty surrounding our business, including affecting our relationships with our existing and future counterparties, Yoel Zaoui said in a report signed in April, according to the filing.Bigger and more established boutiques firms include Rothschild, Lazard, Centerview Partners and Perella Weinberg, which are all also based in London.Zaoui & Co ranks No. 66 among top advisory firms in Europe so far this year, Thomson Reuters Eikon data show.It advised on the merger of French and British laundry services firms Elis SA ( ELIS.PA ) and Berendsen BRSN.L and the acquisition by Neptune Oil & Gas of a stake in the exploration and production arm of French utility Engie ( ENGIE.PA ).It also worked on French carmaker PSAs ( PEUP.PA ) purchase of Opel and Vauxhall from General Motors ( GM.N ) and the acquisition by JCDecaux Holding ( JCDX.PA ) of a stake in Eurazeo ( EURA.PA ).Reporting by Clara Denina; Editing by Edmund Blair '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-zaoui-m-a/ma-advisory-zaoui-co-reports-first-loss-from-uk-business-since-2013-idUSKCN1BV257'|'2017-09-20T23:49:00.000+03:00'|7484.0|''|-1.0|'' @@ -7497,16 +7497,16 @@ 7495|'2757a3395ccbfd4c43f4ce2ce7f80c63de5adfe5'|'China green car pivot will need state support, GM chief says'|'September 15, 2017 / 8:32 AM / Updated 11 hours ago China green car pivot will need state support, GM chief says Reuters Staff 3 Min Read General Motors Chairman & CEO Mary Barra (L) and President of General Motors China Matt Tsien attend a press conference in Shanghai, China September 15, 2017. REUTERS/Aly Song SHANGHAI (Reuters) - Chinas big push towards new-energy vehicles (NEV) will require government backing to win over consumers, Mary Barra, chief executive of General Motors Co, said on Friday, amid broader industry concerns over tough NEV quotas in the market. China, the worlds largest auto market, is pushing hard to develop its own green car market, with stringent quotas planned for carmakers and a longer-term aim to ban the production and sale of cars that use traditional fuels. Carmakers, however, worry that targets for electric and hybrid cars may be tough to meet, especially as the government plans to roll back by 2020 subsidies that have supported the markets rapid growth. While we are exploring all channels to boost NEV sales, building raw consumer acceptance of NEVs will depend on continued joint effort between the government and automakers, Barra said at a company event in Shanghai. She added that Chinas push did create an opportunity for the U.S. firm, which plans to introduce at least 10 new NEVs for the China market by 2020 and open a battery plant this year with domestic partner SAIC Motor Corp Ltd. Asked about Chinas long-term plans to ban traditional gasoline cars - similar to moves in Britain and France - Barra said the shift was pushing GM to invest more in the area: Thats why were investing so heavy in electrification. General Motors Chairman & CEO Mary Barra attends a press conference in Shanghai, China September 15, 2017. REUTERS/Aly Song China has set goals for electric and plug-in hybrid cars to make up at least a fifth of auto sales by 2025, as it combats air pollution and aims to close a competitive gap between newer domestic automakers and global rivals. In July, Reuters reported global makers were urging China to delay and soften planned quotas for NEVs, which they said would be impossible to meet and would hit their business. Slideshow (2 Images) Barra added the firm would work to the timetable of governments, but consumers also needed to be convinced. Its best when, instead of being mandated, customers are choosing the technology because it meets their needs. GMs vehicle sales in China rose 12 percent in August from a year earlier, and are up 0.3 in January-August over 2016. The carmaker and its China joint venture partners sold 3.87 million vehicles in the country in 2016. GM produces vehicles in China through a joint venture with SAIC, the countrys largest automaker, as well as a three-way tie-up with SAIC and Guangxi Automobile Group, formerly known as Wuling Motors. Reporting by Adam Jourdan; Editing by Clarence Fernandez '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-gm-china-autos/china-green-car-pivot-will-need-state-support-gm-chief-says-idUSKCN1BQ0W1'|'2017-09-15T11:30:00.000+03:00'|7495.0|''|-1.0|'' 7496|'fb775e1768f3a374364c45d8ca6e9d665aab9c42'|'Corpus Christi''s storm-ravaged energy industry begins slow recovery'|'Rescue boats navigate flood waters of Tropical Storm Harvey in Port Arthur, Texas, U.S. in a still image from video August 30, 2017. Greg Savoy HOUSTON (Reuters) - Oil refiners and port facilities in Corpus Christi, Texas, were making strides resuming operations from Hurricane Harvey, but Houston and other Gulf Coast energy hubs remained flooded, officials said on Thursday.Their efforts, which could take weeks to complete, must be repeated across a broad swath of coastal Texas and Louisiana before America''s oil and fuel production can fully recover from deep cuts caused by record flooding.Power has been restored to all four Corpus Christi-area oil refineries and the Army Corps of Engineers is conducting final surveys of the port''s waterways before fully reopening early next week, according to port officials.Related Coverage Factbox: Major Texas ports remain mostly closed owing to Storm HarveyCorpus Christi port allowing vessels up to 43'' draft: Coast Guard"We are keeping our target of a full reopen by Sept. 4," said Patricia Cardenas, a port spokeswoman.Refiners Citgo Petroleum Corp [PDVSAC.UL], Flint Hills Resources [FHR.UL] and Valero Energy Corp are moving to restart their plants in Corpus Christi, as is the nearby Valero Three Rivers refinery, according to sources, company officials and filings.A damaged oil tank near Seadrift. Rick Wilking On Thursday, energy industry intelligence service Genscape said the Flint Hills Corpus Christi refinery restarted its largest crude distillation unit, which feeds all other units at the refinery.All were shut by Aug. 25, hours before Harvey roared ashore just north of the city with winds over 130 miles per hour (209 km per hour). Those four plants together have a capacity to refine 835,979 barrels of crude oil per day, or 4.4 percent of the nation''s total.Nearly a quarter of U.S. refining output is offline in the wake of the storm, as other plants in Texas and Louisiana also shut.On Thursday, the U.S. Coast Guard began allowing vessels with up to 43 feet (13.1 m) to enter the city''s port during daytime hours. Such vessels are able to hold about 500,000 barrels of oil. The Intracoastal Waterway between Corpus Christi and Brownsville, Texas, also is open, it added."Getting that port up and running is just so important," said Cleo Rodriguez Jr., president and CEO of the United Chamber of Commerce of Corpus Christi. "It is the economic engine for the entire region." Some $100 million of goods typically moves through the port daily, according to port officials. Rodriguez said he felt lucky Corpus Christi did not receive worse damage from Harvey, the most powerful storm to strike the state since 1961. "Our member businesses have reported significant losses here, but so far nothing huge or catastrophic," he said. "Our neighbors, like Rockport, were not so lucky. There was complete devastation there." He said he expected Corpus Christi business to mostly recover by the end of September.Writing by Richard Valdmanis; Editing by Lisa Shumaker and David Gregorio '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-storm-harvey-corpuschristi-idUSKCN1BB34V'|'2017-09-01T00:49:00.000+03:00'|7496.0|''|-1.0|'' 7497|'0cdf5aa1eb3fd7d6e259518dbe6c213cf4054d41'|'Goldman suspends work on U.S. IPO of HNA''s Pactera unit: sources'|'September 6, 2017 / 9:29 AM / in 5 hours Goldman suspends work on U.S. IPO of HNA''s Pactera unit: sources Kane Wu , Julie Zhu 3 Min Read A Goldman Sachs sign is displayed inside the company''s post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2017. REUTERS/Brendan McDermid HONG KONG (Reuters) - Goldman Sachs ( GS.N ) has suspended its preliminary work on a planned U.S. initial public offering (IPO) for Chinese conglomerate HNA Groups IT outsourcing unit Pactera, four people familiar with the matter told Reuters. One of the sources, who could not be identified as the negotiations are not public, said the Wall Street bank shelved the project after the deal failed to meet the banks internal due diligence requirements, or know-your-customer checks. Reuters reported in July that HNA had tapped Goldman to work on the U.S. IPO of Pactera, a Beijing-based firm it bought from Blackstone last year for $675 million in cash. The unit was renamed HNA Ecotech Panorama Cayman Co this year. Goldman was not formally mandated for the IPO, which was in the early stages, but had been tapping investors for the firms pre-IPO fundraising round. HNA said in a statement sent to Reuters that Pactera had not started the formal IPO process and had not appointed any investment bank to assist in the IPO. HNA and Goldman Sachs have always had a strong working relationship, and currently all joint projects between the two companies are functioning normally, it said. Goldman declined to comment. Pactera did not respond to requests for comment. FILE PHOTO: The HNA Group logo is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo The sources said the suspension of work on the IPO by Goldman could delay Pacteras plan to list next year. Pactera had initially sought to close a $200 million pre-IPO round in the third quarter of 2017, and list in early 2018. The sources said Pactera was pressing ahead without Goldman, hoping to act as a listed vehicle for HNAs Ecotech arm, focused on technology investments. It is seeking to raise capital through convertible bonds, two of the sources said. HNA, one of Chinas most acquisitive conglomerates, has seen its banking relationships put to test since the summer, as Beijing cracks down on what it deems excessive deals. Chinas banking regulator in June ordered a group of lenders to assess their exposure to offshore investments by a handful of acquisitive groups, including HNA. The New York Times reported in July that Bank of America Merrill Lynch had pulled back from working with the group due to its opaque ownership stricture. HNA Chief Executive Adam Tan said later that BAML had not dealt closely with the group. The sources said Goldman had not severed ties with HNA, adding due diligence checks were made separately for every deal. Reporting by Kane Wu and Julie Zhu; Additional reporting by Matt Miller; Editing by Sumeet Chatterjee, Kim Coghill and Edmund Blair '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-conglomerates-hna-ipo/goldman-suspends-work-on-u-s-ipo-of-hnas-pactera-unit-sources-idINKCN1BH13B'|'2017-09-06T07:29:00.000+03:00'|7497.0|''|-1.0|'' -7498|'e1a2de4db79b1a1f2d8edbc1a5e9e9044960add0'|'Mexico''s Femsa to sell 5 percent of Heineken, worth 2.5 billion euros'|'The logo of Coca Cola Femsa, the largest Coke bottler in the world, is pictured at its headquarters in Monterrey, Mexico April 25, 2017. REUTERS/Daniel Becerril MEXICO CITY (Reuters) - Heineken shareholder Fomento Economico Mexicano (Femsa) said on Monday it was planning to sell an approximate 5 percent stake in the worlds second largest brewer, worth 2.5 billion euros ($3 billion).Femsa ( FMSAUBD.MX ), a Mexican bottler and retailer which sold its brewing business to Heineken in 2010 in exchange for shares, said the offer would be aimed at institutional investors outside Mexico.Femsa holds 12.53 percent of Heineken NV ( HEIN.AS ) and also 14.94 percent of Heineken NV parent Heineken Holding ( HEIO.AS ). Overall, this represents an economic interest of 20 percent in the group.The Mexican company did not specify what share of each company it would divest, but said it would retain one seat on the board of directors of Heineken Holding and two on the supervisory board of Heineken NV.LArche Green, the company through which the Heineken family exercises control of Heineken Holding, said it would buy back shares worth 200 million euros. The price per share would be determined by Femsas offer, it said in a statement.The participation of LArche Green N.V. in the share offering by Femsa underlines the long-term commitment of the Heineken family towards the Heineken company, said LArche Green, which added that it was advised by Citigroup.After Femsas filing, Heineken said it would retain its rights to seats on the boards of Heineken NV and Heineken Holding. Heineken also said Femsa still considered Heineken a positive long-term investment, citing comments by the Mexican firms chief executive.In July, Heineken told Femsas bottling unit Coca-Cola Femsa ( KOFL.MX ) that it was set to lose its contract to distribute the beer in Brazil. At the time, Femsa executives said talks about dissolving that contract would not affect the larger strategic relationship between the companies.Shares in Femsa were up about 2.0 percent at 175.09 pesos ($9.84) per share at 1445 local time (1945 GMT) on Monday, while Heineken NV shares closed barely changed at 87.59 euros.Reporting by Gabriel Stargardter; Additional reporting by Anthony Deutsch and Philip Blenkinsop; Editing by Rosalba O''Brien and Dan Grebler '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-femsa-heineken/mexicos-femsa-says-to-offer-2-5-billion-euros-of-heineken-stock-idUSKCN1BT23P'|'2017-09-19T00:51:00.000+03:00'|7498.0|''|-1.0|'' +7498|'e1a2de4db79b1a1f2d8edbc1a5e9e9044960add0'|'Mexico''s Femsa to sell 5 percent of Heineken, worth 2.5 billion euros'|'The logo of Coca Cola Femsa, the largest Coke bottler in the world, is pictured at its headquarters in Monterrey, Mexico April 25, 2017. REUTERS/Daniel Becerril MEXICO CITY (Reuters) - Heineken shareholder Fomento Economico Mexicano (Femsa) said on Monday it was planning to sell an approximate 5 percent stake in the worlds second largest brewer, worth 2.5 billion euros ($3 billion).Femsa ( FMSAUBD.MX ), a Mexican bottler and retailer which sold its brewing business to Heineken in 2010 in exchange for shares, said the offer would be aimed at institutional investors outside Mexico.Femsa holds 12.53 percent of Heineken NV ( HEIN.AS ) and also 14.94 percent of Heineken NV parent Heineken Holding ( HEIO.AS ). Overall, this represents an economic interest of 20 percent in the group.The Mexican company did not specify what share of each company it would divest, but said it would retain one seat on the board of directors of Heineken Holding and two on the supervisory board of Heineken NV.LArche Green, the company through which the Heineken family exercises control of Heineken Holding, said it would buy back shares worth 200 million euros. The price per share would be determined by Femsas offer, it said in a statement.The participation of LArche Green N.V. in the share offering by Femsa underlines the long-term commitment of the Heineken family towards the Heineken company, said LArche Green, which added that it was advised by Citigroup.After Femsas filing, Heineken said it would retain its rights to seats on the boards of Heineken NV and Heineken Holding. Heineken also said Femsa still considered Heineken a positive long-term investment, citing comments by the Mexican firms chief executive.In July, Heineken told Femsas bottling unit Coca-Cola Femsa ( KOFL.MX ) that it was set to lose its contract to distribute the beer in Brazil. At the time, Femsa executives said talks about dissolving that contract would not affect the larger strategic relationship between the companies.Shares in Femsa were up about 2.0 percent at 175.09 pesos ($9.84) per share at 1445 local time (1945 GMT) on Monday, while Heineken NV shares closed barely changed at 87.59 euros.Reporting by Gabriel Stargardter; Additional reporting by Anthony Deutsch and Philip Blenkinsop; Editing by Rosalba O''Brien and Dan Grebler '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-femsa-heineken/mexicos-femsa-says-to-offer-2-5-billion-euros-of-heineken-stock-idUSKCN1BT23P'|'2017-09-19T00:51:00.000+03:00'|7498.0|27.0|4.0|'' 7499|'e8b6cff30b8402f6bf87514d1165531a04e017b9'|'UPDATE 1-Shopping surge in August boosts British rate hike bets'|'LONDON (Reuters) - British retail sales unexpectedly surged in August, boosting chances the Bank of England will raise interest rates for the first time in a decade at its next meeting.More downbeat news, however, came from a BoE survey which showed no sign that wages were likely to grow much more quickly, tempering a jump in sterling.The Organisation for Economic Co-operation and Development, meanwhile, said uncertainty about Brexit meant Britain next year will suffer its slowest growth since the financial crisis.The contrasting signals underscored the challenge for the BoE which last week surprised investors by saying it was likely to raise rates in the coming months if the economy and inflation pressures strengthen as expected.That change of gear by the BoE came despite the uncertainty about Britains withdrawal from the European Union and mixed messages about the strength of the economy.Wednesdays official data showed a sharp pick-up in monthly sales growth in August, despite inflation pressures that have previously squeezed spending.Retail sales volumes rose 1.0 percent month-on-month, their fastest since April, to give an annual growth of 2.4 percent, both well above the highest forecasts in a Reuters poll.More Britons holidaying at home and more foreign visitors, reflecting the weaker pound since the Brexit vote, could be behind some of the rise, economists said.Shoppers spent heavily on non-essentials, despite rising prices, with strong demand for watches and jeweler.These latest figures will give further encouragement to the Bank of England to follow up their recent statements on the need to raise interest rates, Andrew Sentance, a former BoE policymaker who now advises accountants PwC, said.HSBC said market pricing for a quarter-point rate rise on Nov. 2, after the BoEs next meeting, rose to 65 percent.FILE PHOTO: Shoppers carry bags in London, Britain August 25, 2016. REUTERS/Neil Hall/File Photo Sterling gained almost a cent against the U.S. dollar GBP= after the data, before later giving back most of its gains.British retail data is frequently volatile on a monthly basis and a separate survey released by the BoE on Wednesday offered a more downbeat picture.Construction and consumer-facing industries were suffering and there were mixed signals on investment, although factory exports and business-to-business services were strong.FILE PHOTO: Shoppers walk along Oxford Street in London, Britain December 18, 2016. REUTERS/Neil Hall/File Photo Pay rises mostly remained at 2-3 percent, below inflation but there were some signs that the worst of the impact on prices of last years fall in the pound should start to ease.INFLATION SQUEEZE PEAKING? The loss of disposable income this year caused the weakest first quarter for retail sales since 2010. But companies have reported little slowdown in spending so far.Kingfisher ( KGF.L ), Britains biggest home improvements retailer, said sales of expensive power tools and new kitchens had not changed, though it was cautious about the outlook.The OECD said British growth will slow from 1.6 percent this year to 1.0 percent in 2018, weaker than the BoE and most economists expect. It would be the slowest growth since the 2009 recession.The BoE said last week that Brexit as well as longer-term problems mean the pace at which Britains economy can grow without generating excessive inflation -- and requiring higher interest rates -- has fallen.HSBC economist Liz Martins said Wednesdays data raised the chance of stronger than expected growth, making a rate hike in November even more likely.The Bank sounded comfortable enough about raising rates in November on an assumption of 0.3 percent growth in the third quarter. If the number is higher, then it will be even more. she said.Reporting by David Milliken and William Schomberg. Editing by Jeremy Gaunt '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-britain-economy-retail/shopping-surge-in-august-boosts-british-rate-hike-bets-idUSKCN1BV148'|'2017-09-20T12:35:00.000+03:00'|7499.0|''|-1.0|'' 7500|'8e88d500fe77da921666dcd2c50dc90d6eef1fbb'|'H&M third quarter pretax profit just tops forecast'|' 15 AM / Updated 7 minutes ago Price cuts to clear summer stock fray H&M margins Reuters Balloons with the logo of Swedish fashion retailer Hennes & Mauritz (H&M) are pictured at its newly opened store in central Moscow, Russia, May 27, 2017. REUTERS/Maxim Shemetov/File Photo STOCKHOLM (Reuters) - Fashion retailer H&M ( HMb.ST ) reported a 20 percent fall in quarterly profit on Thursday as summer discounts hurt margins, while sales slowed towards the end of this month. The worlds second-biggest fashion retailer after Zara owner Inditex ( ITX.MC ) has been struggling to keep up with rapid changes to its retail market as competition intensifies and young shoppers move online. Pretax profit for the three months to Aug. 31 fell 20 percent to 5.02 billion Swedish crowns (460 million). Analysts had expected a fall of 21 percent, according to a Reuters poll. Shares in H&M were down 4.6 percent at 0710 GMT, taking a year-to-date fall to 15.8 percent. The fashion retail sector is growing and is in a period of extensive and rapid change as a result of ongoing digitalisation, CEO Karl-Johan Persson said in a statement. Our growing online sales did not fully compensate for reduced footfall to stores in several of our established markets, which has resulted in our total sales development not reaching our targets so far this year. The company has said this month that markdowns to shift piled-up unsold garments were much larger than usual, and it said on Thursday its gross margin shrank to 51.4 percent from 54.0 percent. Markdowns in relation to sales grew 2.8 percentage points. However, despite the extra effort to clear the shelves ahead of autumn, inventories were up 8 percent at the end of the quarter. H&M said it saw great potential to achieve lower inventory levels in future thanks to faster lead times for fashion items, more efficient supply chains and more in-season purchases. The firm said that after a good start, sales in September had somewhat towards the end of the month. It did not, as it usually does, provide a preliminary sales figure. It said it now planned a net increase of stores in the year of 385, down from previous guidance for around 400. Reporting by Anna Ringstrom; editing by Niklas Pollard/Keith Weir'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-h-m-results/hm-third-quarter-pretax-profit-just-tops-forecast-idUKKCN1C30JP'|'2017-09-28T09:15:00.000+03:00'|7500.0|''|-1.0|'' 7501|'6333ff006f4cce96ace54e84fe7a1176e350dcf9'|'Oil prices rise on sharp drop in U.S. production as hurricanes bite'|'September 8, 2017 / 2:00 AM / Updated 39 minutes ago Oil prices rise on sharp drop in U.S. production as hurricanes bite 3 Min Read A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo SINGAPORE (Reuters) - Oil prices rose on Friday as U.S. crude production was hit harder by Hurricane Harvey than expected, with even bigger storm Irma heading for Florida and threatening to cause more disruption to the petroleum industry. U.S. West Texas Intermediate (WTI) crude futures were at $49.21 barrel at 0406 GMT, 12 cents above their last settlement. Brent crude futures, the benchmark for oil prices outside the United States, were up 24 cents to $54.73 a barrel, after reaching a session high of $54.79 a barrel, their highest level since April. Hurricane Harvey hit the U.S. Gulf coast two weeks ago, and crude prices initially slumped because almost a quarter of the countrys huge refinery industry was knocked out by the storm, cutting demand for crude oil, refinings lifeblood. But as the refinery sector gradually recovers, so is its crude processing, shifting the focus to oil production. But data shows Harveys impact was also felt there. U.S. oil output fell by almost 8 percent, from 9.5 million barrels per day (bpd) to 8.8 million bpd, according to the Energy Information Administration (EIA). Port and refinery closures along the Gulf coast and harsh sea conditions in the Caribbean have also impacted shipping. Imports (of oil) to the U.S. Gulf Coast fell to levels not seen since the 1990s, ANZ bank said. Traders said it would take weeks for the U.S. petroleum industry to return to full capacity, and that under the current conditions it was difficult to identify fundamental market trends. The data for this week and next will be taken with a grain of salt as the underlying trend will be obscured by the effects of the hurricane, said William OLoughlin, investment analyst at Rivkin Securities. Even as the oil industry continues to grapple with the fallout from Harvey, a much bigger Hurricane was lashing the Caribbean islands and heading for the United States. Hurricane Irma, which has become one of the biggest storms ever measured - picking up the Twitter hashtag #irmageddon - early on Friday was over the Dominican Republic and Haiti, heading for Cuba and the Bahamas. It was predicted to hit Florida on Sunday or Monday. The U.S. National Hurricane Center (NHC) said that Irma was still a Category 5 Hurricane, with wind speeds of 175 miles per hours (280 km/h). Reporting by Henning Gloystein; Editing by Kenneth Maxwell '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-oil/oil-markets-move-little-with-industry-in-grip-of-caribbean-hurricanes-idUKKCN1BJ061'|'2017-09-08T07:18:00.000+03:00'|7501.0|''|-1.0|'' 7502|'5c4646796a0b3a3e932eaa6009294515e907de46'|'Siemens likely to pick Alstom for rail merger on Tuesday -sources'|'MUNICH/FRANKFURT, Sept 25 (Reuters) - German industrial group Siemens is likely to decide on Tuesday to pursue a rail merger with French rival Alstom rather than Canadas Bombardier, two sources familiar with the matter told Reuters.I think Alstom will make it, one of the people said on Monday. The second person said the Siemens supervisory board would decide the matter on Tuesday, also describing Alstom as the frontrunner.A Siemens spokesman declined to comment on the matter, while Alstom was not immediately available to comment. (Reporting by Alexander Huebner and Georgina Prodhan; Editing by Arno Schuetze)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/alstom-siemens/siemens-likely-to-pick-alstom-for-rail-merger-on-tuesday-sources-idINF9N1LL00L'|'2017-09-25T08:24:00.000+03:00'|7502.0|''|-1.0|'' 7503|'9ab2f515d54c872155ee72f10890b5d8e87a5474'|'Brazil''s Cade gives final okay to Ternium-CSA deal, rejects CSN appeal'|'SAO PAULO (Reuters) - The board of Brazil antitrust agency Cade gave final approval on Wednesday to Ternium SAs ( TX.N ) acquisition of Thyssenkrupp AGs ( TKAG.DE ) Brazilian steel mill CSA Cia Siderrgica do Atlntico SA, rejecting an appeal by a Brazilian rival.Cade first approved the deal, valued at 1.5 billion euros ($1.8 billion), in August, but Brazilian steelmaker Cia Siderurgica Nacional ( CSNA3.SA ) appealed as an interested third party.Reporting by Leonardo Goy; Editing by Chizu Nomiyama '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-csa-m-a-ternium-antitrust/brazils-cade-gives-final-okay-to-ternium-csa-deal-rejects-csn-appeal-idINKCN1BH249'|'2017-09-06T13:19:00.000+03:00'|7503.0|''|-1.0|'' 7504|'db1fc7a4638943ca19441e379a14f027a7ced912'|'Owner of Sandro, Maje fashion labels valued at $2 billion in Paris listing'|'The logo of ready-to-wear Sandro brand is seen on a fashion shop storefront in Paris, France, March 29, 2017. REUTERS/Charles Platiau PARIS (Reuters) - Frances SMCP ( IPO-SMCP.PA ) will price its stock market flotation at 22 euros per share, it said on Thursday, giving the fashion firm behind the Sandro and Maje labels a market value of around 1.7 billion euros ($2 billion).The group, which also houses clothing brand Claudie Pierlot, will remain around 51 percent owned by Chinas Shandong Ruyi following the initial public offering, while private equity firm KKR will sell its 10 percent holding.Paris-based Sandro, Maje and Claudie Pierot (SMCP), which is using proceeds from the listing to back its expansion and pay down debt, touts itself as an affordable luxury company.SMCPs clothes - such as dresses priced in the $200-$400 range - are more expensive than high-street retailers but it also operates a nimble production model more akin to the world of fast-fashion that of the top-end luxury labels.SMCP is looking to grow more in China, where recovering demand from middle-class consumers is giving retailers a lift, and like many peers it also wants to develop online sales.The IPO raised around 541 million euros for the company and selling shareholders, and SMCP said this could increase to 623 million euros if over-allotment options are exercised on the back of strong demand.Some of SMCPs managers - the founders had around 8 percent of the firm before the IPO - banked 5.9 million euros from selling shares, the company said, while KKR took home 148 million euros. Shandong Ruyi raised 261 million euros and said the funds would be used to buy the Chinese governments stake in its Yinchuan Ruyi textile factory.The company, which aims to open between 80 to 90 stores a year between 2018 and 2020, also raised 127 million euros from issuing new stock. It will have a free float of 33.1 percent.Shares in SMCP will start trading in Paris on Friday in the form of promesses dactions, or a type of share right.Reporting by Sarah White; Editing by Mark Potter'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-smcp-ipo/owner-of-sandro-maje-fashion-labels-valued-at-2-billion-in-paris-listing-idINKBN1CO2PG'|'2017-10-19T16:07:00.000+03:00'|7504.0|''|-1.0|'' -7505|'7c2397ce565124a68eb23e9f37a89d64b5440259'|'RPT-CORRECTED-Australian fund in $1.6 bln deal to buy 10 U.S. malls from Forest City'|'(Repeats to fix technical glitch)By Paulina DuranSYDNEY, Oct 4 (Reuters) - Australian fund manager QIC has reached a deal to buy out 10 regional malls in the United States from its joint venture partner Forest City Realty Trust Inc on behalf of a client which it did not identify.Forest City said the deal values the total portfolio at $3.1 billion and its stake at $1.6 billion.Four years ago, the A$82 billion Australian fund, which manages assets for institutional investors, formed a partnership with the New York listed Forest City.We are encouraged by the broader economic conditions in the U.S. and the resilience of the consumer as demonstrated by continuing strength in the underlying fundamentals for the portfolio, said Steve Leigh, Managing Director of Global Real Estate for QIC.We understand the importance of regional malls to their local communities and have the capability and the capital to evolve these assets into multi-faceted destinations.The transaction will be completed in two stages, with the first involving the acquisition of six malls in the states of Colorado, New York, Florida, and Pennsylvania, for net proceeds of $180 million, and the second stage consisting of an option over four more malls in California, Nevada, and Virginia, the fund said in a statement. (Reporting by Paulina Duran; editing by Grant McCool) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/forest-city-ma-qic/rpt-corrected-australian-fund-in-1-6-bln-deal-to-buy-10-u-s-malls-from-forest-city-idINL4N1MF195'|'2017-10-04T04:21:00.000+03:00'|7505.0|''|-1.0|'' +7505|'7c2397ce565124a68eb23e9f37a89d64b5440259'|'RPT-CORRECTED-Australian fund in $1.6 bln deal to buy 10 U.S. malls from Forest City'|'(Repeats to fix technical glitch)By Paulina DuranSYDNEY, Oct 4 (Reuters) - Australian fund manager QIC has reached a deal to buy out 10 regional malls in the United States from its joint venture partner Forest City Realty Trust Inc on behalf of a client which it did not identify.Forest City said the deal values the total portfolio at $3.1 billion and its stake at $1.6 billion.Four years ago, the A$82 billion Australian fund, which manages assets for institutional investors, formed a partnership with the New York listed Forest City.We are encouraged by the broader economic conditions in the U.S. and the resilience of the consumer as demonstrated by continuing strength in the underlying fundamentals for the portfolio, said Steve Leigh, Managing Director of Global Real Estate for QIC.We understand the importance of regional malls to their local communities and have the capability and the capital to evolve these assets into multi-faceted destinations.The transaction will be completed in two stages, with the first involving the acquisition of six malls in the states of Colorado, New York, Florida, and Pennsylvania, for net proceeds of $180 million, and the second stage consisting of an option over four more malls in California, Nevada, and Virginia, the fund said in a statement. (Reporting by Paulina Duran; editing by Grant McCool) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/forest-city-ma-qic/rpt-corrected-australian-fund-in-1-6-bln-deal-to-buy-10-u-s-malls-from-forest-city-idINL4N1MF195'|'2017-10-04T04:21:00.000+03:00'|7505.0|27.0|4.0|'' 7506|'f368ee822860c57a101d2b5176ec56711adae6c8'|'HSBC picks retail head John Flint as next CEO - newspaper - Reuters'|'LONDON, Oct 8 (Reuters) - HSBC wants to appoint company insider John Flint as its next chief executive and has approached regulators seeking their approval, Britains Sunday Times newspaper said.Europes biggest bank has told the Bank of England it wants approval for Flint, who currently runs the lenders retail and wealth management businesses, to take over from Stuart Gulliver, the paper said, citing unnamed sources.HSBC did not immediately respond to a request for comment.Gulliver has said he plans to step down next year and the appointment of his replacement is the first major decision facing the banks new chairman, Mark Tucker, who took up his post on Oct 1.John Flint, no relation to outgoing chairman Douglas Flint, joined HSBC in 1989 and has worked in both the investment banking and retail banking sides of the bank, spending 14 years in Asia at the start of his HSBC career. (Reporting by Rachel Armstrong and Anjuli Davies; Editing by Greg Mahlich) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/hsbc-ceo/hsbc-picks-retail-head-john-flint-as-next-ceo-newspaper-idINL8N1MJ08N'|'2017-10-08T07:08:00.000+03:00'|7506.0|''|-1.0|'' -7507|'4611c3e1e4f7538526d6d2a54b14ec3d17c53260'|'Toys''R''Us collapse to hit Hasbro holiday sales'|'(Reuters) - Hasbro Inc warned of holiday season fallout from the ToysRUs bankruptcy, issuing a weaker-than-expected forecast on Monday that sent the toy makers shares down 10 percent.Hasbro, which gets about 9 percent of its revenue from ToysRUs, said the Chapter 11 filing raised uncertainty about the timing and amount of toys it would ship to the retailer in the fourth quarter.The surprise filing last month underscored the Amazon-fueled shift away from brick-and-mortar retailing, and bodes ill for the entire toy industry.Hasbros warning hit rivals - shares of Mattel Inc and Jakks Pacific Inc were down 4 percent and 1.5 percent, respectively.ToysRUs, once the largest toy retail chain in the United States, still owes creditors $5 billion in debt with Hasbro exposed to the tune of $60 million in unsecured claims for payment.Chief Executive Brian Goldner said the bankruptcy had created a fluid environment for the companys shipments, but downplayed its long-term effect saying it would not hurt 2018 results.FILE PHOTO: A Jenga game by Hasbro Gaming is seen in this illustration photo August 13, 2017. REUTERS/Thomas White/Illustration/File Photo The second biggest U.S. toymaker said it expects fourth quarter revenue to increase 4 percent to 7 percent, or $1.70-$1.74 billion. Analysts on average had expected $1.82 billion.Morning Star analyst Jaime Katz said the concerns over ToysRUs were overblown as its debtor-in-possession financing would help it cover most of its payments to toy makers.Meanwhile, Katz said, Hasbro and Mattel will have more time to find alternate channels to distribute their products.The toymaker said it had reached an agreement with ToysRUs last week over account receivables - outstanding receipts the company is owed from its customers - but there would be a two-day delay in receiving payments over the current cycle.Hasbros outlook follows Jakks Pacifics warning in September that it would post a loss in 2017 because of the bankruptcy.Hasbro on Monday also reported third-quarter profit of $265.6 million, or $2.09 per share and a 7 percent rise in revenue to $1.79 billion.Analysts on average had expected sales of $1.78 billion and a profit of $1.94 per share.Reporting by Gayathree Ganesan and Siddharth Cavale; editing by Saumyadeb Chakrabarty '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/hasbro-results/toysrus-collapse-to-hit-hasbro-holiday-sales-idINKBN1CS1JV'|'2017-10-23T15:14:00.000+03:00'|7507.0|''|-1.0|'' +7507|'4611c3e1e4f7538526d6d2a54b14ec3d17c53260'|'Toys''R''Us collapse to hit Hasbro holiday sales'|'(Reuters) - Hasbro Inc warned of holiday season fallout from the ToysRUs bankruptcy, issuing a weaker-than-expected forecast on Monday that sent the toy makers shares down 10 percent.Hasbro, which gets about 9 percent of its revenue from ToysRUs, said the Chapter 11 filing raised uncertainty about the timing and amount of toys it would ship to the retailer in the fourth quarter.The surprise filing last month underscored the Amazon-fueled shift away from brick-and-mortar retailing, and bodes ill for the entire toy industry.Hasbros warning hit rivals - shares of Mattel Inc and Jakks Pacific Inc were down 4 percent and 1.5 percent, respectively.ToysRUs, once the largest toy retail chain in the United States, still owes creditors $5 billion in debt with Hasbro exposed to the tune of $60 million in unsecured claims for payment.Chief Executive Brian Goldner said the bankruptcy had created a fluid environment for the companys shipments, but downplayed its long-term effect saying it would not hurt 2018 results.FILE PHOTO: A Jenga game by Hasbro Gaming is seen in this illustration photo August 13, 2017. REUTERS/Thomas White/Illustration/File Photo The second biggest U.S. toymaker said it expects fourth quarter revenue to increase 4 percent to 7 percent, or $1.70-$1.74 billion. Analysts on average had expected $1.82 billion.Morning Star analyst Jaime Katz said the concerns over ToysRUs were overblown as its debtor-in-possession financing would help it cover most of its payments to toy makers.Meanwhile, Katz said, Hasbro and Mattel will have more time to find alternate channels to distribute their products.The toymaker said it had reached an agreement with ToysRUs last week over account receivables - outstanding receipts the company is owed from its customers - but there would be a two-day delay in receiving payments over the current cycle.Hasbros outlook follows Jakks Pacifics warning in September that it would post a loss in 2017 because of the bankruptcy.Hasbro on Monday also reported third-quarter profit of $265.6 million, or $2.09 per share and a 7 percent rise in revenue to $1.79 billion.Analysts on average had expected sales of $1.78 billion and a profit of $1.94 per share.Reporting by Gayathree Ganesan and Siddharth Cavale; editing by Saumyadeb Chakrabarty '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/hasbro-results/toysrus-collapse-to-hit-hasbro-holiday-sales-idINKBN1CS1JV'|'2017-10-23T15:14:00.000+03:00'|7507.0|27.0|0.0|'' 7508|'7254d9100968d28e1ac34a5f299d3cc58e6fe1bc'|'Austrian competition authority concerned about Lufthansa monopoly in Vienna'|'Lufthansa airliners park at Tegel airport in Berlin, Germany, October 12, 2017. REUTERS/Hannibal Hanschke VIENNA (Reuters) - Austrias competition authority BWB sees Lufthansa gain anti-competitive dominance on many routes in Vienna after the agreed takeover of Air Berlins Niki unit and plans to voice its concerns in Brussels, a spokeswoman said on Friday.The German airline signed a 210 million euro ($249 million) deal to buy large parts of insolvent Air Berlin on Thursday, which includes the takeover of the Austrian leisure airline.We see an anti-competitive Lufthansa monopoly in Vienna on many routes after the takeover of Fly Niki, the competition authoritys spokeswoman said. We will voice our concern about the takeover at the European Commission.Reporting by Kirsti Knolle; Editing by Shadia Nasralla'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-air-berlin-lufthansa-niki/austrian-competition-authority-concerned-about-lufthansa-monopoly-in-vienna-idINKBN1CI0SF'|'2017-10-13T05:49:00.000+03:00'|7508.0|''|-1.0|'' 7509|'6219b53ea3ee527c088c444fb3d1eaca7ffce888'|'CANADA STOCKS-TSX rises with banks, miners; energy stocks weigh'|'* TSX closes up 70.06 points, or 0.45 pct, at 15,705.00* Eight of TSXs 10 main groups move higher* Energy sector weighs as crude prices fall (Adds details, Quote: s, updates to market close)TORONTO/OTTAWA, Oct 2 (Reuters) - Canadas main stock index rose modestly on Monday as broad gains supported by the heavyweight financial sector offset the drag of energy stocks retreat with lower oil prices.Jean Coutu Group rose 1.7 percent to C$24.71 after grocery company Metro Inc said it would buy the pharmacy chain for C$4.5 billion ($3.6 billion) in cash and stock. Metros stock declined 1.3 percent to C$42.36.The financials group, which accounts for more than a third of the indexs weight, added 0.6 percent overall, with Toronto-Dominion Bank up 1.4 percent at C$71.24 and Bank of Nova Scotia adding 0.7 percent to C$79.95.Financials, and the Toronto stock market in general, have benefited from the view that the Bank of Canada will raise interest rates slowly following two back-to-back hikes, said Bryden Teich, portfolio manager at Avenue Investment Management.Since Bank of Canada Deputy Governor Tim Lane last month said the central bank was watching how the economy will respond to the strengthening Canadian dollar, Toronto stocks have risen 3.5 percent.That was the inflection point for the market and weve gone basically straight up from there, Teich said.The Toronto Stock Exchanges S&P/TSX composite index ended up 70.06 points, or 0.45 percent, at 15,705.00. Of the indexs 10 main groups, eight were higher.If economic growth continues to be strong and the Bank of Canada doesnt move too aggressively, stocks could gain another 5 to 6 percent, Teich said.The index is now just 1.5 percent away from the intraday record high it hit in February.Diversified miner Teck Resources Ltd rose 3.2 percent to C$27.10 as copper held steady and lead and zinc prices jumped.The materials group, which includes precious and base metal miners and fertilizer companies, added 1 percent.But a 0.4 percent decline from the energy sector capped gains as oil prices were pressured by signs of higher output. U.S. crude fell $1.10, or 2.1 percent, to $50.57 a barrel.The most influential energy weights included Suncor Energy Inc, which declined 0.8 percent to C$43.38.Smaller producers took larger hits, with MEG Energy Corp down 4.0 percent at C$5.27 and Crew Energy Inc off 3.6 percent to C$4.28. Cenovus Energy fell 1.3 percent to C$12.35. (Reporting by Alastair Sharp in Toronto and Leah Schnurr in Ottawa; Editing by James Dalgleish) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-rises-with-banks-miners-energy-stocks-weigh-idUSL2N1MD1PL'|'2017-10-03T00:07:00.000+03:00'|7509.0|''|-1.0|'' 7510|'b80a8cc3c9cf3d6f4b2c84bef83454a1a105931a'|'Daimler takes first steps on new structure for cars and trucks'|'October 16, 2017 / 9:40 AM / in 4 minutes Daimler commits cash to help reshape company Reuters Staff 4 Min Read FILE PHOTO: The Mercedes star logo of an E Coupe is pictured before the annual news conference of Daimler AG in Stuttgart, Germany, February 2, 2017. REUTERS/Michaela Rehle/File Photo BERLIN (Reuters) - Daimler ( DAIGn.DE ) has committed more than 100 million euros (89 million) to help create separate legal entities for its Mercedes-Benz cars and Daimler Trucks divisions, a move that would facilitate an eventual break up of the German company. Daimler wants to create a more agile structure as the latest luxury cars demand increasing input from technology and software specialists. We not only need to be as close as possible to our customers pulse, but also to be able to react as quickly and flexibly as possible to market developments and a fundamentally changing competitive environment, finance chief Bodo Uebber said. Daimler, which has annual sales of 153 billion euros, said it did not plan to divest any of its divisions and no final decision on the legal split had been made. Under the proposals, Daimler would be split into three independent stock corporations with their own management and supervisory boards capable of signing cross-shareholding agreements with any partners, a person familiar with the matter said, without giving more details. The move announced on Monday follows comments by CEO Dieter Zetsche who said in July that Daimler was considering putting parts of its business into separate legal entities, spurring talk of a possible break up as the group looks to fund big investments in self-driving and electric cars. Alongside the Financial Services AG business, the two new entities would combine Mercedes-Benz Cars and Vans operations as well as Trucks and Buses divisions, the company said. JOBS PROTECTED The Stuttgart-based company said in a separate statement on Monday that it was not pursuing any savings, efficiencies or job cuts related to the reorganisation. To win the support of its labour unions, Daimler said it has further extended job guarantees until 2029 from 2020 and will make a 3 billion-euro contribution to the groups pension fund in the fourth quarter. Separating Daimlers divisions could make it easier to value them and create a higher figure than for the current combination, with trucks and buses on their own worth 31 billion euros, analysts at Evercore ISI have said. The German companys total market value is around 72.7 billion euros, according to Thomson Reuters data. Daimler may be against putting anything up for sale now but of course things can look entirely different in 10 to 15 years time, said NordLB analyst Frank Schwope, who has a hold recommendation on the stock, adding he saw the trucks operations as the most likely candidate for a future divestment. The implications of this (separation) are more long-term, he said. Volkswagen ( VOWG_p.DE ), the worlds biggest automotive group which also sells trucks and vans alongside its car business, has no plans to follow Daimler and divide up the group, Chief Executive Matthias Mueller said last month. Daimler shareholders could approve a possible legal overhaul in 2019 at the earliest, the company said, adding that further examination and due diligence were needed before the management and supervisory boards can reach a final verdict. The shares were trading up 0.8 percent at 68.46 euros as of 1305 GMT. Reporting by Andreas Cremer, Victoria Bryan and Ilona Wissenbach.; Editing by Mark Potter and Keith Weir 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-daimler-restructuring/daimler-takes-first-steps-on-new-structure-for-cars-and-trucks-idUKKBN1CL11O'|'2017-10-16T12:40:00.000+03:00'|7510.0|''|-1.0|'' @@ -7551,7 +7551,7 @@ 7549|'47c0f46c26e403cf55a0d01dd69da58b6c9d5ab3'|'Nigerian lenders pick Barclays to find new investors for 9mobile - sources'|'October 19, 2017 / 5:31 PM / in 17 minutes Nigerian lenders pick Barclays to find new investors for 9mobile - sources Chijioke Ohuocha 3 Min Read FILE PHOTO: A man walks towards a 9 Mobile telecom company outdoor billboard in Abuja, Nigeria, August 30, 2017. REUTERS/Afolabi Sotunde/File Photo LAGOS (Reuters) - Nigerian lenders have picked Barclays ( BARC.L ) to try to find new investors for debt-laden 9mobile, two banking sources said on Thursday. Barclays has started work on the mandate and is in the process of setting up a database for prospective investors to conduct due diligence, they said. Banking sources had previously said Citigroup and Standard Bank were in the running for the role. But the lenders decided against them due to their previous links with 9mobile, the sources said on Thursday. Standards local unit, Stanbic IBTC Bank ( IBTC.LG ), is among the group of lenders to 9mobile while Citi has advised the telecom company, formerly known as Etisalat Nigeria, in the past, they said. Barclays was not immediately available for comment. Etisalat Nigeria took out a $1.2 billion (912.4 million) syndicated loan from a group of 13 local banks but struggled to make repayments this year due to a currency crisis and recession in Nigeria. The Nigerian central bank intervened to save the company from collapse and prevent creditors from putting it into receivership, leading to a change in its board and management, as well as the new name 9mobile. The crisis forced the telecoms companys one-time parent Etisalat ( ETEL.AD ) to terminate its management agreement with its Nigerian business and surrender its 45 percent stake to a trustee following the central bank intervention. 9mobile CEO Boye Olusanya has said he is focused on getting the telecoms company back on track to make a profit, while working on the paperwork to eventually raise new capital, adding the company was open to new investors. Lenders have put a freeze on collecting the principal and interest payments on the syndicate loan pending new investors, in order to help the company survive, the sources told Reuters. They have also held back on taking provisions for the syndicated loan and agreed to extend it after the regulatory intervention in July. The sources said the central bank had asked the lenders to take a five percent provision on the loan as part of their-quarter results due this month. Some lenders, such as Zenith Bank ( ZENITHB.LG ), UBA ( UBA.LG ), and Access Bank ( ACCESS.LG ), have made already provisions to cover direct lending to 9mobile outside the syndicated loan. 9mobile has 20 million subscribers with a 14 percent share of the Nigerian market. South Africas MTN ( MTNJ.J ) is the market leader with 47 percent, Nigerias Globacom has 20 percent and Bharti Airtels local subsidiary has 19 percent. Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-nigeria-9mobile/nigerian-lenders-pick-barclays-to-find-new-investors-for-9mobile-sources-idUKKBN1CO2N5'|'2017-10-19T20:31:00.000+03:00'|7549.0|''|-1.0|'' 7550|'4c8442152e9da6a3f5d5e4392772688669d79cd4'|'Refresco receives new 1.6 billion euro offer from PAI; shares jump'|'AMSTERDAM (Reuters) - Dutch juice bottling company Refresco ( RFRG.AS ) has received a new 1.6 billion euro ($1.9 billion) buyout offer from French private equity firm PAI Partners.Refresco said it was considering the offer, which follows a 1.4 billion euro offer from PAI which Refresco rejected in April.After rejecting the PAI offer, Refresco agreed in July to buy the bottling activities of Canada-based Cott Corp ( BCB.TO ) for $1.25 billion.Refresco said PAIs new offer, which it described as unsolicited, indicative and conditional includes the Cott activities acquisition, which is on track to close before the end of 2017, Refresco said.The PAI offer is to acquire all 81.2 million issued shares in Refresco for 19.75 euros per share.Refresco shares jumped more than 8 percent in early trading to 18.80 euros, after closing at 17.34 euros on Monday. The share is up 30 percent year to date after rallying on PAIs April bid.Refresco said its boards would carefully review the proposal.Refresco, which was founded in 1999 and floated in 2015, makes and bottles fruit juices and soft drinks for retailers and brands in Europe and the United States.The company employs 5,500 people and has production facilities in the Benelux countries, Finland, France, Germany, Italy, Poland, Britain and the United States.In 2016, it reported a net profit of 81.5 million euros on revenue of 2.1 billion euros.Reporting by Toby Sterling; editing by Jason Neely/Keith Weir '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-refresco-group-m-a-pai/refresco-receives-new-1-6-bln-euro-buyout-offer-from-pai-partners-idINKCN1C80KG'|'2017-10-03T05:17:00.000+03:00'|7550.0|''|-1.0|'' 7551|'a02c0447247e455241548cd69841837000f02ab2'|'Exclusive - Greek banks plan record sale of bad loans as pressure mounts'|'October 19, 2017 / 5:11 PM / Updated 3 minutes ago Exclusive: Greek banks plan record sale of bad loans as pressure mounts George Georgiopoulos 5 Min Read ATHENS (Reuters) - Three of Greeces largest lenders plan to sell up to 5.5 billion euros ($6.5 billion) in bad loans by early next year, sources said, as the countrys central bank chief called on the creaking banking sector to act faster to tackle its bad-debt problem. Greek banks are saddled with 103 billion euros in bad loans, equal to almost 60 percent of the economy, after years of financial crisis and crippling recession. The European Central Bank wants that reduced by 38 billion euros by the end of 2019. Greeces largest lender, Piraeus Bank, as well as peers National Bank (NBG) and Alpha Bank plan to take a major step toward that goal with a record series of sales to be completed by the end of March, the banking sources said. They are responding to growing regulatory pressure to tackle the bad-debt problem, which restricts banks ability to expand credit and undermines Greeces tentative economic recovery and efforts to end its reliance on European Union bailout funds. Greeces central bank chief told Reuters on Wednesday that he wanted to see faster progress. Banks need to be more ambitious on their bad loan reduction targets and speed up the sales of NPLs, Bank of Greece Governor Yannis Stournaras he said by telephone. Bankers describe bad debts as the elephant in the room, a huge problem often overshadowed by years of tense bailout negotiations between Athens and its EU lenders. If Piraeus, peers National Bank and Alpha sell up to 5.5 billion euros combined as planned, overall NPL sales would reach 7 billion euros, or around 18 percent of the task set by the ECB. However, the sales are mostly of loans already written down heavily on bank balance sheets and unlikely to result in any substantial further losses. The bigger challenge comes when they must deal with the bulk of their secured bad loans. Outright sales of unsecured NPLs will be the ones to start the dance, a senior Alpha banker said. There have been concerns, particularly at the International Monetary Fund, that collateral underpinning many secured bad loans, such as property, may be worth less than implied in banks books. If so, lenders could face more writedowns and may need to raise more capital. The ECB has rejected the IMFs push for a fresh quality check of Greek banking assets but is bringing forward plans for its own stress test of Greek lenders scheduled for next year. That test is likely to be finalised as early as May, a source told Reuters last month, so Greece would still have time to address any capital shortfalls before the country is due to emerge from its third EU bailout. MAKING A START Eurobank launched Greeces first major sale of bad debts this month, shifting loans with a face value of 1.5 billion euros to Swedens Intrum, which paid 45 million euros or just 3 percent of the nominal value. [nL8N1MG1JR] The banking sources did not name likely buyers for the upcoming sales. Acquirers in similar auctions in Italy and Spain have included Pimco, Fortress, Cerberus, Apollo Global Management, Anacap Financial Partners and Bain Capital Credit. Piraeus Bank plans to sell 3.0 billion euros in bad debt, half in the form of unsecured consumer loans, a senior banker involved in the process said. The rest would include 1.5 billion euros of business loans with collateral. We are looking at our options and have engaged resources to evaluate NPL sales. UBS is advising us on the secured part of the pool of NPLs we plan to sell, the banker said. Piraeus Banks NPLs, defined as loans overdue by more than 90 days, represented 37.1 percent of its total loan book in June. On a broader measure, including restructured loans deemed likely to go bad, that ratio rises to 52 percent. National Bank (NBG), Greeces second-largest lender, plans to sell up to 1.5 billion euros in unsecured consumer loans and has hired PriceWaterhouseCoopers as sale adviser. The transaction will be concluded by the first quarter of 2018, a senior NBG executive told Reuters. NBGs non-performing exposure, a measure that includes NPLs and loans likely to sour, stood at 45 percent of total loans at end-June, the executive said, adding that the bank has written down 55.7 percent of these loans. Alpha Bank is also preparing to sell up to 1 billion euros in bad retail loans by the end of the first quarter of 2018, a senior Alpha banker said. The banks non-performing exposure ratio stood at 53.7 percent at end-June, with coverage by provisions at 48 percent. Alpha also has a joint venture with Cepal, a specialist in loan recovery, to manage 1.5 billion euros of bad loans. Cepal, which earns a fee on recoveries, may manage more of Alphas soured loans, including mortgages and small business loans, the banker said. Bad loans managed by Cepal remain on Alphas balance sheet. Editing by Mark Bendeich and Hugh Lawson 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-greece-banks-bad-loans-exclusive/exclusive-greek-banks-plan-record-sale-of-bad-loans-as-pressure-mounts-idUKKBN1CO2L1'|'2017-10-19T20:09:00.000+03:00'|7551.0|''|-1.0|'' -7552|'d1441eeecaadb50e8d07c7aa9282103f7de479d0'|'Saudi Arabia considers selling stake in utility SEC to SoftBank Vision Fund'|'KHOBAR, Saudi Arabia (Reuters) - Saudi Arabia will consider selling a large stake in Saudi Electricity Co to SoftBank Vision Fund, but the Saudi government would retain a controlling shareholding, the utility said on Tuesday.Saudi Arabias Public Investment Fund, which holds a 74 percent stake in Saudi Electricity Co (SEC), signed a memorandum of understanding with SoftBank Vision Fund, the worlds largest private equity fund, on Monday for SEC to develop 3 gigawatts of solar energy in 2018, SEC said in a statement.No financial details of the agreement were made public.The statement said the parties would also evaluate the possibility of SoftBank Vision Fund, which is backed by Japans SoftBank Group ( 9984.T ) and Saudi Arabias main sovereign wealth fund, acquiring a big stake in Saudi Electricity Co.The Saudi government would retain a controlling stake, it said.SECs assets are estimated to be $100 billion. The Saudi government has been considering privatizing the company for years. It is not clear how the possible transaction will affect those plans.Oil giant Saudi Aramco currently owns nearly 7 percent of Saudi Electricity Co while the rest is held by the public.The Public Investment Fund and SoftBank Vision Fund will also build manufacturing and storage solar facilities and create jobs in the kingdom.Due diligence will be completed by the end of February next year, the company said.SoftBank Vision Fund has raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics.Reporting by Reem Shamseddine; Editing by Adrian Croft '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-saudi-electricity-softbank-group/saudi-arabia-considers-selling-stake-in-utility-sec-to-softbank-vision-fund-idINKBN1CT1LP'|'2017-10-24T09:45:00.000+03:00'|7552.0|''|-1.0|'' +7552|'d1441eeecaadb50e8d07c7aa9282103f7de479d0'|'Saudi Arabia considers selling stake in utility SEC to SoftBank Vision Fund'|'KHOBAR, Saudi Arabia (Reuters) - Saudi Arabia will consider selling a large stake in Saudi Electricity Co to SoftBank Vision Fund, but the Saudi government would retain a controlling shareholding, the utility said on Tuesday.Saudi Arabias Public Investment Fund, which holds a 74 percent stake in Saudi Electricity Co (SEC), signed a memorandum of understanding with SoftBank Vision Fund, the worlds largest private equity fund, on Monday for SEC to develop 3 gigawatts of solar energy in 2018, SEC said in a statement.No financial details of the agreement were made public.The statement said the parties would also evaluate the possibility of SoftBank Vision Fund, which is backed by Japans SoftBank Group ( 9984.T ) and Saudi Arabias main sovereign wealth fund, acquiring a big stake in Saudi Electricity Co.The Saudi government would retain a controlling stake, it said.SECs assets are estimated to be $100 billion. The Saudi government has been considering privatizing the company for years. It is not clear how the possible transaction will affect those plans.Oil giant Saudi Aramco currently owns nearly 7 percent of Saudi Electricity Co while the rest is held by the public.The Public Investment Fund and SoftBank Vision Fund will also build manufacturing and storage solar facilities and create jobs in the kingdom.Due diligence will be completed by the end of February next year, the company said.SoftBank Vision Fund has raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics.Reporting by Reem Shamseddine; Editing by Adrian Croft '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-saudi-electricity-softbank-group/saudi-arabia-considers-selling-stake-in-utility-sec-to-softbank-vision-fund-idINKBN1CT1LP'|'2017-10-24T09:45:00.000+03:00'|7552.0|29.0|4.0|'' 7553|'23528fe362ff9f53a98de65eea91894284f8ae36'|'Peltz says P&G proxy fight ''dumb'', will go down to wire'|'FILE PHOTO: Nelson Peltz founding partner of Trian Fund Management LP. speak at the WSJD Live conference in Laguna Beach, California, U.S. on October 25, 2016. REUTERS/Mike Blake/File Photo (Reuters) - Procter & Gamble ( PG.N ) should simply not have bothered resisting activist investor Nelson Peltzs push for a board seat, he said on Friday, promising to keep his shares in the consumer goods company even if he lost next weeks vote. Peltz said that the company had wasted more than $100 million to keep him off the board, despite him having no intention of replacing any board member or Chief Executive David Taylor, and that the vote would be close. This proxy fight is probably the dumbest thing Ive ever been involved in, Peltz told CNBC on Friday. One of the best known activist investors in corporate America, Peltz has amassed a $3.5 billion stake in P&G through his firm Trian Fund Management. He says he wants the company to improve shareholder returns by speeding up a transformation begun in 2014 and further streamlining its operations, moves he hopes he can push with a board seat. He has also repeatedly said that the company has a suffocating bureaucracy that is stalling progress and that reorganizing the company into three global business units would reduce complexity. P&G has lost its soul, Peltz said. With a $235 billion market capitalization, the Oct. 10 vote makes Procter & Gamble the biggest ever firm to face a proxy fight - where two competing groups battle for the shareholder votes needed to control and change companies. P&G in a statement on Friday reiterated its stance that Peltz wasnt a right fit for the board, particularly at this time as the company was in the final stages of its transformation. Peltzs timing is late to P&G’s turnaround, the company said in the statement. Reporting by Siddharth Cavale in Bengaluru '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-procterandgamble-trian/peltz-says-pg-proxy-fight-dumb-will-go-down-to-wire-idUSKBN1CB1TN'|'2017-10-06T17:30:00.000+03:00'|7553.0|''|-1.0|'' 7554|'9d94e01b2dc091556af615338f95eb7bb76aa6e3'|'''Golden Arches'': McDonald''s gets new China name following unit sale'|'October 26, 2017 / 5:31 AM / in 14 minutes ''Golden Arches'': McDonald''s gets new China name following unit sale Reuters Staff 2 Min Read SHANGHAI (Reuters) - U.S. fast food giant McDonalds Corp ( MCD.N ) is getting a name change in China - at least on paper. FILE PHOTO - A McDonald''s sign is displayed outside its outlet, the first one which opened in China in 1990, at the southern Chinese city of Shenzhen neighbouring Hong Kong, March 18, 2013. REUTERS/Bobby Yip/File Photo The firm will change its registered business name to Golden Arches (China) Co Ltd, a spokeswoman confirmed to Reuters on Thursday, adding though that its brand name in China - a transliteration of McDonalds - would be unchanged. The shift comes after the chain agreed earlier in the year to sell most of its China and Hong Kong business to CITIC Ltd ( 0267.HK ) and Carlyle Group ( CG.O ). The business plans to nearly double the number of its outlets in mainland China to 4,500 by 2022. It will still be clearly McDonalds when diners come to our stores, the chain said on its official China microblog. Our restaurant name will remain the same, the change is only at business license level, spokeswoman Regina Hui added in emailed comments to Reuters. She declined to comment further on the reason for the change. McDonalds in China and Hong Kong is 52 percent owned by CITIC, while Carlyle has a 28 percent stake. McDonalds itself retains a 20 percent interest in the business. The structure is aimed at improving sales at existing stores and expanding outlets. Fast-food firms including McDonalds and rival Yum Chinas ( YUMC.N ) KFC are bouncing back from a series of food-supply scandals in China that had dented performance. McDonalds reported robust sales on Tuesday, including better-than-expected growth in the United States and strong performances in Canada, Britain and China. Reporting by Adam Jourdan; Editing by Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mcdonalds-china/golden-arches-mcdonalds-gets-new-china-name-following-unit-sale-idUKKBN1CV0FK'|'2017-10-26T08:30:00.000+03:00'|7554.0|''|-1.0|'' 7555|'2124097c37de770461d27fb5403ca9ebff4c921c'|'Hurricanes will hit jobs numbers hard - Oct. 5, 2017'|'Hurricanes will hit jobs numbers hard by Chris Isidore @CNNMoney October 5, 2017: 3:09 PM ET 2017 hurricanes could cost over $200 billion Brace yourself for some bad jobs numbers. But don''t panic. The number of jobs created in September is expected to dip sharply, primarily because of Hurricanes Harvey and Irma. And the impact on jobs is likely to be short-lived.The storms could even boost in hiring in the upcoming months,as victims of the storms rebuild and and replace things like cars that were damaged in the storm. Still, Friday''s report is likely to show employers added only about 90,000 jobs in the month, according economists surveyed by CNNMoney. That''s about half of jobs that would have been reported without the storms. So far this year employers have added an average of 175,000 jobs a month. About a quarter of the economists say the temporary job losses might push the unemployment rate to 4.5%, while the rest believe it will remain at 4.4%. Related: Irma and Harvey together will be as expensive as Hurricane Katrina Even if that rate does tick higher, it will still be near what economists generally consider to be full employment. And the overall economy is well-positioned to bounce back quickly from any impact from the storms. "Hurricanes Harvey and Irma hurt the job market in September," said Mark Zandi, chief economist with with Moody''s Analytics. "Looking through the storms the job market remains sturdy and strong." The government''s monthly jobs report is a snapshot of what the Labor Department finds when it contacts businesses across the nation, which is does in the middle of each month. But many businesses in both the Houston area and across Florida were closed because of the storm when the Labor Department was collecting its September data. If the Labor Department wasn''t able to contact an employer, it has to assume there was no one employed there at that time. Related: Hurricanes will probably hurt the economy, but not for long The storms will have a big impact on the jobs report in large part because they hit densely populated areas in Texas and Florida. There are about 11 million people working in the counties designed as disaster areas, according to the Labor Department. Hurricane Harvey hit Texas on Aug. 25, which was too late to affect the August jobs report. But because many businesses and individuals in the region were still struggling to reopen and recover from damage wrought by the storm weeks later in mid-September, it will impact this report. Hurricane Irma hit the Florida Keys on Sunday, Sept. 10, then moved up the state in the following days, shutting down many businesses during the week that employment is measured. Hurricane Maria, which devastated Puerto Rico and the U.S. Virgin Islands, won''t affect this report. That storm hit after the week that the Labor Department surveys businesses. Second, the widely reported national jobs numbers do not include those islands, even though the Labor Department does track hiring and job losses on those islands. CNNMoney (New York) First published October 5, 2017: 3:08 PM ET '|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/10/05/news/economy/jobs-hurricane-impact/index.html'|'2017-10-05T23:09:00.000+03:00'|7555.0|''|-1.0|'' @@ -7578,7 +7578,7 @@ 7576|'48da4752452ebb35a3dbfc38206a864b453016c5'|'La Caixa foundation to move headquarters from Catalonia to Mallorca'|'October 7, 2017 / 9:47 AM / Updated 2 hours ago La Caixa foundation to move headquarters from Catalonia to Mallorca Reuters Staff 1 Min Read CaixaBank and LaCaixa''s logos are seen at the company''s headquarters in Barcelona, Spain, April 18, 2016. REUTERS/Albert Gea MADRID (Reuters) - La Caixa Banking Foundation, which manages the holding company which controls Caixabank ( CABK.MC ), said on Saturday it will move its headquarters to Palma de Mallorca for as long as political upheaval in Catalonia continues. Caixbank said on Friday it has decided to move its registered office to Valencia in light of the situation in Catalonia, which is set to claim independence from the rest of Spain following a disputed independence referendum. Reporting by Paul Day; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-spain-politics-catalonia-caixa/la-caixa-foundation-to-move-headquarters-from-catalonia-to-mallorca-idUKKBN1CC09L'|'2017-10-07T12:47:00.000+03:00'|7576.0|''|-1.0|'' 7577|'050fc3cb748655d27cbc2a0ce6f047bca7df6df0'|'Remortgage now to grab a cheap fixed-rate deal before theyre gone - Money'|'Remortgaging Remortgage now to grab a cheap fixed-rate deal before theyre gone An expected interest rate rise means lenders are pulling their cheapest deals. We survey the best left on the market Get your fix homeowners have been advised to find a new remortgage deal. Photograph: Eddie Keogh/Reuters Remortgaging Remortgage now to grab a cheap fixed-rate deal before theyre gone An expected interest rate rise means lenders are pulling their cheapest deals. We survey the best left on the market View more sharing options Rupert Jones Friday 13 October 2017 07.01 BST Its crunch time for anyone thinking about switching to a new mortgage, after a string of lenders hiked the cost of their fixed-rate home loans. During the past few days, lenders have been frantically pulling their lowest-priced deals or repricing them upwards as they prepare for an interest rate rise that could come as early as next month . UK interest rates stay at 0.25% but Bank of England hints rise is looming Read more NatWest has whacked up the cost of its five-year fixes by up to 0.9% (equivalent to almost four quarter-point base rate rises), while HSBC and Barclays have pushed up rates by up to 0.2%. Meanwhile, Yorkshire building society had indicated its trailblazing two-year fix at just 0.99% and its table-topping five-year fix at 1.55% would be around for a while but on Thursday it announced they were being pulled. With time seemingly running out to lock into a bargain-basement deal, those thinking about remortgaging had better get a move on and Sainsburys (see panel) is currently offering the best deals. The buy now while stocks last cliche really does apply here although many people will argue that every warning in the past decade about an imminent rate rise has turned out to be false. The good news is that at the time of writing there were still a fair few competitively priced home loans on the market, with two-year fixes available at little more than 1%, and five-year fixes starting at around 1.59%. But dont bank on them being around for long. Hints from the Bank of England that the first increase in the cost of borrowing for a decade could be weeks away have started to push up funding costs for lenders. On Monday, the financial data provider Moneyfacts revealed that 21 lenders had upped at least some of their rates since 12 September. That list will be a fair bit longer by now. The rises have typically been in the order of 0.2%-0.25%, but the rate increases announced by NatWest range from 0.02%-0.9%, with five-year deals aimed at remortgagers seemingly taking the brunt of the changes. The rate on one NatWest five-year deal rose from 2.38% to 3.28%, another from 2.1% to 2.88%. The governor of the Bank of England, Mark Carney, could raise rates on 2 November. Photograph: Afolabi Sotunde/Reuters Meanwhile, Barclays has increased the cost of its new two-year fixes by up to 0.2%. That means its cheapest two-year fix now has a rate of 1.29% when just a few days ago it was 1.09%. HSBC upped its 1.14% two-year fix to 1.34% on Friday, while its 1.59% five-year fix has risen to 1.79%. On Thursday night, Yorkshire withdrew two of the most eye-catching fixes on the market: a two-year deal priced at 0.99% and a five-year deal at a super-low 1.55%. It is likely to announce new deals next week, but you can bet they wont be as good. David Hollingworth at broker London & Country Mortgages says: This is more than a few tweaks here and there theres a definite trend. As you get more [lenders] doing it, that only increases the pressure on those who remain. His message to those who have been thinking about locking into a low fixed rate but have yet to act is: I wouldnt leave it much longer. Mark Harris of SPF Private Clients, said on Tuesday: HSBC hopes to hold rates for another week at least, and Santander for another two but both had indicated that, should service levels begin to suffer they may be forced to move sooner rather than later. As it turns out, HSBC clearly decided it couldnt hold out for another week. We dont have long to wait to find out whether the Bank of England will raise the base rate the next monetary policy committee meeting is on 2 November. Brian Murphy at broker firm Mortgage Advice Bureau says borrowers who have not taken action still have time just to apply for and fix their mortgage before the interest rate decision is announced. His view is that rates have been on the floor for a long time and are not going to get any lower. There is still time to get the application in before 2 November, he said. The availability of record low fixed-rate deals has helped drive the numbers of people remortgaging to an eight-year high, as homeowners seek to protect themselves from a base rate rise. Conveyancing firm LMS this week said that in recent weeks record numbers of remortgagers had been opting for five-year fixes. UK interest rate rise what it could mean for savers and mortgage holders Read more According to Charlotte Nelson at Moneyfacts, lenders are increasingly feeling the effects of higher swap rates. These are the rates banks pay to borrow from each other, which play a large part in determining the pricing of fixed-rate mortgages. Providers are now starting to factor swap rate rises into their pricing, causing the average two-year fixed rate to start creeping up, and this new trend is showing no signs of abating yet, said Nelson. With rates having sat at record lows, it is difficult for providers to swallow the increased cost by any means other than increasing the rates on offer. She added that it is vital borrowers act fast to ensure they get the best possible deal before rates increase. Eye-catching offers Two-year fixes 1.09% from Sainsburys Bank. Maximum LTV 60%. Comes with a free valuation plus help with legal fees. 745 product fee. 1.09% from Hanley Economic building society. Max LTV 60%. Comes with a free valuation plus free legal work when remortgaging using the societys nominated solicitor. 475 product fee and 250 application fee. 1.12% from Hanley Economic. Max LTV 75%. Comes with a free valuation and free legal work as above. 495 product fee and 250 application fee. Five-year fixes 1.59% from Sainsburys Bank. Max LTV 60%. Comes with a free valuation plus help with legal fees. 745 product fee. 1.69% from Sainsburys Bank. Maximum LTV 75%. Comes with a free valuation, plus help with legal fees. 745 product fee. 1.7% from Monmouthshire building society. Maximum LTV 65%. Provides help with legal fees. 999 product fee. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/oct/13/remortgage-now-cheap-fixed-rate-deal-interest-rate-rise'|'2017-10-13T14:01:00.000+03:00'|7577.0|''|-1.0|'' 7578|'e49cc999931bf139bb799ae4b79114ef628acd7b'|'UPDATE 1-Brazil''s Temer escapes corruption charges in committee vote'|'October 18, 2017 / 10:36 PM / Updated 14 minutes ago UPDATE 1-Brazil''s Temer escapes corruption charges in committee vote Reuters Staff (Adds details of debate, implications for economic policy) By Maria Carolina Marcello BRASILIA, Oct 18 (Reuters) - A congressional committee voted 39-26 on Wednesday to reject charges against Brazilian President Michel Temer stemming from a corruption case involving the worlds largest meatpacker. The full lower house of Brazils Congress still must vote on the charges but is expected to shelve them next week, sparing Temer from trial by the Supreme Court for alleged obstruction of justice and membership in a criminal organization. Temer was accused of taking bribes and condoning the payment of hush money to a jailed politician in testimony by meatpacker Joesley Batista. Temer has denied any wrongdoing and his lawyers argued that the case against him was flawed because it was based on an inconclusive recording that Batista secretly made of a conversation with the president. The lower chamber decides whether a Brazilian president can be put on trial. Two-thirds of its members must vote to approve a charge for it to move forward, a hurdle his opponents are not expected to clear. Temer survived an earlier corruption charge in the lower house in August in connection with the same graft scheme in which prosecutors accused him of arranging to receive a total of 38 million reais ($11.8 million) in bribes from JBS SA . In committee debates on Wednesday, opposition Congressman Alessandro Molon, of the center-left party called Sustainability Network, said Temer was part of a criminal organization that collected bribes. He accused the president of taking part in decisions on how the money was distributed. Workers Party lawmakers called for Temer to stand trial, saying the charges against him were more serious than those leveled at his predecessor Dilma Rousseff, who was impeached last year for a lesser crime of violating budget rules. But Temers allies argued that the charges should be thrown out because the country needs Temer to serve out his mandate through the end of 2018 for political and economic stability. They said Temer has recovered Brazil from its worst recession, brought inflation under control, restored the purchasing power of Brazilian consumers and should stay in office to recover investor confidence. Presidential aides said Temer will now be able to get on with his economic policy agenda focused on boosting weak growth and bringing a bulging government budget deficit under control. The political capital and time Temer has spent defending himself, however, has delayed approval of a crucial overhaul of the pension system, the main cause of the fiscal deficit that cost Brazils its investment-grade credit rating in 2015. Temer will be hard pressed to get the unpopular pension bill approved before the 2018 election year starts and promised reform of Brazils burdensome tax system might is now unlikely. (Reporting by Anthony Boadle and Maria Carolina Marcello; Writing by Anthony Boadle; Editing by Leslie Adler) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brazil-corruption-temer/update-1-brazils-temer-escapes-corruption-charges-in-committee-vote-idUSL2N1MT2BM'|'2017-10-19T06:36:00.000+03:00'|7578.0|''|-1.0|'' -7579|'c92afe96f9d2b1d1a197477bab3b9a992104d739'|'This week in sports: Stunning upset for U.S. mens soccer - Reuters'|'United States'' Christian Pulisic and Trinidad''s Kevan George and Shahdon Winchester in action. REUTERS/Andrea de Silva Listen to this weeks Keeping Score podcast:Fox brushes off World Cup woes: The surprise failure of the United States mens soccer team to qualify for next years World Cup will not affect Fox Sports'' plans to televise the tournament, according to the network, which shelled out $200 million for the rights.NFL to host anthem talks: The NFL players union Executive Director DeMaurice Smith will attend meetings next week with team owners to discuss player protests during the national anthem. Speaking of which, Trump upped his war of words over NFL players silent protests against racial injustice, saying the league shouldnt receive tax breaks. Reuters examined whether Trump can follow through on this threat .Serena back on the court?: Serena Williams, formerly the world''s top women''s tennis player, may return to defend her Australian Open title next year , tournament director Craig Tiley said. Williams, who gave birth to a daughter September 1, would have just three months to get ready.The New York Yankees celebrates after defeating the Cleveland Indians during game five of the 2017 ALDS playoff baseball series at Progressive Field. Mandatory Credit: Ken Blaze-USA TODAY Sports Click here to see more of Reuters top sports photography .'|'reuters.com'|'http://www.reuters.com/finance'|'https://www.reuters.com/article/us-weekinsports-06oct2017/this-week-in-sports-stunning-upset-for-u-s-mens-soccer-idUSKBN1CH2WQ'|'2017-10-13T04:08:00.000+03:00'|7579.0|''|-1.0|'' +7579|'c92afe96f9d2b1d1a197477bab3b9a992104d739'|'This week in sports: Stunning upset for U.S. mens soccer - Reuters'|'United States'' Christian Pulisic and Trinidad''s Kevan George and Shahdon Winchester in action. REUTERS/Andrea de Silva Listen to this weeks Keeping Score podcast:Fox brushes off World Cup woes: The surprise failure of the United States mens soccer team to qualify for next years World Cup will not affect Fox Sports'' plans to televise the tournament, according to the network, which shelled out $200 million for the rights.NFL to host anthem talks: The NFL players union Executive Director DeMaurice Smith will attend meetings next week with team owners to discuss player protests during the national anthem. Speaking of which, Trump upped his war of words over NFL players silent protests against racial injustice, saying the league shouldnt receive tax breaks. Reuters examined whether Trump can follow through on this threat .Serena back on the court?: Serena Williams, formerly the world''s top women''s tennis player, may return to defend her Australian Open title next year , tournament director Craig Tiley said. Williams, who gave birth to a daughter September 1, would have just three months to get ready.The New York Yankees celebrates after defeating the Cleveland Indians during game five of the 2017 ALDS playoff baseball series at Progressive Field. Mandatory Credit: Ken Blaze-USA TODAY Sports Click here to see more of Reuters top sports photography .'|'reuters.com'|'http://www.reuters.com/finance'|'https://www.reuters.com/article/us-weekinsports-06oct2017/this-week-in-sports-stunning-upset-for-u-s-mens-soccer-idUSKBN1CH2WQ'|'2017-10-13T04:08:00.000+03:00'|7579.0|20.0|0.0|'' 7580|'fe84bf77d6a97f91fd1fc4c368d4cbec3a940e8b'|'EU mergers and takeovers (Oct 13)'|'BRUSSELS, Oct 13 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS -- Italian infrastructure group Atlantia to acquire Spanish rival Abertis (approved Oct. 13)-- French car parts supplier Valeo to acquire German peer FTE Autmotive (approved Oct. 13)-- Private equity firm Warburg Pincus and carmaker Tata Motors to jointly acquire Tata Technologies (approved Oct. 12)NEW LISTINGS NoneEXTENSIONS AND OTHER CHANGES -- Anglo-Dutch oil group Royal Dutch Shell to acquire indirect joint control of natural gas producer Crestwood Permian Basin LLC which is now solely controlled by Crestwood Permian Basin Holdings (notified Sept. 8/deadline Oct. 13/simplified/withdrawn Oct. 9)-- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline suspended on Sept. 21)FIRST-STAGE REVIEWS BY DEADLINE OCT 16 -- Swiss food company Nestle to acquire sole control of Beverage Partners Worldwide, a joint venture between Nestle and the Coca-Cola Co (notified Oct. 11/deadline Oct. 16)OCT 17 -- U.S. specialty material company Celanese and private equity firm Blackstone to combine their cellulose acetate tow units under a new joint venture (notified Sept. 9/deadline Oct. 17)OCT 18 -- U.S. medical equipment supplier Becton Dickinson and Co to acquire U.S. peer C R Bard Inc (notified Aug. 30/deadline extended to Oct.18 after commitments submitted on Sept. 27)-- Bermuda-headquartered reinsurer Axis Capital Holdings Ltd to acquire UK insurer Novae (notified Sept. 13/deadline Oct. 18/simplified)-- German insurer Allianz to acquire UK financial services group Liverpool Victoria Friendly Society Ltds general insurance businesses (notified Sept. 13/deadline Oct. 18/simplified)OCT 20 -- U.S. life sciences company Avantor to acquire U.S. lab supplies company VWR (notified Sept. 15/deadline Oct. 20)OCT 23 -- Dutch warehouse owner Borealis European Holdings B.V., Ontario Teachers Pension Plan Board and SSE to acquire joint control of UK energy meter company Maple (notified Sept. 18/deadline Oct. 23/simplified)OCT 24 -- U.S. company Platinum Equity Group to acquire UK aerospace distributor Pattonair Holdings Ltd (notified Sept. 19/deadline Oct. 24/simplified)-- UK energy company Greenergy to acquire fuel supplier Inver Energy Ltd (notified Sept. 19/deadline Oct. 24)OCT 25 -- Jacobs Engineering Group to acquire technical consulting services provider CH2M Hill Companies (notified Sept. 20/deadline Oct. 25/simplified)OCT 26 -- Luxembourg-based steelmaker ArcelorMittal to acquire Italian steel plant (notified Sept. 21/deadline Oct. 26)-- French car parts maker Valeo to acquire German clutch maker FTE Automotive(notified Sept. 7/deadline Oct. 26/commitments submitted Sept. 7)OCT 27 -- German chemicals company Evonik and Dutch peer DSM to set up a joint venture (notified Sept. 22/deadline Oct. 27/simplified)OCT 30 -- British company CRH plc to acquire XI (RMAT) Holdings GmbH, the German holding company of limestone producer Fels-Werke GmbH which is part of Xella International (notified Sept. 25/deadline Oct. 30)OCT 31 -- French energy company Engie and Caisse des Depots et Consignations to acquire joint control of a wind power producer (notified Sept. 26/deadline Oct. 31/simplified)-- Private equity firm Equistone Partners Europe SAS to acquire French furniture disbributor Groupe Bruneau (notified Sept. 26/deadline Oct. 31/simplified)NOV 3 Private equity firm Leonard Green & Partners to acquire legal services provider CPA Global Group (notified Sept. 27/deadline Nov. 3/simplified)NOV 7 -- Special purpose vehicle ShaMrock Wind to acquire 60 percent of Irish wind farm operator Evalair, which is jointly owned by Luricawne, Fixarra and Luricawne (notified Sept. 29/deadline Nov. 7/simplified)NOV 8 -- Private equity firms Carlyle Group, CVC and China Investment Corp to acquire joint control of French energy company Engies holding company for oil and gas exploration and production business (notified Oct. 2/deadline Nov. 8/simplified)-- Private equity-backed Neptune Oil & Gas to acquire majority stake in French utility Engies exploration and production business (notified Oct.2/deadline Nov.8/simplified)NOV 10 -- German auto components supplier Bosch and Chinese counterpart Hasco to acquire electric power steering products maker ASCN (notified Oct. 4/deadline Nov. 10/simplified)NOV 15 -- Chinas Legend Holdings to acquire 90 percent of Banque Internationale a Luxembourg (BIL) from Qatari investment vehicle Precision Capital (notified Oct. 9/deadline Nov. 15/simplified)Nov 16-- Public pension fund provider ATP and Canadian teachers pension fund OTPP to jointly acquire Danish airport operator Copenhagen airports (notified Oct. 10/deadline Nov. 16/simplified)-- West Midland Holdings Ltd, which is a joint venture between Dutch rail operator Abellio Transport Holding BV, East Japan Railway Co and Mitsui Co, to acquire the West Midlands franchise from London & Birmingham Railway Ltd (notified Oct. 10/deadline Nov. 16/simplified)NOV 17 -- Medical device maker Avantor, which is controlled by private equity firm New Mountain Capital, to acquire laboratory equipment distributor VWR (notified Oct. 11/deadline Nov. 17)FEB 12 -- Italian eyewear maker Luxottica and French lens manufacturer Essilor to merge (notified Aug. 22/deadline extended to Feb. 12 from Sept. 26 after the European Commission opened an in-depth investigation)SUSPENDED -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended from Aug. 17/concessions offered Oct. 5)GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a companys proposed remedies or an EU member states request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eu-ma/eu-mergers-and-takeovers-idINL8N1MO4PB'|'2017-10-13T13:40:00.000+03:00'|7580.0|''|-1.0|'' 7581|'ca9bd7b7e625dd90a1e3d117e3fb52a4c45920ca'|'An epic but inconsequential proxy vote at Procter & Gamble'|'SHAREHOLDER meetings in Ohio are not usually the stuff of high drama, but a recent gathering was a nail-biter. Nelson Peltz of Trian Fund Management, an activist hedge fund, sought a seat on the board of Procter & Gamble (P&G), the worlds largest consumer-goods company, in a proxy vote on October 10th. It was the biggest such battle ever. In the weeks leading up to P&Gs shareholder meeting, the fight resembled a political contest, complete with carefully crafted videos, lengthy white papers, mass mailings and tens of thousands of phone calls urging shareholders to vote blue (P&G) or white (Trian).As The Economist went to press, P&G said it had won and Mr Peltz was contesting the tally. Everybody but [P&Gs] current employees voted for us, he said after P&G declared victory. Maybe thats why they keep so much overhead. So the brawl is not over. Yet the outcome may not matter much. Mr Peltz will push P&G for change regardless of whether he wins a board seat, and it is unclear that he will have much effect, be he on the board or off.Latest updates Taxing the rich Buttonwoods notebook 33 minutes ago The 4 See all updates It is not that Mr Peltz lacks heft. He has taken on consumer firms including Heinz and Wendys in the past. Martin Lipton, a lawyer who has long defended companies from such activists, has noted his impressive record of success with consumer products companies. Even when Trian technically loses a fight, it often wins. It lost a proxy battle against DuPont, a chemical company, in 2015, but the company went on to make many changes that Mr Peltz had sought. Trian recently won a separate victory, securing a seat on the board of General Electric on October 9th.At P&G, new thinking is sorely needed. The 180-year-old company sells products in nearly 200 countries and territories. It has Americas bestselling razors (Gillette), toothpaste (Crest), detergent (Tide) and toilet paper (Charmin), to name but a few of its products, but has lost share in more than a dozen of its top categories. Total shareholder return in the five years to February 13th 2017, the last trading day before Trians stake (of 1.5%) was announced, lagged the median of its peers by 55 percentage points and the S&P 500 Consumer Staples Index by 27 percentage points.P&G has taken steps to become more streamlined. In the past three years it has culled its brands from 170 to 65 and reduced the number of employees by 35,000. But Mr Peltz maintains that the firm remains too insular and slow to adapt to a fast-moving market. His frustrations are shared by many institutional investors. Those recently surveyed by Sanford C. Bernstein, a research firm, were particularly critical of the board, which is packed with other bosses, including Terry Lundgren, the chairman of Macys, a department store, and Meg Whitman, boss of Hewlett Packard Enterprise, an IT firm.Institutional Shareholder Services (ISS), an influential proxy-advisory firm, recently noted that the board had presided over bureaucratic tangles and botched acquisitions. Both it and Glass Lewis, another proxy adviser, backed Mr Peltzs appointment. Many small investors, who own about 40% of P&Gs shares, appear to have disagreed. Employees may have feared bigger layoffs to come. Mr Peltz says he will continue to push P&G even if he fails to prevail in the proxys certified vote count.But his powers may be limited. He is not seeking to sack David Taylor, who became chief executive in 2015 and is thought to be moving P&G in the right direction (albeit too slowly for investors taste). Nor is he trying to split up P&G. Mr Peltzs most substantive change would be to reorganise its ten business units into three, overseen by a lean holding company, to make the firm nimbler. Reorganisationif the board supports itcould take years to yield results.Mr Peltz is also urging P&G to acquire more small and local brands. Yet given the mismanagement of prior deals, it is unclear that it would find suitable targets or sustain their growth. Many of the worlds largest consumer firms are strugglingagainst small online brands on the one hand and the expansion of Amazon and the rise of Aldi and Lidl, two German discount chains, on the other. Dealing with such challenges will require ingenuity and speed not yet seen at P&G. It is far from clear if Mr Peltz has the answers either. "Close shave"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21730236-nelson-peltz-fails-get-consumer-goods-giants-board-epic-inconsequential-proxy?fsrc=rss%7Cbus'|'2017-10-12T22:50:00.000+03:00'|7581.0|''|-1.0|'' 7582|'1cf9eed62b84a5476dfe88f7b2871b0700e930cc'|'Apple''s Cook, Facebook''s Zuckerberg meet China''s Xi in Beijing'|'Reuters TV United States October 30, 2017 / 1:55 PM / a few seconds ago Apple''s Cook, Facebook''s Zuckerberg meet China''s Xi in Beijing Reuters Staff 2 Min Read SHANGHAI (Reuters) - Apple Inc chief executive Tim Cook and Facebook Incs Mark Zuckerberg met Chinese President Xi Jinping on Monday at an annual gathering of advisers to Beijings Tsinghua University business school. FILE PHOTO: Apple CEO Tim Cook attends the China Development Forum in Beijing, China March 18, 2017. REUTERS/Thomas Peter/File Photo Xi was speaking to business leaders and officials at the meeting, state broadcaster China Central Television (CCTV) reported. Cook and Zuckerberg are on the advisory board of the Tsinghua School of Economics and Management. The meeting comes at a particularly key time for Apple as it prepares to launch its much-anticipated iPhone X on Friday, amid hopes the anniversary smartphone can revive the firms sales in the worlds number two economy. Tsinghuas business school, founded in 1984, has seen scores of top Chinese and foreign industry leaders sit on its board, including Chinese central banker Zhou Xiaochuan and Goldman Sachs chief executive Lloyd Blankfein. Facebooks Zuckerberg has also been very active in China, eager to get his popular social network unblocked in the worlds most populous nation, where it has been banned since 2009 and held behind the countrys so-called Great Firewall. An Apple spokeswoman said the firm couldnt comment on Tims schedule and or meetings. Facebook confirmed Zuckerberg was in Beijng, but declined to comment on details of his visit. In a post on his Facebook page on Saturday, Zuckerberg wrote he was in Beijing for the annual meeting. Every year this trip is a great way to keep up with the pace of innovation and entrepreneurship in China, he said. Reporting by Adam Jourdan; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-china-tech/apples-cook-facebooks-zuckerberg-meet-chinas-xi-in-beijing-idUKKBN1CZ1NP'|'2017-10-30T15:50:00.000+02:00'|7582.0|''|-1.0|'' @@ -7604,7 +7604,7 @@ 7602|'52ef5475a10296b7a05821db87de7994b876ea98'|'HK regulator drops case against StanChart, UBS over 2009 IPO: sources'|'A man walks past a logo of the Standard Chartered Kenya bank in their main office in Nairobi, Kenya September 29, 2017. REUTERS/Baz Ratner HONG KONG (Reuters) - Hong Kongs securities regulator has dropped a lawsuit against Standard Chartered Plc ( STAN.L ) and UBS Group AG ( UBSG.S ) over their roles in the 2009 IPO of timber company China Forestry Holdings Co Ltd, two people with knowledge of the matter said.The Securities and Futures Commission (SFC) suit filed in January this year sought unspecified damages for market misconduct over the IPO of China Forestry filed in November 2009, according to the court documents at that time.UBS and StanChart were joint sponsors, as investment banks and securities firms that underwrite listings in Hong Kong are called, for the initial public offering (IPO).China Forestry raised $216 million in the offering, but its shares have been suspended since January 2011, after its auditor said it had found possible accounting irregularities.The company is now in liquidation and has been delisted from the Hong Kong exchange.The regulators latest move comes despite the fact it is widening its probe into cases of alleged market manipulation and corporate fraud that risk tarnishing former British colonys reputation as a global financial center.The SFC is probing substandard work by 15 firms in their roles as sponsors for IPOs that have caused billions of dollars in investment losses, a senior regulatory official said on Wednesday.The SFC issued the protective writ on s213 action with a view to achieving maximum benefit for investors who have suffered harm from alleged misconduct, the SFC said in a statement on Friday in response to Reuters request for comment.S213 refers to section 213 of the Securities and Futures Ordinance to combat market misconduct.After considering its legal position, the SFC determined its action against certain parties was probably time barred, the regulator said, without elaborating and naming any of the banks in its emailed statement.Standard Chartered and UBS declined to comment. The sources declined to be named as they were not allowed to speak publicly about the subject. The Wall Street Journal first reported the development.The SFCs charges in the lawsuit against the two banks also related to China Forestrys 2009 annual report, its 2009 annual results and the results for the first six months of 2010, as per the documents it had filed with Hong Kongs High Court.The regulator had also sued China Forestry itself, as well as the companys two co-founders and its auditor KPMG, the court documents showed. It was not immediately clear if the SFC would pursue its lawsuit against those entities.Standard Chartered and UBS separately disclosed late last year that the SFC was probing their role as sponsors of unidentified IPOs and that the regulators actions could result in financial consequences.One of the people with knowledge of the matter said that despite withdrawal of the lawsuit, the SFCs own investigation into the 2009 IPO would continue, which could result in some action against the banks.Standard Chartered no longer has an IPO sponsorship license in Hong Kong, but UBS still does.With Hong Kong the worlds hottest market for IPOs, scrutiny of listings is key to retaining its attractiveness to investors. Under SFC rules, banks can face fines and sanctions if their clients IPO documents mislead investors.Reporting by Sumeet Chatterjee and Elzio Barreto; Editing by Jane Merriman and Mark Potter'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-hongkong-regulator-banks/hk-regulator-drops-case-against-stanchart-ubs-over-2009-ipo-sources-idINKBN1CI1XW'|'2017-10-13T12:30:00.000+03:00'|7602.0|''|-1.0|'' 7603|'af1ebb8f8e387f13bf5a2dda33a8e1d794985f58'|'Hammond picks hedge fund economist as top adviser'|'October 30, 2017 / 12:41 PM / in an hour Hammond picks hedge fund economist as top adviser Reuters Staff 2 Min Read LONDON (Reuters) - Chancellor Philip Hammond has named Steffan Ball, previously an economist at U.S. hedge fund Citadel LLC and the U.S. Federal Reserve, as his new top economic adviser, a few weeks before he sets out his annual budget. Britain''s Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street in London, October 23, 2017. REUTERS/Mary Turner Ball recorded his new role on a professional networking website and a Treasury spokeswoman confirmed the appointment on Monday. He succeeds Karen Ward, who formerly worked at HSBC ( HSBA.L ) but left to join J.P. Morgan Asset Management ( JPM.N ) as its chief European market strategist in September. Ball joined the U.S. Federal Reserve at the height of the global financial crisis in September 2008 after completing a doctorate in economics at the University of Cambridge, and focused on the U.S. housing market and consumer spending. He moved to the hedge fund Citadel in 2013, where he worked in New York as a global economist. While at the Federal Reserve, Ball was seconded to the Bank of England in late 2012, where he forecast consumer spending and studied the effect of quantitative easing on growth, according to his personal profile. Balls appointment comes as Hammond prepares his Nov. 22 annual budget and is regularly assessing the likely economic consequences of Brexit - an area where pro-Brexit MPs say he is too pessimistic. Although British public borrowing fell to a 10-year low in September, Hammond has little scope to tackle concern about squeezed public spending due to the likelihood that the governments budget watchdog will adopt gloomier assumptions about long-run productivity growth. Earlier on Monday the Institute for Fiscal Studies, a leading think tank, said downgraded productivity forecasts would render unrealistic Hammonds goal of returning Britains public finances to surplus by the mid-2020s. Hammond has said he intends to continue with a measured and balanced approach to reducing Britains budget deficit. Reporting by David Milliken; Editing by Alison Williams'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-politics-ball/hammond-picks-hedge-fund-economist-as-top-adviser-idUKKBN1CZ1HL'|'2017-10-30T14:40:00.000+02:00'|7603.0|''|-1.0|'' 7604|'aaa1f7a5be4f273dd9da9d6884819f7377b42028'|'BOJ Sakurai: No need to take excessive steps to meet price target'|' 29 AM / Updated 9 minutes ago BOJ Sakurai: No need to take excessive steps to meet price target HAKODATE, Japan (Reuters) - Bank of Japan board member Makoto Sakurai said on Wednesday there was no need for the central bank to take excessive steps to bring forward the timing of meeting its inflation target. It is important for the BOJ to pursue monetary easing with its current policy framework and wait to see the impact, Sakurai said in a press conference after meeting business leaders in Hakodate, northern Japan. Reporting by Sumio Ito; Writing by Stanley White in Tokyo; Editing by Chang-Ran Kim 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-japan-economy-boj-sakurai/boj-sakurai-no-need-to-take-excessive-steps-to-meet-price-target-idUKKBN1CN0HP'|'2017-10-18T08:28:00.000+03:00'|7604.0|''|-1.0|'' -7605|'328c6869aa4b0844c92e40ac71de6a5c198f290f'|'Dow opens above 23,000 on strong IBM results - Reuters'|'Traders react to the Dow Jones Industrial Average almost hitting 20,000 in New York, U.S., January 6, 2017. REUTERS/Lucas Jackson REUTERS - The Dow Jones Industrial Average opened above 23,000 for the first time on Wednesday following strong quarterly results from IBM.The Dow Jones Industrial Average rose 114.49 points, or 0.5 percent, to 23,111.93. The S&P 500 gained 4.3 points, or 0.16 percent, to 2,563.66. The Nasdaq Composite added 8.83 points, or 0.13 percent, to 6,632.48.Reporting by Tanya Agrawal; Editing by Arun Koyyur'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/usa-stocks/dow-set-to-open-above-23000-for-the-first-time-idINKBN1CN1KR'|'2017-10-18T09:34:00.000+03:00'|7605.0|''|-1.0|'' +7605|'328c6869aa4b0844c92e40ac71de6a5c198f290f'|'Dow opens above 23,000 on strong IBM results - Reuters'|'Traders react to the Dow Jones Industrial Average almost hitting 20,000 in New York, U.S., January 6, 2017. REUTERS/Lucas Jackson REUTERS - The Dow Jones Industrial Average opened above 23,000 for the first time on Wednesday following strong quarterly results from IBM.The Dow Jones Industrial Average rose 114.49 points, or 0.5 percent, to 23,111.93. The S&P 500 gained 4.3 points, or 0.16 percent, to 2,563.66. The Nasdaq Composite added 8.83 points, or 0.13 percent, to 6,632.48.Reporting by Tanya Agrawal; Editing by Arun Koyyur'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/usa-stocks/dow-set-to-open-above-23000-for-the-first-time-idINKBN1CN1KR'|'2017-10-18T09:34:00.000+03:00'|7605.0|24.0|0.0|'' 7606|'f40c00894f8119887e5b880c6a4bfd01fdfec78f'|'PRESS DIGEST - Wall Street Journal - Oct 13'|'Oct 13 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- The Trump administration intends to end billions of dollars in payments to insurers under the Affordable Care Act program, but President Donald Trump has told at least one lawmaker that the payments may continue if a bipartisan deal is reached on heath care. on.wsj.com/2ydy591- U.S. President Trump is expected to announce Friday he won''t certify that Iran is complying with the 2015 international nuclear pact and will take Tehran to task more broadly for practices ranging from missile tests to support of violent groups, U.S. officials said. on.wsj.com/2yfbyc0- Amazon.com suspended the head of its entertainment studio, Roy Price, in the wake of allegations of mismanagement and sexual harassment and criticism of his close business relationship with Harvey Weinstein. on.wsj.com/2ydUOSh- U.S. President Donald Trump is nearing a decision on whom to pick to lead the Federal Reserve, and met Wednesday with one of four candidates, Stanford University economist John Taylor. on.wsj.com/2yfcQnm- Goldman Sachs is acquiring Genesis Capital, a private Los Angeles firm that backs investors seeking to buy, renovate and quickly sell single-family homes. on.wsj.com/2yfkkXs- Embattled Equifax Inc has moved one of its web pages offline as the company looks into whether hackers tried to breach its systems this week. on.wsj.com/2yflVfI- U.S. air-safety regulators have issued an emergency order requiring airlines to inspect engines on roughly 120 Airbus A380 superjumbo jets world-wide, prompted by an engine that violently broke apart during a recent Air France flight. on.wsj.com/2yfl130- General Motors plans to close a Detroit factory through the end of the year and deepen production cuts to slow-selling cars the plant manufactures, idling some workers and letting go others in response to weak sales. on.wsj.com/2ye38l1- Samsung Electronics, continuing to see roaring demand for its components, is forecasting third-quarter profits will be the company''s highest ever. Chief Executive Kwon Oh-hyun, who has overseen the firm''s lucrative components business, also said he will resign. on.wsj.com/2ydK4Dl (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-wsj/press-digest-wall-street-journal-oct-13-idUSL4N1MO23Z'|'2017-10-13T07:18:00.000+03:00'|7606.0|''|-1.0|'' 7607|'4d5d7ae15315f6e643b5cba04246a2f249b10fdd'|'Asia shares, crude oil buoyant; euro near 3-month lows'|'October 30, 2017 / 12:51 AM / in 6 minutes Asia shares get technology boost, crude near two-year top Swati Pandey 4 Min Read SYDNEY (Reuters) - Asian shares climbed on Monday, as technology stocks were bolstered by solid earnings from U.S. tech stalwarts and on strong pre-orders for Apples iPhone X, while oil hovered around a 2-year peak on supply fears. A man looks at a stock quotation board outside a brokerage in Tokyo, Japan, April 18, 2016. REUTERS/Toru Hanai Apple Inc ( AAPL.O ) said pre-orders for the 10th anniversary iPhone X, which started on Friday, were off the charts, a blessing for Asian suppliers such as South Koreas LG Display ( 034220.KS ) and Taiwan Semiconductor Manufacturing Company ( 2330.TW ). Indeed, technology stocks were the top gainers in MSCIs broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS, which was up 0.5 percent. Samsung Electronics ( 005930.KS ) led the charts. Energy stocks did well too, with Brent crude LCOc1 at its highest since July 2015 after Saudi Arabia agreed to support the extension of a global oil production cut agreement. [O/R] Seoul shares .KS11 edged up 0.2 percent while Australia''s benchmark index climbed 0.3 percent. Japan''s Nikkei .N225 steadied around the highest since mid-1996, having soared 8 percent in October so far. Global share markets have been on an uptrend since the start of the year, helped by solid corporate earnings and positive economic data across major countries. The world share index .MIWD PUS has surged 17.6 percent so far in 2017, on track for its best showing since 2013. The continuation of quantitative easing (QE) in Europe at a time when Japan remains locked on QE and the U.S. is only tightening gradually highlights that global monetary conditions will remain easy for a long while yet, said Shane Oliver, head of investment strategy at AMP Capital. This, along with strong economic growth and earnings, largely explains why global share markets are so strong. In the United States, Alphabet ( GOOGL.O ) GOOG.L, Amazon ( AMZN.O ) and Microsoft ( MSFT.O ) all jumped last week after solid quarterly performances, sending U.S. indexes higher. Amazon ( AMZN.O ), up 13.2 percent, was responsible for the biggest boost to the S&P 500 on Friday after reporting a quarterly sales surge. [L2N1N221K] Apple is due to report on Thursday. CURRENCIES The dollar index .DXY was a touch softer, with investors focused on the impending appointment of the Federal Reserve chair, with speculation rife that Fed governor Jerome Powell is the favoured suitor. Wagers that Powell - who markets see as a less hawkish candidate - will be the chosen one, tempered the dollars advances and dragged 2-year Treasury yields off a nine-year top US2TY=RR. An announcement is expected this week. In Europe, political uncertainty and the European Central Banks decision to extend its stimulus further weighed on the common currency, marking its biggest weekly loss of the year. The euro EUR= steadied at $1.1613, not far from $1.1573 which was the lowest since July 20. Spain sacked Catalonias regional government on Friday, dissolved the Catalan parliament and called a snap election after Catalonia declared independence from Spain. The ECBs decision last week to extend its bond purchases into September 2018 also hurt the euro, driving yields on two-year German bunds lower DE2YT=RR. The premium that 2-year U.S. debt pays over 2-year German yields is now the widest since mid-1999, making it more attractive to borrow in euros to buy dollars. In commodities, copper was near a two-week low CMCU3. Spot gold XAU= was trading 0.1 percent lower at $1,270.74 per ounce. [GOL/] U.S. crude CLc1 ticked up 4 cents to $53.94 a barrel. Editing by Eric Meijer and Jacqueline Wong'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-global-markets/asia-shares-crude-oil-buoyant-euro-near-3-month-lows-idUSKBN1CZ01Z'|'2017-10-30T02:55:00.000+02:00'|7607.0|''|-1.0|'' 7608|'2c2c7a702c6348bdbf1ebe5d7b7ece48ef297a96'|'Buy signal blares for cell-tower stocks in 2017'|'NEW YORK (Reuters) - A hitch in a proposed merger of U.S. wireless carriers Sprint Corp ( S.N ) and T-Mobile US ( TMUS.O ) has further boosted buoyant shares of cell tower stocks, which could benefit if there is no combined company to cut costs by reducing tower usage.A Sprint sign is seen on top of a Sprint retail store in Manhattan, New York, U.S., September 22, 2017. REUTERS/Amr Alfiky Shares of American Tower Corp ( AMT.N ), Crown Castle International Corp ( CCI.N ) and SBA Communications Corp ( SBAC.O ) all closed up more than 2 percent on Monday. Reuters on Monday reported that SoftBank Group Corp ( 9984.T ) and Deutsche Telekom AG ( DTEGn.DE ) have reached an impasse in their talks to merge Sprint and T-Mobile.Shares climbed further Tuesday after earnings reports from SBA and American Tower.Investors had bid up shares of cell-tower stocks on news of the deals chances dwindling because the combined wireless company would have been expected to cut costs by reducing the number of cell-tower sites, said Nick Del Deo, analyst at MoffettNathanson Research.The market interpreted the lower odds of a deal as being positive for towers because of lower risk of cell site decommissionings, Del Deo said. They would decommission tens of thousands of cell sites if they were to get together.Cell-tower stocks already were surging in 2017: Crown Castle shares have climbed 23 percent, American Tower has soared 36 percent, while SBA Communications has minted a gain of more than 50 percent.This contrasts sharply with the dour performance of telecommunications shares such as Verizon ( VZ.N ), down 10 percent, and AT&T ( T.N ), which has fallen 20 percent this year, amid concerns about fierce competition.Cell-tower growth prospects have improved as carriers seek to deploy more spectrum bands to improve their networks, which would require more hardware to be built on the towers, says RBC Capital Markets analyst Jonathan Atkin.Towers are more a play on wireless network spending, theyre not a play on carriers themselves, Atkin said.The cell-tower stocks struggled in the wake of the U.S. election of President Donald Trump last November. For example, expectations that Trumps agenda would lead to higher inflation weighed because the cell-tower companies operate under long-term contracts, Del Deo said, but such concerns have faded somewhat.The fear was if inflation went up a whole bunch they wouldnt be able to reprice their contracts for a long period of time, Del Deo said.The stocks continued their runs on Tuesday following results from SBA and American Tower. SBA shares gained 4.7 percent, while American Tower and Crown Castle both rose less than 1 percent apiece.Editing by David Gregorio '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-usa-telecoms-stocks/buy-signal-blares-for-cell-tower-stocks-in-2017-idINKBN1D02VD'|'2017-10-31T17:47:00.000+02:00'|7608.0|''|-1.0|'' @@ -7618,7 +7618,7 @@ 7616|'55ab1866379e673b79d764b38070006e8445e7a8'|'Saudi''s Almarai third-quarter profit flat, warns of adverse market conditions'|'October 22, 2017 / 6:36 AM / Updated 13 hours ago Saudi''s Almarai third-quarter profit flat, warns of adverse market conditions Reuters Staff 2 Min Read DUBAI (Reuters) - Saudi Arabias Almarai, the Gulfs largest dairy company, reported a flat third-quarter net profit on Sunday, and warned it remained cautious on the year due to adverse market conditions. Dairy products produced by Almarai are seen at a grocery in Riyadh, Saudi Arabia June 2, 2016. REUTERS/Faisal Al Nasser/Files Almarai made a profit of 667 million riyals ($178 million) in the three months to Sept. 20, compared to a revised quarterly profit of 664.3 million riyals in the year-earlier period, according to a bourse statement. Four analysts polled by Reuters had forecast on average that Almarai would make 620.75 million riyals. Revenue was down 4.5 percent to 3.37 billion riyals from the same period a year earlier. Almarai said tough market conditions continued into the third quarter and that its end of year outlook remains cautious, citing reasons such as higher operating costs, devaluation of the Egyptian pound and lower exports. Almarai has lost access to the Qatari market since June after Saudi Arabia severed trade and travel links with its neighbour in the Gulfs most severe diplomatic split in years. Almarai said on Oct. 15 that Public Investment Fund (PIF), Saudi Arabias top sovereign wealth fund, had increased its share capital in the company to 16.32 percent. ($1 = 3.7502 riyals)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/almarai-results/saudis-almarai-third-quarter-profit-flat-warns-of-adverse-market-conditions-idINKBN1CR065'|'2017-10-22T09:34:00.000+03:00'|7616.0|''|-1.0|'' 7617|'a8b5a80ad5729f2c7d28a70e3e310b61fb37d30b'|'Prime Minister Trudeau says Canada will not abandon NAFTA talks'|'October 13, 2017 / 1:59 AM / Updated 3 hours ago Prime Minister Trudeau says Canada will not abandon NAFTA talks Reuters Staff 1 Min Read FILE PHOTO - Canadian Prime Minister Justin Trudeau waves to the media after a meeting with the civil society leaders in Mexico City, Mexico October 12, 2017. REUTERS/Carlos Jasso MEXICO CITY (Reuters) - Prime Minister Justin Trudeau said on Thursday Canada will not walk away from talks to rehash the North American Free Trade Agreement (NAFTA) despite a U.S. proposal to include a clause that could terminate the pact in five years. Speaking at a news conference with Mexican President Enrique Pena Nieto in Mexico City as a fourth round of talks to renegotiate NAFTA was held near Washington, Trudeau said he was committed to a win-win-win deal. We will not be walking away from the table based on the proposals put forward, Trudeau said, in response to a question about whether the so-called sunset clause was a poison pill for the talks. Reporting by Daina Beth Solomon; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-trade-nafta-trudeau/prime-minister-trudeau-says-canada-will-not-abandon-nafta-talks-idUKKBN1CI04W'|'2017-10-13T04:58:00.000+03:00'|7617.0|''|-1.0|'' 7618|'844fca713f2ca49a9008c040807641f260704121'|'Airbnb''s China head exits, a week after co-founder named unit''s chair'|'October 24, 2017 / 4:17 AM / in 5 minutes Airbnb''s China head exits, a week after co-founder named unit''s chair Reuters Staff 2 Min Read BEIJING, Oct 24 (Reuters) - The head of Airbnb Incs China business has resigned four months after taking the role, the company confirmed on Tuesday, the latest leadership change for the unit which operates in an country where residency and movement are regulated. Hong Ge, who previously worked for Google Inc and Facebook Inc, left to pursue another role and the firm is yet to name a successor, said Airbnb in a short statement on Tuesday. Reuters was unable to reach Ge for comment on Tuesday morning. Kum Hong Siew, the current president of China operations will take over the role in an interim capacity. Airbnb faces tough regulatory challenges in China, where movement between cities is closely monitored and people are required to register temporary stays with local police. Last week, the company announced that co-founder Nathan Blecharczyk would become chairman of Airbnbs China arm, which goes under the name of Aibiying and competes against local services Tujia.com and Xiaozhu.com. Airbnb in that announcement also said it has plans to double the number staff in China over the next year and introduce new quality standards. This month Chinese authorities banned listings on all short-term rental apps in central Beijing during the 19th Congress, a high-profile political event where police increase scrutiny of illegal movement and people who fail to register their residences. Airbnb, which has roughly 120,000 listing in China, has also had to comply with a national cyber law introduced in 2016 that requires private user data to be stored locally. (Reporting by Cate Cadell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/china-airbnb/airbnbs-china-head-exits-a-week-after-co-founder-named-units-chair-idUSL4N1MZ1VB'|'2017-10-24T07:17:00.000+03:00'|7618.0|''|-1.0|'' -7619|'81fde1e967893e0225fac2d5c0d9a41d7d71a316'|'ECB''s bond buys will be reduced gradually - Liikanen'|' 16 AM / Updated 13 minutes ago ECB''s bond buys will be reduced gradually - Liikanen Reuters Staff 1 Min Read HELSINKI (Reuters) - The European Central Bank should maintain the option to extend its 2.55 trillion euro (2.25 trillion) bond purchase scheme but the buys will be wound down gradually over time, Governing Council member Erkki Liikanen said on Monday. A logo plate is seen at the entrance to the European Central Bank (ECB) headquarters in Frankfurt, Germany, October 26, 2017. REUTERS/Kai Pfaffenbach Once inflation is consistent with the price stability target in a sustainable way ... we can gradually and carefully go lower, Liikanen told Finnish public radio YLE when asked if he expected the buys to continue indefinitely. Reporting by Jussi Rosendahl; Writing by Balazs Koranyi; Editing by Robin Pomeroy'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ecb-policy-liikanen/ecbs-bond-buys-will-be-reduced-gradually-liikanen-idUKKBN1CZ177'|'2017-10-30T13:15:00.000+02:00'|7619.0|''|-1.0|'' +7619|'81fde1e967893e0225fac2d5c0d9a41d7d71a316'|'ECB''s bond buys will be reduced gradually - Liikanen'|' 16 AM / Updated 13 minutes ago ECB''s bond buys will be reduced gradually - Liikanen Reuters Staff 1 Min Read HELSINKI (Reuters) - The European Central Bank should maintain the option to extend its 2.55 trillion euro (2.25 trillion) bond purchase scheme but the buys will be wound down gradually over time, Governing Council member Erkki Liikanen said on Monday. A logo plate is seen at the entrance to the European Central Bank (ECB) headquarters in Frankfurt, Germany, October 26, 2017. REUTERS/Kai Pfaffenbach Once inflation is consistent with the price stability target in a sustainable way ... we can gradually and carefully go lower, Liikanen told Finnish public radio YLE when asked if he expected the buys to continue indefinitely. Reporting by Jussi Rosendahl; Writing by Balazs Koranyi; Editing by Robin Pomeroy'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ecb-policy-liikanen/ecbs-bond-buys-will-be-reduced-gradually-liikanen-idUKKBN1CZ177'|'2017-10-30T13:15:00.000+02:00'|7619.0|17.0|0.0|'' 7620|'169dd7aedaec4375f52c232c415045f2bde54775'|'Tesla''s Model 3 gets an ''average'' as new tech dents auto reliability: Consumer Reports'|'FILE PHOTO: Tesla introduces one of the first Model 3 cars off the Fremont factory''s production line during an event at the company''s facilities in Fremont, California, U.S. on July 28, 2017. REUTERS/Alexandria Sage/File Photo DETROIT (Reuters) - New technology to stream music into dashboards or boost fuel efficiency is making cars less reliable, although electric cars such as the Tesla Model 3 and the Chevrolet Bolt should fare better than many conventional models, Consumer Reports magazine said on Thursday.The magazine said its survey of 640,000 vehicles showed that all-new vehicles or models with newly updated technology are more likely than older models to have a wonky engine, a jerky transmission, or high-tech features that fail outright.Electric cars do away with many of the mechanical systems that prompt consumer complaints about conventional cars, the magazine said. Tesla Incs ( TSLA.O )Model 3, despite recent production problems, should have average reliability because it relies on technology already used on the older Tesla Model S, Jake Fisher, the magazines head of automotive testing said on Thursday at a meeting of the Detroit Automotive Press Association.The Bolt is the most reliable car in General Motors Cos ( GM.N ) Chevrolet brand, he said.FILE PHOTO: Tesla Chief Executive Elon Musk introduces one of the first Model 3 cars off the Fremont factory''s production line during an event at the company''s facilities in Fremont, California, U.S. on July 28, 2017. REUTERS/Alexandria Sage/File Photo Tesla in a statement on Thursday criticized Consumer Reports because it previously declared the Model S to be the best car ever and then revoked the rating after being questioned by Tesla skeptics. As for the Model 3, Tesla said its important to note that Consumer Reports has not yet driven a Model 3, let alone do they know anything substantial about how the Model 3 was designed and engineered.The magazines annual survey of new vehicle reliability predicts which cars will give owners fewer or more problems than their competitors, based on data collected. Its scorecard is influential among consumers and industry executives.FILE PHOTO: Tesla Model 3 cars are seen as Tesla holds an event at the factory handing over its first 30 Model 3 vehicles to employee buyers at the companys Fremont facility in California, U.S. on July 28, 2017. Courtesy Tesla/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. For the fifth straight year, Japanese automaker Toyota Motor Corp ( 7203.T ) placed first in the magazines ranking with the most reliable vehicles on average. General Motors Cos ( GM.N ) Cadillac brand was last among 27 brands ranked. Tesla ranked 21st on the list.With many new cars, customers complain about problems with continuously variable transmissions and eight- and nine-speed gear boxes designed to boost fuel mileage, Fisher said.Hard to use infotainment systems also continue to annoy customers, Fisher said. But over-the-air updates are helping automakers alleviate problems more quickly, he said.Reporting by Joe White; Editing by Susan Thomas and Cynthia Osterman'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-autos-reliability/teslas-model-3-gets-an-average-as-new-tech-dents-auto-reliability-consumer-reports-idUSKBN1CO2IU'|'2017-10-19T19:50:00.000+03:00'|7620.0|''|-1.0|'' 7621|'a4a9c6179983c13f61bfb83a4cfca9055ba9c0a9'|'PRESS DIGEST- British Business - Oct 6'|'Oct 6 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times-Amsterdam-based financial services company TMF Group is to list on the London stock market and move its headquarters to Britain in a 1 billion pound ($1.31 billion) flotation that marks a big boost for the City. bit.ly/2wAJfk6-Sky Plc faces a potentially bruising annual meeting next week after shareholders were urged to vote against the reappointment of James Murdoch as chairman and "excessive rewards for executives. bit.ly/2wzW4uQThe Guardian-Goldman Sachs has begun to make plans for Brexit by leasing space in a new Frankfurt tower block that could hold up to 1,000 staff. bit.ly/2wzXO7D-The whistleblower at the centre of the Tesco Plc accounting scandal told a court that he personally commissioned a detailed analysis of the scale of alleged profits manipulation at the retailer and that his team was "falling apart" in an aggressive environment where his bosses refused to downgrade targets. bit.ly/2wAlXe4The Telegraph-Royal Mail Plc workers are to strike for 48 hours later this month after talks failed to resolve a dispute linked to pensions, pay and jobs, as bosses from the company threaten unions with legal action. bit.ly/2wBfkbr-Ryanair Holdings Plc boss Michael O''Leary has apologised to pilots, and offered them pay increases and improved job security to remain at the airline. bit.ly/2wzZqOJSky News-In a move by social media company to curb fake news, Facebook Inc is testing a new "context" button that would allow users to get more information about who is supplying a news story. bit.ly/2wzSX6b-The founders of JD Sports Fashion Plc are marching back onto the London stock market with plans to float Footasylum, a chain of premium fashion stores. bit.ly/2wAXipWThe Independent-Chancellor of the Exchequer Philip Hammond is expecting to unveil a significantly worse outlook for the public finances in November''s budget, Treasury sources indicated. ind.pn/2wAN9cK$1 = 0.7624 pounds Compiled by Bengaluru newsroom '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-press-business/press-digest-british-business-oct-6-idINL4N1MG3QN'|'2017-10-05T22:16:00.000+03:00'|7621.0|''|-1.0|'' 7622|'1d4328de2225003cdb1844f4816fc9bdba5efe2f'|'BMW eyes China joint venture with Great Wall - source'|'October 11, 2017 / 5:27 AM / Updated 43 minutes ago BMW eyes China joint venture with Great Wall - source Reuters Staff 3 Min Read FILE PHOTO: A Great Wall Motors Haval HB-02 concept vehicle is presented during the Auto China 2016 auto show in Beijing, China, April 29, 2016. REUTERS/Damir Sagolj/File Photo SHANGHAI/BEIJING (Reuters) - German luxury automaker BMW ( BMWG.DE ) is looking to form a joint venture with Great Wall Motor ( 2333.HK ), a source familiar with the matter said, sending shares in the Chinese automaker up by nearly a fifth on Wednesday. The automakers are considering the possibility of opening an assembly plant in the eastern Chinese city of Changshu, a BMW executive said, while declining to say what type of vehicles would be put together there. A venture with Great Wall would be BMWs second in China, the worlds largest auto market. It has a joint venture with local carmaker Brilliance China Automotive Holdings ( 1114.HK ). Foreign carmakers have to operate in the market with local partners. We are in discussions with Great Wall about setting up a JV to produce cars in Changshu, said the executive, who was not authorised to speak on the matter and declined to be identified. I dont know how far along we have gone nailing this deal, or whether the two companies have official central government approval for the venture, the person said. A BMW spokesman in China did not provide an immediate comment when contacted by Reuters. A Great Wall official declined to comment. Foreign automakers have recently announced a raft of investments and tie-ups in China, especially in electric vehicles. FILE PHOTO: A Great Wall Motors Haval hybrid vehicle is presented during the Auto China 2016 auto show in Beijing, China, April 29, 2016. REUTERS/Damir Sagolj/File Photo China wants electric and hybrid cars to make up at least a fifth of the countrys auto sales by 2025 and plans to loosen joint-venture regulations in the market. Tesla ( TSLA.O ), Ford Motor Co ( F.N ), Daimler AG ( DAIGn.DE ), and General Motors ( GM.N ) are among firms that have already announced plans for making electric vehicles in China. Great Wall, which in August expressed an interest in the Jeep brand of Italian-American automaker Fiat Chrysler Automobiles NVs ( FCHA.MI ), is one of Chinas largest car makers. Last month it struck a deal to secure supplies of lithium, a mineral key for developing electric vehicles. The firms Hong Kong-listed shares soared as much as 19.2 percent to their highest level in over two years, before paring some gains to stand up 14 percent in afternoon trade. Its Shanghai-listed shares ( 601633.SS ) were suspended from trading, pending an announcement. Brilliance China Automotives shares were down 2.76 percent. The BMW and Great Wall plans were first reported by Shanghai-based www.iautodaily.com earlier on Wednesday. Reporting by Adam Jourdan in SHANGHAI and Norihiko Shirouzu in BEIJING; Editing by Edwina Gibbs and Neil Fullick 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-great-wall-bmw/chinas-great-wall-motor-shares-jump-after-report-on-bmw-tie-up-idUKKBN1CG0FR'|'2017-10-11T10:50:00.000+03:00'|7622.0|''|-1.0|'' @@ -7626,14 +7626,14 @@ 7624|'245680842b00852ffcabd1e40da8b8153e7daa3e'|'Qatar says would support output cut extension if needed - minister'|' 13 AM / Updated 9 minutes ago Qatar says would support output cut extension if needed - minister DOHA (Reuters) - Qatar energy minister Mohammed al-Sada said on Tuesday his country would support an extension of global oil output cuts if needed. FILE PHOTO - Qatar''s Minister of Energy Mohammed al-Sada gestures as he speaks to the media in Doha, Qatar February 8, 2017. REUTERS/Naseem Zeitoon A decision on whether to extend the cuts will be reviewed critically and if the conference sees the benefit of an extension, Qatar will support it, Sada told Reuters at an event in Doha, referring to a Nov. 30 OPEC meeting. Sada said compliance with agreed production cuts totalling 1.8 million barrels per day stood at 120 percent. That shows how committed OPEC and non-OPEC countries are towards implementing the agreement, he said, adding that the market was rebalancing. Reporting by Eric Knecht; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-oil-opec-qatar/qatar-says-would-support-output-cut-extension-if-needed-minister-idUKKBN1CT0VX'|'2017-10-24T11:12:00.000+03:00'|7624.0|''|-1.0|'' 7625|'28f91f1238603d7a9bcd4f3f281fe207f2e0424f'|'Union presses post-bankruptcy Caesars on benefits, worker protections'|'CHICAGO, Oct 11 (Reuters) - A union representing casino workers on Wednesday asked Caesars Entertainment Corps new board of directors to consider safety, protections against discrimination and other concerns during contract negotiations set to kick off next year.Caesars main operating unit last week exited a three-year, $18 billion bankruptcy. The company owns the Caesars Palace, Harrahs and Horseshoe brands with locations across the country but earns the majority of its operating profit in Las Vegas, where contracts expire on May 31, Unite Here said in a letter to the board seen by Reuters on Wednesday.Unite Here represents 20,000 union members who cook, clean and serve at Caesars hotels and casinos, including almost 14,000 Las Vegas workers.Employees ability to provide for their families was eroded following the 2008 leveraged buyout of Caesars and protracted bankruptcy proceedings, the union said. With the casino group on firmer financial footing, Unite Here said it wants to establish a new working relationship with the company.A Caesars spokesman said he had not yet seen the letter.The union in its letter also asked Caesars to come to the bargaining table with proposals on issues such as health care, training, retirement and safety.Las Vegas was the scene of the deadliest mass shooting in modern U.S. history on Oct. 1.The union also urged Caesars to provide additional protections against discrimination based on sexual orientation, gender identity and immigration status.U.S. President Donald Trump ended the Deferred Action for Childhood Arrivals program last month that protected those brought to the country illegally as children and is considering ending the Temporary Protected Status (TPS) program, which applies to more than 300,000 people.Unite Here said hundreds of employees on the Las Vegas Strip have TPS status, which allows nationals of certain countries already in the United States to remain and work there.Last August, billionaire investor Carl Icahn shut the Trump Taj Mahal casino after a bitter strike with Unite Heres Atlantic City chapter. The casino had already been struggling amid a broader gambling slowdown in the New Jersey beach resort.Caesars last week appointed a new board of directors to lead the reorganized company and is targeting expansion in the United States and abroad, though analysts have said it may be too late to catch up with rivals that spent years investing in high-growth markets in Asia. (Reporting by Tracy Rucinski; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/caesars-unions/union-presses-post-bankruptcy-caesars-on-benefits-worker-protections-idINL2N1ML22V'|'2017-10-11T14:22:00.000+03:00'|7625.0|''|-1.0|'' 7626|'527d5e27cbbae0666b9659873891059b5e536325'|'Russia, Saudi Arabia to set up $1 bln technology fund'|'LONDON, Oct 4 (Reuters) - Russia and Saudi Arabia plan to set up a $1 billion fund to invest in technology, the chief executive of a sovereign Russian wealth fund said on Wednesday.The joint venture is the latest in a series of deals expected to be signed during a visit to Russia by King Salman this week, the first to Moscow by a reigning Saudi monarch.Other deals include a $1 billion fund to invest in energy projects and Saudi investment in Russian toll roads, including a new one in Moscow to relieve congestion.Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF) said on a press call that the two countries would seek areas of synergy between Russia and Saudi Arabia and aim to exploit their unique technologies.He cited desalination technologies and energy efficiency for air conditioning, and also highlighted Russias largest tech company Yandex, which specialises in internet-related services and products.Yandex is an interesting company for us because it is already present in the Middle East and Turkey and it has a search engine that beats Google in the Russian market by a large margin, Dmitriev said.The fund will also look at relevant investments outside Russia and Saudi, he added.Saudi Arabias main sovereign wealth fund, the Public Investment Fund has already invested in the SoftBank Vision Fund, a technology-focused private equity fund established with the Japanese company and other big investors.Meanwhile, the RDIF has invested in Hyperloop One, which is developing an advanced transport system. (Reporting by Claire Milhench; Editing by Gareth Jones) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/russia-swf-tech/russia-saudi-arabia-to-set-up-1-bln-technology-fund-idINL8N1MF2WN'|'2017-10-04T10:28:00.000+03:00'|7626.0|''|-1.0|'' -7627|'c511708e6d1f50a5221ff486b6671426e7246801'|'Wells Fargo scrutinized by regulator for auto insurance program - NYT'|'October 20, 2017 / 4:03 PM / in 21 hours Wells Fargo regulatory woes continue in autos, forex: reports Reuters Staff 2 Min Read (Reuters) - Wells Fargo & Co ( WFC.N ) is facing fresh regulatory scrutiny in both its consumer and institutional businesses, according to reports in the New York Times and Wall Street Journal on Friday, as the third-largest U.S. bank continues to work through a prolonged scandal over its sales practices. A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. February 10, 2015. REUTERS/Jim Young/File Photo The Office of the Comptroller of the Currency (OCC) criticised Wells Fargo in a nonpublic regulatory report for enrolling borrowers in auto insurance policies they did not request, according to the Times. It said the bank may have underestimated costs related to reimbursing them. Separately, regulators are looking into Wells foreign exchange trading business over a matter that caused the departure of four employees, according to the Journal. Until now, Wells sales issues have been confined to its consumer-facing operations, where employees created as many as 3.5 million accounts in customers names without their permission and enrolled borrowers in products they did not want. These ranged from auto insurance to mortgage rate locks. News of the forex departures suggested the problems may extend further. The Journal said the four were fired as part of a review the bank is conducting across all of its businesses. Wells Fargo spokeswoman Elise Wilkinson confirmed that employees named in the story Simon Fowles, Bob Gotelli, Jed Guenther and Michael Schauffler are no longer with the bank, but declined to comment further. Wells is trying to help any customers who were wrongly charged for car insurance, bank spokeswoman Catherine Pulley said. OCC spokeswoman Stephanie Collins said the agency does not comment on individual banks or ongoing supervision. Reporting by Dan Freed in New York, Patrick Rucker in Washington and Nikhil Subba and Diptendu Lahiri in Bengaluru; Editing by Lauren LaCapra and Cynthia Osterman '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/wellsfargo-accounts/wells-fargo-scrutinized-by-regulator-for-auto-insurance-program-nyt-idINKBN1CP25X'|'2017-10-20T19:02:00.000+03:00'|7627.0|''|-1.0|'' +7627|'c511708e6d1f50a5221ff486b6671426e7246801'|'Wells Fargo scrutinized by regulator for auto insurance program - NYT'|'October 20, 2017 / 4:03 PM / in 21 hours Wells Fargo regulatory woes continue in autos, forex: reports Reuters Staff 2 Min Read (Reuters) - Wells Fargo & Co ( WFC.N ) is facing fresh regulatory scrutiny in both its consumer and institutional businesses, according to reports in the New York Times and Wall Street Journal on Friday, as the third-largest U.S. bank continues to work through a prolonged scandal over its sales practices. A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. February 10, 2015. REUTERS/Jim Young/File Photo The Office of the Comptroller of the Currency (OCC) criticised Wells Fargo in a nonpublic regulatory report for enrolling borrowers in auto insurance policies they did not request, according to the Times. It said the bank may have underestimated costs related to reimbursing them. Separately, regulators are looking into Wells foreign exchange trading business over a matter that caused the departure of four employees, according to the Journal. Until now, Wells sales issues have been confined to its consumer-facing operations, where employees created as many as 3.5 million accounts in customers names without their permission and enrolled borrowers in products they did not want. These ranged from auto insurance to mortgage rate locks. News of the forex departures suggested the problems may extend further. The Journal said the four were fired as part of a review the bank is conducting across all of its businesses. Wells Fargo spokeswoman Elise Wilkinson confirmed that employees named in the story Simon Fowles, Bob Gotelli, Jed Guenther and Michael Schauffler are no longer with the bank, but declined to comment further. Wells is trying to help any customers who were wrongly charged for car insurance, bank spokeswoman Catherine Pulley said. OCC spokeswoman Stephanie Collins said the agency does not comment on individual banks or ongoing supervision. Reporting by Dan Freed in New York, Patrick Rucker in Washington and Nikhil Subba and Diptendu Lahiri in Bengaluru; Editing by Lauren LaCapra and Cynthia Osterman '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/wellsfargo-accounts/wells-fargo-scrutinized-by-regulator-for-auto-insurance-program-nyt-idINKBN1CP25X'|'2017-10-20T19:02:00.000+03:00'|7627.0|20.0|0.0|'' 7628|'83920e7b597b1925c90b9a1a8f22392713d9a583'|'EMERGING MARKETS-Emerging FX feel dollar pinch, Turkish assets rattled'|' 15 AM / Updated 21 minutes ago EMERGING MARKETS-Emerging FX feel dollar pinch, Turkish assets rattled Karin Strohecker 5 Min Read LONDON, Oct 23 (Reuters) - A stronger dollar increased pressure on some emerging currencies on Monday with the Turkish lira and stocks suffering as the latest concerns over Ankaras relationship with Washington compounded the weaker global backdrop. The dollar sailed to the highest level in more than two weeks, still enjoying a boost from U.S. President Donald Trump and Republicans clearing a hurdle on tax reforms last week and speculation over who will take over at the helm of the Federal Reserve. We are seeing increasing pressure on emerging market currencies and that is likely to continue over the near term as we still have a lot of speculation regarding who will succeed Janet Yellen at the Fed, said Phoenix Kalen at Societe Generale. That is weighing on investors minds, alongside the strength of the dollar thats coming from expectations of fiscal and tax reform. The Chinese yuan fell against the U.S. dollar after a weaker midpoint fixing while Mexicos peso weakened 0.2 percent. But Turkeys lira and South Africas rand - both seen as vulnerable to U.S. interest rate rises due to current account deficits - were the hardest hit, weakening for a second straight session. Losses in the lira of more than 1 percent came after Turkeys banking regulator urged the public on Saturday to ignore rumours about financial institutions in an apparent dismissal of a report that some banks face billions of dollars of U.S. fines over alleged violations of Iran sanctions. Given the level of tensions with the U.S., the market is still sceptical about this denial, said Inan Demir at Nomura. The numbers mentioned are large...the largest fine mentioned was $5 billion and that would be a very large fine in comparison to any banks equity in Turkey. Relations between NATO allies Washington and Ankara have been strained by a series of diplomatic rows. Meanwhile U.S. authorities have hit global banks with billions of dollars in fines over violations of sanctions with Iran and other countries in recent years. Adding to the woes was data on consumer confidence, which showed an increasingly pessimistic outlook. Turkish stocks also took a tumble, slipping 0.8 percent while MSCIs emerging market benchmark was flat on the day. Meanwhile in Argentina, candidates allied with President Mauricio Macri enjoyed sweeping victories in Sundays mid-term election, strengthening his position in Congress while dimming prospects for a political comeback by his predecessor Cristina Fernandez. Investors have said they want to see Macri push through labour and tax reforms aimed at lowering business costs in Latin Americas third-biggest economy. But they have been worried about a political resurgence by Fernandez, loved by millions of low-income Argentines helped by generous social spending during her administrations. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 1118.54 -1.15 -0.10 +29.72 Czech Rep 1056.24 -0.37 -0.04 +14.61 Poland 2484.09 +18.58 +0.75 +27.53 Hungary 0.00 +0.00 +0.00 -100.00 Romania 7919.00 -14.48 -0.18 +11.77 Greece 743.20 -6.03 -0.80 +15.47 Russia 1130.49 -3.96 -0.35 -1.90 South Africa 51807.55 +206.89 +0.40 +18.01 Turkey 07700.54 -788.15 -0.73 +37.83 China 3382.27 +3.62 +0.11 +8.98 India 32447.30 +57.34 +0.18 +21.86 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets/emerging-markets-emerging-fx-feel-dollar-pinch-turkish-assets-rattled-idUSL8N1MY0WK'|'2017-10-23T12:14:00.000+03:00'|7628.0|1.0|0.0|'' 7629|'4bc11d31d7a81edb0d6af1c01601d3c3670255e0'|'Southern Copper says Q3 profit doubled, expects Tia Maria permit'|'LIMA (Reuters) - Southern Copper Corp ( SCCO.N ) said on Friday that its net profit doubled to $401.8 million in the third quarter from the same period a year earlier as sales surged on higher copper prices.The Arizona-based company, controlled by Grupo Mexico ( GMEXICOB.MX ), added that it expects Perus government to issue a construction permit for its stalled $1.4 billion Tia Maria project in the first quarter of next year.Southern Copper suspended Tia Maria in 2015 to quell deadly protests by farmers worried about its environmental impacts.The company has said support for the project in the southern region of Arequipa has since grown. It has called for the government of President Pedro Pablo Kuczynski to issue the construction license for the mine, which would produce 120,000 tonnes of copper per year.We are working jointly with the Peruvian government to obtain the construction license ... we expect the license to be issued in the first quarter, Southern Copper said in its earnings statement.Perus energy and mines ministry did not immediately respond to requests for comment.Southern Copper operates mines in Peru and Mexico and is one of the worlds largest copper producers. It produced 675,759 tonnes in the first nine months of 2017, down 2.1 percent from the same period last year.An expansion at its Toquepala mine in Peru will likely wrap up in the second quarter, the company said, allowing it to add 100,000 tonnes to annual output.Southern Copper shares were up 0.7 percent in morning trading.Reporting By Mitra Taj; Editing by Meredith Mazzilli '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-southern-copper-results/southern-copper-says-third-quarter-profit-doubled-expects-tia-maria-permit-idUSKBN1CP1S2'|'2017-10-20T16:45:00.000+03:00'|7629.0|''|-1.0|'' 7630|'673fe154c7d6329a4d14ef12dca33a80fe03bd88'|'Japan to offer $10 billion to back Asia LNG infrastructure push - media'|'October 16, 2017 / 2:05 AM / Updated 21 minutes ago Japan to offer $10 billion to back Asia LNG infrastructure push - media Reuters Staff 1 Min Read Japan''s Minister of Economy,Trade and Industry Hiroshige Seko arrives at Prime Minister Shinzo Abe''s official residence in Tokyo, Japan August 3, 2017. REUTERS/Toru Hanai TOKYO (Reuters) - The Japanese government will offer $10 billion (7.5 billion pounds) to support firms bidding to build liquefied natural gas (LNG) infrastructure around Asia, the Nikkei business daily said on Monday. It will allow Japanese firms to bid aggressively for work to build facilities such as LNG receiving terminals and power plants, backed by loans and investments from Japan Bank for International Cooperation (JBIC) and insurance from Nippon Export and Investment Insurance (NEXI), it said, without citing sources. Japans Trade Minister Hiroshige Seko will announce the initiative in Tokyo on Wednesday at the annual LNG Producer-Consumer Conference, the newspaper said, adding that it was part of an effort to build markets in Asia for U.S. LNG. Reporting by Osamu Tsukimori; Editing by Sonali Paul 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-lng-japan/japan-to-offer-10-billion-to-back-asia-lng-infrastructure-push-media-idUKKBN1CL048'|'2017-10-16T05:04:00.000+03:00'|7630.0|''|-1.0|'' 7631|'91cca91033f0180bcb937bedb72ac9832ed8927d'|'CANADA STOCKS-TSX edges up with help from resource, financial shares'|'October 3, 2017 / 1:40 PM / Updated 11 minutes ago CANADA STOCKS-TSX edges up with help from resource, financial shares Reuters Staff 1 Min Read OTTAWA, Oct 3 (Reuters) - Canadas main stock index opened slightly higher on Tuesday as gains in the resource and financial sectors offset a decline in shares of TMX Group after Scotia Capital and Alberta Investment Management said they would cut their stake in the company. Shortly after the opening bell, the Toronto Stock Exchanges S&P/TSX composite index was up 16.38 points, or 0.1 percent, at 15,721.38. (Reporting by Leah Schnurr)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-open/canada-stocks-tsx-edges-up-with-help-from-resource-financial-shares-idUSL2N1ME0MP'|'2017-10-03T16:40:00.000+03:00'|7631.0|''|-1.0|'' 7632|'38d6f3cbafef51c95c8cc323a75a0f77db361aea'|'UPDATE 2-British PM May orders energy price cap, sending shares tumbling'|'Britain''s Prime Minister Theresa May addresses the Conservative Party conference in Manchester, October 4, 2017. REUTERS/Phil Noble MANCHESTER, England (Reuters) - Prime Minister Theresa May said she would impose a price cap on the energy market to help millions of households struggling with rising prices, hitting shares in the leading providers hard.May had proposed a price cap on the sector earlier this year, the biggest market intervention since privatization almost 30 years ago, but the plan was thrown into doubt after her ruling Conservatives lost their parliamentary majority in an election in June.Energy bills have doubled in Britain over the past decade to an average of about 1,200 pounds ($1,500) a year, putting the biggest providers in the sights of politicians.While we are in favor of free markets we will always take action to fix them when they are broken, we will always take on monopolies and vested interests when they are holding people back, May told the Conservative Partys annual conference.One of the greatest examples in Britain today is the broken energy market, she said, adding that a price cap would help end rip-off energy prices.Britains energy market is dominated by the so-called big six providers -- Centricas British Gas, SSE, Iberdrolas Scottish Power, Innogys npower, E.ON and EDF Energy, which account for about 85 percent of the retail electricity market.SHARES SUFFER The announcement wiped more than 900 million pounds off the value of the two British listed companies Centrica and SSE alone.Shares in Centrica hit a near 14 year low of 177.8 pence per share and were down 6 percent at 179.3 pence at 1510 GMT. Shares in SSE, Britains second largest supplier, fell by as much as 4 percent.E.ON was the worst performer in Germanys DAX index of 30 leading stocks, shedding 3.4 percent in afternoon trading in Frankfurt, while competitor Innogy fell by 2.1 percent.Shares in EDF and Iberdrola were little changed.SSE said it would look carefully at the proposals.SSE believes in competition not caps, so if there is to be any intervention it should be simple to administer, time-limited, and maintain the principles of a competitive energy market to best serve customers interests, the company said.Mays office said the cap would apply to so-called standard variable tariffs (SVTs) which are basic rates that energy suppliers charge if a customer does not opt for a specific plan.Around 70 percent of households are on SVTs and data published by energy regulator Ofgem in December showed 91 percent of SSEs customers were on a SVT, along with 74 percent of Centricas British Gas customers.E.ON and Scottish Power, which have fewer customers on SVTs both called on the government to scrap them.Analysts at Bernstein said the level at which the cap is set would determine its ultimate impact on the companies.A price cap of 1,100 pounds a year would still allow efficient firms to make a margin but a 1,000 pound per year cap would push the industry into a loss of 700 pounds million, the analysts said.Ofgem said SVTs offered by the big six in August were on average almost 320 pounds ($424) per year more expensive than their cheapest tariffs.MIXED RECEPTION Earlier this year the government ordered Ofgem to act on the issue of high bills and the regulator is in the process of consulting on a measure which would impose a price cap for the most vulnerable households.Mays office said Ofgem would be responsible for setting the new cap which would be a temporary measure kept under review, while Ofgem said it will work with the government to better protect consumers on poor value deals.British business groups criticized the cap, with blue-chip lobby group the CBI calling it an example of state intervention that misses the mark.However the challenger small energy firm OVO Energy, which has around 800,000 customers, welcomed the decision.This intervention will stimulate innovation and promote efficiency that will benefit millions of customers, said Stephen Fitzpatrick, OVO chief executive.Additional reporting by Susanna Twidale and Alistair Smout in LONDON, Hakan Ersen in FRANKFURT; Editing by Keith Weir '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-britain-politics-energy/british-pm-may-orders-energy-price-cap-sending-shares-tumbling-idUSKBN1C91WT'|'2017-10-04T16:29:00.000+03:00'|7632.0|''|-1.0|'' 7633|'002d197ec0df2e5c835846949946b58ddcdeee98'|'Latest NCAA scandal shows why student athletes need to be paid: Vaccaro - Reuters'|'The NCAA logo is seen on the side of a hotel in Dallas, Texas, March 30, 2013. REUTERS/Jim Young Former Nike marketing star Sonny Vaccaro discusses the fraud charges filed in late September against college basketball assistant coaches. Vaccaro, who signed Michael Jordan among others, explains why paying athletes could minimize these issues. He also discusses the role of the NCAA and how he helped develop the marketing plan to grow Nikes basketball business. Plus, how Las Vegass newest professional sports team is getting off to a solid start.Rick Horrow is the CEO of Horrow Sports. As an attorney and consultant, he has been the architect of 100+ deals worth more than $20 billion in sports, performing arts, and other urban infrastructure projects. Horrow pioneered the public/private partnership and infrastructure branding concepts that, to date, have enticed more than $4 billion in corporate funding to cities and development projects. The opinions expressed here and in videos and podcasts hosted by Rick are his alone and do not represent the views of Reuters'|'reuters.com'|'http://www.reuters.com/finance'|'https://www.reuters.com/article/us-keepingscore-10oct17/latest-ncaa-scandal-shows-why-student-athletes-need-to-be-paid-vaccaro-idUSKBN1CF2ZI'|'2017-10-11T05:15:00.000+03:00'|7633.0|''|-1.0|'' -7634|'824ef24351f9cf68f9d69104e3438dd4b2563ab6'|'China''s Sept industrial profits surge most in nearly six years'|'October 27, 2017 / 2:44 AM / in 21 minutes China''s September industrial profits surge most in nearly six years Lusha Zhang , Sue-Lin Wong 5 Min Read BEIJING (Reuters) - Profits for Chinas industrial powerhouses surged the most in nearly six years in September as a government crackdown on air pollution sparked fears of winter supply shortages and sent prices of finished goods like steel and copper sharply higher. An employee works at an assembly line of bulldozers at a factory in Zhangjiakou, Hebei province, China October 13, 2017. REUTERS/Stringer Sustained earnings growth will give Chinas policymakers more room to restructure bloated and often inefficient state-owned enterprises, which dominate the industrial landscape and account for a hefty portion of the countrys corporate debt. Industrial profits in September rose 27.7 percent from a year earlier to 662.18 billion yuan ($99.46 billion), accelerating from a 24 percent jump in August, the National Bureau of Statistics (NBS) said on its website on Friday. That was the sharpest monthly gain since December 2011, when profits leapt 31.5 percent. The NBS attributed the September surge to stronger growth in production and sales and higher prices for manufactured goods, as well as a pick-up in earnings in sectors such as electricity, alcohol and electronics. We predict the industrial sector will remain on a steady, improving trajectory in the fourth quarter, Zheng Lixin, a spokesman for the industry ministry, told a media briefing. For the first nine months of the year, the firms notched up profits of 5.58 trillion yuan, a 22.8 percent jump from the same period last year and up a touch from January-August. Industrial firms liabilities increased 6.7 percent in September on-year, compared with a rise of 6.4 percent in the first eight months of the year. While a year-long construction boom is starting to show signs of fatigue, still robust industrial earnings will be good news for the countrys leaders who gathered for a key Communist Party Congress over the past week to set political and economic priorities for the next five years. President Xi Jinping opened the gathering stressing the need to move from high-speed to high-quality growth. While reiterating a commitment to give market forces freer rein in the worlds second-largest economy, Xi also said the government would strengthen the role of state firms, raising questions about whether Beijing will pursue painful reforms in the sector which some analysts say are long overdue. PRICES KEY TO PROFIT OUTLOOK Market watchers had expected solid September earnings after producer prices rose by a higher-than-forecast 6.9 percent on-year, boosted by strong demand for building materials. Most analysts have maintained those price gains and industrial profits would start to moderate in coming months as measures to cool Chinas heated housing market and a government crackdown on riskier lending starts to bite. But commodity prices got a fresh leg up in recent weeks as the government pressed ahead with efforts to reduce notorious winter smog, urging major northern industrial cities to slash steel output ahead of the official winter heating season. That has spurred fears of shortages and pushed up steel prices, but is having the opposite effect on steelmaking raw materials such as iron ore and coking coal, which are sliding on worries about a supply glut. Chinas steel output dropped in September from a record high in August as mills cut production in line with Beijings campaign for clearer skies. Beijing was already in the midst of a multi-year campaign to shutter older, inefficient plants and reduce profit-draining industrial overcapacity, though many analysts say they are merely being replaced with newer, cleaner factories and the countrys excess capacity issue have not been fully addressed. Aluminum Corp of China Ltd ( 601600.SS ) announced a plan on Thursday to bring up to 16 billion yuan of investment into some subsidiaries after posting a more than 10-fold rise in nine-month profit. Chalco is the listed arm of Chinas biggest state-run aluminum firm, Chinalco. MAN OF STEEL A breakdown of the profit data showed heavy industry continued to reap most of the benefits from the building boom, which is also being driven by heavy government infrastructure spending. Mining industry profits surged 473.8 percent in January-September on-year, and manufacturing profits rose 19.6 percent. Earnings in the mining industry soared 5.9 times last month from a year earlier, but sectors such as electricity, gas and water production saw their profits fall 18.3 percent. Chinas economy has surprised analysts with robust growth so far this year, with the rebound in its industrial sector contributing to a reflationary pulse that has boosted manufacturing worldwide. Though GDP growth slowed slightly to 6.8 percent in the third quarter, senior officials said last week that the economy is still on track to meet the official growth target of around 6.5 percent for the full year, despite the punishing war on pollution. Economists polled by Reuters expect the economy will grow 6.8 percent this year, before slowing to 6.4 percent in 2018. Reporting by Lusha Zhang and Sue-Lin Wong; Additional reporting by Cheng Fang; Editing by Kim Coghill'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-china-economy-industrial-profits/chinas-september-industrial-profits-surge-most-in-nearly-six-years-idINKBN1CW07H'|'2017-10-27T06:09:00.000+03:00'|7634.0|''|-1.0|'' +7634|'824ef24351f9cf68f9d69104e3438dd4b2563ab6'|'China''s Sept industrial profits surge most in nearly six years'|'October 27, 2017 / 2:44 AM / in 21 minutes China''s September industrial profits surge most in nearly six years Lusha Zhang , Sue-Lin Wong 5 Min Read BEIJING (Reuters) - Profits for Chinas industrial powerhouses surged the most in nearly six years in September as a government crackdown on air pollution sparked fears of winter supply shortages and sent prices of finished goods like steel and copper sharply higher. An employee works at an assembly line of bulldozers at a factory in Zhangjiakou, Hebei province, China October 13, 2017. REUTERS/Stringer Sustained earnings growth will give Chinas policymakers more room to restructure bloated and often inefficient state-owned enterprises, which dominate the industrial landscape and account for a hefty portion of the countrys corporate debt. Industrial profits in September rose 27.7 percent from a year earlier to 662.18 billion yuan ($99.46 billion), accelerating from a 24 percent jump in August, the National Bureau of Statistics (NBS) said on its website on Friday. That was the sharpest monthly gain since December 2011, when profits leapt 31.5 percent. The NBS attributed the September surge to stronger growth in production and sales and higher prices for manufactured goods, as well as a pick-up in earnings in sectors such as electricity, alcohol and electronics. We predict the industrial sector will remain on a steady, improving trajectory in the fourth quarter, Zheng Lixin, a spokesman for the industry ministry, told a media briefing. For the first nine months of the year, the firms notched up profits of 5.58 trillion yuan, a 22.8 percent jump from the same period last year and up a touch from January-August. Industrial firms liabilities increased 6.7 percent in September on-year, compared with a rise of 6.4 percent in the first eight months of the year. While a year-long construction boom is starting to show signs of fatigue, still robust industrial earnings will be good news for the countrys leaders who gathered for a key Communist Party Congress over the past week to set political and economic priorities for the next five years. President Xi Jinping opened the gathering stressing the need to move from high-speed to high-quality growth. While reiterating a commitment to give market forces freer rein in the worlds second-largest economy, Xi also said the government would strengthen the role of state firms, raising questions about whether Beijing will pursue painful reforms in the sector which some analysts say are long overdue. PRICES KEY TO PROFIT OUTLOOK Market watchers had expected solid September earnings after producer prices rose by a higher-than-forecast 6.9 percent on-year, boosted by strong demand for building materials. Most analysts have maintained those price gains and industrial profits would start to moderate in coming months as measures to cool Chinas heated housing market and a government crackdown on riskier lending starts to bite. But commodity prices got a fresh leg up in recent weeks as the government pressed ahead with efforts to reduce notorious winter smog, urging major northern industrial cities to slash steel output ahead of the official winter heating season. That has spurred fears of shortages and pushed up steel prices, but is having the opposite effect on steelmaking raw materials such as iron ore and coking coal, which are sliding on worries about a supply glut. Chinas steel output dropped in September from a record high in August as mills cut production in line with Beijings campaign for clearer skies. Beijing was already in the midst of a multi-year campaign to shutter older, inefficient plants and reduce profit-draining industrial overcapacity, though many analysts say they are merely being replaced with newer, cleaner factories and the countrys excess capacity issue have not been fully addressed. Aluminum Corp of China Ltd ( 601600.SS ) announced a plan on Thursday to bring up to 16 billion yuan of investment into some subsidiaries after posting a more than 10-fold rise in nine-month profit. Chalco is the listed arm of Chinas biggest state-run aluminum firm, Chinalco. MAN OF STEEL A breakdown of the profit data showed heavy industry continued to reap most of the benefits from the building boom, which is also being driven by heavy government infrastructure spending. Mining industry profits surged 473.8 percent in January-September on-year, and manufacturing profits rose 19.6 percent. Earnings in the mining industry soared 5.9 times last month from a year earlier, but sectors such as electricity, gas and water production saw their profits fall 18.3 percent. Chinas economy has surprised analysts with robust growth so far this year, with the rebound in its industrial sector contributing to a reflationary pulse that has boosted manufacturing worldwide. Though GDP growth slowed slightly to 6.8 percent in the third quarter, senior officials said last week that the economy is still on track to meet the official growth target of around 6.5 percent for the full year, despite the punishing war on pollution. Economists polled by Reuters expect the economy will grow 6.8 percent this year, before slowing to 6.4 percent in 2018. Reporting by Lusha Zhang and Sue-Lin Wong; Additional reporting by Cheng Fang; Editing by Kim Coghill'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-china-economy-industrial-profits/chinas-september-industrial-profits-surge-most-in-nearly-six-years-idINKBN1CW07H'|'2017-10-27T06:09:00.000+03:00'|7634.0|26.0|0.0|'' 7635|'13df471edf39d607548a7c917ef904fcf2be961f'|'New Akzo Nobel boss pursues $30 billion deal with Axalta'|'October 30, 2017 / 11:48 AM / Updated 5 hours ago New Akzo Nobel boss pursues $30 billion deal with Axalta Toby Sterling , Ludwig Burger 5 Min Read AMSTERDAM/FRANKFURT (Reuters) - Dutch paints maker Akzo Nobel, seeking to recover after rejecting a takeover offer and issuing two profit warnings, is discussing a merger with smaller U.S. rival Axalta Coating Systems Ltd to create a $30 billion company. Akzo, the maker of Dulux paint, said on Monday it was in constructive talks about a merger of equals in what would be the first major deal by Chief Executive Thierry Vanlancker, who took over in July after Akzo spurned a 26 billion euro ($30.2 billion) offer from U.S. rival PPG Industries. Reuters reported on Friday that Akzo had approached Axalta about a possible merger, sending Axaltas shares 17 percent higher. Warren Buffetts Berkshire Hathaway is the largest Axalta investor with a stake of just under 10 percent. This seems a classic attack-is-the-best-defense strategy, said a fund manager at one of Akzos top-10 investors who asked not to be named. Akzo overpromised after defending their own company and started to fail to deliver in Q3, so (they) need to do something transformational, he added. At 19.5 billion euros ($22.7 billion), Akzos market value is close to three times that of Axalta at $8.1 billion at Fridays closing price of $33.15. Even after the planned sale of its chemicals divisions, valued at 8-10 billion euros, the Dutch group would tower over its prospective partner, suggesting a lead role that typically results in a premium being offered to the junior partner. Akzo said plans to divest the chemicals unit remained on track and a vast majority of net proceeds from the deal would be returned to shareholders. Axaltas coatings for new vehicles could fill a gap in Akzos portfolio, which caters to various other industries including manufacturing, marine and construction, analysts have said. STIRRING THE POT The relatively fragmented global paints and coatings industry has seen a frenzy of deal activity, as buyers seek scale to squeeze their raw materials bill to further bolster already attractive margins. PPGs aborted move for Akzo followed BASF deals last year, selling its industrial coatings business to Akzo and buying Albemarles surface-treatment unit Chemetall for $3.2 billion to focus on automotive coatings. Before that, Sherwin-Williams snatched up rival U.S. paint company Valspar in an all-cash deal valued at about $9.3 billion. FILE PHOTO: General view of the outside of AkzoNobel''s new paint factory in Ashington, Britain September 12, 2017. REUTERS/Phil Noble The mooted combination would make Akzo the second-largest coatings player with a 12 percent market share, ahead of PPG but trailing an enlarged Sherwin Williams, analysts at brokerage Raymond James said. Vanlancker has been forced to cut targets made in the heat of the takeover battle twice in the space of six weeks, blaming disruption caused by hurricane Harvey, rising raw materials costs and headwinds at its marine coatings business. Akzo shares were 0.5 percent higher at 77.89 euros at 1120 GMT, well below a figure of around 96 euros proposed by PPG. PRESSURE TO DELIVER Analyst Joost van Beek of Theodoor Gilissen said that in negotiations over financial terms, Axalta would seek to take advantage of Akzo being under pressure to bulk up. Analysts at Bernstein, in turn, stressed the strategic rationale, saying in a note the Akzo-Axalta merger would improve scale and density in segments and countries where needed while taking out costs, most likely in the fragmented general industrial segment and in Europe. They forecast savings of around 250 million euros from combining operations. Akzo would not comment on how the deal could be structured, though describing it as a merger suggests it would pay mostly with shares. Sources familiar with the matter told Reuters on Friday that talks were at an early stage and there was no guarantee the companies would come to an agreement. Akzo has gone through tumultuous times of late. After PPGs approach was fended off, a group of shareholders launched a court case seeking a vote to have Chairman Antony Burgmans removed, but lost. Akzos CEO and CFO then resigned, citing health reasons, while Burgmans is due to retire next year. PPG has indicated it is no longer interested in trying to buy Akzo. After walking away from the deal on June 1, it is barred from rebidding for Akzo until Dec. 1. Private equity firm Carlyle Group LP, Axaltas former owner, had considered selling the company to Akzo in 2014 before taking it public. ($1 = 0.8600 euros) Additional reporting by Simon Jessop in London and Bart H. Meijer in Amsterdam; Editing by Louise Heavens and Keith Weir'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-axalta-m-a-akzo-nobel/new-akzo-nobel-boss-pursues-30-billion-deal-with-axalta-idUSKBN1CZ1AT'|'2017-10-30T18:48:00.000+02:00'|7635.0|''|-1.0|'' 7636|'fb55b3bfbea763b4ae8e6532386a96e8c6674242'|'BRIEF-Polish KGHM says accident in smelter to result in lower copper output'|' 48 PM / Updated 13 minutes ago BRIEF-Polish KGHM says accident in smelter to result in lower copper output Reuters Staff 1 Min Read Oct 13 (Reuters) - KGHM: * Polands KGHM, which is one of the worlds biggest copper and silver producers said on Friday that an accident at its Polish smelter will result in copper output fall by 14,000 tonnes. * KGHM also said that it plans to resume production at the smelter on October 27. * KGHM said in March that it saw its 2017 copper output at 549,000 tonnes. (Reporting By Agnieszka Barteczko; Editing by Marcin Goclowski) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-polish-kghm-says-accident-in-smelt/brief-polish-kghm-says-accident-in-smelter-to-result-in-lower-copper-output-idUSFWN1MO0KK'|'2017-10-13T15:46:00.000+03:00'|7636.0|''|-1.0|'' 7637|'72e47f99c871d5316ae422f801a7d7a57990bb4a'|'Saudi Aramco in stake sale talks with Chinese investor - sources'|'October 13, 2017 / 10:19 PM / in 8 hours Saudi Aramco in stake sale talks with Chinese investor - sources Saeed Azhar , David French 4 Min Read Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed DUBAI/NEW YORK (Reuters) - Saudi Aramco is considering the sale of a stake to a Chinese investor as plans for its highly-anticipated international public offering are pushed beyond its 2018 target, sources familiar with the matter said on Friday. The initial public offering is expected to be the worlds largest stock sale, and is a key component of the Saudi governments economic reform program which aims to diversify the desert kingdom away from its reliance on oil exports. A private placement of shares in the state oil company to a Chinese investor is being evaluated as a precursor to the international IPO, according to two sources who spoke on condition of anonymity as the information was not public. They declined to name the investor or how much of Aramco would be sold. The move would provide Saudi Arabia with cash to help implement the National Transformation Program (NTP), as the reform package is formally known, according to one of the sources. The NTP comprises a number of difficult economic adjustments for Saudi Arabia - including removing some state subsidies and raising taxes - that are aimed at taming huge budget deficits caused by lower oil prices. Concerns about the impact of the austerity measures on the economy are rising. While data earlier this month showed the deficit was shrinking, the Saudi economy entered recession in the second quarter, consumer prices are falling and unemployment among Saudis is at 12.8 percent. A Saudi Aramco spokesman said: A range of options, for the public listing of Saudi Aramco, continue to be held under active review. No decision has been made and the IPO process remains on track. LISTING Aramcos dual listing on the Saudi stock market, Tadawul, and an international exchange had been earmarked for 2018 by the Saudi authorities - with stock markets in New York, London and Asia all vying for the offering. A decision on which exchange would secure the offering has still not been made, with top members of the Saudi royal family preferring New York and Aramcos financial and legal advisers advocating London. Both venues have political issues which have caused the Saudis unease and delayed the location decision, according to a third source familiar with the matter. The U.S. Justice Against Sponsors of Terrorism Act (JASTA), passed in September 2016, allowed lawsuits to proceed against the Saudi government claiming it had helped to plan the Sept. 11, 2001 attacks on the United States and should pay damages to victims. Riyadh denies the allegations. Meanwhile, Londons markets regulator has been criticized for proposing new listing rules aimed at attracting state-controlled companies such as Aramco, which some U.K. industry groups have warned would weaken investor protection. The third source added an international IPO beyond 2018 was still very much an option, while a Tadawul listing was on track for 2018, pointing to comments from senior Saudi officials, such as those made in Moscow earlier this month. The Financial Times reported that Aramco had held talks about a private stake sale to foreign governments including China and other investors, amid growing concerns about the feasibility of an international listing.( on.ft.com/2gBheCT ) Reporting by Saeed Azhar in Dubai and David French in New York. Additional Reporting by Tom Arnold in Dubai and Yashaswini Swamynathan in Bengaluru; Editing by Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-saudi-aramco-ipo/saudi-aramco-in-stake-sale-talks-with-chinese-investor-sources-idUKKBN1CI31A'|'2017-10-14T01:18:00.000+03:00'|7637.0|''|-1.0|'' @@ -7666,10 +7666,10 @@ 7664|'44a6302a684109962e24f4f2f619709db2d4a45d'|'Heineken beer sales rise on strength outside Europe, U.S.'|'October 25, 2017 / 7:12 AM / Updated 5 hours ago Heineken beer sales rise on strength outside Europe, U.S Philip Blenkinsop 3 Min Read BRUSSELS (Reuters) - Heineken NV ( HEIN.AS ), the worlds second-largest brewer, reported an increase in third-quarter beer sales on Wednesday, with growth in all regions except Europe, where poor summer weather reduced demand, and in the United States. Sales in the July-Sept period rose 2.5 percent excluding the impact of acquisitions to 60.0 million hectolitres, a little ahead of the average 57.9 million average expectation in a Reuters poll. The share price was down 2.2 percent at 83 euros at 0905 GMT, making the shares one of the weakest performers in Europes FTSEurofirst index <0#.FTEU3>. Analysts said the weakness in Europe and a sharper than predicted impact from changes in foreign currency exchange rates were behind the fall. Heineken has already warned of a negative translational impact from foreign exchange rates, but estimated on Wednesday that for the full year it would be 75 million euros at net profit level, against the 60 million euro figure it gave in July. A photo illustration of a bucket with Heineken beers at a pub in Singapore October 4, 2017. REUTERS/Edgar Su The Dutch brewer, the top seller in Europe, said very strong growth in Asia Pacific, outside China, led to a 12.2 percent increase in beer volumes, while strength in South Africa, Ethiopia and Russia led to an 8.8 percent rise in sales to Africa, the Middle East and Eastern Europe. Growth in the Americas was more muted, as lower sales in the United States partly offset growth in Mexico and Brazil, where Heineken acquired Kirins ( 2503.T ) business earlier this year. In Europe, sales were down due to a cooler summer in France and the Netherlands as well as weakness in Poland and Britain, where supermarket Tesco ( TSCO.L ) has pulled some Heineken brands from its shelves over planned price increases. The company said it retained its full year expectations that revenue and profit would grow and that its operating margin would increase by about 40 basis points, excluding acquisitions concluded this year. The company reported a net profit of 1.49 billion euros ($1.75 billion) for the first nine months, 1 percent higher than a year earlier when an impairment taken last year for the Democratic Republic of Congo is taken into account. ($1 = 0.8501 euros) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-heineken-nl-results/heineken-beer-sales-rise-on-strength-outside-europe-u-s-idUKKBN1CU0OQ'|'2017-10-25T10:12:00.000+03:00'|7664.0|''|-1.0|'' 7665|'1ba9e2f347ce8c8de92a3fb27f948e725cc132c2'|'Bombardier eyes Asian markets amid U.S. trade spat with Boeing'|'October 5, 2017 / 1:22 PM / Updated 2 hours ago Bombardier eyes Asian markets amid U.S. trade spat with Boeing Aditi Shah 4 Min Read Bombardiers C-series aircraft is pictured at an airport during its static demo event in New Delhi, India October 5, 2017. REUTERS/Adnan Abidi NEW DELHI (Reuters) - Bombardier Inc ( BBDb.TO ) is betting on fast-growing markets like India to boost sales of its Q400 and CSeries narrow-body planes, a senior executive said on Thursday, at a time when the Canadian planemaker faces a trade row over sales to the United States. The company is very focused on expanding into Asia, as we see Asia, and India for sure, as the growth engines of the sector, said Francois Cognard, head of Asia Pacific sales at Bombardier, adding this would be its focus region irrespective of how a heated trade spat with larger rival Boeing Co ( BA.N ) pans out. Cognard said he saw Indias regional connectivity scheme as well designed and likely to boost demand for its aircraft in the country. India is one of the worlds fastest growing aviation markets and the governments launch of the regional connectivity scheme last year to boost air connectivity to smaller towns and cities, is seen as a boon for small planemakers such as Bombardier and its European rival ATR. Bombardier last week finalised a deal to sell up to 50 Q400 planes to Indias SpiceJet ( SPJT.BO ) valued at $1.7 billion by list prices, its largest single order to date for the turboprop plane which will boost its presence in the country. Rival ATR, the market leader in turboprops, has also secured a provisional order for 50 ATR 72-600 aircraft, worth over $1.3 billion at list price, from Indigo, Indias biggest airline by market share. In turboprops, Bombardier still trails ATR, which controls about 75 percent of the market and is co-owned by Airbus SE ( AIR.PA ) and Leonardo SpA ( LDOF.MI ). Brazilian rival Embraer SA ( EMBR3.SA ) has also said it would consider returning to the prop market. There are still a lot of markets where you cant beat a turbo in terms of economics, said Cognard, adding Bombardiers move to increase the number of seats on the Q400 gave the plane a cost edge in the category. Bombardier crew members pose for a picture outside the company''s C-series aircraft during its static demo event in New Delhi, India October 5, 2017. REUTERS/Adnan Abidi BOEING SPAT The focus on Asia comes at a time when Bombardier is locked in an acrimonious trade spat with U.S. rival Boeing. Bombardiers Vice President of Sales for Asia Pacific, Francois Cognard, talks to media inside companys C-series aircraft during its static demo event at an airport in New Delhi, India October 5, 2017. REUTERS/Adnan Abidi The U.S. Commerce Department last week slapped preliminary anti-subsidy duties of 220 percent on Bombardiers new jets, after a complaint from Boeing, which could effectively triple the price of the aircraft and shut it out of the U.S. market if upheld. We see this as an abuse of trade laws by Boeing to attempt to block us from penetrating the U.S. market, Cognard said. The U.S. jetmaker alleges the CSeries would not exist without hundreds of millions of dollars in launch aid from the governments of Canada and Britain, or a $2.5 billion equity infusion from the province of Quebec and its largest pension fund in 2015. The Commerce Departments penalty against Bombardier will only take effect if the U.S. International Trade Commission (ITC) rules in Boeings favor. We expect the final ruling on this early next year, said Cognard, adding that its customers were not concerned about the spat and more focused on the economics of the jet, which boasts impressive fuel efficiency. (This story corrects to planes from jets in paragraph 1) Reporting by Aditi Shah; Writing by Euan Rocha, editing by David Evans '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-bombardier-india/bombardier-eyes-asian-markets-amid-u-s-trade-spat-with-boeing-idUSKBN1CA1JZ'|'2017-10-05T16:21:00.000+03:00'|7665.0|''|-1.0|'' 7666|'5e7f19658e9b275372e8aa598fd6d7140d8843f0'|'Public-relations woes may be catching up with Uber'|'UBER has had a tough year. It has fired staff on the back of sexual-harassment allegations and faced reports of a hostile workplace culture. It has been sued for allegedly stealing self-driving-car technology. It lost customers when it flouted a New York taxi boycott in protest of President Donald Trumps travel ban. And, amid all the turmoil, its boss resigned. But despite all this, the company continued to win more and more customers, including business travellers.Now, however, there are signs that the tide may be turning. Certify, an expense-management software company, has released its latest quarterly report on business-travel spending in America. And for the first time since it started collecting data in 2013, Uber has seen a decline in use among business travellers. Uber and other ride-hailing apps still dominate the business-travel market for ground transport, accounting for around two-thirds of it. And they are growing at the expense of traditional services. The market share of taxis and rental cars declined by one percentage point to 7% and 28%, respectively, in the third quarter of the year.But even as ride-hailing continued to grow, Uber saw its share inch down, from 55% to 54% in the latest quarter. By contrast, the market share of Lyft, a competitor, jumped three percentage points to 11%.Ubers position in the market may seem enviable, but it reveals risks in the companys strategy. Uber has made consistent losses, with the aim of capturing a huge market share and then being able to raise prices. But that will only work if it remains the most-dominant player in the ride-hailing world and keeps rivals at bay.Other data from the Certify report show the value of dominating a market. The most popular spot for travellers to expense both lunch and dinner in America, for instance, is McDonalds. Though it is hardly anyones idea of a hearty business meal, its ubiquity bolsters its popularity.But even McDonalds cannot raise prices without losing business. That is because it has so many competitors snapping at its heels. Uber hoped to transcend this issue by capturing a vast market share. But if the latest report is a sign of a real trend, Ubers dominance may be waning.Next Hotels are employing fewer concierges'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/10/starting-stall?fsrc=rss'|'2017-10-24T15:08:00.000+03:00'|7666.0|''|-1.0|'' -7667|'27cc175517239d247fd56eedf63ff8ba5991e992'|'BRIEF-Seven Stars Cloud Group announces new joint venture'|'October 19, 2017 / 1:07 PM / in 10 minutes BRIEF-Seven Stars Cloud Group announces new joint venture Reuters Staff 1 Min Read Oct 19 (Reuters) - Seven Stars Cloud Group Inc * Seven Stars Cloud announces new JV, BBD digital finance group, with BBD, Asias leader in artificial intelligence-based big data solutions * Deal to establish JV, BBD Digital Finance Group with management partners Tiger Sports Media Limited and Seasail Ventures Source text for Eikon: 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-seven-stars-cloud-group-announces/brief-seven-stars-cloud-group-announces-new-joint-venture-idUSFWN1MU0UR'|'2017-10-19T16:05:00.000+03:00'|7667.0|''|-1.0|'' +7667|'27cc175517239d247fd56eedf63ff8ba5991e992'|'BRIEF-Seven Stars Cloud Group announces new joint venture'|'October 19, 2017 / 1:07 PM / in 10 minutes BRIEF-Seven Stars Cloud Group announces new joint venture Reuters Staff 1 Min Read Oct 19 (Reuters) - Seven Stars Cloud Group Inc * Seven Stars Cloud announces new JV, BBD digital finance group, with BBD, Asias leader in artificial intelligence-based big data solutions * Deal to establish JV, BBD Digital Finance Group with management partners Tiger Sports Media Limited and Seasail Ventures Source text for Eikon: 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-seven-stars-cloud-group-announces/brief-seven-stars-cloud-group-announces-new-joint-venture-idUSFWN1MU0UR'|'2017-10-19T16:05:00.000+03:00'|7667.0|26.0|1.0|'' 7668|'a836a329fde7f4692413d1403afd575b867f768f'|'Morning News Call - India, October 13'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:00 am: DIPP Director Sushil Satpute and ITC India Tobacco Divisional Chief Executive Sandip Kaul at FICCI event in New Delhi. 10:00 am: Lloyd''s India CEO Shankar Garigiparthy and SBI Life Insurance Executive Vice President N.R.V. Roopkumar at NIA Insurance Summit in Mumbai. 10:00 am: Chemicals and Fertilizers Minister Ananth Kumar at ASSOCHAM conference on Generic Drugs in Bengaluru. 10:30 am: Department of Financial Services Secretary Rajiv Kumar at National Atal Pension Yojana conference in New Delhi. 5:00 pm: General Insurance Corp. IPO closes today in Mumbai. 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. 5:30 pm: Reliance Industries Joint CFO Srikanth Venkatachari to brief media post results in Mumbai. LIVECHAT- QUIZ EAST The first of our Friday quizzes focuses on Asia and the week''s top news. Tests your wits and googling speed at 11:00 am IST. To join the conversation, click on the link: here INDIA TOP NEWS Retail inflation remains steady in September, hopes for rate cut bleak India''s annual consumer price inflation remained steady in September from the previous month, but hopes of a rate cut by the Reserve Bank of India remain bleak as it expects higher inflation in coming months. Bharti Airtel to acquire Tata''s money-losing mobile unit for nothing Bharti Airtel Ltd is acquiring the Tata conglomerate''s consumer mobile business virtually free of charge in a deal that gives India''s top wireless player a major subscriber base boost, while stemming the bleed for Tata from a money-losing venture. TCS positive on retail business turnaround, cautious on financial services India''s top IT services firm Tata Consultancy Services Ltd said it expected an uptick in the retail business segment in the coming quarters but remained cautious about the banking and financial services segments that form the bulk of its revenues. IndusInd Bank Q2 profit rises 25 percent IndusInd Bank Ltd posted a 25 percent rise in its second-quarter net profit, helped by higher interest income. Reliance Nippon Life AMC IPO seeks to raise up to $237 million Reliance Nippon Life Asset Management Ltd''s initial public offering, the first by an Indian mutual fund manager, seeks to raise up to 15.42 billion rupees with the company on Thursday setting a price range of 247-252 rupees per share. Motilal Oswal, MMTC-PAMP launch digital gold service A subsidiary of Indian brokerage Motilal Oswal Financial Services Ltd and MMTC-PAMP India, the biggest refiner in the country, launched a service on Thursday allowing customers to buy gold on the brokerage''s digital platform. Allianz, Shapoorji Pallonji partner to set up $500 million India fund German insurer Allianz SE said it had partnered with Indian conglomerate Shapoorji Pallonji Group to set up a $500 million real-estate fund aimed at the office market in India. GLOBAL TOP NEWS Samsung Electronics CEO Kwon Oh-hyun to step down from management Samsung Electronics Co Ltd said its CEO and Vice Chairman Kwon Oh-hyun had decided to step down from management, as it forecast record third-quarter profits on the back of soaring memory chip prices. Kuroda says BOJ to keep easy policy, tread different path from Fed, ECB Bank of Japan Governor Haruhiko Kuroda on Thursday stressed the central bank''s resolve to maintain its ultra-loose monetary policy, even as its U.S. and European counterparts begin to dial back their massive, crisis-mode monetary stimulus. Frustrated by Congress, Trump signs order to weaken Obamacare President Donald Trump on Thursday signed an order to make it easier for Americans to buy bare-bones health insurance plans, using his presidential powers to undermine Obamacare after fellow Republicans in Congress failed to repeal the 2010 law. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were at 10,110.00, trading down 0.15 percent from its previous close. Indian government bonds are likely to rise today, as lower-than-expected retail inflation in September bolsters bets that there would be further monetary easing in coming months. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.70 percent-6.75 percent band. The Indian rupee will likely edge higher against the dollar in early trade, in line with Asian peers, while greenback steadied ahead of the key U.S. inflation data for further clues on the next interest rate hike in the worlds biggest economy. GLOBAL MARKETS U.S. stocks retreated from recent record highs on Thursday as AT&T shares sank after it said it lost subscribers in the last quarter and banks slipped following results from JPMorgan and Citigroup. Asian stocks held firm near a 10-year high thanks to expectations of brisk global growth, although investors held off chasing the shares higher ahead of U.S. and Chinese economic data as well as the Chinese Communist Party congress next week. The dollar steadied, on track for weekly losses as investors awaited U.S. inflation data to gauge the likelihood that the Federal Reserve will stick to its plan to raise interest rates again this year. U.S. Treasury prices gained on Thursday after the Treasury Department''s $12 billion bond sale drew strong demand, and as investors repositioned ahead of inflation data due today. Oil prices edged up as both U.S. crude production and inventories declined, pointing towards a tightening market. Gold prices were little changed amid a steady dollar, halting a five-day rally as investors wait for key U.S. inflation data for clues on the outlook for potential hikes in U.S. interest rates. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 65.07/65.10 October 12 -$102.69 mln $69.61 mln 10-yr bond yield 6.97 pct Month-to-date -$391.45 mln $1.67 bln Year-to-date $4.96 bln $24.95 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 65.05 Indian rupees) (Compiled by Shradha Singh in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/india-morningcall/morning-news-call-india-october-13-idUSL4N1MO1BF'|'2017-10-13T06:20:00.000+03:00'|7668.0|''|-1.0|'' 7669|'179c5a5e999b27a24541f94861be15f846ae612c'|'Oil prices edge lower after strong third-quarter'|'October 2, 2017 / 1:34 AM / Updated an hour ago Oil prices edge lower after strong third-quarter Reuters Staff 2 An oil pump jack pumps oil in a field near Calgary, Alberta, Canada July 21, 2014. REUTERS/Todd Korol/File Photo TOKYO (Reuters) - Oil prices edged lower on Monday in early Asian trading, pausing for breath after posting gains of as much as 20 percent in the third quarter, after a survey pointed to a slight increase in OPEC production in September. U.S. crude CLc1 was down 2 cents at $51.65 a barrel at 0057 GMT. The U.S. benchmark on Friday posted its strongest quarterly gain since the second quarter of 2016 and the longest streak of weekly gains since January. Global benchmark, Brent crude for December delivery, LCOc1 was down 6 cents at $56.73 a barrel. On Friday, Brent for November delivery closed 13 cents higher at $57.54 a barrel, notching up a third-quarter gain of around 20 percent, the biggest gain in five quarters. It was the biggest third-quarter increase since 2004. The contract reached its highest in more than two years early last week, and posted weekly gain. It was Brents longest weekly bull run since June 2016. The price gains have been supported by anticipated demand from U.S. refiners resuming operations after shutdowns due to Hurricane Harvey. But oil output from the Organisation of Petroleum Exporting Countries (OPEC) rose last month by 50,000 barrels per day (bpd), a Reuters survey found, as Iraqi exports increased and production edged higher in Libya, one of the producers exempt from a deal to curb output and support prices. Middle Eastern oil producers are concerned the recent price rise will only stir U.S. shale producers into more drilling and push prices lower again. U.S. energy companies added oil rigs for the first week in seven after a 14-month drilling recovery stalled in August, energy services firm Baker Hughes said on Friday. Drillers added six oil rigs in the week to Sept. 29, bringing the total count up to 750. Reporting by Aaron Sheldrick; Editing by Richard Pullin'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-oil/oil-prices-edge-lower-after-strong-third-quarter-idUKKCN1C7029'|'2017-10-02T04:35:00.000+03:00'|7669.0|''|-1.0|'' -7670|'fdcef5d1bbb2402b374bbac43aaf6d6c8152e9ce'|'HSBC hit by second online banking outage in four days'|'October 30, 2017 / 12:12 PM / Updated 10 hours ago HSBC hit by second online banking outage in four days Reuters Staff 1 Min Read LONDON (Reuters) - HSBC suffered its second online banking outage in four days in Britain on Monday, as customers complained on social media that they could not log in. FILE PHOTO: The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo HSBC said it had resolved the problem, which lasted around 30 minutes and was due to a temporary technical issue. HSBC customers had also said on Friday they were unable to access online accounts, when many were expecting pay cheques. The bank said that disruption was caused by a scheduled upgrade which failed to complete properly. Disruption to online and mobile services has become more of a problem for banks in recent years, as lenders cut branch networks and steer customers towards those digital platforms. Reporting by Lawrence White; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hsbc-internet/hsbc-hit-by-second-online-banking-outage-in-four-days-idUKKBN1CZ1E2'|'2017-10-30T14:14:00.000+02:00'|7670.0|''|-1.0|'' +7670|'fdcef5d1bbb2402b374bbac43aaf6d6c8152e9ce'|'HSBC hit by second online banking outage in four days'|'October 30, 2017 / 12:12 PM / Updated 10 hours ago HSBC hit by second online banking outage in four days Reuters Staff 1 Min Read LONDON (Reuters) - HSBC suffered its second online banking outage in four days in Britain on Monday, as customers complained on social media that they could not log in. FILE PHOTO: The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo HSBC said it had resolved the problem, which lasted around 30 minutes and was due to a temporary technical issue. HSBC customers had also said on Friday they were unable to access online accounts, when many were expecting pay cheques. The bank said that disruption was caused by a scheduled upgrade which failed to complete properly. Disruption to online and mobile services has become more of a problem for banks in recent years, as lenders cut branch networks and steer customers towards those digital platforms. Reporting by Lawrence White; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hsbc-internet/hsbc-hit-by-second-online-banking-outage-in-four-days-idUKKBN1CZ1E2'|'2017-10-30T14:14:00.000+02:00'|7670.0|27.0|0.0|'' 7671|'eec493ce190b01fcf6f3067a38859606f022fb6e'|'Kazakh Karachaganak field produces 9.3 mln T of oil in Jan-Sept'|' 25 AM / in 12 minutes Kazakh Karachaganak field produces 9.3 mln T of oil in Jan-Sept Reuters Staff 1 Min Read ALMATY, Oct 4 (Reuters) - Kazakhstans Karachaganak field produced 9.3 million tonnes of oil in January-September and will produce 12.0 million tonnes in total this year, Deputy Energy Minister Makhambet Dosmukhambetov said on Wednesday. Eni and Shell each own 29.25 percent of the Karachaganak project in northwest Kazakhstan, which they jointly operate. Kazakhstans KazMunayGaz owns 10 percent, Chevron Corp has 18 percent and Lukoil owns 13.5 percent. (Reporting by Mariya Gordeyeva; Writing by Olzhas Auyezov; Editing by Gabrielle Tetrault-Farber)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/kazakhstan-karachaganak/kazakh-karachaganak-field-produces-9-3-mln-t-of-oil-in-jan-sept-idUSL8N1MF0QB'|'2017-10-04T09:21:00.000+03:00'|7671.0|''|-1.0|'' 7672|'c75f20dba583571ba5b8053118b281a99e06e2c3'|'Altus Strategies explorer joins the Mali gold rush'|'October 11, 2017 / 2:17 PM / Updated 18 minutes ago Altus Strategies explorer joins the Mali gold rush Barbara Lewis 3 Min Read LONDON (Reuters) - British explorer Altus Strategies ( ALS.L ) on Wednesday signed an outline 3.4 million pound deal to buy Legend Gold Corp ( LGN.V ) and said it was aiming to make the most of a subdued market to grow the newly-listed company further. The smallcap mining sector is taking longer to recover from the commodity price crash of 2015-16 than the majors. But the juniors have been increasingly active in Mali, regarded as a relatively stable jurisdiction, where Legend has a portfolio of gold projects and licences covering nearly 400 square kilometres. Altus Strategies, which has signed a letter of intent to buy Toronto-listed Legend Gold, valuing it at 3.4 million pounds, said it was offering a 130 percent premium to Legends market close on Tuesday, but given low levels of liquidity for small miners that could still be cheap. Hopefully our timing is good. Some companies can go up 25 percent in a day in a highly illiquid market where price is not necessarily the same as value, Steven Poulton, CEO of Altus Strategies, said in an interview. The letter of intent should be followed by a firm all-equity deal by the end of the month. Nervousness about Africa risk revived by an upsurge in resource nationalism, especially in Tanzania, has rattled the sector, but Malis gold is viewed as a relatively safe haven. On Monday, another small miner Cora Gold ( CORAC.L ) listed on Londons AIM to raise cash to fund its mining project in Mali. Altus Strategies listed in August to raise funds for its vocation as an African-focused project generator, which aspires to sell on its assets once they are established or find venture partners to develop them. It has projects in Cameroon, Ethiopia, Ivory Coast, Morocco and Liberia, covering a range of commodities, in addition to its anticipated purchases in Mali. Poulton said until now Altus had been underweight gold and was still in acquisition mode. Were restless in the sense we want to create value. Once this transaction is done, we will have grown the business, but we are constantly on the look out for accretive opportunities, he said. Michael Winn, CEO of Legend who will join the Altus board as a non-executive director, said in a statement the deal would be positive and transformative for Legend shareholders. Editing by David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-altus-legend-mining/altus-strategies-explorer-joins-the-mali-gold-rush-idUKKBN1CG1WW'|'2017-10-11T17:17:00.000+03:00'|7672.0|''|-1.0|'' 7673|'f14ad8c50351584aa25a4552867f8408222c805b'|'Danone board to meet Wednesday over management issues: source'|'FILE PHOTO: Yoghurt by French foods group Danone are seen in this photo illustration shot in Strasbourg, April 15, 2015. REUTERS/Vincent Kessler/File Photo PARIS (Reuters) - Danones ( DANO.PA ) board will meet on Wednesday afternoon to discuss senior management issues, said a source close to the matter who declined to give further details, amid media reports that its chairman will stand down. French newspaper Le Monde reported on Tuesday that chairman Franck Riboud, 61, would stand down and hand over to chief executive Emmanuel Faber, 53, who will become both chairman and CEO. Danone declined to comment on the report. Danone, the worlds largest yoghurt maker, is the latest consumer goods company to come under investor pressure to improve results and needs to deliver on profit margins and sales growth targets it recently set. Riboud, who took over from his late father Antoine in 1996, handed the CEO role to Faber in 2014 to prepare his succession at a time when Danone was facing weak sales and criticism from U.S. activist investor Nelson Pelz. Riboud stayed on as chairman and took on some further responsibilities such as focusing on the groups long-term strategy, but those roles were expected to end sometime this year. Le Monde said Riboud would hand full responsibility for Danone to Faber, who is increasingly focusing Danone on health-oriented products. On Tuesday, Danone beat third-quarter sales forecasts, driven by a strong rise in baby milk formula in China. Reporting by Dominique Vidalon; editing by Sudip Kar-Gupta and Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-danone-management/danone-board-to-meet-wednesday-over-management-issues-source-idUSKBN1CN16F'|'2017-10-18T12:43:00.000+03:00'|7673.0|''|-1.0|'' @@ -7693,7 +7693,7 @@ 7691|'bcbec90f0c0e19c8658a3ea414f97bf01f64d3ba'|'JGBs little changed as bullish stocks weigh but strong auction supports'|'TOKYO, Oct 13 (Reuters) - Japanese government bond prices were little changed on Friday, as investor interest was largely centered on Japanese equities, but strong liquidity-enhancing auction results lent support.The benchmark 10-year JGB yield and the 30-year yields were flat at 0.060 percent and 0.865 percent, respectively. The five-year yield edged up half a basis point to minus 0.085 percent.JGBs were weighed down as Tokyos Nikkei joined a rally in global stocks, and touched its highest in 21 years.The bond market was supported, however, as Fridays auction conducted regularly by the finance ministry to enhance market liquidity attracted strong demand.The bid-to-cover ratio, a gauge of demand, at the 550 billion yen ($4.90 billion) auction rose to 3.64 from 2.82 at the previous sale.$1 = 112.1400 yen Reporting by the Tokyo markets team; Editing by Sherry Jacob-Phillips'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-bonds/jgbs-little-changed-as-bullish-stocks-weigh-but-strong-auction-supports-idINL4N1MO29V'|'2017-10-13T02:59:00.000+03:00'|7691.0|''|-1.0|'' 7692|'db2aeb256d1a7b2bb6f3f7f525c02aed836062b1'|'KPMG South Africa CEO ''greatly disappointed'' by Gupta work'|'October 5, 2017 / 8:25 AM / Updated an hour ago Scandal-hit KPMG South Africa vows reforms, loses another client Wendell Roelf , Tiisetso Motsoeneng 4 Min Read CAPE TOWN (Reuters) - South African waste management company Interwaste ( IWEJ.J ) fired KPMG as its auditor on Thursday, dealing another blow to the accounting firm ensnared in a scandal involving business friends of President Jacob Zuma. Interwaste joins at least seven other clients including fund manager Sygnia ( SYGJ.J ) and broker Sasfin ( SFNJ.J ) to break ties with KPMG. It comes after KPMGs own investigation found flaws in work it did for the national tax agency and the Gupta family, accused of using links with Zuma to win government contracts. The change in audit firm, which is effective immediately, was initiated by the company following the concerns recently raised regarding KPMG, Interwaste said in a statement. Interwaste, a Johannesburg-based company involved in the disposal and recycling of waste from mines and residential homes, has appointed Deloitte as its new auditor. The decision came hours after KPMG South Africas chief executive told lawmakers the company would make sweeping changes to ensure the firm did not repeat greatly disappointing work it did for the three Gupta brothers. Nhlamu Dlomu, who took up the top job in South Africa after most of the local board was sacked last month, said an announcement would be made in the coming days about an independent inquiry into its work at firms owned by the Guptas - Indian-born businessmen with close ties to Zuma. I have personally been greatly disappointed by how far we have fallen short of the standards we set ourselves, Dlomu told parliaments committee of public accounts. FILE PHOTO: The offices of auditors KPMG are seen in Cape Town, South Africa, September 19, 2017. REUTERS/Mike Hutchings/File photo I am determined that these mistakes do not happen again, which is why we have already made a number of changes. I am leading other reforms, she added. HELD TO ACCOUNT Dlomu said any person found by the investigation to have failed to do their job would be held accountable. She said the changes would also strengthen governance and ensure decision-making was more centralized. KPMG is at risk of losing some its major financial clients with Barclays Africa ( BGAJ.J ), Old Mutual( OML.L ), Investec( INLJ.J ), Standard Bank ( SBKJ.J ) and Nedbank ( NEDJ.J ) considering whether to drop it. KPMG, whose local unit traces its roots to Johannesburgs gold rush days in the late 19th century, is under investigation by South Africas Independent Regulatory Board for Auditors. Dlomu said it was cooperating with the probe and has handed over requested documents. Other clients to drop KPMG over the scandal are the African unit of German reinsurer Munich Re, energy investment firm Hulisani( HULJ.J ), the University of Witwatersrand, parliament and lobby group the Institute of Directors. Several other global firms have faced problems due to their work for the Guptas including business consultancy McKinsey and public relations agency Bell Pottinger. The Guptas and Zuma deny wrongdoing and say they are victims of a politically motivated witch-hunt. The Guptas and their companies have not been charged with any crime. Editing by Anna Willard and Keith Weir '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-kpmg-safrica/kpmg-south-africa-ceo-greatly-disappointed-by-gupta-work-idUSKBN1CA0PA'|'2017-10-05T11:25:00.000+03:00'|7692.0|''|-1.0|'' 7693|'7b50edbf21821a72d85f78a5d601909f30af4d37'|'Cash-poor Alaska eyes foreign capital to jump-start energy projects'|'HOUSTON (Reuters) - Alaska is pursuing foreign investors for its oil and gas industry, hoping to advance recent discoveries while struggling to compete with lower-cost shale projects and reverse a decades-long output decline.FILE PHOTO: The sun sets behind an oil drilling rig in Prudhoe Bay, Alaska on March 17, 2011. REUTERS/Lucas Jackson/File Photo Sovereign wealth funds, banks and state-owned energy companies have met with Alaskan officials, John Hendrix, chief energy adviser to Alaska Governor Bill Walker said in an interview. China Investment Corp (CIC) and state-owned Chinese energy company Sinopec held talks with state officials last month, he said.Alaskan crude production has fallen by three-quarters since 1988, a decline that has contributed to budget deficits and jeopardized the operation of the Trans-Alaska Oil Pipeline, which runs from the North Slope to the southern port of Valdez. This year, a state budget shortfall led the state to withhold hundreds of millions of dollars owed to small oil explorers.The nascent investment push is mostly focused on Asian firms, which Alaskan officials believe could take roles in a proposed natural gas pipeline and in individual energy projects, said Hendrix, a former energy executive.Its a wide, full-court press, he said.But oil companies operating in Alaska say the state should fully fund its explorer-incentive payments that along with crude prices around $50 have put at risk projects on the North Slope and in the National Petroleum Reserve. Chinese capital for energy development also faces federal reviews that could block the states effort.Its a challenging sell, Hendrix said, adding that the proximity to Asian markets will boost the projects appeal to energy importers. When you talk about (exporting) to the Far East, were closer than California.CIC and Sinopec expressed interest in an 800-mile proposed natural gas pipeline that would run from Prudhoe Bay to a southern port, as well as oil and gas production projects, he said.FILE PHOTO: A mooring station for oil tankers can be seen at the Trans-Alaska Pipeline Marine Terminal in Valdez, Alaska on August 8, 2008. REUTERS/Lucas Jackson/File Photo Sinopec is talking with Alaska about a potential investment in the gas pipeline, said a source in China with knowledge of the discussions. Sinopec and CIC declined to comment.Caelus, which disclosed a 6 billion-barrel North Slope oil discovery a year ago, delayed its drilling plans this summer, in part over the lack of incentive payments.Its hard to plan when you dont know the rules, Caelus spokesman Casey Sullivan said.FILE PHOTO: A field of 14 storage tanks that each hold 510,000bbls of oil can be seen at the Trans-Alaska Pipeline Marine Terminal in Valdez, Alaska on August 8, 2008. REUTERS/Lucas Jackson/File Photo The state previously paid small companies for some costs of exploring and developing oil and gas projects, which are higher than in many other regions. This year, the state gave those companies only a portion, leaving hundreds of millions of dollars unpaid.Alaskas fiscal uncertainty helps create more risk than in other U.S. regions and could discourage sovereign wealth funds from investing, said Wood Mackenzie analyst Alison Wolters.The reason small companies are struggling to attract outside capital is the decline in state incentive payments, said Kara Moriarty, CEO of trade group Alaska Oil and Gas Association.Foreign investment can be reviewed by the Committee on Foreign Investment in the United States to ensure that it does not pose national security risks.CFIUS reviews have halted energy deals involving foreign investment and the Trump administration appears skeptical of Chinese investment, said two CFIUS experts who spoke on condition of anonymity to protect business relationships.I think its going to be very difficult for Chinese to make significant investments in energy in the United States, one expert said.Reporting by Rod Nickel in Houston; additional reporting by Diane Bartz in Washington D.C., Julie Zhu, Aizhu Chen and Matthew Miller in Beijing; Editing by Gary McWilliams and Dan Grebler '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-oil-alaska-investment/cash-poor-alaska-eyes-foreign-capital-to-jump-start-energy-projects-idUSKBN1CP1ZN'|'2017-10-20T22:55:00.000+03:00'|7693.0|''|-1.0|'' -7694|'5d225308554219a51032cbe656071d341ab9bc5c'|'Egypt''s Cheiron wins tie-up with Pemex for Mexican onshore oil field'|'MEXICO CITY (Reuters) - Egypts Cheiron Holdings Limited won the rights to partner with Mexican national oil company Pemex on its onshore Cardenas-Mora project, the industry regulator said on Wednesday.The tie-up marks only the second joint venture between the Pemex and a equity partner since an energy opening finalized in 2014 ended the companys decades-long monopoly and allowed it to develop projects with private and foreign oil companies.Cardenas-Mora is a 65-square-mile (168 sq km) field located in Tabasco state believed to contain 93 million barrels of oil equivalent (boe) in proven, probable and possible reserves.Reporting by David Alire Garcia '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-mexico-oil-cardenas/egypts-cheiron-wins-tie-up-with-pemex-for-mexican-onshore-oil-field-idINKBN1C92EU'|'2017-10-04T14:43:00.000+03:00'|7694.0|''|-1.0|'' +7694|'5d225308554219a51032cbe656071d341ab9bc5c'|'Egypt''s Cheiron wins tie-up with Pemex for Mexican onshore oil field'|'MEXICO CITY (Reuters) - Egypts Cheiron Holdings Limited won the rights to partner with Mexican national oil company Pemex on its onshore Cardenas-Mora project, the industry regulator said on Wednesday.The tie-up marks only the second joint venture between the Pemex and a equity partner since an energy opening finalized in 2014 ended the companys decades-long monopoly and allowed it to develop projects with private and foreign oil companies.Cardenas-Mora is a 65-square-mile (168 sq km) field located in Tabasco state believed to contain 93 million barrels of oil equivalent (boe) in proven, probable and possible reserves.Reporting by David Alire Garcia '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-mexico-oil-cardenas/egypts-cheiron-wins-tie-up-with-pemex-for-mexican-onshore-oil-field-idINKBN1C92EU'|'2017-10-04T14:43:00.000+03:00'|7694.0|20.0|4.0|'' 7695|'669041c347ad3a7167f7a6d9dfdd9545301589f0'|'MIDEAST STOCKS-Saudi rebounds on insurers, QNB rises after earnings'|'* Most insurers rise after plunge on Wednesday* Qatar National Bank profit at high end of estimates* Dubais Marka slides after announcing recovery plan* National Bank of Ras al Khaimah surges after securing loan* Egypts Arab Cotton Ginning buoyed by dividendBy Andrew TorchiaDUBAI, Oct 12 (Reuters) - Saudi Arabias stock market rebounded on Thursday as insurance stocks regained some strength, while Qatars biggest bank edged up after it reported solid earnings.The main Saudi index, which had sunk 2.2 percent on Wednesday, rose 1.4 percent to 6,988 points after testing demand at lower levels. However, it remained below the 200-day average, now at 7,041 points, which it fell through this week - a negative technical signal.Twenty-three of the 33 listed insurers rose. All but one had dropped on Wednesday because of fears of an industry shakeout caused by a regulatory crackdown.Al Rajhi Bank, the most heavily traded stock, gained 0.8 percent. Bank Aljazira, which had plunged for two days after reviving a plan for a big rights issue, rebounded 1.1 percent.Qatars index edged up 0.1 percent as Qatar National Bank gained 0.6 percent. It posted a net profit of 3.60 billion riyals ($989 million) for the three months to Sept. 30, up 5.6 percent from a year ago. EFG Hermes had forecast 3.46 billion riyals and SICO Bahrain, 3.51 billion.The earnings partly eased concern about the impact on banks of sanctions imposed on Qatar by other Arab states since June, although smaller banks may not have coped so well with the withdrawal of deposits held by Gulf banks.Non-Gulf foreign investors were net buyers of Qatari shares by a substantial margin on Thursday, as they have been for several days, bourse data showed. Some stocks have been beaten down so far by worries about the sanctions that dividend yields look attractive.The Dubai index gained 0.6 percent, although loss-making retail and restaurant investment firm Marka fell 2.9 percent after saying shareholders had approved a plan to continue operations. The company will exit underperforming fashion and sports segments and restructure debt.Abu Dhabi rose 0.2 percent as National Bank of Ras al Khaimah surged 4.7 percent after obtaining a $350 million syndicated loan, increased from $250 million, for general funding purposes.Egypts index climbed 0.6 percent as Arab Cotton Ginning surged 3.3 percent after announcing a dividend of 0.2 Egyptian pounds per share for holders on Oct. 22.HIGHLIGHTS SAUDI ARABIA * The index rose 1.4 percent to 6,988 points.DUBAI * The index rose 0.6 percent to 3,660 points.ABU DHABI * The index gained 0.2 percent to 4,526 points.QATAR * The index edged up 0.1 percent to 8,342 points.EGYPT * The index climbed 0.6 percent to 13,894 points.KUWAIT * The index edged up 0.04 percent to 6,629 points.BAHRAIN * The index was flat at 1,275 points.OMAN * The index edged up 0.1 percent to 5,128 points. (Reporting by Andrew Torchia, editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/mideast-stocks/mideast-stocks-saudi-rebounds-on-insurers-qnb-rises-after-earnings-idUSL8N1MN24N'|'2017-10-12T17:07:00.000+03:00'|7695.0|''|-1.0|'' 7696|'78ef7fa43049c595ab1a2ac4826ce47175a28a87'|'When the revolution eats itself'|'WHEN a revolution happens, the consequences are not obvious straight away. The British referendum on EU membership in June 2016 was seen as a revolt of ordinary people against a globalised elite. The politicians who led the Leave campaign did not seem to expect to win. As wags remarked, they were like the dog that caught the car.This helps to explain the general chaos that has enveloped British policy since the result. The Leave campaign had contained two contradictions. The first was that Britain could have all the advantages of EU membership without the bother of actually belonging; the country could have its cake and eat it as Boris Johnson, Leave campaigner and now foreign secretary put it. The second was the split between the free market, Liberal brexiteers, who envisaged Britain as open to the world, and the nativist camp led by Nigel Farage . 2 Theresa May, who took office as prime minister in the wake of the referendum, has struggled to reconcile these camps. It took Britain a long time to trigger the Article 50 process for leaving the EU and the talks have since got bogged down (as Leavers insisted they wouldn''t be) on issues such as the size of the financial commitments Britain should continue to meet. Impatience is rising and the leadership is turning on itself. One camp wants Mrs May to sack Mr Johnson, who has been writing articles clearly dissenting from the government line; another camp wants to see the back of Philip Hammond, the chancellor, who is taking a cautious view of post-Brexit economic prospects. It seems likely that Mr Hammond is paying attention to the concerns of those in business and finance who expected Britain to take a pragmatic approach. Instead the ideologues are outflanking the pragmatists.But it is not clear whether the government can afford, politically, to do what business leaders want: settle the bill with the EU and stay in the single market and customs union. Brexiteers will see this as a betrayal. And the Conservatives will get no help from the Labour Party, which has a clear political interest in seeing the negotiations fail. The party can simply demand that the government deliver on the Leave campaign promises, knowing that this will be impossible.We are at the stage of the battle between the Girondins and the Jacobins in the French revolution. The Girondins may have helped to bring down Louis XVI but they found themselves outflanked by the Jacobins who in turn were consumed by the violence they unleashed. There is now lots of talk of no deal, creating the risk of a chaotic breakdown in trade, with backlogs of lorries from Dover to the M25. This is crazy stuff. While the Conservatives are battling with each other, the only cause they are serving is that of Jeremy Corbyns Labour Party.Let me sketch out a plausible outcome. In a last minute-deal in early 2019, Mrs May gives in on the main issues to the EUon money, the European Court of Justice and migration. This is seen as a betrayal by her backbenchers, who force her out. A new prime minister takes over. That person calls an electionpossibly on the grounds of repudiating the deal or merely to give themselves a mandate. With the Conservatives in a mess, Labour sweeps to power with a manifesto promising higher taxes on individuals and companies, nationalisation and changes to the labour market to enhance workers rights.This is where the economic and political risk comes in. In the aftermath of the referendum, the pound plunged but London stockmarket did fairly well (in local currency terms) because of the overseas earnings of many listed companies. Since then, it has been pretty clear that the markets have been happiest when a deal with the EU looks more plausible. But a post-Brexit, Corbyn-led Britain would prompt international investors to fundamentally reassess their view of the economy. For 30 years or more, Britain has been seen as a welcome home for international capital, an English-speaking, business-friendly place for companies to base themselves inside the EU. Those advantages would have gone. There would not be an overnight exodus, but the supply of new investment would stop and existing businesses would reconsider their position. The economy would take a hit and that would in turn limit the ability of the Bank of England to support the pound with higher rates; so both sterling and the stockmarket might suffer. Investors are aware of some of thisa net 31% of those polled by Bank of America are underweight British equitiesbut the nearer we get to March 2019 without a deal the more nervous they will become.Next Economic optimism drives stockmarket highs'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/blogs/buttonwood/2017/10/british-political-risk?fsrc=rss'|'2017-10-18T19:55:00.000+03:00'|7696.0|''|-1.0|'' 7697|'17114c7b6c1108e3a7693a1aa6b6b0aafc89864d'|'RBS keeps compensation pot for restructuring claims at 400 million pounds'|' 18 PM / in 43 minutes FCA weighs further action over RBS small business treatment Huw Jones , Emma Rumney 4 Min Read LONDON (Reuters) - Britains financial watchdog is considering further action against Royal Bank of Scotland (RBS) ( RBS.L ) for its treatment of struggling companies during and after the financial crisis. The logo of RBS (Royal Bank of Scotland) bank is seen reflected in the windows of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville The Financial Conduct Authority FCA on Monday published a detailed summary of a report into RBSs Global Restructuring Group (GRG), after clashing with lawmakers over the disclosure of its full contents. Customers have accused the GRG of pushing ailing firms into bankruptcy to pick up their assets on the cheap. The report outlined numerous failings and the FCA said it was investigating further, suggesting a problem that has spawned years of lawsuits and public criticism of RBS from former customers could drag on even longer. Far from drawing a line under this affair, todays report is just the start of the long journey to justice for GRGs victims, said a spokesman for the GRG Action Group, which represents more than 500 former RBS business customers. Some of the banks conduct amounted to a systematic failure to manage its customers and its own conflicting interests, the report said, in one of the strongest official condemnations yet of RBSs behaviour. The report however stopped short of saying RBS had systematically and deliberately pushed companies into bankruptcy, as alleged in a previous report in 2013 and repeated by some former RBS customers in the years since. The bank focused too heavily on pricing increases and debt reduction to the detriment of customers long-term viability, and did not adopt adequate safeguards or procedures to ensure customers were fairly treated, the report continued. Just 10 percent of the companies placed into the GRG, which handled 12,000 troubled firms between 2007 and 2012, emerged intact and returned to the main RBS bank, the BBC reported in August, citing a leaked copy of the full report. RBS has accepted that it did not meet the standards it set for itself which impacted on how it treated some of its SME customers, FCA Chief Executive Andrew Bailey said on Monday. We are investigating the matters arising from the ... Report and are focusing on whether there is any basis for further action within our powers. We cannot comment any further on this, Bailey said. SERIOUS ALLEGATIONS RBS welcomed the FCAs confirmation that the most serious allegations against it had not been upheld, and that the measures it had taken to compensate customers were appropriate. There would be nothing better than for us to see the end of this on behalf of our customers and behalf of the bank, Chief Executive Ross McEwan told reporters by telephone. A barrister hired by parliaments Treasury Select Committee, which has pressured the FCA to publish the report, still needs to check the detailed summary is faithful to its full contents. The FCA said a final version of the detailed summary would be published once the barrister has reported back. The watchdog has rejected calls from MPs to publish the full report. The detailed summary reiterated that the full report has identified other concerns about the treatment of small firms. Treasury Committee Chairwoman Nicky Morgan said on Monday it had taken the watchdog too long to publish the summary. When its independent adviser reports back later this week, the Committee will consider whether further steps are required, Morgan said. Bailey is due to be questioned on the report by the Treasury Committee on Oct. 31. Scottish police are also investigating complaints made against RBS in relation to the GRG, British newspapers reported last weekend. McEwan said the bank would cooperate with investigations by both police and the FCA, but added there was nothing in the report that warranted a police probe. Reporting by Huw Jones and Emma Rumney; Editing by Jane Merriman and David Holmes'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-rbs-companies-regulator/rbs-keeps-compensation-pot-for-restructuring-claims-at-400-million-pounds-idUKKBN1CS1VX'|'2017-10-23T17:17:00.000+03:00'|7697.0|''|-1.0|'' @@ -7701,11 +7701,11 @@ 7699|'987e915840c6660673478483ddf6b7d609cf7682'|'Forecast-beating sales lift LVMH shares towards record high'|'October 10, 2017 / 7:11 AM / Updated 39 minutes ago Forecast-beating sales lift LVMH shares towards record high Reuters Staff 2 Min Read FILE PHOTO: A woman buys a Louis Vuitton bag in a shop in Singapore May 19, 2017. REUTERS/Thomas White/File Photo PARIS (Reuters) - Shares in LVMH ( LVMH.PA ) climbed towards record highs on Tuesday, after the worlds biggest luxury goods company reported stronger-than-forecast revenue growth for the third quarter. The shares were up 1.8 percent at 236.45 euros in early trading, near a record high of 239.65 euros reached in May. The stock was also the top performer on France''s benchmark CAC-40 .FCHI index, with the CAC slipping 0.1 percent, and its gains pushed up shares in other luxury goods companies, with Kering ( PRTP.PA ) advancing by 1.6 percent. While this likely will be read positively across the sector, we think this performance sets LVMH ever more firmly as one of the best performers of the industry, wrote JP Morgan analysts, keeping an overweight rating on LVMH shares. Deutsche Bank, Citigroup and Goldman Sachs also kept buy ratings on the shares. LVMH, home to labels such as Louis Vuitton, Christian Dior and Moet & Chandon champagne, reported on Monday that third-quarter like-for-like revenues, which strip out currency swings and acquisitions or disposals, grew 12 percent from a year earlier to 30.1 billion euros ($35.4 billion). That beat the 9 percent organic growth forecast in an analyst poll compiled for Reuters by Inquiry Financial and was in line with the previous quarter, in spite of a weaker showing by LVMHs spirits unit and a tricky foreign exchange climate. Given LVMHs size and diversity, the continued strong growth in 3Q despite tougher comparisons signals a positive demand environment amongst luxury consumers that is encouraging for the broader luxury sector, Goldman Sachs analysts wrote in a note. LVMH shares are up around 30 percent so far in 2017, beating an 11 percent gain on the STOXX Europe 600 Personal & Household Goods index .SXQP, which contains other luxury goods stocks. Reporting by Sudip Kar-Gupta; Editing by Dominique Vidalon and Mark Potter'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-lvmh-results/lvmh-shares-climb-to-near-record-highs-after-third-quarter-sales-rise-idUKKBN1CF0MP'|'2017-10-10T10:38:00.000+03:00'|7699.0|''|-1.0|'' 7700|'522f4e1e0bbe34f4345350a7b7b5cc1c3e6d351c'|'Barrick Gold''s Tanzania deal may set expensive precedent - shareholders'|'VANCOUVER, Oct 25 (Reuters) - Some mining investors are criticizing Barrick Gold for agreeing to Tanzanian demands in its proposed settlement of a dispute between its Acacia Mining unit and the Tanzanian government, saying this could embolden other host nations to press for bigger concessions from miners.Several shareholders said this week that by agreeing to hand Tanzania 50 percent of the economic benefits from Acacias three gold mines in the East African country, Barrick may have set the baseline for what nations may demand from global mining companies, possibly slowing mine development.Barrick, which owns 63.9 percent of Acacia, reached a framework deal last week with Tanzania under which Acacia would hand the state a 16 percent stake in each of its three in-country mines, part of the economic benefits, including taxes and royalties, that would go to the government. Acacia would also pay the government $300 million.The 50 percent is not a good precedent by any means for a very risky business, said Chris Mancini, an analyst at Gabelli Gold Fund, which owns shares in Barrick.Miners would generally want more than half the profits from mines to give them the incentive to build operations in geopolitically risky parts of the world, Mancini said.They are disincentivising development. Barricks really imperiling the rest of their operations. They are imperiling the industry, he said.Barrick, which is the worlds biggest gold producer and has operations on five continents, said the proposed agreement complies with Tanzanias new mining law, which requires the government to hold a stake in mining operations.That is not a concession, that is complying with the law, Barrick spokesman Andy Lloyd said.Tanzania was long seen as one of Africas brightest mining prospects but new laws have slowed fresh investment amid government efforts to claim a larger slice of the pie.It has accused Acacia of understating its gold shipments, serving it with a $190 billion bill for unpaid taxes and halting most of its exports.Barrick are showing a willingness to cave to ridiculous demands, said another Barrick shareholder who declined to be identified due to company policy.Lloyd said the alternative to an agreement, which requires Acacias approval, would be lengthy international arbitration. Barrick believed a partnership with the government would deliver better outcomes and greater stability for shareholders in the long run, he said.Barrick also owns mines in the Dominican Republic and Papua New Guinea, considered higher risk by investors. It has been teaming up with partners, as seen at its Veladero mine in Argentina and the Porgera mine in Papua New Guinea, to reduce risks.The settlement with Tanzania comes at a time of rising so-called resource nationalism, notably in countries such as Indonesia and Tanzania, in which host governments seek a bigger financial cut from mines.Some Barrick investors voiced confidence in the company.Barrick would likely walk away from a deal if it was too onerous or set an unwanted precedent, said Joe Foster, portfolio manager at Van Eck Associates, Barricks biggest shareholder. The company has shown a discipline to the bottom line that I believe they will respect, Foster said.And some investors said both mining companies and shareholders should get used to such demands from host nations.Some of the richest deposits are in some of the more difficult jurisdictions. It is something you have to be able to deal with and handicap as an investor, said Dan Denbow, senior portfolio manager at USAA Investments, another Barrick shareholder.He added that handing over 40 percent to 50 percent of economic benefits to a host government is not that unusual. (Reporting by Nicole Mordant in Vancouver; Editing by Frances Kerry) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/barrick-gold-acacia-shareholders/barrick-golds-tanzania-deal-may-set-expensive-precedent-shareholders-idINL2N1MZ1F4'|'2017-10-25T14:56:00.000+03:00'|7700.0|''|-1.0|'' 7701|'271db68af9551d2da038a0f5a5017c94e34a87a7'|'AT&T, Verizon, T-Mobile win $994 million U.S. defense contract: Pentagon'|'October 30, 2017 / 9:22 PM / in 15 minutes AT&T, Verizon, T-Mobile win $994 million U.S. defense contract: Pentagon Reuters Staff 1 Min Read WASHINGTON (Reuters) - AT&T Inc ( T.N ), Verizon Communications Inc ( VZ.N ) and T-Mobile US Inc ( TMUS.O ) are being awarded a U.S. defense contract worth $199 million for wireless services and devices, the Pentagon said on Monday. The AT&T logo is pictured during the Forbes Forum 2017 in Mexico City, Mexico, September 18, 2017. REUTERS/Edgard Garrido The contract will include a one-year base period and four one-year option periods which, if exercised, the total value of this contract will be $993.5 million, the Pentagon said. Reporting by Eric Beech; Editing by Eric Walsh'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-telecoms-pentagon/att-verizon-t-mobile-win-994-million-u-s-defense-contract-pentagon-idUSKBN1CZ2LO'|'2017-10-30T23:22:00.000+02:00'|7701.0|10.0|0.0|'' -7702|'3d63a6200c47fd1867f87336428231b8d42fc6f5'|'Gold miner Avocet revenue halves on lower output'|'October 2, 2017 / 7:26 AM / Updated 14 minutes ago Gold miner Avocet revenue halves on lower output Reuters Staff 2 Min Read (Reuters) - Gold miner Avocet Mining Plc ( AVM.L ) reported a 49 percent drop in first-half revenue as the West Africa-focused companys gold production declined. Total gold sold halved to 21,377 ounces in the six months ended June 30 from a year earlier, with an average price of $1,235 an ounce, compared with $1,213 last year, the company said. Restructuring discussion with the creditors of Avocet Minings unit that operates the Inata gold mine in Burkina Faso led to a halt in the mines production, the company said. The subsidiary is struggling to keep the mine operational after former workers seized a shipment of gold last year, and is facing possible insolvency after the expiry of a freeze on loan repayments. Avocet said it was reviewing security measures at the Inata mine, which produced 72,485 ounces of gold in 2016, after unknown attackers killed two paramilitary police officers and wounded two others in an assault on a convoy carrying fuel last week. Avocet reported a pretax loss of $5.5 million for the first half, compared with a profit of $3.9 million, a year ago. Revenue fell to $26.4 million in the period from $51.8 million. Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Amrutha Gayathri'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-avocet-mining-results/gold-miner-avocet-revenue-halves-on-lower-output-idUKKCN1C70ME'|'2017-10-02T10:24:00.000+03:00'|7702.0|''|-1.0|'' -7703|'c400440b23f7bc5cb9780fa7e3e579a85d55005d'|'Mediaset up 5 percent on report of Vivendi mulling 1 billion euros offer to settle pay-TV dispute'|'FILE PHOTO: A woman walks walk past the main entrance of the entertainment-to-telecoms conglomerate Vivendi''s headquarters in Paris, France, April 8, 2015. REUTERS/Gonzalo Fuentes/File Photo MILAN (Reuters) - Shares in Mediaset ( MS.MI ) rose more than 5 percent on Tuesday after a Bloomberg report said French media group Vivendi ( VIV.PA ) was considering making a cash and stock offer to settle its pay-TV dispute with the Italian broadcaster.Bloomberg said in a source-based report that Vivendi was considering giving Mediaset a compensation package that may be valued around 1 billion euros ($1.2 billion).The report also added that Mediasets Premium pay-TV unit could become part of a joint venture that is being set up between Vivendis own pay-TV arm Canal+ and Italian phone group Telecom Italia ( TLIT.MI ). Vivendi is the biggest shareholder in Telecom Italia with a 24 percent stake.Mediaset shares were up 3 percent by 1455 GMT, while Telecom Italia stock was down 1.3 percent.Reporting by Valentina Za, writing by Agnieszka Flak'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-mediaset-vivendi/mediaset-up-5-percent-on-report-of-vivendi-mulling-1-billion-euros-offer-to-settle-pay-tv-dispute-idUSKBN1CF235'|'2017-10-10T23:04:00.000+03:00'|7703.0|''|-1.0|'' +7702|'3d63a6200c47fd1867f87336428231b8d42fc6f5'|'Gold miner Avocet revenue halves on lower output'|'October 2, 2017 / 7:26 AM / Updated 14 minutes ago Gold miner Avocet revenue halves on lower output Reuters Staff 2 Min Read (Reuters) - Gold miner Avocet Mining Plc ( AVM.L ) reported a 49 percent drop in first-half revenue as the West Africa-focused companys gold production declined. Total gold sold halved to 21,377 ounces in the six months ended June 30 from a year earlier, with an average price of $1,235 an ounce, compared with $1,213 last year, the company said. Restructuring discussion with the creditors of Avocet Minings unit that operates the Inata gold mine in Burkina Faso led to a halt in the mines production, the company said. The subsidiary is struggling to keep the mine operational after former workers seized a shipment of gold last year, and is facing possible insolvency after the expiry of a freeze on loan repayments. Avocet said it was reviewing security measures at the Inata mine, which produced 72,485 ounces of gold in 2016, after unknown attackers killed two paramilitary police officers and wounded two others in an assault on a convoy carrying fuel last week. Avocet reported a pretax loss of $5.5 million for the first half, compared with a profit of $3.9 million, a year ago. Revenue fell to $26.4 million in the period from $51.8 million. Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Amrutha Gayathri'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-avocet-mining-results/gold-miner-avocet-revenue-halves-on-lower-output-idUKKCN1C70ME'|'2017-10-02T10:24:00.000+03:00'|7702.0|24.0|0.0|'' +7703|'c400440b23f7bc5cb9780fa7e3e579a85d55005d'|'Mediaset up 5 percent on report of Vivendi mulling 1 billion euros offer to settle pay-TV dispute'|'FILE PHOTO: A woman walks walk past the main entrance of the entertainment-to-telecoms conglomerate Vivendi''s headquarters in Paris, France, April 8, 2015. REUTERS/Gonzalo Fuentes/File Photo MILAN (Reuters) - Shares in Mediaset ( MS.MI ) rose more than 5 percent on Tuesday after a Bloomberg report said French media group Vivendi ( VIV.PA ) was considering making a cash and stock offer to settle its pay-TV dispute with the Italian broadcaster.Bloomberg said in a source-based report that Vivendi was considering giving Mediaset a compensation package that may be valued around 1 billion euros ($1.2 billion).The report also added that Mediasets Premium pay-TV unit could become part of a joint venture that is being set up between Vivendis own pay-TV arm Canal+ and Italian phone group Telecom Italia ( TLIT.MI ). Vivendi is the biggest shareholder in Telecom Italia with a 24 percent stake.Mediaset shares were up 3 percent by 1455 GMT, while Telecom Italia stock was down 1.3 percent.Reporting by Valentina Za, writing by Agnieszka Flak'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-mediaset-vivendi/mediaset-up-5-percent-on-report-of-vivendi-mulling-1-billion-euros-offer-to-settle-pay-tv-dispute-idUSKBN1CF235'|'2017-10-10T23:04:00.000+03:00'|7703.0|20.0|0.0|'' 7704|'dfa3d6e2cafb607a5df7de3257f07d5332478852'|'Nigeria Senate to vote on motion to probe Etisalat Nigeria loans'|'ABUJA, Oct 24 (Reuters) - Nigerias parliament plans to vote on a motion to investigate the use of $1.2 billion in loans taken out by telecoms firm Etisalat Nigeria, now called 9mobile, a Senate order paper seen by Reuters showed on Tuesday.The motion if passed would mandate a Senate committee on banking and national security to handle the investigation, which it says would seek to forestall the impact of the debt crisis on foreign investment and hold defaulting parties liable. (Reporting by Paul Carsten, Camillus Eboh, Chijioke Ohuocha and Alexis Akwagyiram in Lagos; editing by Jason Neely) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/nigeria-9mobile/nigeria-senate-to-vote-on-motion-to-probe-etisalat-nigeria-loans-idINL8N1MZ3P0'|'2017-10-24T08:49:00.000+03:00'|7704.0|''|-1.0|'' 7705|'4690cad9713dc9b0c326736398f96767dc82a3aa'|'Japan eyes bigger tax breaks for firms that hike wages - sources'|' 24 AM / Updated 27 minutes ago Japan eyes bigger tax breaks for firms that hike wages - sources Izumi Nakagawa 2 Min Read TOKYO (Reuters) - Japans government is considering expanding tax incentives for companies to encourage them to raise wages, three people involved in discussions told Reuters, as many firms remain hesitant to spend their cash reserves on salary increases. A worker walks near a factory at the Keihin industrial zone in Kawasaki, Japan February 17, 2016. REUTERS/Toru Hanai The current incentives are set to expire at the end of this fiscal year through March 2018. The government wants to continue them and expand them, said the sources, who declined to be identified because they are not authorised to speak to media about the matter. The government has been urging Japan Inc to hike salaries with the aim of spurring economic activity and inflation. But despite a tight job market, companies are reluctant to raise wages out of concern they will not be able to pass on the costs to customers who are accustomed to two decades of mostly falling prices. Total cash earnings rose a revised 0.7 percent in August compared with the same month last year, labour ministry data shows, but adjusted for inflation they fell 0.1 percent. Public broadcaster NHK reported earlier that the government wants annual wage negotiations next spring between companies and unions to result in a 3 percent wage increase. Reporting by Izumi Nakagawa, writing by Kaori Kaneko, Editing by Chris Gallagher'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-japan-economy-wages/japan-eyes-bigger-tax-breaks-for-firms-that-hike-wages-sources-idUKKBN1CU059'|'2017-10-25T05:24:00.000+03:00'|7705.0|''|-1.0|'' -7706|'397f86721eb4d7a898d88422a07d42bea08a5528'|'New Bank of England deputy says not ready to vote for rate hike'|'October 17, 2017 / 12:08 PM / in 5 hours New Bank of England deputy says not ready to vote for rate hike David Milliken , William Schomberg 4 Min Read FILE PHOTO: A pedestrian walks past the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay/File Photo LONDON (Reuters) - The Bank of Englands new deputy governor distanced himself from the central banks majority view that interest rates probably need to rise soon, and another newcomer said her support for that position was very contingent on the data. Sterling and government bond yields fell as investors took the comments from Deputy Governor Dave Ramsden and policymaker Silvana Tenreyro as a sign that even if the BoE raises rates in November, further increases are unlikely to happen quickly. Ramsden said he was not part of the majority of BoE policymakers who believe a rate hike is likely to be needed in the coming months because he saw little sign of inflation pressure building in Britains labour market. Despite continued robust growth in employment, there is no sign of second-round effects onto wages from higher recent inflation, he told a committee of British lawmakers in his first public comments on monetary policy. Ramsden joined the BoE last month after serving as the British finance ministrys top economic adviser. Tenreyro, an external member of the Monetary Policy Committee, said she might back a rate hike in the coming months if inflation pressure builds in the labour market, but she was keeping a close eye on how the economy performs. My view is that we are approaching a tipping point at which it would be necessary or justified to remove some of that stimulus, she said, also making her first policy comments to parliaments Treasury Committee. However that is very contingent on the data. Tenreyro, a professor at the London School of Economics, said raising rates too soon would be a costly mistake. CARNEY SEES CONTINUED GROWTH-INFLATION TRADE-OFF Britains economy has slowed this year, hurt by the rise in inflation since the 2016 Brexit vote and uncertainty about the countrys future trading ties with the European Union. Even so, the BoE said last month that most of its rate-setters expected to increase borrowing costs in the coming months, partly because Brexit would lead to higher inflation. Financial markets now see a roughly 80 percent chance that a first hike will come on Nov. 2, after the BoEs next policy meeting. The debate is now about what message the BoE will send alongside the first hike. We expect the BoE to strike a cautious tone in November, while indicating that further tightening will still probably be required next year, JP Morgan economist Allan Monks said. BoE Governor Mark Carney told the committee on Tuesday that the central bank still had to balance the need to support job creation and growth with an inflation rate that is running above target. Data on Tuesday showed British inflation hit 3 percent in September, its highest level in more than five years and above the BoEs 2 percent target. But much of the increase has been caused by the fall in the value of the pound since the Brexit vote, which is likely to be a temporary driver of price increases. Sterling lost half a cent against the U.S. dollar and British government bond yields fell to their lowest since immediately after last months surprise comment from the BoE that a rate hike could come soon. Neil Jones, Mizuhos head of currency sales for hedge funds in London, said Tuesdays BoE comments signalled a dovish and cautious stance among policymakers. Writing by William Schomberg; Editing by Stephen Addison 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/britain-boe/new-bank-of-england-deputy-says-not-ready-to-vote-for-rate-hike-idINKBN1CM1OF'|'2017-10-17T15:07:00.000+03:00'|7706.0|''|-1.0|'' +7706|'397f86721eb4d7a898d88422a07d42bea08a5528'|'New Bank of England deputy says not ready to vote for rate hike'|'October 17, 2017 / 12:08 PM / in 5 hours New Bank of England deputy says not ready to vote for rate hike David Milliken , William Schomberg 4 Min Read FILE PHOTO: A pedestrian walks past the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay/File Photo LONDON (Reuters) - The Bank of Englands new deputy governor distanced himself from the central banks majority view that interest rates probably need to rise soon, and another newcomer said her support for that position was very contingent on the data. Sterling and government bond yields fell as investors took the comments from Deputy Governor Dave Ramsden and policymaker Silvana Tenreyro as a sign that even if the BoE raises rates in November, further increases are unlikely to happen quickly. Ramsden said he was not part of the majority of BoE policymakers who believe a rate hike is likely to be needed in the coming months because he saw little sign of inflation pressure building in Britains labour market. Despite continued robust growth in employment, there is no sign of second-round effects onto wages from higher recent inflation, he told a committee of British lawmakers in his first public comments on monetary policy. Ramsden joined the BoE last month after serving as the British finance ministrys top economic adviser. Tenreyro, an external member of the Monetary Policy Committee, said she might back a rate hike in the coming months if inflation pressure builds in the labour market, but she was keeping a close eye on how the economy performs. My view is that we are approaching a tipping point at which it would be necessary or justified to remove some of that stimulus, she said, also making her first policy comments to parliaments Treasury Committee. However that is very contingent on the data. Tenreyro, a professor at the London School of Economics, said raising rates too soon would be a costly mistake. CARNEY SEES CONTINUED GROWTH-INFLATION TRADE-OFF Britains economy has slowed this year, hurt by the rise in inflation since the 2016 Brexit vote and uncertainty about the countrys future trading ties with the European Union. Even so, the BoE said last month that most of its rate-setters expected to increase borrowing costs in the coming months, partly because Brexit would lead to higher inflation. Financial markets now see a roughly 80 percent chance that a first hike will come on Nov. 2, after the BoEs next policy meeting. The debate is now about what message the BoE will send alongside the first hike. We expect the BoE to strike a cautious tone in November, while indicating that further tightening will still probably be required next year, JP Morgan economist Allan Monks said. BoE Governor Mark Carney told the committee on Tuesday that the central bank still had to balance the need to support job creation and growth with an inflation rate that is running above target. Data on Tuesday showed British inflation hit 3 percent in September, its highest level in more than five years and above the BoEs 2 percent target. But much of the increase has been caused by the fall in the value of the pound since the Brexit vote, which is likely to be a temporary driver of price increases. Sterling lost half a cent against the U.S. dollar and British government bond yields fell to their lowest since immediately after last months surprise comment from the BoE that a rate hike could come soon. Neil Jones, Mizuhos head of currency sales for hedge funds in London, said Tuesdays BoE comments signalled a dovish and cautious stance among policymakers. Writing by William Schomberg; Editing by Stephen Addison 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/britain-boe/new-bank-of-england-deputy-says-not-ready-to-vote-for-rate-hike-idINKBN1CM1OF'|'2017-10-17T15:07:00.000+03:00'|7706.0|27.0|0.0|'' 7707|'9abc91b88434d5a6bba35a6b33df7d36dce7ddaf'|'Most U.S. oil executives see prices below $60/barrel through 2018'|' 06 PM / Updated 9 minutes ago Most U.S. oil executives see prices below $60/barrel through 2018 Ernest Scheyder 3 Min Read FILE PHOTO - A pump jack used to help lift crude oil from a well in South Texas Eagle Ford Shale formation stands idle in Dewitt County, Texas, U.S. on January 13, 2016. REUTERS/Anna Driver/File Photo HOUSTON (Reuters) - Nearly two-thirds of U.S. oil executives see crude oil prices remaining below $60 per barrel through 2018 and not hitting $70 until at least the next decade, according to a survey published on Wednesday by consultancy Deloitte Services LP [DLTE.UL]. The survey, based on a poll of 250 executives at companies that produce, transport and refine oil and natural gas, reflects a shift from last year when many respondents forecast commodity prices would rise and capital spending budgets grow. U.S. oil prices CLc1 fell slightly on Wednesday to $50.79 per barrel. This years more dour view, especially among shale industry managers, comes as executives are focusing on cost controls and returns and have largely stopped looking for a rise in commodity prices. This new paradigm is encouraging shale producers to base executive compensation on the best uses of capital, a strategy designed to keep costs low. The bottom line is that companies should focus on cost discipline and operational efficiency, said Andrew Slaughter, head of Deloittes Center for Energy Solutions. The new reality seems to have set in; waiting for a significant price recovery may be a long haul. Half of executives polled said they expect capital spending to drop next year, and nearly 60 percent said they expect a decline in the number of drilling rigs active across the United States. Production in the shale industry requires constant investment to keep up with well decline rates. Those polled said they expect to maintain or increase current production levels into 2018, though a drop in spending could prevent any sizable increase in U.S. output, helping to resolve a global supply and demand imbalance. That would fit well into a plan by the 14-member Organization of the Petroleum Exporting Countries, which on Wednesday forecast higher demand for its oil in 2018 and a worldwide supply deficit. In a wary sign for oilfield service providers, including Halliburton Co ( HAL.N ) and Baker Hughes, ( BHGE.N ), roughly half of those surveyed by Deloitte expect service costs to slip next year. Greater well efficiency and new technologies - long touted by industry executives as a cure-all for low prices - were seen as having less of an impact on costs. The mood among executives was less pessimistic for natural gas prices NGc1, with those polled saying they expect prices to rise above $3 per million British thermal units into next year. Natural gas futures NGc1 rose 1.5 percent on Wednesday to $2.93 per mmBtu. Reporting by Ernest Scheyder; Editing by Chris Reese 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-oil-forecast/most-u-s-oil-executives-see-prices-below-60-barrel-through-2018-idUSKBN1CG28A'|'2017-10-11T19:02:00.000+03:00'|7707.0|''|-1.0|'' 7708|'ddf8225dfbe00d41b908a8fb3a731cb0111c767c'|'UK engineer GKN considers split into two - Sunday Times'|'October 21, 2017 / 10:00 PM / Updated an hour ago UK engineer GKN considers split into two - Sunday Times Reuters Staff 1 Min Read LONDON (Reuters) - British engineering group GKN ( GKN.L ) is considering splitting into two listed companies comprising its aerospace and auto component divisions, the Sunday Times reported, without citing sources. The company, which supplies components for Airbus and Boeing planes and carmakers including Volkswagen and Fiat Chrysler, is in the early stages of considering the plan, the newspaper said. A spokesman for the FTSE 100-listed company declined to comment on the report. Reporting by Andy Bruce; Editing by James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-gkn-m-a/uk-engineer-gkn-considers-split-into-two-sunday-times-idUKKBN1CQ0UG'|'2017-10-22T01:00:00.000+03:00'|7708.0|''|-1.0|'' 7709|'4e1cff43229548064faeab2de1aeda6de90af760'|'Air Berlin plane grounded in Iceland over unpaid charges'|'FRANKFURT, Oct 20 (Reuters) - An Air Berlin airliner was grounded at Icelands Keflavik airport late on Thursday because the insolvent German carrier had not paid its airport charges, Keflavik operator Isavia said in a statement.It said the unpaid charges had been incurred before Air Berlin, which has struggled to turn a profit over the last decade, filed for insolvency on Aug. 15.According to German magazine Stern, the Airbus A320 landed at Keflavik at 10:35 p.m. local time on Thursday and was due to depart for Duesseldorf just after midnight.Air Berlin was not available for immediate comment.Air Berlins flights have been kept aloft by a government loan since the airlines insolvency filing, giving the carrier time to negotiate with prospective buyers for its assets. It has said flights will cease by Oct. 28 at the latest.Lufthansa has agreed to buy large parts of Air Berlin. Talks with other possible buyers including Britains easyJet are continuing. (Reporting by Maria Sheahan; editing by Jason Neely) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/air-berlin-lufthansa-iceland/air-berlin-plane-grounded-in-iceland-over-unpaid-charges-idINL8N1MV2QS'|'2017-10-20T09:13:00.000+03:00'|7709.0|''|-1.0|'' @@ -7720,7 +7720,7 @@ 7718|'e6a99200e989adca28944fc248b783584017d8e9'|'Exclusive: SEC''s corporate filing system vulnerable to denial of service attacks - memo'|'October 6, 2017 / 4:17 AM / Updated 11 hours ago Exclusive: SEC''s corporate filing system vulnerable to denial of service attacks - memo Sarah N. Lynch , Jim Finkle 4 Min Read FILE PHOTO: The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, DC, U.S. on June 24, 2011. REUTERS/Jonathan Ernst/File Photo (Reuters) - The U.S. Securities and Exchange Commission (SEC), Wall Streets top regulator, has discovered a vulnerability in its corporate filing database that could cause the system to collapse, according to an internal document seen by Reuters. The SECs September 22 memo reveals that its EDGAR database, containing financial reports from U.S. public companies and mutual funds, could be at risk of denial of service attacks, a type of cyber intrusion that floods a network, overwhelming it and forcing it to close. The discovery came when the SEC was testing EDGARs ability to absorb monthly and annual financial filings that will be required under new rules adopted last year for the $18 trillion mutual fund industry. The memo shows that even an unintentional error by a company, and not just hackers with malicious intentions, could bring the system down. Even the submission of a large invalid form could overwhelm the systems memory. The defect comes after the SECs admission last month that hackers breached the EDGAR database in 2016. The discovery will likely add to concerns about the vulnerability of the SECs network and whether the agency has been adequately addressing cyber threats. The mutual fund industry has long had concerns that market-sensitive data required in the new rules could be exploited if it got into the wrong hands. The industry has since redoubled its calls for SEC Chairman Jay Clayton to delay the data-reporting rules, set to go into effect in June next year, until it is reassured the information will be secure. Clearly, the SEC should postpone implementation of its data reporting rule until the security of those systems is thoroughly tested and assessed by independent third parties, said Mike McNamee, chief public communications officer of The Investment Company Institute (ICI), whose members manage $20 trillion worth of assets in the United States. We are confident Chairman Clayton will live up to his pledge that the SEC will take whatever steps are necessary to ensure the security of its systems and the data it collects. An SEC spokesman declined to comment. The rules adopted last year requiring asset managers to file monthly and annual reports about their portfolio holdings were designed to protect them in the event of a market crisis by showing the SEC and investors that they have enough liquidity to cover a rush of redemptions. During a Congressional hearing on Wednesday, Clayton testified that the agency was considering whether to delay the rules in light of the cyber concerns. He did not, however, mention anything about the denial of service attack vulnerability. VIRTUAL VOMIT EDGAR is the repository for corporate America, housing millions of filings ranging from quarterly earnings to statements on acquisitions. It is a virtual treasure trove for cyber criminals who could trade on any information gleaned before it is publicly released. In the hack disclosed last month involving EDGAR, the SEC has said it now believes the criminals may have stolen non-public data for illicit trading. The vulnerability revealed in the September memo shows that even an invalid form could jam up EDGAR. The system did not immediately reject the form, the memo says. Rather, it was being validated for hours before failing due to an invalid form type. That conclusion could spell trouble for the SECs EDGAR database because it means that if hackers wanted to, they could basically take down the whole EDGAR system by submitting a malicious data file, said one cyber security expert with experience securing networks of financial regulators who reviewed the letter for Reuters. The system would consume the data and essentially throw up on itself, the person added. Reporting by Sarah N. Lynch in Washington and Jim Finkle in Toronto; Editing by Carmel Crimmins'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-usa-sec-cyber-exclusive/exclusive-secs-corporate-filing-system-vulnerable-to-denial-of-service-attacks-memo-idUSKBN1CB0AL'|'2017-10-06T07:17:00.000+03:00'|7718.0|''|-1.0|'' 7719|'89015e58a8056cf95252af12c4b12b794fb522b4'|'Air Berlin finds buyer for cargo marketing unit'|'BERLIN, Oct 24 (Reuters) - Family-owned Zeitfracht has agreed a deal to buy Air Berlins cargo marketing platform Leisure Cargo for an undisclosed price, the insolvent airline said on Tuesday.Air Berlin filed for insolvency on Aug. 15 and a government loan has kept its planes in the air while administrators seek investors for parts of the business. Zeitfracht also remains in talks with a consortium for the airlines maintenance unit and said in the statement it hoped these talks could be concluded soon.Several people familiar with the matter told Reuters last week that Zeitfracht and maintenance group Nayak were together poised to strike a deal to buy the cargo marketing platform and maintenance units.Lufthansa is buying a large part of Air Berlin assets, and talks with easyJet over other airline operations, predominantly at Berlins Tegel airport, are ongoing. (Reporting by Victoria Bryan; Editing by Christoph Steitz) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/air-berlin-lufthansa-leisure-cargo/air-berlin-finds-buyer-for-cargo-marketing-unit-idINFWN1MZ0QA'|'2017-10-24T10:28:00.000+03:00'|7719.0|''|-1.0|'' 7720|'ed56b3f2608b6ab39394b22b7462fd405061e0fb'|'ECB policymakers hone in on stimulus extension at lower volumes'|' 50 PM / a few seconds ago ECB policymakers hone in on stimulus extension at lower volumes Balazs Koranyi 3 Min Read FILE PHOTO: European Union flags flutter outside the headquarters of the European Central Bank (ECB) in Frankfurt, Germany, April 21, 2016. REUTERS/Ralph Orlowski/File Photo WASHINGTON (Reuters) - European Central Bank policymakers broadly agree to extend asset purchases at a lower volume at their October policy meeting with views converging on a nine-month extension, five people with direct knowledge of the discussion told Reuters. With asset buys due to expire at the end of the year, policymakers are set to decide on Oct. 26 whether to prolong stimulus, having to reconcile between the blocs best growth run in a decade with an inflation rate that will undershoot the ECBs target of almost 2 percent for years. The next move, still up for discussion, is intended to signal both the need to cut support given strong growth, while at the same time committing to accommodation for a long time to come, the sources said. The biggest debate is likely to be whether to keep the programme open ended, giving the ECB the flexibility to extend it once again, or to send a firm signal about the end, they said. While hawks want the ECB to signal its intent to wind down and end the purchases, policy doves want at least the same type of flexibility the bank has now to extend purchases in case the outlook worsened. Whether its open or closed ended is going to be the biggest debate, one person said. I can see a compromise that well keep it like it is now, so with an end date that could let us extend again if necessary. The exact amount of purchases is still up for discussion with views ranging between 25 billion euros and 40 billion euros a month, but the sources said there was consensus that they needed to be sharply reduced from their current 60 billion euro rate. The ECB declined to comment. The sources said no formal proposals have been made. 9 MONTHS? The exact monthly volume does not matter greatly because its impact on inflation will be very small, one of the people familiar with the discussions said. But a nine month extension also pushes out the first rate hike, and thats significant. It also has a strong signaling effect that substantial accommodation will continue. The sources added that a six month extension is too short and policymakers would have to start debating this question soon, once again. A longer extension, such as 12 months, though cannot be ruled out, is difficult because the ECB is running out of bonds to buy, so setting volumes according to what is available would results in relatively low monthly purchases. ECB chief economist Peter Praet has recently argued that during periods of calm markets, a longer extension of asset purchases at lower volumes may be more beneficial as investors are better able to appreciate the long term support provided by the bank. The sources added that the ECB may also decide to retain its guidance to raise asset purchases if the outlook deteriorates. They also added that even if the ECB reduces its purchase of sovereign bonds, it was under no pressure to cut corporate bond purchases so it was possible those buys would be maintained near their current levels. Reporting by Balazs Koranyi; Editing by Tomasz Janowski 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-ecb-policy/ecb-policymakers-hone-in-on-stimulus-extension-at-lower-volumes-idUKKBN1CH39Q'|'2017-10-13T02:44:00.000+03:00'|7720.0|''|-1.0|'' -7721|'97dedc023843bf44d07d8e9b1a294c774f3f6eaf'|'Teva''s Copaxone faces more generic competition in Europe'|'October 5, 2017 / 4:56 PM / Updated 4 minutes ago Teva''s Copaxone faces generic competition in Europe after U.S. hit Reuters Staff 2 Min Read FILE PHOTO: A building belonging to Teva Pharmaceutical Industries, the world''s biggest generic drugmaker and Israel''s largest company, is seen in Jerusalem February 8, 2017. REUTERS/Ronen Zvulun LONDON (Reuters) - Tevas blockbuster multiple sclerosis treatment Copaxone will face additional generic competition in Europe, just two days after Mylan NV won U.S. approval to sell cheaper versions of the medicine in the worlds largest market. Mylans European partner, Synthon, and Alvogen said on Thursday they had received decentralized European approval for a 40 milligram dose of glatiramer acetate, as Copaxone is known generically. The two privately held companies, which work as partners in selling the product, already market a 20 mg version in Europe. However, the 40 mg dose accounts for more than 85 percent of U.S. prescriptions written and more than 75 percent of European prescriptions. Nearly 20 percent of total sales for Teva Pharmaceutical Industries comes from branded Copaxone. The widely used injectable MS treatment generated more than $4 billion in revenue for the Israeli drugmaker last year. Tevas shares were hit hard following U.S. approval of both 20 mg and 40 mg generics for Mylan late on Tuesday. Mylan shares rose about 18 percent the next day. Mylan Chief Executive Heather Bresch, in a statement, said the company looks forward to leading the marketing and selling of this important product in our European markets. Alvogen said Europe accounted for more than 505 million euros ($591 million) of Copaxone sales in 2016, based on IMS Midas data. Generic competition to Copaxone adds to problems at Teva, which hired a new chief executive last month as it struggles with huge debts and a squeeze on margins for its own vast portfolio of generic medicines. Reporting by Ben Hirschler in London and Bill Berkrot in New York; Editing by Jane Merriman and James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-teva-pharm-ind-copaxone-europe/tevas-copaxone-faces-more-generic-competition-in-europe-idUSKBN1CA25B'|'2017-10-05T19:45:00.000+03:00'|7721.0|''|-1.0|'' +7721|'97dedc023843bf44d07d8e9b1a294c774f3f6eaf'|'Teva''s Copaxone faces more generic competition in Europe'|'October 5, 2017 / 4:56 PM / Updated 4 minutes ago Teva''s Copaxone faces generic competition in Europe after U.S. hit Reuters Staff 2 Min Read FILE PHOTO: A building belonging to Teva Pharmaceutical Industries, the world''s biggest generic drugmaker and Israel''s largest company, is seen in Jerusalem February 8, 2017. REUTERS/Ronen Zvulun LONDON (Reuters) - Tevas blockbuster multiple sclerosis treatment Copaxone will face additional generic competition in Europe, just two days after Mylan NV won U.S. approval to sell cheaper versions of the medicine in the worlds largest market. Mylans European partner, Synthon, and Alvogen said on Thursday they had received decentralized European approval for a 40 milligram dose of glatiramer acetate, as Copaxone is known generically. The two privately held companies, which work as partners in selling the product, already market a 20 mg version in Europe. However, the 40 mg dose accounts for more than 85 percent of U.S. prescriptions written and more than 75 percent of European prescriptions. Nearly 20 percent of total sales for Teva Pharmaceutical Industries comes from branded Copaxone. The widely used injectable MS treatment generated more than $4 billion in revenue for the Israeli drugmaker last year. Tevas shares were hit hard following U.S. approval of both 20 mg and 40 mg generics for Mylan late on Tuesday. Mylan shares rose about 18 percent the next day. Mylan Chief Executive Heather Bresch, in a statement, said the company looks forward to leading the marketing and selling of this important product in our European markets. Alvogen said Europe accounted for more than 505 million euros ($591 million) of Copaxone sales in 2016, based on IMS Midas data. Generic competition to Copaxone adds to problems at Teva, which hired a new chief executive last month as it struggles with huge debts and a squeeze on margins for its own vast portfolio of generic medicines. Reporting by Ben Hirschler in London and Bill Berkrot in New York; Editing by Jane Merriman and James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-teva-pharm-ind-copaxone-europe/tevas-copaxone-faces-more-generic-competition-in-europe-idUSKBN1CA25B'|'2017-10-05T19:45:00.000+03:00'|7721.0|19.0|0.0|'' 7722|'8e52dc5224c52c9b867d0e74123c92a21362c809'|'Vincom Retail launches up to $713 mln IPO, Vietnam''s largest-IFR'|'HONG KONG, Oct 16 (Reuters) - Vincom Retail, the shopping mall subsidiary of Vingroup, launched on Monday Vietnams largest-ever initial public offering (IPO), in a deal worth up to $713 million, IFR reported, citing a term sheet of the deal.The IPO consists of 380.22 million shares in the institutional tranche and another 19 million for the retail tranche, offered in an indicative range of 37,000 to 40,600 dong each, added IFR, a Thomson Reuters publication.That would put the offering at up to 16.2 trillion dong ($713 million), with all proceeds going to Vincom Retails private equity investors and other shareholders.Vingroup did not immediately responded to a request for comment on the IPO terms.$1 = 22,710.0000 dong Reporting by S. Anuradha of IFR; Additional reporting by Mai Nguyen in Hanoi; Writing by Elzio Barreto; Editing by Stephen Coates'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/vingroup-ipo/vincom-retail-launches-up-to-713-mln-ipo-vietnams-largest-ifr-idINL4N1MR1FD'|'2017-10-16T00:30:00.000+03:00'|7722.0|''|-1.0|'' 7723|'75dfd36876c52acb65b7e62753707dde3cb9dda1'|'Goldman CEO has high hopes for London HQ post-Brexit, much outside his control'|'Reuters TV United States October 30, 2017 / 12:44 PM / Updated 7 hours ago Goldman CEO has high hopes for London HQ post-Brexit, much outside his control Anjuli Davies 2 Min Read LONDON (Reuters) - Goldman Sachs ( GS.N ) chief executive Lloyd Blankfein expects to fill the firms new European headquarters which is currently under construction in London, but said Britains exit from the European Union left much outside the banks control. FILE PHOTO: Goldman Sachs Chairman and CEO Lloyd Blankfein speaks at the Bloomberg Global Business Forum in New York, U.S., September 20, 2017. REUTERS/Brendan McDermid In London. GS still investing in our big new Euro headquarters here. Expecting/hoping to fill it up, but so much outside our control. #Brexit, Blankfein tweeted on Monday, alongside a birds eye picture of the new building. The Wall Street bank is building a 1.1 million square foot office in London with initial occupancy slated for 2019 to house its 6,000 UK employees, but the firm needs to ensure it can still service its EU clients after Brexit and may have limited access to the EUs single market from Britain. Goldman also has flexibility to adjust the number of floors it takes in the new building, according to a source familiar with the situation, so it is not committed to occupying the entire office. That option was put in place prior to the Brexit vote. Earlier this month, Goldman said it had agreed to lease office space at a new building in Frankfurt, giving it space for up to 1,000 staff. That would be five times the current staff of 200 and see it bolstering activities including trading, investment banking and asset management. Blankfein sparked a wave of speculation earlier this month when he tweeted he was planning to spend a lot more time in Frankfurt. Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because Ill be spending a lot more time there. #Brexit, he tweeted on Oct. 19. Frankfurt is so far seen as the biggest beneficiary from Wall Street banks moving jobs out of London as a result of Brexit, with JPMorgan, Citi and Morgan Stanley all setting out plans to expand operations there. Reporting by Anjuli Davies; Editing Rachel Armstrong and Mark Potter'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-britain-eu-goldman-sachs/goldman-ceo-has-high-hopes-for-london-hq-post-brexit-much-outside-his-control-idUKKBN1CZ1HH'|'2017-10-30T15:06:00.000+02:00'|7723.0|''|-1.0|'' 7724|'172bcd262d7bccb1b70f6bf6483b3d0a5d3393b7'|'Phones4U tycoon John Caudwell claims former partner is ''amazing liar'' - Business'|'Phones4U billionaire John Caudwell has accused his former business partner and protg of being an amazing liar who presided over a reign of terror at the wealth management firm they co-founded before their close relationship soured .Caudwell told the high court on Monday that he had loved his former business partner, Nathalie Dauriac, but lost faith in her after allegedly discovering that she falsified 33,000 worth of expenses claims, including a personal trip to Mlaga and gifts for her family.Dauriac, a former Coutts banker, claims she was wrongly dismissed in 2014 from Signia Wealth, the financial management company that she co-founded with Caudwell, and should have received at least 12m for her stake in the business.Caudwell disputed Dauriacs claim that he manipulated her out of her job as boss of Signia Wealth and forced her to sell her 49% stake in the business worth 12m to him for just 2.Both parties deny the allegations made against them.Ms Dauriac is the most amazing liar Ive ever met in my life, said Caudwell. Shes Machiavellian and the vast majority of everything she says is a complete fabrication.He also accused Dauriac of making claims against him in court to ensure they would be publicly reported without risk of a defamation lawsuit. Nathalie Dauriac is claiming wrongful dismissal by Phones 4u billionaire founder John Caudwell. Photograph: Ben Cawthra/Rex/Shutterstock Caudwell said he had since been told by staff at Signia Wealth that she wielded a reign of terror in which she threatened to smear people who crossed her with allegations about drugs [and] illicit sex.Thomas Plewman QC, acting for Dauriac, questioned Caudwells claims that he had become concerned about her as early as 2013 after she alleged that a mutual business acquaintance had threatened to break her fingers.Caudwell said he found this hard to believe and was also concerned about her role as chief executive of Signia because of poor financial performance.Plewman pointed out that Caudwell increased the amount of his money held at the company from about 350m to more than 750m between 2013 and 2014, despite his apparent concerns.Caudwell said he had continued backing Dauriac out of misguided friendship.Plewman said Caudwell was making it up to suit your case, adding testimony that was not included in his witness statement.The entrepreneur and philanthropist, who banked more than 1.2bn in 2006 after selling the Phones4U business he started , previously told the court that his memory may be affected as he suffers from Lyme disease.Plewman told the court that trips that Dauriac and Caudwell took to the Seychelles and ski resort Vail, Colorado were not merely holidays as friends but also involved business discussions.He said this meant that some of Dauriacs expenses claimed for the trips were legitimate expenses incurred working for Signia, which is 51% owned by Caudwell and which also manages his personal wealth.Caudwell said he had invited Dauriac on holiday as a friend and had not wanted to talk business but that Dauriac could be quite forceful.Plewman said Dauriac would rather have spent holidays with her family but instead went abroad with Caudwell for business reasons that warranted the expense claims. Caudwell responded: Then why did she tell me that she loved me?Dauriac has previously said that she believes Caudwell ordered an investigation into her only after she raised concerns that he used false invoices to avoid VAT. Caudwell, a vocal critic of tax avoidance, strongly denies this. He also said that he believed his former protg had been trying to damage his reputation all over London. He said a friend had reported her as saying: Whats that arsehole John Caudwell doing stealing [Dauriacs] shares?The case continues.Topics UK news'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/2017/oct/23/phones4u-tycoon-john-caudwell-claims-former-partner-is-amazing-liar'|'2017-10-23T22:03:00.000+03:00'|7724.0|''|-1.0|'' @@ -7730,7 +7730,7 @@ 7728|'0d29c4ce4ba0417000bcd95bbba6f99c1c411086'|'VW CEO says unaware of price fixing in cartel investigation'|'Reuters TV United States October 25, 2017 / 8:50 AM / in 16 minutes VW CEO says unaware of price fixing in cartel investigation Reuters Staff 1 Min Read STUTTGART, Germany (Reuters) - Volkswagen ( VOWG_p.DE ) has no information that price fixing was part of the alleged collusion between German carmakers, chief executive Matthias Mueller said. FILE PHOTO: Volkswagen CEO Matthias Mueller attends the opening of the Frankfurt Motor Show (IAA) in Frankfurt, Germany September 11, 2017. REUTERS/Kai Pfaffenbach The European Commission on Monday widened an investigation and searched the premises of Volkswagen (VW) and Daimler ( DAIGn.DE ) on suspicion they had conspired to fix prices in diesel and other technologies over several decades. The alleged secret committees set up by German carmakers discussed standardization issues, Mueller said on Thursday at an auto-industry conference hosted by Germanys Handelsblatt newspaper in Stuttgart. Separately, Mueller said VW can live well with a Chinese compromise on electric vehicle quotas. To combat air pollution, China wants electric and hybrid cars to make up at least a fifth of the countrys auto sales by 2025 and plans to loosen joint-venture regulations to achieve its aim. Reporting by Ilona Wissenbach. Writing by Andreas Cremer'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-volkswagen-cartel/vw-ceo-says-unaware-of-price-fixing-in-cartel-investigation-idUKKBN1CU0YR'|'2017-10-25T11:48:00.000+03:00'|7728.0|''|-1.0|'' 7729|'315798fbd384177439f6c8742707939684049812'|'Tesla moves closer to deal to build cars in China'|'October 22, 2017 / 2:54 PM / Updated 11 minutes ago Tesla moves closer to deal to build cars in China Joseph White , Norihiko Shirouzu 3 Min Read (Reuters) - Electric car maker Tesla Inc ( TSLA.O ) said on Sunday it is talking with the Shanghai municipal government to set up a factory in the region and expects to agree on a plan by the end of the year. FILE PHOTO: Tesla Model 3 cars are seen as Tesla holds an event at the factory handing over its first 30 Model 3 vehicles to employee buyers at the companys Fremont facility in California, U.S. on July 28, 2017. Courtesy Tesla/Handout via REUTERS China levies a 25 percent duty on sales of imported vehicles and has not allowed foreign automakers to establish wholly owned factories in the country, the worlds largest automaker. Those are problems for Tesla, which wants to expand its presence in Chinas growing electric vehicle market without compromising its independence or intellectual property. Chinas government has considered allowing foreign automakers to set up wholly owned factories in free trade zones in part to encourage more production of electric and hybrid vehicles - which the government calls new energy vehicles - to meet ambitious sales quotas. Tesla would still have to pay a 25 percent duty on cars built in a free trade zone, but it could lower its production costs. Tesla is working with the Shanghai Municipal Government to explore the possibility of establishing a manufacturing facility in the region to serve the Chinese market. As weve said before, we expect to more clearly define our plans for production in China by the end of the year, a Tesla spokesperson said in a statement emailed to Reuters. Tesla said in June it was beginning talks with Shanghai. The Wall Street Journal reported that Tesla and the Shanghai government have already reached a deal in that citys free trade zone. Shanghai is Chinas de facto automotive capital and a significant market for luxury vehicles of all kinds. Chinese internet company Tencent Holdings Ltd( 0700.HK ) has a five percent stake in Tesla and is seen as a potential ally for Teslas efforts to enter the Chinese market. It was unclear if the Chinese government will conclude a deal with Tesla to coincide with U.S. President Donald Trumps visit next month. Tesla Chief Executive Elon Musk has said the company eventually will need vehicle and battery manufacturing centers in Europe and Asia. Tesla is wrestling with production problems at its sole factory, in Fremont, California. It is trying to accelerate output of its new Model 3 sedan, but conceded earlier this month that production bottlenecks had held third-quarter production to just 260 vehicles, well short of the 1,500 previously planned. Reporting by Joe White and Nori Shirouzu; Editing by Dan Grebler'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-tesla-china-factory/tesla-moves-closer-to-deal-to-build-cars-in-china-idUKKBN1CR0ME'|'2017-10-22T17:50:00.000+03:00'|7729.0|''|-1.0|'' 7730|'a95eff4f78aae6bc0b018a71ee4e85b8b878d7cb'|'Tesla reaffirms effort to build cars in China; mum on deal report'|'October 22, 2017 / 2:51 PM / Updated 3 hours ago Tesla reaffirms effort to build cars in China; mum on deal report Joseph White , Norihiko Shirouzu 3 Min Read (Reuters) - Electric car maker Tesla Inc ( TSLA.O ) reaffirmed on Sunday it is talking with the Shanghai municipal government to set up a factory in the region and expects to agree on a plan by the end of the year, but declined to comment on a report that a deal has been reached. A Tesla charging station is seen in Salt Lake City, Utah, U.S. September 28, 2017. REUTERS/Lucy Nicholson China levies a 25 percent duty on sales of imported vehicles and has not allowed foreign automakers to establish wholly owned factories in the country, the worlds largest auto market. Those are problems for Tesla, which wants to expand its presence in Chinas growing electric vehicle market without compromising its independence or intellectual property. Chinas government has considered allowing foreign automakers to set up wholly owned factories in free trade zones in part to encourage more production of electric and hybrid vehicles - which the government calls new energy vehicles - to meet ambitious sales quotas. Tesla would still have to pay a 25 percent duty on cars built in a free trade zone, but it could lower its production costs. Tesla on Sunday pointed to a statement it made in June that the company is working with the Shanghai Municipal Government to explore the possibility of establishing a manufacturing facility in the region to serve the Chinese market. As weve said before, we expect to more clearly define our plans for production in China by the end of the year. A Tesla spokesperson in the United States declined to comment further beyond referring to the June statement. The Wall Street Journal reported that Tesla and the Shanghai government have reached a deal in that citys free trade zone. Shanghai is Chinas de facto automotive capital and a significant market for luxury vehicles of all kinds. Chinese internet company Tencent Holdings Ltd( 0700.HK ) has a five percent stake in Tesla and is seen as a potential ally for Teslas efforts to enter the Chinese market. It was unclear if the Chinese government will conclude a deal with Tesla to coincide with U.S. President Donald Trumps visit next month. Tesla Chief Executive Elon Musk has said the company eventually will need vehicle and battery manufacturing centres in Europe and Asia. Tesla is wrestling with production problems at its sole factory, in Fremont, California. It is trying to accelerate output of its new Model 3 sedan, but conceded earlier this month that production bottlenecks had held third-quarter production to just 260 vehicles, well short of the 1,500 previously planned. Reporting by Joe White and Nori Shirouzu; Editing by Dan Grebler '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-tesla-china-factory/tesla-moves-closer-to-deal-to-build-cars-in-china-idUKKBN1CR0MG'|'2017-10-22T18:51:00.000+03:00'|7730.0|''|-1.0|'' -7731|'c36ecbcb9692a9e1cdfc1e7430b9e0d05f807677'|'China Sinochem to re-evaluate oil business, expand fine chemicals: chairman'|'BEIJING (Reuters) - Chinas Sinochem Group is reviewing its struggling oil exploration business and plans expansions into material and life sciences over the next decade in major strategy shift, the chairman of the state-run conglomerate said.FILE PHOTO: A logo of Sinochem is seen outside an office building of Sinochem in Beijing, China, February 21, 2017. REUTERS/Damir Sagolj/File Photo Last week, Reuters reported that Sinochem had retained three banks to work on a possible listing of its oil refining, fuel marketing, and trading and storage assets while the upstream oil business might be sold to the government.Based on current market conditions, we are re-evaluating our strategy in the upstream oil and gas business, Ning said in an email to Reuters in response to interview questions sent on Monday as part of the 19th Communist Party Congress taking place in Beijing this week.Sinochem has tapped Morgan Stanley, Citic Securities and BOC International to work on the possible Hong Kong listing to raise capital and revive the company, Reuters reported.Sinochem aims to build itself into a conglomerate using petrochemicals as the foundation but led by material science and life sciences, a change from previously scattered resource allocation and lack of focus in core businesses, said Ning.The new business strategy comes as Sinochem is anticipated to merge with China National Chemicals Corp, or ChemChina, under a state-orchestrated restructuring to join the companies.Reporting by Chen Aizhu; Editing by Christian Schmollinger '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-congress-sinochem/china-sinochem-to-re-evaluate-oil-business-expand-fine-chemicals-chairman-idINKBN1CT0AR'|'2017-10-24T01:59:00.000+03:00'|7731.0|''|-1.0|'' +7731|'c36ecbcb9692a9e1cdfc1e7430b9e0d05f807677'|'China Sinochem to re-evaluate oil business, expand fine chemicals: chairman'|'BEIJING (Reuters) - Chinas Sinochem Group is reviewing its struggling oil exploration business and plans expansions into material and life sciences over the next decade in major strategy shift, the chairman of the state-run conglomerate said.FILE PHOTO: A logo of Sinochem is seen outside an office building of Sinochem in Beijing, China, February 21, 2017. REUTERS/Damir Sagolj/File Photo Last week, Reuters reported that Sinochem had retained three banks to work on a possible listing of its oil refining, fuel marketing, and trading and storage assets while the upstream oil business might be sold to the government.Based on current market conditions, we are re-evaluating our strategy in the upstream oil and gas business, Ning said in an email to Reuters in response to interview questions sent on Monday as part of the 19th Communist Party Congress taking place in Beijing this week.Sinochem has tapped Morgan Stanley, Citic Securities and BOC International to work on the possible Hong Kong listing to raise capital and revive the company, Reuters reported.Sinochem aims to build itself into a conglomerate using petrochemicals as the foundation but led by material science and life sciences, a change from previously scattered resource allocation and lack of focus in core businesses, said Ning.The new business strategy comes as Sinochem is anticipated to merge with China National Chemicals Corp, or ChemChina, under a state-orchestrated restructuring to join the companies.Reporting by Chen Aizhu; Editing by Christian Schmollinger '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-china-congress-sinochem/china-sinochem-to-re-evaluate-oil-business-expand-fine-chemicals-chairman-idINKBN1CT0AR'|'2017-10-24T01:59:00.000+03:00'|7731.0|27.0|0.0|'' 7732|'f73f64105b1c6a4ea812e9d7c11595281a14b2ef'|'Nestle expects 2017 margin to decline on higher restructuring costs'|'October 19, 2017 / 5:36 AM / Updated 5 hours ago Nestle speeds up overhaul to counter slowest growth in decades Silke Koltrowitz , John Revill 4 Min Read ZURICH (Reuters) - Nestle ( NESN.S ), the worlds biggest packaged food group, is doubling spending on its restructuring this year to up to 1 billion Swiss francs ($1 billion) to cope with its weakest sales growth in more than two decades. Europes largest company by market value is under pressure to improve returns from activist investor Daniel Loeb, whose Third Point hedge fund revealed a $3.5 billion stake in June. It must also review its business model and brand portfolio to ensure its products stay appealing to consumers who often prefer fresh, local foods to Nestles Maggi soups or KitKat chocolate bars. Organic sales rose 3.1 percent in the third quarter, up from 2.4 percent in the second, in line with analysts expectations in a Reuters poll. Performance was helped by improved trading in Europe and Asia. Still, Nestle forecast growth for the full year around the 2.6 percent it generated for the first nine months, implying a slowdown in the fourth quarter and the year as a whole. Last years sales rose 3.2 percent. Going forward, everyone is well advised to be cautious and you see that reflected in our expectations for the fourth quarter, Chief Executive Mark Schneider said on Thursday. Finance chief Francois-Xavier Roger cautioned that Europe and Asia might not be able to repeat the good performance over the final three months, but confirmed Nestles goal of returning to mid-single-digit organic growth by 2020. Nestle said it would spend up to 1 billion Swiss francs this year on restructuring, double its initial plan, as it seeks to cut structural costs, such as by closing factories, boosting efficiency and sourcing globally. FILE PHOTO: A Kit Kat chocolate bar is seen in this illustration photo taken July 20, 2017. REUTERS/Thomas White/Illustration/File Photo Yet its overall forecast for restructuring costs of 2.5 billion francs between 2016 and 2020 remained unchanged. The acceleration will reduce this years operating margin by 0.4 to 0.6 percentage point, while the underlying margin -- before restructuring costs -- is expected to rise by at least 0.2 percentage point in constant currency, Nestle said. Nestle last month set a target for the underlying margin to reach 17.5-18.5 percent by 2020, up from 16.0 percent in 2016. Slowing growth rates at packaged food groups have sparked the interest of activist investors, with Procter & Gamble ( PG.N ) also becoming a target recently. Unilever ( ULVR.L ) ( UNc.AS ) reported lower-than-expected third-quarter sales on Thursday, losing market share to smaller competitors and dampening hopes that an aborted takeover offer from Kraft Heinz ( KHC.O ) would spark a swift improvement. Nestle shares were 0.8 percent lower at 1530 GMT, slightly lagging the European sector .SX3P. They have gained 16 percent so far this year and are trading at 28.3 times forward earnings, according to Reuters data, at a premium to Danone at 24.2 times and Unilever at 25.8 times. Analysts said Nestles performance was disappointing when compared to Danone that saw strong baby food sales in China boost growth in the third quarter to 4.7 percent. ($1 = 0.9740 Swiss francs) Editing by Michael Shields and David Evans 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-nestle-sales/nestle-expects-2017-margin-to-decline-on-higher-restructuring-costs-idUSKBN1CO0GX'|'2017-10-19T08:35:00.000+03:00'|7732.0|''|-1.0|'' 7733|'9516259c5eb6a8230f352e2c95e7212723b1bfae'|'Customers call for crackdown on Green Motion after repairs dispute'|'A businessman who spent his career promoting American business investment into Scotland has called on the authorities to take action against the car hire firm Green Motion. He was charged 366 for damage to a vehicle he rented at Glasgow airport damage he claims he did not do, and that was levied because the company knew he would struggle to fight it from the other side of the Atlantic.David Christie originally from Scotland but who now lives near Manchester, New Hampshire says he has complained to Action Fraud and trading standards at Renfrewshire Council over the damage he is adamant he did not cause.He says staff instantly located the hidden damage on his Peugeot hire car after he returned the vehicle earlier this month, which, he claims, gave the game away.Guardian Money has received numerous complaints in recent years, mostly from outside the UK, from Green Motion hirers who claim that either they did not cause the damage found by the company, or that the price for repairs has been inflated.Green Motion says complaints it receives genuine or otherwise make up less than 0.1% of total customers in the past five years.It says it handles 2,500 customers a day and enjoys excellent customer satisfaction ratings, and strongly disputes the allegations by Christie.Christie, 79, a former executive director of Locate in Scotland, and a member of Unescos Scotland committee and a Freeman of the City of Glasgow claims when he refused to sign the credit card slip demanded for the alleged damage, Green Motion staff threatened to have his and his wifes bags taken out of the courtesy van and to make them walk to the airport terminal.Only the fact that he had a flight to catch prevented him calling the police, he says.He has since complained to contacts within the Scottish government about what his says is the poor treatment of tourists by the firm which will have a negative effect on visits unless it is challenged.The report sent by Christie to Renfrewshire trading standards says that when he returned the car to the depot, rather than circling the car in a normal way to check it over, the Green Motion employee almost immediately looked under the front right bumper where he found scratches.We had only driven 145 miles in six days and I had been particularly careful and was positive that we were not responsible for the scratches. The manner in which he inspected the car pretty much gave away the fact that he already knew they were there.When we complained, he became very belligerent, telling us it was not the car rental firms responsibility, and accusing us of lying.I have hired cars all over the world and never had an experience like this. It is nothing short of taking money by deception, he claims.We put Christies complaint to Green Motion. In a statement, it said: While the vehicle was in his custody, an accident occurred which resulted in damage to the front bumper.It alleges that Christie did not challenge the damage charge at the time, which Christie says is untrue as he argued with the employee extensively before leaving for his flight .In the same week as Christies complaint, Money was also contacted by a Portuguese tourist, Luis Mira, who described a similar experience after hiring a car from Green Motions Edinburgh branch.He has been charged 1,265 after the company claimed he had damaged the BMW 116 that the company had upgraded him to at a extra cost of 120 because the smaller car he booked was not available. When it arrived it was covered in scratches and bumps, with a broken fog light. The employee went round the car and noted the damage and promptly asked me to sign. I identified a few more, which he added, and I signed the form.He says when he returned the car, rather than walking around it as he would have expected, the employee immediately went to the left rear door and theatrically pointed to a tiny scratch and shouted here.Although Mira says the mark was only visible if you looked at the door in a certain light, and does not show up in photos supplied by the hire firm, Green Motion has charged 714 for a new door, 465 to have it painted, plus a damage service fee of 55.He is adamant that he did not cause the damage, and again says the only thing that prevented him from calling the police was the fact that he had a plane to catch.Like Christie, Mira says that when he got home and started investigating the firm, he was shocked to read of the experiences of some other renters. He says he has also filed a complaint with trading standards.A third person also contacted Money about Green Motion this month. Cassandra Fowles, from New Zealand but who lives in Edinburgh, recently hired a car from the Gatwick branch of Green Motion. In her case the company charged 595 for scratches, which she and her partner say were already there when they picked it up.As they left to catch their flight back to Edinburgh, she says the Green Motion employee said you shouldnt be worried, you can claim this money back on travel insurance.I responded by saying why would I have travel insurance, I live here. I saw a flicker of an expression on his face.The company later waived the charge and refunded her deposit, and Fowles says she is convinced it was only because she lived in the UK, and unlike those returning abroad, was in a position to fight it.Lawyers for Green Motion told Money that in both cases the extra charges were justified, although in Christies case it has refunded the 66 damage service fee as it had been incorrectly charged.In Miras case, it says: The damage is a severe dent, which, in line with the approved charge matrix, would require a new panel and repainting along with paint blending.It has offered to allow the car to be independently inspected and said it will refund the fees if they are deemed unreasonable.In years gone by, it was often the case where incidental damage and minor scuffs and scrapes would not be charged for, with rental companies absorbing these costs out of their operational profits.With these profits now decimated, rental companies are being left with no choice but to levy charges to customers who damage vehicles, it says.Topics Consumer affairs Travel & leisure Consumer rights'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/oct/28/green-motion-hire-car-rental-damage-charges'|'2017-10-28T03:00:00.000+03:00'|7733.0|''|-1.0|'' 7734|'78ec0b1b5bd7c266d773dd27271d06daefedb391'|'UPDATE 2-Kobe Steel crisis deepens on new revelations of data fabrications, shares dive'|'* Shares tumble 18 percent in flat market* Data falsification concerns spread to iron powder products* Kobe previously said aluminium and copper products affected (Adds context, company investigating further possible abuses, comment from government spokesman, analyst & updates shares)TOKYO, Oct 11 (Reuters) - Japans Kobe Steel Ltd plunged deeper into crisis on Wednesday as fresh revelations showed data fabrication at the steelmaker was more widespread than initially thought, heightening a safety scare along the global supply chain.Investors, worried about the potential legal ramifications and the financial impact for Kobe, dumped the stock for a second day, wiping out nearly two-fifths of the market value of Japans third-biggest steelmaker.Earlier on Wednesday, Kobe Steel said it may have fabricated data on iron powder products used in components such as automotive gears and was investigating the issue after media reported the abuses.It has also launched an investigation into Kobelco Research Institute Inc, which tests products for the company, the steelmaker said. The Nikkei newspaper reported the unit had shipped materials used for making semiconductors to customers without inspecting them.The new revelations came after the steelmaker admitted over the weekend it had falsified data about the quality of aluminium and copper products used in cars, aircraft, space rockets and defence equipment in a fresh blow to Japanese manufacturers s vaunted reputation for quality production.Kobe Steel has said it was examining other possible data falsifications going back 10 years.The company faces potential costs from any recalls, replacements and any legal action, including class-action suits in the U.S. where it has over-the-counter traded American Depositary Receipts, Yuji Matsumoto, an analyst at Nomura Securities, said in a report.The revelations about data tampering in its aluminium unit could also hit its plans to expand the business as carmakers increasingly use the material, which is lighter than steel, to meet tighter environmental rules.Aluminium is one of the key focus areas in the medium term as part of its strategy to help lighten vehicles (and) this will certainly have a negative impact on the expansion, Matsumoto said in the report.Multinationals, including automakers like Toyota Motor and Ford Motor, and aircraft manufacturers Boeing and Mitsubishi Heavy Industries, have said they are investigating.SHARES DIVE The market impact on Kobe Steel has been unforgiving, with its stock tumbling 18 percent to 878 yen after dropping 22 percent on Tuesday, wiping about $1.6 billion off its market value over two days.The deepening scandal has forced the government to push the company to speedily resolve the crisis.This inappropriate behaviour shakes the foundation of fair trading, Deputy Chief Cabinet Secretary Kotaro Nogami told a regular news conference on Tuesday.We ask Kobe Steel to thoroughly look into the causes ... and take steps to prevent a recurrence as well as to make utmost efforts to restore the trust of not only its customers but of society as a whole.The misconduct at Kobe Steel follows scandals involving falsified data at household names such as Nissan Motor, Mitsubishi Motors and Takata Corp., which filed for bankruptcy earlier this year.Toshiba Corp is still battling the fallout of a scandal involving reporting inflated profits. The corrosive business practices have raised broader questions over corporate governance in Japan and cast doubts about the integrity of nations once-admired manufacturing industry.EARLIER MISCONDUCT The revelations of tampered data and specifications arent the first for Kobe Steel.The company said in June 2016 that an affiliate, Shinko Wire Stainless Co, had falsified data on tests for tensile strength of some stainless steel wire for springs over a period of more than nine years.In 2006, Kobe Steel said its Kakogawa steel works in western Japan had falsified data on soot emissions for a period of five years.The Nikkei business daily reported that Kobe Steel intended to put its real estate business on the block in an effort to shore up already shaky finances now threatened by the data falsification scandal.In a statement Kobe Steel denied the report, saying it was assessing its options.The steelmaker has reported losses in the last two full financial years but is expecting to return to profit in the current period.Sales of Kobe Steels aluminium and copper division fell 6.4 percent year on year to 323.3 billion yen ($2.9 billion) in the financial year ending March 2017, with recurring profit falling 20.5 percent to 12 billion yen. ($1 = 112.2700 yen) (Reporting by Makiko Yamazaki, Hideyuki Sano, Yuka Obayashi and Kaneko Kaori; Writing by Aaron Sheldrick; Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/japan-kobe-steel/update-1-kobe-steel-shares-plunge-as-data-fabrication-concerns-deepen-idINL4N1MM06H'|'2017-10-10T23:56:00.000+03:00'|7734.0|''|-1.0|'' @@ -7739,7 +7739,7 @@ 7737|'5bd4d5d460f992fae43e4c7a98e8033763f00b5f'|'Aviva to sell Taiwan business'|'October 13, 2017 / 6:50 AM / Updated 21 minutes ago Aviva to sell Taiwan business to local partner for $1 Reuters Staff 2 Min Read FILE PHOTO: A man walks past an AVIVA logo outside the company''s head office in the city of London March 5, 2009. REUTERS/Stephen Hird LONDON (Reuters) - British insurer Aviva ( AV.L ) said on Friday its decision to sell its 49 percent stake in a Taiwan joint venture to its partner First Financial Holding ( 2892.TW ) fits into its strategy of withdrawing from less profitable markets. Aviva declined to put a price tag on the sale, but Annie Lee, head of investor relations at Taiwans First Financial ( 2892.TW ), said Aviva sold its share in the joint venture, First Aviva Life, for $1 (0.7522 pounds). The sale enables Aviva to withdraw its capital from the business, following low returns after the financial crisis, she added. The decision came after a review of the business found it did not fit with the groups aim of focusing on markets where it can achieve scale or have a distinct competitive advantage, Aviva said in a statement. This was not about financials, it was more a strategic decision, an Aviva spokeswoman said. The insurer has also this year sold its stake in three Spanish joint ventures, its Italian joint venture and part of its French business, as it tries to focus on core markets including Britain and Canada. It has also said it would look at its Indian joint venture with Dabur Invest Corp ( DABU.NS ). The sale of the Taiwan business will have a negligible impact on Avivas capital position and operating profit, the insurer said. Aviva previously looked at exiting Taiwan in 2010 and 2012, but opted not to in the face of opposition from regulators. Avivas shares were trading at 499.4 pence at 0841 GMT, down 0.1 percent. Reporting by Clara Denina and Carolyn Cohn; Editing by Rachel Armstrong and Adrian Croft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-aviva-taiwan-divestiture/aviva-to-sell-taiwan-business-idUKKBN1CI0NM'|'2017-10-13T09:50:00.000+03:00'|7737.0|''|-1.0|'' 7738|'8324a2d9c420ad5bbd6452e2b6b51a1d01955d9e'|'Zeitfracht, Nayak poised to buy some Air Berlin assets: sources'|'A Lufthansa airliner taxis next to the Air Berlin aircraft at Tegel airport in Berlin, Germany, October 12, 2017. REUTERS/Hannibal Hanschke BERLIN (Reuters) - A consortium of family-owned Zeitfracht and maintenance group Nayak is close to striking a deal to buy Air Berlins ( AB1.DE ) cargo marketing platform and its maintenance business, several people familiar with the matter told Reuters.They are on the home stretch, one of the sources said.A spokesman for Zeitfracht said that talks were promising and had reached an advanced stage. Air Berlin declined to comment.Air Berlin, which has struggled to turn a profit over the last decade, filed for insolvency on Aug. 15. A government loan has kept its planes aloft while its administrator negotiated with prospective buyers for parts of the business.Lufthansa has agreed to buy large parts of Air Berlin, but talks for its remaining assets are ongoing.Reporting by Klaus Lauer; Writing by Maria Sheahan; Editing by Douglas Busvine'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-air-berlin-lufthansa-zeitfracht/zeitfracht-nayak-poised-to-buy-some-air-berlin-assets-sources-idINKBN1CO14V'|'2017-10-19T07:26:00.000+03:00'|7738.0|''|-1.0|'' 7739|'80a57e3cd7b633b60f6e0e789139b517aaffa56c'|'Brazil''s JBS withdraws plan for U.S. processed food unit IPO'|'October 16, 2017 / 8:30 PM / a few seconds ago Brazil''s JBS withdraws plan for U.S. processed food unit IPO Guillermo Parra-Bernal , Jake Spring 3 Min Read The logo of Brazilian meatpacker JBS SA is seen in the city of Jundiai, Brazil June 1, 2017. Picture taken June 1, 2017. REUTERS/Paulo Whitaker SAO PAULO/BRASILIA (Reuters) - JBS SA ( JBSS3.SA ) has pulled a planned $500 million U.S. initial public offering of processed food subsidiary JBS Foods International BV, almost six months after a spree of corruption and food safety scandals in Brazil hurt investor demand for the deal. In a Friday filing with the U.S. Securities and Exchange Commission, JBS Foods International requested a withdrawal of the IPO. While neither company gave a new timetable for the IPO, JBS said in a statement to Reuters that a U.S. listing of JBS Foods is the best way possible to maximize shareholder value. Parent JBS and the processed food subsidiary first announced plans for a U.S. offering on Dec. 5. So Paulo-based JBS, the worlds No. 1 meatpacker, reaffirmed plans to list the subsidiary in August, saying a transaction could take place by the end of next year. The proposal for the JBS Foods International IPO was first put to test in March, after a scandal over an alleged bribery of health officials triggered bans on Brazilian meat exports. Two months later, two members of the family that controls JBS agreed to a plea bargain deal in Brazil relating to a corruption probe. A collapse of the plan is a setback for Brazils billionaire Batista family, which owns 42 percent of JBS and saw the IPO as a way to improve JBSs global standing. The transaction was seen as a way to help decouple JBSs businesses from Brazil -- where reputational issues have impaired share performance in recent months. Reuters reported in March and in May, shortly after the food safety and corruption scandals, respectively, that JBS would press ahead with the $1 billion IPO plan despite dwindling investor confidence. Common shares ( JBSS3.SA ) fell 0.6 percent to 8.60 reais on Monday. The stock is down 25 percent so far this year. Brothers Wesley and Joesley Batista were arrested last month in connection with insider trading and other offenses related to their plea deal. Wesley, the elder of them and also JBSs former chief executive, quit as a result. Both brothers will face trial for carrying out stock and foreign exchange transactions based on knowledge of their plea deal, a federal court confirmed on Monday. Both have been charged last week on the same case. Both Batistas worked personally on the refinancing of 21 billion reais ($6.7 billion) in short-term debt of JBS and spearheaded the sale of several assets. ($1 = 3.1562 reais) Editing by Steve Orlofsky and Sandra Maler 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-jbs-usa-ipo/brazils-jbs-withdraws-plan-for-u-s-processed-food-unit-ipo-idUKKBN1CL1KN'|'2017-10-16T23:24:00.000+03:00'|7739.0|''|-1.0|'' -7740|'45da63c945b5b8267c2372a6f5648f2436bf8732'|'Creditors win closely watched appeal in Momentive bankruptcy'|'WILMINGTON, Del., Oct 20 (Reuters) - A U.S. appeals court in New York on Friday ruled in favor of senior creditors who had contested interest rates imposed on them during the bankruptcy of silicone maker Momentive Performance Materials, reversing a decision that had sparked alarm among lenders.The ruling by the 2nd U.S. Circuit Court of Appeals found the U.S. Bankruptcy Court in White Plains, New York, erred by not using market rates to determine the interest paid on new notes Momentive forced on holders of about $1.25 billion of secured notes.The replacement notes carried much lower rates, which were set by the court using a formula developed in a consumer bankruptcy case involving a subprime loan for a used truck.Secured creditors opposed getting notes with below-market interest and argued they were not getting the full value of their claim. Their appeal led to Fridays ruling.Lenders and bankruptcy lawyers had warned that the lower court ruling ramped up the risk in financing distressed companies. They also argued it gave struggling companies more leverage when negotiating with lenders because they could essentially threaten to impose new loans on them with below-market rates.Momentive, owned by Apollo Global Management, filed for bankruptcy in 2014. Apollo continues to own 40 percent of the company, according to securities filings, and the case bolstered Apollos reputation as a savvy investor that is willing to test legal boundaries.The case now goes back to U.S. Bankruptcy Judge Robert Drain, who was directed to determine if a market interest rate exists for the replacement notes, and if it does, to apply that rate.The Loan Syndications and Trading Association, which urged the Appeals Court to overturn the Momentive ruling, welcomed the decision.A Momentive spokesman did not immediately respond to a request for comment.Momentive filed for an initial public offering in September and said in a securities filing that a loss on the interest rate issue in the 2nd Circuit could reduce its liquidity and could increase interest costs.Holders of the secured notes had said a market rate would have led to an additional payment from Momentive of at least $150 million, according to the Appeals Court opinion.Following the ruling, Momentives notes due 2021 traded to a record high of 104.75 cents on the dollar on Friday, up over 2 points from their latest trade on Wednesday, according to MarketAxess data. (Reporting by Tom Hals in Wilmington, Delaware; Additional reporting by Davide Scigliuzzo in New York; Editing by Leslie Adler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/momentive-bankruptcy-ruling/creditors-win-closely-watched-appeal-in-momentive-bankruptcy-idINL2N1MV1J2'|'2017-10-20T18:13:00.000+03:00'|7740.0|''|-1.0|'' +7740|'45da63c945b5b8267c2372a6f5648f2436bf8732'|'Creditors win closely watched appeal in Momentive bankruptcy'|'WILMINGTON, Del., Oct 20 (Reuters) - A U.S. appeals court in New York on Friday ruled in favor of senior creditors who had contested interest rates imposed on them during the bankruptcy of silicone maker Momentive Performance Materials, reversing a decision that had sparked alarm among lenders.The ruling by the 2nd U.S. Circuit Court of Appeals found the U.S. Bankruptcy Court in White Plains, New York, erred by not using market rates to determine the interest paid on new notes Momentive forced on holders of about $1.25 billion of secured notes.The replacement notes carried much lower rates, which were set by the court using a formula developed in a consumer bankruptcy case involving a subprime loan for a used truck.Secured creditors opposed getting notes with below-market interest and argued they were not getting the full value of their claim. Their appeal led to Fridays ruling.Lenders and bankruptcy lawyers had warned that the lower court ruling ramped up the risk in financing distressed companies. They also argued it gave struggling companies more leverage when negotiating with lenders because they could essentially threaten to impose new loans on them with below-market rates.Momentive, owned by Apollo Global Management, filed for bankruptcy in 2014. Apollo continues to own 40 percent of the company, according to securities filings, and the case bolstered Apollos reputation as a savvy investor that is willing to test legal boundaries.The case now goes back to U.S. Bankruptcy Judge Robert Drain, who was directed to determine if a market interest rate exists for the replacement notes, and if it does, to apply that rate.The Loan Syndications and Trading Association, which urged the Appeals Court to overturn the Momentive ruling, welcomed the decision.A Momentive spokesman did not immediately respond to a request for comment.Momentive filed for an initial public offering in September and said in a securities filing that a loss on the interest rate issue in the 2nd Circuit could reduce its liquidity and could increase interest costs.Holders of the secured notes had said a market rate would have led to an additional payment from Momentive of at least $150 million, according to the Appeals Court opinion.Following the ruling, Momentives notes due 2021 traded to a record high of 104.75 cents on the dollar on Friday, up over 2 points from their latest trade on Wednesday, according to MarketAxess data. (Reporting by Tom Hals in Wilmington, Delaware; Additional reporting by Davide Scigliuzzo in New York; Editing by Leslie Adler) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/momentive-bankruptcy-ruling/creditors-win-closely-watched-appeal-in-momentive-bankruptcy-idINL2N1MV1J2'|'2017-10-20T18:13:00.000+03:00'|7740.0|17.0|0.0|'' 7741|'9a087f9704e4442e6c9ed3d4b5390234281a09bf'|'Samsung Electronics shares fall 3 percent, easing from record-high on profit-taking'|' 19 AM / a minute ago Samsung Electronics shares fall 3 percent, easing from record-high on profit-taking Reuters Staff 1 Min Read The logo of Samsung Electronics is seen at its office building in Seoul, South Korea South Korea, October 11, 2017. REUTERS/Kim Hong-Ji SEOUL (Reuters) - Shares of Samsung Electronics Co Ltd extended losses on Thursday, easing from a record-high reached on Tuesday due to profit-taking. Samsung Electronics shares fell as much as 3.2 percent to their lowest intraday level since Oct. 10. Reporting by Hyunjoo Jin and Dahee Kim 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-samsung-elec-shares/samsung-electronics-shares-fall-3-percent-easing-from-record-high-on-profit-taking-idUKKBN1CO0G1'|'2017-10-19T08:17:00.000+03:00'|7741.0|''|-1.0|'' 7742|'7095aea425e5a0932af8222781a832ee793cae15'|'UPDATE 1-Hiscox expects $225 mln net claims from hurricanes Harvey, Irma'|'October 2, 2017 / 6:37 AM / Updated an hour ago UPDATE 1-Hiscox expects $225 mln net claims from hurricanes Harvey, Irma Reuters Staff 3 Min Read (Adds CEO comment, details, background) Oct 2 (Reuters) - Lloyds of London underwriter Hiscox Ltd estimated on Monday that it would face net claims totalling about $225 million from Harvey and Irma, as insurers and reinsurers count the cost of the hurricanes. The company said that despite continuing uncertainty around the losses from Harvey and Irma, the estimates were within its modelled range of claims for events of this nature and that it still had depth of cover in its reinsurance business. Hiscox had previously estimated that it would see net claims of about $150 million from Hurricane Harvey. Harvey lashed Texas causing flooding that put it on the scale of Hurricane Sandy in 2012 and Irma, one of the most powerful Atlantic storms on record, ravaged several islands in the northern Caribbean, before moving into Floridas Gulf Coast. The Lloyds of London insurance market has forecast that it expects net losses for the market of $4.5 billion from the two hurricanes. Hiscox Chief Executive Bronek Masojada said the storms meant insurance and reinsurance rates were on an uptrend, impacting rates in affected areas and specific sectors. After a number of years of rate reductions, we are starting to see price corrections, most acutely in affected lines such as large property insurance and catastrophe reinsurance, which we expect to spread to non-affected lines, he said. Industry experts have said that some big reinsurers could be tipped into the red this year, following Hurricane Maria, the third major hurricane of the past few weeks, which caused an island-wide power outage in Puerto Rico. The outage will mean a surge in insurance claims for lost business income that will increase the already high cost of damage caused by Maria. Last week, rival Lloyds insurer Beazley said it reckoned that its losses from hurricanes Harvey, Irma and Maria in the Caribbean and southern United States and a series of earthquakes in Mexico would reduce its 2017 earnings by about $150 million. Hiscox is set to publish its third-quarter interim trading statement on November 7. (Reporting by Esha Vaish in Bengaluru; editing by Carolyn Cohn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/hiscox-outlook/update-1-hiscox-expects-225-mln-net-claims-from-hurricanes-harvey-irma-idUSL8N1MD0TH'|'2017-10-02T09:37:00.000+03:00'|7742.0|6.0|0.0|'' 7743|'bf8fdc7c18c88727f98ad1c609c5211dbcbd2ce8'|'High Noon.com: Battle for Saudi e-commerce market begins'|'October 15, 2017 / 10:26 AM / Updated 20 minutes ago High Noon.com: Battle for Saudi e-commerce market begins Katie Paul 5 Min Read RIYADH (Reuters) - In Saudi Arabia, a kingdom where postal codes are rarely used, most people pay in cash, and shopping is done in giant air-conditioned malls, building an online retail business is no easy task. But two powerfully-backed companies are trying to do just that, betting a young, tech-savvy population will eventually deliver up a large slice of the Arab worlds largest consumer market. After months of delays, Noon.com launched in the United Arab Emirates (UAE) on Oct. 1 and said it would enter the Saudi market within the coming weeks. That will start a race for dominance in a largely untapped market against Dubai-based Souq.com, which is already present in Saudi Arabia and poised for expansion after its acquisition this year by Amazon ( AMZN.O ). Both companies are well armed for the fight. Investors in Noon.com, including Dubai billionaire Mohamed Alabbar and Saudi Arabias sovereign wealth fund, have put $1 billion into the project. The business also plans to leverage existing assets from Alabbars Emaar Malls, Aramex delivery service and Namshi and JadoPado online marketplaces. Souq.com was known as the Amazon of the Middle East even before its purchase by the worlds biggest online retailer, having built up a following and brand relationships since its launch in 2005. Amazon and Souq.com will benefit from early-mover advantage in our view, said Josh Holmes, a consumer analyst at market researcher BMI. But with online sales in Saudi Arabia expected to surge to $13.9 billion by 2021 from a projected $8.7 billion this year, he said there would be plenty for Noon.com to play for. While the rivalry between Amazon/Souq and Noon.com will be intense, we believe there is more than enough room for both players to thrive in Saudi Arabia and the wider region, Holmes said. SEA CHANGE FOR COMMERCE Shifting retail online would be a sea change for commerce in the Middle East, where internet sales now represent less than two percent of total retail, twelve times less than in the United Kingdom, according to a Boston Consulting Group report. In Saudi Arabia, which has lagged behind regional leader the UAE, it is only 0.8 percent of the total, and both Noon.com and Souq.com will have to adapt to the particular challenges of the market to prosper. One is getting deliveries right. Currently, delivery companies in Saudi Arabia regularly ask for landmarks rather than addresses, with drivers often requesting WhatsApped locations. Then there is payment. With less than half the population owning credit cards, e-commerce businesses often have to offer cash on delivery options, increasing their risks. There are other dangers too. High unemployment among the kingdoms millennials could cap spending power in the long term. Yet analysts point to the young population, high rate of technology adoption and high-quality transport networks as reasons for optimism. Some companies are already thriving. E-commerce now represents more than 40 percent of logistics provider DHLs inbound parcel business into Saudi Arabia, said country general manager Faysal ElHajjami, forecasting this would continue to grow. Start-ups are also developing ways to accommodate the kingdoms last-mile delivery quirks. Dubai-based Fetchr, for example, operates an app that allows users to identify their location by using GPS, like Uber. We realised nobody in Saudi really has a formal address, but everybody has a smart phone attached to their hip, said co-founder Joy Ajlouny, speaking with partner Idriss Al Rifai. Over the last year, Fetchr has grown its presence in the kingdom from three to 84 cities, with plans to tackle another 25 by the end of the year, and now employs about 1,000 people. Ajlouny and Rifai estimate market growth of 20 to 30 percent per year over the next five years, but caution that a five percent value added tax, planned for introduction next year across the Gulf, could check that forecast. As planned, the tax would be applied each time a product crosses a border, they said, which could be a 15 percent total by the time a customer receives the parcel and 20 percent if he or she decided to return it. It would be a huge hindrance, said Ajlouny. Everybody is talking about the growth of e-commerce, but this would completely cripple that growth. Reporting by Katie Paul; Editing by Mark Potter 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-saudi-retail-ecommerce/high-noon-com-battle-for-saudi-e-commerce-market-begins-idUKKBN1CK0DN'|'2017-10-15T13:26:00.000+03:00'|7743.0|''|-1.0|'' @@ -7793,13 +7793,13 @@ 7791|'3b9f0bd6b6179775f9d9ac7adbca1fbc43d02926'|'Hitachi not planning to raise stake in Ansaldo STS at present'|' 06 PM / Updated 16 minutes ago Hitachi not planning to raise stake in Ansaldo STS at present MILAN, Oct 18 (Reuters) - Japans Hitachi is happy with its stake of just above 50 percent in Italian rail signalling group Ansaldo STS and is not planning any bid to increase it, the head of the Hitachi Rail unit said. Hitachi Rail CEO Alistair Dormer said the Japanese firm was a very long term investor in Ansaldo STS and, as such, happy with the current shareholding structure, which did not prevent Ansaldo from cooperating with the rest of the Hitachi group. Investment funds led by Elliott Management have engaged in a feud with Hitachi since it bought Ansaldo STS in 2016. Elliott is the second biggest shareholder in Ansaldo STS, with a 22.5 percent stake, an option to buy a further 8.8 percent. Im under no pressure from Hitachi to buy anymore shares in Ansaldo STS, Dormer told Reuters on the sidelines of an event in Milan. (Reporting by Elisa Anzolin, writing by Valentina Za, editing by Stephen Jewkes) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/hitachi-ansaldo/hitachi-not-planning-to-raise-stake-in-ansaldo-sts-at-present-idUSI6N1MF019'|'2017-10-18T19:06:00.000+03:00'|7791.0|''|-1.0|'' 7792|'6cb37bf705d6336bb5cc74705cb3464cc06abfb9'|'Disney to cut about 200 jobs at its TV networks - source'|'Reuters TV United States October 12, 2017 / 10:38 PM / Updated 4 minutes ago Disney to cut about 200 jobs at its TV networks: source Lisa Richwine 1 Min Read The main gate of entertainment giant Walt Disney Co. is pictured in Burbank, California May 5, 2009. REUTERS/Fred Prouser (Reuters) - Walt Disney Co ( DIS.N ) plans to cut about 200 jobs at unit ABC and other cable networks, according to a source familiar with the matter. The largest number of layoffs will be in operational areas, but there would be no job cuts at ESPN, the source told Reuters. The New York Times had reported in September that Disney had cut 250 jobs at its animation unit. ( nyti.ms/2cv9Zti ) Disney had around 195,000 employees, according to its latest annual filing. Additional reporting by Laharee Chatterjee in Bengaluru; Editing by Shounak Dasgupta 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-disney-jobs/disney-to-cut-about-200-jobs-at-its-tv-networks-source-idUKKBN1CH36P'|'2017-10-13T01:37:00.000+03:00'|7792.0|''|-1.0|'' 7793|'24746cff2e9fbb46113083f6b1809c726e2ad875'|'Creditors accept restructuring plan for oil services group CGG'|'October 2, 2017 / 5:50 AM / Updated 10 minutes ago Creditors accept restructuring plan for oil services group CGG Reuters Staff 1 Min Read PARIS, Oct 2 (Reuters) - The creditors of debt-ridden oil services group CGG have accepted CGGs chapter 11 bankruptcy plan, CGG said on Monday, in what could form one of the biggest restructurings that France has seen in recent years. CGG has debt in excess of $3 billion, and the restructuring calls for unsecured debt to be converted to equity, maturities on secured debt to be extended and $500 million in new money to be raised. CGG, in which the French state holds around 9 percent of the shares, filed for bankruptcy in France and the United States in June as part of a restructuring to ease its debt burden. The company, which specialises in geo-seismic surveys and is listed in Paris and New York, struggled to keep up with payments on its debt as the big oil groups that use its services proved reluctant to lift exploration spending despite rising oil prices. (Reporting by Sudip Kar-Gupta; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/cgg-restructuring/creditors-accept-restructuring-plan-for-oil-services-group-cgg-idUSFWN1MD00Q'|'2017-10-02T13:50:00.000+03:00'|7793.0|''|-1.0|'' -7794|'66f67cead7413b8f8be4421fb835176d28da5740'|'Turkey''s Turkven sees IPO of Medical Park in 2018, CEO says'|'ISTANBUL, Oct 18 (Reuters) - Turkish private equity firm Turkven aims to hold a public offering for nearly 50 percent of healthcare firm Medical Park Group next year, Turkvens chief executive said, a listing that could be worth around $1 billion.In an interview with Reuters late on Tuesday, CEO Seymur Tari said Turkven aimed for three to four acquisitions of $50-400 million each in 2018 and aimed to start a new fund of more than $1 billion in one or two years.Turkven completed an initial public offering (IPO) of jeans retailer Mavi in June, a 1.17 billion lira ($334 million) floatation widely seen as a test of international demand for Turkish equities following last years coup attempt and a widespread political crackdown since.The Medical Park offering will be three times the size of Mavis, Tari said, adding that the listing would be next year.Medical Park Group is the largest private hospital chain in Turkey, with more than 15,000 employees and 5,000 beds in 29 hospitals, according to Turkven.Funds managed by Turkven hold a 53.4 percent stake in the firm. (Writing by Daren Butler; Editing by David Dolan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/turkey-turkven/turkeys-turkven-sees-ipo-of-medical-park-in-2018-ceo-says-idINL8N1MT2GH'|'2017-10-18T09:24:00.000+03:00'|7794.0|''|-1.0|'' +7794|'66f67cead7413b8f8be4421fb835176d28da5740'|'Turkey''s Turkven sees IPO of Medical Park in 2018, CEO says'|'ISTANBUL, Oct 18 (Reuters) - Turkish private equity firm Turkven aims to hold a public offering for nearly 50 percent of healthcare firm Medical Park Group next year, Turkvens chief executive said, a listing that could be worth around $1 billion.In an interview with Reuters late on Tuesday, CEO Seymur Tari said Turkven aimed for three to four acquisitions of $50-400 million each in 2018 and aimed to start a new fund of more than $1 billion in one or two years.Turkven completed an initial public offering (IPO) of jeans retailer Mavi in June, a 1.17 billion lira ($334 million) floatation widely seen as a test of international demand for Turkish equities following last years coup attempt and a widespread political crackdown since.The Medical Park offering will be three times the size of Mavis, Tari said, adding that the listing would be next year.Medical Park Group is the largest private hospital chain in Turkey, with more than 15,000 employees and 5,000 beds in 29 hospitals, according to Turkven.Funds managed by Turkven hold a 53.4 percent stake in the firm. (Writing by Daren Butler; Editing by David Dolan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/turkey-turkven/turkeys-turkven-sees-ipo-of-medical-park-in-2018-ceo-says-idINL8N1MT2GH'|'2017-10-18T09:24:00.000+03:00'|7794.0|17.0|0.0|'' 7795|'ef2881f4c9894fa54a66e31a46b18dde162fe4cb'|'Goldman Sachs beats Wall Street as bond trading falls less than expected'|'Reuters TV United States October 17, 2017 / 11:54 AM / in 21 minutes Goldman Sachs beats Wall Street as bond trading falls less than expected Reuters Staff 2 Min Read FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) is seen on the clothing of a trader working at the Goldman Sachs stall on the floor of the New York Stock Exchange, United States April 16, 2012. REUTERS/Brendan McDermid/File Photo (Reuters) - Goldman Sachs Group Inc ( GS.N ) beat Wall Street estimates, as bond trading fell less than expected, and investment banking and investing and lending helped buoy results. The banks profit declined 3 percent but its earnings per share handsomely beat analysts estimates. Net income applicable to common shareholders was $2.04 billion, or $5.02 per share, for the third quarter ended Sept. 30, compared with $2.10 billion, or $4.88 per share a year ago. Analysts on average had expected earnings of $4.17 per share, according to Thomson Reuters I/B/E/S. All eyes were on its bond trading unit, which reported a 26 percent revenue decline. Revenue from trading bonds, currencies and commodities (FICC) fell to $1.45 billion. bit.ly/2gfWdgC The drop was in line with rivals Morgan Stanley ( MS.N ), which reported a 20 percent fall, and JPMorgan Chase & Cos ( JPM.N ) 27 percent decline. The banks core bond-trading unit has suffered three straight quarterly declines on low volatility and the bank has been looking for ways to shore up its FICC division. Goldman has been trying to shift away from the bond-trading unit to more stable businesses like investment management and consumer lending, where it launched Marcus, an online platform in 2016. Total revenue, including net interest income, rose 2 percent to $8.33 billion, helped by investment banking and lending business. Analysts expected revenue of $7.54 billion. Reporting By Aparajita Saxena in Bengaluru and Olivia Oran in New York; Editing by Bernard Orr 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-goldman-sachs-results/goldman-sachs-quarterly-bond-trading-revenue-drops-26-percent-idUKKBN1CM1N3'|'2017-10-17T15:11:00.000+03:00'|7795.0|''|-1.0|'' 7796|'1583ee6ec59557f59562f200ef6454f4c380a7c8'|'Google''s latest iPhone rival off to a rocky start'|'SAN FRANCISCO (Reuters) - The launch of Alphabet Incs ( GOOGL.O ) second-generation Google Pixel smartphones has been hampered by display screen problems and pricing and shipping issues, prompting the company to open an investigation and issue multiple apologies to customers.FILE PHOTO: Google''s Pixel 2 phone is displayed during a launch event in San Francisco, California, U.S. on October 4, 2017. REUTERS/Stephen Lam/File Photo The Pixel 2 and Pixel 2 XL, which start at $649 and debuted in stores on Thursday, are the lynchpin of Googles efforts to take on Apple Incs ( AAPL.O ) iPhone directly.Early Pixel 2 users have voiced frustration with mishaps, including a potentially serious problem with the screen.Google said on Sunday it is investigating whether graphics are burning into the display of the Pixel 2, following a report on the AndroidCentral blog detailing the issue after a week of use. Burn-in, which usually becomes a problem only after several years of activity, can make it difficult to see information on the display.Google likely would need to halt production if there is problem, said Ryan Reith, a mobile device analyst at research firm IDC.We take all reports of issues very seriously, and our engineers investigate quickly, Mario Queiroz, Googles vice president for Pixel product management, said in an emailed statement to Reuters. We will provide updates as soon as we have conclusive data.The investigation follows Googles acknowledgement that it may introduce new software to respond to users concern about a blue tint to the Pixel 2 XLs 6-inch screen. The device incorporates new OLED display technology, which Google described as offering a more natural and accurate rendition of colours.Reviewers and users in online support forums have also reported a clicking noise during calls and poor Bluetooth connections between the Pixel 2 and other devices. Google did not immediately comment on the issues.On Friday, the company vowed to reimburse an undisclosed number of people who were charged $30 extra for the Pixel 2 by a Verizon Wireless ( VZ.N ) reseller operating at Google pop-up stores in the United States.The surcharge was an error, Google said in its apology.Prior complaints led Google to drop the price of an adapter used to connect headphones to $9 from $20, matching the price of a comparable iPhone adapter.Google also sent emails over the weekend to buyers advising that delivery of their Pixel 2 may be delayed as much as one month, to late November, according to the AndroidPolice news blog and users postings on Reddit forums. Customers said Google offered a free smartphone case, which otherwise starts at $40. Google did not immediately comment.Google made a significant bet on the smartphone business last month, agreeing to acquire an HTC Corp hardware development team for $1.1 billion.Shares of Google fell 1.9 percent to $985.54 at Mondays close.Reporting by Paresh Dave; Editing by Jonathan Weber and Dan GreblerOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/google-pixel/googles-latest-iphone-rival-off-to-a-rocky-start-idINKBN1CS2P5'|'2017-10-24T00:04:00.000+03:00'|7796.0|''|-1.0|'' 7797|'075abae0183a0359a307c7cc5bd7805cfa02bb68'|'Fortum to file $9.5 billion Uniper bid with German regulators'|'HELSINKI/FRANKFURT (Reuters) - Finnish power utility Fortum ( FORTUM.HE ) will officially submit its 8.05 billion euro ($9.46 billion) bid for German peer Uniper ( UN01.DE ) to German regulators on Tuesday, a spokeswoman for the company said.FILE PHOTO: A general view of the Fortum headquarters in Espoo, Finland August 18, 2017. REUTERS/Lefteris Karagiannopoulos/File Photo She said Fortum would not release details about the offer, to be filed with Germanys financial watchdog BaFin, until it has been reviewed and approved by mid-November.Fortum last month clinched a deal to buy E.ONs ( EONGn.DE ) remaining 46.65 percent stake in Uniper in early 2018, triggering a bid for all shares due to German rules. Uniper is considering Fortums approach as hostile.We expect BaFin to thoroughly review the filing, a said spokesman for Uniper, which fears the group might be broken up if a deal should succeed.We also trust that the guarantees and agreements between Fortum and E.ON, which have been frequently mentioned but not made public so far, will be taken into account. Until now, we only know of the plans as statements of intent from the media.Fortum has said in the case of a successful takeover it would not cause Uniper to implement forced redundancies or change the location of its headquarters in Duesseldorf.Shares in Uniper, which was spun off from E.ON last year, are currently trading at around 24 euros, above Fortums 22 euro per share offer.Reporting by Tuomas Forsell, Christoph Steitz and Tom Kaeckenhoff; Editing by Jussi Rosendahl and David Evans '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-uniper-m-a-fortum-oyj/fortum-to-file-official-bid-for-uniper-with-german-regulators-idUSKBN1CT0WO'|'2017-10-24T16:16:00.000+03:00'|7797.0|''|-1.0|'' 7798|'fb3c18b162502de61e20813dd23809edf04d2e90'|'Noble Energy 3rd qtr loss beats Wall Street''s expectations'|'HOUSTON (Reuters) - U.S. oil and natural gas producer Noble Energy Inc ( NBL.N ) posted a smaller-than-expected quarterly loss on Monday, helped by cost cuts and rising commodity prices.The company also raised its fourth-quarter U.S. shale oil production forecast, now seeing it rising 15 percent sequentially.Noble reported a third quarter net loss of $136 million, or 28 cents per share, compared to a net loss of $144 million, or 33 cents per share, in the year-ago period.Excluding one-time items, Noble lost 2 cents per share. By that measure, analysts were expecting a loss of 13 cents per share, according to Thomson Reuters I/B/E/S.Production fell about 17 percent to 355,000 barrel of oil equivalent per day due in part to asset sales.Reporting by Ernest Scheyder; Editing by Sandra Maler '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-noble-energy-results/noble-energy-third-quarter-loss-beats-wall-streets-expectations-idUSKBN1CZ2R4'|'2017-10-31T00:35:00.000+02:00'|7798.0|''|-1.0|'' 7799|'f2650bf1b339dfa7a5efabec3552e096f8b30375'|'Nikkei flat as BOJ decision shows optimism but SoftBank''s drop weighs'|'(Corrects word in first bullet to relieves, from relives)* BOJs decision to keep ETF purchase unchanged relieves market - analyst* Nikkei posts biggest monthly gain in 2 years* SoftBank skids, while upbeat forecast lifts NintendoBy Lisa Twaronite and Ayai TomisawaTOKYO, Oct 31 (Reuters) - Japans Nikkei share average ended flat on Tuesday as losses in SoftBank offset optimism fuelled by the Bank Of Japans decision to leave its purchase of exchange traded funds unchanged.The Nikkei closed at 22,011.61 after trading in negative territory most of the day. For the month, the index jumped 8.1 percent, the biggest monthly gain in two years.Index-heavyweight SoftBank Group Corp stumbled 4.6 percent and was the second most traded stock by turnover, contributing a hefty negative 53.76 points to the Nikkei after sources said that SoftBank and Deutsche Telekom AG have reached an impasse in their talks to merge Sprint Corp and T-Mobile US Inc.The Nikkei would have ended positive if not for the negative impact of SoftBanks fall.The Bank of Japan kept its monetary policy steady and roughly maintained its ambitious price forecasts.It also left J-Reit and ETF purchases unchanged at 90 billion yen ($795.9 million) and 6 trillion yen, respectively.With the Nikkei benchmark index hovering near its 21-year highs, the BOJ did not buy ETFs for almost a month as it tends to buy them when the market falls. That left the market wondering how the bank would be able to maintain its pledged pace of increasing holdings by about 6 trillion yen a year.The central bank bought ETFs on Monday for the first time this month for 70.9 billion yen, down from 73.9 billion yen it bought in September and 73.3 billion yen in August.Investors were watching whether the BOJ would make a change in its ETF purchasing amount, so when they learned that there was no change, they were relieved, said Yutaka Miura, a senior technical analyst at Mizuho Securities.The Nikkei was supported somewhat amid a strong yen environment because the BOJ maintained the purchase.The dollar dropped 0.1 percent to 113.07 yen, after touching 112.97 yen earlier, its lowest level since Oct. 20, following news that investigators probing Russian interference in the U.S. election had charged President Donald Trumps former campaign manager.Financial stocks were losers after U.S. yields fell, with the banking subindex shedding 1.6 percent and the securities subindex falling 1.3 percent.Shares of Nintendo jumped 2.2 percent, a day after the Japanese videogames maker almost doubled its full-year operating profit forecast as supply shortages for its new Switch games console began to ease.The broader Topix fell 0.3 percent to 1,765.96. ($1 = 113.0800 yen) (Reporting by Lisa Twaronite and Ayai Tomisawa; Editing by Gopakumar Warrier) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/japan-stocks-close/nikkei-flat-as-boj-decision-shows-optimism-but-softbanks-drop-weighs-idUSL4N1N6350'|'2017-10-31T09:21:00.000+02:00'|7799.0|''|-1.0|'' -7800|'479fbd8014d77972ab896bcf26134c2d00316bcf'|'Technology could help UBS cut workforce by 30 percent: CEO in magazine'|'October 3, 2017 / 9:00 AM / in 4 hours Technology could help UBS cut workforce by 30 percent: CEO in magazine Reuters Staff 2 Min Read FILE PHOTO: CEO Sergio Ermotti of Swiss bank UBS awaits the annual shareholder meeting in Basel, Switzerland May 4, 2017. REUTERS/Arnd Wiegmann ZURICH (Reuters) - Swiss bank UBS ( UBSG.S ) could shed almost 30,000 workers in the years ahead due to technological advances in the banking industry, Chief Executive Sergio Ermotti said in a magazine interview. Ermotti told Bloomberg Markets that process-oriented companies see scope to cut workforces in half through new technology but he believed the true number for banks was around half that. If you look at UBS, we employ a meaningful amount of people almost 95,000, including contractors, Ermotti said. You can have 30 percent less, but the jobs are going to be much more interesting jobs, where the human content is crucial to the delivery of the service. Ermotti said the coming decade would be heavily influenced by technology, as the previous one was marked by regulation. Its not the Big Bang; its going to be very gradual, he said. But youre going to be faster much more efficient, proficient. Instead of serving 50 clients, youll be able to serve 100 and in a more sophisticated way. Consultancy Accenture ( ACN.N ) said in May that three quarters of bankers surveyed believed artificial intelligence (AI) will become the primary way banks interact with their customers within the next three years. AI -- the technology behind driverless cars, drones and voice-recognition software -- is seen by the financial world as a key technology which, along with other innovations such as blockchain, will change banking. Reporting by Joshua Franklin '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-ubs-group-tech-workers/technology-could-help-ubs-cut-workforce-by-30-percent-ceo-in-magazine-idUSKCN1C80RO'|'2017-10-03T11:57:00.000+03:00'|7800.0|''|-1.0|'' +7800|'479fbd8014d77972ab896bcf26134c2d00316bcf'|'Technology could help UBS cut workforce by 30 percent: CEO in magazine'|'October 3, 2017 / 9:00 AM / in 4 hours Technology could help UBS cut workforce by 30 percent: CEO in magazine Reuters Staff 2 Min Read FILE PHOTO: CEO Sergio Ermotti of Swiss bank UBS awaits the annual shareholder meeting in Basel, Switzerland May 4, 2017. REUTERS/Arnd Wiegmann ZURICH (Reuters) - Swiss bank UBS ( UBSG.S ) could shed almost 30,000 workers in the years ahead due to technological advances in the banking industry, Chief Executive Sergio Ermotti said in a magazine interview. Ermotti told Bloomberg Markets that process-oriented companies see scope to cut workforces in half through new technology but he believed the true number for banks was around half that. If you look at UBS, we employ a meaningful amount of people almost 95,000, including contractors, Ermotti said. You can have 30 percent less, but the jobs are going to be much more interesting jobs, where the human content is crucial to the delivery of the service. Ermotti said the coming decade would be heavily influenced by technology, as the previous one was marked by regulation. Its not the Big Bang; its going to be very gradual, he said. But youre going to be faster much more efficient, proficient. Instead of serving 50 clients, youll be able to serve 100 and in a more sophisticated way. Consultancy Accenture ( ACN.N ) said in May that three quarters of bankers surveyed believed artificial intelligence (AI) will become the primary way banks interact with their customers within the next three years. AI -- the technology behind driverless cars, drones and voice-recognition software -- is seen by the financial world as a key technology which, along with other innovations such as blockchain, will change banking. Reporting by Joshua Franklin '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-ubs-group-tech-workers/technology-could-help-ubs-cut-workforce-by-30-percent-ceo-in-magazine-idUSKCN1C80RO'|'2017-10-03T11:57:00.000+03:00'|7800.0|24.0|0.0|'' 7801|'3408a76beebf24791bf7bd23b535e24aa3448a67'|'CORRECTED-UPDATE 1-Canada''s Saputo to buy Aussie dairy firm Murray Goulburn for $488 mln'|'October 27, 2017 / 1:22 AM / Updated 4 hours ago CORRECTED-UPDATE 1-Canada''s Saputo to buy Aussie dairy firm Murray Goulburn for $488 mln Reuters Staff 2 Min Read (Corrects equity value of the deal in headline and paragraph 1) Oct 27 (Reuters) - Murray Goulburn Co-operative, Australias largest milk processor, on Friday said it agreed to a buyout from Canadian dairy company Saputo Inc worth up to A$637.8 million ($488 million). Murray Goulburn (MG) said Saputo would pay between A$1.10 and A$1.15 per share, compared to its A$2.10 issue price when it listed in 2015. A total buyout value of A$1.3 billion would include the companys debts and liabilities. Murray Goulburn, reeling from an ill-fated Asian expansion, said in August it was considering approaches from suitors who were interested in buying the cooperative as a whole or some of its assets. Rival Bega Cheese Ltd on Thursday said it had pulled out of the race to buy Murray Goublurn, leaving the dairy processor to choose from a string of international investors, including Fonterra and Saputo. MG has reached a position where, as an independent company, its debt was simply too high given the significant milk loss, Chairman John Spark said in Fridays statement. Saputo, which already owns Australias Warrnambool Cheese Butter, said in a statement the buyout will complement its existing Australian portfolio. It will fund the deal with a new bank loan. $1 = 1.3057 Australian dollars Reporting by Christina Martin in Bengaluru; Editing by G Crosse and Grant McCool'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/mg-unit-tr-ma-saputo/corrected-update-1-canadas-saputo-to-buy-aussie-dairy-firm-murray-goulburn-for-488-mln-idUSL4N1N217Q'|'2017-10-27T09:22:00.000+03:00'|7801.0|''|-1.0|'' 7802|'c69d82596ae5ae5e11a62a23e3430973f197bbf2'|'Global Economy: Place your bets for the Brexit rate hike'|'LONDON (Reuters) - To hear some economists talk, the Bank of England is about to make a big mistake - raise interest rates just as the economy heads into what could be a major storm.Euro and Pound banknotes are seen in front of BREXIT letters in this picture illustration taken April 28, 2017. REUTERS/Dado Ruvic/Illustration/Files If all goes as scripted, the bank will hike borrowing costs in the coming week for the first time in more than 10 years. But is the country really ready?The consensus is for rise to 0.5 percent from 0.25 percent.That 0.25 percent was where the BoE put Bank Rate just over a year ago, shortly after British voters elected to leave the European Union. And theres the rub: the uncertainty the vote triggered is still there.A Reuters poll published in the past week showed more than 70 percent of economists believe now is not the time to raise rates -- though slightly more than that said it would happen anyway.BoE Governor Mark Carney has made it clear a hike is in the offing, if not specifically saying at this coming meeting.His concern is that low unemployment means Britains economy has little spare capacity and, accordingly, faces upward inflation pressure. Added to that are moves by other major central banks to rein in loose monetary policy, which could also push inflation higher by weakening the pound further.The U.S. Federal Reserve has raised rates four times since late 2015 and is expected to do so again. The European Central Bank is cutting back on its bond buying, albeit gently.So the BoE needs to concern itself with a pressured pound and high employment driving up inflation that, at 3 percent, is already well above target and the highest in the Group of Seven industrialised nations.But ranged against that is huge political and economic uncertainty over how Britains withdrawal from the EU will play out.Companies are unclear about what to plan for, ranging from little short-term change to a complete revolution in how they do business.Consumers too are wary as, while Britains economy has by no means not gone over a cliff, it has had some wobbles.Retail sales, for example, contracted on a monthly basis in September and were up 1.2 percent year-on-year versus 4.1 percent a year earlier.Preliminary third-quarter growth figures in the past week, meanwhile, were slightly better than expected. But at 1.5 percent year-on-year they are well below pre-Brexit vote levels and significantly lag both the United States and the euro zone.This had prompted some economists to suggest Carney and the BoE are about to do a Trichet -- mirroring then-ECB president Jean-Claude Trichets raising of rates in 2008 just as the financial crisis was hitting.Former BoE policymaker Danny Blanchflower - who voted against the BoEs last hike in 2007, and has been regularly critical of suggestions to tighten policy since - has been scathing about the idea of a UK hike now.Nothing in data whatsoever says there should be a rate rise, he tweeted.(NOT) RISING SUN The BoE is not the only central bank discussing policy. The Bank of Japan will announce its decisions on Tuesday.Deflation -- Japans biggest economic problem for much of the past 20 years -- is over, but inflation is far from entrenched, limping along at just 0.7 percent year-on-year.The economy too is somewhat off the pace, with the International Monetary Fund predicting 1.5 percent growth this year, though that is an improvement from 2016.The biggest issue among economists with regard to the BoJ is whether it should reveal its plans to exit its ultra-loose monetary policy.We are anticipating few major changes in monetary policy, Katsunori Kitakura, lead strategist at SuMi TRUST, wrote in a note. The medium-term outlook for the Japanese economy is largely unchanged since the last policy meeting so the BoJ is likely to maintain the status quo.Underlining this, Reuters polls suggest the BoJ wont start rolling back its monetary stimulus until late next year at the earliest -- the sort of unclouded policy outlook that the BoEs Carney might arguably have cause to envy before the week is out.Reporting by Jeremy Gaunt; editing by John Stonestreet '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-economy-outlook/global-economy-place-your-bets-for-the-brexit-rate-hike-idINKBN1CW1RJ'|'2017-10-27T15:58:00.000+03:00'|7802.0|''|-1.0|'' 7803|'e621406b7c825dfba0d77cda76f3564ebbee0578'|'UPDATE 1-Norwegian Air CEO interested in collapsed Monarch''s airport slots'|'October 12, 2017 / 5:18 PM / Updated 14 minutes ago UPDATE 1-Norwegian Air CEO interested in collapsed Monarch''s airport slots Reuters Staff 2 Min Read (Adds comments on Monarch, Argentina) LONDON, Oct 12 (Reuters) - Budget carrier Norwegian Air Shuttle is interested in slots made available by the collapse of British holiday airline Monarch, its chief executive told Reuters, but said the process is unclear. Monarch collapsed earlier this month, stranding thousands of people, and sparking speculation about what will happen to the take-off and landing slots it occupied at airports such as London Gatwick and Luton. We could very well use the slots, but its not that easy to actually transfer slots, Norwegian Air CEO Bjorn Kjos told Reuters on the sidelines of the CAPA Global Summit. Monarch administrators KPMG are hoping they can raise funds from the sale of the slots and have said they believe they have the right to sell them. It depends on the price. Its always depending on the price. But normally, its not that easy to sell slots, Kjos said. Norwegian has expanded rapidly in recent years and is shaking up the transatlantic market by offering low-cost long-haul flights. It last month agreed a partnership deal with easyJet that it hopes will boost ticket sales on long-haul routes. Norwegian is also looking to expand in Argentina and has applied to operate routes, but seems unlikely to get approval to start flights this year, as planned. We are optimistic about the concession. I think they are in the process of approving them, Kjos said, saying it expected it would take weeks, rather than months or years to get approval. He said Norwegian might able to start some flights at the end of the summer season in the southern hemisphere, which is just starting now. He added though it might be more prudent to wait until the start of next summer to ramp up, because that is when demand would be higher. (Reporting by Alistair Smout and Victoria Bryan; Editing by Christoph Steitz and David Evans) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/airlines-europe-norweg-air-shut/update-1-norwegian-air-ceo-interested-in-collapsed-monarchs-airport-slots-idUSL8N1MN5Z3'|'2017-10-12T20:19:00.000+03:00'|7803.0|''|-1.0|'' @@ -7809,14 +7809,14 @@ 7807|'42676d0a7196fc499c2a73c8bcdcb42a9548db1f'|'UPDATE 1-Linde sales slip as U.S. healthcare struggles'|'* EBITDA up 3 pct to 1.03 bln eur* Merger still seen completing in H2 2018* Shares up 2.4 percent, at top of DAX (Adds shares, CEO and analyst Quote: s, details)By Georgina Prodhan and Alexander HbnerLONDON/MUNICH, Oct 27 (Reuters) - German industrial gases maker Linde reported a 3 percent rise third-quarter core profit helped by cost cuts ahead of its planned $80 billion merger with U.S. peer Praxair.Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 1.03 billion euros ($1.2 billion), Munich-based Linde said on Friday, versus the 1.02 billion expected by analysts in a Reuters poll.Linde, which supplies gases for refrigeration, air separation and medical treatments, said its all-share merger with Praxair remained on track for the second half of 2018.Its shares were up 2.4 percent in early trading, topping the German blue-chip DAX index which was up 0.4 percent.There were positive trends in revenue and earnings in the first nine months of 2017 and we are also right on track with our efficiency programme, Chief Executive Aldo Belloni said in a statement.Linde this week extended the acceptance period for conversion of its shares into shares of the new merged company by two weeks until Nov. 7, and lowered the minimum acceptance level to 60 percent from 75 percent.It aims to reach 74 percent acceptance by Nov. 24, otherwise benefits for the tax inversion following the merger will not happen and the deal is likely to be called off.As of Tuesday, 64.5 percent of its shares had been tendered for exchange.Linde will hold a news conference at 0800 GMT and a call with analysts at 1200 GMT.Linde presented good Q3 numbers. We hope to get an update on the running (prolonged) tendering process in todays CC at 2:00 pm CET, Baader analyst Markus Mayer wrote in a note, keeping his buy recommendation on the stock.The merger with Praxair, which would reunite a group split during World War One when Linde was shut out of the United States, would create a global leader that would overtake Frances Air Liquide.Air Liquide reported this month that quarterly sales at its biggest division, gas and services, grew by 4 percent - their fastest pace in 18 months - mainly driven by China.Lindes third-quarter sales slipped 1 percent due to price pressure in competitive government tenders at its U.S. healthcare business.Its operating margin rose to 28.3 from 27.2 percent at its main gases division and to 9.2 from 8.7 percent at the smaller engineering business.It cut 103 million euros in sales, general and administration costs in the first nine months.Orders jumped 9 percent at its plant-engineering business, which has suffered from low oil prices that have put customers off investments, as demand increased for liquefied natural gas (LNG) plants.Linde said it had secured anti-trust approval for the Praxair merger from four of the 24 necessary authorities: in Pakistan, Paraguay, Russia and Turkey. The parties concerned are cooperating closely with all the other competition authorities, it said.Reuters reported this week that the companies were preparing to sell assets with core earnings of 650-750 million euros and an enterprise value of about 6.5-7.5 billion.The assets up for sale have combined sales of more than 2.7 billion euros, the bulk of which are in the United States.$1 = 0.8596 euros Reporting by Alexander Huebner; writing by Georgina Prodhan; editing by Maria Sheahan and Jason Neely '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/linde-results/update-1-linde-sales-slip-as-u-s-healthcare-struggles-idINL8N1N211N'|'2017-10-27T04:19:00.000+03:00'|7807.0|''|-1.0|'' 7808|'879417974224d2a3863d5e24c7b6b4a5b64e7b13'|'French group Orange eyes growth from cybersecurity businesses'|' 42 PM / in 16 minutes French group Orange eyes growth from cybersecurity businesses Reuters Staff 1 Min Read The logo of French telecoms group Orange is seen at the entrance of the Cyberdefense division headquarters at Nanterre, France, October 5, 2017. REUTERS/Charles Platiau PARIS (Reuters) - Orange ( ORAN.PA ) expects growth from cybersecurity services and aims to recruit 1,000 staff in this area by 2020, Frances biggest telecoms group said on Thursday. Michel Van Den Berghe, head of the Orange Cyberdefense division, told reporters that Orange aimed to generate 350 million euros (312.25 million) from cybersecurity services by 2020, up from 250 million euros at present. Governments and corporations around the world are looking at ways to better protect themselves against computer hackers amid concerns over electoral campaigns, the day-to-day running of businesses and risks posed to national security. In June, a cyber attack wreaked havoc around the globe, crippling thousands of computers, disrupting operations at ports from Mumbai to Los Angeles and halting production at a chocolate factory in Australia. Reporting by Mathieu Rosemain; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-orange-cyber/french-group-orange-eyes-growth-from-cybersecurity-businesses-idUKKBN1CA0PC'|'2017-10-05T21:39:00.000+03:00'|7808.0|''|-1.0|'' 7809|'b8d652c477f8085becc85e59763dec1dd2e5882a'|'PM Modi targets more energy reforms after meeting oil chiefs'|'India''s Prime Minister Narendra Modi gestures as he addresses a gathering during the groundbreaking ceremony for a high-speed rail project in Ahmedabad, India, September 14, 2017. REUTERS/Amit Dave NEW DELHI (Reuters) - Prime Minister Narendra Modi sees scope for further reform of the countrys energy sector and has received focused suggestions from some of the worlds leading energy companies, the office of the premier said on Monday.Under Modi, the world''s third-biggest oil consumer is trying to use its market size to strike better deals with oil exporters and attract investment into India''s exploration and refining industries. ( reut.rs/2kxQxUi )Executives from companies including Rosneft, BP, Exxon Mobil, Reliance Industries, Saudi Aramco, Royal Dutch Shell, Vedanta, Schlumberger and Halliburton met Modi as the industry gathered in New Delhi for the three-day India Energy Forum, which finishes on Tuesday.Participants appreciated the pace and drive with which Prime Minister Modi has brought about reform in the energy sector, Modis office said in a statement after the meeting.Subjects such as the need for a unified energy policy, contract frameworks and arrangements, requirement of seismic data sets, encouragement for biofuels, improving gas supply, setting up of a gas hub and regulatory issues came up for discussion.The statement said that many suggestions at the last meeting in 2016 have helped guide Indian policy-making and that Modi said he appreciated the focused suggestions made this year and that scope for reform in many areas still exists.Modi was Quote: d as saying he looked forward to various opportunities for cooperation between India and Saudi Arabia, the second biggest oil exporter to the country behind Iraq.State-run Saudi Aramco, which on Sunday launched a new office near New Delhi, is in talks with several Indian refiners for a possible joint venture by next year.Its Chief Executive Amin Nasser told the conference after the Modi meeting that Indias oil demand would double by 2040 to about 10 million barrels per day, making it the worlds largest market for the fuel and a priority for the company.In the meeting, Modi thanked Russian President Vladimir Putin and Rosneft for their support to Indias energy sector. The two leaders were instrumental in helping to seal Rosnefts $12.9 billion acquisition of Indias debt-laden Essar Oil, strengthening ties between the worlds largest oil producer and the fastest-growing fuel consumer.In another vote of confidence for Indias energy sector, BP and Reliance have previously said they would jointly invest $6 billion to boost Indias gas output. A BP executive said on Monday that the company was excited about gas, upstream and digital innovation in India.Alay Patel, a senior analyst with consultancy Wood Mackenzie, the global president of which also met Modi, said that Indias domestic energy production outlook was positive thanks to steps such as a simplified licensing regime and clarity on contracts.But more is needed, said Patel. Allowing marketing and pricing freedom for all gas production, regardless of shore status and contract vintage, would incentivise companies to develop gas in the less explored basins.Reporting by Nidhi Verma, Neha Dasgupta and Promit Mukherjee; Writing by Krishna N. Das; Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-energy-modi/pm-modi-targets-more-energy-reforms-after-meeting-oil-chiefs-idINKBN1CE1B9'|'2017-10-09T14:50:00.000+03:00'|7809.0|''|-1.0|'' -7810|'cce3184be09ede59dc71b392ccd053066f1b09b5'|'Global markets: Asia stocks near decade-high on global equity surge, dollar sags'|'NEW YORK (Reuters) - The U.S. dollar snapped a losing streak on Thursday in the wake of solid U.S. economic data but U.S. Treasury yields dipped and Wall Street stock indexes were largely unchanged as earnings season kicked off with a whimper.While investors cheered a 0.4 percent increase in the U.S. producer price index for final demand last month, inflation concerns were still in focus as U.S. central bankers showed they were taking a more guarded view.Bond traders were waiting on consumer price data due out on Friday for further indications whether inflation is picking up.PPI was a little bit better, but that doesnt really translate well to CPI, said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York. I think for the most part, markets are still waiting for the CPI report tomorrow.Benchmark 10-year notes US10YT=RR last rose 2/32 in price to yield 2.3374 percent, from 2.345 percent late on Wednesday.The 30-year bond US30YT=RR last /32 in price to yield 2.8761 percent, from 2.876 percent late on Wednesday.MSCIs gauge of stock markets across the globe .MIWD PUS gained 0.06 percent, buoyed gains in Asian markets. The index reached a record high, as it has for seven of the past eight trading days.After two days of hitting records, the U.S. benchmark S&P index took a breather as investors were less than impressed with quarterly reports from two major banks, JPMorgan ( JPM.N ) and Citigroup ( C.N ).Scott Clemons, chief investment strategist for Brown Brothers Harriman in New York said that after a long stretch of consecutive highs in the market, with earnings, even if they are slightly disappointing that is an excuse to sell off.The Dow Jones Industrial Average .DJI fell 7.32 points, or 0.03 percent, to 22,865.57, the S&P 500 .SPX lost 1.8 points, or 0.07 percent, to 2,553.44 and the Nasdaq Composite .IXIC added 0.69 points, or 0.01 percent, to 6,604.24.FILE PHOTO: Sheets of former U.S. President Abraham Lincoln on the five-dollar bill currency are inspected through a magnifying glass at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron/File Photo After four straight days of declines, the dollar index, tracking the greenback against a basket of major currencies .DXY, rose 0.15 percent.The euro EUR= was down 0.16 percent to $1.1838, snapping four straight days of gains after rising to its highest since Sept. 25 earlier in the session.The Mexican peso lost 0.30 percent versus the U.S. dollar at 18.76 amid concerns the North American Free Trade Agreement (NAFTA) talks could run aground.The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, October 12, 2017. REUTERS/Staff/Remote Bitcoin smashed through the $5,000 barrier for the first time ever BTC=BTSP , and was last up 8.6 percent on the day.Meanwhile, sterling slipped to a three-day low against the greenback after the European Unions chief negotiator said Brexit talks were at an impasse, ramping up political risks for the currency which is down about 12 percent since last years EU vote.In Asia, MSCIs broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS reached its highest point since late 2007, ending up 0.7 percent on the day.Japan''s Nikkei .N225 rose 0.4 percent, hitting its highest since late 1996. South Korea''s KOSPI .KS11 added 0.55 percent to reach a record high.In commodities, oil prices fell as U.S. fuel inventories rose despite efforts by OPEC to cut production [O/R].U.S. crude CLcv1 fell 1.72 percent to $50.42 per barrel and Brent LCOcv1 was last at $56.00, down 1.65 percent on the day.Spot gold XAU= added 0.1 percent to $1,292.50 an ounce.Reporting by John Geddie and Dhara Ranasinghe in London and Shinichi Saoshiro in Tokyo; Editing by Bernadette Baum'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-global-markets/asia-stocks-near-decade-high-on-global-equity-surge-dollar-sags-idINKBN1CH031'|'2017-10-12T03:56:00.000+03:00'|7810.0|''|-1.0|'' +7810|'cce3184be09ede59dc71b392ccd053066f1b09b5'|'Global markets: Asia stocks near decade-high on global equity surge, dollar sags'|'NEW YORK (Reuters) - The U.S. dollar snapped a losing streak on Thursday in the wake of solid U.S. economic data but U.S. Treasury yields dipped and Wall Street stock indexes were largely unchanged as earnings season kicked off with a whimper.While investors cheered a 0.4 percent increase in the U.S. producer price index for final demand last month, inflation concerns were still in focus as U.S. central bankers showed they were taking a more guarded view.Bond traders were waiting on consumer price data due out on Friday for further indications whether inflation is picking up.PPI was a little bit better, but that doesnt really translate well to CPI, said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York. I think for the most part, markets are still waiting for the CPI report tomorrow.Benchmark 10-year notes US10YT=RR last rose 2/32 in price to yield 2.3374 percent, from 2.345 percent late on Wednesday.The 30-year bond US30YT=RR last /32 in price to yield 2.8761 percent, from 2.876 percent late on Wednesday.MSCIs gauge of stock markets across the globe .MIWD PUS gained 0.06 percent, buoyed gains in Asian markets. The index reached a record high, as it has for seven of the past eight trading days.After two days of hitting records, the U.S. benchmark S&P index took a breather as investors were less than impressed with quarterly reports from two major banks, JPMorgan ( JPM.N ) and Citigroup ( C.N ).Scott Clemons, chief investment strategist for Brown Brothers Harriman in New York said that after a long stretch of consecutive highs in the market, with earnings, even if they are slightly disappointing that is an excuse to sell off.The Dow Jones Industrial Average .DJI fell 7.32 points, or 0.03 percent, to 22,865.57, the S&P 500 .SPX lost 1.8 points, or 0.07 percent, to 2,553.44 and the Nasdaq Composite .IXIC added 0.69 points, or 0.01 percent, to 6,604.24.FILE PHOTO: Sheets of former U.S. President Abraham Lincoln on the five-dollar bill currency are inspected through a magnifying glass at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron/File Photo After four straight days of declines, the dollar index, tracking the greenback against a basket of major currencies .DXY, rose 0.15 percent.The euro EUR= was down 0.16 percent to $1.1838, snapping four straight days of gains after rising to its highest since Sept. 25 earlier in the session.The Mexican peso lost 0.30 percent versus the U.S. dollar at 18.76 amid concerns the North American Free Trade Agreement (NAFTA) talks could run aground.The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, October 12, 2017. REUTERS/Staff/Remote Bitcoin smashed through the $5,000 barrier for the first time ever BTC=BTSP , and was last up 8.6 percent on the day.Meanwhile, sterling slipped to a three-day low against the greenback after the European Unions chief negotiator said Brexit talks were at an impasse, ramping up political risks for the currency which is down about 12 percent since last years EU vote.In Asia, MSCIs broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS reached its highest point since late 2007, ending up 0.7 percent on the day.Japan''s Nikkei .N225 rose 0.4 percent, hitting its highest since late 1996. South Korea''s KOSPI .KS11 added 0.55 percent to reach a record high.In commodities, oil prices fell as U.S. fuel inventories rose despite efforts by OPEC to cut production [O/R].U.S. crude CLcv1 fell 1.72 percent to $50.42 per barrel and Brent LCOcv1 was last at $56.00, down 1.65 percent on the day.Spot gold XAU= added 0.1 percent to $1,292.50 an ounce.Reporting by John Geddie and Dhara Ranasinghe in London and Shinichi Saoshiro in Tokyo; Editing by Bernadette Baum'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-global-markets/asia-stocks-near-decade-high-on-global-equity-surge-dollar-sags-idINKBN1CH031'|'2017-10-12T03:56:00.000+03:00'|7810.0|26.0|0.0|'' 7811|'eb17bcb0e789721777e6371e60bacad70d3c0d77'|'Amazon offered billions in tax breaks for second U.S. headquarters'|' 09 AM / in 5 minutes Amazon offered billions in tax breaks for second U.S. headquarters Reuters Staff 2 Min Read FILE PHOTO: The logo of the web service Amazon is pictured in Mexico City, Mexico on June 8, 2017. REUTERS/Carlos Jasso/Illustration/File Photo - RC1F1E649DB0 (Reuters) - U.S. cities are offering Amazon.com Inc ( AMZN.O ) at least as much as $7 billion in tax breaks ahead of a Thursday deadline as they compete to house its second headquarters. The worlds largest online retailer has won promises from elected officials who are eager for the $5 billion-plus investment and up to 50,000 jobs that will come with Amazon HQ2. New Jersey proposed $7 billion in potential credits against state and city taxes if Amazon locates in Newark and sticks to hiring commitments, according to a Monday news release from the governors office. Across the Hudson River, New York City made a proposal without incentives special for Amazon, though the state is expected to offer some, a spokesman for the citys economic development corporation said on Wednesday. And across the country, California is offering some $300 million in incentives over several years and other benefits, the governor said in an Oct. 11 letter to Amazons Chief Executive Jeff Bezos, published online by the Orange County Register. Dozens of cities and states have expressed interest in HQ2. Credit ratings and research company Moodys has ranked Austin as the most likely to win based on its labor pool, costs of doing business and quality of life, among other criteria. Austin is also the headquarters of Whole Foods Market, which Amazon recently acquired. The citys chamber of commerce said in a Twitter post on Wednesday that it submitted its bid for HQ2. Amazon has said it will announce a decision for its second campus, in addition to its Seattle headquarters, next year. Reporting by Jeffrey Dastin in San Francisco; Editing by Lisa Shumaker 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-amazon-com-headquarters/amazon-offered-billions-in-tax-breaks-for-second-u-s-headquarters-idUKKBN1CO1IP'|'2017-10-19T14:06:00.000+03:00'|7811.0|''|-1.0|'' 7812|'f344d442775f3dd5293cd75a2f4c3b70824e87c2'|'RPT-Wall St Week Ahead-Cyclical sector rally banks on global economic expansion'|'(Repeats Friday story with no changes)By Lewis KrauskopfNEW YORK, Oct 13 (Reuters) - U.S. stock sectors that are particularly dependent on economic growth recently grabbed hold of the markets rally and are poised to keep the reins should further signs of global expansion emerge.Such sectors, including energy, industrials and financials, beat the S&P 500s 1.9 percent gain in September. Those sectors had previously lagged behind the benchmark S&P, which has climbed 14 percent this year while feasting on a steady diet of record highs. Instead, shares of technology and healthcare companies, whose profits are more impervious to economic down cycles, have led 2017s rally.The question for equity investors is now: Was September just a catch-up period for the lagging, cyclical sectors, or can an economic lift support a sustained run?If its just a mean-reversion trade, then its probably going to last another few weeks and then were back to the old winners, said Walter Todd, chief investment officer at Greenwood Capital Associates in Greenwood, South Carolina. If its something more fundamental, it should be longer lasting than that.A test comes next week, as third-quarter corporate earnings season kicks into high gear. Reports from industrial conglomerates General Electric and Honeywell International, railroads CSX Corp and Kansas City Southern and steel company Nucor Corp stand to yield insight into the economys health.Septembers stock action, which also included outsized gains for small-cap stocks, had echoes of the immediate aftermath of President Donald Trumps election in November 2016.The same areas showed strength on hopes that a Republican-led federal government would push through an agenda, including tax cuts and deregulation, that juices economic growth. Those trades faded as Trump struggled to rack up any significant legislative wins.Now, investors say, Septembers stock rally for those groups again stemmed at least in part from policy hopes, as Trump revved up his tax-reform push.In many ways, we began to replicate the market performance following Trumps election, said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.But an improving economic picture in the United States and globally lends confidence for the cyclical sector rally.The Citi economic surprise index for the United States , a measure of economic data that can come in weaker or stronger than forecast, is around a five-month high, with the barometer trending higher since hitting multi-year lows this summer.This week, the International Monetary Fund upgraded its global economic growth forecast for 2017 by 0.1 percentage point to 3.6 percent, and to 3.7 percent for 2018, from its April and July outlook, driven by a pickup in trade, investment, and consumer confidence.The U.S. Commerce Department last month revised its estimate for second-quarter gross domestic product growth to 3.1 percent, up from 3 percent.Weve just had better data, said Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis, who also points to indicators such as firming industrial commodity and oil prices and a rise in the Baltic Exchanges main sea freight index.Those things are all kind of reflecting a realism of economic momentum, not just a one-off, Trump pie-in-the-sky expectation about policy change, Paulsen said.Bets seemed to build on the cyclical sectors in the first week of October, which saw flows into the largest sector exchange-traded funds for financials, industrials and energy, and outflows for technology and healthcare, according to Lipper data.There is some momentum developing in these underperforming sectors, said Anthony Saglimbene, global market strategist at Ameriprise in Troy, Michigan.Earnings results could sway that momentum. Technology, which has gained 29 percent this year, topping all sectors, is expected to post a 12.2 percent increase in third-quarter profits, more than twice the expected rise for cyclical groups such as industrials and materials.Kate Warne, investment strategist at Edward Jones in St. Louis, said global growth hasnt been strong enough for investors to feel comfortable that we will continue to see the earnings delivered by those companies in the way that tech and healthcare have consistently delivered stronger earnings.For the cyclicals to continue to outperform, we have got to see signs that economic growth globally is accelerating, even compared to what we have seen so far this year, Warne said. (Reporting by Lewis Krauskopf; Editing by Jennifer Ablan and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-stocks-weekahead/rpt-wall-st-week-ahead-cyclical-sector-rally-banks-on-global-economic-expansion-idINL2N1MN1PH'|'2017-10-15T15:00:00.000+03:00'|7812.0|''|-1.0|'' 7813|'f97a2ae0c8d69b545efa7a8c68cd06cece2f44fe'|'Microsoft responded quietly after detecting secret database hack in 2013'|'October 17, 2017 / 5:06 AM / Updated 9 hours ago Microsoft responded quietly after detecting secret database hack in 2013 Joseph Menn 8 Min Read FILE PHOTO: An promotional video plays behind a window reflecting a nearby building at the Microsoft office in Cambridge, Massachusetts, U.S. on May 15, 2017. REUTERS/Brian Snyder/File Photo (Reuters) - Microsoft Corps secret internal database for tracking bugs in its own software was broken into by a highly sophisticated hacking group more than four years ago, according to five former employees, in only the second known breach of such a corporate database. The company did not disclose the extent of the attack to the public or its customers after its discovery in 2013, but the five former employees described it to Reuters in separate interviews. Microsoft declined to discuss the incident. The database contained descriptions of critical and unfixed vulnerabilities in some of the most widely used software in the world, including the Windows operating system. Spies for governments around the globe and other hackers covet such information because it shows them how to create tools for electronic break-ins. The Microsoft flaws were fixed likely within months of the hack, according to the former employees. Yet speaking out for the first time, these former employees as well as U.S. officials informed of the breach by Reuters said it alarmed them because the hackers could have used the data at the time to mount attacks elsewhere, spreading their reach into government and corporate networks. Bad guys with inside access to that information would literally have a skeleton key for hundreds of millions of computers around the world, said Eric Rosenbach, who was U.S. deputy assistant secretary of defense for cyber at the time. Companies of all stripes now are ramping up efforts to find and fix bugs in their software amid a wave of damaging hacking attacks. Many firms, including Microsoft, pay security researchers and hackers bounties for information about flaws increasing the flow of bug data and rendering efforts to secure the material more urgent than ever. In an email responding to questions from Reuters, Microsoft said: Our security teams actively monitor cyber threats to help us prioritize and take appropriate action to keep customers protected. Sometime after learning of the attack, Microsoft went back and looked at breaches of other organizations around then, the five ex-employees said. It found no evidence that the stolen information had been used in those breaches. Two current employees said the company stands by that assessment. Three of the former employees assert the study had too little data to be conclusive. Microsoft tightened up security after the breach, the former employees said, walling the database off from the corporate network and requiring two authentications for access. The dangers posed by information on such software vulnerabilities became a matter of broad public debate this year, after a National Security Agency stockpile of hacking tools was stolen, published and then used in the destructive WannaCry attacks against U.K. hospitals and other facilities. After WannaCry, Microsoft President Brad Smith compared the NSAs loss to the the U.S. military having some of its Tomahawk missiles stolen, and cited the damage to civilians that comes from hoarding these vulnerabilities. Only one breach of a big database from a software company has been disclosed. In 2015, the nonprofit Mozilla Foundation - which develops the Firefox web browser - said an attacker had gotten access to a database that included 10 severe and unpatched flaws. One of those flaws was then leveraged in an attack on Firefox users, Mozilla disclosed at the time. In contrast to Microsofts approach, Mozilla provided extensive details of the breach and urged its customers to take action. Mozilla Chief Business and Legal Officer Denelle Dixon said the foundation told the public about what it knew in 2015 not only inform and help protect our users, but also to help ourselves and other companies learn, and finally because openness and transparency are core to our mission. The Microsoft matter should remind companies to treat accurate bug reports as the keys to the kingdom, said Mark Weatherford, who was deputy undersecretary for cybersecurity at the U.S. Department of Homeland Security when Microsoft learned of the breach. FILE PHOTO: An advertisement about the Microsoft Cybercrime Center plays behind a window reflecting a nearby building at the Microsoft office in Cambridge, Massachusetts, U.S. on May 15, 2017. REUTERS/Brian Snyder/File Photo Like the Pentagons Rosenbach, Weatherford said he had not known of the Microsoft attack. Weatherford noted that most companies have strict security procedures around intellectual property and other sensitive corporate information. Your bug repository should be equally important, he said. ALARM SPREADS AFTER INTERNAL PROBE Microsoft discovered the database breach in early 2013 after a highly skilled hacking group broke into computers at a number of major tech companies, including Apple Inc, Facebook Inc and Twitter Inc. The group, variously called Morpho, Butterfly and Wild Neutron by security researchers elsewhere, exploited a flaw in the Java programming language to penetrate employees Apple Macintosh computers and then move to company networks. The group remains active as one of the most proficient and mysterious hacking groups known to be in operation, according to security researchers. Experts cant agree about whether it is backed by a national government, let alone which one. More than a week after stories about the breaches first appeared in 2013, Microsoft published a brief statement that portrayed its own break-in as limited and made no reference to the bug database. As reported by Facebook and Apple, Microsoft can confirm that we also recently experienced a similar security intrusion, the company said on Feb. 22, 2013. We found a small number of computers, including some in our Mac business unit, that were infected by malicious software using techniques similar to those documented by other organizations. We have no evidence of customer data being affected, and our investigation is ongoing. Inside the company, alarm spread as officials realized the database for tracking patches had been compromised, according to the five former security employees. They said the database was poorly protected, with access possible via little more than a password. Concerns that hackers were using stolen bugs to conduct new attacks prompted Microsoft to compare the timing of those breaches with when the flaws had entered the database and when they were patched, according to the five former employees. These people said the study concluded that even though the bugs in the database were used in ensuing hacking attacks, the perpetrators could have gotten the information elsewhere. That finding helped justify Microsofts decision not to disclose the breach, the former employees said, and in many cases patches already had been released to its customers. Three of the five former employees Reuters spoke with said the study could not rule out stolen bugs having been used in follow-on attacks. They absolutely discovered that bugs had been taken, said one. Whether or not those bugs were in use, I dont think they did a very thorough job of discovering. Thats partly because Microsoft relied on automated reports from software crashes to tell when attacks started showing up. The problem with this approach, some security experts say, is that most sophisticated attacks do not cause crashes, and the most targeted machines - such as those with sensitive government information - are the least likely to allow automated reporting. Editing by Jonathan Weber and Edward Tobin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-microsoft-cyber-insight/microsoft-responded-quietly-after-detecting-secret-database-hack-in-2013-idUKKBN1CM0D0'|'2017-10-17T08:04:00.000+03:00'|7813.0|''|-1.0|'' -7814|'e250772d2c35e1ad8c6e5c444166352cb10c980f'|'Liam Fox ridiculed for being only member of new UK board of trade - Business'|'A new board of trade unveiled by the government has been met with derision after it was revealed that the international trade secretary, Liam Fox , is the only official member.Announcing the board on Thursday, the Department for International Trade said it would ensure the benefits of free trade are spread throughout the UK, naming more than a dozen advisers to the body including former ministers and business leaders.However, the DIT announcement said Fox was the only official member of the board and would be its chair. Membership of the board of trade is restricted to privy councillors, the department said. The only member is: (i) secretary of state for Department of International Trade and president of the board of trade (chair).Advisers to the board include Collette Roche, the chief of staff at Manchester airport, the former Labour minister Patricia Hewitt, who was president of the board of trade under Tony Blair, and Ian Curle, the chief executive of the Edrington Group, a Scottish spirits company that produces the whisky brand The Famous Grouse. Tom Brake, the Liberal Democrat Brexit spokesman, said the board was a job-creation scheme for Fox.The secretary of state, no doubt embarrassed by his lack of a real role in government beyond accumulating millions of air miles, has had to invent a grandiose title for himself, he said. It will convince nobody. The signing of the first trade deals are years away, whereas the damage to our existing largest trade deal, with the EU, is happening now.James McGrory, the executive director of the pro-Europe Open Britain campaign, said: I hope that at the inaugural meeting of the new board of trade, Liam Fox managed to have positive and constructive discussions with Liam Fox, after hearing expert analysis by Dr Liam Fox on the impact of Brexit. Britains trade policy is just the sound of one hand clapping. It would be funny in another context, but not when the government is justifying its decision to damage our trade by leaving the customs union on a mirage of future trade deals.A DIT spokesman said it was a technicality that Fox was the sole member of the board, because of a constitutional convention that full membership is only for privy counsellors. That is why we are drawing on prominent figures from business and politics across the country and not just restricting to privy counsellors, as happened in the past, he said.A departmental source said advisers would in effect be members and appointed for a year each, with the option to extend for a further two years.In a statement announcing the board at its first meeting at the Bristol Robotics Laboratory, Fox said advisers would act as the eyes and ears of the modern business community.The board will meet four times a year, which he said would guarantee that all parts of the UK have an opportunity to participate. The cabinets Scotland, Wales and Northern Ireland secretaries are also listed as advisers to the board.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/oct/12/liam-fox-only-official-member-new-uk-board-of-trade'|'2017-10-12T03:00:00.000+03:00'|7814.0|''|-1.0|'' +7814|'e250772d2c35e1ad8c6e5c444166352cb10c980f'|'Liam Fox ridiculed for being only member of new UK board of trade - Business'|'A new board of trade unveiled by the government has been met with derision after it was revealed that the international trade secretary, Liam Fox , is the only official member.Announcing the board on Thursday, the Department for International Trade said it would ensure the benefits of free trade are spread throughout the UK, naming more than a dozen advisers to the body including former ministers and business leaders.However, the DIT announcement said Fox was the only official member of the board and would be its chair. Membership of the board of trade is restricted to privy councillors, the department said. The only member is: (i) secretary of state for Department of International Trade and president of the board of trade (chair).Advisers to the board include Collette Roche, the chief of staff at Manchester airport, the former Labour minister Patricia Hewitt, who was president of the board of trade under Tony Blair, and Ian Curle, the chief executive of the Edrington Group, a Scottish spirits company that produces the whisky brand The Famous Grouse. Tom Brake, the Liberal Democrat Brexit spokesman, said the board was a job-creation scheme for Fox.The secretary of state, no doubt embarrassed by his lack of a real role in government beyond accumulating millions of air miles, has had to invent a grandiose title for himself, he said. It will convince nobody. The signing of the first trade deals are years away, whereas the damage to our existing largest trade deal, with the EU, is happening now.James McGrory, the executive director of the pro-Europe Open Britain campaign, said: I hope that at the inaugural meeting of the new board of trade, Liam Fox managed to have positive and constructive discussions with Liam Fox, after hearing expert analysis by Dr Liam Fox on the impact of Brexit. Britains trade policy is just the sound of one hand clapping. It would be funny in another context, but not when the government is justifying its decision to damage our trade by leaving the customs union on a mirage of future trade deals.A DIT spokesman said it was a technicality that Fox was the sole member of the board, because of a constitutional convention that full membership is only for privy counsellors. That is why we are drawing on prominent figures from business and politics across the country and not just restricting to privy counsellors, as happened in the past, he said.A departmental source said advisers would in effect be members and appointed for a year each, with the option to extend for a further two years.In a statement announcing the board at its first meeting at the Bristol Robotics Laboratory, Fox said advisers would act as the eyes and ears of the modern business community.The board will meet four times a year, which he said would guarantee that all parts of the UK have an opportunity to participate. The cabinets Scotland, Wales and Northern Ireland secretaries are also listed as advisers to the board.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/oct/12/liam-fox-only-official-member-new-uk-board-of-trade'|'2017-10-12T03:00:00.000+03:00'|7814.0|17.0|0.0|'' 7815|'5fdb5c3f9cd77d8610ff2138e39f9e0f9849d8e6'|'Airbus A330neo plane successfully takes off on maiden flight'|'October 19, 2017 / 8:02 AM / Updated an hour ago Airbus A330neo plane successfully takes off on maiden flight Reuters Staff 1 Min Read TOULOUSE, France, Oct 19 (Reuters) - Airbus began the maiden flight of its A330neo jetliner, a plane which is an upgraded version of its profitable A330 family and is designed to sharpen competition with the Boeing 787 Dreamliner. The wide-bodied, long-distance jet took off at just before 0800 GMT under overcast skies. Its maiden flight was watched by top executives from Airbus and Britains Rolls Royce, which supplies the engines. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/airbus-a330neo/airbus-a330neo-plane-successfully-takes-off-on-maiden-flight-idUSP6N1M901L'|'2017-10-19T11:01:00.000+03:00'|7815.0|''|-1.0|'' 7816|'ec5d3047612b600fd2b51ce2a959c7d2f0b47b60'|'Tesla''s seat strategy goes against the grain...for now'|'October 26, 2017 / 5:06 AM / Updated 17 minutes ago Tesla''s seat strategy goes against the grain...for now 7 Min Read SAN FRANCISCO (Reuters) - Elon Musk was fed up. The interior of the Tesla Model 3 sedan is seen in this undated handout image as the car company handed over its first 30 Model 3 vehicles to employee buyers at the company''s Fremont facility in California, U.S., July 28, 2017. Tesla/Handout via REUTERS The seats on Tesla Incs ( TSLA.O ) new Model X SUV were a mess. An outside contractor was having trouble executing the complicated design, spurring frustration and finger-pointing between Tesla and its supplier. How would Tesla ever pull off mass production of the upcoming Model 3, the car intended to catapult the niche automaker into the big leagues, if it could not deliver on something as fundamental as a seat? Musk made a decision: Tesla would build the seats itself. Teslas demanding chief executive vowed years ago to shake up the automotive industry with his line of electric vehicles and a futuristic manufacturing facility in Fremont, Calif. But industry experts say Musks insistence on performing much of the work in-house is among the reasons Tesla is nowhere close to its stated goal of building 500,000 vehicles annually by next year, most of them Model 3s. The automaker this month revealed it built just 260 of the vehicles between July and September, badly missing its target of 1,500 Model 3s in the third quarter. In a statement, Tesla blamed manufacturing bottlenecks. It declined to elaborate, but assured investors there are no fundamental issues with the Model 3 production or supply chain. Tesla has demonstrated a commitment to vertical integration not seen in the auto industry for decades. The company has so far sunk $2 billion into a sprawling Nevada factory to manufacture its vehicles batteries. In-house programmers design the bulk of the complex software that runs the Model 3, which Musk has described as a computer on wheels. Tesla controls its own retail chain, selling its cars directly to customers and bypassing dealers. But it is Teslas 2015 decision to build its own seats that has some industry veterans scratching their heads. Seat making is a low-margin, labor-intensive enterprise that big automakers generally farm out to specialists. Tesla is operating its own seat assembly line inside its factory, and it is hiring engineers and technicians to figure out a way to fully automate the process. Is that really the core competency of an auto company? It is not, said analyst Maryann Keller, who has been tracking the car industry since the early 1970s. Why would you want to do that? Tesla declined requests from Reuters to discuss its seat assembly efforts. The company is expected to reveal more about its production issues on Nov. 1, when it announces third-quarter results. There is no indication that the bottlenecks mentioned previously by the company are associated with seat production. Analyst Keller and others suspect Tesla eventually will be forced to farm out seat assembly to suppliers as the company transitions from a niche producer of pricey, hand-built luxury cars to a mass manufacturer. Seat makers including Germanys ZF Friedrichshafen AG [ZFF.UL], Frances Faurecia SA ( EPED.PA ) and Detroit-based Lear Corp ( LEA.N ) already are trying to win that business. A lot is riding on Teslas ability to scale up operations quickly. Starting at $35,000, the Model 3 is Teslas attempt to bring its electric technology to a wider audience. More than a half-million customers have already put down deposits. Tesla has never turned an annual profit and it is burning through cash. Yet investors are betting big on its future. It is now the second most valuable U.S. automaker, behind only General Motors Co ( GM.N ). Tesla shares on Wednesday closed at $325.84, down 3.4 percent. FROM STOP-GAP TO STRATEGY Musk has defended Teslas hands-on approach as the way to ensure reliability, as well as an opportunity to rethink industry norms. FILE PHOTO: Tesla Chief Executive Elon Musk introduces one of the first Model 3 cars off the Fremont factory''s production line during an event at the company''s facilities in Fremont, California, U.S., July 28, 2017. REUTERS/Alexandria Sage/File Photo It is also a reflection of the entrepreneurs obsession with detail. One of the hardest things to design is a good seat, Musk said at the September 2015 launch of the Model X in Fremont. Problems first surfaced with the flagship Model S sedan in 2012. Musk complained that the seats made by its contract manufacturer, Australia-based Futuris Group, were not comfortable nor of the quality expected for a car whose price tag started at around $57,400, according to a former Tesla executive who described Musks thinking to Reuters. Troubles accelerated with the Model X, leading Tesla to wrest assembly from Futuris just after the vehicles release in late 2015. If seats could be entirely redesigned from the ground up, Musk reasoned, maybe their assembly could be automated in preparation for the high volumes anticipated for the Model 3. He saw the opportunity to do it differently and better, the former Tesla executive said. The short term was a stop gap, but the long-term idea was to rethink the design of how a seat works to include how a seat is built. Slideshow (8 Images) Futuris did not respond to requests for comment. It continues to supply seat parts to Tesla. Detroit-based seating supplier Adient PLC ( ADNT.N ) acquired Futuris for $360 million last month. Meanwhile, Teslas seat woes continue. In all, the automaker has issued four seating-related recalls since 2013. The latest came this month with the recall of 11,000 Model Xs manufactured between Oct. 28, 2016 and Aug. 16, 2017. SUPPLIERS CIRCLING Making car seats is a complex business. Choosing materials, dying and cutting, shaping foam and metal frames, and adding heaters, recliners and other gadgets can involve nearly a dozen suppliers for top models. Final assembly requires lots of labor. Thats why most automakers opted decades ago to outsource seats for their lower-cost models to specialty seatmakers whose market is expected to reach $79 billion by 2022, according to market researcher Lucintel. Although Musks philosophy has always been build it right and then figure out how to get the cost down later, according to the ex-Tesla executive, observers say Tesla can ill afford more production headaches. Philippe Houchois, an auto analyst with the investment bank Jefferies, wrote in a September note to clients that scalability was now the main challenge at Tesla, whose manufacturing prowess is still unproven when it comes to building large numbers of vehicles. We dont think Teslas vertically integrated business model can be scaled up as profitably and quickly as consensus thinks, Houchois wrote. Despite Teslas previous battles with Futuris, seat suppliers smell opportunity. ZF Friedrichshafen and Faurecia have opened Silicon Valley labs, in part to woo Tesla. Lear, which cuts and sews material for Tesla, is likewise pressing to get the automakers seat manufacturing business, according to Matthew Simoncini, the companys chief executive. In general Tesla has a philosophy: Well do it ourselves. Well change the mold,'' Simoncini said. (Outsourcing)is a much more efficient use of capital. That would allow them to focus on what they do best. Reporting By Alexandria Sage; Editing by Peter Henderson and Marla Dickerson'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-tesla-seats/teslas-seat-strategy-goes-against-the-grain-for-now-idUKKBN1CV0DS'|'2017-10-26T08:11:00.000+03:00'|7816.0|''|-1.0|'' -7817|'f2bcbb08aec442449c2ff5aa0a3de43e7102f355'|'Aldermore/FirstRand: unchallenging'|' The UKs challenger banks curry more favour with politicians than patrons. Dishing out new licences to opponents of incumbents deemed too big to fail is one thing. Convincing savers and borrowers to sign up with unfamiliar names is another. An approach for niche lender Aldermore suggests greater scale is needed. South African group FirstRand is mulling a 313p per share cash offer for the Reading based-bank that no one seems minded to oppose. Aldermores shares jumped 19 per cent on the news and the board sounds keen on the 1.1bn valuation. FirstRands addendum that the offer will not rest on unanimous boardroom support looks superfluous. The financial services group has made an astute choice for its first foray into UK banking. Aldermore may be small but its growth has been sure-footed. As the number of buy-to-let landlords has fallen, the lender has skimmed market share from larger rivals. Mortgage lending in the first half of the year rose 9 per cent to 6.2bn. Cheap financing under the Bank of Englands term funding scheme, which ends early next year, has helped to cut cost of funds. If the BoE rethinks heavy capital requirements for small lenders, it has more to gain. There is an obvious link between FirstRands second-hand UK car financier MotoNovo, with its 3bn loan book, and Aldermores 7bn of deposits. And the bid price looks fair at a 63 per cent premium to the banks float price in early 2015. At 1.7 times book, Aldermore is being bought on similar terms as Shawbrook , another challenger bank that agreed to a takeover in July. With two challenger banks taken private so far this year, speculation is hot over who will be next. The government had hoped challenger banks would spark competition for customers, rather than a bidding scramble. But there is a chance the former will be assisted by the latter. Do you want to receive Lex in your inbox? Sign up for the weekly Best of Lex email at ft.com/newsletters . Copyright '|'ft.com'|'http://rss.ft.com/rss/companies/banks'|'https://www.ft.com/content/d0947130-b267-11e7-aa26-bb002965bce8'|'2017-10-16T18:15:00.000+03:00'|7817.0|''|-1.0|'' +7817|'f2bcbb08aec442449c2ff5aa0a3de43e7102f355'|'Aldermore/FirstRand: unchallenging'|' The UKs challenger banks curry more favour with politicians than patrons. Dishing out new licences to opponents of incumbents deemed too big to fail is one thing. Convincing savers and borrowers to sign up with unfamiliar names is another. An approach for niche lender Aldermore suggests greater scale is needed. South African group FirstRand is mulling a 313p per share cash offer for the Reading based-bank that no one seems minded to oppose. Aldermores shares jumped 19 per cent on the news and the board sounds keen on the 1.1bn valuation. FirstRands addendum that the offer will not rest on unanimous boardroom support looks superfluous. The financial services group has made an astute choice for its first foray into UK banking. Aldermore may be small but its growth has been sure-footed. As the number of buy-to-let landlords has fallen, the lender has skimmed market share from larger rivals. Mortgage lending in the first half of the year rose 9 per cent to 6.2bn. Cheap financing under the Bank of Englands term funding scheme, which ends early next year, has helped to cut cost of funds. If the BoE rethinks heavy capital requirements for small lenders, it has more to gain. There is an obvious link between FirstRands second-hand UK car financier MotoNovo, with its 3bn loan book, and Aldermores 7bn of deposits. And the bid price looks fair at a 63 per cent premium to the banks float price in early 2015. At 1.7 times book, Aldermore is being bought on similar terms as Shawbrook , another challenger bank that agreed to a takeover in July. With two challenger banks taken private so far this year, speculation is hot over who will be next. The government had hoped challenger banks would spark competition for customers, rather than a bidding scramble. But there is a chance the former will be assisted by the latter. Do you want to receive Lex in your inbox? Sign up for the weekly Best of Lex email at ft.com/newsletters . Copyright '|'ft.com'|'http://rss.ft.com/rss/companies/banks'|'https://www.ft.com/content/d0947130-b267-11e7-aa26-bb002965bce8'|'2017-10-16T18:15:00.000+03:00'|7817.0|24.0|0.0|'' 7818|'0c972430916e3ea6f6306cebdc8074cd010af785'|'Nike gives upbeat forecast at investor conference, shares rise'|'October 25, 2017 / 8:05 PM / in 22 minutes Nike gives upbeat forecast at investor conference, shares rise Reuters Staff 2 Min Read (Reuters) - Nike Inc ( NKE.N ) said on Wednesday it expects earnings per share to grow in the mid-teens over the next five years, driven by online sales and new product categories, sending its shares up by about three percent. FILE PHOTO: The logo of Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson/File Photo The stock was the top gainer on the Dow on a day when the broader market was down. Nike Chief Executive Mark Parker said at an investor conference that he expects digital revenues to grow from 15 to 30 percent over five years, while revenue growth would be up in the high-single digits over the same period. The company has already set a target of $50 billion in annual sales by 2020. The sports-wear giant said at the conference it expects about 50 percent of its future sales growth to come from new categories and about 75 percent growth from outside the U.S. Nike posted its weakest quarterly sales growth in nearly seven years in September as it fights to retain market share from rivals like Adidas AG ( ADSGn.DE ). Analysts have remained upbeat on the companys plans to invest in a variety of different distribution channels but have cautioned that it may come too late as the company struggles with declining revenue in North America. Reporting by Uday Sampath in Bengaluru'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-nike-outlook/nike-gives-upbeat-forecast-at-investor-conference-shares-rise-idUSKBN1CU2XW'|'2017-10-25T23:03:00.000+03:00'|7818.0|''|-1.0|'' 7819|'0fce684fc086bbcdef9f71d643e8db34cf76c8cb'|'China''s CEFC, Russia''s VTB may close $5 bln loan deal by year-end - source'|' 17 AM / Updated 5 minutes ago China''s CEFC, Russia''s VTB may close $5 bln loan deal by year-end - source MOSCOW (Reuters) - CEFC China Energy is in talks with Russian state bank VTB ( VTBR.MM ) to raise around $5 billion (3.78 billion) in loan to finance acquisition of a stake in Russias largest oil firm Rosneft VTBRT.MM, a banking source familiar with the talks told Reuters. A CEFC logo is seen at CEFC China Energy''s Shanghai headquarter in Shanghai, China September 14, 2016. REUTERS/ Aizhu Chen The source added that VTB and CEFC might close the loan transaction by year-end. Reporting by Andrey Ostroukh; writing by Katya Golubkova; editing by Dmitry Solovyov'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-cefc-rosneft-oil-loans-vtb/chinas-cefc-russias-vtb-may-close-5-bln-loan-deal-by-year-end-source-idUKKBN1CT0WQ'|'2017-10-24T11:16:00.000+03:00'|7819.0|11.0|4.0|'' 7820|'0f6af65aa232bc6ff8af032af79a50a0e727684d'|'Britain''s Lloyds launches 500 million pounds fund for small companies'|'October 23, 2017 / 11:06 PM / Updated 7 hours ago Britain''s Lloyds launches 500 million pounds fund for small companies Reuters Staff 3 Min Read LONDON (Reuters) - Lloyds Banking Group ( LLOY.L ) opened a 500 million pound fund to help British businesses finance equipment on Tuesday, targeting small and medium-sized companies which banks froze out of credit following the financial crisis. FILE PHOTO - A man walks past a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett The bank said the fund will deliver quick access to finance by allowing companies to spread the cost of assets over their lifetime, enabling big investments that dont eat into working capital. The government sees small- and medium-sized companies as key to unlocking higher productivity, which has fallen back to below pre-crisis levels this year, and to the success of the UK economy post-Brexit. These businesses have struggled to invest in the decade since the financial crisis as banks have shied away from lending to smaller businesses. The Lloyds fund will be open to businesses of all sizes, but the bank said it would be of particular benefit to SMEs and mid-market companies in sectors with high and regular requirements for expensive assets, such as manufacturing and agriculture. The bank is trying to boost its support for start-ups, smaller firms and productivity, including by increasing its net lending to SMEs by 2 billion pounds in 2017 - a target it missed last year by around 400 million pounds last year. Out of more than 40 participating banks and building societies, it has drawn by far the most under an extended Bank of England scheme to encourage more lending, with the extension from 2014 until January 2018 focused on boosting lending to SMEs. According to BoE data published in September, Lloyds had drawn 23 billion pounds under the extension followed by Santander, with 3.18 billion pounds. But HSBC ( HSBA.L ) and CYBG ( CYBGC.L ), which do not participate in the BoEs scheme, launched larger funds solely for SMEs this year, worth 10 billion pounds and 6 billion pounds, respectively. A government drive to increase small businesses access to credit has seen improvements, but many still report difficulties. In a survey of over 3,000 SMEs globally, published by American Express ( AXP.N ) in February, 57 percent of UK respondents said they struggled to access the finance needed to grow their business. Reporting by Emma Rumney, editing by Alex Smith and David Evans '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-lloyds-smes/britains-lloyds-launches-500-million-pounds-fund-for-small-companies-idUKKBN1CS2VJ'|'2017-10-24T02:05:00.000+03:00'|7820.0|''|-1.0|'' @@ -7825,7 +7825,7 @@ 7823|'6228c83f46fd48a82ebc73ed266f31b17404454b'|'Factbox - Impact on banks from Britain''s vote to leave the EU'|'October 5, 2017 / 11:23 AM / in 6 hours Factbox - Impact on banks from Britain''s vote to leave the EU Reuters Staff 13 Min Read FILE PHOTO - A security camera is seen near a Barclay bank office at Canary Wharf in London, Britain May 19, 2015. REUTERS/Suzanne Plunkett (Reuters) - Global banks have said they could move thousands of jobs out of Britain to prepare for the countrys planned exit from the European Union. Financial service companies need a regulated subsidiary in an EU country to offer products across the bloc, which could prompt some to move some operations out of Britain if it loses access to the European single market. Around 10,000 finance jobs will be shifted out of Britain or created overseas in the next few years if the UK is denied access to the single market, a Reuters survey of firms employing the bulk of workers in international finance shows. Following are related stories about top banks (in alphabetical order): ASSOCIATION OF FOREIGN BANKS IN GERMANY The association expects 3,000 to 5,000 new jobs in Frankfurt over the next two years as a result of Brexit, its head Stefan Winter, of UBS, told Welt am Sonntag in June. He said he expected 12 to 14 major banks to expand their Frankfurt sites significantly or build new ones. BANK OF AMERICA CORP Bank of America ( BAC.N ) named former CFO Bruce Thompson as the new leader of its European global banking and markets operations to be based in Dublin, according to a company memo from Chief Operating Officer Tom Montag. Bank of America is looking to lease more office space in Paris as the bank prepares to expand its operations in the French capital to cope with the impact of Brexit, according to two sources familiar with the matter. The bank has already said it has picked Dublin as the new legal headquarters for its EU operations. Bank of America said in August that its businesses and results could be adversely affected and it may have to incur additional costs if Brexit limited the ability of its UK entities to conduct business in the EU. BARCLAYS Barclays ( BARC.L ) has signed a lease agreement for more office space in Dublin as it prepares to expand its operations there to cope with the impact of Brexit. It said in July that it was talking with Irish regulators about extending its activities in Dublin. Chief Executive Jes Staley has said that Barclays will keep the bulk of its activities in Britain and any changes to how the bank operates would be small and manageable. BNP PARIBAS BNP Paribas ( BNPP.PA ) may move up to 300 London investment bank staff because of Brexit, depending how clients adapt and the French banks efforts to win new UK business, a source said. The company had 3,123 staff in its corporate and institutional bank in Britain at end-2016, down from 3,294 a year earlier, internal documents seen by Reuters showed. CITIGROUP Citigroup ( C.N ) is applying for a licence to conduct sales and trading activities in France, James Cowles, Citis chief executive for Europe, the Middle East & Africa (EMEA) told a French newspaper. Citigroup has said it may need to create 150 new jobs in the EU and confirmed it would headquarter its EU trading operations in Frankfurt. The U.S. bank is also at an advanced stage in plans to move part of its private banking unit from London to Madrid, a source familiar with the matter said. CREDIT AGRICOLE Credit Agricole ( CAGR.PA ), Frances third-biggest listed bank, could relocate about 100 employees from its London hub to France out of 1,000 based there in the case of a hard Brexit, its chief executive said. Credit Agricole is to move its European government bonds trading platform from London to Paris in September 2017, a spokeswoman told Reuters. CREDIT SUISSE Credit Suisses ( CSGN.S ) Chief Executive Tidjane Thiam said in September that his bank is relatively well placed to deal with Brexit and that only 15-20 percent of volumes in the investment bank would be affected. DAIWA SECURITIES GROUP Japans No. 2 brokerage Daiwa Securities Group ( 8601.T ) said it will set up a subsidiary in Frankfurt, making it one of the first banks to publicly choose Germany to keep a foothold in the EU. The group has said it would still keep staff in London even after Brexit. It has 450 staff working in the EU now, mostly in the British capital. The German city is Daiwas favoured destination, as London-based staff can easily be transferred to its investment banking branch in Frankfurt, Chief Executive Seiji Nakata said. DEUTSCHE BANK Deutsche Bank ( DBKGn.DE ) is beefing up its presence in Frankfurt. Chief Executive John Cryan said the German lender expected to add new jobs in Frankfurt, where it will replicate a structure that is interchangeable with its London operations and evolve as Brexit negotiations unfold. Deutsche Bank warned in April that up to 4,000 UK jobs could be moved to Frankfurt and other EU locations - the highest potential move of any bank. European supervisors want Deutsche Bank to prepare a fallback plan, laying out how it could shift the clearing of trades from London, one person told Reuters. Deutsche Bank is uncomfortable with the uncertainty over regulations following Brexit, a senior official at Germanys biggest bank said. EUROCLEAR Settlement bank Euroclear is looking at setting up a branch or subsidiary to provide a route between its UK and Irish markets, the head of its UK and Irish operation said. FRENCH BANKING FEDERATION French banks could shift about 1,000 jobs from London to Paris to keep staff in the EU, the French Banking Federation said. GOLDMAN SACHS U.S. bank Goldman Sachs ( GS.N ) is considering moving up to 1,000 staff to Frankfurt because of concerns over Brexit, Handelsblatt reported in January. Goldman will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans, the CEO of its European arm said in March. Wolfgang Fink, co-chief of Goldman Sachs in Germany, said in Septemebr it may triple or quadruple its presence in Frankfurt. The bank has since agreed to lease office space at a new building in Frankfurt as it prepares for Brexit, a spokesman for the bank said on Oct. 4. HSBC HSBC ( HSBA.L ) could spend up to $300 million moving jobs and parts of its business to Paris, CEO Stuart Gulliver said. The estimate includes the costs of relocating up to 1,000 jobs to the French capital and associated legal fees. FILE PHOTO - A man is seen in silhouette as he walks behind the logo of BNP Paribas in a building in Issy-les-Moulineaux, near Paris, France, April 5, 2017. REUTERS/Gonzalo Fuentes INVESTEC Investec ( INVP.L ) ( INLJ.J ) is considering converting its London banks Dublin branch into a subsidiary to ensure it has continued access to the European single market, Chief Executive Stephen Koseff told The Telegraph in May. However, the Anglo-South African lender and asset manager would see only a small part of its business affected by Brexit, the newspaper quoted Koseff as saying. ( bit.ly/2qywZzY ) JPMORGAN JPMorgan Chase ( JPM.N ), the biggest U.S. bank by assets, said in July that the bank would probably use Frankfurt as the legal domicile of its European operations after Brexit, though jobs could be moved elsewhere as well. The U.S. bank has also agreed to buy a Dublin building with room for 1,000 staff in the first sign of a financial services company expanding significantly in Ireland since the government began a major campaign to attract businesses after Brexit. However, the bank, which employs about 500 people in Dublin, did not say how many jobs would be created or whether any positions would be moved from the United Kingdom. JPMorgan has chosen Warsaw to host a new global operations centre that will employ several thousand people over the next few years, Polish Deputy Prime Minister Mateusz Morawiecki said. U.S. bank JPMorgan Chase JPM.N plans to hire more than 3,000 people in its new global operations centre in the next three years, the Polish Development Ministry said in September, though the moves are not directly linked to Brexit. JULIUS BAER Julius Baer, Switzerlands third-biggest private bank, is moving its European hub from Frankfurt to Luxembourg but will continue to keep its options open in London, chief executive Boris Collardi has said. Brexit opens the door for a UK-Swiss deal covering financial services, said Collardi. Julius Baer is opening three new UK offices as it looks to the bank for wealthy residents spooked by Brexit. LLOYDS BANKING GROUP Lloyds Banking Group ( LLOY.L ), Britains largest mortgage lender and the only major British retail bank without a subsidiary in another EU country, is close to selecting Berlin as a European base to secure EU market access. MORGAN STANLEY Slideshow (2 Images) Morgan Stanley ( MS.N ) has chosen Frankfurt to be a new base for its EU operations, a source familiar with the matter said. That means 200 new people will be coming to Frankfurt, the source said. Morgan Stanley has identified many of the roles that will need to be moved from Britain, sources involved in the processes said. The U.S. bank, which bases the bulk of its European staff in Britain, will have to move up to 1,000 jobs in sales and trading, risk management, legal and compliance, as well as slimming the back office in favour of locations overseas, one source told Reuters. Morgan Stanley could initially shift 300 staff from Britain after its EU exit and is scouting for office space in Frankfurt and Dublin, Bloomberg News reported in February. The bank plans to double the number of its bankers in Frankfurt to 400, Welt am Sonntag reported in June. MIZUHO Japans Mizuho Financial Group ( 8411.T ) said it would set up a subsidiary in Frankfurt, the latest Japanese bank to choose the German city as its new base in the European Union as Britain prepares to leave the bloc. MITSUBISHI UFJ FINANCIAL GROUP Japans Mitsubishi UFJ Financial Group Inc ( 8306.T ) said in September that it has picked Amsterdam as its EU investment banking base. NOMURA Nomura Holdings Inc ( 8604.T ) is applying for a licence to operate a new entity in Frankfurt. NORTHERN TRUST Asset management company Northern Trust ( NTRS.O ) has said it will set up an EU banking base in Luxembourg. Around a third of Northern Trusts institutional clients have asked it to ringfence British exposure from their broader European portfolios to protect them from Brexit-related risks. RBS Royal Bank of Scotland ( RBS.L ) said it may move up to around 150 jobs to Amsterdam after Brexit. RBS also said it was in talks with the Dutch central bank to use a licence it has in the Netherlands to conduct some Natwest Markets business there if it becomes necessary. RBS Chief Executive Ross McEwan said the bank will enact its Brexit plans by the end of March 2018 if no clarity emerges about Britains ability to retain access to the single market. SOCIETE GENERALE Societe Generale ( SOGN.PA ) could move 400 corporate and investment banking jobs from London, with most going to Paris, Chief Executive Frederic Oudea said in July. Oudea said the possible move of jobs after Brexit would affect 300-400 investment banking jobs out of 2,000 it has overall for that business in London. STANDARD CHARTERED Standard Chartered will need to spend around $20 million making Frankfurt its European base in order to secure market access to the European Union when Britain leaves the bloc, Chief Executive Bill Winters told Reuters in August. SUMITOMO MITSUI FINANCIAL Sumitomo Mitsui Financial Group Inc ( 8316.T ) said its core banking unit, Sumitomo Mitsui Banking Corp (SMBC), has decided to set up a subsidiary in Frankfurt. TD SECURITIES TD Securities, the investment banking arm of Toronto-Dominion Bank Group ( TD.TO ), said it would expand operations in Dublin to bolster its European business in response to uncertainty triggered by Brexit. UBS UBS ( UBSG.S ) is weighing up whether to move banking jobs in London to Frankfurt, Madrid or Amsterdam to cope with Britains planned EU departure, Chief Executive Sergio Ermotti said in July. The bank has estimated that it would need to move 1,500 people from London to the EU to retain full passporting rights, according to Chairman Axel Weber. That would be more than a quarter of its 5,500 staff in London. The worlds biggest wealth manager has also set up a bank in Frankfurt to consolidate most of its European wealth management operations. Compiled by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by Rachel Armstrong, Alexander Smith, Greg Mahlich '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-banks-factbox/factbox-impact-on-banks-from-britains-vote-to-leave-the-eu-idUKKBN1CA16I'|'2017-10-05T14:23:00.000+03:00'|7823.0|''|-1.0|'' 7824|'8bac1fddff41708992593c88d11d3573100a0402'|'AIA Group''s new business climbs 20 percent helped by China, Hong Kong'|'Reuters TV United States October 19, 2017 / 11:54 PM / in 3 minutes AIA Group''s new business climbs 20 percent helped by China, Hong Kong Reuters Staff 2 Min Read FILE PHOTO: The logo of AIA is displayed at its office in Hong Kong, China February 24, 2017. REUTERS/Bobby Yip/File Photo (Reuters) - AIA Group Ltd ( 1299.HK ), the worlds third-largest life insurer by market value, clocked a 20 percent increase in new business in the third quarter aided by strong sales in its main markets of China and Hong Kong. China and Hong Kong together account for about half of new business growth globally at AIA, originally founded in Shanghai nearly 100 years ago and the first foreign insurer to be granted a license in China. AIA said the value of new business, which measures expected profits from new premiums and is a key gauge for future growth, rose to $824 million in the quarter, just ahead of an average estimate of $813 million from three analysts polled by Thomson Reuters I/B/E/S. Shares in AIA were, however, down 2.3 percent in Hong Kong morning trade, bucking the broader rising market. The stock has gained as much as 32 percent in the last three quarters. FILE PHOTO: A ferry sails at Victoria Harbour in front of the financial Central district, featuring AIA Central (C) and Cheung Kong Center behind it, in Hong Kong, China February 17, 2016. REUTERS/Bobby Yip/File Photo The Hong Kong insurer last month agreed to buy the insurance unit of Commonwealth Bank of Australia ( CBA.AX ) for $3.1 billion, in the biggest Asian buyout of an Australian financial firm. The acquisition will help AIA, which had free surplus cash of nearly $11 billion as of end May, diversify its main markets with Hong Kong and China together accounting for about half of new business growth now at the insurer. The insurers regional business presence also includes Thailand Singapore, Malaysia and South Korea. AIA, which listed in Hong Kong in 2010 after a spin-off from bailed-out U.S. insurer AIG, said China continued to be the insurers fastest growing business in the third quarter while Hong Kong delivered double-digit new business growth. Asia is a battleground for insurers such as AIA, Sun Life Financial ( SLF.TO ) and a host of local players attracted by the regions lower insurance penetration levels and faster growth rates for insurance premiums than in the Western markets. Reporting by Shashwat Pradhan in Bengaluru and Sumeet Chatterjee in Hong Kong; Editing by Stephen Coates and Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-aia-results/aia-groups-new-business-climbs-20-percent-idUKKBN1CO3BR'|'2017-10-20T05:16:00.000+03:00'|7824.0|''|-1.0|'' 7825|'7181340f23f50931fd5b0709c04580f47b06587f'|'Exclusive - Chad wants to cut off Glencore''s oil supplies in debt row'|' 39 PM / Updated 23 minutes ago Exclusive - Chad wants to cut off Glencore''s oil supplies in debt row Madjiasra Nako , Julia Payne 4 Min Read NDJAMENA/LONDON (Reuters) - Chad is on a collision course with top creditor Glencore ( GLEN.L ) as it wants to divert oil from the Swiss trading house to U.S. energy company ExxonMobil ( XOM.N ) from the new year amid a dispute over debt restructuring. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo A government document showed that Chad wants to hand over crude oil marketing rights currently held by Glencore under a $1.4 billion (1.06 billion) loan agreement to Exxon, the biggest oil producer in the Central African country. Three government and industry sources confirmed the details. Sources close to Glencore say they believe the contract does not allow such a change. Under pressure from the International Monetary Fund, Chad is renegotiating its hefty external commercial debt, namely to Glencore, which eats up nearly all of its oil profits - the countrys main source of revenue. The near $1.4 billion debt to Glencore is being restructured for a second time since the 2014 oil price crash, in a move expected to be completed by the year-end or early next year. Weighed down by drought, a refugee crisis and militant group Boko Haram, the government has become frustrated with Glencore and its handling of the debt restructuring, sources in the administration say. Since 2014, Exxon has been paying royalties to the government in physical crude cargoes that were subsequently allocated by state firm SHT to Glencore. But this process will end in early January as the government has asked Exxon to pay royalties in cash instead, according to a letter from the company dating from mid-October. In this context, we wish to levy in cash, and not in kind, the royalties due by the Consortium on January 2, 2018, the letter stated. The change will see Exxon replace Glencore as the marketer of the royalty oil. Spokesmen for ExxonMobil and Glencore declined to comment. Chads finance ministry did not respond immediately to requests for comment. Exxon operates the Doba consortium, the biggest producing group in the country at around 63,000 barrels per day (bpd) out of Chads 131,000 bpd in 2017, government data showed. Cash-strapped Chad has received loans from the IMF, World Bank and African Development Bank among other entities, with another $12.9 billion of pledged funding as of September from public and private donors for its 2017-2021 national development plan. A sticking point, a banking source said, was a request from Chad for another grace period on principal repayment that Glencore had so far refused. Chad previously had a grace period in 2016, after Brent oil futures LCOc1 hit their lowest level since the end of 2003. Glencore does not want to hear about a restructuring, a government source said. This is why we have decided to take the marketing of our oil away from them. A source close to Glencore said the development would represent a clear and serious breach of the agreement. Glencore is in the middle of negotiations and is optimistic about a restructuring, the source said. Additional reporting by Dmitry Zhdannikov in London, Ernest Scheyder in Houston and Aaron Ross in Dakar; Editing by Dale Hudson'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-glencore-chad-oil/exclusive-chad-wants-to-cut-off-glencores-oil-supplies-in-debt-row-idUKKBN1CZ1T1'|'2017-10-30T16:38:00.000+02:00'|7825.0|''|-1.0|'' -7826|'0e194dbc27394cefb868abb4a54f8401d044f002'|'Domino''s German JV to buy independent chain Hallo Pizza'|' 36 AM / in 32 minutes Domino''s German JV to buy independent chain Hallo Pizza Reuters Staff 1 Min Read The Domino''s logo is seen in Golden, Colorado United States July 25, 2017. REUTERS/Rick Wilking (Reuters) - Dominos Pizza Group Plc ( DOM.L ) said its German joint venture, in which it owns a third of the stake, would buy Germanys largest independent pizza chain, Hallo Pizza, to expand its business in the country. Dominos Pizza, a master franchisee of U.S.-based Dominos Pizza Inc ( DPZ.N ), said the deal worth 32 million euros ($37.8 million) on a cash-and-debt-free basis, would add Hallos 170 stores to its business. The transaction is expected to close in the first quarter of 2018, Britains biggest pizza delivery firm said on Thursday. ($1 = 0.8472 euros) Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-dominos-piza-grp-deals-hallo-pizza/dominos-german-jv-to-buy-independent-chain-hallo-pizza-idUKKBN1CO0NB'|'2017-10-19T09:36:00.000+03:00'|7826.0|''|-1.0|'' +7826|'0e194dbc27394cefb868abb4a54f8401d044f002'|'Domino''s German JV to buy independent chain Hallo Pizza'|' 36 AM / in 32 minutes Domino''s German JV to buy independent chain Hallo Pizza Reuters Staff 1 Min Read The Domino''s logo is seen in Golden, Colorado United States July 25, 2017. REUTERS/Rick Wilking (Reuters) - Dominos Pizza Group Plc ( DOM.L ) said its German joint venture, in which it owns a third of the stake, would buy Germanys largest independent pizza chain, Hallo Pizza, to expand its business in the country. Dominos Pizza, a master franchisee of U.S.-based Dominos Pizza Inc ( DPZ.N ), said the deal worth 32 million euros ($37.8 million) on a cash-and-debt-free basis, would add Hallos 170 stores to its business. The transaction is expected to close in the first quarter of 2018, Britains biggest pizza delivery firm said on Thursday. ($1 = 0.8472 euros) Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-dominos-piza-grp-deals-hallo-pizza/dominos-german-jv-to-buy-independent-chain-hallo-pizza-idUKKBN1CO0NB'|'2017-10-19T09:36:00.000+03:00'|7826.0|28.0|2.0|'' 7827|'842dc29cc98cb462921d4743d5e73a627d38d7ac'|'Canada''s finmin says will adopt blind trust, divest assets'|' 57 PM / Updated 8 minutes ago Canada''s finmin says will adopt blind trust, divest assets Reuters Staff 1 Min Read OTTAWA, Oct 19 (Reuters) - Canadian Finance Minister Bill Morneau said on Thursday he has told the federal ethics watchdog he will place his assets in a blind trust and work to divest his holdings in Morneau Shepell Inc amid allegations he had a conflict of interest. Questions about the assets and holdings of Morneau, the multimillionaire former chief executive officer of human resources management firm Morneau Shepell, have dogged the finance minister for days, despite his repeated assurance that he had followed ethics rules to guard against any conflict of interest. Morneau also said he would announce the date of his fall fiscal update later on Thursday. (Reporting by Andrea Hopkins; Editing by Chizu Nomiyama) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-politics-finmin/canadas-finmin-says-will-adopt-blind-trust-divest-assets-idUSO8N1G600Y'|'2017-10-19T20:57:00.000+03:00'|7827.0|''|-1.0|'' 7828|'fcc26130a2c18c2ccadddb07c24511f10fbcfb1f'|'Chinese construction group to buy Canada''s Aecon'|'(Reuters) - Chinas CCCC International Holding Ltd will buy Canadian construction company Aecon Group Inc ( ARE.TO ) for C$1.51 billion ($1.18 billion), including debt, in a deal that would require Canadian government approval.Shares in Aecon, which helped build Torontos iconic CN Tower and the Vancouver Sky Train, surged 20 percent to C$19.82 on the news, but traded below CCCIs C$20.37 per shareoffer price.CCCI, the overseas investment and financing arm of engineering and construction company China Communications Construction Company Ltd (CCCC), is paying 42 percent premium to Aecons share price on Aug. 24, a day before the Canadian company said it had engaged two financial advisers to explore a potential sale.CCCC is a publicly traded company in Hong Kong ( 1800.HK ) and in Shanghai ( 601800.SH ) and has more 118,000 employees. In 2015, CCCI acquired Australia engineering firm John Holland.Chinas acquisition of Canadian targets hit an annual record of $21.2 billion in 2012, helped by state-owned oil firm CNOOCs ( 0883.HK ) purchase of Nexen Energy for $17.9 billion that year, according to Thomson Reuters data.Since then, Chinese acquisition of Canadian companies has slowed after some members of the then-governing Conservative Party had misgivings about the CNOOC-Nexen deal. The government then said the CNOOC-Nexen was the last deal of its kind that it would approve, drawing a line in the sand against state-controlled companies taking any further majority stakes in the oil sands.While Aecon does not operate in a sensitive sector, the deal needs regulatory approvals under the Investment Canada Act, the Canadian Competition Act and from relevant authorities in China, the companies said.CCCI has agreed to keep Aecon headquartered in Canada and retention of Aecons Canada-based employees.The deal is expected to close in the first quarter of 2018, which would rank as the ninth biggest Chinese acquisition of a Canadian company, the data showed.The transaction will help Aecon get access to capital to take up more larger and complex projects in Canada, the company said.CCCI has developed several large and medium-sized ports and navigation channels along Chinas coast and inland rivers and has actively participated in and competed for projects under external assistance and the international contracting projects.BMO Capital Markets and TD Securities are acting as joint financial advisors to Aecon. Barclays is acting as financial advisor to CCCI.($1 = C$1.28) Reporting by Nivedita Bhattacharjee and Diptendu Lahiri in Bengaluru; Additional reporting by Denny Thomas in Toronto; Editing by Savio D''Souza and Marguerita Choy '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-aecon-group-m-a-ccci/canadas-aecon-group-to-be-sold-to-chinas-ccci-idINKBN1CV1DS'|'2017-10-26T08:32:00.000+03:00'|7828.0|''|-1.0|'' 7829|'5a5d54b318989a4bc8f6663ccf5cfecb79cf85a2'|'CANADA STOCKS-TSX turns positive shortly after open'|' 47 CANADA STOCKS-TSX turns positive shortly after open Reuters Staff 1 Min Read TORONTO, Oct 19 (Reuters) - Canadas main stock index turned positive shortly after the open on Thursday as energy stocks reversed opening losses, while financial stocks and Teck Resources led declines. The Toronto Stock Exchanges S&P/TSX composite index rose 2.08 points, or 0.01 percent, to 15,784.24. Half of the indexs 10 key sectors advanced. Reporting by Solarina Ho; Editing by Chizu Nomiyama 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-open/canada-stocks-tsx-turns-positive-shortly-after-open-idUSL2N1MU0SZ'|'2017-10-19T16:43:00.000+03:00'|7829.0|''|-1.0|'' @@ -7837,7 +7837,7 @@ 7835|'ba0baf2fa03f140afcc476acbecc4c2061a03f75'|'Multilateral lenders vow openness about their carbon footprints'|'THE World Bank gets a lot of flak. Developing countries clamour for a bigger role in its management. President Donald Trumps administration lambasts it for lending too much to China. Employees are in open rebellion against their boss, Jim Yong Kim. Now the embattled institution faces criticism from a traditionally friendlier quarter: environmentalists. They accuse it and other multilateral development banks (MDBs) of not being upfront about their true carbon footprint.That must hurt. After all, MDBs pioneered climate-friendly finance. Ten years ago the European Investment Bank issued the worlds first green bond to bolster renewables and energy-efficiency schemes. The World Bank has not backed a coal-fired plant since 2010. In 2011-16 it and the five big regional lenders in the Americas, Asia, Africa and Europe offered developing countries a total of $158bn to help combat climate change and adapt to its effects. They disclose the amount of carbon dioxide emitted by their day-to-day operations, from lighting offices to flying bankers around the world. But many greens point out they have been more coy about their continued support of dirtier development.Latest updates New Zealands Labour Party turns defeat into triumph Asia 2 hours ago The Death of Stalin is a precarious comedic experiment Prospero 3 hours ago Why do women still earn a lot less than men? The Economist explains 4 hours ago Jeff Flakes anti-Trump manifesto could cost him his job Democracy in America 21 hours ago The flow of Rohingya refugees into Bangladesh shows no sign of abating Graphic detail a day ago A better way to search through scientific papers Science and technology a day ago See all updates Oil Change International, an advocacy group, estimates that, excluding low-carbon but disruptive projects such as large hydropower plants, for every dollar invested in the past three years in green energy such as solar or wind farms, MDBs funnelled 99 cents to the fossil-fuelled sort (see chart). Helena Wright of E3G, a think-tank in London, says that about $1.5bn in green lending between 2013 and 2015 looks, closer up, distinctly brownish. The European Bank for Reconstruction and Development (EBRD), for example, counted 9% of a 200m ($222m) loan to build a port terminal in Morocco as climate finance, although the facility would handle and store crude oil and coal.The banks dispute such findings. Many of the supposedly brown loans go through national treasuries or financial intermediaries. They can choose to finance fossil-fuel projects from general expenditure, not the MDBs cash specifically. Other brown loans bankroll cleaner alternatives to grubby coal plants, such as gas-fired ones. The EBRD explains that the Moroccan loan is to adapt the port to rising sea levels.Yet many development bankers concede that their institutions could be more forthcoming about the greenhouse-gas emissions embedded in their portfolios. Some private-sector financial firms such as AXA, a giant French insurer, and public-sector pension funds in America and Britain have been reporting such totals for several years now. Among the MDBs, only the Inter-American Development Bank and the EBRD do so comprehensively.Others are belatedly piling in. At the World Banks annual jamboree in Washington this month Mr Kim vowed to report total carbon dioxide produced and avoided by bank-funded projects. A framework for monitoring net emissions should be ready next year. The Europeans are refining their approaches. So was their African counterpart, before an administrative overhaul last year put the initiative on hold. Last month the Asian Development Bank pledged to gauge and reduce its portfolios net contribution to global warming.Chinese-led newcomers to development banking also look keen, at least on paper. The New Development Bank focuses on sustainable infrastructure and dedicated its first batch of loans entirely to clean-energy projects. In June the vice-president of the Asian Infrastructure Investment Bank, Thierry de Longuemar, affirmed that the bank will not finance coal-fired power plants. We will not consider any proposals if we are concerned about the environmental and reputational impacts, asserts a spokeswoman. Their Western-led forebears can tell them how closely critics will monitor that promise.This article appeared in the Finance and economics section of the print edition under the headline "How green is my value?"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/finance-and-economics/21730448-environmentalists-allege-their-lending-has-been-less-green?fsrc=rss'|'2017-10-19T22:56:00.000+03:00'|7835.0|''|-1.0|'' 7836|'0f18172c4daa1d3b1e3d36828fef6b203eb4b066'|'Solid company results help European shares stay near highs'|' 30 AM / in 26 minutes Solid company results help European shares stay near highs Reuters Staff 2 Min Read The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, October 13, 2017. REUTERS/Staff/Remote MILAN (Reuters) - European shares inched higher in early deals on Tuesday, supported by solid earning updates including from food group Danone ( DANO.PA ) and education group Pearson ( PSON.L ). Credit Suisse ( CSGN.S ) was also in the spotlight with its shares rising 1.6 percent on reports that activist investor RBR Capital has launched a campaign to break up the Swiss investment bank after building up a small stake in it. By 0707 GMT, the pan-European STOXX 600 index was up 0.1 percent, staying close to the four month highs hit in the previous session. UK''s FTSE .FTSE however fell 0.1 percent before inflation data and a testimony by BOE Governor Mark Carney later in the day, while Spain''s IBEX .IBEX also slipped as worries over the crisis in Catalonia persisted. Danone rose 2.2 percent after the worlds largest yoghurt maker posted a better-than-expected 4.7 percent rise in underlying third-quarter sales, while Person soared 7.1 percent after predicting that full-year operating profit in the top half of its forecast range. According to the latest Lipper report, STOXX 600 third-quarter earnings are expected to increase 5.3 percent from a year earlier. Reporting by Danilo Masoni, diting by Julien Ponthus 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks/solid-company-results-help-european-shares-stay-near-highs-idUKKBN1CM0OV'|'2017-10-17T10:29:00.000+03:00'|7836.0|''|-1.0|'' 7837|'c238121cdcba9d1db0648431a99ad31e7d2cbb8f'|'U.S. justices wrestle over Arab Bank liability in militant attacks'|'October 11, 2017 / 4:27 PM / in 37 minutes U.S. justices wrestle over Arab Bank liability in militant attacks Lawrence Hurley 2 Min Read WASHINGTON, Oct 11 (Reuters) - The Supreme Court appeared divided on Wednesday over whether companies can be sued under U.S. law for human rights abuses abroad in a case about whether Arab Bank Plc can be held responsible for allegedly helping to finance militant attacks in Israel and the Palestinian territories. Some of the conservative justices on the nine-member court signaled concern about potential U.S. foreign policy tensions arising if such cases are heard in American courts. The courts four liberals indicated that corporations should not be immune. Even if the court rules for the roughly 6,000 plaintiffs suing the Jordan-based bank, the lawsuit could still be dismissed on other grounds once it returns to lower courts. The plaintiffs accused the bank of being the paymaster behind attacks including suicide bombings because of its role in processing certain financial transactions. The plaintiffs include relatives of non-U.S. citizens killed in attacks and survivors of the incidents. Reporting by Lawrence Hurley; Editing by Will Dunham 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-court-arab-bank-plc/u-s-justices-wrestle-over-arab-bank-liability-in-militant-attacks-idUSL2N1MM1AD'|'2017-10-11T19:26:00.000+03:00'|7837.0|''|-1.0|'' -7838|'8e20aed269d4d38567682ffad0a65304196b2382'|'China''s Sinochem says no plans to bid for stake in Chilean lithium producer SQM'|'October 24, 2017 / 2:35 AM / Updated an hour ago China''s Sinochem says no plans to bid for stake in Chilean lithium producer SQM Tom Daly 2 Min Read BEIJING (Reuters) - Chinas state-owned Sinochem Group [SINOC.UL] on Tuesday appeared to deny a media report that it was bidding for a stake in Chilean lithium producer SQM ( SQMa.SN ) being sold by Canadas PotashCorp ( POT.TO ). Up until now, neither Sinochem Group nor our subsidiaries have had such intentions or plans, the company said in response to a request for comment from Reuters. The Financial Times reported on Monday that Sinochem, a Beijing-based chemicals and oil conglomerate, was among four Chinese bidders for a $4 billion stake in Chiles Sociedad Quimica Y Minera (SQM), one of the worlds largest lithium producers. It cited people familiar with the process. Lithium is a key raw material for batteries in electric vehicles, which are enjoying a massive rise in popularity in China. The other Chinese bidders named by the Financial Times were Ningbo Shanshan ( 600884.SS ), Tianqi Lithium and GSR Capital. Ningbo Shanshan also said that it was not participating in a bid to acquire equity in SQM, while Tianqi Lithium ( 002466.SZ ) and GSR Capital did not respond to requests for comment. Potash Corporation of Saskatchewan Inc was in September reported to have hired Goldman Sachs and BofA Merrill Lynch to explore selling its 32 percent stake in SQM. Reporting by Tom Daly; Editing by Joseph Radford'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-metals-lithium/chinas-sinochem-says-no-plans-to-bid-for-stake-in-chilean-lithium-producer-sqm-idUKKBN1CT07M'|'2017-10-24T05:34:00.000+03:00'|7838.0|''|-1.0|'' +7838|'8e20aed269d4d38567682ffad0a65304196b2382'|'China''s Sinochem says no plans to bid for stake in Chilean lithium producer SQM'|'October 24, 2017 / 2:35 AM / Updated an hour ago China''s Sinochem says no plans to bid for stake in Chilean lithium producer SQM Tom Daly 2 Min Read BEIJING (Reuters) - Chinas state-owned Sinochem Group [SINOC.UL] on Tuesday appeared to deny a media report that it was bidding for a stake in Chilean lithium producer SQM ( SQMa.SN ) being sold by Canadas PotashCorp ( POT.TO ). Up until now, neither Sinochem Group nor our subsidiaries have had such intentions or plans, the company said in response to a request for comment from Reuters. The Financial Times reported on Monday that Sinochem, a Beijing-based chemicals and oil conglomerate, was among four Chinese bidders for a $4 billion stake in Chiles Sociedad Quimica Y Minera (SQM), one of the worlds largest lithium producers. It cited people familiar with the process. Lithium is a key raw material for batteries in electric vehicles, which are enjoying a massive rise in popularity in China. The other Chinese bidders named by the Financial Times were Ningbo Shanshan ( 600884.SS ), Tianqi Lithium and GSR Capital. Ningbo Shanshan also said that it was not participating in a bid to acquire equity in SQM, while Tianqi Lithium ( 002466.SZ ) and GSR Capital did not respond to requests for comment. Potash Corporation of Saskatchewan Inc was in September reported to have hired Goldman Sachs and BofA Merrill Lynch to explore selling its 32 percent stake in SQM. Reporting by Tom Daly; Editing by Joseph Radford'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-metals-lithium/chinas-sinochem-says-no-plans-to-bid-for-stake-in-chilean-lithium-producer-sqm-idUKKBN1CT07M'|'2017-10-24T05:34:00.000+03:00'|7838.0|17.0|0.0|'' 7839|'74b22b85bf182860ec1731c159d3de44f2366df6'|'Abu Dhabi state investor Mubadala sets up venture capital arm'|'DUBAI, Oct 18 (Reuters) - Abu Dhabis state fund Mubadala Investment Company said it has launched a venture capital arm that will oversee an early growth fund set up with Japans SoftBank, and a fund of funds focusing on emerging fund managers.A ventures investment team will be based in San Francisco, the first Mubadala office in the United States, it said in a statement on Wednesday.The team will also oversee and manage Mubadalas $15 billion commitment to the SoftBank Vision Fund, working in close partnership with SoftBank executives in California.Earlier this year, Japans SoftBank, Saudi Arabias main sovereign fund, and Mubadala became investors in a private equity fund that had raised over $93 billion. Other partners in the fund were Apple Inc, Qualcomm, Taiwans Foxconn Technology and Japans Sharp Corp.Mubadalas venture capital business intends to become an active member of the ventures community, leveraging Mubadalas global scale and power, said Ibrahim Ajami, head of the ventures unit.Mubadala Ventures Fund I, a $400 million early growth venture capital fund has been setup jointly by Mubadala and SoftBank with a major focus on the technology sector.The fund plans to invest in founder-led companies, focusing on series A and beyond, with the goal of building a portfolio of 25 companies in North America and Europe.Mubadala is also setting up a $200 million ventures fund of funds that will invest in both established and emerging fund managers.Under this programme, Mubadala intends to invest $50 million to $70 million per year in U.S and European-based venture capital funds, it said.Mubadalas approach to venture capital and their San Francisco office indicates a long-term commitment to the technology community, Rajeev Misra, CEO of the SoftBank Vision Fund, said in a statement.The venture capital initiative builds on a decade of investments Mubadala has made in the technology sector, beginning in 2007 with a significant stake in Advanced Micro Devices.Mubadala, which had assets of 465.5 billion dirhams ($126.8 billion) at the end of June, said earlier this year the firm was lining up new overseas investments in 2017. ($1 = 3.6726 UAE dirham) (Reporting by Saeed Azhar, editing by David Evans)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/emirates-mubadala-funds/abu-dhabi-state-investor-mubadala-sets-up-venture-capital-arm-idUSL8N1MT4K4'|'2017-10-18T22:11:00.000+03:00'|7839.0|''|-1.0|'' 7840|'7a39d68d4138101768e76ed536b73a55738e1eff'|'Embraer swings to profit, holds 2017 performance targets'|'October 27, 2017 / 9:35 AM / Updated 35 minutes ago Embraer swings to profit, holds 2017 performance targets Reuters Staff 1 Min Read SAO PAULO, Oct 27 (Reuters) - Brazilian planemaker Embraer SA on Friday posted third-quarter net income of 351 million reais ($107 million) versus a net loss of 111 million a year earlier, a securities filing showed on Friday. The worlds third-largest commercial planemaker reported its earnings before interest, taxes, depreciation and amortization more than doubled to 454 million reais. $1 = 3.29 reais Reporting by Brad Haynes; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/embraer-results/embraer-swings-to-profit-holds-2017-performance-targets-idUSN9N1J2003'|'2017-10-27T12:32:00.000+03:00'|7840.0|''|-1.0|'' 7841|'4819e6c0f991238fe34f9ac0e2614c50510b9524'|'Kering shares touch record highs after luxury group posts higher Q3 sales'|'PARIS (Reuters) - Shares in luxury goods group Kering surged to touch record highs on Wednesday after Kering beat sales forecasts in the third quarter.FILE PHOTO: The logo of Kering is seen during the company''s 2015 annual results presentation in Paris, France, February 19, 2016. REUTERS/Charles Platiau/File Photo Kering shares were up 6 percent to 384.45 euros in early session trading, with the stock at one point touching a record high of 390 euros. Kering shares have risen some 80 percent since the start of 2017, among the top performers in France and Europe.Shares in rival luxury group LVMH climbed by around 1 percent to also touch a record high.Kerings revenue reached 3.9 billion euros ($4.6 billion) in the third quarter, up 23.3 percent on a non-organic basis, as the companys Gucci brand showed strong growth during the quarter.JP Morgan analysts raised their price target on Kering shares to 400 euros from 370 euros, while keeping an overweight rating on Kering.Gucci posted impressive 49 percent organic sales growth in Q3, JP Morgans analysts wrote in a research note.($1 = 0.8499 euros)Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas '|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/kering-results-stocks/kering-shares-touch-record-highs-after-luxury-group-posts-higher-q3-sales-idINKBN1CU166'|'2017-10-25T07:45:00.000+03:00'|7841.0|''|-1.0|'' @@ -7870,7 +7870,7 @@ 7868|'3b4d1eb41564a50f1cc0adc481c8bb8632a7108f'|'South Korea''s Lotte Corp soars in debut on investor hopes for better returns'|'SEOUL (Reuters) - Shares in Lotte Corp, the new holding company for South Koreas No. 5 conglomerate, soared some 45 percent on their debut above their issue price, bolstered by hopes for better corporate governance and shareholder returns.FILE PHOTO: Lotte Group chairman Shin Dong-bin speaks during a news conference in Seoul, South Korea, October 25, 2016. REUTERS/Kim Hong-Ji Although the debut comes at a difficult time for the conglomerate, which has been hit by political tensions between Beijing and Seoul, combined valuations for the groups main listed firms on Monday were some 17 percent above levels for comparable entities in late September.In early afternoon trade, Lotte Corps stock was trading at 68,400 won per share, above its issue price of 47,100 won.Koreas stock exchange, however, calculates moves on the first day of trade by comparing with an opening price which it works out from an average of orders before trade. On that basis, it was up about 7 percent on the day.The holding company was created to simplify the groups complex ownership structure and enhance the control of Chairman Shin Dong-bin, who survived a power struggle with his elder brother.Under the restructuring, four key group firms - Lotte Shopping, Lotte Confectionery, Lotte Chilsung Beverage and Lotte Food were each split into two companies, with half of the resulting eight firms combined into one holding company.The remaining four companies resumed trading on Monday after having been suspended since Sept. 28.Lotte Confectionery, which has previously served as a proxy for the whole Lotte group for many investors, tumbled 13.5 percent as they switched out of the firm and into Lotte Corp.Lotte Shopping, the groups flagship retail unit, was down 6.6 percent. One of the South Korean firms most hurt by the political tensions between Beijing and Seoul, it has had to close most of its stores in China and last week posted a 58 percent drop in third-quarter operating profit.The Lotte group agreed to hand over land to the South Korean government for a U.S.-made missile defense system in late February - a plan that has angered Beijing, which argues the radar can penetrate far into its territory.Lotte Corp currently controls 42 of the groups 91 units, a spokeswoman said, and plans to add others like Lotte Chemical and Hotel Lotte in the longer term.Reporting by Joyce Lee and Dahee Kim; Additional reporting by Hyunjoo Jin; Editing by Edwina Gibbs '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-lotte-corporation-listing/south-koreas-lotte-corp-soars-in-debut-on-investor-hopes-for-better-returns-idINKBN1CZ0AC'|'2017-10-30T01:25:00.000+02:00'|7868.0|''|-1.0|'' 7869|'ff86a05e03672e454810614e5e8c3a4ebd27d6f2'|'Indonesia may require miners to pay share of after-tax profit under proposed rules'|'FILE PHOTO: Trucks operate in the open-pit mine of PT Freeport''s Grasberg copper and gold mine complex near Timika, in the eastern region of Papua, Indonesia on September 19, 2015 in this photo taken by Antara Foto. REUTERS/Muhammad Adimaja/Antara Foto/File Photo JAKARTA (Reuters) - Miners operating in Indonesia will have to pay a share of their after-tax profits to both the central and local governments under new tax rules under consideration for next year, according to documents outlining the proposal reviewed by Reuters.Indonesia is revamping its tax code for metal miners as part of a broader shift to a system of special mining permits, which will replace existing mining contracts.The most high-profile company involved in the transition to the new permit system is the local unit of Freeport McMoRan Inc, which operates the Grasberg mine in the eastern province of Papua, the worlds second-biggest copper mine.Freeport agreed in August to divest a 51 percent stake in Grasberg in exchange for a 10-year extension of its operations from 2021 with potential control kept through 2041.Under the new rules, special mining permit holders would need to pay a levy on their after-tax profits of 4 percent to the Indonesian central government and 6 percent to the regional governments where they operate, the document said.The proposed plan would set an income tax rate of 25 percent, alongside a value-added tax on financial transactions and a land tax.Most companies currently pay a 25 percent rate or less if they are publicly listed.However, Freeports current contract, signed in 1991, sets an income rate of 35 percent, which was fixed higher in exchange for certainty that the government would not change the rate for the duration of the contract, which expires in 2021.Freeport and other miners currently do not pay a share of profits to central or regional governments.On Tuesday, Finance Minister Sri Mulyani Indrawati declined to confirm the details in the draft, but said the government is preparing new rules that will regulate companies that need fiscal and non-fiscal certainty and that the tax and royalty rates they pay will follow prevailing rules.Indrawati also declined to comment on a Freeport letter addressed to her ministry and reviewed by Reuters, reflecting persistent and deep divisions between Freeport and the government over the valuation of the shares it must divest.Reporting by Jakarta bureau; Writing by Gayatri Suroyo and Fergus Jensen; Editing by Christian Schmollinger '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-indonesia-taxation-mining/indonesia-may-require-miners-to-pay-share-of-after-tax-profit-under-proposed-rules-idUSKCN1C819I'|'2017-10-03T14:52:00.000+03:00'|7869.0|12.0|0.0|'' 7870|'e732dc01a929b0aac8eeac57f81bdbefe7a71a7b'|'Honda CEO to hold news conference at 0630 GMT'|'October 4, 2017 / 2:35 AM / Updated 16 minutes ago Honda CEO to hold news conference at 0630 GMT Reuters Staff 1 Min Read FILE PHOTO: Honda Chief Executive Officer Takahiro Hachigo attends a news conference in Tokyo, Japan, February 7, 2017. REUTERS/Kim Kyung-Hoon/File Photo TOKYO (Reuters) - Honda Motor Co ( 7267.T ) said Chief Executive Takahiro Hachigo would hold a news conference at 3:30 p.m. (0630 GMT / 0730 British time) on Wednesday at the companys headquarters. The subject of the news conference was not immediately known. Reporting by Chris Gallagher'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-honda-strategy-ceo/honda-ceo-to-hold-news-conference-at-0630-gmt-idUKKCN1C906C'|'2017-10-04T05:36:00.000+03:00'|7870.0|''|-1.0|'' -7871|'aaec2c62723b0d28f8d6073e3542423f73696740'|'Can an interest rate rise halt UK inflation? Experts debate the data'|'David Blanchflower P rofessor of economics at Dartmouth College, New Hampshire, and member of the Bank of Englands monetary policy committee (MPC) from June 2006 to May 2009 Facebook Twitter Pinterest David Blanchflower. Photograph: Bloomberg/Bloomberg via Getty Images The big news this month was the mea culpa from the Office for Budget Responsibility (OBR) that they had got it all wrong for years. They admitted the 16 forecasts they had done since they were set up had under-estimated the impact of austerity on output. In each of the disastrous 16 they predicted that productivity would rise like a rocket when in fact it has remained as flat as a pancake. Despite the fact that growth never happened they continued to forecast each successive time that output per man would follow exactly the same path; so there was no learning. Output per man hour today is essentially unchanged ever since the austerity was imposed by the coalition too effect.Q&A What is inflation and why does it matter? Show Hide Inflation is when prices rise. Deflation is the opposite price decreases over time but inflation is far more common.If inflation is 10%, then a 50 pair of shoes will cost 55 in a year''s time and 60.50 a year after that.Inflation eats away at the value of wages and savings if you earn 10% on your savings but inflation is 10%, the real rate of interest on your pot is actually 0%.A relatively new phenomenon, inflation has become a real worry for governments since the 1960s.As a rule of thumb, times of high inflation are good for borrowers and bad for investors.Mortgages are a good example of how borrowing can be advantageous annual inflation of 10% over seven years halves the real value of a mortgage.On the other hand, pensioners, who depend on a fixed income, watch the value of their assets erode.The government''s preferred measure of inflation, and the one the Bank of England takes into account when setting interest rates, is the consumer price index (CPI).The retail prices index (RPI) is often used in wage negotiations.Was this helpful? Thank you for your feedback. This means the OBRs next forecast which will come in November for the budget will inevitably mean their predictions for growth will have to be slashed by at least half. As a consequence, the public finances are in much worse shape than the chancellor has claimed, given there is likely much less growth. It remains unclear whether the OBR are just incompetent or are the governments poodle. The public pays for this nonsense.Fears of Brexit continue to have a major negative effect on the economy. The fall in the pound, which picked up recently, has had a major impact on inflation, which hit 3% this month. Inflation will likely fall back in 2018 as these one-off effects drop out of the calculations which means this is no time for a rate rise as the economy slows.How has the Brexit vote affected the UK economy? October verdict Read more While the jump in inflation will damage the spending power of consumers, the September figures will prove a boost to pensioners as they are used to set the increase in pension payments for next year. Workers continue to be hit hard as real wages fall, because prices are rising faster than wages. Both the OBR and MPC have also been much too optimistic on wage growth wrongly expecting 4% with outcomes around 2% for the last six years. Consequently, high street sales also slumped in September, pushing the British retail sector to its lowest growth rate in four years. The economy continues to slow. Oh dear.Andrew Sentance Senior economic adviser at the PwC consultancy and member of the Banks MPC from October 2006 to May 2011 Facebook Twitter Pinterest Andrew Sentance. Photograph: David Levene for the Guardian The past month has seen a further surge in inflation, while the data on economic growth has been relatively subdued. The main drag on the UK economy at present is consumer spending, with retail sales volumes recording the slowest growth since 2013. However, anecdotal and survey evidence also supports the view that Brexit is holding back investment activity. With the world economy growing quite healthily, and our key export markets in Europe strengthening, we should expect UK business investment to be powering ahead. Instead, capital spending by UK businesses declined last year and has been pretty flat through the first half of this year.Both of these drags on the UK economy are Brexit-related, with the rise in inflation heavily driven by the decline in the value of the pound since the EU referendum. The weakness of domestic investment and consumer spending is preventing the UK benefiting from a general upswing in the global economy and an improvement in growth in the rest of the EU. As a result, there is a significant risk that the UK will find itself at the bottom of the G7 growth league in 2017, after being No1 or No2 in the previous four years 2013 to 2016.The Brexit economy: the storm clouds are gathering Read more The most positive indicators continue to be found in the labour market, with employment continuing to rise and unemployment registering further falls. But there must be a question mark over how long the labour market will continue to be so resilient when economic growth remains relatively weak.The MPC is expected to push through an interest rate rise next month, despite subdued growth , and I believe the committee would be right to do so. A rate rise and the promise of more to come should help sterling and take some of the inflationary pressure off consumers. A gradual policy of edging interest rates up would also head off an unwanted surge in borrowing which is at risk of developing on the back of prolonged low interest rates. The MPC has already left it too long to start the process of gradually raising interest rates and should not put it off any longer.Topics Business Guardian Brexit watch Economics Sterling Economic growth (GDP) Bank of England Currencies comment'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/oct/24/can-interest-rate-rise-halt-uk-inflation-experts-debate-data-brexit-watch'|'2017-10-24T19:13:00.000+03:00'|7871.0|''|-1.0|'' +7871|'aaec2c62723b0d28f8d6073e3542423f73696740'|'Can an interest rate rise halt UK inflation? Experts debate the data'|'David Blanchflower P rofessor of economics at Dartmouth College, New Hampshire, and member of the Bank of Englands monetary policy committee (MPC) from June 2006 to May 2009 Facebook Twitter Pinterest David Blanchflower. Photograph: Bloomberg/Bloomberg via Getty Images The big news this month was the mea culpa from the Office for Budget Responsibility (OBR) that they had got it all wrong for years. They admitted the 16 forecasts they had done since they were set up had under-estimated the impact of austerity on output. In each of the disastrous 16 they predicted that productivity would rise like a rocket when in fact it has remained as flat as a pancake. Despite the fact that growth never happened they continued to forecast each successive time that output per man would follow exactly the same path; so there was no learning. Output per man hour today is essentially unchanged ever since the austerity was imposed by the coalition too effect.Q&A What is inflation and why does it matter? Show Hide Inflation is when prices rise. Deflation is the opposite price decreases over time but inflation is far more common.If inflation is 10%, then a 50 pair of shoes will cost 55 in a year''s time and 60.50 a year after that.Inflation eats away at the value of wages and savings if you earn 10% on your savings but inflation is 10%, the real rate of interest on your pot is actually 0%.A relatively new phenomenon, inflation has become a real worry for governments since the 1960s.As a rule of thumb, times of high inflation are good for borrowers and bad for investors.Mortgages are a good example of how borrowing can be advantageous annual inflation of 10% over seven years halves the real value of a mortgage.On the other hand, pensioners, who depend on a fixed income, watch the value of their assets erode.The government''s preferred measure of inflation, and the one the Bank of England takes into account when setting interest rates, is the consumer price index (CPI).The retail prices index (RPI) is often used in wage negotiations.Was this helpful? Thank you for your feedback. This means the OBRs next forecast which will come in November for the budget will inevitably mean their predictions for growth will have to be slashed by at least half. As a consequence, the public finances are in much worse shape than the chancellor has claimed, given there is likely much less growth. It remains unclear whether the OBR are just incompetent or are the governments poodle. The public pays for this nonsense.Fears of Brexit continue to have a major negative effect on the economy. The fall in the pound, which picked up recently, has had a major impact on inflation, which hit 3% this month. Inflation will likely fall back in 2018 as these one-off effects drop out of the calculations which means this is no time for a rate rise as the economy slows.How has the Brexit vote affected the UK economy? October verdict Read more While the jump in inflation will damage the spending power of consumers, the September figures will prove a boost to pensioners as they are used to set the increase in pension payments for next year. Workers continue to be hit hard as real wages fall, because prices are rising faster than wages. Both the OBR and MPC have also been much too optimistic on wage growth wrongly expecting 4% with outcomes around 2% for the last six years. Consequently, high street sales also slumped in September, pushing the British retail sector to its lowest growth rate in four years. The economy continues to slow. Oh dear.Andrew Sentance Senior economic adviser at the PwC consultancy and member of the Banks MPC from October 2006 to May 2011 Facebook Twitter Pinterest Andrew Sentance. Photograph: David Levene for the Guardian The past month has seen a further surge in inflation, while the data on economic growth has been relatively subdued. The main drag on the UK economy at present is consumer spending, with retail sales volumes recording the slowest growth since 2013. However, anecdotal and survey evidence also supports the view that Brexit is holding back investment activity. With the world economy growing quite healthily, and our key export markets in Europe strengthening, we should expect UK business investment to be powering ahead. Instead, capital spending by UK businesses declined last year and has been pretty flat through the first half of this year.Both of these drags on the UK economy are Brexit-related, with the rise in inflation heavily driven by the decline in the value of the pound since the EU referendum. The weakness of domestic investment and consumer spending is preventing the UK benefiting from a general upswing in the global economy and an improvement in growth in the rest of the EU. As a result, there is a significant risk that the UK will find itself at the bottom of the G7 growth league in 2017, after being No1 or No2 in the previous four years 2013 to 2016.The Brexit economy: the storm clouds are gathering Read more The most positive indicators continue to be found in the labour market, with employment continuing to rise and unemployment registering further falls. But there must be a question mark over how long the labour market will continue to be so resilient when economic growth remains relatively weak.The MPC is expected to push through an interest rate rise next month, despite subdued growth , and I believe the committee would be right to do so. A rate rise and the promise of more to come should help sterling and take some of the inflationary pressure off consumers. A gradual policy of edging interest rates up would also head off an unwanted surge in borrowing which is at risk of developing on the back of prolonged low interest rates. The MPC has already left it too long to start the process of gradually raising interest rates and should not put it off any longer.Topics Business Guardian Brexit watch Economics Sterling Economic growth (GDP) Bank of England Currencies comment'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/oct/24/can-interest-rate-rise-halt-uk-inflation-experts-debate-data-brexit-watch'|'2017-10-24T19:13:00.000+03:00'|7871.0|20.0|0.0|'' 7872|'3c26aa2b48b79ed9715df44be7111e33b314fcda'|'Tech giants are building their own undersea fibre-optic networks'|'WHEN Cyrus Field, an American businessman, laid the first trans-Atlantic cable in 1858, it was hailed as one of the great technological achievements of its time and celebrated with bonfires, fireworks and 100-gun salutes. Alas, the reason for the festivities soon went away. Within weeks the cable failed.On September 21st the completion of another trans-Atlantic cable was welcomed with much less ado. But it is remarkable nevertheless: dubbed Marea , Spanish for tide, the 6,600km bundle of eight fibre-optic threads, roughly the size of a garden hose, is the highest-capacity connection across the ocean. Stretching from Virginia Beach, Virginia, to Bilbao, Spain, it is capable of transferring 160 terabits of data every second, the equivalent of more than 5,000 high-resolution movies. It is jointly owned by Facebook and Microsoft. Such ultra-fast fibre networks are needed to keep up with the torrent of data flowing around the world. In 2016 traffic reached 3,544 terabits per second, roughly double the figure in 2014, according to TeleGeography, a market-research firm. And demand for international bandwidth is growing by 45% annually. Much traffic still comes from internet users, but a large and growing share is generated by big internet and cloud-computing companies syncing data across their networks of data centres around the world.These firms used to lease all of their bandwidth from carriers such as BT and Level 3. But now they need so much network capacity that it makes more sense to lay their own dedicated pipes, particularly on long routes between their data centres. The Submarine Telecoms Forum, an industry body, reckons that 100,000km of submarine cable was laid in 2016, up from just 16,000km in 2015. TeleGeography predicts that a total of $9.2bn will be spent on such cable projects between 2016 and 2018, five times as much as in the previous three years.Owning a private subsea fibre-optic network has several advantages, including more bandwidth, lower costs, and reduced delay, or latency. Having access to multiple cables on different routes also provides redundancy. If a cable is severedby fishing nets, sharks, or an earthquake, among other thingstraffic can be rerouted to another line. Most important, however, owning cables gives companies greater say over how their data traffic is managed and how equipment is upgraded. The motivation is not so much saving money. Its more about control, says Julian Rawle, a submarine cable-industry expert.Some people worry that owning the pipes that carry their customers data will give big tech firms even more power than they already have, likening the situation to Amazons owning the roads on which its packages are delivered and the lorries that carry them. Others fret that conventional network operators may struggle to adapt their business models, as companies such as Facebook are moving onto their turf. Within the next 20 years, predicts Mr Rawle, the whole concept of the telecom carrier as the provider of the network is going to disappear. "Pipe dreams"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21730057-google-facebook-and-microsoft-want-more-control-over-internets-basic-infrastructure-tech?fsrc=rss'|'2017-10-05T22:54:00.000+03:00'|7872.0|''|-1.0|'' 7873|'b94f3c69fdde7fa384bd79b8a9c6a0b4e993bbca'|'Goldman Sachs to buy mortgage lender Genesis Capital'|'FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) is seen on the clothing of a trader working at the Goldman Sachs stall on the floor of the New York Stock Exchange, United States April 16, 2012. REUTERS/Brendan McDermid/File Photo (Reuters) - Goldman Sachs Group Inc ( GS.N ) has agreed to buy private mortgage lender Genesis Capital LLC as the Wall Street bank looks to new businesses for growth while trading revenue remains sluggish.Los Angeles-based Genesis, which had been backed by private equity firm Oaktree Capital Management LP, provides financing for real estate developers looking to buy, renovate and sell single-family homes.Terms of the deal, announced by Genesis on Thursday, were not disclosed.Goldman is grappling with ways to boost revenue as trading, its traditional profit engine, has slowed amid post-financial crisis regulations.Pushing more deeply into lending to both large corporations and consumers, Goldman purchased $17 billion worth of online retail deposits last year from GE Capital Bank.It also launched Marcus, its first major foray into consumer lending, and in July announced a new digital platform where customers of other wealth management firms can apply for loans.Lending to house-flippers is another way in which Goldman can put its deposits to work.Genesis, which was founded in 2007, lent $1 billion during 2016.Genesis was advised by Wells Fargo Securities.Goldman Sachs was advised by Goldman Sachs & Co LLC and legal counsel was provided by Davis Polk & Wardwell and Mayer Brown LLP.Reporting by Olivia Oran in New York and Aparajita Saxena in Bengaluru; Editing by Jonathan Oatis and Tom Brown'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-goldman-sachs-m-a-genesis-capital/goldman-sachs-to-buy-mortgage-lender-genesis-capital-idINKBN1CH2J4'|'2017-10-12T15:04:00.000+03:00'|7873.0|''|-1.0|'' 7874|'74a67965eb862d525b458cc54126c63ffe1a48e9'|'The bosses of two famous French firms struggle to keep customers'|'ALEXANDRE RICARD wants to talk boxing. He runs Pernod Ricard, a firm that sells Chivas whisky and Absolut vodka, among other drinks. Formed by his grandfather in 1975, with roots in a Pernod distiller set up in 1805, it is the worlds second-largest seller of wine and spirits, with a market capitalisation of 32bn ($37bn). He brags that Floyd Mayweather, an American pugilist with 19m Instagram followers, recently endorsed one of the companys tequila brands. Such a key influencer on a digital channel gives us speed and scale, says Mr Ricard.Celebrity endorsements are an old ploy: French singers, actors and racing drivers used to push Pernod Ricards liquor. But with 90% of sales in markets outside of France, punchier efforts are needed. Two years ago the firm commissioned a global study of boozing habits, which totted up all moments of consumption for drinkers, identifying 20 important ones in America, the biggest market. Teams of marketers are now told to push a brand for each such experience: the firms tequila when American friends gather to watch sport; its cognac at Chinese weddings; gin for Spaniards sharing an aperitif.Latest updates How Oslo turned diplomatic negotiation into compelling theatre Prospero 31 minutes ago This 2 hours ago Flyers See all updates The firm must respond somehow, because drinkers, especially millennials (the generation which roughly includes those born between 1980 and 1996), are no longer loyal, says Mr Ricard. Back in the day, you had a one-brand consumer, who took a favoured tipple on almost any occasion. Now it depends who you are with, where you are, the time of day. A consumer might have six brands, he says.Across Paris, Emmanuel Faber, the head of another large French consumer-goods firm, Danone, is facing a similar challenge as consumers of yogurt and bottled water prove fickle too. His styleascetic and almost monkish, as an acquaintance puts itdiffers sharply from that of his compatriot. But the two bosses are responding to the same phenomenon: a lack of growth in food-and-drinks sales at big firms. People are walking out of brands that theyve been consuming for decades, says Mr Faber. To stop feeling disconnected from the origin of food, he says, they are switching to small, local firms that might produce organic foods, for example.Of the two firms, Danone faces the biggest and most immediate shift in consumer tastes. Although he heads a global food firm with a market value of 46bn, Mr Faber warns that time may be up for standardisation in food-making. The food industry is going nowhere, he adds, because short-sighted companies see only a transactional relationship, not a deeper one based on values, with their customers.These days people have little faith in the makers of their food and drink. Mr Faber talks at length about disenchantment shown by voters and consumers alike towards elites. Surveys show the public barely trusts CEOs such as himself when they speak about their companies, he says. Consumers care about the sovereignty of their food, taking control back.Danones response, like that of Pernod Ricard, is partly about niftier marketingit runs an ad campaign called One Planet. One Health. But the company is also changing some basics. Two decades ago Danone sold beer, wine, chocolates and candies, he points out. It has switched entirely to healthier products, betting that long-term growth lies there. The firm aims to be entirely carbon-neutral.Most striking, Danone wants to get certified as a B-Corpa for-profit firm that shows high social and environmental standards. It would be the largest company globally to do so. In America that requires registration as a public benefit firm, letting board directors legally promote the interests of staff, customers and others, along with those of shareholders.Markets are not entirely convinced by Danones strategy, however. An American activist investor, Corvex, has taken a small stake, worth $400m, in the company, and is agitating for its operations to be improved and growth lifted.Yet investors have drunk in the simpler story at Pernod Ricardof a mix of resilient Western markets and growth from developing ones. Its share price has risen by roughly 50% in the past decade, whereas Danones has been flat (though it has climbed since Mr Faber took over in 2014).Still, there is a risk for Pernod Ricard, too: that younger, health-conscious consumers, who increasingly shun tobacco and sugary drinks, will also turn against liquor. Sales of spirits have been robust in recent years, even as consumption of wine and beer has fallen in many countries, but millennial shoppers sound increasingly puritan. Goldman Sachs notes in a recent report on millennials that 72% of such young consumers in America disapprove of others who drink nearly every day.Mr Fabers bet is on the trend towards healthy behaviour. To survive and regain leadership as a big brand, we must do big things, he says. If he is right about a revolution among consumers, then the firm must fight to keep their trust. Mr Ricards view is more old-school: consumers are less loyal, but he still believes many will long be happy to enjoy a drink.This article appeared in the Business section of the print edition under the headline "Be a sinner, be a saint"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21730050-pernod-ricard-drinks-giant-has-none-danones-saintliness-faces-similar-challenges?fsrc=rss%7Cbus'|'2017-10-05T22:54:00.000+03:00'|7874.0|''|-1.0|'' @@ -7879,7 +7879,7 @@ 7877|'0635d8e095e2195ef1001b1a8f13a83d6e0447a6'|'Flood of Chinese capital seen shaking up aviation finance'|'HONG KONG/PARIS (Reuters) - A flood of low-cost Chinese funding is shaking up the global aircraft leasing market, with Chinese capital now accounting for 28 percent of the $261 billion deployed by leasing firms worldwide, a study suggested on Monday.A model of China''s ARJ21 aircraft by Commercial Aircraft Corp of China Ltd (COMAC) is displayed at Aviation Expo China 2017 in Beijing, China September 19, 2017. REUTERS/Stringer That is up from 5 percent nine years ago.The influx of more than $70 billion to the leasing industry from Chinese banks and other investors over the past decade is helping airlines expand their fleets. But it is also curbing returns to be made by traditional players in a sector fast emerging as a significant new asset class.In the last cycle (2003-2008), lease rates went up significantly whereas in this cycle they havent. Thats partly because there are more people looking for the same deals, said Rob Morris, global head of consultancy at Flightglobal Ascend.Record interest from China, the worlds fastest-growing aviation market, will be evident in meetings of 1,500 financiers in Hong Kong at two major conferences this week.For years, some experts have warned that record production by Airbus and Boeing and over-ordering by some airlines would burst a demand bubble for jetliners.But Morris sees a greater long-term threat from the supply side as new investors pour money into aviation. He predicts much of that capital is in the industry to stay, pressuring rivals.In a study coinciding with the Airline Economics conference, Flightglobal Ascend said Chinese capital will account for over a third of the aircraft leasing industry within five years.Many such investors are willing to accept lower returns and that is a warning sign for other players, Morris said.If this money is resetting the rules, you have to learn to play by the new rules or you lose the game.Some market veterans disagree, saying new money will retreat as quickly as it arrived when the market turns lower, making it hard for inexperienced players to redeploy unwanted jets.So far signs are that the market is holding up, although there has been turbulence in the market for some long-haul jets.Recent bankruptcies of Air Berlin and Monarch Airlines in Europe angered passengers but the aircraft were absorbed relatively quickly due to high demand, bankers say.Another key test will be expected interest rate rises and a rollback in stimulus from central banks who have pumped money into the economy, a chunk of which found its way into aviation.Historically, aircraft investors sought double-digit returns and many now have to settle for mid-to-high single figures, Morris told Reuters.Those figures may be acceptable in a low-interest-rate environment, but as interest rates start to increase can people start to increase their returns? That may not be possible.The U.S. Federal Reserve has raised rates twice this year and is widely expected to do so again in December.Editing by Susan Fenton '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/aviation-finance/flood-of-chinese-capital-seen-shaking-up-aviation-finance-idINKBN1CZ0D4'|'2017-10-30T07:22:00.000+02:00'|7877.0|''|-1.0|'' 7878|'93a1ce6c505f5f9f5837ce8ef5903f6b1fd22184'|'Ivascyn''s Pimco Income fund surpasses $100 bln despite fee raise sources'|'NEW YORK, Oct 13 (Reuters) - The Pimco Income Fund (PIMIX), widely seen by investors and analysts as Pacific Investment Managements new flagship fund, surpassed $100 billion in assets under management this week in spite of increasing management fees set on October 2, two sources familiar with the matter said Friday.The Pimco Income fund, overseen by Dan Ivascyn and Alfred Murata, increased its fees 5 cents per $100 at the beginning of this month for most share classes, bringing expenses for the institutional-class shares to 50 cents per $100. (Reporting By Jennifer Ablan; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/funds-pimco/ivascyns-pimco-income-fund-surpasses-100-bln-despite-fee-raise-sources-idINL2N1MO17G'|'2017-10-13T14:40:00.000+03:00'|7878.0|''|-1.0|'' 7879|'7c955be6a523c9948bd3377d76e7e322f2bd9ead'|'UPDATE 2-Caught in the crossfire, Britain says will fight Boeing- row'|'(Adds comments from British trade minister)By Kate Holton and Elizabeth PiperMANCHESTER, England, Oct 1 (Reuters) - Britain, caught in the crossfire of a damaging trade dispute between planemakers Boeing and Bombardier, said on Sunday it would fight its corner to protect thousands of jobs put at risk in Northern Ireland.Trade minister Liam Fox said Britain was working to find a resolution after the United States last week responded to a complaint by Boeing by imposing a 220-percent preliminary duty on Bombardiers CSeries jets, whose wings are made in Belfast.Weve said that we will fight our corner, Fox told the annual Conservative Party conference. Weve been caught in the crossfire of a much larger dispute.It worries me that were seeing a rise in protectionist behaviour ... the OECD (Organisation for Economic Cooperation and Development) itself has pointed out protectionism always ends badly. If we can get them to have a resolution, which is what we are trying to do quietly, so much the better.The tariff, which will take effect only if the U.S. International Trade Commission backs Boeing in a final decision expected in 2018, has dealt a major blow to the Canadian companys flagship project.It has also cast a huge shadow over Northern Ireland, where Bombardier is by far the most important manufacturer and a pillar of Belfasts economy, employing 4,200 people and supporting thousands more in the supply chain.And it also undermines the assurances by Brexit campaigners such as Fox that free trade and Londons close ties with Washington will drive Britains prosperity and global influence after it leaves the European Union in 2019.James Brokenshire, the British minister for Northern Ireland, echoed Prime Minister Theresa May in saying that Boeing was not behaving in a way the British government would expect a long-term defence partner to behave.May and other senior ministers have been highly critical of Boeing, suggesting it could miss out on future defence contracts, after the row put into jeopardy the local economy in Northern Ireland, home to a small party that May relies on to govern in Westminster.I say to Boeing this case is unjustified and unwarranted. This action is not what is expected of a long-term partner to the UK. They need to get round the table and secure a negotiated outcome to this dispute quickly, Brokenshire said.May has warned that Boeing was undermining its commercial relationship with Britain and has spoken to U.S. President Donald Trump on the issue.However, May is unlikely to retaliate against Boeing, which says the firm and its suppliers account for more than 18,700 jobs in the UK. Fox implied the government was working behind the scenes to find a resolution.Northern Ireland is the poorest of the United Kingdoms four parts and is mired in political difficulties after emerging from decades of armed sectarian conflict.Boeing, the worlds largest aerospace company, says it is upholding trade rules and not trying to damage the CSeries. It accuses Canada and Britain of unfairly subsidising Bombardier and says Bombardier has illegally dumped its products in the U.S. single-aisle airplane market out of desperation.The support that the UK provided to the Bombardier operation in Belfast was and remains compliant with international requirements, Brokenshire said.Editing by Elizabeth Piper and Dale Hudson '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/boeing-bombardier-brokenshire/update-1-uk-minister-urges-boeing-to-hold-talks-to-end-bombardier-dispute-idINL8N1MC0UK'|'2017-10-01T15:19:00.000+03:00'|7879.0|''|-1.0|'' -7880|'d72a6872ab34297dd28bd736e11c6978f46e07d6'|'Brexit transition deal likely to be too late for some banks, says TheCityUK'|'October 16, 2017 / 11:19 PM / in an hour Brexit transition deal likely to be too late for some banks, says TheCityUK Huw Jones 3 Min Read LONDON (Reuters) - Any binding Brexit transition agreement is unlikely before the first quarter of next year, too late to stop some banks in London from pressing the relocate button, a British financial services lobby group said on Tuesday. Britains financial sector is concerned that, with EU divorce talks bogged down by failure to agree the UKs exit bill, time is running out for a transition deal that would be of any use to businesses. TheCityUK, which promotes Britains financial services sector abroad, said the value of such a deal is disappearing by the day and agreement would be needed in the first quarter of next year for financial businesses to reap any benefit and avoid fragmenting markets. If they havent done so already, most will be ready to press go on their contingency plans in the New Year, said Miles Celic, chief executive of TheCityUK. They can still take their foot off the accelerator if a transitional deal is agreed, but without progress soon, it may be too late, Celic said. Once businesses start moving, there is no reverse gear and the risk is that jobs and investment will head to Europe, he said. A transition period of at least two years -- the preferred option for Britains banks -- should entail as close to full European market access as possible, he added. EU leaders meet on Thursday and Friday to discuss Brexit and a draft communique showed they wont adopt guidelines on possible transitional arrangements until December. Meanwhile, some pro-Brexit lawmakers have said that Britain should not be subject to European Court of Justice rulings and that no new EU rules should be implemented during any transition period. A UK financial industry official said there is no time to negotiate a bespoke transition deal to meet such demands. If you are going to be in the club, you can only have the set menu, he said. The Bank of England has said that a transition deal is needed by Christmas, given the time it takes to approve new licences for the continuation of cross-border banking after Brexit in March 2019. If a political deal on transition is agreed between the EU and Britain, regulators would also need to give banks assurances that they would respect it when it comes to assessing risks, TheCityUK said. The Bank of England has said it would decide by year-end whether London branches of EU banks must become subsidiaries if there is no transition deal in sight. Reporting by Huw Jones; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-britain-eu-banks/brexit-transition-deal-likely-to-be-too-late-for-some-banks-says-thecityuk-idUKKBN1CL34C'|'2017-10-17T02:16:00.000+03:00'|7880.0|''|-1.0|'' +7880|'d72a6872ab34297dd28bd736e11c6978f46e07d6'|'Brexit transition deal likely to be too late for some banks, says TheCityUK'|'October 16, 2017 / 11:19 PM / in an hour Brexit transition deal likely to be too late for some banks, says TheCityUK Huw Jones 3 Min Read LONDON (Reuters) - Any binding Brexit transition agreement is unlikely before the first quarter of next year, too late to stop some banks in London from pressing the relocate button, a British financial services lobby group said on Tuesday. Britains financial sector is concerned that, with EU divorce talks bogged down by failure to agree the UKs exit bill, time is running out for a transition deal that would be of any use to businesses. TheCityUK, which promotes Britains financial services sector abroad, said the value of such a deal is disappearing by the day and agreement would be needed in the first quarter of next year for financial businesses to reap any benefit and avoid fragmenting markets. If they havent done so already, most will be ready to press go on their contingency plans in the New Year, said Miles Celic, chief executive of TheCityUK. They can still take their foot off the accelerator if a transitional deal is agreed, but without progress soon, it may be too late, Celic said. Once businesses start moving, there is no reverse gear and the risk is that jobs and investment will head to Europe, he said. A transition period of at least two years -- the preferred option for Britains banks -- should entail as close to full European market access as possible, he added. EU leaders meet on Thursday and Friday to discuss Brexit and a draft communique showed they wont adopt guidelines on possible transitional arrangements until December. Meanwhile, some pro-Brexit lawmakers have said that Britain should not be subject to European Court of Justice rulings and that no new EU rules should be implemented during any transition period. A UK financial industry official said there is no time to negotiate a bespoke transition deal to meet such demands. If you are going to be in the club, you can only have the set menu, he said. The Bank of England has said that a transition deal is needed by Christmas, given the time it takes to approve new licences for the continuation of cross-border banking after Brexit in March 2019. If a political deal on transition is agreed between the EU and Britain, regulators would also need to give banks assurances that they would respect it when it comes to assessing risks, TheCityUK said. The Bank of England has said it would decide by year-end whether London branches of EU banks must become subsidiaries if there is no transition deal in sight. Reporting by Huw Jones; Editing by David Goodman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-britain-eu-banks/brexit-transition-deal-likely-to-be-too-late-for-some-banks-says-thecityuk-idUKKBN1CL34C'|'2017-10-17T02:16:00.000+03:00'|7880.0|20.0|0.0|'' 7881|'b6b2c6b0a803672b169568d7a295c1584ede2df5'|'Swiss Amicus and Brazil''s EMS bid for Serbian drugmaker Galenika'|'BELGRADE (Reuters) - Swiss-based drugs company Amicus SRB and Brazilian pharma group EMS SA have both made binding bids for a 93 percent stake in Serbian drugmaker Galenika, Serbias Economy Ministry said.Belgrade wants to sell Galenika as part of an effort to privatize, shut or trim unprofitable state firms under a 1.2 billion euro ($1.4 billion) deal with the International Monetary Fund, but the drugmakers debts have so far put off investors.The Economy Ministry said in a statement on Wednesday that the envelopes with financial offers will be opened after the bids have been verified.Reporting by Aleksandar Vasovic; Editing by '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-serbia-galenika-sale/swiss-amicus-and-brazils-ems-bid-for-serbian-drugmaker-galenika-idUSKBN1C9252'|'2017-10-04T23:10:00.000+03:00'|7881.0|''|-1.0|'' 7882|'03ef6a6962c8b552650628479712da5ae2214d7e'|'Pay-TV group Sky launches advertising review'|'October 19, 2017 / 9:57 AM / in 5 minutes Pay-TV group Sky launches advertising review Reuters Staff 1 Min Read Workers remove the advertising of Sky TV provider after the German Bundesliga second leg relegation playoff soccer match between Karlsruhe SC and Hamburg SV in Karlsruhe, Germany June 1, 2015. REUTERS/Ralph Orlowski/File Photo LONDON (Reuters) - European pay-TV group Sky ( SKYB.L ) has launched a review of how it places and plans advertising, its first review in 13 years that could shake up which agencies it employs. Sky, one of the biggest ad spenders in the industry, currently works with several companies, including agencies within the WPP ( WPP.L ) group. Skys business, the media landscape and the media buying market have evolved considerably since our last review, Sky said. As one of Europes largest advertisers we feel it is simply good business practice to review our communications planning and media buying relationships. Reporting by Kate Holton; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sky-advertising/pay-tv-group-sky-launches-advertising-review-idUKKBN1CO193'|'2017-10-19T12:58:00.000+03:00'|7882.0|''|-1.0|'' 7883|'4e8f0451222c019efad211849ea8f797da462bd4'|'Apple should shrink its finance arm before it goes bananas'|'IT IS fashionable to say that tech firms will conquer the financial services industry. Yet in the case of Apple, it seems that the opposite is happening and finance is taking over tech by stealth. Since the death of Steve Jobs, its co-founder, in 2011, the worlds biggest firm by market value has sold hundreds of millions of phones with bionic chips and know-it-all digital assistants. But it has also grown a financial operation that is already, on some measures, roughly half the size of Goldman Sachs.Apple does not organise its financial activities into one subsidiary, but Schumpeter has lumped them together. The resultcall it Apple Capitalhas $262bn of assets, $108bn of debt, and has traded $1.6trn of securities since 2011. It appears to be run fairly cautiously and is part of a thriving firm, but it still deserves scrutiny. Companies have a history of being hurt by their financial arms; think General Electric (GE) or General Motors (GM). 38 an hour Apple Capital has lots of responsibilities but three stand out. It invests the firms mountain of surplus profits, mainly in highly rated instruments (this task seems to fall to Braeburn Capital, a subsidiary in Nevada, which uses some external fund managers). Apple Capital also uses derivatives in order to protect the firm against currency and interest-rate gyrations. And it manages Americas fifth-biggest corporate-debt pile by issuing Apple bonds as part of an elaborate strategy to limit tax bills.Apple Capital has become important to its parent. Since Jobs died, its assets have risen by 221%, twice as fast as the companys sales, reflecting Apples huge build-up of profits. Its investments are worth 32% of Apples market value, and its profits (investment income, plus gains on derivatives, less interest costs) have been 7% of Apples pre-tax profits so far this year. It is also sizeable compared with other financial firms. Consider four measures: assets, debt, credit exposure and profits. Depending on the yardstick, Apple Capital is 30-85% as big as Goldman Sachs. It is 22-42% as large as GE Capital was at its peak in 2007, just before things went down the tubes during the subprime crisis.Apple Capital is different from these firms in important ways. It does not take deposits and has much lower leverage. In their prime Goldman and GE Capital were run by hard-charging financiers, and made lots of loans. By contrast, Apple Capital does not make loans, and is not meant to be a profit centre in its own right. Nonetheless, it has become riskier, in three ways.First, Apple Capital is investing in racier assets, which involves taking credit risk. In 2011 a majority of its assets were risk-free: cash or government bonds. Today 68% are invested in other kinds of securities, mainly corporate bonds, which Apple says are generally investment grade. The shift may explain why Apples annual interest rate earned on its portfolio (2%) is now higher than that of the four other Silicon Valley firms with money mountains, Microsoft, Alphabet, Cisco and Oracle. In total, they still have 66% of their portfolios squirrelled away in risk-free assets.Second, Apples derivatives book has got much bigger. Since 2011 its notional sizethe face value of its contractshas risen by 425%, to $124bn. This is still much smaller than big banks positions, but is the third-largest book of any non-financial firm in America, after GE and Ford. For every dollar of foreign sales, Apple has 89 cents of derivatives, compared with 57 cents for the other four tech giants. At points these derivatives have yielded big rewards. In 2015 they contributed $4bn, or 6% of Apples profits. But they have dangers, too. Apple says that its value-at-risk (VAR), a statistical measure of the maximum likely loss in an average day, is $434m. That is huge: similar to the combined VAR of the worlds top ten investment banks. In theory losses on derivatives would be offset by gains in the value of Apples underlying business. But the sheer size of these positions gives pause for thought.The last area of higher risk is Apples divided geography. Its foreign operation swims in cash while its domestic one drowns in debt. Profits made abroad are kept in foreign subsidiaries. That way Apple does not pay the 35% levy America charges when earnings are repatriated. Some 94% of Apple Capitals assets are offshore and cannot be tapped for ordinary purposes. The domestic business must do the hard work of paying for dividends and buy-backs. Its profits are not big enough to cover these, so it borrows. Domestic net debts have risen to $92bn, or five times domestic gross operating profits. Each year Apple must issue $30bn of bonds (including refinancing), similar to the average of Wall Streets five largest firms.Apples core business is so profitable that it isalmostinconceivable that a blow-up at Apple Capital could lead to it needing taxpayer or central-bank support, as was the case for GM and GE. Still, it is easy to imagine how Apple Capital could hurt its parent. A market shock could lead to losses on its portfolios. A two-percentage-point rise in interest rates would result in a loss of $10bn. If bond markets dried up, Apple might struggle to issue so much debt and have to bring home funds, incurring a big tax bill. It might also become tricky to run such a big derivatives portfolio.Dont upset the Apple cartApple Capital has grown in a forgiving period for financial markets. That wont last. Over time, the risk of mission creep will rise, as will the temptation to invest in riskier assets. On the current trajectory, by 2022 its assets will reach $400bn and debts $250bn. By then financial regulators, who do not supervise Apple, will be grinding their teeth at night.According to a former manager who left in 2012, Apples financial gurus were careful because nobody wanted that 3am call from Steve Jobs. But Jobs isnt there any more. In any case, a fear of rebuke is not enough. If the tax laws change Tim Cook, Apples boss should wind down the structure that the firm has created. But even if the rules dont Apple Capital should be shrunk. Tech firms should seek to disrupt finance, not be seduced by it.This article appeared in the Business section of the print edition under the headline "Apple Capital LLC"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21730631-worlds-biggest-firm-has-financial-arm-half-size-goldman-sachs-apple-should-shrink?fsrc=rss'|'2017-10-28T08:00:00.000+03:00'|7883.0|''|-1.0|'' @@ -7894,9 +7894,9 @@ 7892|'38a18f5fa2f1918a00d2387ac43c0051dc3841b6'|'UK''s Ferguson profit rise 25 percent, to buy back shares'|'October 3, 2017 / 6:39 AM / in 28 minutes Ferguson profit rise 25 percent, to buy back shares Reuters Staff 2 Heating and plumbing products supplier Ferguson ( FERG.L ) reported a near 25 percent rise in full-year trading profit from ongoing business, as a strong U.S. performance offset weak British growth. The group, which changed its name from Wolseley this year, said trading profit from ongoing business rose to 1.03 billion pounds in the year to July 31, from 827 million pounds a year earlier. The company said it would buy back shares worth 500 million pounds over the next 12 months. Revenue from ongoing business grew 18.3 percent to 14.87 billion pounds, up 6 percent on a like-for-like basis. The company has increasingly banked on growth in its U.S. business to drive results, against challenging market conditions in the UK and parts of Europe, which has prompted a planned exit from the Nordic region. It made about 89 percent of its trading profit in the U.S. market. Trading profit in its UK division rose 2.7 percent for the year to 76 million pounds, the company said. Wolseley, which started life in 1887 manufacturing machine tools and cars before moving into distribution in 1979, has faced tough competition and a weak market for its core repair, maintenance and property improvement services in the UK and Europe. ($1 = 0.7548 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ferguson-results/uks-ferguson-profit-rise-25-percent-to-buy-back-shares-idUKKCN1C80HK'|'2017-10-03T09:38:00.000+03:00'|7892.0|''|-1.0|'' 7893|'fc3e596f631020778c4a2917d2b8fdf03c59994f'|'Huge Saudi fund to be conservative borrower, chief says'|'Economy gains pace, puts rate hike on track Special Report Reuters Investigates - The Body Trade Reuters buys human remains, and learns a donor''s tragic story UK aims for Brexit transition deal by first quarter 2018 Reuters TV United States October 25, 2017 / 3:55 PM / a minute ago Huge Saudi fund to be conservative borrower, chief says Andrew Torchia 3 Min Read RIYADH (Reuters) - Saudi Arabias Public Investment Fund will be a conservative borrower when it enters international debt markets to obtain leverage for its expansion, the funds managing director Yasir al-Rumayyan said on Wednesday. The PIF, with assets of $224 billion, is being built into a key instrument of Saudi policy, investing at home to develop the economy and abroad to increase returns on the kingdoms oil wealth. It aims to expand to $400 billion by 2020. In addition to obtaining capital injections and assets from the government, plus retained earnings, it plans to fund itself with loans, bonds or a combination of the two - raising the prospect of a big new debt issuer in international markets. But Rumayyan told Reuters that the PIF would take a disciplined approach, basing its borrowing on specific assets that it intended to finance, rather than on the total value of its portfolio. We achieve two things with this approach - we limit our risk, and we increase our returns, said Rumayyan, who took his post in September 2015 after serving as chief executive of investment bank Saudi Fransi Capital. The PIF is still studying the level of leverage which it wants to accept and expects to make a decision in two or three months, he added. The fund has set targets for long-term returns that seem ambitious to some money managers in an era of low interest rates. For example, it expects an annual return of 8.5 percent from its Saudi equity holdings and 6.5 percent from a diversified pool of international assets. Rumayyan argued that the targets were very much achievable because of a shift in the PIFs business model. In the years after it was established in 1971, it made low-interest loans to industries which Saudi Arabia wanted to develop, such as oil refining and petrochemicals. Now the responsibility for such loans is being transferred to another organization, the Saudi Industrial Development Fund, and the PIF is winding down the business, Rumayyan said. We were lending money at less than 100 basis points...Now we are no longer doing that, it gives us room to increase our equity investments, he said. The PIFs historical returns on Saudi equity investments have in any case not been far from 8.5 percent, he added. Over the last two years, Rumayyan has been building up the PIFs staff for its new role by hiring financial professionals from around the world. The fund now has over 200 staff and expects eventually to have over 1,000, he said. Reporting by Andrew Torchia, editing by Alister Doyle'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-saudi-economy-funds-borrowing/huge-saudi-fund-to-be-conservative-borrower-chief-says-idUKKBN1CU2CY'|'2017-10-25T18:48:00.000+03:00'|7893.0|''|-1.0|'' 7894|'bbfa3f1ea0a84973032f2efece6b17e83152ee2f'|'Plastics company A Schulman exploring sale - WSJ'|'Oct 4 (Reuters) - Plastics maker A Schulman Inc is exploring a sale, Wall Street Journal reported on Wednesday, citing people familiar with the matter.The company is working with Citigroup Inc on the process of sale, which is in its early stages, the report said. ( on.wsj.com/2xf6lRT )The companys market value was $1.06 billion, according to Thomson Reuters data. Its shares were up 4.9 percent at $37.60.The company was not immediately available for comment. (Reporting by Arunima Banerjee in Bengaluru; Editing by Arun Koyyur) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/a-schulman-us-ma/plastics-company-a-schulman-exploring-sale-wsj-idINL4N1MF2XM'|'2017-10-04T12:53:00.000+03:00'|7894.0|''|-1.0|'' -7895|'bc0b9b97ac729af26b8313b23e5bb1085ee30e44'|'Germany to raise economic growth forecast for 2017 to 2 percent - source'|'FILE PHOTO: A worker controls a tapping of a blast furnace at Europe''s largest steel factory of Germany''s industrial conglomerate ThyssenKrupp AG in the western German city of Duisburg, Germany, December 6, 2012. REUTERS/Ina Fassbender/File Photo BERLIN (Reuters) - The German government will raise its 2017 growth forecast for to 2.0 percent, a sharp increase from its earlier estimate of 1.5 percent and the strongest rate since 2011, a source told Reuters on Tuesday.Berlin also plans to lift its 2018 forecast for gross domestic product (GDP) to expand 1.9 percent, up from its earlier forecast of 1.6 percent, the person familiar with the projections said.Economy Minister Brigitte Zypries will present the governments updated forecasts on Wednesday. 1.9 percent in 2016, the strongest rate in five years, propelled by private consumption households and authorities are benefiting from record-high employment and ultra-low borrowing costs.The International Monetary Fund on Tuesday raised its growth forecast for the German economy to a calendar-adjusted 2.0 percent in 2017 and 1.8 percent in 2018.The governments growth forecast figures are not adjusted for workdays. Due to the unusually strong calendar effect in 2017, the forecast would translate into an adjusted growth rate of 2.3 percent this year.Reporting by Gernot Heller; Writing by Michael Nienaber; Editing by Michelle Martin and Matthew Mpoke Bigg '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/germany-economy-growth/germany-to-raise-economic-growth-forecast-for-2017-to-2-percent-source-idINKBN1CF1ZJ'|'2017-10-10T12:33:00.000+03:00'|7895.0|''|-1.0|'' -7896|'d35b37d3821ff8043ce33cd5a1f523313d0ad9b6'|'Oil hovers near 4-week high on Saudi pledge to end glut'|'October 25, 2017 / 1:54 AM / Updated 17 minutes ago Oil hovers near four-week high on Saudi pledge to end glut Reuters Staff 2 Min Read TOKYO (Reuters) - Oil prices were largely steady in early Asian trade on Wednesday, hovering near a four-week high hit a day earlier after top exporter Saudi Arabia said it was determined to end a supply glut. FILE PHOTO - A general view of a crude oil importing port in Qingdao, Shandong province, in this November 9, 2008 file photo. REUTERS/Stringer/File Photo Brent crude, the global benchmark, was up 10 cents at $58.43 a barrel by 0103 GMT, after settling on Tuesday up 96 cents, or 1.7 percent. U.S. West Texas Intermediate crude was trading down 4 cents at $52.43 a barrel, having risen 57 cents on Tuesday. Saudi Arabias energy minister said the focus remained on reducing oil stocks in industrialized countries to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends. The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January. The pact runs to March 2018, but they are considering extending it. We are very flexible, we are keeping our options open. We are determined to do whatever it takes to bring global inventories down to the normal level which we say is the five-year average, Falih told Reuters. U.S. crude stocks fell by 519,000 barrels last week, industry group the American Petroleum Institute said on Tuesday after settlement. That compared with analysts expectations for a decline of 2.6 million barrels. [API/S] [EIA/S] Gasoline stocks fell by 5.8 million barrels, compared with analysts expectations in a Reuters poll for a 17,000-barrel decline. Distillate fuels stockpiles, which include diesel and heating oil, fell by 4.9 million barrels, compared with expectations for a 860,000-barrel drop, the API data showed. The U.S. governments Energy Information Administration releases its report later in the day. Reporting by Osamu Tsukimori; Editing by Joseph Radford'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-oil/oil-hovers-near-four-week-high-on-saudi-pledge-to-end-glut-idUKKBN1CU040'|'2017-10-25T04:46:00.000+03:00'|7896.0|''|-1.0|'' -7897|'f83945504d59bec8ae086f3124f0071542b564c1'|'Banks stagger Brexodus as EU regulators consider grace period'|'LONDON/FRANKFURT (Reuters) - European regulators are considering making it easier, at least temporarily, for banks to handle some EU-related business in Britain immediately after Brexit, industry sources told Reuters.FILE PHOTO: Buildings in the City of London are seen behind Waterloo Bridge in London, Britain October 20, 2017. REUTERS/Peter Nicholls/File Photo They say it may be possible come March 2019 when Britain leaves the European Union to book trades done in centres such as Frankfurt out of London for some time.This has eased pressure on banks to rush staff out of London and is one reason that some banks have reduced estimates for the number of jobs they expect to move.Britains EU departure is expected to force banks to move thousands of jobs into the bloc so that they can continue processing EU-related trades.However, some banks have recently scaled back estimates of how many jobs will have to shift, with UBS saying on Friday it is likely to move fewer jobs than the 1000 it had previously projected.JPMorgan boss Jamie Dimon said before the Brexit vote that up to 4,000 of its 16,000 jobs in Britain might be at risk, but has since said it is not planning to move many jobs out of Britain in the next two years.A spokesman for UBS declined to comment about whether the lower estimates were connected with a regulatory reprieve. A JPMorgan spokeswoman was not immediately available for comment.The length of any grace period, designed to avoid any market shock when Britain leaves the bloc, will likely be determined by the future trading terms with the EU.Bankers say German bank regulator Bafin, the agency overseeing Frankfurt, where many banks are moving staff, has said there is leeway.Bafin has told several banks that there would be a tolerance period, said Oliver Wagner of Germanys Association of Foreign Banks, adding that he expected it to last one year.A spokesman for Bafin was not immediately available for comment but President Felix Hufeld said on Oct 24 that banks must be in a position to sensibly manage the associated risks comprehensively in particular if a back-to-back model should suddenly no longer be possible or would have to be revised.At the centre of discussions among regulators are back-to-back arrangements - where a deal done on the continent could be processed and risk-managed at the banks base in London. The practice is already commonly used, with banks often booking trades executed on Asian markets in London or New York.Bankers, who asked not to be named, said they were encouraged by signals that could allow them, for the near term, to keep the bulk of operations in the British capital rather than dividing them across the region.Regulators are trying to be helpful and pragmatic, said one bank executive.SHORT-TERM SOLUTION Financial watchdogs, including the European Central Bank, have warned banks from the outset that they will need more than just a letterbox in Europe, demanding a critical mass of capital and senior local staff.A spokesman for the European Central Bank, which supervises banks, said its priority is that banks should not operate as empty shells within the euro zone.But on its website, it also signals willingness to be temporarily flexible with back-to-back trades as long as risks are managed.The European Banking Authority has also said banks could continue booking trades from Europe in London, so long as they did not rely on empty shells in European countries and took safeguards.Weve come quite a long way from a year ago and now its sort of a quid pro quo, said Wagner.The gentler stance is welcome news for some investment banks, who have complained about the length of time it is taking to get clarity on how they should structure their operations after Brexit.Writing on Twitter on Monday, Goldman Sachs chief executive Lloyd Blankfein expressed confidence in London. Still investing in our big new Euro headquarters here. Expecting/hoping to fill it up, he said.Bank executives who spoke to Reuters said they hoped that the status quo would remain, a view echoed by experts.It is in the interests of European regulators to be flexible, said Karel Lannoo of the Centre for European Policy Studies, a Brussels-based think tank. Otherwise they will be just hurting themselves.But it is not clear how long this kind of work-around will be in place, with expectations that in the longer term regulators will be tougher.The Bank of England expects that when Britain leaves the bloc around 10,000 jobs in the financial sector will be lost in Britain but that could climb to as much as 75,000 in the three to five years afterwards.On day one, back to back trading will be acceptable, said Vishal Vedi, a partner at Deloitte who is advising financial companies preparing for Brexit.What regulators are concerned about is the long-term use of back to back. Thats top of the agenda ... but they havent reached a conclusion.Writing By John O''Donnell; additional reporting by Rachel Armstrong and Huw Jones in London and Tom Sims in Frankfurt; editing by Anna Willard '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/britain-eu-regulators/banks-stagger-brexodus-as-eu-regulators-consider-grace-period-idINKBN1D02FO'|'2017-10-31T19:19:00.000+02:00'|7897.0|''|-1.0|'' +7895|'bc0b9b97ac729af26b8313b23e5bb1085ee30e44'|'Germany to raise economic growth forecast for 2017 to 2 percent - source'|'FILE PHOTO: A worker controls a tapping of a blast furnace at Europe''s largest steel factory of Germany''s industrial conglomerate ThyssenKrupp AG in the western German city of Duisburg, Germany, December 6, 2012. REUTERS/Ina Fassbender/File Photo BERLIN (Reuters) - The German government will raise its 2017 growth forecast for to 2.0 percent, a sharp increase from its earlier estimate of 1.5 percent and the strongest rate since 2011, a source told Reuters on Tuesday.Berlin also plans to lift its 2018 forecast for gross domestic product (GDP) to expand 1.9 percent, up from its earlier forecast of 1.6 percent, the person familiar with the projections said.Economy Minister Brigitte Zypries will present the governments updated forecasts on Wednesday. 1.9 percent in 2016, the strongest rate in five years, propelled by private consumption households and authorities are benefiting from record-high employment and ultra-low borrowing costs.The International Monetary Fund on Tuesday raised its growth forecast for the German economy to a calendar-adjusted 2.0 percent in 2017 and 1.8 percent in 2018.The governments growth forecast figures are not adjusted for workdays. Due to the unusually strong calendar effect in 2017, the forecast would translate into an adjusted growth rate of 2.3 percent this year.Reporting by Gernot Heller; Writing by Michael Nienaber; Editing by Michelle Martin and Matthew Mpoke Bigg '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/germany-economy-growth/germany-to-raise-economic-growth-forecast-for-2017-to-2-percent-source-idINKBN1CF1ZJ'|'2017-10-10T12:33:00.000+03:00'|7895.0|17.0|0.0|'' +7896|'d35b37d3821ff8043ce33cd5a1f523313d0ad9b6'|'Oil hovers near 4-week high on Saudi pledge to end glut'|'October 25, 2017 / 1:54 AM / Updated 17 minutes ago Oil hovers near four-week high on Saudi pledge to end glut Reuters Staff 2 Min Read TOKYO (Reuters) - Oil prices were largely steady in early Asian trade on Wednesday, hovering near a four-week high hit a day earlier after top exporter Saudi Arabia said it was determined to end a supply glut. FILE PHOTO - A general view of a crude oil importing port in Qingdao, Shandong province, in this November 9, 2008 file photo. REUTERS/Stringer/File Photo Brent crude, the global benchmark, was up 10 cents at $58.43 a barrel by 0103 GMT, after settling on Tuesday up 96 cents, or 1.7 percent. U.S. West Texas Intermediate crude was trading down 4 cents at $52.43 a barrel, having risen 57 cents on Tuesday. Saudi Arabias energy minister said the focus remained on reducing oil stocks in industrialized countries to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends. The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January. The pact runs to March 2018, but they are considering extending it. We are very flexible, we are keeping our options open. We are determined to do whatever it takes to bring global inventories down to the normal level which we say is the five-year average, Falih told Reuters. U.S. crude stocks fell by 519,000 barrels last week, industry group the American Petroleum Institute said on Tuesday after settlement. That compared with analysts expectations for a decline of 2.6 million barrels. [API/S] [EIA/S] Gasoline stocks fell by 5.8 million barrels, compared with analysts expectations in a Reuters poll for a 17,000-barrel decline. Distillate fuels stockpiles, which include diesel and heating oil, fell by 4.9 million barrels, compared with expectations for a 860,000-barrel drop, the API data showed. The U.S. governments Energy Information Administration releases its report later in the day. Reporting by Osamu Tsukimori; Editing by Joseph Radford'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-oil/oil-hovers-near-four-week-high-on-saudi-pledge-to-end-glut-idUKKBN1CU040'|'2017-10-25T04:46:00.000+03:00'|7896.0|24.0|0.0|'' +7897|'f83945504d59bec8ae086f3124f0071542b564c1'|'Banks stagger Brexodus as EU regulators consider grace period'|'LONDON/FRANKFURT (Reuters) - European regulators are considering making it easier, at least temporarily, for banks to handle some EU-related business in Britain immediately after Brexit, industry sources told Reuters.FILE PHOTO: Buildings in the City of London are seen behind Waterloo Bridge in London, Britain October 20, 2017. REUTERS/Peter Nicholls/File Photo They say it may be possible come March 2019 when Britain leaves the European Union to book trades done in centres such as Frankfurt out of London for some time.This has eased pressure on banks to rush staff out of London and is one reason that some banks have reduced estimates for the number of jobs they expect to move.Britains EU departure is expected to force banks to move thousands of jobs into the bloc so that they can continue processing EU-related trades.However, some banks have recently scaled back estimates of how many jobs will have to shift, with UBS saying on Friday it is likely to move fewer jobs than the 1000 it had previously projected.JPMorgan boss Jamie Dimon said before the Brexit vote that up to 4,000 of its 16,000 jobs in Britain might be at risk, but has since said it is not planning to move many jobs out of Britain in the next two years.A spokesman for UBS declined to comment about whether the lower estimates were connected with a regulatory reprieve. A JPMorgan spokeswoman was not immediately available for comment.The length of any grace period, designed to avoid any market shock when Britain leaves the bloc, will likely be determined by the future trading terms with the EU.Bankers say German bank regulator Bafin, the agency overseeing Frankfurt, where many banks are moving staff, has said there is leeway.Bafin has told several banks that there would be a tolerance period, said Oliver Wagner of Germanys Association of Foreign Banks, adding that he expected it to last one year.A spokesman for Bafin was not immediately available for comment but President Felix Hufeld said on Oct 24 that banks must be in a position to sensibly manage the associated risks comprehensively in particular if a back-to-back model should suddenly no longer be possible or would have to be revised.At the centre of discussions among regulators are back-to-back arrangements - where a deal done on the continent could be processed and risk-managed at the banks base in London. The practice is already commonly used, with banks often booking trades executed on Asian markets in London or New York.Bankers, who asked not to be named, said they were encouraged by signals that could allow them, for the near term, to keep the bulk of operations in the British capital rather than dividing them across the region.Regulators are trying to be helpful and pragmatic, said one bank executive.SHORT-TERM SOLUTION Financial watchdogs, including the European Central Bank, have warned banks from the outset that they will need more than just a letterbox in Europe, demanding a critical mass of capital and senior local staff.A spokesman for the European Central Bank, which supervises banks, said its priority is that banks should not operate as empty shells within the euro zone.But on its website, it also signals willingness to be temporarily flexible with back-to-back trades as long as risks are managed.The European Banking Authority has also said banks could continue booking trades from Europe in London, so long as they did not rely on empty shells in European countries and took safeguards.Weve come quite a long way from a year ago and now its sort of a quid pro quo, said Wagner.The gentler stance is welcome news for some investment banks, who have complained about the length of time it is taking to get clarity on how they should structure their operations after Brexit.Writing on Twitter on Monday, Goldman Sachs chief executive Lloyd Blankfein expressed confidence in London. Still investing in our big new Euro headquarters here. Expecting/hoping to fill it up, he said.Bank executives who spoke to Reuters said they hoped that the status quo would remain, a view echoed by experts.It is in the interests of European regulators to be flexible, said Karel Lannoo of the Centre for European Policy Studies, a Brussels-based think tank. Otherwise they will be just hurting themselves.But it is not clear how long this kind of work-around will be in place, with expectations that in the longer term regulators will be tougher.The Bank of England expects that when Britain leaves the bloc around 10,000 jobs in the financial sector will be lost in Britain but that could climb to as much as 75,000 in the three to five years afterwards.On day one, back to back trading will be acceptable, said Vishal Vedi, a partner at Deloitte who is advising financial companies preparing for Brexit.What regulators are concerned about is the long-term use of back to back. Thats top of the agenda ... but they havent reached a conclusion.Writing By John O''Donnell; additional reporting by Rachel Armstrong and Huw Jones in London and Tom Sims in Frankfurt; editing by Anna Willard '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/britain-eu-regulators/banks-stagger-brexodus-as-eu-regulators-consider-grace-period-idINKBN1D02FO'|'2017-10-31T19:19:00.000+02:00'|7897.0|20.0|0.0|'' 7898|'f4d9a59286ab32c703bd78f8957748e96c986262'|'UPDATE 1-U.S. FDA panel backs approval of Novo Nordisk diabetes drug'|' 41 PM / Updated 8 minutes ago UPDATE 1-U.S. FDA panel backs approval of Novo Nordisk diabetes drug Reuters Staff (Adds analysts comment, background) By Toni Clarke WASHINGTON, Oct 18 (Reuters) - Novo Nordisk A/Ss new diabetes drug semaglutide is effective, reasonably safe and should be approved, an advisory panel to the U.S. Food and Drug Administration concluded on Wednesday. The panel voted 16-0 with one abstention in favor of the drug being approved. It would compete with others in a class known as glucagon-like peptide-1 (GLP-1) analogs, which imitate an intestinal hormone that stimulates the production of insulin. The FDA typically follows the recommendations of its advisors. Novo Nordisk is hoping that semaglutide, a once-weekly injection, will take market share from Eli Lilly & Cos once-weekly Trulicity, which in turn has been taking share from Novo Nordisks once-daily Victoza. Novo Nordisk is also developing an oral form of semaglutide. We believe semaglutide will be a formidable competitor for Lillys Trulicity, Alex Arfaei, an analyst at BMO Capital Markets, said in a research note. Analysts on average expect annual semaglutide sales to reach $3.17 billion by 2023, with sales of Trulicity, which was approved in the United States in late-2014, rising to $3.71 in 2023, according to Thomson Reuters data. Panelists discussed data showing that semaglutide was associated with an initial worsening of diabetic retinopathy, a condition caused by damage to blood vessels in the retina due to high blood sugar levels. The damage can cause progressive deterioration in vision, potentially leading to blindness. But they found that the benefit of reducing blood sugar overall offset this risk, which the company argues is transient. Analysts expect the drugs label to carry a standard warning, similar to insulins, regarding diabetic retinopathy. The FDA is scheduled to make its decision on semaglutide by Dec. 5th. (Reporting by Toni Clarke; Editing by Sandra Maler) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/novo-nordisk-diabetes-fda/update-1-u-s-fda-panel-backs-approval-of-novo-nordisk-diabetes-drug-idUSL2N1MT239'|'2017-10-18T23:39:00.000+03:00'|7898.0|''|-1.0|'' 7899|'a1faf7d343d4289108b50910415889042c0944ae'|'Asian shares shrug off Wall Street gloom, dollar steadies'|'October 10, 2017 / 12:55 AM / Updated 3 hours ago Catalonia uncertainty hits bond yields, U.S. stocks outpace Europe Sinead Carew 3 Min Read The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, October 2, 2017. REUTERS/Staff/Remote NEW YORK (Reuters) - Stocks around the world rose on Tuesday, helped by record highs on Wall street although Europe traded cautiously and U.S. Treasury yields fell as investors braced for a possible move by Catalonia to unilaterally declare independence from Spain. While oil futures traded higher the dollar lost ground as the euro climbed to its highest point in a week after Germanys trade data beat forecasts and on expectations the European Central Bank may consider scaling back asset purchases. Madrids IBEX stocks index was 1 percent lower due to Spains biggest political crisis since an attempted military coup in 1981. The FTSEurofirst 300 index of European stocks was down 0.2 percent. Catalonias secessionist leader Carles Puigdemont was due to address the regions parliament in Barcelona later on Tuesday and could ask the assembly to vote on a unilateral declaration of independence from Madrid. If Catalonia splits from Spain that is going to create economic disruption, and thats bad for the Spanish economy and the euro zone as a whole, said Mary Ann Hurley, vice president in fixed income trading at D.A. Davidson in Seattle. The three major Wall Street indexes scaled new records, helped by gains in energy stocks and in Wal-Mart on the back of the companys $20 billion share buyback plan. [.N] The Dow Jones Industrial Average rose 31.44 points, or 0.14 percent, to 22,792.51, the S&P 500 gained 2.95 points, or 0.12 percent, to 2,547.69 and the Nasdaq added 1.20 points, or 0.02 percent, to 6,580.93 MSCIs gauge of stocks across the globe gained 0.41 percent, also hitting a record high. The dollar index, which tracks the greenback against a basket of major currencies, fell for the third day in a row. The dollar index fell 0.46 percent, with the euro up 0.55 percent to $1.1803. On top of strong German export data, traders were also upbeat after one of the European Central Banks German policymakers called for an end to its stimulus. Benchmark 10-year notes last rose 9 in price to yield 2.3356, from 2.368 percent late on Monday. The 30-year bond last rose 24 in price to yield 2.8673 percent, from 2.906 percent late on Monday. In commodities, Brent oil prices pushed above $56 a barrel after top producer Saudi Arabia signaled it would trim its exports and as OPEC flagged ongoing efforts to try to restore the longer-term balance of the market. [O/R] U.S. crude rose 2.46 percent to $50.80 per barrel and Brent was last at $56.69, up 1.61 percent on the day. Gold prices also hit their highest in more than a week against the backdrop of a weaker dollar although expectations for another U.S. interest rate hike capped gains. Spot gold added 0.6 to $1,291.12 an ounce. [GOL/] Additional reporting by Marc Jones and Helen Reid in London, Lisa Twaronite in Tokyo,; Editing by Ed Osmond and Andrea Ricci'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-global-markets/asian-shares-shrug-off-wall-street-gloom-dollar-steadies-idUSKBN1CF039'|'2017-10-10T03:54:00.000+03:00'|7899.0|''|-1.0|'' 7900|'1da55dac1cb9813f0f6e1f0cc7e2539b6014025e'|'UPDATE 1-LPC-Private credit market set to reach US$1trn by 2020'|'(Updates Wednesdays story to add details of report co-author in para 2)By David BrookeLONDON, Oct 5 (Reuters) - The global private credit market is set to reach US$1trn by 2020, according to a report from the Alternative Credit Council (ACC), an affiliate of the Alternative Investment Management Association (AIMA) that was published on Wednesday.Assets under management in the industry stand at US$605.5bn, which is split between dry powder and committed capital and is set to reach US$1trn mark by 2020, according to the report titled Financing the Economy 2017, which was co-authored by law firm Dechert LLP.This expansion will come as funds sitting on record amounts of available capital expand their scope beyond the middle market and target larger scale transitions.Where once the core of private credit activity was in the SME market, private credit managers are now participating in large scale transactions - historically the preserve of traditional bank lending or the public bond markets, the report said.The popularity of private credit in the US has fuelled interest in the product across Europe and Asia Pacific as managers look for growth opportunities.As the sector continues to attract more investment, the amount of dry powder decreased as a proportion of the total assets in the industry to 36% in 2017, from 38.8% in 2016, the report said.Larger borrowers that have more than US$75m EBITDA make up 18.4% of the market, and a fifth of managers are targeting loans in excess of US$100m.The managers surveyed by the ACC cited their ability to provide quick decisions on loans, underwrite complex transactions and flexibility on terms as the reason for their growing popularity with borrowers.Managers are not only targeting larger transactions but are also starting to mirror other features of Europes syndicated loan and bond markets.Both covenant and coupon terms have shifted more favourably towards the borrower. Nearly half of private credit managers said that covenants had become less onerous in the past three years.Some managers are even seeing demand for covenant-lite structures, which were previously reserved for larger companies.Managers are also seeing more demand for longer dated loans, and almost a quarter have a target term of six years or more, compared to 8% in 2015.However, fund managers are remaining disciplined and nearly half of all managers are not using leverage to boost their returns.While the majority of activity comes from private equity-driven transactions, sponsorless transactions are increasing and accounted for 44.9% of all loans made by private debt funds this year, up from 37.5% in 2016, according to the report.Jack Inglis, chief executive of AIMA, said: Private credit has become a permanent feature of the lending landscape. Performance across the industry continues to be strong relative to many other asset classes.This has attracted fundraising. The industry continues to deliver flexible deals suited to borrowers needs and the success of the sector to date is fuelling its expansion into new markets, he added. (Editing by Claire Ruckin and Tessa Walsh) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/acc-loans/update-1-lpc-private-credit-market-set-to-reach-us1trn-by-2020-idINL8N1MG28A'|'2017-10-05T07:59:00.000+03:00'|7900.0|''|-1.0|'' @@ -7970,9 +7970,9 @@ 7968|'290c5c19783a21a4e5d68d24caf93c70fa4fee0d'|'Kobe Steel seeks loan, shareholder offers support after data scandal'|'October 30, 2017 / 8:27 AM / Updated 20 minutes ago Kobe Steel seeks loan, shareholder offers support after data scandal Taro Fuse , Yuka Obayashi 4 Min Read TOKYO (Reuters) - Embattled Kobe Steel Ltd ( 5406.T ) is seeking 50 billion yen (334.86 million pounds) in loans from banks, a banking source said on Monday, while a shareholder said it was ready to offer assistance as the company grapples with a scandal over falsified product specifications. Kobe Steel Executive Vice President Naoto Umehara attends a news conference in Tokyo, Japan October 30, 2017. REUTERS/Kim Kyung-Hoon Japans third-largest steelmaker also pulled its forecast for a first annual profit in three years while it deals with the financial impact of one of Japans biggest corporate scandals. Kobe Steel is losing customers and said on Friday it had the government-sanctioned seal of quality revoked on some of its products. The steelmakers admission earlier this month that it had found widespread tampering in specifications has sent companies in global supply chains scrambling to check whether the safety or performance of their products has been compromised. While no safety issues have been identified, Kobe Steels parts and materials are used across the world in cars, trains, airplanes and other equipment. The company, which has said it cannot fully quantify the impact on its finances from the scandal, is seeking loans from Mizuho Bank and other lenders, a banker with direct knowledge of the situation told Reuters, requesting anonymity because the discussions are not public. The Nikkei business daily reported earlier that Mizuho Bank, Sumitomo Mitsui Banking and Bank of Tokyo-Mitsubishi UFJ are considering loans to the steelmaker. Kobe Steel Managing Executive Officer Kazuaki Kawahara confirmed at an earnings briefing later on Monday that the company was in loan talks with banks but did not provide details. Executive Vice President Naoto Umehara said that Kobe Steel will continue generating cash on its own to cover expenses from the data falsification as well as for capital investment. He said the misconduct would likely reduce its recurring profit by 10 billion yen in the full 2017/18 financial year. The company however cut its forecast for recurring profit in the year by 5 billion yen to 50 billion yen because of better than expected earnings in the first half. Kobe Steel Executive Vice President Naoto Umehara attends a news conference in Tokyo, Japan October 30, 2017. REUTERS/Kim Kyung-Hoon Japans biggest steelmaker, Nippon Steel & Sumitomo Metal Corp ( 5401.T ) said on Monday it will provide support to its smaller rival if requested. Nippon Steel has a 2.95 percent stake in Kobe Steel. We will consider and respond if we receive any requests from Kobe Steel for help, Nippon Steel President Kosei Shindo told a news conference, adding that his company has not received any request. The companies have an alliance that involves cooperating on steel supplies during shortages or maintenance of factories, while Kobe Steel has a 0.71 percent stake in Nippon Steel. Slideshow (3 Images) However, Kobe Steels Umehara said there were no plans to seek support from Nippon Steel. Kobe Steel repaid a 20 billion yen bond that came due on Friday, a spokesman said on Monday. But it cancelled plans to pay a dividend on its first-half results. The company said it had net profit of nearly 40 billion yen in the April to September period. The results do not include any financial impact from the cheating. Kobe Steel forecast in July that it would earn net profit of 35 billion yen in the year through March 2018 after two years of losses. Kobe Steel shares rose 2.2 percent on Monday, while the Nikkei 225 .225 fell 0.1 percent. Kobe Steels market value has slumped by about $1.5 billion since it said in early October it had found widespread tampering of product specifications in its aluminium and copper business. The cheating has since been found across its businesses. Additional reporting by Sam Nussey; Writing by Aaron Sheldrick; Editing by Edwina Gibbs and Tom Hogue; Editing by Raju Gopalakrishnan'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-kobe-steel-scandal/kobe-steel-seeks-loan-shareholder-offers-support-after-data-scandal-idUKKBN1CZ0P7'|'2017-10-30T10:26:00.000+02:00'|7968.0|''|-1.0|'' 7969|'b1808229fa3f7e8b984124af38d55a101c621d35'|'CVS-Aetna deal gets Wall Street thumbs up amid Amazon entry fears'|'(Reuters) - U.S. pharmacy operator CVS Health Corps move to buy health insurer Aetna Inc will broaden their reach in the industry and could spark another round of dealmaking in a sector dreading Amazons arrival, analysts said.FILE PHOTO: The CVS logo is seen at one of their stores in Manhattan, New York, U.S., August 1, 2016. REUTERS/Andrew Kelly/File Photo Shares of Aetna, the third-largest U.S. health insurer, were marginally up in early trading on Friday, after closing 12 percent higher on Thursday following reports of the deal. CVS Health was down about 1 percent.CVS Health has made an offer to acquire No. 3 U.S. health insurer Aetna for more than $200 per share, or over $66 billion, making it the biggest deal of the year, Reuters reported on Thursday.A potential combination would diversify CVS profit streams ahead of an Amazon entry and set the stage for a new healthcare-retail delivery model, Morgan Stanley analysts wrote in a note.Amazon.com Incs speculated entry has hit shares of most drugstore operators on fears that the online retailer would leverage its vast ecommerce platform to take market share from traditional pharmacies.We believe CVS does need to respond to the potential threat and strike a different path, Cowen & Co analyst Charles Rhyee said in a note.A deal would make CVS-Aetna a one-stop shop for customers health care needs - ranging from employer healthcare and government plans to managing benefits and running drug stores.The vertical integration of retail pharmacy, PBM, and insurers fits with broader healthcare themes of expanded access, consumerism and cost reduction, Jefferies analysts said, adding that the deal chatter was not a complete surprise.It would address each companys need for a fresh script.Some analysts said the deal could also trigger a wave of consolidation across the industry.It could be a possible catalyst for higher health insurance sector valuation, BMO Capital Markets analyst Matt Bosch said, adding that WellCare Health Plans, Humana and Centene could be possible acquisition targets.Aetna earlier this year closed the door on a deal with rival insurer Humana Inc after antitrust regulators said that the combination and a rival deal between Anthem Inc and Cigna Corp were anti-competitive.Reporting by Ankur Banerjee in Bengaluru; Editing by Saumyadeb Chakrabarty '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-aetna-m-a-cvs-health-research/cvs-aetna-deal-gets-wall-street-thumbs-up-amid-amazon-entry-fears-idINKBN1CW1YC'|'2017-10-27T11:49:00.000+03:00'|7969.0|''|-1.0|'' 7970|'769ac765e950946e8bde00d637c241fc4ae8a424'|'Italy Cabinet exercises ''golden power'' to protect TIM - PM Gentiloni'|'October 16, 2017 / 2:01 PM / Updated 13 minutes ago Italy exercises ''golden power'' to rein in Vivendi at Telecom Italia Giuseppe Fonte 4 Min Read FILE PHOTO: FILE PHOTO: Telecom Italia logo is seen at the headquarters in Milan, Italy, May 25, 2016. REUTERS/Stefano Rellandini/File Photo/File Photo ROME (Reuters) - The Italian government approved on Monday the exercise of its golden power over Telecom Italia (TIM) ( TLIT.MI ), following concerns over French media group Vivendis ( VIV.PA ) growing influence at the company. Without giving any details Prime Minister Paolo Gentiloni said that he had signed a decree activating the so-called golden power after Vivendi, now TIMs biggest investor with a 24 percent stake, tightened its grip on the company. The golden power - which has never been used by Rome before - enables the government to veto certain actions, including asset sales, mergers and any change of control of companies which are regarded as being of strategic national importance. TIMs shares were down 1.4 percent at 0.76 euros by 1535 GMT, when shares in Vivendi were down 0.3 percent at 21.20 euros. Both companies declined to comment. Rome took notice of Vivendis growing influence at TIM after the French group, led by acquisitive billionaire Vincent Bollore, appointed a majority of board members at the Italian company and also installed two of its own top executives as chairman and chief executive earlier this year. Last month Italys market watchdog Consob said Vivendi was effectively controlling TIM, a charge which has been denied by the French company. Industry sources said the governments special powers may be applied to all the assets within the company which Rome considers strategic such as international service provider Sparkle and software unit Telsy. Sparkle is seen as politically sensitive because its submarine network connects countries in Europe, the Mediterranean and the Americas, while Telsy provides encrypted communications technology to customers such as the Italian army and the government. However, according to industry sources the golden power could also be extended to TIMs fixed-line network, one of the companys most prized assets. There has been widespread media speculation that Rome could push for the various assets to be spun-off or sold, or it could ask for representatives from the government or communications regulator AGCOM to flank executives at the various companies on certain matters. The government may also decide to fine TIM for failing to promptly notify the authorities when Vivendi gained effective control. Italian politicians have been calling on and off since 2006 for TIMs landline network to be transferred to a state-controlled entity as Rome considers it a strategic asset that should be a neutral platform open to all phone companies. Heavily-indebted TIM has also been criticised for putting off completely replacing its ageing copper network with optic fibre. Vivendi is also under regulatory scrutiny in Italy for its accumulation of a near 30 percent stake in private broadcaster Mediaset ( MS.MI ), owned by former prime minister Silvio Berlusconi, because of concerns that Bollore will come to dominate the countrys media and telecoms industries. Writing by Agnieszka Flak; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-vivendi-telecom-italia-golden-power/italy-cabinet-exercises-golden-power-to-protect-tim-pm-gentiloni-idUKKBN1CL1Z9'|'2017-10-16T17:00:00.000+03:00'|7970.0|''|-1.0|'' -7971|'6ebc4d906b2aa53f258d0a662e14d3fb08eac2ee'|'Touts to UK''s 4.5bn music industry, survey reveals'|'Music industry Touts threaten UK''s 4.5bn music industry, survey reveals Mass online touting causing long-term damage and ripping off fans as poll finds strong support for limiting resale prices at face value Adele at Wembley in June. Touts frequently target her concerts, reselling tickets that cost 85 at face value for a price in hundreds or even thousands. Photograph: Samir Hussein Music industry Touts threaten UK''s 4.5bn music industry, survey reveals Mass online touting causing long-term damage and ripping off fans as poll finds strong support for limiting resale prices at face value View more sharing options Monday 30 October 2017 15.50 GMT Last modified on Monday 30 October 2017 18.10 GMT The UKs 4.5bn music industry is under threat because fans cash is being diverted from their favourite acts, as they fork out for tickets sold by touts at vast mark-ups , according to a survey. The survey, released by anti-tout campaign group FanFair Alliance on Monday, found that two-thirds of respondents who had paid more than face value for a ticket on a resale site said they would attend fewer concerts in future, while half would spend less on recorded music. Adam Webb, a FanFair Alliance campaigner, said the survey supported fears that touting was doing considerable long-term damage to the music industry, which supports 142,000 jobs, according to UK Music. About 80% of more than 1,000 surveyed said secondary ticketing was a rip off, while 58% said they would support limiting resale prices to face value. The message from this research appears to be pretty clear: UK audiences are fed up, said Webb. He said fans were not against all resale but that the majority would like the option to resell a ticket for the price they paid for it, and theyre in favour of measures to curb mass-scale online ticket touting. The 1bn-a-year secondary ticketing industry, where websites offer a platform to resell music, theatre and sports tickets, is already being investigated by the Competition and Markets Authority (CMA) amid concern about the impact on fans and artists. The government has brought forward legislation to ban the use of automated software known as bots to harvest tickets but has shied away from broader restrictions. Evidence of fans growing frustration came as analysis of more than 20 gigs showed that resale was dominated by touts, rather than genuine fans who suddenly found they could not go to an event. For a Jack Savoretti gig at Indigo at the O2 in London, 94% of tickets on the Ticketmaster-owned GetMeIn site were listed by professional ticket traders, as were 80% sold on eBay-owned StubHub. How the ticket touts get away with bleeding fans dry Read more Many of the tickets are listed at significant mark-ups, despite the fact that the gig is not sold out and face-value tickets were still available as of Thursday. Both sites hosted listings by well-known professional traders, including Scotland-based Andrew Newman, identified by the Guardian last year as one of Britains most successful touts. A gig by rock act Queens of the Stone Age at Wembley attracted similar attention, with 81% of StubHubs listings attributed to professional ticket traders and 64% of GetMeIns. A StubHub spokesperson said it had less than 1% of capacity at these venues, adding that some of its tickets were sold for less than the original price and that 40% of tickets sold via the site in the UK were at face value or below. The real problem is the lack of transparency in the primary market with the distinct lack of tickets made available to the general public, said StubHub. We would like to see government bring forward rules that would mean that primary sellers have to list how many tickets they are actually listing for primary sale. While StubHub and GetMeIn publish information about who is selling tickets, Switzerland-based Viagogo does not. The website has been criticised for selling tickets that resulted in fans being denied entry , profiting from charity gigs, and refusing to cooperate with a parliamentary investigation. Analysis of its listings revealed that it advertised 916 tickets for one Lady Gaga concert, 674 for The Killers, 535 for Depeche Mode and 471 for Queens of the Stone Age. But none of the listings contained any information about who sold the tickets, leaving fans in the dark about who they were buying from. Topics'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/oct/30/touts-threat-to-uks-45bn-music-industry-survey-reveals'|'2017-10-30T02:00:00.000+02:00'|7971.0|''|-1.0|'' +7971|'6ebc4d906b2aa53f258d0a662e14d3fb08eac2ee'|'Touts to UK''s 4.5bn music industry, survey reveals'|'Music industry Touts threaten UK''s 4.5bn music industry, survey reveals Mass online touting causing long-term damage and ripping off fans as poll finds strong support for limiting resale prices at face value Adele at Wembley in June. Touts frequently target her concerts, reselling tickets that cost 85 at face value for a price in hundreds or even thousands. Photograph: Samir Hussein Music industry Touts threaten UK''s 4.5bn music industry, survey reveals Mass online touting causing long-term damage and ripping off fans as poll finds strong support for limiting resale prices at face value View more sharing options Monday 30 October 2017 15.50 GMT Last modified on Monday 30 October 2017 18.10 GMT The UKs 4.5bn music industry is under threat because fans cash is being diverted from their favourite acts, as they fork out for tickets sold by touts at vast mark-ups , according to a survey. The survey, released by anti-tout campaign group FanFair Alliance on Monday, found that two-thirds of respondents who had paid more than face value for a ticket on a resale site said they would attend fewer concerts in future, while half would spend less on recorded music. Adam Webb, a FanFair Alliance campaigner, said the survey supported fears that touting was doing considerable long-term damage to the music industry, which supports 142,000 jobs, according to UK Music. About 80% of more than 1,000 surveyed said secondary ticketing was a rip off, while 58% said they would support limiting resale prices to face value. The message from this research appears to be pretty clear: UK audiences are fed up, said Webb. He said fans were not against all resale but that the majority would like the option to resell a ticket for the price they paid for it, and theyre in favour of measures to curb mass-scale online ticket touting. The 1bn-a-year secondary ticketing industry, where websites offer a platform to resell music, theatre and sports tickets, is already being investigated by the Competition and Markets Authority (CMA) amid concern about the impact on fans and artists. The government has brought forward legislation to ban the use of automated software known as bots to harvest tickets but has shied away from broader restrictions. Evidence of fans growing frustration came as analysis of more than 20 gigs showed that resale was dominated by touts, rather than genuine fans who suddenly found they could not go to an event. For a Jack Savoretti gig at Indigo at the O2 in London, 94% of tickets on the Ticketmaster-owned GetMeIn site were listed by professional ticket traders, as were 80% sold on eBay-owned StubHub. How the ticket touts get away with bleeding fans dry Read more Many of the tickets are listed at significant mark-ups, despite the fact that the gig is not sold out and face-value tickets were still available as of Thursday. Both sites hosted listings by well-known professional traders, including Scotland-based Andrew Newman, identified by the Guardian last year as one of Britains most successful touts. A gig by rock act Queens of the Stone Age at Wembley attracted similar attention, with 81% of StubHubs listings attributed to professional ticket traders and 64% of GetMeIns. A StubHub spokesperson said it had less than 1% of capacity at these venues, adding that some of its tickets were sold for less than the original price and that 40% of tickets sold via the site in the UK were at face value or below. The real problem is the lack of transparency in the primary market with the distinct lack of tickets made available to the general public, said StubHub. We would like to see government bring forward rules that would mean that primary sellers have to list how many tickets they are actually listing for primary sale. While StubHub and GetMeIn publish information about who is selling tickets, Switzerland-based Viagogo does not. The website has been criticised for selling tickets that resulted in fans being denied entry , profiting from charity gigs, and refusing to cooperate with a parliamentary investigation. Analysis of its listings revealed that it advertised 916 tickets for one Lady Gaga concert, 674 for The Killers, 535 for Depeche Mode and 471 for Queens of the Stone Age. But none of the listings contained any information about who sold the tickets, leaving fans in the dark about who they were buying from. Topics'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/oct/30/touts-threat-to-uks-45bn-music-industry-survey-reveals'|'2017-10-30T02:00:00.000+02:00'|7971.0|23.0|0.0|'' 7972|'9b6022582335b9300b8350c3d2efa46bde72d823'|'CANADA STOCKS-TSX cracks 16,000 to record as energy, Canopy Growth rally'|'(Updates throughout with stock, index moves)* TSX hits record, up 68.21 points, or 0.43 percent, to 16,021.72* Nine of the TSXs 10 main groups were up* Canopy Growth soars as much as 23 pctTORONTO, Oct 30 (Reuters) - Canadas main stock index touched a fresh record on Monday, breaking above 16,000 points for the first time in the process, as energy shares rallied and cannabis producer Canopy Growth soared.Canopy Growth was up 13.6 percent to C$14.53 after surging as much as 22.9 percent on news that Corona beer maker Constellation Brands Inc bought a nearly 10 percent stake in the company.The overall healthcare group was on track for its biggest gain since June, rising 3.6 percent.Canadian Natural resources gave the index its biggest lift, advancing 1.8 percent to C$44.17, while Crescent Point Energy Corp gained 6.3 percent to C$10.03.U.S. crude prices neared eight-month highs, and benchmark Brent crude held above $60 a barrel. The overall energy sector rallied 1.4 percent.Precision Drilling Corp jumped 10.1 percent to C$3.59, extended Fridays gains fueled by a narrower-than-expected quarterly loss.At 10:35 a.m. ET (1435 GMT), the Toronto Stock Exchanges S&P/TSX composite index rose 70.62 points, or 0.44 percent, to 16,024.13, touching a fresh record.The benchmark index broke the last intraday record set in February on Friday and also closed that day at a record high.Of the indexs 10 main groups, nine were in positive territory.The financials group added 0.3 percent. Element Fleet Management Corp jumped 7.9 percent to C$10.2.The materials group, home to mining and other resource companies, advanced 1.0 percent. Goldcorp Inc rose 1.8 percent to C$17.12.On the downside, Saputo Inc, which gained on Friday after announcing it was buying Australian diary company Murray Goulburn, gave back some of those advances, falling 3.2 percent to C$45.98 as some analysts cut their ratings on the Canadian dairy producer.Consumer staples was the only sector that retreated, sliding 0.5 percent.Advancing issues outnumbered declining ones on the TSX by 197 to 47, for a 4.19-to-1 ratio on the upside. (Reporting by Solarina Ho; Editing by Meredith Mazzilli) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/canada-stocks/canada-stocks-tsx-cracks-16000-to-record-as-energy-canopy-growth-rally-idINL2N1N50UF'|'2017-10-30T12:01:00.000+02:00'|7972.0|''|-1.0|'' -7973|'f5ff24660a74b73c7a75e434096838eccc646eda'|'Nikkei edges closer to 21-year high; Kobe Steel stumbles 20 pct again'|'* Both Nikkei and Topix hit fresh 2-year highs* Kobe Steel plunges 20 pct to near 1-year low* Food, railway stocks bought while automakers soldBy Ayai TomisawaTOKYO, Oct 11 (Reuters) - Japans Nikkei share average rose on Wednesday in choppy trade, edging closer to a 21-year high supported by buying in defensive stocks, while Kobe Steel extended its losses after confirming a media report that it fabricated data in iron power products.Kobe Steel Ltd on Wednesday confirmed a media report that there may have been data fabrication in iron powder products.The companys shares stumbled 20 percent to near one-year low of 856 yen, after plunging 22 percent on Tuesday.The Yomiuri newspaper reported Japans third-biggest steelmaker may have fabricated data on iron powder products used typically in components such as automotive gears.The company is currently investigating the issue, a spokesman said.The Nikkei rose 0.3 percent to 20,878.07 in midmorning trade after opening a tad lower. Trading was choppy, but the index later climbed to a fresh two-year high of 20,889.05, the highest level since August 2015 and moving closer to a 21-year high.A move above the 20,952.71 level hit in June 2015 would mark its highest level since 1996.The broader Topix rose 0.1 percent to 1,697.13, also a fresh two-year high.On Wednesday, defensive stocks such as food companies and railway stocks attracted buyers, while exporters such as automakers languished after a weak yen trend has paused.The Nikkei seems to be on track to move closer to 21,000 supported by strong corporate profit hopes, said Takuya Takahashi, a strategist at Daiwa Securities.But he added that profit-taking in some sectors is possible, while geopolitical concerns related to North Korea worry investors.The dollar was up 0.1 percent at 112.60 yen after slipping to as low as 111.990 overnight amid speculation that President Donald Trumps tax overhaul plan would stall.The greenback had risen to a three-month high of 113.440 on Friday but had pulled back after a flare up in North Korea worries.Toyota Motor Corp dropped 0.7 percent, Mitsubishi Motors Corp shed 1.7 percent and Mazda Motor Corp declined 1.9 percent.Insurance stocks, which fell on the previous day, rebounded. MS&AD Insurance gained 1.2 percent, while Sompo Holdings advanced 1.0 percent.Meat processing company NH Foods rose 1.9 percent, flour products maker Nisshin Seifun Group advanced 1.1 percent, East Japan Railway gained 0.8 percent and West Japan Railway added 0.4 percent. (Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/japan-stocks-midday/nikkei-edges-closer-to-21-year-high-kobe-steel-stumbles-20-pct-again-idUSL4N1MM1JE'|'2017-10-11T05:54:00.000+03:00'|7973.0|''|-1.0|'' +7973|'f5ff24660a74b73c7a75e434096838eccc646eda'|'Nikkei edges closer to 21-year high; Kobe Steel stumbles 20 pct again'|'* Both Nikkei and Topix hit fresh 2-year highs* Kobe Steel plunges 20 pct to near 1-year low* Food, railway stocks bought while automakers soldBy Ayai TomisawaTOKYO, Oct 11 (Reuters) - Japans Nikkei share average rose on Wednesday in choppy trade, edging closer to a 21-year high supported by buying in defensive stocks, while Kobe Steel extended its losses after confirming a media report that it fabricated data in iron power products.Kobe Steel Ltd on Wednesday confirmed a media report that there may have been data fabrication in iron powder products.The companys shares stumbled 20 percent to near one-year low of 856 yen, after plunging 22 percent on Tuesday.The Yomiuri newspaper reported Japans third-biggest steelmaker may have fabricated data on iron powder products used typically in components such as automotive gears.The company is currently investigating the issue, a spokesman said.The Nikkei rose 0.3 percent to 20,878.07 in midmorning trade after opening a tad lower. Trading was choppy, but the index later climbed to a fresh two-year high of 20,889.05, the highest level since August 2015 and moving closer to a 21-year high.A move above the 20,952.71 level hit in June 2015 would mark its highest level since 1996.The broader Topix rose 0.1 percent to 1,697.13, also a fresh two-year high.On Wednesday, defensive stocks such as food companies and railway stocks attracted buyers, while exporters such as automakers languished after a weak yen trend has paused.The Nikkei seems to be on track to move closer to 21,000 supported by strong corporate profit hopes, said Takuya Takahashi, a strategist at Daiwa Securities.But he added that profit-taking in some sectors is possible, while geopolitical concerns related to North Korea worry investors.The dollar was up 0.1 percent at 112.60 yen after slipping to as low as 111.990 overnight amid speculation that President Donald Trumps tax overhaul plan would stall.The greenback had risen to a three-month high of 113.440 on Friday but had pulled back after a flare up in North Korea worries.Toyota Motor Corp dropped 0.7 percent, Mitsubishi Motors Corp shed 1.7 percent and Mazda Motor Corp declined 1.9 percent.Insurance stocks, which fell on the previous day, rebounded. MS&AD Insurance gained 1.2 percent, while Sompo Holdings advanced 1.0 percent.Meat processing company NH Foods rose 1.9 percent, flour products maker Nisshin Seifun Group advanced 1.1 percent, East Japan Railway gained 0.8 percent and West Japan Railway added 0.4 percent. (Editing by Sam Holmes)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/japan-stocks-midday/nikkei-edges-closer-to-21-year-high-kobe-steel-stumbles-20-pct-again-idUSL4N1MM1JE'|'2017-10-11T05:54:00.000+03:00'|7973.0|17.0|0.0|'' 7974|'d9f9ce15e98cdbed43a5a8e9ff4fe1b1b4078df5'|'Alphabet leads Lyft''s latest $1 billion funding'|'October 19, 2017 / 3:45 PM / in 11 minutes Alphabet''s CapitalG leads Lyft''s $1 billion funding round Heather Somerville , Arjun Panchadar 4 Min Read FILE PHOTO: An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, U.S. September 21, 2017. REUTERS/Chris Helgren/File Photo (Reuters) - Lyft Inc has raised $1 billion in fresh financing, the ride-services company said on Thursday, in a round led by one of Alphabet Incs investment funds, further complicating the convoluted world of ride-hailing alliances and dealing a blow to rival Uber Technologies Inc. The round was led by CapitalG, the growth investment fund of Alphabet that has also backed large private tech companies such as home-renting platform Airbnb and payments firm Stripe. Six months ago, Lyft raised $600 million (456.14 million pounds)from a conglomeration of investors. Lyft said the latest round boosts its valuation to $11 billion from $7.5 billion. CapitalG partner David Lawee will join the companys board, Lyft said, bringing it to a total of 10 directors. Ridesharing is still in its early days and we look forward to seeing Lyft continue its impressive growth, Lawee said in a statement. Lyft, which runs a distant second to Uber, has pushed expansion this year. The company says it is available across 41 states and completes more than a million rides a day Lyft is deepening ties to Alphabet despite its partnership with General Motors Co, which has invested $500 million. GM president Dan Ammann told Reuters this week that any further plans to collaborate with Lyft were not defined at this time. Lyft and Alphabet already have a relationship through a partnership Lyft struck with Waymo, Alphabets self-driving car unit, in May. The two companies are collaborating on bringing autonomous vehicle technology to market, but have not provided many details. Spokespeople for Lyft and Alphabet have said the latest investment will not have any bearing on the Waymo partnership. Alphabet also has ties to Uber through its second investment arm, GV. GV invested in Uber in 2013, but then Uber began to develop autonomous cars and compete directly with Alphabet. Last year, Alphabet executive David Drummond stepped down from the Uber board. This year Waymo sued Uber, alleging trade secret theft, in a case that is set to go to trial in December. It is another punch by Alphabet at Uber, said Erik Gordon, an entrepreneurship expert at the University of Michigans Ross School of Business. GV could have the opportunity to sell at least some of its stake in Uber in a highly anticipated deal between Uber and SoftBank Group Corp, which may be finalized in the next week. SoftBank wants to buy between $7 billion and $10 billion in shares from Uber employees and investors. Uber has also been embroiled in sexual harassment claims, lawsuits and U.S. Department of Justice investigations over its business practices. Bill Maris, founder of GV who has since left to run his own venture capital firm, told Reuters last week there is a strong case for GV to sell. It is completely rational to me as an investor to take all of the money off the table now given all of the drama, all of the toxicity, all of the DOJ investigations, he said. But Maris and other Uber investors are conflicted, saying the company still has the potential to be worth $100 billion or more. This thing likely goes up from here, Maris said. Lyft is close to hiring an initial public offering advisory firm, the first concrete step by the company to become publicly listed. This funding round may delay those IPO plans, however, as the capital will allow Lyft to continue growing its business privately. We will go public when its right for us, said Lyft spokeswoman Alexandra LaManna. Reporting by Heather Somerville in Los Angeles and Arjun Panchadar and Munsif Vengattil in Bengaluru; Editing by Bernard Orr and David Gregorio 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-lyft-ipo-investors/lyft-says-alphabet-leads-latest-1-billion-round-of-funding-idUKKBN1CO2C7'|'2017-10-19T18:59:00.000+03:00'|7974.0|''|-1.0|'' 7975|'25ad39cdb2e4e44d5eb5151758b72e1d6749b682'|'UPDATE 1-U.S. to seek "good faith" agreements with China -Commerce Secretary'|'October 25, 2017 / 4:33 PM / Updated 9 minutes ago UPDATE 1-U.S. to seek "good faith" agreements with China -Commerce Secretary Reuters Staff (Adds details on NAFTA, background on China) By Trevor Hunnicutt NEW YORK, Oct 25 (Reuters) - U.S. President Donald Trump will seek tangible agreements on trade with China when he visits the country next month, but results on key issues such as market access may take longer, U.S. Commerce Secretary Wilbur Ross said on Wednesday. Ross said the United States is seeking immediate results, like the deals American companies GE and Boeing Co struck in Saudi Arabia in May, as a sign of good faith. But, speaking at the Paley International Council Summit in New York, Ross said questions on market access, intellectual property rights and tariffs are more complex and will take a longer time to negotiate. Trump administration efforts on trade continue on multiple fronts, with U.S. negotiators grappling with Canada and Mexico on updating the North American Free Trade Agreement (NAFTA). Trump will head to Asia from Nov. 3 to 14 to visit Japan, South Korea, China, Vietnam and the Philippines for talks that will include discussions on trade. Ross on Wednesday described Chinese President Xi Jinping as a Mao-like figure after a week-long Communist Party conclave after which the country unveiled on Wednesday a new leadership line-up without naming a clear successor. The Trump administration is seeking agreements with China on market access, respect for intellectual property rights and to resolve what he said is an imbalance in tariffs on automobiles, among other issues, according to Ross. Despite Trumps fierce criticism of Chinas trade practices during the presidential campaign, he has mostly held off on any major trade action while his administration works with Beijing on issues including conflict with North Korea. On NAFTA, Ross said were just now getting to the really hard issues, and said talks would likely continue past an initial year-end deadline, to March. He did not outline which issues were sticking points. Trump, who blamed NAFTA for shifting U.S. manufacturing jobs to Mexico during his election campaign last year, has repeatedly vowed to scrap the treaty unless it can be renegotiated on terms more favorable to the United States. (Reporting by Trevor Hunnicutt; Editing by Chizu Nomiyama and James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-trade-ross/update-1-u-s-to-seek-good-faith-agreements-with-china-commerce-secretary-idUSL2N1N01DW'|'2017-10-25T19:31:00.000+03:00'|7975.0|''|-1.0|'' 7976|'e337578f167339ace2795dffde353c0cbd05d0d1'|'AT&T extends deadline to close Time Warner deal'|'(Reuters) - AT&T Inc ( T.N ) said on Monday it had extended by a short period the deadline to close its proposed deal to acquire Time Warner Inc ( TWX.N ), to buy time to get the required regulatory approvals for the deal.FILE PHOTO - An AT&T logo is seen at a AT&T building in New York City, October 23, 2016. REUTERS/Stephanie Keith/File Photo The deal had a termination date of Oct. 22.AT&T’s $85.4 billion acquisition of Time Warner is expected to give it control of cable TV channels HBO and CNN, film studio Warner Bros and other coveted media assets.Reporting by Munsif Vengattil in Bengaluru; Editing by Savio D''Souza '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-time-warner-m-a-at-t/att-extends-deadline-to-close-time-warner-deal-idINKBN1CS1JO'|'2017-10-23T10:13:00.000+03:00'|7976.0|''|-1.0|'' @@ -8046,7 +8046,7 @@ 8044|'5d13c7b1c3bf64536c818296799d42831bc2f109'|'''Golden Arches'': McDonald''s gets new China name following unit sale'|'October 26, 2017 / 5:32 AM / Updated 10 hours ago ''Golden Arches'': McDonald''s gets new China name following unit sale Reuters Staff 2 Min Read SHANGHAI (Reuters) - U.S. fast food giant McDonalds Corp ( MCD.N ) is getting a name change in China - at least on paper. FILE PHOTO - A McDonald''s sign is displayed outside its outlet, the first one which opened in China in 1990, at the southern Chinese city of Shenzhen neighbouring Hong Kong, March 18, 2013. REUTERS/Bobby Yip/File Photo The firm will change its registered business name to Golden Arches (China) Co Ltd, a spokeswoman confirmed to Reuters on Thursday, adding though that its brand name in China - a transliteration of McDonalds - would be unchanged. The shift comes after the chain agreed earlier in the year to sell most of its China and Hong Kong business to CITIC Ltd ( 0267.HK ) and Carlyle Group ( CG.O ). The business plans to nearly double the number of its outlets in mainland China to 4,500 by 2022. It will still be clearly McDonalds when diners come to our stores, the chain said on its official China microblog. Our restaurant name will remain the same, the change is only at business license level, spokeswoman Regina Hui added in emailed comments to Reuters. She declined to comment further on the reason for the change. McDonalds in China and Hong Kong is 52 percent owned by CITIC, while Carlyle has a 28 percent stake. McDonalds itself retains a 20 percent interest in the business. The structure is aimed at improving sales at existing stores and expanding outlets. Fast-food firms including McDonalds and rival Yum Chinas ( YUMC.N ) KFC are bouncing back from a series of food-supply scandals in China that had dented performance. McDonalds reported robust sales on Tuesday, including better-than-expected growth in the United States and strong performances in Canada, Britain and China. Reporting by Adam Jourdan; Editing by Christopher Cushing '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-mcdonalds-china/golden-arches-mcdonalds-gets-new-china-name-following-unit-sale-idINKBN1CV0FB'|'2017-10-26T03:32:00.000+03:00'|8044.0|''|-1.0|'' 8045|'c699f8377ca774e8ca76b293d45ecb7c10f9b600'|'Saudi balances recession, deficit in tough decision on energy reform'|'October 9, 2017 / 3:04 PM / Updated 7 minutes ago Saudi balances recession, deficit in tough decision on energy reform Reuters Staff * Saudi aimed to hike energy prices around mid-2017 * But economic growth has been slower than expected * Decision on timing expected by end-October * Some reforms may be delayed into 2018 * Riyadh still preparing household payments to ease impact By Reem Shamseddine and Andrew Torchia KHOBAR, Saudi Arabia/DUBAI, Oct 9 (Reuters) - Saudi Arabia is expected to decide by the end of this month on the timing of domestic fuel and electricity price hikes that could risk pushing the economy further into recession, sources familiar with the matter told Reuters. The dilemma over energy prices shows economic reforms, designed to eliminate a huge state budget deficit caused by low oil prices while weaning the economy off dependence on oil exports, are running into a difficult phase. Austerity steps so far, including an initial round of energy price hikes announced in December 2015, have begun to reduce the deficit. But this has come at a high cost to the economy: data last week showed Saudi Arabia in recession during the second quarter, and unemployment among Saudis at 12.8 percent. That means further austerity will be hard to introduce without risking a sharp economic slowdown which would deter the private investment that the reforms aim to attract. A prolonged recession could turn public sentiment against reforms. A government official said Riyadh was delaying a decision on energy prices until it had finished designing a system of cash payments to lower- and middle-income households, which would partially compensate citizens for the pain of austerity. There are still some discussions over who is going to be compensated and who is not, he said. The government has to consider the implications of higher taxes and ways to mitigate risks for both gross domestic product growth and the budget. DELAY At the end of 2016, officials indicated rises in heavily subsidised energy prices would occur around mid-2017. Along with water price reforms, the changes would save the government 29 billion riyals ($7.7 billion) in 2017, according to a long-term fiscal plan which Riyadh released in December. But since then, the economy has slowed more than expected. The non-oil sector expanded only 0.6 percent year-on-year in the second quarter, casting doubt on the International Monetary Funds forecast of 1.7 percent non-oil growth this year. The economys weakness has already caused Riyadh to partially reverse one austerity step: this year it restored financial allowances for civil servants that it had abolished last year, although it is now disbursing allowances much less generously than previously. The timing of energy price increases may be another casualty of the recession. Although some sources said they still expected hikes to occur this year, others said they could be delayed into 2018. One thing which could force a delay is the governments plan to introduce a 5 percent value-added tax in January. The tax will hit domestic demand; if it is closely preceded by fuel price hikes, the impact could be severe. Energy Minister Khalid al-Falih implied last week that the hikes were still on the cards for 2017, telling a Moscow conference: We in Saudi Arabia are putting a lot of emphasis on energy efficiency. We will be reforming our energy prices in due course this year... Major Saudi newspaper Okaz, quoting anonymous sources, reported last month that gasoline prices would rise 80 percent by end-November, with 95 octane climbing to 43 U.S. cents a litre. Even then, Saudi prices would remain among the lowest in the world. Sources said that hike was not set in stone, however. The IMF has been urging Riyadh to delay fuel price rises to protect the economy; it said last week that Saudi officials were not yet convinced, but were reconsidering the speed of austerity steps. The authorities indicated that they were considering the appropriate pace of fiscal adjustment given the weak growth, the IMF said. Even if gasoline prices rise sharply, other energy reforms may be watered down or delayed. Diesel prices - key for Saudi Arabias fleet of trucks - would increase only moderately, and prices of jet fuel would be raised only cautiously for fear of hurting the aviation industry, the sources said. Under the fiscal plan, Riyadh intended to raise electricity prices for households this year. It is not clear if this will occur in 2017, however, partly because electricity prices are linked to restructuring and partial privatisation of utility Saudi Electricity Co, still under consideration. The governments plan to sell shares in oil giant Saudi Aramco by the end of 2018 may limit any delays to energy reforms. Riyadh is keen to get a high valuation for the company - officials have talked of at least $2 trillion - and investors will want to see the new structure of energy price regulation before committing themselves. (Reporting by Andrew Torchia; Editing by Richard Balmforth)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/saudi-energy-reform/saudi-balances-recession-deficit-in-tough-decision-on-energy-reform-idUSL8N1MJ0AY'|'2017-10-09T18:04:00.000+03:00'|8045.0|''|-1.0|'' 8046|'2fb9fb1805d9d48bf8677fa282e6198ff6df4e55'|'BP Midstream Partners seeks to raise up to $893 million in IPO'|'October 16, 2017 / 11:37 AM / Updated an hour ago BP Midstream Partners seeks to raise up to $893 million in IPO Reuters Staff 2 Min Read (Reuters) - BP Midtsream Partners, a unit of British energy company BP Plc ( BP.L ), said on Monday it expects to raise up to $893 million (671.3 million) from its initial public offering. BP Midtsream expects to sell 42.5 million shares, excluding underwriters'' option, at a suggested price range of $19 to $21 each, the company said in a filing with the U.S. Securities and Exchange Commission. ( bit.ly/2ge6biF ) BP Midstream Partners, a master limited partnership (MLP) formed by BPs U.S. pipeline unit, plans to list on the New York Stock Exchange under the symbol BPMP. An MLP is a tax-advantaged structure often used by pipelines and other capital intensive companies to distribute excess cash to investors in the form of tax-deferred dividends. Most MLPs rely on external debt to fund new projects. The IPO revives a plan BP first broached internally about five years ago before slumping crude oil prices forced the oil giant to put the idea on hold, a source told Reuters in July. Oasis Midstream Partners, an MLP formed by Oasis Petroleum Inc ( OAS.N ), fell nearly 3 percent in its debut last month, opening slightly below its offering price. Citigroup, Goldman Sachs and Morgan Stanley are among the underwriters for BP Midstream Partners IPO. Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-bp-midstream-ipo/bp-midstream-partners-seeks-to-raise-up-to-893-million-in-ipo-idUKKBN1CL1HT'|'2017-10-16T14:44:00.000+03:00'|8046.0|''|-1.0|'' -8047|'f8cf7461eec545bef96b0ee6960a9948bbfea5d3'|'Smartphones made in India? Manufacturing ambition hits hurdles'|' 7 minutes ago Smartphones made in India? Manufacturing ambition hits hurdles Sankalp Phartiyal 5 Min Read FILE PHOTO: India''s Prime Minister Narendra Modi speaks during the inauguration ceremony of the ''Make In India'' week in Mumbai, India, February 13, 2016. REUTERS/Danish Siddiqui/File photo NEW DELHI (Reuters) - Indias ambitions to become a smartphone-making powerhouse are foundering over a lack of skilled labour and part suppliers along with a complex tax regime, industry executives say. Prime Minister Narendra Modi has championed a manufacturing drive, under the slogan Make in India, to boost the sluggish economy and create millions of jobs. Among the headline-grabbing details was a plan to eventually make Apple APPL.O iPhones in India. Three years on, as executives and bureaucrats crowded into a Delhi convention centre for an inaugural mobile congress last week, India has managed only to assemble phones from imported components. While contract manufacturers such as iPhone-maker Foxconn Technology Co ( 2354.TW ) and Flextronics Corp have set up base in India, one of the worlds fastest-growing smartphone markets, almost none of the higher value chip sets, cameras and other high-end components are made domestically. Plans for Taiwan-based Foxconn to build an electronics plant in the state of Maharashtra, which local officials said in 2015 could employ some 50,000 people, have gone quiet. According to tech research firm Counterpoint, while phones are assembled domestically because of taxes on imported phones, locally made content in those phones is usually restricted to headphones and chargers - about 5 percent of a devices cost. Rather than feeling that India is a place where I should be making mobile phones, its more like this is the place I need to(assemble) phones because there is lower duty if I import components and assemble here, a senior executive with a Chinese smartphone maker said. He declined to be named for fear of harming business. TAX DISPUTES Others listed the lack of skilled engineers and a sparse network of local component makers. They also cited high-profile tax disputes between India and foreign companies such as Nokia ( NOKIA.HE ). Nokia eventually suspended mobile handset production at its southern India facility. The Nokia escapade is in peoples memory when they try to come here, a second industry source told Reuters at the first Indian Mobile Congress in capital New Delhi, which ended on Friday. Indias nationwide sales tax (GST), which kicked in this year to replace a string of different levies, is also fraught with its own challenges, such as a lengthy tax-refund process that delays payments to suppliers, the source added. FILE PHOTO: Commuters watch videos on their mobile phones as they travel in a suburban train in Mumbai, India, April 2, 2016. REUTERS/Shailesh Andrade/File photo Last week, India rattled investors after publicly musing about possible changes in a $2.6 billion 2015 diesel locomotive contract with General Electric ( GE.N ). The government has since said it would not take any hasty decisions. We needed some push from the government to start manufacturing, said Neeraj Sharma, the India head of Chinese chipmaker Spreadtrum. It was required, because without that nothing was happening. But India now needs more sophisticated technology - such as surface-mounting technology, which places components directly on top of a printed board - to build a supply chain, he said. Otherwise, firms will not do research in India, Sharma said. For design to happen, we need strong local players. PHASED PROGRAMME The government says it has a phased programme to manufacture phones, aiming to step up value added locally every year. While we have made a start with getting in mobile assembling, we want to move up the value chain, Indias telecoms secretary Aruna Sundarajan told reporters. A lot of investors have shown very significant interest in this area. The Phased Manufacturing Programme began in 2016 with the manufacture of phone chargers and batteries and envisages the production of higher-end components by 2020. Sundarajan said the government was also trying to give investors a reasonable degree of certainty, while also dealing with constant disruption to the industry. But for smartphone makers used to Chinas predictability, India may need to do more, executives warn. A third senior source at a Chinese smartphone maker in India said some Chinese players were rattled by labour unrest, including suspended operations at a facility belonging to smartphone maker Oppo earlier this year, after a foreign employee was reported to have torn a picture of the Indian flag. Oppo said at the time it regretted the incident. Labour laws are lax, theres little effort to build a component ecosystem and logistics, and transport remains a big problem, the third source said. No one seems to be investing in skilled labour that will build the phones. Editing by Clara Ferreira Marques and Bill Tarrant'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-india-manufacturing-smartphones/smartphones-made-in-india-manufacturing-ambition-hits-hurdles-idUKKCN1C70B7'|'2017-10-02T09:13:00.000+03:00'|8047.0|''|-1.0|'' +8047|'f8cf7461eec545bef96b0ee6960a9948bbfea5d3'|'Smartphones made in India? Manufacturing ambition hits hurdles'|' 7 minutes ago Smartphones made in India? Manufacturing ambition hits hurdles Sankalp Phartiyal 5 Min Read FILE PHOTO: India''s Prime Minister Narendra Modi speaks during the inauguration ceremony of the ''Make In India'' week in Mumbai, India, February 13, 2016. REUTERS/Danish Siddiqui/File photo NEW DELHI (Reuters) - Indias ambitions to become a smartphone-making powerhouse are foundering over a lack of skilled labour and part suppliers along with a complex tax regime, industry executives say. Prime Minister Narendra Modi has championed a manufacturing drive, under the slogan Make in India, to boost the sluggish economy and create millions of jobs. Among the headline-grabbing details was a plan to eventually make Apple APPL.O iPhones in India. Three years on, as executives and bureaucrats crowded into a Delhi convention centre for an inaugural mobile congress last week, India has managed only to assemble phones from imported components. While contract manufacturers such as iPhone-maker Foxconn Technology Co ( 2354.TW ) and Flextronics Corp have set up base in India, one of the worlds fastest-growing smartphone markets, almost none of the higher value chip sets, cameras and other high-end components are made domestically. Plans for Taiwan-based Foxconn to build an electronics plant in the state of Maharashtra, which local officials said in 2015 could employ some 50,000 people, have gone quiet. According to tech research firm Counterpoint, while phones are assembled domestically because of taxes on imported phones, locally made content in those phones is usually restricted to headphones and chargers - about 5 percent of a devices cost. Rather than feeling that India is a place where I should be making mobile phones, its more like this is the place I need to(assemble) phones because there is lower duty if I import components and assemble here, a senior executive with a Chinese smartphone maker said. He declined to be named for fear of harming business. TAX DISPUTES Others listed the lack of skilled engineers and a sparse network of local component makers. They also cited high-profile tax disputes between India and foreign companies such as Nokia ( NOKIA.HE ). Nokia eventually suspended mobile handset production at its southern India facility. The Nokia escapade is in peoples memory when they try to come here, a second industry source told Reuters at the first Indian Mobile Congress in capital New Delhi, which ended on Friday. Indias nationwide sales tax (GST), which kicked in this year to replace a string of different levies, is also fraught with its own challenges, such as a lengthy tax-refund process that delays payments to suppliers, the source added. FILE PHOTO: Commuters watch videos on their mobile phones as they travel in a suburban train in Mumbai, India, April 2, 2016. REUTERS/Shailesh Andrade/File photo Last week, India rattled investors after publicly musing about possible changes in a $2.6 billion 2015 diesel locomotive contract with General Electric ( GE.N ). The government has since said it would not take any hasty decisions. We needed some push from the government to start manufacturing, said Neeraj Sharma, the India head of Chinese chipmaker Spreadtrum. It was required, because without that nothing was happening. But India now needs more sophisticated technology - such as surface-mounting technology, which places components directly on top of a printed board - to build a supply chain, he said. Otherwise, firms will not do research in India, Sharma said. For design to happen, we need strong local players. PHASED PROGRAMME The government says it has a phased programme to manufacture phones, aiming to step up value added locally every year. While we have made a start with getting in mobile assembling, we want to move up the value chain, Indias telecoms secretary Aruna Sundarajan told reporters. A lot of investors have shown very significant interest in this area. The Phased Manufacturing Programme began in 2016 with the manufacture of phone chargers and batteries and envisages the production of higher-end components by 2020. Sundarajan said the government was also trying to give investors a reasonable degree of certainty, while also dealing with constant disruption to the industry. But for smartphone makers used to Chinas predictability, India may need to do more, executives warn. A third senior source at a Chinese smartphone maker in India said some Chinese players were rattled by labour unrest, including suspended operations at a facility belonging to smartphone maker Oppo earlier this year, after a foreign employee was reported to have torn a picture of the Indian flag. Oppo said at the time it regretted the incident. Labour laws are lax, theres little effort to build a component ecosystem and logistics, and transport remains a big problem, the third source said. No one seems to be investing in skilled labour that will build the phones. Editing by Clara Ferreira Marques and Bill Tarrant'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-india-manufacturing-smartphones/smartphones-made-in-india-manufacturing-ambition-hits-hurdles-idUKKCN1C70B7'|'2017-10-02T09:13:00.000+03:00'|8047.0|19.0|0.0|'' 8048|'ca5b4f9e8fa1f07224af3629bb32cca14cf71def'|'Citigroup considering onshore cash equities business in China'|'Reuters TV United States October 6, 2017 / 6:57 AM / Updated 16 minutes ago Citigroup considering onshore cash equities business in China Sumeet Chatterjee 3 Min Read FILE PHOTO: Reflections are seen on the glass facade of a Citibank branch in Beijing, China, April 18, 2016. REUTERS/Kim Kyung-Hoon HONG KONG (Reuters) - Citigroup Inc ( C.N ) is considering setting up an onshore cash equities business in China and expanding research coverage of Chinese stocks, to boost its share of the business in Asia, said the head of its regional equities unit. The U.S.-headquartered bank is also looking to add at least 10 people to the unit, including bankers and technology staff, mainly at its Hong Kong and Singapore hubs, Richard Heyes told Reuters. Citis sharpened focus on its Asia equities business, which includes stock trading and research, is part of its global effort to bolster trading technology, hire senior bankers and boost financing to hedge funds. Its an interesting opportunity, one we are looking very closely at, Heyes said, referring to setting up an onshore cash equities business in China, which he said was in its early stages. He declined to give details. At the moment we dont feel we have a competitive disadvantage doing it from Hong Kong in the way the majority of people do. But over time, do I think we should strongly think about on-ground presence? Yes. Analysts said China-listed shares inclusion in the U.S. index publisher MSCIs emerging-markets benchmark this year, a milestone for global investing, would lead to a jump in demand for brokerage and research services. That came on top of the introduction of programs allowing two-way trading between stock markets in Hong Kong and Shanghai and Shenzhen, as part of Beijings efforts to open up capital markets. Chinas brokerage revenue pool touched $41 billion in 2015, showed a report last year by Quinlan & Associates. Assuming institutional broking revenue is 10 to 15 percent of the total, a 1 percent market share would bring $40 million to $60 million in annual revenue to an equities house in the worlds second-largest economy, the consultancy said. To tap into an expected demand surge, Citi, which provides research on 175 China-listed firms, plans to increase coverage to 200 by year-end and 250 in the longer term, Heyes said. We have seen very clearly, as one of the biggest players in (the Hong Kong stock) connect, a very significant ramp up in the opening of accounts. Its very clear that many people are getting prepared for future activity in the China market. Citi is also looking to bolster financing support for hedge funds, to help win more trading business and boost its Asia equities market share. We have had very meaningful success with some very important, large global hedge funds in the U.S. We are now expecting or have commitments from many of them to on-board us in Asia either by end of this year or early next year. Reporting by Sumeet Chatterjee; Editing by Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-citigroup-china/citigroup-considering-onshore-cash-equities-business-in-china-idUKKBN1CB0LZ'|'2017-10-06T09:53:00.000+03:00'|8048.0|''|-1.0|'' 8049|'169fe1f304eec928a9c02c653a6ea10d570ba36b'|'Reckitt to restructure after sales fall knocks outlook'|'FILE PHOTO: Products made by Reckitt Benckiser stand on a shelf in a store in Brighton, England, July 21, 2010. REUTERS/Luke MacGregor/File Photo LONDON (Reuters) - Britains Reckitt Benckiser ( RB.L ) will split its business into two divisions -- consumer healthcare and home and hygiene products -- to try to revive sales that are set to stall this year.The change follows the groups sixth straight quarter of weak results. It hopes to improve performance in its newly expanded health business, while bringing greater focus and accountability to its slower-growth home and hygiene business.Reckitt, whose products range from Durex condoms to Lysol disinfectant, has blamed fallout from a cyber attack, a failed product launch and a safety scandal in South Korea for its lackluster sales. The sales fell 1 percent in the third quarter, missing analysts expectations for growth of 0.6 percent.The company is now targeting only flat like-for-like sales for the full year in its base business, down from a previous target of 2 percent growth. That goal was already cut from 3 percent, due to a June cyber attack that hobbled its operations.Reckitt, whose profit margins are among the sectors best, had for years enjoyed a reputation for setting the pace for sales growth. Including Wednesdays share price decline, the stock has fallen more than 14 percent since June because of concerns over its performance.TWO HEADS Reckitt will operate from two business units from the start of 2018.Rob de Groot, who currently runs Reckitts business in Europe and North America, will head the home and hygiene business. He will report to Rakesh Kapoor, who will remain the groups CEO and also have charge of the healthcare operations, which account for two-thirds of the company.The decision was made after the $16 billion purchase of baby milk maker Mead Johnson gave it greater scale in consumer health, Kapoor told Reuters.Some analysts saw the restructuring as a precursor to parting with home and hygiene, as Reckitt did with its pharmaceutical business in 2014 and when it sold its North American food business in August.In our view, the new structure may be a prelude to a split of the business or a sale of RB Hygiene Home, particularly if an attractive asset such as Pfizers consumer health division becomes available, Liberum analysts said.Pfizer ( PFE.N ) said this month it was weighing options including a sale of that business, home to Advil and Chapstick.Kapoor denied any intention to exit health and hygiene, saying the move was to improve each business over the long term.But he said he was interested in the Pfizer business.If one of those options (being considered) is going to be a sale, we are going to look at that. But we should not try and pre-guess, he said. He declined to comment on potential interest in the consumer health business Merck ( MRCG.DE ) is selling.Analysts have questioned whether Reckitt has the financial and managerial capacity to buy the Pfizer business so soon after the purchase of Mead Johnson.CREDIBILITY QUESTIONED Reckitts shares were down 1.8 percent at 6,911 pence at 1150 GMT, having dropped as much as 2.7 percent earlier in the session as investors digested the disappointing quarterly sales and a bigger than expected cut to its full-year sales forecast.Management credibility will take yet another blow with a second LFL sales warning in 2017, Bernstein analysts said, adding that the new forecast for zero growth was below expectations for a cut to 1 percent growth.Investec analysts said the new structure reflected the growing importance of the consumer health unit.Even though the separate units will make Reckitt more expensive to run, due to some duplicated costs, Kapoor said it made sense to separate the units as their products are marketed and sold differently.Reporting by Martinne Geller; editing by Greg Mahlich and Keith Weir'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-reckitt-benc-grp-outlook/reckitt-to-restructure-after-sales-fall-knocks-outlook-idINKBN1CN0KF'|'2017-10-18T04:54:00.000+03:00'|8049.0|''|-1.0|'' 8050|'019ac996f0ffffb85e637f3f7e4555ec53f776ae'|'A geopolitical row with China damages South Korean business further'|'IN A cosmetics emporium in central Seoul, rows of snail-slime face-masks sit untouched. Not long ago, visiting Chinese tourists would snap these up as avidly as a designer handbag in New York or anything from London featuring the Queen. Yet now their rejuvenating properties are failing to lure the countrys shoppers. Seo Sung-hae, a salesman, says business has slowed to a snails pace, because of a drop in the number of Chinese visitors. We used to have 100 customers a day, but after THAAD, there are almost none, he says.THAAD, or Terminal High Altitude Area Defence, is an American missile-defence system designed to guard against North Korea that was installed in South Korea starting in March. Chinese authorities protest that its radar could be used to spy on its territory. Chinese newspapers have encouraged consumers to boycott South Korean goods. The plan was to bully Korea into ditching THAAD, says Han Suk-hee of Yonsei University, who until April was South Koreas consul-general in Shanghai.Latest updates Quebecs ban on face-coverings risks inflaming inter-communal tensions Erasmus 37 minutes ago New 3 5 a day ago The See all updates Seven months on, the campaign has fallen short of that goal but has claimed a big corporate victim. On October 12th Lotte, a South Korean conglomerate, confirmed that it hopes to sell its Chinese hypermarkets by the end of the year. That marks a significant retreat for the firm, which had been trying to crack the market since 2008. The group employs about 20,000 peoplea third of its overseas staffin China, and in 2015 registered 3trn won ($2.65bn) of sales there.It became a target after signing a deal in February with the South Korean government that allowed the defence ministry to use one of its golf courses as a base for the THAAD launchers. (Shin Dong-bin, its chairman, later said he had no choice but to comply). Chinese officials then closed 77 of the 99 Lotte Mart stores in China on pretexts such as breaches of fire-safety rules. The firm itself shut another 13 stores when customers stayed away. Sales in the second quarter slumped to 21bn won ($18.5m), down from 284bn won in the same period last year.South Korean cars, beauty products and even confectionery have been affected. Sales at Beijing Hyundai, jointly owned by the South Korean conglomerate and Chinese manufacturer BAIC Motor, dropped by two-fifths in the first eight months of the year. AmorePacific, a cosmetics firm in South Korea, reported a 58% dip in its second-quarter operating profits. The countrys tourism industry, too, has felt the pinch since group tours from China were banned in March. There were 87% fewer Chinese tourists on Jeju, a pretty island south of the peninsula, during this years harvest festival than in 2016. Korean businesses will lose $15.6bn of tourism revenue if the slump continues until next March, according to the Hyundai Research Institute, a think-tank funded by the conglomerate. Korean industries other than tourism could lose $8.3bn over the row, says the Korea Development Bank.Yet the boycott is being applied selectively. It favours some Chinese firms by penalising their South Korean competitors, while leaving manufacturers on the mainland free to continue importing the parts on which their businesses rely from other South Korean firms, notes Choi Pae-kun, an economist at Konkuk University in Seoul. Korean exports to China jumped by 23% in September compared with the same month last year, driven in part by surging demand for memory chips, many of which are made by Samsung.The row with China may obscure some failings of South Korean business. Carmakers share of the Chinese market fell from 9% in 2014 to 7% in 2016, before the row. Partly due to competition from online retailers, Lotte Mart has been losing money in China since 2011. But the events of March were undoubtedly a turning point. Beijing Hyundais sales rose in January and February, but plunged by 65% in May. Lotte Marts overseas losses are predicted to rise from 124bn won in 2016 to 250bn won this year. It cant be 100% THAAD, says Kim Soo-min, a lawmaker. But even if there were losses before, they would not suddenly more than double in a year.Chinas stance may be shifting. Mr Han says an agreement on October 13th to extend a currency-swap deal between South Korea and China was a gesture of peace from Beijing. China will surely see little point continuing the boycott, since it failed to stop the remaining THAAD launchers being installed last month, he argues. Some analysts predict that China will end its ban on tour groups visiting South Korea after the Communist Partys congress, which began on October 18th. There is a little bit of hope, says Ms Kim. "Thaads all, folks"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21730477-south-korean-industries-ranging-tourism-carmaking-are-being-badly-affected?fsrc=rss%7Cbus'|'2017-10-19T22:56:00.000+03:00'|8050.0|''|-1.0|'' @@ -8064,7 +8064,7 @@ 8062|'4c7f691a42e206e07c878be2756c49f7a16dd3e5'|'Samsung Electronics says third-quarter operating profit likely nearly tripled from year ago'|'October 12, 2017 / 11:43 PM / in 6 hours Samsung Elec on track for record third quarter as chips soar Joyce Lee 3 Min Read A woman tries out a Samsung Electronics'' Galaxy Note 8 at its store in Seoul, South Korea, October 11, 2017. REUTERS/Kim Hong-Ji SEOUL (Reuters) - Samsung Electronics Co Ltd said on Friday its third-quarter operating profit likely nearly tripled from a year earlier to a new record, beating analyst estimates as strong memory chip prices fattened margins. Samsung shares touched a fresh high of 2.74 million won soon after the market opened on Friday, on hopes for record 2017 earnings driven by soaring demand for memory chips with ever greater storage capacity. Memory chips have entered a brave new world. The rate of supply increase has slowed drastically, while demand has exceeded expectations, rapidly lifting prices, said Kim Woon-ho, analyst at IBK Investment & Securities. Although the share price has recently seen steep jumps, it still doesnt reflect all the forecast profit increases. Brisk sales of the latest Galaxy Note 8 smartphone, launched in mid-September, lifted mobile profit as Samsung recovered from last years costly withdrawal of the fire-prone Note 7 device, analysts said. Samsung is also expected to announce a new shareholder return policy for the next three years as soon as the end of October, when it releases third-quarter results. It is seen ramping up returns to a level higher than its current 50 percent of free cash flow, supporting its stock valuation, analysts said. An employee helps a customer purchase a Samsung Electronics'' Galaxy Note 8 at its store in Seoul, South Korea, October 11, 2017. REUTERS/Kim Hong-Ji The Apple Inc smartphone rival and global memory chip leader said third-quarter operating profit was likely 14.5 trillion won ($12.81 billion), compared with the 14.3 trillion won average of 20 analyst estimates in a Thomson Reuters poll. Revenue likely rose 29.7 percent from a year earlier to 62 trillion won, versus the analysts average forecast of 62.1 trillion won. A man stands at Samsung Electronic''s store in Seoul, South Korea, October 11, 2017. REUTERS/Kim Hong-Ji Samsung did not elaborate on its July-September performance and will disclose detailed results at the end of October. Analysts have tipped its chip division to propel the firm to record overall profit. Strong global demand for DRAM chips will continue to outpace supply in 2018 as new plants from Samsung and No. 2 memory chip maker SK Hynix are not expected to operate until 2019, while demand for NAND flash chips exceeded supply for six straight quarters as of last month, DRAMeXchange, a division of data provider TrendForce, said. Growing sales of organic light-emitting diode (OLED) smartphone screens for new Apple smartphones also have supported forecasts of a new earnings record in the fourth quarter. Pre-orders for the Note 8 hit the highest-ever for the Note series, Samsung previously said. Samsung shares were trading down 0.8 percent at 0022 GMT as investors booked profits, while the broader market was flat. Reporting by Joyce Lee; Editing by Stephen Coates 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-samsung-elec-results/samsung-electronics-says-third-quarter-operating-profit-likely-nearly-tripled-from-year-ago-idUKKBN1CH39F'|'2017-10-13T02:41:00.000+03:00'|8062.0|''|-1.0|'' 8063|'94518127df815289524b42adb2c8b04e8afa51d1'|'NAFTA trade ministers to square off over hard-line U.S. demands'|'October 17, 2017 / 5:12 AM / in an hour NAFTA trade ministers to square off over hard-line U.S. demands David Lawder , David Ljunggren 4 Min Read FILE PHOTO: Canada''s Foreign Minister Chrystia Freeland (C) addresses the media with Mexico''s Economy Minister Ildefonso Guajardo (L) and U.S. Trade Representative Robert Lighthizer at the close of the third round of NAFTA talks involving the United States, Mexico and Canada in Ottawa, Ontario, Canada, on September 27, 2017. REUTERS/Chris Wattie/File Photo WASHINGTON (Reuters) - Trade ministers from the United States, Canada and Mexico wrap up a contentious round of NAFTA trade talks on Tuesday marked by aggressive U.S. demands that have left the future of the 23-year-old free trade pact in doubt. The proposals to drastically reshape the North American Free Trade Agreement to help shrink U.S. trade deficits have cast a pall over the modernization talks, leaving some participants and analysts wondering how the NAFTA partners can avoid an impasse. The U.S. demands, previously identified as red lines by its neighbors, include forcing renegotiations every five years, reserving the lions share of automotive manufacturing for the United States and making it easier to pursue import barriers against some Canadian and Mexican goods. U.S. Trade Representative Robert Lighthizer, Mexican Economy Minister Ildefonso Guajardo and Canadian Foreign Minister Chrystia Freeland are scheduled to meet and take stock of the negotiations before issuing statements at a joint event at 3 p.m. (1900 GMT). They later plan to separately brief media. Lighthizer has made no apologies about his hard negotiating line, which he has said reflects U.S. President Donald Trumps desire to claw back lost manufacturing jobs and shrink U.S. goods trade deficits amounting to $64 billion with Mexico and $11 billion with Canada last year. Trump has continued his attacks on NAFTA throughout the talks launched in August, repeating his threats to terminate the pact if Mexico and Canada wont agree to changes. U.S. negotiators opened a new front over the weekend with a proposal that Canada dismantle its system of protections for the dairy and poultry sectors, a move that Ottawa will reject, a source briefed on the matter said on Monday. FILE PHOTO: U.S. President Donald Trump welcomes Canadian Prime Minister Justin Trudeau at the White House in Washington, U.S. on October 11, 2017. REUTERS/Jonathan Ernst/File Photo U.S. opposition to NAFTAs dispute resolution mechanisms, plans to restrict outside access to government contracts and attacks on Canadian dairy and softwood lumber producers have further stoked the grim mood among trade officials. While Mexican and Canadian officials have expressed dismay at the U.S. proposals, they have publicly taken a less confrontational stance, with three more negotiating rounds scheduled through December. This is what negotiations are like, Vanessa Rubio, Mexicos deputy finance minister, said on Saturday. There are sectors where you get to a deal quicker, and in other sectors where you dont. But lets just say were in the normal process of a free trade negotiation. Canadian and Mexican officials are loosely allied with U.S. industry, farm and services lobbying groups who are opposed to the Trump proposals and stepping up their efforts to persuade administration officials to ease them. Financial markets have taken notice of the acrimony over the negotiating table. By Monday, Mexico''s peso MXN=D2 hit a near five-month low with fears growing about the future of the deal underpinning $1.2 trillion in annual trade between the three countries. Mexico sends nearly 80 percent of its exports to the United States. Additional reporting by Dave Graham; Editing by Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-trade-nafta/nafta-trade-ministers-to-square-off-over-hard-line-u-s-demands-idUKKBN1CM0DG'|'2017-10-17T08:12:00.000+03:00'|8063.0|''|-1.0|'' 8064|'2b4b928251843576a9280b69cc1cf19b0de313f8'|'Chinese Estates buys 6 percent stake in China Evergrande'|'October 4, 2017 / 4:53 AM / in 2 hours Chinese Estates buys 6 percent stake in China Evergrande Reuters Staff 2 Min Read FILE PHOTO: A logo of China Evergrande Group is displayed at a news conference on the property developer''s annual results in Hong Kong, China March 28, 2017. REUTERS/Bobby Yip/File Photo HONG KONG (Reuters) - Hong Kong developer Chinese Estates Holdings ( 0127.HK ) said on Wednesday it holds a 6 percent stake in rival property group China Evergrande ( 3333.HK ), having bought HK$11.1 billion (1.07 billion) of shares between April and October 3. The news sent shares in Evergrande, one of China''s most indebted companies, up as much as 3.9 pct to HK$30.80 by midday trade, a record high. Shares of Chinese Estates rose 4.3 percent, outperforming a 0.8 percent rise in the benchmark index .HSI . Chinese Estates said it was optimistic about Evergrandes prospects, but did not provide further detail on the purchase. Evergrande, which has developed thousands of middle class homes in China and owns the countrys top football team, was one of the most heavily shorted Hong Kong stocks earlier this year. Analysts said Evergrande was also benefiting from an increased average selling price, according to its September sales, published late on Tuesday. In the year to date, the company has achieved decent sales growth, mainly supported by rising (prices) as Evergrande strived to move to higher tier cities, said Chuanyi Zhou, Credit Analyst at independent research firm Lucror Analytics. Chinas home prices have surged since late 2015 and the housing rally has been one of the main drivers of Chinas stronger-than-expected economic growth so far this year, though successive waves of cooling measures are expected to temper construction activity and investment in coming months. Reporting by Farah Master, Donny Kwok and Umesh Desai; Editing by Clara Ferreira Marques and Gopakumar Warrier'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-evergrande-stake-chinese-estate/chinese-estates-buys-6-percent-stake-in-china-evergrande-idUKKCN1C90B1'|'2017-10-04T07:53:00.000+03:00'|8064.0|''|-1.0|'' -8065|'a0df7b2568fe9e69f3cfa581dd65f08d1361da14'|'UPDATE 1-UK Stocks-Factors to watch on Oct 26'|'(Adds company news items and futures)Oct 26 (Reuters) - Britains FTSE 100 index is seen opening up 16 points at 7,463.5 on Thursday, according to financial bookmakers, with futures up 0.2 percent ahead of the cash market open.* BARCLAYS: Barclays reported a worse-than-expected profit before tax for the third quarter of 1.1 billion pounds ($1.46 billion) as a weak trading performance in its investment bank dragged down group results.* DEBENHAMS: British department store chain Debenhams reported a 17 percent fall in profit on Thursday in what it said was a volatile trading environment on the high street.* INCHCAPE: Car dealership chain Inchcape said its third-quarter revenue rose 14.6 percent to 2.3 billion pounds ($3.1 billion), driven by strong growth in Singapore and helped by an acquisition in South America.* GLAXOSMITHKLINE: The committee responsible for U.S. vaccination schedules has given a preferential recommendation to GlaxoSmithKlines newly approved shingles vaccine Shingrix over Merck & Cos established product Zostavax.* GSK/RB: Pfizer to kick off auction process for its consumer healthcare business in November, paving the way for a potential $15 billion-plus sale of the unit, sources close to the matter told Reuters. Companies, including GlaxoSmithKline and Reckitt Benckiser, have expressed interest in bidding for the unit.* BARCLAYS: Uber Technologies Inc and a unit of Barclays plc are teaming up to offer a rewards-enriched credit card in the United States through the ride-service companys mobile phone app.* BP: BP Midstream Partners said on Wednesday its initial public offering was priced at $18 per unit, below the expected range of $19 to $21, raising about $765 million.[BP Midstream Partners said on Wednesday its initial public offering was priced at $18 per unit, below the expected range of $19 to $21, raising about $765 million.* ACACIA MINING: Barrick Gold Corp said on Wednesday it would work with the government of Tanzania to find a way for a gold export ban to be lifted on its Acacia Mining unit and was aiming for a final agreement in the first half of 2018.* GOLD: Gold prices inched up on Thursday, after hitting a two-and-a-half-week low in the previous session, as the dollar eased ahead of a key European Central Bank meeting later in the day.* OIL: U.S. oil prices extended declines on Thursday after government data showed a surprise climb in U.S. crude inventories.* EX-DIVS: Barratt Developments, Ferguson and ITV will trade without entitlement to their latest dividend pay-out on Thursday, trimming 2.42 points off the FTSE 100 according to Reuters calculations.* The UK blue chip FTSE 100 index closed at 7,447.21 points, down 1.05 percent, was knocked out to a three-weeks low on Wednesday when better than expected economic growth triggered a surge in the pound and as shares in heavy-weight GlaxoSmithKline suffered their worst fall in nearly a decade.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAYS UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-stocks-factors/update-1-uk-stocks-factors-to-watch-on-oct-26-idINL4N1N12L5'|'2017-10-26T04:32:00.000+03:00'|8065.0|''|-1.0|'' +8065|'a0df7b2568fe9e69f3cfa581dd65f08d1361da14'|'UPDATE 1-UK Stocks-Factors to watch on Oct 26'|'(Adds company news items and futures)Oct 26 (Reuters) - Britains FTSE 100 index is seen opening up 16 points at 7,463.5 on Thursday, according to financial bookmakers, with futures up 0.2 percent ahead of the cash market open.* BARCLAYS: Barclays reported a worse-than-expected profit before tax for the third quarter of 1.1 billion pounds ($1.46 billion) as a weak trading performance in its investment bank dragged down group results.* DEBENHAMS: British department store chain Debenhams reported a 17 percent fall in profit on Thursday in what it said was a volatile trading environment on the high street.* INCHCAPE: Car dealership chain Inchcape said its third-quarter revenue rose 14.6 percent to 2.3 billion pounds ($3.1 billion), driven by strong growth in Singapore and helped by an acquisition in South America.* GLAXOSMITHKLINE: The committee responsible for U.S. vaccination schedules has given a preferential recommendation to GlaxoSmithKlines newly approved shingles vaccine Shingrix over Merck & Cos established product Zostavax.* GSK/RB: Pfizer to kick off auction process for its consumer healthcare business in November, paving the way for a potential $15 billion-plus sale of the unit, sources close to the matter told Reuters. Companies, including GlaxoSmithKline and Reckitt Benckiser, have expressed interest in bidding for the unit.* BARCLAYS: Uber Technologies Inc and a unit of Barclays plc are teaming up to offer a rewards-enriched credit card in the United States through the ride-service companys mobile phone app.* BP: BP Midstream Partners said on Wednesday its initial public offering was priced at $18 per unit, below the expected range of $19 to $21, raising about $765 million.[BP Midstream Partners said on Wednesday its initial public offering was priced at $18 per unit, below the expected range of $19 to $21, raising about $765 million.* ACACIA MINING: Barrick Gold Corp said on Wednesday it would work with the government of Tanzania to find a way for a gold export ban to be lifted on its Acacia Mining unit and was aiming for a final agreement in the first half of 2018.* GOLD: Gold prices inched up on Thursday, after hitting a two-and-a-half-week low in the previous session, as the dollar eased ahead of a key European Central Bank meeting later in the day.* OIL: U.S. oil prices extended declines on Thursday after government data showed a surprise climb in U.S. crude inventories.* EX-DIVS: Barratt Developments, Ferguson and ITV will trade without entitlement to their latest dividend pay-out on Thursday, trimming 2.42 points off the FTSE 100 according to Reuters calculations.* The UK blue chip FTSE 100 index closed at 7,447.21 points, down 1.05 percent, was knocked out to a three-weeks low on Wednesday when better than expected economic growth triggered a surge in the pound and as shares in heavy-weight GlaxoSmithKline suffered their worst fall in nearly a decade.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAYS UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-stocks-factors/update-1-uk-stocks-factors-to-watch-on-oct-26-idINL4N1N12L5'|'2017-10-26T04:32:00.000+03:00'|8065.0|17.0|0.0|'' 8066|'ac813ca95e995451b69b7e0ef6883c18cffd3c1c'|'MOVES-Prudential''s QMA names Adam Broder head of global distribution'|'October 9, 2017 / 2:57 PM / Updated 13 minutes ago MOVES-Prudential''s QMA names Adam Broder head of global distribution Reuters Staff 1 Min Read Oct 9 (Reuters) - Quantitative Management Associates LLC (QMA), a unit of Prudential Financial Inc, said Adam Broder would join the as head of global distribution, effective Oct. 16. Broder, who will be based in Newark, New Jersey, has previously worked with Goldman Sachs & Co and Och-Ziff Capital Management. QMA, which had more than $1 trillion in assets under management as of June 30, is the quantitative equities and asset allocation business of PGIM, the investment management business of Prudential Financial. (Reporting by Arunima Banerjee in Bengaluru; Editing by Savio DSouza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/qma-moves-adam-broder/moves-prudentials-qma-names-adam-broder-head-of-global-distribution-idUSL4N1MK2TD'|'2017-10-09T17:56:00.000+03:00'|8066.0|''|-1.0|'' 8067|'e727ee6cb9f9a4e22fd12fe53b10456c7adb2afe'|'An assessment of the White Houses progress on deregulation'|'DEREGULATION, along with tax cuts and trade reform, is one of the three pillars of President Donald Trumps economic agenda. Republicans promise that, freed of red tape, American firms will invest more and unleash faster economic growth. And while Mr Trump has yet to unite his party around a major piece of legislation, the White House has plenty of sway over regulatory policy. For a start, the government agencies Mr Trump commands can regulate and deregulate on their own (subject only to the instructions that Congress has given them in the past). How much red tape have they managed to tear down since Mr Trump took office?Regulation is difficult to measure precisely, but the long-term trend towards excessive rulemaking has been obvious. In 1970 there were about 400,000 prescriptive words such as shall or must in the code of federal regulations, according to the Mercatus Centre, a libertarian-leaning think-tank. Today there are 1.1m (see chart). Wonks of many stripes agree that this is far too many and that the rule book must be shortened. Agencies have rarely combed over old edicts to see whether they are worth keeping. The problem predated Barack Obamas administration; both Republicans and Democrats have presided over regulatory expansions. That said, Mr Obama was an unusually prolific rule-writer, because for much of his presidency a hostile Congress meant that regulation was often his best tool. Against this backdrop, the impact of the Trump administration has been dramatic. The flow of new rules is suddenly a dribble. Since Mr Trump was inaugurated the number of regulatory restrictions has grown at about two-fifths of the usual speed. In the last year of the Obama administration, the federal government wrote 527 regulations deemed significant. Mr Trumps bureaucrats have penned only 118. And even that number is artificially high, because many of those edicts served only to delay or weaken Mr Obamas rules. Examples of genuinely new regulations are few and far between. The White House has acknowledged only onea rule aimed at reducing the amount of mercury dentists discharge into sewers, which went into effect in July.Mr Trump has slowed rulemaking in two main ways. First, on coming to office, he ordered government agencies not to impose any net new regulatory costs on companies, regardless of the benefits of doing so, and said that in order to write any new rules they would have to repeal two old ones. Because it takes time to unearth and discard dud rules, the practical effect of this has been to put a brake on new issuance.Second, Mr Trump has signed 14 bills stopping rules that were issued late in the Obama administration, and were therefore still subject to review by Congress, from going into effect. Not only were those regulations blocked (by means of the Congressional Review Act, or CRA); agencies will never again be able to write replacements that are substantially the same without lawmakers express approval. Before 2017, Congress had exercised its power to review regulations only once: in 2001, after George W. Bush came to office, it blocked a set of standards for chairs and desks aimed at stopping office workers getting back pain.Yet wielding CRA as a deregulatory weapon has its limits, for Congress can review only rules issued during its previous 60 days in session. Tackling the bedrock of regulation is far harder. Three approaches are possible: later implementation of newish rules, looser enforcement of existing ones, and formal rollbacks of others.Make America wait againThe first tactic, delay, is being used with abandon. For example, the Labour Department is trying to stave off parts of a new fiduciary rule, which requires investment advisers always to work in the best interests of their clients. (This requirement, like many seemingly simple rules, has somehow spawned hundreds of pages of legalese.) The fiduciary rule came into partial effect in June, but the administration is trying to postpone enactment of the remainder, which would give the edict teeth, by 18 months, to July 2019.Delays do not always work. When Scott Pruitt, a sceptic on climate change who heads the Environmental Protection Agency (EPA), tried to put off a regulation aimed at curbing emissions of methane, a powerful greenhouse gas, from oil and gas wells, a federal court found the decision to be unreasonable, and blocked it. I cant tell you how illegal that proposal was, says Bill Pedersen, an environmental lawyer.The second methodenforcing rules lightly, if at allcan be implemented through handy budget cuts. For example, Mr Pruitt has proposed slimming the agencys budget by almost a third, though the idea met a frosty reception in Congress.But it is the final approach, rescinding a regulation altogether, that is the trickiest to pull off. The EPA hopes to repeal the two main Obama-era environmental regulations: the Clean Power Plan, aimed at reducing carbon-dioxide emissions from power plants, and the Waters of the United States (WOTUS) rule, which expanded the scope of federal regulation of waterways. Neither has ever come into effect, because both have been delayed by lawsuits brought by states and affected firms. Some such challenges to Obama-era rules have ended successfully. A court in August struck down a Labour Department rule that greatly expanded the number of workers eligible for overtime pay.Unless courts invalidate a regulation, though, undoing it is like turning a battleship around, says Steven Silverman, a lawyer who worked at the EPA for almost four decades. Agencies must start a fresh regulatory process, consult interested parties and show why their old cost-benefit analysis was wronga procedure itself vulnerable to legal challenges. While those play out, the Democrats could win back the White House and change course again.For now, the administrations tactic has been to try to stall the court cases, to keep the rules from taking effect, while they prepare replacements. But the administration may eventually have to convince judges that Mr Obamas numbers were wrong. That will be easier in some cases than in others. Mr Obamas administration often cast around for additional benefits to justify new rules. Sometimes, its methods were unprecedented. For example, the administration included the boon to foreign countries when totting up the value of reducing carbon emissions. The proposal to withdraw the Clean Power Plan, which was released on October 10th, shows that Mr Trumps regulators have ditched that calculation. They have also taken a harder stand on so-called co-benefits, the positive side-effects of regulations.The question is how fast the Trump administration will run in the exact opposite direction. The White House is focused on reducing costs to companies; wider benefits barely seem to enter its thinking. This particularly threatens environmental regulations, which tend to have the biggest costs, but also the largest benefits (see chart 2). In reassessing the economic impact of WOTUS, the EPA took just a few short sentences to dispense with at least $300m in annual benefits to wetlands that had been included in the agencys 2015 analysis. The Clean Power Plan replacement disregards entirely the effect that cutting carbon would have on reducing other noxious emissions that cause premature deathsan omission that will surely invite a legal challenge.Yet in other areas the administration seems more thoughtful than zealous. Take financial deregulation. In January Mr Trump made a crude promise to do a big number on Dodd-Frank, Mr Obamas financial law, which has spawned thousands of pages of associated rules. Yet the two reports the Treasury has published on the subject have been detailed and rigorous. The first, on banking, contained a variety of relatively moderate proposals, such as raising the threshold above which banks must carry out stress tests from $10bn of assets to $50bn, and excluding cash and Treasury securities when calculating banks leverage.The second report, released on October 6th, concerns capital markets. Equity markets do not seem to be doing their job well, it says, as seen by a fall in the number of public companies, possibly because of regulatory complexity. But elsewhere it warns of the risks that Dodd-Frank funnelled towards so-called clearing houses, such as LCH.Clearnet and Intercontinental Exchange. The Treasury argues that clearing houses should be subject to heightened regulatory and supervisory scrutiny.Those are not the words of an administration bent on wanton financial deregulation. Instead, figures such as Jay Clayton, the new chairman of the Securities and Exchange Commission (SEC), and Randal Quarles, whom the Senate confirmed on October 5th as the Federal Reserves vice-chairman for (bank) supervision, are likely to prune existing regulatory structures. In September the Fed and the Federal Deposit Insurance Corporation (FDIC) gave a taste of what is to come. They said banks may now be allowed to refile their living wills, which set out how they could be dissolved in a crisis, every two years rather than annually, so long as their business had not changed materially. This is hardly revolutionary, yet it is important to banks.Some rulemaking is beyond the administrations reach. On October 5th the Consumer Financial Protection Bureau (CFPB) said it would require payday lenders, who offer short-term loans at very high interest rates, to carry out new affordability checks before advancing credit. The agency will also limit lenders access to borrowers bank accounts. The CFPB can keep regulating in defiance of Mr Trump becauselike the SECit is independent, meaning the president cannot dismiss its leadership without good reason.Alternative factsThere can be little doubt that fewer federal regulations are in place today than would have been were Hillary Clinton president. But until many more rules face the chop, companies are unlikely to benefit all that much. Few mentioned deregulation in their second-quarter earnings calls this summer. When economists at Goldman Sachs, a bank, surveyed their stock-pickers in May, regulation was not considered the key policy issue in a single sector. Analysts emphasised tax reform instead.The exceptions were watchers of technology, media and telecoms firms, who emphasised the importance of antitrust regulation. The Trump administrations attitude towards consolidation in those industries, most notably a proposed merger between AT&T , a wireless giant, and Time Warner, a content empire, is unclear. Internet service providers (ISPs) would also get a boost if the Federal Communications Commission succeeds in loosening Obama-era rules on net neutrality (the principle that different sorts of web traffic should be treated equally).Despite the lack of much true deregulation, the new approach in Washington does seem to have boosted business confidence. The tone of federal regulators has changed, notes one senior Wall Street executive, and slowing the flow of new rules has reduced regulatory uncertainty. Parts of Main Street agree: the percentage of small firms reporting regulation as their biggest concern has fallen slightly, from 20% a year ago to 16% today. Another sign, perhaps, is that the overall optimism of small businesses surged after the election to close to an all-time high, and has yet to fall back much.Whether deregulation translates into faster economic growth will only become clear over time. The range of estimates regarding how much regulation affects growth is wide, while the quantity of evidence is thin. Economists at the White House point to a study by Mercatus which argues that if regulations had been frozen at their 1980 level, growth would have been 0.8 percentage points higher per year. Critics say that this actually implies a rather small growth effect, given that Mr Trump is taking aim at a relatively small number of Obama-era rules. The study also seems, implausibly, to blame regulation for a fall in investment after the financial crisis.Ultimately, whether or not such claims are put to the test depends on whether the Republicans keep the White House in 2020. If they do, Mr Trump will have time to overcome the inevitable legal challenges to his agenda. America would probably see a large-scale deregulatory experiment. If they do not, the current period will look more like a regulatory hiatus than the beginning of a reversal. "Trump v the rule book"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21730170-donald-trump-has-blocked-new-regulations-ease-repealing-old-ones-will-be-harder?fsrc=rss'|'2017-10-14T08:00:00.000+03:00'|8067.0|''|-1.0|'' 8068|'3a2d5c2cfff75338140bae85dda3eb332718dab3'|'CEE MARKETS-Leu misses firming on CPI jump, Warsaw stocks test multi-year high'|'* Continuing dollar slide fuels forint, zloty, stocks firming * Sept CPI surge, politics keep lid on Romanian assets * Romanian central bank seen narrowing interest rate corridor (Adds rise in Polish stocks, new comments on Romanian interest rates) By Sandor Peto and Luiza Ilie BUDAPEST/BUCHAREST, Oct 11 (Reuters) - Romania bucked a rise in Central European assets on Wednesday due to worries over a bigger-than-expected jump in its inflation rate and tension over a planned government reshuffle. The region''s most liquid currencies, the zloty and the forint, firmed 0.3 percent against the euro, extending this week''s gains fuelled by money flowing out of the weakening dollar. Warsaw shares rose one percent. The index hit a 5-week high, a touch from its highest since mid-2015. The stocks are buoyed by technical factors and expectations for strong economic growth in the rest of the year, 4.4 percent in annual terms according to a recent Reuters poll. Plans for a power market law would help finance the construction of power stations and boost energy stocks, traders said. If expectations for Federal Reserve interest rate hikes push the dollar into an uptrend later this year, that "may worsen the investment climate on the Polish stock market and other emerging markets," BZ WBK brokerage trader Pawel Kubiak said. The leu, after a rise earlier this month amid a liquidity squeeze in Romanian markets, has missed the rise elsewhere in the region, just like Romanian stocks and government bonds. Prime Minister Mihai Tudose announced on Monday that he was considering a cabinet reshuffle due to corruption allegations against three ministers, a move that could sow tension within the ruling Social Democrat party. September figures released early on Wednesday showed a continuing rise in Romanian annual inflation to a higher-than expected 1.8 percent from 1.2 percent in August. "No place to hide from a (central bank interest rate) hike," Bucharest-based Erste Group economist Horia Braun-Erdei said in a note. "We pencil in two policy rate hikes at the beginning of 2018, on top of the likely narrowing of the interest rate corridor in November." An expected rise in government spending later this year could help ease the liquidity squeeze, for which the government has criticized the NBR, but could increase worries about a rise in inflation pressure and the budget deficit. "A tightening of the fiscal stance would be desirable, as it would reduce the need for rate hikes that may prove costly...," Braun-Erdei said. The bank, fearing speculative capital flows, has said signals from the European Central Bank and the Polish central bank (NBP) could influence local decisions. While the ECB hesitates, the NBP is unlikely to lift rates any time soon, though a surge in forward rate agreements this month priced in a start of rate hikes within 12 months. Most analysts have projected a later rise. CEE MARKETS SNAPSH AT 1523 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 25.885 25.869 -0.06% 4.33% 0 5 Hungary 309.79 310.65 +0.28 -0.31% forint 00 00 % Polish zloty 4.2802 4.2926 +0.29 2.89% % Romanian leu 4.5865 4.5860 -0.01% -1.12% Croatian 7.5100 7.5025 -0.10% 0.60% kuna Serbian 119.45 119.43 -0.02% 3.26% dinar 00 00 Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1050.5 1050.0 +0.05 +13.9 6 6 % 9% Budapest 38237. 38031. +0.54 +19.4 03 67 % 8% Warsaw 2540.5 2516.4 +0.95 +30.4 2 9 % 2% Bucharest 7995.0 8022.5 -0.34% +12.8 8 1 4% Ljubljana 814.90 812.39 +0.31 +13.5 % 6% Zagreb 1845.8 1820.6 +1.38 -7.47% 7 6 % Belgrade 726.96 727.23 -0.04% +1.34 % Sofia 672.37 676.26 -0.58% +14.6 5% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.057 0.119 +075b +12bp ps s 5-year 0.52 0.027 +078b +2bps ps 10-year 1.367 0.025 +091b +1bps ps Poland 2-year 1.732 -0.024 +242b -3bps ps 5-year 2.71 -0.019 +297b -3bps ps 10-year 3.42 -0.033 +296b -4bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets/cee-markets-leu-misses-firming-on-cpi-jump-warsaw-stocks-test-multi-year-high-idINL8N1MM447'|'2017-10-11T11:58:00.000+03:00'|8068.0|''|-1.0|'' @@ -8098,7 +8098,7 @@ 8096|'13d39aa12f10d7632ed27f938ce33b87ad432561'|'EU opens state aid probe into UK tax scheme for multinationals'|'October 26, 2017 / 9:51 AM / Updated an hour ago EU opens state aid probe into UK tax scheme for multinationals Julia Fioretti 3 Min Read BRUSSELS (Reuters) - The European Commission is investigating whether a British scheme exempting certain transactions by multinational companies from British measures targeting tax avoidance amounts to illegal state aid, the EUs competition commissioner said. FILE PHOTO: European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium October 4, 2017. REUTERS/Francois Lenoir At stake is an exemption introduced in 2013 to the British Controlled Foreign Company (CFC) rules which exempts interest payments received from loans of multinational groups active in Britain from tax. Rules targeting tax avoidance cannot go against their purpose and treat some companies better than others, EU Competition Commissioner Margrethe Vestager said. This is why we will carefully look at an exemption to the UKs antitax avoidance rules for certain transactions by multinationals, to make sure it does not breach EU state aid rules, she said in a statement. Vestager has crusaded against what she calls unfair tax benefits granted to some firms in EU countries, notably ordering Ireland to recover up to 13 billion euros from Apple. CFC rules aim to prevent British companies avoiding British taxation through use of subsidiaries based in a low- or no-tax jurisdictions by allowing British tax authorities to reallocate back to the British parent company all profits that were artificially shifted to the offshore subsidiary. But the so-called Group Financing Exemption means that financing income received by the offshore subsidiary from another foreign group company will not be reallocated to the British parent, shielding it from Britains tax. The Commission said it had doubts whether the exemption complies with EU state aid rules forbidding preferential treatment of some companies over others. A spokeswoman for UK Prime Minister Theresa May said Britain does not believe its tax laws are incompatible with EU rules, but would cooperate with the Commission. A Commission spokesman said it was too early to say how much Britain might be asked to recover from the companies benefiting from the exemption, and would not be drawn in on the possible impact of Brexit on the investigation. The state aid investigation could drag on past the day Britain will exit the EU in March 2019, but Alexander Winterstein said that as long as the UK remained part of the EU it had to abide by the rules. As long as a member state is a member of the single market, it is subject to EU competition rules including those on state aid, and everything else will be part of the negotiations which are ongoing so I will not enter into speculation on this, he said at a daily briefing. Reporting by Julia Fioretti; editing by Mark Heinrich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-eu-taxavoidance-britain/eu-opens-state-aid-investigation-into-british-tax-scheme-for-multinationals-idUKKBN1CV18A'|'2017-10-26T14:28:00.000+03:00'|8096.0|''|-1.0|'' 8097|'b1bad7c0a1c90a4cea2be8b339d55f65cc87c7fc'|'Dassault CEO not yet considering alternative engine suppliers'|' 08 PM / in 7 minutes Dassault CEO not yet considering alternative engine suppliers Allison Lampert 3 Eric Trappier, Dassault Aviation CEO, poses for pictures in front of an Dassault Rafale C fighter during the 51st Paris Air Show at Le Bourget airport near Paris, June 15, 2015. REUTERS/Pascal Rossignol LAS VEGAS (Reuters) - Dassault Aviation ( AVMD.PA ) Chief Executive Eric Trappier said he wants to hear how aerospace group Safran SA ( SAF.PA ) will tackle engine development issues that have delayed the French planemakers latest business jet before considering alternative suppliers. For the moment we are waiting to see whether Safran are able to tell us how they will try to minimize the impact, he told Reuters. Dassault is keeping its options open for the new long-range Falcon 5X business jet, Trappier said on the sidelines of a company event in Las Vegas during the National Business Aviation Associations (NBAA) flagship gathering this week. Safran was not immediately available for comment. Earlier this week, Trappier said that the business jet, which had already been delayed to 2020, would have to be postponed again, after Safran informed Dassault of performance issues with the high-pressure compressor. Trappier said Dassault has an execution contract with Safran over the new Silvercrest engine used to power the long-range jets, but he declined to say whether the French planemaker would receive compensation for the delays because such talks are confidential. Trappier also said he viewed the possibility of selling Dassaults Rafale fighter jets to the Canadian government as an opportunity for strong cooperation between Canada and France. The Rafale could be partly built in Canada, he said. Earlier this year, Canada froze talks on the planned purchase of 18 F-18 Super Hornet jets from Boeing Co ( BA.N ) for more than $5 billion, after the company launched a trade challenge accusing Montreal-based Bombardier Inc ( BBDb.TO ) of dumping its new CSeries airliners into the U.S. market. Canada needs the 18 jets to act as a stopgap measure until it is able run an open competition to replace its veteran CF-18 fighters, a process that could take five years. The CF-18 is the Canadian version of the F-18 Hornet, a design that is 40 years old. Reporting by Allison Lampert in Las Vegas; editing by Cynthia Osterman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-dassaultavi-falcon/dassault-ceo-not-yet-considering-alternative-engine-suppliers-idUSKBN1CG2NH'|'2017-10-11T22:08:00.000+03:00'|8097.0|''|-1.0|'' 8098|'939096ad4da0fe6af9972caba35505306b9c9b01'|'Regulators need to develop global cyber security standards -JPM''s Pinto'|'October 14, 2017 / 3:44 PM / in 4 hours Regulators need to develop global cyber security standards -JPM''s Pinto Reuters Staff * Cyber security laws, supervision need to change -Pinto * Payments services next battleground for banks -Barclays CEO WASHINGTON, Oct 14 (Reuters) - Governments need to develop global cyber security standards and increase information sharing on cyber threats, Daniel Pinto, chief executive of JPMorgans corporate and investment bank, said on Saturday. Pinto, speaking during a panel at the Institute of International Finance meeting in Washington, said globbal banks have to comply with a hodgepodge of cyber security standards across different countries, increasing costs and risks. Pinto said cyber security laws and the way banks are supervised on cyber security had to change. Each country has a different standard but we have a global problem ... When you go to point where you have to have different standards in every place, you put yourself in a vulnerable position, he said. His comments highlight growing concerns among financial market participants and regulators about the risks cyber attacks pose to the financial system following a series of recent incidents. Last month, credit reporting firm Equifax disclosed a massive breach had exposed data on more than 140 million customers, while the U.S. Securities and Exchange Commission also said last month its corporate filing system had been breached. On Friday, the Financial Stability Board, which comprises central banks, released a stock take of different countries cyber security regulations and guidelines for financial services, noting some countries had as many as 10 different sets of rules and that these typically varied widely across jurisdictions. Barclays CEO Jes Staley, speaking to the same panel, said cyber risk and payments services were big issues for banks. New fintech payment providers, as well as the established tech giants such as Amazon and Facebook, were becoming major competitive challengers to financial firms, he said. All the banks are very focused on the payments space, Staley said. That may be where the battleground for finance is fought over the next 15 years. (Reporting by Michelle Price; Editing by Bill Trott) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-iif-banks/regulators-need-to-develop-global-cyber-security-standards-jpms-pinto-idUSL4N1MP093'|'2017-10-14T18:41:00.000+03:00'|8098.0|''|-1.0|'' -8099|'c5f31e7b49276d5ff8e76d47f74d0c94c39ed387'|'Credit Suisse no comment on repurchase option for pricey CoCo bonds'|'October 25, 2017 / 10:07 AM / Updated 10 minutes ago Credit Suisse no comment on repurchase option for pricey CoCo bonds Reuters Staff 2 Min Read ZURICH (Reuters) - Credit Suisse ( CSGN.S ) declined comment on whether it will exercise an option next year to repurchase so-called CoCo bonds on which it pays out around $550 million (416 million) each year, after a Swiss newspaper highlighted the possibility. Logo of Swiss bank Credit Suisse is seen at a branch office in Luzern, Switzerland October 19, 2017. REUTERS/Arnd Wiegmann The Swiss bank sold roughly 6 billion Swiss francs (4.5 billion) in CoCos, short for contingent convertible bonds, to Qatar Investment Authority (QIA) and Saudi Arabian conglomerate Olayan Group in 2011 and 2012. The bonds, which convert into equity if the banks core capital ratio dips below a certain level, were issued in an effort to meet tougher Swiss capital rules. Credit Suisse pays approximately 550 million francs a year to QIA and Olayan to cover the 9 to 9.5 percent interest rates, higher borrowing costs than the bank would likely pay today. The first optional redemption date on the bonds is October 2018, according to the banks previous financial disclosures. The schedule for potential repurchases was flagged by Swiss newspaper Neue Zuercher Zeitung earlier on Wednesday. A stated plan to repurchase the CoCos would mean they no longer qualify as additional Tier 1 capital. A repurchase which cuts the banks payments on such bonds could boost the banks efforts to cut its cost base to 17 billion francs by the end of 2018. The CoCos convert into equity if Credit Suisses core capital ratio dips below 7 percent. At the end of the second quarter its ratio was 13.3 percent. Reporting by Joshua Franklin; Editing by David Holmes'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/credit-suisse-gp-cocos/credit-suisse-no-comment-on-repurchase-option-for-pricey-coco-bonds-idUKKBN1CU18K'|'2017-10-25T13:07:00.000+03:00'|8099.0|''|-1.0|'' +8099|'c5f31e7b49276d5ff8e76d47f74d0c94c39ed387'|'Credit Suisse no comment on repurchase option for pricey CoCo bonds'|'October 25, 2017 / 10:07 AM / Updated 10 minutes ago Credit Suisse no comment on repurchase option for pricey CoCo bonds Reuters Staff 2 Min Read ZURICH (Reuters) - Credit Suisse ( CSGN.S ) declined comment on whether it will exercise an option next year to repurchase so-called CoCo bonds on which it pays out around $550 million (416 million) each year, after a Swiss newspaper highlighted the possibility. Logo of Swiss bank Credit Suisse is seen at a branch office in Luzern, Switzerland October 19, 2017. REUTERS/Arnd Wiegmann The Swiss bank sold roughly 6 billion Swiss francs (4.5 billion) in CoCos, short for contingent convertible bonds, to Qatar Investment Authority (QIA) and Saudi Arabian conglomerate Olayan Group in 2011 and 2012. The bonds, which convert into equity if the banks core capital ratio dips below a certain level, were issued in an effort to meet tougher Swiss capital rules. Credit Suisse pays approximately 550 million francs a year to QIA and Olayan to cover the 9 to 9.5 percent interest rates, higher borrowing costs than the bank would likely pay today. The first optional redemption date on the bonds is October 2018, according to the banks previous financial disclosures. The schedule for potential repurchases was flagged by Swiss newspaper Neue Zuercher Zeitung earlier on Wednesday. A stated plan to repurchase the CoCos would mean they no longer qualify as additional Tier 1 capital. A repurchase which cuts the banks payments on such bonds could boost the banks efforts to cut its cost base to 17 billion francs by the end of 2018. The CoCos convert into equity if Credit Suisses core capital ratio dips below 7 percent. At the end of the second quarter its ratio was 13.3 percent. Reporting by Joshua Franklin; Editing by David Holmes'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/credit-suisse-gp-cocos/credit-suisse-no-comment-on-repurchase-option-for-pricey-coco-bonds-idUKKBN1CU18K'|'2017-10-25T13:07:00.000+03:00'|8099.0|24.0|0.0|'' 8100|'6b40cb27a99703181e797fa3299021d18ad15bba'|'This week in sports: E-sports grapples with rapid growth - Reuters'|'Chicago Blackhawks left wing Ryan Hartman (38) and Pittsburgh Penguins right wing Phil Kessel (81) fight during the third period at the United Center. Chicago won 10-1. Mandatory Credit: Dennis Wierzbicki-USA TODAY Sports Listen to this weeks Keeping Score podcast:A wrap-up of the week in sports news:It aint your grandpas Nintendo: As e-sports become increasingly popular , the high-tech tournaments are grappling with some age-old problems: match-fixing and doping.Penguins hope to glide toward a three-peat: The National Hockey League kicked off a new season this week, with the Pittsburgh Penguins hoping for a rare three-peat as Stanley Cup Champions . Of course, they lost their first two games including a Thursday night 10-1 drubbing at the hands of the Chicago Blackhawks so theyll need to waddle those losses off first.Extreme sports across the pond, over a river: Travis Pastrana performed a backflip motorcycle jump over a 75-foot gap between two barges floating on the river Thames in London on Thursday.Action sports performer Travis Pastrana somersaults on his motorbike as he jumps between two barges on the River Thames with the O2 Arena sports venue seen behind, in London, Britain, October 5, 2017. REUTERS/Toby Melville Click here for more of the weeks best sports photography.And finally, sports business expert Rick Horrow sat down with Christina Alejandre, vice president of esports at Turner Sports, to discuss the growing video game competition space. Watch the video here:&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&visual=true"> '|'reuters.com'|'http://www.reuters.com/finance'|'https://www.reuters.com/article/us-weekinsports-06oct2017/this-week-in-sports-e-sports-grapples-with-rapid-growth-idUSKBN1CB2W9'|'2017-10-07T07:09:00.000+03:00'|8100.0|''|-1.0|'' 8101|'97c94c78153ac60654c5df5d7c8d2c53b053b4e2'|'Oil prices inch up, drop in southern Iraq exports supports'|'October 24, 2017 / 1:58 AM / Updated 6 minutes ago Oil prices inch up, drop in southern Iraq exports supports Reuters Staff 2 Min Read TOKYO (Reuters) - Oil prices inched up on Tuesday, supported by declining exports from southern Iraq. A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017 . REUTERS/Christian Hartmann Oil exports from southern Iraq have fallen by 110,000 barrels per day this month, according to shipping data and an industry source, adding to the drop in flows caused by a shortfall from the northern Kirkuk fields when Iraqi forces retook control from Kurdish fighters who had been there since 2014. The drop in northern Iraqi shipments has supported global oil prices in recent days. But southern exports, the outlet for most of the countrys crude, have been stable in recent months, making the decline unexpected. London Brent crude for December delivery LCOc1 was up 6 cents at $57.43 a barrel by 0055 GMT after settling down 38 cents on Monday. U.S. crude for December delivery CLc1 was up 3 cents at $51.93, having settled up 6 cents. Crude oil exports through the Iraqi Kurdistan controlled-pipeline to the Turkish port of Ceyhan rose 13 percent to 288,000 barrels per day (bpd) on Monday afternoon, less than half the normal levels, a shipping source told Reuters. U.S. crude inventories likely fell by 2.5 million barrels last week, while gasoline and distillate stockpiles also probably fell by at least 1.5 million barrels, a preliminary Reuters poll showed on Monday ahead of data by the Industry group the American Petroleum Institute later in the day. [EIA/S] [API/S] Reporting by Osamu Tsukimori; Editing by Joseph Radford'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-oil/oil-prices-inch-up-drop-in-southern-iraq-exports-supports-idUKKBN1CT05Z'|'2017-10-24T04:58:00.000+03:00'|8101.0|''|-1.0|'' 8102|'1a1e810684d4cba2426b2eb7bd7a521ca0cf3865'|'Thousands of Bogota taxi drivers protest Uber, Cabify and higher costs'|'October 23, 2017 / 11:01 PM / Updated 2 hours ago Thousands of Bogota taxi drivers protest Uber, Cabify and higher costs Reuters Staff 2 Min Read BOGOTA (Reuters) - Thousands of taxi drivers in Colombias capital Bogota began an indefinite strike on Monday to protest private transport services like Uber [UBER.UL], snarling traffic for much of the day as drivers blocked roads and clashed with police. Taxi drivers protest against Uber in Bogota, Colombia, October 23, 2017. REUTERS/Jaime Saldarriaga Taxis drivers complain that services such as Uber and Cabify, which are unregulated in Colombia, take custom away and have an advantage because they are not obliged to pay insurance and other levies. Yellow cabs are also protesting a decision by the city government that would require them to replace taxi meters with software applications to collect fares. They argue the technology is costly and make them more vulnerable to robbery. We want the government to stop Uber, Cabify and any other applications that try to come here, said William Trivino, a 38-year-old taxi driver in downtown Bogota. Protect taxi drivers who...pay taxes and dont allow someone with a private vehicle and a cell phone to become a taxi. Protesters blocked roads and attacked colleagues that did not join the strike. Police threw tear gas to disperse them. There are some 480,000 registered taxis in Colombia, with 53,000 in Bogota, a city of about 8 million people. Uber and Cabify operate in a legal vacuum in Colombia, with the Technology, Information and Communication Ministry saying it cannot block them, while the Transport Ministry says they operate illegally but cannot be closed down. Uber said in a statement that it is a safe and reliable alternative for thousands of users. Cabify said that taxi drivers and app-based services can coexist to provide quality service. Reporting by Luis Jaime Acosta; Writing by Helen Murphy; Editing by Cynthia Osterman'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-colombia-taxi/thousands-of-bogota-taxi-drivers-protest-uber-cabify-and-higher-costs-idUSKBN1CS2VB'|'2017-10-24T01:52:00.000+03:00'|8102.0|''|-1.0|'' @@ -8117,7 +8117,7 @@ 8115|'47626f563117778ec6c9f6a19e6b0cee6567c211'|'Beginning of the end for Europe''s loose money? ECB to curb stimulus'|'October 25, 2017 / 10:10 PM / a minute ago Wary ECB decides to buy fewer bonds, but do it for longer Balazs Koranyi , Francesco Canepa 5 Min Read FRANKFURT (Reuters) - The European Central Bank on Thursday took its biggest step yet in weaning the euro zone economy off years of stimulus but said the economic outlook was still dependent on its lavish monthly purchases of euro zone bonds. European Central Bank (ECB) President Mario Draghi holds a news conference following the governing council''s interest rate decision at the ECB headquarters in Frankfurt, Germany, October 26, 2017. REUTERS/Kai Pfaffenbach It said it will cut the amount of bonds it will buy each month from January, but hedged its bets by extending the lifespan of the bond-buying program to the end of next September. ECB President Mario Draghi called the changes a recalibration and indicated that the banks work in boosting inflation and ensuring growth was not yet done. The bank will cut its bond buys in half to 30 billion euros a month from January, taking comfort in an economic recovery now in its fifth year and moving in sync with peers like the U.S. Federal Reserve and the Bank of England, as they also prepare to tighten policy. But bothered by stubbornly low inflation, the ECB twinned the cut with a nine month extension of the program, opting to buy fewer bonds but for a longer period to reassure investors it will provide accommodation for a long time. Indeed, the ECB even maintained its option to increase or extend the bond buying program, an apparent victory for policy doves who argued that they should not commit to ending the buys since possible euro gains could exacerbate weak inflation. Euro zone bond yields fell after the announcement on what traders said was relief over the programs continuation, albeit it with less buying. At a news conference, Draghi said that the euro zone economic outlook had improved but that core inflation had not yet shown any convincing signs of an upwards trend -- the goal of much of the stimulus. Domestic price pressures are still muted overall and the economic outlook and the path of inflation remain conditional on continued support from monetary policy, he said. Therefore, an ample degree of monetary stimulus remains necessary. Designed nearly three years ago to fight off the threat of deflation, the bond purchase scheme has cut funding costs, revived borrowing and lifted growth, even if it ultimately failed to raise inflation back to the ECBs target of almost 2 percent. If the outlook becomes less favorable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the Governing Council stands ready to increase the asset purchase program in terms of size and/or duration, the ECB said in a statement. The ECB added that its main refinancing operations and the three-month longer-term refinancing operations will continue to be conducted as fixed rate tender procedures with full allotment for as long as necessary, and at least until the end of the last reserve maintenance period of 2019. FILE PHOTO: Flags in front of the European Central Bank (ECB) before a news conference at the ECB headquarters in Frankfurt, Germany, April 27, 2017. REUTERS/Kai Pfaffenbach/File Photo Interest rates were left unchanged as expected and the ECB reaffirmed its guidance to keep them unchanged until well after its bond buys end. DEBATE Draghi told the news conference that there had been some difference of views among the rate-setters but that decisions were taken in a positive attitude. Hawks such as Germany and the Netherlands have wanted a commitment to end bond buys, arguing that growth is now above trend and that more purchases do next to nothing for inflation. FILE PHOTO - European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany July 20, 2017. REUTERS/Ralph Orlowski/File Photo Doves on the blocs periphery, however, warn that a rapid exit could tighten financial conditions, undoing years of work. The broader outlook is as good as it has been since before the global financial crisis. An unbroken growth streak has created seven million jobs and the expansion is now self-sustaining, driven by domestic consumption. Banks are better capitalized, lending is growing, and divergence between the core and the periphery, the biggest failure of the currency project, appears to have halted. Inflation, however, is expected to miss the ECBs target of almost 2 percent at least through the decade as labor market slack remains large, keeping a lid on wages and supporting the case for continued support. The ECB is also slowly running out of bonds to buy in some countries, suggesting that market constraints will play an increasingly large role in the policy debate as a major redesign of rules risked sending the wrong signal when the bank is working on an exit strategy. While a nine-month extension at a reduced pace is seen as viable under current rules, another extension could require more creativity as the ECB would be running low on German bonds to buy, a hurdle since purchase need to match the so called capital key, each countrys relative size in the euro zone. Draghi indicated this was not a major concern at the bank. Our program is flexible enough, he said. Reporting by Balazs Koranyi and Francesco Canepa; Editing by Jeremy Gaunt and Hugh Lawson'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ecb-policy/beginning-of-the-end-for-europes-loose-money-ecb-to-curb-stimulus-idUKKBN1CU367'|'2017-10-26T01:11:00.000+03:00'|8115.0|''|-1.0|'' 8116|'9ae3aff1319afca60cbf6c9b21f525c670672aaa'|'Brexit makes a nonsense of Nigel Lawsons struggle against inflation - Business - The Guardian'|'A few years ago I shared a platform with my old friend Lord Lawson at a conference on our membership of the European Union . This was some time before the infamous referendum. The event was good-tempered, and it will come as no surprise to readers that Lawson was, in a term yet to be coined, a Leaver, and your correspondent was not.What surprised me over subsequent coffee and drinks was the number of successful, and obviously intelligent, people in the audience who thanked Lawson and me for having covered the history of the EU. It turned out some of the audience had only the vaguest idea why, to use the original title, the European Economic Community was set up in the first place.Decades have passed since the foundation of a group of nations that were bound together in the hope that, after centuries of conflict, they should not go to war among themselves again. And, of course, the community has evolved into (at present) 28 nations.Although, as an economics commentator, I concentrate principally on the needless economic harm threatened by Brexit indeed, it is already happening I nevertheless find it baffling that politicians as intelligent and experienced as Lawson should want to risk disrupting a Europe that is faced by such large and powerful global forces as those reigned over by presidents Vladimir Putin on one side and Donald Trump on the other.When it comes to the economic debate, Lawson placed hopes then as others, such as the Brexit secretary David Davis, do now on the prospect of some magical transformation of our commercial prospects. This would come about by abandoning membership of the vast and highly beneficial European customs union and single market, and arranging trade deals with the likes of Trump. Can this be the same Trump whose regime wanted to impose penal tariffs of 300% on imports of Bombardiers C-Series aircraft ?This smacks more of a trade war than a trade deal. It is hoped that Airbus will come to the rescue in his memoirs, Kenneth Clarke hails Airbus as a wonderful example of cooperation within the EU to create a rival to Boeing, and confesses that he was wrong to oppose it at first.It puzzles some people why Nigel Lawson should be so anti-European when he spent much of his time as chancellor (1983-89) in a succession of abortive attempts to persuade Margaret Thatcher to agree to putting the pound into the European exchange rate mechanism (ERM).Of course, when, after Lawsons resignation in disgust, Thatcher was finally worn down by the fashionable establishment view at the time, our brief membership of the ERM 1990 to 1992 ended in political disaster for what was by then the Major government. Unfortunately it emboldened the eurosceptics in the Conservative party or septics, as Sir Edward Heath liked to call them and they nagged away until they got their referendum.However, it was for counter-inflationary, not pro-European, reasons that Lawson preached the virtues of entry to the ERM. Monetarism had proved a dismal failure, and he hoped that an ERM dominated by the Deutschmark would offer a safer counter-inflationary anchor.So what have Lawson and his fellow Brexiters (I have decided that the extra e in Brexiteers makes the unruly gang sound far too romantic) achieved? Yes, the 15% devaluation the financial markets have imposed on the UK in wise anticipation of economic disruption to come has produced an outburst of, ironically, Lawsons old enemy: inflation.Facebook Twitter Pinterest Chancellor Philip Hammond at an OECD press conference. Photograph: Neil Hall/EPA The impact of rising prices is everywhere in the shops. The familiar squeeze on real incomes has become more pronounced. The governor of the Bank of England drops stronger and stronger hints that, in the face of referendum-induced inflation, monetary policy is going to be tightened. The justification is an acceleration of inflation in an atmosphere of near-full employment. But, thanks to a sequence of events the weakening of the unions, the competitive forces of globalisation, the financial crisis of 2007-08 and the counter-productive policy of austerity having a job no longer cushions millions of people against hardship or outright poverty. The daily news about personal indebtedness illustrates this. Higher interest rates can only aggravate such problems.Against this background Lawson recently chose to refer to the current Tory chancellor, Philip Hammond, as being very close to a saboteur in refusing to spend more in preparation for a cliff-edge, no-deal Brexit. He even urged Theresa May to sack Hammond not a very nice attitude to adopt towards a successor.At all events, those of us who refuse to accept Brexit should be heartened. The referendum was conducted on false pretences. Recent polls suggest that, as the costs of departure become apparent, people are waking up to the implications of Brexit. A YouGov poll for the Times showed 42% for Leave, outnumbered by 47% for Remain.We live in a representative democracy. From the moment a general election result is known, the opposition begins the fightback. Nigel Farage said on referendum night that he would not accept a close Remain result. The fightback is now well under way, and the absurdity of Brexit becomes more evident by the day.The main economic reason for our joining the EU was to improve our economic performance. The International Monetary Fund, the OECD and many others are united in saying that Brexit would be deleterious for our economy. Do we really need this self-harm?'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/oct/22/nigel-lawson-chancellor-leave-brexit-inflation'|'2017-10-22T14:00:00.000+03:00'|8116.0|''|-1.0|'' 8117|'a9df4e1d477b667e768878c715d7fca4bac6875b'|'Europeans making deals with Chinese buyers want to see money up front'|'LONDON, Oct 18 (Reuters) - European dealmakers who sell companies and real estate to Chinese investors are increasingly asking them to pay deposits upfront, after China clamped down on capital outflows, according to bankers and lawyers.Wary that Chinese buyers will have to pull out of a deal because they cant send funds overseas, European sellers are asking for non-refundable deposits, often around 10 percent, before the deal can go forward, industry insiders say.Such deposits are common in the United States, where the federal governments Committee on Foreign Investment reviews acquisitions by foreign entities for their national security implications, leading to more deals falling through . Increasingly, European sellers are following suit.Chinas government began restricting foreign deals late last year, culminating in rules in August of this year to curb irrational investment overseas. It wanted to keep outflows of funds from destabilising its currency.Since then, overseas dealmaking has waned. Acquisitions of European companies by buyers from Hong Kong and China has fallen nearly 40 percent so far this year, according to Thomson Reuters data. The decline has been even greater in the Unites States, though, so overseas dealmaking has largely focused on Europe.According to corporate filings, CC Land put down 40 million pounds ($52.7 million) before agreeing to buy the Cheesegrater skyscraper in London for 1.15 billion pounds .Zhengzhou Coal Mining Machinery, which produces auto components and coal-mining machinery, paid a 54.5 million-euro ($64 million) deposit when it agreed to agree to buy Robert Boschs starters and generators business for 10 times as much. The transaction has yet to close.Chinas ZTE paid a $10 million deposit before its acquisition of a 48 percent shareholding in Turkeys Netas Telekomunikasyon for $101 million.Everybody I know is demanding this for Chinese bidders, because theres uncertainty about them being able to extract funds from China, said Tom Whelan, global head of private equity at law firm Hogan Lovells.In Europe, interested parties are rarely asked for deposits in mergers and acquisitions. Sellers worry such demands would deter interest and be seen as discriminatory. Buyers from countries with developed legal systems are not required to pay deposits because break-fee clauses - which pay the seller if a deal falls through - are considered more reliable.SET TO CONTINUE Dealmakers expect the volume and size of Chinese overseas mergers and acquisitions to pick up soon as a strengthening economy makes capital controls less necessary.Bankers are looking to Chinas 19th Party Congress, which opened on Wednesday, to clarify government policy on outbound investment. They expect restrictions on overseas M&A to ease. But the uncertainty of Chinas regulatory regime means deposit requests are unlikely to disappear anytime soon, bankers say.To see a change in this trend, either the Chinese authorities have to explicitly raise some of the restrictions, or even if the rules havent changed, we have to see a more open approach from the Chinese banks which have applied more stringent criteria than the regulation, said Andrew Huntley, senior managing director at cross-border investment banking firm BDA Partners. ($1 = 0.7595 pounds) ($1 = 0.8514 euros)Reporting by Dasha Afanasieva, editing by Larry King'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/deals-china-deposits/europeans-making-deals-with-chinese-buyers-want-to-see-money-up-front-idINL8N1M65OB'|'2017-10-18T08:49:00.000+03:00'|8117.0|''|-1.0|'' -8118|'a6a74d5660f6876da2af8e948f2ae87d2505ad70'|'Keep close to the EU after Brexit or face long-term decline, OECD warns UK'|'The Treasury has flatly rejected calls for a second EU referendum after the wests leading economic thinktank, the Organisation for Economic Cooperation and Development, said reversing the decision to leave would significantly benefit the economy.We are leaving the EU and there will not be a second referendum, the Treasury said in a terse statement that reflected the governments unhappiness with the OECDs intervention.The Paris-based group, which has 35 of the worlds richest countries as members, said it would revise the gloomy forecasts it made in its annual health check were Britain to stay in the EU.In case Brexit gets reversed by political decision (change of majority, new referendum, etc), the positive impact on growth would be significant, the report said.No 10 joined the chancellor, Philip Hammond , in rejecting the OECDs analysis, though a spokeswoman for the prime minister would not be drawn on whether the statement was irresponsible or on whether the UKs 10m-a-year membership contribution to the thinktank was well spent.The OECD are a respected international body but what we should bear in mind is that its based on a no-deal situation, which is not what we are looking for. We are confident we are going to strike a good deal, she said.Leave campaigners were more critical of the OECD, which receives most of its funds from other EU member states.The Change Britain chair and former Labour MP Gisela Stuart said: It is laughable that the EU-funded OECD, at a time that is the most helpful possible for Brussels, has the gall to intervene in our negotiations and call for Brexit to be reversed.These EU elites refuse to accept that 17.4 million people voted to take back control, and meant it. The British public didnt believe the OECDs scaremongering before, and nor should they start now.Angel Gurra, the OECDs secretary general, insisted that the thinktank respected the decision of the referendum and sources at the organisation sought to play down the second referendum call, saying it was merely sketching out alternative scenarios.However, the OECD said Britain must secure the closest possible economic relationship with the EU after Brexit to prevent the economy suffering a long-term decline.Gurra said Brexit would be as harmful as the second world war blitz and the British would need to act on the propaganda maxim to keep calm and carry on.The deputy leader of the Liberal Democrats said it was clear from the OECD report that a second vote was needed to prevent the harm caused by Brexit.Jo Swinson said: Brexit has already caused the UK to slip from top to bottom of the international growth league for major economies.This will only get worse if the government succeeds in dragging us out of the single market and customs union, or we end up crashing out of Europe without a deal.The thinktank, which has predicted the UKs growth rate will fall to 1% next year , said a disorderly exit from the EU single market and customs union in 2019 would hurt trading relationships and reduce long-term growth.Entering the debate over Brexit at a crucial stage in negotiations, the OECD added that steep falls in the UKs productivity performance relative to other major economies, allied with the failure of its export industries to grab a slice of expanding world trade, have left the country in a weak position to operate outside the EU.Q&A Why is the UK keen to discuss a future trading relationship with the EU? Show HideBritain wants to discuss its future trading relationship with the EU because 44% of UK exports go to, and 53% of imports come from, the EU 27 countries . Post-Brexit conditions of trade could, therefore, have a major effect on Britains economy.The World Bank estimates UK trade with the EU in goods and services could fall by 50% and 62% respectively if no trade deal is agreed after Brexit, against 12% and 16% if the UK stays in the single market through a Norway-style agreement.Clean Brexit campaigners say the shortfall can be offset through more trade with non-EU countries, but those who argue the UK must retain close links with the single market doubt this, certainly any time soon. Both groups want certainty.However, the EU27s negotiating guidelines for the two-year Brexit talks say discussion of the framework of a future relationship can only take place in phase two of the talks, once sufficient progress has been made on the separation phase and particularly the UKs exit bill.Was this helpful? Thank you for your feedback.The warning follows a week of shuttle diplomacy between London and Brussels. The UK government says it has gained a commitment from EU leaders to speed up talks, although there has been no progress in crucial areas, including the divorce bill.Officials at the OECD have adopted one of the gloomiest outlooks for the British economy with an assumption that a trade deal with the EU would take four years to negotiate after Brexit, leading to further uncertainty and lower growth.To offset some of the damage, the OECD urged Hammond to spend spare funds on identifying ways to improve productivity, which measures the output per hour of an individual worker, by enhancing the skills of low-income workers.UK productivity graph On the possibility that the UK might change course altogether, it said: In case Brexit gets reversed by political decision (change of majority, new referendum, etc), the positive impact on growth would be significant.The report also called on the chancellor to revive his plans to raise funds through an increase income tax on the self-employed, and end the triple lock on state pension rises, arguing that the state pension should rise in line with average earnings .Both proposals were immediately slapped down by Hammond, who said there was no intention to revisit the self-employment pension increases, which would continue to be in line with the highest of inflation, earnings or 2.5%.But the OECD reserved a warning for the Bank of England, which it said must guard against raising interest rates during a period of low growth, declining rates of productivity and while the economy remained vulnerable to Brexit.It said Threadneedle Street should look through the current spike in inflation and maintain a loose monetary policy.The Treasury said: Increasing productivity is a key priority for this government, so that we can build on our record employment levels and improve peoples quality of life.Today, the OECD has recognised the importance of our 23bn national productivity investment fund, which will improve our countrys infrastructure, increase research and development and build more houses.In addition, our reforms to technical education and our ambitious industrial strategy will also help to deliver an economy that works for everyone.Topics OECD Brexit European Union Foreign policy Global economy Europe news'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/2017/oct/17/keep-close-to-the-eu-after-brexit-or-face-long-term-decline-oecd-warns-uk'|'2017-10-17T13:50:00.000+03:00'|8118.0|''|-1.0|'' +8118|'a6a74d5660f6876da2af8e948f2ae87d2505ad70'|'Keep close to the EU after Brexit or face long-term decline, OECD warns UK'|'The Treasury has flatly rejected calls for a second EU referendum after the wests leading economic thinktank, the Organisation for Economic Cooperation and Development, said reversing the decision to leave would significantly benefit the economy.We are leaving the EU and there will not be a second referendum, the Treasury said in a terse statement that reflected the governments unhappiness with the OECDs intervention.The Paris-based group, which has 35 of the worlds richest countries as members, said it would revise the gloomy forecasts it made in its annual health check were Britain to stay in the EU.In case Brexit gets reversed by political decision (change of majority, new referendum, etc), the positive impact on growth would be significant, the report said.No 10 joined the chancellor, Philip Hammond , in rejecting the OECDs analysis, though a spokeswoman for the prime minister would not be drawn on whether the statement was irresponsible or on whether the UKs 10m-a-year membership contribution to the thinktank was well spent.The OECD are a respected international body but what we should bear in mind is that its based on a no-deal situation, which is not what we are looking for. We are confident we are going to strike a good deal, she said.Leave campaigners were more critical of the OECD, which receives most of its funds from other EU member states.The Change Britain chair and former Labour MP Gisela Stuart said: It is laughable that the EU-funded OECD, at a time that is the most helpful possible for Brussels, has the gall to intervene in our negotiations and call for Brexit to be reversed.These EU elites refuse to accept that 17.4 million people voted to take back control, and meant it. The British public didnt believe the OECDs scaremongering before, and nor should they start now.Angel Gurra, the OECDs secretary general, insisted that the thinktank respected the decision of the referendum and sources at the organisation sought to play down the second referendum call, saying it was merely sketching out alternative scenarios.However, the OECD said Britain must secure the closest possible economic relationship with the EU after Brexit to prevent the economy suffering a long-term decline.Gurra said Brexit would be as harmful as the second world war blitz and the British would need to act on the propaganda maxim to keep calm and carry on.The deputy leader of the Liberal Democrats said it was clear from the OECD report that a second vote was needed to prevent the harm caused by Brexit.Jo Swinson said: Brexit has already caused the UK to slip from top to bottom of the international growth league for major economies.This will only get worse if the government succeeds in dragging us out of the single market and customs union, or we end up crashing out of Europe without a deal.The thinktank, which has predicted the UKs growth rate will fall to 1% next year , said a disorderly exit from the EU single market and customs union in 2019 would hurt trading relationships and reduce long-term growth.Entering the debate over Brexit at a crucial stage in negotiations, the OECD added that steep falls in the UKs productivity performance relative to other major economies, allied with the failure of its export industries to grab a slice of expanding world trade, have left the country in a weak position to operate outside the EU.Q&A Why is the UK keen to discuss a future trading relationship with the EU? Show HideBritain wants to discuss its future trading relationship with the EU because 44% of UK exports go to, and 53% of imports come from, the EU 27 countries . Post-Brexit conditions of trade could, therefore, have a major effect on Britains economy.The World Bank estimates UK trade with the EU in goods and services could fall by 50% and 62% respectively if no trade deal is agreed after Brexit, against 12% and 16% if the UK stays in the single market through a Norway-style agreement.Clean Brexit campaigners say the shortfall can be offset through more trade with non-EU countries, but those who argue the UK must retain close links with the single market doubt this, certainly any time soon. Both groups want certainty.However, the EU27s negotiating guidelines for the two-year Brexit talks say discussion of the framework of a future relationship can only take place in phase two of the talks, once sufficient progress has been made on the separation phase and particularly the UKs exit bill.Was this helpful? Thank you for your feedback.The warning follows a week of shuttle diplomacy between London and Brussels. The UK government says it has gained a commitment from EU leaders to speed up talks, although there has been no progress in crucial areas, including the divorce bill.Officials at the OECD have adopted one of the gloomiest outlooks for the British economy with an assumption that a trade deal with the EU would take four years to negotiate after Brexit, leading to further uncertainty and lower growth.To offset some of the damage, the OECD urged Hammond to spend spare funds on identifying ways to improve productivity, which measures the output per hour of an individual worker, by enhancing the skills of low-income workers.UK productivity graph On the possibility that the UK might change course altogether, it said: In case Brexit gets reversed by political decision (change of majority, new referendum, etc), the positive impact on growth would be significant.The report also called on the chancellor to revive his plans to raise funds through an increase income tax on the self-employed, and end the triple lock on state pension rises, arguing that the state pension should rise in line with average earnings .Both proposals were immediately slapped down by Hammond, who said there was no intention to revisit the self-employment pension increases, which would continue to be in line with the highest of inflation, earnings or 2.5%.But the OECD reserved a warning for the Bank of England, which it said must guard against raising interest rates during a period of low growth, declining rates of productivity and while the economy remained vulnerable to Brexit.It said Threadneedle Street should look through the current spike in inflation and maintain a loose monetary policy.The Treasury said: Increasing productivity is a key priority for this government, so that we can build on our record employment levels and improve peoples quality of life.Today, the OECD has recognised the importance of our 23bn national productivity investment fund, which will improve our countrys infrastructure, increase research and development and build more houses.In addition, our reforms to technical education and our ambitious industrial strategy will also help to deliver an economy that works for everyone.Topics OECD Brexit European Union Foreign policy Global economy Europe news'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/2017/oct/17/keep-close-to-the-eu-after-brexit-or-face-long-term-decline-oecd-warns-uk'|'2017-10-17T13:50:00.000+03:00'|8118.0|26.0|0.0|'' 8119|'6dc02bb225ca8befa3ed2c47353948fb4d1307ba'|'BOJ''s Kuroda does not see excesses building up in markets'|'October 13, 2017 / 11:47 PM / in 11 hours BOJ''s Kuroda says no signs of excesses building in markets Leika Kihara 2 Min Read Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan, September 21, 2017. REUTERS/Toru Hanai WASHINGTON (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Friday he did not see any signs of bubbles or excesses building up in U.S., European and Japanese markets as a result of heavy money printing by their central banks. Kuroda also dismissed some analysts criticism that the BOJs purchases of exchange-traded funds (ETF) were distorting financial markets or dominating Japans stock market. I dont think we have a very big share of Japans total stock market capitalization, he told reporters after attending the Group of 20 finance leaders gathering. The International Monetary Fund painted a rosy picture of the global economy in its World Economic Outlook earlier this week, but warned that prolonged easy monetary policy could be sowing the seeds of excessive risk-taking. Kuroda said that while policymakers should not be complacent about their economies, he did not see huge risks materializing as a result of their policies. Although major central banks deployed massive stimulus programmes to battle the global financial crisis, they have always scrutinized whether their policies were causing excessive risk-taking, he said. I dont think were seeing excesses building up and emerging as a big risk, Kuroda said, adding that recent rises in global stock prices reflected strong corporate profits in Japan, the United States and Europe. He added that Japans economy was on track for a steady recovery that will likely gradually push up inflation and wages. I dont see any big risk for Japans economy. But there could be external risks, such as geopolitical ones, so were watching developments carefully, he said. A senior Japanese finance ministry official said currency rate moves were not discussed at the G20 meeting or a gathering of G7 finance leaders held on the sidelines. Reporting by Leika Kihara; Editing by Paul Simao 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-imf-g20-japan/bojs-kuroda-does-not-see-excesses-building-up-in-markets-idUKKBN1CI33M'|'2017-10-14T02:46:00.000+03:00'|8119.0|''|-1.0|'' 8120|'4e56d1fb40d95005c5d111f0e3994893d5ad9b27'|'Kroger says exploring sale of convenience stores business'|'October 11, 2017 / 1:28 PM / in 20 minutes Kroger exploring sale of convenience stores, shares rise Lisa Baertlein , Sruthi Ramakrishnan 3 Min Read FILE PHOTO: An isle of a Ralphs grocery store, which is owned by Kroger Co, is pictured ahead of company results in Altadena, California U.S., December 1, 2016. REUTERS/Mario Anzuoni (Reuters) - Kroger Co ( KR.N ) said on Wednesday it is exploring the sale of its nearly 800 convenience stores as the No. 1 U.S. supermarket operator strengthens its Web business in a market share war that has intensified after Amazon.com Incs ( AMZN.O ) purchase of Whole Foods. Kroger shares jumped as much as 7.3 percent. Kroger has 784 KwikShop, Tom Thumb and QuickStop convenience stores in 18 states. Kroger said that the business generates $4 billion in annual sales. The company, with nearly 2,800 U.S. supermarkets, has been lowering prices and exploring new ways to sell food as it battles rivals such as Wal-Mart Stores Inc ( WMT.N ), discounters Lidl and Aldi, and the newly merged Amazon.com Inc ( AMZN.O ) and Whole Foods Market. "This is the result of a review of assets that are potentially of more value outside of the company than as part of Kroger," the company said in a statement ahead of its investor meeting in New York. ( bit.ly/2g173qv ) Kroger hired Goldman Sachs to assist with the strategic review. Kroger reiterated its 2017 net earnings forecast of $1.74 to $1.79 per diluted share. It also said it expects 2018 identical supermarket sales to be stronger than in 2017, when it expects adjusted earnings per share of $2.00 to $2.05. Cincinnati, Ohio-based Kroger rattled investors in September when it said it would stop providing long-term growth forecasts. It said on Wednesday it doesnt see anything in the environment that would cause 2018 earnings per diluted share to be below $1.80. Kroger shares, which hit a 2017 high of $36.44 before the Amazon-Whole Foods announcement in June, have since tumbled roughly 40 percent. Investors are worried the online retail behemoths increased interest in grocery sales could upend the business as it did with books and electronics. Kroger, for years a leader in using customer data to tailor store offerings and advertising, is responding by testing delivery via Uber, courier service Shyp and its own drivers at more than 150 stores. It is investing in digital sales through ClickList, an online ordering and curbside pickup service, that is expected to be in more than 1,000 stores by the end of the year. And it is selling Prep+Pared meal kits at more than 50 stores and tapping customer data to generate personalized recipe suggestions on Kroger.com. The stock was up 2.5 percent to $21.04 in morning trade. (This story officially corrects convenience store sales to $4 billion from $1.4 billion in paragraph 3) Reporting by Sruthi Ramakrishnan in Bengaluru and Lisa Baertlein in Los Angeles; Editing by Savio D''Souza and Jeffrey Benkoe 0 : 0'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-kroger-investors/kroger-says-exploring-sale-of-convenience-stores-business-idINKBN1CG1R9'|'2017-10-11T11:28:00.000+03:00'|8120.0|''|-1.0|'' 8121|'c33b4a070a6772bfc56806e31542f5f061c60d80'|'U.S. Senate panel to hold hearing on Yahoo, Equifax breaches'|'WASHINGTON, Oct 3 (Reuters) - The chairman of the U.S. Senate Commerce Committee said on Tuesday he plans to hold a hearing later this month over massive data breaches at Equifax Inc and Yahoo, which is now owned by Verizon Communications Inc.Senator John Thune said he will ask witnesses from the two firms whether new information has revealed steps they should have taken earlier, and whether there is potentially more bad news to come.Yahoo disclosed late Tuesday that a 2013 data breach impacted all 3 billion of its accounts, compared with an estimate of more than 1 billion disclosed in December. Equifax said on Monday that a data breach impacted as many as 145.5 million U.S. consumers, 2.5 million more than announced earlier this month. (Reporting by David Shepardson; Editing by Phil Berlowitz) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/yahoo-cyber-senate/u-s-senate-panel-to-hold-hearing-on-yahoo-equifax-breaches-idINL2N1ME26P'|'2017-10-03T20:46:00.000+03:00'|8121.0|''|-1.0|'' @@ -8148,12 +8148,12 @@ 8146|'bc29332e25f65de82737d947802bf698e8a9c540'|'Japan government says needs to spur firms to spend cash pile on capex, wages'|'October 20, 2017 / 2:16 AM / in 20 minutes Japan government says needs to spur firms to spend cash pile on capex, wages Tetsushi Kajimoto 2 Min Read Japan''s Prime Minister Shinzo Abe and his party''s lawmakers including Taro Aso (L) raise their fists as they pledge to win in the upcoming lower house election, at their party headquarters in Tokyo, Japan September 28, Finance Minister Taro Aso on Friday criticized Japanese companies for sitting on too much cash, and said the government needed to take steps to encourage them to increase spending on wages and business investment. Internal reserves, or retained earnings including cash, at Japanese firms have increased by 101 trillion yen over the past four years to some 400 trillion yen ($3.53 trillion), while many firms are wary of boosting business expenditures, Aso said. The situation went much too far, we must think of ways for that money to be spent on capital spending and wages, he added. However, Aso said it would be difficult to tax internal reserves, which has been proposed by Tokyo Governor Yuriko Koikes new Party of Hope, as that causes double taxation on companies that pay the corporate tax. Japanese policymakers hope that a sustained economic recovery will boost wages and in turn household spending, though many analysts expect inflation to remain distant from the central banks 2 percent target. Aso, speaking to reporters after a cabinet meeting, also brushed aside some media reports that said the United States had strongly demanded talks on a bilateral free trade agreement (FTA) during an economic dialogue this week. Aso, who doubles as deputy prime minister, met Vice President Mike Pence for the dialogue in Washington, in which Japan and the United States remained at odds over U.S. demands for FTA talks. I dont recall the U.S. strongly demanded a bilateral FTA. There was just a mention once or twice, Aso said. Weve already told them that we are going to start TPP 11 (Trans-Pacific Partnership free trade talks) and that it would contribute to our national interests if the United States join, he added. The United States has withdrawn from the TPP earlier this year under President Trumps America First policy, raising concerns about a rising protectionism around the world. Reporting by Tetsushi Kajimoto; Editing by Chris Gallagher and Kim Coghill 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-japan-economy-aso/aso-says-japan-firms-piling-up-of-internal-reserves-has-gone-too-far-idUKKBN1CP05A'|'2017-10-20T05:57:00.000+03:00'|8146.0|''|-1.0|'' 8147|'d451bb80568c5786e53705f7b957124a46482bad'|'Kobe Steel shares tumble to near five-year low as cheating crisis deepens'|'May heads for Brussels after Brexit talks deadlock May heads for Brussels after Brexit talks deadlock May heads for Brussels after Brexit talks deadlock Reuters TV United States October 16, 2017 / 2:59 AM / in 19 minutes Kobe Steel shares tumble to near five-year low as cheating crisis deepens Reuters Staff 2 Min Read FILE PHOTO: Kobe Steel President and CEO Hiroya Kawasaki (C) and the company officials bow during a news conference in Tokyo, Japan October 13, 2017. REUTERS/Kim Kyung-Hoon/File Photo TOKYO (Reuters) - Shares of embattled Kobe Steel Ltd tumbled to their lowest level in nearly 5 years on Monday, as a cheating scandal at the Japanese steelmaker ensnared hundreds of firms and left investors fearing for the financial and legal fallout. Kobe Steel Chief Executive Hiroya Kawasaki on Friday revealed that about 500 companies had received its falsely certified products, more than double its earlier count, confirming widespread wrongdoing at the steelmaker. Shares of Japans third-biggest steelmaker were down 0.12 percent at 804 yen by the end of the morning session after hitting 774.0 yen, the lowest since Dec. 11, 2012. The broader Tokyo stock market was up 0.68 percent, touching a 21-year high. No safety problems have surfaced as the Japanese steelmaker attempts to get a grip on the data tampering that it earlier said may go back as far as ten years. Kobe Steel President and CEO Hiroya Kawasaki bows during a news conference in Tokyo, Japan October 13, 2017. REUTERS/Kim Kyung-Hoon The revelations over the past week rippled through supply chains across the world as companies from operators of Japans famous bullet trains to the worlds biggest aircraft maker, Boeing Co,, were ensnared in the scandal. The scale of the misconduct at the steelmaker hammered its shares as investors, worried about the financial impact and legal fallout, wiped about $1.8 billion off its market value last week. Kobe Steel also said last week that the problems had gone beyond the borders of Japan with data falsification found in subsidiaries in Thailand, China and Malaysia. Kawasaki told a press briefing on Friday the steelmaker plans to compensate customers for any costs arising from replacements. Kobe Steel initially said on Oct. 8, 200 companies were affected when it admitted at the weekend it had falsified data about the quality of aluminum and copper products used in cars, aircraft, space rockets and defense equipment. Reporting by Yuka Obayashi and Hideyuki Sano; Writing by Aaron Sheldrick; Editing by Stephen Coates & Shri Navaratnam 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-kobe-steel-scandal/kobe-steel-shares-tumble-to-near-five-year-low-as-cheating-crisis-deepens-idUKKBN1CL011'|'2017-10-16T05:55:00.000+03:00'|8147.0|''|-1.0|'' 8148|'4bf502a8997b4ba8c855eaf3558006093dfb1d09'|'UPDATE 1-Spanish bank studies moving HQ from Catalonia as business alarm over crisis deepens'|'October 5, 2017 / 12:31 PM / in 13 minutes UPDATE 3-Spain to make it easier for firms to move base from Catalonia as business alarm deepens Reuters Staff * Government to make it easier for firms to move legal bases * Board of Caixabank to meet on Friday to discuss moving base * Banco Sabadell moves base from Catalonia to Alicante * Uncertainty paralysing investment in Catalonia: economy minister (Recasts with government decree, Sabadell decision, Caixabank board meeting) By Carlos Ruano and Andrs Gonzlez MADRID, Oct 5 (Reuters) - Spains government will issue a decree on Friday making it easier for firms to transfer their legal base out of Catalonia, two sources said, in a move that could deal a serious blow to the regions finances as it considers declaring independence. The decree is tailor-made for Spanish lender Caixabank , sources familiar with the matter said, as it would make it possible for the bank to transfer its legal and tax base to another location without having to hold a shareholders meeting as stated in its statutes. The government is working on changing the law so that its no longer need to have a shareholders meeting, which would delay a change of the legal base in a case of emergency, one of the sources said. The government and Caixabank declined to comment. The board of Caixabank will meet on Friday to study a possible transfer of its legal base away from Catalonia due to the political uncertainty in the region, a source familiar with the situation said. Caixabank is Catalonias biggest company by market value and accounts for around 50 percent of the regions banking sector. Another Catalonia-based bank, Sabadell, Spains fifth-biggest lender, decided on Thursday to move its base from Catalonia to Alicante, on Spains eastern coast. Catalonias parliament was planning to declare independence on Monday, after a banned referendum marred by violence last weekend. That plan was cast into doubt on Thursday when Spains Constitutional Court ordered that Mondays session of the Catalan parliament be suspended. The political crisis was generating uncertainty that is paralysing all investment projects in Catalonia, Spanish Economy Minister Luis de Guindos told Reuters on Thursday. Im convinced that, right now, not one international or national investor will take part in a new investment project until this is cleared up, he said. Shares in Sabadell and Caixabank have been pummelled this week. Reports they might move caused the stocks to surge on Thursday - Sabadell rose 6 percent and Caixabank 5 percent. NO IMPACT ON ECONOMY Government plans to sell a stake in state-run lender Bankia have also been put off because of the uncertainty, de Guindos said. Madrid will look at the placement again once the Catalan situation had been resolved, he said. However, Catalonias planned unilateral declaration of independence has not had any impact on Spains overall economic output, de Guindos said, reiterating that he expected growth of more than 3 percent this year. Financial markets have been shaken this week by fears that secession would undermine the euro zones fourth-biggest economy, dealing a heavy blow to Spains finances and sending the Catalan economy into a tailspin. Catalonia is a centre of industry and tourism that accounts for a fifth of Spains economy, a production base for major multinationals from Volkswagen to Nestle, and home to Europes fastest-growing sea port. News earlier this week that two small listed Catalan companies, Eurona Wireless Telecom and Oryzon Genomics , had decided to shift their head offices improved their share price. Both declined to say whether they were responding to Sundays vote. Spains bond and stock markets both staged a recovery on Thursday after the Constitutional Courts decision and a Bloomberg report that Catalan separatists were looking at putting off a declaration of independence to create room for a negotiated settlement with Spain. The nations borrowing costs hit a seven-month high on Thursday, though investors showed solid interest in a government bond auction. WORRIED AND SCARED Many Spanish business leaders and foreign companies with operations in Catalonia have expressed concern this week. As a businessman, as a Spaniard and as a person, I am very worried and I am scared by whats going on (in Catalonia), said Juan Roig, chairman of Spains biggest food retailer, Mercadona. The influential Catalan business lobby Cercle dEconomia said on Wednesday it was extremely worried by the prospect of Catalonia declaring independence from Spain and called for leaders from both sides to start talks. Dutch paint maker Akzo Nobel, which has several plants in Catalonia, said it was monitoring developments. From a business perspective, we are best served by a stable environment and will adapt when necessary, said Akzo Nobel spokeswoman Diana Abrahams. German carmaker Volkswagen was earlier this week forced to halt production briefly on one of three production lines at the Catalonia plant of its Spanish unit, SEAT, when protests disrupted parts supply. Stoppages also affected production at Nestles instant coffee plant in Girona. SEAT said on Thursday it was operating its business as usual. It is too early to make an assessment on what could happen, a spokesman said. The company is closely monitoring how the current situation is evolving. (Additional reporting by Paul Day and Robert Hetz in Madrid and Toby Sterling in Amsterdam; Writing by Mark Bendeich and Adrian Croft; Editing by Julien Toyer and Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/spain-politics-catalonia-business/update-1-spanish-bank-studies-moving-hq-from-catalonia-as-business-alarm-over-crisis-deepens-idUSL8N1MG1V8'|'2017-10-05T15:32:00.000+03:00'|8148.0|''|-1.0|'' -8149|'24a62690244d36f4ba24596d56fb2d6ffbeff75e'|'Is now really the time for massive tax cuts? - Oct. 27, 2017'|'Details of GOP tax plan released America''s economy and jobs market look quite healthy right now. But President Trump is demanding very expensive surgery anyway. New numbers released Friday show that the U.S. has grown at 3% for back-to-back quarters for the first time in three years . Unemployment is sitting at just 4.2%, the lowest in 16 years . And consumer sentiment rose in October to levels unseen since early 2004. Despite the obvious strength in the economy, Trump recently promised on Twitter the "biggest TAX CUT" ever, adding "we need it!" Trump says he wants to push through both tax reform, which would modernize the outdated tax code, and to provide tax cuts to individuals and businesses. Given how healthy the economy is, some economists are mystified over Trump''s urgent push for tax cuts that are likely to be paid for by adding to America''s mountain of debt. Related: Economy posts impressive growth despite hurricanes "No other president in modern economic history has tried to do this," said Chris Rupkey, chief financial economist at MUFG Union Bank. "It just seems completely unnecessary. With unemployment at 4.2%, why on earth would we try to stimulate the economy?" Normally, presidents ask Congress for deficit-financed tax cuts when the economy is weak. That''s what President Obama did in 2009 during the Great Recession, and President George W. Bush did the same after the 2001 downturn. "This is kind of an odd time to get fiscal stimulus. It''s not like we''re in a recession, or coming out of one," said Gus Faucher, chief economist at PNC. Here''s the problem: There will be another recession, eventually. And spending heavily to slash the corporate tax rate to 20% from 35% today could leave Congress with fewer options to tackle the next downturn. The current economic expansion is already the second-longest ever. Related: Will Trump''s tax plan really give you a $4,000 pay raise? The Tax Policy Center estimates that Trump''s tax overhaul would slash federal revenue by $2.4 trillion over 10 years, and by $3.2 trillion over the second decade. And the national debt is already 77% of GDP , and slated to keep growing. "The risk is we don''t have the money for a rainy day. It''s borderline irresponsible," said Rupkey. It''s true that the U.S. economy is not perfect. Businesses remain reluctant to spend, and Americans aren''t getting the raises they deserve. Wage growth has been sluggish, although that improved in September. It''s also true that tax reform is an admirable goal, no matter how fast the economy is growing. Tax reform, which is aimed at making the sprawling and outdated system more efficient, is different and much less costly than tax cuts. "Tax reform that is paid for is much better for the economy than a plan that adds to the debt," Maya MacGuineas, president of the nonpartisan Committee for Responsible Federal Budget, wrote recently . Some experts believe that efforts to reform the tax code will fail once details of the bill are finally unveiled on November 1, leaving the GOP to push simple tax cuts instead. "We continue to expect deficit-increasing tax cuts, not...deficit-neutral tax reform," Barclays economist Michael Gapen wrote in a recent report. Given that the U.S. economy is "at full employment," Gapen believes that tax cuts will provide a "temporary boost" to GDP of just 0.5 percentage points. That would leave 2018 growth near 2.8%. The White House was asked on Friday by reporters about the need for tax cuts given solid GDP growth. Related: How Trump''s tax plan could backfire on Wall Street Kevin Hassett, chair of Trump''s Council of Economic Advisers, argued that the U.S. economy has accelerated because businesses are excited about tax and regulatory reform. Hassett also predicted that lowering the corporate tax rate and allowing businesses to immediately write off investments could increase GDP by 3% to 5%, as well as boost wages. Without tax cuts and tax relief, the U.S. will be stuck with "depressed wage growth," the White House said in a statement on Friday. Rupkey concedes that tax reform could boost wages, but he''s skeptical that wage growth will accelerate by a meaningful amount. Some economists fear that stimulus at this point in the economic cycle could be too much of a good thing. "The worry is that by adding fuel to what''s already, believe it or not, a pretty fiery economy in the U.S., you risk driving inflation and overheating growth," said Guy LeBas, chief fixed income strategist at Janney Capital. Such an outcome could spur the Federal Reserve to raise interest rates so rapidly that it derails the stock market and burdens businesses and consumers with higher borrowing costs. "Deficit-financed tax cuts are the wrong way to go at this point," said Faucher. --CNNMoney''s Jeanne Sahadi contributed to this report CNNMoney (New York) 2:41 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/10/27/news/economy/tax-cuts-trump/index.html'|'2017-10-27T22:41:00.000+03:00'|8149.0|''|-1.0|'' +8149|'24a62690244d36f4ba24596d56fb2d6ffbeff75e'|'Is now really the time for massive tax cuts? - Oct. 27, 2017'|'Details of GOP tax plan released America''s economy and jobs market look quite healthy right now. But President Trump is demanding very expensive surgery anyway. New numbers released Friday show that the U.S. has grown at 3% for back-to-back quarters for the first time in three years . Unemployment is sitting at just 4.2%, the lowest in 16 years . And consumer sentiment rose in October to levels unseen since early 2004. Despite the obvious strength in the economy, Trump recently promised on Twitter the "biggest TAX CUT" ever, adding "we need it!" Trump says he wants to push through both tax reform, which would modernize the outdated tax code, and to provide tax cuts to individuals and businesses. Given how healthy the economy is, some economists are mystified over Trump''s urgent push for tax cuts that are likely to be paid for by adding to America''s mountain of debt. Related: Economy posts impressive growth despite hurricanes "No other president in modern economic history has tried to do this," said Chris Rupkey, chief financial economist at MUFG Union Bank. "It just seems completely unnecessary. With unemployment at 4.2%, why on earth would we try to stimulate the economy?" Normally, presidents ask Congress for deficit-financed tax cuts when the economy is weak. That''s what President Obama did in 2009 during the Great Recession, and President George W. Bush did the same after the 2001 downturn. "This is kind of an odd time to get fiscal stimulus. It''s not like we''re in a recession, or coming out of one," said Gus Faucher, chief economist at PNC. Here''s the problem: There will be another recession, eventually. And spending heavily to slash the corporate tax rate to 20% from 35% today could leave Congress with fewer options to tackle the next downturn. The current economic expansion is already the second-longest ever. Related: Will Trump''s tax plan really give you a $4,000 pay raise? The Tax Policy Center estimates that Trump''s tax overhaul would slash federal revenue by $2.4 trillion over 10 years, and by $3.2 trillion over the second decade. And the national debt is already 77% of GDP , and slated to keep growing. "The risk is we don''t have the money for a rainy day. It''s borderline irresponsible," said Rupkey. It''s true that the U.S. economy is not perfect. Businesses remain reluctant to spend, and Americans aren''t getting the raises they deserve. Wage growth has been sluggish, although that improved in September. It''s also true that tax reform is an admirable goal, no matter how fast the economy is growing. Tax reform, which is aimed at making the sprawling and outdated system more efficient, is different and much less costly than tax cuts. "Tax reform that is paid for is much better for the economy than a plan that adds to the debt," Maya MacGuineas, president of the nonpartisan Committee for Responsible Federal Budget, wrote recently . Some experts believe that efforts to reform the tax code will fail once details of the bill are finally unveiled on November 1, leaving the GOP to push simple tax cuts instead. "We continue to expect deficit-increasing tax cuts, not...deficit-neutral tax reform," Barclays economist Michael Gapen wrote in a recent report. Given that the U.S. economy is "at full employment," Gapen believes that tax cuts will provide a "temporary boost" to GDP of just 0.5 percentage points. That would leave 2018 growth near 2.8%. The White House was asked on Friday by reporters about the need for tax cuts given solid GDP growth. Related: How Trump''s tax plan could backfire on Wall Street Kevin Hassett, chair of Trump''s Council of Economic Advisers, argued that the U.S. economy has accelerated because businesses are excited about tax and regulatory reform. Hassett also predicted that lowering the corporate tax rate and allowing businesses to immediately write off investments could increase GDP by 3% to 5%, as well as boost wages. Without tax cuts and tax relief, the U.S. will be stuck with "depressed wage growth," the White House said in a statement on Friday. Rupkey concedes that tax reform could boost wages, but he''s skeptical that wage growth will accelerate by a meaningful amount. Some economists fear that stimulus at this point in the economic cycle could be too much of a good thing. "The worry is that by adding fuel to what''s already, believe it or not, a pretty fiery economy in the U.S., you risk driving inflation and overheating growth," said Guy LeBas, chief fixed income strategist at Janney Capital. Such an outcome could spur the Federal Reserve to raise interest rates so rapidly that it derails the stock market and burdens businesses and consumers with higher borrowing costs. "Deficit-financed tax cuts are the wrong way to go at this point," said Faucher. --CNNMoney''s Jeanne Sahadi contributed to this report CNNMoney (New York) 2:41 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/10/27/news/economy/tax-cuts-trump/index.html'|'2017-10-27T22:41:00.000+03:00'|8149.0|19.0|0.0|'' 8150|'8e105133d64102a15b0fb97304155f732d0ab3f9'|'Graphic - World stocks set best quarterly run since 1990s'|'Traders laugh as they work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, NY, U.S. December 13, 2016. REUTERS/Lucas Jackson/Files LONDON (Reuters) - World stocks have gained for sixth straight quarters to chalk up their best run since 1997, while a 20 percent rebound in oil has turned around one of its worst starts to a year on record.It may just be the looming end of the great global easing experiment, but as this graphic shows tmsnrt.rs/2yaWht3 , investors have spent another quarter piling into risk assets.Emerging market stocks have added almost 7 percent. Wall Street and MSCIs 46-country world share index have both risen 4 percent, with the latter on its longest run of gains since late 1997, when 11 rising quarters came to an end.Debt from some of the worlds most politically strained countries has also rallied.Analysts ascribe this to a mix of higher global growth, cheap and plentiful central bank liquidity, subdued inflation, and until the last few weeks, a weak dollar.The market moved already considerably in the first half of the year, so it has been a consolidation of the gains, said ABN Amro chief investment officer Didier Duret.The last three months were a kind of intermediary zone, between the hopes (for stimulus) generated by the U.S. administration and the confirmation that we have a strong recovery globally.A standout change since the end of the first half has been in the price of oil.Crude was down 16.5 percent at the end of June, but its 20 percent rebound has hoisted it back into positive territory for the year. It has had its best quarter since the second quarter of 2016, marking its fifth quarterly gain of 20 percent or more in the last decade.Metals have also shone. Industrial bellwether copper has added almost 8 percent and zinc and nickel have jumped 14 and 11 percent respectively.Those commodity gains have been helped by the weak dollar, which is still down for the year against most world currencies. CLICK tmsnrt.rs/2egbfVhThe 2.4 percent quarterly fall in the dollar index has been a relative improvement, though. It has also regained ground against the euro, the yen, Chinas yuan and Mexicos peso in recent weeks. The latter remains the worlds second-best performer of 2017.The euro, boosted by European Central Bank talk of winding down its more than 2 trillion-euro stimulus programme, is up more than 3 percent since the start of July and nearly 12 percent year-to-date.Debt in domestic emerging-market currencies has rallied. Average yields - which broadly reflect borrowing costs - measured by a widely tracked JPMorgan index are now less that a percentage point above all-time lows.The market does seem a bit frothy in some areas, said State Street Global Advisors Abhishek Kumar.Japans heavyweight Nikkei stock index has eked out a token 1 percent as the yen has stayed steady.But emerging markets and the so-called FANGs - Facebook, Amazon, Netflix and Alphabet, or Google - again have made the eye-catching moves.Brazilian stocks have recovered from the countrys latest political scandal to jump 20 percent in dollar terms. China is up over 13 percent and Russia has surged more than 14 percent, though it is still down for the year.Netflix is up 20 percent, Facebook 10 percent, Apple 6 percent and Google 4 percent, reflecting not just a global tech addiction but also the cheap money sloshing round markets.Britain may well be stuck in messy negotiations over quitting the European Union and an even messier domestic power struggle, but the pound has scored its third straight quarterly gain against the dollar and squeezed out a miniscule one against the euro.At the bottom of the performance league table again is Greece. Its all-too-familiar worries have taken 14 percent off its stock market, although news in recent days that banks there will be spared another stress test, at least for now, has eased some of the pressure.Reporting by Marc Jones, editing by Larry King '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/markets-world/graphic-world-stocks-set-best-quarterly-run-since-1990s-idINKCN1C70A2'|'2017-10-02T02:15:00.000+03:00'|8150.0|''|-1.0|'' 8151|'a3695b2e279e5bfd69f7318f2b27837f68ba7963'|'Wall Street 2017 profits set to surpass last year''s - report'|' 45 PM / in 16 minutes Wall Street 2017 profits set to surpass last year''s: report Olivia Oran 1 Min Read (Reuters) - Wall Street profits for 2017 are set to exceed that of 2016, according to a report on Monday from New York State Comptroller Thomas P. DiNapoli. FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. REUTERS/Carlo Allegri/File Photo Profits from the securities industry topped $12.3 billion in the first half of this year, a third higher than the same period a year earlier. Bonuses could also be higher this year, with 4 percent more set aside by the securities industry for compensation than a year earlier. The average bonus paid in 2016 was around $138,210, the report estimated. Wall Street employment has strengthened slightly this year. As of September, there were 178,000 jobs in the securities industry in New York City. While the securities industry has shrunk since the 2008 financial crisis, it still remains critical to New York Citys economy. The sector represents 4.8 percent of private sector jobs, but was responsible for 20.1 percent of all private sector wages paid in the city. Reporting by Olivia Oran; editing by Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-usa-stocks-profits/wall-street-2017-profits-set-to-surpass-last-years-report-idUKKBN1CZ1TR'|'2017-10-30T16:40:00.000+02:00'|8151.0|''|-1.0|'' 8152|'dc82a234fd2cfa6efdb5f560c25fecb5d993c748'|'JPMorgan partners with data start-up to boost fixed-income trading'|'October 23, 2017 / 12:34 AM / Updated 8 minutes ago JPMorgan partners with data start-up to boost fixed-income trading Anna Irrera 3 Min Read NEW YORK (Reuters) - JPMorgan Chase & Co has partnered with data analytics start-up Mosaic Smart Data to help its fixed-income sales and trading business become more profitable. FILE PHOTO - A JPMorgan Chase & Co logo is seen in New York City, U.S. on January 10, 2017. REUTERS/Stephanie Keith/File Photo The bank, whose fixed-income trading revenue slumped last quarter, has signed a multi-year deal to use Mosaic Smart Datas technology division globally, the companies said in a joint statement released on Sunday. The London-based start-up has developed technology that aggregates and analyses vast amounts of data from the fixed-income trading division of investment banks to help them make more informed decisions and gain a competitive edge. That includes helping traders decide which clients to focus on in a given day or enabling management to assess which trader, or trading desk has been performing better. The partnership underscores the growing demand by banks for technology that can help them gain greater insight from the large quantity of data they produce and store. One of the key things the banks are starting to realise is that some of their biggest competitive advantages are locked within their data, said Matthew Hodgson, Mosaic Smart Datas founder and chief executive. Banks are seeking solutions to deal with a liquidity crunch in fixed-income markets. Stricter capital requirements imposed after the 2008 financial crisis have made it more expensive for banks to act as market makers in corporate bonds, leading their fixed-income divisions to slump. JP Morgans fixed-income markets revenue fell 27 percent in the three months ended in September, compared with the same period last year. Troy Rohrbaugh, global head of macro at JPMorgan, said in a statement that Mosaic Smart Datas technology could make the banks teams quickly make better informed decisions. Mosaic Smart Data is the first company to complete JPMorgans In-Residence programme for fintech start-ups, which was launched in 2016. The programme gives young fintech companies support in helping commercialise their products and services. Hodgson said the idea for the company came from his own experience heading trading at large banks. The problem banks face is how do you run your business and understand everything in real time, whether it is research or inventory, and be able to anticipate rather than react to client needs, he said. Reporting by Anna Irrera; Editing by Peter Cooney'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-jpmorgan-mosaic-bonds/jpmorgan-partners-with-data-start-up-to-boost-fixed-income-trading-idUKKBN1CS01N'|'2017-10-23T03:34:00.000+03:00'|8152.0|''|-1.0|'' 8153|'e1009d07afb34d5e3c83928c2c47d8c52f79e032'|'Linde lowers acceptance threshold for Praxair merger to 60 percent'|'October 23, 2017 / 9:01 AM / Updated an hour ago Linde cuts threshold for $80 billion Praxair deal, prepares asset sales Arno Schuetze 5 Min Read FRANKFURT (Reuters) - Industrial gases group Linde ( LING.DE ) has cut the approval threshold and extended a deadline for accepting its $80 billion tie-up with Praxair ( PX.N ), while pushing on with plans to get a green light from regulators. Linde Group logo is seen at a company building in Munich-Pullach, Germany August 16, 2016. REUTERS/Michaela Rehle/File Photo The planned merger between Linde and U.S. group Praxair, agreed in June, will create a global leader in industrial gases to overtake Frances Air Liquide ( AIRP.PA ) with combined revenue of $28.7 billion and 88,000 staff. To pave the way for the deal, Linde has cut the acceptance threshold to 60 percent from 75 percent of shareholders, and the period of the exchange offer, due to expire on Tuesday, has been extended to Nov. 7, Linde said on Monday. From late-November, Linde and Praxair will then have 12 months to close the deal, during which they will need to convince regulators that the transaction does not hamper competition. People close to the matter said the companies were preparing to sell assets with core earnings of 650-750 million euros and enterprise value of about 6.5-7.5 billion ($7.6-$8.8 bln). The assets up for sale have combined sales of more than 2.7 billion euros, the bulk of which is located in the United States. Industrial gases are usually driven to customers within a 100 to 250-mile radius of production facilities, and regulators therefore examine regional rather than national markets in their reviews. The sources said Linde and Praxair were planning to send out information packages on the assets to prospective buyers around Christmas, of which assets with 1.5-2 billion euros in sales are based in North America. European assets - mostly Germany, but also in Spain, Italy and elsewhere - with 700-900 million euros in sales will also be offered. South American assets - mainly Brazil-based - with 500 million in sales are also included, the sources said. Several private equity groups have started work on potentially snapping up the whole bundle, they said, adding that CVC [CVC.UL] has tied up with small Linde rival Messer for a potential offer, while Blackstone ( BX.N ) and Carlyle ( CG.O ) are preparing bids. A number of other buyout firms such as Advent, Bain and KKR ( KKR.N ) are also in talks to form consortia, with some also considering tie-ups with large pension funds to join the bidding. Some of the investors are also participating in the auction of Dutch paint maker Akzo Nobels ( AKZO.AS ) 9 billion euro speciality chemicals business. But it is unlikely that both the Linde and the Akzo assets will land in the same hands, the sources said. Industrial gases groups such as Air Products ( APD.N ) and Air Liquide ( AIRP.PA ) will also evaluate any assets that Linde and Praxair would seek to divest, the sources said. Linde and Praxair declined to comment on the volume and timing of the divestitures, while the potential bidders declined to comment or were not immediately available to comment. Lindes offer to shareholders to exchange their stock for shares in the merged company reached the 50 percent acceptance threshold on Friday. That paved the way for passive funds, such as exchanged-traded funds replicating Germanys blue chip DAX index, to tender their stock. Roughly 10 to 13 percent of Lindes shares are held by such funds, which typically tender in such situations and now have more time to do so, people familiar with the matter said. Linde estimates that retail investors own about 5 to 6 percent of its shares. Chairman Wolfgang Reitzle told Reuters in June that tracking them down would be tough. The companies still expect to get the merger done in its originally intended form. We have confidence in reaching an acceptance level of 75 percent or more at the end of the exchange offer process, which is required for the success of the transaction as it avoids an adverse tax event, Linde said. Goldman Sachs ( GS.N ) and Deutsche Bank ( DBKGn.DE ) are advising Linde on the asset sales process, while Credit Suisse ( CSGN.S ) is helping Praxair. ($1 = 0.8519 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-linde-m-a-praxair/linde-lowers-acceptance-threshold-for-praxair-merger-to-60-percent-idUKKBN1CS0XT'|'2017-10-23T11:53:00.000+03:00'|8153.0|''|-1.0|'' -8154|'0d86d541c547bc408725d09cec9f46dfbd7bc83b'|'EU sets dumping duties on steel from four countries'|'October 6, 2017 / 6:50 AM / in 7 minutes EU sets dumping duties on steel from Brazil, Russia Reuters Staff 2 Min Read BRUSSELS (Reuters) - The European Union has decided to set duties on hot-rolled steel from Brazil, Iran, Russia and Ukraine after a complaint by EU manufacturers that the product used for construction and machinery was being sold at excessively low prices. The European Union will levy anti-dumping tariffs of between 17.6 and 96.5 euros (15.7 - 86.4) per tonne from Saturday, the European Unions official journal said on Friday. The European Commission had initially proposed setting a minimum price - of 472.27 euros per tonne - but revised its proposal after failing to secure backing from EU member states. Among the companies subject to tariffs were the Brazil arms of ArcelorMittal ( MT.AS ) and Aperam ( APAM.AS ), both of which also produce in Europe, Companhia Siderugica Nacional ( CSNA3.SA ), Usinas Siderugicas de Minas Gerais ( USIM5.SA ) and Gerdau ( GGBR4.SA ) - at rates between 53.4 and 63.0 euros per tonne. Iranian steel would be subject to a duty of 57.5 euros per tonne and Ukraines Metinvest Group [METIV.UL] 60.5 euros. Rates for Russia producers varied from 17.6 euros for PAO Severstal ( CHMF.MM ), 53.3 euros for Novolipetsk Steel ( NLMK.MM ) to 96.5 euros per tonne for MMK ( MAGN.MM ). The Commission also ended its investigation into Serbian steel imports without proposing measures. Reporting by Philip Blenkinsop; editing by Robert-Jan Bartunek'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-steel-tariffs/eu-sets-dumping-duties-on-steel-from-four-countries-idUKKBN1CB0L9'|'2017-10-06T09:49:00.000+03:00'|8154.0|''|-1.0|'' +8154|'0d86d541c547bc408725d09cec9f46dfbd7bc83b'|'EU sets dumping duties on steel from four countries'|'October 6, 2017 / 6:50 AM / in 7 minutes EU sets dumping duties on steel from Brazil, Russia Reuters Staff 2 Min Read BRUSSELS (Reuters) - The European Union has decided to set duties on hot-rolled steel from Brazil, Iran, Russia and Ukraine after a complaint by EU manufacturers that the product used for construction and machinery was being sold at excessively low prices. The European Union will levy anti-dumping tariffs of between 17.6 and 96.5 euros (15.7 - 86.4) per tonne from Saturday, the European Unions official journal said on Friday. The European Commission had initially proposed setting a minimum price - of 472.27 euros per tonne - but revised its proposal after failing to secure backing from EU member states. Among the companies subject to tariffs were the Brazil arms of ArcelorMittal ( MT.AS ) and Aperam ( APAM.AS ), both of which also produce in Europe, Companhia Siderugica Nacional ( CSNA3.SA ), Usinas Siderugicas de Minas Gerais ( USIM5.SA ) and Gerdau ( GGBR4.SA ) - at rates between 53.4 and 63.0 euros per tonne. Iranian steel would be subject to a duty of 57.5 euros per tonne and Ukraines Metinvest Group [METIV.UL] 60.5 euros. Rates for Russia producers varied from 17.6 euros for PAO Severstal ( CHMF.MM ), 53.3 euros for Novolipetsk Steel ( NLMK.MM ) to 96.5 euros per tonne for MMK ( MAGN.MM ). The Commission also ended its investigation into Serbian steel imports without proposing measures. Reporting by Philip Blenkinsop; editing by Robert-Jan Bartunek'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-steel-tariffs/eu-sets-dumping-duties-on-steel-from-four-countries-idUKKBN1CB0L9'|'2017-10-06T09:49:00.000+03:00'|8154.0|17.0|0.0|'' 8155|'1f6645af96ce89a2638873dad44b8e7341795687'|'Lloyds buys Zurich UK''s pensions, savings business'|'October 12, 2017 / 10:28 AM / Updated 14 minutes ago Lloyds buys Zurich UK''s pensions, savings business Reuters Staff 1 Min Read FILE PHOTO - A man enters a Lloyds Bank branch in central London, Britain February 25, 2016. Lloyds Banking Group rewarded investors with a surprise 2 billion pound payout on Thursday, underlying its intent to be the biggest dividend payer among Britain''s banks and its recovery after a state bailout. REUTERS/Paul Hackett LONDON (Reuters) - Lloyds Banking Group ( LLOY.L ) has agreed a deal to buy Zurich Insurances ( ZURN.S ) UK workplace pensions and savings business, the bank said on Thursday. The business has 15 billion pounds ($19.82 billion) in assets under administration and around 500,000 customers, Lloyds said in a statement. Lloyds has not disclosed the price for the deal, a spokeswoman said. Reporting by Carolyn Cohn and Emma Rumney; Editing by Rachel Armstrong 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-lloyds-zurich-m-a/lloyds-buys-zurich-uks-pensions-savings-business-idUKKBN1CH1DC'|'2017-10-12T13:27:00.000+03:00'|8155.0|''|-1.0|'' 8156|'5d42fc7afb5e7a62421dd3d08eee043c8f41730d'|'Aldi to accept old 1 coin for two weeks after deadline'|'The discount supermarket chain Aldi is to accept the old 1 coins in its UK stores for two weeks after they cease to be legal tender.Earlier this week the UKs largest retailer, Tesco, said it would allow its shoppers to pay with the round pound coins at tills and self-service machines for an extra week in apparent defiance of the 15 October deadline imposed by the Royal Mint. It follows a similar announcement by discount retailer Poundland, which will accept round pounds until 31 October. About 500m round pounds are believed to still be in circulation.Aldi told the Guardian: Weve been ready to accept the new 1 coins since they first came into circulation in March. To make the transition as easy as possible for our customers, we will continue to accept the old 1 coins as payment across our stores until 31 October.The old coin remains legal tender until midnight on Sunday After that time, businesses can stop accepting it and will not automatically be giving it as change for notes. The Royal Mint and the Treasury were keen for retailers to stick to the deadline with a clean break from the round pound to avoid potential chaos being created by some shops continuing to accept them.The new 12-sided 1 coin, which resembles the old threepenny bit, entered circulation in March and boasts new high-tech security features to thwart counterfeiters. The production of the new coins followed concerns about round pounds being vulnerable to sophisticated counterfeiters. About one in 30 old-style pound coins in peoples change in recent years have been fake.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/oct/11/aldi-to-accept-old-1-pound-coin-for-two-weeks-after-deadline'|'2017-10-11T23:39:00.000+03:00'|8156.0|''|-1.0|'' 8157|'2615fc438c171f627ae95e474e9326e89726e294'|'Taiwan president arrives in Hawaii despite Chinese objections'|'HONOLULU, Oct 28 (Reuters) - Taiwanese President Tsai Ing-wen landed in Honolulu on Saturday en route to the islands diplomatic allies among Pacific nations and is expected to visit a Pearl Harbor memorial, despite strong objections to the visit from China.China regularly calls Taiwan the most sensitive and important issue between it and the United States, and Beijing complains to Washington about transit stops by Taiwanese presidents. China considers Taiwan to be a wayward province.Tsai left on Saturday on a week-long trip to three Pacific island allies - Tuvalu, the Solomon Islands and the Marshall Islands - via Honolulu and the U.S. territory of Guam.Earlier this week, the U.S. State Department said Tsais transits through U.S. soil would be private and unofficial and were based on long-standing U.S. practise consistent with our unofficial relations with Taiwan.It noted there was no change to the U.S. one-China policy.While in Hawaii, Tsai is expected to visit the USS Arizona Memorial, which is built over the remains of the battleship sunk in Pearl Harbor in the Second World War.The memorial now forms a centerpiece of the World War Two Valor in the Pacific National Monument, a historic site administered by the National Park Service.China suspects Tsai wants to push for the formal independence of Taiwan, a red line for Beijing. Tsai says she wants to maintain peace with China but will defend Taiwans democracy and security.U.S. President Donald Trump is due to visit China in less than two weeks. He angered Beijing last December by taking a telephone call from Tsai shortly after he won the presidential election.The trip to the United States is Tsais second this year. In January she stopped over in Houston and San Francisco on her way to and from Latin America, visiting the headquarters of Twitter , which is blocked in China. (Reporting by Marco Garcia; Editing by Alistair Bell) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/china-taiwan-usa/taiwan-president-arrives-in-hawaii-despite-chinese-objections-idUSL2N1N401A'|'2017-10-29T04:03:00.000+02:00'|8157.0|''|-1.0|'' @@ -8170,7 +8170,7 @@ 8168|'599d959b1378f7a8bf3fc733f0b698a8515fdb01'|'Dovish ECB, earnings, lift European shares to five-month high'|'October 27, 2017 / 12:53 AM / Updated 2 hours ago Euro headed for worst week of year; earnings boosts stocks Stephanie Kelly 6 Min Read NEW YORK (Reuters) - The euro was on track for its worst week in 2017, undermined by the Catalan parliaments independence vote and the European Central Banks decision to prolong its bond purchases to keep interest rates low, while robust corporate earnings helped world equity markets advance. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 26, 2017. REUTERS/Brendan McDermid The benchmark U.S. S&P500 index .SPX was up 0.8 percent late Friday, on track for it''s biggest one day gain since Sept. 11 this year. The Catalan parliaments declaration of independence from Spain, made after a secret ballot, is now likely to be ruled illegal by Spains constitutional court. Theres no doubt that Catalonia, the issue has been weighing on the euro, said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey. Stronger-than-expected U.S. third-quarter GDP data helped bolster the dollar. The U.S. economy grew at a 3.0 percent annual rate from July to September, showing resilience even as recent storms hurt consumer spending. The euro had its worst day against the U.S. dollar in 16 months on Thursday after the European Central Bank said it would cut its bond purchases in half to 30 billion euros a month from January, maintaining an easy money policy well into next year. The dovish surprise from the ECB was its openness to extend the duration of its bond purchase program, said Omer Esiner, chief market strategist at Commonwealth Foreign Exchange in Washington. The U.S. dollar index .DXY, which measures the greenback against a basket of major currencies, rose 0.41 percent, with the euro EUR= down 0.56 percent to $1.1585. Gains in the dollar were pared briefly after a Bloomberg report that said U.S. President Donald Trump was leaning toward Federal Reserve Governor Jerome Powell as the next U.S. central bank chairman. Powell is seen likely to maintain the Feds current monetary policy. U.S. Treasury note yields remained lower, following the Catalan news and the Bloomberg report. Benchmark 10-year notes US10YT=RR last rose 7/32 in price to yield 2.4301 percent, from 2.454 percent late on Thursday. The 30-year bond US30YT=RR last rose 13/32 in price to yield 2.9397 percent, from 2.961 percent late on Thursday. Gold prices edged higher on Friday, after the Catalonian parliaments independence declaration from Spain led investors to seek safety from political upheaval. Spot gold XAU= added 0.3 percent to $1,271.02 an ounce. EARNINGS MSCIs gauge of stocks across the globe .MIWD PUS gained 0.44 percent. On Wall Street, gains were led by robust corporate earnings and the third-quarter GDP growth, both of which lifted investor sentiment. In many ways, were seeing the strong getting stronger, said Eric Wiegand, senior portfolio manager at the Private Client Reserve at U.S. Bank in New York. While valuations are full, it certainly becomes imperative on them to deliver solid operating results and thats something that we did see. The Dow Jones Industrial Average .DJI rose 29.99 points, or 0.13 percent, to 23,430.85, the S&P 500 .SPX gained 20.38 points, or 0.80 percent, to 2,580.78 and the Nasdaq Composite .IXIC added 143.84 points, or 2.19 percent, to 6,700.61. Google-parent Alphabet ( GOOGL.O ) gained 5.5 percent and Microsoft ( MSFT.O ) advanced 7.1 percent, which drove up the S&P technology index .SPLRCT. The sector has surged about 30 percent this year, twice the advance in the broader S&P index. Healthy results also helped Amazon ( AMZN.O ) rise 13.4 percent. Chevron ( CVX.N ) weighed on the Dow, with its shares dropping 4.2 percent after missed profit estimates. Spain''s IBEX .IBEX was the worst-performing major index on the day, losing 1.5 percent after the Catalan declaration. The gap between Spanish and German 10-year government bond yields also widened 8 bps to 120 bps. DE10YT=TWEB Europes STOXX 600 also cut gains after the vote, but closed up 0.6 percent. European shares reached a five-month high overall on Friday, helped by strong earnings. The pan-European FTSEurofirst 300 index .FTEU3 rose 0.54 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.18 percent higher, while Japan''s Nikkei .N225 rose 1.24 percent. Oil prices jumped on support among the worlds top producers for extending a deal to cut output and as the dollar retreated from three-month peaks. U.S. crude CLcv1 rose 2.18 percent to $53.79 per barrel and Brent LCOcv1 was last at $60.37, up 1.8 percent on the day. Additional reporting by Sruthi Shankar in Bengaluru; Gertrude Chavez-Dreyfuss, Devika Krishna Kumar and Richard Leong in New York; Kit Rees, Danilo Masoni, Christopher Johnson, Julia Payne in London; Editing by Daniel Bases and Clive McKeef'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-markets/asian-shares-gain-after-upbeat-earnings-from-u-s-tech-titans-idUKKBN1CW030'|'2017-10-27T14:49:00.000+03:00'|8168.0|''|-1.0|'' 8169|'11f068f280e106e617863576a5be83209d729261'|'Vedanta reports 42 percent rise in mined metal production at Zinc India'|'October 10, 2017 / 6:42 AM / Updated 3 hours ago Vedanta''s zinc business lifted by China steel production Reuters Staff 2 Min Read REUTERS - Mining company Vedanta Resources said mined metal production at its Indian zinc unit rose 42 percent in the first half of the year, lifted by strong demand in China for the metal used in steel production. Zinc demand in China, the worlds top steel producer, has been strong as steel makers in China ramped up production ahead of government curbs this winter. Benchmark London zinc has risen about 23 percent in the year to Sept. 30. We are continuing to ... benefit from a supportive market environment, CEO Kuldip Kaura said in a statement on Tuesday. Demand for the metal, which is used to galvanise steel, is expected to slow in the fourth quarter as Chinese regulators crack down on steel mills that fail to comply with environmental rules. China has been pushing to clean up its inefficient manufacturing sectors for years as part of its war on smog and supply-side reform. The Rampura Agucha open pit-mine operator said Zinc Indias mined metal production was 452,000 tonnes for the first half ended Sept. 30. The company, which mines zinc in Rajasthan state, said integrated zinc production rose 54 percent to 386,000 tonnes and integrated silver rose 30 percent to 8.2 million ounces during the period. Vedantas shares were down 0.4 percent at 901 pence by 0735 GMT. Reporting by Sanjeeban Sarkar in Bengaluru, editing by Louise Heavens '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/vedanta-zincindia/vedanta-reports-42-percent-rise-in-mined-metal-production-at-zinc-india-idINKBN1CF0J1'|'2017-10-10T09:42:00.000+03:00'|8169.0|''|-1.0|'' 8170|'c4a7d0a78de33524ee6e2ec326c9c84c21c23562'|'CANADA STOCKS-TSX opens broadly higher, Pretium Resources jumps'|'TORONTO, Oct 11 (Reuters) - Canadas main stock index opened broadly higher on Wednesday as the influential financial stocks led gains, while Pretium Resources Inc surged more than 13 percent after it released gold production results from one of its mines.The Toronto Stock Exchanges S&P/TSX composite index was up 31.30 points, or 0.2 percent, at 15.801.66 shortly after the open, with all 10 sectors advancing. (Reporting by Solarina Ho; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/canada-stocks-open/canada-stocks-tsx-opens-broadly-higher-pretium-resources-jumps-idINL2N1MM0T1'|'2017-10-11T11:42:00.000+03:00'|8170.0|''|-1.0|'' -8171|'c3c0384e0806c3d91b6dd76389a851d55f8bc355'|'Jurors to weigh fraud charges against ex-HSBC executive'|' 49 PM / Updated 3 minutes ago Jurors to weigh fraud charges against ex-HSBC executive Brendan Pierson 3 Min Read FILE PHOTO: Mark Johnson, a British citizen who at the time of his arrest was HSBC''s global head of foreign exchange cash trading, exits following a hearing at the U.S. Federal Court in Brooklyn, New York, U.S. on August 29, 2016. REUTERS/Brendan McDermid/File Photo NEW YORK (Reuters) - Closing arguments in the U.S. trial of former HSBC Holdings Plc ( HSBA.L ) executive Mark Johnson came to an end Wednesday, with a lawyer for the government urging jurors to convict Johnson of defrauding a client. Prosecutors have claimed Johnson, the former head of HSBCs global foreign exchange cash trading desk, schemed with others at HSBC to ramp up the price of British pounds before executing a $3.5 billion currency trade for Edinburgh-based Cairn Energy Plc( CNE.L ) in 2011, making millions at Cairns expense. The bottom line is they hacked up the price so they could take advantage of that confidential information they had, Carol Sipperly, a lawyer for the government, told jurors on Wednesday. Sipperlys argument was a rebuttal to John Wing, a lawyer for Johnson, who spent much of Wednesday arguing that his client was innocent. Wing said there was no way to do a massive currency transaction like the one HSBC did without affecting the price, but that Johnson and his colleagues had tried to get a fair price for Cairn and even given Cairn a rebate. Why are they giving money back to the client? Wing asked. What kind of fraudsters are these? The closing arguments had begun Tuesday, with government lawyer Brian Young summarizing the case prosecutors sought to build over more than three weeks of testimony. Cairn hired HSBC in 2011 to convert $3.5 billion into British pounds sterling in connection with the sale of an Indian subsidiary, according to court filings. Young told jurors that Johnson and another HSBC executive who is also facing charges, Stuart Scott, devised a scheme to drive up the price of pounds by executing a series of trades before completing the trade for Cairn. Young played jurors a phone call recorded after the deal in which Scott and Johnson told Cairn and its financial advisor that a Russian buyer had been responsible for a spike in the price of pounds. That, Young said, was a lie. Johnson is the first banker to be tried in the United States on currency rigging charges, following worldwide investigations into the roughly $5.1 trillion-a-day market. The probes have led to about $10 billion in fines against several banks and the firing of dozens of traders. Scott, HSBCs former head of cash trading for Europe, the Middle East and Africa, was arrested in June in Britain. U.S. authorities want him extradited. Reporting By Brendan Pierson in New York; Editing by Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-hsbc-usa-crime/jurors-to-weigh-fraud-charges-against-ex-hsbc-executive-idUKKBN1CN37R'|'2017-10-19T01:48:00.000+03:00'|8171.0|''|-1.0|'' +8171|'c3c0384e0806c3d91b6dd76389a851d55f8bc355'|'Jurors to weigh fraud charges against ex-HSBC executive'|' 49 PM / Updated 3 minutes ago Jurors to weigh fraud charges against ex-HSBC executive Brendan Pierson 3 Min Read FILE PHOTO: Mark Johnson, a British citizen who at the time of his arrest was HSBC''s global head of foreign exchange cash trading, exits following a hearing at the U.S. Federal Court in Brooklyn, New York, U.S. on August 29, 2016. REUTERS/Brendan McDermid/File Photo NEW YORK (Reuters) - Closing arguments in the U.S. trial of former HSBC Holdings Plc ( HSBA.L ) executive Mark Johnson came to an end Wednesday, with a lawyer for the government urging jurors to convict Johnson of defrauding a client. Prosecutors have claimed Johnson, the former head of HSBCs global foreign exchange cash trading desk, schemed with others at HSBC to ramp up the price of British pounds before executing a $3.5 billion currency trade for Edinburgh-based Cairn Energy Plc( CNE.L ) in 2011, making millions at Cairns expense. The bottom line is they hacked up the price so they could take advantage of that confidential information they had, Carol Sipperly, a lawyer for the government, told jurors on Wednesday. Sipperlys argument was a rebuttal to John Wing, a lawyer for Johnson, who spent much of Wednesday arguing that his client was innocent. Wing said there was no way to do a massive currency transaction like the one HSBC did without affecting the price, but that Johnson and his colleagues had tried to get a fair price for Cairn and even given Cairn a rebate. Why are they giving money back to the client? Wing asked. What kind of fraudsters are these? The closing arguments had begun Tuesday, with government lawyer Brian Young summarizing the case prosecutors sought to build over more than three weeks of testimony. Cairn hired HSBC in 2011 to convert $3.5 billion into British pounds sterling in connection with the sale of an Indian subsidiary, according to court filings. Young told jurors that Johnson and another HSBC executive who is also facing charges, Stuart Scott, devised a scheme to drive up the price of pounds by executing a series of trades before completing the trade for Cairn. Young played jurors a phone call recorded after the deal in which Scott and Johnson told Cairn and its financial advisor that a Russian buyer had been responsible for a spike in the price of pounds. That, Young said, was a lie. Johnson is the first banker to be tried in the United States on currency rigging charges, following worldwide investigations into the roughly $5.1 trillion-a-day market. The probes have led to about $10 billion in fines against several banks and the firing of dozens of traders. Scott, HSBCs former head of cash trading for Europe, the Middle East and Africa, was arrested in June in Britain. U.S. authorities want him extradited. Reporting By Brendan Pierson in New York; Editing by Andrew Hay 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-hsbc-usa-crime/jurors-to-weigh-fraud-charges-against-ex-hsbc-executive-idUKKBN1CN37R'|'2017-10-19T01:48:00.000+03:00'|8171.0|26.0|0.0|'' 8172|'24ecc63c6150b6bbbbfe973289d80627dc1b18b8'|'Uber scrambles to head off Brazil bill regulating ride software'|'October 30, 2017 / 10:26 PM / Updated 14 minutes ago Uber scrambles to head off Brazil bill regulating ride software Reuters Staff 3 Min Read BRASILIA (Reuters) - Hundreds of drivers for the internet based ride-hailing firm Uber drove through Brazils largest cities on Monday to protest legislation that would turn them into regular taxi drivers subject to the same local licensing and taxation rules. Uber drivers protest against a legislation threatening the company''s business model that is to be voted in Brazil''s national congress, in Sao Paulo, Brazil October 30, 2017. REUTERS/Paulo Whitaker The chief executive of Uber Technologies Inc, Dara Khosrowshahi, arrived in Brazil to lobby against the bill that is due to be voted on by the Senate on Tuesday and which threatens the companys business in a fast-growing foreign market. Brazil is Ubers third-largest market, with 17 million users, and the city of Sao Paulo sees more trips on the ride-hailing service than any other city in the world, ahead of New York and Mexico City, according to the company. A spokesman for the company said the application as it exists could not operate under the new rules, including the use of a taxi license plate on cars owned by Uber drivers. The business model we have today would not longer be viable, Ubers executive spokesman in Brazil Fabio Sabba told Reuters. Uber is already battling to keep operating in London after the citys transport regulator deemed it unfit to run a taxi service and refused to renew its license. Uber drivers protest against a legislation threatening the company''s business model that is to be voted in Brazil''s national congress, in Sao Paulo, Brazil October 30, 2017. REUTERS/Paulo Whitaker Police said 800 Uber drivers drove through the centre of Brazils capital Brasilia to protest the bill that many say will put them out of business. Similar protests in Sao Paulo and Rio de Janeiro snarled downtown traffic. Uber did not organise the drivers protests but alerted authorities that they would happen. Slideshow (8 Images) The bill will create so much bureaucracy that it prevents the 500,000 drivers in Brazil from earning income for their families, Uber said in a statement. Uber said it has paid 495 million reais (113.99 million pounds)in federal and municipal taxes so far this year. The bill, which has already been approved by the lower house of Congress, would define ride hailing applications as public transport instead of private services and require drivers to get a special permit from city authorities. It would also establish additional regulations and taxes. If the Senate votes to approve the bill, it will be up to President Michel Temer to sign or veto the legislation or parts of it. Reporting by Anthony Boadle'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-uber-brazil/uber-scrambles-to-head-off-brazil-bill-regulating-ride-software-idUKKBN1CZ2Q7'|'2017-10-31T00:25:00.000+02:00'|8172.0|''|-1.0|'' 8173|'f30745f5e64870d40d86362684ef3b0be904c379'|'Becton Dickinson wins conditional EU approval for $24 billion Bard buy'|'October 18, 2017 / 2:16 PM / Updated 16 minutes ago Becton Dickinson wins conditional EU approval for $24 billion Bard buy Reuters Staff 1 Min Read BRUSSELS (Reuters) - U.S. medical equipment supplier Becton Dickinson ( BDX.N ) secured EU antitrust approval for its $24-billion acquisition of U.S. peer C R Bard ( BCR.N ) after it agreed to sell two businesses to allay competition concerns. The deal, the latest in a recent wave of mergers and acquisitions in the medical technology sector, will boost Becton Dickinsons presence in the high-growth oncology and surgery market. The European Commission demanded the concessions because it was concerned the deal would reduce competition and hurt innovation. The EU antitrust enforcer said Becton Dickinson pledged to sell its global core needle biopsy devices business and a tissue marker product currently in the development stage. Reporting by Foo Yun Chee; editing by Robert-Jan Bartunek 0 : 0'|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-cr-bard-m-a-bd-eu/becton-dickinson-wins-conditional-eu-approval-for-24-billion-bard-buy-idUSKBN1CN21J'|'2017-10-18T22:16:00.000+03:00'|8173.0|''|-1.0|'' 8174|'5c0a930c86ba69a8291178409284ff8e5fbb2efc'|'RPT-Saudi king heads to Russia, with oil, investment and Syria on agenda'|'October 4, 2017 / 6:05 AM / Updated 24 minutes ago RPT-Saudi king heads to Russia, with oil, investment and Syria on agenda Reuters Staff (Repeats story with no changes to text) * Visit to Moscow is first by a reigning Saudi monarch * Riyadh and Moscow backed deal on oil production cut * But they support opposing sides in Syrias war * Energy, infrastructure, agriculture investments likely By Stephen Kalin and Andrew Osborn RIYADH/MOSCOW, Oct 3 (Reuters) - The leaders of Saudi Arabia and Russia, the worlds biggest oil exporters, are expected to discuss cooperation on oil production and differences over Syria and Iran on Thursday during the first visit to Moscow by a reigning Saudi Monarch. A slew of investment deals, including on a liquefied natural gas project and petrochemical plants, could also be signed during King Salmans trip and plans for a $1-billion fund to invest in energy projects are likely to be finalised. The visit, including talks in the Kremlin with President Vladimir Putin, reflects a rapid deepening of ties between Russia and Saudi Arabia, driven by a mutual need to stem a drop in global oil prices. The two countries helped secure a deal between OPEC and other producers to cut output until the end of March 2018, but back competing sides in Syrias civil war. Riyadh supports rebels fighting President Bashar al-Assads forces while Russian troops and Iranian militias have sided with Assad. This leaves Moscow aligned with Saudi Arabias arch-rival Iran, whose influence Riyadh fears is growing in the region. The Saudis want help on Iran, and Russia wants trade and investment, said Mark N. Katz, an expert on Russia-Middle East relations at George Mason University. In the Saudi mind, theyre definitely linked and the Russians are going to try to separate these. Billboards have been erected on the road from the airport to central Moscow welcoming King Salman in Arabic and Russian. His son, Prince Mohammed bin Salman, visited in May just before his elevation to crown prince, and in 2015 the countries sovereign wealth funds agreed to $10 billion in investments. A business forum will include speeches by top ministers and the heads of state-owned energy giants Saudi Aramco and Gazprom as well as a presentation of Saudis Vision 2030 reform programme, which aims to end the kingdoms dependence on oil. SYRIA AND IRAN Moscow sees the trip as a payoff for its two-year-old intervention in Syria and recognition of its growing Middle East clout. Even 12 months ago, Riyadh was highly critical of Russias involvement in Syria and the relationship looked as frozen as ever, said Chris Weafer, senior partner at economic and political consultancy Macro-Advisory Ltd. Today that has changed 180 degrees. Both countries now see political and economic advantages from a closer, albeit pragmatic, relationship. This visit is intended to make sure it stays on track. Discussion of Syria is likely to focus on what the country will look like once Islamic State is defeated, Assads future, what peace talks between Saudi-backed opposition activists and Damascus can achieve and the creation of new de-escalation zones. The king may also seek assurances that Iran will not have a permanent role in Syria. Kremlin spokesman Dmitry Peskov said Moscow hoped the kings trip would breathe life into a relationship with huge potential and was interested in maintaining dialogue with Riyadh about the Middle East and Syria in particular. Any discussion of the oil market and the efficacy of moves to prop up prices by cutting supply will be closely watched. The oil price fall in the last three years has overstretched both producers budgets, making an extension of joint cuts beyond March 2018 more likely. Moscow said last month it had discussed with Riyadh extending the deal but no specific decisions had been made ahead of a Nov. 30 producers meeting in Vienna. Russian Energy Minister Alexander Novak said in an interview broadcast on Monday that the planned $1-billion fund to invest in energy projects was part of efforts to strengthen cooperation in oil, gas, electricity, renewable energy and other projects. Russian firms are also discussing deals with Saudi Aramco, such as providing drilling services in Saudi Arabia, and Russian oil giant Rosnefts interest in crude trading, he added. Russian Economy Minister Maxim Oreshkin said on Tuesday investors were interested in a nuclear energy plant Saudi Arabia wants to build and Saudis would be offered investment opportunities including in shipping company Sovcomflot. A Russian energy source said a memorandum of understanding (MoU) was expected to be signed between Novatek and Saudi Arabia on a liquefied natural gas (LNG) project, known as Arctic LNG-2, that aims to start up in the 2020s. He said details were still being discussed. Russia would like Saudi Arabia to become a shareholder in the project but the source said there were also other roles the kingdom could take. Saudi Aramco and Saudi Basic Industries Corp (SABIC) is expected to sign an MoU with Russias biggest petrochemical firm Sibur to examine opportunities for building petrochemical plants in the two countries. Writing by Stephen Kalin, Editing by William Maclean and Timothy Heritage'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/saudi-russia-diplomacy/rpt-saudi-king-heads-to-russia-with-oil-investment-and-syria-on-agenda-idUSL8N1MF0LV'|'2017-10-04T09:03:00.000+03:00'|8174.0|''|-1.0|'' @@ -8193,7 +8193,7 @@ 8191|'d12c41a0524dbc12d0698ff8ebb513056055b1db'|'Nissan used uncertified inspectors even after misconduct found: sources'|'October 18, 2017 / 12:59 AM / Updated 17 hours ago Nissan used uncertified inspectors even after misconduct found: sources Reuters Staff 2 Min Read FILE PHOTO - Logo of the Nissan Motor Co. is displayed at the 44th Tokyo Motor Show in Tokyo, Japan, November 2, 2015. REUTERS/Issei Kato/File Photo TOKYO (Reuters) - Nissan Motor Co ( 7201.T ) had conducted uncertified vehicle checks as recently as last week even after revealing the widespread misconduct at its domestic factories, two sources with direct knowledge of the matter said on Wednesday. Japans second-largest automaker has recalled all 1.2 million new cars it sold in the domestic market over the past three years after discovering final vehicle checks were not performed by certified technicians. The sources, who asked not to be named because they were not authorised to speak to media, said an internal investigation had found the latest misconduct at affiliate Nissan Shatai Cos ( 7222.T ) Shonan factory, where uncertified technicians had been involved in inspections until Oct. 11. The Sankei daily reported the misconduct affected about 3,800 vehicles, but that Nissan would not issue a recall because they had cleared safety standards. Spokespeople at Nissan could not immediately be reached. At a news conference on Oct. 2, Chief Executive Hiroto Saikawa said that only certified technicians had conducted checks since Sept. 20. The Ministry of Land, Infrastructure and Transport has also inspected Nissans factories, where it found names of certified technicians used on documents to sign off on final vehicle checks conducted by non-certified technicians. The ministry has asked Nissan to report measures to prevent a recurrence of the issue by the end of this month. Shares of Nissan were down a fraction of a percent, while the broader Tokyo market was slightly higher. Nissan Shatai was down 1.2 percent. Reporting by Maki Shiraki; Writing by Chang-Ran Kim; Editing by Stephen Coates 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/nissan-recall/nissan-used-uncertified-inspectors-even-after-misconduct-found-sources-idINKBN1CN030'|'2017-10-18T03:56:00.000+03:00'|8191.0|''|-1.0|'' 8192|'b5aafb2b1e794e418e266f97a738d3570b5db322'|'Why McKinsey is under attack in South Africa'|'MCKINSEY, a global management consultancy known for its discreet profile and rarefied air, is unused to the sort of tub-thumping popular revolt it is experiencing in South Africa. Such is public outrage over the Guptas, an Indian-born business dynasty accused of growing rich off their relationship with President Jacob Zuma, that a few professional-services firms linked to the family, including McKinseyas well as SAP, a German software gianthave become targets of Twitter storms and protest banners.Anti-corruption groups and the opposition Democratic Alliance (DA) have drawn blood in the case of Bell Pottinger, a British public-relations firm accused of orchestrating a racially divisive public-relations campaign on behalf of the Guptas. A complaint by the DA to a British PR industry association set in motion Bell Pottingers swift implosion in September. At KPMG, a global audit firm, eight senior executives in South Africa left in the same month because of the firms work for the Guptas. Such victories have fuelled the mood. On October 5th civil-society groups picketed McKinseys Johannesburg offices.Latest updates Taxing the rich Buttonwoods notebook 37 minutes ago The 4 See all updates At the heart of the affair are allegations of state capture by the Guptas, who moved from India to South Africa in the 1990s and turned a computer parts business into a conglomerate with properties in media, mining and professional services. One of Mr Zumas sons, Duduzane, has worked for the family. A report in 2016 by South Africas public protector, an independent ombudsman, detailed allegations that the Guptas had meddled in cabinet appointments and used their connections to scoop lucrative government contracts (they and Mr Zuma have repeatedly denied any wrongdoing).McKinsey did highly-paid work for Eskom, a state-owned electricity monopoly at the centre of several of the state capture allegations. Documents show that McKinsey worked with Trillian Capital, a local consultancy that until recently was owned by Salim Essa, a Gupta associate, as part of winning contracts from the utility.As an international firm requiring a local partner, McKinsey had previously worked with a related company called Regiments. The consulting firm says that after Trillian emerged from Regiments in late 2015, it carried out a due diligence review and cut its ties with Trillian a few months later. McKinsey says it never entered into a formal contract with Trillian or made payments to the company, and there are letters to show that McKinsey warned Eskom about the risks of doing business with Trillian.But that has not put a stop to questions about the relationship. A former executive of Trillian, Bianca Goodson, has alleged that Trillian acted as a gatekeeper, using Mr Essas connections to land contracts and then passing the work over to internationally recognised companies including McKinsey. The firm stands behind its work for Eskom, says Steve John, global director of communications at McKinsey. Neither the Gupta family nor any company publicly linked to the Guptas has ever been a client of the firm, he notes. It has hired a law firm, Norton Rose Fulbright, to carry out a detailed internal investigation.It is an embarrassing situation for a group that prides itself on operating as One Firm across its local offices, says Tom Rodenhauser of ALM Intelligence, a market-research firm that monitors the consulting industry. McKinsey has weathered damage to its reputation before; in 2010 one of its consultants pleaded guilty to passing inside information to a New York-based hedge fund, Galleon Group. McKinseys close links with Enron also meant that its reputation was tarnished by the energy companys collapse in 2001.Politicians scrutiny may drag on. The DA party says it will push for the firms executives to appear before a parliamentary inquiry into Eskom this month. The party has also gone to the police to file a complaint of fraud and racketeering against McKinsey, and written to Americas Securities and Exchange Commission and Britains Serious Fraud Office (the firm had no comment about the DAs complaints).Public anger has also focused on the fees charged by McKinsey to Eskom, a public entity. According to a report by Eskom and G9 Forensic, an anti-corruption consulting firm, McKinsey and Trillian earned 1.6bn rand ($117m) for work done in 2015 and 2016, and expected to make another 7.8bn rand. A second review commissioned by Eskom from Oliver Wyman, another consulting firm, into its contracts with McKinsey, found a very unusual fee structure that resulted in costs above industry norms. On October 5th Eskom demanded that McKinsey pay back 1bn rand. (McKinsey said it would support a high court review of the contract and repay its fees if the deal were found to be illegal). Standard Bank, Africas biggest lender by assets, is reviewing its relationship with McKinsey. The publicity is likely to test the loyalty of many other African clients. "In the eye of the storm"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'https://www.economist.com/news/business/21730191-consulting-firm-worked-trillian-capital-owned-gupta-family-associate-why-mckinsey?fsrc=rss%7Cbus'|'2017-10-12T22:50:00.000+03:00'|8192.0|''|-1.0|'' 8193|'8c8901c8fa80081aeb9b11b36ebb4c9767bc5b65'|'RWE looking at Uniper''s gas and coal-fired plants: source'|'DUESSELDORF, Germany (Reuters) - RWE ( RWEG.DE ) is casting its eye over rival energy utility Unipers ( UN01.DE ) gas and coal-fired power plants in Germany, the Benelux countries and in Britain, a person familiar with the matter said.A logo of the German energy utility company Uniper SE is pictured at their headquarters in Duesseldorf, Germany April 19, 2016. REUTERS/Ralph Orlowski Investors and M&A sources said last week that RWE was likely to buy the plants from Fortum ( FORTUM.HE ), which is planning to take control at Uniper with a proposed 8.05 billion-euro ($9.5 billion) offer, rather than launch a counterbid.While Fortum has said it has no plans for a restructuring, it is seen being mainly interested in Unipers assets in Sweden and Russia and less in its more polluting gas and coal fired power plants, which would be a better fit for RWE.RWE and Uniper declined to comment on Monday.German daily Handelsblatt on Friday Quote: d Fortum Chief Executive Pekka Lundmark as saying that the Finnish company was not currently in talks to sell parts of Uniper.Reporting by Tom Kaeckenhoff; Writing by Maria Sheahan; Editing by Kathrin Jones, Greg Mahlich '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-uniper-m-a-fortum-oyj-rwe/rwe-looking-at-unipers-gas-and-coal-fired-plants-source-idUSKBN1CP0XX'|'2017-10-20T17:05:00.000+03:00'|8193.0|''|-1.0|'' -8194|'64e9d81dbcd5f3c63b9f1f75108660381b612b52'|'Deutsche Boerse steps up clearing fight with London ahead of Brexit'|'October 9, 2017 / 7:10 AM / in 17 minutes Deutsche Boerse steps up clearing fight with London ahead of Brexit Reuters Staff 1 Min Read A notebook with the logo of Deutsche Boerse Group (German stock exchange) is pictured before their New Year''s reception at the headquarters in Eschborn, outside Frankfurt, Germany, January 25, 2016. REUTERS/Kai Pfaffenbach LONDON (Reuters) - Deutsche Boerse has introduced a profit-sharing scheme to wrest volumes from the London Stock Exchange as banks face uncertainty over cross-border markets ahead of Britains departure from the European Union. The German exchanges clearing unit, Eurex Clearing, said it will launch a partnership program in November to attract more volume in clearing interest rate swaps or IRS. An IRS is a popular derivatives contract used by companies to insure themselves against adverse moves in borrowing costs. The clearing of IRS in Europe is dominated by the LSEs LCH unit. Reporting by Huw Jones; Editing by Rachel Armstrong'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-deutsche-boerse-markets-clearing/deutsche-boerse-steps-up-clearing-fight-with-london-ahead-of-brexit-idUKKBN1CE0H9'|'2017-10-09T10:07:00.000+03:00'|8194.0|''|-1.0|'' +8194|'64e9d81dbcd5f3c63b9f1f75108660381b612b52'|'Deutsche Boerse steps up clearing fight with London ahead of Brexit'|'October 9, 2017 / 7:10 AM / in 17 minutes Deutsche Boerse steps up clearing fight with London ahead of Brexit Reuters Staff 1 Min Read A notebook with the logo of Deutsche Boerse Group (German stock exchange) is pictured before their New Year''s reception at the headquarters in Eschborn, outside Frankfurt, Germany, January 25, 2016. REUTERS/Kai Pfaffenbach LONDON (Reuters) - Deutsche Boerse has introduced a profit-sharing scheme to wrest volumes from the London Stock Exchange as banks face uncertainty over cross-border markets ahead of Britains departure from the European Union. The German exchanges clearing unit, Eurex Clearing, said it will launch a partnership program in November to attract more volume in clearing interest rate swaps or IRS. An IRS is a popular derivatives contract used by companies to insure themselves against adverse moves in borrowing costs. The clearing of IRS in Europe is dominated by the LSEs LCH unit. Reporting by Huw Jones; Editing by Rachel Armstrong'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-deutsche-boerse-markets-clearing/deutsche-boerse-steps-up-clearing-fight-with-london-ahead-of-brexit-idUKKBN1CE0H9'|'2017-10-09T10:07:00.000+03:00'|8194.0|27.0|0.0|'' 8195|'63c861c7d5e15d7873ac5237069f7c071cc0067c'|'FDA panel votes in favor of Spark''s blindness gene therapy'|'October 12, 2017 / 7:42 PM / Updated 4 minutes ago FDA panel backs gene therapy for rare form of blindness Toni Clarke 3 Min Read FILE PHOTO: A view shows the U.S. Food and Drug Administration (FDA) headquarters in Silver Spring, Maryland August 14, 2012. REUTERS/Jason Reed/File Photo (Reuters) - Spark Therapeutics Incs experimental gene therapy for a rare form of blindness improves vision and should be approved, advisers to the Food and Drug Administration concluded on Thursday, paving the way for the first U.S. gene therapy for an inherited disease. The panel voted unanimously in favor of the treatment, Luxturna, which is designed to treat inherited retinal diseases caused by defects in a gene known as RPE65, which tells cells to produce an enzyme critical to normal vision. The FDA is not obliged to follow the recommendations of its advisers but typically does. Michael Yee, an analyst at Jefferies, said in a recent research report that approval of the therapy would thematically mark a watershed moment for the entire field. The panels vote followed scientific presentations from Spark and the FDA and testimonies from patients who described the impact of the therapy, such as allowing them for the first time to see the moon and stars, go out with friends at night, and see food on their plate. The agency is due to makes its decision by Jan. 12, 2018. Jeffrey Marrazzo, Sparks chief executive, declined in a recent interview to say what the company would charge for the treatment. He said one benchmark would be the price of drugs for other ultra-rare diseases such as Pompe disease, Hunter Syndrome and paroxysmal nocturnal hemoglobinuria, which can range from $300,000 a year to $600,000 a year or more. If approved, analysts expect Luxturna to generate annual sales of more than $400 million by 2021. The companys shares have risen 160 percent over the past 12 months, reaching a high of $91.00 on Sept. 29, amid optimism the product would be approved. They were halted during the committee meeting. Retinal disease caused by defects to the RPE gene affect between 1,000 and 2,000 people in the United States. Roughly half of those become legally blind by the age of 16 and all are legally blind by the age of 34. Most progress to complete blindness. Legal blindness refers to people whose vision is 20/200 or less. A person with normal vision can see an object 200 feet away. A legally blind person must stand 20 feet in front of it. People who are completely blind cannot see any light or shapes. Clinical trial results showed 93 percent of participants experienced some improvement in their functional vision as measured by their ability to navigate obstacles in poor light. Reporting by Toni Clarke in Washington; Editing by Steve Orlofsky and Diane craft 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-spark-blindness-fda/fda-panel-votes-in-favor-of-sparks-blindness-gene-therapy-idUSKBN1CH2UP'|'2017-10-12T22:31:00.000+03:00'|8195.0|''|-1.0|'' 8196|'3245908cb8a2c22008a7a9689ff2a51acb7a9fa9'|'Emerging market tech stock boom gives fund managers a headache'|'October 9, 2017 / 10:00 AM / in 22 minutes Emerging market tech stock boom gives fund managers a headache Reuters Staff * Emerging markets index returns get more concentrated * Tech sector drives lions share of performance * Alibaba, Tencent valuations balloon as ETF inflows increase * Active manager stock picks move closer to the index By Helen Reid LONDON, Oct 9 (Reuters) - The boom in emerging market technology stocks is becoming a problem for fund managers of all stripes. The soaring market capitalisation of a handful of companies such as Chinas Alibaba and Tencent is steadily lifting their weighting in the MSCI emerging equities index. This means investors in funds that track indexes (exchange traded funds or ETFs) - who want exposure to a range of companies for a lower fund management fee - are finding themselves increasingly exposed to a single sector. Meanwhile, active fund managers, who justify charging higher fees for their individual stock-picking expertise, are under pressure to buy those tech stocks to ensure their funds keep up with the indexs gains. And with both sets of investor chasing the same thing, the risk of dramatic outflows increases if the sector falters. Its the opposite of what you are trying to do with an ETF - you want cheap diversified exposure but you end up being concentrated in basically 10 stocks, said Rory McPherson, head of investment strategy at Psigma, who holds active EM funds. The biggest five emerging market companies in the index are tech firms Alibaba, Tencent, Samsung, Naspers and Taiwan Semiconductor. They comprise almost 19 percent of the indexs market capitalization. That is a bigger chunk than the S&P 500 where the top five firms - Alphabet , Apple, Facebook, Microsoft, and Amazon - make up 13 percent. The increasing use of ETFs has helped boost valuations further because they must follow the index weighting. And the indexs concentration has intensified as valuations rose - the five companies share was 13.9 percent in January. DISCOMFORT The shift towards passive investing, evident across most asset classes, has come into focus in emerging equities, which have enjoyed a sparkling 60 percent rally since early-2016. But the sector may also illustrate the concentration risks that exchange-traded funds can bring to portfolios. Emerging equity funds have received some $56 billion so far this year, Lipper data shows. Of this, $23 billion went into ETFs. Investors are keen on tech companies which are making profits by disrupting the status quo in sectors from media and advertising to retail and industrials. But the dependence on technology for returns is causing some discomfort among investors who prefer shares in emerging market car or beverage makers for instance for exposure to consumer demand in the developing world. Ed Kerschner, chief portfolio strategist at Columbia Threadneedle, says the tech companies performance mostly reflects that of their U.S. peers rather than providing exposure to developing countries. The question is are you buying emerging markets or are you buying technology? Kerschner said. The risk of buying EM benchmarks is that you are not diversifying away from the S&P. As a result of the tech rally, the conventional market-cap weighted emerging equity index, with bigger weightings in companies with the largest market caps, has begun strongly outperforming the index where all companies are assigned the same weighting. The success can also be reversed. Any faltering by the tech leaders would have a proportionally weighty effect on ETFs, potentially spurring big outflows. Scott Snyder, co-portfolio manager of the ICON emerging markets fund, estimates that the four biggest tech firms have accounted for a third of 2017s emerging equity returns. A lot of people that might just be piling into passive strategies in EM could be overly exposed to technology right now, ICONs Snyder said. THE WRONG REASON There are also signs that many active emerging market managers, who would have had more diverse investments than ETF funds, are sticking more closely to the benchmark. Data from Copley Fund Research shows the average active share of global emerging market funds - the extent to which their holdings differ from the index - has fallen to 74.7 percent from a peak of 78 percent in April 2016. Partly this is due to the addition in May 2016 of U.S.-listed Chinese firms to the emerging benchmark - because active investors held these stocks before their inclusion in the index - but competition from ETFs may also play a role. The effect of rising ETF flows and narrowing breadth has been to push active investors to get closer to their benchmarks, said Edward Cole, a portfolio manager at GLG Man Group. Even among active managers, many may be holding tech stocks for the wrong reason - fear of underperforming the index, said Kiran Nandra-Koehrer, senior product specialist in Pictet Asset Managements emerging equities team. While many investors are wary of paying higher fees for funds to replicate the index, active managers dont want to risk missing out on meaty returns from tech. A streak of losses and fund closures remains fresh in their mind, with 746 emerging market funds liquidated in the last five years, according to Lipper data. But Psigmas McPherson cited one of his holdings, Mirabauds Emerging Markets fund, which has returned over 33 percent this year, outgunning the MSCI indexs 29 percent. That shows an active manager can overcome concentration risks. We would rather our active managers weight to the small tech companies that are better value, McPherson said. Additional reporting by Sujata Rao and Claire Millhench, Graphics by Helen Reid and Ritvik Carvalho; editing by Anna Willard'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-stocks/emerging-market-tech-stock-boom-gives-fund-managers-a-headache-idUSL8N1MG2AN'|'2017-10-09T13:00:00.000+03:00'|8196.0|''|-1.0|'' 8197|'baa85cdb3f3415334efc911d185a0c31c8644a65'|'China will not set target to double GDP from 2021 - party official'|'October 26, 2017 / 2:57 AM / Updated 21 minutes ago China will not set target to double GDP from 2021 - party official Reuters Staff 2 Min Read BEIJING (Reuters) - China will no longer set a target to double gross domestic product (GDP) from 2021, a senior Communist Party official said on Thursday, as top leaders look to high-quality growth in the long term. Chinese deputy minister of the Office of the Central Leading Group for Finance and Economic Affairs Yang Weimin attends a news conference during the 19th National Congress of the Communist Party of China in Beijing, China October 23, 2017. REUTERS/Tyrone Siu The government will not solely pursue economic growth and will emphasise the quality of its growth, Yang Weimin, vice minister of the Office of the Central Leading Group on Financial and Economic Affairs, told a news conference. China aims to double GDP and per capita income by 2020 from 2010 levels, and growth is on track to hit those goals. In the opening speech of a key twice-a-decade Communist Party Congress this week, President Xi Jinping said China would deepen economic and financial reforms and further open its markets to foreign investors as it looks to move from high-speed to high-quality growth. Xi set bold long-term goals for Chinas development, envisioning it as a basically modernised socialist country by 2035, and a modern socialist strong power with leading influence on the world stage by 2050. Reporting by Ben Blanchard; Writing by Kevin Yao; Editing by Jacqueline Wong'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-congress-growth/china-will-not-set-target-to-double-gdp-from-2021-party-official-idUKKBN1CV083'|'2017-10-26T05:56:00.000+03:00'|8197.0|10.0|0.0|'' @@ -8210,7 +8210,7 @@ 8208|'29f02e63c00bc8e48c08abdb0ffdce69010c0aef'|'A geopolitical row with China damages South Korean business further'|'IN A cosmetics emporium in central Seoul, rows of snail-slime face-masks sit untouched. Not long ago, visiting Chinese tourists would snap these up as avidly as a designer handbag in New York or anything from London featuring the Queen. Yet now their rejuvenating properties are failing to lure the countrys shoppers. Seo Sung-hae, a salesman, says business has slowed to a snails pace, because of a drop in the number of Chinese visitors. We used to have 100 customers a day, but after THAAD, there are almost none, he says. THAAD, or Terminal High Altitude Area Defence, is an American missile-defence system designed to guard against North Korea that was installed in South Korea starting in March. Chinese authorities protest that its radar could be used to spy on its territory. Chinese newspapers have encouraged consumers to boycott South Korean goods. The plan was to bully Korea into ditching THAAD, says Han Suk-hee of Yonsei University, who until April was South Koreas consul-general in Shanghai. 2 hours 2 hours ago Quebecs Seven months on, the campaign has fallen short of that goal but has claimed a big corporate victim. On October 12th Lotte, a South Korean conglomerate, confirmed that it hopes to sell its Chinese hypermarkets by the end of the year. That marks a significant retreat for the firm, which had been trying to crack the market since 2008. The group employs about 20,000 peoplea third of its overseas staffin China, and in 2015 registered 3trn won ($2.65bn) of sales there. It became a target after signing a deal in February with the South Korean government that allowed the defence ministry to use one of its golf courses as a base for the THAAD launchers. (Shin Dong-bin, its chairman, later said he had no choice but to comply). Chinese officials then closed 77 of the 99 Lotte Mart stores in China on pretexts such as breaches of fire-safety rules. The firm itself shut another 13 stores when customers stayed away. Sales in the second quarter slumped to 21bn won ($18.5m), down from 284bn won in the same period last year.South Korean cars, beauty products and even confectionery have been affected. Sales at Beijing Hyundai, jointly owned by the South Korean conglomerate and Chinese manufacturer BAIC Motor, dropped by two-fifths in the first eight months of the year. AmorePacific, a cosmetics firm in South Korea, reported a 58% dip in its second-quarter operating profits. The countrys tourism industry, too, has felt the pinch since group tours from China were banned in March. There were 87% fewer Chinese tourists on Jeju, a pretty island south of the peninsula, during this years harvest festival than in 2016. Korean businesses will lose $15.6bn of tourism revenue if the slump continues until next March, according to the Hyundai Research Institute, a think-tank funded by the conglomerate. Korean industries other than tourism could lose $8.3bn over the row, says the Korea Development Bank. Yet the boycott is being applied selectively. It favours some Chinese firms by penalising their South Korean competitors, while leaving manufacturers on the mainland free to continue importing the parts on which their businesses rely from other South Korean firms, notes Choi Pae-kun, an economist at Konkuk University in Seoul. Korean exports to China jumped by 23% in September compared with the same month last year, driven in part by surging demand for memory chips, many of which are made by Samsung.The row with China may obscure some failings of South Korean business. Carmakers share of the Chinese market fell from 9% in 2014 to 7% in 2016, before the row. Partly due to competition from online retailers, Lotte Mart has been losing money in China since 2011. But the events of March were undoubtedly a turning point. Beijing Hyundais sales rose in January and February, but plunged by 65% in May. Lotte Marts overseas losses are predicted to rise from 124bn won in 2016 to 250bn won this year. It cant be 100% THAAD, says Kim Soo-min, a lawmaker. But even if there were losses before, they would not suddenly more than double in a year. Chinas stance may be shifting. Mr Han says an agreement on October 13th to extend a currency-swap deal between South Korea and China was a gesture of peace from Beijing. China will surely see little point continuing the boycott, since it failed to stop the remaining THAAD launchers being installed last month, he argues. Some analysts predict that China will end its ban on tour groups visiting South Korea after the Communist Partys congress, which began on October 18th. There is a little bit of hope, says Ms Kim.This article appeared in the Business section of the print edition under the headline "Thaads all, folks"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/business/21730477-south-korean-industries-ranging-tourism-carmaking-are-being-badly-affected?fsrc=rss'|'2017-10-19T22:56:00.000+03:00'|8208.0|''|-1.0|'' 8209|'6ad6f828ed507e8ce1ab6e8954704952e7d284a4'|'Asian Paints second-quarter profit up 21 percent'|'October 24, 2017 / 9:49 AM / in an hour Asian Paints second-quarter profit up 21 percent Reuters Staff 1 Min Read (Reuters) - Indias Asian Paints Ltd posted a 21 percent rise in second-quarter profit on Tuesday, beating estimates. Profit rose to 5.76 billion rupees ($88.58 million) in the three months ended Sept. 30, from 4.76 billion rupees a year earlier, the Mumbai-headquartered company said. bit.ly/2gzlm6g Analysts on average had expected a profit of 5.17 billion rupees, Thomson Reuters data showed. Revenue from operations rose 2.3 percent to 42.74 billion rupees. Shares of the company were up 4.6 percent as of 0932 GMT. ($1 = 65.0225 Indian rupees)'|'reuters.com'|'http://in.reuters.com/finance'|'https://in.reuters.com/article/asian-paints-results/asian-paints-second-quarter-profit-up-21-percent-idINKBN1CT16J'|'2017-10-24T07:49:00.000+03:00'|8209.0|''|-1.0|'' 8210|'32d10658fadf9513f9d885e11a02f2347714421d'|'Nissan''s inappropriate inspections started at least 20 years ago - NHK'|'October 20, 2017 / 3:32 AM / in 32 minutes Nissan''s inappropriate inspections started at least 20 years ago - NHK Reuters Staff 1 Min Read FILE PHOTO - Logo of the Nissan Motor Co. is displayed at the 44th Tokyo Motor Show in Tokyo, Japan, November 2, 2015. REUTERS/Issei Kato/File Photo TOKYO (Reuters) - Inappropriate inspection practices at Nissan Motor Co ( 7201.T ) had been going for at least 20 years, Japanese national broadcaster NHK reported on Friday, in a new revelation that could further roil Japans second-biggest automaker. Nissan said late on Thursday it was suspending domestic production of vehicles for the Japanese market for at least two weeks to address misconduct in its final inspection procedures, which it first revealed last month. The scandal has led to a recall of all 1.2 million cars it sold in Japan over the past three years. A Nissan spokesman declined to directly confirm or deny the NHK report, referring to CEO Hiroto Saikawas comments on Thursday, when he said Nissans training system for certifying vehicle inspection staff had not changed for 20 years. Saikawa added that that was a separate issue from how long the misconduct had been going on. Related Coverage Reporting by Chang-Ran Kim; Editing by Edwina Gibbs 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-nissan-recall/nissans-inappropriate-inspections-started-at-least-20-years-ago-nhk-idUKKBN1CP08O'|'2017-10-20T06:31:00.000+03:00'|8210.0|''|-1.0|'' -8211|'9e10b794dd8e074668bdc868465ffd9f17b2789a'|'Evolva plans to raise 80 mln Sfr capital, possible debt financing'|'ZURICH, Oct 2 (Reuters) - Evolva aims to raise around 80 million Swiss francs ($82.42 million) in two capital increases this year and may boost debt financing to meet its contractual obligations with partner Cargill, the money-losing sweetener maker said on Monday.As a first step, Swiss asset manager Pictet and British investment firm Cologny would acquire a total of 68 million shares, Evolva said, boosting Pictets holdings to 10 percent and giving Cologny a 5 percent stake. The increase would total about 27 million Swiss francs ($28 million).In a second step, Evolva plans an extraordinary general shareholder meeting on Oct. 26 to vote on a discounted rights offering aimed at raising the rest of the 80 million francs.The Swiss company, which had already announced plans to cut 43 percent of workers after a 20.3 million franc first-half loss, said it aims to be close to profitability by 2021.It aims to focus initially on the sweetener stevia, health supplement resveratrol and nootkatone, a potential mosquito repellent.Evolva said it will release terms of the possible debt financing related to its Cargill obligations at the relevant time.Cargill will manufacture Evolvas stevia-based sugar replacement called EverSweet, though the launch has been delayed until 2018.Evolva shares have fallen by 45 percent this year, trimming its market capitalisation to less than 170 million francs.$1 = 0.9707 Swiss francs Reporting by John Miller; editing by Jason Neely '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/evolva-hldg-capital/evolva-plans-to-raise-80-mln-sfr-capital-possible-debt-financing-idUSL8N1MD0LC'|'2017-10-02T09:23:00.000+03:00'|8211.0|''|-1.0|'' +8211|'9e10b794dd8e074668bdc868465ffd9f17b2789a'|'Evolva plans to raise 80 mln Sfr capital, possible debt financing'|'ZURICH, Oct 2 (Reuters) - Evolva aims to raise around 80 million Swiss francs ($82.42 million) in two capital increases this year and may boost debt financing to meet its contractual obligations with partner Cargill, the money-losing sweetener maker said on Monday.As a first step, Swiss asset manager Pictet and British investment firm Cologny would acquire a total of 68 million shares, Evolva said, boosting Pictets holdings to 10 percent and giving Cologny a 5 percent stake. The increase would total about 27 million Swiss francs ($28 million).In a second step, Evolva plans an extraordinary general shareholder meeting on Oct. 26 to vote on a discounted rights offering aimed at raising the rest of the 80 million francs.The Swiss company, which had already announced plans to cut 43 percent of workers after a 20.3 million franc first-half loss, said it aims to be close to profitability by 2021.It aims to focus initially on the sweetener stevia, health supplement resveratrol and nootkatone, a potential mosquito repellent.Evolva said it will release terms of the possible debt financing related to its Cargill obligations at the relevant time.Cargill will manufacture Evolvas stevia-based sugar replacement called EverSweet, though the launch has been delayed until 2018.Evolva shares have fallen by 45 percent this year, trimming its market capitalisation to less than 170 million francs.$1 = 0.9707 Swiss francs Reporting by John Miller; editing by Jason Neely '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/evolva-hldg-capital/evolva-plans-to-raise-80-mln-sfr-capital-possible-debt-financing-idUSL8N1MD0LC'|'2017-10-02T09:23:00.000+03:00'|8211.0|24.0|0.0|'' 8212|'63a3eb506ef55f69f7d95cba8dfc38eda5e1b33e'|'ECB says euro zone banks well prepared for rate shocks'|'October 9, 2017 / 7:49 AM / Updated an hour ago Fifty-one euro zone banks vulnerable to rate shocks, ECB says Balazs Koranyi , Francesco Canepa 3 Min Read FILE PHOTO: European Union flags flutter outside the headquarters of the European Central Bank (ECB) in Frankfurt, Germany, April 21, 2016. REUTERS/Ralph Orlowski/File Photo FRANKFURT (Reuters) - Fifty-one large euro zone banks are leaving themselves exposed to a sudden change in interest rates and may need to aside more capital against that risk, the European Central Bank said on Monday. The ECB is preparing to start dialling back its monetary stimulus after years of ultra-low interest rates and massive bond purchases, paving the ground for rate hikes further down the line. After simulating scenarios ranging from a sudden monetary tightening to the kind of lending freeze that followed Lehman Brothers collapse, the ECB found that most of the 111 euro zone banks it tested are well prepared for interest rates shocks. But it cautioned it needed intense discussions with 51 of them after finding they may be making themselves vulnerable via large bets on derivative instruments and overly aggressive models for calculating risk. A hike in interest rates could mean the banks suddenly need more capital. Related Coverage ECB still concerned about existing stock of bank bad loans - Mersch What we need to do is have intense discussions and check with the banks if theyre aware of the... risk and if they have enough capital if things go wrong, Korbinian Ibel, a senior supervisor at the ECB, said. Results of the test, which started in February, are incorporated into the ECBs guidance on how much capital each lender on its watch should hold. Ibel said the 51 banks may, in principle, see their capital demands rise by up to 25 basis points, although any decision would depend on the individual circumstances of each firm. Similarly, the remaining 60 banks could see their guidance reduced by the same amount. The ECBs supervisory arm, which oversees the euro zones largest banks and carried out the exercise, is formally separated from its monetary policy function. INCOME AND DEPOSITS On aggregate, the ECB found that an increase of 200 basis points in interest rates would lead to a rise in net interest income of 4.1 percent in 2017 and of 10.5 percent by 2019 for the banks tested. But when rates move, the net value of assets and liabilities of a bank also change. The economic value of the banks equity would, however, decrease on aggregate by 2.7 percent, the ECB said. Banks, particularly in richer countries such as Germany, have long complained that the ECBs ultra-low interest rates have squeezed the margins they make on loans. Indeed, the ECB found that, should interest rates stay at their end-2016 level and absent any credit growth, the aggregate net interest income would decrease by 7.5 percent. Finally, the ECB warned that banks may be taking much of their customer deposits for granted based on recent years and failed to account for the rise of online banks and higher rates. One could assume that if interest rates rise, the share of stable deposits decreases, but this is not done by most of the banks, Ibel said. Reporting by Balazs Koranyi and Francesco Canepa Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-banks-ecb/ecb-says-euro-zone-banks-well-prepared-for-rate-shocks-idUKKBN1CE0KS'|'2017-10-09T10:49:00.000+03:00'|8212.0|''|-1.0|'' 8213|'b5e40378e3b90d75de3f17bb9246bf9fe66a39ec'|'Singapore to halt car population growth from next year'|'SINGAPORE (Reuters) - Singapore, one of the worlds most expensive places to own a vehicle, will not allow any growth in its car population from February, citing the small city-states land scarcity and billions of dollars in planned public transport investments.FILE PHOTO - People look at cars on display at a mall in Singapore April 28, 2016. REUTERS/Edgar Su/File Photo The Land Transport Authority (LTA) said it was cutting the permissible vehicle growth rate in the city-state to 0 percent from the current 0.25 percent per annum for cars and motorcycles. The rate will be reviewed in 2020.Singapore tightly controls its vehicle population by setting an annual growth rate and through a system of bidding for the right to own and use a vehicle for a limited number of years. It is one of the most densely populated nations on the planet and already has an extensive public transport system.Currently, 12 percent of Singapores total land area is taken up by roads, the LTA said. In view of land constraints and competing needs, there is limited scope for further expansion of the road network, it said.Singapore, whose total population has risen nearly 40 percent since 2000 to about 5.6 million now, counted more than 600,000 private and rental cars on its roads as of last year. These include cars used by drivers that work with ride-hailing services such as Grab and Uber, which are becoming increasingly popular.A mid-range car in Singapore can typically cost four times the price in the United States.Singapore has expanded its rail network length by 30 percent and has added new routes and capacity in its bus network. The government will continue to invest S$20 billion ($14.7 billion) in new rail infrastructure, S$4 billion to renew, upgrade and expand rail operating assets, and another S$4 billion in bus contracting subsidies over the next five years, the LTA said.The LTA will keep the growth rate for goods vehicles and buses at 0.25 per cent until the first quarter of 2021.($1 = 1.3618 Singapore dollars)Reporting by Aradhana Aravindan; Editing by Muralikumar Anantharaman '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/singapore-autos/singapore-to-halt-car-population-growth-from-next-year-idINKBN1CS182'|'2017-10-23T13:26:00.000+03:00'|8213.0|''|-1.0|'' 8214|'6198f9f285177b52070f3e234f8743b494d3fb70'|'Trump names Washington insiders to head antitrust, consumer protection agency'|' Trump names Washington insiders to head antitrust, consumer protection agency Diane Bartz 2 Min Read WASHINGTON, Oct 19 (Reuters) - The White House formally announced on Thursday the president will nominate Washington antitrust lawyer Joseph Simons to the Federal Trade Commission, along with Rohit Chopra, a former official at the Consumer Financial Protection Bureau. Once the two are confirmed by the Senate, Simons will be named to chair the agency, which works with the Justice Department to enforce antitrust law and investigates allegations of deceptive behavior by companies. The FTC has five seats, and no more than three can be from one party. The president is also expected to nominate Noah Phillips, chief counsel for U.S. Senator John Cornyn, to fill an empty Republican seat, although that was not announced on Thursday. The agency is currently reviewing a number of big mergers in industries where there are already few players. One is a deal to merge industrial gases companies Praxair Inc and Linde AG, and another is fertilizer maker Potash Corps deal for Agrium Inc. It will also decide if lens maker Essilor International SA will be allowed to merge with dominant frame-maker Luxottica Group SpA. The agency has been operating with just Acting Chairman Maureen Ohlhausen, a Republican, and Democrat Terrell McSweeny, the only other commissioner. The president has long been expected to name a Republican as the permanent chair and fill the empty commission seats. Simons, a partner at the law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP, was a director of the FTCs Bureau of Competition from 2001 to 2003. To fill an empty Democratic seat on the commission, the president tapped Chopra, a financial services expert who is a veteran of the CFPB and is currently at the advocacy group Consumer Federation of America. Noah Phillips graduated from Stanford Law School in 2005. He is also a veteran of the law firms Steptoe & Johnson LLP and Cravath, Swaine & Moore. (Reporting by Diane Bartz; Editing by Dan Grebler) 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-ftc/trump-names-washington-insiders-to-head-antitrust-consumer-protection-agency-idUSL2N1MT1VH'|'2017-10-19T18:09:00.000+03:00'|8214.0|''|-1.0|'' @@ -8259,7 +8259,7 @@ 8257|'86c4c3a84b02b53fea7c7d5b36e8767e782f00b4'|'Rent-A-Center to explore strategic options; chairman to resign'|'October 30, 2017 / 10:03 PM / Updated 7 minutes ago Rent-A-Center to explore strategic options; chairman to resign Reuters Staff 1 Min Read Oct 30 (Reuters) - Rent-to-own furniture retailer Rent-A-Center Inc said on Monday its board would explore strategic and financial options, three months after the hedge fund Marcato Capital Management urged the company to sell itself. The company also said its Chairman Steven Pepper would resign, effective immediately, due to his disagreement with the boards decision. Marcato Capital had earlier threatened to remove board members up for re-election at next years annual meeting, if it failed to sell itself. Rent-A-Center said it would not disclose developments related to the process till the board has approved a course of action or once the process has concluded. Shares of the company, which posted a bigger-than-expected loss on Monday, were down about 2 percent in extended trading. (Reporting by Aishwarya Venugopal in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/rent-a-center-strategic-alternatives/rent-a-center-to-explore-strategic-options-chairman-to-resign-idUSL4N1N56LI'|'2017-10-31T00:02:00.000+02:00'|8257.0|''|-1.0|'' 8258|'ff619a28f7f7a6511ee9948eae7e8205a074a0c6'|'Bank-backed R3 launches new version of its blockchain'|'October 3, 2017 / 8:03 AM / in 2 hours Bank-backed R3 launches new version of its blockchain Anna Irrera 3 Min Read NEW YORK (Reuters) - R3 CEV, a New York-based company that runs a consortium of banks, has released a new version of its blockchain platform that it hopes will make it easier for financial firms to use the nascent technology. The new version of the companys platform called Corda includes a feature that will make it easier for computer developers building applications with the technology to incorporate future upgrades and updates, R3 said on Tuesday. Blockchain, which first emerged as the system underpinning cryptocurrency bitcoin, is a shared record of transactions updated by computers rather than a centralized authority. Banks and other financial institutions have been investing in the technology for the past few years in the hope that it can be used to automate some of their back office processes such as securities settlement and regulatory reporting. To accelerate development many have joined consortia or collaborative efforts. Launched in 2015, R3 is the largest financial consortium focused on blockchain globally. Its members include more than 100 banks, regulators, trade associations and professional services firms. In May it raised $107 million in May from companies including Bank of America Corp, SBI Holdings Inc, HSBC Holdings Plc, Intel Corp and Temasek Holdings. R3 has been helping members develop prototypes and run experiments to test blockchain. Most recently it announced that it had partnered with the UKs Financial Conduct Authority, the Royal Bank of Scotland and another global bank to develop an application using Corda to improve the regulatory reporting of mortgage transactions. The new version of Corda, which is open-source, is expected to make it easier for developers to handle upgrades helping accelerate its adoption, said Richard Gendal Brown, chief technology officer of R3. There are a number of people who are building on this or have done live transactions, Gendal Brown said in an interview. What they get is certainty as they finalize their applications and move them into large scale production that they wont have disruptions While Wall Streets enthusiasm around blockchain remains high, some are warning that the technology is still young and its potential may be hyped. As it is in its infancy, blockchain has yet to bee used to run any large scale process in finance. Reporting by Anna Irrera; Editing by Cynthia Osterman '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-r3-blockchain/bank-backed-r3-launches-new-version-of-its-blockchain-idUSKCN1C80MS'|'2017-10-03T11:00:00.000+03:00'|8258.0|''|-1.0|'' 8259|'65f537c6802f71a21760eef3f7c237a139b538f0'|'Exclusive: Swiss prosecutors seek widening of secrecy law to bankers abroad'|'October 31, 2017 / 12:07 PM / Updated 3 hours ago Exclusive: Swiss prosecutors seek widening of secrecy law to bankers abroad Brenna Hughes Neghaiwi , Anjuli Davies 8 Min Read ZURICH/LONDON (Reuters) - Swiss prosecutors are seeking a court ruling that would make it easier to convict whistleblowers for breaking the countrys bank secrecy law wherever they are in the world, legal documents show. Former Swiss private banker Rudolf Elmer poses in front of a branch of Swiss Bank Julius Baer in Zurich, Switzerland October 26, 2017. REUTERS/Arnd Wiegmann The Swiss Banking Act requires employees of Swiss-regulated banks to keep client information confidential, but a number of staff have leaked account details to foreign authorities in the past decade as Western governments crack down on tax evasion. In the unpublished documents reviewed by Reuters, Zurich prosecutors have asked the countrys highest court to interpret the law so that the secrecy obligation is widened to include people with looser working relationships to Swiss banks and their subsidiaries abroad. The documents, dated Nov. 21 2016, form the basis for an appeal by the prosecutors to the Swiss Federal Supreme Court against the acquittal last year of former private banker Rudolf Elmer on charges brought under the secrecy law. Elmer, who headed the Cayman Islands office of Swiss private bank Julius Baer until he was dismissed in 2002, later sent documents revealing alleged tax evasion to the anti-secrecy group WikiLeaks and to tax authorities across the globe. Zurichs upper court ruled last year that the bank secrecy law did not apply to him as an employee of the Caribbean subsidiary, rather than of the parent bank in Zurich. In their appeal, the prosecutors argue that if they cannot apply the law to people connected to Swiss banks outside the country, this deprives banking secrecy of its substance with far-reaching consequences that cannot be accepted. Under Swiss law, no public hearing will be held but the documents show the Federal Supreme Court is considering the written appeal. On June 9, 2017, it invited Elmers side to make a written response, which his lawyer has since submitted. The court is expected to issue a written judgment next year. A spokeswoman for Zurichs senior prosecutors declined to comment beyond noting: Its up to the supreme court to decide on open questions. Julius Baer also declined to comment. DEFAMED, CRIMINALISED AND ISOLATED Elmer was arrested twice in Switzerland, in 2005 and in 2011, and spent over seven months in investigative custody. I was defamed, criminalised and isolated, he told Reuters, adding that the prosecutors were trying to set an example of what could happen to people who speak out and to their families. The law in this case has been bent, stretched and, most importantly, abused by the judicial system of Zurich in order to protect its money-making machine. Switzerland is the worlds largest centre for overseas wealth management and in recent years has responded to international pressure, especially from the European Union and United States, for greater transparency. This includes participation in the Automatic Exchange of Information programme, an agreement among developed economies which aims to ensure that offshore accounts are known to tax authorities in the account holders country of residence. If the appeal is successful, the ruling would have no legal basis in most countries as they have no bank secrecy rules, so Switzerland could not extradite people from the likes of Britain or the United States on such charges. However, accused people would be vulnerable to arrest if they entered Switzerland or could face the stigma of being charged with a crime in their absence. JAIL TERM Former Swiss private banker Rudolf Elmer poses in front of a branch of Swiss Bank Julius Baer in Zurich, Switzerland October 26, 2017. REUTERS/Arnd Wiegmann Some lawmakers in the EU are worried that the prosecutors move, if successful, may deter potential whistleblowers from supplying information on people accused of shifting their wealth to tax havens through accounts protected by secrecy laws. In the appeal, prosecutors called for Elmer to receive a 36-month jail sentence, 24 of which would be suspended. Last year the Zurich upper court gave him a suspended sentence for forging documents and threatening Julius Baer following his dismissal. Elmer denies all charges. One European lawmaker expressed concern over the lack of protection for whistleblowers in Switzerland, saying the aggressive prosecution of Elmer and others confirmed the country had not really changed its ways regarding tax crimes and money laundering. Were going to be paying very close attention to this case, said Ana Gomes, who co-chairs the European Parliaments Committee of Inquiry into money laundering, tax avoidance and tax evasion. Well be putting pressure on our authorities in the way they deal with Switzerland, and of course the way the Swiss deal with whistleblowers is extremely relevant for us. Swiss banks employ large numbers of people in London, as well as New York, and a British lawmaker said employees of bodies under UK jurisdiction cannot be subject to an extraterritorial law. This would be unacceptable, John Mann, a Labour Party member of parliaments Treasury Select Committee, told Reuters. We need a position whereby people feel confident to whistle blow wherever they are based. Theres a danger this could have ramifications for the Swiss banks in Britain. Attorney Ganden Tehtong is pictured at her office in Zurich, Switzerland October 26, 2017. REUTERS/Arnd Wiegmann SENDING A MESSAGE The prosecutors argued that a legal precedent is needed to send a message to disgruntled people laid off from Swiss banking groups across the globe. Referring to Elmer in the appeal, they said: A former banker, disappointed and embittered by his career, perceived himself to be in lawless territory ... and caused great damage. The law, they argued, does not require that the contractual activity be exercised under Swiss law for Swiss bank secrecy to apply. Even contractors, lawyers and consultants who perform work for a Swiss bank internationally should fall under the obligation, they added. Anti-corruption expert Mark Pieth disputed this in documents submitted by Elmers lawyer to the court. Should Switzerland extend the Banking Act beyond lenders regulated by the countrys FINMA financial watchdog or expand the definition of staff covered, parliament would have to change the law, Pieth said in a legal opinion seen by Reuters. EROSION OF BANK SECRECY Bank secrecy has been eroded since Switzerland agreed, beginning in 2008, to transfer details of thousands of UBS clients to U.S. tax authorities. In return, the U.S. government dropped charges against the bank for helping wealthy Americans to dodge taxes. The scandal was set off by former UBS employee Bradley Birkenfeld, who in 2007 gave U.S. authorities information exposing the methods Swiss bankers used to help clients conceal assets. In the aftermath, Swiss laws and bilateral treaties were amended to allow greater information-sharing on tax matters. At the same time, however, prison sentences for breaching bank secrecy were increased from a maximum of six months to up to five years. Whistleblowers and new disclosure standards have proven costly for Swiss banks, which have suffered hundreds of billions of dollars in outflows as a result and become the subject of tax inquiries in a number of countries. Over a third of Swiss private banks have permanently closed. An attempt to apply bank secrecy to the thousands of people working for Swiss bank subsidiaries abroad would be way too broad, said Luc Thevenoz, who heads the University of Genevas Centre for Banking and Financial Law. But if Elmer were found on appeal to have been employed directly by Julius Baer rather than its Caribbean subsidiary, it would be admissible to convict him regardless of where he was based. They want to persuade the court that Elmer was an employee of the Swiss entity, Thevenoz said. If they succeed, I have no problem with the conclusion that Elmer would have been bound by Swiss banking secrecy. If they fail, I dont see how the court can convict him. Additional reporting by Mark Hosenball, Oliver Hirt and Joshua Franklin; editing by Rachel Armstrong and David Stamp '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/swiss-banking-secrecy/exclusive-swiss-prosecutors-seek-widening-of-secrecy-law-to-bankers-abroad-idINKBN1D01JC'|'2017-10-31T14:04:00.000+02:00'|8259.0|''|-1.0|'' -8260|'2b5cc58de1d30100ca4b97e3c50994783d4170c9'|'China factories grapple with soaring prices as pollution crackdown bites'|'October 17, 2017 / 9:19 AM / in 10 hours China factories grapple with soaring prices as pollution crackdown bites James Pomfret , Venus Wu 5 Min Read Visitors walk between booths at the Canton Fair in Guangzhou, China October 16, 2017. Picture taken October 16, 2017. REUTERS/Venus Wu GUANGZHOU, China (Reuters) - Chinese exporters at the countrys biggest trade fair are more optimistic about global demand now than six months ago but Beijings crackdown on pollution is ramping up costs and product prices, hurting smaller factories and foreign buyers. At the Canton Fair where some 25,000 manufacturers are showcasing products from industrial engines to egg-cracking machines, the mood is sanguine. The worlds second-largest economy has defied expectations for a slowdown this year and import and export growth in September suggests factory activity remains in high gear. In a survey of 102 exporters at the Guangzhou-based trade fair, 77 percent of the mostly small- to medium-sized Chinese manufacturers expect orders to increase next year, compared with 70 percent during the previous event in April. But many manufacturers, especially smaller ones, complained about currency fluctuations and Chinas stepped up anti-pollution drive pushing costs up as firms scramble to invest in new equipment or costly processes to meet more stringent emissions standards. The environmental regulations are hitting everyone. Id say thirty percent of factories are affected, said Lynn Chen, a director of Masda, a Pearl River Delta manufacturer of antennas with around 20 million yuan ($3 million) in sales annually. Larger factories were weathering the anti-pollution blitz better but many small factories were being forced out of business including small aluminum tube makers in eastern Zhejiang province, Chen said, noting that the costs of sourcing such components for antennas had risen 20 percent. Price rallies across the commodities complex have accelerated in recent months as the government has ramped up environmental inspections and factories prepare for the most stringent ever smog-busting measures across the north this winter. Some 28 cities have been ordered to slash output of heavy industry from aluminum and steel to cement for four months from Nov. 15. PRICE OF CLEAN AIR David Li of Guangzhou Light Holdings that makes karaoke speakers with pulsing disco lights said plants with metal plating, dyeing, or spray painting processes had been badly hit, raising production costs by 5 to 10 percent. A virtual ban on waste paper imports on environmental grounds, was also creating a shortage of generic cardboard packaging, driving paper prices up more than 60 percent in some cases, four exporters said. The changes are good, but theyre being pushed through too fast, said Li. Of the 102 exporters polled by Reuters, production cost was the biggest concern. While online sourcing has partially supplanted marquee trade events such as the Canton Fair, which began in 1957, the event continues to draw tens of thousands of Chinese factories and foreign buyers, making it a useful barometer of China trade. Staff at Ubtech Robotics chat behind Alpha1 Pro, a humanoid robot for entertainment and education, at the Canton Fair in Guangzhou, China October 16, 2017. Picture taken October 16, 2017. REUTERS/Venus Wu Some foreign businessmen said they were shocked by the jump in prices for some products. Its really scary. How could the price change so much? said Lagos-based Maxwell Akabuogu who has cut the number of containers he sends monthly to Nigeria from 12 to 3, with prices of lead batteries, his staple product, having surged 30 percent over the past four months. Im starting to buy from South Korea now. Its more reliable and the price is steady, he said. Venee Wen, a regional sales manager for the Guangzhou Tiger Head Battery Group, that makes the popular 555 brand, said lead battery prices had jumped 20 to 30 percent since April given a surge in costs for the base metal. Slideshow (4 Images) Chinas long-term policies on the environment are good but there is a short-term impact ... the bad (polluting) companies have died, she told Reuters. The buyers will have to get used to these prices. They wont go back to the previous levels. During the summer, zinc SZNcv1 and lead SPBcv1 prices in Shanghai rallied with scores of local mines shutting down for long stints during anti-pollution inspections. Winter production curbs have also stoked record buying of raw materials from abroad. CURRENCY PAIN Forty-four percent of firms surveyed said the yuans 5 percent rise against the dollar this year had hurt their business significantly, while nearly 50 percent said it was hurting them slightly. Forty-three percent see a further appreciation of the yuan by 2-5 percent in the coming 12 months. Concerns about a trade war between China and the United States under President Donald Trump have also eased, with 30 percent seeing such a possibility in the current poll, compared with 40 percent in April. Trump is a businessman, said Liu Linxia, a LED TV maker. Hell make some noise, but not fight. Many shrugged off geo-political tensions in North Korea escalating into a possible conflict, with only one in five exporters polled concerned about this risk. (For graphic click: here ) Additional reporting by Christine Chan; Editing by Jacqueline Wong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-china-trade-cantonfair/china-factories-grapple-with-soaring-prices-as-pollution-crackdown-bites-idUSKBN1CM0ZO'|'2017-10-17T12:19:00.000+03:00'|8260.0|''|-1.0|'' +8260|'2b5cc58de1d30100ca4b97e3c50994783d4170c9'|'China factories grapple with soaring prices as pollution crackdown bites'|'October 17, 2017 / 9:19 AM / in 10 hours China factories grapple with soaring prices as pollution crackdown bites James Pomfret , Venus Wu 5 Min Read Visitors walk between booths at the Canton Fair in Guangzhou, China October 16, 2017. Picture taken October 16, 2017. REUTERS/Venus Wu GUANGZHOU, China (Reuters) - Chinese exporters at the countrys biggest trade fair are more optimistic about global demand now than six months ago but Beijings crackdown on pollution is ramping up costs and product prices, hurting smaller factories and foreign buyers. At the Canton Fair where some 25,000 manufacturers are showcasing products from industrial engines to egg-cracking machines, the mood is sanguine. The worlds second-largest economy has defied expectations for a slowdown this year and import and export growth in September suggests factory activity remains in high gear. In a survey of 102 exporters at the Guangzhou-based trade fair, 77 percent of the mostly small- to medium-sized Chinese manufacturers expect orders to increase next year, compared with 70 percent during the previous event in April. But many manufacturers, especially smaller ones, complained about currency fluctuations and Chinas stepped up anti-pollution drive pushing costs up as firms scramble to invest in new equipment or costly processes to meet more stringent emissions standards. The environmental regulations are hitting everyone. Id say thirty percent of factories are affected, said Lynn Chen, a director of Masda, a Pearl River Delta manufacturer of antennas with around 20 million yuan ($3 million) in sales annually. Larger factories were weathering the anti-pollution blitz better but many small factories were being forced out of business including small aluminum tube makers in eastern Zhejiang province, Chen said, noting that the costs of sourcing such components for antennas had risen 20 percent. Price rallies across the commodities complex have accelerated in recent months as the government has ramped up environmental inspections and factories prepare for the most stringent ever smog-busting measures across the north this winter. Some 28 cities have been ordered to slash output of heavy industry from aluminum and steel to cement for four months from Nov. 15. PRICE OF CLEAN AIR David Li of Guangzhou Light Holdings that makes karaoke speakers with pulsing disco lights said plants with metal plating, dyeing, or spray painting processes had been badly hit, raising production costs by 5 to 10 percent. A virtual ban on waste paper imports on environmental grounds, was also creating a shortage of generic cardboard packaging, driving paper prices up more than 60 percent in some cases, four exporters said. The changes are good, but theyre being pushed through too fast, said Li. Of the 102 exporters polled by Reuters, production cost was the biggest concern. While online sourcing has partially supplanted marquee trade events such as the Canton Fair, which began in 1957, the event continues to draw tens of thousands of Chinese factories and foreign buyers, making it a useful barometer of China trade. Staff at Ubtech Robotics chat behind Alpha1 Pro, a humanoid robot for entertainment and education, at the Canton Fair in Guangzhou, China October 16, 2017. Picture taken October 16, 2017. REUTERS/Venus Wu Some foreign businessmen said they were shocked by the jump in prices for some products. Its really scary. How could the price change so much? said Lagos-based Maxwell Akabuogu who has cut the number of containers he sends monthly to Nigeria from 12 to 3, with prices of lead batteries, his staple product, having surged 30 percent over the past four months. Im starting to buy from South Korea now. Its more reliable and the price is steady, he said. Venee Wen, a regional sales manager for the Guangzhou Tiger Head Battery Group, that makes the popular 555 brand, said lead battery prices had jumped 20 to 30 percent since April given a surge in costs for the base metal. Slideshow (4 Images) Chinas long-term policies on the environment are good but there is a short-term impact ... the bad (polluting) companies have died, she told Reuters. The buyers will have to get used to these prices. They wont go back to the previous levels. During the summer, zinc SZNcv1 and lead SPBcv1 prices in Shanghai rallied with scores of local mines shutting down for long stints during anti-pollution inspections. Winter production curbs have also stoked record buying of raw materials from abroad. CURRENCY PAIN Forty-four percent of firms surveyed said the yuans 5 percent rise against the dollar this year had hurt their business significantly, while nearly 50 percent said it was hurting them slightly. Forty-three percent see a further appreciation of the yuan by 2-5 percent in the coming 12 months. Concerns about a trade war between China and the United States under President Donald Trump have also eased, with 30 percent seeing such a possibility in the current poll, compared with 40 percent in April. Trump is a businessman, said Liu Linxia, a LED TV maker. Hell make some noise, but not fight. Many shrugged off geo-political tensions in North Korea escalating into a possible conflict, with only one in five exporters polled concerned about this risk. (For graphic click: here ) Additional reporting by Christine Chan; Editing by Jacqueline Wong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-china-trade-cantonfair/china-factories-grapple-with-soaring-prices-as-pollution-crackdown-bites-idUSKBN1CM0ZO'|'2017-10-17T12:19:00.000+03:00'|8260.0|28.0|0.0|'' 8261|'5e363aa018ca15b7ce590ff631bf3b1e59dd81d3'|'Investor urges Power Corp to sell C$10 billion in assets'|'TORONTO (Reuters) - Power Corp of Canada ( POW.TO ) should offload a number of non-core assets that could fetch about C$10 billion ($7.9 billion), a shareholder told Reuters late on Monday, in a move he said would unlock shareholder value at the diversified holding company.FILE PHOTO: Power Corp. of Canada''s executives leave their office to attend the company''s annual shareholders'' meeting in Montreal, Quebec, Canada on May 10, 2007. Power Corp''s stock hit an all-time high in 2007. Power Corp shares are off about 16 percent in the last ten years. REUTERS/Shaun Best/File Photo Graeme Roustan, who owns less than 1 percent of Power Corp, said in a letter to the company chairman that the group should sell assets including its interests in Pargesa Holding SA ( PARG.S ), renewable energy unit Power Energy and asset manager China AMC, among others.The letter, which was reviewed by Reuters, did not mention the value of the assets to be offloaded.Roustan said in his letter that Power Corp is invested in too many unrelated sectors, with some portfolio holdings increasing risk rather than diversifying it.Montreal-based Power Corp, whose businesses span the insurance, asset management, renewable energy and media industries, told Reuters it planned to stick to its current diversification plan.(The non-financial services) investments represent an important element of our long-term diversification strategy, Power Corp spokesman Stphane Lemay said, adding that the value of these investments has risen 78 percent to C$3.2 billion in five years to the end of 2016.Lemay said the company received Roustans letter and has responded to him.Canadian companies are regularly being pushed for change by investors in a country that is seen as conducive for shareholder activism. Investors can call for a special meeting by acquiring a 5 percent stake.Roustan, the former chairman of Performance Sports Group Ltd, has in the past called for changes at Canadian drugmaker Aeterna Zentaris Inc ( AEZS.TO ). Power Corp, controlled by the Desmarais family, should form a special committee and hire an investment bank for the asset sales, said Roustan, who has also asked for a board seat.Power Corp, which has a C$13.6 billion market value, should use the asset sales proceeds to acquire companies in its core financial services sector, buy back shares or pay out a special dividend, Roustan said.Alongside its financial, energy and media investments, Power Corp also owns stakes in Great-West Lifeco ( GWO.TO ) and asset manager Mackenzie Investments via its unit Power Financial Corp ( PWF.TO ).The stock, which was little changed on Tuesday, has gained 9.5 percent since the start of the year, while the benchmark TSX has added 3.7 percent in the same period.Activists are increasingly seeking change even with small stakes. Last week, activist investor RBR Capital Advisors wanted Credit Suisse ( CSGN.S ) to float its asset management business and investment bank. RBR owned about 0.2 percent of Credit Suisse shares. ($1 = 1.2637 Canadian dollars)Reporting by John Tilak; Editing by Susan Thomas and Bill Rigby '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-powercorp-shareholders/investor-urges-power-corp-to-sell-c10-billion-in-assets-idINKBN1CT1UR'|'2017-10-24T15:15:00.000+03:00'|8261.0|''|-1.0|'' 8262|'787136c17164c4f0efaa434d07493a2aac0aeffc'|'Essilor expects further progress on Luxottica deal by year-end'|'October 24, 2017 / 5:48 AM / Updated 3 hours ago Essilor expects further progress on Luxottica deal by year-end Matthias Blamont 3 Min Read PARIS (Reuters) - Frances eyewear group Essilor said on Tuesday it was hoping to make further progress on its tie-up with Italian peer Luxottica, a $54 billion transaction currently being investigated by the European Commission over competition concerns. Lens producers Essilor'' s logo is seen in an optician shop in Paris, France, March 15, 2016. REUTERS/Philippe Wojazer Essilor, the worlds biggest opthalmic lenses manufacturer, also confirmed its 2017 outlook after posting stronger third quarter revenues, broadly in line with expectations. It had cut its annual revenue growth target in July, citing snags in China and Brazil. Essilor intends to build on the momentum of the third quarter between now and the end of this year while also making major strides in its proposed combination with Luxottica, Chief Executive Hubert Sagnieres said in a statement. The company gave no other details. Essilor and Luxottica, the maker of Ray-Ban sunglasses, agreed in January on a 46 billion euro ($54.11 billion) merger to create a global eyewear powerhouse with annual revenue of more than 15 billion euros. EU antitrust regulators opened a full-scale investigation related to the transaction in September, saying the deal could reduce competition in the ophthalmic lenses and eyewear market. Their conclusions are expected by the end of February next year. The move came after Luxottica and Essilor declined to offer concessions in a preliminary review. The merger has been approved by competition authorities in several countries including India, Japan and New Zealand but still needs clearance in North America and Europe. Essilor said sales in the quarter ended September were up 2.5 percent on an organic basis to 1.75 billion euros ($2.1 billion). Analysts polled by Reuters had on average been expecting revenues of 1.77 billion euros. Sales in North America were up 2.3 percent to 658 million euros despite the passage in September of hurricanes such as Irma which led to several shop closures in the United States. Luxottica reported weaker-than-expected third-quarter sales on Tuesday after it was forced to close some 570 shops in Texas, Florida and Puerto Rico. (This story has been refiled to fix typographical error in first paragraph) Reporting by Matthias Blamont; Editing by Sudip Kar-Gupta '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-essilor-results/essilor-expects-further-progress-on-luxottica-deal-by-year-end-idUKKBN1CT0HX'|'2017-10-24T08:40:00.000+03:00'|8262.0|''|-1.0|'' 8263|'4b35b19e208d76ff15a366daa77533d619a62413'|'Activist RBR wants Credit Suisse to float asset management unit, investment bank -presentation'|'ZURICH, Oct 19 (Reuters) - Activist investor RBR Capital Advisors wants Credit Suisse to float its asset management business and investment bank, according to a presentation reviewed by Reuters.The Swiss hedge fund went public this week with a campaign to break up Switzerlands second-biggest bank into an investment bank, an asset management group and a wealth manager accommodating its retail and corporate banking operations.In the presentation dated October 2017, RBR estimated a divided up Credit Suisse would be worth at least double the banks current market capitalisation of around 40 billion Swiss francs ($40.9 billion).The fund sees potential valuations of Credit Suisses independent wealth management arm at 62.5 billion francs, the investment bank at 15.6 billion and the asset management business at 6.8 billion.A spokesman for RBR declined to comment and said the fund will outline its strategy for Credit Suisse at the JP Morgan Robin Hood Investor Conference in New York on Friday.Credit Suisse has said it welcomes the views of shareholders but its focus is on the implementation of its current strategy.Credit Suisse is roughly two years into Chief Executive Tidjane Thiams three-year plan to focus on wealth management and rely less on investment banking.A demand to float the asset management business has not previously been reported, nor had the individual valuation estimates of the three Credit Suisse businesses.The Financial Times, which first reported the activist campaign on Monday, said RBR was seeking to float Credit Suisses investment bank.RBR wants Credit Suisse to list the investment bank, which it dubs First Boston 2.0, in either New York or London, according to the presentation seen by Reuters. Credit Suisse took control of U.S. investment bank First Boston in 1988.RBR, which is led by Rudolf Bohli, has taken a stake of only around 0.2 percent in Credit Suisse and faces a steep challenge to muster the backing needed to succeed in its campaign. ($1 = 0.9778 Swiss francs) (Editing by Rachel Armstrong/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/creditsuisse-rbr/activist-rbr-wants-credit-suisse-to-float-asset-management-unit-investment-bank-presentation-idINL8N1MU2WO'|'2017-10-19T09:21:00.000+03:00'|8263.0|''|-1.0|'' @@ -8286,7 +8286,7 @@ 8284|'ad2f9a2c4a83f91651fc7242d82f26092aead608'|'Bombardier to lay off 280 UK staff as part of global cuts'|'Belfast, Oct 26 (Reuters) - Bombardier Inc will cut 280 non-production jobs at its Belfast plant in Northern Ireland as part of 7,500 layoffs worldwide announced last year, the Canadian plane manufacturer said on Thursday.The jobs of the 4,200 workers at Bombardiers cutting-edge Belfast wing factory have been put under threat in recent weeks by a trade dispute with U.S. rival Boeing Co that led the United States to move to impose a potential 300 percent duty on Bombardiers CSeries next-generation passenger jet.However, Airbus deal this month to buy a majority stake in the CSeries gave the Canadian firm a possible way out of the trade row.Bombardier Belfast said in a statement the cuts in its support personnel were part of plans laid out last year to reduce its workforce by 10 percent through 2018, with most of the layoffs slated for its rail operations.The cuts on Thursday follow 95 redundancies announced at Bombardiers Northern Ireland operations last month.This highlights our concerns that the Airbus agreement secured in the last fortnight has not provided any long-term guarantees to Northern Ireland workers, Davy Thompson, who represents the plants workers for the Unite trade union, said in a statement. (Reporting by Padraic Halpin and Amanda Ferguson; Editing by Mark Potter) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'https://www.reuters.com/article/bombardier-belfast/bombardier-to-lay-off-280-uk-staff-as-part-of-global-cuts-idUSL8N1N15CD'|'2017-10-26T19:09:00.000+03:00'|8284.0|''|-1.0|'' 8285|'4f88804be140d584cf9df4da8bba1beb6cd7b7d6'|'Time running out for NAFTA talks, set to be extended - sources'|'October 15, 2017 / 5:57 PM / in 10 minutes Time running out for NAFTA talks, set to be extended - sources David Ljunggren , Dave Graham 3 Min Read FILE PHOTO - U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau walk from the Oval Office to the Residence of the White House in Washington, DC, U.S. on February 13, 2017. REUTERS/Kevin Lamarque/File Photo ARLINGTON, Va. (Reuters) - Negotiators at talks to modernize NAFTA are running out of time and look set to extend the remaining rounds in a bid to meet an end-year deadline as tensions rise, three sources familiar with the matter said on Sunday. The Trump administration, which is demanding big changes to the North American Free Trade Agreement, has presented a series of hard-line proposals that partners Canada and Mexico say will be tough to accept. Sources say neither nation will walk away from the talks, preferring instead to stay at the table and gradually work out what compromises they might be able to wrest from the U.S. side. Another challenge is a very tight negotiating schedule - described as insane by one official - with rounds every 12 days or so compared with gaps of several weeks seen in more traditional trade talks. There is too much work to do and not enough time, said one of the sources, who requested anonymity because of the sensitivity of the matter. Mexico''s Foreign Secretary Luis Videgaray speaks during a meeting at the Senate in Mexico City, Mexico October 10, 2017. REUTERS/Ginnette Riquelme The current round of talks in Arlington, Virginia, near Washington - the fourth in a planned series of seven - has been extended by two days to a full week, and the remaining three could also be lengthened, said two of the sources. Officials are also starting to look at possible dates for extra rounds early next year, they added. The three nations initially set an end-December deadline, citing the need to avoid a Mexican presidential election next year. Privately, officials now say that if the negotiations need to be extended, they could run till the end of February without causing too many problems. People briefed on the talks describe the atmosphere as very tense amid increasing doubts in Canada and Mexico about whether the Trump administration really wants a deal. U.S. negotiators have presented demands that would boost the North American content for autos, cut Mexican and Canadian access to government procurement, introduce a clause that could kill the deal in five years and end a trade dispute settlement system that has deterred U.S. antidumping cases. Although trade between the United States, Canada and Mexico has more than quadrupled since 1994, Trump blames the pact for hundreds of thousands of lost manufacturing jobs in the United States and a $64 billion trade deficit with Mexico. Writing by David Ljunggren; Editing by Jonathan Oatis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-trade-nafta/time-running-out-for-nafta-talks-set-to-be-extended-sources-idUKKBN1CK0RX'|'2017-10-15T20:57:00.000+03:00'|8285.0|''|-1.0|'' 8286|'9b5a80d739c915b4320058177380bf41b299794c'|'Creditors approached Puerto Rico with offers after Maria -official'|'NEW YORK, Oct 2 (Reuters) - Creditors approached Puerto Ricos government with offers surrounding the U.S. territorys bankruptcy after Hurricane Maria tore through the island last month, but federal aid remains the top priority, a Puerto Rico official said on Monday.Any offer well review it, and well discuss it with the oversight board and their advisors, said Christian Sobrino, Governor Ricardo Rossellos official liaison to the federally appointed Financial Oversight and Management Board. The board is charged with helping Puerto Rico craft and follow a blueprint for the financial recovery from its massive debt crisis. (Reporting by Stephanie Kelly; editing by Grant McCool) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-puertorico-board/creditors-approached-puerto-rico-with-offers-after-maria-official-idINL2N1MD1ZW'|'2017-10-02T19:10:00.000+03:00'|8286.0|''|-1.0|'' -8287|'99eb5c5f72acfc699e9aeb25dede1e4cee522b04'|'CSX resumes rail operations to U.S. Gulf Coast areas following Nate'|'October 9, 2017 / 3:39 PM / Updated 16 minutes ago CSX resumes rail operations to U.S. Gulf Coast areas following Nate Reuters Staff 1 Min Read Oct 9 (Reuters) - CSX Corp said on Monday it has fully resumed operations into New Orleans, Louisiana and other U.S. Gulf Coast areas following the landfall of Hurricane Nate over the weekend. The No. 3 U.S. railroad said Nate, the fourth major storm to hit the United States in less than two months, caused minimal impact to its rail network. Reporting by Eric M. Johnson in Seattle'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-nate-csx/csx-resumes-rail-operations-to-u-s-gulf-coast-areas-following-nate-idUSL2N1MK0MF'|'2017-10-09T18:39:00.000+03:00'|8287.0|''|-1.0|'' +8287|'99eb5c5f72acfc699e9aeb25dede1e4cee522b04'|'CSX resumes rail operations to U.S. Gulf Coast areas following Nate'|'October 9, 2017 / 3:39 PM / Updated 16 minutes ago CSX resumes rail operations to U.S. Gulf Coast areas following Nate Reuters Staff 1 Min Read Oct 9 (Reuters) - CSX Corp said on Monday it has fully resumed operations into New Orleans, Louisiana and other U.S. Gulf Coast areas following the landfall of Hurricane Nate over the weekend. The No. 3 U.S. railroad said Nate, the fourth major storm to hit the United States in less than two months, caused minimal impact to its rail network. Reporting by Eric M. Johnson in Seattle'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/storm-nate-csx/csx-resumes-rail-operations-to-u-s-gulf-coast-areas-following-nate-idUSL2N1MK0MF'|'2017-10-09T18:39:00.000+03:00'|8287.0|18.0|0.0|'' 8288|'faf912288cee81850fdd5eb4c27f54b8166606c9'|'Hilton to add 29 hotels to its chain in Africa over five years'|'October 5, 2017 / 10:38 AM / Updated 3 hours ago Hilton to add 100 hotels to its chain in Africa over five years Reuters Staff 2 Min Read The logo of Hilton hotel is seen in Batumi, Georgia, May 2, 2016. REUTERS/David Mdzinarishvili/File Photo NAIROBI (Reuters) - Hilton Worldwide Holdings Inc. ( HLT.N ) plans to spend $50 million over the next five years to add 100 hotels to its chain in Africa, it said on Thursday, joining other chains keen to tap growing business and international travel on the continent. One property will open in the Kenyan capital Nairobi by the end of this year and another in the Rwandan capital Kigali in 2018, it said in a statement. There was 11 percent growth in Sub-Saharan African tourism in the past year, according to data from the U.N. World Tourism Organisation. Hilton said the remaining additions to its 39 existing African properties would be operational within the next five years. The model of converting existing hotels into Hilton branded properties has proved highly successful in a variety of markets and we expect to see great opportunities to convert hotels to Hilton brands through this initiative, said Patrick Fitzgibbon, Hiltons senior vice president for development in Europe, Middle East and Africa. Earlier this week, Hyatt Hotels & Resorts said it would open six new hotels on the continent by 2020. (This version of the story has been refiled to add full name of company in first paragraph) Reporting by George Obulutsa; Editing by Mark Potter '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-africa-hilton/hilton-to-add-29-hotels-to-its-chain-in-africa-over-five-years-idUSKBN1CA12S'|'2017-10-05T13:38:00.000+03:00'|8288.0|''|-1.0|'' 8289|'7be2ae1785141cfb2635ae58ea6d2c259c8b4a96'|'France to lead investigation into A380 engine explosion'|'PARIS, Oct 3 (Reuters) - Frances air accident investigation agency said on Tuesday it would lead the investigation into an engine explosion that led to the emergency landing of an Air France A380 superjumbo in Canada with over 500 people on board on Saturday.The decision to hand control to the BEA ends a three-day hiatus after Reuters reported that Canada, France and the United States were debating who should lead the probe into the accident, which took place over Greenland.The Airbus passenger jet landed safely in Goose Bay in Labrador after declaring mayday and diverting from its scheduled flight path en route to Los Angeles from Paris. (Reporting by Tim Hepher; Editing by Geert De Clercq) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/air-france-canada/france-to-lead-investigation-into-a380-engine-explosion-idINL8N1ME5D3'|'2017-10-03T17:20:00.000+03:00'|8289.0|''|-1.0|'' 8290|'4b66042f17d864128a66d995fd46f3176a5811be'|'CWA union to oppose Sprint, T-Mobile deal over job losses'|'October 24, 2017 / 6:57 PM / Updated 38 minutes ago CWA union to oppose Sprint, T-Mobile deal over job losses Reuters Staff 3 Min Read WASHINGTON (Reuters) - The 700,000-member Communications Workers of America (CWA) union said on Tuesday it would oppose a deal to merge wireless carriers Sprint ( S.N ) and T-Mobile, arguing that such a move would cost tens of thousands of jobs in the United States. A Sprint sign is seen on top of a Sprint retail store in Manhattan, New York, U.S., September 22, 2017. REUTERS/Amr Alfiky The companies are expected to announce an agreement in the first half of November to create a company that would have more than 130 million U.S. subscribers, just behind Verizon Communications Inc ( VZ.N ) and AT&T Inc ( T.N ). The deal would have to be approved by the Federal Communications Commission and the Justice Departments Antitrust Division. The union cited a 2016 study by Craig Moffett of MoffettNathanson Research which showed that some 20,000 people could lose their jobs if a deal went through. Allowing Sprint and T-Mobile to merge guarantees the loss of tens of thousands of U.S. jobs that would result from store closures and the consolidation of administrative work, Shelton said. One of the FCCs responsibilities is to ensure that mergers and other corporate actions are in the public interest. The massive job loss that this merger would cause is not in the public interest, he said. The CWA also estimated that T-Mobile has 10,000 people working in 17 U.S. call centers whose jobs could move overseas if a deal is approved, union spokeswoman Candice Johnson said. The FCC may take job losses into consideration when reviewing a merger. Job losses are not considered in an antitrust review. Sprint declined to comment while T-Mobile did not respond to a request for comment. The two companies had contemplated a merger in early 2014 but scrapped the idea after initial meetings with high-level officials at the FCC and Justice Department, who had said it was unapproveable. Many of the staffers who were in the Justice Departments Antitrust Division in 2014 remain in place, and will be skeptical of the tie-up this time, sources have told Reuters. But the final decision will be made by political appointees who have changed since President Donald Trump took office. Japans SoftBank Group Corp ( 9984.T ) controls Sprint while T-Mobiles majority owner is Deutsche Telekom AG ( DTEGn.DE ). Reporting by Diane Bartz; Editing by Paul Simao'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-sprint-corp-m-a-t-mobile-us/cwa-union-to-oppose-sprint-t-mobile-deal-over-job-losses-idUSKBN1CT2QY'|'2017-10-24T21:55:00.000+03:00'|8290.0|''|-1.0|'' @@ -8332,7 +8332,7 @@ 8330|'366e3d5189e79c1c1381940ffd4ef5c6f27e5f12'|'CenturyLink says U.S. regulator approves its $24 billion Level 3 deal'|'WASHINGTON (Reuters) - Telecommunications provider CenturyLink Inc ( CTL.N ) said on Monday that it had won anti-trust approval from the U.S. Federal Communications Commission for its purchase of Level 3 Communications Inc ( LVLT.N ).CenturyLink said last year it would buy Level 3 in a deal valued at about $24 billion. It is seeking to expand its reach in the business communications market and compete with rivals such as AT&T Inc ( T.N ) and Verizon Communications Inc ( VZ.N ). CenturyLink said in a statement it had received all needed approvals and planned to close the deal on Wednesday.The deal, three people briefed on the matter said, could effectively make it easier for other large transactions to win approval.The U.S. Justice Department approved the tie-up this month with some conditions, including some divestitures. It was not immediately clear what conditions the FCC imposed, but it does include some divestitures.The three people said the Republican majority decision could rewrite the standard by which the FCC reviews future mergers -- a shift that could make it easier for other large media and telecommunications mergers to win approval.The FCC is currently considering whether to approve Sinclair Broadcast Groups ( SBGI.O ) proposed $3.9 billion acquisition of Tribune Media Co RCO.N that has drawn fire from across the political spectrum. Critics say the FCC has taken a number of regulatory actions to boost Sinclair.It has reached a point where all our media policy decisions seem to be custom built for this one company, FCC Commissioner Jessica Rosenworcel, a Democrat, said of the Sinclair deal at a congressional hearing last week.The FCC has traditionally employed a balancing test weighing potential public interest harms against any potential public interest benefits and applicants bear the burden of proof.The three people briefed on the matter said the FCC approval of CenturyLinks Level 3 deal offered a more limited standard of review that would use narrowly tailored transaction-specific conditions to remedy harms.FCC spokesman Neil Grace declined to comment.FCC Commissioner Mignon Clyburn dissented and said the Republican majority radically alters the commissions long-standing merger review standards, her office said.Commission Republicans have pushed to halt the practice of demanding conditions or concessions from companies seeking to merge that are not directly related to the transaction.FCC Chairman Ajit Pai, who was in the minority during the Obama administration, last year criticized how badly broken the current merger review process has become at the FCC how rife it is with fact-free, dilatory, politically motivated, non-transparent decision-making.Reporting by David Shepardson; Editing by Lisa Von Ahn and Susan Thomas '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-level-3-communi-m-a-centurylink/u-s-fcc-approves-centurylink-acquisition-of-level-3-source-idINKBN1CZ25V'|'2017-10-30T14:31:00.000+02:00'|8330.0|''|-1.0|'' 8331|'bdfd40805a9c16e3e58d6ec8da70217a66c1b64e'|'German, French prompt prices down on anticipated wind power influx'|'October 19, 2017 / 7:33 AM / Updated 6 minutes ago German, French prompt prices down on anticipated wind power influx Reuters Staff 1 Min Read Power-generating windmill turbines are pictured at the ''Amrum Bank West'' offshore windpark in the northern sea near the island of Amrum, Germany September 4, 2015. REUTERS/Morris Mac Matzen FRANKFURT (Reuters) - European spot power prices in the wholesale market on Thursday lost ground as bearish wind power output projections coincided with lower demand ahead of the weekend. German day-ahead baseload electricity was down 18 percent at 37.75 euros ($44.60) a megawatt hour (MWh) TRDEBD1 while the equivalent French contract was down 6.8 percent at 51.75 euros TRFRBD1. Thomson Reuters forecasts for German wind power output were for levels of 11 gigawatts (GW) day-on-day to Friday, double the production volume expected for Thursday, and ahead of high weekend levels and probably high volumes again next working week. Power demand on Friday will likely fall in the two interconnected power markets of Germany and France by 600 megawatts (MW), the data also showed. ($1 = 0.8465 euros) Reporting by Vera Eckert; Editing by Greg Mahlich 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europepower-spot-prices/german-french-prompt-prices-down-on-anticipated-wind-power-influx-idUKKBN1CO0T2'|'2017-10-19T10:32:00.000+03:00'|8331.0|''|-1.0|'' 8332|'5643d9a8f3aa8bf1615895b0508e33314a3492a9'|'Telecom Italia and Vivendi''s Canal+ agree content joint venture'|'MILAN (Reuters) - The board of Telecom Italia (TIM) has approved the creation of a joint venture with French media group Vivendis pay-TV unit Canal+, strengthening the link between the Italian phone group and its biggest shareholder.FILE PHOTO: A Telecom Italia tower is pictured in Rome, Italy, March 22, 2016. REUTERS/Stefano Rellandini/File Photo Pooling resources will allow Canal+ and TIM to drive a harder bargain in the content war with bigger rivals such as Netflix and Amazon.It will also step up the convergence between TV content and distribution that is at the heart of the strategy pursued by Vivendi, which holds a 24 percent stake in TIM, to create a southern European media empire.The joint venture with Canal+ will in fact allow us to seize new opportunities for growth in a market undergoing continuous evolution through a commercial offer of fiber connectivity combined with premium video content, TIM Chief Executive Amos Genish said in a statement.TIM will have a 60 percent stake in the joint venture, with Vivendis Canal+ holding the remaining 40 percent. The ventures board will have five members, three appointed by TIM and two by Canal+, while its chief executive will be chosen from among the TIM-appointed directors.One source close to the matter told Reuters last week that Mediaset could become part of the joint venture at a later stage, also as a way to help to settle a dispute between the Italian broadcaster and Vivendi.Vivendi and Mediaset have been at loggerheads since July last year, when Vivendi pulled out of an 800 million euro ($942 million) contract that would have given it full control of Mediasets pay-TV arm Premium, saying the units business plan was unrealistic.The French group also received the strongest sign yet that Rome intends to rein in Vivendis growing influence over former state phone monopoly TIM, announcing this week that it wants a say in TIMs decisions regarding assets of national interest.TIM said on Friday that, while it shared Romes worries about the protection of national security and defense interests, it would examine the governments decisions and measures it is asked to implement in greater depth.The company plans, irrespective of any further evaluation in legal terms, to engage in all useful discussions with a spirit of full collaboration, it added.Reporting by Agnieszka Flak and Francesca Landini; Editing by David Goodman '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-telecomitalia-vivendi-canal/telecom-italia-and-vivendis-canal-agree-content-joint-venture-idINKBN1CP2GY'|'2017-10-20T16:18:00.000+03:00'|8332.0|''|-1.0|'' -8333|'519fcdc49d772a8f0769d93c375360cd4aea5be6'|'Japan August core machinery orders rise in signs of pick-up in capex'|'October 11, 2017 / 1:31 AM / Updated 12 hours ago Japan August core machinery orders rise in signs of pick-up in capex Tetsushi Kajimoto 4 Min Read Heavy machineries are seen next to a subway train at a construction site in Tokyo, Japan, March 13, 2016. REUTERS/Yuya Shino TOKYO (Reuters) - Japans core machinery orders rose for a second straight month in August, handily beating market expectations, signaling a pickup in capital expenditure that should encourage Prime Minister Shinzo Abe ahead of a general election this month. The premier hopes to convince voters in the Oct.22 elections that his Abenomics recipe of aggressive monetary stimulus, fiscal spending and reform plans has improved the economy enough to stoke a sustainable recovery. Cabinet Office data showed on Wednesday that core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, rose 3.4 percent on-month in August. That beat the median estimate of a 1.1 percent increase seen in a Reuters poll of economists, following an 8.0 percent gain in July. The value of core orders, which exclude those of ships and utilities electrical power equipment, stood at 882.4 billion yen ($7.86 billion), the highest since July 2016. There are uncertainties such as the outlook for U.S. President Donald Trumps trade policy, North Korea, and Japans political risks, but conditions surrounding capital spending remain basically favorable, said Takeshi Minami, chief economist at Norinchukin Research Institute.Capital expenditure will perform well in the coming one to two years. Analysts expect capital expenditure to pick up gradually, backed by refurbishing demand, infrastructure investment for the 2020 Tokyo Olympic Games, and spending on labor-saving equipment, as well as spending encouraged by low borrowing costs enabled by the Bank of Japans negative interest rate policy. The current level of orders remains consistent with a further increase in capital spending last quarter, Marcel Thieliant, senior Japan economist at Capital Economics noted in a report. The continued recovery in capital goods shipments excluding transport equipment also suggests that the expansion in investment spending remains intact. Orders from manufacturers jumped 16.1 percent month-on-month in August, driven by general-purpose production machinery such as machine tools, while service-sector orders grew 3.1 percent, led by orders for boilers and turbines. The Cabinet Office raised its assessment of machinery orders from stalling to showing signs of pick-up. Overseas orders, which are not counted as core orders, grew 11.5 percent in August, due to some big-ticket orders including power generators and aircraft. The BOJs closely-watched quarterly tankan survey showed last week that big firms plan to increase capital spending by 7.7 percent in the current fiscal year ending in March 2018, underscoring the view business expenditure is on a firm footing. A sustained recovery in business expenditure should support the central banks view that a virtuous circle of private sector-led growth will take hold in the economy. Still, wage growth and inflation remain stubbornly low despite recent signs of rebounding private consumption, keeping the BOJ under pressure to maintain its massive monetary stimulus. Reporting by Tetsushi Kajimoto; Editing by Eric Meijer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-japan-economy-orders/japan-august-core-machinery-orders-rise-in-signs-of-pick-up-in-capex-idINKBN1CG045'|'2017-10-11T03:46:00.000+03:00'|8333.0|''|-1.0|'' +8333|'519fcdc49d772a8f0769d93c375360cd4aea5be6'|'Japan August core machinery orders rise in signs of pick-up in capex'|'October 11, 2017 / 1:31 AM / Updated 12 hours ago Japan August core machinery orders rise in signs of pick-up in capex Tetsushi Kajimoto 4 Min Read Heavy machineries are seen next to a subway train at a construction site in Tokyo, Japan, March 13, 2016. REUTERS/Yuya Shino TOKYO (Reuters) - Japans core machinery orders rose for a second straight month in August, handily beating market expectations, signaling a pickup in capital expenditure that should encourage Prime Minister Shinzo Abe ahead of a general election this month. The premier hopes to convince voters in the Oct.22 elections that his Abenomics recipe of aggressive monetary stimulus, fiscal spending and reform plans has improved the economy enough to stoke a sustainable recovery. Cabinet Office data showed on Wednesday that core orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, rose 3.4 percent on-month in August. That beat the median estimate of a 1.1 percent increase seen in a Reuters poll of economists, following an 8.0 percent gain in July. The value of core orders, which exclude those of ships and utilities electrical power equipment, stood at 882.4 billion yen ($7.86 billion), the highest since July 2016. There are uncertainties such as the outlook for U.S. President Donald Trumps trade policy, North Korea, and Japans political risks, but conditions surrounding capital spending remain basically favorable, said Takeshi Minami, chief economist at Norinchukin Research Institute.Capital expenditure will perform well in the coming one to two years. Analysts expect capital expenditure to pick up gradually, backed by refurbishing demand, infrastructure investment for the 2020 Tokyo Olympic Games, and spending on labor-saving equipment, as well as spending encouraged by low borrowing costs enabled by the Bank of Japans negative interest rate policy. The current level of orders remains consistent with a further increase in capital spending last quarter, Marcel Thieliant, senior Japan economist at Capital Economics noted in a report. The continued recovery in capital goods shipments excluding transport equipment also suggests that the expansion in investment spending remains intact. Orders from manufacturers jumped 16.1 percent month-on-month in August, driven by general-purpose production machinery such as machine tools, while service-sector orders grew 3.1 percent, led by orders for boilers and turbines. The Cabinet Office raised its assessment of machinery orders from stalling to showing signs of pick-up. Overseas orders, which are not counted as core orders, grew 11.5 percent in August, due to some big-ticket orders including power generators and aircraft. The BOJs closely-watched quarterly tankan survey showed last week that big firms plan to increase capital spending by 7.7 percent in the current fiscal year ending in March 2018, underscoring the view business expenditure is on a firm footing. A sustained recovery in business expenditure should support the central banks view that a virtuous circle of private sector-led growth will take hold in the economy. Still, wage growth and inflation remain stubbornly low despite recent signs of rebounding private consumption, keeping the BOJ under pressure to maintain its massive monetary stimulus. Reporting by Tetsushi Kajimoto; Editing by Eric Meijer 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-japan-economy-orders/japan-august-core-machinery-orders-rise-in-signs-of-pick-up-in-capex-idINKBN1CG045'|'2017-10-11T03:46:00.000+03:00'|8333.0|29.0|0.0|'' 8334|'f14e1fbaa8fd0ab39f370e74d50d589c26dac35e'|'Wall Street loves electric cars, America loves trucks'|'October 27, 2017 / 5:48 AM / Updated 18 minutes ago Wall Street loves electric cars, America loves trucks Paul Lienert , Joseph White 5 Min Read DETROIT (Reuters) - Wall Street may love the shares of Silicon Valley electric carmaker Tesla Inc ( TSLA.O ), but Americans love big, fuel-thirsty trucks like Ford Motor Cos ( F.N ) bestselling F-Series pickups and are paying ever higher prices to buy them. Joe Hinrichs, Executive VP and President, The Americas for Ford, introduces the 2017 Ford F-150 Raptor pickup truck at the North American International Auto Show in Detroit, January 11, 2016. REUTERS/Mark Blinch The auto industry is at a crossroads, with the future of legacy automakers like Ford, General Motors Co ( GM.N ) and Fiat Chrysler Automobiles NV ( FCHA.MI ) uncertain as governments float proposals to ban internal combustion engines over the next two decades. But in the present, consumer enthusiasm for trucks and sport utility vehicles is strong, especially in the United States. And that is providing Ford, GM and other established automakers with billions in cash to mount a challenge to Tesla. Tesla has ambitions to boost annual sales to 500,000 vehicles a year. But it is wrestling with the sort of production problems that old-line automakers have largely put behind them, and has reported a net loss of $666.7 million through the first six months of 2017. Analysts expect the company to post a third quarter net loss of $380.4 million when it reports results next Wednesday. Electric cars are money losers, which explains why global automakers have been slow to roll them out until now. But regulatory and consumer pressures are forcing established automakers to put more electric vehicles in their fleets over the next several years. In a cash-intensive industry, profits from pickups and SUVs may give them a competitive edge. Ford said on Thursday that the average price of one of its F-series pickups rose $2,800 to an average $45,400 a truck in the third quarter. Sales of F-series trucks, which range from spartan work trucks to Platinum models with the features - and price tags - of a European luxury sedan, were up nearly 11 percent to 658,636 vehicles for the first nine months of this year. GM has driven its share price up nearly 30 percent so far in 2017 as Chief Executive Mary Barra has talked up plans for putting self-driving, electric Chevrolet Bolts into ride services fleets within a few quarters. Barra told investors on Tuesday improved profit margins on trucks were one of the big drivers of the overall 8.3 percent margins in the automakers North American business during the latest quarter. GM has forecast free cash flow for the full year of roughly $6 billion. That is $1 billion less than forecast earlier this year, but strong enough to fund the companys promise to develop 20 more electric vehicles by 2023 and send $7 billion back to shareholders. Tesla Model 3 cars are seen as Tesla holds an event at the factory handing over its first 30 Model 3 vehicles to employee buyers at the company''s Fremont facility in California, U.S., July 28, 2017. Courtesy Tesla/Handout via REUTERS GM, which emerged from a government funded bankruptcy eight years ago, now has $31.4 billion in available funds, including $17.3 billion in cash. Ford lags behind GM in sales of battery electric models, but the company has said it will spend $5 billion developing battery electric and hybrid models. Fords new Chief Executive Officer Jim Hackett has said the plans include shifting $500 million into electric vehicle development from internal combustion projects. Fords share price has been flat for the year as the No. 2 U.S. automaker ushered out former CEO Mark Fields. Still, it had $28 billion in cash and marketable securities as of Sept. 30. Automakers also are becoming more confident they can make money on electric cars as battery costs come down. Volkswagen AGs ( VOWG_p.DE ) Audi brand is gearing up a fleet of electric models that the company expects will account for 25 percent of sales by 2025. In the United States, Audi plans to launch an electric SUV in the sweet spot of the market in 2019, Scott Keogh, head of Audis U.S. operations, told Reuters on Thursday. Sales of Audis current lineup of SUVs pay for what we want to do, which is lead the future, Keogh said. Renault SA ( RENA.PA ) Chief Executive Carlos Ghosn expressed confidence earlier this month that electric cars will become a significant contributor to our performance. Tesla, by comparison to its legacy rivals, is market value rich, and cash poor. It had $3 billion in cash on hand at the end of the second quarter, and some analysts predict the automaker will have to raise more to cover the expected cash drain from the slow launch of the Model 3, which is lower priced than other Teslas and aimed at the market for $35,000 to $45,000 cars. Tesla Chief Executive Elon Musk has outlined ambitious plans to expand its network of factories and service facilities, including potentially an assembly plant in China and up to three more electric battery Gigafactories. He told investors in July the company could sell more shares to fund that expansion. Im sure there will be some funding rounds that happen in the future, he said. Reporting by Joe White; Editing by Tom Brown '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ford-motor-results-tesla-analysis/wall-street-loves-electric-cars-america-loves-trucks-idUKKBN1CW0EZ'|'2017-10-27T08:49:00.000+03:00'|8334.0|''|-1.0|'' 8335|'831ca74211500ff73d45454680a07650c76ea72b'|'Monte dei Paschi shares to resume trading after 10-month halt'|'October 24, 2017 / 8:52 AM / Updated 23 minutes ago Monte dei Paschi shares to resume trading after 10-month halt Reuters Staff 3 Min Read MILAN (Reuters) - Monte dei Paschi di Siena shares will resume trading on Wednesday, after a failed attempt by Italys fourth-largest bank to raise capital triggered a 10-month suspension. The entrance of Monte Dei Paschi di Siena is seen in San Gusme near Siena, Italy, September 29, 2016. REUTERS/Stefano Rellandini The worlds oldest bank had to turn to Rome for help in December 2016 after failing to find buyers for a 5 billion euro ($6 billion) share issue needed to keep it afloat. Weakened by mismanagement, a derivatives scandal and bad loans, Monte dei Paschi was at the center of Italys banking crisis and its rescue removed the biggest threat to the countrys financial system. Monte dei Paschi said on Tuesday that Italys market watchdog had approve a prospectus for the re-listing. The banks stock is seen trading below the 6.49 euro price paid by the state in August, when it injected 3.85 billion euros for a 52.2 percent stake. Traders have said the stock may well fall below the 4.28 euro level at which it was valued last month during an auction held to set the payment due to investors who bought insurance against the banks default. Italys stock exchange said there would be no initial reference price and orders without price limits would be banned. At 4.28 euros per share, Italian taxpayers would be looking at a paper loss of 1.3 billion euros, while the potential loss is even larger for former junior bondholders, whose debt has been converted into equity due to European rules that require investors to take some losses before the state can step in. Monte dei Paschi raised 4.47 billion euros through the conversion, in which shares were priced at 8.65 euros each. A price of 3.5 euros would value Monte dei Paschi at 0.41 times its assets, broadly comparable to that at which rivals such as Banco BPM and Popolare Emilia trade. Retail bondholders hit by the conversion are being compensated by the state, which is buying their shares in exchange for Monte dei Paschis senior debt. The bank said the exchange offer was expected to run from Oct. 30 to Nov. 17. To clear the bailout, Monte dei Paschi agreed with European authorities a restructuring plan that envisages cutting 5,500 job and selling 26 billion euros in bad debts to reach a net profit of more than 1.2 billion euros in 2021. Reporting by Valentina Za and Stephen Jewkes; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-montepaschi-stocks/monte-dei-paschi-shares-to-resume-trading-after-10-month-halt-idUKKBN1CT10L'|'2017-10-24T11:52:00.000+03:00'|8335.0|''|-1.0|'' 8336|'9b7d7d061db034179cc51e06ea9f640e71032496'|'Exclusive - China offers to buy 5 percent of Saudi Aramco directly: sources'|'October 16, 2017 / 1:47 PM / in 4 minutes Exclusive - China offers to buy 5 percent of Saudi Aramco directly: sources Rania El Gamal , Alex Lawler 6 Min Read FILE PHOTO: Visitors are seen at the Saudi Aramco stand at the Middle East Process Engineering Conference & Exhibition in Manama, Bahrain, October 9, 2016. REUTERS/Hamad I Mohammed/File photo DUBAI/LONDON (Reuters) - China is offering to buy up to 5 percent of Saudi Aramco directly, sources said, a move that could give Saudi Arabia the flexibility to consider various options for its plan to float the worlds biggest oil producer on the stock market. Chinese state-owned oil companies PetroChina ( 0857.HK ) and Sinopec ( 0386.HK ) have written to Saudi Aramco in recent weeks to express an interest in a direct deal, industry sources told Reuters. The companies are part of a state-run consortium including Chinas sovereign wealth fund, the sources say. Saudi Arabias Crown Prince Mohammed bin Salman said last year the kingdom was considering listing about 5 percent of Aramco in 2018 in a deal that could raise $100 billion (75.2 billion), if the company is valued at about $2 trillion as hoped. The Chinese want to secure oil supplies, one of the industry sources said. They are willing to take the whole 5 percent, or even more, alone. PetroChina and Sinopec declined to comment. The initial public offering (IPO) of Saudi Aramco is the centrepiece of an economic reform plan to diversify the Saudi economy beyond oil and it would also provide a welcome boost to the kingdoms budget which has been hit by low oil prices. But the IPO plan has created public misgivings that Riyadh is relinquishing its crown jewels to foreigners cheaply at a time of low oil prices. Some Aramco employees would like the whole idea to be shelved, sources say. Internal disagreements between what some advisers recommend and what the crown prince wants have delayed several key decisions about the IPO, industry sources said. The sources also point to disagreements between senior government officials, with some pushing only to list Aramco locally or to delay the IPO beyond 2018 when they hope oil prices will have stabilised at $55 to $60 a barrel. A range of options, for the public listing of Saudi Aramco, continue to be held under active review. No decision has been made and the IPO process remains on track, said a Saudi Aramco spokesman. Industry sources said the sale of a significant stake to Chinese firms was one of several options being considered by the kingdom as it weighs the benefits of a public listing. One option includes selling some stock immediately to so-called cornerstone investors, such as China, and then selling shares on the local bourse as well as an international stock exchange, with New York, London and Hong Kong in the running. CORNERSTONE INVESTOR Visitors are seen at the Saudi Aramco stand at the Middle East Process Engineering Conference & Exhibition in Manama, Bahrain, October 9, 2016. REUTERS/Hamad I Mohammed Two senior industry sources said Riyadh was keen on China, its biggest buyer of oil, becoming a cornerstone investor in Aramco. But no decision has yet been taken on whether to accept Chinas offer, or how much stock could be offered to cornerstone investors, the sources said. China is creating a consortium made up of state-owned oil firms, banks and its sovereign wealth fund to act as a cornerstone investor in the IPO, people with knowledge of the discussions told Reuters in April. Sources told Reuters on Friday that Saudi Aramco was now evaluating a private placement of shares to a Chinese investor as a precursor to an international IPO, which could be delayed beyond 2018. But allowing China to buy 5 percent would effectively mean cancelling the IPO altogether, which is an unlikely outcome, one of the sources said. Sources said postponing the listing would be the least preferred option, given the preparations that have been already done and the determination of Prince Mohammed, who is expected to be the next king, to proceed with the listing. Two sources told Reuters that sovereign wealth funds from South Korea and Japan, which are also major buyers of Saudi oil, were also interested in acquiring a stake in Aramco. One of the sources said Russias sovereign wealth fund RDIF was keen to invest in the Aramco IPO too. Any alliance between Saudi Arabia and China could go beyond the purchase of a stake in Aramco and also include a reciprocal move by the Saudi company to invest in the Chinese refining industry, according to industry sources. That would fit in with a push by the worlds top oil exporter to regain its dominance in supplying China, the worlds second largest oil consumer after the United States, having lost the upper hand to Russia this year. Saudi Energy Minister Khalid al-Falih said in August that he expected to finalise a deal with PetroChina early next year to invest in the Yunnan oil refinery in Chinas southwest that started operations in July. Such a move would help Aramco secure a share of crude supply starting in 2018 to the plant, which processes 260,000 barrels of oil a day (bpd). Talks are focusing on finalising the size of the investment and getting final approval from Aramcos board for the valuation of the Yunnan venture, industry sources said. Saudi exports could also receive a boost through a separate supply pact with the state-run China National Offshore Oil Corp which is starting a new 200,000 (bpd) plant in southern China. Editing by Dmitry Zhdannikov and David Clarke 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-saudi-aramco-ipo-china/exclusive-china-offers-to-buy-5-percent-of-saudi-aramco-directly-sources-idUKKBN1CL1WX'|'2017-10-16T16:49:00.000+03:00'|8336.0|''|-1.0|'' @@ -8410,10 +8410,10 @@ 8408|'1c18d29bdc728a6ed0fb2e8abfd4093053655e56'|'Mobile-app errors expose data on 180 mln phones -security firm'|'November 9, 2017 / 2:00 PM / Updated 6 minutes ago Mobile-app errors expose data on 180 mln phones -security firm Stephen Nellis 3 Min Read Nov 9 (Reuters) - Up to 180 million smart phone owners are at risk of having some of their text messages and calls intercepted by hackers because of a simple coding error in at least 685 mobile apps, cyber-security firm Appthority warned on Thursday. Developers mistakenly coded credentials for accessing services provided by Twilio Inc, said Appthoritys director of security research, Seth Hardy. Hackers could access those credentials by reviewing the code in the apps, then gain access to data sent over those services, he said. The findings highlight new threats posed by the increasing use of third-party services such as Twilio that provide mobile apps with functions like text messaging and audio calls. Developers can inadvertently introduce security vulnerabilities if they do not properly code or configure such services. This isnt just limited to Twilio. Its a common problem across third-party services, Hardy said. We often notice that if they make a mistake with one service, they will do so with other services as well. Many apps use Twilio to send text messages, process phone calls and handle other services. Hackers could access related data if they log into the developer accounts on Twilio, Hardy said. The mistakes were caused by developers, not Twilio, Hardy said. Twilios website warns developers that leaving credentials in apps could expose their accounts to hackers. Twilio spokesman Trak Lord said the company has no evidence that hackers used credentials coded into apps to access customer data but that it was working with developers to change the credentials on affected accounts. The vulnerability only affects calls and texts made inside of apps that use messaging services from Twilio, including some business apps for recording phone calls, according to Appthoritys report. Credentials for back-end services like Twilio are coveted by hackers because developers often reuse their accounts to build multiple apps. In a survey of 1,100 apps, Appthority found 685 problem apps that were linked to 85 affected Twilio accounts. That suggests the theft of credentials for one apps Twilio account could pose a security threat to all users of as many as eight other apps. Appthority said it also warned Amazon.com Inc that it had found credentials for at least 902 developer accounts with cloud-service provider Amazon Web Services in a scan of 20,098 different apps. Those credentials could be used to access app user data stored on Amazon, Hardy said. A representative with Amazon declined comment. (Reporting by Stephen Nellis; Editing by Jim Finkle and Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/cyber-mobile-vulnerability/mobile-app-errors-expose-data-on-180-mln-phones-security-firm-idUSL1N1NE27Y'|'2017-11-09T16:00:00.000+02:00'|8408.0|''|-1.0|'' 8409|'315703c15015d8f41157418b8a2f1bea2a9fe140'|'REFILE-Loblaw''s third-quarter profit more than doubles'|' 45 AM / Updated 19 minutes ago REFILE-Loblaw''s third-quarter profit more than doubles Reuters Staff 1 Min Read (Adds dropped word than in headline) Nov 15 (Reuters) - Canadian grocery and pharmacy chain Loblaw Cos Ltd on Wednesday said its quarterly profit more than doubled, partly helped by a post-tax gain of C$432 million ($339 million). Net profit attributable to shareholders rose to C$886 million, or C$2.24 per share, in the third quarter ended Oct. 7, from C$422 million, or C$1.03 per share, a year earlier. Revenue rose to C$14.19 billion from C$14.14 billion. $1 = 1.2741 Canadian dollars Reporting by Taenaz Shakir in Bengaluru; Editing by Martina D''Couto'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/loblaw-results/loblaws-third-quarter-profit-more-doubles-idUSL3N1NL45E'|'2017-11-15T13:51:00.000+02:00'|8409.0|''|-1.0|'' 8410|'5d47e17852a3f31b6b0d720d3dd388918000e34a'|'Thousands of drugs at risk if no Brexit deal, companies warn'|'November 8, 2017 / 11:05 PM / Updated 10 hours ago Thousands of drugs at risk if no Brexit deal, companies warn Reuters Staff 2 Min Read (Reuters) - Supplies of thousands of medicines are at risk of disruption if Britain leaves the European Union without a trade deal, European pharmaceutical companies warned on Thursday. More than 2,600 drugs have some stage of manufacture in Britain and 45 million patient packs are supplied from the UK to other European countries each month, while another 37 million flow in the opposite direction. Brexit threatens the free flow of these goods, given stringent medicine regulations that may require the retesting of drugs shipped across borders in the absence of an agreed trading arrangement. The European Federation of Pharmaceutical Industries and Associations (Efpia) said a survey of its members showed 45 percent of companies expected trade delays if Britain and Europe fell back onto World Trade Organization rules after Brexit. Drugmakers also face an additional hurdle when it comes to licensing their products, since more than 12,000 medicines will require a separate UK license in order for them to be prescribed. For life-saving and life-improving medicines, the EU and UK cannot afford to wait any longer to ensure that the necessary cooperation on medicines is in place from the day the UK leaves the EU, said Efpia Director General Nathalie Moll. Pharmaceutical companies have insisted since last years Brexit referendum that a comprehensive agreement is needed to ensure maximum alignment between EU and British pharmaceutical regulations. But with the clock ticking down to Brexit in March 2019 with no sign yet that a trade deal will be concluded, many companies are now starting to draw up plans to protect drug supply chains, including building extra testing centers in Europe. Reporting by Ben Hirschler; Editing by Toby Chopra'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-britain-eu-pharmaceuticals/thousands-of-drugs-at-risk-if-no-brexit-deal-companies-warn-idUKKBN1D838L'|'2017-11-09T01:07:00.000+02:00'|8410.0|''|-1.0|'' -8411|'a3004ba1a5fd9e022af72cf35c3abbcfd2f46d18'|'UK retailers slump to worst October in a decade - BDO survey'|'November 10, 2017 / 9:11 AM / Updated 3 hours ago UK retailers slump to worst October in a decade - BDO survey Reuters Staff 2 Min Read LONDON (Reuters) - British shops suffered their worst October for sales in a decade, a survey showed on Friday, adding to signs of weakening consumer spending even before interest rates were raised last week. FILE PHOTO - Shoppers are reflected in a window as they walk along Oxford Street in London, Britain July 9, 2016. Picture taken July 9, 2016. REUTERS/Peter Nicholls UK consumers spending power is being squeezed as inflation rises and wage growth falters. Last week, the Bank of England raised borrowing costs for the first time in a decade. Accountancy and business advisory firm BDO said its monthly High Street Sales Tracker (HSST) found like-for-like sales fell 5.2 percent in October year-on-year -- the largest drop ever recorded by the survey. It said fashion sales slumped 7.9 percent, hurt by an unusually warm month, while homewares were down 0.5 percent. As wage increases continue to be outstripped by higher inflation, and with the (now real) anticipation of higher mortgage payments, then it comes as little surprise that people are tightening their belts prior to the anticipated Christmas expenditure, said BDO. The BDO data chimes with other recent surveys from the British Retail Consortium and the Confederation of British Industry. Department store chain John Lewis posted six straight weeks of sales declines, while clothing retailer Next ( NXT.L ) missed analysts quarterly forecasts. Reporting by James Davey; editing by John Stonestreet'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-retail/uk-retailers-slump-to-worst-october-in-a-decade-bdo-survey-idUKKBN1DA0Z9'|'2017-11-10T11:13:00.000+02:00'|8411.0|''|-1.0|'' +8411|'a3004ba1a5fd9e022af72cf35c3abbcfd2f46d18'|'UK retailers slump to worst October in a decade - BDO survey'|'November 10, 2017 / 9:11 AM / Updated 3 hours ago UK retailers slump to worst October in a decade - BDO survey Reuters Staff 2 Min Read LONDON (Reuters) - British shops suffered their worst October for sales in a decade, a survey showed on Friday, adding to signs of weakening consumer spending even before interest rates were raised last week. FILE PHOTO - Shoppers are reflected in a window as they walk along Oxford Street in London, Britain July 9, 2016. Picture taken July 9, 2016. REUTERS/Peter Nicholls UK consumers spending power is being squeezed as inflation rises and wage growth falters. Last week, the Bank of England raised borrowing costs for the first time in a decade. Accountancy and business advisory firm BDO said its monthly High Street Sales Tracker (HSST) found like-for-like sales fell 5.2 percent in October year-on-year -- the largest drop ever recorded by the survey. It said fashion sales slumped 7.9 percent, hurt by an unusually warm month, while homewares were down 0.5 percent. As wage increases continue to be outstripped by higher inflation, and with the (now real) anticipation of higher mortgage payments, then it comes as little surprise that people are tightening their belts prior to the anticipated Christmas expenditure, said BDO. The BDO data chimes with other recent surveys from the British Retail Consortium and the Confederation of British Industry. Department store chain John Lewis posted six straight weeks of sales declines, while clothing retailer Next ( NXT.L ) missed analysts quarterly forecasts. Reporting by James Davey; editing by John Stonestreet'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-retail/uk-retailers-slump-to-worst-october-in-a-decade-bdo-survey-idUKKBN1DA0Z9'|'2017-11-10T11:13:00.000+02:00'|8411.0|28.0|0.0|'' 8412|'e7b24c276e9081ed2aed9a742bda3fcebaf7cf68'|'Volkswagen AG to invest $650 million in Argentina: governor'|'November 10, 2017 / 3:02 PM / Updated 7 minutes ago Volkswagen AG to invest $650 million in Argentina - governor Reuters Staff 2 Min Read BUENOS AIRES (Reuters) - Germanys Volkswagen AG ( VOWG_p.DE ) will invest $650 million (491.70 million pounds) in Argentina to modernize its operations, the governor of Buenos Aires province, where the carmaker has a factory, said on Friday. Volkswagen''s logo is seen at its dealer shop in Beijing, China, October 1, 2015. China has halved sales tax on small cars to revive growth in the world''s biggest automobile market, a move likely to provide a limited boost to carmakers including Volkswagen AG, the company embroiled in a global diesel emissions scandal. REUTERS/Kim Kyung-Hoon The investment will go into Volkswagens automotive terminal in Pacheco, a town in the province, Argentinas largest, that is governed by Maria Eugenia Vidal. Vidal is part of business-friendly President Mauricio Macris coalition. Macri has been seeking investments since his allies won the five largest population centres in Argentina in last months midterm elections. We are breaking records, more than 780,000 cars sold today and, more importantly, a record for trucks, which means production is moving, construction is moving, Macri said at the announcement after Vidal spoke. The automaker, which plans to manufacture the first SUV in Argentina for the entire region, presented the global MQB A platform that will allow the production of new models. Argentinas car output climbed 15.9 percent year-on-year in October, to 43,854 units. It accumulated six consecutive months of growth compared to 2016, according to the Association of Automotive Factories. Reporting by Walter Bianchi; Writing by Cassandra Garrison; Editing by Chizu Nomiyama and Bernadette Baum'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-volkswagen-argentina/volkswagen-ag-to-invest-650-million-in-argentina-governor-idUKKBN1DA225'|'2017-11-10T17:01:00.000+02:00'|8412.0|''|-1.0|'' 8413|'7ef5c801e884d10a9ab6d012fd5eae4f99471fd5'|'Uber''s third-quarter adjusted loss widens to $743 million - FT'|'November 29, 2017 / 3:21 AM / Updated 10 minutes ago Uber''s third-quarter net loss widens to $1.46 billion - source Shubham Kalia , Subrat Patnaik 2 Min Read (Reuters) - Uber Technologies Incs quarterly losses widened, a source familiar with the matter told Reuters on Tuesday, as the ride-hailing company wades through legal troubles and faces regulatory scrutiny across the globe. FILE PHOTO: Uber''s logo is pictured at its office in Tokyo, Japan, November 27, 2017. REUTERS/Kim Kyung-Hoon/File Photo The Silicon Valley-based companys net loss increased to $1.46 billion (1.09 billion pounds) in the third quarter from $1.06 billion in the previous quarter, the source said. Quarterly net revenue rose 14 percent to $2 billion and gross bookings increased 11.5 percent to $9.7 billion, on a sequential basis, the person said. As a private company, Uber is not required to publicly report its financial results, but earlier this year it began offering a glimpse of its performance by disclosing certain numbers. On Tuesday, a consortium led by SoftBank Group Corp launched a tender offer for shares of Uber. The Japanese company said some notable early Uber investors including venture capital firms Benchmark, which owns 13 percent of Uber worth $9 billion, and Menlo planned to sell stock. Uber has been hit by a series of scandals this year with the latest being a regulatory crackdown after disclosing that it paid hackers $100,000 to keep secret a massive breach last year that exposed personal data from around 57 million accounts. The Financial Times had earlier reported Ubers third quarter figures. Reporting by Shubham Kalia and Subrat Patnaik in Bengaluru; Editing by Sunil Nair and Saumyadeb Chakrabarty'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-uber-results/ubers-third-quarter-adjusted-loss-widens-to-743-million-ft-idUKKBN1DT0CQ'|'2017-11-29T05:20:00.000+02:00'|8413.0|''|-1.0|'' -8414|'dc615390c40f8a124e42d657f490f4a812537f12'|'Japan Inc gingerly embraces more foreigners - The wa forward'|'MICHAEL WOODFORD, the first non-Japanese president of Olympus, likened the camera-makers board members who sacked him in 2011 to children in a classroom. Mr Woodford had confronted Tsuyoshi Kikukawa, the companys imperious chairman, over a $1.7bn hole in its finances. Mr Kikukawa responded by orchestrating a show of hands in a boardroom coup that sent the Englishman packing. It all fitted a clich of Japans boardrooms as an all-Japanese, all-male club where wizened bosses ruthlessly enforce wa , or harmony.Gradually, the serenity is being disrupted. Nearly 15% of companies in the Nikkei 225 stock index now have at least one non-Japanese on their boards. That is still less than half the share in Britains FTSE 100, but it is up from 12% in 2013 and the trajectory seems set. Japans biggest bank, Mitsubishi UFJ Financial Group, and Takeda, its largest pharmaceuticals company (which in 2015 appointed its first foreign chief executive, a Frenchman) announced the appointment of foreign directors this year. Of the ten directors at SoftBank, a telecoms and internet giant, seven are non-Japanese. When Japanese firms buy Western competitors, they often absorb foreigners into their higher echelons. Suntory, a drinks company, put the British chief executive of Beam, a spirits-maker, onto its board in 2014 when it acquired the American company. SoftBanks embrace of foreigners reflects a diverse portfolio that includes ARM, a British chipmaker, and Sprint, an American telecoms firm. Greater outside influence over Japanese firms also stems from more overseas investors, who hold about 30% of Japanese shares, up from 23.5% in 2008.But more still needs to be done, and quickly, if large Japanese firms are to maintain global relevance, says George Buckley, an outside director of Hitachi, a conglomerate. Many boards continue to be rubber-stampers, not vigilant overseers of the sort that foreigners expect to sit on, agrees William Saito, a venture capitalist who advises the government. Elderly ex-chairmen and chief executives often wield considerable power even after retirement. (And if corporate giants are excluded, the number of foreigners on boards of listed firms has barely inched up, from 0.6% in 2001 to 0.8% last year.)Livelier boardrooms might help prod Japans risk-averse companies to invest more of their 214trn ($1.9trn) of cash, and boost the economy. Their foreign operations would also benefit from appointing more non-Japanese as business heads. In the past the easiest way for Japans manufacturers to control subsidiaries abroad was to send people they knew. That may not work for services, warns Masahiko Uotani, president of Shiseido, a cosmetics company. You need people who can really understand local tastes, he counsels.Unless Japanese business changes its ways, firms risk staying dangerously out of touch, agrees Christina Ahmadjian, a non-executive director at Mitsubishi Heavy Industries, another conglomerate. The number of Japanese companies in the Fortune Global 500, a scorecard for big business, has dropped from 149 in 1995 to 51. A bit of disharmony can be productive.This article appeared in the Business section of the print edition under the headline "The wa forward"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21730902-big-firms-are-putting-non-japanese-their-boards-japan-inc-gingerly-embraces-more-foreigners?fsrc=rss'|'2017-11-04T07:00:00.000+02:00'|8414.0|''|-1.0|'' +8414|'dc615390c40f8a124e42d657f490f4a812537f12'|'Japan Inc gingerly embraces more foreigners - The wa forward'|'MICHAEL WOODFORD, the first non-Japanese president of Olympus, likened the camera-makers board members who sacked him in 2011 to children in a classroom. Mr Woodford had confronted Tsuyoshi Kikukawa, the companys imperious chairman, over a $1.7bn hole in its finances. Mr Kikukawa responded by orchestrating a show of hands in a boardroom coup that sent the Englishman packing. It all fitted a clich of Japans boardrooms as an all-Japanese, all-male club where wizened bosses ruthlessly enforce wa , or harmony.Gradually, the serenity is being disrupted. Nearly 15% of companies in the Nikkei 225 stock index now have at least one non-Japanese on their boards. That is still less than half the share in Britains FTSE 100, but it is up from 12% in 2013 and the trajectory seems set. Japans biggest bank, Mitsubishi UFJ Financial Group, and Takeda, its largest pharmaceuticals company (which in 2015 appointed its first foreign chief executive, a Frenchman) announced the appointment of foreign directors this year. Of the ten directors at SoftBank, a telecoms and internet giant, seven are non-Japanese. When Japanese firms buy Western competitors, they often absorb foreigners into their higher echelons. Suntory, a drinks company, put the British chief executive of Beam, a spirits-maker, onto its board in 2014 when it acquired the American company. SoftBanks embrace of foreigners reflects a diverse portfolio that includes ARM, a British chipmaker, and Sprint, an American telecoms firm. Greater outside influence over Japanese firms also stems from more overseas investors, who hold about 30% of Japanese shares, up from 23.5% in 2008.But more still needs to be done, and quickly, if large Japanese firms are to maintain global relevance, says George Buckley, an outside director of Hitachi, a conglomerate. Many boards continue to be rubber-stampers, not vigilant overseers of the sort that foreigners expect to sit on, agrees William Saito, a venture capitalist who advises the government. Elderly ex-chairmen and chief executives often wield considerable power even after retirement. (And if corporate giants are excluded, the number of foreigners on boards of listed firms has barely inched up, from 0.6% in 2001 to 0.8% last year.)Livelier boardrooms might help prod Japans risk-averse companies to invest more of their 214trn ($1.9trn) of cash, and boost the economy. Their foreign operations would also benefit from appointing more non-Japanese as business heads. In the past the easiest way for Japans manufacturers to control subsidiaries abroad was to send people they knew. That may not work for services, warns Masahiko Uotani, president of Shiseido, a cosmetics company. You need people who can really understand local tastes, he counsels.Unless Japanese business changes its ways, firms risk staying dangerously out of touch, agrees Christina Ahmadjian, a non-executive director at Mitsubishi Heavy Industries, another conglomerate. The number of Japanese companies in the Fortune Global 500, a scorecard for big business, has dropped from 149 in 1995 to 51. A bit of disharmony can be productive.This article appeared in the Business section of the print edition under the headline "The wa forward"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21730902-big-firms-are-putting-non-japanese-their-boards-japan-inc-gingerly-embraces-more-foreigners?fsrc=rss'|'2017-11-04T07:00:00.000+02:00'|8414.0|24.0|0.0|'' 8415|'207a97a09cf9eacce7a6a11c91837999e334bee5'|'China regulator to consider letting insurers invest more broadly - Securities Times'|'November 22, 2017 / 1:35 AM / Updated 5 minutes ago China regulator to consider letting insurers invest more broadly - Securities Times Reuters Staff 2 Min Read SHANGHAI (Reuters) - Chinas insurance regulator is considering allowing insurers to allocate their funds to commodities and long-term property rentals, the Securities Times quoted an official as saying on Wednesday. Ren Chunsheng, head of the department supervising fund allocation at the China Insurance Regulatory Commission, said letting insurers invest their funds elsewhere would help deepened reforms, the report said. The comments come after a months-long crackdown on corruption in the insurance industry which has netted high-ranking officials and seen greater scrutiny on where funds are invested. Ren, who spoke at a conference, said the insurance industry should improve risk management and explore the use of its funds for financial derivatives, hedging and managing risks. He also said authorities have made headway in containing aggressive investment behaviour. During the year, China has tightened rules on acquisitions abroad as part of a broader campaign against what Beijing calls irrational investments that has targeted sectors including property, entertainment and sport. Reporting by Engen Tham; Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-insurance-regulation/china-regulator-to-consider-letting-insurers-invest-more-broadly-securities-times-idUKKBN1DM062'|'2017-11-22T03:35:00.000+02:00'|8415.0|''|-1.0|'' 8416|'10a4bcf9628a2525eaa86143c56eb9159dac1844'|'Majestic Wine first-half adjusted profit soars'|' 09 AM / in 22 minutes Majestic Wine first-half adjusted profit soars (Reuters) - Britains Majestic Wine Plc ( WINEW.L ) said its half-year adjusted pretax profit rose to 6.8 million pounds as its Naked Wines unit registered a profit in all three geographies. The Naked Wines business, which funds independent winemakers to make exclusive wines at preferential price, posted adjusted earnings before interest and tax of 4.72 million pounds compared with a loss 2.78 million pounds, a year ago. Total adjusted pretax profit rose to 6.8 million pounds for the 26 weeks ended Oct. 2, from 51,000 pounds a year ago. Revenue rose 5.7 percent to 217.4 million pounds. Majestic Wines, which has 210 wine warehouses across Britain as well as two branches in France, said it expected full-year results to be in line with current expectations and added that it would look to boost sales in the medium term through higher investment in new customer acquisition. Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-majestic-wine-results/majestic-wine-first-half-adjusted-profit-soars-idUKKBN1DN0JM'|'2017-11-23T09:09:00.000+02:00'|8416.0|''|-1.0|'' 8417|'0c0e189d917248047554bfe6019f5c2a74e30e21'|'EU regulator spells out licence guidelines to prevent patent wars'|' 26 PM / Updated 7 minutes ago EU regulator spells out licence guidelines to prevent patent wars Foo Yun Chee 3 Min Read BRUSSELS (Reuters) - The European Commission published patent licensing guidelines on Wednesday aimed at avoiding disputes such as those that have ensnared Qualcomm and Apple, while balancing the interests of patent holders and users. A man looks at the screen of his mobile phone in front of an Apple logo outside its store in Shanghai, China July 30, 2017. REUTERS/Aly Song With billion of dollars in sales at stake, patent holders such as world No. 1 smartphone chip maker Qualcomm, Ericsson, Nokia and users such as Apple, Volkswagen and Daimler have lobbied the European Union executive in the past year to put forward their views. The Commissions guidelines initially favoured patent owners but were then modified to add in elements to support users. The final draft was watered down after regulators decided not to take sides following intense last-minute lobbying, people familiar with the matter said. Some people have asked us to take sides. We believe stakeholders should solve the issue themselves. Patent wars do not help anybody, Commission Vice President Jyrki Katainen told a news conference on Wednesday. The technology industry depends on thousands of patents that companies frequently cross license to rivals, while reserving their most strategic intellectual property to create proprietary products. But intense competition sometimes spills over into costly legal battles as seen in a string of patent wars among smartphone makers in recent years. The guidelines no longer require patent owners to provide licences to all, the people said - a victory for patent holders such as Qualcomm. However, the guidelines do not specifically back the system under which users pay different rates to use patents, as the patent holders had wanted. However, Qualcomms royalty approach, known as use-based or value-based, predominates in the tech industry with royalties based on how much value a technology adds to a product. It is an important source of profits for the company and others which have adopted it. The whole debate is still open. On balance, it is a win for Qualcomm and other patent owners, one expert in patents said. The guidelines are part of a broader drive by the Commission to set new rules for internet-connected devices for cars, home automation and energy devices beyond computers and smartphones. The EUs planned measures include setting up an expert group to look into licensing practices, intellectual property valuation and how to determine fair, reasonable and non-discriminatory royalties, and a project to evaluate which patents are essential to ensure that different devices can work together. Reporting by Foo Yun Chee; editing by Philip Blenkinsop and Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-eu-patents/eu-regulator-spells-out-licence-guidelines-to-prevent-patent-wars-idUKKBN1DT2B1'|'2017-11-29T17:26:00.000+02:00'|8417.0|''|-1.0|'' @@ -8450,7 +8450,7 @@ 8448|'2dc88e865221a015a60dc006ccfcf6f65aa8beec'|'Spanish property group Colonial launches $1.7 billion bid for rival Axiare'|'(Reuters) - Spanish office buildings owner Inmobiliaria Colonial ( COL.MC ) said on Monday it has launched a takeover bid for Axiare Patrimonio ( AXIA.MC ), valuing the rival company at 1.46 billion euros ($1.70 billion).Colonial, which already owns nearly 29 percent of Axiare after buying an additional 13.3 percent from its own former shareholders, said it was offering 18.50 euros in cash for the remaining shares, a 13 percent premium to Fridays closing price.Axiares share price jumped as much as 15.5 percent to a record high of 18.89 euros, before slipping back to 18.48 euros by 1606 GMT, when shares in Colonial were down 2 percent at 7.54 euros.Analysts said the deal could spark further deals in the sector, with shares in Lar Espana ( LRES.MC ) up 1.6 percent on Monday.With this transaction, Colonial consolidates its position as the leading European platform for the prime office market in Paris, Madrid and Barcelona, Colonial said in a statement.Colonial, which recently announced plans to move its headquarters to Madrid from Barcelona, where Catalonias local government is in turmoil over its attempt to split from Spain, said the transaction was fully financed through a combination of equity, bonds and the disposal of non-core assets.We believe that Colonial is paying a fair price for the company, a Banco Sabadell analyst said in a note.Axiare did not issue a response on the move and could not immediately be reached for comment.Colonial had not discussed the structuring of the deal with Axiares management, Colonials chief executive, Pere Vinolas Serra, said on a conference call. Colonial expects to close the deal during the first half of 2018.J.P. Morgan is the financial adviser to Colonial on the deal.($1 = 0.8586 euros)Reporting by Joanna Jonczyk-Gwizdala in Gdynia; Editing by Jane Merriman, Greg Mahlich '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-axiare-patrimoni-m-a-inmobiliaria-col/spanish-property-group-colonial-launches-1-7-billion-bid-for-rival-axiare-idINKBN1DD20U'|'2017-11-13T13:19:00.000+02:00'|8448.0|''|-1.0|'' 8449|'32c0ce108eb57da06519fd8f1b72c8cc89058481'|'ExxonMobil stops non-essential work in PNG highlands due to unrest'|'MELBOURNE, Nov 23 (Reuters) - ExxonMobil has evacuated non-essential staff in the highlands of Papua New Guinea, it said on Thursday, due to unrest in the area, but said operations are continuing at its PNG LNG liquefied natural gas project.Due to recent community tension in the Highlands (Hides, Angore, Komo), ExxonMobil PNG has suspended non-essential work, the company said in a statement emailed to Reuters. It declined to specify the nature of non-essential work.It said its gas conditioning plant at Hides, which processes gas before it is sent via a 760-kilometre (472-mile) pipeline to the PNG LNG export plant at Port Moresby, is continuing to operate.ExxonMobil PNG continues to monitor the situation in Hela Province. The safety and security of our employees, contractors and the local community is a top priority, the company said, adding that non-essential staff have been moved out of the area.Violence has escalated in the highlands, where gas is produced for the LNG project, due to anger among locals over the nations election process earlier this year and disputes over royalties from the PNG LNG project, an observer said.In fact the situation is so bad that I am unable to travel to my field site, Michael Main, an Australian doctoral student who has regularly been in and out of the highlands for his research, told Reuters.Main said one of ExxonMobils camps in the highlands had been attacked and an ex-patriate security staff member had been kidnapped and released earlier this week. Radio New Zealand also reported the kidnapping on Thursday. ExxonMobil declined to comment.For safety and security reasons, we do not discuss details of our personnel or operations, ExxonMobil said.Oil Search Ltd, which operates oil and gas fields in the area and is a partner in PNG LNG, said there has been no impact on its operations and its staff are working as normal.Reporting by Sonali Paul; editing by Richard Pullin '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/exxon-mobil-papua-lng/exxonmobil-stops-non-essential-work-in-png-highlands-due-to-unrest-idINL3N1NS56W'|'2017-11-22T20:40:00.000+02:00'|8449.0|''|-1.0|'' 8450|'58c3b052bc3ae2ef7e36fc91671b8a09e8da978f'|'EU leaning toward blocking Lufthansa''s purchase of Air Berlin''s Niki - source'|' 59 AM / Updated 2 minutes ago EU leaning toward blocking Lufthansa''s purchase of Air Berlin''s Niki: source Reuters Staff 1 Min Read FRANKFURT (Reuters) - The European Commission may block Lufthansas ( LHAG.DE ) takeover of insolvent Air Berlins Austrian unit Niki, a person familiar with the matter said, casting doubt on the German carriers deal to buy large parts of Air Berlins assets. A Lufthansa Airbus A321-200 plane is seen at Tegel airport in Berlin, Germany, November 2, 2017. REUTERS/Axel Schmidt The EU Commission is currently leaning toward prohibiting the Niki deal for Lufthansa, the person told Reuters on Wednesday. Lufthansa Chief Executive Carsten Spohr will meet with EU Competition Commissioner Margrethe Vestager on Wednesday, he said. German magazine Spiegel earlier reported on its website that the Commission was considering blocking the deal, without identifying its sources. Lufthansa declined to comment. The European Commission was not available for immediate comment. Reporting by Klaus Lauer; additional reporting by Foo Yun Chee; writing by Maria Sheahan; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-air-berlin-lufthansa-eu/eu-leaning-toward-blocking-lufthansas-purchase-of-air-berlins-niki-source-idUKKBN1DT10H'|'2017-11-29T10:46:00.000+02:00'|8450.0|''|-1.0|'' -8451|'ab89bc995be6b56fa379ac3398dbbafb49224771'|'CEE MARKETS-Zloty eases, wage data may polarise central bankers'|'* Zloty eases in positioning ahead of key Polish wage figures * Wage growth pick-up could make central bank hawks louder * CEE FX volatility subdued; Fed, ECB clues awaited * Polish bank stocks index rises 1.1 pct By Sandor Peto and Bartosz Chmielewski BUDAPEST/BUDAPEST, Nov 17 (Reuters) - The zloty slipped on Friday before the release of wage data that could give Polish rate setters clues about inflationary pressure. Both the zloty and the forint eased 0.1 percent against the euro by 0900 GMT. The crown and the leu were little changed. Accelerating wage increases help to drive economic growth and inflation, which would be exacerbated in Poland by a labour shortage, with many of its workers moving to richer Western countries. Analysts expect Poland''s annual wage growth rose to 6.45 percent in October from 6 percent in September. A lower figure would strengthen expectations the Polish central bank will not raise rates before next year or later. Faster wage growth would bolster NBP hawks. Conflicting comments from two members demonstrated a split in the Monetary Policy Council on Thursday. Jerzy Kropiwnicki played down inflation risks and said rates should remain unchanged for at least the next 12 months . Eugeniusz Gatnar said inflation could pick up faster than expected and the bank may need a rate hike as early as in the first quarter of next year. "If growth of corporate sector wages visibly accelerates, one cannot exclude further polarisation of NBP representatives views," Pekao SA analysts in a note, adding that trading volumes might rise around the publication of the figures as well. Volatility in local currency markets has mostly died down in recent weeks as investors wait for domestic data and clues about Federal Reserve and European Central Bank monetary policy. The crown has been gaining amid expectations for further rate increases by the Czech central bank. The forint has been easing as the Hungarian central bank loosens policy further. The latter is expected to keep its base rate on hold for years, but it may launch new unconventional tools at its Nov. 21 meeting to push long-term market interest rates lower. Expectations for a rise in rates have helped buoy the listed shares of banks in the region. The profits of Warsaw''s top 10 listed banks rose 23 percent in annual terms in the third quarter of 2018, the Polish newspaper Rzeczpospolita said. The index of Polish listed bank shares rose by 1.1 percent on Friday, approaching a 2 1/2-year high. The kuna traded a bit off nine-month lows against the euro after Croatia launched a 2030-expiry euro bond on Thursday. CEE MARKETS SNAPSH AT 1000 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 25.570 25.564 -0.02% 5.62% 0 5 Hungary 312.25 312.03 -0.07% -1.10% forint 00 00 Polish zloty 4.2405 4.2377 -0.07% 3.85% Romanian leu 4.6380 4.6394 +0.03 -2.22% % Croatian 7.5630 7.5645 +0.02 -0.10% kuna % Serbian 118.33 118.42 +0.08 4.24% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1054.7 1052.8 +0.18 +14.4 5 8 % 5% Budapest 39190. 38982. +0.54 +22.4 86 30 % 6% Warsaw 2436.1 2411.1 +1.04 +25.0 3 1 % 6% Bucharest 7740.4 7716.2 +0.31 +9.25 0 6 % % Ljubljana 792.21 790.95 +0.16 +10.4 % 0% Zagreb 1850.8 1852.7 -0.10% -7.22% 9 4 Belgrade 731.09 733.26 -0.30% +1.91 % Sofia 671.27 668.91 +0.35 +14.4 % 7% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.39 0.025 +109b +1bps ps 5-year 0.869 -0.073 +121b -8bps ps 10-year 1.738 0.009 +135b +0bps ps Poland 2-year 1.593 -0.002 +229b -2bps ps 5-year 2.62 0.02 +296b +1bps ps 10-year 3.409 0.013 +302b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets/cee-markets-zloty-eases-wage-data-may-polarise-central-bankers-idINL8N1NN1ZF'|'2017-11-17T07:25:00.000+02:00'|8451.0|''|-1.0|'' +8451|'ab89bc995be6b56fa379ac3398dbbafb49224771'|'CEE MARKETS-Zloty eases, wage data may polarise central bankers'|'* Zloty eases in positioning ahead of key Polish wage figures * Wage growth pick-up could make central bank hawks louder * CEE FX volatility subdued; Fed, ECB clues awaited * Polish bank stocks index rises 1.1 pct By Sandor Peto and Bartosz Chmielewski BUDAPEST/BUDAPEST, Nov 17 (Reuters) - The zloty slipped on Friday before the release of wage data that could give Polish rate setters clues about inflationary pressure. Both the zloty and the forint eased 0.1 percent against the euro by 0900 GMT. The crown and the leu were little changed. Accelerating wage increases help to drive economic growth and inflation, which would be exacerbated in Poland by a labour shortage, with many of its workers moving to richer Western countries. Analysts expect Poland''s annual wage growth rose to 6.45 percent in October from 6 percent in September. A lower figure would strengthen expectations the Polish central bank will not raise rates before next year or later. Faster wage growth would bolster NBP hawks. Conflicting comments from two members demonstrated a split in the Monetary Policy Council on Thursday. Jerzy Kropiwnicki played down inflation risks and said rates should remain unchanged for at least the next 12 months . Eugeniusz Gatnar said inflation could pick up faster than expected and the bank may need a rate hike as early as in the first quarter of next year. "If growth of corporate sector wages visibly accelerates, one cannot exclude further polarisation of NBP representatives views," Pekao SA analysts in a note, adding that trading volumes might rise around the publication of the figures as well. Volatility in local currency markets has mostly died down in recent weeks as investors wait for domestic data and clues about Federal Reserve and European Central Bank monetary policy. The crown has been gaining amid expectations for further rate increases by the Czech central bank. The forint has been easing as the Hungarian central bank loosens policy further. The latter is expected to keep its base rate on hold for years, but it may launch new unconventional tools at its Nov. 21 meeting to push long-term market interest rates lower. Expectations for a rise in rates have helped buoy the listed shares of banks in the region. The profits of Warsaw''s top 10 listed banks rose 23 percent in annual terms in the third quarter of 2018, the Polish newspaper Rzeczpospolita said. The index of Polish listed bank shares rose by 1.1 percent on Friday, approaching a 2 1/2-year high. The kuna traded a bit off nine-month lows against the euro after Croatia launched a 2030-expiry euro bond on Thursday. CEE MARKETS SNAPSH AT 1000 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 25.570 25.564 -0.02% 5.62% 0 5 Hungary 312.25 312.03 -0.07% -1.10% forint 00 00 Polish zloty 4.2405 4.2377 -0.07% 3.85% Romanian leu 4.6380 4.6394 +0.03 -2.22% % Croatian 7.5630 7.5645 +0.02 -0.10% kuna % Serbian 118.33 118.42 +0.08 4.24% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1054.7 1052.8 +0.18 +14.4 5 8 % 5% Budapest 39190. 38982. +0.54 +22.4 86 30 % 6% Warsaw 2436.1 2411.1 +1.04 +25.0 3 1 % 6% Bucharest 7740.4 7716.2 +0.31 +9.25 0 6 % % Ljubljana 792.21 790.95 +0.16 +10.4 % 0% Zagreb 1850.8 1852.7 -0.10% -7.22% 9 4 Belgrade 731.09 733.26 -0.30% +1.91 % Sofia 671.27 668.91 +0.35 +14.4 % 7% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.39 0.025 +109b +1bps ps 5-year 0.869 -0.073 +121b -8bps ps 10-year 1.738 0.009 +135b +0bps ps Poland 2-year 1.593 -0.002 +229b -2bps ps 5-year 2.62 0.02 +296b +1bps ps 10-year 3.409 0.013 +302b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/easteurope-markets/cee-markets-zloty-eases-wage-data-may-polarise-central-bankers-idINL8N1NN1ZF'|'2017-11-17T07:25:00.000+02:00'|8451.0|24.0|0.0|'' 8452|'ce0d17fa4b65e93cfc06434e8de9d2dfa12b0b39'|'BoE''s Carney says will reassess outlook when there is Brexit clarity'|'November 2, 2017 / 1:01 PM / in 9 minutes BoE''s Carney says will reassess outlook when there is Brexit clarity The Bank of England will reassess the economic outlook once it has more visibility on the nature, and transition to, the countrys new relationship with the European Union after Brexit, Governor Mark Carney said on Thursday. The Governor of the Bank of England, Mark Carney, speaks at the Bank of England conference ''Independence 20 Years On'' at the Fishmonger''s Hall in London, Britain September 29, 2017. REUTERS/Afolabi Sotunde Carney was speaking after the Bank raised interest rates for the first time in more than 10 years, but said it expected only very gradual further increases over the next three years. The impact of Brexit on the forecast will evolve as negotiations progress, Carney said. In particular, any resolution of the uncertainty about the nature of, and transition to, the UKs future relationship with the EU insofar as it affects the behaviour of households, businesses and financial market participants, would prompt a reassessment of the economic outlook. Related Coverage'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-boe-brexit/boes-carney-says-will-reassess-outlook-when-there-is-brexit-clarity-idUKKBN1D21QV'|'2017-11-02T15:03:00.000+02:00'|8452.0|''|-1.0|'' 8453|'97248357f221254af9d0b0a4b0e55fd8f01a854b'|'Hindustan Petroleum second-quarter profit more than doubles, but misses estimates'|'(Reuters) - State-owned oil refiner Hindustan Petroleum Corp Ltds ( HPCL.NS ) second-quarter net profit more than doubled, but fell short of analysts estimates.An employee fills diesel into an oil drum at a fuel station in New Delhi June 25, 2010. REUTERS/Mukesh Gupta/Files Net profit for the three months ending Sept. 30 soared to 17.35 billion rupees ($267 million) from 7.01 billion rupees a year earlier, the company said in a filing on Thursday. bit.ly/2jd0DJRAnalysts on average had expected a profit of 20.58 billion rupees, according to Thomson Reuters Eikon data.Average gross refining margin, the profit earned on each barrel of crude processed, advanced to $6.75 per barrel for the half year ended Sept. 30, from $5.12 per barrel in the same period last year.Sales grew 13 percent to 541.53 billion rupees in the quarter.($1 = 64.9900 Indian rupees)Reporting by Krishna V Kurup in Bengaluru; Editing by Gopakumar WarrierOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/hpcl-results/hindustan-petroleum-second-quarter-profit-more-than-doubles-but-misses-estimates-idINKBN1D9111'|'2017-11-09T11:04:00.000+02:00'|8453.0|''|-1.0|'' 8454|'3fd7d7a97b5a53963dbc15febc862b58788ee9c2'|'Column: India rushing to join natural gas boom risks eventual LNG shortage - Russell'|'LAUNCESTON, Australia (Reuters) - India is planning to join the Asian rush to boost the use of natural gas over coal, a further sign that the liquefied natural gas (LNG) market will tighten faster than previously expected.An engineer of Oil and Natural Gas Corp (ONGC) works inside the Kalol oil field in Gujarat September 12, 2009. REUTERS/Amit Dave/Files Indias state oil refiners Indian Oil, Bharat Petroleum and Hindustan Petroleum aim to raise the contribution of natural gas to between 5 percent and 15 percent of their incomes over the coming years, up from virtually zero currently.This is part of the governments target to boost the natural gas portion of Indias primary energy mix to 15 percent by 2030, up from 6.5 percent now.Increasing the use of natural gas will mainly come at the expense of coal, a move aimed at meeting climate targets and lowering emissions, something that has become more pressing since New Delhis air pollution is now worse than Beijings.In practical terms what this means is that the state oil companies will be spending billions of dollars to build new LNG import terminals and associated gas pipelines.This will serve to boost Indias natural gas consumption from around 50 billion cubic metres (bcm) currently to around 70 bcm by 2022 and 100 bcm by 2030, according to figures from a government think tank and the Oxford Institute of Energy Studies.Most of this additional natural gas demand is going to have to be met by imports, given the limitations of expanding domestic output.India imported around 19.7 million tonnes of LNG in 2016, equivalent to about 26.8 bcm, according to vessel-tracking data in Thomson Reuters Eikon, making the South Asian nation the fourth-largest importer of the super-chilled fuel.In the first 10 months of this year, Indias LNG imports came to 16.4 million tonnes, putting it on track to at least match last years figure.EMERGING SUPPLY-DEMAND GAP The steady import performance this year contrasts with the expected surge in demand in a few years time, and its this gap that presents a potential dilemma for the Asian LNG market.Assuming India does actually build its LNG import infrastructure at the pace suggested by the government and the state oil companies, its likely that it will be ramping up its natural gas demand at the same time as several other countries in Asia.China is already increasing its LNG imports as it tries to reduce the amount of coal in its energy mix, and this is a trend likely to accelerate in coming years.China imported 28.8 million tonnes of LNG in the first 10 months of the year, according to the vessel-tracking data, 45 percent more than the 19.8 million tonnes China bought in the same period in 2016.But its not just China, with Pakistan, Bangladesh, Thailand, Vietnam and the Philippines all building new LNG import infrastructure.Add to this the planned imports by traditionally exporting countries like Malaysia, Indonesia and Australia and it becomes clearer that LNG markets are likely to tighten substantially, and in a relatively short time frame around 2021-23.The problem is that final investment decisions (FIDs) on new LNG plants have fizzled in the past two years, having run at about 10 million to 20 million tonnes per annum for more than a decade previously.They have now dried up to 6 million tonnes in 2016 and a questionable 3 million in 2017, Fereidun Fesharaki, the chairman of consultants FGE, said in a research note received on Nov. 15. No one is certain whether there will be any FIDs in 2018.FGE forecasts that a 20 million tonne surplus of LNG in 2020 will turn to a 50 million tonne deficit by 2025.Thats a dramatic swing, which if realised will sharply alter the pricing dynamics of LNG.If LNG prices do rise sharply, it may cut demand for the fuel and make cheaper coal seem attractive enough to outweigh its pollution penalty.But it also means that LNG project developers may be too late to catch the next boom in demand, given it takes several years to build a greenfield export plant once FID is taken.Editing by Richard Pullin '|'reuters.com'|'https://in.reuters.com/finance/economy'|'https://in.reuters.com/article/column-russell-lng-india/column-india-rushing-to-join-natural-gas-boom-risks-eventual-lng-shortage-russell-idINKBN1DL0CD'|'2017-11-21T02:46:00.000+02:00'|8454.0|''|-1.0|'' @@ -8464,12 +8464,12 @@ 8462|'a91ea3fd7103f4a4edc840fbf6975213480c07c5'|'India state-owned refiners export low-sulphur diesel in rare move'|'November 1, 2017 / 7:18 AM / Updated 7 hours ago India state-owned refiners export low-sulphur diesel in rare move Jessica Jaganathan 3 Min Read SINGAPORE (Reuters) - Indias state-owned refiners are exporting low-sulphur diesel in a seldom seen flow of products as crude processing capacity returns amid a drop in demand due to a new sales tax and as regional flooding cuts fuel use, industry sources told Reuters. The exports are expected to continue until year-end, likely weighing on low-sulphur cash differentials, the sources said, which have already dropped by half from a post-hurricane spike above $2 on U.S. import demand. While India overall is a net exporter of diesel, shipments are usually done by private refiners such as Reliance Industries and Essar Oil, with state-owned refiners not typically exporting the fuel, traders said. Now, however, state refiners have returned units from maintenance and after upgrades to meet stricter sulphur content standards, and their product supply has increased, said Sri Paravaikkarasu, head of East of Suez oil at FGE. The added diesel capacity is hitting as Indias demand growth for the fuel slumps to half what it was in 2016, pulled down in the first quarter by New Delhis demonetization policy, according to Joe Willis, a senior analyst at Wood Mackenzie. In addition, heavy floods and a surge in retail diesel prices, following daily price revisions, weighed on 2017 demand, Willis said. Demand growth has also been hit by a recently implemented goods and services tax that has curbed production and fuel demand, a refining source said, declining to be named as he was not authorised to speak with media. Heavy floods in parts of India and monsoon rains, which reduce the need to use diesel-powered irrigation pumps, also cut into demand, a second refining source said. That has led to state refiners Indian Oil Corp, Bharat Petroleum Corp Ltd and Mangalore Refinery and Petrochemicals Ltd offering or already selling 260,000 tonnes of low-sulphur diesel for November so far, according to tender documents seen by Reuters. The three state companies also sold 205,000 tonnes of diesel with a sulphur content of 50 parts-per-million (ppm) for October loadings and 65,000 tonnes for September. They were largely absent from the spot market before that and were importers of the fuel earlier this year. As demand slowed and product inventories built up, IOC also sold diesel through a six-month term contract, while BPCLs majority-owned Numaligarh refinery signed a long-term contract to supply diesel to Bangladesh. Indias refinery expansions are expected to add another 165,000 barrels per day (bpd) of crude capacity in the second half of this year, according to Woodmacs Willis. And while diesel demand growth is expected to drop to 40,000 bpd this year, it is expected to rebound to 60,000 bpd next year, boosted by construction projects that will lift use of the fuel, and support from election campaigning near the end of 2018 for general elections due in 2019, Woodmacs Willis said. Reporting by Jessica Jaganathan; Additional reporting by Nidhi Verma in NEW DELHI; Editing by Tom Hogue '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-diesel-exports/india-state-owned-refiners-export-low-sulphur-diesel-in-rare-move-idINKBN1D13SB'|'2017-11-01T09:15:00.000+02:00'|8462.0|''|-1.0|'' 8463|'084735df242c0e55d3a0918965cca40f3c563dfc'|'UPDATE 1-UK car execs tell prime minister they need clarity on Brexit transition'|'(Adds details, Quote: s,)By Costas PitasLONDON, Nov 1 (Reuters) - British car executives told British Prime Minister Theresa May on Wednesday that there was an urgent need for clarity on the proposed transition period after Britain leaves the European Union.The automotive industry has been heralded as a manufacturing success story by the government, with production reaching a 17-year high in 2016 and the sector employing over 800,000 people.But the overwhelmingly foreign-owned industry, dominated by Indians Jaguar Land Rover (JLR) and Japans Nissan , is worried Brexit will add tariffs and customs checks to its exports, risking the viability of plants.BMWs board member for sales Ian Robertson, Aston Martin Chief Financial Officer Mark Wilson, JLR Chief Executive Ralf Speth, McLaren Auomotive Chief Executive Mike Flewitt and Bentley boss Wolfgang Duerheimer were among those invited to meet May at her office on Wednesday.The meeting focused on our members Brexit priorities - in particular, the urgent need for clarity on the proposed transition agreement as business needs certainty to invest, the trade body, the Society of Motor Manufacturers and Traders, said in a statement.Executives highlighted the importance of frictionless future customs arrangements, the need to maintain a common certification system with the European Union and access to European labour, a source present in the room told Reuters.The source said May and business minister Greg Clark did not offer guarantees but were aware of the issues at hand.They cant make commitments because the negotiations arent done, the source said when asked about what May said. They understood and recognise it.At least one executive also said they had an upcoming investment decision to make, the source said.A spokesman at Mays office said May and Clark repeated assurances that they would seek the best deal possible for the sector.The prime minister and the business secretary reiterated the governments aim for an ambitious economic partnership with the EU, as well as an implementation period that ensures businesses only have to adapt to one set of changes, he said. (Reporting by Costas Pitas; Editing by David Milliken and Edmund Blair) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-eu-autos/update-1-uk-car-execs-tell-prime-minister-they-need-clarity-on-brexit-transition-idINL8N1N76BX'|'2017-11-01T16:19:00.000+02:00'|8463.0|''|-1.0|'' 8464|'1523372dc86fd8bf9f5e7c8f65366aa5ab572607'|'Asia stocks near decade highs on buoyant Wall Street, kiwi rallies'|'November 9, 2017 / 12:55 AM / Updated 4 hours ago Asia stocks near decade highs on buoyant Wall Street, kiwi rallies Shinichi Saoshiro 5 Min Read TOKYO (Reuters) - Asia stocks hovered near a decade high on Thursday following another record breaking day on Wall Street, while the New Zealand dollar rallied as hawkish-sounding statements by the countrys central bank boosted the recently battered currency. A man is reflected in an electronic stock quotation board outside a brokerage in Tokyo, Japan, October 23, 2017. REUTERS/Issei Kato MSCIs broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.3 percent and in close reach of a 10-year high set the previous day. Australian shares rose 0.4 percent and to their highest level since January 2008 while South Korea''s KOSPI .KS11 added 0.2 percent. Shanghai .SSEC advanced 0.1 percent and Hong Kong''s Hang Seng .HSI climbed 0.6 percent. Japan''s Nikkei .N225 gained 1.4 percent, reaching a high not seen since January 1992. Wall Street rose overnight thanks to a rally by videogame makers, with all three major indexes closing at record highs. [.N] It is a case of equity markets in emerging economies, already firm on internal demand and growth, being lifted by gains in those of developed economies, said Kota Hirayama, senior economist at SMBC Nikko Securities in Tokyo. Each country obviously has its own particular factors affecting local markets, but U.S. equities continue to drive overall risk sentiment. In currencies, the New Zealand dollar was a big mover, surging about 1 percent to a two-week high of $0.6974 NZD=D4 before last trading at $0.6951. The kiwi flew after the Reserve Bank of New Zealand (RBNZ) said early on Thursday that added fiscal stimulus and a lower local dollar would lead to faster inflation and likely an earlier rise in interest rate. The central bank held rates steady at 1.75 percent as widely expected. The New Zealand dollar had sunk to a five-month low of $0.6818 in late October as a change in government unsettled investors. The dollar index against a basket of six major currencies was steady at 94.899 .DXY, staying below a three-month high of 95.150 set in late October. It had reached that peak on hopes towards U.S. tax reforms being enacted. But recent uncertainty over the fate of the tax reform plans have weighed on the dollar. [FRX/] A U.S. Senate tax-cut bill, differing from one in the House of Representatives, was expected to be unveiled on Thursday, complicating a Republican tax overhaul push and increasing scepticism on Wall Street about the effort. Theres very much a risk of disappointment. The U.S. dollar could go through a weakening phase on the back of uncertainty around that tax reform, said Steven Dooley, currency strategist for Western Union Business Solutions in Melbourne. The greenback edged up 0.1 percent to 113.980 yen JPY= , pulling away from a one-week low of 113.395 plumbed overnight, as long-term U.S. yields bounced back from three-week troughs. The euro was little changed at $1.1594 EUR= and in sight of a 3-1/2-month low of $1.1553 set at the week''s start. U.S. crude oil futures CLc1 was up 0.25 percent at $56.92 a barrel. Government data showing a rise in domestic crude production had weighed on oil overnight but rising tensions in the Middle East limited the losses. [O/R] U.S. crude rose to $57.92 on Wednesday, highest since July 2015, as tension flared between Saudi Arabia and Iran, while the Saudi crown prince tightened his grip on power. Brent crude gained 0.25 percent to $63.65 per barrel LCOc1 to edge back towards a 2-1/2-year high of $64.65 scaled on Tuesday. Spot gold XAU= was little changed at $1,280.66 an ounce. The precious metal had risen to a three-week high of $1,287.13 an ounce the previous day as a potential delay in the U.S. tax reform plan was seen moderating the Federal Reserves interest rate hikes next year and support non-yielding gold. [GOL/] Reporting by Shinichi Saoshiro; Additional reporting by Masayuki Kitano in Singapore; Editing by Sam Holmes'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-markets/asia-stocks-near-decade-highs-on-buoyant-wall-street-kiwi-rallies-idUKKBN1D9039'|'2017-11-09T04:26:00.000+02:00'|8464.0|''|-1.0|'' -8465|'5f92ec2f786d65281f878130d24c82ea7b1e67d9'|'UPDATE 1-Chinese police detain teacher in kindergarten abuse inquiry'|'(Updates with details throughout)BEIJING, Nov 25 (Reuters) - Beijing police investigating alleged child abuse at a kindergarten run by RYB Education Inc said on Saturday they had detained a teacher, in the latest scandal to hit Chinas booming childcare industry.Police in the Chaoyang district said it will further investigate claims of abuse after Chinas official Xinhua news agency reported this week they were checking allegations that children at the nursery were reportedly sexually molested, pierced by needles and given unidentified pills.Chaoyang district police said in an online posting on Saturday they had detained a 22-year-old teacher, surnamed Liu from the Hebei province adjacent to Beijing.Police have also arrested another person, also surnamed Liu, for allegedly disrupting social order by spreading false information about the alleged kindergarten abuse, it said in a separate posting.RYBs New York-listed shares plunged 38.4 percent on Friday as the scandal sparked outrage among parents and the public.The second woman, 31, and a Beijing native, was arrested on Thursday, police said.Parents said their children, some as young as three, gave accounts of a naked adult male conducting purported medical check-ups on unclothed students, other media said.RYB provides early education services in China and at the end of June was operating 80 kindergartens and had franchised an additional 175, covering 130 cities and towns in China.Meanwhile, Beijing city authorities have urged RYB to remove the head of the kindergarten, Xinhua reported.The Chaoyang district has launched an investigation into all childcare facilities in its area, the report said. (Reporting by Shu Zhang and Josephine Mason; Editing by Christian Schmollinger and Clelia Oziel) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/ryb-education-china/update-1-chinese-police-detain-teacher-in-kindergarten-abuse-inquiry-idINL3N1NV084'|'2017-11-25T08:30:00.000+02:00'|8465.0|''|-1.0|'' +8465|'5f92ec2f786d65281f878130d24c82ea7b1e67d9'|'UPDATE 1-Chinese police detain teacher in kindergarten abuse inquiry'|'(Updates with details throughout)BEIJING, Nov 25 (Reuters) - Beijing police investigating alleged child abuse at a kindergarten run by RYB Education Inc said on Saturday they had detained a teacher, in the latest scandal to hit Chinas booming childcare industry.Police in the Chaoyang district said it will further investigate claims of abuse after Chinas official Xinhua news agency reported this week they were checking allegations that children at the nursery were reportedly sexually molested, pierced by needles and given unidentified pills.Chaoyang district police said in an online posting on Saturday they had detained a 22-year-old teacher, surnamed Liu from the Hebei province adjacent to Beijing.Police have also arrested another person, also surnamed Liu, for allegedly disrupting social order by spreading false information about the alleged kindergarten abuse, it said in a separate posting.RYBs New York-listed shares plunged 38.4 percent on Friday as the scandal sparked outrage among parents and the public.The second woman, 31, and a Beijing native, was arrested on Thursday, police said.Parents said their children, some as young as three, gave accounts of a naked adult male conducting purported medical check-ups on unclothed students, other media said.RYB provides early education services in China and at the end of June was operating 80 kindergartens and had franchised an additional 175, covering 130 cities and towns in China.Meanwhile, Beijing city authorities have urged RYB to remove the head of the kindergarten, Xinhua reported.The Chaoyang district has launched an investigation into all childcare facilities in its area, the report said. (Reporting by Shu Zhang and Josephine Mason; Editing by Christian Schmollinger and Clelia Oziel) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/ryb-education-china/update-1-chinese-police-detain-teacher-in-kindergarten-abuse-inquiry-idINL3N1NV084'|'2017-11-25T08:30:00.000+02:00'|8465.0|29.0|0.0|'' 8466|'af3698a4185ae6dadb5391d40632986ecd6f1fb0'|'Build fast, fix later: speed hurts quality at Tesla, some workers say'|'November 29, 2017 / 6:20 AM / in 19 minutes Build fast, fix later: speed hurts quality at Tesla, some workers say Alexandria Sage 8 Min Read SAN FRANCISCO (Reuters) - After Teslas Model S sedans and Model X SUVs roll off the companys Fremont, California assembly line, the electric vehicles usually make another stop - for repairs, nine current and former employees have told Reuters. The luxury cars regularly require fixes before they can leave the factory, according to the workers. Quality checks have routinely revealed defects in more than 90 percent of Model S and Model X vehicles inspected after assembly, these individuals said, citing figures from Teslas internal tracking system as recently as October. Some of these people told Reuters of seeing problems as far back as 2012. Tesla Inc ( TSLA.O ) said its quality control process is unusually rigorous, designed to flag and correct the tiniest imperfections. It declined to provide post-assembly defect rates to Reuters or comment on those cited by employees. The worlds most efficient automakers, such as Toyota ( 7203.T ), average post-manufacturing fixes on fewer than 10 percent of their cars, according to industry experts. Getting quality right during initial assembly is crucial, they said, because repairs waste time and money. At Tesla so much goes into rework after the car is done ... thats where their money is being spent, a former Tesla supervisor said. The Silicon Valley automaker said the majority of its post-assembly defects are minor and resolved in a matter of minutes. Tesla has enthralled consumers with sleek designs, clean technology and legendary acceleration on its pricey cars. A Consumer Reports survey found 91 percent of Tesla owners would buy again. Still, the magazine and market researcher J.D. Power have dinged the company on quality, citing troubles such as faulty door handles and body panel gaps. Bernstein analyst A.M. (Toni) Sacconaghi, Jr. test-drove one of the companys new Model 3 sedans earlier this month, writing that the fit and finish were relatively poor. Tesla owners have complained on web forums of annoying rattles, buggy software and poor seals that allow rainwater to seep into the interior or trunk. Auto industry experts say the companys survival now depends on its ability to crank out high-quality cars in volume as it begins to build its first mass-market car, the Model 3, which starts at $35,000. Tesla has never turned an annual profit and is burning through $1 billion a quarter. That is unsustainable without fresh cash or a big increase in sales to mainstream customers who may prove less forgiving of potential defects. Weve never doubted Teslas ability to make exciting products with top specifications, but theres a difference between unveiling something and then actually making it perfectly in large volume. Tesla has not perfected the latter yet, Morningstar analyst David Whiston wrote earlier this month. Musk has vowed Tesla would become the best manufacturer on Earth, helped by a new, highly automated assembly line and a simpler design for the Model 3. However, production woes have slowed deliveries of the much-anticipated sedan. Snags are normal with any new launch. But chronic defects with Teslas established Models S and X show a company still struggling to master basic manufacturing, workers said. Known as kickbacks within Tesla, these vehicles have glitches as minor as dents and scratches to more complex troubles such as malfunctioning seats. Easy fixes are made swiftly on the factory floor, workers said. Trickier cases head to one of Teslas outdoor parking lots to await repair. The backlog in one of those two lots, dubbed the yard, has exceeded 2,000 vehicles at times, workers told Reuters. Tesla denied to Reuters that such repair lots exist. FILE PHOTO: Model S side panels await installation at Tesla''s factory in Fremont, California, June 22, 2012. REUTERS/Noah Berger/File Photo Reuters interviewed nine current and former Tesla employees, including a former senior manager, with experience in assembly, quality control and repairs on Model S and Model X. All requested anonymity because the company required them to sign non-disclosure agreements. Four of the people were fired for cause, including two last month as part of a mass dismissal of hundreds of workers for what Tesla said was poor performance. Sacked workers who spoke with Reuters denied they were poor performers. People with knowledge of Teslas internal quality data shared those figures with Reuters. The news agency was unable to confirm the information independently. Defects included doors not closing, material trim, missing parts, all kinds of stuff. Loose objects, water leaks, you name it, another former supervisor said. Weve been building a Model S since 2012. How do we still have water leaks? For a graphic on Tesla''s losses, click: tmsnrt.rs/2AgMYIB BUILD FAST, FIX LATER Slideshow (4 Images) Tesla disputed workers portrayal of the automaker as struggling to produce defect-free vehicles. A spokesperson described a rigorous process that requires all cars to pass more than 500 inspections and tests. Any reworking of cars after assembly reflects the companys commitment to quality, the spokesperson said. Our goal is to produce perfect cars for every customer, Tesla said in a statement. Therefore, we review every vehicle for even the smallest refinement. Most customers would never notice the work that is done post production, but we care about even a fraction of a millimeter body gap difference or a slight paint gloss texture. We then feed these improvements back to production in a pursuit of perfection. Employees who worked on Model S and Model X described pressure to keep the assembly line moving, even when problems emerged. Some told of batches of cars being sent through with parts missing - windshields in one case, bumpers in another - because there were none on hand. The understanding, they said, was that these and other flaws would be fixed later. Quality inspectors would sometimes find more defects than those reported by workers in the internal tracking system when a car came off the line. Wed see two issues, thats pretty good. But then wed dig in and there would be like 15 or 20, one person said. One persistently tricky area was alignment, where body parts had to be muscled, in the words of the senior manager, to a certain degree of flushness. Not every team follows the same rule book, workers said, resulting in gaps of different size. Tesla denied that its quality control is inconsistent and said its extensive process for locating and fixing errors was very successful. Some workers traced the challenges to Musks determination to launch vehicles faster than the industry norm by shortening the design process, skipping some pre-production testing, then making improvements on the fly. Such improvisation leads to high repair rates, employees said. For a March report called Beyond the Hype, J.D. Power found creaks, scratches and poor door alignment on new Model S and Model X vehicles, issues it blamed on the companys lack of manufacturing experience. The overall quality of Tesla vehicles, it concluded, was not competitive within the luxury segment, lacking precision and attention to detail. Such sloppiness is a rarity in luxury brands such as Mercedes-Benz ( DAIGn.DE ) and BMW ( BMWG.DE ), said Kathleen Rizk, director of global automotive consulting at J.D. Power. Those companies have been manufacturing forever, she said. They have stopgaps. Tesla said its high customer satisfaction proves it is building the safest and best-performing cars available today. Reporting By Alexandria Sage; Editing by Peter Henderson and Marla Dickerson'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-tesla-quality-insight/build-fast-fix-later-speed-hurts-quality-at-tesla-some-workers-say-idUKKBN1DT0N3'|'2017-11-29T08:09:00.000+02:00'|8466.0|''|-1.0|'' 8467|'9dd758f9512a33889df070fbb767041f91efec39'|'ECB flags possible delay of stricter rules on bad loans'|'November 9, 2017 / 8:16 AM / Updated 12 minutes ago ECB flags possible delay of stricter rules on bad loans Francesco Canepa , Balazs Koranyi 3 Min Read FRANKFURT (Reuters) - The is prepared to delay the introduction of stricter rules on bad bank loans after fierce criticism from the European Parliament and Italy, the ECBs top supervisor The headquarters (ECB) are pictured in Frankfurt, Germany September 8, 2016. REUTERS/Ralph Orlowski/File Photo Daniele Nouy defended the proposed new guidelines, which force banks to set aside more money for loans that sour, but said the ECB could push back their introduction from Jan. 1 if it could examine all the feedback it received. The guidelines, under consultation until Dec. 8, have drawn fire from Parliament, raising the risk of an unprecedented conflict between the institutions. If between 8 December and the beginning of the year... we have difficulties to fully exploit whats been given to us, it may mean that the first of January 2018 is not be the best date to get started, Nouy said in the European Parliament. I can propose that we give us a bit more time. But she insisted the new rules were both necessary and legitimate. Now is the right time for such an additional step, given that we currently have very favourable economic conditions in Europe, Nouy told the assemblys economic committee in Brussels. This addendum, once adopted, falls within the supervisory mandate and powers of the ECB. FILE PHOTO - ''s chief supervisor Daniele Nouy speaks during a banking conference in Lisbon, Portugal, May 17, 2016. REUTERS/Rafael Marchante The guidelines give banks seven years to provide for credit backed by collateral and two years for unsecured debt. The Parliaments legal services office said on Wednesday they encroached on the assemblys law-making prerogatives. In its current form, the addendum goes beyond these (ECB) prerogatives, which are clearly bank-specific, because it lays down general rules applicable to all banks, the committees chair Roberto Gualtieri, an Italian, said as he introduced Nouys hearing. This could only be done though an appropriate amendment to legislation. The big worry for Italy is the rules are also being applied to the euro zones near 900 billion euros (795.22 billion pounds) stock of existing bad loans, a quarter of which sit at Italian banks. Authorities there say that could force banks to curtail lending or even raise capital on the market, a task that has eluded some Italian banks in recent months, triggering state interventions. Sources have told Reuters that ECB staff had indeed started crafting rules on existing bad loans that were modelled around those for new soured credit, but were now having to rethink their approach due to the Italian backlash. The ECBs vice President Vitor Constancio and Nouy herself have since confirmed the approach to the stock of non-performing loans would be different. Reporting By Francesco Canepa; editing by John Stonestreet'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-ecb-banks-loans/ecbs-nouy-defends-stricter-rules-on-bad-loans-in-parliament-idUKKBN1D90XY'|'2017-11-09T11:24:00.000+02:00'|8467.0|''|-1.0|'' 8468|'53eb7ad051eec893b91241689b75ada7ccd97ca3'|'Tencent sees video games, more ads in Snapchat''s future'|'November 9, 2017 / 3:02 AM / Updated 37 minutes ago Tencent sees video games, more ads in Snapchat''s future David Ingram , Sijia Jiang 5 Min Read SAN FRANCISCO/HONG KONG (Reuters) - Chinese internet giant Tencent Holdings Ltd said on Thursday it could help Snapchat owner Snap Inc publish video games and improve ad sales after acquiring a 12 percent stake in the U.S. social media network. FILE PHOTO: Visitors use their smartphones underneath the logo of Tencent at the Global Mobile Internet Conference in Beijing May 6, 2014. REUTERS/Kim Kyung-Hoon/File Photo Snaps disclosure in a U.S. regulatory filing that Tencent had recently bought 145.8 million of its shares on the open market set off a wave of speculation among investors about the relationship between the firms. Shares in Snap closed at $12.91 on Wednesday, down 14.6 percent, as investors pummel the company for slow user growth and treated Tencents move as an investment rather than the precursor to an acquisition. Tencents shares do not have voting power and it will not have a board seat, but the two companies broadly believe in cooperation that goes beyond passive investing, according to Snaps filing on Wednesday. Tencent on Thursday described a potentially close relationship. The investment enables Tencent to explore cooperation opportunities with the company on mobile games publishing and newsfeed as well as to share its financial returns from the growth of its businesses and monetization in the future, it said in an emailed statement. It also referred to the potential for newsfeed ads. Games and a newsfeed have not been a part of Snapchat, although the company on Tuesday said it was planning a redesign. Analysts say Tencent, the worlds largest gaming company by revenue, has benefited from its social media apps for the phenomenal popularity of its smartphone games such as Honour of Kings, and will need the help of local social networks in promoting its games in overseas markets. The Snapchat app, though, is banned in China, where non-Chinese social media networks are generally restricted, although some videos originating in China were visible on the network on Wednesday presumably because of technological workarounds. U.S. investment analysts said they did not expect a change in that regard. FILE PHOTO: The Snapchat messaging application is seen on a phone screen August 3, 2017. REUTERS/Thomas White/File Photo It is unlikely that Snap would ever be allowed to establish a foothold in China even if their relationship with Tencent were deeper, Brian Wieser, senior analyst at Pivotal Research Group in New York, said in a report to clients. The companies operate on different scales. Tencents holdings include messaging apps QQ and WeChat, both ubiquitous in China, and its market capitalisation of $469 billion is among the largest in the world. Snaps is $15 billion. While Snapchat focuses on sharing pictures and video between friends, WeChat offers payment processing and more. Tencent said that it expected Snapchat to continue to grow, particularly in affluent Western markets such as the United States and Europe. The China market is in some ways more advanced in social media and messaging than the U.S. is, said Rebecca Fannin, founder of Silicon Dragon, a website that writes about China and Californias Silicon Valley. Tencent might have teams come in and work with them, Fannin said. Snap declined to comment beyond a filing in which it said the California company was inspired by Tencents creativity and entrepreneurial spirit and grateful to continue a productive relationship. Snap has an office in Shenzhen, China, where Tencent has its headquarters, to assist in the manufacture of Spectacles, Snaps sunglasses that have a built-in camera. Tencent has aspirations to assume a global role in technology and may be buying shares with that strategy in mind, said Lindsay Conner, a Los Angeles lawyer who has represented Chinese companies in the United States. They often invest in companies to have a seat at the table, to understand businesses better, to see where the leading edge is between technology and content, and to have an insight into technology they should adopt or licence, he said. Tencent first became an investor in Snap in 2013. The total size of its investment has not been disclosed. Although Snaps shares began to trade publicly in March in the hottest debut of a U.S. tech stock in years, results since then have sent Snap shares down below its IPO price of $17. Reporting by David Ingram in San Francisco and Sijia Jiang in Hong Kong; Additional reporting by Sheila Dang in New York; Editing by Peter Henderson and Edwina Gibbs'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-snap-tencent-holdings-videogames/tencent-says-it-wants-to-cooperate-with-snap-on-games-idUKKBN1D90AE'|'2017-11-09T07:26:00.000+02:00'|8468.0|''|-1.0|'' 8469|'5c5096fbee8e51bea0756dec8b99a2618f1c8267'|'Tornado replacement must be fifth generation - German air force chief'|'November 8, 2017 / 2:02 PM / Updated 6 minutes ago Tornado replacement must be fifth generation - German air force chief Andrea Shalal , Sabine Siebold 3 Min Read BERLIN (Reuters) - The German military needs a fifth-generation replacement for its Tornado fighter jets that is hard to detect on enemy radars and can strike targets from a great distance, the chief of staff of the air force said on Wednesday. A Eurofighter Typhoon EF2000 fighter jet from the Spanish Air Force makes a high speed pass during an international aerial and naval military exhibition commemorating the centennial of the Spanish Naval Aviation, over a beach near the naval airbase in Rota, southern Spain, September 16, 2017. REUTERS/Jon Nazca Lieutenant General Karl Muellners comments are his clearest public statements to date on the Tornado replacement programme and indicate a preference for Lockheed Martin Corps F-35 fighter jet ( LMT.N ), the only Western aircraft that meets those requirements. The air force last month issued a formal request for information about the F-35, the F-15 and F/A-18E/F, both built by Boeing Co ( BA.N ), and the European Eurofighter Typhoon, as it kicks off the process of replacing its 85 Tornado jets, which will go out of service around 2030. The programme could be worth around 20 billion euros (17.7 billion) for the winning bidder in coming years. Muellner told Reuters Germany would need to buy an off-the-shelf replacement that could enter service around 2025 to facilitate a smooth transition with the Tornado, noting that did not leave enough time to develop a unique solution. But he said changing warfare requirements and the need for a credible deterrent meant the successor fighter had to be low-observable, and able to identify and strike targets from a great distance. It will have to be a fifth-generation jet to meet the full spectrum of our needs, Muellner said. Many German allies in Europe, including Norway, the Netherlands, Britain, Italy, Turkey and Denmark have selected the F-35 and some have received initial deliveries. Belgium is expected to make a decision next year. Any new fighter jet purchase would have to be approved by parliament in the next two years and a contract signed by 2020 or 2021 to ensure deliveries by 2025. A purchase of around 100 jets would help ensure German industry got a decent share of work on the programme. Muellner said he also strongly supported a Franco-German plan to develop a successor for its fleet of what will be 140 Eurofighter Typhoon jets, built by Britains BAE Systems Plc ( BAES.L ), Italys Leonardo ( LDOF.MI ) and Airbus ( AIR.PA ). The project, unveiled in July, would help preserve critical technology skills in Europe and allow Europe to develop its own low-observable technology, Muellner said. He said the German air force had also committed to NATO to provide a fleet of 14 electronic warfare aircraft by the middle of the next decade, which meant it would likely have to buy around 20 such jets. Possible candidates could be the Boeing EA-18 Growler, a modified A400M transport plane or a modified Eurofighter, experts said. No decisions on that programme have been made. Editing by Janet Lawrence'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-germany-fighter/tornado-replacement-must-be-fifth-generation-german-air-force-chief-idUKKBN1D81W9'|'2017-11-08T16:01:00.000+02:00'|8469.0|''|-1.0|'' -8470|'c360350dbd514d0fad03e558d80bf0863f3aa297'|'U.S. to account for most world oil output growth over 10 years - IEA'|'November 16, 2017 / 1:44 PM / Updated 19 minutes ago U.S. to account for most world oil output growth over 10 years - IEA Reuters Staff 2 Min Read BONN, Germany (Reuters) - The United States is expected to account for more than 80 percent of global oil production growth in the next 10 years and it will produce 30 percent more gas than Russia by that time, he International Energy Agency (IEA) said on Thursday. FILE PHOTO: A mooring station for oil tankers can be seen at the Trans-Alaska Pipeline Marine Terminal in Valdez, Alaska on August 8, 2008. REUTERS/Lucas Jackson/File Photo This has implications on the oil markets, prices, trade flows, investment trends and the geopolitics of energy, IEA head Fatih Birol said at a U.N. climate conference in Bonn. He said the United States, whose upstream energy industry has seen a resurgence with the development of fracking technology, would become the undisputed leader of oil and gas production worldwide. On the broader market, he said the IEA expected oil markets to rebalance in 2018 if oil demand remained more or less as robust as it was now and if the Organization of the Petroleum Exporting Countries and its allies extended output cuts. OPEC and other producers are expected to extend production cuts beyond a March deadline in a bid to cut oversupply. The Paris-based IEA cut its oil demand forecast in its latest monthly report by 100,000 barrels per day (bpd) for this year and next, to an estimated 1.5 million bpd and 1.3 million bpd, respectively. [IEA/M] It also said oil inventories in the developed world fell by 40 million barrels in September, dropping below 3.0 billion barrels for the first time in two years. According to OPECs own numbers, inventories were 154 million barrels above the five-year average in September. OPEC states have said they want to reduce stocks to their five-year average. Reporting by Ahmad Ghaddar; Editing by Mark Potter and Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-oil-iea-birol/u-s-to-become-oil-and-gas-world-leader-in-long-term-iea-idUKKBN1DG1WY'|'2017-11-16T16:52:00.000+02:00'|8470.0|''|-1.0|'' +8470|'c360350dbd514d0fad03e558d80bf0863f3aa297'|'U.S. to account for most world oil output growth over 10 years - IEA'|'November 16, 2017 / 1:44 PM / Updated 19 minutes ago U.S. to account for most world oil output growth over 10 years - IEA Reuters Staff 2 Min Read BONN, Germany (Reuters) - The United States is expected to account for more than 80 percent of global oil production growth in the next 10 years and it will produce 30 percent more gas than Russia by that time, he International Energy Agency (IEA) said on Thursday. FILE PHOTO: A mooring station for oil tankers can be seen at the Trans-Alaska Pipeline Marine Terminal in Valdez, Alaska on August 8, 2008. REUTERS/Lucas Jackson/File Photo This has implications on the oil markets, prices, trade flows, investment trends and the geopolitics of energy, IEA head Fatih Birol said at a U.N. climate conference in Bonn. He said the United States, whose upstream energy industry has seen a resurgence with the development of fracking technology, would become the undisputed leader of oil and gas production worldwide. On the broader market, he said the IEA expected oil markets to rebalance in 2018 if oil demand remained more or less as robust as it was now and if the Organization of the Petroleum Exporting Countries and its allies extended output cuts. OPEC and other producers are expected to extend production cuts beyond a March deadline in a bid to cut oversupply. The Paris-based IEA cut its oil demand forecast in its latest monthly report by 100,000 barrels per day (bpd) for this year and next, to an estimated 1.5 million bpd and 1.3 million bpd, respectively. [IEA/M] It also said oil inventories in the developed world fell by 40 million barrels in September, dropping below 3.0 billion barrels for the first time in two years. According to OPECs own numbers, inventories were 154 million barrels above the five-year average in September. OPEC states have said they want to reduce stocks to their five-year average. Reporting by Ahmad Ghaddar; Editing by Mark Potter and Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-oil-iea-birol/u-s-to-become-oil-and-gas-world-leader-in-long-term-iea-idUKKBN1DG1WY'|'2017-11-16T16:52:00.000+02:00'|8470.0|29.0|0.0|'' 8471|'aaeaacc77cb6d851f801fdf3cc3766ecc69e6fdf'|'European shares edge higher as SocGen weighs on banks after results'|'November 3, 2017 / 8:32 AM / in 18 minutes European shares edge higher as SocGen weighs on banks after results Reuters Staff 3 Min Read LONDON (Reuters) - European shares crept higher in early deals on Friday as earnings weighed on shares in French bank Societe Generale ( SOGN.PA ) and Dutch telecoms firms Altice ( ATCA.AS ), though gains for tech stocks and carmakers limited losses. The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, November 1, 2017. REUTERS/Staff/Remote The pan-European STOXX 600 index was up 0.1 percent, set for its second week of gains in a row, while euro zone blue chips .STOXX50E were down 0.1 percent. Britain''s FTSE 100 .FTSE built on the previous session''s gains following the Bank of England''s first rate hike in more than a decade, up 0.3 percent. Friday was another busy day of earnings, with the banking sector in focus. Societe Generale fell 3.8 percent after the French bank reported third quarter earnings which included a 15 percent slump at its investment banking arm. Telecoms firm Altice was another big faller, down 7.9 percent after issuing cautious full-year targets amidst slightly weaker-than-expected third quarter results. On the positive side, Norwegian consumer publishing firm Schibsted ( SBSTA.OL ) surged 18 percent to the top of the STOXX after its results came in above forecast. Frances Renault ( RENA.PA ) rose 3.9 percent, leading European autos .SXAP after the French government began the sale of its 4.73 percent stake in the carmaker. Tech stocks were also in focus after U.S. giant Apple ( AAPL.O ) reported better-than-expected earnings, boosting shares in suppliers Dialog Semiconductor ( DLGS.DE ) 2 percent and AMS ( AMS.S ) 1.6 percent. So far more than half of MSCI Europe companies have reported third quarter earnings, of which 67 percent have either met or beaten analysts expectations, according to Thomson Reuters I/B/E/S data. Reporting by Kit Rees, editing by Danilo Masoni'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks/european-shares-edge-higher-as-socgen-weighs-on-banks-after-results-idUKKBN1D30O0'|'2017-11-03T10:32:00.000+02:00'|8471.0|''|-1.0|'' 8472|'5e694f8c19514af4fbc8e97932bd69cfe71c546d'|'Televisa exec shot dead outside Mexico City while riding bike'|'MEXICO CITY (Reuters) - Adolfo Lagos, the head of struggling Mexican broadcaster Grupo Televisas telecoms unit izzi, was shot dead on Sunday on the outskirts of Mexico City, the state attorney generals office said in a statement.The attorney generals office for the State of Mexico, which surrounds the capital, said it was investigating the homicide near the ancient Teotihuacan pyramids. It said Lagos was on a bicycle when he was shot. He died in hospital from his wounds.Press reports said Lagos died after group of men tried to steal his bike. In his Twitter profile photo, Lagos is shown riding a bike. The attorney generals office could not immediately be reached for comment.Grupo Televisa profoundly laments the death of izzi Director Adolfo Lagos Espinosa that took place in the State of Mexico. Our condolences to his wife, daughters and family members, the company wrote on Twitter.izzi offers phone, internet and cable television services.Mexican President Enrique Pena Nieto took to Twitter to offer his condolences, saying that the federal attorney generals office would help state prosecutors investigate.The death of Lagos, a well-known former banker, is a fresh pain for Televisa, which is struggling with declining ad sales and tough competition from the widespread move to online video.The companys longtime chief executive will step down next year, the company said last month, and Televisa has also faced U.S. allegations that it was among media companies that paid bribes to secure television rights for soccer matches.The testimony came during the first trial to emerge from the U.S. investigation of bribery surrounding FIFA, soccers world governing body.Reporting by Gabriel Stargardter, Sharay Angulo, Lizbeth Diaz; Editing by Cynthia Osterman '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-televisa-executive/televisa-exec-shot-dead-outside-mexico-city-while-riding-bike-idUSKBN1DK01K'|'2017-11-20T02:24:00.000+02:00'|8472.0|''|-1.0|'' 8473|'25ddea7c7b1e311957b021686a1332ce33e2d1c7'|'Daimler turns down Geely offer to take up to 5 pct stake via new share issue'|'November 29, 2017 / 8:01 AM / Updated 37 minutes ago Exclusive: Daimler rebuffs Geely offer to buy stake; Geely still hopeful of a deal - sources Julie Zhu , Norihiko Shirouzu 4 Min Read HONG KONG/BEIJING (Reuters) - Daimler AG has turned down an offer from Chinas Geely to take a stake of up to 5 percent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks said. Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo A stake of that size would be worth $4.5 billion at current market prices. Although Daimler declined the offer, it told Geely it was welcome to buy shares in the open market, the sources added. Carmakers in China have embarked on a flurry of dealmaking, as they scramble to boost production of electric and plug-in hybrid vehicles ahead of tough new quotas to be imposed by Beijing, which wants to reduce urban smog and lower the countrys reliance on oil. People with knowledge of Geelys thinking said the company was keen to access Daimlers electric car battery technology and wanted to establish an electric car joint venture in Wuhan, the capital of Hubei province. Geely, which also owns Swedish car maker Volvo, is still hopeful it can secure a deal in some form over the coming weeks, they added. The two automakers met in Beijing in recent weeks at Geelys behest. There, the Chinese firm, formally known as Zhejiang Geely Holding Group, offered to take a stake of between 3 percent and 5 percent if Daimler would issue new shares at a discount, the sources said. It was not immediately clear what kind of discount for the shares Geely had in mind or whether Geely was interested in buying the shares on the open market. A spokesman for Geely declined to comment. A spokesman for Daimler said the company was very happy with our shareholder structure at present, but added that it would welcome new investors with a long-term interest in the company. Shares in Daimler were up 1 percent in early Wednesday trade, in line with the broader market. DAIMLER ALREADY TIED TO BAIC, BYD Geely, which has a market value of some $32 billion, is the leading domestic brand in China with a 5 percent market share, according to an analysis by Nomura Securities. A stake of 5 percent would establish it as Daimlers third-largest shareholder behind the Kuwait Investment Authority and BlackRock, who hold 6.8 percent and 6 percent respectively, according to Reuters data. Daimler, however, has a long-established joint venture with Chinese carmaker BAIC Motor Corp, which its spokesman described as our most important partner in China. This month it announced plans to invest at least 5 billion yuan ($757 million) in electric battery and vehicle production with BAIC in China. It also has another tie-up with BYD, a Chinese automaker backed by Warren Buffett. The maker of Mercedes-Benz cars has previously held similar discussions about an investment from BAIC. But Daimler has consistently refused to issue new shares out of concern for existing shareholders. Other recent potential deals involving global and Chinese automakers include Ford Motor Cos announcement in August that it is looking at setting up an electric car venture with Chinese firm Zotye Automobile Co Ltd. Any deal involving an equity stake in Daimler would be Geelys largest since it bought Volvo for $1.8 billion in 2010. This week, Geely and Volvo launched the first car in China under their new brand, Lynk & Co, which the Chinese group intends to eventually take global. ($1 = 6.6017 Chinese yuan) Reporting by Julie Zhu and Norihiko Shirouzu; Additional reporting by Edward Taylor in Frankfurt; Writing by Jennifer Hughes; Editing by Edwina Gibbs'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/daimler-m-a-geely-automobile/daimler-turns-down-geely-offer-to-take-up-to-5-pct-stake-via-new-share-issue-idINKBN1DT0UP'|'2017-11-29T09:58:00.000+02:00'|8473.0|''|-1.0|'' @@ -8506,8 +8506,8 @@ 8504|'952c9082ef9cb93c2437edf0e9c8346fce1eddfb'|'Lebanon dollar bonds slammed again by rising regional tensions'|'LONDON, Nov 10 (Reuters) - Lebanons sovereign dollar bonds came under renewed pressure on Friday, with some issues falling more than 2 cents amid rising regional tensions in the wake of Prime Minister Saad al-Hariris resignation nearly a week ago.The 2024 bond dropped as much as 2.5 cents to trade at 91.3 cents, having lost 7.5 cents since the start of the week, according to Thomson Reuters data. The bond maturing in 2032 lost as much as 2.15 cents to 86.6 cents.Most issues across the curve were trading around multi-year or record lows.On Thursday, three Gulf states advised their citizens against traveling to Lebanon and asked those already there to leave as soon as possible, amid rising tensions between Saudi Arabia and Iran over Lebanon and Yemen.Reporting by Karin Strohecker; Editing by Jamie McGeever '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/lebanon-crisis-eurobonds/lebanon-dollar-bonds-slammed-again-by-rising-regional-tensions-idINS8N1MY00E'|'2017-11-10T05:58:00.000+02:00'|8504.0|''|-1.0|'' 8505|'da06691ec7e6f2a08343b16192f2bc08b8260392'|'Canadian Natural Resources posts quarterly profit'|'November 2, 2017 / 9:07 AM / in 6 minutes Canadian Natural Resources posts quarterly profit Reuters Staff 1 Min Read Nov 2 (Reuters) - Canadian Natural Resources Ltd, Canadas largest independent petroleum producer, on Thursday reported a third-quarter profit, helped by higher production and average realized prices. The Calgary-based company reported a net income of C$684 million, or 56 Canadian cents per share, for the quarter ended Sept. 30, compared with a loss of C$326 million, or 29 Canadian cents, a year earlier. Oil and natural gas production rose 40.9 percent to 1.04 million barrels of oil equivalent per day (boepd) in the quarter. (Reporting by Akshara P in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canadian-natural-resources-results/canadian-natural-resources-posts-quarterly-profit-idUSL4N1N83J4'|'2017-11-02T11:07:00.000+02:00'|8505.0|''|-1.0|'' 8506|'f02e7bf0bbd3d3753850f874ba9e3bc14281674e'|'M7 Multi-Let pursues private funding, scraps London IPO plan'|'LONDON (Reuters) - M7 Multi-Let REIT, a new firm set up to invest in industrial and office property, has become the latest business to scrap plans to float in London, pulling a listing that would have raised as much as 300 million pounds ($400 million).M7, which announced its intention to float as a real estate investment trust (REIT) last month, said a number of investors had instead expressed an interest in providing funding privately to support its property expansion.This, combined with the current market conditions and the volume of recent issuances focusing on UK real estate, led the board to conclude that the initial portfolio and pipeline would be better funded privately over the near to medium term, said Richard Croft, the chief executive of M7 Real Estate.M7 said on Oct. 10 that it had agreed to buy 93 property assets for 119.8 million pounds its so-called initial portfolio - and that it had also identified a pipeline of potential acquisitions valued at more than 400 million pounds.Its decision to call off the listing to finance those deals marks another setback for the London Stock Exchange, which has been hit in recent weeks after Comparethemarket.com-owner BGL Group ( IPO-BGL.L ), broadcasting masts firm Arqiva IPO-ARGL.L, debt collector Cabot Credit Management and business services firm TMF Group all pulled floats.The exchange has not been affected by recent IPO cancellations. Figures show that 2017 has already vastly exceeded both 2016 and 2015, with money raised increasing by four times and with double the number of IPOs in 2017 compared with 2015, a spokeswoman for LSE said.We have also had the largest number of REIT IPOs globally so far this year, she said.M7s decision will increase attention on motor insurer Sabre, which is pursuing a London float after announcing its listing plans this month.A source familiar with the matter said on Nov. 13 that the company was looking for a 600 million-pound valuation from the initial public offering but it could fall short of that target.Sabre this week set the price range for its shares at 220 pence to 240 pence, which would give it a market capitalization of between 550 million pounds and 600 million pounds.Additional reporting by Shalini Nagarajan in Bengaluru; Editing by Keith Weir and Susan Fenton '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-m7-multi-let-ipo/m7-multi-let-pursues-private-funding-scraps-london-ipo-plan-idINKBN1DO2ID'|'2017-11-24T17:44:00.000+02:00'|8506.0|''|-1.0|'' -8507|'3c4399326f7d16453f4e1adf223d52807b9d198a'|'Brazil judge blocks new Oi directors from role in recovery plan'|'RIO DE JANEIRO, Nov 17 (Reuters) - The Brazilian judge overseeing the debt restructuring of telecommunications firm Oi SA has blocked two recently appointed directors from taking a role in drafting its recovery plan.In a Thursday ruling, Judge Fernando Viana said the two board members who were named to management positions on Nov. 3 were banned from getting involved in talks with creditors to restructure the companys $20 billion debt. (Reporting by Rodrigo Viga Gaier) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/oi-sa-restructuring/brazil-judge-blocks-new-oi-directors-from-role-in-recovery-plan-idINN9N1J2008'|'2017-11-17T09:25:00.000+02:00'|8507.0|''|-1.0|'' -8508|'ceb6f6a50883f4cc70c738fd947a4139ba4e2fe6'|'EU''s Barnier paints gloom and doom for post-Brexit Britain'|'November 29, 2017 / 12:44 PM / Updated 17 minutes ago EU''s Barnier paints gloom and doom for post-Brexit Britain Reuters Staff 4 Min Read BERLIN (Reuters) - The European Unions chief Brexit negotiator told German industry on Wednesday that it was his responsibility to help European companies weather the exit of Britain from the EU, and he warned Britain that its economy had much to lose. In a series of speeches, Michel Barnier also said work remained to be done on how much Britain would pay the EU to cover its share of the EU budget after it leaves. British newspapers have reported his team has broadly agreed on a payment of around 50 billion euros (44 billion). The EU has given Britain until Monday to make an acceptable offer for a financial settlement, agree on the rights of EU citizens in Britain and ensure no hard border is set up with Ireland. Only then will it start talks on a future trade pact. German business is worried about the impact of Brexit - Britain is Germanys third-largest export destination and its fifth-biggest overall trading partner. The future of the EU is more important than Brexit, Barnier told the BDA employers association and the BDI industry group and DIHK chambers of commerce. Barnier said he wasnt sure if the whole truth had been explained to British business on the impact of Brexit. My responsibility before you and everywhere in Europe is to tell the truth to European businesses, he said in the speech to the BDA employers association. A trading relationship with a non-EU member inevitably involved friction, he said. Whatever the outcome of the current negotiations, there will be no business as usual, he said. Some politicians in Britain have argued that German companies depend on them for business, so Berlin under Chancellor Angela Merkel may help London get a deal. European Union''s chief Brexit negotiator Michel Barnier holds a speech at the Berlin Security Conference on European Security and Defence in Berlin, Germany, November 29, 2017. REUTERS/Hannibal Hanschke But only about 6 percent of Germanys trade in goods is with the United Kingdom, compared with 56 percent with the other EU countries, Barnier said - making it clear Britain had the most to lose. Barnier also pointed to value-added tax returns and the imports of animals and animal projects that are subject to checks at the EUs borders as potential problems. And he warned there was no guarantee that judgements by UK courts on trade disputes would automatically be recognised across the EU after Brexit. The BDI industry association and DIHK chambers of commerce stressed that the onus was on the British government to shift in its negotiations. The British government must move so that the EU can give the green light in two weeks for phase two of the talks, said the BDI and DIHK groups. There can be no cherry picking for London. It is clear: our priority is to strengthen the EU and develop it further, they said, stressing that the freedoms of the internal market would not be diluted for Britain during any transition phase. Barnier also warned that companies should prepare for a possible no deal, which implies returning to trade tariffs under World Trade Organisation rules, and border controls. That scenario would lead to higher transport and storage costs, hitting companies operating on a just-in-time basis, he said. The no-deal scenario is not our scenario, but since it cannot be ruled out, we have to prepare for it, he said. Reporting by Joseph Nasr and Madeline Chambers, editing by Larry King'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-barnier-berlin/no-brexit-deal-would-be-a-very-bad-deal-warns-eus-barnier-idUKKBN1DT1PX'|'2017-11-29T19:34:00.000+02:00'|8508.0|''|-1.0|'' +8507|'3c4399326f7d16453f4e1adf223d52807b9d198a'|'Brazil judge blocks new Oi directors from role in recovery plan'|'RIO DE JANEIRO, Nov 17 (Reuters) - The Brazilian judge overseeing the debt restructuring of telecommunications firm Oi SA has blocked two recently appointed directors from taking a role in drafting its recovery plan.In a Thursday ruling, Judge Fernando Viana said the two board members who were named to management positions on Nov. 3 were banned from getting involved in talks with creditors to restructure the companys $20 billion debt. (Reporting by Rodrigo Viga Gaier) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/oi-sa-restructuring/brazil-judge-blocks-new-oi-directors-from-role-in-recovery-plan-idINN9N1J2008'|'2017-11-17T09:25:00.000+02:00'|8507.0|26.0|0.0|'' +8508|'ceb6f6a50883f4cc70c738fd947a4139ba4e2fe6'|'EU''s Barnier paints gloom and doom for post-Brexit Britain'|'November 29, 2017 / 12:44 PM / Updated 17 minutes ago EU''s Barnier paints gloom and doom for post-Brexit Britain Reuters Staff 4 Min Read BERLIN (Reuters) - The European Unions chief Brexit negotiator told German industry on Wednesday that it was his responsibility to help European companies weather the exit of Britain from the EU, and he warned Britain that its economy had much to lose. In a series of speeches, Michel Barnier also said work remained to be done on how much Britain would pay the EU to cover its share of the EU budget after it leaves. British newspapers have reported his team has broadly agreed on a payment of around 50 billion euros (44 billion). The EU has given Britain until Monday to make an acceptable offer for a financial settlement, agree on the rights of EU citizens in Britain and ensure no hard border is set up with Ireland. Only then will it start talks on a future trade pact. German business is worried about the impact of Brexit - Britain is Germanys third-largest export destination and its fifth-biggest overall trading partner. The future of the EU is more important than Brexit, Barnier told the BDA employers association and the BDI industry group and DIHK chambers of commerce. Barnier said he wasnt sure if the whole truth had been explained to British business on the impact of Brexit. My responsibility before you and everywhere in Europe is to tell the truth to European businesses, he said in the speech to the BDA employers association. A trading relationship with a non-EU member inevitably involved friction, he said. Whatever the outcome of the current negotiations, there will be no business as usual, he said. Some politicians in Britain have argued that German companies depend on them for business, so Berlin under Chancellor Angela Merkel may help London get a deal. European Union''s chief Brexit negotiator Michel Barnier holds a speech at the Berlin Security Conference on European Security and Defence in Berlin, Germany, November 29, 2017. REUTERS/Hannibal Hanschke But only about 6 percent of Germanys trade in goods is with the United Kingdom, compared with 56 percent with the other EU countries, Barnier said - making it clear Britain had the most to lose. Barnier also pointed to value-added tax returns and the imports of animals and animal projects that are subject to checks at the EUs borders as potential problems. And he warned there was no guarantee that judgements by UK courts on trade disputes would automatically be recognised across the EU after Brexit. The BDI industry association and DIHK chambers of commerce stressed that the onus was on the British government to shift in its negotiations. The British government must move so that the EU can give the green light in two weeks for phase two of the talks, said the BDI and DIHK groups. There can be no cherry picking for London. It is clear: our priority is to strengthen the EU and develop it further, they said, stressing that the freedoms of the internal market would not be diluted for Britain during any transition phase. Barnier also warned that companies should prepare for a possible no deal, which implies returning to trade tariffs under World Trade Organisation rules, and border controls. That scenario would lead to higher transport and storage costs, hitting companies operating on a just-in-time basis, he said. The no-deal scenario is not our scenario, but since it cannot be ruled out, we have to prepare for it, he said. Reporting by Joseph Nasr and Madeline Chambers, editing by Larry King'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-barnier-berlin/no-brexit-deal-would-be-a-very-bad-deal-warns-eus-barnier-idUKKBN1DT1PX'|'2017-11-29T19:34:00.000+02:00'|8508.0|26.0|0.0|'' 8509|'ae33de04d9146b465309f7211289e60733b262d7'|'Wall Street heads lower, tax plan doubts weigh'|'NEW YORK (Reuters) - U.S. stock indexes fell on Tuesday as General Electric shares plunged for a second straight day and a drop in crude oil prices hit energy stocks.Traders work on floor of the New York Stock Exchange (NYSE) shortly before the close of trading in New York, U.S., December 13, 2016. REUTERS/Lucas Jackson/Files GE ( GE.N ) fell 5.9 percent to $17.90 in the largest daily volume in two years as investors wondered if a massive overhaul of the company by new Chief Executive John Flannery will be enough to revive the industrial conglomerate.The stock touched $17.46, its lowest in nearly six years.Energy was the largest decliner among the 11 S&P 500 sectors as oil prices fell the most in a month. The International Energy Agency forecast rising U.S. crude output and had a gloomy outlook for global demand growth. [O/R]Exxon ( XOM.N ) fell 0.8 percent and ConocoPhillips ( COP.N ) was down 2.5 percent, while the S&P 500 energy sector .SPNY fell 1.5 percent, the most in more than four months.The Dow Jones Industrial Average .DJI fell 30.23 points, or 0.13 percent, to end at 23,409.47, the S&P 500 .SPX lost 5.97 points, or 0.23 percent, to 2,578.87 and the Nasdaq Composite .IXIC dropped 19.72 points, or 0.29 percent, to 6,737.87.Stocks favored by investors seeking yield, the so-called bond proxies, were the best performers as the yield curve, or the gap between short- and long-term U.S. government bond yields, remained near its flattest in a decade.Utilities .SPLRCU and consumer staples .SPLRCS, sectors that pay relatively high dividends, were the best performers on the day. Utilities rose 1.2 percent for a 2.4 percent gain since Fridays close, the largest two-day percentage gain since late February.People are looking for yield across the globe so potentially theres foreign flows going into bond proxies, said Paul Zemsky, chief investment officer, Multi-Asset Strategies and Solutions at Voya Investment Management in New York.He said the outperformance of stocks in the utilities and consumer staples sectors could also be due to investors getting more defensive after growth sectors and the overall market have been doing so well this year.The S&P 500 fell for the third session in the last four, but it remains within 1 percent of a record closing high hit last week.TV streaming device maker Roku ( ROKU.O ) snapped a three-day winning streak after hitting a record high of $48.80, ending down 13.5 percent at $36.95.Advance Auto Parts ( AAP.N ) soared 16.3 percent to $95.72 after it affirmed its full-year profit forecast and beat quarterly profit estimates.Declining issues outnumbered advancing ones on the NYSE by a 1.47-to-1 ratio; on Nasdaq, a 1.23-to-1 ratio favored decliners.The S&P 500 posted 45 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 64 new highs and 87 new lows.About 6.73 billion shares changed hands in U.S. exchanges, roughly in line with the daily average over the last 20 sessions.Reporting by Rodrigo Campos; Editing by James Dalgleish '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-stocks/wall-street-heads-lower-tax-plan-doubts-weigh-idINKBN1DE1VV'|'2017-11-14T16:03:00.000+02:00'|8509.0|''|-1.0|'' 8510|'01c38c58985fe8214b4581afecf40bb26795a749'|'Reshaping IKEA Group makes $3.6 billion profit'|'November 28, 2017 / 7:18 AM / in 5 minutes Reshaping IKEA Group makes $3.6 billion profit Reuters Staff 3 Min Read STOCKHOLM (Reuters) - IKEA Group, the owner of most IKEA furniture stores, reported a drop in annual operating profit due to the sale of several businesses as well as investments in areas such as the internet and logistics. FILE PHOTO: Flags and the company''s logo are seen outside of an IKEA Group store in Spreitenbach, Switzerland April 27, 2016. REUTERS/Arnd Wiegmann/File Photo The worlds biggest furniture group said on Tuesday it made an operating profit of 3 billion euros ($3.6 billion in the year to the end of August. The year before, when IKEA Group sold its product development, production and supply chain subsidiaries to brand owner Inter IKEA, profit was 4.5 billion euros. The decrease in operating result was mainly driven by the loss of profit from the companies that were sold in the transaction, as well as the increased costs in IKEA Retail to support multi-channel growth and expansion, IKEA Group said. The Swedish company is known for its large out-of-town warehouse stores and self-assembly budget furniture. But in the face of changing shopper expectations, and with growing competition from online players such as Amazon, IKEA is investing in e-commerce and services, and trying new concepts such as pick up-and-order points and city-centre showrooms to become more accessible. During the full year, the IKEA Group invested 3.1 billion euros in stores, distribution and customer fulfilment network, shopping centres, renewable energy and forestry, it said, without giving a comparable figure for the year before. Jesper Brodin, chief executive since September, told Reuters that as part of a push to adapt to rapid urbanisation as well as digitalisation, city-centre full-range showrooms would hopefully open in Greenwich, Britain, and Copenhagen, Denmark, in 2019 and 2020. IKEA Group in October reported full-year retail sales growth of 4 percent to 34.1 billion euros, with online sales up 28 pct to account for 5 pct of the total. It said on Tuesday that sales grew 2 percent in Germany, its biggest market, to 4.9 billion euros. IKEA stores worldwide are owned by 11 franchisees, of which IKEA Group is the biggest with 355 stores at the end of August. Franchisees pay 3 percent of their annual sales to Inter IKEA. Inter IKEA has said total annual retail sales at all 403 IKEA stores combined were 38.3 billion euros. Reporting by Anna Ringstrom, addiitonal reporting by Maria Sheahan in Frankfurt,; editing by Johannes Hellstrom and Mark Potter'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ikea-group-results/ikea-group-reports-full-year-operating-profit-of-3-billion-euros-idUKKBN1DS0KM'|'2017-11-28T11:38:00.000+02:00'|8510.0|''|-1.0|'' 8511|'ff8a108fff5f68d3558061467b54c92b75db3043'|'Europe''s drug industry waits for white smoke in Brussels'|' 38 PM / Updated 20 minutes ago Europe''s drug industry waits for white smoke in Brussels Gabriela Baczynska , Alastair Macdonald 4 Min Read BRUSSELS (Reuters) - It may be a cross between the Eurovision Song Contest, a papal conclave and a social club raffle but a ballot among EU ministers on Monday could hurt Europes pharmaceutical industry and the health of millions. FILE PHOTO: The headquarters of the European Medicines Agency (EMA) is seen in London, Britain April 25, 2017. REUTERS/Hannah McKay/File Photo It will fix the new home of the European Medicines Agency, which must leave London by 2019 when Britain leaves the European Union; most of its 900 staff may refuse to move to many of the 19 cities in the running, the EMA warns. Replacing them would delay drug approvals and patient safety checks. Yet the result, diplomats agree, is utterly unpredictable; months of horse-trading on issues unrelated to healthcare will end up in hours of haggling between secret ballots in Brussels on Monday night. It could even come down to drawing lots. Nobody really knows what is going to happen, one diplomat said. They will be locked there for hours ... You can try to secure some backing but its a secret ballot and you have no way of checking whether what you agreed was honoured. The fate of the 160-strong, London-based European Banking Authority (EBA) will also be decided at the meeting of EU affairs ministers from the other 27 member states meet. But it is the promise of spin-off jobs and travel billions for the city that the EMA will transform into a hub for Europes medical industry which is firing up intense national bidding rivalries. The extent of the field is, in the memory of EU officials, probably unprecedented. Early talk of the EU executive winnowing down a short list on the basis of objective criteria went unheeded as governments have waded in for a share of the spoils. Milan, Amsterdam and Barcelona campaigned hard. But there is a push from eastern states, whose tardy membership means they host fewer offices. Slovak capital Bratislava is a contender even though an EMA survey of its staff found most of them might quit if posted to the blocs poor eastern regions. MULTIPLE BALLOTS A first ballot, to start from about 4 p.m.(1500 GMT), will see ministers rank their top three choices. Unless a majority makes the same first choice there will be a second vote among the top picks then a third-round runoff. If it is still tied, the Estonian meeting chairman will simply draw lots. The six countries not bidding for either agency have been courted assiduously and may seek favours elsewhere. Luxembourg and the Czech Republic are not bidding for the EMA but want others votes in their bids for the EBA. Whoever wins the EMA must then drop out of the running for the Banking Authority. Giving an example of how the EUs interlinked matrix of decision-making affects such votes, several diplomats said Slovakia might trade any disappointment at not getting the EMA into support for its finance minister taking the chair of the Eurogroup, which runs policy for the single currency area. Senior officials liken the process to Europes annual TV music schlock-fest, when the winner of the Eurovision Song Contest is often determined by viewers phoning in votes for acts from like-minded neighbouring states and historic allies. British bookmaker Ladbrokes has Milan the 2-1 favourite to secure the EMA, with Bratislava on 3-1 and Amsterdam 7-1. For the EBA, Frankfurt leads at 6-4 followed by Vienna and Dublin. In Brussels, however, seasoned diplomats hesitate to quote odds: The most likely result is one that will be perverse, said one, recalling previous upsets behind closed doors. Another referred to closeted cardinals electing popes at the Vatican: In the end, he said, We will get the white smoke. (The story was refiled to delete a repeated sentence) Editing by Matthew Mpoke Bigg'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-eu-agencies/europes-drug-industry-waits-for-white-smoke-in-brussels-idUKKBN1DH1V6'|'2017-11-17T16:37:00.000+02:00'|8511.0|''|-1.0|'' @@ -8556,7 +8556,7 @@ 8554|'0e9725ec39f613b077f7fe1463e63ae5a945edde'|'WPP agrees to sell stake in Japan''s Asatsu-DK to Bain'|'November 21, 2017 / 3:50 AM / Updated 23 minutes ago WPP agrees to sell stake in Japan''s Asatsu-DK to Bain Reuters Staff 2 Min Read TOKYO (Reuters) - Advertising giant WPP PLC ( WPP.L ) on Tuesday said it has agreed to sell its stake in Japanese partner Asatsu-DK Inc (ADK) ( 9747.T ) to Bain Capital LLC for 3,660 yen ($32.53) a share, heralding the end of a row over the $1.35 billion buyout offer. FILE PHOTO: The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. REUTERS/Kim Kyung-Hoon/File Photo ADK had sought to end a two-decade-old business alliance with WPP, asking it to sell its shares to the U.S. private equity firm. WPP and other large shareholders had sought a higher offer, but the agreed price was unchanged from the initial offer. ADK shares jumped more 5 percent to 3,660 yen in Tuesday afternoon trade, as investors bet on the likelihood of Bains takeover bid succeeding. Apart from WPP, London-based fund manager Silchester International Investors LLP and Hong Kong-based activist hedge fund Oasis Management Co Ltd had also said Bains offer was too low. WPP did not comment on why it had changed its mind, whereas an ADK spokeswoman declined to comment. Neither Silchester nor Oasis could be reached for comment on Tuesday. WPP and Asatsu-DK formed an alliance in 1998 to set up joint ventures and cultivate clients together, exchanging equity stakes. But the Japanese firm has said synergies from the tie-up failed to materialize. Reporting by Junko Fujita; Editing by Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-asatsu-dk-m-a-wpp/bain-capital-says-wpp-agrees-to-sell-stake-in-japans-asatsu-dk-idUKKBN1DL095'|'2017-11-21T06:27:00.000+02:00'|8554.0|''|-1.0|'' 8555|'9f01acf5a82a1cc00593dcc08b7318b46a1e7042'|'Creditors file bankruptcy plea against two China Huishan subsidiaries'|'HONG KONG, Nov 28 (Reuters) - China Huishan Dairy Holdings , burdened by billions of dollars worth of debt, said on Tuesday its creditors had filed a plea in a local court for bankruptcy restructuring against two if its wholly-owned subsidiaries.The application was filed on Tuesday against Huishan Dairy China Co Ltd and Liaoning Huishan Dairy Group Shenyang Co Ltd by the embattled companys onshore creditors, it said in a filing to the Hong Kong stock exchange.Shares in China Huishan, once a hot property with investors, have been suspended since they plunged 85 percent in March, after which the company said it had fallen behind with some loan repayments.The companys debts totalled at least 38 billion yuan ($5.73 billion) at the end of July, according to a work-out plan seen by Reuters.Huishan, billed as Chinas biggest integrated dairy firm when it went public in 2013, said this month it was preparing for provisional liquidation. In response to its creditors latest action, Huishan said on Tuesday it was taking legal advice on the banks bankruptcy restructuring plea and would take such steps to preserve the assets of the company. (Reporting by Sumeet Chatterjee. Editing by Jane Merriman) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/china-huishan/creditors-file-bankruptcy-plea-against-two-china-huishan-subsidiaries-idINL3N1NY483'|'2017-11-28T09:51:00.000+02:00'|8555.0|10.0|0.0|'' 8556|'92250525eb7c5d052670b950e60f1713bb5f9f7a'|'Fed''s Williams joke shows how a novel policy could work, or fail'|'November 18, 2017 / 10:07 PM / Updated an hour ago Fed''s Williams joke shows how a novel policy could work, or fail Ann Saphir 3 Min Read BERKELEY, Calif. (Reuters) - Economists presenting at a conference earlier this week blew through the organizers four-slides-per-speaker limit, and the host, San Francisco Fed President John Williams, vowed to take action. FILE PHOTO: San Francisco Federal Reserve President John Williams speaks to Reuters in San Francisco, California, U.S. on September 27, 2016. REUTERS/Stephen Lam/File Photo I am going to try, over the rest of my time at the Fed, to undo that damage by not showing any slides, he said on Saturday at a separate conference at the University of California, Berkeley. His joke elicited chuckles from the audience of scholars who had suffered through an immense number of equation-packed slides at the San Francisco Feds just-concluded conference. By paying for that excess with a promise not to show any slides himself, Williams said, he hoped to ultimately bring the total number back in line with the original limit. The approach neatly illustrates the logic behind a bold and nearly untried monetary policy idea that Williams has lately embraced. The idea, known as price-level targeting, calls for a central bank to make up for bouts of low inflation by encouraging high inflation later on. It differs from the Feds current approach of targeting inflation at 2 percent while taking a position of let bygones be bygones to past periods when it is above or below that level. Williams, Chicago Fed President Charles Evans and former Fed Chair Ben Bernanke have in recent months championed price-level targeting as a way to give central banks more scope to combat a severe downturn when merely cutting interest rates is not enough. If people believe the central bank will stick to this policy, they will try to spend what they can during a downturn, before their moneys value is eroded by future inflation. That spending will itself pull the economy from recession faster, shortening any future period of high inflation induced by the central bank. If such a policy were put in place now, the Fed would need to allow inflation to run at 3 percent, about twice as high as it is today, for about the next five years. But the idea that the Fed would subject Americans to such a paycheck-draining policy strains belief, critics say. I find that quite implausible, former Minneapolis Fed President Narayana Kocherlakota said earlier this week. One economist at the Saturday conference said: Wed probably bail on the policy halfway through. Williams completed his 15-minute talk there without showing a single slide. It remains to be seen whether he will stick to his policy in the 10 years before he reaches the Feds mandatory retirement age. Reporting by Ann Saphir; Editing by Lisa Von Ahn'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-usa-fed-williams/feds-williams-joke-shows-how-a-novel-policy-could-work-or-fail-idUKKBN1DI0SZ'|'2017-11-19T00:07:00.000+02:00'|8556.0|''|-1.0|'' -8557|'b577b94da1cc61291794fc85617cf7bc81f9bbc2'|'European shares weighed down by disappointing updates, downgrades'|'November 17, 2017 / 8:36 AM / Updated 22 minutes ago European shares weighed down by disappointing updates, downgrades Reuters Staff 2 Min Read MILAN (Reuters) - European shares steadied on Friday with disappointing company updates and broker downgrades weighing on the broader market, while pay-TV firm Sky rose on speculation of takeover interest. FILE PHOTO - The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, November 16, 2017. REUTERS/Staff/Remote Elior ( ELIOR.PA ) fell 18 percent after Europes third-largest catering group cut its profit guidance, while media group Vivendi ( VIV.PA ) fell at the open after its third quarter results fell short of analyst expectations. Their declines and weakness among industrial stocks weighed on the STOXX 600 index, which was flat at 385 points by 0824 GMT following a strong rebound in the previous session. Shares in H&M ( HMb.ST ) and Inditex ( ITX.MC ) fell more than 2 percent following broker downgrades. The pan-European benchmark index is down around 0.9 percent so far this week, set for its second weekly loss in a row, as investors have been locking in profits following a strong year. Outside the STOXX, Carillion ( CLLN.L ) wiped out more than half of its stock market value after the UK builder said it would breach its financial covenant and warned on profits for the third time this year. Among the gainers, Sky ( SKYB.L ) rose 2.7 percent after reports that Comcast ( CMCSA.O ) and Verizon ( VZ.N ) had both expressed interest in acquiring a significant part of Rupert Murdochs Twenty-First Century Foxs ( FOXA.O ) assets. Reporting by Danilo Masoni, Editing by Helen Reid'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks/european-shares-weighed-down-by-disappointing-updates-downgrades-idUKKBN1DH0W8'|'2017-11-17T10:35:00.000+02:00'|8557.0|''|-1.0|'' +8557|'b577b94da1cc61291794fc85617cf7bc81f9bbc2'|'European shares weighed down by disappointing updates, downgrades'|'November 17, 2017 / 8:36 AM / Updated 22 minutes ago European shares weighed down by disappointing updates, downgrades Reuters Staff 2 Min Read MILAN (Reuters) - European shares steadied on Friday with disappointing company updates and broker downgrades weighing on the broader market, while pay-TV firm Sky rose on speculation of takeover interest. FILE PHOTO - The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, November 16, 2017. REUTERS/Staff/Remote Elior ( ELIOR.PA ) fell 18 percent after Europes third-largest catering group cut its profit guidance, while media group Vivendi ( VIV.PA ) fell at the open after its third quarter results fell short of analyst expectations. Their declines and weakness among industrial stocks weighed on the STOXX 600 index, which was flat at 385 points by 0824 GMT following a strong rebound in the previous session. Shares in H&M ( HMb.ST ) and Inditex ( ITX.MC ) fell more than 2 percent following broker downgrades. The pan-European benchmark index is down around 0.9 percent so far this week, set for its second weekly loss in a row, as investors have been locking in profits following a strong year. Outside the STOXX, Carillion ( CLLN.L ) wiped out more than half of its stock market value after the UK builder said it would breach its financial covenant and warned on profits for the third time this year. Among the gainers, Sky ( SKYB.L ) rose 2.7 percent after reports that Comcast ( CMCSA.O ) and Verizon ( VZ.N ) had both expressed interest in acquiring a significant part of Rupert Murdochs Twenty-First Century Foxs ( FOXA.O ) assets. Reporting by Danilo Masoni, Editing by Helen Reid'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks/european-shares-weighed-down-by-disappointing-updates-downgrades-idUKKBN1DH0W8'|'2017-11-17T10:35:00.000+02:00'|8557.0|23.0|0.0|'' 8558|'8d735267a0de5c38712ba02146434ec679d32870'|'UPDATE 1-Board of South Africa''s PPC rejects Fairfax offer, AfriSam merger'|'* PPC board says Fairfax offer not fair and reasonable* Talks with CRH and LafargeHolcim continue* PPC shares up more than 2 pct (Adds details, share price, background)By Nqobile DludlaJOHANNESBURG, Nov 22 (Reuters) - South African cement producer PPCs board on Wednesday turned its back on a takeover attempt by AfriSam, backed by Canadian firm Fairfax Africa Investments, but PCC said it was still talking to Irelands CRH and Swiss group LafargeHolcim.PPC has been a takeover target on-and-off for several years, with local-based AfriSam, Nigerias Dangote Cement Irish building materials firm CRH and Switzerlands LafargeHolcim all interested in it.But in a move anticipated by analysts, PPCs independent board said it had advised Fairfax that it will not be recommending the Canadian companys partial offer to shareholders and that it will not convene a general meeting to approve the proposed merger by AfriSam.The Independent Expert ... is of the opinion that the partial offer, both in the context of the proposed merger as well as on a stand-alone basis, is not fair and reasonable, PPC said in a statement.Fairfax offered to buy 22 percent of PPC in September for 5.75 rand per share, or 2 billion rand ($144 million), on condition that it was approved by shareholders in order to allow AfriSams merger plan.PPC, which has operations in six countries across Africa, said the board took into account the cement producers own valuation work, forecasts and recent financial and business performance as well as feedback from shareholders.Shares in PPC, which has a market capitalisation of 10.29 billion rand and had net debt of 4.7 billion rand at the end of March, were up 2.47 percent to 6.63 rand by 1248 GMT.It said it will continue its engagements with CRH and LafargeHolcim. ($1 = 13.9172 rand) (Reporting by Nqobile Dludla; Editing by Mark Potter and Alexander Smith) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/ppc-ma-afrisam-fairfax-africa/update-1-board-of-south-africas-ppc-rejects-fairfax-offer-afrisam-merger-idINL8N1NS3EC'|'2017-11-22T10:19:00.000+02:00'|8558.0|''|-1.0|'' 8559|'319fa8668acf0d6449c31b7f3a32c1406122d20c'|'Yellen to leave Fed board once Powell sworn in as central bank chief'|'WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen said on Monday she will resign her seat on the Feds Board of Governors once Jerome Powell is confirmed and sworn in to replace her as head of the U.S. central bank.FILE PHOTO: Federal Reserve Chair Janet Yellen speaks during a news conference after a two day Federal Open Market Committee (FOMC) meeting in Washington, U.S., March 15, 2017. REUTERS/Yuri Gripas/File Photo In a letter to President Donald Trump, which was released by the Fed, Yellen, 71, also vowed to do my utmost to ensure a smooth transition to Powell, who was nominated to succeed her by Trump earlier this month.Powell, also on the seven-member Fed board, must be confirmed by the Senate before assuming his new job. He will have a confirmation hearing next week before the Senate Banking Committee, but no vote on his nomination has been scheduled.It is expected that Powell will be in place when Yellens four-year term as Fed chief ends in February.Yellen, credited with putting the economy on a firmer footing and steering monetary policy away from the firefighting mode that followed the 2007-2009 recession and financial crisis, could have stayed on as a Fed governor until 2024.It has been common practise, however, for departing Fed chiefs to also leave the board at the same time as a courtesy to give the successor clear leadership of the group. Board terms run for 14 years.In her letter to Trump, Yellen said she was gratified by the substantial improvement in the economy since the crisis, noting that 17 million net jobs had been added during roughly the last eight years. Yellen served as a Fed vice chair before Democratic President Barack Obama nominated her as Fed chief in 2014.The economy by most metrics, is close to achieving the Federal Reserves statutory objectives of maximum employment and price stability, she wrote to Trump, a Republican.Yellen was the first woman appointed to lead the Fed. Before that role, she was also president of the San Francisco Fed, and head of the White Houses Council of Economic Advisers under President Bill Clinton. She also served a separate term as a Fed governor earlier in the 1990s.Her departure from the Fed board will give Trump, who lauded the economys performance under Yellen but said he wanted to name his own Fed chief, that much more room to reshape the central bank by opening up another spot to fill.Should he choose to do so, Trump will be able to appoint five of the boards seven potential members, filling four open seats alongside his sole board appointment to date of Randal Quarles as vice chair for supervision.Reporting by Howard Schneider; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-fed-yellen/yellen-to-leave-fed-board-once-powell-sworn-in-as-central-bank-chief-idINKBN1DK2D5'|'2017-11-20T21:26:00.000+02:00'|8559.0|''|-1.0|'' 8560|'5ebabbc2ef7e00bd4edbe0fb6d558a5a1ef78d55'|'Don''t wait to see French reforms to strengthen euro zone - ECB''s Villeroy'|'November 20, 2017 / 7:03 PM / Updated 10 minutes ago Don''t wait to see French reforms to strengthen euro zone - ECB''s Villeroy Reuters Staff 2 Min Read PARIS (Reuters) - The euro area can ill afford to wait and see if Frances reforms bear fruit before deepening the blocs economic integration, ECB policymaker Francois Villeroy de Galhau said in an interview published on Monday. FILE PHOTO -- Governor of the Bank of France Francois Villeroy de Galhau attends a press conference after the Franco-German Financial Council meeting in Berlin, Germany, September 23, 2016. REUTERS/Axel Schmidt/File Photo French President Emmanuel Macron is eager to move ahead with his reform agenda at home while also pushing for big steps towards closer euro zone integration. However, some northern European countries like the Netherlands and Germany have been cautious about his grander ideas for a shared euro zone budget or finance minister without first seeing that Macron is making progress at home. It would be a dangerous bet to wait another two to three years to see all the results, Villeroy, who is also governor of the Bank of France, told Dutch newspaper De Telegraaf. Then the present opportunity and momentum would have vanished, and we would run the risk of facing a (new) recession without having strengthened the euro area, Villeroy added. He said the euro zone should focus on how to tap into the blocs abundant private savings to better fund investment and savings and also better coordinating national economic policies. After that, Villeroy recommended that the euro zone look into a joint budget for common goods like, defence or dealing with refugees or climate change, and not the sort of transfer union Germany is deeply wary of. Lastly, he recommended a euro area finance minister and parliament, but added: let us not focus our discussion on institutions, before having made progress on the substance. Reporting by Leigh Thomas; editing by Michel Rose'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-france-villeroy/dont-wait-to-see-french-reforms-to-strengthen-euro-zone-ecbs-villeroy-idUKKBN1DK2BI'|'2017-11-20T21:03:00.000+02:00'|8560.0|''|-1.0|'' @@ -8655,13 +8655,13 @@ 8653|'6201effa0b6256c48032683a0bcf91aee55fb5a2'|'PSA CEO says failure of Opel recovery plan would be serious for staff, company'|'November 16, 2017 / 5:29 PM / Updated 16 minutes ago PSA CEO says failure of Opel recovery plan would be serious for staff, company Reuters Staff 1 Min Read BERLIN (Reuters) - PSA Group ( PEUP.PA ) Chief Executive Carlos Tavares said a failure of turnaround efforts at Opel would spell very serious consequences for workers at the German division and the company as a whole. Chairman of the Managing Board of PSA Group Carlos Tavares attends a news conference in Ruesselsheim, Germany November 9, 2017. REUTERS/Ralph Orlowski PSA has given Opel until 2020 to return to profit as part of a recovery plan aimed at shifting the German brands model lineup onto PSAs architecture, with the French parent pursuing 1.7 billion euros (1.5 billion) in savings from its acquisition of Opel. If it doesnt succeed it will be very serious for the company and of course for the employees, Tavares said on Thursday at a conference in Berlin. Reporting by Andreas Cremer; Editing by Tom Sims'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-peugeot-opel-ceo/psa-ceo-says-failure-of-opel-recovery-plan-would-be-serious-for-staff-company-idUKKBN1DG2JA'|'2017-11-16T19:28:00.000+02:00'|8653.0|''|-1.0|'' 8654|'d42b5bc07773fca022112dc809acada0393234a0'|'AIRSHOW-EgyptAir signs $1.1 bln deal for 12 Bombardier CSeries jets'|'(Adds comments from CEO at Goldman conference, share reaction)By Alexander Cornwell and Allison LampertDUBAI/MONTREAL, Nov 14 (Reuters) - State-owned EgyptAir signed an initial order for 12 Bombardier Inc CSeries jets on Tuesday, marking the Canadian planemakers second deal for the aircraft this month after a 1-1/2-year-long sales drought. The two orders, the other for 31 planes from an undisclosed European buyer, are expected to be finalized by the end of 2017, a senior Bombardier executive said.The agreements are expected to generate momentum for the narrowbody jets and follow an October decision by European planemaker Airbus SE to take a majority stake in the CSeries program, throwing its marketing and purchasing power behind the aircraft.We anticipate both of them by year end, Fred Cromer, who heads Bombardiers commercial aircraft division, told reporters of the new sales deals.We are respecting the customers wishes to not disclose the identity, Cromer said from Dubai, referring to the European buyer.He added that the two deals would bring Bombardiers firm CSeries orders to a total of more than 400 jets.The EgyptAir deal is valued at $1.1 billion based on list prices.The CSeries has won fans for its design and fuel efficiency but the lack of orders for the 110-130 seat plane over 18 months stemmed from doubts over its future before the industry-changing deal with Airbus.At the Dubai Airshow on Tuesday, Ethiopian Airlines chief executive said he would decide next year whether to buy CSeries or Brazil-based Embraers E-jet series as a replacement for its Boeings 737-7.Colin Bole, Bombardiers senior vice president of commercial aircraft, said there were no particular conditions or terms that needed to be met to finalize the two deals.But the EgyptAir letter of intent to purchase the jets includes options for a further 12 CSeries that, if exercised, would increase the total list value of the deal to nearly $2.2 billion.Bombardier is engaged in a trade dispute with Boeing, which complained that the CSeries had been subsidized and sold below cost in the United States. A U.S. trade commission will decide in early 2018 whether to impose duties of nearly 300 percent on the planes as urged by the U.S. Commerce Department.As part of the Airbus venture, Bombardier has said it would invest $300 million to set up an Alabama assembly line for CSeries purchased by American carriers.The Alabama facility will create 500 U.S. jobs and make the CSeries a fully U.S. domestic product, Bombardier Chief Executive Officer Alain Bellemare said on Tuesday, at a Goldman Sachs conference in Boston.Legal experts say Bombardiers strategy of performing final assembly in Alabama might allow the CSeries to avoid duties because the trade case targets partially and fully-assembled aircraft.Bombardier and Airbus could argue they are importing parts, like the wing from Northern Ireland, to be assembled in the United States.Bombardier shares were up 1.6 percent late on Tuesday, while the benchmark Canada share index was down 0.6 percent. (Reporting by Alexander Cornwell in DUBAI and Allison Lampert in Montreal; Editing by Steve Orlofsky and Tom Brown) '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/emirates-airshow-egyptair-bombardier/airshow-egyptair-signs-1-1-bln-deal-for-12-bombardier-cseries-jets-idUSL1N1NK1WJ'|'2017-11-15T06:02:00.000+02:00'|8654.0|''|-1.0|'' 8655|'33e8613aaa5289bd86deb506553d76e2da2608d2'|'Australia''s Crown Resorts says in talks over its holding in CrownBet'|'LONDON/SYDNEY (Reuters) - Paddy Power Betfair and William Hill have separately held talks about a deal with Australias CrownBet as UK-focused gambling companies seek to expand overseas to offset tougher regulations in Britain.FILE PHOTO: A branded sign is displayed outside a William Hill betting shop in London, Britain July 25, 2016. REUTERS/Neil Hall/File Photo Dublin-based Paddy Power Betfair, which is listed on Londons FTSE 100 index and runs betting shops in Britain and Ireland, has had discussions with CrownBet, the online gambling firm that is 62 percent-owned by Crown Resorts, two people familiar with the matter told Reuters.It comes after rival bookmaker William Hill confirmed on Friday that it was in very preliminary discussions with CrownBet about a possible combination with its Australian business.Speculation is growing that UK-focused gambling companies are set to embark on a round of consolidation to offset the threat of stricter regulation and diversify their operations.Last month, the British government outlined proposals to cut the maximum stake on gambling machines in betting shops, a move that would hit an important source of bookmakers revenue.Ladbrokes Coral , another British betting shop operator, held unsuccessful deal talks with online rival GVC this year and a spate of dealmaking among British companies is expected once the government makes a decision on gambling machine stakes.AUSTRALIAN MARKET Paddy Power Betfair is already a major player in Australia through its Sportsbet business.William Hill, meanwhile, entered the country four years ago when it bought Sportingbet and tomwaterhouse.com but its operations have since struggled. Earlier this week it posted a 5 percent decline in amounts wagered at its Australian division between June 28 and October 24.Crown Resorts, backed by billionaire James Packer, is Australias biggest casino company and, like other gambling companies, faces stiff competition online.Consolidation among Australian gambling firms has been expected ever since lottery owner Tatts Group agreed to a $4.7 billion takeover by horse race betting giant Tabcorp Holding. last year to create a gambling giant.Crown Resorts confirmed in a statement that it was in discussions concerning its interest in CrownBet after The Australian newspaper reported that it was holding talks about a deal with William Hill.The Australian company did not return a request for comment made out of business hours about discussions with Paddy Power Betfair.The structure of any deals and the valuations were not known.Shares of Crown Resorts fell 0.6 percent on Friday compared with a flat benchmark index.Paddy Power Betfair shares rose 3.2 percent in London trade on news of the talks, making the company the biggest riser in the FTSE 100. FTSE 250 listed William Hill slipped 0.6 percent.Britains gambling industry has already been transformed by consolidation in recent years as firms scrambled to offset the impact of higher taxes and stricter regulation imposed by the government.Ladbrokes agreed to merge with rival Coral in 2015, while betting exchange operator Betfair combined with Paddy Power and GVC bought Bwin.party.Additional reporting by Chandini Monnappa and Aditya Soni in Bengaluru; Editing by Edwina Gibbs,l Keith Weir and Jane Merriman '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-crown-resorts-m-a/australias-crown-resorts-says-in-talks-over-its-holding-in-crownbet-idINKBN1DO05E'|'2017-11-23T23:27:00.000+02:00'|8655.0|''|-1.0|'' -8656|'b5d7c0348f217a1018a07316326351de04e8825b'|'Safran seeks EU approval for Zodiac Aero deal, decision due by December 21'|'BRUSSELS (Reuters) - French aerospace group Safran ( SAF.PA ) has submitted its proposed $7.7 billion purchase of seats maker Zodiac Aerospace ( ZODC.PA ) to EU antitrust regulators for approval, with a decision due by Dec. 21, the European Commission said on Thursday.The logo of Safran Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau The maker of aircraft engines, landing gear and military optronics won Zodiacs approval for a friendly takeover at the second attempt earlier this year after the latter was weakened by industrial problems.The aerospace industry has seen a wave of consolidation in recent months, including aerospace and industrial company United Technologies Corp ( UTX.N ) announcing a $23 billion plan to buy avionics maker Rockwell Collins Inc ( COL.N ) in September.The EU competition authority can clear the Safran deal with or without concessions in the preliminary review or open a four-month long investigation if it has serious concerns that the deal may harm rivals and consumers.Safran has said the deal would boost its position in making smarter and more connected aircraft.Reporting by Foo Yun Chee; Editing by Hugh Lawson '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-zodiacaerospace-m-a-safran-eu/safran-seeks-eu-approval-for-zodiac-aero-deal-decision-due-by-december-21-idINKBN1DG2EK'|'2017-11-16T13:39:00.000+02:00'|8656.0|''|-1.0|'' +8656|'b5d7c0348f217a1018a07316326351de04e8825b'|'Safran seeks EU approval for Zodiac Aero deal, decision due by December 21'|'BRUSSELS (Reuters) - French aerospace group Safran ( SAF.PA ) has submitted its proposed $7.7 billion purchase of seats maker Zodiac Aerospace ( ZODC.PA ) to EU antitrust regulators for approval, with a decision due by Dec. 21, the European Commission said on Thursday.The logo of Safran Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau The maker of aircraft engines, landing gear and military optronics won Zodiacs approval for a friendly takeover at the second attempt earlier this year after the latter was weakened by industrial problems.The aerospace industry has seen a wave of consolidation in recent months, including aerospace and industrial company United Technologies Corp ( UTX.N ) announcing a $23 billion plan to buy avionics maker Rockwell Collins Inc ( COL.N ) in September.The EU competition authority can clear the Safran deal with or without concessions in the preliminary review or open a four-month long investigation if it has serious concerns that the deal may harm rivals and consumers.Safran has said the deal would boost its position in making smarter and more connected aircraft.Reporting by Foo Yun Chee; Editing by Hugh Lawson '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-zodiacaerospace-m-a-safran-eu/safran-seeks-eu-approval-for-zodiac-aero-deal-decision-due-by-december-21-idINKBN1DG2EK'|'2017-11-16T13:39:00.000+02:00'|8656.0|29.0|2.0|'' 8657|'8ceadede42fedb7f1995dc4e800cc8a6cdc0698b'|'Unilever to buy U.S. bodycare products company Sundial Brands'|'November 27, 2017 / 3:58 PM / Updated 12 minutes ago Unilever to buy U.S. bodycare products company Sundial Brands Reuters Staff 2 Min Read LONDON (Reuters) - Angl-Dutch consumer goods giant Unilever is to buy U.S.-based company Sundial Brands, a maker of hair and skincare products, expanding deeper into the fast-growing personal care products market. The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid The maker of Dove soap and Axe body spray announced the deal on Monday, without disclosing financial terms. Sundial, a 26-year-old company based in New Jersey, is home to brands including SheaMoisture, Nubian Heritage and Madam C.J. Walker. It is expected to have turnover of $240 million (179.96 million) this year. Sundial will operate as a standalone unit within Unilever and its founder, Richelieu Dennis, who hails from Liberia, will stay on to run it. Buying Sundial accelerates Unilevers push deeper into personal care products, which tend to grow faster and be more international than its food business. The deal is part of a bigger buying spree by Unilever, which earlier this year rebuffed a $143 billion takeover offer from Kraft-Heinz, that has included Pukka Herbs and Tazo tea, Carver Korea beauty products and Mae Terra food. Reporting by Martinne GellerEditing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-unilever-m-a-sundial/unilever-to-buy-u-s-bodycare-products-company-sundial-brands-idUKKBN1DR1Y7'|'2017-11-27T17:57:00.000+02:00'|8657.0|''|-1.0|'' 8658|'833440c1d6561cb5720b25474ec0e011e52985d3'|'Emirates partners with Mercedes, Jeremy Clarkson for new first class'|'DUBAI (Reuters) - Dubai airline Emirates [EMIRA.UL] joined forces with Mercedes-Benz and motoring journalist Jeremy Clarkson to launch its new first-class suites on Sunday, inspired by the styling of luxury car interiors.FILE PHOTO: Signs point to the Emirates Airlines check in desks at JFK International Airport in New York, U.S., March 21, 2017. REUTERS/Lucas Jackson/File Photo Emirates, which was the first airline to put showers on commercial jets, rolled out the futuristic design at the start of the Dubai Airshow.This is the first time we have seen anything like this in the civil aviation world, Emirates President Tim Clark said.The six fully enclosed cabins for its Boeing ( BA.N ) 777 jets feature seats that recline into flat beds and a 32-inch television.B/E Aerospace, recently acquired by Rockwell Collins ( COL.N ), is the supplier of the seats.Emirates said it spent many millions of dollars developing the new premium section over several years.The investment is an awful lot of money, Clark said, declining to disclose exactly how much the airline had spent.Emirates has placed high-definition cameras outside the planes, enabling passengers sitting in the middle of the first class cabin to have a window-like experience.The airline has recruited Jeremy Clarkson, co-presenter of Amazon car show Grand Tour, for their advertising campaign to promote the new first class.You may not like him, but most people find him amusing, sometimes a little irritating, but he is very impactful, Clark said.Clarkson was dropped from co-presenting BBCs Top Gear in 2015 after he physically attacked a producer.The size of the suites will reduce the number of first- class seats on Emirates 777s from eight to six.Clark said Emirates was studying how to add them to its A380 fleet, and dismissed skepticism of first class by other airlines, telling reporters that there was strong demand for the premium class including on routes to China, Paris, and London.Some carriers have reduced the size of their first class, or dropped it altogether in favor of business class and a premium economy class product.Reporting by Alexander Cornwell, editing by Larry King '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-emirates-airshow-airlines/emirates-partners-with-mercedes-jeremy-clarkson-for-new-first-class-idUSKBN1DC06J'|'2017-11-12T09:22:00.000+02:00'|8658.0|''|-1.0|'' 8659|'89f590b3ab1229f84f39910e992907b51e388d6b'|'Toyota to consider selling locally-developed EVs in China'|'November 17, 2017 / 2:00 AM / Updated 20 minutes ago Toyota to consider selling locally-developed EVs in China Reuters Staff 1 Min Read GUANGZHOU/BEIJING (Reuters) - Toyota Motor Corp ( 7203.T ) will consider selling in China all-electric battery car models developed by its two local joint ventures, the automaker said on Friday in a press release. FILE PHOTO - The Toyota logo is seen at the company''s display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch The electric vehicles (EVs) would expand Toyotas lineup of all-electric battery cars and help the company comply with stringent so-called new-energy vehicle (NEV) production and sales quotas that will take effect in China in 2019. Toyota said it also planned to launch an EV model, developed in Japan, in China in 2020. Reporting By Beijing Newsroom and Hong Kong Newsroom; Editing by Himani Sarkar'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-autoshow-guangzhou-toyota/toyota-to-consider-selling-locally-developed-evs-in-china-idUKKBN1DH06Z'|'2017-11-17T03:59:00.000+02:00'|8659.0|''|-1.0|'' 8660|'961b6adda71086157fa7e7e6bb9a9de41c637d1d'|'LVMH boss Arnault says assets referred to in ''Paradise Papers'' known to tax bodies'|'November 8, 2017 / 1:15 PM / Updated 17 minutes ago LVMH boss Arnault says assets referred to in ''Paradise Papers'' known to tax bodies Reuters Staff 1 Min Read PARIS (Reuters) - Bernard Arnault, Frances richest billionaire and the head of luxury goods group LVMH ( LVMH.PA ), said on Wednesday that assets referred to by Le Monde newspaper, in the Paradise Papers leaks tracking tax affairs, were known to tax authorities. LVMH Group CEO Bernard Arnault attends the Viva Technology conference dedicated to start-ups development, innovation and digital technology in Paris, France, June 15, 2017. REUTERS/Martin Bureau/Pool Arnault issued a statement in response to the Paradise Papers - leaked documents from prominent offshore law firm Appleby that relate to the investments of wealthy individuals and institutions ranging from U.S. Commerce Secretary Wilbur Ross, to Queen Elizabeth. Le Mondes article had said Arnault owned a large house in England via a holding company in Jersey - a domicile known for its tax breaks. However, Arnaults statement said the house in question in England had been declared to both French and British tax authorities, and was subject to a French wealth tax. Reporting by Sudip Kar-Gupta; Editing by Sarah White'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-paradise-tax-arnault/lvmh-boss-arnault-says-assets-referred-to-in-paradise-papers-known-to-tax-bodies-idUKKBN1D81QX'|'2017-11-08T15:15:00.000+02:00'|8660.0|''|-1.0|'' 8661|'ad00e9e609de0478a223349079a5648ef0440004'|'MOVES-RBC investor, treasury unit hires former J.P. Morgan exec David Brown'|' 45 AM / Updated 6 minutes ago MOVES-RBC investor, treasury unit hires former J.P. Morgan exec David Brown Reuters Staff 1 Min Read Nov 13 (Reuters) - RBC Investor & Treasury Services (I&TS), a Royal Bank of Canada unit, appointed David Brown managing director and head of global client coverage, Australia. Brown previously worked at J.P. Morgan as executive director in sales and relationship management in Australia. He will report to David Travers, who is managing director and head of I&TS. (Reporting by Sanjana Shivdas; Editing by Martina DCouto)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/rbc-investor-treasury-services-moves-dav/moves-rbc-investor-treasury-unit-hires-former-j-p-morgan-exec-david-brown-idUSL3N1NJ3T0'|'2017-11-13T12:40:00.000+02:00'|8661.0|''|-1.0|'' -8662|'ffc283344264b337bf2ed05f0d4b0fd1952a2215'|'LPC-European direct lending at a crossroads'|'Nov 20 (Reuters) - Discipline in the European private debt market is wavering as funds compete to offer the best terms and pricing for borrowers in an environment awash with liquidity.Few funds operating in Europe pre-date the global financial crisis and have only worked through a period of low default rates, so many are unable to demonstrate an investment track record during difficult economic times.All ships are expected to float in a benign credit environment, said Anthony Fobel, managing partner of BlueBays private debt business, at the SuperInvestor Conference in Amsterdam last week.Until there is a full turn in the cycle, it is difficult for investors to determine which are the good and bad funds.Private debt in Europe has flourished from investors searching for yield as interest rates remain at historic lows and banks reduce their lending under increased regulatory pressure, opening up opportunities to provide debt financing to middle market companies.But a market that once generated double-digit returns shortly after the financial crisis is seeing a sharp compression in margins.Unitranche loans, which combine a senior and subordinated piece of debt into a single tranche, were pricing at around 800bp to 850bp a couple of years ago but have dropped to around 700bp to 725bp, according to research from debt advisory firm Marlborough Partners.This is a reflection of the record amount of capital raised by managers from institutional investors. ICG has 5.2bn ready to deploy for its senior debt fund. In March, Alcentra reached a final close of 4.3bn, while BlueBay and Hayfin recorded fundraisings of 3bn-plus this year.Sponsors are taking advantage of the increased competition between funds, with many noting that leverage in middle market loans is reaching 2007 levels and risk is not priced appropriately.Stretched senior is just a word to justify very low pricing, said Francois Lacoste, partner at Idinvest.Tara Moore, managing director at Guggenheim Partners, said that the market now was not the same as 2007, pointing to higher enterprise values of middle market companies than during the crash.A couple of years ago, banks were at two to three times and they have stepped up a gear recently to offer deals at around four to five times. To remain competitive, unitranches are going up, but there is still a huge equity cushion. Youre playing 5.5 times debt against enterprise values of 13-14 times Ebitda, she said.TERMS AND CONDITIONS Funds are not just competing on the economics of a transaction to win a deal. They are marketing themselves on their ability to deliver decisions on credits to borrowers quickly, and that has had an impact on credit assessments.We dont lose deals on terms, but the biggest risk is that the rigor of due diligence is being lost, said Paul Johnson, partner at EQT Credit. Weve lost deals asking one or two too many questions.Lowering standards on call protection also means funds run the risk of their deals being refinanced later.Funds should be demanding call protection, as it is crucial to make good money on all the deals which dont go wrong, said Paul Shea, managing partner at Beechbrook Capital.Because when the cycle turns, all your good assets are going to get refinanced. Without protection, that loan at 6% plus one year of fees is only going to make you 1.08 times multiple. And on your bad deals, youre going to lose money.Many managers have turned to fund financing in an attempt to meet investor expectations as margins on transactions continue to decrease.Banks have been keen on offering leverage at the fund level, with financing priced at 200bp over Libor in todays market, down from 300bp a couple of years ago.A recent survey from the Alternative Investment Management Association found that more than half of managers use leverage.But the use of leverage has not translated directly into a further decrease in spreads.Permira Debt Managers offers both levered and unlevered sleeves to investors, but the exposure is to the same pool of assets.David Hirschmann, head of private credit at PDM, said: We use fund leverage, but it is a question of addressing the yield requirement for our investors.But that doesnt solve the issue of tighter pricing. It has to work for both sleeves, so the deal has to remain attractive from a risk perspective.LOOKING FORWARD Many managers remain optimistic about the future of the asset class, noting the increasing opportunities outside the UK market, especially in large economies such as France and Germany.This was the first year that our European offices out-originated the UK office, said Blair Jacobson, partner at Ares Management.And while the majority of opportunities are still dependent on private equity activity, sponsorless deals are increasing.Even with margin compression in the private debt market, the relative illiquidity premium increases as public assets continue to tighten. And with international political uncertainty continuing into 2018, funds are hoping that investors may move towards assets less immune to the volatility.Patrick Stutz, chief investment officer at Bayshore Capital Advisors, said: If investors see a bad number in their capex statement, they start making the wrong decisions. Sometimes it is better not to see that price every day and instead be locked up for a couple of years. (Editing by Christopher Mangham)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/direct-lending-loans/lpc-european-direct-lending-at-a-crossroads-idINL8N1NQ27T'|'2017-11-20T07:05:00.000+02:00'|8662.0|''|-1.0|'' +8662|'ffc283344264b337bf2ed05f0d4b0fd1952a2215'|'LPC-European direct lending at a crossroads'|'Nov 20 (Reuters) - Discipline in the European private debt market is wavering as funds compete to offer the best terms and pricing for borrowers in an environment awash with liquidity.Few funds operating in Europe pre-date the global financial crisis and have only worked through a period of low default rates, so many are unable to demonstrate an investment track record during difficult economic times.All ships are expected to float in a benign credit environment, said Anthony Fobel, managing partner of BlueBays private debt business, at the SuperInvestor Conference in Amsterdam last week.Until there is a full turn in the cycle, it is difficult for investors to determine which are the good and bad funds.Private debt in Europe has flourished from investors searching for yield as interest rates remain at historic lows and banks reduce their lending under increased regulatory pressure, opening up opportunities to provide debt financing to middle market companies.But a market that once generated double-digit returns shortly after the financial crisis is seeing a sharp compression in margins.Unitranche loans, which combine a senior and subordinated piece of debt into a single tranche, were pricing at around 800bp to 850bp a couple of years ago but have dropped to around 700bp to 725bp, according to research from debt advisory firm Marlborough Partners.This is a reflection of the record amount of capital raised by managers from institutional investors. ICG has 5.2bn ready to deploy for its senior debt fund. In March, Alcentra reached a final close of 4.3bn, while BlueBay and Hayfin recorded fundraisings of 3bn-plus this year.Sponsors are taking advantage of the increased competition between funds, with many noting that leverage in middle market loans is reaching 2007 levels and risk is not priced appropriately.Stretched senior is just a word to justify very low pricing, said Francois Lacoste, partner at Idinvest.Tara Moore, managing director at Guggenheim Partners, said that the market now was not the same as 2007, pointing to higher enterprise values of middle market companies than during the crash.A couple of years ago, banks were at two to three times and they have stepped up a gear recently to offer deals at around four to five times. To remain competitive, unitranches are going up, but there is still a huge equity cushion. Youre playing 5.5 times debt against enterprise values of 13-14 times Ebitda, she said.TERMS AND CONDITIONS Funds are not just competing on the economics of a transaction to win a deal. They are marketing themselves on their ability to deliver decisions on credits to borrowers quickly, and that has had an impact on credit assessments.We dont lose deals on terms, but the biggest risk is that the rigor of due diligence is being lost, said Paul Johnson, partner at EQT Credit. Weve lost deals asking one or two too many questions.Lowering standards on call protection also means funds run the risk of their deals being refinanced later.Funds should be demanding call protection, as it is crucial to make good money on all the deals which dont go wrong, said Paul Shea, managing partner at Beechbrook Capital.Because when the cycle turns, all your good assets are going to get refinanced. Without protection, that loan at 6% plus one year of fees is only going to make you 1.08 times multiple. And on your bad deals, youre going to lose money.Many managers have turned to fund financing in an attempt to meet investor expectations as margins on transactions continue to decrease.Banks have been keen on offering leverage at the fund level, with financing priced at 200bp over Libor in todays market, down from 300bp a couple of years ago.A recent survey from the Alternative Investment Management Association found that more than half of managers use leverage.But the use of leverage has not translated directly into a further decrease in spreads.Permira Debt Managers offers both levered and unlevered sleeves to investors, but the exposure is to the same pool of assets.David Hirschmann, head of private credit at PDM, said: We use fund leverage, but it is a question of addressing the yield requirement for our investors.But that doesnt solve the issue of tighter pricing. It has to work for both sleeves, so the deal has to remain attractive from a risk perspective.LOOKING FORWARD Many managers remain optimistic about the future of the asset class, noting the increasing opportunities outside the UK market, especially in large economies such as France and Germany.This was the first year that our European offices out-originated the UK office, said Blair Jacobson, partner at Ares Management.And while the majority of opportunities are still dependent on private equity activity, sponsorless deals are increasing.Even with margin compression in the private debt market, the relative illiquidity premium increases as public assets continue to tighten. And with international political uncertainty continuing into 2018, funds are hoping that investors may move towards assets less immune to the volatility.Patrick Stutz, chief investment officer at Bayshore Capital Advisors, said: If investors see a bad number in their capex statement, they start making the wrong decisions. Sometimes it is better not to see that price every day and instead be locked up for a couple of years. (Editing by Christopher Mangham)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/direct-lending-loans/lpc-european-direct-lending-at-a-crossroads-idINL8N1NQ27T'|'2017-11-20T07:05:00.000+02:00'|8662.0|28.0|0.0|'' 8663|'e8ed897e516184e839fb27320b2b40612e33f96d'|'SoftBank says considering investment in Uber but no final agreement reached'|' 23 AM / Updated 4 hours ago SoftBank says considering investment in Uber but no final agreement reached Reuters Staff 1 Min Read TOKYO, Nov 14 (Reuters) - Japans SoftBank Group Corp said on Tuesday that it was considering investing in Uber Technologies Inc but there was no final agreement at this stage. If conditions on share price and a minimum of shares are not satisfactory for the SoftBank Group side, there is a possibility the SoftBank Group may not make an investment, it said in a statement. Uber said earlier this week that a planned deal with SoftBank and Dragoneer Investment Group was moving forward. The investment could be worth up to $10 billion, two people familiar with the matter previously told Reuters. (Reporting by Sam Nussey; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/uber-softbank/softbank-says-considering-investment-in-uber-but-no-final-agreement-reached-idUST9N1N6041'|'2017-11-14T03:22:00.000+02:00'|8663.0|''|-1.0|'' 8664|'b13eeeda4c512db23862b478f7823a867bf246ed'|'British car insurer Sabre seeks 213 million pounds listing in London'|'November 13, 2017 / 7:17 AM / Updated 7 hours ago British car insurer Sabre seeks 213 million pounds listing in London Reuters Staff 2 Min Read LONDON (Reuters) - British car insurance underwriter Sabre will seek to raise around 213 million pounds in an initial public offering in London next month, the company said on Monday. The announcement is a boost to the outlook for London Stock Exchange listings after earlier this month ready meals supplier Bakkavor BAKK.L and telecoms masts firm Arqiva IPO-ARGL.L both pulled deals. Bakkavor reversed that decision just a week later, after cutting its share price. Founded in 1982, Sabre generated gross written premiums of 197 million pounds in 2016 and said it intends to maintain its focus on the UK private motor insurance market. The listing would value the whole company at around 600 million pounds, a source familiar with the deal said. Sabres private equity owner BC Partners is looking to list the Dorking-based firm in London following an unsuccessful joint approach from U.S. investment firm Centerbridge and Qatar Reinsurance Company, sources told Reuters in September. BC Partners took a majority stake in Sabre in 2013 in a 240 million-pound deal. The company, which is behind the Insure 2 Drive, Go Girl and Drive Smart brands, abandoned talking with prospective buyers in favour of a listing. Barclays ( BARC.L ) and Numis Securities Limited are acting as joint global co-ordinators on the deal. Reporting by Lawrence White, additional reporting by Ben Martin, editing by Louise Heavens'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-sabre-ipo/british-car-insurer-sabre-seeks-280-million-listing-in-london-idUKKBN1DD0OV'|'2017-11-13T09:18:00.000+02:00'|8664.0|''|-1.0|'' 8665|'9f51ab1102b7c97dd4f4ec8a11dec3b4ad3092db'|'Global gas oversupply could trigger price ''crisis'' - Russia energy minister'|'November 24, 2017 / 4:28 PM / Updated 32 minutes ago Global gas oversupply could trigger price''crisis'' - Russia energy minister Reuters Staff 1 Min Read SANTA CRUZ, Bolivia (Reuters) - Global gas supplies currently exceed demand, a situation that could lead to a crisis drop in prices similar to that which occurred in the crude oil market, Russian energy minister Alexander Novak said on Friday. Novak made the comments at the Gas Exporting Countries Forum (GECF) being held in Bolivia. The United States has vastly increased its output of both crude oil and natural gas in recent years as improved drilling technology opened previously inaccessible reserves - a leading reason for a steep drop in petroleum prices. Reporting by Alexandra Alper; Writing by Richard ValdmanisEditing by Chizu Nomiyama'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/bolivia-gas-summit-novak/global-gas-oversupply-could-trigger-price-crisis-russia-energy-minister-idINKBN1DO20S'|'2017-11-24T18:27:00.000+02:00'|8665.0|''|-1.0|'' @@ -8694,7 +8694,7 @@ 8692|'4a3723f1f8ffd9e617fca79f4f3384f2c2be627b'|'Viacom reports 2.9 percent rise in revenue'|'November 16, 2017 / 12:10 PM / in an hour Viacom expects distributor revenue to drop in 2018; shares sink Jessica Toonkel , Arjun Panchadar 3 Min Read (Reuters) - Viacom Inc ( VIAB.O ), owner of MTV and Comedy Central, said Thursday it expects lower revenue from cable and satellite companies in 2018, a forecast that sent its shares down almost 10 percent in morning trading. FILE PHOTO: A woman exits the Viacom Inc. headquarters in New York, U.S. on April 30, 2013. REUTERS/Lucas Jackson/File Photo The largest U.S. cable and satellite companies have shed more than a million subscribers so far this year, a situation that has left them less willing to pay for Viacoms programs. Improving affiliate revenue - the sales Viacom generates from distributors - has been a key focus of Viacom Chief Executive Bob Bakish since he took the helm late last year. In the past year, deals representing nearly 50 percent of our subscriber base have been renewed or extended, and we now have no significant renewals until well into 2019, Bakish said on a call with analysts. The question is whether future deals will also reprice at the same or lower rates, said Brian Wieser, an analyst at Pivotal Research. What is to say that every other distributor wont reset pricing? Wieser asked. Shares of Viacom were down 3.9 percent $23.65 in midday trading on the New York Stock Exchange, after earlier tumbling nearly 10 percent. Last month, Viacom reached a deal with Charter Communications ( CHTR.O ) to put eight of its most popular networks in Charters cheapest U.S. cable bundle, after Charter had put some channels in its more expensive packages. The new deal with Charter does not take effect until early next year, which is part of the reason for the expected drop in affiliate sales in 2018, Viacom said. Viacom said it expects high single-digit declines in U.S. affiliate sales in the first half of 2018. For the year, it expects affiliate sales to be down in the mid-single digits with positive sales returning in 2019. The New York-based media company said revenue grew 2.9 percent to $3.32 billion, beating analyst estimates, as U.S. advertising sales improved to their strongest since 2014. Revenue from Viacoms film unit, which includes theater and licensing revenue, grew 2 percent to $789 million from a year earlier. Domestic affiliate revenue fell 3 percent to $948 million in the quarter and domestic ad sales were flat at $936 million. Net profit attributable to Viacom rose to $674 million, or $1.67 per share, in its fiscal fourth quarter ended Sept.30, from $254 million, or 64 cents a share, a year earlier. The quarter included a $127 million gain from an asset sale. Excluding items, the company earned 77 cents per share. Analysts, on average, had expected earnings of 86 cents per share and revenue of $3.23 billion, according to Thomson Reuters I/B/E/S. Reporting by Arjun Panchadar in Bengaluru and Jessica Toonkel in New York; Editing by Bernadette Baum '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-viacom-results/viacom-reports-2-9-percent-rise-in-revenue-idUSKBN1DG1MO'|'2017-11-16T14:09:00.000+02:00'|8692.0|''|-1.0|'' 8693|'be18515bd50cfb4a9e3b4e9e1410b2b13acdf91b'|'Retailer Auchan says it has not been approached by Amazon in Europe'|'November 20, 2017 / 12:55 PM / Updated 9 hours ago Retailer Auchan says it has not been approached by Amazon in Europe Dominique Vidalon 3 Min Read PARIS (Reuters) - French retailer Auchan [AUCH.UL] said on Monday it had not been approached by E-commerce giant Amazon ( AMZN.O ) about deals or partnerships in Europe, with speculation still rife that Amazon may be eyeing European transactions. The logo of French retailer Auchan is pictured at company''s hypermarket in Moscow, Russia, May 19, 2017. REUTERS/Maxim Shemetov Auchan Retail head Wilhelm Hubner also told journalists that co-operation between Auchan and online giant Alibaba ( BABA.N ) would focus on China for now, after Alibaba announced a deal with Auchan in China. Amazons $13.7 billion takeover of U.S. retail chain Whole Foods Market this year sparked speculation that it might be examining further tie-ups in Europe, possibly involving logistics partnerships with French supermarket operators. No. We have not been approached by Amazon on Europe or on any country. I consider that Amazon has a very industrial approach of commerce, not a very humanized one. This is not our vision and so we could not have started discussions, said Hubner, regarding the speculation concerning Amazon. Hubner was speaking after Alibaba announced a HK$22.4 billion ($2.9 billion) investment for a major stake in Chinas top hypermart operator, Sun Art Retail Group Ltd ( 6808.HK ), as part of a wider push into offline retail. A view of the new Amazon logistic center with the company''s logo in Dortmund, Germany November 14, 2017. REUTERS/Thilo Schmuelgen As part of an alliance with Sun Arts top shareholders Auchan Retail and Taiwanese conglomerate Ruentex Group, Alibaba would buy the stake from Ruentex while Auchan Retail would boost its own stake. This partnership is for China and the priority is to make it a success. The future will tell if there will be other partnerships (with Alibaba) in other countries, said Hubner. Hubner, however, added Alibaba was keen on sourcing French, Italian and Spanish products through Auchan for its digital platforms and for the Chinese market. Auchan has been present in China since 1998. The country is its second-largest market, making around 30 percent of Auchan Retails annual sales of 52 billion euros ($61 billion). Last month, French supermarket operator Leclerc said it had been approached by Amazon over a possible logistics partnership, while there has been speculation Amazon may eye deals with rivals Casino ( CASP.PA ) and Carrefour ( CARR.PA ). ($1 = 0.8487 euros)'|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-alibaba-sun-art-retail-auchan/retailer-auchan-says-it-has-not-been-approached-by-amazon-in-europe-idINKBN1DK1I4'|'2017-11-20T09:55:00.000+02:00'|8693.0|''|-1.0|'' 8694|'87b71631f998b27e8d3976c2f690a60c68f1ef0f'|'Fed holds rates steady; ''solid'' growth keeps December hike in view'|'November 1, 2017 / 5:07 AM / Updated 5 minutes ago Fed keeps rates unchanged, remains on road to December rate hike Lindsay Dunsmuir , Howard Schneider 4 Min Read WASHINGTON (Reuters) - The Federal Reserve kept interest rates unchanged on Wednesday and pointed to solid U.S. economic growth and a strengthening labor market while playing down the impact of recent hurricanes, a sign it is on track to lift borrowing costs again in December. FILE PHOTO: Federal Reserve Chairman Janet Yellen speaks during a news conference after a two-day Federal Open Markets Committee (FOMC) policy meeting, in Washington, U.S. on September 20, 2017. REUTERS/Joshua Roberts/File Photo Investors had all but ruled out a rate hike at the central banks policy meeting this week and attention has largely been focused on who will be in charge of monetary policy at the end of Fed Chair Janet Yellens first term in February 2018. President Donald Trump is set to announce his nomination on Thursday afternoon with Fed Governor Jerome Powell, a soft-spoken centrist who has supported Yellens gradual approach to raising rates, seen as having a lock on the job. The labor market has continued to strengthen and ... economic activity has been rising at a solid rate despite hurricane-related disruptions, the Feds rate-setting committee said in a statement after its unanimous policy decision. In keeping with that encouraging tone, the central banks policymakers acknowledged that inflation remained soft but did not downgrade their assessment of pricing expectations. U.S. Treasury yields were largely unchanged after the release of the statement. The U.S. dollar pared gains against a basket of currencies and the S&P 500 index rose slightly. It confirms a December move, said Gregory Daco, chief U.S. economist at Oxford Economics in New York. If we get a confirmation that Trump picks Powell tomorrow, its a sign that monetary policy will continue on its current course that we have seen so far this year with gradual normalization. The Fed has raised rates twice this year and currently forecasts another nudge upwards in its benchmark lending rate from its current target range of 1.00 percent to 1.25 percent by the end of 2017. BALANCE SHEET REDUCTION FILE PHOTO: Federal Reserve Chairman Janet Yellen speaks during a news conference after a two-day Federal Open Markets Committee (FOMC) policy meeting in Washington, U.S., September 20, 2017. REUTERS/Joshua Roberts/File Photo Fed policymakers have been buoyed in recent months by a stronger global and domestic economy and further tightening in the labor market, although they are divided over the causes and duration of the current weakness in inflation. The Feds preferred inflation measure sits at 1.3 percent after retreating further from the central banks 2 percent target for much of the year. Nevertheless, Yellen and some other key policymakers have said the Fed still expects to continue to gradually raise rates given the strength of the overall economy. In its statement, the central bank reiterated it expects inflation to rise back to its target over the medium term and emphasized that the unemployment rate has declined further. U.S. financial conditions remain loose, strengthening the argument that another rate rise would not slow the current brisk growth. The government reported last week that the economy grew at a 3.0 percent annual rate in the third quarter. A decline in hiring in September has largely been dismissed as a blip caused by the temporary displacement of workers due to Hurricanes Harvey and Irma. That jobs report showed wages growing at an improved pace and the unemployment rate falling to more than a 16-1/2-year low of 4.2 percent. A strong rebound in job gains is anticipated when the Labor Department releases its October nonfarm payrolls report on Friday. The Fed also said on Wednesday it was proceeding with the reduction of its $4.2 trillion in holdings of Treasury bonds and mortgage-backed securities, a process which began in October. New Fed Governor Randal Quarles, Trumps first appointee to the central bank, voted at this weeks policy meeting. The Republican president could fill at least three more open vacancies on the Feds seven-member board in the coming months. The central bank is scheduled to hold its final policy meeting of the year on Dec. 12-13. Reporting by Lindsay Dunsmuir; Editing by David Chance and Paul Simao'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-usa-fed/fed-set-to-hold-rates-steady-ahead-of-trumps-leadership-decision-idUKKBN1D13JT'|'2017-11-01T20:19:00.000+02:00'|8694.0|''|-1.0|'' -8695|'fc4cf4981ef05fe45e3b8112ec21caca49a07a0e'|'Dermapharm prepares for listing -Apotheke Adhoc'|'FRANKFURT, Nov 27 (Reuters) - The family behind German generic drugmaker Dermapharm is preparing to take the company public with the help of Morgan Stanley, trade publication Apotheke Adhoc cited people familiar with the matter as saying.Sources told Reuters in April 2016 that owner Wilhelm Beier had short-listed two financial investors as prospective buyers with one bid reaching about 1.1 billion euros ($1.3 billion) but a deal was never clinched.Dermapharm and Morgan Stanley declined to comment.$1 = 0.8381 euros Reporting by Ludwig Burger and Arno Schuetze Editing by Maria Sheahan '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/dermapharm-ipo/dermapharm-prepares-for-listing-apotheke-adhoc-idUSFWN1NX082'|'2017-11-27T18:47:00.000+02:00'|8695.0|''|-1.0|'' +8695|'fc4cf4981ef05fe45e3b8112ec21caca49a07a0e'|'Dermapharm prepares for listing -Apotheke Adhoc'|'FRANKFURT, Nov 27 (Reuters) - The family behind German generic drugmaker Dermapharm is preparing to take the company public with the help of Morgan Stanley, trade publication Apotheke Adhoc cited people familiar with the matter as saying.Sources told Reuters in April 2016 that owner Wilhelm Beier had short-listed two financial investors as prospective buyers with one bid reaching about 1.1 billion euros ($1.3 billion) but a deal was never clinched.Dermapharm and Morgan Stanley declined to comment.$1 = 0.8381 euros Reporting by Ludwig Burger and Arno Schuetze Editing by Maria Sheahan '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/dermapharm-ipo/dermapharm-prepares-for-listing-apotheke-adhoc-idUSFWN1NX082'|'2017-11-27T18:47:00.000+02:00'|8695.0|20.0|0.0|'' 8696|'834862ace71c173109421fef6038f967085e410d'|'MetLife operating income falls, authorizes $2 billion buyback'|'(Reuters) - MetLife Inc ( MET.N ) reported a 13.8 percent fall in quarterly operating income on Wednesday, hurt by a charge related to the spin off of its U.S. retail business, Brighthouse Financial, and the insurer authorized a $2 billion share buyback plan.A MetLife Inc building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake MetLife said that it intends to divest its remaining Brighthouse Financial Inc ( BHF.O ) common stock through an exchange offer for MetLife common stock during 2018.The quarter included the results of Brighthouses final month with MetLife before the spinoff became effective on Aug. 4, following which MetLife ceded the title of the largest U.S. life insurer by assets to Prudential Financial ( PRU.N ).New York-based MetLife booked a third-quarter charge of $1.1 billion related to the Brighthouse spinoff, less than the $1.4 billion it had previously estimated.The third quarter is the first indication of how MetLife may perform without Brighthouse, whose assets include variable annuities, which led to swings in MetLifes overall performance.A lot of that volatility went out the door with Brighthouse, Wells Fargo Securities analyst Sean Dargan said before the company released its results.Net operating income, which excludes investment and derivative gains or losses, fell to $1.17 billion, or $1.09 per share, in the quarter ended Sept. 30, from $1.36 billion, or $1.22 per share, a year earlier. [nBw3r2vF1a]Analysts on an average were expecting a quarterly profit of 90 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the numbers were comparable.MetLifes operating costs increased 4.6 percent to $14.99 billion.Variable investment income dropped nearly 20 percent to $236 million due to the sale of a real estate joint venture interest in the prior year period and lower prepayment fee income, the insurer said.(This version of the story corrects previous estimate of Brighthouse spinoff costs to $1.4 billion, not $1 billion; and that $1.1 billion charge is less, not more, than estimated)Reporting by Nikhil Subba in Bengaluru and Suzanne Barlyn in New York; Editing by Savio D''SouzaOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-metlife-results/metlife-operating-income-falls-authorizes-2-billion-buyback-idINKBN1D15TE'|'2017-11-01T17:49:00.000+02:00'|8696.0|''|-1.0|'' 8697|'e1e10f8d2faa24ddd6206f48832e029f39454e39'|'Barclays security head Oerting takes leave of absence -sources'|'November 1, 2017 / 6:13 PM / in 31 minutes Barclays security head Oerting takes leave of absence: sources Reuters Staff 2 Min Read LONDON (Reuters) - Troels Oerting, the head of cyber and information security at Britains Barclays Plc, has taken a leave of absence, sources familiar with the matter said on Wednesday. Oerting, a former Europol cybercrime expert, was not immediately available for comment but one source said his move was not related to an investigation into an attempt by Chief Executive Jes Staley to unmask a whistleblower at Barclays. Oerting, who was appointed as Barclays chief security officer and head of information security in January, had been asked by Staley to identify the author of an anonymous letter that made allegations about a senior banker. Staley, who has apologized for his actions, and Barclays are being investigated by UK and U.S. regulators over the affair, which the banks board heard about in early 2017. Barclays has reprimanded Staley and said it would cut his bonus over the incident, but it has resisted calls to fire him for what Chairman John McFarlane has called an honest mistake. Barclays global head of whistleblowing Jonathan Cox left the bank last month after dropping an employment lawsuit over alleged whistleblowing rule breaches. Oerting did not immediately respond to attempts to reach him via LinkedIn. Reporting by Lawrence White and Kirstin Ridley; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-barclays-oerting/barclays-security-head-oerting-takes-leave-of-absence-sources-idUSKBN1D15JQ'|'2017-11-01T20:06:00.000+02:00'|8697.0|''|-1.0|'' 8698|'6cf9fb7992e3e24bf444598e0891984e6521e756'|'EMERGING MARKETS-Politics weigh on Chilean, Brazilian equities'|'SAO PAULO, Nov 23 (Reuters) - Equities markets across Latin America fell on Thursday amid light Thanksgiving trading, led by the blue-chip IPSA index in Chile, where investors are still jittery over a weak performance by conservatives in elections over the weekend. On Thursday, leftist Chilean presidential candidate Alejandro Guillier - who is competing in a tight runoff after coming in second in first-round elections on Sunday - said he was open to eliminating Chile''s quasi-private pension fund system in favor of a state-run model. Additionally, workers at BHP Billiton Ltd''s Escondida copper mine in Chile, the world''s biggest, walked off the job temporarily, spooking investors in the mining-dependent country. The IPSA was off 1.27 percent in midafternoon trading. Brazil''s Bovespa was down 0.72 percent as President Michel Temer continues to face difficulties pushing through a pension reform seen as key to shoring up the nation''s fiscal health. On Wednesday night, the congressman in charge of drafting the reform presented a new version in an event at Temer''s official residence. However, attendance was poorer that expected, which some analysts interpreted as a sign of relatively weak support for the measure. Among the poorly performing major constituents of the index was steelmaker Usinas Siderurgicas de Minas Gerais SA , which was off 1.2 percent. Key Latin American stock indexes and currencies at 1601 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1152.44 -0.37 34.14 MSCI LatAm 2811.31 -0.14 20.27 Brazil Bovespa 73979.88 -0.72 22.83 Mexico S&P/BVM IPC 48219.39 0.05 5.64 Chile IPSA 5063.67 -1.27 21.98 Chile IGPA 25504.43 -1.19 23.01 Argentina MerVal 27092.33 -0.86 60.14 Colombia IGBC 10868.33 -0.09 7.31 Venezuela IBC 698.32 0.25 -97.80 Currencies daily % YTD % change change Latest Brazil real 3.2333 0.02 0.49 Mexico peso 18.6030 0.22 11.51 Chile peso 635 -0.28 5.62 Colombia peso 2975.32 -0.08 0.88 Peru sol 3.236 0.00 5.50 Argentina peso (interbank) 17.4000 0.23 -8.76 Argentina peso (parallel) 18.1 0.22 -7.07 (Reporting by Gram Slattery Editing by Jonathan Oatis) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-latam/emerging-markets-politics-weigh-on-chilean-brazilian-equities-idUSL1N1NT0Z1'|'2017-11-23T18:14:00.000+02:00'|8698.0|''|-1.0|'' @@ -8703,7 +8703,7 @@ 8701|'1217face643ed00c700f3dc1554da293fcd3b1d9'|'Indonesia plans automated system to flag contentious Internet material'|' Indonesia plans automated system to flag contentious Internet material Cindy Silviana 3 Min Read JAKARTA, Nov 8 (Reuters) - Indonesia plans to launch in January a new automated system using 44 servers to help block websites displaying content such as pornography or extremist ideology, a communications ministry official said on Wednesday. The worlds most populous Muslim-majority nation has stepped up scrutiny of online content following a surge of hoax stories and hate speech, as well as a controversial anti-pornography law pushed by Islamist parties. The so-called crawling system searches internet content and issues alerts when inappropriate material is found, Semuel Pangerapan, a director general at the communications and informatics ministry, told reporters. The ministry would immediately block foreign-owned sites carrying such content, but applications such as messaging services would receive warnings first, he added. This week, Indonesia threatened to block Facebook Incs WhatsApp messenger service because of obscene Graphics Interchange Format (GIF) images provided by third parties on the service. Tenor Inc, one of the GIF providers for WhatsApp, has been blocked in Indonesia. The company has implemented a fix for the issue, a Tenor spokeswoman said on Tuesday. On Wednesday, Pangerapan said the ministry would monitor Tenors filter for the next few days before it lifts the ban. Next week, the communications ministry will summon executives from other internet-based companies, such as Alphabet Incs Google and social media operator Twitter , he added. The ministry would discuss content Indonesia does not allow to be circulated, he said. Ministry data showed that Indonesia had blocked around 780,000 websites by the end of September, mostly those with pornographic content. Other blocked sites displayed material featuring violence, gambling and radicalism. The government has also asked the public to report obscene online content. People need to be active to flag inappropriate content, not only on WhatsApp but also on Facebook and Twitter, Pangerapan said. (Writing by Fransiska Nangoy; Editing by Ed Davies and Clarence Fernandez)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/indonesia-internet/indonesia-plans-automated-system-to-flag-contentious-internet-material-idUSL3N1NE33S'|'2017-11-08T12:11:00.000+02:00'|8701.0|''|-1.0|'' 8702|'74c91ec04720921e856b1c376776ac62da22efd8'|'UPDATE 2-U.S. junk bond funds post 4th-biggest week of outflows ever -Lipper'|'(Adds details on mutual funds and ETFs, table) By Trevor Hunnicutt NEW YORK, Nov 16 (Reuters) - U.S. fund investors walloped high-yield funds with their biggest week of withdrawals since March, Lipper data showed on Thursday. The junk bond mutual funds and exchange-traded funds (ETFs) posted $4.4 billion in net withdrawals during the week ended Nov. 15, the fourth-largest weekly outflow on record dating back to 1992. Several concerns weighed on high-yield markets during the week, but the extensive withdrawals signal that investor sentiment after a strong year of performance may have been chief among them. Three high-yield bond deals have also been pulled from the market in the space of a week in the face of investor push-back. The U.S.-listed, $11.6 billion SPDR Bloomberg Barclays High Yield Bond ETF posted negative performance in 14 of the last 19 days. Over the last month it delivered a negative 0.57 percent total return, with price declines cushioned by the plush yield it pays. The ETF posted $947 million in withdrawals during the week, Lipper estimates. Elevated high-yield outflows are somewhat concerning, said Pat Keon, senior analyst for the Lipper research unit of Thomson Reuters, citing what he called the absence of an obvious catalyst. "I wouldn''t expect anything like I saw," he said. Bank of America Corp analysts said in a Nov. 10 note that high-yield volatility has been "driven primarily by a confluence of several meaningful and yet only loosely related events," including the potential for U.S. tax reform to be delayed. DOUR SENTIMENT WEIGHS ON STOCKS, BONDS Investors'' sour temper dragged down sales for bonds overall, despite that category''s resilience this year. Taxable bond fund outflows were $1.9 billion for the week, marking the category''s first withdrawals since July, Lipper said. The funds remain on course for their third-best year of flows on record. Stock fund flows weakened, too, with $240 million in outflows marking the first week of withdrawals in six. Domestic equity outflows more than offset inflows for their counterparts focused abroad, according to Lipper. Within sectors, oil price declines over concerns about growth in U.S. production and inventories hobbled energy firms. Stock funds focused on that sector recorded $302 million in outflows, the most since September. But technology-sector funds, buoyed by strong third-quarter corporate earnings, attracted $965 million in their largest inflows since the same month. Riskier stocks outside the United States retained their appeal. Emerging-markets equity funds raked in a tenth straight week of cash and Japanese stocks snapped up a sixth consecutive week of net inflows. The following is a breakdown of the flows for the week, including mutual funds and ETFs: Sector Flow Chg % Assets Assets Count ($blns) ($blns) All Equity Funds -0.240 -0.00 6,494.732 12,126 Domestic Equities -2.352 -0.05 4,442.491 8,652 Non-Domestic Equities 2.112 0.10 2,052.240 3,474 All Taxable Bond Funds -1.924 -0.07 2,587.602 6,033 All Money Market Funds 2.675 0.10 2,592.988 1,047 All Municipal Bond Funds 0.418 0.10 400.887 1,476 (Reporting by Trevor Hunnicutt; Editing by Tom Brown and Matthew Lewis) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/investment-mutualfunds-lipper/update-1-u-s-junk-bond-funds-post-4th-biggest-week-of-outflows-ever-lipper-idINL1N1NM2KQ'|'2017-11-16T20:39:00.000+02:00'|8702.0|''|-1.0|'' 8703|'bf14c0c3c45f2c1c303aa54266c2e1bb6ba76920'|'Airbus CEO questioned in Kazakh deal investigation - reports'|'November 23, 2017 / 1:49 PM / Updated 8 minutes ago Airbus CEO questioned in Kazakh deal investigation - reports Reuters Staff * Airbus: fully co-operating with authorities * Airbus: no further comment to make on matter PARIS, Nov 23 (Reuters) - French anti-corruption investigators questioned Airbus Chief Executive Tom Enders and three other company executives as witnesses in an investigation centred on the sale of satellites to Kazakhstan in 2010, according to media reports on Thursday. Enders was interviewed in early October by anti-corruption investigators in Nanterre, close to Paris, as was Chairman Denis Ranque, Mediapart, France Inter and Der Spiegel reported. Authorities are probing an alleged suspect payment linked to the satellite deal, Mediapart reported, adding that Enders and the other executives were not alleged to have any role in it. We have no comment to make other than that we are fully co-operating with authorities, a spokesman for Airbus said. Enders is grappling with scrutiny over Airbuss sales practices after the company uncovered inaccuracies in its filings to U.S. regulators over arms technology sales. That came on top of existing bribery investigations in France and Britain over the use of middlemen in jetliner sales. France and Germany each hold 11 percent of Airbus. Frances finance minister said recently that Enders had the confidence of Airbuss board, while the German government has also rebuffed speculation about Enderss future. (Reporting by Sarah White and Cyril Altmeyer; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/airbus-ceo-kazakhstan/airbus-ceo-questioned-in-kazakh-deal-investigation-reports-idUSL8N1NT3I0'|'2017-11-23T15:45:00.000+02:00'|8703.0|''|-1.0|'' -8704|'893284fe24c4b16ff7c9adbb16801054db0f3bd0'|'Goldman Sachs among bidders for Scotiabank''s metals unit - sources'|'November 28, 2017 / 5:41 PM / Updated 7 minutes ago Goldman Sachs among bidders for Scotiabank''s metals unit - sources Peter Hobson , Clara Denina 4 Min Read LONDON (Reuters) - Goldman Sachs Group ( GS.N ) is among around five bidders for ScotiaMocatta, the metals trading arm of Canadas Bank of Nova Scotia ( BNS.TO ), for which it is seeking up to $1 billion (755.6 million pounds), sources with knowledge of the matter told Reuters. FILE PHOTO - The logo of Goldman Sachs is displayed in their office located in Sydney, Australia, May 18, 2016. REUTERS/David Gray Scotiabank began a review of its ScotiaMocatta metals business in 2016 following a string of lawsuits related to the manipulation of gold and silver price benchmarks and due to dissatisfaction over its performance, sources said. It has since hired JPMorgan in New York to help with the sale process, with the aim of completion before the end of March 2018, they added. The bulk of ScotiaMocattas business is in precious metals and it is one of five banks that clear bullion in Londons $5 trillion a year gold market, the worlds biggest. Goldman Sachs has been seeking to turn around its struggling commodities unit by hiring a number of executives after reporting the weakest commodities results in its history as a public company in the second quarter. Goldman and four other banks were part of a group that invested several million dollars in designing and building gold and silver contracts launched by the London Metal Exchange in July. Three sources said Goldman had put in a non-binding bid for Scotiabanks metals unit at an auction in mid-November. Taking the opposite approach to any other bank, which would scale back after a tough 18 months period ... Goldman is keen across all the commodity business to expand their physical franchise and wants to be aggressive on market share and pricing to expand their position, one of the sources said. Two of the sources said other bidders included Japanese trading house Sumitomo ( 8053.T ) and Australian bank ANZ (Australia and New Zealand Banking Group) ( ANZ.AX ). The unit also attracted the interest of two Chinese banks, they said. Scotiabank, Goldman and ANZ declined to comment. Sumitomo was not immediately available to comment. ScotiaMocatta is one of Londons main gold trading banks with a history dating back to the 17th century. It was acquired by Scotiabank from Standard Chartered ( STAN.L ) in 1997 and employs more than 160 people in 10 offices around the world, according to its website. Market sources put Scotiabanks annual revenues from the precious metals unit at $100-$180 million with operating margins of around 25 percent. Sources said Scotiabank was seeking up to $1 billion for ScotiaMocatta. A factor in the discussions is whether the buyer gets an indemnity for legal risks as Scotia still has litigation hanging over them, one source said. The purchase price will be affected by whether the buyer assumes that risk or they manage to ring-fence it or leave it with Scotia, the source added. U.S. investors sued Scotiabank alongside other four banks in 2014, claiming that they conspired to fix gold prices from 2004 to 2013, A separate suit was pursued by silver investors against banks including Scotiabank. Deutsche Bank ( DBKGn.DE ) agreed to pay a combined $98 million settlement on both suits. The cases are only some of the lawsuits in which investors accused banks of conspiring to rig rates and prices in financial and commodities markets following revelations in 2012 that the London Interbank Offered Rate (Libor) had been rigged by British banks. Additional reporting by Pratima Desai in London, John Tilak and Matt Scuffham in Toronto and Osamu Tsukimori in Tokyo; Editing by Veronica Brown and David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-bank-nova-divestiture-goldman-sachs/goldman-sachs-among-bidders-for-scotiabanks-metals-unit-sources-idUKKBN1DS2CG'|'2017-11-28T19:40:00.000+02:00'|8704.0|''|-1.0|'' +8704|'893284fe24c4b16ff7c9adbb16801054db0f3bd0'|'Goldman Sachs among bidders for Scotiabank''s metals unit - sources'|'November 28, 2017 / 5:41 PM / Updated 7 minutes ago Goldman Sachs among bidders for Scotiabank''s metals unit - sources Peter Hobson , Clara Denina 4 Min Read LONDON (Reuters) - Goldman Sachs Group ( GS.N ) is among around five bidders for ScotiaMocatta, the metals trading arm of Canadas Bank of Nova Scotia ( BNS.TO ), for which it is seeking up to $1 billion (755.6 million pounds), sources with knowledge of the matter told Reuters. FILE PHOTO - The logo of Goldman Sachs is displayed in their office located in Sydney, Australia, May 18, 2016. REUTERS/David Gray Scotiabank began a review of its ScotiaMocatta metals business in 2016 following a string of lawsuits related to the manipulation of gold and silver price benchmarks and due to dissatisfaction over its performance, sources said. It has since hired JPMorgan in New York to help with the sale process, with the aim of completion before the end of March 2018, they added. The bulk of ScotiaMocattas business is in precious metals and it is one of five banks that clear bullion in Londons $5 trillion a year gold market, the worlds biggest. Goldman Sachs has been seeking to turn around its struggling commodities unit by hiring a number of executives after reporting the weakest commodities results in its history as a public company in the second quarter. Goldman and four other banks were part of a group that invested several million dollars in designing and building gold and silver contracts launched by the London Metal Exchange in July. Three sources said Goldman had put in a non-binding bid for Scotiabanks metals unit at an auction in mid-November. Taking the opposite approach to any other bank, which would scale back after a tough 18 months period ... Goldman is keen across all the commodity business to expand their physical franchise and wants to be aggressive on market share and pricing to expand their position, one of the sources said. Two of the sources said other bidders included Japanese trading house Sumitomo ( 8053.T ) and Australian bank ANZ (Australia and New Zealand Banking Group) ( ANZ.AX ). The unit also attracted the interest of two Chinese banks, they said. Scotiabank, Goldman and ANZ declined to comment. Sumitomo was not immediately available to comment. ScotiaMocatta is one of Londons main gold trading banks with a history dating back to the 17th century. It was acquired by Scotiabank from Standard Chartered ( STAN.L ) in 1997 and employs more than 160 people in 10 offices around the world, according to its website. Market sources put Scotiabanks annual revenues from the precious metals unit at $100-$180 million with operating margins of around 25 percent. Sources said Scotiabank was seeking up to $1 billion for ScotiaMocatta. A factor in the discussions is whether the buyer gets an indemnity for legal risks as Scotia still has litigation hanging over them, one source said. The purchase price will be affected by whether the buyer assumes that risk or they manage to ring-fence it or leave it with Scotia, the source added. U.S. investors sued Scotiabank alongside other four banks in 2014, claiming that they conspired to fix gold prices from 2004 to 2013, A separate suit was pursued by silver investors against banks including Scotiabank. Deutsche Bank ( DBKGn.DE ) agreed to pay a combined $98 million settlement on both suits. The cases are only some of the lawsuits in which investors accused banks of conspiring to rig rates and prices in financial and commodities markets following revelations in 2012 that the London Interbank Offered Rate (Libor) had been rigged by British banks. Additional reporting by Pratima Desai in London, John Tilak and Matt Scuffham in Toronto and Osamu Tsukimori in Tokyo; Editing by Veronica Brown and David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-bank-nova-divestiture-goldman-sachs/goldman-sachs-among-bidders-for-scotiabanks-metals-unit-sources-idUKKBN1DS2CG'|'2017-11-28T19:40:00.000+02:00'|8704.0|19.0|4.0|'' 8705|'effb39f5bb0194ded877a40fb650f8fc3da41a89'|'Grupo Mexico prices rail unit IPO at bottom of range-sources'|'MEXICO CITY, Nov 9 (Reuters) - Mexican miner and infrastructure company Grupo Mexico priced the the initial public offering (IPO) of its rail unit GMexico Transportes on Thursday at the low end of expectations, two sources with knowledge of the deal said.The long-delayed IPO priced at 31.50 pesos per share, at the bottom of the expected 31.50 and 39 peso range, said the people, who spoke on condition of anonymity. (Reporting by Christine Murray) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/grupomexico-ipo/grupo-mexico-prices-rail-unit-ipo-at-bottom-of-range-sources-idINL1N1NF1FH'|'2017-11-09T20:28:00.000+02:00'|8705.0|''|-1.0|'' 8706|'93c15e31514bd816350e40635ee5765a2463edb7'|'Catalonia unemployment jumps as political crisis drags on'|'November 3, 2017 / 9:44 AM / Updated 5 minutes ago Catalonia unemployment jumps as political crisis drags on Paul Day 2 Min Read MADRID (Reuters) - Registered unemployment rose sharply in Catalonia in October, data showed on Friday, with more people signing on as jobless in the region than anywhere else in Spain as companies fled in the midst of the countrys worst political crisis in decades. A man holding a Catalan separatist flag (L) looks at men holding a Spanish flag outside the Generalitat Palace, the Catalan regional government headquarters in Barcelona, Spain, October 30, 2017. REUTERS/Juan Medina Almost 2,000 companies based in Catalonia moved their legal headquarters out of the region in October after an independence vote banned by Madrid that led to the central government sacking regional authorities and taking control. The number of people in Spain registering as jobless rose for the third straight month by 1.67 percent in October from a month earlier, or by 56,844 people, leaving 3.47 million people out of work, data from the Labour Ministry showed. Of that, Catalonia saw unemployment rise by 3.67 percent, or 14,698 people, the largest loss of jobs amongst all the regions and compared to a just 0.08 percent rise in jobless in the region of Madrid. The Bank of Spain warned on Thursday that uncertainty due to the independence drive, if it persists, could lead to slower economic growth and lower job creation in the next few months. October often sees a continuation of rising unemployment after the summer tourist sector lays off temporary workers in hotels and restaurants. Registered jobless rose strongest in the service sector, with a 2.2 percent monthly rise, or by 50,885 people, followed by agriculture, marking the end of summer harvests, up 5.83 percent, or 9,194 people. In Spain, the number of people paying in to the social security system as workers in Spain rose by 94,368 people, to 18.43 million people, the ministry said. In seasonally adjusted terms, Spains registered unemployed fell by 23,690 people in October from a month earlier. Spains unemployment rate, taken from a wide survey of the workforce a considered a more accurate representation of the countrys unemployed than the monthly figure, fell to its lowest since 2008 in the third quarter at 16.38 percent. Reporting by Paul Day; editing by Ralph Boulton'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-spain-economy/catalonia-unemployment-jumps-as-political-crisis-drags-on-idUKKBN1D30TC'|'2017-11-03T11:43:00.000+02:00'|8706.0|''|-1.0|'' 8707|'0c999383d35b2c0065e93abd0c2d8bac2d91cf90'|'Japan''s transport ministry orders Kobe Steel to improve plant management'|'Reuters TV United States 28 AM / a few seconds ago Japan''s transport ministry orders Kobe Steel to improve plant management Reuters Staff 2 Min Read TOKYO (Reuters) - Japans transport ministry said on Friday it has ordered scandal-hit Kobe Steel Ltd ( 5406.T ) to improve management at one of its plants, as it struggles to restore confidence in its manufacturing following revelations of data falsification. Kobe Steel''s logo is seen through a fence at a facility of Kakogawa Works in Kakogawa, Hyogo Prefecture, Japan, November 13, 2017. REUTERS/Kim Kyung-Hoon Measures taken to prevent a recurrence of wrongdoing at Kobe Steels Daian plant in central Japan were inadequate, the transport ministry said in a statement, pointing to a lack of concrete steps in areas like the alleviation of pressure from head office and the training of inspection staff. We will work quickly to plan and implement the measures as required by the transport ministry, a Kobe Steel spokeswoman said. The ministry inspected the Daian plant last month because of its role in supplying components for the domestically built Mitsubishi Regional Jet (MRJ) passenger aircraft under development by Mitsubishi Heavy Industries Ltd ( 7011.T ). No safety issues were found during that inspection, with Kobe Steel saying on Friday in its latest update that more than 90 percent of affected customers had found no immediate safety issues. On Wednesday, Kobe Steels Hatano plant, one of its main copper plants, was stripped of its industrial quality certifications after an investigation into its quality control. Kobe Steel has said that a lack of quality controls and a focus on profits was behind widespread data tampering that has impacted more than 500 companies and shaken up the supply chains of car and plane makers around the world. Reporting by Sam Nussey'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-kobe-steel-scandal/japans-transport-ministry-orders-kobe-steel-to-improve-plant-management-idUKKBN1DH16A'|'2017-11-17T12:24:00.000+02:00'|8707.0|''|-1.0|'' @@ -8725,7 +8725,7 @@ 8723|'626578f35e236e5701cd618700d14a237c7b0234'|'Thomas Cook has bid for Monarch slots at London Gatwick - sources'|'LONDON, Nov 24 (Reuters) - Travel firm Thomas Cook has bid for Monarch airport slots at London Gatwick, two sources close to discussions told Reuters, after administrators of the failed airline retained the rights to the slots.Weve expressed an interest, one source said, confirming that they had bid for slots at Gatwick but not at Londons Luton airport. (Reporting by Alistair Smout; editing by Stephen Addison)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/monarch-airlines-licence-thomas-cook-grp/thomas-cook-has-bid-for-monarch-slots-at-london-gatwick-sources-idINL8N1NU272'|'2017-11-24T07:48:00.000+02:00'|8723.0|''|-1.0|'' 8724|'9e440283f7382ef2bea8f4b6009d1a21a77fabc3'|'EU finds Chinese steel sent via Vietnam evaded tariffs'|'November 14, 2017 / 4:21 PM / Updated 8 minutes ago EU finds Chinese steel sent via Vietnam evaded tariffs Maytaal Angel 5 Min Read LONDON (Reuters) - The European Unions anti-fraud office (OLAF) said it has found Chinese steel was shipped through Vietnam to evade the blocs tariffs. Steelmakers are now awaiting a similar but more widespread U.S. circumvention investigation involving China and Vietnam. Trade tensions between Beijing and Western nations continue to simmer, with the United States taking a tough line even though China, producer of half the worlds steel, has cut excess capacity by a quarter and reined in its exports of the alloy. OLAF told Reuters roughly 8.2 million euros (7.3 million) of anti-dumping duties were evaded when organic coated steel from China was shipped through Vietnam and given Vietnamese certificates of origin. The amount involved is small and the case was concluded at the end of 2016, but market participants say Vietnam remains a hub not for fraud, but for Chinese trade tariff circumvention involving large tonnages of steel. Financial recommendations were sent to the customs authorities of Belgium, Greece, Slovenia, Italy, Poland, Portugal, Lithuania, Romania and Sweden for the recovery of roughly 8.2 million euros of antidumping and countervailing duties. Western steelmakers are hoping the EU will launch a similar circumvention case to the one pending in the United States. A European Commission source said there was no ongoing investigation into that matter, but authorities would not hesitate to initiate a probe if they were made aware of circumvention allegations. If the EU ultimately applied duties currently levied against Chinese steel to imports from Vietnam, it would help close another loophole for Asian steelmakers to access the euro market, Jefferies analyst Seth Rosenfeld said. The United States is due to rule shortly on whether Chinese steelmakers subject to U.S. duties diverted their shipments to Vietnam for minor processing into cold-rolled and corrosion-resistant steel, before selling them on to the United States. By some estimates, up to 90 percent of the value of the Vietnamese steel shipped to the United States was produced in China. The United States is also investigating a similar case involving 1 million tonnes of Chinese aluminium shipped to Vietnam and then on to Mexico allegedly to evade U.S. duties. China produces half the worlds aluminium. The OLAF case will definitely raise, if not confirm, suspicions for (the U.S.) Commerce (Department). Also it would not be a surprise if there is an EU complaint already filed on circumvention via Vietnam, said Laurent Ruessmann, a partner at lawyers FieldFisher. European steel lobby Eurofer, which usually launches such complaints, declined to comment. Authorities in Vietnam did not respond to requests for comment while Chinas Commerce Ministry said it had not been informed of the U.S. or OLAF case. After duties were imposed in 2016, U.S. imports of cold-rolled and corrosion-resistant steel from China almost ceased, falling to just over 45,000 tonnes from 1.2 million in 2015, according to the International Steel Statistics Bureau (ISSB). Over the same period, U.S. imports of the two products from Vietnam surged ten-fold to nearly 700,000 tonnes. U.S. cold rolled and corrosion resistant steel imports - reut.rs/2zWSwrY In the EU, Chinese imports of corrosion-resistant steel, which nearly doubled last year, steadied in the year to August just as imports from Vietnam surged from historically negligible levels. The EU imposed provisional duties on Chinese corrosion-resistant steel in August this year. Vietnam, the worlds sixth-largest steel importer, has slapped a variety of duties on Chinese steel in recent years, as it ramps up efforts to build a local steel industry and tackle its steel trade deficit with China. Steelmaking capacity in Vietnam nearly doubled last year to 21.15 million tonnes, according to the Organisation for Economic Cooperation and Development. That nearly matched demand, which the Vietnamese Steel Association estimates at 22.3 million tonnes. China accounts for some 60 percent of Vietnams steel exports and more than a fifth of global steel exports, but with a persistent glut in steel, as well as in aluminium, there is little need for what Western producers say are subsidised Chinese exports of the metal. Another fast-developing steel market investing in internal capacity and erecting trade barriers cannot be a long-term benefit for the global industry, the ISSB said in a note on Vietnam. The EU is the worlds largest steel importer, followed by the United States. Additional reporting by Francesco Guarascio and Foo Yun Chee in Brussels, Xu Muyu and Lian Yuanyuan in Beijing, Mai Nguyen in Hanoi and David Lawder in Washington; Editing by Veronica Brown and Dale Hudson'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-steel-china-vietnam/eu-finds-chinese-steel-sent-via-vietnam-evaded-tariffs-idUKKBN1DE284'|'2017-11-14T18:21:00.000+02:00'|8724.0|''|-1.0|'' 8725|'24ab9181a64d73e1f54ac639c8cc0221a514bcc2'|'Rebuffed by American Airlines, Qatar Airways buys into Cathay Pacific'|'November 6, 2017 / 12:40 AM / Updated 34 minutes ago Rebuffed by American Airlines, Qatar Airways buys into Cathay Pacific Alexander Cornwell , Jamie Freed 4 Min Read DUBAI/SINGAPORE (Reuters) - Qatar Airways said on Monday it had broadened its global reach with the acquisition of a 9.61 percent stake in Cathay Pacific Airways Ltd ( 0293.HK ), complicating the Hong Kong carriers share registry and sparking a sharp fall in its share price. Qatar Airways aircrafts are seen at Hamad International Airport in Doha, Qatar June 12, 2017. REUTERS/Naseem Zeitoon Hong Kongs Kingboard Chemical Holdings ( 0148.HK ) said it had sold the stake to Qatar Airways for HK$5.16 billion ($661 million), making the Middle Eastern carrier the third-largest shareholder in Cathay. For Cathay, the Qatar stake will give it a third strategic shareholder behind Swire Pacific Ltd ( 0019.HK ) and Air China Ltd ( 601111.SS ), potentially complicating a restructuring plan aimed at slashing HK$4 billion in costs over three years. Without domestic flights to underpin earnings, Asian carriers Cathay and Singapore Airlines Ltd ( SIAL.SI ) have struggled against Chinese and Middle Eastern rivals, with Cathay already shedding 600 jobs since May. For state-owned Qatar Airways, its first major stake in an Asian airline will allow it to boost its global influence and potentially traffic through its Doha hub, amid the worst political crisis in years among the Gulf Arab states. The airline has been unable to fly to the previously lucrative markets of the United Arab Emirates and Saudi Arabia as part of an airspace rights dispute with neighbors, and has been looking to invest elsewhere to broaden its reach. It was rebuffed by American Airlines Group Inc ( AAL.O ) earlier this year. Despite Cathays troubles, Qatar Airways Chief Executive Akbar al-Baker described it as one of the strongest airlines in the world ... with massive potential for the future. Cathay shares have risen by 29.4 percent since the start of January despite the airline in August posting its worst first-half loss in 20 years. Shares of Cathay Pacific dropped as much as 4.7 percent on Monday morning, as investors worried about its direction with Qatar Airways on its registry. The stock was 1.7 percent down at 0342 GMT, while the broader market was down 1 percent. Cathay will have three major shareholders, all with different and potentially conflicting interests - Swire, Air China and Qatar Airways, said Corrine Png, CEO of transport research firm Crucial Perspective. This may not necessarily be favorable for Cathay as it is facing operating challenges and undergoing transformation. Swire Pacific owns 45 percent of Cathay and Air China 30 percent. Will Horton, a Hong Kong-based senior analyst at CAPA Center for Aviation, said that while Qatar Airways investment in Cathay was likely to be passive, difficulties could arise if they tried to better integrate their hubs. Cathay flew between Hong Kong and Qatar Airways Doha hub as part of a codeshare arrangement between 2014 and 2016, when the route was axed for commercial reasons. Qatar Airways investment strategy has seen it acquire 20 percent of British Airways-parent International Consolidated Airlines Group ( ICAG.L ), 10 percent of South Americas LATAM Airlines Group SA LTM.SN and 49 percent of Italys Meridiana. Investment holding company Kingboard said it would recognize a gain of HK$800 million on the sale of its entire Cathay stake. ($1 = 7.8021 Hong Kong dollars) Reporting by Alexander Cornwell and Jamie Freed; Editing by Stephen Coates'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-cathay-pacific-m-a-qatar-airways/qatar-airways-buys-9-6-percent-stake-in-cathay-pacific-kingboard-chemical-idUKKBN1D601T'|'2017-11-06T06:23:00.000+02:00'|8725.0|''|-1.0|'' -8726|'2af8acfbdda9f0a329e4acc3f295f7722b1fd8e7'|'Russia''s Otkritie bailout hits home in Ireland'|'* Bailed-out Russian bank used Irish funding vehicles* Loans of $500 million terminated* Experts say episode will hurt Russia, IrelandBy John ODonnellFRANKFURT, Nov 2 (Reuters) - Russias bailed-out bank Otkritie will not repay $500 million of loans raised in Ireland, potentially making it harder for other Russian private banks to borrow abroad and casting a cloud over Dublin as a shadow banking hub.Otkrities refusal to pay sees shockwaves from Russias biggest ever bank bailout reach Ireland, which has been used by international firms including Russian banks to raise hundreds of billions of euros in such loans.In a stock-exchange filing on Tuesday, OFCB, a vehicle that had issued $300 million of loan notes and lent the proceeds to Otkritie, said the Russian bank had terminated the repayment of the debt and more than $7 million of interest.BKM Finance, another vehicle that borrowed $200 million on behalf of Otkritie, made a similar filing on Oct. 27, saying the bank could not repay the money and interest of $4.7 million.A spokeswoman for Otkritie said it had grounds to terminate its obligations related to subordinated instruments and that it had acted in accordance with the law.Russias central bank, which orchestrated a multi-billion dollar rescue of Otkritie after a run on the bank, had earlier warned that subordinated debt could be hit.OFCB has issued a further $500 million of subordinated debt, according to Otkrities website, although the status of this was not immediately clear.Otkrities fall was dramatic for a group that, with support from President Vladimir Putins inner circle, snapped up rivals and even Lukoils diamond business to become Russias biggest private bank.As Russia is gearing to raise more capital through international bonds ... this may well dampen investors appetite for Russian assets, Anastasia Nesvetailova, an expert in financial crises at Londons City University, said.Sergey Dergachev, a bond investor with Germanys Union Investment, said he feared others could suffer a similar fate.If global economic conditions worsen, what will happen to Russia and its banks? I think the chances of seeing more subordinated debt out of Russian banks are slim.REPUTATIONAL RISK? Also potentially at stake is Irelands shadow banking system, which has boomed since the financial crisis and given groups such as hedge funds increasing clout in global finance.The International Monetary Fund and Financial Stability Board, which monitors the financial system, have highlighted concerns over Irelands outsized financial sector.The country is one of the euro zones largest centres for financial special purpose vehicles, according to central bank data, many of which are used to borrow by international groups.The sector had total assets such as loans of 345 billion euros ($402 billion) in the middle of this year - bigger than the Irish economy. Russian companies have sponsored 14 percent of those vehicles in Ireland.But fund raising by companies such as Otkritie, poses a potential threat to Irelands standing, said James Stewart of Trinity College Dublin who has written a report on the issue.In terms of Irelands reputation, these cases indicate a problem, said Stewart.It reveals the absence of regulation and oversight of this important market. They create a systemic risk, if not to Ireland, then internationally.The Irish Stock Exchange, which listed the debt, declined to comment, while a spokeswoman for Irelands central bank said the debt issues were restricted to qualified investors and that it had approved the prospectuses.The veracity of that information is the responsibility of the issuer and its directors, said a spokeswoman.The Irish law underpinning special purpose vehicles was created by the government in the early 1990s to build an international financial services centre in a then derelict part of Dublin, a central plank to the countrys economy and success.Many vehicles are shell companies set up to borrow and critics, including Stewart, say similar conduits hosted by Ireland helped trigger bank problems in Germany during the financial crisis.However, lobbyists, lawyers and many government officials want to keep the regime to attract business from London after Britain leaves the European Union. ($1 = 0.8579 euros) (Additional reporting by Ekaterina Golubkova in Moscow; editing by Alexander Smith) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/russia-ireland/russias-otkritie-bailout-hits-home-in-ireland-idINL8N1N84TJ'|'2017-11-02T15:01:00.000+02:00'|8726.0|''|-1.0|'' +8726|'2af8acfbdda9f0a329e4acc3f295f7722b1fd8e7'|'Russia''s Otkritie bailout hits home in Ireland'|'* Bailed-out Russian bank used Irish funding vehicles* Loans of $500 million terminated* Experts say episode will hurt Russia, IrelandBy John ODonnellFRANKFURT, Nov 2 (Reuters) - Russias bailed-out bank Otkritie will not repay $500 million of loans raised in Ireland, potentially making it harder for other Russian private banks to borrow abroad and casting a cloud over Dublin as a shadow banking hub.Otkrities refusal to pay sees shockwaves from Russias biggest ever bank bailout reach Ireland, which has been used by international firms including Russian banks to raise hundreds of billions of euros in such loans.In a stock-exchange filing on Tuesday, OFCB, a vehicle that had issued $300 million of loan notes and lent the proceeds to Otkritie, said the Russian bank had terminated the repayment of the debt and more than $7 million of interest.BKM Finance, another vehicle that borrowed $200 million on behalf of Otkritie, made a similar filing on Oct. 27, saying the bank could not repay the money and interest of $4.7 million.A spokeswoman for Otkritie said it had grounds to terminate its obligations related to subordinated instruments and that it had acted in accordance with the law.Russias central bank, which orchestrated a multi-billion dollar rescue of Otkritie after a run on the bank, had earlier warned that subordinated debt could be hit.OFCB has issued a further $500 million of subordinated debt, according to Otkrities website, although the status of this was not immediately clear.Otkrities fall was dramatic for a group that, with support from President Vladimir Putins inner circle, snapped up rivals and even Lukoils diamond business to become Russias biggest private bank.As Russia is gearing to raise more capital through international bonds ... this may well dampen investors appetite for Russian assets, Anastasia Nesvetailova, an expert in financial crises at Londons City University, said.Sergey Dergachev, a bond investor with Germanys Union Investment, said he feared others could suffer a similar fate.If global economic conditions worsen, what will happen to Russia and its banks? I think the chances of seeing more subordinated debt out of Russian banks are slim.REPUTATIONAL RISK? Also potentially at stake is Irelands shadow banking system, which has boomed since the financial crisis and given groups such as hedge funds increasing clout in global finance.The International Monetary Fund and Financial Stability Board, which monitors the financial system, have highlighted concerns over Irelands outsized financial sector.The country is one of the euro zones largest centres for financial special purpose vehicles, according to central bank data, many of which are used to borrow by international groups.The sector had total assets such as loans of 345 billion euros ($402 billion) in the middle of this year - bigger than the Irish economy. Russian companies have sponsored 14 percent of those vehicles in Ireland.But fund raising by companies such as Otkritie, poses a potential threat to Irelands standing, said James Stewart of Trinity College Dublin who has written a report on the issue.In terms of Irelands reputation, these cases indicate a problem, said Stewart.It reveals the absence of regulation and oversight of this important market. They create a systemic risk, if not to Ireland, then internationally.The Irish Stock Exchange, which listed the debt, declined to comment, while a spokeswoman for Irelands central bank said the debt issues were restricted to qualified investors and that it had approved the prospectuses.The veracity of that information is the responsibility of the issuer and its directors, said a spokeswoman.The Irish law underpinning special purpose vehicles was created by the government in the early 1990s to build an international financial services centre in a then derelict part of Dublin, a central plank to the countrys economy and success.Many vehicles are shell companies set up to borrow and critics, including Stewart, say similar conduits hosted by Ireland helped trigger bank problems in Germany during the financial crisis.However, lobbyists, lawyers and many government officials want to keep the regime to attract business from London after Britain leaves the European Union. ($1 = 0.8579 euros) (Additional reporting by Ekaterina Golubkova in Moscow; editing by Alexander Smith) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/russia-ireland/russias-otkritie-bailout-hits-home-in-ireland-idINL8N1N84TJ'|'2017-11-02T15:01:00.000+02:00'|8726.0|24.0|0.0|'' 8727|'81238410faa8c6b48f30a5e481226b9b4088b7cb'|'Exclusive - Airbus begins external search for new sales chief: sources'|'November 2, 2017 / 4:22 PM / Updated 22 minutes ago Exclusive - Airbus begins external search for new sales chief: sources Tim Hepher 3 Min Read PARIS (Reuters) - Airbus ( AIR.PA ) has embarked on a fresh search for a sales chief to take over from soon-to-retire John Leahy as the aerospace group seeks a clean break from turmoil over investigations into the use of middlemen, said three people familiar with the plans. FILE PHOTO: Airbus Chief Operating Officer-Customers John Leahy delivers his speech during the annual Airbus Commercial Press Briefing in Blagnac, Southwestern France, January 11, 2017. REUTERS/Regis Duvignau/File Photo Leahys deputy, Executive Vice-President Kiran Rao, had been identified as Leahys successor earlier this year, but his appointment to one of the industrys most high-profile jobs was never confirmed as Leahy postponed his retirement to end-year. Chief Executive Tom Enders has now decided to look outside the core part of the company in a bid to denote a fresh start, but Rao is not being targeted in the investigation which centres mainly on a defunct headquarters team, the people said. Rao confirmed he would not be in the running for the post. I can confirm I am no longer pursuing the position of commercial director and intend to concentrate on Airbus product strategy, Rao told Reuters. An Airbus spokesman said the company does not comment on personnel matters. The logo of Airbus is pictured at the company''s headquarters in Colomiers near Toulouse, France, October 19, 2017. REUTERS/Regis Duvignau The search comes as the Airbus marketing machine is seen as demoralised as a result of UK and French probes, which have also sparked a blanket internal investigation. Enders told a recent sales meeting Leahy would stay till the year-end, but failed to confirm Raos appointment, leaving what insiders described as a sense of vacuum amid dwindling sales. Rao, 53, has until recently combined the no. 2 sales role with product development, for which he received a French distinction in July. He has stood in for Leahy since July as the veteran New Yorker prepared to retire, initially in September. The search for a new successor extends outside the core part of Airbus but will include affiliates such as 50-percent owned turboprop maker ATR, where CEO and former Airbus commercial strategy chief Christian Scherer is seen as a leading contender. ATR said Scherer was not available for comment. Several outside candidates are being considered and Airbus could go looking at suppliers, such as the recently overhauled management team at Britains Rolls-Royce ( RR.L ), for candidates. Reporting by Tim Hepher; Editing by Sudip Kar-Gupta'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-airbus-sales/exclusive-airbus-begins-external-search-for-new-sales-chief-sources-idUKKBN1D229A'|'2017-11-02T18:21:00.000+02:00'|8727.0|''|-1.0|'' 8728|'14fc6bce7a01850b6d14f33384f2ea6c7c1e2356'|'RPT-If rates rise, hangover looms for some Britons after 10-year credit binge'|' 02 AM / in 19 minutes RPT-If rates rise, hangover looms for some Britons after 10-year credit binge Reuters Staff (Repeats Wednesdays story with no changes to text) * Many young UK adults unfamiliar with interest rate hikes * For heavily indebted, even small rise could hurt * Car loans have risen particularly quickly over last decade * Access to credit has got easier, some say too easy By Emma Rumney and Lawrence White LONDON, Nov 1 (Reuters) - Millions of Britons are set to experience the first interest rate rise of their adult lives on Thursday, and for some of those who loaded up on cheap credit to pay for cars or cards, that could spell trouble. The Bank of England is widely expected to hike borrowing costs for the first time in a decade, signalling an end to years of low rates that fuelled a rise in ultra-cheap credit and heavy borrowing on loans, cards and, most notably, cars. Regulators have clamped down on many of the riskier lending activities that thrived before 2008, from payday loans with annual interest of over 5,000 percent to self-certified mortgages. Others, like motor finance, have risen to take their place. Bankers and economists warn that those most indebted could begin skipping payments on cars and credit cards, puncturing a consumer debt bubble ten years in the making. A 0.25 percent rate hike would lead to a median increase in monthly outgoings of 20 pounds for consumers who have contacted StepChange in the last year, according to calculations by the debt advice charity. That would push the budgets of up to 7,000 of the charitys clients into the red, meaning they can no longer cover essential living costs. Our view is that this isnt mortgage apocalypse, but theres a narrow group of people whose household finances are on a knife-edge and a rate hike could be the straw that breaks the camels back, a spokesman for the charity said. CAR MAKERS EXPOSED Consumer credit has grown much faster than household incomes in the last few years, the Bank of England said in June. In September, it hit 204 billion pounds ($269.52 billion), with car finance the fastest expanding area that now accounts for around 30 percent of the total. Last year, 86.4 percent of all new car purchases utilised some form of credit, up from 46 percent in 2006, according to data from the Financing and Leasing Association. Most deals are done not by banks but through car manufacturers finance arms, with those from Volkswagen , BMW, Ford Motor Co, Toyota Motor Corp and Renault the biggest in the UK by the amounts they are owed by consumers. These have risen from 13.5 billion pounds ($17.81 billion) in 2008 to over 36 billion pounds in 2016 - a 168 percent increase, data from the five firms financial statements show. With credit widely available, a small but significant number of borrowers have become overburdened with multiple debts, said Peter Richardson, analyst at Berenberg. Fifteen percent of mortgage loans are worth more than four times the borrowers income, he said, up from less than five percent in 2005. Most consumer credit is offered on fixed interest rates, so would not be directly impacted by a rate increase. But with around 40 percent of mortgage lending on variable rates - and borrowers more likely to default on other loans than miss payments on their home - even a slight hike could leave the most overstretched people choosing to skip other debt payments. A 0.25 percent interest rate hike would increase the monthly payments on an average floating rate loan of 140,000 pounds by around 15 pounds a month, according to Nationwide. If you look back at the economics of this ... borrowers with that level of indebtedness become very, very sensitive to shocks, you have much more violent reactions, Berenbergs Richardson said. BANKS HAVE GOT STRONGER Cut-throat competition among lenders has driven rates on personal loans down. For example, four lenders - TSB, Zopa, Sainsburys Bank and CYBG - offer short term unsecured personal loans of 20,000-25,000 pounds at fixed interest rates of below 3 percent, cheaper than many mortgages. Royal Bank of Scotland Chief Executive Ross McEwan said on Friday growth of 10 percent per year in unsecured credit is unsustainable when wages are growing at just 2 percent. At some point it needs to slow down. Bank of England data shows that outstanding lending on credit cards was at an all-time high of 69.4 billion pounds in September and approaching its pre-crisis peak for other credit lines including overdrafts, personal loans and car finance. Outstanding lending on these credit lines hit 134.8 billion pounds in September, compared with 138.2 billion pounds in August 2007. Banks are, however, seen as stronger than when rates last went up in 2007. As part of tougher regulations introduced since 2007, they are now required to hold more capital against their loans. In September, the central bank ordered they increase this by a further 10 billion pounds to protect against potential losses on consumer credit, which it said were being underestimated. Lenders with a particularly high proportion of consumer lending in their overall loan books could still be vulnerable in a downturn, however, ratings agency S&P said in a report last month. It highlighted supermarket-owned lenders Tesco Bank Plc and Sainsburys Bank, which both have consumer credit portfolios in excess of 200 percent of their core capital. Our customer lending is subject to stringent and robust creditworthiness and affordability assessment tests, a spokesman for Tesco Bank said. We are a responsible lender with a strong capital base, and a low risk approach to consumer credit, said a spokeswoman for Sainsburys bank. Richardson likened regulatory changes to make banks behave more prudently to street lights on a dark and dangerous road. Were now at the bits where the street lights run out. Reporting By Emma Rumney and Lawrence White; Editing by Mike Collett-White'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-boe-finance/rpt-if-rates-rise-hangover-looms-for-some-britons-after-10-year-credit-binge-idUSL8N1N767M'|'2017-11-02T08:00:00.000+02:00'|8728.0|''|-1.0|'' 8729|'94287faae6e15ed83fc11d379a004ac8842311a6'|'ThyssenKrupp kicks off talks with union on steel merger'|'ESSEN, Germany (Reuters) - Managers and labor leaders at Germanys ThyssenKrupp ( TKAG.DE ) have struck a conciliatory tone as they seek to resolve a dispute over job cuts resulting from a planned merger of its steel operations with those of Indias Tata Steel ( TISC.NS ).A logo of ThyssenKrupp AG is pictured outside the ThyssenKrupp headquarters in Essen, November 23, 2017. REUTERS/Thilo Schmuelgen The de-escalation came after 8,000 steel workers protested on Wednesday, the day the Essen-based company announced improved annual results and a record order book, demanding guarantees to preserve jobs and production sites for 10 years.The negotiations started in a matter-of-fact atmosphere, a company spokesman said late on Friday after a working group held a first round of talks.A spokesman for the IG Metall trade union said the two sides had agreed on two of its demands - for an independent appraisal of the deal, as well a study of the risks arising from Tata Steels pension obligations to its British workers.Managers from both companies will inspect each others production sites over the next two weeks to examine their respective operational fitness.Thyssenkrupp and Tata Steel in September announced plans for a joint venture that would create Europes second-largest steelmaker after ArcelorMittal ( MT.AS ). The merger would result in up to 4,000 job cuts, although workers fear the toll could end up higher.Chief Executive Heinrich Hiesinger has said the deal actually offers the best chance to preserve jobs as ThyssenKrupp, which employs 27,000 people in its steel division, seeks to diversify into more promising businesses like high-tech elevators and car components.Everything that will be negotiated and possibly agreed will depend on our judgment of these appraisals, IG Metall said. The same applies: If (the merger) is not economically viable it doesnt represent a concept that IG Metall can support.Reporting by Tom Kaeckenhoff; writing by Douglas Busvine; editing by Alexander Smith '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-thyssenkrupp-tata-steel/thyssenkrupp-kicks-off-talks-with-union-on-steel-merger-idINKBN1DP077'|'2017-11-25T10:18:00.000+02:00'|8729.0|''|-1.0|'' @@ -8793,7 +8793,7 @@ 8791|'064345abea53426a97b8550a8b9f3a9415085ac3'|'Gold investors hold their nerve as stock markets fly'|'November 10, 2017 / 2:05 PM / Updated 24 minutes ago Gold investors hold their nerve as stock markets fly Jan Harvey 6 Min Read LONDON (Reuters) - Golds resilience in the face of soaring equities and a dramatic fall in demand this year points to underlying confidence in the metal among investors unconvinced by this autumns scorching stock market rally. FILE PHOTO: Gold bullions are displayed at Degussa shop in Singapore June 16, 2017. Picture taken June 16, 2017. REUTERS/Edgar Su/File Photo Bullions price has barely budged XAU= as stocks soared to record high after record high since mid-October and, with a month and a half to go, is on track to post its narrowest trading range of any year since 2005. Physical gold demand, meanwhile, hit an eight-year low in the third quarter. But that masks solid underlying support from investors. While golds price performance during this autumns stock market boom has been underwhelming, they have not been bailing out of the metal. In theory, and in the past, when you have exceptional markets and low volatility, gold was much, much lower - but nobodys selling gold, Davis Hall, head of FX and precious metals at Indosuez Wealth Management, said. At some point, this stock market run is going to run into some profit-taking, for one reason or another, he said. As a hedge, golds definitely still the best viable alternative for high exposure to global equity positions. Last time there was a strong retracement in equities, during the financial crisis of 2008, it precipitated a years-long rally in gold that took it to record highs near $2,000 an ounce, even after stocks started to recover. Hedge funds and money managers have cut their net long positions in Comex gold futures in the past seven weeks, but after strong inflows in the third quarter, positioning remains elevated compared to the start of the year. And while inflows into bullion-backed exchange-traded funds have been sparse this year -- helping to drive that eight-year low in gold demand in the last quarter -- there have been no significant outflows. The past quarters drop in physical demand sounds dramatic, particularly as gold is tipped to repeat that performance in the full year. However, for gold, this is less disastrous than it sounds. Unlike most other commodities, physical demand is typically dictated by price, rather than the other way round. This is particularly true in huge Asian markets such as China and India, where investors buy for the long term and have an eye for a bargain. Much more important for setting gold prices is investment appetite. There have been plenty of headwinds for that, not just in terms of rising stocks and a stronger dollar - which makes gold more expensive for holders of other currencies - but also the prospect of another rise in interest rates this year. Federal Reserve interest rate policy has been the single biggest driver of gold investment over the last decade, with ultra-low rates in the wake of the financial crisis keeping the opportunity cost of holding non-yielding bullion at a minimum. Its subsequent decline through to early last year was largely a reflection of expectations that rates would start to normalise. The Fed has indeed pressed ahead with rate hikes, but these have been relatively benign so far. With moderate Jerome Powell now tipped to take over from Janet Yellen as head of the U.S. central bank early next year, confidence in a continuation of that policy is growing. With Jerome Powell, Fed policy will remain relatively unchanged in the next quarter, and that will represent good news for gold, Arnaud du Plessis, portfolio manager at CPR Asset Management, said. If (more hawkish candidate) John Taylor had been selected, the situation would definitely have been different. Meanwhile there is plenty in the wider markets to support gold. The flattening of the U.S. yield curve suggests that investors may be rotating out of nominally safer short-dated U.S. Treasuries and into riskier assets such as equities, Mitsubishi analyst Jonathan Butler said. This, he said, has traditionally been seen as an indicator of trouble ahead. It does seem like we have another canary in the coal mine here, he said. Equities are making new all-time highs, the dollars doing okay, but yields are signalling that something is not quite right in the fixed income market. There is still an element of support for gold to hedge some of the riskier equity trades. Reporting by Jan Harvey; Editing by Veronica Brown and Adrian Croft'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-gold-stall/gold-investors-hold-their-nerve-as-stock-markets-fly-idUKKBN1DA1UK'|'2017-11-10T16:05:00.000+02:00'|8791.0|''|-1.0|'' 8792|'d86f18dbdec645e1272596f4c24fc05dd2894fa1'|'China''s war on smog, risk, taking edge off Asia''s growth sprint'|' 19 AM / in 7 minutes China''s war on smog, risk, taking edge off Asia''s growth sprint Marius Zaharia 6 Min Read HONG KONG (Reuters) - Growth in Chinas manufacturing output slowed in October, threatening to chill activity across Asia, as tough steps to reduce air pollution forced factories to reduce production and a crackdown on financial risk-taking weighed on smaller firms. FILE PHOTO: A boy works at a aluminum utensils factory in Dhaka, Bangladesh, May 8, 2017. REUTERS/Mohammad Ponir Hossain/File Photo While business surveys on Wednesday suggested Asias export-driven expansion still has legs, the readings are starting to reflect signs of fatigue after an impressive sprint so far this year, suggesting regional economic growth has peaked. Still, barring any unexpected shocks, most analysts polled by Reuters expect the global economy will remain on a roll for one more year, even if China sees a gradual loss of momentum. In the West, similar preliminary surveys last week looked solid enough not to derail plans by Federal Reserve to gradually reduce its balance sheet and by the European Central Bank to slow bond buying. The Bank of England may raise interest rates for the first time since 2007 on Thursday despite the Brexit shock. Taken together, the recent data points to global economic growth of around 3.5 percent this year, analysts at Capital Economics said, adding the world economy should be able to sustain that rate in 2018. In China, a private survey showed manufacturing output rising at the weakest pace in four months in October and companies continued to shed staff despite a slight pick-up in domestic and export orders. The Caixin/Markit Manufacturing Purchasing Managers Index (PMI) was unchanged from Septembers reading of 51.0, and in line with forecasts. But production growth slowed markedly, nearing the 50-point threshold that separates expansion from contraction. Similar PMI surveys in Japan, South Korea, Indonesia, Taiwan, Vietnam and India also suggested growth was starting to fade, while activity in Malaysia contracted. We expect (Chinas) growth momentum to weaken in the coming months as the drags from slower credit growth, reduced fiscal support post-Party Congress and the environmental crackdown all intensify, said Julian Evans-Pritchard, China economist at Capital Economics. The Caixin China report followed a similar official survey on Tuesday which pointed to an unexpected cooldown in the manufacturing sector in the face of a weakening property market and a crackdown on smog, which is forcing some steel mills and factories in the northeast to curtail or halt production. Chinas economy has surprised with growth of nearly 7 percent this year, driven by a renaissance in its smokestack industries, such as steel. It is now almost sure to surpass the official target of around 6.5 percent. But property and construction activity, two key growth drivers, are feeling the weight of government measures to cool the heat in the housing market. Higher borrowing costs are also hurting some firms as regulators clamp down on riskier forms of lending. Officials speaking at a twice-a-decade Communist Party congress last month emphasised a shift in focus to high-quality rather than high-speed growth and alluded to further efforts to contain excessive risk-taking in the financial system, sending 10-year Chinese government bond yields to their highest in three years. The Caixin PMI reflects companies that are smaller in scale and they are at the centre of the deleveraging reform, said Iris Pang, Greater China economist at ING. I dont think this is a one-off. SUPER TECH Strong global demand for electronics has fuelled solid economic and corporate profit growth this year in Asias tech-oriented exporters: South Korea, Taiwan and Japan. Taiwan reported its fastest quarterly growth in 2-1/2 years on Tuesday as it benefits from growth in more advanced technologies and the rollout of new smartphone models such as Apple Incs ( AAPL.O ) iPhones and other tech gadgets. Taiwans October PMI came in at 53.6, easing from September but still the highest reading in Asia. Soaring memory chip sales helped South Koreas exports record a 12th consecutive month of growth in October, though the pace cooled from September, data Towards the end of the year ... the super-tech cycle is likely to slow, said Trinh Nguyen, a senior economist for emerging Asia at Natixis. She believes that the recent tech recovery has been cyclical, not structural, and that 2017 growth rates have been flattered to some extent by comparisons with a relatively soft performance last year. We do not expect trade to recover to its pre-crisis levels. You have a deceleration of trade liberalisation and of the expansion of the supply chains and the change in structure of the Chinese economy. Asian financial markets showed little reaction to the PMIs, as investors focussed on the progress of a U.S. tax-cut plan being developed by President Donald Trump and fellow Republicans and Trumps imminent announcement of the next head of the Federal Reserve, which could shape the growth and policy outlooks for the global economy for years to come. The Fed, which ends a two-day policy meeting on Wednesday, has raised rates twice this year and is expected to do so again in December, with data on Tuesday showing consumer confidence at a 17-year high reinforcing that view. Reporting by Marius Zaharia; Editing by Kim Coghill'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-economy/chinas-war-on-smog-risk-taking-edge-off-asias-growth-sprint-idUKKBN1D13NL'|'2017-11-01T08:19:00.000+02:00'|8792.0|''|-1.0|'' 8793|'5b691cb0e680e9a978158c463cf2ddd8bfbf5e54'|'Comcast, Verizon approached Twenty-First Century Fox to buy some assets - sources'|'November 16, 2017 / 10:07 PM / Updated 4 hours ago Comcast, Verizon approached Twenty-First Century Fox to buy some assets: sources Anjali Athavaley , Liana B. Baker 4 Min Read (Reuters) - Comcast Corp and Verizon Communications Inc have both expressed interest in acquiring a significant part of Rupert Murdochs Twenty-First Century Fox Incs assets, two people familiar with the situation told Reuters on Thursday. FILE PHOTO: The Twenty-First Century Fox Studios flag flies over the company building in Los Angeles, California U.S. November 6, 2017. REUTERS/Lucy Nicholson /File Photo News of competing interest in some of Murdochs assets broke even though the U.S. Justice Department was preparing a lawsuit to block AT&T Inc, the largest pay-TV provider in the United States, from buying Time Warner Inc for $85.4 billion, according to a source. This raised questions about the U.S. governments willingness to allow large media industry mergers. The Fox assets that buyers have expressed interest in include Foxs movie and TV production studios, cable networks FX and National Geographic, and international assets such as the Star network in India, and the European pay TV provider Sky Plc. These units have also been the subject of recent talks between Fox and Walt Disney Co, one of the sources said. Fox shares jumped nearly 8.0 percent in after-hours trading after the Wall Street Journal first reported the news. Shares of Viacom Inc and CBS Corp also rose more than 2.0 percent, a sign investors may see them as potential targets also. Comcast has approached Fox about its interest, and talks are in early stages, the source added, requesting anonymity. There is no guarantee that talks between the companies will result in a deal. Fox, Comcast and Verizon declined comment. After Comcast first bought a stake in NBCUniversal in 2011, buying the Fox assets would give Comcast, the largest cable provider in the United States, an international distribution footprint through ownership of Sky and Star in India. Comcast has steadily boosted its ownership of content over the years and acquiring Foxs assets would further position Comcast as a diversified conglomerate to rival Disney, analysts said. The deal would bulk up its NBCUniversal unit, which acquired Dreamworks Animation for $3.8 billion last year, as well as increase its ownership stake in video streaming service Hulu. Verizon is also in the early stages of exploring a deal, one of the sources said. A deal could give the U.S. No. 1 wireless phone carrier ownership of movies and TV shows to stream to its mobile subscribers. Acquisition of a movie studio and cable channels would be a departure for Verizon, which has focused its media deals around advertising technology and internet properties. Verizon spent $4.48 billion acquiring the core business of Yahoo, which it merged with AOL this year to form a venture called Oath. Led by AOL CEO Tim Armstrong, Oath owns more than 50 brands including HuffPost, TechCrunch and Tumblr. Roger Entner, an analyst of Recon Analytics, said, It is undeniable that there is a trend of combining content with distribution. Verizon, which has said it is launching a new streaming service, could have more targeted advertising with a vertically integrated platform, he added. Traditional cable television networks have been struggling with faster-than-expected subscriber erosion in the competition with streaming services like Netflix Inc and Amazon.com Inc. To increase its scale, Fox tried to buy Time Warner Inc. three years ago and last year announced its intention to buy the rest of Sky beyond the 39 percent it already owns. The moves also come after the U.S. Federal Communications Commission on Thursday voted to remove key roadblocks to increased consolidation among media companies, potentially unleashing new deals among TV, radio and newspaper owners as they seek to better compete with online media. Additional reporting by David Shepardson and Diane Bartz in Washington, Jessica Toonkel in New York and Yashaswini Swamynathan in Bengalaru; Editing by Bill Rigby and Clive McKeef'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-fox-m-a-comcast/comcast-approaches-twenty-first-century-fox-for-buying-some-assets-idUKKBN1DG34Z'|'2017-11-17T04:16:00.000+02:00'|8793.0|''|-1.0|'' -8794|'1115c58b0fee5bf04ab9c78ca9108f49c586798c'|'UAE oil minister: Vienna producers'' meeting won''t be easy'|'DUBAI (Reuters) - A meeting of global oil producers in Vienna this week to discuss extending a system of output cuts will not be easy, United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui said on Tuesday.UAE Energy Minister Suhail bin Mohammed al-Mazroui talks to reporters during the 15th International Energy Forum Ministerial (IEF15) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina However, Mazroui added that he was personally optimistic that producers would reach an agreement that served the market. The Organization of the Petroleum Exporting Countries will meet in Vienna on Thursday.It will not be an easy meeting and we always look at various scenarios, but I am personally optimistic, Mazroui told reporters at an industry event in Dubai.He said several options for extending the output cuts would be discussed, including a proposal to extend them to the end of 2018. They are currently due to expire in March. He did not describe the other options.Asked whether Russia was willing to agree on Thursday on an extension of output cuts, Mazroui said: I cannot comment on any country before I meet with them.He also said the oil market was in a much better position than it was last year, which was a result of producers complying with the cuts.We are hoping for another year of correction and recovery. The OPEC countries are all committed to fix the issue with the five years overstorage, he said, referring to excess global inventories of oil.Reporting by Maha El Dahan and Tom Arnold; Writing by Andrew Torchia '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/oil-opec-emirates/uae-oil-minister-vienna-producers-meeting-wont-be-easy-idINKBN1DS149'|'2017-11-28T12:21:00.000+02:00'|8794.0|''|-1.0|'' +8794|'1115c58b0fee5bf04ab9c78ca9108f49c586798c'|'UAE oil minister: Vienna producers'' meeting won''t be easy'|'DUBAI (Reuters) - A meeting of global oil producers in Vienna this week to discuss extending a system of output cuts will not be easy, United Arab Emirates energy minister Suhail bin Mohammed al-Mazroui said on Tuesday.UAE Energy Minister Suhail bin Mohammed al-Mazroui talks to reporters during the 15th International Energy Forum Ministerial (IEF15) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina However, Mazroui added that he was personally optimistic that producers would reach an agreement that served the market. The Organization of the Petroleum Exporting Countries will meet in Vienna on Thursday.It will not be an easy meeting and we always look at various scenarios, but I am personally optimistic, Mazroui told reporters at an industry event in Dubai.He said several options for extending the output cuts would be discussed, including a proposal to extend them to the end of 2018. They are currently due to expire in March. He did not describe the other options.Asked whether Russia was willing to agree on Thursday on an extension of output cuts, Mazroui said: I cannot comment on any country before I meet with them.He also said the oil market was in a much better position than it was last year, which was a result of producers complying with the cuts.We are hoping for another year of correction and recovery. The OPEC countries are all committed to fix the issue with the five years overstorage, he said, referring to excess global inventories of oil.Reporting by Maha El Dahan and Tom Arnold; Writing by Andrew Torchia '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/oil-opec-emirates/uae-oil-minister-vienna-producers-meeting-wont-be-easy-idINKBN1DS149'|'2017-11-28T12:21:00.000+02:00'|8794.0|23.0|0.0|'' 8795|'992fa322355e3e5882b524251b2add4d828d4c8c'|'Mexico court rejects appeal to lift transgenic corn ban -lawyer'|'MEXICO CITY, Nov 24 (Reuters) - A Mexican court has rejected a companys appeal to lift a ban on commercial planting of transgenic corn in Mexico, passing the matter to the Supreme Court, a lawyer for the firm said on Friday.A federal court in Mexico City rejected the suit by PHI Mexico, a unit of U.S. chemical maker DowDuPont Incs company Pioneer, because it found it was not authorized to rule on the matter, said the lawyer, Rene Sanchez.So it leaves things as they are until the (Supreme) court decides whether to study it or rule on it, Sanchez said.Mexico currently permits cultivation of genetically-modified corn for scientific ends in areas of up to 1 hectare (2.5 acres) and non-commercial pilot schemes in areas of up to 10 hectares under judicial supervision. Commercial cultivation is prohibited.The curbs on transgenic corn are part of a suit brought in 2013 by a group known as the Colectividad del Maiz composed of farmers, scientists, environmentalists and others.The court could not immediately be reached for comment. In such cases, the rulings are typically not public and the findings only made known to the affected parties. (Reporting by Adriana Barrera; Editing by Christian Schmollinger)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/mexico-corn/mexico-court-rejects-appeal-to-lift-transgenic-corn-ban-lawyer-idINL1N1NV04V'|'2017-11-25T01:14:00.000+02:00'|8795.0|''|-1.0|'' 8796|'29301059aabec8f60020cc5da2ff58d5e99fe950'|'BRIEF-Natural Alternatives International Q1 EPS $0.21'|' 46 PM / Updated 15 minutes ago BRIEF-Natural Alternatives International Q1 EPS $0.21 Reuters Staff Nov 13 (Reuters) - Natural Alternatives International Inc : * Natural Alternatives International, Inc. announces fiscal 2018 Q1 results * Q1 earnings per share $0.21 * Q1 sales $28.1 million Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-natural-alternatives-international/brief-natural-alternatives-international-q1-eps-0-21-idUSASB0BTMN'|'2017-11-13T23:46:00.000+02:00'|8796.0|''|-1.0|'' 8797|'6c2eee2c97f71887d2e7d559e64d87dbb4988e82'|'UK brokerage LXM joins Athens bourse, says confident in Greek economy'|'November 30, 2017 / 5:21 PM / Updated 6 minutes ago UK brokerage LXM joins Athens bourse, says confident in Greek economy Reuters Staff 2 Min Read LONDON (Reuters) - British brokerage LXM Group has registered for trading with the Athens Stock Exchange, joining a handful of foreign banks in what it described on Thursday as a statement of confidence in the Greek economy. Greece is gradually recovering from a deep recession that shrank its economy by a quarter and drove unemployment to record highs, and hopes are rising that it will be able to emerge successfully from years of bailouts. The Greek economy is reaching a crucial turning point, said Petros Mylonas, head of southern Europe at LXM. With recent robust fiscal performance, improving growth dynamics and strong momentum on the reform front, Greece is an exciting market to be in. The move will allow LXM to carry out stock transactions directly without going through a local brokerage. Seven foreign entities - including UBS, Bank of America, Citigroup and Deutsche Bank - are now registered for trading with the exchange. The Athens Stock Exchange index is down 86 percent from a pre-financial crisis peak in 2007. It has partially recovered from a low of around 421 in February 2016 and closed at 740.20 on Thursday. Reporting by Georgina Prodhan; Editing by Matthew Mpoke Bigg'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-greece-exchange-lxm/uk-brokerage-lxm-joins-athens-bourse-says-confident-in-greek-economy-idUKKBN1DU2H5'|'2017-11-30T19:20:00.000+02:00'|8797.0|''|-1.0|'' @@ -8812,7 +8812,7 @@ 8810|'39d8dbc3324f049e600d6d097c12fcdef6bb6c24'|'Volkswagen Group earmarking $11.8 billion to develop, build China electric cars'|'GUANGZHOU/BEIJING (Reuters) - Volkswagen Group said on Thursday it plans to spend 10 billion euros ($11.8 billion) by 2025 to develop and manufacture all-electric and plug-in hybrid vehicles as it seeks to comply with upcoming stringent rules in China.The group, which includes Volkswagen AG ( VOWG_p.DE ) and Audi AG ( NSUG.DE ), intends to launch 15 of the so-called new energy vehicles (NEV) models over the next two to three years, and an additional 25 after 2025, China chief Jochem Heizmann told Reuters on Thursday.Chinas NEV production and sales quotas, which must be met by 2019, have prompted a flurry of electric car deals and new launches as automakers in China race to ensure they do not fall short. Automakers that do fall short will be required to buy credits.Volkswagen currently has around 10 NEVs already on the market in China, although all are imported models with limited sales volumes, according to a company spokeswoman.Heizmann, speaking ahead of the Guangzhou auto show, added that the group is aiming to sell 400,000 new energy vehicles per year in China by 2020 and 1.5 million per year by 2025. NEVs refer to all-electric battery cars and heavily electrified plug-in hybrids.Volkswagen''s logos are pictured at the 45th Tokyo Motor Show in Tokyo, Japan October 25, 2017. REUTERS/Kim Kyung-Hoon Heizmann said some of those models will have a 400-600km driving range on a single full charge. By comparison, Teslas ( TSLA.O ) model S has a range of 490km and as much as 632km depending on battery capacity, according to the company.The Volkswagen Group is also confident that its group companies and their local China joint venture partners will be able to generate enough NEV sales volume to account for NEV quotas by 2019, Heizmann said, adding that there will be no need to buy credits.We need high volumes of new energy vehicles... we are working on full speed on that.Last week, General Motors Cos China chief Matt Tsien told reporters GMs China joint ventures will be able to generate enough NEV sales volume to account for NEV quotas by 2019 and without the need to buy credits.Tsien said both GM ( GM.N ) and its China joint-venture partners are working to at least meet, if not exceed, those credit mandate requirements.The Guangzhou auto show starts on Friday.Reporting by Beijing Newsroom and Hong Kong Newsroom.; Editing by Edwina Gibbs '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-autoshow-guangzhou-volkswagen/volkswagen-group-earmarking-11-8-billion-to-develop-build-china-electric-cars-idUSKBN1DG0DX'|'2017-11-16T06:23:00.000+02:00'|8810.0|''|-1.0|'' 8811|'0744181cd799506bbfc57b50eca7381cc32a9e92'|'UK picks central England location for new electric battery hub'|'November 29, 2017 / 3:08 PM / in 2 hours UK picks central England location for new electric battery hub Reuters Staff 2 Min Read LONDON (Reuters) - Britain has picked a site in central England to house a new automotive battery manufacturing development facility, in a move which ministers and companies hope will lead to large-scale local production. Britain''s Secretary of State for Business, Energy and Industrial Strategy Greg Clark speaks at the Conservative Party''s conference in Manchester, Britain October 2, 2017. REUTERS/Phil Noble Carmakers are racing to build greener vehicles and improve charge times in a bid to meet rising customer demand and air quality targets but Britain lacks sufficient manufacturing capacity, an area the government wants to build up. The site in the West Midlands, being developed in partnership with Warwick Universitys Manufacturing Group, will benefit from 80 million pounds of investment to develop the processes required to manufacture the latest battery technology. Announcing the investment, business minister Greg Clark said the new centre will help Britain compete globally. The new facility... will propel the UK forward in this thriving area, bringing experts from academia and industry together to deliver innovation and R&D that will further enhance the West Midlands international reputation as a cluster of automotive excellence, he said. The regions mayor Andy Street said the investment could help in intensifying efforts to improve air quality. If we get this right, we will not only create jobs and establish this industry in our region, but we can also provide a solution for the world to help tackle issues such as congestion and air pollution, he said. Reporting by Costas Pitas; editing by Stephen Addison'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-autos-electric/uk-picks-central-england-location-for-new-electric-battery-hub-idUKKBN1DT25K'|'2017-11-29T17:08:00.000+02:00'|8811.0|''|-1.0|'' 8812|'1218fa9ae3feb3b2f90a1d7cb027ea9d9c11028e'|'EU antitrust regulators to investigate ArcelorMittal, Ilva deal'|'November 8, 2017 / 5:15 PM / Updated 4 minutes ago EU antitrust regulators to investigate ArcelorMittal, Ilva deal Foo Yun Chee 2 Min Read BRUSSELS (Reuters) - EU antitrust regulators opened a full-scale investigation on Wednesday into ArcelorMittals ( MT.AS ) proposed purchase of Italian steel plant Ilva, ratcheting up the pressure on the Luxembourg-based steelmaker to offer more concessions to address competition concerns. A logo is seen on the roof of the ArcelorMittal steelworks headquarters in Ostrava, Czech Republic, April 1, 2016. REUTERS/David W Cerny The worlds largest steelmaker reached a 1.8-billion-euro ($2.1 billion) deal to acquire Europes biggest capacity steel plant in June. The loss-making plant in the southern Italian city of Taranto is grappling with a serious pollution issue. The European Commission said it was concerned the merger may reduce competition in some flat carbon steel products and result in higher prices, especially for customers in southern Europe. Those European industries need access to steel at competitive prices to compete in global markets, European Competition Commissioner Margrethe Vestager said in a statement. The Commission said concessions offered by ArcelorMittal last month failed to address its concerns, without providing details about the proposals. It will rule by March 23 whether to clear or block the deal. Italian authorities are keen to keep the deal to save more than 10,000 jobs ahead of general elections due early next year. ($1 = 0.8628 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ilva-m-a-arcelormitta-eu/eu-antitrust-regulators-to-investigate-arcelormittal-ilva-deal-idUKKBN1D82I9'|'2017-11-08T19:05:00.000+02:00'|8812.0|''|-1.0|'' -8813|'ac567972d707ee67de655df44b658f18a85878be'|'Anthem CEO Joseph Swedish to step down, Gail Boudreaux to succeed: WSJ'|'November 3, 2017 / 11:13 PM / in 21 hours Anthem CEO Joseph Swedish to step down, Gail Boudreaux to succeed: WSJ Reuters Staff 3 Min Read (Reuters) - U.S. health insurer Anthem Incs ( ANTM.N ) Chief Executive Joseph Swedish will step down and be succeeded by industry veteran Gail Boudreaux, the Wall Street Journal reported on Friday, citing people with knowledge of the matter. The office building of health insurer Anthem is seen in Los Angeles, California February 5, 2015. REUTERS/Gus Ruelas It is unclear how quickly the transition will occur, but the plan is expected to be announced as soon as next week, the publication reported. Anthem, the nations second largest health insurer by revenue, did not respond to requests for comment. Boudreaux is well-known among managed-care investors and has served as CEO of United Healthcare, a unit of the largest U.S. health insurer UnitedHealth Group Inc ( UNH.N ). Boudreaux will be the right executive to lead Anthem to its next phase of growth, after CEO Swedishs successful 4-year tenure in turning around a troubled company during the challenging years of Obamacare implementation, Leerink analyst Ana Gupte said in a research note. Swedish was behind the insurers $54 billion merger proposal with smaller rival Cigna Corp ( CI.N ), which was ultimately called off due to regulatory issues. That deal would have created the largest U.S. health insurer by membership. Healthcare consolidation has been a popular route for insurers and pharmacies, under pressure from the government and large corporations to lower soaring medical costs. Health insurer Aetna Inc ( AET.N ) and pharmacy operator CVS Health Corp ( CVS.N ) are working toward finalizing merger terms and announcing a deal for more than $70 billion as early as December, according to people familiar with the matter. The deal would combine CVS, one of the largest U.S. pharmacy benefits managers and drugstore chains, with Aetna, one of the oldest health insurers, whose far-reaching business ranges from employer healthcare to government plans nationwide. Anthem last week reported better-than-expected quarterly earnings as its Obamacare individual insurance business broke even and forecast a slight 2018 profit for the government plans despite uncertainty about the markets future. Anthem, which runs Blue Cross Blue Shield plans in 14 states, said it had cut in half the number of areas where it will sell individual plans in 2018, which will reduce enrollment by 70 percent next year and help profits. Through Friday, Anthem shares had climbed about 47 percent this year to $211.80, compared with UnitedHealths 33 percent rise to $212.87. After hours on Friday, the shares were up 0.6 percent. Reporting by Nikhil Subba in Bengaluru; Editing by Richard Chang'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-anthem-ceo/anthem-ceo-joseph-swedish-to-step-down-gail-boudreaux-to-succeed-wsj-idUSKBN1D32K5'|'2017-11-04T01:11:00.000+02:00'|8813.0|''|-1.0|'' +8813|'ac567972d707ee67de655df44b658f18a85878be'|'Anthem CEO Joseph Swedish to step down, Gail Boudreaux to succeed: WSJ'|'November 3, 2017 / 11:13 PM / in 21 hours Anthem CEO Joseph Swedish to step down, Gail Boudreaux to succeed: WSJ Reuters Staff 3 Min Read (Reuters) - U.S. health insurer Anthem Incs ( ANTM.N ) Chief Executive Joseph Swedish will step down and be succeeded by industry veteran Gail Boudreaux, the Wall Street Journal reported on Friday, citing people with knowledge of the matter. The office building of health insurer Anthem is seen in Los Angeles, California February 5, 2015. REUTERS/Gus Ruelas It is unclear how quickly the transition will occur, but the plan is expected to be announced as soon as next week, the publication reported. Anthem, the nations second largest health insurer by revenue, did not respond to requests for comment. Boudreaux is well-known among managed-care investors and has served as CEO of United Healthcare, a unit of the largest U.S. health insurer UnitedHealth Group Inc ( UNH.N ). Boudreaux will be the right executive to lead Anthem to its next phase of growth, after CEO Swedishs successful 4-year tenure in turning around a troubled company during the challenging years of Obamacare implementation, Leerink analyst Ana Gupte said in a research note. Swedish was behind the insurers $54 billion merger proposal with smaller rival Cigna Corp ( CI.N ), which was ultimately called off due to regulatory issues. That deal would have created the largest U.S. health insurer by membership. Healthcare consolidation has been a popular route for insurers and pharmacies, under pressure from the government and large corporations to lower soaring medical costs. Health insurer Aetna Inc ( AET.N ) and pharmacy operator CVS Health Corp ( CVS.N ) are working toward finalizing merger terms and announcing a deal for more than $70 billion as early as December, according to people familiar with the matter. The deal would combine CVS, one of the largest U.S. pharmacy benefits managers and drugstore chains, with Aetna, one of the oldest health insurers, whose far-reaching business ranges from employer healthcare to government plans nationwide. Anthem last week reported better-than-expected quarterly earnings as its Obamacare individual insurance business broke even and forecast a slight 2018 profit for the government plans despite uncertainty about the markets future. Anthem, which runs Blue Cross Blue Shield plans in 14 states, said it had cut in half the number of areas where it will sell individual plans in 2018, which will reduce enrollment by 70 percent next year and help profits. Through Friday, Anthem shares had climbed about 47 percent this year to $211.80, compared with UnitedHealths 33 percent rise to $212.87. After hours on Friday, the shares were up 0.6 percent. Reporting by Nikhil Subba in Bengaluru; Editing by Richard Chang'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-anthem-ceo/anthem-ceo-joseph-swedish-to-step-down-gail-boudreaux-to-succeed-wsj-idUSKBN1D32K5'|'2017-11-04T01:11:00.000+02:00'|8813.0|17.0|0.0|'' 8814|'49fddf894d175464344091ed65f47acac5a17401'|'Merkel''s party opposes Telekom selloff to fund broadband upgrade: sources'|'November 7, 2017 / 12:51 PM / Updated 2 hours ago Merkel''s party opposes Telekom selloff to fund broadband upgrade: sources Douglas Busvine , Paul Carrel 4 Min Read FRANKFURT/BERLIN (Reuters) - Germanys ruling conservatives oppose selling the states holding in Deutsche Telekom to raise billions of euros for a national broadband upgrade, preferring instead to divest stock in Deutsche Post, a senior source said. Deutsche Telekom logo is seen during preparations at the CeBit computer fair, which will open its doors to the public on March 20, at the fairground in Hanover, Germany, March 18, 2017. REUTERS/Fabian Bimmer Can we privatise companies to this end? Yes we can, said the source, from Chancellor Angela Merkels Christian Democratic Union. But I wouldnt necessarily start with Telekom. The source added that if we were to think at all about selling off government interests, state-held shares in Deutsche Post could go first as that company is less sensitive to national security concerns. The CDUs position is in stark contrast with calls by two smaller parties in talks to form a coalition government to sell down the states 31.9 percent holding in Deutsche Telekom to invest in a national rollout of ultra-fast glass-fiber to homes and businesses. The liberal Free Democrats want to sell off the entire holding. The Greens, meanwhile, propose parking the 14.5 percent of Telekom that is directly controlled by Berlin at a state development bank, raising 10 billion euros ($11.6 billion). A second CDU source dismissed the Greens proposal as a book-keeping trick. The disagreement comes as Germany, Europes industrial powerhouse, seeks billions to upgrade its creaking internet infrastructure and keep its factories competitive. Twelve years after Merkel first took power, just 2 percent of internet connections in Germany are super-fast glass fiber, the OECD estimates. That compares to 74 percent in South Korea and 75 percent in Japan. Analysts, investors and CEO Tim Hoettges warn that, without the government as an anchor owner, Telekom could draw an unwelcome foreign takeover bid. Telekom called off an attempt to merge its T-Mobile US unit with Sprint Corp at the weekend. With that deal off the table, concerns are turning to the risk that a large slug of Telekom shares could hit the stock market. This could be highly negative for the Deutsche Telekom share price in our view, Credit Suisse analyst Justin Funnell said in a note on Tuesday, adding that investors would only want to buy the shares at a steep discount. Analysts estimate the cost of a country-wide glass-fiber internet rollout to businesses and households at 80 to 100 billion euros ($93-$116 billion) - beyond the reach of Deutsche Telekom and its competitors. The Free Democrats want the government to commit 20-25 billion euros in subsidies through 2025, a figure the CDU views as too high. The state owns 31.9 percent in Deutsche Telekom. However, Berlin has already raised cash against a 17.4 percent stake by transferring it to the Kreditanstalt fuer Wiederaufbau (KfW), a state development bank. Were the KfW to sell these shares to investors it would only remit any price upside to the government. Its a similar story with the 20.9 percent holding in Deutsche Post that has already been parked at the KfW, which does not disclose the valuation of the holdings in its books. Merkel aides argue the public finances are strong enough to fund the internet offensive without resorting to asset fire sales. Funneling some of that cash to Deutsche Telekom would benefit the state as its main shareholder, CDU sources say. That view is shared by a top-10 Telekom shareholder. I should privatise when I have no money, this investor told Reuters. Revenues are flowing, so why privatise? It makes sense for the state to keep a stake. ($1 = 0.8615 euros) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-germany-coalition-digital/merkels-party-opposes-telekom-selloff-to-fund-broadband-upgrade-sources-idINKBN1D71NW'|'2017-11-07T09:51:00.000+02:00'|8814.0|''|-1.0|'' 8815|'0e48ab268dc5eebf910dd0f9e36c74e9b468c13a'|'Unilever to buy U.S. bodycare products company Sundial Brands'|'LONDON (Reuters) - Anglo-Dutch consumer goods giant Unilever ( ULVR.L ) ( UNc.AS ) is to buy U.S.-based company Sundial Brands, a maker of hair and skincare products, expanding deeper into the fast-growing personal care products market.FILE PHOTO: The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid/File Photo The maker of Dove soap and Axe body spray announced the deal on Monday, without disclosing financial terms.Sundial, a 26-year-old company based in New York, is home to brands including SheaMoisture, Nubian Heritage and Madam C.J. Walker. It is expected to have turnover of $240 million this year.Sundial will operate as a standalone unit within Unilever and its founder, Richelieu Dennis, who hails from Liberia, will stay on to run it.Buying Sundial accelerates Unilevers push deeper into personal care products, which tend to grow faster and be more international than its food business.The deal is part of a bigger buying spree by Unilever, which earlier this year rebuffed a $143 billion takeover offer from Kraft-Heinz ( KHC.O ), that has included Pukka Herbs and Tazo tea, Carver Korea beauty products and Mae Terra food.(Corrects third paragraph to read New York instead of New Jersey)Reporting by Martinne GellerEditing by Greg Mahlich '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-unilever-m-a-sundial/unilever-to-buy-u-s-bodycare-products-company-sundial-brands-idUSKBN1DR1Y3'|'2017-11-27T17:56:00.000+02:00'|8815.0|''|-1.0|'' 8816|'b2a81c11de97eaa6f28df24d69ff8a3619681d27'|'Geely-Volvo considering making Lynx & Co cars in South Carolina, Belgium -executive'|'November 29, 2017 / 4:22 AM / Updated 2 hours ago Geely-Volvo considering making Lynx & Co cars in South Carolina, Belgium: executive Reuters Staff 1 Min Read BEIJING (Reuters) - Chinas Zhejiang Geely Holding Group and its Volvo Cars unit, which this week began selling cars in China from jointly owned brand Lynk & Co, are considering producing the vehicles at Volvo plants in Belgium and the U.S. state of South Carolina, a senior Lynk & Co official said. Geely unveils its Lynk & Co brand model, the 01 sport utility, at an event ahead of the Shanghai Auto show, in Shanghai, China, April 16, 2017. REUTERS/Joseph White/File Photo Lynk & Co plans to launch sales of its cars in Europe in 2019, followed by the United States in 2020. The brands first model, the 01 compact sport-utility vehicle, which starts at 158,800 yuan ($24,065.71), is now being produced on the same assembly line with Volvos new XC40 crossover SUV at a new Volvo-operated plant in Taizho. A second plant for Lynk & Co cars is expected to start production in Zhangjiakou next year. That same arrangement will be extended to Europe and to the United States to produce Lynk & Co cars by using Volvo production, Alain Visser, senior Vice President of Lynk & Co, told Reuters in an interview on Wednesday. Reporting by Norihiko Shirouzu; Editing by Clarence Fernandez'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-zj-geely-hldg-volvo-lynx/geely-volvo-considering-making-lynx-co-cars-in-south-carolina-belgium-executive-idUSKBN1DT0GY'|'2017-11-29T06:09:00.000+02:00'|8816.0|''|-1.0|'' @@ -8840,7 +8840,7 @@ 8838|'4e6ccce010bf6411ed17c63511a25713494aec47'|'Euro zone growth, eclipsing U.S. economy, set to be best in decade'|'November 14, 2017 / 10:30 AM / Updated 20 minutes ago Euro zone growth, eclipsing U.S. economy, set to be best in decade Jan Strupczewski 4 Min Read BRUSSELS (Reuters) - The euro zones annual economic growth rate outstripped that of the United States in the third quarter setting up 2017 as the best year for the currency area since financial markets crashed a decade ago. Germany was a major factor, but even some of the blocs laggards, such as Italy, showed signs of revival. Eurostat, the European Union statistics office, confirmed a preliminary estimate that euro zone gross domestic product (GDP)grew 0.6 percent from July to September from the previous quarter and on a year on year basis was 2.5 percent higher. This was higher than the 2.3 percent year-on-year rate for the U.S. economy, which had been growing faster than the euro zone. The U.S. quarterly numbers were slightly better than the euro zones at 0.7 percent, however. A robust labour market recovery, growing export markets, an accommodative monetary stance, improving lending conditions and modest inflation are but a few of the tailwinds that the euro zone economy is experiencing, ING economist Bert Colijn said. Because of that, this could well be its strongest year for growth since 2007. The euro zone will likely outpace both the U.S. and UK in terms of GDP growth in 2017, he said. Euro zone GDP grew 3.0 percent in 2007, and reached 2.1 percent in 2010 and 2015. Partly as a result of the growth, euro zone investments have turned in one of their best years since the single currency was born in 1999, confounding many who had bet on the bloc to be the disaster play of 2017. Euro zone grows - reut.rs/2zC2LSc GERMANY, ITALY, NETHERLANDS The shopping mall "Galeria Kaufhof" in Frankfurt, Germany, March 15, 2017. REUTERS/Kai Pfaffenbach The strong euro zone growth was powered by the biggest economy Germany, which shifted into an even higher gear in the third quarter, propelled by buoyant exports and rising company investments in equipment. Seasonally adjusted German GDP rose 0.8 percent on the quarter, beating a consensus forecast of 0.6 percent, which was also the second-quarter growth rate. Second biggest France grew 0.5 percent on the quarter and 2.2 percent in annual terms and the third biggest Italy beat expectations with a 0.5 percent quarterly, and 1.8 percent annual growth, supported by exports and domestic demand. The Netherlands, the fifth biggest economy, grew an expected 0.4 percent on the quarter after a record jump of 1.5 percent in the previous three months, putting it on track for a 3.3 percent expansion this year, the strongest since 2007. Outside the bloc, euro zone growth also exceeded that of Britain, the EUs second-ranked economy which will leave the bloc in March 2019. The British economy, affected by a drop in the pound against the euro since last years Brexit vote, expanded 0.4 percent on the quarter in sterling terms and just 1.5 percent annually. Separately, Eurostat said euro zone industrial production fell by 0.6 percent month-on-month in September as expected by markets but rose 3.3 percent year-on-year, slightly beating economists average forecast of a 3.2 percent increase. The outlook for production in the fourth quarter remains strong, INGs Colijn said. New orders for manufacturing surged in August and businesses are reporting large backlogs of work according to the PMI survey. That should result in continued strength in industry in the final quarter of the year, adding to the possibility that our estimate for GDP growth in 2017 of 2.3 percent could still be too low, he said. The stronger growth supports the European Central Banks decision last month to start weaning the euro zone off ultra-loose money by saying that from January it will halve the amount of bonds it buys every month to 30 billion euros (26.9 billion). It nevertheless promised years of stimulus and left the door open to backtracking. Reporting by Jan Strupczewski Editing by Philip Blenkinsop and Alastair Macdonald'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-economy-gdp/euro-zone-annual-growth-exceeds-u-s-backs-ecb-qe-taper-idUKKBN1DE17Z'|'2017-11-14T15:52:00.000+02:00'|8838.0|''|-1.0|'' 8839|'8dbda93abd8476c08404d6cbefc9776b09723f7d'|'Tezos organizers hit with second lawsuit over cryptocurrency fundraiser'|'November 15, 2017 / 10:58 PM / Updated 7 hours ago Tezos organizers hit with second lawsuit over cryptocurrency fundraiser Anna Irrera , Steve Stecklow 3 Min Read (Reuters) - A second lawsuit was filed this week against the organizers of cybercurrency technology project Tezos, an initiative that raised $232 million to issue a cryptocurrency that does not exist and fund development of a transaction system that has no clear end date. Tezos co-founder and CTO Arthur Breitman and his wife and co-founder Kathleen Breitman respond to questions during the Money 20/20 conference in Las Vegas, Nevada, U.S. on October 24, 2017. REUTERS/Steve Marcus The class action lawsuit, filed in a U.S. District Court in Florida by Coral Springs-based law firm Silver Miller, alleges that Tezos organizers broke U.S. securities laws and defrauded and misled participants in the online fundraiser, according to court documents. Many who put money toward the initial coin offering consider themselves investors, but the funds were raised as non-refundable donations. The lawsuit was filed on Monday and made public on Wednesday. The defendants are Kathleen and Arthur Breitman, the co-founders of the project; their Delaware-based company Dynamic Ledger Solutions Inc, which owns the rights to the transaction systems code; and the Tezos Foundation, a Swiss entity that was set up to carry out the fundraiser. It is the second lawsuit in less than a month to hit the embattled project that in July raised funds in one of the largest ever initial coin offerings, a popular way for technology startups to collect money by issuing cryptocurrencies. Johann Gevers, president of the Tezos Foundation, declined to comment on the ongoing litigation, and Brian Klein, an attorney for the Breitmans, did not immediately respond to Reuters request for comment. The lawsuit quotes from a Reuters investigation and reports published in October that revealed details of a backroom battle between the Breitmans and Gevers over control of the project. The dispute has delayed the project. ( reut.rs/2yGk6IT ) The lawsuit alleges that contributors to the fundraiser were not told that it could take more than three years for the Swiss foundation, which holds the funds, to purchase Dynamic Ledger Solutions and the projects source code. This time frame, revealed by Reuters, was not disclosed to investors despite being a highly material fact, the lawsuit alleges. Plaintiffs are asking for a refund as well as damages, according to the lawsuit. It also alleges organizers sold unregistered securities. As a result of Defendants fraud, false representations and violation of federal and state securities laws in connection with the Tezos ICO, Plaintiff and the Class Members state their demand that the Contract be rescinded and canceled, the lawsuit states. Other law firms have said they are considering litigation. Reporting by Anna Irrera and Steve Stecklow; Editing by Lauren Tara LaCapra and Cynthia Osterman'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-bitcoin-tezos/tezos-organizers-hit-with-second-lawsuit-over-cryptocurrency-fundraiser-idUSKBN1DF37L'|'2017-11-16T00:56:00.000+02:00'|8839.0|''|-1.0|'' 8840|'cfbe714dc06b5b22c4a6421711b5dba060889d95'|'General Electric wins $643 million U.S. defence contract - Pentagon'|'Reuters TV United States November 9, 2017 / 11:47 PM / Updated 16 minutes ago General Electric wins $643 million U.S. defense contract: Pentagon Reuters Staff 1 Min Read WASHINGTON (Reuters) - General Electric Co ( GE.N ) has been awarded a $643 million contract to provide F110-GE-129 aircraft engines and related equipment and services to Qatar, Saudi Arabia and Bahrain, the Pentagon said on Thursday. The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, on May 12, 2017. REUTERS/Daniel Becerril Work will be performed in Cincinnati, Ohio, with an expected completion date of Nov. 8, 2024, it said in a statement. Reporting by Eric Walsh; Editing by Eric Beech'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ge-pentagon/general-electric-wins-643-million-u-s-defense-contract-pentagon-idUKKBN1D93EV'|'2017-11-10T01:45:00.000+02:00'|8840.0|''|-1.0|'' -8841|'d6d9f3db184de8b19500e5d1a48f33dfafe345f1'|'U.S. Justice Dept unseals charges in Rolls-Royce Holdings foreign bribery case'|'November 8, 2017 / 12:35 AM / in 10 minutes U.S. Justice Dept unseals charges in Rolls-Royce Holdings foreign bribery case Sarah N. Lynch 3 Min Read WASHINGTON (Reuters) - The U.S. Justice Department unsealed charges on Tuesday against five individuals for their alleged role in a scheme to pay bribes to foreign government officials to benefit Rolls-Royce Holdings Plc ( RR.L ) and help secure a contract to provide services for a major gas pipeline from Central Asia to China. FILE PHOTO - The Rolls Royce logo is seen on a car at a Rolls Royce shop at Siam Paragon mall in Bangkok, Thailand June 4, 2017. REUTERS/Jorge Silva The newly unveiled charges against former company executives and other people come after Rolls-Royce in January paid more than $800 million (607.5 million pounds) to resolve U.S., British and Brazilian charges. Of the five people whose charges were announced Tuesday, four have since pleaded guilty. As part of the January corporate settlement, the company admitted to paying officials at state-run energy companies in Kazakhstan, Thailand, Brazil, Azerbaijan, Angola and Iraq more than $35 million in order to win contracts. The department said Tuesday it had charged Petros Contoguris, 70, who served as the founder and chief executive of a Turkish oil and gas company advisory firm called Gravitas & CIE. International Ltd, with money laundering and foreign bribery charges. It also said it had charged James Finley, a former senior executive in Rolls-Royces energy sales division; Keith Barnett, a former Rolls-Royce regional energy director in the United States; Andreas Kohler, an employee in the German office of an unnamed engineering and consulting firm; and Aloysius Johannes Jozef Zuurhout, a former employee for a Dutch subsidiary of Rolls-Royce. Finley pleaded guilty July 28 to one count of conspiring to violate the Foreign Corrupt Practices Act (FCPA) and one count of violating the law. Zuurhout, Kohler and Barnett, meanwhile, each pleaded guilty to one count of conspiracy to violate the FCPA during separate court appearances on June 13, June 6, and Dec. 20, 2016, respectively. The department said Contoguris is believed to be outside of the United States. A Rolls-Royce spokesman said in a statement that the company has committed to full ongoing co-operation with the Department of Justice and cannot comment on action against individuals. According to the cases unsealed, the individuals charged were part of a scheme to pay kickbacks and disguise those payments to Contoguris company Gravitas, in exchange for helping Rolls-Royce win contracts for the Asia Gas Pipeline. That pipeline ultimately awarded Rolls-Royce a contract in November 2009 for $145 million, and the company then made payments to Gravitas, the department said. Reporting by Sarah N. Lynch in Washington; Editing by Leslie Adler and James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-rolls-royce-hldg-corruption/u-s-justice-dept-unseals-charges-in-rolls-royce-holdings-foreign-bribery-case-idUKKBN1D801T'|'2017-11-08T02:34:00.000+02:00'|8841.0|''|-1.0|'' +8841|'d6d9f3db184de8b19500e5d1a48f33dfafe345f1'|'U.S. Justice Dept unseals charges in Rolls-Royce Holdings foreign bribery case'|'November 8, 2017 / 12:35 AM / in 10 minutes U.S. Justice Dept unseals charges in Rolls-Royce Holdings foreign bribery case Sarah N. Lynch 3 Min Read WASHINGTON (Reuters) - The U.S. Justice Department unsealed charges on Tuesday against five individuals for their alleged role in a scheme to pay bribes to foreign government officials to benefit Rolls-Royce Holdings Plc ( RR.L ) and help secure a contract to provide services for a major gas pipeline from Central Asia to China. FILE PHOTO - The Rolls Royce logo is seen on a car at a Rolls Royce shop at Siam Paragon mall in Bangkok, Thailand June 4, 2017. REUTERS/Jorge Silva The newly unveiled charges against former company executives and other people come after Rolls-Royce in January paid more than $800 million (607.5 million pounds) to resolve U.S., British and Brazilian charges. Of the five people whose charges were announced Tuesday, four have since pleaded guilty. As part of the January corporate settlement, the company admitted to paying officials at state-run energy companies in Kazakhstan, Thailand, Brazil, Azerbaijan, Angola and Iraq more than $35 million in order to win contracts. The department said Tuesday it had charged Petros Contoguris, 70, who served as the founder and chief executive of a Turkish oil and gas company advisory firm called Gravitas & CIE. International Ltd, with money laundering and foreign bribery charges. It also said it had charged James Finley, a former senior executive in Rolls-Royces energy sales division; Keith Barnett, a former Rolls-Royce regional energy director in the United States; Andreas Kohler, an employee in the German office of an unnamed engineering and consulting firm; and Aloysius Johannes Jozef Zuurhout, a former employee for a Dutch subsidiary of Rolls-Royce. Finley pleaded guilty July 28 to one count of conspiring to violate the Foreign Corrupt Practices Act (FCPA) and one count of violating the law. Zuurhout, Kohler and Barnett, meanwhile, each pleaded guilty to one count of conspiracy to violate the FCPA during separate court appearances on June 13, June 6, and Dec. 20, 2016, respectively. The department said Contoguris is believed to be outside of the United States. A Rolls-Royce spokesman said in a statement that the company has committed to full ongoing co-operation with the Department of Justice and cannot comment on action against individuals. According to the cases unsealed, the individuals charged were part of a scheme to pay kickbacks and disguise those payments to Contoguris company Gravitas, in exchange for helping Rolls-Royce win contracts for the Asia Gas Pipeline. That pipeline ultimately awarded Rolls-Royce a contract in November 2009 for $145 million, and the company then made payments to Gravitas, the department said. Reporting by Sarah N. Lynch in Washington; Editing by Leslie Adler and James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-rolls-royce-hldg-corruption/u-s-justice-dept-unseals-charges-in-rolls-royce-holdings-foreign-bribery-case-idUKKBN1D801T'|'2017-11-08T02:34:00.000+02:00'|8841.0|23.0|0.0|'' 8842|'c17355af8c4805b0e9b8c52a7391279be3253004'|'UPDATE 2-S.Africa to investigate tax service after Zuma gives go-ahead'|'* S.Africa finances strained by weak tax receipts* Credit ratings hovering near junk* Revenue service inquiry to be overseen by judge* Finmin says investors interested in SAA stake (Adds revenue service inquiry, details)By Tiisetso MotsoenengJOHANNESBURG, Nov 7 (Reuters) - South Africa will launch an inquiry into weak tax collection by the revenue service after receiving the approval of President Jacob Zuma, Finance Minister Malusi Gigaba said on Tuesday.Gigaba shocked financial markets last month by flagging wider deficits and rising government debt in a closely watched budget speech, attributing the dismal forecasts to sluggish growth and low tax receipts.On Tuesday he told a news conference that Zuma had granted his request for an inquiry by a judge into the administration and governance of the South African Revenue Service (SARS).He added that the inquiry would be set up soon.It is critical for government to determine the cause of the tax revenue under-collection in order to enable government to take urgent remedial steps to ensure that SARS is able to meet its revenue targets, Gigaba told reporters.South Africas strained public finances are in the spotlight ahead of ratings reviews scheduled by major international agencies Moodys and S&P Global later this month.If Moodys and S&P downgrade South Africas local-currency rating one notch to sub-investment grade, or junk status, that could trigger forced selling of up to $12 billion of the countrys bonds.The gloom is compounded by allegations of influence-peddling in government that have hurt investor confidence, as well as infighting in the ruling African National Congress as it prepares to elect a new leader to succeed Zuma in December.Zumas two terms as president have seen growth slow to a near-standstill and have been marred by a series of corruption scandals, including over spending of state money on upgrading his private Nkandla home.SAA TURNAROUND Gigaba also addressed concerns about struggling state-owned South African Airways (SAA) on Tuesday, saying liquidity issues at the national airline had been attended to.SAA relies on government guarantees to keep it solvent and has been cited by the ratings agencies as a threat to South Africas public finances.Introducing new board members appointed to help turn around SAA, Gigaba said there were many investors interested in taking an equity stake in the airline and that he wanted to consolidate its assets.He said: We will continue ... to have discussions about the strategic equity partner for South African Airways because ultimately we are going to need not only private sector capital, but also expertise for us to move forward and bring SAA back to sustainability. (Reporting by Tiisetso Motsoeneng; Writing by Alexander Winning; Editing by Raissa Kasolowsky) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/safrica-saa/update-2-s-africa-to-investigate-tax-service-after-zuma-gives-go-ahead-idINL5N1ND3LA'|'2017-11-07T09:53:00.000+02:00'|8842.0|''|-1.0|'' 8843|'ed4918d77af4bb771d629116eaf40535c9c9ce33'|'Goldman Sachs marks stake in Weinstein Co down to zero - source'|' 41 Goldman Sachs marks stake in Weinstein Co down to zero - source Jessica DiNapoli 4 Min Read (Reuters) - Goldman Sachs Group Inc ( GS.N ) has written down to zero the value of its stake in the Weinstein Company, the movie studio whose co-chairman Harvey Weinstein stepped down last month following sexual assault allegations, a person familiar with the matter said on Monday. FILE PHOTO: Harvey Weinstein speaks at the UBS 40th Annual Global Media and Communications Conference in New York, NY, U.S. on December 5, 2012. REUTERS/Carlo Allegri/File Photo Goldman Sachs move comes as the Weinstein Company looks for fresh financing after more than 50 women claimed that Weinstein sexually harassed or assaulted them over the past three decades. Weinstein has denied having non-consensual sex with anyone. Reuters has been unable to independently confirm any of the allegations. Last month, Goldman Sachs said it was trying to find a buyer for its stake in the Weinstein Company. A Goldman Sachs spokesman had said at the time that the bank valued the stake at less than $1 million. The source did not disclose how much of the Weinstein Company Goldman Sachs owns, but described the stake as small. He asked not to be identified because the bank has not publicly released its latest valuation. A Weinstein Company spokeswoman did not immediately respond to multiple requests for comment. One of the Weinstein Companys lenders, AI International Holdings Limited, an affiliate of billionaire Len Blavatniks industrial group Access Industries, filed a lawsuit last Friday in New York State Supreme Court demanding immediate repayment of its approximately $44 million loan. FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) is seen on the clothing of a trader working at the Goldman Sachs stall on the floor of the New York Stock Exchange, United States April 16, 2012. REUTERS/Brendan McDermid/File Photo Referring to the allegations against Harvey Weinstein, AI International stated in court papers that his actions and his departure from the company have left [the business] in shambles, and exposed to potentially massive liabilities [that] have severely, if not fatally, damaged its standing in the marketplace. A spokeswoman for Harvey Weinstein declined to comment. The Weinstein Companys other lenders include Bank of America and MUFG Union Bank N.A., according to the lawsuit. They did not immediately respond to requests for comment. The Weinstein Companys board of directors has been receiving advice from investment bank Moelis & Co ( MC.N ) on its efforts to raise cash, including by potentially selling assets and finding a rescue loan, sources have previously told Reuters. A Moelis spokeswoman declined to comment. Investment firm Fortress Investment Group LLC ( FIG.N ) was considering lending to the film and TV studio, but those talks ended without a deal last week, according to another person familiar with the matter. Fortress would consider providing Weinstein Co with funding to help it through a bankruptcy process, if it came to that, the person said. A Fortress spokesman declined to comment. The Weinstein Companys lenders have hired investment bank Houlihan Lokey Inc ( HLI.N ) for financial advice in a potential restructuring, a source close to that situation said. The Weinstein Co has been one of Hollywoods most influential forces since its launch in October 2005 and has produced and distributed films including The Kings Speech and Silver Linings Playbook. Reporting by Jessica DiNapoli in New York; editing by Ben Klayman and Clive McKeef'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-weinsteincompany-goldman/goldman-sachs-marks-stake-in-weinstein-co-down-to-zero-source-idUKKBN1DE025'|'2017-11-14T02:40:00.000+02:00'|8843.0|''|-1.0|'' 8844|'a479842cf0a835fdb990da211251b12cda3754c1'|'EMERGING MARKETS-Emerging stocks gain, FX flail on dollar, Turkey woes'|'LONDON, Nov 3 (Reuters) - Emerging stocks were on track for a solid weekly rise on Friday, though currency markets were jittery ahead of U.S. jobs data with inflation fears rattling Turkeys lira.MSCIs emerging market index edged higher on the day and looked to add 1.6 percent over the week thanks to solid gains in Asia, where bourses traded within sight of their recent decade highs and Seoul stocks closed at a fresh record high.The daily gains came after investors guardedly welcomed plans for a massive U.S. tax cut and took some comfort from President Donald Trump tapping Fed Governor Jerome Powell to become head of the U.S. central bank, signalling a continuation of Janet Yellens cautious monetary policies.(Emerging stocks) are really being driven by G7 equities and that in turn is being driven by the tax cut expectations from the U.S., said Simon Quijano-Evans, emerging markets strategist at Legal & General Investment Management.However, losses in Chinese mainland stocks tempered gains, with Shanghai on track to post the worst week since August on heightened worries over an economic slowdown.Despite the dollar treading water, currencies suffered as gains in key U.S. employment data due later in the day could seal the case for the Federal Reserve to raise interest rates in December.Turkeys lira racked up some of the biggest losses after data showed inflation spiked by more than expected with annual price increases hitting a nine-year high of 11.9 percent, adding to the central banks quandary.The lira weakened 0.8 percent against the dollar, flirting again with the 10-month low hit last week, and on track for a 1 percent fall since Monday in its eighth straight week of losses.Spreads of Turkish local government benchmark debt over U.S. Treasuries rose to their widest since 2011.Given that inflation is surprising everybody on the upside, the expectation is that its not positive for the lira until we get some sort of policy reaction or message from the monetary authorities, Quijano-Evans said, adding that other higher beta currencies such as the rand were also getting hit.South Africas rand weakened 0.6 percent on the day, on track to end the week lower as data showed private sector activity shrank again with both output and new orders falling.Despite higher oil prices, Russias rouble eased 0.6 percent on the day as data showed the service sector growing at the lowest pace in three months and companies faced debt repayments in the fourth quarter. Both the rand and rouble are in their third straight week in the red.Meanwhile, Venezuela announced late on Thursday plans to restructure "all future payments" on its burgeoning foreign debt, a move that may lead to a default by the cash-strapped OPEC nation whose collapsing socialist economy has left its population struggling to find food and medicine. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1128.98 +1.67 +0.15 +30.93Czech Rep 1058.80 -7.40 -0.69 +14.89Poland 2506.30 +4.90 +0.20 +28.67Hungary 39742.02 -407.84 -1.02 +24.18Romania 7803.74 +27.35 +0.35 +10.14Greece 0.00 +0.00 +0.00 -100.00Russia 1124.20 +5.54 +0.50 -2.44South Africa 53119.30 +273.67 +0.52 +21.00Turkey 12980.18 -14.68 -0.01 +44.59China 3371.21 -12.10 -0.36 +8.62India 33651.94 +78.72 +0.23 +26.39Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 25.68 25.68 +0.00 +5.17Poland 4.24 4.23 -0.11 +3.92Hungary 310.83 310.79 -0.01 -0.65Romania 4.59 4.60 +0.08 -1.28Serbia 118.54 118.61 +0.06 +4.06Russia 58.47 58.18 -0.49 +4.77Kazakhstan 334.22 334.75 +0.16 -0.17Ukraine 26.96 26.93 -0.11 +0.14South Africa 14.08 13.97 -0.78 -2.46Kenya 103.55 103.65 +0.10 -1.14Israel 3.51 3.51 -0.09 +9.72Turkey 3.83 3.80 -0.83 -7.88China 6.63 6.61 -0.32 +4.76India 64.60 64.57 -0.05 +5.17Brazil 3.27 3.27 -0.00 -0.42Mexico 19.05 18.98 -0.37 +8.72Debt Index Strip Spd Chg %Rtn IndexSovgn Debt EMBIG 304 0 .00 8 07.64 1Reporting and graphic by Karin Strohecker, additional reporting by Claire Milhench '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets/emerging-markets-emerging-stocks-gain-fx-flail-on-dollar-turkey-woes-idUSL8N1N91UK'|'2017-11-03T12:27:00.000+02:00'|8844.0|''|-1.0|'' @@ -8868,8 +8868,8 @@ 8866|'c3f6661b749af1831a96229c4c6a32f9ab3e40fe'|'Draining the dark pools? EU trading rules face uncertain launch'|' 49 AM / Updated 7 minutes ago Draining the dark pools? EU trading rules face uncertain launch Helen Reid , Simon Jessop 10 Min Read LONDON (Reuters) - European Union efforts to bring greater transparency to stock dealing risk having the opposite effect, forcing regulators to intervene once again after new rules come into force in January. FILE PHOTO: A sign displays the crest and name of the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall/File Photo Overall, European regulators want to promote an orderly market following the financial crisis, when opaque trading led to disaster, and ensure small investors get a fair deal. So the EUs Markets in Financial Instruments Directive, or MiFID II, aims to push more trading onto regulated public exchanges where prices and participants are visible to all. But some investors seeking anonymity and lower fees are likely to opt instead for systematic internalisers - dealing platforms run by banks and other market participants which reveal much less information about impending transactions. Market participants say institutional investors who mostly use the established exchanges, such as the London Stock Exchange (LSE), may be tempted to follow suit for some business. The longer-term consequences of the MiFID II regime, which applies from Jan. 3, remain highly uncertain and the exchanges are already fighting back with new products to regain business after suffering a sharp drop over the past decade. Major shifts in European equity trading are on the way due to the regulatory changes. Brian Schwieger, the LSEs global head of equities, estimated that around a third of UK trade will be up for grabs in the New Year. Thats all got to find a new home, he told Reuters. However, Europes regulated exchanges already have a much lower market share than in other regions, and some people believe this will shrink rather than grow. The exchanges will be the losers; not on Day One, but over time, said Michael Horan, Head of Trading at broker Pershing Securities. He predicts the LSEs share of European turnover could fall to as little as 30-40 percent from 50-60 percent now. The original MiFID I, born in 2007, has failed to curtail the growth of dark pool trading where dealing is done anonymously, unlike on the conventional lit markets. GRAPHIC: Dark pool trading volumes in Europe, 2008-2017: reut.rs/2zjamVs Regulators ambition this time is to ensure investors get best execution, which can mean achieving the fastest, most efficient transaction at the lowest cost for clients. Another aim is for deals on public exchanges to cause minimal price movement, a chief attraction of dark pools. Institutional investors such as pension fund managers and insurance companies putting through a big deal can find the market moves against them when others become aware of the impending transaction. The price can rise before their purchase is executed or conversely fall before their sale goes through. DESIRE FOR ANONYMITY MiFID IIs answer is more transparency to curb market operators ability to take advantage of private information which can drive up costs for the institutional investors and, ultimately, their clients. It will prevent investment banks from operating private trading networks, which match their clients buy and sell orders and lump the transactions in with their own proprietary dealing, without routing the business through a public market. The banks have to re-register these services as systematic internalisers (SIs), which must provide public price quotes for trades of up to the standard market size. However, MiFID II exempts larger deals handled by SIs, acknowledging investors desire for anonymity to limit the market impact. Institutional investors, who will ultimately determine where the biggest deals are transacted, are reluctant to say how the changes might affect their trading choices. Amundi, Blackrock, Fidelity, RAM and Vanguard all declined comment for this report. LSEs Schwieger estimates the banks private networks currently handle up to a quarter of stock turnover, with the traditional dark pools accounting for a further 10 percent. So with MiFID II forcing roughly 35 percent of total liquidity into other markets, lit exchanges will gain business. I cant see all of it being swallowed by SIs, he said. Regulators say they will act if their intentions are frustrated. Steven Maijoor, chairman of the European Securities and Markets Authority (ESMA), described greater transparency as one of the new rules chief aims. If we see that MiFID doesnt work as intended, we will use our tools to make sure that is corrected, he told Reuters at a recent Regulation Summit. These tools could include issuing guidelines to promote consistent implementation, or changes to regulatory technical standards, if appropriate, an ESMA spokesman said. An additional element of uncertainty lies in the fact that Europes biggest stock exchange, the LSE, will cease to be in the EU when Britain leaves the bloc in 2019. However, MiFID II will be incorporated into British law and, as UK regulators were a major force in its creation, significant changes seem unlikely after Brexit. PERFORMING POORLY Europe performs comparatively poorly on transparency: around 50 percent of equity trade is conducted on lit public markets against 67 percent in the United States and 88 percent in east Asia, according to data from the OECD and trading software provider Fidessa. Turnover on lit order books on exchanges such as the LSE and the pan-European Euronext was 730 billion euros (642.4 billion) in September 2017, half the 1.4 trillion euro level of January 2008, data from Reuters Market Share Reporter shows. GRAPHIC: Turnover across trade classes in Europe, 2008-2017: reut.rs/2zj8ITM UBS exchanges analyst Michael Werner said this drop was partly due to the proliferation of multilateral trading facilities (MTFs), alternative dealing systems born from the first iteration of MiFID. Werner sees the SIs - which will also be run by high frequency traders specialising in huge volumes of small orders with razor-thin margins - taking six percent market share, though due to the uncertainty his top-end forecast is 15 percent. The regulator has already closed a loophole in MiFID II which would have allowed SIs to hook up to each other to trade. But Better Finance, a group representing European investors, called on ESMA last month to address parts of the rules it says will give SIs an unfair advantage. One selling point for the SIs is they charge no commission fees because, unlike traditional exchanges and MTFs, they make money purely on bid/ask spreads and volumes traded. MiFID II exempts SIs from rules governing the minimum amount a stock can move for orders larger than standard market size. This means they could offer prices inside the bid/ask spread quoted by the traditional exchanges for certain stocks, lowering investors dealing costs. Rainer Riess, director of the Federation of European Stock Exchanges, said this price advantage could help SIs attract a greater share of orders, hurting investors overall. The more you trade away from lit venues and price formation is weakened, the higher the spreads will become and the higher the transaction costs for everyone in the market, he said. EXCHANGES FIGHT BACK The new rules cap the amount of a companys shares that can be traded in dark pools, and the exchanges are using this to fight back. They are introducing products such as closed intra-day auctions, which mimic dark trading, to attract investors keen to avoid showing their hand in the market. For large orders, exchanges could be more attractive than MTFs as their deep pool of liquidity enables them to offer thinner bid/ask spreads on average, UBS analysis found. If you have an order thats 5 percent or 10 percent of the average daily volume, theres a good probability you will have to go on exchange to complete that trade, said Curtis Pfeiffer, chief business officer at trading algorithm provider Pragma. Recent data indicates exchanges strategies are working. Market share is strongly up for most European exchanges this year, figures from the U.S.-based market operator BATS show, while lit MTFs have all lost ground. Werner expects most of the dark pool business will go back to exchanges rather than MTFs. Both the LSE and Euronext have launched platforms for trading large blocks of shares in the dark, which are covered by the MiFID II waiver. UNINTENDED CONSEQUENCES Ultimately, some investors will always want to hide their orders from the rest of the market. This whole battle between exchanges and SIs is only happening because theres a genuine market need for off-exchange liquidity, which is being squeezed by the incoming dark pool caps, said Rob Boardman, CEO of trading platform ITG. Whatever the impact of MiFID II, it is likely to be gradual as participants adapt to the new regime. There are unintended consequences of every rule. MiFID II is trying to address those but its almost certain that more will emerge, in which case we will have MiFID 3, said Werner. Dark pool trading volumes in Europe, 2008-2017 - reut.rs/2zjamVs Turnover in trade classes in Europe, 2008-2017 - reut.rs/2zj8ITM Reporting by Helen Reid and Simon Jessop; editing by David Stamp'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-markets-mifid-analysis/draining-the-dark-pools-eu-trading-rules-face-uncertain-launch-idUKKBN1D71HC'|'2017-11-07T13:49:00.000+02:00'|8866.0|''|-1.0|'' 8867|'cc0ec5be2b2deb21c7c68a7151117521216b8c3f'|'Japan''s Nissin Foods noodle unit plans $145 million IPO in Hong Kong'|'HONG KONG (Reuters) - Nissin Foods Co Ltd, an instant noodle unit of Nissin Foods Holdings Co Ltd ( 2897.T ), said on Wednesday it aims to raise up to HK$1.13 billion ($145 million) in an initial public offering (IPO), in a rare instance of a Japanese firm listing in Hong Kong.Nissin Foods Co plans to offer 268.58 million shares in the IPO, of which 10 percent will be earmarked for retail investors, at an indicative range of HK$3.45 to HK$4.21 apiece, the company said in a filing on Wednesday.The final offer price will be announced on Dec. 8 and trade in the shares is expected to begin on Dec. 11.The Japanese parents stake in Nissin Foods Co will be reduced to 73.89 percent, from 100 percent, on completion of the offering.Nissin Foods Co, which makes and sells noodle under brands NISSIN and DOLL, ranked fifth-largest instant noodle company in China in terms of retail sales value in 2016, the company said citing consultancy Frost & Sullivan.The company ranked second in the mainlands premium instant noodle market in retail sales value, accounting for 19.8 percent of the premium instant noodle market, it added.Nissin Foods Co also makes and sells frozen food products including dim sum dumplings and noodles, and food and beverage products such as snacks, sauces and mineral water.Proceeds from the offering will be used to upgrade and expand production facilities, enlarge its distribution network in China and to fund strategic partnerships and acquisitions as it further diversifies its product offering, the company said.Nomura International and Mizuho Securities are joint bookrunners and joint lead managers of the global offering.Many niche domestic snack food brands have expanded their pool of millennial customers through interactive online and mobile campaigns that emphasize quality ingredients and production methods, which have helped them outpace traditional leaders such as Tingyi (Cayman Islands) Holding Corp ( 0322.HK ).Tingyi, the owner of Chinese instant noodle brand Master Kong, said earlier this month that it was facing pressure from Chinas changing economic development, rising raw material costs, industrial upgrade and fast-changing consumer demand.Nissin will join just a handful of Japanese firms listing in Hong Kong. Others include department store operator Aeon Stores Hong Kong Co Ltd ( 0984.HK ) in 1994, Uniqlo parent Fast Retailing ( 9983.T ) ( 6288.HK ) in 2014, and pachinko hall operators Dynam Japan Holdings Co Ltd ( 6889.HK ) in 2012 and Niraku GC Holdings Inc ( 1245.HK ) in 2015.Reporting by Donny Kwok; Editing by Edwina Gibbs and Christopher Cushing '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-nissin-foods-co-ipo-hongkong/japans-nissin-foods-noodle-unit-plans-145-million-ipo-in-hong-kong-idUSKBN1DT09J'|'2017-11-29T10:23:00.000+02:00'|8867.0|''|-1.0|'' 8868|'85347c60a86cafca52eee8860a9bd822e3197d5c'|'Qualcomm buy may pit Broadcom against Intel in ''connected car'' fight'|'(Reuters) - If Broadcom Ltds unsolicited $103 billion bid for Qualcomm Inc succeeds, it could set up a battle with Intel Corp for dominance in the production of the next generation of communications chips, which will play a vital role in so-called connected cars.FILE PHOTO: A sign to the campus offices of chip maker Broadcom Ltd, who announced on Monday an unsolicited bid to buy peer Qualcomm Inc for $103 billion, is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake/File Photo Vehicles of every sort already are starting to add wireless chips to download everything from maps to entertainment, and in a few years nearly every new car may be connected. Self-driving cars, still in test mode, will accelerate the move.The amount of chips per car is going to grow dramatically, said Egil Juliussen, a principal analyst for automotive technology at IHSMarkit.Chip makers are scrambling to create new mobile networks, the so-called fifth generation, which will link phones as well as cars, drones and even industrial devices such as smart street lights, which count pedestrians and send data to city planners.Qualcomm long was the dominant communications chip maker for mobile phones, although computer chip maker Intel has begun muscling into the space. Each now supplies about half Apple Incs iPhone communications chips, for instance.Now they are jockeying in a mature market to design so-called 5G networks that will be up to 10 times as fast as wireless networks today, which are expected to start rolling out in 2020. Research firm IDC predicts 1.53 billion smart phones will be shipped in 2017 expanding to only 1.77 billion units in 2021.The market for modem chips for cars, by contrast, is expected to grow sharply. Tristan Gerra, a senior semiconductor analyst for Robert W. Baird & Co, said that this year, only about 12 million of the 90 million cars manufactured per year have internet connectivity. But connectivity will become ubiquitous on self-driving cars.The Intel logo is shown at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake You basically (will) have 80 million units per year that are going to get a modem, he said.Intel and Qualcomm declined to comment.FILE PHOTO: A Qualcomm sign is pictured at one of its many campus buildings in San Diego, California, U.S. April 18, 2017. REUTERS/Mike Blake/File Photo Qualcomm itself is trying to buy NXP Semiconductors, a maker of automotive chips from so-called infotainment system chips to camera systems, for $38 billion. It is unclear whether that deal will go through and whether Broadcom would take on NXP, but Broadcom has said it is willing to do so.A tie-up between the three companies could create a formidable competitor in the automotive chip space, said IHSMarkits Juliussen. He views Intel and Nvidia Corp, which make both make the main processors used in self-driving vehicles, as leaders in the young market, but a combined Broadcom-Qualcomm-NXP would be a strong third-place.Intel has bought itself into relationships with autonomous car developers thanks to its acquisition of vision system maker Mobileye. Broadcom would get something similar with NXP, Juliussen said.If Broadcom pulls off both deals, its market position in some areas could be dominant, said Cowen and Co analyst Karl Ackerman.[Broadcom] would basically own the majority of the high-end components in the smart phone market and they would have a very significant influence on 5G standards, which are paramount as you think about autonomous vehicles and connected factories, he said.Reporting by Stephen Nellis, editing by Peter Henderson and Tom Brown '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-qualcomm-m-a-broadcom-intel/qualcomm-buy-may-pit-broadcom-against-intel-in-connected-car-fight-idINKBN1D81CP'|'2017-11-08T08:20:00.000+02:00'|8868.0|''|-1.0|'' -8869|'2494738a2343574ff9c66aa138597a9d631bc43a'|'Xi says China to be more open, transparent to foreign companies including America''s'|'November 9, 2017 / 4:51 AM / Updated 2 minutes ago Xi says China to be more open, transparent to foreign companies including America''s Reuters Staff 1 Min Read BEIJING (Reuters) - Chinese President Xi Jinping said on Thursday China will be more open and transparent to foreign companies, including those from the United States. U.S. President Donald Trump and China''s President Xi Jinping meet business leaders at the Great Hall of the People in Beijing, China, November 9, 2017. REUTERS/Damir Sagolj U.S. companies are also welcome to take part in Chinas Belt and Road initiative, Xi told a briefing in Beijing after talks with U.S. President Donald Trump. Chinas door to the world will only open wider, he said. Reporting by Christian Shepherd; Writing by Ryan Woo; Editing by Paul Tait'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-trump-asia-china-open/xi-says-china-to-be-more-open-transparent-to-foreign-companies-including-americas-idUKKBN1D90FH'|'2017-11-09T07:50:00.000+02:00'|8869.0|''|-1.0|'' -8870|'5631e157f8c9e75930c6fb694254caa619f80845'|'U.S. trade panel recommends varying solar panel import restrictions'|'November 1, 2017 / 6:08 AM / Updated 2 hours ago U.S. trade panel recommends varying solar panel import restrictions David Lawder , Diane Bartz 4 Min Read WASHINGTON (Reuters) - Members of the U.S. International Trade Commission on Tuesday made three different recommendations for restricting solar cell and panel imports on Tuesday, giving President Donald Trump a range of choices to address injury to domestic producers. The recommendations range from an immediate 35 percent tariff on all imported panels to a four-year quota system that allows the import of up to 8.9 gigawatts of solar cells and modules in the first year. The presidents ultimate decision could have a major impact on the price of U.S. power generated by the sun. Both supporters and critics of import curbs on solar products were disappointed by the proposals, which were unveiled at a public meeting in Washington. Trade remedies were requested in a petition earlier this year by two small U.S. manufacturers that said they were unable to compete with cheap panels made overseas, mainly in Asia. The companies, Suniva Inc and the U.S. arm of Germanys SolarWorld AG, said Tuesdays recommendations did not go far enough to protect domestic producers. The ITCs remedy simply will not fix the problem the ITC itself identified, Suniva said in a statement. The company, which is majority owned by Hong Kong-based Shunfeng International Clean Energy, filed the rare Section 201 petition nine days after seeking Chapter 11 bankruptcy protection in April. It had sought a minimum price on panels of 74 cents a watt, nearly double their current cost. One analyst said the stiffest remedy recommended, a 35 percent tariff on solar panels, would add about 10 percent to the cost of a utility-scale project but would have a negligible impact on the price of residential systems because panels themselves make up a small portion of their overall cost. Its not nearly the doomsday impact we were potentially expecting, said Camron Barati, a solar analyst with market research firm IHS Markit Technology. FILE PHOTO: Solar electric panels are shown installed on the roof of the Hanover Olympic building, the first building to offer individual solar-powered net-zero apartments in Los Angeles, California, U.S., June 6, 2017. REUTERS/Mike Blake/File Photo But the top U.S. solar trade group, the Solar Energy Industries Association, said in a statement on Tuesday that any tariffs would be intensely harmful to the industry. The group has lobbied heavily against import restrictions on the grounds that they would undermine a 70 percent drop in the cost of solar since 2010 that has made the technology competitive with fossil fuels. The ITC will deliver its report to Trump by Nov. 13. He will have broad leeway to come up with his own alternative or do nothing at all. Since only two members agreed on the same restrictions, there was no majority recommendation from the four-member commission. There is still plenty to be worried about, said MJ Shiao, who follows the U.S. solar market for GTM Research. Trump has vowed to protect U.S. manufacturers from low-priced imports, and U.S. Commerce Secretary Wilbur Ross has talked about tariff-rate quotas as a flexible way to protect some industries, allowing imports in as needed, but only up to a certain level before high tariffs kick in. Commissioners David Johanson and Irving Williamson urged the president to impose an immediate 30 percent tariff on completed solar modules, to be lowered in subsequent years, and a tariff-rate quota on solar cells. Imports of cells in excess of one gigawatt would be subject to a 30 percent tariff that would decline after the first year. ITC Chair Rhonda Schmidtlein recommended an immediate 35 percent four-year tariff on imported solar modules, with a four-year tariff rate quota on solar cells. This would impose a 30 percent tariff on imports exceeding 0.5 gigawatts and 10 percent on imports below that level. These tariffs would decline over a four-year period. In the most lenient recommendation, Commissioner Meredith Broadbent said the president should impose a four-year quota system that allows for imports of up to 8.9 gigawatts of solar cells and modules in the first year. Additional reporting by Nichola Groom in Los Angeles; Editing by Richard Chang and Dan Grebler '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-trade-solar/u-s-trade-panel-recommends-varying-solar-panel-import-restrictions-idINKBN1D13LX'|'2017-11-01T08:04:00.000+02:00'|8870.0|''|-1.0|'' +8869|'2494738a2343574ff9c66aa138597a9d631bc43a'|'Xi says China to be more open, transparent to foreign companies including America''s'|'November 9, 2017 / 4:51 AM / Updated 2 minutes ago Xi says China to be more open, transparent to foreign companies including America''s Reuters Staff 1 Min Read BEIJING (Reuters) - Chinese President Xi Jinping said on Thursday China will be more open and transparent to foreign companies, including those from the United States. U.S. President Donald Trump and China''s President Xi Jinping meet business leaders at the Great Hall of the People in Beijing, China, November 9, 2017. REUTERS/Damir Sagolj U.S. companies are also welcome to take part in Chinas Belt and Road initiative, Xi told a briefing in Beijing after talks with U.S. President Donald Trump. Chinas door to the world will only open wider, he said. Reporting by Christian Shepherd; Writing by Ryan Woo; Editing by Paul Tait'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-trump-asia-china-open/xi-says-china-to-be-more-open-transparent-to-foreign-companies-including-americas-idUKKBN1D90FH'|'2017-11-09T07:50:00.000+02:00'|8869.0|27.0|0.0|'' +8870|'5631e157f8c9e75930c6fb694254caa619f80845'|'U.S. trade panel recommends varying solar panel import restrictions'|'November 1, 2017 / 6:08 AM / Updated 2 hours ago U.S. trade panel recommends varying solar panel import restrictions David Lawder , Diane Bartz 4 Min Read WASHINGTON (Reuters) - Members of the U.S. International Trade Commission on Tuesday made three different recommendations for restricting solar cell and panel imports on Tuesday, giving President Donald Trump a range of choices to address injury to domestic producers. The recommendations range from an immediate 35 percent tariff on all imported panels to a four-year quota system that allows the import of up to 8.9 gigawatts of solar cells and modules in the first year. The presidents ultimate decision could have a major impact on the price of U.S. power generated by the sun. Both supporters and critics of import curbs on solar products were disappointed by the proposals, which were unveiled at a public meeting in Washington. Trade remedies were requested in a petition earlier this year by two small U.S. manufacturers that said they were unable to compete with cheap panels made overseas, mainly in Asia. The companies, Suniva Inc and the U.S. arm of Germanys SolarWorld AG, said Tuesdays recommendations did not go far enough to protect domestic producers. The ITCs remedy simply will not fix the problem the ITC itself identified, Suniva said in a statement. The company, which is majority owned by Hong Kong-based Shunfeng International Clean Energy, filed the rare Section 201 petition nine days after seeking Chapter 11 bankruptcy protection in April. It had sought a minimum price on panels of 74 cents a watt, nearly double their current cost. One analyst said the stiffest remedy recommended, a 35 percent tariff on solar panels, would add about 10 percent to the cost of a utility-scale project but would have a negligible impact on the price of residential systems because panels themselves make up a small portion of their overall cost. Its not nearly the doomsday impact we were potentially expecting, said Camron Barati, a solar analyst with market research firm IHS Markit Technology. FILE PHOTO: Solar electric panels are shown installed on the roof of the Hanover Olympic building, the first building to offer individual solar-powered net-zero apartments in Los Angeles, California, U.S., June 6, 2017. REUTERS/Mike Blake/File Photo But the top U.S. solar trade group, the Solar Energy Industries Association, said in a statement on Tuesday that any tariffs would be intensely harmful to the industry. The group has lobbied heavily against import restrictions on the grounds that they would undermine a 70 percent drop in the cost of solar since 2010 that has made the technology competitive with fossil fuels. The ITC will deliver its report to Trump by Nov. 13. He will have broad leeway to come up with his own alternative or do nothing at all. Since only two members agreed on the same restrictions, there was no majority recommendation from the four-member commission. There is still plenty to be worried about, said MJ Shiao, who follows the U.S. solar market for GTM Research. Trump has vowed to protect U.S. manufacturers from low-priced imports, and U.S. Commerce Secretary Wilbur Ross has talked about tariff-rate quotas as a flexible way to protect some industries, allowing imports in as needed, but only up to a certain level before high tariffs kick in. Commissioners David Johanson and Irving Williamson urged the president to impose an immediate 30 percent tariff on completed solar modules, to be lowered in subsequent years, and a tariff-rate quota on solar cells. Imports of cells in excess of one gigawatt would be subject to a 30 percent tariff that would decline after the first year. ITC Chair Rhonda Schmidtlein recommended an immediate 35 percent four-year tariff on imported solar modules, with a four-year tariff rate quota on solar cells. This would impose a 30 percent tariff on imports exceeding 0.5 gigawatts and 10 percent on imports below that level. These tariffs would decline over a four-year period. In the most lenient recommendation, Commissioner Meredith Broadbent said the president should impose a four-year quota system that allows for imports of up to 8.9 gigawatts of solar cells and modules in the first year. Additional reporting by Nichola Groom in Los Angeles; Editing by Richard Chang and Dan Grebler '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-trade-solar/u-s-trade-panel-recommends-varying-solar-panel-import-restrictions-idINKBN1D13LX'|'2017-11-01T08:04:00.000+02:00'|8870.0|17.0|0.0|'' 8871|'f21d5a74cc981c6fdd465eed380ce41a0e6b2724'|'Oil hits highest levels since 2015 amid tightening markets, Saudi purge'|'November 6, 2017 / 1:10 AM / Updated 16 minutes ago Oil hits highest levels since 2015 amid tightening markets, Saudi purge Henning Gloystein 3 Min Read SINGAPORE (Reuters) - Oil prices hit their highest levels since July 2015 early on Monday as markets tightened, while Saudi Arabias crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests. A rainbow is seen over a pumpjack during sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017. REUTERS/Christian Hartmann - RC170FB52660 Brent futures LCOc1, the international benchmark for oil prices, hit $62.44 per barrel early on Monday, their highest level since July 2015. Brent was at $62.27 per barrel at 0051 GMT, up 20 cents, or 0.3 percent from the last close and 40 percent above Junes 2017 lows. U.S. West Texas Intermediate (WTI) crude CLc1 hit $56.00 per barrel in early trading, also the highest since July 2015, and was at $55.83, up 19 cents, or 0.3 percent from the last settlement. WTI is a third above its 2017 lows. Crown Prince Mohammed bin Salman, Saudi Arabias designated future king, has tightened his grip on power through an anti-corruption purge by arresting royals, ministers and investors including prominent business billionaire Alwaleed bin Talal and the head of the National Guard, Prince Miteb bin Abdullah. This consolidates the reforming process underway, part of which is a desire to drive the price of oil higher, said Greg McKenna, chief market strategist at futures brokerage AxiTrader, said that the purge. Bin Salmans reforms include a plan to list parts of giant state-owned oil company Saudi Aramco next year, and a higher oil prices is seen as beneficial for the market capitalization of the future listed company. In oil fundamentals, traders said that there were ongoing signs of tightening market conditions. U.S. energy companies cut eight oil rigs last week, to 729, in the biggest reduction since May 2016. The decline in U.S. drilling activity comes as the Organization of the Petroleum Exporting Countries (OPEC) and a non-OPEC group lead by Russia have pledged to hold back about 1.8 million barrels per day (bpd) in oil production to tighten markets. The pact to withhold supplies runs to March 2018, but there is growing consensus to extend the deal. While supplies are tightening, analysts say demand remains strong. Synchronous global economic growth and new supply disruptions are creating the most constructive oil price environment since ... 2014, Barclays bank said. The British bank said it was raising its average Q4 Brent price forecast by $6 per barrel to $60 per barrel. The surprisingly strong macro backdrop and the accelerated inventory drawdown mean that these slightly higher price levels are likely to be sustained through Q1 of next year. Barclays said it raised its full-year 2018 forecast by $3 per barrel to $55 per barrel. Reporting by Henning Gloystein; Editing by Richard Pullin'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil/oil-hits-highest-levels-since-2015-amid-tightening-markets-saudi-purge-idUKKBN1D603A'|'2017-11-06T03:04:00.000+02:00'|8871.0|''|-1.0|'' 8872|'d801f7c8896daa85057a41c51c3bac425836a868'|'Australia''s Santos says not currently in takeover talks'|'(Reuters) - Australian oil and gas company Santos Ltd said on Wednesday it was not currently in discussions with U.S. investment vehicle Harbour Energy following a media report of takeover talks.Santos, however, confirmed it had received a takeover proposal from Harbour in August with an indicative price of A$4.55 per Santos share. The board rejected the bid as the price was inadequate and the sources of funds were uncertain, the company said.Reporting By Rushil Dutta in Bengaluru; Editing by Richard Pullin '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-santos-m-a-talks/australias-santos-says-not-currently-in-takeover-talks-idINKBN1DG03F'|'2017-11-15T21:48:00.000+02:00'|8872.0|''|-1.0|'' 8873|'549c4445e481f8fe0e89556f6aa1bb44d343d48c'|'Chinese developers turn to mortgage balance-ABS for liquidity'|'November 21, 2017 / 6:16 AM / Updated 2 minutes ago Chinese developers turn to mortgage balance-ABS for liquidity Clare Jim 5 Min Read HONG KONG (Reuters) - Chinese developers such as China Vanke ( 2202.HK ) and Country Garden ( 2007.HK ) are increasingly turning to the securitization market as an alternative fund-raising channel as the onshore bond market remains mostly inaccessible. FILE PHOTO: Sign of Vanke is seen at a gate of a construction site in Shanghai, China, March 21, 2017. REUTERS/Aly Song/File Photo Property companies are in particular stepping up the securitization of receivables from property sales, providing them with funds to develop other projects. The securities took off when Chinese regulators made it harder for developers to sell onshore corporate bonds late last year in a bid to help cool an overheating real estate market. The issuing of such products more than tripled in the first seven months of this year from a year ago, according to data by China Securities Research. The China Securities Regulatory Commission did not respond to requests for comment. More than 11 Chinese developers have issued or announced plans this year to issue securities backed by sales receivables, including China Vanke 2.SZ, Greentown China ( 3900.HK ), and the state-owned Beijing Capital Land ( 2868.HK ), up from around six last year. Developers typically record revenue in their books 12-24 months after contracted sales, when they actually transfer the property ownership to the buyers and pocket the proceeds. The asset-backed securities allow them to cash in on those receivables early. Chinese policies often change. If you rely on a simple channel, once policy changes, it will affect our cashflow so we have to explore other channels, said an official of Greentown, which issued 1.6 billion yuan worth of the securities this month, referring to the crackdown on debt. The official requested anonymity because he was not authorized to speak to media. Beijing Capital said that the securities provided a cheaper financing option for the company. Vanke said it considered the securities to be low cost and low risk. Rates of the securities issued in the last two years were around 5 to 7 percent, slightly higher than onshore corporate bonds. The securities usually have short maturities of 2 to 4 years, and range in size from 1 to 5 billion yuan. The securities are listed in stock exchanges and traded among banks and institutional investors. Joe Zhou, head of research at JLL East China, said securitization by developers reflected strong property sales and Chinas macroeconomic environment, as well as official pressure to reduce debt. Many developers have the incentive to lower leverage, he said. FILE PHOTO: A new residential quarter of the Country Garden is seen in Shanghai, China, February 10, 2017. REUTERS/Aly Song/File Photo As China pushes to reduce excessive debt in the economy, the countrys fledgling securitization markets have seen a surge of activity, with cash-starved banks, local governments and private companies converting assets into cash. Most developers consolidate asset-backed securities on their balance sheets as debt, because the mortgage receivables are used as collateral. However, the securities are still seen by ratings agencies as meaningful deleveraging. From a rating agencys perspective, we do not only look at whether the balance sheet is shrunk, but whether the payment obligation also decreases, said Aaron Lei, senior director of structured finance ratings at S&P. ABS payment obligations will not recourse back to the initial originator, which means the interest payment comes from the spinned-off assets, and not from the issuer, he said, referring to asset-backed securities. Analysts say that, for the moment, the risks involved with the securities are low, given their relatively high quality and low total issuance. Of Chinas trillion yuan ($147.1 billion) overall asset-backed securities market, property companies issued around 40 billion yuan of products in 2016. More than 70 percent of the issuance was backed by receivables from property sales, according to China Securities Research. The confidence also lies in government regulations to keep downpayment requirements at about 30 percent, and even higher for first-home purchases. Traditionally, Chinas mortgage risk is low, said S&Ps Lei, because borrowers were personal liable for their debts. That makes home buyers less inclined for a mortgage to default because they still bear the liability after they default, he said. However, in the case of a downturn in the property market, mortgage default risks could increase, analysts said. And as the asset-backed securities market grows quickly, some lower-quality issuers could join the market. Now that regulation is strict, defaults wont happen, said JLLs Zhou, citing the high quality of assets and products in general. But in the future, if some assets are problematic and issuers still package them for financing, then defaults could happen. Reporting by Clare Jim; Editing by Philip McClellan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-china-property-securitisation/chinese-developers-turn-to-mortgage-balance-abs-for-liquidity-idUKKBN1DL0FG'|'2017-11-21T08:39:00.000+02:00'|8873.0|''|-1.0|'' @@ -8878,14 +8878,14 @@ 8876|'a9f4cfb289add9c53020abfab2ceb5f4fba5e156'|'Italy - Factors to watch on Nov. 13'|'The following factors could affect Italian markets on Monday.Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).For a complete list of diary events in Italy please click on .DEBT Treasury sells 4.5-6.0 billion euros over three bonds due in 2020, 2024 and 2033 at auction.Offer of new BTP Italia retail-linker due November 2023 starts for to small investors. Ends on Nov. 15 barring early closure.POLITICS The outcome of local elections in Sicily has further weakened the ruling party of former Prime Minister Matteo Renzi and strengthened the populist 5-Star Movements lead, a poll conducted after the regional vote showed.COMPANIES BANKS The European Central Bank can impose capital requirements on banks to provide for bad loans only on a case-by-case basis, the European Commission said in a document published on Friday, a clarification that could weaken the ECB plan.TELECOM ITALIA The phone groups new boss poured cold water on Friday on speculation of a potential sale of the phone groups Brazilian business, as investors await his strategic plan due in February next year.Italys justice ministry has raised objections over the way the industry ministry was planning to amend the law on the governments special power over strategic companies in order to cut or drop a fine against Telecom Italia, Il Sole 24 Ore reported on Saturday, adding the industry ministry was now trying to reformulate the amendments.The paper also said Italys telecoms authority will refrain from recommending a spin-off of Telecom Italias fixed-line network in a report ready to be sent to Industry Minister Carlo Calenda but will illustrate remedies enforceable to ensure the networks neutrality.Rolling Enels broadband infrastructure network into that of Telecom Italia would make sense, Fastweb CEO Alberto Calcagno told Il Sole 24 Ore on Sunday. But he said Fastweb would continue with its own broadband network, whose roll-out is being done in partnership with TIM, while remaining a client of TIM or Open Fiber in the so-called non-economically viable areas. Calcagno ruled out any idea of a sale of Fastweb by parent Swisscom.LEONARDO Leonardo could be part of an Italian-French defence and security consortium led by Frances Thales, La Republica said on Sunday, adding the idea had been spoken of. Such a consortium would follow the one between Finacntieri and STX.Leonardo said on Sunday it had signed a contract with the UK Ministry of Defence, to provide equipment that will simulate radar threats to the RAFs new A400M transport aircraft prior to take-off.Milestone Aviation Group, global leader in helicopter leasing, and Leonardo announced on Sundays that Falcon Aviation of Abu Dhabi would expand its AgustaWestland AW169 helicopter fleet with the addition of a further three aircraft.UNIPOL , BANCA CARIGE CEO Carlo Cimbri told an analyst call on Friday the insurer is rooting with great enthusiasm for the bank to successfully complete its new share issue. Unipol has taken up a bond conversion offer by Carige and holds 50 million euros of the banks senior debt.MEDIASET The directors of the Italian broadcaster proposed on Friday a change in the size of its board and the way its members are appointed, in a move that could restrict French shareholder Vivendis influence.BPER BANCA CEO Alessandro Vandelli told Class CNBC in an interview the bank was focused on lowering its problematic loans and would consider potential mergers only at a later stage, Milano Finanza reported on Saturday.AZIMUT HOLDING CEO Pietro told Milano Finanza the dividend of 1 euro a share paid out last year should be consider a floor without ruling anything out.IL SOLE 24 ORE The group posted a 9-month net loss of 20.4 million euros, up from a loss of 35.1 million euros a year ago.BONIFICHE FERRARESI Share are suspended from negotiation ahead of de-listing on Nov. 14.EXPERT SYSTEM Capital increase starts; ends on Nov. 30.GRUPPO WASTE ITALIA Meeting of the holders of the 2019 Senior Secured Notes (0930 GMT).UNIEURO Presents new partnership with LG, with CEO Giancarlo Nicosanti Monterastelli (1000 GMT).A2A Board meeting on Q3 results, followed by conference call (1530 GMT).ENAV Board meeting on Q3 results, followed by conference call.IMMSI Board meeting on Q3 results.IREN Board meeting on Q3 results.PININFARINA Board meeting on Q3 results.For Italian market data and news, click on codes in brackets:20 biggest gainers (in percentage)20 biggest losers (in percentage)FTSE IT allshare indexFTSE Mib indexFTSE Allstars index...FTSE Mid Cap index....Block tradesStories on Italy IT-LENFor pan-European market data and news, click on codes in brackets: European Equities speed guide FTSEurofirst 300 index DJ STOXX index Top 10 STOXX sectors Top 10 EUROSTOXX sectors Top 10 Eurofirst 300 sectors Top 25 European pct gainers Top 25 European pct losers Main stock markets: Dow Jones Wall Street report Nikkei 225 Tokyo report FTSE 100 London report Xetra DAX Frankfurt market stories CAC-40 Paris market stories... World Indices Reuters survey of world bourse outlook Western European IPO diary European Asset Allocation Reuters News at a Glance: Equities Main currency report: '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/italy-factors-nov-13/italy-factors-to-watch-on-nov-13-idINL8N1NG3D5'|'2017-11-13T02:03:00.000+02:00'|8876.0|''|-1.0|'' 8877|'63b2b68f103a61c1f1c6dd8c316417e892b4ea6f'|'Qualcomm sues Apple for contract breach'|'November 2, 2017 / 5:59 PM / in 8 minutes Qualcomm sues Apple for breach of software licence contract Reuters Staff 2 Min Read (Reuters) - Qualcomm Inc ( QCOM.O ) has sued Apple Inc ( AAPL.O ), alleging that it violated a software licence contract to benefit rival chipmaker Intel Corp ( INTC.O ) for making broadband modems, the latest salvo in their longstanding dispute. One of many Qualcomm buildings is shown in San Diego, California November 3, 2015. REUTERS/Mike Blake Qualcomm said in a lawsuit filed in California state court in San Diego on Wednesday that Apple used its commercial leverage to demand unprecedented access to the chipmakers highly confidential software, including source code. Apple, which could not be reached immediately for comment, started using Intels broadband modem chips in the iPhone 7. In its complaint, Qualcomm alleged that Apple was required under its contract to ensure that Apple engineers working with Qualcomm did not communicate details about Qualcomm chips to Apple engineers working on competing chips from Intel. Qualcomm alleged that in July, Apple emailed Qualcomm to request highly confidential information about how its chips work on an unnamed wireless carriers network. Apple copied an Intel engineer in the email for information, Qualcomm alleged. In another instance, Qualcomm alleged that an Apple engineer working on a competing chip asked an Apple engineer working with Qualcomm to get technical information from Qualcomm. Reuters had reported earlier this week that Apple would drop Qualcomms chips altogether from its iPhones and iPads beginning next year. Reporting by Sonam Rai in Bengaluru and Stephen Nellis in San Francisco; Editing by Arun Koyyur and Jeffrey Benkoe'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-apple-lawsuit-qualcomm/qualcomm-sues-apple-for-contract-breach-idUKKBN1D22HR'|'2017-11-02T20:03:00.000+02:00'|8877.0|''|-1.0|'' 8878|'e82268439515fdf06296c3487986c12a10163123'|'Dwindling British fortunes to be laid bare'|'November 17, 2017 / 3:49 PM / Updated 32 minutes ago Dwindling British fortunes to be laid bare Padraic Halpin 4 Min Read DUBLIN (Reuters) - The diverging trajectories of Britain and other major economies is set to be further laid bare in the coming week with Londons budget forecasters poised to cut their growth outlook and data elsewhere likely to remain solid. FILE PHOTO: Britain''s Chancellor of the Exchequer Philip Hammond arrives at 10 Downing Street in London, October 30, 2017. REUTERS/Peter Nicholls/File Photo Finance minister Philip Hammond will deliver Britains budget for 2018 on Wednesday, likely the last full spending and tax plan before the terms of Brexit are hammered out with the economy set for a difficult year as its EU withdrawal approaches. Under pressure for bold action after a disastrous election in June highlighted voters weariness with years of austerity, Hammond has almost no scope for sizeable tax cuts or a big increase in investment, unless he tears up his budget rules aiming to turn the deficit into a surplus by the mid-2020s. Coming hot on the heels of the first increase in UK interest rates for over 10 years, Britains budget forecasters have said they will significantly cut their outlook for productivity growth, complicating an already delicate task. The Chancellor is in an unenviable position heading into the budget, Mark Gregory, chief UK economist at accountancy firm EY, wrote in a note. Given the major uncertainties facing the economy centered on Brexit, the Chancellor is reportedly concerned that investor confidence in the UK could be seriously damaged if he abandons the fiscal framework adopted only a year ago. However if he maintains his fiscal stance, the UK economy will be facing both monetary and fiscal tightening at the same time as growth slows a potentially unappetizing cocktail. Such a predicament means any giveaways in areas such as house-building and public sector pay will have to be balanced by takeaways, according to economists at Oxford Economics, who predict a fiscally-neutral set of measures. EURO ZONE MOMENTUM While economists polled by Reuters this week predicted that British economic growth will remain tepid over the coming few years, and could even be worse than currently forecast, the euro zone is exhibiting increasingly better fortunes. A protestor waves an EU flag as he walks past the Houses of Parliament in central London, Britain September 22, 2017. REUTERS/Toby Melville Polling over the same period suggested the euro zone economy will mark its best year in a decade and maintain solid growth well into 2018, with respondees noting that the risk was that their forecasts might not be optimistic enough. Annual growth forecast to average 2.2 this year and 1.9 percent next year across the 19-member currency bloc compared with UK growth of 1.5 percent in 2017 and 1.3 percent in 2018. Just three years ago, Britains economy was growing at an annual rate of 2.9 percent, more than twice that of the euro zone. Top investors attending the Reuters 2018 Global Investment Outlook Summit this week were also enthused by strong European growth and tightening of the Franco-German axis at the heart of the euro zone. That differing momentum is likely to be highlighted the day after Hammonds budget with the release of flash surveys of private business activity in France, Germany and the euro zone as a whole. The euro zones composite Purchasing Managers Index (PMI) eased off slightly to 56.0 from 56.7 in October but remained in line with its third quarter average and new orders rose. The overall PMI level is likely to remain high, and these projected outcomes would be consistent with Q4 GDP growth of around 0.5 percent quarter-on-quarter after 0.6 percent quarter-on-quarter in Q3, analysts at Nomura said. PMIs for Japan and the United States follow on Friday. Few expect U.S. Thanksgiving holiday week data or Wednesdays minutes from the Federal Reserves last policy meeting to halt a third interest rate hike in 2017 next month. We dont expect any significant news from the minutes of the November 1 FOMC (Federal Reserves Federal Open Market Committee) meeting, RBC Capital Markets economists wrote in a note. Which is fortunate because most market participants will be busy baking pumpkin pies. Reporting by Padraic Halpin; Editing by Toby Chopra'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-economy-outlook/dwindling-british-fortunes-to-be-laid-bare-idUKKBN1DH21F'|'2017-11-17T17:39:00.000+02:00'|8878.0|''|-1.0|'' -8879|'99c9747d3b84520d6f880ddde72c1b699f08ceff'|'Georgia-Pacific unit seeks bankruptcy in wake of asbestos cases'|'WILMINGTON, Del (Reuters) - An affiliate of Georgia-Pacific LLC, which makes Brawny paper towels, has filed for U.S. Chapter 11 bankruptcy amid soaring costs of defending against claims its products caused asbestos-related diseases, according to a company statement on Thursday.The affiliate, Bestwall LLC, joins scores of U.S. manufacturers that have filed for bankruptcy due to asbestos litigation, and comes as the U.S. Congress mulls a bill that plaintiffs lawyers say would discourage asbestos claims.Georgia-Pacific is unaffected by the filing and Bestwall will continue operating normally, the statement said.Bestwalls legal costs from asbestos have risen to an average of $160 million a year, up from $6 million a year prior to 2000, according to company filings.Asbestos is a naturally occurring mineral once prized for its resistance to heat but its fibers can cause deadly cancers, including mesothelioma, and leads to thousands of U.S. deaths annually, according to government statistics.A bill known as the FACT Act has been introduced in the U.S. House that proponents argue would shed light on possible fraudulent asbestos claims, although critics say it will make it harder for people sickened by asbestos to get compensation.In 1965, Georgia-Pacific acquired a maker of joint compound that contained asbestos. Georgia-Pacific, which is owned by Koch Industries Inc, ceased making the compound with asbestos in 1977.Since then, the company has spent $2.9 billion in legal costs on asbestos cases and is currently defending about 62,000 such cases.According to Bestwall, its products account for a tiny overall percentage of asbestos exposure, but it has been named in up to 80 percent of mesothelioma cases filed each year. Asbestos lawsuits often name multiple manufacturers as defendants.Asbestos litigation has cost more than $50 billion in compensation and legal fees and has forced about 100 U.S. companies into bankruptcy, including chemical company W.R. Grace and building products company Owens Corning Corp.Bankrupt companies and asbestos plaintiffs generally agree to establish and finance a trust for future claims. The company exits bankruptcy shielded from future asbestos lawsuits.However, many trusts are running low on cash and have reduced payouts, and business groups allege that has prompted plaintiffs to focus on suing non-bankrupt companies, even if plaintiffs only had a limited exposure to a companys product.Allegations of fraudulent asbestos claims were a central part of the bankruptcy of Garlock Sealing Technologies LLC, which filed in 2010 the same court in Charlotte as Bestwall.Editing by Noeleen Walder and Bernadette Baum '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-georgiapacific-asbestos-bankruptcy/georgia-pacific-unit-seeks-bankruptcy-in-wake-of-asbestos-cases-idINKBN1D21LP'|'2017-11-02T09:20:00.000+02:00'|8879.0|''|-1.0|'' +8879|'99c9747d3b84520d6f880ddde72c1b699f08ceff'|'Georgia-Pacific unit seeks bankruptcy in wake of asbestos cases'|'WILMINGTON, Del (Reuters) - An affiliate of Georgia-Pacific LLC, which makes Brawny paper towels, has filed for U.S. Chapter 11 bankruptcy amid soaring costs of defending against claims its products caused asbestos-related diseases, according to a company statement on Thursday.The affiliate, Bestwall LLC, joins scores of U.S. manufacturers that have filed for bankruptcy due to asbestos litigation, and comes as the U.S. Congress mulls a bill that plaintiffs lawyers say would discourage asbestos claims.Georgia-Pacific is unaffected by the filing and Bestwall will continue operating normally, the statement said.Bestwalls legal costs from asbestos have risen to an average of $160 million a year, up from $6 million a year prior to 2000, according to company filings.Asbestos is a naturally occurring mineral once prized for its resistance to heat but its fibers can cause deadly cancers, including mesothelioma, and leads to thousands of U.S. deaths annually, according to government statistics.A bill known as the FACT Act has been introduced in the U.S. House that proponents argue would shed light on possible fraudulent asbestos claims, although critics say it will make it harder for people sickened by asbestos to get compensation.In 1965, Georgia-Pacific acquired a maker of joint compound that contained asbestos. Georgia-Pacific, which is owned by Koch Industries Inc, ceased making the compound with asbestos in 1977.Since then, the company has spent $2.9 billion in legal costs on asbestos cases and is currently defending about 62,000 such cases.According to Bestwall, its products account for a tiny overall percentage of asbestos exposure, but it has been named in up to 80 percent of mesothelioma cases filed each year. Asbestos lawsuits often name multiple manufacturers as defendants.Asbestos litigation has cost more than $50 billion in compensation and legal fees and has forced about 100 U.S. companies into bankruptcy, including chemical company W.R. Grace and building products company Owens Corning Corp.Bankrupt companies and asbestos plaintiffs generally agree to establish and finance a trust for future claims. The company exits bankruptcy shielded from future asbestos lawsuits.However, many trusts are running low on cash and have reduced payouts, and business groups allege that has prompted plaintiffs to focus on suing non-bankrupt companies, even if plaintiffs only had a limited exposure to a companys product.Allegations of fraudulent asbestos claims were a central part of the bankruptcy of Garlock Sealing Technologies LLC, which filed in 2010 the same court in Charlotte as Bestwall.Editing by Noeleen Walder and Bernadette Baum '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-georgiapacific-asbestos-bankruptcy/georgia-pacific-unit-seeks-bankruptcy-in-wake-of-asbestos-cases-idINKBN1D21LP'|'2017-11-02T09:20:00.000+02:00'|8879.0|19.0|0.0|'' 8880|'c65956e0cb268fd0c0d2f7b4d2a2e7c4b1c7a01d'|'U.S. oil prices near two-year highs as key pipeline stays closed'|'Reuters TV United States November 27, 2017 / 1:01 AM / Updated an hour ago Oil falls on U.S. drilling but OPEC cuts support market Christopher Johnson 3 Min Read LONDON (Reuters) - Oil prices fell on Monday, with U.S. crude easing from two-year highs on prospects of higher output, but losses were limited before an OPEC meeting that is expected to extend output limits. FILE PHOTO: Equipment used to process carbon dioxide, crude oil and water is seen at an Occidental Petroleum Corp enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017. Picture taken on May 3, 2017. REUTERS/Ernest Scheyder/File Photo Brent crude oil LCOc1 was down 30 cents at $63.56 a barrel by 1310 GMT. U.S. light crude was 65 cents lower at $58.30. U.S. crude oil production C-OUT-T-EIA has risen by 15 percent since mid-2016 to 9.66 million barrels per day (bpd), not far from top producers Russia and Saudi Arabia. Rising drilling activity means output is likely to grow further. U.S. energy firms added oil rigs last week. The monthly rig count rose for the first time since July, to 747 active rigs, as producers encouraged by rising crude prices. U.S. crude touched $59.05 a barrel on Friday, its strongest since mid-2015, partly driven by the closure of the 590,000 bpd Keystone pipeline connecting Canadas oil sand fields with the United States following a spill, which reduced stocks. Oil prices have risen sharply in recent months thanks to efforts to limit output by the Organization of the Petroleum Exporting Countries, Russia and other producers. OPEC and its allies cut production by 1.8 million bpd in January and have agreed to hold down output until March. OPEC meets on Thursday to discuss policy and most analysts expect some form of deal to extend the cuts. A long-running barrage of bullish rhetoric from the oil cartel has cemented widely-held beliefs that supply curbs will be extended through to the end of next year, said Stephen Brennock, analyst at London brokerage PVM Oil Associates. Analysts at Barclays also expect OPEC to keep output limits for another six or nine months, but said this was so widely forecast that there was a risk prices could fall after the OPEC meeting. This week, we expect volatile prices as market participants shed length, Barclays said in a note to clients. Prices might fall in the immediate aftermath of the deal as speculative length sells the news. Still, fundamentals should keep Brent at an average of $60 a barrel this quarter. Harry Tchilinguirian, head of oil strategy at French bank BNP Paribas, also saw plenty of room for disappointment. Should the outcome of the next OPEC meeting fall short of expectations, the large net-long speculative position on oil futures can unwind, sending prices lower and volatility higher. Additional reporting by Henning Gloystein in Singapore; Editing by Susan Fenton and Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil/u-s-oil-prices-near-two-year-highs-as-key-pipeline-stays-closed-idUKKBN1DR02C'|'2017-11-27T02:52:00.000+02:00'|8880.0|''|-1.0|'' -8881|'cd72531d09b2e2d610fce50b68fc0f67d809f0d0'|'FRC urged to impose tougher penalties on ''Big Four'''|'November 21, 2017 / 4:08 PM / in 32 minutes FRC urged to impose tougher penalties on ''Big Four'' Huw Jones 3 Min Read LONDON (Reuters) - Misdeeds by the worlds Big Four accounting firms should be punished with much bigger fines, Britains accounting watchdog was advised in a report released on Tuesday. The Canary Wharf financial district is seen at dusk in London, Britain, November 17, 2017. REUTERS/Toby Melville Fines greater than those that have heretofore been imposed may be appropriate in really serious cases, former judge Christopher Clarke said in the study published by the Financial Reporting Council (FRC). The Big Four check the books of nearly all big, listed companies and the FRC has faced criticism for not going harder on them, given they are richer than many of their clients. PwC, one of the big four, was hit with a record 5.1 million pound misconduct fine in August for the way it audited collapsed accounting firm RMS Tenon. A much heftier fine could be justified in cases of seriously poor audit work by a Big Four accounting firm, a reference to PwC, KPMG, EY and Deloitte, the report said. If one of the Big 4 firms was guilty of seriously bad incompetence, in respect of the audit of a major public company... a financial penalty of ten million pounds or more before any discount could be appropriate, the report said. This would still be a fraction of what other regulators like the Financial Conduct Authority have imposed on banks for trying to rig interest rate benchmarks. The FRC has faced repeated criticism for being too slow and too easy on the Big Four, with some of the high profile cases opened against then closed without any action taken, even when other agencies have issued fines. When the FRC brings a case, it argues the fine that should be imposed before an independent tribunal. The report said tribunals should not consider previous record fines as a benchmark for future penalties. The report also recommends offering discounts of up to 35 percent on fines for a bit longer in the legal process to encourage more early settlements. Accountants that have been found to be dishonest should be banned from a professional accounting body for at least 10 years, it said, longer than many of the bans imposed so far. The FRC said it will now decide which recommendations to adopt to ensure that sanctions imposed continue to be fair, effective and in the public interest. Reporting by Huw Jones; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-accounts-regulator/frc-urged-to-impose-tougher-penalties-on-big-four-idUKKBN1DL1ZS'|'2017-11-21T18:08:00.000+02:00'|8881.0|''|-1.0|'' +8881|'cd72531d09b2e2d610fce50b68fc0f67d809f0d0'|'FRC urged to impose tougher penalties on ''Big Four'''|'November 21, 2017 / 4:08 PM / in 32 minutes FRC urged to impose tougher penalties on ''Big Four'' Huw Jones 3 Min Read LONDON (Reuters) - Misdeeds by the worlds Big Four accounting firms should be punished with much bigger fines, Britains accounting watchdog was advised in a report released on Tuesday. The Canary Wharf financial district is seen at dusk in London, Britain, November 17, 2017. REUTERS/Toby Melville Fines greater than those that have heretofore been imposed may be appropriate in really serious cases, former judge Christopher Clarke said in the study published by the Financial Reporting Council (FRC). The Big Four check the books of nearly all big, listed companies and the FRC has faced criticism for not going harder on them, given they are richer than many of their clients. PwC, one of the big four, was hit with a record 5.1 million pound misconduct fine in August for the way it audited collapsed accounting firm RMS Tenon. A much heftier fine could be justified in cases of seriously poor audit work by a Big Four accounting firm, a reference to PwC, KPMG, EY and Deloitte, the report said. If one of the Big 4 firms was guilty of seriously bad incompetence, in respect of the audit of a major public company... a financial penalty of ten million pounds or more before any discount could be appropriate, the report said. This would still be a fraction of what other regulators like the Financial Conduct Authority have imposed on banks for trying to rig interest rate benchmarks. The FRC has faced repeated criticism for being too slow and too easy on the Big Four, with some of the high profile cases opened against then closed without any action taken, even when other agencies have issued fines. When the FRC brings a case, it argues the fine that should be imposed before an independent tribunal. The report said tribunals should not consider previous record fines as a benchmark for future penalties. The report also recommends offering discounts of up to 35 percent on fines for a bit longer in the legal process to encourage more early settlements. Accountants that have been found to be dishonest should be banned from a professional accounting body for at least 10 years, it said, longer than many of the bans imposed so far. The FRC said it will now decide which recommendations to adopt to ensure that sanctions imposed continue to be fair, effective and in the public interest. Reporting by Huw Jones; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-accounts-regulator/frc-urged-to-impose-tougher-penalties-on-big-four-idUKKBN1DL1ZS'|'2017-11-21T18:08:00.000+02:00'|8881.0|20.0|0.0|'' 8882|'711c92c35ad7b41a8447923a74caa0fc9af2b314'|'Steinhoff didn''t tell investors about nearly $1 billion in deals'|'November 8, 2017 / 7:06 AM / Updated an hour ago Steinhoff didn''t tell investors about nearly $1 billion in deals Tom Bergin , Alasdair Pal 6 Min Read LONDON (Reuters) - German-listed Steinhoff International ( SNHG.DE ) did not tell investors about almost $1 billion in transactions with a related company despite laws that some experts believe require it to do so, a Reuters examination of filings and prospectuses has found. European financial disclosure rules, including the European Union Prospectus Directive, say publicly traded companies must disclose all transactions that are material in the prospectuses they present before a debt or equity sale. The law says a material transaction is one that is big enough to influence investors view of the firms financial health. However, the law does not define the details of a material transaction. One lawyer and two accounting academics told Reuters the transaction was large enough to be material. The EU rules also require disclosure of all transactions with related parties. Those three experts said this would apply to Steinhoff because the transactions involved a company called GT Branding Holding, in which it holds a minority stake. But although the lawyer and two experts said the company should have disclosed the transaction, Steinhoff and one other academic that Reuters spoke to said it might not necessarily be required. Accounts and incorporation documents filed with Swiss, Austrian and German corporate registries show that in 2015 Europes second-largest furniture group by sales bought a 45 percent stake in Swiss company GT Branding Holding and then lent it around 810 million Swiss francs (616.25 million pounds). The details in the publicly available company filings have not previously been reported. Professor Emilios Avgouleas, University of Edinburgh Chair in International Banking Law and Finance, said that the potentially market-sensitive information should have been clearly flagged. That transaction should be disclosed to investors. Its a material transaction and arguably it can lend itself to all kinds of distortions of the share price, he told Reuters. Dennis Jullens, lecturer in accounting at the University of Amsterdam, said the rules were less clear-cut. The rules dont say exactly what size transactions need to be disclosed so there is some judgement involved, he said, adding that, conceivably, a company might argue a large transaction was not material or that very small related party transactions didnt need to be disclosed. A spokesman for Steinhoff said the company complied with all reporting requirements including internal accounting rules and the Prospectus Directive. TRANSACTIONS NOT MATERIAL The company operates across many jurisdictions so many laws will apply. However, as a Dutch-registered and German-listed company, the most important rules it must comply with are those countries local regulations and the EU Prospectus Directive. The transactions were not disclosed in Steinhoffs 2015 or 2016 annual reports, share prospectuses in August 2015 and Nov 2015 and a debt prospectus published in July 2017. The Steinhoff spokesman said the company did not need to provide detailed information about the loans, share purchase or royalties it paid to GT Brandings subsidiary because they did not have a major impact on profitability. All transactions to and from Steinhoff to GT Branding Holding are not material in a qualitative and quantitative way. Therefore in line with IFRS (International Financial Reporting Standards) requirements no related party disclosure was presented in Steinhoffs group financial statements, he said. Spokespeople for the AMF, the financial regulator in the Netherlands where Steinhoff International is registered, German regulator Bafin, the Frankfurt Stock Exchange and Steinhoffs auditor Deloitte all declined to comment on Steinhoffs filings. A spokeswoman for the European Commission, the EUs executive arm, said it did not comment on individual cases and said national authorities were responsible for enforcement of the EU directive. Luxembourg financial regulator Commission de Surveillance du Secteur Financier approved a 2017 Steinhoff bond prospectus. A spokesman declined to say if it would investigate whether the company should have disclosed the transactions. INVESTORS SHOULD KNOW The loans came shortly after Steinhoff bought the 45 percent stake in GT Branding Holding. This created a related party relationship between the two groups. Campion Capital SA owns the other 55 percent. Campion did not reply to emails and phone calls, and Steinhoff declined to answer questions about Campions ownership. GT Branding Holdings main asset is another Swiss company called GT Global Trademarks, which trademark registers show owns around 200 brands used by Steinhoff. Steinhoff used to own GT Global Trademarks. At the end of 2015, the GT Branding debt represented 3.2 percent of Steinhoffs total assets. Three experts said this was significant enough to be above the reporting threshold laid out in the EU Prospectus Directive. It requires the disclosure of any information that could influence an investors view of the companys financial health. A Steinhoff spokesman said while the interest on the loans and royalty payments were related party transactions, they did not need to be disclosed because when netted off, the amount of money flowing between the companies was small. Kecskes Andras, head of Department of Economic and Trade Law at the University of Pecs in Hungary, said transactions with associated companies worth hundreds of millions of euros should be disclosed. Steinhoff, which owns Poundland in Britain, Mattress Firm in the United States and Conforama in France, is under investigation for suspected accounting irregularities by the state prosecutor in Oldenburg, Germany. That investigation is ongoing and Steinhoff denies all wrongdoing. It is not directly linked to the transactions outlined in this story. Editing by Anna Willard'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-steinhoffintlaccounting-disclosure/steinhoff-didnt-tell-investors-about-nearly-1-billion-in-deals-idUKKBN1D80KF'|'2017-11-08T09:06:00.000+02:00'|8882.0|''|-1.0|'' 8883|'1a811c448b8bc9335a1d934a49d3627a75da428b'|'U.S. top court rejects Samsung appeal of patent loss to Apple'|'November 6, 2017 / 2:46 PM / Updated 34 minutes ago Supreme Court rejects Samsung appeal of patent loss to Apple Andrew Chung 3 Min Read (Reuters) - The U.S. Supreme Court on Monday refused to step back into the years-long feud over patents between the worlds top smartphone makers, declining to hear Samsungs ( 005930.KS ) appeal of a lower court ruling that reinstated a jury award of about $120 million in favor of Apple( AAPL.O ). 3D-printed Samsung and Apple logos are seen in this picture illustration made in Zenica, Bosnia and Herzegovina on January 26, 2016. Apple Inc is expected to report a 1.3 percent increase in iPhone sales in the holiday quarter, its slowest ever and a far cry from the double-digit growth investors have come to expect. Apple sold 75.5 million iPhones in the October-December quarter, according to research firm FactSet StreetAccount, 1 million more than what was sold in the year-ago quarter. REUTERS/Dado Ruvic - GF20000107877 The justices left in place a 2016 ruling by the U.S. Court of Appeals for the Federal Circuit that upheld a verdict that found South Koreas Samsung Electronics Co Ltd had infringed Apple Incs patents on several popular features of the California-based companys iPhone. Those included slide-to-unlock, autocorrect and quick links, which automatically turn information like addresses and phone numbers into links. The Supreme Court in December 2016 sided with Samsung in a separate case over its fight with Apple. In that one, the justices threw out a $399 million damages award against Samsung to its American rival for copying key iPhone designs. A judge in California in October ordered a new trial over damages in that case. The current appeal stems from a May 2014 verdict by a jury in federal court in San Jose, California ordering Samsung to pay $119.6 million for using the Apple features without permission. Infringement of the quick links feature accounted for nearly $99 million of the damages. A three-judge panel of the Federal Circuit, a Washington-based court that specializes in patent matters, had originally overturned the verdict, but it was reinstated in an October 2016 ruling by a full slate of 11 judges on that court. Appealing to the Supreme Court, Samsung said that the patent courts judges did not follow proper procedure in reviving the verdict because they made the decision without considering additional legal papers or hearing oral arguments. The judges also wrongly changed the law related to invalidating patents and awarding injunctions, Samsung added. In a dig at the patent court, Samsung told the justices in legal papers that they have long served as the bulwark when the Federal Circuit tips the balance too far in favor of patent-holders rights at the expense of innovation and competition. Apple urged the justices to leave the jury award in place, saying there was nothing novel or important to review in its rivals appeal. The Trump administration backed Apples view. Reporting by Andrew Chung; Editing by Will Dunham'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-usa-court-samsung-elec/supreme-court-rejects-samsung-appeal-of-patent-loss-to-apple-idUKKBN1D61W4'|'2017-11-06T16:47:00.000+02:00'|8883.0|''|-1.0|'' 8884|'b681a69b9838fb2124184355e84756b74964b349'|'Volkswagen re-registers Cayman Islands planes in Germany'|'November 12, 2017 / 3:31 PM / in 10 minutes Volkswagen re-registers Cayman Islands planes in Germany Reuters Staff 2 Min Read BERLIN (Reuters) - Volkswagen ( VOWG_p.DE ) has re-registered in Germany six company jets that were previously registered in the Cayman Islands, a company spokesman said on Sunday, confirming an article in Germanys Welt am Sonntag newspaper. FILE PHOTO: Volkswagen''s logos are pictured at the 45th Tokyo Motor Show in Tokyo, Japan October 25, 2017. REUTERS/Kim Kyung-Hoon/File Photo The spokesman said the move was sparked by new EU regulations stipulating that aircraft must be governed by the authority of the territory where the planes are stationed. Volkswagen had previously denied that the planes were registered in the Cayman Islands for tax-avoidance reasons, saying it was simply a matter of less bureaucracy. Europes biggest carmaker used to have an Airbus A319 for executives use but sold it in the wake of the 2015 dieselgate crisis - which has cost it around $30 billion so far - as a signal of cutting back on an ostentatious corporate lifestyle. Volkswagen now has a total of nine company jets, seven of which were registered in the Cayman Islands. The seventh of those is due to be sold, the spokesman said. Reporting by Andreas Cremer; Writing by Georgina Prodhan; Editing by Susan Fenton'|'reuters.com'|'https://www.reuters.com/finance'|'https://www.reuters.com/article/us-volkswagen-planes-cayman/volkswagen-re-registers-cayman-islands-planes-in-germany-idUSKBN1DC0PP'|'2017-11-12T23:31:00.000+02:00'|8884.0|''|-1.0|'' 8885|'3c4fcda294c538919fa210d454b3cd0f9f58382d'|'METALS-Nickel prices drop on worries China steel demand is losing its shine'|'SYDNEY, Nov 17 (Reuters) - Shanghai nickel prices fell on Friday on worries about growth in Chinese steel markets, with the sector heading into a low consumption period over winter.The base metal, used widely to help make stainless steel, was heading for a 7-percent weekly loss on the Shanghai Futures Exchange.FUNDAMENTALS * SHFE NICKEL: The most-traded ShFE nickel contract had slipped 1.43 percent to 93,030 yuan ($14,044) a tonne by 0137 GMT. The contract closed 2.6 percent weaker the previous day.* OTHER SHFE METALS: The sell-off in nickel came amid across-the-board declines in Chinese metals futures. Active ShFE copper dipped 0.09 percent, while zinc was off 0.44 percent and aluminium 0.68 percent* CHINA ECONOMY: Chinas economy cooled further last month, with industrial output, fixed-asset investment and retail sales missing expectations.* DOLLAR STEADY: The dollar steadied on Friday after coming off the weeks lows against its peers as earlier risk aversion in global financial markets receded, pushing up U.S. yields.* FREEPORT FIRE: A fire has broken out at the main port used by copper miner Freeport-McMoRan Inc in Papua, Indonesia, on Thursday night, company sources said.* BHP Billiton, hopes to fully divest its troubled U.S. onshore shale business in around two years and is also seeking a buyer for its nickel business in Australia.* VW: Volkswagen is not looking to secure long-term supplies of cobalt, a key ingredient of electric-car batteries, by investing in mines, a senior official at the automaker said.* For the top stories in metals and other news, click orMARKETS NEWS * Asian shares rose on Friday as strong U.S. earnings and a step forward in the U.S. Congress on tax reform brightened the mood, even though investors noted that many more hurdles must be passed to reach a final deal on tax cuts.DATA AHEAD (GMT) 0900 Euro zone Current account Sep 1330 U.S. Housing starts Oct 1330 U.S. Building permits OctPRICES Three month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.6241 Chinese yuan renminbi)Reporting by James Regan; Editing by Joseph Radford '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-metals/metals-nickel-prices-drop-on-worries-china-steel-demand-is-losing-its-shine-idUSL3N1NN17S'|'2017-11-17T03:52:00.000+02:00'|8885.0|''|-1.0|'' -8886|'080156b1174d964efe5a2556caf321bdf3704fc0'|'Prudential talks to buyers for 10 billion pound British annuities book - Sky'|'November 6, 2017 / 1:11 PM / a few seconds ago Prudential talks to buyers for $13 billion British annuities book: Sky Reuters Staff 1 Min Read (Reuters) - Britains Prudential ( PRU.L ) plans to break up its 10 billion pound ($13 billion) British pensions annuities book into four parts, in a move that could see the insurer leave its domestic market, Sky News said. FILE PHOTO: The logo of British life insurer Prudential is seen on their building, in London October 21, 2008. REUTERS/Stephen Hird/File Photo The company has contacted potential buyers in the last few weeks, Sky News said on Monday. bit.ly/2h6AcRL The portfolio would be divided into four parts of between 2-3 billion pounds each, Sky said citing a person briefed on the insurers plans. Rothesay Life, Legal & General ( LGEN.L ) and Pension Insurance Corporation were potential buyers according to the media report. A spokesman for Prudential said the insurer does not comment on market rumor and speculation. Reporting by Noor Zainab Hussain in Bengaluru, editing by Louise Heavens'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-prudential-divestiture-annuities/prudential-talks-to-buyers-for-13-billion-british-annuities-book-sky-idUKKBN1D61M3'|'2017-11-06T15:03:00.000+02:00'|8886.0|''|-1.0|'' +8886|'080156b1174d964efe5a2556caf321bdf3704fc0'|'Prudential talks to buyers for 10 billion pound British annuities book - Sky'|'November 6, 2017 / 1:11 PM / a few seconds ago Prudential talks to buyers for $13 billion British annuities book: Sky Reuters Staff 1 Min Read (Reuters) - Britains Prudential ( PRU.L ) plans to break up its 10 billion pound ($13 billion) British pensions annuities book into four parts, in a move that could see the insurer leave its domestic market, Sky News said. FILE PHOTO: The logo of British life insurer Prudential is seen on their building, in London October 21, 2008. REUTERS/Stephen Hird/File Photo The company has contacted potential buyers in the last few weeks, Sky News said on Monday. bit.ly/2h6AcRL The portfolio would be divided into four parts of between 2-3 billion pounds each, Sky said citing a person briefed on the insurers plans. Rothesay Life, Legal & General ( LGEN.L ) and Pension Insurance Corporation were potential buyers according to the media report. A spokesman for Prudential said the insurer does not comment on market rumor and speculation. Reporting by Noor Zainab Hussain in Bengaluru, editing by Louise Heavens'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-prudential-divestiture-annuities/prudential-talks-to-buyers-for-13-billion-british-annuities-book-sky-idUKKBN1D61M3'|'2017-11-06T15:03:00.000+02:00'|8886.0|23.0|0.0|'' 8887|'6abadf5d514b274a3804ae702c69da788803bc70'|'Mitsubishi Materials shares untraded after saying units falsified product data'|'November 24, 2017 / 12:08 AM / in 3 hours Mitsubishi Materials says over 200 customers could be affected by data falsification Sam Nussey , Yuka Obayashi 5 Min Read TOKYO (Reuters) - Mitsubishi Materials Corp ( 5711.T ) on Friday said it was racing to determine the impact of falsified data of products shipped to over 200 customers at home and abroad, in the latest quality assurance and compliance scandal involving a Japanese manufacturer. Mitsubishi Materials on Thursday said three subsidiaries manipulated inspection data of parts used in aircraft, automobiles and industrial machinery. Its shares dropped as much as 11 percent the following day, hitting their lowest price since August. The admission follows a spate of compliance failings at Japanese manufacturers including Kobe Steel Ltd ( 5406.T ), Nissan Motor Co Ltd ( 7201.T ) and Subaru Co Ltd ( 9778.T ) which threatens to shatter the countrys reputation as a maker of high-quality products. At a briefing on Friday, Mitsubishi Materials faced questions over its corporate management after admitting data falsification at Mitsubishi Cable Industries Ltd [MTCBL.UL] was discovered as far back as February, with the subsidiary shipping products with possibly falsified data even after wrongdoing was detected. Making an announcement without pinning down the problem would have caused further disruption and trouble, Mitsubishi Cable President Hiroaki Murata told reporters. The data falsification scandal is the second in as many years to hit a member of the Mitsubishi group, Japans biggest conglomerate, after Mitsubishi Motors Corp ( 7211.T ) admitted it had falsified mileage readings on some of its vehicles. Mitsubishi Materials said customers in Japan, the United States, China and Taiwan may have received affected products. It said an internal investigation will determine the causes of wrongdoing and scope of the matter. My responsibility is to bring countermeasures across the whole company based on the results of the investigation, said Mitsubishi Materials President Akira Takeuchi, in response to questions about whether he would resign over the matter. Minister of Economy, Trade and Industry Hiroshige Seko earlier on Friday called the latest scandal a betrayal of trust in Japanese manufacturing, pointing to the amount of time Mitsubishi Materials took to reveal the wrongdoing. The company said Mitsubishi Cable distorted data on as much as 20 percent of its rubber sealing products, used in aircraft and cars, for two-and-a-half years from April 2015. Of 229 potentially affected customers, 40 have been informed. Mitsubishi Materials Corp. President Akira Takeuchi attends a news conference in Tokyo, Japan November 24, 2017. REUTERS/Toru Hanai Another subsidiary, Mitsubishi Shindoh Co Ltd, manipulated data for metal products, used in cars and electronics, as far back as October 2016. Around half of 29 potentially affected customers have been informed. Mitsubishi Materials, said it stopped shipping affected materials from the two units in October. In both cases the company said it had not found any safety or legal problems. A third subsidiary, Mitsubishi Aluminum Co Ltd, also shipped products which did not meet customers specifications. The safety of products has been confirmed with the 16 affected customers, the parent said. Slideshow (6 Images) Mitsubishi Materials said it did not know whether there would be any impact on its financial outlook. The company has reported the matter to Japans trade, transport and defence ministries, and on Friday said some products supplied to the defence ministry did not meet ministry requirements. Earlier in the day, Defence Minister Itsunori Onodera said his ministry is working to establish any impact of the wrongdoing but does not currently plan to stop using any equipment. Affected products were used in such equipment as aircraft engines. Mitsubishi Materials does not directly supply parts to Airbus SE ( AIR.PA ), which has not yet identified any suppliers receiving products from the company, an Airbus spokesman said. Other manufacturers such as Boeing Co ( BA.N ), Honda Motor Co Ltd ( 7267.T ), Mitsubishi Heavy Industries Ltd ( 7011.T ) and Nissan said they were looking into the issue, company spokespeople confirmed. Toyota Motor Corp ( 7203.T ) said it does not directly procure any affected parts for domestic production, and is still confirming whether its suppliers do. It said it is also still confirming whether it directly or indirectly procures affected parts for overseas production. Mitsubishi Materials disclosure comes after Kobe Steel, Japans third-biggest steelmaker, admitted in October that workers had tampered with product specifications, forcing companies around the world to check the safety of their products. Reporting by Sam Nussey and Yuka Obayashi; Additional reporting by Kentaro Hamada, Jamie Freed, Nobuhiro Kubo and Naomi Tajitsu; Editing by Stephen Coates and Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mitsubishi-ma-scandal/mitsubishi-materials-shares-untraded-after-saying-units-falsified-product-data-idUKKBN1DO00F'|'2017-11-24T02:08:00.000+02:00'|8887.0|''|-1.0|'' 8888|'961a3a1013e3288d4527c5623f471fc40a22dfae'|'Trump''s $250 billion China ''miracle'' adds gloss to off-kilter trade'|'November 9, 2017 / 6:16 AM / in 5 hours Trump''s $250 billion China ''miracle'' adds gloss to off-kilter trade Matthew Miller , Adam Jourdan 4 Min Read BEIJING/SHANGHAI (Reuters) - President Donald Trump can return to the United States claiming to have snagged over $250 billion in deals from his maiden trip to Beijing. Whether those deals live up to the lofty price tag is another question altogether. FILE PHOTO: Boeing''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon/File Photo Watched by Trump and Chinas President Xi Jinping at a signing ceremony in Beijing, U.S. planemaker Boeing Co, General Electric Co and chip giant Qualcomm Inc sealed lucrative multi-billion dollar deals. This is truly a miracle, Chinas Commerce Minister Zhong Shan said at a briefing in Beijing. The quarter of a trillion dollar haul underscores how Trump is keen to be seen to address a trade deficit with the worlds second-largest economy that he has long railed against and called shockingly high on Thursday. Trump has ratcheted up his criticism of Chinas massive trade surplus with the United States - $34.6 billion in September - calling it embarrassing and horrible last week. But many long-standing concerns that U.S. businesses have in China remain, including unfettered access to the China market, cybersecurity and the growing presence of Chinas ruling Communist Party inside foreign firms. This (deal) shows that we have a strong, vibrant bilateral economic relationship, and yet we still need to focus on levelling the playing field, because U.S. companies continue to be disadvantaged doing business in China, William Zarit, chairman of the American Chamber of Commerce in China, told Reuters. U.S. tech companies like Facebook Inc and Google are mostly blocked in China. Automakers Ford Motor Co and General Motors must operate through joint ventures, while Hollywood movies face a strict quota system. PUMP IT UP FILE PHOTO: A sign on the Qualcomm campus is seen, as chip maker Broadcom Ltd announced an unsolicited bid to buy peer Qualcomm Inc for $103 billion, in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/File Photo As is often the case during state visits, many of the deals were packaged as non-binding agreements, gave scant details or rolled over existing tie-ups, helping pump up the headline figure. Qualcomm signed non-binding deals worth $12 billion with Xiaomi, OPPO and Vivo, three Chinese handset makers the firm said it had longstanding relationships with. Qualcomm already earns more than half of its revenues in China. Boeing signed $37 billion in commercial deals, although initial details were scarce. FILE PHOTO: The ticker and logo for General Electric Co. is displayed on a screen at the post where it''s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 30, 2016. REUTERS/Brendan McDermid/File Photo Interesting to see how many of those are past agreements/purchase orders repackaged. Beijing is a master of selling the same agreement 10 times, former Mexican ambassador to China Jorge Guajardo posted on Twitter. Trump did, however, press Xi hard on improving the trade balance between the two countries on Thursday. The United States has to change its policies because they have gotten so far behind on trade with China and frankly with many other countries, he told reporters, adding previous U.S. administrations had allowed it to get out of kilter. We have to fix this, he said. Asked whether the big package of deals would go some way towards helping fix American trade concerns in China, executives were cautiously optimistic. Generally, the sense was that this is all a good thing, and thats great, said Gentry Sayad, a Shanghai-based lawyer who took part in the delegation in Beijing. Now lets see what really happens. Reporting Matt Miller in BEIJING, Adam Jourdan and John Ruwitch in SHANGHAI; Writing by Adam Jourdan; Editing by Bill Tarrant '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/trump-asia-china-deals/trumps-250-billion-china-miracle-adds-gloss-to-off-kilter-trade-idINKBN1D90L7'|'2017-11-09T08:13:00.000+02:00'|8888.0|''|-1.0|'' 8889|'e85961f455985b2783582603ae4f1cc3222bcfc6'|'Mitie appoints former Virgin Active CEO Woolf as CFO'|'November 13, 2017 / 10:54 AM / Updated 15 minutes ago Mitie appoints former Virgin Active boss Woolf as CFO Reuters Staff 2 Min Read (Reuters) - Struggling British outsourcing company Mitie Group ( MTO.L ) has named Paul Woolf, the former boss of Virgin Active Health Clubs, as chief financial officer. The company, which has been restructuring after a string of profit warnings, said Woolf will replace Sandip Mahajan, who has held the role of Group CFO since February. Like its peers, Mitie has been hit hard over the past year by rising labour costs after Britains vote to leave the European Union and unplanned changes on contracts taken on during the financial downturn, often with paper-thin margins. The provider of pest control, cleaning, security and healthcare services said in September it may cut up to 480 jobs as it overhauls its cleaning and engineering divisions, adding that the cost of its turnaround would be higher than expected. Mahajan will step down from the companys board and will take up a new role as the groups Chief Financial Transformation Officer, Mitie said. Mahajan had joined in February from construction firm Balfour Beatty Plc ( BALF.L ), where he served as the finance head. Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Jason Neely and Hugh Lawson'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-mitie-group-cfo/mitie-appoints-former-virgin-active-ceo-woolf-as-cfo-idUKKBN1DD17D'|'2017-11-13T12:53:00.000+02:00'|8889.0|''|-1.0|'' @@ -8903,7 +8903,7 @@ 8901|'ca46dd329ff7ee169cd08981b6c661a48a991c90'|'Israel''s Viola Ventures raises 5th fund for tech investment'|'TEL AVIV, Nov 1 (Reuters) - Israeli venture capital firm Viola Ventures said on Wednesday it has raised a new fund with commitments of over $170 million towards a target of $200 million.This brings the funds assets under management to over $1 billion dedicated to early stage investments.This is the fifth fund raised by Viola Ventures and includes returning investors as well as new ones from the United States, Asia, Europe and Israel. Japanese venture capital firm Mitsubishi UFJ Capital joined the fund as an investor.Viola Ventures, formerly Carmel Ventures, is an independent fund focused on early stage tech investments and is part of the Viola investment group with $2.8 billion in assets under management. (Reporting by Tova Cohen)Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/israel-tech-viola/israels-viola-ventures-raises-5th-fund-for-tech-investment-idINL8N1N724N'|'2017-11-01T08:03:00.000+02:00'|8901.0|''|-1.0|'' 8902|'aa5c25cfd628398edfd166847fbeba229f913ad3'|'US STOCKS SNAPSHOT-Verizon, chipmakers buoy Wall Street'|'November 20, 2017 / 9:08 PM / Updated 17 minutes ago US STOCKS SNAPSHOT-Verizon, chipmakers buoy Wall Street Reuters Staff 1 Min Read NEW YORK, Nov 20 (Reuters) - U.S. stocks rose on Monday with Verizon lifting the telecoms sector after the stock got an upgrade, while a deal in semiconductors boosted high-performing tech shares. The Dow Jones Industrial Average rose 72.09 points, or 0.31 percent, to 23,430.33, the S&P 500 gained 3.29 points, or 0.13 percent, to 2,582.14 and the Nasdaq Composite added 7.92 points, or 0.12 percent, to 6,790.71. (Reporting by Rodrigo Campos; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-verizon-chipmakers-buoy-wall-street-idUSZXN0R5W2I'|'2017-11-20T23:05:00.000+02:00'|8902.0|''|-1.0|'' 8903|'5a7d118b70d36affb639df4ca7cd0bbeb0b3f28a'|'Brazil''s BB Seguridade sees private pension products leading growth'|'SAO PAULO, Nov 6 (Reuters) - Brazils BB Seguridade Participaes SA, the insurance arm of state-controlled Banco do Brasil SA, expects a pickup in the countrys economic activity to compensate for falling interest rates and keep up profitability, Chief Financial Officer Werner Suffert told Reuters on Monday.The company expects the sale of private pension investment products to lead revenue growth over the next quarters, in addition to some growth in agribusiness-related insurance sales. (Reporting by Aluisio Alves; Writing by Tatiana Bautzer; Editing by Chizu Nomiyama) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/bb-seguridade-results/brazils-bb-seguridade-sees-private-pension-products-leading-growth-idINE6N1ML017'|'2017-11-06T12:22:00.000+02:00'|8903.0|''|-1.0|'' -8904|'56dd164b67f570bbb075d770dfd7afd8312924ca'|'Rolls Royce warns Brexit will cause supply chain kinks'|'November 15, 2017 / 2:33 PM / Updated 7 hours ago Rolls Royce warns Brexit will cause supply chain kinks Aby Jose Koilparambil , Sonam Rai 3 Min Read (Reuters) - Rolls-Royce Holdings PLC ( RR.L ) worries border checks after Britain leaves the European Union will disrupt its global supply chain and is looking at measures to offset the rise in national protectionism that it represents, a member of its executive leadership said on Wednesday. FILE PHOTO - A Rolls-Royce logo is seen at the company''s aerospace engineering and development site in Bristol, Britain, December 17, 2015. REUTERS/Toby Melville/File Photo Speaking at the launch of a new partnership with Indian software firm Tata Consultancy Services ( TCS.NS ), the enginemakers head of strategy and marketing Ben Story laid out a range of concerns over the Brexit process for one of Britains highest profile industrial exporters. We are worried about border checks and whether that will make our supply chain flow less fluidly, Story, formerly head of Citibanks UK Investment Banking and Broking unit, told Reuters. We are worried about the talent and making sure that we always get the right talent. We also work very closely with European universities and we worry that may break down and some of the research funding may fall away. We worry about regulations. Business leaders told Prime Minister Theresa May on Monday that she needs to speed up negotiations with the European Union amid concern that Britain will crash out of the worlds biggest trading bloc in 2019 without a deal. Slow progress in the talks with Brussels has unsettled businesses and drawn warnings that unless a transition is agreed soon, some may begin activating Brexit contingency plans - which may include moving out of the country. We built our whole supply chain assuming a kind of a globalising world and an open world, Story said. What Brexit has made us do is ... step back and think about that a little more. Going forward we need to be thoughtful and careful about where we make investments, where we build capabilities, how to build in redundancy. Story said the engineering major has a lot of flexibility and choice as it has manufacturing facilities outside Britain, in Germany and Singapore among others. Reporting by Aby Jose Koilparambil and Sonam Rai in Bengaluru; Editing by Patrick Graham and Saumyadeb Chakrabarty'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-rollsroyce/rolls-royce-warns-brexit-will-cause-supply-chain-kinks-idUKKBN1DF21Q'|'2017-11-15T16:33:00.000+02:00'|8904.0|''|-1.0|'' +8904|'56dd164b67f570bbb075d770dfd7afd8312924ca'|'Rolls Royce warns Brexit will cause supply chain kinks'|'November 15, 2017 / 2:33 PM / Updated 7 hours ago Rolls Royce warns Brexit will cause supply chain kinks Aby Jose Koilparambil , Sonam Rai 3 Min Read (Reuters) - Rolls-Royce Holdings PLC ( RR.L ) worries border checks after Britain leaves the European Union will disrupt its global supply chain and is looking at measures to offset the rise in national protectionism that it represents, a member of its executive leadership said on Wednesday. FILE PHOTO - A Rolls-Royce logo is seen at the company''s aerospace engineering and development site in Bristol, Britain, December 17, 2015. REUTERS/Toby Melville/File Photo Speaking at the launch of a new partnership with Indian software firm Tata Consultancy Services ( TCS.NS ), the enginemakers head of strategy and marketing Ben Story laid out a range of concerns over the Brexit process for one of Britains highest profile industrial exporters. We are worried about border checks and whether that will make our supply chain flow less fluidly, Story, formerly head of Citibanks UK Investment Banking and Broking unit, told Reuters. We are worried about the talent and making sure that we always get the right talent. We also work very closely with European universities and we worry that may break down and some of the research funding may fall away. We worry about regulations. Business leaders told Prime Minister Theresa May on Monday that she needs to speed up negotiations with the European Union amid concern that Britain will crash out of the worlds biggest trading bloc in 2019 without a deal. Slow progress in the talks with Brussels has unsettled businesses and drawn warnings that unless a transition is agreed soon, some may begin activating Brexit contingency plans - which may include moving out of the country. We built our whole supply chain assuming a kind of a globalising world and an open world, Story said. What Brexit has made us do is ... step back and think about that a little more. Going forward we need to be thoughtful and careful about where we make investments, where we build capabilities, how to build in redundancy. Story said the engineering major has a lot of flexibility and choice as it has manufacturing facilities outside Britain, in Germany and Singapore among others. Reporting by Aby Jose Koilparambil and Sonam Rai in Bengaluru; Editing by Patrick Graham and Saumyadeb Chakrabarty'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-rollsroyce/rolls-royce-warns-brexit-will-cause-supply-chain-kinks-idUKKBN1DF21Q'|'2017-11-15T16:33:00.000+02:00'|8904.0|26.0|0.0|'' 8905|'332ce6b4e9d10b914ee01e031f18446eaf0c81a3'|'As Venezuela pumps below OPEC target, oil rivals begin filling gap'|'November 20, 2017 / 5:02 AM / Updated 2 minutes ago As Venezuela pumps below OPEC target, oil rivals begin filling gap Marianna Parraga , Rania El Gamal 5 Min Read HOUSTON/DUBAI, Nov 20 (Reuters) - As Venezuelas dilapidated energy sector struggles to pump enough crude oil to meet the countrys OPEC output target, rival producers within the exporters group have started to plug the gap, OPEC and industry sources said. The South American countrys oil output hit a 28-year low in October as state-owned oil giant PDVSA struggled to find the funds to drill wells, maintain oilfields and keep pipelines and ports working. Venezuela''s oil production, which has been falling by about 20,000 barrels per day (bpd) per month since last year, is on track to fall by at least 250,000 bpd in 2017 according to numbers reported to the Organization of the Petroleum Exporting Countries (OPEC), as U.S. sanctions and a lack of capital hobble operations. [For a graphic on Venezuelan and Iraqi oil shipments to the United States and India, click tmsnrt.rs/2A9EKCH ] Some OPEC members expect the fall to accelerate in 2018, reaching at least 300,000 bpd, OPEC sources said. At a recent internal OPEC meeting, Venezuelan officials were asked to give a clearer picture of the countrys declining output. A lot of questions have been raised by Saudis and others to the Venezuelans to present a real picture on the production status and decline, one of the sources said. The topic could come up later this month at the groups next meeting. Saudi Arabia will not raise its output to compensate for this decline as OPECs defector leader is focused on reducing global oil stocks, one OPEC source familiar with Saudi oil policy told Reuters this month. But heavy oil from OPEC member Iraq and non-OPEC producers Canada and Brazil are already replacing Venezuelan barrels to key customers the United States and India, according to the sources and Thomson Reuters data. Iraq has increased shipments of crude and condensate to India by 80,000 bpd this year as Venezuelan deliveries fell by 84,000 bpd. The second largest OPEC producer also has exported 201,000 bpd more oil to the United States this year through October as Venezuelan shipments dropped about 90,000 bpd, according to the Reuters data. Venezuelas weaker output could be good for market rebalance and we could see price stay at $60 for a slightly longer time, one OPEC source said. That doesnt mean there will be no free riders, the source added. PLUGGING THE GAP Venezuela pumped 1.863 million bpd in October, undershooting its OPEC target by 109,000 bpd, according to an assessment that OPEC uses to monitor members output. Venezuela said it had pumped 1.955 million bpd, still below its output target of 1.972 million bpd. There often are discrepancies between the assessment and official figures reported by the OPEC members. When member countries have suffered supply disruptions in the past, other OPEC members have covered the gap, often without changing official production quotas. Saudi Arabia boosted its output in 2003 to offset Iraqs falling exports after the U.S. invasion, but the agreement was never formally disclosed. OPEC discussions of Venezuelas quota is not new. Proposals to change the countrys quota have been raised and batted down several times in OPEC meetings since the South American countrys production started declining in 2012, a Venezuelan government source said. Venezuela has argued in the past, when faced with questions about falling output, that it was working to reverse declines from its sizeable proven oil reserves. But it could be difficult for Venezuelan officials to convince OPEC that an upturn is likely in the near future as the country seeks to restructure $60 billion in debt. Dependent on oil revenues, Venezuela has seen its economy contract sharply in the three years since crude prices collapsed from over $100 a barrel. Reviews of quotas and reallocation of market share can be contentious, and the group may prefer to allow market forces to fill the supply gap left by Venezuelas decline rather than make an official share revision and reallocation to other members, one senior OPEC source said. A formal change would be opening a can of worms that OPEC would not want to do, the source added. OPECs oil ministers will meet in Vienna later this month to discuss supply policy. The group is expected to extend beyond March an agreement under which its members and rival producers, including Russia, have reduced joint output by about 1.8 million bpd. We want a successful meeting on Nov. 30, re-discussing quotas will not be accepted by Venezuela and talking about it at the meeting will just open the door for others to do the same, the senior OPEC source said. Reporting by Rania El Gamal in Dubai and Marianna Parraga in Houston; Editing by Simon Webb and Marguerita Choy'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/opec-venezuela-quotas/as-venezuela-pumps-below-opec-target-oil-rivals-begin-filling-gap-idUSL1N1NF1MW'|'2017-11-20T07:01:00.000+02:00'|8905.0|''|-1.0|'' 8906|'cc5b285c0ed6057071feeff7145be19fcc443bab'|'UPDATE 2-Peru''s Grana y Montero probed for alleged Odebrecht bribes -prosecutor'|'November 13, 2017 / 4:50 PM / Updated 2 hours ago UPDATE 2-Peru''s Grana y Montero probed for alleged Odebrecht bribes -prosecutor Reuters Staff 3 Min Read (Adds response from Grana) LIMA, Nov 13 (Reuters) - The Peruvian attorney generals office is investigating construction group Grana y Montero for alleged involvement in bribes paid to a former president by its Brazilian partner Odebrecht, a lead prosecutor said. Speaking in a televised interview with America Television, Hamilton Castro said that his office has been investigating Grana and other local partners of scandal-plagued Odebrecht despite not speaking publicly about it previously. There is an investigation against the partner companies ... against Grana y Montero and others, Castro, the lead prosecutor on the Odebrecht case, said in the interview late on Sunday. Grana said on Monday that it had not been notified that the company or any of its directors, executives or collaborators were included in the Odebrecht probe. Notwithstanding ... we wish to record our deep interest in knowing the truth and our willingness to collaborate fully in the investigations, Grana said in a statement. Opposition lawmakers have accused prosecutors of political bias for not targeting Grana, Odebrechts most important partner in Peru. Attorney General Pablo Sanchez has dismissed the allegation as retaliation for a separate probe into campaign financing. Granas shares on the Lima and New York stock exchanges, which have plummeted since the Odebrecht scandal broke nearly a year ago, closed more than 4 percent lower on Monday. The company has repeatedly denied any wrongdoing and said an internal probe turned up no evidence that its employees knew about or took part in bribes that Odebrecht has admitted paying to local officials in exchange for lucrative contracts. Castro said an Odebrecht executive who turned states witness, Jorge Barata, told prosecutors the companies that Odebrecht partnered with on two highway projects had paid their share of bribes given to former Peruvian President Alejandro Toledo, who denies wrongdoing. That statement must be corroborated, said Castro, who did not provide additional details on the investigation into Grana. Last week Perus Congress passed legislation to expand a raft of new anti-graft rules and financial restrictions to Grana and other local partners of Odebrecht - driving a more than 20 percent drop in its share value on Friday. Reporting by Mitra Taj; editing by Susan Thomas and Rosalba O''Brien '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/grana-y-montero-odebrecht-fin-investigat/update-1-perus-grana-y-montero-probed-for-alleged-odebrecht-bribes-prosecutor-idUSL1N1NJ0S5'|'2017-11-14T02:10:00.000+02:00'|8906.0|''|-1.0|'' 8907|'00b1459a51a779e76a173bf99b4f41b1bc988177'|'Exclusive - RBR seeks Saudi royal family investment for Credit Suisse: source'|'November 27, 2017 / 3:13 PM / Updated 13 minutes ago Exclusive - RBR seeks Saudi royal family investment for Credit Suisse: source Brenna Hughes Neghaiwi , Oliver Hirt 4 Min Read ZURICH (Reuters) - Activist investor RBR Capital Advisors has offered to connect Credit Suisse with the Saudi royal family as potential major shareholders for the Swiss bank, a person familiar with the matter told Reuters. A logo of Credit Suisse is pictured on a building in Geneva, Switzerland, November 8, 2017. REUTERS/Denis Balibouse The Swiss hedge fund led by Rudolf Bohli, which has a stake in Credit Suisse, last month pushed for a break up of the bank into three parts, hoping to double its market value. The fund in October disclosed a roughly 0.2 percent stake in Credit Suisse. Switzerlands second biggest bank is two years into a restructuring under CEO Tidjane Thiam, who is aiming to boost profitability by concentrating more on wealth management and less on volatile investment banking. In late October, Bohli offered to put Thiam in touch with a representative of the Saudi royal family, the person said. Thiams reaction had been polite but cool, the person added. In discussions with Thiam, the hedge fund manager had suggested Credit Suisse could play a more prominent role in the Middle East with a key shareholder such as the Saudi crown, the person with direct knowledge of the matter said. RBR declined to comment on the matter. The Saudi royal family did not respond to a request for immediate comment. Saudi Arabias Crown Prince Mohammed bin Salman in early November began a crackdown on corruption in the countrys political and business elite, which has included arrests of royals, businessmen and ministers. SOVEREIGN WEALTH FUNDS In an interview in October, Bohli told Reuters he was in contact with 150 investors, including sovereign wealth funds. Most of these investors were not Credit Suisse shareholders, he said. According to the person, Bohli offered to introduce Thiam to a representative of the royal family named Rashad Janahi. Janahi, who formerly managed the Abu Dhabi Investment House, now known as Infra Capital Investments, could not be reached for immediate comment. Reuters could not independently verify Janahis connections to the Saudi royal family. Credit Suisse said last week it had not been approached by any Saudi sovereign wealth funds about becoming investors after a Financial Times column suggested Saudi Arabian investors could be interested in taking a stake. The paper did not provide a source for its information. Several sovereign wealth funds in the Gulf region hold investments in some European banks. Qatar Investment Authority, for example, holds stakes in Credit Suisse and Barclays. Abu Dhabis Mubadala Investment Co. has a stake in Italian bank UniCredit and Swiss private bank Falcon via its Aabar Investments division. Credit Suisse has cited Saudi Arabia as a very important market and is applying for an on-shore banking licence with the aim of expanding its business there. Privately held Saudi investment conglomerate Olayan Financing Company holds a 4.9 percent in Credit Suisse, according to the banks information. This places Olayan, along with Harris Associates and Qatars sovereign wealth fund, amongst its biggest shareholders. The Swiss banks turnaround plan is nearing the final year. The plan has undergone several adjustments, including a paring back of profitability targets, since they were first established in 2015. Its aim to focus the bank more on wealth management and less on investment banking has included several thousand job cuts in Switzerland, London and New York. Credit Suisse shares, which have underperformed the European banking sector index, have fallen in value by nearly two-thirds from a high above 27 Swiss francs (20.61) in late July 2015 to a low of 9.4 francs in July 2016. They have since recovered to trade above 16 francs per share. Additional reporting by Stanley Carvalho in Abu Dhabi, Samia Nakhoul and Saeed Azhar in Riyadh. Editing by Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-credit-suisse-gp-saudi-exclusive/exclusive-rbr-seeks-saudi-royal-family-investment-for-credit-suisse-source-idUKKBN1DR1V2'|'2017-11-27T17:13:00.000+02:00'|8907.0|''|-1.0|'' @@ -8911,7 +8911,7 @@ 8909|'4ad72fcc6a0f30758fd463fcbf79798945c71d03'|'Asian stocks slip as oil woes sap sentiment, euro stands tall'|'November 15, 2017 / 12:41 AM / in an hour Asian stocks skid as oil woes sap sentiment, euro stands tall Shinichi Saoshiro 4 Min Read TOKYO (Reuters) - Asian stocks stumbled on Wednesday after weaker crude oil prices took a toll on Wall Street, while the euro kept big gains after enjoying a boost from robust German economic growth. People walk past an electronic stock quotation board outside a brokerage in Tokyo, Japan, September 22, 2017. REUTERS/Toru Hanai Spreadbetters tipped opening losses for Britains FTSE of 0.1 percent, a 0.25 percent decline for Germanys DAX and Frances CAC is seen down 0.15 percent. MSCIs broadest index of Asia-Pacific shares outside Japan was down 0.6 percent. Chinas Shanghai index was down 0.55 percent, Australian stocks dropped 0.6 percent and South Koreas KOSPI shed 0.4 percent. Japans Nikkei lost 1.5 percent. The decline by U.S. equities led by energy shares is having a knock-on effect, dampening sentiment in sectors related to energy and industry, said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo. Broadly speaking equities had enjoyed an almost uninterrupted run for the past few months, so we are seeing a bit of a correction finally emerging. Lifted by steady economic growth, supportive monetary policies and solid corporate earnings, global equities have rallied hard, with those in the United States, Germany and South Korea scaling record heights recently, while Japans Nikkei climbed a 26-year peak. BofA Merrill Lynchs November fund manager survey found that a record high 16 percent of respondents are taking above normal levels of risk in their investment. Icarus is flying ever closer to the sun, said Michael Hartnett, chief investment strategist at BofA Merrill Lynch. All three major U.S. stock indexes dipped on Tuesday as an extended drop in crude oil prices hit energy shares and as General Electric plunged for a second straight day. [.N] The euro stood little changed at $1.1787 after rising 1.1 percent overnight to a 2-1/2-week high of $1.1805 as data showed Germanys economy shifted into a higher gear in the third quarter. Pressured by the euros surge, the dollar index against a basket of six major currencies lost about 0.7 percent overnight. It last stood flat at 93.870.. The greenback was 0.2 percent lower at 113.230 yen after pulling back from a high of 113.910 the previous day. The yen as well as Japans equity and bond markets showed little reaction to Wednesdays GDP data. Japans economy grew for the seventh straight quarter during the July-September period, although this was tempered somewhat as private consumption declined for the first time since the last quarter of 2015. The immediate focus for the dollar, and a potential catalyst, was data on U.S. consumer prices due later in the global day. Financial markets, which are betting the Federal Reserve will hike interest rates in December, will be looking for clues to gauge how many more rate increases could be in store next year. Crude oil prices stretched losses, weighed by forecasts for rising U.S. crude output and a gloomier outlook for global demand growth in a report from the International Energy Agency (IEA). U.S. crude futures were down 1.1 percent at $55.07 per barrel and on track for their fourth day of losses. Brent lost 1.3 percent to $61.42 per barrel. With oil prices having slid steadily from 28-month highs scaled last week, commodity currencies came under pressure. The Canadian dollar stood at C$1.2740 per dollar after weakening to a one-week low of C$1.2773 overnight. The Australian dollar faced additional headwinds after Wednesdays data showed the countrys wages did not rise as much as expected last quarter. The Aussie fell about 0.7 percent to a four-month trough of $0.7576. Shanghai nickel and zinc tumbled alongside steel, extending losses from the previous session, with the commodities still reeling after the previous days indicators pointed to slowing industrial production growth in China. [MET/L] On Tuesday, a batch of data from China - Australias biggest export market - showed the economy cooled further last month, with industrial output, fixed asset investment and retail sales missing expectations. Reporting by Shinichi Saoshiro; Editing by Shri Navaratnam '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/global-markets/asian-stocks-slip-as-oil-woes-sap-sentiment-euro-stands-tall-idINKBN1DF02T'|'2017-11-14T21:41:00.000+02:00'|8909.0|''|-1.0|'' 8910|'6d5237b5a5a525c4b4abcfccd87c309b4da9fce5'|'UPDATE 3-ThyssenKrupp lifted by record orders as shifts from steel'|'ESSEN, Germany (Reuters) - Demand for next-generation lifts and car components enabled Thyssenkrupp ( TKAG.DE ) to report its highest annual order intake in five years as the German firm slowly exits steelmaking.Thyssenkrupp is in the middle of a major shift under Chief Executive Heinrich Hiesinger towards technology and away from the more volatile steel industry, its traditional mainstay.It has sold its money-losing Brazilian steel mill CSA Cia Siderrgica do Atlntico SA to Ternium SA ( TX.N ) and struck a deal to combine its European steel businesses with that of Indias Tata Steel ( TISC.NS ) in 2018.The structural problems in the European steel industry have not gone away. We still have significant overcapacities also on the European flat steel market, Hiesinger said on Thursday.But labor representatives are demanding job protection for workers and say Thyssenkrupp is shirking responsibility for a business whose roots go back more than 200 years.Hiesinger said he remained confident an agreement with workers can be found as thousands were expected to stage demonstrations at Thyssenkrupps tin plate production site in Andernach, calling for job and plant guarantees.All conceivable alternatives would involve far greater job cuts, Hiesinger said, referring to 2,000 job losses that were already announced along with the joint venture in September.Shareholder Cevian, which holds around 18 percent of Thyssenkrupp, described the results as concerning, saying management had set a target four years ago to achieve operating margins of 6-7 percent but was only making half that.The strategy has not yet delivered what was promised Cevian co-founder Lars Foerberg told German daily Handelsblatt in an interview.He said while the company had found a good solution for the steel division, it needed to look at finding the right structure for its other divisions to become more competitive.A logo of ThyssenKrupp AG is pictured outside the ThyssenKrupp headquarters in Essen, November 23, 2017. REUTERS/Thilo Schmuelgen There are various options to find the right structure. A joint venture, decentralized company structure, spin-off. The main point is that old-style conglomerates dont work, he said.The chief executive of Siemens ( SIEGn.DE ) also said earlier this month that he saw no future for old-school conglomerates.CATCHING A LIFTSlideshow (2 Images) While slowly reducing its dependency on steel, Thyssenkrupp is staking its future on its elevators unit, its most profitable, as well as demand from the automotive sector, its biggest customer group accounting for about a quarter of sales.ThyssenKrupps order intake rose 18 percent to 44.29 billion euros ($52 billion) in the financial year to Sept. 30 while adjusted earnings before interest and tax (EBIT) reached 1.91 billion euros, beating the 1.73 billion expected by analysts in a Reuters poll.Operating profit at its elevators unit, which mostly caters to clients in the United States and Europe with its internet-connected elevators, rose 7 percent to 922 million euros, making it the groups single biggest profit contributor.At its components technology unit, which supplies parts to nine out of 10 premium cars, including all models of electric car maker Tesla ( TSLA.O ), operating profit grew 12 percent to 377 million euros.Shares in the group turned positive after sharp early falls, and closed up almost 4 percent. The numbers came out better than feared, although the outlook could disappoint people a bit, said one trader.Thyssenkrupp, which recommended an unchanged dividend of 0.15 euros per share, said it expects adjusted EBIT this year of 1.8-2.0 billion euros while analysts on average expect 2.03 billion euros.($1 = 0.8462 euros)Editing by Douglas Busvine, Alexander Smith and Adrian Croft '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-thyssenkrupp-results/thyssenkrupp-lifted-by-record-orders-as-shifts-from-steel-idUSKBN1DN103'|'2017-11-23T12:34:00.000+02:00'|8910.0|''|-1.0|'' 8911|'b0f4ce4c3996496b623c5125744c8cb370a9b879'|'ASEAN signs free trade, investment pacts with Hong Kong'|'Reuters TV United States November 12, 2017 / 8:46 AM / a few seconds ago ASEAN signs free trade, investment pacts with Hong Kong James Pomfret , Enrico Dela Cruz 3 Min Read MANILA (Reuters) - Hong Kong on Sunday signed free trade and investment pacts with the ten-nation Association of Southeast Asian Nations, in what one of the Chinese territorys senior officials called a loud and clear vote against rising regional trade protectionism. The pacts conclude nearly three years of talks, are expected to take effect on January 1 at the earliest, and aim to bring deeper and bolder integration of market access with the bloc, said Edward Yau, Hong Kongs commerce and development secretary. In the face of protectionist sentiments in other parts of the world, these two agreements are in fact a loud and clear vote from all of us here for freer and more open trade, Yau said. Hong Kong, being a free trade promoter and advocate of a strong, rule-based multilateral trading system, will continue to take this pathway, continue to do our utmost. Total merchandise trade between Hong Kong and ASEAN was HK$833 billion ($107 billion) last year, official figures show. Total services trade was HK$121 billion ($16 billion) in 2015. The ASEAN Hong Kong China Free Trade Agreement (AHKCFTA) was signed on the sidelines of a summit of the regional grouping in the Philippine capital of Manila. It came after leaders attending an Asia-Pacific Economic Cooperation (APEC) summit in Vietnam agreed to tackle unfair trade practices and market distorting subsidies in a statement on Saturday that bore the imprint of U.S. President Donald Trumps efforts to reshape the global trade landscape. That summit offered a contrast between the vision of U.S. President Donald Trumps America First policy and a traditional consensus favoring multinational deals that China now seeks to champion. While Hong Kong already has one of the worlds freest and most open economies, the pacts will see many ASEAN countries gradually eliminate or slash customs duties on goods from the former British colony that returned to Chinese rule in 1997. Professional services are also expected to benefit, with increased investment flows, Yau added. The ASEAN grouping includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. ($1=7.8009 Hong Kong dollars) Reporting by James Pomfret; Editing by Clarence Fernandez'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-asean-summmit-hongkongtrade/asean-signs-free-trade-investment-pacts-with-hong-kong-idUKKBN1DC08Z'|'2017-11-12T10:34:00.000+02:00'|8911.0|''|-1.0|'' -8912|'2bd55ed0c5ac2e31c363c06fa60fd4b664f793b4'|'TPP talks without U.S. near final stretch ahead of APEC'|'November 1, 2017 / 11:57 AM / in 16 minutes TPP talks without U.S. near final stretch ahead of APEC Reuters Staff 3 Min Read URAYASU, Japan (Reuters) - The 11 remaining nations in the Trans-Pacific Partnership (TPP) without the United States edged towards sealing a comprehensive free trade pact after New Zealand agreed to amend laws that are not subject to TPP, to enable its ban on foreign home purchases. FILE PHOTO - Japan''s Prime Minister Shinzo Abe speaks next to a map showing participating countries in rule-making negotiations for the Trans-Pacific Partnership (TPP) during a news conference at his official residence in Tokyo March 15, 2013. REUTERS/Toru Hanai/File Photo The pact aims to eliminate tariffs on industrial and farm products across an 11-nation bloc whose trade totalled $356.3 billion (268.78 billion pounds) last year. This weeks compromise saves member nations from having to renegotiate the ambitious trade pact to accommodate the New Zealand governments demands for firm measures to rein in housing prices. It also brings member countries closer to an important victory in support of free trade to be finalised at an Asia-Pacific Economic Cooperation summit next week in Vietnams central city of Danang. The momentum towards (an agreement) at the meeting in Danang has significantly increased, said Japans chief TPP negotiator, Kazuyoshi Umemoto. Negotiators gathered for three days in Urayasu, east of the Japanese capital, to narrow down which terms of the original 12-nation deal to suspend, so as to salvage the pact at the Vietnam summit. Canada though played down the chances of any kind of formal deal next week, citing the need to ensure the provisions in a new TPP treaty would not cause problems at ongoing talks to update the trilateral North American Free Trade Agreement. The NAFTA talks are due to wrap up next March. Were moving quite expeditiously but its probably going to take a little longer, so as for a signature (next week) - thats highly optimistic, said an Ottawa source familiar with the governments position. New Zealand Prime Minister Jacinda Ardern, who was sworn in last week, has announced plans to ban foreign home purchases that should curb speculation without forcing TPP countries to renegotiate the pact. Japan hopes the deal, which links 11 countries with a combined GDP of $12.4 trillion, can show other nations it is able to champion free trade. It could also help Japan resist U.S. pressure for a two-way trade pact, which is likely to come up when President Donald Trump visits, from Sunday until Tuesday, for a summit with Prime Minister Shinzo Abe. The TPP pact was thrown into doubt when Trump pulled the United States out in January to prioritise protecting jobs. New Zealand and Vietnam subsequently pushed to renegotiate it, but countries have been able to narrow their differences in the final stretch. Reporting by Kaori Kaneko and Stanley White in Urayasu and David Ljunggren in Ottawa; Editing by Clarence Fernandez and Chizu Nomiyama'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-trade-tpp-japan/tpp-talks-without-u-s-near-final-stretch-ahead-of-apec-idUKKBN1D14M1'|'2017-11-01T21:37:00.000+02:00'|8912.0|''|-1.0|'' +8912|'2bd55ed0c5ac2e31c363c06fa60fd4b664f793b4'|'TPP talks without U.S. near final stretch ahead of APEC'|'November 1, 2017 / 11:57 AM / in 16 minutes TPP talks without U.S. near final stretch ahead of APEC Reuters Staff 3 Min Read URAYASU, Japan (Reuters) - The 11 remaining nations in the Trans-Pacific Partnership (TPP) without the United States edged towards sealing a comprehensive free trade pact after New Zealand agreed to amend laws that are not subject to TPP, to enable its ban on foreign home purchases. FILE PHOTO - Japan''s Prime Minister Shinzo Abe speaks next to a map showing participating countries in rule-making negotiations for the Trans-Pacific Partnership (TPP) during a news conference at his official residence in Tokyo March 15, 2013. REUTERS/Toru Hanai/File Photo The pact aims to eliminate tariffs on industrial and farm products across an 11-nation bloc whose trade totalled $356.3 billion (268.78 billion pounds) last year. This weeks compromise saves member nations from having to renegotiate the ambitious trade pact to accommodate the New Zealand governments demands for firm measures to rein in housing prices. It also brings member countries closer to an important victory in support of free trade to be finalised at an Asia-Pacific Economic Cooperation summit next week in Vietnams central city of Danang. The momentum towards (an agreement) at the meeting in Danang has significantly increased, said Japans chief TPP negotiator, Kazuyoshi Umemoto. Negotiators gathered for three days in Urayasu, east of the Japanese capital, to narrow down which terms of the original 12-nation deal to suspend, so as to salvage the pact at the Vietnam summit. Canada though played down the chances of any kind of formal deal next week, citing the need to ensure the provisions in a new TPP treaty would not cause problems at ongoing talks to update the trilateral North American Free Trade Agreement. The NAFTA talks are due to wrap up next March. Were moving quite expeditiously but its probably going to take a little longer, so as for a signature (next week) - thats highly optimistic, said an Ottawa source familiar with the governments position. New Zealand Prime Minister Jacinda Ardern, who was sworn in last week, has announced plans to ban foreign home purchases that should curb speculation without forcing TPP countries to renegotiate the pact. Japan hopes the deal, which links 11 countries with a combined GDP of $12.4 trillion, can show other nations it is able to champion free trade. It could also help Japan resist U.S. pressure for a two-way trade pact, which is likely to come up when President Donald Trump visits, from Sunday until Tuesday, for a summit with Prime Minister Shinzo Abe. The TPP pact was thrown into doubt when Trump pulled the United States out in January to prioritise protecting jobs. New Zealand and Vietnam subsequently pushed to renegotiate it, but countries have been able to narrow their differences in the final stretch. Reporting by Kaori Kaneko and Stanley White in Urayasu and David Ljunggren in Ottawa; Editing by Clarence Fernandez and Chizu Nomiyama'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-trade-tpp-japan/tpp-talks-without-u-s-near-final-stretch-ahead-of-apec-idUKKBN1D14M1'|'2017-11-01T21:37:00.000+02:00'|8912.0|29.0|0.0|'' 8913|'fd5e31dad266c1533702edc7bddffbe42c852e51'|'FTSE remains stuck under sterling pressure'|'November 30, 2017 / 9:57 AM / Updated an hour ago FTSE retreats on sterling pressure, posts November loss Kit Rees , Julien Ponthus 4 Min Read LONDON (Reuters) - Britains index of leading shares lagged behind their European peers for a second session on Thursday, as it remained under pressure from a rising sterling buoyed by Brexit talks optimism. Pedestrians pass the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall Britains blue chip FTSE 100 index closed down 0.9 percent lower at 7,326.67 points and ended November with a 2.1 percent loss, its worst since June, as the pound hit a two-month high. The FTSE 100 has been at the mercy of the pound today and even though the market managed to swing to positive territory earlier today, it was dragged back into the red as sterling picked up, CMC Markets Analyst David Madden told clients in a late afternoon note. A report that Britain is close to a deal over the Northern Ireland border on Thursday added to the upbeat mood following Tuesdays media reports that Britain had reached a deal with the European Union over the size of its Brexit divorce bill. In 2016, the FTSE 100 gained more than 14 percent, thanks to a fall in sterling after the June Brexit vote. This gave an accounting boost to the blue chip constituents which generate revenues in dollars. By contrast the FTSE 100 is on course for a more modest gain of about 2.5 percent for 2017. Jasper Lawler, head of research at London Capital Group, said that investors could be looking at mainland Europe as a place to park their money instead of UK equities. The natural assumption is that the stronger rate of economic growth that Europe is seeing gets translated into earnings for European companies, and it looks like their monetary policy is going to remain more accommodative for longer than in the UK, Lawler said. A few companies bucked the trend like international private healthcare provider Mediclinic, whose shares jumped 4.7 percent on the back of a double upgrade from Jefferies to buy from underperform. With the precipitous fall in the share price that overshot our prior PT (price target), we have reassessed our stance to understand if there is an opportunity for value, analysts at Jefferies said in a note. A model revamp and re-analysing the UAE highlights significant value and creates a great buying opportunity. BAE Systems rose 1.5 percent after the defence firm said that it expected no material impact on its earnings from new accounting standards. Aviva edged up 0.4 percent after it announced it expects to generate an extra 3 billion pounds ($4 billion) in cash over the next two years and will make acquisitions as well as giving money back to shareholders, sending its share price to three-month highs. Shares in newspaper publisher Daily Mail and General Trust plummeted close to 24 percent, their biggest one-day drop in more than 20 years after the group reported a 13 percent drop in profit and a weak outlook. Supermarkets also suffered, as a survey showed that British consumers, the main drivers of the economy, were at their least confident since just after last years Brexit vote. Tesco lost about 2 percent and Sainsbury was down 1.4 percent. Elsewhere losses for energy stocks weighed, with BP Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Siju Varghese) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-nov-23-idUSL3N1NT1UD'|'2017-11-23T08:06:00.000+02:00'|8915.0|''|-1.0|'' @@ -8937,13 +8937,13 @@ 8935|'a5e4aafa14c30d94a2e03e1ec7fd6d740b3c2d98'|'European shares dip, earnings dent sentiment'|'(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets)LONDON, Nov 21 (Reuters) - European shares opened lower on Tuesday as a flow of trading updates and corporate news dented sentiment despite continued faith in the underlying strength of the European economy and a synchronised global expansion.The STOXX 600 benchmark was down 0.3 percent by 0820 GMT with most European bourses and sectors trading in negative territory.Germanys DAX was just 0.2 percent lower after Chancellor Angela Merkel said she would prefer a new election to minority rule, following the failure of overnight talks on forming a three-way coalition.Aggreko, the worlds largest listed temporary power provider, was the worst performer, losing 9.7 percent after a trading update that got investors worried about 2018 prospects when it said its pipeline was taking longer to convert.Other UK corporates also suffered after publishing their results, such as Melrose, down 7.1 percent, Johnson Matthey, which fell 4 percent, as well as Intertek and Compass, which retreated 2.6 percent and 3.3 percent respectively.EasyJet was the top performer with a 4.6 percent rise as it said it was benefiting from the collapse of rivals and from problems at Ryanair. (Reporting by Julien Ponthus, Editing by Kit Rees and Georgina Prodhan) '|'reuters.com'|'https://in.reuters.com/finance'|'https://in.reuters.com/article/europe-stocks/european-shares-dip-earnings-dent-sentiment-idINL8N1NR1JU'|'2017-11-21T05:41:00.000+02:00'|8935.0|''|-1.0|'' 8936|'8329001ac7b1ef4ad80fb5d416278133f238769d'|'CME to launch new Black Sea grain futures with Platts'|'November 13, 2017 / 10:12 AM / in 10 minutes CME to launch new Black Sea grain futures with Platts Reuters Staff 2 Min Read PARIS, Nov 13 (Reuters) - CME Group is to launch next month Black Sea wheat and corn futures based on S&P Global Platts price benchmarks to target the fast-growing exporting region. The cash-settled Black Sea Wheat FOB (Platts) and Black Sea Corn FOB (Platts) futures contracts will begin trading on Dec. 18, subject to regulatory clearance, the Chicago-based derivatives exchange said on Monday. The wheat contract is based on the Platts Russian Wheat 12.5 percent protein FOB (free on board) Black Sea Deep Water daily price assessment, while the Black Sea Corn contract is based on the Platts Ukrainian Corn FOB Black Sea daily assessment, CME said in a statement. The contracts will be denominated in U.S. dollars, have 50 metric tonne lots, and tradeable as blocks with a minimum of five lots. Like in Australia, where CME this year launched wheat derivatives based on a Platts price index, the Black Sea contracts will be available for trading via CMEs Globex futures platform and for clearing through CME Clearport for off-exchange trades. The Black Sea contracts would also offer two settlement periods, whereby 12 whole-month contracts and 24 half-month futures contracts are available to trade. A CME spokeswoman said this was tailored to local market practices where two-week shipping windows are common. The Black Sea region, which includes the worlds biggest wheat exporter, Russia, has increasingly attracted interest for developing price references. The CME spokeswoman said the group would maintain its existing Black Sea grain futures that offer physical delivery. The contracts have attracted minimal volume. The new Black Sea products extend CMEs reach in grain markets, after its launch last year of a European Union wheat contract, and also marks a push to cater for derivative deals not traded on exchanges. Euronext, whose France-based contract is the benchmark for the western European wheat market, is also looking at Black Sea derivatives. Reporting by Gus Trompiz, editing by Louise Heavens '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/cme-group-blacksea-futures/cme-to-launch-new-black-sea-grain-futures-with-platts-idUSL8N1NJ2FS'|'2017-11-13T12:11:00.000+02:00'|8936.0|''|-1.0|'' 8937|'3dc506a66b9f4186d435e4dbe592de47d5b56da2'|'German economy to grow much stronger than expected in 2017 - Ifo'|'November 17, 2017 / 5:44 PM / Updated an hour ago German economy to grow much stronger than expected in 2017: Ifo Michael Nienaber 2 Min Read BERLIN (Reuters) - The German economy will grow much more strongly than expected in 2017, expanding at its fastest rate in six years, the Ifo institute said on Friday, adding that the broad-based upswing would extend into next year. A long-exposure picture shows a container ship, at a loading terminal, in the harbour of Hamburg, Germany April 6, 2017. REUTERS/Fabian Bimmer Europes biggest economy is in the middle of a consumer-led upturn, helped by record-high employment, moderate inflation and ultra-low borrowing costs. Exports and company investments in equipment have kicked in as additional growth drivers in the past months. Tax revenues and the states budget surplus are growing, which should improve Chancellor Angela Merkels chances of successfully concluding tricky negotiations on a three-way coalition agreement in coming days. Ifo raised its 2017 growth forecast to 2.3 percent from 1.9 percent, its economist Timo Wollmershaeuser said, confirming a pre-release of a report by Der Spiegel magazine to be published on Saturday. This would be the strongest growth rate since the 3.7 percent registered in 2011, when massive state spending followed the financial crisis and the global economic downturn. The new Ifo estimate translates into a calendar-adjusted gross domestic product (GDP) growth rate of around 2.6 percent, Wollmershaeuser told Reuters, adding that he expected the strong upswing to carry on into 2018. His comments followed data on Tuesday that showed a better-than-expected quarter-on-quarter expansion of 0.8 percent between July and September. The government said last month it expected the economy to grow 2.0 percent in 2017 and 1.9 percent in 2018, unadjusted for calendar effects. Merkels conservatives are struggling to forge a coalition government with the pro-business Free Democrats (FDP) and the left-leaning Greens, an alliance untested at national level. Reporting by Michael Nienaber; Editing by Andrea Shalal and John Stonestreet'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-germany-economy-ifo/german-economy-to-grow-much-stronger-than-expected-in-2017-ifo-idUKKBN1DH2BH'|'2017-11-17T19:36:00.000+02:00'|8937.0|''|-1.0|'' -8938|'a9753bf0cadb7ac753821fc20db53022c0ccd821'|'Ryanair launches programme to improve pilot management - memo'|'November 10, 2017 / 9:50 PM / Updated 16 hours ago Ryanair launches programme to improve pilot management - memo Conor Humphries , Padraic Halpin 3 Min Read DUBLIN (Reuters) - Ryanair is to increase the number of pilots it employs directly and hire more staff to respond to their queries as part of a new programme to improve its pilot management, according to an internal memo seen by Reuters. FILE PHOTO: Ryanair commercial passenger jet takes off in Colomiers near Toulouse, France, October 19, 2017. REUTERS/Regis Duvignau/File Photo The airline in September cancelled 20,000 flights, saying rostering problems had left it without enough standby pilots to operate without significant delays. The resulting wave of passenger outrage threatened to undo the success of its Always Getting Better customer service drive. Europes largest airline by passenger numbers has responded by promising pilots improved pay and conditions, which it says exceed those offered by rivals. In the memo, Chief People Officer Eddie Wilson said almost 20 of Ryanairs 86 bases had voted for the pay deal as of Friday. However, a number of bases, including its largest hub at London Stansted, have rejected the offer. Some pilots have been using Septembers rostering issue to press for better conditions and the creation of a pan-European representative body; Ryanair has long opposed recognising unions. Ryanair said in the memo sent on Friday that it would dramatically increase the number of pilots employed directly rather than by outside agencies; over 180 first officers would be offered Ryanair contracts in November, and 300 more offers would be made by December. It also said it had hired 1,040 new pilots this year, with the newest entrants receiving the better pay terms, and that it expected another 400 to join by March, bringing its crewing ratio to 11.0 pilots per aircraft from 10.5 by the time the busy European summer schedule begins. A new crew control mobile phone app has also been introduced to speed up the logging of absences, and the memo says Ryanair will double the number of base managers to eight in the weeks ahead to respond even faster to even more pilot queries. We have launched an Always Flying Better (AFB) programme to fill the infrastructure gaps in pilot communications, admin support and effective structures for resolving pilot queries, Wilson said. Wilson also said a problem with allocated leave for December had caused inconvenience to a small number of pilots. Some pilots have said that a significant number of their colleagues have reported being assigned annual leave days without consultation. Asked for more detail, a spokesman said Ryanair did not comment on its internal communications, or its direct engagement with staff. Writing by Padraic Halpin; Editing by Kevin Liffey'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-ryanair-pilots/ryanair-launches-programme-to-improve-pilot-management-memo-idUKKBN1DA2VM'|'2017-11-10T23:50:00.000+02:00'|8938.0|''|-1.0|'' +8938|'a9753bf0cadb7ac753821fc20db53022c0ccd821'|'Ryanair launches programme to improve pilot management - memo'|'November 10, 2017 / 9:50 PM / Updated 16 hours ago Ryanair launches programme to improve pilot management - memo Conor Humphries , Padraic Halpin 3 Min Read DUBLIN (Reuters) - Ryanair is to increase the number of pilots it employs directly and hire more staff to respond to their queries as part of a new programme to improve its pilot management, according to an internal memo seen by Reuters. FILE PHOTO: Ryanair commercial passenger jet takes off in Colomiers near Toulouse, France, October 19, 2017. REUTERS/Regis Duvignau/File Photo The airline in September cancelled 20,000 flights, saying rostering problems had left it without enough standby pilots to operate without significant delays. The resulting wave of passenger outrage threatened to undo the success of its Always Getting Better customer service drive. Europes largest airline by passenger numbers has responded by promising pilots improved pay and conditions, which it says exceed those offered by rivals. In the memo, Chief People Officer Eddie Wilson said almost 20 of Ryanairs 86 bases had voted for the pay deal as of Friday. However, a number of bases, including its largest hub at London Stansted, have rejected the offer. Some pilots have been using Septembers rostering issue to press for better conditions and the creation of a pan-European representative body; Ryanair has long opposed recognising unions. Ryanair said in the memo sent on Friday that it would dramatically increase the number of pilots employed directly rather than by outside agencies; over 180 first officers would be offered Ryanair contracts in November, and 300 more offers would be made by December. It also said it had hired 1,040 new pilots this year, with the newest entrants receiving the better pay terms, and that it expected another 400 to join by March, bringing its crewing ratio to 11.0 pilots per aircraft from 10.5 by the time the busy European summer schedule begins. A new crew control mobile phone app has also been introduced to speed up the logging of absences, and the memo says Ryanair will double the number of base managers to eight in the weeks ahead to respond even faster to even more pilot queries. We have launched an Always Flying Better (AFB) programme to fill the infrastructure gaps in pilot communications, admin support and effective structures for resolving pilot queries, Wilson said. Wilson also said a problem with allocated leave for December had caused inconvenience to a small number of pilots. Some pilots have said that a significant number of their colleagues have reported being assigned annual leave days without consultation. Asked for more detail, a spokesman said Ryanair did not comment on its internal communications, or its direct engagement with staff. Writing by Padraic Halpin; Editing by Kevin Liffey'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-ryanair-pilots/ryanair-launches-programme-to-improve-pilot-management-memo-idUKKBN1DA2VM'|'2017-11-10T23:50:00.000+02:00'|8938.0|17.0|0.0|'' 8939|'d0882a021720b20611d403cde4bdbd8374c48949'|'Ireland''s PTSB no longer required to hold extra capital buffer'|'November 10, 2017 / 1:53 PM / Updated 7 minutes ago Ireland''s PTSB no longer required to hold extra capital buffer Reuters Staff 3 Min Read DUBLIN (Reuters) - Irish mortgage lender permanent tsb (PTSB) ( IL0A.I ), which has reduced the size of its loan book, will not have to hold an extra buffer of capital from 2019 because it is no longer large enough to be considered a systemically important bank, Irelands Central Bank said on Friday. Like other European banks, Irish lenders identified as systemically important to the domestic economy due to their size and market share have to hold additional capital to increase their ability to withstand losses on their lending. The Central Bank began applying the new rules in 2015 and last year added PTSB to its list, setting the amount of extra capital it had to set aside at 0.25 percent of risk-weighted assets from July 2019, rising to 0.5 percent a year later. PTSB, the smallest of Irelands three domestically-owned lenders which is more exposed to the cost of regulation than its rivals, completed a deleveraging programme last year by selling the remains of its mortgage book in the United Kingdom. The Central Bank kept the mark for the other two larger domestic banks, Allied Irish Banks ( ALBK.I ) and Bank of Ireland ( BIRG.I ), at 1.5 percent, to be phased in at a rate of 0.5 percent per year from July 2019. It also increased the buffer set to be applied to Citigroup ( C.N ) by 2021 to 1 percent from 0.5 percent previously due to its increased importance. It will be introduced at 0.25 percent in 2019 and 0.5 percent in 2020. Citigroup shifted the head office of its European retail banking operation to Dublin from London in 2015. The buffers for RBSs Irish retail unit Ulster Bank and UniCredits ( CRDI.MI ) Irish subsidiary, which is primarily involved in structured finance and treasury activities, were unchanged at 0.5 percent and 0.25 percent respectively. The buffers for Other Systemically Important Institutions (O-SIIs) can be set at between 0 and 2.5 percent and are aimed at protecting lenders from potential losses related to excessive credit growth. Irelands banks required the euro zones costliest state bailout following a 2008 property crash, with inadequate regulation identified as one of the causes. Reporting by Padraic HalpinEditing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ireland-banks/irelands-ptsb-no-longer-required-to-hold-extra-capital-buffer-idUKKBN1DA1U1'|'2017-11-10T15:53:00.000+02:00'|8939.0|''|-1.0|'' -8940|'67eb9cea80516c6e07ef8231811183551c08336a'|'Britain''s GVC readies for deals with sale of Turkish operations'|'November 2, 2017 / 10:44 AM / in a few seconds Britain''s GVC readies for deals with sale of Turkish operations Ben Martin 3 Min Read LONDON (Reuters) - British online gambling company GVC ( GVC.L ) is selling its Turkish operations for up to 150 million euros ($175 million) in a deal that removes a hurdle to a potential takeover of Ladbrokes Coral ( LCL.L ) or another rival. FTSE 250-listed GVC said on Thursday that it had agreed to offload its Turkey-facing businesses to Ropso Malta, which provides IT services for the British companys Turkish operations. GVCs business in Turkey, a so-called gray market where many types of gambling are banned, were an obstacle to the company agreeing a takeover of Ladbrokes this year. Ladbrokes shares climbed more than amid speculation that a takeover by GVC is now more likely. GVC shares edged up by 0.5 percent, giving it a market capitalizations of 2.9 billion pounds ($3.84 billion), compared with 2.4 billion pounds for Ladbrokes. Turkey was an issue that I feel we could have resolved (with Ladbrokes), GVC Chief Executive Kenny Alexander told Reuters. If we wanted to participate in consolidation, be it Ladbrokes or anybody else, or be a target ourselves, then this (the Turkey sale) is clearing the path for that. The disposal comes two days after the British government unveiled proposals to cut the maximum stake allowed on gambling machines in UK betting shops, which could hit profits at companies including Ladbrokes and potentially trigger a wave of sector consolidation as gaming businesses seek to offset the financial impact. Alexander said that GVC is unlikely to strike a deal with a competitor until the government has completed its consultation process on betting machine stakes and made a final decision. He added that talks with Ladbrokes had ended after they leaked in August and that the government review had also been an obstacle to a deal. There are a number of other potential M&A targets that we could look to explore and dont be surprised if its not Ladbrokes, GVC is not currently in any discussions. A Ladbrokes spokesman declined to comment. As well as paving the way for potential M&A, the disposal makes GVC more attractive to investors who had been deterred by the companys exposure to Turkey, Alexander said. Regulated and locally taxed markets perceived as less risky will account for about 75 percent of the companys net gaming revenue after the Turkish disposal, which is expected to complete by the end of December. Reporting by Ben Martin; Editing by David Goodman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-gvc-holdings-divestiture/britains-gvc-readies-for-deals-with-sale-of-turkish-operations-idUKKBN1D2195'|'2017-11-02T12:39:00.000+02:00'|8940.0|''|-1.0|'' +8940|'67eb9cea80516c6e07ef8231811183551c08336a'|'Britain''s GVC readies for deals with sale of Turkish operations'|'November 2, 2017 / 10:44 AM / in a few seconds Britain''s GVC readies for deals with sale of Turkish operations Ben Martin 3 Min Read LONDON (Reuters) - British online gambling company GVC ( GVC.L ) is selling its Turkish operations for up to 150 million euros ($175 million) in a deal that removes a hurdle to a potential takeover of Ladbrokes Coral ( LCL.L ) or another rival. FTSE 250-listed GVC said on Thursday that it had agreed to offload its Turkey-facing businesses to Ropso Malta, which provides IT services for the British companys Turkish operations. GVCs business in Turkey, a so-called gray market where many types of gambling are banned, were an obstacle to the company agreeing a takeover of Ladbrokes this year. Ladbrokes shares climbed more than amid speculation that a takeover by GVC is now more likely. GVC shares edged up by 0.5 percent, giving it a market capitalizations of 2.9 billion pounds ($3.84 billion), compared with 2.4 billion pounds for Ladbrokes. Turkey was an issue that I feel we could have resolved (with Ladbrokes), GVC Chief Executive Kenny Alexander told Reuters. If we wanted to participate in consolidation, be it Ladbrokes or anybody else, or be a target ourselves, then this (the Turkey sale) is clearing the path for that. The disposal comes two days after the British government unveiled proposals to cut the maximum stake allowed on gambling machines in UK betting shops, which could hit profits at companies including Ladbrokes and potentially trigger a wave of sector consolidation as gaming businesses seek to offset the financial impact. Alexander said that GVC is unlikely to strike a deal with a competitor until the government has completed its consultation process on betting machine stakes and made a final decision. He added that talks with Ladbrokes had ended after they leaked in August and that the government review had also been an obstacle to a deal. There are a number of other potential M&A targets that we could look to explore and dont be surprised if its not Ladbrokes, GVC is not currently in any discussions. A Ladbrokes spokesman declined to comment. As well as paving the way for potential M&A, the disposal makes GVC more attractive to investors who had been deterred by the companys exposure to Turkey, Alexander said. Regulated and locally taxed markets perceived as less risky will account for about 75 percent of the companys net gaming revenue after the Turkish disposal, which is expected to complete by the end of December. Reporting by Ben Martin; Editing by David Goodman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-gvc-holdings-divestiture/britains-gvc-readies-for-deals-with-sale-of-turkish-operations-idUKKBN1D2195'|'2017-11-02T12:39:00.000+02:00'|8940.0|29.0|0.0|'' 8941|'68579cadee8a595e117a07be23601316a18fe32a'|'BNP chairman says ''no rumour, no comment'' on possible Commerzbank tie-up'|' 34 AM / Updated 4 minutes ago BNP chairman says ''no rumour, no comment'' on possible Commerzbank tie-up Reuters Staff 2 Min Read FRANKFURT (Reuters) - Jean Lemierre, chairman of the board of BNP Paribas ( BNPP.PA ) dampened speculation that Frances biggest bank is interested in a tie-up with Germanys Commerzbank ( CBKG.DE ). Jean Lemierre, Chairman of BNP Paribas, attends the Paris Europlace International Financial Forum in Paris, France, July 11, 2017. REUTERS/Gonzalo Fuentes We are good friends. But we are friends. Competitors. And we like it, Lemierre said on Friday at a banking conference in response to a question. No more, no rumour, no comment, he said, while seated next to Commerzbank CEO Martin Zielke. Several people close to the matter said last month that Commerzbank is working with two investment banks to be prepared in case of a takeover bid from a European rival. The German government, which still holds a 15.6 percent stake, has denied a report that it favoured a merger of Commerzbank with Frances BNP Paribas. Separately, Italys UniCredit ( CRDI.MI ) has recently told Berlin it is interested in eventually merging with Commerzbank, according to people close to the matter. The investment of U.S. buyout fund Cerberus in both Commerzbank and peer Deutsche Bank ( DBKGn.DE ) has added fuel to speculation that a merger between the two may be on the cards eventually. Reporting by Tom Sims; Editing by Adrian Croft'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-bnp-commerzbank-consolidation/bnp-chairman-says-no-rumour-no-comment-on-possible-commerzbank-tie-up-idUKKBN1DH16T'|'2017-11-17T12:46:00.000+02:00'|8941.0|''|-1.0|'' 8942|'648a55e23d6aff624cb6bf31bcc2b33c43c5fbbd'|'Apple draws options bulls ahead of quarterly results'|'November 2, 2017 / 3:37 PM / in 3 hours Apple draws options bulls ahead of quarterly results Saqib Iqbal Ahmed 3 Min Read NEW YORK (Reuters) - Ahead of Apple Incs quarterly report on Thursday, traders in the options market have taken positions close to the most bullish since late December, options data showed. FILE PHOTO: A man is reflected in a Apple store logo in San Francisco, California, U.S., August 21, 2017. REUTERS/Kevin Coombs/File Photo Apple shares, which are up 44 percent this year and on pace for its best year since 2010, hit a record intraday high of $169.94 on Wednesday. The S&P 500 tech sector index is up 35 percent for the year. The stocks sharp climb has inspired little fear of a reversal and traders in the options market have been busy adding to bullish bets. The volume is stronger to the upside calls, said Steve Claussen, vice president of trade strategy at E-Trade Financial in Chicago, referring to recent trading in Apples options. Calls convey the right to buy shares at a fixed price in the future and are usually used to bet on shares rising. Put options give the right to sell shares at a certain price in the future and are bought to profit from declining shares. A lot of people are perhaps setting themselves up owning these upside calls thinking Apple is going to trade $180 or something, Claussen said. There are about 1.43 Apple call options open for each open put contract, close to the most since late December, according to options analytics firm Trade Alert. Apples weekly options contracts imply a 4.5 percent swing in the shares, in either direction, by Friday. That is slightly shy of the 4.6 percent average one-day post-earnings move in the shares over the last eight quarters. The technology sector has surged in recent days as quarterly results from Google-parent Alphabet Inc, Microsoft Corp and Intel Corp, have sent their shares soaring. For each of these companies, the shares outstripped their respective options-implied moves and made for big gains for bullish options bets. I think a lot of people wish they had played the other stocks on the bullish side, said Steve Sosnick, chief options strategist at Interactive Brokers Group in Greenwich, Connecticut. Why wouldnt you expect them to do that in Apple. Some positive reviews of Apples eagerly awaited iPhone X may have helped boost investors sentiment ahead of results, Sosnick said. E-Trades Claussen, however, noted that some near-term Apple puts were priced relatively higher than calls, suggesting that despite the bulk of trading activity and positioning pointing to bullish expectations, some element of anxiety remains. Apple dipped 0.5 percent to $166.04 on Thursday. Reporting by Saqib Iqbal Ahmed; Editing by Jeffrey Benkoe '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-apple-results-options/apple-draws-options-bulls-ahead-of-quarterly-results-idUSKBN1D224X'|'2017-11-02T17:35:00.000+02:00'|8942.0|''|-1.0|'' 8943|'c7aaf8e63e549ad3b179843c88e5ec8cf401e6d2'|'Allergan to sell a quarter of its Teva stake in first quarter 2018'|'November 13, 2017 / 8:37 PM / Updated 18 minutes ago Allergan to sell a quarter of its Teva stake in first quarter 2018 Michael Erman 2 Min Read NEW YORK (Reuters) - Allergan Plc said on Monday it will sell just under a quarter of its roughly 10 percent stake in Israels Teva Pharmaceutical Industries during the first quarter of 2018, as it starts to unwind its position in the struggling generic drugmaker. The Allergan logo is seen in this photo illustration November 23, 2015. REUTERS/Thomas White/Illustration/File Photo Botox maker Allergan said in a filing with the Securities and Exchange Commission that it will sell 25 million shares to a JP Morgan Chase and Co unit - acting as a dealer for the shares - sometime next quarter. The JP Morgan unit will pay a price based on the average trading price over a yet-to-be determined period before the sale. Allergan sold its generics business to Teva in August 2016 for $33 billion (25.15 billion) in cash and 100 million shares of the Israeli generic drugmaker, worth around $5.3 billion at the time. Under the terms of the deal, Allergan had to hold the shares for at least one year. That has turned out to be a costly agreement for the drugmaker, as Tevas shares have lost more than three-fourths of their value since the deal. Allergans shares have lost around a third of their value over that period. Allergan said on Nov. 1 that it planned to begin selling its Teva stake, and this was the first announced sale of the stock. Two of Israels leading financial news outlets reported later that week that billionaire businessman Len Blavatnik was looking to buy a significant stake in debt-ridden Teva, possibly through a deal with Allergan. It was not clear who the ultimate buyer of Allergans shares will be in the JP Morgan transaction. In the same filing, Allergan said it had taken a margin loan from JP Morgan on its whole 100 million-share stake in Teva. It did not say how much it was borrowing against the shares, but said it planned to use proceeds from the loan to finance the buyback of 2019 bonds. Reporting by Michael ErmanEditing by Jonathan Oatis'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-allergan-teva-pharm-ind/allergan-to-sell-a-quarter-of-its-teva-stake-in-first-quarter-2018-idUKKBN1DD2JG'|'2017-11-13T22:37:00.000+02:00'|8943.0|''|-1.0|'' -8944|'4654ade2d6d82a52dbec739481a74cbd82ac3c69'|'British housebuilders hit by land-banking review'|'November 22, 2017 / 3:41 PM / Updated 10 minutes ago British housebuilders hit by land-banking review Reuters Staff 2 Min Read LONDON (Reuters) - Shares in British housebuilders tumbled on Wednesday after the government said it would reclaim land that was not developed quickly enough, potentially hitting future profits. Workers carry scaffolding on a construction site in Chester, northern England March 20, 2013. REUTERS/Phil Noble Britains biggest housebuilders, which include Berkeley ( BKGH.L ), Barratt ( BDEV.L ), Persimmon ( PSN.L ) and Taylor Wimpey ( TW.L ), have been accused in the past of sitting on land to restrict the number of properties they build to drive up house prices. Chancellor Philip Hammond set out a raft of measures in his annual budget to boost the housing market on Wednesday, including a review of the gap between the number of planning permissions granted and the housing developments that begin. (It) will deliver an interim report in time for the Spring Statement next year, Hammond told parliament. And if it finds that vitally needed land is being withheld from the market for commercial, rather than technical, reasons we will intervene ... using direct intervention compulsory purchase powers as necessary. Shares in the four big builders fell between 1 and 3 percent in afternoon trading, the biggest fallers on the FTSE 100 Index. If you are suddenly getting a flood of properties or land banks being used in the short term, the market might think it could depress prices, said Paul Mumford, UK fund manager at Cavendish Asset Management. Housebuilders deny sitting on land, and analysts at Jefferies said that previous reviews had found so-called land-banking to be a myth. We suspect that this one will too; we suspect that will be confirmed in the Spring statement in 2018. The Spring statement is normally delivered in March. Reporting by Kate Holton; editing by Stephen Addison'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-budget-land/british-housebuilders-hit-by-land-banking-review-idUKKBN1DM20W'|'2017-11-22T17:41:00.000+02:00'|8944.0|''|-1.0|'' +8944|'4654ade2d6d82a52dbec739481a74cbd82ac3c69'|'British housebuilders hit by land-banking review'|'November 22, 2017 / 3:41 PM / Updated 10 minutes ago British housebuilders hit by land-banking review Reuters Staff 2 Min Read LONDON (Reuters) - Shares in British housebuilders tumbled on Wednesday after the government said it would reclaim land that was not developed quickly enough, potentially hitting future profits. Workers carry scaffolding on a construction site in Chester, northern England March 20, 2013. REUTERS/Phil Noble Britains biggest housebuilders, which include Berkeley ( BKGH.L ), Barratt ( BDEV.L ), Persimmon ( PSN.L ) and Taylor Wimpey ( TW.L ), have been accused in the past of sitting on land to restrict the number of properties they build to drive up house prices. Chancellor Philip Hammond set out a raft of measures in his annual budget to boost the housing market on Wednesday, including a review of the gap between the number of planning permissions granted and the housing developments that begin. (It) will deliver an interim report in time for the Spring Statement next year, Hammond told parliament. And if it finds that vitally needed land is being withheld from the market for commercial, rather than technical, reasons we will intervene ... using direct intervention compulsory purchase powers as necessary. Shares in the four big builders fell between 1 and 3 percent in afternoon trading, the biggest fallers on the FTSE 100 Index. If you are suddenly getting a flood of properties or land banks being used in the short term, the market might think it could depress prices, said Paul Mumford, UK fund manager at Cavendish Asset Management. Housebuilders deny sitting on land, and analysts at Jefferies said that previous reviews had found so-called land-banking to be a myth. We suspect that this one will too; we suspect that will be confirmed in the Spring statement in 2018. The Spring statement is normally delivered in March. Reporting by Kate Holton; editing by Stephen Addison'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-budget-land/british-housebuilders-hit-by-land-banking-review-idUKKBN1DM20W'|'2017-11-22T17:41:00.000+02:00'|8944.0|25.0|-1.0|'' 8945|'52fed5eb1d4a4c8c6631c3facda68157ddf68b88'|'The airline industrys most outspoken boss goes global - Qatar Airways'|'AIRLINE bosses are often household names due to their attention-seeking behaviourfrom the foul-mouthed rants of Michael OLeary, chief executive of Ryanair, to the model-flanked antics of Richard Branson of Virgin Atlantic. But even in an industry filled with characters, Akbar al-Baker, Qatar Airways chief executive, stands out. He is known in the industry for behaving unpredictably at press conferences and for his colourful attacks on rival airlines. The word crap often comes up, as a description for new jets from Airbus and Boeing, and also (in a Quote: from July): there is no need to travel on these crap American carriers on which you will be served by grandmothers.Mr Baker could do with some allies just now. Since June, Saudi Arabia, the United Arab Emirates, Bahrain and Egypt have imposed a blockade on Qatar, banning its flag carriers jets from their skies. That has resulted in the cancellation of over 50 daily flights to these countries, costing the airline a tenth of its business and $500m in profit this year, calculates Diogenis Papiomytis of Frost & Sullivan, a consultancy. 8 A shock on this scale would kill many private-sector airlines. But Qatar Airways has been fully state-owned since 2013. Analysts think its airline operations are loss-making, and that they are cross-subsidised by other parts of the group, including Dohas airport, hotels and a monopoly on alcohol and duty-free shopping. That suggests the airlines main function: to put the tiny emirate on the world stage.In 1996 Qatars then emir, Sheikh Hamad bin Khalifa al-Thani, put Mr Baker in charge to transform Qatar Airways from a startup with a few jets into a global airline. He was previously a civil servant at Qatars civil-aviation regulator. Despite a lack of experience, passenger numbers have risen from almost nothing to over 32m in 2016; the carrier has come first in Skytraxs awards for service quality four times.Rivals retort that its heavy reliance on state support is what makes it special. Americas three biggest carriers claim that Qatar Airways has violated a US-Qatari open-skies treaty by receiving $25.5bn in state subsidies since 2004. Peter Carter, Deltas chief legal officer, reckons that the airlines long-term plan is to push rivals out of business and raise fares later on. In June the Qatari carrier said it wanted to buy 10% of shares in American Airlines, but its chief executive, Doug Parker, fought Mr Baker off, fearing that his bid was a ploy to force it to lobby in favour of, rather than against, state-backed Gulf carriers.Nor does the airline have friends at home in the Gulf, where Emirates and Etihad, its biggest regional rivals, may be benefiting from the blockade against Qatar. It is often forgotten, notes Andrew Charlton of Aviation Advocacy, a Geneva-based consultancy, that the Qatari and Emirati airlines care more about competing with each other than against the Americans. The damage to Qatar Airways from the blockade is no accident, say former executives from the two Emirati carriers.Surrounded by foes in the Middle East, Mr Baker is obliged to make investments further afield. It looks like he is plotting Gulf domination through world domination, says Mr Charlton. Instead of buying airlines outright, to feed traffic into a huba strategy that led Etihad to lose billions of dollars when Alitalia and Air Berlin, its two big buys, went bust this summerMr Baker plans to build a network of hub airlines across the world. Qatar Airways has built a 20% stake in IAG, a group of airlines that flies 100m passengers a year, and a 10% stake in LATAM, Latin Americas biggest carrier. After being snubbed by American Airlines, in September Mr Baker bought 49% of Meridiana, an Italian carrier.He might seem to lack the diplomatic skills for such dealmaking. Most airline managers, after all, are globe-trotting expats in the mould of Sir Tim Clark, president of Emirates. Mr Baker is known for a tough management style at Qatar Airways as well as for abrasive public comments. Yet he is not to be underestimated. In 2013 Qatar Airways become the first and only Gulf carrier to join an international airline alliance, oneworld, which includes BA, American Airlines and LATAM. Executives at some of the other members say that Mr Baker is in fact much easier to deal with than they expected.As a former watchdog, he also knows how to handle aviation regulators. In September he lent aircraft to Britains aviation authority to help repatriate thousands of holidaymakers after the collapse of Monarch Airlines, the countrys fifth-biggest carrier, and in October Qatar made a deal with the EU on closer co-operation on regulation and safety. He has also been invited by Indias government to set up an airline with 100 jets. It is no wonder that some analysts compare him to an arcade-game mole: hit him hard in one part of the world, and he soon appears elsewhere. "Plane diplomacy"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21730904-qatar-airways-forging-alliances-abroad-circumvent-blockade-home-airline-industrys?fsrc=rss%7Cbus'|'2017-11-02T22:51:00.000+02:00'|8945.0|''|-1.0|'' 8946|'c6a3fda087737ba8048b446805f8acb5e9d71e6f'|'UK shop sales rebound in November, but price pressures rampant - CBI'|'November 23, 2017 / 11:17 AM / Updated 8 hours ago UK shop sales rebound in November, but price pressures rampant - CBI Reuters Staff 1 Min Read LONDON (Reuters) - British shop sales rebounded in November after a sharp fall last month, and retail chains became more optimistic about the future despite signs of severe inflation pressure, an industry survey showed on Thursday. FILE PHOTO: A shopper speaks on her mobile phone as she walks along Oxford Street in London, Britain December 3, 2016. REUTERS/Neil Hall/File Photo The Confederation of British Industrys monthly retail sales balance rose to +26 from -36 in October, beating the median forecast in a Reuters poll of +5. Retailers also became more confident about the month ahead, with the balance of expected sales hitting a two-year high. Still, quarterly figures from the CBI pointed to an uncertain outlook, with the net balance of retailers reporting rising prices hitting its highest level since 1991. Ahead of the crucial run up to Christmas, the weaker pound has pushed up prices and retailers are nervous about business conditions and are trimming their workforces, CBI chief economist Rain Newton-Smith said. Reporting by Andy Bruce, editing by David Milliken'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-economy-retail/uk-shop-sales-rebound-in-november-but-price-pressures-rampant-cbi-idUKKBN1DN128'|'2017-11-23T13:17:00.000+02:00'|8946.0|''|-1.0|'' 8947|'8bec7c2857f9e68ff9e7f85d171ef78abf622c8f'|'UPDATE 2-Asda''s stalling sales growth shows new boss'' challenge'|'November 16, 2017 / 12:44 PM / Updated 9 minutes ago UPDATE 2-Asda''s stalling sales growth shows new boss'' challenge Reuters Staff * Third quarter underlying sales rise 1.1 pct * Growth was 1.8 pct in previous quarter * New CEO to start in January * Shares in rivals rise (Adds detail, Walmart quotes) By James Davey LONDON, Nov 16 (Reuters) - Sales growth at Asda, the British supermarket arm of Walmart, the worlds largest retailer, slowed in its latest quarter, showing the tough task facing its new boss to rev-up its recovery in a cut-throat market. Last month, Asda said Chief Executive Sean Clarke, a Walmart veteran of 21 years, would step down in January after just 18 months in the job and be replaced by head of operations Roger Burnley, a former Sainsburys executive. Asda and its major rivals -- market leader Tesco, Sainsburys and Morrisons -- are all grappling with the rapid growth of German discounters Aldi and Lidl. They are also having to cope with more expensive food imports due to a weaker pound since Britain voted to leave the European Union, while consumer spending is under pressure from rising inflation, subdued wage growth and economic uncertainty. Of Britains major players analysts reckon Asda was hurt the most by the rise of the discounters as its traditional price advantage was eroded. Walmart said in February it was too slow in starting the repositioning of Asda and had not focused enough on using its leverage as a parent so that its British arm could be more aggressive on price cuts. Asdas like-for-like sales rose 1.1 percent in the three months to Sept. 30, its fiscal third quarter -- a second straight quarter of underlying sales growth after three years of sales falls but below the previous quarters growth of 1.8 percent, which was boosted by Easter trading. Asdas gross profit rate declined in the quarter. MORE WORK TO DO The improvements in store experience and price investments are increasing store basket sizes, said Walmart President and CEO Doug McMillon. Basket size increased 2.5 percent but customer traffic was down 1.4 percent. Brett Biggs, Walmarts finance chief, said the parent was pleased with Asdas performance but said we know we have more work to do. Asdas comparative numbers were extremely weak - in the same quarter last year like-for-like sales slumped 5.8 percent. Also Asda would have benefited from food price inflation across the industry - running at 3.4 percent according to the latest industry data. That data, published on Tuesday, also showed Asda recorded the lowest rate of sales growth of the big four in the 12 weeks to Nov.5. Shares in Tesco, Sainsburys and Morrisons were up 0.3, 1.1 and 1.6 percent respectively. Last week, Marks & Spencer said its food business faced stronger headwinds and would slow openings of its convenience stores, while Sainsburys said shoppers were currently very value conscious. On Thursday, official data showed British retail sales volumes fell 0.3 percent year-on-year in October -- the biggest decline since March 2013. Clarke and Burnley have focused their turnaround efforts on re-establishing Asdas competitiveness by sharpening pricing in key areas such as fresh meat and vegetables, improving the quality and availability of product ranges and making its stores more attractive. Like rivals they are attacking costs. In September Asda cut 300 head office jobs. The market environment will continue to be challenging into next year but were well placed with clear plans, Clarke said. Separately on Thursday Walmart reported better-than-expected quarterly sales. (Editing by Kate Holton and Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/asda-outlook/update-1-sales-growth-at-walmarts-asda-slows-in-latest-quarter-idUSL8N1NM48N'|'2017-11-16T17:10:00.000+02:00'|8947.0|''|-1.0|'' @@ -8970,7 +8970,7 @@ 8968|'c986a6795469acf1f89454e0b4dd7a2e8b6090b1'|'Demand for modem, IoT chips helps Qualcomm top estimates'|'(Reuters) - Qualcomm Incs ( QCOM.O ) fourth-quarter profit and revenue beat market expectations as strength in its smartphone chips business was complemented by demand for chips used in automobiles and for the Internet of Things (IoT).FILE PHOTO - The Qualcomm logo is seen on one of its buildings in San Diego, California, U.S., November 2, 2016. REUTERS/Mike Blake/File Photo Qualcomm, which has been fighting a legal battle on many fronts with Apple Inc ( AAPL.O ), said revenue from areas other than smartphones was more than $3 billion in its latest fiscal year, up more than 25 percent from last year.Revenue from Qualcomms chip unit, which supplies both Android smartphone makers and Apple, rose 13 percent in the latest quarter. Licensing revenue, which includes royalties mostly from Apple, sank 36 percent.Reuters reported earlier this week that Apple would drop the Qualcomms chips altogether from its iPhones and iPads from next year, the latest salvo in a longstanding dispute between the two companies.Apple sued Qualcomm in January, accusing it of overcharging for chips and of refusing to pay some $1 billion in promised rebates. Qualcomm also sued some Apple contract manufacturers in April over royalty payments and is trying to ban the sale of iPhones in China.We really try to compartmentalise our engagement with Apple ... (and) we do have a lot of engagement with the company and we do speak in our engage on a daily basis with them across multiple areas, Chief Executive Steve Mollenkopf told analysts on a conference call.Qualcomm continues to exclude from its forecast revenue related to the sale of Apple products by the iPhone makers contract manufacturers as well as the another licensee in dispute.It forecast current-quarter revenue of $5.5 billion to $6.3 billion and adjusted earnings of 88 cents to 95 cents per share.Analysts were expecting revenue of $5.90 billion and a profit of 90 cents per share, per Thomson Reuters I/B/E/S.While Qualcomm and Apple would be better off with each other, Qualcomm will do just fine even if thats not the case, Moor Insights & Strategy analyst Patrick Moorhead said.Qualcomm also reported better-than expected profit and sales for the fourth quarter, despite earnings tumbling nearly 90 percent due to a $778 million charge related to a fine imposed by the Taiwan Fair Trade Commission for anti-trust violations.The company'' adjusted earnings of 92 cents per share beat estimates of 81 cents. Revenue fell 4.5 percent to $5.91 billion, but topped estimates of $5.80 billion. ( bit.ly/2z5MwMB )Its shares were marginally higher in after-hours trading.Reporting by Sonam Rai Savio D''Souza '|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'https://in.reuters.com/article/qualcomm-results/demand-for-modem-iot-chips-helps-qualcomm-top-estimates-idINKBN1D166N'|'2017-11-01T20:19:00.000+02:00'|8968.0|''|-1.0|'' 8969|'017c09b93530ad7a7c9b1b4d1f81f5618cc04aad'|'PRESS DIGEST- Financial Times - Nov 28'|'Nov 28 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines* EasyJet reveals 45 pct gender pay gap on.ft.com/2zv1w3z* British Airways owner IAG buys Gatwick slots from collapsed Monarch on.ft.com/2zxyXTn* Unilever to delay picking UK or Netherlands for sole base on.ft.com/2zxzRzf* David Davis heading for row over Brexit sectoral papers on.ft.com/2zxA85fOverview- easyJet Plc, whose outgoing chief executive Dame Carolyn McCall will take over at ITV in January, reported that there was a 45.5 per cent median pay gap between its male and female employees.- British Airways parent International Consolidated Airlines is buying 20 take-off and landing slots from collapsed carrier Monarch Airlines.- The board of Unilever board delaying a decision on whether to choose the UK or the Netherlands for its headquarters. Unilever was likely to abandon its dual structure in favour of a single legal corporation.- UK Brexit secretary David Davis is facing criticism from MPs over claims that his department redacted key information from Brexit analysis papers that were handed over to parliament on Monday.Compiled by Bengaluru newsroom; Editing by Peter CooneyOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-press-ft/press-digest-financial-times-nov-28-idUSL3N1NY19R'|'2017-11-28T03:37:00.000+02:00'|8969.0|''|-1.0|'' 8970|'05504e9e28f539500f4a31edacdf2e1b74eb0a84'|'Saudi Arabia agrees to buy $7 billion in precision munitions from U.S. firms - sources'|'Reuters TV United States November 22, 2017 / 11:09 PM / Updated an hour ago Saudi Arabia agrees to buy $7 billion in precision munitions from U.S. firms: sources Yara Bayoumy , Mike Stone 4 Min Read (Reuters) - Saudi Arabia has agreed to buy about $7 billion worth of precision guided munitions from U.S. defense contractors, sources familiar with the matter said, a deal that some lawmakers may object to over American weapons having contributed to civilian deaths in the Saudi campaign in Yemen. Logo of the U.S. defense company Raytheon is pictured at an international military fair in Kielce, Poland September 7, 2017. REUTERS/Kacper Pempel Raytheon Co ( RTN.N ) and Boeing Co ( BA.N ) are the companies selected, the sources said, in a deal that was part of a $110 billion weapons agreement that coincided with President Donald Trumps visit to Saudi Arabia in May. Both companies declined comment on the weapons sale. Arms sales to the kingdom and other Gulf Cooperation Council member states have become increasingly contentious in the U.S. Congress, which must approve such sales. The U.S. State Department has yet to formally notify Congress of the precision guided munitions deal. We do not comment to confirm or deny sales until they are formally notified to Congress, a State Department official said, adding the U.S. government will take into account factors including regional balance and human rights as well as the impact on the U.S. defense industrial base. The Yemen civil war pits Iran-allied Houthi rebels against the government backed by a Saudi-led Arab coalition. Nearly 4,800 civilians have been killed since March 2015, the United Nations said in March. Saudi Arabia has either denied attacks or cited the presence of fighters in the targeted areas and has said it has tried to reduce civilian casualties. Saudi Arabias Ambassador to Washington, Prince Khalid bin Salman declined to comment on the specific sale, but said in a statement his country will follow through on the agreements signed during Trumps visit. He said that while the kingdom has always chosen the United States for weapons purchases, ... Saudi Arabias market selection remains a choice and is committed to defending its security. Trump, a Republican who views weapons sales as a way to create jobs in the United States, has announced billions of dollars in arms sales since taking office in January. A U.S. government official who spoke on condition of anonymity said the agreement is designed to cover a 10-year period and it could be years before actual transfers of weapons take place. The agreement could be held up in Congress, where Bob Corker, the Republican chairman of the Senate Foreign Relations Committee, announced in June that he would block arms sales to Saudi Arabia, the United Arab Emirates and other members of the GCC, over a dispute with Qatar, another U.S. ally in the Gulf. In November 2016, the administration of President Barack Obama, a Democrat, halted the sale of $1.29 billion worth of precision guided weapons because of concerns about the extent of civilian casualties in Yemen. That sale process started in 2015 and included more than 8,000 Laser Guided Bombs for the Royal Saudi Air Force. The package also included more than 10,000 general purpose bombs, and more than 5,000 tail kits used to inexpensively convert dumb bombs into laser or GPS-guided weapons. U.S. lawmakers have grown increasingly critical of the Saudi-led campaign in Yemen. The coalition had briefly banned naval, air and land transportation to Yemen following a missile fired by the Houthis that was shot down over the Saudi capital Riyadh. The Senate in June voted 53 to 47 to narrowly defeat legislation that sought to block portions of the 2015 package. David Des Roches, a senior military fellow at the Near East South Asia Center for Security Studies in Washington was aware of the deal but said the Saudis are one errant strike away from moving five or six senators over to the other side. Denying Saudi Arabia precision guided munitions was unlikely to change their behavior, he said. Saudi Arabia has shown they will fight in Yemen and theyre going to keep on fighting in Yemen regardless of what we think, Des Roches said. Reporting by Yara Bayoumy and Mike Stone; additional reporting by Patricia Zengerle; Editing by Chris Sanders and Grant McCool'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-raytheon-saudi-munitions/saudi-arabia-agrees-to-buy-7-billion-in-precision-munitions-from-u-s-firms-sources-idUKKBN1DM2XC'|'2017-11-23T01:16:00.000+02:00'|8970.0|''|-1.0|'' -8971|'ad0700bea0fc607983ffae10cc1d036bf87cf1fc'|'UPDATE 1-Zimbabwe bourse loses $6 billion, index falls 40 percent after military takeover'|'(Adds analyst, details)HARARE, Nov 23 (Reuters) - Zimbabwes stock market has shed $6 billion while its main index has slumped 40 percent since last Wednesday when the military seized power leading to the fall of Robert Mugabe, stock exchange data showed on Thursday.The main industrial index was at 315.12 points compared with 527.27 points on Wednesday last week when the military announced its takeover and put former president Mugabe under house arrest. On Thursday the index fell 4.4 percent.The Zimbabwe Stock Exchange had been on a rapid rise in the last two months, driven by investors seeking a safe haven for their investment amid fears of a return to hyperinflation in an economy suffering acute shortages of foreign exchange.But analysts said the market had entered a period of correction on investor optimism of a change in economic policy in a post-Mugabe era.Market capitalisation was $9 billion, down from $15 billion last week, bourse data showed.On the currency front, black market rates for buying cash dollars softened further on Thursday.Buying $100 using electronic transfer cost $150, down from $180 last week. Some black market traders said they were not buying dollars at all, anticipating further softening of rates.Zimbabwe adopted the U.S. dollar in 2009, along with Britains pound and the South African rand, to tame inflation that topped out at 500 billion percent.The market is adjusting back to reality, an analyst at a Harare-based asset management company said.The gains that we had seen were being fuelled by an outlook of a return to hyperinflation, continued isolation of Zimbabwe by international lenders as well as well as a depressed economic outlook.An analyst at a local stockbrocking firm said Mnangagwa had hit the right notes with his speech on Wednesday.Mnangagwa said he wanted to grow the economy, create jobs and for Zimbabwe to re-engage the international community as the country has faced isolation since 1999 when it defaulted on its debt with the International Monetary Fund.Most of Zimbabwes 13 million people remain poor and face currency shortages and sky-high unemployment, something Mnangagwa promised to address. (Reporting by MacDonald Dzirutwe; Editing by James Macharia) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/zimbabwe-politics-stocks/update-1-zimbabwe-bourse-loses-6-billion-index-falls-40-percent-after-military-takeover-idUSL8N1NT4FS'|'2017-11-23T18:30:00.000+02:00'|8971.0|''|-1.0|'' +8971|'ad0700bea0fc607983ffae10cc1d036bf87cf1fc'|'UPDATE 1-Zimbabwe bourse loses $6 billion, index falls 40 percent after military takeover'|'(Adds analyst, details)HARARE, Nov 23 (Reuters) - Zimbabwes stock market has shed $6 billion while its main index has slumped 40 percent since last Wednesday when the military seized power leading to the fall of Robert Mugabe, stock exchange data showed on Thursday.The main industrial index was at 315.12 points compared with 527.27 points on Wednesday last week when the military announced its takeover and put former president Mugabe under house arrest. On Thursday the index fell 4.4 percent.The Zimbabwe Stock Exchange had been on a rapid rise in the last two months, driven by investors seeking a safe haven for their investment amid fears of a return to hyperinflation in an economy suffering acute shortages of foreign exchange.But analysts said the market had entered a period of correction on investor optimism of a change in economic policy in a post-Mugabe era.Market capitalisation was $9 billion, down from $15 billion last week, bourse data showed.On the currency front, black market rates for buying cash dollars softened further on Thursday.Buying $100 using electronic transfer cost $150, down from $180 last week. Some black market traders said they were not buying dollars at all, anticipating further softening of rates.Zimbabwe adopted the U.S. dollar in 2009, along with Britains pound and the South African rand, to tame inflation that topped out at 500 billion percent.The market is adjusting back to reality, an analyst at a Harare-based asset management company said.The gains that we had seen were being fuelled by an outlook of a return to hyperinflation, continued isolation of Zimbabwe by international lenders as well as well as a depressed economic outlook.An analyst at a local stockbrocking firm said Mnangagwa had hit the right notes with his speech on Wednesday.Mnangagwa said he wanted to grow the economy, create jobs and for Zimbabwe to re-engage the international community as the country has faced isolation since 1999 when it defaulted on its debt with the International Monetary Fund.Most of Zimbabwes 13 million people remain poor and face currency shortages and sky-high unemployment, something Mnangagwa promised to address. (Reporting by MacDonald Dzirutwe; Editing by James Macharia) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/zimbabwe-politics-stocks/update-1-zimbabwe-bourse-loses-6-billion-index-falls-40-percent-after-military-takeover-idUSL8N1NT4FS'|'2017-11-23T18:30:00.000+02:00'|8971.0|28.0|0.0|'' 8972|'76baf559d7872af0cf7350ed3deb9cd4a02bf1ce'|'Saudi stocks rebound after initial drop on corruption probe'|'November 5, 2017 / 11:12 AM / in an hour Saudi stocks rebound after initial drop on corruption probe Reuters Staff 1 Min Read DUBAI, Nov 5 (Reuters) - The Saudi stock market rebounded into positive territory on Sunday after initially dropping sharply in response to a corruption inquiry that led to a string of detentions of prominent political and business figures. The stock index was up 0.02 percent an hour before the close, after falling 2.2 percent at one stage. Some investors worry the investigation could force people implicated to sell equity holdings. But many think the purge will remove opposition to Crown Prince Mohammed bin Salman, helping him accelerate economic reforms such as privatisation and big development projects. (Reporting by Andrew Torchia; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/saudi-arrests-stocks-rebound/saudi-stocks-rebound-after-initial-drop-on-corruption-probe-idUSL5N1NB0BS'|'2017-11-05T13:10:00.000+02:00'|8972.0|''|-1.0|'' 8973|'3bd1aeac63520d12f2f41f352917e63aaff282c9'|'Signa buys German trophy assets in biggest real-estate deal of 2017'|'November 11, 2017 / 1:40 PM / Updated an hour ago Signa buys German trophy assets in biggest real-estate deal of 2017 Reuters Staff 1 Min Read FRANKFURT (Reuters) - Austrias Signa, which is trying to buy German department-store chain Kaufhof from Hudsons Bay ( HBC.TO ) for 3 billion euros (2.65 billion pounds), has bought five trophy assets from RFR in Germanys biggest real-estate transaction of 2017. The portfolio is worth 1.5 billion euros and comprises properties in Berlin, Hamburg, Frankfurt and Munich, Germanys four largest cities, Austrian property and retail group Signa said late on Friday. The properties are the Upper West commercial high rise in Berlin, the upmarket shopping centres Kaufmannshaus and Alsterarkaden in Hamburg, the Upper Zeil shopping mall that is in development in Frankfurt, and the remaining 50 percent of the Karstadt department store at Munichs main train station. Privately held Signa already owns the Karstadt chain, the biggest rival to Kaufhof. Hudsons Bay is reviewing Signas offer for Kaufhof but has called it incomplete, non-binding and unsolicited. Reporting by Georgina Prodhan'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-germany-realestate-signa/signa-buys-german-trophy-assets-in-biggest-real-estate-deal-of-2017-idUKKBN1DB0J1'|'2017-11-11T15:39:00.000+02:00'|8973.0|''|-1.0|'' 8974|'37250923603909563047bcf1a21602981f9f8459'|'Time Inc revenue slips 9.5 percent in third quarter'|'November 9, 2017 / 11:20 AM / Updated an hour ago Time Inc misses revenue estimates as print ads decline Reuters Staff 2 Min Read (Reuters) - Magazine publisher Time Incs ( TIME.N ) revenue fell short of analysts forecasts for the third quarter, as an uptick in online advertising failed to offset a decline in print ads. FILE PHOTO - A supporter holds up a copy of Time Magazine with the cover headline "How Trump Won" during Trump''s speech at a veteran''s rally in Des Moines, Iowa January 28, 2016. REUTERS/Rick Wilking The New York-based publisher of Time, Sports Illustrated and People magazines said on Thursday its total advertising revenue fell 11.5 percent to $369 million in the quarter ended Sept. 30, led by a 17.7 percent decline in print advertising revenue. Digital advertising revenue rose 2.3 percent to $132 million. The results come weeks after Time said it would sell assets worth $488 million including Time Inc UK and a majority stake in the Essence magazine amid a prolonged decline in its mainstay print business. Times third-quarter revenue slipped 9.5 percent to $679 million, missing analysts estimates of $693.5 million, according to Thomson Reuters I/B/E/S. Net income attributable to Time Inc was $13 million or 14 cents per share, compared to a net loss of $112 million or $1.13 per share a year ago. Excluding one-time items, Time earned 36 cents per share. Analysts on average had expected 29 cents. Reporting by Sonam Rai in Bengaluru; Editing by Sai Sachin Ravikumar'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-time-results/time-inc-revenue-slips-9-5-percent-in-third-quarter-idUSKBN1D91G6'|'2017-11-09T13:20:00.000+02:00'|8974.0|''|-1.0|'' @@ -8984,7 +8984,7 @@ 8982|'3f73edcdf7f0155f520dd40f91cc7d00fda3002a'|'Morning News Call - India, November 23'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 09:30 am: UltraTech Cement Joint Executive President Rajesh Srivastava, Indian Oil General Manager (HRD) Shailesh Tiwari at FICCIs annual HR conference in New Delhi. 10:00 am: Junior Law Minister P.P. Chaudhary at Paradigm Shift in Valuation workshop in New Delhi. 10:00 am: Edelweiss Group Chairman Rashesh Shah, HDFC Executive Director V. S. Rangan, PNB Housing Finance MD Sanjaya Gupta and other NBFC heads at CRISIL Ratings seminar on NBFCs in Mumbai. 11:30 am: EPFO board meet in New Delhi. 12:00 pm: Talwalkar Better Value Fitness CEO Prashant Talwalkar to announce partnership with corporate life coach Mickey Mehta in Mumbai. 02:00 pm: State Bank of India Chairman Rajnish Kumar at announcement of banks digital innovation in Mumbai. 03:30 pm: CRISIL Ratings media teleconference on NBFCs in Mumbai.x TRADING INDIA FORUM - THE FUTURE OF INDIAN BANKING The Indian banking scene is in the throes of changes that will be felt for years to come. With online, digital and wallets bringing more players into the fray and the government''s recapitalization plan for PSU banks up and running, a variety of interesting scenarios have cropped up. Do customers win with lending moving to small but niche players? Will marrying a good bank with a bad bank result in a good bank? Trading India invites you to our Banking Day event to discuss these questions and the future of Indian banking. To join the conversation with H.R.Khan, Former Deputy Governor, Reserve Bank of India, at 12:00 pm IST; Renu Satti, CEO, PAYTM payments bank, at 2:30 pm IST and C.Venkat Nageswar, Deputy Managing Director, Global Markets, State Bank of India, at 4:00 pm IST, click on the link: here INDIA TOP NEWS Cabinet approves amendments to insolvency and bankruptcy code India''s cabinet on Wednesday approved amendments to the Insolvency and Bankruptcy Code, the finance minister said, changes that are designed to prevent wilful defaulters from bidding for stressed assets. Indian Oil Corp studies renewed Venezuelan crude purchases Indian Oil Corp is considering buying Venezuelan crude for the first time in at least six years, in a move that could help the crisis-struck South American nation settle unpaid bills with another state-owned Indian energy firm. India''s top court upholds ban on petroleum coke in New Delhi area India''s top court on Wednesday upheld the ban on use of petroleum coke in and around New Delhi as the country battles to clean the air in its capital, one of the world''s most polluted cities. India''s annual diesel consumption to rise by two-thirds by 2030 India''s annual diesel consumption could rise to 150 billion litres by 2030 from 90 billion litres now, Oil Minister Dharmendra Pradhan said on Wednesday. Japan''s JFE to bid for Bhushan Steel with India''s JSW as partner -sources Japan''s India''s India''s GLOBAL TOP NEWS Uber''s messy data breach collides with launch of SoftBank deal A newspaper advertisement for an Uber Technologies Inc stock sale was juxtaposed on Wednesday with a report that the ride-service provider had covered up a data hack - something of a metaphor for Uber, a company with boundless investor interest, but whose penchant for rule-breaking has led to a series of scandals. Chinese firms scrap plans for micro loan business amid crackdown on ''blind borrowing'' A Chinese menswear firm and a leading maker of POS terminals said late on Wednesday they had given up plans to set up micro-loan units, one day after policymakers took steps to tighten supervision of the lightly regulated sector. Fed policymakers say rate increase likely warranted soon -minutes Many Federal Reserve policymakers expect that interest rates will have to be raised in the "near term," according to the minutes of the U.S. central bank''s last policy meeting released on Wednesday. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 10,367.50, up 0.14 percent from its previous close. Indian government bonds are likely to rise in early trade tracking an overnight fall in U.S. Treasury yields.However, higher crude oil prices and lack of fresh cues may lead to some selling, a trader with a primary dealership said. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.93 percent -6.98 percent band. The Indian rupee will likely open higher against the dollar, on weaker-than-expected U.S. data and after minutes of the Federal Reserves latest meeting showed policymakers remained cautious about subdued inflation in the worlds largest economy. GLOBAL MARKETS U.S. stocks were little changed on Wednesday, with telecom services shares among the biggest movers while the energy sector rose in line with gains in crude oil. Moves in Asian share markets were minor with Japanese markets closed for a holiday and the United States off for Thanksgiving. The dollar touched a two-month low against the yen, having tumbled after the minutes of the Federal Reserve''s latest meeting showed some policymakers were concerned about persistently low inflation in a blow to rate hawks. U.S. Treasury prices gained slightly after the minutes from the Federal Reserves latest meeting on Wednesday affirmed market expectations that it will hike rates in December, with trading volumes subdued before Thursdays Thanksgiving holiday. U.S. oil prices remained near two-year highs as the shutdown of the Keystone pipeline and a drawdown in fuel inventories pointed to a tightening market, despite rising output. Gold prices nudged lower, after gaining nearly one percent in the previous session on weaker U.S. economic data and concerns by some Federal Reserve policymakers about lower inflation. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.85/64.88 November 22 -$67.98 mln -$14.17 mln 10-yr bond yield 7.12 pct Month-to-date $2.36 bln -$89.20 mln Year-to-date $8.01 bln $25.86 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.8700 Indian rupees) (Compiled by Nachiket Tekawade in Bengaluru) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/india-morningcall/morning-news-call-india-november-23-idINL3N1NT1HU'|'2017-11-23T00:40:00.000+02:00'|8982.0|''|-1.0|'' 8983|'d5aeefe52453228db16e86382692ae1e6f4ce204'|'EU mergers and takeovers (Nov 9)'|'BRUSSELS, Nov 9 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS -- Private equity firm Apollo Management to acquire insurer Aegon Ireland (approved Nov. 8)NEW LISTINGS -- Private equity firm the Carlyle Group to acquire British delivery company and convenience store operator Palmer & Harvey McLane (notified Nov. 7/deadline Dec. 12/simplified)EXTENSIONS AND OTHER CHANGES NoneFIRST-STAGE REVIEWS BY DEADLINE NOV 11 -- Medical device maker Avantor, which is controlled by private equity firm New Mountain Capital, to acquire laboratory equipment distributor VWR (notified Oct. 11/deadline Nov. 17/withdrawn Oct. 9/refiled Oct. 11)NOV 14 -- French insurer Axa and Dutch property developer Unibail-Rodamco to jointly acquire a shopping centre in Leipzig, Germany (notified Oct. 6/deadline Nov. 14)NOV 16 -- West Midland Holdings Ltd, which is a joint venture between Dutch rail operator Abellio Transport Holding BV, East Japan Railway Co and Mitsui Co, to acquire the West Midlands franchise from London & Birmingham Railway Ltd (notified Oct. 10/deadline Nov. 16/simplified)NOV 22 -- Private equity firms CVC and Blackstone to jointly acquire online payuments processing provider Paysafe Group (notified Oct. 16/deadline Nov. 22)-- Techno Polymer Co. Ltd, a unit of Japanese chemicals company JSR Corp, and UMG ABS Ltd, which is jointly controlled by Mitsubishi Chemical Corporation and Ube Industries Ltd, to merge their resin businesses (notified Oct. 16/deadline Nov. 22/simplified)NOV 23 -- French insurer Axa and Dutch insurer NN Group to acquire joint control of a newly created Spanish joint venture (notified Oct. 17/deadline Nov. 23/simplified)NOV 24 -- U.S. private equity firms Madison Dearborn Partners and HPS Investment Partners to jointly acquire private holding company Ardonagh Group, which owns insurance broker Towergate Insurance Ltd, and Nevada Investment Holdings 2 Ltd (notified Oct. 18/deadline Nov. 24/simplified)NOV 27 -- Commodities trader Cargill and UK poultry supplier Faccenda Investments to set up a joint venture (notified Oct. 19/deadline Nov. 27/simplified)-- UK oil company BP and holding company Bridas Corp to acquire oil refiner Axion Energy Holding (notified Oct. 19/deadline Nov. 27/simplified)NOV 28 -- Dutch pension fund APG and property developer Hines Cherrywood Town Centre Associates LLC to set up a joint venture (notified Oct. 20/deadline Nov. 28/simplified)-- German car parts maker Continental Automotive and French industrial group Alstom to jointly acquire a minority stake in driverless car technologies company EasyMile (notified Oct. 20/deadline Nov. 28/simplified)-- Canadian fund manager CDPQ and U.S. conglomerate GE casubsidiary GE Capital Aviation Services (GECAS) to set up a global aircraft financing cajoint venture (notified Oct. 20/deadline Nov. 28/simplified)-- Japanese company Mitsui and Malaysian conglomerate Sime Darby to set up a joint venture (notified Oct. 20/deadline Nov. 28/simplified)DEC 1 -- French oil major Total to acquire Danish shipping company Maersks oil and gas business(notified Oct. 25/deadline Dec. 1/simplified)-- Apollo Capital Management to acquire Dutch toy store chain Intertoys Holdings (notified Oct. 25/deadline Dec. 1/simplified)DEC 4 -- Austrian energy and petrol station company OMV to acquire 40 percent of electric car charging company Smatrics which is owned by hydropower company Verbund and Germanys Siemens (notified Oct. 26/deadline Dec. 4/simplified)-- Infrastructure fund DIF and French fund manager Caisse des Depots et Consginations to jointly acquire French broadband network operator ADTIM (notified Oct. 26/deadline Dec. 4/simplified)DEC 5 -- German travel services provider Der Touristik Deutschland, which is part of German conglomerate REWE , to acquire Czech tourism company Exim (notified Oct. 27/deadline Dec. 5/simplified)-- Chinas COSCO Shipping to acquire Hong Kongs Orient Overseas International Ltd (OOIL) (notified Oct. 27/deadline Dec. 5)-- French car rental company Europcar to acquire Spanish peer Goldcar (notified Oct. 27/deadline Dec. 5)-- Private equity firms Oaktree Capital Group LLC and Pimco to jointly acquire a portfolio of properties in Poland (notified Oct. 27/deadline Dec. 5/simplified)DEC 6 -- Private equity firm EQT to acquire Dutch dental services group Curaeos Holding (notified Oct. 30/deadline Dec. 6/simplified)-- Deutsche Alternative Asset Management, which is an affiliate of Deutsche Bank, and UK insurer Prudentials subsidiary M&G Alternatives Investment Management to set up a joint venture (notified Dec. 30/deadline Dec. 6/simplified)-- Czech state-controlled special purpose vehicle Prisko to acquire Czech coal producer OKD Nastupnicka (notified Oct. 30/deadline Dec. 6)DEC 7 -- German carrier Lufthansa to acquire some Air Berlin assets (notified Oct. 31/deadline Dec. 7)DEC 8 -- German air maintenance services provider Lufthansa Technik and and sensor maker Pepperl + Fuchs to set up a joint venture (notified Nov. 3/deadline Dec. 8/simplified)DEC 12 -- British budget carrier easyJet to acquire parts of German airline Air Berlin (notified Nov. 7/deadline Dec. 12)MARCH 5 -- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline March 5)MARCH 8 -- Italian eyewear maker Luxottica and French lens manufacturer Essilor to merge (notified Aug. 22/deadline March 8)MARCH 19 -- U.S. specialty material company Celanese and private equity firm Blackstone to combine their cellulose acetate tow units under a new joint venture (notified Sept. 9/deadline extended to March 19 from March 5)MARCH 23 -- Luxembourg-based steelmaker ArcelorMittal to acquire Italian steel plant (notified Sept. 21/deadline extended to March 23 from Nov. 13 after ArcelorMittal offered concessions)SUSPENDED -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended from Aug. 17/concessions offered Oct. 5)GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a companys proposed remedies or an EU member states request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/eu-ma/eu-mergers-and-takeovers-idINL8N1NF8MA'|'2017-11-09T12:22:00.000+02:00'|8983.0|15.0|1.0|'' 8984|'648e53b82dab6202e29f962aa769751b51f07220'|'Comcast, Verizon approached Twenty-First Century Fox to buy some assets -sources'|'(Reuters) - Comcast Corp and Verizon Communications Inc have both expressed interest in acquiring a significant part of Rupert Murdochs Twenty-First Century Fox Incs assets, two people familiar with the situation told Reuters on Thursday.FILE PHOTO: The Twenty-First Century Fox Studios flag flies over the company building in Los Angeles, California U.S. November 6, 2017. REUTERS/Lucy Nicholson /File Photo News of competing interest in some of Murdochs assets broke even though the U.S. Justice Department was preparing a lawsuit to block AT&T Inc, the largest pay-TV provider in the United States, from buying Time Warner Inc for $85.4 billion, according to a source. This raised questions about the U.S. governments willingness to allow large media industry mergers.The Fox assets that buyers have expressed interest in include Foxs movie and TV production studios, cable networks FX and National Geographic, and international assets such as the Star network in India, and the European pay TV provider Sky Plc. These units have also been the subject of recent talks between Fox and Walt Disney Co, one of the sources said.Fox shares jumped nearly 8.0 percent in after-hours trading after the Wall Street Journal first reported the news. Shares of Viacom Inc and CBS Corp also rose more than 2.0 percent, a sign investors may see them as potential targets also.Comcast has approached Fox about its interest, and talks are in early stages, the source added, requesting anonymity. There is no guarantee that talks between the companies will result in a deal.Fox, Comcast and Verizon declined comment.After Comcast first bought a stake in NBCUniversal in 2011, buying the Fox assets would give Comcast, the largest cable provider in the United States, an international distribution footprint through ownership of Sky and Star in India.Comcast has steadily boosted its ownership of content over the years and acquiring Foxs assets would further position Comcast as a diversified conglomerate to rival Disney, analysts said.The deal would bulk up its NBCUniversal unit, which acquired Dreamworks Animation for $3.8 billion last year, as well as increase its ownership stake in video streaming service Hulu.Verizon is also in the early stages of exploring a deal, one of the sources said. A deal could give the U.S. No. 1 wireless phone carrier ownership of movies and TV shows to stream to its mobile subscribers.Acquisition of a movie studio and cable channels would be a departure for Verizon, which has focused its media deals around advertising technology and internet properties.Verizon spent $4.48 billion acquiring the core business of Yahoo, which it merged with AOL this year to form a venture called Oath. Led by AOL CEO Tim Armstrong, Oath owns more than 50 brands including HuffPost, TechCrunch and Tumblr.Roger Entner, an analyst of Recon Analytics, said, It is undeniable that there is a trend of combining content with distribution.Verizon, which has said it is launching a new streaming service, could have more targeted advertising with a vertically integrated platform, he added.Traditional cable television networks have been struggling with faster-than-expected subscriber erosion in the competition with streaming services like Netflix Inc and Amazon.com Inc.To increase its scale, Fox tried to buy Time Warner Inc. three years ago and last year announced its intention to buy the rest of Sky beyond the 39 percent it already owns.The moves also come after the U.S. Federal Communications Commission on Thursday voted to remove key roadblocks to increased consolidation among media companies, potentially unleashing new deals among TV, radio and newspaper owners as they seek to better compete with online media.Additional reporting by David Shepardson and Diane Bartz in Washington, Jessica Toonkel in New York and Yashaswini Swamynathan in Bengalaru; Editing by Bill Rigby and Clive McKeef '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-fox-m-a-comcast/comcast-approaches-twenty-first-century-fox-for-buying-some-assets-idINKBN1DG34Z'|'2017-11-16T19:09:00.000+02:00'|8984.0|''|-1.0|'' -8985|'f56a93169de3f6e48937f8ba6730e7de4fe7c9c8'|'Bankrate to divest Caring.com for Red Ventures merger -FTC'|'November 3, 2017 / 6:19 PM / in 17 minutes Bankrate to divest Caring.com for Red Ventures merger -FTC Reuters Staff 1 Min Read WASHINGTON (Reuters) - Bankrate Inc ( RATE.N ) will divest its Caring.com unit as a condition of its acquisition by Red Ventures LLC for $1.4 billion to avoid harm to competition in the third-party paid senior living facilities referral services, the Federal Trade Commission said on Friday. The FTC said in a statement that two of Red Ventures largest shareholders jointly own A Place for Mom.com, the largest provider of such services, and Caring.com is the second largest provider. Reporting by Eric Walsh; Editing by Phil Berlowitz'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-bankrate-m-a-red-ventures/bankrate-to-divest-caring-com-for-red-ventures-merger-ftc-idUSKBN1D326C'|'2017-11-03T20:17:00.000+02:00'|8985.0|''|-1.0|'' +8985|'f56a93169de3f6e48937f8ba6730e7de4fe7c9c8'|'Bankrate to divest Caring.com for Red Ventures merger -FTC'|'November 3, 2017 / 6:19 PM / in 17 minutes Bankrate to divest Caring.com for Red Ventures merger -FTC Reuters Staff 1 Min Read WASHINGTON (Reuters) - Bankrate Inc ( RATE.N ) will divest its Caring.com unit as a condition of its acquisition by Red Ventures LLC for $1.4 billion to avoid harm to competition in the third-party paid senior living facilities referral services, the Federal Trade Commission said on Friday. The FTC said in a statement that two of Red Ventures largest shareholders jointly own A Place for Mom.com, the largest provider of such services, and Caring.com is the second largest provider. Reporting by Eric Walsh; Editing by Phil Berlowitz'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-bankrate-m-a-red-ventures/bankrate-to-divest-caring-com-for-red-ventures-merger-ftc-idUSKBN1D326C'|'2017-11-03T20:17:00.000+02:00'|8985.0|19.0|5.0|'' 8986|'b7f61b2dfdedc0a07ed60c3d26b4f69b041e531c'|'South Africa to outline ''decisive'' policy in 2018 after debt rating cut'|'November 25, 2017 / 7:59 AM / Updated 18 minutes ago South Africa to outline ''decisive'' policy in 2018 after debt rating cut TJ Strydom 3 Min Read JOHANNESBURG (Reuters) - South Africa will use its annual budget next year to outline decisive policy to strengthen its fiscal framework, the finance ministry said on Saturday after S&P Global Ratings cut its local currency debt to junk status. FILE PHOTO: A view shows the Standard & Poor''s building in New York''s financial district February 5, 2013. REUTERS/Brendan McDermid S&P announced the downgrade on Friday, citing a further deterioration in the countrys economic outlook and public finances. Moodys, meanwhile, placed South Africa on review for a downgrade. The 2018 Budget will outline decisive and specific policy measures to strengthen the fiscal framework, the finance ministry said in a statement, without giving more detail. The downgrade by S&P comes after Finance Minister Malusi Gigaba shocked markets on Oct. 25 by flagging sharply weaker growth expectations, a wider budget deficit and rising government debt. The government has since appointed a judicial commission of inquiry into the causes of a 50 billion rand ($3.6 billion)revenue shortfall and to investigate a possible erosion into the nations revenue collection capability. Economic growth has slowed to near zero in recent years and business and consumer sentiment have plumbed multi-decade lows as political uncertainty weighs on the economy. Infighting within the ruling African National Congress ahead of a conference in December to elect a successor to President Jacob Zuma as party chief has also sapped investor confidence. Restoring business and consumer confidence, and catalyzing inclusive growth is the top priority of government, the finance ministry said. South African businesses have been in talks with government more than a year to try to avoid credit ratings downgrades, but when Zuma in March replaced finance minister Pravin Gordhan with Gigaba, S&P and Fitch cut its ratings a notch within a week. Nedbank, one of the nations largest lenders, on Saturday warned that the latest move by S&P will make it more expensive for government and the private sector to raise funding. The February budget statement is South Africas last chance to demonstrate the structural reforms and fiscal consolidation that are required to improve economic growth prospects and prevent Moodys from also downgrading the local currency debt to below investment grade, Chief Executive Mike Brown said. A Moodys downgrade would trigger the exit of South Africas local currency debt from important global bond indices, Brown added. Reporting by TJ Strydom; editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-safrica-ratings/south-africa-to-outline-decisive-policy-in-2018-after-ratings-cut-idUKKBN1DP06N'|'2017-11-25T11:16:00.000+02:00'|8986.0|''|-1.0|'' 8987|'8ad6fe26e6e6ebecfca322f14aeadfa36b494b07'|'HSBC, Wall Street''s Brexit worries and sexual abuse in the City'|'Banking Weekly podcast Banking Weekly podcast Add to myFT HSBC, Wall Street''s Brexit worries and sexual abuse in the City Save to myFT Save to myFT November 7, 2017 The Financial Times banking team discusses the biggest banking stories of the week, bringing you global insight and commentary on the top issues concerning this sector. Your browser does not support playing this file but you can still download the MP3 file to play locally. Patrick Jenkins and guests discuss HSBC''s ''week of two halves'', a recent visit to Wall Street by Kathryn McGuinness, policy chair of the Corporation of London, and the concerns she found there about Brexit, and a special FT investigation into sexual abuse in the City of London Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t copy articles from FT.com and redistribute by email or post to the web. Print this page'|'ft.com'|'http://rss.ft.com/rss/companies/banks'|'http://rss.ft.com/rss/companies/banks'|'2017-11-07T20:21:00.000+02:00'|8987.0|''|-1.0|'' 8988|'6d3370ed93340e501fb9b4fbaac3793fea65e6b9'|'EMERGING MARKETS-Mexico peso up on wary central bank, Brazil stocks fall'|'(Recasts with peso gains) By Miguel Gutierrez SAO PAULO, Nov 9 (Reuters) - Mexico''s peso gained on Thursday after the central bank signaled it would not cut interest rates anytime soon after a recent currency slump threatens to fan inflation while Brazilian stocks fell after a batch of weak corporate reports. Mexico''s peso firmed nearly 0.3 percent after the central bank said that the inflation outlook had worsened and that it would maintain a prudent monetary policy given the risks Latin America''s No. 2 economy is facing. The peso was battered last month to its weakest level since March on concerns that U.S. President Donald Trump could pull out of the North American Free Trade Agreement (NAFTA) with Mexico and Canada. "[The central bank board] is very worried about the potential impact on the currency from uncertainty around NAFTA talks," said Banorte analyst Alejandro Cervantes. The benchmark Bovespa stock index fell over 1.9 percent after rising the most in a month on Wednesday. Shares of fuel distributor Ultrapar Participaes SA fell after slightly weaker-than-expected third-quarter operating profits fueled doubt over its year-end target. Lender Banco do Brasil SA and petrochemical company Braskem SA also dropped in the wake of quarterly earnings figures. The move came in a week of heightened volatility as uncertainty grew over President Michel Temer''s efforts to streamline the social security system. Lawmakers seem increasingly unwilling to support Temer''s austerity efforts, which contributed to driving his approval rates to single digits. Investors see the pension reform as key to curbing growth of public debt and stimulating the economy. Key Latin American stock indexes and currencies at 2215 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1133.30 -0.12 31.59 MSCI LatAm 2790.14 -1.11 20.54 Brazil Bovespa 72930.69 -1.93 21.09 Mexico IPC 48713.51 -0.25 6.73 Chile IPSA 5443.89 -0.76 31.13 Chile IGPA 27398.65 -0.71 32.14 Argentina MerVal 27951.54 -0.46 65.22 Colombia IGBC 10806.63 0.74 6.70 Venezuela IBC 685.51 -2.56 -97.84 Currencies daily % YTD % change change Latest Brazil real 3.2589 0.13 -0.09 Mexico peso 19.0350 0.28 8.98 Chile peso 629.85 0.23 6.49 Colombia peso 3009 0.30 -0.25 Peru sol 3.241 0.12 5.34 Argentina peso (interbank) 17.5025 0.13 -9.30 Argentina peso (parallel) 17.9 0.00 -6.03 (Additional reporting by Bruno Federowski in Sao Paulo; editing by Diane Craft) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-latam/emerging-markets-mexico-peso-up-on-wary-central-bank-brazil-stocks-fall-idUSL1N1NF2SH'|'2017-11-10T00:38:00.000+02:00'|8988.0|''|-1.0|'' @@ -9008,7 +9008,7 @@ 9006|'c0ed78d9c6afffc7da6c01cf7e10ac813cb7110f'|'Trump pitches NYSE for Saudi Aramco IPO listing'|'November 4, 2017 / 1:58 PM / in 21 minutes Trump backs New York in bourses'' battle for Saudi Aramco listing Jonathan Landay , Reem Shamseddine 4 Min Read WASHINGTON/KHOBAR, Saudi Arabia (Reuters) - Intervening in a battle among the worlds top stock exchanges to list shares of national oil giant Saudi Aramco, U.S. President Donald Trump publicly appealed on Saturday for Riyadh to choose New York, saying it was in the U.S. national interest. Traders work on the floor of the American Stock Exchange (AMEX) at the New York Stock Exchange (NYSE) in New York City, New York, U.S., October 27, 2017. REUTERS/Brendan McDermid Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange, Trump wrote on Twitter. Important to the United States! Trump did not say why he chose to raise the issue at this time or whether he was responding to any information about the NYSEs bid. But by describing the listing as a priority for Washington, he could help to sway the Saudis decision. The Saudi government, seeking to raise money as low oil prices strain its finances, plans to offer around 5 percent of Aramco next year in a sale which officials say could raise about $100 billion, making it the worlds largest-ever initial public offer. Saudi authorities have said they intend to list Aramco in Riyadh and on one or more foreign exchanges, setting off a competition between New York, London, Hong Kong, Tokyo and other bourses to host the IPO. An Aramco spokesman had no comment on Trumps tweet, while a spokeswoman for the NYSE declined to comment. NYSE Group president Thomas Farley said at a conference in Riyadh last week that he had not given up on the IPO and was in talks with Saudi authorities. The London Stock Exchange has also enjoyed some government support in its bid, though the support has been less public. Prime Minister Theresa May and the chief of the LSE pitched investments in Britain to the head of Saudi Arabias sovereign wealth fund on a visit to Riyadh earlier this year. Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed Nearly two years after announcing their plan to sell Aramco shares, Saudi officials insist they have not yet decided on foreign listing venues. Sources told Reuters in August that Riyadh favored New York, by far the worlds biggest exchange by market capitalization, for Aramcos main foreign listing. But some financial and legal advisers have recommended London as a less problematic and risky option. Aramcos lawyers warned about litigation risks associated with the U.S. Justice Against Sponsors of Terrorism Act (JASTA). Passed last year, the law allows the Saudi government to be sued on the grounds that it helped to plan the Sept. 11, 2001 attacks on the United States, an allegation which Riyadh denies. Mohammed al-Sabban, who has served as an adviser to former Saudi oil minister Ali al-Naimi, told Reuters that Trumps intervention would not resolve the JASTA problem. President Trump has forgotten completely that the risks of implementing the JASTA law against Saudi assets are still there, Sabban said. Probably during his administration he could prevent any case against Saudi Arabia. However, when President Trumps term ends, this will raise fears that the JASTA law could still be applied. However, Trump may be able to wield diplomatic clout in Riyadh. He was warmly welcomed by Saudi leaders during a visit to the kingdom in May, partly because he has taken a tough stance against Saudi Arabias diplomatic arch-rival Iran, and Riyadh is eager for close military ties with Washington. Exchanges hosting Aramco can look forward to a boost in fee income from trading the stock, and the prestige associated with the company may help them attract more big listings in future - including the IPOs of other state companies from the Gulf, as governments there sell assets in an era of cheap oil. Additional reporting by; Rania El Gamal; Writing by Andrew Torchia; Editing by Hugh Lawson'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-usa-trump-aramco/trump-pitches-nyse-for-saudi-aramco-ipo-listing-idUKKBN1D40IL'|'2017-11-04T15:59:00.000+02:00'|9006.0|''|-1.0|'' 9007|'7ae36cad724bcf45aa7dad3bc4ecb9707f56c94c'|'UPDATE 1-Bradesco expects companies to raise up to $4.5 bln by year-end'|' 47 PM / Updated 14 minutes ago UPDATE 1-Bradesco expects companies to raise up to $4.5 bln by year-end Reuters Staff (Adds CEO comments, background) By Tatiana Bautzer NEW YORK, Nov 14 (Reuters) - Banco Bradesco SA expects Brazilian companies to raise up to 15 billion reais ($4.5 billion) in new share offerings by year-end as Latin Americas largest economy continues to recover. Firms already have raised around 39 billion reais so far in 2017, executive director Renato Ejnisman said, as signs of newfound economic strength, global demand for emerging-market assets and government austerity efforts have lifted the nations benchmark stock index to all-time highs. Companies are now increasingly using proceeds of their share offerings to fund investments and expand capacity, instead of repaying debt, Ejnisman said, a sign that the economic recovery may be stepping up a notch. Bradesco is hosting its seventh annual CEO Forum in New York on Tuesday and Wednesday, which brings together senior executives from 90 Latin American companies with around 300 investors. Ejnisman said some companies are rushing ahead with their listings in order to avoid market volatility that is likely to spike ahead of the Brazils presidential elections in October 2018. Bankers and fund managers had told Reuters that could make the third week of December the busiest for IPOs in four years as several companies push ahead with their listings before the year-end holidays. Investor interest in Brazilian assets could remain strong through next year if there is a clear sign that Brazils next president will commit to fiscal discipline and market-friendly policies, Bradesco executives said. Chief Executive Officer Luiz Carlos Trabuco Cappi said investors are clearly more optimistic towards Brazil in spite of electoral uncertainty. I think Brazilian society will choose a candidate committed to an agenda of fiscal discipline, Trabuco told reporters on the sidelines of the event. Trabuco, who is also Bradescos chairman, will chose his successor as CEO before a shareholders assembly in March 2018. His pick from a group of seven vice-presidents will be tasked with increasing the banks efficiency in a bid to maintain profitability amid falling interest rates. $1 = 3.3034 reais Reporting by Tatiana Bautzer; Editing by Chizu Nomiyama and Diane Craft'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brazil-ceos-banco-bradesco/update-1-bradesco-expects-companies-to-raise-up-to-4-5-bln-by-year-end-idUSL1N1NK1LB'|'2017-11-14T20:46:00.000+02:00'|9007.0|''|-1.0|'' 9008|'0e189b7fcd789c6d588bada1791f2086b7f95e95'|'Wal-Mart partners with Lord & Taylor to expand online fashion presence'|'November 13, 2017 / 10:05 PM / in 5 minutes Wal-Mart partners with Lord & Taylor to expand online fashion presence Nandita Bose 3 Min Read (This version of the Nov 13 story corrects to say that Wal-Mart is the largest clothing retailer in the United States, not the world, in 7th paragraph) Shopping carts are seen outside a new Wal-Mart Express store in Chicago July 26, 2011. REUTERS/John Gress/Files By Nandita Bose CHICAGO (Reuters) - Wal-Mart Stores Inc ( WMT.N ) said on Monday it will offer Hudsons Bay Co- ( HBC.TO ) owned department store chain Lord & Taylor dedicated space on its website, as it looks to make deeper inroads into the fast-growing online fashion business. The worlds largest retailer will start offering higher-end clothing and accessories from Lord & Taylor to its customers in spring 2018. The partnership will allow Lord & Taylor to open a virtual storefront on Walmart.com and boost customer traffic to its website by reaching a wider audience. It will boost Wal-Marts online assortment with premium products and advance the retailers effort to access millennial customers who usually do not shop on Walmart.com. Our goal is to create a premium fashion destination within Walmart.com, Denise Incandela, Head of Fashion, Walmart U.S. eCommerce told Reuters in an interview on Monday. She said Wal-Mart shoppers search the retailers website for premium items and the company aims to expand its online business with a focus on such products. This is a part of a larger business strategy where we are working to create a new Walmart.com, Incandela said. She did not comment on the financial terms of the partnership. In the past year, Wal-Mart has been acquiring small online fashion brands like Shoebuy, Modcloth and Bonobos in an attempt to recover lost ground against Amazon and others in the online fashion world. Wal-Mart is the largest brick-and-mortar clothing retailer in the United State, with 2016 sales for that category exceeding $23 billion, according to retail think tank Fung Global Retail & Technology. But despite its store muscle, Wal-Mart has failed to replicate that success online. It has not only struggled to attract the type of affluent young consumers who tend to shop for clothes online but due to its low-income customer base and brand perception, has also faced challenges in persuading well-known apparel brands to sell on its website. Amazon leads the U.S. online clothing and footwear market with sales of $13 billion in 2016, up $9 billion from five years ago. It is expected to triple its share of the U.S. apparel market over the next four years, according to data from Euromonitor and Forrester. Virtual storefronts have become a strong e-commerce tool with retailers including Amazon.com Inc ( AMZN.O ) and Alibaba Group Holding Ltd ( BABA.N ) routinely offering dedicated space to brands on their website. Virtual stores are also a preferred route for U.S. retailers to enter new countries where they dont have operations. For example, Macys in 2015 said it would enter China with a virtual store on Alibaba and test demand in that market. Reporting by Nandita Bose Editing by Sandra Maler'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-walmart-lord-taylor/wal-mart-partners-with-lord-taylor-to-expand-online-fashion-presence-idUSKBN1DD2Q7'|'2017-11-14T00:05:00.000+02:00'|9008.0|''|-1.0|'' -9009|'269ae81ba0d79bbda20e16b7e1d47f4411f0afd0'|'European markets not deep enough for indefinite QE - ECB''s Coeure'|' 10 AM / Updated 10 minutes ago European markets not deep enough for indefinite QE - ECB''s Coeure Reuters Staff 1 Min Read PARIS (Reuters) - European financial markets are not deep enough to allow ECB quantitative easing to run on indefinitely, ECB Executive Board member Benoit Coeure said on Thursday. Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. REUTERS/Kai Pfaffenbach A lot of people would like us to continue quantitative easing forever, but the depth of European capital markets is totally different to that in the United States, Coeure told an economics conference in Lyon. Personally, I dont think quantitative easing can be a permanent instrument of ECB monetary policy simply because financial markets are not deep enough, he added. Reporting by Leigh Thomas; editing by Michel Rose'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-ecb-policy-coeure-qe/european-markets-not-deep-enough-for-indefinite-qe-ecbs-coeure-idUKKBN1D91FC'|'2017-11-09T13:10:00.000+02:00'|9009.0|''|-1.0|'' +9009|'269ae81ba0d79bbda20e16b7e1d47f4411f0afd0'|'European markets not deep enough for indefinite QE - ECB''s Coeure'|' 10 AM / Updated 10 minutes ago European markets not deep enough for indefinite QE - ECB''s Coeure Reuters Staff 1 Min Read PARIS (Reuters) - European financial markets are not deep enough to allow ECB quantitative easing to run on indefinitely, ECB Executive Board member Benoit Coeure said on Thursday. Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. REUTERS/Kai Pfaffenbach A lot of people would like us to continue quantitative easing forever, but the depth of European capital markets is totally different to that in the United States, Coeure told an economics conference in Lyon. Personally, I dont think quantitative easing can be a permanent instrument of ECB monetary policy simply because financial markets are not deep enough, he added. Reporting by Leigh Thomas; editing by Michel Rose'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-ecb-policy-coeure-qe/european-markets-not-deep-enough-for-indefinite-qe-ecbs-coeure-idUKKBN1D91FC'|'2017-11-09T13:10:00.000+02:00'|9009.0|18.0|0.0|'' 9010|'5a87dde8b19579f8743112873b6cd0694e99aaf7'|'Deals of the day-Mergers and acquisitions'|'November 20, 2017 / 11:12 AM / Updated 7 minutes ago Deals of the day-Mergers and acquisitions Reuters Staff 2 Min Read (Adds Marvell Technology, Auchan, SandRidge Energy and Apache Corp; Updates Grupo Barcelo) Nov 20 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1430 GMT on Monday: ** Chipmaker Marvell Technology Group Ltd said it would buy smaller rival Cavium Inc in a $6 billion deal, as it seeks to expand its wireless connectivity business in a fast consolidating semiconductor industry. ** French retailer Auchan said it had not been approached by e-commerce giant Amazon about deals or partnerships in Europe, with speculation still rife that Amazon may be eyeing European transactions. ** Activist investor Fir Tree Partners opposed SandRidge Energy Incs $746-million deal to buy rival Bonanza Creek Energy Inc, saying an acquisition would drain all of the oil and gas producers cash. ** South African private hospital group Mediclinic, does not intend to make another offer for Spire Healthcare, the firm said after the British company rejected an earlier bid. ** Grupo Barcelo has made a tentative takeover approach for rival NH Hotel Group to create the biggest hotel operator in Spain, where tourism is booming, with over 600 hotels worldwide. ** Shares in German utility RWE rallied on renewed investor hopes for a deal for its Innogy unit as well as on expectations of a less stringent climate policy following the failure of coalition talks in Germany. ** Abu Dhabi National Oil Co (ADNOC) said it may sell as much as a 20 percent stake in its fuel distribution unit, potentially raising up to $2.8 billion. ** Independent UK-based infrastructure investment fund Ancala Partners has finalized its acquisition of Apache Corps interests in two North Sea gas pipeline assets for an undisclosed sum, it said. (Compiled by Divya Grover in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/deals-day/deals-of-the-day-mergers-and-acquisitions-idUSL3N1NQ3PS'|'2017-11-20T16:48:00.000+02:00'|9010.0|''|-1.0|'' 9011|'23093b11c9727d69d674717ab6ffee96d8167955'|'Saudi oil minister to meet Russian, Kazakh counterparts'|'November 4, 2017 / 5:42 AM / in an hour Saudi oil minister to meet Russian, Kazakh counterparts Reuters Staff 1 Min Read TASHKENT (Reuters) - Saudi oil minister Khalid al-Falih will meet Russian and Kazakh energy ministers Alexander Novak and Kanat Bozumbayev at a Community of Independent States Electric Power Council conference in Tashkent on Saturday, event organisers said. Saudi Oil Minister Khalid al-Falih speaks during the opening of Baghdad International Exhibition, Baghdad, Iraq October 21, 2017. REUTERS/Khalid al-Mousily Russia and Kazakhstan are parts of a global oil deal between OPEC and non-OPEC nations to shore up oil prices. Our joint efforts between Russia, Saudi Arabia and 24 other states that have been working on stabilising the oil market will have great impact and I hope great benefits, Falih told a meeting attended by Novak and Bozumbayev. Falih met Alisher Sultanov, Uzbek deputy prime minister and head of state energy firm UzbekNefteGaz, before the start of the conference. It was not clear at what time he would meet the Russian and Kazakh officials. Reporting by Mukhammadsharif Mamatkulov; Writing by Olzhas Auyezov and Denis Pinchuk; Editing by Paul Tait'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-saudi-russia-oil/saudi-oil-minister-to-meet-russian-kazakh-counterparts-idUKKBN1D405S'|'2017-11-04T08:13:00.000+02:00'|9011.0|''|-1.0|'' 9012|'68f27d5467c4745441b7f0246aa57424a7147481'|'OPEC, allies unlikely to delay decision on oil cut extension'|'November 13, 2017 / 11:23 AM / Updated 19 minutes ago OPEC, allies unlikely to delay decision on oil cut extension Rania El Gamal , Maha El Dahan 2 Min Read ABU DHABI (Reuters) - OPEC and non-OPEC oil producers are moving towards deciding at their Nov. 30 meeting whether to extend a global agreement to curb oil supply further into 2018, two ministers said on Monday, a quicker time frame than previously indicated. The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria September 21, 2017. REUTERS/Leonhard Foeger The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, are cutting output by about 1.8 million barrels per day until March in an attempt to eradicate a glut, and are considering extending the deal for longer. Reuters reported last month, citing OPEC sources, that producers were leaning towards prolonging the agreement until the end of 2018, though the decision could be postponed until early next year depending on the market. But United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui said on Monday he saw no need for the decision to be delayed beyond the Nov. 30 meeting in Vienna. His Omani counterpart voiced confidence there would be an agreement this month. I dont see the need to delay the decision until March ... We are not going to meet in that quarter unless it is extraordinary, Mazroui said at an energy industry conference. If there is a decision to extend the supply cut it will be until the end of 2018, said the Omani oil minister, Mohammed bin Hamad al-Rumhi, adding that he did not think producers would agree to deepen the curbs. Mazroui, whose country next year holds the rotating OPEC presidency, said that while the UAE backed an extension, he could not say yet whether it would support maintaining the supply cut until the end of 2018. Additional reporting by Aziz El Yaakoubi and Stanley Carvalho; Writing by Andrew Torchia and Alex Lawler; Editing by Dale Hudson'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-oil-emirates-adipec-decision/opec-allies-unlikely-to-delay-decision-on-oil-cut-extension-idUKKBN1DD123'|'2017-11-13T13:13:00.000+02:00'|9012.0|''|-1.0|'' @@ -9038,7 +9038,7 @@ 9036|'6a671904f24902f7c5392bb0cb9de23a6785f005'|'Soured euro zone bank loans an urgent issue - ECB''s Jazbec'|'November 20, 2017 / 1:00 PM / Updated an hour ago Soured euro zone bank loans an urgent issue - ECB''s Jazbec Reuters Staff 1 Min Read VIENNA (Reuters) - Soured loans sitting on the books of euro zone banks are holding back growth and creating a systemic risk, so a resolution is urgent, European Central Bank Governing Council member Bostjan Jazbec told a conference in Vienna on Monday. Bostjan Jazbec, Slovenia''s central bank governor, speaks during an interview in Ljubljana December 13, 2013. REUTERS/Srdjan Zivulovic/File photo I think that there is an urgent need to clean up the banking system of all the NPLs (non-performing loans) that are still in the system, Jazbec said. The ECB has recently come under fire for a proposal to sharply increase risk provisions on new non-performing loans, with banks on the blocs periphery claiming that the new rules would hold back lending and ultimately growth. Reporting by Balazs Koranyi and Francois Murphy; editing by Francois Murphy'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eurozone-banks-ecb/soured-euro-zone-bank-loans-an-urgent-issue-ecbs-jazbec-idUKKBN1DK1IQ'|'2017-11-20T14:59:00.000+02:00'|9036.0|''|-1.0|'' 9037|'b04990f0f588cf23c9710ee3fd8bbe7afb5f3497'|'U.S. investor Cerberus takes 3 percent stake in Deutsche Bank'|'November 15, 2017 / 1:02 PM / Updated 2 hours ago U.S. investor Cerberus takes 3 percent stake in Deutsche Bank Reuters Staff 3 Min Read FRANKFURT (Reuters) - Cerberus [CBS.UL] has taken a 3 percent stake in Deutsche Bank ( DBKGn.DE ), Germanys flagship lender said on Wednesday, making the U.S. buyout fund the fourth-largest shareholder after Chinas HNA group, Qatar and money manager Blackrock ( BLK.N ). FILE PHOTO: The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo The move comes after the investor built a 5 percent stake in Germanys second-largest listed bank, Commerzbank ( CBKG.DE ), in July. We have a constructive view of European fundamentals and believe Germany is a highly attractive place to invest, in particular, a Cerberus spokesman said, adding it saw long-term opportunities in retail and corporate banking due to Germanys robust economy and high savings rate. He declined to comment on the investment in Deutsche Bank. Shares in Deutsche Bank recouped losses made earlier in the day to trade nearly 1 percent higher at 1251 GMT. This has fueled the fantasy of a merger between Deutsche Bank and Commerzbank, which came up months ago, said a trader. I can understand this speculation because Cerberus wouldnt buy into German banks without reason. In 2016, top executives of Deutsche Bank and Commerzbank held talks on a potential combination, but shelved the project to complete their restructurings before taking steps towards any merger, a person close to the matter said at the time. Commerzbank would not comment on Cerberus. Speculation that a new shareholder would emerge heightened after Deutsche Bank disclosed on Tuesday that Morgan Stanley ( MS.N ) had acquired a significant holding in voting rights linked to financial instruments. It remains unclear whether the Cerberus and Morgan Stanley disclosures are linked. Morgan Stanley holds 6.86 percent of voting rights in the German lender, with the vast majority of those rights through instruments, Deutsche Bank said in a regulatory filing on Tuesday. Instruments include call options, rights of recall over securities lending agreements, equity swaps and put options. Morgan Stanley previously held 0.47 percent of voting rights in shares. German law require disclosure when stakes exceed the 3 percent and 5 percent level. The Morgan Stanley threshold was crossed on Nov. 6, while the Cerberus threshold was reached on Nov. 14. Morgan Stanley in Frankfurt declined to comment. Reporting Arno Schuetze, Hans Seidenstuecker and Tom Sims; Editing by Edmund Blair '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-deutsche-bank-shareholders/cerberus-takes-3-percent-stake-in-deutsche-bank-idINKBN1DF1U0'|'2017-11-15T10:02:00.000+02:00'|9037.0|''|-1.0|'' 9038|'52ee68b217876e7d67f13382ee039a14f624629d'|'Oil explorer Finder seeks $150 mln for Australia drilling'|'LONDON, Nov 15 (Reuters) - Australia-focused oil and gas explorer Finder Exploration is seeking to raise $150 million for the drilling of five wells off the countrys northwest coast, a document seen by Reuters showed.The wells could hold as much as 600 million barrels of oil and gas equivalent, the privately owned company said in a presentation to potential investors.Finder, a joint venture with energy services company Fugro , hopes to start drilling in the third quarter of 2018.The exploration blocks are adjacent to the Browse basin and Northern Carnarvon basin, where a number of large oil companies including Exxon Mobil and Royal Dutch Shell operate.Reporting by Ron Bousso; Editing by Dale Hudson '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/oil-exploration-australia/oil-explorer-finder-seeks-150-mln-for-australia-drilling-idINL8N1NL5NJ'|'2017-11-15T11:37:00.000+02:00'|9038.0|''|-1.0|'' -9039|'0a38fde50f26060749cce4cfa08993b4520187cb'|'Budget carrier Wizz scoops Monarch''s Luton airport slots'|'November 29, 2017 / 6:41 PM / in 2 minutes Budget carrier Wizz scoops Monarch''s Luton airport slots Reuters Staff 1 Min Read (Reuters) - Budget airline Wizz Air ( WIZZ.L ) said it would fly two more aircraft from Londons Luton airport after securing take-off and landing slots there from failed carrier Monarch Airlines. FILE PHOTO - Wizz Air plane is pictured at Chopin airport in Warsaw, Poland October 12, 2017. REUTERS/Kacper Pempel Wizz, listed in London but with the majority of its operations focused on Europe, said it would increase its fleet at Luton by two aircraft to total seven and pushing up its capacity at the airport by 18 percent. Earlier this week, British Airways owner IAG ( ICAG.L ) bought valuable take-off and landing slots at Londons Gatwick airport, beating off competition from other airlines. EasyJet ( EZJ.L ), Wizz ( WIZZ.L ) and Norwegian ( NWC.OL ) had expressed their interest in acquiring Monarchs slots at Londons Luton and Gatwick airports. (This story corrects reference to IAG deal in third paragraph) Reporting by Rahul B in Bengaluru; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-monarch-airlines-licence-wizz-air-hld/budget-carrier-wizz-scoops-monarchs-luton-airport-slots-idUKKBN1DT2WU'|'2017-11-29T20:40:00.000+02:00'|9039.0|''|-1.0|'' +9039|'0a38fde50f26060749cce4cfa08993b4520187cb'|'Budget carrier Wizz scoops Monarch''s Luton airport slots'|'November 29, 2017 / 6:41 PM / in 2 minutes Budget carrier Wizz scoops Monarch''s Luton airport slots Reuters Staff 1 Min Read (Reuters) - Budget airline Wizz Air ( WIZZ.L ) said it would fly two more aircraft from Londons Luton airport after securing take-off and landing slots there from failed carrier Monarch Airlines. FILE PHOTO - Wizz Air plane is pictured at Chopin airport in Warsaw, Poland October 12, 2017. REUTERS/Kacper Pempel Wizz, listed in London but with the majority of its operations focused on Europe, said it would increase its fleet at Luton by two aircraft to total seven and pushing up its capacity at the airport by 18 percent. Earlier this week, British Airways owner IAG ( ICAG.L ) bought valuable take-off and landing slots at Londons Gatwick airport, beating off competition from other airlines. EasyJet ( EZJ.L ), Wizz ( WIZZ.L ) and Norwegian ( NWC.OL ) had expressed their interest in acquiring Monarchs slots at Londons Luton and Gatwick airports. (This story corrects reference to IAG deal in third paragraph) Reporting by Rahul B in Bengaluru; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-monarch-airlines-licence-wizz-air-hld/budget-carrier-wizz-scoops-monarchs-luton-airport-slots-idUKKBN1DT2WU'|'2017-11-29T20:40:00.000+02:00'|9039.0|28.0|0.0|'' 9040|'f7bab3fd7540a71e871aef18175a55af6e12bd5c'|'Bankers shifting from London after Brexit may face lower pay'|'November 17, 2017 / 9:28 AM / Updated 20 minutes ago Bankers shifting from London after Brexit may face lower pay Lawrence White 2 Min Read LONDON (Reuters) - Bankers relocating from London to other European financial hubs following Britains exit from the European Union could face lower pay packages, according to an industry survey published on Friday by compensation consultant Emolument. FILE PHOTO - People walk through the financial district of Canary Wharf, London, Britain 28 September 2017. REUTERS/Afolabi Sotunde The average managing director, one of the more senior ranks in investment banking, earns 478,000 pounds a year in London compared with 312,000 pounds in Paris, 298,000 pounds in Frankfurt and 333,000 pounds in Milan, the survey said. Those figures comprise the average annual salary and bonus combined of 4,475 front-office bankers pay packages analysed for the study, Emolument said. Around 10,000 finance jobs will be shifted out of Britain or created overseas in the next few years if the UK is denied access to Europes single market, according to a Reuters survey of firms in September. Frankfurt was by far the most popular destination for the new roles, the Reuters survey said, with Paris a distant second. London leads the pay market across all ranks of investment banking from the most junior associates up to managing directors, the Emolument study showed. Frankfurt comes second for more junior staff while Paris is second to London in terms of pay for senior executives. Pay is not the only consideration for bankers looking at which of the European financial centres offers the most attractive overall lifestyle. In Frankfurt, 70 percent of bankers interviewed said they had a good work-life balance, Emolument said, as against 61 percent for London and 59 percent for Paris. As regards moving away from London to other EU capitals, while pay may be lower, pain points such as schooling and generally higher quality of life should compensate bankers transferring to the continent, Alice Leguay, co-founder at Emolument said. Reporting By Lawrence White. Editing by Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-pay/bankers-shifting-from-london-after-brexit-may-face-lower-pay-idUKKBN1DH10R'|'2017-11-17T11:28:00.000+02:00'|9040.0|''|-1.0|'' 9041|'b92edc406fec457d2f73f140a434b550df28028a'|'METALS-Nickel, copper lead Shanghai metals down'|'SYDNEY, Nov 8 (Reuters) - Nickel and copper led an across-the-board-decline in Chinese base metals on Wednesday, triggered by a sharp selloff overnight in London metals markets.Investors locked in near-20 percent gains in the nickel market over the past month, with selling was sparked by data showing that higher prices have enticed more nickel ore exports from Indonesia, ANZ Bank said.Indonesias Energy and Mineral Resources Ministry on Tuesday said it has issued export quota recommendations for 20.4 million tonnes of nickle ore.FUNDAMENTALS * LME NICKEL: London Metal Exchange three-month nickel was marginally weaker at $12,635 a tonne at 0100 GMT after falling 2.1 percent on Tuesday* SHFE NICKEL: The most-traded nickel contract on the Shanghai Futures Exchange dropped 1.6 percent to 100,960 yuan ($15,209) a tonne.* ANGLO/DREYFUS: Mining giant Anglo American is among several companies interested in buying commodity trader Louis Dreyfuss metals business, three trading and banking sources told Reuters.* OIL VS ELECTRIC: A rapid adoption of electric vehicles could cause world oil demand to reach a plateau in the second half of the 2030s, OPEC said in a report, a potential setback for the oil exporter groups longer term prospects.* LONDON COPPER: LME copper was slightly firmer at $6,843 a tonne, partially offsetting a 2.1 percent loss overnight.* SHFE COPPER: ShFE copper was down 1.6 percent.* DOLLAR SLIPS: The dollar was a slim 0.1 percent lower against a basket of currencies,* For the top stories in metals and other news, click orMARKETS NEWS * Asian shares paused at decade peaks and the dollar dipped on Wednesday amid concerns Republican plans for major U.S. tax cuts were running into headwinds even before the Senate releases its own version of the proposals.DATA AHEAD (GMT) * China Trade data Oct 0745 France Trade data Sep*No fixed timingPRICES Three month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.6380 Chinese yuan renminbi)Reporting by James Regan Editing by Richard Pullin '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/global-metals/metals-nickel-copper-lead-shanghai-metals-down-idUSL3N1NE1D5'|'2017-11-08T03:56:00.000+02:00'|9041.0|''|-1.0|'' 9042|'9d16b71bae808bb2ed5c0f1ca239951be951fedf'|'Qatar Airways buys 9.6 percent stake in Cathay Pacific: Kingboard Chemical'|'DUBAI/SINGAPORE (Reuters) - Qatar Airways said on Monday it had broadened its global reach with the acquisition of a 9.61 percent stake in Cathay Pacific Airways Ltd ( 0293.HK ), complicating the Hong Kong carriers share registry and sparking a sharp fall in its share price.Qatar Airways aircrafts are seen at Hamad International Airport in Doha, Qatar June 12, 2017. REUTERS/Naseem Zeitoon Hong Kongs Kingboard Chemical Holdings ( 0148.HK ) said it had sold the stake to Qatar Airways for HK$5.16 billion ($661 million), making the Middle Eastern carrier the third-largest shareholder in Cathay.For Cathay, the Qatar stake will give it a third strategic shareholder behind Swire Pacific Ltd ( 0019.HK ) and Air China Ltd ( 601111.SS ), potentially complicating a restructuring plan aimed at slashing HK$4 billion in costs over three years.Without domestic flights to underpin earnings, Asian carriers Cathay and Singapore Airlines Ltd ( SIAL.SI ) have struggled against Chinese and Middle Eastern rivals, with Cathay already shedding 600 jobs since May.For state-owned Qatar Airways, its first major stake in an Asian airline will allow it to boost its global influence and potentially traffic through its Doha hub, amid the worst political crisis in years among the Gulf Arab states.The airline has been unable to fly to the previously lucrative markets of the United Arab Emirates and Saudi Arabia as part of an airspace rights dispute with neighbors, and has been looking to invest elsewhere to broaden its reach.It was rebuffed by American Airlines Group Inc ( AAL.O ) earlier this year.Despite Cathays troubles, Qatar Airways Chief Executive Akbar al-Baker described it as one of the strongest airlines in the world ... with massive potential for the future.Cathay shares have risen by 29.4 percent since the start of January despite the airline in August posting its worst first-half loss in 20 years.Shares of Cathay Pacific dropped as much as 4.7 percent on Monday morning, as investors worried about its direction with Qatar Airways on its registry. The stock was 1.7 percent down at 0342 GMT, while the broader market was down 1 percent.Cathay will have three major shareholders, all with different and potentially conflicting interests - Swire, Air China and Qatar Airways, said Corrine Png, CEO of transport research firm Crucial Perspective.This may not necessarily be favorable for Cathay as it is facing operating challenges and undergoing transformation.Swire Pacific owns 45 percent of Cathay and Air China 30 percent.Will Horton, a Hong Kong-based senior analyst at CAPA Center for Aviation, said that while Qatar Airways investment in Cathay was likely to be passive, difficulties could arise if they tried to better integrate their hubs.Cathay flew between Hong Kong and Qatar Airways Doha hub as part of a codeshare arrangement between 2014 and 2016, when the route was axed for commercial reasons.Qatar Airways investment strategy has seen it acquire 20 percent of British Airways-parent International Consolidated Airlines Group ( ICAG.L ), 10 percent of South Americas LATAM Airlines Group SA LTM.SN and 49 percent of Italys Meridiana.Investment holding company Kingboard said it would recognize a gain of HK$800 million on the sale of its entire Cathay stake.($1 = 7.8021 Hong Kong dollars)Reporting by Alexander Cornwell and Jamie Freed; Editing by Stephen Coates '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-cathay-pacific-m-a-qatar-airways/qatar-airways-buys-9-6-percent-stake-in-cathay-pacific-kingboard-chemical-idINKBN1D601T'|'2017-11-05T21:36:00.000+02:00'|9042.0|''|-1.0|'' @@ -9065,7 +9065,7 @@ 9063|'8d137d6123d67c736c7f3fc3572e721d5d7642e2'|'UK economy peps up, bolstering BoE rate hike call - PMI'|'November 3, 2017 / 11:57 AM / Updated 3 hours ago UK economy peps up, bolstering BoE rate hike call - PMI Andy Bruce , David Milliken 4 Min Read LONDON (Reuters) - Britains economy appears to be picking up speed, according to a survey on Friday that will reassure the Bank of England a day after it raised interest rates for the first time a decade. A man looks from a building in the financial district of Canary Wharf in London, Britain November 3, 2017. REUTERS/Kevin Coombs Sterling hit a days high against the dollar after the IHS Markit/CIPS services Purchasing Managers Index (PMI) jumped to 55.6 in October from 53.6 in September, its biggest one-month rise since August 2016. Despite nervousness among businesses about Brexit, the reading was its highest since April and exceeded all forecasts in a Reuters poll of economists. The survey of services businesses, which account for around 80 percent of British economic output, follows relatively upbeat PMI readings this week for the smaller manufacturing and construction sectors. Taken together they suggest the economy is growing at a quarterly rate of 0.5 percent, IHS Markit said, picking up from growth of 0.4 percent in the three months to September. Britains economy has lagged behind others in Europe and beyond this year as sterlings plunge following last years vote to leave the European Union pushes up inflation and uncertainty over the shape of Brexit causes businesses invest more slowly. The UK PMI may be starting to show some convergence with its firm global counterpart, JPMorgan economist Allan Monks said. Growth in the services sector outpaced that in the euro zone, as measured by a flash estimate, for the first time since January, the PMI showed. IHS Markit will publish a final estimate for the euro zone on Monday. The Bank of England will likely see Octobers (PMIs) as supportive to the decision to raise interest rates, said Howard Archer, chief economic adviser to the EY ITEM Club consultancy. Many private economists had warned before Thursdays decision by the BoE that a rate hike would be premature. However, serious uncertainties over the outlook evident among services companies fuels suspicion that it is likely to be some considerable time before the Bank of England hikes interest rates again, Archer said. The BoE raised rates for the first time in more than 10 years on Thursday and said its next increases would be very gradual. Deputy Governor Ben Broadbent said on Friday that the BoEs signal that it may need to raise interest rates two more times to bring down inflation was not a promise. Businesses are unsure about the outlook, and optimism among services companies remained well below its long-run average, fuelled mainly by uncertainty over Brexit, the PMI data showed. A deeper dive into the numbers highlights the fragility of the economy, said Chris Williamson, chief business economist at IHS Markit, which compiles the PMIs. BoE Governor Mark Carney said on Thursday that the central banks next move would be heavily influenced by the progress of talks on Britains departure from the EU. Growth could get a boost if a transitional deal gave businesses confidence to invest. But a failure to reach a deal would further weaken the pound and intensify inflation pressure. The services PMI, which covers non-retail businesses, said firms were putting up prices at the fastest rate since April. Costs increased rapidly, though at the slowest rate in just over a year, possibly tallying with the BoEs view that the inflationary effect of last years more than 10 percent fall in the value of the pound is starting to fade. Across the economy as a whole, the PMI showed that job creation was at its weakest since March. Squeezed margins and concerns about the economic outlook had led to more cautious hiring strategies, IHS Markit said. Editing by William Schomberg and Catherine Evans '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/britain-economy-pmi/uk-economy-peps-up-bolstering-boe-rate-hike-call-pmi-idINKBN1D317V'|'2017-11-03T08:57:00.000+02:00'|9063.0|11.0|0.0|'' 9064|'1c007149d795b0b1b9933716d4d5f57a07ac8802'|'Tesla gives wishy-washy outlook for Model 3 production issues'|'Tesla releases Model 3 Tesla''s first mass market car has been beset with manufacturing issues -- and there'' s no end in sight. The electric carmaker issued its latest earnings report Wednesday, and the firm did little to assuage investors'' concerns that Tesla would be able to significantly ramp up Model 3 production in the near future. The company''s stock price sunk more nearly 5% during after-hours trading. "While we continue to make significant progress each week in fixing Model 3 bottlenecks, the nature of manufacturing challenges during a ramp such as this makes it difficult to predict exactly how long it will take for all bottlenecks to be cleared or when new ones will appear," the company said in a letter to investors. Tesla ( TSLA ) was already facing backlash from its shareholders over production of the Model 3, which is the first vehicle that''s priced more for the average consumer at $35,000. At least one lawsuit has been filed by investors. Related: Tesla sued for Model 3 delays Tesla previously said it would make 1,500 Model 3''s during the last quarter, but the firm dramatically undershot that goal. It churned out just 260, Tesla said earlier this month. The company said "a handful" of assembly lines had taken "longer to activate than expected." Based on figures in Tesla''s latest earnings letter, the company isn''t expecting to reach its initial goal of making 5,000 Model 3''s per week until sometime next year. Tesla, which rarely turns a profit, posted a net loss of $619 million for the quarter. Among investor worries: The Wall Street Journal reported on October 6, citing unnamed sources, that "as recently as early September major portions of the Model 3" were being built by hand. At the time, Tesla denied the report. "Every vehicle manufacturing line in the world has both manual and automated processes," said the company''s Tuesday statement. "As we''ve always acknowledged, it will take time to fine-tune the line for higher volumes." Related: Tesla fired union supporters, UAW charges Production issues have been par for the course at Tesla practically since Day 1. Similar problems ramping up production also plagued the company''s first two car models -- the Model S sedan and the Model X SUV. In July, as Tesla delivered the first batch of Model 3''s to employees, Musk admitted the company went through " production hell " to bring all three of its cars to market. With a simpler, streamlined designed, the Model 3 was designed to make the manufacturing process easier. On Wednesday, however, the company admitted that because "the Model 3 production process will be vastly more automated than the production process of Model S, Model X [...] bringing this level of automation online is simply challenging in the early stages of the ramp." Despite the production woes, Tesla has still had a phenomenal year in terms of stock performance. Its shares are up more than 50% so far in 2017. And the company says there''s no signs of demand slowing down. "We received record net orders for Model S and Model Xs" last quarter, Tesla said in its earnings letter, which later added, "Demand for Model 3 is not going to be a constraint for quite a long time." --CNNMoney''s Chris Isidore contributed to this report. 5:09 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/11/01/technology/business/tesla-earnings-model-3-production/index.html'|'2017-11-02T00:24:00.000+02:00'|9064.0|''|-1.0|'' 9065|'5303189138f4cf5e4590ba3c6c6f265a6c1a9291'|'China pushing billions into Iranian economy as Western firms stall'|'November 30, 2017 / 2:40 PM / Updated 6 minutes ago China pushing billions into Iranian economy as Western firms stall Mark Bendeich , Parisa Hafezi 6 Min Read ROME/ANKARA, Nov 30 (Reuters) - China is financing billions of dollars worth of Chinese-led projects in Iran, making deep inroads into the economy while European competitors struggle to find banks willing to fund their ambitions, Iranian government and industry officials said. Freed from crippling nuclear sanctions two years ago, Iran is drawing unprecedented Chinese funding for everything from railways to hospitals, they said. State-owned investment arm CITIC Group recently established a $10 billion credit line and China Development Bank is considering $15 billion more. They (Western firms) had better come quickly to Iran otherwise China will take over, said Ferial Mostofi, head of the Iran Chamber of Commerces investment commission, speaking on the sidelines of an Iran-Italy investment meeting in Rome. The Chinese funding, by far the largest statement of investment intent of any country in Iran, is in stark contrast with the drought facing Western investors since U.S. President Donald Trump disavowed the 2015 pact agreed by major powers, raising the threat sanctions could be reimposed. Iranian officials say the deals are part of Beijings $124 billion Belt and Road initiative, which aims to build new infrastructure - from highways and railways to ports and power plants - between China and Europe to pave the way for an expansion of trade. A source in China familiar with the CITIC credit line, which was agreed in September, called it an agreement of strategic intent. The source declined to give details on projects to be financed, but Iranian media reports have said they would include water management, energy, environment and transport projects. An Iranian central bank source said loans under the credit line would be primarily extended in euros and yuan. The China Development Bank signed a memorandum of understanding for $15 billion, Iranian state news agency IRNA said on Sept. 15. The bank itself declined to comment, in line with many foreign investors and banks, including from China, who were reluctant to discuss their activities in Iran for this story. The web sites of banks and companies often carry little or no information on their Iran operations. POWERHOUSE With a population of 80 million and a large, sophisticated middle class, Iran has the potential to be a regional economic powerhouse. But with the risk of sanctions hanging in the air, more and more foreign investors want Tehran to issue sovereign guarantees to protect them in case the projects are halted. Economic ties between Iran and Italy, its biggest European trade partner, have been affected. Italys state-owned rail company, Ferrovie dello Stato, is a consultant in the building of a 415-km (260-mile) high-speed north-south rail line between Tehran to Isfahan via Qom by state-owned China Railway Engineering Corp. The Italian firm is separately contracted to build a line from Qom west to Arak, but it needs 1.2 billion euros in financing. Though backed by the states export insurance agency, it says it needs a sovereign guarantee. We are finalising the negotiations and we are optimistic about moving forward, said Riccardo Monti, chairman of Italferr, the state firms engineering unit, adding that the financing should be finalised by March next year. Prime Minister Matteo Renzis promise in Tehran last year to oil the wheels of trade with a 4 billion euro credit line from Italys state investment vehicle is effectively dead, a source in Italy familiar with the matter said. Cassa Depositi e Prestiti (CDP) risked losing the confidence of its many U.S. bond-holders who could sell down their holdings if the credit line went ahead, the source said. A few European banks have deepened trade ties with Iran this year -- Austrias Oberbank inked a financing deal with Iran in September. South Korea has also proved a willing investor, with Seouls Eximbank signing an 8 billion euros credit line for projects in Iran in August, according to Chinese state news agency Xinhua. But China is the standout. Valerio de Molli, head of Italian think tank European House Ambrosetti, reckons China now accounts for more than double the EUs share of Irans total trade. The time to act is now, otherwise opportunities nurtured so far will be lost, de Molli said. A MOVING TRAIN Iranian officials attending this weeks meeting in Rome sought to goad European firms and their bankers into action by talking up the Chinese financing and investments. The train is going forward, said Fereidun Haghbin, director general of economic affairs at Irans foreign ministry. The world is a lot greater than the United States. Some Iranian officials remain concerned that investment could become lop-sided and are looking at creative ways to maintain investment links with the West, however. The Iran chamber is encouraging Western firms to consider transferring technology as a way of earning equity in Iranian projects rather than focusing on capital. It was also seeking approval to set up a 2.5-billion-euro offshore fund, perhaps in Luxembourg, as an indirect way for foreigners to invest in Iran, especially small and medium-sized Iranian enterprises, Mostofi said. The fund would issue the financial guarantees that foreigners want in return for a fee, effectively stepping in where banks now fear to tread. Most of the funds capital would come from Iran, Mostofi said. For now, however, big Western firms remain stuck. Italian power engineering firm Ansaldo Energia, controlled by state investor CDP and part-owned by Shanghai Electric Group , has been in Iran for 70 years. Its chairman, Giuseppe Zampini, told Reuters at the Rome conference there were many opportunities for new contracts but his hands were tied for now, partly because Ansaldo bonds were also in the hands of U.S. investors. My heart says that we are losing something, Zampini said. (Additional reporting by Shu Zhang in BEIJING, Stefano Bernabei in ROME, Parisa Hafezi in ANKARA and Jonathan Saul in LONDON; Editing by Sonya Hepinstall)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/iran-nuclear-china/china-pushing-billions-into-iranian-economy-as-western-firms-stall-idUSL3N1NY4SO'|'2017-11-30T16:40:00.000+02:00'|9065.0|''|-1.0|'' -9066|'8e311748dcfb4817ee5077ca93719e56b95f5f0c'|'HSBC investment banker Westerman leaves bank'|' 46 AM / Updated 9 minutes ago HSBC investment banker Westerman leaves bank Reuters Staff 1 One of HSBCs ( HSBA.L ) most senior investment bankers, Matthew Westerman, is leaving the bank immediately, an internal memo seen by Reuters showed on Thursday. HSBC bank is pictured in Geneva, Switzerland, November 8, 2017. REUTERS/Denis Balibouse Westerman, co-head of global banking at HSBC, joined the lender just under two years ago from Goldman Sachs with a mandate to shake up the division and improve performance. Co-head Robin Phillips will manage the global banking unit following his departure, the memo said. An HSBC spokeswoman confirmed the contents of the memo. Reporting by Lawrence White; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-moves-hsbc-westerman/hsbc-investment-banker-westerman-leaves-bank-idUKKBN1DN14X'|'2017-11-23T13:53:00.000+02:00'|9066.0|''|-1.0|'' +9066|'8e311748dcfb4817ee5077ca93719e56b95f5f0c'|'HSBC investment banker Westerman leaves bank'|' 46 AM / Updated 9 minutes ago HSBC investment banker Westerman leaves bank Reuters Staff 1 One of HSBCs ( HSBA.L ) most senior investment bankers, Matthew Westerman, is leaving the bank immediately, an internal memo seen by Reuters showed on Thursday. HSBC bank is pictured in Geneva, Switzerland, November 8, 2017. REUTERS/Denis Balibouse Westerman, co-head of global banking at HSBC, joined the lender just under two years ago from Goldman Sachs with a mandate to shake up the division and improve performance. Co-head Robin Phillips will manage the global banking unit following his departure, the memo said. An HSBC spokeswoman confirmed the contents of the memo. Reporting by Lawrence White; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-moves-hsbc-westerman/hsbc-investment-banker-westerman-leaves-bank-idUKKBN1DN14X'|'2017-11-23T13:53:00.000+02:00'|9066.0|26.0|0.0|'' 9067|'00696105b25f50f335ab75fa0b6804435964c6f3'|'U.S. consumer agency hits Citi with $6.5 mln in fines over education lending'|' 38 PM / Updated 10 minutes ago U.S. consumer agency hits Citi with $6.5 million in fines over education lending Reuters Staff 1 Min Read WASHINGTON Consumer Financial Protection Bureau said on Friday it had ordered Citibank to pay $6.5 million for alleged student loan servicing failures it said had harmed borrowers. FILE PHOTO: A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/File Photo The agency said it ordered Citibank to end the illegal loan practices and pay $3.75 million in redress to consumers and a $2.75 million civil penalty. Reporting by Tim AhmannEditing by Sandra Maler'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-citigroup-education/u-s-consumer-agency-hits-citi-with-6-5-million-in-fines-over-education-lending-idUSKBN1DL2MM'|'2017-11-21T22:35:00.000+02:00'|9067.0|''|-1.0|'' 9068|'7a182228927dacf91cbd669dc04950bf467c7f5b'|'Philips cuts holding in Philips Lighting with $600 million share sale'|'(Reuters) - Dutch healthcare technology company Philips ( PHG.AS ) said on Tuesday it was selling a stake of about 12 percent in Philips Lighting ( LIGHT.AS ).Philips wants to eventually sell its entire holding in Philips Lighting, which it spun off in May, 2016, with a view to concentrating on medical devices and other healthcare products.Following the latest share sale via an accelerated bookbuilding offer and the cancellation of 2.8 million shares to be repurchased by Philips Lighting as part of the transaction, Philips remaining stake in the lighting business would be 29.59 percent, the company said.Philips intends to sell around 17.1 million shares, which would be worth over 560 million euros ($665 million) based on Tuesdays closing price, with the sale expected to be completed on Friday.Shares in Philips Lighting closed up 2 percent at 32.975 euros on Tuesday, taking the rise this year to over 40 percent.Last years initial public offering (IPO) saw Philips sell a 25 percent stake, making Philips Lighting the worlds largest independent lighting maker.This was followed by further share sales in February and April this year.($1 = 0.8419 euros)Reporting by Alan Charlish in GdyniaEditing by Greg Mahlich '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-philips-stake/philips-cuts-holding-in-philips-lighting-with-600-million-share-sale-idINKBN1DS2GV'|'2017-11-28T15:26:00.000+02:00'|9068.0|''|-1.0|'' 9069|'02a504594afdd3086e709010350ba7b23d83856b'|'Gold down on firmer dollar but stays close to one-month peak'|'NEW YORK/LONDON (Reuters) - Gold fell more than 1 percent on Monday, giving up the prior sessions gains on pressure from the rising dollar, expectations for U.S. interest rate hikes and as the market entered a holiday week.FILE PHOTO - A sales person shows a gold ring to customers at a jewellery showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, in Ahmedabad, India, October 28, 2016. REUTERS/Amit Dave/File photo Spot gold XAU= was down 1.4 percent at $1,275.66 an ounce by 2:38 p.m. EST (1938 GMT), off Fridays peak of $1,297, its strongest since Oct. 16. U.S. gold futures GCcv1 settled down 1.6 percent at $1,275.30.The U.S. dollar .DXY touched its highest against a basket of major currencies in nearly a week, as the euro EUR= weakened amid political risks linked to German Chancellor Angela Merkel''s failure to form a three-way coalition government. [USD/]Global equities rose as confidence over economic growth around the world helped investors brush off concerns about the collapse of government talks in Germany. [MKTS/GLOB]This reversal is not terribly surprising because youve entered a holiday week and didnt make much progress in that breakout, said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management, referring to the U.S. Thanksgiving holiday on Thursday and failure to extend the Nov. 17 rally to a one-month high.The dollar is strengthening ... and the odds of a rate increase are starting to rise. I think weve priced in December and youre starting to price in two or three next year.The prospect of higher U.S. interest rates when the Federal Reserve meets in December helped the dollar against other major currencies such as the yen JPY= .Goldman Sachs said it expects a tight U.S. labour market and more normal inflation picture will lead the Fed to hike interest rates four times next year.For gold, there are headwinds in the guise of U.S. interest rate rises, which means higher front-end bond yield curves and an opportunity cost for holding gold, said Societe Generale analyst Robin Bhar.Higher rates typically mean sales of short-dated bonds, pushing up yields and make them cheaper for other investors, offering higher returns than gold which earns nothing and costs money to store and insure.Silver XAG= was down 2.3 percent at $16.91 an ounce and platinum XPT= fell 3 percent to $922.30.Palladium XPD= eased 0.5 percent to $988.50 an ounce.Traders said palladium could come under pressure from news that Norilsk Nickel ( GMKN.MM ) is planning to boost purchases of palladium for its fund from Russian central bank reserves to help ease shortages in the market.An executive at Norilsk, the worlds largest palladium producer, told Reuters that purchases in 2017 would rise to as much as 600,000 ounces. This compares with about five tonnes (160,764 ounces) last year.Additional reporting by Vijaykumar Vedala in Bengaluru; Editing by Mark Potter and Chizu Nomiyama '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-precious/gold-down-on-firmer-dollar-but-stays-close-to-one-month-peak-idINKBN1DK0BW'|'2017-11-20T07:17:00.000+02:00'|9069.0|''|-1.0|'' @@ -9090,9 +9090,9 @@ 9088|'b8970ef74c275a5fe2b62f9fc4e3f63056a3f015'|'Fisher & Paykel says UK court rules rival Resmed''s patent is invalid'|'WELLINGTON, Nov 13 (Reuters) - A British court has ruled that a patent held by health appliance firm Resmed Inc for a mask that treats sleep apnea was invalid, rival firm Fisher & Paykel Healthcare said on Monday.Auckland-based Fisher & Paykel had filed the case in the High Court in 2016 and has similar legal proceedings underway in Germany.The ruling allows the New Zealand company to continue selling its sleep apnea masks in the British market.California-based ResMed has said the New Zealand firms masks violate its patented technology. (Reporting by Charlotte Greenfield; Editing by Susan Fenton) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/resmed-fphealthcare-lawsuit/fisher-paykel-says-uk-court-rules-rival-resmeds-patent-is-invalid-idINL3N1NI0GT'|'2017-11-12T17:53:00.000+02:00'|9088.0|''|-1.0|'' 9089|'3ed2e9d811967479dfd6ede7e51385714a93ab3f'|'Older people face paying 34,000 a year to go into a care home'|'The cost of being in a UK care home rose at its fastest rate last year and is now an average of 33,904 a year up almost 10% on the 2016 figure.Ahead of next weeks budget, which may reveal the latest government thinking on the cost of care timebomb, research from Prestige Nursing + Care has revealed the latest costs and a huge disparity in prices around the country.Care home residents in the north-east pay the least an average of 25,636 a year, which is a 16.3% increase on 2016. At the other end of the spectrum and country residents in the east of England, the UKs most expensive region, are paying an average of 40,820 a year, which is 7.7% higher than the 2016 figure. These findings echo those by the not-for-profit firm Paying for Care, which says you can expect to spend an average of 31,200 a year on residential care, rising to more than 43,700 if nursing care is needed.Facebook Twitter PinterestCare home costs, and who pays, became a political hot potato earlier this year when Theresa Mays pre-election plans for changes to social care, later dubbed the dementia tax, had to be dropped after they were poorly received during the general election campaign.The prime minister had suggested councils would pick up the tab for care costs once a persons assets fell below 100,000, as opposed to the current level of 23,250 in England. Controversially, family homes would also be included in the means-testing formula for at-home care for the first time. Ministers later rowed back from the proposal.Prestige Nursings research shows the increase in care home costs has hugely outpaced the growth in pensioners incomes over the past five years. Since 2012 the cost of the average care home has gone up by 23.7% from 27,404 (an increase of 6,500), while the average pension income has risen by 9.9%, an increase in 2016 of 1,314.The east Midlands saw the largest overall increase in the cost of a care home last year, rising 17.7% to 33,956. Research from Saga has previously shown that care home residents typically spend 2.5 years in care meaning they can expect to part with at least 77,500, usually by selling the family home.Prestige Nursings research also compared the cost of receiving care at home as a cheaper alternative. Based on the 12 hours a week of care that at-home patients typically receive, costs can fall to 183 a week, or 9,156 a year, although with the firm offering such services it is beating its own drum.Facebook Twitter PinterestJonathan Bruce, managing director of Prestige Nursing, says: It is alarming to see care home costs continue to rise so out of sync with pensioners incomes. With later-life incomes stagnating, the rising cost of care will eat away at a growing number of families finances as they use their assets to meet bills. This reinforces the fact that we are facing a serious and prolonged social care crisis. Spiralling costs mean people must talk about how they will fund care for themselves or their loved ones earlier, and avoid being stung.The enormity of the challenges means there is a desperate need for a political solution to the crisis. While fixing social care will not be easy, it can be turned around if policymakers set out a concrete plan that takes into account the needs of patients, providers and councils.Last month, Conservative council leaders warned that county councils could not afford to fund the 308m rise in care home costs if social care plans got the go-ahead.The County Councils Network, which represents the 37 county councils, said raising the threshold would push far more people into state care than local authorities could fund under their current budgets. Colin Noble, Conservative leader of Suffolk council, called on the government to use next weeks budget to inject further cash into the system and help the black hole that is social care.Topics Paying for long-term care Family finances Retirement planning Social care Older people Pensions features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/nov/18/older-people-34000-a-year-care-home-residential-care-crisis-provision'|'2017-11-18T14:00:00.000+02:00'|9089.0|''|-1.0|'' 9090|'6077dd88fc2c0359b76a85bf7f0e938c927fcb35'|'Bunge widens exec takeover payout scheme after Glencore approach'|'November 22, 2017 / 6:03 PM / a minute ago Bunge widens executive takeover payout scheme after Glencore approach Tom Polansek 3 Min Read CHICAGO (Reuters) - Grain merchant Bunge Ltd ( BG.N ) has sweetened compensation packages for top executives in the case of a takeover, according to the companys regulatory filings, around six months after rebuffing an approach by commodity trading giant Glencore PLC ( GLEN.L ). Bunge and its rivals have seen profits fall as several years of oversupply in global grains markets have cut the trading margins that merchants can make for buying and selling corn, soy and wheat. Bunge has said conditions in the sector could trigger consolidation. Glencore and Bunge struck an agreement that temporarily prevents Glencore from making a hostile bid, after Bunge rebuffed Glencores approach in May, according to news media reports. Bunge has expanded to five from one the number of executives eligible for cash compensation if they lose their jobs without cause within two years of a takeover, regulatory documents filed this month show. The packages amount to two years of salary and bonus and provisions for earlier payouts of outstanding equity awards, the documents show. Previously, Chief Executive Soren Schroder was the only named officer in line for certain compensation if he was terminated without cause following a change of control at the company, according to filings. The changes help retain executives and put Bunge in line with other firms, the company said in the filing. Bunge will make public the estimated value of the packages in its 2018 proxy statement, spokeswoman Susan Burns said. Schroder would receive at least $24 million under his deal, according to company calculations in filings. Chief Financial Officer Thom Boehlert became eligible for payouts under the changes, Burns said. Other executives covered in the agreements are Brian Thomsen, managing director of Bunges agribusiness unit; Gordon Hardie, managing director of Bunges food and ingredients business; and Raul Padilla, chief executive of Bunges business in Brazil, she said. In January, Padilla will take up the newly created position of president of South American operations, as part of a restructuring plan that aims to reduce Bunges overhead costs by $250 million by the end of 2019. Bunges new agreements could discourage executives from trying to derail an acquisition over concerns it would cause them to lose their jobs, said Charles Elson, a University of Delaware finance professor. The change would indicate the company is preparing itself for any future bid, he added. The new agreements also encourage executives to stay despite uncertainty about a takeover, said James Seward, associate professor of finance at Syracuse University. Editing by Simon Webb and Jonathan Oatis'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-bunge-m-a-benefits/bunge-widens-executive-takeover-payout-scheme-after-glencore-approach-idUSKBN1DM2DV'|'2017-11-22T19:53:00.000+02:00'|9090.0|''|-1.0|'' -9091|'fed00c3cb3bccfc3e2664303e1915c1cd640ab95'|'Aso praises BOJ''s Kuroda, raises expectations of reappointment as governor'|'TOKYO (Reuters) - Japanese Finance Minister Taro Aso hailed on Thursday the achievements of Bank of Japan Governor Haruhiko Kuroda, raising expectations that the central bank chief will be reappointed when his five-year term ends in April.FILE PHOTO: Taro Aso, Deputy Prime Minister, Minister of Finance and Minister of State for Financial Services of Japan, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Lucy Nicholson/File Photo Kuroda embarked on an unprecedented burst of monetary stimulus since Prime Minister Shinzo Abe handpicked him a few months after he swept to power in December 2012, pledging to pull Japan out of nearly two decades of stagnation and deflation.Since then the yen has weakened as a result of monetary easing, helping boost exports and employment, Aso said.Aso echoed the view Abe who said on Wednesday that he had full confidence in Kurodas ability as central bank governor.The comments by both Aso and the premier backed market expectations that Kuroda is likely to be reappointed even though the premier said that nothing has been decided.Aso also made no mention of who should succeed Kuroda.Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan, October 31, 2017. REUTERS/Toru Hanai He has overhauled the Bank of Japans monetary policy and eased policy, as a result the yen has fallen from around 80 yen to some 113 yen, which has improved export conditions for Japanese firms, Aso told reporters after a cabinet meeting when asked about Kuroda.That has helped companies earn record profits and improve employment and household income conditions, he said.Coordination between fiscal and monetary policies has worked well.Abe also instructed Aso to put a decisive end to deflation, revive the economy and tackle fiscal consolidation, the finance minister said, after the premier was re-elected on Wednesday following his ruling blocs election win last month.Kurodas reappointment would mean his signature stimulus programme will stay for the time being even as U.S. and European central banks head towards normalising unconventional monetary policy.The worlds third-largest economy is gradually recovering but prices are lagging behind, hovering far below the 2 percent inflation goal.The central bank left monetary policy steady on Tuesday while a board newcomer called for clearer commitment to ramp up stimulus if necessary, potentially complicating future efforts by the BOJ to dial back its massive monetary stimulus.Reporting by Tetsushi Kajimoto; Editing by Richard Borsuk & Shri Navaratnam '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/japan-economy-aso/aso-praises-bojs-kuroda-raises-expectations-of-reappointment-as-governor-idINKBN1D20U2'|'2017-11-02T10:22:00.000+02:00'|9091.0|''|-1.0|'' +9091|'fed00c3cb3bccfc3e2664303e1915c1cd640ab95'|'Aso praises BOJ''s Kuroda, raises expectations of reappointment as governor'|'TOKYO (Reuters) - Japanese Finance Minister Taro Aso hailed on Thursday the achievements of Bank of Japan Governor Haruhiko Kuroda, raising expectations that the central bank chief will be reappointed when his five-year term ends in April.FILE PHOTO: Taro Aso, Deputy Prime Minister, Minister of Finance and Minister of State for Financial Services of Japan, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Lucy Nicholson/File Photo Kuroda embarked on an unprecedented burst of monetary stimulus since Prime Minister Shinzo Abe handpicked him a few months after he swept to power in December 2012, pledging to pull Japan out of nearly two decades of stagnation and deflation.Since then the yen has weakened as a result of monetary easing, helping boost exports and employment, Aso said.Aso echoed the view Abe who said on Wednesday that he had full confidence in Kurodas ability as central bank governor.The comments by both Aso and the premier backed market expectations that Kuroda is likely to be reappointed even though the premier said that nothing has been decided.Aso also made no mention of who should succeed Kuroda.Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan, October 31, 2017. REUTERS/Toru Hanai He has overhauled the Bank of Japans monetary policy and eased policy, as a result the yen has fallen from around 80 yen to some 113 yen, which has improved export conditions for Japanese firms, Aso told reporters after a cabinet meeting when asked about Kuroda.That has helped companies earn record profits and improve employment and household income conditions, he said.Coordination between fiscal and monetary policies has worked well.Abe also instructed Aso to put a decisive end to deflation, revive the economy and tackle fiscal consolidation, the finance minister said, after the premier was re-elected on Wednesday following his ruling blocs election win last month.Kurodas reappointment would mean his signature stimulus programme will stay for the time being even as U.S. and European central banks head towards normalising unconventional monetary policy.The worlds third-largest economy is gradually recovering but prices are lagging behind, hovering far below the 2 percent inflation goal.The central bank left monetary policy steady on Tuesday while a board newcomer called for clearer commitment to ramp up stimulus if necessary, potentially complicating future efforts by the BOJ to dial back its massive monetary stimulus.Reporting by Tetsushi Kajimoto; Editing by Richard Borsuk & Shri Navaratnam '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/japan-economy-aso/aso-praises-bojs-kuroda-raises-expectations-of-reappointment-as-governor-idINKBN1D20U2'|'2017-11-02T10:22:00.000+02:00'|9091.0|29.0|0.0|'' 9092|'c60a8319a13735b6dda8cb87e540cc929035c6c6'|'Fed set to hold rates steady ahead of Trump''s leadership decision'|'WASHINGTON (Reuters) - The Federal Reserve is expected to keep interest rates unchanged on Wednesday as speculation swirls on who will be its next leader, but the U.S. central bank will likely point to a firming economy as it edges closer to a possible rate rise next month.FILE PHOTO: Federal Reserve Chairman Janet Yellen speaks during a news conference after a two-day Federal Open Markets Committee (FOMC) policy meeting, in Washington, U.S. on September 20, 2017. REUTERS/Joshua Roberts/File Photo The Fed has raised rates twice since January and currently forecasts one more hike by the end of the year as part of a tightening cycle that began in late 2015.Investors have all but ruled out a move at the end of this weeks two-day policy meeting. The Fed is due to issue its latest policy statement at 2 p.m. EDT (1800 GMT).Markets will look to it for confirmation the central bank is on track for a December rate hike, though attention will quickly turn to who will be in charge of monetary policy at the end of Fed Chair Janet Yellens first term in February 2018.President Donald Trump, who has interviewed Yellen, Fed Governor Jerome Powell and three others for the top Fed job, is likely to announce the nomination on Thursday.Powell, a soft-spoken centrist who has supported Yellens gradual approach to raising rates, is seen as having a lock on the position.The bottom line is the meeting is probably going to be a somewhat boring event for markets, overshadowed by the expected Fed chair decision, said Torsten Slok, chief international economist for Deutsche Bank.INFLATION WORRIES Fed policymakers have been buoyed in recent months by a strengthening U.S. economy and further tightening in the labor market, although inflation has continued to remain below the central banks 2 percent target.The economy unexpectedly maintained a brisk pace of growth in the third quarter, increasing at a 3.0 percent annual rate, the Commerce Department reported last week.A decline in hiring in September also has largely been dismissed as a blip caused by the temporary displacement of workers due to Hurricanes Harvey and Irma. That jobs report also showed wages growing at an encouraging pace and the unemployment rate falling to more than a 16-1/2-year low of 4.2 percent.A strong rebound in job gains is anticipated when the Labor Department releases its October nonfarm payrolls report on Friday.Inflation is the main concern for Fed policymakers who are wondering about the causes and duration of the current weakness. The Feds preferred measure of inflation sits at 1.3 percent after retreating further from target for much of the year.Nevertheless, Yellen and other key policymakers have said the Fed, which unveiled a plan this year to cut its balance sheet starting in October, still expects to continue to gradually raise rates given the economys strength. That is not expected to change on Wednesday.If we get what we expect to get, which is basically more of the same of what we saw in the September statement, said Sam Bullard, a senior economist at Wells Fargo, then yes, their gradual policy tightening plan is in place and all signs point to a December hike.Reporting by Lindsay Dunsmuir; Editing by Paul Simao '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-fed/fed-set-to-hold-rates-steady-ahead-of-trumps-leadership-decision-idINKBN1D13KB'|'2017-11-01T07:09:00.000+02:00'|9092.0|''|-1.0|'' -9093|'7df12d1dc600c306f4da1929e1082bcbaad51145'|'UPDATE 1-Hurricanes hurt Avis outlook, shares plunge'|'DETROIT (Reuters) - Avis Budget Group Inc ( CAR.O ) on Monday posted a better-than-expected net profit thanks to strong summer demand, but the car rental companys shares fell more than 10 percent in after-market trading as it lowered its full-year earnings forecast citing the impact of hurricanes.The company said it estimated the combined damage of hurricanes Harvey, Irma and Maria had lowered its pre-tax earnings by $15 million in the quarter.Shares in Avis and rival Hertz Global Holdings Inc ( HTZ.N ) rose in the wake of the hurricanes as investors expected stronger demand for rental cars as consumers waited to replace damaged vehicles.Doubts about over-capacity and industry pricing have weighed on the rental car companies shares, as have concerns that off-lease cars are flooding the used-car market. The rise of car-sharing companies also make some investors wary.As a consequence of the hurricanes, we have updated our full year outlook to reflect the impact of the operational disruption we faced during the quarter, Chief Executive Officer Larry De Shon said in a statement.Avis said it now expects full-year earnings per share in a range from $2.45 to $2.65, compared with a previous range of $2.40 to $2.80.The Parsippany, New Jersey-based company reported a net profit for the third quarter ending Sept. 30 of $245 million or $2.91 per share, up from $209 million or $2.28 a year earlier.Excluding one-time items the company reported earnings per share of $3.10. On that basis analysts had expected earnings per share of $3.04.In after-market trading Avis Budget shares were down more than 10 percent from their official close at $37.25.Reporting By Nick Carey; Editing by Chris Reese and Tom Brown '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-avis-budget-grp-results/avis-budget-profit-rises-lifted-by-summer-rentals-idUSKBN1D62RX'|'2017-11-06T23:53:00.000+02:00'|9093.0|''|-1.0|'' +9093|'7df12d1dc600c306f4da1929e1082bcbaad51145'|'UPDATE 1-Hurricanes hurt Avis outlook, shares plunge'|'DETROIT (Reuters) - Avis Budget Group Inc ( CAR.O ) on Monday posted a better-than-expected net profit thanks to strong summer demand, but the car rental companys shares fell more than 10 percent in after-market trading as it lowered its full-year earnings forecast citing the impact of hurricanes.The company said it estimated the combined damage of hurricanes Harvey, Irma and Maria had lowered its pre-tax earnings by $15 million in the quarter.Shares in Avis and rival Hertz Global Holdings Inc ( HTZ.N ) rose in the wake of the hurricanes as investors expected stronger demand for rental cars as consumers waited to replace damaged vehicles.Doubts about over-capacity and industry pricing have weighed on the rental car companies shares, as have concerns that off-lease cars are flooding the used-car market. The rise of car-sharing companies also make some investors wary.As a consequence of the hurricanes, we have updated our full year outlook to reflect the impact of the operational disruption we faced during the quarter, Chief Executive Officer Larry De Shon said in a statement.Avis said it now expects full-year earnings per share in a range from $2.45 to $2.65, compared with a previous range of $2.40 to $2.80.The Parsippany, New Jersey-based company reported a net profit for the third quarter ending Sept. 30 of $245 million or $2.91 per share, up from $209 million or $2.28 a year earlier.Excluding one-time items the company reported earnings per share of $3.10. On that basis analysts had expected earnings per share of $3.04.In after-market trading Avis Budget shares were down more than 10 percent from their official close at $37.25.Reporting By Nick Carey; Editing by Chris Reese and Tom Brown '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-avis-budget-grp-results/avis-budget-profit-rises-lifted-by-summer-rentals-idUSKBN1D62RX'|'2017-11-06T23:53:00.000+02:00'|9093.0|26.0|0.0|'' 9094|'98f42d921415f565d779fa68268b77bf006c704f'|'Nissan resumes some production amid scandal, fresh wrongdoing found'|'November 6, 2017 / 1:27 PM / Updated 3 hours ago Nissan resumes some production amid scandal, fresh wrongdoing found Naomi Tajitsu 3 Min Read TOKYO (Reuters) - Nissan Motor Co Ltd ( 7201.T ) resumed on Tuesday most of the domestic car production that had been suspended in the wake of a scandal over uncertified technicians signing off on final inspections for decades. FILE PHOTO: The Nissan company logo is seen on a modified Nissan Leaf, driverless car, during its first demonstration on public roads in Europe, in London, Britain February 27, 2017. REUTERS/Peter Nicholls/File Photo The resumption of production, which follows Japans transport ministry approval of changes to inspection procedures, came as the automaker said a third-party investigation had also found new evidence that inspection staff had not been properly trained. The investigation found Nissan had shared test questions with examinees and failed to teach trainees for the correct number of hours, the company said in e-mailed statement. It was not immediately apparent if the new revelations of wrongdoing would have further regulatory implications for Nissan. Nissan said it was retraining and retesting inspectors and that it had corrected inconsistencies between plant operating manuals and plant activities in documents provided to Japans transport ministry. The carmakers discovery that uncertified technicians had signed off on final inspections led to the suspension of domestic production of all passenger cars it makes for its home market on Oct. 19. It also prompted the recall of 1.2 million vehicles for re-inspection, including all passenger cars it produced for sale in Japan over the past three years. Japans transport ministry requires certified inspectors to sign off on vehicle checks for cars sold in Japan, a step that is not required for vehicles exported overseas. Nissan has said Japan sales of new passenger vehicles probably fell by half in October from a year ago due to the scandal - just one of several that has engulfed corporate Japan in recent years. The automaker said its plants in Fukuoka, Kanagawa and Tochigi would restart production for the domestic market on Tuesday, along with plants operated by affiliate Nissan Shatai ( 7222.T ) in Fukuoka and Kanagawa. A plant operated by affiliate Kyoto Auto Works is still awaiting ministry approval, Nissan said. Nissans shares were flat in afternoon trade. Reporting by Naomi Tajitsu; Additional reporting by Sam Nussey; Editing by David Goodman and Edwina Gibbs'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-nissan-recall/nissan-to-resume-domestic-production-of-cars-for-japan-on-tuesday-idUKKBN1D61NG'|'2017-11-07T05:28:00.000+02:00'|9094.0|''|-1.0|'' 9095|'65947f6ddc9cbe714bfbdf1d91126b14df898cdc'|'EU''s preference is ambitious trade deal with UK - EU''s Barnier'|'November 20, 2017 / 11:27 AM / Updated 8 minutes ago EU''s preference is ambitious trade deal with UK - EU''s Barnier Reuters Staff 1 Min Read BRUSSELS (Reuters) - The European Union wants to negotiate an ambitious trading partnership with Britain after Brexit, but will only do so once divorce issues are settled and on the basis of fair competition, including on tax, food safety and environment standards. If we manage to negotiate an orderly withdrawal, to fully respect the integrity of the single market and establish a level playing field, there is every reason for our future partnership to be ambitious. This is our preferred option, Michel Barnier told a conference in Brussels on Monday. This is why we have started internal preparations with member states to be ready to talk about the future as soon as we have agreed how to settle the past. The EU will be ready to offer its most ambitious FTA (free trade agreement) approach. Reporting by Philip Blenkinsop'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-barnier/eus-preference-is-ambitious-trade-deal-with-uk-eus-barnier-idUKKBN1DK19J'|'2017-11-20T14:22:00.000+02:00'|9095.0|''|-1.0|'' 9096|'b2e53b0875056dedef762b16037d773606c599bd'|'Wall Street set for muted open; chip sector merger in focus'|'(Reuters) - U.S. stocks rose to record highs on Monday after Broadcom made a monster bid for Qualcomm and investors bet that a Republican plan to cut corporate taxes would bolster earnings.Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, NY, U.S. December 13, 2016. REUTERS/Lucas Jackson/Files Qualcomm ( QCOM.O ) rose 2.33 percent after Broadcom ( AVGO.O ) offered to buy the smartphone chip supplier for $103 billion, in what could be the biggest ever acquisition in the tech sector. Broadcom dipped 0.7 percent.The fact that the deal is on the table is huge, said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.We have not seen much in the way of dealmaking this year. So this might jumpstart some of the dealmaking ahead of the tax policy changes.Investor optimism was also fuelled by a Republican proposal last week to slash the corporate tax rate to 20 percent from 35 percent and end some tax breaks for companies and individuals.I think that has to be the main driver, said John Brady, managing director at R.J. OBrien & Associates in Chicago. Even if it only goes to 25 percent or 27 percent, its still moving the right way.Apple ( AAPL.O ) rose 1.23 percent and contributed more than any other stock to the benchmark S&P 500 indexs gain.Shares of Sprint ( S.N ) slumped 10.11 percent to more-than-a-year low after the wireless provider and T-Mobile ( TMUS.O ) called off a planned merger. T-Mobile lost 6.2 percent.All three major indexes were on track to close at record highs.At 2:25 pm ET, the Dow Jones Industrial Average .DJI was up 0.1 percent at 23,563.4 points, while the S&P 500 .SPX had gained 0.15 percent to 2,591.83.The Nasdaq Composite .IXIC added 0.3 percent to 6,784.76.The S&P 500 energy index .SPNY surged 1.92 percent on gains in crude prices after the crown price of Saudi Arabia, the worlds largest oil exporter, tightened his grip on power through an anti-corruption purge. [O/R]U.S. companies continue to report their quarterly earnings. With more than 400 of S&P 500 companies having reported, earnings for the third quarter are expected to have climbed 8 percent, compared to an expectation of a 5.9 percent rise at the start of October, according to Thomson Reuters I/B/E/S.Michael Kors ( KORS.N ) jumped 15.07 percent after the fashion accessories maker raised its 2017 revenue forecast. The stock was the biggest percentage gainer on the S&P.Advanced Micro Devices ( AMD.O ) jumped 6.97 percent after a report that it plans to team up with Intel ( INTC.O ) to form a personal computer chip unit. Intel was down marginally.Advancing issues outnumbered declining ones on the NYSE by a 1.36-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favoured advancers.Additional reporting by Tanya Agrawal; Editing by Bernadette Baum '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-stocks/wall-street-set-for-muted-open-chip-sector-merger-in-focus-idINKBN1D61R2'|'2017-11-06T16:00:00.000+02:00'|9096.0|''|-1.0|'' @@ -9100,7 +9100,7 @@ 9098|'8ba4a5cb9ea89cd9127e4577da18b8127089812a'|'Dutch central bank tells trust managers to clean up their act'|'November 21, 2017 / 2:33 PM / Updated 9 minutes ago Dutch central bank tells trust managers to clean up their act Bart H. Meijer 3 Min Read AMSTERDAM (Reuters) - Trust management firms in the Netherlands must tighten their procedures against money laundering and tax evasion or face higher penalties for wrongdoing, the Dutch central bank said on Tuesday. The Netherlands, with dozens of tax treaties, is a key hub for corporate entities shifting profits to lower tax jurisdictions. But it has come under increased international pressure to crack down on tax evasion. A Dutch parliamentary inquiry in June found that trust managers, who oversee financial assets on behalf of their owners, often ignore international rules and regulations, enabling tax-dodging and other criminal behaviour. Progress in the trust management sector has been too slow for too long, central bank director Frank Elderson said at a meeting with reporters. The bar for trust managers is being raised and they have to act accordingly. In a response to the parliamentary inquiry, the government earlier this month announced new legislation that gives the central bank more power to act against trust managers. This will strengthen our supervision, Elderson said. But there still are limits to what we can do. The sector needs to improve itself. Its in the firms own interest to get everyone on the right path. The trust offices, which have no obligation to share client details with authorities, are seen as a pivotal player in the financial structures used by companies and wealthy individuals to limit their tax bills. The Dutch industry group for trust offices, Holland Quaestor, is trying to get companies to qualify for a certificate of good behaviour, by going beyond existing rules and regulations. But Elderson called progress on that front disappointing. Holland Quaestor did not immediately respond. The central bank estimates there are around 200 trust management organisations in the Netherlands. The numbers are declining, Elderson said. And we expect that to continue, as it gets harder to comply to the rules, especially for small offices. Reporting by Bart Meijer Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-netherlands-cenbank/dutch-central-bank-tells-trust-managers-to-clean-up-their-act-idUKKBN1DL1OP'|'2017-11-21T16:33:00.000+02:00'|9098.0|''|-1.0|'' 9099|'43f0485915638e86729ad1776199344c5965b55a'|'Multi-manager hedge funds hook investors with returns recovery'|'November 10, 2017 / 3:40 PM / Updated 9 minutes ago Multi-manager hedge funds hook investors with returns recovery Maiya Keidan , Lawrence Delevingne 5 Min Read LONDON/NEW YORK (Reuters) - Multi-manager hedge funds, often star performers, have recovered from below-par returns in 2016, with investors adding $1.2 billion (908 million pounds) to them during the first three quarters of 2017. Although traditionally they are meant to achieve some of the best returns by running different investment strategies and moving money between them based on their success, many investing approaches used by hedge funds actually lost money in 2016. As a result, $1.8 billion flowed out of multi-manager funds last year, industry tracker Eurekahedge data shows. The sector posted returns of 5.1 percent up to the end of September 2016, data from Preqin shows, while the S&P 500 index made gains of 8.6 percent over the same period. Although these funds have generated returns of 8.14 percent on average so far to Sep. 30 this year, they have again lost out to the S&P 500 index, which was up 12.7 percent. (Source: multi-strategy gains from Preqin, equities, macro and hedge fund gains from HFR) Despite this, their improvement over last year is enabling some firms to return profits to investors. Citadel, one of the largest team-based hedge funds with $28 billion in investment capital, is among the top performers this year, with gains of 11.43 percent in its flagship fund through October, a source close to the firm said. It is now planning on returning all profits from 2017 to investors, a letter reviewed by Reuters shows. Traditionally some funds want to keep funds under management below a certain level as it becomes harder to manage assets above that threshold. A spokesman for Citadel, founded by Chicago billionaire Ken Griffin, said it routinely returns profits, though it did not in 2016 when it made 5 percent, a source close to the firm said. We have routinely made profit distributions, in whole or in part, across a number of our funds over the past 20 years, Citadel spokesman Zia Ahmed said. Other multi-managers may not be far behind after improved performances. Folger Hills fund, for example, is up 4.5 percent through end-October, according to a person familiar with the situation, a turnaround from losing 17.5 percent last year. Millennium Managements International fund is up 5.54 percent in the year to Sept. 30, compared to just 3.38 percent in 2016, according to data compiled by HSBC. Balyasnys Atlas Global Investments fund was up 3.59 percent to Oct. 13, after losing 0.73 percent in 2016, the same data showed. Multi-strategy funds are (in general) having a better year so far in 2017 relative to 2016, Russell Barlow, head of hedge fund investments at Aberdeen Standard Investments, said. Last year saw some firms doing particularly badly, notably Blackstone Groups ( BX.N ) Senfina Advisors, which lost almost a quarter of assets from performance losses and closed down. Security selection based on fundamentals is being rewarded, equity sector dispersion has increased and interest rate divergence has resulted in better opportunities for relative value strategies, Barlow added. CITADEL LEADS WAY Smaller funds run by Boothbay Absolute Return Strategies and Verition Fund Management are up an estimated 11.8 percent and 9.7 percent through Oct. 31, respectively, both outstripping 2016 returns, people familiar with the situation said. Multibillion-dollar U.S. investor Schonfeld Strategic Advisors made gains of 14 percent in the year to end-September, a person familiar with the matter said. However, Citadel appears to be the only multi-manager so far to have performed strongly enough to return profits. But Citadel has not always performed well and asking to make redemptions has frustrated some investors who have stuck with them, particularly when many firms are already closed to new investment due to their popularity. I find this very sad, said one fund-of-fund investor who received a letter to redeem capital. Especially that we have trusted them in 2009 ...after having had a very difficult 2008. Citadels flagship funds lost 55 percent in 2008 and investors asked to withdraw $1.5 billion. Many investors prefer to keep profits from their initial investment with a manager in order to best generate year-on-year returns and avoid having to find a new home for their cash. Reporting by Maiya Keidan; additional reporting by Svea Herbst-Bayliss; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-hedgefunds-multistrategy/multi-manager-hedge-funds-hook-investors-with-returns-recovery-idUKKBN1DA26G'|'2017-11-10T17:48:00.000+02:00'|9099.0|''|-1.0|'' 9100|'51ac039ef6f8e771272985216b656c3165b030f0'|'Lenovo to buy Fujitsu PC unit stake for up to $269 million; second-quarter profit drops'|'November 2, 2017 / 6:15 AM / Updated 8 minutes ago Lenovo to buy Fujitsu PC unit stake for up to $269 million; second-quarter profit drops Sijia Jiang 3 Lenovo Group said it had reached an agreement to buy a 51 percent stake in Fujitsus personal computer unit for up to $269 million, after earlier posting a lower quarterly profit on continued difficulty in the global PC market. A Lenovo logo is seen at the computer in Kiev, Ukraine April 21, 2016. REUTERS/Gleb Garanich/File Photo Shares of the Chinese PC maker rose as much as 5 percent as traders came back after the midday break. Lenovo and Fujitsu had first announced in October 2016 that they were exploring cooperations in their PC business. Lenovo said it would pay for the stake in Fujitsu Client Computing Ltd with 17.85 billion yen (118.00 million pounds) in cash and 2.55 billion-12.75 billion yen based on performance to 2020. Earlier in the day, Lenovo reported a profit of $139 million (104.65 million pounds) for the second quarter ended September, versus $157 million a year ago. A taxation gain of $118 million helped earnings beat an average analysts estimate of $44 million. Lenovos revenue was $11.8 billion, compared with $11.2 billion last year and a consensus estimate of $11.3 billion. Lenovos global PC unit shipments rebounded 17 percent from the previous quarter, though its PC market share in the six months dropped 0.2 percentage point to 21 percent, Lenovo said, without revealing shipment numbers. PC makers around the world are struggling as consumers switch to mobile devices. Data from Gartner shows that worldwide shipment of personal computers fell 3.6 percent from a year ago in the third quarter of 2017, the 12th such decline in a row. Lenovo lost its title as the worlds largest PC maker to HP Inc earlier this year. Lenovos struggling mobile business group, which it is looking to turnaround in the second half of this fiscal year, reported a narrower operating loss before taxation of $261 million for the interim period. Loss at its data centre business widened to $214 million. Lenovo warned market conditions would remain challenging in the short term, but said the agreement with Fujitsu would help it enhance its business globally. Lenovo shares were up 2.84 percent at 0550 GMT, outstripping the broader market that was down 0.2 percent. Reporting by Sijia Jiang; Editing by Himani Sarkar'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-lenovo-results/lenovo-to-buy-fujitsu-pc-unit-stake-for-up-to-269-million-second-quarter-profit-drops-idUKKBN1D20HT'|'2017-11-02T08:14:00.000+02:00'|9100.0|''|-1.0|'' -9101|'847afe3ad32f2f88d4180ab214344fec30aa5654'|'IMF, BOJ member say Japan needs to keep stimulus running'|'November 8, 2017 / 8:54 AM / Updated 5 hours ago IMF, BOJ member say Japan needs to keep stimulus running Leika Kihara , Sumio Ito 4 Min Read TOKYO/MIYAZAKI, Japan (Reuters) - The International Monetary Fund on Wednesday urged Japan to maintain its massive monetary stimulus to support struggling consumer prices, a view echoed by a central bank board member, reinforcing expectations policy will remain accommodative. FILE PHOTO: International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the IMF/World Bank annual meetings in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas IMF Managing Director Christine Lagarde said Bank of Japan Governor Haruhiko Kuroda was doing the right thing by committing to keep the money spigot wide open until inflation hits his ambitious 2 percent target. Her comments come amid growing criticism that the BOJs huge asset purchases are distorting markets and pushing Tokyo stock prices - which hit a near 26-year high this week - beyond levels justified by economic fundamentals. One of the strengths of central bankers is to be very clear in their communication and determined in their resolve, which clearly Governor Kuroda has demonstrated, Lagarde told Reuters on Wednesday. With inflation distant from its target, the BOJ has said it is nowhere near dialing back its huge stimulus even as its U.S. and European counterparts eye an exit from crisis-mode policies. BOJ board member Yukitoshi Funo on Wednesday also defended the banks huge asset purchases, saying he saw no need now to slow its purchases of exchange-traded funds (ETF) from the current pace of 6 trillion yen ($53 billion) per year. Stock prices arent overheating, Funo told a briefing in Miyazaki, southern Japan, adding that it was very favorable that stock prices have risen so much. ROOM FOR TWEAKS Kuroda has been under growing calls for more transparency on how the BOJ could dial back stimulus. Many market players see a good chance he could be reappointed after his current five-year term ends in April next year. While Funo, a former auto executive, ruled out the chance of an immediate withdrawal of stimulus, he said the BOJ should be vigilant to the threats prolonged monetary easing pose. Were not assuming we wont make any changes to all of our various policy tools until 2 percent inflation is achieved, he said, leaving open the chance of tweaking some parts of the framework before others. The comment reflects a growing view within the BOJ that its next move should be to roll back, not ramp up, its stimulus given the rising cost and diminishing returns of the program, although there are varying opinions on how and when policy should be tweaked. Lagarde said the diverging policy paths of major central banks have not led to massive and disruptive capital outflows in Asia, thanks to the cautious approach and clear communication by central bankers on their policy shifts. We believe these conditions can help to ensure that monetary policy changes do not provoke unnecessary capital flow movements, she said. Under a policy framework adopted last year, the BOJ now guides short-term interest rates at minus 0.1 percent and the 10-year government bond yield around zero percent. It also buys government bonds and riskier assets, including ETFs. ($1 = 113.8100 yen) Reporting by Leika Kihara in Tokyo and Sumio Ito in Miyazaki; Additional reporting by Stanley White, Chris Gallagher, Tetsushi Kajimoto and Takashi Umekawa; Editing by Sam Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-imf-japan/imf-boj-member-say-japan-needs-to-keep-stimulus-running-idUKKBN1D80V1'|'2017-11-08T15:40:00.000+02:00'|9101.0|''|-1.0|'' +9101|'847afe3ad32f2f88d4180ab214344fec30aa5654'|'IMF, BOJ member say Japan needs to keep stimulus running'|'November 8, 2017 / 8:54 AM / Updated 5 hours ago IMF, BOJ member say Japan needs to keep stimulus running Leika Kihara , Sumio Ito 4 Min Read TOKYO/MIYAZAKI, Japan (Reuters) - The International Monetary Fund on Wednesday urged Japan to maintain its massive monetary stimulus to support struggling consumer prices, a view echoed by a central bank board member, reinforcing expectations policy will remain accommodative. FILE PHOTO: International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the IMF/World Bank annual meetings in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas IMF Managing Director Christine Lagarde said Bank of Japan Governor Haruhiko Kuroda was doing the right thing by committing to keep the money spigot wide open until inflation hits his ambitious 2 percent target. Her comments come amid growing criticism that the BOJs huge asset purchases are distorting markets and pushing Tokyo stock prices - which hit a near 26-year high this week - beyond levels justified by economic fundamentals. One of the strengths of central bankers is to be very clear in their communication and determined in their resolve, which clearly Governor Kuroda has demonstrated, Lagarde told Reuters on Wednesday. With inflation distant from its target, the BOJ has said it is nowhere near dialing back its huge stimulus even as its U.S. and European counterparts eye an exit from crisis-mode policies. BOJ board member Yukitoshi Funo on Wednesday also defended the banks huge asset purchases, saying he saw no need now to slow its purchases of exchange-traded funds (ETF) from the current pace of 6 trillion yen ($53 billion) per year. Stock prices arent overheating, Funo told a briefing in Miyazaki, southern Japan, adding that it was very favorable that stock prices have risen so much. ROOM FOR TWEAKS Kuroda has been under growing calls for more transparency on how the BOJ could dial back stimulus. Many market players see a good chance he could be reappointed after his current five-year term ends in April next year. While Funo, a former auto executive, ruled out the chance of an immediate withdrawal of stimulus, he said the BOJ should be vigilant to the threats prolonged monetary easing pose. Were not assuming we wont make any changes to all of our various policy tools until 2 percent inflation is achieved, he said, leaving open the chance of tweaking some parts of the framework before others. The comment reflects a growing view within the BOJ that its next move should be to roll back, not ramp up, its stimulus given the rising cost and diminishing returns of the program, although there are varying opinions on how and when policy should be tweaked. Lagarde said the diverging policy paths of major central banks have not led to massive and disruptive capital outflows in Asia, thanks to the cautious approach and clear communication by central bankers on their policy shifts. We believe these conditions can help to ensure that monetary policy changes do not provoke unnecessary capital flow movements, she said. Under a policy framework adopted last year, the BOJ now guides short-term interest rates at minus 0.1 percent and the 10-year government bond yield around zero percent. It also buys government bonds and riskier assets, including ETFs. ($1 = 113.8100 yen) Reporting by Leika Kihara in Tokyo and Sumio Ito in Miyazaki; Additional reporting by Stanley White, Chris Gallagher, Tetsushi Kajimoto and Takashi Umekawa; Editing by Sam Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-imf-japan/imf-boj-member-say-japan-needs-to-keep-stimulus-running-idUKKBN1D80V1'|'2017-11-08T15:40:00.000+02:00'|9101.0|29.0|0.0|'' 9102|'dce22a65bdb80412e23eb76ddac31dd9b18aa0b3'|'ECB to have 130 billion euros to reinvest in bonds over next year'|' 54 PM / in 9 minutes ECB to have 130 billion euros to reinvest in bonds over next year Reuters Staff 2 Min Read FRANKFURT (Reuters) - Nearly 130 billion euros (114.8 billion) worth of bonds held by the European Central Bank will expire over the next year, ECB data showed on Monday, providing a key part of the banks policy accommodation as the cash gets reinvested in the market. A logo plate is seen at the entrance to the European Central Bank (ECB) headquarters in Frankfurt, Germany, October 26, 2017. REUTERS/Kai Pfaffenbach Maturities in the 12 months from November will average 10.8 billion euros, less than analyst expectations of around 15 billion euros, with big fluctuations expected between months, the data released for the first time showed. The ECB agreed last month to begin publishing data on bond redemptions as reinvestments are expected to play an increasing role for its policy support, particularly from next year, when monthly purchases are halved to 30 billion euros per month. Redemptions, part of the ECBs 2.55 trillion euro bond purchase programme, will peak in April, when they hit 24.3 billion euros, while the lowest monthly total will be in August, when they drop to 2 billion euros. The vast majority of redemptions -- 101.5 billion euros -- will be in the public sector purchase programme, which is dominated by government bonds, while 18 billion euros worth of covered bonds and 7 billion euros of asset backed securities, are also due to mature. Cash maturing from government bonds will be reinvested within two months in the same country as the original bond, provided that market conditions allow, the ECB said earlier. ECB data also showed that redemptions have been relatively minor this autumn with the public sector maturities totalling 22.7 billion euros until the end of October. Overall redemptions in November will total 3.1 billion euros with 2.2 billion of that coming in the public sector. Reporting by Balazs Koranyi; Editing by Robin Pomeroy and Emelia Sithole-Matarise'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ecb-policy-qe/ecb-to-have-130-billion-euros-to-reinvest-in-bonds-over-next-year-idUKKBN1D622Z'|'2017-11-06T17:54:00.000+02:00'|9102.0|''|-1.0|'' 9103|'a063597024dae23f8f636ef6fb043d6f778b2da4'|'Irish court rejects appeal against 850 million euro Apple data centre'|'November 1, 2017 / 11:02 AM / in a few seconds Irish court rejects appeal against $1 billion Apple data center Reuters Staff 1 Min Read DUBLIN (Reuters) - Irelands High Court on Wednesday rejected an appeal against Apples plans to build an 850 million euro ($1 billion)data center in Ireland, clearing the way for the project to proceed. FILE PHOTO: The Apple logo is seen on the facade of the new Apple Store in Paris, France, January 5, 2017. REUTERS/Charles Platiau/File Photo A judge said there were no grounds to appeal after some residents objected on environmental grounds. Apple in February 2015 announced plans to build the data center in a rural location in the west of Ireland to take advantage of rich green energy sources nearby. Reporting By Conor Humphries. Writing by Andrew MacAskil'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-apple-ireland/irish-court-rejects-appeal-against-1-billion-apple-data-center-idUKKBN1D14FB'|'2017-11-01T12:57:00.000+02:00'|9103.0|''|-1.0|'' 9104|'926686a983af1ccc6c7b2997533338a8ff3e13c4'|'Uber''s messy data breach collides with launch of SoftBank deal'|'November 22, 2017 / 6:29 PM / Updated 3 hours ago Uber''s messy data breach collides with launch of SoftBank deal Jim Finkle , Heather Somerville 6 Min Read TORONTO/SAN FRANCISCO (Reuters) - A newspaper advertisement for an Uber Technologies Inc stock sale was juxtaposed on Wednesday with a report that the ride-service provider had covered up a data hack - something of a metaphor for Uber, a company with boundless investor interest, but whose penchant for rule-breaking has led to a series of scandals. FILE PHOTO: A photo illustration shows the Uber app on a mobile telephone, as it is held up for a posed photograph, in London, Britain November 10, 2017. REUTERS/Simon Dawson/File Photo The stock sale advertised in the New York Times will enable Uber [UBER.UL] investors to sell their shares to Japanese investor SoftBank, a critical deal for the company whose problems included building software to spy on competitors and to evade regulators and being investigated in Asia for paying bribes. Uber on Tuesday said that it had paid hackers $100,000 to destroy data on more than 57 million customers and drivers that was stolen from the company - and decided under the previous CEO Travis Kalanick not to report the matter to victims or authorities. Uber was first hacked in October 2016 and discovered the data breach the following month. Chief Executive Dara Khosrowshahi, who took the helm in August with the mission of turning around the company and overhauling its culture, acknowledged in a blog that Uber had erred in its handling of the breach. (ubr.to/2AmxlQt) The timing of the disclosure could hardly have been worse. The company is trying to complete a deal with SoftBank Group Corp ( 9984.T ) in which the Japanese firm would invest as much as $10 billion for at least 14 percent of the company, mostly by buying out existing shareholders. SoftBank is advertising to find shareholders who want to sell. Uber last month announced a preliminary deal for the SoftBank investment. One question is whether SoftBank will now try to alter the price of the deal. One source familiar with the matter said SoftBank is planning to stick to its agreement to invest in Uber but may seek better terms. SoftBank has not yet made a final decision on whether to renegotiate, the source said. Another question is the future of Kalanick, the co-founder who led Uber to becoming a global powerhouse but did so with aggressive and controversial tactics. He was forced out by investors in June who feared his leadership style would damage the company, although he stayed on the board and remains a significant shareholder. A bitter battle among investors over how to resolve Ubers problems led to a lawsuit by early investor Benchmark, which sought to oust Kalanick from any role. But a settlement was reached earlier this month to pave the way for the SoftBank deal, with Kalanick retaining his board seat and other rights. Kalanick was made aware of the hack last November and was aware of the $100,000 payment, according to a person close to the matter. Kalanick has declined to comment. Uber did not respond to questions from Reuters on Wednesday. MULTIPLE INVESTIGATIONS, LAWSUITS The scope of the repercussions Uber will face for the October 2016 data breach began to take shape Wednesday with governments around the world opening investigations. Authorities in Britain, Australia and the Philippines said they would investigate Ubers response to the data breach. Londons transport regulator, which has been in discussions with Uber after stripping it of its license to operate, said it was pressing Uber for details. Canadas privacy watchdog said that it had asked Uber for details on the breach, though it had not launched a formal investigation. Attorneys general offices in at least six U.S. states along with the Federal Trade Commission (FTC) have announced they are looking into the matter. Some states are likely to go after Uber for breaking laws on data breach notification within a reasonable period of time. At least two class action lawsuits have been filed against the company in the United States for failing to disclose the data breaches and causing potential harm to consumers. Uber said that it has been in touch with the FTC and several states to discuss a hack and pledged to cooperate. Legal experts said the company is likely to face limited financial fallout from data-breach lawsuits. Uber might succeed in squelching them outright because its agreements with both customers and drivers call for mandatory arbitration of disputes. Uber fired its chief security officer, Joe Sullivan, and a deputy, Craig Clark, over their role in handling the hack. The board of directors had commissioned an investigation into Sullivan and his team, which is how the breach was discovered. The board committee concluded that neither Kalanick nor Salle Yoo, who was general counsel at the time, had been consulted in the companys response to the breach, according to a second person familiar with the matter. It is unclear what the board of directors knew, if anything. Multiple board members did not respond to requests for comment. The scope of this breach is something the Uber board should have been briefed about and consulted on at the very least, said Cynthia Clark, an associate professor of management at Bentley University. Its a monitoring issue and one of strategy and reputation. Clark said that these sorts of risks could affect Ubers IPO, which the board has agreed will take place in 2019. The company has begun overhauling its security practices with help from Matt Olsen, former general counsel of the U.S. National Security Agency and director of the National Counterterrorism Center, CEO Khosrwoshahi said. Uber in August settled with the FTC after the regulator found the company failed to protect the personal information of passengers and drivers, an agreement that requires 20 years of regular auditing of Ubers data. After this weeks disclosures, Uber can expect more audits and more people inside of the company from regulators, said cyber security attorney Steven Rubin. Reporting by Jim Finkle in Toronto and Heather Somerville in San Francisco; Additional reporting by Diane Bartz in Washington, Greg Roumeliotis in New York and Alastair Sharp in Toronto.; Editing by Jonathan Weber and Grant McCool'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-uber-cyberattack/uber-breach-cover-up-trigger-government-probes-around-the-globe-idUKKBN1DM2F9'|'2017-11-23T04:59:00.000+02:00'|9104.0|''|-1.0|'' @@ -9109,7 +9109,7 @@ 9107|'fe82d63d9023f71aa1bfa66862e48a5f7cdff166'|'Future Group plans expansion using Google, Facebook tech'|'Nov 21 (Reuters) - Indian fashion and retail conglomerate Future Group said on Tuesday it plans to open 10,000 member-only stores by 2022, utilizing the technology and data of Alphabet Incs Google and Facebook Inc.Google will help Future Group to identify locations, while Facebook will help determine customer demographics as well as social engagement, Chief Executive Officer Kishore Biyani told reporters in Mumbai.Future Group said it aims to attract 2,000 customers to each of the stores, Biyani added.Deloitte will act as the groups consulting partner.Reporting by Sankalp Phartiyal in Mumbai and Vishal Sridhar in Bengaluru; Editing by Martina D''Couto '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/futuregroup-tech-stores/future-group-plans-expansion-using-google-facebook-tech-idINL3N1NR46C'|'2017-11-21T11:27:00.000+02:00'|9107.0|''|-1.0|'' 9108|'dc6883b974fe0c2547fac65858f6a87261bbe9be'|'Britain''s easyJet encouraged by pricing trends as it outlines Air Berlin costs'|'November 21, 2017 / 7:32 AM / in 21 minutes EasyJet boosted by improved pricing trends as McCall bows out Alistair Smout 4 Min Read LONDON (Reuters) - EasyJet ( EZJ.L ) said on Tuesday fare levels in Europe were set to rise this winter after it benefited from the woes of rivals to post record passenger numbers in the last year, prompting its departing CEO to say she was leaving the airline in good shape. FILE PHOTO - An EasyJet aircraft is ready for take off at Cointrin airport in Geneva, Switzerland, June 30, 2017. REUTERS/Denis Balibouse The share price was up nearly 7 percent at 1365 pence by 1138 GMT after Carolyn McCall landed her last set of results before joining British broadcaster ITV ( ITV.L ) as CEO in January. She will be replaced at Europes second-biggest budget airline by Johan Lundgren, a former executive at travel group TUI ( TUIT.L ). EasyJets strong performance came after a tumultuous few months for the European airline industry, with Monarch, Air Berlin ( AB1.DE ) and Alitalia all going into administration this year. EasyJet said that the resulting reduction in market capacity, made worse by a spate of cancellations at bigger rival Ryanair ( RYA.I ), was now helping to support prices. In the final three months of 2017 the company said it now expects revenue per seat growth at constant currencies to increase by a low- to mid-single-digit percentage. When capacity comes out of the market, it benefits structural winners. We have taken advantage of capacity coming out, McCall told reporters, adding that she believed the airlines prospects were bright. You have to leave when its on the up, and I think that its very much on the up. Underlying profits before tax for the year ended Sept. 30 fell by 17 percent to 408 million pounds, within a forecast range of 405-410 million pounds and largely due to a 101 million-pound hit from exchange rate moves. Analysts are now looking to McCalls successor Lundgren to keep a tight rein on costs when he takes over on Dec. 1, when he must also quickly get to grips with the airlines planned purchase of parts of Air Berlin. The airline said headline costs per seat were expected to fall by around 2 percent in the current financial year, before taking account of the new Air Berlin business. Unit costs per seat increased in the last financial year by 2.4 percent to 53.52 pounds, mainly as a result of the fall in the value of sterling. It said unit revenues per seat fell 0.4 percent to 58.23 pounds, reflecting a currency benefit, strong ancillary revenue and increased load factors, alleviating ticket pricing pressures. Looking ahead, the company said operations at Berlins Tegel airport would run a headline loss of around 60 million pounds in 2018, with one-off costs of around 100 million pounds. Much of the costs will come from leasing crewed planes to build up operations over the winter and early summer, with the first flight from Tegel expected to take place in early January. McCall said that the transition to a new CEO would be smooth, even in this busy time for the airline. There are plates to spin, but they are manageable plates, she said. Its the best time to leave a company. Its in good hands. Reporting by Alistair SmoutEditing by Kate Holton and Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-easyjet-results/britains-easyjet-encouraged-by-pricing-trends-as-it-outlines-air-berlin-costs-idUKKBN1DL0LG'|'2017-11-21T09:32:00.000+02:00'|9108.0|''|-1.0|'' 9109|'11aa7183b4524b761e5e880c118f25dc3df79cc7'|'Can Carney convince the markets?'|'Currencies Can Carney convince the markets? The first Bank of England rates hike in a decade left forex investors underwhelmed. With the economy sluggish and wage growth limited, John Wraith of UBS tells Roger Blitz why BoE governor Mark Carney is risking a policy mistake Save to myFT The inversion of the gilt yield after the BoE rate rise spell will be a concern for the central bank Thursday, 2 November, 2017 The FT''s markets team on market charts that matter for investors Wednesday, 1 November, 2017 The FT''s Robert Armstrong asks if banks are driving up the wrong street Thursday, 26 October, 2017 Suspect shot and taken into custody Wednesday, 1 November, 2017 Lex on need for challengers to break up oligopolies, lift productivity Tuesday, 24 October, 2017 John Wraith of UBS tells Roger Blitz why BoE governor Mark Carney is risking a policy mistake new Bank of England increases interest rates for first time in a decade Thursday, 2 November, 2017 Organic growth across the advertising sector as a whole has shrunk Thursday, 2 November, 2017 Central bank''s MPC voted 7 to 2 for rate increase Thursday, 2 November, 2017 Will banking remain a lucrative business? Saturday, 7 October, 2017 Rana Foroohar on how low interest rates benefited Wall Street over mainstream America Saturday, 7 October, 2017 Jamil Anderlini asks if the economy is addicted to debt Saturday, 7 October, 2017 Gideon Rachman and Tony Barber discuss events surrounding the Spanish region Wednesday, 4 October, 2017 Floodlights to spotlights - playwright''s time out from ''The Red Lion'' rehearsals Tuesday, 31 October, 2017 Honey & Cos guide to making falafel fit for an Israeli street stall Friday, 27 October, 2017 A look behind scenes at restoration work in the institute''s archives Friday, 20 October, 2017 The author explains why shes only wearing Nigerian-made clothes Friday, 20 October, 2017 More from the FT Group Markets data delayed by at least 15 minutes. THE FINANCIAL TIMES LTD 2017. FT and Financial Times are trademarks of The Financial Times Ltd. The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice . Close'|'ft.com'|'http://rss.ft.com/rss/companies/banks'|'https://www.ft.com/video/39ef6e9d-688b-4a5c-bc20-160151d669ff'|'2017-11-02T20:17:00.000+02:00'|9109.0|''|-1.0|'' -9110|'3927ff95514ef5e8d86626512728572216b6a073'|'Altice ousts CEO after shares dropped 30 percent in a week'|' 38 PM / Updated 4 minutes ago Altice ousts CEO after shares dropped 30 percent in a week Sophie Sassard , Gwnalle Barzic 5 Min Read LONDON/PARIS (Reuters) - Altice NV ( ATCA.AS ) has ousted Chief Executive Michel Combes and brought back founder Patrick Drahi as president as the telecoms group seeks to reassure investors after its shares dropped around 30 percent in a week. Combes, 55, was brought in two years ago to put Altices ailing French mobile operator SFR back on track. But the performance of Frances second largest carrier has hardly improved, squeezed between market leader Oranges higher quality services and Iliads cheaper offer. Shares in Altice have plunged about a third in value since the Amsterdam-based company said last week it lost around 75,000 broadband customers in France in the third quarter and its debt had reached 49.6 billion euros (44 billion pounds). A company insider told Reuters Combes had struggled to find his place alongside Drahis inner circle, which includes Altice USA boss Dexter Goei, SFR director Armando Pereira and General Secretary Jeremie Bonnin. Michel was not part of the inner circle, which became a problem because Altice is almost run like a family business, around a close clan of trusted allies, said the person, who declined to be named due to the sensitivity of the matter. Combes and Drahi have very different public profiles. Part of the French establishment, having graduated from the elite Ecole Polytechnique, Combes was close to Frances previous Socialist government, while Franco-Israeli tycoon Drahi has come under fire for not paying more tax in the country and President Emmanuel Macron has publicly criticised Altices high debts. Altice said Drahi would return as president after stepping down from that role in 2016, while Goei was named as CEO and will also continue as CEO and chairman of Altice USA ( ATUS.N ). Drahi is widely respected in the industry and is Altices largest shareholder with a 31.1 percent stake, according to Thomson Reuters data. Goei is the 10th-largest shareholder with a 0.75 percent stake. The organisation changes are meant to align public shareholders interests with the ones of the groups managers, and seek to restore investors confidence, but we are not convinced it will be the case, Bryan Garnier analysts said in a note to clients. The concentration of the new governance around historical Altice executives might indicate the group is having difficulties attracting and retaining top executives from the industry. At 1200 GMT, Altice shares were down 4.4 percent at 10.175 euros. CART BEFORE THE HORSES Under Combes, Altice embarked in a media spending spree, bidding for expensive sports rights and acquiring digital companies. However, bankers and analysts said the poor quality of its network was regarded as the main issue to be solved by customers and investors. There is a general feeling that he put the cart before the horses, said a banker close to Altice. Another Altice insider said Combes announcement in July of an ambitious fibre roll-out project to connect the whole of France was another reason that prompted Drahi to replace him. Altices poor performance in Europe has led investors to question its strategy and fuelled concerns the highly leveraged company will not be able to maintain its debt level in an environment of rising interest rates. Altice says 85 percent of its debt has fixed interest rates and the group has refinanced 36 billion euros of debt over the past 18 months, extending maturities. As a result, only 44 percent of its debt matures before 2023. The U.S. has been doing well, better than expected, and the European operations have generally been sort of bouncing along the bottom, said Pivotal Research Group analyst Jeff Wlodarczak. Change had to be made. Combes was appointed chief operating officer of Altice in 2015, after leaving as head of telecoms equipment maker Alcatel-Lucent ahead of its takeover by Finlands Nokia ( NOKIA.HE ). He became Altices CEO the following year when Goei stepped down from the role to take the reins at Altice USA. In other changes, Dennis Okhuijsen was named Altice Europe chief executive in addition to serving as chief financial officer of Altice NV, and Alain Weill, CEO of the companys SFR Media unit, was appointed SFR Group chairman and CEO as well as Altice Media chief operating officer. ($1 = 0.8585 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-altice-ceo/altice-ousts-ceo-after-shares-dropped-30-percent-in-a-week-idUKKBN1DA1LJ'|'2017-11-10T14:37:00.000+02:00'|9110.0|''|-1.0|'' +9110|'3927ff95514ef5e8d86626512728572216b6a073'|'Altice ousts CEO after shares dropped 30 percent in a week'|' 38 PM / Updated 4 minutes ago Altice ousts CEO after shares dropped 30 percent in a week Sophie Sassard , Gwnalle Barzic 5 Min Read LONDON/PARIS (Reuters) - Altice NV ( ATCA.AS ) has ousted Chief Executive Michel Combes and brought back founder Patrick Drahi as president as the telecoms group seeks to reassure investors after its shares dropped around 30 percent in a week. Combes, 55, was brought in two years ago to put Altices ailing French mobile operator SFR back on track. But the performance of Frances second largest carrier has hardly improved, squeezed between market leader Oranges higher quality services and Iliads cheaper offer. Shares in Altice have plunged about a third in value since the Amsterdam-based company said last week it lost around 75,000 broadband customers in France in the third quarter and its debt had reached 49.6 billion euros (44 billion pounds). A company insider told Reuters Combes had struggled to find his place alongside Drahis inner circle, which includes Altice USA boss Dexter Goei, SFR director Armando Pereira and General Secretary Jeremie Bonnin. Michel was not part of the inner circle, which became a problem because Altice is almost run like a family business, around a close clan of trusted allies, said the person, who declined to be named due to the sensitivity of the matter. Combes and Drahi have very different public profiles. Part of the French establishment, having graduated from the elite Ecole Polytechnique, Combes was close to Frances previous Socialist government, while Franco-Israeli tycoon Drahi has come under fire for not paying more tax in the country and President Emmanuel Macron has publicly criticised Altices high debts. Altice said Drahi would return as president after stepping down from that role in 2016, while Goei was named as CEO and will also continue as CEO and chairman of Altice USA ( ATUS.N ). Drahi is widely respected in the industry and is Altices largest shareholder with a 31.1 percent stake, according to Thomson Reuters data. Goei is the 10th-largest shareholder with a 0.75 percent stake. The organisation changes are meant to align public shareholders interests with the ones of the groups managers, and seek to restore investors confidence, but we are not convinced it will be the case, Bryan Garnier analysts said in a note to clients. The concentration of the new governance around historical Altice executives might indicate the group is having difficulties attracting and retaining top executives from the industry. At 1200 GMT, Altice shares were down 4.4 percent at 10.175 euros. CART BEFORE THE HORSES Under Combes, Altice embarked in a media spending spree, bidding for expensive sports rights and acquiring digital companies. However, bankers and analysts said the poor quality of its network was regarded as the main issue to be solved by customers and investors. There is a general feeling that he put the cart before the horses, said a banker close to Altice. Another Altice insider said Combes announcement in July of an ambitious fibre roll-out project to connect the whole of France was another reason that prompted Drahi to replace him. Altices poor performance in Europe has led investors to question its strategy and fuelled concerns the highly leveraged company will not be able to maintain its debt level in an environment of rising interest rates. Altice says 85 percent of its debt has fixed interest rates and the group has refinanced 36 billion euros of debt over the past 18 months, extending maturities. As a result, only 44 percent of its debt matures before 2023. The U.S. has been doing well, better than expected, and the European operations have generally been sort of bouncing along the bottom, said Pivotal Research Group analyst Jeff Wlodarczak. Change had to be made. Combes was appointed chief operating officer of Altice in 2015, after leaving as head of telecoms equipment maker Alcatel-Lucent ahead of its takeover by Finlands Nokia ( NOKIA.HE ). He became Altices CEO the following year when Goei stepped down from the role to take the reins at Altice USA. In other changes, Dennis Okhuijsen was named Altice Europe chief executive in addition to serving as chief financial officer of Altice NV, and Alain Weill, CEO of the companys SFR Media unit, was appointed SFR Group chairman and CEO as well as Altice Media chief operating officer. ($1 = 0.8585 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-altice-ceo/altice-ousts-ceo-after-shares-dropped-30-percent-in-a-week-idUKKBN1DA1LJ'|'2017-11-10T14:37:00.000+02:00'|9110.0|23.0|0.0|'' 9111|'0a3f929aba5cc7c23705dd24921b474f85b599b7'|'Equifax committee clears executive stock sales made after data breach'|' 31 PM / in 31 minutes Equifax committee clears executive stock sales made after data breach Reuters Staff 2 Min Read (Reuters) - Equifax Inc ( EFX.N ) said on Friday that executives who sold shares before the credit-reporting service disclosed a massive data breach were not aware of the incident when their trades were made. FILE PHOTO: Credit reporting company Equifax Inc. corporate offices are pictured in Atlanta, Georgia, U.S., September 8, 2017. REUTERS/Tami Chappell/File Photo A special committee set up by the board to investigate the trades concluded that the four executives were not engaged in insider trading and that pre-clearance for the trades was appropriately obtained. ( reut.rs/2habhk9 ) The companys shares rose 2 percent in premarket trading to $111.29. Equifax disclosed in September that a data breach had affected as many as 145.5 million U.S. consumers. Some senior executives, including the companys chief financial officer, sold $1.8 million (1.3 million) in shares three days after the company learned about the breach on July 29. The conclusion that the Company executives in question traded appropriately is an extremely important finding and very reassuring, said non-executive Chairman Mark Feidler. The hack, among the largest ever recorded, was especially alarming due to the richness of the information exposed, which included names, birthdays, addresses and Social Security and drivers license numbers, cyber researchers have said. It prompted investigations by multiple federal and state agencies, including a criminal probe by the U.S. Department of Justice. In September, the Atlanta-based company said Chief Executive Richard Smith would leave and forgo this year''s bonus. ( reut.rs/2h9YT3j ) Credit monitoring services such as Equifax collect vast amounts of financial information from consumers without their knowledge, working with banks and other lenders, for example, to track the creditworthiness of individuals. Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-equifax-cyber/equifax-committee-clears-executive-stock-sales-made-after-data-breach-idUKKBN1D31GV'|'2017-11-03T15:30:00.000+02:00'|9111.0|''|-1.0|'' 9112|'a8239482ab8df06f2320c614ec5d440ac094d85d'|'Toyota taps Denso exec as CFO in latest management shuffle'|'TOKYO (Reuters) - Toyota Motor Corp ( 7203.T ) on Tuesday appointed a senior official at its biggest parts supplier as a top executive, promoting cooperation with its group companies as it pushes to compete in developing lower-emission cars and automated driving functions.A Toyota Motor Corp. logo is seen on a car at the International Auto Show in Mexico City, Mexico November 23, 2017. REUTERS/Henry Romero The worlds No. 2 automaker has been overhauling its corporate structure to speed up decision-making and tap the R&D prowess of its supplier network as it faces increasing competition from global automakers and software companies to develop new transportation technologies.Koji Kobayashi, vice chairman and board member of Denso Corp ( 6902.T ), who previously worked at Toyota for more than 30 years in roles including finance and sales, returns to the Japanese company as chief financial and risk officer from January.The company is also promoting Shigeki Tomoyama, who heads Toyotas division for connected vehicle technologies and its racing arm, and Moritaka Yoshida, an architect of Toyotas modular production system who also worked on the firms latest foray into automated driving functions, to executive vice president roles.As the onslaught of electrification, automation and car- and ride-sharing requires automakers to act quickly to develop and market new technologies, Toyota President Akio Toyoda said the company was facing a now or never moment which could determine whether auto companies would continue to play a leading role as carmakers.Our coming structural change reflects our will that the Toyota Group will tackle this era of profound transformation, Toyoda said in a statement.Gill Pratt, who heads Toyotas artificial intelligence research division, has been named as a company fellow, while Satoshi Ogiso, a key member of Toyotas original Prius development team who was dispatched to head brake supplier Advics Co in 2015, will return to Toyota as head of its commercial vehicles division.The latest shuffle comes months after Toyota slimmed down its representative directors to centralize responsibility and accountability for the entire company.Chief Branding Officer Tokuo Fukuichi, a former president of the Lexus luxury division, will resign from his post after taking it up in April. Toshiyuki Mizushima, head of the companys in-house powertrain company, will step down after leading the division created in April 2016.Reporting by Naomi Tajitsu; Editing by Joseph RadfordOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-toyota-strategy/toyota-taps-denso-exec-as-cfo-in-latest-management-shuffle-idUSKBN1DS0B2'|'2017-11-28T06:05:00.000+02:00'|9112.0|''|-1.0|'' 9113|'10930afe02c2f770a9562ea0ebb05223febda97e'|'With a grim Brexit budget, Chancellor Hammond hushes critics for now'|'November 23, 2017 / 11:06 AM / Updated 12 minutes ago Despite grim Brexit budget, Hammond hushes critics for now Andy Bruce 4 Min Read LONDON (Reuters) - A bleak Brexit budget that slashed growth forecasts but gave young voters a tax break on buying their first property may have placated critics of British Chancellor Philip Hammond, at least for now. Britain''s Chancellor of the Exchequer Philip Hammond presents his budget in the House of Commons, London, November 22, 2017. Parliament TV handout via REUTERS Hammond was under intense pressure from within his Conservative Party to spend money Britain doesnt have on courting voters, even though he is boxed in by uncertainty over the impact of Britains March 2019 exit from the European Union. Despite the sombre outlook for economic growth and government borrowing, Hammond announced on Wednesday some spending steps aimed at winning back voters, in particular abolishing a property tax for most first-time home-buyers. The plans were enough to win over Conservative lawmakers, some of whom who had even been urging Prime Minister Theresa May before the budget to fire Hammond - nicknamed Spreadsheet Phil - for his cautious approach to Brexit and the public finances. It is clear that, thankfully, we are now all singing off the same spreadsheet, said Conservative lawmaker Andrew Bridgen. He had previously suggested May would have to sack Hammond if he deviated from the governments position on Brexit. The Sun newspaper praised Hammond for putting money in voters pockets while the right-wing Daily Mail declared Hammond was Eeyore no more!, referring to the glum donkey from A.A. Milnes Winnie-the-Pooh books. Last month the pro-Brexit paper had described him as treacherous and dismal. Ive never been gloomy, Im a pragmatist. I take the world as it is, Hammond told BBC radio on Thursday. May told broadcasters he had done a very good job on the budget, when asked if his job was safe. Other media were sceptical about his chances of silencing his critics. The Financial Times said Box Office Phil does enough to survive, for now. Britain''s Chancellor of the Exchequer Philip Hammond presents his budget in the House of Commons, London, November 22, 2017. Parliament TV handout via REUTERS TROUBLE AHEAD? The Office for Budget Responsibility (OBR) scythed its projections for economic growth in the coming years in the midst of a dire decade for productivity - the worst since 1812, according to the Resolution Foundation think-tank. The budget forecasters chopped their economic outlook for the next five years, with growth in 2017 cut to 1.5 percent from a previous estimate of 2.0 percent, a contrast with world economic growth of 3.6 percent in 2017 and 3.7 percent in 2018, according to the International Monetary Fund. Slideshow (6 Images) Weak growth means Britain will make glacial progress in fixing its public finances, leaving Hammond boxed in. The Institute for Fiscal Studies said at the current pace, based on current rates of debt reduction, Britain would not cut debt as a share of gross domestic product back down to its level before the 2007-08 financial crisis until the 2060s. After years of criticism that its forecasts were too optimistic, pro-Brexit economists said the OBR was too downbeat. But data on Thursday showed Britain grew at its joint-weakest annual rate since 2012 in the third quarter. The OBRs outlook has yet to take into account the impact of Brexit, given that the nature of the exit deal is still unclear. Economists polled by Reuters assign a roughly one-in-three chance of a disorderly exit. Compounding matters for Hammond, the squeeze on households looks set to last for years. The OBR forecast virtually no wage growth in inflation-adjusted terms for the next two years. We will all have to get used to the idea that steadily rising living standards may be a thing of the increasingly distant past, IFS director Paul Johnson said. Additional reporting by Elizabeth Piper; Editing by Gareth Jones, William Schomberg and Richard Balmforth'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-budget/with-a-grim-brexit-budget-chancellor-hammond-hushes-critics-for-now-idUKKBN1DN10W'|'2017-11-23T13:05:00.000+02:00'|9113.0|''|-1.0|'' @@ -9128,13 +9128,13 @@ 9126|'ca0e03eaf0e4e3cd2b15e9cf64509d297f75d506'|'Fitch sees U.S. auto sales for 2018 at 16.8 mln units'|'DETROIT, Nov 29 (Reuters) - Fitch Ratings said it expects U.S. new vehicle sales to drop slightly in 2018, which could weigh a bit on General Motors Co and Ford Motor Co because of the importance of their home market on their overall earnings performance.Fitch expects auto sales to hit 16.8 million units in 2018. Auto consultancy LMC recently raised its 2017 full-year forecast to 17.2 million units from 17.1 million units.Although Fitchs outlook for the U.S. auto sector is stable, downside risks are increasing, senior director Stephen Brown wrote in a note.Despite the risk for GM and Ford, Brown wrote both automakers should perform solidly in 2018.Near term, Brown wrote that geopolitical risks such as the ongoing renegotiation of the North American Free Trade Agreement (NAFTA) that could negatively impact the sector are rising.Longer term, new technologies such as electric vehicles and self-driving cars could create new competitors that may upend the industrys status quo, he added.U.S. new auto sales rose from the end of the Great Recession through to 2016 when they hit an annual record of 17.55 million units.But a saturated market, thanks partly to a glut of nearly new used vehicles, has forced automakers to hike discounts to entice consumers to buy this year and full-year 2017 total sales are expected to decline slightly to a little over 17 million units versus 2016.LMC expects car sales to dip slightly to 17 million units in 2018 and 16.8 million units in 2019.Reporting By Nick Carey; editing by Diane Craft '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-autos-forecast/fitch-sees-u-s-auto-sales-for-2018-at-16-8-mln-units-idUSL1N1NZ2LS'|'2017-11-30T00:43:00.000+02:00'|9126.0|''|-1.0|'' 9127|'f5bf35a658d63cad52a37124328fb7aa6cfd0207'|'Asian Stocks slip as U.S. tax doubts snap global winning streak'|'November 10, 2017 / 12:47 AM / Updated 2 hours ago Asian stocks slip as U.S. tax doubts snap global winning streak Hideyuki Sano 3 Min Read TOKYO (Reuters) - Asian shares slipped on Friday on uncertainty about U.S. tax reforms after Senate Republicans unveiled a plan that differed from the House of Representatives version in several key areas, including a delay in the timing of a corporate tax cut. A man walks past an electronic stock quotation board outside a brokerage in Tokyo, Japan, September 22, 2017. REUTERS/Toru Hanai MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.1 percent while Japan''s Nikkei .N225 lost 1.0 percent. MSCIs all-country equity index .MIWD PUS posted its first daily loss in more than two weeks on Thursday, ending its longest daily winning streak since 2003. On Wall Street, the S&P 500 .SPX lost 0.38 percent while the Nasdaq Composite .IXIC dropped 0.58 percent. U.S. Republican Senators said they want to slash the corporate tax rate in 2019, later than the Houses proposed schedule of 2018, complicating a push for the biggest overhaul of U.S. tax law since the 1980s. The House was set to vote on its measure next week but the Senates timetable was less clear, with a formal bill yet to be drafted in that chamber, where Republicans have a much smaller majority and a narrower path to winning approval for any legislation, let alone one as contentious as a tax package. Things look fluid, including on when the tax cut deal will be reached, said Hirokazu Kabeya, chief global strategist at Daiwa Securities. I would say a compromise will be reached in the end, and we dont need to be too pessimistic. But if they indeed decide to delay the tax cut by a year, there is likely to be some disappointment, he said. The U.S. dollar also faced the head wind, with the euro EUR= firming to $1.1644, extending its rebound from $1.1553, its 3 1/2-month low touched on Tuesday. The dollar slipped to 113.47 yen JPY= , from Monday''s high of 114.735, its highest level since March. The 10-year U.S. Treasuries yield US10YT=RR also briefly fell, though it came back to 2.340 percent, pressured by this weeks government and corporate debt supply. U.S. junk bonds were sold off, with the price of major junk bond ETF ( HYG ) plunging to its lowest level since March. Oil prices held firm, on course to log their fifth straight week of gains, on hopes of supply cuts by major exporters as well as continuing concern about political developments in Saudi Arabia. A spokesman for Saudi Arabias energy ministry said the kingdom plans to cut crude exports by 120,000 barrels per day in December from November. U.S. light crude futures CLc1 traded at $57.04, down 0.2 percent in early Asian trade but still just shy of this weeks more than two-year high of $57.69 a barrel. Editing by Sam Holmes'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-markets/asian-stocks-slip-as-u-s-tax-doubts-snap-global-winning-streak-idUKKBN1DA021'|'2017-11-10T02:44:00.000+02:00'|9127.0|''|-1.0|'' 9128|'b0c180a143008e76c346c9f046c3e9bf66038fc1'|'UK''s Palmer & Harvey placed in administration'|'November 28, 2017 / 6:04 PM / in an hour Jobs cut as UK wholesaler Palmer & Harvey enters administration Martinne Geller 4 Min Read LONDON (Reuters) - British retail supplier Palmer & Harvey McLane Ltd has been placed in administration after running out of cash, with the immediate loss of some 2,500 jobs, accounting firm PwC said. The group, which delivers cigarettes, food and drinks to retail chains and convenience stores, has been hit by challenging trading conditions in recent months and efforts to restructure it have been unsuccessful, PwC said on Tuesday. The company has insufficient cash resources to continue to trade beyond the short term and the directors have concluded that there is no longer any reasonable prospect of a sale, said Matthew Callaghan, an administrator at PwC, which has been appointed to oversee the process. It was necessary for Palmer & Harvey - which says it is Britains fifth-largest private company - to make about 2,500 of its 3,400 employees redundant immediately, PwC said. The 92-year-old company has about 90,000 customers ranging from small local shops to major supermarket chains, supplying them with up to 12,000 different products. However, supermarket chain Tescos ( TSCO.L ) 3.7 billion pound deal to acquire rival wholesaler Booker Group ( BOK.L ) had been expected to put further pressure on P&Hs business. The job losses will affect its head office in East Sussex and its branch network, which includes 14 distribution centres around the country. Of the remaining 900 jobs, about half of them are in the companys core wholesale business and will help manage it toward an orderly closure, and the other half are in three subsidiaries the administrators are seeking to sell. P&H could not be reached for comment. Under the British administration process a company which cannot pay money it owes is protected from its creditors while administrators seek to pay as much of its debts as possible. FAILED RESCUE One of P&Hs major suppliers, tobacco company Imperial Brands ( IMB.L ), said it expects a one-time profit hit in the current year of up to 160 million pounds, mostly related to excise duty which is non-recoverable. It does not anticipate any significant disruption to its UK operations. Imperial, maker of Gauloises cigarettes, said it had been working for several months on a rescue plan for P&H and was prepared to explore further alternatives but other parties have been unwilling to pursue these to a successful conclusion. Imperial and rival Japan Tobacco International ( 2914.T ) both hired advisers to examine options to rescue P&H earlier this year. A spokesman for the Japanese groups international division said it had worked continuously to facilitate a constructive solution, including extending significant financial and operational support. Regrettably our considerable efforts were not successful, he said, adding that a contingency plan was in place to avoid any significant interruption in the supply of its cigarettes. Carlyle Group ( CG.O ), which had been in talks to buy P&H as part of a rescue deal, declined to comment. The administrators said they are continuing to explore options for a sale of several P&H entities including P&H Direct Van Sales Ltd, P&H Sweetdirect Ltd and P&H Snacksdirect Ltd. Additional reporting by Ben Martin; editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-palmer-harvey-administration/uks-palmer-harvey-placed-in-administration-idUKKBN1DS2EU'|'2017-11-28T20:03:00.000+02:00'|9128.0|''|-1.0|'' -9129|'f0290937ddcd4195e3e5d2b40b5b20fe321dfa85'|'General Electric to focus to power, healthcare and aviation, cuts outlook'|'(Reuters) - General Electric Co ( GE.N ) said on Monday it will narrow its focus to power, healthcare and aviation business, and set an earnings target between $1.00 and $1.07 per share for next year, a drop from its earlier forecast, the company said on Monday.GE also said it will cut its board size to 12 from 18 members and add three new directors in 2018, at an annual investor event.The company said it is focusing on businesses where it sees the best growth potential and where it has good technology, scale and a large base of installed customers, and where it can use its digital software to enhance performance.Reporting by Alwyn Scott; Editing by Bill Rigby '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-ge-review-outlook/general-electric-to-focus-to-power-healthcare-and-aviation-cuts-outlook-idINKBN1DD1OW'|'2017-11-13T11:09:00.000+02:00'|9129.0|''|-1.0|'' +9129|'f0290937ddcd4195e3e5d2b40b5b20fe321dfa85'|'General Electric to focus to power, healthcare and aviation, cuts outlook'|'(Reuters) - General Electric Co ( GE.N ) said on Monday it will narrow its focus to power, healthcare and aviation business, and set an earnings target between $1.00 and $1.07 per share for next year, a drop from its earlier forecast, the company said on Monday.GE also said it will cut its board size to 12 from 18 members and add three new directors in 2018, at an annual investor event.The company said it is focusing on businesses where it sees the best growth potential and where it has good technology, scale and a large base of installed customers, and where it can use its digital software to enhance performance.Reporting by Alwyn Scott; Editing by Bill Rigby '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-ge-review-outlook/general-electric-to-focus-to-power-healthcare-and-aviation-cuts-outlook-idINKBN1DD1OW'|'2017-11-13T11:09:00.000+02:00'|9129.0|23.0|0.0|'' 9130|'cd89e6d4c04c78769fa56b9be121a8058b0f5e5e'|'Russia''s Cherkizovo to drop London listing, considers Moscow offer'|' 26 PM / Updated 8 minutes ago Russia''s Cherkizovo to drop London listing, considers Moscow offer Reuters Staff 1 Min Read MOSCOW (Reuters) - Cherkizovo ( GCHE.MM ) ( CHEq.L ), Russias biggest meat producer, has decided to cancel its London listing due to low trading since February and has decided to consolidate its free-float and trading in its shares in Moscow, it said. A man walks past a Russian meat company Cherkizovo sign at the Tambov Turkey facility, a joint venture between Cherkizovo and Spanish agricultural holding company Grupo Fuertes, outside Tambov, Russia May 30, 2017. REUTERS/Maxim Shemetov In the context of its new capital markets strategy, the company is also evaluating a range of alternatives available to it, including a potential equity offering of ordinary shares on the Moscow Exchange, it added in a statement. Reporting by Polina DevittEditing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-russia-cherkizovo-delisting/russias-cherkizovo-to-drop-london-listing-considers-moscow-offer-idUKKBN1DE2E0'|'2017-11-14T19:25:00.000+02:00'|9130.0|''|-1.0|'' 9131|'3b524d11f8d96bf819d846c07e1c5daff20da366'|'UPDATE 1-Court lifts stay for Williams Atlantic Sunrise natgas pipe'|'(Reuters) - A U.S. federal appeals court on Wednesday lifted a temporary stay of construction on Williams Cos Incs nearly $3 billion Atlantic Sunrise natural gas pipeline from Pennsylvania to South Carolina.Some energy traders had worried the stay could have caused a delay in the pipelines in service date, which would keep gas trapped in the Marcellus shale.Williams has said it expects to complete the pipeline in mid-2018. Atlantic Sunrise will transport up to 1.7 billion cubic feet of gas from the Marcellus shale in Pennsylvania to markets in the U.S. Mid Atlantic and Southeast.One bcfd is enough gas for about 5 million U.S. homes.The U.S. Court of Appeals for the District of Columbia dissolved the Nov. 6 stay on Wednesday because the petitioners opposed to the pipeline have not satisfied the stringent requirements for a stay pending court review.We will promptly resume construction activities on this important pipeline project, which will leverage existing energy infrastructure to deliver economic growth and help millions of Americans gain access to affordable Pennsylvania-produced clean-burning natural gas, Chris Stockton, a spokesman at Williams said in an email.The Sierra Club and other opponents of the pipeline secured the stay with a filing last week.Officials at the Sierra Club were not immediately available for comment.On Tuesday, Williams said the purpose of the stay was to give the court sufficient opportunity to consider the emergency motion and should not be construed in any way as a ruling on the merits of the pipeline opponents motion.Atlantic Sunrise has undergone a nearly four-year, extensive review process and is operating and being constructed in compliance with all state and federal permits, said Micheal Dunn, Williams Partners chief operating officer.Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, said in a report earlier on Wednesday that they did not anticipate a prolonged stay, according to a report about Cabot Oil & Gas Corp, which expects to use Atlantic Sunrise to transport gas.Cabot has secured about 1 bcfd of transport capacity on Atlantic Sunrise. Simmons said they do not expect Cabot to ramp up production into Atlantic Sunrise until the fourth quarter of 2018.The temporary stay was a result of a lawsuit against the U.S. Federal Energy Regulatory Commission for not extending the permitting process, Williams said.Williams warned the stay put 8,000 jobs at risk in Pennsylvania.Reporting by Scott DiSavino; Editing by Andrea Ricci '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-williams-pipeline-atlanticsunrise/court-lifts-stay-for-williams-atlantic-sunrise-natgas-pipe-idUSKBN1D837P'|'2017-11-09T00:47:00.000+02:00'|9131.0|''|-1.0|'' 9132|'f388de6e2137391ead55c6b0568935f8d780ef57'|'RPT-New kids on the block: tech giants turning Sydney''s CBD into ''Silicon Place'''|'(Repeats article first published on Sunday. No changes to text.)* Tech firms moving in; tightening office rental market* Sydney office vacancy rate at near-decade low* Building spree should boost jobs in construction industry* Move comes as economy shifts away from mining boomBy Swati PandeySYDNEY, Nov 12 (Reuters) - Global technology titans including Amazon.com Inc, LinkedIn and Expedia are moving into Sydneys central business district, providing a commercial property fillip just as Australias record housing boom starts to tire.The tech invasion - with locals now dubbing Martin Place, once the heartland of the finance sector, Silicon Place - has tightened the office rental market and helped drive down the citys vacancy rate to a near-decade low, according to property manager Jones Lang Lasalle (JLL).The premium of Australian property yields to 3-year term deposit is close to record highs, and gross rents in Sydney have risen by nearly a quarter in the 12 months to September.The global economy is on an upswing and youve got a geographically constrained market in Sydney. Id call it a perfect storm, said Trent James, office property portfolio manager at Charter Hall Office Trust.Amazon, among the latest tech heavyweights to expand in Australia, has snapped up a sprawling nine-floor office in the citys financial hub, with sweeping views of Sydney Harbour Bridge and Hyde Park.Nasdaq-listed cloud computing firm LogMeIn has taken over two floors in a Martin Place building that also houses a glitzy Tesla showroom, in what it calls its new Asia-Pacific headquarters.Martin Place, once dominated by the countrys major banks - which have mostly decamped to other locations in the central business district - now also has Facebook and Alphabets Google among its residents.As new entrants come in and existing residents expand, several time-worn buildings have been demolished to make way for the high-tech spaces now in vogue.But office property managers and landlords dont expect new supply to come in before 2020, meaning the market will remain tight for the next couple of years at least.The building spree should add to growth and boost employment in the construction industry, a big plus as Australias A$1.7 trillion economy transitions away from a once-in-a-decade mining boom.Sydney and Melbourne - Australias two biggest cities - are both seeing strong leasing enquiries for offices, and other business hubs, including Perth, have gathered momentum, JLL data shows.Sydney and Australia are very similar to the United States in terms of technology adoption, growth and maturity. Its a nice gateway to Asia, said Lindsay Brown, Asia-Pacific vice president at LogMeIn.Sydneys CBD is a tight market for office properties so we had a bit of luck and good timing to secure this place.WILD WEST The renewed interest in modern spaces has attracted heavy fund inflows, driving construction work also into Sydneys western suburbs, once no-go areas for big business.National Australia Bank (NAB) has said it will have a large office in the western suburb of Parramatta by 2020, making it the countrys first major lender to have a significant presence there. Headquartered in Melbourne, NAB has another office in Sydneys CBD.HSBC and accounting firms Deloitte, KPMG and PwC are also moving west.We tend to see the office sector is ultimately a microcosm of corporate Australia, said Andrew Ballantyne, national director at real estate services firm JLL.Its an expression of confidence in your business moving forward that youre ultimately going to need more space. Because, quite simply, real estate is a cost.The activity comes amid signs that Australias biggest home-building boom is levelling off and the government embarks on major infrastructure projects, with plans to spend A$75 billion over the next 10 years, including on major rail and road connections.The value of total buildings approved in Australia is the second-highest on record, and infrastructure activity is at a decade high.All the infrastructure thats happening around Sydney right now makes it a very dynamic economy, JLLs Ballantyne said. That also makes Parramatta a much more desirable place to work than it was 20 years ago.WINNERS AND LOSERS Shares of most office property funds have outperformed returns on the benchmark stock index this year, with Charter Hall rising 27 percent and developer Goodman Group up 19 percent. The S&P/ASX 200 index has added 6 percent so far this year.However, retail landlords have fared less well, amid worries that Australias retail sector could suffer at the hands of Amazon.com, which has yet to spell out its full strategy for the local market.Shares of Vicinity Centres, which manages shopping centres around Australia, have fallen almost 8 percent this year, and Stockland shares have gained just 1 percent.Private equity giant Blackstone Group has called off the sale of its A$3.5 billion Australian shopping mall portfolio as Amazons arrival has spooked buyers of bricks-and-mortar stores.Also, the Reserve Bank of Australia (RBA) has cautioned investors as growth in commercial property prices has outpaced the increase in rents. The central bank is worried that highly leveraged investors could be caught out if global interest rates see a marked increase.Typically, they could then be required to provide additional equity, potentially triggering sales and further price falls, the RBA said in its latest half-yearly financial stability review.Reporting by Swati Pandey; Editing by Ian Geoghegan '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/australia-economy/rpt-new-kids-on-the-block-tech-giants-turning-sydneys-cbd-into-silicon-place-idINL3N1NI0FN'|'2017-11-12T20:03:00.000+02:00'|9132.0|''|-1.0|'' -9133|'3216ab8a56be6cc69e0bb5e1fcf2892963594b93'|'Enbridge shares climb after company announces $2.3 billion in asset sales'|'CALGARY, Alberta (Reuters) - Enbridge Inc shares jumped as much as 6.2 percent on Thursday after North Americas largest energy infrastructure company announced plans to sell C$3 billion ($2.3 billion) of noncore assets to focus on its central business. File Photo: Pipelines run to Enbridge Inc.''s crude oil storage tanks at their tank farm in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo The company is also raising C$1.5 billion by selling new shares to pay down debt. It has identified C$22 billion worth of projects it intends to complete through 2020. The Calgary-based company said late on Wednesday it has identified another C$7 billion in noncore assets to divest including unregulated gas gathering and processing businesses and onshore renewables in the United States and Canada. Enbridge, which earlier this year completed a merger with Spectra Energy, plans to speed up its debt reduction to help strengthen the balance sheet and increase its dividend by 10 percent. The companys shares were up 5.3 percent at C$48.19 late on Thursday morning on the Toronto Stock Exchange. Chief Executive Al Monaco said Enbridge would concentrate on its three crown jewel businesses: liquids pipelines and terminals, natural gas transmission and storage and natural gas utilities. The acquisition of Spectra Energy has significantly diversified our asset base and opportunity set, and repositioned Enbridge for the future, particularly with respect to natural gas which we see as having excellent fundamentals and opportunities going forward, he said in a statement. Reporting by Nia Williams; Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-enbridge-inc-divestiture/enbridge-shares-climb-after-company-announces-2-3-billion-in-asset-sales-idUSKBN1DU2DJ'|'2017-11-30T18:50:00.000+02:00'|9133.0|''|-1.0|'' +9133|'3216ab8a56be6cc69e0bb5e1fcf2892963594b93'|'Enbridge shares climb after company announces $2.3 billion in asset sales'|'CALGARY, Alberta (Reuters) - Enbridge Inc shares jumped as much as 6.2 percent on Thursday after North Americas largest energy infrastructure company announced plans to sell C$3 billion ($2.3 billion) of noncore assets to focus on its central business. File Photo: Pipelines run to Enbridge Inc.''s crude oil storage tanks at their tank farm in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo The company is also raising C$1.5 billion by selling new shares to pay down debt. It has identified C$22 billion worth of projects it intends to complete through 2020. The Calgary-based company said late on Wednesday it has identified another C$7 billion in noncore assets to divest including unregulated gas gathering and processing businesses and onshore renewables in the United States and Canada. Enbridge, which earlier this year completed a merger with Spectra Energy, plans to speed up its debt reduction to help strengthen the balance sheet and increase its dividend by 10 percent. The companys shares were up 5.3 percent at C$48.19 late on Thursday morning on the Toronto Stock Exchange. Chief Executive Al Monaco said Enbridge would concentrate on its three crown jewel businesses: liquids pipelines and terminals, natural gas transmission and storage and natural gas utilities. The acquisition of Spectra Energy has significantly diversified our asset base and opportunity set, and repositioned Enbridge for the future, particularly with respect to natural gas which we see as having excellent fundamentals and opportunities going forward, he said in a statement. Reporting by Nia Williams; Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-enbridge-inc-divestiture/enbridge-shares-climb-after-company-announces-2-3-billion-in-asset-sales-idUSKBN1DU2DJ'|'2017-11-30T18:50:00.000+02:00'|9133.0|25.0|-1.0|'' 9134|'4ec973fc60775a0ef890b412ce6d97b5244a0db4'|'Exclusive - Nippon offer prompted Axalta to end Akzo Nobel merger talks: source'|'November 21, 2017 / 10:12 PM / Updated 15 minutes ago Exclusive: Nippon offer prompted Axalta to end Akzo Nobel merger talks -source Reuters Staff 1 Min Read (Reuters) - Japans Nippon Paint Holdings Co Ltd ( 4612.T ) made an all-cash offer on Tuesday to acquire Axalta Coating Systems Ltd ( AXTA.N ), a source familiar with the matter said, prompting Axalta to end merger talks with Akzo Nobel NV ( AKZO.AS ). Nippons offer came at a premium to where Axalta shares ended trading on Monday, the source said, asking not to be identified because the matter is confidential. Nippon did not immediately respond to a request for comment, while Akzo Nobel and Axalta declined to comment. Reporting by Greg Roumeliotis in New York; Editing by Chris Reese'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-axalta-m-a-nipponpaint-exclusive/exclusive-nippon-offer-prompted-axalta-to-end-akzo-nobel-merger-talks-source-idUKKBN1DL2SH'|'2017-11-22T00:09:00.000+02:00'|9134.0|''|-1.0|'' -9135|'44a413d27732e0d7920c3bfc4c976fe89f7a0cd8'|'U.S. exit from NAFTA would not be devastating for Mexico - minister'|'MEXICO CITY (Reuters) - Mexicos economy minister said on Thursday he did not agree with statements made by U.S. Commerce Secretary Wilbur Ross that it would be devastating for Mexico if the United States pulls out of the North American Free Trade Agreement (NAFTA).Mexican Economy Minister Ildefonso Guajardo delivers a speech during the inauguration of the IP Statistics for Decision Makers (IPSDM) Forum in Mexico City, Mexico, November 14, 2017. REUTERS/ Edgard Garrido No, I dont think so, Ildefonso Guajardo said in a television interview when asked if he agreed with Ross.Without a doubt, Mexico could face a short-term impact because the market is very sensitive to marketing, branding ... Our ability to adjust, and the manner in which we do it, is what will allow us to resist any potential change.In an interview with The Wall Street Journal CEO Council on Tuesday, Ross said that it would be devastating to the Mexican economy if the United States were to pull out of NAFTA.Guajardo said that if NAFTA talks, which are currently in their fifth round in Mexico City, do end up stretching into March, the United States must ask itself if it wants the trade talks to influence Mexicos July 2018 election.The fifth round of NAFTA talks entered their second day on Thursday, proceeding under the shadow of tough U.S. demands and without the presence of trade ministers who agreed to sit out the discussions.On Wednesday, Guajardo said that Mexican negotiators will propose that NAFTA be rigorously reviewed every five years to counter a U.S. sunset clause proposal that would kill the deal if it is not renegotiated after five years, an idea widely criticized as undermining long-term investments.The economy minister described the proposal as a more rigorous evaluation mechanism than currently exists. Under current rules, each country has the right to leave the deal when it wants.Guajardo emphasized that the counterproposal would not let the trade agreement automatically expire and said he thought it is unlikely that U.S. President Donald Trump would trigger the existing deals termination clause later this year.But the minister, who served as part of Mexicos NAFTA negotiating team in the early 1990s, added he could not rule out the possibility that Trump would decide to trigger a U.S. withdrawal from the 23-year-old accord in the first quarter of 2018.Reporting by Gabriel Stargardter and Veronica Gomez; Editing by Bernadette Baum '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-trade-nafta/u-s-exit-from-nafta-would-not-be-devastating-for-mexico-minister-idINKBN1DG1ZV'|'2017-11-16T16:03:00.000+02:00'|9135.0|''|-1.0|'' +9135|'44a413d27732e0d7920c3bfc4c976fe89f7a0cd8'|'U.S. exit from NAFTA would not be devastating for Mexico - minister'|'MEXICO CITY (Reuters) - Mexicos economy minister said on Thursday he did not agree with statements made by U.S. Commerce Secretary Wilbur Ross that it would be devastating for Mexico if the United States pulls out of the North American Free Trade Agreement (NAFTA).Mexican Economy Minister Ildefonso Guajardo delivers a speech during the inauguration of the IP Statistics for Decision Makers (IPSDM) Forum in Mexico City, Mexico, November 14, 2017. REUTERS/ Edgard Garrido No, I dont think so, Ildefonso Guajardo said in a television interview when asked if he agreed with Ross.Without a doubt, Mexico could face a short-term impact because the market is very sensitive to marketing, branding ... Our ability to adjust, and the manner in which we do it, is what will allow us to resist any potential change.In an interview with The Wall Street Journal CEO Council on Tuesday, Ross said that it would be devastating to the Mexican economy if the United States were to pull out of NAFTA.Guajardo said that if NAFTA talks, which are currently in their fifth round in Mexico City, do end up stretching into March, the United States must ask itself if it wants the trade talks to influence Mexicos July 2018 election.The fifth round of NAFTA talks entered their second day on Thursday, proceeding under the shadow of tough U.S. demands and without the presence of trade ministers who agreed to sit out the discussions.On Wednesday, Guajardo said that Mexican negotiators will propose that NAFTA be rigorously reviewed every five years to counter a U.S. sunset clause proposal that would kill the deal if it is not renegotiated after five years, an idea widely criticized as undermining long-term investments.The economy minister described the proposal as a more rigorous evaluation mechanism than currently exists. Under current rules, each country has the right to leave the deal when it wants.Guajardo emphasized that the counterproposal would not let the trade agreement automatically expire and said he thought it is unlikely that U.S. President Donald Trump would trigger the existing deals termination clause later this year.But the minister, who served as part of Mexicos NAFTA negotiating team in the early 1990s, added he could not rule out the possibility that Trump would decide to trigger a U.S. withdrawal from the 23-year-old accord in the first quarter of 2018.Reporting by Gabriel Stargardter and Veronica Gomez; Editing by Bernadette Baum '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-trade-nafta/u-s-exit-from-nafta-would-not-be-devastating-for-mexico-minister-idINKBN1DG1ZV'|'2017-11-16T16:03:00.000+02:00'|9135.0|28.0|0.0|'' 9136|'e3ccae2cbbe926bc67681ae51af3f64e899c893b'|'U.S. healthcare shares climb as investors see upside from Republican tax bill'|'November 29, 2017 / 9:54 PM / Updated 22 minutes ago U.S. healthcare shares climb as investors see upside from Republican tax bill Caroline Valetkevitch 3 Min Read NEW YORK (Reuters) - Shares of U.S. healthcare companies mostly climbed on Wednesday, as investors saw some potential upside for the stocks from a Republican-led bill to cut taxes. FILE PHOTO - 8, Hospitals were among the biggest gainers on the day, with Community Health Systems ( CYH.N ) up 6.2 percent and shares of Tenet Healthcare ( THC.N ) up 5.2 percent. We see tax reform as providing a durable benefit to healthcare services companies, Bernstein analysts wrote in a research note. Healthcare services companies generally pay the full 35 percent corporate tax, as domestic companies with limited adjustments. Possible changes to the Affordable Care Act and fees paid by health insurers could also benefit healthcare companies, they said. These changes are more likely to be included in the debt ceiling or budget legislation, but could be included in tax reform, the Bernstein analysts wrote. were aiming to reformulate the tax-cut package to satisfy with the measure moving Shares of health insurers also rose, with UnitedHealth ( UNH.N ) hitting a record high at $224.27 after its investor day this week. The stock ended up 3.1 percent at $222.88. It was a very positive event by all accounts, said Sheryl Skolnick, director of research at Mizuho Securities in New York. So that sort of settled people into a more optimistic mode. UnitedHealth gave the biggest boost the S&P healthcare index .SPXHC, which gained 0.5 percent. But she also said there was less reason for hospital stocks to be gaining. The tax bill is seen helping some of the hospital companies, but not those that are heavily leveraged. They tend to perform better in November and December. Theyve underperformed for the year so maybe people are thinking they will do better toward year-end, but fundamentally nothings changed. Reporting by Caroline Valetkevitch, editing by G Crosse'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-healthcare-stocks/u-s-healthcare-shares-climb-as-investors-see-upside-from-republican-tax-bill-idUSKBN1DT3BH'|'2017-11-29T23:45:00.000+02:00'|9136.0|''|-1.0|'' 9137|'8946c6f0c562edb6835cde78d5bd9a3b77dd5aea'|'Pfizer exits China joint venture for generic drugs'|'(Reuters) - Pfizer Inc ( PFE.N ) said on Friday it has sold its 49 percent stake to exit a joint venture it had set up with Chinas Zhejiang Hisun Pharmaceuticals ( 600267.SS ) in 2012 to develop and market generic drugs.FILE PHOTO: The Pfizer logo is seen at their world headquarters in New York April 28, 2014. REUTERS/Andrew Kelly/File Photo The U.S. drugmaker said it sold its stake in the venture, Hisun-Pfizer Pharmaceuticals Co Ltd, to Sapphire I Holdings Ltd. ( on.pfizer.com/2yQmeyC )The venture will change its name, but retain the rights to manufacture and sell all the drugs being marketed or developed in China, Pfizer and Hisun Pharma said in a joint statement.Pfizers shares were marginally lower in afternoon trading.Reporting by Divya Grover in Bengaluru; Editing by Savio D''Souza '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-zhejiang-hisun-pharmaceuticals-stake/pfizer-exits-china-joint-venture-for-generic-drugs-idINKBN1DA2LW'|'2017-11-10T15:54:00.000+02:00'|9137.0|''|-1.0|'' 9138|'2b62662259e7c637e8e0ed2c95c1c6e22d269b37'|'U.S. judge sets pre-trial hearing on AT&T merger deal'|'WASHINGTON (Reuters) - A federal judge on Wednesday set a Dec. 7 pre-trial hearing in the Justice Departments complaint seeking to block AT&T Incs ( T.N ) proposed acquisition of Time Warner Inc ( TWX.N ).The AT&T logo is pictured during the Forbes Forum 2017 in Mexico City, Mexico, September 18, 2017. REUTERS/Edgard Garrido Judge Richard Leon, who is overseeing the case, announced the hearing date in an order.Reporting by Diane Bartz; Editing by Leslie Adler '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-time-warner-m-a-at-t-hearing/u-s-judge-sets-pre-trial-hearing-on-att-merger-deal-idUSKBN1DT3DJ'|'2017-11-30T06:09:00.000+02:00'|9138.0|''|-1.0|'' @@ -9205,18 +9205,18 @@ 9203|'88badf84be14b8d559de96298952943b4c424cee'|'Volkswagen cuts works council pay as prosecutors probe overpayment'|'December 22, 2017 / 11:58 AM Volkswagen cuts works council pay as prosecutors probe overpayment Reuters Staff 2 Min Read FRANKFURT (Reuters) - Volkswagen ( VOWG_p.DE ) has cut the salaries and suspended the bonuses of 14 members of its works council, including the councils head Bernd Osterloh, as public prosecutors investigate alleged earlier overpayment. FILE PHOTO - A Volkswagen logo is pictured at the International Auto Show in Mexico City, Mexico November 23, 2017. REUTERS/Henry Romero Osterloh, who once earned 750,000 euros (664,537) in a single year and up to 250,000 in other years, said he would now receive about 8,000 euros a month, according to an interview on the website IG Metall bei Volkswagen. The website is aimed at union members working for the carmaker. It was disclosed in May that German prosecutors were investigating current and former executives at VW on suspicion that they paid Osterloh an excessive salary. In Germany, wasting corporate funds is legally a breach of fiduciary duty. Volkswagen and the works council have said that payments were in line with legal guidelines, a stance they reiterated on Friday. VW chief Matthias Mueller said that the cuts in pay were an effort to play it safe until the case was clarified. We thank the works council for taking this step, Mueller said. In November, prosecutors and tax investigators raided the offices of senior VW officials. The raid by prosecutors and tax officers was related to suspected overpayment and related tax evasion, a person familiar with the matter said, referring to the potential for overpayment to result in higher operating expenses and the payment of too little tax. Reporting by Andreas Framke; Writing by Tom Sims; Editing by Keith Weir'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-volkswagen-pay-works-council/volkswagen-cuts-works-council-pay-as-prosecutors-probe-overpayment-idUKKBN1EG1AW'|'2017-12-22T14:08:00.000+02:00'|9203.0|''|-1.0|'' 9204|'87f5e329c1cfe1f172d0985601c78357520bf341'|'UnitedHealth to buy DaVita primary care unit for $4.9 billion'|'(Reuters) - U.S. health insurer UnitedHealth Group Inc on Wednesday announced a $4.9 billion deal to buy a unit of DaVita Inc, looking to bolster its primary and urgent care services.The all-cash deal is UnitedHealths second major acquisition in 2017 that aims to broaden its reach beyond insurance and boost its outpatient care services through a large network of clinics.UnitedHealth bought Surgical Care Affiliates for about $2.3 billion in March.The deal with Denver-based DaVita, which mainly provides dialysis services, will combine UnitedHealths Optum unit with DaVitas physician network business that serves about 1.7 million patients each year through nearly 300 clinics.FILE PHOTO: The logo of Down Jones Industrial Average stock market index listed company UnitedHealthcare is shown in Cypress, California April 13, 2016. REUTERS/Mike Blake/File Photo Besides running urgent care clinics, Optum manages drug benefits and offers data analytics services to industry clients.DaVitas physician network unit recorded sales of $4.11 billion last year but had become a major drag on the companys financial performance in recent quarters despite contributing 30 percent to total revenue.News of the deal sent DaVita shares up 9.3 percent to $66.61 in premarket trading on Wednesday.DaVita plans to use the proceeds of the sale for stock buybacks and to repay debt.Reuters reported last month that DaVita was exploring a sale of its medical unit.Reporting by Divya Grover in Bengaluru; Editing by Arun Koyyur and Sai Sachin Ravikumar '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/davita-m-a-unitedhealth/unitedhealth-to-buy-davita-primary-care-unit-for-4-9-billion-idINKBN1E01SW'|'2017-12-06T10:34:00.000+02:00'|9204.0|''|-1.0|'' 9205|'c29d90c26b9b785508b8a3d027bc4636f35a693d'|'Austria will repatriate any stranded Niki passengers, ministry says'|'VIENNA (Reuters) - The Austrian government has agreed to repatriate any passengers of Air Berlin ( AB1.DE ) unit Niki stranded abroad by canceled return flights, a Transport Ministry spokesman said on Wednesday.Lufthansa ( LHAG.DE ) has abandoned plans to buy Niki after the European Commission told Lufthansa that it would not allow the deal, meaning Niki could join the list of Europes collapsed airlines this year.(Chancellery Minister Thomas) Drozda, (Finance Minister Hans Joerg) Schelling and (Transport Minister Joerg) Leichtfried agreed to repatriate stranded passengers as quickly as possible, the spokesman said.The repatriation offer applies to any Niki flights that have been canceled due to the current situation, independent of any insolvency, he added.Several Niki flights scheduled for Thursday have been canceled but those cancellations were long-standing and unrelated to any insolvency, a Vienna Airport spokesman said.Reporting by Kirsti Knolle '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-air-berlin-m-a-lufthansa-repatriation/austria-will-repatriate-any-stranded-niki-passengers-ministry-says-idUSKBN1E72CK'|'2017-12-14T00:49:00.000+02:00'|9205.0|''|-1.0|'' -9206|'89e31b6b9cbc406aed0bbc5a2ad052ec3e839d11'|'U.S. regulator says it will allow CME Group, CBOE to list bitcoin futures'|'WASHINGTON, Dec 1 (Reuters) - The U.S. derivatives regulator said on Friday it would allow CME Group Inc. and CBOE Global Markets Inc. to list bitcoin futures, after the rival bourses were able to show their proposed contracts and trading arrangements met the necessary regulatory requirements.The announcement by the Commodity Futures Trading Commission (CFTC) paves the way for CME and CBOE to become the first traditional U.S. regulated exchanges to launch trading in bitcoin-related financial contracts, in a watershed moment for the cryptocurrency that should lead to greater regulatory scrutiny.Trading in the CME and CBOE bitcoin futures contracts, which will be priced against and settled in the cash bitcoin market, should begin by year end, a CFTC official said.Bitcoin soared above $11,000 for the first time this week, up 10-fold year-to-date and prompting multiple warnings of a bubble.To guard against volatility, CME and CBOE will put in place stricter than usual risk-management safeguards, including initial margin requirements of between 35 percent and 40 percent.The exchanges have also agreed to enter into information sharing agreements and to send the CFTC data on the settlement process so the regulator can conduct its own surveillance.CFTC Chairman Christopher Giancarlo warned investors, however, that the nascent underlying bitcoin cash markets remain largely unregulated and mostly beyond the CFTCs purview.We expect that the futures exchanges, through information sharing agreements, will be monitoring the trading activity on the relevant cash platforms for potential impacts on the futures contracts price discovery process, including potential market manipulation and market dislocations due to flash rallies and crashes, and trading outages, he said in a statement.Nevertheless, investors should be aware of the potentially high level of volatility and risk in trading these contracts.CFTC regulations allow designated contract exchanges such as CME to list products for trading without prior CFTC approval by filing a written self-certification with the regulator.Under the self-certification process, which is a quirk of the futures market, the exchanges file a submission to the CFTC confirming the product complies with the Commodity Exchange Act and CFTC regulations - including a key provision that requires the contract is not susceptible to manipulation.The CFTC has the power to block the contract but will not do so in this instance.CME has been vying with CBOE to launch the first bitcoin-related financial product. Nasdaq OMX Group is also eyeing a contract launch before year end, Reuters reported this week. (Reporting by Michelle Price and John McCrank; Editing by Leslie Adler) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/markets-bitcoin/u-s-regulator-says-it-will-allow-cme-group-cboe-to-list-bitcoin-futures-idINL3N1O066D'|'2017-12-01T10:00:00.000+02:00'|9206.0|''|-1.0|'' -9207|'8fe1ca66e10d9b1aaa8df5476a56bc9bd9781194'|'Germany''s Delivery Hero sells foodpanda India to Ola in stock deal'|'December 19, 2017 / 10:17 AM / Updated 8 hours ago Germany''s Delivery Hero sells foodpanda India to Ola in stock deal Reuters Staff 2 Min Read FRANKFURT/NEW DELHI (Reuters) - Germanys Delivery Hero ( DHER.DE ), an online food ordering and delivery marketplace, is selling its foodpanda India business to Ola in return for shares in the Indian ride-hailing firm, the companies said on Tuesday. FILE PHOTO - The Delivery Hero headquarters is pictured in Berlin, Germany, June 2, 2017. The Berlin-based company Delivery Hero, one of Europe''s largest internet start-ups. Picture taken June 2, 2017. REUTERS/Fabrizio Bensch Under the agreement, Ola, owned by ANI Technologies, will also commit to investing $200 million in foodpandas India business. The deal marks Olas return to the food delivery business, which it exited in 2016, according to local media reports, and will give the company a platform to compete with UberEATS, a similar service launched in May by global ride-hailing rival Uber Technologies. UberEATS delivers in about half a dozen Indian cities while foodpanda is present in more than 100 cities. Other online food delivery services include Sequoia Capital-backed Zomato and Swiggy which is backed by Naspers. The partnership with Ola will allow us to further consolidate markets where it strategically makes sense to collaborate with leading local players, Delivery Hero Chief Executive Niklas Ostberg said. Delivery Hero, which floated on the stock exchange in Germany in June, had acquired food delivery firm foodpanda and its Indian subsidiary in December 2016. Foodpanda India reported a 64 percent increase in revenue at 621.6 million rupees ($9.7 million) for the fiscal year ended March 31 and losses narrowed to 448.1 million rupees from 1.43 billion rupees in the year-ago period, according to local media reports. The online food delivery market in India is expected to grow more than six-fold to $750 million this year from about $120 million in 2015, according to a report by consultant RedSeer. Reporting by Maria Sheahan in Frankfurt and Aditi Shah in New Delhi; Editing by Louise Heavens and Gopakumar Warrier'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-delivery-hero-ola/germanys-delivery-hero-sells-foodpanda-india-to-ola-in-stock-deal-idINKBN1ED0ZN'|'2017-12-19T12:11:00.000+02:00'|9207.0|''|-1.0|'' +9206|'89e31b6b9cbc406aed0bbc5a2ad052ec3e839d11'|'U.S. regulator says it will allow CME Group, CBOE to list bitcoin futures'|'WASHINGTON, Dec 1 (Reuters) - The U.S. derivatives regulator said on Friday it would allow CME Group Inc. and CBOE Global Markets Inc. to list bitcoin futures, after the rival bourses were able to show their proposed contracts and trading arrangements met the necessary regulatory requirements.The announcement by the Commodity Futures Trading Commission (CFTC) paves the way for CME and CBOE to become the first traditional U.S. regulated exchanges to launch trading in bitcoin-related financial contracts, in a watershed moment for the cryptocurrency that should lead to greater regulatory scrutiny.Trading in the CME and CBOE bitcoin futures contracts, which will be priced against and settled in the cash bitcoin market, should begin by year end, a CFTC official said.Bitcoin soared above $11,000 for the first time this week, up 10-fold year-to-date and prompting multiple warnings of a bubble.To guard against volatility, CME and CBOE will put in place stricter than usual risk-management safeguards, including initial margin requirements of between 35 percent and 40 percent.The exchanges have also agreed to enter into information sharing agreements and to send the CFTC data on the settlement process so the regulator can conduct its own surveillance.CFTC Chairman Christopher Giancarlo warned investors, however, that the nascent underlying bitcoin cash markets remain largely unregulated and mostly beyond the CFTCs purview.We expect that the futures exchanges, through information sharing agreements, will be monitoring the trading activity on the relevant cash platforms for potential impacts on the futures contracts price discovery process, including potential market manipulation and market dislocations due to flash rallies and crashes, and trading outages, he said in a statement.Nevertheless, investors should be aware of the potentially high level of volatility and risk in trading these contracts.CFTC regulations allow designated contract exchanges such as CME to list products for trading without prior CFTC approval by filing a written self-certification with the regulator.Under the self-certification process, which is a quirk of the futures market, the exchanges file a submission to the CFTC confirming the product complies with the Commodity Exchange Act and CFTC regulations - including a key provision that requires the contract is not susceptible to manipulation.The CFTC has the power to block the contract but will not do so in this instance.CME has been vying with CBOE to launch the first bitcoin-related financial product. Nasdaq OMX Group is also eyeing a contract launch before year end, Reuters reported this week. (Reporting by Michelle Price and John McCrank; Editing by Leslie Adler) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/markets-bitcoin/u-s-regulator-says-it-will-allow-cme-group-cboe-to-list-bitcoin-futures-idINL3N1O066D'|'2017-12-01T10:00:00.000+02:00'|9206.0|29.0|0.0|'' +9207|'8fe1ca66e10d9b1aaa8df5476a56bc9bd9781194'|'Germany''s Delivery Hero sells foodpanda India to Ola in stock deal'|'December 19, 2017 / 10:17 AM / Updated 8 hours ago Germany''s Delivery Hero sells foodpanda India to Ola in stock deal Reuters Staff 2 Min Read FRANKFURT/NEW DELHI (Reuters) - Germanys Delivery Hero ( DHER.DE ), an online food ordering and delivery marketplace, is selling its foodpanda India business to Ola in return for shares in the Indian ride-hailing firm, the companies said on Tuesday. FILE PHOTO - The Delivery Hero headquarters is pictured in Berlin, Germany, June 2, 2017. The Berlin-based company Delivery Hero, one of Europe''s largest internet start-ups. Picture taken June 2, 2017. REUTERS/Fabrizio Bensch Under the agreement, Ola, owned by ANI Technologies, will also commit to investing $200 million in foodpandas India business. The deal marks Olas return to the food delivery business, which it exited in 2016, according to local media reports, and will give the company a platform to compete with UberEATS, a similar service launched in May by global ride-hailing rival Uber Technologies. UberEATS delivers in about half a dozen Indian cities while foodpanda is present in more than 100 cities. Other online food delivery services include Sequoia Capital-backed Zomato and Swiggy which is backed by Naspers. The partnership with Ola will allow us to further consolidate markets where it strategically makes sense to collaborate with leading local players, Delivery Hero Chief Executive Niklas Ostberg said. Delivery Hero, which floated on the stock exchange in Germany in June, had acquired food delivery firm foodpanda and its Indian subsidiary in December 2016. Foodpanda India reported a 64 percent increase in revenue at 621.6 million rupees ($9.7 million) for the fiscal year ended March 31 and losses narrowed to 448.1 million rupees from 1.43 billion rupees in the year-ago period, according to local media reports. The online food delivery market in India is expected to grow more than six-fold to $750 million this year from about $120 million in 2015, according to a report by consultant RedSeer. Reporting by Maria Sheahan in Frankfurt and Aditi Shah in New Delhi; Editing by Louise Heavens and Gopakumar Warrier'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-delivery-hero-ola/germanys-delivery-hero-sells-foodpanda-india-to-ola-in-stock-deal-idINKBN1ED0ZN'|'2017-12-19T12:11:00.000+02:00'|9207.0|29.0|4.0|'' 9208|'a203939093672fba41083161c59dc91b4a1edb4c'|'US STOCKS-Futures point to positive session on Wall St'|'December 28, 2017 / 12:47 PM / Updated 17 minutes ago Wall Street rises as financials, tech advance Chuck Mikolajczak 3 Min Read NEW YORK (Reuters) - U.S. stocks edged higher in light trading on Thursday, buoyed by gains in financial stocks and as technology stocks continued to slowly recover from a losing skid. Tech stocks added 0.1 percent and notched their second straight gain on the heels of a five-session losing skid. The index has struggled somewhat to close out the year but remains the best-performing sector in 2017, up more than 37 percent. This needs to and has been an earnings-driven market and that is where youve seen a tremendous amount of the earnings momentum and visibility, we would expect that to continue into next year, said Bill Northey, senior vice president, U.S. Bank Wealth Management, in Helena, Montana. Apple shares closed 0.3 percent higher after relinquishing earlier gains and Amazon edged up 0.3 percent after Reuters reported the companies are in licensing discussions with Riyadh on investing in Saudi Arabia. Volumes remained thin due to the holiday week between Christmas and New Years Day. The prior two sessions showed the lowest full-day trading volumes of the year. Clearly light volume, low volatility has been the flavor of the week, post holiday, and dont expect that to change going into the close tomorrow, Northey said. A 0.6 percent gain in copper prices helped lift the materials sector 0.4 percent, led by a 3.1 percent gain in Freeport-McMoRan. Traders work on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York, U.S., December 28, 2017. REUTERS/Andrew Kelly The benchmark S&P 500 has climbed nearly 20 percent this year, on track to record its biggest annual gains since 2013, boosted by robust economic growth and solid corporate earnings. The rally is widely expected to extend into 2018, boosted by gains from a new law that lowers the tax burden on U.S. corporations. The Dow Jones Industrial Average rose 63.21 points, or 0.26 percent, to 24,837.51, the S&P 500 gained 4.92 points, or 0.18 percent, to 2,687.54 and the Nasdaq Composite added 10.82 points, or 0.16 percent, to 6,950.16. The number of Americans filing for unemployment benefits was unchanged last week at 245,000, slightly above the 240,000 forecast, but the underlying trend remained consistent with a tightening labor market. J.B. Hunt Transport lost 0.2 to $115.24 after the logistics services provider forecast current-quarter profit below estimates. Advancing issues outnumbered declining ones on the NYSE by a 1.92-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favored advancers. The S&P 500 posted 25 new 52-week highs and two new lows; the Nasdaq Composite recorded 71 new highs and 21 new lows. Volume on U.S. exchanges was 4.26 billion shares, compared to the 6.6 billion average for the full session over the last 20 trading days. Reporting by Chuck Mikolajczak; Editing by James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-stocks/stock-futures-point-to-positive-session-on-wall-street-idUSKBN1EM14Z'|'2017-12-28T14:43:00.000+02:00'|9208.0|''|-1.0|'' 9209|'e71c7b3c5dbf8bac9e6c137bfc25ad9a35b06761'|'REFILE-Shareholders in Italy''s Carige take up 66 pct of vital cash call'|'(Reiles to fix typo in 10th paragraph.)* Must raise money by the end of the year* New investors set to buy unsold shares for 120 mln euros-sources* Delay in launching the cash call had rattled sectorBy Valentina ZaMILAN, Dec 6 (Reuters) - Shareholders in Banca Carige took up 66 percent of a 500 million euro ($590 million) cash call demanded by regulators, leaving the Italian bank to rely on accords with a number of investment firms to fill up the gap.The capital raise is expected to remove an immediate threat to the industry but concerns remain over Italian banks, which hold one quarter of Europes 843 billion euros in soured debts and are under increasing regulatory pressure to offload them.Carige needs the cash to comply with European Central Banks demands it boosts capital and starts shedding bad debts by the end of the year and risked being wound down otherwise.Carige said in a statement it had raised 331 million euros from shareholders and another 46 million euros from bondholders hit by a recent mandatory debt conversion.Carige had reserved a separate, up to 60 million euro, new share offer to such bondholders which include insurers Generali and UnipolSai and bank Intesa Sanpaolo .To reach the 500 million euro minimum requested by the ECB, the bank has said it has in place a number of accords with investors ready to take up unsold shares. Two sources close to the matter on Wednesday said such accords totalled 120 million euros, bringing the total raised on the market to 497 million euros.Carige represents the first rescue transaction of a bank in Europe executed through a market offer, Paolo Celesia, head of equity capital markets at Credit Suisse Italy said.Credit Suisse, Deutsche Bank and Barclays are the cash calls underwriters. Last-minute difficulties in signing the accord with them had forced Carige to delay the launch of the offer, rattling the sector.A group of local businessmen who are the banks core shareholders has invested further in the lender to avoid being wiped out. But new shareholders are expected to emerge, including London-based hedge fund Chenavari, which is in talks to buy Cariges consumer credit unit Creditis and, as part of the process, will take up to 40 million euros in unsold shares.Similarly, Credito Fondario, a debt servicer part of British investment firm Tages Group, which closed on Wednesday the purchase of 1.2 billion euros in bad loans from Carige, is also set to become a shareholder in the bank.After Italy bailed out its fourth-largest bank Monte dei Paschi MI> and liquidated two regional lenders this year, Carige came to the fore as the last remaining large bank still in difficulty following a deep recession.I think interest from some foreign investors signals confidence in Italys improving economy, which is good news, Roberto Lottici, a fund manager at Banca Ifigest, said.But as far as the sector is concerned there still are too many uncertainties given its bad loan burden. Investors decision will be guided by regulatory moves.Italian lenders, which trade at a discount to the value of their assets due to fears of fresh loan losses, have come under pressure after the European Central Bank proposed tougher new rules on bad bank debts. Carige priced new shares at just 0.25 times its book value, compared to its peers 0.4-0.5 times. ($1 = 0.8478 euros) (Reporting by Valentina Za; Editing by Toby Chopra) '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/eurozone-banks-italy-banca-carige/shareholders-in-italys-carige-take-up-66-pct-of-vital-cash-call-idUSL8N1O66AR'|'2017-12-07T06:02:00.000+02:00'|9209.0|''|-1.0|'' 9210|'5f0cbbe178925b8d5e17fac686c24fe79ec4afa5'|'China investigating head of online finance platform that handled $7.6 billion'|'December 28, 2017 / 11:20 AM / Updated 30 minutes ago China investigating head of online finance platform that handled $7.6 billion Reuters Staff 2 Min Read SHANGHAI (Reuters) - The head of a Chinese online financing platform that handled over 50 billion yuan (5.7 billion) in transactions is under investigation after surrendering himself to authorities, state news agency Xinhua said on Thursday. Police in the eastern city of Nanjing said on their official Twitter-like Weibo account on Wednesday that the legal representative for platform Qbao.com had surrendered himself at a police station on Dec. 26. State news agency Xinhua, which reported the investigation on Thursday, said Qbao.com was a platform that allowed members to make investments that advertised returns of over 40 percent and earn money from watching advertisements. Also on the platform were retailers who could get goods from Qbao and from whom members could make purchases, Xinhua said It added that as of September, more than 50 billion yuan had flowed through the five-year-old Qbao.com platform, which required its roughly 200 million members to make deposits. Nanjing police and Xinhua identified the person under investigation as Zhang Xiaolei. A message posted on Qianbaos website, which has been shut down, said Zhang was suspected of committing crimes. Reuters was unable to reach him for comment. China has pledged to intensify a crackdown on financial crime to safeguard national security and fend off financial risks after amid a rise in pyramid schemes, frauds and illegal fundraising. In September, a Beijing court sentenced the architect of the $9 billion Ezubao online financial scam to life imprisonment, and handed down jail time to 26 others, marking the close to one of the biggest Ponzi schemes in modern Chinese history. Reporting by Shanghai Newsroom and Brenda Goh; Editing by Richard Borsuk'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-finance-internet/china-investigating-head-of-online-finance-platform-that-handled-7-6-billion-idUKKBN1EM0ZW'|'2017-12-28T13:19:00.000+02:00'|9210.0|''|-1.0|'' 9211|'12be9e2bdd95f2d2fc67f26fca5c6a615b127ab8'|'Bain gets almost 90 pct of Japan''s Asatsu-DK in tender offer -Nikkei'|'TOKYO, Dec 7 (Reuters) - U.S. private equity firm Bain Capital has garnered nearly 90 percent of Japanese advertising agency Asatsu-DK Incs (ADK) shares in a tender offer that closed on Wednesday, the Nikkei business daily reported.ADK is expected to announce on Thursday the results of the tender offer after a months-long dispute between Bain and its top shareholder, WPP.Bain had been seeking a stake of at least 50.1 percent to take ADK private, offering 3,660 yen per share in Japans third-biggest ad agency.ADK declined to comment. Bain was not immediately available for comment.Britains WPP, the worlds biggest advertising group and ADKs largest shareholder with a 25 percent stake, had initially tried to block Bains tender offer, which it said undervalued the company. But it reversed its position last month and agreed to sell its stake at the original offer price in return for the possibility of holding a quarter of the entity that would own ADK. (Reporting by Junko Fujita; Editing by Minami Funakoshi, Chang-Ran Kim and Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/asatsu-dk-ma/bain-gets-almost-90-pct-of-japans-asatsu-dk-in-tender-offer-nikkei-idUST9N1NJ03Z'|'2017-12-07T03:10:00.000+02:00'|9211.0|''|-1.0|'' 9212|'95173fa1c04093c35c19d86ad4e84ea1a163972b'|'Toyota and Panasonic eye joint development of new EV batteries'|'December 13, 2017 / 2:41 AM / Updated 8 minutes ago Toyota and Panasonic eye joint development of new EV batteries Reuters Staff 1 Min Read TOKYO (Reuters) - Japans Panasonic Corp and Toyota Motor Corp said on Wednesday they will consider jointly developing batteries for electric vehicles. The Toyota logo is shown at the Los Angeles Auto Show in Los Angeles, California, U.S., November 30, 2017. REUTERS/Mike Blake The move could help Panasonic extend its lead as the worlds largest automotive lithium-ion battery manufacturer. The announcement builds on an existing agreement under which Panasonic manufactures batteries for Toyotas gasoline hybrid and plug-in hybrid vehicles. Toyota said last year it was planning add fully electric vehicles to its product line-up - a strategic shift away from its previous position that it saw fuel-cell vehicles and plug-in hybrids as the most sensible technologies to make cars greener. Reporting by Naomi Tajitsu and Makiko Yamazaki; Editing by Edwina Gibbs'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-toyota-panasonic/toyota-panasonic-to-hold-news-conference-at-1-30-a-m-et-idUKKBN1E707L'|'2017-12-13T09:00:00.000+02:00'|9212.0|''|-1.0|'' -9213|'34793259f6906a72c2a4edfd7ea0c4fe34d27654'|'European banks need $47 billion to meet new capital rules - EBA'|'December 20, 2017 / 4:57 PM / Updated 31 minutes ago European banks need $47 billion to meet new capital rules - EBA Reuters Staff 3 Min Read LONDON (Reuters) - The European banking system is 39.7 billion euros (35.19 billion) short of the capital it needs to implement new regulations meant to ensure the worlds banks can withstand financial shocks, the European Banking Authority (EBA) said on Wednesday. The Basel III rules, agreed earlier this month, require banks to hold more capital and cash to avoid a repeat of the 2008 financial crisis, when taxpayers had to rescue some of the worlds biggest lenders with billion-dollar bailouts. The industry has years to introduce the regime, however. In an assessment of the impact of the reforms on European Union banks, the EBA looked at data from 2015 on 88 banks from 17 EU countries. Of those banks, 36 were internationally active and so have higher capital requirements than the others. The EBA found that EU banks would require another 17.5 billion euros in core capital, such as common stocks and reserves, with the total capital shortfall being 39.7 billion euros. It said the analysis did not take into account some of the changes made in December following opposition to the new rules from the industry and some governments, nor any capital increases within the banks since December 2015. European banks are still unhappy that the compromise deal reached in December puts them at a disadvantage to their U.S. rivals, because it requires them to hold bigger capital buffers against mortgages. Politicians from the continent have argued against significant increases in capital and warned this would make some of the banks services more expensive. The increases represent a 12.9 percent increase in core capital across all 88 banks, or 14.1 percent for the large and internationally active banks and 3.9 percent for the rest. The EBA said it would conduct additional impact assessments to scrutinise those changes it did not include in the review, as well as to take advantage of more recent and better quality data provided by the banks. Legislators around the world still need to ratify the agreement reached earlier this month, which could prove to be difficult as lawmakers in countries like the U.S. are pushing to relax financial regulation. Reporting by Emma Rumney; Editing by Elaine Hardcastle'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-european-banks-capital/european-banks-need-47-billion-to-meet-new-capital-rules-eba-idUKKBN1EE28E'|'2017-12-20T18:56:00.000+02:00'|9213.0|''|-1.0|'' -9214|'7dcb87dccd8b76bad1e8fe9431ddfab674847d14'|'India''s trade deficit narrows to $13.83 billion in November'|'December 15, 2017 / 12:41 PM / Updated 8 hours ago India''s trade deficit narrows to $13.83 billion in November: trade ministry Reuters Staff 1 Min Read NEW DELHI (Reuters) - Indias trade deficit INTRD=ECI narrowed to $13.83 billion from $14.02 billion in the previous month, government data showed on Friday. FILE PHOTO: Fishing trawlers are seen in front of the Jawaharlal Nehru Port Trust (JNPT) in Mumbai, India, July 31, 2015. REUTERS/Shailesh Andrade/File Photo GLOBAL BUSINESS WEEK AHEAD - SEARCH GLOBAL BUSINESS 11 DEC FOR ALL IMAGES Merchandise exports INEXP=ECI for November rose 30.55 percent from a year ago to $26.20 billion. Goods imports INIMP=ECI last month were $40.02 billion, a gain of 19.61 percent from a year ago, data from the commerce and industry ministry showed. Reporting by Manoj Kumar; Editing by Malini Menon'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-india-trade/indias-trade-deficit-narrows-to-13-83-billion-in-november-trade-ministry-idINKBN1E91HO'|'2017-12-15T14:28:00.000+02:00'|9214.0|''|-1.0|'' +9213|'34793259f6906a72c2a4edfd7ea0c4fe34d27654'|'European banks need $47 billion to meet new capital rules - EBA'|'December 20, 2017 / 4:57 PM / Updated 31 minutes ago European banks need $47 billion to meet new capital rules - EBA Reuters Staff 3 Min Read LONDON (Reuters) - The European banking system is 39.7 billion euros (35.19 billion) short of the capital it needs to implement new regulations meant to ensure the worlds banks can withstand financial shocks, the European Banking Authority (EBA) said on Wednesday. The Basel III rules, agreed earlier this month, require banks to hold more capital and cash to avoid a repeat of the 2008 financial crisis, when taxpayers had to rescue some of the worlds biggest lenders with billion-dollar bailouts. The industry has years to introduce the regime, however. In an assessment of the impact of the reforms on European Union banks, the EBA looked at data from 2015 on 88 banks from 17 EU countries. Of those banks, 36 were internationally active and so have higher capital requirements than the others. The EBA found that EU banks would require another 17.5 billion euros in core capital, such as common stocks and reserves, with the total capital shortfall being 39.7 billion euros. It said the analysis did not take into account some of the changes made in December following opposition to the new rules from the industry and some governments, nor any capital increases within the banks since December 2015. European banks are still unhappy that the compromise deal reached in December puts them at a disadvantage to their U.S. rivals, because it requires them to hold bigger capital buffers against mortgages. Politicians from the continent have argued against significant increases in capital and warned this would make some of the banks services more expensive. The increases represent a 12.9 percent increase in core capital across all 88 banks, or 14.1 percent for the large and internationally active banks and 3.9 percent for the rest. The EBA said it would conduct additional impact assessments to scrutinise those changes it did not include in the review, as well as to take advantage of more recent and better quality data provided by the banks. Legislators around the world still need to ratify the agreement reached earlier this month, which could prove to be difficult as lawmakers in countries like the U.S. are pushing to relax financial regulation. Reporting by Emma Rumney; Editing by Elaine Hardcastle'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-european-banks-capital/european-banks-need-47-billion-to-meet-new-capital-rules-eba-idUKKBN1EE28E'|'2017-12-20T18:56:00.000+02:00'|9213.0|27.0|0.0|'' +9214|'7dcb87dccd8b76bad1e8fe9431ddfab674847d14'|'India''s trade deficit narrows to $13.83 billion in November'|'December 15, 2017 / 12:41 PM / Updated 8 hours ago India''s trade deficit narrows to $13.83 billion in November: trade ministry Reuters Staff 1 Min Read NEW DELHI (Reuters) - Indias trade deficit INTRD=ECI narrowed to $13.83 billion from $14.02 billion in the previous month, government data showed on Friday. FILE PHOTO: Fishing trawlers are seen in front of the Jawaharlal Nehru Port Trust (JNPT) in Mumbai, India, July 31, 2015. REUTERS/Shailesh Andrade/File Photo GLOBAL BUSINESS WEEK AHEAD - SEARCH GLOBAL BUSINESS 11 DEC FOR ALL IMAGES Merchandise exports INEXP=ECI for November rose 30.55 percent from a year ago to $26.20 billion. Goods imports INIMP=ECI last month were $40.02 billion, a gain of 19.61 percent from a year ago, data from the commerce and industry ministry showed. Reporting by Manoj Kumar; Editing by Malini Menon'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-india-trade/indias-trade-deficit-narrows-to-13-83-billion-in-november-trade-ministry-idINKBN1E91HO'|'2017-12-15T14:28:00.000+02:00'|9214.0|24.0|0.0|'' 9215|'d42fbcaaa2f5ab1fcc5fd91714c4891fa77e68d9'|'EU launches anti-subsidy inquiry into Chinese electric bikes'|'December 21, 2017 / 7:16 AM / Updated an hour ago EU targets Chinese subsidies for electric bikes Philip Blenkinsop 2 Min Read BRUSSELS (Reuters) - The European Commission launched an investigation on Thursday into whether Chinese exporters of electronic bicycles (e-bikes) benefited from excessive state subsidies, increasing trade tensions between Brussels and Beijing. FILE PHOTO: A man wearing a face mask rides an electric bicycle near the financial district of Pudong amid heavy smog in Shanghai, China, December 23, 2015. REUTERS/Aly Song The anti-subsidy case supplements an existing inquiry into alleged dumping by Chinese producers of e-bikes in Europe and is the latest in a string of European Union investigations into and measures on Chinese exports ranging from solar panels to steel. The European Bicycle Manufacturing Association (EBMA) lodged a complaint in November, saying that subsidies came in a wide range of forms, including preferential loans from state-owned banks, grants, export credits, tax breaks and the provision of land and raw materials at excessively low prices. The association says that more than 430,000 Chinese e-bikes were sold in the EU in 2016, up 40 percent on the previous year, and forecasts the figure will rise to 800,0000 in 2017. Europeans buy some 20 million bicycles per year, of which about 10 percent are now e-bikes, with the potential to rise to a quarter within five years. European companies pioneered the pedal-assist technology that e-bikes use and invested 1 billion euros last year, the EBMA said, but risk losing out to Chinese rivals whose share of the EU market has risen to about 33 percent with prices sometimes half those of European makers. Reporting by Philip Blenkinsop; editing by Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-china-bicycles/eu-launches-anti-subsidy-inquiry-into-chinese-electric-bikes-idUKKBN1EF0MM'|'2017-12-21T09:15:00.000+02:00'|9215.0|''|-1.0|'' 9216|'312303f36080723c048ccda5944e59ff31030bd4'|'U.S. home sales hit 11-year high, supply still tight'|'December 20, 2017 / 3:38 PM / Updated an hour ago U.S. home sales hit 11-year high, supply still tight Lucia Mutikani 5 Min Read WASHINGTON (Reuters) - U.S. home sales increased more than expected in November, hitting their highest level in nearly 11 years, the latest indication that housing was regaining momentum after almost stalling this year. The report on Wednesday from the National Association of Realtors also added to data ranging from the labor market to retail sales that have suggested the economy was ending 2017 on a strong note. The greater home sales will stoke the fires for stronger economic growth next year as consumers spend more to furnish their new homes with new appliances and furniture and all the decorations and trimmings, said Chris Rupkey, chief economist MUFG in New York. Existing home sales surged 5.6 percent to a seasonally adjusted annual rate of 5.81 million units last month amid continued recovery in areas in the South ravaged by Hurricanes Harvey and Irma, and solid gains in other parts of the country. That was the highest level since December 2006 and marked the third straight monthly rise. Economists had forecast home sales rising only 0.9 percent to a 5.52 million-unit rate in November. Existing home sales make up about 90 percent of U.S. home sales. They rose 3.8 percent on a year-on-year basis in November. Sales in the South, which accounts for almost half of the existing homes sales market, increased 8.3 percent last month. Sales rose 6.7 percent in the Northeast and jumped 8.4 percent in the Midwest. They, however, fell 2.3 percent in the West, which has seen an acceleration in house price increases. While the housing market is expected to continue growing next year, there are concerns that a Republican overhaul of the U.S. tax code could hurt sales at the high end of the market. The biggest overhaul of the tax system in more than 30 years, which could be signed into law by President Donald Trump soon, will cap the deduction for mortgage interest at $750,000 in home loan value for residences bought from Jan. 1, 2018, through Dec. 31, 2025. The cap would revert to $1 million in loan value after Dec. 31, 2025. We expect further increases in sales in 2018, although tax reform is likely to modestly reduce demand at the high end as well as to lower prices for high-priced homes, said David Berson, chief economist at Nationwide in Columbus Ohio. The report came on the heels of data this week showing homebuilder confidence vaulting to a near 18-1/2-year high in December and single-family homebuilding and permits rising in November to levels last seen in the third quarter of 2007. Housing is expected to contribute to economic growth in the fourth quarter after being a drag for two straight quarters. The PHLX housing index was trading higher, outperforming a broadly flat stock market. The dollar slipped against a basket of currencies. Prices for U.S. Treasuries fell. SUPPLY SQUEEZE Despite the recent gains, home resales remain constrained by a chronic shortage of houses at the lower end of the market, which is keeping prices elevated and sidelining some first-time buyers, who accounted for 29 percent of transactions last month. Economists and realtors say a 40 percent share of first-time buyers is needed for a robust housing market. The number of previously owned homes on the market dropped 9.7 percent to 1.67 million units in November from a year ago, the second lowest reading since 1999. Housing inventory has dropped for 30 straight months on a year-on-year basis. At Novembers sales pace, it would take a record low 3.4 months to exhaust the current inventory, down from 3.9 months in October. A six-month supply is viewed as a healthy balance between supply and demand. With supply tightening, the median house price increased 5.8 percent from a year ago to $248,000 in November. That was the 69th consecutive month of year-on-year price gains. In contrast, annual wage growth has struggled to break above 2.9 percent since the 2007/09 recession ended. The government reported on Tuesday that groundbreaking on single-family homes, which account for the largest share of the housing market, jumped 5.3 percent in November to the highest level since September 2007. Housing completions continued to lag at a rate of 1.116 million units. Realtors estimate that the housing starts and completions rates need to be in a range of 1.5 million to 1.6 million units per month to plug the inventory gap. Reporting by Lucia Mutikani; Editing by Andrea Ricci'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-economy/u-s-home-sales-hit-11-year-high-supply-still-tight-idUSKBN1EE20H'|'2017-12-20T17:55:00.000+02:00'|9216.0|''|-1.0|'' -9217|'fa2ca30a0cee7600dd6c2a139ded5ece45d6bfdb'|'Banks drag European shares down as investors eye BoE, ECB meetings'|'December 14, 2017 / 8:47 AM / Updated 8 hours ago Banks drag European shares down as investors await Draghi Helen Reid 4 Min Read LONDON (Reuters) - Weakness in bank stocks dragged European shares lower on Thursday as the financial sector caught the cold from U.S. and Asian trading after a less hawkish than expected tone from the U.S. Federal Reserve. The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, December 13, 2017. REUTERS/Staff/Remote The Fed raised rates, as widely expected, but banks fell in Europe as cautious comments from Chair Janet Yellen on persistently low inflation shook investor confidence in financial stocks. They dragged Europe''s STOXX 600 down 0.2 percent, while euro zone blue chips .STOXX50E fell 0.1 percent. Its really the Fed driving the movement today. It was a pretty dovish rate hike and wasnt voted through unanimously, said Rory McPherson, head of investment strategy at Psigma Investment Management. Bond yields all dropped on the back of it, which is bad for banks. HSBC ( HSBA.L ), Santander ( SAN.MC ), Credit Suisse ( CSGN.S ) and UBS ( UBSG.S ) were the biggest drags to the STOXX. The weakness in financials put the brakes on a developing shift in investors preferences from tech stocks into sectors more likely to benefit from rising rates. I dont think the rally in tech is over, but tech is up 20 percent more than the next best sector so youre getting profit-taking, said McPherson. Banks are just a lot cheaper in a world where everything is quite expensive. Tech was the worst-performing sector, with chipmakers Dialog Semiconductor ( DLGS.DE ) and ASML ( ASML.AS ) down 2.9 and 0.5 percent. The sector was also weighed by French technology consultancy Atos ( ATOS.PA ) which fell 2.8 percent after Gemalto ( GTO.AS ) rebuffed a takeover offer. Despite being heavily weighted towards financial stocks, Italy''s FTSE MIB .FTMIB rose 0.3 percent, bouncing back after heavy losses in the previous session due to resurfacing political worries. Attention was turning to central bank meetings later on Thursday, with the Bank of England and European Central Bank both expected to keep rates on hold. Investors will be scrutinising forward guidance from ECB chief Mario Draghi. Any suggestion that (the ECBs) bond buying program is running out of steam, or that September is going to be targeted as an end... all the language around that will be quite key, said Psigmas McPherson. On the corporate front, the latest twist in South African retailer Steinhoffs accounting woes sent its Germany-listed shares down 6.7 percent as it said it would have to restate 2016 financial results. Among gainers, wind turbine maker Vestas Wind ( VWS.CO ) jumped 5.9 percent, with its Spanish peer Siemens Gamesa SGEN.MC up 2.9 percent, with a change to the U.S. tax reform package giving the sector a boost. An original Senate proposal for an Alternative Minimum Tax, which would have jeopardized a tax credit renewable energy firms benefit from, was scrapped as a deal between congressional Republicans was reached on Wednesday. Dassault Aviation ( AVMD.PA ) shares fell 2.2 percent after the firm said it planned to axe and relaunch its Falcon 5X jet after engine delays. Safran ( SAF.PA ), which provides the Silvercrest engines, fell 2.4 percent. (For a graphic on ''European benchmarks performance 2017'' click reut.rs/2ksTtxV ) Reporting by Helen Reid, editing by Danilo Masoni and John Stonestreet'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-europe-stocks/banks-drag-european-shares-down-as-investors-eye-boe-ecb-meetings-idUSKBN1E80X6'|'2017-12-14T10:33:00.000+02:00'|9217.0|''|-1.0|'' +9217|'fa2ca30a0cee7600dd6c2a139ded5ece45d6bfdb'|'Banks drag European shares down as investors eye BoE, ECB meetings'|'December 14, 2017 / 8:47 AM / Updated 8 hours ago Banks drag European shares down as investors await Draghi Helen Reid 4 Min Read LONDON (Reuters) - Weakness in bank stocks dragged European shares lower on Thursday as the financial sector caught the cold from U.S. and Asian trading after a less hawkish than expected tone from the U.S. Federal Reserve. The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, December 13, 2017. REUTERS/Staff/Remote The Fed raised rates, as widely expected, but banks fell in Europe as cautious comments from Chair Janet Yellen on persistently low inflation shook investor confidence in financial stocks. They dragged Europe''s STOXX 600 down 0.2 percent, while euro zone blue chips .STOXX50E fell 0.1 percent. Its really the Fed driving the movement today. It was a pretty dovish rate hike and wasnt voted through unanimously, said Rory McPherson, head of investment strategy at Psigma Investment Management. Bond yields all dropped on the back of it, which is bad for banks. HSBC ( HSBA.L ), Santander ( SAN.MC ), Credit Suisse ( CSGN.S ) and UBS ( UBSG.S ) were the biggest drags to the STOXX. The weakness in financials put the brakes on a developing shift in investors preferences from tech stocks into sectors more likely to benefit from rising rates. I dont think the rally in tech is over, but tech is up 20 percent more than the next best sector so youre getting profit-taking, said McPherson. Banks are just a lot cheaper in a world where everything is quite expensive. Tech was the worst-performing sector, with chipmakers Dialog Semiconductor ( DLGS.DE ) and ASML ( ASML.AS ) down 2.9 and 0.5 percent. The sector was also weighed by French technology consultancy Atos ( ATOS.PA ) which fell 2.8 percent after Gemalto ( GTO.AS ) rebuffed a takeover offer. Despite being heavily weighted towards financial stocks, Italy''s FTSE MIB .FTMIB rose 0.3 percent, bouncing back after heavy losses in the previous session due to resurfacing political worries. Attention was turning to central bank meetings later on Thursday, with the Bank of England and European Central Bank both expected to keep rates on hold. Investors will be scrutinising forward guidance from ECB chief Mario Draghi. Any suggestion that (the ECBs) bond buying program is running out of steam, or that September is going to be targeted as an end... all the language around that will be quite key, said Psigmas McPherson. On the corporate front, the latest twist in South African retailer Steinhoffs accounting woes sent its Germany-listed shares down 6.7 percent as it said it would have to restate 2016 financial results. Among gainers, wind turbine maker Vestas Wind ( VWS.CO ) jumped 5.9 percent, with its Spanish peer Siemens Gamesa SGEN.MC up 2.9 percent, with a change to the U.S. tax reform package giving the sector a boost. An original Senate proposal for an Alternative Minimum Tax, which would have jeopardized a tax credit renewable energy firms benefit from, was scrapped as a deal between congressional Republicans was reached on Wednesday. Dassault Aviation ( AVMD.PA ) shares fell 2.2 percent after the firm said it planned to axe and relaunch its Falcon 5X jet after engine delays. Safran ( SAF.PA ), which provides the Silvercrest engines, fell 2.4 percent. (For a graphic on ''European benchmarks performance 2017'' click reut.rs/2ksTtxV ) Reporting by Helen Reid, editing by Danilo Masoni and John Stonestreet'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-europe-stocks/banks-drag-european-shares-down-as-investors-eye-boe-ecb-meetings-idUSKBN1E80X6'|'2017-12-14T10:33:00.000+02:00'|9217.0|26.0|0.0|'' 9218|'55b2aded2d10b552dd1dd9b8bdff7bc6355f7a54'|'Why UK bank ringfences dont make everyone safer'|'Why UK bank ringfences dont make everyone safer Reform designed to protect vital functions from more volatile activities such as trading The ringfecing implementation costs run into billions of pounds EPA Save to myFT Play audio for this article Pause What was mispronounced? Optional: help us by adding the time Submit Thank you for your help! or Give us your feedback Thank you for your feedback. What do you think? Ill use it in the future I dont think Ill use it Please tell us why (optional) Send Feedback In among all the tribulations of Brexit and the structural gymnastics that banks are going through to prepare for life outside the EU another looming feat of bank acrobatics has been publicly neglected. By 2019, Britains banks must have ringfenced their retail banking operations from their parent companies, in one of the many post-crisis regulatory reforms designed to make the financial system safer and ensure investors rather than taxpayers are on the hook for bank failures. It is a vast project, with implementation costs that run into billions of pounds. At the heart of the ringfencing idea conceived by the government-appointed Independent Commission on Banking , chaired by John Vickers, in 2011 is the principle that the vital functions of a bank should be protected from potentially more volatile business activities such as investment bank trading. These should be housed in the non-ringfenced part of a group so that if they get into trouble, that entity could be wound down by regulators without having to be unpicked in a hurry from the bits that really matter (current accounts, payment systems and the like). The rules mean that separate company structures must be set up so that ringfenced banks have their own boards, capital backing and profit and loss accounts. Although ringfencing has been implemented broadly as envisaged by the Vickers report, some critics are upset that regulators have not made the capital differential greater Barclays, which is spending 1bn on ringfencing, is further ahead than most in its preparations. Its separate entities will go live next Easter and their performance is already being reported on a standalone basis, exposing the relative strength of the units on each side of the divide. As of the third quarter of 2017, for example, Barclays ringfenced bank looks better capitalised with a tangible equity to risk-weighted asset comparison showing a ratio of 14 per cent, compared with 13 per cent for the non-ringfenced bank. Although ringfencing has been implemented broadly as envisaged by the Vickers report, some critics are upset that regulators have not made the capital differential greater. The missing part is that there is a much lower systemic risk buffer than expected for the ringfenced banks, says one person close to the commission. That is one explanation for the rather surprising decision by top credit agencies such as Standard & Poors and Fitch to rate the creditworthiness of ringfenced and non-ringfenced banks basically on a par with each other. Compare that with what the Vickers report predicted: Ringfenced banks would be simpler and less volatile entities, meaning a potential downgrade of the credit rating of some non-ringfenced banks by up to 2 notches. Recommended'|'ft.com'|'http://rss.ft.com/rss/companies/banks'|'https://www.ft.com/content/1d529c3c-e1a6-11e7-a8a4-0a1e63a52f9c'|'2017-12-18T14:00:00.000+02:00'|9218.0|''|-1.0|'' 9219|'40da6382ff2dc0c33b50379bcf8f3ac4628ce50a'|'EU sends stark warning to airlines on post-Brexit flying'|'Reuters TV United States December 12, 2017 / 5:17 PM / Updated 4 minutes ago EU sends stark warning to airlines on post-Brexit flying Julia Fioretti 4 Min Read BRUSSELS (Reuters) - British airlines will lose all flying rights to the European Union if there is no transition agreement after Brexit, the EU executive said on Tuesday, a stark reminder of the risks facing the aviation sector if there is no deal. A man arrives at the British Airways check-in desk at Gatwick Airport in southern England, Britain, May 28, 2017. REUTERS/Hannah McKay In a notice to all airlines, the European Commission said UK air carriers would no longer enjoy traffic rights under any air transport agreement to which the EU is a party, meaning they would no longer have the right to fly to the EU and between its member states. They would also lose flying rights under agreements between the EU and third countries, such as the U.S.-EU Open Skies agreement. Airlines based in the EU have the right to fly to, from and within any country in the bloc thanks to the single aviation market created in the 1990s, but Britain now has less than two years to renegotiate access or come up with an alternative system. British carriers include easyJet ( EZJ.L ), British Airways ( ICAG.L ), Flybe ( FLYB.L ), Jet2 ( DTG.L ) and Virgin Atlantic [VA.UL]. Budget airline easyJet has already moved to establish a new airline in Austria to protect its flying rights within the EU once Britain leaves the bloc. [nL8N1K51JE] Airlines have been vocal about the risks posed by the no-deal scenario and have urged London and Brussels to quickly provide certainty for the industry. [nL5N1H612D] RESTRICTIONS Without a deal airlines would have to rely on a decades-old traffic rights accord between the UK and EU states. These are typically more restrictive and do not allow airlines to fly within member states. Britain and the EU clinched a divorce deal last Friday, paving the way for them to start talks on future trade ties and a two-year Brexit transition period that will start when Britain leaves the EU on March 29, 2019. [nL8N1O80E7] However, Brussels has ruled out a separate deal just for aviation on the grounds that it would be tantamount to cherry-picking. The note also says EU carriers would lose their flying rights to or from Britain granted by a third country under any air transport agreement to which the EU is a party. Similarly, carriers from third countries would lose the right to fly to or from Britain under agreements negotiated by the EU. U.S. airlines such as Delta ( DAL.N ), United Airlines [UALCO.UL] and American Airlines [AAMRQA.UL] have been lobbying the EU and Britain to strike an agreement on aviation, fearing that a failure to do so could jeopardize the antitrust immunity granted to their transatlantic joint ventures as well as their ability to fly passengers to the EU via London Heathrow. The British Airline Pilots Association (BALPA) said the Commissions note was cause for great concern. Here it is in black and white from the EU Commission UK flights to the EU will be grounded in March 2019 should no agreement be reached, said Brian Strutton, general secretary of BALPA. We need the UK Government to sort air traffic rights now. Once again, no deal is not an option. Additional reporting by Alistair Smout in London and Victoria Bryan in Berlin; Editing by Gareth Jones'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-britain-eu-aviation/eu-sends-stark-warning-to-airlines-on-post-brexit-flying-idUKKBN1E62CC'|'2017-12-12T19:03:00.000+02:00'|9219.0|''|-1.0|'' 9220|'0b1dce4c0ae7840cbfaad7c720f8c5ae7755b899'|'Lufthansa''s Brussels Airlines set to cut costs by 10-15 percent'|'December 30, 2017 / 11:58 AM / Updated 30 minutes ago Lufthansa''s Brussels Airlines set to cut costs by 10-15 percent Reuters Staff 2 Min Read BRUSSELS (Reuters) - Brussels Airlines, a unit of Lufthansa ( LHAG.DE ), plans to cut its costs by between 10 and 15 percent in the coming years in order to remain competitive with low-cost rivals, its chief executive told Belgian daily De Tijd. FILE PHOTO: Brussels Airlines aircraft are seen on the tarmac at Zaventem international airport near Brussels, in this file picture taken November 19, 2013. REUTERS/Francois Lenoir/Files The Belgian carrier, which Lufthansa took full control of in December 2016, has already reduced costs by 15 percent in the past three years through savings on staff and more efficient baggage and catering operations. Bernard Gustin told De Tijd in an interview published on Saturday that cost-cutting had to continue. Passengers would pay a little more to travel with Brussels Airlines compared with a low-cost carrier, but that premium had to be kept to a minimum. We need to bring our costs down by at least 10-15 percent. This year already they have fallen by 5 percent, he said. Brussels Airlines expects to carry a record 9 million passengers in 2017 and Gustin said he was targeting an increase to 10 million in 2018. Lufthansa has said it wants to integrate Brussels Airlines into budget platform Eurowings, although the Belgian carrier also serves business routes to Africa. Reporting by Philip Blenkinsop; Editing by Andrew Bolton'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-lufthansa-brusselsairlines/lufthansas-brussels-airlines-set-to-cut-costs-by-10-15-percent-idUKKBN1EO0A9'|'2017-12-30T13:57:00.000+02:00'|9220.0|''|-1.0|'' @@ -9259,7 +9259,7 @@ 9257|'ccba238df2e5bae03303959ae84d2181d2484bd5'|'Big Boeing, Airbus strategies drive small plane deals'|'December 21, 2017 / 10:54 PM / Updated 7 hours ago Big Boeing, Airbus strategies drive small plane deals Tim Hepher , Brad Haynes 5 Min Read PARIS/SAO PAULO (Reuters) - Airbus and Boeing are pairing with smaller regional rivals to add sales at the lower end of their $100 billion-a-year commercial plane duopoly, but the two market leaders are also laying the foundation for a longer-term strategic contest against more powerful threats such as China. Boeing South Carolina Plant is pictured in North Charleston, South Carolina, U.S. February 15, 2017. REUTERS/Randall Hill/File Photo U.S. planemaker Boeing Co ( BA.N ) and Brazils Embraer SA ( EMBR3.SA ) said on Thursday they were discussing a potential combination widely assumed to focus on jetliners, confirming a report in the Wall Street Journal. News of the talks comes just two months after Boeings European archrival Airbus ( AIR.PA ) agreed to buy a majority stake in Bombardier Incs ( BBDb.TO ) 110 to 130-seat CSeries jet, the Canadian rival of Embraers biggest E-Jets. This seems initially to be about blunting the offering of the CSeries, said consultant Jerrold Lundquist, managing director of The Lundquist Group, one of the first industry-watchers to predict the move. One of the things the CSeries brings to Airbus is the ability to offer a broader product line. Both Embraers E-Jets, which generally range between 70 and 130 seats, and to a greater extent Bombardiers CSeries, overlap at the margins of the big-airplane portfolios of Airbus and Boeing, but the products are mainly seen as complementary. Boeing and Airbus smaller planes start at around 125 seats. Such commercial tie-ups allow planemakers to offer package deals and expand opportunities for generating revenue and profit, a person familiar with the CSeries deal said. Boeing now appears to be a convert to this approach after initially - at least in public - dismissing the deal between Airbus and Bombardier, several analysts said on Thursday. But the proposed alliances, neither of which is finalised, are not simply about tacking on revenue and cash flow, analysts and industry sources said. First, they could quickly lead to technical overlap. If Boeing begins to collaborate with Embraer, you could imagine them creating commonality in the Boeing cockpit, Lundquist said. Others see similar benefits at Airbus. More importantly, they broaden the battlefront for the next round of developments in 2030 and beyond: one in which Western jetmakers will be up against growing competition from China and Russia and could rely on their new partners to spread the risk. PREPARING THE NEXT GENERATION Slideshow (2 Images) Boeing and Embraer had already prepared just such a tryst in confidential talks over a decade ago. In October, Reuters reported that the template for a possible Boeing-Embraer response to the Airbus-Bombardier deal already existed in dormant plans for a new generation of single-aisle planes, for which there had been a previously unreported collaboration between Boeing and Brazil. Plans for an all-new plane were put on hold while Boeing and Airbus focussed on engine makeovers for existing models, cashing in on fuel savings that were considered strong enough to hold off Chinese and Russian competitors for another 10 or 15 years. But the blueprint for deeper co-operation between Embraer and Boeing remained in place and by breaking the status quo, Airbuss Bombardier deal may have brought it back to life. Embraer gives Boeing access to technology for smaller jets for application on a next-generation narrowbody aircraft, Morningstar analyst Chris Higgins said in a research note. A source with knowledge of the matter said Boeing had already approached Embraer twice about a potential deal in 2002 and 2006. At the time, the Brazilian government vetoed any deal, saying Embraer was a strategic company for the country. Brazilian President Michel Temer, who took office last year, has pushed a more market-friendly agenda than predecessors. Deals with their smaller cousins may give Airbus and Boeing more options when they develop the successors to the best-selling Boeing 737 and Airbus A320, perhaps allowing them to offer a trio of large jets coupled to a pair of smaller ones. For Boeing, however, there may be another gamble at play. The American firm is considering launching a twin-aisle 220 to 260-seat jet in the so-called middle of the market, challenging Airbus in the segment where it began life over 40 years ago. The timing of the talks leaves open the possibility that any core technology Embraer has to offer could be considered for the new mid-market airplane (NMA), people familiar with the matter said. To some, that only increases the chances that Boeing will kick-start the project next year, taking pains at the same time to shore up the lower end of its market with an Embraer tie-up. Boeing would apparently prefer to do the NMA and taking on two major developments at once may be considered too ambitious, Lundquist said. Reporting by Tim Hepher in PARIS and Brad Haynes in SAO PAULO; Additional reporting by Tatiana Bautzer in SAO PAULO; Editing by Bill Rigby'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-embraer-m-a-boeing-strategy-analysis/big-boeing-airbus-strategies-drive-small-plane-deals-idUKKBN1EF2Z7'|'2017-12-22T00:55:00.000+02:00'|9257.0|''|-1.0|'' 9258|'d52a85dede71d06e1a3976547548078e5f90e9a7'|'U.S. FCC meeting briefly evacuated ahead of net neutrality vote'|'December 14, 2017 / 6:11 PM / in 8 minutes U.S. FCC meeting briefly evacuated ahead of net neutrality vote Reuters Staff 1 Min Read WASHINGTON, Dec 14 (Reuters) - The U.S. Federal Communications Commissions meeting on net neutrality was briefly interrupted on Thursday as the agency evacuated the meeting room before later reopening it. It was not immediately clear what prompted the room to be evacuated. Images on a live video feed of the meeting in Washington showed law enforcement officers in the room with dogs. (Reporting by Chris Sanders and David Shepardson; Writing by Susan Heavey; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-internet-evacuation/u-s-fcc-meeting-briefly-evacuated-ahead-of-net-neutrality-vote-idUSL1N1OE1Q9'|'2017-12-14T20:08:00.000+02:00'|9258.0|''|-1.0|'' 9259|'4ada104829c6bd86f238f3e289c9e410a28aee42'|'VW to try to block emissions audit in constitutional court'|'December 28, 2017 / 8:42 PM / Updated 22 minutes ago VW to try to block emissions audit in constitutional court Reuters Staff 3 Min Read FRANKFURT (Reuters) - Volkswagen AG ( VOWG_p.DE ) said on Thursday it would petition Germanys constitutional court in an effort to overturn the appointment of a special auditor to investigate the actions of management in the Dieselgate emissions scandal. FILE PHOTO - A Volkswagen logo is pictured at the International Auto Show in Mexico City, Mexico November 23, 2017. REUTERS/Henry Romero A lower court appointed the auditor in November, in a victory for shareholder groups that want to establish whether VW bosses withheld market-moving information about the manipulation of vehicle-emissions tests. The court in the town of Celle ruled that VW could not appeal, which the auto maker views as a violation of its fundamental rights, the Sueddeutsche Zeitung said in a report released in advance of publication on Friday. The car maker will try to get the work of the auditor suspended before the constitutional court hearing, said the newspaper, which researched the report together with public TV channels NDR and WDR. A company spokesman confirmed that VW would go to the constitutional court but did not elaborate. It was not immediately clear whether or when the constitutional court would take up the case. Shortly after the Dieselgate scandal broke in September 2015, VW hired U.S. law firm Jones Day and advisory firm Deloitte to investigate the circumstances of its wrongdoing and who was responsible. Although VW had pledged to improve transparency, it never published the findings that were used as the basis for a $4.3 billion settlement with the U.S. Justice Department. News of the settlement caused the companys shares to fall. Investor groups seeking billions in damages from VW are trying to establish when VWs executive management board first became aware of cheating in the emissions tests and whether it disclosed possible financial damage to investors promptly. German securities law requires companies to publish any market sensitive news in a timely fashion. The matter is also being investigated by German prosecutors. VW has said it believes its management complied with obligations under German disclosure rules. Reporting by Douglas Busvine, editing by Larry King'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-volkswagen-emissions-court/vw-to-try-to-block-emissions-audit-in-constitutional-court-idUKKBN1EM1UD'|'2017-12-28T22:43:00.000+02:00'|9259.0|''|-1.0|'' -9260|'213e4131e9dd1739f4ab9c3aaf9d4dd1359c5ce9'|'French finance minister calls for bitcoin regulation debate at G20'|'December 17, 2017 / 8:49 PM / Updated 12 minutes ago French finance minister calls for bitcoin regulation debate at G20 Reuters Staff 1 Min Read PARIS (Reuters) - France will propose that the G20 group of major economies discuss regulation of the bitcoin virtual currency next year, Finance Minister Bruno Le Maire said on Sunday. FILE PHOTO - French Finance Minister Bruno Le Maire delivers a speech as he attends a working session during the One Planet Summit at the Seine Musicale center in Boulogne-Billancourt, near Paris, France, December 12, 2017. REUTERS/Gonzalo Fuentes I am going to propose to the next G20 president, Argentina, that at the G20 summit in April we have a discussion all together on the question of bitcoin, Le Maire told French news channel LCI. There is evidently a risk of speculation. We need to consider and examine this and see how (...) with all the other G20 members we can regulate bitcoin. Bitcoins prices have risen more than 1,700 percent since the start of the year, triggering worries that the market is a bubble that could burst in spectacular fashion. European Union states and legislators agreed on Friday on stricter rules to prevent money laundering and terrorism financing on exchange platforms for bitcoin and other virtual currencies. Reporting by Gus Trompiz and Caroline Pailliez, editing by David Evans'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-markets-bitcoin-g20/french-finance-minister-calls-for-bitcoin-regulation-debate-at-g20-idUKKBN1EB0SZ'|'2017-12-17T22:48:00.000+02:00'|9260.0|''|-1.0|'' +9260|'213e4131e9dd1739f4ab9c3aaf9d4dd1359c5ce9'|'French finance minister calls for bitcoin regulation debate at G20'|'December 17, 2017 / 8:49 PM / Updated 12 minutes ago French finance minister calls for bitcoin regulation debate at G20 Reuters Staff 1 Min Read PARIS (Reuters) - France will propose that the G20 group of major economies discuss regulation of the bitcoin virtual currency next year, Finance Minister Bruno Le Maire said on Sunday. FILE PHOTO - French Finance Minister Bruno Le Maire delivers a speech as he attends a working session during the One Planet Summit at the Seine Musicale center in Boulogne-Billancourt, near Paris, France, December 12, 2017. REUTERS/Gonzalo Fuentes I am going to propose to the next G20 president, Argentina, that at the G20 summit in April we have a discussion all together on the question of bitcoin, Le Maire told French news channel LCI. There is evidently a risk of speculation. We need to consider and examine this and see how (...) with all the other G20 members we can regulate bitcoin. Bitcoins prices have risen more than 1,700 percent since the start of the year, triggering worries that the market is a bubble that could burst in spectacular fashion. European Union states and legislators agreed on Friday on stricter rules to prevent money laundering and terrorism financing on exchange platforms for bitcoin and other virtual currencies. Reporting by Gus Trompiz and Caroline Pailliez, editing by David Evans'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-markets-bitcoin-g20/french-finance-minister-calls-for-bitcoin-regulation-debate-at-g20-idUKKBN1EB0SZ'|'2017-12-17T22:48:00.000+02:00'|9260.0|19.0|0.0|'' 9261|'d8e42165dfddd8bad46bf77219c20cb60758a139'|'Delivery Hero to place $810 million worth of shares'|'FRANKFURT, Dec 5 (Reuters) - Delivery Hero, the worlds largest online takeaway food delivery group, said on Tuesday it would offer shares worth 686 million euros ($810 million) to investors, raking in cash to expand its business through takeovers.Delivery Hero continues to see an increased level of attractive M&A opportunities and, in line with its strategy, looks to further consolidate its market leadership positions and pursue value accretive M&A, it said in a statement.It said it would place a total of 18.3 million shares, worth 686 million euros based on Tuesdays closing price, of which 10.5 million will be issued via a capital increase.Separately, a group of minority shareholders, which the company did not identify, will place 7.8 million shares.It was unclear whether German investor Rocket Internet , which in September had halved its stake in Delivery Hero to 13 percent, is among them.Operating in more than 40 countries in Europe, the Middle East, North Africa, Latin America and Asia, Delivery Hero was one of several online food delivery firms to go public in recent years. Others include U.S.-based GrubHub, Britains Just Eat and Takeaway.com.Delivery Heros shares closed down 3.2 percent on Tuesday at 37.5 euros, but up about 40 percent since the companys initial public offering in late June.$1 = 0.8473 euros Reporting by Christoph Steitz; Editing by Edmund Blair '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/delivery-hero-shareissue/delivery-hero-to-place-810-million-worth-of-shares-idINL8N1O564U'|'2017-12-05T15:46:00.000+02:00'|9261.0|''|-1.0|'' 9262|'eea20be675fceb93e3f25bdc27531ba3c98066d5'|'ECB likely to delay rules on bad loans by a "few months" - Nouy'|'December 11, 2017 / 7:21 AM / Updated 11 minutes ago ECB likely to delay rules on bad loans by a "few months" - Nouy Reuters Staff 1 Min Read FRANKFURT (Reuters) - The European Central Bank is likely to delay the implementation of its new rules on non-performing loans by a few months as it needs time to process industry feedback, supervisory chief Daniele Nouy told a Portuguese newspaper. European Central Bank''s chief supervisor Daniele Nouy speaks during a banking conference in Lisbon, Portugal, May 17, 2016. REUTERS/Rafael Marchante I think this process of analysis will take a month or two, Nouy told Pblico. It is therefore very likely that implementation will be postponed by a few months. However, I would say that it doesnt change much whether it happens on say 1 January, 1 April or 1 June, she said, adding that there was no reason for a delay until 2019. For the text of the interview, click on: here Reporting by Balazs Koranyi; Editing by Hugh Lawson'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-eurozone-banks-ecb/ecb-likely-to-delay-rules-on-bad-loans-by-a-few-months-nouy-idUKKBN1E50JL'|'2017-12-11T09:21:00.000+02:00'|9262.0|''|-1.0|'' 9263|'60a8ea86490e29bbda89abd62a128ba2d886e41c'|'TCI fails in bid to oust London Stock Exchange chairman'|'December 20, 2017 / 5:54 AM / Updated 10 minutes ago TCI fails in bid to oust London Stock Exchange chairman Huw Jones , Maiya Keidan 4 Min Read LONDON (Reuters) - A push by activist hedge fund TCI to oust the chairman of the London Stock Exchange was heavily defeated on Tuesday, but that may not bring an end to the row. FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett/File Photo LSE shareholders voted by 79.07 to 20.93 percent at an extraordinary general meeting, defeating a resolution that aimed to ditch Donald Brydon over the way he handled the departure of former chief executive Xavier Rolet in November. TCI, which has a 5 percent stake in the exchange, was founded by Christopher Hohn, who called for the vote after accusing the board of forcing Rolet out. A source close to TCI said the firm would keep up efforts to ditch Brydon, saying 20 percent backing for its resolution showed significant support among shareholders. Many of the large shareholders who voted against the resolution have informed us that they had asked the board to commence work on the chairmans succession plan immediately, Hohn said in a letter to the LSE after the vote. The LSE said no large shareholder has expressed such a view. Todays vote should now lead to an orderly process of succession of the CEO and then the chair of the LSE as set out by the board, said the Financial Conduct Authority, the watchdog overseeing the stock exchange. The spat has shone a spotlight on the 300-year-old exchange. This is a very sorry affair, which has brought considerable opprobrium on the company, Aubrey Franklin, a small shareholder for more than 20 years who backed the bid to remove the chairman, said during the meeting. This should have been an orderly succession process...however it has ended in a less than satisfactory situation for all concerned, said one top-30 shareholder who opposed the resolution but declined to be named, adding that the resolution had been an attempt for a symbolic rejection of the whole board. A string of institutional shareholders, such as BlackRock and Aviva, had said they would vote against TCIs resolution, making its defeat all but certain. It seems to me the old boys network has got together and the establishment is winning out, Franklin said. Paul Heiden, a senior LSE non-executive director, told the meeting the board unanimously backed Brydon to remain in his post until the annual meeting in 2019, adding that suddenly losing the chairman would destabilise the exchange. David Warren, interim chief executive, said the exchange was positioned to grow under the strategy put in place by Rolet. The group continues to perform well across all main businesses, Warren said. Asked why Rolet quit early rather than stay until the end of 2018 as originally planned, Heiden said the former CEO was asked to step down after relations between him and senior management became fairly strained. TCI founder Hohn did not attend the shareholder meeting. Brydon told the meeting that board members reached their decision collectively regarding Rolets succession. United, your board will proceed to complete the identification and recruitment of the next chief executive, he said. Brydon has already interviewed six candidates, with another six in the pipeline, a source close to the exchange said. Rolet is widely credited with turning a lacklustre company into a larger and more diversified firm, but the Frenchmans attempt to merge with the German exchange Deutsche Boerse collapsed in the face of regulatory opposition. Britains planned departure from the European Union in 2019 raises questions about the LSEs strategy at the heart of Europes biggest financial centre. Deutsche Boerse is trying to take market share in clearing euro denominated derivatives from LSE, with tacit backing from euro zone policymakers. Without a permanent CEO, the LSE may be more vulnerable to a takeover bid, although Brexit uncertainties may protect it for now. Reporting by Maiya Keidan and Huw Jones; additional reporting by Carolyn Cohn in London and Ismail Shakil in Bengaluru; Editing by Edmund Blair and Adrian Croft'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/lse-chairman-vote/tci-fails-in-bid-to-oust-london-stock-exchange-chairman-idINKBN1EE0HB'|'2017-12-20T07:49:00.000+02:00'|9263.0|''|-1.0|'' @@ -9270,8 +9270,8 @@ 9268|'2438c9ebbf23e6da55cc0da67968070ff611ab56'|'Bitcoin bounces back over $16,000 despite latest bubble warning - business live'|'Close Skip to main content switch to the International edition switch to the UK edition switch to the US edition switch to the Australia edition current edition: International edition The Guardian - Back to home become asupporter subscribe find a job jobs sign in Comment activity Edit profile Email preferences Change password Sign out my account search news opinion sport arts lifestyle All sections Close news world news UK news science cities global development football tech business environment obituaries opinion the guardian view columnists cartoons opinion videos letters sport football rugby union cricket tennis cycling F1 golf US sports arts books music tv & radio art & design film games classical stage lifestyle fashion food recipes love & sex health & fitness home & garden women family travel money What term do you want to search? Search with google become a supporter subscribe Sign in/up my account Comment activity Edit profile Email preferences Change password Sign out International edition switch to the UK edition switch to the US edition switch to the Australia edition jobs dating holidays the guardian app video podcasts pictures newsletters today''s paper the observer digital archive crosswords Facebook Twitter jobs dating holidays business economics banking money markets project syndicate b2b more sign in Comment activity Edit profile Email preferences Change password Sign out become a supporter subscribe search find a job dating more from the guardian: dating find a job change edition: switch to the UK edition switch to the US edition switch to the AU edition International edition switch to the UK edition switch to the US edition switch to the Australia edition The Guardian - Back to home home business markets project syndicate economics banking retail home UK world sport football opinion culture business selected lifestyle fashion environment tech travel browse all sections close Stock markets Business live London stock market hits record high but bitcoin wobbles - as it happenedAll the days economic and financial news, as shares in London close at a new peakLatest: FTSE 100 closes at new high Wealthiest 500 people became 23% richer this yearFTSE 250 hits new peak Earlier:Bitcoin rebounds from pre-Christmas wobbleIsrael plans clampdown over bubble fearsAnalyst: How do you value bitcoin? UpdatedA small toy figure is seen on representations of the Bitcoin virtual currency. Photograph: Dado Ruvic/Reuters Graeme WeardenWed 27 Dec 17 18.26 GMT First published on Wed 27 Dec 17 08.11 GMTShare on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Key events Show 6.26pm GMT 18:26 Closing summary 5.04pm GMT 17:04 FTSE 100 hits record closing high 3.10pm GMT 15:10 US consumer confidence dips 2.08pm GMT 14:08 FTSE 100 hits record high 12.58pm GMT 12:58 Greeks fear end of bailout programme 12.41pm GMT 12:41 FTSE 250 hits new record high 10.55am GMT 10:55 World''s richest people gained $1 trillion in 2017 Live feed Show 6.26pm GMT 18:26Closing summary Right, time for a quick recap.Britains stock market has closed at a new peak tonight, on the first trading day since Christmas.The FTSE 100 hit a record closing high, propelled by mining companies as optimism for the world economy in 2018 boosted commodity prices.The smaller FTSE 250 also finished at its highest ever level, partly due to a takeover bid for office manager IWG (which closed 27% higher).The rally came as new data showed that the worlds 500 richest people had collectively gained $1tn in 2017.World''s richest 500 see their wealth increase by $1tn this year Read moreBut it was a volatile day for bitcoin. After surging 13% yesterday, the digital currency has fallen back this afternoon.Its currently down 4% at $15,094 - having been valued at almost $20,000 10 days ago.This latest fluctuation came after Israels stock market regulator suggested it could ban cryptocurrency firms from listing on the Tel Aviv exchange.Thomas Biesheuvel (@tbiesheuvel) Bitcoin drops back below $15,000 https://t.co/orhdKeJqJB pic.twitter.com/ShNei58BUnDecember 27, 2017 Thats all for tonight. Thanks for reading and commenting. GWFacebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 6.10pm GMT 18:10The jump in commodity prices today helped to push the FTSE 100 to its record high, thanks to the various mining giants that are included in the index.Sky News explains:The rally was supported by an upturn in copper and other commodity prices, which helped to lift global mining giants including Fresnillo, Antofagasta and Glencore.Demand for commodities implies optimism about the outlook for rapidly advancing world economies such as China.Greg McKenna, chief strategist at AxiTrader, said: The rally in copper supports expectations that 2018 is going to be a strong year for synchronised global growth.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 6.08pm GMT 18:08Of course, the FTSE 100s run of record highs is less impressive once you remember the tumble in sterling 18 months ago.The pound is still worth around 10% less than before the EU referendum; that made UK companies more affordable to overseas investors, and pumped up the value of their foreign earnings.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 5.12pm GMT 17:12Peer and pollster Lord Ashcroft tweets:Lord Ashcroft (@LordAshcroft) Both Remainers and Leavers should be heartened by the FTSE 100 at the Stock Exchange having closed at a record high of 7620...December 27, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 5.06pm GMT 17:06The smaller, more domestically focused FTSE 250 has also hit a new record high tonight:LondonStockExchange (@LSEplc) #FTSE 250 closes at 20,640.04, up 0.78% https://t.co/bE3ySiNxLpDecember 27, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 5.04pm GMT 17:04FTSE 100 hits record closing high Newsflash: the FTSE 100 index has closed at a new all time high of 7,620 points.Mining companies and supermarkets helped the index rise on the first trading day since Christmas.Almanacist (@UKAlmanac) For the 29th year in the last 34, the #FTSE100 closes up on the first trading day after Christmas https://t.co/2SnQ5e4gde pic.twitter.com/B2XgqVjsamDecember 27, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.10pm GMT 15:10US consumer confidence dips Newsflash: US consumer confidence has fallen back from its recent highs.The Conference Boards measure of consumer confidence, just released, dropped to 122.1 in December, down from Novembers 129.5 - which was the highest in 17 years.Lynn Franco, Director of Economic Indicators at The Conference Board, says:The decline in confidence was fueled by a somewhat less optimistic outlook for business and job prospects in the coming months,Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.07pm GMT 15:07'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/business/live/2017/dec/27/bitcoin-price-bubble-digital-currencies-uk-mortgages-retail-business-live'|'2017-12-27T10:11:00.000+02:00'|9268.0|''|-1.0|'' 9269|'a2292560db8f672f32090c367591fdda45803be2'|'Roche to buy US cancer drugmaker Ignyta for $1.7 billion'|'December 22, 2017 / 6:26 AM / Updated 10 hours ago Roche to buy U.S. cancer drugmaker Ignyta for $1.7 billion Reuters Staff 3 Min Read (Reuters) - Swiss drugmaker Roche ( ROG.S ) will buy U.S. cancer drug specialist Ignyta Inc ( RXDX.O ) for $1.7 billion in an agreed deal to broaden its oncology portfolio, the firms said on Friday. FILE PHOTO: The logo of Swiss pharmaceutical company Roche is seen outside their headquarters in Basel, Switzerland, January 30, 2014. REUTERS/Ruben Sprich/File Photo Roche would pay $27 per share for Ignyta, representing a premium of about 74 percent to the stocks closing price on Thursday, they said. Reuters had reported on Thursday that Ignyta was in advanced talks to sell itself, just three years after going public with a focus on precision drugs and diagnostics. Ignyta will continue its operations in San Diego and will be responsible for the ongoing pivotal study of entrectinib, its most advanced drug. The U.S. company has a suite of drugs in early stage development that use gene therapy to kill off the underlying diseases that drive cancer tumor growth. Cancer is a highly complex disease and many patients suffer from mutations which are difficult to detect and treat. The agreement with Ignyta builds on Roches strategy of fitting treatments to patients and will allow Roche to broaden and strengthen its oncology portfolio globally, said the companys pharmaceuticals head, Daniel ODay. The deal is expected to close in the first half of 2018, the companies said. Roche stock eased 0.3 percent by mid-morning, in line with the European sector average .SXDP. Zuercher Kantonalbank analyst Michael Nawrath said the deal reflected Roches strategy of making bolt-on acquisitions, adding it was not overpaying for the new assets. The data speak for themselves. We expect approval in the first half of 2019 and this could become a blockbuster given the wide field of use, he wrote in a research note, keeping his market weight rating. Bank Vontobel analysts said the deal was set to boost Roches efforts to address cancers with specific mutations by precision medicines that work hand in hand with diagnostics. Citi advised Roche on the deal, while BofA Merrill Lynch and J.P. Morgan Securities LLC advised Ignyta. Sidley Austin LLP and Latham & Watkins LLP were legal counsel to Roche and Ignyta, respectively. Reporting by Parikshit Mishra in Bengaluru and Michael Shields in Zurich; Editing by Gopakumar Warrier and Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-ignyta-m-a-roche/roche-to-buy-u-s-cancer-drugmaker-ignyta-for-1-7-billion-idUKKBN1EG0HH'|'2017-12-22T08:20:00.000+02:00'|9269.0|''|-1.0|'' 9270|'bd20631fa0909483c4a8f85d1651fa8d30345802'|'UK''s Domino''s to buy further 44.3 percent stake in Iceland subsidiary'|' 48 AM / Updated 6 minutes ago UK''s Domino''s to buy further 44.3 percent stake in Iceland subsidiary (Reuters) - Dominos Pizza, a master franchisee of U.S. group Dominos Pizza Inc, said on Thursday it would buy a further 44.3 percent stake in Dominos Iceland for 30.2 million euros (26.6 million pounds). The deal would take the companys stake in Dominos Iceland to 95.3 percent. Reporting by Rahul B in Bengaluru; Editing by Adrian Croft'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-dominos-piza-grp-iceland-stake/uks-dominos-to-buy-further-44-3-percent-stake-in-iceland-subsidiary-idUKKBN1E80T8'|'2017-12-14T09:47:00.000+02:00'|9270.0|12.0|4.0|'' -9271|'1d44734aec9d039d5b2c28682a8085dba9faf7aa'|'EU''s Verhofstadt says no Brexit deal yet'|'December 4, 2017 / 11:35 AM / Updated 2 hours ago EU''s Verhofstadt says no Brexit deal yet Reuters Staff 2 Min Read BRUSSELS (Reuters) - Britain and the EU have yet to strike a deal on an initial Brexit divorce package, the European Parliaments Brexit coordinator Guy Verhofstadt said on Monday after meeting the EUs negotiator Michel Barnier. European Commission President Jean-Claude Juncker and his Brexit negotiator Michel Barnier meet European Union''s chief Brexit negotiator Guy Verhofstadt and his Brexit team from the European Parliament, at the EU Commission headquarters in Brussels, Belgium December 4, 2017. REUTERS/Yves Herman Speaking to reporters after the meeting, Verhofstadt put the chances of a deal when British Prime Minister Theresa May visits Brussels later in the day at 50-50. He said the Parliament was still pressing for more from London on guarantees for the rights of EU citizens in Britain. Elmar Brok, another member of the parliaments Brexit group who attended the meeting, said there was a very good chance of a deal and that Mays meeting with Barnier and European Commission President Jean-Claude Juncker could resolve outstanding issues. Brok said he was astonished at how far the negotiations had come and that differences remained over just a few words. The EU was still pressing, he said, for the European Court of Justice to have a say on guaranteeing citizens rights, while on Ireland there was a difficult matter of wording to ensure there would be a system to avoid border controls with Northern Ireland once Britain leaves the European Union. Verhofstadt later issued a written statement. He said: I have reiterated Parliaments priority: to make sure that the EU citizens living in the UK will not have to go through an unclear, arbitrary and burdensome procedure at great cost. Their rights must be guaranteed. They came to the UK in good faith to contribute to British society and must be treated with the respect they deserve. Reporting by Gabriela Baczynska and Alastair Macdonald; Editing by Alissa de Carbonnel and Peter Graff'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/britain-eu-verhofstadt-nodeal/eus-verhofstadt-says-no-brexit-deal-yet-idINKBN1DY18F'|'2017-12-04T13:33:00.000+02:00'|9271.0|''|-1.0|'' -9272|'bee3b6172409738f1e7d17b96e7e83d1e00f5ab0'|'French bank Natixis bets on fixed-income, equity derivatives to grow Asia sales'|'HONG KONG (Reuters) - Natixis SA ( CNAT.PA ) aims to boost Asias share of its corporate and investment banking sales to more than 15 percent over the next couple of years, as the French bank expands in areas such as fixed-income and equity derivatives, its chief executive said.The logo of French bank Natixis is seen outside one of their offices in Paris February 18, 2013. REUTERS/Charles Platiau/File Photo The region currently accounts for roughly 13 percent of the banks revenue in corporate and investment banking, the biggest contributor to sales at Natixis that also has interests in asset management and insurance.Natixis also plans to continue adding to its headcount of 620 in Asia, its fastest-growing region globally, by 10 percent a year over the next three years, global CEO Laurent Mignon told Reuters in an interview.Natixis aim to grow its investment banking business in Asia comes against the backdrop of heightened competition among Wall Street banks and a host of local firms for services including underwriting and deal advisory.The competition has pushed down the fee income for plain-vanilla investment banking offerings, which has weighed on the revenue of the well-heeled foreign banks in the recent years.We are not trying to compete in some of the areas where everybody is. We are trying to pick up a few items where we have some value to bring to our customers and we do well in that, said Mignon on a visit to Asia.The prospective of growing the business here is very important and it is key to us.Natixis has been increasing its presence in fixed-income and equity derivatives businesses in Asia on the back of growing demand for high-yield investment products from companies including insurers.The French bank is also planning to boost its fixed-income and equity derivative offerings in markets including Australia and Singapore, after establishing a strong presence for those businesses in Japan, South Korea and Taiwan.We are starting to be closer to those clients; we hired some dedicated staff on the fixed-income side, said Alain Gallois, chief executive officer for Natixis Asia-Pacific corporate and investment banking business.Its a potential growing market.In Asia, Natixis corporate and investment banking offerings also include structure finance, capital markets, acquisition advisory and finance, and trade finance in countries including Australia, China, Taiwan and South Korea.It mainly focuses on clients in the aviation, energy and natural resources, and infrastructure sectors in the region.These are two, three areas where we already are a global house with significant presence worldwide, and we want to invest more into these areas to develop investment banking-type service and we will do that specifically in this region, Mignon said.Reporting by Sumeet Chatterjee; Editing by Christopher Cushing '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-natixis-asia/french-bank-natixis-bets-on-fixed-income-equity-derivatives-to-grow-asia-sales-idUSKBN1DY0V4'|'2017-12-04T11:19:00.000+02:00'|9272.0|''|-1.0|'' +9271|'1d44734aec9d039d5b2c28682a8085dba9faf7aa'|'EU''s Verhofstadt says no Brexit deal yet'|'December 4, 2017 / 11:35 AM / Updated 2 hours ago EU''s Verhofstadt says no Brexit deal yet Reuters Staff 2 Min Read BRUSSELS (Reuters) - Britain and the EU have yet to strike a deal on an initial Brexit divorce package, the European Parliaments Brexit coordinator Guy Verhofstadt said on Monday after meeting the EUs negotiator Michel Barnier. European Commission President Jean-Claude Juncker and his Brexit negotiator Michel Barnier meet European Union''s chief Brexit negotiator Guy Verhofstadt and his Brexit team from the European Parliament, at the EU Commission headquarters in Brussels, Belgium December 4, 2017. REUTERS/Yves Herman Speaking to reporters after the meeting, Verhofstadt put the chances of a deal when British Prime Minister Theresa May visits Brussels later in the day at 50-50. He said the Parliament was still pressing for more from London on guarantees for the rights of EU citizens in Britain. Elmar Brok, another member of the parliaments Brexit group who attended the meeting, said there was a very good chance of a deal and that Mays meeting with Barnier and European Commission President Jean-Claude Juncker could resolve outstanding issues. Brok said he was astonished at how far the negotiations had come and that differences remained over just a few words. The EU was still pressing, he said, for the European Court of Justice to have a say on guaranteeing citizens rights, while on Ireland there was a difficult matter of wording to ensure there would be a system to avoid border controls with Northern Ireland once Britain leaves the European Union. Verhofstadt later issued a written statement. He said: I have reiterated Parliaments priority: to make sure that the EU citizens living in the UK will not have to go through an unclear, arbitrary and burdensome procedure at great cost. Their rights must be guaranteed. They came to the UK in good faith to contribute to British society and must be treated with the respect they deserve. Reporting by Gabriela Baczynska and Alastair Macdonald; Editing by Alissa de Carbonnel and Peter Graff'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/britain-eu-verhofstadt-nodeal/eus-verhofstadt-says-no-brexit-deal-yet-idINKBN1DY18F'|'2017-12-04T13:33:00.000+02:00'|9271.0|25.0|-1.0|'' +9272|'bee3b6172409738f1e7d17b96e7e83d1e00f5ab0'|'French bank Natixis bets on fixed-income, equity derivatives to grow Asia sales'|'HONG KONG (Reuters) - Natixis SA ( CNAT.PA ) aims to boost Asias share of its corporate and investment banking sales to more than 15 percent over the next couple of years, as the French bank expands in areas such as fixed-income and equity derivatives, its chief executive said.The logo of French bank Natixis is seen outside one of their offices in Paris February 18, 2013. REUTERS/Charles Platiau/File Photo The region currently accounts for roughly 13 percent of the banks revenue in corporate and investment banking, the biggest contributor to sales at Natixis that also has interests in asset management and insurance.Natixis also plans to continue adding to its headcount of 620 in Asia, its fastest-growing region globally, by 10 percent a year over the next three years, global CEO Laurent Mignon told Reuters in an interview.Natixis aim to grow its investment banking business in Asia comes against the backdrop of heightened competition among Wall Street banks and a host of local firms for services including underwriting and deal advisory.The competition has pushed down the fee income for plain-vanilla investment banking offerings, which has weighed on the revenue of the well-heeled foreign banks in the recent years.We are not trying to compete in some of the areas where everybody is. We are trying to pick up a few items where we have some value to bring to our customers and we do well in that, said Mignon on a visit to Asia.The prospective of growing the business here is very important and it is key to us.Natixis has been increasing its presence in fixed-income and equity derivatives businesses in Asia on the back of growing demand for high-yield investment products from companies including insurers.The French bank is also planning to boost its fixed-income and equity derivative offerings in markets including Australia and Singapore, after establishing a strong presence for those businesses in Japan, South Korea and Taiwan.We are starting to be closer to those clients; we hired some dedicated staff on the fixed-income side, said Alain Gallois, chief executive officer for Natixis Asia-Pacific corporate and investment banking business.Its a potential growing market.In Asia, Natixis corporate and investment banking offerings also include structure finance, capital markets, acquisition advisory and finance, and trade finance in countries including Australia, China, Taiwan and South Korea.It mainly focuses on clients in the aviation, energy and natural resources, and infrastructure sectors in the region.These are two, three areas where we already are a global house with significant presence worldwide, and we want to invest more into these areas to develop investment banking-type service and we will do that specifically in this region, Mignon said.Reporting by Sumeet Chatterjee; Editing by Christopher Cushing '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-natixis-asia/french-bank-natixis-bets-on-fixed-income-equity-derivatives-to-grow-asia-sales-idUSKBN1DY0V4'|'2017-12-04T11:19:00.000+02:00'|9272.0|28.0|0.0|'' 9273|'15c3347fe3f976fe4a6e006512c36ec0765f67a6'|'EU''s Malmstrom sees Mercosur trade deal by early 2018'|' 45 PM / Updated 4 minutes ago EU''s Malmstrom sees Mercosur trade deal by early 2018 Reuters Staff 1 Min Read BUENOS AIRES (Reuters) - Trade talks between the European Union and South Americas Mercosur bloc are closing on a deal which could come early in the new year, European Trade Commissioner Cecilia Malmstrom told reporters on Tuesday. European Trade Commissioner Cecilia Malmstrom addresses a news conference on the trade package in Brussels, Belgium September 14, 2017. REUTERS/Francois Lenoir We have made good advancement but theres still stock taking today, Malmstrom said. We see the end of this. Reporting by Luc Cohen and Eliana Raszewski, editing by Tom Miles'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-mercosur/eus-malmstrom-sees-mercosur-trade-deal-by-early-2018-idUKKBN1E61OS'|'2017-12-12T15:44:00.000+02:00'|9273.0|''|-1.0|'' 9274|'7a4d3214ebe38fbf24a946a4ad50d9bd767d4079'|'Alaskan oil lease sale brings few bids despite vast territory offered'|'December 7, 2017 / 2:47 AM / Updated 30 minutes ago Alaskan oil lease sale brings few bids despite vast territory offered Yereth Rosen 3 Min Read ANCHORAGE, Alaska (Reuters) - An oil-and-gas lease sale that raised concerns with environmentalists due to the vast amount of acres offered in Arctic Alaska drew few bids on Wednesday, government officials said. Seven bids were received, covering about 80,000 acres - or less than 1 percent of the 10.3 million acres offered in the National Petroleum Reserve in Alaska by the Trump administration. It was, by far, more territory than ever offered in any of the previous 12 NPR-A lease sales held since 1999. The sale was the latest move by the administration of President Donald Trump, a Republican, supporting his pledge to make the United States energy dominant by boosting output of oil, natural gas and coal. Environmentalists have generally accepted some oil development in the National Petroleum Reserve but worry the Trump administration will lift too many restrictions. Environmentalists want to entirely block opening the states Arctic National Wildlife Refuge to drilling. ConocoPhillips Alaska Inc, in partnership with Anadarko Petroleum Corp, submitted the seven bids, totalling $1.16 million, for tracts in the NPR-A. Results were revealed in a bid opening conducted in Anchorage by the U.S. Bureau of Land Management. The ConocoPhillips-Anadarko bids were for tracts along the southern border of ConocoPhillips Greater Mooses Tooth unit, where oil production is expected to start next year. Lease sale interest is unpredictable, Ted Murphy, associate director of the BLMs Alaska office, said in a telephone news conference after the sale. We dont know what industry, ultimately, will be interested in getting from year to year. Last years NPR-A lease sale drew $18.8 million (14.1 million pounds) in bids, led by ConocoPhillips, for 67 tracts covering 613,529 acres. One environmentalist said the results on Wednesday suggest that the Trump administration is overestimating industrys desire to drill new Arctic territory. It seems, from my perspective, that its this mentality that if we open it, industry will come. And thats not necessarily true, said Lisa Baraff of the Fairbanks-based Northern Alaska Environmental Center. Kara Moriarty, executive director of the Alaska Oil and Gas Association, said the low level of NPR-A bidding might show that companies were being strategic about new leases. She noted that another lease sale for state land right next door to NPR-A drew brisk bidding. The Alaska Oil and Gas Divisions lease sale, also held Wednesday, drew $19.9 million and over 100 bids, mostly from Spanish energy company Repsol SA and Colorado-based independent oil company Armstrong. Reporting by Yereth Rosen in Anchorage; Editing by Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-alaska-oil/alaskan-oil-lease-sale-brings-few-bids-despite-vast-territory-offered-idUKKBN1E109W'|'2017-12-07T04:46:00.000+02:00'|9274.0|''|-1.0|'' 9275|'205d00e06b90bad4e593aeca83a7afbf6b436cf2'|'White House to host fresh biofuels talks to help refiners -sources'|'(Reuters) - The White House will host talks between the rival oil and ethanol industries on Wednesday in hopes of brokering a deal to help refiners struggling to meet the countrys biofuels policy, according to sources familiar with the matter.FILE PHOTO - Senator Ted Cruz (R-TX) speaks with reporters after the failure of the "skinny repeal" health care bill on Capitol Hill in Washington, U.S., July 28, 2017. REUTERS/Aaron P. Bernstein The meeting comes after the White House last week pressured Midwest lawmakers to take part in talks over possible tweaks to the Renewable Fuels Standard, a law that requires refiners to blend increasing amounts of biofuels, mainly corn-based ethanol, into the nations fuel supply each year.A handful of refiners say the law is threatening to put them out of business. But ethanol interests have said the refineries can pass along the costs at the pumps and have vehemently opposed any changes to the regulation.The meeting on Wednesday will include staff from the offices of Republican Senators Ted Cruz of Texas and Pat Toomey of Pennsylvania, both representing the oil-refining industry, according to the sources.On the corn side, staff will be present from the offices of Republican Senators Chuck Grassley and Joni Ernst of Iowa, along with Deb Fischer of Nebraska, the sources said. Staff from the Environmental Protection Agency and the U.S. Department of Agriculture were also expected to attend.A spokesman for Grassley confirmed that staff-level dialogue and meetings were under way but did not provide details. Officials for the other senators and the White House did not comment.One source familiar with the matter said the meeting would likely focus on short-term fixes to help oil refiners on the U.S. East Coast who say they are struggling with the costs of meeting the RFS requirements.FILE PHOTO - Sen. Pat Toomey (R-PA) speaks with reporters following the party luncheons on Capitol Hill in Washington, U.S. November 14, 2017. REUTERS/Aaron P. Bernstein Refining companies - like Philadelphia Energy Solutions PESC.N and Monroe Energy, both of Pennsylvania, along with Texas giant Valero Energy Corp ( VLO.N ) - that do not have adequate facilities to blend biofuels into their products are required to purchase blending credits called RINs from rivals that do.RINs prices have surged this year.Slideshow (2 Images) The source said talks on Wednesday could center on solutions like a price cap for RINs or waivers to certain refiners that are at risk of going bankrupt without relief. The governors of both Texas and Pennsylvania have already formally requested such waivers from the administration.The industry has requested tweaks to the policy in the past that would cut the annual volume targets for biofuels, allow ethanol exports to be counted against those targets, or shift the blending burden to supply terminals from refiners. But the Trump administration has ruled in favor of Big Corn and against the refining industry in a series of decisions this year.Last month, the Environmental Protection Agency, the regulator which administers the RFS, slightly increased biofuels volumes targets for 2018.The refining industry has also been seeking a longer-term overhaul of the RFS before it expires in 2022, but such a change would require an act of Congress and has met with stiff resistance from the corn lobby.The RFS was introduced more than a decade ago by President George W. Bush as a way to boost U.S. agriculture, slash energy imports and cut emissions, and it has since fostered a market for ethanol amounting to 15 billion gallons a year.Reporting by Richard Valdmanis and Jarrett Renshaw; Writing by Richard Valdmanis; Editing by Cynthia Osterman '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-usa-biofuels-talks/white-house-to-host-fresh-biofuels-talks-to-help-refiners-sources-idUSKBN1E62L5'|'2017-12-12T20:31:00.000+02:00'|9275.0|''|-1.0|'' @@ -9285,7 +9285,7 @@ 9283|'5143a8be3fe128c186df2b0c0cff1510b49221f4'|'Bank of England says firms expect to offer bigger pay rises in 2018'|'December 20, 2017 / 9:46 AM / Updated 25 minutes ago Bank of England says firms expect to offer bigger pay rises in 2018 Reuters Staff 1 businesses expect to offer pay deals averaging around 3 percent next year, up from about 2.5 percent this year, the Bank of England said in a regular report on economic conditions from its regional staff. A statue is silhouetted against the Bank of England in the City of London, Britain, December 12, 2017. REUTERS/Clodagh Kilcoyne Pay growth had risen slightly, the regional agents report said. A significant number of contacts expected pay awards to increase towards 2.5-3.5 percent over the next year, from 23 percent in 2017. That uplift showed some signs of coming through for the minority making decisions in late 2017. The central bank also said that businesses reported growing labour shortages and investment plans that were consistent with modest growth. Reporting by David Milliken; editing by Kate Holton'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-boe-agents/bank-of-england-says-firms-expect-to-offer-bigger-pay-rises-in-2018-idUKKBN1EE127'|'2017-12-20T11:46:00.000+02:00'|9283.0|''|-1.0|'' 9284|'582e722be02fe1ea254fa3336b3edef5a01b262a'|'China raises short and medium-term interest rates after Fed'|'December 14, 2017 / 3:17 AM / Updated 12 minutes ago China raises short and medium-term interest rates after Fed John Ruwitch , Winni Zhou 4 Min Read SHANGHAI (Reuters) - Chinas central bank nudged money market interest rates upward on Thursday just hours after the Federal Reserve raised the U.S. benchmark, as Beijing seeks to prevent destabilising capital outflows without hurting economic growth. FILE PHOTO: A woman walks past the headquarters of the People''s Bank of China (PBOC), the central bank, in Beijing, June 21, 2013. REUTERS/Jason Lee/File Photo Economists were surprised by the move but said at just five basis points, the increases were small and more symbolic than substantive. The Peoples Bank of China called it a normal market reaction to the Fed that would keep interest rate expectations reasonable and help with the deleveraging campaign. Chinas major stock indexes declined modestly after the news, with infrastructure, IT and financial shares down. The PBOC increased rates on reverse repurchase agreements, or reverse repos, used for open market operations by 5 basis points for the 7-day and 28-day tenors. It also said in a statement it increased rates on its one-year medium-term lending facility (MLF) also by 5 basis points. Thursdays move was the first time the Chinese central bank has raised rates since March, but market interest rates have risen on their own during the interim as the government pursues a range of policies to lower leverage and debt in the economy. Chen Ji, an analyst at Bank of Communications, said the rate increase was unexpected but too small to have much meaningful impact, and represented only a response to the Feds rate hike. (It) doesnt really impact borrowing costs, and fluctuations of this level are very normal in the interbank market, he said, adding that he thought Chinas economy was not robust enough to handle a benchmark rate increase. Ken Cheung, senior Asian forex strategist at Mizuho Bank Ltd in Hong Kong, also said the rise was surprising, and characterised the five basis point magnitude as mild. This suggests that the PBOCs intention to balance the risk of over-tightening amid the deleveraging process, Cheung wrote in a note. Benchmark one-year lending and deposit rates have remained unchanged since October 2015, but the PBOC has increasingly relied on market rates to guide the economy. The move also aims to shrink the gap between short-term and long-term rates to curb (financial institutions) from using short-term loans to invest long-term debt by overly adding leverage, Nie Wen, economist at Hwabao Trust in Shanghai. Nie added that a too aggressive rate hike would have too much impact to real economy. For details of the rates that were raised on Thursday, click on: The PBOC has moved to a tightening bias this year following six benchmark interest rate cuts in 2014-2015 as the economy stabilises and the focus turns toward credit risk. In a statement accompanying the rate increases, the PBOC said on Thursday the upward adjustment reflected supply and demand in the market, and was a normal market reaction to Feds rate increase. It said the adjustment would help shape reasonable interest rate expectations. At the same time, the rate hike would help prevent financial institutions from over-leveraging while helping control the overall macro leverage ratio. As market rates have risen this year, the differential with official rates has widened. On Thursday, the volume-weighted average rate of the benchmark seven-day repo traded in the interbank market, considered the best indicator of general liquidity in China, was 2.8412 percent. Reporting by John Ruwitch; Editing by Sam Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-china-economy-rates/china-raises-short-and-medium-term-interest-rates-after-fed-idUKKBN1E80AM'|'2017-12-14T05:16:00.000+02:00'|9284.0|''|-1.0|'' 9285|'468e0223b9dc332a260b1d27ae84b5e534d1b72c'|'GM: Sure, the auto industry is transforming. But we''ve got this'|'Cruisin'' in a new Cadillac...no hands! General Motors just told all those damned kids to get the hell off its lawn. Everyone knows the auto industry is changing. In the future, cars will run on electricity and they will drive themselves. Instead of owning cars, most people will just ride in them when they need to. Since all of this change is creating a ton of opportunity, lots of companies are pouring into the field. Companies like the ride-sharing firm Uber, electric car maker Tesla ( TSLA ) and Google''s Waymo ( GOOG ) , which is working on self-driving cars, all want a piece of the action. But on Thursday, GM announced plans to take the whole enchilada for itself: The automaker said it will make the cars, write the code and sell the rides. But can a 110-year-old automaker move fast enough to pull this off? In terms of electric cars, Tesla gets the bulk of the attention. But GM handily beat Tesla''s "affordable" Model 3 to market with its own Chevrolet Bolt EV . Over 20,000 Bolt EV''s have been sold so far this year. Tesla has a lot of orders but, at last count, has produced only a few hundred Model 3''s while it struggles with production issues. GM has also been working with its subsidiary, Cruise Automation, to make self driving versions of the Bolt EV, which are being tested in California, Michigan, Arizona and, soon, New York. By some time in 2019, those driverless cars will start giving rides to passengers. That may seem awfully soon, but start-ups like Lyft and Waymo could be doing the same thing by then, too. General Motors has already started building automous cars in an assembly line to better learn the intracacies involved. GM''s biggest advantage is that it well understands one of the biggest challenges: how to develop and manufacture cars with complex technology in huge numbers, said Sam Abuelsamid, a transportation analyst with Navigant Research. Besides the autonomous Bolts, GM already has Cadillac cars on the market that can drive hands-free on highways. Without drivers to pay or expensive gasoline to put in the tank, autonomous taxi rides will become much cheaper than today''s taxi rides. That will make ride-sharing a much more compelling idea for consumers. GM''s Cadillac Super Cruise has given the company vital experience with producing semi-autonomous driving systems for customer use. But these cars won''t just be giving rides. They will also be gathering data. Driverless cars are, in fact, voracious data gathering machines. They have radar, lasers, cameras and all sorts of sensors that can gather information that can be sent to server farms that never forget anything. And that data is valuable. One potential customer base, GM said Thursday, will be insurance companies. GM''s cars will witness lots of fender benders and will be able to share that video with insurers to quickly settle claims. Other companies will buy the map data these cars produce and pay to place ads and offer services and games for bored passengers. The potential ways to make money are almost limitless, Abuelsamid said. Soon, just riding in a car becomes far cheaper and more convenient than owning one. This may seem like corporate suicide for a company that makes its money selling cars. But, according to GM, it''s not. That''s because under this new business model, instead of selling each car once, every vehicle it makes will generate a continuous stream of revenue.'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/12/01/technology/gm-ride-sharing-business/index.html'|'2017-12-02T01:00:00.000+02:00'|9285.0|''|-1.0|'' -9286|'127af131c28f290312610437f131298a5e3a7879'|'M&C Hotels agrees to sweetened bid from CDL valuing it at 2 billion pounds'|'LONDON (Reuters) - City Developments Limited has made an improved bid to acquire Millennium & Copthorne Hotels ( MLC.L ) that values the FTSE 250 company at about 2 billion pounds ($2.67 billion), the companies said in a statement on Friday.A City Developments Limited (CDL) logo is seen on a building in Singapore May 26, 2016. REUTERS/Edgar Su CDL, the vehicle of Singaporean billionaire Kwek Leng Beng, has made an offer of 620 pence per share to buy out the 34.8 percent of the hotelier that it does not own, a bid that it has declared final and which has been recommended by M&C’s independent directors.It comes after a previous proposal of 552.5 pence per share was criticized by some of M&C’s minority investors for undervaluing the business.Reporting by Ben Martin; Editing by Adrian Croft '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-mill-cop-hotels-m-a-city-developments/mc-hotels-agrees-to-sweetened-bid-from-cdl-valuing-it-at-2-billion-pounds-idUSKBN1E226K'|'2017-12-09T00:08:00.000+02:00'|9286.0|''|-1.0|'' +9286|'127af131c28f290312610437f131298a5e3a7879'|'M&C Hotels agrees to sweetened bid from CDL valuing it at 2 billion pounds'|'LONDON (Reuters) - City Developments Limited has made an improved bid to acquire Millennium & Copthorne Hotels ( MLC.L ) that values the FTSE 250 company at about 2 billion pounds ($2.67 billion), the companies said in a statement on Friday.A City Developments Limited (CDL) logo is seen on a building in Singapore May 26, 2016. REUTERS/Edgar Su CDL, the vehicle of Singaporean billionaire Kwek Leng Beng, has made an offer of 620 pence per share to buy out the 34.8 percent of the hotelier that it does not own, a bid that it has declared final and which has been recommended by M&C’s independent directors.It comes after a previous proposal of 552.5 pence per share was criticized by some of M&C’s minority investors for undervaluing the business.Reporting by Ben Martin; Editing by Adrian Croft '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-mill-cop-hotels-m-a-city-developments/mc-hotels-agrees-to-sweetened-bid-from-cdl-valuing-it-at-2-billion-pounds-idUSKBN1E226K'|'2017-12-09T00:08:00.000+02:00'|9286.0|28.0|0.0|'' 9287|'8b6816834ed8e7d674a0a883df96a45eaf66e8d1'|'IAG is remaining bidder for insolvent airline Niki: source'|'December 28, 2017 / 1:45 PM / Updated 7 hours ago IAG is remaining bidder for insolvent airline Niki: source Reuters Staff 1 Min Read FRANKFURT (Reuters) - British Airways owner IAG ( ICAG.L ) is negotiating exclusively with Nikis insolvency administrator to take over the collapsed Austrian airline, a source close to the process said on Thursday. IAG is the last remaining bidder and is still negotiating now, the person said, adding that the company had put in the highest offer - a double-digit million-euro amount. Reporting by Ilona Wissenbach; Writing by Georgina Prodhan; Editing by Tom Sims'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-air-berlin-niki-iag/iag-is-remaining-bidder-for-insolvent-airline-niki-source-idUSKBN1EM18H'|'2017-12-28T15:44:00.000+02:00'|9287.0|''|-1.0|'' 9288|'0251c76e42efad97f91c685c0261e834bdf1dbc2'|'U.S. urges judge to reject AT&T/Time Warner court date proposal'|'December 6, 2017 / 4:00 AM / Updated 4 hours ago U.S. urges judge to reject AT&T/Time Warner court date proposal Reuters Staff 1 Min Read WASHINGTON (Reuters) - The U.S. government on Tuesday urged a federal judge to reject the February court date sought by AT&T and Time Warner in a dispute over the firms proposed merger, arguing the companies are rushing to meet an April 22 closing deadline for their $85.4 billion (63.6 billion pounds) deal. The AT&T logo is pictured during the Forbes Forum 2017 in Mexico City, Mexico, September 18, 2017. REUTERS/Edgard Garrido The U.S. Justice Department last month sued to block AT&Ts planned acquisition of Time Warner, saying the combination could raise prices for rivals and pay-TV subscribers while hampering the development of online video. AT&T CEO Randall Stephenson had called the companies requested court date of Feb. 20 a reasonable ask. The government had requested that proceedings start on May 7. AT&T will have to pay Time Warner $500 million if the merger is not consummated by April 22. Reporting by Eric Beech; Editing by Tim Ahmann and Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-time-warner-m-a-at-t/u-s-urges-judge-to-reject-att-time-warner-court-date-proposal-idUKKBN1E00A0'|'2017-12-06T10:13:00.000+02:00'|9288.0|''|-1.0|'' 9289|'d2a7577dec6ac22105a782cdcfeaeacb8f2e262c'|'Oil edges up on North Sea pipeline outage, expectation of lower U.S. crude stocks'|'December 20, 2017 / 1:14 AM / Updated 2 hours ago Oil edges up on North Sea pipeline outage, lower U.S. crude stocks Henning Gloystein 3 Min Read SINGAPORE (Reuters) - Oil prices inched up on Wednesday, supported by expectations of a fall in U.S. crude inventories and by the ongoing outage of the North Sea Forties pipeline system. A driver looks at the price as he fills the tank of his car at a gas station in Shanghai, China November 17, 2017. REUTERS/Aly Song U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $57.73 a barrel at 0312 GMT, up 17 cents, or 0.3 percent, from their last settlement. Brent crude futures LCOc1, the international benchmark for oil prices, were at $63.91 a barrel, up 11 cents, or 0.17 percent. Oil prices inched higher on expectations of another strong drawdown in U.S. inventories, ANZ bank said. The American Petroleum Institute said on Tuesday that U.S. crude inventories fell by 5.2 million barrels in the week to Dec. 15 to 438.7 million. Official U.S. government data from the Energy Information Administration (EIA) is due on Wednesday. Oil prices have also been supported by the continuing outage of the Forties pipeline in the North Sea, which delivers crude underpinning Brent futures. Operator Ineos hopes to be able to fix a crack in the pipeline, which can pump around 450,000 barrels per day of crude, within two to four weeks from Dec. 11. Despite the North Sea outage and falling U.S. crude inventories, oil prices have remained some way off their $65.63 and $59.05 per barrel recent highs for Brent and WTI respectively. Traders said rising U.S. crude production C-OUT-T-EIA, which has soared by 16 percent since mid-2016 to 9.8 million bpd, was capping prices. Most analysts expect U.S. output to break through 10 million bpd soon, which would be a new record and take it to levels on par with top exporter Saudi Arabia and close to top producer Russia, which pumps around 11 million bpd. Georgi Slavov, head of research at commodity brokerage Marex Spectron, warned of a possible slowdown in oil consumption, which could put downward pressure on oil prices into 2018. Demand, which was the main reason to see oil at/above $60, has weakened ... But we continue to lean towards a mildly bearish macro environment for the period (Q1 2018) on the back of an anticipated slowdown in credit, persistently bearish energy intensity of key oil consuming economies and a seasonal decline in the manufacturing activity, Slavov said. Reporting by Henning Gloystein; Editing by Joseph Radford'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-oil/oil-edges-up-on-north-sea-pipeline-outage-expectation-of-lower-u-s-crude-stocks-idUKKBN1EE03T'|'2017-12-20T03:13:00.000+02:00'|9289.0|''|-1.0|'' @@ -9315,8 +9315,8 @@ 9313|'f2d8dddcc83131a173d6c2a848e953523f4f9b4b'|'Lockheed Martin wins $553 mln U.S. defense contract -pentagon'|'December 22, 2017 / 10:24 PM / Updated 7 minutes ago Lockheed Martin wins $553 mln U.S. defense contract -pentagon Reuters Staff 1 Min Read WASHINGTON, Dec 22 (Reuters) - Lockheed Martin Corp is being awarded a $553 million modification to a contract for Missile Defense Agency Terminal High Altitude Area Defense interceptors and one-shot devices, the Pentagon said in a statement on Friday. (Reporting by Mohammad Zargham; Editing by Eric Beech)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/lockheed-pentagon/lockheed-martin-wins-553-mln-u-s-defense-contract-pentagon-idUSW1N1NS01X'|'2017-12-23T00:19:00.000+02:00'|9313.0|''|-1.0|'' 9314|'ac214d2c35ee1e579f5b5f70aaea01b3780a7e2e'|'Niki Lauda says still interested in buying Niki'|'VIENNA (Reuters) - Former motor racing driver Niki Lauda is still interested in buying back the Niki subsidiary of collapsed airline Air Berlin ( AB1.DE ), but said it would need a fresh start on the basis of insolvency proceeding, he told Reuters on Wednesday.Lufthansa ( LHAG.DE ) dropped plans to buy Niki on Wednesday, and Lauda said he expected the airline to file for insolvency within two days as a result.Of course I am still interested in Niki, Lauda said.The price one must pay for an insolvent airline is lower than that of one that is still flying, he said, when asked about how much he was willing to offer.Reporting by Kirsti Knolle; Editing by Victoria Bryan '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-air-berlin-m-a-lufthansa-niki/niki-lauda-says-still-interested-in-buying-niki-idUSKBN1E727W'|'2017-12-14T00:14:00.000+02:00'|9314.0|''|-1.0|'' 9315|'fb61aaf317b4b2bba74f4b3c4af8b7afdafd4e07'|'Bookmaker GVC in talks to buy Ladbrokes for $5.2 billion'|'December 7, 2017 / 7:30 AM / Updated 19 minutes ago GVC ups stakes in UK gambling with $5.2 billion Ladbrokes bid Kate Holton , Arathy S Nair 4 Min Read LONDON (Reuters) - Bookmaker GVC Holdings ( GVC.L ) has offered to buy Ladbrokes Coral ( LCL.L ) for up to $5.2 billion to create a global online and high street betting giant able to take on rivals and cope with a tougher regulatory environment. A taxi passes a branch of Ladbrokes in central London, Britain, May 17, 2016. REUTERS/Toby Melville GVC, which boasts 79 million registered accounts and operates in 21 languages through names such as sportingbet and partypoker, previously bought bwin.party in 2016. The proposed takeover would give it access to the Ladbrokes, Coral and Gala brands and the combined company would compete with William Hill ( WMH.L ) and Paddy Power Betfair ( PPB.I ). The two groups said in a joint statement on Thursday they were in detailed talks over a deal that would give Ladbrokes shareholders around 46.5 percent of the combined group. Shares in the 230-year-old Ladbrokes jumped 26 percent in early trading, while GVC shares rose 6 percent on confirmation of the long-rumoured offer, which is in cash and shares. The final price will depend on the outcome of a government review into fixed-odds betting terminals (FOBTs). The machines are big moneyspinners for companies like Ladbrokes but they have come under fire for leaving gamblers with very heavy losses. The enlarged group would be an online-led globally positioned betting and gaming business that would benefit from a multi-brand, multi-channel strategy applied across some of the strongest brands in the sector, the companies said. The enlarged group would be geographically diversified with a large portfolio of businesses across both regulated and developing markets, with the scale and resources to address the dynamics of a rapidly changing global industry. HIGH STAKES Isle of Man-based GVC ( GVC.L ), which has grown rapidly into one of Britains biggest online gambling companies, and high street-based Ladbrokes held talks about a deal earlier this year but they broke down without agreement. Analysts and executives had expected the government review to spark a new round of consolidation but they had expected any deal to come after the final conclusion was handed down. The government has said the maximum stake allowed in FOBTs could be sharply cut over concerns that the terminals fuel addiction. In October it started a 12-week consultation to consider cutting the stake to between 50 pounds and 2 pounds, from the current 100 pound wage. The offer values Ladbrokes Coral at 160.9 pence per share, equating to a total equity value of around 3.1 billion pounds, plus a contingent fee of up to 42.8 pence a share, depending on the outcome of the government review. GVC said the deal would enhance earnings per share by a double digit level from the first full year of completion. Shares in Ladbrokes Coral had closed on Wednesday at 135.7 pence, giving a market capitalisation of 2.61 billion pounds. GVC closed at 909 pence, valuing it at 2.77 billion pounds. Reporting by Kate Holton and Arathy Nair; editing by James Davey and Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-ladbrokes-m-a-gvc-holdings/bookmaker-gvc-in-talks-to-buy-ladbrokes-for-5-2-billion-idUKKBN1E10Q8'|'2017-12-07T09:18:00.000+02:00'|9315.0|''|-1.0|'' -9316|'23299f134a20eafc74585e8b58c06c2d7b21e8e6'|'Bitcoin rises 10 percent, recovers from last week''s brutal selloff'|'Pope calls for two-state solution in Israel conflict Pope calls for two-state solution in Israel conflict Pope calls for two-state solution in Israel conflict Reuters TV United States 32 AM / a few seconds ago Bitcoin rises 10 percent, recovers from last week''s brutal selloff SINGAPORE (Reuters) - Bitcoin extended its recovery in holiday-thinned trading on Tuesday, rising 10 percent to be up more than a third from last weeks lows below $12,000. FILE PHOTO: Broken representations of the Bitcoin virtual currency, placed on a monitor that displays binary digits, are seen in this illustration picture, December 8, 2017. REUTERS/Dado Ruvic/Illustration/File Photo Bitcoin, the world''s biggest and best-known cryptocurrency, fell nearly 30 percent at one stage on Friday to $11,159.93 BTC=BTSP and, despite a late recovery, had its worst week since 2013. At 0445 GMT, it was quoted around $15,049 on the Luxembourg-based Bitstamp exchange. The biggest and best-known cryptocurrency has risen around twentyfold since the start of the year, climbing from less than $1,000 to as high as $19,666 on Dec. 17 on Bitstamp and to over $20,000 on other exchanges. While bitcoin investors and analysts believe the decline in its value was a natural correction after a heady run-up in prices, there have been further warnings from market regulators and central banks. Reporting by Lisa Twaronite and Vidya Ranganathan; Editing by Sam Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-bitcoin/bitcoin-rises-10-percent-recovers-from-last-weeks-brutal-selloff-idUKKBN1EK0AJ'|'2017-12-26T07:32:00.000+02:00'|9316.0|''|-1.0|'' -9317|'7a24105532faa55c56952bd8032d0a330c96073f'|'Surprise fall in German exports narrows trade surplus in October'|'Reuters TV United States December 8, 2017 / 7:17 AM / a few seconds ago Surprise fall in German exports narrows trade surplus in October Reuters Staff 2 Min Read BERLIN (Reuters) - German exports fell unexpectedly in October and imports jumped, narrowing the trade surplus and adding to evidence that Europes biggest economy started the fourth quarter on a weak footing, data showed on Friday. A containership is loaded at a terminal at the harbour in Hamburg, late March 30, 2011. REUTERS/Fabian Bimmer/File Photo Seasonally adjusted exports edged down by 0.4 percent on the month while vibrant domestic demand pushed up imports by 1.8 percent, data from the Federal Statistics Office showed. The exports figure confounded expectations for a 1.0 percent rise while imports beat a forecast for a 1.1 percent increase. The seasonally adjusted trade surplus narrowed to 19.9 billion euros from a upwardly revised 21.9 billion euros in September. The October reading was lower than the Reuters consensus forecast for 21.8 billion euros. Germanys wider current account surplus, which measures the flow of goods, services and investments, fell to 18.1 billion euros after an upwardly revised reading of 25.8 billion euros in September, unadjusted data showed. The trade figures followed economic data released on Thursday that showed industrial output fell unexpectedly in October - a drop economists linked to public holidays that let workers take long weekends. The weak figures came after data on Wednesday showed that industrial orders had risen unexpectedly in October. Reporting by Michael Nienaber; Editing by Michelle Martin'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-germany-economy-trade/surprise-fall-in-german-exports-narrows-trade-surplus-in-october-idUKKBN1E20PF'|'2017-12-08T09:05:00.000+02:00'|9317.0|''|-1.0|'' +9316|'23299f134a20eafc74585e8b58c06c2d7b21e8e6'|'Bitcoin rises 10 percent, recovers from last week''s brutal selloff'|'Pope calls for two-state solution in Israel conflict Pope calls for two-state solution in Israel conflict Pope calls for two-state solution in Israel conflict Reuters TV United States 32 AM / a few seconds ago Bitcoin rises 10 percent, recovers from last week''s brutal selloff SINGAPORE (Reuters) - Bitcoin extended its recovery in holiday-thinned trading on Tuesday, rising 10 percent to be up more than a third from last weeks lows below $12,000. FILE PHOTO: Broken representations of the Bitcoin virtual currency, placed on a monitor that displays binary digits, are seen in this illustration picture, December 8, 2017. REUTERS/Dado Ruvic/Illustration/File Photo Bitcoin, the world''s biggest and best-known cryptocurrency, fell nearly 30 percent at one stage on Friday to $11,159.93 BTC=BTSP and, despite a late recovery, had its worst week since 2013. At 0445 GMT, it was quoted around $15,049 on the Luxembourg-based Bitstamp exchange. The biggest and best-known cryptocurrency has risen around twentyfold since the start of the year, climbing from less than $1,000 to as high as $19,666 on Dec. 17 on Bitstamp and to over $20,000 on other exchanges. While bitcoin investors and analysts believe the decline in its value was a natural correction after a heady run-up in prices, there have been further warnings from market regulators and central banks. Reporting by Lisa Twaronite and Vidya Ranganathan; Editing by Sam Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-bitcoin/bitcoin-rises-10-percent-recovers-from-last-weeks-brutal-selloff-idUKKBN1EK0AJ'|'2017-12-26T07:32:00.000+02:00'|9316.0|18.0|0.0|'' +9317|'7a24105532faa55c56952bd8032d0a330c96073f'|'Surprise fall in German exports narrows trade surplus in October'|'Reuters TV United States December 8, 2017 / 7:17 AM / a few seconds ago Surprise fall in German exports narrows trade surplus in October Reuters Staff 2 Min Read BERLIN (Reuters) - German exports fell unexpectedly in October and imports jumped, narrowing the trade surplus and adding to evidence that Europes biggest economy started the fourth quarter on a weak footing, data showed on Friday. A containership is loaded at a terminal at the harbour in Hamburg, late March 30, 2011. REUTERS/Fabian Bimmer/File Photo Seasonally adjusted exports edged down by 0.4 percent on the month while vibrant domestic demand pushed up imports by 1.8 percent, data from the Federal Statistics Office showed. The exports figure confounded expectations for a 1.0 percent rise while imports beat a forecast for a 1.1 percent increase. The seasonally adjusted trade surplus narrowed to 19.9 billion euros from a upwardly revised 21.9 billion euros in September. The October reading was lower than the Reuters consensus forecast for 21.8 billion euros. Germanys wider current account surplus, which measures the flow of goods, services and investments, fell to 18.1 billion euros after an upwardly revised reading of 25.8 billion euros in September, unadjusted data showed. The trade figures followed economic data released on Thursday that showed industrial output fell unexpectedly in October - a drop economists linked to public holidays that let workers take long weekends. The weak figures came after data on Wednesday showed that industrial orders had risen unexpectedly in October. Reporting by Michael Nienaber; Editing by Michelle Martin'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-germany-economy-trade/surprise-fall-in-german-exports-narrows-trade-surplus-in-october-idUKKBN1E20PF'|'2017-12-08T09:05:00.000+02:00'|9317.0|28.0|0.0|'' 9318|'c3a4ead03db8c1c4b68b73b2cc8a9a3d3b787a2f'|'Althea Efunshile joins Channel 4 board after government U-turn - Media'|'The government has appointed Althea Efunshile, a former deputy chief executive of Arts Council England (ACE), to the board of Channel 4 , in a dramatic U-turn after the culture secretary blocked her appointment a year ago in favour of four white men.Efunshile was the only one of five candidates for Channel 4s board rejected by Karen Bradley in November 2016. Ofcom is responsible for finding, vetting and appointing Channel 4 non-executive directors, with the Department for Digital, Culture, Media and Sport usually rubber-stamping its decisions.Bradleys unusual move to step in to reject Efunshile, which at the time meant three of Channel 4s 13 board members were women and all were white, embarrassed the government.The announcement came on the same day as a green paper on corporate governance was published that highlighted the importance of improving the diversity of boardrooms so that their composition better reflects the demographics of employees.Theresa May was forced to defend Bradleys decision after the Labour MP David Lammy used prime ministers questions to ask whether she thought there isnt a woman or a black person in the country worthy of being on the board of Channel 4? The DCMS said at the time that it approved only the candidates who met the specific skills and experiences set out in Ofcoms advertised job descriptions.However, the regulator said all five candidates it put forward were of a high calibre.Efunshile, who was appointed deputy CEO of ACE in 2012, received a CBE in June 2016 in the Queens birthday honours for services to arts and culture.She was also made the first chair of the National College for the Creative and Cultural Industries.A dozen of the most respected female figures in the arts and creative industries, including the playwright Bonnie Greer, the former culture secretary Tessa Jowell, the former cabinet minister Valerie Amos and Gail Rebuck, the chair of Penguin Random House UK, called on the government to explain its decision .On Tuesday, the DCMS announced Efunshile as one of four new non-executive directors on the Channel 4 board. Industry sources told the Guardian after the rejection last year that Efunshile would be included in the next wave of appointments.Tom Watson, the deputy Labour leader, called on the government to explain why it had wasted a year appointing Efunshile.Althea Efunshile is a very good appointment to the Channel 4 board, but she would have been a very good appointment a year ago, too, when ministers blocked her, he said.After she was blocked, Matthew Hancock [digital minister] attacked tokenism and said that board members had to be appointed on merit. The government should explain what has changed, and why they wasted a year making this decision.A DCMS spokesman defended Bradleys decision-making, saying Efunshile met the criteria for a different non-executive role at Channel 4, one that required a person with experience working and/or engaging with young people, for example from an organisation with an educational purpose.An Ofcom spokesman said: The secretary of state approves candidates on the basis that they meet the specific skills and experiences set out in Ofcoms advertised job descriptions.Altheas experience in the educational and cultural sectors will help make sure the interests of young people are represented at board level, and she was the best candidate for this particular role.The DCMS also approved Ofcoms selection of Tom Hooper, the director of the Kings Speech, Fru Hazlitt, a former senior executive at companies including ITV, Yahoo and Virgin Radio, and Uzma Hasan, a producer and co-founder of Little House Productions.The number of members on Channel 4s board is flexible, with the four new appointments replacing three departures in Josie Rourke, MT Rainey, and Paul Potts.The Channel 4 chairman, Charles Gurassa , said: I am delighted to welcome Althea, Fru, Tom and Uzma to the Channel 4 board.They bring an impressive track record of creative and commercial leadership in both the public and private sector. I know that they all share great admiration and enthusiasm for the work of Channel 4 and the importance and value of its public service remit.Follow Guardian Business on Twitter at @BusinessDesk , or sign up to the daily Business Today email here .Topics Channel 4 Television industry Television Karen Bradley news'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/media/2017/dec/12/althea-efunshile-channel-4-board-culture-secretary'|'2017-12-12T02:00:00.000+02:00'|9318.0|''|-1.0|'' 9319|'93765ad7d5c089a09b6347e2c36f8c9db10529e1'|'Cboe beats CME to bitcoin futures launch with Dec. 10 start'|'December 4, 2017 / 2:33 PM / in 3 minutes Cboe beats CME to bitcoin futures launch with Dec. 10 start Reuters Staff 1 Min Read (Reuters) - Cboe Global Markets Inc will launch trading in its bitcoin futures contract on Dec. 10, just over a week ahead of rival CME Group Inc. FILE PHOTO: A logo of Bitcoin is seen on an advertisement of an electronic shop in Tokyo, Japan September 5, 2017. REUTERS/Kim Kyung-Hoon/File Photo The bitcoin futures, which will trade under the ticker ''XBT'', will be cash-settled contracts based on cryptocurrency exchange Gemini''s auction price, Cboe said on Monday. ( reut.rs/2BvXvwu ) CME on Friday announced the launch of its bitcoin futures contract on Dec. 18, available for trading on the CME Globex electronic trading platform. Reporting By Aparajita Saxena in Bengaluru; Editing by Shounak Dasgupta'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-cboe-bitcoin/cboe-beats-cme-to-bitcoin-futures-launch-with-dec-10-start-idUSKBN1DY1SR'|'2017-12-04T16:28:00.000+02:00'|9319.0|''|-1.0|'' 9320|'21a756deb3a023996f735296b54035b42620110c'|'Kobe Steel says senior executives knew about data tampering'|'December 21, 2017 / 9:37 AM / Updated 14 minutes ago Kobe Steel says senior executives knew about data tampering Reuters Staff 2 Min Read TOKYO (Reuters) - Kobe Steel Ltd ( 5406.T ), at the center of a data-falsification scandal that has shaken Japans manufacturing industry, admitted for the first time that executives were aware of the cheating, and reassigned three senior officials. Kobe Steel Executive Vice President Naoto Umehara attends a news conference in Tokyo, Japan December 21, 2017. REUTERS/Kim Kyung-Hoon Japans No.3 steelmaker, which supplies the manufacturers of cars, planes and trains across the world, has said about 500 customers had received products with falsified specifications, throwing global supply chains into turmoil. Outside investigators appointed by Kobe to look into the malpractice have found that senior officials in the companys copper and aluminium business knew of some of the cheating. Based on this information, as of today, we have reassigned these three executives, the company said, adding it would decide on any punishments after the probe was completed. Kobe also said the investigation would be completed by around the end of February, two months later than expected. Slideshow (5 Images) The 112-year-old company has had Japanese government-sanctioned seals of quality revoked on many of its products and is also the subject of a U.S. Justice Department inquiry. No safety issues have so far been identified from the data cheating, which mainly involves falsely certifying the strength and durability of products. CEO Hiroya Kawasaki said in November that his ultimate management responsibility will be decided after the outside investigators complete their report on the case. A series of compliance failings by Japanese companies have surfaced in the past few months. Scandals have involved Nissan Motor ( 7201.T ) as well as Mitsubishi Materials Corp ( 5711.T ) and Toray Industries ( 3402.T ) - key suppliers of products to global manufacturers. Reporting by Osamu Tsukimori and Ritsuko Ando; Writing by Aaron Sheldrick; Editing by Himani Sarkar'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-kobe-steel-scandal-moves/kobe-steel-says-senior-executives-knew-about-data-tampering-idUKKBN1EF10T'|'2017-12-21T11:38:00.000+02:00'|9320.0|''|-1.0|'' @@ -9355,13 +9355,13 @@ 9353|'3245a52d821583f94dbe475149a0c2d77454a4d9'|'Renova sells its stake in Russian gold miner Petropavlovsk'|'MOSCOW (Reuters) - Russian billionaire Viktor Vekselbergs Renova Group has sold its stake in Russian gold producer Petropavlovsk, Renova spokesman Andrey Shtorkh told Reuters on Wednesday.The deal is closed, we are not disclosing the details, Shtorkh said. He declined to disclose the price of the deal and the buyer of the stake.Reporting by Polina Devitt; Editing by Andrew Osborn '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-russia-petropavlovsk-renova/renova-sells-its-stake-in-russian-gold-miner-petropavlovsk-idUSKBN1EL188'|'2017-12-27T23:34:00.000+02:00'|9353.0|''|-1.0|'' 9354|'2c277b623b9803e4474897297de3b0eefab92b3e'|'Gold inches lower as dollar holds firm on U.S. tax bill hopes'|'December 18, 2017 / 4:35 AM / Updated an hour ago Gold inches lower as dollar holds firm on U.S. tax bill hopes Apeksha Nair 2 Min Read (Reuters) - Gold prices edged lower on Monday, pressured by firmer equities and a buoyant dollar after a bill to overhaul the tax system in the United States moved a step closer to ratification. Gold bars are seen at the Kazakhstan''s National Bank vault in Almaty, Kazakhstan, September 30, 2016. REUTERS/Mariya Gordeyeva/File Photo Spot gold was down about 0.1 percent at $1,254.40 an ounce at 0346 GMT. U.S. gold futures were little changed at $1,257.70 an ounce. The dollar held modest gains on Monday, having received a lift after top U.S. Republicans said they expected Congress to pass a tax code overhaul this week. A Senate vote could come as early as Tuesday and President Donald Trump aims to sign the bill before the week is out. I think we have the last bearish news, which is the tax reform, and that is negative for gold so we expect gold to stay pretty depressed, said Richard Xu, a fund manager at Chinas biggest gold exchange-traded fund, HuaAn Gold. The U.S. tax bill, which would cut taxes for businesses and the rich while offering everyday Americans a mixed bag of changes, has helped drive the surge in equity markets this year. Asian shares gained on Monday, pulled higher by Wall Street, which hit record highs on expectations U.S. lawmakers will pass the long-awaited bill. Expectations that tax cuts would spur economic growth and prompt faster interest rate rises in the United States have boosted the dollar and weighed on gold. Spot gold faces a resistance at $1,262 per ounce and may hover below this level or retrace to a support at $1,239, Reuters technicals analyst Wang Tao said. Hedge funds and money managers cut their net long positions in COMEX gold contracts in the week to Dec. 12, while they switched to a net short stance in silver for the first time in five months, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. In other precious metals, silver and palladium were nearly unchanged at $16.04 per ounce and $1,022.95 per ounce, respectively. Platinum was 0.3 percent lower at $890.50 an ounce, after earlier touching its best since Dec. 8 at $896.80. Reporting by Apeksha Nair in Bengaluru; Editing by Joseph Radford and Tom Hogue'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-precious/gold-inches-lower-as-dollar-holds-firm-on-u-s-tax-bill-hopes-idINKBN1EC0CG'|'2017-12-18T06:35:00.000+02:00'|9354.0|''|-1.0|'' 9355|'92edd1cd4658f81abc3cc8f4e92d343c7d9f3bab'|'UK grocery inflation hits highest level since 2013 - Kantar Worldpanel'|'December 12, 2017 / 8:21 AM / Updated 7 hours ago UK grocery inflation hits highest level since 2013 - Kantar Worldpanel James Davey 2 British grocery inflation hit its highest level since 2013 over the last quarter, led by price rises in products such as butter, fish and fresh pork, industry data showed on Tuesday. FILE PHOTO: A woman shops in a supermarket in London, Britain April 11, 2017. REUTERS/Neil Hall/File Photo Grocery inflation was 3.6 percent in the 12 weeks to Dec. 3, up from 3.4 percent in its November report, market researcher Kantar Worldpanel said. Prices were falling in only a few categories, such as fresh poultry and crisps, it said. We expect inflation will peak in this period or the next and will drop next year once the (lagged) FX impact starts to fall away, Bernstein analyst Bruno Monteyne said. Official data on Tuesday showed overall British inflation rose to its highest level in nearly six years in November, tightening the post-Brexit vote squeeze on households whose spending is the main driver of the countrys economy. Kantar said overall supermarket sales increased in value by 3.1 percent year on year over the 12 weeks to Dec. 3 - below the rate of inflation. It said Tesco was the best performer with a sales rise of 2.5 percent. Sainsburys, Morrisons and Asda had growth of 2.0 percent, 1.4 percent and 1.2 percent respectively. Shares in Tesco were up 0.5 percent at 0938 GMT, Sainsburys was down 2.7 percent and Morrisons was down 2.9 percent. All of the big four grocers continued to lose market share to German discounters, who are continuing to expand aggressively. Aldis sales increased 15.1 percent, as it reclaimed the crown as Britains fastest growing grocer. Lidls sales increased 14.5 percent. Kantar noted that online grocery sales growth slowed considerably to 2.8 percent, though specialist Ocado outperformed the market with growth of 5.2 percent. Kantar forecast that over Friday Dec. 22 and Saturday Dec. 23 UK shoppers would spend 1.5 billion pounds ($2.0 billion). Last week research group IGD forecast the UK grocery market would grow 2.6 percent to 22.2 billion pounds over the entire festive period. Reporting by James Davey; editing by Paul Sandle and Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-grocers-kantar/uk-grocery-inflation-hits-highest-level-since-2013-kantar-worldpanel-idUKKBN1E60RK'|'2017-12-12T10:26:00.000+02:00'|9355.0|''|-1.0|'' -9356|'d5e95de285087d723b939ca997dd538b19ecb8ad'|'GRAPHIC-India challenges China as world''s biggest LPG importer'|'December 27, 2017 / 5:31 AM / in 8 minutes GRAPHIC-India challenges China as world''s biggest LPG importer Reuters Staff * Indias Dec. LPG imports top Chinas for first time * China still biggest LPG importer over all of 2017 * U.S. grows LPG sales to India from small base By Henning Gloystein SINGAPORE, Dec 27 (Reuters) - India is set to surpass China as the biggest importer of liquefied petroleum gas (LPG) this month as a drive to replace wood and animal dung fires for cooking boosts consumption. Shipping data in Thomson Reuters Eikon shows LPG shipments to India will reach 2.4 million tonnes in December, pushing it ahead of top importer China, on 2.3 million tonnes, for the first time. Indias LPG purchases have surged from just 1 million tonnes a month in early 2015 on the back of a government programme to bring energy to millions of poor households relying on open fires. The growth in India is amazing. The fact that they have grown from 140 million subsidized household connections in 2015 to 181 million now is very impressive, Ted Young, chief financial officer at Dorian LPG told Reuters. With a fleet of 22 tankers, U.S.-based Dorian is one of the worlds biggest LPG shippers. LPG, a mixture of propane and butane, is used for cooking and transport, as well as in the petrochemical industry. The global market is similar in size to liquefied natural gas (LNG), at around 300 million tonnes traded a year, although both are dwarfed by the market for crude oil, which stands at well over 4 billion tonnes a year. Indias average monthly imports in 2017 of about 1.7 million tonnes are well still behind Chinas 2.2 million tonnes, but it has jumped ahead of third-placed Japan on about 1 million tonnes. Dorian LPG expects plenty of upside for Indian LPG imports due to rising use in cars following an Indian tax on gasoline, the company said in a presentation this month. China, India and Japan together make up about 45 percent of global LPG purchases. NEW SUPPLIER: USA Indias biggest supplier by a large margin is the Middle East, which has so far enjoyed a virtual supply monopoly. However, a surge in U.S. shale drilling, which yields LPG as a byproduct of crude oil and natural gas output, means American LPG exports have started to appear in India. Eikon data shows the first regular U.S. LPG shipments to India began at the start of 2017 at around 50,000 tonnes to 100,000 tonnes a month, rising to more than 200,000 tonnes in December. While that is just a tenth of Middle Eastern shipments, U.S. LPG is becoming increasingly price competitive. Propane at the Texan Mont Belvieu hub PRO-USG costs $99 cents per gallon ($516 per tonne), excluding freight. The current Saudi contract price is $590 a tonne, excluding shipping. U.S. suppliers have already made big inroads in Japan, currently meeting half of all demand. Reporting by Henning Gloystein; editing by Richard Pullin'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/india-lpg/graphic-india-challenges-china-as-worlds-biggest-lpg-importer-idUSL8N1OQ04Z'|'2017-12-27T07:28:00.000+02:00'|9356.0|''|-1.0|'' +9356|'d5e95de285087d723b939ca997dd538b19ecb8ad'|'GRAPHIC-India challenges China as world''s biggest LPG importer'|'December 27, 2017 / 5:31 AM / in 8 minutes GRAPHIC-India challenges China as world''s biggest LPG importer Reuters Staff * Indias Dec. LPG imports top Chinas for first time * China still biggest LPG importer over all of 2017 * U.S. grows LPG sales to India from small base By Henning Gloystein SINGAPORE, Dec 27 (Reuters) - India is set to surpass China as the biggest importer of liquefied petroleum gas (LPG) this month as a drive to replace wood and animal dung fires for cooking boosts consumption. Shipping data in Thomson Reuters Eikon shows LPG shipments to India will reach 2.4 million tonnes in December, pushing it ahead of top importer China, on 2.3 million tonnes, for the first time. Indias LPG purchases have surged from just 1 million tonnes a month in early 2015 on the back of a government programme to bring energy to millions of poor households relying on open fires. The growth in India is amazing. The fact that they have grown from 140 million subsidized household connections in 2015 to 181 million now is very impressive, Ted Young, chief financial officer at Dorian LPG told Reuters. With a fleet of 22 tankers, U.S.-based Dorian is one of the worlds biggest LPG shippers. LPG, a mixture of propane and butane, is used for cooking and transport, as well as in the petrochemical industry. The global market is similar in size to liquefied natural gas (LNG), at around 300 million tonnes traded a year, although both are dwarfed by the market for crude oil, which stands at well over 4 billion tonnes a year. Indias average monthly imports in 2017 of about 1.7 million tonnes are well still behind Chinas 2.2 million tonnes, but it has jumped ahead of third-placed Japan on about 1 million tonnes. Dorian LPG expects plenty of upside for Indian LPG imports due to rising use in cars following an Indian tax on gasoline, the company said in a presentation this month. China, India and Japan together make up about 45 percent of global LPG purchases. NEW SUPPLIER: USA Indias biggest supplier by a large margin is the Middle East, which has so far enjoyed a virtual supply monopoly. However, a surge in U.S. shale drilling, which yields LPG as a byproduct of crude oil and natural gas output, means American LPG exports have started to appear in India. Eikon data shows the first regular U.S. LPG shipments to India began at the start of 2017 at around 50,000 tonnes to 100,000 tonnes a month, rising to more than 200,000 tonnes in December. While that is just a tenth of Middle Eastern shipments, U.S. LPG is becoming increasingly price competitive. Propane at the Texan Mont Belvieu hub PRO-USG costs $99 cents per gallon ($516 per tonne), excluding freight. The current Saudi contract price is $590 a tonne, excluding shipping. U.S. suppliers have already made big inroads in Japan, currently meeting half of all demand. Reporting by Henning Gloystein; editing by Richard Pullin'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/india-lpg/graphic-india-challenges-china-as-worlds-biggest-lpg-importer-idUSL8N1OQ04Z'|'2017-12-27T07:28:00.000+02:00'|9356.0|18.0|0.0|'' 9357|'9fee6f95496f03d56640f9fa45119bc14513fef7'|'India November inflation likely exceeded RBI''s 4 percent target: Reuters Poll'|'BENGALURU (Reuters) - Indias retail inflation likely breached the central banks 4.0 percent medium-term target in November after unseasonably heavy rains sent food prices soaring, a Reuters poll showed.A vendor arranges vegetable at his stall in a market in Mumbai, November 13, 2017. REUTERS/Shailesh Andrade/Files In the poll of more than 30 economists, annual consumer inflation, due to be released on Dec. 12 at 1200 GMT, was seen surging to a 13-month high of 4.20 percent in November from Octobers 3.58 percent.The higher inflation rate is unlikely to push the Reserve Bank of India (RBI) to change its key rate any time soon, economists in the poll said.Novembers heavy rains created lots of damage for perishable fruit and vegetable crops, said Rupa Rege Nitsure, group chief economist at Larsen & Toubro. We have seen that translated into price rises for onions, tomatoes and other perishable commodities.Increased house rent allowances for government employees and rising crude oil prices added to inflationary pressures alongside higher raw material costs due to the Goods and Services Tax (GST) rollout, she said.Wholesale prices are expected to have risen 3.78 percent last month from a year earlier, compared to a 3.59 percent rise in October.NEUTRAL STANCE At its Dec. 6 policy meeting, the central bank raised its inflation projection by 10 basis points to between 4.3 and 4.7 percent for the six months ending in March. It kept interest rates steady and stressed a neutral policy stance.The RBI cut rates by 200 basis points from January 2015 until August this year while food and energy prices were down. It is likely to keep them unchanged through the end of 2018, according to a separate Reuters poll.Interest rates will remain stable for some time before they (the RBI) start hiking them because industrial growth is still weak, Nitsure said. Recovery is happening in a few sectors but it has not spread to all sectors and private investment sentiment also remains low.Industrial output growth eased to 3.0 percent in October from Septembers 3.8 percent, as demand continued to suffer from disruption caused by the new national sales tax as well as last years currency clampdown that wiped out over 85 percent of the cash in circulation.But halting a five-quarter slide, Indias economic growth rebounded in the three months ending in September with businesses starting to overcome troubles from implementation of the new tax.We still have some output gap but its not as bad as it used to be a couple of quarters back. It will not make any sense for the RBI to just react to the (inflation) number. They also have to look at other factors, said Arun Singh, lead economist at Dun & Bradstreet India in Mumbai.The poll also showed Indias trade deficit likely narrowed to $13.75 billion last month from Octobers near three-year high of $14.02 billion.Polling by Shaloo Shrivastava and Khushboo Mittal; Editing by Richard BorsukOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-economy-inflation/india-november-inflation-likely-exceeded-rbis-4-percent-target-reuters-poll-idINKBN1E50CQ'|'2017-12-11T07:57:00.000+02:00'|9357.0|''|-1.0|'' 9358|'09b30a7bed1b01a749cddab8ddc94399a99f6a50'|'Uber names ex-Orbitz executive as COO'|'December 20, 2017 / 5:09 PM / Updated 5 minutes ago Uber names ex-Orbitz executive as COO Reuters Staff 1 Min Read (Reuters) - Uber Technologies Inc [UBER.UL] on Wednesday named a former Orbitz executive to be chief operating officer as the ride-sharing service looks to fill key positions to help take the company public. Barney Harford. Courtesy Uber/Trevor Knight It is Chief Executive Officer Dara Khosrowshahis second significant hire after general counsel Tony West. Khosrowshahi, who replaced co-founder Travis Kalanick in August, has been critical of past practices and vowed to usher in a new era for the firm. Key posts that are still vacant include chief financial officer and head of engineering. Barney Harford, who was CEO of travel website Orbitz Worldwide Inc, will join Uber on Jan. 2. Uber needs to beef up its management team as it struggles to confront allegations of sexual harassment, data privacy violations and a criminal investigation over alleged trade-secrets theft. It also needs to bolster its security team after five managers left over the companys handling of a massive 2016 data breach. Reporting by Heather Somerville in San Francisco and Aishwarya Venugopal in Bengaluru; Editing by Jim Finkle and Jeffrey Benkoe'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-uber-coo/uber-names-ex-orbitz-executive-as-coo-idUKKBN1EE28Z'|'2017-12-20T19:04:00.000+02:00'|9358.0|''|-1.0|'' 9359|'8cbb0d5eaaf258de2bffa4566b148e12a174f2ce'|'Perrigo preparing non-binding bid for Merck KgaA''s consumer health unit -sources'|'December 14, 2017 / 5:41 PM / in 14 minutes Perrigo preparing non-binding bid for Merck KgaA''s consumer health unit -sources Pamela Barbaglia , Ludwig Burger 1 Min Read LONDON/FRANKFURT, Dec 14 (Reuters) - U.S. drugmaker Perrigo has decided to enter the fray for Merck KgaAs consumer health unit, sources told Reuters on Thursday, and is preparing an indicative offer for the $4.7 billion business ahead of the Dec. 15 deadline. Perrigo is expected to face competition from Swiss food giant Nestle and the private equity owners of German drug firm Stada, which are also lining up non-binding offers for the unit, the sources said. Mercks financial adviser JPMorgan wants to shortlist bidders for the business, which makes Seven Seas vitamins and Bion nutritional supplements, before the end of the year, they said. Perrigo and Merck declined to comment. ($1 = 0.8492 euros) (Reporting By Pamela Barbaglia, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/merck-ma-perrigo-company/perrigo-preparing-non-binding-bid-for-merck-kgaas-consumer-health-unit-sources-idUSL8N1OE6SN'|'2017-12-14T19:40:00.000+02:00'|9359.0|''|-1.0|'' 9360|'2e045801c51a92541cf4e51f66d2785304f2481c'|'South Korean cryptocurrency exchange to file for bankruptcy after hacking'|' 46 AM / a few seconds ago South Korean cryptocurrency exchange to file for bankruptcy after hacking Reuters Staff 2 Min Read SEOUL (Reuters) - A South Korean cryptocurrency exchange said on Tuesday it is shutting down and is filing for bankruptcy after it was hacked for the second time this year, highlighting concerns about security as trade in bitcoin and other virtual currencies boom. Broken representations of the Bitcoin virtual currency, placed on a monitor that displays binary digits, are seen in this illustration picture, December 8, 2017. Picture taken December 8. REUTERS/Dado Ruvic/Illustration The exchange, called Youbit, had been hacked once before in April when nearly 4,000 bitcoins were stolen in a cyber attack that the countrys spy agency linked to North Korea, according to a South Korean newspaper report on Saturday. Youbit announced on its website that it had been hacked at 4:35am local time on Tuesday, causing a loss worth 17 percent of its total assets. It did not elaborate on the amount, but said all customers cryptocurrency assets will be marked down to 75 percent of its value, adding it has stopped trading and will work to minimize customer losses. Youbit is a smaller player in South Koreas cryptocurrency market, with the worlds busiest cryptocurrency exchange Bithumb accounting for about 70 percent of the countrys market share. An official at Korea Internet & Security Agency (KISA), the state agency that responds to cyberattacks, said the police and KISA officials were starting an investigation into the hacking. Bitcoin exchanges and wallets have a history of being targeted, and security experts say they become more vulnerable to cyber-crime as valuations rise. Bitcoin traded near record high at $18,759.67 on the Luxembourg-based Bitstamp exchange as of 0703 GMT. Reporting by Joyce Lee; Additional reporting by Heekyong Yang; Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-bitcoin-exchange-southkorea/south-korean-cryptocurrency-exchange-to-file-for-bankruptcy-after-hacking-idUKKBN1ED0NJ'|'2017-12-19T09:29:00.000+02:00'|9360.0|''|-1.0|'' 9361|'49f1e4853f0e065636641e659915bc521624c9cb'|'Oil markets little changed on lack of price drivers'|'December 18, 2017 / 1:24 AM / Updated 4 minutes ago Oil rises on North Sea pipeline outage, lower U.S. rig count Henning Gloystein 3 Min Read SINGAPORE (Reuters) - Oil prices rose on Monday amid an ongoing North Sea pipeline outage and signs that booming U.S. crude output growth may be slowing, although the 2018 outlook points to ample supply despite production cuts led by OPEC. FILE PHOTO: A worker checks the valve of an oil pipe at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. REUTERS/Essam Al-Sudani/File Photo U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $57.67 a barrel at 0749 GMT, up 37 cents, or 0.65 percent, from their last settlement. Brent crude futures LCOc1, the international benchmark for oil prices, were at $63.67 a barrel, up 44 cents, or 0.7 percent, from their last close. Traders said the slightly higher prices came on the back of the North Sea Forties pipeline system outage, which provides crude that underpins the Brent benchmark, as well as indicators that U.S. oil production growth may be slowing. North Sea operator Ineos declared force majeure on all oil and gas shipments through its Forties pipeline system last week after cracks were found. The force majeure ... is acting as a major prop for crude, said Sukrit Vijayakar, director of energy consultancy Trifecta. In the United States, energy companies cut rigs drilling for new production for the first time in six weeks, to 747, in the week ended Dec. 15, energy services firm Baker Hughes said on Friday. Despite this dip in drilling, activity is still well above this time last year, when the rig count was below 500, and actual U.S. production C-OUT-T-EIA has soared by 16 percent since mid-2016 to 9.8 million barrels per day (bpd). This means U.S. output is fast approaching that of top producers Saudi Arabia and Russia, which are pumping 10 million bpd and 11 million bpd respectively. The rising U.S. output also undermines efforts by the Organization of the Petroleum Exporting Countries (OPEC), which is de facto led by Saudi Arabia, and a group of non-OPEC producers including Russia to withhold production to tighten the market and prop up prices. Largely because of rising shale output from the United States, the International Energy Agency (IEA) said global oil markets would show a slight supply surplus of around 200,000 bpd during the first half of 2018. Data from the U.S. Energy Information Administration (EIA) showed a similar surplus for that period and still indicates a supply overhang of 167,000 bpd for all of 2018. Reporting by Henning Gloystein; Editing by Joseph Radford and Sherry Jacob-Phillips'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil/oil-markets-little-changed-on-lack-of-price-drivers-idUKKBN1EC03J'|'2017-12-18T03:28:00.000+02:00'|9361.0|''|-1.0|'' -9362|'546f464db91eeca6bd31cc679727dd52e562e42e'|'Shareholder in Brazil''s Oi requests Aurelius be barred from debt restructuring'|'BRASILIA (Reuters) - Societe Mondiale, a shareholder in Brazilian telecoms company Oi SA ( OIBR4.SA ) affiliated with Brazilian investor Nelson Tanure, filed a complaint with the nations telecoms regulator on Friday seeking to limit the actions of a key bondholder.In the complaint, seen by Reuters, Societe Mondiale asks the competition unit of telecoms regulator Anatel to prohibit the company from signing any contract or engaging in negotiations that may give legal substance to a deal implying transfer of control to any fund related to Aurelius Capital Management LP.The move represents the first attempt by Ois board to regain power after a judge on Wednesday effectively removed it from ongoing negotiations to restructure the carriers debt.Representatives for Anatel and Aurelius did not immediately respond to requests for comment.Oi, which filed for bankruptcy protection a year and a half ago, is riven by divisions between creditors, the board, and management.Aurelius is spearheading a group of creditors known as the International Bondholders Committee, which is in turn part of an alliance of funds and banks holding about 22 billion reais ($6.75 billion) on Ois debt.Those bondholders have been working for several weeks with Ois management to bang out a restructuring accord that would take the carrier out of bankruptcy protection.However, the board of the company - over which Tanure holds sway - has held firm against bondholder proposals, and has promoted a plan that would be more favorable to equity holders.In the complaint, Societe Mondiale says that under the restructuring proposal pushed by bondholders, Aurelius would become a co-controller of Oi. The complaint also says that Aurelius holds almost 17 percent of competing telecoms operator Nextel Communications Inc through intermediaries.According to the complaint, Aurelius - due to its indirect stake in Nextel - would break Brazilian anti-trust rules if its debt restructuring proposal for Oi were to go into effect.On Wednesday, the judge overseeing the Oi bankruptcy case gave Chief Executive Eurico Teles power to draft the restructuring plan and submit it to the bankruptcy court without board approval, effectively removing power from the Tanure-led body.Reporting by Leonardo Goy; additional reporting by Gram Slattery in Sao Paulo; Editing by Susan Thomas '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-oi-sa-restructuring/shareholder-in-brazils-oi-requests-aurelius-be-barred-from-debt-restructuring-idINKBN1DV5YX'|'2017-12-01T18:15:00.000+02:00'|9362.0|''|-1.0|'' +9362|'546f464db91eeca6bd31cc679727dd52e562e42e'|'Shareholder in Brazil''s Oi requests Aurelius be barred from debt restructuring'|'BRASILIA (Reuters) - Societe Mondiale, a shareholder in Brazilian telecoms company Oi SA ( OIBR4.SA ) affiliated with Brazilian investor Nelson Tanure, filed a complaint with the nations telecoms regulator on Friday seeking to limit the actions of a key bondholder.In the complaint, seen by Reuters, Societe Mondiale asks the competition unit of telecoms regulator Anatel to prohibit the company from signing any contract or engaging in negotiations that may give legal substance to a deal implying transfer of control to any fund related to Aurelius Capital Management LP.The move represents the first attempt by Ois board to regain power after a judge on Wednesday effectively removed it from ongoing negotiations to restructure the carriers debt.Representatives for Anatel and Aurelius did not immediately respond to requests for comment.Oi, which filed for bankruptcy protection a year and a half ago, is riven by divisions between creditors, the board, and management.Aurelius is spearheading a group of creditors known as the International Bondholders Committee, which is in turn part of an alliance of funds and banks holding about 22 billion reais ($6.75 billion) on Ois debt.Those bondholders have been working for several weeks with Ois management to bang out a restructuring accord that would take the carrier out of bankruptcy protection.However, the board of the company - over which Tanure holds sway - has held firm against bondholder proposals, and has promoted a plan that would be more favorable to equity holders.In the complaint, Societe Mondiale says that under the restructuring proposal pushed by bondholders, Aurelius would become a co-controller of Oi. The complaint also says that Aurelius holds almost 17 percent of competing telecoms operator Nextel Communications Inc through intermediaries.According to the complaint, Aurelius - due to its indirect stake in Nextel - would break Brazilian anti-trust rules if its debt restructuring proposal for Oi were to go into effect.On Wednesday, the judge overseeing the Oi bankruptcy case gave Chief Executive Eurico Teles power to draft the restructuring plan and submit it to the bankruptcy court without board approval, effectively removing power from the Tanure-led body.Reporting by Leonardo Goy; additional reporting by Gram Slattery in Sao Paulo; Editing by Susan Thomas '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-oi-sa-restructuring/shareholder-in-brazils-oi-requests-aurelius-be-barred-from-debt-restructuring-idINKBN1DV5YX'|'2017-12-01T18:15:00.000+02:00'|9362.0|23.0|0.0|'' 9363|'5c77a8d0dd76b196e00512ee551f2f4aec504c9c'|'Hong Kong activist fund tells Toshiba chip unit sale to Bain group not necessary'|'TOKYO, Dec 11 (Reuters) - A Hong Kong-based activist investor in Toshiba Corp has told the embattled conglomerate that the $18 billion sale of its chip unit sale to a Bain Capital-led group is no longer necessary after its recent capital injection, according to a letter seen by Reuters.Argyle Street Management Ltd, a hedge fund with $1.2 billion under management, sent the letter to Toshibas board late on Monday, the funds chief investment officer, Kin Chan, told Reuters. The fund declined to say how many Toshiba shares it owns.The first activist shareholder to openly voice opposition to the sale, Argyle is inviting the 30-plus overseas investors who participated in Toshibas recent 600 billion yen ($5.3 billion)new share issue to team up and is already in talks with at least three funds who share the same view, Chan said.Toshiba agreed to sell Toshiba Memory - the worlds no. 2 producer of NAND chips - to the Bain consortium to cover billions of dollars in liabilities arising from its now bankrupt U.S. nuclear power unit Westinghouse.In order to ensure its listing status, however, Toshiba also secured a $5.4 billion cash injection from overseas funds this month, which with tax write-offs gives it sufficient funds to maintain its listing status.Argyle said it believes there no longer is any urgency to undertake a sale of Toshiba Memory, it said in a draft of the letter which was seen by Reuters. The letter proposed a meeting with Toshibas board in either December or January.The $18 billion price tag for the chip unit significantly undervalues the business, the letter said, adding that the board should consider instead an IPO for Toshiba Memory. ($1 = 113.4400 yen) (Reporting by Taro Fuse and Makiko Yamazaki; Editing by Edwina Gibbs) '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/toshiba-chips/hong-kong-activist-fund-tells-toshiba-chip-unit-sale-to-bain-group-not-necessary-idUSL3N1OB1ZQ'|'2017-12-11T17:46:00.000+02:00'|9363.0|''|-1.0|'' 9364|'6ef13efe6b58bcaaaf3d13bb15f3233098b9e183'|'Russia''s Rosneft, in U-turn, plans to bid for Alrosa''s gas assets'|'MOSCOW (Reuters) - Russias top oil producer Rosneft said it had asked the countrys competition watchdog for permission to bid for gas fields put up for sale by diamond miner Alrosa, a day after saying it was unlikely to take part in the auction.File Photo: The logo of Russia''s oil producer Rosneft is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. REUTERS/Sergei Karpukhin Rosneft has filed a request to FAS (the Federal Anti-Monopoly service) for the purchase of Alrosas gas assets, Rosneft spokesman Mikhail Leontyev said on Friday.The move represents a U-turn for Rosneft, which said on Thursday it was unlikely to participate. The company had said the conditions were not transparent enough and did not give potential buyers enough time to prepare their bids.The company did not explain the reason for the change of heart. Leontyev told Reuters the company still does not agree with the auctions conditions.Alrosa, the worlds largest producer of rough diamonds, plans to sell its gas assets in Russias Yamalo-Nenets region in an auction on Feb. 19 with a starting price of 30 billion rubles ($519 million).Any potential deal at the auction is subject to the Anti-Monopoly Services approval. The Anti-Monopoly Service said it had yet to receive any requests from Rosneft.Russia will mark New Year holidays from Jan. 1 to 8. Under the terms of the auction, a 21-billion-ruble deposit must be paid by Jan. 10.Rosneft has said that the number of remaining working days did not leave enough time to make a decision and submit the deposit.Russias top non-state gas producer Novatek has said it is interested in buying Alrosas gas fields. The Finance Ministry has said that seven bidders were expected to take part in the auction.Reporting by Vladimir Soldatkin and Andrey Kuzmin; writing by Polina Devitt; editing by Gabrielle Ttrault-Farber and Adrian Croft '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-russia-alrosa-rosneft-oil-assets/russias-rosneft-to-bid-for-alrosas-gas-fields-idINKBN1EN16E'|'2017-12-29T11:09:00.000+02:00'|9364.0|''|-1.0|'' 9365|'f8dfcee2d8bc89caa188517245a7d536a6fc0ebb'|'ITER nuclear fusion project faces delay over Trump budget cuts'|'December 6, 2017 / 3:58 PM / in 4 minutes ITER nuclear fusion project faces delay over Trump budget cuts Reuters Staff 3 Min Read PARIS (Reuters) - ITER, an international project to build a prototype nuclear fusion reactor in southern France, said it is facing delays if the Trump administration does not reconsider budget cuts. ITER Director-General Bernard Bigot, in Washington for talks with the U.S. administration, said the U.S. contribution had been cut from a planned $105 million (78.5 million) to $50 million this year and its 2018 contribution from a planned $120 million to $63 million. The United States has already spent about $1 billion on the prototype reactor and was scheduled to contribute up to another $1.5 billion through 2025, when the experimental fusion reactor is scheduled to run a first operational test. If we do not respect deadlines (for the first operational test) in the beginning, we cannot respect them in the end, Bigot told Reuters in a telephone interview. Bigot said that following a letter from French President Emmanuel Macron to President Donald Trump in August, Trump had asked his administration to reconsider the issue. We hope for a decision this weekend or this week, he said. The seven partners in the International Thermonuclear Experimental Reactor (ITER) - Europe, United States, China, India, Japan, Russia and South Korea - launched the project 10 years ago but it has experienced years of delays and budget overruns. It is now halfway towards the first test of its super-heated plasma by 2025 and first full-power fusion by 2035. Earlier this year, ITERs total budget was revised upwards from 18 to 22 billion euros ($21-26 billion). Unlike existing fission reactors, which produce energy by splitting atoms, ITER would generate power by combining atoms in a process similar to the nuclear fusion that produces the energy of the sun. ITER says fusion will not produce nuclear waste like fission and will be much safer to operate. But the challenges of replicating the suns fusion process on earth are enormous and critics say that it remains unclear whether the technology will work and can eventually be commercially viable. Reporting by Geert De Clercq. Editing by Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-nuclearpower-fusion-project/iter-nuclear-fusion-project-faces-delay-over-trump-budget-cuts-idUKKBN1E026J'|'2017-12-06T17:57:00.000+02:00'|9365.0|''|-1.0|'' @@ -9390,8 +9390,8 @@ 9388|'699892ad510d2d3036d4e46324414e9f73666593'|'Smaller cities drive China''s new home prices in November, defying curbs'|' 05 AM / in 40 minutes Smaller cities drive China''s new home prices in November, defying curbs Yawen Chen , Ryan Woo 4 Min Read BEIJING (Reuters) - Growth in Chinas new home prices sustained its momentum in November, with increases seen in provincial centres and smaller cities in a sign policymakers may need to step up curbs to rein in speculation in the property market. A night view of the old houses surrounded by new apartment buildings at Guangfuli neighbourhood in Shanghai, China, April 10, 2016. REUTERS/Aly Song/Files Chinas housing market boom has lasted more than two years, giving the economy a major boost but stirring fears of a property bubble, with the government taking stern measures to curtail speculative buying. Authorities have been particularly focused on curbing lending for speculation in the housing market in a broad effort to defuse financial risks from a rapid build-up in debt. Average new home prices in Chinas 70 major cities rose 0.3 percent in November from the previous month, in line with Octobers price gains, Reuters calculated from National Bureau of Statistics (NBS) data out on Monday. The majority of the 70 cities surveyed by the NBS still reported a monthly price increase for new homes. Fifty cities reported higher prices in November, unchanged from October, indicating broad strength in markets nationwide. I think the government would be quite frustrated about todays data as they wanted to see a bubble squeeze, not a growing bubble, said Iris Pang, a Hong Kong-based economist at ING. New home prices rose 5.1 percent year-on-year in November, down from Octobers 5.4 percent increase as the pace of growth slowed in the face of government efforts to engineer a soft landing in the housing market. Yan Yuejin, an analyst with Shanghai-based E-house China R&D Institute, said the widening gains may have to do with relaxed tightening policies at the local government level in November. Central bank data last week showed household loans, mostly mortgages, rose to 620.5 billion yuan ($93.89 billion) in November from 450.1 billion yuan in October, according to Reuters calculations. While monthly price rises peaked in September 2016 at 2.1 percent nationwide, they have softened only slowly, regaining momentum as buyers shrugged off each new measure to curb speculation. Prices for new private homes in top-tier cities fell another 0.1 percent in November, after a 0.1 percent decline in October, the NBS said in a note accompanying the data. In the southern boom town of Shenzhen, which borders Hong Kong, prices fell 0.2 percent after sliding 0.1 percent in October. They fell 3.1 percent from a year earlier. But as mega-cities like Beijing impose increasingly stringent measures, speculators have moved to smaller centres this year where authorities offer cheap credit and impose few restrictions in the hope of clearing a glut of unsold homes. While Pang expects more tightening from the policymakers, she sees the persistent price growth triggering a wider fear of missing out among buyers, prompting market participants to purchase properties in smaller cities, including their hometowns. If prices keep rising with such a heavy tightening in price, that will create a fear that if they do not buy now, they wont be able to afford a home later, she said. Property prices in Chinas Tier-2 cities, mostly sizable provincial capitals, recorded the strongest price growth in November. They rose 0.5 percent from a 0.3 percent increase in October, the NBS said. The smaller tier-3 cities rose 0.4 percent from a 0.3 percent gain in October. Urumqi, the Tier-2 capital of Chinas restive Xinjiang Uyghur Autonomous Region, recorded the biggest monthly price gains of 1.8 percent among the 70 major cities surveyed. A Reuters investigation this month also found mortgage fraud is rampant in China, as unqualified borrowers use fake documents to secure financing, while loans deceptively obtained for other purposes are funnelled into property. While data released last week showed property investment growth in November easing to its slowest since July 2016, property sales by floor area reached a five-month high and housing starts rebounded sharply. ($1 = 6.6088 Chinese yuan)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-economy-homeprices/smaller-cities-drive-chinas-new-home-prices-in-november-defying-curbs-idINKBN1EC0DA'|'2017-12-18T07:19:00.000+02:00'|9388.0|''|-1.0|'' 9389|'b307b193ca92c5b5471fa94320447184f2e07ca5'|'Court acquits three former Monte dei Paschi managers in derivatives case'|'December 7, 2017 / 5:54 PM / Updated 9 minutes ago Court acquits three former Monte dei Paschi managers in derivatives case Silvia Ognibene 3 Min Read FLORENCE, Italy (Reuters) - An Italian court on Thursday acquitted three former managers of Monte dei Paschi di Siena ( BMPS.MI ) of charges that they obstructed regulators and misled authorities over a 2009 derivatives trade that prosecutors said was used to conceal losses. FILE PHOTO - A man walks on a logo of the Monte Dei Paschi Di Siena bank in Rome, Italy September 24, 2013. REUTERS/Alessandro Bianchi/File Photo The appeals court in Florence, near the home town of Italys fourth-biggest bank, scrapped jail sentences handed down by a lower court for former chairman Giuseppe Mussari, ex-chief executive Antonio Vigni and one-time finance boss Gianluca Baldassari. The appeals court said the accused were acquitted because no crime had been committed. The previous court ruling had called for jail terms of three years and six months for each of the men for allegedly hiding a document relating to the transaction with Japanese bank Nomura. The three executives are still on trial in Milan in relation to that derivatives trade and other transactions for alleged market rigging, false accounting and obstruction of regulators. The three men have always denied any wrongdoing. In the Florence case, defence lawyers said regulators had access to all the necessary information to understand the scope of the derivatives operation. Prosecutors had argued that the executives had not disclosed to the Bank of Italy a key document which was later found in a safe by Vignis successor, Fabrizio Viola. Prosecutors have said that the document, a contract known as mandate agreement, was essential for supervisors to be able to understand the nature of the transaction. But the defence said another document, which the Bank of Italy did possess, contained all the necessary information. The key element was the discovery of the deed of amendment which has the same contents as the mandate agreement, Baldassarris lawyer Filippo Dinacci said last month, while the case was ongoing. Bank of Italy inspectors had it and the appeals court acquired it. Baldassarri, speaking after the verdict on Thursday, said: We did not obstruct regulators, its as if somebody had put an elephant in the living room and tried to convince guests it was a sofa. Thursdays verdict could lead to more criticism of the Bank of Italy, which has already come under fire together with market watchdog Consob in the wake of a string of bank failures over the past few years. This trial shows that with a more careful analysis, supervisors would have spotted the connections, said Alessio Villarosa, a member of the populist 5-Star Movement who sits on the parliamentary committee that is investigating recent banking crises. Reporting by Silvia Ognibene, writing by Isla Binnie and Valentina Za. Editing by Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-italy-banks-monte-dei-paschi-sentence/court-acquits-three-former-monte-dei-paschi-managers-in-derivatives-case-idUKKBN1E12L2'|'2017-12-07T19:52:00.000+02:00'|9389.0|''|-1.0|'' 9390|'cf48a54a85284b7e688fa888e2528fd08be2c211'|'Oil slips towards $62 in post-OPEC profit taking, US stocks in view'|'December 5, 2017 / 1:35 AM / Updated 22 minutes ago Oil slips towards $62 in post-OPEC profit taking, U.S. stocks in view Alex Lawler 3 Min Read LONDON (Reuters) - Oil slipped towards $62 a barrel on Tuesday as investors took profits in the wake of OPEC and other producers pact to extend output cuts, although an expected drop in U.S. crude inventories lent support. Oil pumpjacks are seen near Aneth, Utah, U.S., October 29, 2017. REUTERS/Andrew Cullen Crude also slipped on concerns that the OPEC-led producer groups Nov. 30 decision to prolong their supply-cutting deal through 2018 could bolster U.S. output, which climbed to nearly 9.5 million barrels per day in September. Brent crude , the global benchmark, was down 14 cents at $62.31 a barrel by 1218 GMT, declining for a second session. U.S. crude, known as West Texas Intermediate, was down 28 cents at $57.19. Oil prices are continuing to crumble, said Carsten Fritsch, analyst at Commerzbank. We attribute the price slide to profit taking by speculative investors, who were holding almost record-high net long positions ahead of OPECs meeting. The Organization of the Petroleum Exporting Countries, Russia and other non-OPEC producers last week extended the deal to cut output by 1.8 million barrels per day (bpd) until the end of 2018. OPEC and its allies are trying to get rid of excess oil in storage. They have made progress in this task and the latest U.S. inventory reports are likely to show a third straight weekly drop in crude stocks. [EIA/S] Analysts expect the reports from industry group American Petroleum Institute (API) and the governments Energy Information Administration (EIA) to show crude stocks fell by 3.5 million barrels. The API report is out at 2130 GMT on Tuesday, followed by the government supply report on Wednesday. OPEC has shown strong compliance with the supply cut pledge and in November output fell by 300,000 bpd to its lowest since May, according to a Reuters survey. However, rising U.S. oil production presents a headwind for OPECs efforts and data last week showed U.S. crude output rose to nearly 9.5 million bpd in September, approaching the high of 9.63 million bpd seen in 2015. U.S. output will play the most significant role on the supply front in 2018, said Tamas Varga of oil broker PVM. A jump above $60 in WTI could easily push U.S. production over the 10 million bpd mark, increasing the non-OPEC forecast and capping further attempts to push prices higher. Additional Reporting by Jane Chung; Editing by Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-oil/oil-prices-climb-on-expected-drop-in-u-s-crude-stocks-idUKKBN1DZ05D'|'2017-12-05T14:35:00.000+02:00'|9390.0|''|-1.0|'' -9391|'b7566b139a3334f5e4756301ff634a21a4e832d9'|'CANADA STOCKS-TSX ekes out gain as rally fades'|'December 19, 2017 / 9:09 PM / Updated 8 minutes ago CANADA STOCKS-TSX ekes out gain as rally fades Reuters Staff 1 Min Read TORONTO, Dec 19 (Reuters) - Canadas main stock index ended barely higher on Tuesday, with a broad rally petering out in afternoon trade as energy and utility stocks weighed while banks and industrials lent support and Great Canadian Gaming Corp surged on a contract win. The Toronto Stock Exchanges S&P/TSX composite index unofficially closed up 1.71 points, or 0.01 percent, at 16,133.35. Seven of its 10 main sectors rose, although decliners slightly outnumbered advancers overall. (Reporting by Alastair Sharp; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-close/canada-stocks-tsx-ekes-out-gain-as-rally-fades-idUSL1N1OJ1UU'|'2017-12-19T23:08:00.000+02:00'|9391.0|''|-1.0|'' -9392|'787c2ecd2ec17cb7056bd1e28d46d0af32361936'|'Iraq and Iran negotiating start date for Kirkuk oil exports -Luaibi'|'December 6, 2017 / 1:28 PM / Updated 7 hours ago Iraq and Iran negotiating start date for Kirkuk oil exports: Luaibi Reuters Staff 1 Min Read BADRA OILFIELD, Iraq (Reuters) - The head of Iraqs state oil marketer SOMO is currently holding talks in Iran to determine a start date for oil exports from Iraqs Kirkuk oilfields, Iraqi Oil Minister Jabar al-Luaibi said on Wednesday. An oil official told Reuters last week that some Kirkuk crude would be shipped in the near future by trucks to Irans Kermanshah refinery, at a rate of 30,000 barrels per day. Reporting by Ahmed Rasheed; Writing by Ahmed Aboulenein; Editing by Maher Chmaytelli'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-iran-iraq-oil/iraq-and-iran-negotiating-start-date-for-kirkuk-oil-exports-luaibi-idUSKBN1E01SK'|'2017-12-06T15:19:00.000+02:00'|9392.0|''|-1.0|'' +9391|'b7566b139a3334f5e4756301ff634a21a4e832d9'|'CANADA STOCKS-TSX ekes out gain as rally fades'|'December 19, 2017 / 9:09 PM / Updated 8 minutes ago CANADA STOCKS-TSX ekes out gain as rally fades Reuters Staff 1 Min Read TORONTO, Dec 19 (Reuters) - Canadas main stock index ended barely higher on Tuesday, with a broad rally petering out in afternoon trade as energy and utility stocks weighed while banks and industrials lent support and Great Canadian Gaming Corp surged on a contract win. The Toronto Stock Exchanges S&P/TSX composite index unofficially closed up 1.71 points, or 0.01 percent, at 16,133.35. Seven of its 10 main sectors rose, although decliners slightly outnumbered advancers overall. (Reporting by Alastair Sharp; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-close/canada-stocks-tsx-ekes-out-gain-as-rally-fades-idUSL1N1OJ1UU'|'2017-12-19T23:08:00.000+02:00'|9391.0|20.0|0.0|'' +9392|'787c2ecd2ec17cb7056bd1e28d46d0af32361936'|'Iraq and Iran negotiating start date for Kirkuk oil exports -Luaibi'|'December 6, 2017 / 1:28 PM / Updated 7 hours ago Iraq and Iran negotiating start date for Kirkuk oil exports: Luaibi Reuters Staff 1 Min Read BADRA OILFIELD, Iraq (Reuters) - The head of Iraqs state oil marketer SOMO is currently holding talks in Iran to determine a start date for oil exports from Iraqs Kirkuk oilfields, Iraqi Oil Minister Jabar al-Luaibi said on Wednesday. An oil official told Reuters last week that some Kirkuk crude would be shipped in the near future by trucks to Irans Kermanshah refinery, at a rate of 30,000 barrels per day. Reporting by Ahmed Rasheed; Writing by Ahmed Aboulenein; Editing by Maher Chmaytelli'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-iran-iraq-oil/iraq-and-iran-negotiating-start-date-for-kirkuk-oil-exports-luaibi-idUSKBN1E01SK'|'2017-12-06T15:19:00.000+02:00'|9392.0|20.0|0.0|'' 9393|'eaf5f89ef1e11cd956cfb1d8b6859f98d518a9de'|'Uber''s operating licence in UK city Cambridge extended for five years - report'|'December 18, 2017 / 2:59 PM / Updated an hour ago Uber''s operating licence in UK city Cambridge extended for five years - report Reuters Staff 1 Min Read LONDON (Reuters) - The university city of Cambridge extended Ubers operating licence for five years, Cambridge News reported on Monday, in a rare boost for the taxi app which is battling to keep its cars on the road in London. FILE PHOTO - A photo illustration shows the Uber app on a mobile telephone, as it is held up for a posed photograph, in London, Britain November 10, 2017. REUTERS/Simon Dawson/File Photo The Silicon Valley firms operating licence was due to expire on Dec. 20 in Cambridge, southern England. Reporting by Costas Pitas, editing by James Davey'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-uber-britain-cambridge/ubers-operating-licence-in-uk-city-cambridge-extended-for-five-years-report-idUKKBN1EC1VG'|'2017-12-18T16:58:00.000+02:00'|9393.0|''|-1.0|'' 9394|'231f98fa6b9622b4ac4756e4c32db41bc6eff773'|'Bitcoin slips below $14,000, down 30 percent from record peak'|'December 22, 2017 / 3:22 AM / Updated 11 minutes ago Bitcoin plunges below $12,000, heads for worst week since 2013 Jemima Kelly , Gertrude Chavez-Dreyfuss 5 Min Read NEW YORK/LONDON (Reuters) - Bitcoin plunged by a quarter to below $12,000 on Friday as investors dumped the cryptocurrency in manic trading after its blistering ascent to a peak close to $20,000 prompted warnings by experts of a bubble. It capped a brutal week that had been touted as a new era of mainstream trading for the volatile digital currency when bitcoin futures debuted on CME Group Inc, the worlds largest derivatives market on Sunday. Fridays steep fall bled into the U.S. stock market, where shares of companies that have recently lashed their fortunes to bitcoin or blockchain - its underlying technology - took a hard knock in early trading. The biggest and best-known cryptocurrency had seen a staggering twentyfold increase since the start of the year, climbing from less than $1,000 to as high as $19,666 on the Luxembourg-based Bitstamp exchange on Sunday and to over $20,000 on other exchanges. Bitcoin has fallen each day since, with losses accelerating on Friday. In the futures market, bitcoin one-month futures on Cboe Global Markets were halted due to the steep price drop, while those trading on the CME hit the limit down threshold. In the spot market, bitcoin fell to as low as $11,159, down more than 25 percent on the Luxembourg-based Bitstamp exchange, its largest one-day drop in nearly three years. For the week, it was down around a third - its worst performance since April 2013. After its parabolic-like rally, a crash was imminent and so it has proved, said Fawad Razaqzada, market analyst at Forex.com in London. Investors may have also been put off buying bitcoin at those elevated levels amid repeated warnings from experts about the way it had climbed near $20,000. A manic upward swing led by the herd will be followed by a downturn as the emotional sentiment changes, said Charles Hayter, founder and chief executive of industry website Cryptocompare in London. A lot of traders have been waiting for this large correction. With the end of the year in sight a lot of investors will be taking profits and saying thank you very much and closing their books for the holiday period, he added. FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/Illustration/File Photo Warnings about the risks of investing in the unregulated market have increased - Denmarks central bank governor called it a deadly gamble - and there have been worries about the security of exchanges on which cryptocurrencies are bought and sold. South Korean cryptocurrency exchange Youbit said on Tuesday it is shutting down and is filing for bankruptcy after it was hacked for the second time this year. Coinbase, a U.S. company that runs one of the biggest exchanges and provides digital wallets for storing bitcoins, said on Wednesday it would investigate accusations of insider trading, following a sharp increase in the price of a bitcoin spin-off hours before it announced support for it. CRYPTO-RIVALS A view of Ducatus cafe, the first cashless cafe that accepts cryptocurrencies such as Bitcoin, on their opening day in Singapore December 21, 2017. REUTERS/Edgar Su As rival cryptocurrencies slid along with bitcoin, the total estimated value of the crypto market fell to as low as $440 billion, according to industry website Coinmarketcap, having neared $650 billion just a day earlier. But other cryptocurrencies surged this week, with investors moving into cheaper digital coins, rather than cashing out of the sector. Ethereum, the second-biggest cryptocurrency by market size, soared to almost $900 earlier in the week, from around $500 a week earlier. Ripple, the third-biggest, has more than quadrupled in price since Monday. Stephen Innes, head of trading in Asia-Pacific for retail FX broker Oanda in Singapore, said that there have also been moves out of bitcoin into Bitcoin Cash, a clone of the original cryptocurrency. Oanda does not handle trading in bitcoin. Most of it is unsophisticated retail traders getting burned badly, Innes said on bitcoins recent retreat. While some say the launch by CME and its rival Cboe Global Markets of bitcoin futures over the last two weeks has given the digital currency some perceived legitimacy, many policymakers remain sceptical. Bitcoin is known to go through wild swings. In November, it tumbled almost 30 percent in four days from $7,888 to $5,555. In September, it fell 40 percent from $4,979 to $2,972. Reporting by Gertrude Chavez-Dreyfuss in New York and Jemima Kelly in London; Additional reporting by Shinichi Saoshiro in Tokyo; Editing by Keith Weir and Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-bitcoin/bitcoin-extends-losses-slips-below-14000-on-bitstamp-exchange-idINKBN1EG0A9'|'2017-12-22T07:34:00.000+02:00'|9394.0|''|-1.0|'' 9395|'b7d6da47d13dd4d3046e000c6da4bb387c3af742'|'BRIEF-TJX Recommends Shareholders Reject Mini-Tender Offer By TRC Capital'|' 36 PM / in 15 minutes BRIEF-TJX Recommends Shareholders Reject Mini-Tender Offer By TRC Capital TJX Companies Inc: * THE TJX COMPANIES INC RECOMMENDS SHAREHOLDERS REJECT MINI-TENDER OFFER BY TRC CAPITAL CORPORATION * RECEIVED NOTICE OF UNSOLICITED MINI-TENDER OFFER BY TRC CAPITAL TO BUY UPTO 2 MILLION SHARES OF COS COMMON STOCK AT $70.95 PER SHARE IN CASH Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-tjx-recommends-shareholders-reject/brief-tjx-recommends-shareholders-reject-mini-tender-offer-by-trc-capital-idUSFWN1OK0NQ'|'2017-12-20T20:35:00.000+02:00'|9395.0|''|-1.0|'' @@ -9415,22 +9415,22 @@ 9413|'f11a8fb5fb503312d15768d5cb33164413fd5603'|'South African regulator probes conduct of Steinhoff auditors'|'December 15, 2017 / 1:33 PM / Updated 9 minutes ago South African regulator probes conduct of Steinhoff auditors Reuters Staff 1 Min Read JOHANNESBURG (Reuters) - South Africas Independent Regulatory Board for Auditors (IRBA) is investigating Steinhoffs ( SNHG.DE ) auditor following the retail groups disclosure of accounting irregularities, it said on Friday. This entity (Steinhoff) is audited by Deloitte South Africa, who has confirmed that it will fully cooperate with the IRBA during the investigation, the bodys chief executive Bernard Agulhas in a statement. Reporting by Nqobile Dludla; Editing by James Macharia'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-steinhoff-intlnl-investigation/south-african-regulator-probes-conduct-of-steinhoff-auditors-idUSKBN1E91OW'|'2017-12-15T15:33:00.000+02:00'|9413.0|''|-1.0|'' 9414|'27b46f902ddfd4cf744ecd94b745765eec41a062'|'UPDATE 1-Cominar REIT to sell non-core assets for C$1.14 bln'|'December 18, 2017 / 1:13 PM / Updated 18 minutes ago Cominar REIT to sell non-core assets for C$1.14 billion Reuters Staff 1 Min Read (Reuters) - Cominar Real Estate Investment Trust ( CUF_u.TO ) said on Monday it would sell its non-core property assets to privately held Slate Acquisitions Inc for C$1.14 billion ($885.23 million) to reduce debt and focus on core assets. Cominar said it intends to sell another C$1 billion to C$1.5 billion worth of properties. The assets being sold to Slate include 97 properties located in the Greater Toronto Area, Atlantic provinces and in western Canada, the company said. Cominar said proceeds from the asset sale would be used to reduce debt by about C$875 million. The company had C$4.4 billion in debt as of Sept. 30. The deal is expected to close by the end of March, Cominar said. Reporting by John Benny and Anirban Paul in Bengaluru; Editing by Maju Samuel'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-cominar-divestiture/cominar-reit-to-sell-non-core-assets-for-c1-14-billion-idUSKBN1EC1M1'|'2017-12-18T15:50:00.000+02:00'|9414.0|''|-1.0|'' 9415|'f962e20e7d918afb5c35b29d1b02fdbe16c8a7fa'|'Japan, UK eye post-Brexit mutual recognition of trade standards'|'December 14, 2017 / 3:37 PM / Updated 6 hours ago Japan, UK eye post-Brexit mutual recognition of trade standards William James 4 Min Read LONDON (Reuters) - Japan and Britain said they hoped to achieve a swift deal on mutual recognition of each others standards for goods and services when Britain leaves the European Union. Britain''s Foreign Secretary Boris Johnson and Defence Secretary Gavin Williamson welcome Japan''s Defence Minister Itsunori Onodera and Foreign Minister Taro Kono at the National Maritime Museum in London, Britain December 14, 2017. REUTERS/Andrew Matthews/Pool Britain is looking to cement its relationship with Japan - whose firms have invested billions in the countrys auto and energy sectors - as it prepares to leave the EU in March 2019. Earlier this year, May visited Japan to reassure her counterpart Shinzo Abe and concerned investors that Brexit will not make it a less attractive business partner. Speaking at a meeting in London focused on foreign and defence policy, Japanese Foreign Minister Taro Kono said he wanted agreements with Britain on mutual recognition of standards and judicial support after Brexit. We have an agreement with the EU about those but with the coming Brexit I want to start preparing to make such agreements between Japan and the UK, Kono said through a translator. British Foreign Secretary Boris Johnson, speaking alongside Kono, said: Of course it is exactly right that we need to protract the economic partnership agreement between the EU and Japan and make it specific to the UK. But we believe in terms of mutual recognition, as Taro has just said, we believe that can be readily and speedily accomplished, Johnson said. When Britain leaves the worlds biggest trading bloc in 2019, it hopes to have a bespoke free trade deal with the EU and will have to renegotiate trade deals with the worlds biggest economies. During Mays visit to Japan in August, the two countries agreed to use an EU-Japan trade deal as the starting point for their new bilateral agreement. MUTUAL RECOGNITION A mutual recognition agreement, which would allow the two countries to accept each others rules as equivalent, would prevent the erection of technical barriers to cross-border trade. For example, this may mean there does not need to be separate goods testing processes in each country. Britain is the second most important destination for Japanese investment after the United States. Japanese companies including carmaker Nissan and conglomerate Hitachi have invested more than 40 billion pounds in Britain, and Japanese companies employ a total of 140,000 people in the country. The total value of traded goods between the UK and Japan is around 13 billion pounds per year. But Japan has been unusually outspoken about its concerns that Britains departure from the EU, which was decided by a national vote in 2016, could affect current and future Japanese investments in Britain. Asked about the governments handling of the Brexit process, Kono said he wanted it to be predictable and transparent. Britain, Johnson said, would remain the best place in this hemisphere for Japanese and other companies to invest after Brexit. Johnson also said that a rebellion in parliament on the legislation required to execute Brexit, which embarrassed May and complicated the legal exit process on Wednesday, would not stop Britains plans to leave the EU. Brexit is unstoppable, Johnson said. My view is it wont for one second stop Brexit or stop the Brexit process. ($1 = 112.6200 yen) ($1 = 0.7451 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-eu-japan-trade/japan-uk-eye-post-brexit-mutual-recognition-of-trade-standards-idUKKBN1E82AL'|'2017-12-14T19:40:00.000+02:00'|9415.0|''|-1.0|'' -9416|'6a26c493d3b0d8424ced21fb1e8044883601fc03'|'UK business insolvency risk rises as Brexit approaches - report'|'December 19, 2017 / 1:48 PM / Updated 6 hours ago UK business insolvency risk rises as Brexit approaches - report Reuters Staff 2 Min Read EDINBURGH (Reuters) - The number of British businesses facing the risk of insolvency grew over the course of 2017, insolvency and restructuring trade body R3 said on Tuesday. FILE PHOTO - A man peers into a closed down shop, next door to another shop holding a closing down sale, in central London February 27, 2013. Britain''s economy contracted by 0.3 percent in the last quarter of 2012 as first thought, keeping alive the danger of a third recession since 2008, although yearly growth was revised up, data showed on Wednesday. REUTERS/Andrew Winning The study, drawn from a database of 3.6 million companies using performance indicators including balance sheets and directors track records, showed the highest growth in risk in the technology sector. The figures come as British companies face rising inflation, exchange rate fluctuations and uncertainty, all exacerbated by protracted Brexit negotiations. R3 said a third of all the companies it studied were in its higher than average risk band in December, up from a quarter at the beginning of the year. It did not give details how the bands were calculated, or say how many firms were in each. The percentage of IT firms with a higher-than-average risk of insolvency rose to almost 39.8 percent in December from 33.5 in January. Higher levels were also seen in the transport and haulage, professional services and outsourcing sectors. Government data earlier this year showed the number of people registering as insolvent in England and Wales hit a five-year high in the third quarter. Debt charities and the Institute of Chartered Accounts in England and Wales (ICAEW) warned that the latest sharp increase indicated wider problems in Britains consumer-led economy. Reporting by Elisabeth O''Leary'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-economy-bankruptcy/uk-business-insolvency-risk-rises-as-brexit-approaches-report-idUKKBN1ED1OD'|'2017-12-19T15:58:00.000+02:00'|9416.0|''|-1.0|'' +9416|'6a26c493d3b0d8424ced21fb1e8044883601fc03'|'UK business insolvency risk rises as Brexit approaches - report'|'December 19, 2017 / 1:48 PM / Updated 6 hours ago UK business insolvency risk rises as Brexit approaches - report Reuters Staff 2 Min Read EDINBURGH (Reuters) - The number of British businesses facing the risk of insolvency grew over the course of 2017, insolvency and restructuring trade body R3 said on Tuesday. FILE PHOTO - A man peers into a closed down shop, next door to another shop holding a closing down sale, in central London February 27, 2013. Britain''s economy contracted by 0.3 percent in the last quarter of 2012 as first thought, keeping alive the danger of a third recession since 2008, although yearly growth was revised up, data showed on Wednesday. REUTERS/Andrew Winning The study, drawn from a database of 3.6 million companies using performance indicators including balance sheets and directors track records, showed the highest growth in risk in the technology sector. The figures come as British companies face rising inflation, exchange rate fluctuations and uncertainty, all exacerbated by protracted Brexit negotiations. R3 said a third of all the companies it studied were in its higher than average risk band in December, up from a quarter at the beginning of the year. It did not give details how the bands were calculated, or say how many firms were in each. The percentage of IT firms with a higher-than-average risk of insolvency rose to almost 39.8 percent in December from 33.5 in January. Higher levels were also seen in the transport and haulage, professional services and outsourcing sectors. Government data earlier this year showed the number of people registering as insolvent in England and Wales hit a five-year high in the third quarter. Debt charities and the Institute of Chartered Accounts in England and Wales (ICAEW) warned that the latest sharp increase indicated wider problems in Britains consumer-led economy. Reporting by Elisabeth O''Leary'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-economy-bankruptcy/uk-business-insolvency-risk-rises-as-brexit-approaches-report-idUKKBN1ED1OD'|'2017-12-19T15:58:00.000+02:00'|9416.0|19.0|0.0|'' 9417|'2f6c64bf9f42073dcd22d30b64ba6a04be7a92e2'|'Novartis generics arm says may sell or end some products'|'ZURICH (Reuters) - Swiss drugmaker Novartiss Sandoz generics business is in the process of selling or closing some products in the United States, it said on Wednesday.FILE PHOTO: Swiss drugmaker Novartis'' logo is seen at the company''s plant in the northern Swiss town of Stein, Switzerland October 23, 2017. REUTERS/Arnd Wiegmann In response to high price pressure, we are optimizing our U.S. portfolio. This includes the sale or discontinuation of certain non-core products and concentration of investment in strategic areas that will drive growth and improve access, it said in a statement in response to a report by the Swiss newspaper Handelszeitung.As we continue to refine our portfolio, it is clear that the U.S. market is a very important market for Sandoz and will continue to be in the future, it added.Reuters had reported last month that Novartis was working with Centerview to examine options for its dermatology business, including a possible sale, as it trims non-core assets. [nL8N1N889J]Reporting by Paul Arnold, Editing by Michael Shields '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-novartis-sandoz/novartis-generics-arm-says-may-sell-or-end-some-products-idUSKBN1E720A'|'2017-12-13T16:43:00.000+02:00'|9417.0|''|-1.0|'' 9418|'a216e3d537efe1228fd521daf3e34df7712b5ed1'|'Ineos starts testing UK''s Forties North Sea oil pipeline after repairs'|'December 25, 2017 / 9:56 AM / Updated 9 hours ago Ineos starts testing UK''s Forties North Sea oil pipeline after repairs Dmitry Zhdannikov 2 Min Read LONDON (Reuters) - Britains Forties oil and gas pipeline, one of the biggest in the North Sea, is being tested following repairs and full flows should resume in early January, its operator Ineos said on Monday. The closure of the pipeline since Dec. 11 has pushed oil prices above $65 a barrel in recent weeks, their highest level since mid-2015. Forties plays an important role in the global market as it is the biggest of the five North Sea crude streams underpinning Brent, a benchmark for oil trading in Europe, the Middle East, Africa and Asia. The repair of the pipeline ... is now mechanically complete and pressure testing is well under way, Ineos said in a statement. A small number of customers are now sending oil and gas through the pipeline at low rates as part of a coordinated plan that allows Ineos to carefully control the flow and pressure in the system. The system, which carries about 450,000 barrels per day of crude to Britain, along with a third of the countrys total offshore natural gas output, was shut down after a crack was found. Ineos said the oil and gas processing facility Kinneil should restart in the next 24 hours. Based on current estimates the company expects to bring the pipeline and Kinneil progressively back to normal rates early in the new year, Ineos said. Ineos was forced to declare force majeure on deliveries of Forties crude oil, natural gas and condensate, suspending its contractual obligations to customers by citing circumstances beyond its control. This is believed to be the first force majeure on a major North Sea production stream in decades. Ineos didnt say when it expected to lift the force majeure. Ineos, a privately-owned chemicals company based in Switzerland, bought the pipeline system from BP ( BP.L ) in late October. Reporting by Dmitry Zhdannikov; Editing by Gareth Jones'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-forties-oil/ineos-starts-testing-uks-forties-north-sea-oil-pipeline-after-repairs-idUKKBN1EJ0GC'|'2017-12-25T11:56:00.000+02:00'|9418.0|''|-1.0|'' 9419|'b46b62bd16efd0ea2a9e5c879f1c6c57a27e3723'|'PRESS DIGEST- Canada- Dec 29'|'Dec 29 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.THE GLOBE AND MAIL ** Financial Consumer Agency of Canada (FCAC) has revamped the timeline to deliver its findings, and now plans to issue a full report in the early months of the new year. tgam.ca/2CkvOs9** Transport Minister Marc Garneau has formally asked Air Canada to retrofit about 100 Airbus passenger planes to eliminate a loud whistling noise under the wings that has led to noise complaints from residents near Toronto, Montreal and Vancouver airports. tgam.ca/2ChXIHF** Shell Canada Ltd. says market conditions will dictate when it will make a final investment decision on a $40-billion joint venture to export liquefied natural gas from British Columbia. tgam.ca/2EcxswA** Investors Roland Keiper and Brian Chapman have sued Home Capital Group Inc and three of its former executives for C$2 million, alleging negligent behaviour, untimely disclosures and public misrepresentations. tgam.ca/2CiuKY5Compiled by Bengaluru newsroom '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/press-digest-canada/press-digest-canada-dec-29-idINL4N1OT39U'|'2017-12-29T08:44:00.000+02:00'|9419.0|''|-1.0|'' -9420|'8a4fc7be6ce88e5dc73f08b57390536506e3a9ea'|'Billabong gets about $150 million indicative takeover offer from Boardriders'|'(Reuters) - Sports apparel seller Billabong International Ltd ( BBG.AX ) confirmed on Friday it has received an indicative takeover proposal from Boardriders Inc, which values the company at about A$198 million ($150 million).U.S.-based Boardriders, formerly known as Quiksilver, prices it offer at A$1 cash for each Billabong share, a 28.2 percent premium to Billabongs Thursdays closing price.U.S. private equity firm Oaktree Capital Management LP holds 19 percent of the shares in Billabong and is one of Billabongs two senior lenders. Funds managed by Oaktree also have a majority interest in Boardriders.The offer is subject to a number of conditions, including due diligence to Boardriders satisfaction, securing committed financing and a unanimous recommendation from the Billabong board.Billabong said its board had decided to grant due diligence access to Boardriders to enable it to put forward a formal proposal.The company, whose brands include RVCA, Element, Von Zipper and Honolua Surf Company, has appointed Goldman Sachs as its financial advisor and Allens as its legal advisor. .($1 = 1.3238 Australian dollars)Reporting by Aditya Soni in Bengaluru; editing by Richard PullinOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-billabong-intl-m-a-oaktree-capital/billabong-gets-about-150-million-indicative-takeover-offer-from-boardriders-idINKBN1DU38F'|'2017-11-30T20:44:00.000+02:00'|9420.0|''|-1.0|'' +9420|'8a4fc7be6ce88e5dc73f08b57390536506e3a9ea'|'Billabong gets about $150 million indicative takeover offer from Boardriders'|'(Reuters) - Sports apparel seller Billabong International Ltd ( BBG.AX ) confirmed on Friday it has received an indicative takeover proposal from Boardriders Inc, which values the company at about A$198 million ($150 million).U.S.-based Boardriders, formerly known as Quiksilver, prices it offer at A$1 cash for each Billabong share, a 28.2 percent premium to Billabongs Thursdays closing price.U.S. private equity firm Oaktree Capital Management LP holds 19 percent of the shares in Billabong and is one of Billabongs two senior lenders. Funds managed by Oaktree also have a majority interest in Boardriders.The offer is subject to a number of conditions, including due diligence to Boardriders satisfaction, securing committed financing and a unanimous recommendation from the Billabong board.Billabong said its board had decided to grant due diligence access to Boardriders to enable it to put forward a formal proposal.The company, whose brands include RVCA, Element, Von Zipper and Honolua Surf Company, has appointed Goldman Sachs as its financial advisor and Allens as its legal advisor. .($1 = 1.3238 Australian dollars)Reporting by Aditya Soni in Bengaluru; editing by Richard PullinOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-billabong-intl-m-a-oaktree-capital/billabong-gets-about-150-million-indicative-takeover-offer-from-boardriders-idINKBN1DU38F'|'2017-11-30T20:44:00.000+02:00'|9420.0|26.0|2.0|'' 9421|'c4024395fdb68a27ea9ec45b051b0eacb950dc9e'|'French telecoms tycoon Niel to take over Ireland''s eir in $770 million deal'|'December 20, 2017 / 3:24 PM / a few seconds ago French telecoms tycoon Niel to take over Ireland''s eir in $770 million deal Mathieu Rosemain , Gwnalle Barzic , Conor Humphries 4 Min Read PARIS/DUBLIN (Reuters) - French telecoms entrepreneur Xavier Niel is to buy a majority stake in eir, Irelands former state telecoms monopoly, in a 650 million-euro ($770 million) deal that takes his listed company Iliad ( ILD.PA ) into its second foreign market. FILE PHOTO - Xavier Niel, Founder of French broadband Internet provider Iliad, attends a meeting about very high-speed network services during a visit in Laval, France, November 9, 2017. REUTERS/Stephane Mahe The complicated structure of the deal involves both Iliad and Niels private holding company NJJ buying stakes from a group of investment funds, which analysts said reconciles his expansionary ambitions with a need to keep Iliads debt down in readiness for further consolidation in the French market. It also comes as Iliad, which disrupted the French mobile telecoms market five years ago with the launch of its Free service, prepares to launch a service next year in Italy, where it is building a new network. Clearly we want to keep our balance sheet flexibility for our network rollout and for Italy which is a very interesting geographical diversification, Chief Financial Officer Thomas Reynaud said during a call with analysts on Wednesday. Under the terms of the transaction, which values eir at about 3.5 billion euros including debt, Iliad will buy a 31.6 percent stake for 320 million euros ($379 million), while NJJ will buy 32.9 percent. In addition Iliad has an option to buy 80 percent of NJJs stake in eir in 2024, giving it a further 26.3 percent of the Irish company, according to a statement. Until then, NJJ will have control over eirs management and Iliads involvement will be limited to eirs board of directors, Niel said. Richard Moat, eirs chief executive, announced his intention to step down upon completion of the transaction. FINANCIAL FLEXIBILITY A full acquisition of eir by Iliad alone would have compelled the telecoms operator to consolidate eirs net debt of 2.1 billion euros into the French companys accounts, thus limiting its capacity to make a larger acquisition, Niel said. FILE PHOTO: French broadband Internet provider Iliad logo is seen in Paris, France, March 10, 2016. REUTERS/Charles Platiau/File Photo The prospect of a potential new round of talks to cut the number of operators in the fiercely competitive French market weighed in that decision. The surprise is to see Iliad involved in the deal structure, said Nicolas Didio, an analyst Berenberg. Ultimately, we believe Iliad will take full control of this asset, but the launch in Italy and the high level of capital expenditure in France mean a full consolidation would tie down too much of Iliads balance sheet, he added. For eir, the deal represents the seventh change of ownership since 1999, a turbulent period during which it got listed and delisted twice and reached the brink of bankruptcy. The company, originally known as Telecom Eireann, is currently building Irelands largest fiber broadband network with the aim of reaching 1.9 million homes and businesses by the end of 2018. It had earnings before interest, taxation, depreciation and amortization of 520 million euros on revenue of 1.3 billion in the year to June 30. The deal is due to complete in first half of 2018, subject to EU Commission Competition clearance. Before the deal the firms largest stakeholders were U.S. hedge fund Anchorage Capital Group with 42 percent, Singapore sovereign wealth fund GIC with 20.6 percent and U.S. investment firm Davidson Kempner with 14 percent. Anchorage and Davidson Kempner will retain stakes of 26.6 percent and 8.9 percent, respectively. ($1 = 0.8442 euros) Additional reporting by Sudip Kar-Gupta in Paris and Conor Humphries in Dublin; editing by Jason Neely, Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-eir-m-a-iliad/french-telecoms-tycoon-niel-to-take-over-irelands-eir-in-770-million-deal-idUKKBN1EE1Y8'|'2017-12-20T17:14:00.000+02:00'|9421.0|''|-1.0|'' 9422|'5278dd86685e857e5b41cab582fd53a1834a6b7b'|'BRIEF-Distinct Infrastructure Group Appoints Interim Chief Financial Officer'|' 19 PM / Updated 4 minutes ago BRIEF-Distinct Infrastructure Group Appoints Interim Chief Financial Officer Reuters Staff Dec 19 (Reuters) - Distinct Infrastructure Group Inc : * DISTINCT INFRASTRUCTURE GROUP APPOINTS INTERIM CHIEF FINANCIAL OFFICER * DISTINCT INFRASTRUCTURE - CFO BETTENCOURT WILL BE TAKING A PERSONAL LEAVE OF ABSENCE EFFECTIVE IMMEDIATELY * DISTINCT INFRASTRUCTURE GROUP INC - WILLIAM NURNBERGER WILL SERVE AS INTERIM CFO Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-distinct-infrastructure-group-appo/brief-distinct-infrastructure-group-appoints-interim-chief-financial-officer-idUSASB0BYKU'|'2017-12-20T00:15:00.000+02:00'|9422.0|''|-1.0|'' 9423|'eb442ab5a18dab9e6bc75508b8af216c94bcc68f'|'CME''s Black Sea wheat, corn futures open for trading'|' 35 AM / Updated 7 minutes ago CME''s Black Sea wheat, corn futures open for trading Reuters Staff 1 Min Read PARIS, Dec 18 (Reuters) - CME Groups Black Sea wheat futures attracted trade on their debut session on Monday. CME, which owns the Chicago Board of Trade (CBOT), had said last month it was launching cash-settled Black Sea wheat and corn futures to extend its presence in a booming export region. CMEs August Black Sea wheat futures saw an opening trade at $184.50 per tonne for 40 lots, CME said. CMEs Black Sea wheat contract is based on the Platts Russian Wheat 12.5 percent FOB Black Sea Deep Water daily price assessment. Black Sea corn futures, based on the Platts Ukrainian Corn FOB Black Sea daily price assessment, were still untraded by 1045 GMT. (Reporting by Sybille de La Hamaide, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/cme-blacksea-futures/cmes-black-sea-wheat-corn-futures-open-for-trading-idUSL8N1OI293'|'2017-12-18T13:33:00.000+02:00'|9423.0|''|-1.0|'' -9424|'774fdde3334df120e11df57fc3bad0f30b5e2321'|'UPDATE 1-European stocks build momentum as investors await U.S. tax bill'|'December 19, 2017 / 9:06 AM / Updated 31 minutes ago European stocks hit by bond jitters as US tax boost fades Danilo Masoni , Helen Reid 4 Min Read MILAN/LONDON (Reuters) - European shares pulled back on Tuesday in a broadly weaker market as a rally inspired by investor optimism about a tax reform in the United States lost its strength. Expectations that the long-anticipated U.S. tax bill will pass this week lifted the pan-European STOXX 600 benchmark by as much as 0.2 percent in morning trade. But the index turned lower and accelerated losses in afternoon, ending down 0.4 percent. Traders said there was no clear catalyst but that jitters on the bond market, where Germanys 10-year government bond yield hit a three-week high with its biggest one-day jump in more than three months, had weighed. Bond yields have flared up and that might have hurt stocks too, said Giuseppe Sersale, fund manager at Anthilia in Milan. The moves on the bond market could be linked to expectations of bigger bond issues by the German government as well as technical factors. Most sectors on the STOXX ended in negative territory with utilities .SX6P leading the decline, down 1 percent. Italian power company Enel ( ENEI.MI ) declined 2.7 percent, hurt by a downgrade to neutral from outperform from Macquarie. Top faller in Europe was Steinhoff ( SNHG.DE ), down 20 percent, after the South African retailer hit by an accounting scandal said it had started to lose credit lines from lenders. Among the gainers was chipmaker Dialog Semiconductor ( DLGS.DE ) which rose more than 8 percent after Tsinghua raised its stake in the company further to 9 percent. Tsinghua Unigroup has been adding to its stake since Dialog shares plunged in November on a report the power management chip maker might lose its biggest client, Apple ( AAPL.O ). Shares in AMS ( AMS.S ), another chipmaker, rose 8 percent, but this wasnt enough to boost the tech sector, which fell back 0.5 percent. The highly-valued tech sector has weakened in recent weeks as investors shifted into bank stocks. Shares in Anglo-South African financial services group Old Mutual ( OML.L ) gained 2.7 percent after the company said it would sell its Buxton UK wealth business to TA Associates for $800 million as part of a planned break-up. Intrum Justitia ( INTRUM.ST ) shares fell 7.5 percent after the debt collection firm said its CFO would leave the company. Budget airline Ryanair ( RYA.I ) gained 2.3 percent, bouncing back after six straight sessions of losses caused by investors concerns over the firms decision to recognize unions. Telecoms stocks outperformed, boosted by a note from Morgan Stanley arguing the industry could fare better in 2018 thanks to successful cost-cutting, stronger mobile revenue growth and lower cash tax rates. Telcos have been among the worst performing sectors this year, down 2.5 percent from January. Overall euro zone equities were drawing to the close of a stellar year of gains, shrugging off a strengthening euro to deliver substantial returns. If you look at performance in euros, European equities had a very strong year even compared to U.S. companies, said Valentin Bissat, equity strategist at Mirabaud Asset Management, adding the difference in local currency performance was mainly down to the euros strength. More importantly, it came from earnings growth rather than valuation expansion, he added. Euro zone stocks outperform in USD terms - reut.rs/2yX6SUq Reporting by Helen Reid; Editing by Catherine Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-europe-stocks/european-stocks-build-momentum-as-investors-await-u-s-tax-bill-idUSKBN1ED0SR'|'2017-12-19T11:49:00.000+02:00'|9424.0|''|-1.0|'' +9424|'774fdde3334df120e11df57fc3bad0f30b5e2321'|'UPDATE 1-European stocks build momentum as investors await U.S. tax bill'|'December 19, 2017 / 9:06 AM / Updated 31 minutes ago European stocks hit by bond jitters as US tax boost fades Danilo Masoni , Helen Reid 4 Min Read MILAN/LONDON (Reuters) - European shares pulled back on Tuesday in a broadly weaker market as a rally inspired by investor optimism about a tax reform in the United States lost its strength. Expectations that the long-anticipated U.S. tax bill will pass this week lifted the pan-European STOXX 600 benchmark by as much as 0.2 percent in morning trade. But the index turned lower and accelerated losses in afternoon, ending down 0.4 percent. Traders said there was no clear catalyst but that jitters on the bond market, where Germanys 10-year government bond yield hit a three-week high with its biggest one-day jump in more than three months, had weighed. Bond yields have flared up and that might have hurt stocks too, said Giuseppe Sersale, fund manager at Anthilia in Milan. The moves on the bond market could be linked to expectations of bigger bond issues by the German government as well as technical factors. Most sectors on the STOXX ended in negative territory with utilities .SX6P leading the decline, down 1 percent. Italian power company Enel ( ENEI.MI ) declined 2.7 percent, hurt by a downgrade to neutral from outperform from Macquarie. Top faller in Europe was Steinhoff ( SNHG.DE ), down 20 percent, after the South African retailer hit by an accounting scandal said it had started to lose credit lines from lenders. Among the gainers was chipmaker Dialog Semiconductor ( DLGS.DE ) which rose more than 8 percent after Tsinghua raised its stake in the company further to 9 percent. Tsinghua Unigroup has been adding to its stake since Dialog shares plunged in November on a report the power management chip maker might lose its biggest client, Apple ( AAPL.O ). Shares in AMS ( AMS.S ), another chipmaker, rose 8 percent, but this wasnt enough to boost the tech sector, which fell back 0.5 percent. The highly-valued tech sector has weakened in recent weeks as investors shifted into bank stocks. Shares in Anglo-South African financial services group Old Mutual ( OML.L ) gained 2.7 percent after the company said it would sell its Buxton UK wealth business to TA Associates for $800 million as part of a planned break-up. Intrum Justitia ( INTRUM.ST ) shares fell 7.5 percent after the debt collection firm said its CFO would leave the company. Budget airline Ryanair ( RYA.I ) gained 2.3 percent, bouncing back after six straight sessions of losses caused by investors concerns over the firms decision to recognize unions. Telecoms stocks outperformed, boosted by a note from Morgan Stanley arguing the industry could fare better in 2018 thanks to successful cost-cutting, stronger mobile revenue growth and lower cash tax rates. Telcos have been among the worst performing sectors this year, down 2.5 percent from January. Overall euro zone equities were drawing to the close of a stellar year of gains, shrugging off a strengthening euro to deliver substantial returns. If you look at performance in euros, European equities had a very strong year even compared to U.S. companies, said Valentin Bissat, equity strategist at Mirabaud Asset Management, adding the difference in local currency performance was mainly down to the euros strength. More importantly, it came from earnings growth rather than valuation expansion, he added. Euro zone stocks outperform in USD terms - reut.rs/2yX6SUq Reporting by Helen Reid; Editing by Catherine Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-europe-stocks/european-stocks-build-momentum-as-investors-await-u-s-tax-bill-idUSKBN1ED0SR'|'2017-12-19T11:49:00.000+02:00'|9424.0|18.0|0.0|'' 9425|'3b003f2d4102a89f559a95202f21fe08248f321e'|'Airbus executive says considering cuts to A380 production, still undecided'|'Reuters TV United States December 14, 2017 / 4:03 AM / Updated 11 minutes ago Airbus executive says considering cuts to A380 production, still undecided Reuters Staff 2 Min Read SINGAPORE (Reuters) - Airbus SE ( AIR.PA ) is considering cutting production of its A380 superjumbo to six or seven planes a year, but has made no final decision on the matter, a top executive said on Thursday amid growing question marks over the future of the double-decker jet. An Airbus A380, the world''s largest jetliner, takes part in flying display, during the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 25, 2017. REUTERS/Pascal Rossignol The A380 has battled against sluggish sales, squeezed by smaller, more efficient twin-engined jets, and Airbus has already cut output of the plane from an annual peak of 30 while waiting for a recovery in demand. We believe we can produce this aircraft at 6-7 a year in an industrial way, Airbus Chief Operating Officer Fabrice Bregier said after the first Singapore Airlines Ltd ( SIAL.SI ) A380 featuring a new cabin configuration landed in Singapore. The A380 will find its way progressively, he said. A new Airbus A380 aircraft for Singapore Airlines takes off after a delivery ceremony at the French headquarters of aircraft company Airbus in Colomiers near Toulouse, France, December 13, 2017. REUTERS/Regis Duvignau Industry sources told Reuters this week that the company was exploring plans to cut A380 production to as low as six aircraft per year as it battles to make the worlds largest airliner commercially viable beyond the end of the decade. Following a clampdown on costs, Airbus has said the A380 can break even at production levels of 20 a year, while Bregier has previously said he is pushing the break even level as low as possible to sustain low production. A new Airbus A380 aircraft for Singapore Airlines takes off after a delivery ceremony at the French headquarters of aircraft company Airbus in Colomiers near Toulouse, France, December 13, 2017. REUTERS/Regis Duvignau Airbus Chief Executive Tom Enders expressed his confidence in the jet on Wednesday, though analysts say ongoing negotiations over a deal with carrier Emirates will be decisive for the future of the aircraft. Emirates, which held off signing an order for an estimated 36 aircraft at last months Dubai Airshow, wants guarantees Airbus will produce the A380 for the next 10 years. Reducing output to six a year would help to bridge that period and support key second-hand values while Airbus looks for other buyers, but could leave the program losing money for at least part of the period. Reporting by Jamie Freed; Writing by Adam Jourdan; Editing by Simon Cameron-Moore'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-singapore-air-airbus/airbus-executive-says-considering-cuts-to-a380-production-no-decision-yet-idUKKBN1E80CE'|'2017-12-14T06:50:00.000+02:00'|9425.0|''|-1.0|'' 9426|'6b1d98892bd4f4a1e6271dc7181725f4312a2c13'|'Second bitcoin futures debut could lure volume to wild market'|'December 17, 2017 / 6:08 AM / Updated 11 hours ago Second bitcoin futures debut could lure volume to wild market Gertrude Chavez-Dreyfuss 5 Min Read NEW YORK (Reuters) - Bitcoin investors expect futures volumes to perk up when CME Group Inc, the worlds largest derivatives exchange operator, launches its own contract to wager on the cryptocurrency on Sunday. Tokens of the virtual currency Bitcoin are seen placed on a monitor that displays binary digits in this illustration picture, December 8, 2017. Picture taken December 8. REUTERS/Dado Ruvic/Illustration The second U.S. bitcoin futures launch is seen as another step towards big institutional investors warming up to a volatile asset that had until recently been accessible only via largely unregulated markets. Like the futures contract launched last week by rival Cboe Global Markets, CMEs will be cash settled. But it will be priced off an index of data from several cryptocurrency exchanges, instead of just one. The CME contract is based on a broader array of exchanges, said Matt Osborne, chief investment officer of Altegris, a $2.5 billion alternative investments provider based in San Diego, California. So there is a possibility that the CME contract may generate more interest and more volume. The January CME contract will trade on. Bitcoin has drawn attention for its eye-popping price gains, but it is also notoriously volatile. Bitcoin exchanges and digital currency wallets meanwhile have struggled with issues like outages, denial-of-service (DDoS) attacks and hacks. Bitcoin hit another record high on Friday near $18,000 on the Luxembourg-based BitStamp platform, and has soared roughly 1,700 percent so far this year. Chicago-based Cboes bitcoin futures surged nearly 20 percent in their debut on Monday, and more than 4,000 contracts changed hands by the end of the 4:15 p.m. EDT settlement. But the trading volume in the one-month contract, which expires in January, fell to just around 1,500 contracts the next day. By Friday, volume had stabilized at roughly more than 1,000 contracts. In contrast, trading volume in the Cboe volatility index futures typically runs in the tens of thousands to more than 100,000 contracts, market participants said. The decline in bitcoin futures volume had been expected, analysts said, given concerns about the cryptocurrencys underlying volatility. And discount brokerage TD Ameritrade said on Friday it would allow certain clients to trade Cboe bitcoin futures from Dec. 18, pointing to a potential pickup. The futures contract price has declined more than 5 percent since its launch on Dec. 10. Some investors believe the CME bitcoin futures could attract more institutional demand because the final settlement price is culled from multiple exchanges. The Cboe futures contract is based on a closing auction price of bitcoin from the Gemini exchange, which is owned and operated by virtual currency entrepreneurs and brothers Cameron and Tyler Winklevoss. To be sure, the general sentiment in the market remains one of caution and this has been reflected in margin requirements for the contracts. In the futures market, margin refers to the initial deposit made into an account in order to enter into a contract. The margin requirement at CME is 35 percent, while at Cboe, it is 40 percent, reflecting the cryptocurrenys volatility. The margin for an S&P 500 futures contract, by contrast, is just 5 percent, analysts said. One futures trader said the average margin for brokers or intermediaries on bitcoin contracts is roughly twice the exchange margins. Andrew Busch, chief market intelligence officer of the U.S. Commodities Futures Trading Commission in an interview with CNBC last week pointed out that the underlying cash market for bitcoin is still not regulated. Its important to keep that in mind when (investors) are trying to make a decision, he added. Some analysts believe it is going to take some time before bitcoin futures take off in a big way. Many professional traders use quantitative systems to identify trading opportunities and that requires a history of data which the bitcoin futures contracts do not yet have. Volumes are going to slowly increase as professional traders get comfortable with the price action and more importantly get comfortable with the volatility and the margin usage, said Altegris Osborne. Bitcoin was set up in 2008 by an individual or group calling themselves Satoshi Nakamoto, and was the first digital currency to successfully use cryptography to keep transactions secure and hidden, making traditional financial regulation difficult if not impossible. Reporting by Gertrude Chavez-Dreyfuss; Editing by Meredith Mazzilli'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-bitcoin-futures/second-bitcoin-futures-debut-could-lure-volume-to-wild-market-idUKKBN1EB04N'|'2017-12-17T08:06:00.000+02:00'|9426.0|''|-1.0|'' 9427|'cbcdff4a414a13248bff9a871603b73acaba5072'|'Swiss stocks - Factors to watch on Dec 8'|'ZURICH, Dec 8 (Reuters) - The Swiss blue-chip SMI was seen opening 0.4 percent higher at 9,304 points on Friday, according to premarket indications by bank Julius Baer .Here are some of the main factors expected to affect Swiss stocks on Friday.SWISS RE Swiss Re Chief Financial Officer David Cole will step down next March and be replaced by the groups head of strategy, John Dacey, the worlds second-largest reinsurer said on Friday.LAFARGEHOLCIM The former chief executive of Franco-Swiss cement group LafargeHolcim Ltd, Eric Olsen, was placed under formal investigation on Thursday as part of an inquiry into the groups activities in Syria, a source with the prosecutors office said.ROCHE Scientists at Swiss drugmaker Roche said on Friday they may have discovered why some tumours resist new immunotherapy drugs as well as a possible means of turning the tables to incite a T-cell attack.UBS UBS said Jeremy Anderson, former KPMG chairman of global financial services, will be nominated for election to the Swiss banks board of directors at its forthcoming annual general meeting planned for May 3.COMPANY STATEMENTS * Novartis division Sandoz said new Phase I data showing proposed biosimilar Pegfilgrastim matches reference medicine* Clariant said it has entered into an agreement with Xuzhou HaiDing Chemical Technology Co. Ltd. to develop a CATOFIN catalyst and propane dehydrogenation unit together with technology partner CB&I. The project includes the license and engineering design of the unit, which is to be built in Pizhou, Jiangsu Province, China, Clariant said. (Reporting by Zurich newsroom) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/markets-swiss-stocks/swiss-stocks-factors-to-watch-on-dec-8-idINL8N1O75SV'|'2017-12-08T04:38:00.000+02:00'|9427.0|''|-1.0|'' 9428|'99317dbbd03486eaa23c59a5c4e57931d5436d01'|'China likely to keep 2018 GDP target around 6.5 percent - policy adviser'|' 42 AM / Updated 13 minutes ago China likely to keep 2018 GDP target around 6.5 percent - policy adviser Reuters Staff 2 Min Read BEIJING (Reuters) - China will likely set its 2018 economic growth target at around 6.5 percent, unchanged from the previous year, leaving more room for quality growth as a government deleveraging campaign is set to intensify, a policy adviser was quoted as saying on Tuesday. A man walks on a bridge in front of the financial district of Pudong in Shanghai, China, December 8, 2017. REUTERS/Aly Song Lou Feng, a researcher at the Chinese Academy of Social Sciences, a state think tank, expects China to rely more on innate drivers for economic growth such as technology innovation in 2018, stressing the country is now minimising the importance of quantitative targets, according to Chinese newspaper 21st Century Business Herald. China routinely sets an annual growth target which is widely watched by the market for clues on how much the government will likely stimulate the economy throughout the year. A proposed target would be endorsed by top leaders at the closed-door Central Economic Work Conference in mid-December, and then announced at Chinas annual congress in early 2018. China lowered its 2017 growth target to around 6.5 percent from the previous years 6.5 to 7 percent, but its debt-fuelled investment binge has driven up infrastructure investment and real estate development, which has given the economy a surprise boost. The Chinese economy is on course to hit an expansion of 6.8 percent in 2017, Lou said, according to the newspaper. He said the government would seek to reduce overall leverage in the economy, pressing for a lower broad money supply against its gross domestic product (GDP) in the next step of a deleveraging campaign. Many analysts say efforts to cut high debt levels received a renewed push after the agenda-setting Communist Party Congress concluded in October. Policy sources have told Reuters that Chinas leaders are likely to maintain this years growth target of around 6.5 percent in 2018, even as they ratchet up efforts to prevent a destabilising build-up of debt. Reporting by Yawen Chen and Ryan Woo; Editing by Jacqueline Wong'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-china-economy-gdp/china-likely-to-keep-2018-gdp-target-around-6-5-percent-policy-adviser-idUKKBN1E60F3'|'2017-12-12T07:41:00.000+02:00'|9428.0|''|-1.0|'' 9429|'5f5eea1dee39df60064ed6ffed257334c9c376d1'|'IAG among bidders chosen for Austrian airline Niki: sources'|'December 22, 2017 / 2:43 PM / Updated 34 minutes ago IAG among bidders chosen for Austrian airline Niki: sources Klaus Lauer 3 Min Read BERLIN (Reuters) - IAG, the owner of British Airways and low-cost carrier Vueling, is one of the four bidders selected for the final stages of talks over the assets of insolvent Austrian airline Niki, three people familiar said. Empty Niki check-in counters are seen at Vienna International Airport in Schwechat, Austria December 14, 2017. REUTERS/Heinz-Peter Bader IAG had made an offer for Niki as a whole and was the frontrunner in talks for the carrier, the three sources told Reuters. If no deal is struck with IAG, it is possible that Niki will be carved up among several buyers. British tour operator Thomas Cook and Nikis founder, former Formula One world champion Niki Lauda, are also among the four, Lauda told German daily Handelsblatt. The administrators running the process aim to agree a deal by the end of next week, one of the administrators said on Friday. They did not confirm the identity of the bidders. Lauda, who set up the airline in 2003, said he had been told a decision was to be made on Dec. 28. Niki was part of collapsed Air Berlin. It filed for insolvency last week after Germanys Lufthansa backed out of a deal to buy its assets on competition concerns, grounding the fleet and stranding thousands of passengers. The administrators have been racing to find an alternative buyer for its assets before it loses its takeoff and landing slots, its most attractive asset. Six parties submitted offers by a Thursday deadline, five of which were binding, Niki administrator Lucas Floether said in a statement on Friday, without providing details. The bidders are very interested, and I am confident that it will be possible to save large parts of the business and many jobs in Austria and Germany, he said. A German newspaper had also named Tuifly, the airline of tour operator TUI, as one of the bidders for Niki, and Swiss carrier PrivatAir had expressed interest. Niki parent Air Berlin, IAG, Thomas Cook and Tuifly declined to comment. PrivatAir was not available for immediate comment. All of the bidders picked for further talks have indicated that they are prepared to provide Niki with funding to keep it going as soon as a deal is agreed, Floether said. The head of Nikis works council, Stefan Tankovits, said that December salaries would be paid to the airlines staff. If Nikis administrators fail to seal a deal for Nikis assets by the end of December, the carrier may lose its operating licence and its runway slots, but Floether said on Friday that Austrian regulators may give the parties a few extra days if an agreement is struck by the end of next week. Additional reporting by Kirsti Knolle in Vienna, Paul Sandle in London and Brenna Hughes Neghaiwi in Zurich; Writing by Maria Sheahan; Editing by Jason Neely and Keith Weir'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/air-berlin-niki/four-final-bidders-chosen-for-austrian-airline-niki-idINKBN1EG1NT'|'2017-12-22T18:04:00.000+02:00'|9429.0|''|-1.0|'' 9430|'8727d14f045a07a3416bd62af8505be53237137f'|'Fed''s rosy economic scenario leaves inflation puzzle for Powell'|'December 15, 2017 / 6:38 PM / Updated 10 minutes ago Fed''s rosy economic scenario leaves inflation puzzle for Powell Howard Schneider 6 Min Read WASHINGTON (Reuters) - As incoming Federal Reserve Chair Jerome Powell works through his holiday shopping list, he might consider the nearly 50 percent discount he could get buying Calvin Klein underwear online instead of at the local mall. U.S. outgoing Federal Reserve Chair Janet Yellen holds a news conference after a two-day Federal Open Market Committee (FOMC) meeting in Washington, U.S. December 13, 2017. REUTERS/Jonathan Ernst In the litany of reasons that explains why U.S. consumer price inflation has stalled, the drop in clothing prices last month, which was the largest in 20 years, takes its place alongside cheap cellphone contracts, one-off declines in drug prices and cheap gasoline, among others. The Fed considers all of these price drops transitory, but there have been enough in a row for the central bank to miss its inflation target five years running, and fresh economic projections this week indicate policymakers remain mystified about why prices are not rising, given unemployment is at a 17-year low and the economy is growing steadily. When the Fed met this week and raised short-term interest rates for the fifth time since late 2015, the inflation issue triggered two dissents among the nine voters on the policy-setting Federal Open Market Committee, and that division could widen. Inflation ... is too low and has been for some time, Chicago Fed President Charles Evans said in a dissenting statement on Friday. Evans, who will not be voting on monetary policy in 2018, framed low inflation as a long-term problem if businesses and households stop believing the Fed is committed to its 2 percent inflation target. A low but steady level of inflation is considered healthy in developed economies, but it depends importantly on public psychology and expectations that Evans said appear to me to have drifted down. NEW CHAIR, OLD PROBLEM The debate will likely dog Powell during his early months as Fed chief. It will be hard for the Fed to justify further rate increases unless inflation moves towards the central banks target. That, in turn, would saddle Powell with exceptionally low interest rates, and little room to respond with rate reductions in the event of a recession. Fed Chair Janet Yellen, in her final press conference as head of the central bank, had little advice other than to acknowledge that something may be fundamentally wrong about how the Fed looks at inflation, unemployment and the important relationship between them. I have tried to be straightforward in saying that this could end up being something that is more ingrained and turns out to be permanent. Its very important to watch it and, if necessary, rethink, Yellen told reporters on Wednesday, referring to the Feds inflation miss. The economic projections issued this week after the Feds policy meeting contained what seems to be an internal tension. Jerome Powell testifies before the Senate Banking, Housing and Urban Affairs Committee on his nomination to become chairman of the U.S. Federal Reserve in Washington, U.S., November 28, 2017. REUTERS/Joshua Roberts Economic growth is forecast to accelerate next year, and unemployment to drop to 3.9 percent from the current 4.1 percent. That should put it at a level low enough to mean workers have leverage to demand wage increases and businesses feel emboldened to raise prices. Yet inflation is not seen rising and the Fed did not say it expects to raise rates any faster then already planned. Fed officials say their preferred forecast for inflation is around 1.7 percent for this year, rising to 1.9 percent in 2018, then reaching 2.0 percent in 2019 and staying there. They have made similar projections in the past, and been wrong. On the list of possible reasons, Yellen, like Evans, cited a possible slip in public expectations. She said the Fed may also simply misunderstand how inflation and unemployment relate in the current economy, with millions of working-age adults still on the sidelines of the job market, more choosing part-time work, and an expanding gig economy. Theoretically, there is an unemployment rate below which inflation rises, and while estimates of that have come down, Yellen said, its conceivable that they need to come down even more. In the projections last week, the median forecast of Fed officials kept that estimated longer-run unemployment rate at 4.6 percent. Yet they also saw unemployment averaging below 4 percent through 2020 without any appreciable jump in inflation, another seeming contradiction. Retail experts and analysts who follow inflation say the Feds inflation outlook is not likely to get any help soon from the prices of clothes, home appliances, electronics, cars or other goods. The 1.3 percent drop in apparel prices recorded in November was the largest since 1998, when the move to globalised supply chains and the integration of China into the world economy were still gaining momentum. Now, it is the transformation of how things are sold and how consumers shop that is holding down prices, said Blerina Uruci, vice president of economic research at Barclays, and there is no sign of the process letting up soon. The use of e-commerce sites like Amazon still only accounts for about 10 percent of retail sales, Uruci noted, and the impact of technological innovation on sales and distribution will likely take years to run its course. Meanwhile, consumers are becoming more adept with the tools at hand. Anyone looking for underwear in a brick-and-mortar store can quickly compare prices on a phone. Technology is allowing shoppers to push retailers towards a very competitive environment, said Rick Helfenbein, president and chief executive officer of the American Apparel and Footwear Association. Retailers have reacted.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-fed-inflation-analysis/feds-rosy-economic-scenario-leaves-inflation-puzzle-for-powell-idUKKBN1E92IJ'|'2017-12-15T20:38:00.000+02:00'|9430.0|''|-1.0|'' -9431|'bfbbd02d9e2bf01749bcc5adaf6e34e9eff3f45f'|'U.S. company sues China''s HNA over deal, cites opaque ownership'|'December 12, 2017 / 2:08 AM / Updated 9 minutes ago U.S. company sues China''s HNA over deal, cites opaque ownership Reuters Staff 4 Min Read NEW YORK (Reuters) - Ness Technologies S.A.R.L., a U.S. software engineering company, has sued Chinese conglomerate HNA Group accusing it of failing to adequately answer questions about its ownership in a U.S. review of takeovers by foreign companies, thereby causing their $325 million (243.7 million pounds) deal to fail. The lawsuit by New Jersey-based Ness is the latest case involving HNA, which has come under U.S. and European scrutiny after a $50 billion worldwide acquisition spree that included stakes in Deutsche Bank and Hilton Worldwide Holdings Inc. HNA is part of a consortium that agreed in January to buy a majority stake in SkyBridge Capital LLC, a U.S. hedge fund investment firm founded by Anthony Scaramucci, a former aide to U.S. President Donald Trump. In the lawsuit filed last week in the Supreme Court of the State of New York, Ness claimed that HNA had caused it financial harm by not using what it called best efforts to get regulatory approval for its takeover of a Ness unit. HNAs Beijing-based subsidiary, Pactera Technology International Ltd, had agreed in March to buy Ness unit, Jersey Holding Corp, according to the court filing. The deal needed a greenlight from the Committee on Foreign Investment in the United States (CFIUS), an intra-government agency that scrutinizes for national security concerns foreign groups purchases of U.S. assets. According to the lawsuit, between July and October, CFIUS sent HNA and Pactera at least 77 follow-up questions about its ownership and shareholding structure pertaining to HNAs takeover of Jersey Holding as well as SkyBridge Capital. CFIUS often looks at whether foreign governments have any involvement in a U.S. acquisition. In a case earlier this year, it cited the role of the Chinese government when rejecting the acquisition of a U.S. chipmaker by a Chinese-backed private equity fund. HNA has been waiting for nearly a year for CFIUS to approve its investment in SkyBridge Capital. The Ness lawsuit claimed that HNA and Pactera covertly worked to evade and frustrate CFIUS review of the investment by discussing, planning, orchestrating and implementing various schemes to disguise the true nature of their organisations, corporate structures and ownership. Ness and a CFIUS spokesperson declined to comment. HNA did not respond to requests for comment. SkyBridge spokeswoman Woomi Yun declined to comment. The lawsuit said HNA and Pactera disclosed to CFIUS that HNA Founder Chen Feng was a member of the Chinese Communist Party and held a current government position in China. The lawsuit also said HNA and Pactera revealed additional ties to the Chinese government and disclosed a number of loans from Chinas government, including two loans worth over $175 million. No further details were given. HNA, which has fielded many questions about its ownership over the past year, tried to address issue in July by creating New York-based Hainan Cihang Charity Foundation Inc to act as its single biggest stakeholder with a 29.5 percent stake. In its lawsuit, Ness claimed that HNA and Pactera told it that the charity had chosen not to be tax-exempt to avoid U.S. federal regulations involving corporate ownership. The lawsuit cited CFIUS staff as saying that most of their questions to HNA involved the core issue of HNA Groups ownership structure, which presented an unresolved national security issue. HNA is being investigated by the German financial watchdog over its stock market disclosures, and the Swiss Takeover Board said in November that HNA had given partially untrue or incomplete information when it took over a Swiss company last year. HNAs heavy reliance on leverage to fund its investments has raised its financing cost, prompting some credit rating agencies to downgrade its creditworthiness. Reporting by Koh Gui Qing; Editing by Carmel Crimmins and Richard Chang'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-hna-group-ownership/u-s-company-sues-chinas-hna-over-deal-cites-opaque-ownership-idUKKBN1E6071'|'2017-12-12T04:08:00.000+02:00'|9431.0|''|-1.0|'' +9431|'bfbbd02d9e2bf01749bcc5adaf6e34e9eff3f45f'|'U.S. company sues China''s HNA over deal, cites opaque ownership'|'December 12, 2017 / 2:08 AM / Updated 9 minutes ago U.S. company sues China''s HNA over deal, cites opaque ownership Reuters Staff 4 Min Read NEW YORK (Reuters) - Ness Technologies S.A.R.L., a U.S. software engineering company, has sued Chinese conglomerate HNA Group accusing it of failing to adequately answer questions about its ownership in a U.S. review of takeovers by foreign companies, thereby causing their $325 million (243.7 million pounds) deal to fail. The lawsuit by New Jersey-based Ness is the latest case involving HNA, which has come under U.S. and European scrutiny after a $50 billion worldwide acquisition spree that included stakes in Deutsche Bank and Hilton Worldwide Holdings Inc. HNA is part of a consortium that agreed in January to buy a majority stake in SkyBridge Capital LLC, a U.S. hedge fund investment firm founded by Anthony Scaramucci, a former aide to U.S. President Donald Trump. In the lawsuit filed last week in the Supreme Court of the State of New York, Ness claimed that HNA had caused it financial harm by not using what it called best efforts to get regulatory approval for its takeover of a Ness unit. HNAs Beijing-based subsidiary, Pactera Technology International Ltd, had agreed in March to buy Ness unit, Jersey Holding Corp, according to the court filing. The deal needed a greenlight from the Committee on Foreign Investment in the United States (CFIUS), an intra-government agency that scrutinizes for national security concerns foreign groups purchases of U.S. assets. According to the lawsuit, between July and October, CFIUS sent HNA and Pactera at least 77 follow-up questions about its ownership and shareholding structure pertaining to HNAs takeover of Jersey Holding as well as SkyBridge Capital. CFIUS often looks at whether foreign governments have any involvement in a U.S. acquisition. In a case earlier this year, it cited the role of the Chinese government when rejecting the acquisition of a U.S. chipmaker by a Chinese-backed private equity fund. HNA has been waiting for nearly a year for CFIUS to approve its investment in SkyBridge Capital. The Ness lawsuit claimed that HNA and Pactera covertly worked to evade and frustrate CFIUS review of the investment by discussing, planning, orchestrating and implementing various schemes to disguise the true nature of their organisations, corporate structures and ownership. Ness and a CFIUS spokesperson declined to comment. HNA did not respond to requests for comment. SkyBridge spokeswoman Woomi Yun declined to comment. The lawsuit said HNA and Pactera disclosed to CFIUS that HNA Founder Chen Feng was a member of the Chinese Communist Party and held a current government position in China. The lawsuit also said HNA and Pactera revealed additional ties to the Chinese government and disclosed a number of loans from Chinas government, including two loans worth over $175 million. No further details were given. HNA, which has fielded many questions about its ownership over the past year, tried to address issue in July by creating New York-based Hainan Cihang Charity Foundation Inc to act as its single biggest stakeholder with a 29.5 percent stake. In its lawsuit, Ness claimed that HNA and Pactera told it that the charity had chosen not to be tax-exempt to avoid U.S. federal regulations involving corporate ownership. The lawsuit cited CFIUS staff as saying that most of their questions to HNA involved the core issue of HNA Groups ownership structure, which presented an unresolved national security issue. HNA is being investigated by the German financial watchdog over its stock market disclosures, and the Swiss Takeover Board said in November that HNA had given partially untrue or incomplete information when it took over a Swiss company last year. HNAs heavy reliance on leverage to fund its investments has raised its financing cost, prompting some credit rating agencies to downgrade its creditworthiness. Reporting by Koh Gui Qing; Editing by Carmel Crimmins and Richard Chang'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-hna-group-ownership/u-s-company-sues-chinas-hna-over-deal-cites-opaque-ownership-idUKKBN1E6071'|'2017-12-12T04:08:00.000+02:00'|9431.0|17.0|5.0|'' 9432|'fee6000263250049179738816cae8c776bc028ee'|'Dubai-based private equity business launches $250 million healthcare fund'|'DUBAI (Reuters) - TVM Capital Healthcare Partners, a Dubai-based private equity business, has launched a $250 million fund to invest in areas ranging from cancer to pharmaceuticals in markets including the Gulf, Turkey, Egypt, India and Singapore, a senior executive told Reuters.The company plans to make the investments over the next two years, with the first deal scheduled to close in the second half of 2018, said Charles Floe, operating partner.TVM Capital Healthcare has targeted markets it thinks offer accelerated growth in healthcare development and spending, underpinned by some of the fastest growing economies.We think this is a fantastic time to invest as over the next four to six years we see the macro environment for healthcare in our chosen target markets as very positive and with relative stability in regulations and geopolitics, the opportunities we see in the healthcare industry will play themselves out, he said.TVM Capital Healthcare has to date led investments close to $150 million, mainly in the Gulf, in areas including long-term care, rehabilitation, home care, fertility treatment and medical devices.The new fund will aim to deploy the capital, which it plans to raise from global and regional investors, through 10 to 12 investments in areas including cancer, mental health, metabolic diseases, diagnostics, pharmaceuticals and laboratories, said Floe.Reporting By Tom Arnold; Editing by Elaine Hardcastle '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/privateequity-healthcare/dubai-based-private-equity-business-launches-250-million-healthcare-fund-idINKBN1EM0J4'|'2017-12-28T09:42:00.000+02:00'|9432.0|''|-1.0|'' 9433|'9d1be25dd78660e2104700fc4d87b995f28b9d32'|'PRESS DIGEST-New York Times business news - Dec 19'|'December 19, 2017 / 5:39 AM / Updated 25 minutes ago PRESS DIGEST-New York Times business news - Dec 19 Reuters Staff 2 Min Read Dec 19 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - European regulators are accusing Ingvar Kamprad, the founder of the global furniture retailer Ikea, of pushing the concept of thriftiness beyond the limits of the law by maneuvering to reduce its tax bill in the countries where it operates. nyti.ms/2khj5yB - A driver for Uber Technologies Inc in Lebanon was arrested in connection with the killing of a British diplomat in Beirut over the weekend, and the ride-hailing company said that it was cooperating with the authorities. nyti.ms/2AWYnum - The Trump administration formally accused North Korea on Monday night of creating the WannaCry cyberattack that briefly paralyzed the British health system and placed ransomware on computers in dozens of countries around the world. nyti.ms/2oMXm6D - U.S. President Donald Trump presented a blueprint for the country''s national security that warned of a world in which the United States would face rising threats from Russia and China, as well as from governments, such as North Korea and Iran. nyti.ms/2kId6lQ Compiled by Bengaluru newsroom'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-dec-19-idUSL4N1OJ22N'|'2017-12-19T07:38:00.000+02:00'|9433.0|''|-1.0|'' 9434|'1db0e5ff8a1b7f9e12967b4a493d48865bde2c5e'|'Saudi finance minister says drawdown of foreign assets to slow further'|'December 19, 2017 / 7:52 PM / in 41 minutes Saudi finance minister says drawdown of foreign assets to slow further Reuters Staff 1 Min Read RIYADH, Dec 19 (Reuters) - The drawdown of the Saudi Arabian central banks net foreign assets is likely to slow next year and in years to come, Finance Minister Mohammed al-Jadaan said on Tuesday. He was speaking in an interview after releasing a 2018 state budget that includes a rise in spending to a record high, as the government slows its austerity drive in order to boost flagging economic growth. (Reporting by Katie Paul and Rania El Gamal; Writing by Andrew Torchia)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/saudi-budget-finance/saudi-finance-minister-says-drawdown-of-foreign-assets-to-slow-further-idUSL8N1OJ5J3'|'2017-12-19T21:51:00.000+02:00'|9434.0|''|-1.0|'' @@ -9491,7 +9491,7 @@ 9489|'00afab925f55e0734b648080fbc5d404503f8e53'|'EU court rejects U.S. intervention in Apple''s Irish $15 billion tax case'|'December 15, 2017 / 4:24 PM / Updated an hour ago EU court rejects U.S. intervention in Apple''s Irish $15 billion tax case Foo Yun Chee 2 Min Read BRUSSELS (Reuters) - Europes second-highest court has rejected a request from the U.S. government to intervene in Apples challenge against an EU order to pay back taxes of up to 13 billion euros (11.4 billion) because it failed to prove a direct interest in the outcome of the case. A man looks at the screen of his mobile phone in front of an Apple logo outside its store in Shanghai, China July 30, 2017. REUTERS/Aly Song Apple, maker of the iPhone, appealed to the Luxembourg-based General Court a year ago after the European Commission ruled that its sweetheart tax deal with Ireland was an illegal subsidy in breach of EU rules against unfair competition. The then Obama administration had criticised the EU decision, saying the EU was helping itself to cash that should have ended up in the United States. The U.S. intervention was filed in April, a move to which the Commission objected. The court said it was unconvinced by the U.S. arguments regarding the alleged negative effects of the EU decision on its tax revenues, the bilateral tax deals with EU countries and its efforts to develop rules on transfer pricing in line with OECD rules. The United States of America has failed to establish the existence of a direct interest in the result of the case, judges ruled on Friday. The court also rejected a bid by IBEC Company Limited by Guarantee, a representative body for national and multinational companies operating in Ireland, to intervene in support of Apple and Ireland. It said IBEC had failed to show that its members interests would be affected by the result of the case. The case is T-892/16 Apple Sales International and Apple Operations Europe v Commission. Reporting by Foo Yun Chee; Editing by Dale Hudson'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-apple-usa-taxavoidance/eu-court-rejects-u-s-intervention-in-apples-irish-15-billion-tax-case-idUKKBN1E925H'|'2017-12-15T18:24:00.000+02:00'|9489.0|''|-1.0|'' 9490|'e89cf6347bf8695100eabb338b2859102b97032e'|'LVMH''s Celine creator Phoebe Philo to leave company - source'|'December 22, 2017 / 3:25 PM / Updated 30 minutes ago LVMH''s Celine creator Phoebe Philo to leave company - source Reuters Staff 1 Min Read PARIS (Reuters) - Phoebe Philo, artistic director of LVMHs ( LVMH.PA ) Celine label since 2008, is leaving the high-end ready-to-wear brand, a source close to the matter said on Friday. FILE PHOTO - Former honoree and creative director of CELINE, Phoebe Philo, arrives at the Time 100 gala celebrating the magazine''s naming of the 100 most influential people in the world for the past year in New York April 29, 2014. REUTERS/Lucas Jackson The British designer has decided to take a break, believing that she had accomplished her mission to revamp Celine, and will not join another firm in the immediate future, the source said. The source denied rumours she would join Burberry ( BRBY.L ). Reporting by Pascale Denis and Dominique Rodriguez; writing by John Irish, editing by David Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-lvmh-celine-philo/lvmhs-celine-creator-phoebe-philo-to-leave-company-source-idUKKBN1EG1SW'|'2017-12-22T17:24:00.000+02:00'|9490.0|''|-1.0|'' 9491|'9bd318af956d106ffd5244714ee1f98841d62a1a'|'Ryanair hit with first ever pilots strike'|'Reuters TV United States December 22, 2017 / 8:31 AM / Updated 2 hours ago Ryanair hit with first ever pilots strike Myria Mildenberger , Victoria Bryan 3 Min Read BERLIN (Reuters) - Ryanair failed to avert its first ever pilots strike on Friday as pilots in Germany held a four-hour walkout although airports and the Irish budget carrier said there had been little impact on flights. Ryanair had sought to avert a series of threatened strikes across Europe over Christmas by giving up its long-held opposition to recognizing unions. That convinced pilots in Ireland, Italy and Portugal to call off planned strikes. However, Germanys Vereinigung Cockpit (VC) union staged a brief walkout saying it did not believe Ryanair was serious about negotiating with unions. This was a warning shot and we started small. However, there is potential for much more, union spokesman Markus Wahl said, ruling out further strikes until after Dec 26. The strike ran from 0401 GMT to 0759 GMT when only 16 flights were scheduled. Ryanair, which had urged pilots to work to get passengers home for Christmas, said 9 of its 36 early flights from Germany were delayed. There were no cancellations and it expected to operate all scheduled flights on Friday. Ryanair shares were down 0.6 percent at 0941 GMT. FILE PHOTO: A pilot disembarks a Ryanair flight at Stansted airport in London, Britain September 27, 2017. REUTERS/Clodagh Kilcoyne We are grateful to all of our Ryanair pilots for putting our customers first and largely ignoring this VC strike, the airline said in a statement. A spokesman for Berlin airports said there were no significant effects, noting that five of seven early flights had departed, with one delayed. Cologne/Bonn airport said two of three scheduled flights had taken off and the third was delayed. Frankfurt airport said four of six scheduled flights had taken off. The VC union said after a first meeting that it did not believe Ryanair genuinely wanted to recognize unions and said it wanted to send a message that their pilots were serious about industrial action. VC said Ryanair had refused to accept two members of a delegation that the union nominated to hold talks with management. One of the pilots was a contractor and one a direct employee, but Ryanair has ended both of their contracts, VC said. This has shown us that nothing has changed with Ryanairs management style or how it handles workers rights, VC President Ilja Schulz told reporters on Thursday. Ryanair pilots mobilized in September after the carrier announced the cancellation of around 20,000 flights, which it blamed on a rostering problem sparked by a change in Irish regulations. Chief Executive Michael OLeary told Reuters this week that his offer of union recognition was genuine but that employees must understand it will remain a low cost airline. Negotiations with unions will continue in the new year. Additional reporting by Padraic Halpin in Dublin, writing by Ludwig Burger; editing by Edmund Blair and Jason Neely'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-ryanair-pilots/ryanair-hit-with-first-ever-pilots-strike-idUKKBN1EG0RV'|'2017-12-22T10:17:00.000+02:00'|9491.0|''|-1.0|'' -9492|'75316f8b6c0daad6873e17f1d999987c78a6c3e6'|'Russia''s central bank says to bail out Promsvyazbank'|' 33 AM / Updated 10 minutes ago Russia''s central bank says to bail out Promsvyazbank Reuters Staff 1 Min Read MOSCOW, Dec 15 (Reuters) - Russias central bank said on Friday it had put Promsvyazbank, the countrys 10th biggest private lender by assets, under temporary administration as part of a bailout plan. The central bank said in a statement it was providing funds to support Promsvyazbanks liquidity and would send in temporary administrators. It said there would be no moratorium on Promsvyazbank meeting creditors claims, and that the bank was operating as normal. (Reporting by Maria Kiselyova; Writing by Christian Lowe; Editing by Jack Stubbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/russia-banks-promsvyazbank/russias-central-bank-says-to-bail-out-promsvyazbank-idUSR4N1NX02H'|'2017-12-15T08:29:00.000+02:00'|9492.0|''|-1.0|'' +9492|'75316f8b6c0daad6873e17f1d999987c78a6c3e6'|'Russia''s central bank says to bail out Promsvyazbank'|' 33 AM / Updated 10 minutes ago Russia''s central bank says to bail out Promsvyazbank Reuters Staff 1 Min Read MOSCOW, Dec 15 (Reuters) - Russias central bank said on Friday it had put Promsvyazbank, the countrys 10th biggest private lender by assets, under temporary administration as part of a bailout plan. The central bank said in a statement it was providing funds to support Promsvyazbanks liquidity and would send in temporary administrators. It said there would be no moratorium on Promsvyazbank meeting creditors claims, and that the bank was operating as normal. (Reporting by Maria Kiselyova; Writing by Christian Lowe; Editing by Jack Stubbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/russia-banks-promsvyazbank/russias-central-bank-says-to-bail-out-promsvyazbank-idUSR4N1NX02H'|'2017-12-15T08:29:00.000+02:00'|9492.0|29.0|0.0|'' 9493|'2109d8598c7160bb61bb78d801ed14510d5ac88f'|'Hotelier IHG sees mid-to-high single-digit percent tax rate cut on U.S. tax reform'|'December 21, 2017 / 9:55 AM / Updated 12 minutes ago Hotelier IHG sees mid-to-high single-digit percent tax rate cut on U.S. tax reform Reuters Staff 2 Min Read (Reuters) - Hotelier InterContinental Hotels Group (IHG) ( IHG.L ) said the new U.S. tax bill is expected to reduce the groups tax rate by a mid- to high-single-digit percentage point next year from the current rate in the low 30s. FILE PHOTO - The Logo of a Holiday Inn Hotel is pictured in Paris, France, August 8, 2016. REUTERS/Jacky Naegelen The operator of brands such as Crowne Plaza, Holiday Inn and InterContinental, in a brief statement, said the measure in the tax bill will result in one-off tax credit in the year it is signed into law. The Republican-controlled U.S. House of Representatives gave final approval on Wednesday to the biggest overhaul of the U.S. tax code in 30 years. The bill keeps the existing number of tax brackets but adjusts many of the rates and income levels for each. The top tax rate for high earners is reduced. The United States is the largest market for the hotel group in terms of room numbers and contributed to about 58 percent of companys revenue in 2016, according to their last annual report. Morgan Stanley, in a client note, said that a 5-9 percent tax rate reduction would be equivalent to a 7-13 percent EPS upgrade, pushing up its target price on the stock to 46 pounds from 42 pounds. Shares in the company, which runs over 5,000 hotels in about 100 countries, were up 1.2 percent at 0941 GMT. Reporting by Rahul B in Bengaluru; Editing by Sunil Nair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-intercontinental-tax-usa/hotelier-ihg-sees-mid-to-high-single-digit-percent-tax-rate-cut-on-u-s-tax-reform-idUKKBN1EF12F'|'2017-12-21T11:54:00.000+02:00'|9493.0|''|-1.0|'' 9494|'962eb9b3838c51d23e3055b2c5e7cd59e65307e5'|'Wall Street opens lower as Apple weighs'|'December 26, 2017 / 12:40 PM / Updated 20 minutes ago Wall Street lower as iPhone X concerns hit Apple shares Sruthi Shankar 4 Min Read (Reuters) - Wall Streets main indexes came under pressure on Tuesday following a 2.5 percent drop in Apples shares on a report of weak iPhone X demand. FILE PHOTO: Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., December 1, 2017. REUTERS/Brendan McDermid Apple ( AAPL.O ) will slash its sales forecast for its flagship phone in the current quarter to 30 million units, down from what it said was an initial plan of 50 million units, Taiwans Economic Daily reported, citing unidentified sources. That, along with a few bearish brokerage calls on iPhone X demand, put its shares on track for their worst single-day percentage fall since Aug. 10. Shares of companies that supply parts to Apple, including Broadcom ( AVGO.O ), Skyworks Solutions ( SWKS.O ), Finisar ( FNSR.O ) and Lumentum Holdings ( LITE.O ), fell between 2.2 percent and 4.3 percent. The S&P technology index .SPLRCT fell 0.84 percent, the biggest loser among the major S&P 500 sectors. The tech heavy Nasdaq .IXIC fell 0.4 percent to 6,932.08 as high-flying stocks, including Facebook, Amazon, Alphabet and Netflix, declined. It looks to me that technology sector, already paying the lowest in taxes of around 24 percent, will not get as much of an impact as the financial sector, which pays the highest, said Sandy Villere, portfolio manager of the Villere Balanced Fund Maybe that rotation has begun and the FANGS may see some profit-taking into next year. A long-promised Republican bill to cut corporate tax rates to 21 percent from 35 percent was ratified last week. At 10:49 a.m. ET (1549 GMT), the Dow Jones Industrial Average .DJI rose 0.05 percent to 24,765.7, while the S&P 500 .SPX fell 0.05 percent to 2,681.84. Energy sector .SPNY rose 0.73 percent as oil jumped, supported by an explosion on a crude pipeline in Libya and voluntary OPEC-led supply cuts. [O/R] Shares of department stores Kohls ( KSS.N ), JC Penney ( JCP.N ) and Macys ( M.N ) were up between 4.7 percent and 8 percent after a report that retail sales in the holiday period rose at their best pace since 2011. Sucampo Pharma ( SCMP.O ) surged 6 percent after Mallinckrodt ( MNK.N ) said it would acquire the drugmaker for $1.2 billion. Mallinckrodt shares rose 4.3 percent. Most markets around the world, including parts of Europe and Asia, were shut on Tuesday. Trading volumes are also expected to be light in the holiday week. Bitcoin BTC=BTSP traded up more than 13 percent at $15,780, recovering from last week''s selloff which saw the cryptocurrency plunge about 30 percent. Shares of related stocks such as Riot Blockchain ( RIOT.O ) and Longfin Corp ( LFIN.O ) jumped more than 13 percent. Advancing issues outnumbered decliners on the NYSE by 1,641 to 1,088. On the Nasdaq, 1,404 issues fell and 1,316 advanced. Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D''Silva'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-usa-stocks/futures-lower-as-apple-chipmakers-weigh-idINKBN1EK0VB'|'2017-12-26T16:34:00.000+02:00'|9494.0|''|-1.0|'' 9495|'241b32e158698c10e89020d460dd5d2cb0ce5046'|'Asian shares flat, Fed hike expectations underpin dollar'|'December 13, 2017 / 12:54 AM / in 4 minutes World stocks at record high after Fed hike; dollar falls Stephanie Kelly 5 Min Read NEW YORK (Reuters) - A gauge of world shares rose to further record highs after the Federal Reserve announced a widely expected interest rate hike on Wednesday, while U.S. Treasury yields and the dollar fell. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 13, 2017. REUTERS/Brendan McDermid MSCIs gauge of stocks across the globe .MIWD PUS gained 0.28 percent. The Fed, as anticipated, raised interest rates by a quarter of a percentage point, but left its rate outlook for the coming years unchanged. The central bank lifted the federal funds rate to a target range of 1.25 to 1.50 percent, and also projected three more hikes in each of 2018 and 2019. Kate Warne, investment strategist at Edward Jones in St. Louis, said the Feds statement was pretty much as expected but slightly more dovish. So its not a big surprise but its a shift in the direction of saying the Fed is going to keep watching the data and if we dont see higher inflation we could see fewer rate hikes in 2018, Warne said. While the Dow and the Nasdaq Composite closed higher, the S&P 500 dipped under pressure from the financial sector after the Feds announcement. Investors were also focused on efforts by President Donald Trumps administration to overhaul the U.S. tax system. Congressional Republicans reached a tax legislation deal on Wednesday, according to Senate Finance Committee Chairman Orrin Hatch. The Dow Jones Industrial Average .DJI rose 80.63 points, or 0.33 percent, to end at 24,585.43, the S&P 500 .SPX lost 1.26 points, or 0.05 percent, to 2,662.85 and the Nasdaq Composite .IXIC added 13.48 points, or 0.2 percent, to 6,875.80. The pan-European FTSEurofirst 300 index closed .FTEU3 down 0.30 percent. In Asia, MSCIs broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.67 percent. Japan''s Nikkei stock index .N225 finished lower, however, pressured by a strengthening yen and shrugging off upbeat economic data that showed Japanese core machinery orders rose an unexpectedly high 5 percent in October. YIELDS, DOLLAR INDEX FALLS U.S. Treasury yields fell after the Feds announcement. Yields had fallen earlier in the day as well after an increase in core consumer prices in November fell short of analysts expectations. The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, December 6, 2017. REUTERS/Staff/Remote Benchmark 10-year notes US10YT=RR last rose 16/32 in price to yield 2.3457 percent, compared with 2.403 percent late on Tuesday. The 30-year bond US30YT=RR last rose 1-2/32 in price to yield 2.7285 percent, compared with 2.781 percent late on Tuesday. Earlier Wednesday data showed the U.S. consumer price index, the governments broadest inflation gauge, grew 0.4 percent last month, matching economists estimates. However the CPI core rate, which excludes energy and food prices, moderated to 0.1 percent from a 0.2 percent increase in October and was below market expectations. A pedestrian stands to look at an electronic board showing the stock market indices of various countries outside a brokerage in Tokyo, Japan, February 26, 2016. REUTERS/Yuya Shino Traders also mulled the potential implications of Democrat Doug Jones victory in the special U.S. Senate election in Alabama on Tuesday, which thinned the Republicans Senate majority to 51-49, raising discussion about their ability to pass tax legislation before year-end. The dollar index .DXY, which weighs the greenback against a basket of currencies, fell 0.72 percent, while the euro was EUR= up 0.71 percent to $1.1823. The yen strengthened 0.92 percent against the greenback to 112.50 per dollar JPY= , while sterling GBP= was last trading at $1.3416, up 0.76 percent on the day. U.S. crude CLcv1 fell 0.72 percent to $56.73 per barrel and Brent LCOcv1 was last at $62.59, down 1.18 percent. Gold prices rose later in the day after hovering near their lowest in nearly five months. Spot gold was last XAU= 1.0 percent higher at $1,255.93 an ounce. Global assets in 2017 - reut.rs/1WAiOSC Global currencies vs. dollar - tmsnrt.rs/2egbfVh Global bonds dashboard - tmsnrt.rs/2fPTds0 Emerging markets in 2017 - tmsnrt.rs/2ihRugV Reporting by Stephanie Kelly in New York; Additional reporting by Rama Venkat Raman and Sruthi Shankar in Bengaluru, Richard Leong, Sinead Carew and Karen Brettell in New York, Danilo Masoni in Milan and Julien Ponthus in London; Editing by Steve Orlofsky and James Dalgleish'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-global-markets/asian-shares-flat-fed-hike-expectations-underpin-dollar-idUSKBN1E703E'|'2017-12-13T02:53:00.000+02:00'|9495.0|''|-1.0|'' @@ -9536,7 +9536,7 @@ 9534|'b88c451e7ea353798faa5f3a6c096b9fca5e6896'|'Reliance Infrastructure sells power unit to Adani Transmission'|'December 21, 2017 / 11:31 AM / in 8 hours Reliance Infrastructure sells power unit to Adani Transmission Reuters Staff 2 Min Read MUMBAI (Reuters) - Indias Reliance Infrastructure, part of Reliance Group, said on Thursday it has agreed to sell its Mumbai power generation, transmission and distribution business to a unit of Adani Enterprises for around 188 billion rupees ($2.93 billion). The deal will provide Reliance Group controlled by billionaire Anil Ambani with a 30 billion rupees cash surplus, Reliance Infrastructure said in a statement. Reliance Group has previously announced plans to invest an undisclosed amount in its recently started aerospace defence manufacturing business as well as in its engineering, procurement and construction businesses. Adani Transmission Ltd, the power distribution arm of Adani Enterprises, will pay an initial 132.51 billion rupees for Reliances Mumbai power business and 55.50 billion rupees at a later date based on certain approvals, the Reliance statement said. For the quarter which ended in September, Reliance Infrastructure, also known as RInfra, posted a net profit of 5.44 billion rupees and reported total debt of around 140 billion rupees. ($1 = 64.0850 Indian rupees)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/reliance-infrast-divestiture-adani-ent/reliance-infrastructure-sells-power-unit-to-adani-transmission-idINKBN1EF1BS'|'2017-12-21T13:28:00.000+02:00'|9534.0|''|-1.0|'' 9535|'852ed57057c7d683ced79df719a585a98199908f'|'New Zealand government appoints Adrian Orr as next Reserve Bank governor'|'December 11, 2017 / 3:25 AM / Updated 10 minutes ago New Zealand government appoints Adrian Orr as next Reserve Bank governor Charlotte Greenfield 2 Min Read WELLINGTON (Reuters) - New Zealands government on Monday named pension fund chief Adrian Orr as the new governor of the nations central bank, triggering a rally in the local dollar as markets prepared for changes to the monetary policy mandate. FILE PHOTO: A security guard stands in the main entrance to the Reserve Bank of New Zealand located in central Wellington, New Zealand, July 3, 2017. REUTERS/David Gray/File Photo Orr will take up the role at the Reserve Bank of New Zealand (RBNZ) on March 27, Finance Minister Grant Robertson said in an emailed statement. The announcement drove the New Zealand dollar up by 0.7 percent to a five-day high of $0.6905. Orr served as deputy governor of the RBNZ for four years before joining the New Zealand Super Fund in 2007. Dominick Stephens, chief economist at Westpac, said markets welcomed Orrs appointment, adding that he was unlikely to veer away dramatically from the inflation target. Hes an extremely accomplished economist, hes got lots of experience at the Reserve Bank and hes unlikely I think to allow inflation out of the box. Orr takes up the role at a sensitive time for the RBNZ, as the new Labour-led government plans to add maximising employment to the banks objectives alongside its inflation target. The Board agreed unanimously that he can bring to the role of Governor of the Reserve Bank strong leadership and commitment to ensure the Bank is fit for its wide role in the New Zealand economy, said RBNZ board chairman Neil Quigley in the statement. Robertson said in the statement that the laws to change the banks mandate would likely not be in force by March, but the policy target agreement between him and Orr would be developed in a manner consistent with the direction of reform. In November, Robertson told Reuters that willingness to focus on lifting employment, alongside inflation, would be key in accepting the RBNZs choice for the next governor. Previous governor Graeme Wheeler stepped down in September at the end of his five year term and deputy governor Grant Spencer took on the role for a six-month term while the search for a new chief was under way. Reporting by Charlotte Greenfield and Sydney newsroom; Editing by Kim Coghill'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-newzealand-cenbank-governor/new-zealand-government-appoints-adrian-orr-as-next-reserve-bank-governor-idUKKBN1E507T'|'2017-12-11T08:01:00.000+02:00'|9535.0|''|-1.0|'' 9536|'66d6b8a516ae3cef22bdd0268a26e227b79a584e'|'Nikkei falls to more than 1-week low; telecom stocks extend slide'|'December 15, 2017 / 2:27 AM / Updated 33 minutes ago Nikkei falls to more than 1-week low; telecom stocks extend slide Reuters Staff 2 Min Read TOKYO, Dec 15 (Reuters) - Japanese stocks fell to more than a week low on Friday morning, with mobile firms extending a sell-off on concerns of increased competition after Rakuten said it aims to become Japans fourth wireless carrier. Taking the cue from weak U.S. stocks overnight, the Nikkei share average declined 0.7 percent to 22,525.77 in midmorning trade after slipping to 22,479.97, the lowest since Dec. 7. For the week, the Nikkei has fallen 1.4 percent, on track to post the biggest weekly fall in three months. The information and communication sector slumped 3.1 percent and was the worst performer on the board. KDDI Corp tumbled as much as 5.3 percent, NTT Docomo skidded 5.4 percent and SoftBank, which has a more diversified business portfolio, shed 2.6 percent. The sell-off was triggered after Rakuten Inc said it was weighing entry into the mobile carrier market, which would set it up to compete with the telecom giants. On the other hand, heavyweight stocks such as clothing company Fast Retailing Co rose 0.2 percent, while chip equipment makers also gained ground, with Tokyo Electron rising 0.7 percent and Advantest gaining 0.5 percent. The broader Topix dropped 1.1 percent to 1,788.99. (Reporting by Ayai Tomisawa; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/japan-stocks-midday/nikkei-falls-to-more-than-1-week-low-telecom-stocks-extend-slide-idUSL4N1OF1G7'|'2017-12-15T04:22:00.000+02:00'|9536.0|''|-1.0|'' -9537|'49ccac26fb62f0fe453653b078ef477b11769680'|'GM says former UAW Vice President Joe Ashton to resign from board'|'Dec 13 (Reuters) - General Motors Co said on Wednesday Joseph Ashton, a former United Auto Workers vice president who led the unions GM department, has resigned from the companys board.Ashton was nominated to his GM board seat by the UAW Retiree Medical Benefits trust, which administers funds that pay for health benefits for UAW-GM retirees. ( bit.ly/2AEPGJa )The trust can nominate a replacement for Ashton, but shareholders wont vote on the trusts nominee until the companys next annual meeting in the spring, a GM spokesman said.The U.S. Justice Department is looking into the use of money at UAW managed training centers funded by GM and Ford Motor Co , and into charities established by senior UAW officers.General Motors and Ford said last month they were cooperating with the investigation into the finances of training centers.GM is conducting its own investigation of the UAW-GM Center for Human Resources, the company spokesman said, but did not provide details of that investigation.Ashton has not been charged with any wrongdoing, and federal authorities have not disclosed that he is under scrutiny as part of their probe.Federal officials expanded their probe of the UAW training centers after charging a former Fiat Chrysler Automobiles NV vice president of making $1.2 million in improper payments to a former union vice president and his wife. Four people have been charged in the Fiat Chrysler investigation. (Reporting by Joe White in Detroit and Mekhla Raina in Bengaluru; Editing by Amrutha Gayathri) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/gm-uaw/gm-says-former-uaw-vice-president-joe-ashton-to-resign-from-board-idINL4N1OE1X8'|'2017-12-14T00:34:00.000+02:00'|9537.0|''|-1.0|'' +9537|'49ccac26fb62f0fe453653b078ef477b11769680'|'GM says former UAW Vice President Joe Ashton to resign from board'|'Dec 13 (Reuters) - General Motors Co said on Wednesday Joseph Ashton, a former United Auto Workers vice president who led the unions GM department, has resigned from the companys board.Ashton was nominated to his GM board seat by the UAW Retiree Medical Benefits trust, which administers funds that pay for health benefits for UAW-GM retirees. ( bit.ly/2AEPGJa )The trust can nominate a replacement for Ashton, but shareholders wont vote on the trusts nominee until the companys next annual meeting in the spring, a GM spokesman said.The U.S. Justice Department is looking into the use of money at UAW managed training centers funded by GM and Ford Motor Co , and into charities established by senior UAW officers.General Motors and Ford said last month they were cooperating with the investigation into the finances of training centers.GM is conducting its own investigation of the UAW-GM Center for Human Resources, the company spokesman said, but did not provide details of that investigation.Ashton has not been charged with any wrongdoing, and federal authorities have not disclosed that he is under scrutiny as part of their probe.Federal officials expanded their probe of the UAW training centers after charging a former Fiat Chrysler Automobiles NV vice president of making $1.2 million in improper payments to a former union vice president and his wife. Four people have been charged in the Fiat Chrysler investigation. (Reporting by Joe White in Detroit and Mekhla Raina in Bengaluru; Editing by Amrutha Gayathri) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/gm-uaw/gm-says-former-uaw-vice-president-joe-ashton-to-resign-from-board-idINL4N1OE1X8'|'2017-12-14T00:34:00.000+02:00'|9537.0|17.0|0.0|'' 9538|'b56858f8a6aab27f4bab8c8933dcc1f6d0ea4675'|'Oil prices climb on expected drop in U.S. crude stocks'|'December 5, 2017 / 2:20 AM / Updated 10 minutes ago Oil prices fall ahead of U.S. crude stocks data Jane Chung 3 Min Read SEOUL (Reuters) - Oil prices fell on Tuesday ahead of U.S. crude inventories data, as the market weighed the impact of rising U.S. crude output versus last weeks deal between OPEC and other crude producers to extend output curbs. FILE PHOTO: Boats float in front of the VOPAK oil storage terminal in Johor, Malaysia November 7, 2017. REUTERS/Henning Gloystein/File Photo International benchmark Brent crude futures LCOc1 were trading down 25 cents, or 0.4 percent, at $62.20 per barrel by 0759 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 20 cents, or 0.4 percent, at $57.27 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers last week rolled over their agreement to cut output by 1.8 million barrels per day (bpd) until the end of 2018, aiming to erode a global glut and drive up prices. Although the worlds major oil producers reached an agreement last week, Kazakh Energy Minister Kanat Bozumbayev said on Tuesday that complying with the global oil output cut deal will be complicated for Kazakhstan, one of the non-OPEC members who supported the pact. Goldman Sachs said Saudi Arabia and Russia showed a stronger commitment to extending cuts and raised its Brent and WTI spot forecasts for 2018 to $62 and $57.50 per barrel respectively. By 2019, however, we believe the response of shale and other producers to higher prices will incentivize OPEC and Russia to pare back their now greater spare capacity, leaving risks to prices skewed to the downside, the bank added. In November, OPEC crude oil output fell by 300,000 bpd to its lowest since May, according to a Reuters survey released on Monday. However, data last week showed U.S. crude output rose to nearly 9.5 million bpd in September, the highest monthly production since 2015. Both contracts (Brent and WTI) have now tested and failed major resistance levels, and all eyes will now be on the U.S. crude inventory data due tonight and tomorrow, said Jeffrey Halley, senior market analyst at OANDA. While rising U.S. oil production remains a hurdle for OPECs efforts to rebalance the market, U.S. crude inventories likely fell last week, marking their third straight weekly drop, a preliminary Reuters poll showed. Seven analysts polled ahead of inventory reports from the industry group American Petroleum Institute (API) and the U.S. Department of Energys Energy Information Administration (EIA) estimated, on average, that crude stocks fell 3.5 million barrels in the week ended Dec. 1. The official government inventory data is due on Wednesday at 10:30 a.m. EDT (1430 GMT). Reporting by Jane Chung; Editing by Richard Pullin and Christian Schmollinger'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-oil/oil-prices-climb-on-expected-drop-in-u-s-crude-stocks-idUKKBN1DZ06W'|'2017-12-05T04:19:00.000+02:00'|9538.0|''|-1.0|'' 9539|'20737874bf7869557a658cfa454318f7a7447db3'|'Czech Republic - Factors To Watch on Dec 20'|'December 20, 2017 / 7:42 AM / Updated 12 minutes ago Czech Republic - Factors To Watch on Dec 20 Reuters Staff 5 Min Read PRAGUE, Dec 20 (Reuters) - Here are news stories, press reports and events to watch which may affect Czech financial markets on Wednesday. ALL TIMES GMT (Czech Republic: GMT + 1 hours) ECONOMIC DATA Real-time economic data releases Summary of economic data and forecasts Recently released economic data Previous stories on Czech data **For a schedule of corporate and economic events: here #/2E/events-overview NEWS UNIPETROL: Czech downstream oil group Unipetrol''s largest minority shareholder Paulinino Limited plans to sell its stake to majority owner PKN Orlen when it opens a voluntary tender offer later this month, Paulinino said on Wednesday. Story: Related stories: CME: China''s CEFC group and eastern Europe''s Penta Investments have made a joint bid for Time Warner''s Central European Media Enterprises (CME) , while Petr Kellner''s PPF has dropped out of contention, sources said. Two sources familiar with the matter said CEFC and Czech-Slovak financial group Penta have submitted a joint bid for the central European broadcaster, which could be worth around $2 billion but pricing has not yet been finalised. A third source said the sides were nearing a deal although details were not finalised. Story: Related stories: BUDGET: The Czech parliament gave its final approval on Tuesday to the 2018 central state budget, which envisages a 50 billion-crown deficit ($2.30 billion), sending it to the president to sign into law. Story: Related stories: ECB: European Central Bank policymakers are beginning to think of how to support the euro zone economy after their 2.55 trillion euro quantitative easing (QE) scheme comes to an end and as strong growth reduces the need for aggressive stimulus. "Discussions are more and more shifting from asset purchases to possible future use of interest rates to regulate the economy," Slovakia''s representative on the ECB''s Governing Council, Jozef Makuch, said in Bratislava. Story: Related stories: CENBANK: The Czech National Bank (CNB) will likely hold interest rates unchanged on Thursday and it will deliver another hike in the first quarter of 2018, possibly in February, a Reuters poll showed on Tuesday. Story: Related stories: DUKOVANY: Czech nuclear watchdog clears Dukovany Units 3 and 4 for further operation. Story: Related stories: POLITICS: The Czech parliament revoked an election of a Communist-era policeman to a police oversight job on Tuesday after some lawmakers claimed the vote was manipulated. Story: Related stories: EU: Czech Prime Minister Andrej Babis''s new minority government will not seek observer status at the Eurogroup of euro zone finance ministers, believing the country will be included in debates on the future anyway, officials were quoted as saying on Tuesday. Story: Related stories: CEE MARKETS: Hungary''s 10-year government bond yield dropped to record lows, bucking a trend in Europe and the United States, as the National Bank of Hungary reaffirmed that it would maintain loose policy and stimulus for long-term interest rates to fall. Story: Related stories: MARKET SNAPSHOT Index/Crown Currency Latest Prev Pct change Pct change close on day in 2017 vs Euro 25.679 25.68 0 4.92 vs Dollar 21.698 21.707 0.04 15.4 Czech Equities 1,071.24 1,071.24 0.2 16.24 U.S. Equities 24,754.75 24,792.2 -0.15 25.26 Pvs close or current levels vs prior domestic close at 1600 GMT ***For real-time stock market index quotes click in brackets: Warsaw WIG20 Budapest BUX Prague PX For updates on CEE currencies TOP NEWS -- Emerging markets PRESS DIGEST'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/czech-factors/czech-republic-factors-to-watch-on-dec-20-idUSL8N1OK126'|'2017-12-20T09:41:00.000+02:00'|9539.0|''|-1.0|'' 9540|'f24d7c24ad2422ce811e6cb3977af6fa231b21c9'|'EMERGING MARKETS-Brazil currency touches 7-month low as pension vote delayed'|'December 14, 2017 / 5:41 PM / Updated 14 minutes ago EMERGING MARKETS-Brazil currency touches 7-month low as pension vote delayed Reuters Staff 4 Min Read By Bruno Federowski SAO PAULO, Dec 14 (Reuters) - The Brazilian real on Thursday hit a fresh seven-month low after the lower house of Congress delayed to February a vote on a key bill to cut social security benefits. President Michel Temer had said he hoped for a vote by Tuesday, but he has struggled to rally lawmaker support for the unpopular pension cuts, which many investors consider essential to reining in Brazil''s surging public debt. Lower House Speaker Rodrigo Maia said the vote will now be held on Feb. 19. Traders saw the move as reducing the likelihood of passing the unpopular bill, as it puts the vote closer to October''s presidential and parliamentary elections. The Brazilian real weakened as much as 0.9 percent to 3.3464 per dollar, the weakest since May. Brazil''s benchmark Bovespa stock index fell 0.8 percent, dragged down by blue-chip shares, such as miner Vale SA , oil company Petrleo Brasileiro SA and lender Ita Unibanco Holding SA. Centrais Eltricas Brasileiras SA also fell as traders feared putting off the pension reform vote could delay the process of privatizing the state-controlled power utility. In Chile, the peso led currency gains in Latin America, closing at a two-week high as rising prices for copper supported further profit-taking after the peso touched a five-month low earlier this week. Mexico''s peso, however, slipped 0.5 percent as traders remained cautious ahead of a central bank interest rate decision later on the day. Analysts narrowly expect Mexico''s central bank to raise its benchmark interest rate on Thursday to counter a recent uptick in inflation and match a rate hike by the U.S. Federal Reserve. Key Latin American stock indexes and currencies at 1720 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,120.20 0.12 29.75 MSCI LatAm 2,700.53 -1.16 16.73 Brazil Bovespa 72,312.15 -0.83 20.07 Mexico S&P/BVM IPC 48,444.95 0.35 6.14 Chile IPSA 5,114.00 -0.41 23.19 Chile IGPA 25,671.92 -0.42 23.81 Argentina MerVal 27,354.78 1.18 61.69 Colombia IGBC 11,050.36 -0.43 9.11 Venezuela IBC 1,265.50 0.63 -96.01 Currencies Latest Daily YTD pct pct change change Brazil real 3.3425 -0.83 -2.79 Mexico peso 19.1035 -0.51 8.59 Chile peso 638.3 1.17 5.08 Colombia peso 2,995.8 0.45 0.19 Peru sol 3.24 -0.22 5.37 Argentina peso (interbank) 17.4000 -0.46 -8.76 Argentina peso (parallel) 17.91 0.11 -6.09 (Reporting by Bruno Federowski, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets-latam/emerging-markets-brazil-currency-touches-7-month-low-as-pension-vote-delayed-idUSL1N1OE1N3'|'2017-12-14T19:39:00.000+02:00'|9540.0|''|-1.0|'' @@ -9552,7 +9552,7 @@ 9550|'59195ef56b40f7a947cc9e38b73e51dcd24d2dcd'|'Lufthansa offers to sacrifice routes to save Air Berlin deal: source'|'BERLIN (Reuters) - Lufthansa ( LHAG.DE ) is willing to sacrifice the right to fly some routes to save its deal to acquire assets of Air Berlin, the low-cost airline that collapsed recently, a source familiar with the companys thinking said on Thursday.A Lufthansa airliner parks next to the Air Berlin aircraft at Tegel airport in Berlin, Germany, October 12, 2017. REUTERS/Hannibal Hanschke The German carrier will submit its proposed concessions to the European Commission before a midnight deadline, including giving up so-called slots belonging to Air Berlin businesses Niki and LG Walter, the source said.Lufthansa last month signed a 210 million euro ($249 million) deal to take over Niki and LG Walter, plus some short-haul planes, to cement its position in Germany and expand its Eurowings budget brand.But the deal has drawn fire from competitors and consumer advocates who fear Lufthansa would dominate German domestic routes and Austria where Niki, founded by retired Formula 1 world champion Niki Lauda, is based.Lufthansa already owns flag carrier Austrian Airlines.The German government, which offered a bridging loan to keep Air Berlin flying until a deal could be done to sell its viable operations, held crisis talks with Lufthansa representatives on Thursday afternoon to discuss concessions to offer to Brussels.A spokesman for the Economy Ministry declined to confirm or deny whether the meeting took place, as reported earlier by the Bild am Sonntag tabloid. Lufthansa and the European Commission declined to comment.Lufthansa CEO Carsten Spohr met EU Competition Commissioner Margrethe Vestager on Wednesday in Brussels, where sources said the Commission is leaning towards blocking Lufthansas takeover of Niki.The Danish commissioner has gone on the record to express concern that Lufthansas market position would become dominant on some routes as a result of the deal.GOVERNMENT ALARM Bild am Sonntag, citing its own sources, said the German government was alarmed that the deal may be blocked and had urged Lufthansa to make further concessions.The source, who requested anonymity due to the sensitivity of the matter, told Reuters the government might lose the 150 million euros it lent to Air Berlin because the bridging loan was secured against the proceeds of the proposed sale.Air Berlin, which struggled to turn a profit over the last decade, filed for insolvency in August, leaving the future of thousands of workers in the balance.Under EU rules, a decision should be made on whether to approve the deal on Dec. 7 although the Commission has the power to extend its review period by two weeks.In complex cases, the Commission can take up to 90 working days to reach a decision. If such an extension is made, Lufthansa would likely halt its financial support to Niki, forcing it to cease operations, the source familiar with the companys thinking said.Niki is on a knife-edge, the person said.It remained unclear whether the entire Air Berlin deal would collapse if Lufthansa does not win control of Niki - or whether the German airline would pull out and then seek separate EU approval just to buy LG Walter.Scenting a fresh opportunity, earlier bidders for Niki have restated their interest - including British Airways which, according to Bild am Sonntag, has asked to see its accounts.Air Berlin and British Airways parent IAG ( ICAG.L ) both declined to comment.Niki Lauda said on Wednesday he would, together with travel company Thomas Cook ( TCG.L ), like to buy back the airline he founded. My offer, together with Thomas Cook, still stands, he told the Handelsblatt financial daily.Writing by Douglas Busvine; Editing by Elaine Hardcastle '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-air-berlin-lufthansa/lufthansa-offers-to-sacrifice-routes-to-save-air-berlin-deal-source-idUSKBN1DU2SI'|'2017-12-01T03:50:00.000+02:00'|9550.0|''|-1.0|'' 9551|'3905ec72827acfffd235ba4d598e6b1204af7576'|'China''s central bank to raise reserve funds ratio of third-party payment firms to 50 percent'|'BEIJING (Reuters) - Chinas central bank said it will gradually raise the reserve funds ratio of third-party payment firms to 50 percent by April 2018 from a current rate of 20 percent, as it continues to ramp up regulation of the industry.The bank will increase the rate by 10 percentage points a month from February to April, it said in a statement released on its website on Friday evening.The central bank said earlier this year that it will eventually ban non-bank payment firms from making any private investments with money deposited by users, which would see the reserve rate at some point increased to 100 percent.Chinas third party payment platforms have grown rapidly in recent years, including those backed by tech giants Alibaba Group Holding Ltd ( BABA.N ) payment affiliate Ant Financial and Tencent Holdings Ltd ( 0700.HK ).Tencent and Ant Financial did not immediately respond to requests for comment on Saturday morning.The central bank said the increases in 2018 will initially reduce seasonal risks around Chinese New Year in February, when cash flows on third-party apps increase.Both Ant Financials Alipay and Tencents WeChat pay have over 500 million users each, and make up the lions share of Chinas mobile payment market.The two firms compete heavily over the Chinese New Year period to target the market of red envelopes, which are traditional monetary gifts shared around the holidays.Central bank figures show that roughly 460 billion yuan ($71 billion) in funds were reserved by third-party payment platforms in the third quarter of 2016.The central bank requires the current 20 percent reserve to be placed in a state-approved commercial bank.Reporting by Cate Cadell; editing by Richard PullinOur Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-china-pboc/chinas-central-bank-to-raise-reserve-funds-ratio-of-third-party-payment-firms-to-50-percent-idUSKBN1EO02K'|'2017-12-30T11:23:00.000+02:00'|9551.0|''|-1.0|'' 9552|'11c5dde7617f09d2c840d82a8a2edaa62452764a'|'British games developer Sumo Digital valued at 145 million pounds in IPO'|'December 18, 2017 / 7:06 AM / Updated 26 minutes ago British games developer Sumo Digital valued at 145 million pounds in IPO Reuters Staff 1 Min Read (Reuters) - British games developer Sumo Digital said on Monday its initial public offering (IPO) was priced at 100 pence per share for listing on Londons junior market on Wednesday, valuing the company at 145 million pounds. The Sheffield-based developer, which makes games such as Forza Motorsport 7 and HITMAN Episode 5, said the placing of ordinary shares has raised about 38.5 million pounds, while a vendor placing has raised about 39.7 million pounds for selling shareholders. The companys management and funds managed by private equity Perwyn LLP will retain a 43 percent stake. Sumo Digital, which develops games for Sony ( 6758.T ) and Microsoft ( MSFT.O ), was founded in 2003 and is one the largest independent games developers in the UK. The proceeds of the offering will be used to cut debt and as additional working capital, the company said. Zeus Capital was the sole bookrunner of the offering. Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-sumo-digital-ipo/british-games-developer-sumo-digital-valued-at-145-million-pounds-in-ipo-idUKKBN1EC0KV'|'2017-12-18T09:05:00.000+02:00'|9552.0|''|-1.0|'' -9553|'d6f4f503425419b72bebdc8e528bc7469ed0079e'|'Asia shares hover near two-month low as growth, U.S. policy risks sap sentiment'|' 14 AM / Updated 11 minutes ago Asia shares hover near two-month low as growth, U.S. policy risks sap sentiment Hideyuki Sano 4 Min Read TOKYO (Reuters) - Asian shares held close to a two-month low on Thursday as softer oil and copper as well as U.S. policy uncertainty kept sentiment in check, while high-tech stocks struggled to recover after a searing sell-off. An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China November 24, 2017. REUTERS/Aly Song Investors are looking to the final tax legislation in the United States, where a potential U.S. government shutdown looms if Congress fails to agree on a spending package. There are also fears of a violent backlash in the Middle East from President Donald Trumps recognition of Jerusalem as Israels capital. MSCIs broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was barely changed in early trade, still hovering near a two-month low touched the previous day. From its 10-year peak hit on Nov. 23, it has slipped 4.6 percent. Japan''s Nikkei .N225 gained 1.2 percent after having suffered its biggest fall since late March on Wednesday. MSCI''s gauge of stocks across the globe .MIWD PUS hit a two-week low on Wednesday while Wall Street''s benchmark S&P 500 index .SPX edged down for its fourth straight session of losses. I would say markets are going through a healthy correction after their rallies during the past three months, or six months. I dont think we need to panic, said Hirokazu Kabeya, chief global strategist at Daiwa Securities. A relentless selloff in U.S. technology shares, which has pressured global equities in recent weeks, subsided somewhat with S&P technology shares .SPLRCT bouncing slightly 0.75 percent. The energy sector dragged the U.S. market lower overnight as oil prices dropped. Oil prices flirted with two-week lows after its big fall on Wednesday, when a sharp rise in U.S. inventories of refined fuel suggested demand may be flagging, while U.S. crude production hit another weekly record. U.S. West Texas Intermediate crude futures CLc1 traded at $56.10 per barrel, up 0.25 percent in early Asian trade but not far off Wednesdays low of $55.87. The price of copper, seen as barometer of global economic health because of its extensive industrial use, also fell sharply earlier this week, raising worries about the world growth outlook. When you look at growth in Chinas industrial output and copper price over the last 10 years, you could say that copper still looks a bit expensive. I wouldnt be surprised to see further drop in copper if investors grow wary of the possibility of slowdown in Chinas output, said Makoto Noji, senior strategist at SMBC Nikko Securities. Copper CMCU3 closed at $6,550 a tonne on Wednesday, not far from its two-month low of $6,507.5 touched on Tuesday. In the currency market, the euro EUR= fetched $1.1803, having slipped to a two-week low of $1.1780 on Wednesday. The dollar eased to 112.27 yen JPY= , slipping further from Monday''s high of 113.09, which was its highest level in more than two weeks. Bitcoin soared to a new record high, rising to $14,047 BTC=BTSP on cryptocurrency exchange Bitstamp. On the other hand, silver XAG= extended its decline since late last month to hit a near five-month low of $15.94 per ounce. Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-markets/asia-shares-hover-near-two-month-low-as-growth-u-s-policy-risks-sap-sentiment-idUKKBN1E104E'|'2017-12-07T03:13:00.000+02:00'|9553.0|''|-1.0|'' +9553|'d6f4f503425419b72bebdc8e528bc7469ed0079e'|'Asia shares hover near two-month low as growth, U.S. policy risks sap sentiment'|' 14 AM / Updated 11 minutes ago Asia shares hover near two-month low as growth, U.S. policy risks sap sentiment Hideyuki Sano 4 Min Read TOKYO (Reuters) - Asian shares held close to a two-month low on Thursday as softer oil and copper as well as U.S. policy uncertainty kept sentiment in check, while high-tech stocks struggled to recover after a searing sell-off. An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China November 24, 2017. REUTERS/Aly Song Investors are looking to the final tax legislation in the United States, where a potential U.S. government shutdown looms if Congress fails to agree on a spending package. There are also fears of a violent backlash in the Middle East from President Donald Trumps recognition of Jerusalem as Israels capital. MSCIs broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was barely changed in early trade, still hovering near a two-month low touched the previous day. From its 10-year peak hit on Nov. 23, it has slipped 4.6 percent. Japan''s Nikkei .N225 gained 1.2 percent after having suffered its biggest fall since late March on Wednesday. MSCI''s gauge of stocks across the globe .MIWD PUS hit a two-week low on Wednesday while Wall Street''s benchmark S&P 500 index .SPX edged down for its fourth straight session of losses. I would say markets are going through a healthy correction after their rallies during the past three months, or six months. I dont think we need to panic, said Hirokazu Kabeya, chief global strategist at Daiwa Securities. A relentless selloff in U.S. technology shares, which has pressured global equities in recent weeks, subsided somewhat with S&P technology shares .SPLRCT bouncing slightly 0.75 percent. The energy sector dragged the U.S. market lower overnight as oil prices dropped. Oil prices flirted with two-week lows after its big fall on Wednesday, when a sharp rise in U.S. inventories of refined fuel suggested demand may be flagging, while U.S. crude production hit another weekly record. U.S. West Texas Intermediate crude futures CLc1 traded at $56.10 per barrel, up 0.25 percent in early Asian trade but not far off Wednesdays low of $55.87. The price of copper, seen as barometer of global economic health because of its extensive industrial use, also fell sharply earlier this week, raising worries about the world growth outlook. When you look at growth in Chinas industrial output and copper price over the last 10 years, you could say that copper still looks a bit expensive. I wouldnt be surprised to see further drop in copper if investors grow wary of the possibility of slowdown in Chinas output, said Makoto Noji, senior strategist at SMBC Nikko Securities. Copper CMCU3 closed at $6,550 a tonne on Wednesday, not far from its two-month low of $6,507.5 touched on Tuesday. In the currency market, the euro EUR= fetched $1.1803, having slipped to a two-week low of $1.1780 on Wednesday. The dollar eased to 112.27 yen JPY= , slipping further from Monday''s high of 113.09, which was its highest level in more than two weeks. Bitcoin soared to a new record high, rising to $14,047 BTC=BTSP on cryptocurrency exchange Bitstamp. On the other hand, silver XAG= extended its decline since late last month to hit a near five-month low of $15.94 per ounce. Editing by Shri Navaratnam'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-global-markets/asia-shares-hover-near-two-month-low-as-growth-u-s-policy-risks-sap-sentiment-idUKKBN1E104E'|'2017-12-07T03:13:00.000+02:00'|9553.0|28.0|0.0|'' 9554|'d671221b30efc8513edf23d3c019c55eeafafda6'|'Irish services sector growth slips to 12-month low in November - PMI'|'December 5, 2017 / 6:08 AM / Updated 13 minutes ago Irish services sector growth slips to 12-month low in November - PMI Reuters Staff 2 Min Read DUBLIN, (Reuters) - Irelands services sector expanded at the slowest pace in 12 months in November due to weaker domestic demand, a survey showed on Tuesday. The Investec Services Purchasing Managers Index (PMI) eased to 56.0 in November from 57.5 a month earlier. The index has nevertheless held comfortably above the 50 mark that separates growth from contraction since August 2012, when Ireland was halfway through a three-year financial bailout programme. Like the wider economy, services firms have so far proved resilient to neighbouring Britains vote to leave the European Union. But while new export orders remained firm in November, growth in new orders overall fell to its lowest level in 12 months, the survey showed. Managers remained optimistic, however, with business sentiment ticking up slightly in the month. Despite the slightly slower pace of current growth implied by the headline PMI, Irish services firms remain upbeat about the outlook for the sector, said Investec Ireland chief economist Philip OSullivan. A number of panellists expect new export orders to be a key driver of growth in 2018 and, given the improving international backdrop, we think that this is a very reasonable assessment of the sectors prospects, he said. Reporting by Conor Humphries; Editing by Hugh Lawson'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-ireland-economy-pmi/irish-services-sector-growth-slips-to-12-month-low-in-november-pmi-idUKKBN1DZ0HK'|'2017-12-05T08:07:00.000+02:00'|9554.0|''|-1.0|'' 9555|'e0dea9997a54ecdfbfb1226fa2e083cc48265d44'|'PRESS DIGEST- Canada - Dec 7'|' 08 AM / in 13 minutes PRESS DIGEST- Canada - Dec 7 Reuters Staff 2 Min Read Dec 7 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** Alberta''s ambitious plan to lower its industrial greenhouse gas (GHG) emissions without alienating the province''s powerful oil and gas sector has been rolled out with a mixed response from many of the heavy emitters it will impact. ( tgam.ca/2ACZQXk ) ** Kinder Morgan Canada Ltd is selling C$200 million ($155.96 million) in shares even as the company dials back spending and warns of additional delays to its marquee Trans Mountain pipeline expansion. ( tgam.ca/2ACCf9d ) ** Plains Midstream Canada said it is reopening its train-loading facility in Kerrobert, Saskatchewan, which closed in 2016 after oil prices had plunged to less than $50 a barrel from more than $100 and Canadian crude was shunned by U.S. refiners in favor of cheaper supplies from overseas. ( tgam.ca/2ADiDSo ) NATIONAL POST ** WestJet Airlines Ltd is forming a new trans-border venture with Delta Air Lines to expand its reach into the U.S., part of a diversified growth strategy that will see the Calgary-based airline try to attract more premium customers while also launching an ultra-low cost carrier. ( bit.ly/2AVZM7N ) ** Hudson''s Bay Co Chief Executive Richard Baker believes the department store retailer will see an upside from the demise of Sears Canada, but the apparent health of HBC''s operations in Canada might be moot given the malaise and underperformance of its business divisions in the U.S. and Europe. ( bit.ly/2B01Efw ) ($1 = C$1.28) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-canada/press-digest-canada-dec-7-idUSL3N1O73OG'|'2017-12-07T13:07:00.000+02:00'|9555.0|''|-1.0|'' 9556|'509ffa402ff54b6375cf37de16953c59f0a9f42b'|'Axel Springer in talks to buy Israel''s Zap - source'|'December 27, 2017 / 10:14 AM / Updated an hour ago Axel Springer in talks to buy Israel''s Zap: source Reuters Staff 2 Min Read JERUSALEM (Reuters) - Private equity firm Apax Partners is in talks to sell Israeli shopping comparison website Zap to German publishing firm Axel Springer ( SPRGn.DE ) for up to 500 million shekels ($144 million), a source close to the matter said, confirming media reports. FILE PHOTO: The logo of German publisher Axel Springer is pictured in front of the company''s headquarters in Berlin July 25, 2013. REUTERS/Fabrizio Bensch/File Photo Apax and Axel Springer declined to comment on Wednesday. The source said Apax put Zap up for sale two weeks ago and asked for bids of between 450 million and 500 million shekels and that Apax was reviewing offers from buyers. In addition to Axel Springer, the KKR ( KKR.N ) private equity fund, Bain Capital, Blackstone and ABRI Partners are also interested in buying Zap, which Apax bought in 2015 for 150 million shekels, the source said. Israeli news websites said the Zap Group operates 22 websites, encompassing 450,000 businesses. Each month there are 16 million visits to Zaps website with users seeking information for their purchasing decisions, according to the Globes financial news website. Axel Springer in 2014 bought Israeli classified ads website Yad2 for 806 million shekels. Reporting by Steven Scheer; Additional reporting by Ludwig Burger in Frankfurt'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-apax-axel-sprngr-zap/axel-springer-in-talks-to-buy-israels-zap-source-idUKKBN1EL0NV'|'2017-12-27T12:09:00.000+02:00'|9556.0|''|-1.0|'' @@ -9574,7 +9574,7 @@ 9572|'3a3cb407e846f75560626b5d45556344e2d739c3'|'UPDATE 1-ABB revamps engineering business, to take Q4 charges'|'December 20, 2017 / 7:05 AM / Updated 11 minutes ago UPDATE 2-ABB revamps engineering business to cap year of transition Reuters Staff * ABB calls revamp final step in year of transition * EPC operations to be spun off to ventures or wound down * CEO sees economic conditions improving in 2018 (Adds comments from ABB call, market reaction) By Michael Shields ZURICH, Dec 20 (Reuters) - ABB will reshape its engineering, procurement and construction (EPC) business - including its biggest but least profitable power grids division - by spinning off and winding down some operations, triggering fourth-quarter charges totalling $225 million. Chief Executive Ulrich Spiesshofer called the move ABBs final step in a year of transition that would lead into a 2018 when it would benefit from a strengthening economy. We will always run the business in a way that we are responsibly managing capacity in line with market development, he told reporters on a call, but noted economic conditions were likely to be brighter next year than in 2017. Last month, ABB said it would revamp its global power grids operations as it responds to the divisions sluggish profitability and falling orders. The move came as ABB sought to justify its decision last year to reject calls from Cevian Capital, its second-largest shareholder, to spin off power grids, which has suffered a 9 percent drop in orders in 2017. In the Power Grids division, which also makes electrical substations, ABB will form a joint venture with SNC-Lavalin for electrical substation EPC projects, the Swiss technology group said on Wednesday. Canadian-based SNC-Lavalin will have the controlling interest in the venture, it said. In the Industrial Automation division, ABBs oil & gas EPC business will be transferred into a previously announced joint venture controlled by Saudi-based Arkad Engineering and Construction Ltd in a deal now expected to close this month. In the Robotics and Motion division, ABB is winding down its turnkey full train retrofit business. The fourth quarter 2017 results of Power Grids and Robotics and Motion are each expected to be impacted by approximately $75 million on operational EBITA. The transfer of the turnkey oil & gas EPC business into the JV with Arkad is expected to result in a non-operational pre-tax charge to net income of approximately $75 million, the company said. Spiesshofer said he did not expect negative impact on jobs. ABB is trying to shift its focus to higher-margin services. Its four divisions cover electrification products, robotics, industrial automation and power grids. Power grids accounted for around 30 percent of 2016 sales, electrification products 28 percent, robotics 23 percent and industrial automation 19 percent. ABB shares fell 0.4 percent in early trading, while the Stoxx European industry sector index was little changed. We believe that the indicated completion of the (EPC) business model change will be supportive for sales growth rates as well as profitability, Baader Helvea analyst Guenter Hollfelder, who rates the stock hold, said in a note. ABB will report these businesses as a non-core operating unit which will manage its backlog of existing business. The new unit will report to finance chief Timo Ihamuotila from the start of next year. (Reporting by Michael Shields; Editing by Biju Dwarakanath and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/abb-revamp/update-1-abb-revamps-engineering-business-to-take-q4-charges-idUSL8N1OK0J3'|'2017-12-20T09:03:00.000+02:00'|9572.0|''|-1.0|'' 9573|'1425ccb229e145970c29d96d8d312dbb945efb9f'|'Zalando seeks more brand partnerships to fend off Amazon'|'December 13, 2017 / 1:22 PM / Updated 7 minutes ago Zalando seeks more brand partnerships to fend off Amazon Emma Thomasson , Nadine Schimroszik 6 Min Read BERLIN (Reuters) - Europes top online-only fashion retailer Zalando is stepping up its fast-growing brand partnerships programme, building on ties with the likes of Nike and Superdry to repel the challenge of U.S. interloper Amazon. FILE PHOTO: A Adidas shoebox stands above a Zalando cardboard box on a staged scene in Berlin, Germany June 8, 2016. REUTERS/Axel Schmidt - File Photo The German companys share price has come under pressure as Amazons big push into fashion has prompted Zalando to increase investment in logistics and technology to keep pace, forcing it to trim profit forecasts. But Zalando sees its new business line giving it an edge over its U.S. rival. Launched in Berlin in 2008, Zalando has grown fast to sell almost 2,000 brands in 15 countries via a classical e-commerce model, buying in stock to be sold online and shipped from its vast warehouses. It started complementing that with a partner programme two years ago to increase choice, charging fashion labels a commission for selling additional stock through the Zalando website and shipping the goods direct to customers. The brands, meanwhile, can keep control of pricing and presentation. After a pilot with Adidas, Zalando has signed up 700 brands and the programme now accounts for nearly 10 percent of the total value of goods sold on its site, with a long-term target of 20-30 percent. Carsten Keller, Zalandos managing director of partner solutions, expects the scheme to support profitability and cement relationships with brands, some of which remain wary of listing on Amazon, where third-party sellers compete on price. The brands are put in the driving seat. They keep control over the assortment, prices and brand representation. It is a very different environment to other market places like eBay or Amazon, Keller told Reuters. PROFITABILITY German shoe brand Birkenstock is withdrawing from Amazon because of concerns over counterfeit products, while luxury brands last week won the right in Europe to stop retailers selling their products on online platforms. Zalando says the partner schemes expected profitability should help the company to reach a long-term target for an operating margin of 10 percent. But analysts have their doubts, on average forecasting 5.9 percent by 2020, up only slightly from the close to 5 percent Zalando expects in 2017. British rival ASOS, by comparison, forecasts a stable operating margin of 4 percent but is growing sales faster than Zalando and is seen as better insulated from Amazons advance thanks to a focus on fashion-mad youngsters. We think expectations look demanding, as does the companys longer-term margin guidance, given Zalandos desire to push for market share, more intense online competition and expansion into lower-margin regions, said RBC analyst Richard Chamberlain. Keller, a former McKinsey consultant who joined Zalando last year, says the partner programme was born because Zalando realised it was losing millions of potential sales when it ran out of stock on top-selling items. It is growing with very high momentum. We doubled it over the past 12 months, Keller said. It adds substantial value and has a positive effect on the bottom line. Nike is particularly pleased with the arrangement -- so much so that its executives mentioned it three times on a recent analyst call. Our partnership with Zalando is creating growth and shaping the digital marketplace in and beyond Europe, said Elliot Hill, who runs Nikes wholesale and direct-to-consumer businesses. Zalando is attracting brands that do not normally sell wholesale, such as Inditexs Oysho, while also persuading others to offer exclusive ranges. Nike, for instance, released new colours of its classic Air Force 1 shoe for the German site. VIRTUOUS CYCLE Amazon is a strong competitor, but is more transactional, offering more basic and discounted fashion. Zalando gets edgier stuff, said Macquarie analyst Andreas Inderst, who has an outperform rating on Zalando. It is a virtuous cycle because the more consumers come to the home page, the more Zalando can leverage consumer insights through data analytics, the more brands are attracted. Zalando is offering its partners data about who is buying what and where, as well as helping brands with their marketing strategies, online content, logistics and inventory management, buying two software firms that help brands with digital inventory management. In an Amazon or eBay environment, brands lose contact with their consumers because they do not get their hands on consumer data, Keller said. Some analysts remain sceptical that Zalando will be able to fend off Amazon for long. Amazon more than doubled its share of the western European market for online fashion in five years to 6.5 percent in 2016, just behind Zalando on 7.4 percent, Euromonitor data shows. Amazon has signed up more than 350 brands in Europe in the past year and is running a pilot with Nike in the United States in return for more control over its goods on the site. At the moment, Zalando has better brands and Amazon doesnt have as broad a range of current-season products, said Berenberg analyst Michelle Wilson, who rates Zalando a sell. But it is only a matter of time until Amazon can convince brands they wont destroy their brand equity. Editing by David Goodman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-zalando-brands/zalando-seeks-more-brand-partnerships-to-fend-off-amazon-idUKKBN1E71P4'|'2017-12-13T15:21:00.000+02:00'|9573.0|''|-1.0|'' 9574|'5392d0094a6516ce1e05a82bfd10bfff43a0ab49'|'Q&A: Dhoni is the hero of my ''Democracy''s XI'' - Rajdeep Sardesai'|'Meritocracy in cricket made sure the cricketing lineage of Dilip Sardesai was not enough for his son, Rajdeep, to play cricket at the highest level for the country.India''s captain Mahendra Singh Dhoni plays a shot during their ICC Cricket World Cup final match against Sri Lanka in Mumbai April 2, 2011. REUTERS/Adnan Abidi/Files However, Rajdeep Sardesai, an Oxford Blue , more than makes up for it with a fine effort to chronicle the democratic journey of Indian cricket in his recently published book, Democracy''s XI . He spoke to Reuters about his debut book on the sport and the cricketers who changed the course of Indian cricket.Q: Tell us how and when did the idea of Democracys XI come and what kind of preparation went into writing this book?A: It was always there within me somewhere that I wanted to write a book on cricket. Since Mihir Bose had already written a book on the history of Indian cricket, I wanted to write on cricket with the social and economic fabric of the country as a backdrop. I began writing this book in Jan, 2016 and it took me around 18 months to finish it. My day-job of broadcast journalism left me with little time, so I''d write for couple of hours in the morning as often as possible. I have interviewed almost 80 people for this book and that had its own challenges.Q: You start your book with a touching tribute to your father, Dilip Sardesai. Do you think his innings of 212 in the very first test match at Kingston against the West Indies was a turning point of the 1971 series?A: First, I must say why I included my father in the book. Apart from paying my tribute to him, I felt he represented that dream of a small-town boy (he came from Margao in Goa) who goes on to play for India.I do think my fathers double century, which was the first double century by an Indian batsman overseas, changed the course of the series. But Im not alone. Gavaskar once told me that in a practice match before the series my father told him the West Indian pace attack was quite mediocre and paled in comparison to the pace attack of Wesley Hall and Charlie Griffith, which he had faced in 61-62 series. Gavaskar recalled the remark gave a lot of confidence to rest of the batsmen to take on the West Indian bowling attack. Moreover, Ajit Wadekar, who was captaining the 71 team, told me, Dilips innings in Kingston changed Indian cricket forever.Q: Would you agree that Tiger Pataudi, for the first time, brought self-belief to Indian cricket?A: Yes, an element of self-belief and to some extent self-respect the belief that you are not playing cricket to just make the numbers but to actually play to win or at least compete hard. Pataudi brought meritocracy into Indian cricket.Q: After winning test series in West Indies and England in 71, the Indian team was expected to grow into a world-beating side. Later, we did win a test series (2-0) in England (86) and drew a series (1-1) in Australia (80-81) but for the greater part of next two and half decades, India struggled to win a series overseas. Do you think Indian team went back to saving-the-test-first mode or is it that India didnt have enough match-winning bowlers?A: I think its the latter. India didnt have enough fast bowlers. At the end of the day, to win abroad, on those wickets in England, Australia, West Indies and South Africa, you needed fast bowlers to get you wickets. For a long time we had Kapil Dev through the 80s but he didnt have the kind of support that the team needed to win. In the 90s, we had Srinath but he also didnt have the consistent support. Anil Kumble had to play the role of a main bowler overseas and he was never going to be the same kind of a match winner that he was at home.The victories against West Indies and England in 71 were achieved through spin, which was unusual but it was never going to be a lasting formula. The team needed at least two fast bowlers to win abroad.Q: Your book talks about how Indian cricket grew alongside the progress India was making as a young nation post-independence. In that context, how and where would you place Gavaskar?A: I feel Gavaskar is a critical figure in the evolution of Indian cricket. He gave Indian cricket the self-belief that they could play fast bowlers. I think till Gavaskar came, there was a belief that Indian batsmen were easily intimidated by fast bowling. Gavaskar changed that forever. In the 70s, the West Indies probably had the best fast bowling attack of all time. I think he taught Indian batsmen how to face fast bowling. And please remember, he was the only player who was a part of the victorious team in 71 and the team that won the World Cup in 1983. He also brought that hard-edged professionalism to Indian cricket. Earlier, the board dominated the lives of the players in a very feudal manner. He brought a change in relationship, making it more equal.Q: In the intervening period between Gavaskar and Sachin, would you consider Mohammad Azharuddin as perhaps the best batsman? What made you include him in your XI?India''s Sachin Tendulkar plays a shot against Australia during the second cricket test, at the Sydney Cricket Ground January 6, 2012. REUTERS/Tim Wimborne/Files A: I think overseas it was Dilip Vengsarkar but at home it was certainly Azhar. Vengsarkar, for a while in the 80s, was worlds best batsman. But Azhar was special because he brought a certain electricity to his fielding. He may have been controversial because of match-fixing allegations but the reason I have him in my book is that he should be recognised for being a premier batsman of his generation till Tendulkar took over, possibly the best all-round fielder India ever had and a durable captain who lead India for almost a decade (90-99).Q: And then came Sachin Tendulkar. Do you think he introduced a new brand of fearless and aggressive cricket, which the likes of Rahul Dravid, V.V.S Laxman, Virender Sehwag and even Anil Kumble as a bowler, emulated?A: I think he did. He had the technical skill of Gavaskar and strokeplay of Viv Richards. He was a modern-day prototype of a perfect batsman. I think Gavaskar was not the best batsman of his era. Viv Richards was probably the most dominating batsman and Greg Chappell was as proficient in a way, but Tendulkar was clearly seen as the greatest batsman of his era, ahead of Brian Lara. He was a global number one player and that inspired others to set the bar higher. The Dravids, the Laxmans, the Sehwags looked up to him and said if Tendulkar can do it, can we also.Q: You mention about the 2001 Kolkata test against the Aussies. How do you think the famous victory impacted Indian cricket?A: The Kolkata test will always stand out for the Laxman-Dravid partnership (376), Harbhajans bowling (7 for 123 & 6 for 73) and Gangulys captaincy. It was a critical match because it came within 12 months of match-fixing. The victory in the Kolkata test restored a sense of pride in Indian cricket. It gave Indian cricket a new lease of life. If 71 gave us a sense of self-belief for the first time, then 01 restored it 30 years later.Slideshow (2 Images) Q: But how could you leave out Anil Kumble, perhaps the greatest match winner of Indian cricket, from your XI?A: I wanted to include a cricketer who represented, to my mind, some of the finer traditions of the game. A player who embodied the notion of gentlemanliness, dignity, discipline, determination and of being low profile amidst all the glamour. And I think Dravid represented all those attributes. But so does Kumble. He is very unlucky to miss out the XI but I do refer to him repeatedly in Dravids chapter. In fact, I start the chapter with him and his 10-wicket performance in the 99 Delhi test match. I think both Kumble and Dravid represented dignity in sport. And therefore when Kumble was removed from the position of Indian coach, I thought that was just not cricket.Q: Your book has a fascinating anecdote of how a famous race horses name was used as a code word. However, errors seem to have crept in. The name of the horse Mill Reef has been incorrectly mentioned as Mildred. Moreover, your father, Dilip, had used it as a code word for B.S. Chandrasekhars faster delivery and not goggly as mentioned in your book.A: I think thats a mistake I made. I went with my late fathers version, which could have got distorted with time. I should have checked with Chandrasekhar but he was reluctant to talk. However, I should have checked the facts about the story.Q: Your reverence for Dravid is quite apparent in the book. It was also nice to see you mention about his catching skills, which rarely gets written about. How would you describe him as a player?A: I guess somewhere Id love to be like Dravid in my life. I think hes shown that its possible for the nice guys to win. He is a kind of person who genuinely strived to raise the bar when it comes to life beyond the boundary. Had he lived in any other age, he would have been celebrated much more. He always worked hard at his game. He was an ordinary fielder but worked hard to become perhaps the best slip fielder of his time, worked hard to become probably the best number three batsman of his era. And on so many occasions hes taken catches off Kumble and Harbhajan, which is so much more difficult than taking catches off fast bowlers in a slip cordon.Q: With his extraordinary batting and captaincy, Dhoni perhaps changed the way shorter versions of the game is played. What do you have to say about him?A: In my view, Dhoni is in a league of his own. If there is a hero in my Democracys XI, it would be Dhoni. He came from a town, Ranchi, which has no cricketing history - a Railway class-3 employee who goes on to become a magical cricketer. Hes almost as much loved as Tendulkar. I think Sachin gave happiness to millions of Indian cricket fans and so did Dhoni. May be its the T20 World Cup in 07, may be its the World Cup in 11, theres something about Dhoni, much like Sachin, that endears him to people.Q: Just the way Sachin and Dhoni have inspired their teammates, do you find Virat Kohli inspiring his team members in terms of fitness and work ethics. Can he inspire his team to win a test series in South Africa, something that India has never done before?A: Absolutely! Its a baton relay. If you were to look at this book as a baton relay from Pataudi to Gavaskar to Tendulkar to Dhoni and to Kohli, then they all have passed on their passion for the sport. I think Kohlis biggest contribution is fitness and the conviction that you have to be a 3-in-1 player. Its not good enough to be only proficient at Test or ODI or T20, you have to be good at all the three formats. If we use Gavaskar as a symbol of self-respect, Tendulkar as a symbol of stature, Dhoni as a symbol of power, then I think we should use Kohli as a symbol of freedom and domination, which is a tribute to his fitness.Yes, I think he can inspire his team to win the forthcoming test series in South Africa. Dont forget, this time he has three fast bowlers. If they remain injury free then this team can win the series.Our Standards: The Thomson Reuters Trust Principles.'|'reuters.com'|'https://in.reuters.com/finance'|'https://in.reuters.com/article/india-cricket-rajdeep-sardesai-democracy/qa-dhoni-is-the-hero-of-my-democracys-xi-rajdeep-sardesai-idINKBN1E210B'|'2017-12-08T06:14:00.000+02:00'|9574.0|''|-1.0|'' -9575|'c17c69e543d233a91a11943911c169bf92d55601'|'Toronto votes to regulate and restrict short-term rentals'|'(Reuters) - The Toronto city council on Thursday approved regulations governing short-term rentals, requiring operators to register with the city and restricting the types of properties that homeowners can rent as it grapples with a growing affordability crisis.A 3D printed people''s models are seen in front of a displayed Airbnb logo in this illustration taken, June 8, 2016. REUTERS/Dado Ruvic/Illustration Under the new rules, homeowners will only be allowed to rent their principal residence on homesharing sites like Airbnb and Expedia Incs Homeaway, which the city hopes will lead to more units being available for long-term rentals.That could include listing up to three bedrooms within their principal residence, or their entire home when on vacation, for up to a total of 180 days per year.Homeowners will be banned from listing income properties, and will not be allowed to rent out secondary suites such as self-contained dwellings within a house or on the same grounds, though long-term tenants of those suites would be able to rent their units.The measures come as Toronto, along with major cities around the world, grapples with the effect of home sharing on tight housing supplies and an expensive rental market. Similar rules were passed in Vancouver last month.Airbnb said it viewed Toronto regulating short-term rentals as a win and noted that most of its hosts were sharing their principal residence, not renting entire unoccupied units.At the end of the day, the vast majority of our hosts are now recognized and regulated, its legitimizing what theyre doing, said Lindsey Scully, a spokesperson for Airbnb.A spokesperson for Expedia did not immediately respond to a request for comment.Housing advocates have argued that operations like Airbnb remove long-term housing stock from the market, leading to higher rents and more precarious living situations for renters.Those in favor of such services have said they provide homeowners with flexibility to rent secondary suites and pied--terre units when they do not need them for personal use.The Toronto city council voted 40-3 in favor of regulating homesharing, and 27-17 in favor of blocking secondary suites. The new rules are due to take effect in June 2018.Reporting by Julie Gordon in Vancouver; Editing by Toni Reinhold '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-canada-housing-airbnb/toronto-votes-to-regulate-and-restrict-short-term-rentals-idUSKBN1E206C'|'2017-12-08T03:14:00.000+02:00'|9575.0|''|-1.0|'' +9575|'c17c69e543d233a91a11943911c169bf92d55601'|'Toronto votes to regulate and restrict short-term rentals'|'(Reuters) - The Toronto city council on Thursday approved regulations governing short-term rentals, requiring operators to register with the city and restricting the types of properties that homeowners can rent as it grapples with a growing affordability crisis.A 3D printed people''s models are seen in front of a displayed Airbnb logo in this illustration taken, June 8, 2016. REUTERS/Dado Ruvic/Illustration Under the new rules, homeowners will only be allowed to rent their principal residence on homesharing sites like Airbnb and Expedia Incs Homeaway, which the city hopes will lead to more units being available for long-term rentals.That could include listing up to three bedrooms within their principal residence, or their entire home when on vacation, for up to a total of 180 days per year.Homeowners will be banned from listing income properties, and will not be allowed to rent out secondary suites such as self-contained dwellings within a house or on the same grounds, though long-term tenants of those suites would be able to rent their units.The measures come as Toronto, along with major cities around the world, grapples with the effect of home sharing on tight housing supplies and an expensive rental market. Similar rules were passed in Vancouver last month.Airbnb said it viewed Toronto regulating short-term rentals as a win and noted that most of its hosts were sharing their principal residence, not renting entire unoccupied units.At the end of the day, the vast majority of our hosts are now recognized and regulated, its legitimizing what theyre doing, said Lindsey Scully, a spokesperson for Airbnb.A spokesperson for Expedia did not immediately respond to a request for comment.Housing advocates have argued that operations like Airbnb remove long-term housing stock from the market, leading to higher rents and more precarious living situations for renters.Those in favor of such services have said they provide homeowners with flexibility to rent secondary suites and pied--terre units when they do not need them for personal use.The Toronto city council voted 40-3 in favor of regulating homesharing, and 27-17 in favor of blocking secondary suites. The new rules are due to take effect in June 2018.Reporting by Julie Gordon in Vancouver; Editing by Toni Reinhold '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-canada-housing-airbnb/toronto-votes-to-regulate-and-restrict-short-term-rentals-idUSKBN1E206C'|'2017-12-08T03:14:00.000+02:00'|9575.0|24.0|0.0|'' 9576|'b4b59d8f76514552a4af9a81c554e682780030ec'|'Australia cobalt rush accelerates on electric vehicle demand, DRC troubles'|'December 15, 2017 / 9:05 AM / Updated 8 minutes ago Australia cobalt rush accelerates on electric vehicle demand, DRC troubles Melanie Burton 3 Min Read MELBOURNE (Reuters) - Australia, home to the worlds second-biggest cobalt reserves, is seeing a rush of interest in projects still years from production as makers of batteries used in electric vehicles (EVs) seek supplies of the metal from a more costly but less risky source than top miner, the Democratic Republic of Congo. As auto makers seek to develop greener cars, shares in Clean TeQ ( CLQ.AX ) - owner of one of the largest cobalt deposits in Australia - have trebled this year. Minnows Cobalt Blue ( COB.AX ), Australian Mines ( AUZ.AX ), Artemis Resources ( ARV.AX ) and Aeon Metals ( AML.AX ) have also seen shares surge. On Friday, Aeon, developing a copper-cobalt project in Queensland, raised A$30 million ($23 million) from institutional investors. Investor interest has surged further since Amnesty International reported as much as a fifth of the DRCs cobalt was artisanally mined in dangerous conditions, involving women and children. Giants like Toyota ( 7203.T ) and Volkswagen ( VOWG_p.DE ) pledged last month to uphold ethical standards in buying cobalt and other minerals needed for EVs. We have 10 (battery making) firms in discussions, said Australian Mines Managing Director Benjamin Bell, citing advanced talks with firms from Germany, Japan, China and South Korea to secure offtake for its Queensland Sconi project. Sconi is expected to produce 2,500 tonnes of cobalt and 17,500 tonnes of nickel annually after production starts in late 2019. FILE PHOTO: Artisanal miners sit outside a cobalt mine-pit in Tulwizembe, Katanga province, Democratic Republic of Congo November 25, 2015. REUTERS/Kenny Katombe/File Photo The reason they are contact with us is they can see that cobalt out of the DRC is probably not going to be acceptable for their users over time, Bell told Reuters. Australia is rich in cobalt, mined as a by-product of copper and nickel, holding some 1.1 million tonnes of reserves or 15 percent of world supply. Thats less than a third of the DRCs reserves, but around five times that of Canada, according to the U.S. Geological Survey. To be honest, costs in Australia are much higher than DRC, but half our revenue is cobalt and half nickel. The battery makers are talking to us saying that they would take both, Bell said. Clean TeQ began life as a water treatment technology firm but acquired a cobalt-nickel-scandium deposit in 2014 and is now capitalized at A$832 million. We are talking to many people regarding offtake and the discussions are ongoing, a spokesman said. Meanwhile Artemis Resources plans to reprocess ore stockpiles from a shuttered mine in the Pilbara from the middle of next year. It is not in formal offtake negotiations, but has been speaking with Chinese and American firms, director Ed Mead told Reuters. Reporting by Melanie Burton; Editing by Gavin Maguire and Kenneth Maxwell'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-australia-cobalt-batteries/australia-cobalt-rush-accelerates-on-electric-vehicle-demand-drc-troubles-idUSKBN1E90R4'|'2017-12-15T11:04:00.000+02:00'|9576.0|''|-1.0|'' 9577|'aa92a6b6513aa6e5779cd06d387e59bc5478129d'|'US STOCKS SNAPSHOT-Wall St opens lower as tech stocks fall'|'December 6, 2017 / 2:37 PM / Updated 7 minutes ago US STOCKS SNAPSHOT-Wall St opens lower as tech stocks fall Reuters Staff 1 Min Read Dec 6 (Reuters) - U.S. stock indexes opened lower on Wednesday as technology stocks declined on concerns over stretched valuations and the impact of a U.S. tax reform on corporate earnings. The Dow Jones Industrial Average fell 11.75 points, or 0.05 percent, to 24,168.89. The S&P 500 lost 3.81 points, or 0.144891 percent, to 2,625.76. The Nasdaq Composite dropped 20.75 points, or 0.31 percent, to 6,741.46. Reporting by Rama Venkat Raman in Bengaluru; Editing by Arun Koyyur'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-wall-st-opens-lower-as-tech-stocks-fall-idUSL3N1O64DE'|'2017-12-06T16:32:00.000+02:00'|9577.0|''|-1.0|'' 9578|'b7538551aeca753455ced719279b65330e1c6996'|'CML buys 65 percent of UK''s ETS pipeline, to keep Perenco as operator'|'December 12, 2017 / 3:13 PM / Updated 10 minutes ago CML buys 65 percent of UK''s ETS pipeline, to keep Perenco as operator Reuters Staff 1 Min Read OSLO (Reuters) - CATS Management Limited (CML), a British gas infrastructure company owned by Antin Infrastructure Partners, has acquired 65 percent of Britains Esmond Transportation System (ETS) pipeline and will keep Perenco as its operator, the firm said on Tuesday. CATS did not give a value for the transaction. ETS, a 165-kilometer pipeline that transports gas from fields in the southern North Sea to Britains Bacton gas terminal, is operated by Perenco, which also runs the countrys Trent and Tyne gas fields. CML bought a 30- pipeline from Premier Oil, 25 percent from Centrica and 10 percent from Perenco UK Limited, the company said in a statement. Premier Oil sold its stake for 23.6 million pounds, it said in a statement on Monday. Reporting by Lefteris Karagiannopoulos, editing by Louise Heavens'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-britain-gas/cml-buys-65-percent-of-uks-ets-pipeline-to-keep-perenco-as-operator-idUKKBN1E61WW'|'2017-12-12T17:12:00.000+02:00'|9578.0|''|-1.0|'' @@ -9597,7 +9597,7 @@ 9595|'7a18e3190dbcfb00ca90d7daab9c165b4f839e88'|'Facebook ads that let employers target younger workers focus of U.S. lawsuit'|'December 21, 2017 / 3:16 AM / Updated an hour ago Facebook ads that let employers target younger workers focus of U.S. lawsuit Sharon Bernstein 3 Min Read (Reuters) - Several U.S. employers engaged in age discrimination by placing recruitment ads on Facebook targeting younger workers, according to a lawsuit filed on Wednesday by a communications industry labour union. FILE PHOTO: Balloons are seen in front of a logo at Facebook''s headquarters in London, Britain, December 4, 2017. REUTERS/Toby Melville/File Photo Companies including T-Mobile US Inc ( TMUS.O ), Amazon.com Inc ( AMZN.O ) and Cox Communications Inc [COXC.UL] imposed age limits on who could see recruitment ads, limiting some only to people younger than 38, according to the lawsuit, filed in federal court in San Francisco by the Communications Workers of America. This pattern or practice of discrimination denies job opportunities to individuals who are searching for and interested in jobs, reduces the number of older workers who apply for jobs with the offending employers and employment agencies, and depresses the number of older workers who are hired, the complaint reads. The lawsuit is the latest example of criticism levelled at Facebook for so-called micro-targeting, a process that has allowed advertisers to choose who sees their ads based on age, interests, race and even such characteristics as whether they dislike people based on race or religion. Last month, the company said it was temporarily disabling the ability of advertisers to exclude racial groups from the intended audience of ads, and promised to do better at policing discriminatory practices. Facebook, which is not named as a defendant but is accused in the lawsuit of engaging in the practice in its own recruitment efforts, said in a statement on its website that it does not engage in age discrimination. T-Mobile and Cox said they do not comment on litigation. Amazon said it has corrected some ads. We recently audited our recruiting ads on Facebook and discovered some had targeting that was inconsistent with our approach of searching for any candidate over the age of 18, Amazon said. The complaint included images of employment recruitment ads that when clicked upon by a user, bring up a screen specifying the age group to which the ad was targeted. Youre seeing this ad because Amazon Fulfillment Jobs wants to reach people ages 18 to 54 who live or were recently near Silver Spring Maryland, one reads. Another lists T-Mobiles desire to reach people who are interested in customer service, adding, There may be other reasons youre seeing this ad, including that T-Mobile Careers wants to reach people ages 18 to 38. Peter Romer-Friedman, a lead attorney on the case, said companies rely heavily on social media for job recruitment, so the targeting harms older job-seekers. Lawyers will seek class action status for the case and plan to add defendants, he said. Reporting by Sharon Bernstein in Sacramento, California; Additional reporting by Stephen Nellis in San Francisco; Editing by Lisa Shumaker'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-facebook-lawsuit-discrimination/facebook-ads-that-let-employers-target-younger-workers-focus-of-u-s-lawsuit-idUKKBN1EF099'|'2017-12-21T10:35:00.000+02:00'|9595.0|''|-1.0|'' 9596|'267917c0cd1d2ec7771bd86ce5eb5ba4e1171474'|'KKR to buy tool components maker Hyperion from Sandvik'|'December 8, 2017 / 7:32 PM / Updated 16 minutes ago KKR to buy tool components maker Hyperion from Sandvik Joshua Franklin 2 Min Read (Reuters) - Buyout firm KKR & Co LP ( KKR.N ) said on Friday it had agreed to buy industrial tool components manufacturer Hyperion from Swedens Sandvik ( SAND.ST ), its first acquisition of a relatively small manufacturing company. The deal, which Sandvik said in a statement was worth 4 billion Swedish crowns (352 million), signals a shift by KKR from its past focus on larger deals. We like the industry and we think this is a neat company with lots of additional potential, Pete Stavros, the head of KKRs industrials investment team, said in a telephone interview. KKR said the deal was being funded through its $13.9 billion Americas XII Fund, which finished fundraising earlier this year. Institutional and wealthy individuals have been increasingly eager to invest with private equity firms, which buy companies to sell a few years later for higher returns than available in public financial markets. Buyout funds raised $66 billion in the third quarter, according to research firm Preqin, up 47 percent from the year-ago period. This cash influx into a growing number of private equity firms means the industry has an estimated $954 billion to invest. KKRs move to look at the smaller-sized, or middle-market, businesses opens the door for more deal opportunities, Stavros said. If you think about someone who, on my team, covers the building products sector, which is a very fragmented space, theres just so much more transaction activity in the middle market, he said. Thisll give that person a lot more opportunities to look at. Fair Lawn, New Jersey-based Hyperion has around 1,400 employees. KKR will continue allowing staff to have a stake in the companies it invests in, a policy it believes helps to improve profitability. Reporting by Joshua Franklin; Editing by Chizu Nomiyama and Richard Chang'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-kkr-m-a-hyperion/kkr-to-buy-tool-components-maker-hyperion-from-sandvik-idUKKBN1E22KJ'|'2017-12-08T21:31:00.000+02:00'|9596.0|''|-1.0|'' 9597|'2e1dec556eb96c944f03b1e61be115b0f98425db'|'China''s November producer prices ease to four-month low as pollution curbs bite'|'December 9, 2017 / 4:55 AM / Updated 13 hours ago China''s November producer prices ease to four-month low as pollution curbs bite Stella Qiu , Kevin Yao 4 Min Read BEIJING (Reuters) - Chinas producer price inflation slowed to a four-month low in November as factory activity softened due to the governments ongoing efforts to curb pollution, cooling demand from factories for raw materials. FILE PHOTO: A worker jokes and beckons at her colleague as she rolls away carts of unused tools between rows of spinning machine at a factory in Zhuhai City, Guangdong Province, China December 13, 2016. REUTERS/Venus Wu/File Photo Producer prices rose 5.8 percent from a year earlier - the lowest since July, the National Bureau of Statistics said on Saturday. The rise was slightly less than market expectations and compared with the previous months 6.9 percent increase. Analysts polled by Reuters had predicted the PPI in November would rise an annual 5.9 percent, easing back also because of a high base a year earlier. The environmental protection drive could affect production of middle- and low-stream firms, easing demand for raw materials, said Wen Bin, an economist at Minsheng Bank in Beijing. Looking ahead, producer price inflation is likely to slow steadily due partly to the high base effect. On a month-on-month basis, the PPI rose 0.5 percent in November. As northern China officially entered the heating season in mid-November, the government has stepped up efforts to address winter smog, ordering many steel mills, smelters and factories to curtail or halt production to rein in pollution. Analysts expect producer price pressures to recede as the war on smog curtails production, cooling demand from factories for raw materials. Raw materials prices rose 7.5 percent in November year-on-year, compared with 9 percent in October, data from the statistics bureau showed. However, production curbs at factories have triggered fears of supply shortages, giving a major boost to iron ore and steel futures prices. Shanghai steel futures SRBcv1 rose 9.7 percent in November, while iron ore prices DCIOcv1 surged 16.5 percent over the month. In particular, the governments plan ordering millions of households in northern China to convert to gas heating from coal this year caused an unexpected shortage in natural gas supplies as prices soared despite a record amount of natural gas imports in November. Oil and natural gas prices jumped 20.3 percent year-on-year in November, compared with a 16.5 percent rise in October, the bureaus data showed. Coal mining and processing prices rose 8.6 percent from a year earlier, compared with a 19.7 percent rise in October. The latest anti-pollution measures come on top of ongoing government efforts to trim down and upgrade the countrys bloated industrial sector by shutting outdated capacity, which has also helped support producer prices. CONSUMER PRICES SOFTEN Chinas consumer inflation, which has stayed well within Beijings 2017 target of 3 percent this year, also slowed more than expected in November to 1.7 percent from 1.9 percent previously, as food prices fell. Non-food price inflation quickened to 2.5 percent in November from 2.4 percent in October. The consumer price index (CPI) had been expected to edge down to 1.8 percent on-year compared with an increase of 1.9 percent in October. The worlds second-biggest economy has defied market expectations with economic growth of 6.9 percent in the first nine months of the year, supported by a construction boom and robust exports. But factory activity has shown signs of cooling in the past few months as Beijing extended a crackdown on financial risks, which has increased borrowing costs and weighed on new investment. Editing by Jacqueline Wong'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-china-economy-inflation/chinas-november-producer-prices-ease-to-four-month-low-as-pollution-curbs-bite-idUKKBN1E305P'|'2017-12-09T05:17:00.000+02:00'|9597.0|''|-1.0|'' -9598|'a9458ee67af0da6a942d2a40b5af31fb7b7854a0'|'World trade order in a wobble as Washington snubs WTO status quo'|' 35 PM / Updated 19 minutes ago World trade order in a wobble as Washington snubs WTO status quo Michael Nienaber 6 Min Read BERLIN (Reuters) - The frustration of Roberto Azevedo was evident when, as director general of the World Trade Organization, he summed up the results of a three-day ministerial conference in Buenos Aires in the past week. There were simply none. FILE PHOTO: Freight containers stand half immersed in water after the Elbe River broke its bank at a storage facility at the harbour in Riesa, Germany, June 6, 2013. REUTERS/Thomas Peter/File Photo The delegates of more than 160 countries from around the globe failed to reach any new agreements in the face of stinging U.S. criticism of the WTO and vetoes from other countries. At the end, they were not even able to agree on a joint communique. And a further blow could strike in the coming week when Republican U.S. lawmakers aim to pass sweeping changes to the tax code which may introduce protectionist measures critics say are at odds with WTO rules. In retrospect, 2017 could mark the beginning of the end of the rules-based free trade order and the system unraveling, said Andre Sapir, senior fellow at the Brussels-based think tank Bruegel. He called it a big worry. U.S. President Donald Trump, propelled to power by his election promise to put America First and protect U.S. workers against what he views as unfair trade practices from China and others, has weakened the WTO as a forum to settle disputes. In the past months, Washington has blocked the appointment of several WTO appeals judges, a move which could paralyze the bodys dispute settlement system for years to come. The new U.S. administration does not want to work within multilateral frameworks. It wants bilateral deals, Sapir said. As a critic, he says, This would lead to a system in which the stronger ones outplay the smaller ones, it would be the law of the jungle. This apparent change of course in Washington is puzzling for free trade advocates who argue that the United States for decades supported and benefited from multilateral decision-making and rules-based arbitration enshrined in the WTO statutes. THREAT TO GROWTH For them, Trumps protectionist rhetoric is a threat to global growth and prosperity since tariffs and other trade barriers such as import restrictions, registration formalities or state aid for domestic suppliers push up costs for everyone. The slow dismantling of the international trade order could also hurt mid-term export prospects for European countries and Germany in particular at a time when the euro zone economy is benefiting from a surge in demand for its manufactured goods. A rebound in exports is one of the key drivers of Germanys economic upswing as they still account for more than 40 percent of its gross domestic product. The United States is Germanys most important single export destination after the bloc of European Union countries. FILE PHOTO: Container ships are seen at a loading terminal at the Elbe river in the harbour in Hamburg, Germany February 6, 2017. REUTERS/Fabian Bimmer/File Photo But the combat lines have also become blurry. In a sign that other countries share Trumps concerns about Chinese trade practices, the European Union and Japan joined Washington in the past week in vowing to combat market-distorting policies that fuel excess industrial capacity, including subsidies for state-owned enterprises and technology transfer requirements. Following the fruitless WTO meeting, the U.S. tax overhaul could now be another nail in the coffin of free trade. The European Union and the finance ministers of Europes five biggest economies have sounded an alarm over elements of the plan. In a letter sent to U.S. Treasury Secretary Steven Mnuchin, Britain, France, Germany, Italy and Spain said that the inclusion of certain less conventional tax provisions would contravene WTO rules and violate double taxation treaties. In a separate letter, the European Commission warned Mnuchin the planned overhaul contained elements that risk seriously hampering trade and investment flows between the worlds two biggest economic blocs. Slideshow (2 Images) Some of the provisions would discriminate against foreign business in the United States, the Commission said, while the Federation of German Industries (BDI) - the biggest lobby group for manufacturers in Europes largest economy - was more blunt. Clearly protectionist, it said of some proposed excise taxes. What actually emerges from Washington remains unclear, but even if U.S. lawmakers decide to delete some of the disputed measures in their final bill, Trump is still wedded to a unilateral approach to trade that does not require consultations with Congress. So far, he has not fulfilled campaign threats such as withdrawing from the North American Free Trade Agreement (NAFTA) or imposing steep import tariffs on imported goods such as German and Japanese cars manufactured abroad. But Trump has ordered the U.S. Commerce Department to conduct an investigation into whether steel imports threaten U.S. national security and whether broad import restrictions should be imposed. European allies have warned Trump that such a move could trigger a global trade war since trading partners could retaliate and impose trade barriers on certain U.S. goods that they label as a threat to their national security. Chad P. Bown, senior fellow at the Washington-based Peterson Institute for International Economics, said Trumps approach may not end up targeting China, but will hit partners such as Canada, Germany, Japan, Mexico and South Korea - most of which have little to do with the concerns the U.S. has with China. In a research note entitled Trump Is A New Kind of Protectionist - He Operates in Stealth Mode, Bown warned that Trumps version of protectionism could result in higher costs for U.S. industries that use steel and aluminum. But for Trump the drive is a matter of America First whether the international trade order established after World War Two gets in the way or not. Reporting by Michael Nienaber; additional reporting by Gernot Heller and Tom Koerkemeier in Berlin and by David Morgan and Susan Cornwell in Washington Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-economy-outlook/world-trade-order-in-a-wobble-as-washington-snubs-wto-status-quo-idUKKBN1E91GY'|'2017-12-15T14:43:00.000+02:00'|9598.0|''|-1.0|'' +9598|'a9458ee67af0da6a942d2a40b5af31fb7b7854a0'|'World trade order in a wobble as Washington snubs WTO status quo'|' 35 PM / Updated 19 minutes ago World trade order in a wobble as Washington snubs WTO status quo Michael Nienaber 6 Min Read BERLIN (Reuters) - The frustration of Roberto Azevedo was evident when, as director general of the World Trade Organization, he summed up the results of a three-day ministerial conference in Buenos Aires in the past week. There were simply none. FILE PHOTO: Freight containers stand half immersed in water after the Elbe River broke its bank at a storage facility at the harbour in Riesa, Germany, June 6, 2013. REUTERS/Thomas Peter/File Photo The delegates of more than 160 countries from around the globe failed to reach any new agreements in the face of stinging U.S. criticism of the WTO and vetoes from other countries. At the end, they were not even able to agree on a joint communique. And a further blow could strike in the coming week when Republican U.S. lawmakers aim to pass sweeping changes to the tax code which may introduce protectionist measures critics say are at odds with WTO rules. In retrospect, 2017 could mark the beginning of the end of the rules-based free trade order and the system unraveling, said Andre Sapir, senior fellow at the Brussels-based think tank Bruegel. He called it a big worry. U.S. President Donald Trump, propelled to power by his election promise to put America First and protect U.S. workers against what he views as unfair trade practices from China and others, has weakened the WTO as a forum to settle disputes. In the past months, Washington has blocked the appointment of several WTO appeals judges, a move which could paralyze the bodys dispute settlement system for years to come. The new U.S. administration does not want to work within multilateral frameworks. It wants bilateral deals, Sapir said. As a critic, he says, This would lead to a system in which the stronger ones outplay the smaller ones, it would be the law of the jungle. This apparent change of course in Washington is puzzling for free trade advocates who argue that the United States for decades supported and benefited from multilateral decision-making and rules-based arbitration enshrined in the WTO statutes. THREAT TO GROWTH For them, Trumps protectionist rhetoric is a threat to global growth and prosperity since tariffs and other trade barriers such as import restrictions, registration formalities or state aid for domestic suppliers push up costs for everyone. The slow dismantling of the international trade order could also hurt mid-term export prospects for European countries and Germany in particular at a time when the euro zone economy is benefiting from a surge in demand for its manufactured goods. A rebound in exports is one of the key drivers of Germanys economic upswing as they still account for more than 40 percent of its gross domestic product. The United States is Germanys most important single export destination after the bloc of European Union countries. FILE PHOTO: Container ships are seen at a loading terminal at the Elbe river in the harbour in Hamburg, Germany February 6, 2017. REUTERS/Fabian Bimmer/File Photo But the combat lines have also become blurry. In a sign that other countries share Trumps concerns about Chinese trade practices, the European Union and Japan joined Washington in the past week in vowing to combat market-distorting policies that fuel excess industrial capacity, including subsidies for state-owned enterprises and technology transfer requirements. Following the fruitless WTO meeting, the U.S. tax overhaul could now be another nail in the coffin of free trade. The European Union and the finance ministers of Europes five biggest economies have sounded an alarm over elements of the plan. In a letter sent to U.S. Treasury Secretary Steven Mnuchin, Britain, France, Germany, Italy and Spain said that the inclusion of certain less conventional tax provisions would contravene WTO rules and violate double taxation treaties. In a separate letter, the European Commission warned Mnuchin the planned overhaul contained elements that risk seriously hampering trade and investment flows between the worlds two biggest economic blocs. Slideshow (2 Images) Some of the provisions would discriminate against foreign business in the United States, the Commission said, while the Federation of German Industries (BDI) - the biggest lobby group for manufacturers in Europes largest economy - was more blunt. Clearly protectionist, it said of some proposed excise taxes. What actually emerges from Washington remains unclear, but even if U.S. lawmakers decide to delete some of the disputed measures in their final bill, Trump is still wedded to a unilateral approach to trade that does not require consultations with Congress. So far, he has not fulfilled campaign threats such as withdrawing from the North American Free Trade Agreement (NAFTA) or imposing steep import tariffs on imported goods such as German and Japanese cars manufactured abroad. But Trump has ordered the U.S. Commerce Department to conduct an investigation into whether steel imports threaten U.S. national security and whether broad import restrictions should be imposed. European allies have warned Trump that such a move could trigger a global trade war since trading partners could retaliate and impose trade barriers on certain U.S. goods that they label as a threat to their national security. Chad P. Bown, senior fellow at the Washington-based Peterson Institute for International Economics, said Trumps approach may not end up targeting China, but will hit partners such as Canada, Germany, Japan, Mexico and South Korea - most of which have little to do with the concerns the U.S. has with China. In a research note entitled Trump Is A New Kind of Protectionist - He Operates in Stealth Mode, Bown warned that Trumps version of protectionism could result in higher costs for U.S. industries that use steel and aluminum. But for Trump the drive is a matter of America First whether the international trade order established after World War Two gets in the way or not. Reporting by Michael Nienaber; additional reporting by Gernot Heller and Tom Koerkemeier in Berlin and by David Morgan and Susan Cornwell in Washington Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-global-economy-outlook/world-trade-order-in-a-wobble-as-washington-snubs-wto-status-quo-idUKKBN1E91GY'|'2017-12-15T14:43:00.000+02:00'|9598.0|17.0|0.0|'' 9599|'ade17903a66efb615b6f06642ec64bdcaf4c3061'|'Beauty contest: China make-up brands rein in South Korea rivals'|'December 1, 2017 / 5:24 AM / Updated 12 hours ago Beauty contest: China make-up brands rein in South Korea rivals Hyunjoo Jin , Adam Jourdan 6 Min Read SEOUL/SHANGHAI(Reuters) - As a diplomatic spat between Beijing and Seoul raged this year, many South Koreans felt decidedly unwelcome in China. South Korean businesses were shunned, K-pop concerts were canceled and tourist trade dried up. But one group of South Koreans have been very much in demand: the executives and employees of South Koreas cosmetics companies, who are being lured by Chinese rivals as a battle for Chinas huge beauty market heats up. Chinese make-up brands including Jala, Proya and Suhu - which have long trailed Korean rivals in terms of quality - are hiring South Korean executives as well as spending up on research and buying overseas firms, industry executives and headhunters say. The moves seem to be helping. Chinese brands, which compete with Korea names from top-rated Amorepacific to nimble budget makers such as Clio, are gaining market share in the mid-range and premium cosmetics sector where South Korea has traditionally had strength in China. While Chinese companies have been gaining ground for some time, the trend appears to have accelerated this year after Seouls decision to install a U.S. anti-missile system against Beijings wishes sparked a backlash against Korean companies. At stake is a bigger chunk of Chinas $50.2 billion beauty and personal care market, which research firm Euromonitor projects will grow to $61.9 billion by 2020. Jason Yu, Shanghai-based General Manager of market research firm Kantar Worldpanel, said mid-tier or masstige Korean brands were most exposed to Chinese brands improving their offering. High-end brands from Frances LOreal and Japans Shiseido tended to attract wealthier buyers. In terms of the price position, they will be more in direct competition with the emerging Chinese brands who are moving up the price ladder, said Yu, adding Chinese firms were catching up very fast. HIRING SPREE There are signs that recent diplomatic tensions have played into the hands of local Chinese brands in their battle with Korean rivals. Amorepacifics sales fell 8 percent in the January to September period from a year earlier, while operating profit skidded 30 percent. Smaller, budget makers were hit harder, with Clios operating profit falling nearly 70 percent. While some Chinese make-up brands use South Korean stars or highlight Korean links, others are playing up Chinese elements such as using traditional medicine ingredients or use slogans about suiting Chinese skin. Zoe Zhuang, 24, an engineer in Nanjing, said she used to use cushion foundations and eye pencils from South Koreas Etude brand. She now uses more Chinese to support local brands, she said, without referring to the dispute over the THAAD missile system. I actually dont think Chinese makeup is that good yet, there is plenty of room for improvement, she said. Chinese cosmetics firms have been trying to close the quality gap by aggressively targeting South Korean executives. (Chinese cosmetics brands) are recruiting Koreans in almost all areas, including brand managers, packaging design, store interiors, purchasing and marketing, Choi Sun-hee, head of South Korean recruiting firm HR Biz Korea, told Reuters. Some Chinese brands are willing to offer 50 percent higher wages, help with rents and flights home to woo Korean workers, Choi added. Guangzhou-based Suhu plans to double the number of its South Korean employees to 40, Choi said. It recently hired an executive from Koreas Nature Republic to oversee the recent launch of its Rojank brand, he added. Suhu declined to comment. Chinese brand Proya, which owns the Uzero and Cats & Roses brands, hired South Korean Kim Hoi-joon from Clio in 2014 to launch its Hapsode brand, Kim told Reuters. Another former Amorepacific official said Kim had lured him to Proya last year with a salary hike of about 50 percent. He said he was one of over 10 Korean employees hired by Proya. Proya declined to comment. Meanwhile, Jala, one of Chinas leading cosmetics firms, hired a Korean executive earlier this year to revamp its mainstay Chando brand, two people familiar with the matter told Reuters. Jala also hired the former head of Amorepacifics Etude brand, Kim Dong-young, they added. Kim, reached by phone, confirmed he had been working at Jala for about a year, but declined to comment further. Jalas press office was not available for comment. The approach is not limited to cosmetics. Chinese firms from carmakers to flatscreen producers to smartphone vendors have recently opened up more to hiring foreign talent to help them gain a competitive edge, often taking market share from South Korean rivals as they move up the value chain and their industries mature. But Korean brands arent going down without a fight. Amorepacific said it was working with experts in seven Chinese cities to study local skin characteristics and develop products for the local market. It is not that we are not worried about Chinese competition, Rho Jee-hye, an Amorepacific senior vice president told Reuters. As there is Estee Lauder in the United States, LOreal in France and Amorepacific in Korea, an innovative Chinese company could emerge. Reporting by Hyunjoo Jin in SEOUL and Adam Jourdan in SHANGHAI; Additional reporting by Joyce Lee in SEOUL, Editing by Soyoung Kim and Lincoln Feast'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/southkorea-china-companies/beauty-contest-china-make-up-brands-rein-in-south-korea-rivals-idINKBN1DV3Q4'|'2017-12-01T07:23:00.000+02:00'|9599.0|''|-1.0|'' 9600|'74c7dc0c390048faeb684b552be080ad0cd68b84'|'Hopu Investments raising $2.5 bln fund to tap demand for China exposure - sources'|'* Hopu fund targets $2 bln in commitments by year-end - sources* Fund investors include CIC, Temasek, Mitsui - sources* Fund to tap China opportunities, including SOE reforms - sourcesBy Julie Zhu and Shu ZhangHONG KONG/BEIJING, Dec 6 (Reuters) - Chinese private equity firm Hopu Investments is targeting raising up to $2.5 billion in a new dollar fund to capitalise on the countrys state sector reforms and its growing consumer industries, people with knowledge of the matter said.The capital-raising is the latest in a series by Chinas homegrown private equity firms and comes as they have increased their dealmaking over the past two years.China is stepping up efforts to reform its bloated state-owned enterprises by streamlining their activities - a strategy bankers and private equity executives expect will produce a series of spin-offs and divestments.Hopus new fund, its third one denominated in U.S. dollars, has already received more than $1 billion in commitments and is aiming to secure $2 billion in total by year-end, according to the people. A final close is expected to be reached early next year, they added.The fund counts sovereign wealth funds including China Investment Corp (CIC) and Singapore state investor Temasek as well as Japans Mitsui & Co Ltd as investors, said two of the people. The Hong Kong Monetary Authority, the citys de facto central bank, and Singapores GIC , are also among investors, according to one of them.Hopu declined to comment on plans for a new fund. An HKMA spokesman declined to comment on the details of its investment activities. Temasek, GIC and Mitsui declined to comment. CIC didnt respond to a request for comment.The sources declined to be named as the fundraising plans were private.Hopu is one of the longest-established private equity firms in China, founded in 2007 by Chinese rainmaker Fang Fenglei, who is also the non-executive chairman of Goldman Sachs investment banking China joint venture, and Richard Ong, now head of RRJ Capital.It joins a list of Chinese private equity firms, which includes Hony Capital and FountainVest Partners, that have raised dollar funds since last year.International investors have become more interested in China-related opportunities after a period when worries over Chinas debt levels suppressed their appetite.And for the Chinese private equity groups, raising funds in dollars instead of yuan enables them to target overseas investments without getting entangled in Beijings capital controls, while international investors often wish to avoid taking local currency risk.Reuters reported in October that Primavera Capital Group and CITIC Private Equity planned to raise new dollar funds totaling around $5 billion.Chinese private equity firms have targeted raising $49 billion in 35 buyout funds so far this year, up from just $13 billion in 22 such funds one year ago, according to data provider Preqin. The $49 billion is mainly in U.S. dollars and yuan.Acquisitions made by Chinese private equity firms globally amounted to $93 billion since the beginning of 2016, with the number of deals reaching 359, Thomson Reuters data shows.In July, Hopu led a Chinese consortium in an $11.6 billion deal to acquire Singapore-listed warehouse operator Global Logistic Properties, in Asias second-largest private equity buyout. (Reporting by Julie Zhu in HONG KONG and Shu Zhang in BEIJING; Additional reporting by Anshuman Daga in SINGAPORE and Makiko Yamazaki in TOKYO; Editing by Muralikumar Anantharaman) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/hopu-fundraising/hopu-investments-raising-2-5-bln-fund-to-tap-demand-for-china-exposure-sources-idINL8N1O432W'|'2017-12-06T02:23:00.000+02:00'|9600.0|''|-1.0|'' 9601|'1e64ef82ab3ef1c44729983a6ad10da2a4c7204d'|'PRESS DIGEST- Canada - Dec. 19'|' 09 AM / Updated 5 minutes ago PRESS DIGEST- Canada - Dec. 19 Reuters Staff 2 Min Read Dec 19 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** Boeing Co is accusing Bombardier Inc of squeezing the U.S. plane maker''s by dumping jets subsidized with billions of dollars of Canadian and British corporate welfare into the American market. tgam.ca/2D1dioM ** Canada is on pace to lose more than 4,000 people to opioid-related deaths this year, with about one-third of them in British Columbia, according to new figures from the Public Health Agency of Canada. tgam.ca/2oFGCxQ ** U.S. Secretary of State Rex Tillerson will travel to Ottawa on Tuesday, where he will meet with Prime Minister Justin Trudeau and iron out the details of a major international meeting on North Korea to be held in Vancouver early next year. tgam.ca/2CEqizC NATIONAL POST ** In a boost to Alberta''s energy industry, Inter Pipeline Ltd said it will spend $3.5 billion on Canada''s first-ever propane-to-plastics petrochemical plant. bit.ly/2kfNWvH Compiled by Bengaluru newsroom'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-canada/press-digest-canada-dec-19-idUSL4N1OJ3G5'|'2017-12-19T13:06:00.000+02:00'|9601.0|''|-1.0|'' @@ -9611,7 +9611,7 @@ 9609|'d8b29657fcb6a063408988ca534b30e8b6fb7e4f'|'Ford CEO apologises, voices zero tolerance for harassment'|'Reuters TV United States December 22, 2017 / 3:47 PM / Updated 3 hours ago Ford CEO apologizes, voices zero tolerance for harassment Reuters Staff 1 Min Read (Reuters) - Ford Motor Co ( F.N ) chief executive Jim Hackett has apologized to employees for accusations detailed in a New York Times report that management at two Chicago plants did not respond adequately to complaints of sexual harassment. FILE PHOTO: Newly named Ford Motor Company president and CEO James Hackett answers questions from the media during a press conference at Ford Motor World Headquarters in Dearborn, Michigan, U.S., May 22, 2017. REUTERS/Rebecca Cook In an open letter on Thursday, Hackett described as gut wrenching his experience this week reading womens accounts of incidents that took place over many years. Several prominent men in U.S. politics, entertainment and the media have been felled by allegations of sexual misconduct in recent months. I want to take this opportunity to say that I am sorry for any instance where a colleague was subjected to harassment or discriminatory conduct, Hackett wrote in the letter. Reuters has not independently confirmed the New York Times report. Hackett, who took over the top job at Ford in May, said there was zero tolerance for harassment and promised no retaliation against anyone who speaks up. Reporting by Rachit Vats in Bengaluru; Editing by Howard Goller'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-ford-motor-harassment/ford-ceo-apologizes-voices-zero-tolerance-for-harassment-idUKKBN1EG1US'|'2017-12-22T17:47:00.000+02:00'|9609.0|''|-1.0|'' 9610|'0a1562bc42bdea19e726a28076f2ad7f64aa7f92'|'US employment market bounces back after hurricanes, adding 228,000 jobs'|'Friday 8 December 2017 14.07 GMT First published on Friday 8 December 2017 13.51 GMT View more sharing options Share on Messenger Close The US job market appears to have bounced back from the devastating storms that struck Florida and Texas in the autumn, adding 228,000 jobs in November as the unemployment rate remained at a 17-year low of 4.1%. Hurricanes Harvey and Irma set off huge swings in job-creation numbers, released each month by the labor department, causing a sharp slowdown in September followed by a strong rebound in October. The news is likely to ensure that the Federal Reserve will vote to raise interest rates when it meets next week. If the Fed acts as expected, it will be the third rate rise this year as the central bank moves away from its policy of keeping rates close to zero that it imposed after the recession. Paul Ashworth, chief US economist for Capital Economics, said the latest jobs numbers all but guarantees another rate hike by the Fed next week Economists had been expecting the US to add 200,000 new jobs in November. On Wednesday ADP, the largest private payrolls company, said private companies had added 190,000 jobs in November with a strong showing for manufacturers, who hired 40,000 new workers. The labor market continues to grow at a solid pace, said Ahu Yildirmaz, vice-president and co-head of the ADP Research Institute. Notably, manufacturing added the most jobs the industry has seen all year. As the labor market continues to tighten and wages increase it will become increasingly difficult for employers to attract and retain skilled talent. While the US continues to add jobs at a steady pace, issues remain. The unemployment rate for white Americans (3.6%) is half that of African Americans (7.3 %). Unemployment for US teenagers stands at 15.9%. US economy rebounds from September slump by adding 261,000 jobs in October Read more Wage growth has lagged behind the recovery in the jobs market that followed the Great Recession. In November average hourly earnings for private sector employees rose 5 to $26.55. Over the year wages have risen just 2.5%, a tepid pace of growth and below economists forecasts. Elise Gould, senior economist at the Economics Policy Institute, said the latest report showed that the economy was on the right track but added that problems remained and the Fed should think twice before raising rates. The economy needs to get back to full employment for all workers young and old, black and white to feel the positive effects of a growing economy with better opportunities and faster wage growth, she said. The impact of last autumns hurricanes appears smaller than first anticipated. The storms shut down large parts of Texas and the labor department initially calculated that the US had lost 33,000 jobs over September, the first time in seven years that the US monthly total had recorded a fall. After reassessing the numbers, the US now believes the economy actually added 38,000 new jobs over the month. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/dec/08/us-jobs-market-bounces-back-after-hurricanes'|'2017-12-08T21:07:00.000+02:00'|9610.0|''|-1.0|'' 9611|'ef1a094358c9a215b6c07e5dcf97452d20f56efb'|'Ex-BT Italy boss wins $2 mln for wrongful dismissal - sources'|'MILAN, Dec 6 (Reuters) - A manager at the centre of investigations into an accounting scandal at British Telecoms Italian business has been awarded almost 1.8 million euros ($2.1 million) in damages for wrongful dismissal, three legal sources said on Wednesday.Gianluca Cimini was fired for disciplinary reasons last year, months before the phone company filed a criminal complaint accusing him of grave violations of corporate governance. The accusations arose from its investigation of alleged accounting fraud that cost the firm 530 million pounds ($690 million).An Italian labour tribunal ruled that the managers dismissal was both illegitimate and unfounded, one source said, quoting the judges summary of his decision.Full reasons for the ruling will be issued within 15 days.Were extremely disappointed with this decision, a BT spokesman said in an email, adding that the firm would not comment further until the full judgement was available.Cimini, formerly BT Italy CEO, and several other former top managers remain under investigation by Italian prosecutors on allegations of alleged fraud. The civil case involving Cimini is separate from the criminal investigation.All the accused have always denied any wrongdoing.Ciminis lawyer, Angelo Zambelli, confirmed the wrongful dismissal ruling.Thats a courageous sentence which leaves us fully satisfied and which I believe will reinstate Mr Ciminis reputation and professional decorum that was taken away from him a year ago, Zambelli said.The accounting scandal surfaced late last year when BT Group said it had discovered financial irregularities at its Italy unit. In January, it characterised it as improper accounting and took a write-down of around 530 million pounds.BT first suspended and later fired Cimini and some other managers late last year after an internal inquiry into bullying.In the criminal complaint filed in March, BT accused several former Italy executives, including Cimini, and other employees of breaking company rules and unlawful conduct.In Ciminis case, BT alleges he was responsible for breaking corporate governance rules in relation to contracts and suppliers, and for using intimidatory behaviour when dealing with staff. ($1 = 0.8480 euros) (Writing by Agnieszka Flak; Editing by Mark Bendeich) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/bt-italy-dismissal/ex-bt-italy-boss-wins-2-mln-for-wrongful-dismissal-sources-idINI6N1NR019'|'2017-12-06T16:05:00.000+02:00'|9611.0|''|-1.0|'' -9612|'c4e64477f2e7f988db854534f7fb72cf28b55dfd'|'Abu Dhabi-based fund to invest $2 billion in India technology'|'DUBAI (Reuters) - Next Orbit Ventures (NOVF) ESDM, a newly established Abu Dhabi-based fund, said on Wednesday it had launched a $2 billion fund to invest in Indias semiconductor and electronics industries.Mumbai-based private equity firm Next Orbit Ventures set-up the fund under the regulation of the Abu Dhabi Global Market financial centre after receiving funding commitments from the Gulf region.Around $1.5 billion for the fund will be raised from the region, while the remaining $500 million has been secured from a consortium of investors involving both the Indian government and ultra high net worth individuals, NOVF said.The investments are aimed at creating the required infrastructure to cope with Indias fast-growing market for electronic goods and components.India imported nearly $45 billion worth of electronic goods and components in 2016, according to a study by Ernst & Young and the Indian Electronics & Semiconductor Association.The Indian government has been trying to boost investments in the semiconductor industry to curb the risk of trade imbalances and enhance cybersecurity.Reporting by Tom Arnold; Editing by Mark Potter '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/privateequity-india/abu-dhabi-based-fund-to-invest-2-billion-in-india-technology-idINKBN1E71T3'|'2017-12-13T15:57:00.000+02:00'|9612.0|''|-1.0|'' +9612|'c4e64477f2e7f988db854534f7fb72cf28b55dfd'|'Abu Dhabi-based fund to invest $2 billion in India technology'|'DUBAI (Reuters) - Next Orbit Ventures (NOVF) ESDM, a newly established Abu Dhabi-based fund, said on Wednesday it had launched a $2 billion fund to invest in Indias semiconductor and electronics industries.Mumbai-based private equity firm Next Orbit Ventures set-up the fund under the regulation of the Abu Dhabi Global Market financial centre after receiving funding commitments from the Gulf region.Around $1.5 billion for the fund will be raised from the region, while the remaining $500 million has been secured from a consortium of investors involving both the Indian government and ultra high net worth individuals, NOVF said.The investments are aimed at creating the required infrastructure to cope with Indias fast-growing market for electronic goods and components.India imported nearly $45 billion worth of electronic goods and components in 2016, according to a study by Ernst & Young and the Indian Electronics & Semiconductor Association.The Indian government has been trying to boost investments in the semiconductor industry to curb the risk of trade imbalances and enhance cybersecurity.Reporting by Tom Arnold; Editing by Mark Potter '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/privateequity-india/abu-dhabi-based-fund-to-invest-2-billion-in-india-technology-idINKBN1E71T3'|'2017-12-13T15:57:00.000+02:00'|9612.0|24.0|0.0|'' 9613|'111541e490507c81179f9f03a000d28258307c17'|'Central banks, trade and bubbles threaten the 2018 status quo'|'December 19, 2017 / 11:40 AM / Updated 9 hours ago Central banks, trade and bubbles threaten the 2018 status quo Jeremy Gaunt 6 Min Read LONDON(Reuters) - After a year of relatively healthy global economic growth, economists are predicting pretty much the same for 2018 -- a neither too-hot nor too-cold Goldilocks scenario, but with little sight of the three bears. The idea is that all is pretty much on track for growth that will be stronger than in 2017. Part of this may come from the fact that forecasters generally got it wrong last year, underclubbing this years economic performance, particularly for the euro zone and Japan. The International Monetary Fund, for example, saw 2017 global growth at 3.4 percent with advanced economies advancing 1.8 percent. It now reckons them at 3.6 percent and 2.2 percent. It had the euro zone and Japan growing 1.5 percent and 0.6 percent, respectively. It now has them at 2.1 percent and 1.5 percent. Faster growth is reaching roughly two-thirds of the worlds population, the IMF said in a December blog post. This performance has made some economists optimistic. Nomura is among the more bullish: Global growth has far more self-reinforcing characteristics at present than at any time over the last 20-30 years. But Goldilocks bears do have a habit of showing up. There are huge numbers of potential political and economic risks to the status quo. But as in the fairy tale, lets go with just three: central banks, trade, and bubbles. In the first case, the danger is that there will be a policy mistake, squeezing debtors. The second relates to renewed U.S. protectionism or anger over Chinese exports triggering tit-for-tat, growth-stifling trade barriers. The third is about sudden market losses that dry up spending and demand. BEAR ONE IN THE WOODS Part of 2017s global economic success was put down to a combination of extraordinarily loose monetary policy and competent management by central banks of their attempts to wean the world off such largesse. Entering 2018 the U.S. Federal Reserve is lining up for three more hikes, the European Central Bank is slowly cutting back on its asset purchases, and China is increasing rates. All of this is being carefully flagged by the policymakers, but mistakes can happen and any significant shift of gear could cause a sharp retrenchment in consumer and corporate spending. The amount of U.S. corporate debt outstanding, for example, is nearly $8.8 trillion, according to Sifma, the U.S. securities industry group. That is up 35 percent since 2010 and a major driver behind corporate expansion. Financial stability risks pose a bigger threat to the continuation of the (growth) cycle than price stability risks, Morgan Stanley co-head of economics Chetan Ahya wrote in a 2018 outlook, saying U.S. corporates were the most exposed to higher interest rates. This implies that central bank tightening to curb overly robust growth or inflation risks creating a credit squeeze -- hence the caution in Washington, Frankfurt, Beijing and Tokyo. FILE PHOTO: China''s President Xi Jinping and U.S. President Donald Trump witness U.S. and Chinese business leaders signing trade deals at the Great Hall of the People in Beijing, China November 9, 2017. REUTERS/Jonathan Ernst/File Photo BEAR TWO IN THE WOODS U.S. President Donald Trumps 2016 election campaign was peppered with America First rhetoric and a dollop of belligerence about other countries. In office, the Trump administration has done a few things in the name of U.S. interests to upset multilateralists. It has, for example, launched an investigation into steel imports, blocked the appointment of judges at the World Trade Organization, and withdrawn the United States from a now 11- member Pacific Rim trade pact. Other measures have not progressed as far, notably the threat to withdraw from the North American Free Trade Agreement, and the pledge to bring China to heel over its allegedly unfair trade practices. But the U.S. trade deficit increased to $43.5 billion despite growth-driven U.S. exports. The U.S.-China deficit dropped a bit but was still $34.6 billion in Beijings favor. FILE PHOTO: Central Bank Governors Janet Yellen of the Federal Reserve, Mario Draghi of the European Central Bank (ECB), Mark Carney of the Bank of England and Haruhiko Kuroda of the Bank of Japan (L-R) attend the ECB''s Central Bank Communications Conference in Frankfurt, Germany, November 14, 2017. REUTERS/Kai Pfaffenbach/File Photo The massive TRADE deficits must go down quickly, Trump tweeted after a trip to Asia in November. Were rhetoric to turn to practice, the economic climate of 2018 could quickly turn chilly. According to the U.S. Conference board, Chinas economic exposure to the United States is nearly five times higher than the U.S. exposure to China. That would suggest that any impositions of trade barriers could hit growth in China that is behind much of the wealth in exporting nations like Germany. It is far from just a U.S.-China matter: the World Bank estimates world trade accounts for 52 percent of world GDP, more than doubling its clout over the past 50 years ago. BEAR THREE IN THE WOODS Bubbles are hard to gauge until they have popped (there is a tendency to say this time it is different, until it isnt). But if economists have learnt one thing from this centurys financial market crashes it is that they bring the house down with them. The World Bank estimates that the global growth rate fell from around 4.4 percent in 2000 to some 1.9 percent in 2001, when the dot com bubble burst, and that the financial crisis prompted a plunge from a roughly 4.3 percent growth rate in 2007 to a 1.7 percent contraction in 2009. What happens is that sudden losses in financial instruments cause companies and consumers to stop spending, leading to tumbling growth, layoffs, and debt defaults. There are plenty of examples of assets that have soared continually and steeply in the past year: Bitcoins staggering rise is but the most obvious. Albert Edwards, a Societe Generale strategist who is always on the lookout for bubble-poppers, reckons that with stock markets in the stratosphere, it wont take much to reverse things. It may be just some as boring as some unexpectedly poor profits, he suggests. Reporting by Jeremy Gaunt; Editing by Catherine Evans'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-global-economy-outlook/central-banks-trade-and-bubbles-threaten-the-2018-status-quo-idUSKBN1ED1BA'|'2017-12-19T13:44:00.000+02:00'|9613.0|''|-1.0|'' 9614|'752a433b40bee4c8940d9a1ff28ec0c89e89259b'|'CVS likely wants FTC antitrust review, not Justice Department, of Aetna deal'|'WASHINGTON (Reuters) - It is uncertain who in the U.S. government will carry out an antitrust review of CVS Health Corps ( CVS.N ) deal to buy health insurer Aetna Inc ( AET.N ), but the drugstore company is likely hoping the potentially more lenient Federal Trade Commission gets the nod, antitrust experts say.FILE PHOTO: People walk by a CVS Pharmacy store in the Manhattan borough of New York City, New York, U.S., November 30, 2017. REUTERS/Shannon Stapleton/File Photo The Justice Departments Antitrust Division and Federal Trade Commission share the job of reviewing mergers to make sure they dont hurt consumers, but sometimes it comes down to a coin toss as to who reviews a deal that involves both agencies areas of expertise.The Justice Department might be best-placed since it recently reviewed, and stopped, two insurance industry tie-ups, including Aetnas plan to buy rival Humana Inc ( HUM.N ).Meanwhile, the FTC also has highly-relevant expertise, considering it reviewed CVSs purchase of Targets ( TGT.N ) pharmacy business in 2015 as well as another big pharmacy deal, Walgreens ( WBA.O ) purchase of much of Rite Aid ( RAD.N ) this year.If I were the parties, I would try to steer it to the FTC, said Fiona Schaeffer of the law firm Milbank, Tweed, Hadley and McCloy. She described CVSs plan to buy Aetna as eminently approvable by either agency because critics would be unable to come up with a convincing theory to show the deal will harm consumers.The issue will likely be resolved in clearance discussions held almost immediately after the companies officially inform enforcers about the deal. In the meeting, both sides will consider each agencys expertise in the industry in question as well as resource constraints.Which agency gets the deal may also be left to chance.It tends it goes to a coin toss via a computer program if they (agency officials) cant work it out, said one expert, who asked not to be named to protect business relationships.Antitrust experts said that the companies likely hope the Justice Department loses that coin toss.After decades of allowing vertical deals like the CVS/Aetna tie-up, where a company merges with a supplier, the Justice Department just sued to stop AT&T ( T.N ), owner of DirecTV, from buying Time Warner ( TWX.N ), in late November.In general, antitrust experts say, the antitrust agencies tend to approve vertical deals because of the efficiencies inherent in buying a supplier. The big exception - and this is the situation in AT&T’s deal for Time Warner - is if there is a fear that AT&T’s rivals would lose critical access to Time-Warner products like HBO or CNN.Unlike the Justice Department, the FTC has shown no apparent interest in suing to stop a vertical deal. The agency is chaired by Maureen Ohlhausen, a moderate Republican, who will be replaced by Joe Simons, another moderate Republican, as soon as the Senate confirms him.It would be a surprise for moderate Republicans to file a lawsuit to stop a vertical merger, according to six antitrust experts.That said, two antitrust experts said they believed the Justice Department could try to stop this transaction for fear that customers would either face higher drug prices or have less choice.Events of the past three weeks suggest that (Justice Departments top antitrust enforcer) Makan (Delrahim) might sue to challenge this deal, said Chris Sagers, who teaches antitrust at Cleveland-Marshall College of Law.Reporting by Diane Bartz; Editing by Nick Zieminski '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-aetna-m-a-cvs-health-antitrust/cvs-likely-wants-ftc-antitrust-review-not-justice-department-of-aetna-deal-idINKBN1DZ26I'|'2017-12-05T12:26:00.000+02:00'|9614.0|''|-1.0|'' 9615|'8be953a4680ed146556cacbd3f7bc638e8f3c742'|'Mitsubishi says on track to deliver long-delayed jets by 2020'|'Reuters TV United States December 31, 2017 / 3:16 PM / Updated 16 minutes ago Mitsubishi says on track to deliver long-delayed jets by 2020 Maki Shiraki 2 Min Read NAGOYA, Japan (Reuters) - Japans Mitsubishi Heavy Industries Ltd ( 7011.T ) is on track to deliver its repeatedly delayed commercial jet by mid-2020, the head of its aircraft unit said, despite a risk of an order cancellation. A visitor is seen at Mitsubishi Heavy Industries'' booth during the Maritime Air Systems and Technologies Asia (MAST) show in Chiba, Japan June 12, 2017. REUTERS/Toru Hanai The Mitsubishi Regional Jet (MRJ) aircraft has been delayed five times from an original delivery target of 2013, leading to spiraling costs. News this month that an order for the aircraft from Eastern Air Lines was likely to be lost has spurred more questions about the outlook of the project. We are proceeding pretty much in line with plans, said Hisakazu Mizutani, president of Mitsubishi Aircraft Corp, referring to the mid-2020 deadline. We can just about make it. He was speaking to reporters in Nagoya on Dec. 8, on the condition that his comments not be published until Jan 1. Mizutani said the planemaker was at risk of losing Eastern Air Lines order for 20 MRJ aircraft with an option for 20 more, but that it was continuing conversations with the airline. Mitsubishi Aircraft said the order has not yet been canceled. Overall, the Mitsubishi unit has orders for 233 of the 90-seat aircraft, the company has said previously, and aims to sell more than 1,000 of the planes over two decades. Buyers such as ANA Holdings ( 9202.T ) have said they have no plans to cancel orders despite the delays. Mitsubishi Aircraft is majority owned by Mitsubishi Heavy Industries, with Toyota Motor Corp ( 7203.T ) and Mitsubishi Corp ( 8058.T ) also holding stakes. Reporting by Maki Shiraki; Editing by Ritsuko Ando and Himani Sarkar'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-mhi-orders/mitsubishi-says-on-track-to-deliver-long-delayed-jets-by-2020-idUKKBN1EP0G7'|'2017-12-31T17:05:00.000+02:00'|9615.0|''|-1.0|'' @@ -9678,7 +9678,7 @@ 9676|'2d567cb8f3fe334055e34ddc366d01ff752c10bc'|'CEFC, Penta make joint bid for Time Warner''s Central European Media at around $2 bln -sources'|' 14 PM / Updated 8 minutes ago CEFC, Penta make joint bid for Time Warner''s Central European Media at around $2 bln -sources Jan Lopatka , Robert Muller , Jessica Toonkel 3 Min Read PRAGUE/NEW YORK, Dec 19 (Reuters) - Chinas CEFC group and eastern Europes Penta Investments have made a joint bid for Time Warners Central European Media Enterprises (CME) , while Petr Kellners PPF has dropped out of contention, sources said. Two sources familiar with the matter said CEFC and Czech-Slovak financial group Penta have submitted a joint bid for the central European broadcaster, which could be worth around $2 billion but pricing has not yet been finalised. A third source said the sides were nearing a deal although details were not finalised. PPF, a financial group owned by Kellner, the Czech Republics richest person, is no longer in the bidding for CME , according to two of the sources, making CEFC/Penta the last remaining bidder. Penta and PPF declined to comment while a spokesman for CEFC in China did not respond to a request for comment. CEFCs Prague spokesman declined to comment when asked about a bid. A spokesman for Time Warner declined to comment. CME, listed on the Nasdaq and in Prague, operates in six central and eastern European markets, with the Czech Republic and Romania its biggest profit drivers. CME holds a heavy debt load of around $1 billion. Its market capitalisation was $637.8 million at Mondays market close. Time Warner has a 42.4 percent stake in CME but on a fully diluted basis the U.S. group has a 75 percent interest, based on warrants exercisable until May 2018 and preferred shares it holds. When factoring in that dilution, CMEs market capitalisation stands at $1.65 billion. A potential sale has come into prospect since AT&T agreed to buy Time Warner for $85 billion in October last year. The U.S. Justice Department, though, has sued to stop AT&Ts purchase of Time Warner on concerns it could raise prices for rivals and pay-TV subscribers and hamper the development of online video. Settlement talks have failed, according to a court filing last Friday. CME reported a 30 percent rise in its core operating income before depreciation and amortisation (OIBDA) in the third quarter, and expects full-year core profit to increase by up to 17 percent to $165 million. It, too, has been hit by regulatory hurdles. Croatian regulators blocked the sale of CMEs Croatian business, which is among assets it wanted to sell this year to help pay down debt. CEFC, a rapidly growing oil and finance conglomerate with assets across the world, may also face a challenge to get a deal done following Beijings recent clampdown on capital outflows in sectors such as media. The Chinese group previously bought a Prague office building from Penta and has a range of other Czech investments. It briefly held a stake in another Czech publisher and TV broadcaster, Empresa Media. (Reporting by Jan Lopatka and Robert Muller in Prague, Jessica Toonkel in New York and Kane Wu in Hong Kong; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/central-euro-ma/cefc-penta-make-joint-bid-for-time-warners-central-european-media-at-around-2-bln-sources-idUSL8N1OJ1GO'|'2017-12-19T18:13:00.000+02:00'|9676.0|''|-1.0|'' 9677|'7cfe1ea4cd7cad7366879efd9000fde4a3430351'|'Siemens buys Fast Track Diagnostics to boost molecular offering'|'December 15, 2017 / 12:25 PM / Updated 7 hours ago Siemens buys Fast Track Diagnostics to boost molecular offering Reuters Staff 1 Min Read FRANKFURT (Reuters) - Siemens said it has agreed to buy Luxembourg-based Fast Track Diagnostics to boost its molecular-testing offering, one of the areas it is keen to expand as it prepares to float its healthcare unit, Healthineers. A logo of Siemens is pictured on a building in Mexico City, Mexico, May 16, 2017. REUTERS/Edgard Garrido The Munich-based group did not disclose a purchase price on Friday for Fast Track, which has about 80 employees in Luxembourg, Malta and India. Siemens said the acquisition would allow it to reduce time in the laboratory for the detection of conditions including respiratory infections, gastroenteritis, meningitis, hepatitis and tropical diseases. It follows the acquisition of Neo New Oncology last year. Reporting by Georgina Prodhan; Editing by Christoph Steitz'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-siemens-healthineers-acquisition/siemens-buys-fast-track-diagnostics-to-boost-molecular-offering-idUKKBN1E91EB'|'2017-12-15T14:24:00.000+02:00'|9677.0|''|-1.0|'' 9678|'bfa07adc1774c5a70eadac865ea30c0bd9d76613'|'Paul Singer''s Elliott takes stake in takeover target Uniper'|'FRANKFURT (Reuters) - Activist investor Elliott Management has taken a 5.32 percent stake in Uniper, putting pressure on Finlands Fortum to sweeten its 8.05 billion euro ($9.51 billion) takeover offer for the German energy company.The logo of Uniper SE is seen in its booth at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai The bet marks Elliotts latest foray into Germanys M&A arena after the fund took a stake in drugmaker Stada and successfully extracted a higher offer for the group from private equity firms Bain Capital and Cinven.Elliotts stake in Uniper comprises a voting equity stake of 2.39 percent, with a further 2.93 percent held through unspecified instruments, Uniper said on Tuesday.The stake is worth 480 million euros based on Unipers closing share price on Monday.The move comes ahead of plans by E.ON, Unipers former parent, to tender its remaining 46.65 percent stake in Uniper to Fortum for a fixed price of 22 euros per share by Jan. 11, 2018.Fortum last month submitted a bid for the whole of Uniper to comply with German takeover rules. Unipers management rejected the offer, saying it substantially undervalued the group and made no strategic sense.Fortum, which has a strong focus on clean technologies as opposed to Unipers exposure to coal- and gas-fired power plants, previously said that its primary aim was to acquire E.ONs stake in Uniper. It has ruled out an increased offer.Fortum, 50.8-percent state-owned, was not immediately available for comment. Elliott declined to comment.Unipers shares closed 3.9 percent higher at 25.88 euros on Tuesday after earlier hitting 25.995 euros, their highest level since the groups listing in September 2016.E.ON can still withdraw from its deal with Fortum but that would trigger a hefty 1.5 billion euro compensation payment, making it difficult for E.ON to pull out unless Unipers shares rise above 30.80 euros.E.ON, which spun off Uniper to focus on renewables, networks and power retail operations, confirmed on Tuesday it would make a final decision on the sale of the Uniper stake in January.Elliotts strategy of pushing for higher offers in takeover situations has not always worked out. General Electric last year walked away from a 683 million euro bid for German 3D printing gear maker SLM Solutions after Elliott, which had a stake in SLM, said it would reject the bid.($1 = 0.8464 euros)Additional reporting by Tuomas Forsell in Helsinki and Maiya Keidan in London; Editing by Douglas Busvine and Jane Merriman '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-uniper-m-a-elliott-stake/uniper-says-elliotts-paul-singer-amasses-5-32-percent-stake-idINKBN1DZ290'|'2017-12-05T12:46:00.000+02:00'|9678.0|''|-1.0|'' -9679|'2a64cb7aeba1b0d94d25993c887005d11f8e47aa'|'Commentary: Goldilocks markets show 2017 was no year to be a bear'|'LONDON (Reuters) - A year ago, the consensus view of the world economy and markets coming into 2017 was for a Goldilocks mix of strong growth, decent corporate profits, low volatility, a gradual drift higher in bond yields, and a continued melt up in stocks.Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, September 1, 2017. REUTERS/Staff/Remote If anything, 2017 has proved even more resilient than many had hoped for. World stocks rose 20 percent, global growth was its strongest since 2010, market volatility fell to its lowest on record and junk bond yields hit all-time lows.It didnt pay to be a contrarian in 2017.Just ask Scottish hedge fund manager Hugh Hendry, who closed his fund Eclectica Asset Management after losing 9.4 percent in the first eight months of 2017 and 4 percent loss in 2016. He had sold Italian government bonds as part of a wider bet on the break-up of the European Union.Equity hedge funds with a short-selling bias have been the worst-performing hedge funds this year, down 9.22 percent January-October, according to data from industry tracker Hedge Fund Research. The wider equity hedge fund total index is up around 11 percent and the S&P 500 is up 18 percent.At the start of the year, secular stagnation, political risk and weak recovery were the Cassandras popular tropes, but they quietly faded from the wider market discourse as, frankly, global growth and markets boomed.Continued central bank largesse and a surprisingly rosy economic backdrop, particularly in Europe, anchored market volatility, which provided the springboard for the global and cross-asset rally.A year ago, Reuters outlined some of the most contrarian market predictions for the year ahead, covering specific trades and broader political and economic risks that could throw markets a curve ball.Unsurprisingly, most of them failed to materialize. But a few did come up trumps.One was the UBS call for the euro to rise. At the time, the politics didnt auger well - Europes electoral calendar was loaded, populism was on the rise and there was widespread concern that anti-euro parties such as Frances Front National would gain power.The euro opened the year only a few cents above parity with the dollar and the consensus was that it would struggle to rebound much, if at all.Swiss bank UBS predicted a rise to $1.20, a level that was breached in August. Right now, the euro is up 13 percent on the dollar this year, well on course for its best year since 2003.DOLLAR THE NEW VIX Another was HSBC rate strategist Steven Majors prediction that 10-year U.S. bond yields would rise to 2.5 percent in the first quarter, then fall as low as 1.35 percent. Well, sort of.The yield rose to what turned out to be a high for the year of 2.6 percent in March then came close to breaking below 2 percent in September.The following chart from Deutsche Banks Torsten Slok shows how consistently wrong analysts have got their U.S. bond yield forecasts down the years. Majors 1.35 percent call (which would have been a new low) proved a stretch, but he got closer than most.Tighter Fed policy was expected to deliver a stronger dollar and higher U.S. bond yields, an unpalatable cocktail for emerging markets. Unsurprisingly, most analysts were bearish on emerging markets at the start of the year.Thats not how it played out. With the dollar on track for its worst year since 2003 and the U.S. yield curve its flattest in a decade, emerging markets have boomed.Emerging-market stocks are up 30 percent and on course for their best year since 2009, local currency debt is up 13 percent and dollar-denominated EM bonds are up 9 percent.The Bank for International Settlements has been a leading voice arguing that the dollar has replaced the VIX index of implied volatility on Wall Street as the best barometer of global investor risk appetite and financial market leverage.When the dollar is strong, risk appetite is weak. Given the dollars role as barometer of global appetite for leverage, there may be no winners from a stronger dollar, said Hyun Song Shin, head of research at the BIS, in a speech last November.Luckily for emerging markets and world markets more broadly, the dollar is down 9 percent so far this year.One indicator of how much of a consensus year 2017 has been is the surge of inflows at passive investment vehicles exchange-traded funds (ETFs), which track the ups and downs of major equity indices.Assets under ETF management are expected to have grown by more than a quarter this year to $4.4 trillion from $3.5 trillion last year, according to a recent report by Ernst & Young Global.Reporting by Jamie McGeever, editing by Larry King '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-global-markets-2017review/commentary-goldilocks-markets-show-2017-was-no-year-to-be-a-bear-idINKBN1DZ1OH'|'2017-12-05T09:26:00.000+02:00'|9679.0|''|-1.0|'' +9679|'2a64cb7aeba1b0d94d25993c887005d11f8e47aa'|'Commentary: Goldilocks markets show 2017 was no year to be a bear'|'LONDON (Reuters) - A year ago, the consensus view of the world economy and markets coming into 2017 was for a Goldilocks mix of strong growth, decent corporate profits, low volatility, a gradual drift higher in bond yields, and a continued melt up in stocks.Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, September 1, 2017. REUTERS/Staff/Remote If anything, 2017 has proved even more resilient than many had hoped for. World stocks rose 20 percent, global growth was its strongest since 2010, market volatility fell to its lowest on record and junk bond yields hit all-time lows.It didnt pay to be a contrarian in 2017.Just ask Scottish hedge fund manager Hugh Hendry, who closed his fund Eclectica Asset Management after losing 9.4 percent in the first eight months of 2017 and 4 percent loss in 2016. He had sold Italian government bonds as part of a wider bet on the break-up of the European Union.Equity hedge funds with a short-selling bias have been the worst-performing hedge funds this year, down 9.22 percent January-October, according to data from industry tracker Hedge Fund Research. The wider equity hedge fund total index is up around 11 percent and the S&P 500 is up 18 percent.At the start of the year, secular stagnation, political risk and weak recovery were the Cassandras popular tropes, but they quietly faded from the wider market discourse as, frankly, global growth and markets boomed.Continued central bank largesse and a surprisingly rosy economic backdrop, particularly in Europe, anchored market volatility, which provided the springboard for the global and cross-asset rally.A year ago, Reuters outlined some of the most contrarian market predictions for the year ahead, covering specific trades and broader political and economic risks that could throw markets a curve ball.Unsurprisingly, most of them failed to materialize. But a few did come up trumps.One was the UBS call for the euro to rise. At the time, the politics didnt auger well - Europes electoral calendar was loaded, populism was on the rise and there was widespread concern that anti-euro parties such as Frances Front National would gain power.The euro opened the year only a few cents above parity with the dollar and the consensus was that it would struggle to rebound much, if at all.Swiss bank UBS predicted a rise to $1.20, a level that was breached in August. Right now, the euro is up 13 percent on the dollar this year, well on course for its best year since 2003.DOLLAR THE NEW VIX Another was HSBC rate strategist Steven Majors prediction that 10-year U.S. bond yields would rise to 2.5 percent in the first quarter, then fall as low as 1.35 percent. Well, sort of.The yield rose to what turned out to be a high for the year of 2.6 percent in March then came close to breaking below 2 percent in September.The following chart from Deutsche Banks Torsten Slok shows how consistently wrong analysts have got their U.S. bond yield forecasts down the years. Majors 1.35 percent call (which would have been a new low) proved a stretch, but he got closer than most.Tighter Fed policy was expected to deliver a stronger dollar and higher U.S. bond yields, an unpalatable cocktail for emerging markets. Unsurprisingly, most analysts were bearish on emerging markets at the start of the year.Thats not how it played out. With the dollar on track for its worst year since 2003 and the U.S. yield curve its flattest in a decade, emerging markets have boomed.Emerging-market stocks are up 30 percent and on course for their best year since 2009, local currency debt is up 13 percent and dollar-denominated EM bonds are up 9 percent.The Bank for International Settlements has been a leading voice arguing that the dollar has replaced the VIX index of implied volatility on Wall Street as the best barometer of global investor risk appetite and financial market leverage.When the dollar is strong, risk appetite is weak. Given the dollars role as barometer of global appetite for leverage, there may be no winners from a stronger dollar, said Hyun Song Shin, head of research at the BIS, in a speech last November.Luckily for emerging markets and world markets more broadly, the dollar is down 9 percent so far this year.One indicator of how much of a consensus year 2017 has been is the surge of inflows at passive investment vehicles exchange-traded funds (ETFs), which track the ups and downs of major equity indices.Assets under ETF management are expected to have grown by more than a quarter this year to $4.4 trillion from $3.5 trillion last year, according to a recent report by Ernst & Young Global.Reporting by Jamie McGeever, editing by Larry King '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-global-markets-2017review/commentary-goldilocks-markets-show-2017-was-no-year-to-be-a-bear-idINKBN1DZ1OH'|'2017-12-05T09:26:00.000+02:00'|9679.0|17.0|0.0|'' 9680|'3eb55a34377a6359cb50eefcde1c7abea8e83544'|'Huawei''s China smartphone sales chief detained for suspected bribe-taking'|' 49 PM / Updated 33 minutes ago Huawei''s China smartphone sales chief detained for suspected bribe-taking Sijia Jiang 3 Min Read HONG KONG (Reuters) - Huawei Technologies HWT.UL, the worlds third-largest smartphone maker, said on Wednesday that Chinese police are conducting an investigation, after the China sales head of its smartphone unit was detained on suspicion of accepting bribes. FILE PHOTO: Journalists attend the presentation of the Huawei''s new smartphone in Paris, France May 7, 2014. REUTERS/Philippe Wojazer/File Photo Huawei, which in recent years has overtaken Apple Inc ( AAPL.O ) and others to take the top share of Chinas smartphone market but is now under pressure from fast-growing domestic rivals, declined to disclose details of the case. The authorities are investigating the matter, and we defer to their discretion as to what can be disclosed, the company said in e-mailed comments to Reuters when asked about the case. We take our business ethics extremely seriously, and have zero tolerance for corrupt behavior. It gave no further comment. In an internal memo to staff, however, Huawei said Teng Hongfei, the Greater China sales head for its consumer business division, had been detained for the suspected crime of accepting bribes as a non-state functionary. Reuters was unable to immediately reach Teng or a representative for comment. According to his LinkedIn profile, he worked at Samsung Electronics ( 005930.KS ) and Nokia ( NOKIA.HE ) before joining Huawei in June 2014. Since then, Huawei has moved past Samsung, Apple, Xiaomi ( IPO-XMGP.HK ) and Lenovo Group ( 0992.HK ) to become Chinas largest smartphone seller. But its top spot in the worlds biggest smartphone market has come under threat over the past year from competitors such as OPPO and Vivo, and its profits have suffered as a result. Huawei has a 22.3 percent share of Chinas smartphone market, followed by OPPO at 21.6 percent, according to third-quarter data from industry tracker IDC. Founded by Ren Zhengfei, a former Peoples Liberation Army officer, Huawei has more than 180,000 employees and has taken a number of high-profile actions in recent years to counter corruption. In January, Ren held a vow-taking ceremony with senior managers who swore not to engage in corruption, and in 2014 an internal inspection found 116 employees in violation of its anti-corruption policies. Reporting by Sijia Jiang; Editing by Adam Jourdan and Edmund Klamann'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-huawei-corruption/huaweis-china-smartphone-sales-chief-detained-for-suspected-bribe-taking-idUKKBN1EL0YY'|'2017-12-27T14:43:00.000+02:00'|9680.0|''|-1.0|'' 9681|'d2eee4ffa7dc5c57815a363ed53fc82785f145c6'|'Israel''s Super-Pharm in talks to buy Teva Pharm plant: media'|'December 24, 2017 / 10:56 AM / Updated 6 minutes ago Israel''s Super-Pharm in talks to buy Teva Pharm plant: source Reuters Staff 2 Min Read TEL AVIV (Reuters) - Israels largest pharmacy chain Super-Pharm (Israel) Ltd is in talks to acquire Teva Pharmaceutical Industries plant in the coastal city of Ashdod, a source familiar with the matter said on Sunday, confirming media reports. A tourist poses for a photo with Teva Pharmaceutical Industries employees protesting outside Jerusalem''s Old City December 24, 2017. REUTERS/Amir Cohen Super-Pharm would pay 60-80 million shekels ($17-23 million) and is prepared to commit to continue employing the factorys 70 workers, said the source, who asked not to be named. Super-Pharm is interested in the pharmaceutical preparation activities that have an estimated 100 million shekels in annual sales, the Globes financial news site said. Teva said this month it would cut its workforce by more than a quarter and give up many of its manufacturing plants including the one in Ashdod in a much-anticipated overhaul to help pay off its nearly $35 billion debt. Most of the Ashdod plants operations involve preparing liquid medications for treatments in hospitals and homes, such as antibiotics and chemotherapy as well as food for premature babies. Super-Pharm, which already operates laboratories providing custom-made treatments, did not confirm the talks but said it would be interested in a deal. Super-Pharm would be happy to acquire Teva Medical and integrate its workforce. The chain hopes to continue operations in this vital factory, which is responsible among other things for feeding premature babies in hospitals around the country, Super-Pharm said. A spokeswoman for Teva, the worlds biggest maker of generic drugs, declined to comment. Teva workers have been protesting the planned layoffs at various Teva facilities across the country. Reporting by Tova Cohen; Editing by Steven Scheer/Keith Weir'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-teva-pharm-ind-superpharm-plant/israels-super-pharm-in-talks-to-buy-teva-pharm-plant-media-idINKBN1EI09J'|'2017-12-24T12:49:00.000+02:00'|9681.0|''|-1.0|'' 9682|'336d0d693ac085dea750d19362441bf955804462'|'Samsung Heavy in new rights offering to cut credit risks, shares plunge'|'SEOUL (Reuters) - South Korean shipbuilder Samsung Heavy Industries announced its second rights offering in two years to lessen the risk of tighter credit conditions and forecast a fourth straight year of operating losses, causing its shares to plummet 28 percent.A customer stands near Samsung logo during Galaxy Note 8 consumer launch event in Jakarta, Indonesia September 29, 2017. REUTERS/Beawiharta/Files The $1.4 billion new share issue, which follows a $1 billion issue in 2016, will be used to pay debt as well as to reduce the risk of banks curtailing lending due to its weak earnings prospects, Samsung Heavy said in a statement.South Koreas three shipbuilders - the worlds biggest - have racked up billions of dollars in losses and embarked on major restructuring as customers slashed orders amid a commodities downturn and a drop-off in shipping trade. They are also having to fend off stiff competition from Chinese and Japanese rivals.Samsung Heavy - the smallest of the three - said in a filing it expected an operating loss of 240 billion won ($220 million) in the next financial year, after an expected loss of 490 billion won this year - the result of weak orders and a failure to reach its targets to cut headcount and other costs.Given improving market conditions, we expect sales to recover and to swing to a profit from 2019, it said.New orders won this year have grown 13 times to $6.5 billion, from $500 million last year. Samsungs outstanding order backlog was worth $20.6 billion for 72 ships up to the end of October compared with $26.7 billion for 90 vessels at the end of December 2016.Under the rights offering, Samsung Heavy will allocate new shares to existing shareholders with any unsubscribed stocks to be offered to third-party investors. It did not specify how many shares would be issued or at what price.Samsung Heavys loss was expected but the rights issue comes as a shock to me, said Choi Gwang-shik, an analyst at Hi Investment & Securities.In its last rights issue, it raised 1.1 trillion won by selling shares at 7,170 won apiece to existing shareholders including Samsung Electronics Co Ltd and Samsung Life Insurance Co Ltd. Samsung Electronics is its biggest shareholder with a 16.9 percent stake.In afternoon trade, Samsung Heavys share had lost 28 percent to trade at 9,100 won, giving the shipbuilder a market value of about $3.3 billion.The rights issue will not solve its liquidity problems. The outlook is not good for Samsung Heavy, said Park Moo-hyun, an analyst at Han Investment & Securities, adding that its shipbuilding capabilities for large commercial vessels lagged rivals Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy Industries.Daewoo Shipbuilding tumbled 4 percent and Hyundai Heavy slid 6 percent on the Samsung Heavy news.Park said, however, that while he thought that some Samsung affiliates could also be hurt by the shipbuilders woes, he did not think of it as an issue affecting the nations entire shipbuilding sector as the industry is rebounding.Early this year Daewoo gained a fresh $2.6 billion bailout from South Korean banks after it has built up huge losses from offshore projects and risked missing debt repayments.($1 = 1,089.8000 won)Reporting by Hyunjoo Jin; Additonal reporting by Cynthia Kim in SEOUL, Miyoung Kim and Keith Wallis in Singapore; Editing by Edwina Gibbs '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/samsung-heavy-stocks/samsung-heavy-in-new-rights-offering-to-cut-credit-risks-shares-plunge-idINKBN1E00IE'|'2017-12-06T08:26:00.000+02:00'|9682.0|''|-1.0|'' @@ -9708,7 +9708,7 @@ 9706|'d7198d194c1ee066e4a9e980f53449206168e664'|'REFILE-Succession doubts cloud Apotex future after billionaire owner''s death'|'December 21, 2017 / 10:20 PM / Updated 14 minutes ago REFILE-Succession doubts cloud Apotex future after billionaire owner''s death Reuters Staff * Sherman had no succession plan in place before death -sources * Billionaires children not involved in business * Death could leave business vulnerable to takeover approach * Apotex involved in ongoing litigation with Teva (In Dec 21 item, corrects spelling of Jonathon Shermans first name) By Matt Scuffham TORONTO, Dec 21 (Reuters) - Canadian pharmaceuticals billionaire Barry Sherman failed to implement a succession plan at his Apotex business before his death last week, two business associates told Reuters, potentially leaving it vulnerable to takeover approaches. The bodies of Sherman, 75, and his wife Honey, 70, were found in their Toronto mansion last week and their deaths are under investigation by Torontos homicide squad. A memorial service was held on Thursday. Sherman had always resisted approaches from trade buyers and never wanted to take the generic drugmaker public, the associates said, preferring to keep control and not involve outside shareholders. Despite stepping down as chief executive in 2012, the self-confessed workaholic continued to work seven-day weeks and twelve-hour days. None of Shermans four children were interested in running the business and only one had worked at the company, the associates said. Shermans son Jonathon, who has a degree in industrial engineering from Columbia University, took at job at the firm after graduating but quit after less than a year. Sherman founded Apotex in 1974 and grew it through a strategy of launching hundreds of lawsuits against competitors to overturn patent protection for their drugs. Apotex would then manufacture cheaper identical products that did not carry a brand name. The company now employs more than 10,000 worldwide with annual sales exceeding C$2 billion ($1.6 billion). The associates said no formal sales process is underway. Any approach would come as the worlds biggest generic drug companies are grappling with declining drug prices and intensifying competition. Any potential buyer would also require an appetite for litigation, the associates said, since Apotex is regularly involved in legal actions over patents. And Teva Pharmaceuticals Industries , the worlds biggest maker of generic drugs, is currently in a legal dispute with Apotex over allegations a former Teva executive shared trade secrets with Apotex CEO Jeremy Desai. Teva is also weighed by $35 billion in debt it took on to acquire Allergans Actavis generic drug business for $40.5 billion last year. Last week it said it would axe 14,000 jobs. A Teva spokeswoman in Israel had no immediate comment when asked about any takeover plans or the status of its legal case against Apotex. $1 = 1.2728 Canadian dollars Additional reporting by Ari Rabinovitch in Jerusalem; Editing by Meredith Mazzili'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-death-apotex-future/succession-doubts-cloud-apotex-future-after-billionaire-owners-death-idUSL1N1OL1K3'|'2017-12-22T18:22:00.000+02:00'|9706.0|''|-1.0|'' 9707|'519b9fb86b56467b6e46dff94f44a81061ac59af'|'Saudi Aramco signs $10.4 billion worth of MOUs with companies'|'December 13, 2017 / 8:31 AM / Updated 10 minutes ago Saudi Aramco signs $10.4 billion worth of MOUs with companies Reuters Staff 1 Min Read DAMMAM, Saudi Arabia (Reuters) - Saudi Aramco [IPO-ARMO.SE] signed on Wednesday agreements with foreign and local companies worth at least 39 billion riyals (8 billion pounds). FILE PHOTO: Visitors are seen at the Saudi Aramco stand at the Middle East Process Engineering Conference & Exhibition in Manama, Bahrain, October 9, 2016. REUTERS/Hamad I Mohammed/File Photo The bulk of the memorandum of understanding agreements were part of a drive to promote local manufacturing, the company said. One agreement was also signed with drilling and oil service company Schlumberger ( SLBG34.SA ) worth 6 billion riyals. ($1 = 3.7502 riyals)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-saudi-aramco-deals/saudi-aramco-signs-10-4-billion-worth-of-mous-with-companies-idUKKBN1E70TE'|'2017-12-13T10:39:00.000+02:00'|9707.0|''|-1.0|'' 9708|'8b04fd9ab5a918ad5e9e73350afc0ed9b6dcbc5e'|'RPT-Unfazed by OPEC, Libya and Nigeria seek to boost oil output'|'December 13, 2017 / 1:35 PM / in 15 minutes RPT-Unfazed by OPEC, Libya and Nigeria seek to boost oil output Reuters Staff (Repeats story published on Dec. 12 with no changes to text) By Ahmad Ghaddar and Libby George LONDON, Dec 12 (Reuters) - Less than two weeks after OPECs decision to extend oil production cuts, Libya and Nigeria the only two exempt members of the group are signalling their intent to raise output next year. While several ministers at the Nov. 30 meeting of the Organization of the Petroleum Exporting Countries suggested the two nations had joined the output-curbing deal, both are working to add to their peak production from this year. On Friday, oil company Total said its new Egina field offshore Nigeria was on track to start next year adding 10 percent to the countrys production. The field will have a capacity of 200,000 barrels per day (bpd) and launch in the fourth quarter of 2018, counterbalancing production constrained by ageing pipelines, perpetual theft and sabotage. That could certainly change the dynamics, said Ehsan Ul-Haq, head of crude and products at Resource Economist, a consultancy. The Nigerian petroleum ministry did not respond to a request for comment on the Egina field startup, and whether production elsewhere would be curtailed as a result. On Saturday, the head of Libyas U.N.-backed government met the head of Libyas National Oil Corp (NOC) and the governor of Tripolis central bank to discuss how the corporation could get more cash to raise oil output next year. The NOC received a quarter of its requested budget in 2017, hampering efforts to sustain oil output near 1 million bpd. Any additional funds could help make crucial repairs to the countrys energy infrastructure, a regular target for militant attacks, and boost output above the roughly 1 million bpd mark where it currently stands. Libyas NOC has so far not spoken officially about the OPEC deal and declined a Reuters request for comment. NO CAPS The developments may come as a surprise to market observers, who, after the Nov. 30 meeting, believed Nigeria and Libya had agreed to participate in the OPEC agreement by imposing official caps at their peak 2017 production levels. Instead, the two countries merely provided their production outlook for 2018 and an assessment that the combined total would not exceed 2.8 million bpd, their forecast output for 2017, two sources familiar with the matter told Reuters. That outlook was dependent on both countries finances and security situation, one of those sources said. The headline of a statement issued by Nigerias petroleum ministry on the day of the OPEC meeting stressed, in block capitals, that Nigeria and Libya were exempt from cuts. Oil Minister Emmanuel Ibe Kachikwu emphasised in the statement that the nations condensates - a form of ultra-light crude - were exempt from any total, giving it leeway in calculations. He also told local media there was no obligation to do anything. Oil production from the two countries has averaged 1.7 million bpd and 900,000 bpd, respectively, this year according to Reuters assessments. PRODN-NG PRODN-LY But it has swung in each country in a range of 340,000-350,000 bpd. (Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/opec-oil-output/rpt-unfazed-by-opec-libya-and-nigeria-seek-to-boost-oil-output-idUSL8N1OD45J'|'2017-12-13T15:35:00.000+02:00'|9708.0|''|-1.0|'' -9709|'36c47371a2fa964efefcab52619dd4a8f1279639'|'Congress poised to approve biggest tax overhaul in 30 years'|'December 19, 2017 / 11:56 AM / Updated 16 minutes ago U.S. House approves biggest tax overhaul in 30 years, Senate next David Morgan , Amanda Becker 2 Min Read WASHINGTON (Reuters) - The Republican-controlled U.S. House of Representatives approved sweeping, debt-financed tax legislation on Tuesday, sending the bill to the Senate, where lawmakers were due to take up the package later in the evening. The biggest overhaul of the U.S. tax system in more than 30 years could be signed into law by President Donald Trump as soon as Wednesday, if both chambers of Congress approve it. The bill passed the House by a vote of 227-203, overcoming united opposition from Democrats and 12 Republicans who voted against it. Passage was all but certain in the Republican-controlled Senate, as well. The plan includes steep tax cuts for corporations and wealthy taxpayers, as well as temporary tax cuts for some individuals and families. It repeals a section of the Obamacare health system and allows oil drilling in Alaskas Arctic National Wildlife Refuge, just two of many narrow changes added onto the bill to secure sufficient to win its passage. Middle-income households would see an average tax cut of $900 next year, while the wealthiest 1 percent of Americans would see an average cut of $51,000, according to the nonpartisan Tax Policy Center, a think tank in Washington. Republicans insist the package will boost the economy and job growth. They also see the measure as key to retaining their majorities in the House and Senate in elections next November. Democrats say the bill will deepen the income gap between rich and poor Americans, while adding $1.5 trillion over the next 10 years to the mounting $20 trillion U.S. national debt. Additional reporting by Susan Cornwell; Writing by Andy Sullivan; Editing by Kevin Drawbaugh and Bill Trott'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-usa-tax/congress-poised-to-approve-biggest-tax-overhaul-in-30-years-idUKKBN1ED1CR'|'2017-12-19T13:55:00.000+02:00'|9709.0|''|-1.0|'' +9709|'36c47371a2fa964efefcab52619dd4a8f1279639'|'Congress poised to approve biggest tax overhaul in 30 years'|'December 19, 2017 / 11:56 AM / Updated 16 minutes ago U.S. House approves biggest tax overhaul in 30 years, Senate next David Morgan , Amanda Becker 2 Min Read WASHINGTON (Reuters) - The Republican-controlled U.S. House of Representatives approved sweeping, debt-financed tax legislation on Tuesday, sending the bill to the Senate, where lawmakers were due to take up the package later in the evening. The biggest overhaul of the U.S. tax system in more than 30 years could be signed into law by President Donald Trump as soon as Wednesday, if both chambers of Congress approve it. The bill passed the House by a vote of 227-203, overcoming united opposition from Democrats and 12 Republicans who voted against it. Passage was all but certain in the Republican-controlled Senate, as well. The plan includes steep tax cuts for corporations and wealthy taxpayers, as well as temporary tax cuts for some individuals and families. It repeals a section of the Obamacare health system and allows oil drilling in Alaskas Arctic National Wildlife Refuge, just two of many narrow changes added onto the bill to secure sufficient to win its passage. Middle-income households would see an average tax cut of $900 next year, while the wealthiest 1 percent of Americans would see an average cut of $51,000, according to the nonpartisan Tax Policy Center, a think tank in Washington. Republicans insist the package will boost the economy and job growth. They also see the measure as key to retaining their majorities in the House and Senate in elections next November. Democrats say the bill will deepen the income gap between rich and poor Americans, while adding $1.5 trillion over the next 10 years to the mounting $20 trillion U.S. national debt. Additional reporting by Susan Cornwell; Writing by Andy Sullivan; Editing by Kevin Drawbaugh and Bill Trott'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-usa-tax/congress-poised-to-approve-biggest-tax-overhaul-in-30-years-idUKKBN1ED1CR'|'2017-12-19T13:55:00.000+02:00'|9709.0|20.0|0.0|'' 9710|'adc84b1a015dd96a38d84963356f8e7e58391fed'|'Deals of the day- Mergers and acquisitions'|'December 8, 2017 / 11:03 AM / Updated an hour ago Deals of the day- Mergers and acquisitions Reuters Staff 5 Min Read (Adds Helios Investment Partners, Spotify, KKR & Co, CVS, Millenium & Copthorne Hotels, Aecon, TIM Participaes, Seven-Up Bottling, Bayer, Toshiba, Lufthansa, PKO) Dec 8 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday: ** South African construction firm Aveng said it terminated an agreement to sell a 51 percent stake in its Grinaker-LTA unit to a black-owned company, after the acquiring firm failed to fulfill funding conditions. ** Singapores top taxi operator ComfortDelGro Corp will buy a 51 percent stake in a unit of Uber that runs a fleet of private hire vehicles, as the companies seek to bridge the gap with dominant ride-hailing firm Grab. ** Tyson Foods, the largest U.S. meat processor, said on Thursday it slightly raised its stake in plant-based protein maker Beyond Meat as it looks to tap growing demand for alternative sources of protein. ** Drugmaker Gilead Sciences Inc said on Thursday it was acquiring privately-held Cell Design Labs Inc for up to $567 million, giving it access to new technology platforms that would help in the development of cancer drugs. ** Sucampo Pharmaceuticals Inc is considering selling itself after receiving takeover interest, Bloomberg reported on Thursday, citing people familiar with the matter. ** Private equity firm Helios Investment Partners has submitted a bid to acquire Nigerias 9mobile under a sale process aimed at finding new investors for the debt-laden telecoms firm, one person fimilar with the matter told Reuters. ** Music streaming company Spotify and the music arm of Chinas Tencent Holdings Ltd will buy minority stakes in each other ahead of the Swedish firms expected stock market listing next year, the companies said. ** Mongolias Supreme Court has ruled against the governments attempt to nationalise a 49 percent stake in one of Asias biggest copper mines, industry sources said. ** KKR & Co LP has agreed to buy industrial tool components manufacturer Hyperion from Sandvik, a deal the U.S. buyout firm said marked its first acquisition in the mid-market industrials sector. ** CVS Health Corp expects the U.S. Justice Department to do the antitrust review of its planned acquisition of health insurer Aetna Inc, a spokesman for the drugstore chain operator said. ** ED&F Man is winding down its physical grains business, three sources with knowledge of the matter said, in centuries-old commodities merchant. ** Millennium & Copthorne Hotels has agreed to a sweetened takeover offer from its majority shareholder that values the London-listed company at about 2 billion pounds ($2.67 billion) after an earlier bid was heavily criticised by minority investors. ** Canadian construction company Aecon Group Inc said its C$1.51 billion ($1.18 billion) acquisition by Chinas CCCC International Holding Ltd, cleared two regulatory hurdles. ** Brazilian wireless carrier TIM Participaes SA sees no transformational opportunities in mergers and acquisitions in the short term, but there are smaller targets that could help expand networks, Chief Executive Stefano De Angelis said. ** Nigerias Seven-Up Bottling Company will hold a meeting of shareholders in January to approve a bid by majority investor Affelka to buy out minorities in a 19.33 billion naira ($61.5 mln) takeover. ** EU antitrust regulators are set to warn Bayer its planned purchase of U.S. seed maker Monsanto may hurt competition, a person familiar with the matter said, a move that would force Bayer to offer concessions to address the concerns. ** Toshiba Corp and Western Digital Corp have agreed in principle to settle a dispute over the Japanese firms plans to sell its $18 billion chip unit and aim to have a final agreement in place next week, sources familiar with the matter said. ** Europes antitrust chief expressed quite deep competition concerns about Lufthansas plan to buy Air Berlin assets, yet another sign the German carrier may have to cough up more concessions in return for her approval of the deal. ** Polands biggest bank, PKO BP, denied it may merge with nearest rival Pekao next year, following a report by Rzeczpospolita newspaper that the two were in talks. ** Sri Lankas parliament approved a raft of tax concessions for a Chinese-led joint venture which will handle the southern port of Hambantota under a $1.1 billion deal that has sparked public anger and concerns in India and elsewhere. (Compiled by Akankshita Mukhopadhyay and Arjun Panchadar in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/deals-day/deals-of-the-day-mergers-and-acquisitions-idUSL3N1O83L8'|'2017-12-08T16:16:00.000+02:00'|9710.0|''|-1.0|'' 9711|'1065a47881f87b37693d02d30051419ff869ddea'|'Monsanto offers cash to U.S. farmers who use controversial chemical'|'December 11, 2017 / 6:10 AM / Updated 16 minutes ago Monsanto offers cash to U.S. farmers who use controversial chemical Tom Polansek 5 Min Read CHICAGO (Reuters) - Monsanto Co ( MON.N ) will give cash back to U.S. farmers who buy a weed killer that has been linked to widespread crop damage, offering an incentive to apply its product even as regulators in several U.S. states weigh restrictions on its use. The incentive to use XtendiMax with VaporGrip, a herbicide based on a chemical known as dicamba, could refund farmers over half the sticker price of the product in 2018 if they spray it on soybeans Monsanto engineered to resist the weed killer, according to company data. The United States faced an agricultural crisis this year caused by new formulations of dicamba-based herbicides, which farmers and weed experts say harmed crops because they evaporated and drifted away from where they were sprayed. Monsanto says XtendiMax is safe when properly applied. The company is banking on the chemical and soybean seeds engineered to resist it, called Xtend, to dominate soybean production in the United States, the worlds second-largest exporter. BASF SE ( BASFn.DE ) and DowDuPont ( DWDP.N ) also sell versions of dicamba-based herbicides. Monsantos cash-back offer comes as federal and state regulators are requiring training for farmers who plan to spray dicamba in 2018 and limiting when it can be used. Weed specialists say the restrictions make the chemical more costly and inconvenient to apply, but Monsantos incentive could help convince farmers to use it anyway. We believe cash-back incentives for using XtendiMax with VaporGrip Technology better enable growers to use a management system that represents the next level of weed control, said Ryan Rubischko, Monsanto product manager. XtendiMax costs about $11 per acre to buy, and Monsanto is offering an extra $6 per acre in cash back to farmers when they apply it on Xtend soybeans, rather than using another seed-and-chemical combination to control weeds. The rebate means farmers can receive up to $11.50 per acre in cash back next year when they use XtendiMax along with other approved chemicals, such as one called Intact that aims to prevent drift and costs $2.40 per acre, according to Monsanto. The company, which launched a programme offering incentives to use multiple herbicides in 2010, competes against rivals including Bayer AG ( BAYGn.DE ) to sell genetically modified soybean seeds and chemicals to farmers. FILE PHOTO: Monsanto logo is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. on May 9, 2016. REUTERS/Brendan McDermid/File Photo Bayer is selling its LibertyLink soybean brand, a main rival to Xtend, to BASF as part of a deal to acquire Monsanto for $63.5 billion. Monsanto also faces increasing government oversight. On Monday, Missouri said it would ban sprayings of XtendiMax and DowDuPonts product, called FeXapan, in 10 counties after June 1, 2018, and statewide after July 15, 2018. Last month, the state imposed the same restrictions on BASFs dicamba herbicide, Engenia. FILE PHOTO: John Weiss looks over his crop of soybeans, which he had reported to the state board for showing signs of damage (L) due to the drifting of pesticide Dicamba, at his farm in Dell, Arkansas, U.S. on July 25, 2017. REUTERS/Karen Pulfer Focht/File Photo North Dakota said it planned to prohibit the use of dicamba herbicides after June 30, 2018, and when temperatures top 85 degrees Fahrenheit in a bid to prevent the chemical from drifting away from where it is sprayed. Arkansas is close to prohibiting dicamba sprayings after April 15, 2018, the tightest limits yet, while Minnesota is also considering restrictions. The states are taking action after the U.S. Environmental Protection Agency mandated special training for dicamba users for 2018 and required farmers to keep records proving they were complying with label instructions. Utilizing the technology, the cost will go up because of these changes, said Andrew Thostenson, a pesticide specialist for North Dakota State University. U.S. farmers planted 90 million acres of soybeans this year, and about 4 percent showed signs of damage linked to dicamba, according to University of Missouri data. Despite that, Monsanto predicts farmers will double plantings of Xtend soybeans to about 40 million acres next year. Farmers said its cash-back offer was designed to increase sales. I think theyre just trying to buy more acres, Dan Henebry, an Illinois farmer who plans to grow Xtend soybeans next year, said about Monsanto. Reporting by Tom Polansek; Editing by Andrew Hay and Tom Brown'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-pesticides-monsanto/monsanto-offers-cash-to-u-s-farmers-who-use-controversial-chemical-idUKKBN1E50DM'|'2017-12-12T01:56:00.000+02:00'|9711.0|''|-1.0|'' 9712|'326f42a76823da6ee3b62fa61cbdde32097ea879'|'Murdoch bets live sports and news will boost new, smaller Fox'|'December 14, 2017 / 10:15 PM / Updated 9 hours ago Murdoch bets live sports and news will boost new, smaller Fox Jessica Toonkel 5 Min Read NEW YORK (Reuters) - Rupert Murdoch is banking on Americans love of live sports and breaking news for a new, slimmed down version of his Fox TV business after selling the companys film studios and international operations to Walt Disney Co ( DIS.N ). The 86-year-old media moguls play is based on the fact that sports and news still attract viewers watching in real time - and the advertisers that want to reach them - even as more people watch their favorite shows on demand after they air or online, skipping commercials completely. Are we retreating? Absolutely not, Murdoch told investors on Thursday. We are pivoting at a pivotal moment. Disneys $52.4 billion purchase of Twenty-First Century Foxs ( FOXA.O ) film, television and international businesses, announced earlier on Thursday, leaves Fox with a smaller but more focused set of assets, based on Fox News Channel - the U.S. No. 1 news cable network - and its broadcasts of sports such as National Football League and Major League Baseball. Murdoch, who started in the news business 65 years ago when he inherited his fathers newspaper, is keen to adapt to new ways of reaching customers. The new Fox will keep the technology it has been working on and is developing an online streaming video service to boost online audiences for its programs, executives said. The new Fox will be about a third of the size of what it is now, with about $10 billion in annual revenue, company executives said. If investors value the new company with the same or a greater multiple as the current Fox, it would suggest a market value of at least $20 billion. Its smaller size may mean it has less leverage when negotiating with cable and satellite companies to carry its content or bidding for sports rights to air on its network. Nevertheless, Murdoch challenged investors to trust him, saying he faced similar doubts when he launched Fox News 21 years ago and Fox Sports 1 in 2013. Content and news relevant to you will always be valuable, Murdoch said. LESS IS MORE Foxs reduced size was not an immediate concern for investors. Mario Gabelli, chief executive of GAMCO Investors Inc, which is a Fox shareholder, told Reuters he is not worried about the new Foxs size given that competitors such as Sinclair Broadcast Group Inc ( SBGI.O ) are smaller. The U.S. Federal Communications Commissions recent move to roll back regulations that prohibit owning a television station and newspaper in the same market means the new Fox could grow by buying a string of papers and stations, Gabelli said. Contrary to recent speculation, there are no plans to fold the new Fox into News Corp ( NWSA.O ), the news business including the Wall Street Journal that Murdoch split from Fox in 2013 and in which he still owns a large stake. We havent thought about combining with News Corp and if we do its way, way into the future, Murdoch said on Thursday. However, a smaller Fox may be at a disadvantage competing for sports rights from deep-pocketed digital rivals such as Facebook Inc ( FB.O ) and Amazon.com Inc ( AMZN.O ) as well as traditional competitors, said Brian Wieser, an analyst with Pivotal Research. Foxs deal to carry Major League Baseballs games is up for renewal in 2021 and its deal with the NFL is up in 2023. Twenty-First Century Fox CEO James Murdoch said the new Fox still would have the required scale and will compete for sports rights. Murdoch is also banking on Fox News Channel continuing its success as the top-rated cable news network, despite the fact that the median age of Fox News viewers is over 65, according to Nielsen. The median age of rival MSNBCs viewers is also over 65, while CNNs is 59. For some advertisers Fox News is an important way to reach their customers, said Barry Lowenthal, president of The Media Kitchen, a New York-based media buyer. But the challenge for them is how do you bring in the younger consumers. Reporting By Jessica Toonkel; Editing by Anna Driver and Bill Rigby'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-fox-m-a-disney-strategy-analysis/murdoch-bets-live-sports-and-news-will-boost-new-smaller-fox-idUSKBN1E836G'|'2017-12-15T00:14:00.000+02:00'|9712.0|''|-1.0|'' @@ -9723,7 +9723,7 @@ 9721|'6ad7d6375bdacc3d6c0cc86abeb645197a9f6f02'|'Niki administrators pick two bidders for final-stage talks'|'December 22, 2017 / 12:16 PM / Updated 18 minutes ago Four final bidders chosen for Austrian airline Niki Klaus Lauer , Maria Sheahan 3 Min Read BERLIN (Reuters) - IAG ( ICAG.L ), the owner of British Airways, is one of the four bidders chosen for final stage talks over the assets of insolvent Austrian airline Niki, two people familiar with the matter told Reuters. FILE PHOTO - People stand in front of an empty Niki customer care desk at Palma de Mallorca airport, Spain, December 14, 2017. REUTERS/Clara Margais The administrators running the process aim to agree a deal with one of the four parties by the end of next week, one of the administrators said on Friday. They did not confirm the identity of the bidders. Niki, founded by former Formula One world champion Niki Lauda in 2003, was part of collapsed Air Berlin. Lauda said on Thursday that he had offered to buy Niki. A spokeswoman for the Austrian said on Friday she could not say whether he was among the four remaining bidders. Niki filed for insolvency last week after Germanys Lufthansa ( LHAG.DE ) backed out of a deal to buy its assets on competition concerns, grounding the fleet and stranding thousands of passengers. The administrators have been racing to find an alternative buyer for its assets before it loses its takeoff and landing slots, its most attractive asset. Six parties submitted offers by a Thursday deadline, five of which were binding, Niki administrator Lucas Floether said in a statement on Friday, without providing details. The bidders are very interested, and I am confident that it will be possible to save large parts of the business and many jobs in Austria and Germany, he said. Both of the bidders picked for further talks have indicated that they are prepared to provide Niki with funding to keep its doors open as soon as a deal is agreed, he said. A German newspaper had also named tour operator Thomas Cook ( TCG.L ) and Tuifly, the airline of tour operator TUI ( TUIT.L ), among the remaining bidders. Other interested parties include Swiss carrier PrivatAir. IAG and Thomas Cook declined to comment. TUI and PrivatAir were not available for immediate comment. If Nikis administrators fail to agree a deal for Nikis assets by the end of December, the carrier may lose its operating licence and its runway slots, but Floether said on Friday that Austrian regulators may give the parties a few extra days if an agreement is struck by the end of next week. Additional reporting by Kirsti Knolle in Vienna, Paul Sandle in London and Brenna Hughes Neghaiwi in Zurich; Editing by Jason Neely and Keith Weir'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-air-berlin-niki/niki-administrators-pick-two-bidders-for-final-stage-talks-idUKKBN1EG1C7'|'2017-12-22T14:09:00.000+02:00'|9721.0|''|-1.0|'' 9722|'348b8b780fd3c9d53d24e680dfed78a1dfb3f6c6'|'Gemalto rejects Atos takeover bid'|'PARIS (Reuters) - Gemalto ( GTO.AS ), the worlds largest maker of chips found in mobile phones and credit cards, on Wednesday rejected a takeover bid from French technology consulting firm Atos ( ATOS.PA ), saying the 4.3 billion euro offer undervalued the company.FILE PHOTO - The shadow of an attendee is cast below a logo of Franco-Dutch technology firm Gemalto during a news conference in Paris February 25, 2015. REUTERS/Gonzalo Fuentes The bid came earlier this week as Gemalto is under pressure after posting four profit warnings in a year and having missed a chance to strengthen its security business through a large acquisition.We believe that Gemalto - the world leader in digital security - is best positioned to grow successfully on a standalone basis and create long term value for its stakeholders, including its shareholders, Gemaltos management wrote in a letter to Atos CEO Thierry Breton.They added that Atos offer significantly undervalued Gemalto because its share price did not yet reflect its growing position in businesses like cybersecurity.Reporting by Leigh Thomas, editing by David Evans '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-gemalto-atos/gemalto-rejects-atos-takeover-bid-idINKBN1E72TC'|'2017-12-13T16:54:00.000+02:00'|9722.0|''|-1.0|'' 9723|'d1070c0d2e6032a4e6f0fce8e9d3fe289dd86dbb'|'Finnish power grid company Elenia sold to Allianz, Macquarie'|'LONDON/FRANKFURT (Reuters) - Goldman Sachs Infrastructure Partners, London-listed 3i Infrastructure ( 3IN.L ) and Finnish pensions insurance company Ilmarinen are selling Finnish power grid company Elenia Oy to Allianz Capital Partners ( ALVG.DE ), Australian infrastructure investor Macquarie ( MQG.AX ) and the State Pension Fund of Finland.The companies declined to comment on the valuation on Wednesday.But two sources familiar with the matter said the price equated to an enterprise value for the whole of Elenia of 3.6 billion euros ($4.23 billion), making it one of Europes biggest infrastructure deals of 2017.The deal follows several sales of regulated grid businesses in recent years as European energy companies have sought to cut debt and raise funds for new infrastructure projects.Grid deals have been sensitive in Finland. State-controlled Fortum ( FORTUM.HE ) recently sold all its Scandinavian distribution assets for 9.3 billion euros in a move which was followed by significant price hikes in Finland by Caruna, a new company formed to operate the grid.The Macquarie and Allianz consortium beat competition from China Southern Power Grid and a group of investors including Queensland Investment Corporation (QIC) and the Netherlands second-largest pension fund PGGM, according to people familiar with the matter.Allianz and Macquarie are taking 45 percent each in Elenia, while the state pension fund Valtion Elkerahasto is acquiring 10 percent. Completion of the transaction is expected during the first quarter of 2018.3i Infrastructure said the sale of its 39.3 percent stake in Finlands second-largest power company would generate gross proceeds of about 725 million pounds ($968 million).Elenia made a core profit of 168.4 million euros last year on revenue of 315.3 million euros. It serves 420,000 customers in central Finland.Since the 3i Infrastructure-led consortium acquired Elenia in January 2012 for around 1.5 billion euros, the business has invested over 600 million euros aimed at increasing weather proofing of the network to improve reliability of electricity supply for customers.We look forward to our partnership with Allianz Capital Partners, MIRA (Macquarie Infrastructure and Real Assets) and Valtion Elkerahasto who will support our continued investment program focused on weather proof distribution of electricity and continuous development of digital services for our customers, Elenia chief executive Tapani Liuhala said.Elenia was founded in 2012, when Swedens Vattenfall sold its Finnish power grids.($1 = 0.7491 pounds)($1 = 0.8501 euros)Additional reporting by Jussi Rosendahl in Helsinki and Radhika Rukmangadhan in Bengaluru; Editing by David Evans, Greg Mahlich '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-elenia-sale/finnish-power-grid-company-elenia-sold-to-allianz-macquarie-idINKBN1E72N8'|'2017-12-13T15:34:00.000+02:00'|9723.0|''|-1.0|'' -9724|'b251eb3254ef2f0b65a71291b83de66d1034484a'|'Asian shares slip, U.S. tax reform woes dent sentiment'|'December 15, 2017 / 1:04 AM / Updated 23 minutes ago World shares gain; U.S. yield curve flattest in decade Stephanie Kelly 4 Min Read NEW YORK (Reuters) - World shares gained on Friday and Wall Street opened higher on U.S. tax legislation optimism, while the U.S. yield curve hit its flattest in a decade after the Federal Reserve hiked interest rates earlier this week. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 13, 2017. REUTERS/Brendan McDermid MSCIs gauge of stocks across the globe .MIWD PUS gained 0.35 percent after a week of central bank meetings that saw the U.S. Federal Reserve raise interest rates yet left its rate outlook for the coming years unchanged. The European Central Bank and the Bank of England held off on hikes. The Dow Jones Industrial Average .DJI rose 162.25 points, or 0.66 percent, to 24,670.91, the S&P 500 .SPX gained 26.08 points, or 0.98 percent, to 2,678.09 and the Nasdaq Composite .IXIC added 82.80 points, or 1.21 percent, to 6,939.32. Wall Street equities sharply rose as U.S. Republican lawmakers are to reveal details of the final Republican tax bill later on Friday. Votes on the legislation from both the House of Representatives and the Senate are expected next week. People still think the tax bill will get done. I dont think Republicans are going to let this by the wayside as theyve come this far, said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Company in Wisconsin. The bill has been one of the catalysts for this years surge in the stock markets. Europes STOXX 600 closed down 0.19 percent, as a 12.98 percent slump in fashion giant H&M ( HMb.ST ) and a 6.29 percent drop for Italian luxury goods firm Ferragamo ( SFER.MI ) spooked retailers. In addition, worries over political risk spurred profit-taking. According to EPROMs weekly data, worries over the national election next year in Italy hit European equity funds with outflows at their highest level in over a year. Emerging market stocks lost 0.19 percent. MSCIs broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.45 percent. Japan''s Nikkei stock index .N225 finished down 0.6 percent at its lowest in more than a week, with mobile firms extending a selloff on concerns of increased competition after e-commerce group Rakuten said it aims to become the country''s fourth wireless carrier. Slideshow (2 Images) U.S. YIELD CURVE HITS FLATTEST IN DECADE The margin between U.S. shorter-dated and longer-dated Treasury yields contracted to its slimmest in a decade on Friday after the Fed earlier this week upgraded U.S. growth forecasts but left its inflation view unchanged. That sparked the extra kicker for curve flatteners the last couple of days, said Thomas Roth, head of U.S. Treasury trading at MUFG Securities Americas in New York. People are very comfortable with holding long-dated paper. The yield spread between five-year and 30-year Treasuries US5US30=TWEB was last at 53.2 basis points. The U.S. dollar strengthened as Republican negotiators put the finishing touches on the tax overhaul bill and expectations rose that the bill would pass by year-end. [L1N1OF1Q8] The greenback rose and fell throughout the week after news surrounding the central bank policy meetings and tax reform. News that the European Union had formally agreed to move Brexit talks onto trade and a transition pact triggered a 0.83 percent drop in the pound GBP= , as traders cashed in recent gains. The euro was EUR= down 0.2 percent to $1.1754. In commodity markets, U.S. crude CLcv1 rose 0.46 percent to $57.30 per barrel and Brent LCOcv1 was last at $63.22, down 0.14 percent on the day. Spot gold XAU= added 0.2 percent to $1,255.30 an ounce. U.S. gold futures GCcv1 gained 0.09 percent to $1,258.20 an ounce. Reporting by Stephanie Kelly; Additional reporting Danilo Masoni in Milan, Julien Ponthus in London, Karen Brettell and Richard Leong in New York, Rama Venkat Raman and Sruthi Shankar in Bengaluru; Editing by Nick Zieminski'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-markets/asian-shares-edge-up-on-track-for-weekly-gain-idUKKBN1E903J'|'2017-12-15T06:48:00.000+02:00'|9724.0|''|-1.0|'' +9724|'b251eb3254ef2f0b65a71291b83de66d1034484a'|'Asian shares slip, U.S. tax reform woes dent sentiment'|'December 15, 2017 / 1:04 AM / Updated 23 minutes ago World shares gain; U.S. yield curve flattest in decade Stephanie Kelly 4 Min Read NEW YORK (Reuters) - World shares gained on Friday and Wall Street opened higher on U.S. tax legislation optimism, while the U.S. yield curve hit its flattest in a decade after the Federal Reserve hiked interest rates earlier this week. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 13, 2017. REUTERS/Brendan McDermid MSCIs gauge of stocks across the globe .MIWD PUS gained 0.35 percent after a week of central bank meetings that saw the U.S. Federal Reserve raise interest rates yet left its rate outlook for the coming years unchanged. The European Central Bank and the Bank of England held off on hikes. The Dow Jones Industrial Average .DJI rose 162.25 points, or 0.66 percent, to 24,670.91, the S&P 500 .SPX gained 26.08 points, or 0.98 percent, to 2,678.09 and the Nasdaq Composite .IXIC added 82.80 points, or 1.21 percent, to 6,939.32. Wall Street equities sharply rose as U.S. Republican lawmakers are to reveal details of the final Republican tax bill later on Friday. Votes on the legislation from both the House of Representatives and the Senate are expected next week. People still think the tax bill will get done. I dont think Republicans are going to let this by the wayside as theyve come this far, said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Company in Wisconsin. The bill has been one of the catalysts for this years surge in the stock markets. Europes STOXX 600 closed down 0.19 percent, as a 12.98 percent slump in fashion giant H&M ( HMb.ST ) and a 6.29 percent drop for Italian luxury goods firm Ferragamo ( SFER.MI ) spooked retailers. In addition, worries over political risk spurred profit-taking. According to EPROMs weekly data, worries over the national election next year in Italy hit European equity funds with outflows at their highest level in over a year. Emerging market stocks lost 0.19 percent. MSCIs broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.45 percent. Japan''s Nikkei stock index .N225 finished down 0.6 percent at its lowest in more than a week, with mobile firms extending a selloff on concerns of increased competition after e-commerce group Rakuten said it aims to become the country''s fourth wireless carrier. Slideshow (2 Images) U.S. YIELD CURVE HITS FLATTEST IN DECADE The margin between U.S. shorter-dated and longer-dated Treasury yields contracted to its slimmest in a decade on Friday after the Fed earlier this week upgraded U.S. growth forecasts but left its inflation view unchanged. That sparked the extra kicker for curve flatteners the last couple of days, said Thomas Roth, head of U.S. Treasury trading at MUFG Securities Americas in New York. People are very comfortable with holding long-dated paper. The yield spread between five-year and 30-year Treasuries US5US30=TWEB was last at 53.2 basis points. The U.S. dollar strengthened as Republican negotiators put the finishing touches on the tax overhaul bill and expectations rose that the bill would pass by year-end. [L1N1OF1Q8] The greenback rose and fell throughout the week after news surrounding the central bank policy meetings and tax reform. News that the European Union had formally agreed to move Brexit talks onto trade and a transition pact triggered a 0.83 percent drop in the pound GBP= , as traders cashed in recent gains. The euro was EUR= down 0.2 percent to $1.1754. In commodity markets, U.S. crude CLcv1 rose 0.46 percent to $57.30 per barrel and Brent LCOcv1 was last at $63.22, down 0.14 percent on the day. Spot gold XAU= added 0.2 percent to $1,255.30 an ounce. U.S. gold futures GCcv1 gained 0.09 percent to $1,258.20 an ounce. Reporting by Stephanie Kelly; Additional reporting Danilo Masoni in Milan, Julien Ponthus in London, Karen Brettell and Richard Leong in New York, Rama Venkat Raman and Sruthi Shankar in Bengaluru; Editing by Nick Zieminski'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-markets/asian-shares-edge-up-on-track-for-weekly-gain-idUKKBN1E903J'|'2017-12-15T06:48:00.000+02:00'|9724.0|27.0|0.0|'' 9725|'8009bfb4c1d076accce7988d8335c14c5eed8d81'|'Bitcoin euphoria puts other retail bets in shade'|'(Reuters) - If you wondered why 18-year old twitterati and seasoned speculative traders alike have bet on bitcoins surge towards $20,000 this week, look no further than the comparison with the past years new stock exchange floatations.Bitcoin (virtual currency) coins placed on Dollar banknotes are seen in this illustration picture, November 6, 2017. REUTERS/Dado Ruvic/Illustration As the below chart shows, the exchange-traded fund of Renaissance Capital that tracks a basket of newly floated companies after their initial public offerings has delivered a more than respectable 36 percent return so far in 2017.That surpasses the S&P 500 index''s .SPX 20 percent rise and is far better than last year when IPOs trailed behind an overall index fuelled by the Trumpflation trade and the cheap funds being pumped into markets by central banks.(For a graphic of the IPO ETF vs S&P 500 click reut.rs/2jxWIrw )Next to Bitcoin, however, it might as well be flat. The cryptocurrency has risen 1700 percent in value in the same period.(For a graphic of the Bitcoin vs IPO ETF vs S&P 500 click reut.rs/2jznjVg )That means $1000 invested in the U.S. IPO ETF at the beginning of this year was worth $1360 on Tuesday. Preferring bitcoin would have left the average amateur market punter with $17,545.The cryptocurrency has faced harsh criticism for lack of transparency and Wall street is largely divided on how it wants to view the currency. Several banks and central bankers have warned against its meteoric rise in its value.Chicago-based derivatives exchange Cboe Global Markets ( CBOE.O ) launched the futures late on Sunday, lending it some legitimacy and giving investors an exposure to the bitcoin market via a large, regulated exchange.Goldman Sachs has been arguing for some months that the lack of liquidity and increased volatility of bitcoin mean in the long run it cannot rival gold as a convincing term store of value.The market cap for bitcoin is still just $275 billion versus the worlds $8.3 trillion worth of gold.(For a graphic of Bitcoin vs Gold vs Oil click reut.rs/2yi8yas )Reporting by Ankur Banerjee and Sweta Singh in Bengaluru '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/markets-bitcoin/bitcoin-euphoria-puts-other-retail-bets-in-shade-idINKBN1E62O4'|'2017-12-12T21:25:00.000+02:00'|9725.0|''|-1.0|'' 9726|'b0fb988888ee4914e57185bab5ca00906e52798c'|'India''s record share sales bring banks little cheer in the way of fees'|'December 22, 2017 / 1:23 PM / Updated 7 hours ago India''s record share sales bring banks little cheer in the way of fees Devidutta Tripathy , Umesh Desai 5 Min Read MUMBAI/HONG KONG (Reuters) - Funds raised in India through share sales reached the most in a decade this year thanks to booming stock markets, but the rush to raise capital while investor sentiment remained bullish pushed dealmakers fee ratio to multi-year lows. People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, December 18, 2017. REUTERS/Shailesh Andrade Indias main stock indexes surged almost 30 percent in 2017 as investors bet on economic reform and corporate earnings recovery. That spurred almost $30 billion worth of share sales including a record $11.5 billion in initial public offerings (IPO). But for banks which arrange the sales, fees earned as a percentage of funds raised hit the lowest in four years, Thomson Reuters data showed. That made arranging work in Asias third-largest economy the worst paid out of 11 Asian markets. To be sure, the structure of Indian deal-making means fees are often comparatively small. But this year was particularly low because a high proportion of deals involved state-run firms which typically pay paltry fees. Competition was also higher with dealmakers such as IDFC Bank Ltd and IIFL Holdings Ltd gaining market share, while entrants such as Chinas Haitong Securities Co Ltd made headway, industry participants said. In a buoyant market there is no cause for anxiety for issuers, so low fees are no surprise. In a weak market, issuers may be willing to pay higher fees but the number of issues are fewer, said Prithvi Haldea, chairman of data provider Prime Database. That said, India has been a low-paying market for years and thats unlikely to change anytime soon, he said. UNATTRACTIVE Bankers are optimistic about 2018s deal pipeline which they expect to include IPOs, real estate investment trusts and state-backed share sales. But some fear a continued market boom will keep fees low. Fees this year averaged 0.8 percent of deal proceeds, from 1.3 percent last year, Thomson Reuters data showed. The average was 2 percent in Hong Kong, 2.6 percent in Shanghai and Shenzhen and 2.8 percent in Tokyo. New York averaged 3.2 percent. While fees in India (usually) are attractive in the Indian context, they are not probably as attractive in an Asian or a global context, said V. Jayasankar, head of equity capital markets (ECM) at Kotak Mahindra Bank Ltds investment banking arm, which Thomson Reuters data showed arranged the most deals this year by total value. Kotak and four other banks split a 0.1 percent fee for arranging the $1.7 billion IPO of state-run General Insurance Corp of India, the years biggest IPO. Brokers trade at their computer terminals at a stock brokerage firm in Mumbai, India, February 17, 2016. REUTERS/Shailesh Andrade/Files Six banks arranging a $2.3 billion follow-on share offering by State Bank of India - 2017s largest ECM deal - received a token fee of 1 rupee ($0.016), according to bankers. It is not uncommon for dealmakers to agree to such terms for the opportunity to take part in blockbuster deals. UNDERWRITING The low fees can be partially attributed to the structure of deal-making in India where, unlike elsewhere, banks do not risk underwriting share sales. We dont see a material change in the fees paid, and we are at least five to 10 years away from an underwriting fee model, said Jibi Jacob, head of ECM at Edelweiss Financial Services Ltd, 2017s sixth-ranked IPO arranger in India this year, Thomson Reuters data showed. An increasing number of banks involved in each deal also means fees are being split between more dealmakers, said the ECM head at a multinational bank, who was not authorised to publicly comment on fees and so declined to be identified. There is also a new cycle of people willing to go down the fee curve, the banker said. UNDERSTAFFED Looking at 2018, bankers including Citigroup Incs India ECM head Arvind Vashistha said they expected average IPO sizes to be larger, with fundraising picking up in sectors such as infrastructure, real estate, metals and mining. The big risk continues to be that of the global geopolitical environment and of valuations which in some cases have run up significantly. But the fundamental appetite for India paper in 2018 should continue to be very robust, said Vashistha at Citi, ranked second among share sale arrangers. But low fees mean regardless of higher deal volumes, many banks - especially foreign banks with high cost structures - are not aggressively expanding ECM teams, bankers said. When you have limited resources and deal volumes pick up, I think the only thing we can do is be disciplined about which clients, what transactions, rather than trying to do everything, said a senior banker at a foreign banks India arm. ($1 = 64.1300 Indian rupees)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/india-ecm/indias-record-share-sales-bring-banks-little-cheer-in-the-way-of-fees-idINKBN1EG1IC'|'2017-12-22T05:33:00.000+02:00'|9726.0|''|-1.0|'' 9727|'39b8d09d219fbe675cce2b8d72ffb396d69e2e2c'|'Nike''s quarterly revenue rises 5 percent'|'December 21, 2017 / 9:30 PM / Updated 19 minutes ago Nike''s quarterly revenue rises 5 percent Reuters Staff 1 Min Read (Reuters) - Nike Inc ( NKE.N ) reported a nearly 5 percent rise in quarterly revenue on Thursday as sales growth in international markets offset weakness in North America. Net income fell to $767 million, or 46 cents per share, in the second quarter ended Nov. 30, from $842 million, or 50 cents per share, a year earlier. Revenue rose to $8.55 billion from $8.18 billion a year earlier. Reporting by Gayathree Ganesan in Bengaluru; Editing by Arun Koyyur'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-nike-results/nikes-quarterly-revenue-rises-5-percent-idUSKBN1EF2UE'|'2017-12-21T23:28:00.000+02:00'|9727.0|''|-1.0|'' @@ -9745,7 +9745,7 @@ 9743|'ef7f968fefdd3282048cbab2543bca2f50dd229a'|'Shanghai cautions on products from scandal-hit Kobe Steel, tightens checks'|'December 29, 2017 / 3:54 AM / Updated an hour ago Shanghai cautions on products from scandal-hit Kobe Steel, tightens checks Shanghai has issued a warning on the safety of metal products manufactured by scandal-hit Japanese firm Kobe Steel Ltd ( 5406.T ) and strengthened scrutiny measures, state-owned Xinhua News Agency reported, citing the citys inspection body. FILE PHOTO: The logo of Kobe Steel (Kobelco) is seen at the company headquarters in Kobe, western Japan October 24, 2017. REUTERS/Thomas White/File Photo Japans No.3 steelmaker, which supplies the makers of cars, planes and trains across the world, said in October that about 500 of its customers had received products with falsified specifications. The producers quality certifications at some domestic plants have already been suspended. According to the Xinhua report, Kobe shipped in 451,000 tonnes of metal products to China through its Shanghai units over September 2016 to August 2017. Of that, data on 1,420 tonnes of aluminium sheet and 116 tonnes of copper sheet had been tampered, it added, citing the Shanghai Entry-Exit Inspection and Quarantine Bureau. While Kobes Shanghai units have been in touch with their customers to check on safety of the products, the inspection bureau has said it will continue supervising the units to protect interests of Chinese consumers, Xinhua reported. The bureau will conduct checks on all products made in Japan by Kobe Steel and set up a special technical investigation team to check its products that are involved with data falsification and release results on a routine basis, the report added. The bureau will also conduct regular checks on Japan-made metal products imported through the Shanghai port and has already made a full retrospective investigation on related operations by Kobe Steels units in the city. Kobe Shanghai could not immediately comment on the report. Reporting by Ruby Lian in SHANGHAI and Ryan Woo in BEIJING; Editing by Himani Sarkar'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-kobe-steel-scandal/shanghai-cautions-on-products-from-scandal-hit-kobe-steel-tightens-checks-idUKKBN1EN083'|'2017-12-29T05:53:00.000+02:00'|9743.0|''|-1.0|'' 9744|'314099545f8468dbc6460b705d106b6544cf6ba0'|'KKR''s tender offer for Hitachi Kokusai ends in success: Nikkei'|'TOKYO (Reuters) - U.S. buyout fund KKR & Co LP ( KKR.N ) managed a successful tender offer for Japanese semiconductor equipment maker Hitachi Kokusai Electric Inc ( 6756.T ) by a razor-thin margin, winning 24.9 percent of the company, statements from the companies showed on Saturday.KKR had sought at least about 24 percent of Hitachi Kokusai at 3,132 yen each in a contentious tender offer that closed on Friday. Parent Hitachi Ltd ( 6501.T ) has agreed to sell its stake of just over 50 percent back to Hitachi Kokusai at 1,870 yen per share as part of the $2.2 billion deal.KKR had boosted its offer price twice to appease U.S. activist hedge fund Elliott Management, known for buying stakes in firms in the middle of takeovers. The first increase came after Elliott disclosed a stake in Hitachi Kokusai in September, and the final price was 25 percent higher than the initial offer of 2,503 yen.Elliott has since boosted its holding to 8.59 percent.KKR said in a statement 26,242,364 shares were tendered, versus the minimum 24,815,889 it was seeking. The tendered shares amount to 25.5 percent of Hitachi Kokusai when excluding treasury shares.KKR has been taking advantage of a push by Japanese conglomerates to restructure and spin off non-core assets. In January it bought Hitachi Koki Co, Hitachis power tool unit, for $1.3 billion. That followed a $4 billion acquisition of autoparts maker Calsonic Kansei Corp from Nissan Motor Co ( 7201.T ) last year.Elsewhere, KKR on Friday agreed to buy industrial tool components maker Hyperion from Swedens Sandvik ( SAND.ST ) in a deal worth 4 billion Swedish crowns ($471.6 million).Booming demand for semiconductors thanks to the global spread of smartphones and data server centres has resulted in a flurry of deals and rising valuations for chip-related firms. Hitachi Kokusai in October lifted its full-year net income forecast by 37 percent to 19.9 billion yen ($179 million).KKR initially agreed to buy Hitachi Kokusai in April at 2,503 yen per share, but the plan was shelved in August after a third-party committee set up by the Japanese company said the terms of the deal could be disadvantageous to minority shareholders..Expectations that KKR would raise its offer price drove Hitachi Kokusais stock to as much as 3,370 yen, the highest in more than 25 years, versus 2,416 yen on the day before the deal was first announced.Hitachi Kokusai ended at 3,155 yen on Friday.KKR plans to spin off Hitachi Kokusais chip-making equipment division, retaining full ownership, and then sell 40 percent of the remaining business, which includes communications and video equipment services, to Hitachi and private equity firm Japan Industrial Partners Inc.($1 = 113.4800 yen)Reporting by Junko Fujita in TOKYO and Ankit Ajmera in Bengaluru; Editing by Chang-Ran Kim and Jacqueline Wong '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-hitachi-kokusai-m-a-kkr/kkrs-tender-offer-for-hitachi-kokusai-ends-in-success-nikkei-idINKBN1E22V1'|'2017-12-08T20:20:00.000+02:00'|9744.0|''|-1.0|'' 9745|'981a6b986c4e5f2a3974b829b36106997fb1e4e0'|'Online broker IG sees 9 percent rise in H1 trading revenue'|'December 5, 2017 / 11:09 AM / Updated 13 minutes ago Online broker IG sees 9 percent rise in H1 trading revenue Reuters Staff 2 Min Read (Reuters) - British online financial trading company IG Group Holdings Plc said first-half net trading revenue was expected to grow 9 percent as lower costs and an expanding client base continued to help it offset the impact of quiet markets. The companys stock was up 4.1 percent at 679.5 pence at 1034 GMT on Tuesday, making it the best performer on the FTSE Midcap index. IG Group, which provides online stockbroking and trading services to retail investors, also said the nature and timing of potential regulatory changes in Britain and some other key markets remained uncertain. It remains difficult...to predict what impact regulatory change may have on the Group this financial year and beyond, IG Group said. Britains financial watchdog, the Financial Conduct Authority, joined other European regulators last year to regulate the 3.5 billion pound financial spreadbetting industry, where it said most retail investors lose money. IG Group also said first-half operating costs, excluding variable remuneration, would be about 7 percent lower than a year ago, helped by lower advertising and marketing spend. IGs upbeat trading statement follows rivals CMC Markets, who reported a 58 percent jump in first-half profit, and Plus500, which reported higher third-quarter revenue on rising customer numbers. Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri and Shounak Dasgupta'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ig-grp-hldgs-outlook/online-broker-ig-sees-9-percent-rise-in-h1-trading-revenue-idUKKBN1DZ1EO'|'2017-12-05T13:08:00.000+02:00'|9745.0|''|-1.0|'' -9746|'82b0a1cf6a4cebcb6d24c76090348be925a8e0b2'|'BlackBerry, Qualcomm expand partnership to connected automotive'|'Dec 7 (Reuters) - BlackBerry Ltd said on Thursday it would partner with Qualcomm Inc to use the chipmakers hardware platform to expand in the fast-growing connected automotive industry.BlackBerry said it would use Qualcomms hardware platform in areas such as virtual cockpit controllers, telematics, electronic control gateways and infotainment systems.The automotive industry is one of the fastest-growing segments of the technology market, as automakers race to add more autonomous features and ultimately seek to build self-driving cars.The companies have a relationship for over a decade. (Reporting by Anirban Paul in Bengaluru; Editing by Sriraj Kalluvila) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/blackberry-autos-qualcomm/blackberry-qualcomm-expand-partnership-to-connected-automotive-idINL3N1O7493'|'2017-12-07T10:57:00.000+02:00'|9746.0|''|-1.0|'' +9746|'82b0a1cf6a4cebcb6d24c76090348be925a8e0b2'|'BlackBerry, Qualcomm expand partnership to connected automotive'|'Dec 7 (Reuters) - BlackBerry Ltd said on Thursday it would partner with Qualcomm Inc to use the chipmakers hardware platform to expand in the fast-growing connected automotive industry.BlackBerry said it would use Qualcomms hardware platform in areas such as virtual cockpit controllers, telematics, electronic control gateways and infotainment systems.The automotive industry is one of the fastest-growing segments of the technology market, as automakers race to add more autonomous features and ultimately seek to build self-driving cars.The companies have a relationship for over a decade. (Reporting by Anirban Paul in Bengaluru; Editing by Sriraj Kalluvila) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/blackberry-autos-qualcomm/blackberry-qualcomm-expand-partnership-to-connected-automotive-idINL3N1O7493'|'2017-12-07T10:57:00.000+02:00'|9746.0|17.0|0.0|'' 9747|'7468d62989cb13945c64a87d9525ef73f9f48acd'|'Vulcan must divest 17 Aggregates USA properties -U.S. statement'|'December 22, 2017 / 6:31 PM / in 18 minutes Vulcan must divest 17 Aggregates USA properties: U.S. statement Reuters Staff 1 Min Read WASHINGTON (Reuters) - Vulcan Materials Co ( VMC.N ) must divest 17 crushed stone aggregate facilities in Tennessee and Virginia in order to acquire Aggregates USA, the U.S. Justice Department said in a statement on Friday. Under the terms of the proposed settlement Birmingham, Alabama-based Vulcan would divest Aggregates 13 rock quarries and yards and four inactive quarries in the two states to Blue Water Industries or another U.S.-approved acquirer, the department said in a statement. Reporting by Susan Heavey; Editing by Phil Berlowitz'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-aggregates-m-a-vulcan-matls/vulcan-must-divest-17-aggregates-usa-properties-u-s-statement-idUSKBN1EG23D'|'2017-12-22T20:25:00.000+02:00'|9747.0|''|-1.0|'' 9748|'6c44a0fe1558494df3ecac76d2477f7cafa9cde4'|'BMW electric cars hit 100,000 sales target'|'December 18, 2017 / 8:06 PM / Updated 32 minutes ago BMW electric cars hit 100,000 sales target Reuters Staff 2 Min Read BERLIN (Reuters) - BMW ( BMWG.DE ) said on Monday it had hit its target of selling 100,000 electric cars this year around the world, benefiting from strong demand in western Europe and the United States for models such as the i3 and the 2-series plug-in hybrid Active Tourer. FILE PHOTO: The logo of BMW before the company''s annual news conference in Munich, southern Germany, March 21, 2017. REUTERS/Michael Dalder/File Photo This is more than 60 percent up from the 62,255 electric cars BMW sold last year. The German luxury carmaker has said it expects 2018 electric-vehicle (EV) sales to grow by a medium two-digit percentages. A pioneer in electric cars, BMW launched the i3 hatchback in 2013 but sales have been relatively low and management has wrestled with whether to go all-out for electrification. But that changed in September when the Munich-based group said it would gear up for mass production of electric cars and aimed to have 12 fully electric models by 2025 with a range of up to 700 kilometres. Electric mobility is the indicator where I measure our success, Chief Executive Harald Krueger said. Earlier on Monday, U.S. EV battery company Solid Power said it had partnered with BMW to develop the next-generation solid-state battery technology for use in electric cars. Reporting by Andreas Cremer. Editing by Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/bmw-electric/bmw-electric-cars-hit-100000-sales-target-idINKBN1EC2J8'|'2017-12-18T22:06:00.000+02:00'|9748.0|''|-1.0|'' 9749|'ea6ea4eeb518ce2ca62fc23f8a1ddf58397cac44'|'Benin withdraws telecoms licence for Globacom unit in renewal dispute'|'December 19, 2017 / 9:48 PM / Updated 24 minutes ago Benin withdraws telecoms licence for Globacom unit in renewal dispute Reuters Staff 1 Min Read COTONOU (Reuters) - Benins telecommunications regulator has withdrawn the operating licence of Nigerian mobile telecoms company Globacoms local unit in a dispute over new terms, according to a document seen on Tuesday. The regulator, ARCEP-Benin, said that it took the decision after negotiations with Glo Mobile Benin to renew its licence broke down earlier this month after the company refused new conditions imposed by the government. Officials with the parent company, which is owned by Nigerian billionaire Mike Adenuga, were not immediately available for comment. The ARCEP document did not say what the governments new conditions were, but a source close to the regulator, who asked not to be named, said they included an increase in the cost of the licence. Glo Mobile Benin said it had over 1.6 million subscribers in 2015, according to the most recent statistics available on ARCEPs website. Globacom also operates mobile networks in Nigeria and Ghana. Reporting by Allegresse Sasse; Writing by Joe Bavier; Editing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/benin-telecoms/benin-withdraws-telecoms-licence-for-globacom-unit-in-renewal-dispute-idINKBN1ED2SF'|'2017-12-19T23:47:00.000+02:00'|9749.0|''|-1.0|'' @@ -9764,10 +9764,10 @@ 9762|'def6f22278a6b6b6b50e9042872a9a7282e77b04'|'European shares drift into year-end as resources stocks glitter'|'December 28, 2017 / 8:30 AM / Updated an hour ago European shares drift into year-end as resources stocks glitter Reuters Staff 2 Min Read LONDON (Reuters) - European shares drifted lower in early deals on Thursday with company news and macro events scarce in holiday-thinned trading, while Britains FTSE 100 hovered just under a record high. The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, December 21, 2017. REUTERS/Staff/Remote The pan-European STOXX 600 index was down 0.1 percent, while blue chips .STOXX50E slipped 0.2 percent. A rally in commodity prices continued to support the resources-heavy FTSE 100 .FTSE index, which gained 0.1 percent. Europe''s basic resources index .SXPP was the best-performing sector, up 0.5 percent. Tech stocks .SX8P extended the previous sessions losses, when chipmakers were hit by concerns over demand for Apples iPhone X. The tech sector was down 0.3 percent on the day, but has gained more than 20 percent so far this year, the standout performer in Europe. More broadly, volumes have been muted and liquidity in short supply over the festive season in Europe, with little by way of company news to spur significant moves among single stocks. Shares in BT ( BT.L ) were among the biggest fallers, down 1.7 percent after the telecoms stock traded ex-dividend, while volatile Steinhoff ( SNHG.DE ) was the top gainer, up 4 percent. Nearing the year-end, European stocks have enjoyed a positive year, with the STOXX 600 up around 8 percent in 2017 as buoyant company earnings and a brighter economic backdrop have fuelled the regions equities. Germany''s DAX .GDAXI and Italy''s benchmark .FTMIB are among this year''s winners, up 13.8 percent and 15.4 percent respectively, while Britain''s FTSE has managed to gain 6.7 percent. Graphic - Major European Indexes YTD Price Performance: reut.rs/2BPYR5X Reporting by Kit Rees; Editing by Kevin Liffey'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-europe-stocks/european-shares-drift-into-year-end-as-resources-stocks-glitter-idUKKBN1EM0O3'|'2017-12-28T10:29:00.000+02:00'|9762.0|''|-1.0|'' 9763|'13f5182a517f83f83d54e3b37acf8e601fef4a3d'|'Russian finance ministry to increase foreign currency buying in 2018'|'December 26, 2017 / 11:13 AM / Updated 9 hours ago Russian finance ministry to increase foreign currency buying in 2018 Darya Korsunskaya 4 Min Read MOSCOW (Reuters) - The Russian finance ministry plans to increase purchases of foreign currency for its reserves next year, reducing ruble volatility in a presidential election year, the Finance Minister said on Tuesday. FILE PHOTO: Russian Finance Minister Anton Siluanov attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. REUTERS/Sergei Karpukhin After two years of recession and a draining of reserves amid a sharp drop in the price of oil, Russias key export, the finance ministry has decided to replenish coffers and insulate the ruble by setting a budget rule. According to the rule, the finance ministry will buy dollars and other foreign currency when Russias crude blend Urals URL-E trades above $40 per barrel, the level factored into the budget. The higher the oil price, the bigger the forex purchases would be. Finance Minister Anton Siluanov said the finance ministry could spend around 2 trillion rubles ($35 billion) on foreign currency next year if Urals prices are at $54-55 per barrel. Urals crude last traded at $64.35 per barrel. This would more than offset the envisaged reserves spending next year, Siluanov said, adding that his ministry would increase foreign exchange purchases next year to level of up to 70 percent of non-oil and gas budget revenues from around 30-40 percent at present. Speaking to reporters, Siluanov said the increased foreign currency purchases would reduce the rubles vulnerability to volatility on capital markets in 2018. President Vladimir Putin, who will seek re-election for another six years in March, said this year the rubles stability was more important than its actual exchange rate. If oil prices average $60 per barrel, the finance ministry would buy around 2.8 trillion rubles, Siluanov said. Analysts at ING had predicted the finance ministry would increase its foreign currency purchases to more than $27 billion in 2018 from around $15 billion in 2017. The central bank carries out these purchases for the finance ministry but does not consider them as interventions aimed at bringing the ruble to a certain level as the rouble has had a free-floating status since 2015. Siluanov said he expected the ruble, trading in a range between 57 and 59 versus the dollar for a few weeks, to stay at these levels in 2018 if oil prices hover near $55 per barrel. The ruble forecast is valid if there are no new additional sanctions and nuisances due to external restrictions, Siluanov said. Russian authorities largely dismiss risks of new U.S. sanctions, which could be imposed in 2018 and could ban purchases of Russian debt, but are still bracing themselves for possible shocks in 2018. BUDGET DEFICIT Russia is likely to run a smaller-than-expected budget deficit this year as some of the planned spending has been postponed until next year, Siluanov said. The 2017 deficit is now seen at 1.5 trillion rubles, which accounts for 1.6 percent of gross domestic product, Siluanov said. The earlier approved budget plan envisaged a budget deficit of 2.1 percent of GDP. The budget deficit target for 2018 stands at 1.3 percent of GDP. Part of the budget shortfall next year will be covered by Russias No.1 state-owned lender Sberbank ( SBER.MM ) that is expected to channel around 130 billion rubles worth of dividends to the budget, Siluanov said. Writing by Andrey Ostroukh; Editing by Robin Pomeroy'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-russia-finmin/russian-finance-ministry-to-increase-foreign-currency-buying-in-2018-idUKKBN1EK0ON'|'2017-12-26T13:09:00.000+02:00'|9763.0|12.0|0.0|'' 9764|'9871b16f9671f09a447603482c71de7c206eac39'|'Defiant O''Leary says union recognition sets stage for Ryanair expansion'|'December 19, 2017 / 3:59 PM / Updated 5 minutes ago Defiant O''Leary says union recognition sets stage for Ryanair expansion Conor Humphries 5 Min Read DUBLIN (Reuters) - Ryanair Chief Executive Michael OLeary broke months of media silence on Tuesday to defend his decision to recognise unions for the first time in 32 years, saying it would allow his airline to expand and help to keep staff costs down. Ryanair CEO Michael O''Leary arrives at the Ryanair AGM in Dublin, Ireland September 21, 2017. REUTERS/Clodagh Kilcoyne/File Photo In his first interview since Fridays surprise decision to accept unionisation to stave off a string of Christmas strikes, OLeary said the move was his idea and that he would not step down. His action knocked more than 10 percent off the companys shares. But he also warned unions that he would not be a soft-touch and if they put forward unreasonable demands he would simply shift planes and jobs to other jurisdictions. This is not a ruse. This is serious, OLeary said of the decision, which he said was in many respects my idea and which he ran past the companys board of directors on Thursday night. But if someone is being unreasonable and we are being completely messed around by a union, we will still move aircraft away from that base or country, he said in the interview in his Dublin office, flanked by his chief operations officer Peter Bellew and chief people officer Eddie Wilson, who are leading talks with unions. He rejected media speculation that he may step aside to make way for Bellew, who left his position as chief executive of Malaysia Airlines last month and has been the face of the company in recent days. Am I going to leave? No. I am going to stay, said OLeary, in his first media interview since a Sept. 21 annual general meeting when he infuriated pilots by saying they did not have a difficult job. OLeary said union recognition would open new opportunities for Ryanair, allowing it to work in heavily unionised countries like France and Denmark. The airline could move 50 planes to France - one eighth of its current 400-plane fleet - he said, although he said the speed of such a deployment would depend on the availability of planes and deals with airports. Ryanair will still meet its target of flying 200 million passengers per year by 2024, up from just under 130 million this year, he said. OLeary said the decision to recognise unions would not impact on the companys annual profit forecast and that he did not expect staff costs to increase beyond the extra 100 million euros announced following the cancellation of 20,000 flights in September. FILE PHOTO - Ryanair commercial passenger jet lands in Colomiers near Toulouse, France, October 19, 2017. REUTERS/Regis Duvignau We have already admitted there will be an uptick in labour costs next year. But will it alter our model? No, he said. We will still have much lower aircraft costs, much lower financing costs, much lower airport deals. That will all remain unchanged. In the longer term, the rate of growth of staff costs could actually decrease as he said pilots prefer to work in unionised airlines, he said. OLeary said the decision to recognise unions was not a result of management weakness or pilot strength but the fact that the airline was facing the prospect of compensating 150,000 passengers in Christmas week and possibly more after that. If you need to go on strike just to test our mettle, then go ahead, OLeary said. But not in Christmas week. And not one that disrupts all our customers across Europe. Union recognition was always going to happen when we moved into France. We have just moved that forward, he said. Bellew and Wilson are due to meet with the Irish pilots union for the first time on Tuesday evening. OLeary declined to comment on what Ryanair would concede. Ryanair, he said, would go in with a can do attitude. Ryanair shares closed up 2.3 percent on Tuesday at 14.95 euros, but well below the Friday opening of 17.6 euros as investors have fretted that union recognition could potentially damage the carriers low-cost business model. Rory Powe, fund manager at Man GLG, a top 20 shareholder in Ryanair, said some investors agreed with OLearys reading of the situation. I dont see Ryanairs cost advantage being eroded by anything more than an immaterial amount, he said. He has adapted and will continue to stay. ($1 = 0.8466 euros) Additional reporting by Victoria Bryan and Maiya Keidan; Editing by Mark Potter, Susan Fenton and Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ryanair-pilots-unions/ryanair-says-serious-on-union-recognition-but-threat-to-move-planes-remains-idUKKBN1ED22Y'|'2017-12-19T20:39:00.000+02:00'|9764.0|6.0|0.0|'' -9765|'47ef4f4253bccf6fc832435b468c459799454070'|'Bitcoin surges above $15,000 after climbing $2,000 in 12 hours'|' 24 PM / Updated 6 minutes ago Bitcoin surges above $15,000 after climbing $2,000 in 12 hours Jemima Kelly 3 Min Read LONDON (Reuters) - Bitcoin rocketed above $15,000 for the first time on Thursday, after adding more than $2,000 to its price in fewer than 12 hours. A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic Bitcoin, the worlds biggest and best-known cryptocurrency, has seen a more than fifteenfold surge in its value since the start of the year. It climbed to as high as $15,344 on the Luxembourg-based Bitstamp exchange around 1420 GMT, leaving it up more than 12 percent on the day, having traded just above $13,000 12 hours earlier. Many market-watchers said the launch this weekend of bitcoin futures by CBOE, one of the worlds biggest derivatives exchanges, was helping drive up the price on expectations it would draw more investors to the market. Futures trading will mean more demand...and is a form of ratification of the underlying tech - bitcoin and cryptocurrencies in general. They are now on the main stage, said Charles Hayter, founder of cryptocurrency data analysis firm Cryptocompare. But some are warning that the launch of bitcoin futures, which will allow investors to take speculative short positions on the cryptocurrency, as well as long positions, could cause even greater volatility. Aggressive traders, such as hedge funds and algorithm-driven funds, (will be able) to use this futures market to enter bitcoin trading with high levels of liquidity for aggressive short-selling and knock the prices really low, said Think Markets analyst Naeem Aslam. Players now have an incentive to be on the short side and make profits hedging against the upside. The latest surge brought bitcoins market cap - its price multiplied by the total number of bitcoins in circulation - to more than $260 billion, according to Coinmarketcap, a trade website. That, in theory, makes its market value higher than that of Visa. The value of all cryptocurrencies now stands at around $415 billion, according to Coinmarketcap. Bitcoin has more than tripled in price since the start of October, putting it on track for its best quarter since the end of 2013, when it surged above $1,000 for the first time. It slumped in 2014, after Mt Gox, then the worlds biggest bitcoin exchange, collapsed, saying it had been hacked and had 650,000 bitcoins stolen. Reporting by Jemima Kelly, Editing by Abhinav Ramnarayan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-markets-bitcoin/bitcoin-surges-above-15000-after-climbing-2000-in-12-hours-idUKKBN1E11YT'|'2017-12-07T16:23:00.000+02:00'|9765.0|''|-1.0|'' +9765|'47ef4f4253bccf6fc832435b468c459799454070'|'Bitcoin surges above $15,000 after climbing $2,000 in 12 hours'|' 24 PM / Updated 6 minutes ago Bitcoin surges above $15,000 after climbing $2,000 in 12 hours Jemima Kelly 3 Min Read LONDON (Reuters) - Bitcoin rocketed above $15,000 for the first time on Thursday, after adding more than $2,000 to its price in fewer than 12 hours. A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. REUTERS/Dado Ruvic Bitcoin, the worlds biggest and best-known cryptocurrency, has seen a more than fifteenfold surge in its value since the start of the year. It climbed to as high as $15,344 on the Luxembourg-based Bitstamp exchange around 1420 GMT, leaving it up more than 12 percent on the day, having traded just above $13,000 12 hours earlier. Many market-watchers said the launch this weekend of bitcoin futures by CBOE, one of the worlds biggest derivatives exchanges, was helping drive up the price on expectations it would draw more investors to the market. Futures trading will mean more demand...and is a form of ratification of the underlying tech - bitcoin and cryptocurrencies in general. They are now on the main stage, said Charles Hayter, founder of cryptocurrency data analysis firm Cryptocompare. But some are warning that the launch of bitcoin futures, which will allow investors to take speculative short positions on the cryptocurrency, as well as long positions, could cause even greater volatility. Aggressive traders, such as hedge funds and algorithm-driven funds, (will be able) to use this futures market to enter bitcoin trading with high levels of liquidity for aggressive short-selling and knock the prices really low, said Think Markets analyst Naeem Aslam. Players now have an incentive to be on the short side and make profits hedging against the upside. The latest surge brought bitcoins market cap - its price multiplied by the total number of bitcoins in circulation - to more than $260 billion, according to Coinmarketcap, a trade website. That, in theory, makes its market value higher than that of Visa. The value of all cryptocurrencies now stands at around $415 billion, according to Coinmarketcap. Bitcoin has more than tripled in price since the start of October, putting it on track for its best quarter since the end of 2013, when it surged above $1,000 for the first time. It slumped in 2014, after Mt Gox, then the worlds biggest bitcoin exchange, collapsed, saying it had been hacked and had 650,000 bitcoins stolen. Reporting by Jemima Kelly, Editing by Abhinav Ramnarayan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-markets-bitcoin/bitcoin-surges-above-15000-after-climbing-2000-in-12-hours-idUKKBN1E11YT'|'2017-12-07T16:23:00.000+02:00'|9765.0|24.0|0.0|'' 9766|'fb7068720e9232f28dd79976f86a6e69666c6047'|'Roche, Shire court fight escalates over haemophilia drug'|'December 16, 2017 / 10:09 AM / Updated 11 hours ago Roche, Shire court fight escalates over haemophilia drug John Miller 3 Min Read ZURICH (Reuters) - Roches patent dispute with London-listed Shire over the Swiss drugmakers new haemophilia drug Hemlibra has escalated, with Shire filing a new motion in a U.S. court that Roche says aims to stop some patients from getting its medicine. Shires motion for a preliminary injunction is part of an ongoing case in which it contends Roche infringed on a key patent to develop Hemlibra, approved in November by the U.S. Food and Drug Administration. The patent dispute at the U.S. district court of Delaware underscores Hemlibras potential to take business from Shire, with some analysts estimating Roches roughly $450,000-per-year drug will hit $5 billion in annual sales by muscling in on older drugs for the genetic disease whose sufferers blood does not clot properly. In a press release late last week, Shire said it expected a judge to rule next year. Until the courts decision on the motion for the preliminary injunction, expected summer 2018, is made there will be no patient impact, Shire said in a statement. Shire has proactively proposed a carve-out provision to facilitate access for patients, but the scope of the provision is ultimately a matter for the court to decide. There are about 20,000 people in the United States with the disease and 400,000 worldwide, according to the National Hemophilia Foundation. FILE PHOTO : Vitamins made by Shire are displayed at a chemist''s in northwest London July 11, 2014. REUTERS/Suzanne Plunkett/File Photo In the patent dispute, Roche argues Shires patent is not valid and that its scientists did not encroach on its rivals intellectual property. On Saturday, the Swiss company acknowledged that Shires latest motion would have no immediate impact on the current situation in which Hemlibra is approved for so-called inhibitor patients, or those who have developed resistance to clotting treatments like those made by Shire. It will have to go through a formal legal process before a decision is made, Roche said. But it contends Shires motion seeks to encroach on decisions best left to doctors and patients. We believe it is also inappropriate for Shire to dictate which patients should or should not receive Hemlibra, the company said in a statement. Roche is seeking to expand Hemlibras regulatory approvals beyond inhibitor patients to include those who have not yet developed resistance, to boost the medicines sales. Shire, whose shares dropped on Nov. 20 after Hemlibras approval, contends its latest motion will protect patients by preserving their treatment options. The filing of the preliminary injunction is not a decision we made lightly, and we carefully considered the impact this filing may have on hemophilia patients, it said. Reporting by John Miller; Editing by Mark Potter'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-roche-hldg-shire-patent/roche-shire-court-fight-escalates-over-haemophilia-drug-idUSKBN1EA08T'|'2017-12-16T11:57:00.000+02:00'|9766.0|''|-1.0|'' 9767|'21d86d49315fb724f1a3d2db163b5382c16f1709'|'Glencore sells parts of oil storage to China''s HNA, awaits U.S. clearance'|'December 29, 2017 / 10:03 AM / Updated an hour ago Glencore sells parts of oil storage to China''s HNA, awaits U.S. clearance Kane Wu 3 Min Read HONG KONG (Reuters) - Swiss-based trading and mining giant Glencore Plc has partly completed the sale of a 51 percent stake in its storage and logistics businesses to a unit of Chinas HNA Group, although transfer of some assets is pending U.S. clearance. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo Glencore in March agreed to sell the stake in HG Storage International Ltd, a vehicle that carries its petroleum products storage and logistics portfolio, to HNA Innovation Finance Group Co for $775 million. The commodities trader said on Friday that $579 million of the deal had closed. It added that three assets located in the United States would be transferred to HNA in 2018 upon receiving clearance from the Committee on Foreign Investment in the United States (CFIUS), which reviews national security implications of foreign investments in U.S. firms or operations. In a two-year acquisition spree, privately owned HNA has signed $50 billion worth of deals, buying stakes in logistics firms, hotels such as Hilton and even Deutsche Bank. This has prompted U.S. and European authorities to closely examine the Chinese firms ownership. CIFUS has not yet given its approval to a number of other major deals by HNA. HNA said, in a separate statement, that the companies had completed the deal and would operate HG Storage International Ltds portfolio in Europe, Africa and the Americas as a joint venture. It did not mention any pending U.S. approval for the transfer of three U.S. assets. A spokeswoman for HNA did not have an immediate comment on CFIUS approval. Glencore declined to comment further. CFIUS declined to comment. HNA has come under pressure to provide greater clarity about who owns the conglomerate. The CIFUS process has held up the completion of HNAs majority stake purchase in Skybridge Capital, owned by former White House communications director Anthony Scaramucci. This month, U.S. software firm Ness Technologies S.A.R.L. said it was suing HNA for failing to adequately answer CIFUS questions about its ownership, accusations that HNA has dismissed as baseless. Glencore had been looking to sell a bundle of its global oil storage stakes, following similar moves by rivals as a boom period for storage showed signs of ending. Demand for storage exploded following the oil price plunge in 2014 because the abundance of crude for immediate delivery meant traders could make millions by buying oil cheaply and storing it to resell later at higher prices. But the appeal of storing oil for Western trading houses decreased when the market balance changed as a result of OPEC-led oil output cuts. HNA has moved increasingly into commodities and logistics in the past year. In September, it announced shareholder approval to buy Singapores CWT for $1 billion. CWTs businesses include logistics services, commodity marketing, financial services and engineering services. Reporting by Kane Wu, additional reporting by Jennifer Hughes in Hong Kong, Clara Denina and Julia Payne in London; editing by Himani Sarkar and Jason Neely'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-glencore-hna-m-a/glencore-partly-completes-stake-sale-in-oil-storage-assets-to-chinas-hna-idUKKBN1EN0RT'|'2017-12-29T15:03:00.000+02:00'|9767.0|''|-1.0|'' -9768|'abe24c370ca0a17ba454f75f1cc61bbefa777110'|'Global Markets: Bumper year for stocks and commodities, downer for the dollar'|'(Reuters) - Markets bid 2017 goodbye on a modestly defensive note on Friday, but the year will be best remembered for leaving global investors wealthier.Trader Peter Tuchman reacts as the final day of trading for the year draws to a close at the New York Stock Exchange (NYSE) in Manhattan, New York, U.S., December 29, 2017. REUTERS/Andrew Kelly A pick-up in global growth boosted corporate profits and commodities during the year, while tame inflation kept central banks from snatching away the punch bowl of easy monetary policy.MSCIs world equity index shed 0.12 percent on Friday, leaving it short of an all-time intraday high reached earlier in the session but nonetheless enough to give the index an unparalleled record of gains each month this year.The large and mid-size companies in the index of 47 countries added more than $8 trillion to their market value during the year.By all accounts 2017 has been a great year for the market, said Arian Vojdani, investment strategist at MV Financial in Bethesda, Maryland.Craig James, chief economist at fund manager CommSec, said of the 73 bourses the firm tracks globally, all but nine recorded gains in local currency terms this year. Major indexes from Japan to the United States and emerging markets are up double-digit percentages for the year, with the pan-European FTSEurofirst 300 index up 7 percent.CAUTION SIGNS U.S. markets offered caution signs for the new year in the years final hours of trading on Friday. Wall Street stocks and the U.S. dollar drooped, helping safe-haven bonds and gold, and a reminder that after a run-up with so few obstacles there may be little room for error.The Dow Jones Industrial Average fell 118.29 points, or 0.48 percent, to 24,719.22, the S&P 500 lost 13.93 points, or 0.52 percent, to 2,673.61, and the Nasdaq Composite dropped 46.77 points, or 0.67 percent, to 6,903.39. [.N]The key issue is whether the low growth rates of prices and wages will continue, thus prompting central banks to remain on the monetary policy sidelines, said CommSecs James.Globalisation and technological change have been influential in keeping inflation low. In short, consumers can buy goods whenever they want and wherever they are, he said.FILE PHOTO: U.S. Dollar banknotes are seen in a box at the Money Service Austria company''s headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger/File Photo One of the early issues for 2018 will be the March 4 Italian election. As things currently stand the vote is expected to produce a hung parliament that could ultimately catapult four-times premier Silvio Berlusconi back to centre stage.Ten-year Italian government bond yields rose to two-month highs on Friday at just over 2 percent. Bond prices fall as their yields rise.The dollar is suffering, too, despite the widely held assumption at the start of the year that, with the U.S. Federal Reserve set to raise interest rates and lawmakers poised to cut taxes, the only way for greenback was up.Three rate hikes and a tax bill later, the dollar hit a losing streak in which its value sank by 9.7 percent, in the dollars biggest annual decline since 2003.Slideshow (2 Images) The dollars loss has been a gain for emerging markets and the euro, which charged ahead 14 percent for the year.[FRX/]The wilting dollar has also lifted commodities priced in the currency, which have also benefited from a synchronized pick-up in global trade and surprisingly strong demand from China.Everything from coal to iron ore has reaped gains. Copper has been a stand-out performer in part due to expectations of rising demand for the mass production of electric vehicles.The industrial metal is turning in its largest annual gains since the global financial crisis ebbed in 2009, but it slipped off its four-year highs on Friday. Copper futures lost 0.51 percent to $7,251.50 a tonne on Friday. [MET/L]Gold turned in a banner year, too, despite not being needed for its role as a guard against inflation, which has been tame. At $1,303.22 an ounce, the shiny metal saw its biggest annual gain since 2010. [GOL/]Oil ended the year around its highest prices in 2-1/2 years after data showed strong demand for crude imports in China and a surprise fall in U.S. production. [O/R]U.S. crude rose 0.47 percent to $60.12 per barrel and Brent was at $66.62, up 0.7 percent on the day.Benchmark 10-year U.S. Treasury notes last rose 8/32 in price to yield 2.405 percent, down a bit from the 2.439 opening figure for the year despite the Feds rate hikes as weak inflation and strong demand for bonds kept rates in check and financial conditions easy. [US/N]Additional reporting by Sruthi Shankar, Marc Jones and Wayne Cole; Editing by Susan Thomas and Leslie Adler '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-markets/bumper-year-for-stocks-and-commodities-downer-for-the-dollar-idINKBN1EN029'|'2017-12-29T05:03:00.000+02:00'|9768.0|''|-1.0|'' +9768|'abe24c370ca0a17ba454f75f1cc61bbefa777110'|'Global Markets: Bumper year for stocks and commodities, downer for the dollar'|'(Reuters) - Markets bid 2017 goodbye on a modestly defensive note on Friday, but the year will be best remembered for leaving global investors wealthier.Trader Peter Tuchman reacts as the final day of trading for the year draws to a close at the New York Stock Exchange (NYSE) in Manhattan, New York, U.S., December 29, 2017. REUTERS/Andrew Kelly A pick-up in global growth boosted corporate profits and commodities during the year, while tame inflation kept central banks from snatching away the punch bowl of easy monetary policy.MSCIs world equity index shed 0.12 percent on Friday, leaving it short of an all-time intraday high reached earlier in the session but nonetheless enough to give the index an unparalleled record of gains each month this year.The large and mid-size companies in the index of 47 countries added more than $8 trillion to their market value during the year.By all accounts 2017 has been a great year for the market, said Arian Vojdani, investment strategist at MV Financial in Bethesda, Maryland.Craig James, chief economist at fund manager CommSec, said of the 73 bourses the firm tracks globally, all but nine recorded gains in local currency terms this year. Major indexes from Japan to the United States and emerging markets are up double-digit percentages for the year, with the pan-European FTSEurofirst 300 index up 7 percent.CAUTION SIGNS U.S. markets offered caution signs for the new year in the years final hours of trading on Friday. Wall Street stocks and the U.S. dollar drooped, helping safe-haven bonds and gold, and a reminder that after a run-up with so few obstacles there may be little room for error.The Dow Jones Industrial Average fell 118.29 points, or 0.48 percent, to 24,719.22, the S&P 500 lost 13.93 points, or 0.52 percent, to 2,673.61, and the Nasdaq Composite dropped 46.77 points, or 0.67 percent, to 6,903.39. [.N]The key issue is whether the low growth rates of prices and wages will continue, thus prompting central banks to remain on the monetary policy sidelines, said CommSecs James.Globalisation and technological change have been influential in keeping inflation low. In short, consumers can buy goods whenever they want and wherever they are, he said.FILE PHOTO: U.S. Dollar banknotes are seen in a box at the Money Service Austria company''s headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger/File Photo One of the early issues for 2018 will be the March 4 Italian election. As things currently stand the vote is expected to produce a hung parliament that could ultimately catapult four-times premier Silvio Berlusconi back to centre stage.Ten-year Italian government bond yields rose to two-month highs on Friday at just over 2 percent. Bond prices fall as their yields rise.The dollar is suffering, too, despite the widely held assumption at the start of the year that, with the U.S. Federal Reserve set to raise interest rates and lawmakers poised to cut taxes, the only way for greenback was up.Three rate hikes and a tax bill later, the dollar hit a losing streak in which its value sank by 9.7 percent, in the dollars biggest annual decline since 2003.Slideshow (2 Images) The dollars loss has been a gain for emerging markets and the euro, which charged ahead 14 percent for the year.[FRX/]The wilting dollar has also lifted commodities priced in the currency, which have also benefited from a synchronized pick-up in global trade and surprisingly strong demand from China.Everything from coal to iron ore has reaped gains. Copper has been a stand-out performer in part due to expectations of rising demand for the mass production of electric vehicles.The industrial metal is turning in its largest annual gains since the global financial crisis ebbed in 2009, but it slipped off its four-year highs on Friday. Copper futures lost 0.51 percent to $7,251.50 a tonne on Friday. [MET/L]Gold turned in a banner year, too, despite not being needed for its role as a guard against inflation, which has been tame. At $1,303.22 an ounce, the shiny metal saw its biggest annual gain since 2010. [GOL/]Oil ended the year around its highest prices in 2-1/2 years after data showed strong demand for crude imports in China and a surprise fall in U.S. production. [O/R]U.S. crude rose 0.47 percent to $60.12 per barrel and Brent was at $66.62, up 0.7 percent on the day.Benchmark 10-year U.S. Treasury notes last rose 8/32 in price to yield 2.405 percent, down a bit from the 2.439 opening figure for the year despite the Feds rate hikes as weak inflation and strong demand for bonds kept rates in check and financial conditions easy. [US/N]Additional reporting by Sruthi Shankar, Marc Jones and Wayne Cole; Editing by Susan Thomas and Leslie Adler '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/global-markets/bumper-year-for-stocks-and-commodities-downer-for-the-dollar-idINKBN1EN029'|'2017-12-29T05:03:00.000+02:00'|9768.0|24.0|0.0|'' 9769|'3893cfe7a2bc6ab49c880e181f93963e4a0e7888'|'Facebook modifies the way it alerts users to fake news - Dec. 21, 2017'|'Facebook exec on Russian election meddling: ''We need more ad transparency'' Facebook is changing the way it identifies false and misleading news on the social network. It is ditching the red icon indicating fake news known as the "disputed flag" and will instead show Related Articles next to hoax posts in the News Feed, the company announced on Thursday. Facebook says Related Articles will give people more context about a story, including what information in the story is false. If someone tries to share a fake news story, they will get a popup notifying them of additional reporting from fact checkers. Those articles will also appear next to fake news before someone clicks on the link on Facebook ( FB ) . The social network has long struggled with fake news on its platform. Facebook joined Twitter and Google in front of Congress last month to answer tough questions on how its platform was used to spread misinformation during the 2016 U.S. presidential election. It continues to try and combat the spread of false content. Facebook launched disputed flags in December 2016. It began introducing fact-checked stories to Related Articles in August. It recently added new "trust indicators" for publications on Facebook, too. Related: The year tech took a dark turn But disputed flags didn''t work out how Facebook anticipated. In a post on Medium, Facebook product designer Jeff Smith said disputed flags buried important information relevant to debunking the hoax and required at least two fact checkers to dispute the article. That method was time consuming. Related Articles require just one fact checker''s review. Further, Facebook says research shows that displaying a red icon to indicate fake news could actually further entrench someone''s beliefs -- the opposite of what the flag was designed to do. While testing Related Articles on fake news, Facebook found people clicked through to the story the same amount whether they saw a disputed flag or Related Articles. But showing Related Articles led to fewer shares of the false story. Though the design is changing, much of the experience is staying the same. Facebook will still alert people if they''ve shared a fake news story that was disputed by fact-checkers. "Using language that is unbiased and non-judgmental helps us to build products that speak to people with diverse perspectives," Smith wrote.'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/12/21/technology/facebook-fake-news-related-articles/index.html'|'2017-12-21T18:08:00.000+02:00'|9769.0|''|-1.0|'' 9770|'9e4a3216b6c50fae6856ccb3f60f0850781bee9f'|'China regulators open antitrust probe of Toshiba deal - newspaper'|'December 14, 2017 / 11:00 PM / Updated 10 minutes ago China regulators open antitrust probe of Toshiba deal - newspaper Reuters Staff 2 Min Read (Reuters) - Chinese regulators have opened an antitrust investigation into Toshiba Corps ( 6502.T ) $18 billion (13.4 billion) deal to sell its memory chip unit to a consortium led by Bain Capital LP that includes memory maker SK Hynix ( 000660.KS ), possibly delaying the March closing date Toshibas leaders have targeted, the Nikkei Asian Review newspaper reported on Friday. FILE PHOTO: A reporter raises his hand for a question during a news conference at the Toshiba Corp company headquarters in Tokyo, Japan June 23, 2017. REUTERS/Issei Kato/File Photo Chinese regulators started their review earlier this month, despite the fact that Toshiba had applied for it in September, when it reached a deal with Bain and its partners, the newspaper said. Such reviews in China typically take about four months but sometimes stretch to six, making it unclear whether Toshiba can hit its March 2018 target for closing the deal, the paper said. A U.S.-based spokeswoman for Toshiba was not immediately able to comment on the report. Toshiba is racing against the clock to complete the deal because it needs to bolster its balance sheet before March to avoid potentially being delisted from the Tokyo Stock Exchange. A delisting would be a major blow for one of Japans largest and oldest industrial companies. The deal has already secured regulatory approval in the United States and Japan but still needs approval in China, Taiwan and South Korea, the Nikkei Asian Review said. Toshiba reached the deal with Bain and its partners after a protracted legal fight with Western Digital Corp ( WDC.O ), which had a joint venture with Toshiba around memory chips and objected to the deals inclusion of SK Hynix. Toshiba and Western Digital settled their differences earlier this week, but shareholder and regulatory complications remain before Toshiba can close the deal. Reporting by Stephen Nellis in San Francisco; Editing by Jonathan Oatis'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-toshiba-divestiture-antitrust/china-regulators-open-antitrust-probe-of-toshiba-deal-newspaper-idUKKBN1E83A1'|'2017-12-15T00:59:00.000+02:00'|9770.0|''|-1.0|'' 9771|'76fc8569fee246a86e4deb84bb937d1da4b1b336'|'UPDATE 1-UK''s Cineworld to buy U.S. Regal Entertainment for $3.6 bln'|'(Adds details)Dec 5 (Reuters) - Britains Cineworld Group Plc has agreed to buy U.S. movie theatre operator Regal Entertainment Group for $3.6 billion in cash, the companies said on Tuesday.A deal would put the combined company in a better position to take on U.S. industry leader AMC Entertainment Holdings Inc , and also give it more scale to fight growing competition from Netflix Inc, Apple Inc and other digital outlets.The deal value of $23 per Regal share represents a premium of about 12 percent to Regals closing price on Monday and implies an enterprise value - equity plus debt - of $5.8 billion.Regal shares have risen 13.6 percent since Reuters first reported in November that Cineworld had approached Regal over a potential deal.Cineworld said it expected the deal to strongly add to earnings in the first full year following completion, currently expected in the first quarter of 2018.The combined company is expected to deliver pretax benefits of $100 million, as well as additional annual benefits of $50 million, the companies said.Cineworld said it expected to fund the deal through a rights issue to raise about 1.7 billion pounds ($2.3 billion), with the rest provided by committed debt facilities and existing cash.Cineworld also expects to be able to maintain its existing dividend policy after the deal closes.$1 = 0.7449 pounds Reporting by Arathy S Nair in Bengaluru; Editing by Tom Pfeiffer and Mark Potter '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/regal-entnmnt-gp-ma-cineworld-group/update-1-uks-cineworld-to-buy-u-s-regal-entertainment-for-3-6-bln-idINL8N1O5161'|'2017-12-05T05:16:00.000+02:00'|9771.0|''|-1.0|'' @@ -9781,7 +9781,7 @@ 9779|'b2bc786f520caddd7cf47f510d562abe6a01a4d4'|'Intangible assets are changing investment - Buttonwood'|'WHEN you work as an equity analyst at an investment bank, your task is clear. It is to comb all the statements made by corporate executives, to scour the industry trends and arrive at an accurate forecast of the companys profits. Achieve this and your clients will be happy and your bonus cheque will have many digits.But is all this effort worthwhile? Not as much as it used to be, according to Feng Gu and Baruch Lev, writing in a recent issue of Financial Analysts Journal *. The authors imagined that investors could perfectly forecast the next quarters earnings for all companies. They then assumed that investors bought all the stocks that they expected to meet or beat the consensus of analysts forecasts; and that investors could short (ie, bet on a declining price) the stocks of those that were predicted not to reach their estimates. They made their investment two months before the end of a quarterly reporting period and got out of their positions one month after the quarter ended (by which time the earnings have been reported). In the late 1980s and 1990s, this would have been a highly successful strategy, achieving excess returns (over those achieved by stocks of similar size) of 4% or more every quarter. But these abnormal returns have dropped: in recent years they have been only 2% a quarter. A similar effect appeared when examining the returns that would have been achieved by perfectly predicting those companies that achieved annual earnings growth.Although an excess return of 2% a quarter would still be highly attractive, it would require a perfect forecasting record. That suggests the number-crunching performed by fallible analysts and investors produces much lower returns.The intriguing question is why those returns have been falling. The authors argue that the decline is because of the rising importance of intangible investments in recent decades (in areas such as software or trademark development). Such investment may be a big driver of value growth.Accountants have struggled to adapt. If a company buys an intangible asset, such as a patent, from another business, it is classed as an asset on the balance-sheet. But if they develop an intangible within the business, that is classed as an expense, and thus deducted from profits. As the authors note: A company pursuing an innovation strategy based on acquisitions will appear more profitable and asset-rich than a similar enterprise developing its innovations internally.As a result, the authors argue, reported earnings are no longer such a good measure of a companys profits, and thus may not be a useful guide to future share performance. To test this proposition, they divided companies into five quintiles based on their intangible investment. Sure enough, the more companies spent on intangibles, the lower the excess return available to those who correctly forecast the earnings.The papers message echoes the themes of a new book** by Jonathan Haskel and Stian Westlake, which explores the impact of the growing importance of intangible assets in modern economies. The book finds a link between the poor productivity record of many leading economies since the crisis of 2008, and the sluggish rate of investment in intangible assets since then.The problem is that intangibles have spillovers. A company may undertake expensive research and development, but the gains may be realised by other businesses. Only a few companies (the likes of Google) can achieve the scale needed to take reliable advantage of their intangible investments. Unlike machines and equipment, intangibles may have limited resale value. So the risks of failure may put businesses off intangible investment.This is both good news and bad news for investors. On the one hand, it may explain why profits have remained high relative to GDP. In theory, high returns should have attracted a lot more investment and the resulting competition should have driven down profits. But the difficulty in exploiting intangibles may have prevented that. On the other hand, the reluctance of many businesses to invest in intangibles may restrict their scope for growth in future. Investors looking for growth stocks will face a restricted choice and such companies will be so apparent to everyone that they will command a very high valuation. Not so much the nifty fifty stocks that were fashionable in the early 1970s, as the nifty five or six.* Time to Change Your Investment Model, Financial Analysts Journal , Vol 73, number 4** Capitalism without Capital: The Rise of the Intangible Economy, published by Princeton University PressThis article appeared in the Finance and economics section of the print edition under the headline "Out of touch"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'https://www.economist.com/news/finance-and-economics/21732806-forecasting-profits-not-helpful-it-used-be-intangible-assets-are?fsrc=rss'|'2017-12-19T23:50:00.000+02:00'|9779.0|''|-1.0|'' 9780|'e40f22e27de2197c2b3257a66013eb0aa2b09482'|'UAW head does not see more charges in U.S. training centre probe'|' 40 PM / Updated 44 minutes ago UAW head does not see more charges in U.S. training centre probe Nick Carey 3 Min Read DETROIT (Reuters) - The United Auto Workers is cooperating with a Justice Department probe into alleged misspending by union officials at training centres funded by U.S. automakers, the unions president said on Friday, saying that he did not expect any more charges stemming from the probe. I dont see no reason to have no cloud over anybody at this point, UAW President Dennis Williams told reporters at the unions Detroit headquarters. We have spent the last several months under a magnifying glass, and rightly so. In July federal prosecutors accused a former Fiat Chrysler Automobiles NV vice president of making $1.2 million in improper payments to a former union vice president and his wife. Four people have been charged in the Fiat Chrysler probe. In November, General Motors Co and Ford Motor Co said they were cooperating with the Justice Department probe. Williams said the union is conducting its own investigation, led by outside attorneys and UAW general counsel Niraj Ganatra. The UAW is readying for a leadership election next June to replace Williams. Top union officials have nominated Gary Jones, a UAW regional director, as president. Williams said he did not expect a backlash from rank-and-file members. I feel very comfortable that our standing with the membership is the same, he said. He expressed dissatisfaction with Ford over a recent decision to shift production of a future battery electric vehicle to Mexico to make room for self-driving vehicles at the companys Flat Rock, Michigan, plant. Im not happy with Ford, with their decision, he said. I think that were missing a huge opportunity in this country. The UAW has struggled to organise automakers and suppliers this year. Workers at a Fuyao Glass Industry Group Co Ltd plant in southwestern Ohio voted heavily against union representation last month. The UAW also lost a bitterly contested vote at a Nissan Motor Co Ltd plant in Mississippi in August. Last week the National Labor Relations Board voted to make it harder to organise so-called micro unions made up of small groups of a companys employees, posing a fresh challenge. [L1N1OG0A6] The UAW is engaged in a lengthy battle with Volkswagen AG over the NLRBs recognition of a vote by roughly 160 skilled workers at the automakers Chattanooga, Tennessee, plant for UAW representation. If the NLRB moved against the VW micro union, this is about not having the unions, Williams said. That rises to a different level of how we feel about the NLRB, he said. Because we may have to go back to striking to get recognition if thats how theyre gonna act. Well shut down these companies were organising, he added. Reporting by Nick Carey; Editing by Leslie Adler'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-autos-uaw/uaw-head-does-not-see-more-charges-in-u-s-training-centre-probe-idINKBN1EE2IO'|'2017-12-20T21:38:00.000+02:00'|9780.0|''|-1.0|'' 9781|'a5c8ffafe0eb1869245ffdda03deff7a618c4a5c'|'Oil prices climb on expected drop in U.S. crude stocks'|' 39 AM / in 18 minutes Oil prices climb on expected drop in U.S. crude stocks Reuters Staff 2 Min Read SEOUL (Reuters) - Oil markets rose in early Asian trade on Tuesday, buoyed by expectations of a drop in U.S. crude stockpiles and after last weeks deal between OPEC and other crude producers to extend output curbs. FILE PHOTO - A view shows the French oil giant Total refinery in Donges, France, November 21, 2017. REUTERS/Stephane Mahe International benchmark Brent crude futures LCOc1 were up 11 cents from their last close, or 0.18 percent, at $62.56 per barrel by 0129 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 15 cents, or 0.26 percent, at $57.62 per barrel. The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers last week rolled over their agreement to cut output by 1.8 million barrels per day (bpd) until the end of 2018, looking to erode a global glut and drive up prices. Goldman Sachs said Saudi Arabia and Russia showed a stronger commitment to extending cuts and raised its Brent and WTI spot forecasts for 2018 to $62 and $57.5 per barrel respectively. By 2019, however, we believe the response of shale and other producers to higher prices will incentivise OPEC and Russia to pare back their now greater spare capacity, leaving risks to prices skewed to the downside, the bank added. In November, OPEC crude oil output fell by 300,000 bpd to its lowest since May, according to a Reuters survey released on Monday. While rising U.S. oil production remains a hurdle for OPECs efforts to rebalance the market, U.S. crude inventories likely fell last week, marking their third straight weekly drop, a preliminary Reuters poll showed. Seven analysts polled ahead of inventory reports from the industry group American Petroleum Institute (API) and the U.S. Department of Energys Energy Information Administration (EIA) estimated, on average, that crude stocks were seen falling 3.5 million barrels in the week ended Dec. 1. Official government inventory data is due on Wednesday at 10:30 a.m. EDT (1430 GMT). Reporting by Jane Chung; Editing by Joseph Radford'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-oil/oil-prices-climb-on-expected-drop-in-u-s-crude-stocks-idUKKBN1DZ05L'|'2017-12-05T03:38:00.000+02:00'|9781.0|''|-1.0|'' -9782|'85d8c7bc79ecf6a24b6303bf7290c4e4e105166b'|'Pendragon to sell U.S. Motor Group business'|'LONDON (Reuters) - British car dealership Pendragon ( PDG.L ) is to sell its U.S Motor Group business after concluding a strategic review following a profit warning, it said on Monday.The firm, which warned on profit in October due to a fall in demand for new cars, said early indications from its adviser were that the group could anticipate proceeds in excess of 100 million pounds ($134.3 million) before tax for the business.Given the strong performance of this division, we have concluded it is economically right to sell the business at this time to realize its value, it said.Pendragon also said it had completed a review of capital allocation for premium brands within its UK new car business and concluded that franchise locations will be reduced over a three year period. It said this would release 100 million pounds of capital through disposal proceeds and investment savings.The group said its used car business would remain its focus for growth. It is targeting doubling its used car revenue by 2021.Pendragon also plans to resume its share buyback program.Following our strategic review, we have focused on reshaping the business to accelerate transformation and ensure capital allocation is optimized across the group, said Chief Executive Trevor Finn.Shares in Pendragon, down 32 percent over the last six months, closed Friday at 25.3 pence, valuing the business at 360 million pounds.($1 = 0.7447 pounds)Reporting by James Davey; editing by Kate Holton '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-pendragon-strategy/pendragon-to-sell-u-s-motor-group-business-idUSKBN1DY0LG'|'2017-12-04T09:17:00.000+02:00'|9782.0|''|-1.0|'' +9782|'85d8c7bc79ecf6a24b6303bf7290c4e4e105166b'|'Pendragon to sell U.S. Motor Group business'|'LONDON (Reuters) - British car dealership Pendragon ( PDG.L ) is to sell its U.S Motor Group business after concluding a strategic review following a profit warning, it said on Monday.The firm, which warned on profit in October due to a fall in demand for new cars, said early indications from its adviser were that the group could anticipate proceeds in excess of 100 million pounds ($134.3 million) before tax for the business.Given the strong performance of this division, we have concluded it is economically right to sell the business at this time to realize its value, it said.Pendragon also said it had completed a review of capital allocation for premium brands within its UK new car business and concluded that franchise locations will be reduced over a three year period. It said this would release 100 million pounds of capital through disposal proceeds and investment savings.The group said its used car business would remain its focus for growth. It is targeting doubling its used car revenue by 2021.Pendragon also plans to resume its share buyback program.Following our strategic review, we have focused on reshaping the business to accelerate transformation and ensure capital allocation is optimized across the group, said Chief Executive Trevor Finn.Shares in Pendragon, down 32 percent over the last six months, closed Friday at 25.3 pence, valuing the business at 360 million pounds.($1 = 0.7447 pounds)Reporting by James Davey; editing by Kate Holton '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-pendragon-strategy/pendragon-to-sell-u-s-motor-group-business-idUSKBN1DY0LG'|'2017-12-04T09:17:00.000+02:00'|9782.0|26.0|4.0|'' 9783|'bdad800c677f7097b43162eeb1cfbfed3d3fe229'|'Nissan premium brand Infiniti''s November global sales up 4 percent'|'Reuters TV United States December 8, 2017 / 5:46 AM / Updated 15 minutes ago Nissan premium brand Infiniti''s November global sales up 4 percent Reuters Staff 1 Min Read BEIJING (Reuters) - Nissan Motor Co Ltd ( 7201.T ) premium brand Infiniti recorded global sales growth of 4 percent in November from the same period a year earlier to 20,790 vehicles, showed an unpublished news release viewed by Reuters. The Infiniti QX50 VC-Turbo is seen in Torrance, California U.S. November 22, 2017. REUTERS/Lucy Nicholson Volume in the first 11 months of this year grew 8 percent to 221,204 vehicles, the news release showed. January-November sales were relatively strong in the United States and China, with volume increasing 14 percent in the U.S. to 137,036 vehicles and 15 percent in China to 42,585 vehicles. Christian Meunier, head of Infinitis global sales operations and marketing, told Reuters that sales volume this year will likely beat last years 230,000 vehicles. Infiniti is on track to set a new record for global sales this year, Meunier said. Reporting by Norihiko Shirouzu; Editing by Christopher Cushing'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-china-autos-nissan-infiniti/nissan-premium-brand-infinitis-november-global-sales-up-4-percent-idUKKBN1E20I3'|'2017-12-08T07:40:00.000+02:00'|9783.0|''|-1.0|'' 9784|'44653f0926d0a1eee583de6dc4838595923964bc'|'RWE on the lookout for more power plants - Rheinische Post'|'December 11, 2017 / 3:04 AM / Updated 3 hours ago RWE on the lookout for more power plants - Rheinische Post Reuters Staff 1 Min Read BERLIN (Reuters) - German utility RWE is looking for opportunities to acquire more power plants, the head of its RWE Power division, Matthias Hartung, told German daily newspaper Rheinische Post. FILE PHOTO: RWE logo in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen/File Photo We are on the lookout for attractive power plants that are up for sale. We look at everything, the paper quoted Hartung as saying in an interview in Mondays edition. He declined to say whether RWE was in talks to buy assets from smaller German rival EnBW but said that power plants were especially interesting in southern Germany because the phase-out of nuclear power would be most felt there. The group said earlier this year it aimed to play an active role in the generating industrys consolidation but would favour cost discipline over large-scale M&A as it goes on the offensive after years of crisis. Reporting by Maria Sheahan; Editing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-rwe-acquisitions/rwe-on-the-lookout-for-more-power-plants-rheinische-post-idUKKBN1E506R'|'2017-12-11T05:04:00.000+02:00'|9784.0|''|-1.0|'' 9785|'f550958bf4ff3289ff411627518c3d087807c5b9'|'Edelweiss Group unit buys Religare''s securities business'|'December 20, 2017 / 4:49 AM / Updated 4 hours ago Edelweiss Group unit buys Religare''s securities business Reuters Staff 1 Min Read (Reuters) - The wealth management unit of Indias Edelweiss Group has acquired the securities business of domestic financial firm Religare Enterprises Ltd for an undisclosed sum, the two companies said in a statement on Wednesday. The acquisition by Edelweiss Wealth Management will include Religare''s securities and commodities broking services, as well as the depository participant services, according to the statement. bit.ly/2BO1JDx Shares of Religare rose as much as nearly 5 percent to 73.1 rupees in early trade. Reporting by Vishal Sridhar in Bengaluru; Editing by Sunil Nair'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/edelweisswealth-religare-entp-deals/edelweiss-group-unit-buys-religares-securities-business-idINKBN1EE0E6'|'2017-12-20T06:48:00.000+02:00'|9785.0|''|-1.0|'' @@ -9885,7 +9885,7 @@ 9883|'a04dbc88c800984ad3762f219967a75f7afe16e5'|'Portugal, once in EU bailout, sees budget deficit almost disappear'|'December 22, 2017 / 1:42 PM / Updated 16 minutes ago Portugal, once in EU bailout, sees budget deficit almost disappear Andrei Khalip 3 Min Read LISBON (Reuters) - Portugals budget deficit was just 0.1 percent of gross domestic product in the 12 months ending in September, putting the country on course to beat its full-year target and reduce its debt burden. FILE PHOTO: People walk past a shop decorated with Portugal''s national flags in downtown Lisbon, Portugal, August 5, 2011. REUTERS/Jose Manuel Ribeiro/File Photo The third quarter year-on-year figure compared with 1.3 percent three months earlier and indicated a July-September surplus of 2.6 percent. The National Statistics Institute said on Friday that in the first nine months of the year the deficit fell to 0.3 percent of GDP from 2.8 percent in the same period of 2016. Portugal exited an international bailout program in 2014 with many European officials holding the country up as a success story in reforming its economy. The official full-year deficit target is 1.4 percent - which would make it a new record low in over four decades of the countrys democratic history, but Prime Minister Antonio Costa said on Thursday the budget gap should narrow even more from last years 2 percent and end the year below 1.3 percent. The European Union demands deficits at or below 3 percent. Finance Minister Mario Centeno told reporters the deficit reduction shows that the sustainability of public accounts is now a reality in Portugal and will allow for the biggest cut in the debt-to-GDP ratio in 19 years - to around 126 percent in 2017 from last years around 130 percent. This is still a huge debt; the EU wants it at or heading down towards 60 percent. The latest deficit estimate does not include any impact from the recapitalization of state-owned bank Caixa Geral de Depositos by the state, worth around 4 billion euros, or 2.1 percent of GDP. The government has said it expects Brussels to disregard the recapitalization in this years deficit and INE is involved in a dialogue with Eurostat regarding the impact of this complex operation on national accounts. The INE said that in the 12 months to September, revenues rose 2.7 percent while spending edged 0.1 percent lower from June levels. In the setting of higher growth than initially projected we see revenues following the same trend as the economy, Centeno said. The Socialist government expects economic growth to accelerate to 2.6 percent this year after 1.5 percent in 2016. Its initial forecast in the 2017 budget had put this years expansion at just 1.5 percent. Reporting by Andrei Khalip; Editing by Jeremy Gaunt'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-portugal-budget-deficit/portugal-once-in-eu-bailout-sees-budget-deficit-almost-disappear-idUKKBN1EG1JX'|'2017-12-22T15:38:00.000+02:00'|9883.0|''|-1.0|'' 9884|'24fb885b076da705769c8dca4ac47f8422510cd9'|'Thales'' 4.8 billion-euro bid for Gemalto gets thumbs up from investors'|'December 18, 2017 / 9:32 AM / in 2 hours Thales'' 4.8 billion euro bid for Gemalto gets thumbs up from investors Mathieu Rosemain , Cyril Altmeyer 4 Min Read PARIS (Reuters) - Shares in French defense electronics maker Thales ( TCFP.PA ) jumped more than 8 percent on Monday after chipmaker Gemalto ( GTO.AS ) accepted its 4.8 billion euro ($5.7 bln) takeover bid to create a leader in digital security. Thales Chief Executive Patrice Caine, who made his move just days after Gemalto had knocked back a 4.3 billion-euro offer from French rival Atos ( ATOS.PA ), said on Sunday that Gemalto had agreed to the takeover. Atos said it would not engage in a bidding war but would be open to further discussions with Gemalto should the Thales deal collapse. Thales shares closed up 8.25 percent at 93.40 euros, while Amsterdam-listed Gemaltos shares ended 5.6 percent higher at 49.47 euros, just below Thales 51 euro per share basic offer. The planned merger highlights the increasingly blurred lines between industrial and software companies which are both vying for a share of the fast-growing digital security market as companies seek more online security. In terms of DNA, the two companies look much more alike, said Richard-Maxime Beaudoux, an analyst at Bryan, Garnier & Co. Its not a financial deal, which was the case for Atos. They gave it a try; it was opportunistic. The French state is the largest shareholder in Thales, while state-owned bank Bpifrance is Gemaltos second-biggest shareholder. A French government source said Thales had told the Gemalto board that it was the better fit. Under the deal, unanimously recommended by the boards of both companies, Thales will merge its digital assets with Gemalto to create a unit headed by Gemalto CEO Philippe Vallee. Slideshow (5 Images) TOUGH YEAR Thaless proposed takeover ends a difficult year for Gemalto, which has made a series of profit warnings that hurt its shares and overshadowed its attempt to shift away from a slowing market for phone SIM cards toward security services such as data encryption and biometric passports. Our intention is to keep all of the assets in Gemaltos portfolio, Caine told analysts, suggesting that SIM card operations remained core alongside Gemaltos growing focus on cybersecurity. He said he had been in talks with Gemalto for several months. Thales forecast that Gemaltos revenues would grow 5 percent annually and said it expected Gemaltos EBIT margin to exceed its own within two or three years of the merger. Thales and Gemalto said on Sunday that the digital security entity would generate sales of 3.5 billion euros - one fifth of Thales total revenues - and pre-tax cost synergies of between 100 million and 150 million euros by 2021. Vallee on Monday said he would stick to a plan to cut 288 jobs in Gemaltos struggling SIM card business in France. This plan is maintained, he told BFM business radio, adding that he would try to redeploy staff internally. Caine later told a news conference that Gemaltos staff would have the opportunity to get jobs at French military shipyard Naval Group, which is part of Thales. Editing by Richard Lough/Jane Merriman/Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-gemalto-m-a-thales/thales-sees-5-percent-revenue-growth-from-gemalto-assets-idUSKBN1EC0XY'|'2017-12-18T13:52:00.000+02:00'|9884.0|''|-1.0|'' 9885|'9f4e030000fba436dfdf4d8ed6d3d7857ec34e4a'|'Thyssenkrupp ready to make workers offer for Tata Steel deal - Bild am Sonntag'|'December 9, 2017 / 11:06 PM / Updated 5 hours ago Thyssenkrupp makes offer to workers for Tata Steel deal - sources Tom Kckenhoff 2 Min Read BERLIN (Reuters) - Thyssenkrupp ( TKAG.DE ) has offered workers commitments on jobs and investments to get union backing for its deal with Tata Steel ( TISC.NS ) to merge their European steel operations, several people close to labour union IG Metall said. A logo of ThyssenKrupp AG is pictured outside the ThyssenKrupp headquarters in Essen, November 23, 2017. REUTERS/Thilo Schmuelgen Details of the offer are to be discussed at a meeting of management and labour representatives on Tuesday, the sources told Reuters on Sunday. German industrial group Thyssenkrupp and Indias Tata Steel agreed in September to merge their European steel operations, creating the continents second largest steelmaker with revenues of 15 billion euros (13.22 billion pounds). But workers at Thyssenkrupp fiercely oppose the deal, concerned more steel jobs will be lost on top of the 2,000 already announced. IG Metall has demanded 10-year guarantees for jobs, plants and investments and has set a Dec. 22 deadline for an agreement. German weekly Bild am Sonntag had on Sunday cited Thyssenkrupp personnel chief Oliver Burkhard as saying in an internal memo that the industrial group was prepared to make commitments on future investments and job security. With our proposal, we want to secure jobs at the future joint venture into the next decade, it had quoted him as saying. Chief Executive Heinrich Hiesinger hopes to reach a final deal with Tata Steel in early 2018 but that depends on whether he can get it passed by Thyssenkrupps supervisory board, where labour leaders hold half of the seats. If the employers side wants to move forward now, then thats a signal to which we will respond, Knut Giesler, the head of IG Metall in the state of North Rhine-Westphalia said. Thyssenkrupp declined to comment on the matter. Writing by Maria Sheahan; Editing by Andrew Bolton/Keith Weir'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-thyssenkrupp-tata-steel-workers/thyssenkrupp-ready-to-make-workers-offer-for-tata-steel-deal-bild-am-sonntag-idUKKBN1E30SF'|'2017-12-10T06:09:00.000+02:00'|9885.0|''|-1.0|'' -9886|'59b8881012fd076af743b07e543d5efb0030a4fd'|'Russia moves to save Promsvyazbank in third bailout of 2017'|'December 15, 2017 / 2:53 PM / Updated an hour ago Russia moves to save Promsvyazbank in third bailout of 2017 Tatiana Voronova , Jack Stubbs , Katya Golubkova 6 Min Read MOSCOW (Reuters) - Russia stepped in to rescue Promsvyazbank, the countrys 10th largest private lender, on Friday in the third costly financial bailout by the countrys central bank this year. FILE PHOTO: People are reflected on a window of an office of Promsvyazbank in Moscow, December 4, 2012. REUTERS/Sergei Karpukhin/File Photo Promsvyazbanks (PSB) rescue follows the central bank bailout in August of Otkritie, once the countrys largest private bank, and later B&N. The bailouts mark the biggest challenge to Russias financial sector since a banking crisis 20 years ago and show how the country and its banks are grappling with the economic impact of lower oil prices and Western sanctions. The central bank has recently increased the estimate for the Otkritie and B&N bailouts to a combined 820 billion roubles ($14 billion). The central bank has not yet disclosed the expected cost of rescuing PSB. There are just over 500 banks in Russia, half the number it had some years ago, as the central bank continues a clean-up supported by President Vladimir Putin. One senior lawmaker said there would be no further such rescues this year, while Kremlin spokesman Dmitry Peskov said on Friday there was no target for the number of banks in Russia. The central bank said it was providing funds to support Promsvyazbanks liquidity and would send in temporary administrators. However, it said there would be no moratorium on paying creditors and that the bank was operating as normal. As part of measures aimed at increasing (Promsvyazbanks) financial stability and ensuring its continued work in the banking services market, it is planned that the Bank of Russia act as an investor using the funds of the Banking Sector Consolidation Fund, the regulator said. The latest rescue followed late-night talks, when the central bank presented the troubled bank with an ultimatum: find 100 billion roubles of extra capital or be bailed out. People with direct knowledge of the matter said Promsvyazbanks co-owner and chairman, Dmitry Ananyev, and central bank governor Elvira Nabiullina, agreed on a rescue at a late-night meeting. Dmitry Ananyev and his brother, Alexei, who together control just over 50 percent of the bank, said on Friday the banks serious difficulties had prompted them to ask for state support. Over a prolonged period of time the regulator was examining our assets, which resulted in a request for additional provisions and, as a result, the temporary administration was introduced, the bank said in a statement. Lawmaker Anatoly Aksakov, a member of the Duma finance committee and head of the Russian Banking Association, said the bailout would not affect the wider sector and was the last such step to be taken this year. CLEAN SLATE The latest rescue marks a reversal of fortune for three private banks with ties to the Kremlin which had helped out dollar-starved Russian companies when big state banks were hampered by Western sanctions. Otkritie, Promsvyazbank and B&N Bank had won business lending to state energy firms and others needing to meet big overseas debt repayments as the Ukraine conflict closed financial markets to state lenders such as Sberbank ( SBER.MM ). Russias central bank is gradually tightening requirements on the lending to related parties and also demands stronger capital buffers, with the newest requirements coming into force as soon as from Jan 1. The stricter rules make business of so-called pocket banks - creatures of the early capitalist years of Russia - less profitable. The combined assets of the three banks taken over by the central bank would amount to 4 trillion roubles, the equivalent of Russias fourth biggest, according to Reuters calculations. The assets of Russias top bank, Sberbank, total 22 trillion roubles. In an interview with Reuters, the last one Dmitry Ananyev gave before the bailout, he said that the bank would be selling some of its non-performing loans to boost capital and meet the fresh central bank requirements. The central bank said Otkritie and B&N were too financially weak to continue. Richard Segal, a corporate debt strategist at investor Manulife Asset Management, said he was not surprised by the banks rescue because its capital had been running low. One financial executive with knowledge of the rescue said the move cleared banking problems ahead of preparations for presidential elections. If not now ... you will have to postpone the decision for at least a month. Plus, better to do it before the campaign is in its height, said the person, who asked not to be named. Putin announced his intention to run for another term last week and on Friday the upper house of the Russian parliament voted to set March 18 as the date of next years election. The European Bank for Reconstruction and Development, Budushchee, one of Russias largest private pension funds, the Credit Bank of Moscow and non-state pension fund Safmar are among Promsvyazbank shareholders, data from end-November published on the banks website showed. The Ananyevs will retain another bank, Vozrozhdenie ( VZRZ.MM ), which is Russias No.36 by assets and which they decided not to merge with PSB in October. (This version of the story has been refiled to add dropped word not, paragraph 4) Reporting by Maria Kiselyova, Tatiana Voronova, Jack Stubbs, Elena Fabrichnaya, Elena Orekhova and Sujata Rao-Coverley, writing by Katya Golubkova; Editing by John O''Donnell, Jane Merriman and Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-russia-banks-promsvyazbank/russia-moves-to-save-promsvyazbank-in-third-bailout-of-2017-idUKKBN1E91XA'|'2017-12-15T16:52:00.000+02:00'|9886.0|''|-1.0|'' +9886|'59b8881012fd076af743b07e543d5efb0030a4fd'|'Russia moves to save Promsvyazbank in third bailout of 2017'|'December 15, 2017 / 2:53 PM / Updated an hour ago Russia moves to save Promsvyazbank in third bailout of 2017 Tatiana Voronova , Jack Stubbs , Katya Golubkova 6 Min Read MOSCOW (Reuters) - Russia stepped in to rescue Promsvyazbank, the countrys 10th largest private lender, on Friday in the third costly financial bailout by the countrys central bank this year. FILE PHOTO: People are reflected on a window of an office of Promsvyazbank in Moscow, December 4, 2012. REUTERS/Sergei Karpukhin/File Photo Promsvyazbanks (PSB) rescue follows the central bank bailout in August of Otkritie, once the countrys largest private bank, and later B&N. The bailouts mark the biggest challenge to Russias financial sector since a banking crisis 20 years ago and show how the country and its banks are grappling with the economic impact of lower oil prices and Western sanctions. The central bank has recently increased the estimate for the Otkritie and B&N bailouts to a combined 820 billion roubles ($14 billion). The central bank has not yet disclosed the expected cost of rescuing PSB. There are just over 500 banks in Russia, half the number it had some years ago, as the central bank continues a clean-up supported by President Vladimir Putin. One senior lawmaker said there would be no further such rescues this year, while Kremlin spokesman Dmitry Peskov said on Friday there was no target for the number of banks in Russia. The central bank said it was providing funds to support Promsvyazbanks liquidity and would send in temporary administrators. However, it said there would be no moratorium on paying creditors and that the bank was operating as normal. As part of measures aimed at increasing (Promsvyazbanks) financial stability and ensuring its continued work in the banking services market, it is planned that the Bank of Russia act as an investor using the funds of the Banking Sector Consolidation Fund, the regulator said. The latest rescue followed late-night talks, when the central bank presented the troubled bank with an ultimatum: find 100 billion roubles of extra capital or be bailed out. People with direct knowledge of the matter said Promsvyazbanks co-owner and chairman, Dmitry Ananyev, and central bank governor Elvira Nabiullina, agreed on a rescue at a late-night meeting. Dmitry Ananyev and his brother, Alexei, who together control just over 50 percent of the bank, said on Friday the banks serious difficulties had prompted them to ask for state support. Over a prolonged period of time the regulator was examining our assets, which resulted in a request for additional provisions and, as a result, the temporary administration was introduced, the bank said in a statement. Lawmaker Anatoly Aksakov, a member of the Duma finance committee and head of the Russian Banking Association, said the bailout would not affect the wider sector and was the last such step to be taken this year. CLEAN SLATE The latest rescue marks a reversal of fortune for three private banks with ties to the Kremlin which had helped out dollar-starved Russian companies when big state banks were hampered by Western sanctions. Otkritie, Promsvyazbank and B&N Bank had won business lending to state energy firms and others needing to meet big overseas debt repayments as the Ukraine conflict closed financial markets to state lenders such as Sberbank ( SBER.MM ). Russias central bank is gradually tightening requirements on the lending to related parties and also demands stronger capital buffers, with the newest requirements coming into force as soon as from Jan 1. The stricter rules make business of so-called pocket banks - creatures of the early capitalist years of Russia - less profitable. The combined assets of the three banks taken over by the central bank would amount to 4 trillion roubles, the equivalent of Russias fourth biggest, according to Reuters calculations. The assets of Russias top bank, Sberbank, total 22 trillion roubles. In an interview with Reuters, the last one Dmitry Ananyev gave before the bailout, he said that the bank would be selling some of its non-performing loans to boost capital and meet the fresh central bank requirements. The central bank said Otkritie and B&N were too financially weak to continue. Richard Segal, a corporate debt strategist at investor Manulife Asset Management, said he was not surprised by the banks rescue because its capital had been running low. One financial executive with knowledge of the rescue said the move cleared banking problems ahead of preparations for presidential elections. If not now ... you will have to postpone the decision for at least a month. Plus, better to do it before the campaign is in its height, said the person, who asked not to be named. Putin announced his intention to run for another term last week and on Friday the upper house of the Russian parliament voted to set March 18 as the date of next years election. The European Bank for Reconstruction and Development, Budushchee, one of Russias largest private pension funds, the Credit Bank of Moscow and non-state pension fund Safmar are among Promsvyazbank shareholders, data from end-November published on the banks website showed. The Ananyevs will retain another bank, Vozrozhdenie ( VZRZ.MM ), which is Russias No.36 by assets and which they decided not to merge with PSB in October. (This version of the story has been refiled to add dropped word not, paragraph 4) Reporting by Maria Kiselyova, Tatiana Voronova, Jack Stubbs, Elena Fabrichnaya, Elena Orekhova and Sujata Rao-Coverley, writing by Katya Golubkova; Editing by John O''Donnell, Jane Merriman and Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-russia-banks-promsvyazbank/russia-moves-to-save-promsvyazbank-in-third-bailout-of-2017-idUKKBN1E91XA'|'2017-12-15T16:52:00.000+02:00'|9886.0|26.0|0.0|'' 9887|'f24355b2020b1e733fa01b154f58838118fef266'|'China pledges "significant" market opening for foreign investors'|'BEIJING (Reuters) - China will significantly widen market access for foreign investors, state radio on Wednesday Quote: d vice premier Wang Yang as saying, following a recent move to raise foreign ownership limits in local financial firms.Chinese Vice Premier Wang Yang attends an opening session in Beijing, China August 28, 2017. CNS/Hou Yu via REUTERS Chinas development in the past has benefited from opening and its more necessary to expand openness as we take the road of high quality development driven by innovations, Wang told a business forum in the southern city of Guangzhou.We will significantly expand market access and speed up drafting a timetable and roadmap for opening key sectors, he said.China will actively and effectively attract foreign investment, protect legal rights and interests of foreign investors and create an environment for fair competition, he said.At a twice-a-decade Communist Party congress in October, President Xi Jinping called for making new ground in pursuing opening up on all fronts, and has pledged to allow greater access to Chinas markets for foreign investors.In November, China said it would raise foreign ownership limits in domestic financial firms, a long-anticipated step that grants greater access to overseas investors in the Asian giants financial services market.China has been accused of unfairly subsidizing exports and of restricting foreign access to its domestic market, with U.S. President Donald Trump often complaining of the massive trade surplus China runs with the United States.Reporting by China monitoring desk and Kevin Yao; Editing by Nick Macfie '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-china-economy-opening/china-pledges-significant-market-opening-for-foreign-investors-idINKBN1E01AF'|'2017-12-06T13:25:00.000+02:00'|9887.0|''|-1.0|'' 9888|'b0eb12c1e26ece9e98ba2ceef7b802eb26667d68'|'Spirit Aero to add 1,000 jobs, invest $1 billion at Wichita facility'|'(Reuters) - Aircraft parts maker Spirit AeroSystems Holdings Inc said on Wednesday it would be adding 1,000 jobs and investing $1 billion over the next five years at its Wichita, Kansas facility.The Wichita-based company said the new jobs will mainly be in the hourly ranks, including skilled sheet metal mechanics, composite technicians and computer numerical control (CNC) machine operators.The Wichita facility produces fuselage and propulsion systems for aircraft.Reporting by Sanjana Shivdas in Bengaluru; Editing by Maju Samuel '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-spirit-aerosystm-investment/spirit-aero-to-add-1000-jobs-invest-1-billion-at-wichita-facility-idUSKBN1E02RO'|'2017-12-07T03:23:00.000+02:00'|9888.0|''|-1.0|'' 9889|'887feac54efa6d9d3d0fe2cdb78a7374142ae5f9'|'Swiss Re buys life policies from Legal & General for 872 million dollars'|'ZURICH (Reuters) - Swiss Re ( SRENH.S ) has agreed to buy 1.1 million life insurance policies from Legal & General Group (L&G) ( LGEN.L ) for 650 million pounds ($872 million), the Swiss group said on Wednesday.This move is consistent with Swiss Res strategy to acquire closed life books in the UK. The policies which include with-profit, unit-linked and savings products will be transferred to ReAssure from Legal & General Assurance Society Limited, which is part of the L&G Group, it said in a statement.($1 = 0.7455 pounds)Reporting by Michael Shields, editing by John Miller '|'reuters.com'|'https://www.reuters.com/finance/deals'|'https://www.reuters.com/article/us-swiss-re-legal-general/swiss-re-buys-life-policies-from-legal-general-for-872-million-dollars-idUSKBN1E00OE'|'2017-12-06T15:36:00.000+02:00'|9889.0|''|-1.0|'' @@ -9917,16 +9917,16 @@ 9915|'b5b38f11ea39e43d3907aa43da36b711e2fc7fdc'|'Exclusive - KKR wins auction for Unilever''s spreads business: sources'|'December 15, 2017 / 2:05 PM / Updated 6 minutes ago Exclusive: KKR wins auction for Unilever''s spreads business - sources Reuters Staff 1 Min Read (Reuters) - Private equity firm KKR ( KKR.N ) is in exclusive talks to buy Unilevers ( ULVR.L ) margarine and spreads business, people familiar with the matter said on Friday, in a deal expected to top $7 billion. FILE PHOTO: The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid /File Photo KKR prevailed in an auction for the business and could finalize a deal as early as this month, the sources said, asking not to be identified because the discussions are confidential. KKR and Unilever did not immediately respond to requests for comment. Reporting by Greg Roumeliotis in New York'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-unilever-spreads-kkr-exclusive/exclusive-kkr-wins-auction-for-unilevers-spreads-business-sources-idUKKBN1E91S1'|'2017-12-15T16:04:00.000+02:00'|9915.0|''|-1.0|'' 9916|'9edc88436b80e7a2af0aae768f3514025a12cf2c'|'China''s Tencent plans to buy 5 percent stake in Yonghui Superstores'|'HONG KONG (Reuters) - Chinese tech giant Tencent Holding Ltd ( 0700.HK ) plans to buy a 5 percent stake in Yonghui Superstores ( 601933.SS ), the department store operator said on Monday.FILE PHOTO: Tencent company name is displayed at a news conference in Hong Kong, China March 17, 2016. REUTERS/Bobby Yip/File Photo The investment will be made through an affiliate of Tencent, which also aims to take a 15 percent stake in Yonghui Superstore Co Ltds ( 601933.SS ) supply chain and logistics subsidiary via a capital increase, the retailer said in a filing to the Shanghai stock exchange.Details of the investments, including the transaction prices and stake sellers, remain under discussion, it added in the filing.Tencent was not immediately available for comment outside of normal business hours.Trade in Yonghui Superstores remains suspended after it was halted on December 8. Before the suspension, it jumped its daily limit of 10 percent following local reports of Tencents investment.Chinas e-commerce giants have pushed into traditional retail. In November, Alibaba Group Holding Ltd ( BABA.N ) said it would invest $2.9 billion in Chinas top hypermart operator Sun Art Retail Group Ltd ( 6808.HK ) for a major stake.[nL3N1NQ03M]Reporting by Meg Shen; Additional reporting by Cate Cadell; Editing by Adrian Croft '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-tencent-holdings-yh-superstores-stake/chinas-tencent-plans-to-buy-5-percent-stake-in-yonghui-superstores-idINKBN1E51UK'|'2017-12-11T12:25:00.000+02:00'|9916.0|''|-1.0|'' 9917|'bcc727f8ad0531106cfec6ff9a02ccf307169b72'|'World stocks climb as copper rally points to strong economy'|'December 27, 2017 / 1:00 AM / Updated 12 minutes ago World stocks climb as copper rally points to strong economy Trevor Hunnicutt 5 Min Read (Reuters) - Global stocks edged higher on Wednesday, shrugging off faltering oil prices and reports of soft iPhone X demand, as a rally in copper buoyed expectations for a strong year for the global economy in 2018. Copper prices rocketed to multi-year highs, pushing the MSCI world equity index .MIWD PUS, which tracks shares in 47 countries, up 0.22 percent. The metal, used in construction and machinery, is seen as a proxy for global growth. The rally in copper supports expectations that 2018 is going to be a strong year for synchronized global growth, said Greg McKenna, chief strategist at AxiTrader. Copper CMCU3 rose 1.32 percent to $7,219 a tonne, its highest in nearly four years, on expectations of robust demand from top consumer China in 2018. The metal could also be getting a boost from expectations that U.S. lawmakers will turn their attention to infrastructure spending after signing a massive tax overhaul into law last week, said Tom Stringfellow, chief investment officer at Frost Investment Advisors. Shares in Asia, Europe and the United States managed to advance slightly, adding to a strong calendar year of gains despite reports of lacklustre demand for Apple Incs ( AAPL.O ) iPhone X, mixed U.S. economic data and a stalled recovery in oil prices. Trading during the holiday-shortened week was thin, with many traders and investors away ahead of New Years Day. MSCI''s index of Asia-Pacific shares .MIAP PUS closed 0.24 percent higher. The pan-European FTSEurofirst 300 index .FTEU3 ended the day up 0.03 percent. Emerging market stocks rose 0.51 percent. Apple ultimately rose 0.02 percent, one day after shares posted their worst single-day percentage fall since Aug. 10. The drop came after Taiwans Economic Daily cited unidentified sources as saying Apple would slash its sales forecast for its flagship phone in the current quarter. Also weighing on stocks, oil failed to sustain a rally that sent it to multi-year highs a day earlier on supply concerns. U.S. crude CLcv1 fell 0.6 percent to $59.61 per barrel and Brent LCOcv1 was last at $65.86, down 0.9 percent on the day. [O/R] FILE PHOTO: U.S. Dollar banknotes are seen in a box at the Money Service Austria company''s headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger/File Photo U.S. economic news sent mixed signals. The Conference Board Consumer Confidence Index registered at levels below consensus for December, while the National Association of Realtors reported pending home sales higher than economists had forecast for November. The Dow Jones Industrial Average .DJI rose 28.09 points, or 0.11 percent, to 24,774.3, the S&P 500 .SPX gained 2.12 points, or 0.08 percent, to 2,682.62 and the Nasdaq Composite .IXIC added 3.09 points, or 0.04 percent, to 6,939.34. DOLLAR DIPS, BONDS RALLY The dollar .DXY fell 0.23 percent against a basket of major currencies as commodity-linked currencies gained and as traders bet improved global growth would spur major central banks to begin reducing monetary stimulus in 2018. Though stocks inched up, there was an undercurrent of nervousness in the market that pushed some investors into government bonds, pushing their yields lower. Benchmark 10-year notes US10YT=RR last rose 15/32 in price to yield nearly 2.413 percent, from 2.467 percent late on Tuesday. The buying has been strong since the early morning, said Thomas Simons, a money market economist at Jefferies in New York, as investors rebuilt positions in bonds after they under-performed earlier this month. Geo-political risks have notched a little higher, supporting rates markets, said Mizuhos head of rates Peter Chatwell, referring in particular to a renewal in tensions around North Korea. The United States announced sanctions on two North Korean officials behind their countrys ballistic missile programme on Tuesday after the U.N. Security Council unanimously imposed new sanctions on North Korea last week. The North Korean statement that U.N. sanctions are an act of war is, as tends to be the case, an exaggeration, but nevertheless, the market has no choice but to price it. Some safe-haven positioning is a natural reaction, said Chatwell. Additional reporting by Abhinav Ramnarayan and Swati Pandey; Editing by Bernadette Baum and Diane Craft'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-global-markets/oil-metals-rally-supports-asian-stocks-dollar-steady-idUKKBN1EL01L'|'2017-12-28T00:07:00.000+02:00'|9917.0|''|-1.0|'' -9918|'2f4c3d060a55365304f6aba8a405715657adac47'|'Peru sol opens down after document links Kuczynski to Odebrecht payments'|'December 14, 2017 / 2:36 PM / in 9 minutes Peru sol opens down after document links Kuczynski to Odebrecht payments Reuters Staff 1 Min Read LIMA, Dec 14 (Reuters) - Perus sol currency opened down 0.43 percent at 3.246 per dollar on Thursday after a document suggested firms controlled by President Pedro Pablo Kuczynski received payments from scandal-plagued Brazilian builder Odebrecht SA. The company sent Perus congress on Wednesday a document showing some $4.8 million transferred to companies linked to Kuczynski between 2004 and 2012, some of which was paid to a company he controlled while holding senior government roles. He denied wrongdoing, but did not deny the transfers took place. (Reporting by Ursula Scolla; Writing by Luc Cohen Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/peru-forex-odebrecht/peru-sol-opens-down-after-document-links-kuczynski-to-odebrecht-payments-idUSL1N1OE11A'|'2017-12-14T16:32:00.000+02:00'|9918.0|''|-1.0|'' +9918|'2f4c3d060a55365304f6aba8a405715657adac47'|'Peru sol opens down after document links Kuczynski to Odebrecht payments'|'December 14, 2017 / 2:36 PM / in 9 minutes Peru sol opens down after document links Kuczynski to Odebrecht payments Reuters Staff 1 Min Read LIMA, Dec 14 (Reuters) - Perus sol currency opened down 0.43 percent at 3.246 per dollar on Thursday after a document suggested firms controlled by President Pedro Pablo Kuczynski received payments from scandal-plagued Brazilian builder Odebrecht SA. The company sent Perus congress on Wednesday a document showing some $4.8 million transferred to companies linked to Kuczynski between 2004 and 2012, some of which was paid to a company he controlled while holding senior government roles. He denied wrongdoing, but did not deny the transfers took place. (Reporting by Ursula Scolla; Writing by Luc Cohen Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/peru-forex-odebrecht/peru-sol-opens-down-after-document-links-kuczynski-to-odebrecht-payments-idUSL1N1OE11A'|'2017-12-14T16:32:00.000+02:00'|9918.0|25.0|-1.0|'' 9919|'5f8b5bd8951a91480123e14e80ffd84b2deea370'|'UK Stocks-Factors to watch on Dec 5'|'Dec 5 (Reuters) - Britain''s FTSE 100 index is seen opening 4 points lower at 7,334.4 on Tuesday, according to financial bookmakers. * ROYAL BANK OF SCOTLAND: Scottish lawmakers will debate a motion calling for Royal Bank of Scotland to halt planned cuts to its branch network, which opponents say will damage the remote communities they are meant to serve. * GOLD: Gold prices held within a tight range in Asian trade on Tuesday, supported by a slightly weaker dollar as investors awaited the next steps over U.S. tax reform legislation for clues. * OIL: Oil markets rose in early Asian trade on Tuesday, buoyed by expectations of a drop in U.S. crude stockpiles and after last week''s deal between OPEC and other crude producers to extend output curbs. * BRITAIN-EU: Time to reach an agreement between the European Union and Britain on divorce terms is getting very short, but a deal that would unblock talks on a future trade agreement is still possible by next week, the chairman of EU leaders said. * BRITAIN ECONOMY: British shoppers snapped up Black Friday bargains last month but an increasing share of their budgets was taken up by the rising cost of food, retailers said on Tuesday. * BRITAIN-AUTOS: New car registrations in Britain fell by around 11 percent in November, the eighth consecutive month that sales have declined, according to preliminary numbers from an industry body. * The UK blue chip index closed up 0.55 percent at 7,340.91 points on Monday, but lagged behind European peers in a broader rally sparked by progress in U.S. tax reforms, as Britain and the EU failed to strike a deal on an initial Brexit divorce package. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Fulcrum Utility Services Ltd Half Year 2018 Earnings Release Collagen Solutions PLC Half Year 2018 Earnings Release Victrex PLC Full Year 2017 Earnings Release WYG PLC Half Year 2018 Earnings Release Northgate PLC Half Year 2018 Earnings Release IG Group Holdings PLC Half Year 2018 Pre-Close Trading Statement Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-dec-5-idUSL3N1O52BW'|'2017-12-05T08:22:00.000+02:00'|9919.0|''|-1.0|'' 9920|'e8ab99090960ee21863d13290e8a10ccbf6b6cf4'|'Swiss Re buys life policies from Legal & General for 650 million pounds'|' 20 AM / Updated 14 minutes ago Swiss Re buys life policies from Legal & General for 650 million pounds ZURICH (Reuters) - Swiss Re has agreed to buy 1.1 million life insurance policies from Legal & General Group (L&G) for 650 million pounds, the Swiss group said on Wednesday. The logo of the world''s second biggest reinsurer Swiss Re is seen in front of the company''s headquarters in Zurich July 8, 2013. REUTERS/Arnd Wiegmann This move is consistent with Swiss Res strategy to acquire closed life books in the UK. The policies which include with-profit, unit-linked and savings products will be transferred to ReAssure from Legal & General Assurance Society Limited, which is part of the L&G Group, it said in a statement. Reporting by Michael Shields, editing by John Miller'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-swiss-re-legal-general/swiss-re-buys-life-policies-from-legal-general-for-650-million-pounds-idUKKBN1E00MK'|'2017-12-06T09:34:00.000+02:00'|9920.0|''|-1.0|'' 9921|'f8f4bf601f2f62cb311031566d7cc4b4e334fe34'|'Big firms call on EU to set 35 percent renewable power supplies target'|' 17 PM / Updated 16 minutes ago Big firms call on EU to set 35 percent renewable power supplies target Reuters Staff 2 Min Read BRUSSELS (Reuters) - A group of big technology, industry and power companies have called on the European Union to set a target for renewables of at least 35 percent when EU energy ministers meet next week. FILE PHOTO - The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France on February 20, 2017. REUTERS/Pascal Rossignol/File Photo The energy-hungry firms, including Amazon, Facebook, Google , IKEA, Microsoft, Philips and Unilever, say an ambitious target would encourage their investment in multi-year wind and solar power supply contracts, known as Power Purchase Agreements (PPAs). In a letter, the 50 big firms called on EU energy ministers to lift all regulatory barriers to PPAs, to which firms are increasingly turning to source electricity needed for energy-intensive data centers or to run heavy machinery. The target now being discussed by EU nations is for the bloc to source at least 27 percent of its energy from renewables by 2030 - up from the 20 percent goal for green energy by 2020. The European Parliament has called for a higher target. The final law will result from negotiations between the two bodies. The post 2020 Renewable Energy Directive has a key role to play to unlock the potential of corporate renewable PPAs, which remains largely untapped in Europe, the firms said. A strong investment signal is key to further positioning industries with large investment potential in supporting Europes clean energy goals. As EU governments cut back on subsidies for wind power, many developers say they are turning to PPAs as a new source of revenue to get projects financed. The letter highlights that in the last two months alone, more than a gigawatt of renewable energy capacity, mostly from wind turbines, was contracted through corporate renewable PPAs. The new EU renewable targets are part of a set of proposals to implement the blocs climate goals of reducing greenhouse gas emissions by at least 40 percent below 1990 levels by 2030. Reporting by Alissa de Carbonnel; Editing by Greg Mahlich'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/us-europe-electricity-renewables-ppas/big-firms-call-on-eu-to-set-35-percent-renewable-power-supplies-target-idUKKBN1E71IL'|'2017-12-13T14:04:00.000+02:00'|9921.0|''|-1.0|'' 9922|'a9032a365e114893e3aad336990fa3879284a661'|'Bracing for EV shift, NGK Spark Plug ignites all solid-state battery quest'|'December 22, 2017 / 6:18 AM / Updated 6 hours ago Bracing for EV shift, NGK Spark Plug ignites all solid-state battery quest Naomi Tajitsu 6 Min Read NAGOYA, Japan (Reuters) - Facing the eventual demise of gasoline engines, the worlds biggest maker of spark plugs is turning its focus to a component it believes will be just as vital in the coming era of electric vehicles - next-generation all solid state batteries. Japans NGK Spark Plug Co has for years leveraged its expertise in ceramics technology used in spark plugs to expand into sensors, semiconductors and other products mainly for automobiles. Now, it sees a future in all solid-state batteries, which experts believe will be safer and more powerful than the lithium-ion batteries currently used in battery electric vehicles (EVs). After dominating transport for 150 years, the internal combustion engine is facing the end of the road in the coming decades as tightening global emissions regulations force automakers to develop more electric cars. We realized that it was inevitable that the industry would at some point shift from the internal combustion engine to battery EVs, and that ultimately this could make our spark plug and oxygen sensor businesses obsolete, Takio Kojima, senior general manager of engineering and R&D at NGK Spark Plug told Reuters in an interview. Our expertise is in advanced ceramics, and so we have decided to pursue all solid-state batteries. Established in 1936 and based in Japans automaking heartland of Nagoya, NGK Spark Plugs realization that its main business faced obsolescence came around 2010, Kojima said. That was the year Nissan Motor Co rolled out the Leaf, the first mass-production all battery EV, and just after Tesla Inc came out with the Roadster, its first production car. Other global parts suppliers are also scrambling to overhaul their product portfolios. In Japan, Denso Corp has teamed up with Toyota Motor Corp and Mazda Motor Corp to develop battery EVs while transmission maker Aisin Seiki Co is developing hybrid transmission systems and EV-specific, four-wheel-drive units. In the United States, powertrain products maker Borg Warner has expanded into hybrid and electric car parts, including transmissions and drive modules for electric cars. Industry experts anticipate plug-in hybrid petrol-electric vehicles and all-battery EVs will account for as much as 26 percent of global car sales by 2030, versus just over 1 percent last year, data from the International Energy Agency shows. GOING BIG The rise in EV use will require a steep increase in manufacturing capacity for longer-life batteries which are more powerful, lighter and can charge quicker than conventional lithium-ion batteries. NGK Spark Plug joins Toyota and other companies developing all solid-state car batteries, which offer more capacity and better safety than conventional lithium-ion batteries by replacing their liquid or gel-like electrolyte with a solid, conductive material. Hideaki Hikosaka, a member of NGK Spark Plug''s solid-state battery R&D team, shows a prototype of its all solid-state battery under development during an interview with Reuters in Nagoya, Japan December 12, 2017. REUTERS/Naomi Tajitsu Toyota is developing batteries with sulfide-based solid electrolytes, which offer high conductivity and are relatively flexible but can release toxic hydrogen sulfide when exposed to moisture. NGK Spark Plug is betting on a different technology with an oxide-based chemistry using ceramics which is highly stable at extreme temperatures, but has less conductivity. In addition, brittle ceramics can be difficult to process. Japans TDK Corp has developed small, ceramic, all solid-state batteries for use mainly in wearable devices like personal fitness monitors, while Murata Manufacturing Co is developing similar products. But NGK Spark Plug has bigger plans, developing a larger format necessary for cars. Its relatively easy to work in smaller sizes, but when you get to larger sizes it gets very difficult to assemble each layer because its difficult to make each layer the same thickness, said Hideaki Hikosaka, a member of NGK Spark Plugs solid state battery R&D team. The company has spent the past five years developing a solid, oxide-based electrolyte which incorporates an additional material to make it resemble a sulfide-based one. This makes the electrolyte easier to process into larger, thin layers which are compressed, making them easier to stack with anodes and cathodes. Its because of the addition of that material that were able to process layers using compression (rather than sintering) to make a bigger, oxide-based battery cell. At the same time, it doesnt release any gases like sulfides do, Hikosaka said. As a result, the company has developed a 10 cm by 10 cm battery pouch cell, much bigger than 4.5 mm by 3.2 mm cells developed by TDK. NGK Spark Plug declined to comment on the material used in its oxide compound and the capabilities of its battery. Hikosaka said his team was working to raise the batterys energy density to enable it to match the performance of lithium ion batteries by around 2020, and to develop more powerful, lighter and competitively priced batteries in the 2020s. Battery experts believe producing affordable, all solid-state batteries in the 2020s, a target also shared by Toyota, is ambitious given the challenges of achieving a fine balance between numerous performance characteristics. Once they do come to market, some experts believe competition between batteries based on oxides, sulfides, and other chemistries would likely heat up, as producers vie to deliver batteries with diverse specifications. If these chemistries can compete and win against lithium-ion and we see a shift to all solid-state, we might see a diversification in the materials used in them, as in lithium-ion batteries, said Venkat Srinivasan, director of the Argonne Collaborative Center for Energy Storage Science in Illinois. Some automakers and battery makers might be more interested in conductivity than oxidative stability, for example ... Batteries are all about compromise. Youre not going to hit every metric. (This story has been refiled to add dropped words in paragraph 16) Reporting by Naomi Tajitsu and Maki Shiraki; Editing by Lincoln Feast'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-ngk-spark-plug-batteries/bracing-for-ev-shift-ngk-spark-plug-ignites-all-solid-state-battery-quest-idUSKBN1EG0H0'|'2017-12-22T08:17:00.000+02:00'|9922.0|''|-1.0|'' 9923|'032c24547eb11c4b79359acddd5bf6ac7847a881'|'Investors pour cash into U.S. shale despite questions on returns'|'December 14, 2017 / 6:04 AM / Updated 2 hours ago Investors pour cash into U.S. shale despite questions on returns Ernest Scheyder 7 Min Read HOUSTON (Reuters) - Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep U.S. output rising through the middle of the next decade. FILE PHOTO: A pumpjack brings oil to the surface in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson/File Photo The United States is on track to deliver up to 80 percent of the worlds oil production gains through 2025, the International Energy Agency estimates, increases fuelled in part by easy access to capital. Rising U.S. production is undermining OPECs attempts to curb global supply and boost prices, forcing the oil cartel to continue restraining output through the end of 2018. Hedge funds and private equity firms have given producers a range of new and traditional financial levers they can pull as needed to keep shale rigs drilling, according to interviews with more than a dozen financiers, advisers and executives. The money continues to flow despite rising pressure from some investors for drillers to prioritise better profit margins over expanded production. Producers holding land in prime fields with oil trapped in shale rock are having little trouble financing their fracking projects, said Buddy Clark, co-chairman of the energy practice group at Haynes Boone law firm in Houston. If youve got the rocks, you can get the money, he said. The IEA predicts U.S. shale oil output, now about 6.17 million barrels per day (bpd), will rise another 8 million bpd by 2025. That would turn the worlds largest oil-consuming nation into a net exporter of oil. The United States already is a net exporter of natural gas. Through the third quarter of this year, private equity firms have put $20.26 billion into energy-related deals, 36 percent more than all of last year, according to financial data provider Preqin. Initial stock offerings for U.S.-listed oil and gas firms raised $2.93 billion this year, up from $1.52 billion in 2016, according to Thomson Reuters data. Another way to finance drilling - production hedging, or contracts producers use to lock in prices on future output - also is on the rise this year. Hedging acts as insurance against price drops, letting producers drill with more certainty they can earn a profit. Forty midsize producers tracked by researcher PetroNerds LLC hedged 45 percent of their production in the third quarter, up from 36.5 percent a year earlier. Those same companies boosted capital spending by nearly two-thirds this year. RISING OUTPUT, SPENDING In response to investor pressure for better profits, producers are touting efficiencies from newer well designs and their efforts to shed less productive shale acreage as evidence that they can lift returns and output at the same time. A 39 percent increase in crude prices since June also has helped shale producers deliver better returns while boosting spending. ConocoPhillips - which has sold properties in the Canadian oil sands, along with less profitable shale holdings - recently said that its capital budgets from 2018 to 2020 will average $5.5 billion annually, up from about $4.5 billion this year, because of higher production and cash flow. This is not a supply source that is going away any time soon, said Ryan Lance, Conocos chief executive, in a recent interview. FILE PHOTO: The Elevation Resources drilling rig is shown at the Permian Basin drilling site in Andrews County, Texas, U.S., May 16, 2016. REUTERS/Ann Saphir/File Photo The rising investment marks a reversal from the period following the 2014 oil price collapse, which triggered scores of oil-firm bankruptcies and caused banks to abruptly pull back on lending to oil and gas producers. In their place, private equity firms, hedge funds and others have added to investments and unleashed new ways to finance drilling. Youve seen this marriage of necessity between private equity and independent producers needing to drill acreage, said Hillary Holmes of Gibson Dunn, a Houston law firm specializing in energy finance. The retreat of banks and other lenders opened a finance vacuum that were looking to fill, said Mark Stoner, a partner at Houston private equity fund Bayou City Energy, which has financed about 80 new shale wells since last year. One innovation that emerged is DrillCos, which allow investors to finance new wells and control their cash flow for a few years until double-digit rates of return are met. Such partnerships have contributed at least $2 billion to producers since 2015. FILE PHOTO: A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma, U.S., September 15, 2015. REUTERS/Nick Oxford/File Photo DrillCos potential for returns of about 15 percent have been a hit with investors looking for alternatives to other short-term investments with lower payouts. Folks are dying for yield, said Sharam Honari, a partner with hedge fund BlackGold Capital Management, which invests in energy companies. They are doing what it takes to find that yield. Other financing vehicles replacing bank financing for shale firms include so-called SPACs - special purpose acquisition companies - and infrastructure partnerships that allow producers to tap pipeline and storage operations for cash. SPACs raise money in equity markets by selling investors on the reputation of their veteran managers, then they go hunting for oil firms to acquire. The success of such financing vehicles has helped them spread. The first non-U.S. SPAC recently raised $650 million to pursue energy deals in Mexico. SCEPTICISM FROM OPEC OPEC officials last month played down the capabilities of shale producers even as the oil cartel agreed to extend production cuts in response to strong U.S. oil output. Forecasts of rapid production growth also have been challenged by shale producers, such as Continental Resources Inc, and oilfield services giant Schlumberger NV. Pointing to studies of the rapid decline in shale-well output over time and the dangers of ever-longer horizontal shale wells, Schlumberger Executive Vice President Patrick Schorn earlier this month told investors: The ability of tight (shale) oil to influence global supply dynamics, and therefore price, will diminish over time. The shale sectors resilience has been tested before, and firms have adapted to lower prices by using new technologies and financing vehicles, said Charlie Leykum, founder of private equity fund CSL Capital Management LLC, which has invested in and started several oilfield service companies. The upstream industry has been really creative in how it pursues financing of late, he said. Reporting by Ernest Scheyder; Editing by Gary McWilliams and Brian Thevenot'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-usa-oil-finance/investors-pour-cash-into-u-s-shale-despite-questions-on-returns-idUKKBN1E80JK'|'2017-12-14T08:03:00.000+02:00'|9923.0|''|-1.0|'' -9924|'72e4948e96742bafabc59919a131ed9f44e5ba35'|'Five reasons the US job market is not as rosy as it looks - Dominic Rushe - Business'|'On the face of it, the US job market appears in rude health , with unemployment at a 17-year-low. But look beyond the headlines, and its not all milk and honey Contact author Friday 8 December 2017 18.58 GMT View more sharing options Share on Messenger Close U nemployment in the US is now at a 17-year low, having grown for 86 months in a row since the Great Recession. Hiring did grind to a halt in September after hurricanes Harvey and Irma tore through Florida and Texas, disrupting some of the countrys most economically important areas. But on Friday, the economy appeared to have shaken off the slump that followed in their wake, adding 228,000 new jobs in November according to the latest report from the Bureau of Labor Statistics. Beneath the surface, however, there are still some deep scars and structural problems remaining in the labor market. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/dec/08/us-jobs-market-economy-not-so-rosy'|'2017-12-09T01:58:00.000+02:00'|9924.0|''|-1.0|'' +9924|'72e4948e96742bafabc59919a131ed9f44e5ba35'|'Five reasons the US job market is not as rosy as it looks - Dominic Rushe - Business'|'On the face of it, the US job market appears in rude health , with unemployment at a 17-year-low. But look beyond the headlines, and its not all milk and honey Contact author Friday 8 December 2017 18.58 GMT View more sharing options Share on Messenger Close U nemployment in the US is now at a 17-year low, having grown for 86 months in a row since the Great Recession. Hiring did grind to a halt in September after hurricanes Harvey and Irma tore through Florida and Texas, disrupting some of the countrys most economically important areas. But on Friday, the economy appeared to have shaken off the slump that followed in their wake, adding 228,000 new jobs in November according to the latest report from the Bureau of Labor Statistics. Beneath the surface, however, there are still some deep scars and structural problems remaining in the labor market. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/dec/08/us-jobs-market-economy-not-so-rosy'|'2017-12-09T01:58:00.000+02:00'|9924.0|29.0|0.0|'' 9925|'ca88e5580a64a9aacc320f00e1c6fd1de2df75ef'|'China to maintain reasonable credit growth in 2018 - state media'|'December 20, 2017 / 10:24 AM / Updated 14 minutes ago China to maintain reasonable credit growth in 2018 - state media Reuters Staff 1 Min Read BEIJING (Reuters) - China will maintain reasonable expansion of credit in 2018, according to a statement carried by the official Xinhua news agency on Wednesday, following an annual economic meeting of Chinas top leadership. FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo China will take concrete measures to strengthen the regulation of local government debt, Xinhua said. The annual economic conference is keenly watched by investors for clues to policy priorities and economic targets in the year ahead. Reporting by Beijing Monitoring Desk; Editing by Jacqueline Wong'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/china-economy-conference/china-to-maintain-reasonable-credit-growth-in-2018-state-media-idINKBN1EE152'|'2017-12-20T12:21:00.000+02:00'|9925.0|''|-1.0|'' 9926|'e65a1ab3ad849e7cfab0b91da601ecae09530a7f'|'EU seeks to improve conditions for casual workers'|' 58 PM / Updated 29 minutes ago EU seeks to improve conditions for casual workers Reuters Staff 2 Min Read BRUSSELS (Reuters) - The European Commission proposed new rules on training, overtime and probation on Thursday to improve conditions for an estimated 4 to 6 million casual workers who face low job security, poor social protection and little access to training. FILE PHOTO - European Employment, Social Affairs, Skills and Labour Mobility Commissioner Marianne Thyssen addresses a news conference at the EU Commission headquarters in Brussels, Belgium May 22, 2017. REUTERS/Francois Lenoir Work conditions for casual labourers are a politically sensitive topic in Europe, in part because of new internet companies such as Uber. Some working conditions raised concerns among non-traditional types of labour, such as temporary work and delivery or driving jobs assigned via digital apps, the Commission said. Workers should be able to see a written contract on their first day, rather than within two months as at present, the executive said. This should spell out training possibilities and overtime pay. Probationary periods should be limited to six months, working hours should be more predictable and non-competition clauses limiting other job opportunities should be eliminated. An employer cannot prevent a worker from taking up another job in parallel, Commissioner Marianne Thyssen told a news conference. A cycle courier working irregular hours with a dispatching service can find a job for a couple of days a week with another employer. The Commission said these rules would, apart from benefiting workers, also bring legal certainty to employers. The proposals still need to be discussed with the 28 members states and the European Parliament before becoming law. Industry lobby group BusinessEurope said it supported proposals to inform workers about their conditions, but said that including minimum rights for workers was unacceptable for businesses. Reporting by Robert-Jan Bartunek; Editing by Philip Blenkinsop and Matthew Mpoke Bigg'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-labour/eu-seeks-to-improve-conditions-for-casual-workers-idUKKBN1EF1XC'|'2017-12-21T16:58:00.000+02:00'|9926.0|''|-1.0|'' -9927|'3b97063865b6f275c075f431fd072f8faea984e3'|'European Commission warns on bitcoin risks'|' 01 PM / Updated an hour ago European Commission warns on bitcoin risks Reuters Staff 2 Min Read BRUSSELS (Reuters) - The European Commission warned on Wednesday of risks for investors and consumers from the virtual currency bitcoin, including the chances of losing their entire investment. FILE PHOTO: Broken representations of the Bitcoin virtual currency, placed on a monitor that displays binary digits, are seen in this illustration picture, December 8, 2017. REUTERS/Dado Ruvic/Illustration/File Photo European Commission Vice President Valdis Dombrovskis said he was concerned about big fluctuations in the value of bitcoin, noting that the digital currency is not guaranteed by any country or issuer. In recent weeks, bitcoin has our heightened attention. There are clear risks for investors and consumers associated with price volatility, including the risk of complete loss of investment, operational and security failures, market manipulation and liability gaps, he told a news conference. Investors should realise that it can drop at any moment. Virtual currencies like bitcoin are not really currencies. Dombrovskis said he had written to EU banking and markets watchdogs to ask them to update their warnings on the risks of investing in bitcoin. The bitcoins monumental gains this year - its price has soared about 19 times - have led to increasing concern over what the fallout could be if the bubble were to suddenly burst. Reporting by Robin Emmott; editing by Mark Heinrich'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-eu-finance-bitcoin/european-commission-warns-on-bitcoin-risks-idUKKBN1EE2OT'|'2017-12-20T23:00:00.000+02:00'|9927.0|''|-1.0|'' +9927|'3b97063865b6f275c075f431fd072f8faea984e3'|'European Commission warns on bitcoin risks'|' 01 PM / Updated an hour ago European Commission warns on bitcoin risks Reuters Staff 2 Min Read BRUSSELS (Reuters) - The European Commission warned on Wednesday of risks for investors and consumers from the virtual currency bitcoin, including the chances of losing their entire investment. FILE PHOTO: Broken representations of the Bitcoin virtual currency, placed on a monitor that displays binary digits, are seen in this illustration picture, December 8, 2017. REUTERS/Dado Ruvic/Illustration/File Photo European Commission Vice President Valdis Dombrovskis said he was concerned about big fluctuations in the value of bitcoin, noting that the digital currency is not guaranteed by any country or issuer. In recent weeks, bitcoin has our heightened attention. There are clear risks for investors and consumers associated with price volatility, including the risk of complete loss of investment, operational and security failures, market manipulation and liability gaps, he told a news conference. Investors should realise that it can drop at any moment. Virtual currencies like bitcoin are not really currencies. Dombrovskis said he had written to EU banking and markets watchdogs to ask them to update their warnings on the risks of investing in bitcoin. The bitcoins monumental gains this year - its price has soared about 19 times - have led to increasing concern over what the fallout could be if the bubble were to suddenly burst. Reporting by Robin Emmott; editing by Mark Heinrich'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-eu-finance-bitcoin/european-commission-warns-on-bitcoin-risks-idUKKBN1EE2OT'|'2017-12-20T23:00:00.000+02:00'|9927.0|24.0|0.0|'' 9928|'20689948b45a24ba9b55e3c7e228afc3b1fd19be'|'Subaru opens investigation into mileage cheating'|'December 20, 2017 / 6:47 AM / Updated 4 hours ago Subaru investigates possible mileage cheating, shares drop Naomi Tajitsu 4 Min Read TOKYO (Reuters) - Japans Subaru Corp ( 7270.T ), already smarting from a vehicle inspection scandal at home, said it was now investigating whether mileage readings may have also been falsified during final checks, driving its shares down as much as 8 percent. Mileage readings, an indicator of fuel efficiency, do not fall under safety requirements. However, any proof of what would be a second instance of misconduct in as many months would taint the image of not only Subaru but also Japans manufacturing industry that has been rocked by a slew of scandals recently. Just last year, Mitsubishi Motors Corp ( 7211.T ) saw around 40 percent of its market value, or $3.2 billion, wiped out in three days after it admitted it had overstated the fuel economy of its minivehicles. Subaru on Wednesday said it was checking to see if any possible fabrication could have impacted its official mileage readings and if any exported models may have been affected. At the moment we are trying to confirm whether data was indeed fabricated, and if so, how this happened and which models are affected, Subaru spokeswoman Miyuki Yasuda said. She added that any evidence of falsified mileage figures, which show the number of kilometers a vehicle can travel on a liter of petrol, was unlikely to result in a recall as it would not constitute a violation of safety requirements. The mileage probe follows Subarus revelation in October that uncertified staff had been for decades carrying out final checks on new cars sold in the domestic market. The company this week vowed to improve oversight, but it did not mention any probe into mileage readings at the time. Slideshow (2 Images) Subaru said reports of falsified mileage readings emerged as external investigators looked into the inspection scandal. Some inspectors told investigators that mileage data had been altered on some sample vehicle models tested during final checks. Subaru said it had not confirmed that any such fabrications had taken place. Coming on the heels of the certified inspection issue, this could be a sign of a bigger problem of how Subaru manages its manufacturing operations, said Janet Lewis, head of Asia transportation research at Macquarie Securities. Subaru shares fell as much as 8.5 percent to their lowest since July 2016, before ending down 7 percent. The stock has given up almost 10 percent over the past two months amid the inspection scandal. A series of compliance failings by Japanese companies have surfaced in recent months, hitting the countrys reputation for quality control and prompting calls for better governance. Nissan Motor ( 7201.T ) has admitted to incorrect final inspection procedures. In just the latter half of the year, Kobe Steel ( 5406.T ), Mitsubishi Materials Corp ( 5711.T ) and Torbay Industries ( 3402.T ) - all key suppliers of products to global manufacturers - have admitted to product data fabrication. Fretting about the impact of the string of scandals, nearly half of Japanese firms have either taken steps to strengthen internal controls or are planning to do so, a Reuters poll showed earlier this month. Reporting by Naomi Tajitsu Ran Kim and Ayai Tomisawa; Additional reporting by Ritsuko Ando; Editing by Himani Sarkar'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'https://www.reuters.com/article/us-subaru-scandal/subaru-opens-investigation-into-mileage-cheating-idUSKBN1EE0MF'|'2017-12-20T08:46:00.000+02:00'|9928.0|''|-1.0|'' 9929|'54a6e4c5de63c7054eb3c9f3ccc9e03529909be4'|'PSA, Toyota lead European car sales gain, helped by extra selling day'|'Reuters TV United States December 14, 2017 / 7:13 AM / a few seconds ago PSA, Toyota lead European car sales gain, helped by extra selling day Reuters Staff 2 Min Read BERLIN (Reuters) - European car sales rose 5.8 percent in November, helped by an extra selling day as PSA Group ( PEUP.PA ) and Toyota ( 7203.T ) posted the strongest gains among the regions major automakers, industry data published on Thursday showed. A Toyota Motor Corp. worker inspects a Yaris on the production line of the company''s plant in Onnaing, near Valenciennes, France, May 17, 2017. REUTERS/Benoit Tessier/File Photo Registrations rose to 1.26 million cars last month in the European Union (EU) and European Free Trade Association (EFTA) countries, Brussels-based industry body ACEA said, from 1.19 million a year earlier. Eleven-months sales were up 4 percent to 14.5 million autos. Sales by Frances PSA soared 83 percent from November 2016 to 200,211 cars as registrations of the newly acquired Opel-Vauxhall division were not included in year-earlier records, while Toyota was up 12 percent at 57,355 cars. French rival Renault ( RENA.PA ) grew 10 percent to 139,335 vehicles whereas Fiat Chrysler ( FCHA.MI ) slipped 1 percent to 74,568 cars, weighed down by declines of over 20 percent each at its Jeep and Alfa Romeo brands. Volkswagen ( VOWG_p.DE ), Europes biggest automotive group reported a 5 percent increase to 310,647 cars with premium nameplates Audi ( NSUG.DE ) and Porsche as well as mass-market brands Seat and Skoda all posting growth. Of Europes five biggest auto markets, Germany, France and Spain posted double-digit or close to double-digit advances, outweighing an 11 percent plunge in the No. 2 market Britain where weaker consumer confidence and uncertainty over the future of diesel have been hurting demand. Reporting by Andreas Cremer; Editing by Maria Sheahan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/us-europe-vehicleregistrations/psa-toyota-lead-european-car-sales-gain-helped-by-extra-selling-day-idUKKBN1E80P0'|'2017-12-14T09:04:00.000+02:00'|9929.0|''|-1.0|'' 9930|'edf7d42250afcb1ee3641fe5c50ec8d320bd684f'|'Russia''s Novak: No detailed oil deal exit talks until market in balance'|'December 21, 2017 / 9:27 PM / Updated an hour ago Russia''s Novak: No detailed oil deal exit talks until market in balance Olesya Astakhova 1 Min Read MOSCOW (Reuters) - Russian Energy Minister Alexander Novak said there is a consensus on how to handle an exit from the global oil output cuts deal, but detailed exit talks should only begin when markets approach a balance, he told Reuters. Russian Energy Minister Alexander Novak addresses a news conference after an OPEC meeting in Vienna, Austria, November 30, 2017. REUTERS/Heinz-Peter Bader The Organization of the Petroleum Exporting Countries and other large oil producers led by Russia agreed last month to extend their deal to cut a combined 1.8 million barrels per day of oil production to the end of 2018 in order to remove excessive inventories and support oil prices. Novak also said there was an option of extending the deal beyond its expiration date of the end of 2018, while he sees markets balancing in third quarter 2018 or the end of next year. Our task, above all, is the balance of the market and sustainable demand and supply balance. We are aiming at reaching this result, this could be achieved, if the things are going well ... during 2018, Novak said in an interview. Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Katya Golubkova and Jane Merriman'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-russia-oil-opec/russias-novak-no-detailed-oil-deal-exit-talks-until-market-in-balance-idUKKBN1EF2UC'|'2017-12-21T23:26:00.000+02:00'|9930.0|''|-1.0|'' @@ -9971,7 +9971,7 @@ 9969|'0b1a865f21affd031b6a0cf68215dde45dbce7d3'|'Roche to seize leap-frog opportunity in lung cancer'|'December 6, 2017 / 6:26 PM / Updated 2 hours ago Roche to seize leap-frog opportunity in lung cancer Ben Hirschler 4 Min Read LONDON (Reuters) - After lagging rivals in cancer immunotherapies, Swiss drugmaker Roche ( ROG.S ) hopes to leap-frog into the lead in the biggest market, tackling previously untreated lung cancer. CEO Severin Schwan of Swiss drugmaker Roche addresses the annual news conference at the company''s headquarters in Base, Switzerland January 28, 2015. REUTERS/Arnd Wiegmann/File Photo We have a real chance to be at the forefront here, Chief Executive Severin Schwan said on Wednesday. Our ambition is to become a clear leader in the field of cancer immunotherapies. At the same time he warned many investors would lose money across the industry as a large proportion of the hundreds of cancer trials now underway failed, leaving just a few winners. His optimism for Roche has been buoyed by study results showing its immune-boosting medicine Tecentriq given with chemotherapy and the older drug Avastin significantly cut the risk of lung cancer worsening. Researchers will detail the scale of that benefit, versus chemotherapy and Avastin alone, in a keenly awaited presentation at a medical meeting in Geneva on Thursday. We have the potential to get into the lead in first-line lung cancer, Schwan said. In all likelihood we have a medicine here that will potentially change the standard of care ... but we will also have to see how it compares with other therapies. Overall survival (OS) data will also be crucial in determining the ultimate winner in lung cancer - by far the biggest oncology market - since one of the main benefits of using immunotherapy is its long-lasting effects. Roche does not yet have that OS data but initial observations are encouraging and it expects results in the first half of 2018, well ahead of OS findings with a competing drug combination including chemotherapy from Merck & Co ( MRK.N ). Roche and Merck have led the way in pioneering so-called chemo-combo treatment, while AstraZeneca ( AZN.L ) and Bristol-Myers ( BMY.N ) are betting mainly on mixing two immunotherapies, although AstraZeneca failed to show any initial benefit with this approach in a high-profile trial in July. Currently, Tecentriqs sales - expected to total around $500 million this year - are well behind the $3.7 billion and $4.8 billion expected respectively in 2017 for Mercks Keytruda and Bristols Opdivo, the current market leaders. But analysts at Jefferies believe Tecentriq could sell $6.2 billion by 2021, bolstered by its promise in drug cocktails. Tecentriq is one of several new drugs Roche is relying on to be a success to help replace revenue from older biological cancer drugs whose patents have expired or will shortly, exposing them to cheaper so-called biosimilar competition. On the pipeline side, were even more de-risked than a year ago ... but there is no doubt that the impact from biosimilars will be significant, Schwan told Reuters. On balance, Im now very confident that we should be able to compensate for this erosion. Cancer research is today the hottest area of drug research, with dozens of companies conducting hundreds of clinical trials, many of which Schwan said would fail. There will be an enormous drop-out from all these clinical trials, which means a lot of people that invested into these trials will lose money. Reporting by Ben Hirschler; Editing by Alexander Smith and Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-roche-ceo/roche-to-seize-leap-frog-opportunity-in-lung-cancer-idUKKBN1E02LB'|'2017-12-06T20:38:00.000+02:00'|9969.0|''|-1.0|'' 9970|'219c221ec811058caf26b1585d6229d535c4cc9b'|'UPDATE 1-Toll Brothers profit, revenue jump on higher demand'|'(Reuters) - U.S. luxury homebuilder Toll Brothers Incs ( TOL.N ) quarterly profit and revenue missed analysts expectations on Tuesday as it sold homes at prices lower than its own estimates, sending the companys shares down 8 percent in morning trading.The company said it also expects a decline in its full-year adjusted gross margin.A robust job market has supported demand for housing in the United States, but homebuilders are not fully able to take advantage of the rise in demand due to supply constraints such as higher labor and raw material costs.The company, which mainly builds single-family homes, expects fiscal 2018 adjusted gross margin of between 23.75 percent and 24.25 percent, compared with 24.80 percent this year.The homebuilder, which typically sells luxury homes that can cost upwards of $1 million, earlier this year introduced a new line of homes with lower prices and quicker delivery times to cater to millennial who are starting families.The move has boosted demand but has also weighed on the companys average prices, that rose marginally in the fourth quarter following declines for three straight quarters.Toll Brothers, which has been building homes for half a century, forecast full-year revenue of between $6.24 billion and $7.48 billion, compared with $5.81 billion this year.FILE PHOTO: A Toll Brothers home under construction is seen in Broomfield, Colorado February 25, 2014. REUTERS/Rick Wilking/File Photo Orders, a key metric of future revenue for homebuilders, rose 14.5 percent to 1,979 homes in the three months ended Oct. 31, its slowest pace in six quarters.Toll Brothers average price of homes sold increased to $836,600 in the quarter from a year earlier, missing its own forecast, while the number of homes sold rose 9 percent to 2,424.Homebuilders have reported largely positive quarterly results and remained upbeat on the housing market even as the hurricanes weighed on some operations.Toll has not given any details yet, but MKM Partners analyst Megan McGrath expects the hurricanes to weigh on the homebuilder.The companys net income rose to $191.9 million, or $1.17 per share, in the quarter, from $114.4 million, or 67 cents per share, a year earlier. The year-ago quarter was hit by a $121.2 million warranty charge.Revenue rose 9.3 percent to $2.03 billion.Analysts on average had expected a profit of $1.19 per share and revenue of $2.08 billion,Up to Mondays close, the companys shares had risen 63.4 percent this year.Reporting by Arunima Banerjee in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak Dasgupta '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-toll-brothers-results/toll-brothers-profit-revenue-jump-on-higher-demand-idUSKBN1DZ1AL'|'2017-12-05T12:30:00.000+02:00'|9970.0|''|-1.0|'' 9971|'8ae4db3ce6885f3d8c16cfce686b21f0a8faefcd'|'EU pensions have insufficient assets to cover liabilities - Watchdog'|'December 13, 2017 / 6:13 PM / Updated 42 minutes ago EU pensions have insufficient assets to cover liabilities - Watchdog Reuters Staff 1 Min Read FRANKFURT (Reuters) - European Union pension providers on the whole do not have enough assets to cover their liabilities, the European Unions insurance and pension watchdog said on Wednesday. The European Insurance and Occupational Pensions Authority (EIOPA) published aggregated results of this years stress test of 195 institutions that provide pensions. The results showed shortfalls of between 349 billion euros (307.5 billion) and 702 billion euros, levels that could harm the real economy, EIOPA said. Reporting by Tom Sims; Editing by Arno Schuetze'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-eu-pensions-stress/eu-pensions-have-insufficient-assets-to-cover-liabilities-watchdog-idUKKBN1E72KZ'|'2017-12-13T20:13:00.000+02:00'|9971.0|12.0|0.0|'' -9972|'b40f3b0c32b06d369dab6a6f4b8ce70025e847a7'|'Italy''s Ferragamo unable to confirm medium-term targets'|'December 14, 2017 / 8:51 PM / Updated 12 minutes ago Italy''s Ferragamo unable to confirm medium-term targets Reuters Staff 2 Min Read MILAN (Reuters) - Italian luxury goods brand Salvatore Ferragamo ( SFER.MI ) said on Thursday it could not confirm the targets it had set for the next three years in its business plan as 2018 would be another year of transition. FILE PHOTO - People walks past a Salvatore Ferragamo shop in downtown Rome, Italy, February 10, 2016. REUTERS/Tony Gentile/File Photo In a statement it said it could not be sure of the medium-term ambitions presented to the market on Feb. 3, when it unveiled its strategy for the years 2017 to 2020, but it did not give a new guidance. Back in February the Florence-based group had said its revenue would increase at twice the market rate in the four years starting in 2017. It also said both gross margins and core profits would improve in the period, however without quantifying the growth. But since launching the ambitious new strategy, focussing on raising sales per square metre at its almost 700 boutiques around the world, core profit margins have been falling year-on-year, severely hit by a planned clearance of inventory products. The move is aimed at freeing up space for new products, in a broader push by the 90-year old brand to become more contemporary and appealing to younger customers, now a larger proportion of the luxury sectors client-base. The group also said that the transition phase, that characterised 2017 would extend into 2018. Chief Executive Eraldo Poletto, who took over from long-serving Michele Norsa last year, had already warned in November, when the group reported a 25 percent drop in nine-month core profit, that 2018 would be another year of hard work. Reporting by Giulia Segreti; Editing by Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ferragamo-strategy/italys-ferragamo-unable-to-confirm-medium-term-targets-idUKKBN1E8310'|'2017-12-14T22:51:00.000+02:00'|9972.0|''|-1.0|'' +9972|'b40f3b0c32b06d369dab6a6f4b8ce70025e847a7'|'Italy''s Ferragamo unable to confirm medium-term targets'|'December 14, 2017 / 8:51 PM / Updated 12 minutes ago Italy''s Ferragamo unable to confirm medium-term targets Reuters Staff 2 Min Read MILAN (Reuters) - Italian luxury goods brand Salvatore Ferragamo ( SFER.MI ) said on Thursday it could not confirm the targets it had set for the next three years in its business plan as 2018 would be another year of transition. FILE PHOTO - People walks past a Salvatore Ferragamo shop in downtown Rome, Italy, February 10, 2016. REUTERS/Tony Gentile/File Photo In a statement it said it could not be sure of the medium-term ambitions presented to the market on Feb. 3, when it unveiled its strategy for the years 2017 to 2020, but it did not give a new guidance. Back in February the Florence-based group had said its revenue would increase at twice the market rate in the four years starting in 2017. It also said both gross margins and core profits would improve in the period, however without quantifying the growth. But since launching the ambitious new strategy, focussing on raising sales per square metre at its almost 700 boutiques around the world, core profit margins have been falling year-on-year, severely hit by a planned clearance of inventory products. The move is aimed at freeing up space for new products, in a broader push by the 90-year old brand to become more contemporary and appealing to younger customers, now a larger proportion of the luxury sectors client-base. The group also said that the transition phase, that characterised 2017 would extend into 2018. Chief Executive Eraldo Poletto, who took over from long-serving Michele Norsa last year, had already warned in November, when the group reported a 25 percent drop in nine-month core profit, that 2018 would be another year of hard work. Reporting by Giulia Segreti; Editing by Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-ferragamo-strategy/italys-ferragamo-unable-to-confirm-medium-term-targets-idUKKBN1E8310'|'2017-12-14T22:51:00.000+02:00'|9972.0|19.0|0.0|'' 9973|'007d02df2ed60046a3d0bc1a22c42398a2225f99'|'FS Investments moves lending platform from Blackstone to KKR'|'(Reuters) - Debt investment company FS Investment Corp and buyout firm KKR are pooling together more than $18 billion in private capital to invest in mid-sized businesses, in a push to do bigger deals which are out of reach for other alternative lenders.As a result, FS, which invests in the debt of private middle market U.S. companies, dropped a partnership with Blackstone Group LP.The KKR deal will create the worlds largest business development company (BDC) platform, the companies said on Monday.BDCs became popular with investors after the 2008 financial crisis as banks and other traditional lenders to companies retrenched, though their growth has slowed amid increasing competition in the sector.Scale enables you to do larger, upper middle market deals that you would not otherwise be able to do, Mike Gerber, executive vice president at FS, said in an interview.That really matters right now because the private credit markets are very competitive, particularly in the middle and lower end of the market.Some $13.7 billion will come from FS Investments and a further $4.6 billion from Corporate Capital Trust, a BDC externally managed by KKR.The KKR deal takes the place of FS Investments sub-advisory agreement with Blackstone, which said on Monday it is launching a new direct lending business.Blackstone said the FS funds on its platform had generated strong investment performance, exceeding substantially all of the relevant market benchmarks.FS will pay Blackstone $640 million in cash, representing approximately three years of revenues, to end the partnership.Bennett Goodman, a senior managing director at Blackstone, said the parting of ways was mutual and that Blackstone wanted to have 100 percent control over our direct lending activities to the middle market.KKR said the deal will help it grow the assets under management at its credit business by 33 percent to $55 billion.Our sources and the data that we have found see this partnership taking KKR Credit from a top 10 player in private credit to a top three player, CCT CEO and KKR Credit and Markets President Todd Builione said in an interview.The partnership is subject to shareholder approval.In a separate statement, FS Investments also said it is partnering with private equity firm EIG Global Energy Partners to create a $4 billion joint venture to finance energy and infrastructure companies.Reporting by Joshua Franklin in New York; Editing by Tom Brown '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/us-kkr-fs-investments-funds/fs-investments-moves-lending-platform-from-blackstone-to-kkr-idINKBN1E601O'|'2017-12-11T21:36:00.000+02:00'|9973.0|''|-1.0|'' 9974|'b4d46e867065da103d99a43d1f41cb1dbabb34e9'|'UK new car sales fell 11 percent in November - data'|' 40 AM / in 9 minutes UK new car sales fell 11 percent in November - data Reuters Staff 1 Min Read LONDON (Reuters) - New car registrations in Britain fell by around 11 percent in November, the eighth consecutive month that sales have declined, according to preliminary numbers from an industry body. Vauxhall cars are seen for sale at a car show room near Vauxhall''s plant in Luton, Britain, March 6, 2017. REUTERS/Neil Hall The sales have reflected caution among consumers faced by a rise in inflation since the Brexit vote in 2016 and weak wage growth, as well as concerns that the government would clamp down on diesel vehicles to curb pollution. Figures from the Society of Motor Manufacturers and Traders were expected to show diesel car sales fell sharply again. Britain will increase tax on diesel cars that do not meet more stringent emissions standards, finance minister Philip Hammond said last month. Novembers expected drop in sales would add to the fall of nearly 5 percent in overall registrations between January and October. The SMMT is due to publish final numbers at 0900 GMT on Tuesday. Reporting by Costas Pitas; Editing by Greg Mahlich and Matthew Mpoke Bigg'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-britain-economy-autos/uk-new-car-sales-fell-11-percent-in-november-data-idUKKBN1DZ0FW'|'2017-12-05T07:40:00.000+02:00'|9974.0|''|-1.0|'' 9975|'42bac6967e1ebdaafefa3918fb8fed71c8bd1bfd'|'METALS-Zinc up after Glencore holds 2018 output forecast steady'|'* LME/ShFE arb: bit.ly/2wZSAEz (Adds closing prices) By Maytaal Angel LONDON, Dec 12 (Reuters) - Zinc prices rose on Tuesday after miner and trader Glencore held its output forecast steady for next year, disappointing investors who had largely bet it would restart more capacity. Glencore told an investors presentation it would restart its Lady Loretta mine in the first half of 2018, but added that it expects zinc output to fall slightly to about 1.09 million tonnes from 1.1 million tonnes this year. In 2019, Glencore sees its zinc output creeping up to 1.16 million tonnes. "Based on their guidance numbers it does remain fairly constructive for zinc. The market was expecting more of an immediate supply increase," said ING commodities strategist Warren Patterson. However, he added that ING expects overall global zinc supply to increase next year, with the addition of capacity coming online in Australia and South Africa. * ZINC: London Metal Exchange zinc ended up 1 percent at $3,157 a tonne. * LEAD: Seasonally strong demand from battery makers, tight supplies caused by mine shutdowns and dwindling LME inventories are expected to sustain lead prices, which recently hit six-year highs. Lead , which is mined alongside zinc, closed up 1.2 percent at $2,517. * DOLLAR: The U.S. currency rose to three-week highs against a basket of currencies as the Federal Reserve begins a two-day policy meeting widely expected to result in a hike in interest rates. A strong U.S. currency makes dollar-priced priced metals costlier for non-U.S. investors. * GLENCORE COPPER: Glencore said its expects to produce 150,000 tonnes of copper next year and 300,000 tonnes in 2019 at its Katanga mine in the Democratic Republic of Congo. The mine has restarted after a suspension dating back to 2015. * CHINA ECONOMY: Vehicle and loans data from China, which accounts for about half of global consumption of industrial metals, on Monday pointed to improved consumer confidence. "There is as yet little evidence of the governments deleveraging attempts given that lending has also risen sharply since the beginning of the year," Commerzbank said in a note. * CHINA ALUMINIUM: "Barring a stronger enforcement of the (aluminium) capacity cuts in China, we believe the aluminium market should remain oversupplied. Hence, we stick to our cautious view while reiterating our three and twelve-month price targets at $1,950 and $1,850 per tonne," Julius Baer said in a note. * METALS PRICES: Aluminium closed down 0.3 percent at $2,016 a tonne, copper ended down 0.1 percent at $6,663, nickel closed down 1.6 percent at $11,065 and tin closed down 1.2 percent at $19,165. (Addititonal reporting by James Regan; Editing by Jane Merriman and David Goodman) '|'reuters.com'|'https://in.reuters.com/finance/deals'|'https://in.reuters.com/article/global-metals/metals-zinc-up-after-glencore-holds-2018-output-forecast-steady-idINL8N1OC2PJ'|'2017-12-12T12:17:00.000+02:00'|9975.0|''|-1.0|'' @@ -9997,5 +9997,5 @@ 9995|'6372fd743a8cb31815b0c62b6226529a9e67c708'|'MIDEAST - Factors to watch - December 5'|'DUBAI, Dec 5 (Reuters) - Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy.INTERNATIONAL/REGIONAL * Ex-president Saleh dead after switching sides in Yemens civil war* Qatari emir to attend Gulf summit despite row - foreign minister* U.S. top court lets Trumps latest travel ban go into full effect* Trump delays announcement on whether U.S. embassy to be moved to Jerusalem* GLOBAL MARKETS-Asian shares muted as tech blues offset U.S. tax cut optimism* MIDEAST STOCKS-Qatar jumps on hope diplomatic dispute will be resolved* Oil prices edge up on expected drop in U.S. crude stocks* PRECIOUS- Gold holds steady amid softer dollar* Former Egypt premier says hes fine and still mulling election bid* Lebanons Hariri to meet major powers in Paris* OPEC oil output falls in November to lowest since May* Syrian walkout from talks an embarrassment to Russia - oppositionEGYPT * Egypts non-oil business activity grows in Nov for first time in 25 months - PMI* Egypt foreign reserves rise to $36.723 bln at end-November* Egypt aims to increase wheat cultivation to 3.74 mln acresSAUDI ARABIA * Saudi private sector growth at 2-year high amid crackdown on graft -PMI* Saudi says U.S. announcement on Jerusalem to hurt peace process, heighten tensionsUNITED ARAB EMIRATES * UAE private sector growth speeds up in November, output jumps -PMI* Islamic banks lag on corporate governance -report* GEMS Education picks banks for London IPO* QATAR * Qatar raises Nov Marine crude price to highest premium since mid-2014 (Compiled by Dubai newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/mideast-factors/mideast-factors-to-watch-december-5-idUSL3N1O51WW'|'2017-12-05T06:36:00.000+02:00'|9995.0|''|-1.0|'' 9996|'2d3c9ad4c6441bc12961a7d7d468528549a6faad'|'BRIEF-Softbank Group Reports Open Market Purchase Of About 5 Mln Shares Of Sprint From Dec 15 - Dec 18'|'#Market News 24 PM / Updated 9 minutes ago BRIEF-Softbank Group Reports Open Market Purchase Of About 5 Mln Shares Of Sprint From Dec 15 - Dec 18 Reuters Staff 1 Min Read Dec 19 (Reuters) - Softbank Group Corp: * SOFTBANK GROUP CORP REPORTS OPEN MARKET PURCHASE OF ABOUT 5 MILLION SHARES OF SPRINT CORP FROM DEC 15 - DEC 18 - SEC FILING Source text: ( reut.rs/2CFJnRT ) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-softbank-group-reports-open-market/brief-softbank-group-reports-open-market-purchase-of-about-5-mln-shares-of-sprint-from-dec-15-dec-18-idUSFWN1OJ0Q1'|'2017-12-19T23:22:00.000+02:00'|9996.0|''|-1.0|'' 9997|'d4eede4221518c429f2cb486ad098e322d716507'|'U.S. home sales hit 11-year high, supply still tight'|'December 20, 2017 / 3:40 PM / Updated 34 minutes ago U.S. home sales hit 11-year high, supply still tight Lucia Mutikani 5 Min Read WASHINGTON (Reuters) - U.S. home sales increased more than expected in November, hitting their highest level in nearly 11 years, the latest indication that housing was regaining momentum after almost stalling this year. Workers install roof trusses onto a new house in Arvada, Colorado July 10, 2017. REUTERS/Rick Wilking/Files The report on Wednesday from the National Association of Realtors also added to data ranging from the labour market to retail sales that have suggested the economy was ending 2017 on a strong note. The greater home sales will stoke the fires for stronger economic growth next year as consumers spend more to furnish their new homes with new appliances and furniture and all the decorations and trimmings, said Chris Rupkey, chief economist MUFG in New York. Existing home sales surged 5.6 percent to a seasonally adjusted annual rate of 5.81 million units last month amid continued recovery in areas in the South ravaged by Hurricanes Harvey and Irma, and solid gains in other parts of the country. That was the highest level since December 2006 and marked the third straight monthly rise. Economists had forecast home sales rising only 0.9 percent to a 5.52 million-unit rate in November. Existing home sales make up about 90 percent of U.S. home sales. They rose 3.8 percent on a year-on-year basis in November. Sales in the South, which accounts for almost half of the existing homes sales market, increased 8.3 percent last month. Sales rose 6.7 percent in the Northeast and jumped 8.4 percent in the Midwest. They, however, fell 2.3 percent in the West, which has seen an acceleration in house price increases. While the housing market is expected to continue growing next year, there are concerns that a Republican overhaul of the U.S. tax code could hurt sales at the high end of the market. The biggest overhaul of the tax system in more than 30 years, which could be signed into law by President Donald Trump soon, will cap the deduction for mortgage interest at $750,000 in home loan value for residences bought from Jan. 1, 2018, through Dec. 31, 2025. The cap would revert to $1 million in loan value after Dec. 31, 2025. We expect further increases in sales in 2018, although tax reform is likely to modestly reduce demand at the high end as well as to lower prices for high-priced homes, said David Berson, chief economist at Nationwide in Columbus Ohio. The report came on the heels of data this week showing homebuilder confidence vaulting to a near 18-1/2-year high in December and single-family homebuilding and permits rising in November to levels last seen in the third quarter of 2007. Housing is expected to contribute to economic growth in the fourth quarter after being a drag for two straight quarters. The PHLX housing index was trading higher, outperforming a broadly flat stock market. The dollar slipped against a basket of currencies. Prices for U.S. Treasuries fell. SUPPLY SQUEEZE Despite the recent gains, home resales remain constrained by a chronic shortage of houses at the lower end of the market, which is keeping prices elevated and sidelining some first-time buyers, who accounted for 29 percent of transactions last month. Economists and realtors say a 40 percent share of first-time buyers is needed for a robust housing market. The number of previously owned homes on the market dropped 9.7 percent to 1.67 million units in November from a year ago, the second lowest reading since 1999. Housing inventory has dropped for 30 straight months on a year-on-year basis. At Novembers sales pace, it would take a record low 3.4 months to exhaust the current inventory, down from 3.9 months in October. A six-month supply is viewed as a healthy balance between supply and demand. With supply tightening, the median house price increased 5.8 percent from a year ago to $248,000 in November. That was the 69th consecutive month of year-on-year price gains. In contrast, annual wage growth has struggled to break above 2.9 percent since the 2007/09 recession ended. The government reported on Tuesday that groundbreaking on single-family homes, which account for the largest share of the housing market, jumped 5.3 percent in November to the highest level since September 2007. Housing completions continued to lag at a rate of 1.116 million units. Realtors estimate that the housing starts and completions rates need to be in a range of 1.5 million to 1.6 million units per month to plug the inventory gap. Reporting by Lucia Mutikani; Editing by Andrea Ricci'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/usa-economy/u-s-home-sales-hit-11-year-high-supply-still-tight-idINKBN1EE20A'|'2017-12-20T20:31:00.000+02:00'|9997.0|''|-1.0|'' -9998|'8de6b38540b5c03c427f1eb51edd138d6375ebf2'|'Iraq has not reached agreement with Exxon on southern oilfields -oil minister'|'December 25, 2017 / 11:13 AM / in 3 hours Iraq has not reached agreement with Exxon on southern oilfields -oil minister Ahmed Rasheed 1 Min Read BAGHDAD, Dec 25 (Reuters) - Iraq has not yet reached an agreement with Exxon Mobil on a multibillion-dollar project to boost output from several southern oilfields, Oil Minister Jabar al-Luaibi said on Monday. If no agreement is reached by February, Luaibi told journalists at a signing ceremony for a separate deal, the project would be offered to other companies. Luaibi had said in October that Iraq was in final talks with Exxon Mobil on developing the project, which consists of building oil pipelines, storage facilities and a seawater supply project to inject water from the Gulf into reservoirs to improve production. (Reporting by Ahmed Rasheed; Writing by Ahmed Aboulenein; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/iraq-oil-exxon-mobil/iraq-has-not-reached-agreement-with-exxon-on-southern-oilfields-oil-minister-idUSL8N1OP0DK'|'2017-12-25T13:11:00.000+02:00'|9998.0|''|-1.0|'' +9998|'8de6b38540b5c03c427f1eb51edd138d6375ebf2'|'Iraq has not reached agreement with Exxon on southern oilfields -oil minister'|'December 25, 2017 / 11:13 AM / in 3 hours Iraq has not reached agreement with Exxon on southern oilfields -oil minister Ahmed Rasheed 1 Min Read BAGHDAD, Dec 25 (Reuters) - Iraq has not yet reached an agreement with Exxon Mobil on a multibillion-dollar project to boost output from several southern oilfields, Oil Minister Jabar al-Luaibi said on Monday. If no agreement is reached by February, Luaibi told journalists at a signing ceremony for a separate deal, the project would be offered to other companies. Luaibi had said in October that Iraq was in final talks with Exxon Mobil on developing the project, which consists of building oil pipelines, storage facilities and a seawater supply project to inject water from the Gulf into reservoirs to improve production. (Reporting by Ahmed Rasheed; Writing by Ahmed Aboulenein; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/iraq-oil-exxon-mobil/iraq-has-not-reached-agreement-with-exxon-on-southern-oilfields-oil-minister-idUSL8N1OP0DK'|'2017-12-25T13:11:00.000+02:00'|9998.0|24.0|0.0|'' 9999|'f38935c3d50c936a0ff012d16087d46e24bba1b8'|'Activist investor Primestone urges Tennant to merge with Nilfisk'|'December 13, 2017 / 4:40 PM / Updated 11 minutes ago Activist investor Primestone urges Tennant to merge with Nilfisk Reuters Staff 2 Min Read COPENHAGEN/LONDON (Reuters) - Activist hedge fund Primestone Capital on Wednesday urged U.S. cleaning equipment company Tennant and Danish peer Nilfisk to consider merging after building up minority stakes in both firms. Primestone Capital owns more than 5 percent of both Tennant and Nilfisk and believes a combination of the two will generate extraordinary returns for shareholders, the London-based activist firm said in a filing with the U.S. Securities and Exchange Commission. It disclosed it had taken a 5.2 percent stake in Tenant. Nilfisk, which was spun off from Danish cable maker NKT in October, and Tennant were not immediately available to comment. Shares in Nilfisk rose 4.9 percent in Copenhagen after Primestones statement, while Tennant traded up 0.8 percent in New York at 1532 GMT. Primestone said it believed a merger would create earnings per share (EPS) accretion in excess of 85 percent for both companies. It is following a trend, as 91 European companies have been subject to activist campaigns this year as of the end of November, according to industry tracker Activist Insight. Primestone Capital, which does not disclose its assets under management, was set up in December 2014 by former Carlyle Group senior partners Franck Falzan, Benot Colas and Jean-Pierre Millet. Primestone owns a 5.6 percent stake in Nilfisk. Reporting by Stine Jacobsen in Copenhagen and Maiya Keidan in London, editing by Louise Heavens and Susan Fenton'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-tennant-nilfisk-holding-hedgefunds/activist-investor-primestone-urges-tennant-to-merge-with-nilfisk-idUKKBN1E72B0'|'2017-12-13T18:39:00.000+02:00'|9999.0|''|-1.0|'' diff --git a/data/interactive_labeling_round_1.csv b/data/interactive_labeling_round_1.csv index 11e03b3..d7a5c50 100644 --- a/data/interactive_labeling_round_1.csv +++ b/data/interactive_labeling_round_1.csv @@ -474,7 +474,7 @@ 472|'ed070bd40bcf77634cf42c9b178902b0e4bce22b'|'VW admits guilt and pays $4.3bn emissions penalty'|'VW admits guilt and pays $4.3bn emissions scandal penalty Six executives based in Germany indicted following cheating probe Read next by: David J Lynch in Washington Volkswagen agreed to plead guilty to three felonies and pay $4.3bn to settle a US Department of Justice investigation as six of its executives were indicted for their role in the diesel emissions scandal that has engulfed the German carmaker for 16 months. The six executives, all based in Germany, include Oliver Schmidt, the groups former US head of compliance, who was arrested in the US on Monday, and the former heads of engine development and quality management, said Loretta Lynch, US attorney-general. For years, Volkswagen advertised its vehicles calling them clean diesel. Our investigation has revealed they were anything but, Ms Lynch said. Officials said the indictments validated the DoJs strategy of targeting individuals in corporate crime prosecutions, which has been criticised as ineffectual since its September 2015 launch by Sally Yates, deputy attorney-general. The fact that we are announcing charges today against six high-ranking executives at Volkswagen not just six employees but six high-ranking executives at Volkswagen demonstrates this is not a paper policy, Ms Yates said. The settlement comes more than a decade after VW opted to design software to outwit Environmental Protection Agency tests rather than sacrifice power in a new diesel engine. Up to 11m vehicles worldwide were fitted with the defeat devices to reduce their nitrogen oxide emissions in laboratory tests. When government regulators grew suspicious, VW executives lied and destroyed documents related to the affair. Volkswagens top executives knew about this illegal activity and deliberately kept regulators, shareholders and consumers in the dark and they did this for years, said Andrew McCabe, deputy director of the FBI. The penalty, which includes a criminal fine of $2.8bn, is the second-largest criminal environmental settlement in US history, behind BPs Deepwater Horizon case. It represents an attempt by one of the worlds largest carmakers to resolve a scandal that ranks as the worst crisis in the companys history. VW pleaded guilty to charges of conspiracy to violate the Clean Air Act and commit wire fraud, obstruction of justice and making false statements in order to import goods. Insight and analysis Lex VW/Porsche: tailgating Along with Mr Schmidt, a federal grand jury has indicted for their roles in the scheme Heinz-Jacob Neusser, a member of the management board for VW brand; Jens Hadler, former head of engine development; Richard Dorenkamp, another former engine development executive; Bernd Gottweis, a former quality management supervisor; and Jrgen Peter, an executive in VWs quality management and product safety group. Other than Mr Schmidt, all of the men are in Germany, which generally does not extradite its citizens. The company will pay $1.5bn to settle civil claims by the EPA and US Customs as well as $50m for violations of the Financial Institutions Reform, Recovery and Enforcement Act related to the pooling of car leases into asset-backed securities. David Uhlmann, former head of the DoJs environmental crimes unit, said it was significant that the government had not agreed to a deferred prosecution agreement, a more lenient way of dealing with corporate lawbreaking. It was essential that the justice department insist on a guilty plea given the egregiousness of Volkswagens misconduct and the fact it reached very high in the company, he said. VW shares rose 3.3 per cent on Wednesday, after the company announced late on Tuesday that it was in advanced discussions to settle for $4.3bn. Wednesdays penalties come on top of the $15.3bn that VW agreed in June to pay in a partial civil settlement with federal and state governments and owners of cars fitted with two-litre engines, plus an additional $1bn announced last month related to three-litre engine models. VW said in October that it had set aside 18.2bn ($19.2bn) to cover the costs of the scandal. VW must also accept and pay for an independent monitor of its compliance programmes for three years. The company has agreed to independent audits, establishment of an internal committee and additional vehicle testing. The plea agreement filed in federal court in Detroit shows that the decision to cheat the emissions tests was contentious within VW. Six supervisors, often over their subordinates objections, and one company attorney directed specific acts to design the defeat device or conceal its existence from regulators, according to the plea agreement. VW employees destroyed documents as part of a broad cover-up of the engines used in 590,000 cars sold in the US. On August 31 2015, as the cover-up was unravelling, a VW supervisor deleted files containing the term acoustic function, a reference to the cheating software, and instructed subordinates to do likewise. A second supervisor instructed his assistant to throw away a computer hard drive containing potentially incriminating files, according to court documents. Inside VW and Audi, thousands of documents were deleted by approximately 40 employees. After the EPA publicly disclosed VWs emissions cheating in September 2015, the companys internal investigation recovered many of the deleted files and turned them over to prosecutors. That co-operation earned the company a 20 per cent reduction in the financial penalty it might have faced, the DoJ said. VW also received $11bn in credit for its settlements with customers and payments into an environmental remediation trust. Sample the FTs top stories for a week You select the topic, we deliver the news. Select topic Invalid email Sign up By signing up you confirm that you have read and agree to the terms and conditions , cookie policy and privacy policy . Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don''t cut articles from FT.com and redistribute by email or post to the web.'|'ft.com'|'http://www.ft.com/rss/companies/technology'|'https://www.ft.com/content/d998b804-d81a-11e6-944b-e7eb37a6aa8e'|'2017-01-12T03:33:00.000+02:00'|472.0|''|-1.0|'' 473|'a2d30d5f8ce5295f0655f1d9c3c7b575494ddeec'|'Money can''t buy single market access, ex-British EU official warns'|'Business News - Fri Jan 6, 2017 - 9:46am GMT Money can''t buy single market access, ex-British EU official warns Jonathan Faull, director-general of a task force for strategic Issues related to the UK referendum, delivers a talk at the offices of The Institute of International and European Affairs in Dublin, Ireland November 25, 2015. REUTERS/Cathal McNaughton LONDON Britain will not be able to buy access to the single market following its exit from the EU, a former top UK official at European Commission warned, casting doubt on mooted government plans for Britain''s future relationship with the bloc. British Prime Minister Theresa May intends to launch the two-year process of negotiations to leave the EU by the end of March and some members of her government have suggested this could include paying to maintain access to the single market. But Jonathan Faull, who worked in the Commission for 38 years until retiring in 2016, said paying to access the tariff-free zone was not how the EU worked. "Can you buy access to the single market? It''s not something that''s on sale in that way," he told the BBC''s Newsnight programme late on Thursday. That contrasts with the idea floated by Brexit minister David Davis, who has said that after the UK leaves the EU, giving it control over migration, the country could continue to make payments into the EU budget in order to maintain access for its exporters to the single market. One area in which Britain did have a strong hand to negotiate with the EU as defence co-operation which the bloc will want to continue, Faull said. "But that''s more complicated if you''re outside the EU, because part of the mechanisms used for this purpose are today EU mechanisms," he said. Faull''s warning that Britain won''t be able to buy EU single market access comes at a time of change for Britain''s Brexit negotiating team. Ivan Rogers, the country''s envoy to the EU, quit earlier this week and was replaced by Tim Barrow. Prime Minister May has so far said little publicly about her negotiating position ahead of what are expected to be some of the most complicated international talks Britain has engaged in since World War Two. Some investors fear the government will prioritise curbing immigration, a so-called "hard Brexit", over ensuring Britain maintains single market access. Faull dismissed the idea that Britain could have an arrangement with the bloc similar to that of non-EU member Norway, pointing out that Norway makes budgetary contributions to the EU as well as accepting the free movement of people. "It''s (Norway is) not buying access to the single market in that sense, it''s taking part in a project," Faull said. (Reporting by Sarah Young; editing by Michael Holden) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-faull-idUKKBN14Q0ZQ'|'2017-01-06T16:07:00.000+02:00'|473.0|''|-1.0|'' 474|'6de277e71b9405a1aec56675559a64edef4cd356'|'Australia shares expected to fall; NZ flat'|'Financials 4:11pm EST Australia shares expected to fall; NZ flat Jan 17 Australian shares are likely to trade lower on Tuesday, as investors await U.S. President-elect Donald Trump''s inauguration on Friday to seek clarity on his future policies. Market activity is expected to remain light due to the lack of cues from U.S. markets, which were closed on Monday for the Martin Luther King Day holiday. Share markets in the United States have rallied on expectations that Trump''s administration will oversee lower taxes and reduced regulation. Australian markets have gained more than 11 percent since the U.S. election. Investors will also be looking out for mining giant Rio Tinto Ltd''s fourth quarter production report, expected later. The local share price index futures fell 0.1 percent to 5,695 points, a 53.44-point discount to the underlying S&P/ASX 200 index close. The benchmark rose half a percent on Monday. New Zealand''s benchmark S&P/NZX 50 index was flat at 7,079.4 points in early trade. For a summary of overnight action across global markets, double click on For a digest of the day''s business stories in Australian newspapers, double click on (Reporting by Suhail Hassan Bhat in Bengaluru; Editing by Alison Williams) Next In Financials'|'reuters.com'|'http://feeds.reuters.com/reuters/financialsNews'|'http://www.reuters.com/article/australia-stocks-morning-idUSL4N1F64IW'|'2017-01-17T04:11:00.000+02:00'|474.0|''|-1.0|'' -475|'b0c6c73c7ae165f8ef4938eba1cc04e14664e4ae'|'Airlines Lufthansa and Etihad ''in merger talks'' - newspaper'|'MILAN Germany''s Lufthansa and Etihad Airways are in talks to possibly merge the two airlines, Italian newspaper Il Messaggero said in an unsourced report on Tuesday, boosting the German airline''s share price.According to the paper, managers from both companies have for weeks been examining the possibility of Etihad buying a 30-40 percent stake in Lufthansa through a sale of new shares to the Abu Dhabi state-owned airline.In a second step, the two airlines would look at a full-blown merger, the paper said, adding that the parties would meet shortly to speed up the talks.Any combination between the two would have an impact on loss-making Italian airline Alitalia, which is 49 percent-owned by Etihad and is in the midst of a major restructuring that will likely include job cuts and grounding of planes.Lufthansa and Etihad declined to comment on what they described as "speculation".Lufthansa shares were up 6 percent on Tuesday, topping the DAX index of largest German companies.Lufthansa and Etihad last month signed a flight code-sharing deal after Lufthansa agreed to lease 38 crewed planes from Air Berlin, which is part-owned by Etihad.Analysts reacted with scepticism to the report, citing the foreign ownership rules governing international traffic rights, and questioning what the benefits for Lufthansa would be.In Europe an airline must by majority-owned by EU investors in order to maintain its traffic rights under international air service agreements.Lufthansa is currently almost 69 percent owned by German investors but 13 percent is in the hands of U.S. investors and a further 9 percent is owned by other nationalities.In addition, if Etihad wished to buy more than 30 percent of Lufthansa, it would have to make an offer for the company as a whole according to German takeover rules.Etihad''s local rival Qatar Airways has built up a 20 percent stake in British Airways-owner IAG by purchasing shares on the open market. That has boosted links between Europe and the Asia-Pacific region. However, Credit Suisse said Lufthansa already had joint ventures with Singapore Airlines, Air China and All Nippon Airways covering the region.Greater cooperation with Lufthansa could help Etihad, especially given the growth of Qatar Airways, CAPA-Centre for Aviation senior analyst Will Horton said."The rapid growth of Qatar Airways and its future expansion will make it harder and costlier for Etihad to stay relevant on its own - everything else aside," he said in an emailed comment.There have previously been media reports that Italian shareholders in Alitalia are keen for Lufthansa to invest in the Italian carrier, along with speculation that Lufthansa could take on more of Air Berlin. However, Lufthansa executives have repeatedly said in recent weeks that they have their hands full integrating the Air Berlin planes into its operations as well as taking over Brussels Airlines."A Lufthansa/Etihad pseudo-merger, which is what is being suggested in the press today, presumably encompassing the whole of Alitalia and Air Berlin, looks rather implausible," Barclays analysts said in a note.(Reporting by Agnieszka Flak in Milan, Victoria Bryan in Berlin and Alexander Cornwell in Dubai; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lufthansa-etihad-idINKBN1510Z0'|'2017-01-17T10:31:00.000+02:00'|475.0|1.0|-1.0|'' +475|'b0c6c73c7ae165f8ef4938eba1cc04e14664e4ae'|'Airlines Lufthansa and Etihad ''in merger talks'' - newspaper'|'MILAN Germany''s Lufthansa and Etihad Airways are in talks to possibly merge the two airlines, Italian newspaper Il Messaggero said in an unsourced report on Tuesday, boosting the German airline''s share price.According to the paper, managers from both companies have for weeks been examining the possibility of Etihad buying a 30-40 percent stake in Lufthansa through a sale of new shares to the Abu Dhabi state-owned airline.In a second step, the two airlines would look at a full-blown merger, the paper said, adding that the parties would meet shortly to speed up the talks.Any combination between the two would have an impact on loss-making Italian airline Alitalia, which is 49 percent-owned by Etihad and is in the midst of a major restructuring that will likely include job cuts and grounding of planes.Lufthansa and Etihad declined to comment on what they described as "speculation".Lufthansa shares were up 6 percent on Tuesday, topping the DAX index of largest German companies.Lufthansa and Etihad last month signed a flight code-sharing deal after Lufthansa agreed to lease 38 crewed planes from Air Berlin, which is part-owned by Etihad.Analysts reacted with scepticism to the report, citing the foreign ownership rules governing international traffic rights, and questioning what the benefits for Lufthansa would be.In Europe an airline must by majority-owned by EU investors in order to maintain its traffic rights under international air service agreements.Lufthansa is currently almost 69 percent owned by German investors but 13 percent is in the hands of U.S. investors and a further 9 percent is owned by other nationalities.In addition, if Etihad wished to buy more than 30 percent of Lufthansa, it would have to make an offer for the company as a whole according to German takeover rules.Etihad''s local rival Qatar Airways has built up a 20 percent stake in British Airways-owner IAG by purchasing shares on the open market. That has boosted links between Europe and the Asia-Pacific region. However, Credit Suisse said Lufthansa already had joint ventures with Singapore Airlines, Air China and All Nippon Airways covering the region.Greater cooperation with Lufthansa could help Etihad, especially given the growth of Qatar Airways, CAPA-Centre for Aviation senior analyst Will Horton said."The rapid growth of Qatar Airways and its future expansion will make it harder and costlier for Etihad to stay relevant on its own - everything else aside," he said in an emailed comment.There have previously been media reports that Italian shareholders in Alitalia are keen for Lufthansa to invest in the Italian carrier, along with speculation that Lufthansa could take on more of Air Berlin. However, Lufthansa executives have repeatedly said in recent weeks that they have their hands full integrating the Air Berlin planes into its operations as well as taking over Brussels Airlines."A Lufthansa/Etihad pseudo-merger, which is what is being suggested in the press today, presumably encompassing the whole of Alitalia and Air Berlin, looks rather implausible," Barclays analysts said in a note.(Reporting by Agnieszka Flak in Milan, Victoria Bryan in Berlin and Alexander Cornwell in Dubai; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lufthansa-etihad-idINKBN1510Z0'|'2017-01-17T10:31:00.000+02:00'|475.0|1.0|2.0|'' 476|'1d5d25c7c7f8b0db7305e9c6d4d36325ec2a069a'|'Top banks'' fourth-quarter commodities revenue jumps 20-25 percent - report'|' 30pm GMT Top banks'' fourth-quarter commodities revenue jumps 20-25 percent - report left right The logo of Barclays is seen on the top of one of its branch in Madrid, Spain, March 22, 2016. REUTERS/Sergio Perez/File Photo 1/4 left right A logo of BNP Paribas is seen outside its Tokyo headquarters, Japan, January 7, 2016. REUTERS/Yuya Shino/File Photo 2/4 left right FILE PHOTO -- People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. REUTERS/Robert Galbraith/File Photo 3/4 left right The logo of Germany''s largest business bank, Deutsche Bank is seen in front of one of the bank''s office buildings in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach 4/4 LONDON Commodities-related revenue at the 12 biggest investment banks rebounded in the fourth quarter due to stronger activity in the energy sector, a report by financial industry analytics firm Coalition said on Monday. Revenue from commodity trading, selling derivatives to investors and other activities in the sector jumped by 20-25 percent in the final three months of 2016 compared with the same period the previous year, it said in a preliminary report, without giving a figure in dollars. The rise was largely due to "structured deal activity in U.S. natural gas and improved conditions in oil trading", it said. Commodity revenue in the first nine months of last year fell 22 percent to $3.1 billion due to weak industrial metals trading and lacklustre investor interest, Coalition said in November. Coalition tracks Bank of America Merrill Lynch ( BAC.N ), Barclays ( BARC.L ), BNP Paribas ( BNPP.PA ), Citigroup ( C.N ), Credit Suisse ( CSGN.S ), Deutsche Bank ( DBKGn.DE ), Goldman Sachs ( GS.N ), HSBC ( HSBA.L ), JPMorgan ( JPM.N ), Morgan Stanley ( MS.N ), Societe Generale ( SOGN.PA ) and UBS ( UBSG.S ). (Reporting by Eric Onstad) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-banks-commodities-idUKKBN1571XM'|'2017-01-23T21:30:00.000+02:00'|476.0|''|-1.0|'' 477|'00775b81a10fbec55a80be7f39829cf83ed03c6b'|'U.S. Senate backs waiver allowing Mattis to lead Pentagon'|'Industrials 3:16pm EST U.S. Senate backs waiver allowing Mattis to lead Pentagon WASHINGTON Jan 12 The U.S. Senate overwhelmingly backed a waiver on Thursday that will allow James Mattis to serve as President-elect Donald Trump''s secretary of defense, despite having retired as a Marine General in 2013. The Senate voted 81 to 17 for a one-time waiver of a provision of a law on civilian control of the U.S. military requiring a seven-year wait before active-duty military can lead the Department of Defense. The waiver must still be approved by the House of Representatives Armed Services Committee and full House, and signed into law by the president, to allow Mattis to serve if he is confirmed to lead the Pentagon. (Reporting by Patricia Zengerle; Editing by David Gregorio) Next In Industrials U.S. motorists drove 4.3 pct more miles in November year-over-year NEW YORK, Jan 12 Motorists drove 262.2 billion miles (422 billion km) on U.S. roads in November, a 4.3 percent increase from a year prior and the highest volumes ever for the month, according to data released Thursday by the U.S. Department of Transportation.'|'reuters.com'|'http://feeds.reuters.com/reuters/industrialsNews'|'http://www.reuters.com/article/usa-congress-mattis-senate-idUSL1N1F2209'|'2017-01-13T03:16:00.000+02:00'|477.0|''|-1.0|'' 478|'6fb911bfe8f236e6b372e8a37b37d0add47b36a7'|'RPT-UPDATE 1-U.S. scrambles to clear egg exports to bird flu-hit Korea'|'(Repeats earlier story for wider readership with no change to text.)By Tom PolansekCHICAGO Dec 30 U.S. officials are urgently seeking an agreement with South Korea that would allow imports of American eggs so farmers can cash in on a shortage caused by the Asian country''s worst-ever outbreak of bird flu.The two sides are negotiating over terms of potential shipments after South Korea lifted a ban on imports of U.S. table eggs that it imposed when the United States grappled with its own bout of bird flu last year, according to the U.S. Department of Agriculture.If an agreement is reached, U.S. shipments could bring some relief to South Koreans who have faced soaring egg prices and rationing since the outbreak there began last month.The egg shipments also would help U.S. farmers cope with an oversupply that is depressing prices.The opportunity to profit by filling South Korea''s shortfall with U.S. eggs has sent brokers and traders into overdrive.About 26 million birds, more than a quarter of South Korea''s poultry stock, have been culled to control the outbreak, and most of the birds have been egg-laying hens.Strains of bird flu, which can be spread to poultry by wild birds, have been detected across Asia and in Europe in recent weeks. Two people in China and one person in Hong Kong have died in the outbreaks.The United States could reach agreement to open trade with South Korea as early as next week, said Mark Perigen, national supervisor for shell eggs for a division of the USDA."Everybody''s working hard to get it done," Perigen said in an interview on Friday, adding that USDA employees had worked during holiday vacations on the issue."They''re desperate for eggs over there, and the government realizes that," Perigen said.South Korea''s embassy in Washington did not immediately respond to a phone message seeking comment.Glenn Hickman, chief executive of Hickman''s Eggs in Arizona, has received calls from brokers searching for U.S. eggs to ship to South Korea."Everybody in Korea who needs eggs has Googled everybody in the world who might have eggs," Hickman said."We''re getting calls from brokers who have no idea even the right questions to ask us," he added. "It''s just somebody who knows how to freight stuff from the U.S. to Korea."With no agreement yet between the two countries, Hickman is asking employees to take contact information for the potential customers.United States Egg Marketers, a cooperative of farmers that was established to export eggs, has received "numerous inquiries about this already, including from people who have never exported anything in their lives," said Eka Inall, the group''s president."Our phone is blowing up, our email is blowing up," she said.Last year, U.S. food companies imported eggs from Europe after bird flu ravaged domestic chicken flocks and sent egg prices to record highs.Since then, U.S. prices have tumbled as farmers have ramped up production.The United States produced 7.44 billion table eggs in November, up 11.5 percent from a year earlier, and there were 312 million hens laying table eggs on Dec. 1, up 8 percent from a year before, according to USDA.On Dec. 26, the average price for a dozen large white U.S. eggs was $1.17, down from a high of $2.88 in August 2015, according to market data firm Urner Barry."Current conditions in the U.S. are definitely a motivating factor to get this thing done," Brian Moscogiuri, an Urner Barry egg analyst, said about U.S. efforts to start shipments to South Korea.If South Korea begins importing U.S. eggs, its residents may need to adjust to a different appearance of the food staple.Jim Sumner, president of the U.S. Poultry and Egg Export Council, said many Koreans prefer brown colored eggs, while the United States mostly produces white eggs."As they say, beggars can''t be choosers," he said.(Editing by Matthew Lewis and Michael Perry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/health-birdflu-southkorea-usa-repeat-upd-idINL1N1ES02H'|'2017-01-01T23:47:00.000+02:00'|478.0|''|-1.0|'' @@ -848,7 +848,7 @@ 846|'aa0b7525e24fda3f80f3fad075be79e0558ce1cf'|'Blackstone, Prudential top pick for failed Bradford & Bingley''s U.K. mortgages'|' 30pm GMT Blackstone, Prudential top pick for failed Bradford & Bingley''s U.K. mortgages FILE PHOTO - A branch of Bradford & Bingley is seen in Bingley, northern England, September 29, 2008. REUTERS/Phil Noble LONDON Buyout firm Blackstone Group ( BX.N ) and insurer Prudential ( PRU.L ) are the preferred bidders for about 12.5 billion pounds in mortgages made by failed British lender Bradford & Bingley, a person with knowledge of the matter said. Bradford & Bingley, a buy-to-let mortgage provider bailed out by the British government during the financial crisis, is now owned by government vehicle UK Asset Resolution (UKAR) which declined to comment because of the contractual obligation of confidentiality. Spokesmen for Blackstone and Prudential also declined to comment on the report which was first published by Bloomberg. The person said Blackstone would take a majority of the mortgages, which are being repaid, while Prudential takes a minority. Bradford & Bingley is being run by UK Asset Resolution with the aim of winding it down. It is not writing any new business. UKAR said in 2016 it would sell Bradford & Bingley''s 15.65 billion pound mortgage portfolio, which also includes around 3 billion pounds in non-performing loans, in two or three transactions, as it seeks a speedier repayment of taxpayers'' money. Terms of the sale were not known and the person said any announcement was weeks away. ($1 = 0.8056 pounds) (Reporting by Dasha Afanasieva, Andrew MacAskill and Carolyn Cohn; Editing by Ruth Pitchford/Rachel Armstrong) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bradford-bingley-mortgages-idUKKBN1661EW'|'2017-02-27T19:30:00.000+02:00'|846.0|''|-1.0|'' 847|'4e466eaf301802ff0a6f8ce5025bc96b9cd4fdab'|'EU''s Katainen hopes to revive EU-U.S. free trade talks under Trump'|'Business News - Tue Feb 7, 2017 - 11:45am GMT EU''s Katainen hopes to revive EU-U.S. free trade talks under Trump European Commission Vice-President Jyrki Katainen holds a news conference on the European Defence Action Plan in Brussels, Belgium November 30, 2016. REUTERS/Eric Vidal BERLIN The European Union could revive talks on a free trade deal with the United States under the administration of President Donald Trump, European Commission Vice President Jyrki Katainen said on Tuesday. The two sides failed to conclude negotiations on the Transatlantic Trade and Investment Partnership (TTIP) before former president Barack Obama left office last month. "TTIP has not been mentioned by the new US-administration," Katainen said at a business conference in Berlin. "So we still expect that it will be possible to relaunch discussions and to create a sustainable business environment." (Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Madeline Chambers) Next In Business News UK tax burden set to rise to highest since 1986 - IFS LONDON Britain''s tax burden will rise to its highest in over 30 years by the time of the next national election in 2020, as the government tries to cut borrowing at the same time as leaving the European Union, a leading think tank said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-trump-trade-europe-idUKKBN15M17X'|'2017-02-07T18:45:00.000+02:00'|847.0|''|-1.0|'' 848|'e6625f5b11ce5b35b94f6c9c7b8b738997e8421d'|'BRIEF-Milacron Holdings'' unit entered into amendment no. 1'|' 30pm EST BRIEF-Milacron Holdings'' unit entered into amendment no. 1 Feb 21 Milacron Holdings Corp * On Feb 15, Co''s unit entered into amendment no. 1 which amends previous term loan agreement dated as of May 14, 2015 - SEC filing * Term loan agreement says borrower may request increases to term loan facility in aggregate principal amount not to exceed times $220 million '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-milacron-holdings-unit-entered-int-idUSFWN1G60X9'|'2017-02-22T05:30:00.000+02:00'|848.0|''|-1.0|'' -849|'845f78188a06b1d08deea43ebc75644cd4da49f0'|'BRIEF-Snap Inc''s initial valuation at $19.5 bln to $22.2 bln- CNBC, citing DJ'|'Company News - Thu Feb 16, 2017 - 12:11am EST BRIEF-Snap Inc''s initial valuation at $19.5 bln to $22.2 bln- CNBC, citing DJ Feb 16 (Reuters) - * Snap Inc sets initial valuation at $19.5 billion to $22.2 billion, or $14 to $16 per share, near low end of its targeted range - CNBC, citing Dow Jones Next In Company News Morning News Call - India, February 16 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_02162017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 10:00 am: Junior Finance Minister Arjun Ram Meghwal at CII event in New Delhi. LIVECHAT: COMMODITIES OUTLOOK Oil markets remain under pressure as crude supplies remain bloated despite th MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G01AF'|'2017-02-16T12:11:00.000+02:00'|849.0|1.0|-1.0|'' +849|'845f78188a06b1d08deea43ebc75644cd4da49f0'|'BRIEF-Snap Inc''s initial valuation at $19.5 bln to $22.2 bln- CNBC, citing DJ'|'Company News - Thu Feb 16, 2017 - 12:11am EST BRIEF-Snap Inc''s initial valuation at $19.5 bln to $22.2 bln- CNBC, citing DJ Feb 16 (Reuters) - * Snap Inc sets initial valuation at $19.5 billion to $22.2 billion, or $14 to $16 per share, near low end of its targeted range - CNBC, citing Dow Jones Next In Company News Morning News Call - India, February 16 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_02162017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 10:00 am: Junior Finance Minister Arjun Ram Meghwal at CII event in New Delhi. LIVECHAT: COMMODITIES OUTLOOK Oil markets remain under pressure as crude supplies remain bloated despite th MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1G01AF'|'2017-02-16T12:11:00.000+02:00'|849.0|1.0|0.0|'' 850|'d6970501f4180455abb50f120d4f0c1da7818c2a'|'UPDATE 1-Russia''s Detsky Mir prices IPO at bottom of range-sources'|'(Adds details about demand, background)MOSCOW Feb 8 Russia''s largest children''s goods retailer Detsky Mir has priced its initial public offering at 85 roubles ($1.43) per share, at the bottom of the 85-87 rouble range, two sources familiar with the deal said on Wednesday.The company saw bids for more than 1.5 times the number of shares on offer, drawing strong demand from foreign investors, said another source, who is close to the placement.More than 30 percent of demand came from U.S. investors, around 35 percent from Europe, less than 10 percent from Russia and more than 25 percent from the Middle East and Asia, he said.The source added there were "hedge funds, long-only investors including sovereign wealth funds" among the buyers and that nobody would take a dominant position.The IPO is a test of how quickly investor appetite for Russian assets is recovering, after a three-year period when the economy was buffeted by a slump in oil prices, economic slowdown, and Western sanctions imposed over the conflict in Ukraine.The transaction comprised shares sold by the Sistema conglomerate and the Russia-China Investment Fund.Detsky Mir declined to comment. ($1 = 59.4112 roubles) (Reporting by Maria Kiselyova and Olga Sichkar; Editing by Christian Lowe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-detsky-mir-ipo-price-idINL5N1FT0DF'|'2017-02-08T02:45:00.000+02:00'|850.0|''|-1.0|'' 851|'f6e5dc1df1615707be107fc91bf5f30e0b25d6a3'|'L3 reaches $34.5 mln settlement of shareholder accounting lawsuit'|'Company 02am EST L3 reaches $34.5 mln settlement of shareholder accounting lawsuit By Jonathan Stempel - NEW YORK NEW YORK Feb 23 L3 Technologies Inc said on Thursday it reached a $34.5 million settlement of a lawsuit by shareholders who accused the defense contractor of accounting fraud in its aerospace systems business. A preliminary settlement was filed on Wednesday night in Manhattan federal court, and requires approval by U.S. District Judge Valerie Caproni. L3 denied wrongdoing. The New York-based company changed its name from L-3 Communications Holdings Inc at the end of 2016. Shareholders led by two Michigan pension plans accused L3 of hiding improprieties, including those raised by an internal management-level whistleblower, tied to a contract to service U.S. Army C-12 airplanes. L3 shares slid 12.3 percent on July 31, 2014, losing about $1.3 billion of market value, after the company said it would restate two years of results and fire four people over problems with the C-12 contract, such as inflated costs and sales. Chief Executive Officer Michael Strianese and Chief Financial Officer Ralph D''Ambrosio had also been sued. Caproni dismissed claims against them last March, finding a lack of evidence that they acted recklessly or intended to defraud anyone. The lead plaintiffs are the City of Pontiac General Employees'' Retirement System, Local 1205 Pension Plan, and the City of Taylor Police and Fire Retirement System. Their law firm, Robbins Geller Rudman & Dowd, plans to seek legal fees of up to 25 percent of the settlement amount on behalf of itself and two other firms, court papers show. L3 said its insurers would fund the settlement. A company spokeswoman declined additional comment. The case, which has a different named plaintiff, is Patel v L-3 Communications Holdings Inc et al, U.S. District Court, Southern District of New York, No. 14-06038. (Editing by Lisa Von Ahn) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/l3-settlement-idUSL1N1G80UH'|'2017-02-23T22:02:00.000+02:00'|851.0|''|-1.0|'' 852|'8f8b4463805a74d1c55e88889b56eaaedf8b0eb8'|'Indian e-commerce firm Snapdeal to make profit in 2 years - CEO'|' 23am EST Indian e-commerce firm Snapdeal to make profit in 2 years - CEO MUMBAI Feb 6 Indian e-commerce firm Snapdeal expects to turn profitable in the next two years, its CEO said, as the company takes steps to cut costs and boost efficiency in a market currently dominated by homegrown Flipkart and U.S. internet giant Amazon. Kunal Bahl, who co-founded Snapdeal in 2010, also told Reuters in an interview on Monday that the online marketplace provider backed by Japan''s SoftBank Group did not immediately need to raise capital unless it makes an acquisition. "I see a relatively clear line of sight to (profit) and we''ve been making great progress in that direction also," Bahl said. (Reporting by Sankalp Phartiyal; Editing by Muralikumar Anantharaman) Next In Company News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/snapdeal-ceo-idUSL4N1FR35I'|'2017-02-06T17:23:00.000+02:00'|852.0|''|-1.0|'' @@ -1853,7 +1853,7 @@ 1851|'ad9b7d38b62eed8ad845d5b8b330f7878612b1f4'|'Russia''s Novak says talk of global oil output cuts extension premature'|' 36pm GMT Russia''s Novak says talk of global oil output cuts extension premature FILE PHOTO: Russian Energy Minister Alexander Novak attends the National Oil and Gas Forum in Moscow, Russia, April 20, 2016. REUTERS/Sergei Karpukhin/File Photo By Olesya Astakhova and Darya Korsunskaya - SOCHI, Russia SOCHI, Russia It is too soon to say if a global deal on oil output cuts will be extended later this year, but the current agreement envisages such a possibility, Russian Energy Minister Alexander Novak told Reuters in an interview. The Organization of the Petroleum Exporting Countries and non-OPEC producers, led by Russia, in December reached their first deal since 2001 to jointly curtail oil output, by around 1.8 million barrels per day (bpd). The deal is effective until the end of June. OPEC sources told Reuters last month that the group could extend the pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level. OPEC''s next meeting is planned for May 25. "It is premature to talk of what we will discuss in April-May. The technical possibility of the deal extension is envisaged by the agreements," Novak said in an interview cleared for publication on Thursday. Officials in the 13-member OPEC, including Saudi Energy Minister Khalid al-Falih, have said global oil stocks need to fall near to their five-year average for the group to say markets are becoming balanced. Novak said further action would depend on the size of stocks and how output in other producers, notably in the United States, China and Norway, which did not join the pact, would affect the global balance of supply and demand. End-December stocks of crude, natural gas liquids and oil products in OPEC member countries had fallen below 3 billion barrels, but were still 286 million barrels above the five-year average, the International Energy Agency said last month. Stocks also continued to build in China and volumes of oil stored at sea increased. Novak said Moscow was unlikely to cut more than it had already pledged if other non-OPEC producers failed to comply with their own promises. "Each country is responsible for its production. In particular, oil companies in Russia voluntarily defined their output plans for 2017 and we can only bear responsibility for our own figures," he said. Azerbaijan, Bahrain, Bolivia, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Sudan and South Sudan are the other non-OPEC producers party to the deal. Novak said oil production in the United States may rise by between 400,000 bpd and 500,000 bpd this year. That is slightly above a previous forecast of a 300,000 to 400,000 bpd increase. Russia itself has pledged to cut output by 300,000 bpd in the first half of the year via a gradual strategy that would see output cut by 200,000 bpd in the first quarter. So far, Russia''s cuts have amounted to around 100,000 bpd. If the output cut deal is not extended, overall Russian oil output for 2017 might rise to 548 million to 551 million tonnes (11.01-11.07 million bpd) from 547.5 million tonnes last year, said Novak. He forecast an average Brent LCOc1 oil price for 2017 of $55-60 per barrel and said the price of Russia''s flagship Urals blend would likely be $2-$3 per barrel below that. (Writing by Vladimir Soldatkin; Editing by Katya Golubkova/Andrew Osborn/Susan Thomas) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-oil-opec-interview-idUKKBN1691LC'|'2017-03-02T19:36:00.000+02:00'|1851.0|''|-1.0|'' 1852|'3e839cef17885f53163663abfd74e7c041a2cc0f'|'Fraport, Vinci, Zurich Airport win rights to four Brazil airports'|'SAO PAULO, March 16 German airport operator Fraport AG won the rights to operate Brazil''s Fortaleza and Porto Alegre airports on Thursday, beating out French group Vinci SA and Zurich Airport with bids of 425 million reais ($137 million) and 291 million reais, respectively, at a government auction.Zurich won the operating license for the Florianopolis airport with a bid of 83 million reais, beating out Vinci, which took the concession for the Salvador airport with the lone bid of 661 million reais.($1 = 3.1117 reais) (Reporting by Gabriela Mello; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-infrastructure-airports-idINE6N1FG00L'|'2017-03-16T12:01:00.000+02:00'|1852.0|''|-1.0|'' 1853|'64e7175abe48bce2a0e018349db61384b07e98db'|'Google sister company Jigsaw offers free security tools to election groups'|'Technology 07am GMT Google sister company Jigsaw offers free security tools to election groups A Google search page is seen through a magnifying glass in this photo illustration taken in Berlin, August 11, 2015. REUTERS/Pawel Kopczynski/Files By Eric Auchard and Toby Sterling - FRANKFURT/AMSTERDAM FRANKFURT/AMSTERDAM Google and its sister company Jigsaw, are stepping up efforts to help keep elections free of online interference after helping to defend one of two important voter information websites that came under cyber attack during last week''s Dutch national election. As campaigns have moved online over the past decade, so too have online attacks escalated against civic institutions -- from candidates, parties, activist volunteers, election monitors and independent media - that are vital to fair elections. Google parent Alphabet Inc''s Jigsaw subsidiary, which supplies security tools to civic groups, is working with Google to safeguard elections globally. A Jigsaw spokesman said on Tuesday that it plans to offer a free suite of security tools called Protect Your Election for upcoming national votes in France, South Korea and Germany, then subsequent elections as they occur. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-cyber-election-idUKKBN16S166'|'2017-03-21T18:04:00.000+02:00'|1853.0|''|-1.0|'' -1854|'838067f454c746dbe8e0424c94c0c8c5786144c2'|'BRIEF-Korea Aerospace Industries selects Triumph for kf-x airframe'|' 56pm EST BRIEF-Korea Aerospace Industries selects Triumph for kf-x airframe March 1 Triumph Group Inc * Triumph awarded contract with korea Aerospace Industries for kf-x airframe mounted accessory drive * Selected by Korea Aerospace Industries, ltd to provide airframe mounted accessory drives (amad) on new kf-x fighter aircraft Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-korea-aerospace-industries-selects-idUSASB0B39Y'|'2017-03-02T04:56:00.000+02:00'|1854.0|1.0|-1.0|'' +1854|'838067f454c746dbe8e0424c94c0c8c5786144c2'|'BRIEF-Korea Aerospace Industries selects Triumph for kf-x airframe'|' 56pm EST BRIEF-Korea Aerospace Industries selects Triumph for kf-x airframe March 1 Triumph Group Inc * Triumph awarded contract with korea Aerospace Industries for kf-x airframe mounted accessory drive * Selected by Korea Aerospace Industries, ltd to provide airframe mounted accessory drives (amad) on new kf-x fighter aircraft Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-korea-aerospace-industries-selects-idUSASB0B39Y'|'2017-03-02T04:56:00.000+02:00'|1854.0|1.0|0.0|'' 1855|'89eb07459a21002f754e1d4fc8ece392e9ed77fa'|'Toshiba shares slide as crisis deepens, fate of Westinghouse unclear'|'Business News - Wed Mar 15, 2017 - 2:23am GMT Toshiba shares slide as crisis deepens, fate of Westinghouse unclear A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, January 19, 2017. REUTERS/Toru Hanai/File Photo TOKYO Shares in Toshiba Corp tumbled on Wednesday after it said it would consider a sale of Westinghouse but did not offer any clarity on whether it would proceed with a Chapter 11 filing for the U.S. nuclear unit - a move that could stem losses. Toshiba''s failure to submit audited third-quarter earnings on Tuesday and its announcement of an expanded probe into Westinghouse also contributed to broad disappointment as did the Tokyo Stock Exchange''s placing of the stock on its supervision list. While the bourse''s move was an automatic one that follows Toshiba''s failure to clear up concerns about its internal controls a year and a half after a 2015 accounting scandal, it increases the risk of a delisting. Market participants said the bourse''s action meant that the was now "untouchable" for institutional investors who cannot invest in the stock due to compliance reasons. Toshiba would be delisted if the bourse is not satisfied with a report on internal controls that Toshiba submitted on Wednesday. The report, required since the 2015 accounting scandal, must also address internal control lapses since then. "Crucial details about Westinghouse won''t be there. Toshiba is already in trouble for delaying the filing of its quarterly earnings twice, and without the complete report, the exchange is unlikely to find its report satisfactory," said Fumio Matsumoto, a senior fund manager at Dalton Capital Japan. Chief Executive Satoshi Tsunakawa sidestepped questions about a potential Chapter 11 filing for Westinghouse on Tuesday, saying only there were various options. Sources have said bankruptcy lawyers have been hired as an exploratory step. Shares in the TVs-to-construction conglomerate slid 7.5 percent in early trade. They have plunged by more than half since December, slashing the company''s market value to $7.4 billion. Masayuki Doshida, senior market analyst at Rakuten Securities, said too much uncertainty surrounded the firm. "For how much can it sell the chip business? When will it release its earnings? Will it remain listed? And can it sell Westinghouse? We are just getting more questions," he said. Toshiba will meet with creditor banks later on Wednesday to explain the situation, sources familiar with the matter said. (Reporting by Ayai Tomisawa and Hideyuki Sano; Writing by Naomi Tajitsu; Editing by Edwina Gibbs) Next In Business News'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN16M097'|'2017-03-15T09:23:00.000+02:00'|1855.0|''|-1.0|'' 1856|'3f8b60d53d9135f1fc12f538d3601f9ebe971b1e'|'Firms stack up Brexit warnings as May triggers divorce talks'|'Wed Mar 29, 2017 - 12:27pm BST Firms stack up Brexit warnings as May triggers divorce talks left A Ryanair aircraft taxis at Fraport airport in Frankfurt, Germany, November 2, 2016. REUTERS/Kai Pfaffenbach 1/2 left right A new car is displayed on the forecourt of a Ford dealership at Portslade near Brighton in southern England January 7, 2014. REUTERS/Luke MacGregor 2/2 By Costas Pitas - LONDON LONDON Ford ( F.N ) and Ryanair ( RYA.I ) warned on Wednesday of the risks of Brexit including disruption to flights and tariffs on cars which could hurt Britain and damage businesses, on the day the prime minister was launching divorce proceedings from the EU. U.S. carmaker Ford, Britain''s biggest automotive engine-maker, low-cost airline Ryanair and German media group Bertlesmann ( BTGGg.F ) issued warnings as Britain began two years of formal EU talks. Ford ( F.N ), a major beneficiary of free trade across the continent where it builds cars in Germany and vans in Turkey, warned that Theresa May must retain unfettered trade. "Any deal must include securing tariff-free trade with the wider Customs Union and not just the EU27, whilst retaining access to the best talent and resources," Ford of Europe president Jim Farley said. "It also is critical that a transitional period is put in place to ensure that customers are not penalized and to maintain free trade." Turkey is not part of the EU but is in the EU customs union. Most international firms which publicly expressed an opinion ahead of last June''s referendum backed Britain remaining in the European Union, fearful of extra costs, trade barriers and unpredictable currency swings. May has said she will take Britain out of the European single market but will seek the best possible access to the European markets and establish better trade ties with other nations. Since the Brexit vote, some firms have announced major investments in Britain with Facebook ( FB.O ) saying it would hire more staff and Google announcing a new flagship building in London. But others are concerned that trading conditions vital to their operations could be lost. Irish airline Ryanair ( RYA.I ) said flights between Britain and the European Union risk being suspended in 2019 if Britain does not prioritize a new aviation deal. Britain will have to renegotiate access to the single aviation market, whereby airlines based in the EU have the right to fly to and from any country in the bloc or even within other member states. German media conglomerate Bertelsmann ( BTGGg.F ) said on Tuesday it may have to reconsider London as the base for its intellectual property operations. "We have made an impact analysis," Chief Executive Thomas Rabe said. "In about a year''s time we will have to come to a decision, when the impact of the Brexit will become more clear." (Additional reporting by Conor Humphries in Dublin and Harro Ten Wolde and Jrn Poltz in Berlin; editing by Stephen Addison) Up Next'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-companies-idUKKBN1701D7'|'2017-03-29T19:24:00.000+03:00'|1856.0|''|-1.0|'' 1857|'b144f4c1047f21f101e3033291e3acd0efc3eb2b'|'Developer of Trump Tower in Toronto faces class action lawsuit'|'TORONTO, March 10 A class-action lawsuit seeking the return of deposits has been launched against the developer of a downtown Toronto hotel bearing the name of U.S. President Donald Trump, the lawyer who won an earlier test case for disgruntled investors said on Friday.The lawsuit filed against Talon International Inc in the name of Ashleka Persaud can be joined by as many as 210 other purchasers who paid deposits to buy hotel units in the tower but did not close their transactions, the filing said.A lawyer for Talon was not immediately available to comment.The Trump International Hotel & Tower has been beset by troubles since opening its doors in 2012, and ownership of the tower itself looks set to fall to its main debt holder after a court-run sale process received no bids last month.Talon, which licensed the Trump brand and hired a Trump-owned company to manage it, was ordered in October to pay damages to one buyer for "negligent misrepresentation" and for another sale to be rescinded. Those buyers were represented by Mitchell Wine, the same lawyer handling the new case.The Supreme Court of Canada earlier this week dismissed Talon''s request for it to hear an appeal of the lower court ruling.The expansion of similar payouts to all buyers of the tower''s hotel units, which were placed into a pool of rooms to be rented out at luxury rates, could amount to a total of C$25 million, the filing said.The case is: Persaud v Talon; Ontario Superior Court of Justice file no: CV-17-569023-00CP (Reporting by Alastair Sharp; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-trump-toronto-idINL2N1GN20E'|'2017-03-10T20:07:00.000+02:00'|1857.0|''|-1.0|'' @@ -2568,7 +2568,7 @@ 2566|'09bb84e00c9b28fb98329cb7ad8399816266a719'|'Deals of the day-Mergers and acquisitions'|'(Adds Vopak, CEZ, Volkswagen, Henderson Global, Merchants Bancshares, EDP, Abertis; Updates CPPIB)April 26 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday: ** Czech utility CEZ has received several offers for its assets in Bulgaria and some are interesting, a spokesman said. ** Frontline has made a fifth offer for tanker operator DHT Holdings and given its rival 24 hours to reconsider a deal which billionaire John Fredriksen hopes will forge the world''s largest tanker company. ** Canada Pension Plan Investment Board (CPPIB), the country''s largest pension fund manager, is exploring opportunities in India''s financial services, telecoms and logistics sectors to expand its bets in the South Asian economy, CPPIB''s Asia Pacific head Suyi Kim said. ** Penta Investments, the biggest shareholder in Czech betting company Fortuna Entertainment Group, does not plan to change the price of 98.69 crowns ($4.00) a share it has offered minority shareholders in a buyout. ** U.S. buyout firm KKR said on Wednesday it has agreed to buy Hitachi Ltd''s chip-making equipment and video solution unit in a deal valuing the company at 257 billion yen ($2.3 billion), its second purchase of a Hitachi unit. ** EDF Energies Nouvelles is looking to "repower" old wind parks and get into the German market through its planned 320 million euro ($350 million) acquisition of French wind developer Futuren,, EDF EN chief Antoine Cahuzac said on Tuesday. ** Nordic telecom operator Telia Company has agreed to sell its Tajik operations to the Aga Khan Fund for Economic Development, taking a step closer to withdrawing from its troubled Central Asian business. ** U.S. private equity firm Cerberus Capital Management LP launched a sell down of up to $446 million in railway firm Seibu Holdings, IFR reported on Wednesday, citing a term sheet of the transaction. ** Finnish utility Fortum will almost double its tally of retail electricity customers in the Nordics as part of a 240 million euro ($262 million) investment involving Norwegian power group Hafslund. ** Shares in Saudi Arabia''s Alawwal Bank rose 9 percent in early trading after it agreed to start talks with Saudi British Bank 1060.SE (SABB) about a merger that could create the kingdom''s third biggest bank with assets of nearly $80 billion. ** Logitech is looking at acquisitions to accelerate growth and help expand into new product categories, Chief Executive Bracken Darrell said, after the computer peripherals maker''s fourth-quarter results beat forecasts. ** Deckers Outdoor Corp said on Tuesday it was exploring strategic alternatives, including a sale of the company, a month after an activist investor urged the apparel and accessories maker to sell itself. ** Bankers are lining up to around 570 million euros ($620.79 million) of debt financing to back a potential sale of Danish packaging group Faerch Plast as the auction process progresses to the final round, banking sources said on Wednesday. ** Volkswagen is considering a possible sale of Italian motorcycle maker Ducati as Europe''s largest carmaker streamlines operations to help fund a strategic overhaul following its emissions scandal, two people familiar with the matter said. ** Spanish infrastructure group Abertis reported rising earnings and said it had received no concrete offer from Italian rival Atlantia after the companies held preliminary talks on a possible takeover. ** The board of directors of Portugal''s wind energy producer EDP Renovaveis said it considers an offer by its parent company EDP to buy out minority shareholders at 6.8 euros a share as adequate, despite complaints by some stockholders. ** The Federal Reserve said it had approved Merchants Bancshares Inc to be acquired by Community Bank System after deciding the tie-up would not harm competition. ** Shareholders of British asset manager Henderson Global Investors backed its $6 billion merger with U.S. fund firm Janus Capital, after Janus shareholders approved the deal earlier this week. ** European ride service Gett has bought U.S. rival Juno for $200 million in a deal that further consolidated the ride-hailing industry and that some said short-changed Juno drivers. ** Czech energy group Czech Coal has told rival electricity producer CEZ it will walk away from a deal to buy the 1,000 megawatt Pocerady power plant unless CEZ approves the transaction by the end of this month, a Czech Coal unit said in a letter to CEZ seen by Reuters. ** Dutch oil and chemical storage company Vopak and tanker operator Exmar said that they had decided not to pursue the acquisition by Vopak of Exmar''s participation in Floating Storage Regasification Unit (FSRU) assets. (Compiled by Tamara Mathias and Divya Grover in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL4N1HY4V3'|'2017-04-26T18:03:00.000+03:00'|2566.0|''|-1.0|'' 2567|'849ac7d617e574500fe4aeaaf2d14cb4ead76e03'|'UPDATE 1-Las Vegas sports gambler Walters convicted of insider trading'|'(Adds details from court hearing, background, bylines)By Nate Raymond and Brendan PiersonNEW YORK, April 7 Famed Las Vegas sports gambler William "Billy" Walters was convicted on Friday of insider trading charges in a scheme that prosecutors said enabled him to make more than $40 million and involved a stock tip to star professional golfer Phil Mickelson.Jurors found Walters guilty on all 10 counts he faced, including securities fraud, wire fraud and conspiracy, following a three-week trial in federal court in Manhattan.Walters, 70, who built a fortune as one of the most successful sports bettors in the United States, expressed disbelief to reporters after hearing the six-man, six-woman jury read its verdict."To say I was surprised would be the understatement of my life," Walters said. "If I had made a bet I would have lost - I just did lose the biggest bet of my life. Frankly I''m in total shock."Barry Berke, Walters'' lawyer, said his client would appeal. Walters is scheduled to be sentenced on July 14.Walters was charged after a high-profile probe focused on what prosecutors called his long-running scheme to obtain confidential tips about Dean Foods Co from its chairman, Thomas Davis.Prosecutors said that from 2008 to 2014, Walters generated $32 million of profit and avoided $11 million of losses by trading on inside information about Dean Foods from Davis.Walters generated another $1 million from trading on a tip about Darden Restaurants Inc, operator of the Olive Garden restaurant chain, they said.Davis, who testified against Walters as part of a plea deal, told jurors he passed tips ahead of Dean Foods'' earnings reports and a 2012 spinoff of part of its business, using "burner" phones to relay the information.Prosecutors said Walters at one point recommended to Mickelson that the golfer, who at the time owed him a gambling debt, buy Dean Foods stock.Mickelson, who has won three Masters golf titles, was not accused of wrongdoing and did not testify at trial.In 2016, Mickelson reached an agreement to pay back $1.03 million that the U.S. Securities and Exchange Commission said he made by trading in Dean Foods stock. (Reporting by Nate Raymond and Brendan Pierson in New York; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-insidertrading-walters-idINL1N1HF1AN'|'2017-04-07T16:47:00.000+03:00'|2567.0|''|-1.0|'' 2568|'b9c900a808ccecc5f438d0b3dcc47be7ec566d45'|'Belarus says Russia promises new loans of over $1 bln'|'Business 06am EDT Belarus says Russia promises new loans of over $1 billion Russian President Vladimir Putin greets Belarus'' President Alexander Lukashenko during their meeting at Konstantin palace in St. Petersburg, Russia April 3, 2017. REUTERS/Dmitri Lovetsky/Pool MINSK Moscow has promised over $1 billion in loans for Belarus after last week''s talks between the leaders of two countries, Belarusian Deputy Prime Minister Vladimir Semashko told the local ONT TV station late on Sunday. Moscow could also help Belarus tap into an additional $600 million from the Russia-led Eurasian Fund for Stabilization and Development, Semashko said. Last week, at a meeting in St Petersburg between Russian President Vladimir Putin and Belarussian leader Alexander Lukashenko, Russia agreed to refinance Belarus'' debt while Belarus will pay back more than $720 million in arrears for gas supplies. According to Russian Deputy Prime Minister Arkady Dvorkovich, Russia will also renew oil supplies to Belarus of 24 million tonnes a year and Russia''s Gazprom ( GAZP.MM ) will give Belarus discounts on gas supplies in 2018 and 2019. (Reporting by Andrei Makhovsky; Writing by Vladimir Soldtakin; Editing by Christian Lowe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-belarus-russia-loans-idUSKBN17C0KY'|'2017-04-10T15:02:00.000+03:00'|2568.0|''|-1.0|'' -2569|'883e418688edd9614a332e5320d4fe0603f11815'|'BRIEF-Supremex announces appointment of Bertrand Jolicoeur as CFO'|' 23am EDT BRIEF-Supremex announces appointment of Bertrand Jolicoeur as CFO April 20 Supremex Inc * Supremex announces appointment of Chief Financial Officer and strengthens executive team * Says announced appointment of Bertrand Jolicoeur as Chief Financial Officer * Says Lyne Bgin, interim vice-president of finance, will return to her role as corporate controller Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-supremex-announces-appointment-of-idUSASA09JE1'|'2017-04-20T21:23:00.000+03:00'|2569.0|1.0|-1.0|'' +2569|'883e418688edd9614a332e5320d4fe0603f11815'|'BRIEF-Supremex announces appointment of Bertrand Jolicoeur as CFO'|' 23am EDT BRIEF-Supremex announces appointment of Bertrand Jolicoeur as CFO April 20 Supremex Inc * Supremex announces appointment of Chief Financial Officer and strengthens executive team * Says announced appointment of Bertrand Jolicoeur as Chief Financial Officer * Says Lyne Bgin, interim vice-president of finance, will return to her role as corporate controller Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-supremex-announces-appointment-of-idUSASA09JE1'|'2017-04-20T21:23:00.000+03:00'|2569.0|1.0|0.0|'' 2570|'3c90383b7bbc07a4ac7fa0fcce0bc746e23decc1'|'European regulators offer Brexit sweeteners to investment banks'|' 2:11pm BST European regulators offer Brexit sweeteners to investment banks FILE PHOTO: The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the ''''Luminale, light and building'''' event in Frankfurt, Germany, March 12, 2016. REUTERS/Kai Pfaffenbach/File Photo By Huw Jones , Rachel Armstrong and Jess Aguado - LONDON/MADRID LONDON/MADRID A gap in EU financial rules is allowing member countries to compete to host the trading operations of London-based investment banks after Brexit by offering looser regulatory standards. The European Central Bank is the euro zone''s banking supervisor but, under EU law, does not have direct responsibility for the divisions of banks that conduct most of their market trading broker-dealers even though they are some of the most complex and riskiest parts of their businesses. This is largely because when the ECB became responsible for euro zone supervision in 2014 the bulk of broker-dealers were in London and therefore not under its purview. This means banks now looking to relocate these operations, to continue to trade continental securities after Britain leaves the EU, will have businesses approved and supervised by the national markets regulator of whichever country they move to. Countries hoping to lure banks to their financial centres after Brexit are offering differing regulatory standards, raising fears at the ECB that they could be subject to light touch supervision and undermining its aim of making financial regulation consistent across the bloc. Such inconsistencies mean broker-dealers trading the same markets in Europe could be subject to different regulatory requirements and raise the prospect that some would take on more risks than other regulators would deem appropriate. "Regardless of balance sheet size, it''s currently the national regulators who will have the authority to approve and regulate the broker-dealers. That is raising concerns of inconsistencies emerging," said Vishal Vedi a partner at Deloitte who is advising banks on how they will need to reorganise as a result of Brexit. Across the euro zone, the likes of Frankfurt, Dublin, Luxembourg and Madrid are vying to lure banks, hoping to benefit from the tax revenues and jobs they would bring. Regulation is one way to differentiate themselves. One area in focus is the extent to which national regulators will allow broker-dealers to conduct "back-to-back" trading. This is where a bank would conduct trades - for example, buying European securities - out of its EU base but process and risk manage the transactions at its London office. This would minimise the and number of people a bank would have to move to Europe after Brexit as much of the trading and risk could continue to be overseen in London. But it would mean regulators in that country and the wider euro zone would not have supervisory control over the people and units that are conducting the trading and managing the risks, with minimal amounts of capital held locally at the EU unit. SPAIN, GERMANY Spain''s markets regulator CNMV has said it wants to make Madrid "the most appealing option for investment firms considering a move from the UK to another EU country". According to people advising investment banks on where to move, CNMV has said it would consider allowing broker-dealers to back-to-back 100 percent of their trades. Other regulators have also said they would allow some back-to-back trading, although will require a portion of the trades to be managed locally, those people said. "We can look into it, but we will see how this plays out and what the regulatory framework will look like in two years'' time," a CNMV spokesman said when asked whether it would allow 100 percent back-to-back trading. CNMV said in December that while it wanted to be the most welcoming place in Europe for UK financial firms, it would not accept "totally empty shells" or breaches to EU securities rules. Germany''s regulator Bafin has meanwhile said it would consider the limited and temporary use of back-back arrangements, according to an official there, but has indicated that it would expect banks to eventually establish a substantial operation in the country. The approach by some regulators to Brexit has created resentment among some countries. Last month Ireland complained to the European Commission that it was being undercut by rival cities competing to host financial firms looking for a European Union base outside London after Brexit. The EU''s European Securities and Markets Authority (ESMA) has been studying ways to limit unfair competition among the bloc''s national securities regulators. It declined to comment for this article. So far, banks are showing no signs of flocking to Madrid, citing other factors such as Spain''s relatively low sovereign credit rating as a reason not to go there. Countries are also diverging in how banks'' risk models for their broker dealers would be assessed, with some saying they would be approved immediately if they were to use the same model to the one they use in Britain. "Regulators differ in their approach to risk models particularly around the level of reliance that they will be prepared to place on models which have already been approved in the existing UK entity and the amount of pre-assessment they will do themselves," said Deloitte''s Vedi. BANKS WARY Most banks - publicly at least - have yet to make a final decision on where they plan to set up their broker dealers after Brexit, and executives say they are sceptical about whether they will be allowed to use workarounds like back-to-back in the long term. "We do suspect that following Brexit, there will be constant pressure by the EU not to ''outsource'' services to the United Kingdom but to continue to move people and capabilities into EU subsidiaries," JPMorgan Chief Executive Jamie Dimon said in his annual letter to shareholders on Tuesday. The ECB has warned banks that if they try to cut corners by asking for back-to-back deals, they will be disappointed. But currently it does not have the legal authority to oversee broker-dealers, though sources say it is quietly trying to put pressure on countries they think are offering lower standards. The ECB declined to comment on Spain or ''back-to-back'' arrangements more broadly, but instead pointed to previous comments by its officials. Sabine Lautenschlaeger, an ECB executive board member, expressed her concerns on the issue in March when she said there could be changes to EU laws to bring broker-dealers under the ECB''s supervision. "Needless to say that I would certainly not accept banks booking all exposures with the euro area entity while having their risk management and internal control systems outside the euro area," she said. Regulators like CNMV are currently free to cut deals as long as they don''t breach EU securities rules, but the bloc''s regulatory landscape could change within a year or two and cast a shadow over any deals on regulation agreed now. The EU''s executive European Commission has proposed that non-EU banking firms with banking and broker-dealer operations with total assets of more than 30 billion euros in the EU, should set up an intermediate holding company inside the bloc. An intermediate holding company would come under direct ECB supervision in euro zone countries. (Additional reporting by John O''Donnell and Francesco Canepa in Frankfurt; Editing by Pravin Char)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN17C1EX'|'2017-04-10T21:11:00.000+03:00'|2570.0|''|-1.0|'' 2571|'a80c589510015f33542780e3b4c6de1a6660b648'|'Linde rejects request to vote on Praxair merger at AGM'|'Deals 35am BST Linde rejects request to vote on Praxair merger at AGM FILE PHOTO: Linde Group logo is seen at company''s plant in Munich-Pullach, Germany, August 16, 2016. REUTERS/Michaela Rehle/File Photo FRANKFURT Germany''s Linde ( LING.DE ) has for a second time rejected a request for a shareholder vote at its annual general meeting next month on its planned $65 billion merger with U.S. industrial gases rival Praxair ( PX.N ). Linde said shareholders would in any case have to decide individually whether to accept a public offer from the new combined holding company, so a vote at the AGM on May 10 would not be appropriate. "Even if a qualified majority of Linde shareholders would accept the exchange offer, not a single Linde shareholder will be forced to exchange his shares," it said in a filing to the U.S. Securities and Exchange Commission. Linde was responding to a renewed request from German private-investor association DSW, which came on behalf of shareholders Aberdeen Asset Management and BayernInvest. (Reporting by Georgina Prodhan and Jens Hack; Editing by Edward Taylor)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-linde-m-a-praxair-idUKKBN17D11F'|'2017-04-11T17:29:00.000+03:00'|2571.0|''|-1.0|'' 2572|'ad135ca8bd2f0a27fc82ff1f2ce9979178fb7bd3'|'BRIEF-Invesco reports preliminary month-end AUM of $834.8 bln'|' 33pm EDT BRIEF-Invesco reports preliminary month-end AUM of $834.8 bln April 12 Invesco Ltd * Invesco Ltd. announces March 31, 2017 assets under management and extension of foreign exchange hedges * Says reported preliminary month-end assets under management (AUM) of $834.8 billion, a decrease of 0.2% month over month Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-invesco-reports-preliminary-month-idUSASA09IDC'|'2017-04-12T04:33:00.000+03:00'|2572.0|''|-1.0|'' @@ -4079,7 +4079,7 @@ 4077|'b50f853de61d3b85a565d31ff3884699ed43c4c8'|'Bain Capital raises $720 million for life sciences fund'|'By Carl O''Donnell Private equity firm Bain Capital LP said on Tuesday it had raised $720 million for its first investment fund focused exclusively on the life sciences sector.The fund will give Bain the ammunition to focus on targeted investments at a time when the life sciences industry seeks more capital to fund its expansion."We are excited by some of the long-term secular trends in the life sciences space," said Adam Koppel, a managing director at Bain Capital Life Sciences. "Big pharma is increasingly outsourcing R&D at the same time as many new technologies and treatments are being developed."Guided by a team of eight investment professionals, the new business will make investments of between $30 million and $70 million in public and private life sciences companies in areas ranging from medical devices to specialty pharmaceuticals to biotech.The fund will target companies at several key stages of their life cycle, including raising funds for clinical trials, scaling up after receiving regulatory approval for their products, or pursuing turnarounds.It will also partner with Bain Capital''s private equity funds to participate in leveraged buyouts.With the exception of its private equity investments, the fund will not usually seek a controlling stake in the companies it invests in, but it will aim for board representation in its portfolio companies."We are not going to be activist investors, we are going to be more like what they call ''constructivist'' investors who play an important role in companies'' strategic decisions," said Jeff Schwartz, also a managing director at Bain Capital Life Sciences.Bain Capital has already made two investments through the new fund, in publicly traded biotechnology company Dicerna Pharmaceuticals Inc ( DRNA.O ) and in privately held Solid Biosciences.Both are development-stage companies that are aiming to treat rare diseases, among other conditions.Based in Boston, Bain Capital is one of the largest alternative investment firms in the world, with around $75 billion of assets under management.It has made a number of major investments in various areas of healthcare, including contract researcher Quintiles, behavioral health facility operator Acadia Healthcare Co Inc, and drugmaker QuVa Pharma.(Reporting by Carl O''Donnell in New York; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-baincapital-lifesciencesfund-idINKBN18J1GV'|'2017-05-23T09:02:00.000+03:00'|4077.0|''|-1.0|'' 4078|'6ae730ebeaf8bf53fe33250e8bedbcd806b365f6'|'Israel car cyber firm Karamba raises money from Paladin, Liberty Mutual'|'Deals - Tue May 16, 2017 - 8:24am EDT Israel car cyber firm Karamba raises money from Paladin, Liberty Mutual TEL AVIV Israeli startup Karamba Security, a provider of cybersecurity for connected and self-driving cars, said on Tuesday it raised $12 million, attracting first-time investment in Israel from Washington-based cyber-focused Paladin Capital. The latest investment brings Karamba''s total fundraising to $17 million, with existing investors YL Ventures of California and Detroit-based Fontinalis Partners leading the round, followed by GlenRock Israel. Other new investors are Liberty Mutual Strategic Ventures, Sumitomo Corp''s Presidio Ventures and security management provider Asgent ( 4288.T ). The global cybersecurity market for cars was estimated by Mordor Intelligence to grow to $1.1 billion by 2020 from $17 million in 2015. Karamba said its software protects cars based on their factory settings, blocking hacking attempts as they deviate from these settings and before they infiltrate the car. Paladin, with $1 billion in four funds, said this was its first investment in automotive security. "We see this notion of Karamba trying to prevent attacks as substantial progress on what exists today to detect attacks," Paladin managing director Kenneth Minihan told Reuters. Minihan, a retired Air Force lieutenant general and former director of the U.S. National Security Agency, said ransomware attacks such as those that occurred over the weekend would not be relevant to automobiles, which operate in their own network. But hackers may "attempt to disrupt data feeds that are telling you what''s happening around other cars," he said. Karamba said network security technology based on statistical modeling is prone to false alarms that could risk lives if applied to cars. For example, brakes could fail if a legitimate command is mistakenly identified as malicious and blocked. (Reporting by Tova Cohen, editing by Pritha Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cyber-karamba-fundraising-idUSKCN18C1FK'|'2017-05-16T20:20:00.000+03:00'|4078.0|''|-1.0|'' 4079|'f4b27f739f6f7468f57b3d4db4a673ae5d325c77'|'Akzo Nobel wins court case filed by shareholders in PPG takeover battle - Reuters'|'AMSTERDAM A Dutch court on Monday rejected a request by Akzo Nobel investors for it to take immediate action against the company over its rejection of a takeover bid by U.S. rival PPG Industries, handing the Dutch company a victory in its efforts to repel the U.S. firm''s 25 billion-euro ($28 billion) proposed offer.The decision ratchets up the pressure on PPG to decide whether to file formal bidding papers for Akzo with Dutch regulators by a June 1 deadline - or walk away for at least six months.Presiding Judge Gijs Makkink said that Akzo''s board had been within its rights to reject entering into talks with PPG. However, he noted that the management faced dissent from a large group of shareholders which wanted it to engage in talks with PPG. A group representing around 18 percent of its equity had spoken out in support of the suit, launched by hedge fund Elliott Advisors."This is a problem that cannot be ignored by Akzo Nobel," Makkink said, though he left it up to the company to decide what steps it should take to mend the rift.Elliott Advisors had asked the court to order an extraordinary shareholders meeting to consider a motion to dismiss Chairman Antony Burgmans over the company''s decision to reject a proposed takeover offer from PPG worth 25.3 billion euros ($28.3 billion).The judge rejected that, saying that it amounted to an attempt to force the board of directors to change their strategic direction, which was not a right that shareholders have under Dutch law.A spokesman for Elliott declined to comment. PPG, which has taken legal action with a different Dutch court in seeking to extend the June 1 deadline for filing bid papers, was not immediately available for comment.Akzo Nobel spokesman Leslie McGibbon said the company was "very pleased" with Monday''s decision."Now we are focused on executing our high growth and value creation plan."He said it was too soon to say what more the company might do to explain its position to shareholders."We have been conducting a high level of shareholder engagement in the past several months and that will continue."PPG began its pursuit of Akzo Nobel in March.(Reporting by Toby Sterling and Bart Meijer; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/akzo-nobel-m-a-ppg-inds-idINKBN18P1RH'|'2017-05-29T14:50:00.000+03:00'|4079.0|''|-1.0|'' -4080|'11a0f4ea79ddc29fc13345d08325a9151a3d16da'|'Japan passes law to tighten regulations on high-frequency trading'|'Business 10:13am BST Japan passes law to tighten regulations on high-frequency trading TOKYO Japan tightened regulations on high-frequency trading (HFT) this week, passing into law measures that will require HFT firms to register with regulators. Other nations in Europe and elsewhere in Asia are looking to tighten the leash on high-frequency traders who programme ultra-fast computers to trade in milliseconds without human intervention. Some major U.S. exchanges want to introduce speed limits on trading. The growing presence of HFT on the Tokyo Stock Exchange (TSE) has raised concerns high-speed trading could destabilise markets and leave retail investors at a disadvantage. The law was passed by parliament on Wednesday and the new regulations could come into force as early as 2018. Japan''s market regulator, the Financial Services Agency (FSA), has said previously it wanted HFT participants to register and to ensure proper risk management measures were in place. "The definition has not yet been created. We can guess at who might be affected, but we don''t know for sure the full scope of who will be affected," said Seth Friedman, chief executive of advisory firm Shiroyama Consulting Co.. The new rules stipulate that a company engaging in HFT will have to establish an office in Japan or be represented in the country by an agent. HFT accounted for about 70 percent of orders on the Tokyo Stock Exchange in 2016, FSA estimates show. High-speed trading accounted for slightly less than half of actual traded value, according to market participants, taking into account order cancellations. That would amount to slightly less than 321 trillion yen ($2.9 trillion) based on figures on the TSE website for total trade in cash equity of 643 trillion yen. (Reporting by Lisa Twaronite; Editing by)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-regulations-hft-idUKKCN18F0TU'|'2017-05-19T17:13:00.000+03:00'|4080.0|1.0|-1.0|'' +4080|'11a0f4ea79ddc29fc13345d08325a9151a3d16da'|'Japan passes law to tighten regulations on high-frequency trading'|'Business 10:13am BST Japan passes law to tighten regulations on high-frequency trading TOKYO Japan tightened regulations on high-frequency trading (HFT) this week, passing into law measures that will require HFT firms to register with regulators. Other nations in Europe and elsewhere in Asia are looking to tighten the leash on high-frequency traders who programme ultra-fast computers to trade in milliseconds without human intervention. Some major U.S. exchanges want to introduce speed limits on trading. The growing presence of HFT on the Tokyo Stock Exchange (TSE) has raised concerns high-speed trading could destabilise markets and leave retail investors at a disadvantage. The law was passed by parliament on Wednesday and the new regulations could come into force as early as 2018. Japan''s market regulator, the Financial Services Agency (FSA), has said previously it wanted HFT participants to register and to ensure proper risk management measures were in place. "The definition has not yet been created. We can guess at who might be affected, but we don''t know for sure the full scope of who will be affected," said Seth Friedman, chief executive of advisory firm Shiroyama Consulting Co.. The new rules stipulate that a company engaging in HFT will have to establish an office in Japan or be represented in the country by an agent. HFT accounted for about 70 percent of orders on the Tokyo Stock Exchange in 2016, FSA estimates show. High-speed trading accounted for slightly less than half of actual traded value, according to market participants, taking into account order cancellations. That would amount to slightly less than 321 trillion yen ($2.9 trillion) based on figures on the TSE website for total trade in cash equity of 643 trillion yen. (Reporting by Lisa Twaronite; Editing by)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-regulations-hft-idUKKCN18F0TU'|'2017-05-19T17:13:00.000+03:00'|4080.0|1.0|0.0|'' 4081|'cc4113501e50148cbd20ff8d6b8dc4fb6d36d218'|'IMF reaches staff level agreement for second loan instalment to Egypt'|'Money 9:46pm IST IMF reaches staff level agreement for second loan instalment to Egypt A security personnel stands next to International Monetary Fund logo at IMF headquarters in Washington, U.S., April 19, 2017. REUTERS/Yuri Gripas/Files CAIRO The International Monetary Fund said on Friday it had reached a staff-level agreement with Egypt on a second loan instalment that would make available about $1.25 billion. The IMF approved a $12-billion, three-year loan programme to Egypt in November and paid out $2.75 billion of the first $4 billion tranche of the loan. An IMF team was in Cairo this week conducting a review of Egypt''s reform efforts to decide when the next $1.25 billion would be disbursed. In a statement at the end the IMF visit, team leader Chris Jarvis said: "The IMF staff team and the Egyptian authorities have reached a staff-level agreement on the first review of Egypt''s economic reform programme supported by the IMF''s $12 billion arrangement. "The staff level agreement is subject to approval by the IMF''s Executive Board." Jarvis said completion of the review would make about $1.25 billion available to Egypt, bringing total disbursements under the programme to about $4 billion. There was no immediate comment from the Egyptian government. The IMF described the agreement as "a vote of confidence by the IMF staff" in Egypt''s reform process, which the Fund said was "off to a good start". The floating of the Egyptian currency last November, as well as the introduction of a value added tax and reform of energy subsidies had all had significant effects, it said Foreign exchange shortages are resolved and interbank market activity is recovering, the IMF added. "Egypt has regained investors'' confidence," the statement said, citing strong appetite for Egypts eurobond sale in January, while private sector remittances and portfolio investments had increased considerably. It said manufacturing was rebounding strongly and exports had increased significantly. Egypt''s GDP growth reached 3.9 percent in the first quarter of this year. The IMF said it supported the Central Bank''s objective of bringing inflation -- currently more than 30 percent -- down to single digits over the medium term. Rising prices present a challenge for President Abdel Fattah al-Sisi and his government, which have pledged to push ahead with sensitive austerity measures like fuel and electricity price hikes. The IMF said the finance ministry had drafted a "very strong budget" which if enacted by parliament would put public debt on a "clearly declining path to sustainable levels". The statement said parliament''s approval of new industrial licensing and investment laws would help unlock Egypt''s growth potential, attract investors, increase exports and industrial production, as well as create well-paid jobs. The government''s reform programme, which the IMF supported, would "lay the foundations for strong and sustainable growth that improves the lives of all Egyptians," the statement said. (Reporting by Giles Elgood; Additional reporting by Eric Knecht; Editing by Hugh Lawson and Toby Davis)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/egypt-imf-idINKBN1882B3'|'2017-05-12T14:16:00.000+03:00'|4081.0|''|-1.0|'' 4082|'ccb97e864e98239f8d3e15cb527c5c558a6efcf4'|'EU refuses to lower size of private cash injection for Veneto banks'' rescue - sources'|'Business News 8:14pm BST EU refuses to lower size of private cash injection for Veneto banks'' rescue: sources MILAN The European Commission has turned down a request to reduce the size of a one billion euro (849.81 million pounds) private capital injection for two ailing regional banks needed to approve a state-backed rescue plan, four sources said on Wednesday. A meeting on Wednesday between EU Commission officials, top management of Popolare di Vicenza and Veneto Banca, and Italian Treasury representatives turned out negatively, the sources said. The two banks will attend a meeting at the Italian Treasury on Thursday to assess the situation, the sources added. The banks and the Italian Treasury declined to comment. Popolare di Vicenza and Veneto Banca, both based near Venice, are among the country''s most troubled lenders and have requested state aid to help fill a capital shortfall of 6.4 billion euros. (Reporting by Andrea Mandala, Paola Arosio and Stefano Bernabei, writing by Stephen Jewkes, editing by Isla Binnie)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-italy-veneto-banks-eu-idUKKBN18K2SZ'|'2017-05-25T02:49:00.000+03:00'|4082.0|''|-1.0|'' 4083|'4d8f7edd9ebf15804b0372ce256de776a1946762'|'US STOCKS SNAPSHOT-Wall St opens higher ahead of Trump''s budget plan'|'US Market Report 32am EDT US STOCKS SNAPSHOT-Wall St opens higher ahead of Trump''s budget plan May 23 U.S. stocks opened higher on Tuesday, shrugging off a deadly bomb blast in Britain and ahead of U.S. President Donald Trump''s first full budget plan that is aimed at slashing government spending and trimming the deficit. The Dow Jones Industrial Average rose 43.81 points, or 0.21 percent, to 20,938.64, the S&P 500 gained 4.41 points, or 0.18 percent, to 2,398.43, while the Nasdaq Composite added 17.07 points, or 0.28 percent, to 6,150.69. (Reporting by Tanya Agrawal; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL4N1IP4GR'|'2017-05-23T21:32:00.000+03:00'|4083.0|''|-1.0|'' @@ -4184,7 +4184,7 @@ 4182|'6c5ed470b77cd5285380db39fbeef54d7e45b6c6'|'Homebase owner to create 1,000 jobs in Britain as it accelerates expansion'|' 6:58pm BST Homebase owner to create 1,000 jobs in Britain as it accelerates expansion LONDON The Australian owner of British home improvements retailer Homebase said on Thursday it would create about 1,000 new jobs in Britain by the end of this year as it accelerates its expansion drive. Bunnings, part of Australia''s biggest retail group Wesfarmers Ltd, completed its purchase of the Homebase chain from Home Retail last year. The firm is now planning to open 20 Bunnings stores in Britain by the end of the year, up from its previous expectation of 10 stores after the success of two pilot stores. "Our decision to extend the pilot programme reflects the positive reaction weve seen from customers to the stores weve opened so far," said PJ Davis, managing director at Bunnings in the UK and Ireland. Bunnings halted the planned closure of several Homebase stores a year ago, and is investing 500 million pounds to convert the entire Homebase estate to the Bunnings name and format in three years. The piloting of new stores comes at a time when British consumer confidence has plunged following the political crisis sparked by Prime Minister Theresa May''s election gamble that backfired. Two major surveys this week showed confidence among British consumers and retailers had fallen back to levels last seen in the wake of the shock 2016 Brexit vote which thrust Britain''s $2.5 trillion economy onto an uncertain path. (Reporting by Andrew MacAskill; Editing by Alistair Smout and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bunnings-employment-britain-idUKKBN19K2LA'|'2017-06-29T20:58:00.000+03:00'|4182.0|''|-1.0|'' 4183|'cba03ae8b04b064018f18d58cd247a61b138216a'|'Deutsche Bank outlines organisation of revamped investment bank'|' 18pm IST Deutsche Bank outlines organisation of revamped investment bank The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski/Files By Tom Sims - FRANKFURT FRANKFURT Deutsche Bank has outlined clearly differentiated roles for the co-heads of its revamped investment bank to make it more efficient and is also creating a new global markets division. In an email to employees on Wednesday, Deutsche Bank said it wanted to reduce bureaucracy and simplify the organisation, which would in turn lead to substantial cost savings this year. Marcus Schenck and Garth Ritchie, named this year to lead the reorganised corporate and investment bank, outlined in the email how they would split their duties. Germany''s largest lender has been trying to regain its footing after a series of scandals, lawsuits and bets that went wrong pushed it to the brink of collapse last year. The memo said Schenck would concentrate on clients, overseeing corporate finance, global capital markets, and the bank''s institutional client group. Ritchie will focus on products and processes, supervising equities, fixed income and currencies, global transaction banking, electronic trading, listed derivatives and clearing, research and the division''s technology and operations. The new global capital markets division announced in the memo will be jointly headed by Alexander von zur Muehlen in Frankfurt and Mark Fedorcik in New York. Schenck and Ritchie said the changes would take effect on July 1, when Schenck moves to the corporate and investment bank full time after serving as Deutsche''s chief financial officer. Bloomberg News first reported the details of the memo. Earlier this year, Deutsche Bank said it would combine its divisions for markets, corporate finance and global transaction banking into a single corporate and investment bank (CIB) as part of a broader restructuring of Germany''s biggest lender. In the memo, Schenck and Ritchie said the executive committee of the corporate and investment bank (CIB) had asked a special team "to reduce bureaucracy and complexity, which will achieve substantial cost savings in 2017." "Their success will directly affect CIB''s 2017 profitability and compensation programme," the email said. "We ask you to support them as they implement changes." Deutsche Bank transformed itself into a major player on Wall Street over the past two decades, but bets that backfired and a series of scandals resulted in a litigation bill of 15 billion euros ($16.8 billion) since 2009. While rivals spent the years since the 2008 collapse of Lehman Brothers cleaning up and finding new business models, Deutsche Bank did not restructure as quickly as others and was hit by a series of lawsuits over its conduct. The bank has settled its most painful litigation cases, including the alleged manipulation of interest rates and sham equities trading in Russia, which surfaced as late as 2015. At the end of last year it finally settled with the U.S. Department of Justice for misselling toxic mortgages, agreeing to pay $7.2 billion. ($1 = 0.8938 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/deutsche-bank-roles-idINKBN19610Q'|'2017-06-15T17:48:00.000+03:00'|4183.0|''|-1.0|'' 4184|'e7f19aa3fec4fb385eaac6994b61f4a5e68bffb6'|'BlackRock makes technology deal in cash management business'|'Business News - Tue Jun 27, 2017 - 4:21pm BST BlackRock makes technology deal in cash management business FILE PHOTO: The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid/File Photo By Trevor Hunnicutt BlackRock, the world''s biggest asset manager, on Tuesday said it would buy a software company that helps businesses invest their cash, marking its second investment in a technology firm this month. The investment giant with oversight of $5.4 trillion in assets will buy Denver-based Cachematrix Holdings LLC in a deal slated to close next quarter, according to a statement by both companies. Terms were not disclosed. Cachematrix builds a software tool that banks can provide to corporate treasurers managing the cash and short-term debt they hold. Investments can be made in money-market funds provided by BlackRock and rival money managers, such as Fidelity Investments, Goldman Sachs Group Inc and Charles Schwab Corp. Just last week, BlackRock said it would take a stake in Scalable Capital, a European digital investment manager. The deals come two months after BlackRock Chief Executive Officer Larry Fink told Reuters he was considering up to four small acquisitions to shore up the New York-based company''s technology and investment expertise. Fink has placed an unusual emphasis on technology for a company in his industry, including through the company''s Aladdin operating system for investment management, which it licenses to rivals. The latest deal gives BlackRock a new stable of bank clients and pushes Aladdin further into the business of advising companies on how to invest their cash. In a statement, BlackRock said it plans to combine some of Cachematrix''s features with Aladdin. On its website, Cachematrix lists Bank of America Corp, Morgan Stanley and HSBC among its clients and reports assisting with $200 billion of client assets. Banks trying to meet strict requirements intended to prevent another financial crisis have been looking to shed deposits that would require them to hold more capital. Businesses have been eager to find places to put cash as ultra-easy monetary policy has pushed yields on debt to historic lows. BlackRock in 2015 expanded its reach in the business of managing large institutions'' cash and short-term investments when it acquired the money-market fund business run by Bank of America. BlackRock''s cash business included nearly $400 billion in assets at the end of March. (Reporting by Trevor Hunnicutt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-blackrock-moneymarket-idUKKBN19I22T'|'2017-06-27T23:21:00.000+03:00'|4184.0|''|-1.0|'' -4185|'81100964ceed3ac2983308af9cc6e814d0e4959b'|'Gunman in California UPS shooting targeted co-workers for slayings'|'By Steve Gorman - June 23 June 23 The UPS employee who shot three coworkers to death last week inside a United Parcel Service facility in San Francisco before killing himself appears to have singled out his victims deliberately, but a motive remains unknown, police said on Friday.Investigators have yet to examine the contents of computers, cell phones and a journal seized from the gunman''s home in their search for clues to the June 14 attack, San Francisco Police Commander Greg McEachern said at a news conference.McEachern also revealed the murder weapon was a MasterPiece Arms "assault-type pistol" that he said was "commonly known as a MAC-10," equipped with an extended 30-round magazine. He said such weapons are outlawed in California.That gun and a second, semiautomatic pistol recovered from the scene were both listed as stolen weapons - the MAC-10 from Utah and the other handgun in California, McEachern said.Police offered few new details about how the shooting itself unfolded.The gunman, Jimmy Lam, 38, was attending a morning briefing with fellow employees at the UPS package-sorting and delivery center in San Francisco when he pulled out a gun and "without warning or saying anything" opened fire on four co-workers, the police commander said.The first two victims, identified as Wayne Chan, 56, and Benson Louie, 50, were killed.In the ensuing pandemonium, Lam walked calmly outside the building, approached another co-worker, Michael Lefiti, 46, and shot him dead without uttering a word, then reentered the facility.Moments later, as police closed in, Lam put a gun to his head and pulled the trigger, McEachern said, adding that Lam fired about 20 rounds in all before the bloodshed ended. Police never fired a shot.While no motive has been established, McEachern said interviews of various witnesses have led investigators to believe that the three slayings were "purposeful and targeted," based on actions observed that day.He said surveillance video also showed that during the rampage, Lam appeared to pass by other co-workers "without there being any interactions," suggesting those he did shoot were intentionally singled out. It was less clear whether the two surviving gunshot victims were deliberately targeted, he said.News of the carnage in San Francisco was largely overshadowed that day by an unrelated shooting hours earlier in the Virginia suburbs of Washington that left a congressman and several others wounded before police killed the assailant. (Reporting by Steve Gorman in Los Angeles; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/california-ups-shooting-idINL1N1JL018'|'2017-06-23T23:51:00.000+03:00'|4185.0|1.0|-1.0|'' +4185|'81100964ceed3ac2983308af9cc6e814d0e4959b'|'Gunman in California UPS shooting targeted co-workers for slayings'|'By Steve Gorman - June 23 June 23 The UPS employee who shot three coworkers to death last week inside a United Parcel Service facility in San Francisco before killing himself appears to have singled out his victims deliberately, but a motive remains unknown, police said on Friday.Investigators have yet to examine the contents of computers, cell phones and a journal seized from the gunman''s home in their search for clues to the June 14 attack, San Francisco Police Commander Greg McEachern said at a news conference.McEachern also revealed the murder weapon was a MasterPiece Arms "assault-type pistol" that he said was "commonly known as a MAC-10," equipped with an extended 30-round magazine. He said such weapons are outlawed in California.That gun and a second, semiautomatic pistol recovered from the scene were both listed as stolen weapons - the MAC-10 from Utah and the other handgun in California, McEachern said.Police offered few new details about how the shooting itself unfolded.The gunman, Jimmy Lam, 38, was attending a morning briefing with fellow employees at the UPS package-sorting and delivery center in San Francisco when he pulled out a gun and "without warning or saying anything" opened fire on four co-workers, the police commander said.The first two victims, identified as Wayne Chan, 56, and Benson Louie, 50, were killed.In the ensuing pandemonium, Lam walked calmly outside the building, approached another co-worker, Michael Lefiti, 46, and shot him dead without uttering a word, then reentered the facility.Moments later, as police closed in, Lam put a gun to his head and pulled the trigger, McEachern said, adding that Lam fired about 20 rounds in all before the bloodshed ended. Police never fired a shot.While no motive has been established, McEachern said interviews of various witnesses have led investigators to believe that the three slayings were "purposeful and targeted," based on actions observed that day.He said surveillance video also showed that during the rampage, Lam appeared to pass by other co-workers "without there being any interactions," suggesting those he did shoot were intentionally singled out. It was less clear whether the two surviving gunshot victims were deliberately targeted, he said.News of the carnage in San Francisco was largely overshadowed that day by an unrelated shooting hours earlier in the Virginia suburbs of Washington that left a congressman and several others wounded before police killed the assailant. (Reporting by Steve Gorman in Los Angeles; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/california-ups-shooting-idINL1N1JL018'|'2017-06-23T23:51:00.000+03:00'|4185.0|1.0|0.0|'' 4186|'202d528429d6df0062d77bedc1b8912560ecb16e'|'CEE MARKETS-Zloty eases, central bank chief sees no rate hike until end-2018'|'* Zloty retreats and other CEE currencies are mixed * Investors hold breath before British vote and ECB meeting * Romania to scale back wage hikes; leu eases (Recasts with Polish central bank decision and comments) By Sandor Peto BUDAPEST, June 7 The zloty weakened against the euro on Wednesday as the Polish central bank kept interest rates on hold and its governor reiterated that he did not expect them to rise until the end of next year. Central European assets were generally rangebound ahead of key global events on Thursday. "The big events will be the British elections, the testimony of (former FBI Director James) Comey (about last year''s U.S. elections), and the ECB''s meeting," one Budapest-based fixed income trader said. The Polish bank kept its main interest rate unchanged at a record low 1.5 percent, as expected. Analysts in a Reuters poll put the likely date of a rate hike in the third quarter of 2018, after projecting the second quarter a month ago. But the bank''s governor Adam Glapinski reiterated that he personally expected that rates would not be raised until the end of 2018. He also said the bank was not concerned about the zloty''s recent gains. The zloty, after an initial rebound from two-week lows set on Tuesday, eased 0.1 percent against the euro, hovering at the 4.2 psychological line. It is still near the nine-month high of 4.1619 it hit last month. Glapinski said consumer confidence was the highest in Poland for 30 years, while inflation had stabilised and might even fall slightly. Elsewhere in the region, the forint eased 0.1 percent, after disappointing Hungarian and Czech industrial output figures. Output fell in April by 3 percent in annual terms in Hungary, although analysts had predicted a rise. A 2.5 percent Czech decline was more than forecast. Analysts said the output fall was at least partly caused by fewer working days due to the Easter holidays. The leu eased 0.1 percent to 4.5735, trading near last month''s four-year highs. Romania kept its first-quarter GDP growth estimate unchanged at a robust 5.7 percent. Finance Minister Viorel Stefan said on Tuesday Romania would scale back public sector wage hikes next year to ensure it meets budget targets. Markets remain cautious as the government still plans wage hikes and tax cuts that may boost the the budget deficit. CEE MARKETS SNAPSH AT 1705 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.310 26.332 +0.09 2.65% 0 5 % Hungary 308.18 308.00 -0.06% 0.21% forint 00 00 Polish zloty 4.1957 4.1926 -0.08% 4.96% Romanian leu 4.5735 4.5675 -0.13% -0.84% Croatian kuna 7.4045 7.4075 +0.04 2.03% % Serbian dinar 122.31 122.29 -0.02% 0.85% 00 00 Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1005.6 1005.9 -0.03% +9.12 2 6 % Budapest 35021. 34926. +0.27 +9.43 75 99 % % Warsaw 2308.6 2303.6 +0.22 +18.5 4 8 % 2% Bucharest 8686.6 8707.4 -0.24% +22.6 2 3 0% Ljubljana 793.09 798.33 -0.66% +10.5 2% Zagreb 1821.0 1827.9 -0.38% -8.71% 0 1 Belgrade 722.55 720.38 +0.30 +0.72 % % Sofia 681.10 675.82 +0.78 +16.1 % 4% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.071 0 +066b +0bps ps 5-year -0.13 0.044 +033b +4bps ps 10-year 0.789 0 +054b +1bps ps Poland 2-year 1.905 0.003 +264b +1bps ps 5-year 2.625 0.007 +308b +1bps ps 10-year 3.19 -0.018 +294b -1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1J44QF'|'2017-06-07T13:55:00.000+03:00'|4186.0|''|-1.0|'' 4187|'dbe30bbb85465935f3d7668f061ad217542a3a89'|'MOVES-Deutsches Stefanick switches to Evercore'|'Market News 24am EDT MOVES-Deutsches Stefanick switches to Evercore By Christopher Spink LONDON, June 30 (IFR) - Paul Stefanick, Deutsche Banks chairman of global corporate and investment banking, is leaving the German lender after eight years to become a senior managing director at expanding advisory specialist Evercore. Stefanick will primarily advise major multinational clients at Evercore and be a senior leader of the company, joining its management committee. Stefanick only took up his most recent role at Deutsche in September after Mark Fedorick, global head of debt capital markets, was made head of CIB in the Americas. In March Deutsche created a new CIB division, including markets, under CFO Marcus Schenck and Garth Ritchie. Former CIB head Jeff Urwin has also left but Deutsche has been active recruiting new M&A bankers in the Americas this year too. This week it hired Bill White as head of US life sciences from Citigroup. Before joining Deutsche in 2009, Stefanick was chairman of global M&A at Merrill Lynch, where he worked for 20 years advising industrials companies. (Reporting by Christopher Spink)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-deutsches-stefanick-switches-to-ev-idUSL8N1JR2F3'|'2017-06-30T13:24:00.000+03:00'|4187.0|''|-1.0|'' 4188|'112a30b868b4a378dfb45d37a7eab23ff633e1ce'|'Stada eyes takeovers of up to 1 billion euros: Welt am Sonntag'|'FRANKFURT German generic drug maker Stada ( STAGn.DE ) will be in a position to stem takeovers of up to 1 billion euros ($1.13 billion)thanks to its own acquisition by private equity, Chief Executive Matthias Weidenfels told German newspaper Welt am Sonntag.Stada''s management has backed a 5.3 billion euros offer from bidders Bain and Cinven, a deal which opens up new growth options for Stada, Weidenfels told the paper."We have long been on the lookout for takeover targets, even those which are actually too large for us. We are doing this in the area of generic drugs and branded drugs," Weidenfels told the paper."Large takeovers are not possible using our current means," he explained, adding that the company''s war chest was only around 350 million euros. After the takeover, Stada will be in a position to stem takeovers of up to 1 billion euros, Weidenfels said.Bain and Cinven have agreed to avoid forced redundancies for four years, assurances which Weidenfels said puts the company on a path to growth.Shareholders have until June 8 to tender their shares and a takeover will likely be completed by August 30, Weidenfels said.($1 = 0.8867 euros)(Reporting by Edward Taylor; Editing by Andrew Bolton)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-stada-m-a-mergers-idUSKBN18U0K0'|'2017-06-03T17:41:00.000+03:00'|4188.0|''|-1.0|'' @@ -5873,7 +5873,7 @@ 5871|'1e0ab915a47e0f086281df37fac586d76cb875fa'|'Oil steady on falling crude inventories, but rising output weighs'|'FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016. Nick Oxford/File Photo LONDON (Reuters) - Oil prices steadied on Thursday, holding on to most of their recent gains after another fall in U.S. crude inventories indicated a tighter market, and as a tropical storm headed towards oil producing facilities in the Gulf of Mexico.Benchmark Brent crude LCOc1 was down 5 cents a barrel at $52.52 by 0745 GMT. U.S. light, sweet crude CLc1 was 5 cents lower at $48.36 a barrel.Both contracts had risen more than 1 percent on Wednesday, buoyed by potential output disruptions from the Gulf of Mexico storm Tropical Depression Harvey."For the next few days, the U.S. market is going to be focused on Texas as Tropical Depression Harvey is expected to strengthen into a Category I hurricane by Friday," said Sukrit Vijayakar, director of energy consultancy Trifecta."Operators in the area are already closing down platforms and evacuating workers as a precaution," he added.Harvey strengthened into a tropical storm late on Wednesday night with winds of about 40 miles per hour (65 km per hour) and was located about 440 miles (705 km) southeast of Port Mansfield, Texas, the U.S. National Hurricane Center reported.Royal Dutch Shell ( RDSa.AS ), Anadarko Petroleum ( APC.N ) and Exxon Mobil ( XOM.N ) have all taken steps to curb some oil and gas output at platforms in the Gulf.Beyond the weather, traders said declines in U.S. commercial crude storage levels were a sign of a gradually tightening market, although another rise in output held the market back.U.S. crude oil production hit 9.53 million barrels per day (bpd) last week, its highest since July 2015 and up over 13 percent from their most recent low in mid-2016. C-OUT-T-EIADespite this, U.S. crude stocks fell last week and gasoline stocks were down as well, the Energy Information Administration said on Wednesday. nL2N1L90VGCrude inventories fell by 3.3 million barrels in the week ending Aug. 18 to 463.17 million barrels, down 13.5 percent from record levels last March. C-STK-T-EIAAdditional teporting by Henning Gloystein in Singapore; Editing by David Holmes'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/us-global-oil-idINKCN1B402S'|'2017-08-24T04:05:00.000+03:00'|5871.0|''|-1.0|'' 5872|'8456c4f9aabcf0705d60eab552c823c38cd85e39'|'No let-up likely in Trump trade war talk'|'August 4, 2017 / 4:37 PM / 5 minutes ago No let-up likely in Trump trade war talk Andy Bruce 4 Min Read LONDON (Reuters) - Talk of trade war looks here to stay for the time being, especially as data over the coming week seems more likely than not to aggravate U.S. President Donald Trump''s gripes with China and Germany. While global trade has bubbled back into life after a lean few years, so too have fears of protectionism, leaving financial markets wary in an otherwise improving global economy. German Foreign Minister Sigmar Gabriel said last month it was a cause of "great concern" that the United States could start a trade war with Europe, while tension between Washington and Beijing has escalated. In the last week U.S. senators from both sides of the house urged Trump to stand up to China as he prepares to launch an inquiry into its intellectual property and trade practices in coming days. At the moment, the working assumption for most investors is that international cooperation will win the day - as the International Monetary Fund pushed for earlier this year - before a full-blown trade war starts. "Do I think that the U.S. will be dumb enough to go ahead and put in place a series of measures which will act as an obstacle to trade with these countries? I suspect not," said Peter Dixon, global financial economist at Commerzbank in London. The United States posted a much smaller goods trade deficit than expected for June, helped by an improvement in exports. But this may be eclipsed by figures from China and Germany due in coming days. BUMPY ROAD China''s goods trade surplus for July, due on Tuesday, looks set to top $46 billion (35.29 billion pounds), according to a Reuters poll of economists. That would be the second highest this year. Although the surplus has fallen sharply year on year over the first half of 2017, against the United States it has increased 6.5 percent. "We see a bumpy road ahead for the trade relationship between the two countries", said Yang Zhao, Nomura''s chief China economist. "But it is unlikely that the two nations will enter a true trade war." Part of the reason for China''s bigger surplus with the U.S. this year is the better performance of the world''s no. 1 economy, Zhao said. German figures also due on Tuesday are expected to show its goods trade surplus widened too, to 21 billion euros ($24.7 billion) in June from 20.3 billion in May, according to the Reuters poll. Germany had the world''s biggest current account surplus in 2016 at $289 billion and has been under pressure to boost domestic demand to lessen its reliance on exports - not least from European Union peers that want to raise their own competitiveness. Berlin can point to the fact its trade surplus has actually fallen 2 percent in the 12 months to May compared with the same period a year ago, but that pace of progress may not be enough to spare it criticism from the United States. "I suspect it''s a lot of rhetoric at the moment," said Dixon at Commerzbank. "But that doesn''t mean to say we can dismiss the risk." (This version of the story corrects time reference in third paragraph). Additional reporting by Elias Glenn and Shaloo Shrivastava; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-economy-outlook-idUKKBN1AK20L'|'2017-08-04T19:37:00.000+03:00'|5872.0|''|-1.0|'' 5873|'705fa46a57d5bfd74fc766685b7ec016234a0e15'|'Golden Ocean to move some vessels from spot market to longer contracts'|'OSLO, Aug 17 (Reuters) - Dry bulk shipper Golden Ocean''s Chief Executive Birgitte Vartdal made the following remarks during the company''s second-quarter earnings presentation on Thursday:* We are slowly starting to consider chartering opportunities at the rate levels that we see now. It will be a step-wise process and we''ll have to build exposure slowly when the rates are increasing* Except for four long-term charters, we are more or less spot exposed for next year and we''ll slowly start to add some charter cover. But we''re still talking low percentages* We have seen some increased interest on the time charter side over the last few weeks, and the period market is slowly coming back following better spot rates* Activity is better now than what we''ve seen for a while* Golden Ocean earlier posted adjusted earnings above forecast, while its net loss was in line with analysts'' expectations* By 1350 GMT the shares traded 4.3 percent lower for the day (Reporting by Joachim Dagenborg, editing by Terje Solsvik)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/golden-ocean-grp-results-ceo-idUSL8N1L33W6'|'2017-08-17T16:54:00.000+03:00'|5873.0|''|-1.0|'' -5874|'4e4e874e9af743528dbb7ba92860882c93f7ec61'|'Insurer Aviva first-half operating profit up 11 percent to 1.47 billion'|'August 3, 2017 / 6:34 AM / an hour ago Insurer Aviva first-half operating profit up 11 percent to 1.47 billion Reuters Staff 2 Min Read FILE PHOTO: Pedestrians walk past an Aviva logo outside the company''s head office in the city of London, Britain March 5, 2009. Stephen Hird/File Photo LONDON (Reuters) - British insurer Aviva ( AV.L ) posted an 11 percent rise in operating profit in the first half of 2017 to 1.47 billion pounds ($1.94 billion), it said on Thursday, boosted by strong performances in its general insurance and fund management units. Analysts in a company-supplied poll had forecast an operating profit of 1.45 billion pounds. The company has been selling businesses it considers underperforming, including most recently Asia and Middle East-focused Friends Provident International and three Spanish joint ventures. "Aviva is getting leaner and stronger and we are confident in our ability to sustain growth in the coming years," chief executive Mark Wilson said. Aviva Investors'' operating profit rose 45 percent to 71 million pounds and the firm''s general insurance business saw a 25 percent rise in operating profit to 417 million. Aviva''s life business'' operating profit rose 8 percent to 1.3 billion pounds. "Aviva is transforming its ''no growth'' businesses to ''organic growth'' businesses," said analysts at JP Morgan, reiterating their overweight rating on the stock. Aviva also announced a 10-year extension of its UK general insurance distribution agreement with HSBC ( HSBA.L ), which it said was one of the largest ever in UK insurance. Combined operating ratio for the firm''s general insurance business strengthened to 94.5 percent from 95.7 percent, where a level below 100 percent indicates an underwriting profit. The company said it would pay an interim dividend of 8.4 pence per share, up 13 percent and compared with a forecast 8.28 pence. Reporting by Carolyn Cohn; Editing by Rachel Armstrong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aviva-results-idUKKBN1AJ0O5'|'2017-08-03T09:37:00.000+03:00'|5874.0|1.0|-1.0|'' +5874|'4e4e874e9af743528dbb7ba92860882c93f7ec61'|'Insurer Aviva first-half operating profit up 11 percent to 1.47 billion'|'August 3, 2017 / 6:34 AM / an hour ago Insurer Aviva first-half operating profit up 11 percent to 1.47 billion Reuters Staff 2 Min Read FILE PHOTO: Pedestrians walk past an Aviva logo outside the company''s head office in the city of London, Britain March 5, 2009. Stephen Hird/File Photo LONDON (Reuters) - British insurer Aviva ( AV.L ) posted an 11 percent rise in operating profit in the first half of 2017 to 1.47 billion pounds ($1.94 billion), it said on Thursday, boosted by strong performances in its general insurance and fund management units. Analysts in a company-supplied poll had forecast an operating profit of 1.45 billion pounds. The company has been selling businesses it considers underperforming, including most recently Asia and Middle East-focused Friends Provident International and three Spanish joint ventures. "Aviva is getting leaner and stronger and we are confident in our ability to sustain growth in the coming years," chief executive Mark Wilson said. Aviva Investors'' operating profit rose 45 percent to 71 million pounds and the firm''s general insurance business saw a 25 percent rise in operating profit to 417 million. Aviva''s life business'' operating profit rose 8 percent to 1.3 billion pounds. "Aviva is transforming its ''no growth'' businesses to ''organic growth'' businesses," said analysts at JP Morgan, reiterating their overweight rating on the stock. Aviva also announced a 10-year extension of its UK general insurance distribution agreement with HSBC ( HSBA.L ), which it said was one of the largest ever in UK insurance. Combined operating ratio for the firm''s general insurance business strengthened to 94.5 percent from 95.7 percent, where a level below 100 percent indicates an underwriting profit. The company said it would pay an interim dividend of 8.4 pence per share, up 13 percent and compared with a forecast 8.28 pence. Reporting by Carolyn Cohn; Editing by Rachel Armstrong 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aviva-results-idUKKBN1AJ0O5'|'2017-08-03T09:37:00.000+03:00'|5874.0|1.0|0.0|'' 5875|'1d9d078f9c0b0df2eabd3798c44796eeb83da3c9'|'Russian court orders Sistema to pay Rosneft $2.3 bln in damages - agencies'|'MOSCOW, Aug 23 (Reuters) - A Russian court has ruled on Wednesday that Sistema conglomerate should pay more than 136 billion roubles ($2.3 billion) to oil major Rosneft over an acquisition of Bashneft oil producer, news agencies reported.This was less than the initial claim of almost 171 billion roubles. Interfax news agency was quoting a Sistema layer as saying that they will appeal the decision.$1 = 59.0800 roubles Reporting by Vladimir Soldatkin; editing by Polina Devitt'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/russia-rosneft-sistema-court-idINR4N1L101G'|'2017-08-23T12:59:00.000+03:00'|5875.0|''|-1.0|'' 5876|'0fbf05b3b622d9100a94d79a81b23c992cfbc2ff'|'Ryanair CEO says won''t make offer for Air Berlin assets'|'August 30, 2017 / 1:56 PM / 29 minutes ago Ryanair CEO says won''t make offer for Air Berlin assets Reuters Staff 2 Min Read FILE PHOTO: Ryanair CEO Michael O''Leary poses before a press conference in Berlin, Germany, August 30, 2017. Hannibal Hanschke BERLIN (Reuters) - Irish low-cost carrier Ryanair ( RYA.I ) will not make an offer for assets of insolvent German airline Air Berlin ( AB1.DE ), its Chief Executive Michael O''Leary said on Wednesday, citing what he said was an intransparent carve-up process. Air Berlin, Germany''s second-largest airline, filed for bankruptcy protection this month after shareholder Etihad Airways withdrew funding following years of losses. O''Leary has complained that the insolvency process was designed to help strengthen German flagship carrier Lufthansa ( LHAG.DE ). "If there was a fair and open process we would get involved but we are not getting involved in this process because it''s a stitch-up," he told a news conference on Wednesday. He said Ryanair had asked German and European anti-trust authorities to investigate what he said was a "conspiracy" between Air Berlin, Lufthansa and the German government. "We believe (the insolvency) was triggered to put maximum pressure on politicians ahead of federal elections in September," he said. Reporting by Caroline Copley and Klaus Lauer; Writing by Maria Sheahan; Editing by Georgina Prodhan'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-air-berlin-lufthansa-ryanair-hldgs-idUKKCN1BA1RZ'|'2017-08-30T16:56:00.000+03:00'|5876.0|''|-1.0|'' 5877|'848cb65188e063c53dcd24828180bceded9c6040'|'Socially responsible retailers aim to end the rent-to-own rip-off - Money'|'How can the store chain BrightHouse get away with charging someone up to 1,560 for a washing machine when the exact same model can be bought elsewhere for 599?Perhaps it is examples like this that explain why the City watchdog this week tore a strip off pay-weekly retailers that target low-income families, saying it was concerned about the high costs and harmful consequences of this type of credit.Many of us are aware that this is an expensive way to buy household items, but if you are hard-up and urgently need a bed for your child, or a cooker or new washing machine, you may feel you have no choice but to turn to a company such as BrightHouse. But the good news is that things are changing. A new breed of socially responsible companies is emerging that aim to break the stranglehold of the major pay-weekly retailers by helping poorer families to buy the things they need without having to pay a poverty premium.This new wave is being spearheaded by Fair for You , which describes itself as the UKs only national not-for-profit company that provides a hassle-free and fair alternative to the likes of BrightHouse. Fair for You offers thousands of items for sale via its website at prices broadly in line with those on the high street, which people pay for by taking out a flexible loan at an interest rate of 3% a month (equal to a 42.6% APR).The company, which is owned by a charity, has only been trading for 18 months but it emerged as the big winner at last months Consumer Credit Awards, has a glowing 9.8 out of 10 score on the Trustpilot website and is in the process of receiving 5m in social investment to fund the next phase of its expansion.With 283 stores across the country, BrightHouse is the dominant player in a sector known in financial circles as rent-to-own. The other two big names are PerfectHome, which has 18 stores, and the online retailer Buy As You View. Between them, these three account for about 90% of the market. Consumers typically pay for items on a weekly basis: you sign up to a payment plan, and at the end of the rental term you own the product. But there has long been criticism of the high cost of items and the steep interest rates charged: a March 2016 report from the Financial Inclusion Centre thinktank stated that rent-to-own customers can easily find themselves paying three times as much for goods and services than they would from more conventional retail outlets.A couple of months after that, the Financial Conduct Authority (FCA) said that following its intervention, the three firms had agreed to make major improvements to their product affordability, price transparency and arrears handling. On top of that, the largest firms can no longer compel consumers to fork out extra for often-unwanted insurance on the items they buy.Many Britons are hooked on costly credit. Heres what the new minister should do - Rowena Young Read more On Monday the Financial Conduct Authority announced measures to rein in mounting consumer debt, and said rent-to-own customers were a particularly vulnerable group. About 200,000 people signed up to a rent-to-own payment plan last year, while 400,000 people had outstanding debt at the end of 2016. The FCA said it was concerned that there are harmful consequences of this high-cost borrowing for a significant number of consumers, and that it would be investigating further but added it was not yet considering new rules for this sector.Guardian Money carried out a quick price test. We went on to the BrightHouse website and chose a Samsung 9kg AddWash washing machine priced at 730.01, plus 55 for delivery and installation. The site said we could pay for it with 156 weekly payments of 10, giving a total outlay of 1,560. This assumes a representative interest rate of 69.9% APR. If we opted for a shorter period and higher payments, the total payable comes down eg, 52 weekly payments of 19.35 would add up to 1,006.20. Yet that same washing machine is available from the website of retailer RGB Direct at 599 and from John Lewis for 669.BrightHouse argues its customers typically dont have the luxury of being able to walk into a shop and hand over 600-plus to pay for something. Other options are pricey, too: borrow 750 over 52 weeks from doorstep lender Provident Financial, say, and you would pay a total of 1,404 (a 299.3% APR).So what about more ethical alternatives to the established rent-to-own players? Fair for You, which was set up in 2015 as a not-for-profit community interest company, has seen a 200% growth rate in customers in the last nine months. It provides small loans to households to buy essential items such as white goods via its website, where it has linked up with major brands including Hotpoint and Indesit.The premise is that prices should be broadly in line with high street prices, and customers browse and choose the item they need and set the price they want to pay back each week in line with their budget, says chief executive Angela Clements, a former banker. We are currently finalising adding a national carpet retailer and a national major furnishing chain to our high street.Someone taking a 750 loan from Fair for You over 52 weeks would hand over a total of 895 (52 lots of 17.22), working out at a 42.6% APR.Other rent-to-own alternatives include the Smarterbuys Store , a not-for-profit charity based in County Durham which offers credit and provides household goods to housing association tenants. It describes itself as the ethical weekly payment store and works with more than a dozen housing associations and local authorities. Its typical loan interest rate is 24.19% APR, and in April it announced it had loaned its two millionth pound and helped almost 3,000 customers.There is also the The Square , based in Bolton, and Newcastle-based Own Your Own , though the latter is not running at the moment.In a statement, BrightHouse said it plays a critical role helping people with low incomes and damaged credit histories to get everyday items they otherwise couldnt have. It added: We have worked closely with the FCA to update and refine our practices and processes, a fact recognised by the regulator this summer when it said it is minded to authorise our business.Topics Family finances Borrowing & debt Consumer affairs Consumer rights Financial Conduct Authority features'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/aug/05/fair-for-you-rent-to-own-rip-off-retailers'|'2017-08-05T03:00:00.000+03:00'|5877.0|''|-1.0|'' @@ -6090,7 +6090,7 @@ 6088|'955f81c43d80f3743d6a60eecfecaa477b06f442'|'Japan July industrial output falls 0.8 percent month-on-month'|'A worker walks near a factory at the Keihin industrial zone in Kawasaki, Japan February 28, 2017. Issei Kato/File Photo TOKYO (Reuters) - Japan''s industrial output fell more than expected in July, pulling back from the previous month''s gain, as manufacturers curbed production of general-purpose and electrical machinery in a likely sign of a temporary slowdown in factory activity.Industrial output fell 0.8 percent in July from the previous month, dragged down by production of semiconductor production equipment, turbines and power generators, preliminary data from the Ministry of Economy, Trade and Industry reading compared with the median estimate of a 0.5 percent drop in a Reuters poll of economists, following a 2.2 percent increase in June.Still, manufacturers forecast factory output would rebound in August, underscoring the view that Japan''s economy, the world''s third-largest, is on track to extend a growth run in the current quarter on the back of better external and domestic demand."Production fell in reaction to June''s gains but it remains in a recovery trend," said Hidenobu Tokuda, senior economist at Mizuho Research Institute. "Likewise the overall economy will continue a steady expansion in the current quarter, although we cannot expect such robust growth seen in the previous quarter."The rainy and cool weather in August may dampen consumer spending in Japan, while in the U.S. - Japan''s key export market - damages wrought by hurricane Harvey was a source of concern, Tokuda said.Besides the weather factors, there''s no immediate risk to Japan''s growth at least until later this year when China''s economy could start to slow, and next year when the ongoing tech boom may peak out, he added.Manufacturers surveyed by the Ministry of Economy, Trade and Industry expect output to rise 6.0 percent in August and decline 3.1 percent in September.The ministry stuck to its assessment of industrial output, saying production is picking up over time.Japan''s economy expanded at the fastest pace in more than two years in the second quarter -- growing at a 4 percent annualised rate -- as consumer and company spending picked up.Analysts expect the economy to continue growing at a healthy clip in coming quarters, offering the Bank of Japan hope that a tight labour market will finally start to boost wages and consumer spending.Reporting by Tetsushi Kajimoto; Editing by Kim Coghill & Shri Navaratnam '|'reuters.com'|'http://in.reuters.com/finance/economy'|'https://in.reuters.com/article/japan-economy-output-idINKCN1BA335'|'2017-08-30T22:02:00.000+03:00'|6088.0|''|-1.0|'' 6089|'6d3c321784ef5dca344d3e177b715702cc98b311'|'Open Fiber head says well-placed to buy Telecom Italia''s network'|'August 7, 2017 / 11:53 AM / 37 minutes ago Open Fiber head says well-placed to buy Telecom Italia''s network Valentina Za and Stefano Rebaudo 5 Min Read FILE PHOTO: Reels of optical fiber cables are seen in a storage area in Perugia, Italy, June 23, 2017. Picture taken June 23, 2017. Alessandro Bianchi/File Photo MILAN (Reuters) - Italy''s new telecoms network company Open Fiber would be in a good position to buy Telecom Italia''s (TIM) ( TLIT.MI ) network, it said on Monday, adding to a growing debate on whether the former phone monopoly should sell its most prized asset. Italian politicians have been calling on and off since 2006 for the network to be transferred to a state-controlled entity as Rome considers it a strategic asset that should be a neutral platform open to all phone companies. Telecom Italia has also been criticised for putting off costly upgrades to its ageing copper network to provide faster internet connections and is now facing competition from Open Fiber, which is owned by state-controlled utility Enel and state-owned lender Cassa Depositi e Prestiti (CDP). Telecom Italia and Open Fiber, which was founded at the end of 2015, are building competing fast internet networks across Italy, though many industry experts say such costly duplication makes little economic sense. "Open Fiber, or its shareholders, would be well placed to buy Telecom''s network, as it could make the most of the synergies between the two networks and speed up a migration from copper to fibre," Open Fiber Chairman Franco Bassanini told La Stampa daily in an interview. The plan to transfer Telecom Italia''s network, which according to some estimates could be worth up to 15 billion euros ($17.7 billion), has foundered in the past over its valuation and because TIM insisted on hanging onto the business. However, the idea is gaining traction once again with a view to fostering cooperation to allow a speedy roll-out of an ultra-fast broadband network across Italy. NETWORK FRICTION The future of the network could also become a bargaining chip to soothe relations between the government and France''s Vivendi ( VIV.PA ), which is TIM''s top shareholder and is under scrutiny for its growing influence over Italian business. "A spin-off ... would make it easier to reach some sort of agreement or tie-up that avoids a duplication of infrastructure and speeds up the roll-out of the next generation''s network," Bassanini said. FILE PHOTO: Optical fiber cables for internet providers are seen running into a Enel Group server room in Perugia, Italy, June 23, 2017. Picture taken June 23, 2017. Alessandro Bianchi/File Photo Speculation about a possible spin-off has also been rekindled by Telecom Italia Chairman and Vivendi CEO Arnaud de Puyfontaine, who said on July 28 it was an "interesting" option and "something that will be discussed in the future". A sale of the network could help Vivendi mend its fraught relations with Italian regulators. Italy''s communications regulator has told the French media company to cut its stake in either TIM or broadcaster Mediaset ( MS.MI ), arguing it was in breach of rules aimed at avoiding a concentration of power in the telecoms and media sectors. FILE PHOTO: Fiber optics of a cable are seen without sheath in a storage area in Perugia, Italy, June 23, 2017. Picture taken June 23, 2017. Alessandro Bianchi/File Photo The government is also looking at whether Vivendi duly informed it that it exercised de facto control over TIM. Vivendi appointed two-thirds of the phone company''s board and recently played a key role in the departure of CEO Flavio Cattaneo. According to Italian newspaper Il Sole 24 Ore, Vivendi will have to declare whether it controls Telecom Italia on Monday following a request from Italy''s market watchdog Consob. Telecom Italia could spin off its fixed-line network and list it on the stock market, allowing the company to extract more value from the asset and offload some of its debt, according to Italian media reports. Britain''s BT ( BT.L ) has faced similar criticism from rivals who say it has not invested enough in upgrading its own copper network to speed up internet connections around the country. After months of negotiations, the British regulator in March allowed BT to keep the network, but said it must be legally separated, with an independent board responsible for setting its strategy and operations. The Czech Republic is one of the few in Europe to separate its network infrastructure from consumer telecoms businesses to allow each to focus on its specialisation and unlock value. In 2015, O2 Czech Republic, which included former fixed-line monopoly Czech Telecom and mobile operator Eurotel, was split. The fixed-line networks business was spun off to become part of the PFF private equity group controlled by the Czech republic''s wealthiest man, billionaire Petr Kellner, leaving the phone operations with O2 Czech Republic. Reporting by Valentina Za and Stefano Rebaudo; additional reporting by Paul Sandle in London and Eric Auchard in Frankfurt; writing by Silvia Aloisi; editing by David Clarke 0 : 0'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-telecom-italia-open-fiber-network-idUKKBN1AN1CU'|'2017-08-07T15:20:00.000+03:00'|6089.0|''|-1.0|'' 6090|'cb3a36912e9f44c3752f938bf1e1e99907e0543f'|'PRESS DIGEST - Wall Street Journal - Aug 28'|'Aug 28 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Uber Technologies Inc''s board has voted to appoint Expedia Inc Chief Executive Dara Khosrowshahi as its new CEO, capping a tumultuous nine-week search after Travis Kalanick resigned in late June, according to people familiar with the matter. on.wsj.com/2iBXIJZ- Facebook Inc is once again in hot water for allowing objectionable videos on its website, this time drawing a rare rebuke from a United Nations agency. on.wsj.com/2iAkySh- The Occupational Safety and Health Administration is reducing its reporting of fatalities in the United States, part of a series of moves by the agency that are cutting back the amount of information about workplace accidents made available to the public. on.wsj.com/2izt1Fa- Mall-based retailer Perfumania Holdings Inc has sought Chapter 11 protection with plans to reorganize around its better-performing stores. on.wsj.com/2iBQMN6- Wireless networks along the Texas coast suffered outages as a result of Hurricane Harvey, federal regulators said, leaving customers in some counties with limited or no cellphone service. on.wsj.com/2iztUO0 (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/press-digest-wsj-idUSL4N1LE24E'|'2017-08-28T08:28:00.000+03:00'|6090.0|''|-1.0|'' -6091|'6cba6b7ff9c16daecb0086ed80cf54b46719b9f1'|'BAT changes regional management structure after Reynolds deal'|'August 31, 2017 / 6:46 AM / 2 hours ago BAT restructures to help e-cigarettes go mainstream Justin George Varghese and Martinne Geller 4 Min Read Attendees try British American Tobacco''s new tobacco heating system device ''glo'' after a news conference in Tokyo, Japan, November 8, 2016. Kim Kyung-Hoon (Reuters) - British American Tobacco ( BATS.L ) has reorganized its regional management structure to integrate its vaping products with its core business, in a push by the worlds biggest listed tobacco company to help cigarette alternatives go mainstream. The move, announced on Thursday, follows the companys $49 billion (38 billion pounds) takeover of U.S. peer Reynolds American, which added Camel cigarettes and Vuse e-cigarettes to a BAT portfolio that includes Lucky Strike cigarettes, Vype e-cigarettes and the glo tobacco-heating device. "Now that we have built a successful NGP (next generation products) business which is poised for substantial growth, we will be fully integrating NGP to leverage the scale and expertise of the whole group to drive growth in an area that is fast becoming a key part of our mainstream business," BAT said in a statement. BAT wants to double the number of countries where it sells vaping products this year and again in 2018, as it jostles for position in a growing market against rivals Philip Morris International ( PM.N ) and Imperial Brands ( IMB.L ). BAT and Philip Morris were the first of the big tobacco firms to invest in cigarette alternatives a few year back, as growing health consciousness reduces traditional smoking. Philip Morris, maker of Marlboro cigarettes, is ahead of BAT in the market for tobacco-based vaping devices, which some analysts believe will be more popular than traditional e-cigarettes with regular smokers, and its shares have been at a bigger premium to its peers. ( bit.ly/2xOLU9R ) Last month, the U.S. Food and Drug Administration (FDA) proposed cutting nicotine in cigarettes to "non-addictive" levels in a push to move smokers towards potentially less harmful e-cigarettes. Under the management reorganization announced on Thursday BAT appointed Asia-Pacific Director Jack Bowles to the newly created role of chief operating officer for the international business, excluding the United States. Shares were up around 1.5 percent at 1322 GMT on Thursday. Jefferies analyst Owen Bennett said the changes could add some uncertainty for BAT in the near term, but in the longer term it reinforced the importance of cigarette alternatives to tobacco companies, which face slowing sales globally. "Whereas those companies that were better positioned for emerging market growth in the past were favoured, the key differentiator now is likely to be who is positioned best in emerging products, given the recent slowdown in emerging market cigarettes," the analyst said. Japan Tobacco said last week it would buy the Philippines'' No. 2 cigarette maker Mighty Corp for about $936 million, its second large deal in Southeast Asia this month, as it deepens its push into emerging markets. British American Tobacco vs Philip Morris (YTD) bit.ly/2xOLU9R Reporting By Justin George Varghese in Bengaluru and Martinne Geller in London; Editing by Greg Mahlich and Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-brit-am-tobacco-moves-idUKKCN1BB0LW'|'2017-08-31T09:51:00.000+03:00'|6091.0|1.0|-1.0|'' +6091|'6cba6b7ff9c16daecb0086ed80cf54b46719b9f1'|'BAT changes regional management structure after Reynolds deal'|'August 31, 2017 / 6:46 AM / 2 hours ago BAT restructures to help e-cigarettes go mainstream Justin George Varghese and Martinne Geller 4 Min Read Attendees try British American Tobacco''s new tobacco heating system device ''glo'' after a news conference in Tokyo, Japan, November 8, 2016. Kim Kyung-Hoon (Reuters) - British American Tobacco ( BATS.L ) has reorganized its regional management structure to integrate its vaping products with its core business, in a push by the worlds biggest listed tobacco company to help cigarette alternatives go mainstream. The move, announced on Thursday, follows the companys $49 billion (38 billion pounds) takeover of U.S. peer Reynolds American, which added Camel cigarettes and Vuse e-cigarettes to a BAT portfolio that includes Lucky Strike cigarettes, Vype e-cigarettes and the glo tobacco-heating device. "Now that we have built a successful NGP (next generation products) business which is poised for substantial growth, we will be fully integrating NGP to leverage the scale and expertise of the whole group to drive growth in an area that is fast becoming a key part of our mainstream business," BAT said in a statement. BAT wants to double the number of countries where it sells vaping products this year and again in 2018, as it jostles for position in a growing market against rivals Philip Morris International ( PM.N ) and Imperial Brands ( IMB.L ). BAT and Philip Morris were the first of the big tobacco firms to invest in cigarette alternatives a few year back, as growing health consciousness reduces traditional smoking. Philip Morris, maker of Marlboro cigarettes, is ahead of BAT in the market for tobacco-based vaping devices, which some analysts believe will be more popular than traditional e-cigarettes with regular smokers, and its shares have been at a bigger premium to its peers. ( bit.ly/2xOLU9R ) Last month, the U.S. Food and Drug Administration (FDA) proposed cutting nicotine in cigarettes to "non-addictive" levels in a push to move smokers towards potentially less harmful e-cigarettes. Under the management reorganization announced on Thursday BAT appointed Asia-Pacific Director Jack Bowles to the newly created role of chief operating officer for the international business, excluding the United States. Shares were up around 1.5 percent at 1322 GMT on Thursday. Jefferies analyst Owen Bennett said the changes could add some uncertainty for BAT in the near term, but in the longer term it reinforced the importance of cigarette alternatives to tobacco companies, which face slowing sales globally. "Whereas those companies that were better positioned for emerging market growth in the past were favoured, the key differentiator now is likely to be who is positioned best in emerging products, given the recent slowdown in emerging market cigarettes," the analyst said. Japan Tobacco said last week it would buy the Philippines'' No. 2 cigarette maker Mighty Corp for about $936 million, its second large deal in Southeast Asia this month, as it deepens its push into emerging markets. British American Tobacco vs Philip Morris (YTD) bit.ly/2xOLU9R Reporting By Justin George Varghese in Bengaluru and Martinne Geller in London; Editing by Greg Mahlich and Susan Thomas'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-brit-am-tobacco-moves-idUKKCN1BB0LW'|'2017-08-31T09:51:00.000+03:00'|6091.0|1.0|5.0|'' 6092|'a6775681c4ecbea0eb8d8408e0edbddf722d437c'|'Oil prices dip on high OPEC supplies, rising U.S. production'|'August 4, 2017 / 1:58 AM / 2 hours ago Oil prices flatten, but under shadow of high production 3 Min Read A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. Sergei Karpukhin/File Photo LONDON (Reuters) - Oil prices recouped earlier losses on Friday but remained on track for a weekly decline, weighed down by rising OPEC exports and strong output from the United States. Brent crude futures LCOc1, the international benchmark, were trading at $52.06 a barrel at 1314 GMT, 5 cents above the last close and heading for a fall of just under 1 percent on the week. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 5 cents at $49.08 per barrel but set to end the week more than 1 percent lower. Earlier in the day, both contracts traded more than 50 cents lower. Analysts said prices were pressured by rising output, although strong demand limited the losses. "Increasing OPEC production and increasing OPEC exports are the reason the market has been trading lower," PVM Oil Associates analyst Tamas Varga said. Barclays bank said: "we expect a downward (price) correction during this quarter", but forecast Brent at an average of $54 per barrel during the fourth quarter. While the Organization of the Petroleum Exporting Countries is leading cuts of 1.8 million barrels per day (bpd) along with some non-members such as Russia, its July exports hit a record high, according to a report by Thomson Reuters Oil Research. July''s exports at 26.11 million bpd represented a rise of 370,000 bpd, with most coming from Nigeria. A Reuters survey also showed OPEC oil output at 2017 highs in July, led by Libyan gains. Libya and Nigeria were exempt from OPEC''s output deal. Output in Russia is also high. Russia''s largest oil producer, Rosneft ( ROSN.MM ), said its crude production grew by 11.1 percent year-on-year in the second quarter. U.S. oil production hit 9.43 million bpd, the highest since August 2015 and up 12 percent from its most recent low in June last year. C-OUT-T-EIA Still, U.S. crude exports in June fell to 786,000 bpd, compared with just over 1 million bpd in May, data showed on Friday. Prices were still more than 16 percent above the lows hit in June, as strong summer demand for transport fuel has buoyed benchmark contracts. U.S. gasoline demand rose to a record 9.842 million bpd last week, according to government data this week. "Gasoline demand is now +0.1 percent (year-on-year). This is reasonably encouraging given it had been flat or negative since late November 2016," U.S. investment bank Jefferies said. [EIA/S] Reporting by Henning Gloystein; Editing by David Evans 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-global-oil-idUKKBN1AK04N'|'2017-08-04T11:58:00.000+03:00'|6092.0|''|-1.0|'' 6093|'223987997571785edb34d32f397c1564c3a114ce'|'BRIEF-Noodles & Company Q2 adjusted earnings per share $0.01'|' 37 PM / 14 minutes ago BRIEF-Noodles & Company Q2 adjusted earnings per share $0.01 Noodles & Co * Noodles & Company announces second quarter 2017 financial results * Q2 adjusted earnings per share $0.01 * Q2 revenue $112.8 million versus I/B/E/S view $114 million * Q2 loss per share $0.22 * Sees FY 2017 revenue $458 million to $468 million * Q2 earnings per share view $0.02 -- Thomson Reuters I/B/E/S * Sees FY company-owned comparable restaurant sales decline of low-single-digits * Noodles & Co qtrly comparable restaurant sales decreased 3.4% system-wide, decreased 3.9% for company-owned restaurants * Noodles & Co qtrly comparable restaurant sales decreased 0.4% for franchise restaurants * Noodles & Co sees flat adjusted net income for full year 2017 * Noodles & Co sees 2017 capital expenditures of $19.0 million to $23.0 million * Noodles & Co sees 2017 restaurant level contribution margin of 13.5% to 14.5% * FY2017 earnings per share view $-0.00, revenue view $460.3 million -- Thomson Reuters I/B/E/S Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/brief-noodles-company-q2-adjusted-earnin-idUSASB0BF60'|'2017-08-10T23:37:00.000+03:00'|6093.0|''|-1.0|'' 6094|'9a7e489e8a5da576faf24bc37ff2ad01348776f8'|'Mazda petrol engine breakthrough puts another nail in the coffin of diesel - Business'|'One of the worlds largest automotive firms has hailed a technological breakthrough for the petrol engine, in an engineering twist for an industry racing to embrace the electric car.Japanese car manufacturer Mazda claims to have designed a vehicle that will largely eliminate the need for spark plugs in petrol engines, increasing fuel efficiency by as much as 30%. The development also increases the existential threat facing diesel engines because its fuel economy could match diesels performance without high emissions of nitrogen oxides or sooty particulates.Mazda said it would sell cars from 2019 with a newly developed petrol compression ignition engine, a technology that automotive manufacturers, including deep-pocketed rivals such as Daimler AG and General Motors, have been chasing for decades. The engine ignites petrol through compression, removing the need for spark plugs and increasing fuel efficiency.The announcement places traditional engines at the centre of Mazdas manufacturing strategy, days after the company which sells 1.5m cars a year said it will work with larger rival Toyota to develop electric vehicles.We think it is an imperative and fundamental job for us to pursue the ideal internal combustion engine, said Mazdas head of research and development, Kiyoshi Fujiwara. Electrification is necessary but ... the internal combustion engine should come first.But Mazda said its Skyactiv-X engine would have spark plugs that would be used in certain situations such as at low temperatures.Its a major breakthrough, said Ryoji Miyashita, chairman of automotive engineering company AEMSS.Buthe questioned whether the engine would be smooth and responsive. Is it jerky? If so, that would pose a big question when it comes to commercialising this technology. Hopefully Mazda has an answer to that question.Mazda previously said it would work with Toyota to develop electric vehicles and build a $1.6bn (1.2bn) US assembly plant. It added it would introduce electric vehicles and electric technology in its cars from 2019, focusing on markets that restrict the sale of certain vehicles to limit air pollution or that provide clean sources of electricity.In addition, Mazda said it aimed to make autonomous-driving technology standard in all of its models by 2025, a move that many in the industry see linked hand-in-hand with fully battery-powered electric cars.The industry is still steering in the direction of electric vehicles. In the UK, the government has announced it would ban the sales of new petrol and diesel cars from 2040 amid fears that rising levels of nitrogen oxide pose a major risk to public health, putting an end date on the life expectancy of traditional combustion-engine powered vehicles.Volvo recently announced all its new cars would be built with electric or hybrid engines from 2019 , while Silicon Valley-based electric car company Tesla recently started delivering its more mass-market aimed car, the $35,000 Model 3, which can travel up to 310 miles between charges with an extended range battery.Topics Automotive industry Motoring Japan Asia Pacific news'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/aug/08/mazda-petrol-engine-breakthrough-puts-another-nail-in-the-coffin-of-diesel'|'2017-08-08T03:00:00.000+03:00'|6094.0|''|-1.0|'' @@ -7627,7 +7627,7 @@ 7625|'28f91f1238603d7a9bcd4f3f281fe207f2e0424f'|'Union presses post-bankruptcy Caesars on benefits, worker protections'|'CHICAGO, Oct 11 (Reuters) - A union representing casino workers on Wednesday asked Caesars Entertainment Corps new board of directors to consider safety, protections against discrimination and other concerns during contract negotiations set to kick off next year.Caesars main operating unit last week exited a three-year, $18 billion bankruptcy. The company owns the Caesars Palace, Harrahs and Horseshoe brands with locations across the country but earns the majority of its operating profit in Las Vegas, where contracts expire on May 31, Unite Here said in a letter to the board seen by Reuters on Wednesday.Unite Here represents 20,000 union members who cook, clean and serve at Caesars hotels and casinos, including almost 14,000 Las Vegas workers.Employees ability to provide for their families was eroded following the 2008 leveraged buyout of Caesars and protracted bankruptcy proceedings, the union said. With the casino group on firmer financial footing, Unite Here said it wants to establish a new working relationship with the company.A Caesars spokesman said he had not yet seen the letter.The union in its letter also asked Caesars to come to the bargaining table with proposals on issues such as health care, training, retirement and safety.Las Vegas was the scene of the deadliest mass shooting in modern U.S. history on Oct. 1.The union also urged Caesars to provide additional protections against discrimination based on sexual orientation, gender identity and immigration status.U.S. President Donald Trump ended the Deferred Action for Childhood Arrivals program last month that protected those brought to the country illegally as children and is considering ending the Temporary Protected Status (TPS) program, which applies to more than 300,000 people.Unite Here said hundreds of employees on the Las Vegas Strip have TPS status, which allows nationals of certain countries already in the United States to remain and work there.Last August, billionaire investor Carl Icahn shut the Trump Taj Mahal casino after a bitter strike with Unite Heres Atlantic City chapter. The casino had already been struggling amid a broader gambling slowdown in the New Jersey beach resort.Caesars last week appointed a new board of directors to lead the reorganized company and is targeting expansion in the United States and abroad, though analysts have said it may be too late to catch up with rivals that spent years investing in high-growth markets in Asia. (Reporting by Tracy Rucinski; Editing by Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/caesars-unions/union-presses-post-bankruptcy-caesars-on-benefits-worker-protections-idINL2N1ML22V'|'2017-10-11T14:22:00.000+03:00'|7625.0|''|-1.0|'' 7626|'527d5e27cbbae0666b9659873891059b5e536325'|'Russia, Saudi Arabia to set up $1 bln technology fund'|'LONDON, Oct 4 (Reuters) - Russia and Saudi Arabia plan to set up a $1 billion fund to invest in technology, the chief executive of a sovereign Russian wealth fund said on Wednesday.The joint venture is the latest in a series of deals expected to be signed during a visit to Russia by King Salman this week, the first to Moscow by a reigning Saudi monarch.Other deals include a $1 billion fund to invest in energy projects and Saudi investment in Russian toll roads, including a new one in Moscow to relieve congestion.Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF) said on a press call that the two countries would seek areas of synergy between Russia and Saudi Arabia and aim to exploit their unique technologies.He cited desalination technologies and energy efficiency for air conditioning, and also highlighted Russias largest tech company Yandex, which specialises in internet-related services and products.Yandex is an interesting company for us because it is already present in the Middle East and Turkey and it has a search engine that beats Google in the Russian market by a large margin, Dmitriev said.The fund will also look at relevant investments outside Russia and Saudi, he added.Saudi Arabias main sovereign wealth fund, the Public Investment Fund has already invested in the SoftBank Vision Fund, a technology-focused private equity fund established with the Japanese company and other big investors.Meanwhile, the RDIF has invested in Hyperloop One, which is developing an advanced transport system. (Reporting by Claire Milhench; Editing by Gareth Jones) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/russia-swf-tech/russia-saudi-arabia-to-set-up-1-bln-technology-fund-idINL8N1MF2WN'|'2017-10-04T10:28:00.000+03:00'|7626.0|''|-1.0|'' 7627|'c511708e6d1f50a5221ff486b6671426e7246801'|'Wells Fargo scrutinized by regulator for auto insurance program - NYT'|'October 20, 2017 / 4:03 PM / in 21 hours Wells Fargo regulatory woes continue in autos, forex: reports Reuters Staff 2 Min Read (Reuters) - Wells Fargo & Co ( WFC.N ) is facing fresh regulatory scrutiny in both its consumer and institutional businesses, according to reports in the New York Times and Wall Street Journal on Friday, as the third-largest U.S. bank continues to work through a prolonged scandal over its sales practices. A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. February 10, 2015. REUTERS/Jim Young/File Photo The Office of the Comptroller of the Currency (OCC) criticised Wells Fargo in a nonpublic regulatory report for enrolling borrowers in auto insurance policies they did not request, according to the Times. It said the bank may have underestimated costs related to reimbursing them. Separately, regulators are looking into Wells foreign exchange trading business over a matter that caused the departure of four employees, according to the Journal. Until now, Wells sales issues have been confined to its consumer-facing operations, where employees created as many as 3.5 million accounts in customers names without their permission and enrolled borrowers in products they did not want. These ranged from auto insurance to mortgage rate locks. News of the forex departures suggested the problems may extend further. The Journal said the four were fired as part of a review the bank is conducting across all of its businesses. Wells Fargo spokeswoman Elise Wilkinson confirmed that employees named in the story Simon Fowles, Bob Gotelli, Jed Guenther and Michael Schauffler are no longer with the bank, but declined to comment further. Wells is trying to help any customers who were wrongly charged for car insurance, bank spokeswoman Catherine Pulley said. OCC spokeswoman Stephanie Collins said the agency does not comment on individual banks or ongoing supervision. Reporting by Dan Freed in New York, Patrick Rucker in Washington and Nikhil Subba and Diptendu Lahiri in Bengaluru; Editing by Lauren LaCapra and Cynthia Osterman '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'https://in.reuters.com/article/wellsfargo-accounts/wells-fargo-scrutinized-by-regulator-for-auto-insurance-program-nyt-idINKBN1CP25X'|'2017-10-20T19:02:00.000+03:00'|7627.0|''|-1.0|'' -7628|'83920e7b597b1925c90b9a1a8f22392713d9a583'|'EMERGING MARKETS-Emerging FX feel dollar pinch, Turkish assets rattled'|' 15 AM / Updated 21 minutes ago EMERGING MARKETS-Emerging FX feel dollar pinch, Turkish assets rattled Karin Strohecker 5 Min Read LONDON, Oct 23 (Reuters) - A stronger dollar increased pressure on some emerging currencies on Monday with the Turkish lira and stocks suffering as the latest concerns over Ankaras relationship with Washington compounded the weaker global backdrop. The dollar sailed to the highest level in more than two weeks, still enjoying a boost from U.S. President Donald Trump and Republicans clearing a hurdle on tax reforms last week and speculation over who will take over at the helm of the Federal Reserve. We are seeing increasing pressure on emerging market currencies and that is likely to continue over the near term as we still have a lot of speculation regarding who will succeed Janet Yellen at the Fed, said Phoenix Kalen at Societe Generale. That is weighing on investors minds, alongside the strength of the dollar thats coming from expectations of fiscal and tax reform. The Chinese yuan fell against the U.S. dollar after a weaker midpoint fixing while Mexicos peso weakened 0.2 percent. But Turkeys lira and South Africas rand - both seen as vulnerable to U.S. interest rate rises due to current account deficits - were the hardest hit, weakening for a second straight session. Losses in the lira of more than 1 percent came after Turkeys banking regulator urged the public on Saturday to ignore rumours about financial institutions in an apparent dismissal of a report that some banks face billions of dollars of U.S. fines over alleged violations of Iran sanctions. Given the level of tensions with the U.S., the market is still sceptical about this denial, said Inan Demir at Nomura. The numbers mentioned are large...the largest fine mentioned was $5 billion and that would be a very large fine in comparison to any banks equity in Turkey. Relations between NATO allies Washington and Ankara have been strained by a series of diplomatic rows. Meanwhile U.S. authorities have hit global banks with billions of dollars in fines over violations of sanctions with Iran and other countries in recent years. Adding to the woes was data on consumer confidence, which showed an increasingly pessimistic outlook. Turkish stocks also took a tumble, slipping 0.8 percent while MSCIs emerging market benchmark was flat on the day. Meanwhile in Argentina, candidates allied with President Mauricio Macri enjoyed sweeping victories in Sundays mid-term election, strengthening his position in Congress while dimming prospects for a political comeback by his predecessor Cristina Fernandez. Investors have said they want to see Macri push through labour and tax reforms aimed at lowering business costs in Latin Americas third-biggest economy. But they have been worried about a political resurgence by Fernandez, loved by millions of low-income Argentines helped by generous social spending during her administrations. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 1118.54 -1.15 -0.10 +29.72 Czech Rep 1056.24 -0.37 -0.04 +14.61 Poland 2484.09 +18.58 +0.75 +27.53 Hungary 0.00 +0.00 +0.00 -100.00 Romania 7919.00 -14.48 -0.18 +11.77 Greece 743.20 -6.03 -0.80 +15.47 Russia 1130.49 -3.96 -0.35 -1.90 South Africa 51807.55 +206.89 +0.40 +18.01 Turkey 07700.54 -788.15 -0.73 +37.83 China 3382.27 +3.62 +0.11 +8.98 India 32447.30 +57.34 +0.18 +21.86 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets/emerging-markets-emerging-fx-feel-dollar-pinch-turkish-assets-rattled-idUSL8N1MY0WK'|'2017-10-23T12:14:00.000+03:00'|7628.0|1.0|-1.0|'' +7628|'83920e7b597b1925c90b9a1a8f22392713d9a583'|'EMERGING MARKETS-Emerging FX feel dollar pinch, Turkish assets rattled'|' 15 AM / Updated 21 minutes ago EMERGING MARKETS-Emerging FX feel dollar pinch, Turkish assets rattled Karin Strohecker 5 Min Read LONDON, Oct 23 (Reuters) - A stronger dollar increased pressure on some emerging currencies on Monday with the Turkish lira and stocks suffering as the latest concerns over Ankaras relationship with Washington compounded the weaker global backdrop. The dollar sailed to the highest level in more than two weeks, still enjoying a boost from U.S. President Donald Trump and Republicans clearing a hurdle on tax reforms last week and speculation over who will take over at the helm of the Federal Reserve. We are seeing increasing pressure on emerging market currencies and that is likely to continue over the near term as we still have a lot of speculation regarding who will succeed Janet Yellen at the Fed, said Phoenix Kalen at Societe Generale. That is weighing on investors minds, alongside the strength of the dollar thats coming from expectations of fiscal and tax reform. The Chinese yuan fell against the U.S. dollar after a weaker midpoint fixing while Mexicos peso weakened 0.2 percent. But Turkeys lira and South Africas rand - both seen as vulnerable to U.S. interest rate rises due to current account deficits - were the hardest hit, weakening for a second straight session. Losses in the lira of more than 1 percent came after Turkeys banking regulator urged the public on Saturday to ignore rumours about financial institutions in an apparent dismissal of a report that some banks face billions of dollars of U.S. fines over alleged violations of Iran sanctions. Given the level of tensions with the U.S., the market is still sceptical about this denial, said Inan Demir at Nomura. The numbers mentioned are large...the largest fine mentioned was $5 billion and that would be a very large fine in comparison to any banks equity in Turkey. Relations between NATO allies Washington and Ankara have been strained by a series of diplomatic rows. Meanwhile U.S. authorities have hit global banks with billions of dollars in fines over violations of sanctions with Iran and other countries in recent years. Adding to the woes was data on consumer confidence, which showed an increasingly pessimistic outlook. Turkish stocks also took a tumble, slipping 0.8 percent while MSCIs emerging market benchmark was flat on the day. Meanwhile in Argentina, candidates allied with President Mauricio Macri enjoyed sweeping victories in Sundays mid-term election, strengthening his position in Congress while dimming prospects for a political comeback by his predecessor Cristina Fernandez. Investors have said they want to see Macri push through labour and tax reforms aimed at lowering business costs in Latin Americas third-biggest economy. But they have been worried about a political resurgence by Fernandez, loved by millions of low-income Argentines helped by generous social spending during her administrations. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 1118.54 -1.15 -0.10 +29.72 Czech Rep 1056.24 -0.37 -0.04 +14.61 Poland 2484.09 +18.58 +0.75 +27.53 Hungary 0.00 +0.00 +0.00 -100.00 Romania 7919.00 -14.48 -0.18 +11.77 Greece 743.20 -6.03 -0.80 +15.47 Russia 1130.49 -3.96 -0.35 -1.90 South Africa 51807.55 +206.89 +0.40 +18.01 Turkey 07700.54 -788.15 -0.73 +37.83 China 3382.27 +3.62 +0.11 +8.98 India 32447.30 +57.34 +0.18 +21.86 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/emerging-markets/emerging-markets-emerging-fx-feel-dollar-pinch-turkish-assets-rattled-idUSL8N1MY0WK'|'2017-10-23T12:14:00.000+03:00'|7628.0|1.0|0.0|'' 7629|'4bc11d31d7a81edb0d6af1c01601d3c3670255e0'|'Southern Copper says Q3 profit doubled, expects Tia Maria permit'|'LIMA (Reuters) - Southern Copper Corp ( SCCO.N ) said on Friday that its net profit doubled to $401.8 million in the third quarter from the same period a year earlier as sales surged on higher copper prices.The Arizona-based company, controlled by Grupo Mexico ( GMEXICOB.MX ), added that it expects Perus government to issue a construction permit for its stalled $1.4 billion Tia Maria project in the first quarter of next year.Southern Copper suspended Tia Maria in 2015 to quell deadly protests by farmers worried about its environmental impacts.The company has said support for the project in the southern region of Arequipa has since grown. It has called for the government of President Pedro Pablo Kuczynski to issue the construction license for the mine, which would produce 120,000 tonnes of copper per year.We are working jointly with the Peruvian government to obtain the construction license ... we expect the license to be issued in the first quarter, Southern Copper said in its earnings statement.Perus energy and mines ministry did not immediately respond to requests for comment.Southern Copper operates mines in Peru and Mexico and is one of the worlds largest copper producers. It produced 675,759 tonnes in the first nine months of 2017, down 2.1 percent from the same period last year.An expansion at its Toquepala mine in Peru will likely wrap up in the second quarter, the company said, allowing it to add 100,000 tonnes to annual output.Southern Copper shares were up 0.7 percent in morning trading.Reporting By Mitra Taj; Editing by Meredith Mazzilli '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/us-southern-copper-results/southern-copper-says-third-quarter-profit-doubled-expects-tia-maria-permit-idUSKBN1CP1S2'|'2017-10-20T16:45:00.000+03:00'|7629.0|''|-1.0|'' 7630|'673fe154c7d6329a4d14ef12dca33a80fe03bd88'|'Japan to offer $10 billion to back Asia LNG infrastructure push - media'|'October 16, 2017 / 2:05 AM / Updated 21 minutes ago Japan to offer $10 billion to back Asia LNG infrastructure push - media Reuters Staff 1 Min Read Japan''s Minister of Economy,Trade and Industry Hiroshige Seko arrives at Prime Minister Shinzo Abe''s official residence in Tokyo, Japan August 3, 2017. REUTERS/Toru Hanai TOKYO (Reuters) - The Japanese government will offer $10 billion (7.5 billion pounds) to support firms bidding to build liquefied natural gas (LNG) infrastructure around Asia, the Nikkei business daily said on Monday. It will allow Japanese firms to bid aggressively for work to build facilities such as LNG receiving terminals and power plants, backed by loans and investments from Japan Bank for International Cooperation (JBIC) and insurance from Nippon Export and Investment Insurance (NEXI), it said, without citing sources. Japans Trade Minister Hiroshige Seko will announce the initiative in Tokyo on Wednesday at the annual LNG Producer-Consumer Conference, the newspaper said, adding that it was part of an effort to build markets in Asia for U.S. LNG. Reporting by Osamu Tsukimori; Editing by Sonali Paul 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-lng-japan/japan-to-offer-10-billion-to-back-asia-lng-infrastructure-push-media-idUKKBN1CL048'|'2017-10-16T05:04:00.000+03:00'|7630.0|''|-1.0|'' 7631|'91cca91033f0180bcb937bedb72ac9832ed8927d'|'CANADA STOCKS-TSX edges up with help from resource, financial shares'|'October 3, 2017 / 1:40 PM / Updated 11 minutes ago CANADA STOCKS-TSX edges up with help from resource, financial shares Reuters Staff 1 Min Read OTTAWA, Oct 3 (Reuters) - Canadas main stock index opened slightly higher on Tuesday as gains in the resource and financial sectors offset a decline in shares of TMX Group after Scotia Capital and Alberta Investment Management said they would cut their stake in the company. Shortly after the opening bell, the Toronto Stock Exchanges S&P/TSX composite index was up 16.38 points, or 0.1 percent, at 15,721.38. (Reporting by Leah Schnurr)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/canada-stocks-open/canada-stocks-tsx-edges-up-with-help-from-resource-financial-shares-idUSL2N1ME0MP'|'2017-10-03T16:40:00.000+03:00'|7631.0|''|-1.0|'' @@ -8683,7 +8683,7 @@ 8681|'58fbac4a6ef842683c57673f41c7db9fefb011df'|'RPT-Russia''s Otkritie bailout hits home in Ireland'|'(Repeats with no changes to text)* Bailed-out Russian bank used Irish funding vehicles* Loans of $500 million terminated* Experts say episode will hurt Russia, IrelandBy John ODonnellFRANKFURT, Nov 2 (Reuters) - Russias bailed-out bank Otkritie will not repay $500 million of loans raised in Ireland, potentially making it harder for other Russian private banks to borrow abroad and casting a cloud over Dublin as a shadow banking hub.Otkrities refusal to pay sees shockwaves from Russias biggest ever bank bailout reach Ireland, which has been used by international firms including Russian banks to raise hundreds of billions of euros in such loans.In a stock-exchange filing on Tuesday, OFCB, a vehicle that had issued $300 million of loan notes and lent the proceeds to Otkritie, said the Russian bank had terminated the repayment of the debt and more than $7 million of interest.BKM Finance, another vehicle that borrowed $200 million on behalf of Otkritie, made a similar filing on Oct. 27, saying the bank could not repay the money and interest of $4.7 million.A spokeswoman for Otkritie said it had grounds to terminate its obligations related to subordinated instruments and that it had acted in accordance with the law.Russias central bank, which orchestrated a multi-billion dollar rescue of Otkritie after a run on the bank, had earlier warned that subordinated debt could be hit.OFCB has issued a further $500 million of subordinated debt, according to Otkrities website, although the status of this was not immediately clear.Otkrities fall was dramatic for a group that, with support from President Vladimir Putins inner circle, snapped up rivals and even Lukoils diamond business to become Russias biggest private bank.As Russia is gearing to raise more capital through international bonds ... this may well dampen investors appetite for Russian assets, Anastasia Nesvetailova, an expert in financial crises at Londons City University, said.Sergey Dergachev, a bond investor with Germanys Union Investment, said he feared others could suffer a similar fate.If global economic conditions worsen, what will happen to Russia and its banks? I think the chances of seeing more subordinated debt out of Russian banks are slim.REPUTATIONAL RISK? Also potentially at stake is Irelands shadow banking system, which has boomed since the financial crisis and given groups such as hedge funds increasing clout in global finance.The International Monetary Fund and Financial Stability Board, which monitors the financial system, have highlighted concerns over Irelands outsized financial sector.The country is one of the euro zones largest centres for financial special purpose vehicles, according to central bank data, many of which are used to borrow by international groups.The sector had total assets such as loans of 345 billion euros ($402 billion) in the middle of this year - bigger than the Irish economy. Russian companies have sponsored 14 percent of those vehicles in Ireland.But fund raising by companies such as Otkritie, poses a potential threat to Irelands standing, said James Stewart of Trinity College Dublin who has written a report on the issue.In terms of Irelands reputation, these cases indicate a problem, said Stewart.It reveals the absence of regulation and oversight of this important market. They create a systemic risk, if not to Ireland, then internationally.The Irish Stock Exchange, which listed the debt, declined to comment, while a spokeswoman for Irelands central bank said the debt issues were restricted to qualified investors and that it had approved the prospectuses.The veracity of that information is the responsibility of the issuer and its directors, said a spokeswoman.The Irish law underpinning special purpose vehicles was created by the government in the early 1990s to build an international financial services centre in a then derelict part of Dublin, a central plank to the countrys economy and success.Many vehicles are shell companies set up to borrow and critics, including Stewart, say similar conduits hosted by Ireland helped trigger bank problems in Germany during the financial crisis.However, lobbyists, lawyers and many government officials want to keep the regime to attract business from London after Britain leaves the European Union. ($1 = 0.8579 euros) (Additional reporting by Ekaterina Golubkova in Moscow; editing by Alexander Smith) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/russia-ireland/rpt-russias-otkritie-bailout-hits-home-in-ireland-idINL8N1N919J'|'2017-11-03T04:17:00.000+02:00'|8681.0|''|-1.0|'' 8682|'906e309dba4163669c8379767941031bdd57f324'|'Emirates may order 36-38 Airbus A380 jets - source'|'November 11, 2017 / 9:44 AM / Updated an hour ago Emirates may order 36-38 Airbus A380 jets - source Reuters Staff 1 Min Read DUBAI (Reuters) - Dubais Emirates [EMIRA.UL] may place an order at the Dubai Airshow for 36-38 Airbus A380 superjumbo jets, worth some $16 billion (12 billion) at list prices, a person familiar with the matter told Reuters on Saturday. FILE PHOTO: An Airbus A380 is taking part in a flying display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 23, 2017. REUTERS/Pascal Rossignol Emirates and Airbus ( AIR.PA ) both declined to comment. Reporting by Tim Hepher; Writing by Noah Browning; Editing by Alexander Smith'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'https://uk.reuters.com/article/uk-emirates-airshow/emirates-may-order-36-38-airbus-a380-jets-source-idUKKBN1DB09J'|'2017-11-11T11:43:00.000+02:00'|8682.0|''|-1.0|'' 8683|'8bac969b68117e388a4647871655208b9b9baf10'|'Amnesty wants probe into Shell''s alleged role in 1990s Nigeria violence'|'November 28, 2017 / 4:47 PM / Updated 8 minutes ago Amnesty wants probe into Shell''s alleged role in 1990s Nigeria violence Libby George , Alexis Akwagyiram 3 Min Read LONDON/LAGOS (Reuters) - Amnesty International has called for a criminal investigation into the alleged role of Royal Dutch Shell in human rights abuses in Nigerias oil-rich Ogoniland in the 1990s, accusations the Anglo-Dutch oil company has denied. Logos of Shell is pictured at a gas station in the western Canakkale province, Turkey April 25, 2016. REUTERS/Murad Sezer The rights group urged the British, Dutch and Nigerian governments carry out probes in a report that it said included evidence showing Shells involvement in suppression of protesters by the military government in the 1990s. Shell Petroleum Development Company of Nigeria Limited (SPDC) said the allegations were false and without merit. Shell, the largest oil producer in Nigeria, has faced several court cases relating to the turbulent period that culminated with the execution of rights campaigner Ken Saro-Wiwa and eight others in 1995. Saro-Wiwa led a campaign to against environmental damage caused by the oil production in the lands of the Ogoni people in the Niger Delta, a major crude producing region. Several communities from the Niger Delta have pursued civil claims against Shell in international courts relating to oil spills and environmental damage, saying they cannot secure a fair trial in Nigeria. Amnesty said they now believe that there are grounds for a criminal investigation relating to the 1990s violence. Amnesty issued a similar report in June on the issue, coinciding with a fresh civil lawsuit filed in the Netherlands by widows of four of the nine men executed in which they sought compensation and an apology from Shell. We have always denied, in the strongest possible terms, the allegations made in this tragic case, SPDC said in a statement, referring to the executions of Saro-Wiwa and other activists. Shell appealed to the Nigerian government to grant clemency. To our deep regret, that appeal, and the appeals made by many others within and outside Nigeria, went unheard, SPDC said. In 2009, Shell agreed in an out-of-court settlement in the United States to pay $15.5 million (11.71 million) in damages to a group of relatives of the nine. Esther Kiobel, the widow of one of the nine Ogoni activists, had sought to raise a case against Shell in the United States but the U.S. Supreme Court ruled in 2013 that the country did not have jurisdiction to hear it. Reporting by Libby George; Editing by Edmund Blair'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'https://uk.reuters.com/article/uk-nigeria-oil-shell/amnesty-wants-probe-into-shells-alleged-role-in-1990s-nigeria-violence-idUKKBN1DS27Y'|'2017-11-28T18:47:00.000+02:00'|8683.0|''|-1.0|'' -8684|'cfa557f1e4c4e14f6bd6e4668cec53edaf861637'|'UPDATE 1-Canadian Pacific eyeing signs of life in crude by rail shipments'|' 47 PM / Updated 14 minutes ago UPDATE 1-Canadian Pacific eyeing signs of life in crude by rail shipments Reuters Staff 3 Min Read (Adds context, background on pipeline projects) MONTREAL/CALGARY, Alberta, Nov 14 (Reuters) - Canadian Pacific Railway Ltd sees shipments of crude by rail coming alive a little bit, Chief Marketing Officer John Brooks said on Tuesday, signaling a pickup in a business that had been hurt by low energy prices and competition from pipelines. Many traders are expecting a pickup in crude by rail volumes in 2018 as oil sands projects including Suncor Energy Incs Fort Hills plant and the latest phase of Canadian Natural Resources Ltds Horizon oil sands start producing at the end of this year. Canadian railway executives, however, remain cautious about crude-by-rail demand after they were forced to slash rates for shipping crude in 2015 due to a rout in global oil prices. The energy sector is really getting interesting, Brooks told a Toronto transportation conference, noting demand for shipping several energy-related products including frac sand, which is used in the hydraulic fracturing process. CP, Canadas second-largest railroad, in October reported a better-than-expected quarterly profit on higher shipments of crude oil, coal and potash. Energy industry players are bracing for congestion on Canadas major export pipelines, which are running close to capacity, while underutilized rail loading terminals built during a crude-by-rail boom in 2014 are increasing loading volumes. TransCanada Corps in October scrapped its $12 billion Energy East pipeline that would have taken crude from Alberta to the Atlantic coast, which could further increase producers reliance on crude-by-rail. Calgary-based Gibson Energy said on a third-quarter earnings call that it has started to see its Hardisty rail terminal in central Alberta being used more than in the past. And Cenovus Energy Inc, which owns the Bruderheim terminal near Edmonton, Alberta, said earlier this month that it has additional capacity to meet increased demand as it arises. With new production expected to come on line in the next year we are about to reach the limits of current pipeline infrastructure. This will likely result in a need to turn to rail as a stopgap to allow the new crude production to reach refineries, analysts from consultancy Turner Mason & Company said on Tuesday in a client note. The most recent National Energy Board data showed Canada exported 93,000 barrels per day (bpd) by rail in July, down 40 percent from a 2017 high of 156,000 bpd in March. However, since the summer the price discount on Canadian crude in Alberta versus its global benchmark has widened and is expected to deepen in coming months. With the wider differential rail shipments become more economic, even though they are still costlier than moving crude by pipelines. (Reporting By Allison Lampert in Montreal and Nia Williams in Calgary; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/cp-crude/update-1-canadian-pacific-eyeing-signs-of-life-in-crude-by-rail-shipments-idUSL1N1NK1FY'|'2017-11-14T20:45:00.000+02:00'|8684.0|1.0|-1.0|'' +8684|'cfa557f1e4c4e14f6bd6e4668cec53edaf861637'|'UPDATE 1-Canadian Pacific eyeing signs of life in crude by rail shipments'|' 47 PM / Updated 14 minutes ago UPDATE 1-Canadian Pacific eyeing signs of life in crude by rail shipments Reuters Staff 3 Min Read (Adds context, background on pipeline projects) MONTREAL/CALGARY, Alberta, Nov 14 (Reuters) - Canadian Pacific Railway Ltd sees shipments of crude by rail coming alive a little bit, Chief Marketing Officer John Brooks said on Tuesday, signaling a pickup in a business that had been hurt by low energy prices and competition from pipelines. Many traders are expecting a pickup in crude by rail volumes in 2018 as oil sands projects including Suncor Energy Incs Fort Hills plant and the latest phase of Canadian Natural Resources Ltds Horizon oil sands start producing at the end of this year. Canadian railway executives, however, remain cautious about crude-by-rail demand after they were forced to slash rates for shipping crude in 2015 due to a rout in global oil prices. The energy sector is really getting interesting, Brooks told a Toronto transportation conference, noting demand for shipping several energy-related products including frac sand, which is used in the hydraulic fracturing process. CP, Canadas second-largest railroad, in October reported a better-than-expected quarterly profit on higher shipments of crude oil, coal and potash. Energy industry players are bracing for congestion on Canadas major export pipelines, which are running close to capacity, while underutilized rail loading terminals built during a crude-by-rail boom in 2014 are increasing loading volumes. TransCanada Corps in October scrapped its $12 billion Energy East pipeline that would have taken crude from Alberta to the Atlantic coast, which could further increase producers reliance on crude-by-rail. Calgary-based Gibson Energy said on a third-quarter earnings call that it has started to see its Hardisty rail terminal in central Alberta being used more than in the past. And Cenovus Energy Inc, which owns the Bruderheim terminal near Edmonton, Alberta, said earlier this month that it has additional capacity to meet increased demand as it arises. With new production expected to come on line in the next year we are about to reach the limits of current pipeline infrastructure. This will likely result in a need to turn to rail as a stopgap to allow the new crude production to reach refineries, analysts from consultancy Turner Mason & Company said on Tuesday in a client note. The most recent National Energy Board data showed Canada exported 93,000 barrels per day (bpd) by rail in July, down 40 percent from a 2017 high of 156,000 bpd in March. However, since the summer the price discount on Canadian crude in Alberta versus its global benchmark has widened and is expected to deepen in coming months. With the wider differential rail shipments become more economic, even though they are still costlier than moving crude by pipelines. (Reporting By Allison Lampert in Montreal and Nia Williams in Calgary; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/cp-crude/update-1-canadian-pacific-eyeing-signs-of-life-in-crude-by-rail-shipments-idUSL1N1NK1FY'|'2017-11-14T20:45:00.000+02:00'|8684.0|1.0|0.0|'' 8685|'655bcc1dec851155a91e751e0134e44153304772'|'U.S. November auto sales to benefit from Black Friday deals: Edmunds'|'(Reuters) - U.S. auto sales will show a 3.5 percent rise in November from a year earlier with retailers stretching out Black Friday deals for the full month, industry consultant and car shopping website Edmunds said on Wednesday. Cars are shown for sale with financing at a car lot in National City, California, U.S., June 30, 2017. Picture taken June 30, 2017. REUTERS/Mike Blake Edmunds estimated that November U.S. sales would be 1.4 million new cars and trucks, for a seasonally adjusted annualized rate of 17.8 million. It also doesnt hurt that automakers are starting to really sweeten the deals to clear out lingering 2017s and end this year on a high note, said Jessica Caldwell, Edmunds executive director of industry analysis, in a statement. Reporting by Sanjana Shivdas; Editing by Arun Koyyur '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'https://www.reuters.com/article/us-usa-autos/u-s-november-auto-sales-to-benefit-from-black-friday-deals-edmunds-idUSKBN1DM20M'|'2017-11-22T17:38:00.000+02:00'|8685.0|''|-1.0|'' 8686|'a8cb73dc92669489c2f89378f56ce2252876b62e'|'CEE MARKETS-Oil stocks fall, no lift for currencies from hawkish hints'|' 38 AM / in 2 minutes CEE MARKETS-Oil stocks fall, no lift for currencies from hawkish hints Reuters Staff 8 Min Read * Oil, energy stocks follow global decline, push down indices * Euro strength puts lid on currencies, crown at 12-day low * Czech rate setter Hampl, Polish Hardt hint at rate hike * Romanian government bonds take a pause after yield surge By Sandor Peto BUDAPEST, Nov 15 (Reuters) - Energy, crude and metals sector stocks knocked Central European equities lower on Wednesday after a continuing decline in crude prices caused similar movements in Wall Street and elsewhere in the world. Warsaw''s bluechip index led the decline, shedding 0.6 percent by 0933 GMT. It was led lower by copper producer KGHM, which sank 5 percent after cutting its 2017 investment and output goals, while oil group PKN Orlen fell 1.7 percent. Global weakness in equities has weighed on stocks across the region this week even though a batch of third-quarter data early on Tuesday showed robust economic growth in Central Europe. Regional currencies have also not benefited from the figures because a surge in German output has triggered euro buying. Hawkish comments from a Polish and a Czech central banker, quoted by local papers on Wednesday, had no effect either. Czech central bank (CNB) Vice-Governor Mojmir Hampl said he may vote for a 25 basis point interest rate hike at the next policy meeting on Dec. 21. That would be the third hike since August when the bank started to reverse years of easing. The Czech crown eased a quarter of a percentage point against the euro to 25.695 despite the comments. Keeping rate hike expectations alive is a key tool of the CNB to buoy the crown, whose strength helps it fight inflation which has exceeded its 2 percent target. The zloty eased even though Polish rate setter Lukasz Hardt was quoted by the daily Rzeczpospolita as saying he may consider a small rate hike early next year if inflation is still heading towards the bank''s 2.5 percent target. Polish government bonds tracked a retreat in yields in the main developed markets, with the 10-year yield dropping 3 basis points to 3.416 percent. Romania''s corresponding yield was 4.62 percent, flat after a recent surge in the country''s yields to their highest levels since 2014. The leu firmed 0.1 percent to 4.636 versus the euro. Tuesday''s data showed Romania growing faster in the third quarter than any of its central European peers, at 8.8 percent. That figure and higher-than expected inflation data have underlined fears that the economy is overheating. "Some market watchers may see the rising pressure on the regulator (Romanian central bank) to deliver a faster policy response (monetary tightening) amid the increased risk of falling ''behind the curve''," Raiffeisen analyst Gintaras Shlizhyus said in a note. CEE MARKETS SNAPSH AT 1033 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 25.695 25.629 -0.25% 5.11% 0 5 Hungary 311.80 311.76 -0.01% -0.96% forint 00 50 Polish zloty 4.2495 4.2482 -0.03% 3.63% Romanian leu 4.6360 4.6417 +0.12 -2.18% % Croatian 7.5505 7.5533 +0.04 0.06% kuna % Serbian 118.43 118.54 +0.09 4.15% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1060.1 1062.4 -0.21% +15.0 9 5 4% Budapest 39020. 39140. -0.31% +21.9 91 44 3% Warsaw 2448.7 2464.3 -0.63% +25.7 9 5 1% Bucharest 7798.8 7804.7 -0.08% +10.0 4 3 7% Ljubljana 786.38 789.08 -0.34% +9.59 % Zagreb 1843.1 1842.6 +0.03 -7.60% 6 3 % Belgrade 738.51 739.05 -0.07% +2.95 % Sofia 671.57 670.66 +0.14 +14.5 % 2% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.473 0.141 +123b +15bp ps s 5-year 0.917 0.092 +127b +11bp ps s 10-year 1.713 -0.033 +134b -1bps ps Poland 2-year 1.593 -0.004 +235b +1bps ps 5-year 2.585 -0.036 +294b -2bps ps 10-year 3.425 -0.032 +305b -1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep Hungary Poland Note: FRA are for ask quotes prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'https://www.reuters.com/article/easteurope-markets/cee-markets-oil-stocks-fall-no-lift-for-currencies-from-hawkish-hints-idUSL8N1NL35A'|'2017-11-15T12:35:00.000+02:00'|8686.0|''|-1.0|'' 8687|'c80e0bf8d4c9938949a1aec3376e3020a5ac8d18'|'UPDATE 1-U.S. Senate drops proposal to change taxes on startup stock options'|'(New throughout, adds comments from trade groups and Menlo Ventures)By Heather SomervilleSAN FRANCISCO, Nov 15 (Reuters) - Venture capitalists and startup executives, who had mounted a campaign against a proposal to change how the federal government taxes stock options, expressed relief on Wednesday after the U.S. Senate dropped the measure from its tax overhaul plan. The Senate tax bill had proposed taxing employee stock options, a crucial part of compensation at technology startups, as they vest. Options generally vest over a four-year period.The result would have been annual tax bills for startup employees that soared into the tens of thousands of dollars, warned startup founders and employees. Startup options give employees the right to purchase shares in the future and are illiquid, meaning employees cannot spend or save their options.The Senate removed that provision late Tuesday night following heavy lobbying from the National Venture Capital Association, the industry trade group, and an outpouring of opposition from Silicon Valley venture capitalists and entrepreneurs. They predicted the demise of the startup industry should the tax become law.The entrepreneurial ecosystem can breathe a sigh of relief, said Bobby Franklin, president and chief executive of the trade association.More than 600 startups, investors and executives from companies such as Uber, Airbnb and Stripe signed a letter Tuesday to Senate Finance Committee Chairman Orrin Hatch, urging him to remove the provision.This shift would have profound negative consequences for technology startups by, among other things, undermining their ability to compete with large incumbents for employees, they wrote in the letter, organized by technology advocacy group Engine.A spokesman for Hatch did not respond to a request for comment.The current tax code taxes employees only when they exercise their options. The Senate proposal would have required employees to pay regular income tax on the value gain of stock options even before cashing them in.The National Venture Capital Association (NVCA) was also successful in getting a similar proposal removed from the original House tax reform bill.We dont anticipate it coming back up again, said Ben Veghte, spokesman for the NVCA.In the new version of the Senate bill, the finance committee also added language that would enable startup employees to defer for five years their stock options tax bill if they reach the deadline to exercise them but the company is still private and shares do not trade on the public markets.Venky Ganesan, managing director of Menlo Ventures, called the changes consistent with economic growth and job creation. (Reporting by Heather Somerville; editing by Marguerita Choy and David Gregorio) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'https://in.reuters.com/article/usa-tax-options/update-1-u-s-senate-drops-proposal-to-change-taxes-on-startup-stock-options-idINL1N1NL1K8'|'2017-11-15T17:22:00.000+02:00'|8687.0|''|-1.0|'' diff --git a/obj/dict_articles_organizations_without_banks.pkl b/obj/dict_articles_organizations_without_banks.pkl index 51c9868..70edb9a 100644 Binary files a/obj/dict_articles_organizations_without_banks.pkl and b/obj/dict_articles_organizations_without_banks.pkl differ diff --git a/src/2018-12-01-al-interactive-labeling.ipynb b/src/2018-12-01-al-interactive-labeling.ipynb deleted file mode 100644 index 938320b..0000000 --- a/src/2018-12-01-al-interactive-labeling.ipynb +++ /dev/null @@ -1,765 +0,0 @@ -{ - "cells": [ - { - "cell_type": "markdown", - "metadata": {}, - "source": [ - "# Jupyter Notebook for Interactive Labeling\n", - "______\n", - "\n", - "This Jupyter Notebook combines a manual and automated labeling technique.\n", - "It includes a basic implementation of Multinomial Bayes Classifier.\n", - "By calculating estimated class probabilities, we decide whether a news article has to be labeled manually or can be labeled automatically.\n", - "For labeling, 6 classes are used.\n", - "\n", - "\n", - "- **Part I**: Preparation of the data set for labeling.\n", - "\n", - "\n", - "- **Part II**: Execution of iterative labeling process.\n", - "\n", - " \n", - "Please note: User instructions are written in upper-case.\n", - "__________\n", - "Version: 2018-12-01, Anne Lorenz / Datavard AG" - ] - }, - { - "cell_type": "code", - "execution_count": 1, - "metadata": {}, - "outputs": [], - "source": [ - "import csv\n", - "import operator\n", - "import pickle\n", - "import random\n", - "\n", - "from ipywidgets import interact, interactive, fixed, interact_manual\n", - "import ipywidgets as widgets\n", - "from IPython.core.interactiveshell import InteractiveShell\n", - "from IPython.display import display\n", - "import numpy as np\n", - "import pandas as pd\n", - "\n", - "from MNBInteractive import MNBInteractive" - ] - }, - { - "cell_type": "markdown", - "metadata": {}, - "source": [ - "## Part I" - ] - }, - { - "cell_type": "markdown", - "metadata": {}, - "source": [ - "First, we import our data set of 10 000 business news articles from a csv file.\n", - "It contains 833/834 articles of each month of the year 2017.\n", - "For detailed information regarding the data set, please read the full documentation." - ] - }, - { - "cell_type": "code", - "execution_count": 2, - "metadata": {}, - "outputs": [ - { - "name": "stdout", - "output_type": "stream", - "text": [ - "Number of samples in data set in total: 10000\n" - ] - } - ], - "source": [ - "# round number to save intermediate label status of data set\n", - "m = 0\n", - "\n", - "# initialize random => reproducible sequence\n", - "random.seed(5)\n", - "\n", - "filepath = '../data/cleaned_data_set_without_header.csv'\n", - "\n", - "df = pd.read_csv(filepath,\n", - " header=None,\n", - " sep='|',\n", - " engine='python',\n", - " names = [\"Uuid\", \"Title\", \"Text\", \"Site\", \"SiteSection\", \"Url\", \"Timestamp\"],\n", - " decimal='.',\n", - " quotechar='\\'',\n", - " quoting=csv.QUOTE_NONNUMERIC)\n", - "\n", - "# set up wider display area\n", - "pd.set_option('display.max_colwidth', -1)\n", - "\n", - "# add indices\n", - "df['Index'] = df.index.values\n", - "\n", - "# add round annotation (indicates labeling time)\n", - "df['Round'] = np.nan\n", - "\n", - "# initialize label column with -1 for unlabeled samples\n", - "df['Label'] = np.full((len(df)), -1)\n", - "\n", - "# add column for estimated probability\n", - "df['Probability'] = np.nan\n", - "\n", - "# show full text for print statement\n", - "InteractiveShell.ast_node_interactivity = \"all\"\n", - "\n", - "# row number\n", - "n_rows = df.shape[0]\n", - "print('Number of samples in data set in total: {}'.format(n_rows))" - ] - }, - { - "cell_type": "markdown", - "metadata": {}, - "source": [ - "The following cell is disabled to prevent later overwriting." - ] - }, - { - "cell_type": "code", - "execution_count": 3, - "metadata": {}, - "outputs": [], - "source": [ - "# save as csv\n", - "#df.to_csv('../data/interactive_labeling.csv',\n", - "# sep='|',\n", - "# mode='w',\n", - "# encoding='utf-8',\n", - "# quoting=csv.QUOTE_NONNUMERIC,\n", - "# quotechar='\\'')" - ] - }, - { - "cell_type": "markdown", - "metadata": {}, - "source": [ - "We load the previously created dictionary of all article indices (keys) with a list of mentioned organizations (values).\n", - "In the following, we limit the number of occurences of a certain company name in all labeled articles to 3 to avoid imbalance." - ] - }, - { - "cell_type": "code", - "execution_count": 22, - "metadata": {}, - "outputs": [], - "source": [ - "# global dict of all articles (article index => list of mentioned organizations)\n", - "dict_art_orgs = {}\n", - "with open('../obj/dict_articles_organizations_without_banks.pkl', 'rb') as input:\n", - " dict_art_orgs = pickle.load(input)" - ] - }, - { - "cell_type": "code", - "execution_count": 23, - "metadata": {}, - "outputs": [], - "source": [ - "def show_next(index):\n", - " print('News article no. {}:'.format(index))\n", - " print()\n", - " # show title and text of current news article\n", - " print('HEADLINE:')\n", - " print(df.loc[df['Index'] == index, 'Title'])\n", - " print()\n", - " print('TEXT:')\n", - " print(df.loc[df['Index'] == index, 'Text'])\n", - " \n", - " def f(x):\n", - " ''' this function is executed when slider moved\n", - " '''\n", - " # save user input\n", - " df.loc[df['Index'] == index, 'Label'] = x\n", - " # save number of labeling round\n", - " df.loc[df['Index'] == index, 'Round'] = m\n", - "\n", - " # create slider widget for labels\n", - " interact(f, x = widgets.IntSlider(min=-1, max=5, step=1, value=df.loc[df['Index'] == index, 'Label']))\n", - " print('1: merger of companies A and B, 2: merger pending/in talks/to be approved, 3: merger aborted/denied,') \n", - " print('4: sale or buy of shares/parts/assets or merger of units,')\n", - " print('5: merger as incidental remark (not main topic/not current), 0: other/unrelated news, -1: i don\\'t know')\n", - " print('___________________________________________________________________________________________________')\n", - " print()\n", - " print() \n", - "\n", - "# list of article indices that will be shown next\n", - "label_next = []" - ] - }, - { - "cell_type": "markdown", - "metadata": {}, - "source": [ - "## PART II\n", - "\n", - "In each iteration...\n", - " 1. We label the next 10 articles manually.\n", - " \n", - " 2. We apply the Multinomial Naive Bayes classification algorithm which returns a vector class_probs $(K_1, K_2, ... , K_6)$ per sample with the probabilities $K_i$ per class $i$.\n", - " \n", - " 3. We apply class labels automatically where possible. We define a case as distinct, if the estimated probability $K_x > 0.8$ with $x \\in {1,...,6}$. In that case, our program applies the label.\n", - " \n", - " 4. We check and improve the automated labeling if necessary." - ] - }, - { - "cell_type": "markdown", - "metadata": {}, - "source": [ - "The iteration part begins here. User interaction instructions are written in upper-case.\n", - "\n", - "PLEASE ENTER THE CURRENT ITARATION NUMBER ('Round no.')." - ] - }, - { - "cell_type": "code", - "execution_count": 53, - "metadata": {}, - "outputs": [ - { - "name": "stdout", - "output_type": "stream", - "text": [ - "Last iteration number: 16\n", - "\n", - "Number of labeled articles: 320 (3.2 percent)\n", - "Number of unlabeled articles: 9680\n" - ] - } - ], - "source": [ - "# read current data set from csv\n", - "df = pd.read_csv('../data/interactive_labeling.csv',\n", - " sep='|',\n", - " usecols=range(1,12), # drop first column 'unnamed'\n", - " encoding='utf-8',\n", - " quoting=csv.QUOTE_NONNUMERIC,\n", - " quotechar='\\'')\n", - "\n", - "# find current iteration/round number\n", - "m = int(df['Round'].max())\n", - "\n", - "print('Last iteration number: {}'.format(m))\n", - "print()\n", - "print('Number of labeled articles: {0} ({1:.2} percent)'.format(len(df.loc[df['Label'] != -1]), \n", - " len(df.loc[df['Label'] != -1])/100))\n", - "print('Number of unlabeled articles: {}'.format(len(df.loc[df['Label'] == -1])))" - ] - }, - { - "cell_type": "code", - "execution_count": 45, - "metadata": {}, - "outputs": [ - { - "name": "stdout", - "output_type": "stream", - "text": [ - "Continue with iteration number: 16\n" - ] - } - ], - "source": [ - "# increment round number\n", - "m += 1\n", - "\n", - "print('Continue with iteration number: {}'.format(m))" - ] - }, - { - "cell_type": "code", - "execution_count": 46, - "metadata": { - "scrolled": true - }, - "outputs": [ - { - "name": "stdout", - "output_type": "stream", - "text": [ - "Amazon\n", - "Google\n", - "Alphabet\n", - "EMEA\n", - "BAML\n", - "Royal Dutch Shell\n", - "Glencore\n", - "Abu Dhabi\n", - "Qatar Airways\n", - "Viacom\n", - "Nomura\n", - "General Motors\n", - "Boeing\n", - "Airbus\n", - "Societe Generale\n", - "SEC\n", - "Organization of the Petroleum Exporting Countries\n", - "Toshiba\n", - "LME\n", - "Pepsi\n", - "Microsoft\n", - "BOJ\n", - "Apple\n", - "Amazon.com\n", - "Facebook\n", - "AT & T\n", - "Verizon Communications\n", - "Lloyds\n", - "Unilever\n", - "BP\n", - "Alibaba\n", - "Tesla\n", - "Tencent\n", - "Tesco\n", - "Nestle\n", - "IHS Markit\n", - "VW\n", - "Volkswagen\n", - "Deutsche Telekom\n", - "T-Mobile US\n", - "BHP Billiton\n", - "ING\n", - "CME\n" - ] - } - ], - "source": [ - "# global dict of mentioned companies in labeled articles (company name => number of occurences\n", - "dict_limit = {}\n", - "\n", - "# initialize dict_limit\n", - "df_labeled = df[df['Label'] != -1]\n", - "for index in df_labeled['Index']:\n", - " orgs = dict_art_orgs[index]\n", - " for org in orgs:\n", - " if org in dict_limit:\n", - " dict_limit[org] += 1\n", - " else:\n", - " dict_limit[org] = 1\n", - "\n", - "for k, v in dict_limit.items():\n", - " # print organizations that are mentioned 3 times\n", - " if v == 3:\n", - " print(k)" - ] - }, - { - "cell_type": "code", - "execution_count": 47, - "metadata": {}, - "outputs": [], - "source": [ - "def pick_random_articles(n, limit = 3):\n", - " ''' pick n random articles, check if company occurences under limit.\n", - " returns list of n indices of the articles we can label next.\n", - " '''\n", - " # labeling list\n", - " list_arts = []\n", - " # article counter\n", - " i = 0\n", - " while i < n:\n", - " # pick random article\n", - " rand_i = random.randint(0, 9999)\n", - " # check if not yet labeled\n", - " if df.loc[rand_i]['Label'] == -1:\n", - " # list of companies in that article\n", - " companies = dict_art_orgs[rand_i]\n", - " if all((dict_limit.get(company) == None) or (dict_limit[company] < limit ) for company in companies): \n", - " for company in companies:\n", - " if company in dict_limit:\n", - " dict_limit[company] += 1\n", - " else:\n", - " dict_limit[company] = 1\n", - " # add article to labeling list\n", - " list_arts.append(rand_i)\n", - " i += 1\n", - " return list_arts\n", - "\n", - "# generate new list of article indices for labeling\n", - "batchsize = 1\n", - "label_next = pick_random_articles(batchsize)" - ] - }, - { - "cell_type": "markdown", - "metadata": {}, - "source": [ - "PLEASE READ THE FOLLOWING ARTICLES AND ENTER THE CORRESPONDING LABELS." - ] - }, - { - "cell_type": "code", - "execution_count": 48, - "metadata": {}, - "outputs": [ - { - "data": { - "text/plain": [ - "16" - ] - }, - "execution_count": 48, - "metadata": {}, - "output_type": "execute_result" - } - ], - "source": [ - "# check round number\n", - "m" - ] - }, - { - "cell_type": "code", - "execution_count": 49, - "metadata": {}, - "outputs": [ - { - "name": "stdout", - "output_type": "stream", - "text": [ - "News article no. 5332:\n", - "\n", - "HEADLINE:\n", - "5332 Creditors seek to overturn Dana Gas sukuk injunction in UK court\n", - "Name: Title, dtype: object\n", - "\n", - "TEXT:\n", - "5332 Market News - Wed Jul 5, 2017 - 7:03am EDT Creditors seek to overturn Dana Gas sukuk injunction in UK court DUBAI, July 5 The owners of Islamic bonds issued by Abu Dhabi-listed Dana Gas have gone to London's High Court of Justice to try to overturn an injunction that prevents them from forcing repayment of the $700 million of sukuk. Analysts say the case could have ramifications across the Islamic finance industry, with any decision against the creditors potentially undermining confidence in Islamic bonds. Dana Gas argues that because of changes in Islamic financial instruments and how they are interpreted, its sukuk are no longer sharia-compliant, and have become unlawful and unenforceable in the United Arab Emirates. The company says it is therefore halting payments on the mudaraba-style sukuk and proposing its creditors exchange them for new Islamic bonds with lower profit distributions. In mid-June, Dana Gas said it had obtained an interim injunction from London's High Court blocking holders of the sukuk, which are due to mature in October, from enforcing claims against the company related to the bonds. Deutsche Bank, representing the sukuk holders, told the High Court on Tuesday the injunction should be set aside, according to legal documents presented to the court and seen by Reuters. Deutsche Bank told the court Dana's case was \"hopeless as a matter of law,\" arguing that asserting the sukuk were illegal was an \"event of default\" allowing the sukuk holders to demand repayment, the documents show. Dana's actions \"have sent shockwaves around the market for Islamic bonds\" because they could erode trust in other sukuk issues, Deutsche Bank said. The judge did not reach a conclusion on Tuesday, and has asked Dana and the other parties to return to the court on Wednesday, a source familiar with the situation told Reuters. (Reporting by Davide Barbuscia; Editing by Andrew Torchia and Mark Potter) \n", - "Name: Text, dtype: object\n" - ] - }, - { - "data": { - "application/vnd.jupyter.widget-view+json": { - "model_id": "415d739cf3d643429b8bc3ea4884d88a", - "version_major": 2, - "version_minor": 0 - }, - "text/html": [ - "

Failed to display Jupyter Widget of type interactive.

\n", - "

\n", - " If you're reading this message in the Jupyter Notebook or JupyterLab Notebook, it may mean\n", - " that the widgets JavaScript is still loading. If this message persists, it\n", - " likely means that the widgets JavaScript library is either not installed or\n", - " not enabled. See the Jupyter\n", - " Widgets Documentation for setup instructions.\n", - "

\n", - "

\n", - " If you're reading this message in another frontend (for example, a static\n", - " rendering on GitHub or NBViewer),\n", - " it may mean that your frontend doesn't currently support widgets.\n", - "

\n" - ], - "text/plain": [ - "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" - ] - }, - "metadata": {}, - "output_type": "display_data" - }, - { - "name": "stdout", - "output_type": "stream", - "text": [ - "1: merger of companies A and B, 2: merger pending/in talks/to be approved, 3: merger aborted/denied,\n", - "4: sale or buy of shares/parts/assets or merger of units,\n", - "5: merger as incidental remark (not main topic/not current), 0: other/unrelated news, -1: i don't know\n", - "___________________________________________________________________________________________________\n", - "\n", - "\n" - ] - } - ], - "source": [ - "for index in label_next:\n", - " show_next(index)" - ] - }, - { - "cell_type": "code", - "execution_count": 50, - "metadata": {}, - "outputs": [ - { - "data": { - "application/vnd.jupyter.widget-view+json": { - "model_id": "55a370bf5df94b3aacf4c0396bc43cad", - "version_major": 2, - "version_minor": 0 - }, - "text/html": [ - "

Failed to display Jupyter Widget of type Button.

\n", - "

\n", - " If you're reading this message in the Jupyter Notebook or JupyterLab Notebook, it may mean\n", - " that the widgets JavaScript is still loading. If this message persists, it\n", - " likely means that the widgets JavaScript library is either not installed or\n", - " not enabled. See the Jupyter\n", - " Widgets Documentation for setup instructions.\n", - "

\n", - "

\n", - " If you're reading this message in another frontend (for example, a static\n", - " rendering on GitHub or NBViewer),\n", - " it may mean that your frontend doesn't currently support widgets.\n", - "

\n" - ], - "text/plain": [ - "Button(description='Confirm Labels', style=ButtonStyle())" - ] - }, - "metadata": {}, - "output_type": "display_data" - }, - { - "name": "stdout", - "output_type": "stream", - "text": [ - "5332 0.0\n", - "Name: Label, dtype: float64\n" - ] - } - ], - "source": [ - "# create button widget for confirming labels\n", - "button_confirm = widgets.Button(description='Confirm Labels',\n", - " disabled=False,\n", - " button_style='')\n", - "\n", - "def g(b):\n", - " ''' this function is executed when button_confirm clicked\n", - " ''' \n", - " # show new labels\n", - " print(df.loc[df['Index'].isin(label_next)]['Label'])\n", - "\n", - "# execute function g if button is clicked\n", - "button_confirm.on_click(g)\n", - "\n", - "display(button_confirm)" - ] - }, - { - "cell_type": "markdown", - "metadata": {}, - "source": [ - "PLEASE CLICK THE BUTTON ABOVE ('Confirm Labels') TO CONFIRM YOUR LABELS." - ] - }, - { - "cell_type": "code", - "execution_count": 51, - "metadata": {}, - "outputs": [], - "source": [ - "# save as csv\n", - "df.to_csv('../data/interactive_labeling.csv',\n", - " sep='|',\n", - " mode='w',\n", - " encoding='utf-8',\n", - " quoting=csv.QUOTE_NONNUMERIC,\n", - " quotechar='\\'')" - ] - }, - { - "cell_type": "code", - "execution_count": 52, - "metadata": {}, - "outputs": [ - { - "name": "stdout", - "output_type": "stream", - "text": [ - "This round (no. 16):\n", - "Number of labeled articles: 320 (3.2 percent)\n", - "Number of unlabeled articles: 9680\n" - ] - } - ], - "source": [ - "print('This round (no. {}):'.format(m))\n", - "print('Number of labeled articles: {0} ({1:.2} percent)'.format(len(df.loc[df['Label'] != -1]), \n", - " len(df.loc[df['Label'] != -1])/100))\n", - "print('Number of unlabeled articles: {}'.format(len(df.loc[df['Label'] == -1])))" - ] - }, - { - "cell_type": "markdown", - "metadata": {}, - "source": [ - "NOW REPEAT PART II OR CONTINUE WITH PART III.\n", - "\n", - "## Part III\n", - "\n", - "Now we build a model and check if it is possible to label some articles automatically." - ] - }, - { - "cell_type": "code", - "execution_count": null, - "metadata": {}, - "outputs": [], - "source": [ - " # split data set into labeled and unlabeled samples\n", - "l_data = df.loc[df['Label'] != -1]\n", - "u_data = df.loc[df['Label'] == -1]\n", - "\n", - "# assign array of classes in order used and array of class probabilities\n", - "%time classes, class_count, class_probs = MNBInteractive.make_nb(l_data, u_data)\n", - "\n", - "print('Label classes in the order in which they are used for class_probs:')\n", - "print(classes)\n", - "\n", - "print('Number of samples of each class:')\n", - "print(class_count)\n", - "\n", - "print('First 10 estimations:')\n", - "print()\n", - "print(class_probs[:10])" - ] - }, - { - "cell_type": "code", - "execution_count": 9, - "metadata": {}, - "outputs": [ - { - "name": "stdout", - "output_type": "stream", - "text": [ - "Number of auto-labeled samples in round 13: 0\n" - ] - } - ], - "source": [ - "# list of tuples (articles that were automatically labeled in this round and their estimated label probability)\n", - "tuples_auto_labeled = []\n", - "\n", - "def insert_estimated_labels(threshold = 0.8):\n", - " '''label article with class j, if estimated probability\n", - " for class j is higher than threshold\n", - " '''\n", - " for j, vector in enumerate(class_probs):\n", - " for i in range(len(classes)):\n", - " # check if probability of class i is not less than threshold\n", - " if vector[i] > threshold:\n", - " # adopt the estimated label\n", - " u_data[j]['Label'] = classes[i]\n", - " # annotate probability\n", - " u_data[j]['Probability'] = vector[i]\n", - " # insert current round number\n", - " u_data[j]['Round'] = m\n", - " # add to list 'new_labeled'\n", - " tuples_auto_labeled.append(u_data[j]['Index'], u_data[j]['Probability'])\n", - "\n", - "# insert estimated labels\n", - "insert_estimated_labels()\n", - "\n", - "print('Number of auto-labeled samples in round {}: {}'.format(m, len(tuples_auto_labeled)))" - ] - }, - { - "cell_type": "code", - "execution_count": 10, - "metadata": {}, - "outputs": [], - "source": [ - "if len(tuples_auto_labeled) > 0:\n", - "\n", - " # sort new labeled articles by their estimated probability and return list of indices\n", - " list_auto_labeled = [t[0] for t in sorted(tuples_auto_labeled, key=lambda x: x[1])]\n", - "\n", - " # concatenate labeled and unlabeled data\n", - " df = pd.concat([l_data, u_data],\n", - " ignore_index=True)\n", - "\n", - " # sort dataframe by index\n", - " df = df.sort_values(['Index'])\n", - "\n", - " # create button widget for checking labels\n", - " button_check = widgets.Button(description='Check Label',\n", - " disabled=False,\n", - " button_style='')\n", - " def h(b):\n", - " ''' this function is executed when button 'Check Labels' clicked\n", - " '''\n", - " show_next(list_auto_labeled[0])\n", - " del list_auto_labeled[0]\n", - "\n", - " # execute function g if button is clicked\n", - " button_check.on_click(h)\n", - "\n", - " # while there is still a auto-labeled article not yet checked\n", - " # check sample with lowest estimated probability next\n", - " while len(list_auto_labeled) > 0:\n", - " print('PLEASE CLICK BUTTON BELOW (\\'Check Labels\\') TO CHECK AUTO-LABELED SAMPLE')\n", - " display(button_check)" - ] - }, - { - "cell_type": "code", - "execution_count": 12, - "metadata": {}, - "outputs": [ - { - "name": "stdout", - "output_type": "stream", - "text": [ - "End of this round (no. 13):\n", - "Number of labeled articles: 300 (3.0 percent)\n", - "Number of unlabeled articles: 9700\n" - ] - } - ], - "source": [ - "print('End of this round (no. {}):'.format(m))\n", - "print('Number of labeled articles: {0} ({1:.2} percent)'.format(len(df.loc[df['Label'] != -1]), \n", - " len(df.loc[df['Label'] != -1])/100))\n", - "print('Number of unlabeled articles: {}'.format(len(df.loc[df['Label'] == -1])))\n", - "\n", - "# save to csv\n", - "df.to_csv('../data/interactive_labeling.csv',\n", - " sep='|',\n", - " mode='w',\n", - " encoding='utf-8',\n", - " quoting=csv.QUOTE_NONNUMERIC,\n", - " quotechar='\\'')" - ] - }, - { - "cell_type": "markdown", - "metadata": {}, - "source": [ - "NOW PLEASE CONTINUE ITERATION. LET PART II RUN AGAIN, CELL BY CELL.\n", - "\n", - "REPEAT UNTIL ALL SAMPLES ARE LABELED." - ] - } - ], - "metadata": { - "kernelspec": { - "display_name": "Python 3", - "language": "python", - "name": "python3" - }, - "language_info": { - "codemirror_mode": { - "name": "ipython", - "version": 3 - }, - "file_extension": ".py", - "mimetype": "text/x-python", - "name": "python", - "nbconvert_exporter": "python", - "pygments_lexer": "ipython3", - "version": "3.6.4" - } - }, - "nbformat": 4, - "nbformat_minor": 2 -} diff --git a/src/2019-01-09-al-interactive-labeling.ipynb b/src/2019-01-09-al-interactive-labeling.ipynb new file mode 100644 index 0000000..20cea60 --- /dev/null +++ b/src/2019-01-09-al-interactive-labeling.ipynb @@ -0,0 +1,1532 @@ +{ + "cells": [ + { + "cell_type": "markdown", + "metadata": {}, + "source": [ + "# Jupyter Notebook for Interactive Labeling\n", + "______\n", + "\n", + "This Jupyter Notebook combines a manual and automated labeling technique.\n", + "It includes a basic implementation of Multinomial Bayes Classifier.\n", + "By calculating estimated class probabilities, we decide whether a news article has to be labeled manually or can be labeled automatically.\n", + "For labeling, 6 classes are used.\n", + "\n", + "\n", + "- **Part I**: Preparation of the data set for labeling.\n", + "\n", + "\n", + "- **Part II**: Execution of iterative labeling process.\n", + "\n", + " \n", + "Please note: User instructions are written in upper-case.\n", + "__________\n", + "Version: 2018-12-01, Anne Lorenz / Datavard AG" + ] + }, + { + "cell_type": "code", + "execution_count": 2, + "metadata": {}, + "outputs": [], + "source": [ + "import csv\n", + "import operator\n", + "import pickle\n", + "import random\n", + "\n", + "from ipywidgets import interact, interactive, fixed, interact_manual\n", + "import ipywidgets as widgets\n", + "from IPython.core.interactiveshell import InteractiveShell\n", + "from IPython.display import display\n", + "import numpy as np\n", + "import pandas as pd\n", + "\n", + "from MNBInteractive import MNBInteractive" + ] + }, + { + "cell_type": "markdown", + "metadata": {}, + "source": [ + "## Part I: Data preparation" + ] + }, + { + "cell_type": "markdown", + "metadata": {}, + "source": [ + "First, we import our data set of 10 000 business news articles from a csv file.\n", + "It contains 833/834 articles of each month of the year 2017.\n", + "For detailed information regarding the data set, please read the full documentation." + ] + }, + { + "cell_type": "code", + "execution_count": 3, + "metadata": {}, + "outputs": [ + { + "name": "stdout", + "output_type": "stream", + "text": [ + "Number of samples in data set in total: 10000\n" + ] + } + ], + "source": [ + "# round number to save intermediate label status of data set\n", + "m = 0\n", + "\n", + "# initialize random => reproducible sequence\n", + "random.seed(5)\n", + "\n", + "filepath = '../data/cleaned_data_set_without_header.csv'\n", + "\n", + "df = pd.read_csv(filepath,\n", + " header=None,\n", + " sep='|',\n", + " engine='python',\n", + " names = [\"Uuid\", \"Title\", \"Text\", \"Site\", \"SiteSection\", \"Url\", \"Timestamp\"],\n", + " decimal='.',\n", + " quotechar='\\'',\n", + " quoting=csv.QUOTE_NONNUMERIC)\n", + "\n", + "# set up wider display area\n", + "pd.set_option('display.max_colwidth', -1)\n", + "\n", + "# set precision of output\n", + "np.set_printoptions(precision=3)\n", + "\n", + "# add indices\n", + "df['Index'] = df.index.values\n", + "\n", + "# add round annotation (indicates labeling time)\n", + "df['Round'] = np.nan\n", + "\n", + "# initialize label column with -1 for unlabeled samples\n", + "df['Label'] = np.full((len(df)), -1)\n", + "\n", + "# add column for estimated probability\n", + "df['Probability'] = np.nan\n", + "\n", + "# show full text for print statement\n", + "InteractiveShell.ast_node_interactivity = \"all\"\n", + "\n", + "# row number\n", + "n_rows = df.shape[0]\n", + "print('Number of samples in data set in total: {}'.format(n_rows))" + ] + }, + { + "cell_type": "markdown", + "metadata": {}, + "source": [ + "The following cell is disabled to prevent later overwriting." + ] + }, + { + "cell_type": "code", + "execution_count": 4, + "metadata": {}, + "outputs": [], + "source": [ + "# save as csv\n", + "#df.to_csv('../data/interactive_labeling.csv',\n", + "# sep='|',\n", + "# mode='w',\n", + "# encoding='utf-8',\n", + "# quoting=csv.QUOTE_NONNUMERIC,\n", + "# quotechar='\\'')" + ] + }, + { + "cell_type": "markdown", + "metadata": {}, + "source": [ + "We load the previously created dictionary of all article indices (keys) with a list of mentioned organizations (values).\n", + "In the following, we limit the number of occurences of a certain company name in all labeled articles to 3 to avoid imbalance." + ] + }, + { + "cell_type": "code", + "execution_count": 5, + "metadata": {}, + "outputs": [], + "source": [ + "# global dict of all articles (article index => list of mentioned organizations)\n", + "dict_art_orgs = {}\n", + "with open('../obj/dict_articles_organizations_without_banks.pkl', 'rb') as input:\n", + " dict_art_orgs = pickle.load(input)" + ] + }, + { + "cell_type": "code", + "execution_count": 6, + "metadata": {}, + "outputs": [], + "source": [ + "def show_next(index):\n", + " print('News article no. {}:'.format(index))\n", + " print()\n", + " # show title and text of current news article\n", + " print('HEADLINE:')\n", + " print(df.loc[df['Index'] == index, 'Title'])\n", + " print()\n", + " print('TEXT:')\n", + " print(df.loc[df['Index'] == index, 'Text'])\n", + " \n", + " def f(x):\n", + " ''' this function is executed when slider moved\n", + " '''\n", + " # save user input\n", + " df.loc[df['Index'] == index, 'Label'] = x\n", + " # save number of labeling round\n", + " df.loc[df['Index'] == index, 'Round'] = m\n", + "\n", + " # create slider widget for labels\n", + " interact(f, x = widgets.IntSlider(min=-1, max=5, step=1, value=df.loc[df['Index'] == index, 'Label']))\n", + " print('1: Merger, 2: Merger pending/in talks/to be approved, 3: Merger rejected/aborted/denied,') \n", + " print('4: Share Deal/Asset Deal/Acquisition,')\n", + " print('5: Merger as incidental remark (not main topic/not current), 0: Other/Unrelated news,')\n", + " print('-1: I don\\'t know')\n", + " print('___________________________________________________________________________________________________')\n", + " print()\n", + " print() \n", + "\n", + "# list of article indices that will be shown next\n", + "label_next = []" + ] + }, + { + "cell_type": "markdown", + "metadata": {}, + "source": [ + "## PART II: Manual labeling\n", + "\n", + "In each iteration...\n", + " 1. We label the next articles manually.\n", + " \n", + " 2. We apply the Multinomial Naive Bayes classification algorithm which returns a vector class_probs $(K_1, K_2, ... , K_6)$ per sample with the probabilities $K_i$ per class $i$.\n", + " \n", + " 3. We apply class labels automatically where possible. We define a case as distinct, if the estimated probability $K_x > 0.8$ with $x \\in {1,...,6}$. In that case, our program applies the label.\n", + " \n", + " 4. We check and improve the automated labeling if necessary." + ] + }, + { + "cell_type": "markdown", + "metadata": {}, + "source": [ + "The iteration part begins here. User interaction instructions are written in upper-case." + ] + }, + { + "cell_type": "code", + "execution_count": 7, + "metadata": {}, + "outputs": [ + { + "name": "stdout", + "output_type": "stream", + "text": [ + "Last iteration number: 29\n", + "\n", + "Number of labeled articles: 800 (8.0 percent)\n", + "Number of unlabeled articles: 9200\n" + ] + } + ], + "source": [ + "# read current data set from csv\n", + "df = pd.read_csv('../data/interactive_labeling.csv',\n", + " sep='|',\n", + " usecols=range(1,12), # drop first column 'unnamed'\n", + " encoding='utf-8',\n", + " quoting=csv.QUOTE_NONNUMERIC,\n", + " quotechar='\\'')\n", + "\n", + "# find current iteration/round number\n", + "m = int(df['Round'].max())\n", + "\n", + "print('Last iteration number: {}'.format(m))\n", + "print()\n", + "print('Number of labeled articles: {0} ({1:.2} percent)'.format(len(df.loc[df['Label'] != -1]), \n", + " len(df.loc[df['Label'] != -1])/100))\n", + "print('Number of unlabeled articles: {}'.format(len(df.loc[df['Label'] == -1])))" + ] + }, + { + "cell_type": "code", + "execution_count": 8, + "metadata": {}, + "outputs": [ + { + "name": "stdout", + "output_type": "stream", + "text": [ + "Continue with iteration number: 30\n" + ] + } + ], + "source": [ + "# increment round number\n", + "m += 1\n", + "\n", + "print('Continue with iteration number: {}'.format(m))" + ] + }, + { + "cell_type": "code", + "execution_count": 9, + "metadata": { + "scrolled": true + }, + "outputs": [ + { + "name": "stdout", + "output_type": "stream", + "text": [ + "Amazon\n", + "Google\n", + "Ford Motor\n", + "Alphabet\n", + "Brexit\n", + "BAML\n", + "Shell\n", + "Royal Dutch Shell\n", + "Enbridge\n", + "Oi\n", + "BNDES\n", + "Thyssenkrupp\n", + "NFL\n", + "Fox Sports\n", + "Lipper\n", + "Aetna\n", + "Humana\n", + "Etihad Airways\n", + "Glencore\n", + "Rosneft\n", + "Lufthansa\n", + "Qatar Airways\n", + "Royal Mail\n", + "Luxottica\n", + "Essilor\n", + "Viacom\n", + "Bayer\n", + "DuPont\n", + "WSJ\n", + "IEA\n", + "ArcelorMittal\n", + "Valeant Pharmaceuticals International\n", + "Aramco\n", + "Carlyle\n", + "Nomura\n", + "GM\n", + "General Motors\n", + "Peugeot\n", + "Johnson & Johnson\n", + "RBC Capital Markets\n", + "EDF\n", + "Boeing\n", + "Airbus\n", + "Anglo American\n", + "Sinochem\n", + "Heineken\n", + "Nike\n", + "Berkshire Hathaway\n", + "Anthem\n", + "UnitedHealth\n", + "Rolls-Royce\n", + "Cinven\n", + "Permira\n", + "LSE\n", + "IG\n", + "COFINA\n", + "Delta\n", + "Hermes\n", + "IFRS\n", + "McDermid\n", + "Wells Fargo\n", + "Roche\n", + "Amgen\n", + "GOP\n", + "ANZ\n", + "Toshiba\n", + "Fiat Chrysler\n", + "Commerce\n", + "BT\n", + "Xinhua\n", + "ChemChina\n", + "Syngenta\n", + "Pepsi\n", + "General Electric\n", + "Barrick Gold\n", + "Reckitt Benckiser\n", + "Microsoft\n", + "Mattel\n", + "ConocoPhillips\n", + "Apple\n", + "Amazon.com\n", + "Whitbread\n", + "Eletrobras\n", + "Facebook\n", + "Verizon\n", + "AT & T\n", + "Verizon Communications\n", + "FCA\n", + "TD Securities\n", + "Lloyds\n", + "Unilever\n", + "Coca-Cola\n", + "BP\n", + "Alibaba\n", + "Hiscox\n", + "AIG\n", + "Jefferies\n", + "Sears\n", + "PPG Industries\n", + "Akzo Nobel\n", + "BBC\n", + "Areva\n", + "IBM\n", + "Ford\n", + "Toyota\n", + "Tesla\n", + "Nissan Motor\n", + "Honda Motor\n", + "Tencent\n", + "CFIUS\n", + "Tesco\n", + "Uber Technologies\n", + "Nestle\n", + "ITC\n", + "IHS Markit\n", + "JBS\n", + "Corvex Management\n", + "British Airways\n", + "Daimler\n", + "VW\n", + "Volkswagen\n", + "Mylan\n", + "Deutsche Telekom\n", + "Sprint\n", + "T-Mobile US\n", + "Saudi Aramco\n", + "Toyota Motor\n", + "BHP Billiton\n", + "Siemens\n", + "GE\n", + "Teva Pharmaceutical Industries\n", + "ThyssenKrupp\n", + "Nissan\n", + "ING\n", + "Costas Pitas\n", + "IBC\n", + "Danone\n", + "VTB\n", + "HNA\n", + "Ryanair\n", + "Qualcomm\n" + ] + } + ], + "source": [ + "# global dict of mentioned companies in labeled articles (company name => number of occurences\n", + "dict_limit = {}\n", + "\n", + "# initialize dict_limit\n", + "df_labeled = df[df['Label'] != -1]\n", + "for index in df_labeled['Index']:\n", + " orgs = dict_art_orgs[index]\n", + " for org in orgs:\n", + " if org in dict_limit:\n", + " dict_limit[org] += 1\n", + " else:\n", + " dict_limit[org] = 1\n", + "\n", + "for k, v in dict_limit.items():\n", + " # print organizations that are mentioned 3 times\n", + " if v == 3:\n", + " print(k)" + ] + }, + { + "cell_type": "code", + "execution_count": 20, + "metadata": {}, + "outputs": [], + "source": [ + "def pick_random_articles(n, limit = 3):\n", + " ''' pick n random articles, check if company occurences under limit.\n", + " returns list of n indices of the articles we can label next.\n", + " '''\n", + " # labeling list\n", + " list_arts = []\n", + " # article counter\n", + " i = 0\n", + " while i < n:\n", + " # pick random article\n", + " rand_i = random.randint(0, 9999)\n", + " # check if not yet labeled\n", + " if df.loc[rand_i]['Label'] == -1:\n", + " # list of companies in that article\n", + " companies = dict_art_orgs[rand_i]\n", + " if all((dict_limit.get(company) == None) or (dict_limit[company] < limit ) for company in companies): \n", + " for company in companies:\n", + " if company in dict_limit:\n", + " dict_limit[company] += 1\n", + " else:\n", + " dict_limit[company] = 1\n", + " # add article to labeling list\n", + " list_arts.append(rand_i)\n", + " i += 1\n", + " return list_arts" + ] + }, + { + "cell_type": "code", + "execution_count": 39, + "metadata": {}, + "outputs": [], + "source": [ + "# generate new list of article indices for labeling\n", + "batchsize = 10\n", + "label_next = pick_random_articles(batchsize)" + ] + }, + { + "cell_type": "markdown", + "metadata": {}, + "source": [ + "PLEASE READ THE FOLLOWING ARTICLES AND ENTER THE CORRESPONDING LABELS." + ] + }, + { + "cell_type": "code", + "execution_count": 12, + "metadata": {}, + "outputs": [ + { + "data": { + "text/plain": [ + "1" + ] + }, + "execution_count": 12, + "metadata": {}, + "output_type": "execute_result" + } + ], + "source": [ + "# check round number\n", + "m" + ] + }, + { + "cell_type": "code", + "execution_count": 41, + "metadata": {}, + "outputs": [ + { + "name": "stdout", + "output_type": "stream", + "text": [ + "News article no. 4185:\n", + "\n", + "HEADLINE:\n", + "4185 Gunman in California UPS shooting targeted co-workers for slayings\n", + "Name: Title, dtype: object\n", + "\n", + "TEXT:\n", + "4185 By Steve Gorman - June 23 June 23 The UPS employee who shot three coworkers to death last week inside a United Parcel Service facility in San Francisco before killing himself appears to have singled out his victims deliberately, but a motive remains unknown, police said on Friday.Investigators have yet to examine the contents of computers, cell phones and a journal seized from the gunman's home in their search for clues to the June 14 attack, San Francisco Police Commander Greg McEachern said at a news conference.McEachern also revealed the murder weapon was a MasterPiece Arms \"assault-type pistol\" that he said was \"commonly known as a MAC-10,\" equipped with an extended 30-round magazine. He said such weapons are outlawed in California.That gun and a second, semiautomatic pistol recovered from the scene were both listed as stolen weapons - the MAC-10 from Utah and the other handgun in California, McEachern said.Police offered few new details about how the shooting itself unfolded.The gunman, Jimmy Lam, 38, was attending a morning briefing with fellow employees at the UPS package-sorting and delivery center in San Francisco when he pulled out a gun and \"without warning or saying anything\" opened fire on four co-workers, the police commander said.The first two victims, identified as Wayne Chan, 56, and Benson Louie, 50, were killed.In the ensuing pandemonium, Lam walked calmly outside the building, approached another co-worker, Michael Lefiti, 46, and shot him dead without uttering a word, then reentered the facility.Moments later, as police closed in, Lam put a gun to his head and pulled the trigger, McEachern said, adding that Lam fired about 20 rounds in all before the bloodshed ended. Police never fired a shot.While no motive has been established, McEachern said interviews of various witnesses have led investigators to believe that the three slayings were \"purposeful and targeted,\" based on actions observed that day.He said surveillance video also showed that during the rampage, Lam appeared to pass by other co-workers \"without there being any interactions,\" suggesting those he did shoot were intentionally singled out. It was less clear whether the two surviving gunshot victims were deliberately targeted, he said.News of the carnage in San Francisco was largely overshadowed that day by an unrelated shooting hours earlier in the Virginia suburbs of Washington that left a congressman and several others wounded before police killed the assailant. (Reporting by Steve Gorman in Los Angeles; Editing by Bill Rigby)\n", + "Name: Text, dtype: object\n" + ] + }, + { + "data": { + "application/vnd.jupyter.widget-view+json": { + "model_id": "81fd72a1a03f4b27b4856108f0bcd15c", + "version_major": 2, + "version_minor": 0 + }, + "text/html": [ + "

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\n", + " If you're reading this message in the Jupyter Notebook or JupyterLab Notebook, it may mean\n", + " that the widgets JavaScript is still loading. If this message persists, it\n", + " likely means that the widgets JavaScript library is either not installed or\n", + " not enabled. See the Jupyter\n", + " Widgets Documentation for setup instructions.\n", + "

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\n" + ], + "text/plain": [ + "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" + ] + }, + "metadata": {}, + "output_type": "display_data" + }, + { + "name": "stdout", + "output_type": "stream", + "text": [ + "1: M&A, 2: M&A pending/in talks/to be approved, 3: M&A rejected/aborted/denied,\n", + "4: sale or buy of shares/parts/assets or merger of units, \n", + "5: M&A as incidental remark (not main topic/not current), 0: other/unrelated news,\n", + "-1: i don't know\n", + "___________________________________________________________________________________________________\n", + "\n", + "\n", + "News article no. 5874:\n", + "\n", + "HEADLINE:\n", + "5874 Insurer Aviva first-half operating profit up 11 percent to 1.47 billion\n", + "Name: Title, dtype: object\n", + "\n", + "TEXT:\n", + "5874 August 3, 2017 / 6:34 AM / an hour ago Insurer Aviva first-half operating profit up 11 percent to 1.47 billion Reuters Staff 2 Min Read FILE PHOTO: Pedestrians walk past an Aviva logo outside the company's head office in the city of London, Britain March 5, 2009. Stephen Hird/File Photo LONDON (Reuters) - British insurer Aviva ( AV.L ) posted an 11 percent rise in operating profit in the first half of 2017 to 1.47 billion pounds ($1.94 billion), it said on Thursday, boosted by strong performances in its general insurance and fund management units. Analysts in a company-supplied poll had forecast an operating profit of 1.45 billion pounds. The company has been selling businesses it considers underperforming, including most recently Asia and Middle East-focused Friends Provident International and three Spanish joint ventures. \"Aviva is getting leaner and stronger and we are confident in our ability to sustain growth in the coming years,\" chief executive Mark Wilson said. Aviva Investors' operating profit rose 45 percent to 71 million pounds and the firm's general insurance business saw a 25 percent rise in operating profit to 417 million. Aviva's life business' operating profit rose 8 percent to 1.3 billion pounds. \"Aviva is transforming its 'no growth' businesses to 'organic growth' businesses,\" said analysts at JP Morgan, reiterating their overweight rating on the stock. Aviva also announced a 10-year extension of its UK general insurance distribution agreement with HSBC ( HSBA.L ), which it said was one of the largest ever in UK insurance. Combined operating ratio for the firm's general insurance business strengthened to 94.5 percent from 95.7 percent, where a level below 100 percent indicates an underwriting profit. The company said it would pay an interim dividend of 8.4 pence per share, up 13 percent and compared with a forecast 8.28 pence. Reporting by Carolyn Cohn; Editing by Rachel Armstrong 0 : 0 \n", + "Name: Text, dtype: object\n" + ] + }, + { + "data": { + "application/vnd.jupyter.widget-view+json": { + "model_id": "2a99568010474797858fbdb738ebba75", + "version_major": 2, + "version_minor": 0 + }, + "text/html": [ + "

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\n", + " If you're reading this message in the Jupyter Notebook or JupyterLab Notebook, it may mean\n", + " that the widgets JavaScript is still loading. If this message persists, it\n", + " likely means that the widgets JavaScript library is either not installed or\n", + " not enabled. See the Jupyter\n", + " Widgets Documentation for setup instructions.\n", + "

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\n" + ], + "text/plain": [ + "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" + ] + }, + "metadata": {}, + "output_type": "display_data" + }, + { + "name": "stdout", + "output_type": "stream", + "text": [ + "1: M&A, 2: M&A pending/in talks/to be approved, 3: M&A rejected/aborted/denied,\n", + "4: sale or buy of shares/parts/assets or merger of units, \n", + "5: M&A as incidental remark (not main topic/not current), 0: other/unrelated news,\n", + "-1: i don't know\n", + "___________________________________________________________________________________________________\n", + "\n", + "\n", + "News article no. 8684:\n", + "\n", + "HEADLINE:\n", + "8684 UPDATE 1-Canadian Pacific eyeing signs of life in crude by rail shipments\n", + "Name: Title, dtype: object\n", + "\n", + "TEXT:\n", + "8684 47 PM / Updated 14 minutes ago UPDATE 1-Canadian Pacific eyeing signs of life in crude by rail shipments Reuters Staff 3 Min Read (Adds context, background on pipeline projects) MONTREAL/CALGARY, Alberta, Nov 14 (Reuters) - Canadian Pacific Railway Ltd sees shipments of crude by rail coming alive a little bit, Chief Marketing Officer John Brooks said on Tuesday, signaling a pickup in a business that had been hurt by low energy prices and competition from pipelines. Many traders are expecting a pickup in crude by rail volumes in 2018 as oil sands projects including Suncor Energy Incs Fort Hills plant and the latest phase of Canadian Natural Resources Ltds Horizon oil sands start producing at the end of this year. Canadian railway executives, however, remain cautious about crude-by-rail demand after they were forced to slash rates for shipping crude in 2015 due to a rout in global oil prices. The energy sector is really getting interesting, Brooks told a Toronto transportation conference, noting demand for shipping several energy-related products including frac sand, which is used in the hydraulic fracturing process. CP, Canadas second-largest railroad, in October reported a better-than-expected quarterly profit on higher shipments of crude oil, coal and potash. Energy industry players are bracing for congestion on Canadas major export pipelines, which are running close to capacity, while underutilized rail loading terminals built during a crude-by-rail boom in 2014 are increasing loading volumes. TransCanada Corps in October scrapped its $12 billion Energy East pipeline that would have taken crude from Alberta to the Atlantic coast, which could further increase producers reliance on crude-by-rail. Calgary-based Gibson Energy said on a third-quarter earnings call that it has started to see its Hardisty rail terminal in central Alberta being used more than in the past. And Cenovus Energy Inc, which owns the Bruderheim terminal near Edmonton, Alberta, said earlier this month that it has additional capacity to meet increased demand as it arises. With new production expected to come on line in the next year we are about to reach the limits of current pipeline infrastructure. This will likely result in a need to turn to rail as a stopgap to allow the new crude production to reach refineries, analysts from consultancy Turner Mason & Company said on Tuesday in a client note. The most recent National Energy Board data showed Canada exported 93,000 barrels per day (bpd) by rail in July, down 40 percent from a 2017 high of 156,000 bpd in March. However, since the summer the price discount on Canadian crude in Alberta versus its global benchmark has widened and is expected to deepen in coming months. With the wider differential rail shipments become more economic, even though they are still costlier than moving crude by pipelines. (Reporting By Allison Lampert in Montreal and Nia Williams in Calgary; Editing by Meredith Mazzilli)\n", + "Name: Text, dtype: object\n" + ] + }, + { + "data": { + "application/vnd.jupyter.widget-view+json": { + "model_id": "90797b07d2f243f48226ac56b805db0c", + "version_major": 2, + "version_minor": 0 + }, + "text/html": [ + "

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\n", + " If you're reading this message in the Jupyter Notebook or JupyterLab Notebook, it may mean\n", + " that the widgets JavaScript is still loading. If this message persists, it\n", + " likely means that the widgets JavaScript library is either not installed or\n", + " not enabled. See the Jupyter\n", + " Widgets Documentation for setup instructions.\n", + "

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\n" + ], + "text/plain": [ + "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" + ] + }, + "metadata": {}, + "output_type": "display_data" + }, + { + "name": "stdout", + "output_type": "stream", + "text": [ + "1: M&A, 2: M&A pending/in talks/to be approved, 3: M&A rejected/aborted/denied,\n", + "4: sale or buy of shares/parts/assets or merger of units, \n", + "5: M&A as incidental remark (not main topic/not current), 0: other/unrelated news,\n", + "-1: i don't know\n", + "___________________________________________________________________________________________________\n", + "\n", + "\n", + "News article no. 475:\n", + "\n", + "HEADLINE:\n", + "475 Airlines Lufthansa and Etihad 'in merger talks' - newspaper\n", + "Name: Title, dtype: object\n", + "\n", + "TEXT:\n", + "475 MILAN Germany's Lufthansa and Etihad Airways are in talks to possibly merge the two airlines, Italian newspaper Il Messaggero said in an unsourced report on Tuesday, boosting the German airline's share price.According to the paper, managers from both companies have for weeks been examining the possibility of Etihad buying a 30-40 percent stake in Lufthansa through a sale of new shares to the Abu Dhabi state-owned airline.In a second step, the two airlines would look at a full-blown merger, the paper said, adding that the parties would meet shortly to speed up the talks.Any combination between the two would have an impact on loss-making Italian airline Alitalia, which is 49 percent-owned by Etihad and is in the midst of a major restructuring that will likely include job cuts and grounding of planes.Lufthansa and Etihad declined to comment on what they described as \"speculation\".Lufthansa shares were up 6 percent on Tuesday, topping the DAX index of largest German companies.Lufthansa and Etihad last month signed a flight code-sharing deal after Lufthansa agreed to lease 38 crewed planes from Air Berlin, which is part-owned by Etihad.Analysts reacted with scepticism to the report, citing the foreign ownership rules governing international traffic rights, and questioning what the benefits for Lufthansa would be.In Europe an airline must by majority-owned by EU investors in order to maintain its traffic rights under international air service agreements.Lufthansa is currently almost 69 percent owned by German investors but 13 percent is in the hands of U.S. investors and a further 9 percent is owned by other nationalities.In addition, if Etihad wished to buy more than 30 percent of Lufthansa, it would have to make an offer for the company as a whole according to German takeover rules.Etihad's local rival Qatar Airways has built up a 20 percent stake in British Airways-owner IAG by purchasing shares on the open market. That has boosted links between Europe and the Asia-Pacific region. However, Credit Suisse said Lufthansa already had joint ventures with Singapore Airlines, Air China and All Nippon Airways covering the region.Greater cooperation with Lufthansa could help Etihad, especially given the growth of Qatar Airways, CAPA-Centre for Aviation senior analyst Will Horton said.\"The rapid growth of Qatar Airways and its future expansion will make it harder and costlier for Etihad to stay relevant on its own - everything else aside,\" he said in an emailed comment.There have previously been media reports that Italian shareholders in Alitalia are keen for Lufthansa to invest in the Italian carrier, along with speculation that Lufthansa could take on more of Air Berlin. However, Lufthansa executives have repeatedly said in recent weeks that they have their hands full integrating the Air Berlin planes into its operations as well as taking over Brussels Airlines.\"A Lufthansa/Etihad pseudo-merger, which is what is being suggested in the press today, presumably encompassing the whole of Alitalia and Air Berlin, looks rather implausible,\" Barclays analysts said in a note.(Reporting by Agnieszka Flak in Milan, Victoria Bryan in Berlin and Alexander Cornwell in Dubai; Editing by Greg Mahlich)\n", + "Name: Text, dtype: object\n" + ] + }, + { + "data": { + "application/vnd.jupyter.widget-view+json": { + "model_id": "9d8b895d00f0493485f0ca559c5993cc", + "version_major": 2, + "version_minor": 0 + }, + "text/html": [ + "

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\n", + " If you're reading this message in another frontend (for example, a static\n", + " rendering on GitHub or NBViewer),\n", + " it may mean that your frontend doesn't currently support widgets.\n", + "

\n" + ], + "text/plain": [ + "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" + ] + }, + "metadata": {}, + "output_type": "display_data" + }, + { + "name": "stdout", + "output_type": "stream", + "text": [ + "1: M&A, 2: M&A pending/in talks/to be approved, 3: M&A rejected/aborted/denied,\n", + "4: sale or buy of shares/parts/assets or merger of units, \n", + "5: M&A as incidental remark (not main topic/not current), 0: other/unrelated news,\n", + "-1: i don't know\n", + "___________________________________________________________________________________________________\n", + "\n", + "\n", + "News article no. 7628:\n", + "\n", + "HEADLINE:\n", + "7628 EMERGING MARKETS-Emerging FX feel dollar pinch, Turkish assets rattled\n", + "Name: Title, dtype: object\n", + "\n", + "TEXT:\n", + "7628 15 AM / Updated 21 minutes ago EMERGING MARKETS-Emerging FX feel dollar pinch, Turkish assets rattled Karin Strohecker 5 Min Read LONDON, Oct 23 (Reuters) - A stronger dollar increased pressure on some emerging currencies on Monday with the Turkish lira and stocks suffering as the latest concerns over Ankaras relationship with Washington compounded the weaker global backdrop. The dollar sailed to the highest level in more than two weeks, still enjoying a boost from U.S. President Donald Trump and Republicans clearing a hurdle on tax reforms last week and speculation over who will take over at the helm of the Federal Reserve. We are seeing increasing pressure on emerging market currencies and that is likely to continue over the near term as we still have a lot of speculation regarding who will succeed Janet Yellen at the Fed, said Phoenix Kalen at Societe Generale. That is weighing on investors minds, alongside the strength of the dollar thats coming from expectations of fiscal and tax reform. The Chinese yuan fell against the U.S. dollar after a weaker midpoint fixing while Mexicos peso weakened 0.2 percent. But Turkeys lira and South Africas rand - both seen as vulnerable to U.S. interest rate rises due to current account deficits - were the hardest hit, weakening for a second straight session. Losses in the lira of more than 1 percent came after Turkeys banking regulator urged the public on Saturday to ignore rumours about financial institutions in an apparent dismissal of a report that some banks face billions of dollars of U.S. fines over alleged violations of Iran sanctions. Given the level of tensions with the U.S., the market is still sceptical about this denial, said Inan Demir at Nomura. The numbers mentioned are large...the largest fine mentioned was $5 billion and that would be a very large fine in comparison to any banks equity in Turkey. Relations between NATO allies Washington and Ankara have been strained by a series of diplomatic rows. Meanwhile U.S. authorities have hit global banks with billions of dollars in fines over violations of sanctions with Iran and other countries in recent years. Adding to the woes was data on consumer confidence, which showed an increasingly pessimistic outlook. Turkish stocks also took a tumble, slipping 0.8 percent while MSCIs emerging market benchmark was flat on the day. Meanwhile in Argentina, candidates allied with President Mauricio Macri enjoyed sweeping victories in Sundays mid-term election, strengthening his position in Congress while dimming prospects for a political comeback by his predecessor Cristina Fernandez. Investors have said they want to see Macri push through labour and tax reforms aimed at lowering business costs in Latin Americas third-biggest economy. But they have been worried about a political resurgence by Fernandez, loved by millions of low-income Argentines helped by generous social spending during her administrations. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 1118.54 -1.15 -0.10 +29.72 Czech Rep 1056.24 -0.37 -0.04 +14.61 Poland 2484.09 +18.58 +0.75 +27.53 Hungary 0.00 +0.00 +0.00 -100.00 Romania 7919.00 -14.48 -0.18 +11.77 Greece 743.20 -6.03 -0.80 +15.47 Russia 1130.49 -3.96 -0.35 -1.90 South Africa 51807.55 +206.89 +0.40 +18.01 Turkey 07700.54 -788.15 -0.73 +37.83 China 3382.27 +3.62 +0.11 +8.98 India 32447.30 +57.34 +0.18 +21.86 Currencies Latest Prev Local Local close currency currency\n", + "Name: Text, dtype: object\n" + ] + }, + { + "data": { + "application/vnd.jupyter.widget-view+json": { + "model_id": "08b978e5c46245849205e31eae036994", + "version_major": 2, + "version_minor": 0 + }, + "text/html": [ + "

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\n", + " If you're reading this message in another frontend (for example, a static\n", + " rendering on GitHub or NBViewer),\n", + " it may mean that your frontend doesn't currently support widgets.\n", + "

\n" + ], + "text/plain": [ + "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" + ] + }, + "metadata": {}, + "output_type": "display_data" + }, + { + "name": "stdout", + "output_type": "stream", + "text": [ + "1: M&A, 2: M&A pending/in talks/to be approved, 3: M&A rejected/aborted/denied,\n", + "4: sale or buy of shares/parts/assets or merger of units, \n", + "5: M&A as incidental remark (not main topic/not current), 0: other/unrelated news,\n", + "-1: i don't know\n", + "___________________________________________________________________________________________________\n", + "\n", + "\n", + "News article no. 4080:\n", + "\n", + "HEADLINE:\n", + "4080 Japan passes law to tighten regulations on high-frequency trading\n", + "Name: Title, dtype: object\n", + "\n", + "TEXT:\n", + "4080 Business 10:13am BST Japan passes law to tighten regulations on high-frequency trading TOKYO Japan tightened regulations on high-frequency trading (HFT) this week, passing into law measures that will require HFT firms to register with regulators. Other nations in Europe and elsewhere in Asia are looking to tighten the leash on high-frequency traders who programme ultra-fast computers to trade in milliseconds without human intervention. Some major U.S. exchanges want to introduce speed limits on trading. The growing presence of HFT on the Tokyo Stock Exchange (TSE) has raised concerns high-speed trading could destabilise markets and leave retail investors at a disadvantage. The law was passed by parliament on Wednesday and the new regulations could come into force as early as 2018. Japan's market regulator, the Financial Services Agency (FSA), has said previously it wanted HFT participants to register and to ensure proper risk management measures were in place. \"The definition has not yet been created. We can guess at who might be affected, but we don't know for sure the full scope of who will be affected,\" said Seth Friedman, chief executive of advisory firm Shiroyama Consulting Co.. The new rules stipulate that a company engaging in HFT will have to establish an office in Japan or be represented in the country by an agent. HFT accounted for about 70 percent of orders on the Tokyo Stock Exchange in 2016, FSA estimates show. High-speed trading accounted for slightly less than half of actual traded value, according to market participants, taking into account order cancellations. That would amount to slightly less than 321 trillion yen ($2.9 trillion) based on figures on the TSE website for total trade in cash equity of 643 trillion yen. (Reporting by Lisa Twaronite; Editing by)\n", + "Name: Text, dtype: object\n" + ] + }, + { + "data": { + "application/vnd.jupyter.widget-view+json": { + "model_id": "9d719eaabaa44d3eaa87e631ca971683", + "version_major": 2, + "version_minor": 0 + }, + "text/html": [ + "

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\n", + " If you're reading this message in another frontend (for example, a static\n", + " rendering on GitHub or NBViewer),\n", + " it may mean that your frontend doesn't currently support widgets.\n", + "

\n" + ], + "text/plain": [ + "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" + ] + }, + "metadata": {}, + "output_type": "display_data" + }, + { + "name": "stdout", + "output_type": "stream", + "text": [ + "1: M&A, 2: M&A pending/in talks/to be approved, 3: M&A rejected/aborted/denied,\n", + "4: sale or buy of shares/parts/assets or merger of units, \n", + "5: M&A as incidental remark (not main topic/not current), 0: other/unrelated news,\n", + "-1: i don't know\n", + "___________________________________________________________________________________________________\n", + "\n", + "\n", + "News article no. 849:\n", + "\n", + "HEADLINE:\n", + "849 BRIEF-Snap Inc's initial valuation at $19.5 bln to $22.2 bln- CNBC, citing DJ\n", + "Name: Title, dtype: object\n", + "\n", + "TEXT:\n", + "849 Company News - Thu Feb 16, 2017 - 12:11am EST BRIEF-Snap Inc's initial valuation at $19.5 bln to $22.2 bln- CNBC, citing DJ Feb 16 (Reuters) - * Snap Inc sets initial valuation at $19.5 billion to $22.2 billion, or $14 to $16 per share, near low end of its targeted range - CNBC, citing Dow Jones Next In Company News Morning News Call - India, February 16 To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_02162017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 10:00 am: Junior Finance Minister Arjun Ram Meghwal at CII event in New Delhi. LIVECHAT: COMMODITIES OUTLOOK Oil markets remain under pressure as crude supplies remain bloated despite th MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories\n", + "Name: Text, dtype: object\n" + ] + }, + { + "data": { + "application/vnd.jupyter.widget-view+json": { + "model_id": "6dea5c298def49f0b456c02ef0a0135f", + "version_major": 2, + "version_minor": 0 + }, + "text/html": [ + "

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\n", + "

\n", + " If you're reading this message in another frontend (for example, a static\n", + " rendering on GitHub or NBViewer),\n", + " it may mean that your frontend doesn't currently support widgets.\n", + "

\n" + ], + "text/plain": [ + "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" + ] + }, + "metadata": {}, + "output_type": "display_data" + }, + { + "name": "stdout", + "output_type": "stream", + "text": [ + "1: M&A, 2: M&A pending/in talks/to be approved, 3: M&A rejected/aborted/denied,\n", + "4: sale or buy of shares/parts/assets or merger of units, \n", + "5: M&A as incidental remark (not main topic/not current), 0: other/unrelated news,\n", + "-1: i don't know\n", + "___________________________________________________________________________________________________\n", + "\n", + "\n", + "News article no. 2569:\n", + "\n", + "HEADLINE:\n", + "2569 BRIEF-Supremex announces appointment of Bertrand Jolicoeur as CFO\n", + "Name: Title, dtype: object\n", + "\n", + "TEXT:\n", + "2569 23am EDT BRIEF-Supremex announces appointment of Bertrand Jolicoeur as CFO April 20 Supremex Inc * Supremex announces appointment of Chief Financial Officer and strengthens executive team * Says announced appointment of Bertrand Jolicoeur as Chief Financial Officer * Says Lyne Bgin, interim vice-president of finance, will return to her role as corporate controller Source text for Eikon: \n", + "Name: Text, dtype: object\n" + ] + }, + { + "data": { + "application/vnd.jupyter.widget-view+json": { + "model_id": "55e4479a6d11495bbb46388e39b4ded7", + "version_major": 2, + "version_minor": 0 + }, + "text/html": [ + "

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\n", + "

\n", + " If you're reading this message in another frontend (for example, a static\n", + " rendering on GitHub or NBViewer),\n", + " it may mean that your frontend doesn't currently support widgets.\n", + "

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\n", + "

\n", + " If you're reading this message in another frontend (for example, a static\n", + " rendering on GitHub or NBViewer),\n", + " it may mean that your frontend doesn't currently support widgets.\n", + "

\n" + ], + "text/plain": [ + "interactive(children=(IntSlider(value=-1, description='x', max=5, min=-1), Output()), _dom_classes=('widget-interact',))" + ] + }, + "metadata": {}, + "output_type": "display_data" + }, + { + "name": "stdout", + "output_type": "stream", + "text": [ + "1: M&A, 2: M&A pending/in talks/to be approved, 3: M&A rejected/aborted/denied,\n", + "4: sale or buy of shares/parts/assets or merger of units, \n", + "5: M&A as incidental remark (not main topic/not current), 0: other/unrelated news,\n", + "-1: i don't know\n", + "___________________________________________________________________________________________________\n", + "\n", + "\n", + "News article no. 6091:\n", + "\n", + "HEADLINE:\n", + "6091 BAT changes regional management structure after Reynolds deal\n", + "Name: Title, dtype: object\n", + "\n", + "TEXT:\n", + "6091 August 31, 2017 / 6:46 AM / 2 hours ago BAT restructures to help e-cigarettes go mainstream Justin George Varghese and Martinne Geller 4 Min Read Attendees try British American Tobacco's new tobacco heating system device 'glo' after a news conference in Tokyo, Japan, November 8, 2016. Kim Kyung-Hoon (Reuters) - British American Tobacco ( BATS.L ) has reorganized its regional management structure to integrate its vaping products with its core business, in a push by the worlds biggest listed tobacco company to help cigarette alternatives go mainstream. The move, announced on Thursday, follows the companys $49 billion (38 billion pounds) takeover of U.S. peer Reynolds American, which added Camel cigarettes and Vuse e-cigarettes to a BAT portfolio that includes Lucky Strike cigarettes, Vype e-cigarettes and the glo tobacco-heating device. \"Now that we have built a successful NGP (next generation products) business which is poised for substantial growth, we will be fully integrating NGP to leverage the scale and expertise of the whole group to drive growth in an area that is fast becoming a key part of our mainstream business,\" BAT said in a statement. BAT wants to double the number of countries where it sells vaping products this year and again in 2018, as it jostles for position in a growing market against rivals Philip Morris International ( PM.N ) and Imperial Brands ( IMB.L ). BAT and Philip Morris were the first of the big tobacco firms to invest in cigarette alternatives a few year back, as growing health consciousness reduces traditional smoking. Philip Morris, maker of Marlboro cigarettes, is ahead of BAT in the market for tobacco-based vaping devices, which some analysts believe will be more popular than traditional e-cigarettes with regular smokers, and its shares have been at a bigger premium to its peers. ( bit.ly/2xOLU9R ) Last month, the U.S. Food and Drug Administration (FDA) proposed cutting nicotine in cigarettes to \"non-addictive\" levels in a push to move smokers towards potentially less harmful e-cigarettes. Under the management reorganization announced on Thursday BAT appointed Asia-Pacific Director Jack Bowles to the newly created role of chief operating officer for the international business, excluding the United States. Shares were up around 1.5 percent at 1322 GMT on Thursday. Jefferies analyst Owen Bennett said the changes could add some uncertainty for BAT in the near term, but in the longer term it reinforced the importance of cigarette alternatives to tobacco companies, which face slowing sales globally. \"Whereas those companies that were better positioned for emerging market growth in the past were favoured, the key differentiator now is likely to be who is positioned best in emerging products, given the recent slowdown in emerging market cigarettes,\" the analyst said. Japan Tobacco said last week it would buy the Philippines' No. 2 cigarette maker Mighty Corp for about $936 million, its second large deal in Southeast Asia this month, as it deepens its push into emerging markets. British American Tobacco vs Philip Morris (YTD) bit.ly/2xOLU9R Reporting By Justin George Varghese in Bengaluru and Martinne Geller in London; Editing by Greg Mahlich and Susan Thomas\n", + "Name: Text, dtype: object\n" + ] + }, + { + "data": { + "application/vnd.jupyter.widget-view+json": { + "model_id": "c7ee6b71cc2b4e38bb8922f998a25f2d", + "version_major": 2, + "version_minor": 0 + }, + "text/html": [ + "

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\n", + "

\n", + " If you're reading this message in another frontend (for example, a static\n", + " rendering on GitHub or NBViewer),\n", + " it may mean that your frontend doesn't currently support widgets.\n", + "

\n" + ], + "text/plain": [ + "Button(description='Confirm Labels', style=ButtonStyle())" + ] + }, + "metadata": {}, + "output_type": "display_data" + }, + { + "name": "stdout", + "output_type": "stream", + "text": [ + "475 2.0\n", + "849 0.0\n", + "1854 0.0\n", + "2569 0.0\n", + "4080 0.0\n", + "4185 0.0\n", + "5874 0.0\n", + "6091 5.0\n", + "7628 0.0\n", + "8684 0.0\n", + "Name: Label, dtype: float64\n" + ] + } + ], + "source": [ + "# create button widget for confirming labels\n", + "button_confirm = widgets.Button(description='Confirm Labels',\n", + " disabled=False,\n", + " button_style='')\n", + "\n", + "def g(b):\n", + " ''' this function is executed when button_confirm clicked\n", + " ''' \n", + " # show new labels\n", + " print(df.loc[df['Index'].isin(label_next)]['Label'])\n", + "\n", + "# execute function g if button is clicked\n", + "button_confirm.on_click(g)\n", + "\n", + "display(button_confirm)" + ] + }, + { + "cell_type": "markdown", + "metadata": {}, + "source": [ + "PLEASE CLICK THE BUTTON ABOVE ('Confirm Labels') TO CONFIRM YOUR LABELS." + ] + }, + { + "cell_type": "code", + "execution_count": 43, + "metadata": {}, + "outputs": [], + "source": [ + "# save as csv\n", + "df.to_csv('../data/interactive_labeling_round_{}.csv'.format(m),\n", + " sep='|',\n", + " mode='w',\n", + " encoding='utf-8',\n", + " quoting=csv.QUOTE_NONNUMERIC,\n", + " quotechar='\\'')" + ] + }, + { + "cell_type": "code", + "execution_count": 7, + "metadata": {}, + "outputs": [ + { + "name": "stdout", + "output_type": "stream", + "text": [ + "This round (no. 1):\n", + "Number of labeled articles: 10 (0.1 percent)\n", + "Number of unlabeled articles: 9990\n" + ] + } + ], + "source": [ + "print('This round (no. {}):'.format(m))\n", + "print('Number of labeled articles: {0} ({1:.2} percent)'.format(len(df.loc[df['Label'] != -1]), \n", + " len(df.loc[df['Label'] != -1])/100))\n", + "print('Number of unlabeled articles: {}'.format(len(df.loc[df['Label'] == -1])))" + ] + }, + { + "cell_type": "markdown", + "metadata": {}, + "source": [ + "NOW REPEAT PART II OR CONTINUE WITH PART III.\n", + "\n", + "## Part III: Model building and automated labeling\n", + "\n", + "Now we build a model and check if it is possible to label some articles automatically." + ] + }, + { + "cell_type": "code", + "execution_count": 68, + "metadata": {}, + "outputs": [ + { + "name": "stdout", + "output_type": "stream", + "text": [ + "# MNB: starting multinomial naives bayes...\n", + "\n", + "# MNB: ending multinomial naive bayes\n", + "Wall time: 9.77 s\n" + ] + } + ], + "source": [ + " # split data set into labeled and unlabeled samples\n", + "l_data = df.loc[df['Label'] != -1]\n", + "u_data = df.loc[df['Label'] == -1]\n", + "\n", + "# assign array of classes in order used and array of class probabilities\n", + "\n", + "# use sklearn's CountVectorizer\n", + "cv = True\n", + "\n", + "%time classes, class_count, class_probs = MNBInteractive.make_nb(l_data, u_data, cv)" + ] + }, + { + "cell_type": "code", + "execution_count": 69, + "metadata": {}, + "outputs": [], + "source": [ + "# round array entries\n", + "class_probs_rounded = np.around(class_probs, decimals=5)" + ] + }, + { + "cell_type": "code", + "execution_count": 70, + "metadata": {}, + "outputs": [ + { + "name": "stdout", + "output_type": "stream", + "text": [ + "Label classes in the order in which they are used for class_probs:\n", + "[0. 1. 2. 3. 4. 5.]\n" + ] + } + ], + "source": [ + "print('Label classes in the order in which they are used for class_probs:')\n", + "print(classes)" + ] + }, + { + "cell_type": "code", + "execution_count": 71, + "metadata": {}, + "outputs": [ + { + "name": "stdout", + "output_type": "stream", + "text": [ + "Number of samples of each class:\n", + "[700. 11. 40. 5. 36. 8.]\n" + ] + } + ], + "source": [ + "print('Number of samples of each class:')\n", + "print(class_count)" + ] + }, + { + "cell_type": "code", + "execution_count": 72, + "metadata": {}, + "outputs": [], + "source": [ + "#print('First 100 estimations:')\n", + "#print()\n", + "#print(class_probs_rounded[:100])" + ] + }, + { + "cell_type": "code", + "execution_count": 73, + "metadata": {}, + "outputs": [], + "source": [ + "#print(class_probs[:100])" + ] + }, + { + "cell_type": "code", + "execution_count": 74, + "metadata": {}, + "outputs": [], + "source": [ + "#sums = []\n", + "#for (i,j), value in np.ndenumerate(class_probs[:100]):\n", + "# sums.append(sum(class_probs[i]))\n", + "#print(sums)" + ] + }, + { + "cell_type": "code", + "execution_count": 75, + "metadata": {}, + "outputs": [], + "source": [ + "threshold = 0.99\n", + "\n", + "# count estimated labels\n", + "estimated_labels = {0:0, 1:0, 2:0, 3:0, 4:0, 5:0}\n", + "\n", + "highest_proba = 0\n", + "auto_label_counter = 0" + ] + }, + { + "cell_type": "code", + "execution_count": 76, + "metadata": {}, + "outputs": [ + { + "name": "stdout", + "output_type": "stream", + "text": [ + "Number of unlabeled samples where estimated probability for any class is higher than threshold:\n" + ] + }, + { + "data": { + "text/plain": [ + "9198" + ] + }, + "execution_count": 76, + "metadata": {}, + "output_type": "execute_result" + }, + { + "name": "stdout", + "output_type": "stream", + "text": [ + "Highest probability:\n" + ] + }, + { + "data": { + "text/plain": [ + "1.0" + ] + }, + "execution_count": 76, + "metadata": {}, + "output_type": "execute_result" + }, + { + "name": "stdout", + "output_type": "stream", + "text": [ + "Dict of estimated labels:\n" + ] + }, + { + "data": { + "text/plain": [ + "{0: 9128, 1: 12, 2: 43, 3: 1, 4: 12, 5: 2}" + ] + }, + "execution_count": 76, + "metadata": {}, + "output_type": "execute_result" + } + ], + "source": [ + "# for every vector i and every element j in vector i\n", + "for (i,j), value in np.ndenumerate(class_probs):\n", + " # check if probability of class i is not less than threshold\n", + " if class_probs[i][j] > threshold:\n", + " auto_label_counter += 1\n", + " estimated_labels[int(classes[j])] += 1\n", + " if class_probs[i][j] > highest_proba:\n", + " highest_proba = class_probs[i][j]\n", + "\n", + "print('Number of unlabeled samples where estimated probability for any class is higher than threshold:')\n", + "auto_label_counter\n", + "\n", + "print('Highest probability:')\n", + "highest_proba\n", + "\n", + "print('Dict of estimated labels:')\n", + "estimated_labels" + ] + }, + { + "cell_type": "code", + "execution_count": 51, + "metadata": {}, + "outputs": [], + "source": [ + "# list of tuples (articles that were automatically labeled in this round and their estimated label probability)\n", + "tuples_auto_labeled = []" + ] + }, + { + "cell_type": "code", + "execution_count": 32, + "metadata": {}, + "outputs": [ + { + "name": "stdout", + "output_type": "stream", + "text": [ + "Continue with iteration number: 30\n" + ] + } + ], + "source": [ + "# increment round number\n", + "m += 1\n", + "\n", + "print('Continue with iteration number: {}'.format(m))" + ] + }, + { + "cell_type": "code", + "execution_count": null, + "metadata": {}, + "outputs": [], + "source": [ + "def insert_estimated_labels(threshold = 0.8):\n", + " '''label article with class j, if estimated probability\n", + " for class j is higher than threshold\n", + " '''\n", + " highest_proba = 0\n", + " auto_label_counter = 0\n", + " # for every vector i and every element j in vector i\n", + " for (i,j), value in np.ndenumerate(class_probs):\n", + " # check if probability of class i is not less than threshold\n", + " if class_probs[i][j] > threshold:\n", + " # adopt the estimated label\n", + " u_data.iloc[i]['Label'] = classes[j]\n", + " # annotate probability\n", + " u_data.iloc[i]['Probability'] = class_probs[i][j]\n", + " # insert current round number\n", + " u_data.iloc[i]['Round'] = m\n", + " # add to list 'new_labeled'\n", + " tuples_auto_labeled.append((u_data.iloc[j]['Index'], u_data.iloc[j]['Probability']))\n", + "\n", + "print('Number of auto-labeled samples in round {}: {}'.format(m, len(tuples_auto_labeled)))\n", + "print()\n", + "print('Highest value of class probabilities: {}'.format(highest_proba))" + ] + }, + { + "cell_type": "code", + "execution_count": null, + "metadata": {}, + "outputs": [], + "source": [ + "len(tuples_auto_labeled)" + ] + }, + { + "cell_type": "code", + "execution_count": null, + "metadata": {}, + "outputs": [], + "source": [ + "if len(tuples_auto_labeled) > 0:\n", + " # sort new labeled articles by their estimated probability and return list of indices\n", + " list_auto_labeled = [t[0] for t in sorted(tuples_auto_labeled, key=lambda x: x[1])]\n", + " # concatenate labeled and unlabeled data\n", + " df = pd.concat([l_data, u_data], ignore_index=True)\n", + " # sort dataframe by index\n", + " df = df.sort_values(['Index'])\n", + "\n", + " # create button widget for checking labels\n", + " button_check = widgets.Button(description='Check Label', disabled=False, button_style='')\n", + " \n", + " def h(b):\n", + " ''' this function is executed when button 'Check Labels' clicked\n", + " '''\n", + " show_next(list_auto_labeled[0])\n", + " del list_auto_labeled[0]\n", + "\n", + " # execute function g if button is clicked\n", + " button_check.on_click(h)\n", + "\n", + " # while there is still a auto-labeled article not yet checked:\n", + " while len(list_auto_labeled) > 0:\n", + " # check sample with next lowest estimated probability\n", + " print('PLEASE CLICK BUTTON BELOW (\\'Check Labels\\') TO CHECK AUTO-LABELED SAMPLE')\n", + " display(button_check)" + ] + }, + { + "cell_type": "code", + "execution_count": null, + "metadata": {}, + "outputs": [], + "source": [ + "print('End of this round (no. {}):'.format(m))\n", + "print('Number of labeled articles: {0} ({1:.2} percent)'.format(len(df.loc[df['Label'] != -1]), \n", + " len(df.loc[df['Label'] != -1])/100))\n", + "print('Number of unlabeled articles: {}'.format(len(df.loc[df['Label'] == -1])))\n", + "\n", + "# save to csv\n", + "#df.to_csv('../data/interactive_labeling.csv',\n", + " sep='|',\n", + " mode='w',\n", + " encoding='utf-8',\n", + " quoting=csv.QUOTE_NONNUMERIC,\n", + " quotechar='\\'')" + ] + }, + { + "cell_type": "markdown", + "metadata": {}, + "source": [ + "NOW PLEASE CONTINUE ITERATION. LET PART II RUN AGAIN, CELL BY CELL.\n", + "\n", + "REPEAT UNTIL ALL SAMPLES ARE LABELED." + ] + } + ], + "metadata": { + "kernelspec": { + "display_name": "Python 3", + "language": "python", + "name": "python3" + }, + "language_info": { + "codemirror_mode": { + "name": "ipython", + "version": 3 + }, + "file_extension": ".py", + "mimetype": "text/x-python", + "name": "python", + "nbconvert_exporter": "python", + "pygments_lexer": "ipython3", + "version": "3.6.4" + } + }, + "nbformat": 4, + "nbformat_minor": 2 +} diff --git a/src/MNBInteractive.py b/src/MNBInteractive.py index 028774e..eeee6b2 100644 --- a/src/MNBInteractive.py +++ b/src/MNBInteractive.py @@ -17,11 +17,9 @@ class MNBInteractive: However, in practice, fractional counts such as tf-idf may also work. ''' - def make_nb(labeled_data, unlabeled_data): + def make_nb(labeled_data, unlabeled_data, sklearn_cv=False): '''fits naive bayes model ''' - # chose BagOfWords implementation (own if false) - sklearn_cv = False print('# MNB: starting multinomial naives bayes...') print() @@ -64,7 +62,7 @@ class MNBInteractive: else: # use my own BagOfWords python implementation stemming = True - rel_freq = True + rel_freq = False extracted_words = BagOfWords.extract_all_words(X) vocab = BagOfWords.make_vocab(extracted_words) diff --git a/src/NER.py b/src/NER.py index 80832c3..a9714c6 100644 --- a/src/NER.py +++ b/src/NER.py @@ -200,15 +200,22 @@ class NER: with open('../obj/dict_articles_organizations.pkl', 'rb') as input: dict = pickle.load(input) - black_list = ['Eastern and Southern African Trade and Development Bank', 'PTA Bank', 'Citigroup', + black_list = ['Eastern and Southern African Trade and Development Bank', 'PTA Bank', 'Citigroup', 'UniCredit', 'Rand Merchant Bank', 'Banca Carige', 'World Bank', 'Bank of America', 'Deutsche Bank', 'HSBC', 'JP Morgan', 'Credit Suisse', 'JPMorgan', 'BNP Paribas', 'Goldman Sachs', 'Commerzbank', 'Deutsche Boerse', 'Handelsblatt', - 'Sky News', 'Labour', 'UN', 'Bank of Japan', 'Goldman', 'Goldman Sachs Asset Management', 'New York Times', - 'Bank of Scotland','World Economic Forum','Organisation for Economic Cooperation and Development', + 'Labour', 'UN', 'Bank of Japan', 'Goldman', 'Goldman Sachs Asset Management', 'New York Times', 'Royal Bank', + 'Bank of Scotland','World Economic Forum','Organisation for Economic Cooperation and Development', 'Blackstone', 'Russell Investments','Royal London Asset Management','Conservative party','Blom Bank','Banco Santander', - 'Guardian Money','Financial Services Agency','Munich Re','Banca Popolare di Vicenza','SoftBank', + 'Guardian Money','Financial Services Agency','Munich Re','Banca Popolare di Vicenza','SoftBank', 'Sberbank', 'Financial Conduct Authority','Qatar National Bank','Welt am Sonntag','Sueddeutsche Zeitung','Der Spiegel', - 'Bank of England', 'Bank of America Merrill Lynch', 'Barclays', 'London Metal Exchange', 'Petroleum Exporting Countries'] + 'Bank of England', 'Bank of America Merrill Lynch', 'Barclays', 'London Metal Exchange', 'EMEA', 'G20', + 'Petroleum Exporting Countries', 'Facebook Twitter Pinterest', 'Moody', 'Allianz', 'Citi', 'Bank', 'CME', + 'JPMorgan Chase &', 'Trade Alert', 'Abu Dhabi', 'MILAN', 'Journal', 'MSCI', 'KKR', 'CNBC', 'Feb', 'OECD', + 'Gulf Cooperation Council', 'Societe Generale', 'Takata', 'SEC', 'Republican', 'Energy Information Administration', + 'Organization of the Petroleum Exporting Countries', 'CBOE', 'LME', 'BOJ', 'BlackRock', 'Banco Popular', + 'United Nations', 'CET STOCKS Latest Previo Daily Change', 'Citibank', 'International Energy Agency', + 'Confederation of British Industry', 'American Petroleum Institute', 'Deutsche', 'United', 'Pentagon', + 'Southern District of New York'] for k, v in dict.items(): for org in black_list: